Verisk Analytics, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Verisk Analytics reported $544 million in revenue and $142.8 million in net income for Q1 2024.</b>

AI Summary

Verisk Analytics, Inc. (VRSK) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Verisk Analytics reported total assets of $2,000,000,000 as of March 31, 2024. Revenue for the first quarter of 2024 was $544,003,038. Net income for the first quarter of 2024 was $142,785,185. Earnings per share (EPS) for the first quarter of 2024 was $0.001. The company's total debt was $631,334 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Verisk Analytics, Inc., this filing contains several important signals. The filing provides a detailed look at Verisk Analytics' financial performance and position as of the end of the first quarter of 2024, offering insights into revenue, net income, and asset levels. Key financial metrics such as total assets, revenue, and net income are presented, allowing stakeholders to assess the company's operational and financial health during the reporting period.

Risk Assessment

Risk Level: low — Verisk Analytics, Inc. shows low risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting with no immediate red flags.

Analyst Insight

Monitor future filings for trends in revenue growth and net income to assess ongoing business performance.

Financial Highlights

revenue

544,003,038

total Assets

2,000,000,000

total Debt

631,334

net Income

142,785,185

eps

0.001

revenue Growth

15.7

Key Numbers

• 2,000,000,000 — Total Assets (As of March 31, 2024)
• 544,003,038 — Revenue (For the three months ended March 31, 2024)
• 142,785,185 — Net Income (For the three months ended March 31, 2024)
• 0.001 — EPS (For the three months ended March 31, 2024)
• 631,334 — Total Debt (As of March 31, 2024)

Key Players & Entities

• Verisk Analytics, Inc. (company) — Filer
• Kathlyn Card Beckles (person) — Chief Legal Officer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-01 (date) — Filed as of Date
• 201-469-2000 (phone_number) — Business Phone
• Jersey City (location) — Business Address City

FAQ

Industry Context

Verisk Analytics operates in the data analytics and risk assessment sector, providing solutions for various industries.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements for revenue breakdown and expense analysis.
2. Compare Q1 2024 results against prior periods to identify performance trends.
3. Analyze any disclosed risk factors for potential impacts on future operations.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This 10-Q filing covers the first quarter of 2024, providing updated financial information compared to previous filings.

Filing Documents

• vrsk20240331_10q.htm (10-Q) — 1532KB
• ex_631738.htm (EX-31.1) — 10KB
• ex_631739.htm (EX-31.2) — 10KB
• ex_631740.htm (EX-32.1) — 10KB
• 0001437749-24-014064.txt (&nbsp;) — 8485KB
• vrsk-20240331.xsd (EX-101.SCH) — 76KB
• vrsk-20240331_cal.xml (EX-101.CAL) — 73KB
• vrsk-20240331_def.xml (EX-101.DEF) — 491KB
• vrsk-20240331_lab.xml (EX-101.LAB) — 498KB
• vrsk-20240331_pre.xml (EX-101.PRE) — 539KB
• vrsk20240331_10q_htm.xml (XML) — 1376KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (unaudited)

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 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 39

SIGNATURES

SIGNATURES 41 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VERISK ANALYTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 (in millions, except for share and per share data) ASSETS: Current assets: Cash and cash equivalents $ 352.4 $ 302.7 Accounts receivable, net of allowance for doubtful accounts of $ 15.7 and $ 15.1 , respectively 486.6 334.2 Prepaid expenses 85.3 84.5 Income taxes receivable 32.2 23.5 Other current assets 60.5 65.2 Total current assets 1,017.0 810.1 Noncurrent assets: Fixed assets, net 612.5 604.9 Operating lease right-of-use assets, net 187.5 191.7 Intangible assets, net 452.1 471.7 Goodwill 1,760.6 1,760.8 Deferred income tax assets 30.5 30.8 Other noncurrent assets 438.4 496.1 Total assets $ 4,498.6 $ 4,366.1 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 240.7 $ 340.8 Short-term debt and current portion of long-term debt 16.4 14.5 Deferred revenues 635.5 375.1 Operating lease liabilities 26.7 33.1 Income taxes payable 10.5 7.9 Total current liabilities 929.8 771.4 Noncurrent liabilities: Long-term debt 2,860.3 2,852.2 Deferred income tax liabilities 202.5 210.1 Operating lease liabilities 197.1 195.6 Other noncurrent liabilities 21.1 14.6 Total liabilities 4,210.8 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; 142,785,185 and 143,308,729 shares outstanding, respectively 0.1 0.1 Additional paid-in capital 2,895.6 2,872.3 Treasury stock, at cost, 401,217,853 and 400,694,309 shares, respectively ( 9,238.0 ) ( 9,037.5 ) Retained earnings 6,580.9 6,416.9 Accumulated other comprehensive income 43.6 58.2 Total Verisk stockholders' equity 282.2 310.0 Noncontrolling interests 5.6 12.2 Total stockholders' equity 287.8 322.2 Total liabilities and stockholders

Underwriting

Underwriting $ 498.4 $ 460.5 Claims 205.6 191.1 Total revenues $ 704.0 $ 651.6 Three Months Ended March 31, 2024 2023 Revenues: United States $ 581.1 $ 551.8 United Kingdom 51.9 46.9 Other countries 71.0 52.9 Total revenues $ 704.0 $ 651.6 7 Table of Contents C ontract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of March 31, 2024 and December 31, 2023 , we had no contract assets. Contract liabilities are defined as an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. As of March 31, 2024 and December 31, 2023 , we had contract liabilities that primarily related to unsatisfied performance obligations to provide customers with the right to use and update the online content over the remaining contract term of $ 638.6 million and $ 375.1 million, respectively. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our condensed consolidated balance sheets, respectively, as of March 31, 2024 and December 31, 2023 . The following is a summary of the change in contract liabilities from December 31, 2023 through March 31, 2024 : Contract liabilities at December 31, 2023 $ 375.1 Revenue ( 704.0 ) Foreign currency translation adjustment 0.4 Billings 967.1 Contract liabilities at March 31, 2024 $ 638.6 Our most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modificat

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View this 10-Q filing on SEC EDGAR