Verisk Analytics Inc (VRSK) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the Verisk's First Quarter 2023 Earnings Results Conference Call. This call is being recorded. (Operator Instructions) For opening remarks and introductions, I would now like to turn the call over to Verisk's Head of Investor Relations, Ms. Stacey Brodbar. Ms. Brodbar, please go ahead.

大家好，歡迎參加 Verisk 2023 年第一季度收益結果電話會議。此通話正在錄音中。 （操作員說明）對於開場白和介紹，我現在想將電話轉給 Verisk 的投資者關係主管 Stacey Brodbar 女士。 Brodbar 女士，請繼續。

Thank you, Mandeep, and good day, everyone. We appreciate you joining us today for a discussion of our first quarter 2023 financial results. On the call today are Lee Shavel, Verisk's President and Chief Executive Officer; and Elizabeth Mann, Chief Financial Officer.

謝謝你，Mandeep，祝大家有美好的一天。感謝您今天加入我們討論我們 2023 年第一季度的財務業績。今天參加電話會議的有 Verisk 總裁兼首席執行官 Lee Shavel；首席財務官 Elizabeth Mann。

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. A replay of this call will be available for 30 days on our website and by dial-in.

本次電話會議中引用的收益發布以及我們傳統的季度收益報告和相關的 10-Q 可以在我們網站 verisk.com 的投資者部分找到。收益發布也附在我們提供給 SEC 的 8-K 中。此通話的重播將在我們的網站上提供 30 天，並可通過撥入獲得。

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, including those related to our financial guidance. 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.

正如今天的收益發布中更詳細地闡述的那樣，我會提醒大家今天的電話會議可能包括有關 Verisk 未來業績的前瞻性陳述，包括與我們的財務指導相關的陳述。實際表現可能與我們今天的評論所建議的表現大不相同。有關可能影響未來業績的因素的信息包含在我們最近提交給美國證券交易委員會的文件中。

Finally, I'd 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 of reported and historic non-GAAP financial measures discussed on this call is provided in our 8-K and today's earnings presentation posted on the Investors section of our website, verisk.com. However, we are not able to provide a reconciliation of projected adjusted EBITDA and adjusted EBITDA margin to the most directly comparable expected GAAP results because of the unreasonable effort and high unpredictability of estimating certain items that are excluded from projected non-GAAP adjusted EBITDA and adjusted EBITDA margin, including, for example, tax consequences, acquisition-related costs, gain/loss from dispositions and other nonrecurring expenses, the effect of which may be significant.

最後，我想提醒大家，最近處置的財務結果包含在我們的綜合和 GAAP 結果中，但不包括在所有有機恆定貨幣增長數據中。我們的 8-K 和今天在我們網站 verisk.com 的投資者部分發布的收益報告中提供了本次電話會議上討論的已報告和歷史非 GAAP 財務措施的對賬。然而，我們無法提供預計調整後 EBITDA 和調整後 EBITDA 利潤率與最直接可比的預期 GAAP 結果的對賬，因為估計某些項目被排除在預計非 GAAP 調整後 EBITDA 和調整後的項目之外的不合理努力和高度不可預測性EBITDA 利潤率，包括稅收後果、收購相關成本、處置收益/損失和其他非經常性費用，其影響可能很大。

And now I'd like to turn the call over to Lee Shavel.

現在我想把電話轉給 Lee Shavel。

Thanks, Stacey. Good morning, and thank you for participating in today's call. At our Investor Day in mid-March, we detailed the benefits of being an insurance-focused business and our comprehensive strategy to drive consistent, predictable growth at Verisk. Our first quarter results demonstrate the sharpened focus and results-oriented operating discipline at Verisk. We are operating on a more integrated basis across the company and have been more engaged with our clients, as I'll describe in greater detail. I will leave it to Elizabeth to walk through the details of the financials.

謝謝，斯泰西。早上好，感謝您參加今天的電話會議。在 3 月中旬的投資者日，我們詳細介紹了成為一家以保險為中心的企業的好處，以及我們推動 Verisk 持續、可預測增長的綜合戰略。我們第一季度的業績表明 Verisk 更加專注和以結果為導向的運營紀律。正如我將更詳細地描述的那樣，我們在整個公司的運營基礎上更加一體化，並且與我們的客戶進行了更多的互動。我會把它留給伊麗莎白來完成財務細節。

But in summary, we delivered very strong organic revenue growth combined with solid margin expansion yielding double-digit profit growth. The growth was broad-based with most businesses contributing to the result, and we have strong business momentum. We delivered this performance despite a macroeconomic environment marked by high inflation, interest rate volatility and market anxiety. Specific to the insurance industry, our customers are coming off a year marked by elevated underwriting losses and pressure on profitability. In fact, the U.S. property casualty insurers experienced a $27 billion net underwriting loss in 2022, the largest loss since 2011, according to industry data collected by Verisk and the American Property Casualty Insurance Association.

但總而言之，我們實現了非常強勁的有機收入增長，同時實現了兩位數的利潤增長。增長基礎廣泛，大多數業務都為此做出了貢獻，而且我們的業務勢頭強勁。儘管宏觀經濟環境以高通脹、利率波動和市場焦慮為特徵，但我們仍取得了這一業績。具體到保險業，我們的客戶正在經歷承保損失增加和盈利壓力增加的一年。事實上，根據 Verisk 和美國財產意外保險協會收集的行業數據，美國財產意外保險公司在 2022 年經歷了 270 億美元的淨承保損失，這是自 2011 年以來的最大損失。

Moreover, profitability was under pressure as reflected in deteriorating combined ratios at 103% in 2022 versus almost 100% in 2021. One consequence of this tough loss in profitability environment in 2022 has been a hardening insurance market where rate increases are driving faster net written premium growth in the first quarter reports of many major insurers. Verisk is partnering with the industry to help them reduce costs, better select and price risk, root out fraud and overall operate more efficiently, given the macro environment.

此外，盈利能力面臨壓力，這反映在 2022 年的綜合成本率不斷惡化，從 2021 年的近 100% 下降到 103%。2022 年盈利環境的這種嚴峻損失的一個後果是保險市場趨於堅硬，利率上漲推動淨承保保費增長更快許多主要保險公司的第一季度報告增長。在宏觀環境下，Verisk 正在與行業合作，幫助他們降低成本、更好地選擇和定價風險、根除欺詐並提高整體運營效率。

One problem area has been the state of Florida. As we have discussed in prior calls, the insurance crisis in Florida is being driven by a litigious environment, further complicated by extreme event vulnerability. The combined impact is pushing insurers into insolvency. The state legislature has passed reforms to address the crisis, and there are currently efforts being negotiated to bring increased oversight to the state's insurance market.

一個問題區域是佛羅里達州。正如我們在之前的電話中所討論的那樣，佛羅里達州的保險危機是由訴訟環境驅動的，極端事件的脆弱性進一步複雜化。綜合影響正在推動保險公司破產。州立法機構已通過改革以解決危機，目前正在努力談判以加強對該州保險市場的監管。

That said, the risk for more liquidations remains. And we continue to monitor both the primary and reinsurance markets closely, while leaning in with our customers to help them adapt to new legislation, to better select and price risk in the state and to identify the systemic bad actors in the market.

也就是說，更多清算的風險仍然存在。我們繼續密切監控初級保險和再保險市場，同時與我們的客戶合作，幫助他們適應新的立法，更好地選擇和定價該州的風險，並識別市場中的系統性不良行為者。

A second area of challenge has been auto underwriting as insurers pulled back on writing new policies as they awaited regulatory approval for rate increases. Rate actions have started to roll through. And in the first quarter, we saw a rebound in policyholder shopping activity in response to higher rates, driving strong transactional revenue growth for Verisk this quarter. That said, we have yet to see behavior change on the part of the underwriters as they are still cautious about spending on marketing and underwriting new policies. We continue to expect that improvement in the back half of the year.

第二個挑戰領域是汽車承保，因為保險公司在等待監管機構批准加息時取消了新保單的承保。利率行動已經開始滾動。在第一季度，我們看到保單持有人購物活動因利率上升而出現反彈，推動了 Verisk 本季度交易收入的強勁增長。也就是說，我們還沒有看到承銷商的行為發生變化，因為他們仍然對營銷支出和承保新政策持謹慎態度。我們繼續預計今年下半年會有所改善。

One key pillar in our strategy that we discussed at Investor Day is being a more client-centric organization, and the importance of strengthening the strategic dialogue with our clients and intensifying our industry engagement. To that end, I've been leading the organization with direct client engagement through full relationship reviews at several of our largest clients where we've been able to identify how we can better serve them and integrate new solutions to meet their specific objectives.

我們在投資者日討論的戰略的一個關鍵支柱是成為一個更加以客戶為中心的組織，以及加強與客戶的戰略對話和加強我們的行業參與的重要性。為此，我一直通過對幾個最大客戶的全面關係審查來領導組織與客戶直接接觸，我們已經能夠確定我們如何更好地為他們服務並整合新的解決方案以滿足他們的特定目標。

I've also hosted our first CEO roundtable, where we brought together the leaders of our clients to discuss the issues that are foremost in their minds and where we can leverage our centrality and expertise to help address these issues. This has been followed by a client Chief Information Officer roundtable, where we brought our technology leadership, headed by our CEO -- CIO, Nick Daffan; and Chief Data Officer, Eric Schneider, to discuss technology and analytics trends that are on the minds of insurance industry CIOs.

我還主持了我們的第一次 CEO 圓桌會議，我們將客戶的領導聚集在一起討論他們最關心的問題，以及我們可以利用我們的中心地位和專業知識來幫助解決這些問題。隨後舉行了客戶首席信息官圓桌會議，我們帶來了我們的技術領導力，由我們的首席執行官 - 首席信息官 Nick Daffan 領導；和首席數據官 Eric Schneider 討論保險業 CIO 關注的技術和分析趨勢。

In particular, generative AI was a hot topic. And we discussed how we can help the industry develop safe, ethical and effective use cases and guide policy. Our clients are recognizing the early benefits of change and focus at Verisk and have provided great feedback. A recent quote from an important client stated, "I can't remember a meeting with this degree of transparent dialogue where I felt like Verisk was listening." Our recent NPS scores also reflect this change in perception. Verisk conducts customer relationship surveys twice a year. And our recent NPS scores in the first quarter of 2023 were 47, up 4 points versus this time last year.

特別是，生成式人工智能是一個熱門話題。我們還討論瞭如何幫助該行業開發安全、合乎道德和有效的用例並指導政策。我們的客戶認識到 Verisk 的變革和專注的早期好處，並提供了很好的反饋。最近引用一位重要客戶的話說，“我不記得有一次會議進行過如此透明的對話，我覺得 Verisk 正在傾聽。”我們最近的 NPS 分數也反映了這種看法的變化。 Verisk 每年進行兩次客戶關係調查。我們最近在 2023 年第一季度的 NPS 得分為 47，比去年同期提高了 4 分。

Further, so far this year, we have hosted 3 in-person client events. At all our events, clients can engage with our solutions and hear directly from those clients who use the products in the market and learn how effective they are in helping solve industry challenges. More specifically, in February, our claims business hosted 2 events, including Elevate, our signature event, for claims and restoration professionals, which provided educational and networking sessions for over 600 industry professionals. We also hosted almost 300 industry participants at IFM, an industry-wide event targeting the latest issues and advances in fraud management.

此外，今年到目前為止，我們已經舉辦了 3 場面對面的客戶活動。在我們所有的活動中，客戶都可以參與我們的解決方案，並直接聽取市場上使用這些產品的客戶的意見，並了解他們在幫助解決行業挑戰方面的有效性。更具體地說，在 2 月，我們的理賠業務舉辦了 2 場活動，包括我們的標誌性活動 Elevate，面向理賠和修復專業人士，為 600 多名行業專業人士提供了教育和網絡會議。我們還在 IFM 上接待了近 300 名行業參與者，這是一場針對欺詐管理的最新問題和進展的全行業活動。

In the U.S. alone, insurance fraud is estimated to cost the industry $300 billion annually, impacting industry profitability, and Verisk is uniquely positioned to help the industry. We host this event in partnership with the National Insurance Crime Bureau. Both events included expert panel discussions featuring our clients and partners, leading academics and thought leaders in the industry covering top-of-mind issues.

僅在美國，保險欺詐估計每年給行業造成 3000 億美元的損失，影響行業盈利能力，而 Verisk 具有獨特的優勢來幫助該行業。我們與國家保險犯罪局合作舉辦了這次活動。這兩項活動都包括由我們的客戶和合作夥伴、領先的學者和業內思想領袖參加的專家小組討論，討論的是最重要的問題。

In April, we hosted the inaugural Verisk Insurance Conference and hosted almost 600 clients for a 4-day multitrack conference designed to deliver a combination of product and thought leadership-focused content to key extreme events, life and underwriting decision-makers in insurance and reinsurance. This comprehensive event, which combined 3 previously separate events, enabled us to educate our clients and prospects about Verisk's end-to-end capabilities, while continuing to provide them with valuable content applicable to their specific role in organization.

4 月，我們舉辦了首屆 Verisk 保險會議，並接待了近 600 名客戶參加為期 4 天的多軌會議，旨在向保險和再保險領域的關鍵極端事件、人壽和承保決策者提供以產品和思想領導為重點的內容組合.這一綜合活動結合了 3 個以前獨立的活動，使我們能夠向我們的客戶和潛在客戶介紹 Verisk 的端到端功能，同時繼續為他們提供適用於他們在組織中的特定角色的有價值的內容。

It raised the awareness of the breadth and depth of solutions we offer to solve the industry's biggest challenges and really highlighted the benefits of the integrated Verisk approach. We saw a great response to this event with almost half of the extreme events professionals attending underwriting sessions and 40% of the underwriting attendees joining an extreme event session.

它提高了人們對我們為解決行業最大挑戰而提供的解決方案的廣度和深度的認識，並真正突出了集成 Verisk 方法的好處。我們看到了對這次活動的熱烈反響，幾乎一半的極端事件專業人士參加了承保會議，40% 的承保與會者參加了極端事件會議。

A recent notable competitive contract win in our extreme events business is a great example of the benefits of being more focused and more integrated across Verisk. We recently signed a large multiyear contract expansion with a global insurer for extreme events platform, Touchstone. This client, who is already a subscriber to our property underwriting data solutions, will partner with Verisk in a workflow that will directly integrate those data solutions into the Touchstone platform.

最近在我們的極端事件業務中贏得了一項引人注目的競爭性合同，這是一個很好的例子，說明了在整個 Verisk 中更加專注和更加整合的好處。我們最近與全球保險公司就極端事件平台 Touchstone 簽署了一項大型多年期擴展合同。該客戶已經是我們財產承保數據解決方案的訂戶，將與 Verisk 合作開發一個工作流程，將這些數據解決方案直接集成到 Touchstone 平台中。

This partnership not only allows the client to obtain an enhanced view of their catastrophe loss potential based on Verisk's data with minimal operational friction, but it also gives Verisk the opportunity to market the feasibility of the same solution to a broader range of market participants.

這種合作夥伴關係不僅使客戶能夠根據 Verisk 的數據以最小的運營摩擦更好地了解他們的巨災損失潛力，而且還使 Verisk 有機會向更廣泛的市場參與者推銷同一解決方案的可行性。

What struck me at both our claims and underwriting events, after dozens of client conversations, was the genuine enthusiasm our clients have for our ability to help them address industry issues with our scale and centrality. A commonly expressed sentiment is Verisk has a unique perspective, and we know you can help us. This is a tremendous privilege for us, and we are more mindful of our responsibility to create value for our clients and stakeholders. We are particularly excited about the opportunity it represents to find new channels for growth.

在與客戶進行了數十次對話之後，在我們的理賠和承保活動中，令我印象深刻的是，我們的客戶對我們以我們的規模和中心地位幫助他們解決行業問題的能力充滿熱情。一個普遍表達的觀點是 Verisk 具有獨特的視角，我們知道您可以幫助我們。這對我們來說是莫大的榮幸，我們更加重視為客戶和利益相關者創造價值的責任。我們對它代表的尋找新增長渠道的機會感到特別興奮。

On the technological transformation front, we recently achieved a major milestone as we have successfully sunset our mainframe. The scope and complexity of this project was massive. And our technology teams worked tirelessly to shut down a 40-year-old mainframe in just 5 years. I want to thank my colleagues for their hard work and dedication to modernizing our legacy technology footprint. This move allowed us to modernize our operations and provide a better experience for our customers. Equally importantly, it enables Verisk to allocate more of our technology resources towards innovation to drive future growth.

在技術轉型方面，我們最近實現了一個重要的里程碑，因為我們成功地淘汰了我們的大型機。這個項目的範圍和復雜性是巨大的。我們的技術團隊孜孜不倦地工作，僅用了 5 年時間就關閉了一台有 40 年曆史的大型機。我要感謝我的同事們為使我們的遺留技術足跡現代化而付出的辛勤工作和奉獻精神。此舉使我們能夠實現運營現代化，並為我們的客戶提供更好的體驗。同樣重要的是，它使 Verisk 能夠將更多的技術資源分配給創新，以推動未來的增長。

Finally, I wanted to share that we recently published our 2022 Corporate Social Responsibility Report. This year's report offers a view of our ESG journey and our work to help build global resilience for individuals, communities and businesses. We continue to pursue sustainability and growth through the lens of a responsible ESG framework. On the environmental front, this year, we established a Climate Advisory Council to glean strategic guidance on climate change and receive climate-related feedback on our forthcoming solutions. Moreover, Verisk's sustainability team is currently working with an independent consultant to help the company complete a report, meeting the expectations set forth by the task force on climate-related financial disclosures.

最後，我想分享一下，我們最近發布了 2022 年企業社會責任報告。今年的報告介紹了我們的 ESG 歷程以及我們為幫助個人、社區和企業建立全球彈性所做的工作。我們繼續通過負責任的 ESG 框架追求可持續性和增長。在環境方面，今年，我們成立了氣候諮詢委員會，以收集有關氣候變化的戰略指導，並就我們即將推出的解決方案收集與氣候相關的反饋。此外，Verisk 的可持續發展團隊目前正在與一名獨立顧問合作，幫助該公司完成一份報告，以滿足氣候相關財務披露工作組提出的期望。

As part of the exercise, we are conducting analyses, assessing the impact of climate change, both on Verisk's direct operations and across key elements of its value chain and developing a realistic pathway to support science-based targets and a commitment to net zero targets. The team is also engaging with internal stakeholders regarding Verisk's current risk assessment activities and framework for identifying climate-related opportunities. We expect to publish the report in late 2023.

作為演習的一部分，我們正在進行分析，評估氣候變化對 Verisk 的直接運營及其價值鏈關鍵要素的影響，並製定現實的途徑來支持基於科學的目標和對淨零目標的承諾。該團隊還與內部利益相關者就 Verisk 當前的風險評估活動和識別氣候相關機會的框架進行接觸。我們預計將在 2023 年底發布該報告。

Regarding governance, over the last 12 months, Verisk took steps to enhance our governance at the Board level, including making changes to provide for the annual election of directors and separating the role of Chair and CEO. We also took steps to refresh our Board, welcoming 4 new independent directors, who bring fresh perspectives and valuable skill and experience sets.

在治理方面，在過去 12 個月中，Verisk 採取措施加強我們在董事會層面的治理，包括做出改變以規定每年選舉一次董事，以及分離董事長和首席執行官的角色。我們還採取措施更新我們的董事會，歡迎 4 位新的獨立董事，他們帶來了全新的觀點以及寶貴的技能和經驗。

As of the 2023 Annual Meeting of Shareholders, 4 directors, namely Annell Bay, Chris Foskett, Dinos Iordanou and David Wright will be retiring from the Board. I would like to express my gratitude to each of these directors for their leadership and guidance, which have been invaluable to Verisk's journey and transformation. These changes will bring our Board to a total of 10 members, 90% of whom are independent and 60% are gender or racially diverse.

截至2023年年度股東大會，4名董事Annell Bay、Chris Foskett、Dinos Iordanou和David Wright將從董事會退休。我要感謝每一位董事的領導和指導，這對 Verisk 的旅程和轉型非常寶貴。這些變化將使我們的董事會成員總數達到 10 人，其中 90% 是獨立的，60% 是性別或種族多元化的。

With that, I'll hand it over to Elizabeth to review our financial results.

有了這個，我會把它交給伊麗莎白來審查我們的財務結果。

Thanks, Lee, and good day to everyone on the call.

謝謝，Lee，祝大家通話愉快。

Before I start with the first quarter results, I have a few reminders for everyone. First, all consolidated and GAAP numbers are negatively impacted by the dispositions of 3E and Verisk Financial Services. This will be the final quarter of this year-over-year comparison. Second, as it was in the prior quarter, Wood Mackenzie is accounted for as discontinued operations on our income statement, and results are not included in continuing operations for either period. Third, all cash flow metrics include the results of all 3 disposed businesses in the prior year figures.

在開始第一季度業績之前，我有幾點提醒大家。首先，所有合併和 GAAP 數據都受到 3E 和 Verisk Financial Services 處置的負面影響。這將是本年度同比比較的最後一個季度。其次，與上一季度一樣，Wood Mackenzie 在我們的損益表中被視為已終止經營業務，並且結果不包括在任何一個時期的持續經營業務中。第三，所有現金流量指標都包括上一年數據中所有 3 項處置業務的結果。

Turning to the financial results. I am pleased to share that we delivered a strong first quarter. On a consolidated and GAAP basis, revenue was $652 million, up 1% versus the prior year, reflecting growth in Insurance, offset by the impact of the VFS and 3E dispositions. Income from continuing operations was $194 million, while diluted GAAP earnings per share attributable to Verisk was $1.27.

轉向財務結果。我很高興與大家分享我們第一季度表現強勁。在綜合和 GAAP 基礎上，收入為 6.52 億美元，比上年增長 1%，反映了保險業務的增長，但被 VFS 和 3E 處置的影響所抵消。持續經營收入為 1.94 億美元，而歸屬於 Verisk 的攤薄 GAAP 每股收益為 1.27 美元。

Moving to our organic constant currency 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, which demonstrated strong core underlying performance across most of our businesses, aided by some in-period onetime benefits. In the first quarter, OCC revenues grew 9.8% with growth of 9.1% in underwriting and rating and 11.4% in claims. This quarter's results was boosted by certain transactional revenues that we do not expect to repeat for the remainder of 2023.

轉向我們的有機恆定貨幣結果。根據我們新聞稿的非 GAAP 財務措施部分中定義的非經營性項目進行調整後，我們對我們的經營業績感到滿意，這表明我們大多數業務的核心基本業績都非常強勁，並得益於一些期間內的一次性收益。第一季度，OCC 收入增長 9.8%，承保和評級增長 9.1%，索賠增長 11.4%。本季度的業績受到某些交易收入的推動，我們預計在 2023 年剩餘時間內不會重複這些收入。

Our subscription revenues, which comprised 80% of total revenue in the quarter, grew 8.7% on an OCC basis. We saw broad-based growth across most of our businesses with strength in core underwriting, property estimating solutions, extreme events, antifraud, life insurance solutions and many of our international businesses. Specific to our core line services, we are experiencing a benefit on certain of our revenues from the stronger net premium growth in 2021, which is currently reflecting in our contract pricing. Working against this is a modest negative impact from the 7 liquidations in Florida that occurred over the last 12 months and which we discussed earlier. We do expect the impact from liquidations overall to become more pronounced as we move throughout the year.

我們的訂閱收入佔本季度總收入的 80%，按 OCC 計算增長了 8.7%。我們在核心承保、財產評估解決方案、極端事件、反欺詐、人壽保險解決方案和我們的許多國際業務方面擁有實力，我們的大部分業務都實現了廣泛的增長。具體到我們的核心線路服務，我們的某些收入受益於 2021 年更強勁的淨保費增長，這目前反映在我們的合同定價中。與此相反的是過去 12 個月發生的佛羅里達州 7 次清算的適度負面影響，我們之前也對此進行了討論。我們確實預計，隨著我們全年的行動，清算的整體影響會變得更加明顯。

Our transactional revenues, representing 20% of total revenue in the first quarter, grew 14.4% on an OCC basis. The largest contributor to growth was from a strong rebound in our auto businesses, driven by increased rate shopping and the signing of a large nonrate action deal with national insurer. Additionally, we experienced double-digit growth from life insurance solutions as we are seeing strong customer demand for incremental services.

我們的交易收入佔第一季度總收入的 20%，按 OCC 計算增長了 14.4%。增長的最大貢獻者是我們汽車業務的強勁反彈，這是由於利率購買增加以及與國家保險公司簽署了一項大型非利率行動協議所推動的。此外，由於我們看到客戶對增量服務的強烈需求，我們的人壽保險解決方案實現了兩位數的增長。

Our travel solutions are benefiting from a post-COVID rebound, particularly in markets like Australia and New Zealand. And our property estimating solutions experienced continued [storm] benefit in the quarter. These transactional results did include some onetime benefits, including overage charges on specific large underwriting contracts that renewed in the quarter and catch-up billing for certain claims customers.

我們的旅行解決方案受益於 COVID 後的反彈，尤其是在澳大利亞和新西蘭等市場。我們的財產估算解決方案在本季度經歷了持續的[風暴]收益。這些交易結果確實包括一些一次性收益，包括本季度續籤的特定大型承保合同的超額費用以及某些索賠客戶的補繳費用。

Finally, the casualty workers' compensation business delivered growth in the quarter, but continues to remain below pre-COVID level and is recovering at a pace slower than we had originally expected.

最後，傷亡工人賠償業務在本季度實現了增長，但仍低於 COVID 前的水平，並且複蘇速度低於我們原先的預期。

On the auto underwriting side, we did see solid growth in transaction volume this quarter versus declines last year as rate increases are now driving shopping behavior by policyholders. However, as Lee mentioned earlier, carriers continue to be cautious and have pulled back on marketing spend to attract new customers as they measure the impact of rate increases on profitability. To that end and given the transactional nature of this business, we are cautiously optimistic about the outlook for auto as we move throughout the year.

在汽車承保方面，我們確實看到本季度的交易量穩步增長，而去年則有所下降，因為現在加息正在推動保單持有人的購物行為。然而，正如 Lee 之前提到的，運營商繼續保持謹慎，並在衡量加息對盈利能力的影響時縮減營銷支出以吸引新客戶。為此，考慮到這項業務的交易性質，我們對全年移動的汽車前景持謹慎樂觀態度。

Moving now to our adjusted EBITDA results. OCC adjusted EBITDA growth was 15.7% in the first quarter, reflecting core operating leverage on the strong revenue growth and the impact of certain cost reduction actions we have taken in connection with our margin expansion objective. Total adjusted EBITDA margin, which includes both organic and inorganic results, was 52.2%, up 480 basis points from the reported results in the prior year.

現在轉到我們調整後的 EBITDA 結果。第一季度 OCC 調整後的 EBITDA 增長率為 15.7%，反映了核心運營槓桿對強勁收入增長的影響，以及我們為實現利潤率擴張目標而採取的某些成本削減措施的影響。調整後的 EBITDA 總利潤率（包括有機和無機結果）為 52.2%，比去年報告的結果高出 480 個基點。

On a pro forma basis for all divestitures, the first quarter margin expanded 320 basis points from margins of 49% in Q1 of '22. This reflects the impact of certain onetime expenses in the prior year quarter as well as strong cost and operational discipline and the impact of our cost reduction program. This level of margin also does include several headwinds, which in total represent about 150 basis points and include a decrease in our pension credit, pressures from recent acquisitions and higher T&E expenses, offset in part by foreign currency realized gains in the quarter.

在所有資產剝離的備考基礎上，第一季度的利潤率比 22 年第一季度的 49% 擴大了 320 個基點。這反映了上一季度某些一次性費用的影響以及嚴格的成本和運營紀律以及我們的成本削減計劃的影響。這一利潤率水平也確實包括一些不利因素，總共代表約 150 個基點，包括我們的養老金信貸減少、近期收購帶來的壓力以及更高的 T&E 費用，部分被本季度的外匯實現收益所抵消。

Reflecting on our ongoing cost reduction plan, we continue to have confidence in our ability to deliver on the margin targets that we articulated in our 2023 guidance and at Investor Day in mid-March.

考慮到我們正在進行的成本削減計劃，我們繼續相信我們有能力實現我們在 2023 年指南和 3 月中旬投資者日闡明的利潤率目標。

During the quarter, we also took actions to put in place a permanent capital structure for the new Verisk as well as actively manage the balance sheet to take advantage of the $3.1 billion in proceeds we received from the closing of the Wood Mackenzie transaction. To that end, in February '23, we paid down $1.4 billion in debt that was outstanding on our revolver. On March 3, we issued $500 million of 10-year senior notes at a rate of 5.75%, bringing our total debt outstanding at the end of the quarter to $2.85 billion. We then entered a $2.5 billion accelerated share repurchase plan and received an initial delivery of 10.7 million shares in the quarter. We expect to receive the final shares when the program is completed in the fourth quarter.

在本季度，我們還採取行動為新的 Verisk 建立永久資本結構，並積極管理資產負債表，以利用我們從 Wood Mackenzie 交易結束中獲得的 31 億美元收益。為此，在 2023 年 2 月，我們償還了 14 億美元的未償債務。 3 月 3 日，我們以 5.75% 的利率發行了 5 億美元的 10 年期優先票據，使我們在本季度末的未償債務總額達到 28.5 億美元。然後，我們進入了一項 25 億美元的加速股票回購計劃，並在本季度收到了 1070 萬股的初始交付。我們預計在第四季度計劃完成時收到最終股份。

The net result of these actions in the quarter was net interest expense of $26.4 million for the first quarter compared to $31.3 million in the prior year. Included in this number was $7.4 million in interest income that we earned on the proceeds of the Wood Mackenzie transaction, which we do not expect to continue as the proceeds are now fully deployed. Having now completed all these transactions, we now expect net interest expense for 2023 to be slightly below the full year 2022 level.

本季度這些行動的最終結果是第一季度的淨利息支出為 2640 萬美元，而去年同期為 3130 萬美元。這個數字中包括我們從 Wood Mackenzie 交易收益中賺取的 740 萬美元利息收入，我們預計不會繼續，因為收益現已全部部署。現已完成所有這些交易後，我們現在預計 2023 年的淨利息支出將略低於 2022 年全年水平。

On taxes, our reported effective tax rate was 27.1% compared to 17.4% in the prior year quarter. This higher tax rate included a onetime tax charge of $15.2 million associated with the structuring of the energy sale, which closed in the quarter, offset in part by higher stock compensation benefit versus the prior year period. Going forward, we expect the tax rate for the remainder of the year to be in the originally guided range of 23% to 25%.

在稅收方面，我們報告的有效稅率為 27.1%，而去年同期為 17.4%。這一較高的稅率包括與本季度結束的能源銷售結構相關的 1520 萬美元的一次性稅費，部分被與去年同期相比更高的股票補償收益所抵消。展望未來，我們預計今年剩餘時間的稅率將在最初指導的 23% 至 25% 的範圍內。

Adjusted net income increased 9.4% to $196.4 million and diluted adjusted EPS increased 16.2% to $1.29 for the first quarter of 2023. These changes reflect organic growth in the business, contributions from acquisitions and a lower average share count, offset in part by higher tax rate.

2023 年第一季度調整後淨收入增長 9.4% 至 1.964 億美元，稀釋後調整後每股收益增長 16.2% 至 1.29 美元。這些變化反映了業務的有機增長、收購的貢獻和較低的平均股數，部分被較高的稅收抵消速度。

We are very pleased with the robust performance in the first quarter. But given that it is still early in the year, our transactional revenues are inherently less predictable. At this time, we are maintaining our outlook for 2023. While the first quarter showed strong operating momentum, based on what we see today, we have not changed our expectations for the balance of the year. To that end, our full year 2023 guidance is unchanged.

我們對第一季度的強勁表現感到非常滿意。但鑑於現在仍處於年初，我們的交易收入本質上更難預測。目前，我們維持對 2023 年的展望。雖然第一季度顯示出強勁的運營勢頭，但根據我們今天所看到的情況，我們沒有改變對今年餘下時間的預期。為此，我們的 2023 年全年指引保持不變。

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

現在，我將把電話轉回給 Lee，徵求一些結束意見。

In summary, we're excited about the opportunity ahead and our ability to focus all our attention, talent and resources on the global insurance industry. Verisk is best positioned to capitalize on the opportunity because of our scale, centrality and expertise. Our motivating purpose is to work together with our clients in building resilience for individuals, communities and businesses globally. The combination of our focused business model, unique market position and strategy to deliver value for clients through improved decision-making and operational efficiency is the formula that will also deliver value to our shareholders through predictable growth and returns. We continue to appreciate the support and interest in Verisk.

總之，我們對未來的機遇以及我們將所有註意力、人才和資源集中在全球保險業的能力感到興奮。由於我們的規模、中心地位和專業知識，Verisk 最有能力利用這個機會。我們的激勵目標是與我們的客戶合作，為全球的個人、社區和企業建立韌性。我們專注的商業模式、獨特的市場地位和通過改進決策和運營效率為客戶創造價值的戰略相結合，也將通過可預測的增長和回報為我們的股東創造價值。我們繼續感謝 Verisk 的支持和興趣。

Given the large number of analysts we have covering us, we ask that you limit yourself to one question. With that, I'll ask the operator to open the line for questions.

鑑於我們的分析師人數眾多，我們要求您將自己限制在一個問題上。有了這個，我會要求接線員打開問題熱線。

(Operator Instructions) Our first question comes from the line of Faiza Alwy from Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Faiza Alwy。

I wanted to ask about -- I understand that the transactional revenues you cited, there may be certain onetime items. But on the subscription revenues, you cited increased growth in premium pricing. And it sounds like that should continue. So maybe talk about some of the offsets. I know you mentioned Florida, but if you can further dimensionalize that for us, that would be really helpful.

我想問的是——我知道你提到的交易收入，可能有某些一次性項目。但在訂閱收入方面，你提到了保費定價的增長。聽起來應該繼續這樣。所以也許可以談談一些補償。我知道你提到了佛羅里達，但如果你能為我們進一步確定它的維度，那將非常有幫助。

Yes. Thanks. Happy to. I'll highlight a couple of the drivers of the subscription growth, which was broad-based and some of the potential later in the year. So on the -- the largest driver of the subscription growth was in our forms, rules and loss costs business. This was the biggest contributor to the growth, just given the size of the business within overall Verisk.

是的。謝謝。高興。我將強調訂閱增長的幾個驅動因素，這些驅動因素具有廣泛的基礎，並且在今年晚些時候有一些潛力。因此，訂閱增長的最大驅動力是我們的表格、規則和損失成本業務。考慮到整個 Verisk 的業務規模，這是增長的最大貢獻者。

And the growth was driven across the contract. Probably about 20% to 25% of our contracts in the business overall are tied to premium growth. We are seeing an environment with strong premium growth with over 9%, nearly 10% net written premium growth in 2021, which is driving some of those contracts.

整個合同都推動了增長。我們在整個業務中大約有 20% 到 25% 的合同與保費增長有關。我們看到保費增長強勁的環境，2021 年的淨承保保費增長超過 9%，接近 10%，這推動了其中一些合同。

In addition, we're delivering additional value to our customers and new products, as we highlighted at the Investor Day. So we are partnering with them in this environment.

此外，正如我們在投資者日強調的那樣，我們正在為我們的客戶和新產品提供額外的價值。所以我們在這種環境下與他們合作。

Finally, in that business, in this quarter, in particular, there were lower levels of attrition, liquidation or consolidation in the industry than we might typically, something that we're monitoring in the balance of the year. In addition to that business, other contributors to subscription growth, our property estimating solutions business had a strong quarter, somewhat helped by easier comparisons in the last year and some continued [storm] benefits there.

最後，在該業務中，特別是在本季度，該行業的人員流失、清算或整合水平低於我們通常可能的水平，這是我們在今年餘下時間監測的情況。除了該業務之外，訂閱增長的其他貢獻者，我們的財產估算解決方案業務也有一個強勁的季度，這在一定程度上得益於去年更容易的比較以及那裡的一些持續 [storm] 利益。

And our anti-fraud business in the claims business is also driving strong growth. That is fueled significantly by conversions to claims essentials, which is a subscription product for third-party administrators and self-insured. That transition from transactional to subscription product started in the back half of last year. So we're still in kind of that overlapping growth period.

我們在理賠業務中的反欺詐業務也在推動強勁增長。轉換為 claims essentials 大大推動了這一點，這是第三方管理員和自我保險的訂閱產品。從交易產品到訂閱產品的轉變始於去年下半年。所以我們仍然處於那種重疊的增長期。

And finally, extreme events and life -- our life solutions business also had strong subscription growth. So collectively, strong contributions across the portfolio.

最後，極端事件和生活——我們的生活解決方案業務也有強勁的訂閱增長。因此，總的來說，整個投資組合的貢獻很大。

And Faiza, if I would add, I think the other dimension that you were looking for is what might not be sustained given that strong growth in the first quarter. And so there are a couple of things that I would point to. One is that we -- in subscription growth, we have some property estimating solution subscriptions that come on associated with the storms in the fourth quarter. And sometimes those persist. It's hard to predict how long that those will persist. So that's a factor.

Faiza，如果我要補充的話，我認為你正在尋找的另一個方面是，鑑於第一季度的強勁增長，可能無法持續下去。因此，我要指出幾件事。一是我們 - 在訂閱增長方面，我們有一些與第四季度風暴相關的財產估算解決方案訂閱。有時這些會持續存在。很難預測這些會持續多久。所以這是一個因素。

In addition, as we indicated, the Florida situation and potential further insolvencies would impact that. And then as Elizabeth described, part of the conversion of the -- in the anti-fraud to our claims essentials package, it generates some growth in 2022 and in the early part of 2023. I think we will lap some of that exceptional growth, and that will probably serve as a bit of an offset in the later part of 2023.

此外，正如我們指出的那樣，佛羅里達州的情況和潛在的進一步破產將對此產生影響。然後正如 Elizabeth 所描述的那樣，在反欺詐到我們的理賠必需品包的部分轉換中，它在 2022 年和 2023 年初產生了一些增長。我認為我們將取得一些非凡的增長，這可能會在 2023 年下半年起到一定的抵消作用。

Our next question comes from the line of Andrew Steinerman from JPMorgan.

我們的下一個問題來自摩根大通的 Andrew Steinerman。

I would just like a little more detail about those certain transactional revenues that were elevated in the first quarter, like which product lines? And what are you assuming for the balance of the year for those same transactional pieces?

我只想更詳細地了解第一季度增加的某些交易收入，例如哪些產品線？對於這些相同的交易項目，您對今年餘下時間的假設是什麼？

Yes. Happy to cover that. Maybe like the subscription, I'll go through sort of in order of magnitude of the impact to the transactional growth. So the biggest single driver in the underwriting and ratings portion of the business was the recovery in the auto space. There were really 2 elements to this. First was we referenced the nonrate actions deal with a major insurer. And that's a unique opportunity for auto insurers to look at -- look across their portfolio and see actions that they can take beyond rate increases.

是的。很高興涵蓋這一點。也許像訂閱一樣，我將按照對交易增長的影響的大小順序進行排序。因此，該業務的承銷和評級部分最大的單一驅動力是汽車領域的複蘇。這真的有兩個要素。首先是我們參考了與一家大型保險公司的非利率行動交易。這對汽車保險公司來說是一個獨特的機會來審視——審視他們的投資組合，看看他們可以採取超越加息的行動。

The second element, though, is the overall rebound in shopping behavior, which picked up quite suddenly in the quarter. We've seen industry data that supports it. The J.D. Power data shows a strong increase in auto insurance shopping this quarter. So those 2 factors contributed to our transactional growth.

不過，第二個因素是購物行為的整體反彈，該反彈在本季度突然回升。我們已經看到支持它的行業數據。 J.D. Power 數據顯示本季度汽車保險購買量強勁增長。因此，這兩個因素促成了我們的交易增長。

In addition, the -- our life business, which is both a subscription business, but has a services implementation component, which contributed on the transaction side. In the property estimating solutions, there was -- there continue to be carryover as well as some localized storm activities, the windstorms and tornadoes and some ice storms that you've seen that had a component of an impact.

此外，我們的生活業務既是訂閱業務，又具有服務實施組件，在交易方面做出了貢獻。在財產估算解決方案中，有 - 繼續存在結轉以及一些局部風暴活動，風暴和龍捲風以及您已經看到的一些冰暴產生了影響。

And then there were a couple onetime elements, including some overage charges on contracts in underwriting and rating, billing catch-up in the claims business. There also -- there happened to be an extra business day in the quarter, which will come out in the third quarter. So those were the main elements across the transaction growth.

然後有幾個一次性因素，包括承保和評級合同的一些超額費用，理賠業務中的賬單追趕。還有 - 本季度碰巧有一個額外的工作日，這將在第三季度出現。因此，這些是交易增長的主要因素。

Right. And Elizabeth, I also said, how are you assuming these transactional pieces are guided for, for the balance of the year?

正確的。伊麗莎白，我還說過，你如何假設這些交易項目在今年餘下時間得到指導？

Yes. So that's encapsulated in our 2023 guidance, which is unchanged.

是的。因此，這包含在我們的 2023 年指南中，該指南沒有變化。

Our next question comes from the line of Greg Peters from Raymond James.

我們的下一個問題來自 Raymond James 的 Greg Peters。

Lee, in your comments, you spoke about the client outreach initiatives, and I think you highlighted a Net Promoter Score of 47, which as far as insurance industry standards is nothing to sneeze at. Can you maybe give us an idea of how you're thinking about improving that score? Is that part of your approaches and strategies you convene all of these panels and meetings with your clients and provide us some perspective on how you're thinking about that, please?

李，在你的評論中，你談到了客戶外展計劃，我認為你強調了 47 的淨推薦值，就保險行業標準而言，這是不容小覷的。您能否告訴我們您是如何考慮提高該分數的？這是你的方法和策略的一部分嗎，你召集了所有這些小組和與你的客戶的會議，並向我們提供了一些關於你如何思考的觀點，好嗎？

Thanks for the question, Greg. So certainly, we view the Net Promoter Score as one gauge of our client satisfaction and enthusiasm for what [we do]. I wouldn't say that we are targeting our client outreach primarily to drive an increase in NPS. We're hopeful that, that will be a consequence, but our primary purpose is to elevate our dialogue strategically with our clients, which, as I indicated, I think there's a very strong appetite for because they recognize that with the data sets that we have and our centrality, we have the ability to solve problems for the industry. And the only way that we can identify those as industry issues is by moving and strengthening that dialogue at the top.

謝謝你的問題，格雷格。因此，當然，我們將淨推薦值視為衡量客戶滿意度和對[我們所做]事情的熱情的一種衡量標準。我不會說我們的目標客戶外展主要是為了推動 NPS 的增加。我們希望，這將是一個結果，但我們的主要目的是提升我們與客戶的戰略對話，正如我所指出的，我認為他們對此有很強的興趣，因為他們認識到我們提供的數據集有和我們的中心地位，我們就有能力為行業排憂解難。我們可以將這些確定為行業問題的唯一方法是在高層推動和加強對話。

And I think it does put us in a position where we are beyond addressing their tactical needs in underwriting claims, extreme events modeling, we have the ability to solve bigger problems by tying some of those data sets together. We talked about the integration of our property data into the Touchstone platform, which is an example of how, as part of that higher-level dialogue, we were able to find solutions.

而且我認為這確實讓我們處於一個位置，我們無法解決他們在承保索賠、極端事件建模方面的戰術需求，我們有能力通過將其中一些數據集捆綁在一起來解決更大的問題。我們談到了將我們的財產數據集成到 Touchstone 平台中，這是一個例子，說明作為更高層次對話的一部分，我們如何能夠找到解決方案。

So we are looking for ways to integrate more data sets and bring new data sets in to satisfy and delight our clients. And I certainly hope that we'll be able to see an increase in our NPS overtime. But where the rubber will meet the road is going to be in sustained revenue growth and the development of new products that we can then monetize across the industry.

因此，我們正在尋找方法來整合更多的數據集並引入新的數據集來滿足和取悅我們的客戶。我當然希望我們能夠看到 NPS 超時增加。但橡膠的發展方向將是持續的收入增長和新產品的開發，然後我們可以在整個行業中獲利。

Our next question comes from the line of Ashish Sabadra from RBC.

我們的下一個問題來自 RBC 的 Ashish Sabadra。

I just wanted to drill down further, Lee, on your comments around some of the macro challenges, insurance-specific challenges, but also better client interaction and some of the things that you mentioned in response to the prior question around new data sets. So my question here was how is that helping build the sales pipeline? Have you seen any elongations in the sales pipeline? Can you talk about the bookings and the traction you're seeing? And how should we think about the contribution from these upsell, cross-sell into the existing customer base accelerate as we go through the year?

Lee，我只是想進一步深入了解你對一些宏觀挑戰、特定於保險的挑戰的評論，以及更好的客戶互動以及你在回答先前關於新數據集的問題時提到的一些事情。所以我的問題是這如何幫助建立銷售渠道？您是否看到銷售管道有任何延長？你能談談你看到的預訂量和牽引力嗎？我們應該如何考慮這些追加銷售、交叉銷售對現有客戶群的貢獻，在我們度過這一年的過程中會加速？

Thank you. Thank you, Ashish. It's a great question. And I would start by saying, through a lot of this client interaction, you have a very clear sense of what is on the minds of senior leaderships at underwriters and reinsurers. And I would start off by saying probably inflation and the impact of inflation on the insurance industry as they evaluate potential losses, insurance to value, replacement costs, pricing is first and foremost.

謝謝。謝謝你，阿希什。這是一個很好的問題。我首先要說的是，通過與客戶的大量互動，您可以非常清楚地了解承銷商和再保險公司高級領導層的想法。我首先要說的可能是通貨膨脹和通貨膨脹對保險業的影響，因為他們評估潛在損失、保險價值、重置成本、定價是首要的。

And to give you an example of how that manifested itself in our world at our Verisk Insurance Conference, which we were tying a lot of these topics together, our session on tracking inflation costs across a variety of aspects of insurance was a standing room-only event in a pretty large room of people spilling out into the hallways outside. So anything that we can do to provide more insight on the impact of inflation and how that's going to influence replacement costs and insurance to value is an important element of that.

並舉一個例子，說明這在我們的 Verisk 保險會議上如何在我們的世界中體現出來，我們將許多這些主題聯繫在一起，我們關於跟踪保險各個方面的通貨膨脹成本的會議是一個站立的房間在一個相當大的房間裡舉行的活動，人們湧向外面的走廊。因此，我們可以做的任何事情都可以提供更多關於通貨膨脹影響的見解，以及這將如何影響重置成本和保險價值，這是其中的一個重要因素。

Similarly, social inflation and the impact of rising legal costs, time involved in resolving those is very much on the front of their minds associated with regulatory changes. We've seen some regulatory changes in Florida to try to limit some of that exposure. So our engagement on both helping understand that dynamic, how to manage that effectively in settlement discussions and also working towards some regulatory solutions and legislative solutions that address that is important.

同樣，社會通貨膨脹和法律成本上升的影響，解決這些問題所花費的時間，在很大程度上與監管變化相關。我們已經看到佛羅里達州的一些監管變化，以試圖限制部分風險敞口。因此，我們的參與既有助於理解這種動態，如何在和解討論中有效地管理這種動態，也致力於製定一些解決這一問題的監管解決方案和立法解決方案，這一點很重要。

Topics of climate change and broader global risks that is factoring into our extreme events business is critical. We've had -- that has helped drive pipeline for some of our longer-term climate-oriented models as well as understanding how social, political and environmental risk through our Verisk Maplecroft subsidiary interacts with those risks is also an important topic as insurers are confronting a broader sense of the risk.

考慮到我們的極端事件業務的氣候變化和更廣泛的全球風險主題至關重要。我們已經——這幫助推動了我們一些長期氣候導向模型的開發，以及通過我們的 Verisk Maplecroft 子公司了解社會、政治和環境風險如何與這些風險相互作用，這也是一個重要的話題，因為保險公司正在面對更廣泛的風險意識。

So those are a few examples of what I would describe as the issues that are top of mind and that we have seen drive, I think, very solid activity on the sales front. I'd also mention that in light of that and in light of kind of the questions around the sales cycle that we have seen in other places, we have always dealt with relatively long sales cycle. And I think our -- the industry, the insurance industry has generally been less volatile. We have not seen any changes in our sales cycle and the impact.

因此，這些是我將描述為最重要的問題的幾個例子，我認為我們已經看到在銷售方面非常紮實的活動。我還要提到，鑑於此以及我們在其他地方看到的有關銷售週期的各種問題，我們一直在處理相對較長的銷售週期。我認為我們的行業，保險業通常波動較小。我們沒有看到我們的銷售週期和影響有任何變化。

So we recognize that, that has been a greater challenge for some of our peers in this market environment. But to date, we've pulled our sales teams, we have not seen that be an impact as of yet.

所以我們認識到，在這個市場環境中，這對我們的一些同行來說是一個更大的挑戰。但到目前為止，我們已經撤掉了我們的銷售團隊，我們還沒有看到這會產生什麼影響。

That's great, and congrats on such a strong momentum in the business.

太好了，祝賀業務發展勢頭如此強勁。

Our next question comes from the line of Toni Kaplan from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Toni Kaplan。

Lee, thanks for your comments on generative AI. I was hoping you could talk a little bit more about it in terms of your broader strategy and how you view the opportunities and risks.

Lee，感謝您對生成式 AI 的評論。我希望您能就更廣泛的戰略以及您如何看待機遇和風險進行更多討論。

And then, Elizabeth, thanks for sharing the pieces on the subscription and transactional nonrecurring items, but I'm not sure I caught the quantification of how much the quarter benefited from the onetime items.

然後，伊麗莎白，感謝您分享有關訂閱和非經常性交易項目的文章，但我不確定我是否量化了該季度從一次性項目中受益的程度。

So Toni, on generative AI, I'll say at the start, our first approach is understanding it, understanding it in the context of the potential use cases within insurance, listening to how our clients are perceiving it and understanding, on one hand, how this can be an effective tool to be utilized to potentially automate functions of insurance to potentially integrate other data sets into their decision-making.

所以托尼，關於生成人工智能，我首先要說，我們的第一個方法是理解它，在保險業潛在用例的背景下理解它，傾聽我們的客戶如何看待它並理解，一方面，這如何成為一種有效的工具，可用於潛在地自動化保險功能，以潛在地將其他數據集整合到他們的決策中。

But there is -- there are -- because I think of the breadth of this technology, there are clearly a lot of applications. And we're working to identify those and the opportunity, on the other hand, and I think the driving factor is there are clearly profound risks associated with generative AI in terms of its ability to understand and contextualize the conclusions or the outputs that it's creating.

但是有——有——因為我想到這項技術的廣度，顯然有很多應用程序。另一方面，我們正在努力確定這些和機會，我認為驅動因素顯然與生成人工智能相關的深遠風險就其理解和背景化其所創造的結論或輸出的能力而言.

And so our primary focus has been in identifying a policy for us internally and as we think about the industry as a whole to provide scope for protected use cases that allow us to test and evaluate and understand the risks and deal with this on a very disciplined basis where the industry is able to develop this in a safe and nondisruptive manner.

因此，我們的主要重點是在內部為我們確定一項政策，當我們將整個行業視為一個整體時，為受保護的用例提供範圍，使我們能夠測試、評估和理解風險，並以非常有紀律的方式處理這個問題行業能夠以安全和無中斷的方式開發它的基礎。

Toni, to your question on the onetime items, we haven't quantified them. They're not of a magnitude that we would call out in specific. We just wanted to mention as a tailwind.

Toni，對於你關於一次性項目的問題，我們還沒有量化它們。它們不是我們要具體調用的量級。我們只是想提一下順風。

Congrats again.

再次恭喜。

Our next question comes from the line of Heather Balsky from Bank of America.

我們的下一個問題來自美國銀行的 Heather Balsky。

I was hoping you could touch on the Florida market and what you mentioned in terms of the potential risk as we move through the year. I think in last quarter, you had, had one additional bankruptcy. Is there anything in particular that you're seeing? Or is it just a cautiousness, given the uncertainty?

我希望你能談談佛羅里達市場，以及你提到的我們今年的潛在風險。我認為在上個季度，你又經歷了一次破產。你有沒有看到什麼特別的東西？還是考慮到不確定性，這只是一種謹慎？

Thank you, Heather. It's a great opportunity for me to bring Neil Spector, President of our underwriting businesses, into the conversation and through his engagement with clients, particularly on the underwriting side, has probably the best insight on what's happening within Florida. Neil?

謝謝你，希瑟。對我來說，這是一個很好的機會，可以讓我們的承保業務總裁 Neil Spector 參與對話，通過他與客戶的接觸，特別是在承保方面，他可能對佛羅里達州正在發生的事情有最好的洞察力。尼爾？

Thank you. Great question. I would say it's going to take a while for the reforms that are -- that were passed there to have the positive impact on the market. There's still a lot of lawsuits that are pending from prior to that legislation that will flow through. There's also a concern with reinsurance. The renewals will be coming up for the next storm season, and the expectation is that reinsurance costs are going to go up.

謝謝。很好的問題。我想說，那里通過的改革要對市場產生積極影響需要一段時間。在該立法通過之前，仍有許多訴訟懸而未決。再保險也令人擔憂。續保將在下一個風暴季節到來，預計再保險成本將會上升。

So just the overall market is still not favorable for insurers down there. And so we need to continue to watch and make sure that we don't have additional liquidations or additional challenges out there. As I've mentioned in the past, it also creates opportunities for new players to enter the market. And so we do see that as well. But it's just a dynamic market that we'll probably see the results of the situation for at least another 12 to 18 months.

因此，整個市場仍然不利於那裡的保險公司。因此，我們需要繼續觀察並確保我們沒有額外的清算或額外的挑戰。正如我過去提到的，它也為新玩家進入市場創造了機會。所以我們也確實看到了這一點。但這只是一個充滿活力的市場，我們可能至少還要 12 到 18 個月才能看到這種情況的結果。

Our next question comes from the line of Manav Patnaik from Barclays.

我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

Lee, maybe if I can follow up on the technology question and specific to, I guess, the sunsetting of the mainframes, which obviously is a great step, but I think it's one of the first steps, I guess. I just wanted to understand what's left in the tech modernization, what your plans are? And what benefits that might reap over, I guess, the next multi-years?

Lee，也許我可以跟進技術問題，具體到大型機的淘汰，這顯然是一個很好的步驟，但我認為這是第一步，我想。我只是想了解技術現代化還剩下什麼，您的計劃是什麼？我想，在接下來的多年裡，可能會收穫什麼好處？

Yes. Thank you, Manav. So -- and I appreciate you asked the context in kind of a sequential way. So first, as I indicated, the accomplishment of moving off of that mainframe was a really substantial challenge, particularly for an organization that has been -- has developed over decades, and that technology had been in place for a long time. And so the immediate benefit, as we've talked about in the past, is that we are clearly realizing an economic benefit in terms of our ability to manage data and process data in the cloud. And we have -- there were costs necessary for us to achieve that outcome.

是的。謝謝你，馬納夫。所以 - 我很感激你以一種連續的方式詢問上下文。因此，首先，正如我所指出的那樣，完成擺脫大型機的任務確實是一項巨大的挑戰，特別是對於一個已經發展了數十年並且該技術已經存在很長時間的組織而言。因此，正如我們過去所討論的那樣，直接的好處是我們在雲中管理數據和處理數據的能力方面清楚地實現了經濟利益。我們已經 - 實現這一結果需要付出一定的代價。

But most of those costs have been -- had hit us. We're now experiencing the benefit of that from an economic perspective. But I'll remind everyone that, of course, that this also involves a geographic change in our balance sheet, meaning that what previously would have been depreciation of those hardware and software assets is now moving to an operating expense in terms of cloud expense. So it may not be apparent from an EBITDA perspective, but there is real economic benefit from that.

但這些成本中的大部分已經 - 已經打擊了我們。從經濟角度來看，我們現在正在體驗其中的好處。但我會提醒大家，當然，這也涉及我們資產負債表的地理變化，這意味著以前這些硬件和軟件資產的折舊現在正在轉向雲費用方面的運營費用。因此，從 EBITDA 的角度來看，這可能並不明顯，但可以從中獲得真正的經濟利益。

Now we will also continue to expect to see our cloud expenses grow as we integrate new data sets as we develop new solutions. So that will be part of our expense base that grows with the revenue opportunities that we see. But the strategic benefit for us that I believe we're really at the early stages of realizing is that through associating data sets that are now in a cloud format, our ability to tie those data sets together, to develop workflow software that is able to integrate that, to deliver that in a micro services context or an EPA context to our clients and integrate into those features expands the scope by which we can create value from those data sets.

現在，隨著我們在開發新解決方案時集成新數據集，我們還將繼續期望看到我們的雲支出增長。因此，這將成為我們費用基礎的一部分，隨著我們看到的收入機會而增長。但我相信我們真正處於早期實現階段的戰略優勢是，通過關聯現在處於雲格式的數據集，我們能夠將這些數據集綁定在一起，開發能夠整合它，在微服務環境或 EPA 環境中將其交付給我們的客戶並集成到這些功能中，擴大了我們可以從這些數據集中創造價值的範圍。

And to tie it to my earlier comments, as we better understand our clients' needs, it gives us an ability to potentially customize the way that we integrate and deliver those data sets to our clients to meet their specific value objectives. And that's, I think, what we're very excited about.

並將其與我之前的評論聯繫起來，隨著我們更好地了解客戶的需求，它使我們能夠潛在地定制我們集成和交付這些數據集給客戶的方式，以滿足他們的特定價值目標。我認為，這就是我們非常興奮的地方。

We also -- from a technology standpoint, one other modernization step that we are taking on is an upgrade of our ERP system. That will deliver also efficiencies for us on the accounting, on the HR side. That also improves our ability to understand and accelerate the amount of internal information that we have. So having completed the cloud migration, we're now embarking under Elizabeth's leadership, the -- our ERP transformation.

我們還——從技術的角度來看，我們正在採取的另一個現代化步驟是升級我們的 ERP 系統。這也將為我們在人力資源方面的會計工作帶來效率。這也提高了我們理解和加速我們擁有的內部信息量的能力。因此，在完成雲遷移後，我們現在正在伊麗莎白的領導下開始——我們的 ERP 轉型。

Our next question comes from the line of Alex Kramm from UBS.

我們的下一個問題來自瑞銀的 Alex Kramm。

Just wanted to come back to the guidance, which was obviously unchanged. Just trying to understand, since you're new to this, first year of giving guidance, what's your philosophy really is here going forward? So I know it's the first quarter in, but how should we be thinking about you updating the guidance throughout the year if you're running significantly ahead or below?

只是想回到指導，這顯然沒有改變。只是想了解，因為你是新手，第一年提供指導，你的理念是什麼？所以我知道這是第一季度，但如果你的表現明顯領先或落後，我們應該如何考慮你全年更新指南？

And then as we think about this year, I know there was a lot said already on this call. But as you talk about the none changed guidance, was it really, hey it's too early in the year? Was it anything as maybe a little bit more uncertain, some of the transactional side you mentioned? Or was the first quarter really just in line with what you were expecting all along?

然後當我們考慮今年時，我知道在這次電話會議上已經說了很多。但是當你談到沒有改變的指導時，真的，嘿，今年太早了嗎？您提到的某些交易方面是否有任何不確定性？還是第一季度真的符合您一直以來的預期？

Thanks, Alex. Yes. We are excited to be giving this new transparency to the market. Our overall philosophy is going to be to give you clarity on what we can expect. We do not intend to sort of update for minor changes or for every kind of mark-to-market on a frequent basis. It's the first quarter of the year, and so it's still early in the year. We will update for material changes as we see things unfold.

謝謝，亞歷克斯。是的。我們很高興能為市場提供這種新的透明度。我們的總體理念是讓您清楚我們可以期待什麼。我們不打算頻繁地對微小變化或每一種按市值計價的方式進行更新。現在是今年第一季度，所以還早。當我們看到事情發展時，我們將更新材料變化。

Okay. Fair enough.

好的。很公平。

And maybe, actually, to your question on our views for the balance of the year, I'll repeat what I said in the comments, which is from where -- from what we see today, as we think about the balance of the year, we don't see significant changes in trends versus what we talked to you about when we gave the guidance.

也許，實際上，對於你關於我們對今年餘下時間的看法的問題，我會重複我在評論中所說的話，即從我們今天看到的地方，當我們思考今年餘下的情況時，與我們在提供指導時與您討論的內容相比，我們沒有看到趨勢發生重大變化。

Our next question comes from the line of Andrew Nicholas from William Blair.

我們的下一個問題來自威廉布萊爾的安德魯尼古拉斯。

Second quarter in a row where you've called out antifraud analytics as a growth contributor. And I appreciate some of the insight on your capabilities there at Investor Day. Elizabeth, I think you called out some changes in contract structure in that business. Would you mind unpacking that a bit further? Is that something that's impacting growth in the near term? And then broadly speaking, are there other dynamics to call out within antifraud that are contributing to the stronger growth of late?

連續第二個季度，您將反欺詐分析稱為增長貢獻者。我很欣賞你在投資者日對你能力的一些見解。伊麗莎白，我想你提到了該行業合同結構的一些變化。你介意把它拆開一點嗎？這會影響近期的增長嗎？然後從廣義上講，在反欺詐領域是否還有其他動力可以促進最近的強勁增長？

Yes. Thanks. So that -- in that product, we had -- it is for insurers, but it is also used by third-party administrators and by self-insured. Previously, those customers, the TPAs and the self-insured had been on a more of a transactional business model. They would use the data when something would occur. We have developed a subscription product that is specifically targeted to that customer base and have been moving them to that subscription product. We started that in the middle of last year. As they move from a transactional to a subscription model, you're seeing that shift in that business where transaction revenue may even be declining, but it is being replaced by subscription revenue, which is higher quality and more sustainable.

是的。謝謝。所以——在那個產品中，我們有——它是為保險公司提供的，但它也被第三方管理員和自我保險人使用。以前，這些客戶、TPA 和自保人更多地採用交易業務模式。他們會在發生某些事情時使用這些數據。我們開發了專門針對該客戶群的訂閱產品，並一直在將他們轉移到該訂閱產品。我們從去年年中開始。當他們從交易模式轉向訂閱模式時，你會看到交易收入甚至可能下降的業務轉變，但它正在被更高質量和更可持續的訂閱收入所取代。

Our next question comes from the line of Jeff Silber from Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Jeff Silber。

You called out your life insurance business a couple of times. I know it's relatively small, but we've been reading about some of the pressure that the life insurance industry is in because of the returns on commercial real estate, maybe some mismatches of assets and liabilities. Are you seeing that with any of your clients either in the life insurance industry or more broadly overall?

您曾多次致電您的人壽保險業務。我知道它相對較小，但我們一直在讀到人壽保險業由於商業房地產的回報而面臨的一些壓力，也許是資產和負債的一些不匹配。您是否在人壽保險行業或更廣泛的整體中看到您的任何客戶？

Yes. Jeff, thank you for the question. I would say, first, recognize that pressure. But that pressure is, in fact, I think, creating the opportunity that we are pursuing, in that we are providing through our life solution a completely renovated and fresh platform for our clients to deliver that product, to develop new products on a faster basis and to substantially reduce the costs that they have in originating and managing that product.

是的。傑夫，謝謝你的提問。我想說的是，首先，要認識到這種壓力。但我認為，事實上，這種壓力正在創造我們正在追求的機會，因為我們正在通過我們的生活解決方案為我們的客戶提供一個全新的全新平台來交付該產品，更快地開發新產品並大幅降低他們在生產和管理該產品方面的成本。

So at least what we see and part of what is driving the very strong growth, and I heard this directly from clients at our Verisk's Insurance Conference, many of whom are large players in the insurance industry, given that pressure, they are using this as an opportunity to rethink. Some of them have exited the business, and they are reestablishing it on this new platform that we are providing to them.

因此，至少我們所看到的以及推動非常強勁增長的部分原因，我在 Verisk 的保險會議上直接從客戶那裡聽到了這一點，他們中的許多人都是保險業的大公司，鑑於這種壓力，他們將其用作一個重新思考的機會。他們中的一些人已經退出了業務，他們正在我們提供給他們的這個新平台上重新建立業務。

Our next question comes from the line of Andrew Jeffrey from Truist Securities.

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

This is Julian, on for Andrew. Just wanted to touch on the recent acquisition in German market. Is that kind of -- is it fair to say it's an indicative of a little focus on auto? And maybe what other kind of vertical opportunities exist there in that market?

這是朱利安，安德魯。只想談談最近在德國市場的收購。是那種 - 可以說它表明對汽車的一點關注是否公平？也許那個市場還存在其他類型的垂直機會？

Yes. Thank you, Andrew (sic) [Julian]. And I think this is a good opportunity for me to bring in Maroun Mourad, who is the President of our claims business. And given kind of the claims dimension of that, he can speak specifically to Krug and also how it fits into our broader German strategy given our prior acquisition of ACTINEO.

是的。謝謝你，安德魯（原文如此）[朱利安]。我認為這對我來說是一個很好的機會，可以請來我們理賠業務總裁 Maroun Mourad。考慮到索賠方面的問題，他可以專門與 Krug 談談，以及考慮到我們之前對 ACTINEO 的收購，它如何適應我們更廣泛的德國戰略。

Thank you, Andrew. So the Krug is an auto on-site and remote adjusting [prompt] that uses automation and digitization as well as invoice and bill review check to enhance the customer experience, provide more speed and drive down growth for our customers. As you know, about 1.5 years ago, we acquired a firm in the bodily injury space called ACTINEO. That was an extension of our line of business specific suite of solutions outside of the U.S., starting in the U.K. and now expanding into Germany, France and a couple of other markets.

謝謝你，安德魯。因此，Krug 是一種自動現場和遠程調整 [提示]，它使用自動化和數字化以及發票和賬單審查檢查來增強客戶體驗，為我們的客戶提供更快的速度並推動增長。如您所知，大約 1.5 年前，我們收購了一家名為 ACTINEO 的身體傷害公司。這是我們在美國以外的業務線特定解決方案套件的延伸，從英國開始，現在擴展到德國、法國和其他幾個市場。

So there are synergies with the Krug acquisitions to leverage our existing operational base as well as customer base to provide an additional product or 2 to the German customers. And this will also help us use the Krug and the German platform as a launching pad to explore growth into other markets in Europe. So it's both a product line expansion as well as the geographical diversification of our suite of solutions offerings within the claims space.

因此，與 Krug 的收購產生了協同效應，可以利用我們現有的運營基礎和客戶群，為德國客戶提供一種或兩種額外的產品。這也將幫助我們使用 Krug 和德國平台作為跳板，探索歐洲其他市場的增長。因此，這既是產品線的擴展，也是我們在理賠領域的解決方案套件的地域多元化。

Our next question comes from the line of Jeff Meuler from Baird.

我們的下一個問題來自 Baird 的 Jeff Meuler。

Apologies for the multiparter, but all on the same topic. So on the underwriting and marketing, I guess, just to what extent is there still like a lagged impact from some states that didn't get requested rate actions or just how much better is the performance in the states that did? And then what specifically needs to happen for the marketing to really turn on? I know you're saying in the second half, but is it a customer success channel capacity constraints as they respond to the consumers shopping after they see the higher premiums, and that needs to be alleviated or what needs to happen? And the last is just what exactly is the revenue model like as marketing demand improves, to what extent does it flow through the sub space? Or to what extent is there meaningful incremental transaction revenue?

為多方道歉，但都在同一主題上。因此，在承銷和營銷方面，我猜想，一些沒有得到要求的費率行動的州在多大程度上仍然存在滯後影響，或者那些州的表現要好多少？那麼要真正開啟營銷，具體需要發生什麼？我知道你在下半年說，但這是客戶成功渠道容量限制，因為他們在看到更高的保費後對消費者購物做出反應，需要緩解或需要發生什麼？最後一點就是隨著營銷需求的提高，收入模式究竟是什麼樣的，它在多大程度上流經子空間？或者在多大程度上存在有意義的增量交易收入？

So Jeff, I think you won the award for the most complex multipart question, which we do appreciate, because it is a complicated topic.

傑夫，我認為你贏得了最複雜的多部分問題獎，我們很感激，因為這是一個複雜的話題。

Let me start off, and then I'm going to ask Neil to jump in and provide more context. So the dynamic of what we're seeing is that right now, in general, is that we are seeing higher rates, and consumers are responding to that. So some of the strength that we're seeing in auto is they are beginning to shop more frequently because of the initial impact of rates. We expect that, that will continue. Some insurers through nonrate actions that they're entitled to have been able to increase prices. So we're beginning to see the consumer respond to that, and that's driving volume.

讓我開始吧，然後我會請 Neil 加入並提供更多背景信息。所以我們現在看到的動態是，總的來說，我們看到更高的利率，消費者正在對此做出回應。因此，我們在汽車行業看到的一些優勢是，由於利率的最初影響，他們開始更頻繁地購物。我們預計，這將繼續下去。一些保險公司通過他們有權採取的非費率行動提高了價格。所以我們開始看到消費者對此做出反應，這正在推動銷量。

Now from the insurers' perspective, however, there still are these concerns about inflation and underwriting in certain geographies that is -- put them in a position where they are not willing to market as aggressively. And so that's why we have not seen the level of marketing activity on the insurer side. So those are the dynamics that we are seeing right now. It's -- we do expect to see more rate increases. That will probably encourage more competition and demand for new products, but the insurers will have to evaluate where they want to write business and what they want to do to attract more.

然而，現在從保險公司的角度來看，某些地區仍然存在對通貨膨脹和承保的擔憂——使他們處於不願積極推銷的境地。這就是為什麼我們沒有看到保險公司方面的營銷活動水平。所以這些就是我們現在看到的動態。它是 - 我們確實希望看到更多的加息。這可能會鼓勵更多的競爭和對新產品的需求，但保險公司將不得不評估他們想在哪裡開展業務以及他們想做些什麼來吸引更多人。

So that's kind of a rough approximation, and I'll let Neil fine-tune that a bit.

所以這是一個粗略的近似值，我會讓 Neil 稍微微調一下。

Yes. So I'll just add. So I think part of your question was the rate increases by various states. And the states approved those rate increases at various times and various levels. And I think what we've seen is that by now, most of the states, the increases are flowing through, but not all states happen at the same time.

是的。所以我就補充一下。所以我認為你的部分問題是各州的利率上漲。各州在不同時間和不同級別批准了這些利率上調。而且我認為我們所看到的是，到目前為止，大多數州的增長都在流動，但並非所有州都同時發生。

And then, of course, insurers are raising rates because their costs have significantly gone up. There's a number of drivers to that, which we mentioned some of them, severity, the cost to repair is up dramatically. There was a huge spike in used car prices, and there's a huge increase in medical costs, et cetera. So they're unprofitable. These rate increases will help. And so their desire to write more business is really muted. And so when you think about the marketing function, that is really the growth engine, which by insurers go out to grow their business. And that has been paused in a large part due to the unprofitability of the line.

然後，當然，保險公司正在提高利率，因為他們的成本已經大幅上升。這有很多驅動因素，我們提到了其中一些，嚴重性，維修成本急劇上升。二手車價格大幅飆升，醫療費用大幅增加，等等。所以他們是無利可圖的。這些加息將有所幫助。因此，他們寫更多業務的願望真的很低。因此，當您考慮營銷功能時，這實際上是增長引擎，保險公司利用它來發展業務。由於該生產線無利可圖，這在很大程度上已被暫停。

So we expect over the next 12 months, that will -- the lines will become more and more profitable as these rate increases go through and that marketing spend will return, although it's questionable as to when. We don't know exactly when. And I think it will return for certain players sooner than others because each insurer handles the situation differently. We do have a subscription model with our overall marketing products. So they are subscription revenues. But the subscriptions are tied overall to usage. And so as the market grows and marketing spend comes back, we expect that to recover, but it is not purely a transactional model.

因此，我們預計在接下來的 12 個月內，隨著這些利率的上漲，這些線路將變得越來越有利可圖，並且營銷支出將回歸，儘管何時是值得懷疑的。我們不知道確切的時間。而且我認為它會比其他玩家更快地返回給某些玩家，因為每個保險公司處理這種情況的方式不同。我們的整體營銷產品確實有訂閱模式。所以它們是訂閱收入。但訂閱總體上與使用情況掛鉤。因此，隨著市場的增長和營銷支出的回歸，我們預計它會復蘇，但這不僅僅是一種交易模式。

Yes. And specific to this embedded in our comments was part of the transactional strength were some nonrate action programs that were insurers looking to address some of their higher risks within that. As these rate increases begin to flow through, that should diminish, but then it potentially drives other growth within the business. So again, a complex situation, but hopefully, that gives you a little bit more insight.

是的。具體到我們評論中嵌入的交易強度的一部分是一些非利率行動計劃，這些計劃是保險公司希望解決其中的一些較高風險。隨著這些利率的上漲開始出現，這種情況應該會減少，但隨後它可能會推動業務內的其他增長。再次，一個複雜的情況，但希望它能給你更多的洞察力。

It does. I think you addressed all 19 parts.

確實如此。我認為您解決了所有 19 個部分。

Our next question comes from the line of Harold Antor from Jefferies.

我們的下一個問題來自 Jefferies 的 Harold Antor。

This is Harold, on for Stephanie Moore. Just wanted to ask about the percentage of price increases that the company plans to implement within the health and the insurance industry like you, just talk about, particularly given an uncertain macro backdrop as inflation was at historic levels last year.

我是哈羅德，接替斯蒂芬妮摩爾。只是想問問公司計劃在像你這樣的健康和保險行業實施的價格上漲百分比，只是談談，特別是考慮到去年通貨膨脹處於歷史水平的不確定宏觀背景。

So Harold, I was -- we lost you there for a little bit. I think that you were just asking the general question around price increases in the context of the environment. Do I have that correct?

所以哈羅德，我 - 我們在那裡失去了你一點點。我認為您只是在問有關環境背景下價格上漲的一般性問題。我說的對嗎？

Correct.

正確的。

Yes, happy to comment on it. I mean, first, I want to remind you, we don't have a single pricing approach. It's a targeted approach across all of our businesses, and we've been pricing items to value. I think I quoted before the net written premium growth in the industry was 9.6% in 2021. That's the year that drives the growth for many of our customers. About 20% of our revenue is tied to that premium growth in the year prior. So that has been an element.

是的，很高興對此發表評論。我的意思是，首先，我想提醒你，我們沒有單一的定價方法。這是我們所有業務的一種有針對性的方法，我們一直在為項目定價。我想我之前引用的是 2021 年該行業的淨承保保費增長率為 9.6%。那一年推動了我們許多客戶的增長。我們大約 20% 的收入與前一年的保費增長有關。所以這是一個要素。

And I would say we are -- in this environment where the business is growing, there are a lot of new issues that we're working to respond on. With that growth and naturally some of the inflationary costs within the environment, the investments that we have made to improve the value of the product, we believe that it has been a supportive environment for us to capture the value that we are creating in the product through some of the pricing increases across our entire product set.

我想說我們是——在這個業務不斷增長的環境中，我們正在努力應對許多新問題。隨著這種增長以及環境中自然而然的一些通貨膨脹成本，我們為提高產品價值所做的投資，我們相信這是一個支持我們獲取我們在產品中創造的價值的環境通過我們整個產品系列的一些價格上漲。

Our final question comes from the line of George Tong from Goldman.

我們的最後一個問題來自高盛的 George Tong。

I wanted to return to the nonsubscription revenue trends. So nonsubscription revenue grew 14% in the quarter driven to a large extent by auto underwriting. How sustainable is the strength in auto underwriting nonsubscription revenues with the trends that you're seeing with rate shopping? What are some of the puts and takes that could cause underwriting in autos to accelerate or decelerate in the coming quarters?

我想回到非訂閱收入趨勢。因此，本季度非訂閱收入增長了 14%，這在很大程度上受到汽車承保的推動。汽車承保非訂閱收入的實力如何與您在費率購物中看到的趨勢保持一致？未來幾個季度可能導致汽車承銷加速或減速的一些看跌期權和看跌期權有哪些？

Yes. Good question, George. Thanks for that. Some of it ties back to the discussion we were just having on the industry and the impact of the rate increases that we're starting to see. So the strong auto insurance shopping behavior that we saw in this quarter was a function of some of the rate increases that have started to push through. To some extent, that is a recovery that we had expected to come later in the year. And so it may just be a pull forward of that recovery. We're waiting to see kind of the interplay of the dynamics that Lee and Neil were talking about in there.

是的。問得好，喬治。感謝那。其中一些與我們剛剛對行業進行的討論以及我們開始看到的利率上漲的影響有關。因此，我們在本季度看到的強勁的汽車保險購買行為是一些已經開始推動的加息的結果。在某種程度上，這是我們預期會在今年晚些時候出現的複蘇。因此，這可能只是複甦的推動力。我們正在等待看到 Lee 和 Neil 在那裡談論的那種動態的相互作用。

The second driver of the auto business, the nonrate actions and our -- enabling our customers to do that, that may taper off as they start to get rate increases, and that may turn into some of that shopping activity. So that's the interplay of those elements we see going forward.

汽車業務的第二個驅動因素，即非利率行動和我們——使我們的客戶能夠做到這一點，隨著他們開始獲得利率上漲，這可能會逐漸減少，並且可能會變成一些購物活動。這就是我們看到的這些元素的相互作用。

Great. Well, thank you, George. I think that was the final question. So I want to thank everyone for participating, and we look forward to continuing the dialogue with all of you. Have a great day.

偉大的。嗯，謝謝你，喬治。我認為這是最後一個問題。所以我要感謝大家的參與，我們期待與大家繼續對話。祝你有美好的一天。

Thank you, ladies and gentlemen. This does conclude today's call. Thank you for your participation. You may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。