Verisk is reporting an increase in revenues of 6.8% in Q1 2022, according to its latest results.
According to the firm, net income attributable was $505.7m, up 199.9% for the first quarter of 2022. The increase was primarily related to $450.8m gain from the sale of its environmental health and safety business, partially offset by the $73.7m long-lived asset impairment associated with the sale of its Financial Services segment. Adjusted EBITDA, a non-GAAP measure, was $359.3m, up 4.0%, and up 4.1% on an OCC basis.
Scott Stephenson, chairman, president, and CEO, said, “It has been an honour to lead this company. The Verisk I joined 21 years ago was a smaller, private company, entirely focused in the United States, and today we help customers around the globe drive positive and profitable outcomes through a combination of unique data insights, software, technology and talent. I have the utmost confidence that I leave Verisk in extremely capable hands of leaders who will continue to drive growth and long-term shareholder value.”
These latest results come as Stephenson is preparing to step down from his role at Verisk in order to pursuit retirement. In February, Stephenson said that he would be succeeded by Lee Shavel, CFO and group president.
Shavel said of the most-recent results: “As I step into the role of CEO, I am focused near-term on business portfolio and EBITDA margin objectives and longer-term on driving the growth and returns that create long-term shareholder value. Verisk, at its best, creates value for our clients as a trusted technology partner, investing at industry scale to deliver improved decision-making and operational efficiencies.”
Stephenson joined Verisk in 2001 and since his appointment as COO in 2008, president in 2011 and CEO in 2013, the company has become more data analytic and software intensive and more sustainable and responsible.
Shavel joined Verisk in 2017 and has served as CFO since that time, driving the company’s financial strategy and capital management philosophy.
