Adjusted net income increased 6.3% to $264 million; diluted adjusted EPS rose 8% to $1.88.
Dividend increased 15% to $0.45 per share; $100 million accelerated share repurchase completed with $1.3 billion remaining capacity.
Net cash from operating activities increased 15.5% to $245 million; free cash flow rose 22.6% to $189 million.
Net income was $253 million, down 18% year-over-year, primarily due to a $102 million net gain in the prior year from disposed businesses and early debt extinguishment.
Net interest expense increased to $36 million from $29 million due to higher debt and interest rates; effective tax rate was 22.7%, up from 21.7% due to a prior year one-time tax benefit.
Net interest expense increased to $36 million from $29 million due to higher debt and interest rates; effective tax rate was 22.7% versus 21.7% prior year.
OCC adjusted EBITDA grew 9.7% with total adjusted EBITDA margins at 57.6%, up 220 basis points from prior year, including a 120 basis point FX benefit.
Organic constant currency (OCC) revenue grew 7.9%, with underwriting up 7.7% and claims up 8.3%.
Paid a cash dividend of $0.45 per share, a 15% increase year-over-year; completed a $100 million accelerated share repurchase program with $1.3 billion remaining capacity.
Second quarter 2025 consolidated GAAP revenue was $773 million, up 7.8% versus prior year, driven by strong growth in underwriting and claims.
Subscription revenues, comprising 82% of total revenue, grew 9.3% on an OCC basis, led by forms, rules and loss costs, extreme event solutions, and anti-fraud businesses.
Subscription revenues, comprising 82% of total revenue, grew 9.3% on an OCC basis, led by forms, rules, loss costs, extreme event solutions, and anti-fraud businesses.
Transactional revenues, 18% of total revenue, grew 1.8% on OCC basis, driven by international businesses and extreme events securitization, offset by softness in auto and sustainability businesses.
Transactional revenues, 18% of total revenue, grew 1.8% on OCC basis, supported by international businesses and securitization, offset by softness in auto and sustainability businesses.
Capital expenditures were $0.2 million, in line with expectations.
Convertible notes outstanding are approximately $33 million, convertible at $1.60 per share, with the first payment due September 1, 2025.
MicroVision reported Q2 2025 revenues of $0.15 million, primarily driven by sales in the industrial verticals.
Raised approximately $35 million net from ATM during Q2, extending runway into 2027.
R&D and SG&A expenses for Q2 2025 were $14.1 million, including $3.4 million of noncash charges; cash expenses were $11 million, representing a 44% year-over-year reduction.
The company ended Q2 2025 with $91.4 million in cash and cash equivalents, plus $76.5 million available under the ATM facility and $30 million undrawn under the convertible note facility.
Dafinchi