vrsk20200309

0001437749-20-016473.txt : 20200804 0001437749-20-016473.hdr.sgml : 20200804 20200804160757 ACCESSION NUMBER: 0001437749-20-016473 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200804 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200804 DATE AS OF CHANGE: 20200804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Verisk Analytics, Inc. CENTRAL INDEX KEY: 0001442145 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 262994223 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34480 FILM NUMBER: 201073356 BUSINESS ADDRESS: STREET 1: 545 WASHINGTON BOULEVARD CITY: JERSEY CITY STATE: NJ ZIP: 07310-1686 BUSINESS PHONE: 201-469-2000 MAIL ADDRESS: STREET 1: 545 WASHINGTON BOULEVARD CITY: JERSEY CITY STATE: NJ ZIP: 07310-1686 8-K 1 vrsk20200612_8k.htm FORM 8-K vrsk20200309_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 04, 2020

VERISK ANALYTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-34480		26-2994223
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

545 Washington Boulevard, Jersey City, NJ		07310
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (201) 469-3000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange where registered
Common Stock $.001 par value	VRSK	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2020, Verisk Analytics, Inc. (the “Registrant”) issued a press release announcing its financial results for the quarter ended June 30, 2020. A copy of the press release is annexed as Exhibit 99.1 and incorporated by reference herein. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release dated August 4, 2020
104		Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VERISK ANALYTICS, INC.

Date: August 4, 2020	/s/ Kenneth E. Thompson
	Name:	Kenneth E. Thompson
	Title:	Executive Vice President, General Counsel and Corporate Secretary

EX-99.1 2 ex_190365.htm EXHIBIT 99.1 ex_176408.htm

Exhibit 99.1

Verisk Reports Second-Quarter 2020 Financial Results

•

Consolidated revenues were $679 million, up 4.0%, and up 1.1% on an organic constant currency (OCC) basis for the second quarter of 2020.

•

Net income was $179 million, up 19.0% for the second quarter of 2020. Adjusted EBITDA, a non-GAAP measure, was $348 million, up 14.5%, and up 12.4% on an OCC basis.

•

Diluted GAAP earnings per share (diluted EPS) were $1.08 for the second quarter of 2020. Diluted adjusted earnings per share (diluted adjusted EPS), a non-GAAP measure, were $1.29.

•

Net cash provided by operating activities was $250 million, up 24.6% for the second quarter of 2020. Free cash flow, a non-GAAP measure, was $193 million, up 25.7%.

•

The company paid a cash dividend of 27 cents per share on June 30, 2020. The company's Board of Directors approved a cash dividend of 27 cents per share payable on September 30, 2020.

•

The company repurchased $75 million of its shares during the second quarter of 2020.

•

The company currently has $995 million of undrawn capacity on its revolver and no meaningful maturities until May 2021.

JERSEY CITY, N.J., August 4, 2020 — Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced results for the second quarter ended June 30, 2020.

Scott Stephenson, chairman, president, and CEO, said, “Our second quarter results reflect the enduring strength and stability of our business model, and the laser-focus of our over 9,000 Verisk teammates on delivering for our customers as they face new challenges in this environment. Our long-term objectives are unchanged. We remain committed to offering a great customer experience, protecting the health and well-being of our teammates, and continuing to drive our innovation agenda.”

Lee Shavel, CFO and executive vice president, said, “Verisk delivered organic constant currency adjusted EBITDA growth of 12.4%, demonstrating strong operating leverage despite reduced revenue growth this quarter due to the impact of COVID-19. This leverage reflects the responsiveness of our compensation structure and our attention to controlling headcount growth during these uncertain times. We continue to use our strong cash flow to invest in high growth, high return on investment projects that support future growth.”

Summary of Results (GAAP and Non-GAAP)

(in millions, except per share amounts)

Note: Adjusted EBITDA, diluted adjusted EPS, and free cash flow are non-GAAP measures.

	Three Months Ended							Six Months Ended
	June 30,							June 30,
	2020		2019		Change			2020		2019		Change
Revenues	$	678.8	$	652.6		4.0	%	$	1,368.6	$	1,277.6		7.1	%
Net income		179.0		150.4		19.0			350.7		284.8		23.2
Adjusted EBITDA		348.3		304.1		14.5			666.3		595.9		11.80
Diluted GAAP EPS		1.08		0.90		20.0			2.12		1.71		24.0
Diluted adjusted EPS		1.29		1.10		17.3			2.46		2.13		15.5
Net cash provided by operating activities		249.5		200.3		24.6			612.1		566.4		8.1
Free cash flow		192.8		153.4		25.7			502.5		474.3		5.9

Revenues

Consolidated revenues increased 4.0%, and 1.1% on an OCC basis, for second-quarter 2020. Normalizing for the impact of the injunction on roof measurement solutions, which adjusts for $8 million of associated revenue in the prior-year period, OCC revenue would have grown 2.4% in second-quarter 2020.

The company has analyzed its solutions and services to assess the impact of COVID-19 on its revenue streams. It has not identified any material impact of COVID-19 on approximately 85% of its revenues at this point, as much of these revenues are subscription-based in nature and subject to long-term contracts. Normalizing for the impact of the injunction on the roof measurement solutions, these revenues would have grown approximately 6.5% on an OCC basis in the second quarter of 2020. Of the remaining 15%, the company has identified specific solutions and services, largely transactional in nature, that are being negatively impacted by COVID-19. These revenues declined approximately 20% on an OCC basis in second-quarter 2020 compared to the prior-year period.

Revenues and Revenue Growth by Segment

(in millions)

					Revenue Growth
	Three Months Ended				Three Months Ended
	June 30,				June 30, 2020
	2020		2019		Reported			OCC
Underwriting & rating	$	343.5	$	314.8		9.1	%		5.1	%
Claims		142.9		156.2		(8.6	)		(2.9	)
Insurance		486.4		471.0		3.3			2.5
Energy and Specialized Markets		154.4		137.3		12.4			(2.8	)
Financial Services		38.0		44.3		(14.1	)		(2.7	)
Revenues	$	678.8	$	652.6		4.0			1.1

					Revenue Growth
	Six Months Ended				Six Months Ended
	June 30,				June 30, 2020
	2020		2019		Reported			OCC
Underwriting & rating	$	687.6	$	620.6		10.8	%		6.7	%
Claims		288.2		303.9		(5.2	)		(1.3	)
Insurance		975.8		924.5		5.5			4.2
Energy and Specialized Markets		314.5		265.8		18.3			(0.2	)
Financial Services		78.3		87.3		(10.3	)		0.1
Revenues	$	1,368.6	$	1,277.6		7.1			3.0

Insurance segment revenues grew 3.3% in the second quarter of 2020 and 2.5% on an OCC basis. Normalizing for the impact of the injunction on roof measurement solutions, Insurance revenue would have grown 4.3% on an OCC basis.

•

Underwriting & rating revenues increased 9.1% in the quarter and 5.1% on an OCC basis, resulting primarily from an annual increase in prices derived from the continued enhancements to the content of the solutions within the industry-standard insurance programs, as well as selling expanded solutions to existing customers in commercial and personal lines. In addition, catastrophe modeling services contributed to the growth. These increases were partially offset by a decrease in certain transactional revenues.

•

Claims revenues declined 8.6% in the quarter and 2.9% on an OCC basis. Reported and OCC growth were negatively impacted by the injunction ruling against roof measurement solutions, as well as a decline in certain transactional revenues in connection with the COVID-19 pandemic. Normalizing for the impact of the injunction on roof measurement solutions, Claims revenue would have grown 2.6% on an OCC basis. Growth was primarily driven by repair cost estimating solutions revenue, workers compensation claims resolution services, and claims analytics revenue.

Energy and Specialized Markets segment revenues increased 12.4% in the quarter and declined 2.8% on an OCC basis. The Genscape acquisition, environmental health and safety service solutions, core research, and weather analytics solutions contributed to the growth. The remaining decrease within the segment was primarily due to declines in cost intelligence solutions' implementation projects that did not reoccur, and consulting revenues in connection with the COVID-19 pandemic.

Financial Services segment revenues decreased 14.1% in the quarter and 2.7% on an OCC basis, resulting primarily from the impact of the COVID-19 pandemic and the recent dispositions.

Net Income and Adjusted EBITDA

During second-quarter 2020, net income increased 19.0%, driven by cost discipline in the business, a reduction in travel expenses as a result of COVID-19, the timing shift of a $10 million expense related to annual long-term equity incentive grants that was recognized in the first quarter of this year as compared to the second quarter in the prior year, and a lower level of acquisition-related costs (earn-outs). Adjusted EBITDA increased 14.5%, and 12.4% on an OCC basis. Normalizing for the impact of the injunction on roof measurement solutions, OCC adjusted EBITDA would have grown 15.4% for second-quarter 2020.

EBITDA and Adjusted EBITDA by Segment

(in millions)

Note: Consolidated EBITDA and adjusted EBITDA are non-GAAP measures. Margin is calculated as a percentage of revenues.

	Three Months Ended June 30,
	EBITDA				EBITDA Margin						Adjusted EBITDA				Adjusted EBITDA Growth						Adjusted EBITDA Margin
															2020			2020
	2020		2019		2020			2019			2020		2019		Reported			OCC			2020			2019
Insurance	$	282.3	$	242.7		58.0	%		51.5	%	$	284.7	$	247.3		15.1	%		13.8	%		58.5	%		52.5	%
Energy and Specialized Markets		52.3		40.3		33.9			29.3			52.3		42.7		22.2			6.2			33.9			31.1
Financial Services		11.3		14.1		29.7			31.9			11.3		14.1		(19.8	)		5.8			29.7			31.9
Consolidated	$	345.9	$	297.1		51.0			45.5		$	348.3	$	304.1		14.5			12.4			51.3			46.6

	Six Months Ended June 30,
	EBITDA				EBITDA Margin						Adjusted EBITDA				Adjusted EBITDA Growth						Adjusted EBITDA Margin
															2020			2020
	2020		2019		2020			2019			2020		2019		Reported			OCC			2020			2019
Insurance	$	554.7	$	474.0		56.8	%		51.3	%	$	541.4	$	486.0		11.4	%		10.9	%		55.5	%		52.6	%
Energy and Specialized Markets		102.5		77.5		32.6			29.2			102.5		82.5		24.2			4.0			32.6			31.0
Financial Services		25.9		27.4		33.1			31.3			22.4		27.4		(18.0	)		10.5			28.7			31.3
Consolidated	$	683.1	$	578.9		49.9			45.3		$	666.3	$	595.9		11.8			9.9			48.7			46.6

Earnings Per Share

Diluted EPS increased 20.0% to $1.08 for the second quarter of 2020 due to cost discipline in the business, a reduction in travel expenses as a result of COVID-19, the above-mentioned timing shift in expense related to annual long-term equity incentive grants, and a decrease in acquisition-related costs (earn-outs). Diluted adjusted EPS grew 17.3% to $1.29 for the second quarter of 2020, reflecting cost discipline in the business and a lower average share count.

Cash Flow

Net cash provided by operating activities was $250 million for the second quarter of 2020, up 24.6%. Capital expenditures were $57 million for the second quarter of 2020, up 20.9%. Free cash flow was $193 million for the second quarter of 2020, up 25.7%, primarily due to an increase in customer collections and operating profit, a reduction in travel payments as a result of COVID-19, as well as a deferral of federal income taxes and certain employer payroll taxes resulting from the CARES Act, partially offset by earnout payments of $65.1 million.

Free cash flow represented 55.4% of adjusted EBITDA for the second quarter of 2020, compared with 50.4% in the prior-year period.

Senior Notes

During the second quarter of 2020, the company completed an issuance of $500 million aggregate principal amount of 3.625% senior notes due in 2050, at an issue price of 98.97% for an effective yield of 3.682%. The company used the proceeds to repay amounts outstanding under its revolving credit facility and for general corporate purposes.

Dividend

On June 30, 2020, Verisk paid a cash dividend of 27 cents per share of common stock issued and outstanding to the holders of record as of June 15, 2020.

On July 29, 2020, Verisk's Board of Directors approved a cash dividend of 27 cents per share of common stock issued and outstanding, payable on September 30, 2020, to holders of record as of September 15, 2020.

Share Repurchases

Including the accelerated share repurchase (ASR) settled in the second quarter of 2020, the company repurchased approximately 0.5 million shares at an average price of $152.59, for a total cost of $75 million for the second quarter of 2020. On June 30, 2020, the company had $379 million remaining under its share repurchase authorization.

Conference Call

Verisk’s management team will host a live audio webcast on Wednesday, August 5, 2020, at 8:30 a.m. EDT (5:30 a.m. PDT, 1:30 p.m. BST) to discuss the financial results and business highlights. All interested parties are invited to listen to the live event via webcast on the Verisk investor website at http://investor.verisk.com. The discussion is also available through dial-in number 1-877-755-3792 for U.S./Canada participants or 1-512-961-6560 for international participants.

A replay of the webcast will be available for 30 days on the Verisk investor website and also through the conference call number 1-855-859-2056 for U.S./Canada participants or 1-404-537-3406 for international participants using conference ID #8981659.

About Verisk

Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500^® Index and Nasdaq 100 Index. For more information, please visit www.verisk.com.

Contact:

Investor Relations

Stacey Brodbar

Head of Investor Relations

Verisk

201-469-4327

IR@verisk.com

Media

Joe Madden
Verisk Public Relations
201-232-4486
joseph.madden@verisk.com

Forward-Looking Statements

This release contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause Verisk's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. This includes, but is not limited to, the potential impacts of the COVID-19 pandemic on its operations and financial performance, its expectation and ability to pay a cash dividend on common stock in the future, subject to the determination by the Board of Directors and based on an evaluation of company earnings, financial condition and requirements, business conditions, capital allocation determinations, and other factors, risks, and uncertainties. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “target,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors that are, in some cases, beyond the company's control and that could materially affect actual results, levels of activity, performance, or achievements.

Other factors that could materially affect actual results, levels of activity, performance, or achievements can be found in Verisk’s quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K filed with the Securities and Exchange Commission. If any of these risks or uncertainties materialize or if its underlying assumptions prove to be incorrect, actual results may vary significantly from what the company projected. Any forward-looking statement in this release reflects the company's current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to its operations, results of operations, growth strategy, and liquidity. The company assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.

Notes Regarding the Use of Non-GAAP Financial Measures

The company has provided certain non-GAAP financial information as supplemental information regarding its operating results. These measures are not in accordance with, or an alternative for, U.S. GAAP and may be different from non-GAAP measures reported by other companies. The company believes that its presentation of non-GAAP measures provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. In addition, the company’s management uses these measures for reviewing the financial results of the company, for budgeting and planning purposes, and for evaluating the performance of senior management.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA Expenses: EBITDA represents GAAP net income adjusted for (i) depreciation and amortization of fixed assets; (ii) amortization of intangible assets; (iii) interest expense; and (iv) provision for income taxes. Adjusted EBITDA represents EBITDA adjusted for acquisition-related costs (earn-outs), gain/loss from dispositions (which include businesses held for sale), nonrecurring gain/loss, and interest income on the subordinated promissory note. Adjusted EBITDA expenses represent adjusted EBITDA net of revenues. The company believes these measures are useful and meaningful because they allow for greater transparency regarding the company’s operating performance and facilitate period-to-period comparison.

Adjusted Net Income and Diluted Adjusted EPS: Adjusted net income represents GAAP net income adjusted for (i) amortization of intangible assets, net of tax; (ii) acquisition-related costs (earn-outs), net of tax; (iii) gain/loss from dispositions (which include businesses held for sale), net of tax; (iv) nonrecurring gain/loss, net of tax; and (v) interest income on the subordinated promissory note, net of tax. Diluted adjusted EPS represents adjusted net income divided by weighted-average diluted shares. The company believes these measures are useful and meaningful because they allow evaluation of the after-tax profitability of the company’s results excluding the after-tax effect of acquisition-related costs and nonrecurring items.

Free Cash Flow: Free cash flow represents net cash provided by operating activities determined in accordance with GAAP minus payments for capital expenditures. The company believes free cash flow is an important measure of the recurring cash generated by the company’s operations that may be available to repay debt obligations, repurchase its stock, invest in future growth through new business development activities, or make acquisitions.

Organic Constant Currency (OCC): The company’s operating results, such as, but not limited to, revenue and adjusted EBITDA, reported in U.S. dollars are affected by foreign currency exchange rate fluctuations because the underlying foreign currencies in which it transacts change in value over time compared with the U.S. dollar; accordingly, it presents certain constant currency financial information to assess how the company performed excluding the impact of foreign currency exchange rate fluctuations. The company calculates constant currency by translating comparable prior-year-period results at the currency exchange rates used in the current period. The company defines “organic” as operating results excluding the effect of recent acquisitions and dispositions (which include businesses held for sale) that have occurred over the past year. An acquisition is included as organic at the beginning of the calendar quarter that occurs after the one-year anniversary of the acquisition date. Once an acquisition is included in its current-period organic base, its comparable prior-year-period operating results are also included to calculate organic growth. A disposition (which includes a business held for sale) is excluded from organic at the beginning of the calendar quarter in which the disposition occurs (or when a business meets the held-for-sale criteria under U.S. GAAP). Once a disposition is excluded from its current-period organic base, its comparable prior-year-period operating results are also excluded to calculate organic growth. The organic presentation enables investors to assess the growth of the business without the impact of recent acquisitions for which there is no prior-year comparison. A disposition’s results are removed from all prior periods presented to allow for comparability. The company believes organic constant currency is a useful and meaningful measure to enhance investors’ understanding of the continuing operating performance of its business and to facilitate the comparison of period-to-period performance because it excludes the impact of foreign exchange rate movements, acquisitions, and dispositions.

See page 10 for a reconciliation of consolidated adjusted EBITDA and a segment results summary and a reconciliation of adjusted EBITDA. See page 11 for a reconciliation of segment adjusted EBITDA margin, a reconciliation of adjusted EBITDA expenses, and a reconciliation of diluted adjusted EPS. See page 12 for a reconciliation of net cash provided by operating activities to free cash flow.

Attached Financial Statements

Please refer to the full Form 10-Q filing for the complete financial statements and related notes.

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of June 30, 2020 and December 31, 2019

	2020			2019
	(in millions, except for share and per share data)
ASSETS:
Current assets:
Cash and cash equivalents	$	309.4		$	184.6
Accounts receivable, net of allowance for doubtful accounts of $15.9 and $11.7, respectively		454.5			441.6
Prepaid expenses		81.6			60.9
Income taxes receivable		—			25.9
Other current assets		33.2			17.8
Current assets held for sale		—			14.1
Total current assets		878.7			744.9
Noncurrent assets:
Fixed assets, net		560.1			548.1
Operating lease right-of-use assets, net		242.3			218.6
Intangible assets, net		1,264.3			1,398.9
Goodwill		3,744.1			3,864.3
Deferred income tax assets		9.1			9.8
Other noncurrent assets		309.3			159.8
Noncurrent assets held for sale		—			110.8
Total assets	$	7,007.9		$	7,055.2

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable and accrued liabilities	$	322.4		$	375.0
Acquisition-related liabilities		12.1			111.2
Short-term debt and current portion of long-term debt		453.0			499.4
Deferred revenues		617.5			440.1
Operating lease liabilities		37.9			40.6
Income taxes payable		47.4			6.8
Current liabilities held for sale		—			18.7
Total current liabilities		1,490.3			1,491.8
Noncurrent liabilities:
Long-term debt		2,690.7			2,651.6
Deferred income tax liabilities		348.2			356.0
Operating lease liabilities		245.6			208.1
Other liabilities		57.0			48.8
Noncurrent liabilities held for sale		—			38.1
Total liabilities		4,831.8			4,794.4
Commitments and contingencies
Stockholders’ equity:
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 162,520,246 and 163,161,564 shares outstanding, respectively		0.1			0.1
Additional paid-in capital		2,432.8			2,369.1
Treasury stock, at cost, 381,482,792 and 380,841,474 shares, respectively		(4,088.4	)		(3,849.9	)
Retained earnings		4,488.8			4,228.4
Accumulated other comprehensive losses		(657.2	)		(486.9	)
Total stockholders’ equity		2,176.1			2,260.8
Total liabilities and stockholders’ equity	$	7,007.9		$	7,055.2

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

For the Three and Six Months Ended June 30, 2020 and 2019

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(in millions, except for share and per share data)
Revenues	$	678.8		$	652.6		$	1,368.6		$	1,277.6
Operating expenses:
Cost of revenues (exclusive of items shown separately below)		235.8			242.7			493.5			474.1
Selling, general and administrative		96.4			112.3			208.5			223.7
Depreciation and amortization of fixed assets		45.9			45.7			92.0			92.2
Amortization of intangible assets		41.0			33.6			82.0			66.9
Other operating income		—			—			(19.4	)		—
Total operating expenses		419.1			434.3			856.6			856.9
Operating income		259.7			218.3			512.0			420.7
Other income (expense):
Investment loss and others, net		(0.7	)		(0.5	)		(2.9	)		(0.9	)
Interest expense		(34.2	)		(30.5	)		(67.6	)		(62.4	)
Total other expense, net		(34.9	)		(31.0	)		(70.5	)		(63.3	)
Income before income taxes		224.8			187.3			441.5			357.4
Provision for income taxes		(45.8	)		(36.9	)		(90.8	)		(72.6	)
Net income	$	179.0		$	150.4		$	350.7		$	284.8
Basic net income per share	$	1.10		$	0.92		$	2.16		$	1.74
Diluted net income per share	$	1.08		$	0.90		$	2.12		$	1.71
Weighted-average shares outstanding:
Basic		162,371,920			163,743,835			162,633,113			163,636,089
Diluted		165,103,088			166,697,276			165,413,604			166,621,111

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Three and Six Months Ended June 30, 2020 and 2019

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(in millions)
Cash flows from operating activities:
Net income	$	179.0		$	150.4		$	350.7		$	284.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets		45.9			45.7			92.0			92.2
Amortization of intangible assets		41.0			33.6			82.0			66.9
Amortization of debt issuance costs and original issue discount, net of original issue premium		0.5			1.0			0.8			1.9
Provision for doubtful accounts		3.9			2.1			5.4			3.3
Gain on sale of assets		—			—			(19.4	)		—
Stock-based compensation		9.5			18.4			29.1			27.6
Realized gain on available-for-sale securities, net		(0.5	)		(0.2	)		—			(0.6	)
Deferred income taxes		(1.4	)		(3.3	)		(1.5	)		—
Loss on disposal of fixed assets, net		0.1			—			0.4			—
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable		66.1			(8.1	)		(30.4	)		(89.7	)
Prepaid expenses and other assets		(35.3	)		9.8			(53.8	)		(10.7	)
Operating lease right-of-use assets, net		10.0			(8.5	)		19.3			18.6
Income taxes		25.6			(14.1	)		66.6			11.2
Acquisition-related liabilities		(63.5	)		5.3			(63.3	)		13.7
Accounts payable and accrued liabilities		10.6			27.9			(51.4	)		(7.9	)
Deferred revenues		(52.8	)		(50.9	)		184.8			166.8
Operating lease liabilities		2.6			(9.4	)		(7.9	)		(18.5	)
Other liabilities		8.2			0.6			8.7			6.8
Net cash provided by operating activities		249.5			200.3			612.1			566.4
Cash flows from investing activities:
Acquisitions, net of cash acquired of $0 and $0, and $0 and $3.7, respectively		—			—			—			(69.1	)
Proceeds from sale of assets		—			—			23.1			—
Purchase of investments in a nonpublic company		—			—			(63.8	)		—
Capital expenditures		(56.7	)		(46.9	)		(109.6	)		(92.1	)
Other investing activities, net		(1.5	)		(0.9	)		4.6			(6.9	)
Net cash used in investing activities		(58.2	)		(47.8	)		(145.7	)		(168.1	)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
	(in millions)
Cash flows from financing activities:
Repayments of short-term debt, net		(420.0	)		(100.0	)		(495.0	)		(345.0	)
Proceeds from issuance of short-term debt with original maturities greater than three months		—			—			20.0			—
Repayments of short-term debt with original maturities greater than three months		(20.0	)		—			(20.0	)		—
Repayments of current portion of long-term debt		—			—			—			(250.0	)
Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount		494.8			—			494.8			397.9
Payment of debt issuance costs		(5.6	)		(1.2	)		(5.6	)		(4.1	)
Repurchases of common stock		(75.0	)		(50.0	)		(248.8	)		(125.0	)
Proceeds from stock options exercised		22.9			20.7			42.1			32.3
Net share settlement from restricted stock awards		(3.5	)		(5.1	)		(3.5	)		(5.1	)
Dividends paid		(44.0	)		(41.0	)		(87.9	)		(81.9	)
Payment of contingent liability related to acquisitions		(34.2	)		—			(34.2	)		—
Other financing activities, net		(2.4	)		(3.2	)		(4.3	)		(5.3	)
Net cash used in financing activities		(87.0	)		(179.8	)		(342.4	)		(386.2	)
Effect of exchange rate changes		0.7			1.1			0.5			1.7
Increase (decrease) in cash and cash equivalents		105.0			(26.2	)		124.5			13.8
Cash and cash equivalents classified within current assets held for sale, beginning of period		—			—			0.3			—
Cash and cash equivalents, beginning of period		204.4			179.5			184.6			139.5
Cash and cash equivalents, end of period	$	309.4		$	153.3		$	309.4		$	153.3
Supplemental disclosures:
Income taxes paid	$	21.6		$	53.9		$	25.7		$	61.4
Interest paid	$	41.1		$	45.3		$	63.7		$	60.6
Noncash investing and financing activities:
Debt issuance costs included in accounts payable and accrued liabilities	$	0.1		$	—		$	0.1		$	—
Deferred tax asset established on date of acquisition	$	—		$	—		$	—		$	0.1
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	—		$	—		$	247.6
Finance lease obligations	$	0.1		$	7.7		$	1.6		$	9.4
Operating lease additions, net of terminations	$	43.6		$	1.3		$	45.2		$	1.3
Tenant improvements	$	—		$	0.7		$	—		$	0.7
Fixed assets included in accounts payable and accrued liabilities	$	0.7		$	0.4		$	0.7		$	0.4
Dividend payable included in other liabilities	$	—		$	0.1		$	0.4		$	0.2
Gain on sale of assets	$	—		$	—		$	3.5		$	—
Held for sale assets contributed to a nonpublic company	$	—		$	—		$	65.9		$	—

Non-GAAP Reconciliations

Consolidated Adjusted EBITDA Reconciliation

(in millions)

Note: Adjusted EBITDA is a non-GAAP measure. Margin is calculated as a percentage of consolidated revenues.

	Three Months Ended June 30,												Six Months Ended June 30,
	2020						2019						2020						2019
	Total			Margin			Total			Margin			Total			Margin			Total			Margin
Net income	$	179.0			26.4	%	$	150.4			23.0	%	$	350.7			25.6	%	$	284.8			22.3	%
Depreciation and amortization of fixed assets		45.9			6.8			45.7			7.0			92.0			6.7			92.2			7.2
Amortization of intangible assets		41.0			6.0			33.6			5.2			82.0			6.0			66.9			5.2
Interest expense		34.2			5.0			30.5			4.7			67.6			5.0			62.4			4.9
Provision for income taxes		45.8			6.8			36.9			5.6			90.8			6.6			72.6			5.7
EBITDA		345.9			51.0			297.1			45.5			683.1			49.9			578.9			45.3
Acquisition-related costs (earn-outs)		2.4			0.3			7.0			1.1			2.6			0.2			17.0			1.3
Gain from dispositions		—			—			—			—			(19.4	)		(1.4	)		—			—
Adjusted EBITDA		348.3			51.3			304.1			46.6			666.3			48.7			595.9			46.6
Adjusted EBITDA from acquisitions and dispositions		(11.1	)		1.2			(3.3	)		0.5			(19.1	)		1.7			(5.2	)		0.6
Organic adjusted EBITDA	$	337.2			52.5		$	300.8			47.1		$	647.2			50.4		$	590.7			47.2

Segment Results Summary and Adjusted EBITDA Reconciliation

(in millions)

Note: Organic revenues and adjusted EBITDA are non-GAAP measures.

	Three Months Ended June 30, 2020									Three Months Ended June 30, 2019
	Insurance			Energy and Specialized Markets			Financial Services			Insurance			Energy and Specialized Markets		Financial Services
Revenues	$	486.4		$	154.4		$	38.0		$	471.0		$	137.3	$	44.3
Revenues from acquisitions and dispositions		(14.1	)		(22.8	)		(0.1	)		(9.5	)		—		(5.0	)
Organic revenues	$	472.3		$	131.6		$	37.9		$	461.5		$	137.3	$	39.3

EBITDA	$	282.3		$	52.3		$	11.3		$	242.7		$	40.3	$	14.1
Acquisition-related costs (earn-outs)		2.4			—			—			4.6			2.4		—
Adjusted EBITDA		284.7			52.3			11.3			247.3			42.7		14.1
Adjusted EBITDA from acquisitions and dispositions		(4.0	)		(7.7	)		0.6			(0.4	)		—		(2.9	)
Organic adjusted EBITDA	$	280.7		$	44.6		$	11.9		$	246.9		$	42.7	$	11.2

	Six Months Ended June 30, 2020									Six Months Ended June 30, 2019
	Insurance			Energy and Specialized Markets			Financial Services			Insurance			Energy and Specialized Markets		Financial Services
Revenues	$	975.8		$	314.5		$	78.3		$	924.5		$	265.8	$	87.3
Revenues from acquisitions and dispositions		(31.8	)		(51.6	)		(1.8	)		(17.0	)		—		(10.4	)
Organic revenues	$	944.0		$	262.9		$	76.5		$	907.5		$	265.8	$	76.9

EBITDA	$	554.7		$	102.5		$	25.9		$	474.0		$	77.5	$	27.4
Acquisition-related costs (earn-outs)		2.6			—			—			12.0			5.0		—
Gain from dispositions		(15.9	)		—			(3.5	)		—			—		—
Adjusted EBITDA		541.4			102.5			22.4			486.0			82.5		27.4
Adjusted EBITDA from acquisitions and dispositions		(3.3	)		(16.3	)		0.5			0.2			1.0		(6.4	)
Organic adjusted EBITDA	$	538.1		$	86.2		$	22.9		$	486.2		$	83.5	$	21.0

Segment Adjusted EBITDA Margin Reconciliation

Note: Segment adjusted EBITDA margin is calculated as a percentage of respective segment revenues.

	Three Months Ended June 30, 2020									Three Months Ended June 30, 2019
	Insurance			Energy and Specialized Markets			Financial Services			Insurance			Energy and Specialized Markets			Financial Services
EBITDA margin		58.0	%		33.9	%		29.7	%		51.5	%		29.3	%		31.9	%
Acquisition-related costs (earn-outs)		0.5			—			—			1.0			1.8			—
Adjusted EBITDA margin		58.5			33.9			29.7			52.5			31.1			31.9

	Six Months Ended June 30, 2020									Six Months Ended June 30, 2019
	Insurance			Energy and Specialized Markets			Financial Services			Insurance			Energy and Specialized Markets			Financial Services
EBITDA margin		56.8	%		32.6	%		33.1	%		51.3	%		29.2	%		31.3	%
Acquisition-related costs (earn-outs)		0.3			—			—			1.3			1.8			—
Gain from dispositions		(1.6	)		—			(4.4	)		—			—			—
Adjusted EBITDA margin		55.5			32.6			28.7			52.6			31.0			31.3

Consolidated Adjusted EBITDA Expense Reconciliation

(in millions)

Note: Adjusted EBITDA expenses are a non-GAAP measure.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Operating expenses	$	419.1		$	434.3		$	856.6		$	856.9
Depreciation and amortization of fixed assets		(45.9	)		(45.7	)		(92.0	)		(92.2	)
Amortization of intangible assets		(41.0	)		(33.6	)		(82.0	)		(66.9	)
Investment loss and others, net		0.7			0.5			2.9			0.9
Acquisition-related costs (earn-outs)		(2.4	)		(7.0	)		(2.6	)		(17.0	)
Gain from dispositions		—			—			19.4			—
Adjusted EBITDA expenses	$	330.5		$	348.5		$	702.3		$	681.7

Diluted Adjusted EPS Reconciliation

(in millions, except per share amounts)

Note: Diluted adjusted EPS is a non-GAAP measure.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Net income	$	179.0		$	150.4		$	350.7		$	284.8
plus: Amortization of intangibles		41.0			33.6			82.0			66.9
less: Income tax effect on amortization of intangibles		(9.0	)		(7.0	)		(18.0	)		(14.1	)
plus: Acquisition-related costs and interest expense (earn-outs)		2.4			7.1			2.6			17.6
less: Income tax effect on acquisition-related costs and interest expense (earn-outs)		(0.5	)		(0.3	)		(0.6	)		(0.7	)
less: Gain from dispositions		—			—			(19.4	)		—
plus: Income tax effect on gain from dispositions		—			—			9.6			—
Adjusted net income	$	212.9		$	183.8		$	406.9		$	354.5

Diluted EPS	$	1.08		$	0.90		$	2.12		$	1.71
Diluted adjusted EPS	$	1.29		$	1.10		$	2.46		$	2.13

Weighted-average diluted shares outstanding		165.1			166.7			165.4			166.6

Free Cash Flow Reconciliation

(in millions)

Note: Free cash flow is a non-GAAP measure.

	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2020			2019			Change			2020			2019			Change
Net cash provided by operating activities	$	249.5		$	200.3			24.6	%	$	612.1		$	566.4			8.1	%
Capital expenditures		(56.7	)		(46.9	)		20.9	%		(109.6	)		(92.1	)		19.0	%
Free cash flow	$	192.8		$	153.4			25.7	%	$	502.5		$	474.3			5.9	%

EX-101.SCH 3 vrsk-20200804.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink EX-101.DEF 4 vrsk-20200804_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 vrsk-20200804_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity [Domain] Legal Entity [Axis] Document Information [Line Items] Document Information [Table] Document, Type Document, Period End Date Entity, Registrant Name Entity, Incorporation, State or Country Code Entity, File Number Entity, Tax Identification Number Entity, Address, Address Line One Entity, Address, City or Town Entity, Address, State or Province Entity, Address, Postal Zip Code City Area Code Local Phone Number Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security Trading Symbol Security Exchange Name Entity, Emerging Growth Company Amendment Flag Entity, Central Index Key EX-101.PRE 6 vrsk-20200804_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 vrsk20200612_8k_htm.xml IDEA: XBRL DOCUMENT 0001442145 2020-08-04 2020-08-04 false 0001442145 8-K 2020-08-04 VERISK ANALYTICS, INC. DE 001-34480 26-2994223 545 Washington Boulevard Jersey City NJ 07310 201 469-3000 false false false false Common Stock VRSK NASDAQ false XML 8 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information	Aug. 04, 2020
Document Information [Line Items]
Entity, Registrant Name	VERISK ANALYTICS, INC.
Document, Type	8-K
Document, Period End Date	Aug. 04, 2020
Entity, Incorporation, State or Country Code	DE
Entity, File Number	001-34480
Entity, Tax Identification Number	26-2994223
Entity, Address, Address Line One	545 Washington Boulevard
Entity, Address, City or Town	Jersey City
Entity, Address, State or Province	NJ
Entity, Address, Postal Zip Code	07310
City Area Code	201
Local Phone Number	469-3000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	VRSK
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001442145

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