Verisk Analytics, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for the third quarter reached $725.3 million, a 7.1% increase from $677.6 million in 2023. For the nine months, revenues rose to $2,146.1 million, up from $2,004.2 million, reflecting a consistent growth trajectory.
The company's operating income for the third quarter was $311.5 million, marking a 10.4% increase from $281.1 million in the prior year. For the nine months, operating income also improved to $937.6 million from $881.2 million. Net income for the third quarter was $220.0 million, a 17.5% increase from $187.4 million in 2023, while net income for the nine months surged to $747.2 million from $440.6 million. Basic net income per share for the third quarter increased to $1.55 from $1.29, and for the nine months, it rose to $5.24 from $2.99.
The growth in revenues was primarily driven by the Insurance segment, which reported underwriting revenues of $506.9 million for the third quarter, up from $475.2 million in 2023. Claims revenue also saw a notable increase, attributed to growth in anti-fraud and property estimating solutions. The company’s EBITDA for the third quarter was $393.8 million, a 13.6% increase from $346.8 million in the same period last year.
Total operating expenses for the third quarter increased to $413.8 million from $396.5 million, reflecting a 4.7% rise. For the nine months, operating expenses rose to $1,208.5 million from $1,123.0 million. The increase in expenses was driven by higher personnel costs, which accounted for approximately 57% of total operating expenses.
Strategically, Verisk completed the acquisition of Rocket Enterprise Solutions GmbH on January 8, 2024, for a net cash purchase price of $10.1 million, enhancing its capabilities in the claims category. The company also executed significant share repurchase programs, totaling $750.0 million during the nine months ended September 30, 2024, compared to $2,549.8 million in the same period in 2023.
As of September 30, 2024, Verisk reported cash and cash equivalents of $458.0 million, up from $302.7 million at the end of 2023. Total debt increased to $3,063.0 million, primarily due to the issuance of new senior notes. The company maintained compliance with all financial covenants under its $1,000.0 million Syndicated Revolving Credit Facility.
About Verisk Analytics, Inc.
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