Verisk Analytics, Inc. (NASDAQ:VRSK) stock rose 4.26% (As on March 1, 11:08:04 AM UTC-4, Source: Google Finance) after the company’s bottom line totaled $61.2 million compared with $141.8 million, in last year’s fourth quarter. Income from continuing operations was $215.8 million, up 82.4% for the fourth quarter of 2022.  Adjusted EBITDA, a non-GAAP measure, was $332.0 million, up 4.1%, and up 12.9% on an OCC basis. The increase in income from continuing operations is primarily due to an impairment loss incurred in 2021 related to the disposition of our Financial Services segment, offset by a reversal of a litigation reserve. Net cash provided by operating activities was $249.0 million, up 32.0%, for the fourth quarter of 2022. Free cash flow, a non-GAAP measure, was $169.3 million, increase 63.9%. The increase is primarily related to the prior year settlement of the EVT litigation, partially offset by the sale of 3E and our Financial Services segment.

VRSK in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.43, beating the analysts’ estimates for the adjusted earnings per share by 26 cents. The company had reported the adjusted revenue of $630.4 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue by $15.1 million. It is up 8.1% on an organic constant currency (OCC) basis,  including a 100 basis point contribution from storm-related revenue. In addition, the Energy business qualified as held for sale and discontinued operations in the fourth quarter of 2022. Underwriting & rating revenues increased 11.4% in the quarter and 6.5% on an OCC basis, resulting primarily from annual increases in price derived from continued enhancements to the content of the solutions within the industry-standard insurance programs, as well as selling expanded solutions to existing customers in commercial and personal lines. In addition, extreme events solutions and life solutions contributed to the growth. Claims revenue grew 13.2% in the quarter and 11.9% on an OCC basis. Growth was broad-based with strong results recorded in property estimating, anti-fraud solutions and international. Storm related revenue contributed 340 basis points of OCC growth in the quarter.

Additionally, the company paid a cash dividend of 31 cents per share on December 31, 2022. On February 14, 2023, the Board of Directors approved a 9.7% increase in the cash dividend to 34 cents per share payable on March 31, 2023. The company repurchased $428.6 million of the shares during the fourth quarter of 2022.