<SEC-DOCUMENT>0001442145-19-000025.txt : 20190812
<SEC-HEADER>0001442145-19-000025.hdr.sgml : 20190812
<ACCEPTANCE-DATETIME>20190712131319
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001442145-19-000025
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Verisk Analytics, Inc.
		CENTRAL INDEX KEY:			0001442145
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				262994223
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		545 WASHINGTON BOULEVARD
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07310-1686
		BUSINESS PHONE:		201-469-2000

	MAIL ADDRESS:	
		STREET 1:		545 WASHINGTON BOULEVARD
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07310-1686
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<div><a name="s2a2a2533af204083aaf3bc4729bd3b7e"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">July 12, 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">VIA EDGAR</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100 F Street, N.E.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Mail Stop 7010</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Re: Verisk Analytics, Inc.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended December 31, 2018</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Filed February 19, 2019</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Form 8-K furnished April 30, 2019</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">File No. 001-34480</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ladies and Gentlemen:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Verisk Analytics, Inc., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;), has filed with the Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Commission</font><font style="font-family:inherit;font-size:11pt;">&#8221;), pursuant to the requirements of the Securities Exchange Act of 1934, its Annual Report on Form 10-K (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-K</font><font style="font-family:inherit;font-size:11pt;">&#8221;) for the fiscal year ended December 31, 2018 and its Form 8-K furnished on April 30, 2019.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We are writing to respond to the comments raised in your letter to the Company dated June 27, 2019. The responses below correspond to the caption and number of the comments (which is reproduced below in bold). </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Form 8-K furnished April 30, 2019</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Exhibit, page 99.1</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1. We note several instances where you present non-GAAP measures with undue prominence For example, in Table 1 you disclose Adjusted EBITDA before Net Income, the comparable GAAP measure. Please ensure that the comparable GAAP measures are presented and discussed before the non-GAAP measures. Refer to Question 102.10 of the Non-GAAP Compliance and Disclosure Interpretations.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#231f20;font-style:italic;">Response: In future filings, we will revise our presentation of non-GAAP measures and ensure that comparable GAAP measures are presented and discussed before the non-GAAP measures. </font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2. Revise to provide a more substantive discussion of how each of your non-GAAP measures is useful to investors. Refer to Item 10(e)(1)(i)(C) of Regulation S-K.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#231f20;font-style:italic;">Response: In future filings, we will provide a more substantive discussion of how each of our non-GAAP measures is useful to investors in accordance with Item 10(e)(1)(i)(C) of Regulation S-K. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">3. Please revise to reconcile consolidated Adjusted EBITDA to Net Income rather than Operating income. Refer to Question 103.02 of the Non-GAAP Compliance and Disclosure Interpretations.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#231f20;font-style:italic;">Response:  In future filings, we will reconcile consolidated Adjusted EBITDA to Net Income.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">4. We note that you present segment adjusted EBITDA and margin. Revise to reconcile these non-GAAP measures to the most directly comparable GAAP financial measure, segment EBITDA and segment EBITDA margin. Please note that the reconciliations throughout the Form 8-K should begin with the comparable GAAP measure so your non-GAAP measures do not receive undue prominence. Also, ensure that your disclosure of segment adjusted EBITDA throughout the filing is preceded by disclosure of segment EBITDA. Refer to Question 102.10 and 104.03 of the Non-GAAP Compliance and Disclosure Interpretations.</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#231f20;font-style:italic;">Response: In future filings, we will reconcile segment adjusted EBITDA and margin to segment EBITDA and segment EBITDA margin.  We will also ensure that the reconciliations throughout the Form 8-K will begin with the comparable GAAP measures so that non-GAAP measures do not receive undue prominence. In addition, we will ensure that our disclosure of segment adjusted EBITDA throughout the filing is preceded by the disclosure of segment EBITDA.  </font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Please do not hesitate to contact the undersigned with any questions or comments regarding this filing.</font></div><div style="line-height:174%;text-align:left;padding-left:336px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:left;padding-left:336px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sincerely,</font></div><div style="line-height:174%;text-align:left;text-indent:384px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ Lee Shavel</font></div><div style="line-height:174%;text-align:left;padding-left:336px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Lee Shavel</font></div><div style="line-height:174%;text-align:left;padding-left:336px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Chief Financial Officer</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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