D&B Announces Final Second Quarter 2008 Results, Unchanged From Previously Announced...
* Reuters is not responsible for the content in this press release.
D&B Announces Final Second Quarter 2008 Results, Unchanged From Previously Announced Preliminary Results; Declares Dividend
-- Diluted EPS Before Non-Core Gains and Charges Up 20%
-- GAAP Diluted EPS Up 3%; Due Primarily to the Resolution of a
Legacy Tax Matter With the IRS in the Prior Year Second
Quarter
-- Core and Total Revenue Up 10% Before the Effect of Foreign
Exchange; Up 12% After the Effect of Foreign Exchange
-- Declares $0.30 Per Share Quarterly Cash Dividend
SHORT HILLS, N.J.--(Business Wire)--
D&B (NYSE: DNB), the leading provider of global business
information, tools and commercial insight, today reported final
results for the second quarter ended June 30, 2008. These results are
unchanged from the preliminary second quarter 2008 results the Company
announced on July 14, 2008, in conjunction with its Investor Day
event.
Second Quarter 2008 Results
Diluted earnings per share before non-core gains and charges for
the quarter ended June 30, 2008, were $1.15, up 20 percent from $0.96
in the prior year similar period. These results were primarily driven
by operating income growth and additionally benefitted from the timing
of tax benefits and share repurchases, partially offset by interest
costs. On a GAAP basis, diluted earnings per share for the quarter
ended June 30, 2008, were $1.51, up 3% from $1.46 in the prior year
similar period, due primarily to the resolution of a legacy tax matter
with the IRS in the 2007 second quarter, which resulted in a $0.52 per
diluted share, net non-core gain.
See attached Schedule 3 for a reconciliation of diluted earnings
per share before non-core gains and charges to earnings per share on a
GAAP basis, as well as the definitions of the non-GAAP financial
measures that the Company uses to evaluate the business.
Core and total revenue for the second quarter of 2008 was $427.7
million, up 10 percent from the prior year similar period before the
effect of foreign exchange (up 12 percent after the effect of foreign
exchange).
Core and total revenue results for the second quarter of 2008
reflect the following by solution set:
-- Risk Management Solutions revenue of $281.0 million, up 7
percent before the effect of foreign exchange (up 9 percent
after the effect of foreign exchange); Supply Management
Solutions contributed approximately 1 point of Risk Management
revenue growth during the second quarter of 2008, before the
effect of foreign exchange;
-- Sales & Marketing Solutions revenue of $115.6 million, up 17
percent before the effect of foreign exchange (up 18 percent
after the effect of foreign exchange); and
-- Internet Solutions revenue of $31.1 million, up 18 percent
both before and after the effect of foreign exchange.
See attached Schedules 4 and 5 for additional detail.
Operating income before non-core gains and charges for the second
quarter of 2008 was $107.2 million, up 13 percent from the prior year
similar period. On a GAAP basis, operating income for the quarter was
$106.0 million, up 18 percent from the prior year similar period.
During the second quarter of 2008, the Company also incurred
transition costs of $3.9 million compared with $3.1 million incurred
in the prior year similar period.
Net income before non-core gains and charges for the second
quarter of 2008 was $64.0 million, up 11 percent from the prior year
similar period. On a GAAP basis, net income for the quarter was $84.2
million, down 4 percent from the prior year similar period.
See attached Schedule 3 for additional detail.
Free cash flow for the first six months of 2008, excluding the
impact of legacy tax matters, was $211.6 million, up 5 percent from
the first six months of 2007. The Company defines free cash flow as
net cash provided by operating activities less capital expenditures
and additions to computer software and other intangibles. Net cash
provided by operating activities for the first six months of 2008,
excluding the impact of legacy tax matters, was $245.1 million, up 4
percent from the first six months of 2007. On a GAAP basis, net cash
provided by operating activities for the first six months of 2008 was
$262.3 million, compared to $234.9 million in the prior year similar
period.
See attached Schedule 4 for additional detail.
Share repurchases during the second quarter of 2008 under the
Company's discretionary repurchase program totaled $104.9 million,
while repurchases made to offset the dilutive effect of shares issued
under employee benefit plans totaled an additional $20.0 million.
The Company ended the quarter with $245.5 million of cash and cash
equivalents.
Second Quarter 2008 Segment Results
United States
Core and total revenue for the second quarter of 2008 was $319.3
million, up 10 percent from the prior year similar period. These
results were primarily driven by continued strength in our core U.S.
operation and additionally benefitted from some early renewals in
Sales & Marketing as well as strong sales execution.
U.S. core and total revenue results for the second quarter of 2008
reflect the following:
-- Risk Management Solutions revenue of $196.1 million, up 5
percent; Supply Management Solutions contributed approximately
1 point of Risk Management revenue growth during the second
quarter of 2008;
-- Sales & Marketing Solutions revenue of $93.8 million, up 17
percent; and
-- Internet Solutions revenue of $29.4 million, up 20 percent.
See attached Schedules 4 and 5 for additional detail.
Operating income for the second quarter of 2008 was $105.3
million, up 10 percent from the prior year similar period. The
increase was primarily due to improved revenue in the U.S. segment,
partially offset by higher selling expenses and higher costs
associated with acquisitions and investments to enhance the Company's
strategic capabilities.
International
Core and total revenue for the second quarter of 2008 was $108.4
million, up 12 percent before the effect of foreign exchange (up 22
percent after the effect of foreign exchange) from the prior year
similar period.
International core and total revenue results for the second
quarter of 2008 reflect the following:
-- Risk Management Solutions revenue of $84.9 million, up 12
percent before the effect of foreign exchange (up 22 percent
after the effect of foreign exchange); Supply Management
Solutions did not have a meaningful contribution to Risk
Management revenue growth during the second quarter of 2008;
-- Sales & Marketing Solutions revenue of $21.8 million, up 13
percent before the effect of foreign exchange (up 23 percent
after the effect of foreign exchange); and
-- Internet Solutions revenue of $1.7 million, down 6 percent
before the effect of foreign exchange (flat after the effect
of foreign exchange).
See attached Schedules 4 and 5 for additional detail.
Operating income for the second quarter of 2008 was $25.5 million,
up 18 percent from the prior year similar period. The increase was
primarily due to improved revenue, lower costs as a result of our
reengineering efforts and the net impact of foreign exchange.
Non-Core Gains and Charges
During the second quarter of 2008 and 2007, the Company recorded:
-- Net pre-tax, non-core charges of $8.6 million and $3.7
million, respectively; and
-- Net after-tax, non-core gains of $20.2 million and $29.9
million, respectively.
See attached Schedule 3 for additional explanations and details of
these charges.
D&B's restructuring charges may be viewed as recurring as they are
part of its Financial Flexibility initiatives. In addition to
reporting GAAP results, the Company reports results before
restructuring charges and other non-core gains and charges because
they are not a component of its ongoing income or expenses and may
have a disproportionate positive or negative impact on the results of
its ongoing underlying business operations. For additional
information, see the section titled "Use of Non-GAAP Financial
Measures" below.
Full Year 2008 Outlook Confirmed
D&B confirmed the following full year financial guidance for 2008:
-- Core revenue growth of 8 percent to 10 percent, before the
effect of foreign exchange;
-- Operating income growth of 11 percent to 13 percent, or $501
million to $510 million, before non-core gains and charges;
-- Diluted EPS growth of 14 percent to 16 percent, or $5.19 to
$5.29, before non-core gains and charges;
-- Free cash flow of $337 million to $352 million, excluding the
impact of legacy tax matters; and
-- Tax rate of approximately 37 percent to 37.5 percent, before
non-core gains and charges.
D&B does not provide guidance on a GAAP basis because D&B is
unable to predict, with reasonable certainty, the future movement of
foreign exchange rates or the future impact of non-core gains and
charges, such as restructuring charges and legacy tax matters, which
are a component of the most comparable financial measures calculated
in accordance with GAAP. Non-core gains and charges are uncertain and
will depend on several factors, including industry conditions, and
could be material to D&B's results computed in accordance with GAAP.
Use of Non-GAAP Financial Measures
D&B reports non-GAAP financial measures in this press release and
the schedules attached. See "Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations - How We
Manage Our Business" in the Company's Annual Report on Form 10-K for
the year ending December 31, 2007, filed February 25, 2008 with the
SEC, for a discussion of how the Company defines these measures, why
it uses them and why it believes they provide useful information to
investors. Additionally, these measures are defined in Schedule 3
attached to this press release.
Dividend Declared
D&B announced today that its Board of Directors has declared a
quarterly cash dividend of $0.30 per share. The quarterly cash
dividend is payable on September 15, 2008, to shareholders of record
at the close of business on August 29, 2008.
About D&B
D&B (NYSE:DNB) is the world's leading source of commercial
information and insight on businesses, enabling companies to Decide
with Confidence(R) for 167 years. D&B's global commercial database
contains more than 130 million business records. The database is
enhanced by D&B's proprietary DUNSRight(R) Quality Process, which
provides our customers with quality business information. This quality
information is the foundation of our global solutions that customers
rely on to make critical business decisions.
D&B provides solution sets that meet a diverse set of customer
needs globally. Customers use D&B Risk Management Solutions(TM) to
mitigate credit and supplier risk, increase cash flow and drive
increased profitability; D&B Sales & Marketing Solutions(TM) to
increase revenue from new and existing customers; and D&B Internet
Solutions to convert prospects into clients faster by enabling
business professionals to research companies, executives and
industries. For more information, please visit www.dnb.com.
Forward-Looking and Cautionary Statements
This press release, including, in particular, the section titled
"Full Year 2008 Outlook Confirmed," contains projections of future
results and other forward-looking statements that involve a number of
trends, risks and uncertainties, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995.
The following important factors could cause actual results to
differ materially from those projected in such forward-looking
statements.
-- D&B relies significantly on third parties to support critical
components of its business model in a continuous and
high-quality manner, including third-party data providers,
strategic third party members in its Worldwide Network, and
third parties with which it has outsourcing arrangements.
-- Demand for D&B's products is subject to intense competition,
changes in customer preferences and economic conditions which
impact customer behavior.
-- D&B's solutions and brand image are dependent upon the
integrity and security of its global database and the
continued availability thereof through the Internet and by
other means, as well as our ability to protect key assets,
such as our data centers.
-- D&B's ability to maintain the integrity of its brand and
reputation, which it believes are key assets and competitive
advantages.
-- D&B's ability to renew large contracts, the related revenue
recognition and the timing thereof may impact its results of
operations from period to period.
-- D&B's results are subject to the effects of foreign economies,
exchange rate fluctuations, legislative or regulatory
requirements, such as the adoption of new or changes in
accounting policies and practices, including pronouncements by
the Financial Accounting Standards Board or other
standard-setting bodies, and the implementation or
modification of fees or taxes that we must pay to acquire,
use, and/or redistribute data.
-- D&B's ability to introduce new solutions or services in a
seamless way and without disruption to existing solutions such
as DNBi.
-- D&B's ability to acquire and successfully integrate other
complementary businesses, products and technologies into its
existing business, without significant disruption to its
existing business or to its financial results.
-- The continued adherence by third party members of our D&B
Worldwide Network to our quality standards, our brand and
communication standards and to the terms and conditions of our
commercial services arrangements.
-- D&B's future success requires that it attract and retain
qualified personnel, including members of its sales force, in
regions throughout the world.
-- The profitability of D&B's International segment depends on
its ability to identify and execute on various initiatives,
such as the implementation of subscription plan pricing and
successfully managing its D&B Worldwide Network, and its
ability to identify and contend with various challenges
present in foreign markets, such as local competition and the
availability of public records at no cost.
-- D&B's ability to successfully implement its Blueprint for
Growth Strategy requires that it successfully reduce its
expense base through its Financial Flexibility initiatives,
and reallocate certain of the expense-base reductions into
initiatives that produce desired revenue growth.
-- D&B is involved in various tax matters and legal proceedings,
the outcomes of which are unknown and uncertain with respect
to the impact on D&B's cash flow and profitability. See the
Company's most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q and notes to the financial statements
included therewith, for a more detailed description of these
matters.
-- D&B's ability to repurchase shares is subject to market
conditions, including trading volume in its stock, and its
ability to repurchase shares in accordance with applicable
securities laws.
-- D&B's projection for free cash flow is dependent upon its
ability to generate revenue, its collection processes,
customer payment patterns, the timing and volume of stock
option exercises and the amount and timing of payments related
to the tax and other matters and legal proceedings in which it
is involved, as referenced above and as more fully described
in the Company's filings with the SEC, including its most
recent Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q and notes to the financial statements included
therewith.
For a more detailed discussion of the trends, risks and
uncertainties that may affect D&B's operating and financial results
and its ability to achieve the financial objectives discussed in this
press release, readers should review the Company's most recent filings
with the SEC, including the Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Copies of the Company's Annual Report on Form
10-K and Quarterly Reports on Form 10-Q are available on its Web site
at www.dnb.com and on the SEC's web site at www.sec.gov. D&B cautions
that the foregoing list of important factors is not complete and
except as otherwise required by federal securities laws does not
undertake any obligation to update any forward-looking statements.
-0-
*T
The Dun & Bradstreet Corporation Schedule 1
Consolidated Statement of Operations (unaudited) - GAAP Results
Quarter Ended Effects of
June 30, AFX Foreign
---------------
% Change Exchange
Amounts in millions, except
per share data 2008 2007 Fav/(Unfav) Fav/(Unfav)
------------------------------ ------- ------- ----------- -----------
Revenue:
U.S. $319.3 $291.6 10% 0%
International 108.4 89.2 22% 10%
------------------------------ ------- -------
Core and Total Revenue $427.7 $380.8 12% 2%
------------------------------ ------- -------
Operating Income (Loss):
U.S. $105.3 $ 96.0 10%
International (1) 25.5 21.6 18%
------- -------
Total Divisions 130.8 117.6 11%
Corporate and Other (2) (24.8) (27.6) 10%
------------------------------ ------- -------
Operating Income 106.0 90.0 18%
------------------------------ ------- -------
Interest Income 3.7 1.6 N/M
Interest Expense (13.2) (6.5) N/M
Other Income (Expense) - Net
(3) (8.4) 1.7 N/M
------------------------------ ------- -------
Non-Operating Income (Expense)
- Net (17.9) (3.2) N/M
------------------------------ ------- -------
Income before Provision for
Income Taxes 88.1 86.8 2%
Provision for Income Taxes 3.7 1.2 N/M
Minority Interest Income
(Expense) (0.6) 0.4 N/M
Equity in Net Income (Loss) of
Affiliates 0.4 0.3 35%
------------------------------ ------- -------
Income From Continuing
Operations 84.2 86.3 (2)%
Discontinued Operations:
Income from Discontinued
Operations, Net of Income
Taxes - 1.3 N/M
Gain on Disposal of Italian
Real Estate business, No
Income Tax Impact - - N/M
------------------------------ ------- -------
Income from Discontinued
Operations, Net of Income
Taxes - 1.3 N/M
------------------------------ ------- -------
Net Income (4) $ 84.2 $ 87.6 (4)%
------------------------------ ------- -------
Basic Earnings Per Share of
Common Stock:
Continuing Operations $ 1.55 $ 1.47 5%
Discontinued Operations - 0.02 N/M
------------------------------ ------- -------
Basic Earnings Per Share of
Common Stock $ 1.55 $ 1.49 4%
------------------------------ ------- -------
Diluted Earnings Per Share of
Common Stock:
Continuing Operations $ 1.51 $ 1.44 5%
Discontinued Operations - 0.02 N/M
------------------------------ ------- -------
Diluted Earnings Per Share of
Common Stock (5) $ 1.51 $ 1.46 3%
------------------------------ ------- -------
------------------------------ ------- -------
Weighted Average Number of
Shares Outstanding:
Basic 54.4 58.6 7%
------------------------------ ------- -------
Diluted 55.6 60.2 8%
------------------------------ ------- -------
Year-To-Date
BFX June 30, AFX
---------------
% Change % Change
Amounts in millions, except
per share data Fav/(Unfav) 2008 2007 Fav/(Unfav)
------------------------------ ----------- ------- ------- -----------
Revenue:
U.S. 10% $640.5 $594.1 8%
International 12% 201.9 165.7 22%
------------------------------ ------- -------
Core and Total Revenue 10% $842.4 $759.8 11%
------------------------------ ------- -------
Operating Income (Loss):
U.S. $223.7 $205.1 9%
International (1) 38.7 31.4 23%
------- -------
Total Divisions 262.4 236.5 11%
Corporate and Other (2) (56.1) (62.1) 10%
------------------------------ ------- -------
Operating Income 206.3 174.4 18%
------------------------------ ------- -------
Interest Income 6.1 3.0 N/M
Interest Expense (22.6) (12.9) (75)%
Other Income (Expense) - Net
(3) (8.1) 7.6 N/M
------------------------------ ------- -------
Non-Operating Income (Expense)
- Net (24.6) (2.3) N/M
------------------------------ ------- -------
Income before Provision for
Income Taxes 181.7 172.1 6%
Provision for Income Taxes 37.5 34.3 (9)%
Minority Interest Income
(Expense) (0.5) 0.5 N/M
Equity in Net Income (Loss) of
Affiliates 0.6 0.4 39%
------------------------------ ------- -------
Income From Continuing
Operations 144.3 138.7 4%
Discontinued Operations:
Income from Discontinued
Operations, Net of Income
Taxes 0.7 1.6 (55)%
Gain on Disposal of Italian
Real Estate business, No
Income Tax Impact 0.4 - N/M
------------------------------ ------- -------
Income from Discontinued
Operations, Net of Income
Taxes 1.1 1.6 (29)%
------------------------------ ------- -------
Net Income (4) $145.4 $140.3 4%
------------------------------ ------- -------
Basic Earnings Per Share of
Common Stock:
Continuing Operations $ 2.61 $ 2.35 11%
Discontinued Operations 0.02 0.03 (33)%
------------------------------ ------- -------
Basic Earnings Per Share of
Common Stock $ 2.63 $ 2.38 11%
------------------------------ ------- -------
Diluted Earnings Per Share of
Common Stock:
Continuing Operations $ 2.56 $ 2.29 12%
Discontinued Operations 0.02 0.03 (33)%
------------------------------ ------- -------
Diluted Earnings Per Share of
Common Stock (5) $ 2.58 $ 2.32 11%
------------------------------ ------- -------
------------------------------ ------- -------
Weighted Average Number of
Shares Outstanding:
Basic 55.2 59.0 6%
------------------------------ ------- -------
Diluted 56.4 60.5 7%
------------------------------ ------- -------
Effects of
Foreign BFX
Exchange % Change
Amounts in millions, except per share data Fav/(Unfav) Fav/(Unfav)
--------------------------------------------- ----------- -----------
Revenue:
U.S. 0% 8%
International 10% 12%
---------------------------------------------
Core and Total Revenue 2% 9%
---------------------------------------------
Operating Income (Loss):
U.S.
International (1)
Total Divisions
Corporate and Other (2)
---------------------------------------------
Operating Income
---------------------------------------------
Interest Income
Interest Expense
Other Income (Expense) - Net (3)
---------------------------------------------
Non-Operating Income (Expense) - Net
---------------------------------------------
Income before Provision for Income Taxes
Provision for Income Taxes
Minority Interest Income (Expense)
Equity in Net Income (Loss) of Affiliates
---------------------------------------------
Income From Continuing Operations
Discontinued Operations:
Income from Discontinued Operations, Net of
Income Taxes
Gain on Disposal of Italian Real Estate
business, No Income Tax Impact
---------------------------------------------
Income from Discontinued Operations, Net of
Income Taxes
---------------------------------------------
Net Income (4)
---------------------------------------------
Basic Earnings Per Share of Common Stock:
Continuing Operations
Discontinued Operations
---------------------------------------------
Basic Earnings Per Share of Common Stock
---------------------------------------------
Diluted Earnings Per Share of Common Stock:
Continuing Operations
Discontinued Operations
---------------------------------------------
Diluted Earnings Per Share of Common Stock
(5)
---------------------------------------------
---------------------------------------------
Weighted Average Number of Shares
Outstanding:
Basic
---------------------------------------------
Diluted
---------------------------------------------
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
N/M - Not Meaningful
See Schedule 3 (Notes to Schedules), which is an integral part of the
consolidated statement of operations.
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
*T
-0-
*T
The Dun & Bradstreet Corporation Schedule 2
Consolidated Statement of Operations (unaudited) - (On a Continuing
Operations Basis) - Before Non-Core Gains and Charges
----------------------------------------------------------------------
Quarter Ended Effects of
June 30, AFX Foreign
---------------
% Change Exchange
Amounts in millions, except
per share data 2008 2007 Fav/(Unfav) Fav/(Unfav)
------------------------------ ------- ------- ----------- -----------
Revenue:
U.S. $319.3 $291.6 10% 0%
International 108.4 89.2 22% 10%
------------------------------ ------- -------
Core and Total Revenue $427.7 $380.8 12% 2%
------------------------------ ------- -------
Operating Income (Loss):
U.S. $105.3 $ 96.0 10%
International (1) 25.5 21.6 18%
------- -------
Total Divisions 130.8 117.6 11%
Corporate and Other (2) (23.6) (22.7) (4)%
------------------------------ ------- -------
Operating Income 107.2 94.9 13%
------------------------------ ------- -------
Interest Income 3.7 1.6 N/M
Interest Expense (13.2) (6.5) N/M
Other Income (Expense) - Net
(3) (1.0) 0.5 N/M
------------------------------ ------- -------
Non-Operating Income (Expense)
- Net (10.5) (4.4) N/M
------------------------------ ------- -------
Income before Provision for
Income Taxes 96.7 90.5 7%
Provision for Income Taxes 32.5 33.5 3%
Minority Interest Income
(Expense) (0.6) 0.4 N/M
Equity in Net Income (Loss) of
Affiliates 0.4 0.3 35%
------------------------------ ------- -------
Net Income (4) $ 64.0 $ 57.7 11%
------------------------------ ------- -------
Basic Earnings Per Share of
Common Stock $ 1.18 $ 0.99 19%
------------------------------ ------- -------
Diluted Earnings Per Share of
Common Stock (5) $ 1.15 $ 0.96 20%
------------------------------ ------- -------
------------------------------ ------- -------
Weighted Average Number of
Shares Outstanding:
Basic 54.4 58.6 7%
------------------------------ ------- -------
Diluted 55.6 60.2 8%
------------------------------ ------- -------
Year-To-Date
BFX June 30, AFX
---------------
% Change % Change
Amounts in millions, except
per share data Fav/(Unfav) 2008 2007 Fav/(Unfav)
------------------------------ ----------- ------- ------- -----------
Revenue:
U.S. 10% $640.5 $594.1 8%
International 12% 201.9 165.7 22%
------------------------------ ------- -------
Core and Total Revenue 10% $842.4 $759.8 11%
------------------------------ ------- -------
Operating Income (Loss):
U.S. $223.7 $205.1 9%
International (1) 38.7 32.2 20%
------- -------
Total Divisions 262.4 237.3 11%
Corporate and Other (2) (44.5) (42.4) (5)%
------------------------------ ------- -------
Operating Income 217.9 194.9 12%
------------------------------ ------- -------
Interest Income 6.1 3.0 N/M
Interest Expense (22.6) (12.9) (75)%
Other Income (Expense) - Net
(3) (1.1) 0.1 N/M
------------------------------ ------- -------
Non-Operating Income (Expense)
- Net (17.6) (9.8) (79)%
------------------------------ ------- -------
Income before Provision for
Income Taxes 200.3 185.1 8%
Provision for Income Taxes 71.1 69.0 (3)%
Minority Interest Income
(Expense) (0.5) 0.5 N/M
Equity in Net Income (Loss) of
Affiliates 0.6 0.4 39%
------------------------------ ------- -------
Net Income (4) $129.3 $117.0 11%
------------------------------ ------- -------
Basic Earnings Per Share of
Common Stock $ 2.34 $ 1.98 18%
------------------------------ ------- -------
Diluted Earnings Per Share of
Common Stock (5) $ 2.29 $ 1.93 19%
------------------------------ ------- -------
------------------------------ ------- -------
Weighted Average Number of
Shares Outstanding:
Basic 55.2 59.0 6%
------------------------------ ------- -------
Diluted 56.4 60.5 7%
------------------------------ ------- -------
Effects of
Foreign BFX
Exchange % Change
Amounts in millions, except per share data Fav/(Unfav) Fav/(Unfav)
---------------------------------------------- ----------- -----------
Revenue:
U.S. 0% 8%
International 10% 12%
----------------------------------------------
Core and Total Revenue 2% 9%
----------------------------------------------
Operating Income (Loss):
U.S.
International (1)
Total Divisions
Corporate and Other (2)
----------------------------------------------
Operating Income
----------------------------------------------
Interest Income
Interest Expense
Other Income (Expense) - Net (3)
----------------------------------------------
Non-Operating Income (Expense) - Net
----------------------------------------------
Income before Provision for Income Taxes
Provision for Income Taxes
Minority Interest Income (Expense)
Equity in Net Income (Loss) of Affiliates
----------------------------------------------
Net Income (4)
----------------------------------------------
Basic Earnings Per Share of Common Stock
----------------------------------------------
Diluted Earnings Per Share of Common Stock (5)
----------------------------------------------
----------------------------------------------
Weighted Average Number of Shares Outstanding:
Basic
----------------------------------------------
Diluted
----------------------------------------------
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
N/M - Not Meaningful
See Schedule 3 (Notes to Schedules) for a definition of Non-GAAP
measures and a reconciliation of non-core gains and charges.
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
*T
-0-
*T
The Dun & Bradstreet Corporation Schedule 3
Notes to Schedules 1 and 2 (unaudited) and Definitions of Non-GAAP
Measures
(1) The following table reconciles International Operating Income
included in Schedule 1 and Schedule 2:
Quarter Ended
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- ------------
International Operating Income - GAAP
Results (Schedule 1) $ 25.5 $ 21.6 18%
Settlement of International Payroll Tax
Matter Related to a Divested Entity - - N/M
------- -------
International Operating Income - Before
Non-Core Gains and Charges (Schedule 2) $ 25.5 $ 21.6 18%
------- -------
(2) The following table reconciles Corporate and Other expenses
included in Schedule 1 and Schedule 2:
Quarter Ended
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- ------------
Corporate and Other - GAAP Results
(Schedule 1) $(24.8) $(27.6) 10%
Restructuring Charges (1.2) (4.9) 76%
------- -------
Corporate and Other - Before Non-Core
Gains and Charges (Schedule 2) $(23.6) $(22.7) (4)%
------- -------
(3) The following table reconciles Other Income (Expense)-Net included
in Schedule 1 and Schedule 2:
Quarter Ended
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- ------------
Other Income (Expense)-Net - GAAP
Results (Schedule 1) $ (8.4) $ 1.7 N/M
Effect of Legacy Tax Matters 0.3 0.4 (25)%
Legacy Tax Matter related to the
settlement of 2003 tax year (7.7) - N/M
Gain Associated with Huaxia/D&B China
Joint Venture - - N/M
Net Gain (Loss) on the Sale of Other
Investments - 0.8 N/M
----- -----
Other Income (Expense)-Net - Before Non-
Core Gains and Charges (Schedule 2) $ (1.0) $ 0.5 N/M
---------------------------------------- ------- -------
(4) The following table reconciles Net Income included in Schedule 1
and Schedule 2:
Quarter Ended
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- ------------
Net Income - GAAP Results (Schedule 1) $ 84.2 $ 87.6 (4)%
Restructuring Charges (1.2) (3.1) 61%
Gain Associated with Huaxia/D&B China
Joint Venture - - N/M
Settlement of International Payroll Tax
Matter Related to a Divested Entity - - N/M
Net Gain (Loss) on the Sale of Other
Investments - 0.5 N/M
Tax Reserve true-up for the Settlement
of 1997-2002 tax years, primarily
related to the "Amortization and
Royalty Expense Deductions / Royalty
Income 1997-2007" transactions - 31.2 N/M
Tax Reserve true-up for the Settlement
of 2003 tax year, related to the
"Amortization and Royalty Expense
Deductions" transaction 7.7 - N/M
Favorable resolution of Global Tax
Audits related to the Liquidation of
Dormant International Corporations 13.7 - N/M
Interest on IRS Deposit - - N/M
Income from Discontinued Operations,
Net of Income Taxes - 1.3 N/M
Gain on Disposal of Italian Real Estate
business - - N/M
----- -----
Net Income - (On a Continuing Operations
Basis) - Before Non-Core Gains and
Charges (Schedule 2) $ 64.0 $ 57.7 11%
------- -------
(5) The following table reconciles Diluted Earnings Per Share included
in Schedule 1 and Schedule 2:
Quarter Ended
June 30,
---------------
% Change
2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- ------------
Diluted EPS - GAAP Results (Schedule 1) $ 1.51 $ 1.46 3%
Restructuring Charges (0.03) (0.05) 40%
Gain Associated with Huaxia/D&B China
Joint Venture - - N/M
Settlement of International Payroll Tax
Matter Related to a Divested Entity - - N/M
Net Gain (Loss) on the Sale of Other
Investments - 0.01 N/M
Tax Reserve true-up for the Settlement
of 1997-2002 tax years, primarily
related to the "Amortization and
Royalty Expense Deductions / Royalty
Income 1997-2007" transactions - 0.52 N/M
Tax Reserve true-up for the Settlement
of 2003 tax year, related to the
"Amortization and Royalty Expense
Deductions" transaction 0.14 - N/M
Favorable resolution of Global Tax
Audits related to the Liquidation of
Dormant International Corporations 0.25 - N/M
Interest on IRS Deposit - - N/M
Income from Discontinued Operations,
Net of Income Taxes - 0.02 N/M
------- -------
Diluted EPS - (On a Continuing
Operations Basis) - Before Non-Core
Gains and Charges (Schedule 2) $ 1.15 $ 0.96 20%
------- -------
Year-to-Date
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- -----------
International Operating Income - GAAP
Results (Schedule 1) $ 38.7 $ 31.4 23%
Settlement of International Payroll Tax
Matter Related to a Divested Entity - (0.8) N/M
------- -------
International Operating Income - Before
Non-Core Gains and Charges (Schedule 2) $ 38.7 $ 32.2 20%
------- -------
(2) The following table reconciles Corporate and Other expenses
included in Schedule 1 and Schedule 2:
Year-to-Date
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- -----------
Corporate and Other - GAAP Results
(Schedule 1) $(56.1) $(62.1) 10%
Restructuring Charges (11.6) (19.7) 41%
------- -------
Corporate and Other - Before Non-Core
Gains and Charges (Schedule 2) $(44.5) $(42.4) (5)%
------- -------
(3) The following table reconciles Other Income (Expense)-Net included
in Schedule 1 and Schedule 2:
Year-to-Date
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- -----------
Other Income (Expense)-Net - GAAP
Results (Schedule 1) $ (8.1) $ 7.6 N/M
Effect of Legacy Tax Matters 0.7 0.9 (22)%
Legacy Tax Matter related to the
settlement of 2003 tax year (7.7) - N/M
Gain Associated with Huaxia/D&B China
Joint Venture - 5.8 N/M
Net Gain (Loss) on the Sale of Other
Investments - 0.8 N/M
----- -----
Other Income (Expense)-Net - Before Non-
Core Gains and Charges (Schedule 2) $ (1.1) $ 0.1 N/M
---------------------------------------- ------- -------
(4) The following table reconciles Net Income included in Schedule 1
and Schedule 2:
Year-to-Date
June 30,
---------------
% Change
Amounts in millions 2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- -----------
Net Income - GAAP Results (Schedule 1) $145.4 $140.3 4%
Restructuring Charges (7.7) (12.3) 37%
Gain Associated with Huaxia/D&B China
Joint Venture - 2.9 N/M
Settlement of International Payroll Tax
Matter Related to a Divested Entity - (0.6) N/M
Net Gain (Loss) on the Sale of Other
Investments - 0.5 N/M
Tax Reserve true-up for the Settlement
of 1997-2002 tax years, primarily
related to the "Amortization and
Royalty Expense Deductions / Royalty
Income 1997-2007" transactions - 31.2 N/M
Tax Reserve true-up for the Settlement
of 2003 tax year, related to the
"Amortization and Royalty Expense
Deductions" transaction 7.7 - N/M
Favorable resolution of Global Tax
Audits related to the Liquidation of
Dormant International Corporations 13.7 - N/M
Interest on IRS Deposit 1.3 - N/M
Income from Discontinued Operations,
Net of Income Taxes 0.7 1.6 (56)%
Gain on Disposal of Italian Real Estate
business 0.4 - N/M
----- -----
Net Income - (On a Continuing Operations
Basis) - Before Non-Core Gains and
Charges (Schedule 2) $129.3 $117.0 11%
------- -------
(5) The following table reconciles Diluted Earnings Per Share included
in Schedule 1 and Schedule 2:
Year-to-Date
June 30,
---------------
% Change
2008 2007 Fav/(Unfav)
---------------------------------------- ------- ------- -----------
Diluted EPS - GAAP Results (Schedule 1) $ 2.58 $ 2.32 11%
Restructuring Charges (0.14) (0.21) 33%
Gain Associated with Huaxia/D&B China
Joint Venture - 0.05 N/M
Settlement of International Payroll Tax
Matter Related to a Divested Entity - (0.01) N/M
Net Gain (Loss) on the Sale of Other
Investments - 0.01 N/M
Tax Reserve true-up for the Settlement
of 1997-2002 tax years, primarily
related to the "Amortization and
Royalty Expense Deductions / Royalty
Income 1997-2007" transactions - 0.52 N/M
Tax Reserve true-up for the Settlement
of 2003 tax year, related to the
"Amortization and Royalty Expense
Deductions" transaction 0.14 - N/M
Favorable resolution of Global Tax
Audits related to the Liquidation of
Dormant International Corporations 0.25 - N/M
Interest on IRS Deposit 0.02 - N/M
Income from Discontinued Operations,
Net of Income Taxes 0.02 0.03 (33)%
------- -------
Diluted EPS - (On a Continuing
Operations Basis) - Before Non-Core
Gains and Charges (Schedule 2) $ 2.29 $ 1.93 19%
------- -------
N/M - Not Meaningful
*T
The following defines the non-GAAP measures used to evaluate
performance:
* For 2008, our non-GAAP measures reflect results on a "Continuing
Operations" basis.
* Total revenue excluding the revenue of divested businesses is
referred to as "core revenue." Core revenue includes the revenue from
acquired businesses from the date of acquisition.
* Core revenue growth, excluding the effects of foreign exchange,
is referred to as "core revenue growth before the effects of foreign
exchange." We also separately, from time to time, analyze core revenue
growth before the effects of foreign exchange among two components,
"organic core revenue growth" and "core revenue growth from
acquisitions."
* Results (such as operating income, operating income growth,
operating margin, net income, tax rate and diluted earnings per share)
exclude Restructuring Charges (whether recurring or non-recurring) and
certain other items that we consider do not reflect our underlying
business performance. We refer to these Restructuring Charges and
other items as "non-core gains and (charges)."
* Net cash provided by operating activities minus capital
expenditures and additions to computer software and other intangibles
is referred to as "free cash flow."
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
-0-
*T
The Dun & Bradstreet Corporation Schedule 4
Supplemental GAAP Financial Data (unaudited)
Quarter Ended Effects of
June 30, AFX Foreign BFX
-------------
% Change Exchange % Change
Amounts in millions 2008 2007 Fav/(Unfav) Fav/(Unfav) Fav/(Unfav)
-------------------- ------ ------ ----------- ----------- -----------
Geographic and
Customer Solution
Set Revenue:
U.S.:
Risk Management
Solutions (1) 196.1 187.0 5% 0% 5%
Sales &
Marketing
Solutions 93.8 80.0 17% 0% 17%
Internet
Solutions 29.4 24.6 20% 0% 20%
------ ------
Core and Total
U.S. 319.3 291.6 10% 0% 10%
------ ------
International:
Risk Management
Solutions (1) 84.9 69.8 22% 10% 12%
Sales &
Marketing
Solutions 21.8 17.7 23% 10% 13%
Internet
Solutions 1.7 1.7 0% 6% (6)%
------ ------
Core and Total
International 108.4 89.2 22% 10% 12%
------ ------
Total Corporation:
Risk Management
Solutions (1) 281.0 256.8 9% 2% 7%
Sales &
Marketing
Solutions 115.6 97.7 18% 1% 17%
Internet
Solutions 31.1 26.3 18% 0% 18%
------ ------
Core and Total
Revenue $427.7 $380.8 12% 2% 10%
------ ------
Operating Costs:
Operating
Expenses $122.1 $108.4 (13)%
Selling and
Administrative
Expenses 184.5 167.6 (10)%
Depreciation
and
Amortization 13.9 9.9 (42)%
Restructuring
Expense 1.2 4.9 75%
------ ------
Total Operating
Costs $321.7 $290.8 (11)%
------ ------
Capital Expenditures $ 3.2 $ 2.6 (23)%
------ ------
Additions to
Computer Software &
Other Intangibles $ 12.9 $ 15.2 15%
------ ------
Notes:
Year-to-Date Effects of
June 30, AFX Foreign BFX
-------------
% Change Exchange % Change
Amounts in millions 2008 2007 Fav/(Unfav) Fav/(Unfav) Fav/(Unfav)
-------------------- ------ ------ ----------- ----------- -----------
Geographic and
Customer Solution
Set Revenue:
U.S.:
Risk Management
Solutions (1) 396.5 377.0 5% 0% 5%
Sales &
Marketing
Solutions 185.8 169.6 10% 0% 10%
Internet
Solutions 58.2 47.5 23% 0% 23%
------ ------
Core and Total
U.S. 640.5 594.1 8% 0% 8%
------ ------
International:
Risk Management
Solutions (1) 158.8 130.3 22% 10% 12%
Sales &
Marketing
Solutions 39.5 31.9 24% 10% 14%
Internet
Solutions 3.6 3.5 4% 6% (2)%
------ ------
Core and Total
International 201.9 165.7 22% 10% 12%
------ ------
Total Corporation:
Risk Management
Solutions (1) 555.3 507.3 9% 2% 7%
Sales &
Marketing
Solutions 225.3 201.5 12% 2% 10%
Internet
Solutions 61.8 51.0 21% 0% 21%
------ ------
Core and Total
Revenue $842.4 $759.8 11% 2% 9%
------ ------
Operating Costs:
Operating
Expenses $245.9 $215.8 (14)%
Selling and
Administrative
Expenses 351.3 330.9 (6)%
Depreciation
and
Amortization 27.3 19.0 (44)%
Restructuring
Expense 11.6 19.7 41%
------ ------
Total Operating
Costs $636.1 $585.4 (9)%
------ ------
Capital Expenditures $ 5.5 $ 9.1 40%
------ ------
Additions to
Computer Software &
Other Intangibles $ 28.0 $ 23.5 (19)%
------ ------
Notes:
(1) On January 1, 2008, we began managing our Supply Management
Solutions set as part of our Risk Management Solutions and have
reclassified our historical financial results to reflect this change.
Quarter Ended June 30, 2008
-----------------------------------
Effects of
AFX Foreign BFX
% Change Exchange % Change
Fav/(Unfav) Fav/(Unfav) Fav/(Unfav)
----------- ----------- -----------
Risk Management Solutions
without Supply Management
Solutions:
------------------------------
U.S. 4% 0% 4%
International 22% 10% 12%
Total Corporation 9% 3% 6%
Year-To-Date June 30, 2008
-----------------------------------
Effects of
AFX Foreign BFX
% Change Exchange % Change
Fav/(Unfav) Fav/(Unfav) Fav/(Unfav)
----------- ----------- -----------
Risk Management Solutions
without Supply
Management Solutions:
-------------------------
U.S. 4% 0% 4%
International 22% 10% 12%
Total Corporation 9% 3% 6%
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
N/M - Not Meaningful
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
*T
-0-
*T
Quarter Ended
------------------
Amounts in millions June 30, 2008 Mar 31, 2008 Dec 31, 2007
----------------------------- ------------- ------------ -------------
Net Debt Position:
Cash and Cash Equivalents $ 245.5 $ 215.7 $ 175.8
Short-Term Debt - - -
Long-Term Debt (825.6) (790.0) (724.8)
------------- ------------ -------------
Net Debt $ (580.1) $ (574.3) $ (549.0)
------------- ------------ -------------
Quarter Ended
----------------------------------------
Amounts in millions Sep 30, 2007 Jun 30, 2007 Mar 31, 2007
------------------------------ ------------ ------------ ------------
Net Debt Position:
Cash and Cash Equivalents $ 156.1 $ 145.4 $ 130.7
Short-Term Debt - (0.1) (0.1)
Long-Term Debt (546.2) (475.8) (484.1)
------------ ------------ ------------
Net Debt $ (390.1) $ (330.5) $ (353.5)
------------ ------------ ------------
Year-To-Date
--------------------------------------
% Change
Amounts in millions June 30, 2008 Jun 30, 2007 Fav/(Unfav)
------------------------- ------------- ------------ -----------
Free Cash Flow:
Net Cash Provided By
Operating Activities
from Continuing
Operations (GAAP
Results) $ 262.3 $ 234.9 12%
Less:
Capital Expenditures
(GAAP Results) 5.5 9.1 40%
Additions to Computer
Software & Other
Intangibles (GAAP
Results) 28.0 23.5 (19)%
------------- ------------
Free Cash Flow 228.8 202.3 13%
Legacy Tax Matters
(Refund) Payment (17.2) - N/M
------------- ------------
Free Cash Flow Excluding
Legacy Tax Matters $ 211.6 $ 202.3 5%
------------- ------------
Year-To-Date
--------------------------------------
% Change
Amounts in millions June 30, 2008 Jun 30, 2007 Fav/(Unfav)
------------------------- ------------- ------------ -----------
Net Cash Provided By
Operating Activities
excluding Legacy Tax
Matters:
Net Cash Provided By
Operating Activities
from Continuing
Operations (GAAP
Results) $ 262.3 $ 234.9 12%
Legacy Tax Matters
(Refund) Payment (17.2) - N/M
------------- ------------
Net Cash Provided By
Operating Activities
Excluding Legacy Tax
Matters $ 245.1 $ 234.9 4%
------------- ------------
N/M - Not Meaningful
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
*T
-0-
*T
The Dun & Bradstreet Corporation Schedule 5
GAAP Revenue Reconciliation and Detail (unaudited)
Quarter Ended June 30, 2008 vs. 2007
------------------------------------
AFX Effects BFX
of
% Change Foreign % Change
Fav/(Unfav) Exchange Fav/(Unfav)
--------------------------------- -------------- -------- ------------
Revenue:
---------------------------------
U.S.:
Risk Management Solutions:
Traditional 4% 0% 4%
VAPs 3% 0% 3%
Supply Management Solutions 26% 0% 26%
Total Risk Management
Solutions( 1) 5% 0% 5%
Sales & Marketing Solutions:
Traditional 6% 0% 6%
VAPs 25% 0% 25%
Total Sales & Marketing
Solutions 17% 0% 17%
Internet Solutions 20% 0% 20%
Core and Total U.S. Revenue 10% 0% 10%
International:
Risk Management Solutions:
Traditional 23% 11% 12%
VAPs 17% 6% 11%
Supply Management Solutions 41% 15% 26%
Total Risk Management Solutions
(1) 22% 10% 12%
Sales & Marketing Solutions:
Traditional (23)% 3% (26)%
VAPs 80% 19% 61%
Total Sales & Marketing
Solutions 23% 10% 13%
Internet Solutions (2)% 4% (6)%
Core and Total International
Revenue 22% 10% 12%
Total Corporation:
Risk Management Solutions:
Traditional 9% 3% 6%
VAPs 7% 2% 5%
Supply Management Solutions 27% 1% 26%
Total Risk Management Solutions
(1) 9% 2% 7%
Sales & Marketing Solutions:
Traditional (1)% 0% (1)%
VAPs 33% 3% 30%
Total Sales & Marketing
Solutions 18% 1% 17%
Internet Solutions 18% 0% 18%
Core and Total Revenue 12% 2% 10%
Quarter Ended June 30, 2008 vs. 2007
-------------------------------------------------
Traditional/VAPs as a
% of Total Customer Solution Sets/Total
-----------------------------------------------
2008 2007
% Product Line/Total % Product Line/Total
--------------------- ----------------------- -----------------------
Revenue:
---------------------
U.S.:
Risk Management
Solutions:
Traditional 73% 45% 74% 47%
VAPs 21% 13% 21% 14%
Supply Management
Solutions 6% 4% 5% 3%
Total Risk
Management
Solutions( 1) 62% 64%
Sales & Marketing
Solutions:
Traditional 38% 11% 41% 11%
VAPs 62% 18% 59% 16%
Total Sales &
Marketing
Solutions 29% 27%
Internet Solutions 9% 9%
Core and Total U.S.
Revenue
International:
Risk Management
Solutions:
Traditional 81% 64% 81% 63%
VAPs 17% 14% 18% 14%
Supply Management
Solutions 2% 1% 1% 1%
Total Risk
Management
Solutions (1) 79% 78%
Sales & Marketing
Solutions:
Traditional 34% 7% 55% 11%
VAPs 66% 13% 45% 9%
Total Sales &
Marketing
Solutions 20% 20%
Internet Solutions 1% 2%
Core and Total
International
Revenue
Total Corporation:
Risk Management
Solutions:
Traditional 76% 50% 76% 51%
VAPs 20% 13% 20% 14%
Supply Management
Solutions 4% 3% 4% 2%
Total Risk
Management
Solutions (1) 66% 67%
Sales & Marketing
Solutions:
Traditional 37% 10% 44% 11%
VAPs 63% 17% 56% 15%
Total Sales &
Marketing
Solutions 27% 26%
Internet Solutions 7% 7%
Core and Total
Revenue
Year-to-Date June 30, 2008 vs. 2007
-----------------------------------
AFX Effects of BFX
% Change Foreign % Change
Fav/(Unfav) Exchange Fav/(Unfav)
---------------------------------- ----------- ---------- ------------
Revenue:
----------------------------------
U.S.:
Risk Management Solutions:
Traditional 3% 0% 3%
VAPs 6% 0% 6%
Supply Management Solutions 31% 0% 31%
Total Risk Management Solutions(
1) 5% 0% 5%
Sales & Marketing Solutions:
Traditional 2% 0% 2%
VAPs 15% 0% 15%
Total Sales & Marketing
Solutions 10% 0% 10%
Internet Solutions 23% 0% 23%
Core and Total U.S. Revenue 8% 0% 8%
International:
Risk Management Solutions:
Traditional 21% 10% 11%
VAPs 26% 8% 18%
Supply Management Solutions 36% 14% 22%
Total Risk Management Solutions
(1) 22% 10% 12%
Sales & Marketing Solutions:
Traditional 5% 6% (1)%
VAPs 45% 14% 31%
Total Sales & Marketing
Solutions 24% 10% 14%
Internet Solutions 4% 6% (2)%
Core and Total International
Revenue 22% 10% 12%
Total Corporation:
Risk Management Solutions:
Traditional 8% 3% 5%
VAPs 10% 2% 8%
Supply Management Solutions 32% 1% 31%
Total Risk Management Solutions
(1) 9% 2% 7%
Sales & Marketing Solutions:
Traditional 3% 1% 2%
VAPs 19% 2% 17%
Total Sales & Marketing
Solutions 12% 2% 10%
Internet Solutions 21% 0% 21%
Core and Total Revenue 11% 2% 9%
Year-to-Date June 30, 2008 vs. 2007
-------------------------------------------------
Traditional/VAPs as a
% of Total Customer Solution Sets/Total
-----------------------------------------------
2008 2007
% Product Line/Total % Product Line/Total
--------------------- ----------------------- -----------------------
Revenue:
---------------------
U.S.:
Risk Management
Solutions:
Traditional 73% 45% 74% 47%
VAPs 21% 13% 21% 13%
Supply Management
Solutions 6% 4% 5% 3%
Total Risk
Management
Solutions( 1) 62% 63%
Sales & Marketing
Solutions:
Traditional 39% 11% 42% 12%
VAPs 61% 18% 58% 16%
Total Sales &
Marketing
Solutions 29% 28%
Internet Solutions 9% 9%
Core and Total U.S.
Revenue
International:
Risk Management
Solutions:
Traditional 81% 64% 82% 65%
VAPs 17% 13% 17% 13%
Supply Management
Solutions 2% 1% 1% 1%
Total Risk
Management
Solutions (1) 78% 79%
Sales & Marketing
Solutions:
Traditional 45% 9% 52% 10%
VAPs 55% 11% 48% 9%
Total Sales &
Marketing
Solutions 20% 19%
Internet Solutions 2% 2%
Core and Total
International
Revenue
Total Corporation:
Risk Management
Solutions:
Traditional 75% 50% 76% 51%
VAPs 20% 13% 20% 13%
Supply Management
Solutions 5% 3% 4% 3%
Total Risk
Management
Solutions (1) 66% 67%
Sales & Marketing
Solutions:
Traditional 40% 11% 43% 11%
VAPs 60% 16% 57% 15%
Total Sales &
Marketing
Solutions 27% 26%
Internet Solutions 7% 7%
Core and Total
Revenue
Notes:
1 On January 1, 2008, we began managing our Supply Management
Solutions set as part of our Risk Management Solutions and have
reclassified our historical financial results to reflect this change.
Risk Management Solutions without Supply Management Solutions:
--------------------------------------------------------------------
AFX Effects of BFX
% Change Foreign % Change
Fav/(Unfav) Exchange Fav/(Unfav)
Quarter Ended June 30, 2008
-----------------------------------
U.S. 4% 0% 4%
International 22% 10% 12%
Total Corporation 9% 3% 6%
AFX Effects of BFX
% Change Foreign % Change
Fav/(Unfav) Exchange Fav/(Unfav)
Year-To-Date June 30, 2008
-----------------------------------
U.S. 4% 0% 4%
International 22% 10% 12%
Total Corporation 9% 3% 6%
AFX - After Effects of Foreign Exchange
BFX - Before Effects of Foreign Exchange
This financial information should be read in conjunction with the
consolidated financial statements and related notes of The Dun &
Bradstreet Corporation contained in filings with the Securities and
Exchange Commission.
*T
D&B
Joseph Jones (Media)
jonesjo@dnb.com
973.921.5732
or
Paul Krieg (Investors/Analysts)
kriegpa@dnb.com
973.921.5158
Copyright Business Wire 2008
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.


Follow Reuters