Dun & Bradstreet (DNB) Q4 2024 earnings summary

Executive summary

• Achieved 3% organic revenue growth and expanded EBITDA margins by 30 basis points for full year 2024.

• Completed major technology and client migrations, sunsetting legacy products and optimizing contracts.

• Ongoing strategic review process, with outcome expected in Q1 2025, caused some client and employee distraction.

• Net income for Q4 2024 was $8M, up from $2M in Q4 2023; full year net loss narrowed to $28.6M from $47M in 2023.

• Focus for 2025 is on verticalized go-to-market strategy and leveraging AI solutions.

Financial highlights

• Q4 2024 GAAP revenues were $632M, up 0.2% year-over-year; full year revenues were $2,382M, up 2.9% year-over-year.

• Q4 adjusted EBITDA was $260M (41.2% margin); full year adjusted EBITDA was $927M (39% margin), up 4% year-over-year.

• Adjusted EPS for 2024 was $0.98, compared to $1.00 in 2023.

• Net leverage at 3.6x at year-end 2024.

• Operating cash flow for the year was $436.9M; cash and cash equivalents at year-end were $206M.

Outlook and guidance

• 2025 revenue expected at $2,440–$2,500M (2.5%–5% growth); organic constant currency growth of 3%–5%.

• Adjusted EBITDA guidance: $955–$985M; adjusted EPS: $1.01–$1.07.

• Net leverage targeted to improve to 3.25x by year-end 2025.

• Q1 2025 expected at low end of range due to ongoing process; Q4 2025 at high end.

• Guidance based on adjusted interest expense of ~$200M, D&A of $160–$170M, tax rate of 22–23%, and capex of $190–$200M.