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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-39361

Dun & Bradstreet Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware83-2008699
(State of
incorporation)		(I.R.S. Employer
Identification No.)
5335 Gate Parkway, Jacksonville, FL
32256
(Address of principal executive offices)(Zip Code)
(904) 648-8006
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.0001 par valueDNBNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 441,525,440 shares outstanding of the Registrant's common stock as of October 25, 2024.





FORM 10-Q
QUARTERLY REPORT
Quarter Ended September 30, 2024
TABLE OF CONTENTS
 
  Page
Item 1.
 8
Item 2.
Item 3.
Item 4.
Item 1.
Item1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Part I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)


Dun & Bradstreet Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In millions, except per share data)
(Unaudited)
Three months ended September 30, Nine months ended September 30,
 2024
2023
2024
2023
Revenue$609.1 $588.5 $1,749.8 $1,683.6 
Cost of services (exclusive of depreciation and amortization)219.5 211.8 663.7 631.8 
Selling and administrative expenses174.8 176.3 525.6 527.8 
Depreciation and amortization144.8 146.7 430.1 437.1 
Restructuring charges7.8 1.6 14.5 10.4 
Operating costs546.9 536.4 1,633.9 1,607.1 
Operating income (loss)62.2 52.1 115.9 76.5 
Interest income2.1 1.7 4.9 4.2 
Interest expense(61.3)(57.0)(205.6)(168.4)
Other income (expense) - net(0.9)(3.3)0.6 (1.2)
Non-operating income (expense) - net(60.1)(58.6)(200.1)(165.4)
Income (loss) before provision (benefit) for income taxes and equity in net income of affiliates2.1 (6.5)(84.2)(88.9)
Less: provision (benefit) for income taxes (1.8)(11.2)(48.9)(40.5)
Equity in net income of affiliates0.3 0.6 1.9 2.1 
Net income (loss) 4.2 5.3 (33.4)(46.3)
Less: net (income) loss attributable to the non-controlling interest(1.0)(0.9)(3.0)(2.4)
Net income (loss) attributable to Dun & Bradstreet Holdings, Inc.$3.2 $4.4 $(36.4)$(48.7)
Basic earnings (loss) per share of common stock attributable to Dun & Bradstreet Holdings, Inc.$0.01 $0.01 $(0.08)$(0.11)
Diluted earnings (loss) per share of common stock attributable to Dun & Bradstreet Holdings, Inc.$0.01 $0.01 $(0.08)$(0.11)
Weighted average number of shares outstanding-basic432.4 430.8 432.2 430.3 
Weighted average number of shares outstanding-diluted435.6 432.2 432.2 430.3 
Other comprehensive income (loss), net of income taxes:
Net income (loss)$4.2 $5.3 $(33.4)$(46.3)
Foreign currency adjustments:
     Foreign currency translation adjustments, net of tax (1)
$50.4 $(31.9)$14.4 $(33.7)
     Net investment hedge derivative, net of tax (2)
(16.6)9.8 (8.2)3.1 
Cash flow hedge derivative, net of tax expense (benefit) (3)
(22.6)(3.7)(18.3)4.0 
Defined benefit pension plans:
     Prior service credit (cost), net of tax expense (benefit) (4)
(0.1)(0.1)(0.4)(0.3)
     Net actuarial gain (loss), net of tax expense (benefit) (5)
(0.3)(0.6)(0.9)(1.7)
Total other comprehensive income (loss), net of tax$10.8 $(26.5)$(13.4)$(28.6)
Comprehensive income (loss), net of tax$15.0 $(21.2)$(46.8)$(74.9)
Less: comprehensive (income) loss attributable to the non-controlling interest(1.1)(0.7)(2.9)(2.3)
Comprehensive income (loss) attributable to Dun & Bradstreet Holdings, Inc.$13.9 $(21.9)$(49.7)$(77.2)
(1)Tax Expense (Benefit) of $0.4 million and $(0.2) million for the three months ended September 30, 2024 and 2023, respectively. Tax Expense (Benefit) of $0.7 million and $6.9 million for the nine months ended September 30, 2024 and 2023, respectively.
(2)Tax Expense (Benefit) of $(5.9) million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively. Tax Expense (Benefit) of $(3.0) million and $(2.3) million for the nine months ended September 30, 2024 and 2023, respectively.
(3)Tax Expense (Benefit) of $(8.1) million and $(2.2) million for the three months ended September 30, 2024 and 2023, respectively. Tax Expense (Benefit) of $(6.6) million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively.
(4)Tax Expense (Benefit) of less than $(0.1) million for both the three months ended September 30, 2024 and 2023. Tax Expense (Benefit) of less than $(0.1) million for both the nine months ended September 30, 2024 and 2023.
(5)Tax Expense (Benefit) of less than $(0.1) million for both the three months ended September 30, 2024 and 2023. Tax Expense (Benefit) of less than $(0.1) million and $(0.1) million for the nine months ended September 30, 2024 and 2023, respectively.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
3
Dun & Bradstreet Holdings, Inc.
Condensed Consolidated Balance Sheets
(In millions, except share data and per share data)
(Unaudited)
September 30,
2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents$288.7 $188.1 
Accounts receivable, net of allowance of $25.3 at September 30, 2024 and $20.1 at December 31, 2023 (Notes 3 and 13)
242.4 258.0 
Prepaid taxes52.7 51.8 
Other prepaids92.0 100.1 
Other current assets (Note 3 and 9)
34.4 58.3 
Total current assets710.2 656.3 
Non-current assets
Property, plant and equipment, net of accumulated depreciation of $52.3 at September 30, 2024 and $45.7 at December 31, 2023
94.1 102.1 
Computer software, net of accumulated amortization of $636.2 at September 30, 2024 and $507.1 at December 31, 2023 (Note 10)
704.4 666.3 
Goodwill (Notes 10 and 16)
3,447.5 3,445.8 
Other intangibles (Notes 10 and 16)
3,629.4 3,915.9 
Deferred costs (Note 3)163.4 161.7 
Other non-current assets (Note 11)
255.9 187.8 
Total non-current assets8,294.7 8,479.6 
Total assets$9,004.9 $9,135.9 
Liabilities
Current liabilities
Accounts payable$108.9 $111.7 
Accrued payroll91.9 111.9 
Short-term debt (Note 12)
31.0 32.7 
Deferred revenue (Note 3)564.9 590.0 
Other accrued and current liabilities (Note 11)
214.3 196.1 
Total current liabilities1,011.0 1,042.4 
Long-term pension and postretirement benefits (Note 6)
127.1 143.9 
Long-term debt (Note 12)
3,626.9 3,512.5 
Deferred income tax782.8 887.3 
Other non-current liabilities (Note 11)
109.9 118.2 
Total liabilities5,657.7 5,704.3 
Commitments and contingencies (Note 17)
 
Equity
Common Stock, $0.0001 par value per share, authorized—2,000,000,000 shares; 443,419,716 shares issued and 441,571,436 shares outstanding at September 30, 2024 and 439,735,256 shares issued and 438,848,336 shares outstanding at December 31, 2023
— — 
Capital surplus4,401.0 4,429.2 
Accumulated deficit(847.5)(811.1)
Treasury Stock, 1,848,280 shares at September 30, 2024 and 886,920 shares at December 31, 2023
(9.7)(0.3)
Accumulated other comprehensive loss(212.0)(198.7)
Total stockholders' equity3,331.8 3,419.1 
Non-controlling interest15.4 12.5 
Total equity3,347.2 3,431.6 
Total liabilities and stockholders' equity
$9,004.9 $9,135.9 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
4


Dun & Bradstreet Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine months ended September 30,
 2024
2023
Cash flows provided by (used in) operating activities:
Net income (loss)$(33.4)$(46.3)
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization430.1 437.1 
Amortization of unrecognized pension loss (gain)(1.3)(2.1)
Deferred debt issuance costs amortization and write-off41.9 14.0 
Equity-based compensation expense52.4 66.1 
Restructuring charge14.5 10.4 
Restructuring payments(11.3)(12.1)
Changes in deferred income taxes(97.3)(114.3)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable11.5 47.0 
(Increase) decrease in prepaid taxes, other prepaids and other current assets0.4 (24.4)
Increase (decrease) in deferred revenue(22.3)4.6 
Increase (decrease) in accounts payable(3.7)(9.6)
Increase (decrease) in accrued payroll(22.7)(21.5)
Increase (decrease) in other accrued and current liabilities(1.8)(32.8)
(Increase) decrease in other long-term assets(32.6)3.2 
Increase (decrease) in long-term liabilities(47.7)(34.0)
Net, other non-cash adjustments10.2 (1.6)
Net cash provided by (used in) operating activities286.9 283.7 
Cash flows provided by (used in) investing activities:
Cash settlements of foreign currency contracts and net investment hedges7.6 7.7 
Capital expenditures(3.8)(3.7)
Additions to computer software and other intangibles (153.7)(126.2)
Other investing activities, net (1)
(10.5)1.9 
Net cash provided by (used in) investing activities(160.4)(120.3)
Cash flows provided by (used in) financing activities:
Cash paid for repurchase of treasury shares(9.3)— 
Payments of dividends
(65.8)(64.6)
Proceeds from borrowings on Credit Facility404.5 380.3 
Proceeds from borrowings on Term Loan Facility3,103.6 — 
Payments of borrowings on Credit Facility(296.5)(316.0)
Payments on Term Loan Facility(3,119.2)(24.5)
Payment of debt issuance costs(26.6)— 
Payment for purchase of non-controlling interests— (95.7)
Other financing activities, net
(21.9)(18.8)
Net cash provided by (used in) financing activities(31.2)(139.3)
Effect of exchange rate changes on cash and cash equivalents5.7 (2.4)
Increase (decrease) in cash, cash equivalents and restricted cash101.0 21.7 
Cash, Cash Equivalents and Restricted Cash, Beginning of Period188.1 208.4 
Cash, Cash Equivalents and Restricted Cash, End of Period$289.1 $230.1 
Supplemental Disclosure of Cash Flow Information:
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents reported in the condensed consolidated balance sheets$288.7 $230.1 
Restricted cash included within other current assets (2)
0.4 — 
Total cash, cash equivalents and restricted cash reported in the statements of cash flows$289.1 $230.1 
Cash Paid for:
Income taxes payments (refunds), net$70.1 $75.5 
Interest$157.3 $151.2 
Noncash additions to computer software
$22.4 $24.9 
(1)Higher payments for other investing activities for the nine months ended September 30, 2024 were primarily related to a payment to acquire a minority interest holding.
(2)Restricted cash represents funds set aside associated with customer refunds.


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
5

Dun & Bradstreet Holdings, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(In millions)
(Unaudited)
 Common
stock 		Capital
surplus
(Accumulated deficit) retained
earnings
Treasury
stock		Cumulative
translation
adjustment		Defined benefit postretirement plansCash flow hedging derivative
Total
stockholders'
equity
Non-controlling
interest		Total
equity
Nine months ended September 30, 2023:
Balance, January 1, 2023$— $4,443.7 $(764.1)$(0.3)$(170.3)$(58.1)$48.4 $3,499.3 $9.1 $3,508.4 
Net income (loss)— — (48.7)— — — — (48.7)2.4 (46.3)
Equity-based compensation plans— 55.8 — — — — — 55.8 — 55.8 
Dividends declared
— (65.6)— — — — — (65.6)— (65.6)
Pension adjustments, net of tax benefit of $0.1
— — — — — (2.0)— (2.0)— (2.0)
Change in cumulative translation adjustment, net of tax expense of $6.9
— — — — (33.6)— — (33.6)(0.1)(33.7)
Net investment hedge derivative, net of tax benefit of $2.3
— — — — 3.1 — — 3.1 — 3.1 
Cash flow hedge derivative, net of tax expense of $0.5
— — — — — — 4.0 4.0 — 4.0 
Balance, September 30, 2023
$— $4,433.9 $(812.8)$(0.3)$(200.8)$(60.1)$52.4 $3,412.3 $11.4 $3,423.7 
Three months ended September 30, 2023
Balance, June 30, 2023$— $4,438.6 $(817.2)$(0.3)$(178.9)$(59.4)$56.1 $3,438.9 $10.7 $3,449.6 
Net income (loss)— — 4.4 — — — — 4.4 0.9 5.3 
Equity-based compensation plans — 17.2 — — — — — 17.2 — 17.2 
Dividends declared
— (21.9)— — — — — (21.9)— (21.9)
Pension adjustments, net of tax benefit of less than $0.1
— — — — — (0.7)— (0.7)— (0.7)
Change in cumulative translation adjustment, net of tax benefit of $0.2
— — — — (31.7)— — (31.7)(0.2)(31.9)
Net investment hedge derivative, net of tax expense of $0.1
— — — — 9.8 — — 9.8 — 9.8 
Cash flow hedge derivative, net of tax benefit of $2.2
— — — — — — (3.7)(3.7)— (3.7)
Balance, September 30, 2023
$— $4,433.9 $(812.8)$(0.3)$(200.8)$(60.1)$52.4 $3,412.3 $11.4 $3,423.7 
6
Common
stock		Capital
surplus		(Accumulated deficit) retained
earnings		Treasury
stock		Cumulative
translation
adjustment		Defined benefit postretirement plansCash flow hedging derivative
Total
stockholders'
equity
Non-controlling
interest		Total
equity
Nine months ended September 30, 2024:
Balance, January 1, 2024
$— $4,429.2 $(811.1)$(0.3)$(153.0)$(62.2)$16.5 $3,419.1 $12.5 $3,431.6 
Net income (loss)— — (36.4)— — — — (36.4)3.0 (33.4)
Equity-based compensation plans— 37.9 — — — — — 37.9 — 37.9 
Dividends declared
— (66.1)— — — — — (66.1)— (66.1)
Shares acquired under stock repurchase program
(9.4)(9.4)— (9.4)
Pension adjustments, net of tax benefit of $0.1
— — — — — (1.3)— (1.3)— (1.3)
Change in cumulative translation adjustment, net of tax expense of $0.7
— — — — 14.5 — — 14.5 (0.1)14.4 
Net investment hedge derivative, net of tax benefit of $3.0
— — — — (8.2)— — (8.2)— (8.2)
Cash flow hedge derivative, net of tax benefit of $6.6
— — — — — — (18.3)(18.3)— (18.3)
Balance, September 30, 2024$— $4,401.0 $(847.5)$(9.7)$(146.7)$(63.5)$(1.8)$3,331.8 $15.4 $3,347.2 
Three months ended September 30, 2024
Balance, June 30, 2024
$— $4,410.4 $(850.7)$(9.7)$(180.4)$(63.1)$20.8 $3,327.3 $14.3 $3,341.6 
Net income (loss)— — 3.2 — — — — 3.2 1.0 4.2 
Equity-based compensation plans— 12.7 — — — — — 12.7 — 12.7 
Dividends declared
— (22.1)— — — — — (22.1)— (22.1)
Shares acquired under stock repurchase program
— — — — 
Pension adjustments, net of tax benefit of less than $0.1
— — — — — (0.4)— (0.4)— (0.4)
Change in cumulative translation adjustment, net of tax expense of $0.4
— — — — 50.3 — — 50.3 0.1 50.4 
Net investment hedge derivative, net of tax benefit of $5.9
— — — — (16.6)— — (16.6)— (16.6)
Cash flow hedge derivative, net of tax benefit of $8.1
— — — — — — (22.6)(22.6)— (22.6)
Balance, September 30, 2024$— $4,401.0 $(847.5)$(9.7)$(146.7)$(63.5)$(1.8)$3,331.8 $15.4 $3,347.2 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
7
DUN & BRADSTREET HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(Tabular dollar amounts in millions, except share data and per share data)
Note 1 --Basis of Presentation

The accompanying interim condensed consolidated financial statements of Dun & Bradstreet Holdings, Inc. and its subsidiaries ("we," or "us," or "our," or the "Company") were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). They should be read in conjunction with the consolidated financial statements and related notes, which appear in the consolidated financial statements for the year ended December 31, 2023, included in our Annual Report on Form 10-K and filed with the Securities and Exchange Commission ("SEC") on February 22, 2024. The condensed consolidated financial statements for interim periods do not include all disclosures required by GAAP for annual financial statements and are not necessarily indicative of results for the full year or any subsequent period. In the opinion of our management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included.
We manage our business and report our financial results through the following two segments:
•North America offers Finance & Risk and Sales & Marketing data, analytics and business insights in the United States and Canada; and
•International offers Finance & Risk and Sales & Marketing data, analytics and business insights directly in the United Kingdom and Ireland ("U.K."), Northern Europe (Sweden, Norway, Denmark, Finland, Estonia and Latvia), Central Europe (Germany, Austria, Switzerland and various other central and eastern European countries) (together as "Europe"), Greater China, India and indirectly through our Worldwide Network alliances ("WWN alliances").
All intercompany transactions and balances have been eliminated in consolidation. Where appropriate, we have reclassified certain prior year amounts to conform to the current year presentation.
Our condensed consolidated financial statements presented herein reflect the latest estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the unaudited consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented.
During the first quarter of 2024, we changed the presentation of certain data royalty and project fulfillment costs in our condensed consolidated statement of income. Specifically, we changed the classification of these costs from "Selling and administrative expenses" to "Cost of services (exclusive of depreciation and amortization)", as we believe that presenting these costs based on their nature, as opposed to their function as was done historically, provides more useful information and enhances transparency. Prior year period results have been recast to reflect this change in presentation and to conform to the current period presentation. As a result, we reclassified $5.3 million and $24.4 million for the three and nine months ended September 30, 2023, respectively, from "Selling and administrative expenses" to "Cost of services (exclusive of depreciation and amortization)". This reclassification has no impact on total operating costs, operating income, net income (loss), earnings (loss) per share or segment results. Additionally, the reclassification has no impact on the consolidated balance sheets or consolidated statements of cash flows.
Note 2 -- Recent Accounting Pronouncements
We consider the applicability and impact of all Accounting Standards Updates (“ASUs”) and applicable authoritative guidance.
Recently Adopted Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04 "Facilitation of the Effects of Reference Rate Reform on Financial Reporting" to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope,” which clarified the scope and application of the original guidance in ASU No. 2020-04. On December 21, 2022, the FASB issued ASU No. 2022-06 which extends the transition date to December 31, 2024. During the second quarter of 2023, we modified agreements governing our Senior Secured Credit Facility and interest rate swaps to complete the transition
8
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

of reference rate from LIBOR to Secured Overnight Financing Rate ("SOFR"). This transition did not result in a financial impact to our consolidated financial statements.
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280)." The guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in this ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, beginning after December 15, 2024. We do not expect the adoption of this authoritative guidance to have a material impact on our consolidated balance sheets, statements of operations and statements of cash flows.
In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)", which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2024. The guidance is to be applied on a prospective basis, though retrospective application is permitted. We do not expect the adoption of this authoritative guidance to have a material impact on our consolidated balance sheets, statements of operations and statements of cash flows.
Note 3 -- Revenue
The total amount of the transaction price for our revenue contracts allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2024 is as follows:
Remainder of 2024
2025
2026
2027
2028
ThereafterTotal
Future revenue$426.4 $1,060.8 $623.5 $300.2 $178.8 $282.8 $2,872.5 

The table of future revenue does not include any amount of variable consideration that is a sales or usage-based royalty in exchange for distinct data licenses or that is allocated to a distinct service period within a single performance obligation that is a series of distinct service periods.
Timing of Revenue Recognition
 Three months ended September 30, Nine months ended September 30,
2024202320242023
Revenue recognized at a point in time$253.9 $248.1 $694.5 $691.5 
Revenue recognized over time355.2 340.4 1,055.3 992.1 
Total revenue recognized$609.1 $588.5 $1,749.8 $1,683.6 
Contract Balances
 At September 30, 2024
At December 31, 2023
Accounts receivable, net$242.4 $258.0 
Short-term contract assets (1)
$6.3 $4.3 
Long-term contract assets (2)
$27.1 $18.0 
Short-term deferred revenue$564.9 $590.0 
Long-term deferred revenue (3)
$24.8 $19.7 
(1) Included within "Other current assets" in the condensed consolidated balance sheet.
9
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

(2) Included within "Other non-current assets" in the condensed consolidated balance sheet.
(3) Included within "Other non-current liabilities" in the condensed consolidated balance sheet.

The decrease in accounts receivable of $15.6 million from December 31, 2023 to September 30, 2024 was primarily due to seasonal fluctuation, partially offset by the net reduction of the drawn amount related to our accounts receivable facility.

The decrease in deferred revenue of $20.0 million from December 31, 2023 to September 30, 2024 was primarily due to $496.5 million of revenue recognized that was included in the deferred revenue balance at December 31, 2023, largely offset by cash payments received or due in advance of satisfying our performance obligations.

The increase in contract assets of $11.1 million from December 31, 2023 to September 30, 2024 was primarily due to new contract assets recognized, net of new amounts reclassified to receivables during 2024, partially offset by $21.5 million of contract assets included in the balance at January 1, 2024 that were reclassified to receivable when they became unconditional.

See Note 16 for a schedule detailing the disaggregation of revenue.
Assets Recognized for the Costs to Obtain a Contract
Commission assets, net of accumulated amortization included in deferred costs, were $163.4 million and $161.7 million as of September 30, 2024 and December 31, 2023, respectively.
The amortization of commission assets was $12.2 million and $36.8 million for the three and nine months ended September 30, 2024, respectively, and $11.2 million and $32.3 million for the three and nine months ended September 30, 2023, respectively.
Note 4 -- Restructuring Charges

We incurred restructuring charges (which generally consist of employee severance costs and contract terminations). These charges were incurred as a result of eliminating, consolidating, standardizing and/or automating our business functions.
Three months ended September 30, 2024 vs. Three months ended September 30, 2023
We recorded total restructuring charges of $7.8 million for the three months ended September 30, 2024, consisting of:

•Severance costs of $7.5 million under ongoing benefit arrangements. Approximately 200 employees were impacted. Most of the employees impacted exited the Company by the end of the third quarter of 2024. The cash payments for these employees will be substantially completed by the end of the fourth quarter of 2024; and

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $0.3 million.
We recorded total restructuring charges of $1.6 million for the three months ended September 30, 2023, consisting of:

•Severance costs of $0.7 million under ongoing benefit arrangements. Approximately 20 employees were impacted. Most of the employees impacted exited the Company by the end of the third quarter of 2023. The cash payments for these employees were substantially completed by the end of the fourth quarter of 2023; and

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $0.9 million.
Nine months ended September 30, 2024 vs. Nine months ended September 30, 2023
We recorded total restructuring charges of $14.5 million for the nine months ended September 30, 2024, consisting of:

•Severance costs of $13.4 million under ongoing benefit arrangements. Approximately 345 employees were impacted. Most of the employees impacted exited the Company by the end of the third quarter of 2024. The cash payments for these employees will be substantially completed by the end of the fourth quarter of 2024; and

10
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $1.1 million.
We recorded total restructuring charges of $10.4 million for the nine months ended September 30, 2023, consisting of:

•Severance costs of $7.7 million under ongoing benefit arrangements. Approximately 130 employees were impacted. Most of the employees impacted exited the Company by the end of the third quarter of 2023. The cash payments for these employees were substantially completed by the end of the fourth quarter of 2023; and

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $2.7 million.

The following table sets forth the restructuring reserves and utilization included within "Accrued payroll" in the condensed consolidated balance sheets for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2023, June 30, 2023 and September 30, 2023:

 SeveranceContract termination
and other
exit costs		Total
2024:
Balance remaining as of December 31, 2023
$2.4 $0.8 $3.2 
Charge taken during first quarter 2024 (1)
2.9 0.1 3.0 
Payments made during first quarter 2024
(2.6)(0.4)(3.0)
Balance remaining as of March 31, 2024
$2.7 $0.5 $3.2 
Charge taken during second quarter 2024 (1)
3.0 — 3.0 
Payments made during second quarter 2024
(2.4)(0.1)(2.5)
Balance remaining as of June 30, 2024
$3.3 $0.4 $3.7 
Charge taken during third quarter 2024 (1)
7.5 0.2 7.7 
Payments made during third quarter 2024
(5.6)(0.2)(5.8)
Balance remaining as of September 30, 2024
$5.2 $0.4 $5.6 
2023:
Balance remaining as of December 31, 2022$4.8 $2.2 $7.0 
Charge taken during first quarter 2023 (1)
3.1 0.5 3.6 
Payments made during first quarter 2023(4.0)(0.8)(4.8)
Balance remaining as of March 31, 2023$3.9 $1.9 $5.8 
Charge taken during second quarter 2023 (1)
3.9 0.7 4.6 
Payments made during second quarter 2023(3.1)(0.9)(4.0)
Balance remaining as of June 30, 2023$4.7 $1.7 $6.4 
Charge taken during third quarter 2023 (1)
0.7 0.2 0.9 
Payments made during third quarter 2023(2.9)(0.4)(3.3)
Balance remaining as of September 30, 2023$2.5 $1.5 $4.0 
(1)Balance excludes charges accounted for under ASU No. 2016-02, "Leases (Topic 842)."

Note 5 -- Stock Based Compensation
The following table sets forth the components of our stock-based compensation and expected tax benefit for the three and nine months ended September 30, 2024 and 2023 related to the plans in effect during the respective period:
11
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

Three months ended September 30, Nine months ended September 30,
Stock-based compensation expense:2024202320242023
Restricted stock and restricted stock units
$15.2 $18.1 $47.7 $53.8 
Stock options (1)
1.1 2.7 4.7 12.3 
Total compensation expense$16.3 $20.8 $52.4 $66.1 
Expected tax benefit:
Restricted stock and restricted stock units$1.6 $2.8 $4.9 $7.4 
Stock options— 0.1 0.2 0.6 
Total expected tax benefit$1.6 $2.9 $5.1 $8.0 
(1)Lower expense for stock options was primarily due to the impact of the accelerated attribution method used to recognize expense for the performance-based stock option grants.

Stock Options

We accounted for stock options based on grant date fair value. Service condition options were valued using the Black-Scholes valuation model. Market condition options were valued using a Monte Carlo valuation model.

The following table summarizes the stock options activity for the nine months ended September 30, 2024:

Stock options
Number of
options		Weighted-average
exercise price		Weighted-average remaining contractual term (in years)Aggregate intrinsic value
Balances, January 1, 2024
10,865,868 $19.315.7$—
Granted— $—
Forfeited(64,499)$15.89
Exercised— $—
Balances, September 30, 2024
10,801,369 $19.335.0$—
Expected to vest as of September 30, 2024
4,721,369 $15.897.9$—
Exercisable as of September 30, 2024
6,080,000 $22.002.7$—

As of September 30, 2024, total unrecognized compensation cost related to stock options was $2.4 million, which was expected to be recognized over a weighted average period of 0.8 years.

Restricted Stock and Restricted Stock Units

Restricted stock and restricted stock units are valued on the award grant date at the closing market price of our stock.

The following table summarizes the restricted stock and restricted stock units activity for the nine months ended September 30, 2024:

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

Restricted stock and Restricted stock units
Number of
shares		Weighted-average
grant date
fair value		Weighted-average remaining contractual term (in years)Aggregate intrinsic value
Balances, January 1, 2024
8,682,523 $13.781.0$101.6
Granted 5,468,850 $10.42
Forfeited(189,120)$12.62
Vested(3,897,193)$14.80
Balances, September 30, 2024
10,065,060 $11.571.2$115.8

As of September 30, 2024, total unrecognized compensation cost related to non-vested restricted stock and restricted stock units was $56.9 million, which is expected to be recognized over a weighted average period of 1.8 years.

Employee Stock Purchase Plan ("ESPP")

Under the Dun & Bradstreet Holdings, Inc. Employee Stock Purchase Plan, eligible employees are allowed to voluntarily make after-tax contributions ranging from 3% to 15% of eligible earnings. The Company contributes varying matching amounts to employees, as specified in the plan document, after a one year holding period. We recorded the associated expense of $0.6 million and $1.8 million for the three and nine months ended September 30, 2024, respectively, and $0.6 million and $2.0 million for the three and nine months ended September 30, 2023, respectively.
Note 6 -- Pension and Postretirement Benefits
Net Periodic Pension Cost
The following table sets forth the components of the net periodic cost (income) associated with our pension plans and our postretirement benefit obligations:
Pension plansPostretirement benefit obligations
Three months ended September 30, Nine months ended September 30, Three months ended September 30, Nine months ended September 30,
20242023202420232024202320242023
Components of net periodic cost (income):
Service cost$0.4 $0.4 $1.3 $1.2 $— $— $— $— 
Interest cost15.8 16.3 46.5 48.4 — — — — 
Expected return on plan assets(20.2)(20.2)(60.0)(60.1)— — — — 
Amortization of prior service cost (credit)— — (0.1)— (0.1)(0.1)(0.3)(0.3)
Amortization of actuarial loss (gain)(0.3)(0.6)(0.9)(1.8)— — — — 
Net periodic cost (income)$(4.3)$(4.1)$(13.2)$(12.3)$(0.1)$(0.1)$(0.3)$(0.3)

Note 7 -- Income Taxes
        
The effective tax rate for the three months ended September 30, 2024 was (88.7)%, reflecting a tax benefit of $1.8 million on pre-tax income of $2.1 million, compared to 171.9% for the three months ended September 30, 2023, which reflected a tax benefit of $11.2 million on pre-tax loss of $6.5 million. The change in the effective tax rate for the three months ended September 30, 2024 compared to the prior year quarter was primarily a result of a reduction to the Global intangible low-taxed income ("GILTI") inclusion in the U.S. in the prior year quarter, and the impact of Pillar Two Global Minimum Tax ("Pillar Two") introduced by The Organization for Economic Co-operation and Development ("OECD") and adopted by certain non-U.S. countries, including countries in which we operate, partially offset by a reduced state tax provision as the result of the change in reporting election.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

The effective tax rate for the nine months ended September 30, 2024 was 58.1%, reflecting a tax benefit of $48.9 million on pre-tax loss of $84.2 million, compared to 45.6% for the nine months ended September 30, 2023, which reflected a tax benefit of $40.5 million on pre-tax loss of $88.9 million. The change in the effective tax rate for the nine months ended September 30, 2024 compared to the prior year period was primarily a result of a decrease to our uncertain tax positions as a result of an audit settlement, and a reduced state tax provision as the result of the change in reporting election, partially offset by the impact of Pillar Two introduced by OECD and adopted by certain non-U.S. countries, including countries in which we operate.

Note 8 -- Earnings (Loss) Per Share
Basic earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period.
In periods when we report net income, diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of our outstanding stock incentive awards. For periods when we report a net loss, diluted earnings per share is equal to basic earnings per share, as the impact of our outstanding stock incentive awards is considered to be antidilutive.
The following table sets forth the computation of basic and diluted earnings (loss) per share:
 Three months ended September 30, Nine months ended September 30,
2024202320242023
Net income (loss) attributable to Dun & Bradstreet Holdings, Inc.$3.2 $4.4 $(36.4)$(48.7)
Weighted average number of shares outstanding-basic432,411,418 430,816,432 432,239,481 430,295,432 
Weighted average number of shares outstanding-diluted (1)
435,614,879 432,224,821 432,239,481 430,295,432 
Earnings (loss) per share of common stock attributable to Dun & Bradstreet Holdings, Inc.:
Basic$0.01 $0.01 $(0.08)$(0.11)
Diluted$0.01 $0.01 $(0.08)$(0.11)
(1)The weighted average number of shares outstanding used in the computation of diluted earnings per share for the three and nine months ended September 30, 2024, excludes the effect of 10.9 million and 11.0 million, respectively, of potentially issuable common shares that are anti-dilutive to the diluted earnings per share computation. The weighted average number of shares outstanding used in the computation of diluted earnings per share for the three and nine months ended September 30, 2023, excludes the effect of 11.7 million and 11.9 million, respectively, of potentially issuable common shares that are anti-dilutive to the diluted earnings per share computation.

Note 9 -- Financial Instruments

The Company is exposed to global market risks, including risks from changes in foreign exchange rates and changes in interest rates. Accordingly, we use derivatives to manage the aforementioned financial exposures that occur in the normal course of business. We do not use derivatives for trading or speculative purposes. By their nature, all such instruments involve risk, including the credit risk of non-performance by counterparties. However, at September 30, 2024 and December 31, 2023, there was no significant risk of loss in the event of non-performance of the counterparties to these financial instruments. We control our exposure to credit risk through monitoring procedures and by selection of reputable counterparties. Collateral is generally not required for these types of investments.
Our trade receivables do not represent a significant concentration of credit risk at September 30, 2024 and December 31, 2023, because we sell to a large number of clients in different geographical locations and industries.
Interest Rate Risk Management
Our objective in managing our exposure to interest rates is to limit the impact of interest rate changes on our earnings, cash flows and financial position, and to lower our overall borrowing costs. To achieve these objectives, we maintain a practice that floating-rate debt be managed within a minimum and maximum range of our total debt exposure. To manage our exposure and limit volatility, we may use fixed-rate debt, floating-rate debt and/or interest rate swaps. We recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

We use interest rate swaps to manage the impact of interest rate changes on our earnings. Under the swap agreements, we make monthly payments based on the fixed interest rate and receive monthly payments based on the floating rate. The purpose of the swaps is to mitigate the variation of future cash flows from changes in the floating interest rates on our existing debt. The swaps are designated and accounted for as cash flow hedges. Changes in the fair value of the hedging instruments are recorded in other comprehensive income (loss) ("OCI"), net of tax, and reclassified to earnings in the same line item associated with the hedged item when the hedged item impacts earnings.
On September 12, 2024, we entered into an interest rate swap with a notional amount of $1 billion effective September 16, 2024 through March 27, 2028. For these swaps, the Company pays a fixed rate of 3.246% and will receive the one-month SOFR rate.
On August 2, 2024 and August 5, 2024, we entered into two three-year interest rate swaps, with a notional amount of $350 million and $250 million, respectively. Both swaps have a forward starting effective date of March 27, 2025 and a maturity date of March 27, 2028 ("forward starting interest rate swaps"). The Company will pay 3.229% on the $350 million swap and 3.240% on the $250 million swap, and will receive the one-month SOFR rate for both swaps.
Effective August 28, 2023, we amended our interest rate swap agreements with an aggregate notional amount of $1,000 million that originally matured on March 27, 2024 ("2024 interest rate swaps"). The amendments extend the maturity date to March 27, 2025. Under the amended agreements, the Company pays a fixed rate of 3.214% and receives the one-month SOFR rate. As a result of the amendment, the 2024 interest rate swaps were de-designated and the unrealized gain of $29.0 million included within accumulated other comprehensive income (loss) was frozen and had been systematically reclassified to earnings as a reduction to interest expense over the original term of the 2024 interest rate swaps. Additionally, the amended swaps had an aggregate fair value of $29.0 million at inception and is recorded ratably to accumulated other comprehensive income (loss) and reclassified to earnings as an increase to interest expense over the term of the amended interest rate swaps. At the inception of the amended interest rate swaps, we performed a quantitative effectiveness assessment and determined that the swaps qualified for cash flow hedge accounting. Changes in the fair value of the hedging instruments are recorded in OCI, net of tax, and reclassified to earnings in the same line item associated with the hedged item when the hedged item impacts earnings. Additionally, we perform quantitative tests to assess hedging effectiveness over the remaining life of the amended swaps.
On February 2, 2023, the Company entered into two three-year interest rate swaps with an aggregate notional amount of $1,500 million, effective January 27, 2023 through February 8, 2026. For these swaps, the Company pays a fixed rate of 3.695% and received the one-month LIBOR rate through June 27, 2023 and receives the one-month Term SOFR rate after June 27, 2023 for the remainder of the term. On September 12, 2024, we terminated one of the interest rate swaps with a notional amount of $1 billion and received $0.2 million. The unrealized gain of $0.2 million included within OCI has been reclassified to earnings during the three and nine months ended September 30, 2024.
During the second quarter of 2023, we modified our Senior Secured Credit Facility to complete the transition of reference rate from LIBOR to SOFR. As a result, our interest rate swap agreements which previously received one-month LIBOR interest were also modified to receive one-month SOFR interest. We utilized the expedients set forth in ASC Topic 848, including those relating to derivative instruments used in hedging relationships. This transition did not result in a financial impact to our consolidated financial statements.
The following table summarizes our interest rate swaps in effect as of September 30, 2024 and December 31, 2023:
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - Continued
(Tabular dollar amounts, except share data and per share data, in millions)

Expi