Dun & Bradstreet Reports Third Quarter 2016 Results And Reaffirms Guidance

Dun & Bradstreet (NYSE: DNB) reported results for the third quarter ended September 30, 2016 of GAAP revenue up 2% year over year, after the effect of foreign exchange (up 3% before the effect of foreign exchange). As Adjusted and organic revenue both flat year over year, after the effect of foreign exchange (up 1% before the effect of foreign exchange).

"We are continuing to execute against our strategy and are leveraging our multi-channel go-to-market approach to drive adoption of our more modern, as-a-service offerings" said Bob Carrigan, CEO of Dun & Bradstreet. "We remain focused on providing our leading commercial data and analytics to our customers when and where they need them, while driving long-term, sustainable growth for the Company."
       
Quarter Ended AFX BFX
September 30, % Change % Change
(Amounts in millions, except per share data) 2016 2015 Fav (Unfav) Fav (Unfav)
GAAP Revenue $ 412.8 $ 406.2 2% 3%
As Adjusted Revenue $ 412.8 $ 414.2 0% 1%
Organic Revenue $ 412.8 $ 414.2 0% 1%
 
GAAP Operating Income (1) $ 96.8 $ 85.0 14%
As Adjusted Operating Income $ 107.3 $ 106.0 1%
 
GAAP Diluted Earnings (Loss) Per Share (2) $ (0.80 ) $ 1.62 N/M
As Adjusted Diluted Earnings (Loss) Per Share $ 1.79 $ 1.84 (3)%
 
Year-To-Date
Sept 30, Sept 30,
2016 2015
Net Cash Provided By Operating Activities - Continuing Operations (GAAP) $ 280.0 $ 283.5
Free Cash Flow $ 232.1 $ 240.1
 
(1) Quarter ended September 30, 2015 includes the writedown of $8 million in deferred revenue from acquisitions completed in 2015.
(2) Quarter ended September 30, 2016 includes a $2.43 non-cash loss associated with the sale of operations in Benelux and Latin America.
 

GAAP net income for the third quarter ended September 30, 2016 included a non-cash loss of $89.6 million associated with the conversion of our Latin America and Benelux operations into Worldwide Network partnerships. The non-cash loss was driven almost entirely by accumulated currency translation.

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