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) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press Release dated October 28, 2014 |
VERISK ANALYTICS, INC. | ||||
Date: October 28, 2014 | By: | /s/ Kenneth E. Thompson | ||
Name: | Kenneth E. Thompson | |||
Title: | Executive Vice President, General Counsel and Corporate Secretary |
• | Total revenue from continuing operations increased 8.9% in third-quarter 2014 compared with third-quarter 2013. Decision Analytics revenue from continuing operations increased 11.8% in the quarter, while Risk Assessment revenue increased 4.1%. |
• | EBITDA from continuing operations increased 6.2% to $211.3 million for third-quarter 2014, with an EBITDA margin from continuing operations of 47.1%. |
• | Diluted GAAP earnings per share (diluted GAAP EPS) were $0.58 for third-quarter 2014. Diluted adjusted earnings per share from continuing operations (diluted adjusted EPS from continuing operations) were $0.64 for third-quarter 2014, an increase of 4.9% compared with the same period in 2013. |
• | Free cash flow year to date, normalized for the items discussed below, decreased 6.0% to $262.5 million. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Revenues from continuing operations | $ | 448,665 | $ | 411,927 | 8.9 | % | $ | 1,281,862 | $ | 1,178,980 | 8.7 | % | |||||||||
EBITDA from continuing operations | $ | 211,343 | $ | 199,063 | 6.2 | % | $ | 588,398 | $ | 555,513 | 5.9 | % | |||||||||
Net income | $ | 99,015 | $ | 96,441 | 2.7 | % | $ | 302,672 | $ | 261,157 | 15.9 | % | |||||||||
Adjusted net income from continuing operations | $ | 107,811 | $ | 104,354 | 3.3 | % | $ | 297,979 | $ | 286,549 | 4.0 | % | |||||||||
Diluted GAAP EPS | $ | 0.58 | $ | 0.56 | 3.6 | % | $ | 1.78 | $ | 1.51 | 17.9 | % | |||||||||
Diluted adjusted EPS from continuing operations | $ | 0.64 | $ | 0.61 | 4.9 | % | $ | 1.75 | $ | 1.66 | 5.4 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Insurance | $ | 149,496 | $ | 140,771 | 6.2 | % | $ | 443,757 | $ | 401,105 | 10.6 | % | |||||||||
Financial services | 25,258 | 21,379 | 18.1 | % | 68,111 | 58,226 | 17.0 | % | |||||||||||||
Healthcare | 91,900 | 73,612 | 24.8 | % | 220,888 | 193,748 | 14.0 | % | |||||||||||||
Specialized markets | 20,557 | 21,110 | (2.6 | )% | 63,387 | 63,974 | (0.9 | )% | |||||||||||||
Total Decision Analytics | $ | 287,211 | $ | 256,872 | 11.8 | % | $ | 796,143 | $ | 717,053 | 11.0 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Industry-standard insurance programs | $ | 122,830 | $ | 118,234 | 3.9 | % | $ | 369,841 | $ | 351,973 | 5.1 | % | |||||||||
Property-specific rating and underwriting information | 38,624 | 36,821 | 4.9 | % | 115,878 | 109,954 | 5.4 | % | |||||||||||||
Total Risk Assessment | $ | 161,454 | $ | 155,055 | 4.1 | % | $ | 485,719 | $ | 461,927 | 5.2 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Decision Analytics | $ | 118,547 | $ | 113,646 | 4.3 | % | $ | 311,021 | $ | 297,688 | 4.5 | % | |||||||||
EBITDA margin from continuing operations | 41.3 | % | 44.2 | % | 39.1 | % | 41.5 | % | |||||||||||||
Risk Assessment | $ | 92,796 | $ | 85,417 | 8.6 | % | $ | 277,377 | $ | 257,825 | 7.6 | % | |||||||||
EBITDA margin from continuing operations | 57.5 | % | 55.1 | % | 57.1 | % | 55.8 | % | |||||||||||||
Total EBITDA from continuing operations | $ | 211,343 | $ | 199,063 | 6.2 | % | $ | 588,398 | $ | 555,513 | 5.9 | % | |||||||||
EBITDA margin from continuing operations | 47.1 | % | 48.3 | % | 45.9 | % | 47.1 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Net income | $ | 99,015 | $ | 96,441 | 2.7 | % | $ | 302,672 | $ | 261,157 | 15.9 | % | |||||||||
Depreciation and amortization of fixed and intangible assets | 36,138 | 32,003 | 12.9 | % | 105,075 | 96,090 | 9.4 | % | |||||||||||||
Interest expense | 17,498 | 18,692 | (6.4 | )% | 52,396 | 58,486 | (10.4 | )% | |||||||||||||
Provision for income taxes | 58,692 | 53,474 | 9.8 | % | 159,372 | 144,998 | 9.9 | % | |||||||||||||
less: Discontinued operations, net of tax | — | (1,547 | ) | (100.0 | )% | (31,117 | ) | (5,218 | ) | 496.3 | % | ||||||||||
EBITDA from continuing operations | $ | 211,343 | $ | 199,063 | 6.2 | % | $ | 588,398 | $ | 555,513 | 5.9 | % |
• | 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. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Net income | $ | 99,015 | $ | 96,441 | 2.7 | % | $ | 302,672 | $ | 261,157 | 15.9 | % | |||||||||
plus: Amortization of intangible assets | 14,187 | 15,258 | 42,620 | 49,371 | |||||||||||||||||
less: Income tax effect on amortization of intangible assets | (5,391 | ) | (5,798 | ) | (16,196 | ) | (18,761 | ) | |||||||||||||
less: Discontinued operations, net of tax | — | (1,547 | ) | (31,117 | ) | (5,218 | ) | ||||||||||||||
Adjusted net income from continuing operations | $ | 107,811 | $ | 104,354 | 3.3 | % | $ | 297,979 | $ | 286,549 | 4.0 | % | |||||||||
Basic adjusted EPS from continuing operations | $ | 0.65 | $ | 0.62 | 4.8 | % | $ | 1.79 | $ | 1.70 | 5.3 | % | |||||||||
Diluted adjusted EPS from continuing operations | $ | 0.64 | $ | 0.61 | 4.9 | % | $ | 1.75 | $ | 1.66 | 5.4 | % | |||||||||
Weighted average shares outstanding (in millions) | |||||||||||||||||||||
Basic | 166.2 | 168.0 | 166.5 | 168.1 | |||||||||||||||||
Diluted | 169.5 | 172.2 | 169.8 | 172.5 |
2014 | 2013 | ||||||
(unaudited) | |||||||
(In thousands, except for share and per share data) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 432,490 | $ | 165,801 | |||
Available-for-sale securities | 3,730 | 3,911 | |||||
Accounts receivable, net of allowance for doubtful accounts of $7,287 and $4,415, respectively | 188,711 | 158,547 | |||||
Prepaid expenses | 31,150 | 25,657 | |||||
Deferred income taxes, net | 5,076 | 5,077 | |||||
Income taxes receivable | 30,112 | 67,346 | |||||
Other current assets | 14,383 | 34,681 | |||||
Current assets held-for-sale | — | 13,825 | |||||
Total current assets | 705,652 | 474,845 | |||||
Noncurrent assets: | |||||||
Fixed assets, net | 281,347 | 233,373 | |||||
Intangible assets, net | 406,560 | 447,618 | |||||
Goodwill | 1,184,374 | 1,181,681 | |||||
Pension assets | 72,512 | 60,955 | |||||
Other assets | 27,255 | 20,034 | |||||
Noncurrent assets held-for-sale | — | 85,945 | |||||
Total assets | $ | 2,677,700 | $ | 2,504,451 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 164,288 | $ | 188,264 | |||
Short-term debt and current portion of long-term debt | 140,455 | 4,448 | |||||
Pension and postretirement benefits, current | 2,437 | 2,437 | |||||
Fees received in advance | 254,160 | 226,581 | |||||
Current liabilities held-for-sale | — | 9,449 | |||||
Total current liabilities | 561,340 | 431,179 | |||||
Noncurrent liabilities: | |||||||
Long-term debt | 1,136,205 | 1,271,439 | |||||
Pension benefits | 12,401 | 13,007 | |||||
Postretirement benefits | 3,611 | 2,061 | |||||
Deferred income taxes, net | 194,871 | 198,604 | |||||
Other liabilities | 43,288 | 36,043 | |||||
Noncurrent liabilities held-for-sale | — | 4,529 | |||||
Total liabilities | 1,951,716 | 1,956,862 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Class A common stock, $.001 par value; 1,200,000,000 shares authorized; 544,003,038 shares issued and 165,562,900 and 167,457,927 outstanding, respectively | 137 | 137 | |||||
Unearned KSOP contributions | (197 | ) | (306 | ) | |||
Additional paid-in capital | 1,256,541 | 1,202,106 | |||||
Treasury stock, at cost, 378,440,138 and 376,545,111 shares, respectively | (2,044,415 | ) | (1,864,967 | ) | |||
Retained earnings | 1,556,779 | 1,254,107 | |||||
Accumulated other comprehensive losses | (42,861 | ) | (43,488 | ) | |||
Total stockholders’ equity | 725,984 | 547,589 | |||||
Total liabilities and stockholders’ equity | $ | 2,677,700 | $ | 2,504,451 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(In thousands, except for share and per share data) | |||||||||||||||
Revenues | $ | 448,665 | $ | 411,927 | $ | 1,281,862 | $ | 1,178,980 | |||||||
Expenses: | |||||||||||||||
Cost of revenues (exclusive of items shown separately below) | 180,873 | 156,306 | 523,016 | 452,367 | |||||||||||
Selling, general and administrative | 56,164 | 56,783 | 170,372 | 171,303 | |||||||||||
Depreciation and amortization of fixed assets | 21,951 | 16,745 | 62,455 | 46,719 | |||||||||||
Amortization of intangible assets | 14,187 | 15,258 | 42,620 | 49,371 | |||||||||||
Total expenses | 273,175 | 245,092 | 798,463 | 719,760 | |||||||||||
Operating income | 175,490 | 166,835 | 483,399 | 459,220 | |||||||||||
Other income (expense): | |||||||||||||||
Investment income and others | (285 | ) | 225 | (76 | ) | 203 | |||||||||
Interest expense | (17,498 | ) | (18,692 | ) | (52,396 | ) | (58,486 | ) | |||||||
Total other expense, net | (17,783 | ) | (18,467 | ) | (52,472 | ) | (58,283 | ) | |||||||
Income before income taxes | 157,707 | 148,368 | 430,927 | 400,937 | |||||||||||
Provision for income taxes | (58,692 | ) | (53,474 | ) | (159,372 | ) | (144,998 | ) | |||||||
Income from continuing operations | 99,015 | 94,894 | 271,555 | 255,939 | |||||||||||
Income from discontinued operations, net of tax of $0 and $1,211, and $23,365 and $4,088, for the three and nine months ended, September 30, 2014 and September 30, 2013, respectively | — | 1,547 | 31,117 | 5,218 | |||||||||||
Net income | $ | 99,015 | $ | 96,441 | $ | 302,672 | $ | 261,157 | |||||||
Basic net income per share: | |||||||||||||||
Income from continuing operations | $ | 0.60 | $ | 0.56 | $ | 1.63 | $ | 1.52 | |||||||
Income from discontinued operations | — | 0.01 | 0.19 | 0.03 | |||||||||||
Basic net income per share | $ | 0.60 | $ | 0.57 | $ | 1.82 | $ | 1.55 | |||||||
Diluted net income per share: | |||||||||||||||
Income from continuing operations | $ | 0.58 | $ | 0.55 | $ | 1.60 | $ | 1.48 | |||||||
Income from discontinued operations | — | 0.01 | 0.18 | 0.03 | |||||||||||
Diluted net income per share | $ | 0.58 | $ | 0.56 | $ | 1.78 | $ | 1.51 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 166,187,540 | 168,044,100 | 166,504,384 | 168,089,919 | |||||||||||
Diluted | 169,522,448 | 172,154,553 | 169,815,867 | 172,460,960 |
2014 | 2013 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 302,672 | $ | 261,157 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization of fixed assets | 63,450 | 49,729 | |||||
Amortization of intangible assets | 42,731 | 49,796 | |||||
Amortization of debt issuance costs and original issue discount | 1,989 | 2,048 | |||||
Allowance for doubtful accounts | 953 | 1,188 | |||||
KSOP compensation expense | 11,613 | 11,174 | |||||
Stock based compensation | 16,323 | 16,745 | |||||
Gain on sale of discontinued operations | (65,410 | ) | — | ||||
Realized (gain) loss on available-for-sale securities, net | (122 | ) | 99 | ||||
Deferred income taxes | (3,348 | ) | 5,888 | ||||
Loss on disposal of fixed assets | 510 | 476 | |||||
Excess tax benefits from exercised stock options and restricted stock awards | (16,665 | ) | (81,689 | ) | |||
Other operating activities, net | — | 448 | |||||
Changes in assets and liabilities, net of effects from acquisitions: | |||||||
Accounts receivable | (23,530 | ) | 9,475 | ||||
Prepaid expenses and other assets | (12,102 | ) | (4,727 | ) | |||
Income taxes | 45,369 | 48,554 | |||||
Accounts payable and accrued liabilities | (2,164 | ) | 12,267 | ||||
Fees received in advance | 26,651 | 43,372 | |||||
Pension and postretirement benefits | (9,763 | ) | (6,532 | ) | |||
Other liabilities | (522 | ) | (33,016 | ) | |||
Net cash provided by operating activities | 378,635 | 386,452 | |||||
Cash flows from investing activities: | |||||||
Acquisitions | (4,001 | ) | (983 | ) | |||
Purchase of non-controlling interest in non-public companies | (5,000 | ) | — | ||||
Proceeds from sale of discontinued operations | 151,170 | — | |||||
Proceeds from release of acquisition related escrows | — | 280 | |||||
Purchases of fixed assets | (102,992 | ) | (107,915 | ) | |||
Purchases of available-for-sale securities | (83 | ) | (5,003 | ) | |||
Proceeds from sales and maturities of available-for-sale securities | 381 | 5,825 | |||||
Other investing activities, net | — | 439 | |||||
Net cash provided by (used in) investing activities | 39,475 | (107,357 | ) | ||||
Cash flows from financing activities: | |||||||
Repayment of current portion of long-term debt | — | (145,000 | ) | ||||
Repayment of short-term debt, net | — | (10,000 | ) | ||||
Repurchases of Class A common stock | (183,093 | ) | (160,970 | ) | |||
Excess tax benefits from exercised stock options and restricted stock awards | 16,665 | 81,689 | |||||
Proceeds from stock options exercised | 20,855 | 51,326 | |||||
Net share settlement of restricted stock awards | (1,613 | ) | — | ||||
Other financing activities, net | (4,448 | ) | (5,350 | ) | |||
Net cash used in financing activities | (151,634 | ) | (188,305 | ) | |||
Effect of exchange rate changes | 213 | (406 | ) | ||||
Increase in cash and cash equivalents | 266,689 | 90,384 | |||||
Cash and cash equivalents, beginning of period | 165,801 | 89,819 | |||||
Cash and cash equivalents, end of period | $ | 432,490 | $ | 180,203 | |||
Supplemental disclosures: | |||||||
Taxes paid | $ | 140,462 | $ | 102,203 | |||
Interest paid | $ | 50,567 | $ | 58,018 | |||
Noncash investing and financing activities: | |||||||
Repurchases of Class A common stock included in accounts payable and accrued liabilities | $ | 4,878 | $ | 2,622 | |||
Deferred tax liability established on date of acquisition | $ | — | $ | (1,187 | ) | ||
Tenant improvement included in other liabilities | $ | 8,856 | $ | — | |||
Capital lease obligations | $ | 4,682 | $ | 9,014 | |||
Capital expenditures included in accounts payable and accrued liabilities | $ | 1,662 | $ | 2,890 |
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