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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number: 001-34480

 

VERISK ANALYTICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

26-2994223

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

  

545 Washington Boulevard

 

Jersey City

 

NJ

07310-1686

(Address of principal executive offices)

(Zip Code)

 

(201) 469-3000

(Registrant’s telephone number, including area code)

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

☒

 

Accelerated filer

 

☐

       

Non-accelerated filer

 

☐

 

Smaller reporting company

 

☐

       
    

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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

 

As of July 26, 2024, there were 142,423,816 shares outstanding of the registrant's Common Stock, par value $.001.

 

 

 
Table of Contents

 

 
 

Verisk Analytics, Inc.

Index to Form 10-Q

 

Table of Contents

 

 

 

Page Number

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

  

Condensed Consolidated Balance Sheets

 1

Condensed Consolidated Statements of Operations

 2

Condensed Consolidated Statements of Comprehensive Income (Loss)

 3

Condensed Consolidated Statements of Changes in Stockholders’ Equity

 4

Condensed Consolidated Statements of Cash Flows

 6

Notes to Condensed Consolidated Financial Statements

 7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 40

Item 4. Controls and Procedures

 40

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

 41

Item 1A. Risk Factors

 41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 41

Item 3. Defaults Upon Senior Securities

 42

Item 4. Mine Safety Disclosures

 42

Item 5. Other Information

 42

Item 6. Exhibits

 42

SIGNATURES

 44

Exhibit 31.1

  

Exhibit 31.2

  

Exhibit 32.1

  

 

 
Table of Contents

 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

  

June 30, 2024

  

December 31, 2023

 
  

(in millions, except for share and per share data)

 

ASSETS:

 

Current assets:

        

Cash and cash equivalents

 $632.1  $302.7 

Accounts receivable, net of allowance for doubtful accounts of $19.5 and $15.1, respectively

  479.1   334.2 

Prepaid expenses

  83.9   84.5 

Income taxes receivable

  76.1   23.5 

Other current assets

  36.0   65.2 

Total current assets

  1,307.2   810.1 

Noncurrent assets:

        

Fixed assets, net

  623.8   604.9 

Operating lease right-of-use assets, net

  181.4   191.7 

Intangible assets, net

  433.1   471.7 

Goodwill

  1,758.5   1,760.8 

Deferred income tax assets

  30.6   30.8 

Other noncurrent assets

  433.3   496.1 

Total assets

 $4,767.9  $4,366.1 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

        

Accounts payable and accrued liabilities

 $244.9  $340.8 

Short-term debt and current portion of long-term debt

  516.8   14.5 

Deferred revenues

  572.7   375.1 

Operating lease liabilities

  26.9   33.1 

Income taxes payable

  10.0   7.9 

Total current liabilities

  1,371.3   771.4 

Noncurrent liabilities:

        

Long-term debt

  2,552.4   2,852.2 

Deferred income tax liabilities

  192.9   210.1 

Operating lease liabilities

  193.4   195.6 

Other noncurrent liabilities

  22.6   14.6 

Total liabilities

  4,332.6   4,043.9 

Commitments and contingencies (Note 16)

          

Stockholders’ equity:

        

Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 142,460,614 and 143,308,729 shares outstanding, respectively

  0.1   0.1 

Additional paid-in capital

  2,942.8   2,872.3 

Treasury stock, at cost, 401,542,424 and 400,694,309 shares, respectively

  (9,389.2)  (9,037.5)

Retained earnings

  6,833.3   6,416.9 

Accumulated other comprehensive income

  43.3   58.2 

Total Verisk stockholders' equity

  430.3   310.0 

Noncontrolling interests

  5.0   12.2 

Total stockholders’ equity

  435.3   322.2 

Total liabilities and stockholders’ equity

 $4,767.9  $4,366.1 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

1
Table of Contents
 

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 
  

(in millions, except for share and per share data)

 

Revenues

 $716.8  $675.0  $1,420.8  $1,326.6 

Operating expenses:

                

Cost of revenues (exclusive of items shown separately below)

  219.4   216.9   447.2   433.1 

Selling, general and administrative

  101.5   86.8   194.4   165.8 

Depreciation and amortization of fixed assets

  59.0   46.5   116.4   91.1 

Amortization of intangible assets

  18.2   18.8   36.7   36.5 

Total operating expenses, net

  398.1   369.0   794.7   726.5 

Operating income

  318.7   306.0   626.1   600.1 

Other income (expense):

                

Net gain on early extinguishment of debt

  3.6   —   3.6   — 

Investment gain (loss)

  99.8   (6.2)  96.5   (7.3)

Interest expense, net

  (29.1)  (31.6)  (58.0)  (58.0)

Total other income (expense), net

  74.3   (37.8)  42.1   (65.3)

Income from continuing operations before income taxes

  393.0   268.2   668.2   534.8 

Provision for income taxes

  (85.2)  (63.9)  (141.0)  (136.1)

Income from continuing operations

  307.8   204.3   527.2   398.7 

Loss from discontinued operations net of tax benefit (expense) of $0.0, $0.9, $0.0, and $(0.2), respectively (Note 7)

  —   (7.5)  —   (145.5)

Net income

  307.8   196.8   527.2   253.2 

Less: Net loss attributable to noncontrolling interests

  0.3   0.1   0.5   — 

Net income attributable to Verisk

 $308.1  $196.9  $527.7  $253.2 

Basic net income per share attributable to Verisk:

                

Income from continuing operations

 $2.16  $1.41  $3.69  $2.69 

Loss from discontinued operations

  —   (0.05)  —   (0.98)

Basic net income per share attributable to Verisk:

 $2.16  $1.36  $3.69  $1.71 

Diluted net income per share attributable to Verisk:

                

Income from continuing operations

 $2.15  $1.41  $3.67  $2.67 

Loss from discontinued operations

  —   (0.06)  —   (0.97)

Diluted net income per share attributable to Verisk:

 $2.15  $1.35  $3.67  $1.70 

Weighted-average shares outstanding:

                

Basic

  142,705,508   144,834,494   143,001,836   148,433,375 

Diluted

  143,293,222   145,500,121   143,633,378   149,104,720 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2
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VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2024

    

2023

    

2024

    

2023

  
                                 

Net income

   $ 307.8     $ 196.8     $ 527.2     $ 253.2  

Other comprehensive (loss) income, net of tax:

                                

Foreign currency translation adjustment

     (1.4 )     16.0       (15.7 )     775.2  

Pension and postretirement liability adjustment

     0.9       0.9       1.7       1.6  

Total other comprehensive (loss) income

     (0.5 )     16.9       (14.0 )     776.8  

Comprehensive income

     307.3       213.7       513.2       1,030.0  

Less: Comprehensive loss (income) attributable to noncontrolling interests

     0.2       (0.6 )     (0.9 )     —  

Comprehensive income attributable to Verisk

   $ 307.5     $ 213.1     $ 512.3     $ 1,030.0  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3
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VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For The Three Months Ended June 30, 2024 and 2023

 

  Common Stock Issued  

Par Value

  Additional Paid-in Capital  

Treasury Stock

  

Retained Earnings

  Accumulated Other Comprehensive Income  Total Verisk Stockholders' Equity  Noncontrolling Interests  Total Stockholders’ Equity 
  

(in millions, except for share data)

 

Balance, April 1, 2024

  544,003,038  $0.1  $2,895.6  $(9,238.0) $6,580.9  $43.6  $282.2  $5.6  $287.8 

Net income (loss)

  —   —   —   —   308.1   —   308.1   (0.3)  307.8 

Other comprehensive (loss) income

  —   —   —   —   —   (0.9)  (0.9)  (0.2)  (1.1)

Investment in noncontrolling interests

  —   —   —   —   —   0.6   0.6   (0.1)  0.5 

Common stock dividend (1)

  —   —   —   —   (55.7)  —   (55.7)  —   (55.7)

Treasury stock acquired (632,047 shares)

  —   —   30.0   (180.1)  —   —   (150.1)  —   (150.1)

Treasury stock shares repurchased not yet settled

  —   —   (22.5)  22.5   —   —   —   —   — 

Excise tax associated with share repurchases

  —   —   —   (0.8)  —   —   (0.8)  —   (0.8)

Stock options exercised (294,685 shares transferred from treasury stock)

  —   —   27.1   6.8   —   —   33.9   —   33.9 

Restricted stock ("RSAs") lapsed (7,303 shares transferred from treasury stock)

  —   —   (0.1)  0.1   —   —   —   —   — 

Stock-based compensation expense

  —   —   12.4   —   —   —   12.4   —   12.4 

Net share settlement from RSAs (1,979 shares withheld for tax settlement)

  —   —   (0.5)  —   —   —   (0.5)  —   (0.5)

Other stock issuances (5,488 shares transferred from treasury stock)

  —   —   0.8   0.3   —   —   1.1   —   1.1 

Balance, June 30, 2024

  544,003,038  $0.1  $2,942.8  $(9,389.2) $6,833.3  $43.3  $430.3  $5.0  $435.3 
                                     

Balance, April 1, 2023

  544,003,038   0.1   2,315.5   (8,283.3)  6,006.7   29.4  $68.4   11.2  $79.6 

Net income

  —   —   —   —   196.9   —   196.9   (0.1)  196.8 

Other comprehensive income

  —   —   —   —   —   16.9   16.9   0.6   17.5 

Investment in noncontrolling interests

  —   —   —   —   —   (0.6)  (0.6)  0.1   (0.5)

Common stock dividend (1)

  —   —   —   —   (49.8)  —   (49.8)  —   (49.8)

Excise tax associated with share repurchases

  —   —   —   1.0   —   —   1.0   —   1.0 

Stock options exercised (417,771 shares transferred from treasury stock)

  —   —   43.1   8.6   —   —   51.7   —   51.7 

RSA lapsed (13,864 shares transferred from treasury stock)

  —   —   (0.3)  0.3   —   —   —   —   — 

Stock-based compensation expense

         10.0   -   —   —   10.0   —   10.0 

Net share settlement from RSAs (7,359 shares withheld for tax settlement)

         (1.5)  -   —   —   (1.5)  —   (1.5)

Other stock issuances (8,108 shares transferred from treasury stock)

  —   —   0.9   0.1   —   —   1.0   —   1.0 

Balance, June 30, 2023

  544,003,038  $0.1  $2,367.7  $(8,273.3) $6,153.8  $45.7  $294.0  $11.8  $305.8 

_______________

(1) Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4
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VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For The Six Months Ended June 30, 2024 and 2023

 

  Common Stock Issued  

Par Value

  Additional Paid-in Capital  

Treasury Stock

  

Retained Earnings

  Accumulated Other Comprehensive (Losses)/Income  Total Verisk Stockholders' Equity  Noncontrolling Interests  Total Stockholders’ Equity 
  

(in millions, except for share data)

 

Balance, January 1, 2024

  544,003,038  $0.1  $2,872.3  $(9,037.5) $6,416.9  $58.2  $310.0  $12.2  $322.2 

Net income

  —   —   —   —   527.7   —   527.7   (0.5)  527.2 

Other comprehensive income

  —   —   —   —   —   (15.5)  (15.5)  0.9   (14.6)

Investment in noncontrolling interests

  —   —   (7.0)  —   —   0.6   (6.4)  (7.6)  (14.0)

Common stock dividend (1)

  —   —   —   —   (111.3)  —   (111.3)  —   (111.3)

Treasury stock acquired (1,524,320 shares)

  —   —   37.5   (387.7)  —   —   (350.2)  —   (350.2)

Excise tax associated with share repurchases

  —   —   —   (2.0)  —   —   (2.0)  —   (2.0)

Share repurchases via accelerated share repurchase program not yet settled

  —   —   (22.5)  22.5   —   —   —   —   — 

Stock options exercised (573,246 shares transferred from treasury stock)

  —   —   49.8   13.1   —   —   62.9   —   62.9 

PSUs lapsed (27,819 shares transferred from treasury stock)

  —   —   (0.6)  0.6   —   —   —   —   — 

RSAs lapsed (63,262 shares transferred from treasury stock)

  —   —   (1.4)  1.4   —   —   —   —   — 

Stock-based compensation expense

  —   —   25.6   —   —   —   25.6   —   25.6 

Net share settlement from RSAs (52,977 shares withheld for tax settlement)

  —   —   (12.6)  —   —   —   (12.6)  —   (12.6)

Other stock issuances (11,878 shares transferred from treasury stock)

  —   —   1.7   0.4   —   —   2.1   —   2.1 

Balance, June 30, 2024

  544,003,038  $0.1  $2,942.8  $(9,389.2) $6,833.3  $43.3  $430.3  $5.0  $435.3 
                                     

Balance, January 1, 2023

  544,003,038  $0.1  $2,720.8  $(6,239.5) $5,999.1  $(731.2) $1,749.3  $18.4  $1,767.7 

Net income

  —   —   —   —   253.2   —   253.2   —   253.2 

Other comprehensive loss

  —   —   —   —   —   776.8   776.8   (0.1)  776.7 

Investment in noncontrolling interest

  —   —   (3.9)  —   —   0.1   (3.8)  (6.5)  (10.3)

Common stock dividend (1)

  —   —   —   —   (98.5)  —   (98.5)  —   (98.5)

Treasury stock acquired (10,902,788 shares)

  —   —   37.5   (2,538.8)  —   —   (2,501.3)  —   (2,501.3)

Excise tax associated with share repurchases

         —   (18.1)     —   (18.1)  —   (18.1)

Share repurchases via accelerated share repurchase program not yet settled

         (500.3)  500.3      —   —   —   — 

Stock options exercised (1,049,105 shares transferred from treasury stock)

  —   —   93.8   20.4   —   —   114.2   —   114.2 

PSUs lapsed (27,771 shares transferred from treasury stock)

  —   —   (0.4)  0.4   —   —   —   —   — 

RSAs lapsed (99,786 shares transferred from treasury stock)

  —   —   (1.7)  1.7   —   —   —   —   — 

Stock-based compensation expense

  —   —   33.9   —   —   —   33.9   —   33.9 

Net share settlement from RSAs (75,166 shares withheld for tax settlement)

  —   —   (13.8)  —   —   —   (13.8)  —   (13.8)

Other stock issuances (16,292 shares transferred from treasury stock)

  —   —   1.8   0.3   —   —   2.1   —   2.1 

Balance, June 30, 2023

  544,003,038  $0.1  $2,367.7  $(8,273.3) $6,153.8  $45.7  $294.0  $11.8  $305.8 

______________

(1) Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5
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VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 
  

(in millions)

 

Cash flows from operating activities:

                

Net income

 $307.8  $196.8  $527.2  $253.2 

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation and amortization of fixed assets

  59.0   46.5   116.4   91.1 

Amortization of intangible assets

  18.2   18.8   36.7   36.5 

Amortization of debt issuance costs and original issue discount, net of original issue premium

  0.9   0.5   1.3   0.6 

Provision for doubtful accounts

  3.5   2.9   6.9   5.5 

Net gain on early extinguishment of debt

  (3.6)  —   (3.6)  — 

Loss on sale of assets

  —   6.9   —   135.3 

Impairment of cost-based investments

  —   6.5   1.0   6.5 

Stock-based compensation expense

  12.4   10.0   25.6   33.9 

Net gain upon settlement of investment in non-public companies

  (98.3)  —   (98.3)  — 

Deferred income taxes

  (9.5)  2.3   (17.8)  (16.7)

Loss on disposal of fixed assets

  0.2   —   0.2   (0.1)

Acquisition related liability adjustment

  —   (22.0)  —   (22.0)

Changes in assets and liabilities, net of effects from acquisitions:

                

Accounts receivable

  4.1   58.2   (151.8)  (127.2)

Prepaid expenses and other assets

  16.4   (4.5)  25.2   (37.4)

Operating lease right-of-use assets, net

  7.1   10.0   13.7   12.9 

Income taxes

  (40.7)  (74.2)  17.3   8.0 

Accounts payable and accrued liabilities

  0.4   31.5   (99.0)  (0.9)

Deferred revenues

  (62.9)  (86.6)  197.9   174.7 

Operating lease liabilities

  (4.5)  (10.5)  (11.8)  (13.1)

Other liabilities

  1.2   (0.2)  5.3   17.4 

Net cash provided by operating activities

  211.7   192.9   592.4   558.2 

Cash flows from investing activities:

                

Acquisitions and purchase of additional controlling interest, net of cash acquired of $0.0, $7.0, $1.8, and $8.0, respectively

  —   (46.1)  (23.4)  (83.3)

Proceeds from sale of assets

  —   —   —   3,066.4 

Investments in non-public companies

  1.8   —   0.5   (0.8)

Proceeds received upon settlement of investment in non-public companies

  112.1   —   112.1   — 

Capital expenditures

  (57.8)  (58.2)  (113.0)  (119.4)

Escrow funding associated with acquisitions

  —   (3.8)  —   (3.8)

Other investing activities, net

  —   (0.2)  —   (0.3)

Net cash provided by (used in) investing activities

  56.1   (108.3)  (23.8)  2,858.8 

Cash flows from financing activities:

                

Proceeds from issuance of long-term debt, net of original issue discount

  590.2   —   590.2   495.2 

Payment of debt issuance costs

  (5.6)  (1.2)  (5.6)  (6.7)

Payment on early extinguishment of debt

  (396.4)  —   (396.4)  — 

Repayment of short-term debt

  —   —   —   (1,265.0)

Repayment of short-term debt with original maturities greater than three months

  —   —   —   (125.0)

Repurchases of common stock

  (127.5)  —   (327.5)  (2,000.0)

Share repurchases not yet settled

  (22.5)  —   (22.5)  (500.0)

Payment of contingent liability related to acquisition

  —   —   (8.5)  — 

Proceeds from stock options exercised

  35.0   56.5   63.2   114.9 

Net share settlement of taxes from restricted stock and performance share awards

  (0.5)  (1.4)  (12.6)  (13.7)

Dividends paid

  (55.5)  (49.5)  (111.3)  (98.7)

Other financing activities, net

  (3.1)  (1.2)  (5.9)  (2.8)

Net cash provided by (used in) financing activities

  14.1   3.2   (236.9)  (3,401.8)

Effect of exchange rate changes

  (2.2)  (11.0)  (2.3)  0.8 

Net increase in cash and cash equivalents

  279.7   76.8   329.4   16.0 

Cash and cash equivalents, beginning of period

  352.4   231.9   302.7   292.7 

Cash and cash equivalents, end of period

 $632.1  $308.7  $632.1  $308.7 

Supplemental disclosures:

                

Income taxes paid

 $135.3  $134.9  $141.4  $144.9