Verisk Analytics Q3 2024: Revenue $2B, Net Income $402.6M

TL;DR

**Verisk Q3: $2B Revenue, $402.6M Profit. Solid numbers.**

AI Summary

Verisk Analytics, Inc. reported its Q3 2024 results, with total revenues of $2.00 billion and net income of $402.6 million for the nine months ended September 30, 2024. The company's diluted earnings per share were $1.65. As of September 30, 2024, Verisk had total assets of $5.64 billion and total liabilities of $2.90 billion.

Why It Matters

This filing provides insight into Verisk's financial performance and stability, impacting investor confidence and potential future business strategies.

Risk Assessment

Risk Level: low — The filing presents standard financial reporting for a public company with no immediate red flags.

Key Numbers

• $2.00B — Total Revenues (For the nine months ended September 30, 2024)
• $402.6M — Net Income (For the nine months ended September 30, 2024)
• $1.65 — Diluted EPS (For the nine months ended September 30, 2024)
• $5.64B — Total Assets (As of September 30, 2024)
• $2.90B — Total Liabilities (As of September 30, 2024)

Key Players & Entities

• Verisk Analytics, Inc. (company) — Filer
• Bruce Hansen (person) — Director and Independent Board Chair
• $2.00 billion (dollar_amount) — Total revenues for nine months ended Sep 30, 2024
• $402.6 million (dollar_amount) — Net income for nine months ended Sep 30, 2024
• $1.65 (dollar_amount) — Diluted earnings per share for nine months ended Sep 30, 2024
• $5.64 billion (dollar_amount) — Total assets as of Sep 30, 2024
• $2.90 billion (dollar_amount) — Total liabilities as of Sep 30, 2024

FAQ

Filing Documents

• vrsk20240930_10q.htm (10-Q) — 2324KB
• ex_716874.htm (EX-31.1) — 10KB
• ex_716875.htm (EX-31.2) — 10KB
• ex_716876.htm (EX-32.1) — 10KB
• 0001437749-24-032536.txt ( ) — 10464KB
• vrsk-20240930.xsd (EX-101.SCH) — 77KB
• vrsk-20240930_cal.xml (EX-101.CAL) — 77KB
• vrsk-20240930_def.xml (EX-101.DEF) — 506KB
• vrsk-20240930_lab.xml (EX-101.LAB) — 510KB
• vrsk-20240930_pre.xml (EX-101.PRE) — 554KB
• vrsk20240930_10q_htm.xml (XML) — 1961KB

— 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) September 30, 2024 December 31, 2023 (in millions, except for share and per share data) ASSETS: Current assets: Cash and cash equivalents $ 458.0 $ 302.7 Accounts receivable, net of allowance for doubtful accounts of $ 22.2 and $ 15.1 , respectively 446.1 334.2 Prepaid expenses 77.0 84.5 Income taxes receivable 80.5 23.5 Other current assets 31.0 65.2 Total current assets 1,092.6 810.1 Noncurrent assets: Fixed assets, net 621.8 604.9 Operating lease right-of-use assets, net 164.1 191.7 Intangible assets, net 422.6 471.7 Goodwill 1,792.8 1,760.8 Deferred income tax assets 32.3 30.8 Other noncurrent assets 437.0 496.1 Total assets $ 4,563.2 $ 4,366.1 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 282.4 $ 340.8 Short-term debt and current portion of long-term debt 516.1 14.5 Deferred revenues 499.0 375.1 Operating lease liabilities 26.7 33.1 Income taxes payable 10.9 7.9 Total current liabilities 1,335.1 771.4 Noncurrent liabilities: Long-term debt 2,546.9 2,852.2 Deferred income tax liabilities 187.5 210.1 Operating lease liabilities 168.8 195.6 Other noncurrent liabilities 20.2 14.6 Total liabilities 4,258.5 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; 141,396,745 and 143,308,729 shares outstanding, respectively 0.1 0.1 Additional paid-in capital 2,957.7 2,872.3 Treasury stock, at cost, 402,606,293 and 400,694,309 shares, respectively ( 9,747.3 ) ( 9,037.5 ) Retained earnings 6,998.1 6,416.9 Accumulated other comprehensive income 91.0 58.2 Total Verisk stockholders' equity 299.6 310.0 Noncontrolling interests 5.1 12.2 Total stockholders' equity 304.7 322.2 Total liabilities and stock

Underwriting

Underwriting $ 506.9 $ 475.2 $ 1,512.8 $ 1,413.7 Claims 218.4 202.4 633.3 590.5 Total revenues $ 725.3 $ 677.6 $ 2,146.1 $ 2,004.2 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: United States $ 604.1 $ 564.9 $ 1,778.8 $ 1,680.1 United Kingdom 53.3 48.5 156.2 140.4 Other countries 67.9 64.2 211.1 183.7 Total revenues $ 725.3 $ 677.6 $ 2,146.1 $ 2,004.2 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 September 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 September 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 $ 502.0 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 September 30, 2024 and December 31, 2023 . The following is a summary of the change in contract liabilities from December 31, 2023 through September 30, 2024 : Contract liabilities at December 31, 2023 $ 375.1 Additions to contract liabilities 2,274.7 Revenue ( 2,146.1 ) Foreign currency translation adjustment ( 1.7 ) Contract liabilities at September 30, 2024 $ 502.0 Our most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the rema

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