May 4, 2017
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.
NEUSTAR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
|
|
Three Months Ended |
||||||
|
|
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)
|
|
December 31, |
|
March 31, |
||||
|
|
(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 |
|