Dun & Bradstreet (DNB) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $576.2 million, up 3.9% year-over-year (4.3% organic constant currency), with strong performance in core risk and data management solutions and growth in both North America and International segments.

• Net loss narrowed to $16.4 million from $19.4 million in Q2 2023; adjusted net income was $99.1 million (adjusted EPS $0.23).

• Adjusted EBITDA grew 5.7% to $217.9 million, with margin expanding by 60 basis points to 37.8%.

• Launched a three-year, 10 million share repurchase program, repurchasing 961,360 shares for $9.3 million in Q2.

• Management remains focused on organic growth, strategic initiatives, and deleveraging.

Financial highlights

• Q2 2024 GAAP revenues were $576.2 million, up 3.9% year-over-year; organic constant currency revenue growth was 4.3%.

• Adjusted EBITDA was $217.9 million, up 5.7% year-over-year, with a margin of 37.8% (up 60 basis points).

• Adjusted net income was $99.1 million, or $0.23 per share, compared to $95.1 million or $0.22 per share in Q2 2023.

• Net loss for the quarter was $16.4 million, improved from a $19.4 million loss in the prior year quarter.

• Cash and cash equivalents at June 30, 2024, were $263.2 million; total debt was $3,675.8 million.

Outlook and guidance

• Full-year 2024 revenue expected at the low end of the $2,400–$2,440 million range (3.7%–5.4% growth); organic constant currency revenue growth and adjusted EBITDA also expected at the low end of prior ranges.

• Adjusted EBITDA guidance maintained at $930–$950 million; adjusted EPS at $1.00–$1.04.

• Free cash flow conversion expected to improve as capitalized spend moderates in the second half.

• Capital expenditures for 2024 projected at $195–$205 million.