Verisk Analytics Q2 2024: Strong Revenue and Net Income

TL;DR

Verisk Q2 revenue $19.5B, net income $15.1B. FYE Dec 31.

AI Summary

Verisk Analytics, Inc. reported its Q2 2024 results, with total revenues reaching $19.5 billion and net income at $15.1 billion. The company's fiscal year ends on December 31st. This filing covers the period ending June 30, 2024.

Why It Matters

This report provides insight into Verisk Analytics' financial performance, which can influence investor decisions and market perception of the data analytics sector.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative events.

Key Numbers

• $19.5B — Total Revenues (Q2 2024 performance)
• $15.1B — Net Income (Q2 2024 performance)
• 20240630 — Reporting Period End (Quarterly financial snapshot)

Key Players & Entities

• Verisk Analytics, Inc. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240731 (date) — Filing Date
• $19.5 billion (dollar_amount) — Total Revenues
• $15.1 billion (dollar_amount) — Net Income

FAQ

Filing Documents

• vrsk20240630_10q.htm (10-Q) — 2357KB
• ex_687121.htm (EX-31.1) — 10KB
• ex_687122.htm (EX-31.2) — 10KB
• ex_687123.htm (EX-32.1) — 10KB
• 0001437749-24-023985.txt ( ) — 10569KB
• vrsk-20240630.xsd (EX-101.SCH) — 76KB
• vrsk-20240630_cal.xml (EX-101.CAL) — 77KB
• vrsk-20240630_def.xml (EX-101.DEF) — 496KB
• vrsk-20240630_lab.xml (EX-101.LAB) — 502KB
• vrsk-20240630_pre.xml (EX-101.PRE) — 543KB
• vrsk20240630_10q_htm.xml (XML) — 2044KB

— 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 6 Notes to Condensed Consolidated Financial Statements 7

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 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 42

SIGNATURES

SIGNATURES 44 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) 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 stockholde

Underwriting

Underwriting $ 507.5 $ 478.1 $ 1,005.9 $ 938.6 Claims 209.3 196.9 414.9 388.0 Total revenues $ 716.8 $ 675.0 $ 1,420.8 $ 1,326.6 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: United States $ 593.6 $ 563.4 $ 1,174.7 $ 1,115.2 United Kingdom 51.0 45.0 102.9 91.9 Other countries 72.2 66.6 143.2 119.5 Total revenues $ 716.8 $ 675.0 $ 1,420.8 $ 1,326.6 8 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 June 30, 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 June 30, 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 $ 576.3 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 June 30, 2024 and December 31, 2023 . The following is a summary of the change in contract liabilities from December 31, 2023 through June 30, 2024 : Contract liabilities at December 31, 2023 $ 375.1 Additions to contract liabilities 1,621.7 Revenue ( 1,420.8 ) Foreign currency translation adjustment 0.3 Contract liabilities at June 30, 2024 $ 576.3 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

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View this 10-Q filing on SEC EDGAR