Verisk Analytics, Inc. Q1 FY2024 results: revenue $704 million, up 8.0% on the year

Verisk Analytics, Inc. (VRSK) reported revenue of $704 million for Q1 FY2024, the quarter ended 31 March 2024, up 8.0% on the same quarter a year earlier. Net income was $220 million, up 290.1% on the year, and diluted earnings per share $1.52. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$704 millionup 8.0%

Net income$220 millionup 290.1%

Diluted EPS$1.52

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	704	677	n/a	n/a
Cost of revenue	228	226	n/a	n/a
Gross profit	476	451	n/a	n/a
Gross margin	67.6%	66.6%	n/a
Selling, general and administrative	92.9	114	n/a	n/a
Operating income	307	250	n/a	n/a
Operating margin	43.7%	37.0%	n/a
Interest expense	28.9	28.1	n/a	n/a
Pre-tax income	275	243	n/a	n/a
Income tax	55.8	60.4	n/a	n/a
Effective tax rate	20.3%	24.9%	n/a
Net income	220	174	n/a	n/a
Net margin	31.2%	25.7%	n/a
Diluted EPS	$1.52	$1.16	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	372	252	n/a	n/a
Capital expenditure	55.2	56.3	n/a	n/a
Free cash flow	317	196	n/a	n/a
Free cash flow margin	45.0%	29.0%	n/a
Depreciation and amortisation	57.4	67.6	n/a	n/a
Share-based compensation	13.2	7.7	n/a	n/a
Buybacks	170	712	n/a	n/a
Dividends paid	55.8	48.9	n/a	n/a
Dividend per share	$0.39	n/a	n/a	n/a
Diluted shares, weighted	144m	147m	n/a	n/a
Shares outstanding at period end	143m	143m	n/a	n/a

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

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	4,499	4,366	n/a	n/a
Cash and equivalents	352	303	n/a	n/a
Receivables	487	334	n/a	n/a
Goodwill	1,761	1,761	n/a	n/a
Long-term debt	n/a	2,884	n/a	n/a
Long-term debt including finance leases	2,860	2,852	n/a	n/a
Operating lease liabilities	197	196	n/a	n/a
Finance lease liabilities	n/a	20.0	n/a	n/a
Shareholders' equity	282	310	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	675	678	677	704	717	725	736	753	773	768	779	783
Cost of revenue	217	217	226	228	219	223	230	231	230	230	236	237
Gross profit	458	460	451	476	497	502	505	522	543	539	543	546
Gross margin	68%	68%	67%	68%	69%	69%	69%	69%	70%	70%	70%	70%
SG&A	86.8	112	114	92.9	102	114	100	109	106	111	132	110
Operating income	306	281	250	307	319	312	316	330	354	346	314	352
Operating margin	45%	41%	37%	44%	44%	43%	43%	44%	46%	45%	40%	45%
Interest expense	31.6	29.4	28.1	28.9	29.1	32.1	34.5	36.3	35.5	42.2	56.9	43.2
Pre-tax income	268	250	243	275	393	285	275	296	328	302	245	308
Tax rate	24%	25%	25%	20%	22%	23%	26%	22%	23%	25%	19%	24%
Net income	197	187	174	220	308	220	210	232	253	226	197	234
Net margin	29%	28%	26%	31%	43%	30%	29%	31%	33%	29%	25%	30%
Diluted EPS	$1.35	$1.29	$1.16	$1.52	$2.15	$1.54	$1.50	$1.65	$1.81	$1.61	$1.41	$1.73
Operating cash flow	193	250	252	372	212	296	264	445	244	404	343	390
Capital expenditure	58.2	54.3	56.3	55.2	57.8	55.5	55.4	53.7	55.8	67.4	67.2	64.0
Free cash flow	135	196	196	317	154	241	208	391	189	336	276	326
Buybacks	0.0	49.8	712	170	128	340	368	170	100	100	254	1,402
Dividends paid	49.5	49.2	48.9	55.8	55.5	55.3	54.7	63.0	63.0	62.6	62.5	65.5
Shares outstanding	145m	145m	143m	143m	142m	141m	140m	140m	140m	139m	138m	131m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* 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. 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.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0001437749-24-014064: the filing on EDGAR. All of Verisk Analytics, Inc.'s filings: EDGAR company page.

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