Verisk Reports First-Quarter 2024 Financial Results

JERSEY CITY, N.J., May 01, 2024 (GLOBE NEWSWIRE) — Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced results for the first quarter ended March 31, 2024.

Lee Shavel, president and CEO, Verisk: “I am very pleased to share that 2024 is off to a solid start at Verisk. We are executing our growth strategy with our powerful economic model that creates value through investment in data, new technologies, and strategic engagement with our clients across the entire insurance ecosystem.”

Elizabeth Mann, CFO, Verisk: “During the first quarter, Verisk delivered solid revenue and adjusted EBITDA growth resulting in healthy margin expansion and strong double digit EPS growth. We continue to invest our capital behind our highest return on invested capital opportunities while returning excess cash to shareholders. We remain confident in our ability to deliver on our growth strategy and our margin expansion commitments.”

Summary of Results (GAAP and Non-GAAP) from Continuing Operations
(in millions, except per share amounts)
Note: Adjusted EBITDA, diluted adjusted EPS, and free cash flow are non-GAAP measures.

Three Months Ended  
March 31,  
2024 2023 Change
Revenues $ 704 $ 652 8.0 %
Income from continuing operations 219 194 12.9
Adjusted EBITDA 380 340 11.8
Diluted EPS attributable to Verisk $ 1.52 $ 1.27 19.7
Diluted adjusted EPS $ 1.63 $ 1.29 26.4
Net cash provided by operating activities 372 365 1.9
Free cash flow 317 304 4.2

Revenues from Continuing Operations

Consolidated and OCC revenues increased 8.0% and 6.9%, respectively, due to strong growth in underwriting and modest growth in claims within our Insurance segment.

Revenues and Revenue Growth by Segment
(in millions)
Note: OCC revenue growth is a non-GAAP measure.

    Revenue Growth
Three Months Ended Three Months Ended
March 31, March 31, 2024
2024 2023 Reported OCC
Underwriting $ 498 $ 461 8.2 % 7.8 %
Claims 206 191 7.6 4.7
Insurance $ 704 $ 652 8.0 6.9

Insurance segment revenues grew 8.0% in the first quarter and 6.9% on an OCC basis.

• Underwriting revenues increased 8.2% in the quarter and 7.8% on an OCC basis, primarily due to our forms, rules and loss cost services, underwriting data solutions, and extreme event solutions. In addition, life insurance and specialty business solutions contributed to the growth and were partially offset by continued weakness within our marketing solutions.

• Claims revenues grew 7.6% in the quarter and 4.7% on an OCC basis, primarily due to solid growth in anti-fraud solutions and international solutions. Property estimating solutions also contributed to growth.

Income and Adjusted EBITDA from Continuing Operations

During first-quarter 2024, income from continuing operations was $219 million, an increase of 12.9%. The increase in income from continuing operations was primarily due to growth in operating income for insurance and a reduction in our effective tax rate in the current year. Adjusted EBITDA increased 11.8%, and 10.6% on an OCC basis, primarily due to strong revenue growth and cost discipline.

EBITDA and Adjusted EBITDA by Segment
(in millions)
Note: Consolidated EBITDA and Adjusted EBITDA are non-GAAP measures. Margin is calculated as a percentage of revenues. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure. All OCC figures exclude results from the disposition of the Energy business.

Three Months Ended March 31,
EBITDA EBITDA Growth EBITDA Margin Adjusted EBITDA Adjusted EBITDA Growth Adjusted EBITDA Margin
    2024         2024 2024    
2024 2023 Reported 2024 2023 2024 2023 Reported OCC 2024 2023
Insurance $ 380 $ 355 6.9 % 54.0 % 54.5 % $ 380 $ 340 11.8 % 10.6 % 54.0 % 52.2 %

Earnings Per Share and Diluted Adjusted Earnings Per Share

Diluted EPS attributable to Verisk increased 19.7% to $1.52 for the first quarter of 2024. Diluted adjusted EPS increased 26.4% to $1.63 for the first quarter of 2024, which reflects strong revenue and profit growth, a lower effective tax rate and a lower average share count due to our accelerated share repurchase program.

Cash Flow and Free Cash Flow

Net cash provided by operating activities was $372 million for the first quarter of 2024, up 1.9%, and free cash flow was $317 million, up 4.2%.


On March 29, 2024, we paid a cash dividend of 39 cents per share of common stock issued and outstanding to the holders of record as of March 15, 2024.

On April 24, 2024, our Board of Directors approved a cash dividend of 39 cents per share of common stock issued and outstanding. The dividend is payable on June 28, 2024, to holders of record as of June 15, 2024.

Share Repurchases

During the first quarter of 2024, we initiated a $200 million Accelerated Share Repurchase program, which was completed in April 2024, resulting in a repurchase of 862,332 shares, at an average price of $231.93. As of March 31, 2024, we had $1,442 million remaining under our share repurchase authorization.

2024 Financial Guidance

The company reiterates its financial outlook for fiscal 2024 as follows:

Fiscal 2024 Guidance
($ in millions, except per share amounts)
Low High
Revenue $ 2,840 $ 2,900
Adjusted EBITDA 1,540 1,600
Adjusted EBITDA margin 54.0 % 55.0 %
Diluted adjusted EPS $ 6.30 $ 6.60
Fixed asset depreciation & amortization 210 240
Intangible amortization 75 75
Effective tax rate 23.0 % 25.0 %
Capital expenditures 240 260

About Verisk

Verisk is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

Verisk is traded on the Nasdaq exchange and is a part of the S&P 500 Index and the Nasdaq-100 Index.

For more information, please visit