Good day, everyone. And welcome to the Verisk First Quarter 2020 Earning Result Conference Call. This call is being recorded. [Operator Instructions] For opening remarks and introductions, I would like to turn the call over to Verisk's Head of Investor Relations, Stacey Brodbar. Ms. Brodbar. Please go ahead.

Thank you, operator. And good morning everyone. We appreciate you joining us today for a discussion of our first quarter 2020 financial results. Today's call will be led by Scott Stephenson, Verisk's Chairman, President and Chief Executive Officer who will provide a brief overview of our business. Mark Anquillare, Chief Operating Officer, will then provide an update on our Insurance segment. Lastly, Lee Shavel, Chief Financial Officer, will highlight some key points about our financial performance. The earnings release referenced on this call as well as the associated 10-Q can be found in the Investors section of our website verisk.com. The earnings release has also been attached to an 8-K that we have furnished to the SEC. A replay of this call will be available for 30 days. On our website and by dial in. 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, including but not limited to the potential impacts of the COVID-19 pandemic 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. Now, I'll turn the call over to Scott.

Thanks, Stacey. And good morning, everyone. I'm very glad to be together. Today we are in the midst of a challenge that is impacting each one of us. The outbreak of the Coronavirus is above all, a health crisis. And we hope that you and your families are doing what is necessary to stay safe. Our thoughts and prayers go out to those who have been directly affected by the virus and to the healthcare community and essential personnel working heroically to help us all overcome it. Today, I'm pleased to discuss how Verisk has responded to the COVID-19 event and give you a view of our plans and priorities for the company. I have really been looking forward to this meeting. Along with Mark and Lee we will describe for you three things. First, our actions in response to the COVID-19 outbreak, with a focus on protecting our employees and serving our customers. Second, an update on our current operations and the role we are playing to help our customers and communities navigate COVID-19. And third, our long-term priorities and plans for Verisk. Given our presence in Beijing, Shanghai and Singapore, the COVID-19 event began for us in January. Our global crisis management team immediately began pandemic planning under our business continuity policy under the strong leadership of our Asia Pacific team we followed government guidance and moved into a remote work mode with zero interruption in delivery for our customers. When local guidance modified, we move to a hybrid mode with teams making use of our facilities. On an every other day basis in order to keep density down, again movement into this work mode with seamless. When a second wave of infection appeared in Singapore, we successfully returned to the remote mode. All of this experience was…

Thank you, Scott. I'm pleased to share with you that we had another strong quarter in Insurance with all businesses contributing to growth. Despite some reduced volumes in March due to the pandemic, organic constant currency revenue growth was 5.9%. After normalizing for the continued impact of the injunction on our roof measurement solutions organic constant currency growth was 6.9% yield by market [indiscernible] innovation enhanced customer engagement. Across our insurance businesses, our retention rates remain very high and we have seen increased customer engagement during these unique times. Our customers have effectively transitioned to working from home and are more available and open to calls and product demos. Since March, 15th, we've seen customer call reports grow significantly from 2019 levels and realized a surge in participants at our virtual industry events, focused on business interruption coverage, broad during the pandemic, virtual claims handling and virtual property underwriting. The effectiveness of our team is essential in maintaining great service to our customers. Our knowledge-based solutions allow us to service customers remotely and with continuity. Our cloud-first approach has fostered a technical infrastructure that is available, scalable and resilient, allowing for uninterrupted service to customers as well as employees. As an example of our preparedness, we had a major customer perform a review of Verisk infrastructure to ensure that our ongoing technical support for their operations during these unique times. This feedback was extremely positive, with the customer sharing that Verisk was well prepared ahead of their own internal infrastructure, and filed several best practices that they plan to replicate. Let me share an industry perspective and its impact on our business. Insurance coverage remains essential through this pandemic. Insurance renewals continue. I would doubt any participants joining this call had thought about canceling their homeowners are on mobile insurance…

Thank you, Mark. First, I would like to bring to everyone's attention that we've posted a quarterly earnings presentation that is available on our website. Moving to the financial results for the quarter on a consolidated and GAAP basis, revenue grew 10% to $690 million on net income increased 28% to $172 million. Diluted GAAP earnings per share increased 28% to $1.4 for the first quarter 2020. The year-over-year increase in GAAP net income and EPS is primarily the result of organic growth in the business, gains from dispositions and a decrease in acquisition related costs. These increases were offset in part by the previously communicated timing shift of a $10 million expense related to annual long-term equity incentive grants that was recognized in the first quarter of 2020 as compared to the second quarter in the prior year. 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, we believe our operating performance remains solid. On an organic constant currency basis, Verisk delivered revenue growth of 5% for the first quarter of 2020. All three segments delivered growth with insurance posting the strongest growth rates. We did experience a decline in certain of our transactional revenues during the last two weeks of March related to COVID-19, though the impact on the first quarter results overall was modest. Organic constant currency adjusted EBITDA growth was 7.4% reflecting operating leverage, despite a headwind from the timing shift of annual LTI grants. Normalizing for the $4 million revenue impact of the injunction, revenue grew 5.8% and adjusted EBITDA increased 9% on an organic constant currency basis. Total adjusted EBITDA margin for the quarter was 46.1%, down 59 basis points from the prior year. Normalizing for the impact of the…

[Operator Instructions] Your first question comes from the line of Toni Kaplan from Morgan Stanley. Your line is open, please ask your question.

Thanks very much. Glad you guys are safe and well. I wanted to ask about the Energy business. I know in the past, I guess when the price of oil gets below a certain level and now it's in the 20s, I guess how much of an impact should we be expecting on the business? I know you mentioned you have less exposure to upstream now versus in 2015, '16, I think it was about 80% then. If you could give us the updated percent upstream now. But just I guess how can - like where can you see the impacts from this lower oil price? Can customers change their contracts during the subscription term or need to wait for renewal? Just any sort of color on the energy business would be helpful. Thank you.

Yes, Toni. Thanks for the question and thanks for your well-wishes. And the same to you and to everybody who is with us on this call today. I hope everybody is safe and well. So, first of all, to your factual question. The percentage of WoodMac business that was upstream was roughly in the neighborhood of the number you just cited and now it's below 50%. The other thing that I would say is that, as Lee mentioned, we have really diversified the revenues associated with the Energy vertical. We do much more now with utilities, which are proving to be relatively stable and definitely relatively more stable than oil and gas companies are at the moment. The whole wing of our business, which is aimed at helping with the transition to the renewables is in very good shape. One part of the world that benefits from a low petroleum price is the petrochemicals business and that is also a material part of what we do so. So as you started, our business is actually different than it was the last time we went through an oil price shock.

Your next question comes from the line of Alex Kramm from UBS. Your line is open, please ask your question.

Yes. Hey, good morning, everyone. You mentioned the very modest impact in the last two weeks of March. Can you be a little bit more specific what you've seen so far in April? I think Mark mentioned something about the lower auto claims, which is pretty obvious, but I think that may have bottomed as you said. But any other things you can highlight, but maybe a little bit more specifically, how big the impact was in April so far. Thank you.

Let me characterize generally and then Lee, let me come to you. So everything that we've said in our call today is a product of having examined very carefully what happened in April. So all of the statements that we've made here about our view of 2020 and what it is that we've done by way of preparation. April is fully in mind when we've made every one of those statements. Lee anything you want to add to that?

Yes. Alex, thanks for the question. It certainly is something that we're watching carefully and I think a couple of comments. One, I think it's important to understand that in the 15% of the of the impacted products, there is a lot of diversity in that, and so you have different products that are having different effects across that and that provides some stability within that. The second is that while we're looking at April, we also have to take into account kind of the temporal dynamic of the duration of COVID-19 and its impact over time. And so, we want to be - certainly, our expectation is that that impact is going to - is going to moderate over some period of time. So with all that being said, on the 15% that we identified we did see the expected decline - a partial decline in those revenues on a year-over-year basis in April and with fairly good degree of predictability. But in the non-COVID-19 revenues, we saw are more typical growth rates. And overall, as we indicated, we still saw growth in revenues across the business as a whole factoring those two elements in. So beyond that, we're not in a position to predict given the complexity, given the impact of the duration, but I think within April with that full impact, we saw that partial decline. But overall, we still maintain the growth in the revenues so far.

Your next question comes from the line of Hamzah Mazari from Jefferies. Your line is open, please ask your question.

Good morning. Hope you guys are safe and healthy as well. My question is on the international side of the Insurance segment. It feels like you've been doing some M&A there and essentially been utilizing software platforms to target customers. Could you maybe talk a little bit more about that strategy and how much of your business today is [indiscernible] software and any margin implications with regard to that?

Mark, would you take that question please?

Yes, thank you very much. So what we've been able to do in the United States is, over time, aggregate a huge amount of data to build out some unique and proprietary analytic objects, analytic solution. Inside of our international strategy, obviously we have this ambition as we always do to aggregate some unique data. But to do that we had to look towards solutions that can help us aggregate the data. So in some cases, we have some - I'll call it natural catastrophe or hazard type information that we can use and pull across that we've done and kind of replicated from what we've been successful at in the United States. At the same time, we found the best way to aggregate some information is really from a software angle. So with a goal towards - driving towards an analytic outcome and providing solutions that are analytic at the foundation, we have done two things. We started to aggregate data where we can and we've also taken a software approach to things that help us, for the most part, aggregate that same data. I think what we have found, to be honest, is inside the UK, there is more of a thirst for a solution set that is ecosystem - interconnected across a lot of solutions. I think that drives automation, that drives digital engagement. So our focus has been to try to take some software componentry, penetrate [ph] this ecosystem to help customers, and along the way, aggregate some data and with that data, build out an analytic outcome. It's kind of where you start and that's how we've gotten into the markets. And I think we've been very happy with the success and progress we've made, particularly in the UK. As you referenced, we have a little bit more of a beachhead there. We have certainly some more assets, and those assets have been working very closely together to integrate things that are related to data, underwriting workflow and cat modeling or what I'll call the both reinsurers and insurers. So, thanks for the question and I think your observation was accurate. Hopefully that gave a little color.

Your next question comes from the line of Andrew Steinerman from JP Morgan. Your line is open, please ask your question.

Hi, Scott. In your prepared remarks, you indicated Verisk is confident that we'll continue to deliver revenue growth during this COVID period. And then your next sentence highlighted that the company is targeting EBITDA growth faster than revenue. And I wondered - my question is; I wondered if we're supposed to link those two comments together or specifically, is the company targeting EBITDA growth faster than revenue growth during this COVID period, and if that dynamic is on a reported basis or just an organic EBITDA basis?

Yes. So thank you, Andrew, good to hear your voice. So first of all, you are correct that those two statements are intended to stand together. They are part of a full-thought in terms of our bottom-line performance. And we have been addressing ourselves in this call to COVID-19 effects, which more or less also correlates with statements about 2020. But the ambition in terms of the long-term also remains the same. And that is that we would have very healthy rates of organic revenue growth and we would have rates of organic EBITDA growth that exceed rates of organic revenue growth. So, we're stating once again what our long-term plan is. So, my comments were specific to 2020; the general point remains for our business over the long-term. And then lastly, to your question, we are talking about both organic and reported.

Your next question comes from the line of Andrew Nicholas from William Blair. Your line is open, please ask your question.

Hi, good morning. In hearing from some of the insurtech players over the past couple of months, it certainly seems like they've seen increased demand in the new environment. I'm just wondering if your conversations with those partners have evolved at all of late and whether your view of the Group's long-term trajectory has changed as a consequence of recent activity. Thanks.

Mark, would you please take that question?

Absolutely. So once again, I think we differentiate two types of insurtechs. There is an insurtech in that definition really relates to those that want to be insurers or managing general agents, [ph] so it's about distribution. And I think what we've seen there is those continue to prosper. At the same time, many of those early start-ups who have decided to actually be underwriters are actually carrier risk. Sometimes those, I'll call it loss ratios, have been a little higher. The combined ratio it has not been as profitable. So, we think they will continue, but we have seen some pressure because all of a sudden it becomes a focus on liquidity and maybe a turning to profitability a little bit sooner. So, we are watching our insurtech customers and we are trying to help them out with everything we can. And I think it's a little bit of a mixed answer dependent upon where they are on their own life cycle as they evolve to a more profitable entity. The other type of insurtech is really the service provider. In some cases, those service providers are partners with us, sometimes say compete in part with us. And again, I think it really relates to are what they are doing. There is a definite need in the industry to help bridge the gap between the insurer and the policyholder because I can't be necessarily face-to-face, I can't be at the home, I can't be at the property. So like we referenced in some of the work that we're doing with our virtual property adjudication process and our underwriting platforms, those have been in widespread use and need. So, I think those players have reacted and certainly done well during this pandemic. In other cases, I think probably there is a little bit of hesitancy around what can I actually implement during these times. What do I want to buy? And then like any insurtech, the smaller ones; it becomes a little bit of a liquidity issue as to how much cash I have and what state I am along the evolution towards profitability. So kind of a mixed message there. And obviously, we've grown nicely through a lot of those insurtech insurers or MGAs and we're trying to support them during these difficult times.

Your next question comes from line of Jeff Meuler from Baird. Your line is open, please ask your question.

Yes, thank you. Good morning. I just underpinning - trying to better understand what underpins the response to Andrew's question about the expected organic margin expansion this year, and trying to understand the trend that you go into COVID with the margin expansion in Q1, looked quite good, especially in the Insurance segment, but really across the business. Can you just give us a bit more detail on what drove that and so we can understand the baseline you're going to COVID with? Thanks.

Sure. So let me start and Lee, perhaps you'd like to add some detail. But fundamentally, Jeff - and Jeff, good to hear your voice and hope you're doing well.

Likewise.

Thank you. So a very substantial fraction of our cost structure is the cost of our people, our team. It runs at about 70% of our total. As Lee mentioned, one dimension of our compensation stack is our incentive compensation. And those of you who have observed what we have in the proxy, we have set the - sort of the baseline expectation for performance in that at the level of our long-term targets for organic revenue and EBITDA growth. In other words, I would say that we have set the bar at a pretty high level. And to the extent that this moment, for the reasons that we talked about, put some pressure, I would say - particularly on the topline at this moment. One of the natural adjustments which occurs inside of our compensation is that the amount of annual incentive that will get paid out logically would come down somewhat. And that's automatic. That's just in the design of what we do. The other thing that matters greatly here is our total headcount and there is two ideas that are paired one with the other. So one is, as Lee mentioned, our rate of investment in innovation for the future is unabated. Our expectations are that we will spend as much writing and capitalizing software in 2020 as we originally intended, and Lee spoke to that. But the other part of it is what is happening with respect to the rate of headcount growth. And let me put that alongside of the comment that I made earlier; there are very - it is an extremely small fraction of our team where, in this moment, their ability to get their work done is limited. I mentioned roughly 5%. And even in those cases, we - I would describe what we've done as a very modest amount of sort of trimming and realigning. So these are relatively small effects. The larger effect is that - as you've seen our company do over time, entering into 2020 we were also planning on pretty substantial increase in headcount in order to provide even more acceleration of our developments into the future. And as we got the sense that the COVID-19 effect was going to be global not just regional, we basically moved very aggressively to - not to let people go but simply to slow down in this moment, the rate of hiring. And it actually has a material effect on the rate at which our expenses move. And so essentially, we have already done what I think of as the most substantially important thing that we need to do in order to be in position to see our rate of EBITDA growth exceed our rate of revenue growth. Lee, anything you'd like to add to that.

Very little, Scott, because I think you describe the mechanics in terms of the steps that we're taking in this environment and how that's affecting our ability to manage EBITDA. And maybe just to kind of give some context as I have in the past around the components and their impact. So in this quarter, Jeff, as I think you identified and I presume in your analysis you're eliminating that impact of the LTI shift, but within that we're seeing before the impact of M&A and even before the impact of the Geomni Vexcel transaction, solid EBITDA margin expansion within each of the three verticals individually. And so that's generating a strong base of margin expansion. The Geomni impact, the reduction of expenses from that transaction, is very helpful. And then we have the impact of LTI, that LTI shift in M&A, but within the business we do have that ongoing core operating leverage. And everything that Scott is describing, is describing our ability to continue to manage and deliver on that core operating leverage, which serves to achieve and support both that organic and all in margin objective that Andrew asked about originally.

Your next question comes from the line of Manav Patnaik from Barclays. Your line is open, please ask your question.

Thank you, good morning. Scott, maybe just a follow-up on your comments you just made on plans to accelerate in 2020. I was just wondering if - maybe it's early, but in terms of conversations with your clients, this pieces that maybe everyone realizes they need to be - accelerate their digital plans and so forth. So in the context of opportunity once the dust settles, how do you think about whether that's Lens, or insurance and telematics [ph] or whatever, like where could things really pick up after this because of what's happened?

Yes. Thank you, Manav. Nice to hear your voice and I hope you're doing well. Yes, you've really put your finger on one of the most fundamental things about the context in which Verisk does its business. And that is fundamentally as our customers become, what I refer to as the better digital version of themselves, that's good for us. That means that they are more able to consume the data and the analytics that we put out there, and they are able to actually realize and acknowledge the value that they get. Not that there is any lack of acknowledgment today, but as their own processes become more data aware and data sensitive and FAST; the precision that our analytics bring and the speed with which we do what we do just becomes that much more active inside of their own environment. And I believe that one of the most fundamental consequences of the COVID-19 moment is that it is going to accelerate companies becoming the better digital version of themselves. Now, there is still a long distance to go. I mean, for all the discussion that is out there in terms of digital business, digital migration, et cetera, I would say that many companies are still at relatively early stages. But I do believe that there is going to be an acceleration effect based upon what's going on here. What does that mean specifically? I think what that means specifically is that customers will, across a variety of different attachment points, find even more interest in what it is we do. So analytic objects that we put out will be more consumable. And therefore, when our customers write their own business cases for making use of the next thing from Verisk that they haven't made use of yet, one of the factors that will be at work there is when they think about their own returns they will be able to generate returns faster because they will actually get to implementation of what we do more quickly. Same relates to if they want to attach to an API that we've put out there in order to access some of our content. The more that they do business that way, the more they will be able to go from the concept to the actual use of our solutions more quickly. And I would not localize these effects to any one part of our business. All three of the verticals, virtually everything that we do will respond to this trend.

Your next question comes from the line of Bill Warmington from Wells Fargo. Your line is open, please ask your question.

Good morning, everyone. So a question for you on WoodMac. Maybe you could talk a little bit about whether there is seasonality of renewals for GEM and maybe you can give us some sense for what you're seeing and on renewals, an early read. Thanks.

Bill, good to hear your voice. Hope you're doing well. There is a degree of seasonality and most of the - or in many cases, the heaviest season for renewals is Q4 and Q1. So obviously, we just had our Q1. And the team is in the marketplace. I mean, one of the wonderful things about what we do, not only there but actually across the whole company, is the degree of intimacy we have with our customers. So a sales call is not only a sales call. A sales call is a relationship moment. And particularly at this time, the exchange with our customers is obviously at a very fundamental level. We're very interested in how they're doing. We're very interested in what can we do to be a support to them, and I believe that our customers really get out about Verisk right now. They really get that. And I believe that that, in addition to the acceleration of business becoming more digital, I believe both of those will be resonant for long periods of time into the future. That customers will remember this moment and they will remember what Verisk did. We were cited several things where, not only did we develop things in a very hurry-up fashion in order to respond to their interests, but we also, in some cases, made things available to them for free. And I believe that all of that is going to is going to be remembered. And we'll be - hopefully be yet more foundation inside of the relationships we have with our customers. That's true and that's true at WoodMac also. One of the things about WoodMac being out in the marketplace at this moment seeking renewals is that we are equipped in a way that we weren't in the past. Certainly, it's very different than when the oil price shock of '15 and '16 occurred because we now have the Lens platform, which is a very nice platform to analytic environment that customers - the value of it is obvious to customers. And so it's an amplification of the value that they've always gotten out of our content. And so there is a - we're able to lean into the discussion, even while we're listening very carefully to where the customers are, we're able to lean into the discussion with respect to affirming the value of what we bring and affirming the increase in the value of what we bring relative to say the past renewal, if it was three years ago or two years ago or whenever it happened to be. And so there is a - I would describe it as a kind of a quiet confidence when our team goes out into the market. Now, they know that they've got the goods and they're determined to represent that value even at the same time that we're trying to be very sensitive to where the customers are.

Your next question comes from the line of Jeff Silber from BMO Capital. Your line is open, please ask your question.

Thanks so much. I wanted to go back to your Insurance vertical. I know it's about 85% subscription, I think that's what you said, and you've got long-term contracts. But I'm just curious if you think you might be seeing any pressure on any of those clients, whether it's lower returns from their own investment portfolios, higher business interruption insurance claims. And then, also, can you talk about the percentage of contracts that come up for renewal each year and roughly what the seasonality there is as well? Thanks.

Yes. So I'll start with that and, Mark, and then I'll turn it over to you. Just a couple of your points. I mean, insurers are not un affected by what is happening at the moment, for sure. And Mark described some of the dynamics, particularly the fact that - probably the single most observable in the moment Effects are related to reduced use of automobiles, and therefore, reduced damage to automobiles lower claims. And Mark pointed out earlier that a good number of our customers have chosen to reflect this in premium rebates to some of their customers. That doesn't mean that they're necessarily - that our customers, the insurers, are going to make less money on the line. I mean, their claims experiences, half of the combined ratio has just gone down quite a bit in the moment. So I think they are being very realistic in reflecting that and how they deal with their own customers. But that aside, there will definitely a be discussion about what does business interruption insurance cover and not cover, and specifically, our pandemic effects excluded. Our reading of the policy language is that it's relatively clear that pandemic effects are excluded. That doesn't mean that there will be less than maybe a spirited dialog in front of judges and juries, with folks wanting to claim well, yes, but, no, the policy really should cover that. And of course, we also have to sort of wait and see where public policy making comes out on all of this. But the industry will certainly make its case in terms of the - what is included and what is excluded in the policy language. Mark also talked about some of the smaller companies. And I would just add to what Mark said earlier that one of the things that we - there is a hallmark actually of how we work with our customers; is we try to be very flexible to meet them where they are. And so we're open, for example, if they're feeling extreme - and this is not most cases. In fact, this is in very few cases. But if they are under a relatively greater level of pressure at the moment, we might offer sort of a little relief in the moment for an extended contract with better terms in the out years. We don't find ourselves needing to do that very much, but we were trying to be flexible in those few cases where that makes sense. A lot of our business is on multi-year subscription. Some of it is one-year, but actually automatically renewing. And so Lee mentioned multiple times, the extreme stability of our subscription-based revenues and that's where it is basically found. It's either multi-year or it is automatically renewing, and all of it is so basic to what our customers are doing that it really - it really does fall into the category of must-have. So Mark, anything you want to add to that?

I think you've covered it well, Scott. The contracts we have are typically like three years in nature. So there is no necessarily a concentration, maybe there's a little bit more fourth quarter when those are signed, but that's over three years. Thanks.

Your next question comes from the line of Ashish Sabadra from Deutsche Bank. Your line is open, please ask your question.

Thanks for taking my question. Just a question on M&A. You've done several tuck-in acquisitions and some divestitures over the last few years. Given your solid balance sheet, how do you think about taking advantage of some of the market dislocation and doing more of these tuck-ins going forward. Any color on that front. Thanks.

Yes. So as I mentioned way back at the start of the call, we are talking within our leadership team on an extremely frequent basis. We always do, but even more so in this moment. There are two messages that I have for our leaders above all, and I'm almost a broken record on these points as we speak with one another with one another, counsel with one another. One is that we need to be extraordinarily alert to cyber risk in this moment. This is a great moment for bad guys because companies potentially could be distracted as they're dealing with the effects of this moment. We always look very strongly to our defenses at Verisk and - but I am just asking for extraordinarily - extraordinary alertness to that particular dimension of doing work. And by the way, all the monitoring that we do of our network definitely, definitely shows us that we remain secure, but we have to - we just have to lean into it. That's one of my messages for our leadership team. And the other one is you work for a company that is very strong, very stable, has a very substantial and solid balance sheet, and that is not true of all companies in the world today. So please keep your radars on maximum frequency and reach in terms of observing companies that are around us that maybe are logical relative to something that we're doing inside of Verisk and that perhaps are, or even some more specifically, were making a difference for our customers. Because it is possible that some of them may find themselves in a situation where they need to think about a different way of proceeding into the future. And therefore, if both there is strategic logic and there are terms, which might be available we should really be leaning into it at this moment. The message again as you - to our leadership, this is me to our leaders, you work for a company that is unlike a lot of other companies and this can be your moment. So all of that said, if the company happens to be, let's say in private equity hands - private equity has in quite a few cases become the reference bidder [ph] inside of our world. So I'm not - it remains to be seen just how much valuation expectations may modify downward. We'll see.

Operator, next question.

Stacey. Maybe we'll give it one more moment to see if the operator comes back online.

Operator, next question. Did we lose our operator?

I think we may have. Well, why don't we tie-off there then. So thank you all very much for joining us today. And my apologies if there are any of you that we're looking to ask a question, but you didn't get a chance to get the question in due to this technical glitch. We don't have the ability to open and close the lines, that's only the operator. So apologies if you had a question and you didn't get a chance to ask us. But in any event as always, we will be following up with many, many of you and I hope that you will take your additional questions and review them with Lee and Stacey. So otherwise, thank you very much for having been with us today. I want to wish you great health and strength in this moment to you and your loved ones and your firms. And we really, really appreciate your interest in Verisk and we have really been looking forward to having this conversation with you. So thanks very much for being with us today. Talk to you soon. Goodbye.