2023 Q2 Form 10-Q Financial Statement

#000179920823000019 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $554.7M $540.4M $536.0M
YoY Change 3.24% 0.82% 6.24%
Cost Of Revenue $205.0M $195.9M $176.7M
YoY Change -42.77% 10.87% 9.82%
Gross Profit $349.7M $344.5M $359.3M
YoY Change 95.25% -4.12% 4.57%
Gross Profit Margin 63.04% 63.75% 67.03%
Selling, General & Admin $183.6M $187.0M $188.2M
YoY Change 3.96% -0.64% 4.67%
% of Gross Profit 52.5% 54.28% 52.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $145.0M $145.4M $149.4M
YoY Change -1.36% -2.68% -0.2%
% of Gross Profit 41.46% 42.21% 41.58%
Operating Expenses $328.6M $187.0M $188.2M
YoY Change 86.07% -0.64% -62.07%
Operating Profit $21.10M $7.900M $16.40M
YoY Change -28.96% -51.83% 97.59%
Interest Expense -$55.00M $55.30M $47.20M
YoY Change -231.26% 17.16% -3.48%
% of Operating Profit -260.66% 700.0% 287.8%
Other Income/Expense, Net $1.500M -$53.30M -$56.20M
YoY Change -104.93% -5.16% 33.81%
Pretax Income -$37.00M -$45.40M -$39.80M
YoY Change 5185.71% 14.07% 18.1%
Income Tax -$17.50M -$11.80M -$9.300M
% Of Pretax Income
Net Earnings -$19.40M -$32.80M -$29.80M
YoY Change 10.07% 27.9%
Net Earnings / Revenue -3.5% -6.07% -5.56%
Basic Earnings Per Share -$0.04 -$0.08 -$0.07
Diluted Earnings Per Share -$0.05 -$0.08 -$0.07
COMMON SHARES
Basic Shares Outstanding 439.3M shares 435.6M shares 428.8M shares
Diluted Shares Outstanding 430.5M shares 429.6M shares 428.8M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $260.6M $204.1M $215.8M
YoY Change 24.33% -5.42% 24.45%
Cash & Equivalents $260.6M $204.1M $215.8M
Short-Term Investments
Other Short-Term Assets $234.6M $73.60M $14.00M
YoY Change 889.87% 425.71% 129.51%
Inventory
Prepaid Expenses
Receivables $194.9M $181.4M $339.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $690.1M $623.3M $732.3M
YoY Change -7.75% -14.88% 8.78%
LONG-TERM ASSETS
Property, Plant & Equipment $145.5M $101.8M $95.60M
YoY Change 53.48% 6.49% 242.65%
Goodwill $3.422B $3.436B $3.475B
YoY Change -0.43% -1.14% 4.74%
Intangibles $4.113B $4.219B $4.690B
YoY Change -9.43% -10.05% -9.07%
Long-Term Investments $19.50M $21.00M $27.60M
YoY Change -26.42% -23.91% 4.55%
Other Assets $168.9M $121.3M $166.9M
YoY Change 6.7% -27.32% 21.21%
Total Long-Term Assets $8.577B $8.680B $9.125B
YoY Change -4.15% -4.88% -1.37%
TOTAL ASSETS
Total Short-Term Assets $690.1M $623.3M $732.3M
Total Long-Term Assets $8.577B $8.680B $9.125B
Total Assets $9.267B $9.303B $9.857B
YoY Change -4.43% -5.62% -0.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.30M $81.50M $74.90M
YoY Change -2.46% 8.81% -1.45%
Accrued Expenses $255.7M $244.7M $226.8M
YoY Change 4.2% 7.89% -3.57%
Deferred Revenue $598.9M $624.9M $632.8M
YoY Change 2.78% -1.25% -0.25%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $32.70M $32.70M $32.70M
YoY Change 0.0% 0.0% 16.37%
Total Short-Term Liabilities $974.6M $999.4M $973.4M
YoY Change 2.81% 2.67% -2.3%
LONG-TERM LIABILITIES
Long-Term Debt $3.613B $3.553B $3.689B
YoY Change -1.82% -3.68% 3.97%
Other Long-Term Liabilities $251.7M $139.5M $139.1M
YoY Change 90.11% 0.29% -5.37%
Total Long-Term Liabilities $3.865B $3.693B $3.828B
YoY Change 1.38% -3.53% 3.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $974.6M $999.4M $973.4M
Total Long-Term Liabilities $3.865B $3.693B $3.828B
Total Liabilities $5.828B $5.842B $6.148B
YoY Change -3.68% -4.98% -1.58%
SHAREHOLDERS EQUITY
Retained Earnings -$817.2M -$797.8M -$793.1M
YoY Change 2.81% 0.59% 10.32%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $300.0K
YoY Change 0.0%
Treasury Stock Shares 873.2K shares
Shareholders Equity $3.439B $3.451B $3.644B
YoY Change
Total Liabilities & Shareholders Equity $9.267B $9.303B $9.857B
YoY Change -4.43% -5.62% -0.68%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$19.40M -$32.80M -$29.80M
YoY Change 10.07% 27.9%
Depreciation, Depletion And Amortization $145.0M $145.4M $149.4M
YoY Change -1.36% -2.68% -0.2%
Cash From Operating Activities $58.90M $155.7M $138.8M
YoY Change -24.2% 12.18% -17.48%
INVESTING ACTIVITIES
Capital Expenditures $48.60M $1.300M $4.100M
YoY Change 1329.41% -68.29% 241.67%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $7.000M -$200.0K $0.00
YoY Change -380.0% -100.0%
Cash From Investing Activities -$41.60M -$39.60M -$49.40M
YoY Change -22.96% -19.84% -92.26%
FINANCING ACTIVITIES
Cash Dividend Paid $21.50M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $420.0M
YoY Change -100.0%
Cash From Financing Activities 34.20M -$122.2M -$51.00M
YoY Change -349.64% 139.61% -117.58%
NET CHANGE
Cash From Operating Activities 58.90M $155.7M $138.8M
Cash From Investing Activities -41.60M -$39.60M -$49.40M
Cash From Financing Activities 34.20M -$122.2M -$51.00M
Net Change In Cash 51.50M -$4.300M $38.70M
YoY Change 415.0% -111.11% -121.63%
FREE CASH FLOW
Cash From Operating Activities $58.90M $155.7M $138.8M
Capital Expenditures $48.60M $1.300M $4.100M
Free Cash Flow $10.30M $154.4M $134.7M
YoY Change -86.14% 14.63% -19.34%

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Basis of Presentation<div style="text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying interim unaudited condensed consolidated financial statements of Dun &amp; Bradstreet Holdings, Inc. and its subsidiaries ("we" or "us" or "our" or the "Company") were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). They should be read in conjunction with the consolidated financial statements and related notes, which appear in the consolidated financial statements for the year ended December 31, 2022, included in our Annual Report on Form 10-K and filed with the Securities and Exchange Commission ("SEC") on February 23, 2023. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by GAAP for annual financial statements and are not necessarily indicative of results for the full year or any subsequent period. In the opinion of our management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We manage our business and report our financial results through the following two segments:</span></div><div style="margin-bottom:10pt;padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">North America offers Finance &amp; Risk and Sales &amp; Marketing data, analytics and business insights in the United States and Canada; and</span></div><div style="margin-bottom:6pt;padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">International offers Finance &amp; Risk and Sales &amp; Marketing data, analytics and business insights directly in the United Kingdom and Ireland ("U.K."), Nordics (Sweden, Norway, Denmark and Finland), DACH (Germany, Austria and Switzerland) and CE (Central and Eastern Europe) regions ("Europe"), Greater China, India and indirectly through our Worldwide Network alliances ("WWN alliances").</span></div><div style="margin-bottom:6pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All intercompany transactions and balances have been eliminated in consolidation. Where appropriate, we have reclassified certain prior year amounts to conform to the current year presentation.</span></div>Our unaudited condensed consolidated financial statements presented herein reflect the latest estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the unaudited consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented.
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Our unaudited condensed consolidated financial statements presented herein reflect the latest estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the unaudited consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented.
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