Verisk Analytics Inc (VRSK) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to the Verisk's third quarter 2024 earnings results conference call. This call is being recorded. (Operator Instructions)

大家好，歡迎參加 Verisk 2024 年第三季財報電話會議。此通話正在錄音。（操作員說明）

For opening remarks and introductions, I would now turn the call to Verisk Head of Investor Relations, Ms. Stacey Brodbar. Ms. Brodbar, please go ahead.

對於開場白和介紹，我現在將致電 Verisk 投資者關係主管 Stacey Brodbar 女士。布羅德巴爾女士，請繼續。

Thank you, operator, and good day, everyone. We appreciate you joining us today for a discussion of our third quarter 2024 financial results. On the call today are Lee Shavel, Verisk President and Chief Executive Officer; and Elizabeth Mann, Chief Financial Officer.

謝謝您，接線員，大家好。感謝您今天加入我們討論我們 2024 年第三季的財務表現。今天參加電話會議的是 Verisk 總裁兼執行長 Lee Shavel；和財務長伊麗莎白·曼。

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. As set forth in more detail in today's earnings release, I will remind everyone today's call may include forward-looking statements about their future performance, including those related to our financial guidance.

本次電話會議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 數據可以在我們網站 verisk.com 的投資者部分找到。收益報告也附在我們向 SEC 提供的 8-K 中。本次電話會議的重播將在 30 天內透過我們的網站和撥入方式進行。正如今天的財報中更詳細地闡述的那樣，我要提醒大家，今天的電話會議可能包含有關其未來業績的前瞻性陳述，包括與我們的財務指導相關的前瞻性陳述。

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. 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 non-recurring expenses, the effect of which may be significant.

實際表現可能與我們今天評論中建議的表現有重大差異。有關可能影響未來業績的因素的資訊包含在我們最近向 SEC 提交的文件中。我們的 8-K 和今天在我們網站 Verisk.com 投資者部分發布的收益演示中提供了本次電話會議中討論的報告和歷史非 GAAP 財務指標的調節表。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較的預期GAAP 結果的對賬，因為對某些項目進行了不合理的努力和高度不可預測性的估計，這些項目被排除在預期的非GAAP 調整後EBITDA 和調整後EBITDA 之外。

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

現在我想把電話轉給 Lee Shavel。

Thank you, Stacey. Good morning, and thank you for participating in today's call. I'm pleased to share that our operating momentum continued as Verisk delivered another quarter of strong financial results, led by our subscription revenue growth of 9.1%, with contributions from both underwriting and claims. Transactional revenues were down slightly due to the strong double-digit growth from weather and shopping activity in the prior year as well as the ongoing conversion of transactional revenues into committed subscription contracts.

謝謝你，史黛西。早安，感謝您參加今天的電話會議。我很高興地告訴大家，我們的營運勢頭仍在繼續，Verisk 又一個季度實現了強勁的財務業績，其中訂閱收入增長了 9.1%，承保和理賠都做出了貢獻。由於上一年天氣和購物活動帶來的兩位數強勁增長以及交易收入持續轉化為承諾的訂閱合同，交易收入略有下降。

Returning to overall revenue growth, unaffected by contract transitions from last year, organic constant currency revenue growth was 8% on a two-year compound annual growth basis at the high end of our longer-term targets established at Investor Day. Elizabeth will provide much more detail in her financial review, but these results demonstrate the compounding power of our subscription-based business model, driven by the value we create for our clients. I'm confident that 2024 is on track to be another year delivering on the strategy and financial targets we established at Investor Day.

回到整體收入成長，不受去年合約轉換的影響，以兩年複合年增長率計算，有機固定貨幣收入增長率為 8%，處於投資者日制定的長期目標的高端。伊麗莎白將在她的財務審查中提供更多細節，但這些結果證明了我們基於訂閱的業務模式的複合力量，這是由我們為客戶創造的價值所驅動的。我相信 2024 年將是實現我們在投資者日所製定的策略和財務目標的另一年。

There are two fundamental drivers to the strong subscription growth we have been achieving. First is our enhanced go-to-market approach, which elevates and intensifies our strategic dialogue with clients. The second is the strength of our products and solutions built on proprietary data sets and continuously enhanced as we scale innovation and invest on behalf of the industry.

我們實現的強勁訂閱成長有兩個基本驅動力。首先是我們強化的進入市場方法，它提升並加強了我們與客戶的策略對話。第二個是我們的產品和解決方案的實力，這些產品和解決方案建立在專有數據集的基礎上，並隨著我們代表產業擴大創新和投資而不斷增強。

On the first lever, with our client engagement, as I engage across the property and casualty insurance industry, we are seeing improving industry-wide financial metrics, helped by continued strong premium growth. Swiss Re now forecasts that 2024 direct written premiums will grow 9.5%, though there will be variability by line. Profitability across the sector is also improving as net industry-wide combined ratios have improved by over 2 points to [99.4%], indicating underwriting profits.

在第一個槓桿上，隨著我們的客戶參與，當我參與財產和意外保險行業時，我們看到在持續強勁的保費增長的幫助下，整個行業的財務指標不斷改善。瑞士再保險目前預測，2024 年直接承保保費將成長 9.5%，但各險種之間存在差異。整個產業的獲利能力也在改善，整個產業的淨綜合成本率提高了 2 個百分點以上，達到 [99.4%]，這表明承保利潤。

While catastrophe losses are expected to be elevated for the remainder of the year due to recent hurricanes, the expectation is that insurance and reinsurance industry participants are in a stronger financial position than in prior years and better able to absorb these cat-related losses. Since our last call, I've had the opportunity to participate in several industry events, including the Rendez-Vous de Septembre in Monte Carlo, the CIAB Insurance Leadership Conference, and our own Verisk Insurance Conference in London.

雖然由於最近的颶風，今年剩餘時間的巨災損失預計將增加，但預計保險和再保險行業參與者的財務狀況比前幾年更強勁，並且能夠更好地吸收這些與巨災相關的損失。自從我們上次通話以來，我有機會參加了多項行業活動，包括蒙特卡洛的 Rendez-Vous de Septembre、CIAB 保險領導會議以及我們在倫敦舉行的 Verisk 保險會議。

At each of these, the opportunities to engage with the highest levels of leadership has enhanced our understanding of our clients' enterprise needs, broadened and strengthened our relationships, and open new doors to opportunities to work with them.

在每一次活動中，與最高層領導層接觸的機會都增強了我們對客戶企業需求的理解，擴大和加強了我們的關係，並為與他們合作的機會打開了新的大門。

What I have heard consistently and we are acting on is a strong desire to see us connect more of our data sets and analytics for enterprise solutions directly and with our partners. We are pursuing several product initiatives between underwriting claims, extreme events, and specialty business solutions to deliver on that very objective.

我一直聽到並且我們正在採取行動的是強烈希望看到我們直接或與我們的合作夥伴連接更多的數據集和分析以用於企業解決方案。我們正在承保索賠、極端事件和專業業務解決方案之間推行多項產品計劃，以實現這一目標。

Another reflection of our broader engagement to find, develop, and leverage solutions for the industry is the opportunity I'll have to engage with insurance constituents as a member of the Federal Advisory Committee on Insurance. With heightened focus on the importance of the insurance industry in the midst of severe weather events, being at the table with industry partners to find ways to improve is an important responsibility for Verisk. I have already participated in discussions on improving community resilience and managing the impact of severe weather events.

我們更廣泛參與尋找、開發和利用行業解決方案的另一個體現是，我將有機會作為聯邦保險諮詢委員會的成員與保險選民接觸。隨著人們越來越關注保險業在惡劣天氣事件中的重要性，與產業夥伴一起尋找改進方法是 Verisk 的一項重要責任。我已經參與了有關提高社區復原力和管理惡劣天氣事件影響的討論。

In addition, we believe the opportunity to serve a broader range of agencies beyond our role in supporting the national flood insurance program and community rating system for FEMA and the terrorism Risk Insurance Act program for the Department of Treasury is an important opportunity to support communities and industry. With all client engagements, the follow-up on these opportunities is focused, supported by the enhancements we've made in our client engagement structure and investments in our sales coverage. I believe the strength in our subscription growth reflects in part the progress we are making in elevating our dialogue and relationships and then capitalizing on the opportunities we create.

此外，我們相信，除了支持國家洪水保險計劃和FEMA 的社區評級系統以及財政部的恐怖主義風險保險法案計劃之外，我們還有機會為更廣泛的機構提供服務，這是支持社區和社區的重要機會。在所有客戶參與中，重點是對這些機會的後續行動，並得到我們在客戶參與結構方面的增強和對銷售覆蓋範圍的投資的支持。我相信我們的訂閱成長動能在某種程度上反映了我們在提升對話和關係以及利用我們創造的機會方面所取得的進展。

The second factor driving our subscription revenue growth is the strength of our data and solutions and our ability to innovate through data enhancement and responsibly combining data sets. Let me give you some examples of our progress this quarter. Our most significant initiative to drive more value for our clients is core lines reimagine, which we have discussed with you at length. We continue to advance our progress in delivering proprietary content to clients more digitally integrating more seamlessly into their workflows and providing more analytics and insights.

推動我們訂閱收入成長的第二個因素是我們的數據和解決方案的實力，以及我們透過數據增強和負責任地組合數據集進行創新的能力。讓我舉一些我們本季所取得的進展的例子。我們為客戶創造更多價值的最重要舉措是重新構想核心產品線，我們已經與您進行了詳細討論。我們繼續推進以數位化方式向客戶提供專有內容，更無縫地整合到他們的工作流程中，並提供更多的分析和見解。

To that end, in the third quarter, we had the first release of an initiative we call the Future Reforms. Future Reforms addresses our clients' challenge of understanding and managing through the complexity of major policy updates. The Future Reforms introduces a data visualization for our forms filing with this first release focused on general liability. This new digital experience allows insurers to save time analyzing our content by interacting with our forums filings in an entirely new way. And the early response from our clients has been very positive, with specified back saying that this new solution is easy to navigate and a significant time saver for their teams.

為此，我們在第三季首次發布了一項名為「未來改革」的舉措。未來改革解決了客戶在理解和管理重大政策更新的複雜性方面所面臨的挑戰。未來改革為我們的表格歸檔引入了資料視覺化，第一個版本重點關註一般責任。這種新的數位體驗使保險公司能夠以全新的方式與我們的論壇文件進行交互，從而節省分析我們內容的時間。我們客戶的早期反應非常積極，特別回覆說這個新解決方案易於導航，並且可以為他們的團隊節省大量時間。

Additionally, as we have previously discussed, we continue to receive interest and inbound inquiries from our clients through the release of our Executive Insights reports, which leverage our statistical data to provide key trends. In the third quarter, we added to our library of reports by introducing executive insights for personal auto and general liability. We now have executive insights covering five of the six major lines of business with plans to introduce reports for commercial auto in the first half of 2025.

此外，正如我們之前所討論的，我們透過發布高階主管洞察報告繼續收到客戶的興趣和入站詢問，該報告利用我們的統計數據提供關鍵趨勢。在第三季度，我們透過引入對個人汽車和一般責任的高階主管見解來添加到我們的報告庫中。我們現在擁有涵蓋六大主要業務領域中的五個的高階主管見解，並計劃在 2025 年上半年推出商用汽車報告。

Executive insights not only provides our clients with benchmarking analyses for their book of business but also provides a deeper look into the broader market. These reports reinforce Verisk's thought leadership position in the industry by providing this granular and unique view of the data in a timely manner.

高階主管洞察不僅為我們的客戶提供了其業務的基準分析，而且還提供了對更廣泛市場的更深入的了解。這些報告透過及時提供細緻而獨特的數據視圖，鞏固了 Verisk 在業界的思想領導地位。

And the new product creates additional fuel for our client engagement teams, serving as a touch point for new C-level conversations and delivers on a consistent request for more insights. As I mentioned earlier, we are also driving value by continuing to enhance our solutions by combining data sets across the Verisk family. To that end, we recently combined Verisk's claims data into Opta's enhanced peril score for the Canadian market. The peril score is powered by predictive analytics and location-specific data to predict severity and the likelihood of claims at a property.

新產品為我們的客戶參與團隊創造了額外的動力，作為新的 C 級對話的接觸點，並滿足對更多見解的一致要求。正如我之前提到的，我們也透過結合 Verisk 系列的資料集繼續增強我們的解決方案來推動價值。為此，我們最近將 Verisk 的索賠數據合併到 Opta 加拿大市場的增強風險評分中。危險評分由預測分析和特定位置數據提供支持，以預測財產索賠的嚴重性和可能性。

The addition of the Verisk claims data has enhanced the model, driving more insightful signals for our clients and leading to reinvigorated sales growth of this solution. Our commitment to driving value and improving efficiency and automation is also a focus within the four walls of Verisk as we innovate around our internal data collection and management processes. We recently launched a new, fully mobile application that allows our field representatives to complete engineering assessments and loss cost surveys directly from the field. We expect this initiative to speed up cycle times for surveys while also including more data validations and further automation of our quality control process.

Verisk 索賠數據的添加增強了模型，為我們的客戶帶來了更有洞察力的信號，並導致該解決方案的銷售成長重振。當我們圍繞內部資料收集和管理流程進行創新時，我們對推動價值、提高效率和自動化的承諾也是 Verisk 四面牆的一個重點。我們最近推出了一款新的完全行動應用程序，使我們的現場代表能夠直接在現場完成工程評估和損失成本調查。我們希望這項措施能夠加快調查的週期時間，同時也包括更多的資料驗證和品質控制流程的進一步自動化。

As you might imagine, our continued engagement focuses on issues that are top of mind for our clients and often top of mind for our shareholders as well. Most recently, Hurricanes Beryl, Helene and Milton have brought renewed attention to climate risks, catastrophe losses and resilience. Our conversations are focused on the comprehensive suite of solutions we currently offer that help our clients plan for, react and respond to climate risks.

正如您可能想像的那樣，我們的持續參與重點關注我們的客戶最關心的問題，而且通常也是我們股東最關心的問題。最近，颶風貝裡爾、海倫和米爾頓再次引起人們對氣候風險、災難損失和復原力的關注。我們的對話重點是我們目前提供的全套解決方案，幫助我們的客戶規劃、應對和應對氣候風險。

In our extreme events business, we help our clients evaluate and price catastrophe risks by modelling a view of probable outcomes and impacts on their book of business before the events make landfall. Our catastrophe models calculate a view of loss outcomes, incorporating not only the most advanced weather science but also detailed understanding of local building codes and construction standards.

在我們的極端事件業務中，我們透過在事件發生之前對可能的結果和對客戶業務的影響進行建模，幫助客戶評估和定價巨災風險。我們的災難模型不僅結合了最先進的天氣科學，還結合了對當地建築規範和施工標準的詳細了解，計算了損失結果。

Investing in mitigation efforts to manage and reduce losses is one of the keys to containing the industry losses climate change. To that end, Verisk's work in conjunction with FEMA's National Flood Insurance Program helps assess community-level efforts to reduce and avoid flood damage to insurable properties.

投資緩解措施以管理和減少損失是遏制氣候變遷產業損失的關鍵之一。為此，Verisk 與 FEMA 國家洪水保險計劃合作，幫助評估社區層面為減少和避免洪水對可保財產造成的損害所做的努力。

Known as the community rating system, this program is based on technical data on flood plain mitigation that is collected and analysed by Verisk. Through this program, communities can achieve discounts on flood insurance premiums for their property owners, making flood insurance more affordable for the end consumer.

該計劃被稱為社區評級系統，基於 Verisk 收集和分析的洪氾區緩解技術數據。透過該計劃，社區可以為其業主實現洪水保險保費折扣，使最終消費者更能負擔得起洪水保險。

And finally, our property estimating solutions and anti-fraud solutions help insurance ecosystem participants respond after the impact of storms. Our solutions power and network that allows carriers, independent adjusters, and restoration contractors to estimate the cost to repair and rebuild storm impact in property in an automated and efficient way while also identifying fraud to make sure that only the valid claims get paid.

最後，我們的財產評估解決方案和反詐欺解決方案可協助保險生態系統參與者在風暴影響後做出反應。我們的解決方案強大的功能和網路使承運人、獨立理賠員和修復承包商能夠以自動化、高效的方式估算修復和重建風暴影響財產的成本，同時還可以識別詐欺行為，以確保只支付有效的索賠。

I'm energized by the opportunity that lies ahead. In my conversations with the leaders of our clients, there is strong appetite to invest in technologies that can drive value in the form of better risk selection, more automation and efficiency, and they are turning to Verisk as the trusted partner to help them. Now let me turn the call over to Elizabeth to review our financial results for the third quarter and year-to-date basis.

我對眼前的機會感到充滿活力。在我與客戶領導的對話中，他們對投資能夠以更好的風險選擇、更高的自動化和效率的形式推動價值的技術有著強烈的興趣，他們正在轉向Verisk 作為值得信賴的合作夥伴來幫助他們。現在讓我把電話轉給伊莉莎白，回顧我們第三季和年初至今的財務表現。

Thanks, Lee, and good day to everyone on the call. On a consolidated and GAAP basis, third quarter revenue was $725 million, up 7% versus the prior year, reflecting consistent levels of growth across both underwriting and claims.

謝謝李，祝大家有美好的一天。在合併和公認會計原則的基礎上，第三季收入為 7.25 億美元，比上年增長 7%，反映出承保和索賠方面的持續增長水平。

Income from continuing operations was $220 million, up 17.4% versus the prior year. While diluted GAAP earnings per share from continuing operations were $1.54, up 19.4% versus the prior year. The increase in diluted GAAP EPS was driven by strong operating performance, a litigation reserve expense in the prior year period, and a lower effective tax rate.

持續經營業務收入為 2.2 億美元，較上年成長 17.4%。持續經營業務攤薄後的 GAAP 每股收益為 1.54 美元，比上年增長 19.4%。稀釋後公認會計準則每股收益的成長是由強勁的經營業績、上一年期間的訴訟準備金費用以及較低的有效稅率所推動的。

Moving to our organic constant currency results for the third quarter. Adjusted for nonoperating items, as defined in the non-GAAP financial measures section of our press release, our operating results demonstrated consistent growth across both underwriting and claims. OCC revenues grew 6.8% with growth of 6.5% in underwriting and 7.4% in claims. The solid revenue growth is compounding from the 9.4% OCC revenue growth from the prior year and reflects improvement from the second quarter in both the underwriting and claims businesses as well as in our total subscription and transactional revenues.

轉向我們第三季的有機固定匯率結果。根據我們新聞稿中非公認會計準則財務衡量標準部分的定義，對非經營項目進行調整後，我們的經營績效顯示承保和理賠的持續成長。OCC 收入成長 6.8%，其中承保成長 6.5%，理賠成長 7.4%。穩健的收入成長與去年 9.4% 的 OCC 收入成長相結合，反映出核保和理賠業務以及我們的總認購和交易收入較第二季度有所改善。

Our subscription revenues, which comprised 82% of our total revenue in the quarter, grew 9.1% on an OCC basis during the third quarter, building upon the 9.3% OCC growth we delivered last year. This quarter's growth was broad-based across most of our subscription-based solutions, especially in our largest businesses.

我們的訂閱收入佔本季總營收的 82%，在去年 OCC 成長 9.3% 的基礎上，第三季以 OCC 計算成長了 9.1%。本季我們大多數基於訂閱的解決方案都實現了廣泛的成長，特別是在我們最大的業務中。

In particular, our forms, rules and loss costs business led the contribution to subscription growth where our engagement efforts and the enthusiasm around core lines reimagine continues to deliver strong outcomes during contract renewals as we are focusing on the value we are creating for our clients, supported by the tailwind of premium growth.

特別是，我們的表格、規則和損失成本業務為訂閱成長做出了貢獻，我們的參與努力和對核心業務重新構想的熱情在合約續約期間繼續帶來強勁成果，因為我們專注於為客戶創造的價值，受到保費成長的推動。

In anti-fraud, we experienced strong growth in our claims search and claims essential solutions, primarily driven by the continued success of our pricing and bundling strategy with a focus on third-party administrators. Growth was also augmented by a strong uptake of some of our newer solutions, including claims coverage identifier and claims scoring.

在反詐騙方面，我們的索賠搜尋和索賠基本解決方案實現了強勁增長，這主要得益於我們以第三方管理員為重點的定價和捆綁策略的持續成功。我們的一些新解決方案（包括索賠覆蓋範圍識別碼和索賠評分）的廣泛採用也促進了成長。

In Extreme Event Solutions, we delivered another quarter of very strong growth. We are hearing from our insurers, reinsurers and brokers clients that they value our continuous updates to our models, incorporating the most recent data and science, including in our next-generation models. This momentum has led to an additional 10 new clients signed in this quarter alone as our sales teams are capitalizing on the growth of certain client segments, including excess and surplus lines of insurance and managing general agents or MGAs.

在極端事件解決方案中，我們又實現了非常強勁的成長。我們從保險公司、再保險公司和經紀商客戶得知，他們重視我們對模型的不斷更新，將最新的數據和科學納入其中，包括在我們的下一代模型中。這一勢頭僅在本季就新增了 10 個新客戶，因為我們的銷售團隊正在利用某些客戶群的成長，包括保險的超額和剩餘額度以及管理總代理商或 MGA。

Finally, this quarter's subscription growth does also reflect the benefit of ongoing conversion subscription from previously transactional contracts, including the one discrete government contract that we mentioned last quarter, which contributed approximately 60 basis points to the third quarter subscription revenue growth.

最後，本季的訂閱成長確實也反映了先前交易合約持續轉換訂閱的好處，包括我們上季度提到的一份離散政府合同，該合約為第三季訂閱收入增長貢獻了約 60 個基點。

Our transactional revenues representing 18% of total revenue in the quarter, declined 2.5% on an OCC basis. This decline was a function of the strong results reported last year, which benefited from elevated levels of weather auto shopping activity and the non-rate action deal. This decline also reflects the impact of the conversion to subscription from previously transactional revenue.

我們的交易收入佔本季總收入的 18%，以 OCC 計算下降了 2.5%。這一下降是去年公佈的強勁業績的結果，得益於天氣汽車購物活動水平的提高和非利率行動交易。這一下降也反映了從先前的交易收入轉換為訂閱的影響。

If you normalize for the one discrete contract conversion previously mentioned, Transactional revenue growth would have been essentially flat. Partially offsetting the decline, we did experience double-digit growth in international underwriting, including life, health and travel business. A modest transactional benefit from the storms in our property estimating solutions business and strong transactional growth in our personal lines property solutions as our carrier clients are turning to Verisk data to help us navigate rising premiums in that line of insurance.

如果您對前面提到的一個離散合約轉換進行標準化，交易收入成長將基本持平。我們的國際核保業務（包括人壽、健康和旅遊業務）確實實現了兩位數的成長，部分抵消了下滑的影響。我們的財產估價解決方案業務的風暴帶來了適度的交易收益，而我們的個人險種財產解決方案的交易增長強勁，因為我們的承運人客戶正在轉向Verisk 數據來幫助我們應對該保險領域不斷上漲的保費。

Moving now to our adjusted EBITDA results. OCC adjusted EBITDA growth was 7.2% in the quarter while total adjusted EBITDA margin, which includes both organic and inorganic results, was 55.2%, up 120 basis points from the reported results in the prior year. As we have mentioned previously, the margin rate in any given quarter can be influenced by revenue mix and timing of expenditures. Therefore, we find it useful to examine our margin on a trailing 12-month basis, which stood at 54.6% at the end of the third quarter, up 130 basis points year-over-year.

現在來看我們調整後的 EBITDA 結果。OCC 本季調整後 EBITDA 成長率為 7.2%，調整後 EBITDA 利潤率（包括有機和無機績效）為 55.2%，比前一年報告的業績成長 120 個基點。正如我們之前提到的，任何特定季度的保證金率都可能受到收入組合和支出時間的影響。因此，我們發現檢查過去 12 個月的利潤率很有用，第三季末利潤率為 54.6%，年成長 130 個基點。

This level of margin expansion highlights the effects of strong revenue growth, ongoing cost discipline, and our global talent optimization initiatives, offset in part by continued investment in our finance transformation and higher medical benefit expenses. Additionally, our margins benefited from a foreign exchange translation impact, which helped margins by approximately 60 basis points in the quarter. This FX benefit was not contemplated in our guidance as we do not forecast or hedge foreign currency.

這種水準的利潤率擴張凸顯了強勁的收入成長、持續的成本控制和我們的全球人才優化計劃的影響，但部分被我們對財務轉型的持續投資和更高的醫療福利費用所抵消。此外，我們的利潤率也受惠於外匯換算的影響，這使本季的利潤率提高了約 60 個基點。我們的指導中沒有考慮到這種外匯收益，因為我們不預測或對沖外幣。

For the full year 2024, we continue to expect our margins to remain in the 54% to 55% range. We remain confident in our ability to achieve our margin expansion targets while strategically investing in future growth opportunities.

對於 2024 年全年，我們繼續預計我們的利潤率將保持在 54% 至 55% 的範圍內。我們對實現利潤擴張目標的能力仍然充滿信心，同時對未來的成長機會進行策略性投資。

Continuing down the income statement, net interest expense was $32 million, compared to $29 million in the same period last year. This increase is primarily due to higher interest expenses from the issuance of senior notes in the second quarter at a higher interest rate. leading to an increased run rate expense going forward. Our current leverage remains at 2 times, which is at the lower end of our targeted range of 2 to 3 times adjusted EBITDA.

繼續查看損益表，淨利息支出為 3,200 萬美元，而去年同期為 2,900 萬美元。這一增長主要是由於第二季以較高利率發行優先票據導致利息支出增加。導致未來運行費用增加。我們目前的槓桿率仍為 2 倍，處於我們 2 至 3 倍調整後 EBITDA 目標範圍的下限。

Our reported effective tax rate was 22.9% compared to 25% in the prior year quarter. The prior year quarter's rate was elevated due to onetime items that did not repeat. For the fourth quarter, we believe that our tax rate will be in the previously provided range of 23% to 25%. There could always be some quarterly variability related to employee stock option exercise activity.

我們報告的有效稅率為 22.9%，而去年同期為 25%。由於一次性項目不再重複，上一季的比率有所上升。對於第四季度，我們認為我們的稅率將在先前提供的23%至25%的範圍內。與員工股票選擇權行使活動相關的季度變化總是可能存在。

Adjusted net income increased 7.8% to $239 million, and diluted adjusted EPS increased 9.9% to $1.67 for the quarter. The increase is primarily driven by solid revenue growth, strong margin expansion, a lower effective tax rate and a lower average share count. This was partially offset by higher depreciation and amortization expense.

該季度調整後淨利成長 7.8%，達到 2.39 億美元，稀釋調整後每股收益成長 9.9%，達到 1.67 美元。這一成長主要是由穩健的收入成長、強勁的利潤率擴張、較低的有效稅率和較低的平均股數所推動的。這被較高的折舊和攤提費用部分抵銷。

From a cash flow perspective, on a reported basis, net cash from operating activities increased 18% to $296 million, while free cash flow increased 23% to $241 million. demonstrating the strong cash flow generation characteristics of our subscription-based business model.

從現金流角度來看，以報告計算，營業活動淨現金成長 18%，達到 2.96 億美元，而自由現金流成長 23%，達到 2.41 億美元。展示了我們基於訂閱的業務模式強大的現金流生成特徵。

We are committed to returning capital to shareholders. And during the quarter, we returned $455 million through repurchases and dividends. This includes our new $400 million accelerated share repurchase program, which was completed in October and our cash dividend of $0.39 per share, an increase of 15% from 2023.

我們致力於向股東返還資本。在本季度，我們透過回購和股息返還了 4.55 億美元。這包括我們在 10 月完成的新的 4 億美元加速股票回購計畫以及每股 0.39 美元的現金股息，較 2023 年增加 15%。

We are pleased with the third quarter and year-to-date performance. Our outlook for 2024 remains unchanged. More specifically, we continue to expect consolidated revenue for 2024 to be in the range of $2.84 billion to $2.9 billion. We expect adjusted EBITDA to be in the range of $1.54 billion to $1.6 billion and adjusted EBITDA margin in the 54% to 55% range. Below the line, we expect fixed asset depreciation to be at the high end of the range as we continue to put new projects into service.

我們對第三季和年初至今的業績感到滿意。我們對 2024 年的展望保持不變。更具體地說，我們繼續預計 2024 年合併收入將在 28.4 億美元至 29 億美元之間。我們預計調整後 EBITDA 為 15.4 億美元至 16 億美元，調整後 EBITDA 利潤率為 54% 至 55%。在此線以下，隨著我們繼續將新項目投入使用，我們預計固定資產折舊將處於該範圍的高端。

Combined with the slightly higher net interest expense due to our refinancing, the net result is that we still expect adjusted earnings in the range of $6.30 to $6.60 per share. A complete listing of all guidance measures can be found in the earnings slide deck, which has been posted to the Investors section of our website, verisk.com.

加上我們的再融資導致的淨利息支出略高，最終結果是我們仍然預計調整後的每股收益在 6.30 美元至 6.60 美元之間。所有指導措施的完整清單可以在收益幻燈片中找到，該幻燈片已發佈到我們網站verisk.com 的投資者部分。

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

現在我將把電話轉回李以徵求一些結束語。

Thanks, Elizabeth. In summary, our strategic priorities are unchanged as we remain focused on delivering consistent and predictable growth while allocating capital to our highest return on investment opportunities and returning excess capital to shareholders. Our focus on heightened strategic engagement with clients has strengthened relationships and fostered new product and business opportunities for the industry, where we can invest at scale to drive value for our clients, employees, and shareholders.

謝謝，伊麗莎白。總之，我們的策略重點沒有改變，因為我們仍然專注於實現持續且可預測的成長，同時將資本分配給我們最高回報的投資機會，並將多餘的資本回饋給股東。我們專注於加強與客戶的策略合作，從而加強了關係並為產業培育了新產品和商機，我們可以進行大規模投資，為客戶、員工和股東創造價值。

We continue to appreciate the support and interest in Verisk. Given the large number of analysts we have covering us, we ask that you limit yourself to one question. With that, I'll ask the operator to open the line for questions.

我們繼續感謝 Verisk 的支持和興趣。鑑於我們擁有大量分析師，我們要求您只回答一個問題。然後，我會要求接線員開通提問線路。

(Operator Instructions) Toni Kaplan, Morgan Stanley.

（操作員指示）Toni Kaplan，摩根士丹利。

Just given where we are in the year, I'm trying to think of through the dynamics for 2025. So I think there was 10% net written premium growth in the industry in '23. So the part that's tied to your premiums should be pretty strong and transactional has pretty easy comps over the next four quarters. And then it seems like Extreme Events and life and international are going really well. So I guess my question, is 2025 setting up for an outsized year of growth? Or are there any headwinds that we should be thinking about?

考慮到今年的情況，我正在嘗試思考 2025 年的動態。因此，我認為 23 年該行業的淨承保保費增長了 10%。因此，與保費相關的部分應該相當強勁，並且交易在接下來的四個季度中具有相當容易的比較。然後看起來極端事件、生活和國際都進展得很順利。所以我想我的問題是，2025 年是否會迎來超常成長的一年？或者有什麼我們應該考慮的逆風嗎？

Hey, Toni, thanks for the question. Yeah, as we think about 2025, I think you've articulated well the tailwinds that we see in the business, the subscription momentum that we feel and the continued strong premium environment.

嘿，托尼，謝謝你的提問。是的，當我們思考 2025 年時，我認為您已經很好地闡明了我們在業務中看到的順風車、我們感受到的訂閱勢頭以及持續強勁的優質環境。

As we think about potential headwinds that could offset it, we are going into the third year of elevated premium growth. And so that is a longer cycle, the pricing momentum can feel those challenges. I think another element we are in an environment where the carriers are very focused on their profitability. They're evaluating lines of business and which ones that they are in as well as evaluating their overall spend. So that is one element of headwind.

當我們考慮可能抵消其影響的潛在阻力時，我們即將進入保費成長強勁的第三年。所以這是一個更長的周期，定價動力可以感受到這些挑戰。我認為我們所處的環境中的另一個因素是營運商非常關注其獲利能力。他們正在評估業務線、所屬業務線以及整體支出。所以這是逆風因素之一。

And then finally, you could start to see a normalization of attrition, which has been a boost for us over the last couple of years. So those are some of the headwinds. Then as an unknown there is the weather factor. But in general, as we think about it, we do see strong momentum in the business.

最後，您可能會開始看到人員流失正常化，這在過去幾年對我們來說是一個推動。這些是一些不利因素。然後，作為一個未知數，還有天氣因素。但總的來說，我們確實看到了該業務的強勁勢頭。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Is there a way for us to estimate the tailwinds from the Hurricanes Helene and Milton in 4Q, but also the tailwinds for the property estimating solutions going forward?

我們是否有辦法估算第四季颶風海倫和米爾頓的影響，以及未來房地產估算解決方案的影響？

Yeah. Thanks, Ashish. So as we think about the fourth quarter, and both Helene and Milton hit in the fourth quarter, Helene was the very end of September; Milton, obviously, in early October. It is early to tell and quantify the impact to us. You can look at the estimates of insured losses that have been published, Verisk estimates, which our extreme events business as published, had insured losses estimated at $6 billion to $11 billion for Helene and $30 billion to $50 billion for Hurricane Milton. As you look at those combined, you could say, on average, they're similar to Hurricane Ian.

是的。謝謝，阿什什。因此，當我們考慮第四節時，海倫和米爾頓都在第四節擊球，海倫是在九月底；顯然是米爾頓，十月初。現在判斷和量化對我們的影響還為時過早。你可以看看已經公佈的保險損失估計，Verisk 估計，我們的極端事件業務已公佈，海倫的保險損失估計為 60 億至 110 億美元，颶風米爾頓的保險損失估計為 300 億至 500 億美元。當你把這些綜合起來看時，你可以說，平均而言，它們與颶風伊恩相似。

But the flow through to us can vary based on the number of assignments, the type of peril, whether it's wind or flood the overall area covered by the storms. And from what we're seeing, it does take time for the claim to actually be filed as everyone there is focused on getting those communities back on their feet.

但是，我們收到的訊息可能會根據任務數量、危險類型、風暴覆蓋的整個區域是風還是洪水而有所不同。從我們所看到的情況來看，實際提出索賠確實需要時間，因為那裡的每個人都專注於讓這些社區重新站起來。

The other thing I do want to put in context as you think about those -- the impact of those storms in the fourth quarter. You've heard us talk in general across the business about converting contracts from transactional to subscriptions and from customers increasing their usage and committing to higher tiers and that's happening in this property estimating solutions business as well. We've seen customers increasing their usages and then adapting their subscription contracts to reflect that higher usage.

當你思考這些問題時，我確實想把另一件事放在背景中——第四季度這些風暴的影響。您已經聽到我們在整個行業中普遍談論將合約從交易型轉換為訂閱型，以及客戶增加其使用量並致力於更高級別的情況，這也發生在房地產估價解決方案業務中。我們已經看到客戶增加了他們的使用量，然後調整他們的訂閱合約以反映更高的使用量。

So how that could play out over time could mean less transactional swings on the impact of one single storm proportionally because the customers may be less likely to be in overage. So that transition to subscription has in general been a win-win for our business. an you've seen it play out in our subscription growth.

因此，隨著時間的推移，這種情況如何發揮作用可能意味著一場風暴影響的交易波動會相應減少，因為客戶超額的可能性可能較小。因此，向訂閱的轉變總體上對我們的業務來說是雙贏的。您已經看到它在我們的訂閱成長中發揮了作用。

Kelsey Zhu, Autonomous.

朱凱爾西，自治。

Just on subscription revenues in Q3 I was wondering if you can share a bit more color on what drove the acceleration of growth. I know you've highlighted a number of segments where you've seen really strong growth, and one of them is property estimating solutions. And I was wondering if that is also impacted by demand around Hurricane Helene and Milton as well.

就第三季的訂閱收入而言，我想知道您是否可以分享更多有關推動成長加速的因素的資訊。我知道您強調了許多成長強勁的領域，其中之一就是財產評估解決方案。我想知道這是否也受到颶風海倫和米爾頓周圍需求的影響。

Thanks for the question, Kelsey. Yes, as we look at -- you're right, we've seen accelerating subscription growth even sequentially from last quarter. When you really look at it, it isn't any one thing or one area of our business. Obviously, we've now called out and quantified the impact of the contract conversion, but the underlying subscription growth really hits across all of our businesses. And it's drivers are the ones that we really highlighted in the prepared remarks, it's the two factors, our focused go-to-market and customer client engagement and then the strength being driven by our product development and innovation. And those two things are supported by the tailwind of premium growth. But in general, what you're seeing is the momentum from new sales, from conversions to subscription, and from upsizing usage and adding products from Verisk.

謝謝你的提問，凱爾西。是的，正如我們所看到的——你是對的，我們已經看到訂閱成長甚至從上個季度開始連續加速。當你真正審視它時，你會發現它不是我們業務的任何一件事或領域。顯然，我們現在已經指出並量化了合約轉換的影響，但潛在的訂閱成長確實影響了我們所有的業務。它的驅動因素是我們在準備好的發言中真正強調的，這是兩個因素，我們專注於進入市場和客戶客戶參與，然後是我們的產品開發和創新驅動的力量。這兩件事都得到了保費成長的推動。但總的來說，您看到的是新銷售、從轉換到訂閱、擴大使用量和添加 Verisk 產品帶來的動力。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

As we think about just the current health of the insurance companies and all of the change that's pending. How do we think about this idea that insurance companies are trying to enter this period of much more focused profitability. And you hear about -- you see what's going on in Florida, California, some of the topics that we've talked about in the past. How are you guys assessing that? I don't want to call it a headwind, but just that transition that the industry seems to be going under there, it is part of the cycle.

當我們考慮保險公司目前的健康狀況以及所有即將發生的變化時。我們如何看待保險公司正試圖進入這個更重視獲利的時期的想法。你會聽到——你會看到佛羅裡達州、加州正在發生的事情，以及我們過去討論過的一些話題。大家對此有何評價？我不想稱之為逆風，但只是該行業似乎正在經歷的轉變，它是周期的一部分。

Yeah. Surinder, thank you very much for the question. And particularly, value the context and looking at the industry as a whole, which, as we spend a lot of time thinking about. And so from our perspective, I think when you look at the premium growth, you look at the improvements in the combined ratio and overall profitability of the business and particularly in light of the significant storms and some of the hits that the industry has taken.

是的。蘇林德，非常感謝你的提問。特別是，重視背景並將整個行業視為一個整體，因為我們花了很多時間思考這一點。因此，從我們的角度來看，我認為當您關注保費增長時，您會看到該業務的綜合成本率和整體盈利能力的改善，特別是考慮到該行業遭受的重大風暴和一些打擊。

I think it's a reflection of continued interest in the data and the analytics that we provide to them to make better risk decisions, which will continue to be a driver of opportunity for us because we can gather that information, we can apply analytical methods across that can be utilized across the industry. But also, to your point, in terms of moving into this more focused profitability dimension.

我認為這反映了人們對我們提供給他們的數據和分析的持續興趣，以做出更好的風險決策，這將繼續成為我們機會的驅動力，因為我們可以收集這些信息，我們可以在其中應用分析方法可以在整個產業中使用。而且，就您而言，在進入這個更集中的盈利維度方面。

Our work to identify where we can improve their internal processes by automating more of their functions, integrating data into the workflow has been a very active component of those higher-level enterprise discussions that we're having. And it's a conversation that is happening at the Chief Information Officer level and the CEO level or the heads of business that are interested in improving their process.

我們的工作是透過自動化更多功能來確定可以在哪些方面改進他們的內部流程，將資料整合到工作流程中，這一直是我們正在進行的高層企業討論中非常活躍的組成部分。這是在首席資訊長級別和執行長級別或對改進流程感興趣的業務負責人之間進行的對話。

And then a second element of that is how do we integrate external parties that are part of the insurance ecosystem and what they're doing to improve overall efficiency. A great example of that is what we have been doing in London with our white space platform, where we are integrating brokers and underwriters to both improve the efficiency of that interaction, but also improving the data quality that the underwriters are utilizing to make placement decisions. So I think everything that you are describing encourages continued engagement with us on finding and developing those solutions. Thank you.

第二個要素是我們如何整合屬於保險生態系統一部分的外部各方，以及他們正在採取哪些措施來提高整體效率。一個很好的例子就是我們在倫敦透過我們的空白平台所做的事情，我們在該平台上整合了經紀人和承銷商，以提高互動的效率，同時也提高了承銷商用於做出配售決策的數據品質。因此，我認為您所描述的一切都鼓勵我們繼續參與尋找和發展這些解決方案。謝謝。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to ask about the benefit that you've been highlighting from Core Lines Reimagine. I'm curious where we are in that journey. And maybe if you could share with us what percentage of your clients or any metric you want to share are on that Core Lines Reimagine program? And I think, Lee, you talked about the new initiative called the future of forms. So should we expect that to be continuing or a similar level of value driver as we look ahead to '25 and beyond?

我想問一下您一直強調的 Core Lines Reimagine 的好處。我很好奇我們在這段旅程中處於什麼位置。也許您可以與我們分享您的客戶比例或您想要分享的任何指標都在 Core Lines Reimagine 計劃中嗎？我想，李，你談到了名為「形式的未來」的新倡議。那麼，當我們展望 25 年及以後時，我們是否應該期望這種情況會持續下去，或者俱有類似程度的價值驅動因素？

Thanks, Faiza. So delighted to talk about that. I'm actually going to ask Saurabh Khemka, who leads that business and has been an architect and a driver of that Core Lines Reimagine. And I'll just say that it's both qualitatively, the feedback and the engagement that we're getting from clients, we referred a little bit of that in terms of the executive insights that we're providing to them, but also the very specific dynamic of our ability to capture the value of that through the repricing of our longer-term contracts and what we're hearing. But allow me to have Saurabh give more color in terms of what he's hearing directly from clients there.

謝謝，法伊札。很高興談論這個。我實際上要問 Saurabh Khemka，他領導這項業務，並且是 Core Lines Reimagine 的架構師和推動者。我只想說，這既是定性的，也是我們從客戶那裡得到的反饋和參與度，我們在向他們提供的高管見解方面提到了一些，但也提到了非常具體的信息我們通過對長期合同重新定價以及我們所聽到的內容來獲取其價值的能力的動態。但請允許我讓 Saurabh 就他直接從那裡的客戶那裡聽到的內容提供更多的資訊。

Yeah, absolutely. So thanks for the question, Faiza. I think you had asked three things. So first, in terms of where we are with the program, we are slightly more than halfway through the program as we think about the investment and where we are in terms of bringing new innovations to the customers. Second, you talked about how do we think about KPIs and how do we think about KPIs internally about the program. One of the things we look at is the number of new insights that we're bringing to market and the number of new insights that customers are benefiting from.

是的，絕對是。謝謝你的提問，法伊札。我想你問了三件事。首先，就我們該計劃的進展而言，我們在考慮投資以及為客戶帶來新創新的進展時，該計劃已經進行了一半多一點。其次，您談到了我們如何看待 KPI，以及我們如何在專案內部考慮 KPI。我們關注的事情之一是我們向市場推出的新見解的數量以及客戶從中受益的新見解的數量。

So we've talked about the experience index where we now launched that for five out of the six major lines of business. We'll launch the sixth one next year, the future of forms that we talked about, we started with a major general liability update. We expect that to become part of our major updates going forward. So you will see that next year as we bring in new updates to our [pop] program. You're going to see that. So that is a continuous innovation that we're going to bring to market.

我們已經討論了經驗指數，現在我們為六大主要業務線中的五個推出了該指數。我們將在明年推出第六個表格，我們談到的表格的未來，我們首先進行了重大的一般責任更新。我們希望這將成為我們未來主要更新的一部分。因此，明年當我們為我們的 [pop] 計劃帶來新的更新時，您將會看到這一點。你將會看到這一點。因此，這是我們將推向市場的持續創新。

And one thing that I just want to highlight that brings it all together for us as we think about customers and their engagement, we have a new engagement platform at core.verisk.com, and we're highlighting that to our customers. And what we're seeing is as we're putting these new content and our existing content on this new platform, the engagement level is multiple times what we had previously. So we're excited that these new innovations are driving usage at our customers, which, as drives the value for us from a Core Lines perspective.

我想強調的一件事是，當我們考慮客戶及其參與時，我們在 core.verisk.com 上有一個新的參與平台，我們正在向客戶強調這一點。我們看到的是，當我們將這些新內容和現有內容放在這個新平台上時，參與度是我們之前的數倍。因此，我們很高興這些新的創新正在推動我們客戶的使用，從核心產品線的角度來看，這也為我們帶來了價值。

And I could add in a broader sense, I think that this is a reflection of several things. One, it's improving our ability to utilize the data sets because we've effectively had to pull those data sets out, manipulate them in ways in order to deliver them to our clients more effectively, which facilitates more fluidity analytically in what we can do and coupled with both the strong response that we're getting from clients to the product and our higher level of engagement.

我可以從更廣泛的意義上補充一點，我認為這反映了幾件事。第一，它提高了我們利用資料集的能力，因為我們必須有效地提取這些資料集，以某種方式操縱它們，以便更有效地將它們交付給我們的客戶，這有利於我們能夠做的事情和分析更加流暢。

It is, I think, a change in the culture in which we're approaching developing our business. And while there are specific targets and product enhancements that we're pursuing, I think that it actually opens up a broader opportunity for us to think about how we utilize those data sets in new ways, serving other constituencies within our clients.

我認為，這是我們發展業務的文化的變化。雖然我們正在追求特定的目標和產品增強，但我認為這實際上為我們提供了更廣泛的機會，讓我們思考如何以新的方式利用這些資料集，為我們客戶中的其他群體提供服務。

Andrew Steinerman, JPMorgan.

安德魯‧史坦納曼，摩根大通。

Elizabeth, when you were talking about 2025 headwinds, and I appreciate the business has a lot of momentum. It's just prudent to mention the headwinds as well. One of the things you didn't list there is the continued conversion from non-subs to subs. And we had that dynamic. You were kind enough to help us quantify it this quarter, but do you feel like that's going to be a notable headwind going forward?

伊莉莎白，當你談論 2025 年的逆風時，我很欣賞這項業務的強勁勢頭。謹慎地提及不利因素也是如此。您沒有列出的事情之一是從非替補球員到替補球員的持續轉換。我們就有這樣的動力。您很友善地幫助我們在本季度對其進行了量化，但是您認為這將成為未來的一個顯著的阻力嗎？

Thanks for the question, Andrew. Yes. So the impact of that on conversion will be felt for approximately a year from the second quarter. So you'll see that, but we were talking about the business in aggregate. That's just a geographic shift from transaction to subscription, which is why I didn't call it out as a headwind overall.

謝謝你的提問，安德魯。是的。因此，從第二季開始大約一年內都會感受到這對轉換率的影響。所以你會看到這一點，但我們談論的是整體業務。這只是從交易到訂閱的地理轉變，這就是為什麼我沒有將其稱為整體的逆風。

Yes. And I think that's -- thanks for the question, Andrew. I mean I think that is an important distinction. And that's the reason why I pulled back to the overall growth that adjustment was a specific geographic just shift from transactional to subscription. But that doesn't impact, I think the longer-term opportunity for growth that we see in both the transactional and the subscription businesses.

是的。我認為這就是——謝謝你的提問，安德魯。我的意思是我認為這是一個重要的區別。這就是為什麼我回撤到整體成長的原因，即調整是從交易型到訂閱型的特定地理的轉變。但這並不影響我們在交易和訂閱業務中看到的長期成長機會。

Right. And Lee, when you said 8% in your prepared remarks, you just meant all-in total organic revenue growth a year ago. It was 9.4%, and this quarter was 6.8%, and you just did the two-year stack for that, right?

正確的。Lee，當您在準備好的發言中提到 8% 時，您指的是一年前的總有機收入成長。是 9.4%，本季是 6.8%，你剛剛為此做了兩年堆棧，對吧？

That's exactly right, Andrew.

完全正確，安德魯。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Can you just give us any sense of, I guess, bookings trends or quota attainment, the reasons you're citing as the primary drivers of the subs acceleration and momentum sounds like better solution sales, not just the industry rig premium tailwinds and transaction to subs conversion. But just if you can give us any sense on how bookings are trending?

您能給我們任何關於預訂趨勢或配額實現的感覺嗎？轉換。但您能否告訴我們預訂趨勢如何？

Yeah, Jeff, thanks for the question. Yes, yes, they are trending well. That subscription growth is a function of strength overall, strength in acquiring new customers and strength in selling all the factors we talked about, cross-sell and upsell and adding some of our new products and data sets.

是的，傑夫，謝謝你的提問。是的，是的，他們的趨勢很好。訂閱成長取決於整體實力、獲取新客戶的實力以及銷售我們談到的所有因素、交叉銷售和追加銷售以及添加我們的一些新產品和數據集的實力。

Yeah. And I would -- thanks, Jeff. I would broaden it to say I think we are -- the sales results have been strong relative to our expectations given this performance, and I think reflective of some of the changes that we made in our go-to-market strategy, focusing some of our territories, changing incentives, making some adjustments there, coupled with the higher level engagement, which is opening up opportunities for us to make a more value-driven sale at a senior level. And so it's a complementary impact of that higher senior level engagement and then more effective follow-up and engagement on the sales front.

是的。我會——謝謝，傑夫。我想說的是，我認為我們的銷售業績相對於我們的預期表現強勁，而且我認為反映了我們在進入市場策略中所做的一些改變，重點關注了一些我們的領土，改變激勵措施，在在那裡做出一些調整，再加上更高層級的參與，這為我們在高層進行更有價值的銷售提供了機會。因此，這是更高級別的高層參與以及銷售方面更有效的跟進和參與的互補影響。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Just a somewhat similar question, but Elizabeth, I think in your remarks, you mentioned how Core Lines Reimagine progress there was leading to better renewals. You mentioned pricing, but also it sounded like there was a volume component. So I was just hoping for some examples of how and what with that Core Lines Reimagine upgrade, like are you -- is the customer buying more off? I understand there's probably a pricing element because it's upgraded, but just some help there, just to visualize that would be helpful.

只是一個有點類似的問題，但是伊麗莎白，我認為在您的演講中，您提到了核心線路重新構想的進展如何導致更好的續訂。你提到了定價，但聽起來也有一個數量組成部分。因此，我只是希望能找到一些範例，說明 Core Lines Reimagine 升級的方式和內容，就像您一樣，客戶會購買更多優惠嗎？我知道可能有一個定價元素，因為它已經升級了，但只是提供一些幫助，只是為了視覺化它會有所幫助。

Yeah. Thanks for the question, Manav. For Core Lines Reimagine, there isn't exactly a volume component per se. So we're referring more addition of new data sets, particularly in the underwriting data and analytics solutions business as well as there's some growth products affiliated with Core Lines Reimagine, things like electronic ratings content and other ratings as a service. So those are some of the types of additions that clients could be adding.

是的。謝謝你的提問，馬納夫。對於 Core Lines Reimagine 來說，本身並不存在體積組件。因此，我們指的是更多新資料集的添加，特別是在承保資料和分析解決方案業務中，以及一些與 Core Lines Reimagine 相關的成長產品，例如電子評級內容和其他評級即服務。這些是客戶可以添加的一些添加類型。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

I guess my single question. I wanted to ask on Extreme Event Solutions. Elizabeth, you talked about or cited 10 new customer wins in the quarter in a few of the different customer segments where you're having success. Could you flesh that out a little bit more? Where are those wins coming from? What specifically is driving that increased interest from clients? And then also like within that, are those competitive takeaways? Or are those taking advantage of white space on the Extreme Event front?

我想我的唯一問題。我想詢問極端事件解決方案。Elizabeth，您談到或引用了本季在您成功的幾個不同客戶群中贏得的 10 位新客戶。能再具體一點嗎？這些勝利從哪裡來？具體是什麼推動了客戶興趣的增加？然後也像其中一樣，這些是有競爭力的外帶嗎？或者那些人正在利用極端事件前沿的空白？

Yeah. Thanks for the question, Andrew. So here's -- of those 10 new customers, 9 of them are new to the modelling space entirely. So I think this shows and reflects the broader interest of adding more specific modelling information around the climate change and climate impacts that we're seeing. And I called out specifically some of the segments, including excess and surplus lines of insurance and the managing general agents, which has been a significant growth area in the insurance industry.

是的。謝謝你的提問，安德魯。因此，在這 10 位新客戶中，有 9 位完全是建模領域的新手。因此，我認為這表明並反映了圍繞我們所看到的氣候變遷和氣候影響添加更具體的建模資訊的更廣泛的興趣。我特別提到了一些細分市場，包括保險的超額和盈餘額度以及總代理，這一直是保險業的重要成長領域。

And focusing on those areas is something that has driven strength across our business, but the Extreme Events business has seen that as well. Let me also add my colleague, [Rob Newbold], who runs that business to see if there's anything you'd add to that.

專注於這些領域是推動我們整個業務發展的動力，極端事件業務也看到了這一點。我還要添加我的同事，[Rob Newbold]，他負責該業務，看看您是否可以添加任何內容。

Yeah, good morning Elizabeth. I'll just add to the point that obviously, there have been heightened catastrophe loss activity for the past several years as we've referenced in past calls. Helene and Milton have already been mentioned. And you see an increasing number of market participants looking to better understand and quantify the risk from these events, and that's driving interest in Extreme Event modelling solutions.

是的，早上好，伊莉莎白。我只想補充一點，顯然，正如我們在過去的電話會議中提到的那樣，過去幾年的災難損失活動有所增加。海倫和米爾頓已經被提過。您將看到越來越多的市場參與者希望更好地理解和量化這些事件的風險，這激發了人們對極端事件建模解決方案的興趣。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Just maybe quickly on the auto shopping trends. I think this was the first quarter where it finally turned from a tailwind to a headwind. So maybe you can help us a little bit in terms of the potential outlook here. Maybe if we stay flat at these current levels, how much that would weigh on the growth in the next 12 months or maybe if it's down, whatever, 10%, 15%, what that would mean for overall growth, if you can be that specific.

也許很快就能了解汽車購物趨勢。我認為這是第一季最終從順風轉為逆風。因此，也許您可以在潛在前景方面為我們提供一些幫助。也許如果我們保持在目前的水平不變，這會對未來12 個月的成長產生多大的壓力，或者如果下降，不管怎樣，10%、15%，這對整體成長意味著什麼，如果你能做到的話具體的。

Thanks for the question, Alex. You've heard us call out over the past five, six quarters now, the strength in the auto shopping activity and more generally, the transactional revenue growth in our auto insurance data business. And so those headwinds are playing out in the quarter as expected. I'm not sure we can quantify them in the future other than to say that the comps continue to be challenging on the transactional side for the auto business.

謝謝你的提問，亞歷克斯。在過去的五、六個季度裡，您已經聽到我們呼籲汽車購物活動的強勁，更廣泛地說，我們的汽車保險數據業務的交易收入成長。因此，這些不利因素正如預期的那樣在本季顯現出來。我不確定我們將來能否量化它們，只能說這些比較在汽車業務的交易方面繼續面臨挑戰。

Jeffrey Silber, BMO Capital Markets.

Jeffrey Silber，BMO 資本市場。

You reaffirmed your 2024 revenue and adjusted EBITDA guidance, but it applies a pretty wide range for the fourth quarter. Are you being overly conservative? Or can you at least give us some indication what would be at the top end of the range or the low end of the range in terms of what's driving those assumptions?

您重申了 2024 年的收入並調整了 EBITDA 指導，但它適用於第四季度的範圍相當廣泛。你是否過於保守？或者您至少可以向我們提供一些指示，以推動這些假設的因素是什麼？

Thanks, Jeff. As, for our guidance, our intention has always been to provide a full year estimate and not to give quarterly mark-to-market. Obviously, where we are, there's one quarter left, so you're inferring that. But I think we -- from everything we see, we are very much in line with that full year range.

謝謝，傑夫。因為，就我們的指導而言，我們的目的始終是提供全年估計，而不是按季度市值計算。顯然，我們現在所處的位置還剩四分之一，所以你是在推斷這一點。但我認為，從我們所看到的一切來看，我們與全年範圍非常一致。

[Peter Knudsen, Evercore].

[彼得‧克努森，Evercore]。

Thank you for the helpful color and the prepared remarks on some of the new initiatives and products as has rolled out and been working on. I'm wondering if you could share some more color specifically on the discovery Navigator tool, if there are any adoption or utilization metrics you could share, that would be great. And maybe just more generally on any of your generic capabilities. How are those going? And what conversations are clients having with you around those products?

感謝您對已經推出和正在研究的一些新舉措和產品提供的有用的顏色和準備好的評論。我想知道您是否可以專門分享一些關於發現導航器工具的更多顏色，如果您可以分享任何採用或利用率指標，那就太好了。也許只是更普遍地涉及您的任何通用功能。那些進展如何？客戶與您圍繞這些產品進行了哪些對話？

Yes. Thank you, Peter. So on your question, I'm going to ask Maroun Mourad who has responsibility for our claims business and the Discovery Navigator feature to talk a little bit about how our clients are interacting with that? And then I'll circle back and provide some more color on a number of the gene initiatives that we've been pursuing. Maroun?

是的。謝謝你，彼得。關於你的問題，我要請負責我們理賠業務和 Discovery Navigator 功能的 Maroun Mourad 談談我們的客戶如何與之互動？然後我會回過頭來對我們一直在追求的一些基因計劃提供更多的資訊。馬龍？

Thank you, Peter. Thanks, Lee. So within claims, we have been thoughtfully and responsibly deploying GenAI solutions, both internally to drive productivity and externally to help our clients on their talent augmentation modernization as well as productivity journey. To your specific question around Discovery Navigator in our casualty and bodily injury space. Discovery Navigator is effectively an AI-driven automation innovation in the medical data extraction space that helps us extract specific data elements organized and catalog them and in addition, provide an executive summary to case files.

謝謝你，彼得。謝謝，李。因此，在聲明中，我們一直在深思熟慮、負責任地部署 GenAI 解決方案，在內部提高生產力，在外部幫助我們的客戶實現人才增強現代化和生產力之旅。關於您在傷亡和人身傷害領域有關 Discovery Navigator 的具體問題。Discovery Navigator 實際上是醫療資料擷取領域中人工智慧驅動的自動化創新，可協助我們提取組織的特定資料元素並對其進行分類，此外還為案例文件提供執行摘要。

And the technology has been developed with the help and supervision over about a 12 to 14-month period of our highly experienced medical as well as legal staff within the casualty business. We've also embarked just to add a couple of other notes on an innovation journey in the property estimating space for GenAI. And a couple of examples there is an adjuster co-pilot transcription summary that helps drive efficiency for adjusters, whether they're independent or working for companies as well as a loss note summary as well within a claims fund.

該技術的開發是在我們傷亡業務領域經驗豐富的醫療和法律人員大約 12 至 14 個月的幫助和監督下進行的。我們也開始為 GenAI 財產評估領域的創新之旅添加一些其他註釋。舉幾個例子，有一個理賠員副駕駛轉錄摘要，有助於提高理賠員的效率，無論他們是獨立的還是為公司工作，以及索賠基金內的損失記錄摘要。

Thanks, Maroun. And Peter, just to broaden that out, in fact, your timing is great. Last week, we had within Verisk, a GenAI Day where we pulled together all of our Generative AI practitioners and our data analytics executives to talk about how they are developing in their specific areas, Generative AI for their tools so that we can learn from each other and understand what's working and what's not.

謝謝，馬龍。彼得，為了擴大這一點，事實上，你的時機很好。上週，我們在Verisk 內部舉辦了GenAI Day，我們聚集了所有生成式AI 從業者和數據分析高管，討論他們如何在各自的特定領域、生成式AI 工具中進行開發，以便我們可以向每個生成式AI 學習其他並了解什麼有效，什麼無效。

Some of the products that we talked about was within our fast business, utilizing a feature called Ask Max which is an intelligent virtual assistant that helps clients understand how to utilize fast installations for configuring and for end-user processes, which facilitates their effectiveness in deploying that solution. We've talked previously about our underwriting co-pilot that we are working with a number of clients to develop to pull together data sets and automate functions in the underwriting, particularly in commercial property, where we have a lot of data sets.

我們討論的一些產品屬於我們的快速業務，利用名為 Ask Max 的功能，這是一個智能虛擬助手，可幫助客戶了解如何利用快速安裝進行配置和最終用戶流程，從而提高他們部署的效率那個解決方案。我們之前討論過我們的核保副駕駛，我們正在與許多客戶合作開發，以整合資料集並自動化核保中的功能，特別是在我們擁有大量資料集的商業房地產領域。

We also have an application for our premium auditor -- auditing as a service element. There's a lot of complex premium actuarial information, and this AI application helps cut the research time and empowers our customers to make informed decisions by accelerating their ability to retrieve and summarize premium audit documents.

我們還有一個高級審計師的申請－審計即服務要素。有大量複雜的保費精算信息，該人工智能應用程序有助於縮短研究時間，並通過加快檢索和總結保費審計文件的能力，使我們的客戶能夠做出明智的決策。

And then we also have an AI knowledge tool for our ISO Electronic Rating Content that provides organized and detailed information about ISO circulars. And then we're also applying this to our Mozart forms comparison. You heard SK talked earlier about our future reforms. We are also applying an AI solution that will call out and summarize any changes made to ISO forms across versions. So this is just a sample of probably half dozen to a dozen specific applications as we're integrating this technology across our products to, again, improve the efficiency and productivity of our clients' underwriting and claims professionals.

此外，我們也為 ISO 電子評級內容提供了人工智慧知識工具，可提供有關 ISO 通告的有組織且詳細的資訊。然後我們也將其應用於莫札特曲式比較。你剛剛聽到SK談到了我們未來的改革。我們還應用了人工智慧解決方案，該解決方案將呼叫並總結跨版本的 ISO 表格所做的任何變更。因此，這只是可能六到十幾個特定應用程式的範例，因為我們正在將這項技術整合到我們的產品中，以再次提高客戶承保和理賠專業人員的效率和生產力。

George Tong, Goldman Sachs.

喬治唐，高盛。

The transactional revenue tough comps begin to lap in 4Q. Can you discuss what transactional revenue trends in 4Q are incorporated into your guidance? And how much benefit from Hurricane Helene and Milton is actually embedded into the reiterated outlook versus your upside?

交易收入艱難的比較在第四季開始下滑。您能否討論一下您的指導中納入了哪些第四季度的交易收入趨勢？與您的上行空間相比，重申的前景實際上包含了多少颶風海倫和米爾頓帶來的好處？

Yeah, thanks for the question, George. So I mean, I think, we forecast in each year for an average year of storms. I think you heard me talk about some of the puts and takes on Helene and Milton in the fourth quarter. The transactional revenue comps do lap. But of course, if you just look at the growth rate in the prior year, that itself was lapping the Hurricane Ian in the fourth quarter of '22. The final thing I'll point out on the transactional variability is the contract conversion that we called out this quarter will continue to play out in the fourth quarter and first quarter next year.

是的，謝謝你的提問，喬治。所以我的意思是，我認為，我們預測每年都會有風暴。我想你聽到我談論了第四節海倫和米爾頓的一些推球和接球。交易收入比較確實存在差距。但當然，如果你只看上一年的成長率，你會發現去年第四季的成長率本身就經歷了颶風伊恩。關於交易可變性，我要指出的最後一件事是我們本季宣布的合約轉換將繼續在第四季和明年第一季發揮作用。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm curious if you could walk through again the moving pieces on guidance. It sounds like there's now at least some level of hurricane benefit baked into 4Q. I also recall it that there was a 60 basis point benefit to margins from FX in 3Q. I'm not sure if you now expect to see something similar in 4Q? And then it sounds like there was an offset from higher interest expense. I was curious if you could -- sorry if I missed it, but if you could tell what interest expense you're expecting for 4Q? And then if there's just any other puts and takes that I missed, be appreciated if you could walk through this again.

我很好奇你是否可以在指導下再次瀏覽一遍這些移動的部分。聽起來第四季至少有一定程度的颶風效益。我還記得第三季外匯利潤率提高了 60 個基點。我不確定您現在是否期望在第四季度看到類似的情況？然後，聽起來似乎有較高的利息支出抵消了。我很好奇你是否可以——抱歉，如果我錯過了，但你是否能告訴我你預計第四季度的利息費用是多少？然後，如果我錯過了任何其他的看跌期權和看跌期權，如果您能再次瀏覽一遍，我將不勝感激。

Yes. Thanks a bunch, Jason. Our gun ranges are really for the full year. And so the puts and takes that we're talking about in the quarter are all small relative to that, but happy to walk you through those in order. On the margin, we called out for this quarter, the 60 basis point FX benefit, which was not in our -- not contemplated in the guidance range in order we forecast that for the fourth quarter, we see to the currency traders, I guess.

是的。非常感謝，傑森。我們的射擊場確實是全年開放的。因此，我們在本季度討論的看跌期權和看跌期權相對於此而言都較小，但很樂意按順序引導您完成這些內容。在邊際上，我們呼籲本季實現 60 個基點的外匯收益，這並不在我們的指導範圍內，以便我們預測第四季度，我想我們會看到貨幣交易者。

The interest expense, I called out was [$32 million] this quarter, up from [$29 million] a year previous. You could think of that as a reasonable run rate possibly over time, I suppose the net interest expense would go up as interest rates earned on cash balances could come down. I think those were the various puts and takes that I called out for the full year guidance and that hit the third quarter.

我指出，本季的利息支出為 [3,200 萬美元]，高於去年同期的 [2,900 萬美元]。你可以認為這是一個合理的運行利率，可能隨著時間的推移，我認為淨利息支出會上升，因為現金餘額賺取的利率可能會下降。我認為這些是我為全年指導而呼籲的各種看跌期權和看跌期權，這些是針對第三季度的。

It sounds like otherwise, the underlying business there's no change relative to your prior guidance?

聽起來好像不然，基礎業務相對於您之前的指導沒有改變嗎？

That's right. Yes.

這是正確的。是的。

(Operator Instructions) Russell Quelch, Redburn Atlantic.

（操作員說明）Russell Quelch，Redburn Atlantic。

I wanted to ask about the international business. I think you called out, if I heard it right in the pre-scripted remarks that you've seen an increased contribution to growth from the international business in the quarter. Maybe you could be a bit more specific about that, exactly what parts of the international business that's coming from? And if this is an area where you might look for further inorganic opportunities to grow in 2025. Now you're at the bottom end of your leverage range and obviously, funding rates are coming down.

我想問一下國際業務。如果我在事先準備好的發言中沒聽錯的話，我想您是在大聲疾呼，您已經看到本季度國際業務對成長的貢獻有所增加。或許您可以更具體一點，國際業務到底來自哪些部分？如果這是一個您可能會在 2025 年尋找更多無機成長機會的領域。現在您處於槓桿範圍的底部，顯然，融資利率正在下降。

Yeah. Thanks for the question, Russell. Yes, we've seen strength actually in a number of our international businesses. I think we called out the life, health and travel business, which continues to expand into new regions and being pulled there by their customers. So that's seen growth.

是的。謝謝你的提問，拉塞爾。是的，我們實際上已經在許多國際業務中看到了實力。我認為我們重點關注的是生命、健康和旅遊業務，這些業務繼續擴展到新的地區，並被客戶拉向那裡。所以我們看到了成長。

Our Opta business in Canada contributed as well to that growth. I think Lee talked about some of the integration of some Verisk data sets there. So that's a good example of synergies and strength from the Verisk overall business contributing to one of our international acquisitions. So all of those are factors for good growth and our claims businesses in Germany have been doing well as well. So yeah, that is an area where we will continue to look for potential acquisitions.

我們在加拿大的 Opta 業務也為這一成長做出了貢獻。我認為 Lee 在那裡談到了一些 Verisk 資料集的整合。這是 Verisk 整體業務的協同效應和實力為我們的一項國際收購做出貢獻的一個很好的例子。因此，所有這些都是良好成長的因素，我們在德國的理賠業務也表現良好。所以，是的，這是我們將繼續尋找潛在收購的領域。

And I would just add also, as we talked about with our Specialty Business Solutions business that we continue to see strength and a strong contribution to our overall growth rate from what thing there -- from the services that they're providing.

我還想補充一點，正如我們在談論我們的專業業務解決方案業務時，我們繼續看到他們所提供的服務的實力和對我們整體成長率的強大貢獻。

There are no further questions at this time. Therefore, this concludes today's call. Thank you for joining. You may now disconnect

目前沒有其他問題。因此，今天的電話會議到此結束。感謝您的加入。現在您可以斷開連接