Verisk Analytics Inc (VRSK) 2016 Q2 法說會逐字稿

Good day, everyone, and welcome to the Verisk Analytics' second-quarter 2016 earnings results conference call.

大家好，歡迎參加 Verisk Analytics 2016 年第二季財報電話會議。

This call is being recorded.

本次通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to Verisk's Director of Investor Relations, Mr. David Cohen. Mr. Cohen, please go ahead.

現在，我謹將電話轉交給Verisk的投資人關係總監大衛‧科恩先生，請他致開幕詞並作介紹。科恩先生，請開始吧。

Thank you Shannon, and good day to everyone. We appreciate you joining us today for discussion of our second-quarter 2016 financial results.

謝謝香農，大家好。感謝各位今天蒞臨，與我們共同探討2016年第二季的財務表現。

With me on the call this morning are: Scott Stephenson, Chairman, President, and Chief Executive Officer; Mark Anquillare, Chief Operating Officer; and Eva Huston, Chief Financial Officer. Following comments by Scott, Mark and Eva highlighting some key points about our strategic priorities and financial performance, we will open up the call for your questions.

今天早上與我一同參加電話會議的有：董事長、總裁兼執行長史考特‧史蒂芬森；營運長馬克‧安奎拉雷；以及財務長伊娃‧休斯頓。在史考特、馬克和伊娃分別就我們的策略重點和財務表現發表演說後，我們將開放提問環節。

Unless stated otherwise, all results we discuss today will reflect continuing operations. All discussions of EBITDA reflect adjusted EBITDA, which excludes the second-quarter 2015 hedge gain and one-time costs related to the Wood Mackenzie acquisition.

除非另有說明，我們今天討論的所有業績均反映持續經營業務的情況。所有關於 EBITDA 的討論均指調整後的 EBITDA，其中已剔除 2015 年第二季的對沖收益以及與收購 Wood Mackenzie 相關的一次性成本。

The earnings release referenced on this call, as well as the associated 10-Q, can be found in the Investor section of our website, verisk.com. The earnings release has also been attached to an 8-K that we have furnished to the SEC. The earnings release contains reconciliations of several non-GAAP measures, which we'll reference on today's call. 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的投資者關係板塊找到。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。獲利報告包含若干非GAAP財務指標的調節表，我們將在今天的電話會議中提及這些指標。本次電話會議的錄音回放將在我們網站和電話撥入平台上保留30天。

Finally, as set forth in more detail in yesterday's earnings release, today's call may include forward-looking statements about Verisk's future performance. Actual performance could differ materially from what is suggested by our comments today. Information about the factors that could affect future performance is summarized at the end of our press release, as well as contained in our recent SEC filings.

最後，正如昨天發布的財報中更詳細闡述的那樣，今天的電話會議可能包含關於Verisk未來業績的前瞻性陳述。實際業績可能與我們今天所作的陳述有重大差異。可能影響未來績效的因素概述已在新聞稿末尾列出，並包含在我們近期提交給美國證券交易委員會（SEC）的文件中。

Now I will turn the call over to Scott.

現在我將把通話交給史考特。

Thanks, David, and good morning, everyone. In the second quarter we delivered solid overall results with total revenue growth of about 16%, adjusted EBITDA growth of about 12%, and an increase in diluted adjusted EPS of 1.4%, including the impact of the shares we issued last year for the Wood Mac transition.

謝謝大衛，大家早安。第二季我們整體業績穩健，總營收成長約16%，調整後EBITDA成長約12%，稀釋後調整後每股盈餘成長1.4%，其中包括去年為完成伍德麥肯錫過渡而發行的股份的影響。

Year-to-date free cash flow was up 21%. Organic revenue growth was 5.4% as we continue to grow faster than our underlying end-markets. We've spoken of higher, longer term organic growth, and the underlying trends remain encouraging. Profitability remains strong with total EBITDA margins over 49%.

今年迄今為止，自由現金流成長了21%。有機收入成長5.4%，我們的成長速度持續超過目標終端市場。我們曾談到更高、更長期的有機成長，而目前的趨勢依然令人鼓舞。獲利能力依然強勁，總EBITDA利潤率超過49%。

We're focused on leveraging our Verisk distinctives which are: one, unique data assets; two, deep-domain expertise; three, first-to-market innovations; and, four, deep integration into customer work flows. And our core capabilities to add value for our customers and, in turn, for our shareholders. We're also seeing traction in new solutions that are being developed, and continue to be optimistic about their long-term potential to contribute to customers and ultimately our financial performance.

我們專注於發揮Verisk的獨特優勢，包括：第一，獨特的數據資產；第二，深厚的領域專業知識；第三，率先推出的創新產品；第四，與客戶工作流程的深度整合。我們的核心能力旨在為客戶創造價值，進而為股東帶來收益。我們也看到正在開發的新解決方案取得了進展，並對其長期潛力充滿信心，相信它們能夠為客戶以及最終提升我們的財務表現做出貢獻。

As we announced in June, I'm excited to have expanded the roles of several members of our Senior Leadership Team. Mark Anquillare, who had been our CFO since before our 2009 IPO, is now Verisk's Chief Operating Officer with responsibility for our insurance businesses and our technology and customer experience organizations. Eva Huston is now our Chief Financial Officer responsible for the financial strategy, including accounting, tax, treasury and investor relations.

正如我們在六月宣布的那樣，我很高興地宣布，我們幾位高階領導團隊成員的職責範圍已經擴大。自2009年公司上市前就擔任首席財務官的馬克·安奎拉雷(Mark Anquillare)現在升任Verisk首席營運官，負責我們的保險業務以及技術和客戶體驗部門。伊娃·休斯頓(Eva Huston)現任首席財務官，負責財務策略，包括會計、稅務、資金管理和投資者關係。

I'm also pleased to have appointed Nana Banerjee and Steve Halladay as Group Presidents. Nana leads Argus, Geomni and Verisk retail. Steve leads Wood Mackenzie, 3E Company and Verisk Maplecroft.

我很高興地宣布任命 Nana Banerjee 和 Steve Halladay 為集團總裁。 Nana 將領導 Argus、Geomni 和 Verisk 的零售業務。 Steve 將領導 Wood Mackenzie、3E Company 和 Verisk Maplecroft。

The strength of our platform and the clarity of our vision, combined with greater scope of responsibility for these four proven professionals, will support our growth agenda and global push into the near and long term. These are all natural evolutions from their previous roles and will help us continue to deliver value to our customers, employees and shareholders.

我們強大的平台和清晰的願景，加上賦予這四位經驗豐富的專業人士更大的責任範圍，將幫助我們實現近期和長期的成長目標和全球擴張。這些都是他們先前角色的自然延伸，將有助於我們持續為客戶、員工和股東創造價值。

During the quarter, we closed the sale of the healthcare business and used the proceeds to pay down our revolver, giving us plenty of capacity to support our long-stated capital allocation strategy, for a balanced approach over time to acquisitions and repurchases. We had $353 million remaining under our share repurchase authorization as of June 30, 2016.

本季度，我們完成了醫療保健業務的出售，並將所得款項用於償還循環信貸額度，從而為我們提供了充足的資金，以支持我們長期以來製定的資本配置策略，即在收購和回購方面採取平衡的長期策略。截至2016年6月30日，我們的股票回購授權額度還剩3.53億美元。

We remain active in evaluating possible acquisitions, in particular as we make buy versus build decisions in pursuit of our international expansion. We also see M&A as a channel for expanding our solution footprint, and subsequent to the end of the quarter you saw that we purchased Greentech Media, an industry leading information services provider for next-generation electricity and renewable sectors. Greentech Media joins Wood Mac enhancing our research and other capabilities for sub-sectors, including solar generation, energy storage and smart grids that react dynamically to changes in supply and demand. These are very exciting areas in the energy and power markets and an excellent complement to our outstanding oil and gas franchise.

我們持續積極評估潛在的收購機會，尤其是在尋求國際擴張的過程中，我們需要權衡收購與自建孰優孰劣。我們也將併購視為拓展解決方案涵蓋範圍的管道。如您在本季末所見，我們收購了Greentech Media，這是一家業界領先的資訊服務供應商，專注於下一代電力和再生能源領域。 Greentech Media的加入將增強伍德麥肯錫在太陽能發電、儲能和智慧電網等子領域的研究和其他能力，這些智慧電網能夠動態響應供需變化。這些都是能源和電力市場中令人振奮的領域，也是對我們卓越的油氣業務的完美補充。

I remain encouraged by the opportunities we see for growth both near and long term. We're excited about a number of early-stage efforts where we are developing new and innovative solutions for our customers and where we are expanding existing solutions around the world.

我對我們近期和長期的發展機會依然充滿信心。我們對目前處於早期階段的多項工作感到振奮，這些工作包括為客戶開發創新解決方案，以及在全球範圍內擴展現有解決方案。

Near term, we continue to expect acceleration of our combined insurance businesses and double-digit growth at Argus. Wood Mac is performing in line with the expectations we discussed with you last quarter.

短期內，我們依然預期合併後的保險業務將加速成長，Argus也將達到兩位數成長。 Wood Mac的業績符合我們上季與您討論的預期。

With that, let me turn it over to Mark for some additional comments.

接下來，我將把發言權交給馬克，請他補充一些看法。

Thank you, Scott. Across our businesses which serve the property casualty and insurance industry, we have seen several key industry themes, including vertical big data, industry automation and digital engagement. With these themes in mind, I'll briefly describe a number of positive recent developments in our businesses.

謝謝斯科特。在我們服務於財產意外險和保險業的各項業務中，我們看到了幾個關鍵的行業趨勢，包括垂直行業大數據、行業自動化和數位互動。基於這些趨勢，我將簡要介紹我們業務近期取得的一些積極進展。

Reflecting on all three themes, Verisk Insurance Solutions launched a new integration option for 360Value, our web-based replacement cost estimator for homeowners insurance. 360Value is built on our unique and industry standard construction materials and labor cost data. This solution helps our customers estimate coverage limits for residential, commercial and agricultural properties.

基於上述三大主題，Verisk Insurance Solutions 為我們基於網路的房屋保險重置成本估算工具 360Value 推出了新的整合選項。 360Value 是基於我們獨有的、符合業界標準的建築材料和人工成本數據而建造而成。此解決方案可協助我們的客戶估算住宅、商業和農業房地產的保險限額。

Our customers can now integrate 360Value directly into their online homeowners quoting platforms. This helps the industry deploy more engaging solutions which include pre-filling an online insurance application with property-specific information when a homeowner enters an address.

現在，我們的客戶可以將 360Value 直接整合到他們的線上房屋保險報價平台中。這有助於產業部署更具吸引力的解決方案，例如在房主輸入地址時，預先填寫包含房產特定資訊的線上保險申請表。

Another recent launch is Mozart, a new product development platform increasing engagement in automation, which helps our clients easily research, create industry good coverage language, providing efficiencies in time to market for new products and critical coverage updates. Mozart will help our customers accelerate profitable growth, reduce expense ratios and enhance audit and compliance.

另一項近期推出的產品是 Mozart，這是一個全新的產品開發平台，旨在提升自動化程度，幫助客戶輕鬆進行研究，創建符合行業標準的保險條款，從而加快新產品上市和關鍵保險更新的速度。 Mozart 將協助客戶加速獲利成長，降低費用率，並提升審計和合規性。

Leveraging big data methods, cutting-edge technology and pioneering automation, AIR released a hosted cloud solution for its catastrophe risk management platforms, Touchstone and CATRADER. More than a dozen companies already up and running on the AIR cloud which enables them to conduct all of their analysis remotely while minimizing capital expenditures.

AIR 利用大數據方法、尖端技術和開創性的自動化技術，為其災害風險管理平台 Touchstone 和 CATRADER 發布了託管雲端解決方案。目前已有十幾家公司在 AIR 雲端平台上運行，這使他們能夠遠端進行所有分析工作，同時最大限度地降低資本支出。

Finally, in addition to the new deployment option, AIR recently expanded its coverage model of Southeast Asia. These models combine 10 years of extensive scientific research by AIR scientists with findings from studies of local building codes, damage surveys, loss of experience data, and instructional engineering research.

最後，除了新增的部署方案外，AIR近期也擴大了在東南亞的覆蓋範圍。這些模型結合了AIR科學家十年來廣泛的科學研究成果，以及對當地建築規範、損壞調查、經驗損失數據和教學工程研究的發現。

With that, let me turn it over to Eva to cover our financial results in more detail.

接下來，我將把發言權交給伊娃，讓她更詳細地介紹我們的財務表現。

Thank you, Mark. In the second quarter we again delivered both revenue and EBITDA growth while also investing in solutions that we expect will deliver incremental growth going forward. Revenue grew 16.3% and 5.4% organically. EBITDA grew 12.4% to $245 million. EBITDA margins were 49.2% in the quarter.

謝謝馬克。第二季度，我們再次實現了營收和 EBITDA 的雙重成長，同時也投資於我們預期未來將帶來持續成長的解決方案。營收成長 16.3%，其中有機成長 5.4%。 EBITDA 成長 12.4% 至 2.45 億美元。本季 EBITDA 利潤率為 49.2%。

Within the decision analytics segment, revenue grew 23.5% and 5.5% organically. Financial services was the fastest growing organic revenue end-market, while insurance focused solutions were the largest contributor of dollars to growth.

在決策分析領域，營收成長了23.5%，其中5.5%為有機成長。金融服務是有機收入成長最快的終端市場，而保險解決方案則是成長的最大貢獻者。

Decision Analytics insurance revenue grew 6.2% in the second quarter. The increase was led by strong growth in loss quantification and claims analytic solutions. Underwriting solutions also grew in the quarter.

第二季度，決策分析保險業務收入成長6.2%。這一成長主要得益於損失量化和理賠分析解決方案的強勁成長。承保解決方案在本季也實現了成長。

Our catastrophe modeling solution saw a modest decline versus the prior year as a result of lower cap bond issuance and consulting revenues. Customer retention remains very high, and we remain confident in our ability to continue to deliver growth.

由於債券發行量和諮詢收入下降，我們的災害建模解決方案業務較上年略有下滑。客戶留存率依然很高，我們對持續成長的能力充滿信心。

Financial services revenue returned to strong growth, up 15.9% in the quarter. We were particularly pleased with the contributions from the media effectiveness solutions, which grew very well in the quarter.

金融服務營收重回強勁成長軌道，本季成長15.9%。我們對媒體效果解決方案的貢獻尤其滿意，該業務在本季實現了顯著成長。

Our international revenue continues to grow nicely here, as well, which does mean that FX may influence the reported results throughout the rest of the year. As Scott noted, we remain comfortable with double-digit growth based on accelerating growth in the second half of the year.

我們的國際收入也持續保持良好成長勢頭，這意味著匯率波動可能會對今年剩餘時間的業績報告產生影響。正如史考特所指出的，基於下半年成長加速的預期，我們仍然對兩​​位數的成長充滿信心。

Energy and specialized markets revenue grew 70.4%, including Wood Mac, which was acquired in May 2015. In this year's second quarter, Wood Mac revenue was around flat on a constant currency basis. The decline in the British pound late in Q2 will have a larger effect on reported results starting in Q3, as the average Q2 rate was 1.43 and is currently in the low 1.30s.

能源和專業市場收入成長70.4%，其中包括2015年5月收購的伍德麥肯錫(Wood Mac)。今年第二季度，伍德麥肯錫以固定匯率計算的營收基本持平。由於第二季平均匯率為1.43，而目前在1.30左右，因此第二季末英鎊的下跌將對第三季及以後的業績產生更大的影響。

Organic revenue, excluding Wood Mac, PCI and Infield declined $2.4 million in the quarter. Services revenue peaked in the prior year as customers met 2015 compliance deadlines.

剔除 Wood Mac、PCI 和 Infield 的影響，本季有機收入下降了 240 萬美元。服務收入在去年達到峰值，當時客戶完成了 2015 年的合規期限。

We are also transitioning to a subscription revenue model, which is better for Verisk and better for our customers over the long term. The dollar impact remains small in relation to Verisk as a whole. Finally, as a reminder, Wood Mac is organic starting in Q3.

我們也正在向訂閱收入模式轉型，這對 Verisk 和我們的客戶來說，從長遠來看都更有利。相對於 Verisk 的整體業績而言，此次轉型對美元的影響仍然很小。最後提醒一下，Wood Mac 的業績從第三季開始實現有機成長。

Risk assessment revenue grew 5.5% and 5.3% on an organic basis, continuing to demonstrate the value to our long-standing insurance customers. Additionally, contributions of new solutions that are in early stages and the inclusion of Risk Intelligence Ireland, which we have rebranded as Verisk Insurance Solutions Ireland, added growth.

風險評估收入實現了5.5%和5.3%的有機成長，持續為我們長期的保險客戶創造價值。此外，處於早期階段的新解決方案以及Risk Intelligence Ireland（現已更名為Verisk Insurance Solutions Ireland）的併入也促進了成長。

Industry standard insurance programs revenue grew 6.0% reflecting our 2016 invoices and continued contribution from newer solutions such as predictive models and electronic rating content. Our property-specific rating and underwriting information revenue increased 3.8% in the quarter. Growth was led by an increase in commercial underwriting solutions subscription revenue.

業界標準保險項目收入成長6.0%，這主要得益於我們2016年的應收帳款以及預測模型和電子評級內容等新型解決方案的持續貢獻。本季度，我們的特定財產評級和承保資訊收入成長3.8%。成長主要由商業承保解決方案訂閱收入的成長所帶動。

EBITDA increased 12.4% in the quarter to $245 million resulting in EBITDA margins of 49.2%. Decision Analytics EBITDA increased 20.8% to $141 million in the quarter as a result of acquisitions and growth in our existing businesses.

本季 EBITDA 成長 12.4% 至 2.45 億美元，EBITDA 利潤率為 49.2%。由於收購和現有業務的成長，決策分析業務的 EBITDA 本季成長 20.8% 至 1.41 億美元。

EBITDA and risk assessment increased 2.9% to $105 million as a result of revenue growth and good expense management, offset in part by talent realignment initiatives we have been discussing with you. This resulted in moderated margins versus Q1 as the hiring started to take effect, as well as the impact of our annual merit increases. We are very excited about the additions we've made to the team, and we look forward to their contributions over time.

由於營收成長和良好的費用控制，EBITDA和風險評估成長2.9%至1.05億美元，但部分成長被我們之前與您討論過的人才重組計劃所抵消。隨著新進員工入職和年度績效加薪的影響，利潤率較第一季下降。我們對新加入團隊的成員感到非常興奮，並期待他們未來能做出貢獻。

Reported interest expense was $31 million in the quarter. Total debt was $2.3 billion at June 30, 2016 after our repayments facilitated by cash flow generation and the proceeds from the sale of the healthcare business. Our leverage at the end of the second quarter was about 2.2 times pro forma for the healthcare divestiture, and we are pleased to have reached our target ahead of plan. We appreciate the support and confidence of our debt holders as we acquired Wood Mac with the goal of returning to the 2.5 times steady-state leverage.

本季度報告的利息支出為3,100萬美元。截至2016年6月30日，透過現金流量和出售醫療保健業務所得款項償還債務後，總債務為23億美元。第二季末，經醫療保健業務剝離調整後，我們的槓桿率約為2.2倍，我們很高興提前實現了目標。我們感謝債權人的支持和信任，我們收購伍德麥肯錫的目標是恢復到2.5倍的穩定槓桿率。

Our reported effective tax rate in the quarter was 33.5%. Adjusted net income in 2Q increased 3.7% to $124 million. Adjusted EPS on a fully diluted basis was $0.73 in the quarter, an increase of 1.4%.

本季度報告的實際稅率為33.5%。第二季調整後淨利成長3.7%至1.24億美元。本季調整後完全攤薄每股收益為0.73美元，成長1.4%。

Adjusted EPS increased because of solid operations, both organic and acquired, and lower interest expense. The increases were partially offset by a higher fixed asset depreciation and amortization, only a partial quarter of Wood Mac ownership in the prior period, and an increase in shares outstanding related to the 2015 acquisition of Wood Mac. We expect that our adjusted EPS growth will normalize over time to reflect similar trends you see in our underlying business results.

調整後每股收益成長主要得益於穩健的營運（包括內生成長和收購成長）以及利息支出的降低。但部分成長被更高的固定資產折舊和攤銷、上期伍德麥肯納公司僅部分季度的持股以及與2015年收購伍德麥肯納公司相關的流通股增加所抵消。我們預計，隨著時間的推移，調整後每股盈餘的成長將趨於正常，並反映出與我們基本業務表現相似的趨勢。

The average diluted share count was 171.2 million shares in the quarter, and on June 30, 2016, our diluted share count was 171.4 million shares. We did not repurchase any shares in the quarter as we continue to balance our appetite for share repurchase with our desire to maintain flexibility for M&A. At June 30, 2016, we had about $353 million remaining under our share repurchase authorization. Our repurchase program has been successful to date, generating annualized IRRs above our cost of capital.

本季平均稀釋後股數為1.712億股，截至2016年6月30日，稀釋後股數為1.714億股。本季我們未進行任何股份回購，因為我們仍在努力平衡股份回購意願與併購彈性之間的關係。截至2016年6月30日，我們的股票回購授權額度剩餘約3.53億美元。迄今為止，我們的回購計畫取得了成功，產生的年化內部報酬率高於我們的資本成本。

Free cash flow increased 21.1% for the fiscal period to $305 million, including Wood Mac. This represented 61.9% of EBITDA. These numbers are all for continuing operations.

本財年自由現金流成長21.1%至3.05億美元（含伍德麥肯錫公司收益），佔EBITDA的61.9%。以上數據均指持續經營業務。

Growth in free cash flow was driven by greater profitability of our businesses and stable CapEx, partially offset by higher interest and fees related to the acquisition of Wood Mac. Free cash flow remains an important metric for measurement of driving enterprise and therefore shareholder value.

自由現金流的成長主要得益於業務獲利能力的提升和資本支出的穩定，但部分被收購伍德麥肯錫公司相關的利息和費用增加所抵銷。自由現金流仍然是衡量企業獲利能力和股東價值的重要指標。

Capital expenditures increased 4.6% to $52 million for the six-month period ended June 30, 2016 due to the inclusion of Wood Mac's CapEx for the full quarter. CapEx was 5.2% of revenue. We expect CapEx for the full year to be $150 million to $155 million pro forma for the divestiture of the healthcare business. We continue to manage our capital intensity to enable free cash flow growth.

截至2016年6月30日的六個月期間，資本支出增加4.6%至5,200萬美元，主要原因是納入了伍德麥肯錫公司（Wood Mac）當季的資本支出。資本支出佔收入的5.2%。我們預計，考慮到剝離醫療保健業務的影響，全年資本支出預計在1.5億美元至1.55億美元之間。我們將繼續控制資本密集度，以實現自由現金流的成長。

As you think about your models for 2016 on a continuing operations basis, we expect that based on current FX rates, there's about a $25 million impact of full-year revenue relative to where rates were at the start of 2016. This is up from our estimate last quarter of a $10 million impact. FX is a new factor as you think about our future growth, and we will look to provide more insight going forward to help you include it in your forecasting.

當您考慮2016年持續經營業務模型時，我們預計，根據目前的匯率，全年收入將受到約2500萬美元的影響，與2016年初的匯率相比，這一影響高於我們上季度預估的1000萬美元。匯率波動是影響我們未來成長的一個新因素，我們將持續提供更多信息，幫助您將其納入預測之中。

As you think about Q3, keep in mind that last year EBITDA included a $15.6 million warrant sale gain, which will not recur this year.

在考慮第三季時，請記住去年的 EBITDA 包括 1,560 萬美元的認股權證銷售收益，而今年不會再有這筆收益。

Additionally, in the fourth quarter, we expect to have a one-time P&L charge of $19 million related to the ESOP. This is a non-recurring item related to adjustments made to the ESOP at the time of the IPO, which will be excluded from adjusted EBITDA. This does not affect the underlying business profitability and we just want it to be on your radar ahead of time.

此外，我們預計第四季將產生一筆與員工持股計畫 (ESOP) 相關的 1,900 萬美元一次性損益費用。這是一項非經常性項目，與首次公開發行 (IPO) 時對 ESOP 所做的調整有關，將從調整後的 EBITDA 中剔除。這不會影響公司的基本獲利能力，我們只是想提前告知您。

For the full-year 2016, we expect CapEx of $150 million to $155 million, fixed asset depreciation and amortization of about $132 million, and amortization of intangibles of about $95 million. We know these are items that are hard to project, which is why we share them with you each quarter.

我們預計2016年全年資本支出為1.5億美元至1.55億美元，固定資產折舊及攤銷約1.32億美元，無形資產攤銷約9,500萬美元。我們知道這些項目難以預測，因此每季都會與您分享這些資訊。

Based on our current debt balances, we expect interest expense after paying down the revolver with the divestiture proceeds to be around $120 million. We estimate the tax rate will be in the range of 32% to 33%. For the intangible amortization add back in the adjusted net income calculation, we will continue to use 26% to reflect the tax rate applicable to our intangible assets.

根據我們目前的債務餘額，我們預計在以出售所得償還循環貸款後，利息支出約為1.2億美元。我們估計稅率將在32%至33%之間。在調整後淨利的計算中，對於無形資產攤銷的加回，我們將繼續使用26%的稅率來反映適用於我們無形資產的稅率。

And, finally, we expect a diluted weighted average share count of about 172 million shares before incremental repurchases.

最後，我們預計在進行額外回購之前，稀釋後的加權平均股份數約為 1.72 億股。

Overall, we are working hard to execute on our 2016 plan and remain excited about the go-forward financial profile of the Company. We're well-positioned for profitable growth in the future and have the financial strength and capital structure to support investment for continued long-term growth.

整體而言，我們正全力推動2016年計畫的實施，並對公司未來的財務前景充滿信心。我們已做好充分準備，迎接未來的獲利成長，並擁有雄厚的財務實力和完善的資本結構，足以支持持續的長期投資。

We continue to appreciate all of the interest in Verisk. Given the large number of analysts we have covering us, we ask that you limit your questions to one and one follow-up.

我們非常感謝大家對Verisk的關注。鑑於有大量分析師關注我們，請您將問題限制在一個問題內，並可進行後續提問。

And with that, I'll ask the operator to open up the line for questions.

接下來，我會請接線生開通提問專線。

(Operator Instructions)

（操作說明）

Your first question comes from the line of Tim McHugh from William Blair Company. Your line is open. Please go ahead.

您的第一個問題來自威廉布萊爾公司的提姆麥克休。您的線路已開通，請提問。

Thank you. First I want to ask about the cap modeling business. One, can you give us any sense in terms of the magnitude of the impact from the consulting and cat bonds, or how big those are relative to the size of the cat modeling business? Just trying to get a sense of the underlying trend in that cat modeling business versus the trends you had been seeing.

謝謝。首先我想問一下關於資本模型業務的問題。第一，您能否大致說明一下諮詢和巨災債券的影響程度，或者說它們相對於巨災模型業務規模的大小？我只是想了解一下巨災模型業務的潛在趨勢，以及您之前觀察到的趨勢。

Great. Hey, Tim, it's Eva. Thanks for the question. Maybe just starting at a high level, cat bonds and consulting are less than 5% of overall decision analytics insurance revenue. Obviously for ARI, those would be a greater percentage.

太好了。嗨，提姆，我是伊娃。謝謝你的提問。先從宏觀層面來看，巨災債券和顧問業務在整體決策分析保險收入中所佔比例不到5%。當然，對於ARI來說，這個比例會更高。

But if you were to peel back the onion and look at AIR's performance, the underlying subscription business is performing very well. We're very happy with our position in the market. And with regard to cat bonds, we continue to win and we have strong market share. There's just some variability that can happen across periods in some of those revenues that are non-subscription.

但如果深入分析AIR的業績，就會發現其基礎訂閱業務表現非常出色。我們對目前的市場地位非常滿意。至於巨災債券，我們也持續取得佳績，並擁有強大的市場份額。只是部分非訂閱收入在不同時期可能會出現一些波動。

Okay. That's helpful. And then the comment about accelerating growth in the insurance vertical this year, it seems to imply you would need pretty strong performance in the second half of the year. Can you just tell us what you're assuming there? And, just to be clear, is that inclusive or exclusive of the true-up revenue that you had in the first quarter?

好的，這很有幫助。關於今年保險業務成長加速的說法，似乎意味著下半年需要非常強勁的業績。能具體說明一下您的假設嗎？另外，為了確認一下，這個假設是否包含第一季的調整後收入？

It's Scott here. We'll come back to that true-up question. But the way that we observe our business, Tim, is always really going through pipelines and conversion rates on renewal opportunities or new business opportunities. So, it's very much a bottoms-up view.

我是史考特。我們稍後再討論那個需要核實的問題。提姆，我們觀察業務的方式始終是專注於銷售管道和續約或新業務機會的轉換率。所以，這是一種由下而上的視角。

If I look across the insurance vertical, it's pretty broadly based in terms of our expectations for the latter half of the year. I wouldn't say that any one theme really stands out. We called out that in this quarter some of the transaction-based business around long the cat modeling space were soft. But overall, as we look at the latter half of 2016, it's really pretty broadly based across claims, underwriting, industry standard solutions and catastrophe modeling.

縱觀整個保險業，我們對下半年的預期總體上比較廣泛。沒有哪個主題特別突出。我們指出，本季一些與長期巨災建模相關的交易業務表現疲軟。但整體而言，展望2016年下半年，理賠、核保、產業標準解決方案和巨災建模等各方面都呈現出較廣泛的趨勢。

One perspective I thought I might just add here is, if you just think about the world in which Verisk sits at the moment, and you think about really exogenous factors, there's really three things that are out there that are just bubbling at the moment. Probably in order of importance when you think about Verisk outcomes overall, one would be that our customers in the oil and gas industry are under a lot of pressure at the moment because of where the commodity stands. We think that that's a moment in time effect. Don't predict the oil price but we expect a more normalized environment.

我想補充一點，如果你仔細想想Verisk目前所處的環境，以及一些真正外生的因素，你會發現目前有三件事正在醞釀中。如果從對Verisk整體業績的影響程度來看，這三件事的重要性依序遞減。首先，由於油價目前情勢，我們在石油和天然氣行業的客戶正面臨巨大的壓力。我們認為這只是暫時的。我們不預測油價走勢，但我們預期市場環境會逐漸趨於正常。

The second is that there hasn't been a lot of extreme event activity over the last couple of years, and that really tends to have two effects. And now I'm in the insurance vertical. That tends to have two effects. One is the reinsurance world has softened, the pricing has softened, and there has been some consolidation, and so that works its way in a little bit. And then cat bond issuance has actually responded to that, as well, the lack of extreme events.

第二點是，過去幾年極端事件不多，這往往會產生兩方面的影響。我現在從事保險業，這種情況也會產生兩方面的影響。一方面，再保險市場趨於疲軟，定價走軟，產業整合也隨之進行，這些因素都會在一定程度上影響市場。另一方面，巨災債券的發行也受到了極端事件減少的影響。

And, as Eva said, we continue to get the overwhelming share of the cat bond activity, it's just that the absolute volumes have turned down there. We get asked, by the way, whether overall premium progression in the insurance industry tends to affect us. And the answer is basically no because of the way we contract with our customers.

正如伊娃所說，我們仍然佔據巨災債券業務的絕大部分份額，只是絕對交易量有所下降。順便一提，我們經常被問到，保險業的整體保費上漲是否會影響我們。答案基本上是否定的，因為我們與客戶的合約方式決定了這一點。

But when there is a sustained period of less extreme events activity, it shows up a little bit because the underlying markets respond to that. And also a few of the things that we do, like repair cost estimating, there is an element of it which responds to the absolute number of claims. And when you have extreme events, you have more claims.

但當極端事件活動持續較少時，這種影響就會有所體現，因為基礎市場會對此做出反應。此外，我們的一些工作，例如維修成本估算，也與索賠的絕對數量有關。而當極端事件發生時，索賠數量也會增加。

And then the third thing is, as Eva was pointing out in 2015, a lot of our environmental health and safety customers needed to really scramble to make sure that they were compliant with regulations that required compliance by the end of 2015. So there was a bit of surge of work in that regard. So, you have a moment in time effect that was powering the business up through 2015. That is also a part of the business where, when you look at subscription-based revenues, we're actually happy with what's happening.

第三點是，正如伊娃在2015年指出的那樣，我們許多環境健康與安全客戶都需要爭分奪秒地確保他們符合2015年底前生效的法規要求。因此，這方面的工作量出現了激增。所以，正是這起突發事件推動了2015年的業務成長。此外，就訂閱收入而言，我們對這部分業務的現狀也感到滿意。

So, I just thought I would throw out that perspective overall in the sense that, on the one hand, I don't really think our business is that affected by what's happening in the outside world. But it's not as if we're totally immune. And probably all the dials are pointed in the wrong direction at this moment, and yet the performance of our Company is good. I'm really happy with it.

所以，我只是想從這個角度談談我的看法：一方面，我認為我們的業務並沒有受到外部世界局勢的太大影響。但另一方面，我們也不是完全置身事外。或許目前所有跡像都指向不利的方向，但我們公司的業績依然良好。我對此非常滿意。

So, then, Mark, did you want to just take on the --?

那麼，馬克，你是不是只想接手──？

Just to follow-up on the question you had from a DA perspective, that growth would be with and without the true-up adjustment. Just to reiterate what Scott said, we're feeling pretty good and confident because of what I refer to as contracts that are signed and waiting for implementation. Those do kick in in the second half.

關於您之前從DA角度提出的問題，我想補充一點：這種增長包括調整前後兩種情況。正如Scott所說，我們目前感覺良好且充滿信心，這主要得益於那些已經簽署並等待執行的合約。這些合約將在下半年生效。

Okay. Thank you.

好的，謝謝。

Your next question comes from the line of Sara Gubins from Bank of America. Your line is open. Please go ahead.

下一個問題來自美國銀行的薩拉古賓斯。您的線路已開通，請提問。

Hi. Thanks. Good morning. In Wood Mack it's good to see that the trend was largely as you expected. Any reason to think that that changes in one direction or another in the back half of the year based on what you're seeing from client demand?

您好，謝謝。早安.在伍德麥克公司，很高興看到趨勢基本上符合您的預期。根據您從客戶需求觀察到的情況，您認為下半年趨勢會朝哪個方向發展呢？

No. The retention rates on the subscription-based part of the business remain very strong. And actually the services side of the business actually had some very nice wins in the last couple of mops. So, no, we don't anticipate any changes.

不。訂閱業務的用戶留存率依然非常強勁。事實上，服務業務在最近幾次調整中也取得了非常好的成績。所以，我們預計不會有任何變化。

Okay. Great. And then turning to margins, as we think about margin trends for the two segments, you had talked before about plans for increased hiring and risk assessment, and it looks like we saw that come through in the quarter. Are we now at a stable run rate for cost in that segment, or is there further ramp and the cost base to come? And if you could help us think about various factors impacting the margin trends for Decision Analytics in the back half of the year, as well, that would be great. Thanks.

好的，太好了。接下來我們來談談利潤率。在分析這兩個業務部門的利潤率趨勢時，您之前提到過增加招聘和風險評估的計劃，看來我們在本季度已經看到了成效。目前該業務板塊的成本運作速度是否穩定？還是說未來還會有進一步的成本成長？如果您還能幫我們分析一下下半年影響決策分析業務利潤率趨勢的各種因素，那就太好了。謝謝。

Let me just make a general comment, and then, Eva, maybe you want to take it on a little more specifically. One of the decisions that you get to make when you are in the position we are of leading a company like Verisk is, when you're aware of the macro environment, and modest waxing and waning in terms of revenues in any particular moment, the question you get to ask yourself is -- what is your confidence in the business? Are you going to continue to invest.

我先簡單說幾句，然後，伊娃，也許你想更具體地談談這個問題。當你身處我們這樣的位置，領導像Verisk這樣的公司時，你需要做的決定之一就是，當你了解宏觀環境，以及任何特定時期收入的輕微波動時，你需要問自己的問題是——你對公司的業務有多大信心？你會繼續投資嗎？

And we're very confident in this business. So, we have continued to invest knowing that, at this moment in time, we have the kinds of macro factors that I talked about before.

我們對這項業務非常有信心。因此，我們一直在持續投資，因為我們知道，就目前而言，我們面臨著我之前提到的那些宏觀因素。

Specifically with respect to ISO Solutions, we are very interested in amplifying what it is that we do there. And so the kind of talent that we brought in with respect to topics like -- and all of these relate to the insurance world -- cyber, internet of things, the linkage between the energy ecosystem and the insurance world, et cetera.

具體來說，就ISO解決方案而言，我們非常有興趣擴大我們在該領域的工作。因此，我們引進了在網路安全、物聯網、能源生態系統與保險業的聯繫等相關領域（所有這些都與保險業相關）的人才。

We've really created a substantially new talent base that we just didn't have before. Also resilience issues as they relate to extreme events. And I could go on. We're excited to have this new talent inside of the organization.

我們確實打造了一支以前從未擁有過的全新人才團隊。此外，他們也具備應對極端事件的韌性。我可以繼續列舉下去。我們很高興這些新人才能夠加入組織。

Our judgment is, is that the best thing to do is keep investing inside of our Company, and to do it on a consistent basis, which is where we are right at the moment. Did you want to add anything to that, Eva?

我們的判斷是，最好的做法是繼續對公司內部進行投資，並且要持續不斷地進行投資，而這正是我們目前所做的。伊娃，你還有什麼要補充的嗎？

Sara, just to take on your specific questions around margin, I think Scott's elaborated on the talent realignment, and there's impact there, as well. Don't lose sight of our usual annual merit increases that go in in the second quarter. That's a common occurrence and does have impact on margin in Q2. I think if you look back historically, you would see that, as well.

薩拉，關於你提出的利潤率問題，我想史考特已經詳細闡述了人才調整，這方面也會產生影響。別忘了我們通常會在第二季發放年度績效薪資成長。這是慣例，確實會對第二季的利潤率產生影響。我想，如果你回顧歷史數據，你也會發現這一點。

With regards to Decision Analytics, one, I would just point out that the non subs revenue that we've been talking about a bit, actually, unlike some of the historical transactional revenue that we used to have in businesses we no longer own, that's actually a pretty high-margin business. So, when we don't have that come through, that can have some impact on the margin in the moment.

關於決策分析，首先我想指出，我們之前討論過的非訂閱收入，實際上與我們過去在已不再擁有的業務中獲得的一些歷史交易收入不同，實際上是一項利潤率相當高的業務。因此，當我們沒有這部分收入時，可能會對短期利潤率產生一定影響。

I would also point out to you, I mentioned in my comments FX, and FX can have some impact on margin, as well. Revenue and expense, we try to have those mostly aligned, but they're not always perfectly aligned.

我還想指出，我在先前的評論中提到了外匯，外匯波動也會對利潤率產生一定影響。收入和支出，我們盡量使兩者保持一致，但它們並非總是完全一致。

Okay. Thank you.

好的，謝謝。

Your next question comes from the line of Andrew Steinerman from JPMorgan. Your line is open. Please go ahead.

下一個問題來自摩根大通的安德魯·斯坦納曼。您的線路已開通，請提問。

Hi. Scott, I definitely heard the second-half acceleration for insurance, which is expected. I just wanted to know quantitatively if we're still looking for Verisk to see each RA and DA insurance accelerate for the full-year 2016 from the 2015 rates which were 6% and 8%?

嗨，Scott，我確實聽說了保險業下半年增速加快的情況，這也在意料之中。我只是想了解一下，從量化角度來看，我們是否仍然預期 Verisk 預測 2016 年全年 RA 和 DA 保險費率會從 2015 年的 6% 和 8% 加速成長？

Most of the lift in terms of the growth rate is going to come on the DA side.

成長率的大部分提升將來自DA方面。

Okay. Thank you.

好的，謝謝。

Your next question comes from the line of Andrew Jeffrey from SunTrust. Your line is open. Please go ahead.

下一個問題來自SunTrust銀行的Andrew Jeffrey。您的線路已開通，請提問。

Hi. Thanks. Good morning. I appreciate you taking my question. Mark, the color on some of those new products is helpful. I wonder if you can elaborate again, as a follow-up to Andrew Steinerman's question, specifically within DA. Do we see some of those new products making a meaningful contribution in the back half, or is this just the natural notion of continued share gain, and then pricing to value and so forth?

您好，謝謝。早安.感謝您回答我的問題。馬克，一些新產品的顏色很有幫助。我想請您進一步詳細說明一下，作為對安德魯·斯坦納曼問題的補充，特別是關於DA方面的問題。我們是否看到這些新產品在下半年業績中做出顯著貢獻，還是這只是持續擴大市場份額的自然結果，然後價格會根據價值進行調整等等？

The short answer is, I think these will become more meaningful as we think about 2017 and beyond. But, as I highlighted, we have some AR customers that are on the cloud and moving quickly. It does help 2016 back half, but I would think these are a little bit more longer term in the way I think and outlined the business for the future.

簡而言之，我認為隨著我們展望2017年及以後，這些因素會變得更加重要。但是，正如我之前強調的，我們的一些AR客戶已經在使用雲端服務，並且發展迅速。這確實有助於2016年下半年的業績，但我認為這些因素更反映在我的長期規劃和未來業務發展規劃中。

Okay. And are there any other callouts? I know underwriting is one of your burgeoning areas. Or is, as you indicated in the second quarter, the growth pretty evenly distributed across your solution sets? And, again, I'm thinking about insurance DA.

好的。還有其他需要特別說明的地方嗎？我知道承保是你們正在蓬勃發展的領域之一。或者，正如你們在第二季報告中提到的，成長是否相當均衡地分佈在你們的各個解決方案組合中？另外，我指的是保險數據代理（DA）。

Once again, I'll echo Scott. It's broad-based. I think we feel good about most areas of the business with regard to growth in the second half relative to the first.

我再次贊同斯科特的觀點。這影響範圍很廣。我認為，就下半年相比上半年的成長而言，我們對公司大部分業務領域的前景都感到樂觀。

There's a couple areas where we actually are having customers transition to our solutions, and that just sometimes takes a little more time than you anticipate, whether it's volumes coming through or the volumes you expect coming through. Although you have signed contracts that you know there's a commitment over time, we want to go as fast as we can and we have to work with our customers to do that.

在某些領域，我們的客戶正在逐步過渡到我們的解決方案，但有時這個過程會比您預期的要長一些，無論是實際到貨量還是您預期到貨量都可能有問題。儘管您已經簽署了合同，知道這會帶來長期的承諾，但我們希望盡可能加快進度，而這需要與客戶共同努力。

Okay. So maybe a little bit of timing to consider in the second quarter, too, then.

好的。那麼，第二季或許也需要考慮一下時間安排的問題了。

All true.

全部屬實。

Okay. Thank you.

好的，謝謝。

Your next question comes from the line of Arash Soleimani from KBW. Your line is open. Please go ahead.

您的下一個問題來自KBW的Arash Soleimani。您的線路已開通，請提問。

Thanks. Just to start off, in terms of Wood Mack, I know in the past you talked a bit about how you thought it was undersold. I was just wondering if you have any updates there on progress you've made on that front.

謝謝。首先，關於伍德馬克卡車，我知道您之前提到您認為它的市場表現被低估了。我想問您在這方面是否有任何進展。

Yes. The selling of Wood Mack, really, you can think of it as being in two different buckets. One of those is to cross-sell and upsell inside of our existing customer set, which is order magnitude 1,000 customers. We give a lot of attention to whether we're right-sized there. Obviously we're trying to pick our spots at the moment because of just the overall environment.

是的。伍德麥克（Wood Mack）的銷售，實際上可以分為兩大類。一類是在我們現有的客戶群中進行交叉銷售和向上銷售，這個客戶群大約有1000家。我們非常關注我們目前的規模是否合適。顯然，由於整體市場環境的影響，我們目前正在謹慎選擇銷售目標。

But that is a team that is strong and getting stronger. We actually have new leadership of the sales team there and very excited about Linda's leadership for us.

但那是一支實力強勁且不斷增強的團隊。我們銷售團隊迎來了新的領導階層，我們對琳達的領導能力感到非常興奮。

And then, secondly, there is, how do we go from 1,000 to, say, 5,000 or more customers. And that, in part, hinges upon opening up new channels for distributing our content. We have one new such relationship in place and are working hard to get others in place.

其次，我們面臨的問題是，如何將客戶數量從1000增加到5000甚至更多？這在一定程度上取決於我們能否開闢新的內容傳遞管道。我們已經建立了一個新的合作關係，並且正在努力擴展其他管道。

I think that it's a good feeling into the future and there's some early shoots with respect to these new channels.

我認為這是一個對未來充滿希望的好兆頭，而且這些新管道已經初見成效。

Thank you for that. And next question, staying on the Wood Mack topic, just given that last year in the second half of the year was when Wood Mack started to become challenging, and given that earlier in this call you mentioned that even on the services side you're starting to see more of a pickup, is there any reason not to expect there to be positive momentum in the second half of the year given those dynamics?

謝謝。下一個問題，仍然圍繞著伍德麥克的話題，鑑於去年下半年伍德麥克的經營開始面臨挑戰，而且您之前在電話會議中提到，即使在服務方面，也開始出現回暖跡象，鑑於這些因素，是否有理由不預期下半年會有積極的增長勢頭？

We're sticking by what we said before, which is our view overall is essentially flat relative to 2015. And there are puts and takes with respect to the different lines of business that Wood Mack does. And then, of course, there's always the X factor of just the macro environment overall. So, we're pretty comfortable with where we're at.

我們堅持先前的觀點，即總體而言，我們認為與2015年相比基本持平。伍德麥克公司旗下不同業務線的情況各有不同。當然，宏觀環境的整體狀況也始終是個不確定因素。因此，我們對目前的狀況相當滿意。

But I would like to say, as I said also last quarter, I think the performance of our Wood Mack colleagues is absolutely outstanding in light of something which is tsunami-like inside of their end market. I think the quality of what Wood Mack does and the depth of relationship with customers is actually demonstrated so strongly in this moment actually.

但我想再次強調，正如我上個季度所說，考慮到終端市場正經歷著如同海嘯般的衝擊，我認為伍德麥克同事們的表現絕對出色。我認為，伍德麥克的產品品質以及與客戶之間深厚的合作關係，在當下得到了充分的體現。

We expect a normalized environment. We want our customers to feel less pressured than they do today. And when they do, I'm absolutely certain that it will be reflected in our performance.

我們期待一個正常化的環境。我們希望客戶感受到的壓力比現在小。我相信，當他們感受到壓力時，我們的業績一定會提升。

Okay. Great. Thanks very much for the answers.

好的，太好了，非常感謝您的解答。

Your next question comes from the line of Jeff Meuler from Baird. Your line is open. Please go ahead.

下一個問題來自 Baird 公司的 Jeff Meuler。您的線路已接通，請提問。

Thank you. Good morning. Can you just give us an update on where you are in terms of aerial imagery image capture, as well as productizing the broader aerial imagery capabilities?

謝謝。早安.能否簡單介紹貴公司在空拍影像擷取以及更廣泛的空拍影像功能產品化方面的進展？

Yes. One of our favorite topics. We have at the moment basically two different ways that we give ourselves access to images today. One is our own efforts to source images. And the other is working with third parties who have been sourcing images for their own purposes.

是的，這是我們最喜歡的話題之一。目前，我們取得圖片的方式主要有兩種。一種是我們自己尋找圖片素材，另一種是與那些出於自身目的而收集圖片的第三方合作。

That mix, I would say, is working and has helped us to take all of the great image analytics technology that we've got and basically make that more active, particularly in the insurance vertical today. That's really where it's happening today.

我認為這種組合是行之有效的，它幫助我們更好地利用了所有現有的優秀影像分析技術，尤其是在當今的保險業。這才是目前技術應用的主要方向。

We continue to ask questions about how we can be more in control of a larger set of images that are optimized for the use cases that we have in mind. And we're working actively on that right now. The report, Jeff, would be that commercially we're succeeding with what we're doing in the imaging space, and we continue to think deeply about additional things that would help us to be more in control of a larger set of images.

我們一直在思考如何更好地掌控更多針對我們預期應用場景最佳化的影像。目前，我們正在積極研究這個問題。傑夫，報告顯示，我們在影像領域的商業運作取得了成功，我們也持續深入思考如何更好地掌控更多影像。

When you say commercially succeeding, do you have the image library and gathering apparatus necessary that you're at the point where your productizing and selling to clients?

您所說的商業成功，是指您是否擁有必要的圖像庫和收集工具，從而能夠將圖像產品化並銷售給客戶？

Yes.

是的。

And then just maybe a comment on the Wood Mack M&A pipeline. There's been a few smaller deals. So, just any comment on how much of the activity is you putting more capital behind Wood Mack than they were getting under their prior ownership? How much is it more opportunity in the market because of what's going on in the end market? And then just what's your appetite for a potentially larger deal for Wood Mack?

最後，我想談談伍德麥克（Wood Mack）的併購計劃。目前已經有一些規模較小的交易。您認為，與先前的管理階層相比，您現在對伍德麥克的投入是否更多？終端市場目前的狀況是否帶來了更多機會？您對伍德麥克未來可能進行的更大規模交易有多大興趣？

Yes. So, let me just step through that real quick. Part of what we've done on the M&A front has been what I would consider to be small and tuck-in, and really about trying to give ourselves additional distinctive data assets. That, for example, would be Infield acquisition. So that's point one.

是的。那我簡單概括一下。我們在併購方面所做的部分工作，我認為是規模較小、旨在補充現有資產的，主要目的是為我們自己增加獨特的數據資產。例如，收購Infield就是其中之一。這是第一點。

The second point I would make is that we're very excited about Greentech Media because of the depth of expertise there with respect to solar and smart grids and grid edge technologies and storage technologies. What we're finding is that our existing hydrocarbon-based customers are increasingly interested in the alternatives.

第二點是，我們對Greentech Media非常感興趣，因為他們在太陽能、智慧電網、電網邊緣技術和儲能技術方面擁有深厚的專業知識。我們發現，我們現有的以碳氫化合物為基礎的客戶對替代能源越來越感興趣。

So, not only is it in a sense new business for us, the degree to which we're now looking specifically at the dynamics of what's going on in solar generation, specifically in terms of what's going on with respect to grid edge effects -- not only is it new business, but it also actually makes us a more compelling partner for our existing customers in the hydrocarbon ecosystem. We're really excited about it. We think that it's really going to be helpful.

所以，這不僅在某種意義上對我們來說是一項新業務，而且我們現在對太陽能發電動態的關注程度，特別是對電網邊緣效應的關注——這不僅是一項新業務，而且實際上也使我們成為現有客戶在油氣生態系統中更具吸引力的合作夥伴。我們對此感到非常興奮。我們認為這將非常有幫助。

And then I think overall you were looking for what's the forward profile. I'd make a couple comments. One is there have been some very large trades in the oil and gas space. And we didn't participate, as you saw. And we continue to ask questions about what strategically would advantage this business the most.

然後，我認為您總體上是想了解未來的發展前景。我有幾點要補充。首先，石油和天然氣領域出現了一些非常大的交易。正如您所看到的，我們沒有參與其中。我們一直在探究，從策略角度來看，什麼對這項業務最有利。

But we're certainly not enamored of the thought of large deals. A lot of it is we're going to make the business that we have run well. I think that, again, around the edges, we will try to support that which we already do, and there will be opportunities that are thematic in the way that, say, Greentech is thematic.

但我們當然不熱衷於大宗交易。我們比較注重的是把現有的業務做好。我認為，我們會繼續在一些方面支持我們現有的業務，同時也尋找一些與特定主題相關的機會，例如綠色科技。

Thanks, Scott.

謝謝你，斯科特。

Your next question comes from the line of Bill Warmington from Wells Fargo. Your line is open. Please go ahead.

下一個問題來自富國銀行的比爾沃明頓。您的線路已通，請提問。

Good morning, everyone. First, congratulations to Mark and to Eva on the promotion. First question for the new CFO, you have hit your leverage target, exceeded it. 2.5 is what you had said back when you had purchased Wood Mack at 2.2 times. Going forward, what's that new leverage target? It had been 2.5 but that seemed like more of a combination temporarily. Is it more like 3 times?

大家早安。首先，恭喜Mark和Eva榮升。第一個問題問新任財務官，您已經達到甚至超過了槓桿目標。您之前以2.2倍的本益比收購Wood Mack時，曾說過槓桿目標是2.5倍。那麼，未來的新槓桿目標是多少呢？之前是2.5倍，但似乎只是暫時的。現在是不是比較接近3倍？

Bill, I would say that our leverage target steady state remains 2.5 times. But, remember, how we've always operated is we have flexibility to go above that. We did with Wood Mack. We said we would delever.

比爾，我認為我們的槓桿目標穩定水平仍然是2.5倍。但是，請記住，我們一貫的運作方式是，我們有靈活性，可以高於這個水平。我們對伍德麥克公司就是這麼做的。我們當時就承諾會降低槓桿。

We have a leverage point that our business can very easily support. I think that we always look at the opportunities and figure out where we need to settle that. But I think the good news for us is we've got capacity under even that steady state and the flexibility to go up as warranted if there's a deal that makes sense for us.

我們擁有一個業務完全能夠支撐的槓桿點。我認為我們始終都在尋找機會，並思考如何實現這一目標。但對我們來說，好消息是即使在目前的穩定狀態下，我們也擁有足夠的產能，而且如果遇到對我們有利的交易，我們也有彈性來增加產能。

Okay. And then a second question for you on the insurance business and Decision Analytics. If you could talk a little bit about Xactware, XactContents, and the blend of the subscription and transaction business, and then also how the new 360 value product fits in with that whole category.

好的。接下來我想問您第二個問題，關於保險業務和決策分析。您能否談談 Xactware、XactContents，以及訂閱和交易業務的融合，還有新的 360 度價值產品是如何融入這個領域的？

Bill, maybe I'll take the second part first and then I'll let Mark talk a little bit about some of the specific products and insurance solutions. If you were to think about Decision Analytics overall, the mix between subscription and non-subscription, it's about 77% subscription. I would say insurance and Decision Analytics looks fairly similar to the rest of Decision Analytics now. Now that we don't have that highly transactional business in healthcare in there anymore, there's more uniformity across that.

比爾，或許我先講第二部分，然後再讓馬克談談一些具體的產品和保險解決方案。如果你從整體來看決策分析，訂閱和非訂閱的比例大約是77%。我認為保險領域的決策分析與其他領域的決策分析非常相似。現在，醫療保健領域不再包含那些高度交易性的業務，所以整個決策分析領域更加趨於統一。

So, I think that we love where we sit. We've always thought it was natural to have some amount of non-subscription revenue. And I think in Decision Analytics, we have a bit more of that. And that includes things we do that provide us opportunities to work closely with customers and develop those new solutions.

所以，我覺得我們對目前的狀況很滿意。我們一直認為擁有一定比例的非訂閱收入是很自然的。而且我認為在決策分析領域，我們的非訂閱收入比例更高一些。這包括我們開展的那些能夠讓我們有機會與客戶緊密合作並開發新解決方案的專案。

I'll let Mark comment a bit on Xactware and some of the other solutions.

我將讓馬克對 Xactware 和其他一些解決方案做一些評論。

And the 360 innovations.

還有這360度創新。

Sure. Let me just quickly highlight the fact that we continue to improve the suite of Xactware solutions. Our vision and our focus for this year and next is to bring out what I'll refer to as a more integrated solution, which brings together Xactimate that's used in probably about 85% of the property repair cost estimates across the United States, in combination with XactAnalysis, which is the BI tool and everything around it so you can work and use your back office in an efficient way. In addition, Contents, which represents all of the information about pricing and materials inside the home to replace TV, couches, rugs and things.

當然。我只想簡單強調一下，我們一直在不斷改進 Xactware 解決方案套件。我們今年和明年的願景和重點是推出一個我稱之為更整合的解決方案，它將 Xactimate（美國約 85% 的房屋維修成本估算都在使用）與 XactAnalysis（商業智慧工具）及其相關組件相結合，從而幫助您高效地開展後台工作。此外，還有 Contents，它包含了房屋內所有物品（例如電視、沙發、地毯等）的定價和材料資訊。

Our focus, make it more integrated, easier to use, more focused on the claim as opposed to the assignment, which is who is doing the work but more on the claim. All of that has been a focus from a customer perspective and our perspective to achieve those things.

我們的重點是使其更加整合、更易於使用，更加關注理賠本身而非具體執行人員（即誰在執行工作），而是更專注於理賠結果。所有這些都是我們和客戶共同努力的目標。

Very much in our forward vision is to take that solution, have a more simplified solution, and bring it to the global insurance market, customizing it in a way that it's fit for use in that market. And we've put a lot of time and resource and are making progress there.

我們未來的願景之一就是將現有方案簡化，並推向全球保險市場，根據市場需求進行客製化，使其更符合當地市場需求。我們為此投入了大量時間和資源，並且正在取得進展。

The final component of this is we are seeing a lot of activity in the US market where people are interested in trying to make access to the quote engine -- going online and getting a quote for auto and home -- more and more interactive with the customer. Our ability to help our customers do that through the enhanced inherent 360 value let's you as the homeowner go online to make sure you have the proper coverage for your home. That's valuable, that's helpful and it's easy. You have the policy holder or the person who is getting the quote do it themselves. That's the type of innovation we want to work with and help our customers with their customers.

最後一點是，我們看到美國市場出現了許多活躍的趨勢，人們希望讓客戶更方便地使用報價引擎——在線獲取汽車和房屋保險報價。我們透過增強的360度全方位價值，幫助客戶實現這一目標，讓房主能夠在線上確認房屋是否擁有合適的保險保障。這非常實用、便捷，而且保單持有人或取得報價的人都可以自行操作。這正是我們希望合作並幫助客戶更好地服務其客戶的創新之舉。

Last piece, as we think about this, bringing it together, we're finding increased interest in basically the whole property suite of solutions as we go overseas. We led in with the claim side of things, but clearly people are looking for information about large commercial buildings. So, replicating some of the things we do here in the United States, using both remote sensing and aerial images, providing insight into risk about a building, and helping them understand what the insurance to value is, meaning what is the replacement cost if there was a total loss.

最後一點，當我們把所有資訊整合起來思考時，我們發現，隨著業務拓展到海外，人們對我們整套房地產解決方案的興趣日益濃厚。我們最初是從理賠方面入手，但顯然人們也希望了解大型商業建築的資訊。因此，我們借鑒了在美國的一些做法，利用遙感和空拍影像，提供建築風險分析，並幫助他們了解保險價值，也就是如果發生全損，重置成本是多少。

All of those themes, I think we're trying to be more comprehensive, more seamless, both internationally. And that will obviously revert back with our US customers, as well. I probably said a lot, but I wanted to make sure I responded to some of the questions.

我認為，我們正在努力讓所有這些主題更加全面、更加無縫銜接，無論是在國際層面還是在國內層面。這顯然也會惠及我們的美國客戶。我可能說得有點多，但我希望確保回答了一些問題。

All right. Thank you very much. I appreciate it.

好的，非常感謝，感激不盡。

Your next question comes from the line of David Togut from Evercore. Your line is opened. Please go ahead.

下一個問題來自Evercore樂團的David Togut。您的提問線路已開通，請開始提問。

Thanks. Good morning. I would appreciate your thoughts more broadly on capital allocations, Scott, especially since you've reached the target leverage ratio or even below it ahead of schedule. Post the sale of healthcare, you have more subscription revenue, more visibility on cash flow. You indicated a preference for small tuck-in data-oriented acquisitions. Two questions. First, how do you think about opportunities in the acquisition pipeline versus share repurchase given the current price of your stock?

謝謝。早安.史考特，我想聽聽你對資本配置的更廣泛看法，尤其是在你已經提前達到甚至低於目標槓桿率的情況下。出售醫療保健業務後，你的訂閱收入更多，現金流也更清晰。你曾表示傾向於小型、補充性的數據導向收購。我有兩個問題。首先，鑑於你目前的股價，你如何看待收購機會和股票回購之間的關係？

And then, secondly, with the higher subscription-based revenue, more visible cash flow, higher margin profile, how do you think about the possibility of initiating a dividend?

其次，隨著訂閱收入的增加、現金流的改善和利潤率的提高，您認為開始派發股利的可能性如何？

All good topics. Maybe back to the top, if you look at our Company over extended periods of time, the program of acquisition and the share repurchase program have both done very well for our shareholders. Both have done really well. And there's really nothing in our situation that would cause us to think that anything fundamentally is going to be different in the future than in the past.

這些都是很好的話題。或許應該回到最初的問題，如果我們長期觀察我們公司的發展，我們會發現收購計畫和股票回購計畫都為股東帶來了豐厚的回報。兩項計劃都取得了非常顯著的成效。而且，就我們目前的情況而言，沒有任何因素會讓我們認為未來會發生與過去截然不同的根本性變化。

You actually pointed out one of the features of our Company, which is that the cash flow visibility is, if anything, even greater than it was. So, we would continue to see both of those as real pillars inside of the way that we do what we do. So at any given moment, this moment, for example, we're always taking stock of where we stand in the M&A pipeline and how imminent we think good opportunities are.

您剛才提到的正是我們公司的一大優勢，那就是現金流的可見度不僅沒有下降，反而比以前更好了。因此，我們仍然將這兩點視為我們營運方式的兩大支柱。所以，在任何特定時刻，例如現在，我們都會持續評估併購專案的進度，以及我們認為哪些良機即將到來。

And we remain very interested in deploying capital in terms of returning it to shareholders when we feel that that which is right at the head of the pipeline and the size is such that we still have capacity. And I would say that we have capacity, as we sit here. So, we're very alert to the application of capital and will remain so. And that's a statement for the third quarter and the fourth quarter and really forever.

我們仍然非常重視資本配置，以便在專案儲備充足且規模足夠大時，將收益返還給股東。我認為，就目前而言，我們確實有足夠的產能。因此，我們會密切注意資本的運用，並將繼續保持這種狀態。這不僅適用於第三季和第四季度，而且將一直如此。

I actually thought your second question, David, was going to be different, more about a higher leverage target rather than a dividend. We're very interested in returning capital shareholders, is the way I would put it. Our analysis to date has not indicated that there's anything fundamentally superior about doing it in the form of a dividend versus the buyback program that we've had. So, that's where we sit with that thought at the moment.

大衛，我原本以為你的第二個問題會不一樣，更專注於提高槓桿目標，而不是分紅。我們非常重視股東回報，這是我的看法。就我們目前的分析而言，分紅方式與我們先前的股票回購計畫相比，並沒有本質上的優勢。所以，這就是我們目前的想法。

By the way, even David and I and Mark and all of us that are out there talking to investors, we actually ask that question all of the time -- how do you feel about it? We remain open to the conversation, but I would say that we haven't drawn the conclusion that a dividend is a superior way of expressing our commitment to returning capital to shareholders.

順便說一句，即使是我和大衛、馬克以及所有與投資者交流的人，我們實際上也一直在問這個問題——你們對此有何看法？我們始終對這種討論持開放態度，但我想說的是，我們還沒有得出這樣的結論：分紅是表達我們向股東返還資本承諾的最佳方式。

Understood. Thanks so much for the insights.

明白了。非常感謝您的見解。

Your next question comes from the line of Toni Kaplan from Morgan Stanley. Your line is open. Please go ahead.

下一個問題來自摩根士丹利的東尼卡普蘭。您的線路已開通，請提問。

Hi. Good morning. I was hoping you could give a little more color on the pieces within specialized, excluding Wood Mack. Were there parts of the business that did well this quarter? And basically where were the troubled areas, where were the bright spots?

您好，早安。我想請您詳細介紹一下專業化部門（不包括伍德麥克）的情況。本季有哪些業務部門表現良好？哪些領域遇到了問題？哪些方面又取得了亮點？

Yes. Toni, I'll kick off on that, and Scott may want to add some comments. I think if you take Wood Mack, PCI and Infield out of specialized, because those are all inorganic in the quarter, you primarily have our environmental health and safety solutions and some of our weather solutions.

是的。東尼，我先來，史考特可能想補充一些意見。我認為，如果把伍德麥克、PCI 和 Infield 從專業領域中剔除（因為它們在本季度都屬於非有機增長業務），那麼主要就只剩下我們的環境健康與安全解決方案以及一些氣象解決方案了。

We referenced in the press release and on the call, when you think about EH&S, there were some global standards that went into place in 2015 which gave us the opportunity to serve our customers in making those transitions. Those transitions are complete, and so you'll see a normalization of that type of work this year, which is leading to the organic result of a decline there. I would say that that's probably the primary impact. And if you were to think about it, I think the headline growth decline as a percentage is larger than the actual dollar impact on Verisk.

我們在新聞稿和電話會議中都提到過，當談到環境、健康與安全 (EH&S) 時，2015 年實施的一些全球標準讓我們有機會協助客戶完成這些轉型。這些轉型已經完成，因此今年這類工作將趨於正常化，這也導致了相關業務量的自然下降。我認為這可能是主要影響。仔細想想，我認為整體成長下降的百分比大於 Verisk 實際上受到的美元影響。

The other thing we mentioned is with regards to that area, we are transitioning into more subscription-based revenues. I think that's really great, both for us and for our customers. In a moment in time, if you're going from more transactional to more subscription, the great thing about subscription is it's recognized over time. But in the moment, transaction is not there and subscription is only the portion of what you're going to recognize. You're going to see a little impact.

我們之前提到的另一點是，關於這方面，我們正在向更多基於訂閱的收入模式轉型。我認為這對我們和我們的客戶來說都是一件好事。從交易型收入轉向訂閱型收入，訂閱模式的優勢在於它能隨著時間的推移逐步顯現。但就目前而言，交易收入尚未實現，訂閱收入只是你最終確認收入的一部分。因此，你會感受到一些影響。

We've actually observed on this before, but just a little data analytic observation is that when you start out with a new solution, both customers and the vendors often want it to be transaction priced because nobody really knows the absolute level of demand. There really do come these moments where the customers are open to and maybe even wanting to move to a subscription because they want more certainty and visibility in terms of the future.

我們之前也觀察到這種情況，但透過數據分析發現，當推出一項新解決方案時，客戶和供應商通常都希望採用按交易量計費的方式，因為沒有人真正了解市場需求的絕對水平。但確實存在這樣的階段：客戶願意甚至想要轉向訂閱模式，因為他們希望對未來有更大的確定性和可見性。

It's a natural development for newer solutions. Eva was describing that with respect to some of what goes on on the EH&S side. The same thing on the country and political risk side, we're doing the same thing.

這是新解決方案發展的必然趨勢。伊娃剛才描述的是環境、健康與安全方面的一些工作。在國家和政治風險方面，我們也採取同樣的做法。

Okay. Great. And then looking at financial, the comps get a lot easier in the back half of the year. I think you've previously talked about double-digits in that segment for the full year. What would be the difference between getting to low double digits versus mid teens? Would it be project revenue? You mentioned the media effectiveness grew nicely this quarter. And how is the transition going from project revenue to subscription in that business?

好的，太好了。接下來我們來看財務方面，下半年的年比數據會更容易。我記得您之前提到過，該業務板塊全年的成長率預計會達到兩位數。那麼，實現兩位數低段和十幾段的成長率有什麼差別呢？是專案收入嗎？您提到本季媒體效果指標成長良好。那麼，該業務從專案收入轉型為訂閱收入的進展如何？

Toni, I would just start by saying, as a reminder, when we talk about double digits, we're actually including the grow-over impact of that one-time media effectiveness revenue we had in the 2015 in the first quarter. I actually think the target we set is pretty ambitious if you consider that we're not taking that out in that analysis.

東尼，首先我想提醒一下，當我們談到兩位數的成長時，實際上包含了2015年第一季一次性媒體效果收入的成長影響。考慮到我們沒有在分析中剔除這部分影響，我認為我們設定的目標其實相當雄心勃勃。

I would say that, like many of our businesses, I think there's opportunity for us to add incremental revenue through project revenue. And certainly that's something you could move a growth rate in a short term. But I think fundamentally when we talk about the double-digit growth rate, again, given the comparable that we had for last year, we think that that is very strong.

我認為，和我們許多業務一樣，我們有機會透過專案收入增加營收。當然，這可以在短期內提升成長率。但從根本上來說，考慮到去年同期的基數，我們所說的兩位數成長率已經非常強勁了。

And I'll just add that there's sparkling new names on the customer list even this quarter. This business is doing a wonderful job of reaching out to new customer sets.

我還要補充一點，本季客戶名單上也出現了許多嶄新的客戶。這家公司在拓展新客戶群方面做得非常出色。

Thanks a lot.

多謝。

Your next question comes from the line of Jeff Silber from BMO Capital. Your line is open. Please go ahead.

下一個問題來自BMO Capital的Jeff Silber。您的線路已通，請提問。

I just have a quick question. Eva, you had mentioned the potential $25 million impact from FX for the year. Can you give us a little bit more color exactly which line items from a revenue perspective we might see the biggest impact? Thanks.

我有個小問題。伊娃，你之前提到外匯波動可能會對今年的業績造成2500萬美元的影響。能詳細說說具體哪些收入項目受到的影響最大嗎？謝謝。

Sure, absolutely. Obviously Wood Mack has the most of the pound-based revenue, which is the rate we're referencing, although we do have other currencies in there, as well. I would say we have international revenue in our financial services, as I mentioned. We have some of that in EH&S. We have a little bit of that now in insurance, as well. So, most of it would be in Wood Mack, but I think it is actually scattered across the Company.

當然，絕對沒錯。伍德麥克（Wood Mack）的收入顯然大部分以英鎊計價，這也是我們參考的匯率，儘管我們也涉及其他貨幣。正如我之前提到的，我們的金融服務業務也有一些國際收入。環境、健康與安全（EH&S）業務也有一些。現在，保險業務也有一些國際收入。所以，大部分國際收入應該在伍德麥克，但實際上它們分散在整個公司。

And as we go forward, I think one of the things that has been on my mind is I think we will continue to try to provide you more visibility into that. Because my sense is that, to date, your inclusion of that impact in our forward-looking expectations that you developed has been a little more soft as opposed to direct. So, we'll try to help you with that.

展望未來，我一直在思考的一點是，我們將繼續努力讓您更清楚地了解這方面的情況。因為我的感覺是，到目前為止，當您在製定前瞻性預期時，對這種影響的描述比較含糊，不夠直接。所以，我們會盡力在這方面為您提供協助。

All right. That would be appreciated. Thanks so much.

好的，那就太好了。非常感謝。

Your next question comes from the line of Joseph Foresi from Cantor Fitzgerald. Your line is open. Please go ahead.

您的下一個問題來自 Cantor Fitzgerald 的 Joseph Foresi 的線路。您的線路已開通，請繼續。

Hi. My question is just on the longer-term margin profile of the business. It sounded like obviously there's some macro issues and issues within the insurance vertical in general that are -- I wouldn't call them one time but that are ebbs and flows of the business. And you're taking the opportunity here to add resources and to maybe bulk up on some of your new offerings.

您好。我的問題是關於公司長期利潤率的。聽起來，顯然存在一些宏觀層面的問題，以及保險業整體上存在的問題——我不會把它們歸類為單一事件，但這些都是業務的起伏波動。而您正藉此機會增加資源，並可能擴大一些新產品的規模。

How should we think about the longer-term margin profile of the business? Is this a short-term thing? And if those macro factors turn in your favor, will you pull back on that? Or is this something that's in place until those new businesses kick in? How should we think about it? Thanks.

我們該如何看待企業的長期利潤率狀況？這只是短期策略嗎？如果宏觀因素對你有利，你會減少投入嗎？還是說，這種策略會持續到新業務啟動？我們該如何看待這個問題？謝謝。

Maybe just starting with long term, because as we think about long term, that's over multiple years. I don't know, when you're saying that and you're referencing the quarter, it sounds to me like you're referring more to a shorter long term than we would. But what I would say is I think we continue to be constructive on margins over the long term.

或許應該先從長遠角度來看，因為我們所說的長遠是指幾年之內的事。我不太明白，你剛才提到季度的時候，感覺你指的是比我們更短的長期。但我認為，從長遠來看，我們在利潤率方面仍將保持積極態勢。

Our business is that build it once, sell it many times. As I did observe in the quarter, in particular, when you have some high-margin non-subscription business like cat bonds, and you have less of that, that will have a moment in time impact on the margin in the quarter. But that being said, I think over the long term, nothing has changed in our outlook for what we can do there and the opportunity to expand margins over time.

我們的業務模式是「一次開發，多次銷售」。正如我在本季觀察到的，尤其是一些高利潤率的非認購業務，例如巨災債券，如果這類業務量減少，會對當季利潤率產生暫時性的影響。但即便如此，我認為從長遠來看，我們對未來發展前景以及未來提升利潤率的機會仍然保持不變的態度。

Thank you.

謝謝。

Your final question comes from the line of James Friedman from Susquehanna. Your line is open. Please go ahead.

最後一個問題來自薩斯奎哈納大學的詹姆斯‧弗里德曼。您的線路已接通，請提問。

Hi. Let me echo the congratulations on your respective promotions. I'll just ask my two questions up front. You sort of addressed them in your prior responses, Eva, but I just want to make sure I have this right. The transition to subscription in Wood Mack, how should we dimensionalize the revenue impact? That's the first one -- the subscription of Wood Mack.

您好。我再次恭喜您們榮升。我先問兩個問題。伊娃，您之前的回覆中已經提到過，但我還是想確認一下我的理解是否正確。伍德麥克（Wood Mack）轉型為訂閱模式後，我們該如何評估其對收入的影響？這是第一個問題－伍德麥克（Wood Mack）的訂閱模式。

And the second one is, were there any project-based revenues in Q2 related to financial services? Thank you.

第二個問題是，第二季是否有與金融服務相關的專案收入？謝謝。

Yes. Just on the first question, a clarification. When we're talking about transition to subscription revenue, that was referencing ex Wood Mack in energy and specialized. So, that was really more around our EH&S revenue.

是的。關於第一個問題，我需要澄清一下。當我們談到向訂閱收入轉型時，指的是伍德麥克能源和專業領域的業務。所以，那其實比較是指我們的環境、健康與安全（EH&S）收入。

And country and political.

還有國家和政治。

And country and political. So, that was not a Wood Mack-related comment.

還有國家和政治方面的問題。所以，這番話與伍德麥克公司無關。

With regards to project revenue and financial services, we always have some. I would say there was nothing in particular that we would call out in the quarter.

關於專案收入和金融服務，我們一直都有一些收入。要說本季有什麼特別值得一提的亮點，我覺得沒什麼特別的。

And that's not the dominant theme in terms of what is going on. The growth in financial services is very broadly based. It's new geographies, it's the traditional subscription revenues, it's analytic product. It's the whole mix.

但這並非當前情勢的主導主題。金融服務業的成長基礎非常廣泛，涵蓋了新的地域、傳統的訂閱收入以及分析產品等各個面向。它是所有因素的綜合體現。

Thank you, Scott.

謝謝你，斯科特。

And there are no further questions on the phone lines at this time. I would return the call to the presenters.

目前電話線路上沒有其他問題了。我稍後會回撥給主持人。

Okay. Just wanted to say thank you all very much for your interest today and all the good questions. And I know we'll be seeing some of you in the relatively near future and look forward to that. Otherwise, we'll speak with you next quarter. Thanks a lot.

好的。非常感謝大家今天對我們的關注和提出的所有好問題。我知道我們會在不久的將來見到你們中的一些人，我很期待。其他的，我們下個季度再見。非常感謝。

This concludes today 's conference call. You may now disconnect.

今天的電話會議到此結束，您可以斷開連線了。