易速傳真 (EFX) 2024 Q2 法說會逐字稿

Hello, and welcome to the Equifax Inc Q2 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Equifax Inc 2024 年第二季財報電話會議。 （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 Investor Relations. Please go ahead, Trevor.

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

Thanks, and good morning. Welcome to today's conference call. I'm Trevor Burns.

謝謝，早安。歡迎參加今天的電話會議。我是特雷弗·伯恩斯。

With me today are Mark Begor, Chief Executive Officer; and John Gamble, Chief Financial Officer.

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 and an archive of the recording will be available later today in the IR calendar section of the News and Events tab at our Investor Relations website.

今天的電話會議正在錄音，錄音檔案將於今天晚些時候在我們投資者關係網站「新聞和活動」標籤的 IR 日曆部分提供。

During the call, we've been making reference to certain materials that can be seen down in the Presentations section of the News and Events tab at our IR website.

在電話會議期間，我們參考了某些資料，這些資料可以在我們的 IR 網站「新聞和活動」標籤的「簡報」部分中看到。

These materials are lebelled 2Q 2024 earnings conference call.

這些資料被標記為 2024 年第二季財報電話會議。

Also, we will make certain forward-looking statements, including third quarter and full year 2024 guidance to help you understand Equifax and its business environment.

此外，我們將做出某些前瞻性陳述，包括 2024 年第三季和全年指導，以幫助您了解 Equifax 及其業務環境。

These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations.

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。

Certain risk factors that may impact our business are set forth in our filings with the SEC, including our 2023 form 10-K and subsequent filings.

我們向 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 2023 年 10-K 表格和後續文件。

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

我們也將提及某些非公認會計準則財務指標，包括調整後每股盈餘、調整後息稅折舊攤銷前利潤（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。

These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release and can be found in the Financial Results section of the financial information tab at our IR website.

這些非 GAAP 衡量標準在調整表中進行了詳細說明，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中找到。

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

現在我想把它交給馬克。

Before I cover our strong second quarter results, I want to update you on the significant progress in our cloud transformation.

在介紹我們強勁的第二季業績之前，我想向您介紹我們在雲端轉型方面取得的重大進展的最新情況。

Over the next several weeks, USIS will complete the migration onto the cloud data fabric of all customers and services for their consumer credit and telco and utilities exchanges, which is a huge milestone for Equifax.

在接下來的幾週內，USIS 將完成向消費者信貸、電信和公用事業交易所的所有客戶和服務的雲端資料結構的遷移，這對 Equifax 來說是一個巨大的里程碑。

Along with the EWS Work Number exchange, which we completed migrating to the Equifax cloud over two years ago, we will have our three largest data exchanges in the new Equifax cloud.

連同我們兩年多前完成的 EWS 工作號碼交換一起遷移到 Equifax 雲，我們將在新的 Equifax 雲中擁有三個最大的資料交換。

As at the end of July, we expect over 80% of Equifax revenue will be in the Equifax cloud with about 90% of our revenue in the cloud by year end.

截至 7 月底，我們預計 Equifax 超過 80% 的營收將來自 Equifax 雲，到年底我們約 90% 的營收將來自雲端。

The cloud migrations have been a huge effort across Equifax over the four plus -- the past four-plus years.

在過去四年多的時間裡，Equifax 為雲端遷移付出了巨大的努力。

We expect to have a significant competitive advantage as we pivot from building to leveraging the cloud that will allow us to fully focus on growth, innovation, new products and AI going forward.

當我們從建構雲端轉向利用雲端時，我們預計將擁有顯著的競爭優勢，這將使我們能夠完全專注於未來的成長、創新、新產品和人工智慧。

Including the USIS cloud and expanding EFX/AI along with continued expansion of our differentiated data assets, will accelerate innovation and new products at USIS that will drive our top and bottom line.

包括 USIS 雲端和不斷擴展的 EFX/AI，以及我們差異化資料資產的持續擴展，將加速 USIS 的創新和新產品，從而推動我們的營收和利潤。

We now have streamlined access to our proprietary data through the data fabric, which will accelerate new product development.

我們現在可以透過資料結構簡化對專有資料的訪問​​，這將加速新產品的開發。

We also expect to reduce product development times resulting in faster time to market for our new solutions.

我們也希望縮短產品開發時間，從而加快新解決方案的上市時間。

USIS has already begun to see their new product vitality index accelerate.

USIS 已經開始看到他們的新產品活力指數加速成長。

USIS is deploying Equifax proprietary explainable AI along with Google Vertex AI across Ignite, our global analytics platform and interconnect our global decisioning platform.

USIS 正在我們的全球分析平台 Ignite 上部署 Equifax 專有的可解釋人工智慧以及 Google Vertex AI，並互連我們的全球決策平台。

For USIS, Vertex AI enables faster and more predictive model development on our Ignite platform.

對於 USIS，Vertex AI 可以在我們的 Ignite 平台上實現更快、更具預測性的模型開發。

USIS cloud will deliver always on stability and faster data transmission that will give Equifax a competitive advantage in today's digital market driving share gains.

USIS 雲端將始終提供穩定性和更快的資料傳輸，這將使 Equifax 在當今數位市場中獲得競爭優勢，推動份額成長。

We're also driving faster data ingestion analytics with greater processing power with the new Equifax cloud.

我們也利用新的 Equifax 雲端以更強的處理能力推動更快的資料攝取分析。

And most importantly, completing the cloud is going to free up the USIS team to fully focus on growth and expanding innovation, new products, datasets and markets.

最重要的是，完成雲端運算將使 USIS 團隊能夠完全專注於成長和擴大創新、新產品、資料集和市場。

With both USIS and EWS and the cloud will also be able to begin development of new products that integrate TWN income and employment data with USIS credit data solutions for mortgage, auto, cards and P-loans that only Equifax can deliver fleeting.

借助USIS 和EWS，雲端也將能夠開始開發新產品，將TWN 收入和就業數據與USIS 信用數據解決方案整合在一起，用於抵押貸款、汽車、銀行卡和P 貸款，而這些解決方案只有Equifax 才能提供。

Including the USIS consumer in telco and utility migrations to the Equifax cloud allows us to start decommissioning legacy on-prem systems in the third quarter, supporting our goal is spending reductions in 2024 that will improve operating margins and lowering the capital intensity of our business.

將電信和公用事業中的USIS 消費者納入到Equifax 雲端的遷移使我們能夠在第三季度開始停用舊的本地系統，支持我們在2024 年削減開支的目標，這將提高營運利潤率並降低我們業務的資本密集度。

In the second quarter, we also made substantial progress at our international cloud transformation activities.

第二季度，我們的國際雲端轉型活動也取得了實質進展。

Canada is expected to complete their consumer credit exchange customer migrations to data fabric next month.

加拿大預計下個月完成消費者信用交換客戶向資料結構的遷移。

Europe continues to make significant progress with the goal of completing Spain's consumer credit exchange migration to the Data Fabric and decommissioning of their legacy systems by year end, and the UK is on schedule to complete cloud migrations and decommissioning in the first half of 2025.

歐洲繼續取得重大進展，目標是在年底前完成西班牙消費者信用交易向 Data Fabric 的遷移並退役其遺留系統，英國按計劃在 2025 年上半年完成雲端遷移和退役。

And in Latin America, we completed the Argentina and Chile cloud migrations and expect to make substantial progress on several additional Latin American countries in the second half of this year.

在拉丁美洲，我們完成了阿根廷和智利的雲端遷移，預計今年下半年將在其他幾個拉丁美洲國家取得實質進展。

It's energizing to be approaching the finish line of our cloud transformation.

接近雲端轉型的終點線令人振奮。

We're entering the next chapter of the new Equifax as we pivot from building the new Equifax cloud, deleveraging our new cloud capabilities to drive our top and bottom line.

隨著我們以建立新的 Equifax 雲端為中心，利用我們的新雲端功能來推動我們的營收和利潤，我們正在進入新 Equifax 的下一章。

Now turning to slide 4.

現在轉到投影片 4。

We had a strong second quarter with reported revenue just over $1.43 billion, up 9% and just over the top end of our April guidance.

我們第二季表現強勁，報告營收略高於 14.3 億美元，成長 9%，略高於 4 月指引值的上限。

Adjusted EBITDA margins at 32% were in line with our expectations, and adjusted EPS at $1.82 per share was well above the high end of our April guidance.

調整後 EBITDA 利潤率為 32%，符合我們的預期，調整後每股收益為 1.82 美元，遠高於我們 4 月份指導值的上限。

Our global non-mortgage businesses, which represents about 80% of total Equifax revenue in the quarter had strong 13% constant currency revenue growth, which is above the top end of our [8% to 12%] long-term growth framework.

我們的全球非抵押貸款業務約佔 Equifax 本季總營收的 80%，固定貨幣收入成長強勁，達到 13%，高於我們 [8% 至 12%] 長期成長框架的上限。

Non-mortgage organic constant currency revenue growth was at 9% in the quarter and also with the top end of our 7% to 10% organic revenue growth framework.

本季非抵押貸款有機固定貨幣收入成長率為 9%，也達到了我們 7% 至 10% 有機收入成長框架的上限。

This performance was driven by 20% non-mortgage growth in EWS Verifier led by strong 30% growth in government and talent that was up over 13%.

這項績效的推動因素是 EWS Verifier 非抵押貸款成長 20%，而政府和人才成長超過 13%，成長 30%。

International delivered 28% constant dollar revenue growth and strong 12% organic growth, led by strong growth in Latin America and Europe.

在拉丁美洲和歐洲強勁成長的帶動下，國際業務實現了 28% 的恆定美元收入成長和 12% 的強勁有機成長。

USIS non-mortgage revenue growth of 1% was in line with last quarter and somewhat weaker than our expectations.

USIS 非抵押貸款收入成長 1%，與上季一致，略弱於我們的預期。

We expect to see accelerating growth in USIS non-mortgage revenue as we complete the US consumer cloud migration later this month.

隨著我們本月稍後完成美國消費者雲端遷移，我們預計 USIS 非抵押貸款收入將加速成長。

Total US mortgage revenue was up 4% in the quarter.

本季度美國抵押貸款總收入成長了 4%。

The growth at mortgage revenue was driven by USIS where mortgage revenue was up a strong 27% and consistent with our expectations.

抵押貸款收入的成長是由 USIS 推動的，抵押貸款收入強勁成長 27%，符合我們的預期。

The strong growth in USIS mortgage reflects the continued benefit from strong vendor pass through pricing actions and performance in our new mortgage [prequalify] products.

USIS 抵押貸款的強勁成長反映了強大的供應商透過定價行動和我們新抵押貸款[資格預審]產品的表現所帶來的持續收益。

EWS mortgage revenue was down just under 12% and also consistent with our expectations.

EWS 抵押貸款收入下降了近 12%，也符合我們的預期。

Equifax also had another strong quarter of new product innovation with a vitality index of almost 13% above our 10% frame for 2024 guidance and our long-term 10% vitality framework.

Equifax 的新產品創新也表現強勁，活力指數比我們 2024 年指導的 10% 框架和長期 10% 活力框架高出近 13%。

The vitality was up 350 basis points sequentially from broad-based execution across all our business units and EWS was particularly strong with a 17% vitality.

我們所有業務部門的廣泛執行，活力連續上升了 350 個基點，EWS 尤其強勁，活力達 17%。

Turning to slide 5.

轉到投影片 5。

Workforce Solutions revenue was up 5% and well above our expectations.

勞動力解決方案收入成長 5%，遠高於我們的預期。

Non-mortgage verification services revenue delivered very strong 20% growth of 500 basis points sequentially and well above our expectations.

非抵押貸款驗證服務收入連續強勁成長 20%，成長 500 個基點，遠高於我們的預期。

Government had another outstanding quarter with very strong 30% revenue growth from continued growth in penetration in their big $5 billion TAM.

政府又度過了一個出色的季度，由於其 50 億美元的 TAM 滲透率持續增長，收入增長了 30%。

Government revenue grew sequentially from strong growth in state revenues despite the substantial completion at the end of March of post COVID CMS initial redetermination.

儘管在 3 月底基本完成了新冠疫情後 CMS 的初步重新確定，但政府收入仍因國家收入的強勁增長而連續增長。

We expect continued strong government growth over the medium and long-term in Workforce Solutions.

我們預計政府在勞動力解決方案方面的中長期成長將持續強勁。

Talent Solutions revenue was up a strong 13% in the quarter, up 17 percentage points sequentially and well above our expectations.

本季人才解決方案營收強勁成長 13%，比上一季成長 17 個百分點，遠高於我們的預期。

Talent solution volumes improved sequentially, and we saw very strong growth in our insights incarceration data products in the Talent vertical.

人才解決方案數量連續增加，我們看到人才垂直領域的洞察監禁數據產品出現了非常強勁的成長。

Based on data through May, EWS Talent Solutions outperformed the BLS white collar hiring markets by approximately 19 percentage points from new records, new products and penetration into the vertical.

根據截至 5 月的數據，EWS Talent Solutions 在新記錄、新產品和垂直滲透方面的表現比 BLS 白領招聘市場高出約 19 個百分點。

EWS mortgage revenue was down just under 12% and in line with our April guidance.

EWS 抵押貸款收入下降了近 12%，與我們 4 月的指導一致。

TWN increase in the second quarter were down 18% and consistent with the down 19% we discussed with you in April.

第二季 TWN 增幅下降了 18%，與我們 4 月與您討論的下降 19% 一致。

TWN inquiries continue to be weaker than USIS credit inquiries as buyers continue to have difficulty completing home purchases.

由於買家繼續難以完成購房，TWN 查詢繼續弱於 USIS 信用查詢。

EWS total mortgage revenue outperformed [TWN] inquiries by over 6%.

EWS 抵押貸款總收入比 [TWN] 查詢高出 6% 以上。

We expect EWS mortgage revenue to benefit significantly in the third and fourth quarters from the significant growth in TWN records already delivered late in the second quarter and from planned additions in the third and fourth quarter.

我們預計 EWS 抵押貸款收入將在第三和第四季度大幅受益，因為第二季末已經交付的 TWN 記錄顯著增長，並且計劃在第三和第四季度增加。

EWS consumer lending revenue was up 8% and strong double-digit growth in P-loans and debt management and high single digit growth in auto.

EWS 消費貸款收入成長 8%，P 貸款和債務管理業務實現兩位數強勁成長，汽車業務實現個位數高成長。

Employer Services revenue was down 11%, principally from lower ERC revenue.

雇主服務收入下降 11%，主要是 ERC 收入下降。

Excluding ERC, revenue was lower than expected a down 2% due to lower (inaudible) the revenue as we talked about in April, partially offset by positive ACA revenue growth.

不包括 ERC 在內，收入低於預期，下降了 2%，原因是我們在 4 月談到的收入較低（聽不清），部分被 ACA 收入的積極增長所抵消。

We expect employer revenue to return to growth in the fourth.

我們預計雇主收入將在第四季度恢復成長。

Workforce Solutions' EBIT -- adjusted EBITDA margins of 53% were up 170 basis points sequentially and continue to be very strong from non-mortgage verifier revenue growth and good cost execution.

Workforce Solutions 的 EBIT—調整後 EBITDA 利潤率為 53%，比上一季成長了 170 個基點，並且由於非抵押貸款驗證收入成長和良好的成本執行而繼續保持強勁勢頭。

While we continue to invest in new products, expand in high-growth verticals like government and talent and grow our TWN records.

在我們繼續投資新產品的同時，在政府和人才等高成長垂直領域進行擴張，並增加我們的 TWN 記錄。

Before we got a USIS, I want to acknowledge the significant contribution of Rudy Ploder made in EWS and Equifax over the last 20 years, Under Rudy's leadership, EWS revenue grew from about $900 million in 2019 to $2.3 billion last year and is positioned EWS for strong above-market growth leveraging the Equifax cloud.

在我們獲得USIS 之前，我要感謝Rudy Ploder 在過去20 年中對EWS 和Equifax 做出的重大貢獻，在Rudy 的領導下，EWS 收入從2019 年的約9 億美元增長到去年的23 億美元，並將EWS 定位為利用 Equifax 雲端實現高於市場的強勁成長。

We're super energized to have Chad Borton, who joined us in May leading Workforce Solutions.

Chad Borton 於五月加入我們，領導勞動力解決方案，我們對此感到非常興奮。

Chad brought financial service experience, proven executive leadership, customer focus and regulatory gap will be a big asset for EWS as they continue to drive above market growth.

Chad 帶來的金融服務經驗、經過驗證的執行領導力、以客戶為中心的理念和監管差距將成為 EWS 的一大資產，因為他們將繼續推動高於市場的成長。

Turning to slide 6.

轉到投影片 6。

We continue to see very strong revenue growth in our EWS government vertical with 30% growth in the quarter and above our expectations.

我們繼續看到 EWS 政府垂直領域的營收成長非常強勁，本季成長 30%，超出我們的預期。

On the left side of the slide, we've provided some of the federal agencies we are supporting with EWS, digital income employment and incarceration data that accelerate the time to delivery needed to deliver needed social service benefits over 90 million Americans and help government agencies ensure program integrity, a win-win for all parties.

在幻燈片的左側，我們向我們支持的一些聯邦機構提供了EWS、數位收入就業和監禁數據，這些數據加快了向超過9,000 萬美國人提供所需社會服務福利所需的交付時間，並幫助政府機構確保方案完整性，各方共贏。

In the middle of the slide, you see the substantial progress our EWS Government vertical has made in a short timeframe, penetrating that $5 billion TAM with a three year CAGR or 50%.

在幻燈片中間，您可以看到我們的 EWS 政府垂直領域在短時間內取得的重大進展，以三年複合年增長率或 50% 滲透到 50 億美元的 TAM。

We expect EWS Government to continue to make significant progress in the government vertical from additional sales right resources that federal and individual state capital level, strong record growth, new product rollouts, leveraging our differentiated incarceration data and system-to-system integrations is enabled by our cloud-native technology that makes our solutions easier to consume.

我們預計 EWS 政府將透過聯邦和各州資本層面的額外銷售權資源、強勁的記錄增長、新產品的推出、利用我們差異化的監禁數據和系統到系統的集成，繼續在政府垂直領域取得重大進展我們的雲端原生技術使我們的解決方案更易於使用。

EWS continues to help federal state and local government agencies improve the consumer experience and their own operating efficiency from the application and authentication phases to redetermination and recovery processes.

EWS 持續幫助聯邦州和地方政府機構改善消費者體驗及其自身的營運效率，從申請和身分驗證階段到重新確定和恢復流程。

The strength of the EWS government vertical was again clear in the quarter, and we expect strong future revenue growth in this business in '25 and beyond.

EWS 政府垂直領域的實力在本季再次顯現出來，我們預計該業務在 25 年及以後的未來營收將強勁成長。

Turning to slide 7.

轉到投影片 7。

EWS had another strong quarter of new record additions, signing agreements with four new strategic partners that will contribute over 3 million records collectively to the TWN database.

EWS 又一個強勁的季度新增記錄，與四個新的戰略合作夥伴簽署了協議，這些合作夥伴將總共向 TWN 資料庫貢獻超過 300 萬筆記錄。

Our continued success in expanding partnerships is a testament to EWS's ability to deliver the highest levels of client service from technology, data security and accuracy and operational excellence for our partners and their end customers.

我們在擴大合作夥伴關係方面的持續成功證明了 EWS 有能力為我們的合作夥伴及其最終客戶提供最高水準的技術、資料安全性和準確性以及卓越營運的客戶服務。

We expect these new partnerships to come online and begin generating revenue for Workforce Solutions in the fourth quarter.

我們預計這些新的合作夥伴關係將在第四季度上線並開始為勞動力解決方案創造收入。

In the quarter, EWS added 8 million active records to the TWN database ending the quarter with 180 million active records, up a strong 12% and a 132 million unique individuals.

本季度，EWS 向 TWN 資料庫添加了 800 萬筆活動記錄，截至本季度末，活動記錄達到 1.8 億條，增長了 12%，唯一個體數量達到 1.32 億。

Total records are now 695 million and a rough 10% versus last year.

目前總記錄數為 6.95 億條，比去年減少了約 10%。

At 132 million unique individuals, we have plenty of room to grow the TWN database towards the TAM of 225 million income-producing Americans.

TWN 資料庫擁有 1.32 億獨立個體，我們有足夠的空間將 TWN 資料庫擴展到 2.25 億美國人的 TAM。

EWS is also making very good progress, building a pipeline of pension in 1099 contributors as well as with HR software companies in partnerships and they expect to close partnerships in the second half of the year as we continue to focus on expanding the TWN database.

EWS 也取得了非常好的進展，為1099 名繳款者建立了退休金管道，並與人力資源軟體公司建立了合作夥伴關係，隨著我們繼續專注於擴展TWN 資料庫，他們預計將在今年下半年建立密切的合作關係。

Turning to slide 8.

轉到投影片 8。

USIS revenue was up 7%, solidly within our long-term revenue growth framework of 6% to 8%.

USIS 營收成長了 7%，完全在我們 6% 至 8% 的長期營收成長框架內。

USIS mortgage revenue grew 27% and was in line with our April guidance.

USIS 抵押貸款收入成長 27%，與我們 4 月的指導一致。

Mortgage credit inquiries while continuing to be down significantly year over year at down 13% were largely in line with our April guidance.

抵押貸款信貸查詢雖然同比繼續大幅下降，下降了 13%，但與我們 4 月的指引基本一致。

Despite the modest reduction in mortgage rates we've seen over the last several weeks, we have not seen an improvement in mortgage market inquiries likely due to continued low new home inventory levels.

儘管過去幾週我們看到抵押貸款利率小幅下降，但由於新房庫存水準持續較低，我們並沒有看到抵押貸款市場查詢有所改善。

Consistent with the first quarter, the strong pricing environment, along with the strength of our pre-call products, drove the very strong mortgage revenue growth and outperformance.

與第一季一致，強勁的定價環境以及我們的預調用產品的實力推動了抵押貸款收入的強勁成長和優異的表現。

At $143 million, mortgage revenue was about 30% of total USIS revenue in the quarter.

抵押貸款收入為 1.43 億美元，約佔 USIS 本季總收入的 30%。

Total non-mortgage revenue at up 1% was below our expectation of 2% growth.

非抵押貸款總收入成長 1%，低於我們 2% 成長的預期。

We saw strong growth in Consumer Solutions and Financial Marketing Services, which were partially offset by a decline in USIS B2B online revenue.

我們看到消費者解決方案和金融行銷服務的強勁成長，但 USIS B2B 線上收入的下降部分抵消了這一成長。

We believe growth in the second quarter was negatively impacted by the US teams broad-based focus on pleading customer cloud migrations, which likely dampen some of the new business activity we were expecting.

我們認為，第二季的成長受到美國團隊廣泛關注客戶雲端遷移的負面影響，這可能會抑制我們預期的一些新業務活動。

USIS Online B2B non-mortgage revenue was down about 4% and below our expectations.

USIS Online B2B 非抵押貸款收入下降約 4%，低於我們的預期。

Consistent with trends from the first quarter, we saw a continuation of tight credit conditions, which impacted the auto market as well as the broader FI vertical.

與第一季的趨勢一致，我們看到信貸條件持續緊張，這影響了汽車市場以及更廣泛的金融垂直領域。

Auto was also impacted by a software supplier system outage that we all read about.

汽車也受到我們都讀過的軟體供應商系統中斷的影響。

USIS saw double-digit declines in third party bureau sales and a lesser extent, low digit -- low single-digit declines in telco and auto.

USIS 看到第三方銷售部門的銷售額出現兩位數下降，電信和汽車產業的下降幅度較小，較低的個位數下降。

These declines were partially offset by growth in the broader FI market and insurance.

這些下降被更廣泛的金融市場和保險的成長部分抵消。

ID & Fraud was also below our expectations as was Auto.

身分和詐欺也低於我們的預期，汽車也是如此。

Financial Marketing Services, our B2B offline business was up 7%.

金融行銷服務，我們的 B2B 線下業務成長了 7%。

Marketing revenue was up 4%, primarily due to growth in Prescreen marketing.

行銷收入成長 4%，主要得益於 Prescreen 行銷的成長。

Our Prescreen quarterly trends have been fairly consistent with growth coming from large FIs and fintechs, offset by declines in mid-size banks and credit unions.

我們的 Prescreen 季度趨勢與大型金融機構和金融科技公司的成長相當一致，但被中型銀行和信用合作社的下降所抵消。

USIS is seeing growing demand for our suite of Ignite solutions, including Ignite for prospecting.

USIS 看到對我們的 Ignite 解決方案套件（包括用於勘探的 Ignite）的需求不斷增長。

Broad revenue was up a very strong 15% from new business wins.

由於新業務的成功，整體收入大幅增加了 15%。

USIS Consumer Solutions D2C business had another very strong quarter, up 13% from strong double-digit growth in consumer direct channel and high single digit growth in our indirect channel.

USIS 消費者解決方案 D2C 業務又迎來了一個非常強勁的季度，消費者直接通路的強勁兩位數成長和間接通路的高個位數成長使該業務成長了 13%。

We expect mid-single digit growth in our D2C business in the second half of this year against strong comps from last year.

我們預計，與去年的強勁對比相比，今年下半年我們的 D2C 業務將實現中個位數成長。

USIS adjusted EBITDA margins were 33.2% in the quarter and below our expectations reflecting in lower than expected revenue growth.

USIS 本季調整後 EBITDA 利潤率為 33.2%，低於我們的預期，反映出營收成長低於預期。

In USIS significant efforts across the business to complete the cloud transformation clearly had an impact on USIS customer engagement and non-mortgage revenue growth in the first half.

在 USIS，整個業務部門為完成雲端轉型而付出的巨大努力顯然對 USIS 上半年的客戶參與度和非抵押貸款收入成長產生了影響。

As USIS consumer cloud migration is completed in the next few weeks, USIS team will now be able to fully focus on customer engagement and growth.

隨著 USIS 消費者雲端遷移在未來幾週內完成，USIS 團隊現在將能夠完全專注於客戶參與和成長。

And we expect USIS non-mortgage revenue to see improved growth in the second half of this year and a course of '25 and beyond.

我們預計 USIS 非抵押貸款收入將在今年下半年以及 25 年及以後出現成長。

Turning to slide 9.

轉到投影片 9。

International revenue was up a very strong 28% in constant currency and up a strong 12% in organic constant currency in the quarter.

本季國際營收以固定匯率計算成長了 28%，以有機固定貨幣計算成長了 12%。

Excluding the impact of BBS and well above the 20% growth we guided to in April due to continued very strong growth in Latin America and Europe.

排除 BBS 的影響，由於拉丁美洲和歐洲的持續強勁成長，我們 4 月預測的成長率將遠高於 20%。

Europe currency revenue was up a very strong 12% in the quarter with continued strong 6% growth in our credit and data businesses and from very strong 23% growth in our debt management business.

本季歐洲貨幣收入強勁成長 12%，信貸和數據業務持續強勁成長 6%，債務管理業務強勁成長 23%。

Latin America local currency revenue was up 124%, principally due to the acquisition of Boa Vista with very strong organic growth of 30%.

拉丁美洲本幣營收成長了 124%，主要是因為收購了 Boa Vista，有機成長非常強勁，達到 30%。

Latin America organic revenue growth was driven by very strong double-digit growth in Argentina, Paraguay and Central America.

拉丁美洲的有機收入成長是由阿根廷、巴拉圭和中美洲非常強勁的兩位數成長所推動的。

Brazil revenue in the quarter on a reported basis was $41 million.

據報告，巴西本季營收為 4,100 萬美元。

We continue to make good progress on the Brazil integration.

我們在巴西一體化方面繼續取得良好進展。

Equifax Interconnect Solution was launched for small business and medium businesses in the second quarter in Brazil with full feature release to service larger clients in the second half.

Equifax 互連解決方案於第二季在巴西推出，針對中小型企業，並在下半年發布全部功能，為大型客戶提供服務。

The firm apps of Ignite have also been launched.

Ignite的企業應用程式也已推出。

Identity & fraud solutions, including count and mitigate, are now available for Brazilian customers.

身分和詐欺解決方案（包括計數和緩解）現已可供巴西客戶使用。

And Brazil is driving accelerated negative data acquisition to add to their database.

巴西正在推動加速負面數據收集以添加到他們的資料庫中。

The team is making excellent progress on driving growth in integrating with Equifax.

該團隊在推動與 Equifax 整合的成長方面取得了巨大進展。

[Canada] delivered 6% growth in the quarter.

[加拿大] 本季實現 6% 的成長。

As I previously mentioned, we expect Canada to complete their consumer credit exchange, customer migrations to the new Equifax cloud in the next few weeks and similar to USIS, we're expecting to see accelerated new product rollouts and growth going forward from the Canadian team.

正如我之前提到的，我們預計加拿大將在未來幾週內完成消費者信用交換、客戶遷移到新的 Equifax 雲，與 USIS 類似，我們預計加拿大團隊將加速新產品的推出和成長。

In Asia Pacific, revenue was down about 2% as expected, better than the down 10% in the first quarter.

在亞太地區，營收按預期下降約 2%，優於第一季下降 10%。

We expect Asia-Pacific to return to revenue growth in the second half.

我們預計亞太地區下半年將恢復收入成長。

International adjusted EBITDA margins of 25.6% were above our expectations and up 130 basis points sequentially given their strong revenue growth performance.

鑑於其強勁的營收成長表現，國際調整後 EBITDA 利潤率為 25.6%，高於我們的預期，比上一季成長 130 個基點。

Turning to slide 10, we continued to make very strong progress driving innovation with over 30 new products launched in the quarter that delivered a 12.5% vitality index, which was up 350 basis points sequentially and was driven by broad-based performance across all of our business units.

轉向幻燈片10，我們繼續在推動創新方面取得非常強勁的進展，本季推出了30 多種新產品，活力指數為12.5%，環比增長了350 個基點，這得益於我們所有業務的廣泛表現。

EWS had a strong second quarter with vitality index of 17%, up 700 basis points sequentially.

EWS 在第二季表現強勁，活力指數為 17%，較上一季上升 700 個基點。

And we expect EWS VI to remain strong in the second half, with new product introductions focused on incarceration data, mortgage, prequalify shopping behavior and I-9 and onboarding solutions.

我們預計 EWS VI 在下半年將保持強勁，新產品的推出重點在於監禁數據、抵押貸款、資格預審購物行為以及 I-9 和入職解決方案。

USIS saw continued sequential improvement with the vitality index at 8%, up 100 basis points sequentially.

USIS 持續改善，活力指數為 8%，較上季上升 100 個基點。

We expect the USIS to continue to show strong VI performance from cloud completion as they leverage our new cloud-native infrastructure for innovation new products and identity and fraud commercial and our new mortgage pre-call products.

我們預計 USIS 將繼續透過雲端完成展示強大的 VI 效能，因為他們利用我們新的雲端原生基礎設施來創新新產品、身分和詐欺商業以及我們新的抵押貸款預調用產品。

International also had strong 11% VI in the quarter of 200 basis points sequentially.

國際航空的 VI 指數在本季也達到了 11%，季增了 200 個基點。

We expect strong Equifax double-digit VI in the second half, leveraging our Equifax cloud capabilities to drive new product rollouts for the full year VI for Equifax of over 10%.

我們預計 Equifax 下半年將實現兩位數的強勁 VI，利用我們的 Equifax 雲端功能推動新產品的推出，使 Equifax 全年 VI 成長超過 10%。

EFX.AI is one of our key EFX 2026 strategic priorities enabled by our new Equifax cloud.

EFX.AI 是我們新的 Equifax 雲端支援的 EFX 2026 關鍵策略重點之一。

We're energized to have new AI leader on board, who will drive our strategic vision and execution in explainable EFX.AI,

我們對新的人工智慧領導者的加入感到充滿活力，他將推動我們在可解釋的 EFX.AI 中的策略願景和執行，

We are accelerating the pace at which we are developing new Equifax models and scores using AI and ML in areas such as identity and fraud and consumer loan affordability that drive performance and predictability of our solutions.

我們正在加快步伐，在身分和詐欺以及消費者貸款負擔能力等領域使用人工智慧和機器學習開發新的 Equifax 模型和評分，以提高我們解決方案的效能和可預測性。

In the second quarter, 89% of our new models and scores were built using AI and ML, which is up 400 basis points sequentially and ahead of our 2024 goal of 80% in last year's 70%.

第二季度，我們 89% 的新模型和分數是使用 AI 和 ML 構建的，比去年的 70% 增長了 400 個基點，超出了我們 2024 年 80% 的目標。

Before I turn it over to John, I wanted to provide a few comments on our full year 2024 guidance.

在將其交給 John 之前，我想對我們的 2024 年全年指導提供一些評論。

We're maintaining our 2024 guidance midpoint with revenue of $5.72 billion, up 8.6% and adjusted EPS of [$7.35] a share, up 9.5%.

我們維持 2024 年指引中位數不變，營收為 57.2 億美元，成長 8.6%，調整後每股收益為 [7.35 美元]，成長 9.5%。

This guidance implies a strong second half for Equifax with revenue at the midpoint of $2.9 billion, up over 9.5% and adjusted EPS of $4.3 per share, up 13%.

這項指引意味著 Equifax 下半年業績強勁，營收中位數為 29 億美元，成長超過 9.5%，調整後每股收益為 4.3 美元，成長 13%。

Consistent with our practice, this framework assumes mortgage market activity consistent with the levels we saw in June and early July, resulting in a estimated full year USIS credit inquiries at down 11% and consistent with our April guidance

與我們的做法一致，該框架假設抵押貸款市場活動與我們 6 月和 7 月初的水平一致，導致 USIS 全年信用查詢估計下降 11%，與我們 4 月份的指導一致

As you know, we're using current trends to forecast mortgage market activity and have not seen a strengthening in the mortgage market activity despite the recent modest decline in rates and have not reflected the impact of any Fed rate cuts in the second half.

如您所知，我們正在利用當前趨勢來預測抵押貸款市場活動，儘管近期利率小幅下降，但並未看到抵押貸款市場活動有所加強，也沒有反映出聯準會下半年降息的影響。

Delivering this level of performance in the second half against the US mortgage market that continues at the levels we saw in the first half, we believe is very strong Equifax performance.

相對於我們上半年看到的水平，下半年美國抵押貸款市場取得瞭如此水平的業績，我們相信 Equifax 的業績非常強勁。

It reflects constant dollar non-mortgage growth of about 10%, again led by very strong non-mortgage growth in our Workforce Solutions Verification Services businesses and with strong continued growth -- organic growth in international and improving non-mortgage growth in USIS.

這反映了美元非抵押貸款持續成長約10%，這同樣是由我們的勞動力解決方案驗證服務業務非常強勁的非抵押貸款成長以及強勁的持續成長（國際業務的有機成長和USIS 的非抵押貸款成長的改善）帶動的。

Despite the continuation of the tight credit markets we saw in the first and second quarter in the US, leading to some weakening in the auto market and also impacting the broader FI market.

儘管我們在第一季和第二季看到美國信貸市場持續緊張，導致汽車市場有所疲軟，也影響了更廣泛的金融市場。

While we expect a continued weak mortgage market, we expect to grow mortgage revenue by 18% in the second half.

雖然我們預計抵押貸款市場將持續疲軟，但我們預計下半年抵押貸款收入將成長 18%。

Of course, we continue to expect significant future mortgage market improvements as rates come down and mortgage market activity returns to normal 2015 to '19 levels.

當然，隨著利率下降和抵押貸款市場活動恢復到 2015 年至 19 年的正常水平，我們仍然預計未來抵押貸款市場將出現重大改善。

As we've shared previously, we expect to flow the $1.1 billion mortgage revenue recovery through to EBITDA as mortgage market activity improves at our very high mortgage market gross margins.

正如我們之前所分享的，隨著抵押貸款市場活動在我們非常高的抵押貸款市場毛利率下改善，我們預計將把 11 億美元抵押貸款收入的復甦轉化為 EBITDA。

And we're continuing to deliver expanded EBITDA margin growth principally in the fourth quarter as we complete the transformation of our US consumer businesses and our businesses in Canada, Spain, Chile and Argentina.

隨著我們完成美國消費者業務以及加拿大、西班牙、智利和阿根廷業務的轉型，我們主要在第四季度繼續實現 EBITDA 利潤率的擴大。

Now I'd like to turn it over to John to provide more detail on our second quarter financial results and provide our third quarter framework.

現在我想將其交給約翰，以提供有關我們第二季財務業績的更多詳細資訊並提供我們第三季的框架。

Our third quarter guidance builds on our strong second quarter performance from new products, penetration, record growth and pricing.

我們的第三季指引建立在第二季新產品、滲透率、創紀錄成長和定價方面的強勁表現之上。

Thanks, Mark.

謝謝，馬克。

Turning to slide 11, consistent with our practice from the first half of 2024 and the last several years, our guidance for credit inquiries is based on our current run rates over the last two to four weeks modified to reflect normal seasonal patterns.

轉向投影片 11，與我們 2024 年上半年和過去幾年的做法一致，我們的信用查詢指南基於過去兩到四個星期的當前運行率，經過修改以反映正常的季節性模式。

We have seen 30-year mortgage rates just under 7% for the last five weeks.

過去五週我們看到 30 年期抵押貸款利率略低於 7%。

However, we have not seen meaningful improvement in the run rate of either credit or TWN increase, although we can continue to expect mortgage market activity to improve as rates come down in the future.

然而，儘管我們可以繼續預期抵押貸款市場活動隨著未來利率的下降而改善，但我們還沒有看到信貸或 TWN 運行率的顯著改善。

Our guidance reflects mortgage credit inquiries to be down about 7% in 3Q '24 and 11% in calendar year '24, which for the full year is consistent with our April guidance.

我們的指導反映抵押貸款信貸查詢在 2024 年第三季下降約 7%，在 24 日曆年下降 11%，這與我們 4 月的指導一致。

Our guidance reflects TWN increase in the third quarter to be down over 7% and for the full year, down approaching 14%.

我們的指引顯示，第三季 TWN 增幅將下降超過 7%，全年則下降接近 14%。

Second half TWN inquiries are down about consistent with the decline in credit inquiries, reflecting an expected normalization of the mortgage shopping we saw in the first half of the year as interest rates remain stable or begin to decline.

下半年，TWN 查詢量下降與信用查詢量下降大致一致，反映出我們在今年上半年看到的抵押貸款購買預期正常化，因為利率保持穩定或開始下降。

As a reminder, and as we discussed in April, we expect the level of US mortgage revenue outperformance to moderate as we move through 2024 as we start to lap the growth in new mortgage pre-call products.

提醒一下，正如我們在 4 月討論的那樣，我們預計，隨著 2024 年新抵押貸款預叫產品的增長，美國抵押貸款收入的優異表現水平將會放緩。

We expect 3Q USIS mortgage revenue outperformance to be over 30%, down from the 40% in the second quarter with full year USIS mortgage outperformance expected to be about 40%.

我們預計第三季 USIS 抵押貸款收入表現將超過 30%，低於第二季的 40%，全年 USIS 抵押貸款收入表現預計約為 40%。

We expect TWN revenue mortgage outperformance in the second half to increase sequentially from the new records we boarded in the second quarter.

我們預計下半年 TWN 營收抵押貸款的表現將比第二季創下的新紀錄連續成長。

Slide 12 provides the details of our 3Q 2024 guidance.

投影片 12 提供了我們 2024 年第三季指引的詳細資訊。

In 3Q '24, we expect total the Equifax revenue to be between [$1.425 billion and $1.445 billion], with revenue up about 9% at the midpoint.

24 年第三季度，我們預計 Equifax 總營收將在 [14.25 億美元至 14.45 億美元]之間，中間營收成長約 9%。

Non-mortgage constant currency revenue growth should be up about 10%.

非抵押貸款固定貨幣收入成長應在 10% 左右。

Mortgage revenue in the third quarter is expected to be up over 12%.

第三季抵押貸款收入預計將成長12%以上。

Mortgage rate will be just under 20% of total revenue.

抵押貸款利率將略低於總收入的20%。

FX is negative to revenue about 2%.

外匯對收入的影響約為 2%。

Business unit performance in the third quarter is expected to be as follows.

預計第三季業務部門業績如下。

Workforce Solutions revenue growth is expected to be up about 8%, with non-mortgage revenue up about 10%.

勞動力解決方案收入預計將成長約 8%，其中非抵押貸款收入成長約 10%。

Non-mortgage verifier revenue should again be very strong in the third quarter, with growth slightly under the 20% we saw in the second quarter, again driven by government and Talent Solutions.

在政府和 Talent Solutions 的推動下，第三季非抵押貸款驗證器營收應該會再次非常強勁，成長略低於第二季的 20%。

EWS mortgage revenue should return to growth and be up slightly in the third quarter.

EWS 抵押貸款收入應會恢復成長並在第三季小幅成長。

Both verifier mortgage and non-mortgage revenue growth benefit from strong growth in TWN records we are seeing throughout 2024 and Employer Services revenue is expected to decline over 15% in the quarter, principally due to declines in ERC.

驗證者抵押貸款和非抵押貸款收入的成長都受益於我們在 2024 年全年看到的 TWN 記錄的強勁增長，預計本季度雇主服務收入將下降 15% 以上，這主要是由於 ERC 的下降。

We expect Employer Services to return to revenue growth in the fourth quarter of 2024.

我們預計雇主服務業務將在 2024 年第四季恢復收入成長。

EWS adjusted EBITDA margins are expected to be about 51.5%, down about 100 basis points sequentially, principally from product mix.

EWS 調整後 EBITDA 利潤率預計約 51.5%，比上一季下降約 100 個基點，主要來自產品組合。

USIS revenue is expected to be up about 8.5% year to year.

USIS 收入預計將年增約 8.5%。

Mortgage revenue should be up over 25%.

抵押貸款收入應增加 25% 以上。

Non-mortgage year to year revenue growth of over 2% should be up from the up 1% we saw this quarter.

非抵押貸款收入年增超過 2%，應該高於我們本季看到的 1%。

Adjusted EBITDA margins are expected to be up about 34%, up sequentially about a 100 basis points as USIS begins decommissioning legacy consumer and telco and utility systems.

隨著 USIS 開始退役傳統的消費者、電信和公用事業系統，調整後的 EBITDA 利潤率預計將成長約 34%，比上一季成長約 100 個基點。

International revenue is expected to be up about 18% in constant currency, which includes the benefit of the acquisition of BVS that was completed August of 2023.

以固定匯率計算，國際營收預計將成長約 18%，其中包括 2023 年 8 月完成的 BVS 收購帶來的收益。

Revenue is expected to be up about 12% in organic constant currency.

以有機固定匯率計算，營收預計將成長約 12%。

EBITDA margins are expected to be about 28% reflect revenue growth.

EBITDA 利潤率預計約為 28%，反映了收入的成長。

Equifax 3Q '24 adjusted EBITDA margins are expected to be under 33% at the midpoint of our guidance, with the sequential increase, reflecting revenue growth and the early stages of decommissioning of legacy consumer and telco and utility assets.

Equifax 24 年第 3 季調整後 EBITDA 利潤率預計將低於我們指引中位數的 33%，環比成長反映了營收成長以及傳統消費者、電信和公用事業資產退役的早期階段。

Adjusted EPS in 3Q '24 is expected to be $1.75 to $1.85 per share, up 2% versus 3Q '23 at the midpoint.

24 年第 3 季調整後每股盈餘預計為每股 1.75 美元至 1.85 美元，較 23 年第 3 季中位數成長 2%。

As the end of the second quarter, our leverage ratio was 3.0 times with the goal by year end 2024 of about 2.5 times.

截至第二季末，我們的槓桿率為3.0倍，目標是到2024年底約為2.5倍。

We believe this leverage is nicely within the levels required for our current BBB, Baa2 credit ratings.

我們相信這一槓桿率完全符合我們目前 BBB、Baa2 信用評級所需的水平。

As we achieve these levels, we will have significant flexibility to begin to return cash to shareholders through dividend increases and share repurchases as well as continued to do bolt-on acquisitions in 2025 and beyond.

當我們達到這些水準時，我們將具有很大的靈活性，可以透過增加股利和股票回購以及在 2025 年及以後繼續進行補強收購來開始向股東返還現金。

Slide 13 provides the specifics of our 2024 full year guidance, which is overall unchanged from the full year revenue and adjusted EPS guidance we provided in April and is centered at the midpoint.

幻燈片 13 提供了我們 2024 年全年指導的具體信息，該指導與我們 4 月份提供的全年收入和調整後每股收益指導總體上沒有變化，並且以中點為中心。

Constant currency revenue growth is expected to be about 10.5% with organic constant currency revenue growth of 8.5% at the middle of our 7% to 10% long term organic growth framework.

固定貨幣收入成長預計約為 10.5%，固定貨幣收入有機成長為 8.5%，處於我們 7% 至 10% 的長期有機成長框架的中間。

Total mortgage revenue is expected to grow 10% despite the over 10% decline in the US mortgage market.

儘管美國抵押貸款市場下降了 10% 以上，但抵押貸款總收入預計仍將增加 10%。

Non-mortgage constant dollar revenue should grow over 10%, with organic growth of about 8%, led by very strong non-mortgage growth in our Workforce Solutions, Verification Services business, with continued strong organic growth in international and improving non-mortgage growth in USIS.

非抵押貸款固定美元收入應增長10% 以上，有機增長約8%，這主要得益於我們的勞動力解決方案、驗證服務業務的非抵押貸款增長非常強勁，以及國際業務持續強勁的有機增長和非抵押貸款成長的改善在美國情報局。

This is within our long-term framework.

這是我們的長期框架之內的。

FX is about 180 basis points negative to revenue.

外匯對收入的影響約為 180 個基點。

As Mark discussed earlier, we are maintaining the midpoint of adjusted EPS at [$7.35] per share.

正如馬克之前討論的那樣，我們將調整後每股收益的中點維持在每股 [7.35 美元]。

EBITDA margins, however, are expected to be 32.6%, down from the over 33% we discussed earlier this year.

然而，EBITDA 利潤率預計為 32.6%，低於我們今年稍早討論的超過 33%。

As Mark discussed, we are making very good progress on cloud migrations.

正如馬克所討論的，我們在雲端遷移方面取得了非常好的進展。

However, we are completing up to a quarter later than we had planned.

然而，我們的完成時間比原計劃晚了四分之一。

As a result, our cloud cost savings are lower due to timing in 2024, which negatively impacts EBITDA, partially offsetting this impact is lower depreciation.

因此，由於時間安排在 2024 年，我們的雲端成本節省量較低，這對 EBITDA 產生了負面影響，而較低的折舊部分抵消了這種影響。

As this affects our timing of completion, the only impact 2024 and do not impact the cost savings we expect to achieve in 2025 and beyond.

由於這會影響我們的完成時間，因此只會影響 2024 年，不會影響我們預計在 2025 年及以後實現的成本節約。

Full year guidance is principally consistent with what we shared in April with the exception of the impact on USIS and international EBITDA margins per my previous discussion.

全年指引基本上與我們在 4 月分享的內容一致，但根據我先前的討論，對 USIS 和國際 EBITDA 利潤率的影響除外。

Workforce Solutions revenue growth is expected to be up about 7%, with non-mortgage revenue up about 10%.

勞動力解決方案收入預計將成長約 7%，其中非抵押貸款收入成長約 10%。

Non-mortgage verifier revenue should be up over 15%, driven by Government and Talent Solutions.

在政府和人才解決方案的推動下，非抵押貸款驗證收入應增加 15% 以上。

EWS mortgage revenue should be down 3% for the year.

今年 EWS 抵押貸款收入應下降 3%。

EWS margins are expected to be about 52%.

EWS 利潤率預計約 52%。

USIS revenue is expected to be up 9% year to year.

USIS 收入預計將年增 9%。

Mortgage revenue should be up over 25%, non-mortgage year to year revenue growth of about 2% is expected to be up from the 1% we saw in the first half of 2024.

抵押貸款收入應成長 25% 以上，非抵押貸款收入年增率預計約為 2%，高於 2024 年上半年的 1%。

USIS EBITDA margin should be about 34%, down about 50 basis points from our April guidance.

USIS EBITDA 利潤率應約為 34%，較我們 4 月份的指引下降約 50 個基點。

And international revenue is expected to be up over 15% in constant currency, which includes the benefit of the acquisition of BVS.

以固定匯率計算，國際營收預計將成長 15% 以上，其中包括收購 BVS 的收益。

Revenue is expected to be up about 10% in organic constant currency.

以有機固定匯率計算，營收預計將成長約 10%。

EBITDA margins are expected to approach 27.5%, down from 28% in our April guidance.

EBITDA 利潤率預計將接近 27.5%，低於我們 4 月份指引值的 28%。

Using the midpoint of our 3Q '24 and fiscal year '24 guidance for revenue and adjusted EPS, the implied 4Q '24 midpoint for revenue is $1.465 billion, up 10% year to year and $30 million sequentially, and for adjusted EPS was [$2.23] per share, up over 20% year to year.

使用我們24 年第三季和24 財年營收和調整後每股收益指引的中點，隱含的24 年第四季營收中點為14.65 億美元，年成長10%，季增3000 萬美元，調整後每股收益為[2.23 美元] ] 每股，較去年同期成長超過20%。

The improvement in adjusted EPS in 4Q '24 sequentially from 3Q 24 is certainly substantial and requires strong execution.

24 年第 4 季調整後每股盈餘較 24 年第 3 季連續改善無疑是巨大的，需要強有力的執行力。

The drivers of this improvement are directed to be as follows.

這種改進的驅動因素如下。

About half of the improvement is driven by the sequential revenue growth at our very high variable margins.

大約一半的改善是由我們非常高的可變利潤率下的連續收入成長所推動的。

Revenue mix also should drive improved margins has non-mortgage revenue grows strongly sequentially and mortgage revenue declined sequentially.

如果非抵押貸款收入連續強勁成長，而抵押貸款收入連續下降，收入組合也應該會推動利潤率提高。

Mortgage has much lower margins relative to non-mortgage, principally due to much higher royalties and purchase data file cost in mortgage.

與非抵押貸款相比，抵押貸款的利潤率要低得多，這主要是由於抵押貸款的特許權使用費和購買資料檔案成本要高得多。

Costs and expense reductions drive about a quarterly improvement.

成本和費用的減少推動了季度業績的改善。

These cost reductions are principally due to completion of cloud migrations in North America and Europe, resulting in lower COGS and also lower development expense.

這些成本降低主要是由於北美和歐洲完成了雲端遷移，降低了銷售成本和開發費用。

In addition to the cost benefit from completion of cloud migration, we continue to execute fixed cost and expense reductions, which will also benefit 4Q '24.

除了完成雲端遷移帶來的成本效益外，我們還繼續執行固定成本和費用削減，這也將使 24 年第四季受益。

Items below operating profit, principally taxes, represent on the order of 20% of the improvement.

營業利潤以下的項目（主要是稅收）佔改善的 20% 左右。

Capital expenditures for 2024 are expected to be about $485 million, which was a year-to-year reduction of about a $100 million.

2024年的資本支出預計約4.85億美元，年減約1億美元。

This is up from our April guidance, reflecting the timing of completion of the migrations to the Equifax cloud that I just referenced.

這高於我們 4 月的指導，反映了我剛才提到的 Equifax 雲端遷移的完成時間。

In the first half of 2024, CapEx was $256 million at almost [$50 million] year to year.

2024 年上半年，資本支出為 2.56 億美元，較去年同期接近 [5,000 萬美元]。

We expect capital expenditures in the second half to decline further as the tech transformation activities I previously discussed complete.

隨著我之前討論的技術轉型活動的完成，我們預計下半年的資本支出將進一步下降。

Turning to slide 14.

轉到投影片 14。

And as we discussed in April, the US mortgage market is on the order of 50% below its historic average inquiry levels.

正如我們在 4 月討論的那樣，美國抵押貸款市場的詢價水平比歷史平均水平低了 50% 左右。

As the mortgage market recovers toward its historic norms, that represents over $1 billion of annual revenue opportunity for Equifax in 2025 and beyond, none of which is reflected in our current 2024 guidance.

隨著抵押貸款市場恢復至歷史正常水平，這意味著 Equifax 在 2025 年及以後將有超過 10 億美元的年收入機會，但我們目前的 2024 年指導中沒有反映出這些機會。

At our high mortgage margins, this over $1 billion of mortgage revenue would deliver on the order of $700 million of EBITDA and $4 per share that we would expect to move into our P&L.

按照我們較高的抵押貸款利潤率，這超過 10 億美元的抵押貸款收入將帶來約 7 億美元的 EBITDA 和每股 4 美元，我們預計將其計入損益表。

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

現在我想把它轉回給馬克。

Thanks, John.

謝謝，約翰。

Wrapping up on slide 15.

投影片 15 結束。

Equifax delivered another strong quarter with 11% constant currency revenue growth, which was at the upper end of our 8% to 12% long-term revenue growth framework, reflecting the power and breadth of the Equifax business model and strong execution against our EFX 2026 strategic priorities.

Equifax 再次實現強勁的季度表現，貨幣收入恆定增長 11%，處於我們 8% 至 12% 長期收入增長框架的上限，反映了 Equifax 業務模式的力量和廣度以及與我們的 EFX 2026 相比的強勁執行力戰略重點。

Our very strong 20% EWS non-mortgage verifier revenue growth, 12% EWS active record growth and strong 12.5% broad-base VI give us momentum as we enter the second half of 2024.

我們非常強勁的 20% EWS 非抵押貸款驗證收入增長、12% EWS 活躍記錄增長和強勁 12.5% 的廣泛基礎 VI 為我們進入 2024 年下半年提供了動力。

A big priority for 2024 is to complete our North America cloud transformation as well as significant portions of our global markets, which will enhance our competitiveness, drive margin expansion, reduce our capital intensity, expand our free cash flow for bolt-on M&A, dividend growth and share repurchases.

2024 年的首要任務是完成我們的北美雲端轉型以及我們全球市場的重要部分，這將增強我們的競爭力，推動利潤率擴張，降低我們的資本密集度，擴大我們用於補充併購、股息的自由現金流成長和股票回購。

Putting the USIS consumer cloud migrations in the next few weeks is a significant milestone for Equifax.

在接下來的幾週內完成 USIS 消費者雲端遷移對於 Equifax 來說是一個重要的里程碑。

We continue to expect CapEx to decrease in 2024 by about $100 million to under 8.5% of revenue, with further reductions in 2025, allowing us to move towards our long-term CapEx goal of 6% to 7% of revenue as we exit next year.

我們仍預期 2024 年資本支出將減少約 1 億美元，佔收入的 8.5% 以下，並在 2025 年進一步減少，使我們能夠在明年退出時實現佔收入 6% 至 7% 的長期資本支出目標。

Entering 2025 with 90% of Equifax revenue in the new Equifax cloud is a big milestone so the Equifax team can move towards fully focusing on growth.

進入 2025 年，Equifax 90% 的收入來自新的 Equifax 雲，這是一個重要的里程碑，因此 Equifax 團隊可以完全專注於成長。

Another significant EFX 2026 strategic priority is to drive innovation through our investments in EFX.AI.

EFX 2026 的另一個重要策略重點是透過對 EFX.AI 的投資來推動創新。

AI and machine learning are changing the way we develop new products in our single data fabric, the way we've built -- allowing us to build higher performing model scores and products, ingesting cleanse the data and operate our consumer care centers more effectively.

人工智慧和機器學習正在改變我們在單一資料結構中開發新產品的方式，以及我們建構的方式，使我們能夠建立更高效能的模型分數和產品，吸收清理資料並更有效地運作我們的消費者關懷中心。

We're on offense at Equifax with EFX.AI.

我們正在 Equifax 與 EFX.AI 發動攻擊。

We're entering 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.

隨著我們從建立新的 Equifax 雲端轉向利用新的雲端功能來推動我們的營收和利潤，我們正在進入新 Equifax 的下一章。

We're convinced that our new Equifax cloud differentiated data assets in our new single data fabric, leveraging EFX.AI and machine learning and market-leading businesses will deliver higher revenue growth, expanded margins and accelerated free cash flow that will enable us to start returning cash to shareholders in 2025 and beyond.

我們相信，我們新的單一資料結構中的新Equifax 雲端差異化資料資產，利用EFX.AI 和機器學習以及市場領先的業務，將帶來更高的收入成長、擴大的利潤和加速的自由現金流，這將使我們能夠開始2025 年及以後向股東返還現金。

We remain focused on executing our long-term model, delivering 8% to 12% revenue growth was 50 basis points-plus of margin expansion annually, an average over a cycle.

我們仍然專注於執行我們的長期模型，實現每年 8% 至 12% 的收入成長，即利潤率擴張 50 個基點以上，這是一個週期的平均水平。

Before I turn the call over to the operator, I'd like to thank Sam McKinstry and the Investor Relations team for his significant contributions over the past four years.

在將電話轉接給接線員之前，我要感謝 Sam McKinstry 和投資人關係團隊在過去四年中所做的重大貢獻。

Good news, Sam staying with Equifax, and he's taking a position within the USIS business to further his career in finance.

好消息，Sam 留在 Equifax，並且他正在 USIS 業務部門任職，以進一步發展他的金融職業生涯。

He's been a real asset to the IR team and the investor community and joining Investor Relations team from USIS is Molly Clegg, and we welcome Molly to the IR team.

他一直是 IR 團隊和投資者社群的真正資產，從 USIS 加入投資者關係團隊的是 Molly Clegg，我們歡迎 Molly 加入 IR 團隊。

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) Manav Patnaik, Barclays.

（操作員指令）Manav Patnaik，巴克萊銀行。

Good morning and congratulations on getting close to this tech transformation ending.

早安，恭喜您即將結束這項技術轉型。

My first question was on that, which is how much of the cost saving, I guess, have you baked into the third quarter, fourth quarter?

我的第一個問題是，我想，你在第三季、第四季節省了多少成本？

And I guess, more importantly, just a run rate of what we should think this is now going to help in 2025 just on its own

我想，更重要的是，我們認為這只是一個運行率，現在它本身就會在 2025 年有所幫助

So I don't know we're going to get into 2025 guidance.

所以我不知道我們是否會進入 2025 年指導。

But in terms of third and fourth quarter, now we've baked in the cost savings related to the North American consumer businesses, completing transformation in the third quarter and beginning the decommissioning.

但從第三季和第四季來看，我們現在已經開始節省北美消費業務的成本，第三季完成轉型並開始退休。

And we've done the same thing with regard to sustain and some other movements we talked about in March script in the fourth quarter.

我們在第四季的三月劇本中談到的維持和其他一些動作方面也做了同樣的事情。

So when I talk about

所以當我談論

--

--

(multiple speakers) in the fourth quarter and then we'll get the annualization of that next year.

（多位發言者）在第四季度，然後我們將得到明年的年化結果。

Absolutely.

絕對地。

As we've talked about in the bridge from third to fourth quarter, a significant portion of those savings, as Mark said, really gets in the fourth quarter because the transformations and the completion of the transformations is going to get decommissioning don't start until later in the third.

正如我們在第三季到第四季的過渡中所討論的，正如馬克所說，這些節省的很大一部分在第四季度才真正實現，因為改造和改造的完成將導致退役不會開始直到第三個晚些時候。

Manav, as you know, I appreciate your pointing out that.

馬納夫，如你所知，我感謝你指出這一點。

This has been a long road.

這是一條漫長的路。

We started this five years ago and to be close to this finish line with 80% of our revenue in the cloud in the next month or two and 90% in the fourth quarter.

我們五年前就開始了這項工作，並在接下來的一兩個月內將 80% 的收入來自雲端，並在第四季度將 90% 的收入來自雲端，從而接近這一終點線。

It's really a huge milestone.

這確實是一個巨大的里程碑。

It's a huge effort by the entire organization to run the company over the last number of years.

在過去的幾年裡，整個組織為營運公司付出了巨大的努力。

But also due to cloud work, we're super energized to really be pivoting to leveraging that cloud in the second half as we complete the USIS in Canada in the next couple of weeks and then really go into 2025 in a very, very strong position.

但也由於雲端工作，我們非常有動力在下半年真正轉向利用雲，因為我們將在接下來的幾週內完成加拿大的 USIS，然後真正以非常非常強大的地位進入 2025 年。

Okay, fine.

好吧，好吧。

And then just broadly, I think just from the first half results, it looks like there's a lot of pluses and minuses across the segment.

總的來說，我認為僅從上半年的結果來看，整個細分市場似乎有許多優點和缺點。

I'm just curious in terms of the way you set the second half guidance like where would you say, use perhaps less some room for error being conservative on it?

我只是好奇你如何設定下半年的指導，例如你會說，使用保守的可能更少的錯誤空間？

Yeah.

是的。

We try to be balanced, I think you know that.

我們努力保持平衡，我想你知道這一點。

We want to put forecasts out.

我們想發布預測。

We know how to meet and we feel like a lot of confidence in the forecast we put out.

我們知道如何會面，並且對我們提出的預測充滿信心。

I think John and I in our prepared comments, talked about some of the positives we have.

我認為約翰和我在我們準備好的評論中談到了我們所擁有的一些積極因素。

We've had some challenges, you always do in a business.

我們遇到了一些挑戰，這是在企業中經常遇到的。

I think we highlighted the USIS has seen some softening in the first quarter in some of their end markets and also in the second quarter.

我認為我們強調了 USIS 在第一季和第二季的一些終端市場出現了一些疲軟。

Mortgage hasn't really come back and short of rate cuts, we don't expect that to happen in our guide.

抵押貸款還沒有真正回歸，也沒有降息，我們預計這種情況不會在我們的指南中發生。

We've seen some impacts likely from the big focus in the first half in USIS and cloud transformation, we expect those to obviously mitigate.

我們已經看到上半年 USIS 和雲端轉型的重點可能帶來的一些影響，我們預計這些影響將明顯減輕。

So the commercial team can be fully focused on just commercial conversations versus also commercial and cloud.

因此，商業團隊可以完全專注於商業對話，而不是商業和雲端。

EWS is performing exceptionally well.

EWS 的表現非常出色。

You look at the government performance, Talent had a very strong quarter.

你看看政府的表現，人才部門的季度表現非常強勁。

Obviously, we talked about employer impacted by what see in some other kind of macros that will solve themselves.

顯然，我們討論了雇主受到其他一些可以自行解決的巨集的影響。

But likely later in the year, that will benefit 2025.

但很可能在今年晚些時候，這將使 2025 年受益。

But putting that altogether and maybe just finishing with international strong momentum there and all the business is performing above our expectations.

但總的來說，也許只是以國際強勁勢頭結束，所有業務的表現都超出了我們的預期。

When we put that all together, we felt like we had framework and holding the year in the second half.

當我們把所有這些放在一起時，我們感覺我們已經有了框架並且可以在下半年保持這一年。

Okay.

好的。

Thank you.

謝謝。

Andrew Steinerman, JPMorgan.

安德魯‧史坦納曼，摩根大通。

Hi there.

你好呀。

First, I just want to confirm that second quarter revenue percentage from mortgage 20%.

首先，我只想確認第二季來自抵押貸款的收入比例為 20%。

I know the word about was used.

我知道使用了“關於”這個詞。

And then second question is I want to focus more on the Q3 guide.

第二個問題是我想更專注於第三季指南。

Mark, I know you've really talked about the second half, and I want to focus specifically on the USIS.

馬克，我知道你確實談到了下半年，我想特別關注 USIS。

I surely heard on you highlighting that the cloud migration, let's call it, multitasking will be behind us the end of this month for USIS revenue acceleration there into August.

我肯定聽到您強調，雲端遷移（我們稱之為多工處理）將在本月底結束，因為 USIS 收入將加速到 8 月。

And then I also heard the comment about CDK, which was a drag to auto revenues and auto dealers in the second quarter.

然後我還聽到了有關 CDK 的評論，這對第二季度的汽車收入和汽車經銷商構成了拖累。

That also seems behind us.

這似乎也在我們身後。

So what other maybe drags have you assumed on USIS in the third quarter guide becuase the third quarter revenue guide for USIS to me looks a little conservative and did you change any assumptions about the health of the US consumer outside of mortgage when thinking about that third quarter USIS guide?

那麼，您在第三季度指南中對USIS 有何其他可能的拖累，因為在我看來，USIS 第三季度的收入指南有點保守，在考慮第三季度時，您是否改變了關於抵押貸款之外的美國消費者健康狀況的任何假設四分之一 USIS 指南？

Andrew, to your specific question, it's 21% was the exact number.

Andrew，對於你的具體問題，確切的數字是 21%。

Thank you.

謝謝。

And to your question on USIS, I think we -- I think in our prepared comments, Andrew, I know you heard them we've seen some softening in some of the end markets in the USIS late in the first quarter, certainly continued in the second quarter.

至於你關於USIS 的問題，我認為我們- 我認為在我們準備好的評論中，安德魯，我知道你聽到了他們的意見，我們看到第一季末USIS 的一些終端市場出現了一些疲軟，而且肯定會在第二季。

You talked about the CDK impact.

您談到了 CDK 的影響。

Obviously, it was a negative late in the second quarter.

顯然，第二季末的情況是負面的。

That's obviously behind us.

那顯然已經落後於我們了。

But the end market softening, for example, in auto, while mortgage has been impacted by higher rates, we're seeing some impact in auto where the payments for new and used cars are very high with a higher rates that are being charged.

但終端市場疲軟，例如汽車行業，雖然抵押貸款受到較高利率的影響，但我們看到汽車行業受到了一些影響，新車和二手車的付款非常高，收取的利率也較高。

And we've seen some impact in just consumer demand for loans in auto.

我們已經看到消費者對汽車貸款的需求受到了一些影響。

And then a broader, I would call it slight softening in second quarter and we carry that forward in the second half.

然後，從更廣泛的角度來看，我將其稱為第二季的輕微疲軟，我們將在下半年繼續這一趨勢。

So that's reflected in the USIS guide.

這反映在 USIS 指南中。

If you'd add anything else, John?

約翰，你還想補充什麼嗎？

No.

不。

Mark has already talk quite a bit about the distraction from transformation that does recover in the third quarter.

馬克已經談了很多關於轉型帶來的干擾，這種幹擾在第三季確實恢復了。

We start to come out of that, right?

我們開始走出困境，對嗎？

But again, we're just finishing transformation in the quarter.

但同樣，我們剛剛在本季完成轉型。

So you're not going to see a lot of benefit in the third quarter.

因此，您在第三季不會看到太多好處。

You don't start to see that till fourth quarter and really next year, you are starting to see -- and PI improvements in USIS.

直到第四季度，甚至明年，你才會開始看到 USIS 的 PI 改進。

But again, those are not going to really accelerate till I get to the fourth quarter and next year.

但同樣，在我到達第四季和明年之前，這些不會真正加速。

Makes sense.

有道理。

Thank you.

謝謝。

Heather Balsky, Bank of America.

希瑟‧巴爾斯基，美國銀行。

Thank you for taking my question.

感謝您回答我的問題。

I want to start off with EWS verification and EVS broadly into the back half and thinking about the sequential trends from 3Q unless implied in the fourth quarter.

我想從後半段的 EWS 驗證和 EVS 開始，並思考第三季的連續趨勢，除非在第四季有所暗示。

Especially for 4Q, there seems to be some implied material acceleration and recognizing the mortgage market has somewhat stabilizing and the benefits from that.

特別是對於第四季度，似乎存在一些隱含的實質加速，並且認識到抵押貸款市場已經有所穩定，並從中受益。

Can you just walk us through the building block to look at Q2, the trends in 3Q and what's implied for 4Q and where you're seeing the biggest challenge?

您能否帶領我們透過建立模組來了解第二季、第三季的趨勢以及第四季的含義以及您認為最大的挑戰在哪裡？

Yeah.

是的。

So just as an overarching statement, right, it's important to remember that EWS verifiers benefiting in the second half really significantly related to record additional, right?

因此，作為一個總體聲明，對吧，重要的是要記住，EWS 驗證者在下半年受益確實與記錄額外顯著相關，對吧？

They've done an outstanding job with adding new partners.

他們在增加新合作夥伴方面做得非常出色。

We had a significant partner come online very late in the quarter.

我們有一個重要的合作夥伴在本季末上線。

And we have -- Mark said, we've added four more, we added a substantial number in there first half.

馬克說，我們又增加了四個，我們在上半場增加了相當多的數字。

Those records are coming online and that raise substantial amount of revenue.

這些記錄將上線並增加大量收入。

And may be adding records point, John, is that we have real visibility as we are in July now and in the third quarter.

約翰，可能會增加記錄點，我們有真正的可見性，就像我們在 7 月和第三季一樣。

And as we look out to the fourth quarter of meaningful record additions that we're working on, and we haven't closed those yet.

當我們展望第四季度我們正在努力增加有意義的記錄時，我們還沒有完成這些工作。

So we haven't added them into our discussions with you.

所以我們沒有將它們添加到與您的討論中。

But as you record when we add them, when they come online, they turn into revenue that day because we're already getting the inquiries.

但正如您記錄的那樣，當我們添加它們時，當它們上線時，它們會在當天轉化為收入，因為我們已經收到了查詢。

That's the beauty of the system we have.

這就是我們系統的美妙之處。

Sorry, John, go ahead.

抱歉，約翰，請繼續。

No problem.

沒問題。

And as you get into Q4, obviously, what you're seeing from third to fourth quarter is there's some traditional strength generally from third to fourth quarter in talent.

當你進入第四季時，顯然，從第三季到第四季你會看到，第三季到第四季在人才方面通常存在一些傳統優勢。

It's just because of seasonal hiring and [I9] because of the seasonal hiring where we do onboarding for companies.

這只是因為季節性招聘和[I9]因為我們為公司進行入職培訓的季節性招聘。

We generally see some strength in banking and card around CLIs, MM.

我們普遍認為銀行業和卡業在 CLI、MM 方面具有一定優勢。

Importantly in CMS ACA sign-up start in the fourth quarter.

重要的是，CMS ACA 註冊從第四季度開始。

So we generally see nice growth in government going into the fourth quarter.

因此，我們通常會看到第四季度政府的良好成長。

And then you layer on top of that strengthen records, and that's what gives us confidence that we're going to see good performance as we go through the back half of the year in verifier non-mortgage.

然後，在加強記錄的基礎上，這讓我們有信心，在今年下半年驗證者非抵押貸款方面，我們將看到良好的表現。

Mortgage, we've talked about I think that's been covered and employer, what we're seeing is as we get into the fourth quarter, the significant impact of ERC that we saw through the first nine months of the year, we wrap around the decline that occurred in the fourth quarter of last year.

抵押貸款，我們已經討論過，我認為這已經被涵蓋了，雇主，我們看到的是，當我們進入第四季度時，我們在今年前九個月看到了 ERC 的重大影響，我們圍繞著去年第四季出現的下滑。

So employer revenue on a year-over-year basis, the growth rate will be substantially better.

因此，雇主收入年增率將會大幅提高。

As we said, we expect to be flat to slightly up relative to the declines that we've been seeing.

正如我們所說，相對於我們所看到的下降，我們預計會持平或略有上升。

And that's principally driven by the fact that we saw a big decline in ERC in the fourth quarter of '23.

這主要是由於我們看到 ERC 在 2023 年第四季大幅下降。

So I'd say, that's why we feel good about the way EWS was trending and the opportunities to drive the revenue growth we're talking about.

所以我想說，這就是為什麼我們對 EWS 的趨勢以及推動我們正在談論的收入成長的機會感到滿意。

Got it.

知道了。

Thank you.

謝謝。

And I know you've gotten questions about where there might be a little bit of caution in the guidance and room for upside, and there's been a couple of surprises of past few quarters and what the transition taking a little bit longer.

我知道你們已經有人問過，指導意見和上升空間中哪些地方可能需要謹慎，過去幾個季度出現了一些令人驚訝的情況，以及過渡需要更長的時間。

Do you feel like for the back half you giving yourself some room for some things that might occur like that from an asset maybe kind of out of your control?

您是否覺得後半部您給自己一些空間，以應對可能會發生的某些事情，例如資產可能超出您的控制範圍？

Yeah.

是的。

We're always trying to do that as you know.

正如你所知，我們一直在努力做到這一點。

It's often not easy like the what's the change went in place last year, we just thought would be implemented by the states more quickly.

這通常並不像去年發生的變化那麼容易，我們只是認為各州會更快實施。

Government bureaucracy sometimes move at different paces.

政府官僚機構有時會以不同的速度行事。

But we think we have good visibility.

但我們認為我們有很好的知名度。

We talked earlier about the records.

我們之前討論過記錄。

That's one where we have high visibility on.

這是我們有很高知名度的地方。

We know we signed.

我們知道我們簽了。

We know when they're coming on, we have kind of those schedules.

我們知道他們什麼時候上場，我們有這樣的時間表。

So that gives you a lot of visibility.

所以這給了你很大的可見性。

We do what you would suggest or (inaudible) I think we do is we handicap different macro elements and try to put our best forecast together because you know on mortgage while there's maybe increased talk about our rate cuts in September.

我們按照您的建議做，或者（聽不清楚）我認為我們做的是我們對不同的宏觀因素進行限制，並嘗試將我們的最佳預測放在一起，因為您知道抵押貸款，而關於我們在9 月降息的討論可能會增加。

We don't have that in our forecast.

我們的預測中沒有這一點。

We wouldn't put in our forecast, that's on our process.

我們不會加入我們的預測，這是我們的流程。

If that happens, that's going to be good news for the second half but outside of our forecast.

如果發生這種情況，這將是下半年的好消息，但超出了我們的預測。

And as you know, we expect rates over the medium term, call it into '25 and '26 to come down.

如您所知，我們預計中期利率將在「25」和「26」期間下降。

And that's going to be a real tailwind for us on the mortgage side.

在抵押貸款方面，這將成為我們真正的推動力。

So yeah, we've put the pluses and minuses that we think we know about into the forecast, and that's why we put it in front of you.

所以，是的，我們已經將我們認為了解的優點和缺點放入預測中，這就是我們將其放在您面前的原因。

And as Mark referenced, we talked about in the script.

正如馬克所提到的，我們在劇本中討論過。

I mean, obviously, we know third to fourth quarter requires a lot of execution, but we have a lot of confidence in the way the teams are executing right now and it's around completing the transformations.

我的意思是，顯然，我們知道第三季到第四季需要大量執行，但我們對團隊目前的執行方式充滿信心，並且圍繞著完成轉型。

We think we have very good visibility into how that's going to complete and the timing.

我們認為我們對如何完成和時間安排有很好的了解。

Kelsey Zhu, Autonomous Research.

朱凱爾西，自主研究。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

My first question is on talent.

我的第一個問題是關於人才。

Obviously, we've seen very strong growth this quarter.

顯然，本季我們看到了非常強勁的成長。

I was wondering if you can comment a little bit more about the new products you've introduced year to date, how much they have contributed to growth as well as kind of upcoming product pipeline?

我想知道您是否可以對今年迄今為止推出的新產品進行更多評論，它們對成長的貢獻有多大以及即將推出的產品線？

(technical difficulty) them to contribute to growth?

（技術難度）它們對成長有何貢獻？

Yeah.

是的。

In talent, you have to add to it also the penetration, remember, that's a large TAM that we have a big position in, but there's a lot of runway for growth of just converting manual, let's use just employment verification processes.

在人才方面，你還必須增加滲透率，請記住，這是一個我們擁有重要地位的大型 TAM，但僅轉換人工還有很多成長空間，讓我們只使用就業驗證流程。

As you know, we have incarceration.

如你所知，我們有監禁。

We have education data and other data elements like medical credentialing data.

我們有教育數據和其他數據元素，例如醫療認證數據。

But just the penetration is just a huge opportunity just like government.

但僅僅滲透就是一個巨大的機會，就像政府一樣。

When you've got a [$400 million, $500 million] kind of run rate business in talent, operating in a [3 billion-plus] TAM.

當你擁有 [4 億美元、5 億美元] 的人才運作率業務，並在 [30 億以上] TAM 中運作。

There's just a lot of penetration opportunity and product is a big lever also.

這裡有很多滲透機會，產品也是一個很大的槓桿。

We've got a lot of focus around new products on incarceration, on education, on different depths of employment data.

我們非常關注有關監禁、教育和不同深度就業數據的新產品。

We rolled out an hourly solution for hourly background screens that don't require as much employment history.

我們針對每小時背景螢幕推出了每小時解決方案，不需要太多的工作經驗。

So there's a big focus there.

所以這是一個很大的焦點。

And I know that the teams working on the next chapter of combining those data elements with our goal being to have a single transaction to deliver all the data that's required for background screen, which would include employment history, would include incarceration, education, et cetera.

我知道，下一章的團隊正在致力於將這些數據元素結合起來，我們的目標是透過一次交易來提供背景螢幕所需的所有數據，其中包括工作經驗、監禁、教育等。

We signed and announced a new partnership on education that goes beyond college degrees and into high school and in vocational schools.

我們簽署並宣布了一項新的教育合作夥伴關係，其範圍不僅限於大學學位，還包括高中和職業學校。

So that's another depth development that's part of our second half focus on talent.

這是另一個深度發展，也是我們下半年關注人才的一部分。

And in the second quarter, we saw very nice growth out of the insights portfolio.

在第二季度，我們看到洞察組合的成長非常好。

Incarceration, as Mark referenced, helping us drive the talent growth rate.

正如馬克所提到的，監禁幫助我們推動人才成長率。

So that was a nice -- that was a nice growth area for us in the second quarter.

所以這很好——這對我們來說是第二季度的一個很好的成長領域。

Got it, super helpful.

明白了，超有幫助。

And then my second question is on governments. (technical difficulty) strong growth this quarter.

我的第二個問題是關於政府的。 （技術難度）本季成長強勁。

How much of that is driven by CMS contract expansion?

其中有多少是由 CMS 合約擴張推動的？

And are there any one-off factors that contributed to growth this quarter?

是否有任何一次性因素促成了本季的成長？

And how should we think about sustainable growth rate going forward?

我們該如何思考未來的可持續成長率？

That's a heavy question.

這是一個沉重的問題。

Let me take a few parts of that.

讓我來摘錄其中的幾個部分。

When you think about government, I think John and I both mentioned in our comments, the biggest driver in government is penetration into that big $5 billion TAM.

當你想到政府時，我想約翰和我都在評論中提到，政府的最大動力是滲透到 50 億美元的 TAM 中。

That's really at the state agency level.

這實際上是在國家機構層面。

And as you know, we've continued to add resources in our government team in at states in order to drive that penetration.

如您所知，我們繼續在各州的政府團隊中增加資源，以推動這種滲透。

And remember, when you've got multiple agencies that are using our data, in most cases are not using our data, they're still doing it manually, whether it's for healthcare benefits, food support, rent support, childcare support, education support, income support.

請記住，當多個機構使用我們的數據時，在大多數情況下，他們並沒有使用我們的數據，他們仍然手動執行此操作，無論是醫療保健福利、食品支援、租金支援、兒童保育支持、教育支持，收入支持。

There's about a dozen different social services.

大約有十幾種不同的社會服務。

And I think you know, the scale of the US consumer base that our household base that receives the services, it's about 90 million Americans receiving those services.

我想你知道，美國消費者基礎的規模，也就是我們接受服務的家庭基礎，大約有 9,000 萬美國人接受這些服務。

And when you think about our business, call it roughly $800 million run rate today against that $5 billion TAM, you've got over a $4 billion really manual processing of principally income verification that we're penetrating into.

當你想到我們的業務時，我們現在的業務運作率為 8 億美元，而 TAM 規模為 50 億美元，那麼我們正在深入的主要是收入驗證的人工處理成本超過 40 億美元。

So state penetration is a big driver, and we think about that is very sustainable.

因此，國家滲透是一個很大的驅動力，我們認為這是非常永續的。

There's not -- there's no one-offs in there.

那裡沒有——那裡沒有一次性的事情。

You get embedded in their workflows and then you become a part of that process.

您融入他們的工作流程，然後成為流程的一部分。

As you point out, we did extend our CMS contract last September.

正如您所指出的，我們在去年 9 月確實延長了 CMS 合約。

So we're still taking the benefit of the price increase that was built in there.

因此，我們仍然受益於那裡的價格上漲。

And as you know, that's a five-year contract with annual escalators.

如您所知，這是一份為期五年的合同，每年配備自動扶梯。

So that's one with a lot of visibility So there's not any kind of one-offs in there.

所以這是一個具有很高可見性的項目，因此不存在任何一次性的情況。

Anything else you'd add, John? -- and you can tell, we're quite energized.

約翰，你還有什麼要補充的嗎？ ——你可以看出，我們非常有活力。

Government last quarter and now again this quarter is the largest vertical in Workforce Solutions and it's the business we think the largest runway.

上個季度和本季的政府是勞動力解決方案中最大的垂直領域，我們認為這是最大的業務領域。

Your question about the long-term growth rate, it's obviously outgrowing in the last three years, it's had a 50% CAGR, was up 30% in the quarter, I think 35% last quarter.

你關於長期成長率的問題，它在過去三年中明顯超出了成長速度，複合年增長率為 50%，本季度增長了 30%，我認為上個季度增長了 35%。

So that's had a very strong above kind of framework growth for Workforce Solutions in the 13% to 15% total growth.

因此，勞動力解決方案的上述框架成長非常強勁，總成長達到 13% 到 15%。

We've been clear that we expect government to outgrow our 13% to 15% framework for EWS over the long term.

我們已經明確表示，從長遠來看，我們預計政府的 EWS 框架的成長速度將超過 13% 至 15%。

So that's clearly a business we have a lot of confidence in and we're investing a lot because of the opportunity there.

因此，我們顯然對這項業務充滿信心，並且由於那裡的機會而進行了大量投資。

We haven't given any guidance for '25.

我們還沒有給出 25 年的任何指導。

We'll do that as we get through this year.

今年我們會這樣做。

But we've been clear that we expected to grow faster than the rest of Equifax and faster than the rest of EWS.

但我們已經明確表示，我們預計將比 Equifax 的其他公司和 EWS 的其他公司成長得更快。

And in terms of 2024, just looking at sequential trends, right, I think the sequential trends you're seeing in the second quarter were good and strong.

就 2024 年而言，僅看連續趨勢，對吧，我認為您在第二季度看到的連續趨勢良好且強勁。

And third and fourth quarter, I think are very consistent what we've seen that in the past.

我認為第三季和第四季與我們過去所看到的非常一致。

And specifically, as we referenced, the growth we're expecting into forth quarter is heavily driven by CMS and the fact that ACA starts in the fourth quarter and every year we see a pop in revenue from back -- from the from that agreement with CMS in 4Q and then again in 1Q.

具體來說，正如我們所提到的，我們預計第四季度的成長在很大程度上是由 CMS 推動的，而且 ACA 在第四季度開始，每年我們都會看到收入的成長——來自與CMS在第四季度出現，然後在第一季再次出現。

Thank you so much.

太感謝了。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

So wanted to ask about the USIS acceleration that you're expecting on the revenue line just from cloud completion.

因此想詢問一下您期望雲端完成後收入線上的 USIS 加速。

Talk a little bit about your confidence in that.

談談你對此的信心。

Maybe what type of new products (technical difficulty) talked about potential market share gains.

也許什麼類型的新產品（技術難度）談到了潛在的市場份額收益。

So just give us a bit more color and confident around that acceleration.

因此，請給我們更多的色彩和對加速的信心。

Yeah.

是的。

And as John said earlier in one of the questions, we expect to see some benefits perhaps later in the year, but that's really going to be in '25, '26 and '27.

正如約翰早些時候在其中一個問題中所說，我們預計可能會在今年稍後看到一些好處，但這實際上是在 25 年、26 年和 27 年。

There's no question that there's been some distraction for that team.

毫無疑問，該團隊受到了一些幹擾。

This has been our most complex cloud transformation of the 40 year old consumer credit.

這是我們對已有 40 年歷史的消費信貸最複雜的雲端轉型。

We call it ACRO.

我們稱之為 ACRO。

A platform that we had to be finishing it in the next couple of weeks.

我們必須在接下來的幾週內完成這個平台。

It just a huge accomplishment and it has taken so much bandwidth from the team to complete that.

這是一項巨大的成就，團隊花費了很多精力來完成它。

So the focus of the team is one part that will have in the second half.

所以球隊的焦點是下半場的一部分。

You should think about that really benefiting as we get into '25 and beyond.

你應該考慮一下，當我們進入 25 世紀及以後時，這確實是有益的。

You point out a number of really important levers that we believe we're always on stability, the ability to roll out new products more quickly just make us a more valuable partner to our customers.

您指出了一些非常重要的槓桿，我們相信我們始終保持穩定，更快推出新產品的能力使我們成為客戶更有價值的合作夥伴。

And we do expect to have share gains going forward.

我們確實預計未來會出現份額成長。

We've got some of those in flight and a lot of conversations going on.

我們已經有一些正在飛行中，並且正在進行很多對話。

The feedback from our customers, we've moved that 99% of our customers to the cloud.

根據客戶的回饋，我們已將 99% 的客戶遷移到雲端。

I think it's even higher than 99%, as I speak today, has been outstanding.

我認為它甚至高於 99%，正如我今天所說，已經非常出色了。

The performance, the speed, acceleration of moving the data, just the feedback is super positive.

行動數據的表現、速度、加速度，光是回饋都是非常正面的。

And as you know, that's one of the reasons we invested the substantial amount of money in the cloud.

如您所知，這是我們在雲端領域投入大量資金的原因之一。

Four plus years ago was we believed it was going to give us a stronger competitive position with our customers.

四年前，我們相信這將使我們在客戶面前擁有更強大的競爭地位。

So we should start to see those benefits really in '25, but the momentum, there should be some good guys as we get into the second half on that.

因此，我們應該在 25 年真正開始看到這些好處，但隨著我們進入下半年，勢頭應該會出現一些好人。

New products is another big deal.

新產品是另一件大事。

As you know, their vitality has been below our 10% goal for a number of years as they've been working on the cloud transformation.

如你所知，他們的活力多年來一直低於我們 10% 的目標，因為他們一直致力於雲端轉型。

We've seen some positive accelerate operation in the quarter.

我們在本季度看到了一些積極的加速營運。

I think there were 8% vitality and up 100 bps, which is positive.

我認為活力有 8%，上漲了 100 個基點，這是正面的。

So the team is starting to create some bandwidth for new products.

因此，團隊開始為新產品創造一些頻寬。

And you'll see new products really from every element of USIS, lot of stuff coming out from identity and compliance which we're excited about.

您將看到來自 USIS 每個元素的新產品，許多來自身份和合規性的產品，我們對此感到興奮。

Lot of risk-based solutions, data combination solutions, given we have such really unique data in USIS versus our competitors, particularly in the alternative data with [NC Plus] DataX and Teletrack.

許多基於風險的解決方案、數據組合解決方案，因為我們在 USIS 中擁有與競爭對手相比非常獨特的數據，特別是在 [NC Plus] DataX 和 Teletrack 的替代數據中。

So a lot of traction there.

所以那裡有很大的吸引力。

Some products and marketing leveraging our IXI wealth data, that have been coming out.

一些利用我們的 IXI 財富數據的產品和行銷已經推出。

Then the last one I'd comment on is I used it in my comments, I mentioned in my comments, is with the cloud complete in EWS and now the cloud complete in the USIS, we've got a big focus on delivering products that really combine TWN our income and employment data with the credit file.

然後我要評論的最後一個是我在評論中使用它，我在評論中提到，雲在 EWS 中完成，現在雲在 USIS 中完成，我們非常注重提供以下產品：真正將TWN 我們的收入和就業資料與信用檔案結合。

We think there's a lot of opportunities to put a flag on the credit file, for example, in mortgage, auto, P loans.

我們認為有很多機會在信用檔案上標記，例如，在抵押貸款、汽車貸款、P 貸款中。

So one of our customers is pulling a credit file, they'll know that there's a individual that's also working.

因此，我們的一位客戶正在提取信用檔案，他們就會知道還有一個人也在工作。

That adds to the underwriting capabilities of that consumer and adds to the value of our credit file in our solution.

這增加了該消費者的承保能力，並增加了我們解決方案中信用檔案的價值。

And we're really energized about those kinds of solutions that combine USIS and EWS products that will benefit both businesses that we think make our credit file more valuable, which should drive credit file share.

我們對結合USIS 和EWS 產品的解決方案感到非常興奮，這些解決方案將使我們的信用檔案更有價值，這將使我們的信用檔案更有價值，從而使我們的企業受益，從而推動信用檔案共享。

So that's second half focus on the product side, likely a 2025 implementation.

因此，下半年的重點是產品方面，可能會在 2025 年實施。

So we're really energized around the always on stability that will drive our competitive advantage.

因此，我們對始終保持穩定充滿活力，這將推動我們的競爭優勢。

And then as you point out, the ability to roll out more new products for leveraging the USIS data, but then also bridging between USIS and EWS going forward.

然後，正如您所指出的，能夠推出更多新產品來利用 USIS 數據，同時也能夠在 USIS 和 EWS 之間架起橋樑。

Only thing I'd add is we are also seeing nice growth in the use of Ignite and Prescreen and ignite our customers.

我唯一要補充的是，我們也看到 Ignite 和 Prescreen 的使用有了良好的成長，並點燃了我們的客戶。

That's important because that's also the platform in which we're deploying our proprietary and then also Vertex AI.

這很重要，因為這也是我們部署專有技術以及 Vertex AI 的平台。

So we're making that available to our customers, and it allows us to expand and expand the use that we have substantially.

因此，我們正在將其提供給我們的客戶，這使我們能夠大幅擴展和擴大我們的使用範圍。

So we feel very, very good about the fact that we're seeing accelerating adoption of Ignite in the marketplace with our customers using it directly and with us developing products internally.

因此，我們感到非常非常高興的是，我們看到 Ignite 在市場上的採用速度不斷加快，我們的客戶直接使用它，而我們也在內部開發產品。

Great.

偉大的。

Thank you so much.

太感謝了。

And then my second question is on EWS mortgage side.

我的第二個問題是關於 EWS 抵押貸款方面的。

Obviously, we've had a lot of conversations over the last few quarters, even about TWN increase versus outperformance.

顯然，我們在過去幾個季度進行了很多對話，甚至是關於 TWN 成長與表現出色的對話。

So just give us the lay of the land in terms of how you're thinking about outperformance from here.

因此，請向我們介紹一下您對這裡表現出色的看法。

And then I know you talked about TWN inquiry stabilizing maybe are being more in line with the credit inquiries.

然後我知道你談到了 TWN 查詢的穩定也許與信用查詢更加一致。

And I'm sure you saw the HMDA data came out last week because I'm just curious if you reflected on that and any incremental thoughts around just

我確信您上週看到了 HMDA 數據，因為我很好奇您是否對此進行了反思，以及任何關於這一點的增量想法

(inaudible)

（聽不清楚）

Just in terms of how we expect EWS mortgage to perform relative to inquiries, as we talked about a lot of our improvement in second half is driven again by records, right?

就我們預期 EWS 抵押貸款相對於查詢的表現而言，正如我們談到的，下半年的許多改善再次是由記錄推動的，對吧？

So Mark talked a lot about the fact that we've done a really nice job of adding new partners, and we're adding a significant number of records, a lot of the boarded late in the second quarter.

因此，馬克談了很多這樣的事實：我們在添加新合作夥伴方面做得非常好，我們正在添加大量記錄，其中許多是在第二季末登入的。

So we are expecting to see revenue benefits in EWS from record additions from the records that were added at the end of the second quarter and also the record we're going to add throughout the rest of this year.

因此，我們預計 EWS 的收入將因第二季末添加的記錄以及我們將在今年剩餘時間添加的記錄而增加。

And that's really the big driver.

這確實是最大的推動力。

I'll just add again, I mentioned it earlier in one of the earlier comments, I think you know this, but record additions, we already have inquiries coming.

我再次補充一下，我在之前的一條評論中提到過，我想你知道這一點，但是記錄添加，我們已經有詢問了。

When we add the records, it turns into revenue.

當我們添加記錄時，它就會變成收入。

So it's such a powerful lever for us and as you know, we've had really stronger momentum there on records.

所以這對我們來說是一個非常強大的槓桿，正如你所知，我們在記錄中擁有非常強大的動力。

And we've signaled we have strong momentum in the second half and also good visibility.

我們已經表示下半年勢頭強勁，能見度也很好。

We don't have to do anything else, but get the records in our dataset and they become revenue because we already had the inquiries coming in from our customers.

我們不需要做任何其他事情，只要取得資料集中的記錄，它們就會變成收入，因為我們已經收到了來自客戶的詢問。

We just have higher hit rate.

我們只是命中率更高而已。

We're also expecting some benefits from new products, and we've mentioned that in the past.

我們也期待新產品帶來一些好處，我們過去已經提到過這一點。

So marketing products that we're trying to put in place earlier in the approval funnel.

因此，我們試圖在審批通路的早期階段推廣產品。

So we're going to continue to work on NPI in the EWS mortgage.

因此，我們將繼續在 EWS 抵押貸款中進行 NPI 工作。

But the big driver is certainly in the second half of 2024 is driven by the strong performance records in the first half of 2024 as well as what we expect to continue to do in the rest of this year.

但 2024 年下半年的主要推動力肯定是由 2024 年上半年強勁的業績記錄以及我們預計在今年剩餘時間內繼續做的事情推動的。

Great.

偉大的。

Thank you so much.

太感謝了。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Thank you.

謝謝。

I'd like to start with a question just about the innovation cycle.

我想從一個關於創新週期的問題開始。

When we think about all of the commentary that you've provided, is the idea that we should be entering a period, especially within USIS of the accelerated innovation?

當我們思考您提供的所有評論時，是否認為我們應該進入一個加速創新的時期，特別是在 USIS 內部？

And how quickly will those products come out?

這些產品多久會上市？

And then should we expect what I would call well above normal in the near term?

那麼我們是否應該期待短期內會出現遠高於正常水平的情況？

Or help us walk us through that cycle, I guess.

或幫助我們引導我們度過這個週期，我想。

Yeah.

是的。

It's a great question.

這是一個很好的問題。

As I commented on the last question, they've clearly been dampened with all of focused on completing the cloud.

正如我對最後一個問題的評論一樣，他們顯然因專注於完成雲端而受到抑制。

We were really energized with the momentum that they even had in the second quarter in the midst of a very heavy quarter of cloud migrations.

我們對他們在雲端遷移非常繁忙的第二季度所表現出的勢頭感到非常振奮。

The vitality was up 100 bps to 8%.

活力上升100個基點至8%。

They've been below our 10% goal for five years -- six years, think the timeframe when we increased that goal from 5% to 7% to 10% for Equifax.

他們已經五年（六年）低於我們 10% 的目標，想想我們將 Equifax 的目標從 5% 提高到 7% 到 10% 的時間框架。

And we expect the USIS to move to that 10% as we get into '25 and the latter part of '25, meaning they've got really good momentum there.

我們預計，當我們進入 25 年和 25 年後半段時，USIS 將達到 10%，這意味著他們在那裡擁有非常好的勢頭。

I rattled off a whole bunch of solutions that they're working on and that they expect to roll out in the second half.

我一口氣列出了他們正在研究並預計在下半年推出的一大堆解決方案。

These new products take time, and they were clearly hampered by the cloud transformation.

這些新產品需要時間，而且它們顯然受到雲端轉型的阻礙。

And we expect that with the cloud completion in the next couple of weeks to see some increased focus.

我們預計，隨著未來幾週雲端的完成，人們的關注度將會提高。

And then as I mentioned on the other -- the last question, we're also have a big focus.

正如我在另一個問題上提到的——最後一個問題，我們也有一個重點。

We actually have a dedicated leader in team working on the EWS, USIS products, meaning that product combinations which we've never done before, and we think it will be quite powerful and only Equifax solutions that we can bring to market.

實際上，我們的團隊中有一位專門的領導者致力於EWS、USIS 產品，這意味著我們以前從未做過的產品組合，我們認為它將非常強大，並且是我們能夠推向市場的唯一Equifax解決方案。

We got a dedicated team in the USIS, they're going to be a really putting the pedal to the metal as we finish the year.

我們在美國情報局有一支專門的團隊，他們將在今年結束時全力以赴。

To your question about when you'll see a lot of the benefits, I think that acceleration will happen in 2025 versus the second half.

對於您提出的關於何時會看到很多好處的問題，我認為與下半年相比，2025 年將會加速。

But you're going to see positive momentum of products coming out.

但你會看到產品問世的正面動力。

They may not be revenue in the fourth quarter, but they'll turn into revenue in '25 and beyond.

它們可能不是第四季度的收入，但它們將在 25 年及以後變成收入。

Thank you.

謝謝。

And on the implied 4Q margins, it sounds like there's a tax benefit in there as well.

就隱含的第四季利潤率而言，聽起來似乎也有稅收優惠。

If we adjust that out, is that the right run rate for the firm on a go-forward basis from beyond 4Q?

如果我們對此進行調整，那麼從第四季度以後開始，這對公司來說是正確的運行速度嗎？

Yeah.

是的。

So in terms of 2025 EBITDA margins, we'll give you guidance on that as we get into 2025.

因此，就 2025 年 EBITDA 利潤率而言，我們將在進入 2025 年時為您提供指導。

But as we've been talking about and Mark talked about the fact, we expect on a long-term model 50 basis points of improvement per year.

但正如我們一直在談論和馬克談論的事實一樣，我們預計長期模型每年會有 50 個基點的改進。

And we do expect to see nice improvement in margins as we get into 2025.

進入 2025 年，我們確實預期利潤率會大幅改善。

In terms of an exact levels, we'll talk more about that as we get into next year.

就確切水平而言，我們將在明年進行更多討論。

And maybe I'd just add, John, I think we're all watching to see when the Fed is going to change rates and we believe the positive impact that'll have on mortgage activity.

也許我想補充一點，約翰，我想我們都在關注聯準會何時改變利率，我們相信這將對抵押貸款活動產生積極影響。

We've been very clear that as that starts rolling in, that's going to be accretive to our margins in a very positive way, meaning it's going to drop through at very high incremental EBITDA levels, [70%-plus] when that happens, likely in '25 and beyond as rates move down to some more normal level.

我們非常清楚，隨著這開始滾動，這將以非常積極的方式增加我們的利潤，這意味著當這種情況發生時，它將以非常高的增量 EBITDA 水平下降，[70%以上]，隨著利率下降到更正常的水平，可能會在25 年及以後發生。

Thank you.

謝謝。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good morning.

嗨，早安。

Thanks for taking my questions.

感謝您回答我的問題。

A lot of talk about record count, obviously, over the strong number, both year-over-year and sequentially.

顯然，很多人都在談論創紀錄的數量，無論是同比還是環比。

I just wanted to ask about the [gig to 99] and pension opportunity there and more specifically, how chunkier -- how big can those record add be on a one-by-one basis?

我只是想問一下那裡的[從零工到 99] 和退休金機會，更具體地說，這些記錄逐一增加到多大？

And part of why I ask is I'm just trying to figure out if it's maybe more expensive from like a sales staffing perspective to acquire those deals or if they can be comparable to some of the HR technology software and payroll relationships that you've fostered over the years?

我問這個問題的部分原因是我只是想弄清楚，從銷售人員的角度來看，獲得這些交易是否可能更昂貴，或者它們是否可以與您已經擁有的一些人力資源技術軟體和薪資關係相提並論。多年來培養的？

Yeah.

是的。

It's a whole ranges you might imagine -- use pension -- there are pension administrators that manage defined benefit pension payments, almost like a payroll processor for companies.

這是你可能想像的整個範圍——使用退休金——有退休金管理員管理固定福利退休金支付，幾乎就像公司的薪資處理者一樣。

We've signed one or two of those relationships.

我們已經簽署了一兩個這樣的關係。

So you think about those like a payroll processor, those can be, call it more chunky, meaning larger.

所以你想想那些像薪資處理器一樣的東西，它們可以被稱為更厚重，這意味著更大。

We have direct relationships around pension records and just a long runway in pension.

我們在退休金記錄方面有直接關係，而且在退休金方面也有很長的路要走。

And then there's a lot of pension records, as you might imagine, in federal, state and local government organizations, fire departments, police departments, government agencies still have defined benefit pensions.

然後還有很多退休金記錄，正如你想像的那樣，在聯邦、州和地方政府組織、消防部門、警察部門、政府機構中仍然有固定福利退休金。

Most corporations do not think like the vast majority, but some of the legacy corporation still have that.

大多數公司的想法與絕大多數公司不同，但一些傳統公司仍然有這種想法。

So that's how we're going after pension.

這就是我們領取退休金的方式。

We have a dedicated group -- first off, we have a dedicated leader that works for -- our EWS leader that all the work on is records.

我們有一個專門的團隊——首先，我們有一個專門為我們工作的領導者——我們的 EWS 領導者，所有的工作都有記錄。

And you may remember that's a change we made in December to put a full-time dedicated leader at the time he had other tasks in EWS, and we just saw an opportunity to really continue to drive record.

您可能還記得，這是我們在12 月做出的​​一項改變，在EWS 中安排了一位全職敬業的領導者，當時他在EWS 執行其他任務，我們剛剛看到了一個真正繼續推動記錄的機會。

So we asked him to fully focus on record.

所以我們要求他全神貫注於錄音。

So there's a dedicated team on pension.

所以有一個專門的退休金團隊。

We have a dedicated team on

我們有一個專門的團隊

[1099].

[1099]。

We have a dedicated team on, call it W-2 or non-farm pay payroll partnerships, which would be payroll processors, HR software companies and others like that.

我們有一個專門的團隊，稱之為 W-2 或非農業薪資合作夥伴關係，其中包括薪資處理商、人力資源軟體公司和其他類似公司。

And then also remember that half of our records come from our direct relationships that we get through our employer business.

然後也要記住，我們的記錄有一半來自我們透過雇主業務獲得的直接關係。

So that's another important focus of ours is we're continuing to invest in new products and capabilities to have those direct record relationships.

因此，我們的另一個重要重點是我們將繼續投資新產品和新功能，以建立這些直接的記錄關係。

On 1099, we have a dedicated team, it's a different path.

在1099，我們有一個專門的團隊，這是一條不同的路。

It's go into some of the big operators.

它進入了一些大型運營商。

But remember, 1099 income-producing Americans include doctors, dentists, lawyers that are self-employed and very high income.

但請記住，1,099名有收入的美國人包括醫生、牙醫、律師，他們都是自僱者，收入非常高。

So you've got to go to like tax prep services that do their quarterly estimated taxes as a way to get some indication of their income.

因此，您必須去諸如稅務準備服務之類的機構，這些服務機構會進行季度預估稅款，以了解他們的收入。

So lots of different avenues that I would say your question about are some chunky and some more granular.

我想說你的問題有很多不同的途徑，有些是粗略的，有些是更細緻的。

The answer is yes.

答案是肯定的。

It's a mix of all of the above across really all three areas for focus on records

它是上述所有三個領域的混合，以專注於記錄

The positive we have is our scale.

我們擁有的正面因素是我們的規模。

So we can focus on really going after those in so many different places.

所以我們可以集中精力真正去追尋許多不同地方的人。

And we've got a big focus on it for the obvious reason because of the benefit we get.

我們非常關注它，原因很明顯，因為我們得到了好處。

We're already receiving the inquiries.

我們已經收到詢問。

So as we add records, we're able to translate those into revenue and give higher hit rates for our customers, which is what they are after.

因此，當我們添加記錄時，我們能夠將這些記錄轉化為收入，並為我們的客戶提供更高的點擊率，而這正是他們所追求的。

Very helpful.

非常有幫助。

Thank you.

謝謝。

And then for very quick follow-up for John.

然後是約翰的快速跟進。

I believe on the -- you've talked about the outperformance in mortgage for EWS.

我相信您已經談到了 EWS 抵押貸款的優異表現。

Maybe underlying that is the expectation that the EWS inquiry number more closely tracks the overall mortgage inquiry number in the back half?

也許潛在的原因是 EWS 查詢數量更接近下半年的整體抵押貸款查詢數量？

Or is your expectation that gap persists as I guess mortgage lenders and buyers don't get all the way through to the final stages of the purchase process?

或者您認為差距仍然存在，因為我猜抵押貸款機構和買家沒有完全完成購買過程的最後階段？

And the second half, we've assumed it narrows and that they are going to trend together.

下半年，我們假設它會縮小並且它們將共同趨勢。

Now, again, that's based on our expectation.

現在，這又是基於我們的期望。

It's also based on the trends we're seeing today, right?

它也是基於我們今天看到的趨勢，對嗎？

So as we just run out the trends for the rest of the year and apply seasonality, separately it looks like of the movement in USIS credit inquiries and in TWN increase should move on a percentage basis year on year similarly, right?

因此，當我們剛剛統計出今年剩餘時間的趨勢並應用季節性時，USIS 信用查詢和 TWN 增長的變化看起來應該類似地按百分比逐年變化，對嗎？

So we'll have to say right -- we have been surprised in the past where sometimes the shopping behavior continues longer than we expect.

所以我們必須說得對——過去我們感到驚訝的是，有時購物行為持續的時間比我們預期的要長。

But right now, it looks like it's starting to narrow, and we can also see it analytically.

但現在看來，它開始縮小了，我們也可以分析一下。

Great.

偉大的。

Thank you.

謝謝。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Yeah.

是的。

Thank you.

謝謝。

Good morning.

早安.

So just -- when you had an Investor Day a few years ago, there was going to be like an outsized margin expansion period after the cloud transition was complete.

所以，幾年前，當你舉辦投資者日時，在雲端轉型完成後，將會有一個巨大的利潤擴張期。

I just -- what's the current thing on flowing through the tech transformation savings in the margin versus any change in thinking on reinvesting that to, I guess, best harvest increased revenue opportunity from the cloud transition?

我只是 - 目前透過技術轉型節省的利潤與重新投資的想法有何變化，我想，最好從雲端轉型中收穫增加的收入機會？

Yeah.

是的。

No change, Jeff.

沒有變化，傑夫。

We're going to flow that through.

我們將對此進行介紹。

We're investing and we had been in -- you followed us for a long time you know us well.

我們正在投資，而且我們一直在——你們關注我們很久了，你們很了解我們。

While we were doing the cloud and putting outside investment in our tech transformation for the obvious long term strategic reasons and competitive reasons, we've been making the right investments in '21, '22, '23, '24 in new products and other resources, commercial resources, et cetera.

雖然我們出於明顯的長期策略原因和競爭原因進行雲端運算並在技術轉型中進行外部投資，但我們一直在 '21、'22、'23、'24 新產品和其他方面進行正確的投資資源、商業資源等等。

So we're investing the right amounts to grow Equifax today.

因此，我們今天正在投資適量的資金來發展 Equifax。

And those incremental savings from the cloud will flow through to expand our margins.

來自雲端的增量節省將用於擴大我們的利潤。

On same way that we've talked about is when the mortgage market returns, we'll let that flow through.

就像我們討論過的那樣，當抵押貸款市場恢復時，我們會讓其流通。

We're not going to reinvest that.

我們不會對其進行再投資。

We're investing the right amounts to grow Equifax at 8% to 12% and deliver that 50 bps of, what I'll call, ongoing operating leverage from running the company.

我們正在投資適量的資金，使 Equifax 成長 8% 至 12%，並透過公司營運提供 50 個基點（我稱之為持續營運槓桿）。

So as we have like mortgage market recovery, or you point out the cloud cost savings, those are going to flow through and they're going to allow us to not only expand our margins but as John pointed out, with our leverage coming down, getting closer to that stage which we've been after for, as you know, quite some time to start returning cash to shareholders.

因此，當我們看到抵押貸款市場復甦時，或者你指出雲端成本節省時，這些都會流動起來，它們不僅能讓我們擴大利潤，而且正如約翰指出的那樣，隨著我們的槓桿率下降，正如你所知，我們已經接近那個階段了，我們已經追求了相當長的一段時間，開始向股東回饋現金。

Got it.

知道了。

And then when you were describing, I think it was USIS, you mentioned the ID and fraud softness this quarter.

然後，當您描述時，我認為是 USIS，您提到了本季的 ID 和詐騙軟度。

So I'm guessing that's Kount and Midigator, correct me if I'm wrong, but what drove that?

所以我猜是 Kount 和 Midigator，如果我錯了請糾正我，但是什麼推動了這一點呢？

How quickly can it recover and how is international doing for Kount and Midigator?

Kount 和 Midigator 的恢復速度有多快？

Yeah.

是的。

So if we take a look at Kount and Midigator together, what we saw actually was, let's call it the fraud portion of the business performed better, which continued to see growth.

因此，如果我們一起看 Kount 和 Midigator，我們實際上看到的是，我們稱之為業務的詐欺部分錶現更好，並且繼續成長。

We saw a little bit of weakness in chargeback management, which is what's called the Midigator part of the business, right?

我們看到退款管理方面存在一些弱點，這就是所謂的業務中的 Midigator 部分，對吧？

So we're expecting -- we've launched a lot of new products and platforms now in Kount, right, Kount 360 is now live.

所以我們期待——我們現在在 Kount 推出了許多新產品和平台，對吧，Kount 360 現已上線。

We're expecting to see that platform take hold.

我們期待看到該平台站穩腳跟。

So we're expecting to see improved performance as we move through the rest of this year around Kount.

因此，我們預計在今年餘下的時間裡，Kount 的表現將會有所改善。

And then around chargeback management, as we integrate chargeback management into the Kount 360 platform, we would expect to see some improvement there as well.

然後圍繞退款管理，當我們將退款管理整合到 Kount 360 平台中時，我們預計也會看到一些改進。

So -- but I'd say that what we're seeing and it's a good news on that margin front because the fraud business has better margins.

所以，但我想說的是，我們所看到的，在利潤率方面這是一個好消息，因為詐欺業務的利潤率更高。

We're seeing a little bit of performance on fraud.

我們在詐欺方面看到了一些表現。

And given the launch of new products, our expectation is that you will see improved performance first as we go through the rest of the year.

鑑於新產品的推出，我們的期望是，在今年剩餘的時間裡，您將首先看到效能的提升。

Perfect.

完美的。

Thank you.

謝謝。

Scott Wurtzel, Wolfe Research.

史考特‧沃策爾，沃爾夫研究中心。

Great.

偉大的。

Good morning, guys, and thanks for taking my questions here.

早上好，夥計們，感謝您在這裡提出我的問題。

Just wanted to go back first to the vitality index in EWS, pretty notable sequential acceleration there.

只是想先回到 EWS 中的活力指數，那裡有相當顯著的連續加速。

It seems like there is a decent amount of contribution there from Talent.

看起來天賦的貢獻相當可觀。

But just wondering if there were any other notable positive outliers there that were contributing to the sequentially acceleration and growth?

但只是想知道是否還有其他顯著的正面異常值有助於連續加速和成長？

Thanks.

謝謝。

Yeah.

是的。

As you know, EWS has been really outperforming our 10% kind of vitality goal for almost three years now.

如您所知，近三年來，EWS 確實超越了我們 10% 的活力目標。

Principally after they completed the cloud, and it was a real step-up.

主要是在他們完成了雲端之後，這是一個真正的進步。

So they've had a really broad based in all their verticals focused on innovation and new products.

因此，他們在專注於創新和新產品的所有垂直領域都有非常廣泛的基礎。

You point out, Talent, where they've rolled out some products and they've got more in the pipeline.

你指出，Talent，他們已經推出了一些產品，還有更多產品正在醞釀中。

And so, there was clearly some benefit there from products that were put in place late last year in the first half of this year.

因此，去年年底推出的產品顯然在今年上半年帶來了一些好處。

Mortgages got products that they've rolled out.

抵押貸款公司已經推出了產品。

So there's probably some benefits there.

所以那裡可能有一些好處。

While we lap mortgage 36, they've got some other solutions that they're bringing in.

當我們完成抵押貸款 36 時，他們還引入了一些其他解決方案。

Employer, we've got a new I-9 solution called I-9 Virtual that's in the marketplace.

雇主，我們在市場上推出了一個名為 I-9 Virtual 的新 I-9 解決方案。

So that vertical is focused on new products and government is also got some focus there.

因此，垂直市場的重點是新產品，政府也在那裡得到了一些關注。

So we've been quite energized about -- EWS is call it above framework, ability to execute on innovation.

因此，我們對 EWS 稱為上述框架、執行創新的能力感到非常興奮。

We'd expect them over time to move back towards the [10%], but they've been well above it for the last three years.

我們預計隨著時間的推移，他們會回到 [10%]，但在過去三年裡，他們一直遠高於這個水平。

And as we talked about, international had a good quarter on innovation and so did USIS even in the midst of their cloud work.

正如我們所討論的，國際公司在創新方面表現出色，即使在雲端工作期間，USIS 也是如此。

Got it.

知道了。

That's helpful.

這很有幫助。

And just as a quick follow up on the international side.

正如國際方面的快速跟進。

I mean, I'm one of your peers recently had called out some headwinds to growth in Brazil during the past quarter as a result of some flooding.

我的意思是，我是你們的一位同行，最近指出，由於一些洪水，巴西上個季度的經濟成長遇到了一些阻力。

Just wondering if you guys had any impact from that at all on second quarter here?

只是想知道你們對第二季是否有任何影響？

We did, it was in Brazil, right?

我們做到了，那是在巴西，對嗎？

And there's a substantial flooding in the south of Brazil, and it certainly impacted our business, although our Brazil business has actually performed fairly consistently with the plans we put in place when we started the year.

巴西南部發生了嚴重的洪水，這肯定影響了我們的業務，儘管我們的巴西業務實際上與我們年初制定的計劃相當一致。

So we're pleased with both business performance.

因此，我們對兩家公司的業務表現都感到滿意。

We talked about the bunch of the solutions that work hanging there now that should benefit the second half and '25 as we complete the integration.

我們討論了現在掛在那裡的一堆解決方案，當我們完成整合時，這些解決方案應該會使下半年和 25 年受益。

We're just lapping -- getting close to lapping the 12-month mark from acquiring the business.

我們剛完成收購業務的 12 個月大關。

But we're well down the path on integration and rolling in our new products and bringing in our platforms like Ignite and InterConnect and some of the other new product solutions.

但我們在整合和推出新產品方面進展順利，並引入了 Ignite 和 InterConnect 等平台以及其他一些新產品解決方案。

So we're quite optimistic about our Boa Vista acquisition and the opportunity for growth going forward.

因此，我們對 Boa Vista 的收購以及未來的成長機會非常樂觀。

Great.

偉大的。

Thank you, guys.

謝謝你們，夥計們。

Kyle Peterson, Needham & Company.

凱爾彼得森，李約瑟公司。

Great.

偉大的。

Thanks, and good morning, guys.

謝謝，大家早安。

I wanted to start off on the record growth.

我想從創紀錄的成長開始。

It seems to have strong there.

那裡似乎有很強的力量。

I just want to see if you guys could impact -- what drove some of the new additions you guys have been talking about (inaudible) and such as well as some of these HR software partnerships?

我只是想看看你們是否能夠產生影響力——是什麼推動了你們一直在談論的一些新功能（聽不清楚）以及一些人力資源軟體合作夥伴關係？

I guess like if you kind of rank order what some of the bigger contributors were to the net new records this quarter would be really helpful.

我想，如果您對本季度淨新記錄的一些較大貢獻者進行排序，將會非常有幫助。

Yeah.

是的。

I would say a similar earlier question.

我會說一個類似的早期問題。

It's broad-based.

它的基礎廣泛。

I think you're seeing the benefits of having a fully dedicated team and leader reporting to the leader of EWS, reporting into Chad.

我認為您已經看到了擁有一支完全敬業的團隊和領導者向 EWS 領導者報告以及向乍得匯報的好處。

Joe mentioned it because the leader who is driving that.

喬提到它是因為領導者正在推動這一點。

And I think we made that change in December, and you've seen just the ability to just drive more of those strategic partnerships which has really been quite positive.

我認為我們在 12 月做出了這一改變，您已經看到了推動更多策略合作夥伴關係的能力，這確實非常積極。

It is broad-based.

它的基礎廣泛。

We add records from individual relationships, when we're doing employer solutions like I-9, UC, [what's the] and other things with them.

當我們與他們一起做 I-9、UC、[什麼] 和其他事情等雇主解決方案時，我們會添加來自個人關係的記錄。

We've we point out we added four new partnerships in the quarter.

我們指出，我們在本季增加了四個新的合作夥伴關係。

We see a pipeline of those.

我們看到了這些的管道。

And those partnerships are -- with pension administrators, there with HR software companies, as you point out and there with traditional payroll processors.

這些合作夥伴關係包括退休金管理機構、人力資源軟體公司（如您所指出的）以及傳統的薪資處理機構。

And remember, when you think about the TAM, if you will for records, there's roughly -- the way we think about it, 225 million working Americans were north of 132 million individuals in our dataset is a long runway for growth going forward.

請記住，當你考慮 TAM 時，如果你願意記錄的話，我們的思考方式是，我們資料集中的 1.32 億人中，有 2.25 億美國工人是未來成長的漫長跑道。

And we've clearly, gosh, over the last three, four, five, six, seven years been outgrowing our framework for records over the long-term, which is kind of 3, 4 points of record growth per year is what we think about over the long term.

天哪，在過去的三、四、五、六、七年裡，我們顯然已經超越了我們的長期記錄框架，我們認為每年記錄增長 3、4 個百分點大約從長遠來看。

But there's just been a lot of momentum given our focus in the resources we've been putting on it.

但考慮到我們對投入的資源的關注，已經有很大的動力。

That's really helpful.

這真的很有幫助。

And I just want to follow up on auto from the moving pieces that you guys have seen there.

我只想從你們在那裡看到的移動部件中跟進汽車。

I know you guys called out kind of the CDK issue.

我知道你們提到了 CDK 問題。

Seems like that's, I guess, largely resolved itself.

我想，這似乎已經基本解決了。

But I guess should we think of that is late 2Q maybe first week or so of 3Q impact?

但我想我們是否應該考慮到第二季末可能是第三季影響的第一周左右？

And I guess if so, how are you guys thinking about auto acts that impacts at least the balance of the year?

我想如果是這樣，你們如何看待至少影響今年剩餘時間的汽車行為？

Yeah.

是的。

I think we tried to highlight it.

我想我們試圖強調這一點。

We've seen really for the last couple of quarters.

我們在過去幾個季度中確實看到了這一點。

Some impact from higher interest rates on auto loans dampening some of the auto credit underwriting.

汽車貸款利率上升的一些影響抑制了一些汽車信貸承銷。

So I would say we don't expect that to change in the second half, and we've reflected that in our framework until rates come down.

所以我想說，我們預計這種情況不會在下半年發生變化，並且我們已經在我們的框架中反映了這一點，直到利率下降。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

Hi, good morning.

嗨，早安。

Thank you for taking my questions.

感謝您回答我的問題。

Mark, I just wanted to get a little bit on the overall consumer credit environment.

馬克，我只是想了解整體消費者信貸環境。

I mean, it sounds from your comments that there's some deterioration sequentially.

我的意思是，從你的評論來看，情況逐漸惡化。

What I'm trying to understand is it a deterioration from the bank side of things?

我想了解的是銀行方面的情況惡化了嗎？

Is it deterioration from the consumers just saying, hey, I can afford some of the loans.

消費者只是說，嘿，我可以負擔一些貸款，情況是否惡化？

And what are you seeing over there?

你在那裡看到什麼？

And some of the financial marketing area, the area that has portfolio review, are you seeing some impact over there with the growth in revenue moving up to 7%?

在一些金融行銷領域，也就是進行投資組合審查的領域，您是否看到了一些影響，收入成長高達 7%？

If you could just give us a little bit of color?

如果你能給我們一點顏色嗎？

And then I have a follow-up.

然後我有一個後續行動。

Yeah.

是的。

I think there's been some slight softening of, I would call it, consumer demand.

我認為，我稱之為消費者需求，出現了一些輕微的疲軟。

Like the consumer still strong outside of the subprime consumer, which we know has been impacted by inflation, which -- while it's coming down on a two-year basis, what they're buying is still a bigger part of their disposable income, whether groceries or fuel.

就像次貸消費者之外的消費者仍然強勁一樣，我們知道次貸消費者受到了通貨膨脹的影響，雖然通貨膨脹率在兩年內下降，但他們購買的東西仍然佔其可支配收入的很大一部分，無論是雜貨或燃料。

It's clearly impacted the subprime consumer.

這顯然影響了次貸消費者。

It's really around the rates.

這確實與費率有關。

We saw the mortgage, obviously.

顯然，我們看到了抵押貸款。

Mortgage, we've seen the impact of higher rates really impacting the mortgage market meaningfully over the last couple of years.

抵押貸款，我們已經看到過去幾年利率上升確實對抵押貸款市場產生了重大影響。

And I think in the last six months, we've seen that flow through to a much lesser degree, but obviously a negative impact.

我認為在過去六個月中，我們看到這種影響的程度要小得多，但顯然是負面影響。

In auto where you've got payments on a car with a higher rates, you're just substantially higher than they were a couple of years ago, and that's impacting some level of auto purchases.

在汽車產業，你可以以更高的利率購買汽車，你的利率比幾年前高得多，這在一定程度上影響了汽車購買。

I think you've seen inventories by the car dealers increase, which is probably an indicator of consumer demand there because of higher rates.

我認為您已經看到汽車經銷商的庫存增加，這可能是由於利率上升而導致消費者需求的一個指標。

And until we see some reduction in rates, I would expect that auto would be somewhat dampened.

在我們看到利率下降之前，我預計汽車市場將會受到一定程度的抑制。

It's probably the one that we've seen the most of them outside of that.

這可能是除此之外我們見過最多的一個。

I think the other verticals are kind of continuing to move along.

我認為其他垂直領域正在繼續發展。

It's not a customer impact.

這不是客戶的影響。

Our customers are still strong.

我們的客戶仍然很強大。

Our customers are so focused on growing there businesses.

我們的客戶非常專注於在那裡發展業務。

I think it's more of an end user demand on the consumer side.

我認為更多的是消費者方面的最終用戶需求。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then maybe a comment about the impact to margins.

然後也許是關於對利潤率的影響的評論。

The reason margin guidance was lowered was just the timing of the cutover and some of the transition, but shouldn't impact 2025 outlook.

利潤率指引下調的原因只是切換的時機和一些過渡，但不應影響 2025 年的前景。

Just to understand if things go out of quarter, why doesn't that snowball into 2025?

只是為了了解如果情況不合時宜，為什麼這種情況不會像滾雪球一樣持續到 2025 年？

Why wouldn't I think about that as a 2025 number also being a quarter behind?

為什麼我不認為 2025 年的數字也落後四分之一呢？

Yeah.

是的。

I think John commented that we're at the finish line with a lot of these transformations.

我想約翰評論說我們已經完成了許多這樣的轉變。

But when we move all our customers, there's a couple of months of overlap before we shut down the legacy infrastructure as we complete decommissioning those infrastructures, and that's still in our run rate, meaning we're still paying for those duplicate infrastructure, the new cloud in the legacy infrastructure that will come out of '24.

但是，當我們遷移所有客戶時，在我們關閉舊基礎設施之前，隨著我們完成這些基礎設施的退役，會有幾個月的重疊，這仍然在我們的運行率中，這意味著我們仍在為那些重複的基礎設施、新的基礎設施付費。

So we'll have full run rate in 2025, but it's delayed a couple of months because of some of the final work we're doing to complete principally USIS and I would say Canada was the other one that were a few weeks behind and that pushes out those savings.

因此，我們將在 2025 年實現全面運行，但由於我們正在做的一些最終工作（主要是 USIS）而推遲了幾個月，我想說加拿大是另一個晚了幾週的國家，推出這些儲蓄。

So we have less benefit in '24, but we get the full benefit at '25.

因此，我們在 24 年獲得的收益較少，但在 25 年獲得了全部收益。

Okay.

好的。

Thank you.

謝謝。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Good morning and thank you for taking my question.

早安，感謝您提出我的問題。

So going back to Mark's earlier comments on the rate cut.

那麼回到馬克之前關於降息的評論。

The market currently expects the rate of cut rate by, I think, 50 to 75 basis point this year and even starting in September.

目前市場預計今年降息幅度為50至75個基點，甚至從9月開始。

Let's say if the Fed cuts by 50 basis point, how much incremental benefit you think Equifax can capture and how you're thinking about all these for this year?

假設如果聯準會降息 50 個基點，您認為 Equifax 可以獲得多少增量收益？

Thank you.

謝謝。

Yeah.

是的。

That's a tough one to actually put a point estimate on them.

實際對他們進行點估計是很困難的。

It's obviously going to be good news when the Fed cuts rates principally in our mortgage vertical.

當聯準會主要在抵押貸款領域降息時，這顯然是個好消息。

I think you saw that chart in the deck, the inquiries are down 50% from what we would call normal levels.

我想您已經看到了圖表中的圖表，查詢量比我們所說的正常水平下降了 50%。

We would expect that activity to recover as rates come down.

我們預計隨著利率下降，經濟活動將會恢復。

And you've got the macro challenges of consumers, homeowners better term in a home at a 3% or 4% mortgage and likely want to upgrade or change but are waiting to see rates come down from the [high-sixes] or that kind of range before they make that move.

消費者面臨著宏觀挑戰，房主更適合以 3% 或 4% 的抵押貸款購買房屋，並且可能想要升級或更換，但正在等待利率從 [高六] 或類似水平下降在他們採取行動之前的射程。

So there's not a lot of inventory on the market.

所以市面上的庫存並不多。

We would expect that to be positive going forward.

我們預計這將是積極的。

And we've tried to frame for you that if you look at where we are today versus what we characterize as normal, that's a [$1.1 billion] of incremental revenue, which is a huge number.

我們試圖向您展示，如果您看看我們今天的情況與我們所描述的正常情況相比，您會發現這是[11億美元]的增量收入，這是一個巨大的數字。

We would expect over time that activity to go back towards normal.

我們預計隨著時間的推移，這種活動將恢復正常。

We'll see how it goes.

我們會看看事情進展如何。

And of course, how does the Fed move rates -- the interest rates in the United States from the Fed are the highest I think pretty much in the globe today.

當然，聯準會如何調整利率——我認為聯準會的美國利率幾乎是當今全球最高的。

And they're 25 year high for the United States, which we all believe or we certainly believe that they will come down over time and then we'll have a big positive from the mortgage market recovery that we've been clear that will flow through our P&L and drive our margin expansion and free cash generation substantially as that comes back into our financials.

美國的利率是25 年來的最高點，我們都相信，或者我們當然相信它們會隨著時間的推移而下降，然後我們將從抵押貸款市場的複蘇中獲得巨大的積極影響，我們已經明確這一點將會流動通過我們的損益表，大幅推動我們的利潤率擴張和自由現金生成，因為這會回到我們的財務狀況。

Got it.

知道了。

That's helpful.

這很有幫助。

And then I remember last quarter [pattern reference] was down 4% and you saw some recovery in March and continued in April.

然後我記得上個季度[模式參考]下降了 4%，3 月出現了一些復甦，並在 4 月繼續。

In the second quarter, it was up 13%.

第二季成長了13%。

Was it because of some pent-up demand from January or February or higher market has actually improved that you see the growth will be more sustainable?

是因為一月或二月的一些被壓抑的需求還是更高的市場實際上已經改善，您認為成長將更永續？

Thanks.

謝謝。

I think the biggest driver, John, you can jump in also in talent is just continued penetration in that TAM, meaning customer wins getting to a top a waterfall, meaning they're using our solution first kind of position some of the new products.

我認為約翰，您在人才方面也可以加入的最大驅動力就是 TAM 的持續滲透，這意味著客戶贏得了到達瀑布頂端的機會，這意味著他們在某些新產品中首先使用我們的解決方案。

What would you add on that, John, for talent?

約翰，對於人才，你還有什麼補充嗎？

We also saw really nice performance in some insight's product, meaning incarceration that's used in background checks.

我們還在一些 Insight 的產品中看到了非常好的性能，這意味著在背景調查中使用了監禁。

And we also started see some growth around some education products.

我們也開始看到一些教育產品的成長。

So generally speaking, as we talked about last quarter, January and February were very weak in terms of hiring.

總的來說，正如我們上季度談到的，一月和二月的招募情況非常疲軟。

What we saw was weaker than normal.

我們看到的情況比正常情況弱。

And then we saw recovery in March, and we got a little better performance in the second quarter because of that recovery also in our normal income and employment products, but also because we saw nice performance from some of the other products that we use that support the (inaudible) market.

然後我們在三月看到了復甦，我們在第二季度取得了更好的表現，因為我們的正常收入和就業產品也出現了復甦，而且因為我們看到了我們使用該支援的其他一些產品的良好表現（聽不清楚）市場。

Thanks a lot.

多謝。

Appreciate it.

欣賞它。

Craig Huber, Huber Research Partners.

克雷格·胡貝爾，胡貝爾研究夥伴。

Great, thank you.

太好了，謝謝。

Can you discuss towards your AI spending here?

您能在這裡討論一下您的人工智慧支出嗎？

I'm just curious, the dollars you're spending on that.

我只是好奇，你在這上面花了多少錢。

And going forward, are you doing that within the context of your normal technology budget, put aside the cloud and stuff.

展望未來，您是否在正常技術預算的範圍內這樣做，拋開雲端和其他東西。

Within inside your normal technology budget here, just displacing other spending that you normally would do on the technology side

在您的正常技術預算範圍內，只需取代您通常在技術方面進行的其他支出

(multiple speakers)

（多個發言者）

I don't know -- I don't think about it is hurting our margins, but we're investing for obvious reasons.

我不知道——我不認為這會損害我們的利潤，但我們投資的原因顯而易見。

And what we believe is a very good important growth lever for us of enhancing our scores models and products using AI and ML.

我們相信，對於我們使用人工智慧和機器學習來增強我們的分數模型和產品來說，這是一個非常重要的成長槓桿。

This isn't new at Equifax, but we've been consistently increasing our focus and spend around resources and capabilities for AI.

這對 Equifax 來說並不是什麼新鮮事，但我們一直在不斷增加對人工智慧資源和能力的關注和投入。

The tech transformation provides a big lever there with our own AI capabilities and then leveraging that with Google's Vertex AI.

科技轉型為我們自己的人工智慧能力提供了一個巨大的槓桿，然後透過Google的 Vertex AI 來利用它。

So being in the cloud is a big positive for us.

因此，進入雲端對我們來說是一個很大的正面因素。

And then we've been investing in more resources and people.

然後我們一直在投資更多的資源和人員。

I have mentioned that we brought on really strong leader from the industry.

我已經提到過，我們從業界引進了真正強大的領導者。

It was actually from one of our customers that we're excited to have in the business to lead AI and ML for us.

實際上，我們很高興能夠在業務中為我們領導人工智慧和機器學習，這實際上是我們的一位客戶提供的。

You've seen the use of AI expanding.

您已經看到人工智慧的用途不斷擴大。

We had a goal of 80% of our models and scores this year to be using our new AI and ML.

我們今年的目標是 80% 的模型和分數都使用我們的新人工智慧和機器學習。

And I think we're at 89% in the quarter.

我認為本季我們的進度為 89%。

So north of our goal, which is a good thing.

距離我們的目標如此之北，這是一件好事。

As we move forward, we will move to 100%, right?

當我們繼續前進時，我們會達到 100%，對嗎？

That's where we're heading.

這就是我們要去的地方。

So this is a big lever.

所以這是一個很大的槓桿。

It's one of the pillars of our EFX 2026 strategic priorities is to really leverage.

我們 EFX 2026 策略重點的支柱之一就是真正發揮槓桿作用。

And what is going to deliver for our customers is just higher performing solutions.

我們將為客戶提供的是性能更高的解決方案。

They're going to be more predictable.

他們將變得更加可預測。

They'll help them drive higher approval rates at lower losses or higher identity validations in our identity businesses.

他們將幫助他們在我們的身分業務中以更低的損失或更高的身份驗證來提高批准率。

We're super energized.

我們超級有活力。

And the ability to have all of our data in a single data fabric and to have the Equifax cloud substantially complete as we finish up in the next number of weeks in the USIS.

能夠將我們的所有資料儲存在一個資料結構中，並在接下來的幾週內在 USIS 中完成時使 Equifax 雲端基本完成。

That gives us a big, big opportunities to really take our product capabilities and really charged them with AI and ML.

這為我們提供了一個巨大的機會，可以真正發揮我們的產品功能，並真正為它們賦予人工智慧和機器學習能力。

So we're super excited about.

所以我們非常興奮。

This is a priority going forward.

這是今後的優先事項。

And when you think about spending, a significant amount of our capital spending is around getting data into fabric to make it available easily across all of our businesses, which dramatically accelerates AI and ML.

當你考慮支出時，我們的大量資本支出都用於將資料放入結構中，以便在我們所有的業務中輕鬆使用它，這極大地加速了人工智慧和機器學習的發展。

So compare our spending to what other companies talk about in AI and ML, you'd probably need to include a bunch of the transformation spending we're doing because we're doing data normalization in a way that other companies have to do.

因此，將我們的支出與其他公司在人工智慧和機器學習方面談論的支出進行比較，您可能需要包括我們正在做的大量轉型支出，因為我們正在以其他公​​司必須做的方式進行數據標準化。

But we're doing it as part of our ongoing process improvement.

但我們將其作為我們持續流程改進的一部分。

So we're spending substantially on AI and ML.

因此，我們在人工智慧和機器學習上投入了大量資金。

And then my follow-up question, please, on credit cards.

然後我的後續問題是關於信用卡的。

Just touch on your outlook there for the rest of the year and year-over-year basis.

只需談談您對今年剩餘時間和同比的展望。

And just refresh us what happened again in the first and second quarter there?

讓我們回顧一下第一季和第二季又發生了什麼？

Yeah.

是的。

No change in the second half from the first quarter.

下半場與第一節相比沒有變化。

As you know, there's a small portion of the credit card space.

如您所知，信用卡空間只佔一小部分。

This in subprime that's went through a cycle in really '22 and '23 where there was some dampening there because of credit risk exposure with the subprime consumer that's flattened out, meaning they're at a run rate level.

次貸在 22 年和 23 年經歷了一個週期，由於次貸消費者的信用風險敞口趨於平緩，這意味著它們處於運行利率水平，因此出現了一些抑制。

So that is behind us.

這就是我們身後的事了。

And then in the prime, near prime, it's still a good business for us and we don't see any real changes there.

然後在黃金時期，接近黃金時期，這對我們來說仍然是一項很好的業務，我們沒有看到任何真正的變化。

Banking and lending, we said it's been growing kind of mid-single digits, still higher.

我們表示，銀行和貸款業務一直以中個位數成長，甚至更高。

Never sold are in a second, but that's what it's looked like in the first half.

下一秒就沒有賣出去，但這就是上半場的樣子。

So we think relatively good performance there.

所以我們認為那裡的表現相對較好。

You expect to continue like that in the second half.

你希望下半場繼續這樣。

Is that you are saying?

是你說的嗎？

We do.

我們做到了。

Again, you go from -- take second half, take 2025, the consumers strong.

再說一次，你從下半年開始，到 2025 年，消費者強勁。

They're working.

他們正在工作。

If you think about prime, near prime consumers, they have wage growth and they have a balance sheet growth from the equity markets.

如果你考慮主要​​消費者，接近主要消費者，他們的薪資成長，他們的資產負債表也從股票市場成長。

We've all seen the spending behavior from broadly the US consumer base, post COVID is very strong.

我們都看到了美國消費者群體在新冠疫情之後的消費行為非常強勁。

So that's a good outlook and our customers are strong.

所以前景很好，我們的客戶也很強大。

They have strong balance sheets and these are important businesses for them that they want to keep growing.

他們擁有強大的資產負債表，這些對他們來說是重要的業務，他們希望繼續成長。

So they're spending money on marketing and they want to originate.

所以他們在行銷上花錢，想要原創。

And then for us, if we can continue to deliver differentiated solutions that help them grow their businesses faster.

然後對於我們來說，如果我們能夠繼續提供差異化的解決方案，幫助他們更快地發展業務。

That's going to be a good thing for USIS in the card space along the rest of FI.

這對於 USIS 和其他 FI 的卡片領域來說是一件好事。

Great.

偉大的。

Thank you.

謝謝。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

I wanted to go back to the mortgage outperformance in Verifier.

我想回到 Verifier 的抵押貸款表現。

I think it was just slightly lower than last quarter, and I know you had expected it to be up slightly.

我認為它僅比上季度略有下降，而且我知道您預計它會略有上升。

Could you just give a little bit more color on what's going on there?

您能否對那裡發生的事情提供更多的資訊？

Is there a mix component like last quarter and that was unfavorable, any sort of drivers that may be led to a little bit of worse than expectations?

是否存在像上季度那樣不利的混合因素，任何可能導致比預期更差的驅動因素？

Toni, we would characterize it as pretty much consistent with the guidance we gave, rights.

東尼，我們將其描述為與我們提供的指導、權利幾乎一致。

Slight up to slightly down is pretty close to the same thing.

輕微上升到輕微下降非常接近同一件事。

So we think we were very consistent with the guidance we gave.

所以我們認為我們與我們給予的指導非常一致。

I can't point to anything specific, right, as to why there would be a small variances between where it came in and what we said.

我無法指出任何具體的事情，對吧，為什麼它的來源和我們所說的話之間會有微小的差異。

But overall, it was fairly consistent with what we expected, which is what gives us some comfort that as we go through into the second half of the year that we're going to see the impact performance that we expect because again, we talked about it multiple times because of records, right.

但總體而言，它與我們的預期相當一致，這給了我們一些安慰，當我們進入今年下半年時，我們將看到我們預期的影響表現，因為我們再次討論了因為記錄而多次發生，對吧。

So we feel good about that.

所以我們對此感覺良好。

Okay, great.

好的，太好了。

And then I wanted to ask another on international.

然後我想問另一個關於國際的問題。

Just very strong organic growth this quarter look like LatAm was really stand out as well as 30% organic growth.

本季非常強勁的有機成長看起來拉丁美洲確實非常引人注目，有機成長達到 30%。

Have you seen share gains there or is it still little bit too early?

您是否看到了那裡的股票上漲，或者現在還為時過早？

And just how you're thinking about LatAm for the rest of the year?

您對今年剩餘時間的拉丁美洲有何看法？

Yeah.

是的。

LatAm, the principle driver in there is outside of Brazil.

拉丁美洲的主要驅動力來自巴西以外的地區。

Brazil had a good quarter, and we do expect over the medium and long-term to continue to grow that business well, but it's still early days in Brazil, but strong performance in really most of the markets in Latin America driven by new product and innovation.

巴西的季度表現不錯，我們確實預計從中長期來看該業務將繼續良好增長，但巴西仍處於早期階段，但在新產品和新產品的推動下，拉丁美洲大多數市場的表現強勁。

Argentina, Chile, a lot of the markets where we have strong leadership positions in those markets.

阿根廷、智利等許多市場我們都擁有強大的領導地位。

But if you go across the rest of international, UK CRA was very strong.

但如果你看看其他國際國家，英國的 CRA 非常強大。

UK debt management was very strong.

英國的債務管理非常強大。

Those are growing kind of above market in UK, particularly CRA had another very good quarter and likely some share gains in that market.

這些成長略高於英國市場，特別是 CRA 又經歷了一個非常好的季度，並且可能在該市場上取得一些份額成長。

Canada was just above mid-single digits, which was a very good performance.

加拿大的得分略高於中個位數，這是一個非常好的表現。

Australia, below where we'd like them to be, but we expect them to recover as it moves forward.

澳大利亞，低於我們希望的水平，但我們預計他們會隨著前進而復甦。

But new products, very positive driver across international as they're driving innovation.

但新產品在國際上是非常積極的驅動力，因為它們正在推動創新。

And we have a full year guidance.

我們有全年指導。

So again, I think we gave a perspective on where we expect the year to come in.

再說一次，我認為我們對今年的預期提出了看法。

We expect international to perform well.

我們預計國際市場將表現良好。

We expect LatAm to perform well, not quite as strong as the second quarter, but still the rest of the year should be good.

我們預計拉丁美洲將表現良好，雖然不如第二季那麼強勁，但今年剩餘時間應該會表現良好。

Thank you.

謝謝。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi, thanks.

你好，謝謝。

Good morning.

早安.

I wanted to go back to an earlier point, which was in the USIS non-mortgage business.

我想回到之前的話題，即 USIS 非抵押貸款業務。

You saw continuation of tight credit conditions that impacted the auto market in the

您看到了影響汽車市場的信貸條件持續緊張

(multiple speakers)

（多個發言者）

That's not what I said, George, but go ahead.

這不是我說的，喬治，但說吧。

Yeah.

是的。

I guess, how are you thinking about the broader credit conditions in the second half of the year?

我想，您對下半年更廣泛的信貸狀況有何看法？

Just to clarify, I did not say that there were tight credit conditions in auto.

只是澄清一下，我並沒有說汽車信貸條件緊張。

There are in subprime, but that's old news, right?

次級房貸也有，但那是舊新聞了，對吧？

That happened a year ago, two years ago, in '22 and '23 as I think you know.

這發生在一年前、兩年前，我想你知道，在 22 年和 23 年。

What I talked about was our view with the high rates in auto are impacting end user demand for financing automobiles, meaning buying automobiles in the last couple of quarters.

我談到的是我們認為汽車的高利率正在影響最終用戶對汽車融資的需求，這意味著在過去幾個季度購買汽車。

And it's really a follow on of what we've seen mortgage, the payment levels now for a new car for someone who is financing it are substantially higher than they were a couple of years ago.

這實際上是我們所看到的抵押貸款的後續，現在為貸款人購買新車的付款水平大大高於幾年前。

So we think that's impacted consumer demand, not credit underwriting.

因此，我們認為這影響了消費者需求，而不是信貸承保。

So just to clarify that.

所以只是為了澄清這一點。

I'm sorry, the second half of your question was what?

抱歉，您問題的後半部是什麼？

In that line in the second half of the year, how are you thinking about broader credit conditions?

在下半年，您如何看待更廣泛的信貸狀況？

Not just in auto, but just broadly.

不僅在汽車領域，而且在更廣泛的領域。

Yeah.

是的。

Credit conditions that we see the consumer continuing to be strong.

我們看到消費者的信貸狀況持續強勁。

Employment is high.

就業率高。

Unemployment is low.

失業率很低。

That's always a positive for underwriting when the consumers are working.

當消費者工作時，這對承保總是有利的。

Broadly, credit scores are still strong.

總體而言，信用評分仍然很高。

I think we've talked before with you and others about the impact of subprime, but that's kind of flattened out from the declines we saw in '22 and '23.

我想我們之前已經與您和其他人討論過次貸的影響，但從我們在 22 年和 23 年看到的下降來看，這種影響已經趨於平緩。

And another thing -- we think a lot about on credit conditions is the strength of your customers, meaning other financial institutions, and they're broadly very strong.

另一件事 - 我們對信貸條件的考慮很多是客戶的實力，即其他金融機構，他們總體上非常強大。

So those elements are very good.

所以這些元素非常好。

The one -- two areas, obviously, we're seeing impact on consumer demand because of rates is clearly mortgage has been substantial, which we've talked at length about.

顯然，在兩個領域，我們看到了對消費者需求的影響，因為抵押貸款利率顯然很高，我們已經詳細討論過這一點。

And then we're seeing some impact in auto.

然後我們看到了汽車領域的一些影響。

Got it.

知道了。

And then in EWS non-mortgage, a lot of the growth is coming from record additions and volumes.

然後，在 EWS 非抵押貸款領域，成長的很大一部分來自創紀錄的新增數量和數量。

Can you talk a bit about how much pricing is contributing to growth, particularly in verifications?

您能否談談定價對成長的貢獻有多大，特別是在驗證方面？

Yeah.

是的。

As you know, we have four really principal levers in EWS.

如您所知，我們在 EWS 中有四個真正重要的槓桿。

Records is one.

記錄就是其中之一。

And as you point out, it's been very strong, which we're pleased with.

正如您所指出的，它非常強大，我們對此感到滿意。

Price is one.

價格是一。

As you know, we don't disclose price, but it's one lever.

如您所知，我們不透露價格，但這是一個槓桿。

I mean, you should think about George, that we have substantial benefits from penetration, meaning penetrating into new verticals.

我的意思是，你應該想想喬治，我們從滲透中獲得了巨大的好處，這意味著滲透到新的垂直領域。

I think we've talked about that in government and talents and others.

我想我們已經在政府、人才和其他方面討論過這一點。

And then product is a big deal, bringing new solutions that deliver more value to our customers, meaning whether it's multiple data solutions or more historical data, those are generally at a different or higher price point because they're bringing more value.

然後產品是一件大事，帶來新的解決方案，為我們的客戶帶來更多價值，這意味著無論是多個數據解決方案還是更多歷史數據，這些解決方案通常處於不同或更高的價格點，因為它們帶來了更多價值。

But those four levers, over the long term, we think about as being equally weighted in the 13% to 15% and add some market on top of that, meaning market growth.

但從長遠來看，我們認為這四個槓桿在 13% 到 15% 之間的權重相等，並在此基礎上增加一些市場，這意味著市場成長。

That's how you get to the 13% to 15%.

這就是你達到 13% 到 15% 的方法。

So we're really energized to have those four strong levers.

因此，我們真的對擁有這四個強大的槓桿充滿活力。

When you think about EWS, clearly the records -- ability to add records is very unique to that business and most data businesses.

當您想到 EWS 時，很明顯，添加記錄的能力對於該企業和大多數數據企業來說是非常獨特的。

So it's a lever that we don't have in other businesses.

所以這是我們在其他業務中沒有的槓桿。

I would argue that penetrations also one that we don't have in other businesses.

我認為這種滲透也是我們在其他業務中所沒有的。

We don't compete with manual in other businesses.

我們不與其他行業的手冊競爭。

We generally compete with competitors like to an Experian.

我們通常與益百利等競爭對手競爭。

Competing with [manual] is one that gives us the opportunity to add real value from a productivity standpoint as well as the speed and accuracy standpoint of instant data that comes from EWS.

與[手動]競爭使我們有機會從生產力的角度以及來自 EWS 的即時數據的速度和準確性的角度增加真正的價值。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Thanks, George.

謝謝，喬治。

Thank you.

謝謝。

We have reached end our question-and-answer session.

我們的問答環節已經結束。

I would like to turn the floor back over to Trevor Burns for any further closing comments.

我想將發言權交還給特雷弗·伯恩斯（Trevor Burns），以徵求更多的結束語。

Thanks, everybody, for their time today.

謝謝大家今天抽出時間。

And if you have any follow-up questions, just reach out to me or Molly.

如果您有任何後續問題，請聯絡我或莫莉。

I'll look forward to catching up throughout the quarter.

我期待著整個季度都能趕上。

Thank you.

謝謝。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation.

我們感謝您的參與。