Group 1 - The ideal investment is characterized by core business operations in sectors expected to grow structurally at rates exceeding GDP growth over the next 5-10 years [1] - Profits should stem from sustainable competitive advantages that lead to attractive unit economics [1] - The investment should be managed by competent, ethical, and long-term thinkers, and should be fairly valued [1]

Revenue and Operations - The company generated approximately 31% of its total revenue from international operations for the years ended December 31, 2024, 2023, and 2022[368]. - The company generated $2,381.7 million in revenue for the year ended December 31, 2024, an increase of 2.9% from $2,314.0 million in 2023[391]. - Dun & Bradstreet's revenue is primarily generated from licensing data and providing related services, with a focus on Finance & Risk and Sales & Marketing solutions[411]. - The company operates through two segments: North America and International, providing analytics and business insights across various regions[413]. - Revenue recognition follows a five-step process, ensuring that revenue reflects the consideration expected in exchange for goods or services[417]. - The company recognizes revenue ratably for performance obligations satisfied over time, particularly for continuous access to data products[425]. - Revenue from licensing data to alliance partners is recognized upon delivery, with contract consideration often based on sales or usage-based royalties[432]. - Contracts often include multiple performance obligations, with transaction prices allocated based on relative standalone selling prices[433]. - Variable consideration is allocated to performance obligations if terms relate specifically to efforts in satisfying those obligations[434]. - Total future revenue allocated to unsatisfied performance obligations as of December 31, 2024, is $3,238.4 million, with $1,367.2 million expected in 2025[501]. - Total revenue recognized for the year ended December 31, 2024, was $2,381.7 million, representing an increase of 2.9% from $2,314.0 million in 2023[503]. - Revenue recognized at a point in time decreased to $957.6 million in 2024 from $972.4 million in 2023, while revenue recognized over time increased to $1,424.1 million from $1,341.6 million[503]. Financial Performance - Operating income for 2024 was $194.8 million, up from $140.3 million in 2023, reflecting a growth of 38.7%[391]. - The net loss attributable to Dun & Bradstreet Holdings, Inc. was $28.6 million for 2024, an improvement from a net loss of $47.0 million in 2023[391]. - Net income for 2024 was a loss of $24.5 million, an improvement from a loss of $43.7 million in 2023, but down from a profit of $4.1 million in 2022[398]. - The company incurred restructuring charges of $16.9 million in 2024, compared to $13.2 million in 2023, indicating an increase of 27.9%[391]. - The company reported total assets of $8,755.7 million as of December 31, 2024, down from $9,135.9 million in 2023, indicating a decrease of 4.2%[396]. - Total liabilities decreased to $5,441.3 million in 2024 from $5,704.3 million in 2023, a reduction of 4.6%[396]. - Cash and cash equivalents increased to $205.9 million in 2024 from $188.1 million in 2023, representing a growth of 9.3%[396]. - The company’s accumulated deficit increased to $(839.7) million in 2024 from $(811.1) million in 2023[396]. - The company’s total stockholders' equity decreased to $3,298.5 million in 2024 from $3,419.1 million in 2023, a decline of 3.5%[396]. - The company reported a net loss of $47.0 million for the year ended December 31, 2023, compared to a net loss of $2.3 million in 2022[401]. - Total stockholders' equity decreased to $3,431.6 million as of December 31, 2023, down from $3,508.4 million at the end of 2022, reflecting a decline of approximately 2.2%[401]. - The company declared dividends totaling $87.5 million in 2023, an increase from $43.6 million in 2022[401]. - Payments of dividends increased to $87.5 million in 2024 from $86.1 million in 2023[398]. - The company reported deferred cloud computing arrangement implementation costs of $40.1 million and $36.9 million as of December 31, 2024 and 2023, respectively[461]. Debt and Interest - Total interest payments for the year ended December 31, 2024, were $214.5 million, with a weighted average interest rate of 5.920%[367]. - A 100 basis point increase or decrease in the weighted average interest rate on outstanding debt would result in an incremental increase or decrease in annual interest expense of approximately $31 million for the year ended December 31, 2024[367]. - Interest payments for 2024 were $214.5 million, slightly up from $213.3 million in 2023[398]. Foreign Exchange and Risk Management - The notional amounts of foreign exchange contracts were $583.5 million and $653.1 million as of December 31, 2024, and December 31, 2023, respectively[370]. - Realized gains and losses associated with foreign exchange contracts for the year ended December 31, 2024, were $32.7 million and $33.5 million, respectively[370]. - If exchange rates were to increase or decrease by 10% from year-end 2024 levels, unrealized losses or gains on foreign exchange forward contracts would be approximately $51 million[371]. - The company uses interest rate swaps to manage the impact of interest rate changes on earnings, aiming to mitigate future cash flow variations[366]. - The company’s foreign exchange forward contracts are primarily denominated in British pound sterling, Euro, Swedish Krona, and Norwegian Krone[369]. Pension and Employee Benefits - The benefit obligation at the beginning of 2024 was $1,417.5 million, decreasing to $1,309.3 million by the end of the year, reflecting a change of $108.2 million[536]. - The fair value of plan assets at the beginning of 2024 was $1,282.7 million, which decreased to $1,204.2 million by year-end, resulting in a net funded status of $(105.1) million[536]. - The accumulated benefit obligation decreased from $1,410.9 million in 2023 to $1,303.8 million in 2024[542]. - The company reported an actuarial gain of $63.8 million for the year ended December 31, 2024, primarily due to changes in discount rates and mortality assumptions[540]. - The net periodic pension cost for 2024 was $(17.5) million, compared to $(16.3) million in 2023[546]. - The underfunded accumulated benefit obligation decreased from $133.8 million in 2023 to $105.1 million in 2024[543]. - The company’s pension plans had a service cost of $1.7 million for the year ended December 31, 2024[546]. - The company recorded a settlement gain of $0.4 million for the year ended December 31, 2024[546]. - The total amount recognized in accumulated other comprehensive loss was $79.9 million for the year ended December 31, 2024[542]. - The projected benefit obligation discount rate increased to 5.23% for 2024 from 4.57% in 2023[551]. - The expected long-term return on plan assets is projected at 5.70% for 2024, up from 5.60% in 2023[551]. - The rate of compensation increase for determining projected benefit obligation is 2.88% for 2024, slightly up from 2.87% in 2023[551]. - The actuarial loss for 2024 is projected at $(4.8) million, compared to a gain of $1.1 million in 2023[547]. - The amortization of actuarial loss for 2024 is $(2.2) million, compared to $(0.7) million in 2023[547]. - The company applies a yield curve approach to measure the present value of pension plan obligations[553]. - The investment objective for the U.S. Qualified Plan is to achieve a long-term total return that matches the expected long-term rate of return assumption[556]. - The mortality assumption used is based on the PRI 2012 mortality table with adjustments for COVID-19 factors[554]. - The weighted average expected long-term return on plan assets was 5.60% for 2023, reflecting long-term capital market return forecasts[552]. - The company emphasizes long-term growth of principal while avoiding excessive risk to finance pension obligations[556]. Stockholder Equity and Compensation - The company’s weighted average number of shares outstanding-basic was 432.4 million in 2024, slightly up from 430.5 million in 2023[391]. - Stock-based compensation expense for 2024 was $67.6 million, a decrease from $83.4 million in 2023[516]. - The fair value of shares vested for restricted stock and restricted stock units in 2024 was $42.1 million, up from $30.9 million in 2023[527]. - Total unrecognized compensation cost related to non-vested restricted stock and restricted stock units was $42.2 million as of December 31, 2024[526]. - The increase in long-term contract assets from $18.0 million in 2023 to $32.8 million in 2024 was primarily due to new contract assets recognized[504]. - The weighted average grant date fair value per share of restricted stock and restricted stock units granted for 2023 was $11.27[526].

Financial Performance (GAAP) - Fourth Quarter 2024 revenue reached $631.9 million, a 0.2% increase[9] - Full Year 2024 revenue totaled $2,381.7 million, up by 2.9%[9] - Net income for Q4 2024 was $7.8 million, compared to $1.7 million in Q4 2023[9] - Full Year 2024 net loss was $(28.6) million, an improvement from $(47.0) million in FY 2023[9] Financial Performance (Non-GAAP) - Organic revenue grew by 0.3% in Q4 2024 and 3.0% for the full year[11] - Adjusted EBITDA for Q4 2024 was $260.0 million, a decrease of 0.2%, while the full year reached $926.6 million, a 3.9% increase[11] - Adjusted EBITDA margin was 41.2% for Q4 2024 and 38.9% for the full year[11] - Adjusted net income was $129.0 million for Q4 2024 and $429.1 million for the full year[11] North America Performance - North America Q4 revenue decreased to $448.6 million[13] - North America full year revenue increased to $1,672.3 million[17] - North America Q4 Adjusted EBITDA margin decreased by 270 bps to 46.3%[13] International Performance - International Q4 revenue increased to $183.3 million[21] - International full year revenue increased to $709.4 million[28] - International full year Adjusted EBITDA margin increased by 100 bps to 33.2%[30] Debt and Guidance - Total debt was $3,550 million, with net debt at $3,344 million and a net debt/EBITDA ratio of 3.6x[33] - The company anticipates total revenue between $2,440 million and $2,500 million for full year 2025[35]

Financial Data and Key Metrics Changes - For Q4 2024, revenues were $632 million, showing less than 1% growth compared to the prior year quarter, both after and before the effect of foreign exchange [35] - Full year 2024 revenues reached $2,382 million, an increase of 3%, both after and before the effect of foreign exchange [36] - Net income for Q4 was $8 million, compared to $2 million in the prior year quarter, driven by lower net personnel costs [35] - Full year net loss was $29 million, an improvement from a net loss of $47 million in the prior year [36] - Adjusted EBITDA for Q4 was $260 million, a decrease of less than 1% compared to the prior year quarter [38] - Full year adjusted EBITDA was $927 million, an increase of 4% [40] Business Line Data and Key Metrics Changes - In North America, Q4 revenues were $449 million, a decrease of 1.8% from the prior year quarter [42] - Finance and Risk revenues in North America for Q4 were $229 million, a decrease of 5% [42] - Sales and Marketing revenues in North America for Q4 were $219 million, an increase of 2% [42] - International segment Q4 revenues were $183 million, an increase of 6% [48] - Full year International revenues increased 6% to $709 million [52] Market Data and Key Metrics Changes - North America Finance and Risk full year revenues were $891 million, an increase of less than 1% [45] - International Finance and Risk full year revenues of $484 million increased 8% [52] - Organic revenues on a constant currency basis for International were 6% for the full year [52] Company Strategy and Development Direction - The company is focused on a vertical approach to deepen client relationships and launch vertical-specific solutions in 2025 [22] - Significant progress was made in technology transformation, including the migration of clients to modern solutions [15][21] - The company aims to enhance its go-to-market strategy by leveraging its modernized technology and platforms [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for future growth, citing the completion of significant transformations and a strong foundation for sustainable growth [21][33] - The ongoing strategic review process is expected to conclude in the first quarter of 2025, which may impact client behavior and revenue timing [70][120] - Management noted strong demand for risk analytics and compliance solutions, despite some revenue shifts due to client migrations [76][80] Other Important Information - The company reduced net leverage to 3.6% at year-end 2024 and aims to reach around 3.25% by the end of 2025 [57][65] - The company did not execute any share repurchases in Q4 2024, with a total of 961,360 shares repurchased year-to-date [59] Q&A Session Summary Question: Impact of distractions on revenue and guidance - Management acknowledged that distractions from the ongoing strategic review affected deal closures, but expects most delayed revenues to materialize in early 2025 [70][72] Question: Demand for products amid geopolitical shifts - Management confirmed strong demand for solutions addressing supply chain issues and tariffs, attributing Q4 revenue declines to factors other than demand [75][76] Question: Timing of revenue growth and assumptions - Management indicated that Q1 growth is expected to be at the low end of guidance due to ongoing processes, while Q4 should be closer to the high end [86][88] Question: Exit of non-strategic partnerships - Management confirmed that the exits are largely complete, with a revenue impact of $6 million in Q4 and $14 million in 2025, but with a positive EBITDA outcome [92] Question: Strategic review process and options - Management stated that various options are being considered in the strategic review process, including potential divestitures [112][116] Question: Sales pipeline and demand environment - Management reported a consistent pipeline but noted some client hesitation due to the ongoing strategic review [118][120] Question: Revenue structure and delivery models - Management indicated that approximately 75% of revenue comes from ratable contracts, with a goal to shift more towards this model [128][130] Question: North America adjusted EBITDA margins - Management expects margin expansion in North America as the company scales up following the completion of migrations [135]

Dun & Bradstreet (DNB) came out with quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -6.25%. A quarter ago, it was expected that this company would post earnings of $0.27 per share when it actually produced earnings of $0.27, delivering no surprise.Over the last four quarters, the company has not b ...

[Company Overview & Financial Highlights](index=1&type=section&id=Company%20Overview%20%26%20Financial%20Highlights) This section presents the CEO's strategic commentary and the company's consolidated financial performance for Q4 and the full year 2024 [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Anthony Jabbour highlighted 2024 as a year of significant progress, achieving 3% organic revenue growth and a 30 basis point expansion in EBITDA margins - Achieved **3% organic revenue growth** and expanded EBITDA margins by **30 basis points** in 2024[2](index=2&type=chunk) - Strengthened capital structure by reducing net leverage to **3.6 times**[2](index=2&type=chunk) - Focus for 2025 includes expanding solution sets, supporting client needs to reduce costs, increase growth potential, and reduce risk through data, analytics, and generative AI[2](index=2&type=chunk) [Consolidated Financial Performance (Q4 & Full Year 2024)](index=1&type=section&id=Consolidated%20Financial%20Performance%20(Q4%20%26%20Full%20Year%202024)) Dun & Bradstreet reported mixed financial results for Q4 and full year 2024, with full-year revenue and Adjusted EBITDA increasing despite Q4 modest growth Consolidated Financial Highlights (Q4 and Full Year 2024 vs. 2023) | Metric | Q4 2024 | Q4 2023 | YoY Change (Q4) | FY 2024 | FY 2023 | YoY Change (FY) | | :-------------------------------- | :------ | :------ | :-------------- | :-------- | :-------- | :-------------- | | Revenue | $631.9M | $630.4M | +0.2% | $2,381.7M | $2,314.0M | +2.9% | | Organic Revenue (constant currency) | +0.3% | N/A | N/A | +3.0% | N/A | N/A | | GAAP Net Income (Loss) | $7.8M | $1.7M | +358.8% | ($28.6M) | ($47.0M) | +39.1% | | Diluted EPS (GAAP) | $0.02 | < $0.01 | N/A | ($0.07) | ($0.11) | +36.4% | | Adjusted Net Income | $129.0M | $139.8M | -7.8% | $429.1M | $431.6M | -0.6% | | Adjusted EPS (Diluted) | $0.30 | $0.32 | -6.3% | $0.98 | $1.00 | -2.0% | | Adjusted EBITDA | $260.0M | $260.6M | -0.2% | $926.6M | $892.2M | +3.9% | | Adjusted EBITDA Margin | 41.2% | 41.3% | -0.1 pp | 38.9% | 38.6% | +0.3 pp | [Geographic Segment Performance](index=2&type=section&id=Geographic%20Segment%20Performance) This section details the financial performance of the North America and International segments for Q4 and the full year 2024 [North America Segment](index=2&type=section&id=North%20America%20Segment) The North America segment experienced a slight revenue decrease in Q4 2024 but achieved modest revenue growth for the full year, with mixed EBITDA performance North America Segment Performance (Q4 and Full Year 2024 vs. 2023) | Metric | Q4 2024 | Q4 2023 | YoY Change (Q4) | FY 2024 | FY 2023 | YoY Change (FY) | | :-------------------- | :------ | :------ | :-------------- | :-------- | :-------- | :-------------- | | Revenue | $448.6M | $456.8M | -1.8% | $1,672.3M | $1,644.5M | +1.7% | | Adjusted EBITDA | $207.8M | $223.7M | -7.1% | $745.8M | $743.3M | +0.3% | | Adjusted EBITDA Margin | 46.3% | 49.0% | -2.7 pp | 44.6% | 45.2% | -0.6 pp | [North America Revenue by Solution Type](index=2&type=section&id=North%20America%20Revenue%20by%20Solution%20Type) In North America, Finance and Risk revenue decreased in Q4 2024 but showed slight growth for the full year, while Sales and Marketing revenue increased North America Revenue by Solution Type (Q4 and Full Year 2024 vs. 2023) | Solution Type | Q4 2024 Revenue | Q4 2023 Revenue | YoY Change (Q4) | FY 2024 Revenue | FY 2023 Revenue | YoY Change (FY) | | :-------------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------- | | Finance and Risk | $229.2M | $241.4M | -5.1% (-5.0% CC) | $891.0M | $888.1M | +0.3% (+0.4% CC) | | Sales and Marketing | $219.4M | $215.4M | +1.8% (+1.9% CC) | $781.3M | $756.4M | +3.3% | [International Segment](index=2&type=section&id=International%20Segment) The International segment demonstrated strong revenue and organic growth in both Q4 and the full year 2024, alongside improved Adjusted EBITDA and margin International Segment Performance (Q4 and Full Year 2024 vs. 2023) | Metric | Q4 2024 | Q4 2023 | YoY Change (Q4) | FY 2024 | FY 2023 | YoY Change (FY) | | :-------------------- | :------ | :------ | :-------------- | :-------- | :-------- | :-------------- | | Revenue | $183.3M | $173.6M | +5.6% (+5.5% CC) | $709.4M | $669.5M | +6.0% (+5.6% CC) | | Organic Revenue (excl. divestiture/FX) | +5.8% | N/A | N/A | +6.0% | N/A | N/A | | Adjusted EBITDA | $58.1M | $55.2M | +5.2% | $235.3M | $215.4M | +9.2% | | Adjusted EBITDA Margin | 31.7% | 31.8% | -0.1 pp | 33.2% | 32.2% | +1.0 pp | [International Revenue by Solution Type](index=4&type=section&id=International%20Revenue%20by%20Solution%20Type) Internationally, Finance and Risk revenue showed strong growth in both Q4 and the full year 2024, while Sales and Marketing revenue saw mixed results International Revenue by Solution Type (Q4 and Full Year 2024 vs. 2023) | Solution Type | Q4 2024 Revenue | Q4 2023 Revenue | YoY Change (Q4) | FY 2024 Revenue | FY 2023 Revenue | YoY Change (FY) | | :-------------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------- | | Finance and Risk | $126.4M | $116.4M | +8.5% (+8.2% CC) | $484.5M | $448.6M | +8.0% (+7.6% CC) | | Sales and Marketing | $56.9M | $57.2M | -0.5% (-0.2% CC) | $224.9M | $220.9M | +1.8% (+1.6% CC) | | Sales and Marketing Organic Revenue (excl. divestiture/FX) | +0.8% (Q4) | N/A | N/A | +1.6% (FY) | N/A | N/A | [Financial Position & Capital Structure](index=4&type=section&id=Financial%20Position%20%26%20Capital%20Structure) This section reviews the company's balance sheet, liquidity, and stock repurchase activities as of December 31, 2024 [Balance Sheet Overview](index=4&type=section&id=Balance%20Sheet%20Overview) As of December 31, 2024, Dun & Bradstreet maintained a cash position of $205.9 million and total principal debt of $3,550.4 million, with substantial revolving credit facility availability Key Balance Sheet Figures (as of December 31, 2024) | Metric | Amount | | :-------------------------------- | :------- | | Cash and Cash Equivalents | $205.9M | | Total Principal Amount of Debt | $3,550.4M | | Available Revolving Credit Facility | $840.0M | | Total Revolving Credit Facility | $850.0M | [Stock Repurchase Program](index=4&type=section&id=Stock%20Repurchase%20Program) During 2024, Dun & Bradstreet repurchased 961,360 shares for $9.3 million at an average price of $9.71 per share, with no Q4 activity Stock Repurchase Program (Year Ended December 31, 2024) | Metric | Value | | :-------------------------------- | :---------- | | Shares Repurchased | 961,360 | | Total Cost (net of excise tax) | $9.3M | | Average Price Per Share | $9.71 | | Shares Remaining Under Authorization | > 9 million | - No share repurchase activity occurred during the fourth quarter of 2024[16](index=16&type=chunk) [Business Outlook](index=4&type=section&id=Business%20Outlook) This section provides Dun & Bradstreet's financial guidance for 2025, including projections for revenue, organic revenue growth, Adjusted EBITDA, and Adjusted EPS [2025 Financial Guidance](index=4&type=section&id=2025%20Financial%20Guidance) Dun & Bradstreet provided its financial outlook for 2025, projecting revenue growth between 2.5% and 5.0%, organic revenue growth of 3.0% to 5.0%, Adjusted EBITDA in the range of $955 million to $985 million, and Adjusted EPS between $1.01 and $1.07 2025 Business Outlook | Metric | Range | | :-------------------------------- | :-------------------- | | Revenue (after FX impact) | $2,440M to $2,500M (2.5% to 5.0%) | | Organic Revenue Growth | 3.0% to 5.0% | | Adjusted EBITDA | $955M to $985M | | Adjusted EPS | $1.01 to $1.07 | - Forward-looking statements reflect expectations as of the report date and assume constant foreign currency rates[17](index=17&type=chunk) [About Dun & Bradstreet](index=4&type=section&id=About%20Dun%20%26%20Bradstreet) Dun & Bradstreet is a leading global provider of business decisioning data and analytics, empowering companies to enhance performance and mitigate risk - Dun & Bradstreet is a leading global provider of business decisioning data and analytics[19](index=19&type=chunk) - Its Data Cloud fuels solutions that help customers accelerate revenue, lower cost, mitigate risk, and transform their businesses[19](index=19&type=chunk) - The company has been assisting businesses with risk management and opportunity identification since 1841[19](index=19&type=chunk) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section explains the rationale and definitions for the non-GAAP financial measures used by Dun & Bradstreet to provide clearer insights into performance [Explanation and Rationale](index=4&type=section&id=Explanation%20and%20Rationale) Dun & Bradstreet uses non-GAAP measures to provide investors with useful information on operating trends and performance comparability, adjusting for non-core items - Non-GAAP measures provide useful information for investors and rating agencies on results, operating trends, and performance comparability[20](index=20&type=chunk)[21](index=21&type=chunk) - Adjustments include acquisition/divestiture-related expenses, restructuring charges, equity-based compensation, transition costs, and other non-core items[21](index=21&type=chunk) - Excludes amortization of recognized intangible assets from purchase accounting, as these are non-cash and not indicative of ongoing operating performance[21](index=21&type=chunk) [Organic Revenue Definition](index=5&type=section&id=Organic%20Revenue%20Definition) Organic revenue is defined as reported revenue adjusted for foreign exchange effects and excluding revenue from acquired or divested businesses - Organic revenue is reported revenue before foreign exchange effects, excluding revenue from acquired businesses (first 12 months) and divested businesses[23](index=23&type=chunk) - This measure helps investors and analysts understand the Company's underlying revenue trends by isolating M&A impacts[23](index=23&type=chunk) [Adjusted EBITDA and Adjusted EBITDA Margin Definition](index=5&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EBITDA%20Margin%20Definition) Adjusted EBITDA is calculated by adjusting net income for non-cash and non-operating items, with Adjusted EBITDA margin derived by dividing by revenue - Adjusted EBITDA excludes depreciation, amortization, interest expense/income, income tax, and other non-operating items from net income (loss)[24](index=24&type=chunk) - Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue[25](index=25&type=chunk) [Adjusted Net Income Definition](index=6&type=section&id=Adjusted%20Net%20Income%20Definition) Adjusted net income starts with net income and applies adjustments for various non-recurring or non-operating items to reflect ongoing performance - Adjusted net income adjusts for equity in net income of affiliates, non-controlling interests, equity-based compensation, restructuring charges, and M&A-related operating costs[26](index=26&type=chunk) - It also excludes transition costs related to technology and back-office infrastructure transformation, which are incremental and non-recurring[26](index=26&type=chunk) - Incremental amortization of intangible assets from purchase accounting is excluded as it is non-cash and not indicative of ongoing operating performance[26](index=26&type=chunk) [Adjusted Net Earnings Per Diluted Share Definition](index=7&type=section&id=Adjusted%20Net%20Earnings%20Per%20Diluted%20Share%20Definition) Adjusted net earnings per diluted share is calculated by dividing adjusted net income by the weighted average diluted common shares outstanding - Calculated by dividing adjusted net income (loss) by the weighted average diluted common shares outstanding[27](index=27&type=chunk) [Forward-Looking Statements & Risk Factors](index=7&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This section outlines that statements in the release not purely historical are forward-looking, based on management's beliefs and assumptions, and subject to material differences from actual results due to various risks and uncertainties - Forward-looking statements are based on management's beliefs and assumptions, and actual results may differ materially due to various risks[28](index=28&type=chunk) - Key risks include the ability to execute strategic plans, competition, brand reputation, global economic conditions, cybersecurity, data integrity, system failures, and dependence on data sources and partners[29](index=29&type=chunk) - Additional risks relate to international operations, intellectual property, artificial intelligence systems, acquisitions, employee retention, regulatory compliance, and geopolitical conflicts[29](index=29&type=chunk)[30](index=30&type=chunk) [Consolidated GAAP Financial Statements](index=9&type=section&id=Consolidated%20GAAP%20Financial%20Statements) This section presents the company's official GAAP financial statements, including statements of operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations show Dun & Bradstreet's GAAP financial performance for Q4 and the full year 2024, detailing revenue, operating costs, and net income/loss Consolidated Statements of Operations (GAAP, In millions, except per share data) | Metric | Three months ended Dec 31, 2024 | Three months ended Dec 31, 2023 | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 | | :---------------------------------------------------- | :------------------------------ | :------------------------------ | :---------------------- | :---------------------- | | Revenue | $631.9 | $630.4 | $2,381.7 | $2,314.0 | | Operating costs | $553.0 | $566.6 | $2,186.9 | $2,173.7 | | Operating income (loss) | $78.9 | $63.8 | $194.8 | $140.3 | | Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. | $7.8 | $1.7 | ($28.6) | ($47.0) | | Diluted earnings (loss) per share | $0.02 | $0.00 | ($0.07) | ($0.11) | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets present the company's financial position as of December 31, 2024, and 2023, detailing assets, liabilities, and equity Consolidated Balance Sheets (GAAP, In millions) | Metric | December 31, 2024 | December 31, 2023 | | :-------------------------------- | :------------------ | :------------------ | | Total current assets | $650.4 | $656.3 | | Total non-current assets | $8,105.3 | $8,479.6 | | Total assets | $8,755.7 | $9,135.9 | | Total current liabilities | $1,007.2 | $1,042.4 | | Total liabilities | $5,441.3 | $5,704.3 | | Total equity | $3,314.4 | $3,431.6 | - Cash and cash equivalents increased to **$205.9 million** in 2024 from **$188.1 million** in 2023[36](index=36&type=chunk) - Goodwill decreased slightly from **$3,445.8 million** in 2023 to **$3,409.8 million** in 2024[36](index=36&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows outline the cash generated and used across operating, investing, and financing activities for 2024 and 2023 Condensed Consolidated Statements of Cash Flows (GAAP, In millions) | Activity | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 | | :---------------------------------------- | :---------------------- | :---------------------- | | Net cash provided by (used in) operating activities | $436.9 | $452.2 | | Net cash provided by (used in) investing activities | ($219.5) | ($191.8) | | Net cash provided by (used in) financing activities | ($187.9) | ($282.4) | | Increase (decrease) in cash, cash equivalents and restricted cash | $18.2 | ($20.3) | | Cash, Cash Equivalents and Restricted Cash, End of Period | $206.3 | $188.1 | - Cash paid for repurchase of treasury shares was **$9.3 million** in 2024, compared to none in 2023[38](index=38&type=chunk) - Proceeds from borrowings on Term Loan Facility were **$3,103.6 million** in 2024, significantly higher than **$0** in 2023, indicating refinancing or new debt[38](index=38&type=chunk) [Non-GAAP Reconciliations & Segment Details](index=12&type=section&id=Non-GAAP%20Reconciliations%20%26%20Segment%20Details) This section provides detailed reconciliations of GAAP to non-GAAP financial measures and a breakdown of segment performance [Reconciliation of Net Income (Loss) to Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Net%20Income%20(Loss)%20to%20Adjusted%20EBITDA) This reconciliation details the adjustments made to GAAP net income (loss) to arrive at Adjusted EBITDA for Q4 and the full year 2024 Reconciliation of Net Income (Loss) to Adjusted EBITDA (In millions) | Metric | Three months ended Dec 31, 2024 | Three months ended Dec 31, 2023 | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 | | :---------------------------------------------------- | :------------------------------ | :------------------------------ | :---------------------- | :---------------------- | | Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. | $7.8 | $1.7 | ($28.6) | ($47.0) | | Depreciation and amortization | $147.5 | $149.7 | $577.6 | $586.8 | | Interest expense - net | $55.7 | $51.9 | $256.4 | $216.1 | | (Benefit) provision for income tax - net | $15.2 | $6.3 | ($33.7) | ($34.2) | | EBITDA | $226.2 | $209.6 | $771.7 | $721.7 | | Equity-based compensation | $15.2 | $17.3 | $67.6 | $83.4 | | Transition costs | $13.4 | $21.8 | $60.7 | $52.9 | | Adjusted EBITDA | $260.0 | $260.6 | $926.6 | $892.2 | | Adjusted EBITDA Margin | 41.2% | 41.3% | 38.9% | 38.6% | [Segment Revenue and Adjusted EBITDA Details](index=13&type=section&id=Segment%20Revenue%20and%20Adjusted%20EBITDA%20Details) This section provides a detailed breakdown of revenue and Adjusted EBITDA by geographic segment for Q4 and the full year 2024 and 2023 Segment Revenue and Adjusted EBITDA (Q4 2024 vs. 2023) | Metric | North America (Q4 2024) | International (Q4 2024) | Corporate and Other (Q4 2024) | Total (Q4 2024) | | :-------------------- | :---------------------- | :------------------------ | :---------------------------- | :-------------- | | Revenue | $448.6M | $183.3M | — | $631.9M | | Adjusted EBITDA | $207.8M | $58.1M | ($5.9M) | $260.0M | | Adjusted EBITDA margin | 46.3% | 31.7% | N/A | 41.2% | | | North America (Q4 2023) | International (Q4 2023) | Corporate and Other (Q4 2023) | Total (Q4 2023) | | Revenue | $456.8M | $173.6M | — | $630.4M | | Adjusted EBITDA | $223.7M | $55.2M | ($18.3M) | $260.6M | | Adjusted EBITDA margin | 49.0% | 31.8% | N/A | 41.3% | Segment Revenue and Adjusted EBITDA (Full Year 2024 vs. 2023) | Metric | North America (FY 2024) | International (FY 2024) | Corporate and Other (FY 2024) | Total (FY 2024) | | :-------------------- | :---------------------- | :------------------------ | :---------------------------- | :-------------- | | Revenue | $1,672.3M | $709.4M | — | $2,381.7M | | Adjusted EBITDA | $745.8M | $235.3M | ($54.5M) | $926.6M | | Adjusted EBITDA margin | 44.6% | 33.2% | N/A | 38.9% | | | North America (FY 2023) | International (FY 2023) | Corporate and Other (FY 2023) | Total (FY 2023) | | Revenue | $1,644.5M | $669.5M | — | $2,314.0M | | Adjusted EBITDA | $743.3M | $215.4M | ($66.5M) | $892.2M | | Adjusted EBITDA margin | 45.2% | 32.2% | N/A | 38.6% | [Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)](index=15&type=section&id=Reconciliation%20of%20Net%20Income%20(Loss)%20to%20Adjusted%20Net%20Income%20(Loss)) This reconciliation provides a detailed breakdown of adjustments from GAAP net income (loss) to arrive at adjusted net income (loss) for Q4 and the full year 2024 Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) (In millions, except per share data) | Metric | Three months ended Dec 31, 2024 | Three months ended Dec 31, 2023 | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 | | :---------------------------------------------------- | :------------------------------ | :------------------------------ | :---------------------- | :---------------------- | | Net income (loss) attributable to Dun & Bradstreet Holdings, Inc. | $7.8 | $1.7 | ($28.6) | ($47.0) | | Incremental amortization of intangible assets | $107.5 | $115.7 | $433.5 | $465.8 | | Equity-based compensation | $15.2 | $17.3 | $67.6 | $83.4 | | Transition costs | $13.4 | $21.8 | $60.7 | $52.9 | | Debt refinancing and extinguishment costs | $2.2 | — | $39.3 | $2.5 | | Tax effect of non-GAAP adjustments | ($16.4) | ($26.1) | ($145.6) | ($142.6) | | Adjusted net income (loss) attributable to Dun & Bradstreet Holdings, Inc. | $129.0 | $139.8 | $429.1 | $431.6 | | Adjusted net earnings per diluted share | $0.30 | $0.32 | $0.98 | $1.00 | [Contact Information](index=16&type=section&id=Contact%20Information) This section provides contact details for investor relations and media inquiries for Dun & Bradstreet Holdings, Inc - Investor Contact: **904-648-8006**, IR@dnb.com[50](index=50&type=chunk) - Media Contact: Ginny Walthour, **904-528-1506**, Walthourg@dnb.com[50](index=50&type=chunk)

News that Veritas Capital Management is considering an offer for Dun & Bradstreet Holdings, Inc. (NYSE: DNB ) sent the normally steady stock spiraling -7.4% on Friday, February 7, 2025. While takeover rumours are almost always positive for a target company's shares, in this particular case25 years+ in the financial/investment industry. Former Senior Managing Editor here at Seeking Alpha; the tail end of an ~11 year stint working for SA. Prior to this, I worked as a Treasury Manager for a large commodities f ...

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