Verisk Analytics (VRSK) 30 Oct 242024 Q3 Earnings call transcript

Good day, everyone, and welcome to the Verisk Third Quarter 2024 Earnings Results Conference Call. This call is being recorded. [Operator Instructions] For opening remarks and introductions, I would now turn the call to Verisk Head of Investor Relations, Ms. Stacey Brodbar. Ms. ahead. go please Brodbar,

and for everyone. third a financial operator, joining quarter appreciate us results. today discussion good you, We day, you XXXX Thank of our

Executive X-K Shavel, call can of earnings Officer. The our be associated quarterly this on well been President website, verisk.com. we are earnings release the earnings the to as also an available referenced Elizabeth call for Lee found call our of On section and Chief in The attached today release Chief XX-Q as Officer; this Financial XX presentation our and Mann, has SEC. to dial-in. days Investors by the that be Verisk traditional replay furnished have on the A and website will and

in guidance. Actual earnings remind today's the and on materially forth affect could set of future call release, include reported recent of statements website, in is filings. financial performance detail today's from everyone is today. including by about more our performance will performance, to forward-looking our about their financial may SEC presentation comments call suggested could Information earnings differ what our related future contained section verisk.com. I reconciliation our historic in X-K discussed provided those in on A is non-GAAP measures the this Investors today's posted and that our factors As

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while initiative further speed data our quality up automation this cycle validations more expect to of including and surveys process. We for times also control

of of continued brought our our that mind As top climate and Helene clients well. have engagement recently, shareholders losses resilience. catastrophe top imagine, renewed to issues and for mind Most our you attention Hurricanes might on Milton and focuses Beryl, risks, as often for are

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industry Investing the local communities flood National avoid can incorporating codes based that on property most change. end data for models the insurance making a community-level end, finally, Through outcomes, construction participants that for this insurable [ manage insurance efforts standards. detailed this plain after community insurance to achieve solutions program in not discounts Verisk. and understanding is of to assess the of [indiscernible] efforts damage the more on To by weather solutions Flood program, analyzed respond loss help technical system, consumer. Program ecosystem and as flood Our storms. is flood FEMA's Insurance and reduce anti-fraud collected only conjunction catastrophe our property on is also of calculate but in the to building and And estimating reduce their Verisk's work of premiums mitigation impact affordable flood ] rating mitigation science the view helps owners, losses properties. Known climate keys and to one containing with advanced

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to turn for results year-to-date third Now basis. to Elizabeth financial the over call our and let me quarter the review

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

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

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

quarter, we the the Our our basis subscription an of grew building comprised third in which year. upon revenues, on OCC quarter, revenue XX% delivered X.X% last the total OCC X.X% during growth

we premium growth. In experienced primarily claims success loss outcomes businesses. growth driven growth we Reimagine largest Core clients, during engagement in growth subscription-based with and where Growth bundling rules in pricing by on across quarter's our a are of our growth. of scoring. efforts solutions, deliver identifier newer tailwind of very on contract costs augmented of and to our by strong This of and subscription value the and broad-based forms, focus solutions, essential supported our by another as claims our was delivered we anti-fraud, including claims strong are business administrators. also claims was the Lines focusing led our In search continues strategy third-party creating our of contribution we renewals solutions, continued our around some Event most particular, especially strong the for and In uptake strong Extreme Solutions, to quarter a enthusiasm the coverage the

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

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

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

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

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

third offset and cost effects level in expansion discipline talent strong quarter, expenses. our the Therefore, margin revenue a quarter find end and the of the XX.X% the previously, which in rate given mentioned year-over-year. This at and have continued highlights by margin at be basis, points our can ongoing part examine of trailing we initiatives, As medical we basis XXX optimization useful benefit margin of any influenced revenue in mix growth, transformation finance global by timing up our investment on XX-month expenditures. to of stood it higher

translation not currency. benefited Additionally, the forecast XX benefit approximately helped basis do our our we contemplated by points as quarter. guidance from impact, was FX This not margins a margins in foreign hedge or which foreign in exchange

net $XX rate interest to year. quarter million, was This a due going forward. same in increase an year notes future to the expenses expansion For compared from Continuing the last interest XXXX, our in the at achieve to higher to strategically We down confident expect the targets senior $XX increased in in of the rate. income continue expense our statement, margins the range. remain to primarily full million interest XX% leading growth margin investing in is issuance ability remain higher run XX% our to while opportunities. to we expense period second

our which remains range of at Our the X current to of lower at Xx, is leverage adjusted end targeted Xx EBITDA.

quarter. Our was The not rate compared to onetime that quarter's tax year was year XX.X% reported in due elevated XX% rate repeat. effective to prior the prior items did

$XXX and the margin From rate to income business XX%. This some our cash model. share revenue a by average expansion, effective be to XX% increased expense. solid million. quarterly cash variability lower demonstrating to partially activities and previously could perspective, employee free exercise For will be our and primarily the a $X.XX operating flow from $XXX growth, The the tax a EPS that XX% cash always higher X.X% quarter. a count. by rate increased diluted while characteristics increase on offset is flow $XXX for subscription-based believe cash the net tax quarter, in X.X% range lower amortization to strong of option was million, of stock depreciation million, XX% strong flow provided fourth to increased There adjusted activity. Adjusted net basis, generation we related driven to reported increased

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

quarter and We year-to-date are the pleased third performance. with

Our specifically, continue range to XXXX outlook expect billion to revenue for remains to XXXX $X.X the for $X.XX in of be unchanged. we More billion. consolidated

we refinancing, the in We the over I range listing the some of now the of And share. earnings to with interest our higher section Investors range. expect measures the and expense Below comments. that guidance to high $X.X adjusted deck, to asset adjusted back in due the be is to new found [ depreciation billion will EBITDA be the we projects end complete website, EBITDA $X.XX of service. Combined line, of to to be call our $X.XX has net the adjusted result turn closing can at continue the margin slide XX% all billion fixed expect to the earnings we slightly net in XX% Lee for been per the range range put as A expect to in into verisk.com. still ] posted which of $X.XX to

our returning summary, opportunities In investment highest focused and on predictable shareholders. unchanged growth strategic while return capital allocating remain and as are priorities we our Elizabeth. to Thanks, capital to consistent excess delivering on

to strategic heightened at opportunities engagement industry, with can for business strengthened our on and focus and product where has employees value Our and shareholders. relationships for scale the invest we clients new clients, fostered drive

the appreciate to Verisk. and continue interest We in support

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

from your line Stanley. Toni of Morgan And first comes Kaplan question Instructions] the with [Operator

Just in through the think trying given where XX% think I there net for we are I'm the of was so year, industry 'XX. in the XXXX to growth written in premium dynamics

tied your part and pretty strong comps like So should the it that's Extreme be are international X pretty the quarters. then premiums transactional seems to going over well. and next has and Events really life easy And

year So XXXX any up are is should growth? my of that is, I thinking about? be outsized for Or guess we question an there setting headwinds

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

As we think about potential the are of premium into third headwinds that growth. could offset it, elevated going we year

is momentum longer that can challenges. feel a those pricing so And the cycle,

kind focused overall They're in lines environment element of are spend. are where very that their I business evaluating think profitability. and as of are ones in another we well carriers as evaluating which an on their the they

of And is has to the you headwind. that been couple a could for finally, then of attrition, normalization So boost see us a which over of element last years. one start

the we But see So Then think unknown momentum about as are the headwinds. an it, in we factor. in some as of there general, the business. do strong is weather those

Ashish comes Sabadra next RBC the with Your from Markets. Capital of question line

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

Ashish. Yes. Thanks,

it obviously, the we to to of the early think Helene impact about fourth in October, in was So us. Helene both early and the fourth is quarter, as and the quantify tell very September; Milton and hit end Milton, quarter,

extreme at You events published, can $X for Helene losses Hurricane that billion had of billion have to insured billion insured $XX estimates, billion for business look which as the $XX losses published, $XX and estimated our Milton. estimates to Verisk at been

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

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

So could out less impact on in mean storm because may likely transactional single how be over of to proportionally play swings customers less the overage. the could be X time that

subscription seen out to win-win our growth. has subscription business. transition our an that you've in it general been for play in a So

the from comes with of [indiscernible] Autonomous. question next Your line

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

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

from comes Thind the question Jefferies. next of with line Surinder Your

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

thank whole, very for the you we much looking and about. of the as a time Surinder, lot context Yes. you thinking value know, And particularly, which, a as at spend industry the question.

that But I in business think growth, you premium to them reflection some to And point, has better in our the the that terms which the light of continued so that be across it's of risk be of make the profitability of to a when we the this the the into particularly and the dimension. apply data gather us industry. opportunity taken, think provide across and improvements analytics moving that at significant ratio also, can the will your storms a in industry information, of combined for you look can focused at overall and we and perspective, the interest profitability of because we from look driver can in decisions analytical I to more utilized methods continue hits

very parties component to internal work we integrating been identify workflow that and And active discussions a business where more of it's their Information or can has into then of the the happening data those in level interested improve a of the higher-level And Our we're automating their by functions, second at improving our efficiency. of we that what underwriters white to platform, having. that conversation processes part their Chief London is a the what element the level brokers that are interaction, are doing is they're external Officer doing that A heads data we are of space quality in to how have ecosystem improve do is integrate with but that improving been and and the great the we placement integrating are efficiency to example where both the overall utilizing of process. that also decisions. make insurance that improve underwriters CEO enterprise of

on are everything and think encourages us continued I So with solutions. developing describing engagement that you finding those Thank you.

Bank. question Your next Deutsche Alwy comes from the Faiza with line of

called Lines of I the are Lines of where that Core what percentage if the sort curious you think, future wanted And sort initiative that of Reimagine Reimagine share Core want talked the to of share could Lee, you you we metric clients are I'm been you've in forms. your from sort or any on us to of new journey. I program? benefit about highlighting that about maybe ask And with

should continuing expect 'XX to be to So similar we or sort of we that ahead as a and look beyond? of a value level driver

Thanks, Faiza.

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

absolutely. Yes,

the for question, thanks So Faiza.

X asked had things. you think I

more terms slightly bringing the we terms are of innovations So the halfway we to we about first, are where and we are than in program with as investment new where in of program, through think the the customers.

about about think do program. we you how and Second, internally about talked the KPIs think about how do KPIs we

One of the to things from. are insights the that customers we benefiting look market number of at and bringing is insights that of the we're new number new

talked X sixth started of index lines the update. next launch we we We'll launched now out for X one we've a So the about where that the the liability talked year, business. that we of general future about, forms of experience major major with

of become our that We to forward. major updates expect part going

So next [ year our in see bring to you BA as program. that updates ] will we new

You're that. going to see

continuous a that together thing us want about brings new And highlighting is as what I engagement customers engagement platform that as had our innovation times And a their we're to new we're this market. content just going at we're one existing for on seeing content is we these putting that and core.verisk.com, all platform, to engagement, it that highlight and we that we're new previously. is and think customers. have we bring multiple So our to what the level to

Lines drives driving the excited customers, perspective. as we're that So know, usage our from value these you for us new a are Core at innovations which,

actually product a enhancements developing engagement. more it's culture broader I think in that up data I sets to more order do improving us product there we're the about our approaching opportunity a it getting to the opens both had is think our is, that which within that data and to what and the And those new specific serving sense, fluidity to with this other in could we're the them reflection level I effectively, we're in think, which our that are One, of them deliver constituencies our to pursuing, things. effectively from and broader sets analytically It I while we ways pull ability clients. how in we've can in business. And strong of a several in our clients ways, data think in a for targets to add response those change coupled higher we because manipulate facilitates out, utilize sets utilize clients

Andrew with Steinerman of JPMorgan. comes question next Your line the from

were of to as Elizabeth, and you headwinds, the prudent momentum. It's business appreciate XXXX a about when the mention well. has lot just headwinds talking I

things of conversion continued we the And list subs. that dynamic. from didn't to kind nonsubs had there is One the you of

but were to headwind like this You going a forward? quantify kind be you help do to feel notable that's it going enough quarter, us

Thanks question, Andrew. the Yes. for

on the approximately felt of for So that impact conversion year second from will the be quarter. a

we shift out which a I So talking is the subscription, about were a to overall. you'll it but aggregate. in why from didn't as that, That's see geographic transaction call just headwind business

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

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

That's right, exactly Andrew.

of the with Jeff Meuler comes question next Baird. from line Your

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

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

Jeff. that results would would it and we to senior engagement, think broaden we which our And expectations the up of opening more coupled I the been thanks, a of opportunities given incentives, level. I some say relative go-to-market at to I kind sales are with a focusing the is performance, of sale of -- make Yes. some some reflective have this made -- strategy, for think making I to ] strong our level territories, changing in [ us adjustments our pirate value-driven there, changes

and the more higher front. engagement on complementary effective of level follow-up a so it's And senior impact sales and then that engagement

comes question the Patnaik next Your of line Barclays. with from Manav

I mentioned there better but in Lines you Reimagine question, was somewhat think to a leading renewals. Elizabeth, remarks, similar Just progress your how Core

like but pricing, mentioned sounded volume also a component. You was it there

So how help I element would Core to some pricing like just there, Lines it's upgrade, examples there's the be understand but customer Reimagine that is that upgraded, -- of probably because some just visualize for was with just off? hoping what and helpful. are you buying a more I

the for question, Manav. Thanks Yes.

se. Core component For volume per isn't Reimagine, exactly there Lines a

and with analytics So things data as new ratings products the as we're referring a like and of business in electronic data more there's Lines content affiliated particularly solutions growth some sets, other ratings service. addition as well underwriting Core Reimagine,

of are clients additions types could adding. that some be So of those the

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

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

Yes. Thanks question, for the Andrew.

XX -- the here's So entirely. those new them modeling are of X new of to customers, space

impacts of insurance specifically across has but as something called And which specific adding shows around this I more information and excess growth business that of interest and those seeing. broader surplus strength driven the lines has well. the been agents, think of change including out in general we're climate reflects business, that Events segments, a has Extreme And is I area the climate our the and managing So some areas the focusing the industry. seen and that significant insurance modeling on

there's add who [indiscernible], business anything also see to add that my me runs you'd colleague, to that. if Let

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

comes of question line Kramm UBS. from the next Your Alex with

on auto the trends. quickly Just shopping maybe

where first it finally think tailwind headwind. from turned a the I this was a to quarter

can it's So at XX or us in maybe would that specific. Maybe would whatever, here. can maybe we months weigh potential of the be flat levels, much if on outlook you next XX%, what growth these help a XX%, current little terms for bit down, if if growth, in that that the how overall mean stay the you

Yes. Thanks for the question, Alex.

strength X You've data past X, in our the in shopping transactional activity insurance now, heard revenue quarters out auto call the more auto the us and growth generally, business. the over

those headwinds can the in quarter continue challenging say the be are quantify the them future than other comps auto that I'm sure out in as transactional so for expected. playing the to And we not business. on side the to

of comes next Markets. Your BMO Capital with question from Jeffrey the line Silber

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

Jeff. Thanks,

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

Peter next with Evercore. Your from line of question comes the [indiscernible]

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

Yes. Thank you, Peter.

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Lee. Thanks, Peter. you, Thank

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of Tong with Goldman comes line Sachs. question the from next George Your

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

George. thanks for Yes, the question,

average you I in of I each an sort year for of mean, year we know forecast So think storms.

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

comes of Wells with line Fargo. Haas question next Your Jason from the

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

Yes. Thanks a bunch, Jason.

really Our the year. are ranges full gun for

takes the that we're all puts And quarter talking are relative to order. about in kind happy the that, and of those so small walk in through but to you

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run time, go reasonable as would the suppose down. over as a that balances think could come cash on I interest earned expense of rate net could possibly You up rates interest

third the and puts and quarter. think various were year I hit guidance called those takes that the I full out the for that

Got it.

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

That's right. Yes.

of Quelch [Operator line with from next Russell comes the Atlantic. Instructions] your Redburn question And

I wanted the business. about to ask international

pre-scripted in increased in from I you if contribution be remarks could Maybe I out, quarter. business growth think international the heard you the right to an a seen the you've that it called bit XXXX. more opportunities to business you And international for that's further of an from? is parts in if specific about the coming look might that, inorganic exactly area what where this grow

coming are your you're range the at end bottom of rates obviously, and Now leverage down. funding

for the our number actually we've strength in a Russell. seen Thanks question, of Yes, international businesses. Yes.

expand and called regions travel by new life, their health into and being the customers. we to there think continues I business, pulled which out

So growth. seen that's

growth. contributed in business as Our Canada Opta well to that

of some I some the about data integration think sets Verisk of there. talked Lee

contributing the of one of example of good So from acquisitions. to that's overall international business Verisk our a and strength synergies

growth So been well good factors our in businesses doing all are and have those Germany claims of for well. as

So look we is acquisitions. potential yes, will that continue area for to an where

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

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

disconnect. now may You