Dun & Bradstreet Holdings, Inc. (NYSE: DNB), a leading
global provider of business decisioning data and analytics, today
announced unaudited financial results for the first quarter ended
March 31, 2022. 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.”
- GAAP Revenue and Adjusted Revenue for the first quarter of 2022
were both $536.0 million. GAAP Revenue increased 6.2% and 7.9% on a
constant currency basis compared to the first quarter of 2021.
Adjusted Revenue increased 5.3% and 6.9% on a constant currency
basis compared to the first quarter of 2021.
- Excluding the impact of acquisitions and divestitures, organic
revenue, before the effect of foreign exchange, was $528.8 million,
an increase of 4.5% compared to first quarter of 2021.
- GAAP Net loss for the first quarter of 2022 was $31.3 million,
or diluted loss per share of $0.07, compared to net loss of $25.0
million or diluted loss per share of $0.06 for the prior year
quarter. Adjusted net income was $102.5 million, or adjusted
diluted earnings per share of $0.24, compared to adjusted net
income of $97.8 million, or adjusted diluted earnings per share of
$0.23 for the prior year quarter.
- Adjusted EBITDA for the first quarter of 2022 was $190.1
million, up 2.4% compared to the first quarter of 2021, and
adjusted EBITDA margin was 35.5%.
“We are pleased with our solid start to the year, as we
delivered organic growth of 4.5 percent during the first quarter
with balanced performance across both our North America and
International business segments,” said Anthony Jabbour, Dun &
Bradstreet Chief Executive Officer. “We are executing well, our
investments are paying off and we remain confident in our ability
to deliver on our full year 2022 goals, advance our long-term
strategy, and deliver increased shareholder value.”
Segment Results
North America
For the first quarter of 2022, North America revenue was $367.3
million, an increase of $27.9 million or 8.2% (both after and
before the effect of foreign exchange) compared to the first
quarter of 2021. Excluding the impact of acquisitions which
contributed revenue of $12.8 million, North America organic revenue
increased 4.4%.
- Finance and Risk revenue for the first quarter of 2022 was
$202.2 million, an increase of $11.7 million or 6.2% (both after
and before the effect of foreign exchange) compared to the first
quarter of 2021.
- Sales and Marketing revenue for the first quarter of 2022 was
$165.1 million, an increase of $16.2 million or 10.9% (both after
and before the effect of foreign exchange) compared to the first
quarter of 2021.
North America adjusted EBITDA for the first quarter of 2022 was
$153.3 million, an increase of 1.5%, with adjusted EBITDA margin of
41.7%.
International
International revenue for the first quarter of 2022 was $168.7
million, a decrease of $1.2 million or 0.7%, and an increase of
4.2% on a constant currency basis, compared to the first quarter of
2021. Excluding the negative impact of foreign exchange of $8.3
million and the impact of divestitures, organic revenue on a
constant currency basis increased 4.6%.
- Finance and Risk revenue for the first quarter of 2022 was
$109.0 million, an increase of $1.6 million or 1.5% and 5.7% on a
constant currency basis compared to the first quarter of 2021.
- Sales and Marketing revenue for the first quarter of 2022 was
$59.7 million, a decrease of $2.8 million or 4.5% and an increase
of 1.6% on a constant currency basis compared to the first quarter
of 2021.
International adjusted EBITDA for the first quarter of 2022 was
$55.1 million, an increase of 7.0%, with adjusted EBITDA margin of
32.6%.
Balance Sheet
As of March 31, 2022, we had cash and cash equivalents of $215.8
million and total principal amount of debt of $3,795.9 million. We
had $750 million available on our $850 million revolving credit
facility as of March 31, 2022.
Business Outlook
- Adjusted Revenues are expected to be in the range of $2,270
million to $2,315 million.
- Adjusted EBITDA is expected to be in the range of $865 million
to $905 million.
- Adjusted EPS is expected to be in the range of $1.13 to
$1.20.
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
Dun & Bradstreet will host a conference call to discuss the
first quarter 2022 financial results on May 9, 2022 at 5:00 p.m.
ET. The conference call can be accessed live over the phone by
dialing 844-200-6205 (USA), 833-950-0062 (Canada) or 929-526-1599
(International) and enter conference ID: 813650. The conference
call replay will be available from 8:00 p.m. ET on May 9, 2022,
through May 23, 2022, by dialing 866-813-9403 (USA), 226-828-7578
(Canada), or +44 204-525-0658 (International). The replay passcode
will be 697317.
The call will also be webcast live from Dun & Bradstreet’s
investor relations website at https://investor.dnb.com. Following
the completion of the call, a recorded replay of the webcast will
be available on the website.
About Dun & Bradstreet
Dun & Bradstreet, a leading global provider of business
decisioning data and analytics, enables companies around the world
to improve their business performance. Dun & Bradstreet’s Data
Cloud fuels solutions and delivers insights that empower customers
to accelerate revenue, lower cost, mitigate risk, and transform
their businesses. Since 1841, companies of every size have relied
on Dun & Bradstreet to help them manage risk and reveal
opportunity. For more information on Dun & Bradstreet, please
visit www.dnb.com.
Use of Non-GAAP Financial Measures
In addition to reporting GAAP results, we evaluate performance
and report our results on the non-GAAP financial measures discussed
below. We believe that the presentation of these non-GAAP measures
provides useful information to investors and rating agencies
regarding our results, operating trends and performance between
periods. These non-GAAP financial measures include adjusted
revenue, organic revenue, adjusted earnings before interest, taxes,
depreciation and amortization (“adjusted EBITDA”), adjusted EBITDA
margin, adjusted net income and adjusted net earnings per diluted
share. Adjusted results are non-GAAP measures that adjust for the
impact due to certain acquisition and divestiture related revenue
and expenses, such as costs for banker fees, legal fees, due
diligence, retention payments and contingent consideration
adjustments, restructuring charges, equity-based compensation, and
other non-core gains and charges that are not in the normal course
of our business, such as costs associated with early debt
redemptions, gains and losses on sales of businesses, impairment
charges, the effect of significant changes in tax laws and material
tax and legal settlements. We exclude amortization of recognized
intangible assets resulting from the application of purchase
accounting because it is non-cash and not indicative of our ongoing
and underlying operating performance. Recognized intangible assets
arise from acquisitions, primarily the Take-Private Transaction. We
believe 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, our costs to operate, maintain and
extend the life of acquired intangible assets and purchased
intellectual property are reflected in our operating costs as
personnel, data fee, facilities, overhead and similar items.
Management believes it is important for investors to understand
that such intangible assets were recorded as part of purchase
accounting and contribute to revenue generation. Amortization of
recognized intangible assets will recur in future periods until
such assets have been fully amortized. In addition, we isolate the
effects of changes in foreign exchange rates on our revenue growth
because we believe it is useful for investors to be able to compare
revenue from one period to another, both after and before the
effects of foreign exchange rate changes. The change in revenue
performance attributable to foreign currency rates is determined by
converting both our prior and current periods’ foreign currency
revenue by a constant rate. As a result, we monitor our adjusted
revenue growth both after and before the effects of foreign
exchange rate changes. We believe that these supplemental non-GAAP
financial measures provide management and other users with
additional meaningful financial information that should be
considered when assessing our ongoing performance and comparability
of our operating results from period to period. Our management
regularly uses our supplemental non-GAAP financial measures
internally to understand, manage and evaluate our business and make
operating decisions. These non-GAAP measures are among the factors
management uses in planning for and forecasting future periods.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative to our reported results prepared in
accordance with GAAP.
Our non-GAAP or adjusted financial measures reflect adjustments
based on the following items, as well as the related income
tax.
Adjusted Revenue
We define adjusted revenue as revenue to include a revenue
adjustment due to the timing of the completion of the Bisnode
acquisition. Management uses this measure to evaluate ongoing
performance of the business period over period. In addition, we
isolate the effects of changes in foreign exchange rates on our
revenue growth because we believe it is useful for investors to be
able to compare revenue from one period to another, both after and
before the effects of foreign exchange rate changes. The change in
revenue performance attributable to foreign currency rates is
determined by converting both our prior and current periods’
foreign currency revenue by a constant rate.
Organic Revenue
We define organic revenue as adjusted revenue before the effect
of foreign exchange excluding revenue from acquired businesses for
the first twelve months. In addition, organic revenue excludes
current and prior year revenue associated with divested businesses.
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. Revenue from acquired businesses is primarily related
to the acquisitions of Eyeota Holdings Pte Ltd and NetWise Data,
LLC in the fourth quarter of 2021. Revenue from divested businesses
is related to the business-to-consumer business in Germany that was
classified as asset held for sale at March 31, 2022.
Adjusted EBITDA and Adjusted EBITDA Margin
We define adjusted EBITDA as net income (loss) attributable to
Dun & Bradstreet Holdings, Inc. excluding the following
items:
- 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;
- other incremental or reduced expenses and revenue from the
application of purchase accounting (e.g. commission asset
amortization);
- equity-based compensation;
- restructuring charges;
- merger, acquisition and divestiture-related operating
costs;
- transition costs primarily consisting of non-recurring expenses
associated with transformational and integration activities, as
well as incentive expenses associated with our synergy
program;
- legal expense associated with significant legal and regulatory
matters; and
- asset impairment.
We calculate adjusted EBITDA margin by dividing adjusted EBITDA
by adjusted 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 fee, facilities, overhead and similar items;
- other incremental or reduced expenses and revenue from the
application of purchase accounting (e.g. commission asset
amortization);
- equity-based compensation;
- restructuring charges;
- merger, acquisition and divestiture-related operating
costs;
- transition costs primarily consisting of non-recurring expenses
associated with transformational and integration activities, as
well as incentive expenses associated with our synergy
program;
- legal expense associated with significant legal and regulatory
matters;
- asset impairment;
- merger, acquisition and divestiture-related non-operating
costs;
- debt refinancing and extinguishment costs; and
- tax effect of the non-GAAP adjustments and the impact resulting
from the enactment of the Coronavirus Aid, Relief, and Economic
Security Act ( the “CARES Act”).
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; (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 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 acquiring and integrating businesses and divestitures of
existing businesses; (xviii) our ability to retain members of the
senior leadership team and attract and retain skilled employees;
(xix) compliance with governmental laws and regulations; (xx) risks
related to the voting letter agreement among and registration and
other rights held by certain of our largest shareholders; (xxi) an
outbreak of disease, global or localized health pandemic or
epidemic, or the fear of such an event (such as the COVID-19 global
pandemic), including the global economic uncertainty and measures
taken in response; (xxii) the short- and long-term effects of the
COVID-19 global pandemic, including the pace of recovery or any
future resurgence; (xxiii) increased economic uncertainty related
to the ongoing conflict between Russia and Ukraine, and (xxiv) the
other factors described under the headings “Risk Factors,”
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” and elsewhere in our consolidated financial
statements for the year ended December 31, 2021, included in our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission ("SEC") on February 24, 2022.
Dun & Bradstreet Holdings,
Inc.
Consolidated Statements of
Operations
(In millions, except per share
data)
(Unaudited)
Three months ended March
31,
2022
2021
Revenue
$
536.0
$
504.5
Cost of services (exclusive of
depreciation and amortization)
176.7
160.9
Selling and administrative expenses
188.2
179.8
Depreciation and amortization
149.4
149.7
Restructuring charges
5.3
5.8
Operating costs
519.6
496.2
Operating income (loss)
16.4
8.3
Interest income
0.3
0.1
Interest expense
(47.2
)
(48.9
)
Other income (expense) - net
(9.3
)
6.8
Non-operating income (expense) - net
(56.2
)
(42.0
)
Income (loss) before provision (benefit)
for income taxes and equity in net income of affiliates
(39.8
)
(33.7
)
Less: provision (benefit) for income
taxes
(9.3
)
(9.8
)
Equity in net income of affiliates
0.7
0.6
Net income (loss)
(29.8
)
(23.3
)
Less: net (income) loss attributable to
the non-controlling interest
(1.5
)
(1.7
)
Net income (loss) attributable to Dun
& Bradstreet Holdings, Inc.
$
(31.3
)
$
(25.0
)
Basic earnings (loss) per share of
common stock attributable to Dun & Bradstreet Holdings,
Inc.
$
(0.07
)
$
(0.06
)
Diluted earnings (loss) per share of
common stock attributable to Dun & Bradstreet Holdings,
Inc.
$
(0.07
)
$
(0.06
)
Weighted average number of shares
outstanding-basic
428.8
428.5
Weighted average number of shares
outstanding-diluted
428.8
428.5
Dun & Bradstreet Holdings,
Inc.
Consolidated Balance
Sheets
(In millions, except share
data and per share data)
(Unaudited)
March 31, 2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
$
215.8
$
177.1
Accounts receivable, net of allowance of
$17.5 at March 31, 2022 and $16.5 at December 31, 2021
339.4
401.7
Prepaid taxes
52.9
52.2
Other prepaids
67.8
63.9
Interest rate swap assets
42.4
10.1
Other current assets
14.0
13.0
Total current assets
732.3
718.0
Non-current assets
Property, plant and equipment, net of
accumulated depreciation of $30.3 at March 31, 2022 and $27.5 at
December 31, 2021
95.6
96.8
Computer software, net of accumulated
amortization of $258.8 at March 31, 2022 and $234.2 at December 31,
2021
563.4
557.4
Goodwill
3,475.4
3,493.3
Deferred income tax
17.2
18.5
Other intangibles
4,689.7
4,824.5
Deferred costs
116.7
116.1
Other non-current assets
166.9
172.6
Total non-current assets
9,124.9
9,279.2
Total assets
$
9,857.2
$
9,997.2
Liabilities
Current liabilities
Accounts payable
$
74.9
$
83.5
Accrued payroll
62.3
125.6
Short-term debt
32.7
28.1
Deferred revenue
632.8
569.4
Other accrued and current liabilities
170.7
198.3
Total current liabilities
973.4
1,004.9
Long-term pension and postretirement
benefits
167.0
178.4
Long-term debt
3,688.7
3,716.7
Deferred income tax
1,180.1
1,207.2
Other non-current liabilities
139.1
144.7
Total liabilities
6,148.3
6,251.9
Commitments and contingencies
Equity
Common Stock, $0.0001 par value per share,
authorized—2,000,000,000 shares; 434,988,280 shares issued and
434,115,063 shares outstanding at March 31, 2022 and 432,070,999
shares issued and 431,197,782 shares outstanding at December 31,
2021
—
—
Capital surplus
4,506.8
4,500.4
Accumulated deficit
(793.1
)
(761.8
)
Treasury Stock, 873,217 shares at both
March 31, 2022 and December 31, 2021
(0.3
)
(0.3
)
Accumulated other comprehensive loss
(69.9
)
(57.1
)
Total stockholder equity
3,643.5
3,681.2
Non-controlling interest
65.4
64.1
Total equity
3,708.9
3,745.3
Total liabilities and stockholder
equity
$
9,857.2
$
9,997.2
Dun & Bradstreet Holdings,
Inc.
Condensed Consolidated
Statements of Cash Flows
(In millions)
(Unaudited)
Three months ended March
31,
2022
2021
Cash flows provided by (used in)
operating activities:
Net income (loss)
$
(29.8
)
$
(23.3
)
Reconciliation of net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization
149.4
149.7
Amortization of unrecognized pension loss
(gain)
(0.1
)
0.5
Debt early redemption premium expense
16.3
—
Amortization and write off of deferred
debt issuance costs
11.0
4.7
Equity-based compensation expense
10.7
7.6
Restructuring charge
5.3
5.8
Restructuring payments
(4.0
)
(3.3
)
Changes in deferred income taxes
(28.8
)
(26.1
)
Changes in operating assets and
liabilities: (1)
(Increase) decrease in accounts
receivable
59.5
9.9
(Increase) decrease in prepaid taxes,
other prepaids and other current assets
(5.7
)
61.2
Increase (decrease) in deferred
revenue
70.9
78.7
Increase (decrease) in accounts
payable
(12.1
)
(2.1
)
Increase (decrease) in accrued
liabilities
(70.6
)
(61.2
)
Increase (decrease) in other accrued and
current liabilities
(16.4
)
(9.1
)
(Increase) decrease in other long-term
assets
0.6
(2.6
)
Increase (decrease) in long-term
liabilities
(18.1
)
(23.9
)
Net, other non-cash adjustments
0.7
1.7
Net cash provided by (used in)
operating activities
138.8
168.2
Cash flows provided by (used in)
investing activities:
Acquisitions of businesses, net of cash
acquired
—
(617.0
)
Cash settlements of foreign currency
contracts
(1.7
)
23.3
Capital expenditures
(4.1
)
(1.2
)
Additions to computer software and other
intangibles
(43.6
)
(42.4
)
Other investing activities, net
—
(0.6
)
Net cash provided by (used in)
investing activities
(49.4
)
(637.9
)
Cash flows provided by (used in)
financing activities:
Payments for debt early redemption
premiums
(16.3
)
—
Payment of long term debt
(420.0
)
—
Proceeds from borrowings on Credit
Facility
1.7
50.0
Proceeds from borrowings on Term Loan
Facility
460.0
300.0
Payments of borrowings on Credit
Facility
(61.7
)
(50.0
)
Payments of borrowing on Term Loan
Facility
(7.0
)
(7.0
)
Payment of debt issuance costs
(7.4
)
(2.6
)
Other financing activities, net
(0.3
)
(0.3
)
Net cash provided by (used in)
financing activities
(51.0
)
290.1
Effect of exchange rate changes on cash
and cash equivalents
0.3
0.7
Increase (decrease) in cash and cash
equivalents
38.7
(178.9
)
Cash and Cash Equivalents, Beginning of
Period
177.1
352.3
Cash and Cash Equivalents, End of
Period
$
215.8
$
173.4
Supplemental Disclosure of Cash Flow
Information:
Cash Paid for:
Income taxes payment (refund), net
$
30.5
$
(57.4
)
Interest
$
40.7
$
63.0
(1) Net of the effect of
acquisitions.
Dun & Bradstreet Holdings,
Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures (Unaudited)
(In millions)
Reconciliation of Revenue to
Adjusted Revenue and Organic Revenue
Three months ended March
31,
2022
2021
GAAP Revenue
$
536.0
$
504.5
Revenue adjustment due to the Bisnode
acquisition close timing
—
4.6
Adjusted revenue (a)
$
536.0
$
509.1
Foreign currency impact
7.3
(1.0
)
Adjusted revenue before the effect of
foreign currency (a)
$
543.3
$
508.1
Revenue from acquisition and divestiture -
before the effect of foreign currency
(14.5
)
(2.3
)
Organic revenue - before the effect of
foreign currency (a)
$
528.8
$
505.8
North America
$
367.3
$
339.4
International
168.7
169.9
Segment revenue
$
536.0
$
509.3
Corporate and other (a)
—
(0.2
)
Foreign currency impact
7.3
(1.0
)
Adjusted revenue before the effect of
foreign currency (a)
$
543.3
$
508.1
Revenue from acquisition and divestiture -
before the effect of foreign currency
(14.5
)
(2.3
)
Organic revenue - before the effect of
foreign currency (a)
$
528.8
$
505.8
(a) Including impact of deferred revenue
purchase accounting adjustments
$
—
$
(0.2
)
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
(In millions)
Three months ended March
31,
2022
2021
Net income (loss) attributable to Dun
& Bradstreet Holdings, Inc.
$
(31.3
)
$
(25.0
)
Depreciation and amortization
149.4
149.7
Interest expense - net
46.9
48.8
(Benefit) provision for income tax -
net
(9.3
)
(9.8
)
EBITDA
155.7
163.7
Other income (expense) - net
9.3
(6.8
)
Equity in net income of affiliates
(0.7
)
(0.6
)
Net income (loss) attributable to
non-controlling interest
1.5
1.7
Other incremental or reduced expenses and
revenue from the application of purchase accounting
(3.9
)
(0.7
)
Equity-based compensation
10.7
7.6
Restructuring charges
5.3
5.8
Merger, acquisition and
divestiture-related operating costs
5.1
3.1
Transition costs
6.9
0.9
Legal expense associated with significant
legal and regulatory matters
0.2
9.9
Asset impairment
—
1.0
Adjusted EBITDA
$
190.1
$
185.6
North America
$
153.3
$
151.0
International
55.1
51.5
Corporate and other (a)
(18.3
)
(16.9
)
Adjusted EBITDA (a)
$
190.1
$
185.6
Adjusted EBITDA Margin (a)
35.5
%
36.5
%
(a) Including impact of deferred revenue
purchase accounting adjustments:
Impact to adjusted EBITDA
$
—
$
(0.2
)
Impact to adjusted EBITDA margin
—
%
—
%
Dun & Bradstreet Holdings,
Inc.
Segment Revenue and Adjusted
EBITDA (Unaudited)
(In millions)
Three months ended March 31,
2022
North America
International
Corporate and Other
Total
Adjusted revenue
$
367.3
$
168.7
$
—
$
536.0
Total operating costs
231.2
116.9
20.2
368.3
Operating income (loss)
136.1
51.8
(20.2
)
167.7
Depreciation and amortization
17.2
3.3
1.9
22.4
Adjusted EBITDA
$
153.3
$
55.1
$
(18.3
)
$
190.1
Adjusted EBITDA margin
41.7
%
32.6
%
N/A
35.5
%
Three months ended March 31,
2021
North America
International
Corporate and Other
(a)
Total
Adjusted revenue
$
339.4
$
169.9
$
(0.2
)
$
509.1
Total operating costs
201.0
121.2
18.9
341.1
Operating income (loss)
138.4
48.7
(19.1
)
168.0
Depreciation and amortization
12.6
2.8
2.2
17.6
Adjusted EBITDA
$
151.0
$
51.5
$
(16.9
)
$
185.6
Adjusted EBITDA margin
44.5
%
30.3
%
N/A
36.5
%
(a) Includes deferred revenue purchase
accounting adjustments.
Dun & Bradstreet Holdings,
Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures (Unaudited)
(In millions, except per share
data)
Reconciliation of Net Income
(Loss) to Adjusted Net Income (Loss)
Three months ended March
31,
2022
2021
Net income (loss) attributable to Dun
& Bradstreet Holdings, Inc.
$
(31.3
)
$
(25.0
)
Incremental amortization of intangible
assets resulting from the application of purchase accounting
127.0
132.1
Other incremental or reduced expenses and
revenue from the application of purchase accounting
(3.9
)
(0.7
)
Equity-based compensation
10.7
7.6
Restructuring charges
5.3
5.8
Merger, acquisition and
divestiture-related operating costs
5.1
3.1
Transition costs
6.9
0.9
Legal expense associated with significant
legal and regulatory matters
0.2
9.9
Asset impairment
—
1.0
Merger, acquisition and
divestiture-related non-operating costs
2.5
2.3
Debt refinancing and extinguishment
costs
23.0
1.1
Tax impact of the CARES Act
(0.1
)
(0.4
)
Tax effect of the non-GAAP adjustments
(42.9
)
(39.9
)
Adjusted net income (loss) attributable to
Dun & Bradstreet Holdings, Inc. (a)
$
102.5
$
97.8
Adjusted diluted earnings (loss) per share
of common stock
$
0.24
$
0.23
Weighted average number of shares
outstanding - diluted
429.5
429.0
(a) Including impact of deferred revenue
purchase accounting adjustments:
Pre-tax impact
$
—
$
(0.2
)
Tax impact
—
—
Net impact to adjusted net income (loss)
attributable to Dun & Bradstreet Holdings, Inc.
$
—
$
(0.2
)
Net impact to adjusted diluted earnings
(loss) per share of common stock
$
—
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220509005154/en/
Investors: 904-648-8006 IR@dnb.com
Media: Lisette Kwong 973-921-6263 KwongL@dnb.com
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