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2 days ago
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- Globe and Mail
Verisk Reports Second-Quarter 2025 Financial Results
Second quarter revenue of $773 million, up 7.8%, and up 7.9% on an organic constant currency (OCC) basis. Net income of $253 million, down 17.7% due to gains recognized in the prior year. Adjusted EBITDA, a non-GAAP measure, of $445 million, up 11.9%, and up 9.7% on an OCC basis. Diluted GAAP earnings per share of $1.81, down 15.8%. Diluted adjusted EPS, a non-GAAP measure, of $1.88, up 8.0%. Acquired SuranceBay on July 17, 2025 for $163 million. Signed a definitive agreement to acquire AccuLynx for $2.35 billion. JERSEY CITY, N.J., July 30, 2025 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced results for the second quarter ended June 30, 2025. The earnings release is available on the company's Investor Relations website at Lee Shavel, President and CEO, Verisk: 'Verisk delivered another strong quarter of broad-based growth in the second quarter and we are raising our revenue and adjusted EBITDA outlook for the full year 2025. Our operational focus over the past three years has delivered value for our clients and consistent financial results for our investors. We've also demonstrated the continued evolution of our business from industry utility to data analytics specialist to integrated technology network serving the global insurance industry. And now with our acquisition of SuranceBay and pending acquisition of AccuLynx, we will leverage our strengths to extend and expand the capabilities of these successful businesses to enhance value for the industry and Verisk." Elizabeth Mann, CFO, Verisk: 'Verisk delivered continued strong operating momentum in the second quarter, underscored by 7.9% OCC revenue growth and solid operating leverage, leading to 9.7% adjusted EBITDA growth on an OCC basis. We are investing our capital in core operations and in acquisitions of strong and strategic businesses where we can create value with attractive returns consistent with our capital discipline, while also returning capital to shareholders. We are excited about the growth opportunities ahead and have confidence in delivering on our strategy and value creation." 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 Six Months Ended June 30, June 30, 2025 2024 % Change 2025 2024 % Change Revenues $ 773 $ 717 7.8 % 1,526 1,421 7.4 % Net income 253 308 (17.7) 486 527 (7.9) Adjusted EBITDA 445 397 11.9 861 778 10.7 Diluted EPS attributable to Verisk 1.81 2.15 (15.8) 3.45 3.67 (6.0) Diluted adjusted EPS 1.88 1.74 8.0 3.62 3.36 7.7 Net cash provided by operating activities 245 212 15.5 689 592 16.3 Free cash flow 189 154 22.6 580 479 20.9 Dividends per share 0.45 0.39 15.4 0.90 0.78 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. *Beginning with 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. Six Months Ended June 30, % Change 2025 2024 Reported OCC* Underwriting $ 1,082 $ 1,006 7.5 % 7.4 % Claims 444 415 7.0 9.0 Insurance $ 1,526 $ 1,421 7.4 7.9 Underwriting revenues increased 8.3% in the quarter and 7.7% 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 6.6% in the quarter and 8.3% 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 $253 million, a decrease of 17.7% in the quarter. The decrease in net income was primarily the result of net gains in the prior year period related to sales of our healthcare and specialized market businesses and the early extinguishment of debt. Three Months Ended June 30, % Change Margin 2025 2024 Reported OCC 2025 2024 Adjusted EBITDA $ 445 $ 397 11.9 % 9.7 % 57.6 % 55.4 % Six Months Ended June 30, % Change Margin 2025 2024 Reported OCC 2025 2024 Adjusted EBITDA $ 861 $ 778 10.7 % 9.6 % 56.5 % 54.8 % Adjusted EBITDA increased 9.7% 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 Six Months Ended June 30, June 30, 2025 2024 % Change 2025 2024 % Change Diluted EPS attributable to Verisk $ 1.81 $ 2.15 (15.8)% $ 3.45 $ 3.67 (6.0)% Diluted adjusted EPS $ 1.88 $ 1.74 8.0 % $ 3.62 $ 3.36 7.7 % The decrease in diluted EPS of 15.8% was primarily the result of net gains in the prior year period related to sales of our healthcare and specialized market businesses and the early extinguishment of debt. Diluted adjusted EPS increased 8.0%, reflecting strong operational performance and a lower average share count, partially offset by higher 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 Six Months Ended June 30, June 30, 2025 2024 % Change 2025 2024 % Change Net cash provided by operating activities $ 244.5 $ 211.7 15.5 % $ 689.2 $ 592.4 16.3 % Capital expenditures (55.8) (57.8) (3.5) (109.5) (113.0) (3.1) Free cash flow $ 188.7 $ 153.9 22.6 $ 579.7 $ 479.4 20.9 Net cash provided by operating activities grew 15.5% in the quarter, while free cash flow increased 22.6%. Free cash flow growth was driven by an increase in operating profit and partially offset by the timing of certain cash payments throughout the quarter. On June 30, 2025, we paid a cash dividend of 45 cents per share of common stock issued and outstanding to the holders of record as of June 13, 2025. On July 23, 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 September 30, 2025, to holders of record as of September 15, 2025. During the second quarter, we completed a $100 million Accelerated Share Repurchase program, resulting in the repurchase of 0.3 million shares, at an average price, less a discount, of $309.58. As of June 30, 2025, we had $1.3 billion remaining under our share repurchase authorization. Full Year 2025 Outlook Metric Original Guidance Updated Guidance Total revenue $3,030 - $ 3,080M $3,090 – $3,130M Adjusted EBITDA $1,670 - $1,720M $1,700 – $1,740M Adjusted EBITDA margin 55.0% –55.8% 55.0% –55.8% Diluted adjusted EPS $6.80 – $7.10 $6.80 – $7.00 Tax rate 23% –25% 23% –25% Capital expenditures $245 – $265M $245 – $265M Fixed asset depreciation & amortization $250 – $270M $250 – $270M Intangible amortization $65M $65M Interest expense $145 - $165M $190 – $210M Dividend per share $1.80 $1.80 Subsequent Events On July 17, 2025, we completed the acquisition of SuranceBay, a leading provider of producer licensing, onboarding, appointment and compliance solutions for the life and annuity industry, for $162.5 million in cash. This acquisition underscores our commitment to streamlining and automating the process of buying and selling insurance, and to supporting a robust life and annuity ecosystem with solutions that enhance workflows among carriers, general agencies, insurance agents and consumers. SuranceBay will become part of life solutions within our underwriting category in our insurance segment. On July 29, 2025, we entered into a definitive agreement to acquire AccuLynx for $2.35 billion in cash to augment our network capabilities across the insurance claims and restoration ecosystem. AccuLynx is the leading SaaS platform providing end-to-end business management workflow for residential property contractors with expertise in roofing. Upon the satisfaction of customary closing conditions including regulatory approval, AccuLynx will become part of property estimating solutions within our claims category in our insurance segment. Conference Call Our management team will host a live audio webcast to discuss the financial results and business highlights on Wednesday, July 30, 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 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 Contact: Investor Relations Stacey Brodbar Head of Investor Relations Verisk 201-469-4327 IR@ Media Alberto Canal Verisk Public Relations 201-469-2618 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 13 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. Please refer to the full Form 10-Q filing for the complete financial statements and related notes. VERISK ANALYTICS, INC. As of June 30, 2025 and December 31, 2024 June 30, 2025 December 31, 2024 (in millions, except for share and per share data) ASSETS: Current assets: Cash and cash equivalents $ 628.7 $ 291.2 Accounts receivable, net of allowance for doubtful accounts of $31.1 and $22.5, respectively 612.0 434.4 Prepaid expenses 78.9 72.8 Income taxes receivable 29.5 83.3 Other current assets 28.3 29.9 Total current assets 1,377.4 911.6 Noncurrent assets: Fixed assets, net 593.1 605.9 Operating lease right-of-use assets, net 148.8 156.0 Intangible assets, net 387.9 392.4 Goodwill 1,809.4 1,726.6 Deferred income tax assets 37.3 34.3 Other noncurrent assets 441.0 437.9 Total assets $ 4,794.9 $ 4,264.7 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable and accrued liabilities $ 175.6 $ 249.8 Short-term debt and current portion of long-term debt 17.0 514.2 Deferred revenues 671.0 447.2 Operating lease liabilities 27.8 26.0 Income taxes payable 8.0 1.7 Total current liabilities 899.4 1,238.9 Noncurrent liabilities: Long-term debt 3,233.2 2,546.9 Deferred income tax liabilities 180.5 191.6 Operating lease liabilities 149.8 158.7 Other noncurrent liabilities 19.4 23.6 Total liabilities 4,482.3 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; 139,700,834 and 140,414,637 shares outstanding, respectively 0.1 0.1 Additional paid-in capital 3,080.3 2,994.0 Treasury stock, at cost, 404,302,204 and 403,588,401 shares, respectively (10,397.6) (10,062.4) Retained earnings 7,513.2 7,153.4 Accumulated other comprehensive income 115.7 15.0 Total Verisk stockholders' equity 311.7 100.1 Noncontrolling interests 0.9 4.9 Total stockholders' equity 312.6 105.0 Total liabilities and stockholders' equity $ 4,794.9 $ 4,264.7 VERISK ANALYTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three and Six Months Ended June 30, 2025 and 2024 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions, except for share and per share data) Revenues $ 772.6 $ 716.8 $ 1,525.6 $ 1,420.8 Operating expenses: Cost of revenues (exclusive of items shown separately below) 229.5 219.4 460.3 447.2 Selling, general and administrative 106.5 101.5 215.4 194.4 Depreciation and amortization of fixed assets 66.0 59.0 133.4 116.4 Amortization of intangible assets 16.3 18.2 32.1 36.7 Total operating expenses, net 418.3 398.1 841.2 794.7 Operating income 354.3 318.7 684.4 626.1 Other income (expense): Net gain on early extinguishment of debt — 3.6 — 3.6 Investment gain 9.1 99.8 11.7 96.5 Interest expense, net (35.5) (29.1) (71.8) (58.0) Total other (expense) income, net (26.4) 74.3 (60.1) 42.1 Income before income taxes 327.9 393.0 624.3 668.2 Provision for income taxes (74.6) (85.2) (138.7) (141.0) Net income 253.3 307.8 485.6 527.2 Less: Net loss attributable to noncontrolling interests — 0.3 — 0.5 Net income attributable to Verisk $ 253.3 $ 308.1 $ 485.6 $ 527.7 Basic net income per share attributable to Verisk: $ 1.81 $ 2.16 $ 3.47 $ 3.69 Diluted net income per share attributable to Verisk: $ 1.81 $ 2.15 $ 3.45 $ 3.67 Weighted-average shares outstanding: Basic 139,818,324 142,705,508 140,056,221 143,001,836 Diluted 140,339,539 143,293,222 140,639,547 143,633,378 VERISK ANALYTICS, INC. For the Three and Six Months Ended June 30, 2025 and 2024 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Cash flows from operating activities: Net income $ 253.3 $ 307.8 $ 485.6 $ 527.2 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of fixed assets 66.0 59.0 133.4 116.4 Amortization of intangible assets 16.3 18.2 32.1 36.7 Amortization of debt issuance costs and original issue discount, net of original issue premium 0.8 0.9 1.4 1.3 Provision for doubtful accounts 6.1 3.5 11.4 6.9 Net gain on early extinguishment of debt — (3.6) — (3.6) Impairment of cost-based investments — — — 1.0 Stock-based compensation expense 14.1 12.4 29.7 25.6 Net gain upon settlement of investment in non-public companies — (98.3) — (98.3) Deferred income taxes (9.6) (9.5) (19.3) (17.8) Loss on disposal of fixed assets — 0.2 — 0.2 Acquisition related liability adjustment (1.6) — (1.6) — Other operating (11.2) — (11.2) — Changes in assets and liabilities, net of effects from acquisitions: Accounts receivable (46.1) 4.1 (179.7) (151.8) Prepaid expenses and other assets (8.0) 16.4 3.1 25.2 Operating lease right-of-use assets, net 5.8 7.1 11.4 13.7 Income taxes (80.6) (40.7) 60.5 17.3 Accounts payable and accrued liabilities (24.6) 0.4 (69.1) (99.0) Deferred revenues 81.4 (62.9) 218.1 197.9 Operating lease liabilities (8.4) (4.5) (12.1) (11.8) Other liabilities (9.2) 1.2 (4.5) 5.3 Net cash provided by operating activities 244.5 211.7 689.2 592.4 Cash flows from investing activities: Acquisitions and purchase of additional controlling interest, net of cash acquired of $0.3, $0.0, $0.3, and $1.8, respectively (20.3) — (24.4) (23.4) Investments in non-public companies (4.5) 1.8 (4.5) 0.5 Proceeds received upon settlement of investment in non-public companies — 112.1 — 112.1 Capital expenditures (55.8) (57.8) (109.5) (113.0) Net cash (used in) provided by investing activities (80.6) 56.1 (138.4) (23.8) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Cash flows from financing activities: Proceeds from issuance of long term debt, net of original discount — 590.2 698.3 590.2 Payment of debt issuance costs — (5.6) (6.2) (5.6) Repayment of current portion of long-term debt (500.0) — (500.0) — Payment on early extinguishment of debt — (396.4) — (396.4) Repurchases of common stock (100.0) (127.5) (300.1) (327.5) Share repurchases not yet settled — (22.5) — (22.5) Payment of contingent liability related to acquisition — — — (8.5) Payment of excise tax (7.6) — (7.6) — Proceeds from stock options exercised 22.9 35.0 47.6 63.2 Net share settlement of taxes from restricted stock and performance share awards (7.6) (0.5) (25.5) (12.6) Dividends paid (63.0) (55.5) (126.0) (111.3) Other financing activities, net (3.7) (3.1) (6.2) (5.9) Net cash (used in) provided by financing activities (659.0) 14.1 (225.7) (236.9) Effect of exchange rate changes 11.7 (2.2) 12.4 (2.3) Net (decrease) increase in cash and cash equivalents (483.4) 279.7 337.5 329.4 Cash and cash equivalents, beginning of period 1,112.1 352.4 291.2 302.7 Cash and cash equivalents, end of period $ 628.7 $ 632.1 $ 628.7 $ 632.1 Supplemental disclosures: Income taxes paid $ 164.7 $ 135.3 $ 97.3 $ 141.4 Interest paid $ 49.5 $ 46.0 $ 59.9 $ 55.1 Noncash investing and financing activities: Deferred tax liability established on date of acquisition $ 2.5 $ — $ 2.5 $ 1.4 Finance lease additions $ 0.6 $ 10.1 $ 1.8 $ 22.5 Operating lease additions, net $ 1.0 $ 1.1 $ 1.6 $ 3.8 Fixed assets included in accounts payable and accrued liabilities $ — $ — $ 0.1 $ — 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Total Margin Total Margin Total Margin Total Margin Net income $ 253.3 32.8 % $ 307.8 42.9 % $ 485.6 31.8 % $ 527.2 37.1 % Depreciation and amortization of fixed assets 66.0 8.5 59.0 8.2 133.4 8.8 116.4 8.2 Amortization of intangible assets 16.3 2.1 18.2 2.6 32.1 2.1 36.7 2.6 Interest expense, net 35.5 4.6 29.1 4.1 71.8 4.7 58.0 4.1 Provision for income taxes 74.6 9.7 85.2 11.9 138.7 9.1 141.0 9.9 EBITDA 445.7 57.7 499.3 69.7 861.6 56.5 879.3 61.9 Acquisition-related earn-outs (0.9) (0.1) — — (0.2) — — — Impairment of cost-based investments — — — — — — 1.0 0.1 Nonoperational foreign currency loss on internal loan transaction — — — — — — 4.2 0.3 Litigation reserve, net of recovery — — — — — — (4.7) (0.3) Net gain upon settlement of investment in non-public companies — — (98.3) (13.8) — — (98.3) (6.9) Net gain on early extinguishment of debt — — (3.6) (0.5) — — (3.6) (0.3) Adjusted EBITDA 444.8 57.6 397.4 55.4 861.4 56.5 777.9 54.8 Less: Adjusted EBITDA from acquisition and disposition (0.1) — 0.6 (0.2) Organic adjusted EBITDA $ 444.7 57.6 $ 397.4 55.8 $ 862.0 56.6 $ 777.7 55.1 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 June 30, 2025 2024 Revenues $ 772.6 $ 716.8 Less: Revenues from acquisition and disposition (0.8) (4.6) Organic revenues $ 771.8 $ 712.2 EBITDA $ 445.7 $ 499.3 Acquisition-related earn-outs (0.9) — Net gain upon settlement of investment in non-public companies — (98.3) Net gain on early extinguishment of debt — (3.6) Adjusted EBITDA 444.8 397.4 Less: Adjusted EBITDA from acquisition and disposition (0.1) — Organic adjusted EBITDA $ 444.7 $ 397.4 Six Months Ended June 30, 2025 2024 Revenues $ 1,525.6 $ 1,420.8 Less: Revenues from acquisitions and dispositions (1.6) (10.0) Organic revenues $ 1,524.0 $ 1,410.8 EBITDA $ 861.6 $ 879.3 Acquisition-related earn-outs (0.2) — Impairment of cost-based investments — 1.0 Nonoperational foreign currency loss on internal loan transaction — 4.2 Litigation reserve, net of recovery — (4.7) Net gain upon settlement of investment in non-public companies — (98.3) Net gain on early extinguishment of debt — (3.6) Adjusted EBITDA 861.4 777.9 Less: Adjusted EBITDA from acquisition and disposition 0.6 (0.2) Organic adjusted EBITDA $ 862.0 $ 777.7 Consolidated Adjusted EBITDA Expense Reconciliation (in millions) Note: Adjusted EBITDA expenses are a non-GAAP measure. Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Operating expenses $ 418.3 $ 398.1 $ 841.2 $ 794.7 Less: Depreciation and amortization of fixed assets (66.0) (59.0) (133.4) (116.4) Less: Amortization of intangible assets (16.3) (18.2) (32.1) (36.7) Less: Investment gain (9.1) (99.8) (11.7) (96.5) Plus: Acquisition-related earn-outs 0.9 — 0.2 — Less: Impairment of cost-based investments — — — (1.0) Less: Nonoperational foreign currency loss on internal loan transaction — — — (4.2) Plus: Litigation reserve, net of recovery — — — 4.7 Plus: Net gain upon settlement of investment in non-public companies — 98.3 — 98.3 Adjusted EBITDA expenses $ 327.8 $ 319.4 $ 664.2 $ 642.9 Diluted Adjusted EPS Reconciliation (in millions, except per share amounts) Note: Diluted adjusted EPS is a non-GAAP measure. Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income $ 253.3 $ 307.8 $ 485.6 $ 527.2 Plus: Amortization of intangibles 16.3 18.2 32.1 36.7 Less: Income tax effect on amortization of intangibles (4.2) (4.7) (8.3) (9.5) Less: Acquisition-related earn-outs (0.9) — (0.2) — Less: Income tax effect on acquisition-related earn-outs (0.1) — (0.3) — 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 Less: Net gain upon settlement of investment in non-public companies — (98.3) — (98.3) Plus: Income tax effect on net gain upon settlement of investment in non-public companies — 28.5 — 28.5 Less: Net gain on early extinguishment of debt — (3.6) — (3.6) Plus: Income tax effect on net gain on early extinguishment of debt — 0.9 — 0.9 Adjusted net income $ 264.4 $ 248.8 $ 508.9 $ 482.8 Diluted EPS attributable to Verisk $ 1.81 $ 2.15 $ 3.45 $ 3.67 Diluted adjusted EPS $ 1.88 $ 1.74 $ 3.62 $ 3.36 Weighted-average diluted shares outstanding 140.3 143.3 140.6 143.6 Free Cash Flow Reconciliation (in millions) Note: Free cash flow is a non-GAAP measure. Three Months Ended Six Months Ended June 30, June 30, 2025 2024 % Change 2025 2024 % Change Net cash provided by operating activities $ 244.5 $ 211.7 15.5 % $ 689.2 $ 592.4 16.3 % Capital expenditures (55.8) (57.8) (3.5) (109.5) (113.0) (3.1) Free cash flow $ 188.7 $ 153.9 22.6 $ 579.7 $ 479.4 20.9
Associated Press
3 days ago
- Business
- Associated Press
Esen Launches Real Estate Development Platform in North America; Announces $1.5B+ Multi-Tower Project in Jersey City
07/28/2025, New York, NY // PRODIGY: Feature Story // A team of real estate industry veterans have come together to form Esen, focusing on delivering high-impact mixed-use developments in major urban centers across North America. The team is largely comprised of former Brookfield Properties and Forest City executives who, in partnership with the Singapore-based Croesus Group, formed Esen. The firm is committed to working with leading global capital partners and forward-thinking design teams to shape the future of cities through transformational projects. Esen leadership includes: Additional key Esen partners include Kate Bicknell, Joginder Singh, Loren Morgan, Jeff Morrow, Shaw Henry, Mike May, Lori Sindelar, and Martha Gurule. This talented team has collectively delivered some of the country's most successful mixed-use developments including Barclays Center (Brooklyn), Cornell Tech (Roosevelt Island), The Yards (Washington, D.C.), and Fifth + Broadway (Nashville). Along with the announcement of its formation, Esen has revealed plans for a transformative large-scale mixed-use development in the heart of the Jersey City waterfront district. This $1.5B+ multi-phase project, in partnership with global shipping and transportation conglomerate, Evergreen, marks the beginning of Esen's bold vision to deliver impactful, innovative, and community-focused urban developments. The project will consist of three multi-family towers totaling approximately 2,000 units, ranging from studios to spacious three-bedroom residences. Construction on Tower 1 is anticipated to begin in summer 2026, with the building expected to open in early 2029. Towers 2 and 3 will follow in subsequent phases. Designed with a focus on livability and connectivity, at full delivery, this development will include over 30,000 square feet of publicly accessible open space. This space will feature a pedestrian-only corridor linking Washington Street and Greene Street and a central courtyard and plaza adjacent to Harborside Park. The project benefits from spectacular, unobstructed views of Manhattan and the Statue of Liberty. It sits steps away from a Whole Foods Market and Grove Street's thriving retail corridor. The development is also conveniently located between the Grove Street and Exchange Place PATH stations, offering seamless access to Midtown Manhattan and the Financial District. 'This project embodies the scale, ambition, and collaborative spirit that define Esen,' said Matt Elsesser, Chief Executive Officer at Esen. 'We're proud to be launching with a development project of this magnitude in partnership with a world-class organization like Evergreen, and to continue our legacy of delivering exceptional urban developments that bring lasting value to cities and communities.' For more information on Esen Development, visit About Esen is a next-generation real estate development and investment firm focused on delivering high-impact mixed-use projects in major urban centers. With deep institutional roots and a bold entrepreneurial drive, Esen specializes in leading placemaking developments through purpose-driven design, disciplined execution and strategic capital partnerships. Committed to excellence, collaboration, and long-term value creation, the Esen team consistently delivers exceptional results for investors and communities alike. For more information, visit Social Links LinkedIn Media Contact Full Name: Andrea Rizk Company Name: Rizk Public Relations Email: [email protected] Phone Number: 404-316-0251
Yahoo
3 days ago
- Business
- Yahoo
The NRP Group Celebrates Opening of Luxury, Transit-Oriented Waterfront Community in Jersey City's Port Liberté
Move-ins commence at upscale 401-unit development adjacent to Manhattan, bringing elevated design, resort-style amenities and nearby transit access to one of the metro area's fastest-growing residential destinations JERSEY CITY, N.J., July 28, 2025--(BUSINESS WIRE)--The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, in partnership with G&S Investors and Rockwood Capital, today announced the completion and official opening of Oliver on the Hudson, a luxury multifamily community in the sought-after Port Liberté neighborhood of Jersey City. Just steps from the Hudson River and a 15-minute ferry ride away from Manhattan, the 401-unit development delivers scenic waterfront views complemented by a full suite of resort-style amenities. Strategically located at 190 Chapel Avenue, Oliver on the Hudson delivers direct access to downtown Jersey City, New York City's financial district and vibrant green spaces including Liberty State Park. Residents can access a seamless commute to Manhattan via the Port Liberté Ferry Terminal, just a four-minute walk from the property. Two Hudson-Bergen Light Rail stations and immediate access to Interstate 78 further enhance connectivity. The community spans 2.7 acres alongside the prestigious Liberty National Golf Course and includes bike-friendly paths and landscaped green spaces that connect to the Hudson River Waterfront Walkway. "It is no secret that Jersey City has arrived as the premier regional destination for renters seeking luxury, connectivity and lifestyle. We are proud to be a part of Jersey City's story by delivering this vibrant waterfront community near public transit to working professionals and families in Port Liberté," said Jonathan Gertman, Senior Vice President of Development at The NRP Group. "Oliver on the Hudson delivers thoughtfully curated amenities and seamless access to the waterfront and Manhattan. Oliver reflects the future of urban living in one of the region's most dynamic markets." Residences at Oliver on the Hudson range from studio to three-bedroom layouts, with many featuring private balconies and sweeping skyline views. Interior finishes include fully equipped kitchens with stainless steel GE Appliances, sleek graphite fixtures, polished quartz countertops, porcelain tile backsplashes and modern flat-panel cabinetry. All units include full-size front-load washers and dryers and oversized, backlit mirrors. Select homes with larger floorplans feature cathedral ceilings, spacious breakfast bars or islands, wine and beverage centers and walk-in closets. "Oliver on the Hudson presented an opportunity to meaningfully contribute to one of the region's most dynamic residential corridors," said Abe Naparstek, Partner at G&S Investors. "We leveraged our expertise to integrate top-tier design and an exceptional resident experience into a vibrant transit-oriented community. From site selection through lease-up, this community reflects both the character of Port Liberté and the expectations of today's renters." A robust set of resort-inspired amenities are designed for daily retreat and effortless entertaining. At the heart of the community are two expansive interior courtyards, one of which features a hotel-inspired pool with a cabana house. Both offer lush green space, numerous lounge areas and walking paths that encourage relaxation and connection. A fifth-floor sky lounge with an outdoor terrace provides unobstructed views of the Manhattan skyline. A clubhouse anchors the indoor amenity experience with a multi-level fitness center, mezzanine yoga and cardio studios, interactive activity zone, catering kitchen with a private dining room, coworking spaces and a 24/7 package concierge system. The development also includes a 602-space secure parking garage, 201 bicycle parking spots, a commuter lounge and secure bike storage. Pet owners benefit from an on-site pet spa and spacious dog park. KTGY Architecture and Planning served as the lead architect for the five-story building, with Bergmeyer overseeing interior design. Financing for the project includes senior construction loans from Citizens and Fifth Third Bank, with Rockwood Capital providing joint venture equity. Oliver on the Hudson is currently in lease-up and accepting applications. For more information, please visit About The NRP GroupThe NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing with a mission to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 62,000 apartment homes and currently manages over 30,000 residential units. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company's formidable size and depth of talent provide the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, mixed-income, and senior housing. The NRP Group has been consistently named a largest developer and builder in the U.S. on the NMHC "Top 50" lists, the Top 5 on the Multi-Housing News' "Top Multifamily Developers" list, named a Top Affordable Housing Developer by Affordable Housing Finance, and has won three NAHB Pillar awards since 2020 for Development, Construction and Ones to Watch. The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate housing at a national scale. Based on over 30 years of experience and expertise, NRP provides construction and property management services to outside owners and developers. For additional information, visit About G&S InvestorsG&S Investors develops, leases and manages income-producing properties in the New York tri-state area. Founded in 1982, G&S is known in the industry for its creativity in solving development problems, particularly in sites which have physical, economic and community challenges. The company's success is based upon identifying opportunities and applying solid forecasting, with sensitivity to political realities and economic trends. G&S has successfully executed every project it has initiated. This record has been achieved by fostering close and flexible relationships with financial institutions, local government, and community groups involved in every project. National tenants such as ShopRite, Costco, BJ's Wholesale Club, Target, TJ Maxx, Bed Bath & Beyond, AMC Theaters, Stop & Shop, Home Depot and many others have turned to G&S to develop sites that are simply too complicated and difficult to attempt on their own. G&S possesses the in-house expertise for handling a full array of development challenges. The backgrounds of G&S partners and in-house professionals include community planning, accounting, law, brokerage, architecture, finance, engineering and construction management. G&S prides itself on its ability to maximize the input from professional consultants such as lawyers, engineers and architects in order to create a development plan that can be permitted, leased, financed, and constructed in the least time possible. G&S capitalizes its projects with balance sheet equity, third party JV equity, construction loans, and permanent financing from major financial institutions. Its balance sheet is anchored by a portfolio of completed projects which the company has retained and are stabilized. The company has also joint ventured with other major developers, such as Brookfield Properties and financial institutions. About Rockwood CapitalRockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of live-space, mixed-use, workspace, retail, industrial and hotel properties in key markets throughout the United States. Rockwood is a 78-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA. Since inception, Rockwood and its principals have invested in approximately $39.9 billion of real estate and real estate-related assets (gross asset value). As of Q4 2024, Rockwood manages a portfolio of approximately $13.3 billion (gross asset value). Rockwood's international investor base includes sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals and family offices. For more information, visit View source version on Contacts MEDIA: Antenna Groupnrpgroup@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
6 days ago
- Business
- Associated Press
ICOPAX Technologies Launches Telegram Based Blockchain Platform With Presales Decentralized Trading and In App Project Insights
JERSEY CITY, NJ / ACCESS Newswire / July 26, 2025 / ICOPAX Technologies, Inc., a blockchain infrastructure and software development company, has formally announced the launch of a new digital asset access and trading platform integrated directly into Telegram. The platform aims to consolidate various decentralized finance (DeFi) functions into a single, mobile-first interface embedded within Telegram chats, eliminating the need for separate applications, browser extensions, or wallet integrations. The ICOPAX platform introduces a task-based participation model in which users can complete predefined, in-chat actions to gain access to token presales hosted on the platform. These actions include content sharing, community engagement, and referral activities. Access to presales is determined by system-defined thresholds and is not based on random selection, gas competition, or whitelist approval. Presale participation is facilitated through smart contracts, which are designed to ensure transparent token allocation and minimize administrative risk. In addition to presale access, the platform features a decentralized exchange (DEX) that enables real-time token swaps across multiple blockchain networks. Initial support includes BNB Chain and Solana, with plans to expand to other major ecosystems. The DEX is fully integrated into the Telegram interface, providing users with access to swapping functionality, liquidity monitoring tools, and staking modules. The design is intended to allow users to execute trades and monitor assets without leaving the Telegram chat environment. ICOPAX also announced the deployment of a project review and selection framework. Token projects seeking listing or presale access on the platform undergo an internal evaluation process that assesses both technical components and operational transparency. Projects that meet internal criteria are onboarded and granted access to ICOPAX's smart contract deployment tools for presales and token distribution. This process is intended to reduce exposure to malicious contracts and unaudited token mechanics, while offering a more predictable distribution model. A content and information module, branded as ICOPAX News, has also been introduced. This feature provides Telegram-based delivery of project launch announcements, market updates, and blockchain-related insights curated by the ICOPAX team. The information feed is accessible directly within Telegram and is updated in coordination with project events, platform developments, and broader market conditions. According to the company's publicly released roadmap, platform development has followed a phased deployment schedule. During Q2 2025, ICOPAX launched a Telegram bot MVP (minimum viable product), conducted third-party security audits, and completed user experience (UX) testing. In Q3 2025, the company is scheduled to host its first presales, release the beta version of its DEX swap feature, introduce staking capabilities, and officially launch its native utility token. Plans for Q4 2025 include the addition of multi-chain functionality, regulatory compliance tools, and a performance analytics dashboard for platform participants. ICOPAX has also stated its intention to launch a standalone mobile application in 2026 and implement decentralized autonomous organization (DAO) governance features to support community-led decision-making. The native utility token, scheduled for release in Q3 2025, is expected to serve multiple platform roles, including fee reduction, staking eligibility, governance participation, and access tiering. The token will incorporate a deflationary design through a programmed burn mechanism tied to platform usage. The company has stated that all token mechanics will be deployed via verifiable smart contracts and subjected to code audit procedures. ICOPAX Technologies, Inc. reports increasing activity on its waitlist and Telegram bot, with pilot engagement from users in Southeast Asia, Latin America, Africa, and selected regions in Europe. The company attributes early adoption to the platform's mobile-native design and the ability to consolidate multiple blockchain functions within a familiar messaging app. The founding team includes contributors with prior experience in DeFi protocol development, token launchpad infrastructure, and blockchain security auditing, including work related to platforms such as PancakeSwap and PinkSale. In parallel with the product rollout, ICOPAX has opened a pre-seed and seed funding round. The company stated that capital raised will be used for continued product development, smart contract audits, liquidity provisioning for DEX functionality, backend infrastructure scaling, and regulatory compliance support. ICOPAX Technologies, Inc. is incorporated and headquartered in Jersey City, New Jersey. Company Information Company Name: ICOPAX Technologies, Inc. Website: Telegram Bot: Media Contact Organization: ICOPAX Technologies Inc. Contact Person Name: Ava Mendes Website: Email: [email protected] City: Jersey City State: New Jersey Country: United States SOURCE: ICOPAX Technologies, Inc. press release
The Guardian
23-07-2025
- Entertainment
- The Guardian
Gazer review – ineffably creepy and unbearably tense noir chiller
Here is a paranoid noir chiller from the US, shot on 16mm on the mean streets of Jersey City; it is a fascinating debut for first-time feature director Ryan J Sloan that premiered at Cannes last year and is now getting its much-deserved UK release. A genuine skin-crawling unease seeps out of the screen for every second of its running time, helped by a brooding, moaning electronic score by Steve Matthew Carter. This ineffably creepy, often unbearably tense and disquieting film has a little of early Christopher Nolan (the Nolan of Following and Memento), with hints of Lynch and Cronenberg in its hallucinatory episodes. Sloan's co-writer and partner Ariella Mastroianni (reportedly a very distant relative of Marcello) stars as Frankie, a woman living on the edge of poverty, suffering from the neurogenerative disorders ataxia and dyschronometria. This means that she is disoriented and cannot accurately judge the passing of time, a condition she attempts to manage by listening to 30-minute tapes on an old-fashioned Sony Walkman, and by gazing in at the windows of total strangers. Her pinched, sharp, intelligent and discontented face dominates the screen; she radiates suppressed anguish and rage at everything that has happened and will happen to her, and at the idea that her condition means she will have to resign herself to an assisted living facility. The scene in which a harassed doctor puts this to her is itself a masterly set piece of grimness. Her husband apparently took his own life some time ago, an ambiguous event which recurs to her in vivid nightmares – was she somehow responsible? – which means Frankie is now legally obliged to let her young daughter be looked after by her glowering mother-in-law. At a therapy group for those who have lost loved ones to suicide, Frankie meets a mysteriously intense young woman (Renee Gagner) whom she remembers seeing in a window, and who puts to her a strange proposition; she says she is being abused and bullied by her aggressive cop brother (Jack Alberts) and needs to get away from their shared apartment, but he is keeping her car keys. If Frankie will break into the apartment and get them, and drive her car to the remote Jersey wetlands, she can have $3,000. But can Frankie do this without zoning out, or suffering one of her 'flashforward' episodes where hours can suddenly go past in an instant? Gazer's atmosphere of looming disaster and dreamlike oppression crowds in on you as the movie progresses; an intriguing, genuinely scary picture. Gazer is in UK cinemas from 25 July.
