filings.toolsVerisk Analytics 10-Q 2021-09-30
VRSK · CIK 1442145 · Form 10-Q · Period ended September 30, 2021 · Filed November 2, 2021
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30, 2021
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission File Number: 001-34480
VERISK ANALYTICS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 26-2994223 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 545 Washington Boulevard | |
| Jersey City | |
| NJ | 07310-1686 |
| (Address of principal executive offices) | (Zip Code) |
(201) 469-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange where registered |
|---|---|---|
| Common Stock $.001 par value | VRSK | NASDAQ Global Select Market |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
|---|---|---|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 29, 2021, there were 161,161,375 shares outstanding of the registrant's Common Stock, par value $.001.
Index to Form 10-Q
Table of Contents
PART I — FINANCIAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| September 30, 2021 | December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| (in millions, except for share and per share data) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 302.1 | $ | 218.8 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $24.2 and $17.7, respectively | 468.0 | 432.4 | ||||||
| Prepaid expenses | 102.9 | 81.2 | ||||||
| Income taxes receivable | 21.0 | 25.4 | ||||||
| Other current assets | 40.1 | 36.4 | ||||||
| Total current assets | 934.1 | 794.2 | ||||||
| Noncurrent assets: | ||||||||
| Fixed assets, net | 674.6 | 632.3 | ||||||
| Operating lease right-of-use assets, net | 257.6 | 267.6 | ||||||
| Intangible assets, net | 1,265.3 | 1,384.8 | ||||||
| Goodwill | 4,129.5 | 4,108.1 | ||||||
| Deferred income tax assets | 8.7 | 9.1 | ||||||
| Other noncurrent assets | 392.7 | 365.7 | ||||||
| Total assets | $ | 7,662.5 | $ | 7,561.8 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 440.0 | $ | 407.3 | ||||
| Short-term debt and current portion of long-term debt | 766.6 | 514.3 | ||||||
| Deferred revenues | 584.4 | 466.7 | ||||||
| Operating lease liabilities | 41.3 | 38.7 | ||||||
| Income taxes payable | 10.8 | 3.8 | ||||||
| Total current liabilities | 1,843.1 | 1,430.8 | ||||||
| Noncurrent liabilities: | ||||||||
| Long-term debt | 2,343.1 | 2,699.6 | ||||||
| Deferred income tax liabilities | 434.8 | 396.9 | ||||||
| Operating lease liabilities | 259.0 | 271.6 | ||||||
| Other noncurrent liabilities | 48.7 | 64.7 | ||||||
| Total liabilities | 4,928.7 | 4,863.6 | ||||||
| Commitments and contingencies (Note 16) | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 161,415,070 and 162,817,526 shares outstanding, respectively | 0.1 | 0.1 | ||||||
| Additional paid-in capital | 2,567.4 | 2,490.9 | ||||||
| Treasury stock, at cost, 382,587,968 and 381,185,512 shares, respectively | (4,570.2 | ) | (4,179.3 | ) | ||||
| Retained earnings | 5,145.7 | 4,762.2 | ||||||
| Accumulated other comprehensive losses | (428.6 | ) | (375.7 | ) | ||||
| Total Verisk stockholders' equity | 2,714.4 | 2,698.2 | ||||||
| Noncontrolling interest | 19.4 | — | ||||||
| Total stockholders’ equity | 2,733.8 | 2,698.2 | ||||||
| Total liabilities and stockholders’ equity | $ | 7,662.5 | $ | 7,561.8 |
The accompanying notes are an integral part of these condensed con
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