Verisk Analytics Inc (VRSK) 2021 Q4 法說會逐字稿

Good day, everyone, and welcome to the Verisk Fourth Quarter 2021 Earnings Results Conference Call. This call is being recorded. (Operator Instructions)

各位好，歡迎參加Verisk 2021財年第四季財報電話會議。本次電話會議正在錄音。 （操作說明）

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

接下來，我將把電話交給Verisk的投資者關係主管Stacey Brodbar女士，請她致開幕詞並進行介紹。 Brodbar女士，請開始吧。

Thank you, Ram, and good day, everyone. We appreciate you joining us today for a discussion of our fourth quarter and full year 2021 financial results. Today's call will be led by Scott Stephenson, Verisk's Chairman, President and Chief Executive Officer; Lee Shavel, Chief Financial Officer and Group President; and Mark Anquillare, Chief Operating Officer and Group President.

謝謝Ram，大家好。感謝各位今天參加我們關於2021年第四季及全年財務表現的討論會。本次電話會議將由Verisk董事長、總裁兼執行長Scott Stephenson，財務長兼集團總裁Lee Shavel，以及營運長兼集團總裁Mark Anquillare主持。

The earnings release referenced on this call as well as the associated 10-K 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 and 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-K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30天內提供，可透過我們的網站收聽，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 our 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.

最後，正如今天發布的盈利報告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關於我們未來業績的前瞻性陳述，包括但不限於新冠肺炎疫情的潛在影響。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'd like to turn the call over to Scott.

現在我想把電話交給史考特。

Thanks, Stacey. Good morning, everyone, and thank you for joining us for our fourth quarter 2021 earnings conference call.

謝謝，Stacey。大家早安，感謝各位參加我們2021年第四季財報電話會議。

Before we discuss the company's performance, I want to first reflect on the recently announced leadership succession plan. After 21 years at Verisk, I will be retiring as CEO following our Annual Meeting of Shareholders, and I'm pleased that Lee Shavel will succeed me as CEO and Mark Anquillare as President.

在討論公司業績之前，我想先談談最近公佈的領導層繼任計畫。在Verisk工作了21年後，我將在年度股東大會後卸任執行長一職。我很高興Lee Shavel將接任首席執行官，Mark Anquillare將接任總裁。

It has been an honor and privilege to lead Verisk through critical and transformative periods for our company and the industries we serve. With a dynamic executive team, deep bench of talent, strong balance sheet, collaborative culture, a modernized technical environment and leading edge analytic and software platforms in place, this is the right time to begin the transition to Verisk's next CEO.

能夠帶領 Verisk 走過公司及我們所服務產業的關鍵轉型時期，我深感榮幸。憑藉著充滿活力的管理團隊、深厚的人才儲備、穩健的財務狀況、協作共贏的企業文化、現代化的技術環境以及領先的分析和軟體平台，現在正是 Verisk 向下一任 CEO 過渡的恰當時間。

I have every confidence that under Lee and Mark's steady leadership, the team will continue to empower a better, more resilient and sustainable tomorrow for customers and the world. I'd like to personally thank all 9,000-plus Verisk teammates for their passion and dedication to always being innovative, for their underlying commitment to our customers and for conducting business each and every day with the utmost integrity. I know the Verisk I will be leaving is more data rich, more modern and more integrated with our customers, and the future is very bright.

我深信，在Lee和Mark穩健的領導下，團隊將持續為客戶和世界創造更美好、更具韌性、更永續的未來。我謹代表Verisk全體9,000多位同事，衷心感謝他們對創新的熱情和奉獻，感謝他們對客戶的堅定承諾，感謝他們每天秉持最高的誠信開展業務。我知道，我即將離開的Verisk將擁有更豐富的數據、更現代化的技術，並與客戶實現更緊密的融合，未來一片光明。

Most of you know Lee quite well. Since joining Verisk in 2017, he has served as our Chief Financial Officer and has been a trusted partner who has sharpened our focus on the effective allocation of capital. In 2021, Lee became Group President of our Energy and Financial Services segments and successfully integrated the business for improved strategic and operating coordination and accelerated investment in the company's Energy data analytics platform. In addition, he's been actively engaged in the company's ongoing business and portfolio review, which I'll speak to in just a bit.

你們大多數人應該都很了解李先生。自2017年加入Verisk以來，他一直擔任財務官，是一位值得信賴的合作夥伴，幫助我們更加專注於高效的資本配置。 2021年，李先生升任能源與金融服務業務集團總裁，成功整合了相關業務，從而提升了策略和營運協調，並加快了對公司能源數據分析平台的投資。此外，他還積極參與了公司正在進行的業務和投資組合審查，稍後我會詳細介紹。

Partnering with Lee will be Mark Anquillare, who has been elemental to Verisk's growth, operational excellence and customer-centric culture for 30 years. Mark has been instrumental in growing the company's insurance vertical and aligning the company's enterprise risk assessment and management with its core operations.

與李合作的還有馬克·安奎拉雷，他30年來一直是Verisk發展、卓越營運和以客戶為中心的文化的核心人物。馬克在公司保險業務的成長以及將公司企業風險評估和管理與其核心營運相結合方面發揮了重要作用。

With Lee as CEO and Mark as President, I have great confidence that we have the right team in place as we execute on our plans to enhance shareholder value. And I look forward to working together towards a smooth transition of leadership.

李擔任首席執行官，馬克擔任總裁，我深信我們擁有合適的團隊，能夠順利執行提升股東價值的計劃。我期待與大家攜手合作，實現領導階層的平穩過渡。

I also want to comment briefly on the recent governance actions that were announced last week. These actions were the culmination of a broad shareholder engagement and outreach program that the management team and independent members of our Board of Directors have undertaken since last year's annual meeting.

我還想簡單談談上周宣布的最新治理措施。這些措施是管理團隊和董事會獨立成員自去年年會以來開展的廣泛股東參與和溝通計畫的最終成果。

As part of our proactive approach, we focused on environmental, social and governance matters as well as long-term strategic positioning and operational excellence. We appreciated the broad set of perspectives we heard over the course of conversations with investors who represented a wide variety of geographies and investment styles, and we greatly value the input we received.

作為我們積極主動策略的一部分，我們專注於環境、社會和治理（ESG）議題，以及長期策略定位和卓越營運。我們非常感謝在與來自不同地區、投資風格各異的投資者交流過程中聽到的各種觀點，並高度重視我們收到的回饋意見。

Reflecting this feedback from shareholders, we've taken a series of actions, including: first, a proposal in the company's 2022 proxy statement to declassify the Board of Director election terms; second, the separation of the Chairman and CEO roles effective at the 2022 Annual Meeting; third, the implementation of return on invested capital-based incentives for named executive officers and other leaders; fourth, direct oversight from the Board on the risks and opportunities that sustainability issues create; and fifth, continued ongoing Board refreshment. We believe these actions will bring improved transparency, increased accountability and further align our corporate governance with best-in-class practices.

鑑於股東的回饋，我們採取了一系列措施，包括：首先，在公司2022年委託書中提議取消董事會選舉任期的分類；其次，自2022年年度股東大會起，董事長和首席執行官的職位將分開；第三，對指定的執行官和其他領導者實施基於投資回報率的激勵機制；第四，董事會直接監督可持續發展問題帶來的風險和機遇問題。我們相信，這些措施將提高透明度，增強問責制，並使我們的公司治理進一步與最佳實踐接軌。

Turning now to the financial results, I'm pleased to share that Verisk delivered a strong fourth quarter, demonstrating the consistency and stability of our subscription-based business model, the relevancy and mission-critical nature of our solutions and our relentless focus on our customers. The net result for the fourth quarter was organic constant currency revenue growth of 5.2% and organic constant currency adjusted EBITDA growth of 7.6%, reflecting solid growth in our Insurance segment and sequential improvement in Energy and Financial Services.

現在來看財務業績，我很高興地宣布，Verisk 第四季度業績強勁，這充分展現了我們訂閱製商業模式的穩定性和可靠性，以及我們解決方案的實用性和關鍵性，也體現了我們對客戶的持續關注。第四季淨收入以固定匯率計算成長 5.2%，經調整後的固定匯率 EBITDA 按固定匯率計算成長 7.6%，主要得益於保險業務的穩健成長以及能源和金融服務業務的環比改善。

For the full year, Verisk reported consolidated revenue growth of 7.7% and adjusted EBITDA growth of 6.8%, reflecting the positive impact of the acquisitions, including Jornaya, Data Driven Safety, Roskill and Whitespace. On an organic constant currency basis, Verisk grew revenue 5% and adjusted EBITDA 4.7%. The last year was also one of major technological transformation, international expansion and continued investment in innovation, all of which occurred alongside our comprehensive portfolio review.

Verisk全年合併營收成長7.7%，調整後EBITDA成長6.8%，主要得益於收購帶來的正面影響，包括Jornaya、Data Driven Safety、Roskill和Whitespace。以固定匯率計算，Verisk營收成長5%，調整後EBITDA成長4.7%。過去一年，Verisk經歷了重大的技術轉型、國際擴張和持續的創新投入，所有這些都與我們全面的產品組合評估同步進行。

Starting with our Insurance business. 2021 was a strong year as we reported 6.9% organic constant currency revenue growth and 6.5% organic constant currency adjusted EBITDA growth. We experienced exceptional new sales growth across the broad range of Insurance solutions, including underwriting, claims, extreme events and international software solutions, and strong uptake for new insurtech solutions like our LightSpeed platform.

首先來看我們的保險業務。 2021年是強勁的一年，我們實現了6.9%的有機固定匯率營收成長和6.5%的有機固定匯率調整後EBITDA成長。我們在包括承保、理賠、極端事件和國際軟體解決方案在內的各類保險解決方案領域都實現了卓越的新銷售成長，同時，我們的LightSpeed平台等新型保險科技解決方案也獲得了客戶的廣泛認可。

We continue to see strong demand for our ESG-related solutions for corporate customers, including our country, climate and human rights data and analytics solutions. Overall, our Insurance franchise remains competitively positioned, and we are advancing our lead by continually building our data advantage and maximizing the strategic synergies across our insurance data assets and solutions.

我們持續看到企業客戶對我們ESG相關解決方案的強勁需求，包括我們的國家、氣候和人權數據及分析解決方案。整體而言，我們的保險業務依然保持著競爭優勢，我們正透過不斷建立數據優勢並最大化保險數據資產和解決方案之間的策略協同效應，進一步鞏固領先地位。

This year, we added 47 new data contributors to our statistical agent database to support ratemaking across our core insurance loans and provide our insurance customers with valuable analytics that can help them innovate and expand in the rapidly changing marketplace. This includes contributions from global, national, super-regional and regional companies and built upon the 37 contributors we added in 2020.

今年，我們新增了 47 家數據提供者到統計代理資料庫中，以支持我們核心保險貸款的費率制定，並為我們的保險客戶提供有價值的分析數據，幫助他們在瞬息萬變的市場中創新和拓展業務。這些提供者包括全球性、全國性、超區域性和區域性公司，是在 2020 年新增的 37 家供應商的基礎上擴充的。

Additionally, we expanded our contributory image library with real-time images of damaged property in autos for claims settlement, with the contribution of images from a top 5 insurer. We also expanded our data use rights for automated underwriting, analytics and subrogation. We continue to experience exponential growth in our small business database, which should fuel future opportunities across the small business lines of Insurance.

此外，我們擴充了圖片庫，新增了用於理賠的汽車受損財產即時圖片，這些圖片來自前五名的保險公司。我們也擴大了資料使用權限，用於自動承保、分析和代位求償。我們的小型企業資料庫持續呈指數級增長，這將為未來在小型企業保險業務領域帶來更多機會。

This continued growth in our contributory data is a testament to our partnership with our customers, who entrust us with their data assets, a responsibility that we do not take for granted. These ever-growing data sets not only enable and empower us to innovate further to solve our customers' problems, but they also fortify our competitive position and strengthen our growth position into the future.

我們貢獻數據的持續成長，充分體現了我們與客戶的合作關係。客戶將數據資產委託給我們，我們對此深感責任重大。這些不斷成長的數據集不僅使我們能夠持續創新，更好地解決客戶的問題，而且還能鞏固我們的競爭優勢，並為未來的發展奠定堅實的基礎。

Importantly, our strategic decision to expand our gating analytics to additional areas within the broader Insurance segment is delivering results for our customers and for Verisk. For example, Verisk's life insurance solutions combine our data analytics and software platforms within the life and annuity segment, helping carriers, distributors and acquirers transform their product rollout, customer buying experience, underwriting, policy management and claims.

重要的是，我們將准入分析擴展到更廣泛的保險領域這項策略決策，正在為我們的客戶和Verisk帶來實際成果。例如，Verisk的人壽保險解決方案將我們的數據分析和軟體平台與人壽和年金領域的其他領域相結合，幫助保險公司、分銷商和收單機構改進其產品推廣、客戶購買體驗、核保、保單管理和理賠流程。

In addition, we are saving our customers significant CapEx and OpEx and expediting their speed to market for new products. During 2021, Verisk life insurance solutions delivered strong double-digit growth, with faster growth in our licensed revenues. Moreover, our late 2020 acquisition of Jornaya and the subsequent acquisition of Contact State in the U.K. is enabling us to extend our data analytic capabilities into the marketing suite of our insurance customers and is driving strong growth for Verisk.

此外，我們為客戶節省了大量的資本支出和營運支出，並加快了新產品的上市速度。 2021年，Verisk人壽保險解決方案實現了強勁的兩位數成長，其中授權收入的成長速度更快。此外，我們在2020年底收購了Jornaya，隨後又收購了英國的Contact State，這使我們能夠將數據分析能力擴展到保險客戶的行銷套件中，並推動了Verisk的強勁成長。

Our marketing and analytics solutions help insurance carriers and financial services companies improve the timing, relevancy and compliance of consumer engagements using end-market behaviors and consent-based data solutions. Marketers are increasingly focused on first-party data enrichment as their foundational strategy, all while managing risk and protecting consumer privacy in an increasingly complex and evolving privacy landscape. Jornaya partners with the biggest insurers and powers data-driven personalized marketing programs for their customers' acquisition and retention.

我們的行銷和分析解決方案利用終端市場行為和基於用戶許可的數據解決方案，幫助保險公司和金融服務公司提升消費者互動的時機、相關性和合規性。行銷人員越來越重視第一方資料豐富化，將其作為基礎策略，同時在日益複雜多變的隱私環境中管理風險並保護消費者隱私。 Jornaya 與各大保險公司合作，為其客戶獲取和保留提供數據驅動的個人化行銷方案。

We are also excited about the added capabilities we will be bringing to our marketing solutions through the addition of Infutor, a strategic acquisition that we closed earlier this month. The investment rationale for this transaction is clear. Infutor offers real-time identity resolution and consumer intelligence to marketers to help understand the consumer behind each marketing interaction.

我們很高興透過收購 Infutor 為我們的行銷解決方案帶來更多功能。 Infutor 是我們本月初完成的一項策略性收購。此次交易的投資邏輯顯而易見。 Infutor 為行銷人員提供即時身分解析和消費者洞察，幫助他們了解每次行銷互動背後的消費者。

Combining this with Jornaya's unique insight into in-market behaviors positions Verisk marketing solutions as a key data partner to our insurance customers. It also further strengthens our insurance offering as we continue our portfolio-reshaping efforts and increase our focus on the Insurance segment.

結合 Jornaya 對市場行為的獨特洞察，Verisk 行銷解決方案將成為我們保險客戶的關鍵數據合作夥伴。隨著我們持續調整產品組合併更專注於保險領域，這也將進一步增強我們的保險產品和服務。

Turning to our Energy and Specialized Markets segment. For the full year 2021, we delivered organic constant currency revenue growth of 2.4% and organic constant currency EBITDA growth of 6.4%, reflecting sequential improvement as we move through the year. This was driven in large part by an enthusiastic reception to our Lens platform, which helped our Energy businesses deliver solid annualized contract value growth, resulting from 3 consecutive quarters of mid-single-digit ACV growth.

接下來談談我們的能源和專業市場部門。 2021年全年，我們實現了2.4%的有機固定匯率營收成長和6.4%的有機固定匯率EBITDA成長，反映了全年業績的持續改善。這主要得益於Lens平台的良好市場反響，該平台助力我們的能源業務實現了穩健的年度合約價值增長，連續三個季度保持了中等個位數的年度合約價值增長。

As we continue to integrate the business for improved strategic and operating coordination and accelerate technology investments, we have an active pipeline of new features and functionalities scheduled to be released during 2022 within our Lens platform, including ongoing development of discovery and valuation capabilities in our power, upstream and subsurface packages.

隨著我們不斷整合業務以改善策略和營運協調，並加快技術投資，我們計劃在 2022 年在 Lens 平台內推出一系列新功能，包括持續開發電力、上游和地下業務包中的發現和估值功能。

In addition, we will continue to bolster our existing data to include emerging technologies such as hydrogen and carbon capture and storage. These combined efforts should continue to drive increased adoption and uptake by our customers. With just over 10% of our ACV related to Lens, we feel confident in our penetration runway and expect us to support continued sequential growth in 2022.

此外，我們將持續完善現有數據，納入氫能和碳捕獲與封存等新興技術。這些舉措將持續推動客戶對這些技術的採用和使用。 Lens 業務占我們年度合約價值的 10% 以上，我們對目前的市場滲透率充滿信心，並預計 2022 年將實現持續成長。

Now let's turn and discuss our portfolio review process. As we've mentioned on previous earnings calls, we've been engaged in an ongoing and comprehensive bottoms-up review of our noninsurance businesses and overall portfolio composition. With the assistance of outside advisers, our Board and management team have extensively studied each of our non-Insurance business units, analyzing them across a broad spectrum of financial and operating metrics, including long-term sustainable growth, operating leverage and capital return potential.

現在我們來談談我們的投資組合審查流程。正如我們在先前的財報電話會議上提到的，我們一直在對非保險業務和整體投資組合構成進行持續全面的自下而上的審查。在外部顧問的協助下，我們的董事會和管理團隊對每個非保險業務單位進行了深入研究，並從廣泛的財務和營運指標對其進行了分析，包括長期可持續成長、營運槓桿和資本回報潛力。

We also carefully explored competitive positioning, business scale, cross-vertical data and technology synergies and the shape and long-term development of the end markets. Here, our decision making is driving synergies across our businesses and improving sustainable returns on invested capital. It is with this in mind that we determined to sell 2 of our business units that, after careful review, did not meet certain operating metrics or did not prove to generate the needed synergies.

我們也仔細研究了競爭定位、業務規模、跨垂直領域的數據和技術協同效應，以及終端市場的格局和長期發展趨勢。在此基礎上，我們的決策旨在推動各業務部門之間的綜效，並提高投資資本的可持續回報。正是基於此，我們決定出售旗下兩個業務部門。經仔細評估，這兩個部門未能達到某些營運指標，或未能產生所需的綜效。

First, we've recently announced the sale of our Environmental Health and Safety business, 3E, to New Mountain Capital for a total potential aggregate consideration of up to $950 million. Verisk intends to return the immediate after-tax proceeds of roughly $460 million to shareholders through share repurchases once the transaction closes late in the first quarter of 2022.

首先，我們近期宣布將旗下環境健康與安全業務部門 3E 出售給 New Mountain Capital，交易總額最高可達 9.5 億美元。 Verisk 計劃在 2022 年第一季末交易完成後，透過股票回購的方式將稅後約 4.6 億美元的收益返還給股東。

Second, as we announced yesterday, we have signed a definitive agreement to sell Verisk Financial Services to TransUnion for a total cash consideration of $55 million. VFS has a unique and proprietary data set that positions them at the nexus of payments, commerce and banking as the only provider of a full customer wallet view of consumer banking and spending behavior.

其次，正如我們昨天宣布的那樣，我們已簽署最終協議，將Verisk Financial Services出售給TransUnion，總現金對價為5500萬美元。 VFS擁有獨特且專有的資料集，使其成為支付、商業和銀行業務的交匯點，是唯一一家能夠提供消費者銀行和消費行為完整客戶錢包視圖的供應商。

This transaction will best position Verisk Financial to capitalize on the changing market dynamics and continued digitization of banking and retail while providing increased focus for Verisk going forward. The closing of this transaction is subject to customary closing conditions, including regulatory approvals. Like with 3E, we intend to return the after-tax proceeds to shareholders through share repurchases.

這項交易將使Verisk Financial能夠更好地掌握不斷變化的市場動態以及銀行業和零售業持續數位化帶來的機遇，同時為Verisk未來的發展奠定更加堅實的基礎。本交易的完成須滿足慣例成交條件，包括獲得監管機構的批准。與收購3E類似，我們計劃透過股票回購的方式將稅後收益回饋給股東。

Moving on to our Energy business. We continue to actively evaluate alternatives for this business with relevant work streams underway. This includes preparing for the potential creation of a stand-alone public entity that would benefit from enhanced independence, agility and unique brand value. We are also exploring how to structure such a transaction in a way that enhances tax efficiency to the benefit of our shareholders. We believe the 2021 ACV momentum, the penetration runway we have for Lens and the long-term growth prospects of the Energy transition represent an immediate growth and return opportunity.

接下來談談我們的能源業務。我們正在積極評估該業務的各種方案，相關工作也正在進行中。這包括為可能成立獨立的上市實體做準備，這將使公司受益於更高的獨立性、靈活性和獨特的品牌價值。我們也在探索如何建立此類交易，以提高稅務效率，從而使股東受益。我們相信，2021 年的年度合約價值成長動能、Lens 的市場滲透潛力以及能源轉型帶來的長期成長前景，都蘊藏著即時成長與回報的良機。

We are also undertaking a more intensive review of where we can leverage data sets across our Insurance and Energy businesses to create value for our clients and shareholders. These actions, combined with an improving energy industry end market and newly changed leadership team within the business unit, give us confidence in the continued momentum of this business and gives us the necessary flexibility, regardless of which long-term strategic path we pursue.

我們也更深入地評估如何利用保險和能源業務的數據集，為客戶和股東創造價值。這些舉措，加上能源產業終端市場的改善以及業務部門領導團隊的重組，使我們對該業務的持續發展充滿信心，並賦予我們必要的靈活性，無論我們選擇哪條長期策略道路。

In connection with our comprehensive portfolio review, we are also undertaking a proactive study of our cost structure to make sure that we better align our costs with the scale and requirements of our ongoing Verisk businesses. Under Mark's leadership, we will continue to work to reduce our overall expense base by more than just those costs associated with the 2 business units we have agreed to divest. This work includes productivity initiatives from our Lean Six Sigma teams, use of our global talent optimization hubs, the continued modernization of our technology infrastructure and careful management headcount.

配合我們全面的投資組合審查，我們也積極研究成本結構，以確保成本能更好地與Verisk現有業務的規模和需求相符。在Mark的領導下，我們將繼續努力降低整體支出，降幅不僅限於我們已同意剝離的兩個業務部門的相關成本。這項工作包括：透過精益六西格瑪團隊推行生產力提升計畫、利用全球人才優化中心、持續推進技術基礎設施現代化以及謹慎控制管理人員數量。

Certain of these actions are already underway, and we plan to further update you on our progress on our next earnings call. We have confidence that through our active management of costs and ongoing transformation of our portfolio, cost structure and technology infrastructure, we can return to growth in line with our long-term objectives and deliver OCC adjusted EBITDA growth ahead of revenue growth in 2022 and beyond.

其中一些措施已在進行中，我們計劃在下次財報電話會議上進一步報告進度。我們有信心，透過積極控製成本，並持續調整我們的產品組合、成本結構和技術基礎設施，我們能夠恢復成長，實現長期目標，並在2022年及以後實現OCC調整後EBITDA成長領先於營收成長。

On our technology transformation, we continue to make progress on our move to the cloud, and 2022 marks a pivotal year. I'm pleased to share that Verisk no longer owns a mainframe, and we've outsourced our small remaining mainframe footprint. Additionally, as we approach over 3/4 of our compute environment residing in the cloud, we will reach the point late this year where we will begin closing the first of our U.S. data centers, with the second to follow in 2023 and officially retire the mainframe of that time. This is an exciting milestone for Verisk, and we look forward to achieving these goals and delivering all the benefits of cloud to our customers.

在技​​術轉型方面，我們持續推動雲端遷移，2022 年將是至關重要的一年。我很高興地宣布，Verisk 已不再擁有大型主機，並且我們已將剩餘的少量大型主機業務外包。此外，隨著我們超過四分之三的運算環境遷移到雲端，我們將在今年稍後開始關閉我們在美國的第一個資料中心，第二個資料中心將於 2023 年關閉，屆時我們將正式退役當時的大型主機。這對 Verisk 來說是一個令人興奮的里程碑，我們期待實現這些目標，並為我們的客戶帶來雲端的所有優勢。

Before turning it to Lee, let me touch on our strong free cash flow generation, which enables us to fund the highest return on invested capital opportunities, while also directly returning capital to our shareholders. In 2021, we returned over $660 million to shareholders through dividends and share repurchases. I'm pleased to announce that our Board of Directors has approved a 7% increase in our annualized cash dividend to $1.24 a share and an incremental $1 billion in our share repurchase authorization to support ongoing capital return.

在將發言權交給李先生之前，我想先談談我們強勁的自由現金流，這使我們能夠為投資回報率最高的項目提供資金，同時也能直接向股東返還資本。 2021年，我們透過股利和股票回購向股東返還了超過6.6億美元。我很高興地宣布，董事會已批准將年度現金股利提高7%，至每股1.24美元，並額外授權10億美元的股票回購，以支持持續的資本回報。

And now with that, let me turn the call over to Lee for the financial review.

現在，我將把電話交給李，讓他進行財務回顧。

Thank you, Scott. And on behalf of the entire team, let me thank you for your leadership and dedication to Verisk. You have driven the success of Verisk, broadened our horizons and provided a rare balance of leadership and humanity. It has been a privilege to work with you and learn from you over the past 5 years, and I'm fortunate to know that I will have your support and counsel through this transition.

謝謝你，斯科特。我謹代表整個團隊，感謝你對Verisk的領導和奉獻。你推動了Verisk的成功，拓展了我們的視野，並展現了領導與人文關懷之間難能可貴的平衡。過去五年能與你共事、向你學習是我的榮幸，我也非常高興能在這次過渡期間得到你的支持和指導。

I'm humbled to be named Verisk's next CEO and excited about our opportunities to build upon our track record of success and further strengthen the company ahead. I would like to thank the many shareholders, who have personally expressed their confidence in my leadership ahead. And it has been a pleasure to get to know so many of you over the past 5 years, understand your perspectives and take your input. I look forward to building on this dialogue going forward.

我很榮幸被任命為Verisk的下一任首席執行官，並對我們有機會在現有成功的基礎上繼續發展壯大公司充滿期待。我要感謝眾多股東，感謝他們對我未來領導能力的信任。在過去五年裡，我很高興有機會認識各位，了解你們的觀點並採納你們的意見。我期待未來繼續與大家保持溝通。

Before we discuss the financial results, I would like to bring to everyone's attention that we have posted our traditional quarterly earnings presentation that is available on our website. For the fourth quarter of 2021, on a consolidated and GAAP basis, revenue grew 7.4% to $766 million.

在討論財務表現之前，我想提醒大家，我們已在網站上發布了傳統的季度收益報告。 2021年第四季度，以合併報表及美國通用會計準則（GAAP）計算，營收成長7.4%，達7.66億美元。

Net income attributable to Verisk decreased 19.5% to $142 million, while diluted GAAP earnings per share attributable to Verisk decreased 18.7% to $0.87 per share. Our GAAP results include a release of a $50 million litigation reserve previously taken for a patent suit with EagleView Technologies that has now been settled and a $134 million noncash impairment charge related to our Financial Services segment.

歸屬於Verisk的淨利潤下降19.5%至1.42億美元，歸屬於Verisk的稀釋後GAAP每股收益下降18.7%至每股0.87美元。我們的GAAP業績包括釋放先前為與EagleView Technologies的專利訴訟提列的5000萬美元訴訟準備金（該訴訟現已和解）以及與金融服務部門相關的1.34億美元非現金減損支出。

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, led by continued and consistent growth in our subscription revenues. In the fourth quarter, organic constant currency revenue grew 5.2%, driven by continued strength in our Insurance segment and sequential improvement within our Energy and Financial Services segments.

接下來，我們來看看經調整非經營性項目（定義見新聞稿中的非GAAP財務指標部分）後的有機成長績效。我們對經營業績非常滿意，這主要得益於訂閱收入的持續穩定成長。第四季度，有機成長（以固定匯率計算）營收成長5.2%，主要得益於保險業務的持續強勁成長以及能源和金融服務業務的環比改善。

Our non-COVID-sensitive revenues, as we defined at the beginning of the pandemic, increased 6.2% in the fourth quarter of 2021, our strongest quarter of growth for the year. This stable growth in our non-COVID-sensitive revenues, representing 85% of our total revenues, reflects the durability and resilience of our primarily subscription model and the mission-critical nature of our solutions.

根據我們在疫情初期定義的非新冠疫情敏感收入，2021年第四季成長了6.2%，這是我們全年成長最強勁的一個季度。這項非新冠疫情敏感收入的穩定成長占我們總營收的85%，體現了我們以訂閱模式為主的業務模式的持久性和韌性，以及我們解決方案的關鍵任務特性。

Our COVID-sensitive revenues, which represent 15% of our consolidated revenues, declined 1.1% as compared to declines of 12.5% in the fourth quarter last year. While certain of our businesses are back to pre-pandemic levels, we experienced a modest step back relative to the third quarter in certain transactional businesses, including workers' compensation claims solutions, repair cost estimating solutions, auto solutions and energy consulting services.

受新冠疫情影響的營收占我們合併收入的15%，本季較去年同期下降1.1%，而去年第四季則下降了12.5%。雖然部分業務已恢復到疫情前水平，但與第三季度相比，某些交易型業務略有下滑，包括工傷賠償解決方案、維修成本估算解決方案、汽車解決方案和能源諮詢服務。

Additionally, we saw continued COVID-related weakness in the part of our Financial Services segment related to bankruptcy volumes. To be specific, our COVID-sensitive revenues decreased 2% in both our Insurance and Energy segments, but increased 4% within Financial Services. As we move into 2022, we will no longer report this breakdown of our revenue growth as it's becoming less relevant as we are 2 years into the pandemic and compares have normalized.

此外，我們金融服務板塊中與破產數量相關的業務持續受到新冠疫情的影響而疲軟。具體而言，保險和能源板塊受疫情影響的收入均下降了2%，但金融服務部門的收入卻增加了4%。隨著疫情持續兩年，基數已趨於正常，我們將不再報告此類收入成長細分數據。

Consolidated OCC adjusted EBITDA growth was 7.6% in the fourth quarter, reflecting core operating leverage on solid revenue growth and cost efficiencies. Total adjusted EBITDA margin, which includes both organic and inorganic revenue and adjusted EBITDA, was 49% in the quarter, up 80 basis points on a year-over-year basis and still well above our pre-pandemic margin level of 47.1% recorded in the fourth quarter of 2019.

第四季度，OCC綜合調整後EBITDA成長7.6%，反映了穩健的營收成長和成本效益所帶來的核心營運槓桿效應。本季總調整後EBITDA利潤率（包括有機和非有機收入及調整後EBITDA）為49%，較去年同期成長80個基點，仍遠高於2019年第四季疫情前的47.1%的利潤率水準。

While we are experiencing some inflation in certain of our salaries and benefits and the return of certain COVID-related costs back into the business, we were able to offset that with core operating leverage and efficiencies. This level of margin also includes approximately 70 basis points of headwind from our ongoing technological transformation, including our cloud transition costs, which we absorbed into our cost structure. That said, we are already generating real economic value from our cloud transition as our cash flow benefits, primarily from lower capital expenditures on third-party hardware and software, exceed our P&L expense.

儘管部分員工的薪資福利有所上漲，且部分與新冠疫情相關的成本也重新計入業務，但我們透過核心營運槓桿和效率提升抵消了這些影響。此外，目前的利潤率水準也包含了約70個基點的持續技術轉型帶來的不利影響，包括雲端遷移成本，這些成本已計入成本結構。即便如此，雲端遷移已開始為我們創造實際的經濟價值，現金流收益（主要來自第三方硬體和軟體資本支出的降低）已超過損益表中的相關支出。

On that note, let's turn to our segment results on an organic constant currency basis. In the fourth quarter, Insurance segment revenues increased 6.4%. We saw healthy growth in our industry standard insurance programs, claims analytics solutions, extreme event solutions, life insurance solutions and international insurance software solutions.

接下來，我們來看看以固定匯率計算的各業務板塊業績。第四季度，保險業務板塊收入成長了6.4%。我們的行業標準保險項目、理賠分析解決方案、極端事件解決方案、人壽保險解決方案和國際保險軟體解決方案均實現了穩健成長。

We did experience a 2% decline in our transactional revenues because of a slower storm season versus last year and a modest step back in certain COVID-related revenues, including workers' compensation claim solutions. Adjusted EBITDA grew 6.3% in the fourth quarter, while margins declined 50 basis points to 54.1%, reflecting a return to a more normalized rate of headcount growth compared to the prior year, higher year-over-year short-term incentive compensation expense and the return of certain travel expenses.

由於今年風暴季較去年有所減緩，以及部分與新冠疫情相關的收入（包括工傷賠償解決方案）略有下滑，我們的交易收入下降了2%。第四季調整後EBITDA成長6.3%，但利潤率下降50個基點至54.1%，反映出員工人數成長率較上年同期有所回落，短期激勵性薪資支出較去年同期增加，以及部分差旅費用的恢復。

Nevertheless, this quarter's margin is still 160 basis points above our pre-pandemic levels recorded in 2019 and continues to reflect accelerated investment in our high-growth areas like Life Insurance and Marketing Solutions, the impact of acquisitions as well as our technology modernization, including our cloud transition.

儘管如此，本季的利潤率仍比 2019 年疫情前的水平高出 160 個基點，並繼續反映出我們在人壽保險和行銷解決方案等高成長領域的加速投資、收購的影響以及我們的技術現代化（包括雲端轉型）。

Energy and Specialized Markets revenue increased 2.8% in the fourth quarter, a modest sequential improvement from the third quarter, was building momentum as we enter 2022. In the quarter, we delivered double-digit growth in energy transition and chemicals research, coupled with modest growth in our core research subscriptions. As Scott mentioned, we continue to benefit from strong adoption of our Lens platform as customers are seeing the value of our integrated cloud-based data analytic environment and had a successful renewal cycle in the fourth quarter of 2021, our largest renewal quarter of the year.

第四季能源和專業市場收入成長2.8%，較第三季略有環比成長，並在進入2022年時保持了成長動能。本季度，我們在能源轉型和化學研究領域實現了兩位數成長，同時核心研究訂閱業務也實現了溫和成長。正如Scott所提到的，我們持續受益於Lens平台的強勁成長，客戶看到了我們整合式雲端資料分析環境的價值，並在2021年第四季取得了成功的續約業績，這是我們全年續約業績最好的一個季度。

Adjusted EBITDA increased 15.3% in the fourth quarter and margins expanded 360 basis points to 36.2%. A portion of the margin expansion reflects favorable comparisons versus last year's fourth quarter, which included a timing difference for certain compensation expenses that were onetime in nature. For the full year, margins in the Energy segment expanded 90 basis points, reflecting core operating leverage and inclusive of continued investment in our Lens platform and our cloud transition.

第四季調整後 EBITDA 成長 15.3%，利潤率提升 360 個基點至 36.2%。利潤率提升的部分原因是與去年同期相比基數較高，去年同期數據包含部分一次性薪酬支出的時間性差異。全年來看，能源業務板塊的利潤率提升 90 個基點，這反映了核心營運槓桿效應，並包含了 Lens 平台和雲端轉型的持續投資。

As we look forward to 2022 for modeling purposes, 3E contributed a high teens percentage of segment-level revenue and adjusted EBITDA in fiscal 2021. Given that the transaction is likely to close in the first quarter of 2022, financial results for this business will be included in our GAAP results but will be excluded from all organic constant currency growth figures.

展望2022年，為了進行建模分析，3E在2021財年貢獻了超過10%的部門級收入和調整後EBITDA。鑑於該交易很可能在2022年第一季完成，該業務的財務業績將計入我們的GAAP業績，但將從所有有機增長（按固定匯率計算）數據中剔除。

Financial Services revenue was essentially flat in the quarter, reflecting double-digit growth in combined spend-informed analytics and portfolio management, offset by continued weakness primarily in the bankruptcy business. Adjusted EBITDA increased 4.6% in the quarter, while total adjusted EBITDA margins were 28.9%, up 230 basis points year-over-year because of expense discipline. Like 3E, results from VFS will be included in our GAAP results but will be excluded from all organic constant currency growth figures.

本季金融服務收入基本上持平，這主要得益於支出導向分析和投資組合管理業務的兩位數增長，但部分被破產業務的持續疲軟所抵消。經調整後的 EBITDA 本季成長 4.6%，而經調整後的 EBITDA 總利潤率為 28.9%，年成長 230 個基點，這主要得益於成本控制。與 3E 一樣，VFS 的業績將計入我們的 GAAP 業績，但不會計入所有以固定匯率計算的自然成長數據。

Our reported effective tax rate was 13.7% compared to 18.4% in the prior year quarter. This quarterly tax rate benefited from higher levels of stock option activity and certain onetime discrete items in the quarter. Looking ahead to 2022, we expect our full year tax rate to be between 20% and 22%, though there will likely be some quarterly variability related to the pace of employee stock option exercise.

本季實際稅率為13.7%，低於去年同期的18.4%。本季稅率的下降得益於較高的股票選擇權交易活躍度以及一些一次性項目。展望2022年，我們預期全年稅率將在20%至22%之間，但員工股票選擇權行使速度可能會導致季度稅率出現一定波動。

Adjusted net income increased 14.8% to $240 million and adjusted -- diluted adjusted EPS increased 15.7% to $1.47 for the fourth quarter 2021. These increases reflect organic growth in the business, contributions from acquisitions, a lower effective tax rate and a lower average share count.

2021 年第四季，經調整淨利成長 14.8% 至 2.4 億美元，經調整攤薄後每股收益成長 15.7% 至 1.47 美元。這些成長反映了業務的內生成長、收購帶來的貢獻、較低的實際稅率和較低的平均流通股數。

Net cash provided by operating activities was $188.6 million for the quarter, down 24% from the prior year period, reflecting the impact of the onetime payment related to the settlement of the EVT litigation. For the full year, net cash provided by operating activities was $1.2 billion, reflecting growth of 8.2% versus the prior year period.

本季經營活動產生的現金流量淨額為1.886億美元，較上年同期下降24%，主要受與EVT訴訟和解相關的一次性付款的影響。全年經營活動產生的現金流量淨額為12億美元，較上年同期成長8.2%。

Capital expenditures were $85.3 million for the quarter, up 17.8% versus last year, reflecting increases in capitalized software development, offset in part by savings on third-party software and hardware as we move to the cloud. CapEx for the full year 2021 was $268.4 million as we continue to invest in innovation and future growth opportunities. Capital expenditures as a percentage of revenue was 9% for 2021.

本季資本支出為 8,530 萬美元，較去年同期成長 17.8%，主要反映了軟體開發資本支出的增加，但部分被我們向雲端遷移過程中節省的第三方軟硬體成本所抵銷。 2021 年全年資本支出為 2.684 億美元，我們將繼續投資於創新和未來的成長機會。 2021 年資本支出佔收入的 9%。

As we have discussed previously, our business is becoming increasingly software-intensive, both organically and through our recent acquisitions. Our customers are recognizing the value and capabilities that our proprietary software can deliver, as evidenced by increased subscription pricing and deeper integration with our customers' workflows.

正如我們之前討論過的，我們的業務越來越依賴軟體，這不僅體現在我們自身的業務成長上，也體現在我們近期的收購上。我們的客戶已經意識到我們自主研發軟體的價值和功能，這體現在訂閱價格的上漲以及與客戶工作流程更深入的整合。

As we look forward to 2022, we expect our capital expenditures to approximate $280 million to $310 million. This range supports our plans to increase our software investment through the acceleration of our pace of development in Lens and extending software development into core underwriting, where we believe there is a similar opportunity for platform enhancement.

展望2022年，我們預期資本支出約為2.8億美元至3.1億美元。這個範圍將支持我們透過加快Lens的開發步伐以及將軟體開發擴展到核心核保領域來增加軟體投資的計劃，我們相信核心核保領域也存在類似的平台增強機會。

Additionally, it reflects the reality of inflation for hiring talent in software deployment, data science and cloud architecture and the impact of prior acquisitions. These software investments generate some of the highest internal rates of return as we drive incremental value by distributing these platforms across our broad customer base and become even more deeply embedded in customer workforce. We believe these investments will continue to build upon the trend of improving returns on invested capital we recently delivered.

此外，這也反映了軟體部署、數據科學和雲端架構領域人才招募成本的通貨膨脹現實，以及先前收購的影響。這些軟體投資帶來了極高的內部報酬率，因為我們透過向廣泛的客戶群分發這些平台來創造增量價值，並使其更深入地融入客戶的員工隊伍。我們相信，這些投資將繼續鞏固我們近期實現的投資報酬率不斷提升的趨勢。

Related to CapEx, we expect fixed asset depreciation and amortization to be within the range of $220 million to $240 million and intangible amortization to be approximately $145 million. Both depreciation and amortization elements are subject to FX variability, the timing of purchases and the completion of projects and future M&A activity.

在資本支出方面，我們預期固定資產折舊和攤提將在2.2億美元至2.4億美元之間，無形資產攤銷約為1.45億美元。折舊和攤提均受匯率波動、採購時間、工程完工以及未來併購活動的影響。

During the fourth quarter, we returned $122 million in capital to shareholders from share repurchases and dividends as our strong cash flow allows us to invest behind our highest-growth and highest-return initiatives, while also returning capital to shareholders consistently. As we look to 2022, we expect to deploy the after-tax proceeds from the sale of our 3E and Verisk Financial businesses for share repurchases in addition to our normal pace of quarterly repurchases, which we generally execute through an accelerated share repurchase program.

第四季度，我們透過股票回購和分紅向股東返還了1.22億美元的資本。強勁的現金流使我們能夠投資於成長最快、回報最高的項目，同時也能持續向股東返還資本。展望2022年，我們計劃將出售3E和Verisk Financial業務所得的稅後收益用於股票回購，此外，我們還會繼續按季度進行正常的股票回購，通常透過加速股票回購計畫來實現。

In summary, we are seeing increased momentum across our businesses as demonstrated by our quarterly business. At the same time, we are making important progress executing on strategic, operational and governance initiatives, several of which we announced since our last quarterly call and some of which remain ongoing today, and all of which are consistent with our commitment to enhancing shareholder value.

總而言之，正如我們的季度業績所示，我們各項業務的發展勢頭都在增強。同時，我們在策略、營運和治理措施的執行方面也取得了重要進展，其中一些舉措是我們自上次季度電話會議以來宣布的，部分舉措目前仍在進行中，所有這些舉措都與我們提升股東價值的承諾相一致。

We will continue to move diligently ahead in pursuing the most value-creating path for our shareholders and all of Verisk's stakeholders. And we have confidence that through our active cost management and ongoing transformation of our portfolio, cost structure and technology infrastructure, we can return to growth in line with our long-term objectives and deliver OCC adjusted EBITDA ahead of revenue growth in 2022 and beyond.

我們將繼續努力，為股東和Verisk的所有利害關係人尋求最有價值的發展路徑。我們有信心，透過積極的成本管理以及對產品組合、成本結構和技術基礎設施的持續轉型，我們能夠恢復成長，實現長期目標，並在2022年及以後實現OCC調整後EBITDA高於營收成長。

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. Given the large number of analysts we have covering us, we ask that you limit yourself to 1 question. With that, I'll ask the operator to open the line for questions.

希望以上資訊對您有所幫助，我們期待解答您的疑問。我們衷心感謝您對 Verisk 的支持與關注。鑑於我們有大量分析師負責報道，請您盡量只提一個問題。接下來，我會請接線生開放提問環節。

(Operator Instructions) We have our first question from the line of Toni Kaplan with Morgan Stanley.

（操作員說明）我們收到來自摩根士丹利的 Toni Kaplan 的第一個問題。

Great. I was hoping, Lee, that you'd talk to us a little bit more about the rationale on why a spin is the right move for the Energy business. We're just not getting the price that you wanted. And maybe, also, I'll sneak another one in. Like, could you just talk about how you're viewing the growth priorities for the remaining Insurance business as well, just international, life or just other new products?

太好了。李，我原本希望你能再詳細談談為什麼分拆能源業務是正確的選擇。我們沒能拿到你期望的價格。另外，我還能再問一個問題。能不能也談談你對剩餘保險業務成長重點的看法，例如國際業務、人壽保險，或其他新產品？

Yes. Thanks, Toni. So first, I want to be clear that what we're describing is an alternative. And so as we think about the strategic review that we've undertaken, it's clearly an option to think about a separately capitalized entity that enhances the independence, the agility, leverages -- that leverages the stand-alone brand value of the entity.

是的，謝謝，托尼。首先，我想明確一點，我們所描述的是一種替代方案。因此，當我們進行策略評估時，很明顯，考慮成立一個獨立資本化的實體是一個可行的選擇，這樣可以增強獨立性、靈活性，並充分利用該實體的獨立品牌價值。

So from our standpoint, given the momentum that we see within the businesses, as we talked about with the ACV growth in 2021, we want to make certain that we understand the mechanics, the timetable for that option. But we will continue to evaluate the market conditions and our ability to continue to contribute to the growth of that business overall.

因此，從我們的角度來看，鑑於我們目前在業務方面看到的良好發展勢頭，正如我們之前討論的2021年年度合約價值增長，我們希望確保我們了解該方案的具體運作機制和時間表。但我們將繼續評估市場狀況以及我們持續為該業務整體成長做出貢獻的能力。

So to us, it's a natural and understandable alternative for us to consider in terms of overall value creation for the shareholders. I want to make it clear that all options are still on the table. We haven't ruled anything out. And we're, as we've described before, in the process of evaluating those, but taking clear steps to be prepared for whichever alternative we think is the best from a value standpoint.

因此，對我們而言，從為股東創造整體價值的角度來看，這是一個自然且可以理解的替代方案。我想明確指出，所有方案仍在考慮中，我們沒有排除任何可能性。正如我們之前所述，我們正在評估這些方案，並採取明確的措施，為我們認為從價值角度來看最佳的任何方案做好準備。

On your second question with regard to overall growth priorities, yes, I would say that, firstly, the breadth of what we can address within the insurance industry, given the number of data sets, given the demands, is very broad. And I think we've demonstrated by identifying areas of growth under Mark and his team's leadership. In life, internationally, we've been able to tap into a wide range of new ways to acquire data sets.

關於您提出的第二個問題，即整體成長重點，是的，首先，鑑於保險業的數據量和需求，我們能夠解決的問題範圍非常廣泛。我認為，在馬克及其團隊的領導下，我們已經透過識別成長領域證明了這一點。在人壽保險領域，我們已成功開拓了多種獲取資料集的新途徑。

A part of what, I think, I would like to spend more time thinking about is really elevating the broader utility and industry-oriented mission of our Insurance business. We've done a great job focusing on the needs of our clients. And I think there are opportunities to think about what we can do on a broader industry basis, where we have additional leverage across our existing insurance clients and the functions that the insurance industry provides.

我認為，我應該花更多時間思考的一個方面是，如何真正提升我們保險業務更廣泛的實用性和行業導向使命。我們一直以來都專注於滿足客戶的需求，做得非常好。我認為，我們也有機會思考如何在更廣泛的產業層面發揮作用，以便更好地利用我們現有的保險客戶以及保險業所提供的各項職能。

The next one, we have the line of Greg Peters with Raymond James.

接下來是格雷格彼得斯與雷蒙德詹姆斯的合作系列。

I guess, congratulations on your retirement, Scott.

我想，恭喜你退休，史考特。

Thanks, Greg.

謝謝你，格雷格。

And for my question, I guess, I'm going to focus on the CapEx guidance and your comments around CapEx, just looking for more color. So you said, I think, 9% of revenue in '21. If I look at your guidance, and I just did some quick back-of-the-envelope math, it looks like CapEx for '22 could be growing faster if at the top end of the range than certainly organic revenue and if with the divestitures as a percentage of revenue is going to increase. So I guess, you've provided some comments, but if you could give us some more granular detail about what's going on there, that would be helpful.

至於我的問題，我想專注於資本支出預期以及您對資本支出的評論，希望能了解更多細節。您提到，2021年資本支出佔收入的9%。如果我看一下您的預期，我剛才粗略估算了一下，如果2022年資本支出達到預期範圍的上限，其增長速度可能會超過有機收入的增長速度，而且如果剝離資產，資本支出佔收入的比例還會上升。您已經給出了一些評論，但如果您能提供更詳細的信息，那就太好了。

Go ahead.

前進。

Thanks, Greg. This is Lee. So I think your observations are accurate, and I think they reflect a couple of elements that are contributing to that. One is that as a function of a number of initiatives, most significantly Lens, but also some additional CapEx investment that we have made in the Insurance business that we anticipate making in 2022 as well as some CapEx related to the ongoing cloud transition.

謝謝，格雷格。我是李。我認為你的觀察很準確，而且我認為這反映了幾個促成這種情況的因素。首先，由於多項舉措，其中最重要的是Lens項目，其次，我們在保險業務方面進行了一些額外的資本支出投資，我們預計在2022年還會繼續進行這些投資，以及一些與正在進行的雲端轉型相關的資本支出。

We have been able to take a lot of hardware and software out, but there are elements of the investment we made in that migration that will continue as we migrate more data sets onto the cloud. Along with the impact of a higher level of capital is capital intensity for our acquisitions. Those are still providing upward pressure on our CapEx as a percentage of revenue, as you've identified.

我們已經成功遷移了大量硬體和軟體，但遷移過程中投入的部分資金仍將持續用於將更多資料集遷移到雲端。除了資本投入增加之外，我們收購業務的資本密集度也較高。正如您所指出的，這些收購業務仍然會推高我們資本支出佔收入的比例。

However, one thing that we think is important to balance is that, at the core, those investments, particularly in the software-oriented aspect of capital investment, those are supporting substantial growth and return opportunities within the business. As I mentioned in the comments, our ability to invest in those platforms and broadly distribute them to our client base generates growth.

然而，我們認為需要平衡的一點是，這些投資，尤其是在軟體領域的資本投資，其核心在於支持公司內部顯著的成長和回報機會。正如我在評論中提到的，我們投資這些平台並將其廣泛推廣給客戶群的能力，能夠帶來成長。

We have seen that specifically with our Lens platform investment, which required a meaningful investment of capital, which we were happy to do. And we've been able to observe, as a function of the value that, that has created for our client base, high single digits, even low double-digit pricing increases because of the value of that platform, as well as returns already on that investment at an early stage that are in excess of our cost of capital.

我們從Lens平台投資就看到了這一點，這項投資需要大量的資金投入，而我們也樂於這麼做。我們已經觀察到，由於該平台為我們的客戶群創造了巨大的價值，價格出現了接近兩位數甚至接近兩位數的增長，這都得益於該平台的價值。此外，這項投資在早期階段就已獲得了超過我們資金成本的回報。

So part of, I think, the tension that you've observed is that we do see opportunities to invest capital to support growth and higher returns. And as I said previously, when we're in that situation, we are going to prioritize growth and returns relative to overall capital intensity.

我認為，您所觀察到的這種矛盾部分源於我們確實看到了投資機會，可以支持成長並獲得更高的回報。正如我之前所說，在這種情況下，我們會優先考慮成長和回報，而不是整體資本密集度。

And it is our expectation that there will be opportunities to bring that CapEx intensity down over time. But in the near term, we still see very good growth and returns coming out of that. So hopefully, that gives you some context, in addition to the comments that we made earlier on what's driving that in 2021 and in 2022 with the guidance we provided.

我們預計，隨著時間的推移，將有機會降低資本支出強度。但就短期而言，我們仍然看到這將帶來非常可觀的成長和回報。希望以上內容能為您提供一些背景信息，並補充我們先前就2021年和2022年業績指引所作的評論。

The next question, we have the line of Hamzah Mazari with Jefferies.

下一個問題是，哈姆札·馬扎里與傑富瑞的連結。

Congrats on the new role and also congrats on the retirement. My question is just on -- just your go-to-market strategy. There'll be a lot of changes. You talked about Board level, corporate governance, portfolio changes. Could you also talk about whether you've looked at your go-to-market strategy and sales force incentives and maybe how that structure can also change or maybe it doesn't change? And if not, why? Maybe just talk about that.

恭喜您榮升新職，也恭喜您光榮退休。我的問題是關於您的市場策略。未來會有很多變化。您談到了董事會層級、公司治理和產品組合調整。您能否也談談您是否檢視過您的市場策略和銷售團隊激勵機制，以及這方面的結構是否也需要調整？如果沒有調整，原因是什麼？能否談談這方面？

Sure. This is Mark. Let me focus a little bit on the insurance answer there. I think it really starts with our ability to interact most effectively with customers. And over the course of these last few years, I think we've been very pleased with both the level and the number of meetings we've had with executives.

當然。我是馬克。讓我重點談談保險方面的問題。我認為關鍵在於我們能否與客戶進行最有效的溝通。在過去的幾年裡，我們對與高階主管會面的水平和次數都非常滿意。

So people are very open to getting on a team's call, a virtual call. And we have seen that increase our NPS scores, which are internal indications, certainly one of the many. We've seen higher and excellent retention rates. And probably, most importantly, we've seen the best of -- year of new sales that we've ever experienced, all of that driven by what I refer to as higher goals, higher expectations on our sales teams.

所以大家都很樂意參加團隊電話會議，或者說是線上會議。我們看到，這提高了我們的淨推薦值 (NPS)，這當然是眾多內部指標之一。我們也看到了更高的客戶留存率。而且，也許最重要的是，我們迎來了有史以來最好的一年——所有這一切都歸功於我所說的，我們為銷售團隊設定了更高的目標和期望。

But what we do is keep our targeted comp generally unchanged. So meaning, the rates or the commercial rates are generally and gradually going down as we achieve more. So I think we're pleased with our go-to-market. We're always looking to refine it. We are always looking to become more effective. And I think the focus right now has been the combination of let's put a team focused on our biggest clients.

但我們通常會保持目標佣金不變。也就是說，隨著業績的提升，佣金率或商業佣金率整體會逐步下降。因此，我對目前的市場策略感到滿意。我們一直在尋求改進，力求提高效率。我認為，目前的重點在於組建一支專注於服務最大客戶的團隊。

And we've done a wonderful job with all the insurtechs and newer players, where we've had a lot of new opportunities. So that is how we've, I'd say, adjusted over the last couple of years. Commercial versus commercial -- personal versus commercial focus, attention at the highest level and then attention on those new insurtechs. So always looking to improve, but I think we've been quite effective. That's a good summary.

我們與所有保險科技公司和新興企業都合作得非常出色，也因此獲得了許多新的機會。可以說，這就是我們過去幾年來的調整方式：既關注商業保險，也關注個人保險，既關注最高層，也關注新興的保險科技公司。我們一直在努力改進，而且我認為我們已經取得了相當不錯的成效。以上總結得很好。

And also, I would add on the Energy side. One of the opportunities that we've been very directly engaged in is with the integration of our PowerAdvocate and Wood Mackenzie teams. It's given us an opportunity to think about how we take that core PowerAdvocate product and distribute that more effectively on a joint marketing and sales effort across it. And it's given us opportunity to think more broadly about what our go-to-market strategy is and how we approach that. So that's just on the Energy side, a specific example of our thinking around that topic.

此外，我還想補充一點關於能源領域的資訊。我們一直積極參與的一個專案是整合 PowerAdvocate 和 Wood Mackenzie 的團隊。這讓我們有機會思考如何更有效地推廣 PowerAdvocate 的核心產品，並透過聯合行銷和銷售策略將其推廣到各個領域。同時，這也讓我們有機會更全面地思考我們的市場進入策略以及具體的實施方法。以上僅是能源領域的具體例子，反映了我們圍繞這一主題的思考。

The next one, we have the line of Alex Kramm with UBS.

接下來，讓我們來看看 Alex Kramm 與瑞銀集團的合作。

I want to come back to the earlier question from Toni, I guess, Lee, your new focus areas as you take over the company. I'm asking in particular in what this means for maybe the outlook in the medium term. And I'm asking because you see a lot of companies in the space recently capitalized on new growth initiatives and actually thought positioned themselves for a faster medium-term growth.

我想回到托尼之前提出的問題，李，也就是您接管公司後新的關注重點領域。我特別想問的是，這對公司的中期前景意味著什麼。我這麼問是因為，我們看到許多同行業的公司最近都推出了新的成長計劃，並認為這些計劃能夠幫助公司在中期內實現更快的成長。

So wondering, as you refocus the company on the insurance, as you have some maybe new growth opportunities, should we be thinking about maybe accelerated growth rates? Or is 7% still the right number to think about as you take, Lee, the lead here?

所以，我想問一下，隨著您將公司業務重點重新放在保險上，並且可能出現一些新的成長機會，我們是否應該考慮加快成長率？或者，李，當您接手這份工作時，7%仍然是合適的成長率目標嗎？

Thank you, Alex. So keep in mind, with the announcement of less than a week ago and the focus on the 2 transactions that we announced recently, only started to define my objectives and how we think about growth. And they will continue to develop as I spend more time with the business and, most importantly, our clients.

謝謝你，Alex。請記住，不到一周前我們才宣布了這兩項交易，而我們目前關注的重點只是這兩項交易，這僅僅標誌著我的目標和我們對成長的思考剛剛開始形成。隨著我花更多時間在公司，尤其是我們的客戶身上，這些目標和思考還會不斷發展。

I'll start by saying that, at the quarter, as I think all of you can proceed to a phenomenally powerful engine, 2, in fact, that I see powering the Verisk plane. One is that rapidly growing number of data sets that have relevance to our clients and industries. And the second is the growing demand and capacity of our clients to ingest and utilize the data.

首先我想說的是，在本季度，正如大家所理解的，Verisk 擁有兩大強大引擎，它們共同驅動著公司的發展。第一大引擎是與我們的客戶和產業息息相關的資料集數量正在快速成長。第二大引擎則是客戶對資料攝取和利用的需求和能力也不斷提升。

And the fuselage with Verisk in the 9,000 colleagues that we have here who passionately harness those 2 engines by allowing us to invest in that data and the analytics on behalf of the industries that we serve more efficiently than they could individually and allow us to create value for them, value for our shareholders. So that's really what supports our fundamental growth expectations for the business.

而我們與 Verisk 的緊密合作，則離不開我們 9,000 位同事的熱情投入。他們充分利用這兩大引擎，使我們能夠代表我們所服務的行業更有效率地投資於數據和分析，從而為他們創造價值，也為我們的股東創造價值。這正是支撐我們業務基本成長預期的根本。

The opportunity that I'm immediately focused on is how do we improve our operating leverage internally and externally to expand the lift of those engines: internally, by increasing the operational focus that is a natural extension of the discipline that we've deployed; and externally, by thinking more expansively about how we serve our industries to create value for them and leverage the industry's scale.

我目前關注的重點是如何提高內部和外部的營運槓桿，從而擴大這些引擎的升力：在內部，透過加強營運重點，這是我們已部署的紀律的自然延伸；在外部，透過更廣泛地思考如何服務於我們的行業，為它們創造價值並利用行業的規模。

I'm a big believer in simple wisdom. And I think Archimedes once said a couple of millennia ago that if you give me a big enough lever and a fulcrum to place it on, I can move the world. And we have a lot of compounding levers within Verisk, and I'll be focused on bringing them to bear on our business and financial performance.

我深信簡單的智慧。我記得阿基米德兩千年前說過，只要給我一個夠大的槓桿和一個支點，我就能撬動地球。 Verisk 內部有許多可以相互促進的槓桿，我會專注於如何利用它們來提升我們的業務和財務表現。

And for the time being, we think that the long-term growth objectives that we have are reasonable growth objectives. Obviously, our objective is to try to improve against those. And I'm looking forward to your input and providing regular updates as we move forward.

目前，我們認為所訂定的長期成長目標是合理的。當然，我們的目標是努力實現這些目標。我期待您的回饋，並將在接下來的工作中定期向您報告最新進展。

The next one, we have Jeff Silber with BMO Capital Markets.

接下來，我們請到了 BMO 資本市場的 Jeff Silber。

I wanted to talk about margins. I think on your prior call, you talked about adding some expenses over the course of 2022, though you still expected margins to be above the pre-pandemic levels. I was wondering if you can give some color and if, possibly, you can quantify what the order of magnitude will be this year on those additional expenses.

我想談談利潤率。我記得您上次電話會議上提到，2022年將增加一些支出，但您仍然預期利潤率會高於疫情前的水平。我想請您詳細說明一下，並盡可能量化今年這些額外支出的規模。

Sure. So that is something that we are anticipating. I think there are a couple pandemic-related expense items that we are managing. One is the T&E impact and the kind of the normalization of that. And that is a timing aspect of when do we begin to see travel return.

當然。這是我們預料到的情況。我認為我們正在應對一些與疫情相關的支出項目。一是差旅費用的影響以及這方面的正常化。二是旅行何時開始恢復正常，這是一個時間上的問題。

The other that I think all companies are experiencing right now are the heightened level of inflation and impact on compensation expectations over time. So each of those are having an impact.

我認為所有公司目前都面臨的另一個問題是通貨膨脹加劇以及由此對薪酬預期造成的長期影響。因此，這兩個因素都在產生影響。

We think that the T&E aspect will be gradual. It has had a -- in the fourth quarter, we began to see a little bit more of an impact. It was approximately a negative 50 basis point impact in the fourth quarter on the business -- I'm sorry, on the overall margin for it. We have only seen in 2021 a bit of an STI normalization impact, but we'll probably experience a little bit more pressure on that ahead.

我們認為差旅費用方面的影響會是漸進的。第四季度，我們開始看到一些影響，大約對業務整體利潤率造成了50個基點的負面影響。 2021年，我們只看到一些短期指數正常化帶來的影響，但未來可能會面臨更大的壓力。

I think as we think about the overall margin, you hopefully heard it in our comments with regard to the impact of the divestitures and the specific actions that we're taking to eliminate stranded costs, our expectation for 2022 is that we will be able to deliver increased EBITDA growth relative to revenue growth, implying an expectation that through the mix of those elements, the divestitures, the actions that we're taking and also taking into account some normalization of the T&E impact and increased compensation pressures, that we expect to deliver improvement in the margin in 2022.

我認為，當我們考慮整體利潤率時，希望你們已經從我們關於資產剝離的影響以及我們為消除擱淺成本而採取的具體措施的評論中聽到了這一點。我們預計 2022 年 EBITDA 成長將高於收入成長，這意味著我們預期透過這些因素的組合，包括資產剝離、我們正在採取的措施，以及考慮到差旅費用影響的正常化和薪資壓力的增加，我們預計 2022 年利潤率將有所提高。

Next, we have Andrew Steinerman with JPMorgan.

接下來，我們請到摩根大通的安德魯‧施泰納曼。

Lee, you could imagine I wanted to jump in a little bit more on that margin comment you just made about '22. Is that going to be margin expansion, let's just say, in the current portfolio? Or is that '22 margin expansion only on an organic basis when you exclude acquisitions that you recently made?

李，你可以想像，我想就你剛才提到的2022年利潤率問題再補充一些內容。比如說，目前的投資組合的利潤率會擴張嗎？還是說，2022年的利潤率擴張只是基於自身業務成長，不包括你最近進行的收購？

And then the other question is, within the medium-term financial targets for the company is double-digit reported EPS growth, and I wanted to know if that's also appropriate here for '22.

另一個問題是，公司中期財務目標包括兩位數的每股盈餘成長，我想知道這是否也適用於 2022 年。

Yes. So Andrew, with regard to 2022, the margin expansion that I described, which is a special case because of the structural changes that we are describing, I will say. And you can kind of appreciate that this is not our typical guidance, right, given kind of the structural dimension of it that we believe, based upon factoring all of those elements in the portfolio changes, the actions that we are taking, the impact of acquisitions as we know about at this point, that we do believe that we will be -- we are in a position to deliver margin improvement over that period.

是的。安德魯，關於2022年，我剛才提到的利潤率擴張，由於我們所描述的結構性變化，這是一個特殊情況。你應該能理解，這並非我們通常的業績指引，對吧？考慮到結構性因素，我們認為，基於對投資組合調整、我們正在採取的行動以及目前已知的收購影響等所有因素的考量，我們有能力在2022年實現利潤率的提升。

We also believe -- and I think this goes to your organic question. We believe that we will be able to more than offset the impact of stranded costs related to the 2 businesses that we are divesting. So that's our sense of where we are. There are a lot of variables that affect that, but that's our expectation at this point.

我們也相信——我認為這與您提出的有機成長問題密切相關——我們相信，我們能夠完全抵消剝離兩項業務所帶來的擱淺成本的影響。這就是我們目前的預期。當然，有很多因素會影響最終結果，但這是我們目前的預期。

With regard to your question on EPS, we are not -- we still believe that the double-digit EPS objective is something that is achievable as part of our longer-term growth. But we also have to recognize that we will have an impact to EPS as a function of the 2 divestitures in the period. We don't think it's a significant one, but it will certainly be a near-term impact on EPS for 2022.

關於您提出的每股盈餘 (EPS) 問題，我們仍然相信，作為我們長期成長計畫的一部分，實現兩位數 EPS 目標是可以實現的。但我們也必須認識到，在此期間進行的兩項資產剝離會對 EPS 產生影響。我們認為影響不大，但肯定會對 2022 年的 EPS 產生短期影響。

But the underlying dynamics of our expected revenue growth, EBITDA growth and then the management of our share base still positions us to be able to deliver on that double-digit EPS growth over time.

但是，我們預期的營收成長、EBITDA 成長以及我們的股票基礎管理等基本動態，仍然使我們能夠隨著時間的推移實現兩位數的每股盈餘成長。

The next one, we have Jeff Meuler with Baird.

接下來，我們請到貝爾德公司的傑夫·穆勒。

Just given all the comments on the inflationary environment, wanted to also ask how you're managing from a pricing perspective, just given the high and growing value clients you're getting from your solutions? And given that I think you just took the annual pricing in ISO and some other solutions, so just how are you factoring in the expense base inflation into how you approach pricing?

鑑於大家對通膨環境的討論，我想問一下，考慮到你們的解決方案吸引了大量高價值且不斷增長的客戶，你們是如何進行定價的？而且，鑑於你們似乎採用了ISO和其他一些解決方案的年度定價，那麼你們是如何將成本基礎通膨納入定價策略的呢？

So maybe I'll try to take that. What we have typically done is we have tried to value price all of our solutions. And to the extent that you think about the value that we provide as a kind of Verisk providing a platform or an analytic. We've typically entered into multiyear contracts. They're typically 3 years in duration.

所以也許我會嘗試接受這個方案。我們通常的做法是，對所有解決方案進行價值定價。如果您認為我們提供的價值在於 Verisk 提供平台或分析服務，那麼我們通常會簽訂多年期合同，一般為三年。

So as those come due, we're certainly going to try to push on a little bit more on the increase as it relates to kind of reconciling and talking about the people and the cost of labor. On another front, we have some of our deals that are somewhat tied to premiums. So in the world of a hardening insurance market, that could have some wind at our back over the course of the next year or 2.

因此，隨著這些款項到期，我們肯定會努力在增幅方面再接再厲，以期在人員配備和勞動成本方面達成和解。另一方面，我們的一些交易與保費掛鉤。在保險市場趨緊的情況下，這或許會在未來一兩年內對我們有利。

So I would say to you, we are thoughtful about it. We're not aggressive about it. We're trying to make sure we maintain the long-term relationship with customers, and that's what is in everyone's best interest.

所以我想說的是，我們對此深思熟慮，並不咄咄逼人。我們努力確保與客戶保持長期的合作關係，這符合所有人的最佳利益。

Got it. And congrats to the 3 of you, and best wishes, Scott.

明白了。恭喜你們三位，也祝你們一切順利，史考特。

Thanks, Jeff.

謝謝你，傑夫。

Next, we have Ashish Sabadra with RBC Capital.

接下來是來自 RBC Capital 的 Ashish Sabadra。

Yes. Let me add my congrats as well to all 3 of you, and best wishes to Scott. Just in terms of question, one quick clarification on the tax leakage on the Financial Services. I was just wondering if you provided the cost basis there and how should we think about the net proceeds versus the gross proceeds?

是的。我也要向你們三位表示祝賀，並祝福斯科特一切順利。關於金融服務的稅務漏洞，我有個問題想請教一下。我想知道你們是否提供了成本基礎，以及我們應該如何看待淨收益和總收益？

And then maybe a quick question on the insurance. You mentioned some headwinds there in the quarter from a transactional side. But how do we think about the claim business going forward? Are these headwinds just one-off in the fourth quarter? And should we think about the claim business getting back to 7% in '22?

那麼，關於保險業務，我可能還有一個問題。您提到本季在交易方面遇到了一些不利因素。那麼，我們該如何看待未來的理賠業務呢？這些不利因素是否只是第四季的個別情況？我們是否應該預期理賠業務在2022年能夠恢復到7%的水準？

Thanks, Ashish. So I'll take the first one and hand the second one over to Mark. From a proceeds standpoint, we -- for Financial Services, we're expecting essentially a very similar number to the headline number, slightly less for that. So not a lot of tax leakage on that specific transaction.

謝謝，阿什什。那我先拿第一份，把第二份交給馬克。從收益的角度來看，我們——就金融服務而言——預計實際到手的金額與公佈的數字基本一致，略低一些。所以這筆交易的稅務流失並不多。

And I'll try to address the second topic. A couple of things happened in the quarter that we highlighted from a transactional perspective. First of all, our repair estimating business does benefit from what I'll refer to as some severe weather. Obviously, there's more instances where there is estimate needed to repair property. There was quite a bit of severe weather in the fourth quarter of 2020. It was a rather light and quiet 2021.

接下來，我將嘗試談談第二個主題。本季發生了一些我們重點關注的交易相關事件。首先，我們的維修估價業務確實受益於我所說的極端天氣。顯然，需要進行房屋維修估價的情況增加。 2020 年第四季極端天氣頻繁。而 2021 年則相對平靜。

And the second topic around transactional is in this world of COVID, there is fewer -- we are in a business that relates to workers' comp claims. And we help insurers quantify the cost that they will incur before Medicare picks up those costs. It's called Medicare Set-Aside. And there just have been fewer workers' comp claims in that space as people generally work from home and do the work kind of in a more remote or local setting. So we've seen those 2 instances on the transactional side of things.

第二個與交易相關的議題是，在新冠疫情的影響下，工傷賠償案件數量減少──我們從事的是與工傷賠償相關的業務。我們幫助保險公司量化在聯邦醫療保險（Medicare）承擔這些費用之前他們需要承擔的成本。這部分成本被稱為聯邦醫療保險預留金（Medicare Set-Aside）。由於人們普遍在家辦公，工作地點也變得更加遠端或在地化，因此工傷賠償案件的數量有所減少。以上就是我們在交易方面觀察到的兩個例子。

The next one, we have George Tong with Goldman Sachs.

接下來，我們請到了高盛的喬治唐。

I'd also like to add my congrats to Scott and Lee. So Verisk has announced divestitures of Financial Services and 3E as part of its portfolio review. How motivated are you to divest the remaining Wood Mackenzie business in the Energy segment?

我還要向Scott和Lee表示祝賀。 Verisk已經宣布剝離金融服務和3E業務，作為其投資組合審查的一部分。您剝離Wood Mackenzie在能源領域的剩餘業務的動力有多大？

George, I think we've been pretty clear that we are looking very deeply at all possible ways of maximizing the value of this very strong business that we've got. We talked specifically about a pathway, which would be to make it a free-standing company. That's receiving a great deal of attention right now.

喬治，我認為我們已經非常明確地表明，我們正在深入研究所有可能的途徑，以最大限度地發揮我們這家實力雄厚的企業的價值。我們特別討論過一種方案，那就是將其轉變為獨立公司。目前，這方面正受到廣泛關注。

At the same time, we're accounting for the condition of the business. We're looking at the real-time progression of the performance of the business. We're looking at the state of the markets, and we're looking at the macro environment. And at the intersection of all those things, we will make the ultimate and final decision about the very best way to make it the very best outcome for our shareholders. So very active, very deeply considered and ongoing.

同時，我們也密切關注公司的實際經營狀況。我們會即時觀察公司業績的進展，也會關注市場狀況和宏觀環境。綜合考慮所有這些因素，我們將最終做出決定，以期為股東帶來最佳利益。因此，我們的工作非常積極主動，經過深思熟慮，並且一直持續進行。

And I would just add, our motivation is focused on what is the best value outcome for the business and for the shareholders, George.

我還要補充一點，喬治，我們的動力在於如何為公司和股東創造最佳價值結果。

Very helpful. You mentioned that EBITDA growth this year should outpace revenue growth after taking into account P&E, inflation, stranded costs, et cetera. How do you expect margins to perform moving through 2022?

非常有幫助。您提到，考慮到固定資產、通貨膨脹、擱淺成本等因素，今年的 EBITDA 成長應該會超過收入成長。您預計 2022 年的利潤率表現如何？

So George, I would refer you back to our general guidance is that we expect, over the long term, for EBITDA to exceed our revenue growth given the operating leverage, and feel as though we have demonstrated the underlying model that delivers on that. So that continues to be our expectation.

所以喬治，我想再次強調我們的整體預期，即從長遠來看，鑑於經營槓桿效應，我們預計 EBITDA 將超過收入成長，而且我們認為我們已經證明了能夠實現這一目標的根本模式。因此，這仍然是我們的預期。

Next we have Andrew Nicholas with William Blair.

接下來是安德魯·尼古拉斯和威廉·布萊爾。

I just wanted to ask about ESG. I think last week, you announced the launch of some sovereign ESG ratings via Maplecroft. And I was just kind of curious about that opportunity, if you could spend some time maybe talking about the size of that business. Any kind of internal targets for growth or size you can share? Bigger picture, just trying to get a sense for really how big this opportunity could be for your ESG assets specifically.

我只是想問ESG的問題。我記得上週你們宣布透過Maplecroft推出一些主權ESG評級。我對這個機會很感興趣，您能否花點時間談談這項業務的規模？能否分享一下你們內部的成長或規模目標？我想從更宏觀的角度來看，了解這項業務對你們的ESG資產而言究竟有多大潛力。

Yes, it's -- thanks for the question. It's exciting. At the moment, we treat it really as an interesting extension of things that we already do. A lot of the strength that we have to offer and the insight that we can bring has developed out of the -- our participation in the vertical markets that we're in, beginning with insurance, but also energy. There are important observations that come out of both of them.

是的，謝謝你的提問。這確實令人興奮。目前，我們把它看作是我們現有業務的一個有趣的延伸。我們所擁有的許多優勢和洞察力都源自於我們對垂直市場的參與，最初是保險業，後來也包括能源業。這兩個領域都帶來了一些重要的發現。

And so we are trying to render that information and additional information in a way that's useful to a broad set of customers, including insurers and energy companies, but also corporates in other places. So it is -- in a sense, it's momentum out of what we already do, but it's also kind of new business. And so the overall ultimate appetite of the world for ESG-oriented analytics is probably quite large, but we are starting where we are and building out from there.

因此，我們正努力以一種對包括保險公司、能源公司以及其他領域的企業在內的廣大客戶群都適用的方式來呈現這些資訊以及其他相關資訊。從某種意義上說，這既是我們現有業務的延續，也是新的業務拓展。全球對ESG導向型分析的最終需求可能相當大，但我們是從現有基礎出發，逐步發展壯大。

We are -- there are established players in providing comprehensive ratings at the corporate level that we would have to think very carefully before we chose to move in that direction. But we can create a lot of indexed information that is really quite insightful, and that's the path we're on right now. So it's a very good vector. It's a long march. The world will have a big appetite for ESG analytics, and we will do the Verisk thing in serving that world.

我們——目前已經有一些成熟的企業級綜合評級機構，所以我們在決定進軍這個領域之前必須慎重考慮。但我們可以創造大量極具洞察力的索引訊息，而這正是我們目前正在努力的方向。因此，這是一個非常好的方向。這是一條漫長的道路。世界對ESG分析的需求將非常旺盛，我們將秉持Verisk的理念，服務這個世界。

Next we have Manav Patnaik with Barclays.

接下來是來自巴克萊銀行的馬納夫·帕特奈克。

Congratulations to Lee, Mark and Scott. I just wanted to focus on the Insurance segment. A lot of good examples of new data set contributors, progress, et cetera, investments that you were referring to earlier. I think you also just rebranded the business as well.

恭喜Lee、Mark和Scott。我只想重點談談保險業務。你們之前提到的新資料集貢獻者、進展等等方面都有很多很好的例子，還有投資。我想你們也剛剛對業務進行了品牌重塑。

So just in the context of all of that going on, I just wanted to try and get a sense of in what time frame should we start seeing some of these investments start generating revenues that could be accretive to overall kind of that 7% growth you guys have talked about before?

所以，在所有這些事情發生的背景下，我只是想了解一下，我們應該在多長時間內看到這些投資開始產生收入，從而對你們之前提到的7%的整體增長起到促進作用？

So thanks for the question. I think we're pretty excited about the places that we are investing. We tried to highlight a little bit of the work that we're doing with life insurance and marketing. Those are clearly areas of investment.

謝謝你的提問。我們對目前的投資領域感到非常興奮。我們想重點介紹一下我們在人壽保險和行銷方面的工作。這些顯然都是我們的投資領域。

Also, we talked a little bit about just our core business, which represents the ways we go to market and provide our customers with the cost of goods sold and the policy language that they're -- the insurance contracts. We're going to spend some time, hopefully, helping our customers better consume and take on our information in a more cost-effective and efficient way.

此外，我們也簡單聊了聊我們的核心業務，包括我們的市場策略，以及如何向客戶提供商品銷售成本和保單條款——也就是保險合約。我們希望能夠花些時間，幫助客戶以更經濟高效的方式更好地獲取和理解我們的資訊。

So in my mind, we've been doing this for like 5 years or even more, probably 10. And we've been seeing those benefits over the last 5 in the form of a combination of top line growth, which has accelerated, and also in the form of customers much more appreciating the services and offerings we provide.

所以在我看來，我們做這件事已經有5年甚至更久了，也許10年了。在過去的5年裡，我們已經看到了這些好處，包括營收成長加速，以及客戶更加欣賞我們提供的服務和產品。

So we continue to look very deeply at return on invested capital. We're very thoughtful about where and how we invest. We're kind of tied about that, if you ask our teams, as to how we go about this. So we try to prioritize these in a way that we think will both help our customers and, ultimately, help all stakeholders involved. So we'll continue what we're doing and, hopefully, we can even go faster. I'd say the theme is accelerating.

因此，我們持續深入研究投資報酬率。我們對投資方向和方式都非常謹慎。如果你問我們的團隊，他們在這方面意見不一。所以我們努力優先考慮那些我們認為既能幫助客戶，最終又能幫助所有利害關係人的專案。我們會繼續目前的做法，並希望能夠加快腳步。我認為整體趨勢是加速發展。

And Manav, thanks. We appreciate the question. And obviously, we're sorting through the impact of a number of the transactions that we've announced recently. And our hope is that, as that settles, we look forward to getting together with investors broadly and talking about all of the elements of growth within the business to give a clearer picture of what Verisk looks like ahead. But we're very excited about that future.

Manav，謝謝。我們很感謝你的提問。顯然，我們正在梳理近期宣布的多項交易的影響。我們希望，隨著這些影響逐漸明朗，能夠與廣大投資者會面，共同探討公司業務成長的各個層面，從而更清晰地展現Verisk的未來發展前景。我們對未來充滿信心。

As Mark described a couple of those opportunities, one of the ones that we've talked about a fair bit with investors is the investment that we've made in our LightSpeed platform, where we've been able to find a new way, new areas to assist our insurance clients. And it's a perfect example of how we've been able to develop an industry solution. And I think there are a broad range of opportunities that we're thinking about in addition to the investments that we're making in our core lines business to really expand and elevate the services that we provide to our customers there.

正如馬克所描述的幾個機遇，其中一個我們與投資者多次討論過的機遇，就是我們對LightSpeed平台的投資。透過該平台，我們找到了一種新的方式，開拓了新的領域，從而更好地服務我們的保險客戶。這正是我們如何開發行業解決方案的完美例證。我認為，除了對核心業務的投資之外，我們還在考慮一系列其他機遇，以真正拓展和提升我們為客戶提供的服務。

The next one, we have the line of Kevin McVeigh with Credit Suisse.

接下來，我們來看看凱文麥克維與瑞士信貸的合作案例。

And let me add my congratulations all around as well. I wonder, I guess, Lee or Scott, if you could give us some thoughts, it seems like the majority of the proceeds is going to go to buyback as opposed to M&A within the kind of framework of the Insurance business overall. Any thoughts as to M&A within the context of that as opposed to buyback and just a decision on the buyback as opposed to maybe increasing some targeted M&A?

我也想向大家表示祝賀。我想問Lee或Scott，能否分享一下你們的看法？看起來大部分收益將用於股票回購，而不是在保險業整體框架內進行併購。你們對在這種背景下進行併購有何看法？或者，你們能否就股票回購做出決定，而不是增加一些有針對性的併購？

Sure. Thanks, Kevin. So we generate, I think, as you'll appreciate, a very substantial amount of capital. Well, I've certainly talked at length around the discipline that we have brought to our M&A function. It's been focused on where we can create value.

當然。謝謝你，凱文。我想，正如你所了解的，我們創造了相當可觀的資金。嗯，我確實詳細地談到了我們併購部門所秉持的嚴謹作風。我們一直專注於如何創造價值。

There has been no constraint on the deals that we want to pursue that we think can generate good returns or additive and value-creating. And so given the proceeds that were released as a function of this transaction, we don't see any need to reserve any portion of that amount for M&A.

我們對那些我們認為能夠帶來良好回報或創造附加價值和價值的交易沒有任何限制。因此，鑑於此交易釋放的資金，我們認為沒有必要將其中任何一部分預留用於併購。

We can fully fund that out of our existing capital generation. And we think this is a demonstration of our capital discipline of when we have excess capital beyond what we can immediately deploy, we return that to shareholders.

我們完全可以利用現有資本儲備來支付這筆費用。我們認為這反映了我們的資本紀律，即當資本盈餘超過我們能夠立即使用的金額時，我們會將剩餘資本返還給股東。

The next one, we have Andrew Jeffrey with Truist Securities.

接下來，我們邀請了 Truist Securities 的 Andrew Jeffrey。

I apologize, I jumped on the call a little late. I don't know, Mark, if you addressed this at all. But I'm wondering about insurtech broadly. And if you could talk a little bit about the nature of those customers versus, say, legacy P&C customers, what the contracts look like?

抱歉，我加入電話會議有點晚了。馬克，我不知道你有沒有提到這一點。我想了解一下保險科技的整體情況。可以談談這些顧客的特點，以及它們與傳統財產險客戶的差異嗎？它們的合約又是怎樣的？

If there's anything unique about those customers other than their apparently faster growth rate that you think gives Verisk an advantage or you think is notable generally as you look at your overall customer roster? I'm just trying to understand what you think the opportunity is there.

除了這些客戶明顯更快的成長速度之外，您認為他們還有什麼獨特之處能讓 Verisk 獲得優勢，或者在您審視整體客戶名單時，您認為這些獨特之處有什麼值得注意的地方嗎？我只是想了解您認為其中蘊藏著哪些機會。

Sure. Let me take that on. So when I think of insurtech, there's 2 types of insurtechs. There's those folks who are kind of technology-savvy digital agent or underwriter and then there's service providers. And I think your question is focused on the former.

當然，讓我來解答。說到保險科技，我覺得可以分為兩大類。一類是精通科技的數位化代理人或核保人，另一類是服務提供者。我認為你的問題主要集中在前者。

Let me say this. We've done exceptionally well with insurtech. And I think, in large part, it's because they are not kind of living through what is a lot of legacy technology and a lot of legacy integrations. They have the ability to choose what we think is the best and most accurate solutions and best analytics, depending on need. And they have, in many cases, almost all cases, chose Verisk, which we're delighted to see.

我想說的是，我們在保險科技領域取得了卓越的成就。我認為這很大程度上是因為他們無需再受制於大量的傳統技術和整合方案。他們可以根據自身需求，選擇我們認為最佳、最精準的解決方案和分析工具。而且，在很多情況下，幾乎所有情況下，他們都選擇了 Verisk，我們對此感到非常欣慰。

What we had in the form of these partners is usually because of their ramping kind of business model, we typically start with kind of a lower price kind of a -- hopefully and get them on door type of price. But what they do is they buy not just 1 or 2 solutions, but they bought the entire suite.

我們之所以能與這些合作夥伴合作，通常是因為他們採用的是逐步擴張的商業模式。我們通常會先以較低的價格——希望能以此吸引他們——開始合作。但他們最終購買的並非一兩個解決方案，而是整套產品。

So we have, with these insurtechs, usually a broader and more widespread set of solutions and a broader partnership with these insurtechs. And then as they grow, usually a little bit tied to your size and your premiums, we're able to grow with them.

因此，我們與這些保險科技公司合作，通常能獲得更廣泛、更全面的解決方案，並建立更廣泛的合作關係。隨著他們的發展，通常與您的規模和保費水準有一定的關聯，我們也能與他們共同成長。

So I think it's been a great nurturing type of relationship. I think they've helped us get better. They're very creative, very innovative. We think we are the same, and it's been a wonderful partnership. So our new sales, our growth and our opportunity has really been bolstered by these insurtechs, Andrew.

所以我認為這是一種非常好的互惠互利的關係。我認為他們幫助我們變得更好。他們非常有創造力，而且非常有創新精神。我們認為我們也是如此，這是一個非常棒的合作關係。安德魯，所以這些保險科技公司確實大大促進了我們的新銷售、成長和發展機會。

We don't have any further questions at this time. And with that, this concludes today's conference call. Thank you for participating. You may now disconnect. Have a great day.

目前我們沒有其他問題了。今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。祝您今天愉快。