Verisk Analytics Inc (VRSK) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Verisk first quarter 2025 earnings results conference call. This call is being recorded. (Operator Instructions)

大家好，歡迎參加 Verisk 2025 年第一季財報電話會議。此通話正在錄音。（操作員指示）

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.

為了致開幕詞和介紹，我想將電話轉給 Verisk 的投資人關係主管 Stacey Brodbar 女士。布羅德巴女士，請繼續。

Thank you, operator, and good day, everyone. We appreciate you joining us today for a discussion of our first-quarter 2025 financial results. On the call today are Lee Shavel, Verisk's President and Chief Executive Officer; and Elizabeth Mann, Chief Financial Officer. 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.

謝謝接線員，大家好。感謝您今天加入我們討論 2025 年第一季的財務表現。今天參加電話會議的有 Verisk 總裁兼執行長 Lee Shavel；以及財務長 Elizabeth Mann。本次電話會議中引用的收益報告以及我們傳統的季度收益報告和相關的 10-Q 可在我們網站 verisk.com 的投資者部分找到。收益報告也附在我們向美國證券交易委員會 (SEC) 提交的 8-K 文件中。本次通話的重播將在我們的網站上和撥號上提供 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.

正如今天的收益報告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括有關 Verisk 未來業績的前瞻性陳述，包括與我們的財務指導相關的陳述。實際表現可能與我們今天的評論所暗示的有重大差異。有關可能影響未來業績的因素的資訊包含在我們最近向美國證券交易委員會提交的文件中。

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.

本次電話會議上討論的報告和歷史非 GAAP 財務指標的對帳已在我們的 8-K 報表和我們網站 verisk.com 的投資者部分發布的今天的收益報告中提供。

However, we are not able to provide a reconciliation of projected adjusted EBITDA and adjusted EBITDA margin to the most directly comparable expected GAAP result 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.

然而，我們無法提供預計調整後 EBITDA 和調整後 EBITDA 利潤率與最直接可比的預期 GAAP 結果的對賬，因為對預計非 GAAP 調整後 EBITDA 和調整後 EBITDA 利潤率中排除的某些項目的估計需要付出不合理的努力且具有很高的不可預測性，例如稅收後果、收購相關成本、經常收益和損失

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

現在我想把電話轉給 Lee Shavel。

Thanks, Stacey. Good morning, everyone, and let me welcome you to today's call. I'm very pleased to share that 2025 is off to a positive start at Verisk as we delivered solid first-quarter results, underscored by double-digit subscription growth, strong overall top-line growth, healthy margin expansion, and profit growth.

謝謝，史黛西。大家早安，歡迎大家參加今天的電話會議。我很高興地告訴大家，Verisk 在 2025 年取得了積極的開端，我們取得了穩健的第一季業績，其中訂閱量實現兩位數增長、整體營收強勁增長、利潤率健康擴張以及利潤增長。

Organic constant currency revenue growth of 7.9% was driven by 10.6% subscription growth, which was broad-based across most of our business units. Our focus on cost discipline delivered 130 basis points of margin expansion, resulting in OCC adjusted EBITDA growth of 9.5%.

有機固定匯率營收成長 7.9%，這得益於 10.6% 的訂閱量成長，這一成長廣泛存在於我們大多數業務部門。我們注重成本控制，使利潤率擴大了 130 個基點，使 OCC 調整後的 EBITDA 成長了 9.5%。

Elizabeth will provide the details in our financial review, but these results are a demonstration of our emphasis on delivering consistent and predictable growth and our results-oriented culture.

伊麗莎白將在我們的財務審查中提供詳細信息，但這些結果表明了我們重視實現持續、可預測的成長以及以結果為導向的文化。

One of the hallmarks of Verisk's business model is that we have delivered consistent levels of growth across varying macroeconomic and insurance-specific operating environments. The current industry backdrop in which we are operating has strengthened as premium increases are better matched to levels of risk, thus driving improved trends.

Verisk 商業模式的標誌之一是我們在不同的宏觀經濟和保險特定的營運環境中實現了持續的成長。由於保費成長與風險水準更加匹配，我們所處的當前產業背景已得到加強，從而推動了趨勢的改善。

In fact, according to data collected by Verisk and the American Property Casualty Insurance Association, the insurance industry returned to profitability in 2024, recording an underwriting gain of $25 billion marking the first game recorded in four years.

事實上，根據Verisk和美國財產保險協會收集的數據，保險業在2024年恢復盈利，承保收益達250億美元，這是四年來首次實現盈利。

That said, the industry still faces an uncertain risk environment ahead as challenges, including inflation, regulatory changes, rising reconstruction costs, social inflation, and the potential impact of tariffs and severe weather events are making it more complex to operate.

儘管如此，該行業仍面臨不確定的風險環境，因為通貨膨脹、監管變化、重建成本上升、社會通膨以及關稅和惡劣天氣事件的潛在影響等挑戰使其運作變得更加複雜。

Speaking of severe weather, last year marked the second worst year for catastrophic losses since 1950 with the vast maturity of damages stemming from hurricane and severe convective storms including the back-to-back hurricanes of Helene and Milton, and that trend has continued in 2025 as the year started with the devastating wildfires in Los Angeles, which have had a profound impact on individuals, businesses, communities and our insurance industry clients and which Verisk estimated would result in $28 billion to $35 billion in insurance losses for the industry.

說到惡劣天氣，去年是自 1950 年以來災難性損失第二嚴重的一年，颶風和強對流風暴（包括接連的海倫颶風和米爾頓颶風）造成了巨大的損失，這種趨勢在 2025 年也繼續延續，因為年初洛杉磯發生的毀滅性野火對個人、企業、社區和我們的保險業客戶產生了深遠估計的影響，Verisk 20 億美元的 20 億美元。

At Verisk, we are focused on supporting our clients with the most advanced data, analytics, and insights to help them better understand risk and navigate through these dynamic times.

在 Verisk，我們專注於為客戶提供最先進的數據、分析和見解，幫助他們更好地了解風險並度過這些動態時期。

The changes to our go-to-market strategy that we implemented in 2024 have enabled us to get ever closer to our clients, delivering better service improved customer satisfaction and strong sales results for Verisk. We are now taking the learnings from 2024 and applying this improved sales model to a broader group of our business units in 2025, including our new growth vectors. Through our strategic and elevated dialogue with clients, we continue to hear three key resounding areas of need.

我們在 2024 年實施的市場進入策略變化使我們能夠更加貼近客戶，為 Verisk 提供更好的服務，提高客戶滿意度並帶來強勁的銷售業績。我們現在正在吸取 2024 年的經驗教訓，並將這種改進的銷售模式應用於 2025 年更廣泛的業務部門，包括我們的新成長載體。透過與客戶進行策略性和高水準的對話，我們不斷聽到三個關鍵的、迫切的需求領域。

Specifically, our clients are asking for, one, greater and more timely insights; two, connection across our data sets and capabilities; and three, a more efficient and effective ecosystem. Let me spend a few minutes on each and detail how we are leaning in on investment toward invention to create new solutions on behalf of the industry.

具體來說，我們的客戶要求：一、獲得更深入、更及時的洞察力；二、跨資料集和能力的連結；三是更有效率、更有效的生態系統。讓我花幾分鐘時間詳細介紹我們如何依靠投資進行發明，為產業創造新的解決方案。

First is the demand for greater insights. Data and insights that help our clients understand risk across their portfolio is the foundation of the work we do. And through our Core Lines Reimagine project, we are converting data into insights with greater speed and frequency helping our clients navigate these dynamic market pressures.

首先是需要更深入的洞察力。幫助我們的客戶了解其投資組合風險的數據和見解是我們工作的基礎。透過我們的核心線重塑項目，我們能夠以更快的速度和頻率將數據轉化為洞察力，幫助我們的客戶應對這些動態的市場壓力。

In particular, the actuarial hub within our Core Lines platform provides insights into loss cost trends 12 months earlier than usual to help clients address the evolving pricing needs of the market. Additionally, our executive insights reports leverage our statistical data across the six largest lines of insurance to help with benchmark analysis and to evaluate individual client performance measures.

特別是，我們核心線平台內的精算中心比平常提前 12 個月提供損失成本趨勢的洞察，以幫助客戶滿足市場不斷變化的定價需求。此外，我們的高階主管洞察報告利用六大保險業的統計數據來幫助進行基準分析並評估個人客戶績效指標。

We are also delivering more granular insights throughout our underwriting data and analytic solutions as we are incorporating a broader range of data sources, including aerial derived analytics, permit data, property records, real estate and claims data to enhance our property databases and offer a more comprehensive risk profile of buildings and building condition.

我們也透過核保數據和分析解決方案提供更細緻的見解，因為我們正在整合更廣泛的數據來源，包括航空衍生分析、許可數據、財產記錄、房地產和索賠數據，以增強我們的財產資料庫並提供更全面的建築物和建築狀況風險概況。

And finally, our reconstruction cost data is updated monthly to provide granular material and labor cost information and analysis to help our clients estimate costs and align insurance to value. Our comprehensive database includes over 23,000 line item activities assembled from over 14,000 material, equipment, and labor components.

最後，我們的重建成本數據每月更新，以提供詳細的材料和勞動力成本資訊和分析，幫助我們的客戶估算成本並使保險與價值相符。我們的綜合資料庫包含由超過 14,000 種材料、設備和勞動力組件組成的超過 23,000 個項目活動。

Our team of researchers and analysts survey and report pricing for these line items and components at market level for over 470 geographies in North America. In periods of rapid economic change, we often complete bimonthly updates to our research to ensure we are providing the most up-to-date market information.

我們的研究人員和分析師團隊對北美 470 多個地區的這些產品和組件的市場定價進行了調查，並報告了這些價格。在經濟快速變化的時期，我們通常每兩個月更新一次我們的研究，以確保我們提供最新的市場資訊。

In today's volatile economic environment, our clients depend on precision to maintain appropriate coverage levels and competitive pricing in the market, and they turn to Verisk as the trusted partner for our commitment to data accuracy and timeliness. We recently published our quarterly reconstruction cost analysis, which provides reconstruction cost trends at the national and state levels.

在當今動盪的經濟環境中，我們的客戶依靠精確度來維持適當的覆蓋水平和市場競爭力，並且他們選擇 Verisk 作為值得信賴的合作夥伴，因為我們致力於數據的準確性和及時性。我們最近發布了季度重建成本分析，其中提供了國家和州一級的重建成本趨勢。

The analysis is derived from building cost research using our property estimating solution. In an effort to support our clients with detailed data to navigate the changing operating environments, this quarter's report includes detailed coverage of cost changes, inclusive of recent severe weather and macroeconomic events.

此分析源自於使用我們的財產估算解決方案進行的建築成本研究。為了向我們的客戶提供詳細的數據以幫助他們應對不斷變化的營運環境，本季的報告詳細介紹了成本變化，包括最近的惡劣天氣和宏觀經濟事件。

The second area of need for our clients that I referenced is better connections across our data sets and capabilities, and we have many active projects here. One such example is our enterprise exposure manager, a cloud-native solution that combines the unique capabilities from our Specialty Business Solutions and extreme events businesses.

我提到的客戶的第二個需求領域是我們的資料集和功能之間更好的連接，我們在這裡有許多活躍的專案。我們的企業風險管理器就是一個這樣的例子，它是一種雲端原生解決方案，結合了我們的專業業務解決方案和極端事件業務的獨特功能。

Enterprise Exposure Manager is a scalable solution that enables users to evaluate enterprise-wide risk across billions of locations with performance and stability, providing an improved understanding of global exposures and insights into portfolio-wide risk accumulations to enable better informed business decisions.

企業風險敞口管理器是一種可擴展的解決方案，使用戶能夠以高效能和穩定性評估數十億個地點的企業範圍風險，從而更好地了解全球風險敞口並洞察整個投資組合的風險累積，從而做出更明智的業務決策。

This solution can utilize and analyze clients' data across insurance and reinsurance to create real-time insights, including identifying the risk of multiple claims from a single event as well as trend in comparative analytics. This new solution is also creating opportunities for us to address the needs of chief risk officers across our clients, a newer constituent for our services.

該解決方案可以利用和分析客戶的保險和再保險數據來創建即時洞察，包括識別單一事件中多個索賠的風險以及比較分析中的趨勢。這個新解決方案也為我們創造了機會，以滿足客戶首席風險長的需求，他們是我們的服務的新組成部分。

Another example of our work to connect our data and capabilities is in our extreme events business. We are reimagining the core catastrophe modeling software platform into a fully cloud-native, scalable workflow solution, we are calling Verisk Synergy Studio, launching in 2026.

我們將數據和能力連接起來的另一個例子是我們的極端事件業務。我們正在將核心災難建模軟體平台重新構想為完全雲端原生、可擴展的工作流程解決方案，我們稱之為 Verisk Synergy Studio，將於 2026 年推出。

We recently engaged in more than 100 live one-on-one client demonstrations of Verisk Synergy Studio at our Verisk Insurance Conference last month, and client interest in reception was very strong. Upon release, Verisk Synergy Studio will provide a flexible, fast and stable platform on which our full global suite of catastrophe models will be deployed at a lower cost of ownership, allowing for a better understanding of the near present climate risk impacting the global insurance market.

我們最近在上個月的 Verisk 保險會議上進行了 100 多次 Verisk Synergy Studio 的一對一現場客戶演示，客戶對接待的興趣非常濃厚。Verisk Synergy Studio 發布後將提供一個靈活、快速且穩定的平台，我們將以較低的擁有成本在該平台上部署全套全球災難模型，從而更好地了解影響全球保險市場的近期氣候風險。

Importantly, Verisk Synergy Studio can also serve as a platform to connect the functionality of Verisk products and data sets and serve as an ecosystem hub for all Verisk's clients. We are excited about this rollout and are in active dialogue with clients ahead of the launch.

重要的是，Verisk Synergy Studio 還可以作為連接 Verisk 產品和資料集功能的平台，並作為所有 Verisk 客戶的生態系統中心。我們對此次推出的產品感到非常興奮，並在推出之前與客戶進行了積極的對話。

The third demand we are addressing is the need for an efficient and effective ecosystem that benefits all parties, namely insurers, reinsurers, brokers, regulators and ultimately policyholders. The insurance industry has strengthened through the many ecosystem players being linked together and our ability to drive connectivity enables us to support many constituencies through data relationships and partners.

我們正在解決的第三個需求是需要一個高效的生態系統，使所有各方受益，即保險公司、再保險公司、經紀人、監管機構以及最終的保單持有人。保險業透過眾多生態系統參與者的相互聯繫而得到了加強，我們推動連接的能力使我們能夠透過數據關係和合作夥伴為眾多客戶提供支援。

Specifically, we are continuing to grow our ecosystem by continually adding new partners to our various platforms across underwriting and claims, including property estimating solutions and anti-fraud. This is driving increased revenues for Verisk, more choice for clients and more connectivity and interoperability within the industry.

具體來說，我們透過不斷在承保和索賠的各個平台上增加新的合作夥伴（包括財產估價解決方案和反詐欺）來繼續擴大我們的生態系統。這將推動 Verisk 收入的成長、為客戶提供更多的選擇以及行業內的連接性和互通性。

We are also creating new platforms to connect different parts of the ecosystem, such as regulatory data exchange launched in April to regulators. This platform streamlines data sharing between regulators and carriers across multiple jurisdictions. RDX enables regulators to review data elements that have been requested in prior data calls, both in their own and other jurisdictions in order to make regulatory data calls more consistent efficient and less costly to insurers.

我們也正在創建新的平台來連接生態系統的不同部分，例如 4 月向監管機構推出的監管資料交換。該平台簡化了跨多個司法管轄區的監管機構和營運商之間的資料共享。RDX 使監管機構能夠審查其自身和其他司法管轄區內先前資料呼叫中請求的資料元素，從而使監管資料呼叫更加一致、高效，並降低保險公司的成本。

And finally, just last month, we closed on the strategic acquisition of Simplitium from Nasdaq, a SaaS platform, that will be part of our Extreme Events business. Simplitium supports an open ecosystem where specialized model partners make models, hazard data and analytics available to the industry to help assess the global insurance protection gap. This acquisition will provide our clients with access to over 300 third-party models, providing unique niche views of risk across the globe, supporting the entire risk transfer ecosystem.

最後，就在上個月，我們完成了納斯達克 SaaS 平台 Simplitium 的策略性收購，它將成為我們極端事件業務的一部分。Simplitium 支持開放的生態系統，其中專業模型合作夥伴向產業提供模型、危險數據和分析，以幫助評估全球保險保障缺口。此次收購將為我們的客戶提供超過 300 個第三方模型，提供全球獨特的風險視角，支援整個風險轉移生態系統。

Now let me turn the call over to Elizabeth to review our detailed financial results for the first quarter.

現在，讓我將電話轉給伊莉莎白，讓她來回顧我們第一季的詳細財務結果。

Thanks, Lee, and good day to everyone on the call. On a consolidated and GAAP basis, first-quarter revenue was $753 million, up 7% versus the prior year, reflecting solid growth across both underwriting and claims. Net income was $232 million, up 6% versus the prior year, while diluted GAAP earnings per share, or EPS, were $1.65, up 9% versus the prior year.

謝謝，李，祝電話裡的各位朋友有愉快的一天。根據合併和 GAAP 基礎，第一季營收為 7.53 億美元，比上年增長 7%，反映出核保和理賠均實現穩健成長。淨收入為 2.32 億美元，比上年增長 6%，而稀釋後 GAAP 每股收益（EPS）為 1.65 美元，比上年增長 9%。

The increase in diluted GAAP EPS was driven by strong operating performance and a lower average share count. Moving to our organic constant currency results adjusted for non-operating items, as defined in the non-GAAP financial measures section of our press release, our operating results demonstrated continued broad-based growth across both underwriting and plans.

稀釋 GAAP EPS 的成長得益於強勁的經營業績和較低的平均股數。根據我們新聞稿中非公認會計準則財務指標部分的定義，調整非經營項目後的有機固定匯率結果顯示，我們的經營績效在核保和計畫方面均持續廣泛成長。

In the first quarter, OCC revenues grew 7.9% with growth of 7.2% in underwriting and 9.6% in claims. This strong revenue growth represents a solid start to the year and reinforces our ability to deliver consistent levels of growth across varying macroeconomic and insurance-specific operating environment.

第一季度，OCC 營收成長 7.9%，其中承保成長 7.2%，索賠成長 9.6%。強勁的收入成長代表今年的良好開端，並增強了我們在不同的宏觀經濟和保險特定的營運環境中實現持續成長的能力。

Our subscription revenues, which comprised 83% of our total revenue in the quarter, grew 10.6% on an OCC basis during the first quarter. We experienced solid growth across most of our largest subscription-based solutions with strong price realization in our renewals, expanded relationships with existing clients and solid sales of new solutions.

我們的訂閱收入佔本季總營收的 83%，以 OCC 計算，第一季成長了 10.6%。我們大多數最大的基於訂閱的解決方案都實現了穩健的成長，續約的價格實現了強勁的成長，與現有客戶的關係得到了擴大，新解決方案的銷售也實現了穩健的成長。

We also continue to see a benefit from the conversions to committed subscriptions from previously transactional contracts. Within forms rules on loss costs, we continue to see improved value capture through pricing as we digitize our content, expand our insights and release more client-facing innovations as part of Reimagine.

我們也繼續看到從先前的交易合約轉換為承諾訂閱帶來的好處。在製定損失成本規則的框架內，隨著我們將內容數位化、擴大洞察力並在「重新構想」專案中發布更多面向客戶的創新，我們繼續看到透過定價獲取價值的提高。

This quarter, we expanded executive insights and the ISO Experience Index to another major line of insurance, commercial auto and brought several new innovations to market, including reimagined ratings for homeowners and personal auto. We also introduced a generative AI tool within our Mozart Form management platform. to help clients efficiently compare changes in our proprietary forms and migrated additional circular content to our new client platform.

本季度，我們將高階主管洞察和 ISO 體驗指數擴展到另一個大保險類別——商業汽車保險，並向市場推出了多項創新，包括重新設計的房主和個人汽車評級。我們也在 Mozart Form 管理平台中引進了生成式 AI 工具。幫助客戶有效地比較我們專有表格的變化，並將額外的循環內容遷移到我們的新客戶平台。

In anti-fraud, we experienced underlying strength in the business augmented by strong sales of new solutions like claims scoring as well as the continued benefit from the conversion to subscription of previously transactional clients.

在反詐騙領域，我們的業務展現出潛在的優勢，這得益於索賠評分等新解決方案的強勁銷售，以及先前交易客戶轉為訂閱所帶來的持續利益。

And within Extreme Event solutions, we delivered another quarter of high single-digit subscription growth, driven by strong multiyear renewals with existing clients as well as the addition of new logos to Verisk. In our marketing business, we have experienced a recovery and growth from our insurance clients but continue to experience headwinds in other appliance segments that are more economically sensitive.

在極端事件解決方案領域，我們又實現了高個位數訂閱量成長，這得益於現有客戶的多年強勁續約以及 Verisk 新標誌的加入。在我們的行銷業務中，我們的保險客戶經歷了復甦和成長，但在對經濟更敏感的其他家電領域，我們仍然面臨阻力。

Our transactional revenues which comprised 17% of total revenues, declined 4% on an OCC basis during the first quarter. We have had continued success converting transactional revenues to committed subscriptions including the one discrete contract that we have previously mentioned, which has reduced our transactional revenue growth.

我們的交易收入佔總收入的 17%，以 OCC 計算，第一季下降了 4%。我們不斷成功地將交易收入轉化為承諾訂閱，包括我們之前提到的一份獨立合同，這降低了我們的交易收入成長。

In addition, we continue to experience soft results in our personal auto business as well as lower levels of service revenue in certain of our software-related businesses. This decline was partially offset by better-than-expected transactional growth within Extreme Event Solutions related to securitization.

此外，我們的個人汽車業務表現持續疲軟，某些軟體相關業務的服務收入也下降。這一下降被極端事件解決方案中與證券化相關的交易成長優於預期所部分抵消。

Moving now to our adjusted EBITDA results. OCC adjusted EBITDA growth was 9.5% in the quarter, while total adjusted EBITDA margin, which includes both organic and inorganic results, was 55.3%, up 130 basis points from the reported results in the prior year.

現在轉到我們調整後的 EBITDA 結果。OCC 調整後的 EBITDA 本季成長率為 9.5%，而包括有機和無機結果在內的總調整後 EBITDA 利潤率為 55.3%，比去年報告的結果高出 130 個基點。

This level of margin expansion reflects the positive impact of sales leverage, the timing of certain expenses and our ongoing cost discipline, including the benefits from our global talent optimization efforts. This level of expansion also embeds the self-funded investments back into our business for invention and future growth. On a trailing 12-month basis, adjusted EBITDA margins were 55%, up 110 basis points over last year's levels.

這項利潤率擴張反映了銷售槓桿的正面影響、某些費用的時機以及我們持續的成本控制，包括我們全球人才優化工作帶來的好處。這種程度的擴張也將自籌資金的投資重新融入我們的業務中，用於創新和未來的成長。過去 12 個月，調整後的 EBITDA 利潤率為 55%，比去年同期成長 110 個基點。

Moving down the income statement, net interest expense was $36 million in the quarter compared to $29 million in the same period last year, resulting from higher debt balances and higher interest rates. During the first quarter, we issued $700 million of senior notes at 5.25% due to 2035, and subsequently in April, retired $500 million of 4% notes that were due in June 2025.

在損益表中，本季淨利息支出為 3,600 萬美元，而去年同期為 2,900 萬美元，這是由於債務餘額增加和利率上升所致。在第一季度，我們發行了價值 7 億美元的、利率為 5.25%、到期日為 2035 年的優先票據，隨後在 4 月份，我們贖回了價值 5 億美元的、利率為 4%、到期日為 2025 年 6 月的優先票據。

While we still expect our full-year interest expense to be in line with the previously guided range, the net effect of these transactions is that our ongoing quarterly run rate for the remainder of the year will be higher than in the first quarter. That said, we are comfortable with our current leverage, which stands at 2 times the EBITDA and is at the low end of our targeted range of 2 to 3 times EBITDA.

雖然我們仍然預計全年利息支出將與先前指導的範圍一致，但這些交易的淨效應是，我們今年剩餘時間的持續季度運行率將高於第一季。也就是說，我們對目前的槓桿率感到滿意，槓桿率為 EBITDA 的 2 倍，處於我們目標範圍 2 至 3 倍 EBITDA 的低端。

Our reported effective tax rate was 21.6% compared to 20.3% in the prior year quarter. This year-over-year increase was primarily related to a one-time tax benefit in the prior year period. We continue to believe our tax rate will be in the range of 23% to 25% for the year. So there could be some quarterly variability related to employee stock option exercise activity.

我們的報告有效稅率為 21.6%，而去年同期為 20.3%。這一同比增長主要與去年同期的一次性稅收優惠有關。我們仍然相信今年的稅率將在 23% 至 25% 之間。因此，員工股票選擇權行使活動可能會出現一些季度變化。

Adjusted net income increased 4.5% to $245 million and diluted adjusted EPS increased 6.1% to $1.73 for the quarter. The increase is primarily driven by solid revenue growth, strong margin expansion, and a lower average share count. This was partially offset by higher depreciation expense, higher interest expense, and a higher tax rate.

本季調整後淨收入成長 4.5% 至 2.45 億美元，稀釋調整後每股收益成長 6.1% 至 1.73 美元。成長主要得益於穩健的收入成長、強勁的利潤率擴張以及較低的平均股數。這部分被更高的折舊費用、更高的利息費用和更高的稅率所抵銷。

From a cash flow perspective, on a reported basis, net cash from operating activities increased 20% to $445 million, while free cash flow increased 23% to $391 million. This was driven by an increase in operating profit and the timing of certain tax funds received in the quarter. As of March 31, we had $1.1 billion in cash on our balance sheet.

從現金流角度來看，根據報告，經營活動產生的淨現金成長 20% 至 4.45 億美元，而自由現金流成長 23% 至 3.91 億美元。這是由於本季營業利潤的成長和某些稅收資金的到帳時間所致。截至 3 月 31 日，我們的資產負債表上有 11 億美元現金。

However, on April 21, we retired $500 million of our 4% notes due June 2025, reducing our cash balance. We are committed to returning capital to shareholders. During the first quarter, we paid a cash dividend of $0.45 per share, a 15% increase from the prior year. We also initiated a $200 million accelerated share repurchase program, which was completed in April. We continue to have $1.4 billion in capacity remaining under our share repurchase authorization.

然而，4 月 21 日，我們贖回了 2025 年 6 月到期的 5 億美元 4% 票據，減少了我們的現金餘額。我們致力於向股東返還資本。第一季度，我們支付了每股 0.45 美元的現金股息，比前一年增加 15%。我們還啟動了一項 2 億美元的加速股票回購計劃，該計劃已於 4 月完成。我們的股票回購授權仍有 14 億美元的剩餘容量。

We are pleased with our strong results for the first quarter and reiterate our outlook for 2025 or specifically, we expect consolidated revenue for 2025 to be in the range of $3.03 billion to $3.08 billion. We expect adjusted EBITDA to be in the range of $1.67 billion to $1.72 billion and adjusted EBITDA margins in the range of 55% to 55.8%.

我們對第一季的強勁業績感到滿意，並重申我們對 2025 年的展望，具體來說，我們預計 2025 年的綜合收入將在 30.3 億美元至 30.8 億美元之間。我們預計調整後的 EBITDA 將在 16.7 億美元至 17.2 億美元之間，調整後的 EBITDA 利潤率將在 55% 至 55.8% 之間。

We expect our tax rate to be in the range of 23% to 25% and adjusted earnings per share in the range of $6.80 to $7.10. 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.

我們預計稅率在 23% 至 25% 之間，調整後每股收益在 6.80 美元至 7.10 美元之間。所有指導措施的完整清單可在收益幻燈片中找到，該投影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給李，請他發表一些結束語。

Thanks, Elizabeth. We are pleased that 2025 is off to a solid start. Our execution priorities are unchanged as we remain focused on delivering consistent and predictable growth while allocating capital back towards investment for future growth.

謝謝，伊麗莎白。我們很高興看到 2025 年有了良好的開端。我們的執行重點保持不變，因為我們仍然專注於實現持續、可預測的成長，同時將資本重新分配用於未來成長的投資。

Our 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 clients, employees, and shareholders.

我們與客戶加強的策略合作加強了關係並為產業帶來了新的產品和商業機會，我們可以大規模投資，為客戶、員工和股東創造價值。

Our durable subscription-based economic model and strong cash flow enable us to continue to invest in our business while also returning capital to shareholders. We continue to appreciate the support and interest in Verisk. Given the large number of analysts, we have covering us, we ask that you limit yourself to one question.

我們持久的基於訂閱的經濟模式和強勁的現金流使我們能夠繼續投資於我們的業務，同時向股東返還資本。我們繼續感謝對 Verisk 的支持和關注。鑑於有大量分析師關注我們，我們要求您將問題限制在一個範圍內。

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

這樣，我就請接線生開通熱線來回答問題。

(Operator Instructions) Toni Kaplan, Morgan Stanley.

（操作員指示）摩根士丹利的東尼卡普蘭。

I was hoping you could give us your latest observations and thoughts on the Marketing Solutions, particularly, you called out the noninsurance business seemed like that was a bit of a drag this quarter on the transactional side. I was really wondering, is this core to your business? Or are there synergies that you have with your insurance marketing solutions, and that's why you have it or just wondering if it makes sense to continue to be in that business? And just any color on the outlook for the marketing business overall in '25, especially if we were to see a bit of a macro slowdown. Thank you.

我希望您能向我們提供您對行銷解決方案的最新觀察和想法，特別是您所說的非保險業務似乎在本季度的交易方面造成了一些拖累。我真的很想知道，這是您的業務的核心嗎？或者您的保險行銷解決方案是否存在協同效應，這就是您擁有它的原因，或者您只是想知道繼續從事該業務是否有意義？這對於 25 年整體行銷業務的前景來說是一個很大的影響，特別是如果我們看到宏觀經濟放緩的話。謝謝。

Yeah. Thanks for the question, Toni. Yeah, the marketing business that we entered a couple of years ago does present us an opportunity to access some of the spend that takes place at our insurance carrier clients. And that part of the business has continued to grow.

是的。謝謝你的提問，托尼。是的，我們幾年前進入的行銷業務確實為我們提供了一個機會，讓我們能夠了解保險公司客戶的部分支出情況。而這部分業務還在持續成長。

As you know, we entered those businesses from acquisition. And so those remain exposed to a couple of other customer segments, particularly within financial services and mortgages. And those have been going through some headwinds over the last couple of years. And then as we look ahead with potential pressures on discretionary spend, that could be a challenge for the balance of the year.

如您所知，我們是透過收購進入這些業務的。因此，這些產品仍然會接觸到其他幾個客戶群體，特別是金融服務和抵押貸款領域。過去幾年裡，這些事業一直遭遇一些阻力。然後，當我們展望未來可自由支配支出的潛在壓力時，這可能會對今年的平衡造成挑戰。

Kelsey Zhu, Autonomous Research.

凱爾西·朱，自主研究。

You caught out strong pricing realization in Forms Rules of Loss Cost. I was just wondering what's contributing to trends you're seeing there Obviously, we now 20% to 25% of your revenues come from contracts that have a direct input based on premium growth from two years ago. I was wondering if that was the main driver of that strong pricing realization and just how much did pricing contribute to overall growth in Q1.

您在損失成本表格規則中發現了強大的定價實現。我只是想知道是什麼導致了您所看到的趨勢，顯然，我們現在 20% 到 25% 的收入來自基於兩年前保費增長的直接投入的合約。我想知道這是否是強勁定價實現的主要驅動力，以及定價對第一季整體成長的貢獻有多大。

Yeah. Thanks, Kelsey. Of course, our main focus in that business is delivering the value to clients. And as you've heard us talk about the developments in Core Lines Reimagine, I think there's getting to be more and more tangible that they can see and feel and experience that's contributing to that sense of value. That is supported by the strong premium environment. And so for those contracts with a premium input, the full year '23 premium strength was very strong at over 10%, around 11%. So both of those things are factors.

是的。謝謝，凱爾西。當然，我們在該業務中的主要重點是向客戶傳遞價值。正如您所聽到的我們談論核心線重塑的發展，我認為他們能夠看到、感受到和體驗到的越來越有形的東西有助於增強這種價值感。這得益於強勁的溢價環境。因此，對於那些包含保費投入的合同，23 年全年保費強度非常強勁，超過 10%，約為 11%。所以這兩個因素都是因素。

And I might add, Kelsey, that this is one example. We have also seen this in other product areas. And I think we've talked previously about the strength of the performance in our Extreme Event solution. It's a function of not only investing but also elevating the dialogue and the awareness of the value that we're creating across the enterprise that I think is supporting that.

凱爾西，我還要補充一點，這就是一個例子。我們在其他產品領域也看到了這種情況。我認為我們之前已經討論過我們的極端事件解決方案的效能優勢。我認為這不僅是一種投資，也是一種提升對話和對我們在整個企業中創造的價值的認識的功能，這支持了這一點。

And in terms of ongoing developments, I'm going to ask -- Saurabh Khemka with us to talk about some of the features that we're continuing to roll out over the next year or so that will add to the value, the incremental value that we're providing to clients.

就正在進行的開發而言，我將請 Saurabh Khemka 與我們討論我們將在未來一年左右繼續推出的一些功能，這些功能將增加我們為客戶提供的價值和增量價值。

Yeah, absolutely. Happy to, Lee. So on two fronts. One, we've talked about on the executive insights, the experience indexes, which provide more insights and thus more value to our customers as they think about their pricing in this environment. There's also a lot of tools that we're providing for automation and that are driving efficiencies in their operations. So they see value both from an inside perspective, but also from a cost savings perspective.

是的，絕對是如此。很高興，李。因此，從兩個方面來說。首先，我們討論了高階主管洞察、經驗指數，這些洞察為我們的客戶在這種環境下考慮定價時提供了更多的洞察，從而提供了更多的價值。我們還提供了許多用於自動化的工具，這些工具正在提高營運效率。因此，他們不僅從內部角度看到價值，而且從成本節約角度看到價值。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

So I wanted to ask about margins. You've had really strong margin performance over the last couple of years. And even now, you've been above sort of the long-term level of margin growth that you had talked about. So I'm curious, I know you mentioned some timing of expenses. But maybe talk a little bit about where you are in the journey of the -- your global talent optimization efforts and how we should think about efficiencies in the business going forward.

所以我想問一下利潤率。過去幾年裡，你們的利潤表現非常強勁。即使是現在，您的利潤成長也已經超過了您所說的長期水準。所以我很好奇，我知道你提到了一些費用的時間。但也許您可以稍微談談您在全球人才優化工作中處於什麼階段，以及我們應該如何考慮未來業務的效率。

Yes. Thanks for the question, Faiza. It is -- margin efficiency has become a discipline that I think has become really embedded into our processes. And there's always more that we can do on the efficiency front. That said, as you've highlighted, we had a couple of years of very, very significant focus on margin expansion. And I think the trajectory of margin expansion from here may taper a bit as our guidance indicates. For the quarter itself, it was a pretty strong margin expansion.

是的。謝謝你的提問，Faiza。是的——我認為利潤效率已經成為一門學科，並且已經真正融入我們的流程中。在效率方面我們還可以做更多的事情。話雖如此，正如您所強調的，我們幾年來非常非常注重利潤率的擴大。我認為，正如我們的指導所示，從現在開始利潤率擴張的軌跡可能會略有減弱。就本季而言，利潤率擴張相當強勁。

Some of that reflects, as I said, the timing of spend can vary quarter-to-quarter, which is why we always tend to look at the trailing 12 months. The other thing I mentioned is we had a benefit -- it was a relatively strong revenue performance quarter. It did include and maybe we'll get to this, there was a modest benefit of some storm associated revenue in the property estimating solutions business, which always comes at high incremental margin.

正如我所說，這反映出支出的時間可能每個季度都有所不同，這就是為什麼我們總是傾向於關注過去 12 個月。我提到的另一件事是，我們有一個好處——這是一個收入表現相對強勁的季度。它確實包括，也許我們會談到這一點，在房地產估算解決方案業務中，一些與風暴相關的收入有一定的好處，而這總是伴隨著較高的增量利潤。

And Faiz, I would add one other thing, which is the counterbalance to those operating efficiencies is our level of investment intensity. And so what we are always trying to do is balance that incremental investment that will growth and even efficiency down the road with the more it more immediate margins. And so it's going to vary from quarter-to-quarter. But that is also a moderating influence that we think is in the best long-term interest for our shareholders.

費茲，我想補充一點，與這些營運效率相平衡的是我們的投資強度水準。因此，我們始終試圖平衡增量投資與更直接的利潤，前者將帶來未來的成長甚至效率。因此每季的情況都會有所不同。但我們認為這也是一種緩和影響，符合我們股東的長期利益。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Lee, in your prepared remarks, you talked about bringing the improved sales model to a broader group of businesses and your new growth factors. Could you spend a little bit more time flushing that out? I mean, is that specific to speaking to executive groups more regularly being more in tune with their needs? Or is there something beyond that? And maybe what it looks like in practice in terms of fleshing that out and bringing it to other groups within the organization. Thank you.

李先生，您在準備好的發言中談到了將改進的銷售模式推廣到更廣泛的企業群體以及新的成長因素。您能多花一點時間解決這個問題嗎？我的意思是，這是否具體指更定期地與高階主管團隊交談，以便更好地了解他們的需求？或者除此之外還有什麼？也許在實踐中，它看起來像是充實了這一點，並把它帶到了組織內的其他團體。謝謝。

Right. Thank you, Andrew. And so it really relates to -- when we did the review of our go-to-market strategy, it was focused on our largest businesses. And so our claims sales team, our extreme events, sales team, our underwriting decision analytics sales team. We obviously wanted to identify where we could have the biggest impact across those large businesses. And what we're referring to from extending that is bringing some of the disciplines and what we have learned from the very positive impact we've had across those larger businesses to some of our growth businesses.

正確的。謝謝你，安德魯。因此，這確實與我們在審查市場進入策略時關注的最大業務有關。因此，我們的索賠銷售團隊、極端事件銷售團隊、核保決策分析銷售團隊。我們顯然想確定我們能夠在哪些大型企業中產生最大的影響。我們所說的擴展是指將一些原則以及我們從對那些大型企業產生的非常積極的影響中學到的東西應用到我們的一些成長型企業中。

So with our life insurance business, with our SBS business, with Various Marketing Solutions, how can we leverage some of those learnings against those businesses. And so we're hopeful that we'll see a similar level of success that we've had in some of the larger businesses.

那麼，對於我們的人壽保險業務、SBS 業務和各種行銷解決方案，我們如何利用這些經驗教訓來開展這些業務。因此，我們希望能夠取得與一些大型企業類似的成功。

So that's the extension. You referred to the broader elevation of our strategic dialogue, I think that's already in place. I do think that has been focused on our largest customers, but those skill sets are something that we will look to expand and be part of our philosophy in terms of how we think about serving our -- all of our clients with more of a relationship and enterprise orientation.

這就是擴充。您提到了我們戰略對話的更廣泛提升，我認為這已經到位了。我確實認為這一直專注於我們最大的客戶，但這些技能是我們希望擴展的，並成為我們如何為所有客戶提供服務理念的一部分，以更多的關係和企業導向。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Just wanted to come back to the, I guess, uncertain environment over the last couple months, tariffs, et cetera. I think your end market is generally fairly insulated against that. But obviously, you already mentioned with the marketing side that there's some of the industry. So just wondering, across the business, are you seeing any delays in decision making? Or is it true as it always been that the insurance industry seems to be very immune to some of what's going on. But anything you're seeing would be helpful. Thanks.

我只是想回到過去幾個月不確定的環境，例如關稅等等。我認為你的終端市場一般不會受到這種影響。但顯然，您已經提到了行銷方面存在一些行業問題。所以我只是想知道，在整個業務中，您是否看到決策有任何延遲？或者，保險業似乎對正在發生的一些事情具有很強的免疫力，這是真的嗎？但您所看到的任何內容都會有所幫助。謝謝。

Yeah. Thanks a bunch for the question, Alex. It's certainly so we've been monitoring very closely. From our own business, from a Verisk financial perspective, we don't believe we have kind of a material direct exposure to tariffs and the implications. I think for the insurance industry overall, I think there are potential impacts if there were to be an environment with higher costs, that would translate into higher costs for claims and claims fulfillment.

是的。非常感謝你提出這個問題，亞歷克斯。確實如此，我們一直在密切關注。從我們自己的業務和 Verisk 財務角度來看，我們認為我們不會受到關稅及其影響的重大直接影響。我認為對於整個保險業而言，如果成本更高的環境，就會產生潛在的影響，這將轉化為索賠和索賠履行成本的增加。

And so that could potentially lead to lower profitability in the insurance industry in the short term. And so that's something that our clients are monitoring very closely, and we're working with them. Indeed, our data and analytics is doing a lot to try to support them in measuring and assessing the environment that they are in. So those are kind of some of the factors that we have been following.

因此，這可能會導致短期內保險業獲利能力下降。我們的客戶正在密切關注此事，我們也正在與他們合作。事實上，我們的數據和分析正在盡力幫助他們衡量和評估他們所處的環境。這些就是我們一直關注的一些因素。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Hi, Elizabeth. Could you -- on slide 10, the guide, could you just focus just a little bit more on the D&A line. I know I asked you about this last quarter. Do you feel like D&A as a percentage of revenues will kind of stay in this range going forward from here? Like is there a bias upwards? Is there a bias downwards again, D&A as a percentage of revenues? And what the implications on ROIC are going forward?

你好，伊麗莎白。您能否 — — 在投影片 10 上，即指南中，稍微關註一下 D&A 線。我知道我上個季度問過你這個問題。您是否認為從現在起 D&A 佔收入的百分比將保持在這個範圍內？是否存在向上的偏見？D&A 佔收入的百分比是否再次出現下降趨勢？這對未來 ROIC 有何影響？

Yeah, Andrew, thanks for the question. It is something that we take a look at. We haven't given a long-term forecast for D&A as a percent of revenue. The D&A is a direct consequence, obviously, of the CapEx and the projects that we've placed in service.

是的，安德魯，謝謝你的提問。這是我們要研究的事情。我們還沒有對折舊及攤銷佔收入的百分比做出長期預測。顯然，D&A 是資本支出和我們投入使用的項目的直接結果。

And I think for this year, in these quarters, you're seeing the impact of some projects placed into service that were actually fairly long-term builds both the work we've been doing on the Core Lines Reimagine program as well as the next-generation financial models that were developed in Extreme Events solutions.

我認為，就今年的這幾個季度而言，您會看到一些投入使用的項目的影響，這些項目實際上是相當長期的建設，包括我們在核心線路重塑計劃上所做的工作以及在極端事件解決方案中開發的下一代財務模型。

So both of those things were some long-term builds that are being placed into service. I think from where we are now, the growth rate of that D&A will probably -- the number will converge with the CapEx. I think the growth from here will probably be a hair below the CapEx because we're reflecting some of those longer-term builds.

所以，這兩樣東西都是一些正在投入的長期建設。我認為從現在的情況來看，折舊及攤銷的成長率可能會與資本支出趨於一致。我認為從現在開始的成長可能會略低於資本支出，因為我們正在反映一些長期建設。

And Andrew, it's Lee. I can't resist a return on invested capital question. And I just want to make certain that you understand when we are looking at our return on invested capital, depreciation and amortization, which is an expensing of that CapEx is removed, we put all of our CapEx into invested capital.

安德魯，我是李。我無法抗拒投資資本報酬率的問題。我只是想確保你明白，當我們查看投資資本回報率、折舊和攤提時，這些是資本支出的費用，我們將所有資本支出都投入投資資本。

So our returns, which would be a classic net operating profit loss after tax, excludes any accounting expense related to that, the CapEx is the capital element or the invested capital element that we're engaging a return off of.

因此，我們的回報將是典型的稅後淨營業利潤損失，不包括與此相關的任何會計費用，資本支出是我們獲得回報的資本要素或投資資本要素。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Do you expect the increased contribution to forms, rules and loss cost revenue growth from Core Lines to play out over kind of the two- to three-year adoption period? Or -- and it extend beyond that with ongoing better innovation and starting to implement AI and whatnot, I guess at the very least help us with cross-sells and other businesses in conjunction with the enhanced go-to-market effort.

您是否預期核心線路對表格、規則和損失成本收入成長的貢獻會在兩到三年的採用期間內顯現出來？或者 — — 而且它超越了這一點，透過持續更好的創新並開始實施人工智慧等等，我想至少可以幫助我們進行交叉銷售和其他業務，並結合加強的市場進入努力。

Yeah, I'll start with that. I think, look, the goal in the investments that we're making in Core Lines Reimagine is absolutely to be a platform to continue to deliver long-term value for clients and to continue to innovate as the possibility of what you can do with data and analytics and now incorporating Gen AI can do over time. So we expect to continue delivering more value.

是的，我就從那裡開始。我認為，我們在 Core Lines Reimagine 上進行投資的目標絕對是成為一個平台，繼續為客戶提供長期價值，並繼續創新，因為您可以利用數據和分析來做什麼，現在結合 Gen AI 可以隨著時間的推移而做到。因此，我們希望繼續提供更多價值。

Yeah. And one thing I would add is for a majority of our clients, they are signing long-term contracts with us. So as they are signing these contracts, they are seeing this value being accrued to them over long term as we do the contracts today.

是的。我想補充一點，我們的大多數客戶都與我們簽訂了長期合約。因此，當他們簽署這些合約時，他們會看到這種價值在長期內累積起來，就像我們今天簽訂的合約一樣。

Yeah. And Jeff, thanks for the question. I think one dimension of this is that we are enabling the deeper and more efficient integration of our data sets into their processes which then becomes just part of the way that they're doing business. And so I think there's inherently a real long-term benefit and value to them from that.

是的。傑夫，謝謝你的提問。我認為其中一個面向是，我們正在將我們的資料集更深入、更有效地整合到他們的流程中，這將成為他們開展業務方式的一部分。因此我認為這對他們來說本質上是一種真正的長期利益和價值。

Gregory Peters, Raymond James.

格雷戈里彼得斯、雷蒙德詹姆斯。

Good morning, everyone. I appreciate your comments in the opening about helping your clients become more efficient with their ecosystems. It seems like that's a pretty ripe area. I was wondering if you could just build on some of your information in that because it feels like even though you have a cloud-based approach and using up-to-date technology, a lot of your customers are operating on legacy platforms that are funky and outdated to say the least. Maybe you could just give us some color on how challenging it is to deploy your solutions when you're dealing with these legacy systems, which are old to say, as a -- to say the least.

大家早安。我很欣賞您在開篇中提到的幫助您的客戶提高生態系統效率的評論。看起來這是一個相當成熟的領域。我想知道您是否可以根據其中的一些資訊進行構建，因為感覺即使您採用了基於雲端的方法並使用了最新的技術，但您的許多客戶仍在使用過時的傳統平台。也許您可以向我們介紹一下，在處理這些舊系統時，部署解決方案有多麼困難，至少可以這麼說，這些舊系統已經很老舊了。

Greg, thanks for the question. I mean, I think, it's a very relevant question. And the way I would answer it is that there are two factors here. One is I think that the industry is taking more steps than ever to modernize that infrastructure through work with third-party vendors, many of which are partners of ours. And so that is facilitating our ability to enable some of the benefits from our Core Lines Reimagine investments for their benefit.

格雷格，謝謝你的提問。我的意思是，我認為這是一個非常相關的問題。我的回答是，這裡有兩個因素。一是我認為該行業正在採取比以往更多的措施，透過與第三方供應商合作來實現基礎設施的現代化，其中許多供應商都是我們的合作夥伴。因此，這有助於我們利用核心線重塑投資的部分優勢為他們帶來利益。

So I think we are seeing that. A lot of our work isn't necessarily directly with the carriers, but with their vendors and integrating that data set. And I also think that a variety of technologies that are facilitating more connectivity with the industry is helping that regard.

所以我認為我們正在看到這一點。我們的許多工作不一定直接與營運商合作，而是與他們的供應商合作並整合資料集。我還認為，各種促進與業界更多聯繫的技術也對此有所幫助。

In that vein, our role as a connector within the industry and within specific functions like claims or in risk modeling are providing a level of connectivity and integration that is very costly to your point, for a lot of our customers to handle on their own. And I'll give you a specific example. And so you've heard us talk about our efforts to make our claims platform on the -- our property estimating solutions or Xact core platform a more open ecosystem.

從這個角度來看，我們作為行業內以及在索賠或風險建模等特定功能中的連接者，提供了一定程度的連接和集成，對於許多客戶來說，自行處理這種連接和集成的成本非常高。我給你舉一個具體的例子。因此，您已經聽到我們談論了我們為使我們的索賠平台——我們的財產估算解決方案或 Xact 核心平台成為一個更開放的生態系統所做的努力。

And that was based on a lot of feedback that we had from clients where there were complementary vendors or service providers that much of the industry had to invest time in diligencing and connecting into their systems, which was problematic. But with our existing connection to insurers, contractors, adjusters, clients on that platform, it was much more efficient and easy for us to be able to validate, ensure security standards for those vendors, and that's an inherent efficiency.

這是基於我們從客戶那裡得到的大量回饋，這些客戶有互補的供應商或服務提供者，而大部分行業必須投入時間進行盡職調查並連接到他們的系統，這是有問題的。但是，透過我們在該平台上與保險公司、承包商、理賠員和客戶的現有聯繫，我們可以更有效率、更輕鬆地驗證並確保這些供應商的安全標準，這是一種固有的效率。

And we're doing that in claims. I think we're increasingly doing that on the underwriting side. And as you hear us talk about Synergy Studio, that is also a connective network that, I think, is facilitating at greater efficiency on behalf of the clients.

我們在索賠中就是這麼做的。我認為我們在承保方面正在越來越多地這樣做。正如您聽到我們談論 Synergy Studio 一樣，我認為它也是一個連接網絡，可以為客戶提供更高的效率。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

I wanted to go back to your point on improved price realization. It sounds like this is a structural change to your approach to pricing. Can you talk about what proportion of your broader business you've begun to accelerate your pricing increases? And how long it may take to close the gap between pricing and value provided at the broader company level?

我想回到您關於提高價格實現的觀點。這聽起來像是對您的定價方法的結構性改變。您能否談談在您的整體業務中，有多少比例的企業已經開始加速漲價？需要多長時間才能縮小定價和公司整體層面提供的價值之間的差距？

George, thanks for the question. I would -- I'd say the avenues have been focused on where we are making investments based upon feedback from clients on how we can create value for them and recognizing that, that requires investment on our part. And I think that dialogue, which has benefited from that higher level, more strategic dialogue has helped us clarify and improve an understanding of where we are creating value for them and how we participate in that value creation.

喬治，謝謝你的提問。我想說的是，我們的投資途徑一直集中在根據客戶的回饋進行投資，即我們如何為他們創造價值，並認識到這需要我們進行投資。我認為，這種對話得益於更高層次、更具策略性的對話，它幫助我們明確和加深了對我們在哪些方面為他們創造價值以及我們如何參與價值創造的理解。

And I think you asked around which channels, I think, it's really all of our major channels on the underwriting side, Extreme Events within our claims business that has been part of what we have improved in our ability to achieve a stronger price realization through that.

我想你會問到哪些管道，我認為，實際上是我們承保方面的所有主要管道，而索賠業務中的極端事件是我們提高實現更高價格能力的一部分。

Now in terms of closing the gap, I don't know that you ever get there. There's always going to be a difference in perception between how we think we're providing value and where our clients are providing value. I think there is a gap. The objective is to continue to use that as a means for us to deliver more value and capture that with our clients. So in that sense, I think it's a continuous journey.

現在就縮小差距而言，我不知道你是否能夠做到這一點。我們認為我們提供的價值與我們的客戶提供的價值之間總是存在著認知差異。我認為存在差距。我們的目標是繼續利用這一點來為客戶創造更多價值。所以從這個意義上來說，我認為這是一段持續的旅程。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

I have a question on just the broader market. And so it looks like in commercial P&C pricing is starting to get a little bit more competitive. We're also seeing that on the personal auto side. Are you seeing any early signs that your customers are getting a little bit more focused on expenses?

我有一個關於更廣泛市場的問題。因此看起來商業財產和意外保險的定價開始變得更具競爭力。我們在個人汽車方面也看到了這種情況。您是否發現任何早期跡象表明您的客戶開始更加關注開支？

David, thanks for the question. I would say that our customers have been focused on efficiency pretty consistently at an enterprise level. And I don't think that the -- it wouldn't be our observation that trends in pricing have a material impact. I certainly think that when the when overall profitability is challenged and you're seeing greater combined ratios, there's a natural inclination to try to find greater and greater efficiencies.

大衛，謝謝你的提問。我想說的是，我們的客戶一直非常關注企業層面的效率。我不認為——我們觀察到定價趨勢不會產生重大影響。我當然認為，當整體獲利能力受到挑戰並且綜合比率越來越高時，人們自然會傾向於尋求越來越高的效率。

But the general trend that we've observed and which we referenced in the opening comments, is that 2024 was the first year in the past four years, I'm aware you had an underwriting gain, and we saw, I think, 96% combined ratio for the industry.

但我們觀察到的總體趨勢以及我們在開場白中提到的趨勢是，2024 年是過去四年中的第一年，我知道您獲得了承保收益，而且我認為我們看到該行業的綜合比率為 96%。

So I would say, generally, the premium growth has led to more appetite for investment to support continued efficiencies across it. So I think that's just a general trend. We haven't seen a particular inflection point based upon trends in commercial P&C or personal auto from my perspective.

因此我想說，總體而言，保費的成長帶來了更大的投資興趣，以支持整個保險業的持續效率。所以我認為這只是一種總體趨勢。從我的角度來看，我們還沒有看到基於商業財產險和意外險或個人汽車趨勢的特定轉折點。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

This is David Paige on for Ashish. I was wondering on the buyback. Can you just maybe give a little clearance just for full year 2025, how are you thinking about buybacks for [this and next quarter]? Thank you.

這是 David Paige 為 Ashish 主持的節目。我對回購感到疑惑。你能不能稍微放寬一下 2025 年全年的回購計畫？[本季和下一季]？謝謝。

Yeah. Thanks, David. We don't give a forecast for buyback amount for the year. And the real reason for that is that we follow our capital allocation framework. So we prioritize organic investment in the business. We look -- we explore M&A opportunities. We've obviously committed to the dividend return. And then we balance kind of balance sheet availability and attractiveness of share repurchase. But to the extent, we don't have a need for capital, we will continue returning it to shareholders in the form of buybacks as well cash dividends.

是的。謝謝，大衛。我們沒有對今年的回購量做出預測。真正的原因是我們遵循資本配置框架。因此，我們優先考慮對業務進行有機投資。我們尋找－我們探索併購機會。我們顯然致力於股息回報。然後我們平衡資產負債表的可用性和股票回購的吸引力。但如果我們不需要資本，我們將繼續以回購和現金股利的形式將資本回饋給股東。

Russell Quelch, Redburn Atlantic.

羅素‧奎爾奇 (Russell Quelch)，雷德伯恩大西洋公司 (Redburn Atlantic)。

So Elizabeth, you made some remarks in your opening comments, but maybe you could give a clearer breakdown of the various drivers of the 4% year-on-year fall in transaction revenue and disclose perhaps what the growth in transactional revenue was excluding the impact of onetime conversions. I'm also particularly interested in why there was not a positive tailwind to transactional revenue growth from the -- in the auto shopping sector, given the strong J.D. Power data in the quarter? Maybe you could discuss that as well.

伊莉莎白，您在開場白中發表了一些評論，但也許您可以更清楚地分析交易收入同比下降 4% 的各種驅動因素​​，並披露一下不包括一次性轉換的影響的交易收入增長情況。我還特別感興趣的是，鑑於本季度 J.D. Power 數據強勁，為什麼汽車購物領域的交易收入成長並沒有出現積極的推動作用？也許你也可以討論一下這個問題。

Yeah, sure. Thanks for the question, Russell. I'll take that as a two parter. So first, the transactional and the 4% decline. We quantified for you the one contract conversion that we've called out in the past. This is the last full quarter of that. And that's an impact of 200 to 250 basis points for the quarter.

是的，當然。謝謝你的提問，拉塞爾。我將把它看作是兩個部分。首先，交易量下降了 4%。我們為您量化了我們過去所呼籲的一次合約轉換。這是最後一個完整季度。這對本季的影響為 200 至 250 個基點。

Other headwinds in transactional more generally is contract conversions, and we've talked about that before in our antifraud space. We had, in the past, great success with the TPA customer segment, and it's a playbook that's been very successful for us to continue to get customers to commit to committed contracts.

交易中更普遍面臨的其他阻力是合約轉換，我們之前在反詐騙領域討論過這個問題。過去，我們在 TPA 客戶領域取得了巨大的成功，這是一個非常成功的策略，讓我們能夠繼續讓客戶承諾簽約。

So we will continue playing that in other customer segments as we see the opportunity. In addition, some of our ecosystem partners are now shifting to committed contracts. So that's a benefit for us. But apart from that one single contract we haven't and aren't able to quantify the full aggregate impact of it.

因此，當我們發現機會時，我們會繼續在其他客戶群中發揮這一作用。此外，我們的一些生態系統合作夥伴現在正在轉向承諾合約。這對我們來說是一個好處。但除了那一份合約之外，我們還沒有，也無法量化它的全部整體影響。

Finally, some of our transactional revenue comes from implementation of software programs. And so those can be sometimes lumpy in the start of ongoing subscription. So our Specialty Business Solutions had some significant projects last year that we're now comping the impact of.

最後，我們的交易收入部分來自軟體程式的實施。因此，在開始持續訂閱時，這些有時可能會出現問題。因此，我們的專業業務解決方案去年有一些重要的項目，我們現在正在評估其影響。

So again, that transactional revenue is really the output of how we run our business in the aggregate rather than something we are managing as a bucket in and of itself. So that was the first part of your question. I think the second part of your question was on the auto business and on some of the transactional headwinds there. The shopping activity does continue.

所以，再次強調，交易收入其實是我們整體經營業務的產出，而不是我們單獨管理的部分。這就是你問題的第一部分。我認為你問題的第二部分是關於汽車業務以及其中的一些交易阻力。購物活動確實仍在繼續。

So that business is -- has balanced results. I think, we talked in the last quarter about some attrition, particularly in the InsurTech customer segment and our overall mix in that auto business may not be an exact match for the market as a whole.

因此，這項業務是有平衡結果的。我認為，我們在上個季度談到了一些人員流失問題，特別是在 InsurTech 客戶領域，而且我們在汽車業務中的整體組合可能與整個市場並不完全匹配。

The final point -- the final dynamic that's going on in the auto segment, we've talked about our nonrate action business. As rates overall have recovered in the industry, there's been less activity on that non-rate action deal as carriers shift their focus.

最後一點－汽車領域正在發生的最後一個動態，我們討論了非利率行動業務。隨著整個行業的費率整體回升，承運商轉移了注意力，非費率行動交易的活動有所減少。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

I'm curious, if you've seen any change in client conversation in the quarter said period given the macro uncertainty if you're seeing any pause in projects or anything like that? And then maybe you could talk more big picture about curious which parts of your business you see as most economically sensitive and which parts are more resilient and even potentially countercyclical? Thank you.

我很好奇，考慮到宏觀不確定性，您是否看到本季客戶對話有任何變化，是否看到專案暫停或類似情況？然後，也許您可以更詳細地談談您認為哪些業務部分對經濟最為敏感，哪些部分更具彈性，甚至具有反週期的潛力？謝謝。

Sure, Jason. Thanks. I'll start off generally saying -- in terms of our dialogue with our clients, I don't think we have seen a fundamental change in terms of their priorities and what they need to accomplish day-to-day and how we serve that. Naturally, there is some greater focus on the impact of tariffs particularly to the extent that any inflationary factors are beginning to affect their claims costs.

當然，傑森。謝謝。我首先要概括地說——就我們與客戶的對話而言，我認為我們並沒有看到他們的優先事項、他們每天需要完成的任務以及我們如何為他們提供服務方面發生根本性的變化。當然，人們更加關注關稅的影響，特別是當通膨因素開始影響其索賠成本時。

And that's something that we're very well positioned to address as Elizabeth described earlier, where through our Property Estimating Solutions business, we track a great deal of specific supplies and materials costs as well as labor costs associated with rebuilding.

正如伊麗莎白之前所描述的，我們完全有能力解決這個問題，透過我們的財產估算解決方案業務，我們可以追蹤大量特定的供應品和材料成本以及與重建相關的勞動力成本。

And so we have already had conference calls and put out reports tracking any sensitivity and we'll continue to do so. So I would say that's the one area they have been focused on in understanding the potential impacts of the tariff situation.

因此，我們已經召開了電話會議並發布了追蹤敏感問題的報告，我們將繼續這樣做。所以我想說，這是他們在了解關稅情勢的潛在影響時一直關注的領域。

I was going to add, you were asking about other customer segments and economically sensitive customer segment. So I was just going to add that we are watching the macroeconomic impact on some of our non-carrier customer segments. We talked last quarter, the federal government contributes less than 1% of our revenues. So it is a small impact, but we are seeing cost pressure across federal agencies. And so that's one that could have some sort of discretionary spend impact as well as the marketing segments that we've already talked about.

我要補充的是，您詢問的是其他客戶群和經濟敏感的客戶群。所以我只是想補充一點，我們正在關注宏觀經濟對一些非營運商客戶群的影響。我們上個季度談到，聯邦政府貢獻的稅收不到我們的 1%。因此影響很小，但我們看到聯邦機構都面臨成本壓力。因此，這可能會對自由支配的支出以及我們已經討論過的行銷部分產生某種影響。

So we do have some small segments that are, I would describe as more economically sensitive but of course, the vast majority of our revenues are from insurance-related clients that are relatively insensitive to the tariff impact.

因此，我們確實有一些小部分，我認為它們對經濟更敏感，但當然，我們的絕大部分收入來自對關稅影響相對不敏感的保險相關客戶。

(Operator Instructions) Manav Patnaik, Barclays.

（操作員指示）巴克萊銀行的 Manav Patnaik。

Hey, this is Brendan on for Manav. Just wanted to ask on M&A opportunities, we could see valuations come down maybe alongside public equities at some point this year. So I guess, what kind of areas would you like to kind of augment your capabilities? And kind of what are you seeing there?

嘿，我是 Brendan，代替 Manav。只是想問一下併購機會，我們可能會看到估值在今年某個時候隨著公開股票的下跌而下降。那我想問一下，您希望在哪些方面增強自己的能力呢？您在那裡看到了什麼？

Thanks, Brendan. I appreciate the question. So certainly, the uncertainty in the market and the impact on valuations is a potential benefit. We also have observed that the private equity community generally has been more challenged in monetizing some of their investments.

謝謝，布倫丹。我很感謝你提出這個問題。因此，市場不確定性及其對估值的影響無疑是一種潛在的好處。我們也觀察到，私募股權界在將部分投資貨幣化方面普遍面臨更大挑戰。

So I do think that the environment has improved. What we continue have been and will continue to look for is where are there products that have demonstrated an ability to add value to the insurance industry that we can improve either by accelerated distribution or integration into our products to enhance their business as well as potentially contributing data sets that are valuable to our analytics business.

所以我確實認為環境已經改善了。我們過去和現在一直在尋找能夠為保險業增加價值的產品，我們可以透過加速分銷或整合到我們的產品中來改進這些產品，以增強其業務，並可能貢獻對我們的分析業務有價值的資料集。

So we have been actively monitoring that sector. You saw recently a small deal the acquisition of Symplitium from Nasdaq. So it's a sign that we are watching for opportunities with a primary focus on how do we add value to those businesses, leveraging the relationships and the capabilities that we have.

因此我們一直在積極監控該領域。您最近看到了一筆小交易，即納斯達克收購 Symplitium。因此，這表明我們正在尋找機會，主要關注如何利用我們現有的關係和能力為這些企業增加價值。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

In your prepared remarks, you talked about some of the weather impact on the industry. I'm just curious, is it possible to parse out what the impact was on your business in the second quarter in terms of claims from some of those events?

在您準備好的發言中，您談到了天氣對行業的影響。我只是好奇，能否分析一下這些事件對第二季的業務造成了哪些影響？

Yeah. Thanks for the question, Jeff. From a wildfire perspective, which I think is what we were talking about there, it has very little sort of de minimis impact I did mention that we had a very modest benefit from weather-related effects in PES that relates primarily to a small tail from the fourth quarter hurricanes as well as actually a pretty active severe convective storm environment across the US.

是的。謝謝你的提問，傑夫。從野火的角度來看，我認為這就是我們在那裡談論的，它的影響非常小，我確實提到過，我們從 PES 中的天氣相關影響中獲得了非常適度的收益，這主要與第四季度颶風的小尾巴以及實際上美國各地相當活躍的強烈對流風暴環境有關。

And I would say, Jeff, I think your fundamental question was what Elizabeth addressed. But with regards to the wildfires, clearly, that has been an important topic. And as we have said, we were the first to submit our wildfire model to the California Department of Insurance. And we've gotten a lot of questions and interest from clients around our wildfire model, and I want to ask Rob Newbold, who's with us just to give us an update in terms of the level and the quality of dialogue that we've been doing from clients on that model in particular.

我想說，傑夫，我認為你的根本問題就是伊莉莎白所討論的問題。但就野火而言，顯然這是一個重要的議題。正如我們所說，我們是第一個向加州保險部門提交野火模型的人。客戶對我們的野火模型提出了很多問題，他們也對我們很感興趣，我想請 Rob Newbold 向我們介紹一下我們與客戶就該模型進行的對話的水平和品質。

Yeah. Thanks, Lee. We were really pleased to bring an updated view of risk for California wildfire to the market last summer, in June 2024. Our client dialogue has been really excellent on the value that model is providing to people's overall risk management. As we know that we're engaging with the California Department of Insurance, allowing that model to be used for ratemaking in the state. And continue to be excited about the possibilities that will open up to bring global resilience to that particular market.

是的。謝謝，李。我們非常高興在去年夏天（2024 年 6 月）向市場帶來了加州野火風險的最新觀點。我們與客戶的對話非常精彩，充分體現了該模型為人們的整體風險管理提供的價值。我們知道，我們正在與加州保險部門合作，允許該模型用於該州的費率制定。並繼續對將為該特定市場帶來全球彈性的可能性感到興奮。

We continue to believe that the severe weather that we're experiencing continues to point to the value of the analytics and the models that we provide to our clients.

我們始終相信，我們所經歷的惡劣天氣繼續凸顯了我們為客戶提供的分析和模型的價值。

And ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。