Good day, welcome to the Verisk second quarter 2021 earnings result conference call. This call is being recorded. At this time, all participants are in a listen-only mode. After today's prepared remarks, we will conduct a question-and-answer session where we'll limit participants to one question and one follow-up. We will have further instructions for you at that time. For opening remarks and introductions, I would like to turn the call over to the Verisk Head of Investor Relations, Ms. Stacey Brodbar. Ms. Brodbar, please go ahead. Thank you, Jay. Good day everyone. We appreciate you joining us today for a discussion of our second quarter 2021 financial results. Today's call will be led by Scott G. Stephenson, Verisk Chairman, President, and Chief Executive Officer, who will provide an overview of our business. Lee Shavel, Chief Financial Officer and Group President, will follow with the financial review. Mark Anquillare, Chief Operating Officer and Group President, will join the team for the Q&A session. The earnings release referenced on this call as well as the associated 10-Q can be found in the investor 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 will turn the call over to Scott. Thanks, Stacey, and good day everyone. Thanks for joining us for our second quarter 2021 earnings conference call. I'm pleased to share that Verisk delivered a strong second quarter result. The strength of our business model has been on full display since the start of the pandemic and continues in the recovery. We delivered solid top-line and profit growth in every quarter last year despite the weak economic environment and operating challenges from lockdowns because of the consistent and durable growth in our subscription-based businesses. As expected, we are now fully participating in the recovery as our transactional businesses are showing strong resilience and rebounding with the rollout of vaccines and global economies opening up. To be more specific, in the second quarter, Verisk delivered organic constant currency revenue growth of 6.3%, comprised of growth of 5.5% in our mostly subscription-based non-COVID sensitive revenues, and growth of 12.1% in our mostly transactional COVID sensitive revenues. In fact, certain of our transactional businesses have already returned to pre-COVID levels. We have confidence this general trend can continue, and believe that as the COVID impacts fully abate, we can return to delivering financial results in line with our long-term model. Lee will provide more details in his financial review. These results were delivered through the hard work, dedication, and consistent focus on our customers by our 9,000 employees around the globe. In many parts of the world, we've already begun welcoming our employees back to our offices with a plan guided by our mission of protecting the health and wellbeing of our team members, and in line with directives from local governments and public health officials. While our Global Protection Services team is keeping a close eye on developments with the Delta variant, our teams are energized to work together in person again. In fact, currently more than half of our global offices are operating in a phase II or III format. Across the U.S., we have plans to return to full use of our offices in September unless circumstances change considerably. We have implemented a return to office policy of three days in the office or with customers and two days remote. This approach, which incorporates the best learnings from the pandemic, balances individual flexibility with the collaboration and creativity that stems from working together in person. We also believe that this flexible working policy will help to retain and attract the very best talent as we continue to grow in what is a very competitive hiring environment. Not only are we returning to office, we are also beginning to have certain in-person meetings with our customers, including on-site training and sales opportunities. Given how effectively we've worked in a fully remote format, we have confidence that this return to office policy is the optimal design. Our computing and network capacity have consistently and comfortably exceeded what we require, and our teams have adjusted to using all the virtual collaboration tools we have implemented enterprise-wide. On the topic of technology, we continue to make great strides on our efforts to modernize and optimize our technology platforms to always be best in class. As of today, we have effectively and seamlessly moved most of our applications off the mainframe. This has been a huge undertaking and is a great example of true collaboration and partnership between our IT teams and business units around the globe. In total, we currently have thousands of solutions running native in the cloud, including those that were moved from prior on-premise environments and those built native to the cloud. We are advancing our cloud-first strategy and currently have more than half of our compute environment running in the cloud. The migration to the cloud is a multifaceted, multi-stage project, and we are pacing this transition in lockstep with our customers to ensure that we are always delivering on their highest expectations. In addition, as we advance on this journey, the process is ever improving, and we are seeing real benefits in terms of pace of innovation, resiliency, security, and compliance. Our ability to introduce new products and release updates to existing products in a quick and efficient manner is vastly improved because of our shift to the cloud. We are also able to onboard new customers and enter new geographies faster and with reduced capital intensity. For example, we successfully deployed our new cloud-based visualized ISO ClaimSearch platform to our P&C Insurance customers. This modernized version of our industry-leading ClaimSearch platform provides a more engaging user experience for thousands of claim adjusters and investigators and allows us to offer new features, functionality, and solutions quickly and easily to customers through this platform. In addition, our new insurance digital media contributory database will take advantage of the flexibility and efficiencies of cloud technology to process, store, and analyze claim-related digital images from more than 160 insurers. Initially, we expect to receive over 8 million digital media files per week as this new offering ramps up to help insurers better detect potential fraud and increase settlement speed for meritorious claims. The cloud is also advancing our sales process as we can offer customers an easy and cost-beneficial way to pilot or trial new solutions that was previously much more cumbersome in Verisk's prior on-premise format. This allows customers to truly see in action the value of our solutions. Our sales team can focus on converting those customers to long-term subscriptions. The cloud has also made our solutions more resilient with less downtime as the duration of maintenance windows are greatly reduced. We no longer must take our cloud-native solutions offline to do things like update or release new features or protect them with the latest security patches and protocols. We've also constructed a cloud security program that uses artificial intelligence and machine learning to continuously monitor our entire environment, making us more secure and able to audit our entire process for full accountability. Finally, the cloud makes it easier to keep applications and data that are running in local geographies to adhere to the increasing nuances of regulatory and compliance requirements that are geographically specific. As our business expands globally, this becomes an increasing benefit of cloud. From a capital perspective, our cloud migration has reduced our ongoing need to spend on third-party hardware and software. We are reallocating those savings toward internal innovation and spending more on growth CapEx. We are leaning into our highest growth, highest return on invested capital organic opportunities across insurance and energy. Within insurance, we have seen great success with the development of the LightSpeed platform. This organically developed data-forward platform has automated and improved the underwriting process for our customers and is driving strong top-line growth within our ISO business as we have expanded it across personal and commercial lines. Specific to commercial lines, we've seen continued success in small commercial for business owners and commercial auto. With LightSpeed, we have augmented our AI and machine learning capabilities, introducing image analytics that will help present a holistic view of a risk at the point of quote and ensure that small business owners get the coverage they need. We've also expanded our entity resolution and benchmarking data and analytics to help our diverse client base scale and increase their speed to market. We are also accelerating our customers' journey towards zero application questions, helping drive speed and efficiency. With over 80 traditional and Insurtech customers leveraging LightSpeed Commercial, we're enabling the industry to free up underwriting talent to focus on more complex risks and helping our customers become the carrier or managing general agent of choice in this fast-moving and profitable space. Within energy, our internally developed cloud-based Lens platform is transforming the way customers interact with Wood Mackenzie data as we are integrating our complex data sets seamlessly into their workflows. We have greatly reduced our research cycle times from days to hours, allowing us to commercialize solutions more quickly and update data in existing solutions more frequently. This empowers our customers with the data necessary to make timely and well-informed decisions about commodity markets around the globe. We are seeing strong value-based price realization and revenue growth, resulting in solid returns on capital for this platform. The capital management discipline is also evidenced in our acquisition strategy. While interest and valuations for data analytic assets are high, we've been very selective and focused our attention only on assets where we can create incremental value by combining data sets for new solutions, leveraging our infrastructure, or improving sales and distribution through our strong customer relationships and industry scale. Our recent acquisition of FAST is a great example of how we are leveraging our relationships across the industry to accelerate the adoption of FAST's software, driving strong returns on invested capital. On the engagement front, even in a mostly virtual mode, we continue to get ever closer to our customers. This engagement starts at the C-suite and runs through all levels of the organization. This is evidenced by increasing frequency of meetings, better attendance at our virtual events, and increasing interest from customers to work with us as development partners. In fact, we recently announced two key development partners for our Lens Power solution, namely Vestas and Quinbrook. It has also translated into building sales pipelines and more sales opportunities. We're having great success converting these sales opportunities into new contracts as we benefit from our ability to bundle our broad offerings to meet our customers' unique needs. This is particularly evident with our fastest-growing customer segment, the Insurtech companies. On the innovation front, we recently launched Cyber Risk Navigator, our cyber loss modeling application. This release represented a year-long effort to redevelop the platform from an on-premise solution to a cloud-native SaaS solution. Given the scalability of the cloud, clients are now able to run analyses in minutes that used to take hours. It also provides us the ability to bring new features and model updates to the market quickly, rather than being tied to annual software releases, which is essential for a rapidly changing risk such as cyber. We've also made great strides in advancing our offerings in the telematics space with the introduction of the Driving DNA Score. This enhanced solution is powered by the unique data from Verisk's Data Exchange that includes 260 billion miles and growing of robust driving behavior data from 8 million connected car drivers. The Driving DNA Score enables our customers to enter and expand the rapidly growing usage-based insurance market and is another key addition to our whole fleet of telematics solutions. Finally, I'm excited to share about some advances Verisk has made on our environmental stewardship commitments. We recently completed our 2020 greenhouse gas emissions inventory, and I'm pleased to report that for the fourth straight year, we balanced 100% of Verisk's reported scope one, two, and three, including business air travel emissions, through a combination of purposeful reduction initiatives and investments in renewable energy certificates and carbon offsets. We remain focused on implementing meaningful physical and operational changes that will reduce our greenhouse gas emissions over the long- term. Those include the consolidation of multiple Verisk offices in Boston and London into new energy-efficient business centers, as well as the continuing strategic realignment of our data management activities to take advantage of the major efficiencies presented by cloud computing. Building on the progress we've already achieved to date, I'm also pleased to share that Verisk has committed to an absolute 21% reduction in our scope one and two greenhouse gas emissions by 2024, compared with the 2019 baseline. In developing the targets, Verisk collaborated with Ecometrica, an accomplished leader in the field of sustainability metric software and services. The resulting targets incorporate the latest science-based targets guidance aligned with the 1.5 degree Celsius global future. I look forward to updating you on our progress as we remain committed to addressing the very real impacts of climate change today and for the benefit of future generations. I have great confidence that our focus on innovation and serving our customers will help us deliver on our long-term growth objectives, creating lasting shareholder value. As our business recovers from the short-term impacts of the pandemic, we continue to actively study the signs of resilience across the different parts of our company. Our dynamic capital process is designed to ensure that our capital is deployed into the highest growth and highest return opportunities. With that, let me turn the call over to Lee to cover our financial results. Thank you, Scott. First, I would like to bring to everyone's attention that we have 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 10.1% to $748 million. Net income attributable to Verisk decreased 14% to $154 million, while diluted GAAP earnings per share attributable to Verisk declined 13% to $0.94 per share. These declines are the result of a non-cash revaluation charge related to the U.K. tax law change. Adjusting for the impact of the $0.21 per share non-cash revaluation charge, diluted adjusted EPS increased 7% to $1.38. 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 are very pleased with our operating results, led by consistent growth in our subscription revenues and a recovery in our transactional revenues as our business rebounds from the COVID-related declines from last year. In the second quarter, organic constant currency revenue grew 6.3%, led by continued strength in our insurance segment and sequential improvement in our energy and financial services segment. Our non-COVID sensitive revenues, as we defined at the beginning of the pandemic, increased 5.5% in the second quarter of 2021 as compared to the growth of 6.5% in the prior year quarter. This stable growth in our non-COVID sensitive revenues, representing approximately 85% of our total revenues, reflects the durability and resilience of our primarily subscription model. Our COVID sensitive revenues, which represent 15% of our consolidated revenues, continued on the sequential improvement trend and returned to growth this quarter, increasing 12.1%. This compares to declines of 20% in the second quarter last year and to prior quarter performance of declines of 5.9%. Growth was primarily the result of improvements in consulting in our energy segment and a return to pre-pandemic growth rates in many of our products and services within insurance, particularly within the U.S. We did experience continued COVID-related weakness in our financial services segment as government forbearance programs are negatively impacting bankruptcy volumes. Organic constant currency adjusted EBITDA growth was 4.2% in the second quarter, led by solid growth in insurance and energy, offset in part by weakness in financial services. Total adjusted EBITDA margin for the quarter, which includes both organic and inorganic revenue and adjusted EBITDA, was 49.6% in the quarter, down 172 basis points on a year-over-year basis, but still above our pre-pandemic margin level of 46.6% recorded in the second quarter of 2019. Much of the decline is associated with the normalization of our costs as we anniversary the COVID-19 benefits from last year, including reduced headcount growth and lower incentive compensation. This margin also reflects an increase in the pace of investment in our technological transformation, including our cloud transition costs and the impact of acquisitions. On that note, let's turn to our segment results on an organic constant currency basis. In the second quarter, insurance segment revenues increased 7.8%, demonstrating strong resilience in recovery. We saw healthy growth in our industry standard insurance programs, catastrophe modeling solutions, repair cost estimating solutions, and international insurance software solutions. We also experienced strong growth in transactional revenues associated with an increased level of securitization revenues in our catastrophe modeling business. A modest benefit from storm-related revenue and double-digit recovery growth in our COVID-19-impacted revenues as we compared against declines last year. Adjusted EBITDA grew 6.6% in the second quarter, while margins declined 148 basis points, reflecting a return to a normalized rate of headcount growth compared to the prior year and higher year-over-year short-term incentive compensation expense. We also continue to invest in our breakout areas as well as our technology modernization, including our cloud transition. Energy and Specialized Markets revenue increased 5% in the second quarter due to recovery in our consulting and project-based revenues across energy and power, strong growth in environmental health and safety solutions, and our energy transition research. Included in the quarter was revenue associated with a strategic consulting project that added approximately one point to segment growth. We continue to benefit from strong adoption of our Lens platform as customers are seeing the value of our integrated cloud-based data analytic environment. We remain a key part of our customers' most strategic conversations as they deal with the ever-changing energy landscape and our broad base of solutions across all commodities are mission-critical to our customers as they navigate through this dynamic environment. Adjusted EBITDA grew 8.4% in the second quarter while margins expanded 74 basis points, reflecting continued cost discipline and leverage from sales growth. As we look to the remainder of 2021, we want to remind you that we have a very tough margin comparison in the third quarter associated with some headcount reductions, furloughs, and compensation adjustments that we made in reaction to the tough operating environment in 2020. However, some of these costs were reversed in the fourth quarter of 2020. All that said, we have a solid track record of managing through volatile times effectively and believe we are well-positioned with our energy transition solutions as well as our Lens platform to continue to outperform the end market and help our customers navigate this broad energy transition. Financial services revenue declined 8.1% in the quarter, reflecting the continued impact of contract transitions that we undertook in 2020 and will continue through the third quarter of 2021, as well as a lower level of bankruptcy revenue because of government support and forbearance program. Spend-Informed Analytics demonstrated stronger growth than expected as spending and advertising improved, which enabled us to reduce some of the negative impact on revenue growth from the contract transitions that we originally anticipated. Adjusted EBITDA declined 77% in the quarter, reflecting the negative impact of lower sales and a larger impact of corporate expense allocations on the segment's smaller base. We continue to believe that the actions we've taken with VFS over the last few years are setting the business on a stronger foundation from which to grow going forward. Our reported effective tax rate was 35.6% compared to 20.4% in the prior year quarter. This higher tax rate is the result of an earlier than anticipated enactment of a U.K. tax law change that caused a non-cash revaluation charge. This is simply a timing difference from our original expectations as the impact occurred in the second quarter instead of the third quarter as we had originally forecast. There is no change to full-year results. Given the earlier timing of the tax law change and the fact that this charge was one time in nature, we now expect our tax rate to approximate 20%-22% for the second half of 2021. Adjusted net income was $191 million, and diluted adjusted EPS was $1.17 for the second quarter of 2021. Adjusting for the impact of a $0.21 per share non-cash revaluation charge related to the U.K. tax law change described earlier, diluted adjusted EPS increased 7% to $1.38. These increases reflect organic growth in the business, contributions from acquisitions, and a lower average share count. Net cash provided by operating activities was $233 million for the quarter, down 6.5% from the prior year period. The prior year period's cash flow benefited from a deferral in both federal income tax payments and certain employer payroll taxes as a result of the CARES Act, partly offset by earn-out payments. Year-to-date, net cash provided by operating activities was $682 million, reflecting growth of 11.4% versus the prior year period. Capital expenditures were $62.5 million for the quarter, up 10.2%. We continue to believe that CapEx will be in the range of $250 million-$280 million, reflecting our continued investment in our innovation agenda, our technological transformation, as well as the carryover of certain expenditures that were delayed in 2020 as a result of the pandemic. Related to CapEx, we expect fixed asset depreciation and amortization will be within the range of $200 million-$215 million, and intangible amortization to be approximately $180 million, reflecting the impact of recent acquisitions and changes in foreign currency rates. Both depreciation and amortization elements are subject to FX variability, the timing of purchases, and the completion of projects and future M&A activity. During the second quarter, we returned $197 million in capital to shareholders through share repurchases and dividends, as our strong cash flow allows us to invest behind our highest return growth initiatives, but also return capital to shareholders consistently. Our strategy to deliver long-term sustainable growth remains unchanged. We are encouraged by the recovery we are experiencing in our COVID-impacted businesses, and we believe the stability and predictability of our subscription revenues will persist. We also have confidence in our ability to manage the cost structure effectively to protect profitability. While we do have tough cost comparisons this year, we believe that we should retain some of the margin expansion we experienced in 2020, delivering margins ahead of our 2019 level of 47%. Taking this all together, we believe that as the COVID impacts abate and the global economies continue to open up, we can return to our long-term growth model of 7% organic constant currency revenue growth, with core operating leverage allowing EBITDA to grow faster than revenue, although it is difficult to predict that timing. We hope this provides some useful context for you, and we look forward to addressing your questions. We continue to appreciate all of the support and interest in Verisk. Given the large number of analysts we have covering us, we ask that you limit yourself to one question and one follow-up. With that, I'll ask the operator to open the line for questions. Thank you. As a reminder, if you would like to ask a question, please press star then the number one on your telephone keypad. Once again, that's star one on your telephone keypad. Our first question comes from the line of Gregory Peters of Raymond James. Your line is open. Good morning. Thanks for taking my questions. I'm going to let the other analysts focus on the financials. I'd like to pivot to the insurance business, and specifically, for the property casualty industry, we're seeing two variables. First of all, the come out of the lockdown, and then secondly, favorable pricing. Your organic was quite strong in insurance. The insurance industry is forecasting a moderation of growth for them for the balance of the year and into next year. Can you give us some expectation of how those variables are affecting your business? Yeah. Scott here. Thanks for the question. Two things. One is, if you were to look at the pricing algorithms that apply in the solutions that we provide to the insurance industry, the way that we price our solutions is related to the value of the solutions that we're giving to our customers. It's not the case that in the pricing algorithm is a term which is significant and that relates to the amount of premium that our customers are putting through their own books of business. Our solutions are priced according to the amount of profitability and growth that they generate for our customers. Every CEO that I speak to in the insurance industry, every one of them to a person considers their business to be a book business. They are leaning into new methods as a way of trying to grow their businesses. We expect that to persist. It's always been the case, actually, that in our insurance business, we have grown considerably faster than the underlying product marketplace. Actually, that's true in the energy vertical as well. Why? Because our customers are trying to make increasing use of data analytics solutions. We're not really yoked to the net written premium volumes in the insurance industry. Got it. My follow-up question, again, sticking with operations. You talked about your claim analytics and Xactware products and the suite of products you're offering there. Insurance industry is really beginning to struggle with inflation costs, repair costs on cars, rental car rates have gone through the roof. I'm just curious from an operational perspective, the products you're providing to the industry, how are they adapting rapidly to these changing conditions in the marketplace to help the insurance industry? Yeah, that is something that our customers care about a great deal. It's really incumbent upon us to make sure that the cost factors associated with the kinds of solutions we've got, which are aimed at understanding what it takes to repair something, we need to make sure that the underlying cost factors are current. That is something that we give a lot of attention to. That has always been a part of the way that we approach this, but it's particularly important in a moment like this where demand surge, and therefore the price of the underlying commodities moves around. You have highlighted something that our customers care quite a bit about. Actually, I'm going to turn to Mark here, who leads our insurance vertical. Not long ago, we were on a call with the CEO of one of the largest insurance companies in North America. This was one of the topics they highlighted, and we had a lot of conversation about what we're doing and the way that our solutions do keep up I'm really just affirming that the topic that you highlighted there is on the minds of our customers. Mark, anything you want to add to that? No, I think our customers expect us to be on top of that. As an example, with the repair cost estimating solutions, we're making constant updates. On a weekly basis, we're providing them, what is the cost of lumber, as an example, which has been a very significant inflationary item. Their repair cost estimates are reflecting that increase. We are very much into the world of social inflation, right? The cost of litigation and the cost of claims is up as a result of that. Those trends are reflected in our loss costs. That's the pricing they do. It's reflected in the repair cost estimates. It's reflected in how they underwrite a property or any insurance risk. I'd like to think that we are at the lead in thinking for them on that topic. Thank you for your answers. Thank you. Next question comes from the line of Gary Bisbee of Bank of America. Your line is open. Hey, good morning. Scott, thanks for the updates on innovation and technology. I wanted to ask a little bit about that. You talked about how the tech modernization progress you're making is accelerating the ability to innovate, and reducing CapEx, which you're trading that off for higher capital spending on innovation and new products. I guess a two-parter. As we think about innovation broadly across the company, do you keep internally, or can you help us think about the concept of a vitality index? How much more is all of this change you're doing contributing to growth from innovation? Secondly, do you see that benefit more as something that should allow you to continue to deliver to the long-term 7% revenue growth target that you have, or is there potential as that innovation accelerates, that you could begin to outperform that target more meaningfully as innovation and new products become a larger part of your revenue? Thank you. Thanks, Gary. Well, maybe to your second question first. We do feel very good about the shape of our business, where we sit in the flow of what is happening in the business world. One of the most important things happening in the economy is businesses becoming the better, more analytic digital version of themselves. That is fundamentally what is in and around and underneath our business, and that we enjoy these tremendous relationships with our customers, founded upon trust and some really valuable and distinctive solutions. That's our business. The environment in which we're doing our work, obviously, the pandemic has had an effect, as it did on everybody. Over longer periods of time, there are these very constructive trends. That's kind of fundamentally our growth story. Against that, our customers look to us to be their fill-in-the-blank tech partner. In every one of the verticals we serve, there's a fill-in-the-blank tech, Insurtech, fintech, energy tech. There's a list of players like that as long as both of your arms. Our customers expect us to be providing innovation. That is one of the reasons why they lean into the relationship with us in the first place. I think the nature of your question, Gary, was like, this investment into that solution, and what is the effect of that, in terms of our growth? We pay attention to that. It would probably surprise you to know the relatively modest size of investment opportunities that all the way to the office of the CEO we're looking at, because it's the lifeblood of our business. We are resolving things down to the level of the individual solution, and we pay attention to how they're doing, and we make decisions about should we put more in because it looks very promising? Should we pull back from it because it appears not to be gaining steam? We're doing that all the time. That is what we do on a moment-to-moment basis. When you talk about vitality, you have to take it holistically, because as we said earlier in this call, by count of corporate entity, in the insurance industry, the most rapidly growing segment are the insurtechs, the new players. I take such comfort in the fact that they show up with a clean sheet of paper, and they're rethinking everything. How are we going to build an insurance business? They seem so consistently to want to standardize on all of our solutions. That's vitality. They're adopting solutions that in some cases, that we created years ago. They're buying into them because they remain right at the leading edge. They're very insistent that everything be cloud-native, tech forward. They're not even going to look at you if you're not that way. I would just encourage you to understand vitality means a lot of things. It means the infusion of value into a solution that has been around for a long period of time, as well as the new solution. It's new customers as well as existing customers. There's no question, if you pop all the way to the top of the organization and ask the question, look at that top-line rate of organic revenue growth. One of the most powerful things that drives our growth is the adoption of solutions, whether it's a new solution by an existing customer or an existing but enhanced solution by a new customer. The investing that we do in innovation is in support of all that. Mark, do you want to add something? Yeah. Just maybe to provide a good example of everything Scott described. I think one of the big success stories is really inside of what is our underwriting and rating ISO business. We continue to have a very big business focused on what we refer to as loss cost rules and forms, and we have been growing in an inflationary way because we've been very thoughtful with our customers. The growth that we've seen that has increased over the last several years is because of that innovation investment and bundling things for these Insurtechs and others. I just wanted to reaffirm and maybe provide a tangible bit of evidence to that. Great. Just a quick follow-up for Lee. Margins, you did a nice job keeping the majority of the pandemic benefit from the prior year in this year's quarter. What costs, I guess travel is one probably that hasn't come back, but what other costs may not have fully normalized? Is this a good rule of thumb going forward, or would you expect that more of the costs that came out last year likely will come back in the next few quarters? Thank you. Thank you, Gary. I try to look at the cost structure and evaluate what's temporal and what's structural. There is some temporal element of this that we've been able to hold on to. I think to your point, on the travel and entertainment side, I think there are structural savings that we'll be able to take advantage of over time. I think some of that, there is a structural change. I also think over the longer term, as we adopt or adapt to the flexible work structure that Scott described in his comments, that it will provide opportunities for us from a productivity, from a real estate cost standpoint, to reduce some of those expenses over time. Of course, that follows the lease renewal process. Those will be things that we're able to achieve over time as well. Then finally, the other element is compensation. That is more directly tied to our overall performance against growth targets and overall headcount growth. I think that's the element that is likely, and we certainly hope is going to normalize, consistent with the achievement of our revenue growth and our EBITDA growth. Thank you. Appreciate all the color. Thank you. Next question comes from the line of Hamzah Mazari of Jefferies. Your line is open. Good morning. I just wanted to go back to the question on your long-term 7%+ organic growth aspiration. It was very consistent prior to 2015. Excuse me. I realize post-2015, you had mix issues, cyclicality, the business mix changed in the portfolio. Going forward, is it just the world reopens, and you can get back to 7% plus, or you need to see some of these benefits from the big investment spend that's been going on, and that really lags? Just give us a sense of, is it just a macro, or is it execution or any other thing we should be paying attention to get back to 7% plus consistently? Well, as I said before, the nature of our business is that because we're providing a unique kind of a value to our customers, very consistently, our experience has been that we grow at a rate greater than the rate of growth in the verticals that we're serving. I don't see any change in that. When you describe it that way, stable, normal environments are all else equal supportive. You would have to expect over long periods of time, if you look at the marketplaces that we serve, they're very important elements of the economy. A thesis which is they will remain important is a pretty sound one. The demography of the customer sets inside of these verticals, they don't really change all that rapidly. Of course, we're always paying attention to that, but they don't tend to. You've got that as the background, there is no question that there is a huge dependence upon execution. The whole innovation agenda has to be done well. We have to dig in with our customers as development partners to make sure that we get what's needed, that we get it to market faster. All of those things have a lot to do with returns on any given innovation investment that we've made. That's very important. Another thing which I don't know, I suppose if you watch us really carefully over long periods of time, this would be evident. I just want to highlight that there is a great deal of dynamic inside of what we're doing in terms of looking at the solution families and the solution sets that we've got, and deciding where are they and where are they headed. We have a very long track record. I'll take the insurance vertical since it's the largest one for us, of investing more inside of things that are showing a lot of promise, but retiring, in some cases, selling off solution sets that we have as well. It can all look, it's like the duck on top of the lake. It looks very steady, but underneath there's furious paddling going on. We get down to the level of individual solutions. Again, just using insurance as an example. Through the years, we've retired a number of things that we were doing. We invented a whole lot of things. All of that is inside of getting to this long-term view of growth potential. Thanks for that. If I can just supplement on that and to provide some kind of validation. I think you referenced there are a couple elements here. If you look at the underlying insurance business, it's consistently delivered on that 7% organic growth area. Where there have been negative impacts from that, it has either been because of some of the nearer-term cyclical elements associated with the energy business. That business, as we have seen and demonstrated, particularly with the Lens platform, the investment in the energy transition practice has demonstrated their potential to move to similar levels of growth. Financial services has been undergoing a transition to a more focus on sustainable growth, reducing some of that volatility. I want to make certain that you appreciate that underneath the space is a consistent track record of delivering on that potential with some of the other elements as we move down this path of investing in the platform in order for us to deliver the value of those rapidly growing data sets, improve platforms against the business. That's been the recipe that is delivered and supports our conviction of the achievability of that going forward. That's extremely helpful. I really appreciate that. Then just my follow-up question is around capital allocation. Your leverage is arguably going to get very low next year. Your CapEx at some point is going to go down, free cash flow should inflect a lot. Should we be thinking about buybacks being a much bigger piece of return on your cash deployment? Should we be thinking outsize growth in the dividend? You haven't done much large-scale M&A, I'm assuming you can do M&A and return cash. Just any thoughts as to when you see that big free cash flow inflection at some point, what do you do with the cash? Thank you. Hamzah, thanks for the question, and we appreciate you identifying the strength in the cash flow. I think the important thing to emphasize here is that we believe that one of the strongest elements that we have, or the strongest opportunities that we have to create value, is investing internally within the business, as Scott has described, in the technology, in the data sets, in new services for our clients. We want to make certain that we are taking every advantage where we think we can generate incremental growth, or we can generate high incremental returns on capital from that. We start from the position of how much capital do we have available that we're generating from the business? What are our opportunities first to invest in the business in a way that takes advantage of those opportunities to generate growth and returns? Secondly, are there opportunities that we see in the M&A market to invest in businesses that we can create value by meaningfully improving their revenue growth through our distribution, utilizing their data sets more effectively, or improving their technology? FAST, as we've described, has been a great example of that. Genscape in our energy business has been additive, has generated attractive returns on capital for us. That's the second use. The decision on share repurchases is really an outcome of what capital do we have that we don't have an opportunity, we don't see an opportunity to invest to contribute to growth or returns on capital. It is an outcome of our capital allocation process, not something that we target at the outset. Taking your question, if we don't see those opportunities, if the M&A market doesn't present opportunities for us, given where valuations are or the nature of the business to create value, we would expect that excess capital to be returned either through the dividend or through increased share repurchases, it will all be driven by that investment opportunity and our discipline. Great. Thank you. Thank you. Once again, if you would like to ask a question, please press star one. Next question comes from the line of Andrew Jeffrey of Truist Securities. Sir, your line is open. Hi. Good morning. Appreciate you taking the question. Mark, maybe a question for you on LightSpeed. It sounds like it's one of the more exciting revenue growth drivers within your insurance businesses, especially as you expand beyond auto. Can you maybe dimensionalize for us the kind of pricing power you might have in that business and how important that is to the durability of that 7% segment organic revenue growth target? Yeah. Let me try to maybe provide some parameters. The way we're going about this is we really believe that insurer in their search for the. Experience for the customer, the digital engagement is they want information that's actionable, and they can have a bindable quote, meaning when you go online and you want to get a price, you don't want it to change. In basically 33% or 40% of the cases, that price changes if you say, "I'm interested," and they do all this underwriting and pull the information. We're bringing all that information forward in the combination of data we have and analytics so that the insurer has confidence to quote. That's a big change. That is noteworthy and important. What we've tried to do in thinking about the opportunity here, we know who's providing that information, and we feel it's about $1 billion, that's with a B, type of market opportunity in the insurance space. We think we have a lot of runway, especially on the personal line side. We have a strong base on the commercial line side to begin with, so that's kind of an extension, which hopefully provides you with a little bit of context of why we think it's important and also why we've continued to emphasize the investment behind it. Yeah, that's really helpful. I think being able to quantify some of these TAMs will really help investors gain confidence in the long-term growth targets. A quick follow-up on cat modeling. It seemed like that was a decent tailwind this quarter. Is that something we need to think about in terms of volatility? How much of an impact does that have on your business from an issuance perspective on a quarterly basis? The majority of our catastrophe modeling is around a Touchstone subscription model that we've taken a lot of customers, and we've had a lot of wins. The growth you've seen, the underlying foundational growth, is us winning customers and bringing them onto the platform. Where you're seeing a little bit of a spike and valley is inside of what is the ILS market. Those are the cat bonds we refer to. That is a little bit a function of timing of the market. We had a good quarter. We probably would expect a strong end of year. It's a little bit tough to tell whether that's going to grow in 2022. At the same time, I would say to you that the market, in general, is getting more and more collateralized those type of risks. If you were to ask me what the growth perspective is for cat bonds over the next five years, I would say to you it's going to be up, and it's going to be bigger, and we're well-positioned for it. Whether it's going to be up or down in one particular quarter, that is a tough estimate for you, and I hope you can appreciate the difficulty we have in forecasting quarter by quarter, but I think we have feel for year-over-year. Yeah, that's good insight. Thank you. Thank you. Next question comes from the line of Kevin McVeigh of Credit Suisse. Your line is open. Great. Thanks so much. Hey, wondered if you could just give us a little bit more context on the Duck Creek announcement earlier this quarter where you talked about the enhanced integration within your insurer workflows and what that can mean to the business longer term in terms of similar templates. Should we expect similar opportunities? Let me continue. Thank you for the question. Another good opportunity. I think I've highlighted in past sessions here, one of the things we're seeing more and more frequently is our customers are looking forward to this interconnected ecosystem. They want the ability to use their internal solutions, Verisk solutions, or other third-party solutions in a connected way, whether that's through APIs or microservices. We're spending a lot of time and money making that happen. What we're seeing and what we're hearing, and what it does is really helps us because there are a lot of customers out there on those big insurance software solutions like Duck Creek. Guidewire would be another one. We have integrated with those solutions in such a way that those customers can access information from Verisk and analytics from Verisk or claim solutions from Verisk in a way that makes it easier for them to operate, more efficient for them to operate. What it also does is it gives us an opportunity for easier sell because the integration is built-in and it's connected. We find it to be very customer-focused, and it also gives us some runway and accelerated pipeline for sales. Mark, just to follow up, is the cloud conversion enabling you to do more of those, whereas maybe a year ago when it was more on-prem, you wouldn't have the functionality to do it, or is it just coincidence in terms of the timing? Let me say it this way. I think what we have done over the last 20 years is we've had SaaS-based environments. These are not locally installed solutions. The SaaS-based business model facilitates this. Your question, though, is a good one. I think we can do it quicker and more efficiently when we want to integrate using the cloud and as we've kind of transitioned to cloud. It's not been an enabler, but it has become more efficient and cost-effective. Thank you. Thank you. Next question comes from the line of Jeff Meuler of Baird. Your line is open. Yeah, thank you. Appreciate all of the updates in terms of your current thinking on the cloud transition. Was hoping you could give us a similar update on the associated expense arc. I think Lee said that there's a headwind from increased cloud transition costs this year. Just would love any thoughts on how much are you spending per year, when does it flip positive, and when it flips positive, is it a step function change, or should it just be viewed in the context of expanding organic EBITDA faster than organic revenue over time because there's a reallocation of those savings? Yeah. Thank you, Jeff, for the question. There are several elements to it, and I know that you're asking it within the context of cost, which I'll address. I also want to make sure that there's an appreciation that there is a CapEx element of this, and then there is also the productivity element to this transition. First, on the cost, you are taking on an additional cloud capacity from the provider before you are eliminating some of that legacy, so you have kind of a redundant period. In addition, you are taking on recoding expense for the applications as you migrate them into that new environment. As we have been implementing this process across hundreds of applications in our various businesses, you have that upfront cost that has a negative cost impact, which we view as an investment, and we look at it on individual project-by-project basis. Our technology team does a great job tracking the specific costs and the savings, but think of this as rolling across the organization. For the first year and second year, we are still in a net investment mode from a cost perspective within the business. CapEx will be more limited going forward, so you will be extracting CapEx savings over time because the CapEx intensity of our technology footprint is declining, but that's something that's achieved over time. We're beginning to experience that in this second year of the project, but that will continue naturally into the third year and beyond. If we think about OpEx and CapEx, we're still in a net investment mode in the second year. We would expect that in the third year, that turns into a positive contribution. The other thing to factor in is that, as Scott described on the CapEx front, it will enable us, and this is also true on the OpEx front, to shift some of that OpEx into other investment areas. When I've talked about margin in the past, I've described there is natural operating margin expansion on a pre-investment level, but then we consume a portion of that from an investment perspective, and that's where we generate incremental growth and returns. We do believe that this will be additive going into the third year, and then we'll determine, do we see investment opportunities to pursue that? Beyond and riding on top of all of that is, I think, the more material benefit of this, which is the pace of innovation, the ability to associate more data sets, to populate platforms that are creating a broader lift, I think, within the business. Is sensed by, I think, a number of the questions in terms of its impact on our overall growth. I wanted to give you a comprehensive sense of the way that we are thinking about it. Because of that complexity, I think it would be very limiting to specifically just focus on the cost element of it. Yes, there will be cost benefits, but those will be balanced by our investment decisions and then the broader impact from the transition. Lee, just to add to what you were saying there, Lee, and not trying to sort of specify a particular level of margin impact. I do think of this transition as being an event at a moment in time, and it does have some discrete elements associated with them. Just to call out a few of them. There will come a moment where we're no longer computing on mainframes. We're not fully at that point yet, but we will have an event where we'll get out the sledgehammers and literally break up the cores inside the mainframe. We're already reducing the load on the mainframe, and we can find some ways to benefit from that. We run powered data centers, two of them in the U.S. We will close them at some point. There are fixed costs associated with data centers, that will be an event, and we'll call out those events for you when we get to those. Something else which I think is really extremely important is that you used to buy compute capacity in relatively large chunks, as we moved more towards the server environment, the chunks got smaller, but you're still buying chunks. In a world like that, anybody who's writing an algorithm, anybody who is demanding compute power, for them, you've already bought the capacity within limits. Incrementally, it doesn't cost you anything. In a world like that, you can actually be a little bit, I don't want to use the word sloppy, but you can essentially use more compute capacity in how you want to get to the answer you're trying to get to. Maybe you don't have to cache that analysis you just did quite as much, or you don't have to summarize at the column and row level once, and then work through those derivatives, et cetera. My point here being that there should be an interaction between how you analyze for computate in the context of analysis and the way that you consume computing capacity. In a variabilized world, you have to pay more attention to that than you used to. Our development and analytic communities are responding and need to respond to that. On the other side of the transition, you actually think differently about literally what do you encode than you did before, so that you can be efficient in your use of compute capacity. What I'm saying is, there's a multi-year thing here, but on the other side of it is actually very different than where you were before you entered into this transition. You don't run physical facilities, you don't run really large hardware, and you think very differently about how you structure analysis. That's a better world for a company like ours. Appreciate the comprehensive response. You addressed the insurtech impact and the vertical software providers that serve the insurance industry. I want to ask about, I guess, a third category of maybe adjacent players to you, which is there's a lot of funding going to companies that are gathering data with, I guess, horizontal ambitions, but some of them also have ambitions to apply the data to the insurance industry. There's the real estate digital twin image capture companies, the satellite-based, the telematics. There's a whole bunch of these companies that are out there, and I know you have the Verisk Data Exchange, but curious as to how you view the impact on Verisk or your customers from those types of options and if they're competitive to you, partnership opportunities for you, et cetera. Well, yeah, sort of in reverse order on your question. Yes, there can be partnership opportunities. It would probably be of interest to you if I took a list of the top 50 Insurtech companies, the number of them that we're in communication with today. When I say Insurtech companies, I don't mean new form insurance companies, I mean providers of solutions. The number of those companies that we're in conversation with, many of those conversations, they are coming and looking for us. We start out aware of the fact that in this world, you can start out with some programming capability and try to create something where you're hosting it, and it's mostly about digital workflows, et cetera. We see this all the time. We do pay attention to it. I would just say also that there are a lot of reasons why our customers lean into a relationship with us. Some of it has to do with the breadth of our family of solutions. Some of it has to do with our proven track record. Some of it has to do with reliability, and customers really care about that when you're talking about an enterprise level application. There are a lot of reasons, and we're powered by really, really strong content assets. A lot of the fill-in-the-blank tech startups, they don't start with content. We never walk around feeling overly confident. We're very aware of these developments, but we do feel as if we start out in a very strong place in this discussion. We like talking to these fill-in-the-blank techs, and they like talking to us. If there's some place where 1 + 1 can be greater than two, we're very alert for that. Okay. Thank you. Thanks, Jeff. Next question. Thank you. Next question comes from the line of Alex Kramm of UBS. Your line is open. Hey, good morning. Sorry if I missed this earlier, on the COVID impact, the 15% that grew 12% this quarter, can you talk about where we are there? Do you feel like we're fully recovered? What areas do you still wait for, I guess, improvement? I guess I could point to a couple. When we look at across the business as a whole, we're looking at it business by business. We are seeing some recovery, stronger recovery in certain areas. For instance, on the property side, we've seen in the insurance front probably the strongest recovery. Some recovery in driving, although driving would not be what we would describe as fully recovered at this point. In energy specialized markets, we are seeing a strong rebound in consulting revenues. That is demonstrating relatively robust recovery. We're also seeing some strengthening in our new subscriptions, which will flow in over time, I think reflecting some of the improved pricing dynamics. Whereas in VFS, there is an element which I refer to our Spend-Informed Analytics, which because of advertising and marketing, we have seen an uplift and that's performing better than we expected. The bankruptcy element of our business is still experiencing the challenges of all of the government support out there in the environment. That's yet to recover. It becomes- Very difficult to kind of quantify, well, how far or how much of a recovery. I would say it's certainly a partial recovery, not a full recovery. The trends that we see, we expect to see continuing improvement in that recovery for the business. It's probably worth noting in the insurance and in the energy specialized markets business, our COVID sensitive revenues were up 20% year-over-year. Financial services are still seeing kind of a year-over-year decline, even though we've seen an improvement in Spend-Informed Analytics and a deterioration, or not a deterioration, but kind of the same level of declines on the bankruptcy side. Hopefully that gives you a little bit of texture across the business for some of the trends that we're seeing. I would also note the very low international-- that's an important component. Follow up on this. On the energy side, if I look at some of the recurring transactional breakouts, which I know they're not perfect, but this quarter came from that consulting on the more transactional side. Given all the things that you're talking about with Lens, et cetera, the impact yet that you are hoping for some retention issues elsewhere, it doesn't look like it's flowing through the business quite yet, the success you were talking about there. Maybe just flush that out a little bit more. Sure, Alex Kramm. Thanks for being in that regard. I think it is a good distinction to make that the consulting element is where we are seeing that recovery on the COVID sensitive side. Focusing on the subscription side of the business, I kind of want to build on my earlier comments. The impact of Lens which has been very positively received by a lot of our clients, has been generating significant contract renewals with price increases in the mid to high. The rolling impact of that as subscriptions come up for renewal. The second element of that is that again, that subscription is something that will phase in over time, given the nature of that. The important point from my perspective is that we are seeing a very positive uptake. Clients are working with Lens. We've gotten several operational assessments that have been very positive, and we've been able to achieve those price increases. That will be based upon our feedback so far, a slow rolling but within that business, even before we also begin to utilize that platform to expand that customer set. We also are still experiencing some impact from the last cycle's loss of one client in the energy space, and some consolidation in the upstream area that is having a near-term impact on the research component. That's another element that's factoring into it. I think the distinction that you made is relevant. Hopefully, that differentiates that near-term consulting boost against what we see as constructive longer-term trends from Lens, and the pricing experience that we've had and how that should flow through over time within the business. Yes, very helpful color. Thank you. Next question. Thank you. Next question comes from the line of Andrew Steinerman of JPMorgan. Sir, your line is open. Hi, Lee. I wanted to ask you, as you've taken over the operational responsibility of Argus, what have you found in terms of the fit of Argus, in terms of Verisk's ability to provide new customer segments for Argus data or just innovate in general within a subscription model? Yeah. Thank you to spend more time with the team at Verisk Financial Services. One thing I would first emphasize is that they have been very focused on trying to integrate the datasets that we have from the various businesses, and move from a more compartmentalized approach to the business, to a focus on our broader client objectives. In fact, Lisa has implemented some organizational changes that support that approach and focus from the business, which we think moves that onto a more effectively integrated platform for our businesses. We have also taken the steps structurally to move that business from a more consulting-oriented revenue base to more sustainable growth. We are seeing that from a new business signing and pipeline perspective in the way that we are bringing on new business and how we're structuring it and the types of business. One thing that's important to emphasize is that Verisk Financial Services, in many ways, has been an intellectual capital engine for much of the rest of the business. A lot of what they have learned in dealing with very large data sets, in integrating them, managing them, data architecture elements have been our Chief Analytics Officer, Vikas Bhat, we're drawing from their expertise. Other elements of Verisk that has been helpful, we are pulling from some of those externalized elements in a variety of ways. ISO 2.0 is an example of where we've been able to draw from some of that external expertise. I think there is a good dialogue across the two entities, and we also look for interactions between the credit dimensions that Verisk Financial Services have and some of the insurance elements of our business to inform and generate new opportunities. Okay, great. Thanks, Mike. Thank you. Next question comes from the line of Toni Kaplan of Morgan Stanley. Your line is open. Thank you so much. Wanted to ask another question on the fintech side. I guess by partnering with the software platforms, it sounds like there's potential for upside from selling additional solutions on there. Just wanted to understand, compared to history before, were you providing a platform to your customers own platform and so in or is there any revenue that is sort of lost by them going to a sort of software platform that's not yours? No, there's not revenue lost by them going to a platform provided by another third party. Just to expand on that answer just a hair. If you look at over, I'd say over the course of the decade, you go back a decade ago, it was either basically what we were doing was going to market either through our own platforms or our solutions were operating more as point solutions, and most of the integration was occurring customer by customer. They were doing their own integration. Now you fast-forward to where we are today and where we're headed into the future. We are more platform than we were, significantly more platform than we were, and that is constructive inside of the growth of our business now and into the future. If you actually look at the pattern of investment, what are we spending money on? A great deal of it, and a lot more than it used to be, is on developing software, which you should hear as us building our own platforms. When we strike a relationship with a third party that is itself providing a platform, we're analyzing that in the context of, well, okay, we could go direct the customer to do the integration themselves. Basically that third-party platform that isn't ours is substituting for the customer's own integration efforts, but not in a way that it impacts the underlying value of what it is that we provide, which is being integrated in over there. The whole movement towards platforms is customer friendly, and it's constructive for Verisk because we ourselves are doing a lot more of that than we used to. That's helpful. Just in the past couple of quarters, financial services has had single-digit EBITDA margins. Is this the new normalized margin or is there something depressing it temporarily? Any updated thoughts on strategic options? Thanks. Definitely not the new normal. Lee, I don't know if you want to expand on that. Yeah. Toni, thanks for the question. It's not the case. What you are seeing in that quarterly impact is the impact of some of the contract transitions. We are expecting as we come through that third quarter, a period where we reach the end of that contract transition impact, that you will see more normalized margins within that business. What you see now is not the expected sustained element here. Normal looks like what it did last year, for example? In that vicinity. Yeah. Thanks. Thank you. Next question comes from the line of Manav Patnaik of Barclays. Your line is open. Thank you. Yeah, I just wanted to follow up on the financial services as well. We've heard the positive spin on the business for quite some time, but for five years now, the growth has declined. The margins have come down as well. At what time do you guys decide to cut the cord? What's the plan? How do we get comfortable that it can be a catalyst to growth? Thank you, Manav. It's a fair point. We understand the frustration with regard to growth. I think it's important to understand that there are two factors that are influencing where the growth rates are right now that are very significant. One are the contract transitions that we believe are absolutely the right operational decision. They are structural, and they are finite. As I just indicated in the answer to Toni Kaplan, we moved past those after the third quarter of this year. The other element is naturally the impact from COVID on the business, on our COVID-sensitive revenues, which clearly had an impact on spend-informed activity, bankruptcy activity, and even some of the bank consulting revenue. When we are evaluating, and we are constantly evaluating the value of that potential entity as we do with all of our businesses, and what are our options to optimize the value of that, the right timeframe that we think is to look at once we're through those structural transitions, and the impact from COVID. Certainly, 2022 should be what we believe is a much more normalized level from a revenue growth, and from a margin perspective that informs our view of the more normal operating state of the business, as well as a sense of how the structural changes that we have implemented, and the operating changes will demonstrate their impact more clearly in terms of growth at a top line and an EBITDA level. In short, I think as we move through these two temporal impacts, and the structural impact on the contract transition, 2022 should be a much more normalized basis for us. Well, I'll say it more strongly. 2020 would've been a coming out year party for Verisk Financial, but for the pandemic. 2020 would've been a coming out party for Verisk Financial. All these changes that we're talking about making. Yeah, the fact that the business has an above-average level of transaction revenues relative to the mix that is in Verisk has caused it to sort of respond differentially. Beginning in 2018, we acknowledged changes that needed to happen in the business model. They were all packaged and on deck and ready, and then the pandemic happened. Okay. Thank you for that. Maybe just a similar question on energy. I think Lens obviously has been doing really well, and you talked about energy transition growing. I think collectively, they're still a small part of the business, right? What is the other initiatives going on there that can help this grow 7% in what's a pretty cyclical industry? In that situation, when we look at the rapidly changing landscape within power, I think it's important, Manav, to understand kind of a legacy perception of where Wood Mackenzie was from an oil and gas market, resource asset pricing orientation, and their expertise. Where they have evolved and where their potential to continue to evolve in an environment where the energy transition from carbon-based to alternative fuels, and all of the capital decision, investment decision, expense decisions that this client base and investors are addressing is we are incredibly well-positioned, and Lens is the platform that puts us in the space to be able to capture the rapid growth in data sets and analytics for that business. We're already seeing it, as I indicated, in terms of the pricing on the legacy product. We're seeing it in the growth in our energy transition revenues, both on a consulting subscription basis within chemicals. You saw an acquisition in metals and mining, which have increasing relevance given the importance of battery raw materials. We view Wood Mackenzie and PowerAdvocate, our primary energy businesses, as positioning themselves very well for capturing the growth and demand for those products. We see through the impact on consulting revenues and some of the challenges on the subscriptions basis, that growth potential ahead. I think it's a combination of both that future opportunity and the clear success that we've had to date in moving that business forward. One piece of evidence from that, if you look at a number of our competitors in that space, I think you will see very differentiated performance from a revenue growth and an earnings growth perspective, reflecting the significant progress that we've made in moving it from that legacy orientation around the upstream oil and gas sector. All right. Thank you. Bye. Thank you. Our last question comes from the line of Ashish Sabadra of RBC Capital Markets. Your line is open. Thanks for squeezing me in. I just wanted to focus on the strength in the software within the insurance segment, both the international as well as life insurance. You obviously talked about strength in the FAST business. I was wondering what's really driving it. Is it new customers? Is it ability to cross-sell? Can you comment on the pipeline? Maybe just a follow-up on that is, there was a lot of discussion about platform and partnership, but how do you think about buying and building or increasing your software intensity, and expanding on the platform that you already have? Thanks. Sure. Well, thank you for the question. Let me describe the two different verticals or two different businesses described. First of all, with regard to international software, for the most part, that represents our Sequel offering. We were talking a little bit about platforms before. Those are the policy admin systems, the claim systems. We are a player in the London market. We are the most significant player in the London market, and that is about growth in customers. That is about extension of different solutions and products, including some of the acquisitions we did that helped extend that platform. Whitespace Platform, Rulebook, Sequel, all of those are this interconnected ecosystem. We've taken that capability, as it relates to, for the most part, specialty commercial lines, and started to extend it outside of the U.K. and even into the United States. Those have been wins, those have been extensions, and it's been very positive. If I was to go over to the FAST side, which is the life side of things, what we've done is we've infused it with some analytics. In large part, what you're seeing is there are some very major life insurers who've made some very major decisions, and they've chosen FAST. These are very long-term contracts, five and 10 years, and we are implementing as we speak. That will be a very nice and very substantial run, because as we implement, what we will get is, I'll refer to it as subscription-type revenue. As they put on new products and there's new volumes, we would see increased revenue along each of those lines. The major wins across the life insurance software platform space has been with FAST in almost every case that we're aware of. Again, those are new logos, as well as extension into other solutions or products within existing customers. Hopefully that answers your question. What I did try to at least kind of include in there, we have significantly increased the investment to make sure we transition to the FAST environment, to transition to the cloud. We've extended both our capabilities through acquisition and build. That's really helpful, color. Thank you. Thank you. I will turn the call over to our presenters for any closing remarks. Thank you. This is Scott. I'm seeing one more name on the. Okay. Thanks. We are concluded. Thank you all for your time today, your interest. We'll be following up with a number of you and appreciate, as always, the dialogue. Have a great rest of the day.