Verisk Reports Third-Quarter 2022 Financial Results

• Consolidated revenues were $745.3 million, down 1.8%, and up 4.8% on an organic constant currency (OCC) basis for the third quarter of 2022. The decline in our consolidated revenue was primarily due to the sale of our environmental health and safety business (3E) and Verisk Financial Services segment.
• Net income attributable to Verisk was $189.4 million, down 6.1% for the third quarter of 2022. Adjusted EBITDA, a non-GAAP measure, was $383.5 million, up 1.2%, and up 6.0% on an OCC basis.
• Diluted GAAP earnings per share (diluted EPS) attributable to Verisk were $1.20 for the third quarter of 2022, down 3.2%. Diluted adjusted earnings per share (diluted adjusted EPS), a non-GAAP measure, were $1.46, up 1.4%. 
• Consolidated and OCC Revenue and Adjusted EBITDA growth were negatively impacted by the suspension of all commercial operations in Russia.
• Net cash provided by operating activities was $280.2 million, down 1.8% and free cash flow, a non-GAAP measure, was $214.4 million, down 4.2% for the third quarter of 2022. 
• We paid a cash dividend of 31 cents per share on September 30, 2022. Our Board of Directors approved a cash dividend of 31 cents per share payable on December 30, 2022.
• We repurchased $300.0 million of our shares during the third quarter of 2022.
• We signed a definitive agreement to sell our Energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion in cash consideration payable at closing plus future additional contingent consideration of up to $200 million. 

JERSEY CITY, N.J., Nov. 01, 2022 (GLOBE NEWSWIRE) — Verisk (Nasdaq: VRSK), a leading global data analytics provider, today announced results for the third quarter ended September 30, 2022.

Lee Shavel, CEO, said, “Verisk reported solid operating results in the quarter while also delivering on our stated intention to become a global insurance-focused data, analytics, and technology company and to improve operating efficiency. As we move forward, I am confident…