Verisk Analytics (VRSK) FY2022 results: revenue $2.5 billion, up 1.4% on the year

Verisk Analytics, Inc. (VRSK) reported revenue of $2.5 billion for fiscal 2022, the year ended 31 December 2022, up 1.4% on the year before. Net income was $954 million, up 43.2%, and diluted earnings per share $6.00. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$2.5 billion

+1.4% on the year

FY2016FY2022

Operating margin

56.3%

37.0% a year earlier

FY2016FY2022

Net income

$954 million

+43.2% on the year

FY2016FY2022

Diluted EPS

$6.00

+47.1% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,497	2,462	2,269	+1.4%
Cost of revenue	825	854	792	-3.4%
Gross profit	1,672	1,609	1,478	+4.0%
Gross margin	67.0%	65.3%	65.1%
Research and development	43.1	47.1	44.6	-8.5%
Selling, general and administrative	382	313	308	+21.8%
Operating income	1,406	911	956	+54.3%
Operating margin	56.3%	37.0%	42.1%
Interest expense	139	127	138	+9.3%
Pre-tax income	1,262	786	818	+60.5%
Income tax	220	179	165	+22.8%
Effective tax rate	17.5%	22.8%	20.1%
Net income	954	666	713	+43.2%
Net margin	38.2%	27.1%	31.4%
Diluted EPS	$6.00	$4.08	$4.31	+47.1%

$ 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.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,059	1,156	1,068	-8.4%
Capital expenditure	275	268	247	+2.3%
Free cash flow	784	887	821	-11.6%
Free cash flow margin	31.4%	36.0%	36.2%
Cash from investing	301	-592	-596
Cash from financing	-1,330	-499	-445
Depreciation and amortisation	197	207	192	-4.7%
Share-based compensation	56.5	55.7	47.6	+1.4%
Buybacks	1,662	475	349	+250.0%
Dividends paid	195	188	176	+3.7%
Diluted shares, weighted	159m	163m	165m	-2.7%
Shares outstanding at period end	155m	162m	163m	-4.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,749	2,816	2,698	-37.9%
Non-controlling interest	18.4	26.0	0.0	-29.2%
Debt	3,744	3,324	3,225	+12.7%
Operating lease liabilities	190	231	272	-17.9%
Finance lease liabilities	n/a	n/a	10.3
Other liabilities	1,259	1,411	1,357	-10.7%
Total liabilities and equity	6,961	7,808	7,562	-10.8%
Fixed assets	542	531	632	+1.9%
Goodwill	1,676	2,048	1,821	-18.1%
Intangible assets	505	482	1,385	+4.7%
Cash and equivalents	112	112	219	+0.5%
Receivables	290	300	432	-3.3%
Other assets	3,836	4,335	3,072	-11.5%
Total assets	6,961	7,808	7,562	-10.8%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.