Dun & Bradstreet Holdings, Inc., a leading global provider of business decisioning data and analytics, today announced unaudited financial results for the second quarter ended June 30, 2021.
Dun & Bradstreet’s revenue for the six months ended June 30, 2021, was $1,025.4 million, an increase of 25.9% and 24.8% on a constant currency basis compared to the six months ended June 30, 2020, which includes the net impact of lower deferred revenue purchase accounting adjustments of $19.3 million.
- Adjusted Revenue for the six months ended June 30, 2021, was $1,030.0 million, an increase of 26.5% and 25.4% on a constant currency basis compared to the six months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, organic revenue, before the effect of foreign exchange, was $855.6 million, an increase of 4.4% compared to the six months ended June 30, 2020, which also included a 2.4 percentage point impact from the net impact of lower deferred revenue purchase accounting adjustments of $19.3 million.
- Net loss for the six months ended June 30, 2021, was $76.7 million, or diluted loss per share of $0.18, compared to a net loss of $166.1 million, or diluted loss per share of $0.53 for the prior-year period. Adjusted net income was $205.8 million, or adjusted diluted earnings per share of $0.48, compared to adjusted net income of $130.7 million, or adjusted diluted earnings per share of $0.42 for the prior-year period.
- Adjusted EBITDA for the six months ended June 30, 2021, was $384.0 million, up 23.4% compared to the six months ended June 30, 2020, and adjusted EBITDA margin of 37.3%, a decrease of 90 basis points, which includes the net impact of lower deferred revenue purchase accounting adjustments of $19.3 million.
- Excluding the net impact of the Bisnode acquisition, the consolidated adjusted EBITDA margin was 40.0% for the six months ended June 30, 2021, an improvement of 180 basis points compared to the prior-year period, partially due to the lower net purchase accounting deferred revenue adjustments of $19.3 million which had an impact of 150 basis points on the year over year margin improvement.
Anthony Jabbour, Dun & Bradstreet Chief Executive Officer said,
“The second quarter continued our positive momentum as we accelerated growth and made significant progress in terms of our transformation and innovation objectives. The International segment continued its strong performance with organic growth of 12.5% and the Bisnode integration is ahead of plan.
North America also continued to make solid progress and I am proud of the work the team has done in terms of continued strong retention, adding net new logos and bringing new, innovative solutions to market that are creating a strong pipeline supporting accelerating growth,”.
Dun & Bradstreet’s revenue for the second quarter of 2021 was $520.9 million, an increase of 24.4% and 23.2% on a constant currency basis compared to the second quarter of 2020, which includes the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million.
- Adjusted Revenue for the second quarter of 2021 was $520.9 million, an increase of 24.4% and 23.2% on a constant currency basis compared to the second quarter of 2020. Excluding the net impact of the Bisnode acquisition, organic revenue, before the effect of foreign exchange, was $435.2 million, an increase of 3.3% compared to the second quarter of 2020, which also included a 0.5 percentage point impact from the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million.
- Net loss for the second quarter of 2021 was $51.7 million, or diluted loss per share of $0.12, compared to a net loss of $208.0 million or diluted loss per share of $0.66 for the prior-year quarter. Adjusted net income was $108.0 million, or adjusted diluted earnings per share of $0.25, compared to adjusted net income of $81.2 million, or adjusted diluted earnings per share of $0.26 for the prior-year quarter.
- Adjusted EBITDA for the second quarter of 2021 was $198.3 million, up 12.6% compared to the second quarter of 2020, and adjusted EBITDA margin of 38.1%, a decrease of 400 basis points, which includes the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million. Excluding the net impact of the Bisnode acquisition, the consolidated adjusted EBITDA margin was 40.8% for the second quarter of 2021.
Segment Results
North America
For the second quarter of 2021, North America revenue was $357.2 million, an increase of $2.8 million or 0.8% and 0.5% on a constant currency basis compared to the second quarter of 2020. North America revenue was negatively impacted by the acquisition of Bisnode with post-acquisition sales treated as intercompany revenue.
Excluding the positive impact of foreign exchange of $0.9 million and the negative impact of the Bisnode acquisition of $1.3 million, North America organic revenue increased 1%.
- Finance and Risk revenue for the second quarter of 2021 was $199.7 million, an increase of $5.9 million or 3.1% and 2.7% on a constant currency basis compared to the second quarter of 2020.
- Sales and Marketing revenue for the second quarter of 2021 was $157.5 million, a decrease of $3.1 million or 1.9% and 2.1% on a constant currency basis compared to the second quarter of 2020.
North America adjusted EBITDA for the second quarter of 2021 was $167.4 million, a decrease of 1.7%, with an adjusted EBITDA margin of 46.9%.
For the six months ended June 30, 2021, North America revenue was $696.6 million, an increase of $0.7 million or less than 1% and a decrease of less than 1% on a constant currency basis compared to the six months ended June 30, 2020.
North America revenue was negatively impacted by the acquisition of Bisnode with post-acquisition sales treated as intercompany revenue. Excluding the positive impact of foreign exchange of $1.3 million and the negative impact of the Bisnode acquisition of $2.5 million, North America organic revenue increased less than 1%.
- Finance and Risk revenue for the six months ended June 30, 2021, was $390.2 million, an increase of $3.6 million or 0.9% and 0.7% on a constant currency basis compared to the six months ended June 30, 2020.
- Sales and Marketing revenue for the six months ended June 30, 2021, was $306.4 million, a decrease of $2.9 million or 0.9% and 1.0% on a constant currency basis compared to the six months ended June 30, 2020.
North America adjusted EBITDA for the six months ended June 30, 2021, was $318.5 million, an increase of 1.1%, with an adjusted EBITDA margin of 45.7%, an increase of 50 basis points both compared to the six months ended June 30, 2020.
International
International revenue for the second quarter of 2021 was $163.7 million, an increase of $97.3 million or 146.5% and 137.1% on a constant currency basis compared to the second quarter of 2020. Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased by 12.5%.
- Finance and Risk revenue for the second quarter of 2021 was $104.1 million, an increase of $50.0 million or 92.5% and 84.6% on a constant currency basis compared to the second quarter of 2020. Organic revenue before the effect of foreign exchange increased 10.4%.
- Sales and Marketing revenue for the second quarter of 2021 was $59.6 million, an increase of $47.3 million or 383.5% and 366.1% on a constant currency basis compared to the second quarter of 2020. Organic revenue before the effect of foreign exchange increased 21.5%.
International adjusted EBITDA increased $22.6 million, or 113.4%, for the three months ended June 30, 2021, compared to the three months ended June 30, 2020. Adjusted EBITDA margin decreased 410 basis points for the three months ended June 30, 2021, compared to the three months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, the adjusted EBITDA margin was 28.9% for the three months ended June 30, 2021.
International revenue for the six months ended June 30, 2021 was $333.6 million, an increase of $195.6 million or 141.8% and 133.9% on a constant currency basis compared to the six months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased 10.8%.
- Finance and Risk revenue for the six months ended June 30, 2021 was $211.4 million, an increase of $98.7 million or 87.6% and 81.2% on a constant currency basis compared to the six months ended June 30, 2020. Organic revenue before the effect of foreign exchange increased 8.7%.
- Sales and Marketing revenue for the six months ended June 30, 2021 was $122.2 million, an increase of $96.9 million or 382.6% and 367.6% on a constant currency basis compared to the six months ended June 30, 2020. Organic revenue before the effect of foreign exchange increased 19.9%.
International adjusted EBITDA increased $50.1 million, or 113.9%, for the six months ended June 30, 2021, compared to the six months ended June 30, 2020. Adjusted EBITDA margin decreased 370 basis points for the six months ended June 30, 2021 compared to the six months ended June 30, 2020.
Excluding the net impact of the Bisnode acquisition, adjusted EBITDA margin was 33.4% for the six months ended June 30, 2021, an increase of 150 basis points versus the prior year’s margin.
Balance Sheet
As of June 30, 2021, we had cash and cash equivalents of $177.6 million and a total principal amount of debt of $3,667.0 million. We had the full capacity available on our $850 million revolving credit facility as of June 30, 2021.
Business Outlook
Dun & Bradstreet is reiterating it previously provided the full year 2021 outlook as follows:
- Adjusted Revenues are expected to be in the range of $2,145 million to $2,175 million.
- Adjusted EBITDA is expected to be in the range of $840 million to $855 million.
- Adjusted EPS is expected to be at the high end of the range of $1.02 to $1.06.
