Verisk Analytics (VRSK) Q1 FY2022 earnings: revenue $644 million, down 11.4% on the year

Verisk Analytics, Inc. (VRSK) reported revenue of $644 million for Q1 FY2022, the quarter ended 31 March 2022, down 11.4% on the same quarter a year earlier. Net income was $506 million, up 199.9% on the year as this quarter's filing gives it, and diluted earnings per share $3.13. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2022.

Revenue

$644 million

-11.4% on the year · -15.2% on the quarter

Q2 FY2020Q1 FY2022

Operating margin

96.8%

34.5% a year earlier

Q2 FY2020Q1 FY2022

Net income

$506 million

+199.9% on the year · +150.7% on the quarter

Q2 FY2020Q1 FY2022

Diluted EPS

$3.13

+203.9% on the year · +152.4% on the quarter

Q2 FY2020Q1 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2022	Q3 FY2021	Q1 FY2021	On the quarter	On the year
Revenue	644	759	726	-15.2%	-11.4%
Cost of revenue	229	265	n/a	-13.8%
Gross profit	415	494	n/a	-16.0%
Gross margin	64.5%	65.0%	n/a
Selling, general and administrative	108	115	n/a	-6.3%
Operating income	623	289	250	+115.6%	+148.7%
Operating margin	96.8%	38.1%	34.5%
Interest expense	31.3	29.9	n/a	+4.7%
Pre-tax income	590	259	n/a	+127.6%
Income tax	103	54.2	n/a	+89.3%
Effective tax rate	17.4%	20.9%	n/a
Net income	506	202	169	+150.7%	+199.9%
Net margin	78.6%	26.6%	n/a
Diluted EPS	$3.13	$1.24	$1.03	+152.4%	+203.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q1 FY2022	Q3 FY2021	Q1 FY2021	On the quarter	On the year
Operating cash flow	400	285	n/a	+40.1%
Capital expenditure	60.0	61.4	n/a	-2.3%
Free cash flow	340	224	n/a	+51.7%
Free cash flow margin	52.8%	29.5%	n/a
Cash from investing	26.3	-87.7	n/a
Cash from financing	-294	-169	n/a
Depreciation and amortisation	49.6	52.1	48.5	-4.8%	+2.3%
Share-based compensation	20.5	11.2	n/a	+83.0%
Buybacks	571	150	n/a	+280.9%
Dividends paid	49.4	46.8	n/a	+5.6%
Diluted shares, weighted	162m	163m	164m	-0.7%	-1.7%
Shares outstanding at period end	159m	161m	162m	-1.6%	-2.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2022	Q3 FY2021	Q1 FY2021	On the quarter	On the year
Shareholders' equity	2,659	2,714	2,756	-2.1%	-3.5%
Non-controlling interest	17.3	19.4	n/a	-10.8%
Debt	3,639	3,110	2,700	+17.0%	+34.8%
Operating lease liabilities	239	259	n/a	-7.9%
Finance lease liabilities	n/a	2.2	n/a
Other liabilities	1,605	1,558	n/a	+3.1%
Total liabilities and equity	8,159	7,662	n/a	+6.5%
Fixed assets	636	675	n/a	-5.7%
Goodwill	3,958	4,130	n/a	-4.2%
Intangible assets	1,280	1,265	n/a	+1.2%
Cash and equivalents	398	302	391	+31.7%	+1.8%
Receivables	528	468	n/a	+12.9%
Other assets	1,359	823	n/a	+65.2%
Total assets	8,159	7,662	n/a	+6.5%

Questions

What was Verisk Analytics' revenue in Q1 FY2022?

Verisk Analytics (VRSK) reported revenue of $644 million for Q1 FY2022, the quarter ended 31 March 2022, down 11.4% on the same quarter a year earlier.

How much did Verisk Analytics earn in Q1 FY2022?

Net income for Q1 FY2022 was $506 million, up 199.9% on the year, and diluted earnings per share $3.13.

When did Verisk Analytics report Q1 FY2022 results?

Verisk Analytics filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 3 May 2022.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	759	644	613	610	630	652	675	678	677	704	717	725	736	753	773	768	779	783	806	809
Cost of revenue	265	229	196	195	205	216	217	217	226	228	219	223	230	231	230	230	236	237	233	242
Gross profit	494	415	417	415	425	435	458	460	451	476	497	502	505	522	543	539	543	546	573	567
Gross margin	65%	64%	68%	68%	67%	67%	68%	68%	67%	68%	69%	69%	69%	69%	70%	70%	70%	70%	71%	70%
SG&A	115	108	96.3	96.5	80.8	79.0	86.8	112	114	92.9	102	114	100	109	106	111	132	110	129	118
Operating income	289	623	248	254	282	294	306	281	250	307	319	312	316	330	354	346	314	352	364	365
Operating margin	38%	97%	40%	42%	45%	45%	45%	41%	37%	44%	44%	43%	43%	44%	46%	45%	40%	45%	45%	45%
Interest expense	29.9	31.3	31.9	34.4	41.2	26.4	31.6	29.4	28.1	28.9	29.1	32.1	34.5	36.3	35.5	42.2	56.9	43.2	52.8	53.0
Pre-tax income	259	590	215	219	239	267	268	250	243	275	393	285	275	296	328	302	245	308	303	295
Tax rate	21%	17%	19%	24%	10%	27%	24%	25%	25%	20%	22%	23%	26%	22%	23%	25%	19%	24%	25%	26%
Net income	202	506	198	189	61.1	56.3	197	187	174	220	308	220	210	232	253	226	197	234	229	219
Net margin	27%	79%	32%	31%	10%	9%	29%	28%	26%	31%	43%	30%	29%	31%	33%	29%	25%	30%	28%	27%
Diluted EPS	$1.24	$3.13	$1.24	$1.20	$0.39	$0.37	$1.35	$1.29	$1.20	$1.52	$2.15	$1.54	$1.49	$1.65	$1.81	$1.61	$1.42	$1.73	$1.75	$1.70
Operating cash flow	285	400	130	280	249	365	193	250	252	372	212	296	264	445	244	404	343	390	366	267
Capital expenditure	61.4	60.0	69.2	65.8	79.7	61.2	58.2	54.3	56.3	55.2	57.8	55.5	55.4	53.7	55.8	67.4	67.2	64.0	68.1	67.2
Free cash flow	224	340	61.0	214	169	304	135	196	196	317	154	241	208	391	189	336	276	326	298	200
Buybacks	150	571	325	300	466	2,000	0.0	49.8	712	170	128	340	368	170	100	100	254	1,402	170	100
Dividends paid	46.8	49.4	98.6	48.6	48.0	49.2	49.5	49.2	48.9	55.8	55.5	55.3	54.7	63.0	63.0	62.6	62.5	65.5	65.4	64.1
Shares outstanding	161m	159m	158m	157m	155m	145m	145m	145m	143m	143m	142m	141m	140m	140m	140m	139m	138m	131m	130m	128m
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 3 May 2022: the filing.