Delaware | 001-34480 | 26-2994223 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
545 Washington Boulevard, Jersey City, NJ |
07310 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |||
99.1 | Press Release, dated November 1, 2011. |
VERISK ANALYTICS, INC. |
||||
Date: November 1, 2011 | By: | /s/ Kenneth E. Thompson | ||
Name: | Kenneth E. Thompson | |||
Title: | Executive Vice President, General Counsel and Corporate Secretary | |||
Media
|
Investor Relations | |
Rich Tauberman
|
Eva Huston | |
MWW Group (for Verisk Analytics)
|
Treasurer and Head of Investor Relations | |
202-585-2282
|
Verisk Analytics, Inc. | |
rtauberman@mww.com
|
201-469-2142 | |
eva.huston@verisk.com |
| Diluted GAAP earnings per share (diluted GAAP EPS) were $0.41 for third-quarter 2011. Diluted adjusted earnings per share (diluted adjusted EPS) were $0.45 for third-quarter 2011, an increase of 25.0% versus the same period in 2010. |
| Total revenue increased 18.4% for third-quarter 2011. Revenue growth in the third quarter was driven by a 32.5% increase in Decision Analytics revenue, with additional contribution from the 2.7% growth in Risk Assessment revenue. Excluding the impact of recent acquisitions, total revenue grew 7.6% for third-quarter 2011. |
| EBITDA increased 16.2% to $151.0 million for third-quarter 2011, with an EBITDA margin of 44.4%. |
| Net income was $71.0 million for third-quarter 2011 and adjusted net income was $76.3 million, an increase of 12.9% and 14.7%, respectively, versus the comparable period in 2010. |
| In third-quarter 2011, the company repurchased a total of $123.1 million of its common stock under its existing repurchase program. As of September 30, 2011, the company had $47.4 million remaining under its share repurchase authorization. |
| On October 25, the company amended its existing revolving credit facility to increase the total amount by $100.0 million to $700.0 million, while reducing borrowing costs. The facility is available for general corporate purposes, including the companys acquisition program. |
Three Months Ended | Year-to-Date | |||||||||||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||||||||||
2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||
Revenues |
$ | 340,098 | $ | 287,354 | 18.4 | % | $ | 980,247 | $ | 845,185 | 16.0 | % | ||||||||||||
EBITDA |
$ | 151,004 | $ | 129,911 | 16.2 | % | $ | 433,611 | $ | 377,597 | 14.8 | % | ||||||||||||
Net income |
$ | 70,987 | $ | 62,880 | 12.9 | % | $ | 202,440 | $ | 176,659 | 14.6 | % | ||||||||||||
Adjusted net income |
$ | 76,265 | $ | 66,513 | 14.7 | % | $ | 218,117 | $ | 191,105 | 14.1 | % | ||||||||||||
Diluted GAAP EPS |
$ | 0.41 | $ | 0.34 | 20.6 | % | $ | 1.16 | $ | 0.94 | 23.4 | % | ||||||||||||
Diluted adjusted EPS |
$ | 0.45 | $ | 0.36 | 25.0 | % | $ | 1.25 | $ | 1.01 | 23.8 | % |
Three Months Ended | Year-to-Date | |||||||||||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||||||||||
2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Decision Analytics revenues by category: |
||||||||||||||||||||||||
Fraud identification and detection
solutions |
$ | 94,663 | $ | 81,584 | 16.0 | % | $ | 274,317 | $ | 239,574 | 14.5 | % | ||||||||||||
Loss prediction solutions |
64,680 | 38,079 | 69.9 | % | 173,026 | 114,786 | 50.7 | % | ||||||||||||||||
Loss quantification solutions |
40,778 | 31,422 | 29.8 | % | 111,854 | 85,689 | 30.5 | % | ||||||||||||||||
Total Decision Analytics |
$ | 200,121 | $ | 151,085 | 32.5 | % | $ | 559,197 | $ | 440,049 | 27.1 | % | ||||||||||||
2
Three Months Ended | Year-to-Date | |||||||||||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||||||||||
2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Risk Assessment revenues by category: |
||||||||||||||||||||||||
Industry-standard insurance programs |
$ | 92,894 | $ | 88,644 | 4.8 | % | $ | 278,140 | $ | 264,115 | 5.3 | % | ||||||||||||
Property-specific rating and
underwriting information |
33,107 | 34,507 | (4.1 | %) | 102,621 | 102,733 | (0.1 | %) | ||||||||||||||||
Statistical agency and data services |
7,888 | 7,510 | 5.0 | % | 23,263 | 21,879 | 6.3 | % | ||||||||||||||||
Actuarial services |
6,088 | 5,608 | 8.6 | % | 17,026 | 16,409 | 3.8 | % | ||||||||||||||||
Total Risk Assessment |
$ | 139,977 | $ | 136,269 | 2.7 | % | $ | 421,050 | $ | 405,136 | 3.9 | % | ||||||||||||
3
Three Months Ended | Year-to-Date | |||||||||||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||||||||||
2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Segment EBITDA: |
||||||||||||||||||||||||
Risk Assessment |
$ | 70,703 | $ | 66,402 | 6.5 | % | $ | 212,994 | $ | 198,096 | 7.5 | % | ||||||||||||
EBITDA margin |
50.5 | % | 48.7 | % | 50.6 | % | 48.9 | % | ||||||||||||||||
Decision Analytics |
$ | 80,301 | $ | 63,509 | 26.4 | % | $ | 220,617 | $ | 179,501 | 22.9 | % | ||||||||||||
EBITDA margin |
40.1 | % | 42.0 | % | 39.5 | % | 40.8 | % | ||||||||||||||||
Total EBITDA |
$ | 151,004 | $ | 129,911 | 16.2 | % | $ | 433,611 | $ | 377,597 | 14.8 | % | ||||||||||||
EBITDA margin |
44.4 | % | 45.2 | % | 44.2 | % | 44.7 | % |
Three Months Ended | Year-to-Date | |||||||||||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||||||||||
2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||
Net income |
$ | 70,987 | $ | 62,880 | 12.9 | % | $ | 202,440 | $ | 176,659 | 14.6 | % | ||||||||||||
plus: Amortization of intangibles |
8,797 | 6,158 | 26,129 | 20,482 | ||||||||||||||||||||
plus: Medicare subsidy |
| | | 2,362 | ||||||||||||||||||||
less: Income tax effect on
amortization of intangibles |
(3,519 | ) | (2,525 | ) | (10,452 | ) | (8,398 | ) | ||||||||||||||||
Adjusted net income |
$ | 76,265 | $ | 66,513 | 14.7 | % | $ | 218,117 | $ | 191,105 | 14.1 | % | ||||||||||||
Basic adjusted EPS |
$ | 0.46 | $ | 0.37 | 24.3 | % | $ | 1.31 | $ | 1.06 | 23.6 | % | ||||||||||||
Diluted adjusted EPS |
$ | 0.45 | $ | 0.36 | 25.0 | % | $ | 1.25 | $ | 1.01 | 23.8 | % | ||||||||||||
Weighted average shares outstanding |
||||||||||||||||||||||||
Basic |
164,195,325 | 178,687,236 | 166,728,786 | 179,744,297 | ||||||||||||||||||||
Diluted |
171,169,658 | 187,188,667 | 174,255,965 | 188,728,438 | ||||||||||||||||||||
4
5
Three Months Ended | Year-to-Date | |||||||||||||||||||||||
September 30, | Change | September 30, | Change | |||||||||||||||||||||
2011 | 2010 | % | 2011 | 2010 | % | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Net income |
$ | 70,987 | $ | 62,880 | 12.9 | % | $ | 202,440 | $ | 176,659 | 14.6 | % | ||||||||||||
Depreciation and amortization of fixed and intangible
assets |
19,595 | 16,193 | 21.0 | % | 59,087 | 50,390 | 17.3 | % | ||||||||||||||||
Investment income and realized gains on securities, net |
(13 | ) | (68 | ) | (80.9 | %) | (500 | ) | (253 | ) | 97.6 | % | ||||||||||||
Interest expense |
14,593 | 8,484 | 72.0 | % | 39,093 | 25,395 | 53.9 | % | ||||||||||||||||
Provision for income taxes |
45,842 | 42,422 | 8.1 | % | 133,491 | 125,406 | 6.4 | % | ||||||||||||||||
EBITDA |
$ | 151,004 | $ | 129,911 | 16.2 | % | $ | 433,611 | $ | 377,597 | 14.8 | % | ||||||||||||
6
| EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments. |
| EBITDA does not reflect changes in, or cash requirement for, our working capital needs. |
| Although depreciation and amortization are noncash charges, the assets being depreciated and amortized often will have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements. |
| Other companies in our industry may calculate EBITDA differently than we do, limiting the usefulness of their calculations as comparative measures. |
7
2011 | ||||||||
unaudited | 2010 | |||||||
(in thousands, except for share and per share data) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 52,846 | $ | 54,974 | ||||
Available-for-sale securities |
4,828 | 5,653 | ||||||
Accounts receivable, net of allowance for doubtful
accounts of $4,432 and $4,028 in 2011 and 2010,
respectively |
152,803 | 126,564 | ||||||
Prepaid expenses |
23,591 | 17,791 | ||||||
Deferred income taxes, net |
3,681 | 3,681 | ||||||
Federal and foreign income taxes receivable |
2,141 | 15,783 | ||||||
State and local income taxes receivable |
3,606 | 8,923 | ||||||
Other current assets |
28,268 | 7,066 | ||||||
Total current assets |
271,764 | 240,435 | ||||||
Noncurrent assets: |
||||||||
Fixed assets, net |
110,328 | 93,409 | ||||||
Intangible assets, net |
232,533 | 200,229 | ||||||
Goodwill |
712,561 | 632,668 | ||||||
Deferred income taxes, net |
23,340 | 21,879 | ||||||
State income taxes receivable |
1,708 | 1,773 | ||||||
Other assets |
27,699 | 26,697 | ||||||
Total assets |
$ | 1,379,933 | $ | 1,217,090 | ||||
LIABILITIES AND STOCKHOLDERS DEFICIT |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ | 146,358 | $ | 111,995 | ||||
Acquisition related liabilities |
| 3,500 | ||||||
Short-term debt and current portion of long-term debt |
165,670 | 437,717 | ||||||
Pension and postretirement benefits, current |
4,663 | 4,663 | ||||||
Fees received in advance |
189,310 | 163,007 | ||||||
Total current liabilities |
506,001 | 720,882 | ||||||
Noncurrent liabilities: |
||||||||
Long-term debt |
853,580 | 401,826 | ||||||
Pension benefits |
78,090 | 95,528 | ||||||
Postretirement benefits |
21,329 | 23,083 | ||||||
Other liabilities |
79,806 | 90,213 | ||||||
Total liabilities |
1,538,806 | 1,331,532 | ||||||
Commitments and contingencies |
||||||||
Stockholders equity/(deficit): |
||||||||
Verisk Class A common stock, $.001 par value;
1,200,000,000 shares authorized; 350,338,030 and
150,179,126 shares issued and 148,621,259 and
143,067,924 outstanding as of September 30, 2011 and
December 31, 2010, respectively |
88 | 39 | ||||||
Verisk Class B (Series 1) common stock, $.001 par
value; 0 and 400,000,000 shares authorized; 0 and
198,327,962 shares issued and 0 and 12,225,480
outstanding as of September 30, 2011 and December
31, 2010, respectively |
| 47 | ||||||
Verisk Class B (Series 2) common stock, $.001 par
value; 400,000,000 shares authorized; 193,665,008
shares issued and 14,771,340 outstanding as of
September 30, 2011 and December 31, 2010,
respectively |
49 | 49 | ||||||
Unearned KSOP contributions |
(779 | ) | (988 | ) | ||||
Additional paid-in capital |
837,473 | 754,708 | ||||||
Treasury stock, at cost, 380,610,439 and 372,107,352
shares as of September 30, 2011 and December 31,
2010, respectively |
(1,438,315 | ) | (1,106,321 | ) | ||||
Retained earnings |
496,267 | 293,827 | ||||||
Accumulated other comprehensive losses |
(53,656 | ) | (55,803 | ) | ||||
Total stockholders deficit |
(158,873 | ) | (114,442 | ) | ||||
Total liabilities and stockholders deficit |
$ | 1,379,933 | $ | 1,217,090 | ||||
8
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(in thousands, except for share and per share data) | ||||||||||||||||
Revenues |
$ | 340,098 | $ | 287,354 | $ | 980,247 | $ | 845,185 | ||||||||
Expenses: |
||||||||||||||||
Cost of revenues (exclusive of items shown
separately below) |
137,619 | 117,005 | 393,360 | 346,998 | ||||||||||||
Selling, general and administrative |
51,475 | 40,982 | 156,640 | 121,134 | ||||||||||||
Depreciation and amortization of fixed assets |
10,798 | 10,035 | 32,958 | 29,908 | ||||||||||||
Amortization of intangible assets |
8,797 | 6,158 | 26,129 | 20,482 | ||||||||||||
Acquisition related liabilities adjustment |
| (544 | ) | (3,364 | ) | (544 | ) | |||||||||
Total expenses |
208,689 | 173,636 | 605,723 | 517,978 | ||||||||||||
Operating income |
131,409 | 113,718 | 374,524 | 327,207 | ||||||||||||
Other income/(expense): |
||||||||||||||||
Investment income |
99 | 59 | 99 | 183 | ||||||||||||
Realized (loss)/gain on securities, net |
(86 | ) | 9 | 401 | 70 | |||||||||||
Interest expense |
(14,593 | ) | (8,484 | ) | (39,093 | ) | (25,395 | ) | ||||||||
Total other expense, net |
(14,580 | ) | (8,416 | ) | (38,593 | ) | (25,142 | ) | ||||||||
Income before income taxes |
116,829 | 105,302 | 335,931 | 302,065 | ||||||||||||
Provision for income taxes |
(45,842 | ) | (42,422 | ) | (133,491 | ) | (125,406 | ) | ||||||||
Net income |
$ | 70,987 | $ | 62,880 | $ | 202,440 | $ | 176,659 | ||||||||
Basic net income per share of Class A and Class B: |
$ | 0.43 | $ | 0.35 | $ | 1.21 | $ | 0.98 | ||||||||
Diluted net income per share of Class A and Class B: |
$ | 0.41 | $ | 0.34 | $ | 1.16 | $ | 0.94 | ||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
164,195,325 | 178,687,236 | 166,728,786 | 179,744,297 | ||||||||||||
Diluted |
171,169,658 | 187,188,667 | 174,255,965 | 188,728,438 | ||||||||||||
9
2011 | 2010 | |||||||
(in thousands) | ||||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 202,440 | $ | 176,659 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization of fixed assets |
32,958 | 29,908 | ||||||
Amortization of intangible assets |
26,129 | 20,482 | ||||||
Amortization of debt issuance costs |
1,155 | 1,156 | ||||||
Amortization of debt original issue discount |
51 | | ||||||
Allowance for doubtful accounts |
852 | 562 | ||||||
KSOP compensation expense |
9,630 | 8,651 | ||||||
Stock-based compensation |
17,288 | 15,990 | ||||||
Non-cash charges associated with performance based appreciation awards |
627 | 515 | ||||||
Acquisition related liabilities adjustment |
(3,364 | ) | (544 | ) | ||||
Realized gain on securities, net |
(401 | ) | (70 | ) | ||||
Deferred income taxes |
(2,083 | ) | (1,893 | ) | ||||
Other operating |
133 | 183 | ||||||
Loss on disposal of assets |
635 | 81 | ||||||
Excess tax benefits from exercised stock options |
(5,470 | ) | (15,083 | ) | ||||
Changes in assets and liabilities, net of effects from acquisitions: |
||||||||
Accounts receivable |
(24,445 | ) | (40,654 | ) | ||||
Prepaid expenses and other assets |
(3,229 | ) | (1,331 | ) | ||||
Federal and foreign income taxes |
48,925 | 27,005 | ||||||
State and local income taxes |
5,382 | 2,768 | ||||||
Accounts payable and accrued liabilities |
12,509 | (3,255 | ) | |||||
Fees received in advance |
24,841 | 29,551 | ||||||
Other liabilities |
(20,809 | ) | (8,874 | ) | ||||
Net cash provided by operating activities |
323,754 | 241,807 | ||||||
Cash flows from investing activities: |
||||||||
Acquisitions, net of cash acquired of $590 and $1,556, respectively |
(121,721 | ) | (6,386 | ) | ||||
Earnout payments |
(3,500 | ) | | |||||
Proceeds from release of acquisition related escrows |
| 283 | ||||||
Escrow funding associated with acquisitions |
(19,560 | ) | (1,500 | ) | ||||
Purchases of available-for-sale securities |
(1,422 | ) | (324 | ) | ||||
Proceeds from sales and maturities of available-for-sale securities |
1,722 | 645 | ||||||
Purchases of fixed assets |
(41,925 | ) | (22,206 | ) | ||||
Net cash used in investing activities |
(186,406 | ) | (29,488 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of long-term debt, net of original issue discount |
448,956 | | ||||||
Repayment of short-term debt refinanced on a long-term basis |
(295,000 | ) | | |||||
Repurchase of Verisk Class A common stock |
(340,122 | ) | (129,762 | ) | ||||
Repayment of current portion of long-term debt |
(125,000 | ) | | |||||
Proceeds from issuance of short-term debt with original maturities of three
months or greater |
120,000 | | ||||||
Proceeds/(repayments) of short-term debt, net |
22,311 | (65,230 | ) | |||||
Payment of debt issuance cost |
(4,542 | ) | (1,781 | ) | ||||
Net share settlement of taxes upon exercise of stock options |
| (15,051 | ) | |||||
Excess tax benefits from exercised stock options |
5,470 | 15,083 | ||||||
Proceeds from stock options exercised |
28,433 | 20,161 | ||||||
Net cash used in financing activities |
(139,494 | ) | (176,580 | ) | ||||
Effect of exchange rate changes |
18 | (11 | ) | |||||
(Decrease)/Increase in cash and cash equivalents |
(2,128 | ) | 35,728 | |||||
Cash and cash equivalents, beginning of period |
54,974 | 71,527 | ||||||
Cash and cash equivalents, end of period |
$ | 52,846 | $ | 107,255 | ||||
Supplemental disclosures: |
||||||||
Taxes paid |
$ | 82,526 | $ | 96,745 | ||||
Interest paid |
$ | 25,876 | $ | 24,351 | ||||
Non-cash investing and financing activities: |
||||||||
Repurchase of Verisk Class A common stock included in accounts payable and accrued liabilities |
$ | 2,244 | $ | 5,808 | ||||
Deferred tax asset/(liability) established on date of acquisition |
$ | 1,280 | $ | (349 | ) | |||
Capital lease obligations |
$ | 7,683 | $ | 1,265 | ||||
Capital expenditures included in accounts payable and accrued liabilities |
$ | 778 | $ | 743 | ||||
Increase in goodwill due to acquisition related escrow distributions |
$ | | $ | 6,996 | ||||
Accrual of acquisition related liabilities |
$ | | $ | 2,000 | ||||
10
($ in thousands) | 2011 Q3 | 2010 Q3 | ||||||
Revenue |
||||||||
Risk Assessment |
$ | 139,977 | $ | 136,269 | ||||
Decision Analytics (by Theme) |
||||||||
Insurance |
$ | 116,281 | $ | 93,828 | ||||
Mortgage and Financial Services |
34,272 | 36,056 | ||||||
Healthcare |
30,277 | 14,389 | ||||||
Specialized Markets |
19,291 | 6,812 | ||||||
Total Decision Analytics |
$ | 200,121 | $ | 151,085 | ||||
Total Revenue |
$ | 340,098 | $ | 287,354 | ||||
Growth |
||||||||
Risk Assessment |
2.7 | % | 4.8 | % | ||||
Decision Analytics (by Theme) |
||||||||
Insurance |
23.9 | % | 10.2 | % | ||||
Mortgage and Financial Services |
-4.9 | % | 34.5 | % | ||||
Healthcare |
110.4 | % | 15.8 | % | ||||
Specialized Markets |
183.2 | % | 74.9 | % | ||||
Total Decision Analytics |
32.5 | % | 17.8 | % | ||||
Total Revenue Growth |
18.4 | % | 11.2 | % | ||||
Growth ex Acquisitions |
||||||||
Risk Assessment |
2.7 | % | 4.8 | % | ||||
Decision Analytics (by Theme) |
||||||||
Insurance |
16.8 | % | 9.9 | % | ||||
Mortgage and Financial Services |
-4.9 | % | 31.0 | % | ||||
Healthcare |
25.8 | % | 8.0 | % | ||||
Specialized Markets |
4.3 | % | 74.9 | % | ||||
Total Decision Analytics |
11.9 | % | 16.1 | % | ||||
Total Revenue Growth |
7.6 | % | 10.4 | % |
11
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