- **Revenue Resilience**: 3% organic growth in 2024, with Q4 flat due to strategic review distractions and partnership exits.
- **Strategic Shift**: Completing client migrations to modern platforms, enabling ratable revenue and verticalized go-to-market strategy.
- **2025 Growth Drivers**: AI integration (Chat D&amp;B), risk analytics expansion, and 3%-5% organic growth target.
- **Financial Discipline**: 3.6x net leverage, targeting 3.25x by year-end; free cash flow conversion improving to 80%+.
- **Risk Management**: Q1 2025 growth constrained by $9 million pipeline delay, but 2025E revenue range reflects 2.5%-5% growth.


**【CEO Summary Section】**
- **Revenue Growth**: Full year 2024 organic revenue growth of 3%, driven by North America and International segments. Q4 revenue was $632 million, flat year-over-year due to delays in deal closures and exit of nonstrategic partnerships.
- **Strategic Review**: Ongoing process with potential acquisitions or private equity interest; expects resolution in Q1 2025. Distractions from the process impacted Q4 pipeline by $9 million and 2025 revenue by $14 million.
- **Product Migration**: Completed migration of tens of thousands of clients to modern platforms (Finance Analytics, Risk Analytics), enabling ratable revenue growth and improved client retention.
- **2025 Focus**: Verticalized go-to-market strategy, AI integration (e.g., Chat D&amp;B), and expansion in high-growth areas like supply chain, risk, and master data management.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: GAAP net income $8 million (EPS $0.02), adjusted EBITDA $260 million (41% margin). Full year adjusted EBITDA $927 million (+4%), margin 39% (up 30bps).
- **2025 Guidance**: Revenue $2.44-2.50 billion (+2.5%-5%), adjusted EBITDA $955-985 million, adjusted EPS $1.01-1.07. Free cash flow conversion target 80%+.
- **Leverage**: Net leverage 3.6x at year-end, targeting 3.25x by end-2025. Interest rate swaps and term loan repricing reduce interest expense.

**【Q&A Highlights】**
- **Demand Environment**: Strong interest in risk analytics, compliance, and master data solutions. North America pipeline consistent, but Q1 2025 growth constrained by process-related delays.
- **Partnership Exits**: Walked away from $14 million in 2025 revenue to improve EBITDA. Remaining focus on direct client relationships and API-driven solutions.
- **AI Integration**: Chat D&amp;B launched in Q4, with clients leveraging D&amp;B's unique data assets for AI-driven insights. Sales acceleration in master data management (+3%).
- **Margin Outlook**: North America EBITDA margin expected to stabilize as cloud migration costs decline. Full company margin expansion 30-50bps in 2025.


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Dun & Bradstreet (DNB)-1 Aug 24-2024 Q2 Earnings call transcript

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Dun & Bradstreet (DNB)-15 Feb 24-2023 Q4 Earnings call transcript

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Dun & Bradstreet (DNB)-16 Feb 23-2022 Q4 Earnings call transcript

Dun & Bradstreet (DNB)-3 Nov 22-2022 Q3 Earnings call transcript

Dun & Bradstreet (DNB)-6 Aug 22-2022 Q2 Earnings call transcript

Dun & Bradstreet (DNB)-10 May 22-2022 Q1 Earnings call transcript

Dun & Bradstreet (DNB)-16 Feb 22-2021 Q4 Earnings call transcript

Dun & Bradstreet (DNB)-5 Nov 21-2021 Q3 Earnings call transcript

Dun & Bradstreet (DNB)-3 Aug 21-2021 Q2 Earnings call transcript

Dun & Bradstreet (DNB)-5 May 21-2021 Q1 Earnings call transcript

Dun & Bradstreet (DNB)-8 Feb 21-2020 Q4 Earnings call transcript

Dun & Bradstreet (DNB)-8 Nov 20-2020 Q3 Earnings call transcript

Dun & Bradstreet (DNB)-9 Aug 20-2020 Q2 Earnings call transcript

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