Dun & Bradstreet(DNB)2024-05-02 11:30Revenue Performance - Revenue for Q1 2024 was $564.5 million, an increase of 4.5% compared to Q1 2023[4] - Organic revenue growth was 4.3% on a constant currency basis compared to Q1 2023[4] - North America revenue was $386.6 million, an increase of 3.2% compared to Q1 2023[3] - International revenue was $177.9 million, an increase of 7.4%, with organic revenue growth of 6.8% after excluding divestitures[7] - Revenue for Q1 2024 was $564.5 million, an increase of 4.0% compared to $540.4 million in Q1 2023[27] - Revenue for North America in Q1 2024 was $386.6 million, a rise from $374.7 million in Q1 2023, while International revenue increased to $177.9 million from $165.7 million[36] - Revenue guidance for 2024 is projected between $2,400 million and $2,440 million, with organic revenue growth expected between 4.1% and 5.1%[13] Financial Performance - GAAP net loss for Q1 2024 was $23.2 million, or diluted earnings per share of $0.05, an improvement from a net loss of $33.7 million, or loss per share of $0.08 in the prior year[4] - Adjusted EBITDA for Q1 2024 was $201.3 million, a 6.0% increase year-over-year, with an adjusted EBITDA margin of 35.7%[4] - Operating income improved to $16.6 million in Q1 2024 from $7.9 million in Q1 2023, reflecting a significant increase in operational efficiency[27] - Net loss attributable to Dun & Bradstreet Holdings, Inc. was $23.2 million in Q1 2024, compared to a net loss of $33.7 million in Q1 2023, indicating a reduction in losses[27] - Adjusted EBITDA for Q1 2024 increased to $201.3 million, up from $190.0 million in Q1 2023, reflecting a margin of 35.7% compared to 35.2%[33] - Adjusted net income attributable to Dun & Bradstreet Holdings, Inc. for Q1 2024 was $85.0 million, compared to $80.5 million in Q1 2023, with adjusted net earnings per diluted share at $0.20[37] Cash and Debt Management - The company has $216.0 million in cash and cash equivalents and total debt of $3,563.6 million as of March 31, 2024[9] - Cash and cash equivalents increased to $216.0 million at the end of Q1 2024, up from $188.1 million at the end of Q4 2023[31] - Total assets decreased to $8,978.7 million as of March 31, 2024, down from $9,135.9 million at December 31, 2023[29] - Total liabilities decreased to $5,609.6 million as of March 31, 2024, compared to $5,704.3 million at December 31, 2023[29] - The company incurred interest expense of $85.3 million in Q1 2024, up from $55.3 million in Q1 2023, reflecting increased borrowing costs[27] - Interest expense-net increased to $83.7 million in Q1 2024 from $53.9 million in Q1 2023[33] Future Outlook and Strategic Initiatives - A share repurchase program for up to 10 million shares has been authorized through April 30, 2027[10] - Adjusted EBITDA for 2024 is expected to be in the range of $930 million to $950 million[13] - The company plans to continue focusing on strategic alliances and acquisitions to drive growth and enhance its market position[25] Operational Metrics - The company reported a net cash provided by operating activities of $158.9 million for Q1 2024, slightly up from $155.7 million in Q1 2023[31] - Deferred revenue increased to $622.5 million as of March 31, 2024, compared to $590.0 million at December 31, 2023, indicating growth in future revenue recognition[29] - Total operating costs for Q1 2024 were $396.4 million, up from $377.3 million in Q1 2023, leading to an operating income of $168.1 million[36] - The company reported a transition cost of $17.4 million in Q1 2024, significantly higher than $8.4 million in Q1 2023[37] - Equity-based compensation expenses were $17.9 million in Q1 2024, down from $20.5 million in Q1 2023[37] - The adjusted EBITDA margin for North America was 39.3% in Q1 2024, compared to 40.2% in Q1 2023, while the International segment had a margin of 36.1%[36] - The weighted average number of shares outstanding on a diluted basis was 435.7 million in Q1 2024, compared to 431.5 million in Q1 2023[37]