Verisk Analytics Inc (VRSK) 2017 Q2 法說會逐字稿

Good day, everyone, and welcome to the Verisk Analytics Second Quarter 2017 Earnings Results Conference Call. This call is being recorded.

大家好，歡迎參加 Verisk Analytics 2017 年第二季財報電話會議。本次通話正在錄音。

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

此時此刻，我謹將電話轉交給 Verisk 的投資人關係副總裁 David Cohen 先生，請他致開幕詞並作介紹。科恩先生，請繼續。

Thank you, Patrick, and good day to everyone. We appreciate you joining us today for discussion of our second quarter 2017 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.

謝謝你，派崔克，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2017年第二季的財務表現。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. The earnings release referenced on this call as well as the associated 10-Q can be found in the Investors section of our website, verisk.com. The earnings release has also been attached to an 8-K that we have furnished to the SEC. 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.

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。本次電話會議中提到的收益報告以及相關的 10-Q 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。獲利報告中包含幾個非GAAP指標的調節表，我們將在今天的電話會議上提及這些指標。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 yesterday's earnings release, today's call may include forward-looking statements about Verisk's future performance. Actual performance could differ materially from what is suggested by our comments today. Information about the factors that could affect future performance is summarized at the end of our press release as well as contained in our recent SEC filings.

最後，正如昨天發布的收益報告中更詳細闡述的那樣，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在本新聞稿末尾進行了總結，並包含在我們最近提交給美國證券交易委員會的文件中。

Now I will turn the call over to Scott Stephenson.

現在我將把電話交給史考特史蒂芬森。

Thank you, David. Good morning, everyone. Reported revenue grew 5% for the quarter. Organic constant currency growth was 4.1%. As expected, we are seeing the performance progression we discussed on our first quarter earnings call. Profitability remained strong with total EBITDA margins of around 49%, and diluted adjusted EPS increased about 12%.

謝謝你，大衛。各位早安。本季報告營收成長5%。有機成長率（以固定匯率計算）為 4.1%。正如我們在第一季財報電話會議上所討論的那樣，我們看到了業績成長的趨勢。獲利能力依然強勁，EBITDA 總利潤率約 49%，稀釋調整後每股收益成長約 12%。

When I look at the organic initiatives and recent acquisitions, I'm very encouraged by our people, our assets and the outlook. Our teams are working hard on all the new solutions in which we are investing. The long-term opportunities remain robust, and we are seeing real progress in terms of market demand and our customer interactions.

當我審視公司本身的發展舉措和近期的收購時，我對我們的員工、資產和前景感到非常鼓舞。我們的團隊正在努力研發我們正在投資的所有新解決方案。長期發展機會依然強勁，我們在市場需求和客戶互動方面都看到了實際的進展。

While M&A remains our priority for use of free cash, we were pleased to continue repurchasing our shares in the quarter through our long-standing program. We bought 2 million shares for a total return of capital to shareholders of $156 million in the quarter. At June 30, 2017, we had $376 million remaining under our share repurchase authorization. We have capacity to make strategically relevant acquisitions as well as additional repurchases.

儘管併購仍然是我們使用自由現金流的首要任務，但我們很高興在本季繼續透過我們長期實施的回購計畫回購我們的股票。本季我們回購了 200 萬股股票，並向股東返還了總計 1.56 億美元的資本。截至 2017 年 6 月 30 日，我們的股票回購授權額度還剩 3.76 億美元。我們有能力進行具有策略意義的收購以及額外的股票回購。

During the quarter, we spent $48 million on acquisitions, including MAKE, which is the leading expert in wind energy data analytics. MAKE is an important complement to Greentech, the solar data analytics business we acquired last year, as we round out our capabilities in the renewable energy space.

本季度，我們斥資 4,800 萬美元用於收購，其中包括風能數據分析領域的領先專家 MAKE。MAKE 是我們去年收購的太陽能數據分析公司 Greentech 的重要補充，它完善了我們在再生能源領域的能力。

Additionally, as you've seen in the press release yesterday afternoon, during the quarter, we acquired 7 leading aerial imagery companies for a total consideration of around $31 million to support our remote imagery solutions which are provided as part of our Geomni business. The acquisitions position us as a leader in remote sensing and enhance our analytics solutions for the property-casualty insurance industry. The acquisitions bring us a talented group of professionals as well as aircraft and sensors. We have put together a great team and a great network of geographic coverage, which is critically important to serving our customers.

此外，正如您在昨天下午的新聞稿中看到的那樣，在本季度，我們收購了 7 家領先的航空影像公司，總對價約為 3,100 萬美元，以支援我們作為 Geomni 業務一部分提供的遠端影像解決方案。此次收購使我們成為遙感領域的領導者，並增強了我們為財產意外險產業提供的分析解決方案。此次收購為我們帶來了一群才華橫溢的專業人才，以及飛機和感測器。我們組建了一支優秀的團隊，並建立了一個廣泛的網絡，這對於服務我們的客戶至關重要。

Our geospatial imagery database serves as the foundation for analytics solutions addressing the needs of property-casualty insurers as well as photogrammetry surveying and mapping companies, known as PSM, and other end markets. Additional applications will serve energy, banking, architecture, engineering, emergency response and urban planning. The new companies, combined with our expertise in computer vision-based imagery processing and large-scale data management, accelerate our efforts to meet the needs of our property-casualty insurance customers with the required frequency, resolution and U.S. coverage. You may recall that we explored a higher cost option in 2014, which would have accelerated us into the space. We have come up with an even better solution, which provides us with greater intellectual property at a significantly lower investment. By building the capability ourselves with control over the aircraft sensor technology and flight plans, we are able to create what we need at a much lower total spend.

我們的地理空間影像資料庫是分析解決方案的基礎，這些解決方案滿足了財產意外保險公司、攝影測量測繪公司（簡稱 PSM）以及其他終端市場的需求。其他應用領域包括能源、銀行、建築、工程、緊急應變和城市規劃。新公司的加入，結合我們在基於電腦視覺的影像處理和大規模資料管理方面的專業知識，加快了我們滿足財產意外險客戶需求的步伐，提高了服務頻率、解析度和美國覆蓋範圍。您可能還記得，我們​​在 2014 年探索過一種成本更高的方案，本可以加速我們進入這個領域。我們找到了一個更好的解決方案，它能以更低的投資為我們帶來更大的智慧財產權。透過自主建構對飛機感測器技術和飛行計畫的控制能力，我們能夠以更低的總支出創造我們所需的一切。

Including the $31 million purchase price of the acquisitions, we will be investing up to $100 million in a remote sensing platform initiative across 2017 and '18. These investments will enable Geomni to address an annual opportunity of over $200 million in the insurance space at an aggregate level of investment lower than previously possible. Additionally, with this valuable imagery data set, we expect to be able to access other addressable markets with multibillion dollars of current spend.

包括收購所得的 3,100 萬美元在內，我們將在 2017 年和 2018 年投資高達 1 億美元用於遙感平台計畫。這些投資將使 Geomni 能夠以比以往更低的總投資水平，抓住保險領域每年超過 2 億美元的機會。此外，憑藉這一寶貴的圖像數據，我們有望進入其他潛在市場，這些市場目前的支出高達數十億美元。

Even in the context of the near-term increase in capital expenditures to support this initiative, we expect CapEx to normalize to about 6% of revenue by the year 2021. This moderation in CapEx reflects the maturation of the re-platforming and investment opportunities we've been discussing with you.

即使考慮到短期內為支持這項計畫而增加的資本支出，我們預計到 2021 年，資本支出將恢復正常，達到收入的 6% 左右。資本支出的這種放緩反映了我們一直在與您討論的平台重構和投資機會的成熟。

Finally, last week, we announced the signing of an acquisition agreement for G2 Web Services. We expect to close the transaction this quarter and are excited about the opportunity to integrate its fraud-fighting solutions into our unique Argus platform.

最後，上週我們宣布簽署了對 G2 Web Services 的收購協議。我們預計將在本季完成交易，並很高興有機會將其反詐騙解決方案整合到我們獨特的 Argus 平台中。

We remain confident in a strategy built on the Verisk distinctives of: one, unique data assets; two, deep domain expertise; three, first-to-market innovations; and four, deep integration into our customer workflows. As you know, with the distinctives come network effects, scale economies and a large percentage of subscription revenue. From this foundation, we are focused on executing on our plans, which include ongoing innovation and serving our customers. As we look at the rest of 2017, we continue to have a constructive view for the insurance business with the second half performance better than the first half, and we expect WoodMac to make progress inside of a stabilized end market.

我們仍然對基於 Verisk 獨特優勢的策略充滿信心，這些優勢包括：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；以及四、與客戶工作流程的深度整合。如您所知，獨特性帶來了網路效應、規模經濟和較高的訂閱收入比例。在此基礎上，我們專注於執行我們的計劃，包括持續創新和為客戶服務。展望 2017 年剩餘時間，我們仍然對保險業務持樂觀態度，預計下半年業績將好於上半年，我們期待 WoodMac 在穩定的終端市場中取得進展。

I'd like to put our expectations for financial services for this year in a broader context. Argus became a part of Verisk five years ago. Over that time period, it has averaged 17% organic growth. That growth has come from new logos, new solutions, new international markets and modest pricing effects. We've seen a 67% increase in U.S. clients and an 80% increase in international clients over that time period. 2017 is clearly an outlier since the acquisition in 2012. Since we came together, Argus' addressable market has expanded materially. In 2012, much of our TAM related to credit card issuance. Now we serve banks with respect to fraud fighting, compliance and data management as well as serving a growing list of leading non-bank entities. With these has come a changed profile of revenue acquisition. While our bank consortia products provide recurrence just the same as other parts of Verisk, the newer products bring with them large upfront engagements followed by recurrent streams at somewhat lower levels. So we create grow-over effects as the business grows. But overall, our growth over the past 5 years was against a smaller TAM and we are optimistic about the future.

我想把我們對今年金融服務業的預期放在一個更廣泛的背景下來探討。Argus 五年前成為 Verisk 的一部分。在此期間，其平均有機成長率為 17%。這一增長源於新的標誌、新的解決方案、新的國際市場以及適度的價格調整。在此期間，我們的美國客戶增加了 67%，國際客戶增加了 80%。自 2012 年收購以來，2017 年顯然是個例外。自我們合作以來，Argus 的潛在市場規模已大幅擴大。2012年，我們的大部分TAM都與信用卡發行有關。現在，我們為銀行提供反詐欺、合規和資料管理方面的服務，同時也為越來越多的領先非銀行機構提供服務。隨之而來的是收入獲取模式的改變。雖然我們的銀行聯盟產品與 Verisk 的其他部分一樣提供持續性收入，但較新的產品帶來了較大的前期投入，隨後是水平稍低的持續性收入。因此，隨著業務的成長，我們會產生成長效應。但總體而言，過去 5 年我們的成長是在市場規模較小的情況下實現的，我們對未來充滿信心。

At the moment, as you know, we had several noncore contracts, which ended in 2016 whose $11 million represented about 9% of revenue. These are onetime events that will not recur. Our current assessment is that several important new contracts will come online in 2017, but later in the year than anticipated.

如您所知，目前我們有一些非核心合同，這些合約於 2016 年到期，總額為 1,100 萬美元，約佔收入的 9%。這些都是一次性事件，不會再發生。我們目前的評估是，幾項重要的新合約將於 2017 年生效，但時間會比預期的要晚。

The core business remains in excellent shape, and underlying growth remains solid with very good growth in the spending and media analytics part of the business. More important, our data sets are continuing to grow and remain unique, allowing us to create solutions for our customers that no one else can offer.

核心業務仍保持良好狀態，基本面成長穩健，其中支出和媒體分析業務部分成長尤為顯著。更重要的是，我們的資料集不斷增長且保持獨特性，這使我們能夠為客戶創造其他任何人都無法提供的解決方案。

At Argus, we have 4 strategic growth pillars including: one, core banking solutions; two, data management solutions; three, decisioning algorithms; and four, spend and media analytics. The core banking solutions are the Argus foundation. We continue to lead with our core banking solutions and are expanding these to new international markets.

Argus 擁有 4 個策略性成長支柱，包括：一、核心銀行解決方案；二、資料管理解決方案；三、決策演算法；四、支出和媒體分析。核心銀行解決方案是 Argus 的基礎。我們繼續保持核心銀行解決方案的領先地位，並正在將其擴展到新的國際市場。

Data management solutions follow from our leading capabilities around aggregating, standardizing and structuring data for analysis, often more efficiently than our customers could do themselves. We have expanded our capabilities in this space with the acquisition of Fintellix, in particular related to global regulatory compliance.

資料管理解決方案源自於我們在資料聚合、標準化和結構化分析方面的領先能力，通常比客戶自己處理資料更有效率。我們透過收購 Fintellix 擴展了我們在該領域的能力，尤其是在全球監管合規方面。

The decisioning algorithms include established solutions like wallet share models and new ones such as fighting first-party fraud including through the pending acquisition of G2. Primary to this pillar are the sophisticated data science skills and methods we apply to our proprietary data sets.

決策演算法包括錢包份額模型等成熟解決方案，以及打擊第一方詐欺等新方案，包括透過即將收購 G2 來實現。這支柱的核心是我們運用先進的資料科學技能和方法來處理我們專有的資料集。

The fourth area of spend and media analytics reflects the opportunities we have been speaking with you about in recent years where we are working with consortia partners including companies with insights into traditional and new media presentation and measurement.

第四個領域是支出和媒體分析，這反映了我們近年來一直在與大家討論的機會，我們正在與聯盟夥伴合作，其中包括對傳統和新媒體的呈現和衡量有深刻見解的公司。

All of this adds up to addressable end markets of over $2 billion. As we pursue market-leading growth rates over time, we do expect new solutions initially to show more variability relative to our heritage solutions. This is especially evident in financial services. And while revenue declined in the quarter, when we review the quality of our data assets and capabilities, the levels of customer engagement, the run rate business contracts and the future opportunity, we are very confident that our solutions are positioned to win in the long term.

所有這些加起來，潛在終端市場規模超過 20 億美元。隨著我們不斷追求市場領先的成長率，我們預期新的解決方案最初會比我們原有的解決方案表現出更大的差異性。這一點在金融服務領域尤其明顯。雖然本季收入有所下降，但當我們審視我們的數據資產和能力、客戶參與度、業務合約的運作率以及未來的機會時，我們非常有信心，我們的解決方案將在長期內取得成功。

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

那麼，接下來就交給馬克，讓他補充一些看法吧。

Thank you, Scott. First, as you saw on the release, growth in insurance picked back up as we expected. As we expand our business to serve the property-casualty insurance industry, we have several key themes including vertical big data, industry automation and digital engagement.

謝謝你，斯科特。首先，正如您在新聞稿中看到的，保險業的成長正如我們預期的那樣回升。隨著我們業務拓展至財產意外險產業，我們有幾個關鍵主題，包括垂直大數據、產業自動化和數位化互動。

A good example of industry automation introduced recently is Underwriters Advantage, a single-source solution providing detailed underwriting data and accurate rebuild cost estimates for U.K. residential and commercial underwriters and brokers. We have taken our well-established U.S. expertise and broadened it to the U.K. through the recently-acquired GeoInformation Group acquisition. We are actively working to pursue other international markets as well. More broadly, the solution highlights the process we are making in the U.K., an area in which we are excited to continue to invest. Progress in the U.K. is also underscored by the success of our annual risk symposium, which had record attendance in June.

最近推出的產業自動化的一個很好的例子是 Underwriters Advantage，這是一個單一來源的解決方案，為英國住宅和商業保險公司及經紀人提供詳細的承保數據和準確的重建成本估算。我們利用在美國累積的豐富經驗，透過最近收購 GeoInformation Group，將其擴展到了英國。我們也正積極開拓其他國際市場。更廣泛地說，該解決方案突顯了我們在英國開展的流程，我們很高興能夠繼續在這個領域進行投資。英國的進展也體現在我們年度風險研討會的成功上，該研討會在 6 月創下了參加人數紀錄。

Cyber is another important growth area within the insurance space, which we are addressing at both AIR and at ISO. As you may recall, we launched ARC or Analytics of Risk from Cyber, which allows insurers to evaluate any commercial policy, measure and monitor aggregations of cyber risk within a portfolio and estimate potential insured cyber losses for portfolios. More recently, ISO launched a cyber insurance program with enhanced rating variables and coverage options designed to help insurers respond to the rapidly-changing world of cyber risk. Building on the work we have done, ISO recently launched a process to aggregate cyber data from the industry, a classic application of the vertical big data concept.

網路安全是保險領域另一個重要的成長領域，我們在 AIR 和 ISO 上都探討了這個問題。您可能還記得，我們​​推出了 ARC（網路風險分析），它允許保險公司評估任何商業保單，衡量和監控投資組合中的網路風險匯總，並估算投資組合中潛在的保險網路損失。最近，ISO推出了一項網路保險計劃，該計劃增強了評級變數和承保範圍選項，旨在幫助保險公司應對快速變化的網路風險。在以往工作的基礎上，ISO 最近啟動了一個流程，旨在匯總來自行業的網路數據，這是垂直大數據概念的經典應用。

AIR had a good quarter including nice wins in the cat modeling space as Touchstone continues its success in the marketplace. In addition, we are seeing growing interest in the solutions we have introduced from Analyze Re in the Arium acquisitions. While small, we see a long runway for portfolio optimization in casualty event risk management. Finally, AIR continues to be the leader in the cat bond market, which was particularly strong in this quarter, providing models for much of the new issuance this year-to-date.

AIR 本季業績良好，在貓咪模特兒領域也取得了不錯的成績，Touchstone 繼續在市場上取得成功。此外，我們看到，人們對我們從 Analyze Re 引入到 Arium 收購案中的解決方案越來越感興趣。雖然規模不大，但我們認為在意外事件風險管理領域，投資組合優化還有很長的路要走。最後，AIR 繼續保持巨災債券市場的領先地位，該市場在本季度表現尤為強勁，為今年迄今為止的大部分新發行債券提供了模型。

Finally, another example of automation is the ongoing rollout of ISO ClaimSearch integrations, which allows our customers to receive instant access to essential claims analytics and insights directly in their claims management systems. This is part of a larger opportunity driven by the availability of the next generation of ClaimSearch, which provides a platform for an ongoing and steady stream of new analytics enhancements, assisting users with the investigation and adjustment of claims by providing real-time alerts and actionable intelligence using state-of-the-art data visualization techniques. Response from customers has been very positive.

最後，自動化的另一個例子是 ISO ClaimSearch 整合的持續推出，它使我們的客戶能夠直接在其理賠管理系統中即時存取重要的理賠分析和見解。這是新一代 ClaimSearch 的推出所帶來的更大機會的一部分，它為持續穩定的新分析增強功能提供了一個平台，透過使用最先進的數據視覺化技術提供即時警報和可操作的情報，幫助用戶調查和調整索賠。顧客反應非常正面。

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

接下來，我將把發言權交給伊娃，讓她更詳細地介紹我們的財務表現。

Thank you, Mark. In the second quarter, we grew revenue and EBITDA while also investing in solutions with meaningful long-term potential revenue streams. Our growth in the quarter picked up, consistent with our comments in the last earnings call. As we move through the year, we remain confident that revenue growth will continue to improve.

謝謝你，馬克。第二季度，我們在實現營收和 EBITDA 成長的同時，也投資於具有有意義的長期潛在收入來源的解決方案。本季我們的成長有所加快，這與我們在上次財報電話會議上的說法一致。隨著年內推進，我們仍然相信營收成長將持續改善。

Revenue in the quarter grew 5% and organic constant currency revenue grew 4.1%. The press release again has a table to help you see the acquisition and FX effects for each of our revenue lines.

本季營收成長 5%，以固定匯率計算的有機營收成長 4.1%。新聞稿中再次附上表格，幫助您了解我們每項收入來源的收購和外匯影響。

As a reminder, organic constant currency growth excludes the contribution from recent acquisitions and reflects current period exchange rates applied to prior-period revenue.

需要提醒的是，有機固定匯率成長不包括近期收購的貢獻，並且反映了對前期收入應用的當期匯率。

Currency hurt revenue results in the quarter by about $7.2 million. And total acquired revenue in the quarter was $12 million including the contributions from our aerial imagery acquisitions and MAKE in the renewables space.

匯率波動導致本季營收減少約 720 萬美元。本季收購總收入為 1,200 萬美元，其中包括來自我們的空拍影像收購和再生能源領域的 MAKE 專案的貢獻。

Within the Decision Analytics segment, revenue increased 4.2%. Organic constant currency revenue growth was 4%. This quarter, insurance was the fastest-growing vertical and also the largest contributor of dollars to growth. Decision Analytics insurance revenue increased 8.8% in the second quarter and organic constant currency revenue growth was 8.4%. Growth was led by strong performance in underwriting and catastrophe modeling solutions. Claims analytics growth was good and loss quantification solutions also contributed to growth in the quarter.

在決策分析領域，收入成長了 4.2%。有機收入（以固定匯率計算）成長4%。本季度，保險業是成長最快的垂直產業，也是對成長貢獻最大的產業。決策分析保險業務第二季營收成長 8.8%，以固定匯率計算的有機收入成長 8.4%。核保和巨災建模解決方案的強勁表現帶動了成長。理賠分析業務成長良好，損失量化解決方案也為本季的成長做出了貢獻。

Energy and specialized markets category revenue declined 0.7% in the quarter. And on an organic constant currency basis, revenue increased 0.6%. On an organic constant currency basis, WoodMac grew in the quarter. While the British pound impacted revenue in the quarter, we're pleased to see continued improvement in customer demand inside a stabilized energy market, as expected. As you know, the benefits will be over time given the multiyear subscription nature of the majority of that business. The category revenue growth was affected by a decline in environmental health and safety solutions due to lower demand following the late 2015 completion of GHS standards-related implementation.

本季能源和專業市場類別的收入下降了0.7%。以有機成長和固定匯率計算，收入成長了0.6%。按固定匯率計算，WoodMac本季實現了有機成長。儘管英鎊對本季的收入造成了影響，但正如預期，我們很高興看到在穩定的能源市場中，客戶需求持續改善。如您所知，鑑於該業務的大部分都是多年訂閱制，其收益將隨著時間的推移而顯現。由於 2015 年底 GHS 標準相關實施完成後需求下降，對環境健康與安全解決方案的需求減少，導致該類別收入成長受到影響。

Financial services revenue declined 4.3% in the quarter. Organic constant currency revenue declined 9.3% in the quarter. As Scott said, strong growth in media effectiveness and good growth in core banking solutions were more than offset by the contracts, which concluded last year. We noted last quarter that those contracts contributed about $11 million in 2016.

本季金融服務收入下降了4.3%。本季有機收入（以固定匯率計算）下降了 9.3%。正如斯科特所說，媒體效果的強勁增長和核心銀行解決方案的良好增長被去年結束的合約所抵消。我們上個季度注意到，這些合約在 2016 年貢獻了約 1,100 萬美元。

We remain optimistic about the long-term prospects for the business and building on what is a great data set and analytic capability. The impact of the noncore contracts are roughly even across the full year.

我們對公司的長期前景依然保持樂觀，並將繼續利用現有的龐大數據集和分析能力。非核心合約的影響在全年大致平均分佈。

Underlying growth excluding the 2016 noncore nonrenewals is good. Media effectiveness growth remained strong. We were anticipating additional revenue from nonbank companies in the payment space in 2017. The dynamics of the sales cycle with those companies vary from those of the banks, but the long-term value proposition for this customer segment is compelling. As we bring in new data assets and capabilities to our financial services solution, such as Fintellix and G2, we reinforce the path to long-term sustainable growth as we move into 2018.

剔除 2016 年非核心未續約專案後，基本面成長良好。媒體效能成長依然強勁。我們預計 2017 年將從非銀行支付領域的公司獲得額外收入。這些公司的銷售週期動態與銀行有所不同，但對此客戶群而言，其長期價值主張是極具吸引力的。隨著我們將 Fintellix 和 G2 等新的數據資產和功能引入我們的金融服務解決方案中，我們鞏固了邁向 2018 年長期可持續成長的道路。

Risk Assessment revenue grew 6.4% in the quarter including contributions from our recent acquisitions, which are expanding the baseline for future growth. Organic constant currency revenue growth was 4.4%, reflecting our 2017 invoices and continued contribution from newer solutions. While still early, we are encouraged by the strong efforts to drive new product development in this part of the business. The organic investments and acquisitions reflect our ambition, particularly in international markets, to build on our strong foundation.

本季風險評估收入成長了 6.4%，其中包括我們近期收購帶來的貢獻，這些收購擴大了未來成長的基準。以固定匯率計算的有機收入成長了 4.4%，反映了我們 2017 年的發票以及新解決方案的持續貢獻。雖然現在還處於早期階段，但我們對該公司在該業務領域大力推動新產品開發的努力感到鼓舞。有機投資和收購體現了我們的雄心壯志，尤其是在國際市場上，我們希望在強大的基礎上繼續成長。

Total EBITDA increased 3.7% in the quarter to $254 million. We continue to invest with a focus on revenue we see in the pipelines and the opportunities for this year and into the future.

本季 EBITDA 總值成長 3.7%，達到 2.54 億美元。我們將繼續投資，重點關注我們看到的潛在客戶和今年及未來的機會。

The combined cost of revenue and SG&A increased 7.3% or $19 million in the quarter. However, the increase was just 2.4% on an organic basis as we continue to focus on efficiency in our existing businesses and repurposing that spend to fund innovation.

本季營業收入及銷售、管理及行政費用合計成長7.3%，即1,900萬美元。然而，由於我們繼續專注於提高現有業務的效率並將這些支出重新用於資助創新，因此有機成長僅為 2.4%。

EBITDA margins as reported were 48.6%. Margins were reduced by about 120 basis points due to acquisitions, an effect that we expect to continue through the year. Total acquired EBITDA in the quarter was about $1 million excluding acquisition-associated expenses. The acquisitions we are doing are close to the core with well-defined paths to top line growth and margin expansion.

報告顯示，EBITDA利潤率為48.6%。由於收購，利潤率下降了約 120 個基點，我們預計這種影響將持續到年底。本季收購的總 EBITDA 約 100 萬美元，不包括收購相關費用。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。

We expect the temporary pressure on margins from acquisitions as well as investment opportunities to continue through 2017. While full year margins are likely to be consistent with the second quarter, we are constructive over the long term. As we've said previously, we view our leading margin level as a gauge of the strength of our solutions.

我們預計，收購和投資機會帶來的利潤率暫時性壓力將持續到 2017 年。雖然全年利潤率可能與第二季持平，但我們對長期前景持樂觀態度。正如我們之前所說，我們將領先的利潤率視為衡量我們解決方案實力的指標。

Reported interest expense was $29 million in the quarter. Total debt was $2.4 billion at June 30, 2017, and our leverage at the end of the second quarter was about 2.5x. Our strong capital structure is an asset as we continue to explore opportunities to drive growth.

本季度報告的利息支出為2900萬美元。截至 2017 年 6 月 30 日，總負債為 24 億美元，第二季末的槓桿率約為 2.5 倍。我們強大的資本結構是一項優勢，我們將繼續探索推動成長的機會。

Our reported effective tax rate in the quarter was 28.8%. The tax rate benefited primarily from the ASU 2016-09.

本季度報告的實際稅率為 28.8%。稅率主要受益於 ASU 2016-09。

Adjusted net income in 2Q increased 11.5% to $139 million.

第二季調整後淨利成長11.5%，達到1.39億美元。

Adjusted EPS on a fully diluted basis was $0.82 in the quarter, an increase of 12.3%. Diluted adjusted EPS from continuing operations increased because of organic growth in the business and lower interest expense, provision for income taxes and share count. The increase in the adjusted EPS was partially offset by higher fixed asset depreciation.

本季經調整後的每股盈餘（完全稀釋後）為 0.82 美元，成長 12.3%。由於業務的內生增長以及利息支出、所得稅準備金和股份數量的減少，持續經營業務的稀釋調整後每股收益有所增長。調整後每股盈餘的成長被更高的固定資產折舊部分抵銷。

The average diluted share count was 168.3 million in the quarter, and we bought about 2 million shares in the quarter at an average price of $79.73. Our repurchase program has been successful to date, generating annualized IRRs above our cost of capital. On June 30, 2017, our diluted share count was 167.9 million shares.

本季平均稀釋股份數為 1.683 億股，本季我們以平均每股 79.73 美元的價格購買了約 200 萬股。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。截至 2017 年 6 月 30 日，我們的稀釋後股份總數為 1.679 億股。

Net cash provided by operating activities from continuing operations was $430 million for the 6 months ended June 30, 2017, an increase of 11.6% versus 2016.

截至 2017 年 6 月 30 日的 6 個月，持續經營活動產生的淨現金為 4.3 億美元，比 2016 年成長 11.6%。

Capital expenditures were $73 million for the 6-month period ended June 30, and CapEx was 7.1% of revenue year-to-date. Free cash flow increased 14.5% to $357 million for the 6-month period ended June 30, and free cash flow was 71.5% of EBITDA. Growth in free cash flow was driven by positive operating results and this is an important metric for the measurement of driving enterprise and therefore shareholder value.

截至 6 月 30 日的 6 個月期間，資本支出為 7,300 萬美元，年初至今的資本支出佔收入的 7.1%。截至 6 月 30 日的 6 個月期間，自由現金流成長 14.5% 至 3.57 億美元，自由現金流佔 EBITDA 的 71.5%。自由現金流的成長是由積極的經營績效所推動的，這是衡量企業價值和股東價值的重要指標。

In the second quarter, as Scott noted, the new additions to our aerial imagery capabilities contributed to our revenue of about $700,000. In 2016, these companies generated about $15 million in revenue and about $2 million in EBITDA. They will be included in the Decision Analytics insurance line for reporting purposes and will be treated as acquired until the third quarter of 2018. As Scott mentioned, including the purchase prices of about $31 million, we expect to invest up to $100 million across 2017 and '18. The additional investments will largely be in the form of CapEx to further expand data-gathering capabilities through planes and remote imagery sensors. The 5-year plan, when looking at the investments and operating costs relative to our revenue forecast and the resulting free cash flow we expect to generate, is compelling. As you've seen in yesterday's press release, the insurance-related market opportunity is over $200 million annually and we also see opportunities in broader markets.

正如斯科特指出的那樣，第二季度我們新增的空拍圖像功能為我們帶來了約 70 萬美元的收入。2016 年，這些公司創造了約 1,500 萬美元的收入和約 200 萬美元的 EBITDA。出於報告目的，它們將被納入決策分析保險產品線，並將被視為已收購產品，直至 2018 年第三季。正如史考特所提到的，包括約 3,100 萬美元的收購價格在內，我們預計在 2017 年和 2018 年將投資高達 1 億美元。新增投資將主要以資本支出的形式進行，以進一步擴大透過飛機和遠端影像感測器收集數據的能力。從投資和營運成本與我們的收入預測以及我們預期產生的自由現金流之間的關係來看，這項五年計畫是很有吸引力的。正如您在昨天的新聞稿中看到的，保險相關市場機會每年超過 2 億美元，我們也看到了更廣泛市場的機會。

As you think about your models for 2017, currency will continue to be a headwind, moderating a bit as we move into the second half. To help you look at the FX impact, the following 2016 total revenues are restated as of June 30, 2017, rates. If rates were unchanged from June 30, these would be the base for organic constant currency revenue growth. Most of the impact falls within the energy and specialized markets segment in Decision Analytics. For 3Q 2016, it would be $496 million versus the reported $498 million. And for the fourth quarter 2016, it would be $508 million versus the reported $506 million.

在考慮 2017 年的商業模式時，匯率仍將是一個不利因素，但隨著我們進入下半年，這種不利因素會略有緩解。為了幫助您了解外匯的影響，以下 2016 年總收入已以 2017 年 6 月 30 日的匯率重新計算。如果利率與 6 月 30 日持平，這些將成為有機固定匯率收入成長的基礎。大部分影響集中在決策分析的能源和專業市場領域。2016 年第三季度，實際金額為 4.96 億美元，而先前報告的金額為 4.98 億美元。2016 年第四季度，實際金額將為 5.08 億美元，而先前報告的金額為 5.06 億美元。

In addition, we expect CapEx of about $185 million, an increase versus the prior amount to reflect the remote imagery investments. As Scott noted, we expect CapEx to normalize to about 6% by 2021. Fixed asset depreciation and amortization will be almost $140 million for the year, and the amortization of intangibles, about $95 million.

此外，我們預計資本支出約為 1.85 億美元，比之前的金額增加，以反映遠端影像投資。正如斯科特指出的那樣，我們預計到 2021 年，資本支出將恢復正常水平，約為 6%。本年度固定資產折舊和攤提將接近 1.4 億美元，無形資產攤提約 9,500 萬美元。

Based on our current debt balances and interest rates, we expect interest expense to be around $115 million for the year. This includes noncash amortization of debt issuance costs.

根據我們目前的債務餘額和利率，我們預計今年的利息支出約為 1.15 億美元。這包括債務發行成本的非現金攤提。

We still estimate the full year tax rate to be in the range of 32% to 33%. In the adjusted net income calculation, we continue to use 26% for the tax effect on intangible amortization.

我們仍然預計全年稅率在 32% 到 33% 之間。在調整後的淨收入計算中，我們繼續使用 26% 作為無形資產攤銷的稅收影響。

And finally, we expect a diluted weighted average share count of 169 to 170 million shares.

最後，我們預計稀釋後的加權平均股數為 1.69 億至 1.7 億股。

We look forward to continued overall improvement as we move through 2017 and beyond. We're excited about the opportunities to invest as we work to drive long-term free cash flow. We remain confident that we have the financial strength and capital structure to support investment for the long term. We continue to appreciate all the support and interest in Verisk.

我們期待在2017年及以後取得持續的整體進步。我們對投資機會感到興奮，因為我們正努力推動長期自由現金流的成長。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。我們衷心感謝大家對 Verisk 的支持與關注。

(Operator Instructions) And with that, I'll ask the operator to open the line for questions.

（操作員指示）接下來，我將請操作員開通提問專線。

(Operator Instructions) Your first question is from Tim McHugh, William Blair & Company.

（操作說明）您的第一個問題來自威廉布萊爾公司的提姆麥克休。

I guess, start off with maybe a 2-part question on just insurance. One, how meaningful was the strength in catastrophe bonds to the growth that you saw in Decision Analytics insurance? And secondly, I guess, elaborate just why now are you ready to pull the trigger on going more aggressively after aerial imagery?

我想，或許可以先問一個關於保險的兩部分問題。第一，巨災債券的強勁表現對決策分析保險的成長有多大意義？其次，我想請您詳細說明一下，為什麼現在您準備更積極地尋求空拍圖像？

This is Mark. Let me start out, Tim. Obviously, the cat bond market was robust in the quarter. We continue to be the model of choice, and as a result, that did help us a little bit. But I just want to make sure I don't -- we don't overemphasize how much revenue we get from the cat bond market. It's certainly an indicator of kind of the strength of our AIR brand, but at the same time we're talking a couple of million dollars. It was nothing overly dramatic.

這是馬克。提姆，我先來吧。顯然，本季巨災債券市場表現強勁。我們仍然是首選模特，因此，這確實對我們有所幫助。但我只是想確保我們不會——我們不會過度強調我們從巨災債券市場獲得的收入。這當然表明了我們 AIR 品牌的實力，但同時，我們談論的是幾百萬美元。沒什麼特別戲劇性的。

Yes. And Tim, I would just add that if we had not seen any growth on the cat bond line there, we still would have seen acceleration in the insurance growth, yes.

是的。提姆，我還要補充一點，即使巨災債券業務沒有成長，我們仍然會看到保險業務的成長加速，是的。

And to your question, Tim, about aerial imagery, we've really been on this topic for some time now and much of what we've given attention to over the last couple of years have been our analytic methods. And so our machine-learned methods for interpreting image sets, I think, are the best in the world and we've been working on those for a few years. What we concluded was that in order to assume the position that we want to where this market is concerned, we had to complement that excellence with equal distinctiveness with respect to the image sets that are available to us. To date, we've been working with third parties and so this we see as really the final step in order to be fully prepared to serve this marketplace. And so it's not that we haven't been here. It's that this was sort of the final piece.

至於你問的關於空拍影像的問題，提姆，我們已經研究這個主題一段時間了，過去幾年我們關注的重點主要是分析方法。因此，我認為我們用於解釋圖像集的機器學習方法是世界上最好的，我們已經在這方面工作了好幾年。我們得出的結論是，為了在這個市場中佔據我們想要的地位，我們必須在現有形象體系中展現出同樣的獨特性，以彌補我們自身的卓越表現。到目前為止，我們一直與第三方合作，因此我們認為這才是真正做好充分準備服務這個市場的最後一步。所以不是我們沒來過這裡。這算是最後一塊拼圖吧。

Okay. And then just one quick follow-up. I guess, Eva, I think you said, insurance, you expect faster growth in the second half. Is that relative to 2Q? And -- or is the first half? Just to kind of, I guess, clarify what you're saying.

好的。然後，還有一個簡短的後續問題。我想，伊娃，你之前說過，保險業預計下半年成長速度會更快。這是相對於第二季而言的嗎？還是說，這是前半部？我只是想稍微澄清一下你的意思。

We're generally looking at first half versus second half, Tim. As you know, we prefer to talk about it from an annual basis, but that's the way we think about it.

提姆，我們通常比較的是上半場和下半場。如您所知，我們更傾向於每年討論這個問題，但這就是我們考慮的方式。

And your next question comes from Jeff Meuler with Baird.

下一個問題來自 Baird 公司的 Jeff Meuler。

On the aerial imagery, the investment that you're talking about, is that all incremental on top of the level that you've already been investing in aerial imagery including the amount that you've been spending to source the images from third parties?

關於空拍圖像，您提到的投資，是否都是在您已經投入的空拍圖像資金（包括您從第三方獲取圖像的費用）之外的額外投入？

No. So our own efforts at image capture will substitute for what we have had to spend with third parties in order to capture images today. Now there's a bit of an overlap period here where, even today, we're still being supplied by the third parties that we put together. But in a short period of time basically, it will all be our own image capture and therefore these costs associated with the third parties will go away.

不。因此，我們自己進行影像擷取的努力將取代我們今天不得不花在第三方身上的影像擷取費用。現在這裡有一段重疊時期，即使在今天，我們仍然依靠我們組成的第三方供應商。但不久之後，基本上所有影像採集都將由我們自己完成，因此與第三方相關的這些成本將會消失。

Can you give us any rough order of sizing in terms of how much is incremental?

能否大致說明一下尺寸遞增的幅度？

Well, I think the way to think about it, Jeff, is when we're talking about $100 million investment, that's the M&A of about $31 million plus CapEx. And I think, as we're talking about third parties, that's more on the OpEx side so I think it's a little bit of apples and oranges. But I think, fundamentally, as Scott was saying, I mean, this is a better way to do it. Overall, it's going to be less expensive and we're going to have more control and better images.

傑夫，我認為應該這樣想：當我們談論 1 億美元的投資時，其中併購金額約為 3,100 萬美元，再加上資本支出。而且我認為，既然我們談到了第三方，那麼更多的是營運支出方面的問題，所以我覺得這有點像蘋果和橘子，很難比較。但我認為，從根本上來說，正如斯科特所說，我的意思是，這是一種更好的方法。總的來說，成本會更低，而且我們會有更大的控制權，影像品質也會更好。

Okay. And then just going back to the Argus performance and the outlook commentary. I think there was a comment somewhere in Scott's prepared remarks about run rate business contracts. So is this more contracts that are signed? And the question is when they go live and you start to recognize revenue? Or is this pipeline that is not yet contracted in terms of what seems to be more delayed than your previous expectations?

好的。然後我們再回到 Argus 的表現和展望評論。我認為斯科特事先準備好的發言稿中提到了按月計費的商業合約。所以這是更多簽署的合約嗎？問題是，它們何時上線，何時開始確認收入？或者，這條尚未簽訂合約的管道，其進度似乎比您之前的預期要慢？

It's a combination of both, Jeff. So we can see the cumulative effect of what has already been put in place and also anticipating new contracts, particularly in these new segments that I was talking about before. So it's both.

傑夫，這是兩者的結合。因此，我們可以看到已經實施的措施的累積效應，以及對新合約的預期，尤其是在我之前提到的這些新領域。所以兩者都是。

Your next question comes from Hamzah Mazari from Macquarie.

下一個問題來自麥考瑞大學的Hamzah Mazari。

Just a clarification around CapEx. Is it fair to say that Verisk is in a multiyear elevated CapEx cycle? You guys pointed to $100 million spread over 2 years, but then you threw out a 2021 figure of 6% of CapEx. So just maybe a little more color after 2018. Is it still elevated, the CapEx spend, and it just goes down in 2021? Or -- any color would be great there.

關於資本支出，我需要澄清一下。是否可以說 Verisk 目前處於多年高資本支出週期？你們之前提到兩年內需要投入 1 億美元，但後來又拋出了一個 2021 年資本支出佔 6% 的數字。所以，或許2018年之後會多一些色彩。資本支出仍然居高不下，然後在 2021 年下降嗎？或者——任何顏色都很好。

Yes. Well, so there are a couple of layers in there. Thank you for the question. I think maybe I'll start by saying sort of prior to the discussion of the $100 million investment in aerial imagery, of which, remember, $30 million of that is M&A, $31 million, and the remainder is CapEx. So we're talking about that across '17 and '18. But before that, what you know is we've been re-platforming our businesses, and we were already starting to work our CapEx percentages, [bringing it] down. This is something that will sort of elevate it for '17 and '18, but our expectation is that we will continue on that downward trajectory. This is just a layer on top of the path that we had already discussed with you.

是的。嗯，這裡面有好幾層。謝謝你的提問。我想，在討論對空拍圖像的 1 億美元投資之前，我想先說明一點：請記住，這 1 億美元中，3000 萬美元是併購，3,100 萬美元是資本支出。所以我們討論的是2017年和2018年的情況。但在此之前，你知道我們一直在重新調整業務平台，我們已經開始降低資本支出百分比。這在一定程度上會提升我們在 2017 年和 2018 年的表現，但我們預計我們將繼續走下坡路。這只是在我們之前和你討論過的路徑之上的另一層。

Great, that's very helpful. And then just a longer-term question. Maybe if you could frame for us what catalysts investor should look for, for the company to have greater penetration internationally outside of energy? Is it simply that data analytics markets need to develop more overseas? Or is there anything else that you are hearing from your customer base that could be relevant?

太好了，這很有幫助。還有一個更長遠的問題。您能否為我們概述一下，投資人應該關注哪些催化劑，才能使公司在能源以外的國際市場獲得更大的滲透率？是不是僅僅因為數據分析市場需要在海外發展更多？或者，您從客戶那裡還聽過其他可能相關的回饋嗎？

Yes -- no, I mean, it's -- there's no single effect, but the rest of the world is the same as the United States in the sense that data analytics is what companies are doing, companies inside of our vertical markets are working on today. So it's really just a matter of us being present and presenting credentials and we're very encouraged by the engagements that we've been able to generate in 2017 with names that didn't use to be on our customer list. And it's just that it's steady march that will get us there. But there's nothing fundamentally different about the rest of the world. I mean, there are maybe some differences in terms of regulatory structure and that can have some effect on market structure. But overall, it's really -- it's the same thing. So no, it's not a matter of catalyst. It's a matter of us being present, bringing our great intellectual property into these markets and finding our place.

是的——不，我的意思是——沒有單一的影響，但世界其他地方與美國的情況相同，因為數據分析是公司正在做的事情，是我們垂直市場中的公司目前正在做的事情。所以，關鍵在於我們是否到場並展示資質。我們對 2017 年能夠與一些以前不在客戶名單上的客戶建立聯繫感到非常鼓舞。而正是這種穩定前進才能讓我們到達目的地。但世界其他地方並沒有什麼本質區別。我的意思是，監管結構方面可能存在一些差異，這可能會對市場結構產生一定影響。但總的來說，它們其實是一樣的。所以，不，這不是催化劑的問題。關鍵在於我們是否能夠進入這些市場，將我們優秀的智慧財產權帶入這些市場，並找到屬於我們自己的位置。

Our next question is from Manav Patnaik with Barclays.

下一個問題來自巴克萊銀行的馬納夫·帕特奈克。

Just first question, just to clarify a couple of things on the aerial imagery investment. So in terms of the revenue opportunity, you've been working on this since 2014. You talked about $200 million TAM on the insurance side, I guess. I was wondering if you could just help us frame what that revenue penetration looks like for you guys today. And just to clarify, the $70 million is '17 and '18, but after that, what should the run rate look like in terms of spend there?

首先，我想問一個問題，澄清一下關於空拍圖像投資的一些事情。所以就收入機會而言，你們從 2014 年就開始著手研究這個問題了。我猜你剛才提到了保險業2億美元的潛在市場規模。我想請你們幫我們描述一下，對你們來說，目前的收入滲透率是什麼樣的。需要澄清的是，這 7,000 萬美元是 2017 年和 2018 年的支出，但在此之後，該領域的支出水準該如何變化？

Yes. So we've accessed less than 5% of that TAM today. So this is the opening minutes of the first quarter. We've been working on our methods for a long time, as I've responded to Tim's question, but we feel like we put the final piece in place here. But we've accessed 5% -- or less actually of that TAM. So very, very early days. With respect to the CapEx profile, there will be a sustained tail of CapEx because essentially the infrastructure necessary to generate these image sets always has to be refreshed. But as Eva was mentioning before, with respect to CapEx, '17 and '18 are kind of this bubble and then we come down to substantially lower sustained levels to essentially keep this network in the United States operating in perpetuity.

是的。所以，我們今天只觸及了不到5%的潛在市場。這是第一節比賽開始的幾分鐘。正如我回答提姆的問題時所說，我們已經研究我們的方法很長一段時間了，但我們感覺現在已經完成了最後一塊拼圖。但我們只觸及了TAM的5%——實際上甚至更少。現在還處於非常非常早期的階段。就資本支出情況而言，由於產生這些影像集所需的基礎設施必須不斷更新，因此將會出現持續的資本支出尾部。但正如伊娃之前提到的，就資本支出而言，2017 年和 2018 年有點像泡沫，然後我們會大幅下降到持續較低的水平，才能使這個網絡在美國永久運營下去。

Okay. And maybe just one question for Eva. Last quarter, you guys talked about 7% to 8% as your target for financial plus insurance. That clearly sounds like that's not going to be met because of financial. Would you be willing to give us what that range would look like now?

好的。也許我只想問伊娃一個問題。上個季度，你們提到金融加保險的目標成長率是 7% 到 8%。顯然，由於資金問題，這個目標無法實現。您能否告訴我們，現在這個範圍會是什麼樣子？

Yes. So you're right. We're -- because of the discussion we've had around financial, which we're still very encouraged by the business overall, but I think, in 2017, it's not going to show the type of growth that we would need to get to that target that we had talked about earlier. So I think, as we talked about insurance, we expect that to continue to accelerate in the second half. We feel very good about it. So that's kind of where we sit.

是的。你說得對。由於我們圍繞財務問題進行了討論，我們仍然對公司的整體業務感到非常鼓舞，但我認為，在 2017 年，公司不會展現出我們實現之前討論過的目標所需的增長。所以我認為，正如我們之前討論的保險業一樣，我們預計下半年保險業的成長速度將繼續加快。我們對此感到非常滿意。這就是我們目前的處境。

7% to 8% is still the reference benchmark for us. Nothing has changed. We're simply talking about quarters here.

7%到8%仍然是我們的參考基準。一切都沒有改變。我們這裡只是在討論硬幣。

And your next question comes from Jeff Silber, BMO.

下一個問題來自 BMO 的 Jeff Silber。

It's Henry Chien calling for Jeff. Just had a question, a follow-up question, on the aerial imagery space. Is this -- in terms of how you're building up your aerial imagery business, is the focus still on the insurance end market? Or are you also positioning the data and the services to other end markets? And just any thoughts on how you plan to position this future aerial business versus some of the other competitors out there.

是亨利·錢在找傑夫。我剛剛有一個關於空拍影像領域的後續問題。就您發展航拍業務而言，是否仍以保險終端市場為重點？或者，你們是否也正在向其他終端市場推廣數據和服務？您對於未來如何將這項空中業務定位為與其他競爭對手相比更具競爭力，有什麼想法嗎？

Yes. So I think you asked a couple of questions in there. This capability will serve more than the insurance market, but the insurance market is a primary consideration for us simply because of the nature of the business that we do. But in fact, there are marketplaces today consuming the analyzed output of aerial imagery, which are larger than the insurance use cases and we intend to tap those markets as well. So it's really -- it's genuinely at both ends. And the way we think that we're going to win, the way that we are making progress today, is basically a combination of great data, which is what this announcement about the aerial imagery capture program is about, combined with leading analytic methods and you also have to build great workflows so that the customers can easily ingest the data and the analysis. We got all that and we are actively, actively presenting credentials in the market today and very encouraged by what we're seeing.

是的。所以我覺得你在那裡問了幾個問題。這項功能將服務於保險市場以外的領域，但保險市場是我們首要考慮的因素，這僅僅是因為我們所從事的業務性質所決定的。但事實上，如今已經有一些市場在消費對空拍影像進行分析後的產出結果，這些市場比保險業的應用案例大得多，我們也打算開拓這些市場。所以，這確實是——確實在兩端都是如此。我們認為我們能夠獲勝的方式，以及我們今天取得進展的方式，基本上是將優質的數據（這就是我們宣布的航空影像採集計劃的意義所在）與領先的分析方法相結合，同時還要構建出色的工作流程，以便客戶能夠輕鬆地吸收數據和分析結果。我們已經掌握了所有這些信息，並且目前正在積極地向市場展示我們的資質，我們對目前的情況感到非常鼓舞。

Okay. That's great. And just a follow-up question on the gross margins. It looks like it's been trending downwards. Is there anything that's been driving that, that you could highlight?

好的。那太棒了。關於毛利率，我還有一個後續問題。看起來呈下降趨勢。您能否重點介紹促成這種情況的因素？

I mean, I think you're probably seeing some impact of some of the acquisitions in that.

我的意思是，我認為你可能已經從中看到了一些收購帶來的影響。

Your next question comes from Andrew Jeffrey with SunTrust.

下一個問題來自 SunTrust 銀行的 Andrew Jeffrey。

It's Oscar Turner on for Andrew. So was just wondering, can you provide any color on the competitive environment in Argus? Has anything changed there?

安德魯的教練是奧斯卡·特納。所以我想問一下，能否介紹一下Argus的競爭環境？那裡有什麼變化嗎？

No, nothing has changed there. No, we still have a very unique position inside of the banking ecosystem with respect to the data asset that we have. Nothing has changed.

不，那裡沒有任何變化。不，就我們擁有的數據資產而言，我們在銀行業生態系統中仍然佔據著非常獨特的地位。一切都沒有改變。

Okay. And then just as a follow-up, we've seen an uptick in the pace of M&A recently, though it has been somewhat smaller deals. How should we think about your M&A strategy going forward in terms of size, vertical and geography?

好的。此外，我們也看到，最近併購活動的步伐有所加快，儘管交易規模相對較小。從規模、產業和地理位置來看，我們應該如何看待您未來的併購策略？

So we -- our history at Verisk has been we have created a lot of value for our shareholders through the program of M&A and the reason that it has created value is that it is tightly linked to our strategy. So we start from within the customer markets that we serve with a deep understanding of what they need and what their emerging needs look like, and from that, we derive our strategy. And from that, we ask questions about should we build it or should we buy it? That's the way we've always done it. That's the way we will continue to do it. We're not doctrinaire about the amount that we spend on M&A. We're not doctrinaire about the size of the deals. What we're looking for are things which fit our strategy. The strategy is tightly yoked to 2 things: one is the vertical markets we're serving and the other is the 4 distinctives that we always talk about, and those are really the criteria that we use to -- those and financial metrics to look at potential acquisitions. So we're on the same course that we were always on. And so with respect to expectations going forward, we will continue to lean into the M&A agenda. We will continue to lean into the share repurchase program. And the amount of transactions at any given moment will be a function of mostly kind of availability, and we do a lot of cultivation and things take time. But I think you can look to us for a very steady stream of acquisitions in the future.

因此，Verisk 的歷史就是透過併購計畫為股東創造了大量價值，而之所以能夠創造價值，是因為它與我們的策略緊密相關。因此，我們從我們所服務的客戶市場內部出發，深入了解他們的需求以及他們正在湧現的需求，並由此制定我們的策略。由此，我們會問自己：我們應該自己建造還是應該購買？我們一直都是這麼做的。我們將繼續採用這種方式。我們對併購支出金額並沒有教條式。我們對交易規模並不固執己見。我們尋找的是符合我們策略的東西。這個策略與兩件事緊密相關：一是我們所服務的垂直市場，二是我們一直在談論的 4 個獨特之處，這些確實是我們用來衡量潛在收購的標準——這些標準以及財務指標。所以我們仍然走在原來的道路上。因此，對於未來的預期，我們將繼續推動併購議程。我們將繼續大力推動股票回購計畫。任何特定時刻的交易量主要取決於可用性，而我們做了很多培育工作，這些都需要時間。但我認為，未來你們可以期待我們持續不斷地進行收購。

And your next question comes from Bill Warmington with Wells Fargo.

下一個問題來自富國銀行的比爾沃明頓。

So first question for you on WoodMac. You had pointed out that the growth on an organic basis, constant currency, up about 0.6%, but it's actually a little better than that because EHS was negative against it. So I wanted to ask whether you were seeing -- what you were seeing on the renewals, whether you're seeing on the dollar value, are you seeing price improvements? Expansion? What's driving the growth there?

那麼，關於 WoodMac，我的第一個問題是什麼？您曾指出，以固定匯率計算，有機成長率約為 0.6%，但實際上比這略好一些，因為 EHS 對其產生了負面影響。所以我想問您是否看到了續約情況，您是否看到了美元價值方面的情況，您是否看到了價格方面的改善？擴張？是什麼因素推動了當地的成長？

Yes, it's -- we're very encouraged by what's happening with the subscription revenues, that's real-time business. And that is -- as with the way that we face off with our customers in all vertical markets, when we come to a renewal moment, it isn't just a sort of a raw question of price increase on what they were using previously. First of all, our products are always sort of dynamically changing. But in addition to that, we sort of bring bundles. So when we look at what -- what we're paying attention to, Bill, is the subscription amounts associated with existing customers then obviously with new customers as well and there has been very nice progression in terms of those subscription revenues. As Eva pointed out, because we sign multiyear agreements, it will take a little while for the full effect of what's happening right now to show up on the revenue line, but it's progressing nicely. And as I said, just to be clear about this, inside of the resource and energy world, we don't need the commodity to be -- for example, if we're talking about the oil commodity, we don't need it to be at the record highs it was at a few years ago. We just need our customers to be stable and looking to the future, which is actually kind of where we are now. There has been a tremendous reduction in breakevens inside the industry and so it's -- we just need stability and essentially there is stability at this point. So we're enjoying what's happening in that business.

是的，我們對訂閱收入的現狀感到非常鼓舞，這是即時業務。也就是說——就像我們在所有垂直市場與客戶打交道一樣，當續約的時候，這不僅僅是他們之前使用的產品價格上漲的簡單問題。首先，我們的產品總是處於動態變化之中。但除此之外，我們還帶來了一些其他的東西。所以，比爾，我們關注的是現有客戶的訂閱金額，當然還有新客戶的訂閱金額，而這些訂閱收入的成長動能非常好。正如伊娃指出的那樣，因為我們簽訂的是多年期協議，所以目前發生的事情的全部影響需要一段時間才能體現在收入上，但進展順利。正如我剛才所說，為了明確這一點，在資源和能源領域，我們並不需要商品價格達到——例如，如果我們談論的是石油商品，我們並不需要它的價格達到幾年前的歷史高點。我們只需要客戶保持穩定並著眼於未來，而這其實也是我們目前所處的階段。產業內的損益平衡點已經大幅降低，所以——我們只需要穩定，而目前基本上已經實現了穩定。所以我們對目前這個產業的發展狀況感到滿意。

Okay. Then a clarification on the 7% to 8% constant currency organic target for the total insurance including -- plus financial services. It -- when we talked about this in early May, at that point, it looked like about 2/3 of that target was under contract and about 1/3 was coming from new sales. And I just wanted to check whether we were still on track for that for the year. And I wanted to also -- back of the envelope, it looked like that combined organic constant currency was somewhere in the 4% to 5% range for the second quarter. That's my math and I know your math is better than mine, so just wanted to check that.

好的。然後澄清了以固定匯率計算的保險業整體有機成長目標（包括金融服務）為 7% 至 8%。——我們在五月初討論這個問題的時候，當時看來，大約 2/3 的目標已經簽訂了合同，大約 1/3 的目標來自新的銷售。我只是想確認一下我們今年的目標是否仍在按計劃進行。我還想粗略估計一下，第二季綜合有機成長率（以固定匯率計算）似乎在 4% 到 5% 之間。這是我的計算結果，我知道你的計算比我的好，所以我只是想確認一下。

All right. There were like 7 questions in that, Bill, (inaudible). So I'll start with the last one first. Organic constant currency combined insurance and financial in the quarter was 5.1%, that compared to 4.9% last quarter. So there was a progression there. Going back maybe to the top -- a clarifying point with the 1/3-2/3 comment you made. That was the comment we made specifically around insurance last quarter. And maybe after I get through more of your questions, we'll have Mark make a comment on how we're progressing on that. With regards to the combined targets for financial and insurance, going back to the comments that Scott and I made, financial in 2017, because of some of the dynamics we talked about, is not going to perform at the level we had expected for 2017. So I would say that when we look at that combined target that we talked about, that is not something that we're looking at because of the financial performance that we're now expecting in 2017. So with that, maybe I'll just let Mark make a comment on how we're progressing on the insurance side.

好的。裡面大概有7個問題，比爾，（聽不清楚）那我就先從最後一個開始吧。本季以固定匯率計算的保險和金融綜合有機成長率為 5.1%，而上一季為 4.9%。所以這其中存在著一個發展過程。或許應該回到最初——你提到的 1/3-2/3 的說法需要澄清一點。這是我們上個季度專門針對保險業發表的評論。或許在我回答完你們更多的問題之後，我們會請馬克就我們在這方面的進展發表一些評論。關於金融和保險的綜合目標，回顧我和史考特先前的評論，由於我們討論過的一些因素，2017 年金融業的表現不會達到我們預期的水平。所以我想說，當我們審視我們討論過的綜合目標時，這並不是我們因為對 2017 年財務表現的預期而考慮的事情。那麼，接下來就讓馬克談談我們在保險方面的進展。

As we, I think, demonstrated in the second quarter, we continue to feel like there's a ramp inside of insurance and we just kind of reinforced second half versus first half. One of the metrics I think we tried to provide during the first quarter call was the element of how much of the contracts -- or how many of the additional growth was relative to committed contracts and things that will be happening because of a commitment and signed contract versus go-get pipeline. And I think we feel good about the progress we've made over the course of the quarter and that number is even more positive today, so I'm comfortable with at least the progress we made.

我認為，正如我們在第二季度所展現的那樣，我們仍然覺得保險業內部存在成長潛力，而且我們只是進一步強化了下半年與上半年相比的成長勢頭。我認為我們在第一季電話會議上試圖提供的指標之一是，合約數量（或額外增長）中有多少是相對於已承諾的合約而言的，以及由於承諾和已簽署的合約而將要發生的事情，而不是正在推進的項目。我認為我們對本季的進展感到滿意，而且今天的數據更加樂觀，所以我對我們的進展感到滿意。

Got it. So I understand what you were saying now on the 7% to 8% target. Did you want to give us a revised target for that combined segment for 2017?

知道了。所以我現在明白你剛才說的7%到8%的目標是什麼意思了。您是否願意提供我們一個2017年該合併業務板塊的修訂目標？

I think Scott's described well the dynamic in financial and for insurance that we talked about acceleration in the second half.

我認為史考特很好地描述了金融和保險業的動態，我們之前討論過下半年的加速發展。

Yes. We expect progress as the year goes on, and the target remains the target and it's just a question of timing.

是的。我們預計隨著時間的推移會取得進展，目標仍然是目標，只是時間問題。

Your next question is from Andrew Steinerman with JPMorgan.

下一個問題來自摩根大通的安德魯·斯坦納曼。

Eva, EBITDA margins were down year-over-year in the first half of the year in 2017. Might we see EBITDA margins down the same or more in the second half of the year, year-over-year? And when should we get back to margin expansion?

2017 年上半年，Eva 的 EBITDA 利潤率較去年同期下降。下半年 EBITDA 利潤率是否會比去年同期下降相同幅度甚至更多？我們何時才能恢復利潤率擴張？

Yes. So Andrew, thanks for the question. If you were to look at what we -- what I said on the call with regards to margins, I think if you look at second quarter and think about the year, I mean, that's kind of where we are. We've got a couple of things going on there. Obviously, we have talked about the beginning of the year some of the investments that we're making in the business; we continue to make those, we're excited about those. We now have brought in some acquisitions. I dimensioned for you some of the revenue and EBITDA in those acquisitions. Those are lower margins than our existing business and so that will be a pull for this year. But as you know, I've said before, we continue to be constructive on margins over the long term.

是的。安德魯，謝謝你的提問。如果你看看我們在電話會議上談到的利潤率，我認為如果你看看第二季度，再看看今年的情況，我的意思是，這就是我們目前的處境。我們那邊有幾件事正在處理。顯然，我們在年初討論過我們對業務進行的一些投資；我們將繼續進行這些投資，我們對此感到興奮。我們現在已經進行了一些收購。我已為您計算了這些收購案的部分收入和 EBITDA。這些業務的利潤率低於我們現有業務，因此這將是今年的一大挑戰。但正如你所知，我之前也說過，從長遠來看，我們將繼續在利潤率方面保持建設性態度。

And our next question is from Arash Soleimani with KBW.

下一個問題來自 KBW 的 Arash Soleimani。

So one question, you mentioned in your prepared remarks a bit about cyber. I was just wondering -- obviously cyber is still a relatively young insurance market. Are you seeing pretty large appetite from your insurance carrier clients to grow that line?

那麼，我有一個問題，您在準備好的發言稿中稍微提到了網路安全。我只是在想——顯然，網路保險市場仍然是一個相對年輕的市場。您是否發現您的保險公司客戶對拓展該產品線有強烈的需求？

So this is Mark. I think one of the things that every insurer is looking to do is grow and cyber offers that opportunity. In a world where premiums and rates have been relatively soft, cyber offers that opportunity. The challenge is it's tough to quantify that risk, actually understand what you're underwriting and how big it could be, especially with all the cyber-attacks and the exposure that's out there. So there is, I'll call it, an under or uninsured opportunity here and everyone's looking to try to seize on that. We have done several things that I think are -- respond to that need. We have typically focused on insurance and our insurer customers or reinsurers. And you kind of heard some of the things from cat models to actually programs and coverage forms. We're aggregating data to better improve the loss cost. We're going to try to put out what we refer to as like a -- we typically have these Building Underwriting Reports. We're going to try to kind of have a similar type of report for businesses. The theory is that both from a risk by risk and a portfolio perspective, we can provide a lot of solutions to our customers that need support in writing this risk. Last comment, this is the type of risk, if we do it right, has the ability to kind of leg outside of insurance and into the corporate market. So it provides even a bigger TAM and bigger opportunity if we do it right. So we are excited about the opportunities here and we're working hard to be the first or at least first to market.

這位是馬克。我認為每家保險公司都希望成長，而網路安全恰好提供了這樣的機會。在保費和費率相對較低的世界範圍內，網路保險提供了這樣的機會。挑戰在於很難量化這種風險，很難真正了解你承保的是什麼以及風險有多大，尤其是在網路攻擊和各種風險敞口無處不在的情況下。所以這裡存在一個，我稱之為，保險不足或沒有保險的機會，每個人都想抓住這個機會。我們已經做了一些我認為可以滿足這種需求的事情。我們通常專注於保險業以及我們的保險公司客戶或再保險公司。你可能聽說過一些關於貓咪模型、實際項目和保險表格之類的事情。我們正在匯總數據，以更好地改善損失成本評估。我們將嘗試發布我們稱之為——我們通常會有這些建築承保報告。我們打算嘗試為企業提供類似的報告。理論上講，無論從風險角度還是從投資組合角度來看，我們都可以為需要幫助應對此類風險的客戶提供許多解決方案。最後一點，如果我們處理得當，這種風險有可能脫離保險市場，進入企業市場。因此，如果我們做得好，它將帶來更大的潛在市場和更大的機會。因此，我們對這裡的機會感到興奮，我們正在努力成為第一個，或至少是第一個進入市場的公司。

That's helpful. And the other is was there anything unusual on the tax rate this quarter? It seemed a bit lower than usual.

那很有幫助。另一個問題是，本季稅率是否有任何異常情況？似乎比平常低。

So as I mentioned, remember, we have this -- the new approach from an accounting perspective to how we have (inaudible) benefit for stock option. So you're going to see a bit more variability across the quarters and that's what you saw in this quarter for the tax rate. But we still think, for the year, we're going to be looking at 32% to 33%.

正如我剛才提到的，請記住，我們有這個——從會計角度來看，我們對股票期權的收益採取了新的方法（聽不清楚） 。因此，你會看到各季度之間出現更大的波動，而這正是本季稅率所反映的。但我們仍然認為，今年的成長率將達到 32% 至 33%。

Your next question comes from Toni Kaplan with Morgan Stanley.

下一個問題來自摩根士丹利的東尼卡普蘭。

You've talked a lot about financial so far, but I'm not sure I have a great idea of the growth expectation in the second half for this segment. You're facing sort of mid-20s comps organically, but you do have the large contracts in the pipeline that you're expecting to come on later in the year. So basically, I'm just trying to understand how much should these large contracts contribute to growth. And just facing the tough comps, I'm just trying to get a sense directionally of how we should be thinking about financial.

您目前談了很多關於財務方面的話題，但我不太確定我對該領域下半年的成長預期有什麼清晰的認識。你目前面臨的競爭水平大概在 20 多歲，但你還有一些大合約正在洽談中，預計會在今年晚些時候生效。所以，我其實只是想了解這些大額合約應該會對成長做出多大貢獻。面對如此嚴峻的競爭情勢，我只是想了解我們該如何看待財務問題。

Yes. So we expect it to grow in the fourth quarter, more in Q4 than Q3.

是的。因此，我們預計第四季將實現成長，第四季的成長幅度將超過第三季。

Okay. And basically, it should -- Q3 be -- should we be thinking positive organically? Or how should we be thinking about that?

好的。基本上，第三季應該是──我們是否應該積極、有機地思考？或者我們應該如何看待這個問題？

I mean, that's kind of where I'm going to leave it with you, Toni. It's just -- it's progressing from where it was in the second quarter and the second half will net out to growth, and it will be more Q4 than Q3.

東尼，我就說到這裡吧。情況是——它正從第二季的情況發展，下半年將實現成長，而且第四季的表現會比第三季更好。

Okay. And then Mark, I think, talked about the changed profile of revenue in Argus. I'm just trying to understand are there different types of products that customers are demanding? Or have you just changed the structure of the contracts for the existing products? Just any examples of maybe changes in purchasing behavior, if there are, or just what's going on.

好的。然後，我想，Mark 談到了 Argus 的收入結構變化。我只是想了解顧客的需求是否有不同類型的產品？還是你們只是改變了現有產品的合約結構？能否舉例說明一下購買行為可能發生的變化，或是說說目前的情況？

Yes. So there were a couple -- this is Scott. There were a couple of comments that we made on that. So as we've expanded the product set, we've also moved to a new set of customers so actually you have both effects going on at the same time. And the new solutions take on a somewhat -- some of the new solutions take on a somewhat different shape and profile than, say, the consortia-based products, which were the ones that really you first got a look at. That was most of what you were seeing when you were looking at Argus circa 2012, 2013. They have the same kind of recurrent quality as many, many of the things we do around Verisk. But as we moved into new solutions sets, for example, media effectiveness, the nature of the engagement with the customer, which is a different customer, takes on a different profile where there is a -- there's sort of an intense engagement as you get started because we have to integrate data sets with data sets in order to be able to create the analysis that we're looking to do, which then you come off that high somewhat as you move into then a recurrent relationship. And so that shape is different than the shape of what the Argus business began with inside of the consortia model. So as we move to new solutions, we also move to new customers. And those new solutions sets for those new customers do have a somewhat different profile, but extremely good business. The difference that we can make, the value that can be added, is substantial.

是的。所以這裡有一對情侶——這位是斯科特。我們對此提出了一些意見。隨著我們擴大產品範圍，我們也拓展了客戶群，所以實際上這兩種影響是同時發生的。一些新的解決方案呈現出與聯盟產品（也就是你最先看到的那些產品）略有不同的形狀和輪廓。這就是你在 2012 年、2013 年左右查看 Argus 時所看到的大部分內容。它們與我們圍繞 Verisk 所做的許多事情一樣，都具有同樣的反覆出現的特性。但隨著我們轉向新的解決方案，例如媒體效果，與客戶的互動性質（客戶群不同）也發生了變化，呈現出不同的特徵。在初期，我們會與客戶進行非常深入的互動，因為我們需要將資料集與資料集整合起來，才能進行我們想要進行的分析。但隨著我們進入持續的合作關係，這種高強度的互動就會減弱。因此，這種形態與 Argus 公司最初在聯盟模式下的形態有所不同。隨著我們轉向新的解決方案，我們也轉向了新的客戶。而為這些新客戶量身訂製的新解決方案雖然客戶群略有不同，但商業效益卻非常好。我們所能帶來的改變，所能創造的價值，是巨大的。

And your next question comes from Joseph Foresi with Cantor Fitzgerald.

下一個問題來自 Cantor Fitzgerald 的 Joseph Foresi。

This is Mike Reid on for Joe. Wanted to go quick back to what the long-term margin opportunity was. And would that come from less acquisitions and lower investments? Or are there other levers there?

這裡是麥克·里德替喬報道。想盡快回到長期利潤機會究竟在哪裡。那是否意味著減少收購和降低投資？或者有其他方法可以實現嗎？

Well, I think, as you think about our business model, it all comes from the top line growth. And as we're investing, we are working to enhance that top line growth and I think you'll see that scalability. I think, similarly, with our acquisitions, and you've seen the acquisitions we're bringing in, they're not all at our margins today, but they also are growth opportunities. And so as we start to scale that, I think you'll just see that naturally fall to the bottom line as you have historically.

我認為，當你思考我們的商業模式時，你會發現一切都源自於營收成長。隨著我們不斷投資，我們正在努力提升營收成長，我相信你會看到這種規模發展。我認為，同樣地，對於我們的收購，你們也看到了我們正在進行的收購，它們目前並不都符合我們的利潤率，但它們也是成長機會。因此，隨著我們開始擴大規模，我認為你會看到，就像過去一樣，這自然而然地會降低最終利潤。

Okay, great. And then do you think there could be any seasonality margin-wise between Q3 or Q4 or probably not much?

好的，太好了。那麼，您認為第三季和第四季之間是否存在季節性差異？或者可能差異不大？

I don't think that's a typical period in which we see seasonality. I mean, there is always variability, but I don't think there's anything specific I'd call out.

我不認為那是季節性波動典型的時期。我的意思是，總是會有一些變數，但我認為沒有什麼特別值得一提的。

And your next question comes from Alex Kramm with UBS.

下一個問題來自瑞銀集團的 Alex Kramm。

I hope this question is not too detailed, but I wanted to just ask about subscription growth in the quarter. Now when I look at your subscription disclosures in the 10-Q and I back into the implied growth, the 2Q had less than 1% subscription revenue growth in Decision Analytics. And I think all the growth came basically from nonsubscription growth, I think it's about 60% by my calculation. And I think subscription growth was flat in the first quarter, too. So I know there's a lot of moving pieces, FX, acquisitions, the different businesses, but I guess if I just step back and look at this more holistically, it looks a little bit more like the business is becoming much more dependent on onetime sales and maybe the subscription growth has stalled. So again, a lot of moving pieces, but maybe you can elaborate how you would look at that.

我希望這個問題不會太詳細，我只是想了解本季的訂閱成長情況。現在，當我查看你們在 10-Q 文件中揭露的訂閱資訊並反推隱含的成長時，發現第二季決策分析的訂閱收入成長不到 1%。我認為所有成長基本上都來自非訂閱成長，據我計算，約佔 60%。而且我認為第一季的訂閱用戶成長也持平了。我知道這裡面有很多變數，像是外匯交易、收購、不同的業務等等，但我想如果我退後一步，從更全面的角度來看待這個問題，就會發現公司似乎越來越依賴一次性銷售，而訂閱成長可能已經停滯了。所以，這其中涉及很多變數，或許您可以詳細闡述您是如何看待這個問題的。

Yes, I think if you -- you kind of have to unbundle it and I think there's a reasonable impact from the comments we've made around Argus. Those long-term contracts that did not renew at the end of last year as expected, those were subscription and long-term contracts. So I think part of the impact you're seeing relates to that. We -- I can circle back with a little more detail later on, but I would consider that in your analysis.

是的，我認為如果你——你必須把它拆解開來，而且我認為我們圍繞 Argus 發表的評論會產生相當大的影響。那些未能如預期在去年年底續簽的長期合同，都是訂閱合約和長期合約。所以我認為你所看到的這種影響部分與此有關。我稍後可以提供更多細節，但我希望你在分析時考慮到這一點。

Okay. So still very comfortable. Obviously, that's the subscription core is positioned for steady growth, I guess.

好的。所以仍然很舒適。顯然，訂閱核心業務已經做好了穩定成長的準備。

Absolutely, absolutely.

當然，當然。

That is the drumbeat inside of our company and always will be.

這就是我們公司內部的節奏，而且永遠都會是。

All right, good. But then, secondly, and maybe related to the same data. I think, Eva, you kind of rushed a little bit through the cat bond answer there when somebody asked earlier and you said a couple of million. Again, by just backing into the nonsubscription growth, I think I get to $11 million. I guess, these are adjusted as well. But where is that $11 million coming from if it's not the cat bond strength? What other kind of like nonsubscription items contributed this quarter that you may want to call out?

好的，很好。但其次，也許與相同的數據有關。我覺得，伊娃，你之前回答貓債券的問題時有點太匆忙了，當時有人問起，你說了幾百萬。再說一遍，光是反向推算非訂閱成長，我認為就能達到 1,100 萬美元。我想，這些也都進行了調整。但如果不是巨災債券的強度，那這 1,100 萬美元又是從哪裡來的呢？本季還有哪些非訂閱類項目貢獻了收入，您想特別提及？

Sorry, I'm not sure I know your $11 million reference, but let me go back to what Mark said about cat bonds and what I said. I think Mark said he didn't want to overstate the size of the business. It's millions of dollars, not tens of millions of dollars. And the comment that I made, I think in response to Tim's question was that even if we were to assume that -- so cat bonds obviously grew nicely in the quarter. But even if we to assume that we got no dollar growth in cat bonds this quarter, you still would have seen an acceleration in Decision Analytics insurance growth. So the comment I was making was really just trying to -- I mean we're excited about it. We love to get cat bond revenue, it's great. But I just wanted to make the point that the strength of the business was not solely related to the cat bond market. Hopefully that helps.

抱歉，我不確定我是否明白您提到的 1100 萬美元是什麼意思，但讓我回到馬克之前關於巨災債券的演講和我之前所說的內容。我認為馬克說過他不想誇大公司的規模。是幾百萬美元，不是幾千萬美元。我認為，我當時對 Tim 的問題的回應是，即使我們假設——那麼貓債券顯然在本季度增長良好。但即使我們假設本季巨災債券的美元成長為零，你仍然會看到決策分析保險的成長加速。所以我當時想表達的意思其實就是──我的意思是，我們對此感到很興奮。我們很喜歡獲得貓債券收入，這很棒。但我只是想指出，公司的實力並不完全與巨災債券市場有關。希望這能有所幫助。

Yes. That's how I heard it the first time.

是的。我第一次聽到的時候就是這樣。

And your next question comes from Anj Singh with Credit Suisse.

下一個問題來自瑞士信貸的安吉·辛格。

This is [Nick Ryan] on for Anj Singh. Now that you've kind of made the last step, if you will, on aerial imagery, can you maybe just update us on what the competitive landscape looks like for you guys now that's a sort of bigger focus? And maybe any sort of estimates on the margins today and/or where they could go over time?

這是尼克·瑞安替安吉·辛格上場。既然你們在空拍影像方面已經完成了最後一步，能否請你們介紹一下目前你們的競爭格局如何？畢竟，空拍圖像是你們工作的重點。或許可以對目前的邊際效益進行一些估算，或是預測一下它們未來可能會如何變化？

Yes. So this is Scott. There is -- in the insurance marketplace, there's one primary competitor. And outside of the insurance marketplace, it's actually a fairly unconcentrated sort of long list of companies that provide -- that are small-ish that provide a fraction of the services that we're interested in. And so that's really the sort of the nature of where it sits. And one of the things about being in the insurance vertical is that the analyzed output from remote imagery needs to get put into platforms where the customers then make decisions based upon the remote imagery-derived analysis and a lot of other inputs as well. We are the provider of most -- we are the leading provider of many, if not most, of those platforms and so it's one of the reasons why we feel that we have a winning proposition that is going to take its place.

是的。這位是史考特。確實存在——在保險市場中，只有一個主要競爭對手。而在保險市場之外，實際上存在著相當分散的、規模較小的公司名單，它們提供的服務只是我們感興趣的一小部分。所以，這就是它所處位置的本質。保險業的一大特點是，需要將遠端影像的分析結果上傳到平台上，讓客戶根據遠端影像分析結果以及許多其他輸入資訊做出決策。我們是大多數此類平台的提供者——即使不是大多數，我們也是其中許多平台的領先提供商，因此，我們認為我們擁有一個能夠取而代之的獲勝方案的原因之一。

Okay, great. And maybe just any commentary around where you estimate the margins are today and maybe where they're expecting to go?

好的，太好了。或許可以就您估計的當前利潤率以及預期未來的利潤率發表一些評論？

Well, just like most of the things that we do, will show a lot of scale as it grows. You have the semi-fixed cost of creating your data sets and you have the semi-fixed cost of the tech stack that you build to do the analysis. And so as this business grows, we expect the margin characteristics to materially improve.

嗯，就像我們做的大多數事情一樣，隨著規模的成長，它也會展現出很大的規模。建立資料集需要一定的固定成本，建構用於分析的技術堆疊也需要一定的固定成本。因此，隨著這項業務的成長，我們預計利潤率特徵將顯著改善。

Our next question comes from Gary Bisbee with RBC.

下一個問題來自加拿大皇家銀行的加里·比斯比。

First question, just on the margins. Eva, did I hear you right that the margin for the full year approximates the second quarter? And if so, it -- given the margins were stronger second half versus first half a year ago, it seems to imply quite a bit larger contraction in the next few quarters. Is that just the impact of the recent M&A? Or is there some other stepped-up investment elsewhere you're expecting?

第一個問題，只是邊緣問題。伊娃，我沒聽錯吧，你說全年的利潤率和第二季的利潤率差不多？如果是這樣，考慮到去年同期下半年的利潤率高於上半年，這似乎意味著未來幾季會出現更大幅度的萎縮。這僅僅是近期併購活動的影響嗎？或者您預計在其他方面會有更多加大投資？

Yes, we haven't shifted our investment plan for the year, so I would say that a lot of that impact you're seeing really relates to M&A. And maybe just kind of looping back to the question before on the inorganic side on aerial imagery, I gave you the data points in the script that companies that we acquired in 2016 had about $15 million revenue, about $2 million of EBITDA. So you can kind of do the math on that and see that, that will have some impact in the short term.

是的，我們今年的投資計畫沒有改變，所以我認為你看到的許多影響實際上都與併購有關。或許可以回到先前關於非有機成長方面的問題，關於空拍圖像，我在腳本中給出了數據點，我們 2016 年收購的公司收入約為 1500 萬美元，EBITDA 約為 200 萬美元。所以你可以算算這其中的利弊，就會發現這在短期內會產生一些影響。

Okay, great. And then a follow-up. Just on the longer-term 7% to 8% organic revenue framework that you discussed, how are you thinking today about the energy business long-term potential? At the time of the deal, it was definitely above that. I think you've indicated it tempering that. And I guess, relevant to what's going on now, how do you think about financial services against that long-term framework?

好的，太好了。然後還有後續報道。就您剛才討論的長期7%至8%的有機收入成長框架而言，您目前如何看待能源產業的長期潛力？交易達成時，它的價格肯定高於這個數字。我認為你已經表明了這一點，它緩和了這種情緒。我想，就目前的情況而言，您如何看待金融服務在長期框架下的發展？

Yes. So first of all, we haven't tempered that view with respect to the resources and energy business, so we remain in the same place. We actually have a wonderful franchise and many different ways that we can grow it. So we actually haven't tempered that franchise. And you asked about financial services, our belief is that it has the potential to exceed the corporate average as well.

是的。首先，我們並沒有改變對資源和能源業務的看法，所以我們的立場依然不變。我們擁有一個非常棒的特許經營體系，並且有許多不同的發展途徑。所以實際上我們並沒有限制這個系列。您問到了金融服務業，我們認為它也有可能超過企業平均。

Your next question comes from Kevin McVeigh of Deutsche Bank.

下一個問題來自德意志銀行的凱文·麥克維。

Wondered if you could frame or just longer-term frame what the potential opportunity could be around fraud as you make those investments within Argus and what type of growth driver that could be for the business.

我想知道，您能否從長遠角度，談談在 Argus 進行這些投資時，在防範詐欺方面可能存在的潛在機會，以及這可能為公司帶來怎樣的成長動力。

Yes. So fraud is one of those persistent issues that never goes away. It's actually a topic that we like, and it's one that I think you all know, we give a great deal of attention to in the insurance vertical. And so what you're basically counting are many basis points against very, very large transaction volumes. And then what modifies that view of TAM a little bit is the degree to which our customers consider fraud a cost of doing business versus an opportunity to get after. In the insurance vertical, it's pretty well established that fraud is a category to go after. And our view is that in the financial services vertical, it is increasingly viewed the same way and what's really needed are precise tools that create great confidence that you're actually getting after something and that the gains that you get will persist. And so we believe it's a very large marketplace. And it's a very small part of what it is that we do in financial services today. So it's a very good theme for us.

是的。所以，詐欺是那種始終揮之不去的頑疾之一。實際上，這是我們很喜歡的一個主題，而且我想大家都知道，我們在保險領域非常關注這個主題。因此，你實際上是在計算非常非常大的交易量所產生的許多基點。而真正改變我們對 TAM 看法的，是我們的客戶將詐欺視為經營成本還是打擊詐欺的機會。在保險業，打擊詐欺已經是一個公認的重點打擊對象。我們的觀點是，在金融服務領域，人們越來越傾向於這樣看待問題，真正需要的是精準的工具，這些工具能夠讓人確信自己確實在追求目標，並且獲得的利益能夠持續下去。因此，我們認為這是一個非常大的市場。而這只是我們如今在金融服務領域所做工作的一小部分。所以這對我們來說是一個非常好的主題。

And is that tied in, Scott, with kind of the cyber? Are those kind of -- do you do them jointly? Or are those independent?

史考特，這和網路世界有關嗎？這些是那種──你們是共同完成的嗎？還是它們是相互獨立的？

Well, so Mark, if you want to talk about cyber again -- although Mark's comments about cyber, first pass, relate to the insurance vertical. But there is -- if you want to call it kind of a cyber dimension, so for example, G2 Web Services, if you take the opportunity to look into that a little bit more, this is basically about diligence-ing online merchants. And I won't sort of go into the specifics today, but it is about trying to find sort of bad actors. And maybe you wouldn't call it fraud exactly, but it is about trying to find bad actors. And then Mark, do you want to add anything with respect to cyber?

好的，馬克，如果你想再次談論網路安全——儘管馬克對網路安全的評論，首先是關於保險業的。但是，如果你想稱之為某種網路維度的話，例如 G2 Web Services，如果你藉此機會更深入地了解一下，它基本上是關於對線上商家進行盡職調查的。今天我就不詳細說了，但這件事的目的是找出那些不法分子。或許你不會把它稱作欺詐，但它的確是為了找出不法份子。那麼，馬克，關於網路安全方面，你還有什麼要補充的嗎？

Well, I mean, let me pick cyber as well, some of the things we do. I think there's a general theme that we've always found, there's high correlation to the extent that you have bad guys that operate across a lot of spaces. We have the opportunity to find more fraud to the extent that we have a broader set of databases. So to the extent that you think about all the insurance claims that are inside of our database, we've brought in health care, which has kind of improved the accuracy and the ability to fight fraud. Cyber is another dimension. And to the extent that we can gather some information with all the proper approvals around some of the credit card fraud that happens, I think we would be more effective in fighting fraud across these different communities of interest. So that's the general feeling that we have and I think it's a positive one.

嗯，我的意思是，我也選一些網路安全方面的事情，像是我們做的事情。我認為我們一直發現的一個普遍規律是，壞人往往在許多領域活動，這之間有很高的相關性。我們擁有的資料庫越廣泛，就越有機會發現更多的詐欺行為。因此，考慮到我們資料庫中所有的保險索賠，我們引入了醫療保健，這在一定程度上提高了準確性，並增強了打擊詐欺的能力。網路世界是另一個維度。如果我們能夠收集一些關於信用卡詐欺的信息，並獲得所有必要的批准，我認為我們就能更有效地打擊不同利益群體中的詐欺行為。這就是我們普遍的感受，我認為這是一種正面的感受。

No, that's a good point. Thanks.

沒錯，你說得對。謝謝。

And management, I'd now like to turn it back over to you for closing remarks.

管理階層，現在我想把發言權交還給你們，請你們做總結發言。

Okay. Well, thanks, everybody, for your time today and for your interest, and I know we'll be talking to many of you in the days and weeks following this. And we look forward to bringing you our third quarter in a few months. And so again, thanks for your time today.

好的。好的，謝謝大家今天抽出時間，也感謝大家的關注，我知道在接下來的幾天和幾周里，我們會和你們中的許多人保持聯繫。我們期待在幾個月後為您帶來第三季的業績報告。再次感謝您今天抽出時間。

Thank you. And this does conclude today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線了。