Verisk (Nasdaq:VRSK), a leading data analytics provider, has announced results for the quarter ended September 30, 2019.
- Consolidated revenue was $653 million for the third quarter of 2019, up 9.0%, and up 7.6% on an organic constant currency (OCC) basis.
- Net income was $33 million for the third quarter of 2019, down 80.2%. Adjusted EBITDA, a non-GAAP measure, was $309 million, up 9.0%, and up 7.7% on an OCC basis.
- Diluted earnings per share (diluted EPS) were $0.20 for the third quarter of 2019; diluted adjusted earnings per share (adjusted EPS), a non-GAAP measure, were $1.12.
- The Company has recorded a $125 million reserve for litigation associated with our remote imagery business.
- Net cash provided by operating activities was $214 million for the third quarter of 2019, down 5.7%. Free cash flow, a non-GAAP measure, was $153 million, down 10.8%.
- The company paid a cash dividend of 25 cents per share on September 30, 2019. The company’s Board of Directors approved a cash dividend of 25 cents per share payable on December 31, 2019.
- The Company repurchased $75 million of its shares for the quarter ended September 30, 2019.
Scott Stephenson, chairman, president, and CEO, said, “I’m pleased to report that Verisk delivered strong revenue and EBITDA growth in the third quarter driven by continued strength in our Insurance segment and solid improvement in Energy and Specialized Markets. We’re strongly positioned to continue to deliver on our strategies to drive long-term shareholder value as we focus on serving our customers while investing in market-leading innovation and in our people.”
Lee Shavel, CFO and executive vice president, said, “Verisk delivered organic constant currency revenue growth of 7.6% and organic constant currency adjusted EBITDA growth of 7.7% while continuing to invest in our business. We continue to manage our capital prudently, and in the quarter, we demonstrated our ability to fund internal investment and make selective strategic acquisitions while also returning cash to shareholders.”
Source: Verisk Earnings Release