Verisk Analytics Inc (VRSK) 2016 Q4 法說會逐字稿

Good day, everyone, and welcome to the Verisk Analytics fourth-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.

大家好，歡迎參加 Verisk Analytics 2016 年第四季財報電話會議。本次通話正在錄音。現在，我謹將電話轉交給 Verisk 的投資者關係總監 David Cohen 先生，由他來致開幕詞和介紹。科恩先生，請繼續。

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

謝謝你，斯科特。祝大家今天愉快。感謝您今天蒞臨本次會議，與我們共同探討2016年第四季的財務表現。

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.

今天早上和我一起參加電話會議的有：董事長、總裁兼執行長 Scott Stephenson；營運長 Mark Anquillare；以及財務長 Eva Huston。在 Scott、Mark 和 Eva 就我們的策略重點和財務表現發表了一些重要評論之後，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, for which you can find a reconciliation in our press release.

除非另有說明，我們今天討論的所有業績均反映的是持續經營業務。所有關於 EBITDA 的討論均反映的是調整後的 EBITDA，您可以在我們的新聞稿中找到相關調節表。

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

本次電話會議中提到的收益報告以及相關的 10-K 表格，可以在我們網站 verisk.com 的投資者關係部分找到。獲利報告也已附在我們提交給美國證券交易委員會的 8-K 表格中。本次通話的錄音將在我們的網站上保留 30 天，也可透過電話撥入收聽。

Finally, as set forth in more detail in today's earning release, I'll remind everyone that 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 contained in our recent SEC filings. Now I'll turn the call over to Scott Stephenson.

最後，正如今天發布的收益報告中更詳細闡述的那樣，我要提醒大家，今天的電話會議可能包含有關 Verisk 未來業績的前瞻性陳述。實際表現可能與我們今天所作的評論有重大差異。有關可能影響未來業績的因素的資訊已包含在我們最近向美國證券交易委員會提交的文件中。現在我將把電話交給史考特史蒂芬森。

Thank you, David. Good morning, everyone. In the fourth quarter we again delivered solid revenue growth, leading margins and strong underlying cash generation. The resilience of our financial performance, while facing currency and energy and market headwinds, reflects the distinctiveness of our businesses, the outstanding dedication of our people, and the value we deliver to our customers. In addition to a successful 2016, our initiatives during the year position us well to execute on our plans for 2017.

謝謝你，大衛。各位早安。第四季度，我們再次實現了穩健的營收成長、領先的利潤率和強勁的現金流。儘管面臨貨幣、能源和市場逆風，我們財務表現仍保持韌性，這反映了我們業務的獨特性、員工的傑出奉獻精神以及我們為客戶創造的價值。除了 2016 年的成功之外，我們在這一年中採取的各項措施也為我們執行 2017 年的計畫奠定了良好的基礎。

Revenue from continuing operations grew 6% in the fourth quarter and 13% for the year. Organic constant currency revenue grew about 6% in the quarter and for the full year. With almost 8% growth in the quarter from our combined insurance and financial services businesses, the long-term underlying trends remain encouraging.

第四季持續經營業務收入成長 6%，全年成長 13%。以固定匯率計算的有機收入在本季和全年均成長了約 6%。本季度，我們保險和金融服務業務合計成長近 8%，長期基本面趨勢依然令人鼓舞。

Wood Mac finished the year slightly better than flat, a remarkable achievement given the end market head winds. Profitability remains strong, with total EBITDA margins in the quarter and for the full year of around 50%. EBITDA growth was around 7% in the quarter, and excluding the prior-year warrant sale gain, was about 12% for the full year.

考慮到終端市場的不利因素，伍德麥肯錫公司全年業績略好於持平，這是一項了不起的成就。獲利能力依然強勁，本季和全年的 EBITDA 總利潤率約為 50%。本季 EBITDA 成長率約 7%，若不計入上年認股權證出售收益，全年成長率約 12%。

Diluted adjusted EPS grew about 8% in the quarter and for the year and about 11% excluding the prior-year warrant gain. Year to date, free cash flow is up 16% excluding the one-time tax on the gain on the healthcare business sale.

本季度及全年稀釋調整後每股收益成長約 8%，若不計入上年認股權證收益，則成長約 11%。今年迄今為止，不包括出售醫療保健業務收益的一次性稅款，自由現金流增加了 16%。

We were pleased to continue returning capital to our shareholders through our long-standing share repurchase program. We bought $144 million of stock in the quarter, and after an additional $500 million authorization we had over $600 million available as of December 31, 2016. With our leverage below are 2.5 times reference level, we have plenty of capacity to make strategically relevant acquisitions as well as additional repurchases.

我們很高興能夠透過我們長期實施的股票回購計畫繼續向股東返還資本。本季我們購買了價值 1.44 億美元的股票，在獲得額外的 5 億美元授權後，截至 2016 年 12 月 31 日，我們擁有超過 6 億美元的可用資金。由於我們的槓桿率低於參考水準的 2.5 倍，我們有足夠的能力進行具有策略意義的收購以及額外的回購。

We made a number of tuck-in acquisitions in 2016 and early this year, which collectively have brought us new data sets, adjacent solutions, distinctive analytics, additional markets to serve, and outstanding debt analytics talents. In many cases, the acquisitions also accelerated our strategies at a lower cost relative to a build approach.

我們在 2016 年和今年年初進行了一系列補充收購，這些收購共同為我們帶來了新的數據集、相關解決方案、獨特的分析、更多可服務的市場以及傑出的債務分析人才。在許多情況下，與自建方式相比，收購也以更低的成本加速了我們的策略實施。

We benefit from our flexibility to decide whether to innovate organically or via acquisitions. We remain active in evaluating possible transactions in pursuit of our international expansion and vertical enhancement efforts.

我們受益於自身的靈活性，可以決定是透過自身發展還是透過收購進行創新。我們將繼續積極評估可能的交易，以實現我們的國際擴張和垂直整合目標。

The foundations of our businesses remain the distinctive of, one, unique data assets; two, deep domain expertise; three, first-to-market innovations; and, four, deep integration into our customer workflows. Our success is due to the outstanding efforts of our people who enhance the distinctiveness of our business as we focus on serving our customers with innovative data analytics solutions. We feel very good about our ability to serve our customers and drive top-line growth for the long-term as a result.

我們業務的基礎仍然是以下幾點：一、獨特的數據資產；二、深厚的領域專業知識；三、率先進入市場的創新；四、與客戶工作流程的深度整合。我們的成功歸功於員工的傑出努力，他們致力於透過創新的數據分析解決方案為客戶提供服務，從而提升了我們業務的獨特性。我們對服務客戶和推動公司長期營收成長的能力感到非常滿意。

We are well-positioned for 2017 with contributions expected from existing and newly acquired businesses. We continue to invest in innovation and I am excited about the multi-year opportunities for solutions under development this year. So, with that, let me turn the call over to Mark for some additional comments.

我們已為 2017 年做好了充分準備，預計現有業務和新收購的業務都將做出貢獻。我們將繼續加大對創新的投入，我對今年正在開發的解決方案所帶來的多年發展機會感到興奮。那麼，接下來我將把電話交給馬克，請他補充一些意見。

Thank you, Scott. Across our businesses which serve the property and casualty insurance industry, we have several key industry themes, including vertical big data, industry automation and digital engagement. As we serve our customers with these themes in mind, we made a number of tuck-in acquisitions to complement our organic efforts. We made two acquisitions to enhance our strong position in extreme event modeling, analyze re, extend AIR's capabilities farther downstream by providing real-time solutions for reinsurance treaty pricing, enterprise portfolio roll up, and portfolio optimization.

謝謝你，斯科特。在我們服務於財產和意外保險行業的各項業務中，我們有幾個關鍵的行業主題，包括垂直大數據、行業自動化和數位化互動。秉持著這些理念服務客戶，我們進行了一些補充性收購，以完善我們的自然成長。我們進行了兩項收購，以增強我們在極端事件建模、分析再保險、進一步向下游擴展 AIR 的能力，為再保險條約定價、企業投資組合匯總和投資組合優化提供即時解決方案。

Last month we acquired Arium, which provides modeling solutions and analytics for the casualty market. Our vision is to leverage Arium's capabilities to allow us to do for casualty analytics what we've done for property analytics. Arium's solutions provide analytics for liability exposures, including visual and quantitative insights into accumulations in areas of risk concentration.

上個月我們收購了 Arium，該公司為意外傷害市場提供建模解決方案和分析服務。我們的願景是利用 Arium 的功能，使我們能夠像在財產保險分析領域一樣，在意外傷害分析領域取得成功。Arium 的解決方案提供責任風險分析，包括對風險集中領域的累積情況進行視覺化和定量分析。

These acquisitions got us to market faster and at a lower cost than if we had built the solutions ourselves. We also acquired MarketStance, a leading provider of data analytics solutions that enables and ensures us to identify high potential market segments of interest. This gives us a broader set of solutions with which to serve our customers' marketing departments.

這些收購使我們能夠以比自己開發解決方案更快、更低成本的方式將產品推向市場。我們還收購了 MarketStance，這是一家領先的數據分析解決方案提供商，能夠幫助我們識別具有高潛力的目標市場細分。這為我們提供了更廣泛的解決方案，可以更好地服務客戶的行銷部門。

Another of our recent acquisitions was the GeoInformation Group, a leader in geographic data solutions based in the UK, where we are expanding. The GeoInformation Group offers large-scale mapping services and geospatial data and analytics solutions to a wide array of companies and public sector organizations. This acquisition complements our risk management and predictive analytic capabilities internationally, and expands Verisk's footprint in the UK across multiple verticals including insurance, energy and real estate.

我們最近收購的另一家公司是 GeoInformation Group，這是一家總部位於英國的地理資料解決方案領導者，我們正在英國擴張。地理資訊集團為許多公司和公共部門組織提供大規模測繪服務、地理空間資料和分析解決方案。此次收購完善了我們在國際上的風險管理和預測分析能力，並擴大了 Verisk 在英國的影響力，涵蓋保險、能源和房地產等多個垂直領域。

Finally, just last week we acquired Healix Risk Rating, a leader in automated risk assessment at the point of sale for the travel insurance industry. This acquisition further expands our risk assessment offerings for the global insurance industry, providing solutions that are embedded in our customer workflows and can help our insurers underwrite travel insurance with greater speed, accuracy and efficiency.

最後，就在上週，我們收購了 Healix Risk Rating，該公司是旅遊保險業銷售點自動風險評估的領導者。此次收購進一步擴展了我們面向全球保險業的風險評估產品，提供的解決方案已融入客戶的工作流程，可以幫助我們的保險公司更快、更準確、更有效率地承保旅遊保險。

These tuck-in acquisitions are close to our core insurance business and support our deep analytic expertise, unique data, and global focus. With that let me turn the call over to Eva to cover the financial results.

這些小規模收購與我們的核心保險業務密切相關，並支持我們深厚的分析專業知識、獨特的數據和全球視野。接下來，我將把電話交給伊娃，讓她來介紹財務表現。

Thank you, Mark. In the fourth quarter and for the full year we again grew both revenue and EBITDA, while also investing in solutions with meaningful long-term potential revenue streams. Revenue in the fourth quarter grew 6% and 6.2% organically in constant currency. For the full-year revenue grew 13.3% and 5.8% organically in constant currency.

謝謝你，馬克。第四季和全年，我們的營收和 EBITDA 再次成長，同時我們也投資於具有有意義的長期潛在收入來源的解決方案。第四季營收以固定匯率計算成長了 6%，有機成長了 6.2%。全年營收成長13.3%，以固定匯率計算有機成長5.8%。

Our combined insurance and financial services businesses grew 7.9% in the quarter and 6.9% for the full year. As a reminder, organic constant currency growth excludes the contribution from recent acquisitions and reflects current-period exchange rates apply to prior-year period revenue.

我們的保險和金融服務業務在本季成長了 7.9%，全年成長了 6.9%。需要提醒的是，有機固定匯率成長不包括近期收購的貢獻，並且反映了去年同期收入適用的當期匯率。

EBITDA grew 7% to $258 million in the quarter and 11.9% to $1 billion for the full year. The full-year growth excludes the 2015 warrant sale gain. EBITDA margins were 50.9% in the quarter and 50.4% for the full year.

本季 EBITDA 成長 7% 至 2.58 億美元，全年成長 11.9% 至 10 億美元。全年成長不包括 2015 年認股權證出售收益。本季 EBITDA 利潤率為 50.9%，全年 EBITDA 利潤率為 50.4%。

Within the Decision Analytics segment revenue grew 6.5% and 7.3% organically in constant currency. Again this quarter financial services was the fastest-growing vertical while insurance-focused solutions were the largest contributor of dollars to growth.

決策分析業務部門的營收以固定匯率計算分別成長了 6.5% 和 7.3%。本季金融服務再次成為成長最快的垂直產業，而以保險為中心的解決方案是成長資金的最大貢獻者。

For the full year Decision Analytics revenue grew 18.5% and 6.3% organically in constant currency. Decision Analytics insurance revenue grew 7.5% in the fourth quarter. Organic growth was 7.3% in the quarter.

全年決策分析業務收入按固定匯率計算成長了 18.5%，其中有機成長為 6.3%。決策分析保險收入在第四季成長了7.5%。本季有機成長率為7.3%。

Performance in the quarter was led by strong growth in underwriting solutions with good contribution from claims analytics and repair cost estimating solutions. Catastrophe modeling solutions also contributed to growth.

本季業績主要得益於承保解決方案的強勁成長，其中理賠分析和維修成本估算解決方案也做出了良好貢獻。災難建模解決方案也促進了成長。

For the full year revenue grew 8.1% on a reported and organic basis. The full-year Decision Analytics insurance growth is consistent with what we delivered in 2015. Customer retention remains very high and we're confident in our ability to continue to deliver growth.

全年營收按報告和有機成長計算成長了 8.1%。全年決策分析保險業務成長與 2015 年的業績一致。客戶留存率依然非常高，我們有信心繼續保持成長動能。

Energy and specialized markets category revenue declined 0.3% in the quarter, and increased 43.4% for the full year. On a constant currency basis Wood Mac was up slightly for the full year. We were expecting the results to be about flat and as a result we were pleased with the performance.

能源和專業市場類別的收入在本季度下降了 0.3%，全年增長了 43.4%。以固定匯率計算，伍德麥肯錫全年業績略有成長。我們原本預期結果會比較平穩，因此我們對最終表現感到滿意。

Consistent with our long-standing approach, Wood Mac became a part of organic revenue starting in the third quarter. Revenue for energy and specialized markets, excluding the recent acquisitions, declined 5.5% in the quarter and for the full year, primarily as a result of the continuing end market and currency headwinds affecting the energy business.

與我們長期以來的做法一致，伍德麥肯錫從第三季開始成為有機收入的一部分。不包括近期收購，能源和專業市場的收入在本季度和全年下降了 5.5%，主要原因是終端市場和貨幣持續不利因素影響了能源業務。

Financial services category revenue increased 27.3% in the quarter and 10.1% for the full year. Growth was driven by analytical and media effectiveness solutions.

本季金融服務類營收成長了 27.3%，全年成長了 10.1%。分析和媒體效果解決方案推動了成長。

Risk assessment revenue grew 5.1% and 4.4% organically in the quarter, continuing to demonstrate the value to our long-standing insurance customers, contributions of newer solutions and the inclusion of recent acquisitions. Risk assessment growth was 5.2% and 5% organically for the full year.

本季度風險評估收入實現了 5.1% 和 4.4% 的有機成長，繼續證明了我們為長期保險客戶創造的價值、新解決方案的貢獻以及近期收購的納入。風險評估業務全年成長 5.2%，有機成長 5%。

Industry standard insurance programs revenue grew 5.9% in the quarter and 5.4% organically, reflecting our 2016 invoices and continued contribution from newer solutions such as predictive models and electronic rating content. Growth was 5.6% for the full year and 5.3% organically.

本季度行業標準保險計劃收入增長了 5.9%，有機增長了 5.4%，反映了我們 2016 年的賬單以及預測模型和電子評級內容等新解決方案的持續貢獻。全年成長率為 5.6%，其中有機成長率為 5.3%。

Our property-specific rating and underwriting information revenue increased 2.6% in the quarter and 1.4% organically. Growth was led by underwriting solutions revenue. For the full year growth was 4% and 3.7% organically.

本季我們的特定財產評級和承保資訊收入成長了 2.6%，其中有機成長了 1.4%。核保解決方案收入帶動了成長。全年成長率為 4%，其中有機成長率為 3.7%。

EBITDA increased 7% in the quarter to $258 million, resulting in EBITDA margins of 50.9%. For the full year, EBITDA increased 9.9% resulting in margins of 50.4% and, adjusted for the 2015 warrant gain, grew 11.9%. Reported interest expense was $28 million in the quarter and $120 million for the full year.

本季 EBITDA 成長 7% 至 2.58 億美元，EBITDA 利潤率為 50.9%。全年來看，EBITDA 成長了 9.9%，利潤率為 50.4%；經 2015 年認股權證收益調整後，成長了 11.9%。本季報告的利息支出為 2,800 萬美元，全年報告的利息支出為 1.2 億美元。

At December 31, 2016 total debt was about $2.4 billion, including about $100 million of revolver borrowings. Our pro forma leverage at the end of the fourth quarter was about 2.2 times. Since the end of the fourth quarter we have repaid an additional $70 million.

截至 2016 年 12 月 31 日，總債務約 24 億美元，其中包括約 1 億美元的循環信貸借款。第四季末，我們的備考槓桿率約為 2.2 倍。自第四季末以來，我們已額外償還了 7,000 萬美元。

Our cash and cash equivalents were about $135 million at the end of 2016. Our reported effective tax rate was 32.9% in the quarter. For the full year 2016 the effective tax rate was 30.9%.

截至 2016 年底，我們的現金及現金等價物約為 1.35 億美元。本季我們報告的實際稅率為 32.9%。2016 年全年實際稅率為 30.9%。

Adjusted net income increased 5.5% to $135 million in the quarter and 10.1% to $532 million for the full year. Adjusted EPS on a fully diluted basis was $0.80 in the quarter, an increase of 8.1%. For the full year, adjusted EPS grew 8.4% to $3.11.

本季調整後淨收入成長 5.5% 至 1.35 億美元，全年成長 10.1% 至 5.32 億美元。本季經調整後的每股盈餘（完全稀釋後）為 0.80 美元，成長 8.1%。全年調整後每股收益成長 8.4% 至 3.11 美元。

Diluted adjusted EPS from continuing operations for the full year increased because of organic growth in the business, acquisitions and lower interest expense. The increases were partially offset by higher fixed asset depreciation expense, higher taxes and a higher share count. Excluding the 2015 warrant gain, adjusted EPS grew 10.7% for the full year.

由於業務的內生成長、收購以及利息支出減少，全年持續經營業務的稀釋調整後每股盈餘有所成長。成長部分被更高的固定資產折舊費用、更高的稅收和更高的股份數量所抵銷。剔除 2015 年認股權證收益，全年調整後每股收益成長 10.7%。

The average diluted share count was 170.2 million shares in the quarter. And on December 31, 2016 our diluted share count was 169.5 million shares. We repurchased 1.8 million shares in the quarter for a total return of capital to shareholders of $144 million.

本季平均稀釋後股數為1.702億股。截至 2016 年 12 月 31 日，我們的稀釋後股份總數為 1.695 億股。本季我們回購了 180 萬股股票，向股東返還了總計 1.44 億美元的資本。

At December 31, 2016 we had $636 million remaining under our share repurchase authorization. As Scott mentioned, we added an additional $500 million in December. Our repurchase program has been successful to date, generating annualized IRRs above our cost of capital.

截至 2016 年 12 月 31 日，我們的股票回購授權額度還剩餘 6.36 億美元。正如史考特所提到的，我們在12月又追加了5億美元。到目前為止，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 20.8% to $498 million for the 12-month period ended December 31, 2016, excluding the $100 million tax on the gain of the sale of the healthcare business and the $19 million ESOP payment. Free cash flow, excluding the tax and ESOP payments, was 49.5% of EBITDA. These numbers are all for continuing operations. Free cash flow remains an important metric for measurement of driving enterprise and therefore shareholder value.

截至 2016 年 12 月 31 日的 12 個月期間，自由現金流成長 20.8% 至 4.98 億美元，不包括出售醫療保健業務收益的 1 億美元稅款和 1,900 萬美元的員工持股計畫 (ESOP) 付款。不計稅收和員工持股計畫 (ESOP) 付款的自由現金流佔 EBITDA 的 49.5%。這些數據均指持續經營業務。自由現金流仍然是衡量企業發展和股東價值的重要指標。

Capital expenditures were $146 million in the 12 months ended December 31, 2016, an increase of $7 million over the same period in 2015. Capital expenditures were 7.3% of revenue for the 12 months ended December 31, 2016.

截至 2016 年 12 月 31 日的 12 個月內，資本支出為 1.46 億美元，比 2015 年同期增加了 700 萬美元。截至 2016 年 12 月 31 日的 12 個月內，資本支出佔收入的 7.3%。

As you think about your models for 2017, currency will continue to be a headwind, with the strongest effect in the first quarter and continuing through the year given the current sterling-US dollar rates. On a reported basis this will affect the normal quarterly progression we typically see.

當您考慮 2017 年的商業模式時，匯率仍將是一個不利因素，鑑於目前的英鎊兌美元匯率，其影響在第一季最為顯著，並將持續到年底。據報告顯示，這將影響我們通常看到的正常季度進展。

In 2016 the exchange rate averaged $1.44 before the June Brexit vote and $1.36 for the full year. At December 31, 2016 the rate was $1.23. At $1.23, 2016 revenue would have been about $25 million lower than reported, with the greatest impact in first quarter.

2016 年 6 月英國脫歐公投前，英鎊兌美元匯率平均為 1.44 美元，全年平均為 1.36 美元。截至 2016 年 12 月 31 日，匯率為 1.23 美元。2016 年的營收以每股 1.23 美元計算，將比報告的數字少約 2,500 萬美元，其中第一季受到的影響最大。

In addition to the revenue impact, currency will also have a downward impact on margins. Depending upon your prior FX assumptions, please keep the lower currency in mind as you review your 2017 and forward estimates. In addition, you will recall that in first quarter of 2016 we had several million dollars of one-time true-up revenue in Decision Analytics insurance, which we discussed with you last year.

除了對收入的影響外，匯率波動還會對利潤率產生下行影響。根據您先前的匯率假設，請在審查 2017 年及以後的預測時，牢記較低匯率。此外，您可能還記得，在 2016 年第一季度，我們在決策分析保險方面有數百萬美元的一次性調整收入，我們去年曾與您討論過此事。

And, finally, please keep in mind that the tuck-in acquisitions are not yet at scale and therefore are lower margin than corporate average, but proportionate to their size. The acquisitions we're doing are close to the core with well-defined paths to top-line growth and margin expansion.

最後，請記住，這些零星收購尚未達到規模，因此利潤率低於公司平均水平，但與其規模成正比。我們進行的收購都與核心業務密切相關，並有明確的途徑實現營收成長和利潤率擴張。

The net of many of these factors is that we expect to see much more of a progression in both revenue and EBITDA as we move through the year. In addition, we expect CapEx of about $160 million to $165 million. This reflects the opportunities we have to invest in some newer areas, in many cases related to people which fall both under operating and capital expenditures; fixed asset depreciation and amortization of about $125 million; and amortization of intangibles of about $90 million.

綜合以上許多因素，我們預期隨著年內業務的推進，營收和 EBITDA 都將出現更大的成長。此外，我們預計資本支出約為 1.6 億美元至 1.65 億美元。這反映了我們有機會投資一些較新的領域，在許多情況下都與人有關，這些投資既屬於營運支出也屬於資本支出；固定資產折舊和攤提約 1.25 億美元；無形資產攤提約 9,000 萬美元。

Based on our current debt balances and interest rates we expect interest expense to be around $115 million. And we estimate the tax rate to be in the range of 32% to 33%. In the adjusted net income calculation we will continue to use 26% for the tax effect on intangible amortization. And, finally, we expect a diluted weighted average share count of 171.2 million shares.

根據我們目前的債務餘額和利率，我們預計利息支出約為 1.15 億美元。我們估計稅率在 32% 到 33% 之間。在調整後的淨收入計算中，我們將繼續使用 26% 的稅率來計算無形資產攤銷的稅務影響。最後，我們預計稀釋後的加權平均股數為 1.712 億股。

We are pleased with our 2017 plan while being mindful of the currency headwinds. We're excited about the opportunities to invest, looking to drive long-term profitable growth. We remain confident that we have the financial strength and capital structure to support investment for the long term.

我們對2017年的計畫感到滿意，同時也意識到匯率波動帶來的不利影響。我們對投資機會感到興奮，希望推動長期獲利成長。我們仍然相信，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. Given the large number of analysts we have covering us, we ask that you limit your questions to one and one follow-up. And with that, I'll ask the operator to open up the lines for questions.

我們衷心感謝大家對 Verisk 的支持與關注。鑑於有大量分析師關注我們，我們要求您將問題限制在一個問題內，並可提出後續問題。接下來，我會請接線生開通提問專線。

(Operator Instructions)

（操作說明）

Tim McHugh, William Blair.

提姆·麥克休，威廉·布萊爾。

First, I just wanted to ask for a little more color on the insurance vertical. The growth, while you talked last quarter that you didn't expect that part of the business to accelerate this year, it still seems to have been probably a little slower than you used to see. So, can you talk about the puts and takes that you are seeing just within that vertical?

首先，我想請您詳細介紹一下保險業的狀況。雖然你上個季度說過你預計今年這部分業務不會加速成長，但就成長而言，它似乎仍然比你以前看到的要慢一些。那麼，您能否談談您在這個垂直領域中觀察到的買賣交易情況？

Hi, Tim. This is Mark. I just wanted to give you the color you're asking for. First of all, I think we continue to feel very good about the insurance vertical overall, a combination of greater customer engagement in the form of better interactions, higher level interactions, big topics being discussed, as well as a lot of new innovations we are excited by.

嗨，提姆。這是馬克。我只是想給你想要的顏色。首先，我認為我們對保險業的整體發展依然非常樂觀，這得益於客戶參與度的提高（表現為更好的互動、更高層次的互動、對重大話題的討論），以及許多令我們興奮的新創新。

Inside some of the macro you do have some headwinds with regard to the world of premium growth and industry consolidation. But I think those are, to a lesser extent, more distant. And I think the team performed well in spite of a couple of what I would refer to as some industry slow down. But we maintain a very positive outlook for the future.

從宏觀層面來看，高端市場成長和產業整合確實存在一些不利因素。但我認為，在某種程度上，這些距離更遠。我認為，儘管遇到了一些我稱之為行業放緩的因素，但團隊的表現仍然出色。但我們對未來仍保持非常樂觀的展望。

Just to follow up, in the context of that tougher industry environment, I assume that's going to continue into 2017. Would you expect the growth rate to stay at a little lower level in that environment? Is that the way of thinking about it now or how are you thinking about?

最後補充一點，在當前更嚴峻的產業環境下，我認為這種情況會持續到 2017 年。在這種環境下，你認為成長率會保持在略低的水平嗎？現在是這樣想的嗎？還是你另有想法？

I would say to you that if you are focused on industry premium growth a lot of our contracts now have moved beyond and away from that. There is clearly a focus on procurement and cost containment inside of our customers. So, that's a little bit of what I was referring to. But in what I see as a lot of industry automation that's happening, people are really looking at processes, at how their systems operate, and that is giving us some big opportunities and some nice pipeline.

我想說的是，如果你關注的是行業溢價增長，那麼我們現在的許多合約已經超越並偏離了這一目標。很明顯，我們的客戶非常注重採購和成本控制。這就是我剛才提到的一部分內容。但在我看來，許多行業自動化正在發生，人們真正關注的是流程，關注的是他們的系統是如何運作的，這給我們帶來了一些巨大的機會和良好的發展前景。

The other thing I will highlight, as we continue to be talking about here US premium growth, we continue to have aspirations and some opportunities that extend beyond the United States. International and global expansion remains a key priority for us as look forward. I think we remain positive across the board there. I hope that's responsive.

另外，我想強調的是，在我們繼續討論美國保費成長的同時，我們仍然有一些願望和機會延伸到美國以外的地區。展望未來，國際和全球擴張仍然是我們的首要任務。我認為我們各方面都保持樂觀。希望這樣回覆對您有幫助。

Yes. And just continue that one follow-up, the cat modeling area seems to have been the slowest growing part this quarter for Decision Analytics, as it was last quarter. I recognize the issues in the reinsurance. But are you comfortable that you're still picking up as much market share as you were in the past? You seem to have grown faster relative to your main competitor there, even in the past versus lately.

是的。繼續跟進一下，貓建模領域似乎是本季決策分析領域成長最慢的部分，就像上個季度一樣。我意識到了再保險方面的問題。但您是否確信，您目前仍能像過去一樣獲得如此多的市場份額？相對於你的主要競爭對手，你似乎發展得更快，即使是過去與最近相比也是如此。

I think we are continuing to make a lot of progress there. You probably hit a couple of the topics, although a smaller piece, the world of insurance-like transactions is a little lighter so that probably has brought some of that revenue down a little bit. More importantly, though, we, from the standpoint of working with insurers and reinsurers, have been growing like we have in the past. I don't think there's any slow down there.

我認為我們在那方面持續取得很大進展。你可能已經談到了幾個主題，雖然涉及的領域較小，但保險類交易領域相對較少，這可能導致部分收入略有下降。但更重要的是，從與保險公司和再保險公司合作的角度來看，我們一直像過去一樣保持著成長動能。我不認為那裡的發展速度會放緩。

When we talk about industry trends, though, there is a headwind relative to if there's industry consolidation among insurers. So, you see some of that type of growth, as well.

不過，當我們談到產業趨勢時，如果保險公司之間出現產業整合，就會面臨不利因素。所以，你也能看到這類成長。

Okay. Thank you.

好的。謝謝。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Scott, with reference to your comments early on in terms of being well-positioned for 2017 with new and existing solutions, I was hoping you could maybe touch on some of the new ones you were referring to, and if that changes the trend in the growth rates you're seeing right now, if there is any material pick up we should expect in 2017.

Scott，關於你之前提到的憑藉新的和現有的解決方案為 2017 年做好充分準備，我希望你能談談你提到的一些新方案，以及這些方案是否會改變你目前看到的增長率趨勢，以及 2017 年是否會出現任何實質性的增長。

The innovations are very broadly based. They cover many different aspects of the insurance value chain. I'll just s reference a few but there are really so many.

這些創新涵蓋範圍非常廣泛。它們涵蓋了保險價值鏈的許多不同方面。我只舉幾個例子，但實際上有很多。

We are working on helping our customers that are doing aggregate portfolio analytics with better portfolio tools. This relates in part to what we added with Analyze Re. We have platforms which speed up the underwriting process. We have new data sets which relate to, among other things, the underwriting of auto policies, which is related to the telematics data exchange.

我們正在努力為進行匯總投資組合分析的客戶開發更好的投資組合分析工具。這與我們透過 Analyze Re 新增的功能有部分關係。我們擁有可以加快承保流程的平台。我們獲得了新的資料集，這些資料集涉及汽車保險的承保，而汽車保險又與遠端資訊處理資料交換有關。

We are making better use of remote industry in helping the claims and, increasingly, the underwriting processes, to move ahead. We are bringing new forms of data management to the insurance vertical.

我們正在更好地利用遠距產業來幫助理賠流程以及越來越多的核保流程向前邁進。我們正在為保險業引入新的數據管理方式。

One of the things -- and Mark was referencing this before -- the big data movements. Last year I spent a good deal of time with the CEOs of our largest customers. They are very interested in the nature of their technical environments, everything from our potential conversion to more of a cloud basis in terms of our computing, being a primary consideration. But they realize that, like a lot of companies in the world today, we need to grow beyond the first version of the enterprise data warehouse movement, which was actually a the late 1990s, early 2000 thing.

其中一件事——馬克之前也提到過——是大數據運動。去年我花了很多時間和我們最大客戶的執行長們交流。他們對自身技術環境的性質非常感興趣，從我們運算方面向雲端轉型的可能性，到其他一切，都是他們重點考慮的因素。但他們意識到，與當今世界上的許多公司一樣，我們需要超越企業資料倉儲運動的第一版，而第一版實際上是 20 世紀 90 年代末、21 世紀初的事情。

So, these are very significant topics for our customers. And I could keep going on. The overlap between energy and insurance. It's very broadly based. And that consistent with who we are basically. We are very deeply engaged with our customers, and so that's why we are able to move out on such a broad set of fronts.

所以，這些對我們的客戶來說都是非常重要的議題。我還可以繼續說下去。能源與保險的交叉領域。它的基礎非常廣泛。這與我們的本質基本一致。我們與客戶的聯繫非常緊密，因此我們才能在如此廣泛的領域中取得進展。

Mark referenced before the macro environment. Balancing the macro environment in the United States, as he said, is the fact that our ambitions are global and we have really had much less activity in non-domestic markets. But that's a factor which is here, which I believe will be increasingly significant as we go forward. We are very pleased with where we sit.

Mark 之前提到了宏環境。正如他所說，平衡美國宏觀環境的關鍵在於，我們的目標面向全球，而我們在非國內市場的活動卻相對較少。但這是一個客觀存在的因素，而且我認為隨著時間的推移，它將變得越來越重要。我們對目前的座位位置非常滿意。

Got it. And then in terms of the follow up, with respect to CapEx, it fell in 2016, at least on a dollar basis, and it's picking back up. Are there any unusual items in there or one-time-ish that need to be called out? And just looking at it forward, should we think of 7.5% to 8% as new normal for the CapEx spend?

知道了。至於後續方面，就資本支出而言，2016 年資本支出有所下降（至少以美元計算），但現在正在回升。裡面有沒有什麼不尋常的物品或只出現過一次的物品需要特別說明？展望未來，我們是否應該將 7.5% 到 8% 視為資本支出的新常態？

Manav, it's Eva. Good morning. Just in terms of CapEx, I think the numbers, when you said it fell, it did not fall in dollars, if you are looking on an apples-to-apples basis. Remember, we have continuing ops and we have the divestiture of Verisk Health. I think, as I said in the script, you actually saw dollar growth in the year.

馬納夫，我是伊娃。早安.就資本支出而言，我認為你說它下降了，但如果按同等條件比較，它並沒有下降（以美元計）。請記住，我們有持續經營的業務，而且我們已經剝離了 Verisk Health。我認為，正如我在劇本裡所說，這一年實際上美元實現了成長。

The percentage was about 7.3% in the year. So, as we have talked about, we have been managing that CapEx. We had some investment over a several year period where it peaked, and now we are bringing that back down. What we're doing, though, really, is we're striking the balance between being efficient with the dollars we're spending and ensuring that we are investing in that internally developed software, which is a lot of the platforming that we have been talking about.

該年度的比例約為7.3%。正如我們之前討論過的，我們一直在管理這部分資本支出。我們在過去幾年裡進行了一些投資，投資金額達到頂峰，現在我們正在逐步減少投資。但實際上，我們正​​在努力在提高資金使用效率和確保投資於內部開發的軟體（也就是我們一直在談論的平台）之間取得平衡。

Got it. Thank you.

知道了。謝謝。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Eva, it's Andrew. Given the healthy margins in the fourth quarter, I wanted to know if the Company's positioned to have margin expansion in 2017 including the comments that you made about FX and the small acquisitions.

伊娃，我是安德魯。鑑於第四季度利潤率良好，我想知道公司是否有能力在 2017 年實現利潤率擴張，包括您之前提到的外匯和小規模收購方面的情況。

Thanks for the question, Andrew. As we think about EBITDA margins, as you know, there are a mix of a number of things that go in there. FX is certainly a weight on margins. And the acquisitions, as we said, the small tuck-ins, I think the margins are appropriate for the stage of development they are in but that are a drag on margins. So, while we are not giving specific guidance in terms of the margins, I would say that those are probably the balancing factors you should consider when you think about your model.

謝謝你的提問，安德魯。如您所知，當我們考慮 EBITDA 利潤率時，其中涉及許多因素。外匯波動無疑會對利潤率造成壓力。至於收購，正如我們所說，是小規模的補充收購，我認為利潤率對於它們所處的發展階段來說是合適的，但這會拖累利潤率。因此，雖然我們沒有就利潤率給出具體指導，但我認為這些可能是你在考慮你的模型時應該考慮的平衡因素。

Could you give us a sense of size of those two factors?

您能否大致描述一下這兩個因素的影響範圍？

I think if you were to think about -- we give you the dollars of revenue on FX. That's about a $25 million drag just on the apples to apples if we were to use constant currency here. In terms of the acquisition margin, you can look just in the filings. We'll be happy to walk you through the math after the call, the margins for those. So, I think you will be able to figure that into your model.

我認為，如果你仔細想想──我們給你的是外匯交易的美元收入。如果以不變匯率計算，這大約會造成 2500 萬美元的損失。至於收購利潤率，你只需查看申報文件即可。通話結束後，我們很樂意為您詳細講解相關的數學計算和利潤率。所以，我想你應該能把這一點納入你的模型中。

Okay. Thank you.

好的。謝謝。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

Just given the insurance industry comments, is the annual invoicing impact this year similar order of magnitude to past years, to recent years?

僅根據保險業的評論來看，今年的年度發票影響是否與往年或近年的影響幅度相當？

This is Mark. I just want to make sure I have the question. We have typically and traditionally invoiced around the holidays in anticipation of the future years. This would be December of 2016. Timing and everything is unchanged.

這是馬克。我只是想確認一下我的問題是否正確。我們通常會在假日期間開立發票，以備將來幾年之需。這應該是2016年12月。時間安排和其他一切都沒有改變。

I think the second part of your question, if I read into it, is that, I think with every passing year we have started to engage with our biggest customers to put in please what are longer-term contracts that are unrelated to premium. So what you will see his a majority of that revenue, what we would typically talk about industry standard programs, is now unrelated to premium. It's all about a negotiated outcome. If they want to add new service, obviously there would be additional fees to be charged. But everything is consistent with the past, a little less focused on premium going forward

我認為你問題的第二部分，如果我理解正確的話，是說，隨著時間的推移，我們開始與我們最大的客戶進行溝通，詢問他們是否有與保費無關的長期合約。所以你會看到，他的大部分收入，也就是我們通常會談論的行業標準項目，現在都與保費無關了。一切都取決於協商結果。如果他們想增加新服務，顯然會收取額外費用。但一切都與過去保持一致，未來對高端產品的關注度會略有降低。

Great. And then in terms of the increased cadence of tuck-in M&A, including a lot in the insurance vertical, is this just a moment in time where there is a flurry? Or is there something that's changed, whether it's culturally, making everybody part of the M&A team, or something about the end market, something strategically? Just a comment on the increased cadence of tuck-in M&A.

偉大的。那麼，就不斷加快的併購步伐而言，包括保險業的併購，這是否只是暫時的繁榮景象？或者，是否發生了某些變化，無論是文化上的變化，例如讓每個人都成為併購團隊的一員，還是終端市場或策略上的變化？關於併購交易節奏加快，我只想說幾句。

You really answered your own question. We, about maybe 18 months ago or so, really began campaigning throughout the entire Company for the notion that everybody is on the M&A team. And what we mean by that specifically -- and relating this to the interest of our shareholders -- because we're walking the hallways of our customers' offices on a daily basis, we actually have intelligence that is not available broadly in the world. And, in specific, we get a chance to see other companies that are perhaps emerging and at least beginning to make a difference for our mutual customers.

你其實已經自己回答這個問題了。大約 18 個月前，我們開始在整個公司範圍內大力宣傳「每個人都是併購團隊的一員」這個理念。具體來說——並且與股東的利益相關——因為我們每天都在客戶辦公室的走廊上走動，我們實際上掌握著世界上廣泛不存在的情報。具體來說，我們有機會看到其他一些正在崛起，並且至少開始為我們的共同客戶帶來改變的公司。

So, we've really just hit very hard the idea that intelligence is an additional source of value for our shareholders. We have really engaged at an even deeper level with the folks in our business units, and this is the result basically.

所以，我們已經非常強調了這樣一個理念：情報是為股東創造額外價值的來源。我們與業務部門的員工進行了更深入的溝通，基本上就是最終成果。

So, no, I don't it is -- it is a moment in time in the sense that we put increased emphasis on this at a point in time, about 18 months ago, but I don't think it's a transient phenomenon. I don't know that we will always be putting points on the board at exactly this rate. We will see how it goes. And nor do we start with the assumption that it's all about size. If they are strategic, we are happy to do mid-size deals, large deals, smaller deals. But I would encourage you to think of the smaller deals as reflective of a very active strategy, which is about expanding our sources of value for our customers.

所以，不，我不認為這是一個暫時的現象——從某種意義上說，這只是一個時間點，大約在 18 個月前，我們更加重視這個問題，但我認為這不是一個短暫的現象。我不知道我們能否一直以這樣的速度得分。我們拭目以待。我們也不會一開始就假設一切都與規模有關。如果他們有策略眼光，我們樂意做中等規模的交易、大型交易和小型交易。但我鼓勵你們把這些小額交易看作是我們積極策略的體現，也就是擴大我們為客戶創造價值的來源。

As Eva said in her remarks, there's just a balance here between buy and build. We are very open to what gets us to the valuable place fastest. So, no, not a moment in time, although something did change in our environment.

正如伊娃在演講中所說，這裡需要找到購買和自建之間的平衡。我們非常樂於接受任何能讓我們最快達到目標的方法。所以，不，並非某一時刻發生了變化，儘管我們的環境確實發生了一些變化。

Okay. Thank you.

好的。謝謝。

Andrew Jeffrey, SunTrust.

Andrew Jeffrey，SunTrust銀行。

Thank you for taking the question. I am wondering, Mark and Scott, as a follow up on some of the competitive questions, particularly insurance, is there anything you are seeing changing on the ground as far as new competition or new technology? And I'm thinking specifically within underwriting and maybe even geospatial and [aerial].

感謝您回答這個問題。馬克和史考特，我想就一些競爭問題，特別是保險業的問題，提出一些後續問題：你們是否看到在新的競爭或新技術方面，市場出現了任何變化？我指的是承保領域，甚至可能是地理空間和[航空]領域。

I wouldn't really point to new competition. I think that there are classes of folks that have money to invest who have been on the theme of insurance and are in and around it. I think of a couple private equity players. And then there's a couple of operating companies that have had the theme for a while.

我倒不認為會有新的競爭對手。我認為有一部分人有錢投資，他們一直關注保險業，並積極參與其中。我想到了幾家私募股權投資公司。此外，還有幾家營運公司已經沿用這個主題一段時間了。

When you look at the actual operations that are out there assembling information and creating solutions, et cetera, it's really a very slowly -- almost no change, actually, in terms of the cast of characters. Ownership may shift some but the actual on-the-ground operation and delivery, I don't really see that changing very much.

當你觀察那些實際運作的資訊收集和解決方案創建等工作時，你會發現，就參與者而言，變化非常緩慢——實際上幾乎沒有變化。所有權可能會有所轉移，但實際的地面運作和交付，我認為不會有太大變化。

What you do have at the margin are some companies that come more from a big data horizontal methods approach and attempt to work their way into the insurance industry -- actually, not just the insurance industry, but if you think about all of our verticals. That's a theme out there, which is one of the reasons why we really beat the drum for vertically oriented data analytics, because we really think that's a very strong place to stand. And it's in the verticals that proprietary data grow up.

在邊緣地帶，有一些公司更多地採用大數據橫向方法，並試圖進入保險業——實際上，不僅僅是保險業，而是我們所有的垂直行業。這是目前普遍存在的趨勢，也是我們大力倡導垂直數據分析的原因之一，因為我們真的認為這是一個非常強大的立足點。專有數據正是在垂直產業中發展出來的。

So, there are those kinds of players who are out there. And, of course, there's technical innovation, as well. For example, if you were to pick the category of drones, there is a list of companies who would like to help outfit you with one or two or three or five drones. That list of companies is as long as both of my arms. But the literal difference they are making in the insurance industry today is low, it's very low, very modest.

所以，市場上確實存在這類玩家。當然，還有技術創新。例如，如果您選擇無人機類別，就會有一系列公司願意幫助您配備一架、兩架、三架或五架無人機。那份公司名單長得跟我兩隻手臂一樣。但它們如今在保險業中產生的實際影響很小，非常小，非常有限。

So, no, I don't really -- the bottom line is -- and this is actually true of everything that we do -- competition does not fundamentally determine our opportunity or what it is that we are doing. It is all about our relationship with the customers and our ability to really understand their needs and harness methods and technology and data and get them to where they need to be. That is what makes the difference between, or spells the outcome in terms of, for example, our growth rate.

所以，不，我真的不這麼認為——歸根結底——而且這實際上適用於我們所做的一切——競爭從根本上決定了我們的機會或我們正在做的事情。一切都取決於我們與客戶的關係，以及我們真正了解他們的需求、運用方法、技術和數據，幫助他們達到目標的能力。這就是造成差異的原因，或者說決定了最終結果，例如，我們的成長率。

Okay. That's helpful. Thanks. And when I look at Wood Mac, with the turn in oil prices, I'm wondering if 2017 is likely to be a significantly more positive growth year. How are you thinking about your Wood Mac business this year?

好的。那很有幫助。謝謝。當我觀察伍德麥肯錫（Wood Mac）的業績，以及油價的轉變時，我開始懷疑2017年是否會成為一個成長更為顯著的年份。今年您對 Wood Mac 的業務有何規劃？

Let me characterize generally, and Evan might care to add something. The point I really want to emphasize here is really the tremendous performance of Wood Mackenzie in the face of historic conditions. And I was impressed last year spending time with the CEOs and senior members of Wood Mac's customer set, as well as others, with how much depth of relationship Wood Mac enjoys, we enjoy with our customers, and the regard that customers have for us, and a very active set of new product initiatives, which I think are aimed at just exactly where the industry is.

我先概括一下，Evan或許會補充一些內容。我真正想強調的是，伍德麥肯錫在歷史性的情況下表現出色。去年，我與 Wood Mac 的客戶群中的執行長和高級成員以及其他人士共度了一段時間，這給我留下了深刻的印象。我感受到 Wood Mac 與客戶之間深厚的合作關係，以及顧客對我們的尊重。此外，Wood Mac 還推出了一系列非常積極的新產品計劃，我認為這些計劃恰好契合了行業的發展方向。

So, that's the bedrock. Those are the things which are really core. But definitely the conditions in 2017 are better than they were in 2016, and 2016 was at least a stabilization relative to 2015. So, yes, the environment is moving in the right direction. It's another part of our forward view of being very pleased with where we are with Wood Mac. Eva, I don't know if you want to add anything to that.

這就是基石。這些才是真正核心的事。但可以肯定的是，2017 年的情況比 2016 年要好，而 2016 年至少比 2015 年的情況要穩定一些。所以，是的，環境正在朝著正確的方向發展。這是我們展望未來，並對目前與伍德麥肯錫的合作現況感到非常滿意的又一體現。伊娃，我不知道你是否想補充什麼。

I was just going to add, if you want to start with customer retention, remained very high in 2016 despite what was obviously a challenging environment. So, that's really the basis on which we start to grow going forward. We start with the existing clients.

我正要補充一點，如果從客戶留存率來看，儘管 2016 年的環境顯然充滿挑戰，但客戶留存率仍然非常高。所以，這確實是我們未來發展的基礎。我們先從現有客戶著手。

One thing just to keep in mind, as Scott talked about, we have new products, there's lots of things we can sell. The fundamental base of Wood Mac remains our subscription business. As it creates stability in a downturn, it also takes a little while for that to tick back up. I think we are very positive on Wood Mac. Just remember that subscriptions don't turn on a dime. But I think we are optimistic about 2017.

需要記住的一點是，正如斯科特所說，我們有新產品，有很多東西我們可以賣。Wood Mac 的根本基礎仍然是我們的訂閱業務。雖然它能在經濟低迷時期帶來穩定性，但經濟也需要一段時間才能回升。我認為我們對伍德麥肯錫的前景非常看好。請記住，訂閱服務不會立竿見影。但我認為我們對2017年持樂觀態度。

Okay, that's helpful. Thanks a lot.

好的，這很有幫助。多謝。

Hamzah Mazari, Macquarie Capital.

Hamzah Mazari，麥格理資本。

This is Kayvon. I am filling in for Hamzah. I have a question for you guys about the Decision Analytics business. How much of that is subscription and how much room do you guys think you have for conversion? How has that been going over time?

這是凱文。我代替哈姆扎工作。我有一個關於決策分析業務的問題想請教大家。其中有多少是訂閱用戶？你們認為轉換率還有多少提升空間？隨著時間的推移，情況如何？

I think what you will see, you will see less subscription in Decision Analytics and risk assessment, but still a very high level, and overall we're at about 80% - 85% in the whole Company. It's interesting because I think what tend to see is, as we're converting certain parts of that business from transactional to subscription, we are bringing in actual new solutions which tend to start transactional. I don't expect that over time you're going to see a grand shift in that as long as we are doing what we want to do, which is create those new solutions.

我認為你會看到，決策分析和風險評估領域的訂閱量會減少，但仍然會保持在很高的水平，而我們整個公司的整體訂閱率約為 80% - 85%。有趣的是，我認為我們往往會看到，當我們把業務的某些部分從交易型模式轉變為訂閱型模式時，我們引入的全新解決方案往往都是從交易型模式開始的。只要我們繼續做我們想做的事，也就是創造新的解決方案，我不認為隨著時間的推移，這種情況會發生巨大的轉變。

All right. Thank you.

好的。謝謝。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

This is Patrick in for Tony. The first question is, I'm wondering if you guys are expecting financial services to achieve another year of double-digit growth in 2017.

帕特里克代替托尼上場。第一個問題是，你們是否預期金融服務業在 2017 年能夠再次實現兩位數的成長。

As we think about our Company, the way we have really framed it for the market is the total growth of the Company and aiming for the organic growth that we've talked about historically rather than parsing it into individual segments. Certainly financial services has been a strong performer for us and we think there's a lot of things going on within that area that are pretty exciting. But I wouldn't put a specific growth rate on it at the moment for you.

當我們思考公司發展時，我們真正為市場建立的框架是公司的整體成長，目標是實現我們過去一直在談論的有機成長，而不是將其分解成各個細分市場。當然，金融服務業一直是我們表現強勁的領域，我們認為該領域有許多令人興奮的發展前景。但我目前無法為你給出具體的成長率。

Thanks. And then it looked like normal free cash flow conversion ticked up a few points year over year but remained below the 60% of EBITDA target you've talked about in the past. Is 60% still your target? And if so, can you talk about some of the levers you have to reach that goal?

謝謝。然後，看起來正常的自由現金流轉換率比去年同期略有上升，但仍低於您之前提到的 EBITDA 的 60% 目標。60%仍然是你的目標嗎？如果是這樣，您能否談談您為實現該目標所採取的一些措施？

Yes, I'm not quite sure where the 60% target is coming from. I don't know that that is something that we have stated. We're very pleased with the conversion of the free cash flow. Clearly, there are just a couple of things that come out after you have EBITDA. You have got to pay taxes so certainly we do that, as we should.

是的，我不太確定60%的目標是怎麼來的。我不知道我們是否曾說過這樣的話。我們對自由現金流的轉換率非常滿意。顯然，在計算出 EBITDA 之後，還有幾件事需要進一步分析。人人都要繳稅，所以我們當然要繳稅，我們也該繳稅。

I would say the working capital remains a positive contributor there. CapEx would be the other offset. So, I think fundamentally we feel good about where we are in terms of free cash flow generation.

我認為營運資金仍然是一個正面的因素。資本支出將是另一個抵銷因素。所以，我認為從根本上來說，我們對目前的自由現金流狀況感到滿意。

Thanks, Eva.

謝謝你，伊娃。

Arash Soleimani, KBW.

Arash Soleimani，KBW。

Just a couple quick questions on risk assessment, specifically property-specific underwriting. The organic there seems to have ticked down a bit sequentially. I was just wondering if that was due to anything specific.

關於風險評估，特別是針對特定房產的核保，我還有幾個簡單的問題。那裡的有機產品似乎逐年減少了一些。我只是想知道這是否是由於什麼具體原因造成的。

First of all, it's business as usual in property specific. If you actually look through 2016 you will see the revenue there per quarter, anywhere from 42.4 each quarter eking up to about 42.7. We did sign a couple nice contracts in fourth quarter of 2015 so that helped us in 2015, probably creates a bit of a grow over in fourth quarter of 2016. I think it's a wonderfully consistent business that's had some stable growth.

首先，房地產行業一切照舊。如果你仔細查看 2016 年的數據，你會發現每季的收入都在 42.4 左右徘徊，最高達到 42.7 左右。我們在 2015 年第四季度簽了幾份不錯的合同，這對我們 2015 年的發展有所幫助，可能會在 2016 年第四季度帶來一些增長。我認為這是一個發展非常穩定、成長持續的優秀企業。

Thanks. And just a last question, still on risk assessment. Is the hiring there basically complete now or is that still ongoing?

謝謝。最後一個問題，仍然是關於風險評估的。那裡的招募工作現在基本上已經完成了嗎？還是仍在進行中？

It's a good question. I think we are getting through it, finding the right people. We are very selective. And we have some new initiatives in risk assessment that we are excited by and we're going to probably bring in some talent to lead those efforts. So, not completely done. I think that will continue to add some expense inside of risk assessment as we progress through 2017.

這是個好問題。我認為我們正在渡過難關，找到了合適的人選。我們篩選非常嚴格。我們有一些新的風險評估舉措，我們對此感到非常興奮，我們可能會引進一些人才來領導這些工作。所以，還沒完全完成。我認為隨著 2017 年的推進，這將繼續增加風險評估的一些費用。

Thank you very much for the answers.

非常感謝您的解答。

Joseph Foresi, Cantor Fitzgerald.

約瑟夫·福雷西，康托·菲茨杰拉德。

I wanted to ask the growth rate question for the individual businesses a little bit differently. Is there anything we should be aware of from a business perspective that would impact present growth rates that we exited 2016, heading into 2017, obviously excluding the FX in those individual businesses lines?

我想以稍微不同的方式詢問各企業的成長率問題。從商業角度來看，有哪些因素會影響我們截至 2016 年底、進入 2017 年的當前成長率？當然，不包括各個業務線的匯率波動。

Yes, we are back to the same point we were on before, which is we've noted what's in the macro environment. Eva talked about currency, Mark talked about the in-the-moment condition of the insurance industry. I would just add that financial services companies are wondering where they are at right now. US financial services companies, maybe on the one hand there will be some deregulation, and on the other hand they have been dealing with mounting compliance requirements and have felt some squeeze on the bottom line. And we've talked about the environment at Wood Mac.

是的，我們又回到了之前的狀態，也就是我們已經注意到了宏觀環境的情況。伊娃談論貨幣，馬克談論保險業的現狀。我還要補充一點，金融服務公司現在都在思考自己所處的位置。美國金融服務公司一方面可能會迎來一些放鬆管制，另一方面，它們一直在應對日益增長的合規要求，並且感受到了利潤方面的壓力。我們在伍德麥肯錫公司也討論過環境問題。

But the counterpoint to all of that is our program of investments in creating new solutions and our ever-deepening relationships with our customers. Those two things are the wellsprings of our future performance. And we feel very good about those things.

但與之相對的是，我們致力於投資創造新的解決方案，並不斷深化與客戶的關係。這兩件事是我們未來表現的來源。我們對這些事情感到非常滿意。

Okay. And how should we think about the breakdown or the focus of investments in 2017? Anything you would like to call out as areas that you are keenly focused on outside of the international growth? Thanks.

好的。那我們該如何看待 2017 年的投資格局或重點呢？除了國際成長之外，您還有哪些特別關注的領域想要重點提及？謝謝。

I would say that we are investing across all the different verticals that we are in and pretty excited. International growth is certainly a highlight, as well. So, I think is pretty broad-based.

我想說，我們正在投資我們涉足的所有不同垂直領域，而且我們對此感到非常興奮。國際成長無疑也是一大亮點。所以，我認為它的基礎相當廣泛。

We have noted for you all in the past that there is an increasing software intensity to our business, which is essentially another way of saying that we are solutions-oriented company. And I think that's a true statement. We have moved into that position over the last couple of years. I don't know that the relative software intensity is going up from where we are but that's a drum beat inside the business.

我們過去曾向大家指出，我們業務中軟體的重要性日益凸顯，這本質上是另一種說法，即我們是一家以解決方案為導向的公司。我認為這是事實。過去幾年，我們已經發展到了這個階段。我不知道軟體使用強度是否會從目前的水平上升，但這卻是業界普遍的趨勢。

Got it. Thank you.

知道了。謝謝。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO資本市場。

In just looking at the cost of revenue in the quarter that you booked, it was fairly high compared to last year. Were there any one-time items going on, either this year or last year? And is this the kind of rate we should look for going forward in 2017?

單看你所預訂的季度的收入成本，與去年相比就相當高。今年或去年是否有任何一次性事件發生？那麼，這是我們在 2017 年應該預期的利率水準嗎？

I think that best way to think about it is in aggregate. And there are, as we think about the business and the cost of revenue versus SG&A, sometimes there are things that balance between those depending on where we are in development versus implementation of those solutions. So, I don't think there's any conclusion to draw from that as you look forward to 2017.

我認為最好的思考方式是從整體來考慮。而且，當我們考慮業務和收入成本與銷售、一般及行政費用時，有時會有一些事情需要在兩者之間取得平衡，這取決於我們在解決方案的開發和實施方面所處的階段。所以，展望2017年，我認為我們無法從中得出任何結論。

Let me ask the question another way. If I take the combination of cost of revenue and SG&A, again, should the run rate that we saw in the fourth quarter be something we use for 2017?

我換個方式問吧。如果我再次將營業成本和銷售、管理及行政費用結合起來考慮，那麼我們在第四季度看到的運行率是否應該作為 2017 年的運行率？

I think that's certainly a starting point. Again, I think there are a number of things that go on within numbers but that would be the baseline.

我認為這當然是一個起點。我認為數字背後有很多因素在起作用，但這應該是最基本的。

One more quick numbers question. What should we be looking for for stock-based compensation this year?

最後一個簡單的數字題。今年我們應該關注哪些股票選擇權激勵措施？

I don't think you'll see any grand shifts in that.

我認為這方面不會有任何重大變化。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Andre Benjamin, Goldman Sachs.

安德烈·本傑明，高盛。

I know you had a couple points about your international expansion goals being part of the M&A strategy. And I know you now have a hub in the UK on the back at the Mac Wood acquisition. I was wondering how we should think about your focus on UK businesses as opposed to other parts of the EU given each country there operates very locally.

我知道您曾經提到過，您的國際擴張目標是併購策略的一部分。我知道，在收購 Mac Wood 之後，你們現在在英國設立了一個中心。我想知道我們應該如何看待您專注於英國企業而不是歐盟其他地區的企業，因為歐盟各國的運作都非常本土化。

Let me start there and then maybe Mark will fill in with a little bit of detail around the insurance vertical specifically. But, at the general level, first of all, we have beefed up our corporate development capability in Europe, and we are in the process of beefing it up in Asia, as well. So, it's really an around-the-globe view of our opportunities.

我先從這裡開始，然後馬克可能會補充一些關於保險業的具體細節。但整體而言，首先，我們已經加強了在歐洲的企業發展能力，目前我們也正在加強在亞洲的企業發展能力。所以，這其實是從全球視角看待我們的機會。

That expresses itself both as acquisitions. You have seen some of that in the more recent acquisitions. Also partnerships. We really like both flavors and we will be spending time on both of those flavors.

這體現在收購兩個方面。在最近的一些收購中，你已經看到了這種情況。還有合作關係。我們非常喜歡這兩種口味，我們會花時間品嚐這兩種口味。

But I really compliment the question, Andre, because it really is the case that if you are a data analytic company, and you take the data dimension of the data analytic agenda seriously, then you have to find a third way to operate basically, if you want to be global, because there's the one form which is you make it wherever -- Copenhagen, Detroit, whatever -- and you export it around the world. That tends to relate more to physical goods. And then there's the second form, which is you become utterly local, completely local, in what it is you do, and the whole really doesn't become greater than the sum of the parts.

但我真的非常讚賞這個問題，安德烈，因為如果你是一家數據分析公司，並且認真對待數據分析議程中的數據維度，那麼如果你想走向全球，你就必須找到第三種運營方式，因為只有一種方式，那就是你在任何地方——哥本哈根、底特律等等——生產，然後出口到世界各地。這通常與實體商品有關。還有第二種形式，那就是你所做的一切都變得完全地、完全地局限於當地，整體並沒有大於部分之和。

If you are a high intellectual property company with a database, you actually have to find a third way, which is, you can manufacturer your methods centrally but -- I think in line with what you're trying to get at -- you actually have to occupy each marketplace because there is in the world today, and will be in the world increasingly in the future, what I called data nationalism. Most countries work very hard to make sure their data physically resides in their country. And, in fact, the follow-on to the Safe Harbor, in the EU, which is just a particular example of the general case where there is just concern about where do our data physically reside. And so you do actually have to become local in order to have access to the data.

如果你是一家擁有資料庫的高智慧財產權公司，你實際上必須找到第三種方法，那就是，你可以集中生產你的方法，但是——我認為這與你想要表達的意思一致——你實際上必須佔領每個市場，因為當今世界存在，而且將來也會越來越多地存在我稱之為數據民族主義的東西。大多數國家都竭盡全力確保其資料實際儲存在本國境內。事實上，歐盟的「安全港」後續協議只是一個特殊的例子，它反映了人們對資料實際儲存位置的擔憂。所以，你確實需要成為本地用戶才能存取這些數據。

So, you have to be the third way -- or, we have to be the third way, anyway. So, we are working very hard on that. And that is everything from where we place our people to how we deploy our people. And so here is where I now want to turn it to Mark because he led us through a very significant reorganization towards the end of last year with respect to our go-to-market folks in overseas market. So, Mark, maybe you want to talk about that, including how broadly based this particular program is.

所以，你必須走第三條路──或者說，無論如何，我們必須走第三條路。所以，我們正在為此努力。這包括我們從人員的駐紮地點到人員的部署方式等所有方面。所以現在我想把麥克風交給馬克，因為去年年底他帶領我們對海外市場的銷售人員進行了一次非常重要的重組。所以，馬克，也許你想談談這個，包括這個特定項目的基礎有多廣泛。

Yes, thanks, Scott. I think what we have tried to do is identify markets that are mature and like the US market. That's where our solutions act and feel the best. Obviously we have the focus on some of the emerging markets, too, but where we're currently putting of our resources is also where we have customers so that we have the ability to following a customer to different geographies.

是的，謝謝你，斯科特。我認為我們一直努力的目標是找到像美國市場一樣成熟的市場。我們的解決方案正是在這種環境下發揮最佳作用，帶來最佳體驗。顯然，我們也專注於一些新興市場，但我們目前投入資源的地方也是我們有客戶的地方，這樣我們就能跟隨客戶到不同的地區。

That focus has led us to really take a lot of people who have been typically in different business units and put them in what we refer to as our global business development teams. And those teams are working across all of our insurance operations to really focus in on different markets and opportunities across all the solutions we offer. That reorg has provided us with a focus on customer, better relationship with customer, and talking about Verisk, not individual point solutions, and that's starting to make a difference.

這種專注促使我們將許多原本在不同業務部門的人員納入我們所謂的全球業務發展團隊。這些團隊正在我們所有的保險業務部門中合作，真正專注於我們提供的所有解決方案的不同市場和機會。這次重組讓我們更加關注客戶，與客戶建立更好的關係，並且開始談論 Verisk，而不是單一的解決方案，這開始產生影響。

The other thing I'll just contribute -- and, by the way, those business development teams are across the world. You had brought up UK as an example. Clearly the UK market feels the most like the US market. There's a lot of movement between risks, between London and the US. As a result, we are most dedicated and most focused right now on the UK. And you can see that not just from an organic respective but from some of the acquisitions we've done, whether it's for GeoInformation, Helix, even Arium is from the UK.

我還要補充一點——順便說一句，這些業務拓展團隊遍布世界各地。你曾以英國為例。顯然，英國市場與美國市場最相似。風險之間，例如倫敦和美國之間，存在著很大的流動性。因此，我們目前最投入、最專注的領域是英國。而且，你不僅能從自身的發展中看出這一點，還能從我們所做的一些收購中看出這一點，無論是對 GeoInformation、Helix 的收購，還是對 Arium 的收購，Arium 都是來自英國的。

So, we think we are starting to make a difference. And we're very much focused on bringing that opportunity, I will call it that third dimension, to the cube here into a positive and profitable light here over the course of the next couple years.

所以，我們認為我們正在開始產生影響。在接下來的幾年裡，我們將非常專注於把這個機會，我稱之為第三維度，帶入這個立方體，使其展現出積極和盈利的一面。

Maybe that's more than you expected, Andre, but we really care about this, actually. You tapped into something that we do a lot of work on.

安德烈，也許這比你預想的要多，但我們真的很在意這件事。你觸及了我們一直在努力研究的領域。

Thanks.

謝謝。

David Chu of Bank of America.

美國銀行的David Chu。

Last quarter you highlighted that there were some delays in implementation of contracts that have already been signed. Can you just provide an update on this?

上個季度您曾指出，一些已簽署的合約在執行方面有延誤。可否提供一下最新進展？

Yes. I think we are progressing as expected. That was really a comment as it related to the revenue that would be received in 2016.

是的。我認為我們正按預期進展。那實際上是對 2016 年將獲得的收入發表的評論。

Okay. Got it. And then in regards to Wood Mac, you didn't lose too many clients despite lower oil prices in 2016. So, does this suggest that we shouldn't expect a meaningful lift to client count this year despite higher oil prices?

好的。知道了。至於伍德麥肯錫公司，儘管 2016 年油價下跌，但你們並沒有失去太多客戶。那麼，這是否意味著儘管油價上漲，我們今年也不應該期待客戶數量顯著成長？

I'm sorry, you cut out for just a second. We shouldn't expect -- could you repeat that part?

抱歉，你剛才短暫斷線了。我們不該期待──你能再重複一次嗎？

A significant lift to client count this year despite higher oil prices.

儘管油價上漲，但今年客戶數量仍大幅增加。

I actually think we have expanded -- and I know that Steve Halliday spoke about this on investor day -- we've actually expanded our customer base fairly significantly through some of the new solutions and companies that we brought into the Wood Mac mix. So, actually, what we're looking to do is we're looking to grow those customers into broader solution purchases throughout Wood Mac. I think you have to think about the customer base a little more broadly than just the core you might have thought about when Wood Mac first came into the family.

實際上，我認為我們已經擴大了客戶群——我知道史蒂夫·哈利迪在投資者日上也談到了這一點——通過我們引入伍德麥肯的一些新解決方案和公司，我們實際上已經相當顯著地擴大了客戶群。實際上，我們希望將這些客戶發展成為伍德麥肯錫公司更廣泛的解決方案採購客戶。我認為，你必須更廣泛地考慮客戶群，而不僅限於伍德麥肯剛加入公司時你可能想到的核心客戶群。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Gary Bisbee, RBC.

加里·比斯比，RBC。

If I could just go back to the international insurance strategy and opportunity over time, it seems to me that the key to the US business, or one of the keys, is certainly the consortium data model that you have built. Unless I'm misunderstanding this, you really haven't had success creating organically the same level of consortium data set to be the core in any other market. I know you've talked about doing that successfully with the Argus business in other geographies. So, why have you not been able to do that? What is the gating factor? And maybe more forward-looking, optimistically, what's the outlook for doing that to deliver the kind of business that you have here in the US over time? Thank you.

如果我能回顧一下國際保險策略和發展機遇，在我看來，美國業務的關鍵，或者說關鍵之一，肯定是你們建立的聯盟資料模型。除非我理解錯了，否則你真的還沒有成功地在其他任何市場中有機地創建出同樣水平的聯盟資料集作為核心。我知道您曾談到在其他地區成功地利用 Argus 業務做到這一點。那麼，你為什麼沒能做到這一點呢？什麼是門控因素？或許更樂觀地展望未來，隨著時間的推移，這樣做能否在美國取得像現在這樣的業務成就？謝謝。

Let me just put your question in a slightly different context, which is, we continue to feel the proprietary data is an advantage and one that we always pursue. We recite it as one of the four distinctives. So, it's always there in our minds.

讓我換個角度回答你的問題，那就是，我們仍然認為專有數據是一種優勢，也是我們一直在追求的優勢。我們將其作為四個特徵之一來念誦。所以，它一直縈繞在我們心頭。

There are two ways you can build a proprietary data set. One is, you can have an a priori discussion with the market you are trying to serve and essentially get agreement that, let's all join hands and take the plunge together and start putting our data into one place where we haven't previously put it. That's the history of our early roots in the insurance industry. Argus has proven to be very effective at doing that.

建構專有資料集有兩種方法。一種方法是，您可以事先與您想要服務的市場進行討論，並達成共識，即讓我們攜手合作，共同嘗試，將我們的數據集中到一個我們以前從未存儲過的地方。這就是我們早期在保險業起步的歷史。事實證明，Argus 在這方面非常有效。

Wood Mackenzie is always about proprietary data and it ends up being a consortium. But want to relate it now to the second way that you can build a data set, which is you can also go customer by customer, and you provide them solutions. And as a part of having earned their trust, you ask for the opportunity to use and repurpose the data which is flowing through your application.

伍德麥肯茲始終關注專有數據，最終會形成聯盟。但現在我想把它與建立資料集的第二種方法連結起來，那就是你也可以逐一客戶地為他們提供解決方案。作為贏得他們信任的一部分，你請求獲得使用和重新利用流經你的應用程式的資料的機會。

We do it both ways. We have always done it both ways. In some markets, it may be that we can lead straight to the consortium. Argus has had particular success at that. And in other markets, whether they are defined by vertical or geography, we may have to do more of the second method, which is on a customer-by-customer basis.

我們兩種方法都試過。我們一直以來都是兩種方式都採用的。在某些市場，我們或許可以直接將客戶引薦給財團。Argus 在這方面尤其成功。而在其他市場，無論這些市場是按垂直行業還是按地理位置劃分，我們可能都需要更多地採用第二種方法，即逐個客戶地進行管理。

I just want you to have that perspective because we never lose sight of the goal to create proprietary data assets. It's more a question of how you go about it.

我只是想讓你們有這種認識，因為我們始終沒有忘記創建專有數據資產的目標。關鍵在於你如何做。

Specific to the insurance industry, what goes on, particularly if you look at especially Europe, is you have got differences in terms of both regulation and market structure. And, of course, those two things go together. Regulation has an effect on market structure. And essentially European primary P&C markets generally tend to be more concentrated. So, the larger share player is naturally going to say -- let me think about it a little bit more before I make my data available.

具體到保險業，尤其是在歐洲，你會發現監管和市場結構方面都存在差異。當然，這兩件事是相輔相成的。監管對市場結構有影響。而且，歐洲主要財產和意外保險市場整體上往往更加集中。因此，股份較大的玩家自然會說——讓我再考慮一下，然後再公佈我的數據。

So, that's really just a condition that we deal with. But we are not deterred in the least in terms of trying to move towards proprietary data asset. It's just the pathway may be a little bit different.

所以，這其實只是我們需要處理的情況。但我們絲毫沒有因此而氣餒，我們將繼續努力發展專有數據資產。只是途徑可能略有不同。

So, what are the long-term implications about the potential profitability of an insurance business overseas given that concentration? Should we read into that it's unlikely even at scale to achieve the margins you have done here in the US?

那麼，考慮到這種集中化趨勢，海外保險業務的潛在獲利能力從長遠來看會受到哪些影響？我們是否應該由此推斷，即使規模擴大，也很難達到你們在美國所取得的利潤率？

No, I would not draw that conclusion. If you look of the most profitable parts of what we do, whether it's in insurance or other places, there is a very nice mix of businesses which are built on a priori consortium data and businesses which are not built on a priori consortium data. So, you can get there both ways.

不，我不會得出這樣的結論。如果你看看我們所做的事情中最賺錢的部分，無論是在保險業還是其他領域，你會發現其中既有基於先驗聯盟數據建立的業務，也有不基於先驗聯盟數據建立的業務，兩者組合得非常好。所以，兩種方法都可以到達那裡。

Okay, great. That's helpful. Thank you.

好的，太好了。那很有幫助。謝謝。

There are no further questions at this time. I will turn the call back over to the presenters.

目前沒有其他問題了。我將把通話轉回給主持人。

Okay. Thanks, everybody, for your time and your interest today. I know that we're going to be following up with several of you even later today. We're going to have events in the course of the coming months. Some of you will come see us in the office and we're looking forward to being with you. So, thanks for your time today.

好的。謝謝大家今天抽出時間並關注此事。我知道今天晚些時候我們還會跟進你們中的幾位。在接下來的幾個月裡，我們將舉辦一些活動。你們當中有些人會來我們辦公室拜訪，我們期待與你們見面。感謝您今天抽出時間。

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

今天的電話會議到此結束。您現在可以斷開連線了。