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Text: On the call today, we have Dun & Bradstreet's CEO, Anthony Jabbour; and CFO, Bryan Hipsher.
Our actual results may differ materially from our projections due to a number of risks and uncertainties.
Today's remarks will also include references to non-GAAP financial measures.
The second quarter was another quarter of solid progress as revenues grew 24.4% and EBITDA grew 12.6%.
Organic revenue growth accelerated to 2.8%, fueled by low double-digit growth in international and low single-digit growth in North America.
The sequential improvement in organic growth was driven by new logo wins, increased cross-sell, continued strong retention, and the lessening of previously communicated headwinds.
We also saw strong sales in the building pipeline for our new solutions, both domestically and internationally, as businesses look to leverage more of our solutions to support their post-pandemic operating models.
We expect to see a continued ramp in the third and fourth quarters as we execute against our near-term growth strategy and have continued to strengthen the business for the long term with new talent, data assets, partnerships, and solutions that continue to bolster our offerings and provide our clients differentiated insights that help them grow revenues, lower operating costs, and improve the risk and compliance profile.
Before we jump to our normal business and operations update, I wanted to touch on a few announcements we made in the quarter.
As Dun & Bradstreet's chief product officer, Ginny comes to us from TransUnion and has over 20 years of experience driving innovation and leading product organizations.
She manages the overall product strategy for our global portfolio and is focused on driving rapid innovation and developing solutions at scale that enable our clients' success.
Mike is our chief technology officer and brings more than 25 years of experience and deep technological insight to Dun & Bradstreet.
Mike joined us from Fiserv and brings with him a proven track record of modernizing and scaling existing platforms for companies such as AOL, Microsoft, and First Data.
We also established a new location in Jacksonville, Florida, which will serve as our global headquarters.
We look to leverage this strategic location to help us to continue to innovate and grow, as well as benefit from substantial state and local financial incentives that made this move an easy one.
And finally, before I move on to the business update, I wanted to share a very special milestone here at Dun & Bradstreet.
On July 20, we celebrated our 180th year anniversary, which is a testament to the long-standing value D&B has and continues to provide to businesses throughout the world.
Now, let's move on to our business update.
On our first-quarter call, we discussed our key priorities for 2021, which are to continue to grow our share of wallet with our strategic customers; to approach and monetize the SMB space in new and innovative ways; to launch new products domestically to localize new and existing products globally; and lastly, to integrate the Bisnode acquisition.
Throughout the second quarter, our team has made great strides toward executing on these priorities.
We're pleased with the ongoing success we're having with our strategic clients, which included renewal rates at near 100% and the addition of some exciting new logos.
In North America, we signed a multiyear deal with Ceridian, a global human capital management software company for Analytics Studio and various sales and marketing products, including the new Rev.
Up ABX and digital targeting solutions.
Ceridian was looking to support their growth strategies and, in particular, the ability to connect and activate the offline view of customers and prospects through digital insights.
They're also focused on strategic global expansion and leveraging our world-based file to better understand addressable markets by region to support growth in target markets.
Leveraging the investments we've made in nontraditional data and our sales and marketing solutions, we signed additional business with one of the largest online retailers who will be using our data and analytics to support their efforts in growing a new business line that needed help targeting specific retailers in high foot traffic areas such as airports and sports stadiums.
Deloitte Touche Tohmatsu also entered into a multiyear agreement with us to assist with their client engagement, customer relationship management, and overall master data program.
Their global data management team was tasked with creating a global master data warehouse that could be used across all markets and will be the central hub for global applications, as well as local markets.
The team selected our D&B Direct+ API to be the central point for company information, hierarchies, and connections, including our full Family Tree.
Along with the master data use case, they're also using our insights to inform their investment to drive a more diverse workforce pipeline and, in particular, underrepresented minorities to the public accounting profession.
We will deliver a microsite with downloadable learning modules and coupled with a multichannel marketing campaign.
We're proud to support Deloitte in ensuring the success of this fantastic program.
We also signed a deal with Vintro, an online networking platform, who will be using our comprehensive B2B data, as well as our insights and AI-driven platforms to enable their clients to accelerate global opportunity and innovation.
In addition to the direct sale, we're also partnering with Vintro on a new platform to enhance the supply chain ecosystem through enhanced access to SMBs.
Turning to our international segment.
We're making strong progress on the Global 500 account program we rolled out in the first quarter, demonstrated by several wins in the second quarter.
One of these was a significant expansion of our long-standing relationship with Barclays through a multiyear enterprisewide agreement supporting their global master client data and insight strategy.
Barclays will be using D&B's comprehensive global data cloud for a multitude of use cases.
Globally consistent and identifiable by the DUNS number, our data will enable a broader and deeper view of every customer and prospect from intent data to financial and regulatory information.
Barclays was looking for an end-to-end global solution, and we stood alone in our ability to deliver such an outcome.
In D&B Europe, our newly acquired Bisnode region, we signed several deals with Global 500 companies as our strategy to become the provider of choice in Central Europe has begun to bear fruit.
Bayer, a life science company with more than 150-year history and core competencies in the areas of healthcare and agriculture, signed a three-year global contract for D&B data by multiple delivery platforms.
This deal will support Bayer in organizing and managing their third-party records across various software platforms.
Deutsche Bank signed a new contract to use our local German database to support their sales efforts.
After various data and usability comparisons, they chose D&B over their previous provider, a large international competitor.
We continue to build and grow relationships with Global 500 companies.
At the end of the second quarter, nearly three-quarters of the Global 500 companies are clients of ours, a significant increase from year-end 2019 that was closer to two-thirds.
While we continue to deepen relationships with our strategic clients, we're also seeing positive trends in the small and midsized markets.
As it relates to our second priority, addressing the SMB market in new and innovative ways, we started with the build-out of our D&B product and data marketplaces.
The D&B product marketplace was created to provide a curated set of our solutions, as well as partner solutions designed for small business.
It now has 20 partners, the newest of which are Brex and LendingTree along with other major brands such as Microsoft, Comcast Business, AT&T Business, Mastercard, and Symantec.
The D&B Data Marketplace where users can now buy a broader range of prematched, independent data sets from alternative data providers, now includes data sets such as commercial real estate, job postings, shipping, healthcare, and U.S. agricultural data.
We currently have 36 partner data sets as of the end of the second quarter, up from 22 at the end of the first quarter.
Now turning to our e-commerce strategy.
We continue to see more and more attention in our digital assets.
In the second quarter, we saw dnb.com site visits continue to grow with over 46 million visits in Q2, an 84% increase over prior Q2.
While the vast majority of customers are coming for CreditSignal and monitoring services, we're also beginning to see increased demand for our sales and marketing solutions.
Overall, we hit more than $2 million in e-commerce sales in Q2, up 73% from prior-year quarter, and are forecasting sales to double again by the end of the third quarter.
This, combined with our D&B Marketplaces, are expected to drive nearly $10 million in incremental annual recurring revenues by year-end, and we look forward to updating you in the coming quarters on our progress.
Our third priority is launching new products and use cases.
Last quarter, we announced D&B Rev.
Up ABX, a solution that simplifies and automates marketing and sales workflows for our clients.
Since its launch, we closed six deals with ACV of nearly $2 million and with a strong and growing pipeline as awareness spreads and further enhancements are added to the platform.
We're excited to now take the Rev.
Up capabilities to the SMB marketplace with the launch of D&B Rev.
Up Now brings enterprise digital marketing technology, once only available to large-size businesses, to SMBs so that they can find and engage their best customers without having the cost and complexity of an in-house analytics department.
We're also bolstering our sales and marketing solutions through our alliance with Zeta Global.
We are bringing together trusted consumer and private business data into a single, highly secured data cloud that contains profiles on over 220 million individuals in the United States.
The Data Cloud combines Zeta's business-to-consumer data, including individuals' intent, behavioral, transactional, and location-based signals with Dun & Bradstreet's business-to-business data, including employer data such as companies, titles, and emails, to power a new market sector we refer to as business-to-person or B2P, which will enable businesses to unlock the buying power of decision-makers through this uniquely combined data set offering, a true 360-degree view of an individual and the ability to reach them through both business and consumer-based activation channels.
And last but not least, I'm excited to announce the launch of D&B ESG Intelligence, which delivers a standardized score and analytics built from the Dun & Bradstreet Data Cloud and established sustainability standards.
Our ESG rankings cover 12 ESG themes and 32 topic-specific categories to help our clients best understand specific risks and opportunities.
We believe this is another great example of how we can leverage the power of our Data Cloud and the DUNS number to create consistent and comprehensive rankings for businesses of all sizes throughout the globe.
This deep coverage and breakdown of specific ESG topic rankings helps compliance and procurement teams track and report on specific ESG factors that increase growth and reduce risk.
Similar to how PAYDEX established the de facto commercial credit score, we see the opportunity to set a standardized commercial ESG score that will help underwriters procurement organizations, investors, and many other areas quickly analyze and action new customers, vendors, suppliers, investments, and partners in an accurate and efficient manner.
In our international segment, we continue to focus on rolling out localized solutions across our owned and partner markets.
In the second quarter, we delivered 14 product launches across Europe, Greater China, and the Worldwide Network partner markets.
including important new solutions, D&B Finance Analytics, D&B Risk Analytics, and Data Blocks.
We also expanded distribution of D&B Onboard and Direct+ across the slew of worldwide network partners.
In D&B Europe, we continue to see good traction from existing D&B products, like D&B Credit, Direct+ and D&B Onboard, while also introducing new products, including D&B Finance Analytics and Risk Analytics in the Nordic markets, Optimizer in the Nordics and Southeast Europe, and Data Blocks in Central Europe.
These solutions will enable us to execute our strategy of migrating customers off legacy offerings onto modern digital platforms, as well as attract new customers.
These solutions, along with the many we have discussed over the past few quarters, are allowing us to create a significant amount of new product revenue.
For North America and international combined, the New Product Vitality Index, or the percentage of revenues from new products, was 6% in Q2.
For context, we began measuring this stat in Q1 of 2019, and it's up already from 0.2% in Q2 of 2019.
We will continue to drive more and more new solutions into our markets around the world and look forward to updating you on our progress through the coming quarters.
I'm pleased to report that integration is going as planned with top-line performance in line and synergy realization coming in slightly ahead of expectations.
We've executed more than $25 million in annualized savings from actions taken through Q2.
Savings are being driven by the consolidation of functions across our global team, as well as executing a broad real estate strategy, including vacating, reducing the footprint of 14 office locations.
On the Bisnode operations side, we implemented a new global data framework across D&B Europe markets to ensure consistent monitoring and enhancement of database breadth and quality.
We have already made key data improvements, including the failure scores in Nordic markets in Germany, growing the database of nonregistered companies in Central Europe, and increasing financial statement data in Switzerland.
These initiatives are intended to improve retention, to enhance customer satisfaction, as well as demand for data from our global customers.
Overall, I'm pleased with our continued transformation, and I'm excited about the progress we continue to make, laying the foundation for accelerated sustainable growth throughout the remainder of 2021 and into 2022.
Today, I will discuss our second-quarter 2021 results and our outlook for the remainder of the year.
On a GAAP basis, second-quarter revenues were $521 million, an increase of 24% or 23% on a constant-currency basis compared to the prior-year quarter.
This includes the net impact of the lower purchase accounting deferred revenue adjustment of $2 million.
Net loss for the second quarter on a GAAP basis was $52 million or a diluted loss per share of $0.12, compared to a net loss of $208 million for the prior-year quarter.
The improvement was primarily driven by higher prior-year expenses related to the retirement of debt as part of the initial public offering, lower interest expense, improvements in operating income driven by lower equity-based compensation related to stock options granted in the prior-year quarter, and the net impact of Bisnode acquisition.
This was partially offset by higher tax provision recognized in the current year, largely driven by changes in the state apportionment and the enactment of the U.K. tax rate increase.
Turning to Slide 2, I'll now discuss our adjusted results for the second quarter.
Second-quarter adjusted revenues for the total company were $521 million, an increase of 24.4% or 23.2% on a constant-currency basis.
This year-over-year increase included 19.9 percentage points from the Bisnode acquisition and 0.5 point from the impact of lower deferred revenue purchase accounting adjustments.
Revenues on an organic constant-currency basis were up 2.8%, driven by double-digit growth in our international segment, as well as single-digit growth in North America.
Second-quarter adjusted EBITDA for the total company was $198 million, an increase of $22 million or 13%.
Excluding the net impact of the Bisnode acquisition, EBITDA increased slightly due to revenue growth partially offset by increased data and data-processing costs, higher commissions, and higher public company costs.
Second-quarter adjusted EBITDA margin was 38.1%.
Excluding the net impact of Bisnode, EBITDA margin was 40.8%.
Second-quarter adjusted net income was $108 million or adjusted diluted earnings per share of $0.25, an increase from $81 million in the second quarter of 2020.
Turning now to Slide 3, I will now discuss the results for our two segments, North America and international.
In North America, revenues for the second quarter were $357 million, an increase of approximately 1% from the prior year.
Excluding the positive impact of foreign exchange and the negative impact of the Bisnode acquisition, North America organic revenue increased $3.2 million or 1%.
In finance and risk, we continue to see strength in our risk solutions and solid growth in our finance solutions attributable to new business and higher customer spend.
The growth in these solutions was partially offset by $1 million of revenue elimination from the Bisnode transaction.
For sales and marketing, revenue was $158 million, a decrease of $3.1 million or 2%.
While data sales had another solid quarter, the overall growth in sales and marketing was offset by $4 million from the Data.com legacy partnership wind-down.
North America second-quarter adjusted EBITDA was $167 million, a decrease of $3 million or 2% primarily due to higher data processing costs and higher commissions, partially offset by revenue growth and ongoing cost management.
Adjusted EBITDA margin for North America was 46.9%.
Turning now to Slide 4.
In our international segment, second-quarter revenues increased 147% to $164 million or 137% on a constant-currency basis, primarily driven by the net impact from the acquisition of Bisnode and strong growth in both finance and risk and sales and marketing solutions.
Excluding the net impact of Bisnode, international revenues increased approximately 13%.
Finance and risk revenues were $104 million, an increase of 92% or an increase of 85% on a constant-currency basis, primarily due to the Bisnode acquisition.
Excluding the net impact of Bisnode, revenue grew 10% with growth across all markets, including higher revenue from Worldwide Network alliances due to higher cross-border data fees and royalties and higher revenues from our U.K. market attributable to growth in our finance solutions.
Sales and marketing revenues were $60 million, an increase of 383% or an increase of 366% on a constant-currency basis, primarily attributable to the Bisnode acquisition.
Excluding the impact of Bisnode, revenue grew 22% due to higher revenues from API offerings across our U.K. and Greater China markets and increased revenues from our Worldwide Network partners product royalties.
Second-quarter international adjusted EBITDA of $43 million increased $23 million or 113% versus second quarter of 2020, primarily due to the net impact of the Bisnode acquisition, as well as revenue growth across our international businesses, partially offset by higher data costs.
Adjusted EBITDA margin was 26% or 28.9% excluding Bisnode.
Turning to Slide 5, I'll now walk through our capital structure.
At the end of June 30, 2021, we had cash and cash equivalents of $178 million, which, when combined with the full capacity of our $850 million revolving line of credit due 2025, represents total liquidity of approximately $1 billion.
As of June 30, 2021, total debt principal was $3,667 million, and our leverage ratio was 4.7 on a gross basis and 4.4 on a net basis.
The credit facility senior secured net leverage ratio was 3.6.
Turning now to Slide 6, I'll now walk through our outlook for full-year 2021.
Adjusted revenues are expected to remain in the range of $2,145 million to $2,175 million, an increase of approximately 23.25% compared to full-year 2020 adjusted revenues of $1,739 million.
Revenues on an organic constant-currency basis, and excluding the net impact of lower deferred revenues, are expected to increase between 3% to 4.5%.
Adjusted EBITDA is expected to be in the range of $840 million to $855 million, an increase of 18% to 20%.
And adjusted earnings per share is expected to be at the high end of the range of $1.02 to $1.06.
Additional modeling details underlying our outlook are as follows.
We expect interest expense to be $200 million to $210 million; depreciation and amortization expense of approximately $90 million excluding incremental depreciation and amortization expense resulting from purchase accounting; adjusted effective tax rate of approximately 24%; weighted average shares outstanding of approximately 430 million; and finally, for capex, we are increasing our guidance from approximately $160 million to approximately $237 million to account for the $77 million purchase of our new global headquarters building in Jacksonville.
Overall, we continue to see the year shaping up, as previously discussed, with organic revenue growth continuing to accelerate throughout the year, with Q3 expected to be a bit below the midpoint of our range and Q4 to be at the high end of the range.
And finally, as previously discussed, we continue to expect adjusted EBITDA for the third quarter to be below the low end of the guidance growth range with a similar growth rate as Q2 due to timing of certain expenses related to data acquisition and sales and marketing initiatives.
We expect the fourth quarter to be above the high end of the guidance growth range.
Overall, we are pleased with our performance through the first half of 2021 and look forward to continuing the strong momentum we are building in both our North America and international segments.
Operator, will you please open up the line for Q&A?

user
q2 adjusted earnings per share $0.25.
q2 loss per share $0.12.
dun & bradstreet holdings - gaap revenue for q2 2021 was $520.9 million, an increase of 24.4% & 23.2% on a constant currency basis compared to q2 2020.
dun & bradstreet - adjusted revenue for q2 2021 was $520.9 million, an increase of 24.4% and 23.2% on a constant currency basis compared to q2 2020.
reiterating its previously provided full year 2021 outlook.

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