Verisk Analytics Inc (VRSK) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Verisk Second Quarter 2025 Earnings Results Conference Call. This call is being recorded. (Operator Instructions)

大家好，歡迎參加 Verisk 2025 年第二季財報電話會議。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 second 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.

謝謝接線員，大家好。感謝您今天加入我們討論 2025 年第二季的財務表現。今天參加電話會議的有 Verisk 總裁兼執行長 Lee Shavel 和財務長 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。

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 that today's call may include forward-looking statements about Verisk's future performance, including those related to our financial guidance and our recently announced pending acquisition of AccuLynx.

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。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和我們最近宣布的即將收購 AccuLynx 相關的陳述。

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. 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.

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。本次電話會議上討論的報告和歷史非 GAAP 財務指標的對帳情況已在我們的 8-K 報表和我們網站 verisk.com 投資者專區發布的今日收益報告中提供。

However, we are not able to provide a reconciliation of projected adjusted EBITDA and adjusted EBITDA margin to the most directly comparable expected GAAP results because of the unreasonable effort and high unpredictability of estimating certain items that are excluded from projected non-GAAP adjusted EBITDA and adjusted EBITDA margin, including, for example, tax consequences, acquisition-related costs, gains and losses from dispositions and other nonrecurring expenses, the effects 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、收益相關成本、經常收購收益和利益相關，其可能具有很高的不可預置性費用。

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, Stacy. Good day, everyone, and welcome to today's call. I'm pleased to share that our operating momentum continued in the second quarter, as we delivered another strong quarter, which was generally in line with our expectations. Organic constant currency revenue growth of 7.9% was broad-based across most of our businesses.

謝謝你，史黛西。大家好，歡迎參加今天的電話會議。我很高興地告訴大家，我們的營運動能在第二季得以延續，我們又取得了一個強勁的季度業績，這基本上符合我們的預期。以固定匯率計算，有機收入成長 7.9%，這在我們大部分業務中都普遍存在。

Our focus on cost discipline delivered healthy margin expansion, resulting in organic constant currency, adjusted EBITDA growth of 9.7%. Elizabeth will provide much more detail in our financial review but these results demonstrate the compounding power of our subscription-based business model, driven by the value we create for our clients.

我們對成本控制的關注實現了健康的利潤率擴張，導致有機固定匯率、調整後 EBITDA 成長率達到 9.7%。伊莉莎白將在我們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商業模式的複合力量，這種力量是由我們為客戶創造的價值所驅動的。

I'm confident that this year is on track to be another solid year for Verisk, and we are raising our revenue and adjusted EBITDA outlook for the full year 2025 to reflect the strong first half and the impact of M&A. Almost three-years ago, we unveiled the new Verisk, an insurance-focused predictable growth company. We implemented structural and cultural changes to become more integrated, and we focused on elevating the strategic dialogue with our clients.

我相信，今年對 Verisk 來說將是另一個穩健的一年，我們正在提高 2025 年全年的收入和調整後的 EBITDA 預期，以反映上半年的強勁表現和併購的影響。大約三年前，我們推出了新的 Verisk，一家專注於保險的可預測成長公司。我們實施了結構和文化變革以實現更加一體化，並致力於提升與客戶的策略對話。

The net result has been strong financial and operational growth. We also evolved our business from industry utility to data analytics specialists to integrated technology network, serving the global insurance industry by focusing on innovation and advanced technologies. And we maintained our capital allocation discipline, investing behind our highest return on capital opportunities while returning excess capital to shareholders.

最終結果是強勁的財務和營運成長。我們也將業務從行業實用程式發展為數據分析專家，再發展為綜合技術網絡，專注於創新和先進技術，服務全球保險業。我們堅持資本配置原則，投資最高資本報酬率的機會，同時將多餘的資本回饋給股東。

This morning, we announced that we have signed a definitive agreement to acquire AccuLynx for $2.35 billion. AccuLynx is the leading SaaS platform providing end-to-end business management workflow for the residential restoration and repair industry with expertise in roofing. AccuLynx is a natural fit and extension of the network capabilities we provide to insurance carriers and contractors into our property estimating solutions business.

今天上午，我們宣布已簽署最終協議，以 23.5 億美元收購 AccuLynx。AccuLynx 是領先的 SaaS 平台，為住宅修復和維修行業提供端到端業務管理工作流程，並在屋頂方面擁有專業知識。AccuLynx 是我們為保險公司和承包商提供的網路功能與我們財產估價解決方案業務的自然契合和延伸。

AccuLynx's integrated service software platform sits at the center of the roofing contractors workflow, addressing each critical stage, including lead generation, sales and customer relationship management, virtual measurements, materials ordering, labor sourcing, payment processing and job management. Most of the company's 5,000-plus customers perform insurance-driven repairs and restoration and roofs are one of the largest and most expensive home components, making up more than 25% of all residential claim value.

AccuLynx 的整合服務軟體平台位於屋頂承包商工作流程的核心，解決每個關鍵階段，包括潛在客戶生成、銷售和客戶關係管理、虛擬測量、材料訂購、勞動力採購、付款處理和工作管理。該公司超過 5,000 名客戶中的大多數都進行保險驅動的維修和修復，屋頂是最大和最昂貴的住宅部件之一，佔所有住宅索賠價值的 25% 以上。

AccuLynx is a very strong business with a compelling financial profile marked by revenue growth and EBITDA margins that are accretive to Verisk overall and a high mix of recurring revenues. But more importantly, AccuLynx is highly additive to our Property Estimating Solutions business due to a high degree of customer overlap and complementary functionality.

AccuLynx 是一家非常強大的企業，其財務狀況令人矚目，其營收成長和 EBITDA 利潤率對 Verisk 整體具有增值作用，經常性收入佔比很高。但更重要的是，由於客戶重疊程度高且功能互補，AccuLynx 對我們的財產估算解決方案業務具有很強的附加性。

We see strong incremental value creation from combining AccuLynx with Verisk property estimating solutions, which will in turn improve, extend and strengthen our network enhancing the value of the ecosystem for all participants. Specifically, more seamless integration will remove manual work and improve information flow between carriers and contractors delivering cost and time savings for both constituencies, while property owners can benefit from quicker repairs due to workflow efficiency and cost savings driven by more accurate pricing data.

我們看到，AccuLynx 與 Verisk 財產估算解決方案的結合將創造強大的增量價值，這反過來將改善、擴展和加強我們的網絡，從而提高所有參與者的生態系統價值。具體而言，更無縫的整合將消除手動工作並改善承運人和承包商之間的資訊流，從而為雙方節省成本和時間，而業主則可以因工作流程效率而受益於更快的維修，並透過更準確的定價數據節省成本。

On the data front, AccuLynx differentiated and rich data sets focused on roofing materials and labor will improve the analytics we provide to insurers and contractors. Through our elevated strategic dialogue, we hear frequent requests for enhancements to our roofing materials information and benchmarking reports. We see synergistic cross-sell and upsell opportunities as we can advance the adoption of the AccuLynx platform and its many modules to existing Verisk customers.

在數據方面，AccuLynx 專注於屋頂材料和勞動力的差異化和豐富的數據集將改善我們向保險公司和承包商提供的分析。透過我們高層的戰略對話，我們經常聽到要求改進我們的屋頂材料資訊和基準報告的請求。我們看到了協同交叉銷售和追加銷售的機會，因為我們可以推動現有 Verisk 客戶採用 AccuLynx 平台及其眾多模組。

Additionally, we are excited about the opportunity for expanded data monetization of existing Verisk products across the AccuLynx client base. We previously announced the strategic acquisition of SuranceBay, a leading provider of producer licensing, onboarding and compliance solutions for the life and annuity industry.

此外，我們對在 AccuLynx 客戶群中擴大現有 Verisk 產品資料貨幣化的機會感到非常興奮。我們先前宣布了對 SuranceBay 的策略性收購，後者是人壽和年金行業領先的生產商許可、入職和合規解決方案提供商。

SuranceBay will become part of Verisk life solutions and extends our presence into the independent agent and broader distribution channel. The combination of SuranceBay and Verisk's fast business will help to streamline and improve the process of insurance distribution and will provide the life and annuity ecosystem with solutions that enhance workflows between carriers, general agencies, insurance agents and consumers.

SuranceBay 將成為 Verisk 人壽解決方案的一部分，並將我們的業務擴展到獨立代理商和更廣泛的分銷管道。SuranceBay 與 Verisk 快速業務的結合將有助於簡化和改善保險分銷流程，並將為人壽和年金生態系統提供增強承運人、一般代理機構、保險代理人和消費者之間的工作流程的解決方案。

The initial reaction to the announcement has been very positive. Clients, prospects and industry analysts have commented that they see the value in an integrated solution as voiced by one of them that this was "a perfect fit for the suite. This feedback further affirms our ongoing commitment to delivering innovative, integrated solutions that address the evolving needs of the life and annuity sector.

對該公告的初步反應非常積極。客戶、潛在客戶和行業分析師都表示，他們看到了整合解決方案的價值，其中一位分析師表示，這「非常適合該套件」。這項回饋進一步肯定了我們持續致力於提供創新、全面的解決方案，以滿足人壽和年金產業不斷變化的需求。

Together, the acquisitions of AccuLynx SuranceBay are a meaningful demonstration of our capital allocation discipline, which includes our fundamental value-creating M&A philosophy. This approach is focused on three pillars. Namely one, acquiring solid operating businesses, consistent with our insurance-focused strategy with sustainable growth and operating leverage.

總的來說，對 AccuLynx SuranceBay 的收購充分體現了我們的資本配置原則，其中包括我們創造基本價值的併購理念。這種方法主要集中在三大支柱。即，收購穩健的營運業務，這與我們以保險為重點的永續成長和營運槓桿策略相一致。

Two, identifying clear opportunities to improve and enhance the value of the combined entities. And three, to acquire businesses at a price that generates an attractive return on capital.

二、找到改善和提升合併後實體價值的明確機會。第三，以能夠產生有吸引力的資本回報的價格收購企業。

Over the past three years, we have demonstrated patience, selectivity and price discipline, and we are excited to welcome the AccuLynx SuranceBay teams risk. We are energized about working together to enhance the network effect of these businesses and maximize value for the property claims and life insurance ecosystems.

在過去三年中，我們表現出了耐心、選擇性和價格紀律，我們很高興歡迎 AccuLynx SuranceBay 團隊承擔風險。我們很高興能夠共同努力，增強這些業務的網路效應，並實現財產索賠和人壽保險生態系統的價值最大化。

Across Verisk, we have been focused on driving innovation and leaning in on our use of generative AI, embedding new features in some of our core products to deliver greater insights and efficiencies for our clients. In particular, as part of our core lines reimagined initiative, we launched premium audit advisory service AI, a first-to-market AI chatbot.

在 Verisk，我們一直專注於推動創新並傾向於使用生成式人工智慧，在我們的一些核心產品中嵌入新功能，為我們的客戶提供更深入的洞察力和更高的效率。特別是，作為我們核心產品線重塑計畫的一部分，我們推出了優質審計諮詢服務 AI，這是第一個進入市場的 AI 聊天機器人。

This invention enables insurers to research classifications and rules to ensure risks are accurately classified at underwriting with information achievable over 95% faster than our legacy solutions. Client adoption of the solution has been strong, and we are experiencing increases in time spent by clients as they are finding value in the tool.

這項發明使保險公司能夠研究分類和規則，以確保在承保時準確分類風險，並且資訊獲取速度比我們的傳統解決方案快 95% 以上。客戶對此解決方案的採用率很高，我們發現客戶在發現該工具的價值時所花費的時間也在增加。

Additionally, within mode start, our farms management platform -- the mode start compare with AI enables our customers to compare across ISO forms to quickly identify changes we have made to coverage language to reflect up-to-date market and compliance requirements. This solution is saving our customers time and eliminating complexity in managing forms changes.

此外，在模式啟動內，我們的農場管理平台——模式啟動與 AI 比較使我們的客戶能夠跨 ISO 表格進行比較，以快速識別我們對覆蓋語言所做的更改，以反映最新的市場和合規性要求。此解決方案節省了我們的客戶的時間並消除了管理表單變更的複雜性。

And finally, we are in the early stages of a commercial introduction of underwriting assistant, our AI-powered solution that produces transformative underwriting results with greater efficiency and data accuracy, enabling users to maximize their productivity and effectiveness. One of the key features of underwriting assistant is its ability to automate the creation of structured commercial property submissions, significantly reducing the time to decision transforming what used to take days or weeks into just minutes.

最後，我們正處於核保助理商業化推廣的早期階段，這是我們的人工智慧解決方案，能夠以更高的效率和數據準確性產生變革性的核保結果，使用戶能夠最大限度地提高生產力和效率。核保助理的主要功能之一是它能夠自動建立結構化的商業房地產提交，這大大縮短了決策時間，將過去需要幾天或幾週的時間縮短到幾分鐘。

This not only speeds up the process, but also replaces lower-value data capture activities allowing underwriters who are leveraging the tool to focus on more strategic tasks. Our solution also enhances data accuracy through data augmentation by leveraging our extensive commercial property data sets to ensure that underwriters have the most reliable and complete data, contributing to more profitable underwriting decisions.

這不僅加快了流程，而且還取代了低價值的資料擷取活動，使利用該工具的承保人能夠專注於更具策略性的任務。我們的解決方案還利用我們廣泛的商業房地產數據集透過數據增強來提高數據準確性，以確保承保人擁有最可靠和完整的數據，從而有助於做出更有利可圖的核保決策。

And finally, our interactive chatbot provides real-time expert advice to underwriters and agents, which leverages our deep domain expertise and proprietary data. By providing timely pumps and insights, we help ensure that underwriting decisions are both more informed and profitable. We are excited about this new groundbreaking innovation and the opportunity to help our insurance partners include the most advanced technologies in their core processes.

最後，我們的互動式聊天機器人利用我們深厚的領域專業知識和專有數據，為承保人和代理商提供即時專家建議。透過提供及時的建議和見解，我們幫助確保核保決策更加明智且有利可圖。我們對這項突破性創新以及幫助我們的保險合作夥伴在其核心流程中納入最先進技術的機會感到非常興奮。

Before we close, I want to announce that Maroun Mourad is stepping down from his role at Verisk to assume an executive position at another public company. We wish Maroun well and thank him for his decade of service to Verisk. With Maroun's departure, Elizabeth Mann will take on the added responsibility of interim President, Claims Solutions, we are confident in the bench strength we have in place within claims and have commenced a search for a permanent replacement.

在結束之前，我想宣布 Maroun Mourad 將辭去 Verisk 的職務，並擔任另一家上市公司的高階主管職位。我們祝福 Maroun 一切順利，並感謝他十年來為 Verisk 做出的貢獻。隨著 Maroun 的離職，Elizabeth Mann 將承擔索賠解決方案臨時總裁的額外職責，我們對索賠部門的現有實力充滿信心，並已開始尋找永久替代者。

Now let me turn the call over to Elizabeth for the financial review.

現在，讓我將電話轉給伊莉莎白，進行財務審查。

Thanks, Lee, and good morning to everyone on the call. Today, I plan to provide details on three topics. First, I will cover our financial results for the second quarter 2025. Second, I will address the financial impact of our recently announced acquisitions, SuranceBay and AccuLynx. And third, I will provide details on our updated outlook for 2025. Turning to earnings.

謝謝，李，電話裡的各位早安。今天，我打算就三個主題提供詳細資訊。首先，我將介紹我們 2025 年第二季的財務表現。其次，我將談談我們最近宣布的收購 SuranceBay 和 AccuLynx 的財務影響。第三，我將詳細介紹我們對 2025 年的最新展望。談到收益。

On a consolidated and GAAP basis, second quarter revenue was $773 million, up 7.8% versus the prior year, reflecting strong growth across both underwriting and claims. Net income was $253 million, an 18% decrease versus the prior year, while diluted GAAP earnings per share were $1.81, down 16% versus the prior year.

根據合併和 GAAP 基礎，第二季營收為 7.73 億美元，比上年成長 7.8%，反映出承保和理賠的強勁成長。淨收入為 2.53 億美元，較上年下降 18%，而稀釋後 GAAP 每股收益為 1.81 美元，較上年下降 16%。

The decline in GAAP net income and EPS are primarily the result of a cumulative $102 million net gain in the prior year period related to previously disposed businesses and the early extinguishment of debt. 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.

GAAP 淨收入和每股收益的下降主要是由於去年同期與先前處置的業務和提前償還債務相關的 1.02 億美元淨收益。轉向根據非經營項目調整的有機固定貨幣結果，如我們新聞稿中的非公認會計準則財務指標部分所定義。

Our operating results demonstrated sustained broad-based growth across the business. In the second quarter, OCC revenues grew 7.9% with balanced growth of 7.7% in underwriting and 8.3% in claims. Our subscription revenues, which comprised 82% of our total revenue in the quarter, grew 9.3% on an OCC basis.

我們的經營業績顯示整個業務實現了持續廣泛的成長。第二季度，OCC 營收成長 7.9%，承保成長 7.7%，理賠成長 8.3%。我們的訂閱收入佔本季總營收的 82%，以 OCC 計算成長了 9.3%。

This was driven by strong growth across our largest businesses in underwriting and claims, including forms, rules and loss costs, extreme event solutions and anti-fraud. All three of these businesses delivered strong price realization and expanded renewals as we continue to innovate and improve our core offerings. Additionally, we saw solid double-digit growth in Specialty Business Solutions as we continue to see strong acceptance and usage across our whitespace platform.

這是由於我們承保和索賠領域最大的業務強勁成長所致，包括表格、規則和損失成本、極端事件解決方案和反詐欺。隨著我們不斷創新和改進核心產品，這三項業務都實現了強勁的價格實現和擴大的續約。此外，隨著我們的空白平台繼續獲得廣泛的接受和使用，我們的專業業務解決方案實現了穩健的兩位數成長。

As we look ahead to the second half of the year, we remind you that we will be comparing against strong elevated double-digit subscription growth in 2024. That was helped by the conversion of certain contracts to subscription. Additionally, we will be realizing the impact related to federal government spending cuts that we expect to start in the third quarter though.

展望下半年，我們提醒您，我們將與 2024 年強勁的兩位數訂閱成長進行比較。將某些合約轉換為訂閱合約有助於實現這一目標。此外，我們預計將在第三季開始實現與聯邦政府削減開支相關的影響。

So as we have previously communicated, the federal government contracts represent less than 1% of our total revenue. Our transactional revenues, which comprised 18% of total revenue, returned to growth in the quarter, up a modest 1.8% on an OCC basis. This growth was a function of strength in our international businesses, including properties and life, health and travel.

正如我們之前所說的，聯邦政府合約占我們總收入的不到 1%。我們的交易收入佔總收入的 18%，本季恢復成長，以 OCC 計算成長了 1.8%。這一增長得益於我們國際業務的強勁增長，包括房地產、人壽、健康和旅遊。

Additionally, we delivered strong revenue growth in our Extreme Events business from securitization as issuance volumes were at record levels. This market continues to attract new capital and market participants turn to Verisk's models as the trusted source on pricing risk. This growth was offset by softness in our auto business related to tough comparison from last year, customer mix and some competitive pressures, which we expect to persist.

此外，由於發行量達到創紀錄水平，我們的極端事件業務因證券化而實現了強勁的收入成長。這個市場繼續吸引新的資本，市場參與者將 Verisk 的模型視為定價風險的可靠來源。這一成長被我們汽車業務的疲軟所抵消，這與去年的艱難對比、客戶結構和一些競爭壓力有關，我們預計這種情況將持續下去。

Additionally, we are experiencing some weakness in our sustainability business owing to market conditions. Moving to our adjusted EBITDA results. OCC adjusted EBITDA growth was 9.7% during the quarter, while total adjusted EBITDA margins, which include both organic and inorganic results, were 57.6% up 220 basis points from the prior year.

此外，由於市場狀況，我們的永續發展業務也出現了一些疲軟。轉向我們調整後的 EBITDA 結果。本季度，OCC 調整後的 EBITDA 成長率為 9.7%，而包括有機和無機結果在內的總調整後 EBITDA 利潤率為 57.6%，比上年增長 220 個基點。

Our reported margins benefited from a foreign exchange translation impact, which contributed 120 basis points in the quarter. This FX benefit was not contemplated in our guidance as we do not forecast or hedge foreign currency. Adjusting for this non-operational benefit, we still delivered healthy margin expansion, highlighting the effect of strong revenue growth, ongoing cost discipline and our global talent optimization initiative.

我們的報告利潤率受益於外匯折算的影響，這在本季度貢獻了 120 個基點。由於我們沒有預測或對沖外幣，因此我們的指導中沒有考慮到這種外匯收益。在調整這項非經營性收益後，我們的利潤率仍然實現了健康的成長，突顯了強勁的收入成長、持續的成本控制和全球人才優化計畫的效果。

As we have shared in the past, we find it useful to look at our margins on a trailing 12-month basis to adjust for seasonality. LTM margins came in at 55.6% in the period. As we look to the second half of the year, we want to remind you that we did have some margin variability in the third and fourth quarter of 2024 associated with foreign currency translation.

正如我們過去所分享的，我們發現查看過去 12 個月的利潤率以根據季節性進行調整很有用。該期間的 LTM 利潤率為 55.6%。展望下半年，我們想提醒您，2024 年第三季和第四季的利潤率確實因外幣折算而出現一些波動。

Moving down the income statement. Net interest expense was $36 million in the second quarter compared to $29 million in the same period last year, due to higher debt balances and higher interest rates. During the second quarter, we retired $500 million of 4% notes that were due in June 2025. Our reported effective tax rate was 22.7% compared to 21.7% in the prior year.

向下移動損益表。由於債務餘額增加和利率上升，第二季淨利息支出為 3,600 萬美元，而去年同期為 2,900 萬美元。第二季度，我們贖回了 2025 年 6 月到期的 5 億美元 4% 票據。我們的報告有效稅率為 22.7%，而前一年為 21.7%。

The year-over-year increase was driven by a onetime tax benefit in the prior year period. Adjusted net income increased 6.3% to $264 million and diluted adjusted EPS increased 8% to $1.88 for the quarter. The increase was driven by strong revenue growth, margin expansion and a lower average share count. This was partially offset by higher depreciation and interest expenses and a higher tax rate.

年比增長是由於去年同期的一次性稅收優惠。本季調整後淨收入成長 6.3% 至 2.64 億美元，稀釋調整後每股收益成長 8% 至 1.88 美元。成長的動力來自於強勁的收入成長、利潤率的擴大以及平均股數的下降。但折舊和利息支出增加以及稅率上升部分抵消了這一影響。

On a reported basis, net cash from operating activities increased 15.5% to $245 million, while free cash flow rose 22.6% to $189 million. This increase was driven primarily by the timing of certain cash collections. We remain committed to returning capital to shareholders. During the second quarter, we paid a cash dividend of $0.45 per share, a 15% increase from the prior year.

據報道，經營活動產生的淨現金成長 15.5% 至 2.45 億美元，而自由現金流成長 22.6% 至 1.89 億美元。這一增長主要是由於某些現金收款時間的推動。我們仍然致力於向股東返還資本。第二季度，我們支付了每股 0.45 美元的現金股息，比前一年增加 15%。

Additionally, we completed a $100 million accelerated share repurchase program. As of June 30, we had $1.3 billion in capacity under our share repurchase authorization. Turning to our acquisitions. We are excited about the growth opportunities ahead with the acquisition of SuranceBay and AccuLynx upon closing. These businesses both have strong financial characteristics, marked by robust revenue and adjusted EBITDA growth and healthy margins that will enhance Verisk's overall growth profile.

此外，我們也完成了1億美元的加速股票回購計畫。截至 6 月 30 日，我們的股票回購授權額度為 13 億美元。談到我們的收購。我們對收購 SuranceBay 和 AccuLynx 後帶來的成長機會感到非常興奮。這些業務都具有強大的財務特徵，以強勁的收入和調整後的 EBITDA 成長以及健康的利潤率為標誌，這將增強 Verisk 的整體成長狀況。

Additionally, both businesses have a substantial mix of recurring revenue, consistent with our predictable growth model. We are expecting revenue contribution in the range of $40 million to $50 million from all acquisitions this year, assuming that the AccuLynx transaction closes at the end of the third quarter of 2025. And we expect the transaction to be accretive to earnings by year-end 2026.

此外，兩家公司都擁有大量經常性收入，這與我們可預測的成長模式一致。假設 AccuLynx 交易在 2025 年第三季末完成，我們預計今年所有收購將帶來 4,000 萬至 5,000 萬美元的營收貢獻。我們預計該交易將在 2026 年底前增加收益。

As we discussed, we see strong value creation opportunities from the combination of these businesses with Verisk. We have plans to invest behind the integration to drive durable long-term revenue growth and maximize synergy. From a financing perspective, we funded the $163 million purchase SuranceBay with cash on hand and closed the transaction on July 17.

正如我們所討論的，我們看到這些業務與 Verisk 的結合帶來了巨大的價值創造機會。我們計劃對整合進行投資，以推動長期持久的收入成長並實現協同效應的最大化。從融資角度來看，我們以現金為SuranceBay提供了1.63億美元的收購資金，並於7月17日完成了交易。

And we have fully committed debt financing in place, supporting the $2.35 billion acquisition of AccuLynx. This financing will increase our leverage temporarily bringing it to the high end of our current two times to three times target range, but we intend to deliver towards the middle of the target leverage range by year-end 2026.

我們已全額承諾債務融資，支持以 23.5 億美元收購 AccuLynx。此次融資將暫時提高我們的槓桿率，使其達到目前兩倍至三倍目標範圍的高端，但我們打算在 2026 年底達到目標槓桿率範圍的中間水平。

Additionally, we expect our interest expense to increase in the back half of the year, reflecting the new borrowings associated with the deal. Given our strong free cash flow generation, which will only be enhanced by these acquisitions, we intend to continue to repurchase shares as we also deliver. These transactions are representations of our disciplined approach and execution of our capital allocation framework.

此外，我們預計下半年我們的利息支出將會增加，這反映了與該交易相關的新借款。鑑於我們強勁的自由現金流產生能力（這些收購只會增強這項能力），我們打算在實現目標的同時繼續回購股票。這些交易體現了我們嚴謹的方法和資本配置架構的執行。

We will continue to actively manage our portfolio, both through acquisitions and dispositions to maximize value creation for shareholders. On guidance, we are pleased with our strong results for the first half of the year. And we have updated our full year outlook for 2025 to reflect this solid performance as well as to incorporate the impact of our recently announced acquisitions, which are still subject to regulatory approval and closing.

我們將繼續積極管理我們的投資組合，透過收購和處置來最大限度地為股東創造價值。從指導角度來看，我們對今年上半年的強勁業績感到滿意。我們已更新 2025 年全年展望，以反映這一穩健的業績，並納入我們最近宣布的收購的影響，這些收購仍需獲得監管部門的批准和完成。

More specifically, we are raising our outlook for consolidated revenue and now expected to be in the range of $3.09 billion to $3.13 billion, inclusive of $40 million to $50 million from acquisitions. We are also increasing our outlook for adjusted EBITDA and to a range of $1.7 billion to $1.74 billion. We expect adjusted EBITDA margins to remain in the 55% to 55.8% range, reflecting contribution from our acquisition and some onetime expenses associated with the transaction and integration of these businesses.

更具體地說，我們提高了合併收入的預期，目前預計在 30.9 億美元至 31.3 億美元之間，其中包括來自收購的 4,000 萬至 5,000 萬美元。我們也將調整後的 EBITDA 預期上調至 17 億美元至 17.4 億美元之間。我們預計調整後的 EBITDA 利潤率將保持在 55% 至 55.8% 的範圍內，這反映了我們收購的貢獻以及與這些業務的交易和整合相關的一些一次性費用。

We expect interest expense to be in the range of $190 million to $210 million reflecting the incremental debt necessary to fund the acquisition of AccuLynx. From a tax perspective, we are still expected to be in the range of 23% to 25%, so we will likely come in closer to the low end. Taken all together, we now expect diluted adjusted earnings per share in the range of $6.80 to $7, reflecting strong results in our core business, and modest initial dilution from the acquisition.

我們預計利息支出將在 1.9 億美元至 2.1 億美元之間，這反映了收購 AccuLynx 所需的增量債務。從稅收角度來看，我們預計稅率仍將在 23% 至 25% 之間，因此我們可能會更接近低端。綜合起來，我們現在預計稀釋調整後每股收益將在 6.80 美元至 7 美元之間，這反映了我們核心業務的強勁業績，以及收購帶來的適度初始稀釋。

We expect the transaction to become accretive by year-end of 2026. A complete list 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.

我們預計該交易將在 2026 年底實現增值。所有指導措施的完整清單可在已發佈到我們網站 verisk.com 的投資者部分的收益幻燈片中找到。

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. Before I close, I want to ask you all to market your calendars and save the date of March 5, 2026, for our next Investor Day, which will be hosted in Jersey City. We will share more information as it gets closer. We are excited about the growth opportunities ahead and have confidence in delivering on our strategy and value creation.

謝謝，伊麗莎白。在結束之前，我想請大家拿出日曆，把 2026 年 3 月 5 日這個日期留到我們下次投資者日的日期，該日期將在澤西市舉行。隨著時間臨近，我們將分享更多資訊。我們對未來的成長機會感到興奮，並有信心實現我們的策略和價值創造。

We continue to appreciate all 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.

鑑於我們有大量分析師關注我們，我們繼續感謝大家對 Verisk 的支持和關注，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) Manav Patnaik, Barclays.

（操作員指示）巴克萊銀行的 Manav Patnaik。

I was just wondering if on the AccuLynx deal, you could just talk about -- I'm guessing you provide your estimate -- property estimating solutions and partnering with a lot of other players in the industry as well. So I was hoping you could just address if this changes that dynamic? And just some more color on some of the revenue and cost synergies that you would anticipate from this deal? I don't think you mentioned that.

我只是想知道，關於 AccuLynx 交易，您是否可以談談——我猜您會提供您的估計——財產估算解決方案以及與業內許多其他參與者的合作。所以我希望您能談談這是否會改變這種動態？您能否進一步說明一下您預計這筆交易將帶來的收入和成本綜效？我認為你沒有提到這一點。

Sure, Manav. The start of your question really captures one of the key strategic dimensions that we see with the AccuLynx merger. First, that the property estimating solutions business while founded originally on providing that estimate of damage has really evolved into a very valuable network that connects insurers and contractors, third-party administrators, remediation specialists, adjusters and importantly, policyholders.

當然，馬納夫。您的問題的開頭確實抓住了我們在 AccuLynx 合併中看到的一個關鍵策略層面。首先，財產估價解決方案業務最初是提供損失估價而成立的，但如今它已經發展成為一個非常有價值的網絡，連接著保險公司和承包商、第三方管理人員、補救專家、理賠員以及重要的保單持有人。

And the AccuLynx component, given the exceptionally strong platform that they have built for roofers allows us to extend and integrate that network with a core component of insurance-related repairs. There is high overlap between our customers AccuLynx has over 5,000 customers. And we believe that over half of those -- we also have relationships with our property estimating solutions business.

AccuLynx 組件為屋頂工人建立了極其強大的平台，使我們能夠擴展該網路並將其與保險相關維修的核心組件整合。我們的客戶之間有很高的重疊性，AccuLynx 擁有超過 5,000 名客戶。我們相信其中超過一半的客戶也與我們的房地產估價解決方案業務有合作關係。

So that gives you some sense of the overlap that we have and our ability to improve the connectivity that we have. Now that then leads to the synergy opportunity, the immediate opportunities are identifying those AccuLynx customers that are not utilizing our property estimating solutions business as well as conversely, contractors that are on the PES system that have the ability to utilize the exact word suite of products.

這樣您就可以了解我們的重疊之處以及我們改善連結性的能力。現在，這將帶來協同機會，直接的機會是識別那些沒有使用我們的財產估算解決方案業務的 AccuLynx 客戶，以及相反，在 PES 系統上能夠使用精確產品套件的承包商。

So those are immediate opportunities given the synergies between both of them. In addition, as we refer to, it's not just the network element, but there is a significant benefit in the very precise roofing materials and operating costs that we can utilize with our insurance client base. Recently -- as recently as I think within the past three months, I had a meeting with a major insurance company CEOs to ask specifically, can you provide more detailed, more current and relevant data on the roofing front and this clearly addresses that.

因此，考慮到兩者之間的協同作用，這些都是直接的機會。此外，正如我們所提到的，它不僅僅是網路元素，而且我們可以為我們的保險客戶群利用非常精確的屋頂材料和營運成本帶來顯著的好處。最近——我想就在過去三個月內，我與一家大型保險公司的執行長舉行了一次會議，具體詢問他們能否提供有關屋頂方面的更詳細、更最新和更相關的數據，而這清楚地解決了這個問題。

And then beyond that, while AccuLynx is focused on the roofing dimension, we believe that there is also applicability to water mitigation and other specialized elements of the repair and restoration function. Elizabeth?

除此之外，雖然 AccuLynx 專注於屋頂領域，但我們相信它也適用於水緩解以及修復和恢復功能的其他專門元素。伊莉莎白？

Yes. I'll just add on the synergy front, as Lee highlighted, there's a number of revenue opportunities that we'll be pursuing that will build over the next couple of years post close. I'll just add from a cost synergy standpoint, we will always be focused, of course, on efficiency. But this is not an acquisition that's predicated on cost takeout. We've highlighted the attractive margins of the AccuLynx business. And so we actually see some opportunity to invest in that business while still maintaining their attractive margins.

是的。我只想補充一下協同效應方面，正如李所強調的那樣，我們將在交易結束後的未來幾年內尋求一些創收機會。我只想從成本協同的角度補充一點，我們當然會始終關注效率。但這並不是以成本削減為前提的收購。我們強調了 AccuLynx 業務的誘人利潤率。因此，我們實際上看到了投資該業務的一些機會，同時仍能保持其可觀的利潤率。

Alex Kramm, UBS.

瑞銀集團的亞歷克斯·克拉姆（Alex Kramm）。

Just in terms of the revenue guide, it looks like you really just brought it up for the contribution from M&A by that 40 to 50. I think FX should also be helpful given everything that's going on. You're still talking about a very strong beginning of the year and positive outlook, but just seems like given where you're running, you should have brought it up.

僅就收入指南而言，看起來您實際上只是將併購貢獻提高了 40% 到 50%。考慮到目前發生的一切，我認為 FX 也應該有所幫助。您仍在談論今年非常強勁的開局和積極的前景，但考慮到您所處的位置，您似乎應該提起這一點。

So just wondering if the outlook is a little bit softer than before? I know you -- the government side you're talking about. So just maybe flesh out a little bit what's working better or not as good as you saw it at the beginning of the year. Sorry for the lengthy question.

所以只是想知道前景是否比以前稍微疲軟？我知道你正在談論政府方面。因此，也許可以稍微充實一下哪些方面比年初時看到的更好，哪些方面沒有那麼好。抱歉，問題太長了。

Thanks much for the question, Alex. It makes sense. And yes, as you look at it, you're right, we're very proud of the results that we delivered in the first half of the year. As we look ahead to the second half of the year, we do see a balanced outlook here and a couple of things that we are keeping our eyes on. First of all, there's the comps versus last year and the second half of 2024.

非常感謝你的提問，亞歷克斯。這是有道理的。是的，正如您所看到的，您是對的，我們對今年上半年的成果感到非常自豪。展望下半年，我們確實看到了平衡的前景以及一些值得我們關注的事情。首先，與去年和 2024 年下半年進行比較。

Specifically, there were the storms in the fourth quarter of '24 that we called out with the hurricanes there. Also, over the course of the second half of '24, there was really accelerating subscription revenue, some of that came from some strong renewals. That means that we're lapping that strong growth and present a headwind on the growth factors this year. So that's the first area on the comp.

具體來說，2024 年第四季度，我們注意到那裡發生了颶風。此外，在 2024 年下半年，訂閱收入確實在加速成長，其中一些來自強勁的續訂。這意味著我們正在克服強勁的成長勢頭，並在今年面臨成長阻力。這是計算機上的第一個區域。

The second factor that we're looking at are some known factors that we called out in the remarks there, things that -- developments since we provided the first outlook at the beginning of '25. I called out specifically on the federal government contract front that is contained, but that is a known factor that will start hitting us in the third quarter.

我們正在考慮的第二個因素是一些已知因素，我們在那裡的評論中提到了這些因素，這些因素是自 25 年初我們提出第一份展望以來的發展。我特別提到了聯邦政府合約方面的問題，但這是一個已知因素，將在第三季開始對我們造成影響。

And then we also called out specifically in the auto business, more generally sort of some short-term impacts in our UDAS business, including those auto factors with some competitive pressure there as well as some pressure on insurers from the situation in California, moderating some of their discretionary spend. So those are the known factors.

然後，我們還特別指出了汽車業務對我們的 UDAS 業務的一些短期影響，包括汽車因素帶來的一些競爭壓力，以及加州局勢給保險公司帶來的一些壓力，這些因素會減輕他們的一些可自由支配的支出。這些都是已知因素。

We then -- there are a couple of unknown factors like attrition and weather activities transactional volumes in our international businesses. But that as we look ahead are some of the things affecting us in the second half. I will just finish that by saying that the core value in the business and the strength of the business remains strong. And the full year outlook at still 6% to 8% organic is very consistent with our overall guidance.

然後，我們－我們的國際業務中存在一些未知因素，例如人員流失和天氣活動交易量。但展望未來，有些事情將會影響我們下半年的表現。最後，我只想說，企業的核心價值和實力依然強勁。全年有機成長率仍為 6% 至 8%，這與我們的整體預期非常一致。

Kelcy Zhu, Autonomous Research.

Kelcy Zhu，自主研究。

In auto, outside of the tougher comps, and shopping activity and maybe some impact on contract conversions, I think you called out a couple of times the competitive pressure there. So I was just wondering if you can add more color who you're seeing these competitive pressures from? And just any colors from your conversations with customers there? That would be really helpful.

在汽車行業，除了競爭更加激烈、購物活動以及可能對合約轉換產生一些影響之外，我認為您已經多次提到那裡的競爭壓力。所以我只是想知道您是否可以補充更多細節，您認為這些競爭壓力來自誰？當您與那裡的顧客交談時，有沒有註意到任何顏色？那將會非常有幫助。

Yes. Thank you, Kelsey. I appreciate the question. I think the comment I would make is in the auto space, there are -- there is a large competitor that we face where we don't have the same scale in that business. It's an area where we have competed successfully, but from time to time, we do face greater pressures in that area.

是的。謝謝你，凱爾西。我很感謝你提出這個問題。我想我要說的是，在汽車領域，我們面臨著一個巨大的競爭對手，但我們在這個行業的規模不如對方。這是我們成功競爭的一個領域，但有時我們確實會在該領域面臨更大的壓力。

But it's one where we continue to work to find dimensions of our other businesses where we can supplement what we do, for instance, by tying claims-related data to underwriting data and providing innovative solutions on that front. But it is an area, even while it's less than 10% of our total business, where in our auto-related businesses, but it's one where we are subject to occasional competitive pressure.

但我們會繼續努力尋找其他業務的維度來補充我們的工作，例如，將索賠相關數據與承保數據聯繫起來，並在此方面提供創新的解決方案。但儘管它只占我們汽車相關業務總業務的 10% 以下，但我們偶爾也會在這個領域面臨競爭壓力。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I wanted to go back to AccuLynx. You sort of characterized it as the leading SaaS platform in that part of the market. I was wondering if that is sort of a priority for you. I know in the past, you've tried to integrate with a number of P&C insurance SaaS platforms. Is that an area that strategically we should expect to see more sort of going towards that type of platform or product set just in the future?

我想回到 AccuLynx。您將其描述為該市場領域領先的 SaaS 平台。我想知道這對您來說是否是優先事項。我知道過去您曾嘗試與許多財產和意外保險 SaaS 平台整合。從策略角度來看，我們是否應該期望在未來看到更多此類平台或產品的發展？

Yes. Thank you, Toni. It's a great question. And I think in fairness, if you look at a lot of our existing businesses, while, of course, everybody understands us in one dimension as a data and analytics business. A lot of our businesses are effectively software or SaaS related businesses. Where through software, we are connecting key underwriting or claims functions.

是的。謝謝你，托尼。這是一個很好的問題。我認為公平地說，如果你看看我們現有的許多業務，當然，每個人都從一個維度上理解我們是一家數據和分析業務。我們的許多業務實際上都是軟體或 SaaS 相關業務。透過軟體，我們連接關鍵的核保或索賠功能。

And certainly, the PES business is a representation of that. And so while we can say that this is clearly a strong SaaS platform, that element of connectivity for the client and tying together their internal processes as well as serving as a means to integrate that contractor into a broader ecosystem in the restoration and repair function, connecting contractors, adjusters and insurers in that process is a natural fit.

當然，PES 業務就是對此的體現。因此，雖然我們可以說這顯然是一個強大的 SaaS 平台，但該平台為客戶提供了連接元素，將他們的內部流程聯繫在一起，並作為將承包商整合到修復和維修功能中更廣泛的生態系統中的一種手段，在此過程中連接承包商、理賠員和保險公司是自然而然的事情。

You also may be aware from our past comments that our extreme events business is in the process of a migration to a SaaS platform, which will facilitate the efficiency and the speed and the compute capability of a lot of our modeling businesses. And as well within our underwriting business, I'll ask Saurabh Khemka to comment on this. We also have been developing many integration functions in our core lines reimagined element that are you can describe as software-related or connectivity related.

您可能也從我們過去的評論中了解到，我們的極端事件業務正在遷移到 SaaS 平台，這將提高我們許多建模業務的效率、速度和運算能力。在我們的核保業務中，我會請 Saurabh Khemka 對此發表評論。我們也一直在核心線重新構想元素中開發許多整合功能，您可以將其描述為與軟體相關或與連接相關的。

Yes. Thank you, Lee. Absolutely. If you look at our Core Lines Reimagine program, the central point of that is the core.aus.com platform. It brings in all our content in one place and offers the opportunity for our customers to integrate that into their workflow. And this is where we're getting great feedback where customers are saying, look, this is now the one-stop shop for all the content that you provide, which is the premier content in the industry.

是的。謝謝你，李。絕對地。如果您看一下我們的 Core Lines Reimagine 計劃，您會發現其核心點就是 core.aus.com 平台。它將我們所有的內容集中在一個地方，並為我們的客戶提供了將其整合到他們的工作流程中的機會。我們在這裡得到了很好的回饋，客戶說，看，這裡現在是您提供的所有內容的一站式商店，這是業內首屈一指的內容。

But now I can integrate that into my workflow and get a lot of efficiency. So that connectivity is very important to us.

但現在我可以將其整合到我的工作流程中並提高效率。所以這種連通性對我們來說非常重要。

And that's the essence, Toni, so I want to leave you with is that while our legacy function of collecting data across the industry cleansing that data, which requires a lot of expertise and a lot of work and distributing it is a foundation of the business. Increasingly, the connectivity function that substantiates a network element to our business is where we see an additional opportunity for us to continue to grow and serve the industry. And it's certainly something that in our conversations with our clients, connecting that ecosystem is a role that Verisk is uniquely well positioned to address.

這就是本質，東尼，所以我想留給你的是，雖然我們的傳統功能是收集整個行業的數據，但清理這些數據需要大量的專業知識和大量的工作，而分發這些數據是業務的基礎。我們越來越多地看到，將網路元素融入我們業務的連接功能為我們提供了繼續發展和服務行業的額外機會。在我們與客戶的對話中，Verisk 確實具有獨特的優勢來應對連結生態系統這項任務。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Congrats on AccuLynx. In terms of its strong growth, can you just help us understand, I guess, the drivers or the penetration rates and it's for market? I guess I'm just trying to understand the sustainability of that level of growth.

祝賀 AccuLynx。就其強勁的成長而言，您能否幫助我們了解其驅動因素或滲透率以及市場狀況？我想我只是想了解這種成長水準的可持續性。

Thanks, Jeff. So I'm going to start this off, and then I'm going to turn it over to Aaron Bronco, who leads our property estimating Solutions business. But from my standpoint, the growth dynamic has been that AccuLynx really developed a specialized SaaS integrated service platform that was specifically focused on the roofing function.

謝謝，傑夫。因此，我將開始這項工作，然後將其交給領導我們的財產估價解決方案業務的 Aaron Bronco。但從我的角度來看，成長動力是 AccuLynx 真正開發了一個專門針對屋頂功能的專業 SaaS 整合服務平台。

And its founder was originally a roofer, so knew that business well, and they have successfully penetrated that routing business which is, as you can imagine, a very large business by creating a competitively differentiated product specialized to the needs of that particular function. So there continues to be a significant opportunity to penetrate that opportunity, as well as you add more value to that function, then that creates more value for the roofer and then sustains overall pricing benefit.

其創始人最初是一名屋頂工，因此非常了解這項業務，並且他們通過創建專門針對該特定功能需求的具有競爭力的差異化產品，成功滲透到路由業務中，正如您所想像的那樣，這是一項非常大的業務。因此，仍然存在著重大的機會來滲透該機會，並且您可以為該功能增加更多價值，然後為屋頂工人創造更多價值，然後維持整體定價優勢。

To give you a sense of our estimate of the TAM for that roofing sector as it exists on its own, it's approximately a $2 billion TAM. And as we've conveyed, AccuLynx is looking at approximately $150 million in 2025 of revenue. So it gives you a sense of the ongoing penetration opportunity. But Aaron, perhaps on in terms of ongoing growth and the opportunity that we see in conjunction with the property estimating solutions, perhaps you can give Jeff some additional color.

為了讓您了解我們對屋頂產業本身的 TAM 的估計，其 TAM 約為 20 億美元。正如我們所傳達的，AccuLynx 預計 2025 年的營收約為 1.5 億美元。因此它能讓你感受到持續滲透的機會。但是 Aaron，也許就持續成長以及我們結合房地產估價解決方案所看到的機會而言，您可以為 Jeff 提供一些額外的資訊。

Yes. Thank you, Lee, and Jeff, I appreciate the question. So just when you think about the growth within the market, there are a large number of roofers that really represent white space opportunity within the market itself. One of the other things that we've noticed is a lot of roll-ups through private equity that have occurred that also put AccuLynx is really in a very strong growth position over the next several years from the analysis that we've seen.

是的。謝謝李和傑夫，我很感謝你的提問。因此，當您考慮市場內部的成長時，您會發現大量的屋頂工確實代表了市場本身的空白機會。我們注意到的另一件事是，透過私募股權進行的大量收購，從我們所看到的分析來看，這也使得 AccuLynx 在未來幾年內處於非常強勁的成長地位。

So not only do we have the increase in severe convective storms, we have more sophisticated needs, if you will, in the roofing market and that general changing demographic that further supports that deeper penetration of the TAM is very much what we're focused on.

因此，我們不僅面臨著強烈對流風暴增加的問題，而且我們在屋頂市場也有著更為複雜的需求，而人口結構的整體變化進一步支持了 TAM 的更深入滲透，這正是我們關注的重點。

Thank you, Aaron. And Jeff, one other dimension that I want to mention, you'll see this in the slides that we've presented on the strategic rationale. While we're focusing on the contractors, the other interesting dimension that AccuLynx has developed, is the relationships that they've built with the suppliers in which they are providing for a direct negotiation, delivery and pricing on materials.

謝謝你，亞倫。傑夫，我想提到的另一個方面，你可以在我們展示的有關戰略原理的幻燈片中看到這一點。雖然我們關注的是承包商，但 AccuLynx 開發的另一個有趣的方面是他們與供應商建立的關係，他們可以就材料進行直接談判、交付和定價。

And that dimension is, I think, still in a relatively early stage, specifically at AccuLynx. So an opportunity to expand there and then, of course, potentially to broadly to our other contractor relationships. So that's another dimension of growth that's supporting the core business.

我認為，這個維度仍處於相對早期的階段，特別是在 AccuLynx 方面。因此，這是一個擴展的機會，當然，也可能廣泛地擴展到我們與其他承包商的關係。這是支持核心業務的另一個成長維度。

Ashish Sabadra, RBC Capital Markets.

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

Just want to follow up on the AccuLynx revenue growth. Obviously, very strong revenue growth profile, but I just wanted to understand if there is any kind of cyclicality, property estimating solution of an experience, strength related to extreme event. Particularly hurricane, does AccuLynx also exhibits similar cyclicality. And then maybe investment, Elizabeth noted, or you also noted some potential for more investments there? So how should we think about those investments for this business?

只是想跟進 AccuLynx 的收入成長。顯然，收入成長狀況非常強勁，但我只是想了解是否存在任何類型的週期性、經驗的財產估算解決方案、與極端事件相關的強度。特別是颶風，AccuLynx 也表現出類似的周期性。伊麗莎白指出，然後也許是投資，或者您還注意到那裡有更多投資的潛力？那我們該如何看待這項業務的投資呢？

Thank you, Ashish. So let me address the cyclicality issue, and then I'll turn it over to Elizabeth on the investment side. It was something that we looked at very carefully to understand that. And we brought in a third-party consultant to evaluate that for us and then applying our own knowledge. And we found that there's actually relatively low cyclicality that the roofing and repair business is more driven by just overall -- the overall home stock which, as you can imagine, from a scale standpoint, is much more significant.

謝謝你，阿希什。因此，讓我先討論週期性問題，然後我會把它交給投資方面的伊莉莎白。我們非常仔細地研究了這件事情以便理解這一點。我們聘請了第三方顧問來為我們評估，然後運用我們自己的知識。我們發現，屋頂和維修業務的週期性實際上相對較低，更受整體房屋存量的驅動——你可以想像，從規模的角度來看，整體房屋存量更為重要。

I mean it's a massive, massive market when you think about the number of residential homes. And of course, there is going to be an ongoing regular level of repair and restoration that is required associated with those routes. And so it tends not to have significant swings as a business, let's say, is more closely aligned with the mortgage business or the construction business.

我的意思是，如果考慮到住宅數量，這是一個非常龐大的市場。當然，這些路線需要持續定期的維修和修復。因此，作為一項與抵押貸款業務或建築業務更緊密相關的業務，它往往不會大幅波動。

So I think we're comfortable that it's a relatively low level of cyclicality based upon what we've seen.

因此，我認為，根據我們所看到的情況，我們可以放心，這是一個相對較低的周期性水準。

Thanks, Lee. And the one thing I'll add to that, I agree with that on cyclicality. From a seasonality standpoint, there is less roofing work that takes place in the winters, when it's very cold, it's not possible to do that. So there may be just a bit of seasonality in that during the winter months. From an investment standpoint, to the second part of your question,

謝謝，李。我要補充一點，我同意週期性的觀點。從季節性的角度來看，冬季的屋頂工程較少，因為天氣非常寒冷，無法進行屋頂工程。因此，在冬季，這種情況可能會有一點季節性。從投資角度來看，對於你問題的第二部分，

Yes, AccuLynx, as we acquired them, was run fairly leanly as a private company. We will have two elements of investment in the business. One is kind of building out some of the public company functions as they join the Verisk family. But the second and the more important is really to continue to build behind the revenue synergies and the product development opportunities that we see to combine it with the property estimating solution suite of products.

是的，我們收購的 AccuLynx 作為一家私人公司，營運相當精簡。我們將對該業務進行兩項投資。一是隨著他們加入 Verisk 家族，建構一些上市公司的功能。但第二點也是更重要的一點是繼續建立我們所看到的收入協同效應和產品開發機會，並將其與財產估算解決方案產品套件結合。

To give some confidence on that, we've highlighted that the business is accretive to Verisk from an overall margin standpoint and we expect to be able to maintain that.

為了增強信心，我們強調，從整體利潤率的角度來看，該業務對 Verisk 具有增值作用，我們預計能夠保持這種狀態。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

I wanted to ask about some of the new AI products that you discussed in your prepared remarks , in particular, the AI automated underwriting function. And curious if you think the industry is sort of ready to adopt that? And maybe if you can talk about pricing perspective around that and if that increases your ability to price for value.

我想問您在準備好的發言中討論的一些新的人工智慧產品，特別是人工智慧自動核保功能。您是否好奇，認為該行業是否已準備好採用這種方法？也許您可以圍繞這個主題談談定價觀點，看看這是否會提高您制定價值定價的能力。

Thank you, Faiza. I'm going to turn it over to Saurabh. I think to your general question, one of our value adds is developing products and applying new technology and then testing it with the industry. And across the industry, as I think with most, you have early adopters you have fast followers, you have kind of conservative players that are more resistant to change.

謝謝你，法伊莎。我要把它交給 Saurabh。我認為對於您的一般性問題，我們的附加價值之一是開發產品和應用新技術，然後在行業中進行測試。在整個行業中，我認為大多數情況下，都有早期採用者，有快速跟隨者，也有更抗拒改變的保守者。

But I think that we're in that unique position of being able to test this. But I think in each of these cases, and we've talked about three of them, we're seeing a high degree of interest in varied levels of adoption.

但我認為我們處於一個能夠測試這一點的獨特位置。但我認為，在每一個案例中，我們都看到了人們對不同程度的採用的高度興趣，我們已經討論了其中的三個案例。

Yes, absolutely. So I'll talk about the two around our POS AI tool and Mozart AI tool. And I'll just highlight the adoption of these tools has been really good. And on the Post side, we have almost 1/4 of our users already using it. They love it. They see a lot of efficiency from a time perspective for them. And what we're getting the feedback is this is helping us kind of build the value for the underlying tool as well.

是的，絕對是。因此，我將圍繞我們的 POS AI 工具和 Mozart AI 工具來討論這兩個工具。我只想強調的是，這些工具的採用效果確實很好。在郵政方面，我們已有近四分之一的用戶在使用它。他們喜歡它。從時間角度來看，他們看到了很大的效率。我們得到的回饋是，這也有助於我們為底層工具建立價值。

So the underlying information is great, but adding an AI component to it increases the value to our customers. On the Mozart side, which is our performance management platform, almost half of our customers have started using it. And again, this is a huge time efficiency savings for them, and they are also enjoying the tool, and we expect to add more functionality to it.

因此，底層資訊很棒，但添加人工智慧元件會增加我們客戶的價值。在我們的效能管理平台 Mozart 方面，幾乎一半的客戶已經開始使用它。再次，這為他們節省了大量的時間效率，他們也很喜歡這個工具，我們希望為其添加更多功能。

Gregory Peters, Raymond James.

格雷戈里彼得斯、雷蒙德詹姆斯。

I've got a number of questions. I have to pick one. I'm going to focus on the capital comments. Given the transaction, maybe you can go back and just talk about -- you said the leverage is going to go up to the upper end of the range and then you're going and, at the same time, buy stock back. So just wondering how the mechanics of that work and just looking forward, how you see that unfolding?

我有幾個問題。我必須選擇一個。我將重點放在資本評論。考慮到交易，也許您可以回過頭來談談——您說槓桿將上升到範圍的上限，然後同時回購股票。所以我只是想知道它的機制是如何運作的，並展望未來，您如何看待它的發展？

Yes. Thanks for the question, Greg. Yes, so we will raise that to complete the transaction. That will be a mix of term debt and bank debt, which is -- which has prepayability to it. So we will be able to pay that down over time at a steady rate and within our control. So we can -- with our strong free cash flow, which will be enhanced by these acquisitions, we can choose to do a mix and a combination of debt paydown while maintaining our share repurchase activity, likely at a lower rate than what we've been doing in the past when we had no M&A, but we will still maintain that share repurchase activity.

是的。謝謝你的提問，格雷格。是的，所以我們會提高這個金額來完成交易。這將是定期債務和銀行債務的混合，具有提前償還的能力。因此，我們將能夠隨著時間的推移，以穩定的速度並在我們的控制範圍內償還債務。因此，我們可以——憑藉我們強勁的自由現金流（這些收購將增強這一現金流），我們可以選擇進行混合債務償還，同時保持股票回購活動，回購率可能低於我們過去沒有併購時的速度，但我們仍將保持股票回購活動。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

I know you've labeled AccuLynx as the leading provider of SaaS in the roofer space. Could you just tell us who do they compete with? I'm assuming you're going to say service tighten, but if that's Drew, how does AccuLynx distinguish itself and just go over the competitive landscape for SaaS?

我知道您已將 AccuLynx 標記為屋頂領域領先的 SaaS 提供者。您能告訴我們他們的競爭對手是誰嗎？我假設你會說服務收緊，但如果那是德魯，AccuLynx 如何脫穎而出並超越 SaaS 的競爭格局？

Andrew, I'm impressed that you're familiar with the contractor SaaS models. Service titan is a competitor. Job Nimbus is also in that space. They generally are providing more general contractor services the competitive differentiation for AccuLynx is there specialization on the specific needs, both from a materials and from a process and a job management perspective for those roofing contractors.

安德魯，你對承包商 SaaS 模型的熟悉令我印象深刻。服務業巨頭是競爭對手。Job Nimbus 也位於該空間。他們通常提供更多的總承包商服務，AccuLynx 的競爭優勢在於其對屋頂承包商特定需求的專業化，無論是從材料還是從流程和工作管理的角度。

I'll ask Aaron to add to that, if there's anything he would like to share on the competitive front. Aaron?

如果亞倫在競賽方面還有什麼想分享的，我會請他補充。亞倫？

Lee, I think you covered it well, just in terms of the companies that you had named. They certainly AccuLynx is the premier provider within the roofing SaaS market. So I think you covered that one well, Lee --

李先生，就您提到的那些公司而言，我認為您已經講得很好了。他們當然知道 AccuLynx 是屋頂 SaaS 市場中的首要供應商。所以我認為你已經很好地回答了這個問題，李--

David Motemaden, Evercore.

大衛莫特馬登（David Motemaden），Evercore。

I also had a question on AccuLynx. So I think it's around 5% of your existing revenues, but it's also growing in the mid- to high teens. And then you also called out a decent sized cross-sell opportunity. I’m wondering if this changes at all your view of the 6% to 8% OCC growth target once we fully get this into organic in 2027.

我對 AccuLynx 也有一個疑問。所以我認為它大約佔你現有收入的 5%，但它也正在以十幾到十幾個百分點的速度成長。然後您還提到了一個相當大的交叉銷售機會。我想知道，一旦我們在 2027 年完全實現有機成長，這是否會改變您對 6% 至 8% OCC 成長目標的看法。

Yes. Thanks for the question, David. We will have to take a look at that as we unfold into 2027. Obviously, it is unquestionably additive from a growth standpoint. As you say, it's a smaller percent of the total. So we'll see how it shakes out --

是的。謝謝你的提問，大衛。隨著 2027 年的到來，我們必須對此進行審視。顯然，從成長的角度來看，它無疑是具有附加作用的。正如你所說，它只佔總數的較小百分比。所以我們拭目以待--

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

It looks like we're seeing moderating net rent premium growth this year after several years of very strong growth. So I'm curious if it's possible that you'll be able to continue to take price at the same rate that you have given all that you've been delivering to your customers, the core lines you imagine and your other investments? Or should we expect that pricing will start to moderate. I guess it would be in 2027 given the two-year lag. But yes, you could help explain that dynamic, that would be helpful.

經過幾年的強勁成長之後，今年的淨租金溢價成長似乎有所放緩。所以我很好奇，您是否能夠繼續以與您向客戶提供的所有產品、您想像的核心產品線和其他投資相同的價格收取價格？或者我們是否應該預期價格將開始回落。考慮到兩年的滯後，我猜應該是在 2027 年。但是是的，您可以幫助解釋這種動態，這將會很有幫助。

Yes. Thank you, Jason. And I think your observation is fair. It's something that we watch. I'm going to turn it over to Saurabh Khemka to give you color on that.

是的。謝謝你，傑森。我認為你的觀察是公正的。這是我們觀看的東西。我將把它交給 Saurabh Khemka 來為您詳細解釋這一點。

Yes, absolutely, Jason. You're right. I mean we are seeing industry premium growth slowing. It depends on -- there's some variation on the lines as well as whether it's property versus liability. And as you noted, for the portion of our contracts that are tied to these annual premium growth, that impact will be lagged. However, more of our revenue is tied to longer-term contracts and where we -- when we are renewing these contracts, our customers are projecting that slowdown we're architecting long-term deals to incorporate both this growth period as well as this slower growth period.

是的，絕對是，傑森。你說得對。我的意思是我們看到行業保費成長正在放緩。這取決於——在界限上存在一些變化，以及它是否是財產還是責任。正如您所說，對於與年度保費成長相關的合約部分，這種影響將會滯後。然而，我們的更多收入與長期合約有關，當我們續簽這些合約時，我們的客戶預計經濟將放緩，因此我們正在設計長期交易，以涵蓋這一增長期以及較慢的增長期。

So we offer clients that stability over long terms of their contracts, and it enables us to have more pricing visibility. I'd also add that, look, premium is one component of our pricing. And what we're really focused on within these renewals is highlighting the value that our customers see, and this is being helped by our investment in noncore lines imagine program. Yes.

因此，我們為客戶提供長期穩定的合同，並使我們能夠擁有更高的定價透明度。我還要補充一點，保費是我們定價的一個組成部分。我們在這些續約中真正關注的是突顯客戶所看到的價值，而我們對非核心業務想像計畫的投資也對此有所幫助。是的。

And the other thing that I would add, Jason, is if you look at the long-term growth within the core insurance business, we clearly have seen cyclicality in premium growth hard markets and soft markets, and it has still enabled us to deliver a highly consistent organic growth range in the 6% to 8% range. In addition, beyond that exposure, we continue to have see strong growth in our SBS and life businesses, which are penetrating new opportunities and are not tied to overall premium growth.

傑森，我想補充的另一件事是，如果你看一下核心保險業務的長期增長，我們清楚地看到了保費增長在硬市場和軟市場的周期性，並且它仍然使我們能夠在 6％ 到 8％ 的範圍內實現高度一致的有機增長。此外，除了這項風險敞口之外，我們的 SBS 和人壽業務繼續保持強勁成長，這些業務正在開拓新的機遇，並且與整體保費成長無關。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Kind of wanted to stick with the organic growth seen last three quarters now, you're at or in the fourth quarter's case slightly above the 6% to 8% range that you outlined at investor day a couple of years ago. Just kind of curious, if we look at the last three quarters, in particular, are there any kind of components of the long-term growth algorithm between price, new customers, upsell cross-sell new initiatives, client consolidation, all the different drivers that you outlined a few years back that are running at the top end of those ranges or even above?

有點想繼續保持過去三個季度的有機增長，第四季度的增長速度略高於幾年前投資者日上概述的 6% 至 8% 的範圍。只是有點好奇，如果我們特別看一下過去三個季度，價格、新客戶、追加銷售交叉銷售新舉措、客戶整合之間是否存在長期增長算法的組成部分，所有這些不同的驅動因素，您幾年前概述的，都處於這些範圍的高端甚至更高？

Just trying to get a sense and frame recent momentum relative to the way that you kind of constructed that top line growth algo back at the investor day in '23.

只是想了解並建立最近的勢頭，相對於您在 23 年投資者日構建的頂線增長演算法的方式。

Andrew, thank you very much for the question. And I'm going to I'm going to build off a comment that Saurabh ended on. I think the biggest -- the most important element to our ability to have outperformed has been investing in and communicating and realizing the incremental value for our clients from the investments that we've made across the businesses.

安德魯，非常感謝您的提問。我將根據 Saurabh 最後的評論繼續發言。我認為，我們能夠取得優異成績的最大因素是投資、溝通以及透過我們在各個業務領域的投資為客戶實現增量價值。

We've seen that most clearly in the investment that we made in our core lines reimagine program to increase their usability of the data, the efficiency of their process. We've heard this not only directly, but indirectly from an investor that was doing their own diligence and spoke to multiple of our clients to see if they were getting value out of it.

我們在核心產品線重塑計劃上所做的投資最清楚地表明了這一點，該計劃旨在提高數據的可用性和流程的效率。我們不僅直接聽說了這一點，還間接地從一位正在進行自身盡職調查的投資者那裡聽說了這一點，這位投資者還與我們的多個客戶進行了交談，以了解他們是否從中獲得了價值。

And it was consistently very positive. I think that has also been added by the fact that our engagement at a senior level has allowed us to better articulate the value that we provide to them and understand where we can be making investments that are very relevant to what we're doing. I mentioned before that I'd add the meeting with an insurance company who emphasized the roofing data element of improving that roofing data component.

並且它始終非常積極。我認為，我們高層的參與也使我們能夠更好地表達我們為他們提供的價值，並了解我們可以在哪些方面進行與我們正在做的事情非常相關的投資。我之前提到過，我會增加與一家保險公司的會議，該公司強調了改進屋頂數據組件的屋頂數據元素。

And so that was clearly a factor that we considered in the merits of this acquisition. So that's what I would cite as probably the most important contributor to the overall growth in our business.

因此，這顯然是我們考慮此次收購的因素。所以我認為這可能是我們業務整體成長最重要的貢獻者。

And then to dimensionalize that and map that against the factors, Andrew, that you were qualifying. I think as we think about our build that engagement and that value delivery has enabled us to deliver at the high end of the range or in some occasionally above the range on the factors of pricing as we highlight the value on the factors of cross-sell and upsell as well as the fact that attrition has been lower.

然後將其維度化，並將其與安德魯 (Andrew) 你所限定的因素進行映射。我認為，當我們考慮建置時，參與度和價值交付使我們能夠在定價因素上提供高端或偶爾高於範圍的服務，因為我們強調交叉銷售和追加銷售因素的價值以及流失率較低的事實。

So I think those three factors have really contributed to the strong recent strength. As I think I highlighted in the near term, those create a short-term tough comp. And then as we lap through that, we will maintain the growth.

所以我認為這三個因素確實促成了近期的強勁表現。我認為，正如我在短期內所強調的那樣，這些因素會造成短期的艱難競爭。當我們度過這一階段時，我們將保持成長。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Your transactional revenue growth returned to positive territory in the quarter, and that was led by international performance in the securitization market. Can you talk about to what extent you expect international and securitization trends to continue into the second half?

本季度，您的交易收入成長恢復到正值，這得益於證券化市場的國際表現。您能否談談您預計國際化和證券化趨勢將在多大程度上持續到下半年？

Yes. Thanks for the question, George. Let me start on the securitization. That is a market that is really primarily in the second quarter year in, year out. So that is something that we do not expect to be very active in the second half of the year. And as you look at first half, second half comps, that is -- that would be a headwind.

是的。謝謝你的提問，喬治。讓我先談談證券化。這個市場實際上年復一年主要集中在第二季。因此，我們預計今年下半年這種情況不會太活躍。當你觀察上半年和下半年的比較時，你會發現這將是一個阻力。

On the international transactional activity, that is a bit more difficult to predict. It has been -- it was a benefit in the second quarter from a comparability standpoint, the activity may be less in the second half. So that's a bit weather and volume dependent. As we think about transactional activity overall in the second quarter, we also have the headwinds from the -- sorry, I'm sorry, transactional activity in the second half.

對於國際交易活動來說，這有點難以預測。從可比性的角度來看，第二季是有收益的，但下半年的活動可能會減少。所以有點取決於天氣和音量。當我們考慮第二季的整體交易活動時，我們也面臨來自下半年交易活動的阻力。

We will have the headwinds from the storm comparison from some of the underwriting data and analytics solutions pressure that I highlighted before. And though at a lower level than before, we still do have some conversion to subscription going on across the portfolio. So still some potential headwinds on transactions in the second half of the year.

我們將面臨風暴帶來的阻力，這與我之前強調的一些核保數據和分析解決方案的壓力類似。儘管水準比以前低，但我們的整個投資組合中仍有一些轉換為訂閱的現象。因此，下半年的交易仍可能面臨一些潛在的阻力。

Russell Quelch, Redburn Atlantic.

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

Lee, Elizabeth, what is the hurdle rate you've considered when making these two acquisitions recently. I'm wondering what to expect in terms of -- or what you're planning for or modeling for in your return on invested capital in the near term.

李、伊莉莎白，你們最近進行這兩次收購時考慮的最低收益率是多少？我想知道您對近期投資資本報酬率有何期待，或有何計畫或模型。

Yes. Thanks for the question, Russell. Yes, we evaluate our acquisitions on an ROIC framework, return on invested capital. And we target acquisitions that have a return on invested capital above our WACC in a three-year period. We see good strategic merit in these acquisitions. And so we're looking for them to deliver value overtime.

是的。謝謝你的提問，拉塞爾。是的，我們根據 ROIC 框架（投資資本報酬率）評估我們的收購。我們的目標是收購那些在三年內投資資本報酬率高於我們的加權平均資本成本的公司。我們認為這些收購具有良好的策略價值。因此，我們希望他們能夠隨著時間的推移創造價值。

And this concludes today's conference call. We thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。