2024 Q2 Form 10-Q Financial Statement

#000179920824000024 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $576.2M $564.5M
YoY Change 3.88% 4.46%
Cost Of Revenue $220.1M $224.1M
YoY Change 7.37% 14.4%
Gross Profit $356.1M $340.4M
YoY Change 1.83% -1.19%
Gross Profit Margin 61.8% 60.3%
Selling, General & Admin $174.4M $176.4M
YoY Change -5.01% -5.67%
% of Gross Profit 48.98% 51.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $141.3M $144.0M
YoY Change -2.55% -0.96%
% of Gross Profit 39.68% 42.3%
Operating Expenses $174.4M $176.4M
YoY Change -46.93% -5.67%
Operating Profit $37.10M $16.60M
YoY Change 75.83% 110.13%
Interest Expense $3.400M $85.30M
YoY Change -106.18% 54.25%
% of Operating Profit 9.16% 513.86%
Other Income/Expense, Net -$56.40M -$83.60M
YoY Change -3860.0% 56.85%
Pretax Income -$19.30M -$67.00M
YoY Change -47.84% 47.58%
Income Tax -$2.900M -$44.20M
% Of Pretax Income
Net Earnings -$16.40M -$23.20M
YoY Change -15.46% -29.27%
Net Earnings / Revenue -2.85% -4.11%
Basic Earnings Per Share -$0.04 -$0.05
Diluted Earnings Per Share -$0.04 -$0.05
COMMON SHARES
Basic Shares Outstanding 442.7M shares 438.8M shares
Diluted Shares Outstanding 432.7M shares 431.6M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $263.2M $216.0M
YoY Change 1.0% 5.83%
Cash & Equivalents $263.2M $216.0M
Short-Term Investments
Other Short-Term Assets $64.10M $71.70M
YoY Change -72.68% -2.58%
Inventory
Prepaid Expenses
Receivables $197.3M $170.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $663.9M $609.3M
YoY Change -3.8% -2.25%
LONG-TERM ASSETS
Property, Plant & Equipment $96.00M $98.90M
YoY Change -34.02% -2.85%
Goodwill $3.427B $3.425B
YoY Change 0.12% -0.32%
Intangibles $3.710B $3.805B
YoY Change -9.81% -9.8%
Long-Term Investments $21.20M $21.40M
YoY Change 8.72% 1.9%
Other Assets $212.4M $206.6M
YoY Change 25.75% 70.32%
Total Long-Term Assets $8.293B $8.369B
YoY Change -3.31% -3.58%
TOTAL ASSETS
Total Short-Term Assets $663.9M $609.3M
Total Long-Term Assets $8.293B $8.369B
Total Assets $8.957B $8.979B
YoY Change -3.35% -3.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.90M $107.5M
YoY Change 9.58% 31.9%
Accrued Expenses $229.9M $224.3M
YoY Change -10.09% -8.34%
Deferred Revenue $583.3M $622.5M
YoY Change -2.6% -0.38%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $31.00M $31.00M
YoY Change -5.2% -5.2%
Total Short-Term Liabilities $935.1M $987.4M
YoY Change -4.05% -1.2%
LONG-TERM LIABILITIES
Long-Term Debt $3.620B $3.507B
YoY Change 0.2% -1.3%
Other Long-Term Liabilities $113.8M $129.8M
YoY Change -54.79% -6.95%
Total Long-Term Liabilities $3.734B $3.637B
YoY Change -3.38% -1.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $935.1M $987.4M
Total Long-Term Liabilities $3.734B $3.637B
Total Liabilities $5.615B $5.610B
YoY Change -3.66% -3.98%
SHAREHOLDERS EQUITY
Retained Earnings -$850.7M -$834.3M
YoY Change 4.1% 4.58%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.327B $3.355B
YoY Change
Total Liabilities & Shareholders Equity $8.957B $8.979B
YoY Change -3.35% -3.49%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$16.40M -$23.20M
YoY Change -15.46% -29.27%
Depreciation, Depletion And Amortization $141.3M $144.0M
YoY Change -2.55% -0.96%
Cash From Operating Activities $36.70M $158.9M
YoY Change -37.69% 2.06%
INVESTING ACTIVITIES
Capital Expenditures $53.80M $57.70M
YoY Change 10.7% 4338.46%
Acquisitions
YoY Change
Other Investing Activities -$3.400M $200.0K
YoY Change -148.57% -200.0%
Cash From Investing Activities -$57.20M -$54.90M
YoY Change 37.5% 38.64%
FINANCING ACTIVITIES
Cash Dividend Paid $22.00M
YoY Change 2.33%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 69.20M -$75.70M
YoY Change 102.34% -38.05%
NET CHANGE
Cash From Operating Activities 36.70M $158.9M
Cash From Investing Activities -57.20M -$54.90M
Cash From Financing Activities 69.20M -$75.70M
Net Change In Cash 48.70M $27.90M
YoY Change -5.44% -748.84%
FREE CASH FLOW
Cash From Operating Activities $36.70M $158.9M
Capital Expenditures $53.80M $57.70M
Free Cash Flow -$17.10M $101.2M
YoY Change -266.02% -34.46%

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CY2024Q1 us-gaap Basis Of Accounting
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:3.86pt">Basis of Presentation</span><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 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, 2023, included in our Annual Report on Form 10-K and filed with the Securities and Exchange Commission ("SEC") on February 22, 2024. The 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."), Northern Europe (Sweden, Norway, Denmark, Finland, Estonia and Latvia), Central Europe (Germany, Austria, Switzerland and various other central and eastern European countries) (together as "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><div style="margin-bottom:10pt;margin-top:4pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our 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. </span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">During the first quarter of 2024, we changed the presentation of certain data royalty and project fulfillment costs in our condensed consolidated statement of income. Specifically, we changed the classification of these costs from "Selling and administrative expenses" to "Cost of services (exclusive of depreciation and amortization)", as we believe that presenting these costs based on their nature, as opposed to their function as was done historically, provides more useful information and enhances transparency. Prior year period results have been recast to reflect this change in presentation and to conform to the current period presentation. As a result, we reclassified $11.9 million and $30.8 million for the three months ended March 31, 2023 and for the year ended December 31, 2023, 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 statements of cash flows.</span></div>
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Our 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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During the first quarter of 2024, we changed the presentation of certain data royalty and project fulfillment costs in our condensed consolidated statement of income. Specifically, we changed the classification of these costs from "Selling and administrative expenses" to "Cost of services (exclusive of depreciation and amortization)", as we believe that presenting these costs based on their nature, as opposed to their function as was done historically, provides more useful information and enhances transparency. Prior year period results have been recast to reflect this change in presentation and to conform to the current period presentation.
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