Verisk Analytics Inc (VRSK) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Verisk Second Quarter 2023 Earnings Results Conference Call. This call is being recorded. (Operator Instructions) For opening remarks and introductions, I would 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 2023年第二季財報電話會議。本次電話會議正在錄音。 （操作說明）現在，我將把電話交給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。

Thank you, Avi, and good day, everyone. We appreciate you joining us today for a discussion of our second 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Avi，大家好。感謝各位今天參加我們2023年第二季財務業績的討論會。今天出席電話會議的有Verisk總裁兼執行長Lee Shavel和財務長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.

本次電話會議中提及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，均可在公司網站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。本次電話會議的錄音回放將在公司網站和電話接入平台上保留30天。

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.

正如今天發布的財報中更詳細的闡述，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，包括與我們的財務指引相關的陳述。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 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, gains and losses from dispositions and other nonrecurring expenses, the effect of which may be significant.

最後，我想提醒各位，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，但未計入所有按固定匯率計算的有機增長數據。本次電話會議討論的已報告和歷史非GAAP財務指標的調節表已在我們的8-K表格和今天發佈於公司網站verisk.com投資者關係欄目的盈利演示文稿中提供。然而，由於估算某些已從預期非GAAP調整後EBITDA和調整後EBITDA利潤率中排除的項目（例如，稅務影響、收購相關成本、資產處置損益和其他非經常性支出）難度極大且不確定性高，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結果的調節表。這些項目的影響可能相當顯著。

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

現在我想把電話交給李沙維爾。

Thanks, Stacey. Good morning, and thank you for participating in today's call. I'm excited to be with you today to provide an update on how our strategy, focus and results-oriented culture is translating into strong financial performance for Verisk. I will leave the details of the financial results to Elizabeth. But in summary, Verisk delivered continued business momentum in the second quarter, underscored by strong organic revenue growth and solid margin expansion, translating into double-digit profit growth.

謝謝，Stacey。早安，感謝您參加今天的電話會議。我很高興今天能與大家分享Verisk的策略、重點和以結果為導向的企業文化如何轉化為強勁的財務表現。財務業績的具體細節將由Elizabeth負責。總而言之，Verisk在第二季度保持了持續的業務成長勢頭，強勁的內生性收入成長和穩健的利潤率提升是其主要驅動力，最終實現了兩位數的利潤成長。

We are driving these results by focusing on our clients' most pressing needs as they deal with an environment marked by elevated underwriting losses, including those from catastrophes and high levels of inflation, leading to pressure on profitability. We have elevated the conversation and directed our sales focus to the solutions in our portfolio best suited to solve those challenges. A byproduct of the tough operating environment is a hardening of the insurance market as carriers are taking rate actions to help drive improved profitability, leading to stronger net written premium growth.

我們之所以能夠取得這些成果，是因為我們專注於滿足客戶最迫切的需求，幫助他們應對承保損失不斷攀升的環境，包括巨災損失和高通膨帶來的損失，這些都給盈利能力帶來了壓力。我們提升了溝通的層次，並將銷售重點放在我們產品組合中最能應對這些挑戰的解決方案。嚴峻的經營環境也導致保險市場趨於收緊，保險公司紛紛採取費率調整措施以提高獲利能力，從而推動淨保費收入的強勁成長。

Rate takes time to work through, so we expect this environment to persist into 2024. The cross currents of elevated underwriting losses and increasing pricing in the insurance industry has become a hot topic across the press with headlines about trouble spots like Florida and California. Specific to Florida, since our last update, there has been little change as we have not seen any additional liquidations, though uncertainty remains. We continue to watch the market carefully, particularly as we head into the Atlantic hurricane season. We are also keeping a keen eye out for new financial stability ratings for the Florida market, which we expect in the next few weeks and could identify further deterioration in the market.

利率走勢需要時間才能顯現，因此我們預期這種環境將持續到2024年。保險業承保虧損上升和定價上漲的雙重壓力已成為媒體熱議的話題，佛羅裡達州和加州等問題重重的地區頻頻登上新聞頭條。就佛羅裡達州而言，自從我們上次更新以來，情況變化不大，我們沒有看到任何新增清算案例，但不確定性仍然存在。我們將繼續密切關注市場動態，尤其是在大西洋颶風季即將到來之際。我們也密切關注佛羅裡達州市場新的財務穩定性評級，預計未來幾週內將公佈，屆時可能會出現市場進一步惡化的跡象。

Recent legislative reforms in the property market are expected to have a positive impact, but it may take some time for that to materialize. In California, current regulation restricts insurers from using catastrophe models and ratemaking, but the Department of Insurance is exploring a change to that policy. To that end, Verisk recently testified in front of the California State Assembly, joint hearing, insurance and emergency management as the expert on catastrophe models and how their use can help insurers assess risk from low frequency, high severity events like wildfires, ultimately benefiting the residents and businesses in the state. This is a great example of our enhanced industry engagement as we leverage our expertise to benefit all the players in the insurance ecosystem, including carriers and regulators and build resilience for consumers and businesses.

近期房地產市場的立法改革預計將產生正面影響，但其成效可能需要一段時間才能顯現。在加州，現行法規限制保險公司使用巨災模型進行費率制定，但保險部門正在探討修改該政策。為此，Verisk 近期在加州州議會保險和緊急管理聯合聽證會上作證，作為巨災模型方面的專家，闡述瞭如何利用這些模型幫助保險公司評估低頻高損事件（例如野火）的風險，最終造福加州居民和企業。這充分體現了我們加強產業參與的決心，我們利用自身專業知識，惠及保險生態系統中的所有參與者，包括保險公司和監管機構，並增強消費者和企業的抵禦風險能力。

As I discussed at Investor Day and on prior calls, a key pillar in our strategy is elevating and strengthening the strategic dialogue with our clients. To that end, I had the opportunity in the second quarter to visit with many of our clients in the U.S. to understand their focus and explore how we can better support their objectives. These conversations generated several initiatives for expanded dialogue with C-suite support to accelerate opportunities on technology and data initiatives, particularly regarding inflationary impacts.

正如我在投資者日和之前的電話會議上所討論的，我們策略的關鍵支柱之一是提升並加強與客戶的策略對話。為此，我在第二季有機會拜訪了我們在美國的許多客戶，了解他們的關注重點，並探討如何更好地支持他們的目標。這些對話促成了多項舉措，旨在與高階主管展開更深入的對話，以加速推進技術和數據方面的項目，尤其是在應對通膨影響方面。

During a visit to Europe, I encountered similar opportunities with our clients there as well as exceptional energy and focus at Verisk offices in London, Malaga, Cracow and Cologne. The message that we hear is very similar across industry participants, large and small, U.S. and international. We welcome Verisk's expertise in partnership to drive more automation, lower our investment cost and improve efficiency. Given our mission-critical data, deep customer relationships and engagement and scale, no one is better positioned to meet this need than Verisk.

在訪問歐洲期間，我發現我們在歐洲的客戶也面臨著類似的機遇，同時我也感受到Verisk在倫敦、馬拉加、克拉科夫和科隆辦事處展現出的非凡活力和專注精神。我們從業內各方（無論規模大小、美國或國際）聽到的訊息都非常相似。我們歡迎Verisk的專業知識與我們合作，以推動更多自動化、降低投資成本並提高效率。鑑於我們擁有關鍵任務數據、深厚的客戶關係和參與度以及規模優勢，沒有任何一家公司比Verisk更適合滿足我們的需求。

A key extension of our conversations with our clients is our innovation agenda. We are listening to our customers and designing solutions to meet their most pressing needs. For example, we recently launched a new solution for carriers, contractors and adjusters within our property estimating solutions called XactXpert. XactXpert is a no-code, low-code bot-based rules engine designed to streamline the insurance restoration and claims estimation process. XactXpert targets the key challenges our clients face, including inaccurate and incomplete information and claims estimates. High compliance needs, pressure to reduce cycle times, revisions, loss adjustment expenses and a need for more digital and simplified processes for a changing workforce demographic.

我們與客戶溝通的一個重要延伸是我們的創新議程。我們傾聽客戶的聲音，並設計解決方案來滿足他們最迫切的需求。例如，我們最近推出了一項名為 XactXpert 的全新解決方案，該方案面向保險公司、承包商和理賠員，是房產估價解決方案的一部分。 XactXpert 是一款基於機器人的無代碼/低代碼規則引擎，旨在簡化保險理賠和理賠評估流程。 XactXpert 針對客戶面臨的關鍵挑戰，包括資訊和理賠評估不準確、不完整；以及客戶對合規性、縮短週期、減少修改、降低損失調整費用以及適應不斷變化的勞動力結構對更加數位化和簡化流程的需求。

Further, it empowers carriers, contractors and adjusters to customize organizational estimating behaviors, delivering quick, accurate claims estimation by reducing manual input errors and driving consistency, accuracy and efficiency throughout the claims estimating process. We are seeing strong interest from our customers for this newly launched solution. In our anti-fraud solutions, we recently launched image forensics, an AI tool designed to detect fraud in digital images submitted as part of the claims settlement process. Image use and claims processing has grown exponentially with more and more images being submitted directly by the claimant.

此外，該方案使保險公司、承包商和理賠員能夠自訂組織內的估價行為，透過減少人工輸入錯誤，提高整個理賠估價流程的一致性、準確性和效率，從而實現快速、準確的理賠估價。我們看到客戶對這項新推出的解決方案表現出濃厚的興趣。在反詐欺解決方案方面，我們近期推出了影像取證功能，這是一款人工智慧工具，旨在檢測理賠過程中提交的數位影像中的詐欺行為。隨著越來越多的索賠人直接提交圖像，圖像的使用和理賠處理呈指數級增長。

In fact, just since mid-2020, photo estimates for auto claim settlement have doubled. And while virtual claims processing is driving industry efficiency and customer satisfaction, it is also exposed insurers to an increasing source of fraud from activities like reusing prior loss images using Internet images or digital or document manipulation. We are leveraging the depth and breadth of our customers' relationships in building a contributory image database, combining it with images sourced from Verisk's Property estimating solutions databases to provide images in match reports and indications if an image was used in a prior loss.

事實上，僅自2020年中期以來，用於汽車理賠的照片估價數量就翻了一番。雖然虛擬理賠流程提高了行業效率和客戶滿意度，但也使保險公司面臨日益增長的詐欺風險，例如利用網路圖片或進行數位/文件篡改來重複使用先前的事故照片。我們正在利用與客戶建立的廣泛而深入的關係網絡，建立一個共享圖像資料庫，並將其與來自Verisk財產估價解決方案資料庫的圖像相結合，以便在匹配報告中提供圖像，並標明圖像是否曾在先前的事故中使用過。

Image forensics is also a great example of how our innovation engine is now actively associating data sets that were previously siloed into powerful new tools for our customers as this tool combines data from antifraud with data from property estimating solutions. I know that generative AI has been top of mind for many. At Verisk, we have been using artificial intelligence, machine learning, computer vision and natural language processing in many of our solutions for some time. For example, our Mozart forms composer uses machine learning and natural language processing to help insurers organize, track, edit and analyze insurance policy forms with greater consistency, efficiency and speed.

影像取證也是一個很好的例子，它展現了我們的創新引擎如何積極地將以前各自獨立的資料集整合到強大的新工具中，為客戶提供服務。例如，該工具將反詐騙資料與房產估價解決方案的資料結合。我知道生成式人工智慧一直是許多人關注的焦點。在 Verisk，我們已經在許多解決方案中應用了人工智慧、機器學習、電腦視覺和自然語言處理技術一段時間了。例如，我們的 Mozart 表單編輯器利用機器學習和自然語言處理技術，幫助保險公司以更高的效率、速度和一致性來組織、追蹤、編輯和分析保險單表單。

This tool employs advanced technology to digitize a historically document-driven process and addresses a major pain point for our clients, managing the complex and growing problem of analyzing policy language across multiple lines and states while enhancing their ability to customize policy language more quickly.

該工具採用先進技術將歷史上以文件為驅動的流程數位化，解決了客戶的一大痛點，即管理跨多個部門和州分析政策語言這一複雜且日益增長的問題，同時增強了他們更快地定制政策語言的能力。

With regard to generative AI, we are currently testing private versions of generative AI and are making an index of possible use cases focused on both customer-facing solutions and internal efficiency opportunities. We are working in partnership with our customers and state regulators to ensure that we are approaching this innovative technology with a focus on ethical use in fairness.

關於生成式人工智慧，我們目前正在測試其私人版本，並著手整理可能的應用案例，重點關注面向客戶的解決方案和內部效率提升機會。我們正與客戶和監管機構合作，確保以公平合乎倫理的方式運用這項創新技術。

Finally, I would like to formally welcome Samantha Vaughan to Verisk as our Chief Privacy Officer. Data governance and stewardship have always been a key focus for Verisk, and Vaughan will lead the oversight and enhancement of our policies to protect the data entrusted to Verisk and will help ensure the integrity of Verisk's data practices, regulation and compliance.

最後，我謹正式歡迎Samantha Vaughan加入Verisk，擔任首席隱私長。資料治理和管理一直是Verisk的重點工作，Vaughan將領導監督和完善我們的政策，以保護委託給Verisk的數據，並幫助確保Verisk資料實踐、監管和合規性的完整性。

In addition to the focus and dedicated privacy leadership, our new privacy officer expands on the thought leadership Verisk is providing across the insurance industry. As technology and data capabilities expand, the privacy risks expand as well. Concerns about AI, data risk management and security, all have a key nexus in privacy, and we are glad to be joining the best-in-class companies that articulate a values-based approach to the privacy office.

除了對隱私的專注和專業的領導之外，我們新任命的隱私官還將進一步拓展 Verisk 在保險業中引領的理念。隨著技術和資料能力的提升，隱私風險也隨之增加。人工智慧、資料風險管理和安全等議題都與隱私息息相關，我們很高興能夠加入這些在隱私辦公室中秉持價值觀導向的行業領導者行列。

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

接下來，我將把這項工作交給伊莉莎白，讓她審核我們的財務表現。

Thanks, Lee, and good morning to everyone on the call. I'm pleased to share that Verisk delivered strong second quarter financial results.

謝謝Lee，也祝各位早安。我很高興地告訴大家，Verisk第二季財務業績表現強勁。

On a consolidated and GAAP basis, revenue was $675 million, up 10% versus the prior year and income from continuing operations was $204 million, up 18% versus the prior year, reflecting strong growth across both underwriting and claims. Diluted GAAP earnings per share from continuing operations were $1.35, up 9% versus the prior year.

以合併及美國通用會計準則（GAAP）計算，公司營收為6.75億美元，較上年增長10%；持續經營業務利潤為2.04億美元，較上年增長18%，承保及理賠業務均實現強勁增長。持續經營業務稀釋後每股收益為1.35美元，較前一年成長9%。

Moving to our organic constant currency results adjusted for nonoperating items, as defined in the non-GAAP financial measures section of our press release, our operating results demonstrated strong and broad-based growth from most of our businesses, aided by some in-period transactional benefits. In the second quarter, OCC revenues grew 9.8% with growth of 9.3% in underwriting and 11.2% in claims. This quarter's result was boosted by certain transactional revenues that we do not expect to repeat in the back half of the year. Our subscription revenues, which comprised 79% of our total revenue in the quarter, grew 9.1% on an OCC basis. We saw contributions across nearly all of our subscription offerings.

根據新聞稿中「非GAAP財務指標」部分的定義，經非經營性項目調整後的有機增長（按固定匯率計算）顯示，我們的經營業績在部分交易收益的推動下，大部分業務均實現了強勁且全面的增長。第二季度，OCC營收成長9.8%，其中承保業務成長9.3%，理賠業務成長11.2%。本季業績得益於部分交易收入，我們預計下半年不會再出現此類收入。訂閱收入佔本季總營收的79%，以OCC計算成長9.1%。幾乎所有訂閱產品均貢獻了營收。

More specifically on the drivers of growth in subscription revenues. During the quarter, we experienced the continued benefit on certain of our revenues from the stronger net written premium growth in 2021, which is currently reflected in some of our contract pricing. In anti-fraud, we are driving accelerated growth from the successful conversion to subscription from previously transactional customers through our claims essential bundle. And in property estimating solutions, we continue to benefit from strong contractor subscription growth as contractors are realizing the value of being part of the Verisk network, particularly with the active weather patterns we are undergoing. In fact, according to Verisk's Property Claim Services, PCS, in 70-plus years of history, this was the most active first half of the year on record from a weather event perspective, dominated by hail, wind and thunderstorms.

具體來說，我們來談談訂閱收入成長的驅動因素。本季度，部分營收持續受益於2021年強勁的淨保費成長，已反映在部分合約定價中。在反詐騙領域，我們透過理賠基礎套餐成功將先前的交易型客戶轉化為訂閱用戶，從而推動了業務的加速成長。在財產估價解決方案領域，我們持續受益於承包商訂閱量的強勁成長，因為承包商們逐漸意識到加入Verisk網路的價值，尤其是在當前惡劣天氣頻發的情況下。事實上，根據Verisk財產理賠服務（PCS）的數據，在其70多年的歷史中，今年上半年是天氣事件最為活躍的一年，冰雹、大風和雷暴天氣頻繁。

Finally, liquidations and consolidation across the industry was lower than historic average during the quarter, but we continue to anticipate some normalization in the second half of the year. Our transactional revenues representing 21% of total revenue in the second quarter grew 12.4% on an OCC basis. The largest contributor to growth for the second consecutive quarter was from our auto solutions, driven by increased rate shopping by consumers and the continuation of a large nonrate action deal with a national insurer that we told you about last quarter. Our trends are reflective of those noted by recent J.D. Power data, which pointed to a 13% increase in shopping activity for auto insurance in the second quarter as consumers react to rate increases. However, J.D. Power also noted that carrier switching increased a much more modest 4%, which may suggest a potential slowing of the market going forward.

最後，本季整個產業的清算和整合規模低於歷史平均水平，但我們仍然預計下半年將有所恢復正常。第二季度，我們的交易收入佔總收入的21%，以OCC計算成長了12.4%。連續第二個季度，汽車保險解決方案成為成長的最大貢獻者，這主要得益於消費者比價行為的增加，以及我們上季度提到的與一家全國性保險公司達成的大型非費率調整協議的延續。我們的趨勢與J.D. Power近期的數據相符，數據顯示，由於消費者對保費上漲做出反應，第二季汽車保險比價活動增加了13%。然而，J.D. Power也指出，保險公司轉換率僅成長了4%，這或許預示著未來市場成長可能放緩。

In addition to gains in auto, our transactional revenue growth also benefited from double-digit growth from life insurance solutions as we are seeing strong customer demand for incremental services. And within our extreme events business, we saw a very strong transactional growth related to securitization as the second quarter marked a record for new issuance in the catastrophe bond market. I will remind you that the catastrophe bond market is seasonal, and we do not expect this level of activity to continue in the second half of 2023. These transactional results also included some onetime benefits, including overage charges on specific large underwriting contracts that renewed in the quarter.

除了汽車業務的成長外，我們的交易收入成長也得益於人壽保險解決方案兩位數的成長，因為我們看到客戶對增值服務的需求強勁。在極端事件業務方面，證券化相關的交易成長特別顯著，第二季巨災債券市場的新發行量創下歷史新高。需要提醒各位的是，巨災債券市場有季節性，我們預期這種活躍程度在2023年下半年不會持續。這些交易業績也包含一些一次性收益，例如本季續約的特定大型核保合約的超額費用。

Moving now to our adjusted EBITDA results. OCC adjusted EBITDA growth was 12.6% in the second 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 objectives.

接下來來看我們調整後的 EBITDA 績效。 OCC 在第二季調整後的 EBITDA 成長率為 12.6%，這反映了強勁的營收成長帶來的核心營運槓桿效應，以及我們為實現利潤率提升目標而採取的某些成本削減措施的影響。

Total adjusted EBITDA margin, which includes both organic and inorganic results, was 54.1%, up 160 basis points from the reported results in the prior year. On a pro forma basis for all divestitures, the second quarter margin expanded 140 basis points from margins of 52.7% in Q2 '22. The margin rate in any given quarter can be influenced by the revenue mix, leading to a seasonal pattern in our margins. As such, we think it's helpful to look at our margins on a trailing 12-month basis within the second quarter were 53.1% on a trailing 12-month basis, up 140 basis points over the prior period.

經調整後的總 EBITDA 利潤率（包括內生成長和外延成長）為 54.1%，較上年同期成長 160 個基點。剔除所有剝離業務的影響，第二季利潤率較 2022 年第二季的 52.7% 成長 140 個基點。任何季度的利潤率都可能受到收入結構的影響，導致利潤率呈現季節性波動。因此，我們認為查看過去 12 個月的利潤率更有助於理解。第二季過去 12 個月的利潤率為 53.1%，較上年同期成長 140 個基點。

The year-over-year change in the second quarter margin 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 was offset in part by higher levels of performance-based compensation, including commissions related to our stronger year-to-date performance as well as a decrease in our pension credit, negative margin impact from recent acquisitions and higher T&E expenses. Reflecting on our ongoing cost reduction plans, 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.

第二季度利潤率同比變化反映了去年同期某些一次性支出、嚴格的成本和營運紀律以及成本削減計劃的影響。部分影響被更高的績效薪酬（包括與年初至今強勁業績相關的佣金）、退休金抵免減少、近期收購帶來的利潤率負面影響以及更高的差旅費用所抵消。鑑於我們正在持續推進成本削減計劃，我們仍然有信心實現我們在2023年業績指引和3月中旬投資者日上提出的利潤率目標。

Continuing down the income statement. Net interest expense was $31.6 million for the second quarter compared to $31.9 million in the prior year. With the divestitures now behind us, the proceeds from the sales directed to our $2.5 billion accelerated share repurchase plan and the long-term capital structure now in place. We now expect this current level of net interest expense to be at a similar quarterly run rate for the remainder of the year. On taxes, our reported effective tax rate was 23.8% compared to 19.2% in the prior year quarter. The year-over-year change in the tax rate is related to lower stock compensation benefits in this quarter versus the prior year's period.

繼續分析損益表。第二季淨利息支出為3,160萬美元，而上年同期為3,190萬美元。隨著資產剝離的完成，出售所得款項已用於我們25億美元的加速股票回購計劃，長期資本結構也已到位。我們預計，今年剩餘時間裡，淨利息支出將保持在這一水平，並維持類似的季度水準。在稅項方面，我們報告的實際稅率為23.8%，而去年同期為19.2%。稅率同比變動與本季股票補償金低於去年同期有關。

Going forward, we still expect the tax rate for the remainder of the year to be in the originally guided range of 23% to 25%. Adjusted net income increased 8.5% to $219.8 million, and diluted adjusted EPS increased 18.9% to $1.51 for the second quarter 2023. These changes reflect organic growth in the business, contributions from acquisitions and a lower average share count, offset in part by a higher tax rate.

展望未來，我們仍預期今年剩餘時間的稅率將維持在原先預期的23%至25%的範圍內。 2023年第二季度，經調整淨利成長8.5%至2.198億美元，稀釋後經調整每股盈餘成長18.9%至1.51美元。這些變化反映了業務的內生成長、收購帶來的貢獻以及平均流通股數量的減少，但部分被較高的稅率所抵消。

With regard to the share count, we received the vast majority of the shares from the (inaudible) and while we did not make any repurchases in the second quarter, we do have the ability to repurchase some additional shares outside of the ASR, and we may do so in the future. From a cash flow perspective, net cash from operating activities increased 48% to $193 million due to strong operations and a decrease in cash taxes paid. The decrease in taxes paid is primarily related to the nonrecurring gain on the 3E disposition in the prior year quarter. Though there was also a onetime cash tax payment of $17 million paid in the second quarter of 2023 related to the energy divestiture. I will remind you that the prior year cash flow metrics include the results from previously divested businesses.

關於股份數量，我們收到的絕大部分股份來自（聽不清楚），雖然我們在第二季度沒有進行任何回購，但我們有能力在ASR之外回購一些額外的股份，並且我們未來可能會這樣做。從現金流的角度來看，由於強勁的營運和現金稅款支出的減少，經營活動產生的淨現金流成長了48%，達到1.93億美元。稅款支出的減少主要與去年同期3E處置的非經常性收益有關。此外，2023年第二季還支付了一筆與能源業務剝離相關的1,700萬美元的一次性現金稅。我需要提醒各位，上年度的現金流量指標包含了先前已剝離業務的績效。

Turning to guidance. Given our strong half -- strong first half performance as well as the contribution from recent acquisitions, we are increasing our financial outlook for 2023. We have posted a summary of all guidance measures in the earnings deck on the Investors section of our website, verisk.com. Specifically, for 2023, we now expect consolidated revenue to be in the range of $2.63 billion to $2.66 billion and adjusted EBITDA to be in the range of $1.39 billion to $1.43 billion. We continue to expect adjusted EBITDA margins to be in the range of 53% to 54%. Walking further down the P&L, we still expect fixed asset D&A to be between $175 million and $195 million, and intangible amortization to be approximately $70 million. Both depreciation and amortization elements are subject to currency variability, the timing of purchases, the completion of projects and future M&A activity.

關於業績展望。鑑於我們強勁的上半年業績以及近期收購帶來的貢獻，我們上調了2023年的財務預期。我們已在公司網站verisk.com投資者關係部分的獲利報告中發布了所有業績展望的概要。具體而言，我們預計2023年合併收入將在26.3億美元至26.6億美元之間，調整後EBITDA將在13.9億美元至14.3億美元之間。我們仍預期調整後EBITDA利潤率將在53%至54%之間。進一步分析損益表，我們仍然預期固定資產折舊和攤提將在1.75億美元至1.95億美元之間，無形資產攤銷約為7,000萬美元。折舊和攤銷項目均受匯率波動、收購時間、專案完成情況以及未來併購活動的影響。

Regarding capital expenditures, we now expect CapEx to be between $220 million and $240 million, reflecting increases associated with recent acquisitions, as well as our continued focus on investing organically behind our highest return on investment opportunities. These include a modernization of our forms, rules and loss costs, a migration of our extreme events platform to a cloud-native architecture and further investments across our growth businesses. We are also investing in an upgrade of our financial and human capital systems that will enable future efficiencies once implemented. As previously communicated, we expect the tax rate to be in the range of 23% to 25%, bringing adjusted earnings per share to a range of $5.50 to $5.70.

關於資本支出，我們目前預計資本支出將在2.2億美元至2.4億美元之間，這反映了近期收購帶來的成長，以及我們持續專注於對高回報投資機會進行內生性投資。這些投資包括表格、規則和損失成本的現代化改造，將我們的極限運動平台遷移到雲端原生架構，以及對成長型業務的進一步投資。我們也正在投資升級財務和人力資本系統，這將在實施後提高未來的營運效率。如同先前所溝通的，我們預期稅率將在23%至25%之間，調整後每股收益將在5.50美元至5.70美元之間。

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李，請他做一些總結發言。

Thanks, Elizabeth. 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 and expertise. Our motivating purpose is to work together with our clients in building resilience for individuals, communities and businesses globally.

謝謝伊麗莎白。總而言之，我們對未來的機會感到無比興奮，並期待能夠將所有精力、人才和資源集中投入全球保險業。憑藉我們的規模和專業知識，Verisk 擁有最佳優勢來掌握這一機會。我們始終秉持的宗旨是與客戶攜手合作，為全球個人、社區和企業建立韌性。

The combination of our focused business model, deep customer relationships and strategy to deliver value for clients through improved decision-making and operational efficiency is a formula that we're confident will also deliver value to our shareholders through growth and returns. We continue to appreciate the support and interest in Verisk.

我們專注於業務模式，與客戶建立深厚的合作關係，並透過提升決策效率和營運效率為客戶創造價值。我們相信，這一模式也將透過成長和回報為股東創造價值。我們衷心感謝大家對Verisk的支持與關注。

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

鑑於我們有大量分析師負責報道，請您盡量只提一個問題。接下來，我會請接線生開放提問環節。

(Operator Instructions) We will take our first question from Heather Balsky with Bank of America.

（操作員說明）我們先回答美國銀行的 Heather Balsky 所提出的問題。

I wanted to ask about the outlook for the back half on sales. I know that both this quarter and last quarter, you ring-fenced some items that you articulated were potentially onetime. But it seems like guidance implies at the high end, 7.5% revenue growth versus you did 10% organic sales in the first half. Is it those items tapering off? Do you have a different outlook for the environment? It would be really helpful to reconcile how you did in the first half and your expectation for the back half?

我想問一下關於下半年銷售前景的問題。我知道上個季度和本季您都排除了一些可能屬於一次性專案的影響。但目前的業績指引似乎表明，下半年營收成長上限為7.5%，而上半年有機銷售額成長了10%。這些項目的影響是否正在減弱？您對市場環境的看法是否有所不同？能否解釋一下上半年的業績和下半年的預期，這將非常有幫助。

Yes. Heather, thanks for the question. We've been very happy in the first half that we've been kind of firing on all cylinders. We have a diversified business within the insurance space. And we've called out a number of different environmental or industry factors where the revenue growth in the first half may not be sustained into the second half. And so for those -- just to reiterate them, I think there's no fewer than 6 different factors that have contributed to the strength in the first half. To go through those, there has been low attrition and consolidation in the industry, which has the potential to renormalize in the second half of the year and in the future.

是的，Heather，謝謝你的提問。上半年我們開局非常順利，各項業務都運作良好。我們在保險領域擁有多元化的業務。我們也指出了一些不同的環境或產業因素，這些因素可能導致上半年的營收成長無法延續到下半年。為了再次強調這些因素，我認為至少有六個不同的因素促成了上半年的強勁表現。具體來說，產業內的人員流失率和整合程度較低，這種情況有可能在下半年以及未來一段時間內恢復正常。

Second, the level of auto shopping activity driving transactional volume in our auto insurance business, they moderate Third, the level of weather activity has been elevated in the first half, although no specific catastrophe events and also related to weather is the fact that there was obviously a large hurricane in the fourth quarter of last year. So that will create a difficult comp in the fourth quarter.

第二，推動我們汽車保險業務交易量的購車活動水準有所下降。第三，上半年天氣活動水準升高，儘管沒有發生具體的災難性事件，但與天氣相關的另一個事實是，去年第四季顯然發生了一場大型颶風。因此，這將導致第四季度業績比較基數較高。

Fourth on the list of reasons for strength. In our anti-fraud business, we've been driving strong growth by converting transactional customers to subscription in our claims essential bundle. We will start to lap that benefit, which started roughly this time last year.

這是支撐我們業務發展的第四個原因。在反詐騙業務方面，我們透過將交易型客戶轉化為理賠基礎套餐的訂閱用戶，實現了強勁成長。但這項優勢即將結束，它大約從去年這個時候開始顯現。

Fifth, we talked about the securitizations and the strength of the ILS market, which was elevated in the second quarter, and we don't expect that to continue.

第五，我們討論了證券化和ILS市場的強勁勢頭，該市場在第二季度處於高位，但我們預計這種情況不會持續下去。

And then lastly, we had called out various technical items like billing catch-ups or overages and the extra business day in the quarter. All of those have been contributing to the 9.8% revenue growth, which has been above our long-term sustainable 6% to 8% target and may not continue in the second half.

最後，我們也提到了一些技術性問題，例如帳單補發或超額結算，以及本季多出的一個工作天。所有這些因素都促成了9.8%的營收成長，這一數字高於我們長期可持續的6%至8%的目標，但下半年可能無法維持這一成長動能。

And Heather, if I can put a wrapper around the detail that Elizabeth provided, you asked the question initially in terms of a sales dynamic in the second half. And as Elizabeth was describing, these really aren't sales-related elements. They are more environmental factors that contributed to a strong first half that we think are likely to moderate in the second half where we can't have confidence that they will continue to reoccur. So there's nothing that we see that this is predominantly sales driven. It is more environmental.

希瑟，如果我能概括伊莉莎白剛才提供的細節，你最初提出的問題是關於下半年的銷售動態。正如伊麗莎白所描述的，這些因素實際上與銷售無關。它們更多的是環境因素，這些因素促成了上半年的強勁表現，但我們認為這些因素在下半年可能會減弱，而且我們無法確定它們是否會繼續出現。因此，我們並沒有看到任何主要由銷售驅動的跡象。這更多是環境因素造成的。

And we will take our next question from George Tong with Goldman Sachs.

接下來，我們將回答來自高盛集團的喬治唐提出的問題。

Just a follow-up on the prior question. As you think about the normalization of trends in the external environment, acknowledging that the internal execution has been relatively stable and strong. When would you expect that normalization? How would you expect the subscription and transaction revenue performance to normalize in the coming quarters?

針對之前的問題，我再補充一點。考慮到外部環境趨勢的正常化，同時內部執行情況相對穩定且強勁，您預計何時會出現這種正常化？您預計未來幾季訂閱收入和交易收入的業績將如何恢復正常？

Yes. So George, thanks for the question. I mean, I'll start off by saying that I think implicit if you go through all of those details that Elizabeth has gone through. it's difficult to predict what that is going to happen. I think the sense is, look, there is probably some reversion to mean in the ILS market. We had a strong second quarter. It's not -- typically, you see that from quarter-to-quarter, but it's difficult to predict. The shopping activity is one where we're seeing some early trends, but that's going to depend upon macroeconomic factors. So I don't think that, given the nature of that and its particular strength on the transactional side, we're in a position to estimate or predict [conservative] point of view around the impact in the second half.

是的。喬治，謝謝你的提問。首先，我想說的是，如果你仔細分析伊莉莎白經歷的所有細節，你會發現很難預測未來會發生什麼。我認為，保險關聯證券（ILS）市場可能會出現某種程度的均值回歸。我們第二季表現強勁。通常情況下，季度業績會呈現這種趨勢，但很難預測。購物活動方面，我們已經看到了一些早期趨勢，但這取決於宏觀經濟因素。因此，鑑於其性質以及交易方面的強勁表現，我認為我們目前無法對下半年的影響做出保守的估計或預測。

We will take our next question from Andrew Steinerman with JPMorgan.

接下來，我們將回答摩根大通的安德魯‧施泰納曼提出的問題。

I was hoping to revisit kind of an older question about net written premiums. I know it has less of effect on Verisk pricing, but it's still part of the Verisk pricing. And looking back to 2021 and 2022, those were strong growth years for net written premiums for the U.S. P&C insurance industry. And I just wanted to get a sense with the 2-year lag that I think is typical for a contract. How much is that helping this year's organic revenue growth?

我希望能重新探討一下之前關於淨保費收入的問題。我知道它對 Verisk 定價的影響較小，但仍然是 Verisk 定價的一部分。回顧 2021 年和 2022 年，這兩年美國財產保險業的淨保費收入都實現了強勁增長。我想了解一下，考慮到合約通常存在的兩年滯後效應，這對今年的自然收入成長有多大幫助？

Yes. Thanks, Andrew. It is helping this year's revenue growth, and we're looking back to 2021 on our 2023 contract. I think we've previously called out that was a 9.6% net written premium growth across the industry. And as I called out, the factors of strength in our subscription growth that and the strength in our forms, rules and loss cost business has probably been the largest contributor to our subscription growth.

是的，謝謝安德魯。這有助於今年的收入成長，我們正在回顧2021年的情況，並著手製定2023年的合約。我想我們之前已經提到過，整個產業的淨保費收入成長了9.6%。正如我之前提到的，我們訂閱業務的強勁成長，以及我們在表格、規則和損失成本業務方面的強勁表現，可能是我們訂閱業務成長的最大貢獻因素。

And Andrew, to add a little bit of context around that. As Elizabeth described, it has been a benefit. But there are also, I think, the impact of inflation is clearly driving some of that net written premium. We're also seeing the benefit of a hardening market within the insurance as a whole. But the other element is because of inflation, our costs are going up, that gives us a little bit more scope on the pricing side, and we're also continuing to add value to those products, which, particularly in this environment with the insurance industry focused on improving their efficiency, we've been able in a number of areas to deliver substantial value on that front given those pressures. And that -- those elements are probably a larger factor than the pure net written premium. I think we estimate that the portion of our revenues that has some exposure to that is in the 15% to 20% type of range.

安德魯，我想補充一些背景資訊。正如伊莉莎白所說，這確實帶來了一些好處。但我認為，通膨的影響也明顯推高了部分淨保費收入。我們也看到了整個保險市場趨緊帶來的益處。另一方面，由於通貨膨脹，我們的成本上升，這讓我們在定價方面有了更大的操作空間。同時，我們也不斷提升產品價值。尤其是在當前保險業致力於提高效率的環境下，考慮到這些壓力，我們已經在多個領域實現了顯著的價值提升。這些因素的影響可能比單純的淨保費收入更大。我們估計，受這些因素影響的收入比例在15%到20%之間。

We will take our next question from Toni Kaplan with Morgan Stanley.

接下來，我們將回答摩根士丹利的東尼卡普蘭提出的問題。

I'm going to ask a question that's sort of a compilation of the prior 3. When you think about the sort of abnormal items or onetime items that have been benefiting, I think most of those seem to impact the nonsubscription business. A couple of them seem to apply to subscription. But I guess when you think about the traditional like subscription business, is it the pricing? Or is it the low attrition -- like what's happening the biggest impact? And maybe if you think about the net written premium growth in 2022 versus '21, how should we be thinking about that with regard to pricing in 2024?

我要問的問題其實是前三個問題的綜合。想想那些受益的非常規項目或一次性項目，我認為其中大部分似乎都影響了非訂閱業務。有些項目似乎也適用於訂閱業務。但我想，對於傳統的訂閱業務來說，影響最大的是定價嗎？還是低流失率？究竟是什麼因素影響最大？另外，如果我們比較一下2022年和2021年的淨保費收入成長，我們該如何看待2024年的定價策略？

Yes. So on the subscription growth side, I would call out kind of the top 3 drivers to the strong subscription growth. The first is across the forms, rules and loss cost business, and that includes both the pricing dynamic that we talked about as well as the low historical industry liquidations or consolidation.

是的。就訂閱成長而言，我認為推動訂閱成長的三大主要因素是：首先是表單、規則和損失成本業務，這包括我們之前討論過的定價機制，以及該行業歷史上較低的清算或整合率。

The second biggest factor -- the second biggest contributor to growth in subscriptions has been the anti-fraud business, particularly with the transition from the previously transactional customers to the claims essential bundle that has been adding to subscription growth.

第二個最大的因素——也是訂閱成長的第二大貢獻者——是反詐騙業務，特別是從以前的交易型客戶向理賠基本套餐的轉變，這促進了訂閱成長。

And then third, on the property, estimating solutions, subscription growth has been strong this quarter. driven by continued contractor usage and as well as insurance carrier usage, given the weather events. So those have been the main drivers of subscription growth. It is broad-based. It is not just a pricing dynamic. I think that's fair to say.

第三，就房地產估價解決方案而言，本季訂閱量成長強勁，主要得益於承包商和保險公司持續使用，以及天氣事件的影響。因此，這些是訂閱量成長的主要驅動因素。這種成長是普遍存在的，並非僅僅是價格因素造成的。我認為這樣說是合理的。

Moving to your question about net written premium and '22. The Verisk review of the 2022 net written premiums is not yet published, but the AM Best data came out recently. It showed 8.4% net written premium growth across the U.S. P&C industry. That's in line with the preliminary Verisk data that we've quoted previously. So that is a positive tailwind.

關於您提出的淨保費收入和2022年的問題，Verisk對2022年淨保費收入的評估報告尚未發布，但AM Best的數據最近已經出爐。數據顯示，美國財產保險業的淨保費收入成長率為8.4%。這與我們之前引用的Verisk初步數據相符，因此這是一個積極的利好因素。

On the other hand, as Lee highlighted, some of the challenges on inflation and profitability, the AM Best data also shows a 15% increase in losses with overall combined ratios above 100%. So that points to the challenges facing the carriers and the difficulty and profitability for which many of our solutions and products are designed to help them address.

另一方面，正如李所強調的，通貨膨脹和盈利能力方面的一些挑戰，AM Best 的數據也顯示，損失增加了 15%，綜合比率超過 100%。這顯示保險公司面臨許多挑戰，而我們許多的解決方案和產品正是為了幫助他們應對這些挑戰，並提高獲利能力而設計的。

We will take our next question from Manav Patnaik with Barclays.

接下來，我們將回答來自巴克萊銀行的馬納夫·帕特奈克提出的問題。

I just had a question on the margins. I know you reiterated the number. I was just hoping you could give us an update on how much of the long-term kind of cost actions have been taken, as you did last quarter. And I was just curious, the talk on Gen AI and then I think you had CapEx going up as well. Is that -- I mean, if you have to spend more on that, does that change your perhaps range of margin outcomes thinking a couple of years out?

我有個關於利潤率的問題。我知道您重申了利潤率這個數字。我只是希望您能像上個季度一樣，更新一下您採取的長期成本控制措施的具體情況。另外，關於人工智慧（Gen AI）的討論，以及您提到的資本支出（CapEx）增加，我很好奇。我的意思是，如果您需要增加這方面的支出，這是否會改變您未來幾年的利潤率預期範圍？

Yes. Thanks, Manav, for the question. A couple of comments on the margins. I think as we've highlighted before, I think we said that about 90% of the cost actions would be seen within the run rate in 2023, so we are largely working through that. I think that as we look -- we have called out previously some of the investments kind of on the business side, maybe just to give some color for the quarter, the M&A has been probably a 40 basis point headwind for the quarter from recent acquisitions. The investments that we're doing in the business on the cloud side as well as the ERP investments and the renormalization of T&E, all add up to about 90 basis point headwind for the quarter.

是的。謝謝Manav的提問。關於利潤率，我有幾點要補充。正如我們之前強調的，我們說過大約90%的成本控制措施將在2023年納入營運計劃，所以我們目前主要都在推進這項工作。我認為，正如我們之前提到的，在業務方面，我們進行了一些投資，為了更好地說明本季的情況，併購活動可能對本季業績造成了40個基點的不利影響。我們在雲端業務方面的投資、ERP投資以及差旅費用的調整，所有這些加起來，對本季業績造成了約90個基點的不利影響。

And then finally, as a nonoperating item, the pension has been a 50 basis point headwind for the quarter. Going forward in terms of investment in technology, look, we continue -- our margin targets continue to support as they have been already our investments in technology. To the extent, as Lee highlighted, we're in early days on reviewing some of the opportunities with our clients and some new opportunities opened up with Gen AI. So to the extent we learn more, we'll come back to you on that in the future.

最後，作為一項非經營性項目，退休金在本季造成了50個基點的不利影響。展望未來，在技術投資方面，我們將繼續——我們的利潤率目標將繼續支持我們對技術的投資，正如我們之前所做的那樣。正如Lee所強調的，我們目前正處於評估與客戶合作機會以及Gen AI帶來的新機會的早期階段。因此，如果我們了解更多信息，我們將在未來與您分享。

Yes. And I would just add, I think, on a lot of those investment opportunities, they are more CapEx driven than OpEx driven at this point. And we have given you our targets that we are very focused on achieving, while at the same time, continuing to maintain the necessary investment, both in OpEx and CapEx to make certain that we're delivering on our top priority, which is organic growth in the business.

是的。我還要補充一點，我認為，目前許多投資機會更多是由資本支出驅動，而非營運支出驅動。我們已經向你們說明了我們正全力以赴實現的目標，同時，我們也將繼續保持必要的投資，包括營運支出和資本支出，以確保我們實現首要任務，即業務的內生成長。

And we will take our next question from Greg Peters with Raymond James.

接下來，我們將回答來自 Raymond James 的 Greg Peters 提出的問題。

I'm going to focus my question on the transactional revenue component. And I'm curious if there is a reporting lag and some of your transactional revenue. For example, you called out the benefit from auto in the second quarter yet. We're seeing some of the large auto insurance companies really cut back in their marketing expenses in their second quarter results. And would it be appropriate for us to match property transactional revenue with either PCS events and/or hurricane activity because you called that out in one of your answers?

我的問題將主要集中在交易收入部分。我很好奇是否有報告滯後，以及你們的交易收入數據是否有滯後。例如，您提到第二季汽車保險業務的收益，但我們看到一些大型汽車保險公司在第二季財報中大幅削減了行銷支出。另外，鑑於您在先前的回答中提到了這一點，我們是否應該將財產保險交易收入與搬遷事件和/或颶風活動進行匹配？

So Greg, thanks for the question. I'll take kind of the first half. And I would say, first, we have a lot of complex factors in the overall financial reported results. The marketing dimension is being reflected in weaker performance in our Verisk marketing solutions. And so I think we are experiencing that. The shopping activity, however, does generate some offsetting revenue as people are exploring potential rate opportunities that are out there.

格雷格，謝謝你的提問。我先回答前半部。首先，我們整體的財務報告結果受到許多複雜因素的影響。行銷方面，我們的Verisk行銷解決方案表現疲軟，這反映了我們目前面臨的困境。不過，消費者在尋找潛在優惠價格的過程中，也帶來了一些抵銷性的收入。

On the homeowners, I think there are so many different products that react in different ways to the dynamics. It's hard to tie them to a single metric. And I would also just make a comment that the activity in auto is really being driven right now by consumer activity rather than carrier activity at this point. So hopefully, it's not a -- probably a satisfying answer, but it's very difficult to tie the performance -- the financial performance in a broad sense to kind of specific leading indicators on the auto side, it's just too many factors going on.

關於房屋保險，我認為涉及的產品種類繁多，對市場動態的反應也各不相同。很難用單一指標來衡量它們。另外，我想指出的是，目前汽車產業的活躍度主要受消費者行為而非保險公司行為的驅動。所以，希望這並非一個令人滿意的答案，但要將汽車產業的財務表現（廣義的財務表現）與具體的領先指標連結起來確實非常困難，因為影響因素實在太多了。

And we will take our next question from Andrew Jeffrey with Truist.

接下來，我們將回答來自 Truist 的 Andrew Jeffrey 提出的問題。

Lee, I continue to be intrigued by some of the conversations around moving up into the C-suite and perhaps sort of expanding the scope of your relationships with some of the carriers given relatively low sort of share of net written premium. Can you just talk about a little bit how you think that will affect the long-term trajectory of your revenue growth? And if that's still a benefit sort of yet to come over the next several years?

李，我一直對您晉升到高階主管以及可能擴大與一些保險公司關係的討論很感興趣，畢竟您目前的淨保費收入份額相對較低。您能否談談您認為這會對貴公司長期的營收成長軌跡產生怎樣的影響？以及這是否還會在未來幾年帶來好處？

Yes. Thank you very much for the question, Andrew. And it has been something that I've emphasized across the enterprise. And we have really been pleasantly surprised at the receptivity that we've had at that level where I don't think we had really prosecuted that dialogue as effectively or in a coordinated fashion as we probably should have. And in the past 2 weeks, I've had conversations at the CEO level with 3 executives of our -- of large clients or partners of ours, actually 4 over the past 3 weeks.

是的，非常感謝你的提問，安德魯。這正是我在整個公司都強調過的問題。我們驚訝地發現，高層人士的接受度很高，要知道，我們先前在這方面的對話可能並沒有達到應有的效率和協調性。過去兩週，我與我們三位大客戶或合作夥伴的CEO進行了對話；實際上，過去三週我與四位CEO進行了對話。

And in one instance, it was very clear the CEO was focused on the impact of climate change on their business model over the long term. And they asked us to come in and give a broader perspective on what we see in terms of the impact of the longer-term model and how we see that potentially impacting their underwriting decisions within geographies. So tying together some of our underwriting benchmark and analysis with our longer-term weather trends. That's an opportunity for us to tie together some of our data sets and analytics.

在一次會面中，執行長非常明確地關注氣候變遷對其商業模式的長期影響。他們邀請我們參與，從更廣泛的視角分析氣候變遷對長期商業模式的影響，以及這種影響可能如何影響他們在不同地區的核保決策。因此，我們將一些承保基準和分析與我們長期的氣候趨勢連結起來。這為我們提供了一個整合部分資料集和分析結果的機會。

In another conversation, there was a focus around some of the regulatory challenges on rate approvals. So it was an opportunity for us to deliver some of our expertise around non-rate actions to enable the carriers to realize some lift on the rate side.

在另一次談話中，我們重點討論了費率審批方面的一些監管挑戰。因此，我們有機會運用我們在非費率措施方面的專業知識，幫助航空公司在費率方面取得一些進展。

And in the third instance, there was a recognition that the client was facing some technology and process challenges as they were trying to move their organization forward where we could lend some technical support in building and helping them build technology that meets their client needs more effectively. And in each of those, I think it opened up opportunities for us to tie our data sets together to deliver an integrated product.

在第三個案例中，我們意識到客戶在推動組織發展的過程中面臨一些技術和流程方面的挑戰，我們可以提供一些技術支持，幫助他們建立更有效地滿足客戶需求的技術。我認為，在這些案例中，我們都獲得了將資料集整合起來，交付整合產品的機會。

And the other dynamic is that I think when you have that support at the C-suite rather than us pushing product up within the organization, you have a mandate that motivates and energizes that client if we can demonstrate real value. And I think we're really just at the early stages of that as we find opportunities to address these broader needs that then can be expanded to new industry solutions across the -- across all of our client sets. So at this stage, I think what you are seeing in our performance is some beneficial environment, the focus within certain of our businesses, energy released by some of our organizational changes, but I think we're still at a very early stage in expanding and opening a more strategic relationship and partnership with our clients.

另一個關鍵因素是，我認為，當我們在公司高層獲得支持，而不是在組織內部自上而下地推動產品時，如果我們能夠展現出真正的價值，就能激勵客戶，激發他們的積極性。我認為我們目前還處於這個階段的早期，我們正在尋找機會來滿足這些更廣泛的需求，然後將其擴展到新的行業解決方案，惠及我們所有的客戶群。因此，我認為現階段，您從我們的業績中看到的是一些有利的環境，我們某些業務的專注度，以及一些組織變革釋放出的活力，但我認為我們仍處於與客戶建立更具策略性關係和夥伴關係的早期階段。

And we will take our next question from Jeff Silber with BMO Capital Markets.

接下來，我們將回答 BMO 資本市場的 Jeff Silber 提出的問題。

Elizabeth, I think you called out about a half a dozen items that you think may not recur in the second half of the year. I know it may be difficult to quantify the impact on that. But is it possible to quantify the impact of those items had either in the first half of the year or maybe just this past quarter?

伊莉莎白，我想你提到了大約六項你認為可能不會在下半年再次出現的情況。我知道量化這些情況的影響可能比較困難。但是，是否有可能量化這些情況在上半年，或至少是上個季度造成的影響呢？

Thanks for the question, Jeff. Yes, we haven't quantified kind of the components of each of these. I would say 2 things. As I've listed out factors on contributing to subscription and transactional growth. Those have been in order of magnitude to help you size them up. And the other point, we have a rough rule of thumb of calling out kind of onetime events that are -- that contribute more than 1% to revenue growth. None of these single factors hit that threshold.

謝謝你的提問，傑夫。是的，我們還沒有量化這些因素的具體組成部分。我想說兩點。正如我所列出的，這些因素對訂閱和交易成長都有影響，並且按重要性排序，方便你進行評估。另一點是，我們有一個粗略的經驗法則，即識別那些對收入成長貢獻超過1%的一次性事件。這些單一因素都沒有達到這個閾值。

And I would say, Jeff, you can certainly see some of the outperformance relative to our long-term targets. And so some significant portion of that delta reflects those onetime elements, otherwise, they would be part of our normal operating core. So I think it gives you some kind of sense of the scale of the impact of some of these.

傑夫，我想說，你當然可以看到，相對於我們的長期目標，我們的業績確實有所超越。其中相當一部分超額收益反映了那些一次性因素，否則，這些因素就屬於我們正常的營運核心。所以我認為這能讓你對這些因素的影響規模有所了解。

And we will take our next question from Andrew Nicholas with William Blair.

接下來，我們將回答安德魯·尼古拉斯向威廉·布萊爾提出的問題。

Just wanted to circle back on marketing solutions. I think you called out in the prepared remarks or in the slide deck that you continue to see some pressure there and new customer acquisition spend is low amongst the carriers. Any signs of moderation there? It does seem like in general, they continue to pull back. I think the expectation previously was that was going to improve in the second half. Just wondering what kind of the latest temperature check is there and what's kind of baked into guidance in terms of a recovery?

我想再跟您聊聊行銷解決方案。我記得您在準備好的發言稿或幻燈片中提到，您仍然看到這方面存在一些壓力，而且運營商在新客戶獲取方面的支出較低。這種情況有緩和的跡象嗎？看起來總體而言，他們仍在縮減開支。我記得之前預期下半年情況會有所改善。我想了解最新的情況如何，以及在復甦預期中已經包含了哪些內容？

Yes. Thank you, Andrew. I think you're reading the situation correctly. The carriers are pulling back on marketing expense, largely driven by uncertainty around whether they can underwrite profitably within certain markets or product lines, and that is having an effect -- it had an effect for us in the first half. And based upon what we are seeing, we do expect that effect to continue in the second half for that business. It's a small part of our business. But I want to come back and emphasize that there's clearly shopping appetite. As consumers naturally are seeing higher rates, there is a desire to find a more competitive alternative to what they have currently. And so that latent energy is there.

是的，謝謝你，安德魯。我認為你對情勢的判斷是正確的。保險公司正在削減行銷支出，這主要是因為他們不確定在某些市場或產品線能否獲利，而這確實產生了影響——上半年就對我們造成了影響。根據我們目前觀察到的情況，我們預計下半年這部分業務仍將受到影響。這部分業務在我們公司佔比很小。但我還是要強調一點，消費者顯然有貨比三家的意願。隨著保費上漲，消費者自然希望找到比現有產品更具競爭力的替代方案。所以，這種潛在的購買力是存在的。

I think we expect over time that as the regulators approve some of the rate increases, and we are seeing some positive signs on that, as we alluded to in some of our earlier comments that, that will give us a greater opportunity to support our carriers and our clients with that marketing analysis. But one thing I want to emphasize that longer term, the demand from our clients were sophisticated analytics around how are they -- who is looking to shop for insurance in an online context, what are they looking for, how can we deliver the right product at the right time is something that they are strategically committed to, and we see a broad and growing opportunity to continue to serve that, notwithstanding some of the marketing headwinds that we are experiencing in the industry.

我認為，隨著監管機構批准部分費率上調（正如我們之前提到的，目前已看到一些積極跡象），我們將有更多機會透過市場分析為我們的保險公司和客戶提供支援。但我想強調的是，從長遠來看，客戶的需求在於更深入的分析，例如：哪些人正在網路上購買保險？他們的需求是什麼？我們如何在適當的時間提供合適的產品？這些都是他們策略性關注的重點。儘管目前行業面臨一些市場挑戰，但我們看到，繼續滿足這些需求的機會仍然廣闊且不斷增長。

And we will take our next question from Alex Kramm with UBS.

接下來，我們將回答瑞銀集團的 Alex Kramm 提出的問題。

I may be scrutinizing the guidance change a little bit too much, but just a quick question about the margin. When I look at the change in guidance on [before in] revenue and on EBITDA, it seems like the incremental margins you're implying here are at the midpoint in the low 40s and even at the high end, only 50%. So again, this may be just like some of the -- like a number thing. But I'm just wondering why the incremental margins on the outperformance would be lower than your overall margins? Is it performance-based payments? Is it incremental investing? Or is it just the mix of business?

我可能對業績指引的調整有點過於吹毛求疵了，但還是想問一下關於利潤率的問題。我看了調整前後的營收和 EBITDA 指引，感覺你們暗示的增量利潤率在 40% 左右，即使是上限也只有 50%。所以，這可能只是個數字問題。但我很好奇，為什麼業績超預期部分的增量利潤率會低於你們的整體利潤率？是因為業績提成嗎？是因為新增投資嗎？還是只是因為業務組合的原因？

Yes. Thanks, Alex. Good question. One is they're each ranges, so there is some range there. But I would say, in general, there's a couple of different things. One is the M&A, the incremental M&A that's been added since we gave guidance. Obviously, as we've talked about the pattern where our recent acquisitions typically have lower margins than our existing business. Some of it -- yes, there's a little bit of business mix across the full year. There is -- there are incentive-based payments based on the strong performance in the year-to-date. And in general, there's some seasonality in our margins. But finally, also, there is -- as we talked about before, there's investment over the course of the year as we look to balance efficient operation with also our goals for long-term sustainable growth.

是的，謝謝Alex。問得好。首先，每個指標都有區間，所以存在一定的波動。但總的來說，主要有兩個因素。一是併購，也就是自我們發布業績指引以來新增的併購專案。顯然，正如我們之前討論過的，我們近期收購項目的利潤率通常低於現有業務。部分利潤率－是的，全年業務組合會有一些變化。此外，還有一些基於年初至今強勁業績的激勵性付款。總的來說，我們的利潤率也存在著一定的季節性波動。最後，正如我們先前所提到的，我們全年都會進行投資，力求在高效營運和實現長期永續成長目標之間取得平衡。

And we will take our next question from Russell Quelch with Redburn.

接下來，我們將回答來自拉塞爾·奎爾奇和雷德伯恩的提問。

(technical difficulty)

（技術難題）

I'm sorry. Operator, we can -- it's not legible or we're not able to hear what the analyst is saying.

抱歉，接線員，我們——字跡不清或我們聽不清楚分析師在說什麼。

Sir, yes, we have a very garbled connection. If you could try reconnecting and rejoining the queue, please?

先生，是的，我們的網路連線非常不穩定。請您嘗試重新連線並重新加入隊列，好嗎？

Sure. Is that better now?

當然。現在好些了嗎？

It is.

這是。

Apologies for that. So the question was, could you give us the H1 revenue numbers for the marketing business, the EES business and the life insurance and the international businesses so we can assess you versus the numbers that you gave at the Investor Day earlier in this year. And also, I wondered if you might consider increasing disclosure going forward so we can better assess the growth in the business? Now it's solely an insurance business.

對此我深表歉意。所以，我的問題是，您能否提供行銷業務、EES業務、人壽保險和國際業務上半年的營收數據，以便我們與您今年早些時候在投資者日上公佈的數據進行比較？另外，我還想了解一下，您是否考慮在未來增加資訊揭露，以便我們更好地評估業務成長？目前貴公司僅專注於保險業務。

Thanks for the question, Russell. Yes, we don't give that level of disclosure at the moment on our businesses. The Investor Day was to give a long-term -- a sense of our long-term overall portfolio and was more disclosure than we've ever given in the past. So we'll take your feedback on that and consider it.

謝謝你的提問，Russell。是的，目前我們還沒有就公司業務進行如此詳盡的資訊揭露。投資者日的目的是為了展現我們長期的整體投資組合，也比以往任何一次都更加詳盡地披露資訊。我們會認真考慮你的回饋意見。

Okay. It was worth a try. And then just a quick follow-up on the revenue to CapEx. I appreciate that's higher than most of your peers. And I heard you talk earlier about incremental investment from a CapEx perspective for AI. I wondered if you'd be willing to take that revenue to CapEx ratio over 10% if you were to see a great opportunity to invest in AI opportunities in the next couple of years?

好的，值得一試。接下來我想快速了解一下營收與資本支出的比率。我知道這個比率高於大多數同業。我之前也聽到您談到從資本支出角度來看，對人工智慧進行增量投資。我想知道，如果您在未來幾年看到投資人工智慧的絕佳機會，您是否願意將營收與資本支出的比率提高到10%以上？

So thanks for the question. In terms of CapEx as a percent of revenue, again, we've talked about it, that's not a metric that we target. What we target is strong returns on invested capital for our capital deployment. But if you are benchmarking against our peers, there's 2 things that you have to keep in mind in terms of CapEx as a percent of revenue. One is our very high margins, which would make the CapEx as a percent of revenue skewed and maybe we should look at CapEx as a percent of EBITDA or free cash flow.

感謝您的提問。關於資本支出佔收入的百分比，我們之前也討論過，這不是我們關注的指標。我們的目標是確保資本部署獲得強勁的投資報酬率。但如果您要與同業進行比較，那麼在計算資本支出佔收入的百分比時，您需要注意兩點。首先，我們的利潤率非常高，這會導致資本支出佔收入的百分比數據出現偏差，因此我們或許應該考慮資本支出佔 EBITDA 或自由現金流的百分比。

The second point is that our R&D is very low, just given the way that we classify items. And so you should look at CapEx plus R&D. And on that basis, you'd get to a more normalized level. As to kind of where we would take it. I think at Investor Day, I pointed to a similar range of sort of high single digits area, and we continue to assess what the opportunity is and what's the best way to create value for shareholders.

第二點是，由於我們對研發專案的分類方式，我們的研發投入非常低。因此，您應該將資本支出加上研發投入來考察。以此為基礎，您就能得到一個更正常的水平。至於我們未來的發展方向，我認為在投資者日上，我曾提到過類似的區間，大約在個位數高位，我們會繼續評估市場機遇，並尋找為股東創造價值的最佳途徑。

Okay. Good stuff. And apologies for the connection issues.

好的，不錯。很抱歉連線出現了問題。

And we will take our next question from Ashish Sabadra with RBC.

接下來，我們將回答來自 RBC 的 Ashish Sabadra 提出的問題。

I wanted to drill down further on the new product innovation. Lee, you mentioned several new products that were launched in the quarter that are gaining traction with customers. I was wondering how do you track those KPIs internally? And is there anything that you can share externally on how we can track the success that you're having with this new Verisk initiative and the new product innovation over the near term, but also over the next 3 to 5 years?

我想更深入地了解一下新產品創新。 Lee，你提到本季推出了幾款新產品，這些產品正在獲得顧客的認可。我想知道你們內部是如何追蹤這些關鍵績效指標（KPI）的？你能否分享一些外部訊息，讓我們了解你們在Verisk新專案和新產品創新方面取得的短期甚至未來3到5年的成功情況？

Yes. Thank you, Ashish. I think given the scale of these and that they're deeply embedded, this is something where I think we will continue to describe anecdotally our success and what we -- our traction with clients around these, but it's at a level of detail. And certainly, at this stage, isn't a significant financial impact. And so we won't be providing specific items around that.

是的，謝謝你，阿什什。鑑於這些項目的規模和根深蒂固的程度，我認為我們會繼續以軼事的形式描述我們在這些方面的成功以及我們與客戶在這方面的合作，但不會涉及太多細節。當然，在現階段，這不會產生重大的財務影響。因此，我們不會提供這方面的具體資訊。

But I think they reflect a few of a larger portfolio of investments that we make across the business that over time, we expect can be contributors to perhaps tie it to other innovations that we have made are LightSpeed suite of products is an example of where we identified a need, we developed an application and now that has been a significant contributor to growth as we've been able to help our clients grow their -- or improve their ability to deliver a bindable quote on an accelerated basis. So there are throughout the organization, a large portfolio of these opportunities. It's not limited to the 2 or 3 that I've described. And so it's probably an overwhelming level of detail to kind of share all of that with you. But it's a fundamental part of our process of finding ways to add value for all of our clients.

但我認為，這些只是我們在整個業務範圍內進行的一系列投資的一部分。隨著時間的推移，我們預期這些投資能為我們帶來貢獻，並可能與我們其他的創新成果連結起來。例如，LightSpeed產品套件就是一個例子：我們發現了客戶的需求，開發了相應的應用程序，如今它已成為我們業務增長的重要推動力，因為我們能夠幫助客戶提升能力，更快地提供可約束的報價。因此，在整個公司範圍內，存在著大量類似的機會。這不僅限於我剛才提到的兩三個例子。所以，要和你們分享所有這些細節可能有點過於繁瑣。但這是我們為所有客戶創造價值過程中至關重要的一部分。

(Operator Instructions) And we will take our next question from Stephanie Moore with Jefferies.

（操作說明）接下來，我們將回答來自傑富瑞集團的史蒂芬妮·摩爾提出的問題。

I was wondering if you could talk a little bit about your strategy within Europe for your international business, maybe you could touch on how organic growth is trending? Also, your thoughts on any kind of acquisitions or that could help you kind of further gain critical mass going forward?

我想請您談談貴公司在歐洲的國際業務策略，例如有機成長的趨勢如何？另外，您對任何有助於貴公司未來進一步擴大規模的收購或其他舉措有何看法？

Yes. Thank you, Stephanie. And the international opportunity for us is one that we pursue in -- with a couple of approaches. And I'll start with kind of the natural inclination to see if we can build off of the product sets that we have in the U.S. So there are a variety of underwriting products, for instance, in our participation product, our core lines forms, rules and loss cost businesses, where international buyers see interest in that data and that information. And so we have been able to penetrate that market in delivering that product set. We also have claims products that we have developed specific to those international markets. So that is the first stage of our international approach.

是的，謝謝你，斯蒂芬妮。我們正透過多種途徑尋求國際市場機會。首先，我們自然而然地會考慮能否利用美國現有的產品組合來拓展。例如，我們在美國提供各種核保產品，包括參與式保險產品、核心險種、規則和損失成本業務，國際買家對這些數據和資訊很感興趣。因此，我們已經成功打入國際市場，提供了這些產品。此外，我們也專門針對國際市場開發了理賠產品。這是我們國際戰略的第一階段。

In addition, as you can imagine, we have made a number of acquisitions in international markets that represent the -- our ability to deliver similar services that we can add value to either by providing additional capital, leveraging our network of relationships, adding technology expertise or improving the efficiency that accelerates the penetration of that marketplace.

此外，正如您所想，我們在國際市場上進行了一系列收購，這代表了我們有能力提供類似的服務，我們可以透過提供額外的資金、利用我們的關係網絡、增加技術專長或提高效率來增加這些服務的價值，從而加速滲透到該市場。

And then the third element is to be able to tie those together in order to create more composite value or to create a stronger ecosystem. And there, I would point to our Specialty Business Solutions that is a combination and an integration of our original Sequel acquisition with acquisitions like White Space, Ignite, Rule Book and most recently Morning Data that is serving the nonstandard market or the London market with a broadening and increasingly integrated sets of products that allows us to serve the insurance industry more effectively. So though each of those are elements that we're pursuing in that international dimension. In a broad sense, we have generally been experiencing double-digit growth rates for our international business as a whole, reflecting contributions from all of those.

第三個要素是將這些要素整合起來，創造更大的綜合價值或建構更強大的生態系統。在這方面，我想特別指出我們的專業業務解決方案，它是我們最初收購的Sequel與White Space、Ignite、Rule Book以及最近收購的Morning Data等業務的結合與整合，旨在透過不斷擴展和日益整合的產品組合，服務於非標準市場或倫敦市場，從而更有效地服務於保險業。因此，儘管這些都是我們在國際層面上正在努力的方向，但總體而言，我們的國際業務整體上一直保持著兩位數的成長率，這反映了所有這些要素的貢獻。

In some cases, we have a life and health travel that has been growing at a high rate as the global travel industry has recovered post COVID. That's beginning to normalize, and we have other businesses that are automating or augmenting traditional functions in the claims side. Those are some of the businesses that we recently acquired in Germany and in Sweden. And we continue to have success in the U.K. in serving both the general insurance market as well as the London nonstandard excess and surplus market. So there are a lot of elements, but we generally view the international markets as areas where we can bring our expertise and we can augment existing insurtech players that are effectively serving the industry there.

在某些情況下，隨著全球旅遊業在新冠疫情後復甦，我們的人壽和健康旅遊業務成長迅速。目前該業務正逐步恢復正常，同時，我們也有一些業務正在理賠方面實現自動化或增強傳統功能。這些業務是我們近期在德國和瑞典收購的部分公司。此外，我們在英國也持續取得成功，服務於一般保險市場以及倫敦的非標準超額和剩餘保險市場。因此，涉及的因素很多，但我們通常將國際市場視為我們可以發揮自身專長並增強現有保險科技公司實力的領域，這些公司目前已在當地有效地服務於該行業。

We will take our next question from Faiza Alwy with Deutsche Bank.

接下來，我們將回答來自德意志銀行的 Faiza Alwy 提出的問題。

So I wanted to talk about the sales growth acceleration. You cited basically environmental factors that have accelerated your growth. But you've also talked about innovation, better dialogue and partnership with your customers. So it seems like the financial impact of that represents more upside over time. But curious how you think about the return on this innovation and some of the cultural things that you're doing. Is that something that you think accelerates that growth by allowing for pricing, improving retention, cross-selling, et cetera.? Has your thinking evolved just over the last few months since you gave your long-term outlook?

所以我想談談銷售成長加速的問題。您主要提到了環境因素加速了您的成長。但您也談到了創新、與客戶更好的溝通與合作。因此，從長遠來看，這些因素帶來的財務影響似乎更大。但我很好奇您如何看待這些創新以及您正在進行的一些文化建設的回報。您認為這些措施是否透過優化定價、提高顧客留存率、交叉銷售等方式加速了成長？自從您上次闡述長期展望以來，您的想法在過去幾個月是否有所改變？

Yes. So Faiza, thanks. There's a lot rolled up in that question. So I'm going to take -- give it the best crack I can here. I think the essence of your question is, as we have come about a year from our exits from the noninsurance businesses. And we've described our ambitions for what we can do more broadly with the industry as our culture has evolved, becoming more focused around insurance. Do we remain confident that the growth opportunity that we described at Investor Day remains in place? And I think the short answer is yes. We've been really happy with the level of engagement from our clients. I've been very happy with the feeling I've had within the organization of our configuration as an insurance-focused entity. I think that we are putting more energy into looking at how we can tie our data sets and our products together to serve the industry more broadly.

是的。 Faiza，謝謝。這個問題包含了很多資訊。我會盡我所能地回答。我認為你問題的本質是，自從我們退出非保險業務以來已經過去一年了。隨著公司文化的演變，我們更加專注於保險業務，我們也闡述了我們未來在保險業更廣泛的發展願景。我們是否仍然相信，我們在投資者日上所描述的成長機會依然存在？我認為答案是肯定的。我們對客戶的參與度非常滿意。我對公司內部目前專注於保險業務的組織架構也感到非常滿意。我認為我們正在投入更多精力，研究如何將我們的資料集和產品整合起來，從而更廣泛地服務整個產業。

And I think that's also improved the energy around innovating for the industry. And we've been focused on how do we do that not only from a bottoms-up standpoint with ideas from our employee base, which are often at the closest to the products and how we add value to those for the benefit of our clients and our ability to realize the commercial benefit as well as now integrating, I think, stronger input from the top-down to make certain that in those conversations with our clients when we have identified an opportunity to address their needs by tying things together that we are productizing that and we're delivering something not just for that client, but something that we can roll out to the industry as a whole.

我認為這同時也提升了整個產業的創新活力。我們一直致力於思考如何做到這一點，不僅要從基層做起，採納員工的意見（他們往往最了解產品，也最清楚如何為產品增值，從而造福客戶並實現商業利益），還要整合更多來自上層的反饋，確保在與客戶的溝通中，一旦發現可以通過整合各種資源來滿足他們需求的機會，不僅將這些機會轉化為產品，最終將滿足行業的需求。

At the core, our economic value proposition is driven by an ability to invest in and develop a solution or an analytic that can serve not just one client, but the industry as a whole. And so our ability to generate -- to rapidly monetize strong return on that investment and serving as an effective utility for the industry is quite powerful. And so I think everything that we've seen so far is a validation of what our thesis was. And I think we're also reassured that our investors are seeing the results. At an early stage, there's a lot to build upon. And so we're hopeful we'll be able to continue to execute against that dynamic.

從本質上講，我們的經濟價值主張源自於我們有能力投資並開發一種解決方案或分析工具，它不僅能服務單一客戶，還能服務於整個產業。因此，我們能夠快速實現投資的豐厚回報，並成為業界高效的公共服務工具，這本身就極具優勢。我認為，迄今為止我們所看到的一切都驗證了我們的理念。同時，我們也感到欣慰的是，我們的投資者看到了這些成果。在早期階段，我們還有很多可以發展的空間。因此，我們有信心能夠繼續保持這種發展勢頭。

And ladies and gentlemen, this concludes today's call. We thank you for participating, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。