Dun & Bradstreet Reports Third Quarter 2024 Financial Results
Dun & Bradstreet (NYSE: DNB) reported Q3 2024 financial results with revenue of $609.1 million, up 3.5% year-over-year. Organic revenue increased 3.4% on a constant currency basis. GAAP net income was $3.2 million ($0.01 per share), compared to $4.4 million in Q3 2023. Adjusted EBITDA reached $247.4 million, up 5.1%, with a margin of 40.6%.
North America revenue grew 2.6% to $432.5 million, while International revenue increased 5.7% to $176.6 million. The company expects full-year revenues at the low end of $2,400-$2,440 million range, with organic growth at the low end of 4.1-5.1%.
Dun & Bradstreet (NYSE: DNB) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 609,1 milioni di dollari, in aumento del 3,5% rispetto all'anno precedente. Il fatturato organico è aumentato del 3,4% su base di valuta costante. Il reddito netto secondo i principi contabili GAAP è stato di 3,2 milioni di dollari (0,01 dollari per azione), rispetto ai 4,4 milioni di dollari del terzo trimestre 2023. L'EBITDA rettificato ha raggiunto 247,4 milioni di dollari, in crescita del 5,1%, con un margine del 40,6%.
Il fatturato del Nord America è aumentato del 2,6% a 432,5 milioni di dollari, mentre il fatturato internazionale è salito del 5,7% a 176,6 milioni di dollari. L'azienda prevede un fatturato annuale nella parte bassa del range di 2.400-2.440 milioni di dollari, con una crescita organica nella parte bassa tra il 4,1% e il 5,1%.
Dun & Bradstreet (NYSE: DNB) reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 609,1 millones de dólares, un aumento del 3,5% en comparación con el año anterior. Los ingresos orgánicos aumentaron un 3,4% en base de moneda constante. La utilidad neta GAAP fue de 3,2 millones de dólares (0,01 dólares por acción), en comparación con 4,4 millones de dólares en el tercer trimestre de 2023. El EBITDA ajustado alcanzó 247,4 millones de dólares, un incremento del 5,1%, con un margen del 40,6%.
Los ingresos de América del Norte crecieron un 2,6% a 432,5 millones de dólares, mientras que los ingresos internacionales aumentaron un 5,7% a 176,6 millones de dólares. La compañía espera ingresos anuales en el extremo inferior del rango de 2.400-2.440 millones de dólares, con un crecimiento orgánico en el extremo inferior de 4,1-5,1%.
Dun & Bradstreet (NYSE: DNB)는 2024년 3분기 재무 결과를 보고했으며, 매출은 6억 9백 10만 달러로, 전년 대비 3.5% 증가했습니다. 유기적 매출은 일정한 환율 기준으로 3.4% 증가했습니다. GAAP 기준 순이익은 320만 달러(주당 0.01달러)로, 2023년 3분기의 440만 달러에 비해 감소했습니다. 조정 EBITDA는 2억 4천 740만 달러에 도달했으며, 5.1% 증가하여 40.6%의 마진을 기록했습니다.
북미 매출은 4억 3천 250만 달러로 2.6% 증가했으며, 국제 매출은 1억 7천 660만 달러로 5.7% 증가했습니다. 회사는 연간 매출이 24억에서 24억 4천만 달러의 저점에서 발생할 것으로 예상하며, 유기적 성장은 4.1-5.1%의 저점에서 예상하고 있습니다.
Dun & Bradstreet (NYSE: DNB) a rapporté les résultats financiers du troisième trimestre 2024 avec des revenus de 609,1 millions de dollars, en hausse de 3,5% par rapport à l'année précédente. Les revenus organiques ont augmenté de 3,4% à taux de change constant. Le revenu net selon les règles GAAP était de 3,2 millions de dollars (0,01 dollar par action), contre 4,4 millions de dollars au troisième trimestre 2023. L'EBITDA ajusté a atteint 247,4 millions de dollars, en hausse de 5,1%, avec une marge de 40,6%.
Les revenus en Amérique du Nord ont augmenté de 2,6% pour atteindre 432,5 millions de dollars, tandis que les revenus internationaux ont grimpé de 5,7% à 176,6 millions de dollars. L'entreprise s'attend à des revenus annuels dans la partie basse de l'intervalle de 2.400 à 2.440 millions de dollars, avec une croissance organique dans la partie basse de 4,1 à 5,1%.
Dun & Bradstreet (NYSE: DNB) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 609,1 Millionen Dollar, was einem Anstieg von 3,5% gegenüber dem Vorjahr entspricht. Der organische Umsatz stieg um 3,4% auf Basis konstanter Währungen. Der GAAP-Nettoertrag betrug 3,2 Millionen Dollar (0,01 Dollar pro Aktie), verglichen mit 4,4 Millionen Dollar im dritten Quartal 2023. Das bereinigte EBITDA erreichte 247,4 Millionen Dollar, ein Anstieg um 5,1%, mit einer Marge von 40,6%.
Die Umsätze in Nordamerika wuchsen um 2,6% auf 432,5 Millionen Dollar, während die internationalen Einnahmen um 5,7% auf 176,6 Millionen Dollar stiegen. Das Unternehmen erwartet für das Gesamtjahr Einnahmen im unteren Bereich von 2.400 bis 2.440 Millionen Dollar, mit organischem Wachstum im unteren Bereich von 4,1-5,1%.
- Revenue increased 3.5% to $609.1 million
- Adjusted EBITDA grew 5.1% to $247.4 million
- International segment revenue up 5.7% to $176.6 million
- North America adjusted EBITDA margin strong at 48.0%
- Available credit facility of $717.0 million shows strong liquidity
- GAAP net income decreased to $3.2 million from $4.4 million YoY
- Full-year revenue guidance revised to low end of range
- Organic revenue growth guidance lowered to low end of 4.1-5.1% range
Insights
The Q3 results show mixed performance with some concerning trends. While revenue grew
North America segment shows modest growth at
The launch of Chat D&B represents a strategic move into AI-enhanced business intelligence, potentially strengthening DNB's competitive position. The company's core Master Data Management and Risk Solutions continue showing resilience, particularly in International markets where organic growth reached
The share buyback activity has been modest, with
-
Revenue for the third quarter of 2024 was
, an increase of$609.1 million 3.5% and3.2% on a constant currency basis compared to the third quarter of 2023.
-
Organic revenue increased
3.4% on a constant currency basis compared to the third quarter of 2023.
-
GAAP net income for the third quarter of 2024 was
, or diluted earnings per share of$3.2 million , compared to net income of$0.01 , or diluted earnings per share of$4.4 million for the prior year quarter. Adjusted net income was$0.01 , or adjusted net earnings per diluted share of$116.0 million , compared to adjusted net income of$0.27 , or adjusted net earnings per diluted share of$116.2 million for the prior year quarter.$0.27
-
Adjusted EBITDA for the third quarter of 2024 was
, an increase of$247.4 million 5.1% compared to the prior year quarter. Adjusted EBITDA margin for the third quarter of 2024 was40.6% .
“We are pleased to deliver another solid quarter of financial results and strategic progress. Organic revenue growth of
-
Revenue for the nine months ended September 30, 2024 was
, an increase of$1,749.8 million 3.9% and3.8% on a constant currency basis compared to the nine months ended September 30, 2023.
-
Organic revenue increased
3.9% on a constant currency basis compared to the nine months ended September 30, 2023.
-
GAAP net loss for the nine months ended September 30, 2024 was
, or loss per share of$36.4 million , compared to net loss of$0.08 , or loss per share of$48.7 million for the prior year period. Adjusted net income was$0.11 , or adjusted net earnings per diluted share of$300.1 million , compared to adjusted net income of$0.69 , or adjusted net earnings per diluted share of$291.8 million for the prior year period.$0.68
-
Adjusted EBITDA for the nine months ended September 30, 2024 was
, an increase of$666.6 million 5.5% compared to the nine months ended September 30, 2023. Adjusted EBITDA margin for the nine months ended September 30, 2024 was38.1% .
Segment Results
For the third quarter of 2024,
-
Finance and Risk revenue for the third quarter of 2024 was
, an increase of$237.7 million or$2.8 million 1.2% compared to the third quarter of 2023.
-
Sales and Marketing revenue for the third quarter of 2024 was
, an increase of$194.8 million or$8.3 million 4.5% compared to the third quarter of 2023.
For the nine months ended September 30, 2024,
-
Finance and Risk revenue for the nine months ended September 30, 2024 was
, an increase of$661.8 million or$15.1 million 2.3% and2.4% on a constant currency basis compared to the nine months ended September 30, 2023.
-
Sales and Marketing revenue for the nine months ended September 30, 2024 was
, an increase of$561.9 million or$20.9 million 3.9% compared to the nine months ended September 30, 2023.
International
International revenue for the third quarter of 2024 was
-
Finance and Risk revenue for the third quarter of 2024 was
, an increase of$121.6 million or$8.0 million 7.1% and6.3% on a constant currency basis compared to the third quarter of 2023.
-
Sales and Marketing revenue for the third quarter of 2024 was
, an increase of$55.0 million or$1.5 million 2.7% and1.1% on a constant currency basis compared to the third quarter of 2023. Excluding the impact of the divestiture and the positive impact of foreign exchange, organic revenue increased2.4% .
International adjusted EBITDA for the third quarter of 2024 was
International revenue for the nine months ended September 30, 2024 was
-
Finance and Risk revenue for the nine months ended September 30, 2024 was
, an increase of$358.1 million or$25.9 million 7.8% and7.4% on a constant currency basis compared to the nine months ended September 30, 2023.
-
Sales and Marketing revenue for the nine months ended September 30, 2024 was
, an increase of$168.0 million or$4.3 million 2.6% and2.2% on a constant currency basis compared to the nine months ended September 30, 2023. Excluding the impact of the divestiture and the positive impact of foreign exchange, organic revenue increased3.4% .
International adjusted EBITDA for the nine months ended September 30, 2024 was
Balance Sheet
As of September 30, 2024, we had cash and cash equivalents of
Stock Repurchase Program
During the nine months ended September 30, 2024, we repurchased 961,360 shares of Dun & Bradstreet common stock for
Business Outlook
-
Revenues after the impact of foreign exchange are expected to be at the low end of our previously communicated range of
to$2,400 million , or approximately$2,440 million 3.7% to5.4% . -
Organic revenue growth is also expected to be at the low end of our previously communicated range of
4.1% to5.1% . -
Adjusted EBITDA is expected to continue to be in the range of
to$930 million .$950 million -
Adjusted EPS is expected to continue to be in the range of
to$1.00 .$1.04
The foregoing forward-looking statements reflect Dun & Bradstreet’s expectations as of today's date and Revenue assumes constant foreign currency rates. Dun & Bradstreet does not present a qualitative reconciliation of its forward-looking non-GAAP financial measures to the most directly comparable GAAP measure due to the inherent difficulty, without unreasonable efforts, in forecasting and quantifying with reasonable accuracy significant items required for this reconciliation. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Dun & Bradstreet does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
Earnings Conference Call and Audio Webcast
Dun & Bradstreet will host a conference call to discuss the third quarter 2024 financial results on October 31, 2024 at 8:30am ET. The conference call can be accessed live over the phone by dialing 1-844-481-2520 (
The call will also be webcast live from Dun & Bradstreet’s investor relations website at https://investor.dnb.com. Following the completion of the call, a recorded replay of the webcast will be available on the website.
About Dun & Bradstreet
Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com.
Use of Non-GAAP Financial Measures
In addition to reporting GAAP results, we evaluate performance and report our results on the non-GAAP financial measures discussed below. We believe that the presentation of these non-GAAP measures provides useful information to investors and rating agencies regarding our results, operating trends and performance between periods. These non-GAAP financial measures include organic revenue, adjusted earnings before interest, taxes, depreciation and amortization (‘‘adjusted EBITDA’’), adjusted EBITDA margin, adjusted net income and adjusted net earnings per diluted share. Adjusted results are non-GAAP measures that adjust for the impact due to certain acquisition and divestiture related revenue and expenses, such as costs for banker fees, legal fees, due diligence, retention payments and contingent consideration adjustments, restructuring charges, equity-based compensation, transition costs and other non-core gains and charges that are not in the normal course of our business, such as costs associated with early debt redemptions, gains and losses on sales of businesses, impairment charges, the effect of significant changes in tax laws and material tax and legal settlements. We exclude amortization of recognized intangible assets resulting from the application of purchase accounting because it is non-cash and not indicative of our ongoing and underlying operating performance. Intangible assets are recognized as a result of historical merger and acquisition transactions. We believe that recognized intangible assets by their nature are fundamentally different from other depreciating assets that are replaced on a predictable operating cycle. Unlike other depreciating assets, such as developed and purchased software licenses or property and equipment, there is no replacement cost once these recognized intangible assets expire and the assets are not replaced. Additionally, our costs to operate, maintain and extend the life of acquired intangible assets and purchased intellectual property are reflected in our operating costs as personnel, data fees, facilities, overhead and similar items. Management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of recognized intangible assets will recur in future periods until such assets have been fully amortized. In addition, we isolate the effects of changes in foreign exchange rates on our revenue growth because we believe it is useful for investors to be able to compare revenue from one period to another, both after and before the effects of foreign exchange rate changes. The change in revenue performance attributable to foreign currency rates is determined by converting both our prior and current periods’ foreign currency revenue by a constant rate. As a result, we monitor our revenue growth both after and before the effects of foreign exchange rate changes. We believe that these supplemental non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance and comparability of our operating results from period to period. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the factors management uses in planning for and forecasting future periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to our reported results prepared in accordance with GAAP.
Our non-GAAP or adjusted financial measures reflect adjustments based on the following items, as well as the related income tax.
Organic Revenue
We define organic revenue as reported revenue before the effect of foreign exchange excluding revenue from acquired businesses, if applicable, for the first twelve months. In addition, organic revenue excludes current and prior year revenue associated with divested businesses, if applicable. We believe the organic measure provides investors and analysts with useful supplemental information regarding the Company’s underlying revenue trends by excluding the impact of acquisitions and divestitures.
Adjusted EBITDA and Adjusted EBITDA Margin
We define adjusted EBITDA as net income (loss) attributable to Dun & Bradstreet Holdings, Inc. excluding the following items:
- depreciation and amortization;
- interest expense and income;
- income tax benefit or provision;
- other non-operating expenses or income;
- equity in net income of affiliates;
- net income attributable to non-controlling interests;
- equity-based compensation;
- restructuring charges;
- merger, acquisition and divestiture-related operating costs;
- transition costs primarily consisting of non-recurring expenses associated with investments to transform our technology and back-office infrastructure, including investment in the architecture of our technology platforms and cloud-focused infrastructure. The transformation efforts require us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current environment. These costs, as well as other expenses associated with transformational activities, are incremental and redundant costs that will not recur after we achieve our objectives and are not representative of our underlying operating performance. We believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure; and
- other adjustments include non-recurring charges such as legal expense associated with significant legal and regulatory matters and impairment charges.
We calculate adjusted EBITDA margin by dividing adjusted EBITDA by revenue.
Adjusted Net Income
We define adjusted net income as net income (loss) attributable to Dun & Bradstreet Holdings, Inc. adjusted for the following items:
- incremental amortization resulting from the application of purchase accounting. We exclude amortization of recognized intangible assets resulting from the application of purchase accounting because it is non-cash and is not indicative of our ongoing and underlying operating performance. The Company believes that recognized intangible assets by their nature are fundamentally different from other depreciating assets that are replaced on a predictable operating cycle. Unlike other depreciating assets, such as developed and purchased software licenses or property and equipment, there is no replacement cost once these recognized intangible assets expire and the assets are not replaced. Additionally, the Company’s costs to operate, maintain and extend the life of acquired intangible assets and purchased intellectual property are reflected in the Company’s operating costs as personnel, data fees, facilities, overhead and similar items;
- equity-based compensation;
- restructuring charges;
- merger, acquisition and divestiture-related operating costs;
- transition costs primarily consisting of non-recurring expenses associated with investments to transform our technology and back-office infrastructure, including investment in the architecture of our technology platforms and cloud-focused infrastructure. The transformation efforts require us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current environment. These costs, as well as other expenses associated with transformational activities, are incremental and redundant costs that will not recur after we achieve our objectives and are not representative of our underlying operating performance. We believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure;
- merger, acquisition and divestiture-related non-operating costs;
- debt refinancing and extinguishment costs;
- non-operating pension-related income (expenses) includes certain costs and income associated with our pension and postretirement plans, consisting of interest cost, expected return on plan assets and amortized actuarial gains or losses, prior service credits and if applicable, plan settlement charges. These adjustments are non-cash and market-driven, primarily due to the changes in the value of pension plan assets and liabilities which are tied to financial market performance and conditions;
- non-cash gain and loss resulting from the modification of our interest rate swaps;
- other adjustments include non-recurring charges such as legal expense associated with significant legal and regulatory matters and impairment charges;
- tax effect of the non-GAAP adjustments; and
- other tax effect adjustments related to the tax impact of statutory tax rate changes on deferred taxes and other discrete items.
Adjusted Net Earnings Per Diluted Share
We calculate adjusted net earnings per diluted share by dividing adjusted net income (loss) by the weighted average number of common shares outstanding for the period plus the dilutive effect of common shares potentially issuable in connection with awards outstanding under our stock incentive plan.
Forward-Looking Statements
The statements contained in this release that are not purely historical are forward-looking statements, including statements regarding expectations, hopes, intentions or strategies regarding the future. Forward-looking statements are based on Dun & Bradstreet’s management’s beliefs, as well as assumptions made by, and information currently available to, them. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. It is not possible to predict or identify all risk factors. Consequently, the risks and uncertainties listed below should not be considered a complete discussion of all of our potential trends, risks and uncertainties. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: (i) our ability to implement and execute our strategic plans to transform the business; (ii) our ability to develop or sell solutions in a timely manner or maintain client relationships; (iii) competition for our solutions; (iv) harm to our brand and reputation; (v) unfavorable global economic conditions including, but not limited to, volatility in interest rates, foreign currency markets, inflation, and supply chain disruptions; (vi) risks associated with operating and expanding internationally; (vii) failure to prevent cybersecurity incidents or the perception that confidential information is not secure; (viii) failure in the integrity of our data or systems; (ix) system failures and personnel disruptions, which could delay the delivery of our solutions to our clients; (x) loss of access to data sources or ability to transfer data across the data sources in markets where we operate; (xi) failure of our software vendors and network and cloud providers to perform as expected or if our relationship is terminated; (xii) loss or diminution of one or more of our key clients, business partners or government contracts; (xiii) dependence on strategic alliances, joint ventures and acquisitions to grow our business; (xiv) our ability to protect our intellectual property adequately or cost-effectively; (xv) claims for intellectual property infringement; (xvi) interruptions, delays or outages to subscription or payment processing platforms; (xvii) risks related to acquiring and integrating businesses and divestitures of existing businesses; (xviii) our ability to retain members of the senior leadership team and attract and retain skilled employees; (xix) compliance with governmental laws and regulations; (xx) risks related to registration and other rights held by certain of our largest shareholders; (xxi) an outbreak of disease, global or localized health pandemic or epidemic, or the fear of such an event, including the global economic uncertainty and measures taken in response; (xxii) increased economic uncertainty related to the ongoing conflict between
Dun & Bradstreet Holdings, Inc. Consolidated Statements of Operations (In millions, except per share data) |
|||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
609.1 |
|
|
$ |
588.5 |
|
|
$ |
1,749.8 |
|
|
$ |
1,683.6 |
|
Cost of services (exclusive of depreciation and amortization) (1) |
|
219.5 |
|
|
|
211.8 |
|
|
|
663.7 |
|
|
|
631.8 |
|
Selling and administrative expenses (1) |
|
174.8 |
|
|
|
176.3 |
|
|
|
525.6 |
|
|
|
527.8 |
|
Depreciation and amortization |
|
144.8 |
|
|
|
146.7 |
|
|
|
430.1 |
|
|
|
437.1 |
|
Restructuring charges |
|
7.8 |
|
|
|
1.6 |
|
|
|
14.5 |
|
|
|
10.4 |
|
Operating costs |
|
546.9 |
|
|
|
536.4 |
|
|
|
1,633.9 |
|
|
|
1,607.1 |
|
Operating income (loss) |
|
62.2 |
|
|
|
52.1 |
|
|
|
115.9 |
|
|
|
76.5 |
|
Interest income |
|
2.1 |
|
|
|
1.7 |
|
|
|
4.9 |
|
|
|
4.2 |
|
Interest expense |
|
(61.3 |
) |
|
|
(57.0 |
) |
|
|
(205.6 |
) |
|
|
(168.4 |
) |
Other income (expense) - net |
|
(0.9 |
) |
|
|
(3.3 |
) |
|
|
0.6 |
|
|
|
(1.2 |
) |
Non-operating income (expense) - net |
|
(60.1 |
) |
|
|
(58.6 |
) |
|
|
(200.1 |
) |
|
|
(165.4 |
) |
Income (loss) before provision (benefit) for income taxes and equity in net income of affiliates |
|
2.1 |
|
|
|
(6.5 |
) |
|
|
(84.2 |
) |
|
|
(88.9 |
) |
Less: provision (benefit) for income taxes |
|
(1.8 |
) |
|
|
(11.2 |
) |
|
|
(48.9 |
) |
|
|
(40.5 |
) |
Equity in net income of affiliates |
|
0.3 |
|
|
|
0.6 |
|
|
|
1.9 |
|
|
|
2.1 |
|
Net income (loss) |
|
4.2 |
|
|
|
5.3 |
|
|
|
(33.4 |
) |
|
|
(46.3 |
) |
Less: net (income) loss attributable to the non-controlling interest |
|
(1.0 |
) |
|
|
(0.9 |
) |
|
|
(3.0 |
) |
|
|
(2.4 |
) |
Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. |
$ |
3.2 |
|
|
$ |
4.4 |
|
|
$ |
(36.4 |
) |
|
$ |
(48.7 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share of common stock attributable to Dun & Bradstreet Holdings, Inc. |
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
Diluted earnings (loss) per share of common stock attributable to Dun & Bradstreet Holdings, Inc. |
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
Weighted average number of shares outstanding-basic |
|
432.4 |
|
|
|
430.8 |
|
|
|
432.2 |
|
|
|
430.3 |
|
Weighted average number of shares outstanding-diluted |
|
435.6 |
|
|
|
432.2 |
|
|
|
432.2 |
|
|
|
430.3 |
|
(1) |
Prior year period results have been recast to reflect the change in presentation and to conform to the current period presentation. For the three and nine months ended September 30, 2023, we reclassified |
Dun & Bradstreet Holdings, Inc. Consolidated Balance Sheets (In millions, except share data and per share data) |
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|
September 30,
|
|
December 31, 2023 |
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Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
288.7 |
|
|
$ |
188.1 |
|
Accounts receivable, net of allowance of |
|
242.4 |
|
|
|
258.0 |
|
Prepaid taxes |
|
52.7 |
|
|
|
51.8 |
|
Other prepaids |
|
92.0 |
|
|
|
100.1 |
|
Other current assets |
|
34.4 |
|
|
|
58.3 |
|
Total current assets |
|
710.2 |
|
|
|
656.3 |
|
Non-current assets |
|
|
|
||||
Property, plant and equipment, net of accumulated depreciation of |
|
94.1 |
|
|
|
102.1 |
|
Computer software, net of accumulated amortization of |
|
704.4 |
|
|
|
666.3 |
|
Goodwill |
|
3,447.5 |
|
|
|
3,445.8 |
|
Other intangibles |
|
3,629.4 |
|
|
|
3,915.9 |
|
Deferred costs |
|
163.4 |
|
|
|
161.7 |
|
Other non-current assets |
|
255.9 |
|
|
|
187.8 |
|
Total non-current assets |
|
8,294.7 |
|
|
|
8,479.6 |
|
Total assets |
$ |
9,004.9 |
|
|
$ |
9,135.9 |
|
Liabilities |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
108.9 |
|
|
$ |
111.7 |
|
Accrued payroll |
|
91.9 |
|
|
|
111.9 |
|
Short-term debt |
|
31.0 |
|
|
|
32.7 |
|
Deferred revenue |
|
564.9 |
|
|
|
590.0 |
|
Other accrued and current liabilities |
|
214.3 |
|
|
|
196.1 |
|
Total current liabilities |
|
1,011.0 |
|
|
|
1,042.4 |
|
Long-term pension and postretirement benefits |
|
127.1 |
|
|
|
143.9 |
|
Long-term debt |
|
3,626.9 |
|
|
|
3,512.5 |
|
Deferred income tax |
|
782.8 |
|
|
|
887.3 |
|
Other non-current liabilities |
|
109.9 |
|
|
|
118.2 |
|
Total liabilities |
|
5,657.7 |
|
|
|
5,704.3 |
|
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Equity |
|
|
|
||||
Common Stock, |
|
— |
|
|
|
— |
|
Capital surplus |
|
4,401.0 |
|
|
|
4,429.2 |
|
Accumulated deficit |
|
(847.5 |
) |
|
|
(811.1 |
) |
Treasury Stock, 1,848,280 shares at September 30, 2024 and 886,920 shares at December 31, 2023 |
|
(9.7 |
) |
|
|
(0.3 |
) |
Accumulated other comprehensive loss |
|
(212.0 |
) |
|
|
(198.7 |
) |
Total stockholders' equity |
|
3,331.8 |
|
|
|
3,419.1 |
|
Non-controlling interest |
|
15.4 |
|
|
|
12.5 |
|
Total equity |
|
3,347.2 |
|
|
|
3,431.6 |
|
Total liabilities and stockholders' equity |
$ |
9,004.9 |
|
|
$ |
9,135.9 |
|
Dun & Bradstreet Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In millions) |
|||||||
|
Nine months ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows provided by (used in) operating activities: |
|
|
|
||||
Net income (loss) |
$ |
(33.4 |
) |
|
$ |
(46.3 |
) |
Reconciliation of net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
430.1 |
|
|
|
437.1 |
|
Amortization of unrecognized pension loss (gain) |
|
(1.3 |
) |
|
|
(2.1 |
) |
Deferred debt issuance costs amortization and write-off |
|
41.9 |
|
|
|
14.0 |
|
Equity-based compensation expense |
|
52.4 |
|
|
|
66.1 |
|
Restructuring charge |
|
14.5 |
|
|
|
10.4 |
|
Restructuring payments |
|
(11.3 |
) |
|
|
(12.1 |
) |
Changes in deferred income taxes |
|
(97.3 |
) |
|
|
(114.3 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
(Increase) decrease in accounts receivable |
|
11.5 |
|
|
|
47.0 |
|
(Increase) decrease in prepaid taxes, other prepaids and other current assets |
|
0.4 |
|
|
|
(24.4 |
) |
Increase (decrease) in deferred revenue |
|
(22.3 |
) |
|
|
4.6 |
|
Increase (decrease) in accounts payable |
|
(3.7 |
) |
|
|
(9.6 |
) |
Increase (decrease) in accrued payroll |
|
(22.7 |
) |
|
|
(21.5 |
) |
Increase (decrease) in other accrued and current liabilities |
|
(1.8 |
) |
|
|
(32.8 |
) |
(Increase) decrease in other long-term assets |
|
(32.6 |
) |
|
|
3.2 |
|
Increase (decrease) in long-term liabilities |
|
(47.7 |
) |
|
|
(34.0 |
) |
Net, other non-cash adjustments |
|
10.2 |
|
|
|
(1.6 |
) |
Net cash provided by (used in) operating activities |
|
286.9 |
|
|
|
283.7 |
|
Cash flows provided by (used in) investing activities: |
|
|
|
||||
Cash settlements of foreign currency contracts and net investment hedges |
|
7.6 |
|
|
|
7.7 |
|
Capital expenditures |
|
(3.8 |
) |
|
|
(3.7 |
) |
Additions to computer software and other intangibles |
|
(153.7 |
) |
|
|
(126.2 |
) |
Other investing activities, net (1) |
|
(10.5 |
) |
|
|
1.9 |
|
Net cash provided by (used in) investing activities |
|
(160.4 |
) |
|
|
(120.3 |
) |
Cash flows provided by (used in) financing activities: |
|
|
|
||||
Cash paid for repurchase of treasury shares |
|
(9.3 |
) |
|
|
— |
|
Payments of dividends |
|
(65.8 |
) |
|
|
(64.6 |
) |
Proceeds from borrowings on Credit Facility |
|
404.5 |
|
|
|
380.3 |
|
Proceeds from borrowings on Term Loan Facility |
|
3,103.6 |
|
|
|
— |
|
Payments of borrowings on Credit Facility |
|
(296.5 |
) |
|
|
(316.0 |
) |
Payments on Term Loan Facility |
|
(3,119.2 |
) |
|
|
(24.5 |
) |
Payment of debt issuance costs |
|
(26.6 |
) |
|
|
— |
|
Payment for purchase of non-controlling interests |
|
— |
|
|
|
(95.7 |
) |
Other financing activities, net |
|
(21.9 |
) |
|
|
(18.8 |
) |
Net cash provided by (used in) financing activities |
|
(31.2 |
) |
|
|
(139.3 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
5.7 |
|
|
|
(2.4 |
) |
Increase (decrease) in cash, cash equivalents and restricted cash |
|
101.0 |
|
|
|
21.7 |
|
Cash, Cash Equivalents and Restricted Cash, Beginning of Period |
|
188.1 |
|
|
|
208.4 |
|
Cash, Cash Equivalents and Restricted Cash, End of Period |
$ |
289.1 |
|
|
$ |
230.1 |
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information: |
|
|
|
||||
Reconciliation of cash, cash equivalents and restricted cash |
|
|
|
||||
Cash and cash equivalents in the condensed consolidated balance sheet |
$ |
288.7 |
|
|
$ |
230.1 |
|
Restricted cash included within other current assets (2) |
|
0.4 |
|
|
|
— |
|
Total cash, cash equivalents and restricted cash reported in the statements of cash flow |
$ |
289.1 |
|
|
$ |
230.1 |
|
Cash Paid for: |
|
|
|
||||
Income taxes payments (refunds), net |
$ |
70.1 |
|
|
$ |
75.5 |
|
Interest |
$ |
157.3 |
|
|
$ |
151.2 |
(1) | Higher payments for other investing activities for the nine months ended September 30, 2024 were primarily related to a payment to acquire a minority interest holding. |
|
(2) | Restricted cash represents funds set aside associated with customer refunds. |
Dun & Bradstreet Holdings, Inc. Reconciliation of Net Income (Loss) to Adjusted EBITDA (In millions) |
|||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. |
$ |
3.2 |
|
|
$ |
4.4 |
|
|
$ |
(36.4 |
) |
|
$ |
(48.7 |
) |
Depreciation and amortization |
|
144.8 |
|
|
|
146.7 |
|
|
|
430.1 |
|
|
|
437.1 |
|
Interest expense - net |
|
59.2 |
|
|
|
55.3 |
|
|
|
200.7 |
|
|
|
164.2 |
|
(Benefit) provision for income tax - net |
|
(1.8 |
) |
|
|
(11.2 |
) |
|
|
(48.9 |
) |
|
|
(40.5 |
) |
EBITDA |
|
205.4 |
|
|
|
195.2 |
|
|
|
545.5 |
|
|
|
512.1 |
|
Other income (expense) - net |
|
0.9 |
|
|
|
3.3 |
|
|
|
(0.6 |
) |
|
|
1.2 |
|
Equity in net income of affiliates |
|
(0.3 |
) |
|
|
(0.6 |
) |
|
|
(1.9 |
) |
|
|
(2.1 |
) |
Net income (loss) attributable to non-controlling interest |
|
1.0 |
|
|
|
0.9 |
|
|
|
3.0 |
|
|
|
2.4 |
|
Equity-based compensation |
|
16.3 |
|
|
|
20.8 |
|
|
|
52.4 |
|
|
|
66.1 |
|
Restructuring charges |
|
7.8 |
|
|
|
1.6 |
|
|
|
14.5 |
|
|
|
10.4 |
|
Merger, acquisition and divestiture-related operating costs |
|
0.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
5.4 |
|
Transition costs |
|
14.7 |
|
|
|
11.7 |
|
|
|
47.3 |
|
|
|
31.1 |
|
Other adjustments |
|
1.2 |
|
|
|
1.1 |
|
|
|
5.0 |
|
|
|
5.0 |
|
Adjusted EBITDA |
$ |
247.4 |
|
|
$ |
235.4 |
|
|
$ |
666.6 |
|
|
$ |
631.6 |
|
|
|
|
|
|
|
|
|
||||||||
|
$ |
207.7 |
|
|
$ |
195.6 |
|
|
$ |
538.0 |
|
|
$ |
519.6 |
|
International |
|
59.1 |
|
|
|
55.5 |
|
|
|
177.2 |
|
|
|
160.2 |
|
Corporate and other |
|
(19.4 |
) |
|
|
(15.7 |
) |
|
|
(48.6 |
) |
|
|
(48.2 |
) |
Adjusted EBITDA |
$ |
247.4 |
|
|
$ |
235.4 |
|
|
$ |
666.6 |
|
|
$ |
631.6 |
|
Adjusted EBITDA Margin |
|
40.6 |
% |
|
|
40.0 |
% |
|
|
38.1 |
% |
|
|
37.5 |
% |
Dun & Bradstreet Holdings, Inc. Segment Revenue and Adjusted EBITDA (Unaudited) (In millions) |
|||||||||||||||
|
Three months ended September 30, 2024 |
||||||||||||||
|
|
|
International |
|
Corporate and
|
|
Total |
||||||||
Revenue |
$ |
432.5 |
|
|
$ |
176.6 |
|
|
$ |
— |
|
|
$ |
609.1 |
|
Total operating costs |
|
253.2 |
|
|
|
124.3 |
|
|
|
21.1 |
|
|
|
398.6 |
|
Operating income (loss) |
|
179.3 |
|
|
|
52.3 |
|
|
|
(21.1 |
) |
|
|
210.5 |
|
Depreciation and amortization |
|
28.4 |
|
|
|
6.8 |
|
|
|
1.7 |
|
|
|
36.9 |
|
Adjusted EBITDA |
$ |
207.7 |
|
|
$ |
59.1 |
|
|
$ |
(19.4 |
) |
|
$ |
247.4 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA margin |
|
48.0 |
% |
|
|
33.5 |
% |
|
|
N/A |
|
|
|
40.6 |
% |
|
Nine months ended September 30, 2024 |
||||||||||||||
|
|
|
International |
|
Corporate and
|
|
Total |
||||||||
Revenue |
$ |
1,223.7 |
|
|
$ |
526.1 |
|
|
$ |
— |
|
|
$ |
1,749.8 |
|
Total operating costs |
|
765.8 |
|
|
|
367.6 |
|
|
|
53.9 |
|
|
|
1,187.3 |
|
Operating income (loss) |
|
457.9 |
|
|
|
158.5 |
|
|
|
(53.9 |
) |
|
|
562.5 |
|
Depreciation and amortization |
|
80.1 |
|
|
|
18.7 |
|
|
|
5.3 |
|
|
|
104.1 |
|
Adjusted EBITDA |
$ |
538.0 |
|
|
$ |
177.2 |
|
|
$ |
(48.6 |
) |
|
$ |
666.6 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA margin |
|
44.0 |
% |
|
|
33.7 |
% |
|
|
N/A |
|
|
|
38.1 |
% |
|
Three months ended September 30, 2023 |
||||||||||||||
|
|
|
International |
|
Corporate and
|
|
Total |
||||||||
Revenue |
$ |
421.4 |
|
|
$ |
167.1 |
|
|
$ |
— |
|
|
$ |
588.5 |
|
Total operating costs |
|
250.1 |
|
|
|
116.7 |
|
|
|
17.3 |
|
|
|
384.1 |
|
Operating income (loss) |
|
171.3 |
|
|
|
50.4 |
|
|
|
(17.3 |
) |
|
|
204.4 |
|
Depreciation and amortization |
|
24.3 |
|
|
|
5.1 |
|
|
|
1.6 |
|
|
|
31.0 |
|
Adjusted EBITDA |
$ |
195.6 |
|
|
$ |
55.5 |
|
|
$ |
(15.7 |
) |
|
$ |
235.4 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA margin |
|
46.4 |
% |
|
|
33.2 |
% |
|
|
N/A |
|
|
|
40.0 |
% |
|
Nine months ended September 30, 2023 |
||||||||||||||
|
|
|
International |
|
Corporate and Other |
|
Total |
||||||||
Revenue |
$ |
1,187.7 |
|
|
$ |
495.9 |
|
|
$ |
— |
|
|
$ |
1,683.6 |
|
Total operating costs |
|
734.9 |
|
|
|
351.0 |
|
|
|
53.1 |
|
|
|
1,139.0 |
|
Operating income (loss) |
|
452.8 |
|
|
|
144.9 |
|
|
|
(53.1 |
) |
|
|
544.6 |
|
Depreciation and amortization |
|
66.8 |
|
|
|
15.3 |
|
|
|
4.9 |
|
|
|
87.0 |
|
Adjusted EBITDA |
$ |
519.6 |
|
|
$ |
160.2 |
|
|
$ |
(48.2 |
) |
|
$ |
631.6 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA margin |
|
43.7 |
% |
|
|
32.3 |
% |
|
|
N/A |
|
|
|
37.5 |
% |
Dun & Bradstreet Holdings, Inc. Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) (In millions, except per share data) |
|||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. |
$ |
3.2 |
|
|
$ |
4.4 |
|
|
$ |
(36.4 |
) |
|
$ |
(48.7 |
) |
Incremental amortization of intangible assets resulting from the application of purchase accounting |
|
107.9 |
|
|
|
115.7 |
|
|
|
326.0 |
|
|
|
350.1 |
|
Equity-based compensation |
|
16.3 |
|
|
|
20.8 |
|
|
|
52.4 |
|
|
|
66.1 |
|
Restructuring charges |
|
7.8 |
|
|
|
1.6 |
|
|
|
14.5 |
|
|
|
10.4 |
|
Merger, acquisition and divestiture-related operating costs |
|
0.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
|
|
5.4 |
|
Transition costs |
|
14.7 |
|
|
|
11.7 |
|
|
|
47.3 |
|
|
|
31.1 |
|
Debt refinancing and extinguishment costs |
|
— |
|
|
|
2.5 |
|
|
|
37.1 |
|
|
|
2.5 |
|
Non-operating pension-related income |
|
(4.8 |
) |
|
|
(4.6 |
) |
|
|
(14.8 |
) |
|
|
(13.8 |
) |
Non-cash gain from interest rate swap amendment (1) |
|
4.5 |
|
|
|
(2.6 |
) |
|
|
1.3 |
|
|
|
(2.6 |
) |
Other adjustments |
|
1.2 |
|
|
|
2.2 |
|
|
|
5.0 |
|
|
|
6.1 |
|
Tax effect of non-GAAP adjustments |
|
(34.9 |
) |
|
|
(36.9 |
) |
|
|
(129.2 |
) |
|
|
(116.5 |
) |
Other tax effect adjustments |
|
(0.3 |
) |
|
|
— |
|
|
|
(4.5 |
) |
|
|
1.7 |
|
Adjusted net income (loss) attributable to Dun & Bradstreet Holdings, Inc. |
$ |
116.0 |
|
|
$ |
116.2 |
|
|
$ |
300.1 |
|
|
$ |
291.8 |
|
Adjusted net earnings per diluted share |
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.69 |
|
|
$ |
0.68 |
|
Weighted average number of shares outstanding - diluted |
|
435.6 |
|
|
|
432.2 |
|
|
|
435.6 |
|
|
|
431.8 |
|
(1) | Amount represents non-cash amortization gain resulted from the amendment of our interest rate swap derivatives. The amount is reported within "Interest expense-net" for the three and nine months ended September 30, 2024 and 2023. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030944456/en/
For more information, please contact:
Investor Contact:
904-648-8006
IR@dnb.com
Media Contact:
Ginny Walthour
904-528-1506
Walthourg@dnb.com
Source: Dun & Bradstreet
FAQ
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