Verisk Analytics Inc (VRSK) 2020 Q3 法說會逐字稿

Good day, everyone, and welcome to the Verisk Third Quarter 2020 Earnings Results Conference Call. This call is being recorded. (Operator Instructions)

各位好，歡迎參加Verisk 2020年第三季財報電話會議。本次電話會議正在錄音。 （操作員說明）

For opening remarks and introduction, I would like to turn the call over to Verisk's Head of Investors Relations, Ms. Stacey Brodbar. Ms. Brodbar, please go ahead.

接下來，我將把電話交給Verisk的投資人關係主管Stacey Brodbar女士，請她致開幕詞並作介紹。 Brodbar女士，請開始吧。

Thank you, Jay, and good morning, everyone. We appreciate you joining us today for a discussion of our third quarter 2020 financial results.

謝謝傑伊，大家早安。感謝各位今天蒞臨，與我們共同探討2020年第三季的財務表現。

Today's call will be led by Scott Stephenson, Verisk's Chairman, President and Chief Executive Officer, who will provide an overview of our business. Lee Shavel, Chief Financial Officer, will follow with the financial review. Mark Anquillare, Verisk's Chief Operating Officer, will join the team for the Q&A session.

今天的電話會議將由Verisk董事長、總裁兼執行長Scott Stephenson主持，他將概述公司業務。財務長Lee Shavel隨後將進行財務回顧。 Verisk營運長Mark Anquillare將加入問答環節。

The earnings release referenced on this call as well as the associated 10-Q can be found in the Investors section of our website, verisk.com. The earnings release has also been attached to an 8-K that we have furnished to the SEC. A replay of this call will be available for 30 days on our website and by dial-in.

本次電話會議中提及的獲利報告以及相關的10-Q表格可在我們網站verisk.com的「投資者關係」欄位中找到。該盈利報告也已附在我們提交給美國證券交易委員會（SEC）的8-K表格中。本次電話會議的錄音回放將在我們網站上保留30天，也可透過電話撥入收聽。

Finally, as set forth in more detail in today's earnings release, I will remind everyone that today's call may include forward-looking statements about Verisk's future performance, including, but not limited to, the potential impact of the COVID-19 pandemic. Actual performance could differ materially from what is suggested by our comments today. Information about the factors that could affect future performance is contained in our recent SEC filings.

最後，正如今天發布的財報中更詳細闡述的那樣，我要提醒各位，今天的電話會議可能包含有關Verisk未來業績的前瞻性陳述，包括但不限於COVID-19疫情的潛在影響。實際業績可能與我們今天所作的陳述有重大差異。有關可能影響未來業績的因素的信息，請參閱我們近期提交給美國證券交易委員會（SEC）的文件。

And now I will turn the call over to Scott.

現在我將把電話交給史考特。

Thanks, Stacey, and good day, everyone. I'm glad to be with you today and certainly hope you and your families continue to stay safe and are well in this moment.

謝謝Stacey，大家好。很高興今天能和大家聚在一起，衷心希望您和您的家人此刻一切安好。

At Verisk, we continue to focus on our key priorities to build long-term shareholder value, delivering for our customers through innovation and service while also protecting the health and well-being of our teammates around the globe. To that end, the majority of our offices continue to operate in a Phase 1 format and are available for those employees who have volunteered to work from the office.

在Verisk，我們始終專注於關鍵優先事項，即創造長期股東價值，透過創新和服務為客戶提供卓越價值，同時保障全球團隊成員的健康和福祉。為此，我們的大部分辦公室繼續以第一階段模式運營，並向自願到辦公室辦公的員工開放。

Our Global Protection Services team closely monitors directives from local governments and public health officials around the world and makes real-time decisions to maintain the safety of our people. Over the duration of the pandemic, our teams have proven they can transition efficiently into different work modes with minimal interruption in service to our customers.

我們的全球安全保障服務團隊密切關注世界各地地方政府和公共衛生官員的指令，並即時做出決策，以保障員工安全。在疫情期間，我們的團隊已證明，他們能夠有效率地切換到不同的工作模式，最大限度地減少對客戶服務的干擾。

So while there remains much uncertainty around the pandemic, I have complete confidence that our 9,000-plus teammates at Verisk will navigate through these times effectively and deliver the highest value to our customers as we have in 2020.

儘管疫情仍存在諸多不確定性，但我完全相信 Verisk 的 9000 多名團隊成員能夠有效應對當前形勢，並像 2020 年一樣為我們的客戶創造最大價值。

During the third quarter, our business performed solidly, posting sequential growth from the second quarter in both our subscription and transactional revenues. In addition, we saw improvement in the year-over growth rates of both our non-COVID-sensitive and COVID-sensitive revenues.

第三季度，我們的業務表現穩健，訂閱收入和交易收入均較第二季度實現環比增長。此外，我們的非疫情相關收入和疫情相關收入的年增率均有所提升。

During the quarter, we kept a keen eye on cost by pacing head count growth while also benefiting from the responsiveness of our compensation structure and lower travel expenses. That said, we continue to fully fund investment in our business, including our innovation agenda and the modernization of our computing infrastructure through cloud migration, tokenization of key data assets and the development of cutting-edge data fabric to underlie our analytics solutions.

本季度，我們透過控制員工人數成長來密切關注成本，同時受益於靈活的薪酬結構和較低的差旅費用。儘管如此，我們仍將繼續全力投資業務，包括創新計畫和運算基礎設施的現代化，具體措施包括雲端遷移、關鍵數據資產的代幣化以及開發尖端數據架構，以支撐我們的分析解決方案。

The net result was strong organic constant currency adjusted EBITDA growth and margin expansion. Lee will provide more details on our performance in his financial review.

最終結果實現了強勁的有機成長（以固定匯率調整後）和利潤率提升。 Lee 將在財務回顧中提供更多關於我們業績的詳情。

During the third quarter, we advanced our innovation agenda with the release of new solutions across our verticals.

第三季度，我們透過在各個垂直領域發布新解決方案，推進了我們的創新議程。

In Insurance, we expanded the Verisk Data Exchange with the addition of Ford Motor Company. Owners of Ford and Lincoln vehicles will soon be able to easily access usage-based insurance programs for many of the U.S. auto insurers that connect to the exchange.

在保險領域，我們透過新增福特汽車公司，擴展了 Verisk 資料交換平台。福特和林肯車主很快就能輕鬆存取眾多接入該平台的美國汽車保險公司提供的基於使用量的保險方案。

The Verisk Data Exchange employs advanced proprietary analytics to refine driving telemetry from connected vehicles into normalized, easy-to-use insurance-ready information, including our leading rating and scoring solutions. We are excited to have Ford as part of the exchange and believe their addition will help our insurance customers expand their usage-based insurance programs.

Verisk 資料交換平台採用先進的專有分析技術，將連網車輛的駕駛遙測資料提煉成標準化的、易於使用的保險信息，其中包括我們領先的評級和評分解決方案。我們很高興福特加入該平台，並相信他們的加入將有助於我們的保險客戶擴展其基於使用量的保險計劃。

At FAST, we are very pleased with the success we are having extending and accelerating the adoption of FAST's solutions across our broad customer base. Since we acquired FAST in December, we have seen leading life insurers, including Amica, Kansas City Life, Lincoln Heritage, and Financial and Pacific Life license FAST's SaaS-based software to enable their digital transformation and become more automated and efficient.

在FAST，我們非常高興地看到，我們在廣泛的客戶群中成功推廣並加速了FAST解決方案的應用。自去年12月收購FAST以來，我們看到包括Amica、Kansas City Life、Lincoln Heritage以及Financial and Pacific Life在內的多家領先的人壽保險公司都已獲得FAST基於SaaS的軟體授權，以推動其數位轉型，並提高自動化程度和營運效率。

Finally, in our repair cost estimating solutions, we have launched XactAnalysis Insights, a new add-on feature to our core XactAnalysis platform. This tool uses artificial intelligence and machine learning to create interactive and customizable dashboards that enable our customers with a more holistic view of their claims data. We believe XactAnalysis Insights should help our customers to work more efficiently and effectively as they can more quickly identify trends in their data.

最後，在我們的維修成本估算解決方案中，我們推出了 XactAnalysis Insights，這是我們核心 XactAnalysis 平台的全新附加功能。該工具利用人工智慧和機器學習技術，創建互動式且可自訂的儀錶盤，使我們的客戶能夠更全面地了解其理賠數據。我們相信，XactAnalysis Insights 可以幫助我們的客戶更有效率、更有效地工作，因為他們可以更快地識別資料中的趨勢。

In Energy and Specialized Markets, we continue to make advances with our differentiated analytic platform called Lens and recently released the upstream portfolio optimization module. We are on track and on budget for further releases by year-end, mainly in the areas of power and renewables and upstream carbon emissions.

在能源和專業市場領域，我們持續推進名為 Lens 的差異化分析平台，並於近期發布了上游投資組合優化模組。我們正按計畫推進，並按預算在年底前推出更多產品，主要集中在電力、再生能源和上游碳排放領域。

Despite the softness in the energy end market, we continue to see increased demand from our customers for our Lens platform where our investment has delivered value for our clients and is reflected in increasing contract values and deeper integration into our customers' workflows.

儘管能源終端市場疲軟，但我們仍然看到客戶對我們的 Lens 平台的需求不斷增長，我們的投資為客戶帶來了價值，並體現在不斷增長的合約價值和與客戶工作流程的更深入整合上。

In Financial Services, we launched Merchant Tracker, a unique solution that allows businesses to better understand where consumers are spending and how their sales compare to other merchants. This solution enables business leaders to benchmark themselves on a weekly basis across metrics, including sales and market share versus other named merchants down to the ZIP code level. The data can also differentiate between physical and online sales.

在金融服務領域，我們推出了商家追蹤器（Merchant Tracker），這是一個獨特的解決方案，能夠幫助企業更了解消費者的消費去向，以及自身銷售額與其他商家的對比情況。此解決方案使企業領導者能夠每週對各項指標進行基準測試，包括銷售額和市場份額，並可細化到郵遞區號級別，與其他指定商家進行比較。此外，該數據還能區分實體店銷售和線上銷售。

Merchant Tracker built upon the COVID-19 consumer spending dashboards that we developed in March to help our customers navigate through the early stages of the pandemic. Merchant Tracker is an example of how we are creating new commercial opportunities from the disruption of the pandemic while also delivering for our customers.

Merchant Tracker 是我們基於 3 月開發的 COVID-19 消費者支出儀錶板而打造的，旨在幫助客戶應對疫情初期階段的挑戰。 Merchant Tracker 體現了我們如何在疫情帶來的衝擊中創造新的商業機遇，同時又能為客戶提供優質服務。

On the sales front, our teams have fully embraced digital engagement, and outreach to our customers continues to be robust. We are experiencing increases in call volume in the 60-plus-percent range and continue to benefit from the availability of customers who are still working from home.

在銷售方面，我們的團隊已全面擁抱數位化互動，並持續有效地擴展客戶群。我們的電話量成長超過 60%，並且持續受益於居家辦公客戶的持續活躍。

We recently hosted Verisk Velocity, our signature conference for underwriting and rating, as a fully virtual event this year. The digital format allowed us to expand the concept to feature more industry speakers and to create on-demand access so customers could watch sessions they were interested in at their convenience.

我們近期舉辦了 Verisk Velocity 大會，這是我們在承保和評級領域的標誌性會議，今年我們將其完全改為線上舉辦。數位化形式使我們能夠拓展會議內容，邀請更多產業專家演講，並提供隨選服務，方便客戶隨時隨地觀看有興趣的會議。

The event focused on accelerating the future of insurance and included sessions on the latest emerging issues, including the digitization of insurance, lessons learned from COVID-19, cyber insurance and ransomware, millennials and insurance, social inflation and what it means for insurance and combating racism with ethical artificial intelligence.

這項活動重點在於加速保險業的未來發展，並包括關於最新新興議題的研討會，例如保險數位化、從 COVID-19 中吸取的教訓、網路保險和勒索軟體、千禧世代與保險、社會通膨及其對保險業的影響，以及利用符合倫理的人工智慧打擊種族主義。

We had over 1,900 people register for the conference, which was more than 4x larger than our in-person event last year, and those numbers continue to grow as customers are still accessing the on-demand content. Additionally, we experienced improved representation from our global clients as well as deeper penetration into our customers as we saw more people per account in attendance. Overall, this event was a great success and really reinforces Verisk's position as a thought leader in the industry and a partner for our customers.

本次大會註冊人數超過1900人，是去年線下活動的四倍多，而且隨著客戶持續訪問點播內容，註冊人數還在不斷增長。此外，全球客戶的參與度顯著提高，客戶覆蓋率也更加深入，每個帳戶的參會人數都有所增加。總而言之，本次大會取得了巨大成功，進一步鞏固了Verisk作為業界思想領袖和客戶合作夥伴的地位。

Taken together, all this activity has created increased numbers of sales leads and growing sales pipelines as we partner with our customers to help them become more digitally engaged and connected. We continue to experience a modestly longer sales cycle relative to historic norms that we discussed last quarter and are managing this carefully.

綜上所述，我們與客戶攜手合作，幫助他們提升數位化參與度和互聯互通水平，從而創造了更多銷售線索，並拓展了銷售管道。與上季討論的歷史平均值相比，我們目前的銷售週期略有延長，我們正在謹慎應對。

Putting the customer first is one of the guiding principles at Verisk, and improving our customer experience is a key focus for everyone across the organization. I'm very pleased to share with you that we recently achieved our highest Net Promoter Score in the company's history, a score of 50. This is an improvement of 6 points from last year, which was our then peak score, and reflects an increase in our investment in what we call our customer first program, a solution set of customer experience data, analytic tools and cultural drivers.

客戶至上是Verisk的指導原則之一，提升顧客體驗是公司上下所有員工的首要任務。我非常高興地與大家分享，我們近期取得了公司史上最高的淨推薦值（NPS），達到了50分。這比去年的最高分提高了6分，也反映了我們對「客戶至上」專案的投入不斷增加。該專案是一套包含客戶體驗數據、分析工具和文化驅動因素的解決方案。

Our nearly 40 frontline teams across the organization listened to the voice of our customers, helping us to observe what is important and creating action plans to drive customer value and improve customer loyalty. The meaningful insights we glean from these day-to-day customer interactions and from our growing customer experience's analytical capabilities helps us improve our solutions, highlight important trends across solutions and businesses and alert us to problems. In the COVID moment, putting the customer first is needed more than ever, and our teams across all verticals have stepped up in unique ways to support them.

我們遍佈公司近 40 個第一線團隊認真傾聽客戶的聲音，幫助我們了解客戶真正關心的問題，並制定行動計畫來提升客戶價值和客戶忠誠度。我們從日常客戶互動以及不斷增強的客戶體驗分析能力中獲得的寶貴洞察，幫助我們改進解決方案，凸顯跨解決方案和業務的重要趨勢，並及時發現問題。在新冠疫情期間，客戶至上比以往任何時候都更加重要，我們各個業務部門的團隊都以獨特的方式挺身而出，為客戶提供支援。

On the sustainability front, we continue to make progress on our plan. For the third consecutive year, investments in renewable energy certificates and carbon offsets helped balance 100% of Verisk's CDP-reported scope 1, 2 and 3 emissions. While we've implemented many important energy-saving initiatives during the recent past, investing in renewable energy certificates is a practical option for a company of our size that leases all of its office space.

在永續發展方面，我們持續推進計劃。連續第三年，透過投資再生能源證書和碳抵消，Verisk 已完全抵消了其向 CDP 報告的範圍 1、2 和 3 的碳排放。儘管我們近期實施了許多重要的節能舉措，但對於我們這樣規模且所有辦公空間均租賃的公司而言，投資再生能源證書仍然是一個切實可行的選擇。

Taken together with carbon offsets, the investments represent an immediate step forward, balancing Verisk's greenhouse gas emissions for the near term to a degree that the company could never achieve otherwise. In fact, based on CDP's scope 1 and 2 revenue-based intensity calculation, our 2019 emissions are more than 15% lower now than when we first measured emissions 5 years ago.

結合碳抵銷措施，這些投資代表著一項即時的舉措，在短期內將Verisk的溫室氣體排放量平衡到公司以往無法企及的程度。事實上，根據CDP基於收入的範圍1和範圍2的強度計算，我們2019年的排放量比5年前首次測量排放量時降低了15%以上。

Finally, I'd like to publicly welcome General Vincent Brooks to our Board of Directors. General Brooks joined our Board on October 1 and brings with him more than 4 decades of leadership experience in some of the world's most complex and challenging situations. General Brooks served in the U.S. Army for 42 years from his entry at the West Point until his 2019 retirement as a 4-star General. Most recently, General Brooks was in command of all U.S. forces in Korea where he concurrently led the United Nations Command and the Republic of Korea-U.S. Combined Forces Command, which was comprised of more than 650,000 Korean and American soldiers.

最後，我謹代表董事會正式歡迎文森特·布魯克斯將軍加入我們的董事會。布魯克斯將軍於10月1日加入董事會，他擁有超過40年的領導經驗，曾在世界上一些最複雜、最具挑戰性的環境中任職。布魯克斯將軍在美國陸軍服役42年，從西點軍校畢業至2019年以四星上將的軍階退役。最近，布魯克斯將軍擔任駐韓美軍總司令，同時兼任聯合國軍司令部和韓美聯合司令部司令，該司令部下轄超過65萬名韓美士兵。

I'm confident that as a member of our Board of Directors, General Brooks will reinforce Verisk's culture of operational excellence, and his experience and guidance will be instrumental as we work in complex global-scale environments. General Brooks becomes the fourth new director to our Board in the past 5 years -- in the past 4 years.

我相信，布魯克斯將軍作為董事會成員，將進一步鞏固維瑞斯克卓越營運的企業文化，他的經驗和指導對於我們在複雜的全球環境中開展工作至關重要。布魯克斯將軍是過去五年（或過去四年）中加入我們董事會的第四位新董事。

So now let me turn the call over to Lee to cover our financial results.

現在我把電話交給李，讓他來介紹我們的財務表現。

Thank you, Scott. First, I would like to bring to everyone's attention that we have posted a quarterly earnings presentation that is available on our website.

謝謝你，斯科特。首先，我想提醒大家，我們已經在網站上發布了季度財報。

Moving to the financial results for the third quarter. On a consolidated and GAAP basis, revenue grew 7.6% to $703 million while net income and earnings per share increases reflected a $125 million litigation reserve and $29 million acquisition-related earn-out expense in the prior period that did not reoccur.

接下來來看看第三季的財務業績。以合併報表和美國通用會計準則計算，收入增長7.6%至7.03億美元，而淨利潤和每股收益的增長反映了上一季度計提的1.25億美元訴訟準備金和2900萬美元收購相關或有收益支出，這些支出在本季度並未再次發生。

Moving to our organic constant currency results adjusted for nonoperating items as defined in the non-GAAP financial measures section of our press release. We are very pleased with our operating results, considering the impact from COVID-19. Normalized for the $8 million revenue impact of the injunction on roof measurement solutions, organic constant currency grew 4.9%.

接下來是經非經營性項目調整後的有機成長績效（具體定義請見新聞稿中的非GAAP財務指標部分）。考慮到新冠疫情的影響，我們對目前的經營業績非常滿意。剔除屋頂測量解決方案禁令造成的800萬美元收入損失後，有機成長（以固定匯率計算）為4.9%。

The third quarter of 2020 was the final quarter of any material organic impact from the injunction. In the third quarter, our non-COVID-sensitive revenues, as we defined last quarter, grew approximately 7.8% on an organic constant currency basis and normalized for the injunction, which was an improvement from the 6.5% growth in the second quarter. This sustained growth in our non-COVID-sensitive revenues, representing approximately 85% of our total revenues, reflects the durability and resilience of our primarily subscription-based business model.

2020年第三季是禁令對公司有機成長產生實質影響的最後一季。第三季度，我們上季定義的非新冠疫情敏感收入，以有機成長和固定匯率計算，並剔除禁令的影響後，成長約7.8%，高於第二季的6.5%。這一非新冠疫情敏感收入的持續成長（約占公司總收入的85%）體現了我們以訂閱模式為主的商業模式的穩健性和韌性。

We did continue to experience, as we did in the prior quarter, a negative impact from COVID-19 on certain of our products and services, largely transactional in nature, which represent the balance or approximately 15% of our consolidated revenues. These COVID-sensitive revenues declined approximately 10% on an organic constant currency basis during the third quarter, which was an improvement from the 20% decline in the second quarter and reflects improvements in all 3 of our segments as the underlying causal impacts began to diminish and some of the pressure on our revenues abated, though the pace of the recovery varies across the solutions.

與上一季一樣，我們部分產品和服務（主要為交易型產品和服務）繼續受到新冠疫情的負面影響，這些產品和服務約占我們合併收入的15%。第三季度，這些受疫情影響的營收以固定匯率計算下降了約10%，較第二季的20%降幅有所改善。這反映出隨著疫情的根本影響逐漸減弱，我們所有三個業務板塊的業績均有所改善，收入壓力也有所緩解，儘管不同業務板塊的復甦速度有所不同。

For example, we have seen a rebound in our commercial underwriting surveys as our field staff is now allowed to enter buildings. And we have also seen improvements in trends across personal auto. On the energy side, we have seen a more modest improvement as CapEx budgets at our customers continue to be under pressure, affecting our consulting business.

例如，隨著我們的現場工作人員獲準進入辦公大樓，我們的商業承保調查業務出現了反彈。個人汽車保險業務的趨勢也有所改善。能源方面，由於客戶的資本支出預算持續承壓，影響了我們的諮詢業務，因此我們看到的改善較為溫和。

Despite the impact on revenue in the third quarter, we are pleased to report that we delivered strong EBITDA growth and expanded margins as the result of effective expense and head count management. Organic constant currency adjusted EBITDA growth normalized for the injunction was 17.7% in the third quarter.

儘管第三季營收受到影響，但我們很高興地報告，由於有效的費用和人員精簡管理，我們實現了強勁的 EBITDA 成長和利潤率提升。經禁令調整後，第三季有機 EBITDA 成長率（以固定匯率計算）為 17.7%。

Total adjusted EBITDA margin, which includes both organic and inorganic revenue and adjusted EBITDA, was 52.1% in the quarter, representing strong leverage across the business. This margin level includes roughly 140 basis points of benefit from lower travel expenses but also reflect substantial investment in our business and infrastructure, including our cloud transition costs.

本季調整後總 EBITDA 利潤率（包括內生性和非內生性收入及調整後 EBITDA）為 52.1%，反映了公司整體業務的強勁槓桿效應。此利潤率水準包含約 140 個基點的差旅費用降低所帶來的收益，同時也反映了公司在業務和基礎設施方面的大量投資，包括雲端遷移成本。

On that note, let's turn to our segment results on an organic constant currency basis and normalized for the injunction.

說到這裡，讓我們來看看以固定匯率計算並根據禁令進行標準化後的各業務板塊業績。

Insurance segment revenues increased 7%, reflecting healthy growth in our industry-standard insurance programs, catastrophe modeling solutions and repair cost estimating solutions. We experienced a modest benefit from storm-related revenues as a result of a more normal hurricane season in 2020 as compared to the very slow season in 2019. This was offset in part by a decline in certain transactional revenues that were negatively impacted by COVID-19. Adjusted EBITDA grew 19.8% in the third quarter, demonstrating strong margin expansion despite certain revenue declines and investment in our breakout areas.

保險業務收入成長7%，反映出我們行業標準保險項目、災害建模解決方案和維修成本估算解決方案的穩健成長。由於2020年颶風季較2019年較為平靜的颶風季更為正常，我們從風暴相關收入中獲得了一定的收益。但部分收益被受新冠疫情影響的交易收入下降所抵銷。第三季調整後EBITDA成長19.8%，顯示儘管部分營收下降以及我們在重點領域的投資，利潤率仍實現了強勁成長。

Energy and Specialized Markets revenue decreased 1% in the third quarter due to declines in consulting and implementation projects. We were very pleased to see continued growth in our subscription-based core research and data analytic platforms, environmental health and safety service solutions and weather analytics solutions, resulting in outperformance relative to the end market. We believe our strong performance is a function of the criticality of our solutions, the diversification of our revenue streams into breakout areas like the energy transition practice and the strength of our relationships in the industry.

由於諮詢和實施項目減少，能源和專業市場業務第三季收入下降了1%。我們非常高興地看到，基於訂閱的核心研究和數據分析平台、環境健康與安全服務解決方案以及氣象分析解決方案持續成長，業績優於終端市場。我們認為，強勁的業績得益於我們解決方案的關鍵性、收入來源多元化發展至能源轉型等新興領域，以及我們在業界建立的穩固關係。

Despite the revenue declines, adjusted EBITDA grew 10.7% in the third quarter driven by strong operational controls and modest actions taken during the second quarter to reduce head count to be more balanced with the current level of consulting [activity].

儘管收入下降，但第三季度調整後的 EBITDA 增長了 10.7%，這得益於強有力的運營控制以及第二季度採取的適度措施，即減少員工人數，以更好地與當前的諮詢[活動]水平保持平衡。

We continue to closely monitor and partner with our energy customers as they navigate through this tough operating environment with a particular focus on consolidation in the upstream space. We have a track record of managing through these times effectively. Additionally, we now have the tools to capitalize on the commercial opportunity that consolidation brings through our cost intelligence solutions, which utilize our proprietary data assets to help identify cost-saving opportunities and reduce spending for these companies.

我們將繼續密切關注並與能源客戶攜手合作，協助他們應對當前嚴峻的經營環境，特別關注上游領域的整合。我們擁有成功應對此類挑戰的豐富經驗。此外，我們現在擁有相應的工具，能夠透過我們的成本情報解決方案，充分利用整合帶來的商業機會。該解決方案利用我們專有的數據資產，幫助這些公司識別節省成本的機會並降低支出。

Financial Services revenue increased 1.6% in the quarter driven by growth in subscription revenues. This was offset in part by declines in our spend-informed analytics solutions stemming from COVID-19 and reduced levels of advertising. We continue to focus on building a more stable and recurring revenue base for this business.

本季金融服務收入成長1.6%，主要得益於訂閱收入的成長。但受新冠疫情和廣告支出減少的影響，我們基於支出狀況的分析解決方案收入有所下降，部分抵消了這一增長。我們將繼續致力於為該業務建立更穩定、更具持續性的收入基礎。

Adjusted EBITDA increased 3.7% for the quarter, reflecting cost discipline. Total adjusted EBITDA margins declined in the quarter as a result of portfolio actions we closed earlier in the year.

本季調整後 EBITDA 成長 3.7%，反映了成本控制方面的成效。由於年初完成的投資組合調整，本季調整後 EBITDA 總利潤率有所下降。

Our reported effective tax rate was 22.6% for the quarter compared to 15.5% in the prior year quarter. The quarterly rate came in lower than our expectations, owing to increased levels of stock option exercise, which depend on personal employee decisions and the Verisk stock price. Looking forward, we now expect that our full year tax rate for 2020 will be between 20% and 22%.

本季實際稅率為22.6%，去年同期為15.5%。由於員工行使股票選擇權的幅度增加（這取決於員工的個人決定和Verisk的股價），本季稅率低於預期。展望未來，我們預計2020年全年稅率將在20%至22%之間。

Adjusted net income was $218 million, and diluted adjusted EPS was $1.32 for the third quarter of 2020, up 17.2% and 17.9% from the prior year, respectively. These increases reflect solid top line growth, cost discipline in the business, a reduction in travel expenses as a result of COVID-19 and a lower average share count.

2020年第三季度，經調整淨利為2.18億美元，稀釋後經調整每股收益為1.32美元，分別較上年同期成長17.2%及17.9%。這些成長反映了穩健的營收成長、業務成本控制、受新冠疫情影響的差旅費用減少以及平均流通股數量下降。

Net cash provided by operating activities was $207 million for the quarter, down 3% from the prior year period primarily due to a deferral of federal income tax payment under the CARES Act from the second quarter of 2020 to the third quarter of 2020 partially offset by the deferral of certain employer payroll taxes as well as higher customer collections and a reduction in travel payments as a result of COVID-19.

本季營運活動產生的淨現金為 2.07 億美元，比上年同期下降 3%，主要原因是根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 將聯邦所得稅的繳納期限從 2020 年第二季度推遲到 2020 年第三季度，部分被銷售稅單的推遲支付、客戶稅的延遲支付、客戶稅額增加以及因新旅費而導致的費用減少而導致費用減少。

Capital expenditures were $65 million for the quarter, up 6.8% from the prior year period. CapEx represented 9.2% of total revenues in the quarter, reflecting some leasehold improvement expenditures associated with our office consolidations in Boston and London. We continue to expect capital expenditures to decline as a percentage of revenues.

本季資本支出為6,500萬美元，較上年同期成長6.8%。資本支出佔本季總收入的9.2%，主要反映了與我們在波士頓和倫敦的辦公室整合相關的部分租賃物業裝修支出。我們仍預期資本支出佔收入的比例將會下降。

For 2020, we expect CapEx to be in the previously provided range of $215 million (sic) [$250 million] to $270 million, as investing in our business and our people continues to be our highest priority.

2020 年，我們預計資本支出將維持在先前公佈的 2.15 億美元（原文如此）[2.5 億美元] 至 2.7 億美元範圍內，因為投資於我們的業務和員工仍然是我們的首要任務。

Related to CapEx. We continue to fix -- we continue to expect fixed asset depreciation and amortization to be within the range of $185 million to $195 million and intangible amortization to be approximately $165 million in 2020.

與資本支出相關。我們繼續做出調整——我們仍然預計2020年固定資產折舊和攤銷將在1.85億美元至1.95億美元之間，無形資產攤銷約為1.65億美元。

During the third quarter, we returned $94 million in capital to shareholders through share repurchases and dividends. And I'm pleased to report that our Board of Directors has approved a $0.27 per share dividend for the fourth quarter to be paid in December.

第三季度，我們透過股票回購和分紅向股東返還了9,400萬美元的資本。我很高興地宣布，董事會已批准第四季每股派息0.27美元，並將於12月支付。

I also want to note progress with the integration and sales momentum of our recent acquisitions, including FAST, BuildFax and Genscape. On the revenue side, while still early, we are seeing success selling these solutions into our broad customer base and are innovating new products and enhancing existing ones by incorporating the data sets into our solutions.

我還想指出，我們近期收購的FAST、BuildFax和Genscape等公司在整合和銷售方面取得了進展。在營收方面，雖然目前還處於早期階段，但我們已經看到這些解決方案在廣泛的客戶群中銷售取得了成功，我們正在透過將資料集整合到現有解決方案中來創新產品並改進現有產品。

On the cost side, we are experiencing synergies consistent with our expectations at the time of the deals as integrations are moving smoothly. We're monitoring these acquisitions carefully and supporting the management teams to ensure that we are generating a solid return on invested capital.

在成本方面，由於整合進展順利，我們目前正經歷與交易時預期相符的綜效。我們正在密切關注這些收購項目，並為管理團隊提供支持，以確保我們獲得穩健的投資回報。

As we detailed last quarter, we continue to believe that the collective causal factors from COVID-19 represent pressure on achieving our 7% long-term growth objective in 2020. However, we remain confident they do not represent a structural change in our fundamental growth drivers and believe that as the underlying causal factors abate, we will show strong resilience in recovery. Each of these causal factors has its own recovery curve, making it difficult to predict the duration of the impacts to our revenue growth.

正如我們上季度所詳述的那樣，我們仍然認為，新冠疫情帶來的各種綜合影響因素對我們2020年實現7%的長期成長目標構成壓力。然而，我們依然相信，這些影響因素不會改變我們根本的成長驅動力，並相信隨著這些潛在影響因素的減弱，我們將展現出強勁的復甦韌性。由於每個影響因素的復甦曲線各不相同，因此難以預測其對我們收入成長的影響持續時間。

We continue to have confidence in our ability to manage the cost structure effectively and delivering -- and deliver operating leverage while also continuing to invest in our innovation agenda. While we restrict head count growth at the outset of the pandemic, with improving revenue dynamics more recently, we have begun to partially release deferred hiring restrictions. That said, we are watching the environment carefully and will calibrate head count growth accordingly to protect profitability.

我們仍對有效管理成本結構和實現獲利的能力充滿信心，並能在持續投資創新議程的同時，提升營運槓桿。疫情初期，我們限制了員工人數成長，但隨著近期收入狀況的改善，我們已開始逐步解除先前延後的招募限制。儘管如此，我們仍將密切關注市場環境，並根據實際情況調整員工人數成長，以確保獲利能力。

While this -- taking this all together, we continue to believe that the stability of our subscription revenues, along with our core operating leverage, driven by the responsiveness of our compensation structure and cost discipline, will continue to support revenue and EBITDA growth in 2020.

綜上所述，我們仍然相信，訂閱收入的穩定性，以及我們核心營運槓桿（由我們靈活的薪資結構和成本控制驅動），將繼續支持 2020 年的收入和 EBITDA 成長。

We hope this provides some useful context to you, and we look forward to addressing your questions. We continue to appreciate all the support and interest in Verisk.

希望以上資訊對您有所幫助，我們期待解答您的疑問。我們衷心感謝大家對 Verisk 的支持與關注。

(Operator Instructions)

（操作說明）

With that, I'll ask the operator to open the line for questions.

這樣，我就可以請接線生開通提問專線了。

(Operator Instructions) Our first question comes from the line of Toni Kaplan from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的東尼卡普蘭。

Your Insurance margins have been exceptionally strong this year. And I know you've talked about T&E savings and comps, et cetera. Should we be thinking of 2019 as the normal baseline year and you'll expand from there? Or has there been a permanent step-up this year, if you take out some of the temporary COVID impacts? Maybe you could go through some of what you saw this quarter to just help us think about what a normal baseline looks like.

今年貴公司的保險利潤率表現異常強勁。我知道您也談到了差旅費節省和可比較公司等因素。我們是否應該將2019年視為正常的基準年，並以此為基礎進行拓展？或者，如果剔除新冠疫情帶來的部分暫時性影響，今年的利潤率是否已經實現了永久性成長？或許您可以詳細介紹一下本季的情況，幫助我們更能理解正常的基準線是什麼樣的。

Yes. Thank you, Toni. I appreciate the question. And as always, when we talk about margins across the enterprise as a whole and even within -- just within the Insurance segment, there are a lot of factors that are going into this.

是的，謝謝你，托尼。我很感謝你的提問。像往常一樣，當我們談到整個企業的利潤率，甚至只是保險業務板塊內部的利潤率時，都涉及到許多因素。

I think if we can think about it on one level, in the third quarter, the exceptional margin expansion was a function of, in part, the COVID-19 environment, meaning that we did see a larger reduction in expenses owing to travel and entertainment and some compensation costs relative to the revenue growth trend and chain. So that was certainly an element that contributed.

我認為，如果我們從某個層面來看待這個問題，第三季度利潤率的顯著提升部分是由於新冠疫情的影響，這意味著相對於營收成長趨勢和連鎖效應，我們在差旅、招待以及部分薪酬成本方面確實出現了更大幅度的支出下降。因此，這無疑是促成利潤成長的因素。

Our view is that there may be some permanent benefits from that as we look at the way we orient our -- or size our travel and entertainment activities. There may be some permanent benefits in terms of longer-term real estate expense savings. And so I think that there is some permanent element of that, that we achieved.

我們認為，當我們重新審視旅行和娛樂活動的安排或規模時，這或許會帶來一些永久性的好處。長遠來看，這或許能節省一些房地產支出。因此，我認為我們確實取得了一些永久性的成果。

So that's kind of the COVID dimension. There is another dimension in the margins in Insurance, which reflect the contribution of our aerial imagery business, the Geomni business, on to Vexcel. And so there was a substantial reduction in expenses and, if you will, EBITDA margin benefit from that transaction. That did represent a permanent improvement across Insurance as a whole. And so that is certainly a -- what we would expect is a permanent benefit. I think those are the larger pieces.

這就是新冠疫情帶來的影響。保險業務的利潤率還有另一個影響因素，它反映了我們空拍影像業務（即Geomni業務）併入Vexcel後的貢獻。因此，這項交易大幅降低了支出，並顯著提高了EBITDA利潤率。這確實代表了整個保險業務的永久性改善。因此，這無疑是一項──我們預期會持續帶來的利益。我認為以上是比較重要的面向。

We also had in the quarter, and particularly -- some particular strength in our AIR catastrophe modeling business that was helpful with some stronger transactional revenue and some other business-related things. The storm revenue in the claims business probably also boosted margin a little bit higher.

本季度，我們的AIR災害建模業務表現尤為強勁，帶動了交易收入和其他業務相關指標的成長。理賠業務中的風暴收入可能也略微提升了利潤率。

But I think your thesis is correct. There are some permanent elements to that. We're going to try to manage the recovery of expenses, particularly T&E and head count [through] the recovery here, in a way to continue to allow that operating leverage to be reflected to it. But there are going to be some permanent benefits. Hopefully, that captures it.

但我認為你的論點是正確的。這其中確實存在一些永久性因素。我們將努力控制費用的恢復，特別是差旅費和人員編制方面的費用，並盡可能讓營運槓桿效應繼續發揮作用。但也會有一些永久性的益處。希望我的解釋夠清楚。

I do think -- I want to end by saying that I think looking at 2019, it is a legitimate reference point. We do think that the levels that we will achieve in 2020 reflects some exceptional benefits. But we will be looking at our margins, I think, in 2021 relative to 2019 as a more normalized base.

最後我想說的是，我認為以2019年為參考點是合理的。我們相信2020年能夠達到的水平將帶來一些顯著的效益。但我認為，我們會以2019年為基準，以更正常化的方式看待2021年的利潤率。

Got it. Very helpful. And then for my follow-up, wanted to ask about energy. The organic growth improved versus second quarter despite the really difficult comp. Obviously, COVID had probably moderate a little bit, but the CapEx spending in the energy industry is still tough, as you've mentioned. Just help us out with how you're thinking about whether you could see growth in that segment in 2021, just given that 2020 was so challenging. Just talk about how you see energy playing out.

明白了，很有幫助。接下來我想問能源方面的問題。儘管去年同期基數很高，但有機成長較第二季有所改善。當然，新冠疫情的影響可能有所緩解，但正如您所說，能源產業的資本支出仍面臨挑戰。鑑於2020年如此艱難，您認為2021年該領域能否成長？請談談您對能源產業未來發展的看法。

Sure. So Toni, the way that I would approach it is, first, with regard to the Wood Mackenzie component of that, that we are experiencing 2 dimensions. One, of course, the consulting element where from a COVID-sensitive perspective and with the challenges that the industry is facing, that's where we're feeling the pressure as reflected in kind of the COVID-sensitive revenues. And so it's difficult to predict on how that energy sector will continue to experience that and reflect it. So I think we're expecting some level of that to persist into 2021.

當然。東尼，我的看法是，首先，就伍德麥肯茲的業務而言，我們面臨兩個層面的問題。其次，當然是諮詢業務，從新冠疫情的角度來看，鑑於整個行業面臨的挑戰，我們感受到了這方面的壓力，這體現在我們受疫情影響較大的收入上。因此，很難預測能源產業將如何繼續受到疫情的影響並反映在最終結果上。所以我認為，這種情況可能會持續到2021年。

On the subscription side, I think as we've said, we've continued to see growth in that portion of the business that has been bolstered by the investment that we've made in Lens and the perceived quality of that product platform and our ability to continue to grow subscription levels. There are some impacts from consolidation within the industry that will have a negative impact going into 2021. But we still expect from an organic standpoint to see contributions to growth from that.

在訂閱業務方面，正如我們之前所說，我們持續看到這部分業務的成長，這得益於我們對Lens平台的投資、該產品平台的良好口碑以及我們持續提升訂閱用戶數量的能力。產業整合帶來的一些影響將在2021年產生負面影響。但我們仍然預期，從內生成長的角度來看，訂閱業務仍將為整體成長做出貢獻。

The other element, the under -- the other element is going to be in our PowerAdvocate business. 2020 reflected a transition from a great 2019 where we had a lot of new projects and implementation revenue that came out as we move to more subscription revenue for some of those pieces. We do think the contribution in 2020 from that business will be stronger in 2021 as they have rebuilt the pipeline, and that should continue to grow as well.

另一個關鍵因素，也就是我們的 PowerAdvocate 業務。 2020 年標誌著我們從 2019 年的良好勢頭中過渡過來，2019 年我們有很多新項目和實施收入，而隨著部分業務轉向訂閱收入模式，這些收入也隨之增加。我們認為，隨著 PowerAdvocate 業務重建，其在 2020 年的貢獻將在 2021 年更加強勁，並且應該會繼續成長。

So I will end by saying we continue, over the long term, to believe that the entire Energy and Specialized Markets component of the business has the potential to deliver growth consistent with our organic constant currency growth targets of 7%. That will vary from year-to-year.

最後我想說，從長遠來看，我們仍然相信整個能源和專業市場業務板塊有潛力實現與我們7%的有機固定匯率成長目標一致的成長。當然，這目標每年都會有所不同。

We're obviously experiencing pressures within this environment, but we do believe that the business as a whole can deliver on that.

我們顯然在這種環境下感受到了壓力，但我們相信公司整體上能夠克服這些壓力。

And Lee, I just want to make a general point around that specific point. And Toni, good to hear from you. So we can always observe the relative impact of the macro environment at any given moment and -- which I think is the basis of your question, and there is some impact that Lee was talking. But another thing which is true about our business, and I wanted to make this point, it actually relates to everything we do, is that we consistently grow faster than the underlying markets that we serve.

李，我只想就你剛才提到的具體問題再補充一點。東尼，很高興收到你的來信。我們可以隨時觀察宏觀環境的相對影響——我認為這才是你問題的癥結所在，李剛才也提到了一些影響。但關於我們的業務，還有一點是毋庸置疑的，我想強調這一點，它實際上與我們所做的一切都息息相關，那就是我們的成長速度始終高於我們所服務的潛在市場。

And the reason is a combination of what it is we do, which is fundamentally helping them become more data analytic, which is the direction of travel anyway. And actually, in the COVID moment, many companies really, really have discovered their need to accelerate their rates of digitization and deepen their data analytics. So that's the first point.

原因在於我們所做的工作本身，即幫助他們變得更加重視數據分析，而這本身也是發展趨勢。事實上，在新冠疫情期間，許多公司真正意識到需要加快數位化進程並深化數據分析。這是第一點。

And the second point is the rate at which we grow is really going to be strongly a function of how much value and increased value we're able to bring to our customers. So there is definitely a relationship to the macro environment. No question about it. But what I wanted to emphasize was, we always feel that we have the opportunity to increase the value that we bring to our customers, and that does get reflected in how much of their increased value they share with us even in a relatively difficult market.

第二點是，我們的成長速度其實很大程度取決於我們能為客戶創造多少價值，以及價值的提升幅度。因此，它與宏觀環境肯定存在關聯，這一點毋庸置疑。但我想要強調的是，我們始終認為我們有機會提升為客戶創造的價值，而這一點也體現在客戶願意與我們分享的增值部分上，即使在相對艱難的市場環境下也是如此。

That's kind of the underlying story there actually.

這其實就是事情的根本。

Next question comes from the line of Andrew Steinerman from JPMorgan.

下一個問題來自摩根大通的安德魯·斯坦納曼。

Lee, I wanted to jump more into the third quarter margins, both question on T&E and incentive compensation. Are you able to call out the temporary margin benefit from cash incentive compensation during COVID, this is for the third quarter, like you did for the second quarter? I think there was 100 basis point figure back in the second quarter.

李，我想更深入地探討一下第三季的利潤率，包括差旅費和激勵性薪酬方面的問題。您能否像分析第二季度一樣，指出新冠疫情期間現金激勵性薪酬帶來的暫時性利潤率提升？我記得第二季提到100個基點。

And then the second part of my question is when thinking about the 140 basis points of benefit that you called out for the third quarter from T&E, is there a sense with the company that sales productivity has been strong enough and you could quantify how much of that 140 basis points of benefit in the third quarter will remain an ongoing benefit, meaning not as much travel will rebound even post-COVID?

那麼，我的第二個問題是，考慮到您提到的第三季度差旅費用帶來的 140 個基點收益，公司是否認為銷售效率已經足夠強勁，並且您可以量化第三季度這 140 個基點收益中有多少會持續下去，這意味著即使在新冠疫情之後，差旅收入也不會像之前那樣大幅回升？

Thank you, Andrew. So first, to answer the first part of your question, we estimate that the impact of incentive compensation change was about 40 basis points relative to the 140 basis points of T&E benefit. And that's just looking at the third quarter on a year-over-year basis. So that would be the -- I think the number that you were looking for on the compensation front.

謝謝你，安德魯。首先，回答你問題的第一部分，我們估計激勵性薪酬變化的影響約為40個基點，而差旅津貼的影響約為140個基點。這只是基於第三季同比數據得出的結果。所以，我想這應該就是你在薪資方面想要了解的數字。

With regard to your second question, I would say it's still too early for us to associate the productivity on the sales side, which Scott described and I think we're all very pleased with, to how we calibrate our T&E expectations looking ahead.

關於你的第二個問題，我認為現在就將斯科特描述的銷售方面的生產力（我認為我們都對此非常滿意）與我們如何調整未來的差旅費用預期聯繫起來還為時過早。

I think there are 2 levels. One, from a financial perspective, we obviously want to manage that in a way that we continue to see the operating leverage within the business. But the other dimension, and clearly the more important dimension, is what we want to see from our customers and to what degree is it important to them that we are engaged with them face-to-face.

我認為有兩個層面。首先，從財務角度來看，我們當然希望以一種能夠繼續保持業務營運槓桿的方式來管理它。但另一個層面，也是明顯更重要的層面，是我們希望從客戶身上獲得什麼，以及他們有多重視我們與他們面對面的互動。

This is a business where we think that we benefit from that. We're obviously doing well within this environment and that productivity is up. But at the end of the day, we need to make certain that we are interacting with our clients in a way that is most effective for them and for us.

我們認為，在這個行業中，我們能從中受益。顯然，我們在這種環境下發展良好，生產力也提高了。但歸根究底，我們需要確保與客戶的互動方式對雙方都最有效。

So we'll follow their lead. I do think that that's going to be a gradual process, and we'll have the ability to calibrate that. But that would be the way I would say we are thinking about it, and it's too early for us to quantify or define what we think the permanent -- potential permanent benefit from the T&E perspective is.

所以我們會聽從他們的做法。我認為這將是一個循序漸進的過程，我們有能力進行調整。但這就是我們目前的思考方式，現在就量化或定義我們認為從差旅和評估角度來看的潛在長期收益還為時過早。

Right. You do think when you quantify it, it will be material, you're just not ready to quantify it yet, right?

對。你認為一旦量化，它就具有實質意義，只是你現在還沒準備好量化它，對吧？

Yes. Well, I mean, I think there's a certain unknowable quality to it. I think we'll know it when we see it kind of experienced over time, kind of -- as Toni indicated, kind of looking at over a period of time, perhaps as we look at travel and entertainment as a percentage of our revenue, is maybe one way for us to gauge it.

是的。嗯，我的意思是，我認為這其中確實存在某種不可知的因素。我想，只有隨著時間的推移，當我們親身經歷之後，才能真正了解它——就像托尼指出的那樣，通過一段時間的觀察，或許我們可以把旅遊和娛樂支出佔總收入的百分比作為衡量標準。

But I think it's undeniable that having been through this experience that we will -- we have the scope to think about the degree to which we're spending on that relative to revenues and have other ways and more efficient means to interact with our customers. But it will be something that we're tracking and hence, by tracking, be able to manage more effectively.

但我認為，在經歷這次事件之後，我們無疑會意識到，我們有能力思考我們在這方面的支出相對於收入的比例，並找到其他更有效率的方式來與客戶互動。我們會持續追蹤相關數據，並透過追蹤來更有效地管理。

Then -- and maybe a word of context around that, which is we are actually, right now, in the early stages of envisioning what will our physical plant look like over longer periods of time. And I'm certain that all of our customers are doing the same thing.

然後——或許需要補充一點背景資訊——我們目前實際上還處於構思我們工廠未來長期發展藍圖的早期階段。我相信我們所有的客戶也在做同樣的事情。

And so in the future state, that person, she or he, that one of our people needs to encounter in a deep way, where will they be? I mean in the same way that we are considering exactly how dense our physical space -- we will definitely have physical space, but how dense will it be? Where will it be? We're asking those questions right now. Our customers are as well.

所以，在未來，我們團隊需要深入接觸的那個人（無論男女），會在哪裡呢？我的意思是，就像我們正在思考我們的物理空間究竟有多密集一樣——我們肯定會擁有物理空間，但它的密度會有多高？它會在哪裡？我們現在就在思考這些問題。我們的客戶也在思考這些問題。

So I think Lee's answer is exactly correct because we can't presume on the decisions that our customers are going to make. And yet, we will want to encounter them deeply. They will want to encounter us deeply. And so we're just going to figure it out with them basically, but that will emerge over time.

所以我認為Lee的回答完全正確，因為我們無法預測客戶會做出怎樣的決定。然而，我們又希望與他們建立深入的聯繫，他們也希望與我們建立深入的聯繫。所以，基本上我們需要和他們一起摸索，但這需要時間。

Thank you, Andrew.

謝謝你，安德魯。

Next question comes from the line of Alex Kramm from UBS.

下一個問題來自瑞銀集團的 Alex Kramm。

You mentioned in your prepared remarks some comment -- you made some comments on digitization. And I think you just brought it up again when -- to Toni's question. Can you go a little bit deeper in terms of what you're hearing from your clients, specifically how COVID has maybe changed their appetite to revisit their processes? And what areas there may be the most new demand for products or digitizing total processes, and obviously, how it can help as this post-COVID world plays out? I know that's a loaded question.

您在事先準備好的發言稿中提到了一些關於數位化的內容。我想您在回答托尼的問題時又再次提到了這一點。您能否更深入地談談您從客戶那裡了解到的情況，特別是新冠疫情可能如何改變了他們重新審視自身流程的意願？哪些領域對產品或流程數位化的需求可能最大？顯然，在後疫情時代，數位化又將如何發揮作用？我知道這是一個很有挑戰性的問題。

Yes. No, thanks, Alex. Mark, do you want to make some observations from the insurance world?

是的。不，謝謝，亞歷克斯。馬克，你想談談保險業的一些看法嗎？

Yes, absolutely. Thanks for the question. I think what we're all saying is that our customers need to make sure they operate as effectively in this post-COVID world as they did in the past. And that digital engagement with their policyholders is hugely important, whether that's on the underwriting side or on the claims side.

是的，當然。謝謝你的提問。我認為我們想表達的都是，我們的客戶需要確保他們在後疫情時代也能像過去一樣高效運作。而與保單持有人的數位化互動至關重要，無論是在承保方面還是理賠方面。

So the things that we've seen become kind of very important to insurers is some of the things we've talked about in the past. So to the extent you think about adjudicating a claim, we have a tool that we gave away free during the pandemic, at least the early stages.

所以，我們看到對保險公司來說變得非常重要的一些事情，也是我們過去討論過的一些內容。例如，在理賠過程中，我們有一個工具，在疫情期間（至少在初期階段）是免費提供的。

And what it does is it allows that adjuster to sit at his desk and do a desktop adjustment, meaning actually adjudicate claim by interacting with the policy holder, taking pictures, taking videos, taking that measurement from inside those pictures and developing repair cost estimates so that the contractor can get out and fix the property at the same time the policyholder gets the payment from -- or the contractor gets the payment from the claim supplier.

它的作用是讓理賠員坐在辦公桌前進行桌面理賠，也就是透過與投保人互動、拍照、錄影、從照片中測量數據並製定維修成本估算來實際裁定索賠，以便承包商可以出去修理財產，同時投保人可以從理賠機構獲得付款，或者承包商可以從理賠機構獲得付款。

On the underwriting side, very similarly, we have tools that have helped them digitally engage. If you're going to go underwrite a commercial building or a very high-value home, you want to go out and see it. Now that's difficult. And what I think key is all of these insurers attempting to do that from their desktop, interact with the policyholders and have them walk around the home or walk around the property.

在核保方面，情況也非常相似，我們擁有一些工具來幫助他們進行數位互動。如果你要承保一棟商業大樓或一棟價值極高的住宅，你絕對想親自去實地查看。但這很難做到。我認為關鍵在於，所有這些保險公司都在嘗試透過電腦與投保人互動，讓他們實地參觀房屋或物業。

And finally, it takes a form of automation, right? People are looking to automate that co-process. So anything we can do, we refer to it as LightSpeed, to bring all that data forward so that they're able to quickly and efficiently provide a quote using public information, using proprietary information. That is the digital engagement that we're experiencing.

最後，這需要某種形式的自動化，對吧？人們正在尋求自動化這種協同流程。因此，我們所做的一切，我們稱之為「光速」（LightSpeed），旨在將所有數據整合起來，使他們能夠利用公開資訊和專有資訊快速且有效率地提供報價。這就是我們正在經歷的數位互動。

And I think what we'd like to say is a lot of our insurance companies are trying to become a bigger, better digital form of themselves. So this time has kind of spurred some investment in IT so that they can be there in the advent.

我想說的是，很多保險公司都在努力轉型，成為規模更大、更優秀的數位企業。因此，這段時間也促使他們對資訊科技進行了一些投資，以便在未來做好準備。

Okay. And then just a quick one, just following up on the energy question earlier. I think the -- you answered more about 2021. But can you give us a little bit more near-term outlook here? I think you said, obviously, there's consolidation. There are also -- I think, bankruptcies are just starting to happen. Is there a likelihood that things get worse before they get better? Or how do you see the near term from here?

好的。還有一個小問題，是之前能源問題的後續。您之前主要談到了2021年的情況，能否再談談近期的前景？您提到，顯然，產業正在整合。而且，破產事件也開始出現。情況是否有可能先惡化後改善？或是您如何看待近期的市場趨勢？

Well, the point I think to really bear in mind here is the nature of our business in the energy space. Just even a few years ago, something on the order of 70% of our revenue was related to the upstream part of the hydrocarbon wing of the energy ecosystem. Now it's less than 50%.

我認為這裡真正需要記住的一點是我們在能源領域的業務性質。就在幾年前，我們大約70%的收入都與能源生態系中油氣產業的上游環節有關。而現在，這個比例已經不到50%了。

And most of what we do there is with the integrated globals or with the national oil companies in the hydrocarbon space as well as the financial services sector that finances and does deals with those kinds of folks.

我們在那裡開展的大部分業務都是與油氣領域的綜合性跨國公司或國家石油公司以及為這類公司提供融資和交易的金融服務部門合作。

Our exposure to Lower 48 unconventionals, which is the part of the market that has really been affected and when you reference bankruptcies, for example, is actually quite low. It's never been a large part of our mix. And so actually, we're fairly insulated from those kinds of effects.

我們在非傳統能源領域（即受市場衝擊最大的部分，例如破產潮）的投資比例其實很低。這部分投資在我們投資組合中的佔比一直都很低。因此，我們實際上受這類影響較小。

So you're right, Alex, those things -- some of those trends are going on right now, but I would encourage you to lay over that the actual structure of our business, which tends to be more immune to some of those effects.

所以你說得對，Alex，那些事情——其中一些趨勢現在正在發生，但我建議你把這些放在我們業務的實際結構之上，我們的業務結構往往更能抵禦這些影響。

And there are also compensating effects in other parts of the supply chain. So as you know, we have a very nice footprint in the petrochemicals world. At the moment, petrochemicals players are benefiting from the fact that feedstocks are cheap.

供應鏈其他環節也存在補償效應。如您所知，我們在石化領域擁有非常可觀的市場佔有率。目前，石化企業正受惠於原料價格低廉。

Next question comes from the line of Andrew Nicholas from William Blair.

下一個問題來自威廉布萊爾的安德魯尼古拉斯。

I was hoping you could provide an update on the cloud transition work you're doing right now. Are there any milestones you can point to that can give us a sense for some of the incremental progress there of late and maybe comment on where you are in terms of realizing the cost benefits from that work?

我希望您能提供目前正在進行的雲端遷移工作的最新進展。您能否指出一些里程碑事件，讓我們了解近期取得的一些進展，並談談您在實現這項工作的成本效益方面取得了哪些進展？

So we're plowing ahead. And there are multiple work streams inside. So part of it is actually sort of grooving the pathways and hardening the pathways and ensuring security as we rotate things into the cloud. But another part of it is the migration of our footprint away from premise computing, and especially the mainframe.

所以我們正在全力推進。其中涉及多個工作流程。部分工作實際上是在逐步改善和強化現有路徑，並在將業務遷移到雲端的過程中確保安全性。另一部分工作則是將我們的資源從本地計算，特別是大型主機上遷移出去。

So we're at work. We're in the middle of it right now. The work will proceed faster than the visible cost benefit associated with what we're doing. It's just the nature of the thing.

所以我們正在工作。我們現在正處於工作中。這項工作的進展速度將超過我們所做事情所帶來的顯而易見的成本效益。這就是事情的本質。

The cloud spending, for example, is a linear function. And premise spending is more of a sort of -- you sort of take shelfs of spending down, but you have to reach points where that has occurred. And I would say that we are well along.

例如，雲端支出呈線性成長。而本地部署支出更像是一種漸進的過程——你得逐步降低支出，但必須達到一定的臨界點。我認為我們已經取得了不錯的進展。

And we've talked before about the fact that mainframe migration, for example, is a couple of years. And so I have kind of like a 2-year horizon on when we can say we are fundamentally done or close to done with mainframe migration. So that's where we are. The rate at which we will get the cost benefit of that will emerge kind of as a trailing function.

我們之前討論過，例如，大型主機遷移需要幾年時間。因此，我估計大約兩年後，我們才能說大型主機遷移基本上完成或接近完成。這就是我們目前的進展。至於何時才能獲得成本效益，則需要後續階段才能顯現。

And this is what we've said about it all along. Actually, I hope that those of you that have been with us for a while have noticed, we've been making these investments for quite some time. They're all baked into our P&L. It's not like we have to declare some special project.

我們一直以來都是這麼說的。實際上，我希望一直關注我們的朋友們已經注意到，我們已經進行這些投資相當長一段時間了。這些投資都已計入我們的損益表。我們不需要為此專門申報什麼項目。

We just -- this is what we do, and this is what we were doing.

我們就是──這就是我們所做的，也是我們一直以來所做的。

So anyway, so a couple of years is sort of the window for technical migration, and the rate at which the cost benefit sort of layer in will sort of be a trailing function. They will be -- they will express themselves in the intermediate period but even more after we have achieved the technical migration.

總之，技術遷移的窗口期大概需要幾年時間，而成本效益的顯現速度將是一個滯後過程。它們會在過渡期內顯現出來，但在技術遷移完成後會更加明顯。

And Andrew, one thing I just want to add to Scott's comments, you got 2 things. One, just to kind of address the broad question, I'd say there's no material cost benefit that we've realized at this point in the process because we are still in the -- bringing the cloud costs in. And we are in the process of, as Scott has described, of stepping down that on-premises cost over time. We believe that -- and that's more a function of the phasing of this.

安德魯，我只想補充史考特剛才說的兩點。第一，就這個大問題而言，我認為目前我們還沒有實現實質的成本效益，因為我們仍在逐步引入雲端成本。正如斯科特所說，我們正在逐步降低本地部署成本。我們相信，這更取決於分階段實施的階段性措施。

And we're dealing with hundreds of data sets that have to be remigrated. Power has to be migrated, applications that have to be recoded, but we will achieve those savings over time. So there's nothing, I think, material in the margin.

我們需要重新遷移數百個資料集。電力系統需要遷移，應用程式需要重寫，但隨著時間的推移，我們將實現這些節省。所以我認為，這點成本微不足道。

The second point that I want to make is there's also a revenue benefit. And I will tell you that the thing that we're probably most excited is getting these data sets into the cloud, substantiating the data fabric that we are building across the enterprise. And our ability to innovate associate data sets and create new platforms and analytics of commercial value is indisputably enhanced by that.

我想強調的第二點是，這也能帶來收入上的好處。我可以告訴大家，我們最興奮的莫過於將這些資料集遷移到雲端，從而鞏固我們正在全企業範圍內建構的資料架構。毫無疑問，這將大大提升我們創新關聯資料集、創建具有商業價值的新平台和分析方法的能力。

So I think we are seeing some of the benefits of that on the new product development side that we're excited about commercializing.

所以我認為我們在新產品開發方面看到了一些好處，我們很興奮能將這些好處商業化。

Great. That's really helpful. And then switching gears a little bit in Financial Services. Obviously, transaction revenues are a bit challenged near term, but it looks like subscription revenue has ticked higher each quarter throughout this year. So I was hoping you could speak to where you're seeing the most momentum in that business.

太好了，這真的很有幫助。接下來我們稍微換個話題，談談金融服務。顯然，短期內交易收入會面臨一些挑戰，但訂閱收入今年每季都在穩定成長。所以我想請您談談，您認為該業務中最具成長勢頭的領域是什麼。

That's really broadly based. We've -- I think we've described to you in the past that we have multiple categories of solutions. Lee called out that, at the moment, spend-informed analytics, which does relate to folks that are trying to promote their products, and therefore, ultimately things like advertising, that has been feeling the effects of the COVID moment. So we called that one out, but all the other things that we do are a part of the overall results that we shared with you.

這確實涵蓋範圍很廣。我們——我想我們之前已經向您介紹過——我們有多種解決方案。 Lee 特別提到，目前，基於支出的分析（這與那些試圖推廣產品的企業息息相關，因此也與廣告等行業相關）受到了新冠疫情的影響。所以我們重點提到了這一點，但我們所做的所有其他工作都是我們與您分享的整體成果的一部分。

Yes. I think that's true. There isn't anything that I can call out specifically. I think it has been fairly broad-based on the subscription side.

是的，我覺得是這樣。我倒也想不出有什麼具體的例子。我覺得訂閱方面的情況相當普遍。

Next question comes from the line of Gary Bisbee from Bank of America.

下一個問題來自美國銀行的加里·比斯比。

This is David Chu for Gary. So you highlighted lower T&E costs with short-term comp as part of that T&E benefit. So just wondering if you can speak to the level of overall underlying margin expansion improvement ex these short -- potential short-term benefits. And also wondering if there was any benefit from equity grant timing in the quarter.

我是David Chu，代表Gary。您剛才提到，差旅費用降低，短期補償是差旅費用降低的好處之一。我想請問，撇開這些潛在的短期收益，整體潛在利潤率提升的幅度如何？另外，本季股權授予的時間安排是否也帶來了一些好處？

Thanks. So the short answer is even when we exclude the T&E benefit, we are still seeing operating margin expansion. So when we look at our overall improvement in margin, the T&E and the incentive compensation benefit in the third quarter was some but not all of that. So we are very pleased to see that, that operating leverage in this environment, even absent those savings, is still expressing itself. And that's before we take into account the nonorganic or the M&A-related impact.

謝謝。簡而言之，即使不計差旅費收益，我們仍然看到營業利潤率有所提升。因此，當我們審視整體利潤率的提升時，第三季度的差旅費和激勵性薪酬收益貢獻了一部分，但並非全部。我們非常高興地看到，即使不計入這些節省，在當前環境下，經營槓桿效應仍能發揮作用。而且這還沒算上非內生成長或併購相關的影響。

So within the core business, we're seeing that. But also in our breakouts, we were seeing a contribution from improved operating leverage within those businesses.

因此，在核心業務方面，我們看到了這一點。同時，在分拆業務方面，我們也看到這些業務的營運槓桿提升帶來了貢獻。

But I think your question went to the kind of the key element is the T&E and the incentive comp impact greater than the overall level. No, it's just -- it's a component, and we're actually having operating leverage beneath that.

但我認為你的問題在於，差旅費和激勵薪資的關鍵因素是否大於整體水準。不，它只是其中一個組成部分，實際上我們還有背後的營運槓桿作用。

Okay. Great. And then just in terms of the improvement in transactional revenue being down 10% versus 20% last quarter, maybe just dive into that a bit more. Just what are the biggest drivers of improvement? I think you spoke to it a bit, but just where are things lagging still?

好的，太好了。那麼，關於交易收入下降10%（上季下降20%）的情況，能否再深入探討？推動成長的主要因素是什麼？我想您已經略有提及，但還有哪些方面仍然滯後？

I would say that where we are, are seeing recovery and you'll -- if you go back in the script, you'll see some comments around our survey -- our commercial lines survey business where we have seen improvement. Part of that is access to the buildings. We've also seen an improvement on the personal lines or the personal auto segment because with greater driving activity, we're seeing a benefit to that in some of our transactional businesses.

我認為，就我們目前的情況來看，業務正在復甦。如果您回顧一下先前的腳本，會看到一些關於我們調查——特別是商業險業務調查——的評論，我們發現該業務有所改善。部分原因是人們可以更方便地進入建築物。我們也看到個人險或個人汽車險業務有所改善，因為隨著駕車出行的增加，我們的一些交易業務也從中受益。

Those are probably the largest components. We continue to see the pressure probably unchanged in more of the consulting businesses that we've seen. And also, of course, travel remains extremely restricted and so we're not seeing any material benefit on that front. So that hopefully give you some compositional color on those changes.

這些可能是最大的幾個組成部分。我們看到，諮詢業務面臨的壓力可能依然如故。當然，旅行仍然受到嚴格限制，因此我們在這方面沒有看到任何實質的改善。希望這些資訊能讓您對這些變化有所了解。

Next question comes from the line of Manav Patnaik from Barclays.

下一個問題來自巴克萊銀行的馬納夫·帕特奈克。

I want to focus more on the insurtech, I guess, update from your perspective. We've obviously had a few of them go public this year already. And I was just curious, from your perspective, how things are going there. I know in the past you gave us some win rates and stats. I don't know if you have any updates there as well.

我想重點談談您眼中的保險科技領域的最新進展。今年已經有幾家保險科技公司上市了，我很好奇您覺得這方面的狀況如何。我知道您之前分享過一些勝率和統計數據，不知道您現在是否還有更新的資訊。

Yes. Manav, it was really hard to hear you. I think you were asking about insurtech. And maybe it was kind of an environmental question about sort of what's going on there or perhaps also its intersection with us.

是的，馬納夫，我剛才聽不太清楚你說話。我想你是在問保險科技方面的問題。或許你問的是一個與環境相關的問題，例如這個領域正在發生什麼，或是它與我們之間的交集。

Mark, do you -- assuming that, that was your question, I...

馬克，你－－假設那是你的問題－－我…

Yes. That's correct, yes.

是的，沒錯。

Okay. All right. Mark, do you want to maybe kick off on that?

好的。馬克，你想先從這方面開始嗎？

Sure. So obviously, it's a very robust market for anyone looking to an IPO from the insurtech world looking to underwrite risk. And I think like many people, there are insurtechs that are aggressively looking to explore that IPO opportunity.

當然。顯然，對於任何希望透過IPO上市、承保風險的保險科技公司來說，這都是一個非常強勁的市場。而且我認為，和許多人一樣，許多保險科技公司都在積極尋求IPO的機會。

The good news about that is the way these insurtechs seem to be attractive to the market is because of the tech play, the automation, the way they go about things in the nontraditional sense. And I think what we have been fortunate to be a part of is as these new insurtechs come to market, whether initially as a managing general agent, but they don't actually underwrite the risk but they select it or a full-blown underwriting insurer, they have looked to us for data analytics information as a part of that get -- trail.

好消息是，這些保險科技公司之所以對市場具有吸引力，是因為它們運用了技術、實現了自動化，並且以非傳統的方式開展業務。我認為我們很幸運能夠參與其中，因為隨著這些新興保險科技公司進入市場，無論它們最初是以管理總代理的身份出現（它們實際上並不承保風險，而是選擇承保），還是發展成為一家成熟的承保保險公司，它們都向我們尋求數據分析信息，作為其發展路徑的一部分。

So we have benefited from the insurtech world as it relates to those insurance companies. And some of the biggest ones that are in market or those that are coming to market behind the scenes are quite effectively using a full suite of Verisk solutions. So I feel like we're great partners to those insurtechs.

因此，我們從保險科技領域中受益匪淺，尤其是在保險公司方面。一些規模最大的保險公司，以及一些正在幕後籌備進入市場的公司，都在有效地使用Verisk的全套解決方案。所以我認為我們是這些保險科技公司的理想夥伴。

I think the other part of the question that you have, and I don't want to be overly exhaustive, but there's also insurtechs that are providing services. And those insurtechs that are providing services in part compete against us. And those businesses clearly have -- I'll think this enhance and increase the views, the awareness of insurers of alternate sources of doing business. And I think the combination of a little bit of competition, which always makes us better, but also the fact that now insurers are hearing that message, they're probably a little more open and interested to talk about our solutions and opportunities there.

我認為您問題的另一部分——我不想贅述太多——也提到了一些提供服務的保險科技公司。這些提供服務的保險科技公司在某種程度上與我們有競爭關係。這些公司顯然——我認為這會提升保險公司對其他業務管道的認知和看法。我認為，適度的競爭（這總是促使我們進步）以及保險公司現在聽到了這些信息，使得他們可能更願意開放地討論我們的解決方案和機會。

So I hope, Manav, without really hearing your question, that was hopefully what you're looking for.

所以，Manav，雖然我沒真正聽清楚你的問題，但我希望這就是你想要的答案。

And Manav, I want to add one thing, building off of Mark's comments on the competition dynamic. And he was describing it with regard to other insurtechs that provide services to us.

馬納夫，我想補充一點，這是在馬克關於競爭格局的評論基礎上補充的。他當時是在描述其他為我們提供服務的保險科技公司的情況。

On the former point in terms of the new entrants, the secondary benefit, and frankly, in some ways, potentially even a more significant benefit is that, that competitive pressure of new approaches to the insurance industry, it puts more pressure on some of the traditional players that are looking to address and respond to that.

就前一點而言，對於新進入者而言，次要好處，坦白說，在某些方面，甚至可能更重要的好處是，保險業新方法帶來的競爭壓力，給一些正在尋求解決和應對這一問題的傳統參與者帶來了更大的壓力。

And so for instance, in our LightSpeed product, I think the LightSpeed product where we've had great success is in many ways a competitive response to other new markets that are out there. So it's serving to, I think, lift the industry as a whole apart from kind of that purely incremental amount of revenue that we get from those new entrants.

例如，就我們的 LightSpeed 產品而言，我認為我們取得巨大成功的 LightSpeed 產品在許多方面都是對其他新興市場的競爭性回應。因此，我認為它有助於提升整個行業，而不僅僅是依靠我們從這些新進入者那裡獲得的少量增量收入。

Yes. That's helpful. That's what I was going at. And for my second question, hopefully you can hear me. But the breakout areas, some of them that you've talked about in the past might have already be broken out. But just what are some of the key ones we should be keeping an eye on in terms of where the investments are going in to date?

是的，這很有幫助，正是我要表達的意思。我的第二個問題，希望您能聽見。您之前提到過的一些突破性領域，可能已經出現了突​​破。那麼，就目前投資的流向而言，我們應該重點關注哪些領域？

Well, I would just highlight sort of at a kind of high-thematic level. The businesses that we have, which are very much sort of SaaS-powered business models, are doing very well. And those show up in multiple parts of our business. And in general, the more that we lean into as we are, what we refer to as platform analytic environments, the better basically.

我只想從宏觀層面重點談談。我們旗下那些以SaaS為核心的商業模式的業務發展得非常好。這些業務體現在我們業務的多個方面。總的來說，我們越是深入建構我們所謂的平台分析環境，效果就越好。

And there are development cycles associated with those, but when you get to the place where you are the environment where your customer finds it productive to do their work, that's a really, really powerful place to be. And that's a theme which spans much of our company today and all the verticals.

當然，這些都伴隨著發展週期，但當你創造出一個客戶能夠有效率地完成工作的環境時，那將會是一個非常強大的狀態。而這正是我們公司如今貫穿所有業務領域的核心理念。

Next question comes from the line of George Tong for Goldman Sachs.

下一個問題來自高盛的喬治唐。

You have Ryan on for George today. So you had mentioned earlier that you're able to outgrow your end markets due to the increased value you bring to customers. I was just wondering if you've seen any impact to pricing in the current environment. And if so, which segments are pulling back the most? And then also, could you remind me what lift to organic growth that pricing tends to provide in a given year?

今天Ryan代替George主持節目。您之前提到過，由於您為客戶創造了更高的價值，因此您的業務成長速度超過了終端市場。我想問一下，在目前的市場環境下，定價是否受到了影響？如果有影響，哪些細分市場受到的影響最大？另外，您能否提醒我一下，定價通常在一年內能為自然成長帶來多少提振？

Yes. So let's see, in reverse order, you should think of pricing as sort of the GNP-ish kind of a number sort of inside of what it is that we do. I don't really think that there have been differential effects in different parts of -- I think your question was at the level of verticals. I don't really think there have been differential effects.

是的。那麼，反過來說，你應該把定價看作是類似於國民生產毛額（GNP）的一個指標，它反映了我們所做的事情。我並不認為不同領域之間存在差異性影響——我想你的問題是關於垂直產業的。我並不認為存在差異性影響。

I would go back to what we've cited before, which is services is the place where when the economy softens, there tends to be a softening, and so kind of that as a category. But in terms of licensed solutions, I wouldn't make sharp distinctions across the verticals. I -- Lee, I don't know if you would see it any differently, but it doesn't feel that way.

我想回到我們之前提到的，服務業在經濟放緩時往往也會受到影響，所以這算是比較明顯的類別。但就授權解決方案而言，我不認為各個垂直領域之間會有明顯的區分。 ——李，我不知道你的看法是否不同，但我的感覺是這樣的。

No. I agree.

不，我同意。

To me. And then the way that we think about pricing our solutions -- and we've tried to be very deliberate about separating COVID-sensitive and non-COVID-sensitive revenues. You've heard our report in terms of the non-COVID-sensitive, which tend to essentially be licensable, subscription-based kinds of solutions. And we talked about slightly modestly longer sales cycles. But in terms of the terms that we're striking with our customers, I have not picked up any signals that there's any real change there.

對我而言，還有我們思考解決方案定價的方式——我們一直在努力將受新冠疫情影響的收入和不受疫情影響的收入區分開來。您已經聽過我們關於不受疫情影響的收入的報告，這些收入通常主要是基於授權或訂閱模式的解決方案。我們也討論過銷售週期略有延長的情況。但就我們與客戶達成的條款而言，我還沒有發現任何實質變化的跡象。

I think the question that you're asking and making reference as we did in the text was focused on the Energy and Specialized Markets performance relative to the end market. And the one area that I would point out was with reference to the Lens platform. And there, I think it is a microcosm of where we are adding substantial value to the customer in this environment. And that's enabling us to secure larger contract values because of the value that we're delivering into that end market. And I think that, in a way, is what's powering us to outperform the end market as a function of the value that we're creating there.

我認為您提出的問題，以及我們在文中提到的內容，都集中在能源和專業市場相對於終端市場的表現。我想特別指出的是Lens平台。我認為Lens平台正是我們在這個環境下為客戶創造實質價值的縮影。正是因為我們為終端市場創造了價值，我們才能獲得更高的合約金額。我認為，從某種程度上說，正是我們創造的價值，使我們能夠超越終端市場的整體表現。

And I think there are other instances of that. That's a -- I think the investment and the return dynamic, which is, I think a separate answer than the point of view that Scott expressed, which I agree with in terms of differential among the segments.

我認為還有其他類似的例子。我認為這涉及投資和回報的動態關係，這與斯科特表達的觀點是不同的，我同意斯科特關於不同細分市場差異的觀點。

Great. And then for my follow-up, I know the -- I was hoping to get an update on the Geomni situation. I understand that the injunction was supposed to lap for their revenue impact in 3Q essentially. But you'd previously discussed some other options that continue pursuing aerial imageries, such as commercial licensing even with EagleView. And I was just wondering if there was any other options that -- or things that are looking more realistic to you at this point.

好的。接下來我想問的是，我希望能了解Geomni的最新情況。我知道禁令原本應該在第三季結束，以消除對他們營收的影響。但您之前討論過一些繼續獲取空拍影像的其他方案，例如透過EagleView進行商業授權。我想知道目前是否還有其他更現實的方案。

Thanks for the question. This is Mark. So first of all, we continue to explore our legal options with regard to roof measurements. As well, you probably referenced earlier, what we did was we kind of moved a lot of our image capture to Vexcel. What that allows, and to just emphasize the importance of that is, what's expensive and what's very important is coverage, right, and coverage not only in what geographies you have but how frequently you refresh that.

感謝您的提問。我是馬克。首先，我們仍在研究有關屋頂測量的法律途徑。另外，您可能之前也提到過，我們已將大部分影像擷取工作轉移到了 Vexcel 平台。這樣做的好處在於——而且這一點非常重要——覆蓋範圍至關重要，不僅體現在地理覆蓋範圍上，還體現在資料更新的頻率上。

So with a combined source of image capture, we are now able to better than anyone else cover the United States and cover the United States frequently and go international. With that inventory, we have put together some solutions for underwriting purposes, which represent things about the outside of the building, physical structures, pool, things like that as well as ways to go about looking at claims and triaging claims after an event, a catastrophe as an example or extreme weather. And we've taken some of that inventory, and we've moved it over into the energy space and ways we go about helping energy companies do things around their assets and their physical network.

因此，憑藉整合的影像擷取資源，我們現在能夠比任何人都更好地覆蓋美國，並能更頻繁地覆蓋美國，同時也能拓展到國際市場。基於這些資源，我們整合了一些用於承保的解決方案，這些方案涵蓋了建築物外部、物理結構、泳池等信息，以及在發生災害或極端天氣等事件後，如何處理和分類理賠的方法。我們也將部分資源應用到能源領域，幫助能源公司更好地管理其資產和實體網路。

So what hopefully you hear is we've tried to leverage and gain scale on image capture while still doing the analytics. And that analytic approach is not just insurance. It's more broadly even into real estate construction and other verticals here. So that has been our focus. But at this time, we are not able to provide roof measurements, which is the very important app or approach inside the claims space.

所以，我們希望大家能了解到，我們一直在努力擴大影像擷取規模，同時繼續進行數據分析。這種分析方法不僅限於保險業，它還更廣泛地應用於房地產建築和其他垂直領域。這一直是我們的工作重點。但目前，我們尚無法提供屋頂測量服務，而這對於理賠領域來說至關重要。

Next question comes from the line of Jeff Meuler from Baird.

下一個問題來自 Baird 公司的 Jeff Meuler。

So sorry to beat the dead horse you've already tried to address 4 times. But the -- so I hear you that there's an extraordinary kind of margin benefit this year. So it sounds like a year-over-year stepback in '21, if that makes sense. You referenced in one of your answers, Lee, that 2019 is a reference year to build off of, so it sounds like higher than 2019. Just want to make sure that I'm considering the appropriate building blocks. So I guess you referenced the Vexcel benefit, I guess, 2 years of some form of normalized margin expansion in the business and then only a partial return of T&E or some of the temporary cuts.

很抱歉又重複一遍您已經四次解釋過的問題。但是——我明白您說的今年利潤率確實有顯著提升。所以聽起來像是2021年同比有所下滑，如果我這麼說您能理解的話。 Lee，您在先前的回答中提到2019年是參考年份，所以聽起來2021年的利潤率應該高於2019年。我只是想確認一下我考慮的因素是否正確。所以您提到的應該是Vexcel帶來的收益，也就是公司連續兩年利潤率正常化成長，然後只是部分恢復了差旅費支出或一些臨時削減的開支。

So do I have the categories right? Anything that I'm missing? And can you quantify the Vexcel benefit for us?

我的分類對嗎？還有什麼遺漏的嗎？您能幫我們量化一下Vexcel帶來的效益嗎？

Yes. So Jeff, it's a little bit hard to hear the last one. The short answer is I think that you have the components correctly in the business. The variable is going to be the ongoing impact of COVID-19 on our business and the inherent unpredictability of that. We're certainly hopeful that we'll continue to see a return to a more normal environment. And in getting there, I think our hope is that we will be able to hang on to some of these elements of margin improvement that we saw, probably not all of them. We will need to travel and visit with clients. If we are performing better relative to our targets, then we should see our compensation structure adjust to that.

是的。傑夫，最後一點聽起來有點難以接受。簡單來說，我認為你對業務的各個組成部分都理解正確。關鍵在於新冠疫情對我們業務的持續影響及其固有的不確定性。我們當然希望能夠逐步恢復正常。在這個過程中，我們希望能夠維持部分利潤率提升的勢頭，但可能無法完全實現。我們需要出差拜訪客戶。如果我們績效優於預期目標，那麼我們的薪酬結構也應該隨之調整。

But I think you have the components correctly. And I think all we want to do is highlight some of those temporary impacts and then to begin to anticipate the return to a normal environment that we're going to try to manage. So I think that hopefully addresses the first part of your question.

但我認為你對各個組成部分的理解是正確的。我們想做的只是強調這些暫時性的影響，然後開始展望我們將要努力恢復的正常環境。所以我想這應該可以回答你問題的第一部分。

The second part of your question, I just would ask you to repeat because it wasn't entirely clear to me, not that you weren't expressing it clearly, but I had a hard time hearing it.

關於你問題的第二部分，我想請你再重複一遍，因為我不太明白，不是說你表達得不清楚，而是我聽得有點困難。

It was just if you could quantify the Vexcel benefit to margin.

問題是，能否量化 Vexcel 對利潤率的貢獻。

I can't. It's part -- because I think we view it as this margin is reflective of the kind of the core underlying margin of the Insurance business.

我不能。部分原因是——因為我認為我們認為這個利潤率反映了保險業務的核心潛在利潤率。

Vexcel -- I'm sorry, the Geomni business, as we have discussed in the past, was a business that we were making a substantial investment in, that it was not contributing a positive margin as we were investing in it. Now without, you can kind of see the core element of the business, but we don't quantify that.

Vexcel——很抱歉，正如我們之前討論過的，Geomni業務是我們投入巨資的業務，但它並沒有帶來正利潤。現在，雖然您能大致了解這項業務的核心要素，但我們無法對其進行量化。

Okay. And then on Lens, what percentage of the client base that it would be a good fit for have transitioned over to Lens at this point? I guess roughly, what is the immediate price lift? And then maybe more importantly, how does it change kind of the long-term interaction with the customer and revenue opportunity?

好的。那麼關於Lens，目前有多少比例的潛在使用者已經遷移到Lens平台？價格漲幅度大概是多少？更重要的是，這會如何改變與客戶的長期互動以及收入機會？

So Jeff, if you were to understand Lens as -- in sort of the Lens market space opportunity picture, basically, it's the product of all the different content families times all the accounts. And when you think of it that way, we're in a very early stage of our journey.

所以傑夫，如果你把Lens理解為——從Lens的市場機會角度來看——基本上，它是所有不同內容系列乘以所有帳戶的乘積。這樣看來，我們還處於發展歷程的早期階段。

Next question comes from the line of Seth Weber from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的塞思‧韋伯。

This is Emily McLaughlin on for Seth this morning. My first question, can -- just building on an earlier one, can you talk about the monthly trends or the exit rates in the 15% of the business that's COVID-sensitive relative to the down 10% for the full quarter?

這裡是艾米麗·麥克勞克林，今天早上她正在為塞思主持節目。我的第一個問題是——接著之前的問題——您能否談談受新冠疫情影響較大的那15%的業務的月度趨勢或退出率，以及與整個季度下滑的10%業務相比的情況？

Yes. So it's obviously just 1 month, I would say, that so far, based upon what we've seen, we're seeing similar year-over-year growth rates in the COVID-sensitive revenues and in the non-COVID-sensitive revenues. So I think that we -- while certainly, the third quarter demonstrated a sequential improvement relative to the second quarter, so far -- and again, it's just into the start of this, we are perhaps seeing the impact of going into the winter season and some impacts of increased restrictions on a global basis that may create less opportunity for sequential improvement relative to the third quarter.

是的。顯然，目前僅僅過去一個月，根據我們目前觀察到的情況，受疫情影響的收入和非疫情影響的收入的同比增速基本持平。因此，我認為——儘管第三季度相比第二季度有所環比改善——但目前來看，這僅僅是開始，我們或許正在感受到冬季到來以及全球範圍內限制措施加強的影響，這些因素可能會降低第三季度環比改善的空間。

That is kind of speculation. Nobody knows for certain. But at least looking at October, we're seeing kind of stable levels of year-over-year change in the non-COVID and the COVID-sensitive revenues.

這只是推測，沒人能確定。但至少從10月的情況來看，非疫情相關收入和受疫情影響的收入年比變化都保持相對穩定。

Okay. Great. That's really helpful. And my second question, just a housekeeping one. Are you able to quantify how much the storm-related revenue contributed to the Insurance segment growth?

好的，太好了，這真的很有幫助。我的第二個問題，只是個小問題。您能否量化一下與風暴相關的收入對保險業務成長的貢獻？

No. It's not a significant-enough number. On the margin, that was beneficial, but we aren't quantifying that.

不，這個數字還不夠大。從邊際效應來看，這或許是有益的，但我們並沒有對此進行量化。

Next question comes from the line of Hamzah Mazari from Jefferies.

下一個問題來自傑富瑞集團的哈姆札·馬扎里。

My first question is just on the international Insurance business. And my question really is, a number of years ago, I think at an Analyst Day, maybe it was 2017 or '18, that business, I think, was $130 million. And we had talked about potentially doubling that business organically over the next 5 years. And so I know Rulebook and Sequel were powerful acquisitions to further penetrate international. I also know that AIR is [pretty well] penetrated, but maybe not certain other solution sets. So just any update on where that international business is today, how it's performed, where you think there's further opportunity.

我的第一個問題是關於國際保險業務的。幾年前，大概是2017年或2018年的分析師日上，這項業務的規模是1.3億美元。我們當時討論過，未來五年內透過自身成長實現這項業務翻倍。我知道Rulebook和Sequel是進一步拓展國際市場的強力收購。我也知道AIR的市場滲透率相當高，但其他一些解決方案可能還有待提高。所以，我想了解目前國際業務的現況、業績表現以及您認為還有哪些發展機會。

So thank you for the question. I do like talking about this topic. I think if you were to think about that presentation, and I appreciate you bringing it back to us, the U.K. was, in particular, a point of particular focus. And if you recall, we did a series of acquisitions. It brought a series of new products there. And I think that thesis has proven out wonderfully well. I think we are growing probably in excess of that plan. And we have definitely added to our growth rates in Insurance as a result of that international dimension.

謝謝你的提問。我很喜歡談論這個話題。我想，如果你回顧一下那次演講（我很感謝你再次提及），英國市場尤其受到關注。如果你還記得，我們​​進行了一系列收購，並由此推出了一系列新產品。我認為這一策略已被證明非常成功。我認為我們的成長可能已經超過了預期。而且，國際化策略無疑也提升了我們在保險業務方面的成長率。

A couple of things just to highlight where I think we've been particularly effective. Sequel, Rulebook was and continues to be a wonderful acquisition, not just because of the solution set, but its ability from a technology perspective to integrate and weave together a lot of the various insurance solutions so we have a more holistic and more interconnected set of solutions as a result of that acquisition.

有幾點我想重點說明一下我們取得的顯著成效。 Sequel Rulebook 過去是、現在仍然是一項非常棒的收購，這不僅是因為它提供的解決方案，更重要的是它在技術層面上能夠整合和融合各種保險解決方案，從而使我們擁有了一套更全面、更互聯的解決方案。

We also have some acquisitions that are in kind of the ISO world that really represent some of the things that we've done here but extending it out. And that's about writing risk and pricing risk and understanding kind of to where risks are. So that, again, has been positive.

我們還有一些收購項目，這些項目都屬於ISO領域，它們真正體現了我們在這裡所做的一些工作，並將其拓展到了其他領域。這涉及到風險的製定、風險的定價以及對風險所在的理解。所以，這方面也取得了正面成果。

I think the place that I continue to aspire is I would love to -- and I think we with the team love to recreate some of the success we had in U.K., other geography. And finding the right mix of solutions and acquisitions, other maybe European nations, that has been a little bit more of a challenge, but we continue to pursue that.

我認為我一直渴望達到的目標，是——而且我認為我和我的團隊也渴望——在其他地區複製我們在英國的成功。找到合適的解決方案和收購組合，尤其是在其他歐洲國家，這確實更具挑戰性，但我們會繼續努力。

That's very helpful. And just my follow-up question is just on Financial Services. And really -- the question really is it seems like you've done a lot of work there from a few years ago where the transaction -- or where the subscription piece was a lot smaller. It seemed like the customer base was much more concentrated to banks.

這很有幫助。我的後續問題是關於金融服務的。實際上，問題在於——看起來你們幾年前就在這個領域做了很多工作，那時候交易量或者說訂閱業務規模還小得多。客戶群似乎也更集中在銀行。

Could you maybe contrast this business to -- where does it sit today? Is it pretty similar to the Energy and Insurance business? And how does it differ from the health care business that you divested, which -- I guess, that business became not very global in nature, and I guess the customer base became very concentrated towards the government. And so just big picture, is that business kind of fixed, for lack of a better word, in terms of where it should be?

您能否將這項業務與——它目前所處的位置——進行對比？它與能源和保險業務非常相似嗎？它與您剝離的醫療保健業務有何不同？我猜想，醫療保健業務的全球化程度較低，客戶群也過於集中於政府部門。所以，從整體來看，這項業務的發展方向是否已經確定？

We're very happy with the progress that we've made. The -- for me, the primary point of distinction with -- you chose the health care vertical and all the factors that you cited are accurate. But to me, the primary difference was and remains that we have a remarkable and proprietary data set inside what we do in the Financial Services vertical.

我們對所取得的進展非常滿意。對我而言，最主要的區別在於——您選擇了醫療保健領域，您提到的所有因素都準確無誤。但對我來說，最主要的差異過去是、現在仍然是，我們在金融服務領域擁有一套卓越且專有的資料集。

We have the hypothesis when we began the journey in the health care vertical that we could establish a data advantage. And because of developments in the market environment, that proved not to be the case. And so caring about returns that we drive for our shareholders, we've said, okay, probably the best thing to do is to invest in other directions. So this situation is very different from that situation. And I -- and the #1 factor that I would cite is a remarkably proprietary data set.

我們當初進軍醫療保健領域時，曾設想能夠建立數據優勢。但由於市場環境的變化，事實證明並非如此。因此，為了股東的回報，我們決定，或許最好的做法是投資其他領域。而現在的情況與之前截然不同。我認為最重要的因素是我們擁有極其獨特的專有資料集。

There are no question at this time. Presenters, you may proceed.

目前沒有問題。各位發言人，可以開始發言了。

Okay. Well, thank you, everybody, for your continuing interest in Verisk and appreciate all your questions. We will, as always, be following up with you and look forward to that. So thanks. Have a great day -- rest of the day.

好的。非常感謝大家一直以來對 Verisk 的關注，也感謝大家提出的所有問題。我們會像往常一樣跟進大家的諮詢，並期待與大家再次交流。謝謝。祝大家今天剩下的時間過得愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。祝您今天愉快。