The following is a summary of the Verisk Analytics, Inc. (VRSK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Verisk reported Q1 2024 organic constant currency revenue growth of 6.9% with a strong underlying subscription growth of 7.8%.

• Verisk Analytics reported Q1 2024 revenue of $704 million (an 8% increase compared to the prior year) and income from continuing operations of $219 million (up 12.9%).

• Diluted GAAP earnings per share increased 19.7% to $1.52, and subscription revenues, which comprised 80% of total revenue, increased by 7.8% on an OCC basis.

• Overall, the company experienced 10.6% growth in its OCC adjusted EBITDA during Q1 and an adjusted EBIT margin of 54%.

• Adjusted net income increased 19% to $234 million and diluted adjusted EPS increased 26% to $1.63 for the quarter.

• Q1 2024 also saw an increase in net cash from operating activities by 1.9% to $372 million and free cash flow by 4.2% to $317 million.

Business Progress:

• Verisk hosted the Verisk Insurance Conference in April and unveiled Next Generation Models for insurers, brokers, and reinsurers.

• Progress was recorded in the Core Lines Reimagine program, digitizing and enhancing the suite of industry-standard solutions.

• Verisk initiated an accelerated share repurchase program worth $200 million during the quarter and continues to invest in the Reimagine, extreme events, and GenAI programs.

• International business grew at a 23% year-on-year growth rate, supported by a strong renewal cycle and price realization.

• Verisk is discontinuing their auto telematics offering but continues to serve auto insurers with other products.

• Companies are partnering with Verisk to jointly develop or distribute various products, enhancing revenue sources.

• Prodigious efforts are being made into investments in Core Lines Reimagine, sales force, AI, and other technical upgrades. Verisk is poised to incorporate AI technology into existing products and is investing in an ERP upgrade for future operational efficiencies.

More details: Verisk Analytics IR

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