Verisk Reports First-Quarter 2025 Financial Results

• First quarter revenue of $753 million, up 7.0%, and up 7.9% on an organic constant currency (OCC) basis.
• Net income of $232 million, up 5.9%.
• Adjusted EBITDA, a non-GAAP measure, of $417 million, up 9.5%, and up 9.5% on an OCC basis.
• Diluted GAAP earnings per share of $1.65, up 8.6%.
• Diluted adjusted EPS, a non-GAAP measure, of $1.73, up 6.1%.

JERSEY CITY, N.J., May 07, 2025 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced results for the first quarter ended March 31, 2025. The earnings release is available on the company’s Investor Relations website at investor.verisk.com.

Lee Shavel, President and CEO, Verisk:
“I am pleased to share that 2025 is off to a solid start at Verisk as we delivered broad-based top line growth across underwriting and claims and healthy profit growth. In an increasingly uncertain risk environment, we are keenly focused on supporting our clients with more insights and solutions that drive efficiency and automation to improve their operations. We continue to build on our role as a key strategic partner for the industry, investing in invention and innovation that moves the industry forward and creates long term value for clients and shareholders alike."

Elizabeth Mann, CFO, Verisk:
“Verisk delivered organic constant currency revenue growth of 7.9% and organic constant currency adjusted EBITDA growth of 9.5% in the first quarter of 2025. We returned over $250 million to shareholders through dividends and repurchases while continuing to invest in our business, demonstrating confidence in our resilient business model and the strength of our balance sheet. To that end, we are reiterating our financial guidance for 2025."

Financial Highlights
Summary of Results (GAAP and Non-GAAP) from Continuing Operations
(in millions, except per share amounts)
Note: Adjusted EBITDA, diluted adjusted EPS, and free cash flow are non-GAAP measures.
 

		Three Months Ended
		March 31,
		2025				2024				% Change
Revenues		$	753			$	704				7.0	%
Net income			232				219				5.9
Adjusted EBITDA			417				380				9.5
Diluted EPS attributable to Verisk			1.65				1.52				8.6
Diluted adjusted EPS			1.73				1.63				6.1
Net cash provided by operating activities			445				372				19.5
Free cash flow			391				317				23.3
Dividends per share			0.45				0.39				15.4

Revenue
($ in millions)
Note: OCC revenue growth is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.
*During the first quarter of 2025, an immaterial component of our Insurance segment was transferred from Claims to Underwriting in calculating the OCC change percentage. The transfer has no impact on the OCC growth rates for our Insurance Segment.

		Three Months Ended
		March 31,								% Change
		2025				2024				Reported				OCC*
Underwriting		$	532			$	498				6.8	%			7.2	%
Claims			221				206				7.5				9.6
Insurance		$	753			$	704				7.0				7.9

• Underwriting revenues increased 6.8% in the quarter and 7.2% on an OCC basis, primarily due to our forms, rules and loss cost services and extreme event solutions. Specialty business and life solutions also contributed to the growth. On December 2, 2024, we sold Atmospheric and Environmental Research ("AER"), which was a business within Underwriting. AER is included in our revenue from disposition.
• Claims revenues grew 7.5% in the quarter and 9.6% on an OCC basis, primarily due to growth in our property estimating solutions and anti-fraud solutions.

Net Income, Adjusted EBITDA and Adjusted EBITDA Margin
($ in millions)
Note: Adjusted EBITDA is a non-GAAP measure. Margin is calculated as a percentage of revenues. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.

• Net income was $232 million, an increase of 5.9% in the quarter.

		Three Months Ended
		March 31,								% Change								Margin
		2025				2024				Reported				OCC				2025				2024
Adjusted EBITDA		$	417			$	380				9.5	%			9.5	%			55.3	%			54.0	%

• The increase in net income of 5.9% reflects strong operational performance, partially offset by a higher provision for income taxes, interest expense and depreciation expense.
• Adjusted EBITDA increased 9.5% on an OCC basis, primarily due to operating leverage on the solid revenue growth and cost discipline.

Diluted Earnings Per Share
Note: Adjusted earnings per share is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.

		Three Months Ended
		March 31,
		2025				2024				% Change
Diluted EPS attributable to Verisk		$	1.65			$	1.52				8.6	%
Diluted adjusted EPS		$	1.73			$	1.63				6.1	%

• Diluted EPS increased 8.6% in the quarter, reflecting strong operational performance and a lower share count, partially offset by a higher provision for income taxes, interest expense and depreciation expense.
• Diluted adjusted EPS increased 6.1%, reflecting strong operational performance and a lower average share count, partially offset by a higher provision for income taxes, interest expense and depreciation expense.

Cash Flow and Capital Return
($ in millions)
Note: Free cash flow is a non-GAAP measure. See “Non-GAAP Reconciliations” below for a reconciliation to the nearest GAAP measure.

		Three Months Ended
		March 31,
		2025				2024				% Change
Net cash provided by operating activities		$	444.7			$	372.2				19.5	%
Capital expenditures			(53.7	)			(55.2	)			(2.7	)%
Free cash flow		$	391.0			$	317.0				23.3	%

• Net cash provided by operating activities grew 19.5% in the quarter, while free cash flow increased 23.3%.
• Free cash flow growth was driven by an increase in operating profit and a federal tax refund received in the quarter, partially offset by the timing of certain cash payments throughout the quarter.
  

• On March 31, 2025, we paid a cash dividend of 45 cents per share of common stock issued and outstanding to the holders of record as of March 14, 2025.
• On April 30, 2025, our Board of Directors approved a cash dividend of 45 cents per share of common stock issued and outstanding. The dividend is payable on June 30, 2025, to holders as of June 13, 2025.
• During the first quarter, we initiated a $200 million Accelerated Share Repurchase program, which was completed in April 2025, resulting in the purchase of 0.7 million shares, at an average price, less a discount, of $288.09. As of March 31, 2025, we had $1.4 billion remaining under our share repurchase authorization.

Full Year 2025 Outlook

Metric		2025 Guidance
Total revenue		$3.03 – $3.08B
Adjusted EBITDA		$1.67 – $1.72B
Adjusted EBITDA margin			55.0% –55.8%
Diluted adjusted EPS		$6.80 – $7.10
Tax rate			23% –25%
Capital expenditures		$245 – $265M
Fixed asset depreciation & amortization		$250 – $270M
Intangible amortization			$65M
Interest expense		$145 – $165M
Dividend per share		$0.45

Conference Call

Our management team will host a live audio webcast to discuss the financial results and business highlights on Wednesday, May 7, 2025, at 8:30 a.m. EDT (5:30 a.m. PDT, 12:30 p.m. GMT). All interested parties are invited to listen to the live event via webcast on our investor website at http://investor.verisk.com. The discussion will also be available through dial-in number 800-715-9871 for U.S./Canada participants or 646-307-1963 for international participants.

A replay of the webcast will be available for 30 days on our investor website and through the conference call number 800-770-2030 for U.S./Canada participants or 647-362-9199 for international participants using Conference ID #1730953.

About Verisk

Verisk is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.

Verisk is traded on the Nasdaq exchange and is a part of the S&P 500 Index and the Nasdaq-100 Index.

For more information, please visit www.verisk.com.

Contact:

Investor Relations
Stacey Brodbar
Head of Investor Relations
Verisk 
201-469-4327 
IR@verisk.com

Media
Alberto Canal
Verisk Public Relations
201-469-2618
Alberto.Canal@verisk.com

Forward-Looking Statements

This release contains forward-looking statements, including those related to our financial guidance. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. This includes, but is not limited to, our expectation and ability to pay a cash dividend on our common stock in the future, subject to the determination by our Board of Directors and based on an evaluation of our earnings, financial condition and requirements, business conditions, capital allocation determinations, and other factors, risks, and uncertainties. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “target,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance or achievements.

Other factors that could materially affect actual results, levels of activity, performance, or achievements can be found in our quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K filed with the Securities and Exchange Commission. If any of these risks or uncertainties materialize or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this release reflects our current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to our operations, results of operations, growth strategy, and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise except as required by law.

Notes Regarding the Use of Non-GAAP Financial Measures

We have provided certain non-GAAP financial information as supplemental information regarding our operating results. These measures are not in accordance with, or an alternative for, U.S. GAAP and may be different from non-GAAP measures reported by other companies. We believe that our presentation of non-GAAP measures provides useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. In addition, our management uses these measures for reviewing our financial results, for budgeting and planning purposes, and for evaluating the performance of senior management.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA Expenses: EBITDA represents GAAP net income adjusted for (i) depreciation and amortization of fixed assets; (ii) amortization of intangible assets; (iii) interest expense, net; and (iv) provision for income taxes. Adjusted EBITDA represents EBITDA adjusted for acquisition-related adjustments (earn-outs), gain/loss from dispositions (which includes businesses held for sale), and nonrecurring gain/loss. Adjusted EBITDA expenses represent adjusted EBITDA net of revenues. We believe these measures are useful and meaningful because they help us allocate resources, make business decisions, allow for greater transparency regarding our operating performance, and facilitate period-to-period comparison.

Adjusted Net Income and Diluted Adjusted EPS: Adjusted net income represents GAAP net income adjusted for (i) amortization of intangible assets, net of tax; (ii) acquisition-related adjustments (earn-outs), net of tax; (iii) gain/loss from dispositions (which includes businesses held for sale), net of tax; and (iv) nonrecurring gain/loss, net of tax. Diluted adjusted EPS represents adjusted net income divided by weighted-average diluted shares. We believe these measures are useful and meaningful because they allow evaluation of the after-tax profitability of our results excluding the after-tax effect of acquisition-related costs and nonrecurring items.

Free Cash Flow: Free cash flow represents net cash provided by operating activities determined in accordance with GAAP minus payments for capital expenditures. We believe free cash flow is an important measure of the recurring cash generated by our operations that may be available to repay debt obligations, repurchase our stock, invest in future growth through new business development activities, or make acquisitions.

Organic: Organic is defined as operating results excluding the effect of recent acquisitions and dispositions (which include businesses held for sale), and nonrecurring gain/loss associated with cost-based and equity-method investments that have occurred over the past year. An acquisition is included as organic at the beginning of the calendar quarter that occurs subsequent to the one-year anniversary of the acquisition date. Once an acquisition is included in its current-period organic base, its comparable prior-year-period operating results are also included to calculate organic growth. A disposition (which includes a business held for sale) is excluded from organic at the beginning of the calendar quarter in which the disposition occurs (or when a business meets the held-for-sale criteria under U.S. GAAP). Once a disposition is excluded from its current-period organic base, its comparable prior-year-period operating results are also excluded to calculate organic growth. We believe the organic presentation enables investors to assess the growth of the business without the impact of recent acquisitions for which there is no prior-year comparison and the impact of recent dispositions, for which results are removed from all prior periods presented to allow for comparability.

Organic Constant Currency (OCC) Growth Rate: Our operating results, such as, but not limited to, revenue and adjusted EBITDA, reported in U.S. dollars are affected by foreign currency exchange rate fluctuations because the underlying foreign currencies in which we transact changes in value over time compared with the U.S. dollar. Accordingly, we present certain constant currency financial information to assess how we performed excluding the impact of foreign currency exchange rate fluctuations. We calculate constant currency by translating comparable prior-year-period results at the currency exchange rates used in the current period. We believe organic constant currency is a useful and meaningful measure to enhance investors’ understanding of the continuing operating performance of our business and to facilitate the comparison of period-to-period performance because it excludes the impact of foreign exchange rate movements, acquisitions, and dispositions.

See page 11 for a reconciliation of consolidated adjusted EBITDA and a results summary and a reconciliation of adjusted EBITDA. See page 11 for a reconciliation of adjusted EBITDA margin, a reconciliation of adjusted EBITDA expenses, and a reconciliation of diluted adjusted EPS. See page 12 for a reconciliation of net cash provided by operating activities to free cash flow.

We are not able to provide a reconciliation of projected Adjusted EBITDA, Adjusted EBITDA margin, and Diluted Adjusted EPS to the most directly comparable expected GAAP results because of the unreasonable effort and high unpredictability of estimating certain items that are excluded from non-GAAP Adjusted EBITDA, Adjusted EBITDA margin, and Diluted Adjusted EPS, including, for example, tax consequences, acquisition-related costs, gain/loss from dispositions and other non-recurring expenses, the effect of which may be significant.

Attached Financial Statements

Please refer to the full Form 10-Q filing for the complete financial statements and related notes.

VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2025 and December 31, 2024

		March 31, 2025				December 31, 2024
		(in millions, except for share and per share data)
ASSETS:
Current assets:
Cash and cash equivalents		$	1,112.1			$	291.2
Accounts receivable, net of allowance for doubtful accounts of $26.3 and $22.5, respectively			564.4				434.4
Prepaid expenses			65.6				72.8
Income taxes receivable			—				83.3
Other current assets			30.0				29.9
Total current assets			1,772.1				911.6
Noncurrent assets:
Fixed assets, net			596.0				605.9
Operating lease right-of-use assets, net			151.9				156.0
Intangible assets, net			381.6				392.4
Goodwill			1,748.7				1,726.6
Deferred income tax assets			35.3				34.3
Other noncurrent assets			436.5				437.9
Total assets		$	5,122.1			$	4,264.7
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable and accrued liabilities		$	206.7			$	249.8
Short-term debt and current portion of long-term debt			518.0				514.2
Deferred revenues			584.8				447.2
Operating lease liabilities			29.1				26.0
Income taxes payable			59.5				1.7
Total current liabilities			1,398.1				1,238.9
Noncurrent liabilities:
Long-term debt			3,234.5				2,546.9
Deferred income tax liabilities			183.7				191.6
Operating lease liabilities			153.8				158.7
Other noncurrent liabilities			28.2				23.6
Total liabilities			4,998.3				4,159.7
Commitments and contingencies (Note 16)
Stockholders’ equity:
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 139,957,796 and 140,414,637 shares outstanding, respectively			0.1				0.1
Additional paid-in capital			3,025.4				2,994.0
Treasury stock, at cost, 404,045,242 and 403,588,401 shares, respectively			(10,271.2	)			(10,062.4	)
Retained earnings			7,322.9				7,153.4
Accumulated other comprehensive income			45.8				15.0
Total Verisk stockholders' equity			123.0				100.1
Noncontrolling interests			0.8				4.9
Total stockholders’ equity			123.8				105.0
Total liabilities and stockholders’ equity		$	5,122.1			$	4,264.7

VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended March 31, 2025 and 2024

		Three Months Ended March 31,
		2025				2024
		(in millions, except for share and per share data)
Revenues		$	753.0			$	704.0
Operating expenses:
Cost of revenues (exclusive of items shown separately below)			230.8				227.8
Selling, general and administrative			108.9				92.9
Depreciation and amortization of fixed assets			67.4				57.4
Amortization of intangible assets			15.8				18.5
Total operating expenses, net			422.9				396.6
Operating income			330.1				307.4
Other income (expense):
Investment gain (loss)			2.6				(3.3	)
Interest expense, net			(36.3	)			(28.9	)
Total other expense, net			(33.7	)			(32.2	)
Income from continuing operations before income taxes			296.4				275.2
Provision for income taxes			(64.1	)			(55.8	)
Net income			232.3				219.4
Less: Net loss attributable to noncontrolling interests			—				0.2
Net income attributable to Verisk		$	232.3			$	219.6
Basic net income per share attributable to Verisk:		$	1.66			$	1.53
Diluted net income per share attributable to Verisk:		$	1.65			$	1.52
Weighted-average shares outstanding:
Basic			140,294,117				143,298,163
Diluted			140,939,555				143,973,534

VERISK ANALYTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Ended March 31, 2025 and 2024

		Three Months Ended March 31,
		2025				2024
		(in millions)
Cash flows from operating activities:
Net income		$	232.3			$	219.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets			67.4				57.4
Amortization of intangible assets			15.8				18.5
Amortization of debt issuance costs and original issue discount, net of original issue premium			0.6				0.4
Provision for doubtful accounts			5.3				3.4
Impairment of cost-based investments			—				1.0
Stock-based compensation expense			15.6				13.2
Deferred income taxes			(9.7	)			(8.3	)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable			(133.6	)			(155.9	)
Prepaid expenses and other assets			11.1				0.3
Operating lease right-of-use assets, net			5.6				6.6
Income taxes			141.1				58.0
Accounts payable and accrued liabilities			(44.5	)			(99.4	)
Deferred revenues			136.7				260.8
Operating lease liabilities			(3.7	)			(7.3	)
Other liabilities			4.7				4.1
Net cash provided by operating activities			444.7				372.2
Cash flows from investing activities:
Acquisitions and purchase of additional controlling interest, net of cash acquired of $0.0, and $1.8, respectively			(4.1	)			(25.9	)
Investments in non-public companies			—				(1.3	)
Capital expenditures			(53.7	)			(55.2	)
Escrow release associated with acquisitions			—				2.5
Net cash used in investing activities			(57.8	)			(79.9	)

		Three Months Ended March 31,
		2025				2024
		(in millions)
Cash flows from financing activities:
Proceeds from issuance of long term debt, net of original discount			698.3				—
Payment of debt issuance costs			(6.2	)			—
Repurchases of common stock			(170.1	)			(170.0	)
Share repurchases not yet settled			(30.0	)			(30.0	)
Proceeds from stock options exercised			24.7				28.2
Net share settlement of taxes from restricted stock and performance share awards			(17.9	)			(12.1	)
Dividends paid			(63.0	)			(55.8	)
Other financing activities, net			(2.5	)			(2.8	)
Net cash provided by (used in) financing activities			433.3				(242.5	)
Effect of exchange rate changes			0.7				(0.1	)
Net increase in cash and cash equivalents			820.9				49.7
Cash and cash equivalents, beginning of period			291.2				302.7
Cash and cash equivalents, end of period		$	1,112.1			$	352.4
Supplemental disclosures:
Income taxes (received) paid		$	(67.4	)		$	6.1
Interest paid		$	10.4			$	9.1
Noncash investing and financing activities:
Deferred tax liability established on date of acquisition		$	—			$	1.4
Finance lease additions		$	1.2			$	12.4
Operating lease additions, net		$	0.6			$	2.7
Fixed assets included in accounts payable and accrued liabilities		$	0.1			$	0.2

Non-GAAP Reconciliations

Consolidated EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin Reconciliation, and Organic Adjusted EBITDA Reconciliation from Continuing Operations
(in millions)
Note: EBITDA, adjusted EBITDA, adjusted EBITDA margin, and organic adjusted EBITDA are non-GAAP measures. Margin is calculated as a percentage of revenues.

		Three Months Ended March 31,
		2025								2024
		Total				Margin				Total				Margin
Net income		$	232.3				30.8	%		$	219.4				31.2	%
Depreciation and amortization of fixed assets			67.4				9.0				57.4				8.2
Amortization of intangible assets			15.8				2.1				18.5				2.6
Interest expense, net			36.3				4.8				28.9				4.1
Provision for income taxes			64.1				8.5				55.8				7.9
EBITDA			415.9				55.2				380.0				54.0
Acquisition-related earn-outs			0.7				0.1				—				—
Impairment of cost-based investments			—				—				1.0				0.1
Nonoperational foreign currency loss on internal loan transaction			—				—				4.2				0.6
Litigation reserve, net of recovery			—				—				(4.7	)			(0.7	)
Adjusted EBITDA			416.6				55.3				380.5				54.0
Less: Adjusted EBITDA from acquisition and disposition			0.7								(0.2	)
Organic adjusted EBITDA		$	417.3				55.5			$	380.3				54.4

Results Summary, EBITDA and Adjusted EBITDA Reconciliation
(in millions)
Note: Organic revenues, EBITDA, adjusted EBITDA, and organic adjusted EBITDA are non-GAAP measures.

		Three Months Ended March 31,
		2025				2024
Revenues		$	753.0			$	704.0
Less: Revenues from acquisition and disposition			(0.8	)			(5.4	)
Organic revenues		$	752.2			$	698.6
EBITDA		$	415.9			$	380.0
Acquisition-related earn-outs			0.7				—
Impairment of cost-based investments			—				1.0
Nonoperational foreign currency loss on internal loan transaction			—				4.2
Litigation reserve, net of recovery			—				(4.7	)
Adjusted EBITDA			416.6				380.5
Less: Adjusted EBITDA from acquisition and disposition			0.7				(0.2	)
Organic adjusted EBITDA		$	417.3			$	380.3

Consolidated Adjusted EBITDA Expense Reconciliation
(in millions)
Note: Adjusted EBITDA expenses are a non-GAAP measure.

		Three Months Ended
		March 31,
		2025				2024
Operating expenses		$	422.9			$	396.6
Less: Depreciation and amortization of fixed assets			(67.4	)			(57.4	)
Less: Amortization of intangible assets			(15.8	)			(18.5	)
Plus: Investment (gain) loss			(2.6	)			2.3
Plus: Acquisition-related earn-outs			(0.7	)			—
Plus: Impairment of cost-based investments			—				1.0
Plus: Nonoperational foreign currency loss on internal loan transaction			—				4.2
Less: Litigation reserve, net of recovery			—				(4.7	)
Adjusted EBITDA expenses		$	336.4			$	323.5

Diluted Adjusted EPS Reconciliation
(in millions, except per share amounts)
Note: Diluted adjusted EPS is a non-GAAP measure.

		Three Months Ended
		March 31,
		2025				2024
Net income		$	232.3			$	219.4
Plus: Amortization of intangibles			15.8				18.5
Less: Income tax effect on amortization of intangibles			(4.1	)			(4.8	)
Less: Acquisition-related earn-outs			0.7				—
Plus: Income tax effect on acquisition-related earn-outs			(0.2	)			—
Plus: Nonoperational foreign currency loss on internal loan transaction			—				4.2
Less: Income tax effect on nonoperational foreign currency loss on internal loan transaction			—				(1.0	)
Plus: Impairment of cost-based investments			—				1.0
Less: Income tax effect on impairment of cost-based investments			—				(0.3	)
Less: Litigation reserve, net of recovery			—				(4.7	)
Plus: Income tax effect on litigation reserve, net of recovery			—				1.7
Adjusted net income		$	244.5			$	234.0
Diluted EPS attributable to Verisk		$	1.65			$	1.52
Diluted adjusted EPS		$	1.73			$	1.63
Weighted-average diluted shares outstanding			140.9				144.0

Free Cash Flow Reconciliation
(in millions)
Note: Free cash flow is a non-GAAP measure.

		Three Months Ended
		March 31,
		2025				2024				% Change
Net cash provided by operating activities		$	444.7			$	372.2				19.5	%
Capital expenditures			(53.7	)			(55.2	)			(2.7	)%
Free cash flow		$	391.0			$	317.0				23.3	%

Investor Relations
Stacey Brodbar
Head of Investor Relations
Verisk 
201-469-4327 
IR@verisk.com

Media
Alberto Canal
Verisk Public Relations
201-469-2618
Alberto.Canal@verisk.com