Verisk Analytics Inc (VRSK) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the Verisk's Second Quarter 2022 Earnings Results Conference Call. This call is being recorded. (Operator Instructions). For opening remarks and introductions, I'd like to turn the call over to Verisk's Head of Investor Relations, Ms. Stacey Brodbar. Ms. Brodbar, please go ahead.

各位好，歡迎參加Verisk 2022年第二季財報電話會議。本次電話會議正在錄音。 （操作說明）首先，我將把會議交給Verisk投資者關係主管Stacey Brodbar女士，請她致開幕詞並進行介紹。 Brodbar女士，請開始吧。

Thank you, Chris, and good day, everyone. We appreciate you joining us today for a discussion of our second quarter 2022 financial results.

謝謝克里斯，大家好。感謝各位今天抽空來參加我們2022年第二季財務業績的討論。

On the call today are Lee Shavel, Verisk's Chief Executive Officer; Mark Anquillare, President and Chief Operating Officer; and David Grover, Controller, Chief Accounting Officer and Interim Chief Financial Officer.

今天參加電話會議的有：Verisk 執行長 Lee Shavel；總裁兼營運長 Mark Anquillare；以及財務長、財務長兼臨時財務長 David Grover。

The earnings release referenced on this call as well as our traditional quarterly earnings presentation and 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.

本次電話會議中提到的獲利報告以及我們傳統的季度獲利簡報和相關的10-Q表格，都可以在我們的網站verisk.com的投資者關係欄位中找到。該盈利報告也已附在我們提交給美國證券交易委員會（SEC）的8-K表格中。

A replay of this call will be available for 30 days on our website and by dial-in. As set forth in more detail in today's earnings release, I will remind everyone 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.

本次電話會議的錄音回放將在我們的網站上保留30天，您也可以透過電話撥入收聽。正如今天發布的財報中更詳細闡述的那樣，我在此提醒各位，今天的電話會議可能包含有關Verisk未來業績的前瞻性陳述。實際業績可能與我們今天所作的陳述有重大差異。有關可能影響未來業績的因素的信息，請參閱我們近期提交給美國證券交易委員會（SEC）的文件。

Finally, I'd also like to remind everyone that the financial results for recent dispositions are included in our consolidated and GAAP results, but are excluded from all organic constant currency growth figures. A reconciliation is provided in our 8-K.

最後，我還想提醒大家，近期資產處置的財務結果已計入我們的合併財務報表和GAAP財務報表，但未計入所有以固定匯率計算的有機增長數據。相關調節表已在我們的8-K文件中提供。

And now I'd like to turn the call over to Verisk's CEO, Lee Shavel.

現在我想把電話交給 Verisk 的執行長 Lee Shavel。

Thanks, Stacey, and good day, everyone. I'm pleased to share that Verisk delivered solid second quarter results. As you review the financial results, please be aware that due to the dispositions of 3E and Verisk Financial Services, certain year-over-year comparisons will be distorted by the impacts of these transactions. For example, the decrease in our free cash flow year-over-year was primarily the result of a significant tax on the realized gain from the sale of 3E. Dave will provide more details in his financial review.

謝謝Stacey，大家好。我很高興地告訴大家，Verisk第二季業績表現穩健。在審查財務報告時，請注意，由於3E和Verisk Financial Services的出售，某些同比數據會受到這些交易的影響。例如，我們自由現金流較去年同期下降的主要原因是出售3E所得收益需繳納巨額稅款。 Dave將在他的財務報告中提供更多細節。

Second quarter organic constant currency revenue grew approximately 5% and organic constant currency adjusted EBITDA grew approximately 4%. Adjusted for the impact of the suspension of commercial operations in Russia, organic constant currency revenue grew approximately 6% and organic constant currency adjusted EBITDA grew approximately 6%.

第二季有機固定匯率營收成長約5%，經有機固定匯率調整後的EBITDA成長約4%。剔除俄羅斯商業營運暫停的影響後，有機固定匯率營收成長約6%，經有機固定匯率調整後的EBITDA成長約6%。

Adjusted EBITDA margins expanded 140 basis points to 51% through cost discipline, operational efficiencies, the benefit of decisions affecting recent portfolio actions and some very early steps taken in our previously announced margin improvement initiative. This level of margin also includes headwinds from cloud transition and a partial normalization of travel and entertainment expenses as we continue to hold more in-person conferences and visits as we engage with our customers.

經調整的 EBITDA 利潤率提升 140 個基點至 51%，這得益於成本控制、營運效率的提高、近期投資組合調整決策帶來的效益，以及我們先前宣布的利潤率提升計劃中已採取的一些初步措施。此外，此利潤率水準也包含了雲端轉型帶來的不利影響，以及隨著我們繼續舉辦更多線下會議和拜訪客戶，差旅及招待費用部分恢復正常所致。

While overall organic constant currency revenue growth, excluding Russian revenues, was below our long-term targets, we saw solid performance in our subscription revenues, offset by weakness in our transactional revenues due to the continued impact of the work-from-home environment on certain businesses as we'll describe. We did see sequential improvements in the second quarter, reflecting some normalization in certain businesses, including international travel.

儘管剔除俄羅斯收入後，整體有機固定匯率收入增長低於我們的長期目標，但訂閱收入表現穩健，只是由於居家辦公環境對部分業務的持續影響（詳見下文），交易收入有所疲軟，部分抵消了訂閱收入的積極影響。第二季較上季有所改善，反映出部分業務（包括國際旅行）已逐步恢復正常。

Subscription revenue, organic constant currency growth, excluding Russian revenues, of approximately 7%, representing 81% of total revenue, was solid and improved sequentially in both Insurance and Energy. Insurance OCC subscription revenues were above our 7% long-term target, demonstrating the mission-critical nature of our solutions.

剔除俄羅斯營收後，以固定匯率計算的訂閱收入有機成長約為7%，佔總營收的81%，表現穩健，保險和能源兩大業務部門均達到季增。保險業務的OCC訂閱收入高於我們7%的長期目標，充分體現了我們解決方案的關鍵性。

Energy subscription growth improved sequentially as positive pricing momentum from our Lens investment and strong annual contract value growth begins to convert into revenue growth. We also had strong growth in our energy transition, chemicals and metals and mining research. Transactional organic constant currency revenue growth of approximately 2%, representing 19% of total revenue, improved slightly in the quarter with sequential improvement in Insurance due to solid underwriting growth, offset by weaker performance in claims due to ongoing declines in workers' compensation claims volumes across the industry of at least 25% and new regulations that went into effect in early 2022 that are slowing clean settlement.

能源訂閱業務環比增長有所改善，這得益於我們對Lens的投資帶來的積極定價勢頭以及強勁的年度合約價值增長開始轉化為收入增長。我們的能源轉型、化學、金屬和礦業研究業務也實現了強勁成長。以固定匯率計算，交易型有機收入成長約2%，佔總營收的19%，本季略有改善。保險業務較上季成長主要得益於穩健的承保成長，但理賠業務表現疲軟，部分原因是整個產業的工傷賠償申請量持續下降至少25%，以及2022年初生效的新規減緩了無保留結算的速度。

In addition, we are also experiencing some softness in personal lines auto related to the market dislocation as Mark will describe in his section. We have seen normalization progress across our businesses and expect this to continue. However, several of these impacts are having longer cycle recovery times than we originally expected.

此外，正如馬克將在他的章節中所述，受市場動盪的影響，我們的個人汽車保險業務也出現了一些疲軟。我們看到各項業務都在逐步恢復正常，並預期這一趨勢將持續下去。然而，其中一些影響的恢復週期比我們最初預期的要長。

Energy transactional revenue declined modestly on an organic constant currency basis due primarily to resource constraints in our consulting business as a result of strong demand from our professionals, particularly in (inaudible) region as well as tough compares versus last year's rebound level growth rates. You can find more details about our subscription and transactional growth rates by segment in our quarterly earnings deck, which can be found in the Investors section of our website.

能源交易收入以有機成長和固定匯率計算略有下降，主要原因是諮詢業務資源緊張，這主要是由於專業人員的強勁需求，尤其是在（聽不清楚）地區，以及與去年強勁反彈的成長率相比，今年的基數較高。您可以在我們網站的「投資者」版塊找到季度收益報告，其中包含有關我們各業務板塊訂閱和交易增長率的更多詳細資訊。

Since taking over the CEO role at the end of May, I've been meeting with the leadership teams of many of our key customers and stakeholders. In these valuable conversations, where I'm learning how we can improve, I hear repeatedly that Verisk is a critical partner with a unique seat to analyze performance and technology across the industries we serve and most importantly, implement technology change for the benefit of all of our clients.

自從五月底接任執行長一職以來，我一直在與許多重要客戶和利害關係人的領導團隊會面。在這些寶貴的對話中，我了解到我們如何做得更好，也反覆聽到他們說，Verisk 是一個至關重要的合作夥伴，擁有獨特的優勢，能夠分析我們所服務行業的績效和技術，更重要的是，能夠實施技術變革，從而造福我們所有的客戶。

As one of our clients put it, not only do we need Verisk's help on this issue, the industry needs your help. Our value proposition is clear. Verisk strategically invests in data and technology at scale to deliver economic value to our customers through operational efficiencies and better decision-making.

正如我們的一位客戶所說，我們不僅需要 Verisk 的幫助，整個產業也需要你們的幫助。我們的價值主張很明確：Verisk 透過大規模的數據和技術策略投資，提升營運效率和優化決策，為客戶創造經濟價值。

In both the Insurance and Energy industries, we benefit from the growing demand for data analytics from our customers, along with their increased ability to ingest and use our rapidly growing data sets. We deliver greater value per dollar invested than our clients would be able to individually. And we are in an advantaged position as few companies enjoy closer ties to and a greater understanding of their clients' businesses than Verisk.

在保險和能源行業，我們受益於客戶對數據分析日益增長的需求，以及他們不斷增強的獲取和使用我們快速增長的數據集的能力。與客戶單獨獲取相比，我們能為他們帶來更高的投資回報。此外，我們擁有得天獨厚的優勢，因為很少有公司能像 Verisk 一樣與客戶業務保持如此緊密的聯繫並深入了解客戶。

This is a responsibility that we do not take lightly as it is this unique proposition that will power our growth and drive long-term value creation for shareholders, customers and employees. As we focus and define the strategic orientation over 2022, we expect to lay out our plans in greater detail at an Investor Day in the first quarter of 2023 following the reporting of our fourth quarter 2022 results.

我們深知肩負重任，因為正是這一獨特的優勢將推動我們的成長，並為股東、客戶和員工創造長期價值。在確定2022年策略方向的同時，我們預計將在2023年第一季投資者日上，在公佈2022年第四季業績後，更詳細地闡述我們的計畫。

During the second quarter, we made a series of new leadership announcements as we build out the team that will lead Verisk forward. Of importance to many of you on this call, we recently announced that Elizabeth Mann will be joining Verisk as our Chief Financial Officer. Elizabeth joins us from S&P Global, where she was the Chief Financial Officer of the Ratings and Mobility divisions. And before that, she was Senior Vice President of Capital Management, which included oversight of the treasury department.

第二季度，我們宣布了一系列新的領導層任命，以組成引領 Verisk 未來發展的團隊。對於本次電話會議的許多與會者來說，其中一項重要的任命是：Elizabeth Mann 將加入 Verisk 擔任財務長。 Elizabeth 先前在標普全球擔任評級和行動業務部門的財務長。在此之前，她曾擔任資本管理資深副總裁，負責包括財務部門在內的各項事務。

Elizabeth will bring very relevant experience and a fresh perspective that I know will improve our organization financially and operationally. She will be joining us on September 15, and we look forward to introducing her to you, and she will welcome your perspectives as she comes up the curve on Verisk.

伊莉莎白將帶來非常相關的經驗和全新的視角，我相信這將有助於提升我們組織的財務和營運效率。她將於9月15日加入我們，我們期待向大家介紹她，也希望在她熟悉Verisk的過程中，能得到大家的寶貴意見。

In addition, we recently announced that Maroun Mourad has been named President of Claims Solutions. Maroun has been a key leader in our Underwriting and Rating business since 2015, serving as President of ISO Commercial Lines; President, Global Underwriting; and most recently, President, Life and Growth Markets. Maroun brings deep industry expertise from his many leadership roles at Gen Re, AIG, Arch and Zurich across underwriting operations and general management. He also brings a great entrepreneurial spirit and a true customer-centric approach to the business, and is the right leader to help drive our vision of revolutionizing claims for the industry through automation, technology and advanced analytics.

此外，我們近期宣布任命馬龍·穆拉德 (Maroun Mourad) 為理賠解決方案總裁。自 2015 年以來，馬龍一直是我們核保和評級業務的關鍵領導者，曾擔任 ISO 商業險總裁、全球核保總裁，以及最近的壽險和成長型市場總裁。馬龍在 Gen Re、AIG、Arch 和蘇黎世保險等公司擔任過眾多領導職務，在承保營運和綜合管理方面擁有深厚的行業經驗。他具備卓越的創業精神和以客戶為中心的理念，是帶領我們透過自動化、技術和高階分析革新產業理賠流程的理想人選。

Maroun takes the reins from Rich Della Rocca, who has retired after 27 years with Verisk. We thank Rich for all of his many contributions to Verisk and wish him very well in his retirement.

馬龍接替了里奇·德拉·羅卡的職務，里奇在維瑞斯克工作了27年後退休。我們感謝里奇對維瑞斯克的諸多貢獻，並祝福他退休生活幸福美滿。

We also announced that Tim Rayner has been named President of Verisk's Specialty Business Solutions, our U.K.-based business, centered around our [Sequel] suite of insurance software. The Specialty Business Solutions team is a linchpin in our strategy to create an automated and interconnected ecosystem for the Insurance industry in the U.K., EU and beyond, and Tim is the right leader to drive that strategy. Tim joined Verisk in 2018 after a long and successful career in the Insurance industry, holding various leadership roles at Miller Insurance Services.

我們還宣布，蒂姆·雷納 (Tim Rayner) 已被任命為 Verisk 專業業務解決方案總裁。該業務部門總部位於英國，專注於我們的 [Sequel] 保險軟體套件。專業業務解決方案團隊是我們策略的關鍵所在，旨在為英國、歐盟及其他地區的保險業打造一個自動化、互聯互通的生態系統，而蒂姆正是推動這項策略的理想人選。提姆於 2018 年加入 Verisk，此前他在保險業擁有豐富的經驗和卓越的成就，曾在 Miller Insurance Services 擔任多個領導職務。

Now let me provide an update on both our progress towards being an insurance-focused data analytics solutions provider and our commitment to furthering margin expansion. We are making steady progress on our evaluation of the separation of the Energy business. The preparation of the internal separation analysis and stand-alone financials are ongoing, and we have hired a team of outside advisers, who are engaged in the next phase of our process of developing all alternatives available to us.

現在，我想就我們成為專注於保險業的數據分析解決方案提供者的進展以及我們致力於進一步提升利潤率的承諾作個簡要介紹。我們在評估能源業務分拆方面正穩步推進。內部分拆分析和獨立財務報表的編制工作正在進行中，同時我們也聘請了一支外部顧問團隊，他們正參與我們下一階段的工作，即制定所有可行的方案。

Our timing expectations remain unchanged. And as we have stated previously, our decisions will continue to be guided by shareholder feedback, value considerations and market conditions. As many of you know, we've also undertaken a broad shareholder survey for the benefit of your perspectives, not only on the energy separation, but how we can improve and meeting investor expectations generally.

我們對時間安排的預期保持不變。正如我們之前所說，我們的決策將繼續以股東回饋、價值考量和市場狀況為指導。正如許多人所知，我們還開展了一項廣泛的股東調查，旨在了解各位的意見，不僅包括對能源分拆的看法，還包括我們如何改進以及如何更好地滿足投資者的期望。

On our EBITDA margin expansion objective, we continue to be very confident in our ability to achieve our stated target to deliver 300 to 500 basis points of margin expansion by 2024 off an insurance-only baseline of 50% to 51% normalized adjusted EBITDA margins. We have taken some early steps, including the restructuring of our marketing function, office space consolidation and a greater emphasis on our global talent optimization hiring.

關於我們的 EBITDA 利潤率提升目標，我們仍然非常有信心實現既定目標，即在 2024 年前將利潤率提升 300 至 500 個基點，而保險業務的基準利潤率（經調整後的 EBITDA 利潤率）為 50% 至 51%。我們採取了一些初步措施，包括重組行銷職能、整合辦公空間以及更加重視全球人才優化招募。

Additionally, we have embarked on a span of control analysis to guide further operational efficiencies. We continue to experience the impact of the stranded corporate allocations from the businesses we have sold in our reported segment margins. It is important to remember that 2022 is likely to remain quite noisy due to the impact of portfolio changes and implementation costs.

此外，我們已啟動管理幅度分析，以指導進一步提升營運效率。我們已出售業務的擱淺企業資產配置仍對我們報告的分部利潤率產生影響。值得注意的是，由於投資組合調整和實施成本的影響，2022 年的市場波動可能仍然較大。

As such, we continue to expect the margin expansion to be increasingly visible over 2023 as we move past the timing impacts of the portfolio changes in implementations and work toward previously stated 2024 target.

因此，我們繼續預計，隨著我們逐步克服投資組合變化帶來的時間影響，並朝著先前宣布的 2024 年目標邁進，利潤率的擴張將在 2023 年變得越來越明顯。

Now I will turn the call over to Mark for some more color on the Insurance business performance.

現在我將把電話交給馬克，讓他再詳細談談保險業務的表現。

Thanks, Lee. I'm pleased to share that the Insurance segment delivered another solid quarter. Across Insurance, we're experiencing strong growth in subscription revenues across both underwriting and claims, resulting in OCC subscription growth of 7.3% in segment overall, and demonstrate stability and consistency of our business model and the must-have nature of our solutions.

謝謝李。我很高興地告訴大家，保險業務部門又迎來了一個穩健的季度。在整個保險業務板塊，核保和理賠的訂閱收入均實現了強勁增長，使得OCC在該板塊的整體訂閱收入增長了7.3%，這充分展現了我們商業模式的穩定性和一致性，以及我們解決方案的實用性。

Within underwriting, we had strong results from core underwriting, extreme event solutions and our international software business. We also had healthy contribution in certain of our newer acquired businesses, including life insurance and marketing solutions. Within life insurance, we have delivered strong sales growth from the addition of new customers and expansion of existing relationships.

在核保業務方面，我們的核心核保業務、極端事件解決方案和國際軟體業務均取得了強勁的業績。此外，我們近期收購的部分業務，包括人壽保險和行銷解決方案，也貢獻了可觀的收益。在人壽保險業務方面，我們透過新增客戶和拓展現有客戶關係，實現了強勁的銷售成長。

Life insurers are embarking on a modernization and digital transformation of the core systems and FAST software offers flexibility and speed of implementation that helps insurers achieve their goals in a timely and cost-efficient manner.

人壽保險公司正在進行核心系統的現代化和數位轉型，而 FAST 軟體具有靈活性和實施速度，可以幫助保險公司及時、經濟高效地實現其目標。

Extreme event solutions had a strong quarter, driven by the addition of new customers added to our core touchdown platform as well as expansion of multiyear deals with existing customers. In addition, the catastrophe bond market continues to be strong, and Verisk is growing its share in that market. Our sustainability and country risk business also had a strong quarter as demand for our risk indices in both corporate and investor segments continue to drive strong double-digit growth.

極端事件解決方案業務本季表現強勁，主要得益於核心落地平台新增客戶以及與現有客戶續簽多年期合約。此外，巨災債券市場持續走強，Verisk 在該市場的份額不斷擴大。永續發展和國家風險業務本季也表現強勁，企業和投資者對我們風險指數的需求持續推動兩位數的強勁成長。

Within claims, we're experiencing strong growth in our fraud fighting analytics driven by the addition of new customers and expanded use cases. More specifically, our new claims essentials bundle designed for self-insurers and third-party administrators provides an end-to-end claim solution and is driving conversion to subscriptions from customers [approval] to use our solutions in a more limited and transactional basis.

在理賠領域，我們反詐欺分析業務正經歷強勁成長，這主要得益於新客戶的加入和應用場景的拓展。更具體地說，我們專為自保公司和第三方管理機構設計的全新理賠基礎服務包，提供了一套端到端的理賠解決方案，並促使客戶從最初同意以更有限、更注重交易的方式使用我們的解決方案，轉變為付費訂閱用戶。

We've also recently announced our exclusive partnership with [LIMRA and LOMA], an industry research organization, life and annuity insurance industry to fight the account takeover fraud situation.

我們最近也宣布與 [LIMRA 和 LOMA]（一家行業研究機構，也是人壽和年金保險業）建立獨家合作夥伴關係，以打擊帳戶盜用詐欺行為。

Insurance transaction revenues grew more modest 2.7%. We have seen strong rebound in our international travel business, that has been offset by headwinds for both our workers' compensation claims solutions and softer results from our personal auto underwriting. In addition, the first half of the year has seen a lower level of storm activity versus the prior year and historic averages.

保險交易收入成長較為溫和，僅2.7%。我們的國際旅行業務強勁反彈，但工傷賠償解決方案和個人汽車承保業務的疲軟業績抵消了部分成長。此外，今年上半年風暴活動較去年同期和歷史平均值有所減少。

More specifically, our workers' compensation solutions are dealing with 2 headwinds, including volume levels are down at least 25% across the industry as well as new regulations, they're slowing the pace settlement. That said, we are not sitting still. We have recently implemented process improvements to help drive greater throughput and new customer outreach to drive volumes to Verisk. (inaudible) insurance industry is generally healthy, the shorter term, insurers are dealing with the impact of interest rate volatility, inflation and rising loss ratios. This is having disproportionate impact on personal lines and insurtech players in certain geographic markets.

更具體地說，我們的工傷賠償解決方案面臨兩大不利因素：一是整個產業的業務量至少下降了25%；二是新的監理規定減緩了理賠速度。儘管如此，我們並未坐以待斃。我們近期實施了流程改進，以提高吞吐量並拓展新客戶，從而為Verisk帶來更多業務量。 （聽不清楚）保險業整體而言發展良好，但短期內，保險公司正面臨利率波動、通貨膨脹和賠付率上升的影響。這在某些地區市場對個人保險和保險科技公司造成了不成比例的影響。

While insurers are increasing rates to help cover inflation and repair costs, it takes time to fully take effect across the entire book of business. Specifically, in personal auto, we're seeing lower levels of underwriting activity, which is resulting in lower transaction volumes and revenue. The industry is dealing with higher inflation and supply chain shortages, which are pushing up physical damage claims costs. As a result, the industry is raising rates and temporary pulling back on new business to improve profitability.

雖然保險公司正在提高保費以應對通貨膨脹和維修成本，但這項調整需要時間才能完全生效。具體而言，在個人汽車保險領域，我們看到承保活動減少，導致交易量和收入下降。該行業正面臨更高的通貨膨脹和供應鏈短缺的雙重挑戰，這推高了車輛損壞索賠的成本。因此，為了提高盈利能力，該行業正在提高保費並暫時減少新業務。

Notably, we're also watching carefully the developments in the Florida homeowners insurance market. This is a market that is dominated by small local companies, has widespread exposure to climate-related risk and is dealing with elevated levels of litigation and fraud. This combination is leading to a pullback in underwriting and increase in insured liquidations and exits from the market. As a result, these risks are moving to the state-run insurer as last resort.

值得注意的是，我們也密切關注佛羅裡達州房屋保險市場的動態。該市場以小型本地公司為主導，面臨廣泛的氣候相關風險，且訴訟和詐欺案件數量居高不下。這些因素共同導致承保力度下降，投保人破產清算和退出市場的情況增加。因此，這些風險最終都轉移到了州營保險公司身上，成為最後的保障。

The state of Florida recently created a reinsurance facility to bring more stability to the homeowners market. To address these issues and help our customers on the underwriting side, we are facilitating new market participants and have expanded our relationship with the state-run insurer to help price and select risk.

佛羅裡達州近期設立了再保險機構，旨在為房屋保險市場帶來更多穩定性。為了解決這些問題，並在承保方面為客戶提供協助，我們正在促進新市場參與者的加入，並擴大了與州營保險公司的合作關係，以協助其進行風險定價和選擇。

On the claims side, we're helping customers, including state government agencies with (inaudible) and analytics to improve their ability to investigate and identify fraud. This is a developing situation on staying close to our customers and regulators.

在理賠方面，我們正在幫助包括州政府機構在內的客戶，利用（聽不清楚）和分析工具來提高他們調查和識別詐欺行為的能力。這是一個不斷發展的過程，我們需要與客戶和監管機構保持密切聯繫。

Through our customer engagement, we know that the Insurance industry is focused on becoming more automated, more digitally engaged and more connected, and they're directing spending toward these projects. They turn to Verisk as a key partner to drive these initiatives forward, which has been a key driver of our growth. We can help our customers select and price risk and root out fraud with our advanced data analysts. And believe that we are well positioned to continue to grow as we advance our mission to become a trusted partner from a technology and analyst perspective for the industry.

透過與客戶的互動，我們了解到保險業正致力於實現更高的自動化程度、更數位化的參與度和更緊密的互聯互通，並正將資金投入這些專案。他們將 Verisk 視為推動這些舉措的關鍵合作夥伴，而這正是我們成長的關鍵驅動力。憑藉我們先進的數據分析師團隊，我們能夠幫助客戶選擇風險並進行風險定價，同時有效打擊詐欺行為。我們相信，隨著我們不斷推進成為保險業值得信賴的技術和分析合作夥伴的使命，我們已做好充分準備，將繼續保持成長勢頭。

Let me turn the call over to Interim CFO, David Grover, for a financial review.

我將把電話交給臨時財務長大衛·格羅弗，讓他進行財務回顧。

Thanks, Mark. Before I begin, I want to remind everyone that all consolidating [GAAP results] are negatively impacted by the recent dispositions of 3E and Verisk Financial Services. That will continue through the first quarter of 2023 when we will anniversary those transactions. For the second quarter of 2022, on a consolidated (inaudible) basis, revenues were $746 million, a modest decline from the prior year, reflecting the impact of recent dispositions and headwinds for FX rate changes, which were most put out in our Energy segment, offset in part by acquisitions.

謝謝，馬克。在開始之前，我想提醒大家，所有合併後的[GAAP業績]均受到近期3E和Verisk Financial Services資產處置的負面影響。這種情況將持續到2023年第一季度，屆時我們將迎來這些交易的周年紀念。 2022年第二季度，合併後的（聽不清楚）收入為7.46億美元，較上年略有下降，這反映了近期資產處置和匯率變動帶來的不利影響，其中能源板塊受到的影響最大，但部分被收購所抵銷。

Net income attributable to Verisk increased 28% to $198 million, while diluted GAAP EPS attributable to Verisk increased 32% to $1.24. The increase was primarily due to a lower tax provision this year versus the prior year period, which included a noncash revaluation charge related to an increase in U.K. tax rates that became [effective] last year.

Verisk 的淨利潤成長 28% 至 1.98 億美元，而 Verisk 的稀釋後 GAAP 每股收益成長 32% 至 1.24 美元。成長的主要原因是今年的稅項準備金較上年同期有所下降，其中包括與去年生效的英國稅率上調相關的非現金重估費用。

Moving to our OCC results. Adjusted for nonoperating items, as defined in the non-GAAP financial measures section of our press release, we are pleased with our operating results, led by continued and consistent growth in our subscription revenues. In the second quarter, OCC revenues grew 5.3%, driven by continued strength in our Insurance segment.

接下來談談我們的OCC業績。根據新聞稿中「非GAAP財務指標」部分定義的非經營性項目進行調整後，我們對經營業績感到滿意，這主要得益於訂閱收入的持續穩定成長。第二季度，OCC營收成長5.3%，主要得益於保險業務的持續強勁成長。

Our subscription revenues increased 6.2%, while our transactional revenues increased a more modest 1.7%. Adjusting for $3.5 million in prior year revenues associated with our Energy business in Russia, OCC revenues would have grown 5.9% and subscription revenues would have grown 6.9%. Consolidated OCC adjusted EBITDA growth was 4.4% in the second quarter, normalizing for the prior year revenue associated with our Energy business in Russia and the incremental expenses associated with exiting that business. OCC adjusted EBITDA growth was 5.7%.

我們的訂閱收入成長了6.2%，而交易收入的增幅則較為溫和，僅1.7%。若剔除上年同期與俄羅斯能源業務相關的350萬美元收入，OCC收入將成長5.9%，訂閱收入將成長6.9%。經過調整後，第二季OCC綜合調整後EBITDA成長4.4%，該調整剔除了去年同期與俄羅斯能源業務相關的收入以及退出該業務產生的額外費用。 OCC調整後EBITDA成長率為5.7%。

Total adjusted EBITDA margin, which includes both organic and inorganic results, was 51.0%, up 140 basis points from the prior year, reflecting strong cost and operational discipline as well as the benefits from recent dispositions. This level of margin includes approximately 80 basis points of headwind from recent acquisitions, 60 basis points of headwind from our ongoing technological transformation, including cloud expenses, which we absorbed into our cost structure and 60 basis points from higher year-over-year P&A expenses.

經調整後的EBITDA利潤率（包括內生成長和外延成長）為51.0%，較上年增長140個基點，這反映了公司在成本控制和營運方面的穩健表現，以及近期資產處置帶來的收益。此利潤率水準包含了近期收購帶來的約80個基點的不利影響，持續進行的技術轉型（包括雲端支出）帶來的約60個基點的不利影響（這些支出已計入成本結構），以及同比增加的攤銷費用帶來的約60個基點的不利影響。

Finally, this margin also reflects about 60 basis points of headwind from the timing shift related to executive compensation, which we told you about last quarter and will have no impact on the full year results.

最後，這項利潤率也反映了與高階主管薪酬相關的時序調整帶來的約 60 個基點的不利影響，我們上個季度已經向您說明了這一點，但這不會對全年業績產生影響。

On that note, let's turn to our segment results on an OCC basis. In the second quarter, Insurance segment revenues increased 6.4%. We saw healthy growth in our industry standard insurance programs, claims analytics, extreme events, life insurance and international specialty business solutions. Subscription revenues increased 7.3%, while transactional revenues were up 2.7%.

接下來，我們來看看按營運成本 (OCC) 劃分的各業務板塊業績。第二季度，保險業務類股收入成長 6.4%。我們的行業標準保險項目、理賠分析、極端事件保險、人壽保險和國際專業業務解決方案均實現了穩健成長。訂閱收入成長 7.3%，交易收入成長 2.7%。

We continue to experience strong recovery growth in certain of our transactional businesses, including international travel insurance solution, but continues to be pressured by weakness in workers' compensation as well as softness in personal auto underwriting as (inaudible) dealing with some dislocation as Mark described earlier.

我們的一些交易業務（包括國際旅遊保險解決方案）繼續保持強勁的復甦增長勢頭，但工傷賠償業務的疲軟以及個人汽車承保業務的疲軟（聽不清）仍然給我們帶來壓力，正如馬克之前描述的那樣，我們正在應對一些業務中斷。

Adjusted EBITDA grew 6.1% in the second quarter, while margins declined 180 basis points to 54.7%. These margins reflect heavier burden from the corporate costs that were previously allocated to businesses that have been disposed, the impact of recently acquired businesses, higher cloud expenses and the partial normalization of travel back into the business. This level of margin also includes continued investment in our high-growth areas like life insurance and marketing solutions.

經調整後的第二季 EBITDA 成長 6.1%，但利潤率下降 180 個基點至 54.7%。利潤率下降反映出以下因素的影響：先前分配給已剝離業務的公司成本負擔加重、近期收購業務的影響、更高的雲端支出以及差旅業務部分恢復正常。此外，此利潤率水準也包含了對人壽保險和行銷解決方案等高成長領域的持續投資。

Energy and Specialized Markets revenues increased 0.8% in the second quarter. Normalizing for the impact of suspended operations in Russia, Energy revenue growth was 3.6%. The end market continues to be volatile and impacted by geopolitical developments, but we're seeing sequential improvements in our subscription revenue growth rates as our customers are turning to Wood Mackenzie data and analytics.

第二季能源及專業市場營收成長0.8%。剔除俄羅斯業務暫停的影響後，能源業務收入成長3.6%。終端市場持續波動，並受到地緣政治發展的影響，但隨著客戶轉向伍德麥肯茲的數據和分析，我們的訂閱收入成長率正在逐步提高。

Our subscription revenues increased 1.7% and was affected by our decision to suspend all commercial operations in Russia. Normalizing for Russia, subscription revenue growth was 5.2%, led by double digit growth in energy transitions, chemicals and metals and mining research, coupled with modest growth in our core research subscriptions. Additionally, we continue to experience strong adoption and (inaudible) expansion from our Lens renewals.

我們的訂閱收入成長了1.7%，但受到我們暫停在俄羅斯所有商業營運的影響。在剔除俄羅斯的影響後，訂閱收入成長了5.2%，主要得益於能源轉型、化學、金屬和礦業研究領域的兩位數成長，以及核心研究訂閱的溫和成長。此外，我們的Lens續訂業務也持續保持強勁的成長勢頭，用戶數量和業務規模也持續擴大。

Transactional revenues decreased 2.8% as growth was constrained by consulting resources as we are seeing an elevated level of employee attrition due to a competitive market for expertise in energy and technology. We are working to offset this trend and have demonstrated success attracting talent to our Energy business as well.

由於能源和技術領域專業人才市場競爭激烈，諮詢資源消耗導致員工流動率上升，交易收入因此下降2.8%。我們正在努力扭轉這一趨勢，並在吸引人才加入能源業務方面取得了顯著成效。

Adjusted EBITDA decreased 6.4% in the second quarter and margins contracted 90 basis points to 34.6%. Adjusted EBITDA and adjusted EBITDA margin includes $1.1 million in incremental expense related to the suspension of operations in Russia. Normalizing for the Russian impact, adjusted EBITDA growth would have been 3.6%. In addition to the incremental Russian expense, this margin also reflects the partial normalization of travel expense back into the business and higher cloud expenses.

第二季調整後 EBITDA 下降 6.4%，利潤率下降 90 個基點至 34.6%。調整後 EBITDA 和調整後 EBITDA 利潤率包含因暫停俄羅斯業務而產生的 110 萬美元增量支出。剔除俄羅斯業務的影響後，調整後 EBITDA 成長率將為 3.6%。除俄羅斯業務的增量支出外，該利潤率還反映了差旅費用部分恢復正常以及雲端服務支出增加的情況。

It also reflects continued investment in Lens as we further build our capabilities to garner maximum value from the platform, including Lens power, energy transitions, chemicals and metals and mining.

這也反映了我們對 Lens 的持續投資，我們將進一步提升自身能力，以從該平台獲得最大價值，包括 Lens 電力、能源轉型、化學、金屬和採礦。

Looking to the remainder of 2022, (inaudible) Russian revenues and adjusted EBITDA will negatively impact each quarter by approximately $4 million per quarter. Verisk Financial Services results are included in our reported numbers, but not in the OCC figures. We sold Verisk Financial Services to TransUnion on April 8.

展望2022年剩餘時間，（聽不清楚）俄羅斯業務的收入和調整後EBITDA將對每季造成約400萬美元的負面影響。 Verisk Financial Services的表現已包含在我們公佈的財務數據中，但未包含在OCC（美國貨幣監理署）的數據中。我們已於4月8日將Verisk Financial Services出售給TransUnion。

Our reported effective tax rate was 18.3% compared to 35.6% in the prior year quarter. The prior year's tax rate was elevated due to a noncash revaluation charge (inaudible) U.K. tax law change. We also benefited in the quarter from higher levels of stock option exercise activity as compared to last year.

本季實際稅率為18.3%，而上年同期為35.6%。上年同期稅率較高是因為英國稅法變更導致的非現金重估費用（聽不清楚）。此外，本季股票選擇權行使活動較上年同期增加，也使我們受益。

Looking ahead to the remainder of 2022, we expect the tax rate to be between 20% and 23% in the third and fourth quarters of 2022, though there could likely be some quarterly variability related to employee stock option exercise activity. Adjusted net income increased 28% to $244 million and diluted adjusted EPS increased 31% to $1.53 for the second quarter of 2022. These increases reflect organic growth in the business, contributions from acquisitions, a lower effective tax rate and a lower average share count.

展望2022年剩餘時間，我們預計2022年第三季和第四季的稅率將在20%至23%之間，但員工股票選擇權行使活動可能會帶來一些季度波動。 2022年第二季度，調整後淨利成長28%至2.44億美元，稀釋後調整每股盈餘成長31%至1.53美元。這些成長反映了業務的內生成長、收購帶來的貢獻、較低的實際稅率以及較低的平均流通股數。

Net cash provided by operating activities was $130 million for the quarter, down 44% from the prior year period due to a tax payment of $122 million, primarily related to the gain on sale of 3E as well as the loss of operating cash flows related to the dispositions. Adjusting for these unique items, operating cash flow would have increased by a double-digit rate year-over-year.

本季營運活動產生的淨現金流為1.3億美元，較上年同期下降44%，主要原因是支付了1.22億美元的稅款，這筆稅款主要與出售3E公司獲得的收益以及處置相關資產導致的營運現金流損失有關。若剔除這些特殊項目，經營現金流將年增兩位數。

Capital expenditures were $69 million for the quarter, up 11% versus last year, reflecting increases in capitalized software development, offset in part by savings on third-party hardware and software as we move to the cloud. We continue to expect our capital expenditures to be within the range of $280 million to $310 million. This range supports our plans to increase our software investment through the acceleration of our pace of development in Lens and extending software development into core underwriting, where we believe there is a similar opportunity for platform enhancement.

本季資本支出為 6,900 萬美元，較去年同期成長 11%，主要反映了軟體開發資本支出的增加，但部分被我們向雲端遷移過程中節省的第三方硬體和軟體成本所抵消。我們仍預期本季資本支出將在 2.8 億美元至 3.1 億美元之間。這一預期範圍支持我們透過加快 Lens 平台的開發步伐以及將軟體開發擴展到核心核保領域來增加軟體投資的計劃，我們相信核心核保領域也存在類似的平台增強機會。

Related to CapEx, we now expect fixed asset depreciation and amortization to be within the range of $210 million, $230 million and intangible amortization to be approximately $170 million. Both depreciation and amortization elements are subject to FX variability, the timing of purchases, the completion of projects and future M&A activity.

關於資本支出，我們目前預計固定資產折舊和攤提將在2.1億美元至2.3億美元之間，無形資產攤銷約為1.7億美元。折舊和攤銷均受匯率波動、採購時間、專案完成情況以及未來併購活動的影響。

During the second quarter, we returned $374 million in capital to shareholders through share repurchases and dividends as our strong cash flow allows us to invest behind our highest growth and highest return initiatives, while also consistently returning capital to shareholders. Additionally, in June, we entered into a new $300 million accelerated share repurchase agreement to be completed in the third quarter.

第二季度，我們透過股票回購和分紅向股東返還了3.74億美元的資本。強勁的現金流使我們能夠投資於成長最快、回報最高的項目，同時持續為股東創造收益。此外，我們在6月簽署了一項新的3億美元加速股票回購協議，該協議將於第三季完成。

And now I'll turn the call back over to Lee for some closing comments.

現在我將把電話交還給李，請他做些總結發言。

Thanks, Dave. In summary, our businesses are strong, and we are making important progress executing on our strategic and operational initiatives, including the evaluation of the separation of the Energy business and our margin expansion targets. As we evaluate options for the Energy business, we will continue to focus on pursuing the most value-creating path for our shareholders and we'll also consider market conditions and timing.

謝謝戴夫。總而言之，我們的業務狀況良好，在執行策略和營運措施方面也取得了重要進展，包括評估能源業務的分拆方案以及利潤率提升目標。在評估能源業務的各種方案時，我們將繼續專注於為股東創造最大價值，同時也考慮市場狀況和時機。

We are confident that with the recent transformation of our portfolio and active cost management over (inaudible) we can deliver growth in line with our long-term objectives, with organic constant currency adjusted EBITDA growth ahead of revenue growth, reflecting our strong operating leverage.

我們相信，透過近期對投資組合的轉型和積極的成本管理（聽不清楚），我們可以實現與長期目標相符的成長，有機固定匯率調整後的 EBITDA 成長將超過營收成長，這反映了我們強大的經營槓桿作用。

Finally, I wanted to remind you that we are planning an Investor Day for the first quarter of 2023 to be held at our offices in Jersey City. We will provide more details as it gets closer, and we certainly hope you will join us.

最後，我想提醒各位，我們計劃於2023年第一季在澤西市的辦公室舉辦投資者日活動。屆時我們將提供更多詳情，並誠摯地邀請您參加。

We continue to appreciate the support and interest in Verisk. Given the large number of analysts we have covering us, we ask that you limit yourself to one question.

我們衷心感謝大家對Verisk的支持與關注。鑑於眾多分析師都在關注我們，請您將問題限制在一個問題內。

With that, I'll ask the operator to open the line for questions.

這樣，我就可以請接線生開通提問專線了。

(Operator Instructions). Our first question is from Heather Balsky with Bank of America.

（操作說明）我們的第一個問題來自美國銀行的希瑟‧巴爾斯基。

I'd love to get an update on your cost savings program and just kind of hear how things -- I mean you talked about it earlier in the call, but just how things are tracking. You talked about really seeing the impact in 2023, kind of what the phasing might be next year. And also, I think there are some concerns about the macro. Your business has proven to be pretty stable in the downturn. But how -- I guess, how to think about the margin improvement and how sales may play into that or not?

我很想了解你們的成本節約計劃的最新進展，以及目前的進展情況——您之前在電話會議中也提到過，但我想了解一下具體情況。您提到要到2023年才能真正看到成效，以及明年的分階段實施計畫。另外，我認為大家對宏觀經濟情勢也有一些擔憂。貴公司在經濟低迷時期表現出了相當的穩定性。但是，我想問的是，如何看待利潤率的提升，以及銷售額是否會對此產生影響？

Thank you, Heather. I'll start off and then ask -- offer Mark an opportunity to provide additional color. As the Chief Operating Officer, he's been leading that initiative and really driving its (inaudible) to date. At a high level, as I indicated in the call, we are very confident that we will be in a position to deliver on the expected range of margin improvement of 300 to 500 basis points, off of that 50% to 51% baseline for an Insurance-only business, described the elements that we are considering.

謝謝Heather。我先說幾句，然後請Mark補充一些細節。作為首席營運官，他一直領導著這項計劃，並迄今為止取得了顯著進展。正如我在電話會議中提到的，我們非常有信心能夠實現預期的利潤率提升，在50%到51%的基準基礎上，將利潤率提高300到500個基點。他描述了我們正在考慮的因素。

We've taken a look at all alternatives that have been identified to us internally and externally and are working against those directly. Some of those have already been underway. I'll let Mark kind of describe some of the things that we have been doing. In terms of phasing, we are (inaudible) at this point to give specific direction potentially, as we kind of look towards the Investor Day, and we have a clearer picture of 2023 and specifically, the macroeconomic environment that we're looking at, we might be in a position to provide some greater clarity around that. But at this point, there are too many moving pieces for us to estimate. But as I indicated, we'll expect to see clear progress across 2023.

我們已經審視了所有內部和外部提出的替代方案，並正在直接應對這些方案。其中一些方案已經啟動。接下來，我將請馬克介紹我們正在進行的工作。至於分階段實施，目前我們（聽不清楚）還無法給予具體方向。隨著投資者日的臨近，我們對2023年，特別是我們所關注的宏觀經濟環境有了更清晰的認識，屆時我們或許能夠提供更明確的資訊。但目前，影響因素太多，我們無法做出預估。不過如我所說，我們預計在2023年將取得顯著進展。

And with that, I'll just offer Mark an opportunity to add any color.

這樣一來，我就給馬克一個機會，讓他添加任何顏色。

So first of all, I think I can tell you we are on plan. I think all of our businesses and support centers have kind of stepped up to the challenge of trying to be more effective and more efficient. As a result of just our overall cost structure, a lot of the focus has been on people and trying to make sure that we are thoughtful about where we need to replace and where we need positions. And we've tried to maintain a rigor around that both when we're hiring new and where that position could be.

首先，我可以告訴大家，我們一切都很順利。我認為我們所有的業務部門和支援中心都積極應對挑戰，並努力提高效率和效益。由於整體成本結構的原因，我們把很多精力都放在了人員配置上，認真考慮哪些崗位需要替換，哪些職位需要增設。我們在招募新員工以及確定職位時，都力求保持嚴謹的態度。

So a part of the thought is not only to be more effective and more efficient inside of our operations, it's also about where those people could and should be hired. So we have some operations in Hyderabad. We have some operations that are in Malaga. We have some operations that are in Kraków. And we have some operations in Costa Rica, which is a new place. And we're trying to become a little bit more international where we place those positions and try to make sure that we have the right talent and maybe at a lower cost.

所以，我們考慮的不僅是提高營運效率，還要考慮應該在哪裡招募人才。我們在海德拉巴、馬拉加、克拉科夫都有業務，在哥斯大黎加也有業務，哥斯大黎加是我們新拓展的業務地點。我們正努力實現國際化，在人才招募方面力求找到合適的人才，並盡可能降低成本。

Facilities is key to that. I think we're making some progress there. We've eliminated some smaller offices. We've made some progress with a couple of our major ones. The real estate market, commercial real estate market, in particular, is a little bit slow. So we are probably a little behind on one of those and probably a little ahead at one of those major offices. And then I think I just kind of talk more broadly about where we want to invest. And I think the teams are doing a great job of really focusing on where can we get the best ROIC.

設施是關鍵。我認為我們在這方面取得了一些進展。我們已經關閉了一些小型辦公室，並在幾個主要辦公室的建設上取得了一些進展。房地產市場，尤其是商業房地產市場，目前略顯低迷。因此，我們可能在其中一個主要辦公室的建設上稍微落後，而在另一個主要辦公室的建設上則可能稍微領先。然後，我想更廣泛地談談我們想要投資的方向。我認為團隊在專注於如何獲得最佳投資回報率方面做得非常出色。

So there's instances where we're going to reallocate dollars into higher opportunities, and we're sunsetting some opportunities where we figure that maybe that return is not so great. And we probably have kind of come up with the notion of a little bit of a more fast sale on some of the smaller products. And I think we are on track. And I think you'll see, as Lee said, good benefits from that program as we transition into '23.

所以，有些情況下我們會把資金重新分配到更有前景的機會上，有些機會我們認為回報可能不高，所以會逐漸停止。我們可能已經考慮過加快一些小批量產品的銷售。我認為我們正按計劃進行。正如李所說，隨著我們過渡到2023年，你會看到這個計畫帶來的良好效益。

Yes. And Heather, the only thing I would add is that, of course, as I think all companies are these days are aware of the impact of inflation across the business and particularly the competitive environment from a compensation standpoint. And so we have factored that in at this point, we believe that we can absorb those costs, make some steps in improving our retention and still deliver on that. So to your macroeconomic comment, we do recognize that there have been some pressures that may influence the results in 2023 and 2024, but reiterate our confidence in the original target that we set out.

是的。 Heather，我唯一要補充的是，當然，我認為如今所有公司都意識到通貨膨脹對業務的影響，尤其是在薪酬方面的競爭環境。因此，我們目前已經將這一點考慮在內，我們相信能夠承受這些成本，採取一些措施來提高員工留任率，並最終實現目標。至於您所提到的宏觀經濟因素，我們確實意識到一些壓力可能會影響2023年和2024年的業績，但我們重申對最初設定的目標充滿信心。

The next question is from Ashish Sabadra with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Ashish Sabadra。

This is John, filling in for Ashish. Congratulations on the strong results. Could you just help us understand the return of transactional revenue specifically around workers' compensation as well as personal auto underwriting as well as some of the property estimating solutions as well?

我是約翰，代阿什什發言。祝賀你們取得如此優異的成績。能否請您幫我們了解一下，特別是關於工傷賠償、個人汽車保險承保以及一些房產估價解決方案的交易收入回報情況？

Thank you, John. Mark, do you want to take that?

謝謝你，約翰。馬克，你想接手嗎？

Sure. So let me provide a little color as to what I -- I don't remember exactly your order, but let me start with workers' comp, and then I'll segue through it. So on the claims side, what we've seen is 2 things. Really, overall, the industry today relative to pre pandemic, there's just fewer workers' compensation claims. I think in large part, that's a function of you working at home. There's not a lot of foot and falls when you're sitting in your living room and as a result, there's just an overall downturn in the number of claims and that business is transactional.

當然。那我先簡單介紹一下我──我記不清您的具體要求了，就先從工傷賠償開始，然後再慢慢展開。就理賠方面而言，我們觀察到兩點。總的來說，與疫情前相比，如今的工傷賠償案件數量確實減少了。我認為這很大程度是因為大家都在家工作。坐在客廳裡，很少會發生跌倒之類的意外，因此，理賠案件的數量整體上有所下降，而這方面的業務本質上是交易性的。

Two, there has been regulation. This is kind of inside of world of how the government interacts with insurers as to who pays, there's a set aside. And what that change has done is this caused some of the insurers to kind of change their processes probably moving towards a more rigorous process by which they submit those claims as opposed to some of the maybe short cuts that were starting to happen. So that has also slowed down the volume. That is just a timing thing. The first one is more systemic, at least at the time being is related to work-from-home.

第二，監管方面有所加強。這涉及政府與保險公司之間關於賠付方的互動，並設有專款。這項變更促使一些保險公司調整了理賠流程，轉向更嚴格的流程，而不是像之前那樣走捷徑。因此，理賠率也隨之下降。這只是時間上的問題。第一點則更具系統性，至少目前來看，與居家辦公有關。

Two, on the claims side, I think you were talking a little bit about volumes in the (inaudible) our repair cost estimating and...

第二，關於理賠方面，我想您剛才提到了（聽不清楚）我們的維修成本估算中的資料量…

Personal auto.

私家車。

Personal auto (inaudible). So I'll go to personal auto next. From a personal loan perspective, I think the other item that we're seeing is because of the challenges in the industry, meaning the world of inflation and the cost to repair cars, profitability is starting to be hurt by that, loss ratios are up. So when you bring on new business, right, usually, there's a short-term loss (inaudible) cost of bringing on that new business. And it takes time to get insurance rate increases. So you have to file those.

個人汽車保險（聽不清楚）。接下來我談談個人汽車保險。從個人貸款的角度來看，我認為我們看到的另一個問題是，由於行業面臨的挑戰，例如通貨膨脹和汽車維修成本上升，盈利能力開始受到影響，賠付率也在上升。因此，當你拓展新業務時，通常會產生短期損失（聽不清楚），也就是拓展新業務的成本。而且，保險費率上漲也需要時間。所以你必須提交這些申請。

So there's a general pullback in some of the underwriting of new business. There's less shopping online. And because there's less shopping, there's less transactions and people pulling our data around those auto transactions, things like loss histories, who is the prior coverage with, things around motor vehicle reports, that's the type of information we typically provide. So hopefully, that color is there.

因此，新業務的核保普遍有所放緩。網上購物減少了。由於網路購物減少，交易量也隨之減少，人們不再像以前那樣頻繁地從我們這裡獲取與汽車交易相關的數據，例如損失記錄、之前的保險公司、車輛報告等等，這些都是我們通常提供的資訊。希望這些資訊仍然有效。

And if I heard correctly, I think the last thing was just generally from a repair cost estimate perspective. It's been a very quiet storm season. Most of our business is subscription based. There is some transaction element to when storms happen, there's typically some adjusters that buy software and transaction kind of fluctuate up and down with storms.

如果我沒聽錯的話，最後那件事主要是從維修成本估算的角度出發的。今年的風暴季非常平靜。我們的大部分業務都是基於訂閱的。風暴發生時會有一些交易環節，通常會有一些理賠員購買軟體，交易量會隨著風暴的增減而波動。

Yes. And so John, at a high level, as Mark describing, there are a lot of individual effects on the transactional businesses, some of which are shorter-term timing related, there may be some systemic or secular elements on the workers' comp. But generally, I think across those transactional businesses, we did see sequential improvement from the first quarter to the second quarter. And I think the kind of the stronger trend will be kind of a continued normalization. So certainly, there are a lot of factors and individual elements, but we feel as though we should see kind of continued normalization on those growth rates.

是的。約翰，正如馬克所描述的，從宏觀層面來看，交易業務受到諸多因素的影響，其中一些是短期的時間性影響，而工傷賠償方面可能存在一些系統性或長期性因素。但總的來說，我認為在這些交易業務中，我們確實看到從第一季到第二季有所改善。而且我認為更強勁的趨勢將是持續的正常化。當然，其中有許多因素和具體細節，但我們認為這些成長率應該會持續趨於正常化。

The next question is from Alex Kramm with UBS.

下一個問題來自瑞銀集團的 Alex Kramm。

Hate to spend my question on the energy transition here or rather potential changes in that business for you. But maybe you can just remind us, you mentioned that your evaluation is ongoing and the time lines are what you've outlined before. So maybe remind us, if I remember correctly, I think you committed to making a decision in the third quarter and maybe the transaction of last resort would be a spin out in the first quarter of next year.

我不想在這裡討論能源轉型，或者更確切地說，是討論您可能面臨的業務變化。但或許您可以提醒我們一下，您之前提到過評估工作仍在進行中，時間表也和您之前概述的一樣。所以，如果我沒記錯的話，您承諾在第三季做出決定，而最終方案可能是明年第一季進行分拆。

So just wondering if anything has changed, are those time lines are still the same? And as you think about that spin out, is that still something that you're evaluating? Or could there still be a future given market conditions where you actually think you -- it makes sense to keep the business? So maybe just a quick update here.

所以，我想問一下情況是否有變化，時間表是否仍然不變？關於分拆上市，您是否還在評估？或者考慮到目前的市場狀況，您是否認為保留這家公司是明智之舉？所以，請您簡單報告最新進展。

Yes. Thank you for the question, Alex. So in terms of overall timing, that remains the same. We are on track to have a decision on energy by the end of the third quarter in conjunction with our third quarter earnings release with execution of that alternative to naturally follow given the various kind of timing of executing on that. And with that timing, I would describe this as being exactly where we anticipated completing the separation and the accounting work and analysis.

是的，謝謝你的提問，Alex。就整體時間安排而言，保持不變。我們計劃在第三季末與第三季財報發布同時做出能源方面的決定，鑑於執行該方案的時間安排各不相同，後續的執行工作也將順理成章。就目前的時間表而言，我認為這正是我們預期完成分拆、會計工作和分析的時間。

As I indicated, we have advisers that are engaged in this project. They, along with our team, are actively evaluating all of the alternatives. And so everything from a private sale to a separately capitalized spinout as well as retention are still alternatives that we are weighing. We're being guided by what we think is in the best interest of our shareholders from a value perspective and factoring risk and timing.

正如我之前提到的，我們聘請了顧問參與這個計畫。他們和我們的團隊正在積極評估所有方案。因此，從私募出售到獨立融資分拆，再到保留現有股份，所有方案我們都在權衡之中。我們總是以股東價值為出發點，並綜合考慮風險和時機，來做出我們認為最符合股東利益的決定。

Obviously, the markets are different, almost by definition from where we were when we originally announced this. And so the financing market as a function of changes in interest rates is more challenging than it was previously. And naturally, obviously, equity markets are also down. Those are all factors that we will consider as we think about the value of the business and the value to our shareholders.

顯然，市場狀況已經發生了變化，這幾乎是必然的，與我們最初宣布這項計劃時的情況截然不同。因此，受利率變動影響，融資市場比以往更具挑戰性。當然，股票市場也出現了下跌。所有這些因素，我們都會在評估公司價值和股東價值時予以考慮。

The next question is from Toni Kaplan with Morgan Stanley.

下一個問題來自摩根士丹利的東尼卡普蘭。

I wanted to ask also about Energy. Ex Russia, it grew about 3.6% organically in the quarter, very slight deceleration sequentially. I maybe would have thought that just given how strong energy prices have been year-to-date, and I would think it's a really conducive environment for selling more information, just given all the uncertainty. You also have the Lens platform that you launched in the last couple of years. So just what's holding back growth in this segment? Why isn't this growing 5% or more? Just what's holding it back?

我還想問一下能源業務的狀況。除俄羅斯外，該業務本季實現了約3.6%的有機成長，較上季略有放緩。考慮到今年以來能源價格的強勁表現，我原本以為這會是一個不錯的成長點，而且鑑於目前存在的諸多不確定性，我認為這是一個非常有利於資訊銷售的環境。此外，你們在過去幾年推出了Lens平台。那麼，究竟是什麼阻礙了該業務板塊的成長呢？為什麼它的成長率沒有達到5%甚至更高？究竟是什麼原因導致它成長緩慢？

Thank you for the question, Toni. And I think the simple answer is the differentiated performance between our subscription-oriented business, where we are capturing the strength of the value of that Lens platform as well as the strong demand for our energy transition, our chemicals, metals and mining business. And so there, excluding the Russian impact, the overall growth in that business is solidly in that mid-single digits level at 5.2%.

謝謝你的提問，托尼。我認為簡單的答案在於我們以訂閱為導向的業務表現差異化。在這個業務領域，我們既充分利用了Lens平台的價值優勢，也受惠於市場對我們能源轉型、化學、金屬和礦業業務的強勁需求。因此，剔除俄羅斯市場的影響，該業務的整體成長率穩定在5.2%左右。

And the weak part of it has been in the consulting side. And there -- I think there are 2 factors. We had a very strong 2021 with the rebound in that. And it has been challenged by resource constraints, frankly, the level of demand for the business is there. But given the demand for our professionals with energy and energy transition expertise, it has been more challenging for us to have the resources against those consulting projects.

而薄弱環節在於諮詢業務。我認為這主要有兩個原因。 2021年，我們的諮詢業務強勁反彈。坦白說，資源限制為我們帶來了挑戰，儘管市場對諮詢業務的需求依然強勁。但鑑於市場對我們擁有能源和能源轉型專業知識的專業人員的需求，我們很難為這些諮詢項目提供足夠的資源。

And so I think the combination of those 2 factors and the decline in revenues in that business, while a very strong environment, as you indicated, has obscured what we think is the fundamental (inaudible) we're seeing reachieving and positive momentum in the subscription revenues. We continue to see very solid growth in our ACV from wins and research as a function of everything that you described. But that's the short answer. I think that addresses your question, Toni.

所以我認為，正如您所指出的，這兩個因素以及該業務收入的下降（儘管市場環境非常強勁），掩蓋了我們認為正在實現的（聽不清楚）訂閱收入成長勢頭。正如您所描述的，我們持續看到來自新客戶獲取和研究的年度合約價值 (ACV) 穩步增長。以上就是簡要回答。我想這已經回答了您的問題，托尼。

The 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。

I was hoping you could perhaps talk about life insurance, your business there, maybe just a sense of how big it is today and just what the -- how we should think about the strategic vision for building up life insurance?

我希望您能談談人壽保險，談談您在那裡的業務，也許可以談談它現在的規模有多大，以及我們應該如何思考人壽保險的戰略願景？

Thank you for the question, Manav. I'll turn it over for Mark for his perspectives.

謝謝你的提問，馬納夫。我把這個問題交給馬克，聽聽他的看法。

Yes. I look forward to -- thank you for the question. I think we talked about life and marketing. Life has been a (inaudible) story. What we've seen is inside of those insurers that are really looking to upgrade probably decades old technology, our FAST solution has been winning the day, and that is a combination of trying to true traditional life insurers, and there's been a lot of secondary market or a lot of M&A, where private equity is getting involved in buying books of business.

是的。我很期待——謝謝你的提問。我想我們之前聊過生活和行銷。生活一直是個（聽不清楚）的故事。我們看到，在那些真正想要升級可能使用了幾十年技術的保險公司中，我們的FAST解決方案脫穎而出。這得益於我們努力讓傳統的壽險公司真正接受我們的方案，以及大量的二級市場交易或併購活動，私募股權公司也參與其中，收購保險公司的業務。

And because we're able to implement quickly and at a very low cost in this no-code, low-code environment, we have been the kind of vendor and strategic partner of choice. The beauty of these contracts at the beginning, it's a little bit of implementation. But everyone is going to be moving on to the platform. And what you see is not only do they put their business on, they start adding lines and they start extending across legal entities.

正因為我們能夠在無程式碼/低程式碼環境下快速且低成本地實現部署，所以我們成為了客戶首選的供應商和策略合作夥伴。這些合約的優勢在於，初期只需少量實施工作。但最終所有人都會遷移到平台上。你會發現，他們不僅將業務上線，還會增加業務線，並擴展到不同的法律實體。

So we have a combination of new logos, but also more business coming on to the platform. And as you think about the way we (inaudible) for that. Obviously, the subscription revenue associated with those (inaudible) are going to continue to grow nicely. What we are doing is kind of uniquely positioning the solution with not only a combination of great modular software, but analytics, so you can better understand the underwrite business, which parallels a lot of things we did in P&C.

所以我們不僅推出了新的標識，也吸引了更多業務加入平台。如您所想，我們（聽不清楚）……顯然，與這些（聽不清楚）相關的訂閱收入將繼續穩步增長。我們正在做的，是憑藉卓越的模組化軟體和分析功能，打造獨特的解決方案，讓您更了解核保業務，這與我們在財產險領域所做的許多工作類似。

So we've kind of taken a little bit of our P&C playbook. We've augmented with some great technology, and I think we're starting to really make a difference in the life insurance space. So very happy with the progress there, and I don't know if we've given a size on that business, but it is certainly growing quite quickly in the high double digits.

所以我們借鑒了一些財產險和意外險的成功經驗，並結合了一些先進的技術，我認為我們正在人壽保險領域真正有所作為。我對這方面的進展非常滿意，雖然我不知道我們是否透露過這項業務的規模，但它的成長速度確實非常快，達到了兩位數的高點。

Yes. And Manav, I would add, I was recently out on the West Coast, had an opportunity to meet with a number of our plants in the insurtech space that are out there. And several of them are specifically focused on life applications. And I will tell you that the thing that is really -- the 2 things that are really compelling. One is how they are availing themselves of broader data sets, that formerly really weren't as relevant in the life space. So there is an appetite for data and a utilization of data, and there is a real focus on the availability of instantaneous data so that they can make underwriting decisions.

是的。馬納夫，我還要補充一點，我最近去了西海岸，有機會和一些保險科技領域的公司會面。其中一些公司專注於人壽保險應用。我要告訴你，真正引人注目的兩點是：一是他們如何利用更廣泛的數據集，而這些數據集以前在人壽保險領域並不那麼重要。因此，他們對資料的需求和利用都非常旺盛，並且非常注重即時資料的可用性，以便做出承保決策。

And I mentioned that because I think they represent the leading edge of where we see life insurance going, and that speaks to the broader opportunity that we face, the broader opportunity that we have in front of us to be gathering those data sets at scale, developing those applications and then deploying it against our relationships on the insurance side, we have done incredibly successfully with the FAST acquisition. So while still not a material contributor to our overall business, it is one that clearly, we believe, has tremendous penetration potential and growth potential.

我之所以提到這一點，是因為我認為它們代表了我們對人壽保險未來發展的前沿方向，這也體現了我們面臨的更廣闊的機會——大規模收集數據集、開發應用程序，並將其應用於我們在保險領域的業務關係。我們在收購FAST方面取得了巨大的成功。雖然FAST目前對我們的整體業務貢獻不大，但我們堅信它擁有巨大的市場滲透率和成長潛力。

And just to tie it all together, we referenced LIMRA and LOMA. That's an example of us kind of bringing in industry data set, an industry organization to fight fraud, things that we do well on the P&C side. So kind of a good example of Lee's comment.

為了把所有內容連結起來，我們提到了LIMRA和LOMA。這反映了我們如何引入行業數據集和行業組織來打擊欺詐，而這正是我們在財產險和意外險領域擅長的。所以，這很好地印證了Lee的評論。

The next question is from Jeff Silber with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Jeff Silber。

I'm getting a lot of e-mails from some of your investors regarding exactly how you calculated the EBITDA in terms of maybe transferring some of the costs from the disposed businesses. And I'm sorry to waste my question on this. We just get a high-level overview because a number of our investors are just asking that.

我收到很多投資者的郵件，詢問你們是如何計算 EBITDA 的，特別是考慮到是否將部分成本從已出售的業務中轉移過來。很抱歉我的問題也浪費在這上面。我們只能得到一個大致的概述，因為很多投資人都在問這個問題。

Yes. So Jeff, I'll start, and then I'll ask Stacey to describe it. Essentially, we have the allocated corporate costs that exist, that still are -- we still (inaudible) reallocated on a variety basis, but generally kind of proportionate to the scale of the business. And so that impact, we have to allocate those costs somewhere, and they are being allocated to the Insurance and the Energy business. Stacey, fill -- embellish.

是的。傑夫，我先說，然後我請史泰西補充說明。基本上，我們有現有的公司成本分攤，這些成本仍然——我們仍然（聽不清楚）根據各種因素重新分配，但通常與業務規模成正比。因此，我們必須將這些成本分配到某個地方，它們被分配到保險和能源業務。史泰西，補充－詳細說明。

Yes. Jeff, so just to be clear, the 2 dispositions that we did do not hit the materiality threshold for discontinued operations. So that's why the accounting is a little bit confusing. On an organic constant currency basis, we have adjusted and taken out Verisk Financial and 3E. So all organic constant currency growth figures are adjusted for the impact of those transactions. However, our total adjusted EBITDA dollars and margins include the impact of all of those businesses. There's reconciliations at the end of the press release, which will show you all the moving pieces and parts. But it does take, and Lee said, we did take allocations that were previously associated with 3E and associated with Verisk Financial, put them into just the Energy segment and the Insurance segment overall.

是的，傑夫，為了避免誤解，我們進行的這兩項資產處置並未達到終止經營業務的實質門檻。所以會計處理才會有些複雜。在有機成長（以固定匯率計算）的基礎上，我們已經調整並剔除了Verisk Financial和3E。因此，所有自然成長（以固定匯率計算）數據都已根據這些交易的影響進行了調整。但是，我們調整後的EBITDA總額和利潤率包含了所有這些業務的影響。新聞稿末尾附有調節表，其中會詳細列出所有相關數據。正如李所說，我們確實將先前與3E和Verisk Financial相關的分配額，重新分配到了能源板塊和保險板塊。

The allocations to insurance basically hurt insurance margin by 80 basis points year-over-year. So that will give you a sense of what the impact is. Hopefully, that's clear. And we can talk (inaudible) offline.

保險業務的撥款基本上使保險利潤率比去年同期下降了80個基點。這樣你應該就能明白影響有多大了。希望這能解釋清楚。我們可以私下討論（聽不清楚）。

Yes, I'll definitely follow-up. Appreciate it.

好的，我一定會跟進。謝謝。

The next question is from Faiza Alwy with Deutsche Bank.

下一個問題來自德意志銀行的 Faiza Alwy。

So I was hoping to get a little bit more color on the international business. I mean you mentioned some management changes in the U.K. Just wanted to get (inaudible) terms of how you see that business trending? How it's trended in the quarter and how you see it trending going forward?

所以我想更詳細地了解國際業務的情況。您提到英國方面有一些管理層變動。我想了解一下您對這項業務發展趨勢的看法？本季業績如何？您又如何看待未來的發展趨勢？

So Faiza, thanks for the question. So and when we talk about our international business, naturally, our Energy business is substantially an international business. And so in that regard, we've kind of commented on to -- in answer to Toni's questions, the strength that we've seen in the subscription (inaudible) basis for an assumption of our successful wins as well as on the consulting side.

法伊扎，謝謝你的提問。說到我們的國際業務，能源業務自然也主要是一項國際業務。在這方面，我們之前也提到過——回答托尼的問題時，我們注意到訂閱業務（聽不清楚）是我們成功案例以及諮詢業務的重要支撐。

On the international business from an insurance perspective, there are a variety of businesses. The most significant of which is our Specialty Business Solutions business. And a business that is providing a software-oriented ecosystem to the nonstandard Lloyd's market. It is a business that has generated very strong revenue growth rates. It's a double -- has been a double-digit grower.

從保險角度來看，國際業務涵蓋多種類型。其中最重要的是我們的專業業務解決方案業務，該業務為非標準勞合社市場提供以軟體為導向的生態系統。這項業務的營收成長率非常強勁，一直保持著兩位數的成長。

Within the business, we have successfully integrated other bolt-on acquisitions, such as a ratings engine within that business. And we're very happy with the performance of that business and our ability to expand off of that. That is one piece of a larger portfolio of Insurance businesses that we have developed, which have generally been additive to our overall growth rate.

在公司內部，我們已成功整合了其他一些附加收購項目，例如在該業務中引入了評級引擎。我們對該業務的業績以及在此基礎上拓展業務的能力非常滿意。這只是我們建立的龐大保險業務組合的一部分，這些業務通常都能促進我們的整體成長。

I'll ask Mark maybe to describe a couple of the other components of the businesses and generally the performance and their contributions to our international businesses. But I just want to make that distinction between Energy and Insurance.

我可能會請馬克介紹一下公司其他幾個業務組成部分，以及它們的表現和對我們國際業務的貢獻。但我只想先明確一下能源和保險業務的差異。

Yes, that's great. And I think Lee highlighted that what you would probably recognize the [Sequel] suite of insurance software has been the bigger element and the big grower over in the U.K. and beyond. We also have an underwriting business that kind of (inaudible) things that we do as it relates to understanding risks, understanding exposures. But we go beyond there and talk about Insurance as it relates to travel and even [pet] insurance. Those have both come back and it started to grow nicely. That has been a nice grower. Once again, we're thinking of our international business is contributing to and actually helping us accelerate our overall organic growth.

是的，太好了。我認為李強調了一點，您可能已經注意到，[Sequel]保險軟體套件一直是英國乃至全球成長最快的業務板塊。我們也有核保業務，主要涉及風險評估和風險敞口分析。但我們的業務範圍更廣，涵蓋旅遊保險，甚至寵物保險。這些業務都已恢復，並且成長勢頭良好。這方面的成長一直很可觀。再次強調，我們的國際業務正在為整體有機成長做出貢獻，並加速了我們的成長。

Other 2 things that I'll quickly highlight as we kind of continue to extend selectively. [Optum] does a lot of the things do here in the United States as it relates to property underwriting. They do it in Canada. So that is a new acquisition that has been a good contributor and kind of new to the Verisk family, as well as ACTINEO, which takes us into Germany, again, inside the claims space, primarily around auto. So our approach broadly, it's been more around software and a little bit on the claims side around services. Augmented with solutions and things that we do in the U.S. trying to export them with a local footprint, and all of that has been successful. We've been (inaudible).

還有兩件事我想快速提一下，因為我們將繼續有選擇地拓展業務。 [Optum] 在財產保險核保方面與我們在美國的業務有許多相似之處。他們在加拿大也開展業務。所以，這是一項新的收購，對 Verisk 家族來說是一個不錯的補充，也是一個新的成員。此外，ACTINEO 也讓我們進入了德國市場，同樣是在理賠領域，主要集中在汽車保險方面。所以，總的來說，我們的策略更著重於軟體，同時也兼顧理賠服務。我們利用在美國開展的解決方案和業務，嘗試將其在地化並推廣到其他國家，所有這些都取得了成功。我們一直在（聽不清楚）。

Yes. And so I think it's -- we expect it to continue to be additive. We also view it as the broader opportunity and recognizing that in the U.S., we have the advantage of having been a utility for the P&C insurance industry and that doesn't exist to the same extent internationally, but software provides an ability for us to connect and create ecosystems where we achieve a similar dynamic. And that's kind of specifically what we've observed with our Specialty Business Solutions element.

是的。所以我認為——我們預計它會繼續帶來成長。我們也將其視為更廣泛的機遇，並意識到在美國，我們擁有為財產保險業提供公用事業服務的優勢，而這種優勢在國際上並不普遍。但軟體使我們能夠連接並創建生態系統，從而實現類似的動態發展。這正是我們在專業業務解決方案方面所觀察到的具體情況。

And so we're particularly interested in businesses where we are connecting the industry, and we are facilitating industry efficiencies and improved performance. And the international market in many respects is not as developed as what we have here in the U.S., and that's what we're excited about continuing to pursue.

因此，我們特別關注那些能夠連結產業、提升產業效率和績效的企業。國際市場在許多方面都不如美國市場發達，而這正是我們熱衷於持續開拓的領域。

The next question is from Andrew Jeffrey with Truist Securities.

下一個問題來自 Truist Securities 的 Andrew Jeffrey。

I appreciate taking the question and all the color on the business. Mark, I wanted to ask you about another relatively new area for you, which is marketing. And I wonder if you could sort of give us a sense of what the long-term road map to that business looks like? And also, I'm wondering if there are any cyclical considerations, discretionary spend considerations, you mentioned some pressures that underwriters are facing today. Is that a business you think grows through the cycle? How do we think about that?

感謝您回答這個問題，也感謝您對業務的詳細闡述。馬克，我想問您另一個相對較新的領域—行銷。您能否為我們介紹一下這項業務的長期發展規劃？另外，您提到核保人目前面臨一些壓力，我想了解是否有週期性因素，例如可自由支配支出方面的考量。您認為這項業務能夠承受週期性波動並持續成長嗎？我們該如何看待這個問題？

Great. So Andrew, thanks again. So a theme that is across all insurers is this digital engagement, trying to make sure they really satisfy the customer. So what we've attempted to do from a P&C perspective, especially on the personal line side, is do this ultimate prefill. I mean that's kind of the way sometimes you would hear described. If you call and you give us your name a number, we can fill in all the information, know everything about you and give you a quote. That is you being an insurer, and we support and facilitate that.

太好了。安德魯，再次感謝。所有保險公司都在努力數位化互動，力求真正滿足客戶需求。從財產險和意外險的角度來看，尤其是在個人險方面，我們嘗試做的就是實現終極預填資訊。我的意思是，你可能聽說過這種說法：如果你打電話告訴我們你的姓名和電話號碼，我們就可以填寫所有信息，了解你的一切，並為你提供報價。這就是保險公司的運作方式，而我們則支持並協助實現這一點。

But we wanted to go one step further. We wanted to go even further to the front-end. And as you're providing that quote, what if we found the right group of people to share that quote? So what our team at Jornaya and some of the marketing solutions has is we are the industry standard is that we know sitting on the website, who's shopping. So we know who's actually shopping for insurance. So this is a live and very real opportunity to kind of drive this pipeline, to drive this funnel of real opportunity and provide that.

但我們想更進一步，更深入地觸達前端。既然您已經提供了報價，如果我們能找到合適的群體來分享這份報價呢？ Jornaya 團隊以及一些行銷解決方案的優勢在於，我們擁有業界領先的技術，能夠精準識別網站上的潛在客戶，了解誰在瀏覽資訊。因此，我們知道誰真正正在尋找保險產品。這是一個切實可行的機會，可以推動銷售管道的拓展，挖掘真正的商機。

So the marketing solutions have been a nice extension to both our P&C as well as our life insurance opportunities. It's that front end that gives us the opportunity. There probably is some cyclicality in that. It's a difficult time and people are trying to cut costs. There's probably more or less marketing spend that happens. But because of the unique situation that our marketing solutions Jornaya, we sit on these websites, no one else really has the ability to do what we do. It's not like we're competing directly against Google. It's -- we have these relationships, and we understand who the real candidates are.

因此，這些行銷解決方案很好地擴展了我們的財產險和人壽險業務。正是前端管道為我們提供了機會。這其中可能存在一定的周期性。現在是經濟困難時期，大家都在努力削減成本。行銷支出可能會有所增減。但由於我們的行銷解決方案 Jornaya 的獨特優勢，我們能夠依賴這些網站，其他公司無法做到我們所做的一切。我們並非直接與Google競爭。而是－我們建立了合作關係，並且了解真正的目標客戶是誰。

And what we also have the ability to do selectively is to take that capability and extend it beyond P&C. So it allows us to do life and P&C insurance. But to the extent that someone's buy a house, they're a prime candidate for P&C insurance, but it's also a prime candidate for someone who needs a mortgage. So there's an extension and big opportunity inside other vertical markets, where we're selectively looking. So I hope that gives you the color you're looking for.

而且，我們還有能力選擇性地將這種能力擴展到財產險以外的領域。這樣我們就可以同時提供人壽保險和財產險。對於購屋者來說，他們是財產險的理想客戶；而對於需要抵押貸款的人來說，財產險也是理想的客戶。因此，在其他垂直市場中也存在著拓展和巨大的機遇，我們正在選擇性地進行探索。希望以上資訊能為您提供所需的資訊。

Yes, it does.

是的，確實如此。

The next question is from Jeff Meuler with Baird.

下一個問題來自 Baird 公司的 Jeff Meuler。

And part of a related question, but related to the personal auto underwriting. I guess it seems like the insurers (inaudible) rate actions now. So if you can run this forward because I would think there's also some countercyclical demand in terms of consumer rate shopping to save money if we're going into a recession. So just -- are there any historical parallels in terms of like what's the lag between those rate actions and when you see the increased churn that has the positive impact on your business?

還有一個相關的問題，是關於個人汽車保險承保的。我猜保險公司現在似乎正在調整費率。所以，如果您能預測一下，因為我認為如果經濟衰退來臨，消費者為了省錢也會進行價格比較，這會帶來一些反週期需求。所以，我想問的是——歷史上是否存在類似的情況，例如這些費率調整和客戶流失率上升（從而對您的業務產生積極影響）之間通常存在多長時間的滯後？

And then just to be clear on the last answer since you said there's probably some cyclicality, are you seeing delayed uptake because of the cyclical headwinds of LightSpeed and the marketing capabilities because it sounds like the market is talking a lot about a need for more sophisticated segmentation.

那麼，為了更清楚地回答最後一個問題，因為你提到可能存在一些週期性因素，你是否看到由於 LightSpeed 的周期性不利因素和行銷能力而導致的市場接受度延遲？因為聽起來市場正在熱議需要更精細的細分。

Yes. So great question. Now I'm going to piece it back together and respond maybe a little out of order. So first of all, from kind of the end to beginning. We are continuing to see uptake in LightSpeed. People love the concept and people continue to buy the solution. What we're seeing now is the volumes coming through the solution are depressed a little bit. And the short answer is there's less shopping.

是的，問得好。現在我來把事情理順一下，可能順序有點亂。首先，從後往前說。我們看到LightSpeed的普及率持續上升。人們喜歡這個概念，也一直在購買這個解決方案。我們現在看到的是，透過該解決方案獲得的訂單量略有下降。簡單來說，就是購買量減少了。

I'll give you the example that I think you're looking for. Some of the insurtechs that have been our early adopters, who had a lot of volume coming through, all of a sudden now start to focus on profitability. As they start to focus on profitability, that causes them to pull back on writing new business, right? There's a direct correlation there, at least in the early life of a policy. So that's a step of it.

我舉個例子，我覺得這正是你想要的。一些早期採用我們服務的保險科技公司，之前業務量很大，但現在突然開始注重盈利。隨著他們開始專注於獲利，這就導致他們減少了新業務的拓展，對吧？這兩者之間有直接關聯，至少在保單生效初期是如此。這就是其中的一個步驟。

To kind of your other question, a related question is about rates and taking rate. Everybody is working on rates. I've seen some rate increases as high as 40% by some filings as it relates to certain states. They are coming, but people will start to write again when they get the rate increases they want. How long does that take? It really depends sometimes on the inner workings of some insurers, especially in personal auto. They use this as (inaudible). They always use our direct filings. So that could take 6 months to 9 months to get in place before things start to ramp up again because they have prices they expect will make them profitable. Hope that was responsive to most of your questions.

關於您提出的另一個問題，還有一個相關的問題，那就是費率和費率的決定。大家都在調整費率。我看到一些州的保單顯示，某些州的費率漲幅高達 40%。這些漲幅是必然的，但只有當保單上的費率漲幅達到預期時，保險公司才會重新開始承保。這需要多長時間？這實際上取決於一些保險公司的內部運作，尤其是在個人汽車保險領域。他們會使用（聽不清楚）。他們總是使用我們直接提交的保單。因此，在費率調整到位之前，可能需要 6 到 9 個月的時間，之後業務才會開始恢復成長，因為他們需要一些能夠獲利的價格。希望我的回答能解答您的大部分疑問。

And Jeff, I would just add kind of a broader overlay, which is, as Mark is describing, we are seeing some of that near-term pressure in the business. But longer term, we believe the fundamental driver is the demand for that marketing technology, that demand for kind of delivering that data and that underwriting decision increasingly at the point of sale, is what will continue to drive the growth in that business as the industry moves to deliver on that digital experience that Mark described.

傑夫，我想補充一點，更全面地看待這個問題。正如馬克所描述的，我們目前確實看到業務面臨一些短期壓力。但從長遠來看，我們認為根本驅動力在於對行銷技術的需求，以及對在銷售點提供數據和做出承保決策的需求，這些需求將繼續推動業務成長，因為整個行業都在朝著馬克所描述的數位化體驗方向發展。

Clear and comprehensive.

清晰明了，內容全面。

The next question is from Andrew Nicholas with William Blair.

下一個問題來自安德魯·尼古拉斯和威廉·布萊爾。

I just wanted to circle back on your answer to an earlier question about transaction revenue. It sounds like the vast majority of transaction revenue you would expect to kind of normalize to a higher rate over time. But there are some secular or structural challenges in workers' comp and maybe some of the other pieces of that business. So my question is, is the expectation for transaction revenue within insurance to ultimately arrive at the 7% plus kind of growth target that you have for the full business over time? Or should we kind of think of achievement of that objective as being driven more by the subscription revenue piece and transaction at some level below that?

我想就您之前關於交易收入的問題再補充一點。聽起來您認為絕大多數交易收入會隨著時間的推移逐漸趨於穩定成長。但是，工傷賠償以及其他一些業務領域存在一些長期或結構性的挑戰。所以我的問題是，您預期保險業務的交易收入最終能否達到您為整個業務設定的7%以上的成長目標？或者我們應該認為，實現這一目標更取決於訂閱收入，而交易收入則相對次要？

Yes, Andrew, thank you for the question and the opportunity to address that. I want to be very clear. We believe that the transaction revenue over time is something that is at least at the 7% and actually historically has contributed to a higher level of growth and reflects in a lot of ways, the applications of new data and new technology that is expressed at the initial stage in transaction-related activity that generates revenue for us.

是的，安德魯，謝謝你的提問，也謝謝你給我這個機會來回答這個問題。我想非常明確地說明一點。我們認為，交易收入的長期成長率至少達到7%，而且從歷史數據來看，它實際上對更高的成長水平做出了貢獻，並在許多方面反映了新數據和新技術在交易相關活動初期階段的應用，而這些活動正是我們創造收入的來源。

So I think what we are experiencing right now are the impacts of a bit of the overhang of pandemic, more people working from home, as Mark described, with workers' comp impact on auto and the macroeconomic environment. But we maintain complete confidence that the transactional-driven businesses over time and on a normalized basis will be additive to our overall growth rate and can certainly exceed our 7% long-term target.

所以我認為我們目前所經歷的是疫情持續影響的餘波，正如馬克所描述的，更多人居家辦公，工傷賠償對汽車行業和宏觀經濟環境的影響。但我們仍然完全相信，隨著時間的推移和業務的正常化，交易驅動型業務將提升我們的整體成長率，並完全可以超過我們7%的長期目標。

And maybe summarizing that, we are taking share across all of this. So when volumes return, we have taken share and that will be reflected in these transactions.

或許可以概括地說，我們在所有這些領域都佔據了市場份額。因此，當交易量恢復時，我們已經獲得了市場份額，這將在這些交易中得到體現。

The 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。

I just wanted to ask if directionally you expect your Energy and Specialized Markets business to accelerate in the second half of the year. Lee, you did point out like you see on Slide 6 that nonsubs business in Energy and Specialized was down because of consulting constraints. Do you expect those constraints to resolve themselves? Or is that going to be with us near term? And then you mentioned solid growth in ACV. I would think the solid growth in ACV would translate into stronger growth (inaudible) Energy and Specialized.

我想問一下，您預計能源和專業市場業務在下半年會加速成長嗎？李，正如您在幻燈片6中提到的，能源和專業市場非訂閱業務下滑是由於諮詢業務的限制。您預計這些限制會自行解決嗎？還是說這些限制會在短期內持續存在？您還提到年度合約價值（ACV）實現了穩健成長。我認為ACV的穩健成長會轉化為能源和專業市場業務更強勁的成長（聽不清楚）。

Yes. Andrew, thank you for the very clear question. And so I'll deal with it in the 2 parts. I think the conclusion that you do or the logic that you described is consistent that we see with the ACV growth and the layering on of additional contracts, where we've been able to up price the research product as a function of the value our clients see in Lens that should continue to have a positive impact on the overall growth rate. And so we do anticipate momentum on that front over the balance of the year.

是的，安德魯，謝謝你提出這麼清晰的問題。我會分兩部分來回答。我認為你得出的結論或你描述的邏輯與我們觀察到的ACV增長以及新增合約的情況相符。我們能夠根據客戶對Lens價值的認可來提高研究產品的價格，這應該會繼續對整體成長率產生正面影響。因此，我們預計今年剩餘時間裡，這方面將保持成長動能。

The more difficult element to estimate is the consultant side. And so I think that is one where in this competitive market, we do face a challenge in getting the level of resources that we think fully address the demand. So I would say I think we believe that that's the case for the research business. On the consulting side, it's a little bit more difficult. And I'd say conservatively that we probably wouldn't anticipate at this point, a material change on the consulting front.

更難估算的是諮詢業務方面。我認為，在競爭激烈的市場中，我們確實面臨著如何獲得足夠資源以充分滿足需求的挑戰。所以，我認為研究業務的情況就是如此。諮詢業務方面則更為複雜。保守估計，目前我們可能不會預期諮詢業務方面會出現實質變化。

The next question is from Hamzah Mazari with Jefferies.

下一個問題來自傑富瑞集團的哈姆札·馬扎里。

This is Hans Hoffman, filling in for Hamza. Could you just walk us through how you're thinking about further M&A and where the focus is there and then sort of what the pipeline looks like?

這裡是漢斯·霍夫曼，代替哈姆札發言。您能否簡要介紹一下您對未來併購的規劃，重點關注哪些方面，以及目前的併購計畫進度如何？

Certainly. So thanks for the question. So as you can imagine, our primary focus at this stage is on the near-term objectives of the energy separation analysis and project and two, the margin expansion opportunity. And so that is where most of our corporate resources are (inaudible) M&A from an M&A standpoint.

當然。謝謝你的提問。正如你所想，我們現階段的首要任務是實現能源分離分析和專案的近期目標，以及抓住利潤率提升的機會。因此，我們大部分的公司資源都投入了（聽不清楚）併購領域。

And then secondly, as we are opportunity to evaluate where the business is, where we want to take it, what are other opportunities that we have in front of it and how we want to think about internal versus external investment, that is occupying kind of the next largest part of our time.

其次，我們有機會評估公司目前的狀況，我們想把它發展到什麼程度，我們面前還有哪些其他機會，以及我們想如何看待內部投資與外部投資，這佔據了我們接下來大部分的時間。

And as we define that, certainly, M&A will be a part of how we think about deploying capital and creating value. We have demonstrated in areas, particularly on the Insurance side, where we have a new data set or a new technology as with FAST and with [Sequel] and with Jornaya, we have the ability to materially accelerate revenue growth within those businesses and integrating those with our data sets.

當我們定義價值時，併購無疑將成為我們部署資本和創造價值的重要考量。我們已經證明，尤其是在保險領域，當我們擁有新的數據集或新技術（例如FAST、Sequel和Jornaya）時，我們有能力顯著加速這些業務的收入成長，並將這些業務與我們自身的數據集整合起來。

So I want to say that we are -- we'll continue to look for opportunities where we can materially improve the business and create value through strong returns on the invested capital. That will be our primary focus. It will be in the scale level that I think you've seen. But for the near term, we don't expect this high level of activity. One thing that I want to emphasize is that we are not looking at any new verticals outside of insurance. And I think until we come to a resolution on the Energy business, not looking at anything in the Energy space. So that would be the direction that I provide to you.

所以我想說的是，我們將繼續尋找能夠實質改善業務並透過高投資報酬率創造價值的機會。這將是我們的首要任務。規模方面，我想你們已經看到了。但短期內，我們預計不會保持如此高的業務活躍度。我想強調的一點是，我們目前沒有考慮保險以外的任何新業務領域。而且我認為，在能源業務問題解決之前，我們也不會考慮能源領域的任何事情。這就是我向你們傳達的方向。

Our final question today is from George Tong with Goldman Sachs.

今天最後一個問題來自高盛的George Tong。

You've committed to expand margins 300 to 500 bps off of a 50% to 51% baseline for an Insurance-only business. I wanted to confirm that you can achieve those margin targets regardless of the outcome of your Energy strategic review. And since you've taken a close look at costs and the Insurance business as part of the strategic process, how likely are you able to also take up medium-term organic revenue growth for Insurance beyond the historical 7% range.

您已承諾將保險業務的利潤率在50%至51%的基準基礎上提高300至500個基點。我想確認，無論能源策略評估的結果如何，您都能實現這些利潤率目標。此外，鑑於您在策略制定過程中已仔細審視了成本和保險業務，您有多大可能在中期內實現保險業務的有機收入增長，使其超過以往7%的水平？

Thank you for the question, George. I may have to ask you to repeat the rather extended second part of the question. Let me remind you, George, as we said explicitly when we provided the guidance that the margin improvement of 300 to 500 basis points was specifically associated with (inaudible) focused entity. So I just ask you to review that. I think there's the answer to your question.

謝謝你的提問，喬治。我可能需要你重複問題的第二部分，那部分比較長。喬治，我提醒你一下，正如我們在提供業績指引時明確指出的，300到500個基點的利潤率提升是專門針對（聽不清楚）重點實體的。所以我請你再回顧一下這一點。我想這就是你問題的答案。

The determination of what we do with Energy, we'll have to evaluate. So if that business is retained, then there will be a different margin profile. We will still seek to achieve those cost savings related to the Insurance business overall and look for margin expansion. But those savings were clearly defined as specific to an insurance-focused entity.

關於如何處理能源業務，我們需要進行評估。如果保留這項業務，那麼利潤率結構將會有所不同。我們仍將努力實現與保險業務整體相關的成本節約，並尋求提高利潤率。但這些節約措施已明確限於專注於保險業務的實體。

Can I ask you to reiterate the second part of your question, George?

喬治，請你再重複一次你的問題的第二部分好嗎？

Sure. The second part is, since you've already taken a look at the Insurance business from a cost perspective, have you also taken Lens to the business from a growth perspective in Insurance? How likely are you able to take up the medium-term organic revenue growth for Insurance beyond 7%.

當然。第二點是，既然您已經從成本角度分析了保險業務，那麼您是否也從成長角度分析了保險業務？您認為保險業務中期有機收入成長超過7%的可能性有多大？

So George, we continue to maintain our long-term targets for the overall business. We've said repeatedly in the past that 7% organic growth is our target. We've demonstrated ability to achieve that. We are not at the stage where we're changing our long-term guidance for the business. Obviously, we have an ongoing objective to exceed that growth rate, and our compensation systems are tied to overachieving against that goal.

喬治，我們將繼續維持整體業務的長期目標。我們過去曾多次表示，7%的內生成長是我們的目標。我們已經證明我們有能力實現這一目標。目前我們還沒有改變長期業務指引的階段。當然，我們始終致力於超越這個成長率，而我們的薪酬體係也與超額完成這個目標掛鉤。

We have no further questions at this time. And this will conclude today's conference call. Thank you, everyone, for participating. You may now disconnect.

目前我們沒有其他問題。今天的電話會議到此結束。感謝各位的參與。您可以斷開連線了。