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  Title	Dun & Bradstreet Reports Fourth Quarter and Full Year 2024 Financial Result
  ID	7144655
  External ID	7566418364
  Author	Unknown
  Published Date	Feb. 20, 2025, 1:20 p.m.
  Summary	Dun & Bradstreet Holdings, Inc. (NYSE: DNB), a leading global provider of business decisioning data and analytics, today announced unaudited financial results for the fourth quarter and year ended Dec
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  Content ID	4474955
  Key	6ebad364-c58b-43e7-ab7c-4bb5c5c7a698
  Content	Dun & Bradstreet Holdings, Inc. (NYSE: DNB), a leading global provider of business decisioning data and analytics, today announced unaudited financial results for the fourth quarter and year ended December 31, 2024. A reconciliation of U.S. generally accepted accounting principles (“GAAP”) to non-GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.” Revenue for the fourth quarter of 2024 was $631.9 million, an increase of 0.2% compared to the fourth quarter of 2023. Organic revenue increased 0.3% on a constant currency basis compared to the fourth quarter of 2023. GAAP net income for the fourth quarter of 2024 was $7.8 million, or diluted earnings per share of $0.02, compared to net income of $1.7 million, or diluted earnings per share of less than $0.01 for the prior year quarter. Adjusted net income was $129.0 million, or adjusted net earnings per diluted share of $0.30, compared to adjusted net income of $139.8 million, or adjusted net earnings per diluted share of $0.32 for the prior year quarter. Adjusted EBITDA for the fourth quarter of 2024 was $260.0 million, a decrease of 0.2% compared to the prior year quarter. Adjusted EBITDA margin for the fourth quarter of 2024 was 41.2%. “2024 marked another year of significant progress for us at Dun & Bradstreet. We achieved 3% organic revenue growth and expanded our EBITDA margins by 30 basis points. We made significant advancements in innovation, data expansion and technology transformation along with strengthening our capital structure by reducing net leverage to 3.6 times,” commented CEO Anthony Jabbour. “We shift into 2025 with a focus on expanding our solution sets and supporting our client's needs to reduce costs, increase growth potential and reduce risk through the use of our data, analytics and generative AI.” Revenue for the year ended December 31, 2024 was $2,381.7 million, an increase of 2.9% compared to the year ended December 31, 2023. Organic revenue increased 3.0% on a constant currency basis compared to the year ended December 31, 2023. GAAP net loss for the year ended December 31, 2024 was $28.6 million, or loss per share of $0.07, compared to net loss of $47.0 million, or loss per share of $0.11 for the prior year period. Adjusted net income was $429.1 million, or adjusted net earnings per diluted share of $0.98, compared to adjusted net income of $431.6 million, or adjusted net earnings per diluted share of $1.00 for the prior year period. Adjusted EBITDA for the year ended December 31, 2024 was $926.6 million, an increase of 3.9% compared to the year ended December 31, 2023. Adjusted EBITDA margin for the year ended December 31, 2024 was 38.9%. North America For the fourth quarter of 2024, North America revenue was $448.6 million, a decrease of $8.2 million or 1.8% compared to the fourth quarter of 2023. Finance and Risk revenue for the fourth quarter of 2024 was $229.2 million, a decrease of $12.2 million or 5.1% and 5.0% on a constant currency basis compared to the fourth quarter of 2023. Sales and Marketing revenue for the fourth quarter of 2024 was $219.4 million, an increase of $4.0 million or 1.8% and 1.9% on a constant currency basis compared to the fourth quarter of 2023. North America adjusted EBITDA for the fourth quarter of 2024 was $207.8 million, a decrease of 7.1%, with adjusted EBITDA margin of 46.3%. For the year ended December 31, 2024, North America revenue was $1,672.3 million, an increase of $27.8 million or 1.7% compared to the year ended December 31, 2023. Finance and Risk revenue for the year ended December 31, 2024 was $891.0 million, an increase of $2.9 million or 0.3% and 0.4% on a constant currency basis compared to the year ended December 31, 2023. Sales and Marketing revenue for the year ended December 31, 2024 was $781.3 million, an increase of $24.9 million or 3.3% compared to the year ended December 31, 2023. North America adjusted EBITDA for the year ended December 31, 2024 was $745.8 million, an increase of 0.3%, with adjusted EBITDA margin of 44.6%. International International revenue for the fourth quarter of 2024 was $183.3 million, an increase of $9.7 million or 5.6% and 5.5% on a constant currency basis compared to the fourth quarter of 2023. Excluding the impact of the divestiture of a business-to-consumer business in Finland and the positive impact of foreign exchange of $0.1 million, International organic revenue increased 5.8%. Finance and Risk revenue for the fourth quarter of 2024 was $126.4 million, an increase of $10.0 million or 8.5% and 8.2% on a constant currency basis compared to the fourth quarter of 2023. Sales and Marketing revenue for the fourth quarter of 2024 was $56.9 million, a decrease of $0.3 million or 0.5% and 0.2% on a constant currency basis compared to the fourth quarter of 2023. Excluding the impact of the divestiture and the positive impact of foreign exchange, organic revenue increased 0.8%. International revenue for the year ended December 31, 2024 was $709.4 million, an increase of $39.9 million or 6.0% and 5.6% on a constant currency basis compared to the year ended December 31, 2023. Excluding the impact of the divestiture of a business-to-consumer business in Finland and the positive impact of foreign exchange of $2.1 million, International organic revenue increased 6.0%. Finance and Risk revenue for the year ended December 31, 2024 was $484.5 million, an increase of $35.9 million or 8.0% and 7.6% on a constant currency basis compared to the year ended December 31, 2023. Sales and Marketing revenue for the year ended December 31, 2024 was $224.9 million, an increase of $4.0 million or 1.8% and 1.6% on a constant currency basis compared to the year ended December 31, 2023. Excluding the impact of the divestiture and the positive impact of foreign exchange, organic revenue increased 1.6%. International adjusted EBITDA for the year ended December 31, 2024 was $235.3 million, an increase of 9.2%, with adjusted EBITDA margin of 33.2%. Balance Sheet As of December 31, 2024, we had cash and cash equivalents of $205.9 million and total principal amount of debt of $3,550.4 million. We had $840.0 million available on our $850 million revolving credit facility as of December 31, 2024. During the year ended December 31, 2024, we repurchased 961,360 shares of Dun & Bradstreet common stock for $9.3 million, net of accrued excise tax, at an average price of $9.71 per share. There was no share repurchase activity during the three months ended December 31, 2024. We currently have over 9 million shares remaining under our existing buyback authorization. Business Outlook Revenues after the impact of foreign exchange are expected to be in the range of $2,440 million to $2,500 million, or approximately 2.5% to 5.0%. Organic revenue growth is expected to be in the range of 3.0% to 5.0%. Adjusted EBITDA is expected to be in the range of $955 million to $985 million. Adjusted EPS is expected to be in the range of $1.01 to $1.07. 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 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 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 artificial intelligence systems and machine learning (xviii) risks related to acquiring and integrating businesses and divestitures of existing businesses; (xix) our ability to retain members of the senior leadership team and attract and retain skilled employees; (xx) compliance with governmental laws and regulations; (xxi) risks related to registration and other rights held by certain of our largest shareholders; (xxii) 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; (xxiii) increased economic uncertainty related to the ongoing conflict between Russia and Ukraine, the conflict in the Middle East, and associated trends in macroeconomic conditions, and (xxiv) the other factors described under the headings “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note Regarding Forward-Looking Statements” and other sections of our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 22, 2024. Dun & Bradstreet Holdings, Inc. Consolidated Statements of Operations (In millions, except per share data) Three months ended December 31, Revenue Cost of services (exclusive of depreciation and amortization) Selling and administrative expenses Depreciation and amortization Restructuring charges Operating costs Operating income (loss) Interest income Interest expense Other income (expense) - net Non-operating income (expense) - net Income (loss) before provision (benefit) for income taxes and equity in net income of affiliates Less: provision (benefit) for income taxes Equity in net income of affiliates Net income (loss) Less: net (income) loss attributable to the non-controlling interest Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. Basic earnings (loss) per share of common stock attributable to Dun & Bradstreet Holdings, Inc. Diluted earnings (loss) per share of common stock attributable to Dun & Bradstreet Holdings, Inc. Weighted average number of shares outstanding-basic Weighted average number of shares outstanding-diluted Prior year period results have been recast to reflect the change in presentation and to conform to the current period presentation. For the three months and year ended December 31, 2023, we reclassified $6.4 million and $30.8 million, respectively, from Selling and administrative expenses to Cost of services (exclusive of depreciation and amortization). This reclassification has no impact on total operating costs, operating income, net income (loss), earnings (loss) per share or segment results. Additionally, the reclassification has no impact on the consolidated balance sheets or consolidated statement of cash flows. Dun & Bradstreet Holdings, Inc. Consolidated Balance Sheets (In millions, except share data and per share data) December 31, December 31, Assets Current assets Cash and cash equivalents Accounts receivable, net of allowance of $25.8 at December 31, 2024 and $20.1 at December 31, 2023 Prepaid taxes Other prepaids Other current assets Total current assets Non-current assets Property, plant and equipment, net of accumulated depreciation of $54.6 at December 31, 2024 and $45.7 at December 31, 2023 Computer software, net of accumulated amortization of $666.3 at December 31, 2024 and $507.1 at December 31, 2023 Goodwill Other intangibles Deferred costs Other non-current assets Total non-current assets Total assets Liabilities Current liabilities Accounts payable Accrued payroll Short-term debt Deferred revenue Other accrued and current liabilities Total current liabilities Long-term pension and postretirement benefits Long-term debt Deferred income tax Other non-current liabilities Total liabilities Commitments and contingencies Equity Common Stock, $0.0001 par value per share, authorized—2,000,000,000 shares; 443,399,772 shares issued and 441,551,492 shares outstanding at December 31, 2024 and 439,735,256 shares issued and 438,848,336 shares outstanding at December 31, 2023 — — Capital surplus Accumulated deficit Treasury Stock, 1,848,280 shares at December 31, 2024 and 886,920 shares at December 31, 2023 Accumulated other comprehensive loss Total stockholders' equity Non-controlling interest Total equity Total liabilities and stockholders' equity Dun & Bradstreet Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In millions) Year ended December 31, Cash flows provided by (used in) operating activities: Net income (loss) Reconciliation of net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization Amortization of unrecognized pension loss (gain) Deferred debt issuance costs amortization and write-off Pension settlement charge (gain) — Equity-based compensation expense Restructuring charge Restructuring payments Changes in deferred income taxes Changes in operating assets and liabilities: (Increase) decrease in accounts receivable (Increase) decrease in prepaid taxes, other prepaids and other current assets Increase (decrease) in deferred revenue Increase (decrease) in accounts payable Increase (decrease) in accrued payroll Increase (decrease) in other accrued and current liabilities (Increase) decrease in other long-term assets Increase (decrease) in long-term liabilities Net, other non-cash adjustments Net cash provided by (used in) operating activities Cash flows provided by (used in) investing activities: Cash settlements of foreign currency contracts and net investment hedges Capital expenditures Additions to computer software and other intangibles Other investing activities, net Net cash provided by (used in) investing activities Cash flows provided by (used in) financing activities: Cash paid for repurchase of treasury shares — Payments of dividends Proceeds from borrowings on Credit Facility Proceeds from borrowings on Term Loan Facility — Payments of borrowings on Credit Facility Payments on Term Loan Facility Payment of debt issuance costs — Payment for purchase of non-controlling interests — Other financing activities, net Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Increase (decrease) in cash, cash equivalents and restricted cash Cash, Cash Equivalents and Restricted Cash, Beginning of Period Cash, Cash Equivalents and Restricted Cash, End of Period Supplemental Disclosure of Cash Flow Information: Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents in the condensed consolidated balance sheet Restricted cash included within other current assets — Total cash, cash equivalents and restricted cash reported in the statements of cash flow Cash Paid for: Income taxes payments (refunds), net Interest Dun & Bradstreet Holdings, Inc. Reconciliation of Net Income (Loss) to Adjusted EBITDA (In millions) Three months ended December 31, Year ended December 31, Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. Depreciation and amortization Interest expense - net (Benefit) provision for income tax - net EBITDA Other income (expense) - net Equity in net income of affiliates Net income (loss) attributable to non-controlling interest Equity-based compensation Restructuring charges Merger, acquisition and divestiture-related operating costs Transition costs Other adjustments Adjusted EBITDA North America International Corporate and other Adjusted EBITDA Adjusted EBITDA Margin Dun & Bradstreet Holdings, Inc. Segment Revenue and Adjusted EBITDA (Unaudited) (In millions) Three months ended December 31, 2024 North America International Corporate and Other Total Revenue — Total operating costs Operating income (loss) Depreciation and amortization Adjusted EBITDA Adjusted EBITDA margin N/A Year ended December 31, 2024 North America International Corporate and Other Total Revenue — Total operating costs Operating income (loss) Depreciation and amortization Adjusted EBITDA Adjusted EBITDA margin N/A Three months ended December 31, 2023 North America International Corporate and Other Total Revenue — Total operating costs Operating income (loss) Depreciation and amortization Adjusted EBITDA Adjusted EBITDA margin N/A Year ended December 31, 2023 North America International Corporate and Other Total Revenue — Total operating costs Operating income (loss) Depreciation and amortization Adjusted EBITDA Adjusted EBITDA margin N/A Amounts include depreciation and amortization. Dun & Bradstreet Holdings, Inc. Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) (In millions, except per share data) Three months ended December 31, Year ended December 31, Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. Incremental amortization of intangible assets resulting from the application of purchase accounting Equity-based compensation Restructuring charges Merger, acquisition and divestiture-related operating costs Transition costs Merger, acquisition and divestiture-related non-operating costs Debt refinancing and extinguishment costs — Non-operating pension-related income Non-cash gain (loss) from interest rate swap amendment Other adjustments Tax effect of non-GAAP adjustments Other tax effect adjustments Adjusted net income (loss) attributable to Dun & Bradstreet Holdings, Inc. Adjusted net earnings per diluted share Weighted average number of shares outstanding - diluted Amount represents non-cash amortization gain (loss) resulted from the amendment of our interest rate swap derivatives. The amount is reported within "Interest expense-net" for the three months and years ended December 31, 2024 and 2023. View source version on businesswire.com: This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy
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