Good day everyone, and welcome to the Verisk Analytics Fourth Quarter 2015 Earnings Results Conference Call. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Verisk's SVP and Treasurer, Ms. Eva Huston. Ms. Huston, please go ahead. Eva F. Huston - Senior Vice President, Treasurer & Chief Knowledge Officer: Thank you, Dorothy, and good morning to everyone. We appreciate you joining us today for a discussion of our fourth quarter 2015 and full year 2015 financial results. With me on the call this morning are Scott Stephenson, President and Chief Executive Officer; and Mark Anquillare, Chief Financial Officer. Following comments by Scott and Mark highlighting some key points about our strategic priorities and financial performance, we will open up the call for your questions. The earnings release referenced on the call, as well as the associated 10-K, can be found in the Investors section of our website at verisk.com. The earnings release has also been attached to an 8-K that we have furnished to the SEC. A replay of this call will be available for 30 days, until March 24, 2016, on our website and by dial-in. Finally, 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. 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. And now I will turn the call over to Scott Stephenson. Scott G. Stephenson - President, Chief Executive Officer & Director: Thanks, Eva. And good morning, everyone. We reported another year of industry-leading high-single-digit organic revenue growth with margin expansion and excellent free cash flow…

Your first question comes from the line of Sara Gubins from Bank of America.

Hi. Thank you. Good morning. Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Good morning. Scott G. Stephenson - President, Chief Executive Officer & Director: Good morning.

Thank you for the commentary about your revenue expectations. Could you talk about what gives you confidence that you'll be able to grow WoodMac in constant currency in 2016, given the 1% decline in the quarter? I know you're not going to give details about subscription versus service, but any color about what you were seeing on the subscription side, particularly around renewals would be very helpful? Scott G. Stephenson - President, Chief Executive Officer & Director: Yeah. So retention of customers remain strong and even in the first month-and-a-half of 2016 we're seeing strong year-over-year growth in terms of numbers of research subscriptions clients. We are seeing a increase in use of the portal, customer engagement is up 6% already in the year. So these are the kinds of things which basically relate to where we stand with our customers and is the source of our expectations for the year.

And so, I guess, is the expectation on the service side that you would continue to see pretty significant declines there, but it's less important as it becomes a smaller piece of the total? Scott G. Stephenson - President, Chief Executive Officer & Director: Well, we're not really breaking that out, as you know, Sara, but I mean, our plan is for the whole business to perform.

Okay, great. And then just separately on margins. Could you give us any color on how you're thinking about margins in 2016? Particularly because there were some hiring plans in Risk Assessment, I'm wondering if those have started to come through or if you would expect to ramp that next year or this year? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Yeah. Good question. This is Mark, Sara. So first of all, let's start with 2015. We had some one-time items: the hedge gain, WoodMac transactions, the EVT, the warrant gains. So we'll pull that out and we remain positive and constructive with regard to margins in 2016. I do want to highlight two things that we tried to do. One, specifically, the talent realignment you mentioned. We would and we do expect people to be hired back to former levels. That's probably about 50 people, just to kind of give you a flavor of things, like around (18:31). And the other thing we did try to call out is that the project revenue of Argus in first quarter of 2015 was about $11 million. It had very high margins. So you have to just factor those two things in and hopefully that gives you some color on where we stand.

Great. Thank you.

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

Hi. Good morning, gentlemen. Scott G. Stephenson - President, Chief Executive Officer & Director: Good morning.

The first question just around WoodMac again. I was just wondering if you could help characterize your organic growth guidance of WoodMac next year in the context of what you're assuming the energy environment is? And then also maybe in context, like is this, the Thomson Reuters announcement that you did, a sign of more to come and is that maybe a material contributor to showing that growth number for 2016? Scott G. Stephenson - President, Chief Executive Officer & Director: Yeah. We think there are additional channels for getting WoodMac content to market and we actually think that the number of customers that WoodMac will have in the years to come will be substantially greater than it is today and part of that is in fact the new channels. And we're very early in the journey on that particular front but I would definitely expect additional channel partnerships as a way of supplementing growth at WoodMac.

And just on the assumption for the energy environment...? Scott G. Stephenson - President, Chief Executive Officer & Director: Well, we're never going to be folks to predict the price of oil. The thing that is our real bedrock on this business is the depth of relationship that WoodMac has with its customers. We actually performed in the fourth quarter or we completed in the fourth quarter of 2015 our Net Promoter Score assessment across all of Verisk and WoodMac came in with the second highest Net Promoter Scores across all of Verisk. Their customers love them. I was with the deputy chair of one of the name brand global energy companies a couple of weeks ago and they just – they love WoodMac and they find the content and the analysis absolutely indispensable and that's really the foundation of the business.

Got it. And then just real quickly I know in the comments you mentioned that you expect insurance growth to be at least as good as 2015. I was wondering if there was anything, any puts and takes to call out between the two divisions when we think about our models for the year? Scott G. Stephenson - President, Chief Executive Officer & Director: Yeah. Looking at you, Mark, I mean, it's kind of broad based. It's across almost everything that we do actually. Underwriting was strong in 2015, will be strong in 2016. I wouldn't really differentiate greatly among the different parts of what it is we do. Mark V. Anquillare - Chief Financial Officer & Executive Vice President: I agree.

All right. Thanks a lot, guys. Scott G. Stephenson - President, Chief Executive Officer & Director: You bet.

Your next question comes from the line of Tim McHugh with William Blair. Tim J. McHugh - William Blair & Co. LLC: Yes. Thanks. Just on healthcare, I guess, can you elaborate what gives you reason to think that it will grow faster in 2016? And then you also alluded to obviously there's more options than just selling healthcare that you're looking at. Can you, if you're able to talk at all about what other options are front and center on the table right now? Scott G. Stephenson - President, Chief Executive Officer & Director: Well, maybe your second question first. So from the very beginning we had all options on the table taking a very thorough look at the business and how to maximize value for our shareholders and the standing of the business and so nothing changed. There is nothing changed in that regard. When we look at the growth of the business, part of it is we actually are having success in generating new revenue streams. I think you know that there was a lot of what we did on the revenue side that was related to Medicare Advantage. We started to do more work on the commercial side and that's a nice supplement to what we've traditionally done in the business. Tim J. McHugh - William Blair & Co. LLC: Okay, great. And then just on Argus, the marketing effectiveness type of projects, I know there's a tough comp in Q1 but when you gave your outlook in 2016 in terms of double-digit growth, are you counting on any other large lumpy projects at some point during the year when you say that? Scott G. Stephenson - President, Chief Executive Officer & Director: Well, I think we've been – I think we've – for some time now been trying to make it clear that there are large name brand companies that sort of get interested in the methods and when they come in, they come in a fairly big way. There have actually been several of those in the course of 2015 and into 2016 that will be a part of the growth overall. So there will continue to be sort of these breakout kinds of moments. But as we've said, the project then ripens (23:38) into a sustainable subscription and that's fully what we expect. Tim J. McHugh - William Blair & Co. LLC: Okay. Thank you.

Your next question comes from the line of Jeff Meuler with Baird. Jeffrey Meuler - Robert W. Baird & Co., Inc. (Broker): Yeah, thank you. I caught the commentary from Mark in terms of annual contract value growth at WoodMac for the full year but as the year progressed, mainly as we got into the back half and into early 2016, has there been any weakening in bookings trend at WoodMac? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: I mentioned we've typically talked (sic) [not talked] about bookings. What I can tell you is that from a retention perspective, what we've seen in the end of the year and into even January/February is we've had retention rates that are consistent with – consistently high with what we saw for full year 2014 and 2015. So we're comfortable, actually a kind of very good part of the WoodMac business is that retention with the customers. We also mentioned kind of broadly that the bookings have been up so that's the good news. I'm not sure we're not going to give color dating back to prior to ownership. I'm not sure we have that detail with us. Sorry. Jeffrey Meuler - Robert W. Baird & Co., Inc. (Broker): Okay. And then just thinking about healthcare quarterly modeling, with the shift in mix towards I guess de-emphasizing a little bit Medicare Advantage as a percentage of mix in favor of commercial, how much does the seasonality shift in healthcare relative to prior years? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: So the short answer is that, I think we've talked about this in quite a bit of detail, but the MRA business, and the medical side of it in CMS, runs the SWEEPS from July to January, February. Typically what happens is the commercial side of this nicely fits in with – more in the first half of the year. But we're not going to talk as much about the details of Verisk Health given the strategic alternative process we're engaged in. Jeffrey Meuler - Robert W. Baird & Co., Inc. (Broker): Okay. Thank you.

Your next question comes from the line of Toni Kaplan with Morgan Stanley. Toni M. Kaplan - Morgan Stanley & Co. LLC: Hi. Good morning. Scott G. Stephenson - President, Chief Executive Officer & Director: Good morning. Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Good morning. Toni M. Kaplan - Morgan Stanley & Co. LLC: Can you give us a sense of I guess how pricing conversations have been going for WoodMac just as the year has progressed? And whether margins are still sort of – we should expect that sort of mid-40% number is still the right way to be thinking about it? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: So I think the reality is the contract renewals, given the nature of the customers and the pain our customers are feeling, is kind of one that is a little bit more challenging. We've tried to bundle solutions. We've tried to do things that kind of provide value to them and also provide us upside to the extent that the CapEx spend and profitability returns to our customers as they use more solutions that will give us some upside. I think the combination of some of the work that we're doing to make the business; I'll call it a little bit more industrial – strength around IT and also to invest in the sales pipeline that gives us an extension to more people to sell it to. But we've been investing from a sales perspective more, and we've also from a technology perspective so we can, for the most part, take some of the solutions and maybe smaller swaps and maybe more confined view, a little bit more downstream in the sense of smaller customers. And that will hopefully help us…

Your next question comes from the line of Andrew Steinerman with JPMorgan. Andrew Charles Steinerman - JPMorgan Chase & Co.: Hi. You spoke a little fast I believe in the prepared remarks on WoodMac like-for-like growth in the fourth quarter, and does that include the couple of small WoodMac acquisitions? And if so, what would be the organic fourth quarter number, like-for-like? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: So like-for-like is a negative 1%. So we said that it was in the quarter negative 1%, comparable basis and that was in pounds. And we said 5% full year. And that excludes the acquisitions. Andrew Charles Steinerman - JPMorgan Chase & Co.: That excludes. Okay. Thank you.

Your next question comes from the line of Bill Warmington with Wells Fargo.

Good morning, everyone. Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Hello, Bill. Scott G. Stephenson - President, Chief Executive Officer & Director: Good morning.

So I wanted to ask about the – if you look at the normalized, organic, constant currency growth rate for 2016, I think it would be helpful if you could frame for us the basis for drag that you're getting from WoodMac? I understand that WoodMac is still growing positively on a constant currency basis for 2016, but I'm trying to get at this normalized, organic, constant currency growth for 2016? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Bill, I think we're not going to give specific guidance. I think we've said it's going to grow next year, I think we feel good about the business. You've heard that. So I'm not sure I can directly answer your question without giving you a specific point target for WoodMac, which I'm not going to give here today.

Well, the – okay. Then second question. There's been some speculation in the media that you guys have been looking at Argus. Now I don't think any of us would expect you to comment on that speculation, though my question is what are you considering doubling-down in energy? By that I mean making a sizable acquisition in the energy space? Scott G. Stephenson - President, Chief Executive Officer & Director: Well, we're always thinking about where do we sit and where do we want to go with respect to our customers. And I will say that having a sense, a good sense of where the price of the commodity is going as a part of a lot of the modeling that is already built into what it is that WoodMac does today. So at a general level I would say that understanding the entire supply and demand picture is a useful thing to do. Now we already – I mean, if you subscribe to WoodMac product, you know that there are views of forward prices as well as the supply side volume as well as dollar value. So that will all continue to be a part of what we do and our thought process is entirely around what is it that we can do to bring more value to our customers and when we put A and B together do we unlock even more value for our customers? So we're constantly thinking about everything that we can do to increase value so I'm not going to comment on that specific situation but just generally we're very active in thinking about where we are and where we ought to be.

Thank you very much.

Your next question comes from the line of Andrew Jeffrey with SunTrust.

Hi. Good morning. Thanks for taking my question. One of the conversations I've heard you had with investors over the last 12 months to 18 months with regard to healthcare is the sort of value of the data in your healthcare business compared to the data across your other businesses and I assume that the relative value of healthcare data is one of the things that has led to this exploration of alternatives. We recently saw IBM buy Truven for a pretty big price tag. How does that influence your overall view of the value of the healthcare data in your business? Is it distinct from Truven's data? Just a little compare/contrast and whether or not sort of directionally that influences the range of outcomes possibly for that business at Verisk? Scott G. Stephenson - President, Chief Executive Officer & Director: Yeah. Well, so first of all our business, there are I would say small overlaps with Truven. In fact there are bilateral commercial agreements between us and Truven. But in general, their business is by degrees different than our business. So I wouldn't really use it as a particularly meaningful marker and we're very focused on how to – the business that we've got, what are the future opportunities, how can they be maximized and how do we maximize shareholder value for our shareholders? So yes, of course we've referenced things that are going on like that transaction but in reality I think that our situation is relatively custom. To the point about data, the basic point I would make to you is that obviously data is very important in the data analytic kind of work that we do and others do and everyone – all of the third-party vendors do but the distinction that we're trying to draw is when you look at the vast majority of the data that we've got inside of the insurance vertical, the financial services, retail banking vertical, and the oil and gas, metals and mining vertical, a lot of what we've got is very, very unique. The nature of regulation and industry structure in the healthcare world in the United States makes it relatively harder to have distinct data assets. That's the point that we've trying to stress. So it's not that we don't have data. We actually have a lot of data. But we very much want Verisk to be a highly distinctive, very differentiated partner to our customers. And one of the things that provides distinction is unique data assets. And they're just harder to achieve in the healthcare space.

Okay. That's helpful. Thank you. Scott G. Stephenson - President, Chief Executive Officer & Director: You're welcome.

Your next question comes from the line of Arash Soleimani with KBW. Arash Soleimani - Keefe, Bruyette & Woods, Inc.: Hi. Thanks and good morning. Just a couple questions. Scott G. Stephenson - President, Chief Executive Officer & Director: Good morning. Arash Soleimani - Keefe, Bruyette & Woods, Inc.: Can you – on the talent realignment where you said that you'll be doing about 50 new hires, is that pretty steady throughout the year in 2016? And could that have a favorable revenue impact maybe looking forward to 2017? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: So, let me remind you of the goal of the talent realignment. We did try to take what would be our more traditional ISO solutions business inside of Risk Assessment and focus this on kind of a shared services model, trying to take groups and become more efficient and more effective. And I congratulate the team on the work that was done there. We then took those resources and we said we were going to kind of invest in new products and in new segments. And our hope is that, yeah, that type of investment would lead us towards kind of sustainable growth in the future. And it's probably a little bit of a longer-term march than a short-term march but we're optimistic like we described earlier in those initiatives. With regard to timing, I think we've seen quite a few people hired in the latter part of 2015 and into the first quarter here of 2016. So although, I think you're right, it will kind of extend throughout the year, I think there's a little bit more of a push or an emphasis here in the first half. Scott G. Stephenson - President, Chief Executive Officer & Director: I'll…

Your next question comes from the line of James Friedman with Susquehanna.

Scott, I appreciated your dimensions you shared on the growth prospects for 2016. I wanted to ask you about your comment about your insurance assets. Would you anticipate that both RA and insurance in DA will accelerate next year? Scott G. Stephenson - President, Chief Executive Officer & Director: Yes.

Okay. And then if you could comment – I know that pricing is working through the system now on the ISO database and Risk Assessment. So, could you update us as to how much of that is still on the look back of prior period premiums and what some of the inputs are for pricing on RA overall? Scott G. Stephenson - President, Chief Executive Officer & Director: Yeah. So we, I think we have shared with you in the past that sort of the mix of revenue sources in that part of the business has changed, where it used to be that most every customer was being priced according to a two-year look back on premiums. But we're now at a point where more than 50% of what we do in RA is on multi-year agreements, not related at all to what was happening in the premiums two years prior. And then with respect to the rest of our customer base, where we still do reference premiums from two years before, just want to remind you that there are three terms in the pricing algorithm and premium is only one of the three. And we have complete freedom with respect to the other two, which is mill rate and the flat fees. And so the actual, literal effect of what is going on in the premium environment is actually very muted at this point. And it's really value-based pricing. It's the work that we do every year to try enhance and bring current what it is that we're providing to our customers. Our customers understand the value of that kind of work and it's really on that basis that we set the prices.

Helpful. Thanks a lot. Scott G. Stephenson - President, Chief Executive Officer & Director: You bet.

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

Thank you so much. You had mentioned on the adjusted EBITDA margin when we take out the gain on sale of the third-party warrants, I think it was 47.4% for 2015, and then you said you were constructive on margins going forward. Does that mean you expect margins to go up in 2016 from that base? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: All right. What I tried to say was that I would caveat that positive just with the two adjustments I described. One, I mentioned the talent realignment. I kind of pointed to about 50 people, which would be some expense in Risk Assessment. We've talked about that over time. And the other thing I was just trying to call out was in first quarter of 2015, Argus had that revenue that was very high margins. It was about $11 million of project work. So I was trying to call out those two items in the context of what is a fundamentally sound and positive margin picture going forward.

Okay. That's helpful. And then just going back to Argus, you mentioned what the project revenue was in 1Q 2015. Can you give us that number 4Q 2014 just so we can see how the quarter you just reported compare? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Yeah. I'm not sure we've provided that in the past. It's not – it's notable as first quarter. I don't think we've given that out in the past. I'm sorry.

Okay. No worries. Thanks so much.

Your next question comes from the line of Joseph Foresi from Cantor Fitzgerald.

Hi, guys. This is Mike Reid on for Joe. Thanks for taking the call. Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Sure.

I had a quick question. Maybe a little more insight on Infield and PCI Group in specialized markets and kind of the impact, how much that could possibly move the needle in 2016? Scott G. Stephenson - President, Chief Executive Officer & Director: We haven't really put out the absolute size of those but I would just encourage you to think of both of those as modest tuck-ins.

Okay. All right. And obviously Argus is still doing well. Are you hearing anything else in the financial services vertical on demand in regards to macro? Or does that seem stable? Scott G. Stephenson - President, Chief Executive Officer & Director: Actually, some of the fundamentals in the business are actually quite exciting. And one that I would point is the success that we're having in getting consortia of banks in end markets other than the United States to come into our method, and it's really very exciting because when that happens then we're essentially platformed in the market and now we can do – now we can bring the whole range of solutions that we've got. So we have several very exciting developments right now along those lines. But with respect to the macro environment, I mean, we've referenced it. I would encourage you to just understand. It's not really material as it relates to the prospects for the business going forward. No, it's kind of steady as she goes.

Okay. Scott G. Stephenson - President, Chief Executive Officer & Director: The macro environment.

Great. Thanks, guys. Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Sure. Thank you.

Your next question comes from the line of Anj Singh from Credit Suisse. Zachary Bakal - Credit Suisse Securities (USA) LLC (Broker): Hey, everyone. This is Zach Bakal on for Anj. Thanks for taking my questions. I just wanted to first ask again about that Argus segment and I think for the full year your commentary has been pretty consistent that you expect a high teens growth and we had a little bit better than that. I'm just wondering if that was a little bit stronger than you expected and that if that's just driven maybe by the consortia of banks or something else? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: I would tell you that Argus is a wonderful business. I mean I just always like to mention that again. It has an incredible data asset that kind of creates a real barrier there and what the team there has been able to do is two things. One, provide great service and new products to those customers. And then we have the project revenue that is a little bit more related to the marketing and advertising effectiveness. We're trying to transition that to more subscription and I think we're being successful. So what we try to call out from an outlook perspective is that we continue to see very strong double digit growth and that is a growth even with or even kind of assuming the growth where that's going to happen in first quarter. So I felt we were trying to pretty transparent on that and hopefully that just clarifies the comments we made earlier. Zachary Bakal - Credit Suisse Securities (USA) LLC (Broker): Yeah. Thanks. I think we all appreciate that. And then just secondly on the Telematics Data Exchange, you know what…

Your next question comes from the line of Andre Benjamin with Goldman Sachs. Andre Benjamin - Goldman Sachs & Co.: Thanks. Good morning. Scott G. Stephenson - President, Chief Executive Officer & Director: Good morning. Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Good morning. Andre Benjamin - Goldman Sachs & Co.: I think both of my questions have been answered, but I guess one piece I was hoping to maybe push a little bit more back to the WoodMac color, I know you're not giving any specific guidance, but I think the other businesses you have given at least directional color on how you're thinking about growth in 2016 versus 2015. So versus the 5%, is there any color that you can provide whether up or down from there, knowing that there's a wide range for positive? Mark V. Anquillare - Chief Financial Officer & Executive Vice President: Yeah. I'm going to say it again. I said that it's going to grow, and I think we've been trying to be a little bit more transparent with regards to an outlook. I think that's as far as we're going to go at this point, and I hope you can respect that. Andre Benjamin - Goldman Sachs & Co.: Okay. Then I think aerial imagery is an area you talk a lot about in the past, and we know you continue to innovate in a lot of parts of your business that don't necessarily get as much air time. I was wondering if there was any update on what you're up to there and the effect we can expect that to have on the insurance growth? Scott G. Stephenson - President, Chief Executive Officer & Director: Yeah. So you may have noticed last year that we actually put out a press release that we were sourcing images again. And that's on our – based on our own efforts, but we're also working with others to source imagery. What makes it really special is the analysis that converts it into solutions that can be used by insurance companies and players and other industry verticals. And we are very, very happy with our methods, and we expect to see increasing commercial results in 2016 for what it is that we're doing. So yeah, it's an abiding part of what we're doing. Andre Benjamin - Goldman Sachs & Co.: Thank you. Scott G. Stephenson - President, Chief Executive Officer & Director: Yeah. You're welcome.

And there are no further questions at this time. I will turn it back over to you for closing remarks. Scott G. Stephenson - President, Chief Executive Officer & Director: Okay. Well, thank you, everybody, for joining us today. We appreciate your interest, and we are looking forward to being together with you again in about a quarter's time. And we certainly will have interesting updates for you at that point. So thanks very much, and enjoy your day.

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line.