Verisk Analytics Stock Price, News & Analysis

Verisk Analytics announced early results of its cash tender offer for up to $400 million of its 4.000% Senior Notes due 2025.

As of June 4, 2024, $469.6 million in principal amount was tendered, exceeding the maximum purchase amount.

The company expects to accept $400 million of these tenders on a prorated basis and will make payment on June 7, 2024.

The early tender payment is $30 per $1,000 in principal, and accepted holders will receive accrued interest up to the settlement date.

No further notes will be purchased after this settlement.

Verisk's National Equipment Register (NER) has partnered with KYCS Global to enhance heavy equipment security and theft recovery through the integration of KYCS Locate technology. This strategic collaboration targets businesses in agriculture, construction, and industrial services, combining NER's extensive data and tracking capabilities with KYCS's recovery device technology. The upgraded solution, now named IRONwatch Locate, offers new functionalities and incentives, including complimentary HELPtech registration and insurance benefits. Among the highlights is a theft deductible waiver up to $10,000, aimed at providing financial security and operational efficiency to clients.

Verisk Analytics (Nasdaq: VRSK) announced the pricing of a $600 million offering of 5.250% Senior Notes due 2034. The closing is expected on June 5, 2024, pending customary conditions. The company plans to use part of the net proceeds to purchase its outstanding 4.000% Notes due 2025 through a tender offer, with a cap of $400 million. The remaining proceeds will be used for general corporate purposes. BofA Securities and HSBC Securities are joint book-running managers for the offering. The Senior Notes are being offered under an effective shelf registration statement filed with the SEC.

Verisk Analytics (Nasdaq: VRSK) has initiated a cash tender offer to repurchase up to $400 million of its 4.000% Senior Notes due 2025. The purpose is to manage its outstanding debt and extend the maturity of its long-term obligations. The offer will be funded through the issuance and sale of new debt securities. Holders who tender before June 4, 2024, will receive additional payments, with final deadlines and settlement dates set for June 20 and June 24, 2024. The offer allows for increases or decreases in the repurchase amount, subject to conditions outlined in the Offer to Purchase document.

Spot, a prominent logistics company in North America, has joined forces with Verisk's CargoNet to enhance its cargo theft prevention measures. This collaboration arises in response to a dramatic 57% increase in cargo thefts in the U.S. during 2023. Verisk's CargoNet, a data-driven initiative, has been instrumental since 2010 in recovering over $100 million worth of stolen cargo and assisting in multiple arrests. By integrating CargoNet's advanced risk analysis and secure data sharing, Spot aims to better protect its customers' shipments and support law enforcement efforts. Spot's Vice President of Operations, Kreg Hunter, emphasized the alignment of this partnership with Spot's commitment to superior logistics services.

Verisk reported strong financial results for the first quarter of 2024, with consolidated revenues reaching $704 million, up 8.0% year-over-year. Income from continuing operations rose by 12.9% to $219 million, and adjusted EBITDA increased by 11.8% to $380 million. Diluted GAAP earnings per share grew by 19.7% to $1.52, while diluted adjusted EPS surged by 26.4% to $1.63. Net cash provided by operating activities was up by 1.9% to $372 million, with free cash flow rising by 4.2% to $317 million. A cash dividend of 39 cents per share was paid on March 29, 2024, with a 15% increase approved for June 28, 2024. The company also repurchased $200 million of common shares during the quarter. Verisk reiterated its fiscal 2024 guidance, expecting revenues to range between $2,840 million and $2,900 million, with a diluted adjusted EPS range of $6.30 to $6.60. The company continues to deliver strong financial performance, driven by growth in underwriting and claims within the Insurance segment.