VRSK - Verisk Analytics Inc. (VRSK) Q1 2024 Earnings Call Transcript
2024-05-01 12:31:07 ET
Verisk Analytics, Inc. (VRSK)
Q1 2024 Earnings Conference Call
May 01, 2024, 08:30 ET
Company Participants
Stacey Brodbar - Head, IR
Lee Shavel - CEO, President & Director
Elizabeth Mann - EVP & CFO
Conference Call Participants
Andrew Steinerman - JPMorgan Chase & Co.
Jeffrey Silber - BMO Capital Markets
Ashish Sabadra - RBC Capital Markets
Surinder Thind - Jefferies
Russell Quelch - Redburn
George Tong - Goldman Sachs Group
Thomas Roesch - William Blair & Company
Jeffrey Meuler - Robert W. Baird & Co.
Manav Patnaik - Barclays Bank
Faiza Alwy - Deutsche Bank
Alexander Kramm - UBS
Toni Kaplan - Morgan Stanley
Charles Peters - Raymond James & Associates
Heather Balsky - Bank of America Merrill Lynch
Presentation
Operator
Good day, everyone, and welcome to the Verisk First Quarter 2024 Earnings Results Conference Call. This call is being recorded. [Operator Instructions].
For opening remarks and introductions, I would like to turn the call over to Verisk Head of Investor Relations, Ms. Stacey Brodbar. Ms. Brodbar, please go ahead.
Stacey Brodbar
Thank you, operator, and good day, everyone. We appreciate you joining us today for a discussion of our first quarter 2024 financial results. On the call today are Lee Shavel, Verisk President and Chief Executive Officer; and Elizabeth Mann, Chief Financial Officer.
The earnings release referenced on this call as well as our traditional quarterly earnings presentation and the associated 10-Q can be found in the Investors section of our website, verisk.com. The earnings release has also been attached to an 8-K that we have furnished to the SEC. A replay of this call will be available for 30 days on our website and by dial-in.
As set forth in more detail in today's earnings release, I will remind everyone, today's call may include forward-looking statements about Verisk's future performance, including those related to our financial guidance. Actual performance could differ materially from what is suggested by our comments today. Information about the factors that could affect future performance is contained in our recent SEC filings.
A reconciliation of reported and historic non-GAAP financial measures discussed on this call is provided in our 8-K and today's earnings presentation posted on the Investors section of our website, verisk.com. However, we are not able to provide a reconciliation of projected adjusted EBITDA and adjusted EBITDA margin to the most directly comparable expected GAAP result because of the unreasonable effort and high unpredictability of estimating certain items that are excluded from projected non-GAAP adjusted EBITDA and adjusted EBITDA margin including, for example, tax consequences, acquisition-related costs, gain/loss from dispositions and other nonrecurring expenses, the effect of which may be significant.
And now, I'd like to turn the call over to Lee Shavel.
Lee Shavel
Thanks, Stacey. Good morning, and thank you for participating in this morning's call. 2024 is off to a solid start at Verisk as we are building upon the strong performance we delivered in 2023. Elizabeth will provide the detailed financials, but I am pleased to share that we delivered 6.9% organic constant currency revenue growth with strong underlying subscription growth of 7.8% that was broad-based across most of our businesses.
Our focus on cost discipline and operating efficiency produced strong double-digit organic constant currency adjusted EBITDA growth and healthy margin expansion, translating into 26% adjusted EPS growth. ...
Verisk Analytics, Inc. (VRSK) Q1 2024 Earnings Call Transcript