易速傳真 (EFX) 2023 Q1 法說會逐字稿

Hello, and welcome to the Equifax Q1 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎來到 Equifax 2023 年第一季度收益電話會議和網絡廣播。 （操作員說明）提醒一下，正在錄製此會議。

It's now my pleasure to turn the call over to Trevor Burns, Senior Vice President, Head of Corporate Investor Relations. Please go ahead, Trevor.

現在我很高興將電話轉給高級副總裁兼企業投資者關係主管 Trevor Burns。請繼續，特雷弗。

Thanks, and good morning. Welcome to today's conference call. I'm Trevor Burns. With me today are Mark Begor, Chief Executive Officer; and John Gamble, Chief Financial Officer.

謝謝，早上好。歡迎來到今天的電話會議。我是特雷弗伯恩斯。今天和我在一起的是首席執行官 Mark Begor；首席財務官 John Gamble。

Today's call is being recorded. An archive of the recording will be available later today in the IR Calendar section of the News and Events tab at our IR website, www.investor.equifax.com. During the call today, we'll be making reference to certain materials that can also be found in the Presentation section of the News and Events tab at our IR website. These materials are labeled 1Q2023 Earnings Conference Call.

今天的通話正在錄音中。錄音檔案將於今天晚些時候在我們 IR 網站 www.investor.equifax.com 的新聞和事件選項卡的 IR 日曆部分提供。在今天的電話會議中，我們將參考某些材料，這些材料也可以在我們 IR 網站的“新聞和事件”選項卡的“演示”部分找到。這些材料被標記為 1Q2023 收益電話會議。

Also, we'll be making certain forward-looking statements, including second quarter and full year 2023 guidance, to help you understand Equifax and its business environment (inaudible). These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2022 Form 10-K.

此外，我們將做出某些前瞻性陳述，包括第二季度和 2023 年全年指導，以幫助您了解 Equifax 及其業務環境（聽不清）。這些陳述涉及許多風險、不確定性和其他因素，可能導致實際結果與我們的預期存在重大差異。向美國證券交易委員會提交的文件中列出了可能影響我們業務的某些風險因素，包括我們的 2022 年 10-K 表格。

We will also be referring to certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which [will adjust for certain items] affecting comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables which are included in our earnings release and can be found on our IR website.

我們還將參考某些非 GAAP 財務指標，包括調整後的每股收益和調整後的 EBITDA，它們 [將對某些項目進行調整] 影響我們基本運營績效的可比性。這些非 GAAP 措施在我們的收益發布中包含的調節表中有詳細說明，可以在我們的 IR 網站上找到。

Now I'd like to turn it over to Mark.

現在我想把它交給馬克。

Thanks, Trevor, and good morning. Equifax delivered another strong quarter with 10% constant currency non-mortgage revenue growth as we executed well against our Equifax 2025 strategic priorities and the $200 million spending plan we announced in February.

謝謝，特雷弗，早上好。 Equifax 又一個強勁的季度實現了 10% 的固定貨幣非抵押收入增長，因為我們很好地執行了我們的 Equifax 2025 戰略重點和我們在 2 月份宣布的 2 億美元支出計劃。

Before I cover our strong results for the quarter, I want to provide a brief overview of what we're seeing in the U.S. economy and U.S. consumer. We continue to navigate a higher interest rate environment that has severely impacted the U.S. mortgage market. Mortgage originations were down 56% in 2022, and we expect them to be down about 32% this year. In the second half, we expect mortgage inquiries to be approaching an unprecedented 40% below 2015 to 2019 levels.

在介紹本季度的強勁業績之前，我想簡要概述一下我們在美國經濟和美國消費者中看到的情況。我們繼續應對已嚴重影響美國抵押貸款市場的高利率環境。抵押貸款發放在 2022 年下降了 56%，我們預計今年將下降約 32%。下半年，我們預計抵押貸款查詢將比 2015 年至 2019 年的水平低 40%，這是前所未有的。

The combined market impact in '22 and '23 is expected to reduce Equifax revenue by over $900 million. But the breadth and depth of the Equifax business model and fast-growing non-mortgage businesses allowed Equifax to deliver 20% non-mortgage constant dollar growth last year and 4% total growth last year, and an expectation to deliver 8% non-mortgage and 4% total growth in 2023 at the midpoint of our guidance, more than offsetting the large negative impact from the unprecedented mortgage market decline.

22 年和 23 年的綜合市場影響預計將使 Equifax 收入減少超過 9 億美元。但 Equifax 商業模式的廣度和深度以及快速增長的非抵押貸款業務使 Equifax 去年實現了 20% 的非抵押貸款不變美元增長和 4% 的總增長，並有望實現 8% 的非抵押貸款到 2023 年，總增長率為 4%，達到我們指引的中點，足以抵消抵押貸款市場前所未有的下滑帶來的巨大負面影響。

Broadly, consumers are still strong with unemployment at historically low levels and with modest increases in delinquencies. We're seeing some credit card and personal loan delinquency increases in subprime. And more broadly, DQs are now back to pre-pandemic levels, although they remain significantly below the levels we saw in 2009 and 2010. Auto loan delinquency rates for subprime consumers are above pre-pandemic levels as well as above the levels we saw in 2009 and 2010.

總體而言，消費者仍然強勁，失業率處於歷史低位，拖欠率略有上升。我們看到次級抵押貸款的一些信用卡和個人貸款拖欠率有所增加。更廣泛地說，DQ 現在回到了大流行前的水平，儘管它們仍遠低於我們在 2009 年和 2010 年看到的水平。次級抵押貸款消費者的汽車貸款拖欠率高於大流行前的水平，也高於我們在 2018 年看到的水平2009 年和 2010 年。

And as you know, delinquencies generally are manageable when people are working. While we have seen limited pockets of DQ increases, we continue to watch this important metric as we move through the rest of the year. Historically, as DQs increase, our customers will begin to reduce marketing and tighten originations.

如您所知，當人們在工作時，拖欠通常是可以控制的。雖然我們看到 DQ 的增長有限，但我們會在今年餘下時間繼續關注這一重要指標。從歷史上看，隨著 DQ 的增加，我們的客戶將開始減少營銷並收緊來源。

Gross hiring year-to-date through February was down about 6%, slightly better than the trends we saw in the quarter. And inflation remains at elevated levels, but has begun to moderate slightly given Fed actions. But with inflation still well above Fed targets, we expect further rate increases. And we believe there has been some credit tightening at some customers, with more impact in fintech from both expectations of a slowing economy in the second half and capital issues impacting certain banks. As you recall, our guidance assumes a slowdown in the second half.

年初至今截至 2 月份的總招聘人數下降了約 6%，略好於我們在本季度看到的趨勢。通脹仍處於高位，但鑑於美聯儲的行動已開始略有緩和。但由於通脹仍遠高於美聯儲目標，我們預計會進一步加息。我們認為，一些客戶的信貸有所收緊，對下半年經濟放緩的預期以及影響某些銀行的資本問題對金融科技的影響更大。您還記得，我們的指導假設下半年經濟放緩。

While we are operating in an uncertain and challenging economic environment, Equifax continues to deliver. The breadth and depth of Equifax's broad-based business model is allowing us to weather this -- the unprecedented mortgage market decline and deliver revenue growth and margin expansion.

雖然我們在充滿不確定性和挑戰性的經濟環境中運營，但 Equifax 繼續提供服務。 Equifax 基礎廣泛的商業模式的廣度和深度使我們能夠經受住這一考驗——前所未有的抵押貸款市場下滑，並實現收入增長和利潤率擴張。

Turning to Slide 4. Equifax had another strong quarter with non-mortgage constant dollar revenue growth up 10%. First quarter reported revenue of $1.302 billion was down 4.5% and down 4.3% on an organic constant currency basis, and above our expectations against an unprecedented 58% mortgage market decline in the quarter. Revenue was above the high end of our February guidance from broad-based strength and execution across Equifax and continued strong new product rollouts.

轉到幻燈片 4。Equifax 有另一個強勁的季度，非抵押貸款恆定美元收入增長 10%。第一季度報告的收入為 13.02 億美元，下降 4.5%，按有機固定匯率計算下降 4.3%，高於我們對本季度抵押貸款市場前所未有的 58% 下滑的預期。由於 Equifax 的廣泛實力和執行以及持續強勁的新產品推出，收入高於我們 2 月份指導的高端。

First quarter adjusted EBITDA totaled $380 million with adjusted EBITDA margins of 29.2%, both in line with our expectations. Adjusting for the incremental stock-based compensation expense incurred in the quarter, adjusted EBITDA margins would have been approximately 31%, which is the baseline of which we expect to grow to 36% in the fourth quarter from revenue growth and our $120 million cost savings plan. As a reminder, the bulk of the spending reductions benefit the second half and we have $50 million of carryover benefit in 2024 from our actions this year.

第一季度調整後的 EBITDA 總計 3.8 億美元，調整後的 EBITDA 利潤率為 29.2%，均符合我們的預期。調整本季度發生的增量股票補償費用，調整後的 EBITDA 利潤率約為 31%，這是我們預計第四季度收入增長和 1.2 億美元成本節約將增長至 36% 的基準計劃。提醒一下，大部分支出削減有利於下半年，我們今年的行動在 2024 年有 5000 萬美元的結轉收益。

Adjusted EPS of $1.43 per share was above our February guidance range of $1.30 to $1.40 per share from stronger-than-expected revenue growth.

由於收入增長強於預期，調整後的每股收益為 1.43 美元，高於我們 2 月份每股 1.30 美元至 1.40 美元的指導範圍。

Our Equifax non-mortgage businesses, which represented about 80% of total revenue in the quarter were strong with 10% constant currency and 8% organic constant currency revenue growth, with the 10% growth solidly inside our 8% to 12% long-term growth framework. All BUs delivered stronger-than-expected non-mortgage growth, which is positive momentum for the rest of the year.

我們的 Equifax 非抵押貸款業務佔本季度總收入的 80% 左右，表現強勁，固定貨幣收入增長 10%，有機固定貨幣收入增長 8%，10% 的增長穩定在我們 8% 到 12% 的長期範圍內增長框架。所有業務部門的非抵押貸款增長都強於預期，這是今年剩餘時間的積極勢頭。

Estimated U.S. mortgage market originations, which MBA forecasts to be down about 58% in the quarter, were slightly weaker than the down 55% in our February framework. Total U.S. mortgage revenue was down about 33% or 25 points better than the market with both total revenue and our mortgage outperformance stronger than we outlined in February. The stronger outperformance was driven by better U.S. credit inquiries from higher-than-expected consumer shopping and positive mix in Workforce Solutions, driven by significant growth from our new Mortgage 36 trended product.

MBA 預測本季度美國抵押貸款市場的估計下降約 58%，略低於我們 2 月份框架中下降的 55%。美國抵押貸款總收入比市場下降了約 33% 或 25 個百分點，總收入和我們的抵押貸款表現都比我們在 2 月份概述的要強。強勁的表現得益於高於預期的消費者購物帶來的更好的美國信用查詢以及勞動力解決方案的積極組合，這是由我們新的 Mortgage 36 趨勢產品的顯著增長推動的。

We continue to make significant progress driving completion of the Equifax data and technology transformation. At the end of the quarter, over 70% of Equifax is being delivered from the new Equifax Cloud, which will expand to 80% by year-end as we substantially complete the North America customer migrations to the Equifax Cloud.

我們繼續在推動完成 Equifax 數據和技術轉型方面取得重大進展。在本季度末，超過 70% 的 Equifax 是從新的 Equifax 雲交付的，到年底，隨著我們基本完成北美客戶向 Equifax 雲的遷移，該比例將擴大到 80%。

Our new Equifax Cloud infrastructure is delivering always-on capabilities and faster new product innovation with integrated datasets, faster data delivery, better data quality and industry-leading enterprise-level security. We continue to be convinced that our Equifax Cloud and Single Data Fabric will provide a competitive advantage to Equifax for years to come.

我們新的 Equifax 雲基礎架構通過集成數據集、更快的數據交付、更好的數據質量和行業領先的企業級安全性提供始終在線的功能和更快的新產品創新。我們仍然相信，我們的 Equifax 雲和單一數據結構將在未來幾年為 Equifax 提供競爭優勢。

New product innovation, leveraging the capabilities delivered by the Equifax Cloud, is also executing at a very high level. Our new product Vitality Index of 13% in the quarter is at record levels and 300 basis points above our 10% long-term vitality goal.

利用 Equifax 雲提供的功能的新產品創新也在非常高的水平上執行。我們本季度 13% 的新產品活力指數處於創紀錄水平，比我們 10% 的長期活力目標高出 300 個基點。

And as you recall, in February, we reached a definitive agreement to acquire Boa Vista Services, the second-largest credit bureau in Brazil. When completed, the BVS acquisition will add $160 million of run rate revenue in the fast-growing Brazilian market. The transaction is subject to Boa Vista shareholder approval and other customary closing conditions, and we expect the transaction to close in the third quarter.

您還記得，在 2 月，我們達成了收購巴西第二大徵信機構 Boa Vista Services 的最終協議。完成後，對 BVS 的收購將為快速增長的巴西市場增加 1.6 億美元的營業收入。該交易取決於 Boa Vista 股東的批准和其他慣例成交條件，我們預計該交易將在第三季度完成。

As we outlined in February, we're executing a broad operational restructuring across Equifax, reflecting both the acceleration of our cloud transformation benefits and a broader focus on operational improvements aided by our new cloud capabilities. The plan will reduce our total workforce of over 23,500 employees and contractors by over 10% during 2023 as well as delivering cost reductions from the closure of major North American data centers, and other broader spending controls.

正如我們在 2 月份概述的那樣，我們正在對 Equifax 進行廣泛的運營重組，這既反映了我們雲轉型優勢的加速，也反映了我們對新雲功能輔助的運營改進的更廣泛關注。該計劃將在 2023 年期間將我們 23,500 多名員工和承包商的總員工人數減少 10% 以上，並通過關閉北美主要數據中心和其他更廣泛的支出控制來降低成本。

Total spending reductions from these 2023 actions are expected to be about $200 million with about $120 million reduction in expense or about $0.75 per share and $80 million reduction in capital spending. And we're tracking well to the plans we laid out in February, and we remain committed to meeting these cost improvement targets. In 2024, the run rate benefit of these actions will reduce spending by an incremental $50 million to over $250 million.

預計這些 2023 年行動的總支出將減少約 2 億美元，其中費用減少約 1.2 億美元或每股約 0.75 美元，資本支出減少 8000 萬美元。我們正在很好地跟踪我們在 2 月份制定的計劃，我們仍然致力於實現這些成本改進目標。到 2024 年，這些行動的運行率收益將使支出減少 5000 萬美元，超過 2.5 億美元。

And we're maintaining our 2023 full year revenue guidance of $5.275 billion to $5.375 billion and adjusted EPS guidance of $7.05 a share to $7.35 per share. Our guidance continues to assume a weakening U.S. and global economy in the second half.

我們將 2023 年全年收入指引維持在 52.75 億美元至 53.75 億美元之間，並將每股收益指引調整為 7.05 美元至每股 7.35 美元。我們的指引繼續假設下半年美國和全球經濟疲軟。

Given the slightly weaker U.S. mortgage market that we saw principally in March, we are now assuming U.S. mortgage market inquiries for 2023 to be down about 32% or 200 basis points weaker than we discussed in February. Given our strong and broad-based performance in the first quarter, our ability to continue to outperform our underlying markets and execution on our planned 2023 spending reductions, we are reaffirming our 2023 guidance in a continued challenging mortgage market and expected slowing economy in the second half.

鑑於我們主要在 3 月份看到的美國抵押貸款市場略微疲軟，我們現在假設 2023 年美國抵押貸款市場諮詢量比我們在 2 月份討論的要低約 32% 或 200 個基點。鑑於我們在第一季度的強勁和廣泛的表現、我們繼續跑贏基礎市場的能力以及我們計劃的 2023 年支出削減的執行情況，我們重申我們在持續充滿挑戰的抵押貸款市場和第二季度經濟放緩預期中的 2023 年指導方針一半。

We also continue to expect to deliver adjusted EBITDA margins of over 36% in the fourth quarter, which is a very important stepping-off point for 2024. John will provide more detail on the overall mortgage market and our second quarter and full year guidance shortly.

我們還繼續預計第四季度調整後的 EBITDA 利潤率將超過 36%，這是 2024 年的一個非常重要的起點。John 將在短期內提供有關整體抵押貸款市場以及我們第二季度和全年指導的更多細節.

Turning to Slide 5. In the first quarter, we continued our strong non-mortgage revenue performance, delivering 10% constant dollar and 8% organic constant currency revenue growth. All 3 business units delivered strong non-mortgage revenue growth in the quarter, with Workforce up 11%, International up 10% in constant currency and USIS up 8%. This broad-based non-mortgage growth across the business units will be increasingly supported by completion of the Equifax Cloud and continued NPI growth across the businesses.

轉到幻燈片 5。第一季度，我們繼續保持強勁的非抵押貸款收入表現，實現了 10% 的固定美元收入增長和 8% 的有機固定貨幣收入增長。所有 3 個業務部門在本季度都實現了強勁的非抵押貸款收入增長，其中勞動力增長 11%，按固定匯率計算國際增長 10%，USIS 增長 8%。 Equifax Cloud 的完成和各業務持續的 NPI 增長將越來越多地支持跨業務部門的這種基礎廣泛的非抵押貸款增長。

First quarter constant dollar non-mortgage growth of 10% was well within our 8% to 12% long-term revenue framework despite some slowdown in U.S. hiring activity that impacted EWS' Talent Solutions and I-9 businesses, as well as the comparison off a very strong 25% non-mortgage constant dollar revenue growth in the first quarter last year.

儘管美國招聘活動有所放緩影響了 EWS 的人才解決方案和 I-9 業務，但第一季度 10% 的不變美元非抵押貸款增長完全在我們 8% 至 12% 的長期收入框架內，以及比較去年第一季度非抵押貸款收入以 25% 的速度強勁增長。

Turning to Slide 6. Workforce Solutions delivered another very strong quarter with non-mortgage revenue growth up 11% and total revenue down 8%, as expected from the 58% mortgage market decline. EWS had another strong quarter of record additions with an incremental 4 million records added to the TWN database, ending the quarter with 156 million current records, up 15%; and 117 million unique records, which was up 12%. This is a very positive sign, as historically, the first quarter has lower net record growth as large retail and logistics companies reduce elevated holiday season staffing in the first quarter.

轉到幻燈片 6。Workforce Solutions 發布了另一個非常強勁的季度，非抵押貸款收入增長 11%，總收入下降 8%，正如抵押貸款市場下滑 58% 所預期的那樣。 EWS 在另一個強勁的季度增加了記錄，TWN 數據庫中增加了 400 萬條記錄，本季度末有 1.56 億條當前記錄，增長 15%；和 1.17 億條唯一記錄，增長了 12%。這是一個非常積極的信號，因為從歷史上看，由於大型零售和物流公司在第一季度減少了節日旺季增加的員工人數，因此第一季度的淨增長率較低。

And as a reminder, unique records represent individuals on the TWN database and current records represent current active jobs in the database. And in our case, we have almost 50 million individuals having more than one job in our dataset. The 117 million unique individuals on TWN deliver high hit rates, including self-employed or 1099 employees and defined benefit pensioners. We now cover just over 50% of the 220 million people in the U.S. with employment and income records that are relevant to the TWN database and our customers.

提醒一下，唯一記錄代表 TWN 數據庫中的個人，當前記錄代表數據庫中當前活躍的工作。在我們的案例中，我們的數據集中有近 5000 萬人擁有不止一份工作。 TWN 上的 1.17 億獨特個人提供高命中率，包括個體經營者或 1099 名僱員和固定福利養老金領取者。我們現在覆蓋了美國 2.2 億人口中超過 50% 的人，其就業和收入記錄與 TWN 數據庫和我們的客戶相關。

As I referenced last quarter, we're also beginning to onboard pension records with records from one major pension administrator, and discussions with many more. And through our cloud tech transformation, we're executing, expanding our capabilities to ingest unique 1099-based self-employment records.

正如我在上個季度提到的那樣，我們也開始將養老金記錄與一位主要養老金管理者的記錄結合起來，並與更多人進行討論。通過我們的雲技術轉型，我們正在執行、擴展我們的能力，以獲取基於 1099 的獨特的個體經營記錄。

And as a reminder, about 50% of our records are contributed directly by individual employers from our Employer Services business relationships. The remaining are contributed through partnerships principally with payroll companies. And during the quarter, we signed agreements with 3 new payroll processors that will deliver records during the balance of 2023.

提醒一下，我們大約 50% 的記錄是由個別雇主通過我們的雇主服務業務關係直接提供的。其餘資金主要通過與薪資公司的合作夥伴關係提供。在本季度，我們與 3 家新的薪資處理商簽署了協議，這些處理商將在 2023 年餘下時間交付記錄。

And the TWN U.S. database now has 618 million total current and historical records from over 2.7 million employers. Increasingly, more of our new products are incorporated current and historical records with about 50% of first quarter Verification Services revenue coming from products that include historical or trended records.

TWN 美國數據庫現在擁有來自超過 270 萬雇主的 6.18 億條當前和歷史記錄。我們越來越多的新產品納入了當前和歷史記錄，第一季度約 50% 的驗證服務收入來自包含歷史或趨勢記錄的產品。

Mortgage revenue was down 38% in the quarter, which was in line with our February guidance, but outperformed the overall market by 20 points when compared to the 58% decline in originations. These are very strong results when compared to EWS' 52% outperformance in the first quarter last year.

本季度抵押貸款收入下降 38%，這與我們 2 月份的指引一致，但與發放量下降 58% 相比，表現優於整體市場 20 個百分點。與 EWS 去年第一季度 52% 的出色表現相比，這些結果非常強勁。

In addition to strong record growth and the positive impact from price actions in the quarter, we also saw strong NPI performance driven by the adoption of our new Mortgage 36 solution, which is a 36-month trended product. During the quarter, over 50% of TWN mortgage inquiries were for products including trended or historical information, and all at higher price points.

除了創紀錄的強勁增長和本季度價格走勢的積極影響外，我們還看到採用新的 Mortgage 36 解決方案推動了強勁的 NPI 業績，這是一款 36 個月的趨勢產品。本季度，超過 50% 的 TWN 抵押貸款查詢是針對包含趨勢或歷史信息的產品，而且價格都較高。

Turning to Slide 7. Workforce delivered revenue of $596 million, down 8% and in line with our expectations. Verification Services revenue of $456 million was down 11%, driven by the decline in mortgage revenue that I just referenced. Verification Services non-mortgage revenue, which now represents about 2/3 of Verifier revenue, delivered strong 16% growth in the quarter.

轉到幻燈片 7。勞動力實現收入 5.96 億美元，下降 8%，符合我們的預期。受我剛才提到的抵押貸款收入下降的推動，驗證服務收入為 4.56 億美元，下降了 11%。 Verification Services 非抵押收入目前約佔 Verifier 收入的 2/3，該季度實現了 16% 的強勁增長。

We saw continued very strong growth in the Government vertical, which is about 45% of Verifier non-mortgage revenue, with revenue up 33%, driven by strong growth with CMS at the state level, new products and record additions. We expect this strong growth in our Government vertical to continue throughout the year.

我們看到政府垂直領域持續強勁增長，約佔 Verifier 非抵押收入的 45%，收入增長 33%，這得益於州一級 CMS 的強勁增長、新產品和創紀錄的增加。我們預計我們政府垂直領域的這種強勁增長將在全年持續。

Talent Solutions delivered strong 10% growth in the quarter despite the 6% decline in the overall hiring market. Talent Solutions' volumes have remained consistent since the middle of the fourth quarter despite the declining hiring market. We outgrew the market decline by over 15 percentage points, delivering 10% growth, a very strong performance, driven by continued penetration of our digital solutions and background screening, strong new product growth, continued expansion of TWN records and favorable pricing.

儘管整體招聘市場下降了 6%，但人才解決方案在本季度實現了 10% 的強勁增長。儘管招聘市場下滑，但人才解決方案的數量自第四季度中期以來一直保持穩定。在數字解決方案和背景篩選的持續滲透、新產品的強勁增長、TWN 記錄的持續擴張和有利的定價的推動下，我們的增長超過了市場下滑超過 15 個百分點，實現了 10% 的增長，表現非常強勁。

In the quarter, we launched new products targeted to staffing and hourly segments designed to meet specific needs of background screeners and end market employers in these very high-volume market segments. We're also seeing continued penetration of our new educational background solutions. We expect these new products to continue to drive talent growth throughout 2023.

在本季度，我們推出了針對人員配置和小時工細分市場的新產品，旨在滿足這些高容量細分市場中背景篩選人員和終端市場雇主的特定需求。我們還看到了我們新的教育背景解決方案的持續滲透。我們預計這些新產品將在整個 2023 年繼續推動人才增長。

Consumer lending was down 1% in the quarter due to lower auto volumes with financial institutions and P loan declines with fintech lenders.

由於金融機構的汽車銷量下降以及金融科技貸方的 P 貸款下降，本季度消費貸款下降了 1%。

And Employer Services revenue of $141 million was up 4% from growth in our I-9 and onboarding businesses despite the negative impact in U.S. hiring, offset by a 9% decline in UC, or unemployment claims, driven by lower jobless claims. Despite the slowdown in hiring, we've not seen an increase in U.S. -- UC transactions yet. And as a reminder, first quarter Employer Services revenues are seasonally higher than other quarters due to higher Affordable Care Act and W-2 volumes.

雇主服務收入為 1.41 億美元，比我們的 I-9 和入職業務的增長增長了 4%，儘管美國招聘受到負面影響，但被申請失業救濟人數下降 9% 的 UC 或失業申請所抵消。儘管招聘放緩，但我們還沒有看到美國 - UC 交易的增加。提醒一下，由於平價醫療法案和 W-2 數量增加，第一季度雇主服務收入季節性高於其他季度。

Last month, Workforce Solutions launched the PeopleHQ portal, a new cloud-native solution that brings together multiple best-in-class employer compliance services in a single unified online experience. PeopleHQ serves employers of all sizes and supports the total employee journey with enhanced and connected people-first experience, leveraging the full suite of EWS Employer Solutions.

上個月，Workforce Solutions 推出了 PeopleHQ 門戶，這是一種新的雲原生解決方案，將多個一流的雇主合規服務整合到一個統一的在線體驗中。 PeopleHQ 為各種規模的雇主提供服務，並利用全套 EWS 雇主解決方案，通過增強和互聯的以人為本的體驗支持整個員工旅程。

Powered by the Equifax Cloud and leveraging industry-leading security measures, the PeopleHQ portal will house several EWS services, including the work number verification service; I-9 HQ, including I-9 Anywhere and I-9 Inspect; and ACA HQ, with best-in-class Affordable Care Act capabilities that help employers meet the needs of their employees while also reducing risk for penalties.

PeopleHQ 門戶網站由 Equifax Cloud 提供支持並利用行業領先的安全措施，將提供多項 EWS 服務，包括工作號碼驗證服務； I-9 HQ，包括 I-9 Anywhere 和 I-9 Inspect；和 ACA 總部，擁有一流的平價醫療法案功能，可幫助雇主滿足員工的需求，同時降低處罰風險。

PeopleHQ is another example of how EWS is leveraging our new cloud-native capabilities to deliver new solutions to the market that will drive employer revenue and continued direct record growth.

PeopleHQ 是 EWS 如何利用我們新的雲原生功能向市場提供新解決方案的另一個例子，這將推動雇主收入和持續的直接創紀錄增長。

Workforce Solutions' adjusted EBITDA margins of 50.4% were up 370 basis points from the fourth quarter and in line with our February guidance, and as expected, above 50% due to first quarter record growth, new product introductions and pricing actions more than offsetting the macro effect of lower volumes in mortgage and Talent Solutions as well as the negative mix from seasonally higher Employer Services revenues.

Workforce Solutions 的調整後 EBITDA 利潤率為 50.4%，比第四季度上升 370 個基點，符合我們 2 月份的指引，並且正如預期的那樣，由於第一季度創紀錄的增長、新產品推出和定價行動抵消了超過 50%抵押貸款和人才解決方案數量減少的宏觀影響，以及雇主服務收入季節性增加帶來的負面影響。

The strength of EWS and uniqueness and value of their TWN income and employment data and Employer Services businesses were clear again in the quarter. Rudy and the EWS team delivered another strong quarter, outperforming the mortgage and hiring markets and continued strong record growth that will drive revenue and margins in the future.

EWS 的實力及其 TWN 收入和就業數據以及雇主服務業務的獨特性和價值在本季度再次清晰可見。 Rudy 和 EWS 團隊又創造了一個強勁的季度，表現優於抵押貸款和招聘市場，並繼續保持強勁的創紀錄增長，這將推動未來的收入和利潤率。

Turning to Slide 8. USIS revenue of $422 million was down about 2.5% and much better than our expectations due to stronger mortgage and non-mortgage performance. USIS mortgage revenue was down 25% and was better than our expectations. Although estimated mortgage originations were 300 basis points weaker than our expectation at down an estimated 58%, USIS credit inquiries were stronger than we expected at down 44%. Credit inquiry performance continues to outperform originations, reflecting higher relative levels of consumer mortgage shopping behavior in this higher interest rate environment.

轉到幻燈片 8。USIS 的收入為 4.22 億美元，下降了約 2.5%，由於抵押貸款和非抵押貸款的表現強勁，遠好於我們的預期。 USIS 抵押貸款收入下降了 25%，好於我們的預期。儘管估計的抵押貸款發放比我們預期的低 300 個基點，下降了約 58%，但 USIS 信用查詢強於我們的預期，下降了 44%。信用查詢表現繼續優於發起，反映出在這種較高利率環境下消費者抵押貸款購買行為的相對水平較高。

Revenue outperformance relative to credit inquiries was strong at 19%, driven principally by pricing actions, and was also strong versus estimated originations at 33%. At $105 million, our mortgage revenue was about 25% of total USIS revenue in the quarter.

與信用查詢相關的收入表現強勁，達到 19%，主要受定價行為的推動，並且也高於估計的 33%。我們的抵押貸款收入為 1.05 億美元，約佔本季度 USIS 總收入的 25%。

Total non-mortgage revenue of $317 million was up 8% in the quarter with organic growth of about 4%. The 8% growth was stronger than the mid-single-digit growth that we expected in our February guidance.

本季度非抵押貸款總收入為 3.17 億美元，增長 8%，有機增長約 4%。 8% 的增長強於我們在 2 月份指引中預期的中個位數增長。

B2B non-mortgage revenue of $261 million, which represented over 60% of total USIS revenue, was up 8%, with organic revenue growth of about 3%. B2B non-mortgage online revenue growth was up 9% total and up over 3% organically. And during the quarter, online revenue had very strong double-digit growth in commercial, auto, identity and fraud and insurance. And banking was up slightly in the quarter with growth at large financial institutions, although at slower pace than in the fourth quarter, more than offset by declines in -- with smaller financial institutions and fintechs.

B2B 非抵押貸款收入為 2.61 億美元，佔 USIS 總收入的 60% 以上，增長 8%，有機收入增長約 3%。 B2B 非抵押貸款在線收入總計增長 9%，有機增長超過 3%。在本季度，在線收入在商業、汽車、身份和欺詐以及保險方面實現了非常強勁的兩位數增長。隨著大型金融機構的增長，銀行業在本季度略有增長，儘管增速低於第四季度，但被規模較小的金融機構和金融科技公司的下滑所抵消。

Commercial was up over 20% with continued strong growth from our differentiated commercial credit data, including financial telco utility and industry trade lines and our new OneScore for commercial that we launched in the first quarter. Commercial is an increasing area of strength, delivering above-market growth in the risk segment, and we should see continued strong performance as we complete their data and cloud transformation later this year.

由於我們的差異化商業信貸數據持續強勁增長，商業增長超過 20%，包括金融電信公用事業和行業貿易線路以及我們在第一季度推出的新商業 OneScore。商業是一個越來越強的領域，在風險領域實現了高於市場的增長，隨著我們在今年晚些時候完成他們的數據和雲轉型，我們應該會看到持續強勁的表現。

Financial Marketing Services, our B2B offline business, returned to growth with revenue of $48 million that was up 4% and in line with our expectations. Revenue growth in offline fraud insights and IXI wealth products was partially offset by lower prescreen marketing revenue. Prescreen revenue from larger customers slowed growth in the quarter, but we saw significant weakness from smaller FIs and fintechs, and we have not seen an increase in risk-based portfolio reviews yet.

我們的 B2B 線下業務金融營銷服務恢復增長，收入為 4800 萬美元，增長 4%，符合我們的預期。線下欺詐洞察和 IXI 財富產品的收入增長被較低的預篩選營銷收入部分抵消。來自大客戶的預篩選收入在本季度放緩了增長，但我們看到了來自小型金融機構和金融科技公司的顯著疲軟，而且我們還沒有看到基於風險的投資組合審查有所增加。

USIS consumer solutions business had revenue of $56 million in the first quarter, up 8%, from very good performances in our consumer direct and indirect channels. USIS is winning in the marketplace with strong momentum from new solutions and differentiated data in key verticals of identity and fraud, commercial and auto. We're also in active dialogues with U.S. customers about the competitive benefits of the Equifax Cloud with always-on stability, faster data transmission and Equifax Cloud-enabled new solutions. USIS is on offense as they finalize their cloud transformation and are pivoting to selling cloud-enabled -- new cloud-enabled solutions.

USIS 消費者解決方案業務在第一季度的收入為 5600 萬美元，增長 8%，這得益於我們在消費者直接和間接渠道中的出色表現。 USIS 憑藉身份和欺詐、商業和汽車等關鍵垂直領域的新解決方案和差異化數據的強勁勢頭在市場上取勝。我們還與美國客戶就 Equifax Cloud 的競爭優勢進行積極對話，包括始終在線的穩定性、更快的數據傳輸和支持 Equifax Cloud 的新解決方案。 USIS 正在進攻，因為他們完成了他們的雲轉型，並正在轉向銷售支持雲的新的支持雲的解決方案。

USIS adjusted EBITDA margins were 32.6% in the quarter and in line with our expectations. EBITDA margins were down sequentially due to negative mix from seasonally sequential growth in Mortgage Solutions, which drives higher royalties and data costs; as well as the normalization of annual employee incentive costs. USIS is also incurring incremental costs from customer migrations to the new Equifax Cloud that are accelerating as we move through 2023. We expect USIS adjusted EBITDA margins to be about 34% in the second quarter, up sequentially, reflecting revenue growth and the accelerating benefit of our 2023 spending reduction plan.

本季度 USIS 調整後的 EBITDA 利潤率為 32.6%，符合我們的預期。 EBITDA 利潤率環比下降，原因是抵押貸款解決方案季節性環比增長帶來的負面影響，這推動了更高的特許權使用費和數據成本；以及年度員工激勵成本的正常化。 USIS 還產生了客戶遷移到新 Equifax 雲的增量成本，隨著我們進入 2023 年，這些成本正在加速增長。我們預計 USIS 調整後的 EBITDA 利潤率在第二季度約為 34%，環比上升，反映了收入增長和加速受益我們的 2023 年支出削減計劃。

Last month, we announced Todd Horvath, joined Equifax as our USIS President. Todd has a proven track record of leading enterprise teams in financial services to drive growth and strong commercial relationship. And he brings more than 20 years of financial services management experience, a commitment to driving product and operational excellence and strong expertise in enterprise and cloud technologies, to his role as the USIS President. I'm energized to welcome Todd to the Equifax leadership team, and believe that his experience in transformation, innovation and customer experience will prove invaluable to taking USIS to the next tier.

上個月，我們宣布 Todd Horvath 加入 Equifax，擔任我們的 USIS 總裁。托德在領導金融服務企業團隊以推動增長和建立牢固的商業關係方面有著良好的記錄。作為 USIS 總裁，他帶來了 20 多年的金融服務管理經驗、致力於推動產品和卓越運營以及在企業和雲技術方面的深厚專業知識。我熱烈歡迎 Todd 加入 Equifax 領導團隊，並相信他在轉型、創新和客戶體驗方面的經驗將證明對將 USIS 提升到下一個層次非常寶貴。

Turning to Slide 9. International revenue was $284 million in the quarter, up 9% in constant currency and 8% organically, and much better than our expectations, from new products and pricing actions. We're seeing a broad-based execution from Lisa and our international team. Europe local currency revenue was down 4%, but stronger than expected. The decline was due to the expected 20% decline in our debt management business in the U.K.

轉到幻燈片 9。本季度國際收入為 2.84 億美元，按固定匯率計算增長 9%，有機增長 8%，遠好於我們對新產品和定價行為的預期。我們看到 Lisa 和我們的國際團隊執行力廣泛。歐洲本幣收入下降 4%，但強於預期。下降是由於我們在英國的債務管理業務預計下降 20%。

As we discussed last year, our U.K. debt management business was very strong in the first half of 2022 as the U.K. government made large catch-up debt placements following their COVID debt collection moratoriums. As a result, we expect to see declines in that business in the first half of 2022 (sic) [2023]. However, we do expect to see consistent sequential growth in our debt management business as we move through 2023. In the quarter, we secured an expanded budget allocation from the U.K. government, which will deliver higher volumes of debt placements during the year, and we expect debt management to return to revenue growth later this year.

正如我們去年所討論的那樣，我們的英國債務管理業務在 2022 年上半年非常強勁，因為英國政府在暫停 COVID 債務催收後進行了大量追補債務配售。因此，我們預計該業務將在 2022 年（原文如此）[2023 年] 上半年出現下滑。但是，我們確實希望看到我們的債務管理業務在 2023 年之前持續連續增長。在本季度，我們從英國政府獲得了擴大的預算分配，這將在年內提供更多的債務配售，我們預計債務管理將在今年晚些時候恢復收入增長。

Our U.K. and Spain CRA business revenue was up 7% in the quarter, a very good performance and stronger than we expected. This strong performance was principally due to strong growth from consumer decisioning and analytical solutions.

我們的英國和西班牙 CRA 業務收入在本季度增長了 7%，表現非常好，強於我們的預期。這種強勁的表現主要歸功於消費者決策和分析解決方案的強勁增長。

Asia Pacific delivered very strong local currency revenue growth of 11%, in which, Australia delivered high single-digit growth in the quarter. And we also saw a very strong growth in our India business, up over 40%.

亞太地區本幣收入增長非常強勁，達到 11%，其中澳大利亞在本季度實現了高個位數增長。我們還看到我們的印度業務增長非常強勁，增長超過 40%。

Latin America local currency revenue was up a very strong 32% driven by very strong double-digit growth in Argentina, Uruguay, Paraguay and Central America from new product introductions and pricing actions. This is the eighth consecutive quarter of strong double-digit growth for the Latin American team, which we expect to continue in 2023.

在阿根廷、烏拉圭、巴拉圭和中美洲的新產品推出和定價行動帶來非常強勁的兩位數增長的推動下，拉丁美洲當地貨幣收入增長了 32%。這是拉丁美洲團隊連續第八個季度實現兩位數的強勁增長，我們預計這種增長將在 2023 年繼續。

Canada local currency revenue was up 8% and above our expectations. Growth in consumer and identity and fraud was offset partially by lower mortgage volumes in Canada.

加拿大本幣收入增長 8%，超出我們的預期。加拿大較低的抵押貸款量部分抵消了消費者和身份以及欺詐的增長。

And International adjusted EBITDA margins at 23.5% were better than our expectations due to the stronger revenue growth and good execution against their 2023 cost reduction plans.

國際調整後的 EBITDA 利潤率為 23.5%，好於我們的預期，這是由於收入增長強勁以及 2023 年成本削減計劃的良好執行。

Turning to Slide 10. New product introductions leveraging our differentiated data in the new Equifax Cloud are central to our EFX 2025 growth strategy. Building off the momentum from 2022, where we launched over 100 new products and delivered a record Vitality Index of over 13%, in the first quarter, we launched over 30 new products and delivered 13% vitality again. Our first quarter Vitality Index was again led by very strong performance in Workforce Solutions and in Latin America. And in the quarter, over 80% of new product revenue came from non-mortgage products leveraging the new Equifax Cloud.

轉到幻燈片 10。利用我們在新 Equifax 雲中的差異化數據推出新產品是我們 EFX 2025 增長戰略的核心。延續 2022 年推出 100 多種新產品並交付創紀錄的超過 13% 的活力指數的勢頭，在第一季度，我們推出了 30 多種新產品並再次交付了 13% 的活力指數。我們第一季度的活力指數再次因勞動力解決方案和拉丁美洲的強勁表現而領先。在本季度，超過 80% 的新產品收入來自利用新 Equifax Cloud 的非抵押產品。

Leveraging our new Equifax Cloud capabilities to drive new product rollouts, we expect to deliver Vitality Index in 2023 at about 13%, which is well above our 10% long-term Vitality Index goal. This equates to over $700 million of revenue from new products introduced in the past 3 years during 2023. New products leveraging our differentiated data, our new Equifax Cloud capabilities and Single Data Fabric are central to our long-term growth framework and are driving Equifax top line growth and margins.

利用我們新的 Equifax 雲功能來推動新產品的推出，我們預計 2023 年的活力指數將達到 13% 左右，這遠高於我們 10% 的長期活力指數目標。這相當於 2023 年過去 3 年推出的新產品的收入超過 7 億美元。利用我們差異化數據的新產品、我們新的 Equifax 雲功能和單一數據結構是我們長期增長框架的核心，並正在推動 Equifax 領先線增長和利潤率。

On the right side of the slide, we've highlighted several new products introduced in the quarter. Leveraging our differentiated data, USIS launched OneScore, a new consumer credit scoring model that combines traditional Equifax credit history with telecommunications, pay TV and utility payment data on over 191 million consumers, as well as Equifax DataX and Teletrack specialty finance data on about 80 million consumers, including payment history from nontraditional banks and lenders, which will potentially increase credit scores by up to 25 points and the score-able population by more than 20%. These new solutions are testament to the power of the Equifax Cloud in driving innovation that can increase the visibility of consumers to help expand access credit and create new mainstream financial opportunities for them.

在幻燈片的右側，我們重點介紹了本季度推出的幾款新產品。利用我們的差異化數據，USIS 推出了 OneScore，這是一種新的消費者信用評分模型，它結合了傳統的 Equifax 信用歷史與超過 1.91 億消費者的電信、付費電視和公用事業支付數據，以及約 8000 萬消費者的 Equifax DataX 和 Teletrack 專業金融數據消費者，包括來自非傳統銀行和貸方的付款歷史，這可能會將信用評分提高多達 25 分，並將可評分人口提高 20% 以上。這些新解決方案證明了 Equifax 雲在推動創新方面的力量，可以提高消費者的知名度，幫助擴大訪問信貸並為他們創造新的主流金融機會。

Now I'd like to turn it over to John to provide more detail on our second quarter guidance. We're off to a strong start in 2023 building off the momentum from a strong 2022 non-mortgage growth, from new products, record growth and pricing. John?

現在我想把它交給約翰，以提供有關我們第二季度指導的更多細節。我們在 2023 年有了一個強勁的開端，這得益於 2022 年強勁的非抵押貸款增長、新產品、創紀錄的增長和定價。約翰？

Thanks, Mark. Before I discuss 2023, I'll share a little more detail on first quarter '23. First quarter corporate expense at $146 million was above our expectations, principally due to higher variable compensation with our strong first quarter results and costs related to executing the broader restructuring related to the $200 million spending reduction program.

謝謝，馬克。在討論 2023 年之前，我將分享更多關於 23 年第一季度的細節。第一季度公司費用為 1.46 億美元，超出了我們的預期，這主要是由於我們強勁的第一季度業績帶來了更高的可變薪酬，以及與執行與 2 億美元支出削減計劃相關的更廣泛重組相關的成本。

Items below operating income came in as we expected, with interest expense of $58 million; depreciation and amortization, excluding acquisition-related amortization, of $89 million; and a tax rate of about 26.1%.

低於營業收入的項目符合我們的預期，利息支出為 5800 萬美元；折舊和攤銷，不包括與收購相關的攤銷，為 8900 萬美元；稅率約為26.1%。

Capital spending in the quarter was about $154 million and in line with our expectations. We expect capital spending in the second quarter to remain at levels similar to 1Q '23 and then sequentially decline in the third and fourth quarters as we complete significant U.S. and Canadian customer migrations to Data Fabric. Total capital spending in 2023 is expected to be $545 million. CapEx as a percent of revenue will continue to decline in 2024 and thereafter as we progress toward reaching 7% of revenue or below.

本季度的資本支出約為 1.54 億美元，符合我們的預期。我們預計第二季度的資本支出將保持在與 23 年第一季度相似的水平，然後隨著我們完成美國和加拿大客戶向 Data Fabric 的重大遷移，第三和第四季度將依次下降。 2023 年的總資本支出預計為 5.45 億美元。資本支出佔收入的百分比將在 2024 年及之後繼續下降，因為我們正在朝著佔收入的 7% 或更低的方向前進。

As Mark mentioned, first quarter mortgage market originations were estimated by MBA at down almost 58%, which is about 300 basis points weaker than the down 55% for the first quarter that we discussed in February. As shown on Slide 11, however, first quarter credit inquiries were down 44%, better than our February expectations. The 30-year fixed mortgage rate did decline from a high of 6.5% in the quarter to about 6.3% today. It appears the somewhat lower rates attracted people to begin the home-buying process, but continued tight inventory and high home prices limited closings and originations.

正如馬克所提到的，MBA 估計第一季度抵押貸款市場的發放量下降了近 58%，這比我們在 2 月份討論的第一季度下降 55% 低了約 300 個基點。然而，如幻燈片 11 所示，第一季度信用查詢下降了 44%，好於我們 2 月份的預期。 30 年期固定抵押貸款利率確實從本季度的 6.5% 的高位下降至今天的 6.3% 左右。似乎較低的利率吸引了人們開始購房過程，但持續的庫存緊張和高房價限制了關閉和發起。

As we look for the rest of 2023, our planning does not assume a fundamental improvement in the mortgage or housing markets. We're applying normal seasonal patterns to the current run rate of credit and TWN inquiries that we are seeing in late March and early April. On that basis, for 2023, we are expecting mortgage market originations to decline about 32% versus 2022 or about a 200 basis point greater decline than we discussed in February.

在展望 2023 年剩餘時間時，我們的計劃並未假設抵押貸款或住房市場出現根本性改善。我們將正常的季節性模式應用於我們在 3 月下旬和 4 月初看到的當前信貸運行率和 TWN 查詢。在此基礎上，我們預計到 2023 年，抵押貸款市場的發放量將比 2022 年下降約 32%，比我們在 2 月份討論的下降幅度大 200 個基點。

As we have discussed in the past, TWN inquiries are closely linked to originations. USIS credit inquiries, despite the weaker overall originations market, should still be down about 30% versus 2022 due to the better-than-expected credit inquiries in the first quarter and the expectation of continued greater-than-normal mortgage shopping that does not move to an origination.

正如我們過去所討論的，TWN 查詢與起源密切相關。儘管整體發起市場疲軟，但 USIS 信用查詢仍應比 2022 年下降約 30%，這是由於第一季度的信用查詢好於預期以及對持續高於正常的抵押貸款購買的預期並沒有改變到起源。

Looking at the second quarter, again, applying seasonal patterns to the run rates we're seeing in late March and early April, mortgage market originations are assumed to be down about 38% and credit inquiries down about 33%.

再看看第二季度，將季節性模式應用於我們在 3 月下旬和 4 月初看到的運行率，假定抵押貸款市場發起下降約 38%，信貸查詢下降約 33%。

As we discussed in February, sequentially, as we move through the second half of 2023, a more normal pattern of mortgage activity would have mortgage originations in 3Q '23 being about flat with 2Q '23 and then declining in 4Q '23 versus 3Q '23. We expect that with the sequential patterns and the weaker overall originations in 2023 than we discussed in February, u.S. mortgage originations would be down slightly in the second half versus the first half and 4Q '23 would be about flat year-to-year.

正如我們在 2 月份所討論的那樣，隨著我們進入 2023 年下半年，一個更正常的抵押貸款活動模式將使 23 年第三季度的抵押貸款發起與 23 年第二季度基本持平，然後在 23 年第四季度與 2023 年第四季度相比下降23.我們預計，由於連續模式和 2023 年的整體起源比我們在 2 月份討論的要弱，美國與上半年相比，下半年的抵押貸款發放量將略有下降，而 23 年第四季度將與去年同期持平。

Turning to Slide 12. As Mark referenced earlier, in the first quarter, we outperformed on revenue delivery and delivered well against our 2023 spending reduction plan that will deliver $200 million in spending reduction in 2023 versus 2022 levels, including workforce reduction, closure of data centers and additional cost control measures.

轉到幻燈片 12。正如 Mark 之前提到的，在第一季度，我們在收入交付方面表現出色，並且很好地實現了我們的 2023 年支出削減計劃，該計劃將在 2023 年比 2022 年的水平減少 2 億美元的支出，包括裁員、關閉數據中心和額外的成本控制措施。

In the first quarter, adjusted EBITDA margins were slightly stronger than expected at 29.2%. Adjusted for the negative timing of the impact of higher stock-based compensation in the quarter versus fourth quarter, adjusted EBITDA margins would have been about 31%.

第一季度，調整後的 EBITDA 利潤率略高於預期，為 29.2%。根據本季度與第四季度相比較高的股票薪酬影響的負面時間進行調整後，調整後的 EBITDA 利潤率約為 31%。

For 2Q, we expect adjusted EBITDA margins of approaching 32.5% at the midpoint of our guidance range. This sequential margin expansion is driven by both revenue growth as well as acceleration of the savings in the second half of '23 related to our $200 million spending reduction plan. As revenue grows sequentially in the second half of '23 and cloud and broader cost reductions accelerate, EBITDA margins and adjusted EPS improve sequentially, with EBITDA margins expected to exceed 36% and adjusted EPS exceeding $2 per share in the fourth quarter.

對於第二季度，我們預計調整後的 EBITDA 利潤率將接近 32.5%，處於我們指導範圍的中點。這種連續的利潤率增長是由收入增長以及 23 年下半年與我們 2 億美元的支出削減計劃相關的儲蓄加速推動的。隨著 23 年下半年收入的連續增長以及雲和更廣泛的成本削減的加速，EBITDA 利潤率和調整後的每股收益將連續提高，預計第四季度 EBITDA 利潤率將超過 36%，調整後的每股收益將超過 2 美元。

Slide 13 provides our guidance for the second quarter of '23. In 2Q '23, we expect total Equifax revenue to be between $1.31 billion and $1.33 billion with non-mortgage constant currency revenue growth of 7% to 8%, partially offset by mortgage revenue declines moderating to about down 14% compared to down 33% in the first quarter. FX is expected to negatively impact revenue growth by just over 100 basis points.

幻燈片 13 提供了我們對 23 年第二季度的指導。在 2023 年第二季度，我們預計 Equifax 的總收入將在 13.1 億美元至 13.3 億美元之間，非抵押貸款固定貨幣收入增長 7% 至 8%，部分被抵押貸款收入下降所抵消，與下降 33% 相比下降約 14%在第一季度。預計外匯將對收入增長產生超過 100 個基點的負面影響。

2Q '23 adjusted EBITDA margins are expected to approach 32.5%, up over 300 basis points sequentially, given revenue growth, the 2023 cost actions and lower equity compensation expense. Overall, the EBITDA margins in total are expected to be up sequentially from 1Q '23 driven by Workforce delivering adjusted EBITDA margins of over 51% in the quarter as well as margin improvement in USIS from revenue growth and cost actions. Corporate expenses will decrease meaningfully sequentially in 2Q '23 as the equity compensation was principally reflected in the first quarter.

考慮到收入增長、2023 年的成本行動和較低的股權補償費用，預計 2023 年第二季度調整後的 EBITDA 利潤率將接近 32.5%，連續上升超過 300 個基點。總體而言，EBITDA 總利潤率預計將從 23 年第一季度開始連續上升，這是由於勞動力在本季度提供超過 51% 的調整後 EBITDA 利潤率，以及 USIS 的利潤率因收入增長和成本行動而改善。由於股權補償主要反映在第一季度，公司支出將在 2023 年第二季度顯著減少。

Business unit performance in the second quarter are expected to be as described below. Workforce Solutions revenue growth is expected to be down about 1%, negatively impacted by the expected about 38% decline in mortgage market originations. Non-mortgage revenue will be up single digits, overcoming year-over-year declines in U.S. hiring and customer-specific weakness in consumer lending. We expect EWS non-mortgage growth to reaccelerate to double digits in the third and fourth quarters. EBITDA margins are expected to be up -- are expected to be over 51%, up over 100 basis points sequentially, driven by sequential revenue growth and strong execution of 2023 cost actions. Workforce Solutions will represent just under 50% of Equifax revenue in the quarter.

第二季度的業務部門業績預計如下所述。勞動力解決方案收入增長預計將下降約 1%，這受到抵押貸款市場發放預計下降約 38% 的負面影響。非抵押貸款收入將增長個位數，克服了美國招聘的同比下降和消費貸款中針對特定客戶的疲軟。我們預計 EWS 非抵押貸款增長將在第三和第四季度重新加速至兩位數。 EBITDA 利潤率預計將上升——預計將超過 51%，環比增長超過 100 個基點，這主要受收入環比增長和 2023 年成本行動的強勁執行推動。勞動力解決方案將佔本季度 Equifax 收入的近 50%。

USIS revenue is expected to be up about 3% year-to-year. Non-mortgage revenue growth should be approximately at the level similar to the 8% we delivered in the first quarter, partially offset by a decline in mortgage revenue due to the expected 33% decline in mortgage credit inquiries. EBITDA margins are expected to be about 34%, up sequentially due to revenue growth and strong execution on cost actions.

USIS 的收入預計將同比增長約 3%。非抵押貸款收入增長應大致與我們在第一季度實現的 8% 的水平相似，部分被抵押貸款收入下降所抵消，因為抵押貸款信貸查詢預計下降 33%。由於收入增長和成本行動的強勁執行，預計 EBITDA 利潤率約為 34%，環比上升。

International revenue is expected to be up about 6% in constant currency, with EBITDA margins expected to be about 23%.

按固定匯率計算，國際收入預計將增長約 6%，EBITDA 利潤率預計約為 23%。

Total non-mortgage constant currency growth of 7% to 8% is down from the 10% we delivered in the first quarter. We do expect to return to 10%-plus growth in 3Q and 4Q, principally driven by accelerating growth in EWS as well as stronger growth in International. We're expecting adjusted EPS in 2Q '23 to be $1.60 to $1.70 per share.

7% 至 8% 的非抵押貸款固定貨幣總增長率低於我們在第一季度交付的 10%。我們確實預計第 3 季度和第 4 季度將恢復 10% 以上的增長，這主要是受到 EWS 加速增長以及國際業務強勁增長的推動。我們預計 2023 年第二季度的調整後每股收益為 1.60 美元至 1.70 美元。

Slide 14 provides the specifics of our 2023 full year guidance. As Mark mentioned, we are maintaining our full year guidance despite the expected weaker U.S. mortgage originations and a more negative impact of foreign exchange. We expect total mortgage revenue to be down year-to-year at similar levels to our February guidance at down 8%, or slightly more negative.

幻燈片 14 提供了我們 2023 年全年指導的細節。正如 Mark 所提到的，儘管預計美國抵押貸款發放疲軟且外彙的負面影響更大，但我們仍維持全年指引。我們預計抵押貸款總收入將同比下降，與我們 2 月份的指引相似，下降 8%，或者略微下降。

As we discussed, we expect mortgage originations will be down 32% versus the down 30% we discussed in February. We do not expect this to impact USIS mortgage revenue as we are seeing higher levels of shopping, which offset the decline in originations. In EWS, we expect an improved mix of higher-value trended mortgage solutions to partially mitigate the impact of the originations decline.

正如我們所討論的，我們預計抵押貸款發放將下降 32%，而我們在 2 月份討論的下降幅度為 30%。我們預計這不會影響 USIS 抵押貸款收入，因為我們看到更高水平的購物，這抵消了發放量的下降。在 EWS 中，我們預計更高價值趨勢抵押貸款解決方案的改進組合將部分減輕發起下降的影響。

For non-mortgage constant currency revenue, we continue to expect constant currency growth at about the levels we discussed in February at up 8% or slightly better given our strong performance in NPI and stronger growth in International. These levels of growth, the strong start we had to the year, execution in NPI, delivery of our 2023 spending reductions and cloud transformation plans, allow us to deliver to our guidance despite the more negative impact of FX. We believe that our full year guidance is centered at the midpoint of both our revenue and adjusted EPS ranges.

對於非抵押貸款固定貨幣收入，鑑於我們在 NPI 的強勁表現和國際業務的強勁增長，我們繼續預計貨幣增長將保持在我們 2 月份討論的水平，即增長 8% 或略高。這些增長水平、我們今年的強勁開局、NPI 的執行、我們 2023 年支出削減和雲轉型計劃的實施，使我們能夠在外彙的負面影響更大的情況下實現我們的指導。我們認為，我們的全年指引以我們的收入和調整後的每股收益範圍的中點為中心。

As we discussed in February, we remain focused on delivering our midterm goal of $7 billion in revenue and 39% EBITDA margins. Market conditions are significantly different than we first discussed in November of 2021, our goal of achieving these goals in 2025. The U.S. mortgage market is expected, in 2023, to be down about 40% from the normal 2015 to '19 average levels we had discussed to deliver $7 billion in revenue in 2025. Our core organic revenue has grown over 300 basis points faster than we discussed with you in November of 2021. However, a recovery in the mortgage market from the levels we are seeing in 2023, around the order of 2/3 of the lost volume, is still likely needed to achieve our $7 billion goal.

正如我們在 2 月份討論的那樣，我們仍然專注於實現 70 億美元收入和 39% EBITDA 利潤率的中期目標。市場狀況與我們在 2021 年 11 月首次討論的情況大不相同，我們的目標是在 2025 年實現這些目標。預計到 2023 年，美國抵押貸款市場將從 2015 年的正常水平下降約 40% 至 19 年的平均水平討論到 2025 年實現 70 億美元的收入。我們的核心有機收入增長速度比我們在 2021 年 11 月與您討論的速度快 300 個基點。但是，抵押貸款市場從我們 2023 年看到的水平復蘇，大約損失量的 2/3 數量級，仍然可能需要實現我們 70 億美元的目標。

We are focused on driving above-market growth and delivering the cost and expense improvements committed with our 2023 and 2024 spending reduction plans, and as part of our data and technology cloud transformation, which are needed to achieve 39% EBITDA margins as we exceed the $7 billion revenue level. We will continue to discuss with you our progress toward our $7 billion goal as the mortgage and overall markets evolve in 2023 and forward.

我們專注於推動高於市場的增長，並通過我們的 2023 年和 2024 年支出削減計劃實現成本和費用改善，並作為我們數據和技術雲轉型的一部分，這是實現 39% EBITDA 利潤率所必需的，因為我們超過了70 億美元的收入水平。隨著抵押貸款和整體市場在 2023 年及以後的發展，我們將繼續與您討論我們在實現 70 億美元目標方面取得的進展。

Now I would like to turn it back over to Mark.

現在我想把它轉回給馬克。

Thanks, John. Wrapping up on Slide 15. Equifax delivered another strong and broad-based quarter with above-market performance, delivering strong 10% non-mortgage constant currency dollar revenue growth, reflecting the breadth and depth of the Equifax business model and our execution against our EFX 2025 strategic priorities.

謝謝，約翰。幻燈片 15 的總結。Equifax 以高於市場的表現交付了另一個強勁且基礎廣泛的季度，實現了 10% 的強勁非抵押貨幣美元收入增長，反映了 Equifax 業務模式的廣度和深度以及我們對 EFX 的執行2025 年戰略重點。

At the business unit level. Workforce Solutions had another strong quarter, powering our results, delivering 11% non-mortgage revenue growth with adjusted EBITDA margins of 50%. As I mentioned earlier, EWS signed 3 new payroll processors, and with our TWN current records reaching 156 million, up 4 million records sequentially and up 15% versus last year. Workforce delivered another very strong quarter with the Vitality Index over 20% from innovative new products and solutions, leveraging the new EFX Cloud while further penetrating the high-growth Talent and Government verticals.

在業務部門層面。勞動力解決方案有另一個強勁的季度，推動了我們的業績，實現了 11% 的非抵押貸款收入增長，調整後的 EBITDA 利潤率為 50%。正如我之前提到的，EWS 簽署了 3 個新的薪資處理器，我們的 TWN 當前記錄達到 1.56 億條，連續增加 400 萬條記錄，比去年增長 15%。 Workforce 創造了另一個非常強勁的季度，活力指數超過 20% 來自創新的新產品和解決方案，利用新的 EFX 雲，同時進一步滲透到高增長的人才和政府垂直領域。

USIS continued their momentum from the fourth quarter, with B2B non-mortgage growth of 8% total and 3% organic in the quarter, driven by online B2B non-mortgage growth of 9% total and 3% organic as they accelerate customer migrations to their new Equifax Cloud.

USIS 從第四季度開始繼續保持增長勢頭，本季度 B2B 非抵押貸款總額增長 8%，有機增長 3%，這得益於在線 B2B 非抵押貸款總額增長 9% 和有機增長 3%，因為他們加速了客戶遷移到他們的新的 Equifax 雲。

International delivered strong 9% local currency growth, with strong growth in LatAm, Australia, Canada, India and our European credit businesses.

國際業務以本幣計算實現了 9% 的強勁增長，拉丁美洲、澳大利亞、加拿大、印度和我們的歐洲信貸業務也實現了強勁增長。

And our first quarter Vitality Index of 13% continues to be well above our 10% long-term NPI framework as we delivered over 30 new products leveraging the new Equifax Cloud in the quarter.

我們第一季度 13% 的活力指數繼續遠高於我們 10% 的長期 NPI 框架，因為我們在本季度交付了 30 多種利用新 Equifax Cloud 的新產品。

And we made significant progress executing against our EFX Cloud data and technology transformation with over 70% of our revenue being delivered from the new Equifax Cloud. And we're laser-focused on completing our North America migration this year to become the only cloud-native data analytics company.

我們在執行 EFX Cloud 數據和技術轉型方面取得了重大進展，超過 70% 的收入來自新的 Equifax Cloud。我們非常專注於今年完成北美遷移，成為唯一一家云原生數據分析公司。

And we're executing against our spending reduction plans that will deliver $200 million of savings in 2023 with run rate savings of over $250 million in 2024 that will expand our margins to 36% and EPS to over $2 per share as we exit the year, which positions us for an uncertain economic environment while reducing the capital intensity of our business.

我們正在執行我們的支出削減計劃，該計劃將在 2023 年節省 2 億美元，並在 2024 年節省超過 2.5 億美元的運行率，這將使我們的利潤率擴大到 36%，每股收益在我們退出今年時擴大到每股 2 美元以上，這使我們能夠應對不確定的經濟環境，同時降低我們業務的資本密集度。

And as mentioned earlier, given our strong performance in the quarter, our ability to continue to outperform our underlying markets and deliver on our planned 2023 spending reductions, we've reaffirmed our 2023 guidance for revenue and adjusted EPS.

如前所述，鑑於我們在本季度的強勁表現，我們有能力繼續超越我們的基礎市場並實現我們計劃的 2023 年支出削減，我們重申了我們的 2023 年收入和調整後每股收益指導。

We're entering the next chapter of the new Equifax as we pivot from building the Equifax Cloud over the past 4 years to leveraging our new cloud capabilities to drive our top and bottom line. We're energized by the early benefits of the Equifax Cloud. We're delivering on the cost benefits we outlined 4 years ago, and you're seeing our margins expand. The competitive benefits of being always-on with faster data transmission and digital macro are positioning us for share gains.

我們正在進入新 Equifax 的下一章，因為我們從過去 4 年構建 Equifax 雲轉向利用我們新的雲功能來推動我們的收入和利潤。我們對 Equifax Cloud 的早期優勢感到鼓舞。我們正在實現 4 年前概述的成本效益，您會看到我們的利潤率在擴大。始終在線、更快的數據傳輸和數字宏的競爭優勢使我們能夠獲得份額收益。

The power of a Single Data Fabric, where all our data has moved from siloed environments to a single data environment, is allowing us to deliver unique solutions, like our new mortgage credit report, leveraging [NCplus] data; OneScore, leveraging all of our alternative data; and a wide array of trended solutions, leveraging our historical data.

單一數據結構的力量，我們所有的數據都從孤立的環境轉移到單一的數據環境，使我們能夠提供獨特的解決方案，比如我們新的抵押貸款信用報告，利用 [NCplus] 數據； OneScore，利用我們所有的替代數據；以及廣泛的趨勢解決方案，利用我們的歷史數據。

NPIs leveraging our differentiated data and cloud capabilities are accelerating and well above our 10% long-term vitality goal with over 13% vitality last year and 13% in the first quarter. Even more encouraging is Workforce Solutions' NPI results, who completed most of their cloud work early last year, and is delivering over 20% vitality in 2023.

利用我們差異化數據和雲功能的 NPI 正在加速並遠高於我們 10% 的長期活力目標，去年活力超過 13%，第一季度活力超過 13%。更令人鼓舞的是 Workforce Solutions 的 NPI 結果，他們去年初完成了大部分雲工作，並將在 2023 年交付超過 20% 的活力。

This is an exciting time for Equifax, and I'm energized about our strong above-market performance, but even more energized about the new Equifax in 2023 and beyond. We're convinced that our new Equifax Cloud-based technology, differentiated data assets in our new Single Data Fabric and market-leading businesses will deliver higher growth, expanded margins and higher free cash flow in the future.

這對 Equifax 來說是一個激動人心的時刻，我對我們高於市場的強勁表現充滿活力，但對 2023 年及以後的新 Equifax 更加充滿活力。我們相信，我們新的基於雲的 Equifax 技術、我們新的單一數據結構中的差異化數據資產和市場領先的業務將在未來帶來更高的增長、更高的利潤率和更高的自由現金流。

And with that, operator, let me open it up for questions.

有了這個，接線員，讓我打開它來提問。

(Operator Instructions) Our first question today is coming from Manav Patnaik from Barclays.

（操作員說明）我們今天的第一個問題來自巴克萊銀行的 Manav Patnaik。

Mark, I was just hoping you could talk a little bit about what your regional bank exposure is.

馬克，我只是希望你能談談你所在地區銀行的風險敞口。

And just broadly, how you factored the credit tightening that we're hearing about into your guidance. Because it sounds like, on the non-mortgage constant currency basis, you're actually raising the outlook a bit, which seems counter to those trends. So I was just hoping you could help us parse those through.

從廣義上講，您如何將我們聽到的信貸緊縮納入您的指導方針。因為聽起來，在非抵押貸款不變貨幣的基礎上，你實際上是在提高前景，這似乎與這些趨勢背道而馳。所以我只是希望你能幫助我們解析這些。

Yes. Maybe I'll start with fintech. As you know, we have a fintech business. Our position there is smaller than at least one of our competitors. And we've been seeing tightening in that space for a number of quarters. I think it started really almost a year ago with the fintech tightening really from their balance sheet challenges.

是的。也許我會從金融科技開始。如您所知，我們有金融科技業務。我們在那裡的地位至少低於我們的一個競爭對手。幾個季度以來，我們一直看到該領域收緊。我認為這實際上是在將近一年前開始的，當時金融科技確實因資產負債表挑戰而收緊。

We haven't seen much impact. If you go to midsized banks, we expect them to continue to originate. There will be some tightening there, as we outlined. And we believe that's factored into our second half guidance, where we expect to see a slowdown in some of the originations.

我們沒有看到太大的影響。如果你去中型銀行，我們希望它們繼續創新。正如我們概述的那樣，那裡將會有一些緊縮。我們相信這已納入我們下半年的指導方針，我們預計其中一些起源會放緩。

But as you might imagine, the bulk of our revenue comes from the larger FIs that haven't been impacted by this balance sheet impacts or balance sheet tightening from deposits.

但正如您可能想像的那樣，我們的大部分收入來自較大的金融機構，這些金融機構沒有受到這種資產負債表影響或存款收緊資產負債表的影響。

And in terms of full year, the slightly -- the comment you made about we're slightly stronger given the adjustments in FX, what you're seeing is International is actually performing a little better, right? So in our 2023 guidance, we did take up our expectation for International growth by about 100 basis points.

就全年而言，鑑於 FX 的調整，你對我們的評論略有加強，你所看到的是國際實際上表現更好，對吧？因此，在我們的 2023 年指引中，我們確實將國際增長的預期提高了約 100 個基點。

Got it. I mean, that's helpful. And then, Mark, obviously, you've talked about your tech transformation a lot and you just mentioned the always-on, Single Data Fabric, et cetera. But with all the news around AI and ChatGPT and so forth in the media, I was just hoping you could talk about where you are with your capabilities there and the risks and opportunities you see.

知道了。我的意思是，這很有幫助。然後，馬克，很明顯，你已經多次談到了你的技術轉型，你剛剛提到了永遠在線的單一數據結構等等。但隨著媒體上關於 AI 和 ChatGPT 等的所有新聞，我只是希望你能談談你在那裡的能力以及你看到的風險和機遇。

Yes. It's a great question, Manav. It's one that we've talked about before. We've been working and deeply involved in AI on our data analytics team for a long time. You've heard us talk about NDT, which is one of our patented solutions around explainable AI that we're using both internally and with our customers, and it's embedded in our Ignite solution. And our relationship with Google, as you know, we're on the Google Cloud, brings very strong capabilities to us that we're leveraging to expand our AI capabilities.

是的。這是一個很好的問題，馬納夫。這是我們之前討論過的。長期以來，我們的數據分析團隊一直致力於並深入參與 AI。您已經聽過我們談論 NDT，這是我們圍繞可解釋 AI 的專利解決方案之一，我們在內部和與客戶一起使用，它嵌入在我們的 Ignite 解決方案中。正如你所知，我們與穀歌的關係，我們在谷歌云上，為我們帶來了非常強大的能力，我們正在利用這些能力來擴展我們的人工智能能力。

And as you point out, I think this is a big -- I would call it a macro, meaning for the industry, of using AI to really drive more predictability and manage more data going forward. And we believe we're uniquely positioned to really take advantage of the AI capabilities by having, number one, all our data into Single Data Fabric, which, as you know, is unique to Equifax. And then second, being cloud-native.

正如你所指出的，我認為這是一個很大的——我稱之為宏觀，對行業來說意味著，使用人工智能來真正推動更多的可預測性和管理更多的數據。我們相信，我們具有獨特的優勢，可以通過將我們所有的數據放入單一數據結構中來真正利用 AI 功能，正如您所知，這是 Equifax 獨有的。其次，是雲原生的。

As we complete the cloud over the coming quarters, principally in North America, that's going to allow both Workforce Solutions and USIS to really leverage those AI capabilities to just bring new solutions and more solutions, leveraging more data to our customers going forward.

隨著我們在未來幾個季度（主要是在北美）完成雲計算，這將允許 Workforce Solutions 和 USIS 真正利用這些 AI 功能來帶來新的解決方案和更多解決方案，為我們的客戶提供更多數據。

Your next question is coming from Kyle Peterson from Needham & Company.

您的下一個問題來自 Needham & Company 的 Kyle Peterson。

I wanted to follow up on Manav's question on some of kind of the concerns of credit crunch and kind of some of the shifting in deposits. But just wanted to see if, in March, kind of was the peak of some of the volatility with the regional banks. Did you guys see any disruption, whether it be temporary or modest, in volumes kind of when everything was happening with some of these regional banks? Or were you guys largely unimpacted given the heavier exposure to the money centers?

我想跟進 Manav 關於信貸緊縮和存款轉移的一些擔憂的問題。但只是想看看，在 3 月份，區域銀行的一些波動是否達到頂峰。你們有沒有看到任何中斷，無論是暫時的還是適度的，在一些地區性銀行發生一切時的數量？還是由於對貨幣中心的敞口更大，你們基本上沒有受到影響？

Well, I would say even our midsized banks, there was no impact that we could see or measure really in the -- in March or really in April so far from deposit tightening. We mentioned that we've seen some tightening in some areas. Fintechs, for example, number one, because of delinquency concern in subprime consumers, which I would characterize as unrelated to the deposit and balance sheet issues that some of those fintechs have been having.

好吧，我想說，即使是我們的中型銀行，我們在 3 月或 4 月的存款收緊中也沒有看到或真正衡量到任何影響。我們提到我們已經看到某些領域有所收緊。例如，金融科技公司排名第一，因為次貸消費者的拖欠問題，我認為這與其中一些金融科技公司一直存在的存款和資產負債表問題無關。

And broadly, we haven't seen that impact. It's really been more just risk management from tightening around certain credit bands because of concerns around consumer exposure. And again, as you heard in my comments earlier, broadly, the consumer is still quite healthy; and broadly, delinquencies are still very manageable and low versus kind of historic levels, which is allowing our customers to continue to originate.

從廣義上講，我們還沒有看到這種影響。由於對消費者風險敞口的擔憂，對某些信貸範圍的收緊實際上更像是風險管理。再一次，正如你在我之前的評論中聽到的那樣，從廣義上講，消費者仍然非常健康；從廣義上講，拖欠率仍然非常可控，並且與歷史水平相比較低，這使我們的客戶能夠繼續產生。

But back in February and again today, we still are looking at the second half as being what we characterize as some level of slowdown. And that's reflected in our guidance and how we think about our ability to deliver in the second half. And that's reflected in our reaffirmation of the full year guidance.

但是在二月份和今天，我們仍然將下半年視為我們所描述的某種程度的放緩。這反映在我們的指導以及我們如何看待下半年的交付能力。這反映在我們對全年指導的重申中。

We think the strength of the broader businesses -- and remember, there's a lot of Equifax businesses that are outside of financial services. When you think about Workforce Solutions, Government, Talent Solutions, our employer business, many of our identity and fraud businesses in USIS are not in financial services. So there's a diversity element. And of course, we have an International business that's quite large. That's all a part of Equifax.

我們認為更廣泛的業務的實力——請記住，有很多 Equifax 業務不屬於金融服務。當你想到勞動力解決方案、政府、人才解決方案、我們的雇主業務時，我們在 USIS 的許多身份和欺詐業務都不在金融服務領域。所以有一個多樣性元素。當然，我們有一個相當大的國際業務。這都是 Equifax 的一部分。

As Mark mentioned, indeed, we did say in prescreen, we are seeing some impact, right, from fintech as well as smaller financial institutions. And that's really where we're seeing it, in prescreening and why prescreening was weaker.

正如 Mark 提到的那樣，事實上，我們確實在預選中說過，我們看到了來自金融科技和小型金融機構的一些影響，對吧。這就是我們真正看到的地方，在預篩選中以及為什麼預篩選較弱。

Got it. That's really helpful color. And just as a follow-up on the Talent Solutions side of the business. It seems like 1Q was at least a little better than 4Q on the revenue side of things. It seems like some of that is likely price. But just wanted to see if you guys could give any color. Was this predominantly pricing? Is there any seasonality?

知道了。那是非常有用的顏色。就像業務的人才解決方案方面的後續行動一樣。在收入方面，第一季度似乎至少比第四季度好一點。似乎其中一些可能是價格。但只是想看看你們是否可以給任何顏色。這主要是定價嗎？有季節性嗎？

Because I guess it seems like some of the hiring data seems a little cautious from what we've seen. But I just want to see if you could help us square the puts and takes of that sequential bump up in the Talent Solutions revenue.

因為我想從我們所看到的情況來看，一些招聘數據似乎有點謹慎。但我只是想看看你是否可以幫助我們平衡人才解決方案收入連續增長的看跌期權。

Yes. I think you pointed out the underlying market is declining. There's less hiring going on, for sure. You have a combination of companies doing layoffs. And when companies do layoffs, they generally tighten up headcount addition. So we're clearly seeing that. That started in the fourth quarter and continued through the first quarter. Really, it's kind of a similar decline.

是的。我想你指出了基礎市場正在下跌。當然，招聘人數減少了。您有多家公司正在裁員。當公司裁員時，他們通常會收緊員工人數。所以我們清楚地看到了這一點。這從第四季度開始，一直持續到第一季度。真的，這是一種類似的下降。

And then what's offsetting that is, remember, we have a large business here, but the TAM is huge. It's about a $5 billion TAM, and we've got almost a $400 million business here. So we have a lot of #1 penetration opportunities. So even if the market is declining, we have the opportunity to add new customers or get more market share with existing customers, which are primarily background screeners.

然後抵消的是，請記住，我們在這裡有大量業務，但 TAM 是巨大的。這大約是 50 億美元的 TAM，而我們在這裡擁有近 4 億美元的業務。所以我們有很多#1 的滲透機會。因此，即使市場在下滑，我們也有機會增加新客戶或與現有客戶（主要是背景篩選者）一起獲得更多市場份額。

Number two, as you point out, every year, we take up price generally in the first quarter. So that price benefit is in the results in the first quarter, and that's a positive.

第二，正如你所指出的，每年，我們通常在第一季度接受價格。因此，價格優勢體現在第一季度的業績中，這是積極的。

And you heard us talk about some of the new products, which really is driving that penetration. We've rolled out a number of new products in the first quarter that are also benefiting the talent business.

你聽到我們談論了一些新產品，這些產品確實推動了這種滲透。我們在第一季度推出了許多新產品，這些產品也使人才業務受益。

And then last would be record additions. As we add new records, we have more jobs on our database, and those allow us to have higher hit rates when background screens are completed.

最後是記錄添加。隨著我們添加新記錄，我們的數據庫中有更多作業，這些作業使我們在後台屏幕完成時具有更高的命中率。

So the number of levers that workforce has in that vertical, and frankly in all their verticals, allows them to outperform their underlying markets quite strongly, and that's inherent in their business model.

因此，勞動力在該垂直領域以及坦率地說在所有垂直領域擁有的槓桿數量使他們能夠非常強勁地超越其基礎市場，這是他們的商業模式所固有的。

Your next question is coming from Andrew Steinerman from JPMorgan.

你的下一個問題來自摩根大通的 Andrew Steinerman。

John, what's implied in the 2023 guide in terms of organic constant currency revenue growth on a non-mortgage basis? So this is for '23 versus the 8% that was in the first quarter.

約翰，2023 年指南在非抵押基礎上的有機恆定貨幣收入增長方面有何暗示？所以這是 23 年與第一季度的 8% 相比。

Yes. So I don't think we gave an organic number for the full year, right? But what we are expecting to see, as we talked about, is a nice strength and strengthening in our total non-mortgage growth as we go through the rest of the third quarter and fourth quarter.

是的。所以我認為我們沒有給出全年的有機數字，對吧？但正如我們所談到的，我們期望看到的是，在第三季度和第四季度的剩餘時間裡，我們的非抵押貸款總額增長會出現不錯的增長。

Okay. Could you just talk a little bit about that acceleration in EWS? You've already been pretty clear about the International momentum.

好的。您能談談 EWS 中的加速嗎？您已經非常清楚國際勢頭。

Sure. So I think what EWS is continuing to see, very good performance in Government. We expect to continue to see that move forward as we go through the rest of the year. They're also seeing really nice progress in new product. So we're expecting to see good acceleration in NPI.

當然。所以我認為 EWS 正在繼續看到，政府的表現非常好。我們希望在今年餘下的時間裡繼續看到這一進展。他們還看到新產品取得了非常好的進展。所以我們期待看到 NPI 的良好加速。

Record additions.

記錄補充。

Record additions as we get through the rest of the year as well, as they added 3 new payroll processors in the first quarter. And we expect to see accelerating growth in records as we go through the year.

我們在今年剩餘時間裡也增加了記錄，因為他們在第一季度增加了 3 個新的薪資處理器。我們預計在這一年中會看到記錄的加速增長。

So I think all of those things will help us continue to drive higher performance in non-mortgage and EWS as we go through the rest of the year.

所以我認為所有這些都將幫助我們在今年餘下的時間裡繼續推動非抵押貸款和 EWS 的更高表現。

Your next question is coming from Andrew Jeffrey from Truist Securities.

你的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

Mark, you mentioned trended data in EWS, which is pretty intriguing. Can you discuss a little bit kind of what the price differential is on some of those newer trended data products?

馬克，你提到了 EWS 中的趨勢數據，這非常有趣。你能談談一些較新的趨勢數據產品的價格差異嗎？

And then sort of as a follow-up, can you also just refresh us on what percent of EWS inquiries go unfulfilled today, either because you don't have the data or you don't have the records in the database? And how you think those trends move over time.

然後作為後續行動，您能否也讓我們了解一下今天未完成的 EWS 查詢的百分比，要么是因為您沒有數據，要么是因為您沒有數據庫中的記錄？以及您認為這些趨勢如何隨時間變化。

Yes, 2 great questions. On the first one, that's a big part of not only EWS, but across Equifax. But EWS, when they completed the cloud last year was really able to unleash a lot of the capabilities around leveraging their historical dataset.

是的，2 個很好的問題。在第一個方面，這不僅是 EWS 的重要組成部分，而且是整個 Equifax 的重要組成部分。但是 EWS，當他們去年完成雲時，真的能夠釋放出很多圍繞利用他們的歷史數據集的能力。

And I think as you know, we keep every record. So we have over 600 million records. And if you think about mortgage or you think about auto or so many other verticals, understanding how much someone is paid today is very valuable. But having the history of what they're paid and is that pay increasing? Is it decreasing? Is it staying the same? Or if you've got an employee -- an individual who's compensated with the sales commission on a quarterly basis or an annual basis, that won't be picked up in the snapshot today. So trended data is very, very valuable.

我想如你所知，我們保留所有記錄。所以我們有超過 6 億條記錄。如果您考慮抵押貸款或汽車或許多其他垂直領域，那麼了解某人今天的薪水是非常有價值的。但是了解他們的薪水歷史，薪水會增加嗎？它在減少嗎？它保持不變嗎？或者，如果您有一名員工 - 一名按季度或按年收取銷售佣金的個人，今天的快照中將不會出現這種情況。所以趨勢數據非常非常有價值。

And we talked about on the call that we launched in -- I think it was in the -- early in the fourth quarter, a new Mortgage 36 product that gives 36 months worth of history of employment, leveraging our historical data. And that's become a very strong seller inside of the mortgage space. And that sells at really multiples, meaning 2 to 3x what a snapshot would sell for.

我們在電話會議上談到了我們在第四季度初推出的——我認為是在——一種新的 Mortgage 36 產品，它利用我們的歷史數據提供了 36 個月的就業歷史。這已成為抵押貸款領域內非常強大的賣家。而且它的售價是真正的倍數，這意味著快照售價的 2 到 3 倍。

Our basic income and employment data sells for $40 to $50 to $60. The trended data will be multiples of that because it delivers so much more predictive information for our customers. And our customers are buying it.

我們的基本收入和就業數據售價為 40 到 50 到 60 美元。趨勢數據將是該數據的倍數，因為它為我們的客戶提供了更具預測性的信息。我們的客戶正在購買它。

Same thing in other verticals around that historical data is very valuable. In background screening, some employers are looking for last job worked for certain jobs. Other employers or maybe in a white-collar role, are looking for 5 years' worth of history. And we obviously sell that longer history at a higher price point versus just the snapshot. So that's a big growth player for us.

在其他垂直領域，歷史數據也非常有價值。在背景篩選中，一些雇主正在尋找為某些工作工作的最後一份工作。其他雇主或白領職位正在尋找 5 年的歷史價值。而且我們顯然以更高的價格出售更長的歷史而不是快照。所以這對我們來說是一個重要的增長點。

And I think we talked in the comments earlier, the formal comments, that Verifier revenue now is approaching 50%, including historical records. And that's up dramatically from a number of years ago. So that's driving workforce revenue and margins. And again, it's leveraging the cloud capabilities and our focus on new products to drive it going forward.

我想我們之前在評論中談到過，正式評論中，Verifier 收入現在接近 50%，包括歷史記錄。與幾年前相比，這一數字急劇上升。因此，這推動了勞動力收入和利潤率。再一次，它利用雲功能和我們對新產品的關注來推動它向前發展。

Your second question on records. As I mentioned earlier, there's about 220 million working or employed individuals in the United States, including 167 million, 168 million non-farm payroll, 20 million to 40 million gig or self-employed individuals. And remember, a 1099 self-employed employee or worker could be a doctor, a dentist, a lawyer, very high-paid jobs, but they also are going to be a Uber driver. So there's a wide array of employees in that 20 million to 40 million, so we're going after those records.

關於記錄的第二個問題。正如我之前提到的，美國大約有 2.2 億在職或就業人員，其中包括 1.67 億、1.68 億非農就業人員，2000 萬至 4000 萬零工或個體經營者。請記住，一名 1099 自僱僱員或工人可能是醫生、牙醫、律師等高薪工作，但他們也將成為 Uber 司機。所以在這 2000 萬到 4000 萬員工中有各種各樣的員工，所以我們正在追踪這些記錄。

And then there's another 20 million to 30 million defined benefit pensioners in the U.S., and that pension income is income that our customers want to use when someone who's retired or receiving pension income is going out to get a financial product, whether it's a mortgage, an auto loan.

然後在美國還有另外 2000 萬到 3000 萬固定收益養老金領取者，當退休或領取養老金收入的人外出購買金融產品時，養老金收入是我們的客戶想要使用的收入，無論是抵押貸款，汽車貸款

So against the 220 million total income-producing individuals in the United States, we have about 117 million. So we're -- our hit rates are well north of 50%. But what the real opportunity is, is we continue to grow records. And it's just a very unique lever for any business to have because, as you know, we're already getting the inquiries to Workforce Solutions for every applicant that our customers have. And when we're not able to fulfill, they have to do it manually through -- using paper pay stubs and calling around to employers.

因此，相對於美國 2.2 億的總收入創造者，我們有大約 1.17 億。所以我們 - 我們的命中率遠高於 50%。但真正的機會是，我們繼續創造記錄。對於任何企業來說，這都是一個非常獨特的槓桿，因為如您所知，我們已經收到了客戶對每個申請人的 Workforce Solutions 的查詢。當我們無法履行時，他們必須通過使用紙質工資單並打電話給雇主來手動完成。

So as we add new records during the quarter, we're able to monetize them instantly because we already have the inquiries or the orders coming to our database. So that's why we have such a big focus and a large team of Workforce Solutions people focused on all those different verticals to add records to Workforce Solutions. And when you think about records being up double digit, that translates into double-digit revenue. So it's a very powerful lever for the business.

因此，當我們在本季度添加新記錄時，我們能夠立即將它們貨幣化，因為我們已經有查詢或訂單進入我們的數據庫。所以這就是為什麼我們有如此大的關注點和一個龐大的勞動力解決方案團隊，他們專注於所有這些不同的垂直領域，以將記錄添加到勞動力解決方案中。當您考慮記錄增長兩位數時，這會轉化為兩位數的收入。因此，這對企業來說是一個非常強大的槓桿。

Next question is coming from Shlomo Rosenbaum from Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

This one might be for John. Just can you talk about the non -- the mortgage and non-mortgage organic Verifier revenue? I think that was given out in previous quarters, but I didn't see it on the slide. And then I have a follow-up.

這個可能是給約翰的。你能談談非抵押和非抵押有機驗證者的收入嗎？我認為這是在前幾個季度給出的，但我沒有在幻燈片上看到它。然後我有一個後續行動。

So again, what we talked about, I think, in the quarter is we had very good growth in total. It was about 16%, I think, in Verifier. And then 11% growth. We didn't give a specific organic number. Acquisitions weren't that substantial in EWS in the past year, so there's really not a significant impact from acquisitions.

所以，我認為，我們在本季度談到的是我們總體上取得了非常好的增長。我認為，在 Verifier 中大約有 16%。然後增長 11%。我們沒有給出具體的有機數字。過去一年 EWS 的收購併不多，因此收購確實沒有產生重大影響。

And really, what we're expecting, as we just talked about a minute ago to drive the growth as we go forward, is really continued acceleration in growth in Government, and continued addition of records, benefits of new products, as well as additional pricing that should allow us to get -- to drive back to total growth in the back half of the year that's above 10%, as it was in the first quarter.

事實上，正如我們剛才談到的，我們期待的是推動我們前進的增長，實際上是政府增長的持續加速，以及不斷增加的記錄、新產品的好處，以及額外的應該讓我們獲得的定價 - 推動今年下半年的總增長超過 10%，就像第一季度一樣。

Okay. And then when you talked about the new payroll processors, obviously, this is a significant effort on the company's part to go ahead and continue to add the records. But I didn't see the comment that those were exclusive like we have seen in previous quarters. Was that just left out or were some of them just not exclusive?

好的。然後當你談到新的薪資處理器時，很明顯，這是公司繼續前進並繼續添加記錄的重大努力。但我沒有看到像我們在前幾個季度看到的那樣是獨家的評論。是只是被遺漏了還是其中一些不是排他性的？

No. The contracts that we're signing are and will continue to be exclusive going forward. That's our plan, and it needs work.

不。我們正在簽署的合同是並將繼續是排他性的。那是我們的計劃，它需要工作。

Your next question is coming from Andrew Nicholas from William Blair.

你的下一個問題來自威廉布萊爾的安德魯尼古拉斯。

I wanted to start -- it doesn't seem like, from the deck, there was any mention of the identity and fraud business in the quarter. Just wondering how that's trending, both in the first quarter, and what your expectations are for progression as we move through the year there.

我想開始 - 從甲板上看，本季度似乎沒有提到身份和欺詐業務。只是想知道第一季度的趨勢如何，以及您對我們在那裡度過這一年的進展的期望是什麼。

Yes, still strong growth. We should have called it out. It was not intended to not do that. We've got a lot of good things happening at Equifax, and we should have highlighted that one also. As you know, we acquired Kount a couple of years ago, and we've added Midigator last year. And those 2 businesses in United States and actually globally are performing very well and continuing to deliver that double-digit revenue. So they're part of that USIS -- strong USIS performance.

是的，增長仍然強勁。我們應該大聲疾呼。它無意不這樣做。我們在 Equifax 發生了很多好事，我們也應該強調這一點。如您所知，我們在幾年前收購了 Kount，並在去年加入了 Midigator。這兩家在美國乃至全球的企業都表現非常好，並繼續提供兩位數的收入。所以他們是 USIS 的一部分——強大的 USIS 性能。

And as you know, identity is an area that is a priority focus for Equifax, both around new products as also -- and also around M&A. And the identity and fraud team are rolling out new solutions to really expand their capabilities, not only in Kount's space in the retail world, where e-commerce has been their focus. But as you know, we've got a large and expanding identity business in FI, insurance and telco, where we're bringing new solutions there also.

如您所知，身份是 Equifax 優先關注的領域，既圍繞新產品，也圍繞併購。身份和欺詐團隊正在推出新的解決方案，以真正擴展他們的能力，而不僅僅是在 Kount 的零售領域，電子商務一直是他們的重點。但正如您所知，我們在 FI、保險和電信領域擁有龐大且不斷擴展的身份業務，我們也在這些領域帶來新的解決方案。

Great. And then for my follow-up, I wanted to ask about mortgage growth in EWS. It looks to me like the outperformance relative to inquiry volumes has been narrowing or at least narrowed in the quarter. Just wondering if there's anything to read into that. Is that a lower kind of normal level of outperformance to expect through the rest of the year? Or if you could just kind of unpack the 38% mortgage decline relative to the 44% decline in inquiries in the first quarter, that would be helpful.

偉大的。然後對於我的後續行動，我想詢問 EWS 中的抵押貸款增長情況。在我看來，相對於詢價量的表現在本季度有所收窄或至少有所收窄。只是想知道是否有任何內容可以解讀。在今年餘下的時間裡，這是一種較低的正常表現水平嗎？或者，如果您可以將 38% 的抵押貸款降幅與第一季度 44% 的查詢降幅進行比較，那將很有幫助。

Yes. I think the more relevant comparison really is against originations, right? Because USIS obviously ties very closely to credit inquiries, but EWS is much more closely tied to originations because EWS TWN data is not pulled as early in the cycle of a mortgage as credit is. So it's very closely tied to an origination. And the 20% outperformance relative to originations, we think, was very strong and very consistent with our expectations. So we feel really good about the way they're performing.

是的。我認為更相關的比較確實是針對起源的，對吧？因為 USIS 顯然與信用查詢關係密切，但 EWS 與發起關係更為密切，因為 EWS TWN 數據不像信用那樣在抵押貸款週期中提取得那麼早。所以它與起源密切相關。我們認為，相對於原創的 20% 的表現非常強勁，並且與我們的預期非常一致。所以我們對他們的表現方式感覺非常好。

And again, it's all the things Mark has already referenced. Strong record growth, good performance in pricing. And especially in the last couple of quarters, they've done an outstanding job of rolling out Mortgage 36, which is their new trended product, which has been very beneficial in which the rollout will complete here as we get through first quarter and into second quarter. So we feel really good about their outperformance against mortgage.

再說一遍，這是 Mark 已經提到的所有內容。創紀錄的強勁增長，良好的定價表現。特別是在過去幾個季度，他們在推出 Mortgage 36 方面做得非常出色，這是他們的新趨勢產品，這非常有益，隨著我們度過第一季度和第二季度，我們將在這裡完成推出四分之一。因此，我們對他們在抵押貸款方面的出色表現感到非常滿意。

They were also off a tough comp from last year.

他們也擺脫了去年的艱難競爭。

Very tough compare.

非常艱難的比較。

Very, very strong outperformance from some of the new products that were rolled out late in '21 and into '22. They had a very, very strong '22. And we're pleased with their outperformance. We think it's very strong.

在 21 世紀末和 22 世紀末推出的一些新產品的表現非常非常強勁。他們有一個非常非常強大的'22。我們對他們的出色表現感到滿意。我們認為它非常強大。

Makes sense. Didn't account for that nuance.

說得通。沒有考慮到這種細微差別。

Your next question is coming from Craig Huber from Huber Research.

您的下一個問題來自 Huber Research 的 Craig Huber。

First question, can you just give us a little more detail, if you would, in the U.S. for auto and your credit card business? How that did, and maybe what your outlook is for the rest of the year?

第一個問題，如果願意的話，您能否再給我們介紹一下在美國的汽車和信用卡業務？那是怎麼回事，也許你對今年餘下時間的展望是什麼？

So I think we indicated that auto performed well, right? And we also indicated, I believe, that FI or banking, right, was about flat, right? And our credit card business is inside of FI.

所以我認為我們表示汽車錶現良好，對嗎？我相信，我們還表示，FI 或銀行業務基本持平，對吧？我們的信用卡業務在 FI 內部。

And I think we also said in the comments that what was driving the FI to flat was fintech down, which has been under pressure from originations for a while. Some slowdown, but limited in the smaller banks, and continued growth with the larger FIs. So there was kind of a balancing impact in there.

而且我認為我們在評論中也說過，推動 FI 持平的是金融科技的下滑，一段時間以來，金融科技一直承受著來自起源的壓力。一些放緩，但僅限於小型銀行，大型金融機構繼續增長。所以那裡有一種平衡的影響。

And my final question, guys. Your uses of free cash flow, has your thoughts here changed? Should we expect anything different here other than just potential debt paydown?

我的最後一個問題，伙計們。你對自由現金流的使用，你的想法改變了嗎？除了潛在的債務償還之外，我們是否應該期望這裡有什麼不同？

Yes. We're still focused, first and foremost, on growing the company and expanding our EBITDA margins. And I think, as you know, Craig, as we complete the cloud, our CapEx will come down. It's down this year. Our plan is to take it down again next year. So that's going to expand our free cash flow. Certainly, our margins will continue to expand.

是的。我們仍然首先關注公司的發展和擴大我們的 EBITDA 利潤率。我認為，正如你所知，克雷格，當我們完成雲計算時，我們的資本支出將會下降。今年跌了我們的計劃是明年再次取消它。所以這將擴大我們的自由現金流。當然，我們的利潤率將繼續擴大。

And when we think about uses of free cash flow, no change. Our 1 to 2 points of revenue growth from bolt-on M&A is a part of our capital allocation strategy. And as you know, we've got Boa Vista in the pipeline to add to Equifax, which is actually a bit north of that 1 to 2 points of revenue growth.

當我們考慮自由現金流的用途時，沒有變化。我們通過補強併購實現的 1 到 2 個百分點的收入增長是我們資本配置戰略的一部分。正如你所知，我們已經將 Boa Vista 添加到 Equifax 中，這實際上比 1 到 2 個收入增長點略高。

And then we've been very clear that, in the future, as our margins move towards that 39%, in 2025, our free cash flow will continue to expand. And excess free cash flow beyond what we use for M&A and CapEx, we want to return to shareholders at the right time through buyback and dividend. And that's certainly a part of our plan in the future.

然後我們非常清楚，在未來，隨著我們的利潤率向 39% 邁進，到 2025 年，我們的自由現金流將繼續擴大。超出我們用於併購和資本支出的多餘自由現金流，我們希望通過回購和派息在正確的時間回報股東。這肯定是我們未來計劃的一部分。

So very near term, right? We are focused on reducing leverage. And as we move through 2023 and early 2024, you'll see us focus on leverage reduction. And I think in the back half of the year, focus on integrations, obviously, as we complete BVS and integrate the other acquisitions we've done over the next couple of years.

非常近期，對吧？我們專注於降低杠桿率。隨著 2023 年和 2024 年初的到來，您會看到我們專注於降低杠桿率。我認為在今年下半年，重點放在整合上，顯然，當我們完成 BVS 並整合我們在未來幾年完成的其他收購時。

Sorry, one -- back on the first question. The auto and the credit card outlook for the second half of the year, can you just touch on that a little bit further?

抱歉，回到第一個問題。下半年的汽車和信用卡前景，你能稍微談一下嗎？

Yes. So we didn't really give a forecast by segment, right? But I think what we did talk about is that embedded in our guidance is an expectation is we'll see generally weakening markets as we go through the rest of this year. That's certainly true in the U.S. -- in the back half, sorry, in the back half of this year in the U.S., but also in most of our international markets. We didn't give specific forecasts around auto and/or FI.

是的。所以我們並沒有真正給出細分市場的預測，對吧？但我認為我們確實談到的是，在我們的指導中嵌入了一種預期，即在今年餘下的時間裡，我們將看到市場普遍疲軟。這在美國當然是正確的——在下半年，抱歉，今年下半年在美國，但在我們的大多數國際市場也是如此。我們沒有給出關於汽車和/或 FI 的具體預測。

Next question is coming from Kelsey Zhu from Autonomous Research.

下一個問題來自 Autonomous Research 的 Kelsey Zhu。

So LinkedIn is introducing an employment verification product. I was wondering, does that impact how you think about EWS pricing or growth trajectory at all?

所以 LinkedIn 正在推出就業驗證產品。我想知道，這是否會影響您對 EWS 定價或增長軌蹟的看法？

We don't. The number of solutions out there from fintechs. And as you know, Experian's got a business there, too. The scale of our dataset, our ability to continue growing that dataset, and the fact we get verified records directly from the source, meaning the company's payroll records. And the depth of the record also.

我們沒有。金融科技公司提供的解決方案數量。如您所知，Experian 在那裡也有業務。我們數據集的規模，我們繼續擴大該數據集的能力，以及我們直接從源頭獲得經過驗證的記錄，即公司的工資單記錄。又深記也。

As you probably know, we get over 50 attributes in every payroll record. That includes name, social, date of birth, job title, which is very important for our employer vertical. But then all kinds of details on the payroll, gross pay, net pay deductions, stock compensation, incentive compensation, sales compensation, hours worked, et cetera. So the depth of our database, the fact that it's current every pay period, and the scale of it really gives us a very strong position.

您可能知道，我們在每條薪資記錄中獲得超過 50 個屬性。這包括姓名、社交、出生日期、職位，這對我們的垂直雇主非常重要。然後是工資單上的各種細節，工資總額，淨工資扣除額，股票補償，激勵補償，銷售補償，工作時間等等。所以我們數據庫的深度，它在每個支付期都是最新的，它的規模確實給了我們一個非常強大的位置。

And then last, I think, as you know, we have system-to-system integrations that we've built in all of our verticals, where as a part of their workflows, our customers' workflows, they hit our database. So we're hit first.

最後，我認為，如你所知，我們在所有垂直行業中都建立了系統到系統的集成，作為他們工作流程的一部分，我們客戶的工作流程，他們訪問了我們的數據庫。所以我們先被擊中。

Where solutions like you described or some of the fintechs play in is where there's not a verification available from Workforce Solutions, and you have to go to another source, which is typically manual. And that's why we have a partnership with Yodlee, where we do bank transaction data and there's other solutions like that. But you've seen continued super strong growth from workforce because of the uniqueness and scale and depth of the dataset.

在您描述的解決方案或某些金融科技公司發揮作用的地方，勞動力解決方案無法提供驗證，您必須轉到另一個來源，這通常是手動的。這就是我們與 Yodlee 建立合作夥伴關係的原因，我們在那里處理銀行交易數據，還有其他類似的解決方案。但由於數據集的獨特性、規模和深度，您已經看到勞動力持續超強增長。

Got it. Super helpful. My second question is on consumer solutions. So the strong growth there, I was wondering, is that more driven by volume or market share gains?

知道了。超級有幫助。我的第二個問題是關於消費者解決方案。所以我想知道，那裡的強勁增長更多是由銷量或市場份額增長推動的嗎？

Yes, that's a -- that business is a direct-to-consumer business that -- where we sell credit monitoring solutions and other solutions like that. It's really the business has rolled out some new products, it's leveraging our new cloud capabilities and just having better performance in some of the success rate of landing new consumers that want to use our credit monitoring solutions in the marketplace. So we're pleased with that performance and having it return to growth.

是的，那是一個——該業務是一個直接面向消費者的業務——我們在那裡銷售信用監控解決方案和其他類似的解決方案。這真的是企業推出了一些新產品，它利用了我們新的雲功能，並且在吸引希望在市場上使用我們的信用監控解決方案的新消費者方面取得了更好的表現。因此，我們對這種表現感到滿意，並讓它恢復增長。

You may recall that it struggled a year ago, 2 years ago. And as we got into the cloud and leveraged those capabilities and rolled out the new products, we've had some better performance, which we're pleased with.

你可能還記得它在一年前、兩年前掙扎過。當我們進入雲並利用這些功能並推出新產品時，我們獲得了一些更好的性能，我們對此感到滿意。

Your next question today is coming from Jeff Meuler from Baird.

您今天的下一個問題來自 Baird 的 Jeff Meuler。

So I guess I had a different take on the Verifier talent. I get that the revenue dollars stepped up sequentially. But when I look at the year-over-year, I guess, revenue, plus 10%; gross hiring, minus 6%. I think that's an industry metric. And then records, plus 15%. Mathematically, that seems like the story, but you're calling out several other, I guess, structural growth drivers or factors. I know you've gotten asked a lot about one specific situation referenced by another public company. But just if you can help me on the other structural growth drivers, or if there's any other offsets to that we need to consider.

所以我想我對 Verifier 天賦有不同的看法。我知道收入美元依次增加。但當我看年同比時，我猜，收入增加了 10%；招聘總額，負 6%。我認為這是一個行業指標。然後記錄，加15%。從數學上講，這似乎是故事，但我猜你是在呼喚其他幾個結構性增長驅動因素或因素。我知道你已經被問了很多關於另一家上市公司提到的一個特定情況的問題。但只要你能幫助我解決其他結構性增長驅動因素，或者是否有任何其他我們需要考慮的抵消因素。

The one thing I would change in your walk there, Jeff, I think you're hitting a lot of the right points, is the record growth. Remember, in talent, we use our historical records. And current records growth is very important, but most of what we're leveraging is not records from the quarter in that business. It's records over the last year, 2 year, 3 year, 4 year, 5 years. So that isn't going to be quite as big an impact as far as higher hit rates. As we add -- in essence, what you're adding, you want to add is more jobs.

傑夫，我想改變你走在那裡的一件事是創紀錄的增長。請記住，在人才方面，我們使用的是我們的歷史記錄。當前的記錄增長非常重要，但我們利用的大部分不是該業務季度的記錄。它是過去一年、2 年、3 年、4 年、5 年的記錄。因此，就更高的命中率而言，影響不會那麼大。當我們添加時——本質上，你要添加的是更多的工作。

New product rollouts. As we talked, they've rolled out a couple of new products -- actually, a number of new products over the last 12 to 18 months. So those are benefiting kind of on a year-over-year basis as they're embedded in with our customers, principally background screeners. And we rolled out a couple of new ones in the quarter. One for the hourly workforce that we think is going to provide growth to us going forward.

新產品發布。正如我們所說，他們已經推出了一些新產品——實際上，在過去的 12 到 18 個月裡推出了許多新產品。因此，當它們嵌入到我們的客戶（主要是背景篩選器）中時，它們每年都會從中受益。我們在本季度推出了幾個新產品。我們認為將為我們未來的增長提供小時工。

And then the other growth lever for that business to offset a declining market is just pure penetration. Remember, we're doing, in rough kind of high-level math, 2 in 10 or 3 in 10 background screens are using our data. The others are still using the manual BPO kind of process. So that's an opportunity for the business. I don't know if that's helpful.

然後，該業務抵消市場下滑的另一個增長槓桿就是純粹的滲透。請記住，我們正在做粗略的高級數學計算，10 個背景屏幕中有 2 個或 10 個背景屏幕中有 3 個正在使用我們的數據。其他人仍在使用手動 BPO 類流程。所以這對企業來說是一個機會。我不知道這是否有幫助。

It is helpful. And then on just the 36%-plus and $2 as a launching off point, I just want to make sure I'm thinking through the seasonality correctly. I guess in future years, there is still some seasonally lower margin or EPS in Q1, but -- from timing of equity grants and other factors. But it's nowhere near as pronounced as it was in 2023 because there was a onetime catch-up in '23 that impacted Q1. Just want to make sure I have that right.

這很有幫助。然後以 36% 以上和 2 美元作為起點，我只是想確保我正確地考慮了季節性。我猜想在未來幾年，第一季度的利潤率或每股收益仍會出現一些季節性下降，但是——來自股權授予的時間和其他因素。但它遠沒有 2023 年那麼明顯，因為 23 年的一次追趕影響了第一季度。只是想確保我有那個權利。

So you talking about the incentive compensation impact in the first quarter, along with the equity compensation impact.

所以你在談論第一季度的激勵薪酬影響，以及股權薪酬影響。

So specific to equity, the impact each year is probably relatively similar, right? Because it's just the fact that the grants that are executed in the given year, based on the structure of the programs, now currently end up being -- the expense ends up being taken in the first quarter.

那麼具體到股權，每年的影響大概是比較相似的吧？因為事實是，根據項目的結構，在給定年份執行的贈款現在最終是——費用最終在第一季度發生。

As Mark mentioned, in terms of the impact on our margins, going from fourth to first of -- fourth of '22 to first of 2023, we did obviously have an incremental impact as we normalized cash incentive compensation. And that's not something that we should see each year going forward. But the equity incentive compensation, yes, that's something you'll see each year.

正如馬克所提到的，就對我們利潤率的影響而言，從 22 年的第四年到 2023 年的第一年，隨著我們將現金激勵薪酬正常化，我們確實產生了明顯的增量影響。這不是我們每年都應該看到的事情。但是股權激勵補償，是的，這是你每年都會看到的。

But I think to your question, the cost out is quite substantial, meaning our cost structure is going to be meaningfully lower as we exit the year and complete the restructuring that we're talking about.

但我認為你的問題是，成本相當可觀，這意味著我們的成本結構將在我們退出今年並完成我們正在談論的重組時顯著降低。

I think we've also talked, I think, on the last call, we expect to have, number one, carryover benefit because these cost-outs happen throughout the year. So we're not at full run rate of those cost actions in the fourth quarter. So you get a benefit in 2024 that will help our margins next year. And then we also expect to have further cloud savings in 2024 as we complete -- we're not fully complete with the cloud at the end of this year. So there will be additional benefits from that.

我想我們也談過，我想，在最後一次電話會議上，我們希望獲得第一，結轉收益，因為這些成本支出全年都會發生。因此，我們在第四季度沒有完全按照這些成本行動的速度運行。因此，您將在 2024 年獲得收益，這將有助於我們明年的利潤率。然後我們還希望在 2024 年完成時進一步節省雲計算費用——到今年年底我們還沒有完全完成雲計算。所以會有額外的好處。

Next question is coming from Heather Balsky from Bank of America.

下一個問題來自美國銀行的 Heather Balsky。

Can you help update us on your plans around your USIS product launch strategy now that you've finalized your tech transformation? I'm curious, we've seen some releases around recent product launches. Should we see those launches ramp more meaningfully this year? And when do you think we'll start to see a benefit to sales from these efforts?

既然您已經完成了技術轉型，能否幫助我們更新您圍繞 USIS 產品發布戰略的計劃？我很好奇，我們在最近的產品發布中看到了一些版本。今年我們是否應該看到這些發射更有意義？您認為我們什麼時候會開始從這些努力中看到銷售收益？

Yes, 100%. Just as a reminder, USIS is not complete with their cloud transformation, but they're in the final chapters. So we're going to complete that this year. We have a meaningful number of customers already on the USIS cloud, which is a big deal. .

是的，100%。提醒一下，USIS 的雲轉型尚未完成，但他們已進入最後一章。所以我們將在今年完成。我們已經在 USIS 雲上擁有大量客戶，這很重要。 .

And you are seeing an acceleration of new product rollouts in 2023 already from the USIS team. You may have seen our announcement, which I didn't talk about this morning, of our -- we talked about in February, of our new mortgage credit report, where we're adding our cellphone utility data to that. That's going to provide a meaningful lift in credit scores for consumers by the addition of that data. And we're the only ones that can do that. So that's going to be a very positive product for us in the mortgage space.

您已經看到 USIS 團隊在 2023 年加速推出新產品。你可能已經看到了我們的公告，我今天早上沒有談到，我們在二月份談到了我們新的抵押貸款信用報告，我們正在向其中添加我們的手機實用程序數據。通過添加該數據，這將為消費者提供有意義的信用評分提升。我們是唯一可以做到這一點的人。因此，這對我們在抵押貸款領域來說將是一個非常積極的產品。

I talked about this morning the new OneScore solution that combines our cellphone utility data, which is a very large data set for Equifax that only we have, along with our Teletrack and DataX solutions on 80 million consumers in the U.S. So that's another new solution that will be additive to the credit file and differentiate USIS in the marketplace. So that's a brand new product that's out there.

我今天早上談到了新的 OneScore 解決方案，它結合了我們的手機實用數據，這是一個非常大的 Equifax 數據集，只有我們擁有，以及我們針對美國 8000 萬消費者的 Teletrack 和 DataX 解決方案。這是另一個新解決方案將添加到信用檔案中並在市場上區分 USIS。所以這是一種全新的產品。

We also launched a new solution in our commercial business that's really driving that business growth. And that's one that's been in the marketplace a little bit longer for a few months, but you're seeing very strong double-digit growth in our commercial business. And that solution, we're combining our bank transaction data with -- along with our PayNet leasing trade line data, which delivers very meaningful predictability lifts and performance lifts for our commercial customers.

我們還在我們的商業業務中推出了一個真正推動業務增長的新解決方案。這是一個在市場上出現了幾個月的時間，但你看到我們的商業業務實現了非常強勁的兩位數增長。在這個解決方案中，我們將我們的銀行交易數據與我們的 PayNet 租賃貿易線數據結合起來，這為我們的商業客戶提供了非常有意義的可預測性和性能提升。

So big time. We have -- you're already seeing it, the early days of them rolling out their solutions. And I think you are seeing it in some of the revenue in the businesses, and that will continue to show up as we complete the cloud in USIS later this year.

這麼大的時間。我們已經——你已經看到了，他們在早期推出了他們的解決方案。而且我認為你會在業務的一些收入中看到它，並且隨著我們在今年晚些時候在 USIS 中完成雲計算，這將繼續出現。

The other lever that's going to be -- I think we've talked about, is we expect to have competitive or market share gains from the stability, meaning always on, as well as the data transmission benefits from the Equifax Cloud for USIS. So that's another lever. And we've been clear that we're in active dialogues with customers that are moving Equifax into preferred positions because of our investment in the cloud, and again, is another USIS benefit. So those impacts on their revenue should show up as we move through '23, but really kick in, in '24 and '25.

另一個槓桿將是——我想我們已經討論過，我們希望從穩定性中獲得競爭或市場份額收益，這意味著永遠在線，以及來自 Equifax Cloud for USIS 的數據傳輸優勢。這是另一個槓桿。我們已經明確表示，由於我們對雲的投資，我們正在與將 Equifax 轉移到首選位置的客戶進行積極對話，這也是 USIS 的另一個好處。因此，當我們走過 23 年時，這些對他們收入的影響應該會顯現出來，但在 24 年和 25 年才真正開始。

That's helpful. And just as a housekeeping question, there was a $25 million adjustment related to M&A integration. Just curious, which -- what's that related to in particular? Is that including anything with Boa Vista? Or is it other past transactions?

這很有幫助。作為一個內務管理問題，有一項與併購整合相關的 2500 萬美元調整。只是好奇，這與什麼特別相關？這包括 Boa Vista 的任何內容嗎？或者是其他過去的交易？

Yes. So you're talking about the difference between our adjusted and unadjusted financials. Now we include M&A integration for a period of time outside of our adjusted EPS. And that's just the M&A integration related to some of the transactions that have been completed over the past 18 months.

是的。所以你在談論我們調整後和未調整後的財務數據之間的區別。現在，我們在調整後的每股收益之外的一段時間內包括了併購整合。而這只是與過去 18 個月完成的一些交易相關的併購整合。

Next question is coming from Toni Kaplan from Morgan Stanley.

下一個問題來自摩根士丹利的 Toni Kaplan。

I was hoping to ask about the margin ramp in the second half. I know you talked about the $200 million of expense savings with a bulk of that coming from OpEx. But I guess, just how much of the margin expansion is in the bag, if you will, based on spending that's going away, versus how much is based on scale or improvement in the business?

我想問一下下半年的利潤率上升情況。我知道您談到了 2 億美元的費用節省，其中大部分來自運營支出。但我想，如果你願意，根據正在消失的支出，利潤率的增長有多少是在囊中，而有多少是基於業務的規模或改進？

Well, I'd say in the second half, there's a significant amount, obviously, from spending reductions. And there's a lot of execution to do in order to generate those spending reductions. We feel confident that we're going to do it, but -- and we're executing very well through April on doing that. But we're focused on delivering those spending reductions and expect to do that.

好吧，我會在下半年說，很明顯，支出減少有很大一部分。為了產生這些支出減少，還有很多執行工作要做。我們有信心我們會做到這一點，但是 - 我們在整個 4 月份都執行得非常好。但我們專注於實現這些支出削減，並期望做到這一點。

So it's a significant amount of the improvement in the second half, but we also do have some revenue ramp in the second half, right? We talked about some growth that we're expecting to see in EWS specifically around their non-mortgage segment. We're expecting to see continued strong performance across International, good performance in USIS, even, across non-mortgage. So we are expecting to see those improvements in revenue, which will also help drive margin enhancement. So it's really in both areas. Both are meaningful. And there's execution necessary for both of them in order to deliver the 36%-plus margins.

所以下半年有很大的改善，但下半年我們也確實有一些收入增長，對吧？我們談到了我們期望在 EWS 中看到的一些增長，特別是圍繞他們的非抵押貸款領域。我們期待看到國際業務的持續強勁表現，USIS 的良好表現，甚至是非抵押貸款業務。因此，我們期待看到收入的這些改善，這也將有助於推動利潤率的提高。所以它真的在這兩個領域。兩者都有意義。為了實現 36% 以上的利潤率，他們都需要執行。

Maybe just to add on that. I'm not sure I'd use your term in the bag. But I would say we have a high degree of confidence because we have real visibility around the cost reductions. Those are ones where we know when contractors are going to leave and when we're going to decommission data centers. That's all in our control. So that gives us a lot of confidence in the ability to execute against that, if that makes sense.

也許只是為了補充這一點。我不確定我會在包裡使用你的術語。但我會說我們有很高的信心，因為我們對成本削減有真正的了解。這些是我們知道承包商何時離開以及我們何時要停用數據中心的地方。這一切都在我們的控制之中。因此，如果這有意義的話，這讓我們對執行的能力充滿信心。

Terrific. And for a follow-up, wanted to ask about Work Number. There have been a few income and employment verification providers moving into the space. I guess, how do you see the long term playing out? Are there specific areas where maybe new competitors can compete in? Like with current employment, more recent employment, versus like you're providing a lot of value with the historical and have the advantage there? So just I guess maybe long-term competitive-wise, how do you see the industry playing out?

了不起。而對於後續行動，想詢問工作號碼。已經有一些收入和就業驗證提供者進入了這個領域。我想，你如何看待長期的結果？是否有新競爭對手可以參與競爭的特定領域？就像當前的就業，最近的就業，相對於你在歷史上提供了很多價值並且在那裡有優勢？所以我想也許從長期競爭的角度來看，你如何看待這個行業的發展？

Yes. It's not lost on us. There's other players there. Our biggest competitor, the way we think about it, is paper pay stubs. Almost 50% of income and employment verifications are still done manually in the United States. The scale of our dataset, obviously, is a real advantage, and we continue to grow that. Being up double digits in records in the quarter, adding 3 new payroll processors. As you know, we add record through our Employer Solutions business. As we grow that business in UC or W-2 or all the other services we provide to -- directly to HR managers. So scale is clearly a real advantage to us.

是的。我們並沒有失去它。那裡還有其他玩家。在我們看來，我們最大的競爭對手是紙質工資單。在美國，近 50% 的收入和就業證明仍然是人工完成的。顯然，我們數據集的規模是一個真正的優勢，我們將繼續擴大這一優勢。本季度的記錄增長了兩位數，增加了 3 個新的薪資處理器。如您所知，我們通過我們的雇主解決方案業務來增加記錄。隨著我們在 UC 或 W-2 或我們提供的所有其他服務中發展業務——直接提供給人力資源經理。因此，規模顯然對我們來說是一個真正的優勢。

And as you also point out, increasingly, the historical records that we have from our decades in the business are super valuable with 50% Verifier revenue coming from those historical records. That's very hard to get when you're a fintech trying to get someone's bank account information that only has the net pay in it. Getting that historical net pay is a data point, but it's generally not deep enough or broad enough what to use in a lot of the verifications that we're using. So scale is a big deal for us. The depth of the data set, meaning having gross pay through all the deductions, all those details. And then historical records.

正如您還指出的那樣，越來越多的情況下，我們從幾十年的業務中獲得的歷史記錄非常有價值，50% 的 Verifier 收入來自這些歷史記錄。當你是一名試圖獲取某人銀行賬戶信息且其中只有淨工資的金融科技人員時，這很難獲得。獲得歷史淨工資是一個數據點，但它通常不夠深入或不夠廣泛，無法用於我們正在使用的許多驗證。所以規模對我們來說很重要。數據集的深度，意味著通過所有扣除和所有這些細節獲得總收入。然後是歷史記載。

So we're focused on expanding. I think as you know, we've done, I think, 5 acquisitions in the last 24 months to strengthen our employer capabilities there. That's a big growth lever for us to add records. And we're continuing to add payroll partners with 3 new ones signed in the first quarter that will come online. So we're clearly very, very focused on expanding the record set that we have.

所以我們專注於擴展。我想正如你所知，我認為我們在過去 24 個月內完成了 5 次收購，以加強我們在那裡的雇主能力。這是我們增加記錄的一個重要增長槓桿。我們將繼續增加薪資合作夥伴，第一季度將有 3 個新簽約的合作夥伴上線。所以我們顯然非常非常專注於擴大我們擁有的記錄集。

Your next question is coming from David Togut from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 David Togut。

Could you quantify your 2023 revenue and earnings guidance? How much you've included both from pricing actions at EWS and positive price/mix from the shift to trended data? Particularly benefited by the new Mortgage 36 product?

您能否量化您 2023 年的收入和收益指引？您從 EWS 的定價行動和從轉向趨勢數據的積極價格/組合中獲得了多少？特別受益於新的 Mortgage 36 產品？

And just as a follow-up, Mark, if you give us a broader framework about how you think about pricing in the EWS business beyond this year in terms of how you think about balancing strong unit demand versus taking price?

作為後續行動，馬克，如果你給我們一個更廣泛的框架，關於你如何考慮今年以後 EWS 業務的定價，你如何考慮平衡強勁的單位需求與定價？

Yes. David, I think as you know, for competitive reasons and commercial reasons, we don't disclose any of our price actions in any parts of the business. I think we've been clear that the majority of Equifax businesses take price up every year. We generally do it on 1/1. And we did that this year and we expect to do it next year and going forward. So no question that, that's a part of our strategy.

是的。大衛，我想正如你所知，出於競爭原因和商業原因，我們不會在業務的任何部分披露我們的任何價格行為。我想我們已經很清楚，大多數 Equifax 企業每年都會提價。我們通常在 1/1 進行。我們今年做到了這一點，我們希望明年和未來繼續這樣做。所以毫無疑問，這是我們戰略的一部分。

And when you think about price, and I know you do, you got to think about pure price, but also the impact of our new product initiatives, which generally are delivering differentiated solutions with more data. And that more data drives more predictability and value for our customers and allows us to charge more for that. So new products are clearly a lever of growth for us.

當你考慮價格時，我知道你會這樣做，你必須考慮純粹的價格，還要考慮我們新產品計劃的影響，這些計劃通常會提供具有更多數據的差異化解決方案。更多的數據為我們的客戶帶來更多的可預測性和價值，並允許我們為此收取更多費用。因此，新產品顯然是我們增長的槓桿。

And again, you should also think about Workforce Solutions, in particular, of having multiple levers that I would say are all important. Certainly, pure prices. Product growth is a real margin expander -- revenue expander for workforce and the rest of Equifax. Record growth certainly drives very meaningfully our top line and our bottom line at Workforce Solutions.

再一次，你還應該考慮勞動力解決方案，特別是擁有多個槓桿，我認為這些槓桿都很重要。當然，純價格。產品增長是真正的利潤擴張器——員工和 Equifax 其他部門的收入擴張器。創紀錄的增長無疑極大地推動了我們在 Workforce Solutions 的收入和利潤。

And it's very unique. Our businesses and most other data businesses in the industry already have all the records or have marginal ability to add to them. In our case, there's 220 million working or income-producing Americans in the U.S. and we've got 117 million of them. So there's a lot of growth, and being up double digit in the quarter as a big revenue growth.

它非常獨特。我們的業務和行業中的大多數其他數據業務已經擁有所有記錄或具有添加到它們的邊際能力。就我們而言，美國有 2.2 億工作或有收入的美國人，而我們有 1.17 億。所以有很多增長，並且在本季度增長了兩位數，這是一個巨大的收入增長。

In workforce, we also have big penetration opportunities. Remember, most data businesses, your dataset is used on every transaction, in every customer. That's highly penetrated because they've been around for a long time. Even in mortgage in Workforce Solutions, close to 40% of mortgages are done manually, income and employment verification. And that was 55% a few years ago. So we've grown that 500 basis points. So a bunch of levers beyond price is what makes workforce so unique in its ability to outperform the underlying markets that it competes in.

在勞動力方面，我們也有很大的滲透機會。請記住，大多數數據業務，您的數據集用於每個客戶的每筆交易。這是高度滲透的，因為它們已經存在了很長時間。即使在 Workforce Solutions 中的抵押貸款中，也有接近 40% 的抵押貸款是手動完成的，包括收入和就業驗證。幾年前是 55%。所以我們已經增加了 500 個基點。因此，除了價格之外的一系列槓桿使得勞動力在超越其競爭的基礎市場的能力方面如此獨特。

Your point on balance is right on. You used the right word. We try to be very balanced in all of our businesses, including workforce, around what we're doing on pure price in balance. How we look at it going forward is always going to be around the value we're delivering and the unique solutions that we have.

你的平衡點是正確的。你用了正確的詞。我們試圖在我們所有的業務中保持非常平衡，包括勞動力，圍繞我們在純粹的價格平衡上所做的事情。我們如何看待它的發展始終圍繞著我們提供的價值和我們擁有的獨特解決方案。

Great. And just the second part of that, if you would, on contribution from the increasing growth of trended data. I think John, you indicated half of units in USIS were now trended data driven?

偉大的。如果你願意的話，只是其中的第二部分，趨勢數據不斷增長的貢獻。我想約翰，你說 USIS 中有一半的單位現在是趨勢數據驅動的嗎？

I think that was workforce that we said that, in verification. But across all of the Equifax businesses, this is not a new trend, but it's one where at workforce, the cloud has really enabled them to really roll out a wide array of trended solutions.

我認為那是我們在驗證中所說的勞動力。但在所有 Equifax 業務中，這並不是一個新趨勢，但在員工隊伍中，雲確實使他們能夠真正推出各種流行的解決方案。

And we talked about on the call earlier, Mortgage 36, which is 36 months of income and employment data on an individual. Allows the mortgage originator to more quickly get a full picture of that consumer and allow them to approve more loans, which is what they're trying to do. They spend $5,000 to $6,000 of origination costs. They want to make sure they're working with a consumer that can close and afford the loan that they're putting in front of them.

我們之前在電話中談到了 Mortgage 36，這是個人 36 個月的收入和就業數據。允許抵押貸款發起人更快地了解該消費者的全貌，並允許他們批准更多貸款，這正是他們正在努力做的事情。他們花費 5,000 到 6,000 美元的發起成本。他們想確保他們正在與能夠關閉並負擔得起他們放在他們面前的貸款的消費者合作。

So trended is a big deal. And those trended solutions all sell at higher price points than a snapshot of the data.

所以趨勢是一件大事。那些流行的解決方案都以比數據快照更高的價格出售。

Your next question is coming from Seth Weber from Wells Fargo.

你的下一個問題來自富國銀行的 Seth Weber。

I wanted to ask about the strength in the International margin in the quarter. Is there anything that you'd call out there either from a regional mix? Or -- I know you talked about introducing a bunch of new products. And the reason why I ask is because it looks like your second quarter margin guide comes -- is down a little bit sequentially versus the first quarter. So I'm just trying to understand what's going on there, if it's maybe your cloud migration expenses are starting to ramp? Or anything you'd call out on International margin.

我想問一下本季度國際保證金的實力。有什麼你想從區域組合中呼喚出來的嗎？或者——我知道你談到了推出一系列新產品。我問的原因是因為看起來你的第二季度利潤率指南來了 - 與第一季度相比有所下降。所以我只是想了解那裡發生了什麼，是否可能是您的雲遷移費用開始增加？或者任何你想在國際保證金上提出的要求。

Sure. So margins obviously were good in the first quarter, better than we expected. Not where we want them to be long term, but better than we expected. And a lot of it was driven by the really good revenue performance, right? They had very good revenue performance in all regions. And really very strong revenue performance, for example, stronger than you'd normally expect to see in Asia Pacific. So that, along with the stronger performance across all regions, I think, gave them better margin performance than we had expected.

當然。因此，第一季度的利潤率顯然不錯，好於我們的預期。不是我們希望它們長期存在的地方，而是比我們預期的要好。其中很大一部分是由非常好的收入表現推動的，對吧？他們在所有地區的收入表現都非常好。例如，非常強勁的收入表現，比您通常期望在亞太地區看到的要強。因此，我認為，隨著所有地區的強勁表現，他們的利潤率表現比我們預期的要好。

It's -- we did indicate slightly weaker in the second quarter, and that's really just related to some of the movements in revenue. There is some incremental expenses. They continue to move through migration and transformation. There's certainly expense there as you go in from the first to the second quarter. But generally speaking, I think what we're expecting to see is margin performance, as we described in the second quarter. And then as we move through the rest of the year, improving margin performance in International.

這是 - 我們確實表明第二季度略微疲軟，這實際上只是與收入的一些變動有關。有一些增量費用。他們繼續經歷遷移和轉型。從第一季度到第二季度，肯定會有費用。但總的來說，我認為我們期望看到的是利潤率表現，正如我們在第二季度所描述的那樣。然後隨著今年剩餘時間的推移，提高國際的利潤率表現。

Okay. And then just -- I apologize if I missed this. But did you give kind of what your -- what kind of interest rate framework you guys are expecting for the back half of the year that's kind of embedded in your guidance? Just...

好的。然後 - 如果我錯過了這個，我深表歉意。但是你有沒有給出你的 - 什麼樣的利率框架你們期望在今年下半年嵌入你的指導中？只是...

If I was able to do that, I'd be in a different job, probably. But no, we just said we expect it to be higher inflation. I think the Fed's telegraphed that, and we expect it to be higher. And that's why we put the slowdown in the second half of our guidance back in February, and we're still sticking with that.

如果我能做到這一點，我可能會從事不同的工作。但不，我們只是說我們預計會出現更高的通貨膨脹。我認為美聯儲已經傳達了這一點，我們預計它會更高。這就是為什麼我們將放緩放在 2 月份指導的下半部分，我們仍然堅持這一點。

Next question is coming from George Tong from Goldman Sachs.

下一個問題來自高盛的 George Tong。

Wanted to ask about the EWS business. Within non-mortgage EWS, where did you see the most pain in volume growth going from 4Q to 1Q? And how do volume trends need to change to achieve your full year non-mortgage EWS outlook?

想問一下EWS業務。在非抵押貸款 EWS 中，從第 4 季度到第 1 季度，您認為哪裡的銷量增長最痛苦？以及如何改變交易量趨勢才能實現全年非抵押貸款 EWS 展望？

George, you're breaking up. I don't know if you're on a cellphone or a speaker. I think your question is about EWS, and I believe it's around non-mortgage growth, but I didn't hear the rest of it. Can you try again?

喬治，你要分手了。不知道你用的是手機還是音箱。我認為你的問題是關於 EWS 的，我相信它是關於非抵押貸款增長的，但我沒有聽到其餘的。你能再試一次嗎？

Yes. Basically trying to see where we saw the most pain in non-mortgage EWS growth going 4Q to 1Q. And basically, how those trends need to evolve to achieve your full year non-mortgage EWS outlook?

是的。基本上是想看看我們在第 4 季度到第 1 季度看到非抵押貸款 EWS 增長最痛苦的地方。基本上，這些趨勢需要如何發展才能實現全年非抵押貸款 EWS 展望？

Yes. So I think it's around non-mortgage and what the drivers of that EWS in 2023.

是的。所以我認為這是圍繞非抵押貸款以及 2023 年 EWS 的驅動因素。

First, on kind of growth a lever basis, record growth is obviously going to be positive. They did a pricing action early in the year in all the verticals, so that's going to benefit through the year. New product rollouts, you've seen have been quite active with their north of 20% vitality.

首先，在槓桿增長的基礎上，創紀錄的增長顯然將是積極的。他們在今年年初在所有垂直領域都採取了定價行動，因此全年都會受益。新產品的推出，你已經看到它們非常活躍，活力超過 20%。

And then if you go into specific verticals, I think we've given pretty good guidance of where we think talent to be, meaning we expect the market to be down, but we're going to outperform the underlying talent market. Government, we expect to have very strong growth, meaning stronger than the long-term framework for Workforce Solutions. We've had some very strong success of growing that business at the state level in particular, and using our data for social service delivery.

然後，如果你進入特定的垂直領域，我認為我們已經就我們認為人才的位置給出了很好的指導，這意味著我們預計市場會下跌，但我們將跑贏基礎人才市場。政府，我們預計會有非常強勁的增長，這意味著比勞動力解決方案的長期框架更強勁。我們已經取得了一些非常巨大的成功，特別是在州一級發展該業務，並將我們的數據用於社會服務交付。

Appriss Insights, the business that we bought a couple of years ago, is performing well. That's going to be a driver of growth in 2023 for non-mortgage.

我們幾年前收購的 Appriss Insights 表現良好。這將成為 2023 年非抵押貸款增長的推動力。

What would you add, John?

你會添加什麼，約翰？

Nothing. You covered it well, really.

沒有什麼。你講得很好，真的。

Does that help, George?

這有幫助嗎，喬治？

Okay, that's helpful. Yes, yes, that's helpful. And then on the mortgage, you outperformed your mortgage inquiry guidance in 1Q by about 10 points, but you maintained your full year guidance for mortgage inquiries. Can you talk a little bit about your thinking there?

好的，這很有幫助。是的，是的，這很有幫助。然後在抵押貸款方面，您在 1 季度的表現優於抵押貸款查詢指導約 10 個百分點，但您保持了全年的抵押貸款查詢指導。你能談談你在那裡的想法嗎？

Yes. So mortgage increase, we're not quite 10 points better in the first quarter, but they certainly were better. And what we do is we took -- we take a look at our current run rates. So as we took a look at late April -- sorry, late March and early April, we took a look at the level of inquiry volumes we were seeing, and we just run a normal year against those. We normalize them for seasonality for the year. And then based on that, what it showed us is we think we're going to come in, assuming no meaningful change in the overall mortgage market dynamics, we'd come in at about down 30%.

是的。所以抵押貸款增加，我們在第一季度並沒有好 10 個百分點，但他們肯定更好。我們所做的就是——我們看一下我們目前的運行率。因此，當我們查看 4 月下旬——抱歉，3 月下旬和 4 月初時，我們查看了我們所看到的查詢量水平，而我們只是對這些進行了正常的一年。我們將它們歸一化為一年中的季節性。然後基於此，它向我們展示的是我們認為我們將進入，假設整體抵押貸款市場動態沒有發生有意義的變化，我們將下降約 30%。

So that's how we take a look, and that's how we try to measure the market. As Mark said, it's really hard to forecast interest rates or what's going to happen broadly. So we try to use our current experience and then normal seasonal patterns to determine a full year. And based on what we're seeing in late March and early April, we think that leads to about down 30% for the year.

這就是我們觀察的方式，也是我們衡量市場的方式。正如馬克所說，預測利率或將要發生的事情真的很難。因此，我們嘗試使用我們當前的經驗，然後使用正常的季節性模式來確定一整年。根據我們在 3 月下旬和 4 月初看到的情況，我們認為這會導致全年下降 30% 左右。

Our next question is coming from Faiza Alwy from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Faiza Alwy。

So first, just a housekeeping question on mortgage revenue. Just want to clarify that you're still expecting mortgage revenues to be down 8%. I know you've tweaked a little bit how you're thinking about the seasonal patterns around inquiries, origination. But I just want to clarify that overall revenue expectations.

所以首先，只是一個關於抵押貸款收入的內務管理問題。只是想澄清一下，您仍然預計抵押貸款收入將下降 8%。我知道你已經稍微調整了你對查詢、起源的季節性模式的看法。但我只想澄清一下總體收入預期。

Yes. That's what we said. We said mortgage down 8% or maybe slightly more negative than that. And it's really driven by the fact that we're not seeing, as we just -- to the last question, seeing a change in inquiry volume for USIS despite the fact that originations are weaker, right? So that not a big impact on USIS of weaker originations. And -- but the weaker originations do impact EWS. And we're expecting that they will be able to principally offset, or at least partially offset a portion of the negative impact of lower originations by better mix. And it's specifically around Mortgage 36 and increasingly more trended products. So that's how we got to down 8% or maybe slightly more negative.

是的。我們就是這麼說的。我們說抵押貸款下降了 8%，或者可能比這略微下降。這真的是由我們沒有看到的事實所驅動的，正如我們剛剛 - 最後一個問題，儘管起源較弱，但看到 USIS 的查詢量發生變化，對吧？因此，這對來源較弱的 USIS 影響不大。而且——但較弱的起源確實會影響 EWS。我們預計他們將能夠通過更好的組合主要抵消或至少部分抵消較低起源的負面影響。它特別圍繞 Mortgage 36 和越來越流行的產品。這就是我們下降 8% 或可能略微下降的原因。

Understood. And then there's been -- as you know, we talked about this a couple of quarters ago regarding the FHFA change around the credit score models which is now being implemented in 1Q '24. Curious what you're hearing from lenders and how you expect that to play out next year.

明白了。然後 - 如您所知，我們在幾個季度前談到了 FHFA 圍繞信用評分模型的變化，現在正在 24 年第一季度實施。好奇你從貸方那裡聽到了什麼，以及你預計明年會如何發展。

Yes. We're not hearing much. As we've said many times when that was announced, I think the industry is still trying to figure out how to implement or if to implement this. There's still discussions going with the regulators about the merits of that change. What meaning, does it make sense? The 3 credit reports actually provide more access to credit. So that's a dialogue that's still happening.

是的。我們聽得不多。正如我們在宣佈時多次說過的那樣，我認為業界仍在努力弄清楚如何實施或是否實施它。監管機構仍在就這一變化的優點進行討論。什麼意思，有意義嗎？ 3份信用報告實際上提供了更多的信用途徑。所以這是一個仍在發生的對話。

But whatever impact that it will be, it will take some time to be implemented. Even with the so-called first quarter implementation, the mortgage originators can still pull 3 credit files. It's not mandatory to pull 2. It's mandatory to pull 3 today. Now it will be mandatory to pull 2 or more going forward. So the implementation will likely be delayed.

但無論它會產生什麼影響，都需要一些時間才能實施。即使所謂的第一季度實施，抵押貸款發起人仍然可以提取 3 個信用檔案。不強制拉2，今天強制拉3。現在將強制拉 2 個或更多前進。因此實施很可能會延遲。

And I think as you know, we've also proactively, not aligned with this but the timing was great, rolled out our new mortgage credit file that has the cellphone utility data elements in it that's going to really drive the value of our file versus our competitors. It's something they can't do because of the scale of our cellphone utility database. So we're trying to position our file as being more valuable going forward.

而且我想正如你所知，我們也積極主動地，不與此保持一致，但時機很好，推出了我們新的抵押貸款信用文件，其中包含手機實用程序數據元素，這將真正推動我們文件的價值與我們的競爭對手。由於我們手機實用程序數據庫的規模，這是他們無法做到的事情。因此，我們正在努力將我們的文件定位為未來更有價值。

And then maybe one last point. As you know, they also -- what is also mandated is to go from 1 credit score, being a FICO score, to be 2 credit scores, FICO and Vantage. And that's a good guy for us and our competitors. Two scores is going to allow us to have a revenue increase versus one. And I think the thinking there is it's going to -- there's enough differences between the 2 scores, just like there are between the 3 credit files, that the 2 scores will drive access to credit and drive predictability and approvals.

然後也許是最後一點。如你所知，他們也——同樣被要求的是從 1 個信用評分，即 FICO 評分，到 2 個信用評分，即 FICO 和 Vantage。這對我們和我們的競爭對手來說都是好人。與一個分數相比，兩個分數將使我們的收入增加。而且我認為那裡的想法是 - 2 個分數之間有足夠的差異，就像 3 個信用文件之間的差異一樣，2 個分數將推動獲得信貸並推動可預測性和批准。

Yes. Understood. If I may just ask, John, a quick question on cash. I know you don't guide to cash flow. But can you give -- and you mentioned CapEx. But can you give us sort of some of the other factors that we should be thinking about as we model our own cash flows?

是的。明白了。約翰，我想問一個關於現金的快速問題。我知道你不指導現金流量。但是你能給嗎——你提到了資本支出。但是你能給我們一些我們在為自己的現金流建模時應該考慮的其他因素嗎？

Well, obviously, you covered earnings and capital spending, right? Obviously, working capital is something that we continue to focus on. Generally speaking, as you look at the year, right, our working capital tends to be much more negative in the first quarter, like you saw this year, like you've seen every year. Because of the fact that we pay out benefit programs in the first, our compensation programs. And also we make our 401(k) match, right? So you tend to see a negative impact on our cash flow in the first quarter like you did this year, like you did last year.

好吧，很明顯，你涵蓋了收益和資本支出，對吧？顯然，營運資金是我們繼續關注的問題。一般來說，當你看今年的時候，我們的營運資金在第一季度往往是負的，就像你今年看到的那樣，就像你每年看到的那樣。由於我們首先支付福利計劃，即我們的薪酬計劃。我們還進行 401(k) 匹配，對嗎？因此，您往往會像今年一樣看到第一季度對我們現金流的負面影響，就像去年一樣。

And then our cash flow tends to accelerate as we move through the year, and we're expecting to continue to make working capital improvements as we move through the rest of this year. So...

然後我們的現金流會隨著今年的推移而加速，我們預計在今年剩餘時間裡會繼續改善營運資本。所以...

And if you go back to our guide to exiting the year at 36% EBITDA margins, that obviously is generating a lot more free cash flow as we exit the year. I don't know whether you're modeling the year or longer term, but that 36% stepping off point for the end of the year into 2024.

如果你回到我們以 36% 的 EBITDA 利潤率退出這一年的指南，那顯然會在我們退出這一年時產生更多的自由現金流。我不知道你是在為一年還是更長期建模，但 36% 將在年底進入 2024 年。

And we've also -- we haven't given actual guidance, but we've used the words that we expect CapEx to come down again next year. And of course, with our 39% EBITDA margin goal for 2025, there's a lot of cash flow that will be generated from the step from now to 36% and then 36% to 39%.

而且我們也 - 我們沒有給出實際指導，但我們使用了我們預計明年資本支出將再次下降的措辭。當然，根據我們 2025 年 39% 的 EBITDA 利潤率目標，從現在到 36% 然後從 36% 到 39% 的步驟將產生大量現金流。

And we talked earlier on the call about how we think about capital allocation. As I mentioned earlier, CapEx will come down. And I think we've given guidance before, John, of about 7% of revenue being our long-term CapEx investment in the company, which will be more focused on new products going forward versus the cloud transformation.

我們早些時候在電話會議上談到了我們如何看待資本配置。正如我之前提到的，資本支出將會下降。我認為我們之前已經給出了指導，約翰，大約 7% 的收入是我們對公司的長期資本支出投資，這將更側重於未來的新產品而不是雲轉型。

We also have in our long-term framework to add 1% to 2% of revenue from bolt-on M&A. So that will be an element of our free cash utilization. But as you get out to '24 and '25, there will be excess free cash flow that will be quite meaningful that we intend to return to shareholders through dividend and buyback at the right time.

在我們的長期框架中，我們還將通過補強併購增加 1% 至 2% 的收入。因此，這將是我們自由現金利用的一個組成部分。但是當你進入 24 和 25 年時，將會有多餘的自由現金流，這將非常有意義，我們打算在適當的時候通過股息和回購來回報股東。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over to Trevor for any further or closing comments.

謝謝。我們的問答環節結束了。我想將發言權轉回給 Trevor 以徵求任何進一步意見或結束意見。

Thank you. Thanks for everybody's time today. And please follow up with any questions. Thank you.

謝謝。感謝大家今天的時間。請跟進任何問題。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。您可以在此時斷開您的線路，並度過美好的一天。感謝您今天的參與。