Verisk (Nasdaq:VRSK), reported revenue growth of 14.9% to $601 million; organic constant currency revenue growth was 7.4%.
- Net income was $154 million; adjusted EBITDA, a non-GAAP measure, was $291 million.
- Net income grew 26.9%; organic constant currency adjusted EBITDA growth was 8.9%.
- Diluted GAAP earnings per share (GAAP EPS) were $0.91; diluted adjusted earnings per share (adjusted EPS), a non-GAAP measure, were $1.06.
- Net cash provided by operating activities was $534 million year-to-date. Free cash flow, a non-GAAP measure, was $435 million year-to-date.
- The company repurchased $141 million of its shares for the quarter ended June 30, 2018.
Scott Stephenson, chairman, president, and CEO, said, “We’re pleased to deliver another quarter of solid organic revenue and adjusted EBITDA growth ahead of our long-term targets, reflecting continued strength in our Insurance business and ongoing progress in our Energy and Specialized Markets and Financial Services businesses. We continue to be excited about the level of engagement with our clients and our opportunity to invest in all of our businesses.”
Lee Shavel, CFO and executive vice president, said, “Free cash flow growth and capital generation remained strong. We continued to manage capital carefully through internal investment, the recent acquisition of Validus-IVC, and the return of $141 million to shareholders in the second quarter through share repurchases and a $50 million accelerated share repurchase program to be completed in the third quarter.”
Source: Verisk Press Release