Verisk Analytics Inc (VRSK) 2016 Q3 法說會逐字稿

Good day, everyone, and welcome to the Verisk Analytics third-quarter 2016 earnings results conference call. This call is being recorded. 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.

各位好，歡迎參加Verisk Analytics 2016年第三季財報電話會議。本次會議正在錄音。現在，我將把會議交給Verisk投資者關係總監David Cohen先生，請他致開幕詞並進行介紹。 Cohen先生，請開始。

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

謝謝貝絲，大家好。感謝各位今天參加我們2016年第三季財務業績的討論。今天早上與我一同參加電話會議的還有董事長、總裁兼執行長史考特史蒂芬森；營運長馬克安奎拉雷；以及財務長伊娃休士頓。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 certain severance costs and a gain from an investment in a business which was acquired by a third party.

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，其中不包括某些遣散費以及因投資被第三方收購而獲得的收益。

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 are furnished to the SEC. The earnings release contains reconciliations of several non-GAAP measures, which we will 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及其相關的10-Q表格，可在我們網站verisk.com的投資者關係頁面查閱。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. Now, I will turn the call over to Scott.

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。現在，我將把電話會議交給Scott。

Thanks, David. Good morning, everybody. In the third quarter, we delivered solid overall results, with total and organic constant currency revenue growth of around 6%, as we continue to grow faster than our end markets. With almost 8% growth from our combined insurance and financial services businesses, the long-term underlying trends remain encouraging.

謝謝，大衛。大家早安。第三季度，我們整體業績穩健，總營收和有機收入（以固定匯率計算）成長約6%，持續維持高於終端市場成長率的成長。保險和金融服務業務合計成長近8%，長期基本面依然令人鼓舞。

Profitability remained strong, with total EBITDA margins of around 51%. Adjusted EBITDA growth, excluding the prior-year warrant sale gain, was around 6%. Diluted adjusted EPS grew about 8%, and about 17% excluding the warrant gain. Year-to-date free cash flow is up 13%, excluding the tax on the gain from the healthcare business sale.

獲利能力依然強勁，總 EBITDA 利潤率約 51%。剔除上年認股權證出售收益後，調整後 EBITDA 成長率約 6%。稀釋後調整每股盈餘成長約 8%，剔除認股權證收益後成長約 17%。年初至今的自由現金流成長 13%（不計醫療保健業務出售收益的稅項）。

We were pleased to resume returning capital to our shareholders through our long-standing share repurchase program. We bought $73 million of stock in the quarter, and we had $280 million remaining under our share repurchase reauthorization as of September 30, 2016.

我們很高興能夠透過長期實施的股票回購計畫恢復向股東返還資本。本季我們回購了價值7,300萬美元的股票，截至2016年9月30日，我們根據重新授權的股票回購額度仍有2.8億美元。

With our leverage back below our 2.5 times reference level, we have plenty of capacity for strategically relevant tuck-in acquisitions, as well as additional repurchases. We remain active in evaluating possible acquisitions, in particular, as we make buy versus build decisions in pursuit of our international expansion and vertical enhancement.

由於我們的槓桿率已回落至2.5倍以下的參考水平，我們擁有充足的資金進行具有戰略意義的補充收購以及額外的股票回購。我們將繼續積極評估潛在的收購目標，尤其是在尋求國際擴張和垂直領域提升的過程中，我們需要權衡收購與自建的利弊。

Analyze Re is a great example where we found a high-performance analytics capability that complements the Touchstone platform at AIR. While the deal only closed last week, the teams are already working on integration and go-to-market strategies.

Analyze Re 就是一個很好的例子，我們發現它擁有高效能的分析能力，能夠與 AIR 的 Touchstone 平台完美互補。雖然這筆交易上週才完成，但雙方團隊已經在著手製定整合方案和市場推廣策略了。

We continue to make progress enhancing the Verisk distinctives of, one, unique data assets; two, deep domain expertise; three, first-to-market innovations; and four, deep integration into customer workflows. Consistent with our efforts, Verisk was recently ranked in the top 20 on Forbes magazine's 2016 list of the world's most innovative companies.

我們持續推進Verisk優勢的提升，包括：一、獨特的數據資產；二、深厚的領域專業知識；三、市場領先的創新；四、與客戶工作流程的深度整合。憑藉這些努力，Verisk近期榮登《富比士》雜誌2016年全球最具創新力公司榜單前20強。

Our success is due to the outstanding efforts of our people, including those who have joined us relatively recently. And I'm very encouraged by the growing enthusiasm across the Company to serve our customers with innovative data and analytics solutions. We see direct a relationship between the excellence of our employees and their commitment to creating innovative solutions for our customers.

我們的成功歸功於全體員工的傑出努力，包括那些近期加入我們團隊的新成員。令我倍感鼓舞的是，公司上下都充滿了熱情，致力於運用創新的數據和分析解決方案為客戶提供服務。我們深切感受到，員工的卓越表現與他們致力於為客戶創造創新解決方案的決心之間有著直接的連結。

We remain confident in our double-digit growth forecast for financial services this year, and we still continue to expect Wood Mac to be around flat in constant currency.

我們仍然對今年金融服務業兩位數的成長預測充滿信心，並且我們仍然預計伍德麥肯錫按固定匯率計算的業績將基本持平。

In pursuit of our goal of insurance growth above the 2015 run rate, we are pleased with new contract signings and the performance of several newer, more innovative solutions. As you know, there's been some softness in the reinsurance market, and 2016 has been an extremely quiet storm season. In addition, a handful of customers have signed contracts as expected, but the related implementations are starting a bit later than later originally planned. While timing is a factor as we cross the 2016 finish line, we continue to feel very good about the quality of our data assets. Our customers' regard for us is higher than ever according to our NPS methodology, and the long-term outlook is for continued revenue growth. And with that, I'll turn it over to Mark, who will make some additional comments.

為了實現保險業務成長超過2015年平均水準的目標，我們對新合約的簽署以及幾項更新、更具創新性的解決方案的良好表現感到滿意。如您所知，再保險市場略顯疲軟，2016年的風暴季也異常平靜。此外，少數客戶已按預期簽署了合同，但相關實施工作啟動時間比原計劃稍晚。儘管在2016年即將結束之際，時間安排是一個需要考慮的因素，但我們對自身資料資產的品質仍然充滿信心。根據我們的淨推薦值（NPS）評估方法，客戶對我們的評價達到了歷史新高，長期來看，收入將持續成長。接下來，我將把發言權交給馬克，他將補充一些內容。

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

謝謝斯科特。我們旗下所有業務都服務於財產和意外傷害保險業，圍繞著幾個關鍵主題展開，包括垂直行業大數據、行業自動化和數位互動。基於這些主題，我將重點放在近期取得的一些積極進展。

In the vertical big data area, we launched a new energy insurance group focused on transforming risk assessment, rating, and risk modeling for the oil to gas, petrochemicals, power generation, and metals and mining industries. The group is drawing on deep domain expertise and proprietary data from our ISO, AIR, and Wood Mac businesses.

在垂直大數據領域，我們成立了一個新的能源保險集團，專注於變革石油天然氣、石化、發電以及金屬和採礦業的風險評估、評級和風險建模。該集團依託於我們ISO、AIR和Wood Mac業務部門深厚的領域專業知識和專有數據。

The data analytics solutions will help global property and casualty insurers evaluate and select risk, and manage portfolios based upon energy and insurance industrywide data, rather than relying solely on their own experience, datasets, and tools. We are uniquely positioned to be the first to market at innovating the intersection of insurance and energy sectors.

數據分析解決方案將幫助全球財產和意外傷害保險公司評估和選擇風險，並基於能源和保險行業的通用數據管理投資組合，而不是僅依賴自身的經驗、數據集和工具。我們擁有獨特的市場優勢，有望率先在保險和能源領域的交叉創新方面佔據市場領先地位。

One of our industry automation solutions saw a win at a leading insurer expanded its use of A-PLUS, Verisk's loss history solution, conduct loss-history evaluations at the beginning rather than after the quote process. This change in workflow will enhance the experience of their customers while improving operational and sales efficiencies. Improving conversion rates through better customer experiences while keeping expenses flat and maintaining underwriting integrity is a forward-thinking, innovative approach to profitable growth.

我們的一項行業自動化解決方案在一家領先的保險公司取得了成功，該公司擴大了對 Verisk 的損失歷史解決方案 A-PLUS 的使用，將損失歷史評估提前到報價流程的開始階段，而不是之後。這種工作流程的改變將提升客戶體驗，同時提高營運和銷售效率。透過改善客戶體驗來提高轉換率，同時保持成本穩定並維護承保的完整性，這是一種具有前瞻性和創新性的獲利成長策略。

We continue to perform well in the cat modeling space. As an example, we were very pleased when a leading global player decided to select AIR's Touchstone platform as its primary modeling solution, along with the complete suite of AIRs global catastrophe models.

我們在災害建模領域持續表現出色。例如，一家全球領先企業決定選擇AIR的Touchstone平台作為其主要建模解決方案，並同時採用AIR的全套全球災害模型，我們對此感到非常高興。

Their decision was informed by, in their words, AIR's detailed loss modeling capabilities and superior service. This follows the June 2016 release of Touchstone 4.0, which features a variety of enhancements designed to improve performance or pro-automation and efficiency and the overall user experience.

用他們的話來說，他們的決定是基於AIR詳盡的損失建模能力和卓越的服務。此前，AIR於2016年6月發布了Touchstone 4.0版本，該版本包含多項增強功能，旨在提升效能、自動化程度、效率以及整體用戶體驗。

Finally, we continue to improve digital engagement in the PNC industry through the availability of Circular Authority for Insurance. This is a cloud-based analytics solution designed to help insurers better manage ISO content, with tools that visualize, compare, and analyze updates.

最後，我們透過推出「保險循環授權」（Circular Authority for Insurance）解決方案，持續提升PNC產業數位化參與度。該方案是基於雲端的分析解決方案，旨在幫助保險公司更好地管理ISO內容，並提供可視化、比較和分析更新的工具。

This solution helps insurers plan, implement, and track our filings with state regulators and stay informed on the latest insurance topics. This is a natural extension to the thousands of insurance program updates we issue each year, and we're confident that it will add value and functionality for our customers. With that, let me turn it over to Eva to cover our financial results.

此解決方案可協助保險公司規劃、實施和追蹤向州監理機關提交的文件，並隨時了解最新的保險資訊。這是我們每年發布的數千份保險項目更新的自然延伸，我們相信它將為我們的客戶帶來更多價值和功能。接下來，我將把發言權交給伊娃，讓她來介紹我們的財務表現。

Thanks, Mark. In the third quarter, we again delivered both revenue and EBITDA growth, while also investing in solutions that we expect will deliver incremental growth in the future. Revenue grew 5.9% and 6.2% on an organic constant currency basis. Our combined insurance and financial services businesses grew 7.7% in the quarter. EBITDA grew 5.9% to $253 million. This growth excludes the prior-period gain on sale of warrants. EBITDA margins were 50.9% in the quarter.

謝謝，馬克。第三季度，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增量成長的解決方案。營收成長 5.9%，以有機成長和固定匯率計算成長 6.2%。我們的保險和金融服務業務合計成長 7.7%。 EBITDA 成長 5.9% 至 2.53 億美元。此增長不包括上期出售認股權證的收益。本季 EBITDA 利潤率為 50.9%。

Within Decision Analytics, revenue grew 6.2% and 6.9% on an organic constant currency basis. Again this quarter, financial services was the fastest-growing vertical, while insurance-focused solutions were the largest contributor of dollars to growth.

在決策分析領域，以有機成長率（以固定匯率計算）計算，營收分別成長了6.2%和6.9%。本季度，金融服務仍然是成長最快的垂直領域，而保險解決方案則是成長的主要貢獻者。

Decision Analytics insurance revenue grew 7.4% in the third quarter. We saw solid growth in underwriting, claims analytics, and catastrophe modeling solutions. Loss quantification solutions also contributed to growth in the quarter.

決策分析保險業務收入在第三季成長了7.4%。承保、理賠分析和巨災建模解決方案均實現了穩健成長。損失量化解決方案也為本季的成長做出了貢獻。

Customer retention remains very high, and we are confident in our ability to continue to deliver growth. Financial services revenue increased 24.5% in the quarter, led by growth in analytical solutions and media effectiveness. We are seeing good interest in the solutions we are building with our partners and continue to believe that our differentiated data assets position us well to execute on our plans in this vertical.

客戶留存率依然非常高，我們對持續成長的能力充滿信心。本季金融服務收入成長了24.5%，主要得益於分析解決方案和媒體效果的成長。我們看到市場對我們與合作夥伴共同開發的解決方案表現出濃厚的興趣，並且我們仍然相信，我們差異化的數據資產使我們能夠更好地執行在該垂直領域的計劃。

As reported, energy and specialized markets revenue was about flat. The continued weakness in the British pound remains a headwind to both revenue growth and Decision Analytics margins on a reported basis.

報告顯示，能源和專業市場收入基本上持平。英鎊持續疲軟仍然對收入成長和決策分析業務的利潤率構成不利影響。

Consistent with our long-standing approach, Wood Mac became a part of organic growth starting in the third quarter. Organic revenue, which excludes PCI, Infield, Greentech, and Quest, declined $5.3 million in the quarter but increased slightly, excluding the impact of FX.

與我們長期以來的策略一致，伍德麥肯錫從第三季開始成為內生成長的一部分。不包括PCI、Infield、Greentech和Quest在內的內生收入在本季下降了530萬美元，但若不計匯率影響，則略有成長。

Risk assessment revenue grew 5.3% and 5% on an organic basis, continuing to demonstrate the value of our -- to our long-standing insurance customers, 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.

風險評估收入以有機成長計算成長了 5.3% 和 5%，繼續證明了我們為長期保險客戶提供的價值，以及處於早期階段的新解決方案的貢獻，並納入了 Risk Intelligence Ireland，我們已將其更名為 Verisk Insurance Solutions Ireland。

Industry standard insurance programs revenue grew 5.4%, 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 4.8% in the quarter. Growth was led by an increase in commercial underwriting solution subscription revenue.

業界標準保險項目收入成長5.4%，反映了我們2016年的發票收入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4.8%。成長主要得益於商業承保解決方案訂閱收入的成長。

EBITDA decreased 0.6% in the quarter to $253 million, resulting in EBITDA margins of 50.9%. EBITDA growth, adjusted for the 2015 gain on sale of warrants was 5.9%. EBITDA excludes a third-quarter 2016 severance charge, as we combined administrative functions following the Wood Mac integration. It also excludes a gain on investment in the Company, which was acquired by a third party.

本季 EBITDA 下降 0.6% 至 2.53 億美元，EBITDA 利潤率為 50.9%。經 2015 年出售認股權證收益調整後，EBITDA 成長率為 5.9%。 EBITDA 不包括 2016 年第三季的遣散費，因為在完成 Wood Mac 的整合後，我們合併了行政職能。此外，EBITDA 也不包括對本公司的投資收益，因為本公司已被第三方收購。

Decision Analytics EBITDA, excluding the prior-year gain, grew 7.3% to $147 million in the quarter. Decision Analytics EBITDA, as reported, decreased 3.7%. EBITDA in risk assessment increased 4% to $106 million as a result of revenue growth and good expense management, offset by increased staff levels, following the previously announced talent realignment.

剔除上年同期收益後，決策分析業務的 EBITDA 在本季成長 7.3% 至 1.47 億美元。以報告資料計算，決策分析業務的 EBITDA 下降 3.7%。風險評估業務的 EBITDA 成長 4% 至 1.06 億美元，這得益於收入成長和良好的費用控制，但部分被先前宣布的人才重組後增加的員工人數所抵消。

Reported interest expense was $28 million in the quarter. Total debt was $2.3 [billion] at September 30, 2016. After using our proceeds from the healthcare divesture to pay down debt, our pro forma leverage at the end of the third quarter was about 2.2 times, below our 2.5 times reference level. Our reported effective tax rate in the quarter was 26%. We saw a one-time benefit in the quarter from a change in the tax rates in the UK.

本季度報告的利息支出為2800萬美元。截至2016年9月30日，總負債為23億美元。在利用出售醫療保健業務所得款項償還債務後，第三季末的備考槓桿率約為2.2倍，低於2.5倍的參考水準。本季度報告的實際稅率為26%。本季我們因英國稅率的變化而獲得了一次性收益。

Adjusted net income in 3Q increased 8.1% to $144 million. Adjusted EPS on a fully diluted basis was $0.84 in the quarter, an increase of 7.7%. Adjusted EPS increased because of solid operations, both organic and acquired, lower interest expense, and lower taxes. The increases were partially offset by higher depreciation and amortization expense, and the 2015 warrant sale gain, which did not recur this year. Excluding the 2015 warrant gain, adjusted EPS grew 16.9%.

第三季調整後淨利成長8.1%至1.44億美元。本季調整後每股收益（完全攤薄）為0.84美元，成長7.7%。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）、較低的利息支出和稅收。部分成長被較高的折舊和攤銷費用以及2015年認股權證出售收益所抵消，該收益今年不再發生。若不計入2015年認股權證收益，調整後每股收益成長16.9%。

The average diluted count was 171.8 million shares in the quarter. On September 30, 2016, our diluted share count was 171 million shares. We repurchased 900,000 shares at an average prices of $81.72, for a total cost of $73 million in the quarter.

本季平均稀釋後股數為1.718億股。截至2016年9月30日，我們的稀釋後股數為1.71億股。本季我們以平均每股81.72美元的價格回購了90萬股，總成本為7,300萬美元。

At September 30th, we had about $280 million remaining under our share repurchase authorization. Our repurchase program has been successful to date, generating annualized IRRs above our cost of capital.

截至9月30日，我們的股票回購授權額度還剩約2.8億美元。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 12.8% to $429 million for the nine-month period ended September 30, 2016, excluding the $75 million tax on the gain of the sale of the healthcare business. Free cash flow, excluding the tax, was 57.4% of EBITDA. These numbers are all [from] continuing operations.

截至2016年9月30日的九個月期間，不計入出售醫療保健業務收益產生的7,500萬美元稅款，自由現金流成長12.8%至4.29億美元。不計稅款的自由現金流佔EBITDA的57.4%。以上數據均來自持續經營業務。

Growth in free cash flow was driven by greater profitability of our businesses, the addition of Wood Mac, and lower CapEx, partially offset by higher interest in 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、伍德麥肯錫的收購以及資本支出的降低，但部分被收購伍德麥肯錫相關費用的增加所抵銷。自由現金流仍然是衡量企業獲利能力以及股東價值的重要指標。

Capital expenditures increased 0.8% to $88 million for the nine-month period ended September 30, 2016, and we continue to balance the capital intensity of the business with investing for future growth. CapEx was 5.9% of revenue year to date. We expect for the full year, our CapEx will be about $10 million lower than we previously discussed, as we manage efficiencies across our hardware and software spend, even while developing more software for solution delivery.

截至2016年9月30日的九個月期間，資本支出增加0.8%至8,800萬美元。我們將繼續在業務資本密集度與未來成長投資之間取得平衡。年初至今，資本支出佔收入的5.9%。我們預計全年資本支出將比之前預期的減少約1000萬美元，這得益於我們在硬體和軟體支出方面的效率提升，同時我們也在開發更多用於解決方案交付的軟體。

As you think about your models for the remainder of 2016 on a continuing operations basis, please remember that in the fourth quarter, we expect to have a one-time P&L charge of $19 million related to the ESOP. This is a nonrecurring item related to adjustments made to the ESOP at the time of the IPO and will exclude -- be excluded from adjusted EBITDA.

在您考慮2016年剩餘時間持續經營業務模型時，請記住，我們預計第四季度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。這是一項與首次公開發行 (IPO) 時對 ESOP 進行的調整相關的非經常性項目，將從調整後的 EBITDA 中剔除。

This does not affect the underlying business profitability and we just want it to be on your radar ahead of time. This is really the final item that will be associated with ESOP adjustments.

這不會影響公司的基本獲利能力，我們只是想提前讓您了解此事。這確實是與員工持股計畫 (ESOP) 調整相關的最後一個項目。

For the full-year 2016, we expect CapEx from continuing operations of $140 million to $145 million, fixed asset depreciation and amortization of about $125 million, and amortization of intangibles of about $95 million. Based on our current debt balances, we expect interest expense to be around $120 million for the full year, and we estimate the tax rate to be around 31% for the full year.

我們預計2016年全年持續經營資本支出為1.4億美元至1.45億美元，固定資產折舊及攤銷約1.25億美元，無形資產攤銷約9,500萬美元。根據我們目前的債務餘額，我們預計全年利息支出約為1.2億美元，並預計全年稅率約為31%。

For the intangible amortization add-back in the adjusted income calculation, we will continue to use 26% to reflect the tax rates applicable to our in tangible assets. And finally we expect the full-year diluted weighted average share count of about 171.6 million shares before incremental repurchases.

在調整後收益計算中，對於無形資產攤銷加回部分，我們將繼續採用26%的稅率，以反映適用於我們無形資產的稅率。最後，我們預計全年稀釋加權平均股份數（不計新增回購）約為1.716億股。

We are executing on our 2016 plan, despite larger-than-expected currency headwinds and are actively engaged in planning for the future. We're excited about the opportunities we see for profitable growth, and remain confident that we have the financial strength and capital structure to support investment for the long term.

儘管面臨超出預期的匯率波動，我們仍在按計畫推進2016年的發展，並積極開展未來規劃。我們對獲利成長的機會充滿信心，並堅信我們擁有足夠的財務實力和資本結構來支持長期投資。

We continue to appreciate all the support and interest in Verisk. Due to the large number of analysts we have covering us, we ask that you limit your question to one and one follow-up. And with that, I'll ask the operator to open the lines for questions.

我們衷心感謝大家對 Verisk 的支持與關注。由於有大量分析師關注我們，請盡量將問題限制在一個問題內，並可提出後續問題。接下來，我將請接線生開放提問頻道。

(Operator Instructions)

（操作說明）

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Scott, you mentioned the softness in the reinsurance market. Does this impact your ability to grow insurance this year over last year, or are you still confident that you'll be able to achieve that? And could you just remind us of your exposure to reinsurance?

史考特，你提到了再保險市場的疲軟。這會影響你今年保險業務的成長，還是你仍然有信心實現這一目標？另外，能否請你簡單說明一下你在再保險方面的風險敞口？

Yes, so our goal remains the same, and I did mention it just because it is a factor in the environment right now. Our exposure to reinsurance is primarily with respect to the work that we do in the cat modeling world, not exclusively. We also provide some loss distribution content to the global reinsurers, but it's principally through catastrophe modeling.

是的，所以我們的目標依然不變，我之所以提到這一點，是因為它確實是當前環境中的一個因素。我們涉足再保險領域主要體現在我們所進行的巨災建模工作中，但並非僅限於此。我們也向全球再保險公司提供一些損失分配方面的信息，但主要還是透過巨災建模來實現。

And basically, and I actually mentioned two things that are in the environment right now; the other is it's a very quiet storm season. And in fact, it has been a quiet storm season for the last several years. And that does interact with the way that the reinsurance market behaves, and so there have been some combinations in the reinsurance world, including the brokers, and so you have that in the environment. So it's in there. It's a factor.

基本上，我剛才提到了目前環境中的兩個因素；另一個是今年風暴季非常平靜。事實上，過去幾年風暴季都比較平靜。這確實會影響再保險市場的運作方式，因此再保險領域，包括經紀人在內，出現了一些組合，所以這確實是影響市場環境的一個因素。

But the business over -- our insurance business overall is really good. And even yesterday, we had a visit from folks from an extremely prominent global, non-domestic insurance organization, and they were essentially asking how could they get closer to more of our solutions. I think it's a conversation that we were probably not going to be able to have even just a couple of years ago. So that's where we sit right now.

但總的來說，我們的保險業務發展得非常好。就在昨天，一家全球知名的非本土保險公司派人來訪，他們主要詢問如何才能更深入地了解我們的解決方案。我想，幾年前我們可能根本無法進行這樣的對話。這就是我們目前的狀況。

That's great. My follow up is just on the expense side. You had a really strong quarter, specifically referring to the 63% gross margin in DA. Was there anything one-time in their? How sustainable is that?

太好了。我的後續問題主要集中在費用方面。你們上個季度業績非常強勁，特別是DA的毛利率達到了63%。其中是否存在一次性支出？這樣的業績能持續多久？

And just overall, when we think about EBITDA margins of 51%, that's obviously extremely strong. So what do you view as maybe the key areas to move margins higher, not that we're complaining? Or are you focused on keeping margins flat and just plowing scale benefits or any additional expense benefits into supporting future growth?

總的來說，51%的EBITDA利潤率顯然非常強勁。那麼，您認為哪些方面是提升利潤率的關鍵（當然，我們並不是抱怨利潤率已經很高了）？或者您是否專注於保持利潤率不變，並將規模效益或其他任何額外的成本收益投入到支持未來成長中？

So you had a couple of questions in there. There was really nothing one-time in the results, and in fact, we're trying to help you see that there were actually some one-time effects in 2015. So, but no, nothing with respect to 2016.

所以你提了幾個問題。結果中並沒有什麼一次性事件，事實上，我們正​​在努力幫助你理解2015年確實存在一些一次性影響。但是，關於2016年，沒有其他一次性事件。

And it's really the same story that it's always been, which is that there's definitely scale and it's just built into the way we do what we do. And the offset is the investment in new things, and we're actually just completing our annual refresh of our five-year plans. And I think we have the most robust new solution pipeline that we've ever had actually.

其實情況和以往一樣，規模優勢毋庸置疑，這已經融入我們的營運模式。而彌補這項優勢的是對新產品的投資，我們目前正在完成五年計畫的年度更新。我認為我們現在擁有有史以來最強大的新解決方案儲備。

So we're excited to be investing in the business and that is the one offsetting factor. But the business continues to demonstrate the same scale effects as it always has. So we've said we're constructive on margins in the intermediate and long term, and we're still in that place.

所以我們很高興能投資這家公司，這是唯一抵銷不利因素的因素。但這家公司仍然像以往一樣展現出規模經濟。因此，我們之前說過，我們對中長期利潤率持樂觀態度，現在依然如此。

Perfect. Thank you.

太好了，謝謝。

Tim McHugh, William Blair & Company.

提姆·麥克休，威廉·布萊爾公司。

First, just on the energy and specialized markets, can you -- the organic growth that you mentioned was slightly positive on a constant currency basis.

首先，僅就能源和專業市場而言，您提到的自然成長按固定匯率計算略微為正。

Correct.

正確的。

Can you help us think about the legacy part of that segment versus Wood Mackenzie and how that contributed to that performance?

您能否幫我們思考一下，該業務板塊的傳統部分與伍德麥肯錫公司相比，是如何影響其業績的？

Tim, it's Eva. Good morning. I think if you think about the business, as you said, we have the legacy, we have the environmental health and safety, and some of our climate analytics solutions. And I think some of the comments we made last quarter would be reflected in the performance there. We had it grow over from last year in some global regulations that went in place in the H&S, and that will continue to be an impact on the growth you see this year.

提姆，我是伊娃。早安.正如你所說，從業務角度來看，我們有歷史傳承，有環境健康與安全，還有一些氣候分析解決方案。我認為我們上個季度的一些評論會反映在這些方面的業績上。由於一些全球性健康與安全法規的實施，我們的業務較去年有所成長，而這些法規將繼續對今年的成長產生影響。

And that with regards to Wood Mackenzie, what we've talked about is for the year, we expect about flat growth on a constant currency basis. And we're tracking towards that. We feel good about the performance of the business there.

至於伍德麥肯茲，我們之前討論過的是，我們預計今年以固定匯率計算，其成長將基本持平。目前我們正朝著這個方向努力。我們對該公司的業務表現感到滿意。

And I would say, by degrees, I think the third quarter and some of the renewals we've been seeing are positive signs. I would say that the market continues to be in the state it's in, and so I wouldn't overweight that. But I would say that we're pleased with the performance at Wood Mackenzie.

我認為，從各個方面來看，第三季以及我們看到的一些續約都是正面的訊號。市場現狀依然如此，所以我不會過度看好市場。但我必須說，我們對伍德麥肯茲的表現感到滿意。

Okay, and then on insurance, not to -- to follow up on it, to get to a faster growth this year than you had last year, it seems to imply you need a growth rate for that vertical that we haven't seen in a while. And so, are there any project or one-time revenue that can get you there? Or is it -- can you help us think through that? Any way to size some of the headwinds, the storm season, the later start, as we think about how that impacted the revenue for this quarter or the outlook?

好的，關於保險業務，我接著說，為了實現今年比去年更快的成長，這似乎意味著該業務板塊需要達到我們很久以來從未見過的成長率。那麼，是否有任何項目或一次性收入可以助您達成目標？或者—您可否幫我們分析一下？能否評估一些不利因素，例如風暴季、開市延遲等，這些因素會如何影響本季的營收或未來展望？

Tim, well, maybe just to start on your question. The insurance business, in aggregate, is split, probably a little more weighted toward subscription than our overall. But roughly, if you think about 80/20 subscription/non-subscription across Verisk Analytics, I would say that you see a reflection in the business similar to that. So there are elements that are transactional and others are longer term.

提姆，嗯，或許我們可以先回答你的問題。整體而言，保險業務的組成比較複雜，訂閱模式可能比我們整體業務更佔比高一些。但大致來說，如果你把 Verisk Analytics 的訂閱業務和非訂閱業務的比例視為 80/20，那麼我認為你在保險業務中也能看到類似的模式。所以，保險業務既包含交易型業務，也包含長期業務。

I think as Scott observed, we have -- the storm season can have some impact, both in transactional and some of the other items. And as we think forward to the quarter, I think we're just pushing hard to do everything that we can to position the business well for the future. And sometimes we have implementation timelines that are not fully in our control.

我認為正如斯科特所觀察到的，風暴季節確實會對交易和其他一些方面產生影響。展望本季度，我們正在全力以赴，盡一切努力為公司未來的發展奠定良好的基礎。但有時，一些實施時間表並非完全由我們掌控。

Okay. Thank you.

好的，謝謝。

Andrew Jeffrey, SunTrust.

Andrew Jeffrey，SunTrust銀行。

Mark, I'm intrigued by the vertical big-data comments, especially, the integration or overlap between commodities, analytics, and insurance risk management. Could you elaborate just a little bit and talk about what the long term, maybe the TAM is and the long-term potential to contribute to growth on an enterprise basis? Because that sounds like somewhere -- an area where you have pretty good competitive differentiation.

馬克，我對你關於垂直大數據的觀點很感興趣，尤其是關於大宗商品、分析和保險風險管理之間的整合或重疊部分。你能否詳細說明一下，談談長期來看，例如潛在市場規模（TAM）是多少，以及它在企業層面長期促進成長的潛力？因為這聽起來像是你們擁有相當不錯的競爭優勢的領域。

I think across the insurance value chain, whether it's in the front side of underwriting or inside the claim space, all of our customers are very much looking to become more efficient and improve on the selection of the risk, better pricing of the risk, or literally doing claims adjudication in an automatic way. They would really like to, for the most part, not touch a lot of claims, which would save them money and actually improve their own relationship with customers.

我認為，在整個保險價值鏈中，無論是核保環節或理賠環節，我們所有的客戶都非常希望提高效率，改善風險選擇、風險定價，甚至實現理賠流程的自動化。他們真心希望盡可能減少理賠環節，這樣既能節省成本，又能改善與客戶的關係。

So I'm not sure we've been able to quantify a TAM for all of that, but let me just describe to you the bigger things that we think our import. One we highlighted here is you underwrite a claim -- excuse me, if you underwrite a risk, you have a lot of information that is necessary to underwrite that risk. We want to take and move that to the front end. We want to do that upfront so that people can be quoting with all that information in mind, and I think that's a big opportunity.

所以，我不確定我們是否已經能夠量化所有這些方面的市場規模，但讓我先向您介紹我們認為最重要的幾點。其中一點是，如果您要承保理賠——抱歉，應該說承保風險——您需要掌握大量資訊才能完成承保。我們希望將這些資訊提前到前期。我們希望在報價時就考慮到所有這些信息，我認為這是一個巨大的機會。

I think the other opportunity we highlighted here was energy. So bringing together the big data world of what we do with Wood Mac, and the information we have with Wood Mac, and what we do with insurance, we have found, or at least we think, that the energy market is a little bit more specialized. It's a little bit the expertise of players in it, and they really have never had look at the views into a pricing or a risk-assessment approach that we would do with traditional limited insurance.

我認為我們在此強調的另一個機會是能源領域。結合我們在伍德麥肯錫公司（Wood Mac）的大數據業務和訊息，以及我們在保險領域的經驗，我們發現（或至少我們認為），能源市場更加專業化。它更依賴參與者的專業知識，而他們從未像我們處理傳統有限保險業務那樣，從定價或風險評估的角度進行深入研究。

So this is more of an [ENIS]-type asset. It's an [existing] surplus. It's big players across the world. And we think this is a, I would say, probably tens of millions type of TAM if not larger.

所以這更像是一種[ENIS]類型的資產。它是[現有的]盈餘資產。它面向全球的大型企業。我們認為，它的潛在市場規模可能達到數千萬美元，甚至更大。

Thank you. The other question I just have is, can you talk a little bit about the growth in insurance that you're seeing from international expansion of existing customers and whether or not you think about that as distinct from broader global expansion plans.

謝謝。我還有個問題，您能否談談現有客戶國際擴張帶來的保險業務成長，以及您是否認為這與更廣泛的全球擴張計劃有所不同？

Yes. I think that's a great question. I think there's two ways we think internationally, and as Scott highlighted, it's become very much a priority over the last couple of years. There's two things that they were doing well.

是的，我覺得這是一個很好的問題。我認為我們在國際事務中有兩種思考方式，正如斯科特所強調的那樣，這在過去幾年裡已經成為一項非常重要的工作。他們在兩方面做得很好。

There's a couple of places, particularly on the claims side of things, where we have customer, they're using us in a geography, let's use the UK as an example. They like the results they've gotten. We're able to demonstrate strong ROI, and that large global insurer takes us from the UK too other geographies. And ultimately, I think the plan would be to implement across all of their operations.

在某些領域，尤其是在理賠方面，我們的客戶在特定地區（例如英國）使用我們的服務。他們對所取得的成果非常滿意。我們能夠證明我們能夠帶來可觀的投資報酬率，而這家大型全球保險公司也正將我們的業務從英國拓展到其他地區。最終，我認為他們的計劃是將我們的服務推廣到所有業務運營中。

Once we get into another geography and we customize for that geography, one of the things we always have to identify and understand is the insurance markets are very different, so we have to locally customize the software. And that's true of the things we've been trying to do and put in place so that we can then extend out beyond the one customer into many.

一旦我們進入另一個地區並針對該地區進行定制，我們必須始終認識到並理解的一點是，保險市場差異很大，因此我們必須對軟體進行本地化定制。我們一直在努力實施和落實的各項措施也印證了這一點，以便我們能夠將服務範圍從單一客戶擴展到更多客戶。

There's other places, the second tact we've taken is, we know markets that look and feel a lot like the US market. It has maybe not the same regulation, but it has the same nature of transfer risk. And we're good and knowledgeable that we can help them. And to the extent that is maybe US-speaking and has a more mature market, we're starting there because we can probably be most helpful.

我們採取的第二個策略是，我們了解一些與美國市場非常相似的市場。這些市場的監管可能有所不同，但轉移風險的性質卻類似。我們經驗豐富，知識淵博，能夠為他們提供協助。如果這些市場使用美式英語，且市場發展較成熟，我們就會從那裡入手，因為我們或許能發揮最大的作用。

I think we've seen some opportunities to do things with buildings as an example. Big commercial buildings we're very good at, we're very knowledgeable of a building that sits in some form location, has the same type of risk attributes, as long as we get understanding of the property characteristics. And we can relate a building in whatever foreign region to something here in the United States and we can build out with a lot of imagery.

我認為我們已經看到了一些利用建築物開展業務的機會。我們非常擅長大型商業建築，我們對位於特定地點、具有相同風險屬性的建築物非常了解，只要我們了解建築物的特性。我們可以將任何外國地區的建築物與美國本土的建築物聯繫起來，並利用大量的圖像資料進行展示。

We are following our customers, one; we're finding like market, two; and we have a team that's really focused on trying to accelerate our growth internationally.

第一，我們以客戶為中心；第二，我們尋找類似的市場；第三，我們擁有一支真正專注於加速我們在國際市場成長的團隊。

Thanks a lot.

多謝。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Scott, do you still plan on seeing Verisk combine DA and RA insurance revenue growth to accelerate for full-year 2016 compared to the growth rates of 2015?

Scott，你是否仍計劃讓 Verisk 將 DA 和 RA 保險收入合併，並在 2016 年全年加速成長，以超過 2015 年的成長率？

As I said, we're working hard towards that goal, that is our goal, that remains our goal. And I also laid out what's in the environment right at the moment that is a part of the performance that we will eventually produce.

正如我所說，我們正朝著這個目標努力，這就是我們的目標，而且始終是我們的目標。我還闡述了目前我們所處的環境，以及這些環境因素最終將如何影響我們的表現。

And that's totally separate from looking at DA financial services right?

這與考察DA金融服務完全是兩回事，對吧？

Yes, of course, yes.

是的，當然，是的。

Okay. Thank you.

好的，謝謝。

Manav Patnaik, Barclays

馬納夫·帕特奈克，巴克萊銀行

Just wanted a little bit more color on the -- I think outside of the reinsurance market [in perfect] and the quiet storm season, you talked about some contract implementation delays. I was just hoping you could give a little bit more color on that and maybe some examples of what's going on there.

我只是想更詳細地了解一下——我認為除了再保險市場（在完美情況下）和“平靜風暴季”之外，您提到了一些合約執行延遲的問題。我只是希望您能就此多做一些說明，最好能舉一些例子來說明具體情況。

This is Mark again. Let me provide a little color. One of the great parts of Verisk is we're deeply embedded into our customer workflows, and that's true of a lot of the competitors in which we go after. So if you were to think about where we try to provide information at the point of underwriting.

我是馬克。讓我來補充一些細節。 Verisk 的一大優勢在於我們與客戶的工作流程深度融合，而我們許多競爭對手也未能做到這一點。所以，不妨想想我們在承保環節提供資訊的方式。

So transitioning the customer from another solution to our solution just takes time. It takes a lot of effort from internal IT departments. And we just can't always control the timing of those things.

因此，將客戶從其他解決方案過渡到我們的解決方案需要時間，也需要內部 IT 部門投入大量精力。而且，我們無法總是控制這些事情發生的時間。

We also have contracts, so we know it's going to happen. But the timing and where they want to roll out, sometimes they want to roll out regionally as opposed to across the nation. So those are the types of things that we are referencing there when we talk about timing. Signed contracts, just looking to push implementation where we don't necessarily have as much control as we'd like.

我們也有合同，所以知道這件事肯定會發生。但具體時間和推廣範圍，有時他們想在特定區域推廣，而不是全國範圍，這就是我們談到時間安排時所指的因素。合約已經簽了，我們只是想推動實施，但我們未必能像我們希望的那樣完全掌控局面。

I think the other comment, or at least the other thing Scott referenced was, in our world, we have a lot of subscription, pretty high visibility. Storm, storm activity affects some of our repair cost estimates. There's a variable aspect to that, and some of the contracts allow for additional charges when we have higher volumes.

我認為斯科特提到的另一點，或者至少是他提到的另一件事，是：在我們這個行業，訂閱用戶很多，曝光率很高。風暴會影響我們的一些維修成本估算。這其中存在一些變數，而且有些合約允許我們在業務量較大時收取額外費用。

And just more broadly, if I'm to answer your question right, storm, storm activity creates what is maybe some pricing opportunity for both reinsurers and primary insurers. And that helps the overall state of the market, and really just the mindset of insurers who, at this point, are really focused on cutting costs as opposed to growing their book and growing their top line. So a little bit of a mindset, as well as [real] transactional. So hopefully that provides a little of the color you're looking for.

更廣泛地說，如果我回答你的問題沒錯，風暴活動可能會為再保險公司和原保險公司帶來一些定價機會。這有助於改善整體市場狀況，也影響保險公司的心態——目前，保險公司更關注的是削減成本，而不是擴大業務規模和提高收入。所以，這既是一種心態上的考量，也是一種實際的交易行為。希望這些能為你提供一些有用的信息。

Got it. That's helpful. Just on Argus, obviously, some really good growth there. I was just hoping you could give some color in terms of the growth coming from the -- what we knew of Argus in terms of the more true financial services elements of their business versus the more immediate effectiveness that you guys have talked about recently. Like, is there a way to describe the split in growth there, or what's more exciting or where is that coming from?

明白了，這很有幫助。就Argus而言，顯然成長勢頭非常強勁。我只是想請您詳細解釋一下，Argus的成長是來自我們之前了解的更偏重金融服務的方面，還是來自你們最近提到的更注重即時效益的方面。例如，能否描述這兩種成長模式的差異，或者說，哪一方面更令人振奮，又是什麼驅動了成長？

It's really very balanced, the growth that Argus is extremely balanced. As we've talked about before, there are data management solutions, there are analytics services, there are the contributory data sets, there is the media effectiveness world., there is international expansion, and all of those are contributing. So I really wouldn't point at any one thing.

Argus 的成長非常均衡。正如我們之前討論過的，資料管理解決方案、分析服務、貢獻資料集、媒體效果評估、國際擴張等各個方面都在共同推動公司的發展。因此，我真的不會把成長歸功於任何單一因素。

The wellspring of what Argus is good at is a remarkable ability to integrate large amounts of data, contributed data in an extremely efficient way, and then equal capability at turning it into insight and putting it back into the customer's environment in a way that they can consume the analysis and the data very quickly. So all of the things I just mentioned are essentially expressions of that same capability.

Argus 的優勢在於其卓越的數據整合能力，能夠以極高的效率整合大量數據和貢獻數據，並同樣能夠將其轉化為洞察，並以客戶能夠快速理解和使用的方式將其融入客戶環境中。因此，我剛才提到的所有功能本質上都是這種能力的體現。

Okay. Thanks a lot, guys.

好的，非常感謝各位。

Hamzah Mazari, Macquarie.

Hamzah Mazari，麥考瑞大學。

This is Kayvan Rahbar filling in for Hamzah. I have a question about the talent-realignment initiative, enrichment assessment, and the overall filing brands you guys have as you look toward 2017.

我是凱文·拉赫巴爾，代替哈姆札發言。我有一個關於人才重組計劃、能力提升評估以及你們在展望2017年時所採用的整體品牌策略的問題。

Eva, you that you want to take that?

伊娃，你想拿那個嗎？

Yes, sure. Well, I think as we mentioned in last quarter within filling in the positions that we had targeted as a part of the talent realignment, obviously, as we had announced that back in the end of 2014, there was some pretty time during which those people had left in the new talent that we were bringing in had not yet joined. I think we've been doing a good job and you've probably seen a few press releases about various people who've joined us and their areas of focus. But I would say that we are working hard to have all of those seats filled. I think that we'll probably talk about this less as we get to 2017.

是的，當然。正如我們在上個季度提到的，為了填補我們人才重組計劃中預定的職位空缺，我們一直在努力。顯然，正如我們在2014年底宣布的那樣，在一段時間內，一些離職員工和新招入的人才還沒有到崗。我認為我們做得不錯，您可能也看到了一些關於新員工及其工作領域的公告。但我想說的是，我們正在努力填補所有空缺。我想到了2017年，我們可能會減少對這方面的討論。

Thank you.

謝謝。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Thank you. On the Wood Mac flattish organic constant currency, I'm guessing there are some customers that are under extreme distress or going out of business. I'm wondering what the positive offsets are to get to flattish. So just looking for color around uptick of new solutions, any initial successes with broadening the selling motion. I think you previously said it was undersold. Just what are the positive offsets?

謝謝。關於伍德麥肯錫(Wood Mac)的有機成長（以固定匯率計算）持平，我猜測可能有些客戶正面臨困境甚至倒閉。我想知道有哪些積極的因素可以抵消這種持平的局面。所以，我只是想了解新解決方案的成長情況，以及在拓展銷售管道方面取得的初步成功。我記得您之前說過伍德麥肯錫的銷售額低於市場平均。那麼，究竟有哪些正面的因素可以抵銷這種局面呢？

Yes, so several things around that. First, customers generally have been under pressure, but I don't think it would be correct to draw the conclusion that -- if what you're picturing is a lot of industry consolidation and the exits of a lot of players, fewer belly buttons on the customer list or out in the market, that's actually not the case.

是的，這方面有很多需要考慮的地方。首先，客戶普遍面臨壓力，但我認為不能就此得出這樣的結論——如果你想像的是行業整合加劇、大量企業退出市場、客戶名單或市場上的企業數量減少，那麼實際情況並非如此。

In fact, one of the reasons why we were interested to do the small tuck-ins that we did is, in some cases, they actually serve different segments of the market. For example more pure-play E&P kinds of companies that.

事實上，我們之所以對這些小型收購項目感興趣，其中一個原因是，在某些情況下，它們實際上服務於不同的市場區隔。例如，更純粹的勘探與生產公司。

And so actually the net effect of all of the acquisitions is that the customer list, which used to be circa 1,000 is now closer to 3,000. And so we're, obviously, very excited about the cross-sell opportunities inside of that.

因此，所有收購的最終結果是，客戶名單從之前的約 1000 人增加到了接近 3000 人。顯然，我們對其中的交叉銷售機會感到非常興奮。

Let me just also remind everybody that one of the largest segments that is served by Argus is the financial services world. There are a lot of folks who are interested in understanding what's happening in the hydrocarbon ecosystem that are not -- I'm sorry, did I say Argus? In the Wood Mac, excuse me, I'm addressing Wood Mac.

我還要提醒大家，Argus服務的最大客戶群之一是金融服務業。有很多對油氣生態系統動態有興趣的人，他們並不了解──抱歉，我剛才才是不是說了Argus？不，我說的是Wood Mac，抱歉，我指的是Wood Mac。

One of the largest segments for Wood Mac is the financial services segment. And because there are a lot of folks that are interested in the performance of the hydrocarbon ecosystem, other than the oil and gas companies. And that segment has remained a very important part of what it is that we do.

伍德麥肯錫最大的業務部門之一是金融服務部門。因為除了石油和天然氣公司之外，還有很多人對油氣生態系統的表現感興趣。而金融服務板塊一直是我們業務的重要組成部分。

And then Wood Mac is, actually yesterday, literally yesterday, launched a new solution. And new solutions have always been a part of the Wood Mac story and I think always will be a part of the Wood Mac story.

伍德麥肯錫公司昨天，確切地說是昨天，推出了新的解決方案。推出新的解決方案一直是伍德麥肯錫發展歷程中的重要組成部分，我認為它將永遠是伍德麥肯錫發展歷程中的重要組成部分。

And yet another thing which is in the environment right now is the oil and gas companies have really trimmed their work staffs. And part of the effect of that is that when the rebound comes, and it will come, you can just see coming based upon lack of investment in CapEx. When it comes, the -- our customers will be a little bit short-handed in terms of talent. And so we think about that they'll want to make use of both of our products as well as our services, and you can see little green shoots of some of that even today.

另一個影響因素是，目前石油和天然氣公司大幅裁員。其部分影響在於，當市場反彈到來時（而反彈終將到來），由於資本支出不足，我們可以預見，屆時我們的客戶在人才方面將會面臨一些短缺。因此，我們認為他們會更傾向於使用我們的產品和服務，即使在今天，我們已經看到了一些積極的跡象。

Jeff, it's Eva. I would just add, I think we've talk about this before, but generally, the Wood Mac client base is a very highly rated investment-grade type client base. It's not to say there's never something here or there, but I think to characterize it overall, despite the industry pressure, it's a very high quality customer base.

傑夫，我是伊娃。我想補充一點，我們之前可能也討論過這個問題，但總的來說，伍德麥肯錫的客戶群都是評價很高的投資等級客戶。當然，這並非意味著他們完全沒有問題，但總的來說，儘管面臨行業壓力，他們的客戶品質仍然非常高。

Got it. And then on the Touchstone win, just how penetrated is that market in terms of either using your or a competitor solution? And how does your market share differ between US and European-based insurance companies?

明白了。關於Touchstone的成功案例，無論是使用你們的解決方案還是競爭對手的解決方案，該市場的滲透率究竟如何？你們在美國和歐洲保險公司的市佔率有何不同？

Let me help you out with this. This is Mark. I think if you were to look at the number of insurers, most of the larger insurers use multiple models. So they would use both AIR and the competitive model. What we have seen is more and more people are using us, or at least we're winning what I'll refer to as the primary modeling spot. If you are embedded in the workflow, if you are a part of that underwriting decision, the primary model is paid more; the secondary model is used as a reference point and to make sure look right and ends up [with a lot of information]. So it's a checkpoint.

讓我來幫您解答。我是馬克。我認為，如果您觀察一下保險公司的數量，您會發現大多數大型保險公司都會使用多種模型。他們會同時使用AIR模型和競爭對手的模型。我們看到，越來越多的人開始使用我們的模型，或者至少我們正在贏得我所說的「主要模型」地位。如果您參與了工作流程，如果您是核保決策的一部分，那麼主要模型會獲得更高的報酬；輔助模型則用作參考點，以確保結果正確，並最終提供大量資訊。所以，它是一個檢查點。

Our goal and continues to be is to displace the competitor and drive toward being that primary model in the biggest insurers, where the competitor historically had a little bit more prominence.

我們的目標始終是取代競爭對手，並努力成為大型保險公司的主要模型，而競爭對手在歷史上佔據更重要的地位。

The other part of your question is, I would say to you that a large majority of (inaudible) premiums world uses models. In some cases, they own them themselves and have their own internal staff. In other cases, they work through brokers, and we license our product through brokers.

你問題的另一部分是，我想告訴你，絕大多數（聽不清楚）保險業都使用模型。有些情況下，他們自己擁有模型並擁有自己的內部團隊。其他情況下，他們透過經紀人開展業務，我們也透過經紀人授權我們的產品。

So I think everyone has access to the models. I think it becomes more prominent for larger insurers to own it and have it directly in-house for use by their internal staff. So they're using more and more models too, so that's why Analyze RE provides an opportunity to bring all those modeled outcomes together. You can pick a region, you can pick a model, and you can look across the book at a portfolio way to do that.

所以我認為每個人都能使用這些模型。我認為大型保險公司擁有這些模型並將其直接用於內部員工的做法越來越普遍。因此，他們使用的模型也越來越多，這就是為什麼 Analyze RE 提供了一個機會，可以將所有這些模型結果整合在一起。您可以選擇一個地區，選擇一個模型，然後透過整個投資組合來查看。

I think the last part of your question is, we model 100 countries. I think it's 104 countries, all major perils. We are (inaudible) to our customers where they think there's economic loss to be covered, and we will attempt to build models where there's customer feedback and demand. And we think we're pretty well covered, albeit we're always looking to improve and always looking to expand.

我認為您問題的最後一部分是關於我們模擬100個國家的情況。我想應該是104個國家，涵蓋所有主要風險。我們會（聽不清楚）向客戶回饋他們認為存在經濟損失需要覆蓋的情況，我們會嘗試根據客戶的回饋和需求建立模型。我們認為我們的覆蓋範圍已經相當全面，儘管我們一直在尋求改進和擴展。

There's also a dynamic in there which is that there are new modalities of risk. So cyber would be an example of that, or a comprehensive look at risk in agricultural channel, both of which lend themselves to the kind of stochastic methodology that AIr uses.

其中還存在一種動態變化，即出現了新的風險模式。例如，網路安全風險就是一個例子，或對農業通路風險的全面審視，這兩者都適合採用AIR所使用的隨機方法。

So when you think about cat modeling, I would just encourage you to open up the aperture on the view just a little bit. It's a little bit more dynamic. It's actually considerably more dynamic than just earthquakes and hurricanes and weather phenomenon.

所以，當你考慮到貓的攝影時，我建議你稍微拓展視野。它更具動態性。實際上，它比地震、颶風和天氣現象更具動態性。

Thank you.

謝謝。

Bill Warmington, Wells Fargo.

比爾沃明頓，富國銀行。

A question for you on Wood Mac and the GEM renewals. If you look at it on an apples-to-apples basis, meaning adjusted for currency, GEM dollar renewals on a year-over-year basis, are those trending up, flat, down? And then how do you look at the trend or how do you expect that trend to look over the next 12 to 18 months?

關於伍德麥肯錫和全球創業板（GEM）的續保情況，我有個問題。若進行同等條件下的比較，即根據匯率調整後，以美元計價的GEM續保額年比來看，其趨勢是上升、持平還是下降？您如何看待這一趨勢，或者您預計未來12到18個月的趨勢會如何？

It's very segment-specific inside of the customer base today. There are some segments whose current situations are more leaning in and growth-oriented, and there are some where that they've been more heavily impacted by some of the trends in the industry. So there's really no one answer which covers all of that.

如今，客戶群內部的各個細分市場狀況非常具體。有些細分市場目前更傾向於積極拓展業務、追求成長，而有些細分市場則更容易受到產業趨勢的影響。因此，並沒有一個適用於所有情況的統一答案。

The way that we manage inside of the energy verticals is the same way that we manage in the insurance vertical, actually everything we do, which is we take a comprehensive view of the relationship with the customers. So when we're thinking about making our proposals, it's a combination of when it's time to review the existing product or products, but also we're always presenting new solutions that they're not using today. And where we come out on a customer-by-customer basis is essentially the net of all of that.

我們在能源領域的管理方式與我們在保險領域的管理方式相同，實際上，我們所做的每一件事都是如此，那就是全面審視與客戶的關係。因此，在製定方案時，我們會綜合考慮現有產品和現有產品，同時也會不斷提出他們目前尚未使用的新解決方案。最終，我們針對每位客戶的具體方案，基本上就是所有這些因素綜合起來的結果。

So I would say that in the current moment, we've had to be particularly thoughtful about the pricing on like over like when we come to those renewal points. Bear in mind, by the way, that there are a number of multi-year agreement here, so it's not as if that really predominates in what goes on.

所以我想說，目前我們在續約時，必須格外謹慎地考慮同類合約的定價。順便一提，這裡有很多多年期合同，所以這並非決定性因素。

But really, the outcomes in these negotiations with customers have really been what we expected. And certainly as we go forward and the environment normalizes, I think that there will be room there.

但實際上，與客戶的這些談判結果確實符合我們的預期。而且隨著情況好轉，環境逐漸恢復正常，我認為未來一定還有合作空間。

Bill, it's Eva. I just wanted to add, you asked your question kind of narrowly, just focused on GEM. We've had this discussion before Wood Mac is much more than just GEM. We have a lot of offerings there, so just wanted to add that color.

比爾，我是伊娃。我只是想補充一點，你問的問題有點狹隘，只關注了GEM色號。我們之前討論過，伍德麥肯錫的產品遠不止GEM色號。我們有很多產品，所以我想補充這個顏色。

Fair point. For my follow-on, I wanted to ask about a year ago, we started to see some weakness in the non-GEM products or the non-subscription services like consulting. And consulting has historically been a leading indicator within the energy space for the other parts of the business. I was curious whether you're starting to see -- or how your consulting pipeline is looking there, whether that was one of the green shoots that Scott had mentioned earlier.

你說得有道理。我想接著問一下，大約一年前，我們開始注意到非GEM產品或非訂閱服務（例如諮詢服務）出現了一些疲軟跡象。而諮詢服務歷來都是能源領域其他業務的領先指標。我想知道您是否也開始注意到這一點——或者說，你們的諮詢業務管道情況如何，這是否是斯科特之前提到的復甦跡象之一。

As you know, we don't formally break out the results between the different sides of the business, but the consulting team has been very busy this year. And we actually are talking about, as we move into 2017, ways to amplify that team.

如您所知，我們並未正式公佈公司各部門的業績，但諮詢團隊今年非常忙碌。事實上，隨著2017年的到來，我們正在探討如何加強團隊的實力。

Thank you very much.

非常感謝。

Jeff Silber, BMO.

Jeff Silber，BMO。

It's Henry Chien calling for Jeff. Just had a question on the RA side. I'm looking at growth in the quarter. Could you just help us understand some of the components of that, whether it's just growth in end markets versus pricing versus new solutions? I know in the past, you've mentioned that you've shifted some of the subscription agreements to value-based-type arrangements. Just trying to understand growth there and how we should think about it for the next quarter. Thanks.

我是Henry Chien，請問Jeff您好。我有個關於RA方面的問題。我正在關注本季的成長情況。您能否幫我們分析成長的組成要素，例如，成長是僅僅來自終端市場，還是價格上漲，抑或是新解決方案的推出？我知道您之前提到過，您已經將部分訂閱協議調整為基於價值的模式。我只是想了解這方面的成長情況，以及我們應該如何看待下個季度的成長。謝謝。

This is Mark. I think we've had a very high subscription rate inside of those industry-standard programs. As you know, it's in large part pricing and the invoice that goes out at the beginning of the year, and it renews. And we're prepaid a quarter in advance for a majority of that revenue, in some cases, a full year. So good visibility.

我是馬克。我認為我們在這些行業標準項目中一直保持著非常高的訂閱率。如您所知，這很大程度上取決於定價以及年初發出的帳單，而且帳單會自動續訂。我們的大部分收入都是提前一個季度預付的，在某些情況下，甚至是一整年。所以收入的可見度很好。

The things that cause some ups and downs, if you will, clearly, we had the opportunity to sell more where there's a customer looking to expand services or a new insurer comes to be. When two insurers become one inside of mergers, obviously, that has some potentially negative downward effect on the way we price. You're correct, a large chunk of the contracts today are multi-year subscriptions and they have an inflationary type of clause in there that is ongoing.

造成價格波動的原因有很多，例如，當客戶尋求擴展服務或有新的保險公司成立時，我們有機會增加銷售額。當兩家保險公司合併為一家時，顯然會對我們的定價方式產生一些潛在的負面影響。你說得對，目前很大一部分合約都是多年期訂閱合同，其中包含持續生效的通膨條款。

Last piece of it is, inside industry-standard programs, we continue to do a lot as it relates to new products and services. So if you were to think about the ways that people take our content and bring it into their own solutions, we call it electronic rating content, that has been growing nicely. We've done a lot of work around analytics. We call it Risk Analyzer suite; those are the type of things.

最後一點是，在產業標準程序內部，我們持續投入大量精力開發新產品和服務。例如，人們如何將我們的內容融入自己的解決方案中（我們稱之為電子評級內容），這部分內容發展勢頭良好。我們在分析方面也做了很多工作，例如我們稱為風險分析套件的產品；這些都是我們投入的成果。

But because of the way we contract it's usually multi-year and it's spread evenly over the term. So you've seen a pretty constant approach to the industry-standard programs from year to year to year. I hope that's what you were looking for.

但由於我們的合約方式，通常是多年期合約，而且費用會在整個合約期間內平均分攤。所以您看到的是，我們每年都採用相當一致的行業標準方案。我希望這正是您所尋找的。

That's helpful. Should we expect an improvement from the current levels in terms of growth, or either next quarter or the next year?

這很有幫助。我們是否應該預期成長水準會比目前有所提高，或下個季度或明年會有改善？

I'll talk long term. I think we continue to believe that the solutions and new solutions that I'll refer to as our ISO solutions team continues to produce is promising. I think there's a lot of analytics that are on the pipe, things like energy we discussed here provides upside and opportunity. So I think we generally remain pretty confident, and we remain pretty upbeat about the long-term prospects for insurance.

我將談談長遠發展。我認為我們仍然相信，我們ISO解決方案團隊不斷開發的解決方案和新方案前景看好。我認為有很多分析方法正在醞釀中，例如我們剛才討論的能源領域，這些都蘊藏著成長空間和機會。因此，我認為我們總體上仍然相當有信心，並且對保險業的長期前景保持樂觀。

We don't view it as a mature business, and we manage very much as if it is not a mature business but as one that has the opportunity to grow.

我們不認為它是一家成熟的企業，我們的管理方式也完全按照它不是一家成熟企業，而是將其視為一家有發展潛力的企業來對待。

Okay. That's helpful.

好的，這很有幫助。

An Singh, Credit Suisse.

An Singh，瑞士信貸。

I wanted to follow up on your energy insurance unit launch. Realizing it's early days, hoping you can share some color on what the initial demand or commercial reception has been. And now that you've married energy to some of your supply-chain capabilities and now insurance, perhaps some thought on where you continue to see opportunities as far as products that combine your areas of expertise.

我想跟進一下您能源保險業務的推出。我知道現在還處於初期階段，但希望您能分享目前的市場需求和商業反應。現在您已經將能源業務與供應鏈能力以及保險業務結合，您能否考慮一下，在結合您各專業領域的產品方面，您還有哪些機會？

Sure, I think we always had approach where we want to work with our customers for any type of role out. So we brought all of our teams together to see what we have and what capabilities and solutions we have to help energy insurers, including and featuring a lot of the Wood Mac content.

當然，我認為我們一直以來都秉持著與客戶合作進行各種專案推廣的理念。因此，我們召集了所有團隊，共同探討我們擁有的資源、能力和解決方案，以幫助能源保險公司，其中也包括伍德麥肯錫的大量內容。

With that group together, a cross-functional team we built what we refer to as a minimally viable product. It's something that could be used for demos and used for a look into what really can happen. And what our intent is, is to always to work with partners, development partners, to build out and enhance that solution.

我們與這個跨職能團隊合作，建立了一個我們稱為最小可行產品（MVP）的方案。它可以用於演示，並展示實際應用的可能性。我們的目標始終是與合作夥伴，特別是開發合作夥伴，攜手建立和完善這個解決方案。

So we are -- that's gotten some very nice acceptance and interest from some of the largest players in that space. We have a couple of development partners and we are anxiously looking to move forward and try to move as quickly as we can on that front. I think it opens up some nice opportunities and really provides a little of insight into what is a great opportunity to build across the two verticals of Verisk.

所以，我們的方案已經獲得了業內一些巨頭的認可和濃厚興趣。我們目前有幾家開發合作夥伴，正積極尋求推進項目，力求盡快取得進展。我認為這帶來了一些不錯的機遇，也讓我們更深入地了解了在Verisk兩大垂直領域建立業務的巨大潛力。

You also had a comment or question about supply chain. And I think that offers a another opportunity where a lot of different parts.

您也對供應鏈提出了意見或問題。我認為這提供了另一個機會，涉及許多不同的環節。

Yes, we really like the supply chain theme because it lends itself to the kind of stochastic network analytic that we're good at. And, in fact, a lot of our supply chain thinking at the moment is directed at one of the most complex supply chains in the world, which is around the hydrocarbon ecosystem. And so we're actually -- that's a place where we're trying to bring together the pattern of thought and the vertical market.

是的，我們非常喜歡供應鏈這個主題，因為它非常適合我們擅長的隨機網路分析。事實上，我們目前在供應鏈方面的許多思考都集中在世界上最複雜的供應鏈之一——碳氫化合物生態系統。所以，我們其實是在嘗試將這種思維模式與垂直市場結合。

The other thing that I think really ties our Company together is large-scale data integration and data management, which is -- and it's just the bread and butter of doing what we do. But bringing those methods across all parts of our organization and finding ways to make sure that we're commercializing those opportunities in all of the vertical markets. I think that's, by degrees, new business for us and it's exciting. That, to me, is actually the most -- that's the greatest amount of connective tissue we have across the Company.

我認為真正將我們公司凝聚在一起的另一點是大規模資料整合和資料管理，這正是我們業務的基石。但將這些方法應用到我們組織的各個部門，並找到確保我們在所有垂直市場中實現這些機會商業化的方法，我認為這在某種程度上為我們帶來了新的業務，令人振奮。對我而言，這其實是我們公司內部最重要的連結。

Got it. That's really helpful. And as a follow up, could you speak to your media effectiveness business within financial services? I know you've been more optimistic on the project revenue opportunity there, but wondering if you have any updates you can share with regards to the view. It seems there's some discretionary pull-back from some customers in that space. And while I realize you guys are working on more subscription-type arrangements, does it at all change outlook for the more -- more of the larger projects that we've seen in the past?

明白了，這很有幫助。另外，能否請您談談您在金融服務領域的媒體效果業務？我知道您一直對該專案的收入前景比較樂觀，但我想了解您目前的看法是否有任何更新。似乎該領域的一些客戶正在減少支出。我知道你們正在努力拓展訂閱模式，但這是否會對我們過去看到的那些大型專案產生影響？

Not quite sure what you're referring to with respect to discretionary pullbacks. We had one relationship that was project-based and then got put into just a fundamentally different context.

不太明白您說的「酌情撤資」是什麼意思。我們之前有一個基於專案的合作關係，後來情況完全不同了。

But no, 2016 has been a year for the acquisition of some very exciting name-brand companies that are definitely new economy kinds of companies that have essentially come into our method. And we've also continued to have a lot of success with our way of partnering with others in the media world to be able to say very unique things to companies that are using old media and new media. And so it's a very good story and it's very broadly based. It's the same story as it was a year ago, exciting and growing. Okay. Got it. Thanks a lot.

不，2016年我們收購了一些非常令人興奮的知名品牌公司，它們絕對是新經濟領域的佼佼者，並且已經完全融入了我們的營運模式。同時，我們與媒體界其他機構的合作也取得了顯著成效，使我們能夠向使用傳統媒體和新媒體的公司傳遞非常獨特的訊息。所以，這是一個非常好的故事，而且影響範圍很廣。和一年前一樣，令人振奮，並且不斷發展壯大。好的，明白了。非常感謝。

Joseph Foresi, Cantor Fitzgerald.

約瑟夫·福雷西，康托·菲茨杰拉德。

What's causing the slowdown in implementation? Is it decisions on the part of the customer and have you seen any cancellations?

導致專案實施進度放緩的原因是什麼？是客戶方面的決定嗎？你們有沒有遇到取消訂單的情況？

No, to your last question. And basically, some of the things that we do, and I'll actually make a comment about the longer term, by the way. But some of the things that we do have an on-premises quality which require customers and their IT departments to do something in order to get hooked up to our solutions.

不，關於你最後一個問題。基本上，我們做的一些事情，順便說一句，我還要談談長遠發展。我們所做的一些事情需要客戶及其IT部門進行一些部署才能連接我們的解決方案。

And so there are just occasions where, as they are moving into our product suite, they just need to essentially be scheduling the implementations. And that's something that isn't always entirely in our control.

因此，有時當他們遷移到我們的產品套件時，他們基本上需要安排實施事宜。而這並非總是完全由我們掌控的。

Okay. Given the reinsurance and demand comments, any early thoughts about maybe your outlook for insurance for 2017? I figured I would try. Thanks.

好的。鑑於您剛才提到的再保險和需求方面的問題，您對2017年的保險市場前景有什麼初步看法嗎？我想試著回答一下。謝謝。

We remain very, very excited about our business. And just this fall, having gone through long-range, multi-year plans for all parts of the business, including all of the parts of the insurance business, I think we have the most robust view of new forms of value that we can bring to the market that we've ever had. I think the pipeline of internal opportunities has never been stronger.

我們對我們的業務依然充滿信心。就在今年秋季，我們制定了涵蓋公司所有業務領域（包括保險業務所有領域）的長期多年規劃，我認為我們現在對能夠為市場帶來的全新價值形式有了前所未有的清晰認識。我認為我們內在的發展機會也從未如此豐富。

Insurance remains a world where you can really think of an insurance Company as an information factory. And there are many, many insurance companies, and they're all in different places in terms of their journey towards data analytic proficiency. They are all, I think, and in varying degrees, becoming even more comfortable with the thought of third parties, like ourselves, contributing to what it is that they're doing.

保險業仍然是一個可以把保險公司看作資訊工廠的世界。保險公司眾多，它們在數據分析能力提升方面所處的階段也各不相同。我認為，它們都在不同程度上逐漸接受第三方（例如我們）參與它們的業務。

The environment, in general, is one that our approach, which is vertical big-data analytics, is a meaningful one. And we're actually having a two-day customer conference beginning tomorrow for our North American customers, and it's very exciting. The attendee list is very exciting and what we're going to be talking about is really interesting, future-oriented stuff.

總的來說，我們採用的垂直大數據分析方法在目前環境下非常適用。我們明天將為北美客戶舉辦為期兩天的客戶大會，這令人非常興奮。與會者陣容強大，我們將探討一些真正有趣且面向未來的話題。

Thank you.

謝謝。

Arash Soleimani, KBW.

Arash Soleimani，KBW。

Quick follow-up. The tax benefit you mentioned from the UK legislation, did you say that was a one-time benefit or could it have an enduring benefit going forward, as well?

還有一個後續問題。您提到的英國法律規定的稅收優惠，您是說這是一次性優惠，還是說它也能在未來持續帶來好處？

Basically, there are two elements. There was about $0.04 in the quarter that was one time. The rate basically came down 5 percentage points in the UK, and there's the change that we make to our deferred tax asset as a result of that. That's the one time. But obviously, the lower rate of 1 point will continue through the future.

基本上，這包含兩個方面。第一，本季有大約 0.04 美元的變動，屬於一次性變動。第二，英國的稅率下降了 5 個百分點，因此我們對遞延所得稅資產進行了相應的調整。這是一次性變動。但顯然，未來 1 個百分點的較低稅率將會持續。

That's helpful. Thanks. The other question, I know you said Wood Mac, you still expect it to be flat for the year, as you said before. Did you say earlier what the organic constant currency was for Wood Mac this quarter specifically?

這很有幫助，謝謝。還有一個問題，我知道您提到了伍德麥肯錫，您之前也說過預計全年業績將持平。您之前有沒有具體說明伍德麥肯錫本季以固定匯率計算的有機成長是多少？

No. We haven't called that out quarter by quarter, but I think we're tracking to the full-year view. And the reason we talk about it that way is that's really consistent with how we run the business.

不，我們沒有逐季度公佈具體數字，但我認為我們正朝著全年目標穩步前進。我們之所以這樣說，是因為這與我們公司的運作方式非常契合。

Perfect. Thank you very much for the answers.

太好了。非常感謝您的解答。

Andre Benjamin, Goldman Sachs.

安德烈·本傑明，高盛。

In the past, you talked about efforts with the connected car and the push to be the partner or help to shape the ecosystem for data shared between the OEMs, property insurers, and drivers. I didn't know if you had anything new on that and how you were thinking about the opportunity there.

過去，您曾談到在連網汽車領域的努力，以及致力於成為合作夥伴或協助建構OEM廠商、財產保險公司和車主之間資料共享生態系統的舉措。我不知道您在這方面是否有任何新的進展，以及您如何看待其中的機會。

We continue to be really at the forefront of this, as relates to the insurance industry, in connecting OEMs and others together with insurers. I think it's just a very difficult process to try to connect with all the number of contributors, all the different OEMs as an example, and the 300, 400 insurers that may be interested in it. We are making good progress of other OEMs, meaning other car manufacturers, as well as folks who do central alarm systems and connected homes, things like that, because we think it will be a key element in understanding, assessing, and rating the insurance policy.

在保險業，我們始終走在連接汽車製造商（OEM）和其他相關方與保險公司的前沿。我認為，要聯繫到所有參與者，例如所有不同的汽車製造商，以及可能對此感興趣的300到400家保險公司，確實是一個非常困難的過程。我們與其他汽車製造商（OEM）以及中央警報系統和智慧家庭等相關企業取得了良好的進展，因為我們認為這將是理解、評估和評級保險單的關鍵要素。

We've made good progress both here, and it also creates a nice beach head for us in internationally expansion opportunities too. I think we are a little ahead of the markets right now, but I think we're well positioned. And Scott earlier mentioned, there's an industry conference we're holding later this week. And that will be a featured part of the presentations, and we'll have some [new] information about that, as well.

我們在國內和國內都取得了不錯的進展，這也為我們拓展國際市場奠定了良好的基礎。我認為我們目前略微領先市場，而且我們的定位也很穩定。正如斯科特之前提到的，我們將在本週晚些時候舉辦一個行業會議。這將是會議演講的重點內容，我們也會分享一些相關的新資訊。

My last follow-up would be, the Argus partnership with Nielsen on some of the marketing effective have been tremendously successful. I was wondering, one, is that agreement exclusive or could you partner with potentially some of the others in that space, which is growing rapidly? And similarly, are you thinking of any alternative areas where you could use Argus data outside of the traditional credit space?

我最後一個後續問題是，Argus 與 Nielsen 在一些行銷效果方面的合作取得了巨大的成功。我想問一下，第一，這項協議是獨家的嗎？或者你們可以與該領域其他一些快速成長的公司合作？同樣，你們是否考慮過在傳統信用領域之外的其他領域使用 Argus 資料？

We're not, Andre, talking about the specific partnerships. I realize that there's chatter in the market, et cetera, but we ourselves aren't really talking about who our partners are. But I will say that it's a rich ecosystem and we are relating to a number of players in the space.

安德烈，我們現在討論的不是具體的合作關係。我知道市場上有很多傳言，但我們自己也沒有透露合作夥伴是誰。不過我可以說，這是一個非常豐富的生態系統，我們正在與該領域的許多參與者建立聯繫。

Thank you.

謝謝。

I will now turn the call back to our presenters for closing remarks.

現在我將把電話轉回給各位演講嘉賓，請他們作總結發言。

Thank you, everybody, for joining us for our third-quarter earnings call. We appreciate your interest. I hope and expect we'll see a number of you at our investor day next month, which we're looking forward to, and until then, be well. Talk to you soon.

感謝各位參加我們第三季財報電話會議。感謝大家的關注。希望並期待下個月的投資人日能見到各位，我們非常期待屆時能與大家見面。在那之前，祝大家一切順利。下次再見。

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

今天的電話會議到此結束。您可以斷開連線了。謝謝。