易速傳真 (EFX) 2023 Q3 法說會逐字稿

Hello, and welcome to the Equifax Q3 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Equifax 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我很高興將電話轉給高級副總裁兼企業和投資者關係主管 Trevor Burns。

Trevor, please go ahead.

特雷弗，請繼續。

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，早安。歡迎參加今天的電話會議。我是特雷弗·伯恩斯。今天與我在一起的有執行長馬克貝戈爾 (Mark Begor)；約翰‧甘布爾，財務長。

Today's call is being recorded. An archived of the recording will be available later today in the IR calendar section of the News & Events tab at our IR website, investor.equifax.com.

今天的通話正在錄音。今天晚些時候，我們將在我們的 IR 網站 Investor.equifax.com 的「新聞與活動」標籤的 IR 日曆部分提供該錄音的存檔。

During the call today, we'll be making reference to certain materials that can also be found in the Presentations section of the News & Events tab at our IR website. These materials are labeled 3Q 2023 Earnings Conference Call.

在今天的電話會議中，我們將參考某些資料，這些資料也可以在我們的 IR 網站「新聞與活動」標籤的「簡報」部分找到。這些資料被標記為 2023 年第三季財報電話會議。

Also, we'll be making certain forward-looking statements, including fourth quarter and full year 2023 guidance to help you understand Equifax and its business environment. 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 and subsequent filings.

此外，我們將做出某些前瞻性聲明，包括 2023 年第四季和全年指引，以幫助您了解 Equifax 及其業務環境。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有重大差異。向 SEC 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 表格和後續文件。

We will also be referring to certain non-GAAP financial measures, including adjusted EPS attributable to Equifax and adjusted EBITDA, which will be adjusted for certain items that affect the comparability of our underlying operational performance.

我們也將提及某些非 GAAP 財務指標，包括 Equifax 調整後每股收益和調整後 EBITDA，這些指標將針對影響我們基本營運績效可比性的某些項目進行調整。

Recently, Equifax reached an agreement with the U.K. Financial Conduct Authority, in relation to the 2017 cybersecurity incident. In connection with the agreement, Equifax has taken a charge in the third quarter of $14 million, which is excluded from third quarter adjusted EBITDA and adjusted EPS. These non-GAAP financial measures are detailed in reconciliation tables, which are included in our earnings release and can be found in the Financial Results section of the Financial Info tab at our IR website.

最近，Equifax 與英國金融行為監理局就 2017 年網路安全事件達成協議。根據該協議，Equifax 在第三季收取了 1,400 萬美元的費用，該費用不包括在第三季調整後 EBITDA 和調整後每股收益中。這些非 GAAP 財務指標在調整表中有詳細說明，這些調整表包含在我們的收益發布中，並且可以在我們的 IR 網站「財務資訊」標籤的「財務結果」部分找到。

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.

謝謝，特雷弗，早安。

Turning to Slide 4. We continue to face a very challenging U.S. mortgage market and weakened substantially in August and September beyond our July framework with mortgage rates moving above 7% and now approaching almost 8% over a 20-year high.

轉向幻燈片4。我們繼續面臨非常具有挑戰性的美國抵押貸款市場，並且在8 月和9 月大幅走軟，超出了我們7 月的框架，抵押貸款利率升至7% 以上，目前接近8%，超過20 年來的高點。

Revenue in the third quarter was $1.32 billion, was up 6% on a reported basis, 6.5% on a constant currency basis and 3.5% on an organic constant currency basis. And adjusted EPS of $1.76 per share was up 2% versus last year.

第三季營收為 13.2 億美元，按報告計算成長 6%，以固定匯率計算成長 6.5%，以有機固定貨幣計算成長 3.5%。調整後每股收益為 1.76 美元，比去年增長 2%。

In the quarter, BVS, the Brazilian credit bureau that we acquired in August had revenue of $23 million and contributed $0.02 per share to adjusted EPS, which was not in our July framework for the third quarter.

在本季度，我們在 8 月收購的巴西信用局 BVS 的收入為 2,300 萬美元，為調整後每股收益貢獻了 0.02 美元，這並不在我們 7 月份的第三季度框架中。

Overall, Equifax revenue of $1.32 billion was $34 million below the midpoint of the guidance we provided in July, which excluded Brazil, driven primarily by the weaker U.S. mortgage market and FX. Together, these items impacted revenue by about $28 million and adjusted EPS by about $0.10 per share. Adjusting for the mortgage market and FX impact, revenue in the third quarter would have been just below the midpoint of our July framework and both adjusted EPS and EBITDA margins would have exceeded the framework we provided in July.

總體而言，Equifax 收入為 13.2 億美元，比我們 7 月提供的指導中位數低 3,400 萬美元，其中不包括巴西，這主要是受到美國抵押貸款市場和外匯疲軟的推動。這些項目合計影響收入約 2,800 萬美元，調整後每股收益約 0.10 美元。根據抵押貸款市場和外匯影響進行調整後，第三季的收入將略低於我們 7 月框架的中點，調整後的 EPS 和 EBITDA 利潤率將超過我們 7 月提供的框架。

Overall, mortgage market volumes measured based on our credit and TWN inquiry volumes were in the order of 650 basis points weaker than we expected in our July guidance. Mortgage rates increased substantially during the quarter with a 100 basis point increase in the 10-year treasury rate, driving mortgage rates to almost 7.5% in September. The mortgage volume decline negatively impacted mortgage revenue by about $22 million and the strengthening dollar negatively impacted revenue versus our July expectations by about $6 million.

總體而言，根據我們的信貸和 TWN 查詢量衡量的抵押貸款市場量比我們在 7 月份指導中的預期低了約 650 個基點。本季抵押貸款利率大幅上升，10 年期公債利率上漲 100 個基點，推動 9 月抵押貸款利率升至近 7.5%。抵押貸款數量下降對抵押貸款收入產生了約 2,200 萬美元的負面影響，美元走強對收入產生了約 600 萬美元的負面影響（與我們 7 月的預期相比）。

U.S. mortgage revenue from EWS and USIS was down about 8%, reflecting the significantly weaker mortgage market conditions. Mortgage outperformance relative to the mortgage industry volumes I referenced remains strong in both USIS at over 30% and EWS at 22%.

來自 EWS 和 USIS 的美國抵押貸款收入下降了約 8%，反映出抵押貸款市場狀況明顯疲軟。相對於我提到的抵押貸款行業數量，抵押貸款的表現依然強勁，USIS 超過 30%，EWS 為 22%。

Non-mortgage constant dollar revenue was up a strong 11% in the quarter and was up 8%, excluding revenue from BVS against a strong 20% growth last year. Non-mortgage constant dollar organic growth was up 7% versus last year, with our non-mortgage growth rate strengthening 300 basis points sequentially from the second quarter. Non-mortgage growth was led by EWS that was up over 11% and up 800 basis points sequentially and USIS that was up almost 8.5% and up 50 bps sequentially.

本季非抵押貸款不變美元營收強勁成長 11%，不包括 BVS 的營收則成長 8%，而去年則強勁成長 20%。非抵押貸款固定美元有機成長率比去年增長 7%，我們的非抵押貸款成長率較第二季連續增強 300 個基點。非抵押貸款成長由 EWS 引領，EWS 成長超過 11%，較上季成長 800 個基點，USIS 成長近 8.5%，較上季成長 50 個基點。

International organic non-mortgage revenue growth at 3% was slightly weaker than our expectations, principally due to lower revenue in our U.K. debt management business.

國際有機非抵押貸款收入成長 3%，略弱於我們的預期，主要是因為我們的英國債務管理業務收入下降。

We had another very strong quarter in new product growth with a record 15% Vitality Index, which is well above our 10% long-term growth framework for NPIs. As I referenced earlier, despite the much lower-than-expected mortgage revenue in the third quarter, we delivered adjusted EPS of $1.76 per share and adjusted EBITDA margins of 33.1%. Excluding BVS, we delivered adjusted EPS of $1.74 and adjusted EBITDA margins of 33.3%, up 60 bps sequentially, both in line with the guidance we provided in July, while absorbing the significant impact of the $22 million of lower mortgage revenue. The impact of lower mortgage revenue and FX negatively impacted adjusted EPS by about $0.10 per share.

我們的新產品成長又一個非常強勁的季度，活力指數達到創紀錄的 15%，遠高於我們 10% 的非營利組織長期成長框架。正如我之前提到的，儘管第三季的抵押貸款收入遠低於預期，但我們的調整後每股收益為 1.76 美元，調整後 EBITDA 利潤率為 33.1%。不包括BVS，我們的調整後每股收益為1.74 美元，調整後EBITDA 利潤率為33.3%，比上一季度增長60 個基點，均符合我們7 月份提供的指引，同時吸收了2200 萬美元抵押貸款收入下降的重大影響。抵押貸款收入和外匯下降對調整後每股收益產生約 0.10 美元的負面影響。

We delivered very good execution against our $210 million cloud and broader spending reduction programs, which allowed us to grow margins sequentially in the quarter despite the lower mortgage revenue. We continue to expect to deliver spending reductions of $210 million in 2023, with $120 million benefiting operating expenses and over $65 million of incremental run rate savings in 2024.

我們對 2.1 億美元的雲端運算和更廣泛的支出削減計劃執行得非常好，這使我們能夠在抵押貸款收入較低的情況下在本季度連續增長利潤。我們仍預計到 2023 年將支出減少 2.1 億美元，其中 1.2 億美元受益於營運支出，到 2024 年增量運行率節省將超過 6,500 萬美元。

We also continue to make good progress on completing our cloud transformation with large North American customers migrating to the cloud during the quarter. We expect both USIS and Canada to complete their credit, exchange cloud migrations in the first half of 2024.

我們在完成雲端轉型方面也持續取得良好進展，北美大型客戶在本季遷移到雲端。我們預計 USIS 和加拿大將在 2024 年上半年完成信用、交換雲端遷移。

At the end of the quarter, about 75% of North American revenue was being delivered from the New Equifax Cloud. We are convinced that our Equifax Cloud single data fabric and AI capabilities will provide a competitive advantage to Equifax in the future.

截至本季末，北美地區約 75% 的營收來自 New Equifax 雲端。我們相信，我們的 Equifax Cloud 單一資料結構和人工智慧功能將為 Equifax 未來提供競爭優勢。

As we look to the fourth quarter, we expect revenue of $1.317 billion, adjusted EPS of $1.77 and adjusted EBITDA margins of 34% at the midpoint of our guidance ranges. This includes about $38 million of revenue from BVS, which adds about 3% to our revenue growth. We expect fourth quarter revenue will be up 10% with organic constant dollar growth of 7%, adjusted EPS to be up over 16% and adjusted EBITDA margins will expand about 300 basis points versus last year.

展望第四季度，我們預期營收為 13.17 億美元，調整後每股收益為 1.77 美元，調整後 EBITDA 利潤率為 34%，處於我們指引範圍的中點。其中包括來自 BVS 的約 3,800 萬美元收入，這為我們的收入成長增加了約 3%。我們預計第四季營收將成長 10%，有機不變美元成長率為 7%，調整後每股盈餘將成長 16% 以上，調整後 EBITDA 利潤率將比去年擴大約 300 個基點。

Non-mortgage constant dollar growth is expected to be strong at about 13% with organic growth of about 9%, led by EWS, which should deliver over 15% non-mortgage growth. However, excluding BVS, this framework is about $70 million below the implied fourth quarter revenue guidance of $1.35 billion at the midpoint we provided in July. The sharp decline in the mortgage market and FX drive the majority or about $60 million of this decline.

非抵押貸款固定美元成長預計將強勁，約為 13%，有機成長約為 9%，其中 EWS 引領，非抵押貸款成長應超過 15%。然而，不包括 BVS，該框架比我們 7 月提供的隱含第四季營收指引 13.5 億美元低約 7,000 萬美元。抵押貸款市場和外匯的急劇下跌導致了此次下跌的大部分（約 6000 萬美元）。

Our guidance assumes the substantially weakening trends in the U.S. mortgage market that we're currently seeing continue through the remainder of the year and that we also see normal seasonal mortgage declines in November and December. On this basis, we're assuming U.S. mortgage credit inquiries will be down about 22% in the fourth quarter, driving a reduction in overall mortgage volumes of about 18 percentage points versus the guidance implied for the fourth quarter in our July framework. This negatively impacts mortgage revenue in the fourth quarter by about $47 million. At these levels, U.S. mortgage activity will be down an unprecedented more than 50% from 2015 to '29 averages, which we consider to be normal mortgage market levels.

我們的指導假設美國抵押貸款市場的大幅疲軟趨勢將持續到今年剩餘時間，我們也看到 11 月和 12 月出現正常的季節性抵押貸款下降。在此基礎上，我們假設第四季度美國抵押貸款信貸查詢將下降約 22%，與我們 7 月框架中暗示的第四季度指引相比，整體抵押貸款量減少約 18 個百分點。這對第四季度抵押貸款收入產生了約 4700 萬美元的負面影響。在此水平上，美國抵押貸款活動將比 2015 年的平均水平史無前例地下降 50% 以上，降至 29 年的平均水平，我們認為這是正常的抵押貸款市場水平。

We expect FX to negatively impact revenue in the fourth quarter versus our July guidance by $13 million. The net impact of the $70 million reduction in revenue is driving the reduction in EPS and EBITDA margin from our original fourth quarter goals of $2 a share and 36%, respectfully.

我們預計外匯將對第四季度的收入產生 1300 萬美元的負面影響（與我們 7 月的指導相比）。營收減少 7,000 萬美元的淨影響導致 EPS 和 EBITDA 利潤率分別從我們最初的第四季目標每股 2 美元和 36% 下降。

The second half of 2023 has clearly been very challenging as the accelerated decline in the U.S. mortgage market in August and September as well as FX negatively impacted revenue by almost $90 million. Like many, we are struggling to forecast the bottom of the mortgage market in this unprecedented environment of Fed rate increases, driving mortgage rates up over 2x to 20-year highs in such a short 20-month time frame.

2023 年下半年顯然非常具有挑戰性，因為 8 月和 9 月美國抵押貸款市場以及外匯的加速下滑對收入產生了近 9000 萬美元的負面影響。與許多人一樣，我們很難在聯準會升息這一史無前例的環境下預測抵押貸款市場觸底，在如此短的 20 個月時間內推動抵押貸款利率上漲超過 2 倍，達到 20 年高點。

Outside the unprecedented mortgage market decline, we are executing extremely well. As I'll cover in the remainder of my remarks, we are delivering accelerated non-mortgage growth executing on our cloud customer migrations and overall cost plans, outperforming our expectations for new products and adding new EWS record partnerships and records at an accelerated pace adding over 25 million records since the beginning of last year. In both our mortgage and non-mortgage businesses, we are continuing to outgrow our underlying markets.

除了抵押貸款市場前所未有的下滑之外，我們的執行情況非常好。正如我將在餘下的發言中介紹的那樣，我們正在透過執行雲端客戶遷移和總體成本計劃來實現加速的非抵押貸款成長，超出我們對新產品的預期，並以更快的速度增加新的EWS記錄合作夥伴關係和記錄，自去年年初以來，已有超過 2500 萬筆記錄。在我們的抵押貸款和非抵押貸款業務中，我們的成長速度正在繼續超出我們的基礎市場。

Before I cover our business unit results in more detail, I wanted to provide a brief overview of what we're seeing in the U.S. economy and consumer. Outside of the challenging U.S. mortgage market, the U.S. consumer and our customers remain broadly resilient. Employment remains at record historic levels with low unemployment and about 10 million open jobs against about 5 million people who are looking for jobs. Excess consumer savings built up during the pandemic still exist, however, have declined to the lowest levels since the second quarter of 2020, particularly amongst lower and middle income households. Credit card utilization is increasing. Credit card delinquency rates for prime consumers, which represent about 20% of the market are stable, but are above pre-pandemic levels and less than 1%. However, subprime borrower delinquencies, which have been increasing over the past year are now above pre-pandemic levels and approaching the levels we saw in 2009 and 2010.

在更詳細地介紹我們的業務部門業績之前，我想先簡單概述一下我們在美國經濟和消費者中所看到的情況。除了充滿挑戰的美國抵押貸款市場之外，美國消費者和我們的客戶仍然具有廣泛的彈性。就業仍處於創紀錄的歷史水平，失業率較低，空缺職位約為 1000 萬，而正在尋找工作的人數約為 500 萬。疫情期間累積的超額消費者儲蓄仍然存在，但已降至 2020 年第二季以來的最低水平，特別是在中低收入家庭中。信用卡的使用率正在增加。佔市場約 20% 的主要消費者的信用卡拖欠率穩定，但高於疫情前的水平且低於 1%。然而，次級借款人拖欠率在過去一年中不斷增加，目前已高於疫情前的水平，並接近 2009 年和 2010 年的水平。

Auto delinquency rates for prime consumers, which represent about 20% of the market are also stable, but above pre-pandemic levels and still well below 1%. Delinquencies for subprime consumers are above pre-pandemic levels as well above levels that we saw in 2009 and 2010. And any customer credit tightening has largely been in fintech and subprime, which started over a year ago.

佔市場約 20% 的主要消費者的汽車拖欠率也保持穩定，但高於疫情前的水平，但仍遠低於 1%。次貸消費者的拖欠率高於疫情前的水平，也高於我們在2009 年和2010 年看到的水平。任何客戶信貸緊縮都主要發生在一年多前開始的金融科技和次貸領域。

Overall, still a solid market for Equifax outside of mortgage and hiring. When consumers are working, they largely have the capacity to keep current on their financial obligations.

總體而言，除了抵押貸款和招聘之外，Equifax 仍然是一個穩固的市場。當消費者工作時，他們很大程度上有能力履行當前的財務義務。

Turning to Slide 5. Overall, Workforce Solutions revenue was up 3% in the quarter, a return to growth, which is a very positive sign as we look towards 2024. Strong TWN record growth, the positive impact of 2023 price actions, and strong NPI performance driven by the adoption of mortgage-trended data, drove us a strong 22 points of mortgage outperformance again in the quarter.

轉向幻燈片5。總體而言，勞動力解決方案收入在本季度增長了3%，恢復了增長，這是我們展望2024 年的一個非常積極的信號。TWN 創紀錄的強勁增長、2023 年價格走勢的正面影響以及強勁的在採用抵押貸款趨勢數據的推動下，NPI 表現使我們在本季的抵押貸款表現再次強勁增長 22 個百分點。

EWS had another very strong quarter of record additions with an incremental 2 million current records added to the TWN database. EWS closed the third quarter with 163 million current records on 121 million unique individuals or SSNs, which was up 12% and 9%, respectively, versus last year. Total records, both current and historic are now over 640 million. And we now have current records on over 70% of U.S. nonfarm payroll and over 50% of the 220 million people in the U.S. with employment and income records relevant to the TWN database.

EWS 又一個季度記錄添加量非常強勁，TWN 資料庫中新增了 200 萬筆當前記錄。 EWS 截至第三季末，共有 1.21 億個唯一個人或 SSN 上的 1.63 億筆當前記錄，與去年相比分別增長了 12% 和 9%。目前和歷史記錄總數現已超過 6.4 億筆。現在，我們擁有超過 70% 的美國非農業就業人口以及超過 50% 的美國 2.2 億人口的當前記錄，這些記錄與 TWN 資料庫相關。

The EWS team has acquired over 11 million records so far in 2023 that are driving top line growth and will significantly benefit, Verifier revenue growth when the U.S. mortgage and white-collar hiring markets recover.

截至 2023 年，EWS 團隊已獲得超過 1,100 萬筆記錄，這些記錄正在推動營收成長，當美國抵押貸款和白領招聘市場復甦時，Verifier 收入成長將顯著受益。

During the quarter, we signed agreements with 4 new payroll processors that will deliver records in the fourth quarter in 2024. And over the past 3 years, we've added partnerships with 27 payroll processors. As a reminder, about 50% of our records are contributed directly by individual employers from our Employer Services customer relationships. The remaining 50% are contributed through partnerships with payroll processors, HR software companies, pension administrators and other relationships. Increasingly, more of our new products are incorporating both current and historical records with about 50% of our third quarter Verification Services revenue as well as about 50% of our mortgage verification services revenue coming from products that include historical records.

在本季度，我們與 4 個新的薪資處理機構簽署了協議，這些協議將在 2024 年第四季度交付記錄。在過去 3 年裡，我們增加了與 27 個薪資處理機構的合作關係。提醒一下，我們大約 50% 的記錄是由雇主服務客戶關係中的各個雇主直接提供的。其餘 50% 是透過與薪資處理機構、人力資源軟體公司、退休金管理機構和其他關係的合作夥伴貢獻的。我們越來越多的新產品將當前和歷史記錄結合起來，第三季驗證服務收入的約 50% 以及抵押貸款驗證服務收入的約 50% 來自包含歷史記錄的產品。

Turning to Slide 6. Workforce Solutions delivered strong non-mortgage revenue growth of 11%, a return in double-digit revenue growth with a growth rate up about 800 basis points sequentially. And as a reminder, EWS non-mortgage revenue was up a very strong 40% in the third quarter last year, which, of course, was a very tough comp.

轉向幻燈片 6。勞動力解決方案實現了 11% 的強勁非抵押貸款收入增長，實現了兩位數的收入增長，增長率比上一季度提高了約 800 個基點。提醒一下，去年第三季 EWS 非抵押貸款收入強勁成長了 40%，當然，這是一個非常艱難的對比。

Verification Services non-mortgage revenue, which represents just under 70% of Verifier revenue delivered 11% growth versus last year in the quarter. This was also against a very challenging 72% non-mortgage growth comp last year.

驗證服務非抵押收入佔驗證者收入的近 70%，本季與去年同期相比成長了 11%。這也與去年 72% 的非抵押貸款成長相比非常具有挑戰性。

In government, we saw continued very strong growth with revenue up 23% compared to over 90% revenue growth last year in the third quarter. Government revenue was slightly lower than our expectations due to timing of Medicaid redetermination volumes. We continue to expect that EWS will capture significant volume from these redeterminations as they complete prior to the end of the second quarter of next year.

在政府方面，我們看到持續強勁的成長，營收成長了 23%，而去年第三季的營收成長超過 90%。由於醫療補助金額重新確定的時間安排，政府收入略低於我們的預期。我們仍然預計 EWS 將在這些重新確定中獲得大量收益，因為這些重新確定將在明年第二季末之前完成。

During the quarter, we signed a contract extension to provide income verification to the U.S. Centers for Medicare and Medicaid services as a part of a contract value at up to $1.2 billion over the next 5 years. This contract is the largest in Equifax's history and extends our services via Healthcare.gov for ACA-related determinations, while allowing Workforce Solutions to continue to work to penetrate the state-level Medicaid verification services market.

本季度，我們簽署了一份延期合同，為美國醫療保險和醫療補助服務中心提供收入驗證，作為未來 5 年價值高達 12 億美元的合約的一部分。該合約是 Equifax 歷史上最大的一份合同，透過 Healthcare.gov 擴展了我們的 ACA 相關決定服務，同時允許 Workforce Solutions 繼續努力滲透州級醫療補助驗證服務市場。

Also during the quarter, USDA's Food and Nutrition Service awarded a national contract to Equifax Workforce Solutions to provide verification services in support of the Supplemental Nutrition Assistance Program, commonly known as SNAP. The award is for $38 million in the base year, which we began on September 30th with a potential total contract value of $190 million. These large new EWS government contracts reflect the uniqueness of the TWN data supporting the delivery of social services at the U.S. Federal, state and local level. These new contracts give us confidence in strong future EWS growth in the large $4 billion TAM for our government vertical.

同樣在本季度，美國農業部食品和營養局向 Equifax Workforce Solutions 授予了一份全國性合同，為補充營養援助計劃（通常稱為 SNAP）提供驗證服務。該合約在基準年的金額為 3800 萬美元，我們於 9 月 30 日開始，潛在合約總價值為 1.9 億美元。這些大型新 EWS 政府合約反映了支持美國聯邦、州和地方各級社會服務提供的 TWN 數據的獨特性。這些新合約讓我們對政府垂直領域 40 億美元的 TAM 未來 EWS 的強勁成長充滿信心。

We expect to see accelerating sequential growth in our government vertical in the fourth quarter driven by growth from CMS, Medicaid redeterminations, ACA open enrollment volume, further state government penetration and pricing from state contract renewals as well as revenue from the new SNAP agreement with the USDA.

我們預計第四季度我們的政府垂直領域將加速環比增長，這得益於CMS、醫療補助重新確定、平價醫療法案公開註冊量、州政府的進一步滲透和州合同續籤的定價以及與州政府簽訂的新SNAP 協議帶來的收入的成長。美國農業部。

Talent Solutions was up 6% in the quarter versus a very strong over 110% growth last year in the third quarter from record levels of U.S. hiring. As a reminder, we are currently more heavily penetrated to white-collar workers, including technology, professional services, health care and financial services, which has seen a greater reduction in hiring activity and broader hiring freezes and the about 10% decline that the BLS reported in the third quarter through August.

Talent Solutions 本季成長了 6%，而去年第三季美國招募創紀錄水平，成長超過 110%。提醒一下，我們目前更深入地滲透到白領階層，包括技術、專業服務、醫療保健和金融服務，招聘活動大幅減少，招聘凍結範圍更廣，勞工統計局的數據下降了約 10%截至八月的第三季報告。

We outperformed the hiring market by about 20 percentage points in the quarter as we delivered new digital solutions in background screening, strong new product growth, continued expansion of TWN records and pricing.

由於我們在背景篩選方面提供了新的數位解決方案、強勁的新產品成長、TWN 記錄和定價的持續擴展，本季我們的表現優於招聘市場約 20 個百分點。

Employer Services revenue of $118 million was up 13%, driven by growth in our I-9 and onboarding businesses despite the negative impact of U.S. hiring as well as growth in our ACA business.

儘管受到美國招聘以及 ACA 業務增長的負面影響，但受 I-9 和入職業務增長的推動，雇主服務收入達到 1.18 億美元，增長了 13%。

In the fourth quarter, we expect overall Employer Services revenue to decline slightly as growth in I-9 and onboarding is offset by declines in ERC revenue as the U.S. government has suspended processing new ERC claims.

在第四季度，我們預計雇主服務整體收入將略有下降，因為 I-9 和入職的成長被 ERC 收入的下降所抵消，因為美國政府已暫停處理新的 ERC 索賠。

Earlier this year, we announced the launch of PeopleHQ, a Workforce Solutions cloud-native solution that brings together multiple best-in-class employer compliance services and a single unified customer experience. PeopleHQ will help companies of all sizes access EWS employer services, including income verification, I-9 and ACA from our new self-service portal. Since the launch of PeopleHQ in the first quarter, EWS has onboarded about 45,000 companies, which also delivers new records for TWN.

今年早些時候，我們宣布推出 PeopleHQ，這是一種 Workforce Solutions 雲端原生解決方案，匯集了多種一流的雇主合規服務和單一統一的客戶體驗。 PeopleHQ 將協助各種規模的公司透過我們新的自助服務入口網站存取 EWS 雇主服務，包括收入驗證、I-9 和 ACA。自第一季推出 PeopleHQ 以來，EWS 已吸引了約 45,000 家公司，這也為 TWN 創造了新記錄。

Workforce Solutions adjusted EBITDA margin of 50.9% was up 140 basis points versus last year, but down 60 basis points from the second quarter from the mortgage market decline. The EWS team continued to perform very well despite the macro headwinds from mortgage and U.S. hiring, outperforming the underlying markets from strong TWN record growth, penetration, new products and price.

Workforce Solutions 調整後 EBITDA 利潤率為 50.9%，比去年增長 140 個基點，但由於抵押貸款市場下滑，較第二季下降 60 個基點。儘管存在抵押貸款和美國招聘帶來的宏觀阻力，EWS 團隊仍然表現出色，由於 TWN 創紀錄的成長、滲透率、新產品和價格，其表現優於基礎市場。

As shown on Slide 7, USIS revenue of $426 million was up over 7% and down slightly from our expectations due to the impact of the much weaker mortgage market. USIS delivered strong non-mortgage revenue growth of about 8% in the quarter. USIS mortgage revenue was up 4% and outperformed the mortgage credit inquiries that were down 29% by 33 points. The strong pricing environment that we discussed in July drove very strong outperformance.

如投影片 7 所示，USIS 收入為 4.26 億美元，成長超過 7%，但由於抵押貸款市場疲軟的影響，略低於我們的預期。 USIS 本季非抵押貸款收入強勁成長約 8%。 USIS 抵押貸款收入成長 4%，比下降 29% 的抵押貸款信貸查詢高出 33 個百分點。我們在 7 月討論的強勁定價環境推動了非常強勁的表現。

At $101 million, mortgage revenue was 24% of total USIS revenue in the quarter. B2B non-mortgage online revenue growth was up a very strong 10% total and up 6% organically.

抵押貸款收入為 1.01 億美元，佔 USIS 本季總收入的 24%。 B2B 非抵押線上收入成長非常強勁，總計成長 10%，有機成長 6%。

During the quarter, online revenue had strong double-digit growth in commercial and banking and lending from strong Identity and Fraud revenue and mid-single-digit growth in auto and insurance offset by declines in telco and direct-to-consumer.

本季度，商業和銀行業務以及貸款業務的在線收入實現了強勁的兩位數增長，這得益於強勁的身份和欺詐收入，以及汽車和保險業務的中個位數增長，但被電信和直接面向消費者業務的下降所抵銷。

USIS also saw strong double-digit growth in count from very good new business and NPI performance. Financial Marketing Services, our B2B offline business had revenue of $51 million that was down just under 1%. In marketing, declines in Prescreen marketing revenue in the quarter that were consistent with declines in the first half more than offset nice revenue growth from our IXI consumer wealth data business.

由於非常好的新業務和 NPI 表現，USIS 的數量也實現了兩位數的強勁成長。我們的 B2B 線下業務金融行銷服務收入為 5,100 萬美元，下降了近 1%。在行銷方面，本季 Prescreen 行銷收入的下降與上半年的下降一致，遠遠抵消了我們 IXI 消費者財富數據業務的良好收入成長。

In Prescreen, we continue to see weakness with the smaller FIs and fintechs in the subprime space, offset by growth with larger FIs. Within risk and account reviews, we did see limited growth in our portfolio review business, but we have not seen a meaningful increase in risk-based portfolio reviews that are typical during challenging economic periods.

在 Prescreen 中，我們繼續看到次級抵押貸款領域小型金融機構和金融科技公司的疲軟，但被大型金融機構的成長所抵消。在風險和帳戶審查方面，我們確實看到投資組合審查業務成長有限，但我們沒有看到基於風險的投資組合審查出現有意義的成長，而這在充滿挑戰的經濟時期是典型的。

USIS Consumer Solutions D2C business had another very strong quarter with revenue of $56 million, up 12% from very good performances in both our consumer direct and our indirect channels. USIS adjusted EBITDA margins were 34.2% in the quarter and slightly below the 35% we had guided from the impact of weaker mortgage market as well as higher technology spend as we migrate customers to the new cloud data fabric.

USIS 消費者解決方案 D2C 業務另一個非常強勁的季度，營收達到 5,600 萬美元，成長了 12%，我們的消費者直接和間接通路都表現出色。 USIS 本季調整後的 EBITDA 利潤率為 34.2%，略低於我們因抵押貸款市場疲軟以及我們將客戶遷移到新的雲端資料結構而增加的技術支出的影響而指導的 35%。

Todd and the USIS team are on offense as they work to complete their cloud transformation and pivot to leveraging their new cloud capability to deliver new products and drive share gains. In the third quarter, USIS onboarded a new large FI customer to our new cloud platform, which we expect to deliver share gains moving forward.

Todd 和 USIS 團隊正在努力完成雲端轉型，並轉向利用新的雲端功能來交付新產品並推動份額成長。第三季度，USIS 在我們的新雲端平台上引進了一位新的大型金融機構客戶，我們預計該平台將帶來未來的份額成長。

Turning to Slide 8. International revenue was $316 million, up 12% in constant currency and up 3% in organic constant currency and below the 4.5% growth we had guided to in July due to the greater decline in our European debt collection revenue than we expected. Europe local currency revenue was down 2% in the quarter. Our U.K. and Spain CRA business revenue was up a very strong 8% in the quarter, a very good performance, offset by the weaker-than-expected 17% decline in our U.K. debt management business. We expect Europe to deliver almost 10% growth in the fourth quarter from continued strength in the CRA business and a return to growth in our debt management business as we lap difficult comps from last year.

轉向幻燈片8。國際收入為3.16 億美元，以固定匯率計算增長12%，以有機固定貨幣計算增長3%，低於我們7 月份指導的4.5% 增長，因為我們的歐洲債務催收收入降幅大於我們的預期。預期的。本季歐洲本國貨幣收入下降 2%。我們的英國和西班牙 CRA 業務收入本季強勁增長 8%，表現非常出色，但被我們英國債務管理業務低於預期的 17% 下降所抵消。我們預計，由於 CRA 業務的持續強勁以及債務管理業務的恢復成長，歐洲第四季將實現近 10% 的成長，因為我們擺脫了去年的艱難比較。

Latin America local currency revenue, including Brazil, was up a very strong 21%, comping off a very strong 34% growth in the third quarter of last year, driven by double-digit growth in Argentina and Paraguay and from new product introductions and pricing actions. We expect LATAM to deliver strong double-digit revenue growth again in the fourth quarter.

在阿根廷和巴拉圭兩位數成長以及新產品推出和定價的推動下，包括巴西在內的拉丁美洲本幣收入強勁增長 21%，而去年第三季度則強勁增長 34%行動。我們預計拉美第四季營收將再次實現兩位數的強勁成長。

Canada and Asia Pacific both delivered low single-digit growth in the quarter as we expected. International adjusted EBITDA margins of 26.3% were up 210 basis points sequentially. Excluding Brazil, adjusted EBITDA margins of 26.8% were up 260 basis points and in line with our expectations. The improvement was driven by revenue growth and good execution against their 2023 cost reduction plans by Lisa and our international team.

正如我們預期的那樣，加拿大和亞太地區本季均實現了低個位數成長。國際調整後 EBITDA 利潤率為 26.3%，較上一季成長 210 個基點。不包括巴西，調整後 EBITDA 利潤率為 26.8%，成長 260 個基點，符合我們的預期。這項改善得益於收入成長以及 Lisa 和我們的國際團隊對 2023 年成本削減計劃的良好執行。

Turning to Slide 9. In the third quarter, overall non-mortgage constant dollar revenue growth grew a strong 11% with organic growth of 7%, both inside our long-term framework. Positively, this was up 300 basis points sequentially. The acceleration in organic revenue growth was driven by strong 11% EWS non-mortgage growth, an improvement of about 800 basis points sequentially. As we look to the fourth quarter, we expect non-mortgage revenue growth to be about 13%, with organic growth of about 9% above the levels we delivered in the third quarter. The acceleration in organic growth is expected to be led again by EWS with growth of over 15%, driven by their government and talent businesses.

轉向幻燈片 9。第三季度，非抵押貸款不變美元收入整體強勁增長 11%，有機增長 7%，兩者都在我們的長期框架內。積極的是，這一數字比上一季上漲了 300 個基點。有機收入成長的加速是由 EWS 非抵押貸款 11% 的強勁成長推動的，比上一季提高了約 800 個基點。展望第四季度，我們預計非抵押貸款收入成長約為 13%，有機成長比第三季度的水平高出約 9%。在政府和人才業務的推動下，預計有機成長的加速將由 EWS 再次引領，成長率將超過 15%。

Turning to Slide 10. We New product introductions leveraging our differentiated data and new EFX Cloud are central to our EFX 2025 growth strategy. In the quarter, we delivered a record 15% Vitality again, led by very strong performances in EWS and Latin America. EWS non-mortgage VI in the quarter was over 25%, a very strong performance. And in the third quarter, about 85% of new product revenue came from non-mortgage products leveraging the EFX Cloud.

轉向投影片 10。利用我們的差異化資料和新的 EFX 雲端推出新產品是我們 EFX 2025 成長策略的核心。在本季度，我們再次實現了創紀錄的 15% 活力，其中 EWS 和拉丁美洲的表現非常強勁。本季 EWS 非抵押貸款 VI 超過 25%，表現非常強勁。第三季度，約 85% 的新產品收入來自利用 EFX 雲端的非抵押產品。

Leveraging our new EFX Cloud capability to drive new product rollouts, we expect to deliver Vitality Index of approximately 14% in 2023, which is about 400 basis points above our 10% long-term Vitality Index goal.

利用我們新的 EFX 雲端功能推動新產品的推出，我們預計到 2023 年活力指數將達到約 14%，比我們 10% 的長期活力指數目標高出約 400 個基點。

Importantly, Second half USIS is expected to be up about 100 bps higher than first half as we are closer to cloud completion and able to leverage our new cloud-native infrastructure in USIS for innovation and new products. This is broadly positive momentum for 2024.

重要的是，下半年 USIS 預計將比上半年上漲約 100 個基點，因為我們更接近雲端完成，並且能夠利用 USIS 中的新雲端原生基礎設施進行創新和新產品。這對 2024 年來說是一個整體積極的勢頭。

On the right side of this slide, we've highlighted several new products introduced in the quarter. These new solutions are a testament to the power of the Equifax Cloud and AI in driving innovation that increase -- that can increase the visibility of consumers to help expand access to credit and create new mainstream financial products while driving Equifax' top line.

在這張投影片的右側，我們重點介紹了本季推出的幾款新產品。這些新解決方案證明了 Equifax 雲端和人工智慧在推動創新方面的力量，可以提高消費者的知名度，幫助擴大信貸管道並創造新的主流金融產品，同時推動 Equifax 的營收成長。

Turning to Slide 11. We're very excited to have closed the Boa Vista acquisition in early August, and welcome the Boa Vista team to Equifax. We're focused on driving growth in Brazil and expanding BVS' capabilities by deploying our cloud-based decisioning and analytical products as well as expanding in new verticals like Identity and Fraud.

轉向幻燈片 11。我們非常高興在 8 月初完成了對 Boa Vista 的收購，並歡迎 Boa Vista 團隊加入 Equifax。我們致力於透過部署基於雲端的決策和分析產品以及擴展身分和詐欺等新垂直領域來推動巴西的成長並擴展 BVS 的能力。

In the third quarter for the period after our acquisition closed on August 7, EFX Brazil delivered revenue of $23 million and was accretive to adjusted EPS by $0.02 per share. Going forward, Brazil will be included in our Latin American region for reporting. And as a reminder, we expect Brazil to deliver approximately $160 million in run rate revenue to Equifax and to be accretive to adjusted EPS in its first year.

在我們於 8 月 7 日完成收購後的第三季度，EFX Brazil 實現了 2,300 萬美元的收入，調整後每股收益增加了 0.02 美元。展望未來，巴西將納入我們的拉丁美洲報告區域。提醒一下，我們預計巴西將為 Equifax 帶來約 1.6 億美元的營運收入，並在第一年增加調整後的每股盈餘。

And now I'd like to turn it over to John to provide more detail on our fourth quarter and full year guidance. John?

現在我想將其交給約翰，以提供有關我們第四季度和全年指導的更多詳細資訊。約翰？

Thanks, Mark. Turning to Slide 12. As Mark mentioned, third quarter mortgage market credit inquiries were down about 29%, weaker than the down 23% in our July guidance. And EWS mortgage outperformance was about 22% from records and price, product and mix and consistent with the second quarter.

謝謝，馬克。轉向幻燈片 12。正如 Mark 所提到的，第三季抵押貸款市場信用查詢下降了約 29%，低於我們 7 月指引中的下降 23%。從記錄和價格、產品和組合來看，EWS 抵押貸款的表現優於第二季約 22%。

For the fourth quarter, we are assuming the weakening trend in mortgage market volume, estimated based on the change in our credit inquiries we have seen in October continues as well as further normal seasonal declines in November and December. On this basis, we expect mortgage credit inquiries to be down about 22% in the fourth quarter, which is an 18 percentage point reduction from our July framework for the fourth quarter.

對於第四季度，我們假設抵押貸款市場交易量的疲軟趨勢（根據我們在 10 月看到的信用查詢的變化而估計）將持續下去，並且 11 月和 12 月將進一步出現正常的季節性下降。在此基礎上，我們預計第四季度抵押貸款信貸查詢將下降約 22%，比我們 7 月的第四季框架下降 18 個百分點。

For perspective, to the extent the mortgage market continues at the levels we've assumed for 4Q '23, which is more than 50% below pre-pandemic averages, 2024 mortgage market credit inquiry volumes would be down approaching 15% versus 2023.

從長遠來看，如果抵押貸款市場繼續保持在我們假設的23 年第4 季的水平（比大流行前的平均水平低50% 以上），那麼2024 年抵押貸款市場信用查詢量將比2023 年下降近15%。

Slide 13 provides the details of our guidance for 4Q '23. In 4Q '23, we expect total Equifax revenue to be between $1.307 billion and $1.327 billion with revenue up 10% at the midpoint. Non-mortgage constant currency revenue growth should strengthen to 13%. Mortgage revenue in the fourth quarter is expected to be below 15% of Equifax revenue.

投影片 13 提供了我們 23 年第 4 季指引的詳細資訊。 23 年第 4 季度，我們預計 Equifax 總營收將在 13.07 億美元至 13.27 億美元之間，中間營收成長 10%。非抵押貸款固定貨幣收入成長應增加至 13%。第四季抵押貸款收入預計將低於 Equifax 收入的 15%。

Business unit performance in the fourth quarter is expected to be as described below. Workforce Solutions revenue growth is expected to be up about 8%, which is lower than the implied fourth quarter framework we outlined in July. The bulk of the $47 million mortgage market impact on revenue that Mark referenced impacts EWS. As we discussed in July, USIS benefits from greater mortgage revenue in the early application phases, which should continue into the fourth quarter.

預計第四季業務部門的業績如下所述。勞動力解決方案收入成長預計將成長約 8%，低於我們在 7 月概述的隱含第四季框架。 Mark 提到的 4700 萬美元抵押貸款市場對收入的影響大部分都影響到 EWS。正如我們在 7 月討論的那樣，USIS 受益於早期申請階段抵押貸款收入的增加，這種情況應該會持續到第四季度。

EWS non-mortgage revenue will return to strong over 15% growth year-to-year in the fourth quarter. However, this strong growth is below our framework from July. Government growth should be above the 23% we saw in the third quarter, but is below our framework from July as state benefit redeterminations are occurring at a slower pace than we anticipated.

EWS 非抵押貸款收入將在第四季度恢復到年比 15% 以上的強勁成長。然而，這種強勁成長低於我們 7 月的框架。政府成長率應高於我們在第三季看到的 23%，但低於我們 7 月以來的框架，因為國家福利重新確定的速度比我們預期的要慢。

Talent growth should be above the 6% we saw this quarter as well, but will also be below our July framework as overall hiring has decelerated from the levels we were seeing in July with BLS now down 10% with white-collar verticals down significantly more. And Employer Services revenue will be below our 4Q framework from July for both I-9 and onboarding that should continue to deliver year-to-year growth, but at levels below our July framework from weaker overall hiring and ERC with the IRS announcement that they would pause on new ERC claims.

人才成長也應該高於我們本季看到的6%，但也將低於我們7 月份的框架，因為總體招聘速度較7 月份的水平有所放緩，勞工統計局(BLS) 目前下降了10 %，其中白領垂直產業下降幅度更大。從7 月開始，I-9 和入職培訓的雇主服務收入將低於我們的第四季度框架，這應該會繼續實現同比增長，但由於整體招聘和ERC 疲弱，美國國稅局(IRS) 宣布，他們的收入將低於我們7 月的框架。將暫停新的 ERC 索賠。

Adjusted EBITDA margins for EWS are expected to be about 50.5%. USIS revenue is expected to be up about 4% year-to-year despite the increased mortgage headwind. Non-mortgage year-to-year revenue growth of 4% should be down from the about 8.5% growth we saw this quarter as we lap 4Q 2022 pricing actions. This is somewhat stronger than we expected in our July framework, driven by continued good growth in Commercial, Consumer Solutions, auto and across our [Kount IV] products.

EWS 調整後 EBITDA 利潤率預計約為 50.5%。儘管抵押貸款阻力加大，但 USIS 收入預計將年增約 4%。隨著我們完成 2022 年第四季的定價行動，非抵押貸款收入年增 4% 應該低於本季約 8.5% 的成長。在商業、消費者解決方案、汽車和我們的 [Kount IV] 產品持續良好成長的推動下，這比我們在 7 月框架中的預期要強一些。

Adjusted EBITDA margins are expected to be about 35%, up sequentially, principally due to revenue growth and cost actions. International revenue is expected to be up about 20% in constant currency due to the addition of BVS and as we lap headwinds in our U.K. debt management business.

調整後的 EBITDA 利潤率預計將環比上升約 35%，這主要是由於收入成長和成本行動。由於 BVS 的加入以及我們在英國債務管理業務中遇到的阻力，以固定匯率計算，國際收入預計將增加約 20%。

Revenue is expected to be up about 6.5% in organic constant currency. This was somewhat stronger than our July framework. EBITDA margins are expected to be about 30%, reflecting revenue growth and strong cost management, including the benefit of planned cost reduction actions. We expect Brazil to deliver revenue of about $38 million in the fourth quarter.

以有機固定匯率計算，營收預計將成長約 6.5%。這比我們 7 月的框架要強一些。 EBITDA 利潤率預計約為 30%，反映了收入成長和強大的成本管理，包括計劃的成本削減行動的好處。我們預計巴西第四季的營收約為 3800 萬美元。

Equifax 4Q '23 adjusted EBITDA margins are expected to be about 34% at the midpoint of our guidance, an increase sequentially of almost 100 basis points. And adjusted EPS in 4Q '23 is expected to be $1.72 to $1.82 per share, up 17% versus 4Q '22 at the midpoint. Both adjusted EPS and adjusted EBITDA margin are below the $2 per share and 36% targets that we set as goals as we enter 2023, principally due to the assumed further decline in mortgage market volumes and associated reduction of high-margin mortgage revenue that Mark discussed.

Equifax 23 年第 4 季調整後 EBITDA 利潤率預計約為 34%（以我們指引的中位數計算），比上一季增加近 100 個基點。 23 年第 4 季調整後每股盈餘預計為每股 1.72 美元至 1.82 美元，比 22 年第 4 季中位數成長 17%。調整後每股收益和調整後EBITDA 利潤率均低於我們在進入2023 年時設定的每股2 美元和36% 的目標，這主要是由於馬克討論的抵押貸款市場量進一步下降以及相關的高利潤抵押貸款收入減少的假設。

Slide 14 provides the specifics of our 2023 full year guidance. 2023 revenue and adjusted EPS are being reduced consistent with our 3Q '23 results and our 4Q 2023 guidance. We expect 2023 non-mortgage constant currency revenue growth to be strong at about 9% and organic revenue growth of about 7%.

幻燈片 14 提供了我們 2023 年全年指導的具體資訊。 2023 年營收和調整後每股盈餘的減少與我們 23 年第三季的業績和 2023 年第四季的指引一致。我們預計 2023 年非抵押貸款固定貨幣收入成長將強勁，約 9%，有機收入成長約 7%。

Total capital spending for 2023, including the addition of Brazil, which was not previously included in our guidance, is expected to be about $580 million. Capital spending in the third quarter was about $145 million. We did see the expected decline in spending sequentially, however, the reduction was slightly less than the expected, principally due to higher spending related to customer migrations. We expect capital spending in the fourth quarter to decline sequentially by about $15 million as we continue to progress U.S. and Canadian migrations to Data Fabric. We remain focused on reducing CapEx as a percentage of revenue to about 7% by the end of 2025.

2023 年的總資本支出（包括先前未納入我們指導的巴西）預計約為 5.8 億美元。第三季的資本支出約為1.45億美元。我們確實看到了預期的支出連續下降，但是，減少幅度略低於預期，主要是由於與客戶遷移相關的支出增加。隨著我們繼續推進美國和加拿大向 Data Fabric 的遷移，我們預計第四季度的資本支出將環比下降約 1500 萬美元。我們仍致力於在 2025 年底將資本支出佔收入的比例降低至 7% 左右。

We remain focused on executing our long-term model, delivering 8% to 12% revenue growth with 50-plus basis points of margin expansion annually on average over a cycle. Although the unprecedented decline in the U.S. mortgage market in 2022 and 2023, pushes out our prior midterm goal of $7 billion in revenue and 39% EBITDA margins to beyond 2025, it does not change our focus on expanding our margins toward our 39% goal as we drive revenue higher.

我們仍然專注於執行我們的長期模型，在一個週期內實現 8% 至 12% 的收入成長，每年平均利潤率擴張 50 個以上基點。儘管美國抵押貸款市場在2022 年和2023 年出現前所未有的下滑，將我們先前的中期目標（70 億美元收入和39% EBITDA 利潤率）推遲到2025 年之後，但這並沒有改變我們將利潤率擴大到39% 目標的重點，因為我們推動收入更高。

We will continue to focus on delivering strong non-mortgage growth at or above our long-term revenue growth framework, outperforming our underlying markets, including the mortgage market, and executing our cloud transformation, including delivering ongoing cost improvements. As mentioned earlier, to the extent the mortgage market continues at the levels we have assumed for 4Q '23, 2024 mortgage market inquiry volumes would be down approaching 15% versus 2023.

我們將繼續專注於在我們的長期收入成長框架或之上實現強勁的非抵押貸款成長，超越我們的基礎市場（包括抵押貸款市場），並執行我們的雲端轉型，包括持續改進成本。如前所述，如果抵押貸款市場繼續保持在我們假設的 23 年第 4 季的水平，2024 年抵押貸款市場詢價量將比 2023 年下降近 15%。

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

現在我想把它轉回給馬克。

Thanks, John. Wrapping up, Equifax delivered on its earnings guidance in the third quarter with adjusted EBITDA margins and adjusted EPS within our guidance range despite the challenging U.S. mortgage market. While the mortgage market was down significantly again, our non-mortgage businesses delivered strong constant dollar organic growth of 7% and overall growth of 11%, including BVS.

謝謝，約翰。總而言之，儘管美國抵押貸款市場充滿挑戰，但 Equifax 在第三季度實現了盈利預期，調整後的 EBITDA 利潤率和調整後的每股收益均在我們的預期範圍內。雖然抵押貸款市場再次大幅下滑，但我們的非抵押貸款業務實現了 7% 的強勁恆定美元有機成長和 11% 的整體成長（包括 BVS）。

Importantly, EWS returned a strong 11% non-mortgage growth and USIS delivered a strong over 8% non-mortgage quarter. We expect our strong third quarter constant dollar non-mortgage revenue of 11% to accelerate in the fourth quarter to about 13%, including EWS, above 15% and international, including BVS at about 20%. The breadth and depth of our non-mortgage businesses, which account for about 81% of Equifax revenue in the third quarter and execution against our 2023 Cloud and broader spending reduction program, allowed us to deliver against our earnings guidance despite the decline in the mortgage market.

重要的是，EWS 實現了 11% 的非抵押貸款強勁成長，USIS 的非抵押貸款季度實現了超過 8% 的強勁成長。我們預計，第三季以美元不變計算的非抵押貸款收入將強勁成長11%，第四季將加速至13% 左右，其中包括EWS，將超過15%，國際業務（包括BVS）將成長約20%。我們的非抵押貸款業務的廣度和深度約佔 Equifax 第三季度收入的 81%，並且根據我們的 2023 年雲和更廣泛的支出削減計劃執行，使我們能夠在抵押貸款下降的情況下實現盈利指導市場。

While it's early to provide 2024 guidance, I wanted to give you a perspective on how we plan to operate in '24 in what could be another challenging year from a macro perspective as we exit 2023 with U.S. mortgage volumes at historically low levels with record mortgage rates. We remain committed to executing against our EFX 2025 strategy with a focus on things we can control. As we move towards 2024, we're focused on: first, continuing above-market non-mortgage growth inside our 8% to 12% long-term framework and outperforming the underlying mortgage market.

雖然現在提供2024 年指導還為時過早，但我想向您介紹我們計劃如何在24 年運營，從宏觀角度來看，這可能是又一個充滿挑戰的一年，因為我們在2023 年結束時，美國抵押貸款數量處於歷史低位，抵押貸款創歷史新高費率。我們仍然致力於執行我們的 EFX 2025 策略，並專注於我們可以控制的事情。在邁向 2024 年時，我們的重點是：首先，在 8% 至 12% 的長期框架內繼續實現高於市場的非抵押貸款成長，並跑贏基礎抵押貸款市場。

Second, substantially completing our cloud transformation in 2024 with revenue from our new cloud platforms approaching 90% by the end of the year, which will be a big milestone to allow our team to pivot to fully focus on innovation and growth. Third, as we complete our cloud investments, we expect CapEx to move towards our long-term goal of 7% of revenue in 2025 and our CapEx spend to pivot from maintenance and cloud investments to innovation and new products.

其次，到2024年基本完成雲端轉型，到年底新雲端平台的營收接近90%，這將是一個重要的里程碑，讓我們的團隊能夠全面專注於創新和成長。第三，隨著我們完成雲端投資，我們預計資本支出將實現 2025 年佔收入 7% 的長期目標，而我們的資本支出將從維護和雲端投資轉向創新和新產品。

Aligned with our cloud technology completion, we will continue to execute against the cloud and broader spending reduction program we announced in February, which we expect to deliver $65 million of 2023 carryover next year with additional cost savings next year as we complete the cloud.

與我們的雲端技術完成情況一致，我們將繼續執行我們在2 月宣布的雲端運算和更廣泛的支出削減計劃，我們預計明年將在2023 年結轉6,500 萬美元，並在明年完成雲端運算時節省更多成本。

Fifth, 14% Vitality performance in the second half of this year gives us strong momentum as we move towards 2024. We will continue our focus on new product innovation using our Single Data Fabric, cloud capabilities and AI to bring new models and scores to the market, including a focus on bringing EWS and USIS assets much closer together with a long-term annual Vitality goal of 10%.

第五，今年下半年14% 的Vitality 表現為我們邁向2024 年提供了強勁動力。我們將繼續專注於新產品創新，利用我們的Single Data Fabric、雲端功能和人工智慧，為市場帶來新的模型和分數市場，包括重點使 EWS 和 USIS 資產更加緊密地結合在一起，並製定 10% 的長期年度活力目標。

Sixth, we'll focus on adding new records to further strengthen the TWN dataset, including the acquisition of traditional W-2 pension and 1099 records.

第六，我們將專注於新增記錄以進一步強化 TWN 資料集，包括取得傳統的 W-2 退休金和 1099 筆記錄。

And last, we'll continue to look for financially attractive bolt-on M&A aligned with our strategic priorities around differentiated data, strengthening EWS and Identity and Fraud. Despite the challenges of an unprecedented decline in the U.S. mortgage market, Equifax demonstrated in '22 and '23 that we can grow revenue as we outperform our underlying markets over the last 2 years from above-market non-mortgage growth outperforming the mortgage market, vertical penetration, new product innovation, adding new records to TWN and pricing. We are committed to delivering on our long-term framework of 8% to 12% revenue growth and 50 basis points of annual margin expansion as well as our medium-term goal of 39% EBITDA margins. And when the mortgage market recovers, we are poised to generate accelerated above-market growth and margin expansion from investments we have made in our cloud technology, new products, TWN record additions and expanding our unique data assets.

最後，我們將繼續尋找具有財務吸引力的補充性併購，這些併購與我們圍繞差異化資料、加強 EWS 以及身分和詐欺的策略重點相一致。儘管美國抵押貸款市場面臨前所未有的下滑挑戰，但 Equifax 在 22 年和 23 年證明，我們可以透過在過去兩年中超越市場的非抵押貸款增長超過抵押貸款市場來實現收入增長，垂直滲透，新產品創新，為TWN和定價增添新紀錄。我們致力於實現 8% 至 12% 的營收成長和 50 個基點的年度利潤率擴張的長期框架，以及 39% EBITDA 利潤率的中期目標。當抵押貸款市場復甦時，我們準備透過對雲端技術、新產品、TWN 記錄添加和擴展我們獨特的數據資產的投資，實現高於市場的加速成長和利潤率擴張。

During the next chapter of the New Equifax as we pivot from building the New Equifax Cloud to leveraging our new Cloud capabilities to drive our top and bottom line, we are 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 free cash flow in the future.

在新Equifax 的下一章中，當我們從建立新Equifax 雲端轉向利用我們的新雲端功能來推動我們的營收和利潤時，我們相信，我們的新Equifax 基於雲端的技術、我們新單一業務中的差異化資料資產Data Fabric 和市場領先的業務將在未來實現更高的成長、擴大的利潤和自由現金流。

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

那麼，接線員，讓我打開它來提問。

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

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

Mark, I just had a question. I think the negative 15%, I guess, potential decline in mortgage increase next year based on, I guess, your current run rate, seasonality, et cetera. If that is the case, you've obviously been outperforming the market consistently this year, but are there other initiatives you can put in place to potentially outperform further or just curious on what the strategy in a longer -- weaker for longer, I guess, mortgage market would be.

馬克，我只是有一個問題。我認為明年抵押貸款的負 15% 的潛在下降會增加，我猜是基於您當前的運行率、季節性等等。如果是這樣的話，你今年顯然一直跑贏大盤，但是你是否可以採取其他舉措來進一步跑贏大盤，或者只是好奇長期的策略是什麼——我想，長期疲軟的策略是什麼？ ，抵押貸款市場將是。

Yes. Manav, we believe that we have multiple levers in both mortgage and non-mortgage. I'll focus on mortgage because that's your question that continue to outperform the underlying market. You've seen us do that over an extended period of time. And we'll talk about USIS and EWS, if you want, because that's a mortgage. In USIS, they obviously have the ability to deliver price, and we expect price to be a part of the levers for 2024. There's new product rollouts inside of USIS. For example, you recall earlier this year, we rolled out our new mortgage credit report that includes those NC+ attributes. That's going to be a positive for us to outperform the underlying market.

是的。馬納夫，我們相信我們在抵押貸款和非抵押貸款方面都有多種槓桿。我將重點放在抵押貸款，因為這是一個繼續跑贏基礎市場的問題。您已經看到我們在很長一段時間內這樣做了。如果您願意的話，我們將討論 USIS 和 EWS，因為那是抵押貸款。在 USIS，他們顯然有能力提供價格，我們預計價格將成為 2024 年槓桿的一部分。USIS 內部正在推出新產品。例如，您還記得今年早些時候，我們推出了新的抵押貸款信用報告，其中包括這些 NC+ 屬性。這對我們超越基礎市場來說將是正面的。

And then if you go to EWS, you've got the same 2 levers there plus more, obviously. Price is an opportunity as we have more records, and we can deliver more value to the mortgage customers. We've got a big focus in more leverage in EWS around new products. You've seen us roll out new solutions like a year ago, Mortgage 36 with 36 months' worth of history. So new products will be a continued lever for us in the mortgage space.

然後，如果你去 EWS，你會發現同樣的 2 個槓桿，而且顯然還有更多。價格是一個機會，因為我們有更多的記錄，我們可以為抵押貸款客戶提供更多的價值。我們非常關注圍繞新產品提高 EWS 的影響力。您已經看到我們推出了新的解決方案，就像一年前一樣，Mortgage 36 已有 36 個月的歷史。因此，新產品將成為我們在抵押貸款領域的持續槓桿。

And of course, records, growing records double digit in the quarter, the new payroll processors that we're adding in the fourth quarter and next year that we signed up during the quarter, and of course, our pipeline of new records those drive higher hit rates in the EWS mortgage business, which we expect that to continue going forward.

當然，記錄，本季度增長兩位數的記錄，我們在第四季度和明年添加的新工資處理器，我們在本季度簽署了，當然，我們的新記錄管道推動了更高的增長EWS 抵押貸款業務的利率受到打擊，我們預計該業務將繼續向前發展。

And then the last for EWS quite uniquely, it's ability to drive penetration, meaning more usage of the income and employment data inside the mortgage process. And as we've talked before, we don't have -- every customer doesn't use our solutions. Some still use manual verifications and we're driving them to using our Verified solution. So yes, we've got confidence about our ability. I wouldn't characterize that we have new levers, but we've got a lot of focus around them.

最後一點對於 EWS 來說非常獨特，它能夠推動滲透，這意味著在抵押貸款流程中更多地使用收入和就業數據。正如我們之前所說，並非每個客戶都使用我們的解決方案。有些仍然使用手動驗證，我們正在推動他們使用我們的已驗證解決方案。所以，是的，我們對自己的能力充滿信心。我不會說我們有新的槓桿，但我們對它們有很多關注。

And I think -- when you think about EWS and USIS, and we mentioned it earlier in our prepared comments, as USIS completes the cloud, and of course, EWS is already there, we think the ability to have each business bring new products to market will continue, but the ability to bring solutions that combine the 2 businesses, data assets for mortgage and non-mortgage with USIS getting into the cloud is another year for us in the future.

我認為，當你想到 EWS 和 USIS 時，我們之前在準備好的評論中提到過，隨著 USIS 完成雲端運算，當然，EWS 已經存在，我們認為每個企業都有能力為客戶帶來新產品市場將繼續發展，但將抵押貸款和非抵押貸款資料資產與USIS 兩項業務結合的解決方案進入雲端的能力是我們未來的另一年。

Okay. Got it. And then just on the margin front, the 34% for the fourth quarter, is that a right run rate to think about as you exit the year? I know you have a lot of, obviously, mortgage headwinds and then cost savings coming in to offset that. And if you could just remind us versus the 39% target that you had. How much of that is going to be a mortgage shortfall in terms of getting to that 39%.

好的。知道了。然後就利潤率而言，第四季度的 34%，是您在今年結束時考慮的正確運行率嗎？我知道，顯然，你有很多抵押貸款的阻力，然後節省的成本可以抵消這些阻力。如果您能提醒我們您設定的 39% 的目標。達到 39% 時，其中有多少將是抵押貸款短缺。

I think first on the 39%, we tried to be clear, our goal hasn't changed. As you know, for a couple of years, we carried a goal of 2025 for 39% against $7 billion of revenue. Clearly, that $7 billion is going to be pushed out with the mortgage market decline and we wanted to be transparent today that we view that as being post '25. But our focus on 39% hasn't changed. We have a path to 39%. In the future, it's going to be beyond 2025. And then post 39%, we still see between operating leverage in the businesses, the strong margins in EWS, the ability to grow 50 basis points per year post that 39%.

我認為首先對於 39%，我們試圖明確，我們的目標沒有改變。如您所知，幾年來，我們的目標是 2025 年實現 39% 的收入，實現 70 億美元的收入。顯然，隨著抵押貸款市場的下滑，這 70 億美元將被擠出，我們今天希望保持透明，我們認為這是 25 年後的情況。但我們對 39% 的關注並沒有改變。我們有通往 39% 的道路。未來，這將超過 2025 年。然後在 39% 之後，我們仍然看到業務的營運槓桿、EWS 的強勁利潤率以及在 39% 之後每年增長 50 個基點的能力。

And as you're specifically looking at 2024, right, we've already talked about the fact that we have significant cost reduction plans we put in place in 2023. They'll drive an additional $65 million of savings as we get into next year. We also will get some savings as we continue to migrate to the cloud, which weren't included in that $65 million. So we expect to have cost levers that will help drive our margins higher.

正如您特別關注 2024 年一樣，我們已經討論過這樣一個事實，即我們在 2023 年實施了重大成本削減計劃。進入明年，這些計劃將額外節省 6500 萬美元。隨著我們繼續遷移到雲，我們還將獲得一些節省，這不包括在這 6500 萬美元中。因此，我們希望擁有有助於提高利潤率的成本槓桿。

Obviously, we're not giving revenue guidance. But again, for us, for 2024. But for us, as you know, our variable margin on new revenue is very high, right? So as we drive more revenue, that also is a way that we drive margins as we go forward. So just as a reminder, those people think about next year, first quarter margins for us tend to be lower, right, because significant amount of equity and variable compensation expense hits in the first quarter as opposed to being spread throughout the year because of the structure of our plan. So just as a reminder, first quarter margins tend to move down.

顯然，我們不會提供收入指導。但對我們來說，還是到 2024 年。但對我們來說，如你所知，我們新收入的可變利潤率非常高，對吧？因此，當我們增加收入時，這也是我們在前進過程中提高利潤的一種方式。因此，提醒一下，那些人認為明年第一季的利潤率往往會較低，對吧，因為大量的股權和可變薪酬費用出現在第一季度，而不是分散到全年，因為我們計劃的結構。提醒一下，第一季的利潤率往往會下降。

Next question is from Andrew Steinerman from JPMorgan.

下一個問題來自摩根大通的安德魯·斯坦納曼。

Two quickies. Well, actually I have -- we'll see if its quick. The first one is, for third quarter, what was mortgage as a percentage of total revenues? And then the second question has to do with, could you just review with us the cadence of Equifax government revenues from the Medicaid redetermination fourth quarter to second quarter. I'm also assuming that it might be higher in total now because you talked about additional state penetration.

兩個快手。嗯，實際上我已經——我們會看看它是否很快。第一個是第三季抵押貸款佔總收入的百分比是多少？第二個問題與我們一起回顧 Equifax 政府收入從第四季度醫療補助重新確定到第二季度的節奏。我還假設現在總數可能會更高，因為您談到了額外的狀態滲透。

I think the first question, John, it was 19%.

約翰，我認為第一個問題是 19%。

19%, yes.

19%，是的。

In the third quarter, that will be lower in the fourth quarter for obvious reasons on the percent of revenue, Andrew from mortgage. On the government one, maybe just a couple of comments on government, and I'll get to redeterminations and John can jump in. We've got a lot of positive levers in government. I hope you saw Andrew had noted that those 2 large contracts, which we alluded to in July, meaning that we talked about some visibility that we had of new contracts, $1.2 billion and $190 million USDA contracts give us some visibility and momentum in our government vertical, not only in the fourth quarter but also for 2024.

在第三季度，由於抵押貸款收入百分比的明顯原因，這一數字將低於第四季度。在政府方面，也許只是對政府的一些評論，然後我將進行重新決定，約翰可以介入。我們在政府中有很多積極的槓桿。我希望你看到安德魯已經注意到我們在7 月份提到的那兩份大型合同，這意味著我們談到了我們對新合同的一些可見度，12 億美元和1.9 億美元的美國農業部合同給我們在政府中提供了一些可見度和動力垂直，不僅是第四季度，而且是 2024 年。

Those contracts as well as others also give us the ability to continue our expansion at the state level. As you know, our government vertical inside of EWS is call it roughly $500 million run rate business, but in a $4 billion TAM. So there's a lot of opportunity to add new states and new agencies at the state levels. And you might imagine we have a deal pipeline of customers or agencies that we're working on adding at the state level, which is a part of our visibility for fourth quarter and into 2024 for the government vertical.

這些合約以及其他合約也使我們有能力繼續在州一級進行擴張。如您所知，我們 EWS 的政府垂直內部稱之為約 5 億美元的運作率業務，但 TAM 為 40 億美元。因此，有很多機會在州一級增加新的州和新的機構。您可能會想像我們正在努力在州一級增加客戶或機構的交易管道，這是我們第四季度和 2024 年政府垂直領域可見性的一部分。

And in particular, the CMS contract is -- and the USDA contract actually are both helpful in the addition of more state-level relationships. On redeterminations, it's clearly been a very challenging forecasting about when will state actually activate those redeterminations. We saw a strong volume of that in the third quarter. We expect that to continue in the fourth. And then as you point out, in first and second next year, there'll be continued redeterminations because of the time line is to really complete those, I believe, at the end of the second quarter. So we work closely on those, but has been a bit more challenging to forecast those. Anything you add, John?

特別是，CMS 合約和 USDA 合約實際上都有助於增加更多州級關係。關於重新決定，對於國家何時真正啟動這些重新決定顯然是一個非常具有挑戰性的預測。我們在第三季看到了強勁的銷售量。我們預計這種情況將在第四季繼續下去。然後，正如您所指出的，在明年的第一年和第二年，將繼續進行重新確定，因為我相信，時間線是在第二季末真正完成這些工作。因此，我們在這些方面密切合作，但預測這些方面更具挑戰性。約翰，你還有什麼要補充的嗎？

Just in terms of pacing, you covered it, right? It's just it's very difficult to forecast, right? So although we did see lift from redeterminations, it wasn't to the level we expected, and we certainly saw that to agree in the third quarter and the fourth quarter. But we still think we're the best solution and expect to the revenue related to redeterminations, as Mark said, by the time it completes at the end of the second quarter. But as we said, in the third quarter and certainly in the fourth quarter, a little lower growth than the level we'd expected.

就節奏而言，你已經涵蓋了，對吧？只是預測起來非常困難，對吧？因此，儘管我們確實看到了重新確定帶來的提升，但並未達到我們預期的水平，而且我們當然看到第三季和第四季達成了一致。但我們仍然認為我們是最好的解決方案，並期望與重新確定相關的收入，正如馬克所說，在第二季末完成時。但正如我們所說，第三季度，當然還有第四季度，成長略低於我們預期的水平。

Next question is coming from Kelsey Zhu from Autonomous Research.

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

I think on the talent vertical, you talked about 20 percentage point outperformance, if I heard that correctly. I was wondering, between the different factors that are driving that 20 percentage outperformance. What is the biggest factor? And how durable is this 20 percentage point outperformance over the next few quarters?

我認為在人才垂直領域，如果我沒聽錯的話，您談到了 20 個百分點的卓越表現。我想知道到底是哪些不同因素推動了 20% 的優異表現。最大的因素是什麼？未來幾季這種 20 個百分點的領先表現能持續多久？

Yes, the 20% we were pleased with the market -- the business is up 6%, the Talent vertical and from our measure, the BLS market was down 10%. We think the white-collar market was down double that. So that's how you get close to double that. So that's how you get to the 20 points of outperformance.

是的，我們對市場感到滿意的 20%——業務成長了 6%，人才垂直市場成長了 6%，根據我們的衡量，BLS 市場下降了 10%。我們認為白領市場的跌幅是這個數字的兩倍。這就是你接近兩倍的方法。這就是您獲得 20 分優異表現的方法。

And there isn't really -- I wouldn't characterize as a single lever that's really driving that outperformance. It's really similar in all our businesses. In Talent, we've got the ability to drive price, which we do every year. We expect to do that as we go into 2024 in the talent vertical like our others because of the value we're delivering.

我不會將其描述為真正推動這種優異表現的單一槓桿。我們所有的業務都非常相似。在人才方面，我們有能力推動價格，我們每年都會這樣做。由於我們正在提供的價值，我們希望在進入 2024 年時能夠像其他人才垂直領域一樣做到這一點。

In Talent, quite uniquely, we have the ability to drive penetration, that's a big multibillion dollar TAM and a business that's roughly $400 million of run rate. So there's a lot of customers in Talent that are still doing manual verifications of employment history that our 640 million jobs that we have in our database are just immensely valuable from a speed and productivity standpoint. So that's a lever in Talent that we think is quite durable along with price.

在人才方面，非常獨特的是，我們有能力推動滲透率，這是一個價值數十億美元的巨大 TAM 和一項運行率約為 4 億美元的業務。因此，Talent 中有很多客戶仍在對就業歷史進行手動驗證，從速度和生產力的角度來看，我們資料庫中的 6.4 億個工作非常有價值。因此，我們認為這是一個與價格一樣相當持久的人才槓桿。

Product is another big one. You've seen us roll out almost every quarter, a couple of new products from EWS and the Talent vertical really to get more narrowly focused around products that match kind of job categories. We rolled out an hourly solution, I think, last quarter for hourly workers to try to drive some growth there. So new products are clearly a growth.

產品是另一件大事。您已經看到我們幾乎每個季度都會推出一些來自 EWS 和人才垂直領域的新產品，以便更專注於與工作類別相符的產品。我想，上個季度我們為小時工推出了一個小時解決方案，試圖推動那裡的一些成長。所以新產品顯然是一種成長。

And then the addition of records. And as you know, with the 50 attributes we get every pay period, we get job title and 75 million people a year, roughly that number change jobs in the United States. So having those new jobs from our record additions, every pay period is a very valuable asset that just drives higher hit rates, which drives revenue going forward. So we have a lot of confidence in our ability to outperform the underlying talent market, just like we do with the rest of our markets because of those levers.

然後新增記錄。如你所知，透過我們在每個薪資週期獲得的 50 種屬性，我們獲得了職位頭銜，每年有 7500 萬人更換工作，大約是美國的這個數字。因此，從我們創紀錄的新增職位中獲得這些新職位，每個支付週期都是非常有價值的資產，它只會提高命中率，從而推動未來的收入成長。因此，我們對超越潛在人才市場的能力充滿信心，就像我們憑藉這些槓桿對其他市場所做的那樣。

Got it. That's super helpful. My second question is on mortgage. I was wondering if you can talk a little bit about the spread between kind of the increased trend versus origination and how you calculate the mortgage outperformance for EWS?

知道了。這非常有幫助。我的第二個問題是關於抵押貸款的。我想知道您是否可以談談成長趨勢與起源之間的差異，以及您如何計算 EWS 的抵押貸款表現？

Yes. I'll start and let John jump in. We've been consistent. Really, there's been a phenomena that's a major change, a meaningful change in the mortgage market over the last, call it, 12 to 18 months, where when rates were starting to increase, consumers did a lot more shopping and that benefited our USIS business, meaning that the consumers would go to multiple mortgage originators. And as you know, as a part of that process, when someone applies online, the first thing a mortgage originator will do is determine is that a consumer that can qualify for the loan they're trying to get.

是的。我將開始並讓約翰加入。我們一直保持一致。確實，在過去的 12 到 18 個月裡，抵押貸款市場發生了重大變化，發生了有意義的變化，當利率開始上漲時，消費者進行了更多的購物，這使我們的 USIS 業務受益，這意味著消費者將轉向多個抵押貸款發起人。如您所知，作為該過程的一部分，當有人在線申請時，抵押貸款發起人要做的第一件事就是確定消費者有資格獲得他們想要獲得的貸款。

Meaning are they going to invest that 5,000 or 6,000 or actually 7,000 of COGS in that mortgage process. So there's an inquiry that goes into or a poll on the USIS side. And that's why inquiries versus originations or closed loans have really separated. There's been an increase in originations. And we expect that to continue with these high interest rates. Consumers, they'll be more deliberate around their shopping behavior. And that's why there's a positive, if you will, for USIS in inquiries or credit pulls on -- in this environment, where EWS typically in the back end of the mortgage process in -- really around closed loans.

這意味著他們將在抵押流程中投資 5,000 或 6,000 甚至 7,000 的銷貨成本。因此，美國情報局方面正在進行一項調查或民意調查。這就是為什麼查詢與發起或關閉貸款真正分開的原因。起源有所增加。我們預計這種情況將繼續保持高利率。消費者將更加謹慎地對待自己的購物行為。這就是為什麼 USIS 在查詢或信貸拉動方面有積極的作用（如果你願意的話）——在這種環境下，EWS 通常處於抵押貸款流程的後端——實際上圍繞著已關閉的貸款。

Just broadly, right, we're finding it difficult to get good market data where and -- that we can correlate across applications and other measures, including originations. So as you know, for USIS, right, we determine our outperformance based on our own internal volume data. And we share that internal volume data, obviously, with you every quarter, right? And then going forward, what we're going to do is we're going to provide outperformance for EWS also based on our internal volume data, which are actuals, which we can actually measure.

廣義地說，我們發現很難獲得良好的市場數據，並且我們可以將這些數據與應用程式和其他衡量標準（包括起源）進行關聯。如您所知，對於 USIS，我們根據我們自己的內部卷資料來確定我們的表現。顯然，我們每季都會與您分享內部體積數據，對吧？展望未來，我們要做的就是根據我們的內部資料量資料（我們可以實際測量的實際資料）為 EWS 提供卓越的效能。

And as we've been talking to you about for quite some time, right, our outperformance is driven by record growth, which is more specific to TWN, but then also product price and mix. And as we said in the script, those are things we can measure together, understanding the difference between our volume and our overall revenue. And that's our outperformance.

正如我們已經與您談論相當長一段時間一樣，我們的優異表現是由創紀錄的增長推動的，這對於 TWN 來說更具體，但也包括產品價格和產品組合。正如我們在腳本中所說，這些是我們可以一起衡量的事情，了解我們的銷售量和總收入之間的差異。這就是我們的優異表現。

And I think going forward, we'll use that measure because it's all based on internal data that we can validate each quarter. And again, what we -- our internal volume data is transaction volume data. It's the transactions that are related directly to mortgage application approvals, doesn't really include things around batches or monitoring so that the data stays pure. And we feel like that's a much better measure of the level of outperformance driven by record growth, product, pricing and mix that we can deliver each quarter, and we'll continue to share that with you.

我認為展望未來，我們將使用該衡量標準，因為它全部基於我們每季可以驗證的內部數據。再說一遍，我們的內部交易量資料是交易量資料。這是與抵押貸款申請批准直接相關的交易，並不真正包括批次或監控方面的內容，因此數據保持純淨。我們認為，這是衡量我們每季可以實現的創紀錄成長、產品、定價和組合所驅動的卓越績效水準的更好指標，我們將繼續與您分享。

Maybe just one more point, John, as a reminder, as you know, we get mortgage originations because we have the credit file on every consumer. So we see the actual new mortgage originations, but they're typically on a what 5-, 6-month lag. So between that 5-, 6-month lag, we're forecasting based on MBA data, based on our own tracking, based on our own run rates, we use multiple inputs to try to forecast those originations. We obviously have been challenged by that in this current environment with interest rates increasing. But we have a lot of data around mortgage originations.

也許還有一點，約翰，提醒一下，正如你所知，我們獲得抵押貸款是因為我們擁有每個消費者的信用檔案。因此，我們看到了實際的新抵押貸款發放，但它們通常有 5 至 6 個月的滯後期。因此，在 5 個月、6 個月的滯後期間，我們根據 MBA 數據、根據我們自己的追蹤、根據我們自己的運行率進行預測，我們使用多個輸入來嘗試預測這些起源。在當前利率上升的環境下，我們顯然受到了挑戰。但我們有大量有關抵押貸款發放的數據。

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

您的下一個問題來自 Truist 證券公司的安德魯傑弗裡 (Andrew Jeffrey)。

Mark, I mean, I get there a lot of moving pieces here outside of mortgage, especially I'm thinking about EWS, Verifier, government a little bit weaker maybe than you thought and you enumerated the reasons. I guess my question overall is do you think that, that EWS non-verifier -- sorry, non-mortgage verifier business has perhaps gotten a little more difficult to forecast as you do more business with the government and all these different programs, appreciating the new contract wins. And do you think you're going to take that into account when you start to think about guiding for '24.

馬克，我的意思是，除了抵押貸款之外，我還有很多動人的事情，特別是我在考慮 EWS、驗證者、政府，它們可能比你想像的要弱一些，你列舉了原因。我想我的問題總體是，您是否認為，EWS 非驗證者——抱歉，隨著您與政府和所有這些不同項目開展更多業務，欣賞非抵押貸款驗證者業務，預測非抵押貸款驗證者業務可能會變得更加困難新合約獲勝。當你開始考慮《24小時》的指導時，你認為你會考慮到這一點嗎？

Yes, for sure. There's no question. Look, it's a big business. It's dealing in multiple verticals. In some regards, these -- like talent in government or I would still characterize them as fairly new verticals for us at scale. We've only been large in those verticals in the last couple of years. And you've got some macro impacts certainly in talent, the mortgage side, which we talked about a bunch. But the hiring market is obviously under some pressure, particularly in white-collar in the U.S., and we've tried to forecast that. And we're going to try to be more conservative, or more balanced whatever words you want to use around that vertical.

是肯定的。毫無疑問。瞧，這是一樁大生意。它涉及多個垂直領域。在某些方面，這些——例如政府的人才，或者我仍然將它們描述為對我們來說相當新的垂直領域。過去幾年我們才在這些垂直領域取得了巨大的成功。當然，在人才、抵押貸款方面，我們也談到了一些宏觀影響。但招聘市場顯然面臨一些壓力，尤其是美國的白領，我們已經試圖對此進行預測。我們將嘗試更加保守，或者更加平衡，無論您想在該垂直領域使用什麼詞彙。

Same with government. There's a lot of moving parts there. I would say the most complex for us or the one we've been challenged by is the redeterminations. Outside of that, we have pretty clear visibility about adding new customers, adding new clients, new product rollouts, pricing actions and government, that is pretty dialed in. And I think the other -- if you think about 2023, both of those businesses had really, really, really strong '22. So we're comping off very strong years, which is great because we're driving more penetration, more product, more price.

與政府相同。那裡有很多活動部件。我想說對我們來說最複雜的或是我們面臨的挑戰是重新決定。除此之外，我們對增加新客戶、增加新客戶、新產品推出、定價行動和政府有相當清晰的了解，這是相當不錯的。我認為另一個 - 如果你考慮 2023 年，這兩個業務'22 真的非常非常強大。因此，我們正在經歷非常強勁的年份，這很棒，因為我們正在推動更高的滲透率、更多的產品和更高的價格。

And we had to look forward to where we're going to take those businesses. And while we've been off a little bit, we're really pleased with the growth of those businesses. Those are -- they both delivered strong growth in the quarter. You've seen accelerated growth in non-mortgage and EWS from second quarter. We expect that non-mortgage Verifier growth to accelerate again in fourth quarter, which gives us really positive momentum going into 2024. But short answer to your question about, are we going to be more balanced around how we forecast there, for sure.

我們必須期待我們將把這些業務帶到哪裡。雖然我們有些偏離，但我們對這些業務的成長感到非常滿意。它們都在本季度實現了強勁增長。從第二季開始，非抵押貸款和 EWS 加速成長。我們預計非抵押貸款驗證者的成長將在第四季度再次加速，這為我們進入2024 年提供了真正積極的動力。但簡短回答你的問題，我們是否會在預測方面更加平衡，這是肯定的。

Okay. Yes, I think the market would welcome that. And then if I could just ask, it feels like obligatory competitive question in EWS. There are a couple of pieces of business that you characterize as manual and low margin that kind of let go last quarter. Can you just sort of reiterate your thinking, especially in mortgage Verifier in terms of the competitiveness of your solution?

好的。是的，我認為市場會歡迎這一點。如果我可以問的話，這感覺就像是 EWS 中強制性的競爭性問題。有幾項業務被您描述為手動且利潤率低，上個季度就被放棄了。您能否重申您的想法，尤其是在抵押貸款驗證器方面，您的解決方案的競爭力？

Yes. No change from what we talked about in July. In July, we tried to talk about the manual work we were doing for customers when we didn't have records. And that got, I think somewhat misconstrued in the marketplace. We're not seeing an impact from competition in our mortgage business or any other businesses.

是的。與我們七月討論的內容沒有變化。七月份，我們嘗試談論在沒有記錄的情況下為客戶所做的手工工作。我認為這在市場上有些誤解。我們沒有看到抵押貸款業務或任何其他業務的競爭產生影響。

We try to be clear by that in July, and I'll be clear again today. We're well aware of what our competitors' data records that they have and what they don't have. To me, a big proof point about our competitiveness is our ability to continue to add new partnerships.

我們試圖在七月澄清這一點，今天我將再次澄清這一點。我們非常清楚競爭對手擁有哪些數據記錄以及沒有哪些數據記錄。對我來說，我們競爭力的一個重要證明就是我們有能力繼續增加新的合作關係。

We added 4 in the quarter. We added, I think, 27 in the last couple of years. We're growing our records. That's really, I think, a proof point of the strength of our ability to deliver solutions to our partners and execute for them. And they want to be partnered with Equifax. So I think that's a really important metric for us going forward.

我們在本季增加了 4 個。我想，過去幾年我們增加了 27 個。我們正在增加我們的記錄。我認為，這確實證明了我們向合作夥伴提供解決方案並為他們執行的能力。他們希望與 Equifax 合作。所以我認為這對我們前進來說是一個非常重要的指標。

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 touch on the consumer lending volumes within EWS, looks like that was down a bit year-on-year. Just wanted to see, is that fairly broad based? Or was there any more concentration, whether it's card or personal loan or auto? I just wanted -- any more color would be helpful.

我想談談 EWS 內的消費者貸款量，看起來比去年同期有所下降。只是想看看，這基礎是否相當廣泛？還是有更多的集中度，無論是卡片、個人貸款還是汽車？我只是想要——任何更多的顏色都會有幫助。

Yes. Maybe at the kind of the macro level about a year ago, we talked about and we continue to talk about subprime really got tightened up. So that happened over the last, call it, 3, 4, 5 quarters. That's starting to bottom out because we're comping off really sharp declines from last year as we go into fourth quarter. But subprime has clearly pulled back.

是的。也許在大約一年前的宏觀層面上，我們談論並繼續談論次貸確實變得更加緊張。這發生在過去，稱為 3、4、5 個季度。這已經開始觸底反彈，因為進入第四季後，我們正在彌補去年的大幅下滑。但次貸已明顯回落。

A combination of concern around that consumer base being more challenged, not from unemployment, but really from inflation. And we talked earlier that we've seen some delinquencies increase there. And as an old card guy from my prior life, when delinquencies go up, you typically will pull back on originations or be more deliberate around originations, meaning you want to make sure you're finding the consumers that can really afford that financial product. Prime is still fairly strong. The consumers are working. They've had some wage growth, while they've been impacted by inflation. We haven't seen much impact there. And would you add anything, John?

人們擔心消費者基礎將面臨更大的挑戰，這不是來自失業，而是來自通貨膨脹。我們之前說過，我們看到那裡的一些拖欠行為增加。作為我以前生活中的老卡人，當拖欠率上升時，您通常會減少發起或更謹慎地對待發起，這意味著您要確保找到真正能夠負擔得起該金融產品的消費者。 Prime還是比較強的。消費者正在工作。他們的工資有所增長，但也受到了通貨膨脹的影響。我們在那裡沒有看到太大的影響。約翰，你想補充點什麼嗎？

No. Just as Mark said and our -- it tends to be in our consumer finance business, right, is that we tend to be more concentrated, we tend to be more concentrated in subprime and more concentrated on specific lenders. So the fact that, that we're seeing subprime weak, and we're seeing some fintechs weak is driving it. And because we have more concentration other than the extremely broad coverage that USIS has, we tend to be -- we tend to move around a little bit more in EWS in our revenue for consumer finance.

不。正如馬克所說，我們的消費金融業務往往更加集中，我們往往更加集中於次級抵押貸款，並且更加集中於特定的貸方。因此，我們看到次貸疲軟以及一些金融科技公司疲軟的事實正在推動這一趨勢。因為我們比 USIS 極其廣泛的覆蓋範圍更專注，所以我們傾向於在消費者金融收入中更專注於 EWS。

Got it. That's really helpful. And then just a follow-up. I know you guys have talked a bit about some of the previous spending reductions and kind of the benefits that will be in the '24 numbers based on the actions taken this year. Just want to see, are there any other spending plans or things you guys are looking at, if you guys are -- if we're going to be in kind of a lower-for-longer kind of mortgage inquiry market, just want to see, are there any more levers you guys can push on the cost side of things if volumes don't come back next year?

知道了。這真的很有幫助。然後只是後續行動。我知道你們已經談論了一些先前的支出削減以及基於今年採取的行動的 24 數字中將帶來的好處。只是想看看，是否還有其他支出計劃或你們正在關注的事情，如果你們正在關注——如果我們要進入一種較低、較長的抵押貸款查詢市場，只是想看看，如果明年銷量沒有復原的話，你們還有什麼可以在成本方面推動的槓桿嗎？

Yes. I think as John mentioned, and we did earlier, we had the $65 million of carryover from our $275 million program this year. The bulk of that, as you know, is from cloud completion and cloud cost savings. And as we go through '24, we mentioned, and we'll give guidance in Feb on that, but we'll have additional cloud cost savings as we complete migrations next year.

是的。我認為，正如約翰所提到的，我們之前也這樣做過，今年我們從 2.75 億美元的計劃中結轉了 6500 萬美元。如您所知，其中大部分來自雲端完成和雲端成本節省。我們提到，當我們進入 24 世紀時，我們將在 2 月就此提供指導，但隨著明年完成遷移，我們將節省更多的雲端成本。

As we said, we expect to complete USIS and Canada and other of our international platforms. And as a reminder, we're carrying double cost today in those environments where we have a cloud environment we're paying for, and then we also have a legacy environment. When we complete the migrations, we shut down the legacy. So that will be the incremental savings, which we expect to have in '24 and '25, and we'll give guidance on that. Beyond those kind of savings, we're going to keep our belt tight in 2024. We're going to want to continue to invest in the right places, but I'd characterize that as we're going to be balanced around it given the environment.

正如我們所說，我們期望完成 USIS 和加拿大以及我們的其他國際平台。提醒一下，我們今天在那些需要付費的雲端環境和遺留環境的環境中承擔著雙重成本。當我們完成遷移時，我們關閉遺留系統。這就是我們預計在 24 年和 25 年實現的增量節省，我們將就此提供指導。除了這些節省之外，我們將在 2024 年勒緊褲腰帶。我們將希望繼續在正確的地方進行投資，但我認為這一點是因為我們將圍繞它保持平衡，因為環境。

Our next question today is coming from Simon Clinch from Redburn.

今天我們的下一個問題來自雷德本的西蒙·克林奇。

A lot of my questions have been asked already, but maybe we could zero in again on EWS mortgage. And I just wanted to -- just going back to your -- the way you're measuring the outperformance this time and the implied decline in origination volumes this quarter that you've seen versus what the sort of industry forecasts have been for third quarter. And there's quite a wide gap. And I just wanted to make sure that there's nothing else at play here in terms of, I don't know, maybe sort of just you're not seeing all the volumes that you would otherwise be seeing or for any sort of color you can give around that sort of divergence would be useful.

我的許多問題已經被問到了，但也許我們可以再次將 EWS 抵押貸款歸零。我只是想——回到你的——你衡量這次表現優異的方式以及你所看到的本季度原始數量的隱含下降與第三季度的行業預測相比。而且差距還蠻大的。我只是想確保這裡沒有其他任何東西在起作用，我不知道，也許只是你沒有看到你本來會看到的所有體積或你可以看到的任何顏色繞過這種分歧會很有用。

We try to forecast what the originations are as mentioned earlier. We know what actual originations are like a 5-, 6-month lag between that time frame, we try to forecast. If you're referring to like MBA and some of the other forecasts, if you look back over the last 2 years, 3 years, 4 years, 5 years, they're consistently long. It's a hard thing to forecast, and we just try to use our best data on it.

如同前面提到的，我們試著預測起源。我們嘗試預測，我們知道實際的起源在該時間範圍之間有 5 個月、6 個月的延遲。如果你指的是 MBA 和其他一些預測，如果你回顧過去 2 年、3 年、4 年、5 年，它們一直都很長。這是一件很難預測的事情，我們只是嘗試使用我們最好的數據。

And then we also factor in our current run rates on originations. So that's the way that we're forecasting to try to get more current because MBA is done on a survey basis. I think they survey like half of the mortgage originators in order to get that data. Ours is actual originations on a lag and then our current forecast based on what we're seeing in current time frame.

然後我們也考慮了目前的發起運作率。這就是我們預測的方式，試圖了解更多最新信息，因為 MBA 是在調查的基礎上進行的。我認為他們調查了一半的抵押貸款發起人以獲得這些數據。我們的預測是滯後的實際起源，然後是基於我們在當前時間範圍內看到的情況的當前預測。

And again, going forward, what we're going to try to make sure we do is, we're going to make sure we're providing you with actual data, right? So I mean we'll be able to give you the benefit we're seeing from records, product, price and mix. which are really the big drivers of our outperformance, right? And we'll be measuring that against our actual volumes across USIS and TWN separately so that we can validate the information. We know what the actuals are and we can explain how we're performing and driving those levers, which we think is what's really important to make sure we explain because that's what we're driving and delivering outperformance through.

再說一次，展望未來，我們將盡力確保我們所做的是，我們將確保為您提供實際數據，對嗎？所以我的意思是，我們將能夠為您提供我們從記錄、產品、價格和組合中看到的好處。哪些確實是我們表現優異的重要推手因素，對嗎？我們將分別根據 USIS 和 TWN 的實際數量進行衡量，以便我們可以驗證資訊。我們知道實際情況，我們可以解釋我們如何執行和驅動這些槓桿，我們認為這對於確保我們解釋是非常重要的，因為這就是我們正在驅動和提供卓越績效的原因。

Great. And just as a follow-up. I mean if we want to talk about or think about a tougher mortgage market for longer sort of current levels, does that in any way change the -- I guess either pricing power, the competitive dynamics for EWS and mortgage going through a period like that, a prolonged period like that. Just wondering if you could help us think about the puts and takes in that regard.

偉大的。並且只是作為後續行動。我的意思是，如果我們想談論或考慮長期當前水平的更嚴格的抵押貸款市場，這是否會以任何方式改變——我想定價能力、EWS 的競爭動態和抵押貸款經歷這樣的時期，這樣一個漫長的時期。只是想知道您是否可以幫助我們思考這方面的投入和支出。

We don't think so. The power of instant data, and in this case, we're talking about income and employment data is super valuable to every mortgage originator. They want to make sure that they have accurate data. We get it directly from the company every 2 weeks on the consumer. We deliver it instantly. In this environment of more shopping, a mortgage originator that's investing in a consumer, they want to make sure that they close that loan as they get down the path of delivering it.

我們不這麼認為。即時數據的力量，在本例中，我們談論的是收入和就業數據，這對每個抵押貸款發起人來說都非常有價值。他們希望確保擁有準確的數據。我們每兩週直接從公司提供一次資訊給消費者。我們立即交付。在這種更多購物的環境中，抵押貸款發起人投資於消費者，他們希望確保在交付貸款時關閉貸款。

So we don't see a change in our ability to deliver new solutions, meaning products to the industry. Obviously, with more records, we're going to drive higher hit rates that happens really because we're getting the inquiries from our customers for all their applicants. And then we still believe that we have pricing power going forward because of the uniqueness of our dataset, the alternative for our customer is to do it -- the mortgage customers to do the verification manually, which is very challenging, meaning getting a company on the phone to verify the income is very hard to do and it takes time, and that's labor and also time. So speed and productivity is the -- and accuracy is the value we deliver.

因此，我們沒有看到我們向產業提供新解決方案（即產品）的能力發生變化。顯然，有了更多的記錄，我們將提高命中率，這實際上是因為我們收到了客戶對所有申請人的詢問。然後，我們仍然相信，由於我們資料集的獨特性，我們擁有未來的定價能力，我們客戶的替代方案是這樣做——抵押貸款客戶手動進行驗證，這是非常具有挑戰性的，這意味著讓一家公司電話核實收入是很難做到的，需要時間，這就是勞力，也是時間。因此，速度和生產力是我們提供的價值，而準確性是我們所提供的價值。

Next question is coming from Shlomo Rosenbaum from Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Mark, just my first question, I just want to talk a little bit more like how we should be thinking about the future about -- with some of the items that you were talking about. The increase in subprime delinquencies. We talked about auto for a while, we're talking about credit cards, cash being used up, like how does that impact the business over the next 12 months? I mean I know the employment has been fairly good at the lower end of the spectrum, but like there's a lot of parts of the spectrum where there's open jobs. They're already filling those open jobs. And so I guess the first question is, how are you thinking about this on a go-forward basis? And then I have a follow-up.

馬克，只是我的第一個問題，我只想談談我們應該如何思考未來——以及你所談論的一些項目。次級貸款拖欠率增加。我們討論了一段時間汽車、信用卡、現金用完，這對未來 12 個月的業務有何影響？我的意思是，我知道低端的就業情況相當好，但就像這個範圍的許多部分都有空缺職位一樣。他們已經在填補這些空缺了。所以我想第一個問題是，你如何看待這個問題？然後我有一個後續行動。

Yes. Go forward, you got to kind of talk time frames. When you think out the next couple of quarters, it doesn't feel to us or to me like there's going to be a lot of change, meaning it's a fairly -- outside of the mortgage market, obviously, let's leave that aside. That's obviously super challenging and really unprecedented what's happening with interest rates. But when you have people working and very low unemployment rates, generally, they're able to pay their bills.

是的。繼續前進，你必須討論一下時間框架。當你考慮接下來的幾個季度時，我們或我並不覺得會有很多變化，這意味著這顯然是在抵押貸款市場之外的，讓我們把這個放在一邊。這顯然是極具挑戰性的，而且利率方面發生的事情確實是前所未有的。但當人們工作並且失業率非常低時，一般來說，他們有能力支付帳單。

When they pay their bills, delinquencies stay generally low. And then you have the ability -- our customers have confidence in continuing to extend credit through loans and other solutions to those consumers. Subprime has been challenged for a year. That's generally subprime is with the fintechs. Most of the big banks don't do subprime business. And that's been challenged for a year. And we're actually, as I mentioned earlier, starting to comp against fairly low levels.

當他們支付帳單時，拖欠率普遍較低。然後你就有能力——我們的客戶有信心繼續透過貸款和其他解決方案向這些消費者提供信貸。次級房貸已經受到挑戰一年了。次貸通常是金融科技公司的事。大多數大銀行不做次級貸款業務。一年來，這一點一直受到挑戰。事實上，正如我之前提到的，我們開始與相當低的水平進行比較。

I would expect subprime to stay high as we go through 2024 because those consumers are really more challenged, not around being unemployed, but around inflation is still pressuring them. But the big metric that I always think about and you should, too, in my view, is unemployment.

我預計次級房貸將在 2024 年保持高位，因為這些消費者確實面臨更大的挑戰，不是因為失業，而是因為通貨膨脹仍然給他們帶來壓力。但在我看來，我一直在考慮、你們也應該考慮的一個重要指標是失業率。

So back to your question about 2024, give me your forecast for unemployment next year? Is it going to go up, down or sideways? If you think unemployment is going to spike or go up, which I don't think it will in this environment with 10 million open jobs and only 5 million people looking right now. That's a pretty good environment to go into 2024 in kind of the core elements of our business outside of mortgage.

那麼回到你關於 2024 年的問題，請告訴我你對明年的失業率的預測嗎？它會上漲、下跌還是橫盤？如果你認為失業率會飆升或上升，我認為在目前有 1000 萬個空缺職位而只有 500 萬人尋找職位的環境下，失業率不會飆升。對於我們除抵押貸款之外的業務核心要素而言，這是進入 2024 年的一個非常好的環境。

Okay. And then just going back to those government redeterminations, can you talk about like how does that work exactly? Like once they get done, once they get done by June of next year, is this something that the government is going to be doing annually? Or is this kind of a big onetime bang and then you're going to end up with tough comps on that after we're done with it.

好的。然後回到政府的重新決定，你能談談它到底是如何運作的嗎？就像一旦他們完成了，一旦他們在明年六月之前完成，這是政府每年都會做的事情嗎？或者這是一次巨大的一次性爆炸，然後在我們完成之後你會得到艱難的比較。

Yes. Remember that the redeterminations were suspended during COVID. So they didn't happen over the last couple of years. Once President Biden lifted the COVID pandemic rule or requirement, these redeterminations went back into place. So it's really the completion of the annual verifications are happening in this 12-month time frame in third, fourth -- and first and second quarter next year.

是的。請記住，在新冠疫情期間，重新確定被暫停。所以過去幾年這些事情都沒有發生。一旦拜登總統取消了新冠大流行的規則或要求，這些重新決定就恢復原狀。因此，年度驗證實際上是在明年第三、第四、第一和第二季的 12 個月時間範圍內完成的。

Post second quarter, they'll have the requirement to do the annual redeterminations that are a requirement of the programs. So there may be some elements of comp that -- from a timing standpoint, but we don't expect it to be meaningful.

第二季後，他們將需要根據計劃的要求進行年度重新確定。因此，從時間的角度來看，comp 的某些元素可能是這樣的，但我們認為它沒有意義。

And these redeterminations apply across multiple government subsidized programs, it's not just Medicaid, Medicare. So it's more broad and we participate in many of those.

這些重新確定適用於多個政府補貼計劃，而不僅僅是醫療補助、醫療保險。所以它更廣泛，我們參與了其中的許多活動。

Next question is coming from Jeff Meuler from Baird.

下一個問題來自貝爾德 (Baird) 的傑夫·莫勒 (Jeff Meuler)。

Sorry to keep pulling you back to this, but just given that it's a new metric you're going to be providing on an ongoing basis. So on the footnote and you said this as well, you're looking at internal data and then you're doing a calc on records product, price and mix. It's not clear to me, like I know you said you don't think there's any change in share dynamics relative to a quarter ago. But if there are share shifts, is that accounted for in your market? Estimate is it accounted for an outperformance. It's just -- it's not clear to me if you're looking at internal data based upon what volumes you're seeing how you'd account first year...

很抱歉一直讓您回到這個問題，但考慮到這是您將持續提供的新指標。因此，在腳註中，您也說了這一點，您正在查看內部數據，然後您正在對記錄產品、價格和組合進行計算。我不清楚，就像我知道您說過的那樣，您認為相對於季度前，股票動態沒有任何變化。但如果存在份額轉移，這是否反映在您的市場中？估計是它表現出色。只是——我不清楚你是否根據第一年的會計數據量來查看內部數據...

If there -- first off, we don't see any share shifts, Jeff. If there were, they would be in the outperformance. And remember, we still have a grounding in originations. As I mentioned, you have to forecast originations. And there's MBA which a lot of you look at and we look at it, too, is really diverge from what we're seeing in originations.

如果有的話——首先，我們沒有看到任何份額變化，傑夫。如果有的話，他們的表現就會出色。請記住，我們仍然有起源的基礎。正如我所提到的，你必須預測起源。你們很多人都在關注MBA，我們也在關注它，它與我們在起源中看到的確實有所不同。

And remember, we see originations on 2 sides of our business. We see it in the credit business in USIS, and we see it in EWS and then we get actual originations on a 5- to 6-month lag when they actually get posted to the credit file after the mortgage is closed. So we have really meaningful data. I think we were trying to highlight that the divergence we're seeing from some of those industry forecasts have just become larger in recent times. My view is my personal view because of the rapid change in rates. I think rates went up overnight or the last 48 hours by 50 bps. That's not forecast that MBA did a month ago, but we can see what's happening this afternoon.

請記住，我們在業務的兩個方面都看到了起源。我們在 USIS 的信貸業務中看到了這一點，在 EWS 中也看到了這一點，然後我們在抵押貸款關閉後實際將其記入信用檔案時，得到了 5 到 6 個月滯後的實際來源。所以我們有真正有意義的數據。我認為我們試圖強調的是，我們看到的一些行業預測的差異最近變得更大。由於利率的快速變化，我的觀點是我個人的觀點。我認為利率在一夜之間或過去 48 小時內上漲了 50 個基點。這並不是 MBA 一個月前所做的預測，但我們可以看看今天下午會發生什麼。

And so what we'll be disclosing -- so what we'll disclose every quarter, again, is the outperformance with records, product, price and mix, right? And then over time, obviously, you're asking -- and we're comparing that against our volume, obviously, right? So over time, to the extent anything was to occur, which we're not seeing, okay? But then we would obviously talk to you about whether we're seeing differences between our own volume, and what we think is happening broadly in the market.

所以我們將要披露的——所以我們每個季度將再次披露的是記錄、產品、價格和組合的優異表現，對吧？然後隨著時間的推移，顯然，您會問 - 我們正在將其與我們的數量進行比較，顯然，對吧？所以隨著時間的推移，某種程度上會發生一些我們沒有看到的事情，好嗎？但隨後我們顯然會與您討論我們自己的銷售量與我們認為市場上廣泛發生的情況之間是否存在差異。

But the metric we'll disclose every quarter really is driven by records, product, price and mix, which compares effectively our revenue to our volume, right, because that's what we can actually measure. So when we talk about -- and it's what we've been doing in USIS for a very long time, right, as long as I can remember, right?

但我們每季揭露的指標實際上是由記錄、產品、價格和組合驅動的，它有效地將我們的收入與我們的銷售進行比較，對吧，因為這是我們實際可以衡量的。所以當我們談論——這就是我們在 USIS 很長一段時間以來所做的事情，對吧，從我記事起，對吧？

15 to 20 years.

15至20年。

More than 10 years. So what we're talking about doing for EWS now is the same thing we've been doing for USIS for a very long period of time comparing revenue and the drivers against our volume metrics.

10多年了。因此，我們現在談論的為 EWS 所做的事情與我們在很長一段時間內為 USIS 所做的事情是一樣的，將收入和驅動因素與我們的數量指標進行比較。

Understood. It's just -- and used as share shift now the dynamics I wanted to make sure I understood it. And then just can you just give us what the assumption is in the guidance for Q4 mortgage origination unit volumes? And can you comment on the number of TWN pulls per closed mortgage. It took a step up, I think, to like 2.5% in the pandemic. Has that been stable since? Is it still going up? Has it come down at all?

明白了。這只是 - 現在用作份額轉移的動力，我想確保我理解它。那麼您能否告訴我們第四季度抵押貸款發放單位數量指南中的假設是什麼？您能否評論一下每筆已結抵押貸款的 TWN 提取數量？我認為，在疫情期間這一比例上升到了 2.5%。此後一直穩定嗎？還在漲嗎？它到底降下來了嗎？

Yes. So in terms of again, we're not forecasting mortgage originations, right? What we're using is our internal volume data. So we gave you in the guidance what we're assuming for credit inquiries in the fourth quarter. And that's the basis we'd ask you to consider, right? I think we're going to see, I think, credit increase down 22%, which is about 18 percentage points worse than what we expected back in July.

是的。那麼，再次來說，我們並沒有預測抵押貸款的發放，對吧？我們使用的是內部體積數據。因此，我們在指導中向您提供了我們對第四季度信用查詢的假設。這就是我們要求您考慮的基礎，對嗎？我認為我們將會看到信貸增幅下降 22%，這比我們 7 月的預期低了約 18 個百分點。

And so we think that's an indication of the direction of the market. And it's the basis on which we're calculating how our volumes for USIS. We have a similar metric we use internally with EWS on their own volumes. And that's the basis on which we generated our forecast. We didn't try to come up with a mortgage originations forecast because we're going to focus on using the internal volume that we can actually measure, right? As Mark said, we can't measure originations at the end of the fourth quarter, in the fourth quarter. It's something that we want to have visibility to for quite some time following.

因此我們認為這顯示了市場的方向。這是我們計算 USIS 數量的基礎。我們有一個類似的指標，我們在 EWS 內部使用它們自己的磁碟區。這就是我們做出預測的基礎。我們沒有嘗試提出抵押貸款發放預測，因為我們將專注於使用我們實際可以測量的內部容量，對嗎？正如馬克所說，我們無法衡量第四季末第四季的起源。我們希望在接下來的相當長的一段時間內都能看到這一點。

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。

First, I wanted to touch on Boa Vista. I know you had given originally like $165 million revenue run rate. I think it was $160 million when you cited it in the second quarter, and you're holding that here today post close. Just kind of curious if you could bridge the performance there over the past 9 months with how that end market is doing, how the business is doing. Just kind of an update as it's now under your official ownership.

首先，我想談談博阿維斯塔。我知道您最初給出的收入運行率約為 1.65 億美元。我認為當你在第二季度引用它時，它是 1.6 億美元，今天收盤後你在這裡持有它。只是有點好奇你是否可以將過去 9 個月的表現與終端市場的表現、業務的表現連結起來。只是一種更新，因為它現在屬於您的正式所有權。

Yes. We're only, I don't know, 60 days in of having it under the ownership, but pleased to have it in. The market from our perspective is growing kind of high single digit. That's why we like the market down there in Brazil. We're very active in driving the integration of getting our new products and solutions there. We're going to move them to the Equifax Cloud over the next number of quarters to get them on our new cloud environment.

是的。我不知道，我們擁有它只有 60 天，但很高興能擁有它。從我們的角度來看，市場正在以高個位數成長。這就是我們喜歡巴西市場的原因。我們非常積極地推動新產品和解決方案的整合。我們將在接下來的幾個季度將它們遷移到 Equifax 雲，以便讓它們進入我們的新雲端環境。

We're going to bring down our large platforms like InterConnect, which they don't really have a version of that as well as Ignite, our analytics platform, which will really drive some strong competitiveness with Serasa and Experian in the marketplace.

我們將關閉像 InterConnect 這樣的大型平台，他們實際上沒有類似的版本，還有我們的分析平台 Ignite，這將真正推動與 Serasa 和 Experian 在市場上的強大競爭力。

The business performance, I would say, is probably lagging a bit that market performance, primarily through the integration. This is -- it was a complex integration for a small publicly traded company to go through the process. It was a long process to go through. Gosh, it was almost 7, 8 months of the process to do the take private, but we're energized around the future of the business and focused on getting this integration complete and getting into new solutions and to help them drive their top line.

我想說，業務績效可能會稍微落後於市場績效，這主要是透過整合來實現的。對於一家小型上市公司來說，這是一個複雜的整合過程。這是一個漫長的過程。天哪，私有化的過程花了將近 7、8 個月的時間，但我們對業務的未來充滿了活力，並專注於完成整合、開發新的解決方案並幫助他們提高收入。

Great. And then if I could ask just a clarifying question for my follow-up. In terms of the mortgage market outperformance in EWS, I think, first, I want to clarify that the 15% decline for '24 that you talked about, if conditions persist. I want to make sure that I understood that, that's an inquiry estimate, or is that an origination estimate?

偉大的。然後我是否可以為我的後續行動提出一個澄清問題。就 EWS 抵押貸款市場的優異表現而言，我認為，首先，我想澄清一下，如果情況持續下去，您談到的 24 年將下降 15%。我想確保我理解這一點，這是一個詢問估計，還是一個起源估計？

And then also, when we think about the gap between those 2 numbers, is there any reason to believe that, that gap would -- and this is just kind of a question around the market itself, not your guys' performance. Any reason for that gap to narrow or widen in a prolonged weak environment, just kind of thinking about the different levels, levers if you can...

然後，當我們考慮這兩個數字之間的差距時，是否有任何理由相信，這個差距會——這只是市場本身的問題，而不是你們的表現。在長期疲軟的環境中，差距縮小或擴大的任何原因，只要考慮不同的水平、槓桿，如果可以的話…

I'll jump in, and John can dive in behind me. First, on the last half of your question, we would expect the inquiries to be stronger than originations in this high mortgage rate environment. You call it weaker, but if you're a consumer and in many cases, stretching to get a mortgage for a home that you want to buy because prices are still very high, you do a lot of shopping around when there's a high interest rate environment. I don't think that's going to change next year. I think we're still going to see that environment, which certainly will benefit USIS with more credit pulls in that shopping environment. You want to add, John, on the forecast.

我跳進去，約翰也可以跳到我後面。首先，關於你問題的後半部分，我們預計在這種高抵押貸款利率環境下，查詢將比原始查詢更強。你稱之為較弱，但如果你是消費者，在很多情況下，由於價格仍然很高，你想為想要購買的房屋申請抵押貸款，那麼當利率很高時，你會進行大量的貨比三家環境。我認為明年這種情況不會改變。我認為我們仍然會看到這種環境，這肯定會讓 USIS 受益，因為在這種購物環境中會帶來更多信貸。約翰，你想補充一下預測。

Sure. So the first question, yes, the down 15% was a statement specifically about to the extent the run rate we're talking about in the fourth quarter of 2023 for mortgage credit inquiries continues, then we would expect 2024 to be down 15%, if that's the level that the market stays at, right? So...

當然。所以第一個問題，是的，下降 15% 是專門針對我們在 2023 年第四季度討論的抵押貸款信貸查詢運行率繼續進行的聲明，那麼我們預計 2024 年將下降 15%，如果這就是市場保持的水平，對嗎？所以...

From origination?

從起源？

For mortgage credit inquiries, down 15%.

抵押貸款信用查詢下降 15%。

Yes. And then against that, and we'll give guidance in February. But against that down 15%, we would have our levers in both businesses around price, product penetration to deliver the outperformance against that market.

是的。然後我們將在二月提供指導。但相對於下降 15% 的情況，我們將在這兩項業務中圍繞價格、產品滲透率發揮槓桿作用，以實現優於該市場的表現。

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

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

First question, can you quantify for us the revenue performance in the U.S. for credit cards and autos and what the outlook is there for the fourth quarter?

第一個問題，您能否為我們量化一下美國信用卡和汽車的收入表現以及第四季度的前景如何？

Yes. I don't think we give the actual revenue numbers. John?

是的。我認為我們沒有給出實際的收入數字。約翰？

We do not, right? What we indicated is we thought that FI performed well in the quarter, auto performed well in the quarter. We had very good performance in commercial and we had really nice performance in Kount's Identity and Fraud business. So auto and FI were 2 of the strong performers that showed very good growth in the quarter for us, but we don't actually disclose the specific revenue levels.

我們沒有，對吧？我們表示，我們認為金融機構在本季表現良好，汽車在本季表現良好。我們在商業方面取得了非常好的表現，並且在 Kount 的身份和詐欺業務方面也取得了非常好的表現。因此，汽車和金融業是表現強勁的兩個行業，在本季度為我們帶來了非常好的成長，但我們實際上並沒有透露具體的收入水平。

And I would say we don't expect real change in the fourth quarter from that third quarter run rate. Definitely this is...

我想說的是，我們預計第四季的運行率不會與第三季的運行率相比發生真正的變化。這絕對是…

No. We're expecting this -- we're expecting fourth quarter to continue to be good in those businesses really.

不，我們預計這一點 - 我們預計第四季度這些業務將繼續表現良好。

So is your argument then with the much higher interest rates out there, obviously impacting mortgages, as you've talked quite a bit about here. You're not seeing significant impact to the rest of your business with a much higher rates. Obviously, the 10-year rate is approaching 5% here, has been at that level for many, many years, are you not seeing an impact from much higher rates anywhere else in your business?

您的論點也是如此，因為利率要高得多，這顯然會影響抵押貸款，正如您在這裡談論的許多那樣。您沒有看到更高的費率對您的其他業務產生重大影響。顯然，這裡的 10 年期利率接近 5%，多年來一直處於該水平，您是否沒有看到您業務中其他任何地方更高利率的影響？

We haven't. But again, let me just be a little more deliberate for example, like in subprime auto, there's been some pressure there from originations because they're more deliberate around that subprime consumer being challenged. And then that subprime consumer at that higher interest rate even in parts is sometimes challenged to qualify for that.

我們沒有。但同樣，讓我更謹慎一點，例如在次級車領域，來自起源的壓力是因為他們更謹慎地對待次級消費者所受到的挑戰。然後，即使部分利率較高的次貸消費者有時也會面臨資格的挑戰。

But broadly, no, when you think subprime is a small portion of the financial services industry, most of it is near in prime. And higher interest rates have not impacted auto originations or card originations in the near prime and prime space like they have in mortgage. Mortgage is just a big ticket item that had a massive impact on the rates over such a short time frame.

但從廣義上講，不，當你認為次級抵押貸款只是金融服務業的一小部分時，它的大部分都接近黃金時期。較高的利率並沒有像抵押貸款那樣影響近黃金和黃金領域的汽車發行或信用卡發行。抵押貸款只是一個大項目，在如此短的時間內對利率產生巨大影響。

Next question is coming from Faiza Alwy from Deutsche Bank.

下一個問題來自德意志銀行的 Faiza Alwy。

So I wanted to ask about mortgage again and really inquiries. So I know that the MBA forecast changes quite a bit. But I'm curious how you think about the MBA index and the application data that comes out every Wednesday morning because that showed that 3Q applications were down 29%, which is in line with your inquiry decline. So I would have thought that inquiries because you're talking about higher shopping, I would have thought inquiries would have done better than that. So just give us some perspective into how we should think about that data and really what's going on with inquiries relative to applications.

所以我想再次詢問抵押貸款的問題並進行真正的詢問。所以我知道 MBA 的預測變化很大。但我很好奇你如何看待 MBA 指數和每週三早上公佈的申請數據，因為這表明第三季的申請下降了 29%，這與你的詢問下降是一致的。所以我以為查詢會比這更好，因為你談論的是更高的購物，我以為查詢會做得更好。因此，請讓我們了解應該如何看待這些數據以及與應用程式相關的查詢到底發生了什麼。

Yes. So I think to our earlier commentary, right? I think what we're finding is there's lots of pieces of market estimates that are being disclosed by various third parties that I think in this current environment, our difficult -- estimates are difficult to make. And admittedly, they're difficult to correlate, right? So that's why -- honestly, we've shifted to trying to use our own internal actual volume data so that we can try to track it over time.

是的。所以我想我們之前的評論，對吧？我認為我們發現的是，各個第三方正在披露大量的市場估計，我認為在當前的環境下，我們很難做出估計。不可否認，它們很難關聯起來，對吧？所以這就是為什麼 - 老實說，我們已經轉向嘗試使用我們自己的內部實際體積數據，以便我們可以嘗試隨著時間的推移跟踪它。

We'll certainly have a perspective as we look back historically, and we look at our volume data on inquiries relative to actual applications and actual originations they occur, and we'll be happy to talk about that. But trying to do it real time right now, I think it's just is very difficult given the movements in the environment. And that's why we think it's better for us and better for you, quite honestly, if what we talk to you about is our actual volume data and then the things that are driving our performance to be better than our actual volume data.

當我們回顧歷史時，我們肯定會有一個視角，我們會查看與實際應用程式及其發生的實際起源相關的查詢量數據，我們很樂意談論這一點。但考慮到環境的變化，我認為現在嘗試即時進行是非常困難的。這就是為什麼我們認為，老實說，如果我們與您談論的是我們的實際數量數據，然後是推動我們的性能優於實際數量數據的因素，那麼這對我們更好，對您也更好。

Okay. Understood. And then maybe just give us some perspective, again, on this inquiry question sort of where we were maybe pre-pandemic and what happened during the pandemic in terms of number of inquiries for whether it's application or for origination sort of how far ahead are we? Was it 3 or 4 inquiries back in 2019? Did that fall down? Are we at 7 or 8 now. Just some perspective on how much higher inquiries are now would be helpful.

好的。明白了。然後也許再次給我們一些關於這個詢問問題的看法，例如我們在大流行前的情況以及大流行期間發生了什麼，就申請或起源的詢問數量而言，我們還有多遠？ 2019 年有 3 到 4 次詢問嗎？那掉下來了嗎？我們現在是7點還是8點？只要了解現在的詢問量有多少就會有所幫助。

And versus what time frame, they've grown over the last 3, 4, 5 years really because of consumer behavior as well as more -- the majority of mortgage applications happen online today, which is a phenomenon that is very different from what it was 5 years ago, which drives more credit pulls. Over the last year, they're fairly consistent, meaning it hasn't changed in the last year, but they're clearly up from 5, 4 years ago, even 3 years ago.

與時間框架相比，它們在過去3 年、4 年、5 年中的增長實際上是由於消費者行為以及其他原因- 如今大多數抵押貸款申請都是在網上進行的，這種現象與以前的情況非常不同這是五年前的事，這推動了更多的信貸拉動。去年，它們相當一致，這意味著去年沒有改變，但它們明顯比 5、4 年前，甚至 3 年前有所改善。

And again, and I know you know this, right. But we disclosed -- we provide every quarter what the actual inquiry numbers look like, how they -- sorry, what the actual movements in inquiries were so you can see how that's trending over time.

再說一次，我知道你知道這一點，對吧。但我們披露了——我們每季都會提供實際的詢價數量，它們是如何——抱歉，詢價的實際變化是怎樣的，這樣你就可以看到隨著時間的推移，它的趨勢如何。

Next question is coming from Toni Kaplan from Morgan Stanley.

下一個問題來自摩根士丹利的東尼卡普蘭。

Historically, pricing wasn't really a big contributor to growth for the bureaus overall, but it seems like it's more of a driver in recent years for you and especially now. Obviously, work number has been an area you've been able to increase price. I think you've also talked about introducing new products at higher price points in other parts of the business, too. So I guess when we think about like a 7% to 10% normalized organic growth rate for Equifax, how much of that should come from price increases? And maybe help us out with regard to like the segments as well?

從歷史上看，定價並不是真正推動各局整體成長的重要因素，但近年來，尤其是現在，它似乎更像是一個驅動因素。顯然，工作數量一直是你可以提高價格的領域。我想您也談到了在業務的其他部分以更高的價格推出新產品。所以我想當我們考慮 Equifax 7% 到 10% 的正常有機成長率時，其中有多少應該來自價格上漲？也許也可以幫助我們喜歡這些片段呢？

Sure. First, I'm not sure when you talk about history, I've only been here 5 years, but over the past 5 years, price has always been a lever for Equifax and, I believe, for our competitors. I think it's one of the things that data analytics companies have is if you have more valuable data, you're able to charge more for it.

當然。首先，我不確定你在談論歷史，我只在這裡待了 5 年，但在過去 5 年裡，價格一直是 Equifax 的槓桿，我相信也是我們競爭對手的槓桿。我認為數據分析公司擁有的優勢之一是，如果你擁有更有價值的數據，你就可以為其收取更高的費用。

Price, as you point out, we really execute 2 ways, pure price. Meaning, we do annual price increases. And we also get price through delivering new products with either more historical data or data combinations that deliver more value to our customers. And remember, our sale is an ROI sale.

價格，正如您所指出的，我們實際上執行兩種方式，純粹的價格。意思是，我們每年都會漲價。我們還透過提供具有更多歷史數據或數據組合的新產品來獲得價格，從而為客戶帶來更多價值。請記住，我們的銷售是投資報酬率銷售。

So with regards to the 7% to 10% organic, which is the subset of our 8% to 12%, if you go back to our Investor Day from a couple of years ago, there's charts on each business where we talk about the levers to deliver that 7% to 10%. And as a reminder, the 7% to 10% is really driven by EWS being north of that and International and USIS being south of that. And if you think about we have levers that are fairly balanced to deliver that 7% to 10%.

因此，關於7% 到10% 的有機率，這是我們8% 到12% 的子集，如果你回到幾年前的投資者日，你會發現每項業務都有圖表，我們在其中討論槓桿實現 7% 到 10% 的目標。提醒一下，7% 到 10% 的成長實際上是由位於該區域以北的 EWS 以及位於該區域以南的 International 和 USIS 驅動的。如果你想一想，我們擁有相當平衡的槓桿來實現 7% 到 10% 的目標。

You've got a few points over the long term of market in GDP. You've got a few points of price. You've got a few points. Each of these are kind of a couple -- 2 points to 3 points, a couple of points of product driving that top line. And then you've got penetration in new verticals that we move into. And that's kind of how you walk up. And then in EWS uniquely, we get a couple of points from records.

從 GDP 的長期市場來看，你已經得到了一些觀點。你有幾個點的價格。你有幾點。其中每一個都是一對──2點到3點，幾個點的產品推動著頂線。然後你就可以滲透到我們進入的新垂直領域。這就是你向上走的方式。然後，在 EWS 中，我們從記錄中獲得了一些要點。

So think 2, 3, 4 points from record additions over the long term that drive our revenue. And as you know, on the records, as because we're already getting inquiries and we added new record to the dataset, we monetize. So that drives the revenue growth. So I wouldn't characterize price as being disproportionate in -- versus the other levers that we have, and it's been fairly consistent over the time I've been here about how we've executed it.

因此，從長遠來看，創紀錄的成長可以為我們的收入帶來 2、3、4 個百分點的成長。如您所知，在記錄上，因為我們已經收到查詢並且我們向資料集添加了新記錄，所以我們進行貨幣化。這推動了收入成長。因此，與我們擁有的其他槓桿相比，我不會將價格描述為不成比例，而且在我在這裡的這段時間裡，我們如何執行價格相當一致。

And then we'll publish a supplemental deck here in the next couple of hours. And then in that deck for each of the business units, we'll provide a walk kind of for the long-term model that gives you price and depending on the business unit records, et cetera, that can provide perspectives on how we expect to be able to drive benefits for the drivers between -- the drivers of our revenue growth on a long-term basis. So hopefully, that will help as well.

然後我們將在接下來的幾個小時內在這裡發布補充甲板。然後，在每個業務部門的甲板上，我們將為長期模型提供一種步行方式，為您提供價格，並根據業務部門記錄等，這可以提供我們期望如何進行的觀點。能夠為我們收入長期增長的驅動因素之間帶來利益。希望這也會有所幫助。

Yes, terrific. And then if I caught your comments earlier correctly, you mentioned that 50% of your revenue is coming within EWS is coming from products containing historical records. Has that mix meaningfully changed versus like a year ago? Just wanting to understand.

是的，太棒了。如果我之前正確地了解您的評論，您提到 EWS 中 50% 的收入來自包含歷史記錄的產品。與一年前相比，這種組合是否發生了有意義的變化？只是想了解一下。

It's probably up slightly from a year ago, but it's up meaningfully from 3, 4, 5 years ago. And it's really -- as you may recall, Toni, and we talked about it, as we've moved EWS to the cloud, call it, 18 months ago, almost, it really opened up the window for them, number one, to deliver new products. And number two, a lot of those new products are using trended or historical data, which was more challenging to do pre-cloud.

它可能比一年前略有上升，但與 3、4、5 年前相比，這是有意義的上升。東尼，你可能還記得，我們​​談論過這一點，因為我們已經將 EWS 遷移到雲端，稱之為雲，差不多 18 個月前，它確實為他們打開了一扇窗，第一，交付新產品。第二，許多新產品都在使用趨勢數據或歷史數據，這在雲端出現之前更具挑戰性。

So -- and you've seen EWS' Vitality Index, which kind of pre-cloud was in the 3% to 5% range, something like that, probably at the low end. And now as we talked about earlier this morning is north of 20. And all those products, either our data combinations or predominantly our trended historical data.

所以——你已經看到了 EWS 的活力指數，雲前的那種活力指數在 3% 到 5% 的範圍內，類似的情況，可能處於低端。正如我們今天早上早些時候談到的，現在已經超過了 20。所有這些產品，要么是我們的數據組合，要么主要是我們的趨勢歷史數據。

And if you think about it, just quite -- it's common sense, Mark's income today is very valuable as a data element, but Mark's income over the last 36 months is even more valuable if it's going up. It's a very important indicator if it was going down. And then if it's stable, it's an important indicator. So that's the value that we're able to deliver in that massive historical dataset we have. And we would expect that 50% to move up, but it's probably up 20 points in the last 3 or 4 years.

如果你想一想，這是常識，馬克今天的收入作為數據元素非常有價值，但馬克過去 36 個月的收入如果上漲的話就更有價值。如果它正在下跌，這是一個非常重要的指標。如果它穩定，那就是一個重要的指標。這就是我們能夠在我們擁有的大量歷史資料集中提供的價值。我們預計這個比例會上升 50%，但在過去 3 到 4 年裡可能上升了 20 個百分點。

It's up certainly significantly, right?

它肯定顯著上升，對吧？

Yes.

是的。

And I think if you just look at it by line of business, mortgage has grown substantially, as Mark's talked about, because of Mortgage 36 and the use of trended data across mortgage very broadly now. And that's moved up towards 50% of transactions.

我認為，如果您僅按業務範圍來看，正如 Mark 所說，由於 Mortgage 36 以及現在抵押貸款趨勢數據的廣泛使用，抵押貸款已大幅增長。這一比例已上升至交易量的 50%。

The government is less, right, in terms of trended information. It tends to be more point in time. Talent is virtually all trended information. And then so as the mix of our business moves, that ratio can mix a bit, it can change a bit. But generally speaking, in all of our verticals, we're driving the mix to trended data from the levels they're at today.

就趨勢資訊而言，政府的資訊較少，是的。它往往是更多的時間點。人才實際上是所有趨勢資訊。然後，隨著我們業務組合的變化，該比率可能會有所混合，也可能會發生一些變化。但總的來說，在我們所有的垂直領域，我們正在將組合從今天的水平推向趨勢數據。

Our next question is coming from Ashish Sabadra from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Ashish Sabadra。

I just wanted to drill down further on Toni's question on pricing. And particularly, FICO price increases was a significant tailwind for mortgage revenues within USIS or OIS this year. How should we think about those tailwinds going into next year and offsetting some of the mortgage inquiry headwinds for next year?

我只是想進一步深入了解托尼關於定價的問題。特別是，FICO 價格上漲對 USIS 或 OIS 今年的抵押貸款收入起到了重要推動作用。我們應該如何看待明年的這些有利因素並抵消明年抵押貸款查詢的一些不利因素？

Yes. I don't know if you follow FICO or you talked to the FICO team, but I would expect that they're going to do a price increase in 2024. You should talk to them. And if they do, we're obviously the conduit along with you and Experian to deliver that to the marketplace, and that's something that we would execute on.

是的。我不知道您是否關注 FICO 或您是否與 FICO 團隊交談過，但我預計他們將在 2024 年進行價格上漲。您應該與他們交談。如果他們這樣做了，我們顯然是與您和 Experian 一起將其交付到市場的管道，這就是我們將執行的事情。

That's very helpful color. And maybe just on the Boa Vista earnings accretion. So that was pretty positive $0.02 accretion in the quarter. Is that the run rate that we should think about going into '24? Or can you talk about the puts and takes from an earnings accretion perspective in '24.

這是非常有用的顏色。也許只是博阿維斯塔的收入增加。因此，本季增加了 0.02 美元，這是相當積極的。這是我們應該考慮進入 24 年的運行率嗎？或者您能否從 24 年獲利成長的角度來談談看跌期權和賣出期權。

Yes. So we'll give you that detail when we give guidance, obviously, for 2024. But in the fourth quarter, it's similar to what it was in the third.

是的。因此，顯然，當我們提供 2024 年指導時，我們會向您提供詳細資訊。但在第四季度，情況與第三季度類似。

Next question is coming from Seth Weber from Wells Fargo.

下一個問題來自富國銀行的塞思‧韋伯。

I just wanted to follow up on Boa Vista for a second. The footnote on Slide 4 seems to suggest the margins were higher excluding Boa Vista, but I thought at the time of the acquisition, EBITDA margins for that asset were running like in the high 30% range. So were there some kind of like onetime costs there that impacted the results or is there something -- I'm just trying -- I'm just looking at the footnote on Slide 4.

我只是想跟進一下博阿維斯塔。幻燈片 4 上的腳註似乎表明，不包括 Boa Vista 的利潤率更高，但我認為在收購時，該資產的 EBITDA 利潤率在 30% 的高點運行。那麼是否有某種一次性成本影響了結果，或者有什麼東西——我只是在嘗試——我只是在看幻燈片 4 上的腳註。

Fair enough. Actually, I think EBITDA margin was -- for Boa Vista was slightly below, it was below the Equifax average margin. And what we're expecting over time, as Mark talked about, through the investments we're making through integrating them into Equifax processes that will work to drive that margin higher. But yes, for what you saw in the footnote, the BVS margins were below the Equifax margins for the third quarter. Now as a reminder, we've owned them for about 6 weeks, right? So we'll see what happens as we move through the fourth quarter and then into 2024.

很公平。事實上，我認為 Boa Vista 的 EBITDA 利潤率略低於 Equifax 的平均利潤率。正如 Mark 所說，隨著時間的推移，我們期望透過將它們整合到 Equifax 流程中進行投資，這將有助於提高利潤率。但是，是的，正如您在腳註中看到的那樣，第三季 BVS 的利潤率低於 Equifax 的利潤率。現在提醒一下，我們已經擁有它們大約 6 週了，對吧？因此，我們將看看第四季和 2024 年會發生什麼。

No. That's fair. I just -- I thought that the acquisition, the margins were high 30s. That was the friendly spirit of the question. But -- and then just -- just another follow-up. Sorry if I missed this. But are there any more details on this, the new $1.2 billion contract? When that starts, how that rolls in? Is that ratable over the term of the contract or just how we should start thinking about filtering that into our forecasts?

不，那是公平的。我只是——我認為這次收購的利潤率高達 30 多美元。這就是這個問題的友好精神。但是 - 然後只是 - 只是另一個後續行動。抱歉，如果我錯過了這個。但這份價值 12 億美元的新合約還有更多細節嗎？當它開始時，它是如何滾動的？這是在合約期限內可以評估的嗎？或者我們應該如何開始考慮將其過濾到我們的預測中？

Yes. Remember, that's an extension of an existing contract. So we've had a contract for 5-plus years and maybe longer with CMS. It's certainly larger and it will roll in both at the federal and then at the state level as we go through fourth quarter in '24 and '25 and beyond.

是的。請記住，這是現有合約的延伸。因此，我們與 CMS 簽訂了一份為期 5 年多甚至更長的合約。它肯定會更大，當我們進入 24 年和 25 年第四季及以後時，它將在聯邦和州一級展開。

I think it's an outstanding, as Mark said, largest contract we've ever signed, right? Just as you take a look at over the next 5 years it doesn't mean you're going to -- we'll generate all the revenue up to the maximum amount of the contract, right? So what it does is gives us the opportunity to work with states and obviously with the federal government to drive increasing revenue under the auspices of the agreement, which is extremely positive, but it is certainly in the way a guarantee of revenue at that level.

正如馬克所說，我認為這是我們簽署過的最大的合同，對嗎？正如您展望未來 5 年一樣，這並不意味著您將 - 我們將產生合約最高金額的所有收入，對吧？因此，它的作用是讓我們有機會與各州合作，顯然是與聯邦政府合作，在該協議的支持下推動收入增加，這是非常積極的，但它肯定是該水平收入的保證。

The next question is coming from George Tong from Goldman Sachs.

下一個問題來自高盛的喬治唐。

You've previously seen evidence of mortgage in-sourcing of their verification needs within EWS. Can you provide an update on some of those trends and in-sourcing activity outside of the mortgage vertical.

您之前已經在 EWS 中看到過抵押貸款內包其驗證需求的證據。您能否提供有關抵押貸款垂直領域之外的一些趨勢和內包活動的最新資訊。

George, I'm not sure what you mean by in-sourcing or I think use the terms we provided evidence. Are you referring to our comments in July about the manual work we were doing for customers that was where we did not have records?

喬治，我不確定你所說的內包是什麼意思，或者我認為使用我們提供的證據的術語。您是否指的是我們在 7 月對我們為客戶所做的手工工作發表的評論，而我們沒有記錄？

No, it's where mortgage originators because volumes are down so much and because they apparently had so much time on their hands. They were just doing it themselves rather than...

不，這是抵押貸款發起人的地方，因為交易量大幅下降，而且他們顯然有很多空閒時間。他們只是自己做事，而不是...

And that was the discussion we had back in July, and it was around where we were doing the manual efforts for our customers and a very small operation in Iowa, where we did not have the records. And we talked about the fact that was moving in-house. We haven't seen any evidence of mortgage originators shifting from using our instant solution to doing it themselves. So that has not been a dialogue from Equifax.

這就是我們在 7 月進行的討論，討論的內容是我們為客戶進行手動操作以及在愛荷華州的一個非常小的操作，在那裡我們沒有記錄。我們討論了內部轉移的事實。我們還沒有看到任何證據表明抵押貸款發起人從使用我們的即時解決方案轉向自己做。所以這並不是 Equifax 的對話。

Got it. And assuming that the same holds true outside of the mortgage vertical.

知道了。假設在抵押貸款垂直領域之外也是如此。

Yes, for sure. That's how we're growing our business because they're using more of our solutions. We deliver productivity and we deliver speed and accuracy. So that's fundamental. We see no trends in any of the verticals of where they're going back to manual. What you're seeing in the business, that's how we're delivering the double-digit growth in the quarter and the double-digit growth we expect in the fourth quarter of -- one of those levers is more conversions of existing manual effort to using our instant solution.

是肯定的。這就是我們發展業務的方式，因為他們更多地使用我們的解決方案。我們提供生產力、速度和準確性。所以這是根本性的。我們沒有看到他們在任何垂直領域回歸手動的趨勢。你在業務中看到的，這就是我們在本季度實現兩位數增長以及我們預計在第四季度實現兩位數增長的方式——其中一個槓桿就是將現有的手動工作更多地轉換為使用我們的即時解決方案。

Got it. And then sticking with EWS. Workforce Solutions, non-mortgage, nongovernment, can you discuss some of the trends that you're seeing there and the sensitivity of customers to pricing trends in the Verifications business?

知道了。然後堅持使用 EWS。勞動力解決方案，非抵押貸款，非政府，您能否討論您在那裡看到的一些趨勢以及客戶對驗證業務定價趨勢的敏感性？

Yes. Do you want to talk about talent or exclude talent from that, too?

是的。您想談論人才還是將人才排除在外？

Focus on Verifications.

專注於驗證。

Well, okay. So you're talking about like in -- and you want to leave mortgage out and focus on card and P loans and auto? Or do you want to talk mortgage too? I'm just trying to figure out which part of verification you want to cover.

哦，那好吧。所以你說的是——你想把抵押貸款排除在外，專注於信用卡、P 貸款和汽車？或者你也想談談抵押貸款嗎？我只是想弄清楚您想要涵蓋驗證的哪一部分。

Yes, non-mortgage, nongovernment.

是的，非抵押貸款、非政府。

Non-mortgage, nongovernment talent. Was that?

非抵押、非政府人才。是嗎？

Yes. Talent, I guess.

是的。我猜，人才。

Yes. So we haven't seen sensitivity to our customers around pricing in any of those verticals because of the value that it delivers, you got to be obviously clear that we're balanced around pricing, but the customers are using our solution because of the productivity and accuracy and then the instant access to the information as well as the scale of the dataset.

是的。因此，我們還沒有看到客戶對任何這些垂直領域的定價敏感，因為它提供了價值，你必須清楚地知道我們在定價方面保持平衡，但客戶正在使用我們的解決方案，因為生產力和準確性，然後即時存取資訊以及資料集的規模。

We didn't talk much on the call about our ability to continue to add records. And we're approaching 70% of nonfarm payroll and over 50% of kind of working Americans, including 1099 and income-producing Americans, including pension, that dataset is super valuable in all those verification markets.

我們在電話會議上沒有過多談論我們繼續添加記錄的能力。我們正在接近 70% 的非農業就業人口和超過 50% 的美國勞動人口，包括 1099 人和有收入的美國人，包括退休金，該數據集在所有這些驗證市場中都非常有價值。

And -- as you know, we also have a big focus on adding new products, which is exhibited by the Vitality Index, which a lot of that Vitality -- actually, most of that Vitality is in verification, is really delivering new solutions that help our customers expedite or complete the transactions using our Instant data.

而且 - 如你所知，我們也非常注重添加新產品，這透過活力指數來展示，其中許多活力 - 實際上，大部分活力都在驗證中，確實提供了新的解決方案使用我們的即時數據幫助我們的客戶加快或完成交易。

And Talent, I know we've said this many times, right? No one likes price increases. But for example, in Talent, one of the things we do in other segments as we provide incentives for people to be able to get better pricing from us by moving to top of waterfall, or by selling additional products to drive growth across the broader sweat -- I'm sorry, broader suite of our entire group of products that support Talent Solutions like our Education Solutions.

還有人才，我知道我們已經說過很多次了，對吧？沒有人喜歡漲價。但例如，在人才方面，我們在其他領域所做的事情之一是，我們為人們提供激勵，讓他們能夠透過移動到瀑布頂部或透過銷售額外產品來推動更廣泛的成長，從而從我們這裡獲得更好的定價-- 抱歉，我們整個產品組的更廣泛套件支援人才解決方案，例如我們的教育解決方案。

Like -- and other solutions, and we're launching now products that support health care directly. We have staffing products. We have other products that allow people to get better pricing from Equifax, while helping us drive volumes through the system. So again, we -- just like we don't like price increases, we know no one likes price increases, but we try to be balanced, and we try to structure them so that people have the opportunity to purchase the products they want at price points that are effective for them.

就像其他解決方案一樣，我們現在正在推出直接支援醫療保健的產品。我們有人員配備產品。我們還有其他產品，可以讓人們從 Equifax 獲得更優惠的價格，同時幫助我們提高系統的銷售量。再說一次，我們——就像我們不喜歡價格上漲一樣，我們知道沒有人喜歡價格上漲，但我們試圖保持平衡，我們嘗試構建它們，以便人們有機會購買他們想要的產品對他們有效的價格點。

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。

I wanted to touch on the cloud migration. So first part, it sounds like it's lagging a little bit from what you said last quarter. I'm curious if you can help us kind of understand what's going on with that transition and where, I guess, the headwinds have been? And then with regards to your plans with the transition, when do you think we could start seeing the benefits of that on the USIS side?

我想談談雲端遷移。所以第一部分，聽起來比你上季所說的有點滯後。我很好奇你是否能幫助我們了解這個轉變發生了什麼事以及我想阻力在哪裡？然後，關於您的過渡計劃，您認為我們什麼時候可以開始看到 USIS 方面的好處？

Yes. Look, cloud transformations are hard. This has been super complex and the most complex cloud transformation that we're executing is in USIS given the age of the legacy, infrastructure and formats that we had. And we're clearly a few months behind, but we can see the finish line in completing it.

是的。看，雲端轉型很困難。這是非常複雜的，考慮到我們所擁有的遺留、基礎架構和格式的年齡，我們正在執行的最複雜的雲端轉型是在 USIS。我們顯然落後了幾個月，但我們可以看到完成它的終點線。

As we said earlier, we're migrating large customers, as we speak, in the fourth quarter. Those will continue in the first quarter, and we'd expect to be complete with USIS as well as many of our international platforms in the early parts or first half of 2024. And that's a big pivot point, as you point out.

正如我們之前所說，我們正在第四季度遷移大客戶。這些工作將在第一季繼續進行，我們預計將在 2024 年上半年或上半年完成 USIS 以及我們的許多國際平台的工作。正如您所指出的，這是一個重要的轉折點。

When are we going to start seeing the benefits? We're starting to see it. And what we saw in EWS is what we would expect to see in USIS. And we talked earlier about EWS' ability to drive new product rollouts at a very rapid pace, well above our 10% goal at the 20% plus.

我們什麼時候才能開始看到好處？我們開始看到它。我們在 EWS 中看到的正是我們期望在 USIS 中看到的。我們之前談到了 EWS 快速推動新產品推出的能力，遠高於我們 10% 的目標（20% 以上）。

We would expect USIS to grow their Vitality Index, which today is south of 10% and move towards 10%. And I think we mentioned they've grown their Vitality about 100 basis points. We also mentioned, and we've talked about it on calls really for the last 4 years, but in the last couple of calls, that in USIS, in particular, because of the ability to deliver always-on stability, the ability to have faster data transmission and then obviously leveraging our differentiated data, we do expect in USIS to get some share gains.

我們預計 USIS 的活力指數將會成長，目前該指數已低於 10%，並將朝向 10% 邁進。我想我們提到他們的活力增加了大約 100 個基點。我們也提到，過去 4 年我們確實在電話中討論過這一點，但在最近幾次電話中，特別是在 USIS 中，因為能夠提供始終在線的穩定性，能夠更快的數據傳輸，然後顯然利用我們的差異化數據，我們確實預期USIS 會獲得一些份額收益。

And that really comes forward, where we move from a tertiary position to a second or primary position. And we had one large FI in the U.S., which is where USIS is, obviously, that's making that move with us because of the cloud. So we would expect more of those to come forward as we complete the cloud in '24 and then really between share gains and new product rollouts that to help drive USIS' growth rates in '24 and '25 and beyond.

這確實出現了，我們從第三位置移動到第二或主要位置。我們在美國有一家大型金融機構，這就是 USIS 所在的地方，顯然，由於雲端運算，它正在與我們一起採取這一行動。因此，我們預計隨著我們在 24 年完成雲端運算，然後在份額成長和新產品推出之間真正實現這些目標，這將有助於推動 USIS 在 24 年和 25 年及以後的成長率。

And can I ask a follow-up. Just when you talk about share gains, how should we think about it? Are you taking business from other creditors? Or is it expanding the wallet and benefiting that way?

我可以詢問後續情況嗎？當你談到份額收益時，我們該如何思考？您是否正在從其他債權人那裡搶生意？還是擴大錢包並從中受益？

No. When you talk about share gains, it's what you would think a share gain is, is where we're moving from secondary to primary or tertiary to secondary because of the cloud. And having the most advanced technology, we think, is an advantage. That's one of the reasons we embarked on this is, at our gut, we believe, to be a great data analytics company, and great technology company.

不。當您談論份額收益時，您會認為份額收益就是我們由於雲端而從二級轉移到一級或三級到二級的地方。我們認為，擁有最先進的技術是一種優勢。這就是我們開始做這件事的原因之一，我們相信，我們要成為一家偉大的數據分析公司和偉大的科技公司。

And when you overlay the digital macro of our customers doing the vast, vast majority of their transactions with their consumers online, you have to deliver 99% stability. You can't do that in the legacy environment. You can only do with cloud, and you have to have faster data transmission.

當您覆蓋我們客戶的數位巨集並與其消費者在線上進行絕大多數交易時，您必須提供 99% 的穩定性。您無法在舊環境中執行此操作。你只能用雲端來做，而且你必須有更快的資料傳輸。

So we think that's going to advantage Equifax going forward. And then you lay on top of it, the ability to roll out new solutions more quickly and more of them, that's going to be advantage to Equifax to become a more important partner that will drive us up from those secondary positions that could be 20% or 30% of the volume to the primary positions, which could be 60%, 70%, 80%.

因此，我們認為這將有利於 Equifax 的發展。最重要的是，能夠更快地推出更多新解決方案，這將有利於 Equifax 成為更重要的合作夥伴，推動我們從那些可能佔 20% 的次要地位上升或30% 的交易量到主要頭寸，可能是60%、70%、80%。

That's really what we have in front of us from the cloud investment, and we would expect those benefits to roll the USIS. And one last point that we mentioned is getting USIS cloud native will also allow us to do more between EWS and USIS. That was hard pre-cloud in 2 legacy environments with different datasets that are in different data environments.

這確實是我們從雲端投資中所獲得的，我們希望這些好處能夠推動 USIS。我們提到的最後一點是，取得 USIS 雲端原生也將使我們能夠在 EWS 和 USIS 之間做更多事情。在兩個傳統環境中，在不同的資料環境中具有不同的資料集，這是困難的預雲環境。

As you know, we went to a Single Data Fabric and having them both in the cloud, that's going to be another gear for us going forward to have data combination solutions between USIS and EWS that was really hard to do before. And of course, only we can do that between credit data and the other differentiated data in USIS in combination with the income and employment data that's really only Equifax.

如您所知，我們採用了單一資料結構並將它們都儲存在雲端中，這將成為我們未來在 USIS 和 EWS 之間建立資料組合解決方案的另一個工具，這在以前確實很難做到。當然，只有我們才能在 USIS 中的信用數據和其他差異化數據以及收入和就業數據（實際上只有 Equifax）相結合的情況下做到這一點。

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

我們的問答環節結束了。我想重新發言以徵求進一步的意見或結束意見。

Yes, it's Trevor Burns. If you have any follow-up questions, please reach out to me and Sam. Otherwise, have a great day. Thank you.

是的，他是崔佛·伯恩斯。如果您有任何後續問題，請聯絡我和 Sam。否則，祝你有美好的一天。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路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。