Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - DUN & BRADSTREET CORP/NW | a2015q3form8-k.htm |
Exhibit 99.1
Contacts: | ||
Ellen Yu (Media) | Kathy Guinnessey (Investors/Analysts) | |
yue@dnb.com | Kathy.Guinnessey@dnb.com | |
973.921.5910 | 973.921.5892 | |
Dun & Bradstreet Reports Third Quarter 2015 Results; Reaffirms
Guidance
Short Hills, N.J. - November 2, 2015 - Dun & Bradstreet (NYSE: DNB), reported results for the third quarter ended September 30, 2015 of As Adjusted diluted earnings per share of $1.84, up 3% from $1.78 in the third quarter 2014; GAAP diluted earnings per share were $1.62, down from $1.85 in the third quarter 2014.
“We continued to make progress executing on our strategy for growth during the third quarter,” said Bob Carrigan, CEO of Dun & Bradstreet. “The integrations of our recent acquisitions are on track. Also, demand for our newer solutions resulted in our strongest growth in deferred revenue in our Americas segment in several years.”
Third Quarter 2015 Highlights
• | As Adjusted revenue up 8% year over year, before the effect of foreign exchange (up 6% after the effect of foreign exchange); flat organic growth before the effect of foreign exchange; and GAAP revenue up 6% year over year, before the effect of foreign exchange (up 4% after the effect of foreign exchange); |
• | Deferred revenue for the Company as of September 30, 2015 was $580.9 million, up 13%; Americas was $490.9 million, up 20% and Non-Americas was $90.0 million, down 13%. After adjusting for the effect of foreign exchange and the acquisitions of NetProspex and Dun & Bradstreet Credibility Corp., total Company deferred revenue was up 2% compared to last year, Americas was up 4% and Non-Americas was down 6%. Committed sales through Alliance partners would have added two points of growth to total Company and Americas deferred revenue; |
• | As Adjusted operating income of $106.0 million, up 1% year over year and GAAP operating income of $85.0 million, down 10% year over year; GAAP results were negatively impacted by acquisition-related expenses such as amortization of intangibles; |
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• | Free cash flow for the first nine months of 2015 was $240.1 million, up 4% compared to $231.4 million for the first nine months of 2014; net cash provided by operating activities for the first nine months of 2015 was $283.5 million, up 7% compared to $265.7 million for the first nine months of 2014. |
See attached Schedules 3, 4, 5, and 6 for additional detail.
Schedule 6 provides a reconciliation to GAAP, as well as the definitions of the non-GAAP financial measures that the Company uses to evaluate the business.
Third Quarter 2015 Segment Results
Americas
• | As Adjusted revenue of $336.4 million, up 10% year over year before the effect of foreign exchange (up 9% after the effect of foreign exchange); organic revenue decline of 1% before the effect of foreign exchange; GAAP revenue of $328.4 million, up 7% year over year before the effect of foreign exchange (up 6% after the effect of foreign exchange); |
• | As Adjusted operating income of $100.9 million, up 4% year over year, GAAP operating income was $86.4 million, down 4% year over year. GAAP results were negatively impacted by acquisition-related expenses such as amortization of intangibles. |
Non-Americas
• | As Adjusted revenue, organic revenue and GAAP revenue of $77.8 million, up 3% year over year before the effect of foreign exchange (down 6% after the effect of the foreign exchange); |
• | As Adjusted operating income of $22.5 million, down 1% year over year; GAAP operating income of $22.8 million, up 1% year over year. |
See Attached Schedules 3, 4, and 6 for additional detail.
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Full Year 2015 Guidance
Dun & Bradstreet today reaffirmed its financial guidance for the full year 2015:
• | As Adjusted revenue growth 6% to 9%, before the effect of foreign exchange; |
• | As Adjusted operating income of flat to 4%; |
• | As Adjusted diluted EPS of (3%) to 1%; and |
• | Free cash flow of $255 million to $285 million, which excludes the impact of legacy tax matters and any potential regulatory fines associated with our China operations. |
Dun & Bradstreet does not provide guidance on a GAAP basis because Dun & Bradstreet is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of: (i) non-core gains and charges, (ii) acquisition and divestiture-related fees; and (iii) purchase accounting fair value adjustments to deferred revenue. These items are uncertain and will depend on several factors, including industry conditions, and could be material to Dun & Bradstreet's results computed in accordance with GAAP.
Use of Non-GAAP Financial Measures
Effective January 1, 2015, in addition to reporting GAAP results, the Company evaluates performance and reports on a total company basis and on a business segment level basis its results (such as revenue, operating income, operating income growth, operating margin, net income, tax rate and diluted earnings per share) on an “As Adjusted” basis. The term “As Adjusted” results refers to the following: the elimination of the effect on revenue due to purchase accounting fair value adjustments to deferred revenue; restructuring charges; other non-core gains and charges (such as gains and losses on sales of businesses, impairment charges and tax settlements); acquisition and divestiture-related fees (such as costs for bankers, legal fees, diligence costs and retention payments); and acquisition-related intangible amortization expense. A recurring component of our "As Adjusted" basis is our restructuring charges, which we believe do not reflect our underlying business performance. Such charges are variable from period to period based upon actions identified and taken during each period. Additionally, our “As Adjusted” results exclude the results of Discontinued Operations. Management reviews operating results on an “As Adjusted” basis on a monthly basis and establishes internal budgets and forecasts based upon such measures. Management further establishes annual and long-term compensation such as salaries, target cash bonuses and target equity compensation amounts based on performance on an “As Adjusted” basis and a significant percentage weight is placed upon performance on an “As Adjusted” basis in determining whether performance objectives have been achieved.
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Management believes that by reflecting these adjustments to our GAAP financial measures, business leaders are provided incentives to recommend and execute actions rather than being influenced by the potential impact one of these items can have in a particular period on their compensation. The Company adjusts for these items because they do not reflect the Company's underlying business performance and they may have a disproportionate positive or negative impact on the results of its ongoing business operations. We also monitor free cash flow as a measure of our business. We define free cash flow as net cash provided by operating activities minus capital expenditures and additions to computer software and other intangibles. Free cash flow measures our available cash flow for potential debt repayment, acquisitions, stock repurchases, dividend payments and additions to cash, cash equivalents and short-term investments. We believe free cash flow to be relevant and useful to our investors as this measure is used by our management in evaluating the funding available after supporting our ongoing business operations and our portfolio of product investments.
We believe that the use of our non-GAAP financial measures provides useful supplemental information to our investors. Non-GAAP results are presented only as a supplement to the financial statements presented in accordance with GAAP. The non-GAAP financial information is provided to enhance the reader’s understanding of our underlying financial performance. These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of revenue, operating income, operating margin, net income, diluted EPS or net cash provided by operating activities as determined in accordance with GAAP.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented and defined in Schedule 6 attached to this press release.
Third Quarter 2015 Teleconference
As previously announced, Dun & Bradstreet will review its third quarter 2015 results in a conference call with the investment community on Tuesday, November 3, 2015, at 8 a.m. ET. Live audio, as well as a replay of the conference call will be accessible on Dun & Bradstreet's Investor Relations Web site at http://investor.dnb.com.
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About Dun & Bradstreet® (D&B)
Dun & Bradstreet (NYSE: DNB) grows the most valuable relationships in business. By uncovering truth and meaning from data, we connect customers with the prospects, suppliers, clients and partners that matter most, and have since 1841. Nearly ninety percent of the Fortune 500, and companies of every size around the world, rely on our data, insights and analytics. For more about Dun & Bradstreet, visit DNB.com.
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Forward-Looking and Cautionary Statements
We may from time-to-time make written or oral “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements contained in filings with the Securities and Exchange Commission, in reports to shareholders and in press releases and investor Web casts. These forward-looking statements include, without limitation, any statements related to financial guidance or strategic goals. These forward-looking statements can also be identified by the use of words like “anticipates,” “aspirations,” “believes,” “commits,” “continues,” “estimates,” “expects,” “goals,” “guidance,” “intends,” “plans,” “projects,” “strategy,” “targets,” “will” and other words of similar meaning. They can also be identified by the fact that they do not relate strictly to historical or current facts.
We cannot guarantee that any forward-looking statement will be realized. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Investors should bear this in mind as they consider forward-looking statements and whether to invest in, or remain invested in, our securities.
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are identifying the following important factors that, individually or in the aggregate, could cause actual results to differ materially from those contained in any forward-looking statements made by us; any such statement is qualified by reference to the following cautionary factors: (i) reliance on third parties to support critical components of our business model; (ii) our ability to protect our information technology infrastructure against cyber attack and unauthorized access; (iii) risks associated with potential violations of the Foreign Corrupt Practices Act and similar laws; (iv) customer demand for our products; (v) the successful implementation of our business strategy; (vi) the integrity and security of our global database and data centers; (vii) our ability to maintain the integrity of our brand and reputation and to successfully achieve our plan to modernize our Dun & Bradstreet brand; (viii) our ability to renew large contracts and the related revenue recognition and timing thereof; (ix) the impact of macro-economic challenges on our customers and vendors; (x) future laws or regulations with respect to the collection, compilation, storage, use and/or publication of information and adverse publicity or litigation concerning the commercial use of such information; (xi) our ability to acquire and successfully integrate other businesses, products and technologies; (xii) adherence by third-party members of our D&B Worldwide Network, or other third parties who license and sell under the Dun & Bradstreet name, to our quality standards and to the renewal of their agreements with Dun & Bradstreet; (xiii) the effects of foreign and evolving economies, exchange rate fluctuations, legislative or regulatory requirements and the implementation or modification of fees or taxes to collect, compile, store, use, transfer cross-border and/or publish data; and (xiv) the other factors described under the headings “Risk Factors,” “Management’s Discussion and Analysis,” “Legal Proceedings” and elsewhere in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K, our other Quarterly Reports on Form 10-Q and the Company’s other reports or documents filed or furnished with the Securities and Exchange Commission.
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It should be understood that it is not possible to predict or identify all risk factors. Consequently, the above list of important factors and the Risk Factors discussed in Item 1A. of our Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q should not be considered to be a complete discussion of all of our potential trends, risks and uncertainties. Except as otherwise required by federal securities laws, we do not undertake any obligation to update any forward-looking statement we may make from time-to-time.
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The Dun & Bradstreet Corporation | Schedule 1 |
Consolidated Statement of Operations (unaudited) - GAAP Results | |
Effects of | Effects of | |||||||||||||||||||||||||||||||||
Quarter Ended | AFX | Foreign | BFX | Year-to-Date | AFX | Foreign | BFX | |||||||||||||||||||||||||||
September 30, | % Change | Exchange | % Change | September 30, | % Change | Exchange | % Change | |||||||||||||||||||||||||||
Dollar amounts in millions, except per share data | 2015 | 2014 | Fav (Unfav) | Fav (Unfav) | Fav (Unfav) | 2015 | 2014 | Fav (Unfav) | Fav (Unfav) | Fav (Unfav) | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||
Americas (1) | $ | 328.4 | $ | 308.3 | 6 | % | (0.7 | )% | 7 | % | $ | 912.2 | $ | 877.7 | 4 | % | (0.6 | )% | 5 | % | ||||||||||||||
Non-Americas | 77.8 | 82.6 | (6 | )% | (8.3 | )% | 3 | % | 225.6 | 241.3 | (7 | )% | (8.3 | )% | 2 | % | ||||||||||||||||||
Core Revenue (2) | $ | 406.2 | $ | 390.9 | 4 | % | (2.4 | )% | 6 | % | $ | 1,137.8 | $ | 1,119.0 | 2 | % | (2.3 | )% | 4 | % | ||||||||||||||
Divested and Other Business (3) | — | — | N/M | N/M | N/M | — | 0.1 | N/M | N/M | N/M | ||||||||||||||||||||||||
Total Revenue | $ | 406.2 | $ | 390.9 | 4 | % | (2.4 | )% | 6 | % | $ | 1,137.8 | $ | 1,119.1 | 2 | % | (2.3 | )% | 4 | % | ||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||||||||||||||||
Americas (4) | $ | 86.4 | $ | 90.2 | (4 | )% | $ | 221.5 | $ | 251.4 | (12 | )% | ||||||||||||||||||||||
Non-Americas (5) | 22.8 | 22.5 | 1 | % | 63.4 | 63.5 | 0 | % | ||||||||||||||||||||||||||
Corporate and Other (6) | (24.2 | ) | (18.5 | ) | (31 | )% | (76.6 | ) | (57.9 | ) | (32 | )% | ||||||||||||||||||||||
Total Operating Income (7) | 85.0 | 94.2 | (10 | )% | 208.3 | 257.0 | (19 | )% | ||||||||||||||||||||||||||
Interest Income | 0.3 | 0.4 | (25 | )% | 1.1 | 1.1 | (7 | )% | ||||||||||||||||||||||||||
Interest Expense | (13.8 | ) | (10.9 | ) | (26 | )% | (37.0 | ) | (32.3 | ) | (14 | )% | ||||||||||||||||||||||
Other Income (Expense) - Net (8) | (9.2 | ) | (7.5 | ) | (23 | )% | (7.4 | ) | (29.2 | ) | 75% | |||||||||||||||||||||||
Non-Operating Income (Expense) - Net | (22.7 | ) | (18.0 | ) | (26 | )% | (43.3 | ) | (60.4 | ) | 28 | % | ||||||||||||||||||||||
Income Before Provision for Income Taxes | 62.3 | 76.2 | (18 | )% | 165.0 | 196.6 | (16 | )% | ||||||||||||||||||||||||||
Less: Provision for Income Taxes | 3.1 | 11.6 | 73% | 36.5 | 1.5 | N/M | ||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | 0.9 | 1.0 | 3 | % | 2.9 | 2.6 | 15 | % | ||||||||||||||||||||||||||
Net Income From Continuing Operations | 60.1 | 65.6 | (8 | )% | 131.4 | 197.7 | (34 | )% | ||||||||||||||||||||||||||
Less: Net (Income) Loss Attributable to the Noncontrolling Interest | (0.9 | ) | (0.9 | ) | (14 | )% | (3.1 | ) | (2.6 | ) | (22 | )% | ||||||||||||||||||||||
Net Income From Continuing Operations Attributable to Dun & Bradstreet | 59.2 | 64.7 | (9 | )% | 128.3 | 195.1 | (34 | )% | ||||||||||||||||||||||||||
Income from Discontinued Operations, Net of Income Taxes | (0.1 | ) | 2.8 | N/M | 2.1 | 7.6 | (73 | )% | ||||||||||||||||||||||||||
Loss on Disposal of Business, Net of Tax Impact | (0.1 | ) | — | N/M | (38.3 | ) | — | N/M | ||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Income Taxes | (0.2 | ) | 2.8 | N/M | (36.2 | ) | 7.6 | N/M | ||||||||||||||||||||||||||
Net Income Attributable to Dun & Bradstreet (9) | $ | 59.0 | $ | 67.5 | (13 | )% | $ | 92.1 | $ | 202.7 | (55 | )% | ||||||||||||||||||||||
Basic Earnings (Loss) Per Share: | ||||||||||||||||||||||||||||||||||
From Continuing Operations | $ | 1.64 | $ | 1.79 | (8 | )% | $ | 3.56 | $ | 5.32 | (33 | )% | ||||||||||||||||||||||
From Discontinued Operations | (0.01 | ) | 0.08 | N/M | (1.01 | ) | 0.20 | N/M | ||||||||||||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock Attributable to Dun & Bradstreet Common Shareholders | $ | 1.63 | $ | 1.87 | (13 | )% | $ | 2.55 | $ | 5.52 | (54 | )% | ||||||||||||||||||||||
Diluted Earnings (Loss) Per Share: | ||||||||||||||||||||||||||||||||||
From Continuing Operations | $ | 1.63 | $ | 1.78 | (8 | )% | $ | 3.53 | $ | 5.27 | (33 | )% | ||||||||||||||||||||||
From Discontinued Operations | (0.01 | ) | 0.07 | N/M | (1.00 | ) | 0.20 | N/M | ||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share of Common Stock Attributable to Dun & Bradstreet Common Shareholders (10) | $ | 1.62 | $ | 1.85 | (12)% | $ | 2.53 | $ | 5.47 | (54 | )% | |||||||||||||||||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||||||||||||||||||||
Basic | 36.1 | 36.1 | 0 | % | 36.1 | 36.7 | 2 | % | ||||||||||||||||||||||||||
Diluted | 36.4 | 36.5 | 0 | % | 36.4 | 37.0 | 2 | % | ||||||||||||||||||||||||||
Operating Margins (Calculated on Total Revenue) | ||||||||||||||||||||||||||||||||||
Americas | 26.3 | % | 29.3 | % | 24.3 | % | 28.6 | % | ||||||||||||||||||||||||||
Non-Americas | 29.3 | % | 27.3 | % | 28.1 | % | 26.3 | % | ||||||||||||||||||||||||||
Total Company | 20.9 | % | 24.1 | % | 18.3 | % | 23.0 | % | ||||||||||||||||||||||||||
Effective Tax Rate | 5.0 | % | 15.1 | % | 22.1 | % | 0.7 | % | ||||||||||||||||||||||||||
AFX - After Effects of Foreign Exchange BFX - Before Effects of Foreign Exchange N/M - Not Meaningful
See Schedule 6 (Notes to Schedules), which is an integral part of the consolidated statement of operations.
This financial information should be read in conjunction with the consolidated financial statements and related notes of The Dun & Bradstreet Corporation contained in filings with the Securities and Exchange Commission.
The Dun & Bradstreet Corporation | Schedule 2 |
Consolidated Statement of Operations (unaudited) - As Adjusted | |
Effects of | Effects of | |||||||||||||||||||||||||||||||||
Quarter Ended | AFX | Foreign | BFX | Year-to-Date | AFX | Foreign | BFX | |||||||||||||||||||||||||||
September 30, | % Change | Exchange | % Change | September 30, | % Change | Exchange | % Change | |||||||||||||||||||||||||||
Dollar amounts in millions, except per share data | 2015 | 2014 | Fav (Unfav) | Fav (Unfav) | Fav (Unfav) | 2015 | 2014 | Fav (Unfav) | Fav (Unfav) | Fav (Unfav) | ||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||
Americas (1) | $ | 336.4 | $ | 308.3 | 9 | % | (0.7 | )% | 10 | % | $ | 927.0 | $ | 877.7 | 6 | % | (0.6 | )% | 6 | % | ||||||||||||||
Non-Americas | 77.8 | 82.6 | (6 | )% | (8.3 | )% | 3 | % | 225.6 | 241.3 | (7 | )% | (8.3 | )% | 2 | % | ||||||||||||||||||
Core Revenue (2) | $ | 414.2 | $ | 390.9 | 6 | % | (2.4 | )% | 8 | % | $ | 1,152.6 | $ | 1,119.0 | 3 | % | (2.3 | )% | 5 | % | ||||||||||||||
Divested and Other Business (3) | — | — | N/M | N/M | N/M | — | 0.1 | N/M | N/M | N/M | ||||||||||||||||||||||||
Total Revenue | $ | 414.2 | $ | 390.9 | 6 | % | (2.4 | )% | 8 | % | $ | 1,152.6 | $ | 1,119.1 | 3 | % | (2.3 | )% | 5 | % | ||||||||||||||
Operating Income (Loss): | ||||||||||||||||||||||||||||||||||
Americas (4) | $ | 100.9 | $ | 97.5 | 4 | % | $ | 249.6 | $ | 258.7 | (4 | )% | ||||||||||||||||||||||
Non-Americas (5) | 22.5 | 22.6 | (1 | )% | 63.1 | 63.7 | (1 | )% | ||||||||||||||||||||||||||
Corporate and Other (6) | (17.4 | ) | (15.3 | ) | (14 | )% | (49.8 | ) | (43.3 | ) | (15 | )% | ||||||||||||||||||||||
Total Operating Income (7) | 106.0 | 104.8 | 1 | % | 262.9 | 279.1 | (6 | )% | ||||||||||||||||||||||||||
Interest Income | 0.3 | 0.4 | (25 | )% | 1.1 | 1.1 | (7 | )% | ||||||||||||||||||||||||||
Interest Expense | (13.8 | ) | (10.9 | ) | (26 | )% | (37.0 | ) | (32.3 | ) | (14 | )% | ||||||||||||||||||||||
Other Income (Expense) - Net (8) | (0.7 | ) | (0.4 | ) | (96 | )% | 1.0 | (0.6 | ) | N/M | ||||||||||||||||||||||||
Non-Operating Income (Expense) - Net | (14.2 | ) | (10.9 | ) | (30 | )% | (34.9 | ) | (31.8 | ) | (10 | )% | ||||||||||||||||||||||
Income Before Provision for Income Taxes | 91.8 | 93.9 | (2 | )% | 228.0 | 247.3 | (8 | )% | ||||||||||||||||||||||||||
Less: Provision for Income Taxes | 24.9 | 29.2 | 14% | 68.7 | 74.7 | 8% | ||||||||||||||||||||||||||||
Equity in Net Income (Loss) of Affiliates | 0.9 | 1.0 | 3 | % | 2.9 | 2.6 | 15 | % | ||||||||||||||||||||||||||
Net Income | 67.8 | 65.7 | 3 | % | 162.2 | 175.2 | (7 | )% | ||||||||||||||||||||||||||
Less: Net (Income) Loss Attributable to the Noncontrolling Interest | (0.9 | ) | (0.9 | ) | (14 | )% | (3.1 | ) | (2.6 | ) | (22 | )% | ||||||||||||||||||||||
Net Income Attributable to Dun & Bradstreet (9) | $ | 66.9 | $ | 64.8 | 3 | % | $ | 159.1 | $ | 172.6 | (8 | )% | ||||||||||||||||||||||
Basic Earnings Per Share of Common Stock Attributable to Dun & Bradstreet Common Shareholders | $ | 1.85 | $ | 1.80 | 3% | $ | 4.41 | $ | 4.70 | (6)% | ||||||||||||||||||||||||
Diluted Earnings Per Share of Common Stock Attributable to Dun & Bradstreet Common Shareholders (10) | $ | 1.84 | $ | 1.78 | 3 | % | $ | 4.37 | $ | 4.66 | (6)% | |||||||||||||||||||||||
Weighted Average Number of Shares Outstanding: | ||||||||||||||||||||||||||||||||||
Basic | 36.1 | 36.1 | 0 | % | 36.1 | 36.7 | 2 | % | ||||||||||||||||||||||||||
Diluted | 36.4 | 36.5 | 0 | % | 36.4 | 37.0 | 2 | % | ||||||||||||||||||||||||||
Operating Margins (Calculated on Total Revenue) | ||||||||||||||||||||||||||||||||||
Americas | 30.0 | % | 31.6 | % | 26.9 | % | 29.5 | % | ||||||||||||||||||||||||||
Non-Americas | 28.8 | % | 27.4 | % | 28.0 | % | 26.4 | % | ||||||||||||||||||||||||||
Total Company | 25.6 | % | 26.8 | % | 22.8 | % | 24.9 | % | ||||||||||||||||||||||||||
Effective Tax Rate | 27.1 | % | 31.0 | % | 30.2 | % | 30.2 | % | ||||||||||||||||||||||||||
AFX - After Effects of Foreign Exchange BFX - Before Effects of Foreign Exchange N/M - Not Meaningful
See Schedule 6 (Notes to Schedules), which is an integral part of the consolidated statement of operations.
This financial information should be read in conjunction with the consolidated financial statements and related notes of The Dun & Bradstreet Corporation contained in filings with the Securities and Exchange Commission.
The Dun & Bradstreet Corporation | Schedule 3 |
Supplemental Revenue Detail (unaudited) - GAAP Results | |
Quarter Ended | Effects of | Year-to-Date | Effects of | ||||||||||||||||||||||||||||||||
September 30, | AFX | Foreign | BFX | September 30, | AFX | Foreign | BFX | ||||||||||||||||||||||||||||
% Change | Exchange | % Change | % Change | Exchange | % Change | ||||||||||||||||||||||||||||||
Amounts in millions | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | |||||||||||||||||||||||||
Geographic and Customer Solution Set Revenue: | |||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||||||||||||
Trade Credit | $ | 132.7 | $ | 133.9 | (1 | )% | (1.1 | )% | 0 | % | $ | 394.2 | $ | 405.0 | (3 | )% | (0.8 | )% | (2 | )% | |||||||||||||||
Other Enterprise Risk Management | 61.6 | 46.4 | 33 | % | (0.8 | )% | 34 | % | 134.9 | 107.6 | 25 | % | (0.7 | )% | 26 | % | |||||||||||||||||||
Core Americas Risk Management Solutions | 194.3 | 180.3 | 8 | % | (1.0 | )% | 9 | % | 529.1 | 512.6 | 3 | % | (0.8 | )% | 4 | % | |||||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 38.1 | $ | 35.9 | 6 | % | (0.4 | )% | 6 | % | $ | 103.8 | $ | 103.4 | 0 | % | (0.4 | )% | 1 | % | |||||||||||||||
Advanced Marketing Solutions | 96.0 | 92.1 | 4 | % | (0.3 | )% | 5 | % | 279.3 | 261.7 | 7 | % | (0.2 | )% | 7 | % | |||||||||||||||||||
Core Americas Sales and Marketing Solutions | 134.1 | 128.0 | 5 | % | (0.4 | )% | 5 | % | 383.1 | 365.1 | 5 | % | (0.3 | )% | 5 | % | |||||||||||||||||||
Core Americas Revenue | 328.4 | 308.3 | 6 | % | (0.7 | )% | 7 | % | 912.2 | 877.7 | 4 | % | (0.6 | )% | 5 | % | |||||||||||||||||||
Divested and Other Business * | — | — | N/M | N/M | N/M | — | — | N/M | N/M | N/M | |||||||||||||||||||||||||
Total Americas Revenue | $ | 328.4 | $ | 308.3 | 6 | % | (0.7 | )% | 7 | % | $ | 912.2 | $ | 877.7 | 4 | % | (0.6 | )% | 5 | % | |||||||||||||||
Non-Americas: | |||||||||||||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||||||||||||
Trade Credit | $ | 46.2 | $ | 50.6 | (9 | )% | (8.9 | )% | 0 | % | $ | 135.7 | $ | 151.0 | (10 | )% | (8.8 | )% | (1 | )% | |||||||||||||||
Other Enterprise Risk Management | 14.9 | 14.6 | 2 | % | (7.6 | )% | 10 | % | 45.1 | 43.5 | 4 | % | (7.3 | )% | 11 | % | |||||||||||||||||||
Core Non-Americas Risk Management Solutions | 61.1 | 65.2 | (6 | )% | (8.6 | )% | 2 | % | 180.8 | 194.5 | (7 | )% | (8.5 | )% | 1 | % | |||||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 4.7 | $ | 4.6 | 0 % | (4.1 | )% | 4 | % | $ | 13.0 | $ | 13.7 | (6 | )% | (3.3 | )% | (3 | )% | ||||||||||||||||
Advanced Marketing Solutions | 12.0 | 12.8 | (5 | )% | (8.8 | )% | 4 | % | 31.8 | 33.1 | (4 | )% | (9.3 | )% | 5 | % | |||||||||||||||||||
Core Non-Americas Sales and Marketing Solutions | 16.7 | 17.4 | (4 | )% | (7.5 | )% | 4 | % | 44.8 | 46.8 | (4 | )% | (7.5 | )% | 3 | % | |||||||||||||||||||
Core Non-Americas Revenue | 77.8 | 82.6 | (6 | )% | (8.3 | )% | 3 | % | 225.6 | 241.3 | (7 | )% | (8.3 | )% | 2 | % | |||||||||||||||||||
Divested and Other Business * | — | — | N/M | N/M | N/M | — | 0.1 | N/M | N/M | N/M | |||||||||||||||||||||||||
Total Non-Americas Revenue | $ | 77.8 | $ | 82.6 | (6 | )% | (8.3 | )% | 3 | % | $ | 225.6 | $ | 241.4 | (7 | )% | (8.3 | )% | 2 | % | |||||||||||||||
Total Corporation: | |||||||||||||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||||||||||||
Trade Credit | $ | 178.9 | $ | 184.5 | (3 | )% | (3.2 | )% | 0 | % | $ | 529.9 | $ | 556.0 | (5 | )% | (3.0 | )% | (2 | )% | |||||||||||||||
Other Enterprise Risk Management | 76.5 | 61.0 | 25 | % | (2.7 | )% | 28 | % | 180.0 | 151.1 | 19 | % | (2.8 | )% | 22 | % | |||||||||||||||||||
Core Risk Management Solutions | 255.4 | 245.5 | 4 | % | (3.1 | )% | 7 | % | 709.9 | 707.1 | 0 | % | (2.9 | )% | 3 | % | |||||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 42.8 | $ | 40.5 | 5 | % | (0.9 | )% | 6 | % | $ | 116.8 | $ | 117.1 | 0 | % | (0.7 | )% | 0 | % | |||||||||||||||
Advanced Marketing Solutions | 108.0 | 104.9 | 3 | % | (1.3 | )% | 4 | % | 311.1 | 294.8 | 6 | % | (1.3 | )% | 7 | % | |||||||||||||||||||
Core Sales and Marketing Solutions | 150.8 | 145.4 | 4 | % | (1.2 | )% | 5 | % | 427.9 | 411.9 | 4 | % | (1.1 | )% | 5 | % | |||||||||||||||||||
Core Revenue | 406.2 | 390.9 | 4 | % | (2.4 | )% | 6 | % | 1,137.8 | 1,119.0 | 2 | % | (2.3 | )% | 4 | % | |||||||||||||||||||
Divested and Other Business * | — | — | N/M | N/M | N/M | — | 0.1 | N/M | N/M | N/M | |||||||||||||||||||||||||
Total Corporation Revenue | $ | 406.2 | $ | 390.9 | 4 | % | (2.4 | )% | 6 | % | $ | 1,137.8 | $ | 1,119.1 | 2 | % | (2.3 | )% | 4 | % | |||||||||||||||
The Dun & Bradstreet Corporation | Schedule 3 |
Supplemental Revenue Detail (unaudited) - GAAP Results | |
Quarter Ended | Effects of | Year-to-Date | Effects of | ||||||||||||||||||||||||||||||||
September 30, | AFX | Foreign | BFX | September 30, | AFX | Foreign | BFX | ||||||||||||||||||||||||||||
% Change | Exchange | % Change | % Change | Exchange | % Change | ||||||||||||||||||||||||||||||
Amounts in millions | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | |||||||||||||||||||||||||
Trade Credit Revenue: | |||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||
DNBi | $ | 97.6 | $ | 100.3 | (3 | )% | (0.8 | )% | (2 | )% | $ | 293.5 | $ | 299.2 | (2 | )% | (0.6 | )% | (1 | )% | |||||||||||||||
Other Trade Credit | 35.1 | 33.6 | 4 | % | (1.9 | )% | 6 | % | 100.7 | 105.8 | (5 | )% | (1.4 | )% | (4 | )% | |||||||||||||||||||
Core Americas Trade Credit Revenue | 132.7 | 133.9 | (1 | )% | (1.1 | )% | 0 | % | 394.2 | 405.0 | (3 | )% | (0.8 | )% | (2 | )% | |||||||||||||||||||
Non-Americas: | |||||||||||||||||||||||||||||||||||
DNBi | $ | 6.2 | $ | 6.9 | (11 | )% | (13.5 | )% | 3 | % | $ | 19.0 | $ | 20.5 | (8 | )% | (14.3 | )% | 7 | % | |||||||||||||||
Other Trade Credit | 40.0 | 43.7 | (8 | )% | (8.2 | )% | 0 | % | 116.7 | 130.5 | (11 | )% | (8.1 | )% | (2 | )% | |||||||||||||||||||
Core Non-Americas Trade Credit Revenue | 46.2 | 50.6 | (9 | )% | (8.9 | )% | 0 | % | 135.7 | 151.0 | (10 | )% | (8.8 | )% | (1 | )% | |||||||||||||||||||
Total Corporation: | |||||||||||||||||||||||||||||||||||
DNBi | $ | 103.8 | $ | 107.2 | (3 | )% | (1.6 | )% | (2 | )% | $ | 312.5 | $ | 319.7 | (2 | )% | (1.5 | )% | (1 | )% | |||||||||||||||
Other Trade Credit | 75.1 | 77.3 | (3 | )% | (5.5 | )% | 3 | % | 217.4 | 236.3 | (8 | )% | (5.1 | )% | (3 | )% | |||||||||||||||||||
Core Trade Credit Revenue | $ | 178.9 | $ | 184.5 | (3 | )% | (3.2 | )% | 0 | % | $ | 529.9 | $ | 556.0 | (5 | )% | (3.0 | )% | (2 | )% | |||||||||||||||
Total Core Revenue: | |||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||
Direct | $ | 294.4 | $ | 281.9 | 4 | % | (0.7 | )% | 5 | % | $ | 837.5 | $ | 815.4 | 3 | % | (0.6 | )% | 3 | % | |||||||||||||||
Alliances & Partners | 34.0 | 26.4 | 28 | % | (0.7 | )% | 29 | % | 74.7 | 62.3 | 20 | % | (0.6 | )% | 20 | % | |||||||||||||||||||
Core Americas Revenue | 328.4 | 308.3 | 6 | % | (0.7 | )% | 7 | % | 912.2 | 877.7 | 4 | % | (0.6 | )% | 5 | % | |||||||||||||||||||
Non-Americas: | |||||||||||||||||||||||||||||||||||
Direct | 54.1 | 59.5 | (9 | )% | (9.2 | )% | 0 | % | $ | 157.2 | $ | 171.0 | (8 | )% | (9.1 | )% | 1 | % | |||||||||||||||||
Alliances & Partners | 23.7 | 23.1 | 2 | % | (6.1 | )% | 9 | % | 68.4 | 70.3 | (3 | )% | (6.2 | )% | 4 | % | |||||||||||||||||||
Core Non-Americas Revenue | 77.8 | 82.6 | (6 | )% | (8.3 | )% | 3 | % | 225.6 | 241.3 | (7 | )% | (8.3 | )% | 2 | % | |||||||||||||||||||
Total Corporation: | |||||||||||||||||||||||||||||||||||
Direct | $ | 348.5 | $ | 341.4 | 2 | % | (2.3 | )% | 4 | % | $ | 994.7 | $ | 986.4 | 1 | % | (2.1 | )% | 3 | % | |||||||||||||||
Alliances & Partners | 57.7 | 49.5 | 16 | % | (3.4 | )% | 20 | % | 143.1 | 132.6 | 8 | % | (3.8 | )% | 12 | % | |||||||||||||||||||
Core Revenue | $ | 406.2 | $ | 390.9 | 4 | % | (2.4 | )% | 6 | % | $ | 1,137.8 | $ | 1,119.0 | 2 | % | (2.3 | )% | 4 | % | |||||||||||||||
Notes:
Quarter Ended | Year-To-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
* | Divested and Other Business: | ||||||||||||||||||
Americas: | |||||||||||||||||||
Risk Management Solutions | $ | — | $ | — | $ | — | $ | — | |||||||||||
Sales & Marketing Solutions | — | — | — | — | |||||||||||||||
Total Divested and Other Business | $ | — | $ | — | $ | — | $ | — | |||||||||||
Non-Americas: | |||||||||||||||||||
Risk Management Solutions | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
Sales & Marketing Solutions | — | — | — | — | |||||||||||||||
Total Divested and Other Business | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
Total Corporation: | |||||||||||||||||||
Risk Management Solutions | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
Sales & Marketing Solutions | — | — | — | — | |||||||||||||||
Total Divested and Other Business | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
This financial information should be read in conjunction with the consolidated financial statements and related notes of The Dun & Bradstreet Corporation contained in filings with the Securities and Exchange Commission.
The Dun & Bradstreet Corporation | Schedule 4 |
Supplemental Revenue Detail (unaudited) - As Adjusted | |
Quarter Ended | Effects of | Year-to-Date | Effects of | ||||||||||||||||||||||||||||||||
September 30, | AFX | Foreign | BFX | September 30, | AFX | Foreign | BFX | ||||||||||||||||||||||||||||
% Change | Exchange | % Change | % Change | Exchange | % Change | ||||||||||||||||||||||||||||||
Amounts in millions | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | |||||||||||||||||||||||||
Geographic and Customer Solution Set Revenue: | |||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||||||||||||
Trade Credit | $ | 133.5 | $ | 133.9 | 0 | % | (1.1 | )% | 1 | % | 395.6 | 405.0 | (2 | )% | (0.8 | )% | (2 | )% | |||||||||||||||||
Other Enterprise Risk Management | 67.0 | 46.4 | 45 | % | (0.9 | )% | 45 | % | 144.3 | 107.6 | 34 | % | (0.7 | )% | 35 | % | |||||||||||||||||||
Core Americas Risk Management Solutions | 200.5 | 180.3 | 11 | % | (1.0 | )% | 12 | % | 539.9 | 512.6 | 5 | % | (0.8 | )% | 6 | % | |||||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 39.5 | $ | 35.9 | 10 | % | (0.4 | )% | 10 | % | 106.3 | 103.4 | 3 | % | (0.4 | )% | 3 | % | |||||||||||||||||
Advanced Marketing Solutions | 96.4 | 92.1 | 5 | % | (0.3 | )% | 5 | % | 280.8 | 261.7 | 7 | % | (0.2 | )% | 8 | % | |||||||||||||||||||
Core Americas Sales and Marketing Solutions | 135.9 | 128.0 | 6 | % | (0.4 | )% | 6 | % | 387.1 | 365.1 | 6 | % | (0.3 | )% | 6 | % | |||||||||||||||||||
Core Americas Revenue | 336.4 | 308.3 | 9 | % | (0.7 | )% | 10 | % | 927.0 | 877.7 | 6 | % | (0.6 | )% | 6 | % | |||||||||||||||||||
Divested and Other Business * | — | — | N/M | N/M | N/M | — | — | N/M | N/M | N/M | |||||||||||||||||||||||||
Total Americas Revenue | $ | 336.4 | $ | 308.3 | 9 | % | (0.7 | )% | 10 | % | $ | 927.0 | $ | 877.7 | 6 | % | (0.6 | )% | 6 | % | |||||||||||||||
Non-Americas: | |||||||||||||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||||||||||||
Trade Credit | $ | 46.2 | $ | 50.6 | (9 | )% | (8.9 | )% | 0 | % | $ | 135.7 | $ | 151.0 | (10 | )% | (8.8 | )% | (1 | )% | |||||||||||||||
Other Enterprise Risk Management | 14.9 | 14.6 | 2 | % | (7.6 | )% | 10 | % | $ | 45.1 | $ | 43.5 | 4 | % | (7.3 | )% | 11 | % | |||||||||||||||||
Core Non-Americas Risk Management Solutions | 61.1 | 65.2 | (6 | )% | (8.6 | )% | 2 | % | $ | 180.8 | $ | 194.5 | (7 | )% | (8.5 | )% | 1 | % | |||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 4.7 | $ | 4.6 | 0 | % | (4.1 | )% | 4 | % | 13.0 | 13.7 | (6 | )% | (3.3 | )% | (3 | )% | |||||||||||||||||
Advanced Marketing Solutions | 12.0 | 12.8 | (5 | )% | (8.8 | )% | 4 | % | 31.8 | 33.1 | (4 | )% | (9.3 | )% | 5 | % | |||||||||||||||||||
Core Non-Americas Sales and Marketing Solutions | 16.7 | 17.4 | (4 | )% | (7.5 | )% | 4 | % | 44.8 | 46.8 | (4 | )% | (7.5 | )% | 3 | % | |||||||||||||||||||
Core Non-Americas Revenue | 77.8 | 82.6 | (6 | )% | (8.3 | )% | 3 | % | 225.6 | 241.3 | (7 | )% | (8.3 | )% | 2 | % | |||||||||||||||||||
Divested and Other Business * | — | — | N/M | N/M | N/M | — | 0.1 | N/M | N/M | N/M | |||||||||||||||||||||||||
Total Non-Americas Revenue | $ | 77.8 | $ | 82.6 | (6 | )% | (8.3 | )% | 3 | % | $ | 225.6 | $ | 241.4 | (7 | )% | (8.3 | )% | 2 | % | |||||||||||||||
Total Corporation: | |||||||||||||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||||||||||||
Trade Credit | $ | 179.7 | $ | 184.5 | (3 | )% | (3.2 | )% | 1 | % | $ | 531.3 | $ | 556.0 | (4 | )% | (3.0 | )% | (1 | )% | |||||||||||||||
Other Enterprise Risk Management | 81.9 | 61.0 | 34 | % | (2.9 | )% | 37 | % | $ | 189.4 | $ | 151.1 | 25 | % | (2.9 | )% | 28 | % | |||||||||||||||||
Core Risk Management Solutions | 261.6 | 245.5 | 7 | % | (3.1 | )% | 10 | % | $ | 720.7 | $ | 707.1 | 2 | % | (2.9 | )% | 5 | % | |||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 44.2 | $ | 40.5 | 9 | % | (0.9 | )% | 10 | % | 119.3 | 117.1 | 2 | % | (0.7 | )% | 2 | % | |||||||||||||||||
Advanced Marketing Solutions | 108.4 | 104.9 | 3 | % | (1.4 | )% | 5 | % | 312.6 | 294.8 | 6 | % | (1.3 | )% | 7 | % | |||||||||||||||||||
Core Sales and Marketing Solutions | 152.6 | 145.4 | 5 | % | (1.2 | )% | 6 | % | 431.9 | 411.9 | 5 | % | (1.1 | )% | 6 | % | |||||||||||||||||||
Core Revenue | 414.2 | 390.9 | 6 | % | (2.4 | )% | 8 | % | 1,152.6 | 1,119.0 | 3 | % | (2.3 | )% | 5 | % | |||||||||||||||||||
Divested and Other Business * | — | — | N/M | N/M | N/M | — | 0.1 | N/M | N/M | N/M | |||||||||||||||||||||||||
Total Corporation Revenue | $ | 414.2 | $ | 390.9 | 6 | % | (2.4 | )% | 8 | % | $ | 1,152.6 | $ | 1,119.1 | 3 | % | (2.3 | )% | 5 | % | |||||||||||||||
The Dun & Bradstreet Corporation | Schedule 4 |
Supplemental Revenue Detail (unaudited) - As Adjusted | |
Quarter Ended | Effects of | Year-to-Date | Effects of | ||||||||||||||||||||||||||||||||
September 30, | AFX | Foreign | BFX | September 30, | AFX | Foreign | BFX | ||||||||||||||||||||||||||||
% Change | Exchange | % Change | % Change | Exchange | % Change | ||||||||||||||||||||||||||||||
Amounts in millions | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | 2015 | 2014 | Fav/(Unfav) | Fav/(Unfav) | Fav/(Unfav) | |||||||||||||||||||||||||
Trade Credit Revenue: | |||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||
DNBi | $ | 97.9 | $ | 100.3 | (2 | )% | (0.8 | )% | (2 | )% | $ | 293.9 | $ | 299.2 | (2 | )% | (0.6 | )% | (1 | )% | |||||||||||||||
Other Trade Credit | 35.6 | 33.6 | 6 | % | (1.9 | )% | 8 | % | 101.7 | 105.8 | (4 | )% | (1.4 | )% | (3 | )% | |||||||||||||||||||
Core Americas Trade Credit Revenue | 133.5 | 133.9 | 0 | % | (1.1 | )% | 1 | % | 395.6 | 405.0 | (2 | )% | (0.8 | )% | (2 | )% | |||||||||||||||||||
Non-Americas: | |||||||||||||||||||||||||||||||||||
DNBi | $ | 6.2 | $ | 6.9 | (11 | )% | (13.5 | )% | 3 | % | $ | 19.0 | $ | 20.5 | (8 | )% | (14.3 | )% | 7 | % | |||||||||||||||
Other Trade Credit | 40.0 | 43.7 | (8 | )% | (8.2 | )% | 0 | % | 116.7 | 130.5 | (11 | )% | (8.1 | )% | (2 | )% | |||||||||||||||||||
Core Non-Americas Trade Credit Revenue | 46.2 | 50.6 | (9 | )% | (8.9 | )% | 0 | % | 135.7 | 151.0 | (10 | )% | (8.8 | )% | (1 | )% | |||||||||||||||||||
Total Corporation: | |||||||||||||||||||||||||||||||||||
DNBi | $ | 104.1 | $ | 107.2 | (3 | )% | (1.6 | )% | (1 | )% | $ | 312.9 | $ | 319.7 | (2 | )% | (1.5 | )% | (1 | )% | |||||||||||||||
Other Trade Credit | 75.6 | 77.3 | (2 | )% | (5.6 | )% | 3 | % | 218.4 | 236.3 | (8 | )% | (5.1 | )% | (2 | )% | |||||||||||||||||||
Core Trade Credit Revenue | $ | 179.7 | $ | 184.5 | (3 | )% | (3.2 | )% | 1 | % | $ | 531.3 | $ | 556.0 | (4 | )% | (3.0 | )% | (1 | )% | |||||||||||||||
Total Core Revenue: | |||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||
Direct | $ | 302.0 | $ | 281.9 | 7 | % | (0.7 | )% | 8 | % | $ | 851.8 | $ | 815.4 | 4 | % | (0.6 | )% | 5 | % | |||||||||||||||
Alliances & Partners | 34.4 | 26.4 | 30 | % | (0.7 | )% | 30 | % | 75.2 | 62.3 | 21 | % | (0.6 | )% | 21 | % | |||||||||||||||||||
Core Americas Revenue | 336.4 | 308.3 | 9 | % | (0.7 | )% | 10 | % | 927.0 | 877.7 | 6 | % | (0.6 | )% | 6 | % | |||||||||||||||||||
Non-Americas: | |||||||||||||||||||||||||||||||||||
Direct | 54.1 | 59.5 | (9 | )% | (9.2 | )% | 0 | % | $ | 157.2 | $ | 171.0 | (8 | )% | (9.1 | )% | 1 | % | |||||||||||||||||
Alliances & Partners | 23.7 | 23.1 | 2 | % | (6.1 | )% | 9 | % | 68.4 | 70.3 | (3 | )% | (6.2 | )% | 4 | % | |||||||||||||||||||
Core Non-Americas Revenue | 77.8 | 82.6 | (6 | )% | (8.3 | )% | 3 | % | 225.6 | 241.3 | (7 | )% | (8.3 | )% | 2 | % | |||||||||||||||||||
Total Corporation: | |||||||||||||||||||||||||||||||||||
Direct | $ | 356.1 | $ | 341.4 | 4 | % | (2.3 | )% | 7 | % | $ | 1,009.0 | $ | 986.4 | 2 | % | (2.1 | )% | 4 | % | |||||||||||||||
Alliances & Partners | 58.1 | 49.5 | 17 | % | (3.4 | )% | 20 | % | 143.6 | 132.6 | 8 | % | (3.8 | )% | 12 | % | |||||||||||||||||||
Core Revenue | $ | 414.2 | $ | 390.9 | 6 | % | (2.4 | )% | 8 | % | $ | 1,152.6 | $ | 1,119.0 | 3 | % | (2.3 | )% | 5 | % | |||||||||||||||
Notes:
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
* | Divested and Other Business: | ||||||||||||||||||
Americas: | |||||||||||||||||||
Risk Management Solutions | $ | — | $ | — | $ | — | $ | — | |||||||||||
Sales & Marketing Solutions | — | — | — | — | |||||||||||||||
Total Divested and Other Business | $ | — | $ | — | $ | — | $ | — | |||||||||||
Non-Americas: | |||||||||||||||||||
Risk Management Solutions | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
Sales & Marketing Solutions | — | — | — | — | |||||||||||||||
Total Divested and Other Business | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
Total Corporation: | |||||||||||||||||||
Risk Management Solutions | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
Sales & Marketing Solutions | — | — | — | — | |||||||||||||||
Total Divested and Other Business | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
This financial information should be read in conjunction with the consolidated financial statements and related notes of The Dun & Bradstreet Corporation contained in filings with the Securities and Exchange Commission.
The Dun & Bradstreet Corporation | Schedule 5 |
Supplemental Financial Data (unaudited) | |
Quarter Ended | Year-to-Date | |||||||||||||||||||||
September 30, | AFX | September 30, | AFX | |||||||||||||||||||
% Change | % Change | |||||||||||||||||||||
Amounts in millions | 2015 | 2014 | Fav/(Unfav) | 2015 | 2014 | Fav/(Unfav) | ||||||||||||||||
Operating Costs (GAAP): | ||||||||||||||||||||||
Operating Expenses | $ | 132.4 | $ | 140.4 | 6 | % | $ | 399.8 | $ | 387.3 | (3 | )% | ||||||||||
Selling and Administrative Expenses | 167.2 | 141.0 | (19 | )% | 472.0 | 422.8 | (12 | )% | ||||||||||||||
Depreciation and Amortization | 16.1 | 13.3 | (20 | )% | 42.6 | 40.1 | (6 | )% | ||||||||||||||
Restructuring Expense | 5.5 | 2.0 | N/M | 15.1 | 11.9 | (27 | )% | |||||||||||||||
Total Operating Costs (GAAP) | $ | 321.2 | $ | 296.7 | (8 | )% | $ | 929.5 | $ | 862.1 | (8 | )% | ||||||||||
Capital Expenditures (GAAP) | $ | 2.0 | $ | 5.4 | 63 | % | $ | 6.8 | $ | 7.8 | 12% | |||||||||||
Additions to Computer Software & Other Intangibles (GAAP) | $ | 12.0 | $ | 10.6 | (15 | )% | $ | 36.6 | $ | 26.5 | (39 | )% | ||||||||||
Operating Costs (As Adjusted): | ||||||||||||||||||||||
Operating Expenses | $ | 132.4 | $ | 133.0 | 0 | % | $ | 399.8 | $ | 379.8 | (5 | )% | ||||||||||
Selling and Administrative Expenses | 165.8 | 139.8 | (19 | )% | 459.0 | 420.1 | (9 | )% | ||||||||||||||
Depreciation and Amortization | 10.0 | 13.3 | 25 | % | 30.9 | 40.1 | 23 | % | ||||||||||||||
Restructuring Expense | — | — | N/M | — | — | N/M | ||||||||||||||||
Total Operating Costs (As Adjusted) | $ | 308.2 | $ | 286.1 | (8 | )% | $ | 889.7 | $ | 840.0 | (6 | )% | ||||||||||
Quarter Ended | Year-to-Date | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating Expenses (GAAP): | $ | 132.4 | 140.4 | $ | 399.8 | $ | 387.3 | |||||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | — | (0.1 | ) | — | (0.2 | ) | ||||||||||
Impaired Assets - Parsippany, NJ Building | — | (7.3 | ) | — | (7.3 | ) | ||||||||||
Operating Expenses (As Adjusted) | $ | 132.4 | 133.0 | $ | 399.8 | $ | 379.8 | |||||||||
Selling and Admin (GAAP) | $ | 167.2 | $ | 141.0 | $ | 472.0 | $ | 422.8 | ||||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | — | (1.2 | ) | (1.2 | ) | (2.7 | ) | |||||||||
Acquisition/Divestiture Related Costs | (1.4 | ) | — | (11.8 | ) | — | ||||||||||
Selling and Admin (As Adjusted) | $ | 165.8 | $ | 139.8 | $ | 459.0 | $ | 420.1 | ||||||||
Depreciation and Amortization (GAAP) | $ | 16.1 | $ | 13.3 | $ | 42.6 | $ | 40.1 | ||||||||
Amortization of Acquisition Related Intangibles | (6.1 | ) | — | (11.7 | ) | — | ||||||||||
Depreciation and Amortization (As Adjusted) | $ | 10.0 | $ | 13.3 | $ | 30.9 | $ | 40.1 | ||||||||
Restructuring (GAAP) | $ | 5.5 | $ | 2.0 | $ | 15.1 | $ | 11.9 | ||||||||
Restructuring | (5.5 | ) | (2.0 | ) | (15.1 | ) | (11.9 | ) | ||||||||
Restructuring (As Adjusted) | $ | — | $ | — | $ | — | $ | — | ||||||||
The Dun & Bradstreet Corporation | Schedule 5 |
Supplemental Financial Data (unaudited) | |
Quarter Ended | ||||||||||||||||||||||||||||
Amounts in millions | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||||||||||||||||
Net Debt Position: | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | 293.9 | $ | 137.8 | $ | 355.2 | $ | 319.4 | $ | 310.0 | $ | 285.9 | $ | 268.3 | |||||||||||||||
Short-Term Debt | — | (300.5 | ) | (300.8 | ) | (301.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||||
Long-Term Debt | (1,759.9 | ) | (1,486.1 | ) | (1,402.7 | ) | (1,352.2 | ) | (1,633.3 | ) | (1,566.8 | ) | (1,513.8 | ) | ||||||||||||||
Net Debt * | (1,466.0 | ) | $ | (1,648.8 | ) | $ | (1,348.3 | ) | $ | (1,333.9 | ) | $ | (1,323.4 | ) | $ | (1,281.0 | ) | $ | (1,245.6 | ) | ||||||||
Year-to-Date | ||||||||||||||||
Amounts in millions | Sep 30, 2015 | Sep 30, 2014 | % Change Fav/(Unfav) | |||||||||||||
Free Cash Flow: | ||||||||||||||||
Net Cash Provided By Operating Activities (GAAP) | $ | 283.5 | $ | 265.7 | 7 | % | ||||||||||
Less: | ||||||||||||||||
Capital Expenditures (GAAP) | 6.8 | 7.8 | 12 | % | ||||||||||||
Additions to Computer Software & Other Intangibles (GAAP) | 36.6 | 26.5 | (39 | )% | ||||||||||||
Free Cash Flow | $ | 240.1 | $ | 231.4 | 4 | % | ||||||||||
Legacy Tax Matters (Refund) Payment | — | — | N/M | |||||||||||||
Free Cash Flow Excluding Legacy Tax Matters | $ | 240.1 | $ | 231.4 | 4 | % | ||||||||||
Year-to-Date | ||||||||||||||||
Amounts in millions | Sep 30, 2015 | Sep 30, 2014 | % Change Fav/(Unfav) | |||||||||||||
Net Cash Provided By Operating Activities excluding Legacy Tax Matters: | ||||||||||||||||
Net Cash Provided By Operating Activities (GAAP) | $ | 283.5 | $ | 265.7 | 7 | % | ||||||||||
Legacy Tax Matters (Refund) Payment | — | — | N/M | |||||||||||||
Net Cash Provided By Operating Activities Excluding Legacy Tax Matters | $ | 283.5 | $ | 265.7 | 7 | % | ||||||||||
* Net Debt for periods prior to June 30, 2015 have not been adjusted to reflect the sale of Australia/New Zealand and the classification of this business to discontinued operations
This financial information should be read in conjunction with the consolidated financial statements and related notes of The Dun & Bradstreet Corporation contained in filings with the Securities and Exchange Commission. |
The Dun & Bradstreet Corporation | Schedule 6 |
Notes to Schedules 1, 2, 3 and 4 (unaudited) and Definitions of Non-GAAP Measures | |
(1 | ) | The following table reconciles Americas Core Revenue included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Americas Core Revenue (GAAP) (Schedule 1) | $ | 328.4 | $ | 308.3 | $ | 912.2 | $ | 877.7 | |||||||||||
Acquisition Related Deferred Revenue Fair Value Adjustment | (8.0 | ) | — | (14.8 | ) | — | |||||||||||||
Americas Core Revenue (As Adjusted) (Schedule 2) | $ | 336.4 | $ | 308.3 | $ | 927.0 | $ | 877.7 | |||||||||||
(2 | ) | The following table reconciles Total Core Revenue included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Total Core Revenue (GAAP) (Schedule 1) | $ | 406.2 | $ | 390.9 | $ | 1,137.8 | $ | 1,119.0 | |||||||||||
Acquisition Related Deferred Revenue Fair Value Adjustment | (8.0 | ) | — | (14.8 | ) | — | |||||||||||||
Total Core Revenue (As Adjusted) (Schedule 2) | $ | 414.2 | $ | 390.9 | $ | 1,152.6 | $ | 1,119.0 | |||||||||||
(3 | ) | The following table reconciles Divested and Other Business included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Divested and Other Business: | |||||||||||||||||||
Ireland Small Corporate Registry Business | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
Total Divested and Other Business | $ | — | $ | — | $ | — | $ | 0.1 | |||||||||||
(4 | ) | The following table reconciles Americas Operating Income included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Americas Operating Income (GAAP) (Schedule 1) | $ | 86.4 | $ | 90.2 | $ | 221.5 | $ | 251.4 | |||||||||||
Acquisition/Divestiture Related Costs | (0.4 | ) | — | (1.6 | ) | — | |||||||||||||
Amortization of Acquisition Related Intangibles | (6.1 | ) | — | (11.7 | ) | — | |||||||||||||
Acquisition Related Deferred Revenue Fair Value Adjustment | (8.0 | ) | — | (14.8 | ) | — | |||||||||||||
Impaired Assets - Parsippany, NJ Building | — | (7.3 | ) | — | (7.3 | ) | |||||||||||||
Americas Operating Income (As Adjusted) (Schedule 2) | $ | 100.9 | $ | 97.5 | $ | 249.6 | $ | 258.7 | |||||||||||
(5 | ) | The following table reconciles Non-Americas Operating Income included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Non-Americas Operating Income (GAAP) (Schedule 1) | $ | 22.8 | $ | 22.5 | $ | 63.4 | $ | 63.5 | |||||||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | 0.5 | (0.1 | ) | 0.5 | (0.2 | ) | |||||||||||||
Acquisition/Divestiture Related Costs | (0.2 | ) | — | (0.2 | ) | — | |||||||||||||
Non-Americas Operating Income (As Adjusted) (Schedule 2) | $ | 22.5 | $ | 22.6 | $ | 63.1 | $ | 63.7 | |||||||||||
(6 | ) | The following table reconciles Corporate and Other expenses included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Corporate and Other (GAAP) (Schedule 1) | $ | (24.2 | ) | $ | (18.5 | ) | $ | (76.6 | ) | $ | (57.9 | ) | |||||||
Restructuring Charges | (5.5 | ) | (2.0 | ) | (15.1 | ) | (11.9 | ) | |||||||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | (0.5 | ) | (1.2 | ) | (1.7 | ) | (2.7 | ) | |||||||||||
Acquisition/Divestiture Related Costs | (0.8 | ) | — | $ | (10.0 | ) | $ | — | |||||||||||
Corporate and Other (As Adjusted) (Schedule 2) | $ | (17.4 | ) | $ | (15.3 | ) | $ | (49.8 | ) | $ | (43.3 | ) | |||||||
(7 | ) | The following table reconciles Total Operating Income included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Total Operating Income (GAAP) (Schedule 1) | $ | 85.0 | $ | 94.2 | $ | 208.3 | $ | 257.0 | |||||||||||
Restructuring Charges | (5.5 | ) | (2.0 | ) | (15.1 | ) | (11.9 | ) | |||||||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | — | (1.3 | ) | (1.2 | ) | (2.9 | ) | ||||||||||||
Acquisition/Divestiture Related Costs | (1.4 | ) | — | (11.8 | ) | — | |||||||||||||
Amortization of Acquisition Related Intangibles | (6.1 | ) | — | (11.7 | ) | — | |||||||||||||
Acquisition Related Deferred Revenue Fair Value Adjustment | (8.0 | ) | — | (14.8 | ) | — | |||||||||||||
Impaired Assets - Parsippany, NJ Building | — | (7.3 | ) | — | (7.3 | ) | |||||||||||||
Total Operating Income (As Adjusted) (Schedule 2) | $ | 106.0 | $ | 104.8 | $ | 262.9 | $ | 279.1 | |||||||||||
(8 | ) | The following table reconciles Other Income (Expense)-Net included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Other Income (Expense)-Net (GAAP) (Schedule 1) | $ | (9.2 | ) | $ | (7.5 | ) | $ | (7.4 | ) | $ | (29.2 | ) | |||||||
Effect of Legacy and Other Tax Matters | (7.0 | ) | (7.1 | ) | (6.9 | ) | (28.6 | ) | |||||||||||
Gain (Loss) on Investment | (1.2 | ) | — | (1.2 | ) | — | |||||||||||||
Acquisition/Divestiture Related Costs | (0.3 | ) | — | (0.3 | ) | — | |||||||||||||
Other Income (Expense)-Net (As Adjusted) (Schedule 2) | $ | (0.7 | ) | $ | (0.4 | ) | $ | 1.0 | $ | (0.6 | ) | ||||||||
The Dun & Bradstreet Corporation | Schedule 6 |
Notes to Schedules 1, 2, 3 and 4 (unaudited) and Definitions of Non-GAAP Measures | |
Total Pre-Tax Impacts: | ||||||||||||||||||
(Summarizes the Effects on Operating Income and Other Income (Expense) - Net) | ||||||||||||||||||
Quarter Ended | Year-to-Date | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | ||||||||||||||
Restructuring Charges | $ | (5.5 | ) | $ | (2.0 | ) | $ | (15.1 | ) | $ | (11.9 | ) | ||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | — | (1.3 | ) | (1.2 | ) | (2.9 | ) | |||||||||||
Acquisition/Divestiture Related Costs | (1.7 | ) | — | (12.1 | ) | — | ||||||||||||
Amortization of Acquisition Related Intangibles | (6.1 | ) | — | (11.7 | ) | — | ||||||||||||
Acquisition Related Deferred Revenue Fair Value Adjustment | (8.0 | ) | — | (14.8 | ) | — | ||||||||||||
Impaired Assets - Parsippany, NJ Building | — | (7.3 | ) | — | (7.3 | ) | ||||||||||||
Effect of Legacy and Other Tax Matters | (7.0 | ) | (7.1 | ) | (6.9 | ) | (28.6 | ) | ||||||||||
Gain (Loss) on Investment | (1.2 | ) | — | (1.2 | ) | — | ||||||||||||
Total Pre-Tax Impacts | $ | (29.5 | ) | $ | (17.7 | ) | $ | (63.0 | ) | $ | (50.7 | ) | ||||||
(9 | ) | The following table reconciles Net Income Attributable to Dun & Bradstreet included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-to-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Amounts in millions | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net Income Attributable to Dun & Bradstreet (GAAP) (Schedule 1) | $ | 59.0 | $ | 67.5 | $ | 92.1 | $ | 202.7 | |||||||||||
Restructuring Charges | (3.8 | ) | (1.2 | ) | (9.8 | ) | (8.2 | ) | |||||||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | 0.3 | (0.9 | ) | (0.5 | ) | (2.0 | ) | ||||||||||||
Acquisition/Divestiture Related Costs | (1.1 | ) | — | (9.3 | ) | — | |||||||||||||
Amortization of Acquisition Related Intangibles | (3.8 | ) | — | (7.3 | ) | — | |||||||||||||
Acquisition Related Deferred Revenue Fair Value Adjustment | (5.8 | ) | — | (10.4 | ) | — | |||||||||||||
Impaired Assets - Parsippany, NJ Building | — | (4.5 | ) | — | (4.5 | ) | |||||||||||||
Effect of Legacy and Other Tax Matters | 7.4 | 6.5 | 7.4 | 37.2 | |||||||||||||||
Gain (Loss) on Investment | (0.9 | ) | — | (0.9 | ) | — | |||||||||||||
After-Tax Impact | (7.7 | ) | (0.1 | ) | (30.8 | ) | 22.5 | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Income Taxes | (0.2 | ) | 2.8 | (36.2 | ) | 7.6 | |||||||||||||
Net Income Attributable to Dun & Bradstreet (As Adjusted) (Schedule 2) | $ | 66.9 | $ | 64.8 | $ | 159.1 | $ | 172.6 | |||||||||||
(10 | ) | The following table reconciles Diluted Earnings Per Share of Common Stock included in Schedule 1 and Schedule 2: | |||||||||||||||||
Quarter Ended | Year-To-Date | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Diluted EPS Attributable to Dun & Bradstreet Common Shareholders (GAAP) (Schedule 1) | $ | 1.62 | $ | 1.85 | $ | 2.53 | $ | 5.47 | |||||||||||
Restructuring Charges | (0.10 | ) | (0.04 | ) | (0.27 | ) | (0.23 | ) | |||||||||||
Legal and Other Professional Fees and Shut-Down (Costs) Recoveries Related to Matters In China | 0.01 | (0.02 | ) | (0.01 | ) | (0.05 | ) | ||||||||||||
Acquisition/Divestiture Related Costs | (0.03 | ) | — | (0.25 | ) | — | |||||||||||||
Amortization of Acquisition Related Intangibles | (0.10 | ) | — | (0.20 | ) | — | |||||||||||||
Acquisition Related Deferred Revenue Fair Value Adjustment | (0.16 | ) | — | (0.28 | ) | — | |||||||||||||
Impaired Assets - Parsippany, NJ Building | — | (0.12 | ) | — | (0.12 | ) | |||||||||||||
Effect of Legacy and Other Tax Matters | 0.20 | 0.18 | 0.20 | 1.01 | |||||||||||||||
Gain (Loss) on Investment | (0.03 | ) | — | (0.03 | ) | — | |||||||||||||
Discontinued Operations | (0.01 | ) | 0.07 | (1.00 | ) | 0.20 | |||||||||||||
Diluted EPS Attributable to Dun & Bradstreet Common Shareholders (As Adjusted) (Schedule 2) | $ | 1.84 | $ | 1.78 | $ | 4.37 | $ | 4.66 | |||||||||||
The Dun & Bradstreet Corporation | Schedule 6 |
Notes to Schedules 1, 2, 3 and 4 (unaudited) and Definitions of Non-GAAP Measures | |
Quarter Ended September 30, 2015 | Year-to-Date September 30, 2015 | ||||||||||||||||||||||||
Acquisition | Acquisition | ||||||||||||||||||||||||
GAAP | Related Deferred | As Adjusted | GAAP | Related Deferred | As Adjusted | ||||||||||||||||||||
Amounts in millions | (Schedule 3) | Revenue | (Schedule 4) | (Schedule 3) | Revenue | (Schedule 4) | |||||||||||||||||||
Geographic and Customer Solution Set Revenue: | |||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||
Trade Credit | $ | 132.7 | $ | 0.8 | $ | 133.5 | $ | 394.2 | $ | 1.4 | $ | 395.6 | |||||||||||||
Other Enterprise Risk Management | 61.6 | 5.4 | 67.0 | 134.9 | 9.4 | 144.3 | |||||||||||||||||||
Core Americas Risk Management Solutions | 194.3 | 6.2 | 200.5 | 529.1 | 10.8 | 539.9 | |||||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 38.1 | $ | 1.4 | $ | 39.5 | $ | 103.8 | $ | 2.5 | 106.3 | ||||||||||||||
Advanced Marketing Solutions | 96.0 | 0.4 | 96.4 | 279.3 | 1.5 | 280.8 | |||||||||||||||||||
Core Americas Sales and Marketing Solutions | 134.1 | 1.8 | 135.9 | 383.1 | 4.0 | 387.1 | |||||||||||||||||||
Core Americas Revenue | 328.4 | 8.0 | 336.4 | 912.2 | 14.8 | 927.0 | |||||||||||||||||||
Divested and Other Business | — | — | — | — | — | — | |||||||||||||||||||
Total Americas Revenue | $ | 328.4 | $ | 8.0 | $ | 336.4 | $ | 912.2 | $ | 14.8 | $ | 927.0 | |||||||||||||
Non-Americas: | |||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||
Trade Credit | $ | 46.2 | $ | — | $ | 46.2 | $ | 135.7 | $ | — | $ | 135.7 | |||||||||||||
Other Enterprise Risk Management | 14.9 | — | 14.9 | 45.1 | — | 45.1 | |||||||||||||||||||
Core Non-Americas Risk Management Solutions | 61.1 | — | 61.1 | 180.8 | — | 180.8 | |||||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 4.7 | $ | — | $ | 4.7 | $ | 13.0 | $ | — | $ | 13.0 | |||||||||||||
Advanced Marketing Solutions | 12.0 | — | 12.0 | 31.8 | — | 31.8 | |||||||||||||||||||
Core Non-Americas Sales and Marketing Solutions | 16.7 | — | 16.7 | 44.8 | — | 44.8 | |||||||||||||||||||
Core Non-Americas Revenue | 77.8 | — | 77.8 | 225.6 | — | 225.6 | |||||||||||||||||||
Divested and Other Business | — | — | — | — | — | — | |||||||||||||||||||
Total Non-Americas Revenue | $ | 77.8 | $ | — | $ | 77.8 | $ | 225.6 | $ | — | $ | 225.6 | |||||||||||||
Total Corporation: | |||||||||||||||||||||||||
Risk Management Solutions | |||||||||||||||||||||||||
Trade Credit | $ | 178.9 | $ | 0.8 | $ | 179.7 | $ | 529.9 | $ | 1.4 | $ | 531.3 | |||||||||||||
Other Enterprise Risk Management | 76.5 | 5.4 | 81.9 | 180.0 | 9.4 | 189.4 | |||||||||||||||||||
Core Risk Management Solutions | 255.4 | 6.2 | 261.6 | 709.9 | 10.8 | 720.7 | |||||||||||||||||||
Sales and Marketing Solutions | |||||||||||||||||||||||||
Traditional Prospecting Solutions | $ | 42.8 | $ | 1.4 | $ | 44.2 | $ | 116.8 | $ | 2.5 | $ | 119.3 | |||||||||||||
Advanced Marketing Solutions | 108.0 | 0.4 | 108.4 | 311.1 | 1.5 | 312.6 | |||||||||||||||||||
Core Sales and Marketing Solutions | 150.8 | 1.8 | 152.6 | 427.9 | 4.0 | 431.9 | |||||||||||||||||||
Core Revenue | 406.2 | 8.0 | 414.2 | 1,137.8 | 14.8 | 1,152.6 | |||||||||||||||||||
Divested and Other Business | — | — | — | — | — | — | |||||||||||||||||||
Total Corporation Revenue | $ | 406.2 | $ | 8.0 | $ | 414.2 | $ | 1,137.8 | $ | 14.8 | $ | 1,152.6 | |||||||||||||
Quarter Ended September 30, 2015 | Year-to-Date September 30, 2015 | ||||||||||||||||||||||||
Acquisition | Acquisition | ||||||||||||||||||||||||
GAAP | Related Deferred | As Adjusted | GAAP | Related Deferred | As Adjusted | ||||||||||||||||||||
Amounts in millions | (Schedule 3) | Revenue | (Schedule 4) | (Schedule 3) | Revenue | (Schedule 4) | |||||||||||||||||||
Trade Credit Revenue: | |||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||
DNBi | $ | 97.6 | $ | 0.3 | $ | 97.9 | $ | 293.5 | $ | 0.4 | $ | 293.9 | |||||||||||||
Other Trade Credit | 35.1 | 0.5 | 35.6 | 100.7 | 1.0 | 101.7 | |||||||||||||||||||
Core Americas Trade Credit Revenue | 132.7 | 0.8 | 133.5 | 394.2 | 1.4 | 395.6 | |||||||||||||||||||
Non-Americas: | |||||||||||||||||||||||||
DNBi | $ | 6.2 | $ | — | $ | 6.2 | $ | 19.0 | $ | — | $ | 19.0 | |||||||||||||
Other Trade Credit | 40.0 | — | 40.0 | 116.7 | — | 116.7 | |||||||||||||||||||
Core Non-Americas Trade Credit Revenue | 46.2 | — | 46.2 | 135.7 | — | 135.7 | |||||||||||||||||||
Total Corporation: | |||||||||||||||||||||||||
DNBi | $ | 103.8 | $ | 0.3 | $ | 104.1 | $ | 312.5 | $ | 0.4 | $ | 312.9 | |||||||||||||
Other Trade Credit | 75.1 | 0.5 | 75.6 | 217.4 | 1.0 | 218.4 | |||||||||||||||||||
Core Trade Credit Revenue | $ | 178.9 | 0.8 | $ | 179.7 | $ | 529.9 | $ | 1.4 | $ | 531.3 | ||||||||||||||
Total Core Revenue: | |||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||
Direct | $ | 294.4 | $ | 7.6 | $ | 302.0 | $ | 837.5 | $ | 14.3 | $ | 851.8 | |||||||||||||
Alliances & Partners | 34.0 | 0.4 | 34.4 | 74.7 | 0.5 | 75.2 | |||||||||||||||||||
Core Americas Revenue | 328.4 | 8.0 | 336.4 | 912.2 | 14.8 | 927.0 | |||||||||||||||||||
Non-Americas: | |||||||||||||||||||||||||
Direct | $ | 54.1 | $ | — | $ | 54.1 | $ | 157.2 | $ | — | $ | 157.2 | |||||||||||||
Alliances & Partners | 23.7 | — | 23.7 | 68.4 | — | 68.4 | |||||||||||||||||||
Core Non-Americas Revenue | 77.8 | — | 77.8 | 225.6 | — | 225.6 | |||||||||||||||||||
Total Corporation: | |||||||||||||||||||||||||
Direct | $ | 348.5 | $ | 7.6 | $ | 356.1 | $ | 994.7 | $ | 14.3 | $ | 1,009.0 | |||||||||||||
Alliances & Partners | 57.7 | 0.4 | 58.1 | 143.1 | 0.5 | 143.6 | |||||||||||||||||||
Core Revenue | $ | 406.2 | $ | 8.0 | $ | 414.2 | $ | 1,137.8 | $ | 14.8 | $ | 1,152.6 | |||||||||||||
N/M - Not Meaningful |
The following defines the non-GAAP measures used to evaluate performance: |
*Total revenue excluding the revenue of divested and shut-down businesses is referred to as “core revenue.” Core revenue includes the revenue from acquired businesses from the date of acquisition. |
*Effective January 1, 2015, in addition to reporting GAAP results, the Company evaluates performance and report on a total company basis and on a business segment level basis its results (such as revenue, operating income, operating income growth, operating margin, net income, tax rate and diluted earnings per share) on an “As Adjusted” basis. The term “As Adjusted” results refers to the following: the elimination of the effect on revenue due to purchase accounting fair value adjustments to deferred revenue; restructuring charges; other non-core gains and charges (such as gains and losses on sales of businesses, impairment charges and tax settlements); acquisition and divestiture-related fees (such as costs for bankers, legal fees, diligence costs and retention payments); and acquisition-related intangible amortization expense. A recurring component of our "As Adjusted" basis is our restructuring charges, which we believe do not reflect our underlying business performance. Such charges are variable from period to period based upon actions identified and taken during each period. Additionally, our "As Adjusted" results exclude the results of Discontinued Operations. Management reviews operating results on an “As Adjusted” basis on a monthly basis and establishes internal budgets and forecasts based upon such measures. Management further establishes annual and long-term compensation such as salaries, target cash bonuses and target equity compensation amounts based on performance on an “As Adjusted” basis and a significant percentage weight is placed upon performance on an “As Adjusted” basis in determining whether performance objectives have been achieved. Management believes that by reflecting these adjustments to our GAAP financial measures, business leaders are provided incentives to recommend and execute actions rather than being influenced by the potential impact one of these items can have in a particular period on their compensation. The Company adjusts for these items because they do not reflect the Company's underlying business performance and they may have a disproportionate positive or negative impact on the results of its ongoing business operations. We believe that the use of our non-GAAP financial measures provides useful supplemental information to our investors. |
*From time to time we have analyzed and we may continue to further analyze “As Adjusted” revenue growth before the effects of foreign exchange among two components, “organic revenue growth” and “revenue growth with acquisitions.” We analyze “organic revenue growth” and “revenue growth with acquisitions” because management believes this information provides important insight into the underlying health of our business. Organic revenue excludes revenue from acquired businesses for one year from the date of the acquisition in order to understand the growth of our existing business. When acquired businesses are merged with our existing businesses, we may need to approximate organic growth. |
This financial information should be read in conjunction with the consolidated financial statements and related notes of The Dun & Bradstreet Corporation contained in filings with the Securities and Exchange Commission. |