Verisk Analytics Inc (VRSK) 2020 Q2 法說會逐字稿

Good day, everyone, and welcome to the Verisk Second Quarter 2020 Earnings Results Conference Call. This call is being recorded. (Operator Instructions) For opening remarks and introductions, I would like to turn the call over to Verisk's Head of Investor Relations, Stacey Brodbar. Ms. Brodbar, please go ahead.

大家好，歡迎參加Verisk 2020年第二季財報電話會議。本次電話會議正在錄音。 （操作說明）現在，我將把電話交給Verisk投資者關係主管Stacey Brodbar女士，請她致開幕詞並進行介紹。 Brodbar女士，請開始吧。

Thank you, JP, and good morning, everyone. We appreciate you joining us today for a discussion of our second quarter 2020 financial results. 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, Chief Operating Officer; Nick Daffan, Chief Information Officer; Neal Anderson, President, Wood Mackenzie; and Lisa Bonalle Hannan, President, Verisk Financial, will join the team for the Q&A session.

謝謝JP，大家早安。感謝各位今天參加我們2020年第二季財務業績討論會。本次電話會議將由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。營運長Mark Anquillare、資訊長Nick Daffan、伍德麥肯錫總裁Neal Anderson以及Verisk Financial總裁Lisa Bonalle Hannan將參與問答環節。

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 impacts 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. Now I'll turn the call over to Scott.

最後，正如今天發布的財報中更詳細闡述的那樣，我要提醒大家，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。現在，我將把電話會議交給Scott。

Thanks, Stacy. Good day, everyone, and I'm glad to be with you today. The second quarter was unique as we dealt with the macro effects of the COVID-19 event, and I hope you and your families continue to stay well in this moment.

謝謝，斯泰西。大家好，很高興今天能和大家聚在一起。第二季很特殊，因為我們要應對新冠疫情帶來的宏觀影響，我希望您和您的家人在這段時間裡一切安好。

At Verisk, our priorities are unchanged as we remain committed to delivering for our customers, protecting the health and well-being of our 9,000-plus teammates and continuing to drive our innovation agenda. I'm pleased but not surprised that our second quarter results reflect the strength and stability of our business model, the mission-critical nature of our solutions and the hard work and resilience of our teammates who quickly adapted to the work-from-home environment and have remained focused on customer needs and innovation. I'm proud of our team and want to thank each teammate for their dedication and focus during a fluid moment.

在Verisk，我們的工作重點始終如一：致力於為客戶提供優質服務，保障9,000多位團隊成員的健康與福祉，並持續推動創新議程。第二季的業績反映了我們業務模式的穩健性和穩定性，我們解決方案的關鍵性，以及我們團隊成員的辛勤付出和韌性，我對此感到欣慰，但並不意外。他們迅速適應了居家辦公環境，並始終專注於客戶需求和創新。我為我們的團隊感到自豪，並衷心感謝每位團隊成員在這段充滿變數的時期所展現出的奉獻精神和專注力。

Before we discuss the quarter, I want to make 2 related points about where Verisk stands. First, we believe that the net effect of the COVID-19 moment should benefit Verisk in the long run, given that our customers will persevere and make it through to the other side with even more focus on becoming the better digital versions of themselves. This should make our customers more capable and desirous of using our many solutions. And second, the consistent performance you see from us now and into the future is a function of our structure and position and not any cyclical or momentary effects. Our results are a function of the steady and ongoing accumulation of innovation and success with customers.

在討論本季業績之前，我想先談談Verisk目前所處的地位，並提出兩點相關的觀點。首先，我們相信，鑑於我們的客戶能夠堅持不懈地渡過難關，並更加專注於提升自身的數位化能力，新冠疫情帶來的整體影響從長遠來看應該對Verisk有利。這將使我們的客戶更有能力、也更渴望使用我們眾多的解決方案。其次，您現在以及未來看到的持續穩定的業績，源自於我們自身的組織架構和市場地位，而非任何週期性或暫時性的因素。我們的業績是持續不斷的創新累積以及與客戶合作成功的結果。

Our business performed as we had expected in the second quarter. We previously communicated to you our analysis that approximately 85% of our revenues are subscription-based and subject to long-term contracts, and therefore, we did not see any material impact on these revenues from the COVID-19 environment. In the second quarter, those revenues grew approximately 6.5% on an organic constant currency basis when normalized for the onetime impact of the injunction related to roof measurement solutions. Of the remaining 15% of revenues that are more transactional in nature and thus subject to COVID-19 impacts, those revenues declined approximately 20% on an organic constant currency basis in the second quarter in line with our expectations. We experienced sequential improvement throughout the quarter and into July as the underlying causal factors began to diminish, and we expect to see continued progress on that front.

第二季度，我們的業務表現符合預期。先前我們已向您闡述，我們約85%的收入來自訂閱服務，且受長期合約約束，因此，我們認為新冠疫情並未對這些收入造成重大影響。第二季度，在剔除與屋頂測量解決方案相關的禁令的一次性影響後，這些收入按有機增長（按固定匯率計算）增長約6.5%。剩餘15%的收入主要為交易型收入，因此受新冠疫情影響較大，其以有機成長（以固定匯率計算）在第二季下降約20%，與我們的預期相符。隨著潛在影響因素的減弱，我們在整個季度以及7月份都實現了環比改善，預計這一趨勢將持續下去。

During March, as the expense of the pandemic became clear, we quickly moved to action and deliberately protected profitability without, and this is important, cutting investment in our business. We did this by moderating head count growth, but without resorting to large-scale furloughs or layoffs by focusing on operational discipline and by benefiting from the natural responsiveness of our compensation structure. Together, these actions delivered strong organic constant currency adjusted EBITDA growth.

三月份，隨著疫情帶來的成本日益凸顯，我們迅速採取行動，在確保獲利能力的前提下（這一點至關重要），沒有削減業務投資。我們透過控制員工人數成長來實現這一目標，但並未採取大規模的臨時停薪留職或裁員措施，而是專注於營運紀律，並充分利用我們薪酬體系的靈活性。這些措施共同促成了強勁的內生性、經固定匯率調整後的EBITDA成長。

Even while delivering strong profitability, we continue to fund investments in our innovation agenda and continued modernizing our technical infrastructure through cloud migration, tokenization of key data sets and leading-edge data fabric supporting great analytics, as we have done for the last several years. Lee will provide more details on our performance in his financial review.

即便獲利能力強勁，我們仍持續加大對創新項目的投入，並像過去幾年一樣，透過雲端遷移、關鍵數據集代幣化以及構建支持卓越分析的前沿數據架構，不斷推進技術基礎設施的現代化。 Lee 將在財務報告中提供更多關於我們業績的細節。

During the second quarter, Verisk operated predominantly in a work-from-home environment, and our teams across the organization have remained highly effective. Operationally, our computing and network capacity has consistently and comfortably exceeded our daily requirements, even as demand for our solutions and platforms have increased meaningfully in this remote environment.

第二季度，Verisk 主要採取居家辦公模式，公司各團隊的工作效率依然很高。在營運方面，即使在遠距辦公環境下，對我們解決方案和平台的需求顯著增長，我們的運算和網路容量也始終輕鬆滿足日常需求。

For example, in our Insurance segment, usage of our digital claims settlement tool increased over 55% in the second quarter, and we are successfully converting free trials into paid subscriptions as customers realize the benefit of this new innovative platform to help them on their journey to becoming more digitally engaged. And in the energy vertical, we saw visits to our portal grow by over 40% as customers value our content, particularly in moments of uncertainty.

例如，在我們的保險業務板塊，第二季度數位化理賠工具的使用率成長超過55%，隨著客戶逐漸意識到這個創新平台在幫助他們提升數位化參與度方面的優勢，我們正成功地將免費試用用戶轉化為付費訂閱用戶。而在能源垂直領域，我們的入口網站流量成長超過40%，客戶對我們內容的重視程度很高，尤其是在充滿不確定性的時期。

We moved our innovation agenda forward, evidenced by our continued investment across the enterprise, and the use of digital collaboration tools has helped our teams stay connected to develop new and updated solutions for our customers. A few examples. In insurance, we launched a new micro business insurance program with advisory forms, rules and loss costs, specifically for the smallest businesses. This program is designed to help insurers cover the unique risks of micro businesses that are often part of the gig economy, often operated out-of-home or shared spaces and having fewer than 4 employees.

我們推進了創新議程，這體現在我們持續在企業各領域進行投資，而數位化協作工具的使用也幫助我們的團隊保持聯繫，從而為客戶開發出全新且不斷更新的解決方案。舉幾個例子來說，在保險領域，我們推出了一項新的微型企業保險計劃，其中包含諮詢表格、規則和損失成本估算，專門針對規模最小的企業。該計畫旨在幫助保險公司承保微型企業特有的風險，這些企業通常屬於零工經濟範疇，往往在家辦公或共享辦公空間辦公，員工人數少於4人。

We also released an updated cyber risk modeling platform and launched Life Risk Navigator, our cloud-based stochastic risk modeling platform that offers in-depth portfolio analytics which can enhance risk selection, quantify changes in mortality rate, improve hedging strategies and drive better financial decision-making for our life insurance customers.

我們還發布了更新的網路風險建模平台，並推出了 Life Risk Navigator，這是我們基於雲端的隨機風險建模平台，提供深入的投資組合分析，可以增強風險選擇、量化死亡率變化、改進對沖策略，並為我們的人壽保險客戶推動更好的財務決策。

In our catastrophe modeling business, we have released version 8 of our Touchstone platform, which includes timely updates for many of our models in the U.S., Australia and the Caribbean and continues to fulfill our innovation promise.

在我們的災害建模業務中，我們發布了 Touchstone 平台的第 8 版，其中包括對我們在美國、澳洲和加勒比地區的許多模型的及時更新，並繼續履行我們的創新承諾。

In energy and specialized markets, we continue to push forward with our differentiated analytic platform called Lens and are on track for further releases in the back half of the year related to upstream portfolio optimization, renewables and carbon emissions. Despite the softness in the energy market, we continue to see demand from our customers for Lens, which is reflected in both adoption and constructive pricing.

在能源和專業市場領域，我們持續推動名為 Lens 的差異化分析平台，並計劃在今年下半年推出更多與上游投資組合優化、再生能源和碳排放相關的功能。儘管能源市場疲軟，但客戶對 Lens 的需求依然旺盛，這體現在用戶採納率和合理的定價上。

Also within our Energy segment, we launched a solution in April, which analyzes pandemic-related supply chain risk and allows our energy customers to anticipate potential disruptions in their business operations. We are currently enhancing the existing solution by adding data sets from across Verisk that address additional elements of supply chain risk such as vulnerability of suppliers to extreme events, the environmental, social and governance risk factors that suppliers may pose and movements in commodity markets impacting supplier costs.

此外，在能源領域，我們在四月推出了一項解決方案，用於分析與疫情相關的供應鏈風險，幫助我們的能源客戶預測其業務營運可能受到的影響。目前，我們正在透過添加來自 Verisk 各部門的資料集來增強現有解決方案，這些資料集涵蓋了供應鏈風險的其他方面，例如供應商應對極端事件的脆弱性、供應商可能帶來的環境、社會和治理 (ESG) 風險因素，以及影響供應商成本的大宗商品市場波動。

And in Financial Services, our loan loss forecasting model called LookAhead, is gaining momentum with customers as it helps them understand the changes to their anticipated loan loss curves related to government stimulus programs, trends in unemployment and COVID-19 generally. This solution is unique to the marketplace, given that it is founded on the total customer wallet view data set, which is proprietary to Verisk Financial Services.

在金融服務領域，我們的貸款損失預測模型 LookAhead 正受到客戶的青睞，因為它能幫助客戶了解政府刺激計劃、失業率趨勢以及新冠疫情等因素對其預期貸款損失曲線的影響。該解決方案在市場上獨樹一幟，因為它基於 Verisk Financial Services 專有的客戶錢包全視圖資料集。

On the sales front, our teams have adjusted nicely to a fully digital sales model. To help our sales force adjust to the virtual environment, we developed a series of trainings for best practices to use virtual tools, including Skype, Zoom, Teams and Prezi. These sessions were very effective in making our sales teams comfortable with the new formats.

在銷售方面，我們的團隊已經很好地適應了全數位化銷售模式。為了幫助銷售人員適應虛擬環境，我們開發了一系列關於如何使用虛擬工具（包括 Skype、Zoom、Teams 和 Prezi）的最佳實務培訓。這些培訓非常有效地幫助我們的銷售團隊熟悉了新的工作方式。

Outreach to our customers is robust, and with customers in their home offices, we have found they are often more reachable than ever. As a result, calls with customers increased over 50% in the second quarter versus the prior year. In addition, we successfully converted most of our scheduled in-person customer events to virtual events. Virtual events have enabled us to increase reach and attendance, including at our signature London-based insurtech event in June called Verisk Vision, which saw a 63% increase in attendance this year versus the prior year's in-person gathering.

我們與客戶的溝通管道暢通無阻，而且由於客戶居家辦公，我們發現他們比以往任何時候都更容易聯繫。因此，第二季與客戶的通話量比去年同期成長了50%以上。此外，我們成功地將大部分原定的線下客戶活動轉為線上活動。線上活動幫助我們擴大了覆蓋範圍和參與人數，例如我們6月份在倫敦舉辦的標誌性保險科技盛會Verisk Vision，今年的參與人數比去年的線下活動增長了63%。

Additionally, we hosted 48 webinars across our -- the Insurance segment in quarter 2 and had over 8,000 customers in attendance, which is more than a doubling versus last year. In energy, we hosted a number of virtual events throughout the second quarter, delivering thought leadership and content to more than 3,000 clients and prospects. We continue to invest in the virtual space and make enhancements to our platform. We've decided that all events for the remainder of the year will be virtual and we're making plans accordingly.

此外，我們在第二季為保險業務部門舉辦了 48 場網路研討會，吸引了超過 8,000 名客戶參與，比去年同期成長了一倍多。在能源領域，我們在第二季度舉辦了多場線上活動，為超過 3,000 位客戶和潛在客戶提供了前沿見解和內容。我們將繼續加大對線上領域的投入，並不斷改進我們的平台。我們已決定今年剩餘時間的所有活動都將以線上形式舉辦，並正在為此制定相應的計劃。

Virtual engagement with customers extends to the executive level. It is clear from these discussions that the pandemic has heightened the recognition among our customers that they need to become more digital and more automated and to do so at pace. At the CEO level, I have also been pleased to maintain a steady and high degree of contact with our customers' CEOs in the virtual moment. Like me, our customers' CEOs are highly focused on the well-being and productivity of their teams and consider the further digitization of their companies to be a highest priority.

與客戶的虛擬互動已延伸至高階主管層面。從這些討論中可以明顯看出，疫情加劇了客戶對數位化和自動化轉型升級的迫切需求，而且這項轉型必須快速推進。在執行長層面，我也很高興能夠與客戶的執行長們保持密切且高頻率的線上溝通。與我一樣，客戶的執行長們也高度關注團隊的福祉和生產力，並將公司進一步數位轉型視為重中之重。

I continue to receive feedback along 2 lines: one, Verisk is a unique and differentiated partner; and two, our customers look to us for a steady stream of innovation to help them on the journey to becoming more digital and more automated. Even with a video screen between us, the depth of alignment and degree of mutual respect is as high as ever. The net result of all this activity across all levels is that sales opportunities and our pipelines continue to grow as we capitalize on this structural growth trend.

我持續收到兩方面的回饋：第一，Verisk 是一個獨特且與眾不同的合作夥伴；第二，我們的客戶期待我們不斷創新，幫助他們實現數位化和自動化轉型。即使我們隔著視訊螢幕，彼此的共識和尊重程度也一如既往地高。所有這些在各個層面的努力最終促成了銷售機會和銷售管道的持續成長，我們充分利用了這個結構性成長趨勢。

We are experiencing a modest lengthening of our sales cycles across our businesses as compared to historic norms. We are managing this closely and view this more as a timing issue and a function of the complexity of bringing stakeholders together and closing deals in a remote environment. While we have been successfully executing in a work-from-home format, I'm pleased to share that we've begun to open some of our global offices for a safe and phased return to office for those employees who would like to work from the office.

與以往相比，我們各業務部門的銷售週期均略有延長。我們正在密切關注這一情況，並將其視為時間安排問題，以及在遠端環境下召集利益相關者並完成交易的複雜性。雖然我們一直成功地執行居家辦公模式，但我很高興地宣布，我們已開始逐步開放部分全球辦公室，以便那些希望在辦公室工作的員工能夠安全有序地返回辦公室。

In fact, we have opened more than 50 of our global locations in a Phase 1 format over the past few weeks, including our headquarters in Jersey City. I'm hosting this call from our offices, and it feels great to be back in the office.

事實上，過去幾週，我們已在全球50多個地點以第一階段的方式重新開放，包括位於澤西市的總部。我現在正在辦公室主持這場電話會議，回到辦公室的感覺真好。

Additionally, as the stay-at-home restrictions have been lifted across the U.S., we have seen our field force return to a 5-day a week schedule so that they can begin to work on the backlog that built up when entering commercial buildings was restricted.

此外，隨著美國各地居家隔離限制的解除，我們看到我們的現場工作人員恢復了每週 5 天的工作安排，以便他們能夠開始處理在限制進入商業建築期間積壓的工作。

I also want to note how pleased we are with the integration and sales momentum of our recent acquisitions, including FAST, BuildFax and Genscape. While still early, we are realizing both revenue and cost synergies, consistent with our expectations at the time of those deals. We're monitoring these acquisitions carefully and supporting the management teams to ensure that we are generating a solid return on invested capital. With that, let me turn the call over to Lee to cover our financial results.

我還要特別指出，我們對近期收購的各項業務（包括FAST、BuildFax和Genscape）的整合和銷售動能感到非常滿意。雖然目前還處於早期階段，但我們已經實現了收入和成本方面的協同效應，這與我們在收購時的預期相符。我們正在密切關注這些收購，並全力支持管理團隊，以確保我們獲得穩健的投資回報。接下來，我會把電話交給Lee，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 quarter. On a consolidated and GAAP basis, revenue grew 4% to $679 million, while net income increased 19% to $179 million. Diluted GAAP earnings per share increased 20% to $1.08 for the second quarter 2020. The year-over-year increase in GAAP net income and EPS is primarily the result of organic growth in the business, cost discipline, the impact of the timing shift of a $10 million expense related to annual long-term equity incentive grants and a decrease in acquisition-related costs.

接下來來看看本季的財務業績。以合併報表及美國通用會計準則（GAAP）計算，營收成長4%至6.79億美元，淨利成長19%至1.79億美元。 2020年第二季稀釋後GAAP每股收益成長20%至1.08美元。 GAAP淨利潤和每股收益的同比增長主要得益於業務的內生增長、成本控制、與年度長期股權激勵相關的1000萬美元支出時間調整以及收購相關成本的下降。

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 pleased with our operating results, particularly in light of the impact from COVID-19. On an organic constant currency basis, Verisk delivered revenue growth of 1.1% for the second quarter of 2020. This growth was driven by positive results in our Insurance segment, offset in part by modest declines in energy and specialized markets and financial services. Normalizing for the $8 million revenue impact of the injunction on roof measurement solutions, revenue grew 2.4%.

接下來來看我們以固定匯率計算的有機成長績效。根據新聞稿中「非GAAP財務指標」部分定義的非經營性項目進行調整後，我們對經營業績感到滿意，尤其是在新冠疫情的影響下。以固定匯率計算，Verisk 2020年第二季營收成長1.1%。這一成長主要得益於保險業務的積極表現，但部分被能源、專業市場和金融服務業務的輕微下滑所抵消。剔除屋頂測量解決方案禁令造成的800萬美元營收影響後，營收成長2.4%。

As we detailed last quarter, and Scott mentioned in his prepared remarks, we completed a careful review of our solutions and services to evaluate the potential exposure to COVID-19 impacts. Through that exercise, we noted that we did not expect to see any material impact from COVID-19 on approximately 85% of our consolidated revenues because they were generally subscriptions or subject to long-term contracts. As such, in the second quarter, those revenues grew approximately 6.5% on an organic constant currency basis when normalized for the injunction. This speaks to the stability of our subscription business model.

正如我們上季詳述以及史考特在事先準備好的發言稿中所提到的，我們對自身的解決方案和服務進行了仔細審查，以評估其可能受到新冠疫情影響的風險。透過這項審查，我們注意到，由於約85%的合併收入主要來自訂閱或簽訂了長期合同，因此預計新冠疫情不會對我們合併收入的實質影響。因此，在第二季度，經疫情影響調整後，這些收入以固定匯率計算實現了約6.5%的有機成長。這體現了我們訂閱業務模式的穩定性。

Moreover, as we expected, we did experience a negative impact from COVID-19 on certain of our products and services, largely transactional in nature, which represent the balance or 15% of our consolidated revenues. These revenues declined approximately 20% on an organic constant currency basis during the second quarter, owing to weakness in the underlying causal factors, including lower auto and travel insurance activity, the inability to enter commercial buildings to perform engineering analysis, decreased capital expenditures in the energy sector and reduced levels of advertising spending and project-based work from the banks.

此外，正如我們預期的那樣，新冠疫情確實對我們部分產品和服務（主要為交易型產品和服務，占我們合併收入的15%）造成了負面影響。由於一些根本性因素疲軟，包括汽車和旅遊保險業務量下降、無法進入商業建築進行工程分析、能源行業資本支出減少以及銀行廣告支出和項目業務減少，這些收入在第二季度按固定匯率計算下降了約20%。

While we did experience revenue declines in this group of products and services in each month of the quarter, as the underlying causal impacts began to diminish, we did see some of the pressure on our revenues abate. For example, we have seen trends improve sequentially in our auto insurance lines as driving mileage has recovered and are also experiencing improvement in our commercial surveys as our field staff is now allowed to enter buildings.

儘管本季每個月該類產品和服務的收入均有所下降，但隨著根本原因的影響逐漸減弱，我們看到收入壓力有所緩解。例如，隨著駕駛里程的恢復，我們的汽車保險業務收入趨勢環比改善；此外，隨著我們的現場工作人員獲準進入建築物，我們的商業調查業務也出現了改善。

On the energy side. The macro backdrop continues to pressure consulting, but trends seem to have stabilized, and we are starting to have early discussions with the strongest operators about future engagements. The net result is that we have experienced continued progress and sequential revenue improvement throughout the second quarter and into July.

在能源方面，宏觀經濟環境持續對諮詢業務構成壓力，但趨勢似乎已經趨於穩定，我們已開始與實力雄厚的運營商就未來的合作展開初步洽談。最終結果是，我們在第二季及7月都取得了持續進展，營收季增。

Despite the impact on revenue in the second quarter, we are pleased to report that we maintained strong EBITDA growth and expanded margins as the result of effective expense and head count management. Organic constant currency adjusted EBITDA growth was 12.4% in the second quarter, and normalizing for the impact of the injunction and the LTI timing shift, organic constant currency adjusted EBITDA increased 11.6%.

儘管第二季營收受到影響，但我們欣喜地報告，由於有效的費用和人員精簡管理，我們保持了強勁的 EBITDA 成長並擴大了利潤率。第二季經固定匯率調整後的有機 EBITDA 成長率為 12.4%，剔除禁令及長期激勵計畫 (LTI) 時間調整的影響後，經固定匯率調整後的有機 EBITDA 成長率為 11.6%。

Total adjusted EBITDA margin for the quarter, which includes both organic and inorganic revenue and adjusted EBITDA, was 51.3% in the quarter. This margin included a onetime benefit of approximately 150 basis points from the previously communicated timing shift of annual LTI grants. Despite the expense control driving EBITDA growth and margin improvement, we continue to invest substantially in our business and infrastructure, including our cloud transition, and those costs are reflected in this margin as well.

本季調整後 EBITDA 利潤率（包括內生性收入和外延性收入以及調整後 EBITDA）為 51.3%。該利潤率包含先前公佈的年度長期激勵 (LTI) 獎勵發放時間調整帶來的約 150 個基點的一次性收益。儘管費用控制推動了 EBITDA 成長和利潤率提升，但我們仍持續對業務和基礎設施進行大量投資，包括雲端轉型，這些成本也反映在了利潤率中。

On that note, let's return -- let's turn to our segment results on an organic constant currency basis. As you see in the press release, Insurance reported 2.5% growth, while our adjusted EBITDA increased 13.8% for the quarter. We saw healthy growth in our industry standard insurance programs, catastrophe modeling solutions and repair cost estimating solutions, offset by the impact of the injunction on roof measurement solutions and a decline in certain transactional revenue that was negatively impacted by COVID-19.

說到這裡，讓我們回到正題——來看看我們以固定匯率計算的各業務板塊業績。正如您在新聞稿中看到的，保險業務成長了2.5%，而我們本季的調整後EBITDA成長了13.8%。我們的行業標準保險項目、災害建模解決方案和維修成本估算解決方案均實現了穩健增長，但屋頂測量解決方案的禁令以及受新冠疫情負面影響的某些交易收入的下降抵消了部分增長。

Normalizing for the impact of the injunction and LTI timing, insurance would have achieved 4.3% organic constant currency revenue growth and 13.8% organic constant currency adjusted EBITDA growth, demonstrating strong margin expansion despite certain revenue declines and investment in our breakout areas.

在剔除禁令及長期保險時效的影響後，保險業務實現了 4.3% 的有機固定匯率收入增長和 13.8% 的有機固定匯率調整 EBITDA 增長，這表明儘管部分收入下降以及在突破性領域進行了投資，但利潤率仍實現了強勁增長。

Energy and specialized markets revenue decreased 2.8% in the second quarter due to declines in consulting and implementation projects and lower events revenues across the Energy segment. 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 must-have nature 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以及能源板塊活動收入下降，能源和專業市場第二季收入下降了2.8%。我們非常高興地看到，我們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，表現優於終端市場。我們認為，強勁的業績得益於我們解決方案的實用性、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 and normalized for the LTI timing, adjusted EBITDA grew 2.4% in the second quarter, driven by strong operational controls and modest actions taken to reduce head count to be more balanced with the current level of consulting work.

儘管收入有所下降，但考慮到長期激勵計劃 (LTI) 的時間安排，第二季度調整後的 EBITDA 仍增長了 2.4%，這得益於強有力的運營控制以及為減少員工人數以更好地與目前的諮詢工作水平保持平衡而採取的適度措施。

Financial Services' revenue declined 2.7%, owing to weakness in project-based retained analytics and spend informed analytics as our bank customers reduced spending due to the pandemic. Despite decreased spending across the banking industry, we experienced growth in our subscription businesses, an area that has been a strategic focus for us over the last 6 quarters. Normalizing for the LTI timing, organic constant currency adjusted EBITDA remained flat for the quarter, while margins declined owing to portfolio actions we closed earlier in the year.

由於疫情期間銀行客戶減少支出，導致基於專案的留存分析和支出導向分析業務疲軟，金融服務收入下降了2.7%。儘管銀行業整體支出減少，但我們的訂閱業務實現了成長，該領域是我們過去六個季度的戰略重點。在剔除長期激勵計畫（LTI）的時間因素後，本季有機固定匯率調整後的EBITDA與上季持平，而利潤率則因年初完成的投資組合調整而有所下降。

Our reported effective tax rate was 20.4% for the quarter compared to 19.7% in the prior year quarter. Looking forward, we now believe that our full year tax rate for 2020 will be between 21% and 23%, up from the 19% to 21% range we had previously provided. This is primarily the result of U.K. legislation that was enacted in July but retroactive back to April 1, 2020, that increases the U.K. corporate tax rate from 17% to 19%. And as a result, we will take a one-time catch up charge in the third quarter of this year related to the valuation of a deferred tax liability, which will likely drive the quarterly rate above the full-year range provided, but we do not anticipate a material long-term impact from this increase.

本季報告的實際稅率為20.4%，而去年同期為19.7%。展望未來，我們預計2020年全年稅率將在21%至23%之間，高於先前預測的19%至21%。這主要是由於英國一項於7月生效、追溯至2020年4月1日的立法，該立法將英國企業所得稅稅率從17%提高至19%。因此，我們將在今年第三季提列一次性追繳費用，用於評估一項遞延所得稅負債，這可能會導致季度稅率高於先前預測的全年稅率範圍，但我們預計此次稅率上調不會產生重大的長期影響。

Adjusted net income was $213 million and diluted adjusted EPS was $1.29 for the second quarter, up 15.8% and 17.3% from the prior year, respectively. This increase reflects the cost discipline in the business, lower travel and entertainment expenses, contributions from acquisitions, the above-mentioned timing shift and expense related to annual long-term equity incentive grants and lower average share count.

經調整後第二季淨利為2.13億美元，稀釋後經調整每股收益為1.29美元，分別較上年同期成長15.8%及17.3%。這一增長反映了公司成本控制的加強、差旅及招待費用的降低、收購帶來的貢獻、上述時間調整以及與年度長期股權激勵相關的支出和平均股份數量的減少。

Net cash provided by operating activities was $250 million for the quarter, up 24.6% from the prior year period. Capital expenditures were $57 million for the quarter, up 20.9% from the prior year period, and CapEx represented 8.4% of total revenues in the quarter. We now believe that CapEx in 2020 will likely be toward the higher end of our previously provided range of $250 million to $270 million, as investing in our business and our people continues to be among our highest priorities.

本季經營活動產生的淨現金流為2.5億美元，較上年同期成長24.6%。本季資本支出為5,700萬美元，較上年同期成長20.9%，佔本季總營收的8.4%。鑑於投資於業務和員工仍然是我們最重要的優先事項之一，我們目前預計2020年的資本支出可能接近先前預測的2.5億美元至2.7億美元區間的上限。

Related to CapEx. We now expect fixed asset depreciation and amortization to be within the range of $185 million to $195 million, higher than the prior provided range of $170 million to $180 million. This increase is related to the timing of implementation of certain internally developed software projects as we continue to push forward on introducing innovation to the marketplace. We continue to expect intangible amortization to be approximately $165 million in 2020.

關於資本支出。我們現在預計固定資產折舊和攤銷將在1.85億美元至1.95億美元之間，高於先前預測的1.7億美元至1.8億美元。這一增長與某些內部開發的軟體專案的實施時間有關，因為我們將繼續推動創新產品上市。我們仍預計2020年無形資產攤銷約1.65億美元。

Free cash flow was $193 million for the quarter, an increase of 25.7% from the prior year, primarily due to an increase in customer collections and operating profit, a reduction in travel and entertainment expense as a result of COVID-19 as well as the deferral of federal income taxes and certain employer payroll taxes resulting from the CARES Act, partially offset by earn-out payments of $65 million.

本季自由現金流為 1.93 億美元，比上年增長 25.7%，主要原因是客戶收款和營業利潤增加，受 COVID-19 疫情影響，差旅和招待費用減少，以及《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 導致聯邦所得稅和某些雇主盈利工資稅的延期繳納，但部分被 6500 萬美元的延期繳納，但部分被 6500 萬美元。

During the second quarter, we returned $119 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 third quarter to be paid in September. 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 do not think they 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.

第二季度，我們透過股票回購和分紅向股東返還了1.19億美元的資本。我很高興地宣布，董事會已批准第三季每股0.27美元的股息，並將於9月支付。正如我們上季度詳細闡述的那樣，我們仍然認為，新冠疫情帶來的各種影響因素對我們在2020年實現7%的長期成長目標構成了壓力。然而，我們認為這些影響因素並未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 deliver operating leverage while also continuing to invest in our innovation agenda. While we have restricted head count growth in the shorter term, we will pace new hiring as we see a return to a more normalized operating environment.

我們仍有信心有效管理成本結構，提升營運效率，同時持續增加對創新項目的投入。雖然短期內我們限制了員工人數成長，但隨著營運環境逐漸恢復正常，我們將逐步調整招募節奏。

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

綜上所述，我們仍然相信，訂閱收入的穩定性，以及得益於我們靈活的薪資結構和成本控製而實現的核心營運槓桿，將繼續支撐2020年的收入和EBITDA成長。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) And with that, I will ask the operator to open the line for questions.

（操作員指示）接下來，我將請操作員開通提問專線。

(Operator Instructions) Your first question comes from the line of Manav Patnaik of Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的馬納夫·帕特奈克。

I just wanted to focus, firstly, just on the Energy and Specialized Markets segment. Last quarter, you gave us some anecdotal commentary on the different mix between upstream, renewables, so on and so forth. I was just wondering if you could just give us some color on how each of those are doing within that business.

首先，我想重點談談能源和專業市場板塊。上個季度，您曾就上游業務、再生能源等不同板塊的組合情況做過一些簡單介紹。我想請您具體說明一下這些板塊在該板塊的運作情況。

Neal, would you like to speak to that?

尼爾，你想談談這件事嗎？

Yes. Sure. Certainly, Scott. First thing is we're very, very pleased in terms of our subscription business, how robust that business has been in, and as Scott and Lee mentioned, it grew through the second quarter. Whilst we had, as we predicted on the transaction, both the consultant and the event side, that was more of a challenge. When we look at the Wood Mackenzie and the Energy and Specialized business, it's a fundamentally different business than it was 4 or 5 years ago, at the time of the acquisition. At that time, the majority of our revenue was more exposed to the upstream side. Today, that part of the business is less than 50% of our business. Just as Scott mentioned, we're much more focused on the energy transition and other key growth areas, which will drive the business in the longer term.

是的，當然。斯科特，沒問題。首先，我們對訂閱業務的表現非常滿意，這項業務一直非常穩健，正如斯科特和李所提到的，它在第二季度實現了成長。正如我們在交易中預測的那樣，諮詢和活動業務方面也面臨更大的挑戰。當我們審視伍德麥肯茲的能源和專業業務時，它與四、五年前收購時相比，已經發生了根本性的變化。當時，我們的大部分收入都來自上游業務。而如今，這部分業務的佔比已不到50%。正如斯科特所說，我們現在更加專注於能源轉型和其他關鍵成長領域，這些領域將在長期內推動業務發展。

Got it. And Scott, just the other question I had is, you've been talking a lot about software being an increased focus for you guys at Verisk. And I was just wondering is there a way to quantify like how much as a percentage of your business software is today. And if that's just an insurance phenomena? Or is it across Energy and Financial as well?

明白了。史考特，我還有一個問題，你一直在說軟體是Verisk越來越重視的領域。我想知道有沒有辦法量化一下，例如軟體目前在你們業務中佔多大比例？這只是保險業的現象嗎？還是能源和金融業也存在這種情況？

It's definitely a committed part of our strategy, Manav, in all parts of our business, and it is a growing part of the mix. What we talk about all the time at Verisk is the best expression of what we can do for our customers is to provide them platform to analytic environments and great, what we call, analytic objects.

馬納夫，這絕對是我們策略中不可或缺的一部分，貫穿我們業務的各個環節，而且其重要性還在不斷提升。在Verisk，我們一直強調，我們能為客戶提供的最佳服務就是為他們提供分析環境平台以及我們稱為「分析對象」的優質產品。

And the mix of both of those things inside of all of what we do is increasing, and it is a strong focal point. You get kind of an interesting thing if you're trying to parse your revenue streams, taking energy as an example. So Lens is our platform. Moving through that platform is content that customers -- some of what moves to their platform is content that customers have made use of through time. And so if we talk about sort of where the revenue stream is headed and growing, it's a little bit artificial to parse how much of that you're attributing to the software that you generated versus the sort of the total platform and the value that the customers find in it. But definitely, software is a growing part of our mix, and it's meaningful in all of the verticals.

在我們所做的一切中，軟體和能源的整合程度越來越高，這已成為我們工作的重點。以能源為例，如果你試著分析收入來源，你會發現一些有趣的現象。 Lens 是我們的平台。客戶的內容會透過這個平台流動－有些內容是客戶長期以來使用過的。因此，如果我們討論收入流的發展方向和成長趨勢，要準確劃分其中有多少來自我們開發的軟體，又有多少來自整個平台及其為客戶創造的價值，其實並不那麼容易。但可以肯定的是，軟體在我們業務組合中所佔的比重越來越大，而且在所有垂直領域都發揮著重要作用。

Next question comes from the line of Toni Kaplan of Morgan Stanley.

下一個問題來自摩根士丹利的東尼卡普蘭。

Wanted to start out with the margins, really strong quarter there, expanding -- EBITDA margins expanding 470 basis points. I know you attributed about 150 to the LTI shift. But wanted to ask if it's fair to say that the remainder is coming from lower variable comp and T&E. And should that come back once this period is over? Or is there some level of permanent savings that we should be expecting to remain?

想先談談利潤率，本季表現非常強勁，EBITDA利潤率成長了470個基點。我知道您把其中約150個基點歸因於長期激勵計劃（LTI）的調整。但我想問一下，剩餘部分是否主要來自於可變薪酬和差旅費用的降低？這些成本在當期結束後是否會恢復？或者說，是否存在一些可以長期維持的成本節約？

Lee, would you start with that question, please?

李，請你先問這個問題好嗎？

Sure. Absolutely. Thank you, Toni. So I think your observation, I agree with Toni. I would say once you eliminate the LTI impact, as we've indicated, about 150 basis points and then look at, as I typically described, at the businesses on a pre-investment basis, we are still seeing strong margin improvement across the 3 businesses. And to give you some -- kind of some sense of the overall contribution in the margin, the reduction in T&E was approximately 150 basis points and the short-term kind of compensation impact was about 100 basis points.

當然。完全同意。謝謝你，托尼。所以，我認為你的觀點我同意。正如我們之前提到的，剔除長期激勵計畫（LTI）的影響（大約150個基點）後，再像我通常描述的那樣，從投資前的角度來審視各項業務，我們仍然可以看到這三項業務的利潤率都有顯著提升。為了讓你對整體利潤率的貢獻有個大致了解，差旅費的減少大約帶來了150個基點的利潤，而短期薪酬方面的影響大約帶來了100個基點的利潤。

So naturally, that's a function of the growth impact that it relates to the overall improvement. So we are having kind of the -- what you might describe as the COVID-19 impact on our cost structure that is benefiting us in that period. But there are efficiencies that we are -- have identified that I think will enhance our operating leverage ahead. Some of that, it relates to the nature of our sales function and the sales productivity.

所以，這自然取決於成長對整體改善的影響。因此，我們目前正經歷著某種程度的——你可以稱之為新冠疫情對我們成本結構的影響，而這種影響在當前時期對我們有利。但我們已經發現了一些可以提高效率的途徑，我認為這些途徑將在未來提升我們的營運槓桿。其中一些途徑與我們的銷售職能和銷售效率有關。

We don't expect to be in this completely remote format for an extended period of time, but we have found potential efficiencies that may improve the margin on a longer-term basis. So I think there are some structural elements that we've identified that will persist, but clearly, a significant part of this margin improvement is a function of the responsiveness of our cost structure and the actions that we've taken to manage head count. So it's as always, a blend of a lot of different factors that are influencing margin.

我們預計這種完全遠距辦公模式不會持續很長時間，但我們發現了一些潛在的效率提升點，這些提升點可能會在長期內提高利潤率。因此，我認為我們已經確定了一些會持續存在的結構性因素，但顯然，利潤率的顯著提升很大程度上取決於我們成本結構的靈活性以及我們為控制人員規模所採取的措施。所以，利潤率一如既往地受到多種因素的綜合影響。

I would just add, Toni, one item that you didn't have in the ones that you -- the factors, which you highlighted is the increasing efficiency of our technical infrastructure. So we have been, over the last couple of years, as many know, working to rotate to the cloud as well as upgrading the data fabric inside of our analytics, and that continues. And as we move forward, the unit cost economics is associated with our technical infrastructure do improve, and that's happening now and will continue to happen.

東尼，我只想補充一點，你提到的那些因素中，有一點你沒提到，那就是我們技術基礎設施效率的提升。正如許多人所知，過去幾年我們一直在努力向雲端遷移，並升級分析系統內部的資料架構，這項工作仍在繼續。隨著我們不斷推進，與技術基礎設施相關的單位成本經濟效益也在不斷提高，這種情況現在正在發生，並且會持續下去。

That's great. And I wanted to ask about the 15% of the business that's non-subscription that you said dropped 20% in the quarter. It sounds like your business overall is improving. Just wanted to find out if -- where that 20% would be sort of in the July time frame, what that looks like, and which segments saw the greatest declines in the non sub side.

太好了。我想問您提到的那15%的非訂閱業務，您說這部分業務在本季下降了20%。聽起來您的整體業務正在好轉。我只是想了解一下，在7月這個時間段內，這20%的降幅具體體現在哪些方面，以及哪些細分市場在非訂閱業務方面降幅最大。

So we -- at our call in May, we actually parsed for you the relative impact. We allocated the 20% across the 3 reporting verticals. I mean, generally, I would say that the -- sort of the recovery is being felt relatively evenly across the 3 verticals. We have noted in July, even some positives in each of the 3 verticals.

所以，在五月的電話會議上，我們實際上已經為您分析了相對影響。我們將20%的份額分配到了三個報告垂直領域。我的意思是，總的來說，我認為復甦的勢頭在三個垂直領域都相對均衡地顯現出來。我們在七月注意到，甚至三個垂直領域都出現了一些積極的跡象。

The one that I -- personally, I'm going to watch the closest is the recovery in sort of ad spending and how that relates to our revenues on the spend and form analytics side in Verisk Financial. But as I say, all 3 verticals are showing that same upward movement.

我個人最關注的是廣告支出復甦情況，以及這與Verisk Financial在支出和表單分析的收入有何關聯。但正如我所說，這三個垂直領域都呈現出同樣的上升趨勢。

Your next question comes from the line of Hamzah Mazari of Jefferies.

你的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 Insurance segment. As it relates to COVID-19, I know it's a fluid situation. But if P&C insurance companies are on the hook for COVID claims, maybe you could walk us through what you're hearing there, how it impacts your business. A couple of years ago, customer consolidation was a headwind. Claims tend to be good for you. And so I'm just trying to parse out how you think about that, just the puts and takes there.

我的第一個問題是關於保險領域的。就新冠疫情而言，我知道情況瞬息萬變。但如果財產保險公司需要承擔新冠相關的理賠，您能否談談您所了解的情況，以及這對您的業務有何影響？幾年前，客戶整合對保險公司來說是個不利因素。而理賠通常對保險公司有利。所以我只是想了解您對此的看法，以及其中的利弊。

Yes. You actually had several points in there. Let me begin and then, Mark, if you'd like to add anything. Specific to the idea of claims as they relate to the business interruption line of insurance, our view is -- and we come from a very informed place because we actually author the contract language that goes into the policy, is that it's really pretty clear that unless otherwise explicitly stated, and generally, it's not explicitly stated, that business interruption insurance does not cover losses related to pandemics.

是的。您剛才確實提到了好幾點。我先說，馬克，如果您還有什麼要補充的，歡迎您。關於與營業中斷保險相關的索賠問題，我們的觀點是——我們之所以這麼說，是因為我們參與了保單條款的起草工作——非常明確地指出，除非另有明確規定（通常情況下並沒有明確規定），否則營業中斷保險不承保與疫情相關的損失。

And that's not to say that there won't be some court cases, maybe businesses, which have taken out business interruption insurance naturally would like to be covered. But in reality, if you read the language carefully, our reading is that it's pretty clear. So we don't think that there is some substantial discontinuous event that's going to happen for our customers as a function of COVID-19 and claims related to business interruption.

當然，這並不意味著不會出現一些訴訟案件，畢竟購買了營業中斷保險的企業自然希望獲得賠償。但實際上，如果您仔細閱讀保險條款，您會發現其內容非常明確。因此，我們認為，新冠疫情不會對我們的客戶造成實質的業務中斷，也不會導致相關的索賠。

It is true that activity inside the insurance industry is a positive for us. The insurance companies remained quite active, in the second quarter -- will remain quite active. Our customer demography actually doesn't change very much with the exception that as the insurtechs come into being, we actually do very well with them. But the existing insurance companies, there really has -- the pace of consolidation really is not all that great. And we don't see anything in this moment that would stimulate that to higher rates. Mark, anything you want to add to that?

保險業內部的活躍度確實對我們有利。保險公司在第二季依然相當活躍，而且預計未來也會保持活躍。我們的客戶群結構實際上並沒有太大變化，唯一的例外是，隨著保險科技公司的出現，我們與它們的合作非常成功。但現有保險公司的整合速度確實並不快。而我們目前看不到任何會刺激費率上漲的因素。馬克，你還有什麼要補充的嗎？

Yes. I think I would just highlight or echo a couple of things you said. I think the language that we use in our programs have pretty clear -- clearly states that the effort around pandemic or the situation on pandemic will not affect the property, and the property is really what's the key to coverage. There are other programs out there, especially on the reinsurance side, where some of this business interruption and the effects of pandemic will be invoked. So I think some programs, some insurers will have some payments to make, and it's pretty quite sizable.

是的。我想強調或重申您剛才提到的幾點。我認為我們保險方案中使用的措辭非常明確——明確指出，疫情相關的措施或情況不會影響財產本身，而財產才是保險保障的關鍵所在。其他一些保險方案，尤其是在再保險領域，會援引疫情造成的業務中斷和影響。所以我認為，有些保險公司或方案可能需要支付一些賠款，而且金額相當可觀。

I think the other thing that kind of factors into the insurance economics is the commercial lines premium. I think what we're going to see probably in 2020 is a combination of exposures and premiums down 5% to 6%. We do believe from a forecast perspective, that those rates, the actual premium rate itself as well as the exposures will rebound in 2021. So that may affect some insurers. I think, overall, we don't see that as something that is systematically problematic. I think during these times, insurers look to focus on underwriting discipline, and a lot of the actuarial and underwriting solutions we provide, provide them what I'll refer to as that grounding. So hopefully, that provides color.

我認為影響保險經濟的另一個因素是商業險保費。我認為2020年我們可能會看到風險敞口和保費雙雙下降5%到6%。從預測的角度來看，我們相信這些費率，包括實際保費率和風險敞口，都將在2021年反彈。這可能會對一些保險公司產生影響。但總的來說，我們認為這不會造成系統性問題。我認為在當前情況下，保險公司會更加重視核保紀律，而我們提供的許多精算和核保解決方案，正是為他們提供了我所謂的「基礎」。希望這些資訊能有所幫助。

Yes. That's very helpful. My follow-up question is just around your commercial sales organization. We talked about investing in software. We've been in an elevated investment spend cycle as it relates to CapEx on new products, et cetera. Financial Services, there have been some changes in restructuring. Have you changed sort of the commercial sales organization structure at all as it relates to either compensation or how it's structured from a vertical standpoint? Or has it been just pretty consistent over the last several years?

是的，這很有幫助。我的後續問題是關於貴公司的商業銷售組織。我們談到了軟體投資。我們一直處於較高的投資週期，尤其是在新產品等方面的資本支出。金融服務部門也進行了一些重組。貴公司是否對商業銷售組織的架構進行任何調整，例如薪資結構或垂直層面的組織架構？還是說過去幾年一直保持相對穩定？

The go-to-market themes are specific to the 3 verticals. And even within that, we have a multi-tier approach where we have account representation as well as product specialists. The way that we take our products to market has not changed. What we sell is complex. Our products need to be explained, they need to be demonstrated. Very frequently, there have to be proofs-of-concept followed by trials before we get to enterprise-wide agreements. So it's a process that takes time.

市場推廣策略因三大垂直領域而異。即使在這些領域內部，我們也採用多層級的管理模式，既有客戶代表，也有產品專家。我們的產品上市方式始終如一。我們銷售的產品很複雜，需要進行解說和示範。通常情況下，在達成企業級協議之前，我們需要先進行概念驗證，然後再進行試用。因此，這是一個需要時間的過程。

We're good at it. We've done it for a long time, and we continue to do it the way that we have done it in the past. We're always open to and actually even interested to add teammates who, as the solution set expands, can take them to market and help customers find the value. But in terms of the -- sort of the general approach, no, we've done it successfully for a long time, and we're not going to fiddle with our successful model.

我們在這方面做得很好。我們長期以來一直這樣做，並且會繼續沿用過去的做法。我們始終歡迎並樂於吸收新成員加入我們的團隊，隨著解決方案的擴展，他們可以帶領團隊將產品推向市場，幫助客戶發現其價值。但就整體方法而言，不，我們已經成功運用這種方法很久了，我們不會輕易改變我們行之有效的模式。

Your next question comes from the line of Alex Kramm of UBS.

你的下一個問題來自瑞銀集團的 Alex Kramm。

Yes. First one is a follow-up to Toni's question when she asked about kind of what you saw during the quarter. And can you be a little bit more specific maybe on that 20%, how it trended in April, May, June and maybe even into July, so we can just see the trajectory? And if there's any incremental color you can give, what areas you think will improve over the course of the year? I guess, trying to get to the trajectory a little bit. Any help you can give us would be helpful.

是的。第一個問題是針對托尼先前問的關於本季業績的後續問題。您能否更具體地談談那20%的成長情況，例如4月、5月、6月甚至7月的趨勢，讓我們了解其發展軌跡？如果您能提供一些更詳細的信息，例如您認為哪些領域會在今年有所改善，那就更好了。我想了解整體的發展趨勢。您的任何幫助都將不勝感激。

Lee, anything you want to add to your comments in the upfront part of the meeting?

李，你還有什麼要補充的嗎？你在會議開始階段已經發言過了。

Sure. Yes. Thanks, Alex. So we're not going to get into kind of monthly results, but what I will reinforce is that within the segments, we saw the underlying causal impacts improve. And so perhaps this is helpful, for instance, in insurance, as we saw that driving activity begin to kick in, that clearly had a positive impact. And so across the quarter for the COVID-sensitive revenues, that 15%, we saw sequential improvement across the quarter, and that improvement continued into July.

當然。是的。謝謝，Alex。我們今天不討論月度業績，但我要強調的是，在各個業務板塊中，我們看到潛在的因果影響有所改善。例如，在保險領域，我們看到駕駛活動開始恢復，這顯然產生了積極影響。因此，在整個季度中，受新冠疫情影響較大的收入（佔15%）環比有所改善，並且這種改善趨勢延續到了7月。

Obviously we're continuing to deal with a lot of uncertainty in terms of the impact across the country and how that impacts overall driving activity. But at least through July, we saw a continued trend of improvement on that front.

顯然，疫情對全國的影響以及對整體駕駛活動的影響仍存在許多不確定性。但至少在7月份，我們看到這方面持續呈現改善趨勢。

Within Energy and Specialized Markets, we also saw an improvement through the quarter, and we are beginning to see some signs of reengagement around the consulting side of the equation. I do think that with that component, there is going to be a longer-term or I should say, a longer period in which that recovers as the timing of the response from our energy clients is going to follow the CapEx trend a little bit more closely, in comparison to the driving activity where we're seeing that rebound more quickly.

在能源和專業市場領域，我們也看到本季有所改善，諮詢業務方面也開始出現復甦跡象。我認為，這部分業務的復甦需要更長時間，或者說更長的時間，因為能源客戶的反應時間將更密切地與資本支出趨勢相符，而汽車行業的復甦速度則更快。

So I think if you think about the timing of that recovery, we are expecting that, that will take a little bit longer. But into July, we were beginning to see improvements.

所以我覺得，考慮到復甦所需的時間，我們預計復甦會持續更長時間。但到了七月份，我們開始看到一些改善。

And then finally, in our Financial Services business, a lot of this relates to -- it's kind of a blend of 2 dimensions. One is the advertising component, which is down, but is showing recovery, and so that's more like the auto activity. But we also have the project analytics and the retained analytics from the banks that probably have a somewhat slower recovery result as -- in response to the COVID-19. So those are some of the factors. But within each of those categories, there are multiple products with different degrees of severity, but across them all, we did see improvement through the second quarter and have seen a continuation of that into July. And that's probably as much texture as I can give you, Alex.

最後，就我們的金融服務業務而言，許多情況都與此相關——這其實是兩個維度的混合。一方面是廣告業務，雖然有所下滑，但正在復甦，這更像是汽車產業的活動。另一方面，我們也有專案分析和銀行的留存分析，由於新冠疫情的影響，這些業務的復甦速度可能稍慢一些。以上是一些影響因素。在每個類別中，都存在多種產品，其受影響程度各不相同，但總體而言，我們在第二季度看到了改善，並且這種改善趨勢延續到了7月份。 Alex，我能提供的資訊大概就這些了。

No. That's good texture. A similar question maybe on the subscription side. You mentioned that sales cycles are lengthening, not surprising. Any kind of dimensions you can put around that? And maybe related to that, how is the pipeline looking today versus maybe a quarter ago?

不，這質感很好。關於訂閱方面，或許可以問個類似的問題。您提到銷售週期正在延長，這並不奇怪。能具體說說這方面的數據嗎？另外，或許可以和這個問題連結起來，目前的銷售管道與一個季度前相比有何不同？

Go ahead, Lee. Go ahead.

請繼續，李。請繼續。

Sorry. Yes. So Alex, it -- you have -- I would just describe it generally as a lengthening, and so that can vary depending upon the project. Again, factoring in that we have a lot of different projects with different lead times, it's probably not useful to generalize across that. But we are seeing what has been described by the sales force as getting all of the stakeholders together with the disruptions is taking a little longer to get that done. So that's what I would call kind of the back-end of the pipeline closest to contract.

抱歉。是的。 Alex，你提到的情況——我只能概括地將其描述為工期延長，具體情況會因專案而異。考慮到我們有很多不同的項目，每個項目的週期都不一樣，所以一概而論可能不太合適。但正如銷售團隊所描述的，由於各種幹擾，我們需要花更長的時間才能將所有利害關係人聚集在一起。因此，我稱之為接近合約簽訂的銷售流程後端階段。

However, at the front end of the pipeline, as indicated by the increase in the sales calls, our engagement with clients, we're actually seeing a fairly healthy level of engagement on that front, I think, because of the accessibility and the demand for our products. So we feel very good about what we've been able to generate from a pipeline perspective despite the disruptions.

然而，從銷售電話數量的增加以及我們與客戶的互動來看，銷售管道前端的互動程度實際上相當健康。我認為這得益於我們產品的可及性和市場需求。因此，儘管面臨一些幹擾，我們對銷售管道的進展感到非常滿意。

And I think that feeds into a longer-term perspective, meaning, as Scott indicated, we believe that in many ways, the pressures -- the operating pressures that COVID-19 has put on our client sets within all of the verticals who recommends and encourages more utilization of our product sets and analytic platforms to support what they do, there is more pressure on them to digitize more aspects of their operations, and we think that's very constructive for the long-term opportunity within Verisk and why we feel confident our growth drivers remain, certainly not diminished, but probably enhanced as a result of what people -- what our clients have to react to.

我認為這有助於從長遠角度看待問題，正如 Scott 指出的那樣，我們相信，在許多方面，COVID-19 給所有垂直行業的客戶帶來了營運壓力，這些客戶推薦並鼓勵更多地使用我們的產品和分析平台來支持他們的業務，他們面臨著更大的壓力，需要將營運的更多方面數位化。我們認為這對 Verisk 的長期發展機會非常有建設性，這也是為什麼我們相信我們的成長動力依然存在，而且肯定不會減弱，反而可能因為客戶必須應對的挑戰而得到加強。

The next question comes from the line of Gary Bisbee of 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. Just wondering, is there a lag effect to the 85% that is subscription. So just wondering if net new sales is trending below the 6.5% organic that you mentioned.

我是David Chu，代表Gary。我想問一下，訂閱用戶佔85%是否有滯後效應？另外，我想了解一下，新增淨銷售額是否低於您提到的6.5%的自然成長率。

Well, the nature of the subscription business that we have. First of all, a lot of that is multi-year and multiyear agreements, feature price escalators year-over-year. A good fraction of it also is perpetually renewing, particularly as it relates to sort of the traditional rules, forms and loss costs that we provide in the insurance vertical. So there's actually -- there's a great deal of not just stability but actually momentum associated with the 85% because of the way that we contract with our customers. And so when we talk about sales cycles, we're really talking about the cross-selling of a solution, which hasn't been used by a customer in the past or a brand-new solution into the marketplace.

我們訂閱業務的性質是這樣的：首先，其中許多都是多年期合同，而且價格逐年遞增。相當一部分合約還會永久續約，尤其是在我們為保險業提供的傳統規則、表格和損失成本方面。因此，由於我們與客戶的合約方式，這85%的業務不僅非常穩定，而且還具有強大的成長勢頭。所以，當我們談到銷售週期時，我們實際上指的是交叉銷售客戶過去未使用過的解決方案，或將全新的解決方案推向市場。

And I think Lee was really taking pains to try to describe that we're going to move with our customers and at the rate that they want to move. And I think he put his finger on exactly the right issue, which is just -- it's a big decision when customers decide to subscribe to one or more of our solutions. These are high-ticket items. And it's not as if the consideration has fundamentally changed from -- we're thinking about it in the year 2020 to like don't even talk to me about it until the year 2021.

我認為李先生確實很努力地想說明，我們將與客戶攜手並進，並按照他們希望的速度前進。而且我認為他一針見血地指出了問題的關鍵所在——客戶決定訂閱我們的一項或多項解決方案是一項重大決策。這些都是高價產品。而且，這並不意味著我們的考量發生了根本性的改變，從2020年「我們考慮一下」變成了「2021年之前別跟我提」。

It's much more just them having found their feet underneath them in the COVID moment. And now as they try to organize to make what is a material decision to buy one of our solutions, they just have to pull themselves together, basically. But it's not as if the fundamental decision matrix for them has changed. The value proposition is the same, and this relates to the emergence or the cross-sell than it does to the thing which is already established. And again, there's momentum inside of an -- most existing subscription contracts because they are multiyear, and they do have price escalators.

更確切地說，他們只是在新冠疫情期間找到了立足點。現在，當他們試圖做出購買我們解決方案這一實質決策時，他們基本上需要振作起來。但這並不意味著他們的根本決策矩陣發生了改變。價值主張依然如故，這與新興的交叉銷售有關，而非與現有的現有業務有關。此外，大多數現有的訂閱合約都具有持續成長的勢頭，因為它們是多年期的，並且包含價格遞增條款。

Okay. That's helpful. And just -- has implementation of new products have been an issue in this work-from-home environment?

好的，這很有幫助。另外，在這種居家辦公環境下，新產品的推廣實施是否曾經遇到問題？

Not at all.

一點也不。

Your next question comes from the line of Jeffrey Meuler of Baird.

你的下一個問題來自 Baird 公司的 Jeffrey Meuler。

Scott, when you -- in your prepared remarks, when you talked about the long-term benefits to the risk of the digital transformation of your customers, you've talked not only about their -- them being more desirous to use your solutions but also their capabilities to consume what you provide.

史考特，當你在準備好的發言稿中談到客戶數位轉型帶來的長期收益和風險時，你不僅談到了他們更渴望使用你的解決方案，還談到了他們消費你所提供的產品的能力。

I guess just that on a capability point, how much of a barrier is that today? And maybe if you could illustrate the point with how it's different to your business with one of the insurtechs that you do well with or with a traditional carrier that's further along with their digital transformation.

我想問的是，就能力層面而言，這在今天究竟有多大的障礙？或許您可以舉例說明一下，您與一家合作良好的保險科技公司，或者一家在數位轉型方面走得更遠的傳統保險公司，在業務上有何不同。

Yes. So actually, I like the way you framed the question, Jeff, because I'm going to generalize a point here, and that is that as I observed some of the insurtechs, which are kind of borne from whole cloth and essentially platforms into a more modern infrastructure. They are born with a more modern infrastructure, I find their rate of adoption to be really high.

是的。傑夫，其實我很喜歡你提問的方式，因為我接下來要說的是一個概括性的觀點：我觀察到一些保險科技公司，它們基本上是從零開始構建的，本質上是搭建在一個更現代化的基礎設施平台上。它們天生就擁有更現代化的基礎設施，我發現它們的普及率非常高。

And so it actually is a demonstration of what we're talking about here. Those who are more naturally able to connect to, to integrate, to consume from inside of an API to render content from the outside into their own environment quickly or even, more importantly, to actually plant a platforms analytic environment right in the middle of their workflows, a company, which is in that condition is able to consume the next thing from us just that much more easily.

所以，這其實正是我們所討論內容的例證。那些能夠更自然地連接、整合並從 API 內部快速獲取外部內容，甚至更重要的是，能夠將平台的分析環境直接嵌入其工作流程中的公司，能夠更輕鬆地使用我們提供的後續產品和服務。

And really, I think there really is an observation there about the relative ease with which some of the insurtechs are able to begin to work with what we provide them.

確實，我認為這其中確實存在一個值得注意的現象，那就是一些保險科技公司能夠相對輕鬆地開始使用我們提供給他們的東西。

And what it comes down to, fundamentally, is that they have their own backlog of technology-oriented projects that they have to work through. And sometimes, one of those technology-oriented projects might be them doing whatever it is that they need to do in their environment in order to adopt one of our solutions. We've seen this many, many times over in much of what we do, actually.

歸根究底，問題在於他們本身也積壓了大量技術項目需要處理。有時，這些技術項目可能包括為了採用我們的解決方案而需要在自身環境中進行的各項工作。事實上，在我們所做的許多工作中，這種情況都屢見不鮮。

And to the extent that they are actually able, they're more naturally digital, they'll be able to work through these kinds of implementations that much faster. And so I don't think that it -- when they do their own ROI calculation on making use of one of our solutions, their cost of implementation, in most cases, is there's something there, but it really isn't going to make the difference in terms of whether or not to make use of our solutions.

而且，如果他們具備相應的能力，並且天生就更擅長數位化，那麼他們就能更快地完成這類實施方案。因此，我認為——當他們自行計算使用我們解決方案的投資回報率時，實施成本在大多數情況下是存在的，但這並不會真正影響他們是否選擇使用我們的解決方案。

Maybe with some of our thickest platforms, that might be there a little bit more. But -- so my point here is that the fundamental interest in making more use of what it is that we do. The ease of implementation is a part of it, but also as they become more analytic in the way that they make their own decision-making, the value of the content that we bring just stands up that much taller. And so there's also something about their own analytic environment and the quality of their own analytic environment. And so at the intersection of I can get you implemented faster, and I can make more use of this unique perspective that you've got Verisk, the value proposition just stands up even higher.

或許在我們一些功能最強大的平台上，這種優勢會更加明顯一些。但——所以我的觀點是，根本原因在於如何更充分地利用我們所提供的服務。易於實施固然是原因之一，但隨著他們決策方式的分析能力不斷增強，我們提供的內容價值也更加凸顯。此外，他們自身的分析環境及其品質也至關重要。因此，當我可以更快地幫您完成部署，並能更充分地利用Verisk的獨特視角時，我們的價值主張就更加突出了。

Our next question comes from the line of Andrew Nicholas of William Blair.

我們的下一個問題來自威廉布萊爾的安德魯尼古拉斯家族。

It looks like at a geographic level, growth in the U.S. was a bit stronger than international in the quarter. I'm assuming that's primarily a function of business mix; and secondarily, exposure to transactional revenue. But I was wondering if there's anything else to call out in terms of regional growth differences in the period.

從地理層面來看，本季美國市場的成長似乎略強於國際市場。我推測這主要是由於業務組合的差異，其次是交易收入佔比較高。但我很想知道，就本季各地區的成長差異而言，是否還有其他值得注意的地方。

No. I mean I think you really caught it inside of your question. As many folks know, we're excited about the growth of our international business. And we have a variety of ways that we try to grow our international business. And in the early stages of developing a market, one of the things that's kind of a natural feature of our businesses that some of it may be more transactional in the early going.

不，我的意思是，我覺得你的問題已經很到位了。正如許多人所知，我們對國際業務的成長感到非常興奮。我們嘗試透過多種方式來拓展國際業務。在市場開發的初期階段，我們業務的一個自然特徵是，有些業務在早期階段可能更偏向交易型業務。

Customers, when they're getting used to a new solution often want to start out in the transactional mode. And it's just that much faster in terms of getting established with the customer. What we've generally found is customers would prefer to move towards a subscription model where they have certainty about what they're going to be paying for what they get, but that's not always the case when they get started. So international being a newer part of our mix overall in this unique moment, the difference there relate to the long-term growth picture.

客戶在適應新解決方案時，通常傾向於從交易模式開始。這種方式能更快建立客戶信任。我們發現，客戶通常更傾向於訂閱模式，因為他們可以清楚地知道自己需要為獲得的服務支付多少費用，但這種情況在初期階段並不總是如此。因此，國際業務在我們整體業務組合中是一個相對較新的部分，而這種差異體現在長期成長前景上。

I was hoping you could provide an update on your relationship with Vexcel, how that partnership has performed this year relative to your expectations? And as it stands today, if you could just evaluate or speak to your evaluation of how those capabilities and that functionality is replacing Geomni.

希望您能介紹一下您與Vexcel的合作關係，以及今年的合作表現是否符合您的期望？此外，您能否評估一下Vexcel的功能和能力是如何取代Geomni的？

Sure. Mark is one of our 2 Board members at Vexcel. So Mark, would you take that on, please?

當然可以。馬克是我們Vexcel的兩位董事會成員之一。所以馬克，你願意承擔這項任務嗎？

Absolutely. So what we attempted to do, and I think pretty successfully, capture where we thought there was about opportunity to scale and provide what I'll refer to as greater coverage by combining the 2 companies. So if I was to think about that, the combination of what I refer to as the Geomni image capture and Vexcel image capture has quite considerably increased the coverage in the United -- all of North America, U.S. and Canada, but it also has high up across the landscape and then that more 5 -- North-South-East-West views of things, what we're (inaudible) geographically.

當然。所以我們嘗試做的，而且我認為相當成功，就是抓住我們認為存在擴展機會的地方，並透過合併兩家公司來提供我所說的更廣泛的覆蓋範圍。所以，如果我仔細想想，我所說的Geomni影像擷取和Vexcel影像擷取的結合，已經相當顯著地提高了我們在整個北美地區（包括美國和加拿大）的覆蓋範圍，而且它還提供了更廣闊的視野，以及更全面的視角——南北東西四個方向，也就是我們（聽不清楚）的地理範圍。

So now we have that across Europe and in certain parts of Asia Pacific. So there, we have opportunities to leverage that analytics. And I think we've been quite up front, where we're continuing to be focused on advanced analytics. A, we have algorithms, our machine. And of course, because we have more coverage, we can provide more analytic across various places. We now have the ability to take some of the (inaudible) put it on top of all this imagery and provide kind of a triage tool for analytic purposes, but we can go throughout the world.

現在我們在歐洲和亞太部分地區都擁有了這項服務。因此，我們有機會利用這些分析技術。我認為我們一直非常積極地專注於高級分析。首先，我們擁有演算法，也就是我們的機器。當然，由於我們的覆蓋範圍更廣，我們可以在各地提供更多分析服務。我們現在能夠將一些（聽不清楚）資訊疊加到所有這些圖像上，並提供一種用於分析的分類工具，而且我們的業務遍及全球。

So I hope that provides you a little bit of a color, the combination of images. We still have that from a Geomni perspective. And I think at Vexcel, because they're doing it well and leverage there, so they're doing it cheaper.

所以，我希望這些圖片組合能讓您對情況有所了解。從Geomni的角度來看，我們仍然保留了這種模式。我認為Vexcel之所以能做到這一點，是因為他們在這方面做得很好，並且利用了資源優勢，所以他們的價格更低。

Your next question comes from the line of Andrew Steinerman from JPMorgan.

你的下一個問題來自摩根大通的安德魯·斯坦納曼。

Lee, I was wondering if you'd be willing to comment if Verisk expects company EBITDA margins to be up year-over-year. Just directionally, up year-over-year directionally in the second half of the year, and what puts and takes you might want to be willing to call out in terms of things that would affect EBITDA margins in the second half of this year.

Lee，我想請教一下，Verisk 是否預期公司 EBITDA 利潤率會比去年同期成長？我只是想就下半年的年增幅趨勢談談您的看法，以及您認為哪些因素可能會影響下半年的 EBITDA 利潤率。

Andrew, thanks for the question. As you know, we don't provide forward-looking statements on the results. We're constantly looking to make certain that the operating leverage that we have in the business is expressed. And we certainly think that this quarter demonstrates the underlying operating leverage and our ability to manage that.

安德魯，謝謝你的提問。如你所知，我們不提供關於業績的前瞻性聲明。我們一直在努力確保公司營運槓桿效應得到充分體現。我們認為，本季業績充分展現了公司潛在的營運槓桿效應以及我們有效管理該效應的能力。

So certainly, in this case, it's -- I think, a very important differentiation period for us as we are dealing with some of the revenue impacts. But it shows, one, kind of the responsiveness of the cost structure, our ability to manage headcount growth in order to control growth and expenses, as well as achieve operating leverage through each of the businesses. So our focus is on managing the operations and the expense business to deliver that operating leverage. And we're constantly working to achieve improvement of that over -- on a year-over-year basis.

所以，就目前而言，我認為這是一個非常重要的差異化時期，因為我們正在應對一些營收的影響。但這同時也展現了我們成本結構的靈活性，以及​​我們透過控制員工成長來控製成長和支出，並透過各項業務實現營運槓桿的能力。因此，我們的重點是管理營運和支出，以實現營運槓桿。我們也不斷努力，力求逐年提升這一水準。

And some of the expenses that were held back in the second quarter, will they naturally come back in the second half of the year? Like could you just highlight what you expect in terms of what types of expenses to come back?

第二季一些被擱置的支出，是否會在下半年自然而然恢復？您能否重點說明一下您預計哪些類型的支出會恢復？

Right. So I mean, I talked about this earlier, Andrew. So we have -- there are 2 primary elements that I think are influencing the margin, excluding the LTI impact but T&E is down materially as a result of COVID-19. So as the impact of that abates, as we begin to engage in a more normalized environment, you're going to expect that some of that will come back. I referred earlier to the fact that we will probably try to hold on to some of the efficiencies in part, but there is no substitute to being in front of the clients in person, but we're going to follow the clients in that regard.

好的。我之前也提到過這一點，安德魯。我認為影響利潤率的主要因素有兩個，撇開長期保險的影響不談，差旅費由於新冠疫情的影響大幅下降。隨著疫情影響的減弱，隨著我們開始回歸更正常的營運環境，預計部分成本會回升。我之前提到過，我們會盡量保持部分效率，但沒有什麼能取代與客戶面對面交流，在這方面我們會聽取客戶的意見。

And then the second element is compensation and 2 pieces of that. One, which is -- are incentive compensation, which is tied to growth. And so that is going to be impacted by our revenue growth and our earnings growth impacts. But the second element is our head count growth. And there, we are managing that to be appropriate and consistent with the revenue growth impact so that we can maintain that operating leverage. Those are the primary expense elements that I think are in flux in the second quarter. And we -- you can certainly expect will continue to be influenced by COVID-19 and our active management of that cost structure in the second half of the year.

第二個要素是薪酬，又分為兩部分。第一部分是激勵性薪酬，它與公司成長掛鉤，因此會受到營收成長和獲利成長的影響。第二部分是員工人數成長。我們正在努力控制員工人數，使其與營收成長的影響保持適當和一致，從而維持營運槓桿。我認為這些是第二季主要的變化因素。可以預見的是，在下半年，這些因素仍將受到新冠疫情以及我們對成本結構的積極管理的影響。

Your next question comes from the line of Bill Warmington of Wells Fargo.

你的下一個問題來自富國銀行的比爾沃明頓。

So CoreLogic co-owns Marshall & Swift/Boeckh, which competes with (inaudible) in the residential property space. MSPs, sort of the -- more weighted in the underwriting (inaudible) what we claimed. A couple of weeks ago, CoreLogic announced (inaudible) a lot of the competitive takeaway of Swiss Re. How big a threat is CoreLogic's new property insurance solution? Is it a change in the competitive landscape?

所以CoreLogic與Marshall & Swift/Boeckh共同擁有股份，後者在住宅財產保險領域與（聽不清楚）競爭。 MSP（託管服務提供者）在核保方面更佔優勢（聽不清楚），正如我們之前所說。幾週前，CoreLogic宣布（聽不清楚）從瑞士再保險公司手中奪取了不少競爭優勢。 CoreLogic的新財產保險解決方案究竟構成多大的威脅？它是否會改變競爭格局？

Mark, do you want to start with that one?

馬克，你想先從那個開始嗎？

Sure. Let me just remind you, Marshall & Swift/Boeckh is a tool used to understand the replacement cost value to understand the cost you have on your home, so what's the replacement value. What -- CoreLogic also has -- it's a tool called Symbility, which they acquired a couple of years ago. These tools have been in the market for decades.

當然。我提醒一下，Marshall & Swift/Boeckh 是一款用於計算房屋重置成本的工具，也就是用來了解房屋的當前價值，也就是重置成本是多少。 CoreLogic 也提供類似的工具，叫做 Symbility，他們幾年前收購了這家公司。這些工具已經在市場上存在了幾十年。

I don't see or we haven't seen any material investments, too, clearly, because Symbility is now part of CoreLogic. They've talked about the 2 combined. I would tell you that we continue to closely monitor all of our wins and losses. We are on it every single month. We understand where we're the incumbent, and there's a bake-off.

我沒看到，或者說我們也沒看到任何實質的投資，很顯然，因為Symbility現在是CoreLogic的一部分。他們已經討論過兩家公司合併後的情況。我想說的是，我們會繼續密切注意所有的成敗。我們每個月都會這樣做。我們清楚自己在哪些領域是領先者，以及在哪些領域有競爭。

We understand where they're an incumbent. We do this beyond CoreLogic so we may not be overly specific here. But what I will tell you is we continue to win much more frequently than we lose, and that's the story that we have been kind of on for probably 5 years now. I think we've been trying to share that at various Investor Days. And I think the message and the direction remains very similar. So I think we're pleased with our competitive advantages like I think we're very pleased with where we are in the market.

我們了解他們在哪些領域佔據領先地位。我們在CoreLogic之外也有類似的業務，所以在這裡我們可能不會說太具體。但我可以告訴大家的是，我們持續取得的勝利遠多於失敗，而這正是我們過去五年來一直秉持的理念。我認為我們一直在各種投資者日活動上強調這一點。而且我認為，我們的訊息和方向仍然非常相似。因此，我們對自身的競爭優勢以及在市場中的地位感到非常滿意。

And I don't want to address the specific customer but I'm not aware of that particular situation, no.

我不想針對這位具體客戶發表評論，但我確實不了解那件事。

And then a follow-up on Lightspeed. I wanted to ask whether COVID-19 has impacted the usage and the adoption of the product.

接下來我想問關於Lightspeed的問題。新冠疫情是否影響了該產品的使用與普及。

On -- I'm sorry, Lightspeed, was your question though?

——抱歉，Lightspeed，你的問題是？

Lightspeed. The POS system.

Lightspeed。 POS系統。

So Scott, feel likely you could figure -- yes. Yes. Please continue.

史考特，你覺得你大概能明白——是的，是的。請繼續。

Yes. So let me remind. Lightspeed is our tool by which we're taking a lot of information and data, and moving it forward in the underwiring process. Hopefully overtime, eliminating the separation between what is the quote and then separately binding later on. We want to make that one process upfront. So you can quote and bind with confidence. And we're bring them both our data, third-party data and scoring it in such a way that you have confidence in any information.

是的。讓我提醒一下。 Lightspeed 是我們用來收集大量資訊和數據，並將其推進到保險流程中的工具。我們希望最終能夠消除報價和後續單獨綁定之間的分離。我們希望將報價和綁定流程整合到一個流程中，讓您可以放心地進行報價和綁定。我們會將我們自己的數據和第三方數據整合在一起，並進行評分，確保您對所有資訊充滿信心。

And that has been quite a bit of -- we've seen quite a bit of success both on personal lines and now moving into the commercial lines side of things. So the one point I'll make is back to lease comments earlier. During the middle of COVID, there is less driving. At the same time, I think many personal auto policy-holders were kind of waiting for maybe their refunds from insurers. So there was less shopping, there was less people going online and seeing if they could get better quote. So we did see some decreased volumes, but as Lee have described, we've seen that slowly return as driving has increased. So hopefully, that's responsive to your question.

我們取得了相當大的成功，無論是在個人保險領域，或是現在拓展到商業保險領域。我想再補充一點，回到之前提到的租賃問題。在新冠疫情期間，人們的出行量減少了。同時，我認為許多個人汽車保險投保人可能都在等待保險公司的退款。因此，人們減少了貨比三家，也減少了上網尋找更優惠報價。所以我們確實看到業務量有所下降，但正如Lee所描述的，隨著出行量的增加，業務量已經逐漸回升。希望我的回答能解答您的問題。

Your next question comes from the line of George Tong of Goldman Sachs.

你的下一個問題來自高盛集團的喬治唐（George Tong）。

After normalizing for the LTI shift, your EBITDA margins expanded much more materially in your Insurance segment than your Energy and Financial Services segment. Can you elaborate on what drove that relative outperformance? If it was related to the amount of investment spending in the other segments or other onetime cost actions impacting the insurance segment more?

在剔除長期激勵措施的影響後，貴公司保險業務的 EBITDA 利潤率增幅遠超能源和金融服務業務。能否詳細說明一下造成這種相對優異表現的原因？這是否與其他業務部門的投資支出或其他一次性成本變動對保險業務部門的影響更大有關？

Lee, would you speak to that, please?

李，請你談談這個問題好嗎？

Yes. George, one element that I think is a significant contributor to the insurance margin, specifically, that is probably the largest factor is that as a result of the Vexcel transaction, we have been able, as we've talked about in the past, of reducing the expenses associated with that activity.

是的。喬治，我認為對保險利潤率有顯著影響的一個因素，或者說可能是最大的因素，是Vexcel交易後，正如我們過去討論過的，我們得以降低與該業務相關的費用。

And so that is part of that margin improvement or a large part of that margin improvement, not solely related to it, is a function of that expense reduction specific to insurance. That being said, we still saw very solid margin expansion even absent that effect within the business. But that probably is the significant element of the differentiation.

因此，利潤率提升的部分原因，或者說很大一部分原因（並非完全取決於此），是保險業務特有的成本降低所致。即便如此，即使不考慮這個因素，我們仍然看到業務利潤率實現了非常穩健的成長。但這或許才是造成差異化的關鍵。

George, are you still there?

喬治，你還在嗎？

Yes. Turning to the Financial Services segment. When you divested the Argus data warehousing business, the underlying growth rate for the segment improved pretty meaningfully to the 5% to 7% range before COVID. I guess I'm surprised to see organic constant currency growth down as much as it is. Can you help unpack why financial services revenue declined as much as it did, especially given how you indicated that of the 20% of non sub revenues impacted by COVID, only 3% comes from financial services?

是的。接下來談談金融服務板塊。在你們剝離Argus資料倉儲業務後，該板塊的潛在成長率在新冠疫情爆發前顯著提升至5%至7%的水平。因此，我對以固定匯率計算的有機成長率下降如此之多感到驚訝。您能否解釋一下金融服務收入為何下降如此之多？特別是考慮到您曾指出，在受新冠疫情影響的非子公司收入的20%中，只有3%來自金融服務？

Yes. So George, let me -- so keeping in mind, put that 3% in the context of financial services as a percentage of our total overall revenue. And so on a proportional basis, it's a -- that transactional element is a larger element relative to the other businesses. And so if you take that and you recognize that we've had consulting impacts with regard to the retained analytics and the project analytics that have impacted, that's kind of a similar effect to what we've seen in energy on the consulting business. That's one dimension.

是的。喬治，讓我－記住，這3%指的是金融服務占我們總收入的百分比。從比例來看，這部分交易業務相對於其他業務而言佔比更大。如果你考慮到這一點，並且意識到我們在諮詢業務方面，包括留存分析和專案分析方面，都受到了影響，那麼這與我們在能源領域看到的諮詢業務受到的影響類似。這是一方面。

And then we also have the pullback in advertising. And so in our spend informed analytics business, on the lower level of advertising is having a primary causal impact from COVID-19. So both of those are influencing the revenue growth, and there is a higher concentration of that COVID-19 sensitivity to overall revenues that is resulting in a bigger revenue impact in comparison to the others.

此外，廣告支出也出現了下滑。因此，在我們基於支出狀況的分析業務中，廣告支出（尤其是較低層級的廣告支出）受新冠疫情的影響最為顯著。這兩方面因素都在影響收入成長，而且新冠疫情對整體收入的敏感度更高，導致其對收入的影響也比其他因素更大。

No further questions from the phone line. Presenters, you may continue.

電話線沒有其他問題了。各位發言人，可以繼續發言了。

Okay. Well, thank you, everybody, for joining us today. As always, we appreciate your interest, your questions. We'll be following up with many of you. And so I appreciate your time today. Have a great rest of the day. Bye for now.

好的。謝謝大家今天收看我們的節目。像往常一樣，我們非常感謝大家的關注和提問。我們會跟進很多提問者。感謝大家今天抽出時間。祝大家今天剩下的時間愉快。再見。

Thank you.

謝謝。

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

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。