STERLING, Va.--(BUSINESS WIRE)--
Neustar, Inc. (NYSE: NSR), a trusted, neutral provider of real-time information services, today announced results for the quarter ended March 31, 2017.
Neustar reported revenue of $293.2 million for the first quarter of 2017, with Information Services revenue of $164.9 million. Marketing Services contributed $65.0 million in revenue from services that help customers promote their businesses and mitigate risk. Security Services contributed $46.9 million in revenue from services that direct Internet traffic, resolve Internet queries, protect against DDoS attacks, and administer domain-name registries. Data Services contributed $53.0 million in revenue from services that enable clients to process decisions and transactions in real time. NPAC Services contributed $128.3 million in revenue.
Net income for the first quarter of 2017 totaled $45.4 million, or $0.80 per share.
Neustar ended the quarter with cash and cash equivalents of $47.0 million and outstanding debt under its credit facilities and senior notes of $751.6 million. During the quarter, Neustar paid $77.4 million of principal under its term loan facility, including $50.0 million in voluntary prepayments of principal.
This press release is available on the company’s website under the Investor Relations tab.
About Neustar, Inc.
Every day, the world generates roughly 2.5 quadrillion bits of data. Neustar isolates certain elements and analyzes, simplifies and edits them to make precise and valuable decisions that drive results. As one of the few companies capable of knowing with certainty who is on the other end of every interaction, we’re trusted by the world’s great brands to make critical decisions some 20 billion times a day. We help marketers send timely and relevant messages to the right people. Because we can authoritatively tell a client exactly who is calling or connecting with them, we make critical real-time responses possible. And the same comprehensive information that enables our clients to direct and manage orders also stops attackers. We know when someone isn’t who they claim to be, which helps stop fraud and denial of service before they’re a problem. Because we’re also an experienced manager of some of the world’s most complex databases, we help clients control their online identity, registering and protecting their domain name, and routing traffic to the correct network address. By linking the most essential information with the people who depend on it, we provide more than 11,000 clients worldwide with decisions-not just data. More information is available at www.neustar.biz.
| NEUSTAR, INC. | ||||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share data) |
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| Three Months Ended | ||||||||
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March 31, | |||||||
| 2016 | 2017 | |||||||
| (unaudited) | ||||||||
| Revenue | $ | 287,298 | $ | 293,186 | ||||
| Operating expense: | ||||||||
| Cost of revenue (excluding depreciation and amortization shown separately below) | 91,351 | 87,916 | ||||||
| Sales and marketing | 55,323 | 56,557 | ||||||
| Research and development | 7,549 | 6,672 | ||||||
| General and administrative | 27,518 | 28,360 | ||||||
| Depreciation and amortization | 38,482 | 34,927 | ||||||
| Restructuring charges | 2,664 | 27 | ||||||
| Separation costs | — | 1,789 | ||||||
| 222,887 | 216,248 | |||||||
| Income from operations | 64,411 | 76,938 | ||||||
| Other (expense) income: | ||||||||
| Interest and other expense | (17,111 | ) | (12,271 | ) | ||||
| Interest income | 174 | 72 | ||||||
| Income before income taxes | 47,474 | 64,739 | ||||||
| Provision for income taxes | 16,099 | 19,296 | ||||||
| Net income | $ | 31,375 | $ | 45,443 | ||||
| Net income per common share: | ||||||||
| Basic | $ | 0.58 | $ | 0.82 | ||||
| Diluted | $ | 0.57 | $ | 0.80 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 53,953 | 55,311 | ||||||
| Diluted | 54,940 | 57,022 | ||||||
| NEUSTAR, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands) | ||||||||
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December 31, 2016 |
March 31, 2017 |
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| (audited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 45,773 | $ | 47,048 | ||||
| Restricted cash | 2,283 | 2,141 | ||||||
| Accounts receivable, net | 207,595 | 188,930 | ||||||
| Unbilled receivables | 19,795 | 15,618 | ||||||
| Prepaid expenses and other current assets | 41,680 | 35,867 | ||||||
| Deferred costs | 11,469 | 10,909 | ||||||
| Income taxes receivable | 13,586 | 612 | ||||||
| Total current assets | 342,181 | 301,125 | ||||||
| Property and equipment, net | 145,821 | 149,363 | ||||||
| Goodwill | 1,168,982 | 1,172,792 | ||||||
| Intangible assets, net | 423,957 | 405,429 | ||||||
| Other assets, long-term | 17,771 | 16,670 | ||||||
| Total assets | $ | 2,098,712 | $ | 2,045,379 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 21,095 | $ | 22,569 | ||||
| Accrued expenses | 134,545 | 97,959 | ||||||
| Deferred revenue | 91,188 | 96,035 | ||||||
| Notes payable | 103,725 | 89,219 | ||||||
| Capital lease obligations | 1,457 | 470 | ||||||
| Other liabilities | 11,632 | 9,306 | ||||||
| Total current liabilities | 363,642 | 315,558 | ||||||
| Deferred revenue, long-term | 22,437 | 22,850 | ||||||
| Notes payable, long-term | 702,946 | 642,750 | ||||||
| Deferred income tax liabilities, long-term | 35,088 | 41,131 | ||||||
| Other liabilities, long-term | 53,298 | 53,257 | ||||||
| Total liabilities | 1,177,411 | 1,075,546 | ||||||
| Total stockholders’ equity | 921,301 | 969,833 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,098,712 | $ | 2,045,379 | ||||
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