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Verisk Analytics, Inc. (VRSK) Investor Day Corrected Transcript 06-Dec-2018 Verisk Analytics, Inc. (VRSK) Investor Day Total Pages: 80 1-877-FACTSET www.callstreet.com Copyright © 2001-2018 FactSet CallStreet, LLC Verisk Analytics, Inc. (VRSK) Corrected Transcript Investor Day 06-Dec-2018 CORPORATE PARTICIPANTS Stacey Jill Brodbar Lisa Bonalle Hannan Analyst, Verisk Analytics, Inc. President-Verisk Financial Services, Verisk Analytics, Inc. Scott G. Stephenson Bill Churney Chairman, President & Chief Executive Officer, Verisk Analytics, Inc. President-AIR Worldwide, Verisk Analytics, Inc. Mark V. Anquillare Neal Anderson Chief Operating Officer & Executive Vice President, Verisk Analytics, President-Wood Mackenzie, Verisk Analytics, Inc. Inc. Nicholas Daffan Neil Spector Executive Vice President & Chief Information Officer, Verisk Analytics, President-ISO, Verisk Analytics, Inc. Inc. Mike Fulton Lee M. Shavel President-Xactware Solutions, Verisk Analytics, Inc. Chief Financial Officer & Executive Vice President, Verisk Analytics, Inc. Richard Della Rocca President-ISO Claims Analytics, Verisk Analytics, Inc. ...................................................................................................................................................................................................................................................... OTHER PARTICIPANTS Henry Sou Chien Tim J. McHugh Analyst, BMO Capital Markets (United States) Analyst, William Blair & Co. LLC Manav Patnaik Toni M. Kaplan Analyst, Barclays Capital, Inc. Analyst, Morgan Stanley & Co. LLC William A. Warmington Jeffrey P. Meuler Analyst, Wells Fargo Securities LLC Analyst, Robert W. Baird & Co., Inc. Hamzah Mazari Kevin McVeigh Analyst, Macquarie Capital (USA), Inc. Analyst, Credit Suisse Securities (USA) LLC Gary Bisbee Andrew Charles Steinerman Analyst, Bank of America Merrill Lynch Analyst, JPMorgan Securities LLC Charles Gregory Peters Analyst, Raymond James & Associates, Inc. 2 1-877-FACTSET www.callstreet.com Copyright © 2001-2018 FactSet CallStreet, LLC Verisk Analytics, Inc. (VRSK) Corrected Transcript Investor Day 06-Dec-2018 MANAGEMENT DISCUSSION SECTION Stacey Jill Brodbar Analyst, Verisk Analytics, Inc. So, good morning, everyone. I am Stacey Brodbar. I am the Head of Investor Relations here at Verisk and it is my pleasure to welcome you to our 2018 Investor Day. We are thrilled you are here, thrilled to see a full audience and really appreciate your interest in Verisk. We've got a jam-packed agenda, so I don't want to take too much of your time, but just a few administrative things to take care of, the first of which of course is our all-famous forward-looking statement. So please note the disclaimer on the screens and on the webcast. Some statements made in today's presentation may relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity performance, or achievements expressed or implied by these forward-looking statements. Other factors that could materially affect actual results, levels of activity, performance, or achievements can be found in Verisk's periodic reports filed with the SEC. So with that out of the way, just a few housekeeping items. We do have demonstration kiosks outside in the product demonstration area. There are seven solutions, some of our newest solutions from across the verticals. If you haven't had a chance to see them, they'll be available during the break and for about 30 minutes after we conclude today. It is definitely worth your while. So head over there. Thirdly, you may have noticed that we are no longer providing printed versions of our Investor materials presented today. This is really in keeping with our Green initiative. So we've decided to move away from that practice. That said, all the materials are – from today's presentations including speaker bios and the agenda are available in the Investor Relations section of our [audio gap] (00:02:00). And just finally I have attended countless Investor Days over my career, but obviously always as an audience member. Seeing this from the inside, I now realize how much hard work and long nights it takes to pull this all together. This was a team effort from across the Verisk organization and I want to send a huge and heartfelt thank you to everybody across the organization, from the people in the business unit, the executives giving their presentations, our finance and accounting teams, corporate marketing and event planning. To all of you in this room today and listening on the webcast, thank you, thank you, thank you. And with that, welcome again to everyone and I'd like to turn this over to Scott Stephenson, Verisk's Chairman, President and CEO. ...................................................................................................................................................................................................................................................... Scott G. Stephenson Chairman, President & Chief Executive Officer, Verisk Analytics, Inc. [audio gap] (00:02:54) Stacey, good morning everybody. Thanks for coming out. Good to be here with you. We always look forward to this [audio gap] (00:03:00). We have a lot for you. So I'm just going to jump right in. This is the slide which, with a little bit of modification, is what I actually open most of our board meetings. It's an attempt to summarize the things that we care about the most. We do enough things at Verisk that you can't boil it down to like one thing, but it is a relatively tight list of [audio gap] (00:03:27) care about. So let me just walk you through this. At the top level, I mean, as those of you who have followed us know, we are really focused on growth and growth in our context comes primarily from innovation. We do a lot of different things across the three verticals that we serve. We have literally hundreds of families of solutions and in order for our 3 1-877-FACTSET www.callstreet.com Copyright © 2001-2018 FactSet CallStreet, LLC Verisk Analytics, Inc. (VRSK) Corrected Transcript Investor Day 06-Dec-2018 business to grow at or above 7% – in the 7% to 8% range that we talked about with you in the past [audio gap] (00:03:59) We need lots of things to perform. We need lots of things to grow. And so, a lot of our attention goes to do we have the engines of innovation happening in each of the business units, is our go-to-market proving to be effective, etcetera. And so, that is – that underlies everything that we do. And an overlay on top of where we sit is our push to become yet more effective in non-domestic market. And you've heard us talk a lot about the importance, particularly of some of the things we've gotten done in the UK over the last couple of years inside the insurance vertical and that is proving to be very constructive. I think of it as sort of the long and steady march inside of Verisk. It's sort of a solution family at a time and a national economy at a time; it's sort of how the business advances, but it is a committed part of what we're doing and it is working. So, we've sort of got the foundation of everything that we do and have done up until now. There's another level of thinking, which relates to the theme that not all solutions are created equal. Some of them face larger market opportunities. Some of them are closer at hand in terms of our state of development or the markets' preparedness to buy the solutions. And so, we want to be very alert to what is it that really can sort of takeoff in the near term with respect to growth. And so, we try to look at all of the innovation that we have going on and qualify a few things for what we call enterprise venture status. And when we pull a solution family into that category, what we're really saying is that we are expecting to spend at unusually high rates to try to build out these solutions, that we have particularly high expectations for these solutions, and that we are going to watch them and interact with the leadership teams just even that much more closely as these projects advance. Some of the things that we've talked to you about in the past, one is remote imagery, which is what we call Geomni. Another is what we call Power Advocate, which is essentially helping energy companies get a handle on the cost and the movement in cost inside of their supply chains and then subsurface is the complement to all of the commercial analytics that we've traditionally done in the energy vertical. And the reference to the four and the five here is simply saying that there's not anything close to an infinite set of these things that we would be pursuing, but there will be additions to this list and of course with time, you would expect the list to even be a little bit dynamic. But this is really about focus. It's about capital allocation. I'll come back to this point in just a little bit. Technology plays a very important role inside of our company. We manufacture data analytics and so above all else, it's important that our data analytics method and infrastructure be first rate and always improving. A couple of the themes there, one is, you see the reference to the mainframe here. So like – actually a lot of companies that have a certain amount of history, we still do have mainframe computing inside of the mix of computing infrastructure that we make use of and sort of the red X there is simply intended to say that we are working purposely at this point to reduce and ultimately, hopefully, essentially eliminate the mainframe in the mix of computing platforms that we make use of.
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