易速傳真 (EFX) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Equifax Inc. Q3 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Trevor Burns, Senior Vice President, Head of Corporate Investor Relations. Trevor, please go ahead.

大家好，歡迎參加 Equifax 公司 2025 年第三季財報電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。現在我很高興將電話交給企業投資者關係資深副總裁兼主管特雷弗·伯恩斯。特雷弗，請繼續。

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

謝謝，早安。歡迎參加今天的電話會議。我是特雷弗·伯恩斯。今天陪同我出席的有執行長馬克·貝戈爾和財務長約翰·甘布爾。

Today's call is being recorded. An archive of the recording will be available later today in the IR Calendar section of the News and Events tab at our Investor Relations website. During the call, we'll be making reference to certain materials that can be found in the presentation section of the News and Events tab and our IR website.

今天的通話將會被錄音。今天晚些時候，您可以在我們投資者關係網站的「新聞與活動」標籤的「投資者關係日曆」部分找到本次錄音的存檔。在通話過程中，我們將提及一些可以在「新聞與活動」標籤的「簡報」部分以及我們的投資者關係網站上找到的資料。

Also, we'll be making certain forward-looking statements including fourth-quarter and full-year 2025 guidance as well as our long-term financial framework to help you understand Equifax and its business environment. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2024 10-K and subsequent filings.

此外，我們將做出一些前瞻性聲明，包括 2025 年第四季和全年業績指引以及我們的長期財務框架，以幫助您了解 Equifax 及其業務環境。這些聲明涉及諸多風險、不確定性及其他因素，可能導致實際結果與我們的預期有重大差異。某些可能影響我們業務的風險因素已在提交給美國證券交易委員會的文件中列出，包括我們的 2024 年 10-K 表格及後續文件。

In the third quarter, Equifax incurred a restructuring charge for cost reduction actions as we continue to streamline our operations globally as we complete the new Equifax Cloud, advance our global data and application cloud infrastructure, and deploy EFX.AI capabilities across the organization to drive cost savings. These charges totaled about $44 million and are expected to deliver ongoing savings when completed by late 2026 of about $30 million per year.

第三季度，Equifax 因成本削減措施而產生重組費用，因為我們將繼續在全球範圍內精簡運營，完成新的 Equifax 雲，推進全球數據和應用程式雲基礎設施，並在整個組織內部署 EFX.AI 功能，以推動成本節約。這些費用總計約 4,400 萬美元，預計到 2026 年底完工後，每年可節省約 3,000 萬美元。

We will also be referring to certain non-GAAP financial measures, including adjusted EPS, adjusted EBITDA, and cash conversion, which will be adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation of these which are included in our earnings release and can be found in the financial results section of the Financial Info tab at our IR website.

我們也會參考一些非公認會計準則財務指標，包括調整後的每股盈餘、調整後的息稅折舊攤銷前利潤和現金轉換率，這些指標將根據影響我們基本營運績效可比性的某些項目進行調整。這些非GAAP指標的詳細調整資訊已包含在我們的獲利報告中，您可以在我們投資者關係網站的「財務資訊」標籤的財務表現部分找到這些調整資訊。

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

現在，我想把麥克風交給馬克。

Thanks, Trevor. Turning to slide 4. Equifax had a strong third quarter with revenue of $1.54 billion, up over 7% in constant currency and reported dollars. Revenue was $25 million above the midpoint of our July guidance driven by outperformance in US mortgage and EWS and USIS non-mortgage.

謝謝你，特雷弗。翻到第4張投影片。Equifax 第三季業績強勁，營收達 15.4 億美元，以固定匯率和報告美元計算均成長超過 7%。受美國抵押貸款、EWS 和 USIS 非抵押貸款業務的優異表現推動，營收比我們 7 月的預期中位數高出 2,500 萬美元。

About two-thirds of the revenue outperformance was in USIS mortgage from stronger market volumes later in the quarter off lower mortgage rates. Mortgage hard credit inquiries were down about 7%, but better than our expectations of down over 12% with a 30-year mortgage rate dropping just below 6.5% in September.

約三分之二的收入超額收益來自 USIS 抵押貸款業務，這得益於季度後期市場交易量走強以及抵押貸款利率的下降。抵押貸款硬性信用查詢量下降了約 7%，但好於我們先前預期的下降超過 12%，30 年期抵押貸款利率在 9 月降至略低於 6.5%。

Total US mortgage revenue was up a strong 13% in the quarter. In September, we saw modest mortgage inquiry activity increases. We believe this improvement was likely led by mortgage refi activity off the lower rates.

本季美國抵押貸款總收入強勁成長了13%。9月份，我們看到抵押貸款諮詢活動略有增加。我們認為，這種改善很可能是由較低的利率帶來的抵押貸款再融資活動所推動的。

New home purchase activity appears to be remaining at the lower levels we've seen throughout 2025, reflecting continued low home inventory levels, elevated home prices impacting affordability, and prospective homebuyers waiting for further mortgage rate reductions. US mortgage revenue was 21% of Equifax revenue in the quarter.

2025 年全年，新房購買活動似乎仍將保持在較低水平，這反映出房屋庫存水平持續偏低、房價高企影響了購房能力，以及潛在購房者都在等待抵押貸款利率進一步下降。該季度，美國抵押貸款收入佔 Equifax 總收入的 21%。

John will cover our expectations for mortgage activity in the fourth quarter shortly. But we continue to believe that mortgage activity will improve over the long term towards the 2015 to '19 levels as inflation comes under control and rates come down.

John 稍後將介紹我們對第四季抵押貸款活動的預期。但我們仍然相信，隨著通膨得到控制和利率下降，抵押貸款活動從長遠來看將會改善，並向 2015 年至 2019 年的水平靠攏。

EWS non-mortgage revenue was better than expected, principally from strong high-single-digit revenue growth in EWS government driven by state penetration. We've seen a meaningful acceleration of post OB3 discussions as both federal and state agencies move towards implementation of new solutions to comply with the more stringent income and work requirements in OB3, and this is a very encouraging sign for '26 and '27 EWS government growth.

EWS 非抵押貸款收入優於預期，主要得益於 EWS 政府部門強勁的高個位數收入成長，而這又得益於州政府的滲透。我們看到，隨著聯邦和州政府機構都開始實施新的解決方案以符合 OB3 中更嚴格的收入和工作要求，OB3 後的討論顯著加快，這對 2026 年和 2027 年的 EWS 政府增長來說是一個非常令人鼓舞的跡象。

USIS had another good quarter of B2B non-mortgage revenue growth, up about 150 basis points sequentially and as they are focused on customers and growth in a post cloud mode. FX had an immaterial impact on revenue in the quarter and was consistent with our July guidance.

USIS 的 B2B 非抵押貸款收入又實現了一個良好的季度增長，環比增長約 150 個基點，因為他們專注於後雲時代的客戶和增長。外匯波動對本季營收的影響微乎其微，與我們7月份的預期一致。

Adjusted EPS of $2.04 per share was $0.12 above the midpoint of our July guidance, reflecting stronger revenue growth and solid operating leverage. Adjusted EBITDA margins of 32.7%, were up 20 basis points sequentially.

調整後每股收益為 2.04 美元，比我們 7 月的預期中位數高出 0.12 美元，反映出更強勁的營收成長和穩健的營運槓桿作用。調整後的 EBITDA 利潤率為 32.7%，較上季成長 20 個基點。

Our business units continue to execute very well. During the third quarter, EWS saw revenue growth of 5%, better than our expectations, driven by the above expectation high-single-digit growth in government and 20% growth in consumer lending. EWS also continues to see strong growth with active records, which were up 9% versus last year.

我們的業務部門持續保持著非常良好的營運狀態。第三季度，EWS 的營收成長了 5%，優於我們的預期，這主要得益於政府業務的預期高個位數成長和消費貸款 20% 的成長。EWS的活躍帳戶數量也持續保持強勁成長，比去年成長了9%。

USIS revenue growth of 11% was also stronger than expected and well above their 6% to 8% long-term framework. USIS is gaining momentum post cloud transformation, driving new product innovation and customer growth. In the quarter, USIS launched their new auto credit file with a point indicator to differentiate our credit file and drive share gains.

USIS 的營收成長了 11%，也強於預期，遠高於其 6% 至 8% 的長期目標。USIS 在雲端轉型後發展勢頭強勁，推動了新產品創新和客戶成長。本季度，USIS推出了新的汽車信用檔案，其中包含一個積分指標，以區別於我們的信用檔案並推動市場份額的成長。

International constant dollar revenue was up 7%, consistent with their long-term framework. The international team continued strong progress towards cloud completion, which delivers margin expansion from legacy infrastructure decommissioning and which is a tailwind to their margin expansion. International adjusted EBITDA margins were up around 360 basis points versus last year.

國際固定美元營收成長7%，與他們的長期發展框架一致。國際團隊在實現雲端部署方面繼續取得強勁進展，這帶來了傳統基礎設施退役帶來的利潤擴張，這對他們的利潤擴張起到了推動作用。國際調整後 EBITDA 利潤率較去年同期成長約 360 個基點。

We made strong progress in NPIs in the quarter with a Vitality Index of 16%, which was a quarterly record with strong new product rollout like I-9 virtual that we are selling direct and through background screeners and payroll processors. Basing our 2025 Vitality guidance for the third time this year from 12% to 13%, given our continued strong performance in NPI pipeline.

本季我們在新產品上市方面取得了強勁進展，活力指數達到 16%，創下季度紀錄，這得益於強勁的新產品推出，例如我們正在直接銷售以及通過背景調查機構和工資處理機構銷售的 I-9 虛擬表格。鑑於我們在新產品上市計劃方面持續強勁的表現，我們今年第三次將 2025 年的 Vitality 成長預期從 12% 上調至 13%。

And with our strong free cash flow, we returned about $360 million to shareholders, including repurchasing 1.2 million shares for $300 million or about 1% of our shares outstanding. Given our strong third-quarter results, we are raising our full-year guidance -- revenue guidance by $40 million and adjusted EPS by $0.12 per share.

憑藉強勁的自由現金流，我們向股東返還了約 3.6 億美元，其中包括斥資 3 億美元回購 120 萬股，約占我們已發行股份的 1%。鑑於我們第三季強勁的業績，我們將全年業績預期上調——營收預期上調 4000 萬美元，調整後每股收益上調 0.12 美元。

With our strong operating performance, we are also increasing our free cash flow guidance to $950 million to $975 million, up from the $900 million we provided in July with a cash conversion in excess of 100% of the 95% framework we had for the year. We have positive momentum from the strong third quarter as we move into the fourth quarter and head towards 2026. John will show more details on our fourth quarter and full guidance shortly.

由於我們強勁的經營業績，我們將自由現金流預期從 7 月的 9 億美元提高到 9.5 億美元至 9.75 億美元，現金轉換率超過了我們為全年設定的 95% 框架的 100%。憑藉強勁的第三季度勢頭，我們帶著積極的勢頭進入第四季度，並朝著 2026 年邁進。約翰稍後將公佈更多關於我們第四季業績和整體指引的細節。

Turning to slide 5. Workforce Solutions revenue was up 5% and stronger than expected, driven principally by government performance. Verifier revenue was up over 5% in the quarter with non-mortgage Verifier growth of about 7%. Government revenue grew high single digits in the quarter and better than our expectations of mid-single-digit growth from state penetration and OB3 momentum, which is positive as we move past the impact from 2024 CMS funding changes.

翻到第5張投影片。勞動力解決方案收入成長 5%，高於預期，主要得益於政府業務的優異表現。本季驗證器收入成長超過 5%，其中非抵押貸款驗證器成長約 7%。本季政府收入實現了接近兩位數的成長，好於我們先前預期的中個位數成長，這得益於州政府的滲透率和 OB3 的發展勢頭，隨著我們逐漸擺脫 2024 年 CMS 資金變化的影響，這是一個積極的信號。

Talent Solutions revenue was up low-single-digits in the quarter and below our expectations from weaker hiring. Overall, US hiring, particularly white collar hiring, continue to be relatively weak in the third quarter with overall BLS data down about 4% in July and August compared to last year. Underlying talent employment verification revenue continued to perform well in the third quarter, driven by new products, penetration, pricing, and records growth.

由於招聘疲軟，人才解決方案業務的收入在本季度僅實現了個位數低成長，低於我們的預期。總體而言，美國第三季的招聘情況，尤其是白領招聘情況，仍然相對疲軟，美國勞工統計局 (BLS) 7 月和 8 月的總體數據顯示，與去年同期相比下降了約 4%。第三季度，基礎人才就業驗證收入持續表現良好，這主要得益於新產品、市場滲透率、定價策略以及記錄成長。

EWS mortgage revenue was up 2% against the market as measured by US hard inquiries. It was down about 7% and was also slightly better than our expectations. As a reminder, EWS mortgage inquiry volumes lag USIS credit inquiry volumes as credit is pulled earlier in the mortgage application cycle than income and employment data.

根據美國硬性詢價量衡量，EWS抵押貸款收入比市場平均高出2%。下降了約7%，但也略好於我們的預期。需要提醒的是，EWS 抵押貸款查詢量落後於 USIS 信用查詢量，因為在抵押貸款申請週期中，信用查詢的時間早於收入和就業資料查詢的時間。

USIS typically sees the benefits of mortgage shopping behavior earlier and to a greater extent than EWS. EWS mortgage revenue continues to benefit from record growth and pricing. Consumer lending continues to perform very well with revenue up a strong 20% in the quarter from broad-based double-digit growth in P loans, auto and card.

USIS 通常比 EWS 更早、更充分地看到貨比三家購買抵押貸款行為帶來的好處。EWS抵押貸款收入持續受益於創紀錄的成長和定價。消費信貸業務持續表現良好，本季營收強勁成長 20%，這主要得益於 P 類貸款、汽車貸款和信用卡業務的全面兩位數成長。

Employer Services revenue returned to positive growth in the quarter, up 1% and up over 250 basis points sequentially. We continue to see some weakness in I-9 and onboarding revenue from the weaker hiring market across both blue collar and white-collar segments. Workforce Solutions adjusted EBITDA margins of 51.2% were strong and slightly better than expected, driven by both higher-than-expected revenue growth and strong operating leverage.

本季雇主服務收入恢復正成長，成長 1%，季增超過 250 個基點。由於藍領和白領招聘市場疲軟，I-9 表格和入職收入持續走弱。勞動力解決方案調整後的 EBITDA 利潤率為 51.2%，表現強勁，略好於預期，這主要得益於高於預期的收入成長和強勁的營運槓桿作用。

[TWN] record additions were strong again in the third quarter with 199 million active records, up 9%, and 113 million current records, which were up 6%. TWN database growth continues to add significant value for verifiers and contributors from the higher hit rates TWN delivers.

[TWN] 第三季唱片新增數量再次強勁，活躍唱片數量達到 1.99 億，成長 9%；目前唱片數量達 1.13 億，成長 6%。TWN 資料庫的成長持續為驗證者和貢獻者帶來顯著價值，這得益於 TWN 更高的命中率。

We added five new partnerships this year on top of the 10 we added in the second half of last year and expect those new TWN relationships to contribute to record growth in the fourth quarter and in 2026. And as a reminder, our $100 million current SSNs are a great indicator of the long runway for TWN growth towards the $250 million income-producing Americas.

今年我們新增了 5 個合作夥伴關係，加上去年下半年新增的 10 個合作夥伴關係，預計這些新的 TWN 合作夥伴關係將有助於在第四季度和 2026 年實現創紀錄的成長。再次提醒大家，我們目前 1 億美元的 SSN 很好地表明了 TWN 向著 2.5 億美元收入的美洲地區邁進的長期成長潛力。

Turning to slide 6. We continue to engage in Washington at a state level around the big focus on the estimated $160 billion of improper social service and tax payments, which is, we believe, is a positive medium- and long-term macro for Workforce Solutions. In the second quarter, the President signed the OB3 legislation that provides strong future growth opportunities for our EWS government business from the increased focus on program integrity and the new requirements from OB3.

翻到第6張投影片。我們繼續在華盛頓州一級積極參與，重點關注估計高達 1600 億美元的不當社會服務和稅收支付，我們認為這對勞動力解決方案而言是一個積極的中長期宏觀問題。第二季度，總統簽署了 OB3 法案，該法案透過更加重視項目完整性和 OB3 的新要求，為我們的 EWS 政府業務提供了強勁的未來成長機會。

Our discussions in Washington and with the state agencies are ramping rapidly post-OB3 given the strong value proposition from TWN's on speed of social service delivery, case worker productivity, and accuracy of income verifications, which drives the reduction in improper payments. The new OB3 Bill heightened verifications in several areas.

鑑於 TWN 在提高社會服務交付速度、提高個案工作者生產力和確保收入核實準確性方面具有強大的價值，從而減少不當支付，我們在 OB3 之後與華盛頓和州政府機構的討論正在迅速加強。新的 OB3 法案加強了多個領域的核查力度。

First, in SNAP, tying federal funding levels to error rates and enforcing work requirements. Today, over 80% of the states and territories do not meet the new OB3 6% income verification error rate for SNAP, with about 40% of states with an error rate over 10%.

首先，在 SNAP 計劃中，將聯邦資金水準與錯誤率掛鉤，並強制執行工作要求。目前，超過 80% 的州和地區不符合 SNAP 新的 OB3 6% 的收入核實錯誤率標準，其中約 40% 的州錯誤率超過 10%。

At current error rates, nearly $12 billion in SNAP benefit costs, which shift from the federal government to the states, making our TWN Solutions even more attractive to drive those error rates down. Second, by adding community engagement or work requirements for certain Medicaid recipients, which we can verify with the hours work that are included in the TWN data set.

按照目前的錯誤率，SNAP 福利成本將增加近 120 億美元，這些成本將從聯邦政府轉移到各州，這使得我們的 TWN 解決方案更具吸引力，有助於降低這些錯誤率。其次，透過增加對某些醫療補助受益人的社區參與或工作要求，我們可以用 TWN 資料集中包含的工作小時數來驗證這一點。

Third, by increasing the frequency of CMS redeterminations for certain populations from 12 months to every six months. And last, by a broader tightening of income purification requirements that TWN delivers.

第三，將某些族群的 CMS 重新評估頻率從 12 個月增加到每 6 個月一次。最後，TWN 也透過更廣泛地收緊收入淨化要求來實現這一目標。

As I mentioned, we've seen a meaningful increase in commercial discussions at the federal and state level post OB3 signing in July. We're uniquely positioned with our differentiated TWN data assets to help support state agencies meet these new requirements, which we expect to be a big positive for our EWS government business in '26, '27, and beyond. While the OB3 revenue opportunities will likely be in the second half of '26 and '27, the increased engagement at the state level presents opportunities in the near term to penetrate the approximately 50% states, not using TWN for CNS or SNAP verifications today.

正如我之前提到的，自 7 月 OB3 協議簽署以來，聯邦和州層面的商業討論顯著增加。我們擁有獨特的 TWN 資料資產，可以幫助州政府機構滿足這些新要求，我們預計這將對我們 2026 年、2027 年及以後的 EWS 政府業務產生巨大的正面影響。雖然 OB3 的收入機會可能要到 2026 年下半年和 2027 年下半年才會出現，但州一級參與度的提高為近期滲透到大約 50% 的州提供了機會，這些州目前還沒有使用 TWN 進行 CNS 或 SNAP 驗證。

We are also continuing to ramp our engagement in Washington in order to support the administration's broader focus on program integrity and improper payments on new programs that TWN has historically not supported, including the IRS earned income tax credit, overtime data for the new IRS overtime requirements, and unemployment insurance. These are large potential new programs that will be positive growth drivers for EWS in the future.

我們也持續加強在華盛頓的參與力度，以支持政府更廣泛地關注項目完整性和不當支付問題，這些新項目是 TWN 過去一直不支持的，包括美國國稅局的勞動所得稅抵免、美國國稅局新的加班要求的加班數據以及失業保險。這些都是極具潛力的新項目，未來將成為EWS積極成長的驅動力。

The EWS government team is also bringing new innovative solutions to federal and state agencies, supporting the government's goal of reducing fraud, waste, and abuse. New products, including continuous evaluation of state SNAP participant income data to verify changes in recipient incomes above program levels and reduced SNAP error rates will be available this quarter from EWS.

EWS 政府團隊也為聯邦和州政府機構帶來了新的創新解決方案，支持政府減少詐欺、浪費和濫用行為的目標。本季度，EWS 將推出新產品，包括持續評估州 SNAP 參與者收入數據，以驗證受益者收入是否超過計畫水平，以及降低 SNAP 錯誤率。

Continuous evaluation of state Medicaid hours work data will be available in mid-'26 as a new solution from Workforce Solutions to meet the OB3 work requirements. And EWS complete income solution, which was launched in the third quarter and supports state's ability to validate income through the work number include other sources of income, such as gig work, self-employed wages, and non-earned income through permission services.

2026 年中期，勞動力解決方案公司將推出一項新解決方案，持續評估各州的醫療補助工時數據，以滿足 OB3 工作要求。EWS 完整收入解決方案於第三季度推出，支援各州透過工作編號驗證收入的能力，包括其他收入來源，例如零工收入、自僱工資以及透過許可服務獲得的非勞動收入。

We've already signed one state for this new solution and have several other states in our pipeline. This is a unique window of opportunity for our government vertical with a big focus on improper payments and the new OB3 bill.

我們已經與一個州簽署了這項新方案的協議，並且正在與另外幾個州洽談中。對於我們的政府業務部門來說，這是一個難得的機會，我們將專注於不當支付和新的 OB3 法案。

EWS has significant opportunities for the medium- and long-term revenue growth supporting government programs. We remain confident in our medium- and long-term government vertical revenue growth framework at above the EWS long-term revenue growth framework of 13% to 15% as we grow into the large $5 billion government TAM.

EWS 在中長期收入成長方面具有巨大的潛力，能夠支持政府計畫。我們仍然對我們的中長期政府垂直收入成長框架充滿信心，該框架高於 EWS 的長期收入成長框架 13% 至 15%，因為我們將發展成為 50 億美元的大型政府 TAM。

Turning to slide 7. USIS had a very strong quarter with revenue up 11% and much better than our expectations, principally led by mortgage revenue. Non-mortgage revenue was up 5% in the quarter and better than our expectations, a very positive sign as we look to the fourth quarter and 2026.

翻到第7張投影片。USIS 本季業績非常強勁，營收成長 11%，遠超預期，主要得益於抵押貸款收入的成長。本季非抵押貸款收入成長了 5%，優於我們的預期，這對我們展望第四季和 2026 年來說是一個非常正面的訊號。

The non-mortgage revenue was up about 5% quarter and up over 150 basis points sequentially as we continue to see a stable lending environment although continuing at levels below longer-term norms. We saw low-double-digit revenue growth in auto and mid-single-digit revenue growth in FI and all other B2B verticals in the aggregate were up low single digits.

非抵押貸款收入本季成長約 5%，季增超過 150 個基點，我們繼續看到貸款環境保持穩定，儘管仍低於長期正常水平。我們看到汽車產業的收入實現了兩位數的低成長，金融機構的收入實現了個位數的中等成長，而所有其他 B2B 垂直產業的總收入也實現了個位數的低成長。

Financial Marketing Services, our B2B offline business, was up a strong 9% in the quarter, from very strong revenue growth in our identity and fraud solutions enabled by the new Equifax Cloud. We have not seen an increase in portfolio review spending that would be indicative of increased risk management activity in a weaker economic environment.

我們的 B2B 線下業務——金融行銷服務，在本季度實現了強勁的 9% 成長，這得益於我們借助新的 Equifax 雲端平台實現的身份和詐欺解決方案的強勁收入成長。在經濟環境疲軟的情況下，我們並未看到投資組合審查支出增加，顯示風險管理活動有所加強。

Consumer Solutions revenue continued to perform well at up 6%. And mortgage revenue in the quarter was up a very strong 26% and above our expectations. This strong growth was driven by mortgage volumes later in the quarter from a small decrease in rates, the benefit of FICO pass-through, and the performance of our new mortgage pre-approval products. We continue to see strong interest in our pre-approval products with the TWN indicator.

消費者解決方案業務收入持續保持良好表現，成長6%。本季抵押貸款收入強勁成長 26%，超出我們的預期。這一強勁成長主要得益於本季後期抵押貸款數量的成長（利率小幅下降）、FICO 信用評分傳遞帶來的好處以及我們新的抵押貸款預審批產品的良好表現。我們持續看到市場對帶有 TWN 指標的預審批產品表現出濃厚的興趣。

USIS adjusted EBITDA margin at 35.2% was up 130 basis points compared to last year. We are seeing the benefits of cost savings from a cloud migration, which we completed in the second half of last year, as well as operating leverage from revenue growth in the quarter.

USIS調整後的EBITDA利潤率為35.2%，比去年同期成長了130個基點。我們正享受雲端遷移帶來的成本節約效益（該遷移已於去年下半年完成），以及本季營收成長帶來的營運槓桿效應。

Turning to slide 8. Two weeks ago, Equifax announced we're expanding our Vantage 4.0 mortgage credit score offerings in response to FICO's aggressive price actions. FICO has taken pricing for mortgage credit scores at a CAGR of over 100% per year over the last four years, including a 2x increase to $10 per score in 2026, even after losing their 30-year monopoly position with the federally guaranteed mortgages in July.

翻到第8張幻燈片。兩週前，Equifax 宣布，為了應對 FICO 激進的定價策略，我們將擴大 Vantage 4.0 抵押貸款信用評分產品範圍。過去四年，FICO 對抵押貸款信用評分的定價以每年超過 100% 的複合年增長率增長，其中包括到 2026 年每分 10 美元的價格翻一番，即便在 7 月份失去了其在聯邦擔保抵押貸款領域長達 30 年的壟斷地位。

Importantly, we detailed steps to drive competition in the mortgage credit scoring market, drive conversion of VantageScore 4.0, and deliver over $100 million to $200 million of savings to our mortgage customers and consumers. Specifically, Vantage 4.0 mortgage will be priced at $4.50 a score to accelerate conversions to the higher-performing, lower-cost VantageScore 4.0. We'll also hold the $4.50 price through the end of 2027 to give customers confidence in the conversion. In 2026, the trended score -- the trended credit file with the Vantage 4.0 used in the mortgage hard inquiry is expected to be priced in line with the 2025 Equifax trended credit file with a FICO score.

重要的是，我們詳細闡述了推動抵押貸款信用評分市場競爭、推動 VantageScore 4.0 轉換以及為我們的抵押貸款客戶和消費者節省 1 億至 2 億美元的具體步驟。具體而言，Vantage 4.0 抵押貸款的定價將為每信用評分 4.50 美元，以加速向性能更高、成本更低的 VantageScore 4.0 的轉換。我們也將把 4.50 美元的價格維持到 2027 年底，以增強客戶對轉換的信心。預計到 2026 年，使用 Vantage 4.0 進行抵押貸款硬查詢的趨勢信用檔案的定價將與 2025 年 Equifax 的 FICO 評分趨勢信用檔案的定價保持一致。

We are also going to deliver free VantageScores through the end of 2026 to all mortgage, auto, card, and consumer finance customers who purchase FICO scores to drive customer acceptance and conversion. And as you know, we've added the new TWN indicator and key employment indicators, which are available on our mortgage prequal and pre-approval products at no cost to expand the value of the Equifax credit file and drive share gains.

我們還將在 2026 年底之前向所有購買 FICO 評分的抵押貸款、汽車、信用卡和消費金融客戶免費提供 VantageScores 評分，以提高客戶接受度和轉換率。如您所知，我們已添加了新的 TWN 指標和關鍵就業指標，這些指標在我們的抵押貸款預審和預審產品中免費提供，以擴大 Equifax 信用檔案的價值並推動市場份額的成長。

We're adding Telco and utility attributes available on our trended mortgage prequal pre-approval and hard pull credit files also at no cost in 2026 to enhance the value of the Equifax credit file. We plan to incentivize our commercial teams to drive conversions of VantageScore 4.0, so we can deliver the performance and cost savings to our customers.

我們將在 2026 年免費為我們的熱門抵押貸款預審、預先批准和硬性信用檔案添加電信和公用事業屬性，以提高 Equifax 信用檔案的價值。我們計劃激勵我們的銷售團隊推動 VantageScore 4.0 的轉化，以便我們能夠為客戶帶來效能提升和成本節約。

We believe these are significant steps to drive competition in the scores market while also differentiating the Equifax mortgage credit products. Following FICO's doubling of their score pricing and Equifax' moved to deliver 50% cost savings, we've seen a groundswell of interest from the industry and for mortgage resellers on using VantageScore 4.0 and have many direct mortgage customers either in production with VantageScore, in the contracting stage, or expressing very strong interest in converting to Vantage.

我們認為這些措施對於推動信用評分市場的競爭，以及使 Equifax 抵押貸款信用產品脫穎而出，都是意義重大的一步。繼 FICO 將評分定價翻倍，Equifax 降低 50% 成本之後，我們看到業界和抵押貸款轉售商對使用 VantageScore 4.0 產生了濃厚的興趣，並且我們有很多直接抵押貸款客戶，他們要么已經在使用 VantageScore，要么處於簽約階段，要么對轉換到 Vantage 表現出非常濃厚的興趣。

As you can see from the left side of the slide, VantageScore 4.0 is expected to deliver an incremental $4.50 per score in profit to Equifax, which we would expect to generate at full adoption and incremental annual over $100 million of profit at current mortgage levels and additional -- over $100 million of profit as the mortgage market recovers for a total of $200 million.

從幻燈片左側可以看出，VantageScore 4.0 預計可為 Equifax 帶來每分 4.50 美元的額外利潤，我們預計全面採用後，在目前的抵押貸款水平下，每年將產生超過 1 億美元的額外利潤，隨著抵押貸款市場的複蘇，還將產生超過 1 億美元的額外利潤，總計可達 2 億美元。

The incremental $200 million of annual profit would be additive to the over $700 million of Equifax EBITDA growth we've discussed previously as the mortgage market fully recovers to normal 2015 to '19 levels in the future. Conversions like we're driving from FICO to VantageScore are not easy, given FICO's 30-year monopoly in federally guaranteed mortgages, but we believe FICO's 16x price increase over the past four years and unprecedented 2x increase to $10 in 2026 provides the catalyst to accelerate vantage conversion in the mortgage market.

隨著抵押貸款市場在未來完全恢復到 2015 年至 2019 年的正常水平，我們之前討論過的 Equifax EBITDA 增長超過 7 億美元，將使每年新增的 2 億美元利潤錦上添花。鑑於 FICO 在聯邦擔保抵押貸款領域 30 年的壟斷地位，像我們正在推動的從 FICO 到 VantageScore 的轉換並不容易，但我們相信，FICO 在過去四年中價格上漲了 16 倍，並在 2026 年史無前例地上漲 2 倍至 10 美元，這將加速抵押貸款市場 VantageScore 的抵押貸款市場轉換。

Equifax is focused on delivering savings to our mortgage customers and consumers and margin expansion to Equifax in this new scores environment. We are not expecting to change our 2026 financial framework that we'll share with you in February for mortgage profit in our 2026 guidance as a result of the FICO increase or the new Vantage pricing. But we do expect the conversion of Vantage to be a positive for Equifax over the medium- and longer-term as those conversions unfold.

在新的信用評分環境下，Equifax 致力於為我們的抵押貸款客戶和消費者節省開支，並擴大 Equifax 的利潤率。我們預計不會因為 FICO 評分提高或 Vantage 定價調整而改變我們將在 2 月與您分享的 2026 年財務框架（包括抵押貸款利潤）。但我們預計，隨著 Vantage 的轉換逐步完成，從中長期來看，這對 Equifax 來說將是一個正面的訊號。

Turning to slide 9. International revenue was up 7% in constant currency with broad-based revenue growth across all regions. Canada revenue was up 11% in the quarter, which is very strong sequential growth as the team is leveraging their cloud transformation to drive innovation and customer growth.

翻到第9張投影片。以固定匯率計算，國際收入成長了 7%，所有地區的收入均實現了全面成長。加拿大業務本季營收成長了 11%，這是一個非常強勁的環比成長，因為團隊正在利用雲端轉型來推動創新和客戶成長。

Latin America revenue was up 9%, led by double-digit growth in Argentina and in Brazil. The Boa Vista business is performing very well, up 12% in the quarter versus last year as we bring new multi-data Equifax solutions to the Brazil market and we gain share.

拉丁美洲的收入成長了 9%，其中阿根廷和巴西實現了兩位數的成長。Boa Vista 業務表現非常出色，本季比去年同期成長了 12%，因為我們將新的多數據 Equifax 解決方案引入巴西市場，並獲得了市場份額。

Europe and Asia Pacific both had nice performance, up 4% in the quarter. And International adjusted EBITDA margins of 31.3% was up a very strong 360 basis points versus last year from revenue growth, operating leverage, and cost improvements from our cloud migrations.

歐洲和亞太地區表現均不錯，本季成長了 4%。國際調整後 EBITDA 利潤率為 31.3%，較去年同期大幅成長 360 個基點，這得益於營收成長、營運槓桿作用以及雲端遷移帶來的成本改善。

Turning to slide 10. In the third quarter, we delivered a Vitality Index of 16%, which was 600 basis points above our 10% long-term goal and a quarterly record. We saw strong double-digit Vitality across all business units as we leverage our differentiated EFX.AI and new technology stack in a post cloud environment.

翻到第10張投影片。第三季度，我們的活力指數達到 16%，比我們 10% 的長期目標高出 600 個基點，創下季度紀錄。在後雲環境下，我們利用差異化的 EFX.AI 和新技術堆疊，實現了所有業務部門兩位數的強勁成長。

To date, we've launched over 150 NPIs in 2025, which is the most product launch ever through the third quarter and a very positive sign for the future and in 2026. Given our strong NPI performance, we're raising our full-year Vitality Index guidance by another 100 basis points to 13%, and this is our third Vitality raise in 2025. We're energized by our post-cloud completion momentum in innovation and new products.

截至目前，我們在 2025 年推出了超過 150 款新產品，這是第三季以來產品發布數量最多的一次，對於未來和 2026 年來說是一個非常積極的信號。鑑於我們強勁的 NPI 表現，我們將全年活力指數預期再上調 100 個基點至 13%，這是我們 2025 年第三次上調活力指數預期。雲端運算完成後，我們在創新和新產品方面取得了長足的進步，這讓我們充滿活力。

The next chapter of product innovation is deploying EFX.AI along with our cloud-native technology, our Ignite analytics platform and proprietary data to deliver higher-performing EFX.AI-powered scores, models, and products to our customers. Our strategy is to expand from being a provider of data and analytics to also being an essential partner with AI-powered decision intelligence.

產品創新的下一個篇章是將 EFX.AI 與我們的雲端原生技術、Ignite 分析平台和專有數據相結合，為我們的客戶提供性能更高的 EFX.AI 驅動的評分、模型和產品。我們的策略是從數據和分析提供者擴展到成為人工智慧驅動決策智慧領域的重要合作夥伴。

We are realizing this vision with our recently announced Ignite AI Advisor Solution, part of a growing suite of EFX.AI-enabled solutions and new to the Equifax Ignite ecosystem, Ignite AI Advisor uses a lender's own data alongside Equifax data to create clear, actionable insights that drive more in-firm decision-making for our customers.

我們正在透過最近發布的 Ignite AI Advisor 解決方案來實現這一願景。該解決方案是 EFX.AI 賦能解決方案套件不斷增長的一部分，也是 Equifax Ignite 生態系統的新成員。 Ignite AI Advisor 將貸款機構本身的數據與 Equifax 數據結合使用，從而創建清晰、可操作的見解，推動我們的客戶在公司內部做出更多決策。

Lenders can ask questions through a generative chat with complementary visual dashboard illustrations, dynamic charts, and graphs. This enables lenders, particularly those from smaller organizations that may not have large in-house data and analytics staff, to easily compare information, discover new trends, and create new offers for their consumers and small businesses.

貸款人可以透過生成式聊天提出問題，聊天內容輔以視覺化的儀表板插圖、動態圖表和圖形。這使得貸款機構，特別是那些可能沒有大量內部數據和分析人員的小型機構，能夠輕鬆地比較資訊、發現新趨勢，並為他們的消費者和小型企業創造新的優惠。

We will formally launch additional EFX.AI-powered innovations in the first quarter of 2026, including our powerful new EFX IQ capability, which is currently in pilots across a number of organizations in the US and several global markets. EFX IQ is designed to help our customers make fundamentally better and faster decisions across every stage of their business from marketing to originations to account management using our EFX.AI capabilities.

我們將於 2026 年第一季正式推出更多由 EFX.AI 支援的創新產品，包括我們強大的全新 EFX IQ 功能，目前正在美國和多個全球市場的多個組織中進行試點。EFX IQ 旨在利用我們的 EFX.AI 功能，幫助我們的客戶在業務的各個階段（從行銷到貸款發放再到帳戶管理）做出更好、更快的決策。

One element of Equifax IQ is our new affordability model, which moves beyond predicting risk to predicting a consumer's actual capacity to take on new debt. This allows for more precise and responsible lending that will drive customer approval rates and lower losses.

Equifax IQ 的一個組成部分是我們新的負擔能力模型，該模型超越了預測風險，預測消費者實際承擔新債務的能力。這將有助於實現更精準、更負責任的貸款，從而提高客戶批准率並降低損失。

EFX IQ also includes unique decision optimization model, which allows clients to simulate the impact of different lending policies on their business outcomes before they implement them. We are seeing strong market validation for these offerings and our EFX IQ strategy.

EFX IQ 還包含獨特的決策最佳化模型，該模型可讓客戶在實施不同的貸款政策之前模擬這些政策對其業務成果的影響。我們看到這些產品和我們的 EFX IQ 策略得到了強有力的市場驗證。

Fraud remains one of the most significant and rapidly evolving threats our customers face. We are leveraging our new advanced AI capabilities and unique data assets to deliver a new generation of fraud prevention tools that can identify risks that are invisible to traditional methods.

詐欺仍然是我們的客戶面臨的最重大且變化最快的威脅之一。我們正在利用我們先進的人工智慧能力和獨特的數據資產，提供新一代的防詐騙工具，這些工具可以識別傳統方法無法發現的風險。

We're launching two powerful new solutions this quarter to address distinct, high-cost fraud challenges for our customers. First, our next generation synthetic identity model is designed to combat one of the fastest growing types of fraud where criminals fabricate new identities. Our AI model analyzes billions of nontraditional data points to detect the subtle patterns of these ghost identities.

本季我們將推出兩項強大的新解決方案，以應對客戶面臨的獨特且高成本的詐欺挑戰。首先，我們的下一代合成身分模型旨在打擊成長最快的詐欺類型之一，即犯罪分子偽造新身分。我們的人工智慧模型分析數十億個非傳統數據點，以偵測這些幽靈身分的微妙模式。

Second, our new first-party fraud model targets credit abuse where an individual takes out credit with no attention of paying it back. This behavior is difficult to distinguish from a normal consumer and EFX.AI is highly effective at identifying the behavioral patterns that predict this fraudulent intent.

其次，我們新的第一方詐欺模型針對的是信用濫用，即個人在不考慮償還的情況下獲得信貸。這種行為很難與正常消費者的行為區分開來，而 EFX.AI 能夠非常有效地識別預測這種詐欺意圖的行為模式。

We are also accelerating development and implementation of [ingetic] AI systems in our internal operations. This will allow us to generate meaningful opportunities to improve customer service, accuracy and accuracy while driving revenue growth and cost savings. A powerful example of this inside Equifax is our AI agent for model performance monitoring, which automates the critical and labor-intensive work of ensuring our models are performing accurately and fairly while reducing the time required for monitoring investigation by the Equifax team.

我們也正在加快內部營運中[智慧]人工智慧系統的開發和實施。這將使我們能夠創造有意義的機會來改善客戶服務、提高準確性和精確度，同時推動收入成長和成本節約。Equifax 內部的一個有力例證是我們用於模型性能監控的 AI 代理，它能夠自動執行關鍵且勞動密集型的工作，確保我們的模型準確、公平地運行，同時減少 Equifax 團隊進行監控調查所需的時間。

This frees up our data scientists to focus on innovation, allows us to easily identify opportunities to improve our models. We're also expanding our use of ingetic AI capability to improve the efficiency of our internal processes, including in our customer and customer support, operations, finance, and other functions.

這使我們的數據科學家能夠專注於創新，並使我們能夠輕鬆發現改進模型的機會。我們也正在擴大智慧人工智慧能力的應用，以提高內部流程的效率，包括客戶和客戶支援、營運、財務和其他職能部門。

These are some of the meaningful steps we're taking as we rapidly build out our global AI capabilities and deploy AI agents and capabilities across our entire enterprise. These capabilities will be a key driver of future operational efficiency and margin expansion and will accelerate our ability to embed intelligent automation into our products and services.

這是我們為快速建立全球人工智慧能力並在整個企業範圍內部署人工智慧代理和能力而採取的一些有意義的步驟。這些能力將成為未來營運效率和利潤率成長的關鍵驅動力，並將加速我們將智慧自動化融入我們的產品和服務中。

Driving EFX.AI with customers and inside EFX is a big priority for 2026 and beyond. In 2025, a number of new products launched using EFX.AI is up 3x since 2023. All new models that we've developed have been built using EFX.AI this year, and our EFX.AI models maintain an over 30% performance increase for our customers over legacy models. In 2026, we plan to share more metrics on how we're delivering higher revenue and greater cost efficiency through the use of EFX.AI, both in the scores, models, and products we deliver to our customers and across Equifax in our back office to drive speed, accuracy, productivity, and cost savings.

在 2026 年及以後，推動 EFX.AI 與客戶合作以及在 EFX 內部發展是一項重要任務。2025 年，使用 EFX.AI 推出的新產品數量比 2023 年增加了 3 倍。今年我們開發的所有新模型都是使用 EFX.AI 建構的，與傳統模型相比，我們的 EFX.AI 模型為客戶保持了 30% 以上的效能提升。2026 年，我們計劃分享更多指標，說明我們如何透過使用 EFX.AI 來提高收入和成本效益，包括我們向客戶提供的評分、模型和產品，以及 Equifax 後台部門，以提高速度、準確性、生產力和成本節約。

Turning to slide 11. We are seeing very positive customer response to our TWN indicator rollouts that we expect to drive share gains for the USIS credit file. Our ability to deliver information to our customers from the work number alongside a credit report provides value only Equifax can deliver to our customers.

翻到第11張幻燈片。我們看到客戶對我們的 TWN 指標推出給予了非常積極的回饋，我們預計這將推動 USIS 信用檔案的市場份額成長。我們能夠透過工作號碼向客戶提供資訊以及信用報告，這種能力為我們的客戶提供了只有 Equifax 才能提供的價值。

Understanding a consumer's employment status, along with their credit file, adds valuable information in the marketing process to tailor application strategies that drive higher approval rates and speed and efficiencies for our customers. As a reminder, we're delivering the TWN indicator alongside our USIS credit file at no incremental cost in all verticals in order to differentiate our credit file and drive incremental growth and share gains.

了解消費者的就業狀況及其信用記錄，可以為行銷過程提供有價值的訊息，從而製定個人化的申請策略，提高客戶的審批通過率、速度和效率。再次提醒，為了使我們的信用檔案與眾不同，並推動成長和市場份額的提升，我們將在所有垂直領域免費提供 TWN 指標以及我們的 USIS 信用檔案。

Our new mortgage prequal credit file solution with the TWN indicator differentiates our credit file with incremental data, including work status, employer name, and potentially some levels of historic income. This unique solution is helping mortgage lenders optimize their marketing processes and delivering more certainty for an applicant to accelerate the underwriting process. This is in addition to our unique Telco utility and pay TV attributes that will also be delivered alongside our traditional mortgage credit file at no charge.

我們採用 TWN 指標的全新抵押貸款預審信用檔案解決方案，透過增量資料（包括工作狀態、雇主名稱以及可能的一些歷史收入水平）來區分我們的信用檔案。這個獨特的解決方案正在幫助抵押貸款機構優化其行銷流程，並為申請人提供更大的確定性，從而加快核保流程。除了我們獨特的電信公用事業和付費電視服務外，這些服務也將與我們傳統的抵押貸款信用檔案一起免費提供。

The use of these expanded data insights provides expanded trade lines and visibility to millions of credit and visible consumers, those without traditional credit files, and enhance the financial profiles of thin, young, and [unscorable] consumers as they complete first mortgage applications. USIS has seen very strong interest in this new solution with several customers in production.

利用這些擴展的數據洞察，可以為數百萬有信用記錄和可見的消費者（包括沒有傳統信用記錄的消費者）提供更廣泛的貿易管道和可見性，並增強瘦弱、年輕和[無法評分的]消費者在完成首次抵押貸款申請時的財務狀況。USIS 發現，已有幾位客戶對這項新解決方案表現出非常濃厚的興趣，並已將其投入生產使用。

Recently, we also launched a TWN indicator solution for auto dealers in the industry. Like mortgage, we've seen strong interest from auto dealers who are looking to strengthen identity verification, improve customer segmentation, streamline workflows, and support better credit decisions with the addition of the TWN employment status at no charge with their Equifax credit file. We expect to launch similar TWN indicator solutions in P-loan and card in the first half of 2026.

最近，我們也為汽車經銷商推出了 TWN 指標解決方案。與抵押貸款類似，我們看到汽車經銷商對此表現出濃厚的興趣，他們希望透過在 Equifax 信用檔案中免費添加 TWN 就業狀態來加強身份驗證、改善客戶細分、簡化工作流程並支持更好的信貸決策。我們預計將於 2026 年上半年在 P 貸款和信用卡領域推出類似的 TWN 指標解決方案。

Now, I'd like to turn it over to John to provide more detail on our 2025 guidance and our fourth-quarter framework. John?

現在，我想把麥克風交給約翰，讓他詳細介紹我們 2025 年的業績指引和第四季的框架。約翰？

Thanks, Mark. Turning to slide 12. As Mark mentioned, we are increasing the midpoint of our full-year revenue guidance by $40 million given our strong third-quarter performance. Total Equifax reported revenue is expected to be up 6.1% to 6.7% versus the prior year with non-mortgage constant dollar revenue growth over 5.5%.

謝謝你，馬克。翻到第12張投影片。正如馬克所提到的，鑑於我們第三季強勁的業績，我們將全年營收預期中位數提高了 4000 萬美元。Equifax 報告的總收入預計將比去年增長 6.1% 至 6.7%，其中非抵押貸款按固定匯率計算的收入增長超過 5.5%。

FX is about 40 basis points negative revenue growth. As a reminder, the mortgage market decline as measured by hard credit inquiries in 2025 is almost 150-basis-point drag on our revenue growth rate. The midpoint of our full-year adjusted EPS is also increasing by $0.12 per share, with year-to-year growth expected to be 3.6% to 5%.

FX的營收成長率約為負40個基點。提醒大家，到 2025 年，抵押貸款市場（以硬性信用查詢量衡量）的下滑將使我們的收入成長率下降近 150 個基點。我們全年調整後每股盈餘的中點也將增加 0.12 美元，預計年增 3.6% 至 5%。

Full-year free cash flow is expected to be between $950 million and $975 million, up from our July guidance with a cash conversion of over 100%. Our accelerating free cash flow gives us confidence in our ability to execute our capital allocation plans of investing in new products and M&A as well as returning cash to shareholders through increasing dividends and share repurchases.

預計全年自由現金流將在 9.5 億美元至 9.75 億美元之間，高於我們 7 月的預期，現金轉換率超過 100%。我們不斷增長的自由現金流使我們有信心執行我們的資本配置計劃，包括投資新產品和併購，以及透過增加股息和股票回購向股東返還現金。

At the business unit level, we continue to expect Workforce Solutions revenue to be up mid-single digits with continued strong adjusted EBITDA margins from 51% to 51.3%. We expect both non-mortgage and mortgage revenue to be up mid-single digits for the year.

從業務部門層級來看，我們繼續預期勞動力解決方案營收將實現中等個位數成長，調整後 EBITDA 利潤率將持續保持強勁，從 51% 增至 51.3%。我們預計今年非抵押貸款收入和抵押貸款收入都將實現中等個位數的成長。

We are raising our full-year USIS revenue estimate to increase high-single-digits year-to-year, principally from stronger mortgage revenue. Based on run rates for mortgage card credit inquiries over the latter part of the third quarter and early fourth quarter, our mortgage hard credit inquiry expectations included in guidance for the full year and fourth quarter are both down high-single-digits, a slight improvement from our July guidance.

我們將USIS全年營收預期上調至接近兩位數的年增率，主要得益於抵押貸款收入的強勁成長。根據第三季後半段和第四季初的抵押貸款信用卡信用查詢運行率，我們對全年和第四季度的抵押貸款硬信用查詢預期均下降了接近兩位數，比我們7月份的預期略有改善。

Full-year mortgage revenue is expected to be up approaching 20%. Our full-year non-mortgage revenue growth expectations of mid-single digits growth are consistent with our July guidance. Full-year adjusted EBITDA margin is expected to be 34.9% to 35.2%. And our full year international revenue and adjusted EBITDA growth expectations are consistent with our July guidance.

預計全年抵押貸款收入將成長近 20%。我們對全年非抵押貸款收入成長的預期為中等個位數成長，這與我們7月份的預期一致。全年調整後 EBITDA 利潤率預計為 34.9% 至 35.2%。我們全年國際收入和調整後 EBITDA 成長預期與我們 7 月的預期一致。

Equifax adjusted EBITDA margins are expected to be about 32%. This is down slightly from the levels we discussed in July, principally due to higher mix of mortgage revenue and higher variable compensation reflecting stronger revenue and operating earnings.

Equifax 調整後的 EBITDA 利潤率預計約為 32%。這比我們在 7 月討論的水平略有下降，主要是由於抵押貸款收入佔比增加以及可變薪酬增加，反映出收入和營業利潤的增強。

Slide 13 provides the details of our 4Q '25 guidance. In 4Q '25, we expect total Equifax revenue to be up about 6.5% on a constant dollar basis year-to-year at the midpoint with FX favorable to reported revenue growth by about 60 basis points. Adjusted EPS in 4Q '25 is expected to be $1.98 to $2.08 per share.

第 13 頁詳細介紹了我們 2025 年第四季的業績指引。預計 2025 年第四季 Equifax 總營收以固定美元計算年增約 6.5%（取中間值），匯率對報告營收成長有利約 60 個基點。預計 2025 年第四季調整後每股收益為 1.98 美元至 2.08 美元。

The year-to-year decline in adjusted EPS is driven principally by higher depreciation and amortization and higher variable compensation in 4Q '25. Variable compensation was at low levels in 4Q '24 as the mortgage market and related mortgage revenue and profitability declined substantially. Equifax 4Q '25 adjusted EBITDA margins are expected to be from 33% to 33.3%, up slightly from 3Q '25.

2025 年第四季調整後每股盈餘年減，主要原因是折舊和攤提增加以及可變薪資增加。2024 年第四季度，由於抵押貸款市場及相關抵押貸款收入和獲利能力大幅下降，浮動薪酬處於較低水準。Equifax 2025 年第四季調整後 EBITDA 利潤率預計為 33% 至 33.3%，較 2025 年第三季略有上升。

At the business unit level, we expect Workforce Solutions revenue to be up mid-single-digits with continued strong adjusted EBITDA margins from 50% to 50.3%. We expect Verifier non-mortgage revenue growth to be up high-single-digits with improving sequential trends. Mortgage revenue is expected to be up low-single-digits, consistent with the third quarter. And employer revenue is expected to be up low-single-digits.

從業務部門層級來看，我們預期勞動力解決方案營收將實現中等個位數成長，調整後 EBITDA 利潤率將持續保持強勁，從 50% 到 50.3%。我們預計 Verifier 的非抵押貸款收入成長將達到較高的個位數，並且環比趨勢將持續改善。預計抵押貸款收入將實現個位數低成長，與第三季持平。預計雇主收入將實現個位數低成長。

We expect USIS revenue to be up high-single-digits, with adjusted EBITDA margins from 35.8% to 36.1%. We expect non-mortgage revenue growth to be mid-single-digits. Mortgage revenue is expected to be up over 20%.

我們預計 USIS 的營收將實現高個位數成長，調整後的 EBITDA 利潤率將從 35.8% 增至 36.1%。我們預計非抵押貸款收入成長將達到中等個位數。預計抵押貸款收入將成長超過 20%。

International revenue growth is expected to be up at the high end of mid-single-digits, consistent with the third quarter, with adjusted EBITDA margins from 31.2% to 31.5%. We have seen a limited negative impact from the US Federal government shutdown to date, specifically in transaction volumes with some federal agencies.

國際營收成長預計將達到中等個位數的較高水平，與第三季一致，調整後的 EBITDA 利潤率在 31.2% 至 31.5% 之間。到目前為止，我們看到美國聯邦政府停擺帶來的負面影響有限，尤其是在與一些聯邦機構的交易量方面。

Our guidance does not assume that the federal shutdown extends materially. To the extent that the shutdown extends materially, we would likely see an impact on our government business, principally from delayed verification activity.

我們的指導意見並未假設聯邦政府停擺會持續很長時間。如果政府停擺持續很長時間，我們的政府業務可能會受到影響，主要表現在核查活動延遲。

Overall, our guidance assumes economic and market conditions do not change meaningfully from the levels we saw in September and does not assume a broader economic slowdown driven by an extended federal government shutdown. We are centered in the guidance ranges we provided.

總體而言，我們的預期是經濟和市場狀況不會與 9 月的水平發生實質變化，並且不會假設由於聯邦政府長期停擺而導致更廣泛的經濟放緩。我們始終以我們提供的指導範圍為中心。

Our current 2025 guidance compares very favorably to the initial guidance we provided back in February. Revenue and adjusted EPS growth at the midpoint of our current guidance are up about 150 basis points from what we provided in February.

我們目前的 2025 年業績預期與我們 2 月發布的初步預期相比，前景非常樂觀。根據我們目前的預期，營收和調整後每股盈餘成長中位數比 2 月的預期高出約 150 個基點。

This is a strong performance by the team given the continued mortgage and hiring headwinds as well as periods of macro uncertainty. EBITDA margins are slightly below our February guidance, principally reflecting higher mix of mortgage revenue.

考慮到抵押貸款和招聘方面的持續不利因素以及宏觀經濟的不確定性，團隊的表現非常出色。EBITDA 利潤率略低於我們 2 月的預期，主要反映出抵押貸款收入佔比較高。

As Mark discussed, we believe that the Equifax mortgage pricing structure for 2026 will result in lower combined cost of credit data and scores for customers that elect to use the VantageScore. We also believe this pricing structure will result in improved dollar profitability for Equifax should customers elect to use a FICO score, purchasing either from Equifax or a mortgage tri-merge reseller. And for customers that choose the higher performing, lower cost VantageScore, Equifax dollar profitability is further enhanced as we have no COGS on a VantageScore.

正如馬克所討論的，我們相信 Equifax 2026 年的抵押貸款定價結構將降低選擇使用 VantageScore 的客戶的信用數據和評分的綜合成本。我們也相信，如果客戶選擇使用 FICO 評分，無論是從 Equifax 還是抵押貸款三合併轉售商處購買，這種定價結構都將提高 Equifax 的美元獲利能力。對於選擇性能更高、成本更低的 VantageScore 的客戶而言，Equifax 的美元盈利能力將進一步提高，因為 VantageScore 沒有銷售成本。

In terms of 2026 revenue, the pace of VantageScore adoption and FICO calculation by mortgage resellers is difficult to predict. And although these shifts could negatively impact revenue growth in 2026, as I and Mark referenced, they will actually enhance dollar profitability relative to '25 and our long-term financial framework.

就 2026 年的收入而言，抵押貸款轉售商採用 VantageScore 和 FICO 計算的速度難以預測。儘管這些變化可能會對 2026 年的收入成長產生負面影響，正如我和 Mark 所提到的那樣，但實際上，相對於 2025 年和我們的長期財務框架，它們將提高美元獲利能力。

As we look forward and consistent with our discussions at our Investor Day in June and in our July earnings outlook, we expect to deliver financial results consistent with our long-term financial framework of 7% to 10% organic revenue growth and 50 basis points of EBITDA margin expansion under normal market conditions.

展望未來，正如我們在 6 月份投資者日和 7 月份盈利展望中所討論的那樣，我們預計在正常市場條件下，財務業績將符合我們長期財務框架，即有機收入增長 7% 至 10%，EBITDA 利潤率提高 50 個基點。

As a reminder, our long-term financial framework assumes overall economic growth, including growth in the US mortgage market at about 2% to 3% per year. For perspective, at current run rates and using mortgage hard inquiries as a proxy in 2026, the US mortgage market would be up low-single-digits versus 2025. We will provide 2026 guidance, including our assumptions regarding mortgage industry volumes and the pace of shift to VantageScore and mortgage reseller direct score generation at our earnings call in early February.

需要提醒的是，我們的長期財務框架假設整體經濟成長，包括美國抵押貸款市場每年增長約 2% 至 3%。從這個角度來看，按照目前的運行速度，並以 2026 年的抵押貸款硬性查詢量作為參考指標，美國抵押貸款市場與 2025 年相比將增長個位數百分比。我們將於 2 月初的財報電話會議上提供 2026 年業績指引，包括我們對抵押貸款行業交易量以及向 VantageScore 和抵押貸款轉售商直接評分生成方式轉變速度的假設。

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

現在，我想把話題交還給馬克。

Thanks, John. Wrapping up on slide 14. We had a strong third quarter with constant dollar revenue growth of 7%, within our long-term organic revenue growth framework against the mortgage market that was down 7%, led by strong 26% USIS mortgage revenue growth and stronger-than-expected USIS non-mortgage revenue growth and EWS non-mortgage growth driven by stronger growth in government.

謝謝你，約翰。第 14 張投影片的內容就到此為止。第三季業績強勁，以固定美元計算的收入成長了 7%，符合我們長期有機收入成長框架，而抵押貸款市場則下降了 7%。這主要得益於 USIS 抵押貸款收入強勁增長 26%，以及 USIS 非抵押貸款收入增長強於預期，EWS 非抵押貸款收入增長也受到政府業務強勁增長的推動。

As we outlined, we are raising our full-year guidance at the midpoint by $40 million of revenue, adjusted EPS by $0.12 per share, and full-year free cash flow outlook from $900 million to $950 million to $975 million, based on our strong third quarter results and momentum in the fourth quarter. Our free cash flow generation and the strength of our balance sheet positioned us well to return cash to shareholders in the quarter.

正如我們先前所述，基於我們強勁的第三季業績和第四季度的成長勢頭，我們將全年業績預期中位數上調 4000 萬美元，調整後每股收益上調 0.12 美元，全年自由現金流預期從 9 億美元至 9.5 億美元至 9.75 億美元。我們強大的自由現金流和穩健的資產負債表使我們能夠在本季度向股東返還現金。

In the third quarter, we returned about $360 million to shareholders through share repurchases and dividends, and we expect to continue to repurchase shares in the fourth quarter against our $3 billion share repurchase program. In the quarter, we also outlined our new Vantage mortgage pricing structure, which we believe will deliver higher profits for Equifax and shareholders as well as lower the cost of lending for our customers and consumers, a win-win for everyone.

第三季度，我們透過股票回購和分紅向股東返還了約 3.6 億美元，我們預計將在第四季度繼續以 30 億美元的股票回購計畫回購股票。本季度，我們還概述了新的 Vantage 抵押貸款定價結構，我們相信這將為 Equifax 和股東帶來更高的利潤，同時降低客戶和消費者的貸款成本，實現雙贏。

We're entering the next chapter of the new Equifax with our cloud transformation substantially behind us as we pivot our entire team to leveraging the new Equifax cloud for innovation, new products and growth. We are using our new cloud capabilities, single data fabric, EFX.AI, and ignite our analytics platform to develop new credit solutions, leveraging our scale and unique data assets.

隨著雲端轉型基本上完成，我們正進入新 Equifax 的下一個篇章，我們將整個團隊轉型利用新的 Equifax 雲端進行創新、開發新產品和實現成長。我們正在利用我們新的雲端功能、單一資料架構、EFX.AI 和 ignite 分析平台，發揮我們的規模和獨特的資料資產優勢，開發新的信貸解決方案。

And we're accelerating multi-data asset solutions, including those that combine traditional credit, alternative credit assets, and TWN income and employment indicators in verticals like mortgage, auto, card, and P-loan that only Equifax can deliver that will drive share gains and growth. I'm energized by our strong third quarter performance, but even more energized about the next chapter of the new Equifax. This is an exciting time to be at the new Equifax.

我們正在加速多數據資產解決方案的開發，包括將傳統信用、另類信用資產以及 TWN 收入和就業指標相結合的解決方案，這些解決方案涵蓋抵押貸款、汽車、信用卡和個人貸款等垂直領域，只有 Equifax 才能提供，這將推動市場份額的成長。我對我們強勁的第三季業績感到振奮，但我對新 Equifax 的下一個篇章更加充滿熱情。現在加入全新的 Equifax 真是令人興奮。

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

那麼，操作員，現在開始接受提問。

(Operator Instructions) Jeff Mueller, Baird.

（操作說明）傑夫·穆勒，貝爾德。

Yeah. Thank you. Good morning. Can you go into more detail on what you're hearing on the mortgage pricing changes, including anything coming out of the MBA conference? I hear you that the conversions not easy and will to time, but I thought you also said you have some clients in production with VantageScore. So just, I guess, how active are the conversations or transitioned?

是的。謝謝。早安.您能否詳細介紹一下您聽到的關於抵押貸款定價變化的消息，包括MBA會議上公佈的任何資訊？我明白轉換並不容易，而且需要時間，但我記得你也說過你有一些客戶已經在使用 VantageScore 進行生產了。所以，我想問的是，目前的對話活躍程度如何？或者說，對話的進展如何？

Yeah, Jeff, as you know, MBA is taking place. It started on Sunday. We've got a team down there. John and I are there, but we're getting a lot of feedback. And really, before that, I used the phrase earlier in my comments, there's been a groundswell of attention, obviously, to the huge FICO increase, doubling to $10 in 2026 and then the response from Equifax to put a very competitive offer on the table.

是的，傑夫，你也知道，MBA課程正在進行中。事情是從星期天開始的。我們在那兒派了一支隊伍。約翰和我都在現場，但我們收到了很多回饋。事實上，在此之前，正如我之前在評論中提到的那樣，人們顯然已經對 FICO 信用評分大幅上漲（2026 年翻一番達到 10 美元）以及 Equifax 提出的極具競爭力的報價給予了極大的關注。

So it's incredibly active. There's a lot of energy around the Vantage opportunity. It's going to take time to do it, but we've got customers that are already engaging around it. And I would say every customer, whether it's a reseller or end user of it is well aware of the amount of savings opportunity versus FICO that comes from conversion of Vantage. So there's just a lot of momentum there.

所以它非常活躍。Vantage 的發展機會引起了廣泛關注。這需要時間，但我們已經有客戶積極參與其中了。而且我認為，每位客戶，無論是經銷商還是最終用戶，都非常清楚 Vantage 轉換後相對於 FICO 能帶來多少節省機會。所以這方面勢頭很強。

Okay. And then can you give more detail on the margin guidance, including the reduction in USIS margin guidance? I'm just not understanding the message because I thought that you were going to flow through mortgage-driven upside.

好的。那麼，您能否詳細說明一下利潤率預期，包括USIS利潤率預期的下調？我不太明白你的意思，因為我以為你會談到房貸帶來的上漲行情。

And I think non-mortgage is also slight better than expected and the incremental margins on mortgage market-driven upside should be higher than your reported margins. I heard a bit about incentive comp, but it's not adding up to me with the prior commentary that you flow through the mortgage market driven upside. That's it. Thanks.

而且我認為非抵押貸款業務也略好於預期，抵押貸款市場上漲帶來的增量利潤率應該高於你們報告的利潤率。我聽說過激勵性薪酬，但這與先前關於透過抵押貸款市場驅動上漲來獲得收益的說法不太吻合。就是這樣。謝謝。

Absolutely, right? And we tried to cover this in our commentary, right? So what we're seeing both on a total Equifax level and also for USIS specifically, and again, long -- and what we've indicated is we intend to flow through the profitability related to higher mortgage revenue, and you actually saw it in our improved performance in the third quarter and in the guidance we gave for the full year, right?

沒錯吧？我們在評論中也試圖涵蓋這一點，對吧？因此，無論是從 Equifax 整體層面還是從 USIS 的具體層面來看，我們都看到了這一點。而且我們已經表明，我們打算將與更高的抵押貸款收入相關的盈利能力傳遞出去，您實際上已經從我們第三季度業績的改善以及我們對全年業績的預期中看到了這一點，對吧？

But in terms of what we're seeing specifically in the very near term, we're seeing some negative impact related to near-term USIS margins and also Equifax margins. One of the bigger drivers is specifically related to variable compensation.

但就我們目前在短期內看到的具體情況而言，我們看到 USIS 和 Equifax 的近期利潤率都受到了一些負面影響。其中一個較大的驅動因素與浮動薪酬有關。

Obviously, the performance that we've announced today is substantially better in the second half of 2025 than we had previously ended in July, and that increases variable comp that impacts both Equifax, but also directly impacts USIS. And then there also are some near-term impacts around the fact that we -- that our mix is somewhat higher toward mortgage and, therefore, that does impact our gross margins negatively in period.

顯然，我們今天宣布的 2025 年下半年業績比我們之前在 7 月結束時的業績要好得多，這增加了可變薪酬，不僅影響 Equifax，而且直接影響 USIS。此外，由於我們的貸款組合中抵押貸款的比例較高，因此短期內會對我們的毛利率產生負面影響，這也會帶來一些短期影響。

But as we indicated over time, we intend to flow through 100% of that variable profit to shareholders. And again, you think -- you did see that both from the increased profitability in the quarter, the higher guidance, and also, quite honestly, from the much stronger cash flow performance in the third quarter and the much higher cash flow guidance that we provided for the full year.

但正如我們之前所表明的那樣，我們打算將100%的可變利潤分配給股東。而且，你也確實從本季度盈利能力的提高、更高的業績預期以及坦率地說，從第三季度強勁的現金流表現和我們對全年更高的現金流預期中看到了這一點。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thanks so much. Wanted to start on government, very helpful commentary about the error rates and the ramp-up that you're seeing in discussions with the states. I guess do you expect that this will really start to ramp after the end of the government fiscal year-end? Or will states really pre-emptively start using your solutions ahead of time? I know you talked about second half '26, '27 is really where the sweet spot will be but just wanted to understand the process a little bit better.

非常感謝。想先談談政府方面的問題，關於錯誤率以及在與各州的討論中看到的錯誤率上升趨勢的評論非常有幫助。我猜你認為這種情況會在政府財政年度結束後真正開始加劇嗎？或者各國真的會提前搶先使用你們的解決方案嗎？我知道你提到過 2026 年下半年，2027 年才是真正的黃金時期，但我只是想更了解這個過程。

Yeah. I think it's a mix of both, Toni. We've been really pleasantly surprised with the rapid increase in conversations at the federal level, and we talked about some of the new programs we're working on. But at the state level, after the OB3 signing on July 4 by the President, in the last 90 days, there's just been a real uptick in conversations.

是的。我覺得兩者兼而有之，東尼。聯邦層級的對話數量迅速增加，這讓我們感到非常驚喜，我們也討論了一些我們正在進行的新計畫。但在州一級，自從總統於 7 月 4 日簽署 OB3 法案後，在過去的 90 天裡，相關討論確實有所增加。

And what we're seeing is, as you point out, the OB3 -- most of the OB3 impacts happen late next year. So that revenue from new solutions like our continuous monitoring or the hours worked solutions, those will likely be late in '26 and then really take hold in 2027.

正如你所指出的，我們看到的是 OB3——OB3 的大部分影響將在明年年底發生。因此，像我們的持續監控或工時解決方案這樣的新解決方案帶來的收入，可能會在 2026 年底開始產生，然後在 2027 年真正站穩腳跟。

But what we are seeing, I mentioned it in my comments earlier, is just the engagement with states around our solution because remember, the error rates that I talked about are really in current period, meaning '25, '26 really set those error rates. So if states want bend the curve on those error rates and really get ahead of potentially painting a bigger piece of those benefits that are in the OB3 build, they've got to address integrity now. So we're seeing an uptick in those conversations quite positively.

但正如我之前在評論中提到的，我們看到的只是各州對我們解決方案的參與度，因為請記住，我提到的錯誤率實際上是當前時期的錯誤率，也就是說，2025 年和 2026 年的錯誤率確實已經確定。因此，如果各州想要扭轉這些錯誤率的趨勢，並真正搶佔先機，從 OB3 版本中獲得更多好處，他們現在就必須解決完整性問題。因此，我們看到這些對話的數量出現了相當積極的增長。

And then lastly, I think, as you know, what really impacted the business in 2025 was that air pocket from the change in the prior administration around CMS cost sharing around data costs and just the state's challenge to absorb that. We see that behind us now. And the state is really focusing on the more stringent requirements of OB3 that we think will be a positive sequentially as we go into 2026 but then, will really take hold in the more -- the new requirements really go into effect late next year.

最後，我認為，如您所知，真正對 2025 年的業務產生影響的是前政府在 CMS 數據成本分攤方面做出的改變，以及該州在吸收這些成本方面面臨的挑戰。我們現在已經把這一切拋在腦後了。該州確實非常重視 OB3 更嚴格的要求，我們認為這將在 2026 年逐步產生積極影響，但隨後，這些新要求將在明年年底真正生效。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Hi. John, could you just go over a little bit more the general corporate expense line in the third quarter and what's driving that?

你好。約翰，你能否再詳細解釋一下第三季的一般公司支出項目以及背後的驅動因素？

Sure. And -- the increase in general corporate expense really specifically is driven by what I referenced in terms of the answer to Jeff's question is really around an increase in variable compensation between the July guidance we provided and what we're seeing now based on the much stronger performance, right? So --

當然。而且——一般公司支出的增加，實際上是由我之前提到的傑夫問題的答案所導致的，也就是我們7月份提供的指導意見與我們現在基於更強勁的業績所看到的變動薪酬之間的增長，對吧？所以--

Based on the higher revenue.

基於更高的收入。

And higher revenue and principally operating income, right? So what you're seeing is obviously, much stronger overall performance, higher revenue and operating income, and that's resulting in a higher level of variable compensation and a significant portion of that impacts general corporate expense.

還有更高的營收，尤其是營業收入，對吧？因此，您顯然看到的是整體業績大幅提升，收入和營業利潤更高，這導致了更高的可變薪酬，而其中很大一部分影響了公司一般費用。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you. Good morning. The first question, if you could just remind us the different moving pieces, I guess, on the mortgage side. What I'm referring to USIS grew 26%, but EWS was only 2%. Can you just remind us of the different factors? I know there's always a difference but just maybe in this quarter?

謝謝。早安.第一個問題，能否簡單回顧一下房貸方面的各個環節？我指的是 USIS 成長了 26%，但 EWS 只成長了 2%。能簡單介紹一下各個因素嗎？我知道總是會有差異，但或許這季度會有所不同？

Well, you could start with the FICO price increase in USIS, obviously, is quite substantial in the year, and we have the pass-through benefits there. So I think that explains a big piece of that high-double-digit number in USIS (technical difficulty) that usually benefits or always benefits USIS first in the prequal shopping stage.

顯然，你可以先從 USIS 的 FICO 價格上漲說起，這一年漲幅相當大，而且我們還能從中獲得一些好處。所以我認為這可以解釋 USIS（技術難度）中兩位數高數字的很大一部分原因，這通常或總是 USIS 在預審階段首先受益。

They see the polls earlier than EWS does. EWS, obviously, the mortgage market, based on our inquiries, was down 7% in the quarter. And that 2% increase in EWS just really reflects their pricing product and record outperformance against that negative market.

他們比EWS更早看到民調結果。根據我們的調查，EWS 顯然，抵押貸款市場在本季下降了 7%。EWS 2% 的成長確實反映了他們的定價策略以及在市場低迷的情況下取得的優異表現。

And as John mentioned, I think, in his comments, we expect to see some improved performance in EWS because they typically are in the closing stage of those mortgages that likely we're started in December. So we would expect to see that pick up as we go through into the fourth quarter, and that's in our guide for the fourth quarter.

正如約翰在他的評論中提到的那樣，我認為我們預計EWS的表現會有所改善，因為他們通常處於抵押貸款的最後階段，這些抵押貸款很可能是在12月份開始的。因此，我們預計隨著第四季度的到來，這種情況會有所好轉，這也在我們的第四季度預測中。

But again, as Mark said, if you take a look at EWS outperformance over the first nine months and in the third quarter, obviously, we don't give that number specifically anymore, but we've indicated we expect them to run high-single-digit percentage growth outperformance and that's where they're running.

但正如馬克所說，如果你看看EWS在前九個月和第三季度的優異表現，顯然，我們不再給出具體數字，但我們已經表示，我們預計他們的增長將達到接近兩位數的百分比，而他們目前的增長也確實如此。

Than you. And the feedback on the score pricing, I think that makes sense. So I was just curious if you had received any feedback from your customers on the, I guess, your credit file cost increases that you made? Is that even something that bothered you about?

謝謝你。至於評分定價方面的回饋，我認為是合理的。所以我很好奇，您是否收到客戶對您提高信用檔案費用的回饋？那件事真的讓你很在意嗎？

Yeah, those discussions are happening as we speak at MBA. I would think that they're viewed as -- we're not getting a lot of feedback. I think all the attention is on the FICO increase for next year with a doubling of it to $10. So that seems to be taking all the air in the MBA meeting. So our conversations are taking place as we speak.

是的，就在我們說話的此刻，MBA會議上正在討論這些問題。我認為他們會被視為——我們沒有收到很多回饋。我認為大家的注意力都集中在明年 FICO 信用評分的上漲上，評分將翻倍至 10 美元。所以，這似乎佔據了MBA會議的所有討論焦點。所以，我們的對話正在此刻進行。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Hi. Thank you very much for taking my questions. Hey, Mark, given the focus on generating more VantageScore traction, can you talk about what it is that you guys can do to drive the adoption in the marketplace?

你好。非常感謝您回答我的問題。嘿，馬克，鑑於目前大家的重點是提高 VantageScore 的市場份額，你能談談你們可以採取哪些措施來推動 VantageScore 在市場上的普及嗎？

I mean, is there going to be a step up materially in your sales and marketing budgets in the area? Are you guys going to provide some help to the customers in terms of back testing it versus FICO? Like how should we be thinking about this operationally?

我的意思是，你們在該地區的銷售和行銷預算是否會大幅增加？你們會為客戶提供一些幫助，例如用FICO評分進行回測？從操作層面來說，我們該如何考慮這個問題？

And then where the efforts you guys are going to put in? Obviously, I understand it's a multiyear effort and seems like it's kind of an uphill effort, but the cost advantages over the long-term might make sense, but you got to get these big bank behemoths moving on that.

那麼，你們打算把精力投入哪裡呢？顯然，我知道這是一項需要多年才能完成的工作，而且看起來進展緩慢，但從長遠來看，成本優勢可能是有意義的，但你必須讓這些大型銀行巨頭採取行動。

I would actually call it a downhill effort, meaning a lot of momentum with it, with the pricing action that FICO put in place a few weeks ago for 2026. The doubling of the price increase -- that's $5 or $4.95 in 2025 to $10 in 2026 -- is going to add $0.5 billion of costs to the mortgage industry and consumers, roughly, the way we calculate it.

我其實會稱之為下坡路，這意味著勢頭很強勁，這得益於 FICO 幾週前針對 2026 年制定的定價策略。價格翻倍上漲——即從 2025 年的 5 美元或 4.95 美元漲到 2026 年的 10 美元——將為抵押貸款行業和消費者帶來大約 5 億美元的額外成本（我們是這樣計算的）。

And that is really creating, in our view, a real catalyst around this -- and actions we took. First was obviously pricing 50%-plus below the FICO pricing. That got the attention to the industry. That's a big cost savings for them, basically the score pricing being flat year over year. Holding that price flat meaning we're going to freeze that price for two years, so give the industry some visibility around driving the conversion.

我們認為，這確實為此事以及我們採取的行動創造了真正的催化劑。首先，價格顯然比 FICO 定價低 50% 以上。這引起了業界的關注。這為他們節省了一大筆成本，因為評分價格基本上與往年持平。保持價格不變意味著我們將凍結價格兩年，以便讓產業對推動轉換率有所了解。

And then we really think the -- offering the free VantageScore not only in mortgage, but in every vertical, is also going to drive adoption and understanding on it. And as I said earlier, there's already a lot of momentum. This is not new. There's been a lot of Vantage focus with the increase in 2025 that FICO took, taking it up to $495 million.

我們真的認為，不僅在抵押貸款領域，而且在所有垂直領域都提供免費的 VanageScore，也將推動人們對它的採用和理解。正如我之前所說，現在已經有了很大的發展動能。這並非新鮮事。隨著 FICO 將 2025 年的估值提高到 4.95 億美元，Vantage 受到了許多關注。

So it's not like it just started yesterday; there's been dialogues going for a long time. So the actions we're going to take -- I think we are very proactive and responsive to our customers to try to deliver cost savings for a score that performs at better than the FICO score, with the actions we announced two weeks ago.

所以這並不是昨天才開始的；雙方已經進行了很長時間的對話。因此，我們將採取的行動——我認為我們非常積極主動地回應客戶的需求，努力為客戶節省成本，同時提供比 FICO 評分錶現更好的評分，正如我們兩週前宣布的行動一樣。

And then as you point out, we're going to use our commercial leverage. We've got a lot of commercial resources in the marketplace. We're going to incent them; meaning part of their incentive compensation will be around Vantage conversions and supporting our customers in really understanding it.

正如你所指出的，我們將利用我們的商業優勢。我們在市場上擁有大量的商業資源。我們將給予他們激勵；這意味著他們的部分激勵性薪酬將與 Vantage 的轉換率以及幫助我們的客戶真正理解 Vantage 有關。

We're going to provide analytics to our customers. We're going to try to help them really understand it. We're working with the agencies on it. From my perspective, this isn't a matter of if; it's only when. And as I said earlier, we already have customers that are engaging around using it in the very near term in production. So it's coming.

我們將向客戶提供分析服務。我們會盡力幫助他們真正理解。我們正在與相關機構合作處理此事。在我看來，這不是會不會發生的問題，而是何時發生的問題。正如我之前所說，我們已經有客戶正在積極洽談在不久的將來將其應用於生產環境中。它要來了。

And as a reminder -- I think you know this -- if you look at other verticals outside of mortgage, mortgage had a 30-year monopoly where the only score you could use was FICO. If you go into other verticals like auto, card, and P-loan, there are large financial institutions that have been using Vantage for a long time. They securitize the loans very successfully.

還有一點要提醒——我想你們都知道——如果你看看抵押貸款以外的其他垂直領域，你會發現抵押貸款曾經有長達 30 年的壟斷歷史，當時唯一能使用的評分就是 FICO 評分。如果你深入汽車、信用卡和個人貸款等其他垂直領域，你會發現許多大型金融機構長期以來一直在使用 Vantage。他們非常成功地實現了貸款證券化。

They sell them into the marketplace, and they operate very effectively with Vantage. So while it will take time, there's, in my perspective, an unprecedented momentum on it. And, yeah, we're going to put the power of Equifax behind it because we want to support our customers. Our customers are really looking for the kind of value and performance that Vantage will deliver.

他們將這些產品推向市場，並且與 Vantage 合作非常有效。所以雖然這需要時間，但在我看來，它正呈現出前所未有的發展動能。是的，我們將藉助 Equifax 的強大實力來支持這項業務，因為我們想為我們的客戶提供支援。我們的客戶真正追求的是 Vantage 所能提供的這種價值和性能。

Thank you.

謝謝。

Kyle Peterson, Needham & Company.

Kyle Peterson，Needham & Company。

Great. Thanks, guys. Good morning. I appreciate you taking the questions. I wanted to see if you could help us unpack some of the moving pieces in government.

偉大的。謝謝各位。早安.感謝您回答這些問題。我想看看你是否能幫我們釐清政府運作中的一些複雜環節。

I saw overall what's -- the guide looks pretty solid for the fourth quarter, but understand there's a little bit of noise with some of the federal business with the shutdown, but then some of these other state and local opportunities that are ramping.

總的來說，我看到——第四季度的業績指引看起來相當穩健，但要知道，由於政府停擺，一些聯邦業務受到了一定影響，但與此同時，一些州和地方政府的機會正在增加。

So just wanted to see if you guys could give us any more color on the net effect and particularly some of the ramp pace of some of the state and local business. That'd be really helpful.

所以我想看看你們能否再詳細說說最終結果，特別是某些州和地方企業的成長速度。那真的很有幫助。

Yeah. So we were pleased with the government performance in the third quarter. As you saw, it was above our expectations and probably yours, which we're pleased with. The kind of air pocket we had from last year's funding changes at CMS seems to be behind us, which is good news.

是的。因此，我們對政府第三季的表現感到滿意。正如你所看到的，它超出了我們的預期，也可能超出了你的預期，我們對此感到滿意。去年 CMS 資金變動帶來的那種資金短缺似乎已經過去了，這是個好消息。

And as I said earlier, there's just a lot of momentum post OB3 and with the focus at the federal and state level around the $160 billion of improper payments and really addressing them. So that momentum is a positive. You saw -- we guided that we expect government to grow sequentially in the fourth quarter and exit kind of at high single digits. That's just from core growth.

正如我之前所說，OB3之後勢頭強勁，聯邦和州政府都重點關注1600億美元的不當支付，並真正著手解決這些問題。所以這種勢頭是正面的。正如您所看到的——我們預測政府部門將在第四季度環比增長，並以接近兩位數的增長率結束。那隻是核心成長部分。

I think John mentioned, as far as the government shutdown, we haven't seen an impact yet. We don't know how long this is going to go on. But a government shutdown would likely more be a deferral of revenue as opposed to a loss of revenue if it was going on for an extended period of time. But again, we haven't seen an impact in that.

我認為約翰提到過，就政府停擺而言，我們還沒有看到任何影響。我們不知道這種情況會持續多久。但如果政府停擺持續時間較長，更可能造成的是收入的延遲而非損失。但是，我們仍然沒有看到這方面的影響。

And that's kind of what we put in our guidance was that this will be resolved and won't have an impact on us in the fourth quarter. And that fourth-quarter exit rate for government with the momentum we have, with the states and the federal government around kind of conversion, you have to remember that we're dealing with a big $5 billion TAM here.

我們在業績指引中也明確表示，這個問題將會得到解決，不會對我們第四季的業績產生影響。鑑於我們目前的勢頭，以及各州和聯邦政府正在進行的某種轉型，政府第四季度的退出率，你必須記住，我們這裡涉及的是一個高達 50 億美元的市場規模。

And when you think about states, less than half of the states across the US use our solution. So that's always a new business opportunity for us where we deliver integrity. And with this new error rate requirement that's in place that's -- really, the clock is running as we speak, in '25 and '26 -- states are focused on, we've got to take action now in order to get in front at that error rate, so we don't end up having to pay a merely massive amount of share of the benefit cost.

而從各州來看，美國祇有不到一半的州使用我們的解決方案。所以，只要我們秉持誠信，總是能找到新的商機。鑑於目前已實施新的錯誤率要求——實際上，時間緊迫，各州都在關注 2025 年和 2026 年——我們必須立即採取行動，以控制錯誤率，以免最終不得不承擔巨額的福利成本。

So there's just a lot of positives there. I think we talked about some of the new programs in Washington that that momentum continues. Chad Borton and myself are kind of in Washington every couple of weeks, meeting on things like the earned income tax credit with the IRS and Treasury and some of the other opportunities that are really new, new business for us but really address that $160 billion of improper payments.

所以，這裡面有很多正面的方面。我認為我們討論過華盛頓的一些新項目，這些項目延續了這種勢頭。我和查德·博頓幾乎每隔幾週就會去華盛頓，與國稅局和財政部開會討論勞動所得稅抵免等事宜，以及其他一些對我們來說是全新的業務機會，這些機會確實可以解決 1600 億美元的不當支付問題。

So it's a good time for EWS government, and we continue to be optimistic going forward. As I said in my comments, when you look over the long term, we continue to believe government will be our fastest-growing vertical in Workforce Solutions.

所以現在是經濟弱勢政府的好時機，我們對未來仍保持樂觀。正如我在評論中所說，從長遠來看，我們仍然相信政府將是我們勞動力解決方案領域中成長最快的垂直產業。

And it will outgrow the underlying business, really because of the value proposition, the market opportunity, that $5 billion TAM. And you can add to it, OB3. Just the requirements to tighten up those income verification requirements are really very positive catalyst for the value that the TWN solution delivers in social service delivery.

而且，它的發展速度將超過其基礎業務，這完全是因為其價值主張、市場機會以及 50 億美元的潛在市場規模。OB3 也可以加入其他內容。只是加強收入核實要求的要求，就對 TWN 解決方案在社會服務提供方面所創造的價值起到了非常積極的推動作用。

That's really helpful. Thank you very much. Nice results.

這真的很有幫助。非常感謝。結果不錯。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. Thanks so much. Hey, I wonder if you could give us a sense of -- I don't know if you said this or not, John. But for '26, the revenue, could it be in the range of the 7% to 10% on the organic framework, or did you not say that? I just want to make sure I didn't confuse your comments.

偉大的。非常感謝。嘿，約翰，我不知道你有沒有說過這句話，你能不能給我們解釋一下——但對於 2026 年的收入，能否在有機成長框架下達到 7% 到 10% 的範圍內？還是您沒提到這一點？我只是想確認一下，我有沒有誤會你的意思。

We didn't. I'll help John with that. He can jump in, too. But no, we did not give guidance for 2026 today. We'll do that in February as we typically do.

我們沒有。我會幫約翰的。他也可以加入。但是，我們今天沒有給出2026年的指導。我們將像往常一樣在二月完成這項工作。

What we did say is -- we wanted to clarify because we've gotten a bunch of questions about the FICO announcement and then Equifax's announcement on what those two announcements might have with regards to mortgage on our 2026 guidance.

我們確實說過——我們想澄清一下，因為我們收到了很多關於 FICO 公告和 Equifax 公告的問題，想了解這兩項公告可能會對我們 2026 年的抵押貸款指導產生什麼影響。

And what we intended to say a few minutes ago -- and we also said it earlier in kind of investor meetings over the last couple of weeks -- is that the FICO announcement and the Equifax announcement doesn't change how we think about 2026. We had a view of it when we had our Investor Day back in June.

我們幾分鐘前想說的——而且在過去幾週的投資者會議上我們也說過——是 FICO 的公告和 Equifax 的公告並不會改變我們對 2026 年的看法。我們在六月的投資者日活動上就看到了這一點。

As you know, in the Investor Day, we laid out an outlook through 2030. In that longer-term outlook, we think the whole mortgage opportunity with Vantage is at net upside. But with regards to '26, we intended today to say that the mortgage change we've made around the discounted Vantage pricing to drive adoption, we think, will take time. But it hasn't changed how we think about our outlook for '26, and we'll share that with you in February.

如您所知，在投資者日上，我們展望了到 2030 年的發展前景。從長遠來看，我們認為 Vantage 的整個抵押貸款機會總體上是有利的。但就 2026 年而言，我們今天想說的是，我們圍繞 Vantage 折扣定價所做的抵押貸款變更，旨在推動其普及，我們認為，這需要時間。但這並沒有改變我們對 2026 年的展望，我們將在 2 月與大家分享。

That's very helpful. And then, Mark or John -- I don't know. This may be a tough question. But any thoughts on what you define as success from a market share perspective on VantageScore longer term given the shift, and obviously, to your point, it was a 30-year monopoly? But as that share shifts, what would be a reasonable proxy? And does it go to market motion factoring your partners on Vantage, or is it independent?

那很有幫助。然後，是馬克還是約翰——我不知道。這或許是個棘手的問題。但考慮到市場格局的變化，以及您提到的長達 30 年的壟斷歷史，從 VantageScore 的市佔率角度來看，您對長期成功有何定義？但隨著這比例的變化，什麼才是合理的替代指標呢？它是否會根據 Vantage 平台上的合作夥伴的市場動態進行調整，還是獨立運作？

Yeah. The partners -- one, I think partners are aligned, too. When you think about it -- I think when we say partners, you're referring to the tri-merge resellers. We've had conversations -- I have personally -- with all of them over the last couple of weeks, all the big ones. They're as challenged as the whole industry is around the FICO price increase.

是的。合作夥伴－我認為合作夥伴之間也意見一致。仔細想想──我想當我們說合作夥伴時，你們指的是三方合併的經銷商。在過去的幾周里，我親自和他們所有人，所有重要人物，都進行了交談。他們和整個產業一樣，都面臨著 FICO 價格上漲帶來的挑戰。

I think your question on success is a good one; obviously, share gains. We believe there's real momentum now because of the pricing umbrella, if you want to call it that, that FICO created by doubling the price for 2026, allowed us to really create some really massive value for the mortgage industry with our solution at $4.50. And we believe that's going to drive real conversions.

我認為你關於成功的問題問得很好；顯然，就是市場佔有率的成長。我們認為，現在市場發展勢頭強勁，這要歸功於FICO透過將2026年價格翻倍而創造的價格環境，這使得我們能夠以4.50美元的價格為抵押貸款行業創造巨大的價值。我們相信，這將推動真正的轉換率提升。

So what success is obviously is going to be share gains. I think to be fair, it's going to take time. This is a very complex industry. But you could add to it, what's FICO going to do in '27? What are they going to do in '28? Are they going to be discounting their price, or are they going to be increasing it again? And if they increase it again in '27, that creates a bigger pricing umbrella and envelope for value to drive share gains.

所以，成功顯然意味著市佔率的成長。公平地說，我認為這需要時間。這是一個非常複雜的行業。但你還可以補充一點，FICO 在 2027 年會做什麼？他們2028年打算做什麼？他們是要降價還是要再漲價？如果他們在2027年再次提高價格，這將為價值創造更大的定價空間，從而推動市場份額的成長。

So I think we're in the right place to really drive that. And as we pointed out in our press release a couple of weeks ago and on the call this morning, there's a new profit pool for Equifax that's quite substantial for Equifax and our shareholders. When we sell a FICO score next year, it's going to cost us $10. When we sell a VantageScore, we make $4.50. And our customers save $5.50.

所以我認為我們現在處於能夠真正推動這件事的有利位置。正如我們在幾週前的新聞稿和今天早上的電話會議上所指出的那樣，Equifax 有一個新的利潤池，這對 Equifax 和我們的股東來說都相當可觀。明年我們出售FICO信用評分時，每次收費10美元。每賣出一份 VantageScore，我們就能賺取 4.50 美元。而我們的客戶可以節省 5.50 美元。

It's kind of a win-win across the board. So I think it's just a matter of time. And as I said earlier, we're going to put the weight of Equifax behind it to really support our customers and consumers around getting a mortgage score that provides equal or better value, the VantageScore, we believe; and really a massive amount of economic value.

這可以說是各方面都雙贏的局面。所以我認為這只是時間問題。正如我之前所說，我們將藉助 Equifax 的強大實力，真正幫助我們的客戶和消費者獲得一個能夠提供同等或更高價值的抵押貸款評分——VantageScore，我們相信它能帶來巨大的經濟價值。

And it's across mortgage, but also across auto, P-loans, really across the entire footprint. We'll be making the same push broadly.

而且這種情況不僅發生在抵押貸款領域，還發生在汽車貸款、個人貸款等領域，實際上涵蓋了所有業務領域。我們將在更大範圍內加大力度。

Thank you.

謝謝。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Hi, Mark. Just a question on the bigger-picture VantageScore and the adoption curve here. A lot of the conversation seems to be focused on VS4 versus classic FICO. Can you have any thoughts on 10T entering into that equation?

嗨，馬克。我有個關於 VantageScore 整體狀況和採用曲線的問題。許多討論似乎都集中在 VS4 與傳統 FICO 的比較上。您認為10T加入這個等式有什麼意義嗎？

Because when I think about it from the perspective of a lender, wouldn't the lender first want to make the decision of whether they're going to stick with classic FICO or upgrade? And if they choose to upgrade, then it's actually VS4 versus 10T, not VS4 versus classic FICO in the decision.

因為從貸款機構的角度來看，貸款機構首先不應該決定要繼續使用傳統的 FICO 評分還是升級評分嗎？如果他們選擇升級，那麼實際上是 VS4 與 10T 之間的比較，而不是 VS4 與經典 FICO 之間的比較。

Yeah, I think that's fair. 10T is still being introduced in the marketplace; that's going to take time. I think it's a -- what we understand, it's a higher-performing score than FICO Classic, which is good, but it's double the price. And we believe -- and Vantage has a lot of data out there now, that the Vantage 4.0 outperforms FICO Classic and is on par or better than 10T.

是的，我覺得很合理。10T技術仍在市場推廣階段，需要時間。我認為——據我們了解，它的評分比 FICO Classic 更高，這很好，但價格卻是 FICO Classic 的兩倍。我們相信——而且 Vantage 現在有很多數據可以證明——Vantage 4.0 的性能優於 FICO Classic，並且與 10T 持平或更佳。

But either way, when you have a score that is in the same zip code of performance but it's half the price, that creates a real incentive for change. And the numbers are so large. When you think about the impact for the industry, if they stick with FICO Classic or stick with FICO in 2026, that's $500 million roughly of -- neighborhood of increased cost to the industry.

但無論如何，當一款產品的性能得分與同類產品相近，但價格只有一半時，就會產生真正的改變的動力。而且數字非常龐大。當你考慮到這對產業的影響時，如果他們在 2026 年繼續使用 FICO Classic 或 FICO，那將為產業帶來約 5 億美元的額外成本。

There's a lot of catalysts to take a hard look at Vantage, and we think there's going to be real adoption. As we said earlier, there already is. There's already momentum to do it. We've got customers in production. We've got lots of conversations happening.

有很多因素促使人們認真審視 Vantage，我們認為它會得到真正的普及。正如我們之前所說，已經存在了。已經有了推動這件事的勢頭。我們有客戶正在生產中。我們正在進行很多對話。

And remember, this is not three weeks old; the $10 is. But the focus on FICO pricing has been going on for a couple of years. So this is something that the industry has been thinking about for a long time. So we think there's a real opportunity to bring both performance with 4.0 as well as value with where FICO took pricing.

請記住，這不是三週前的事；而是那10美元的事。但對 FICO 評分定價的關注已經持續了好幾年。這是業內人士長期以來一直在思考的問題。因此，我們認為，透過 4.0 版本提升效能，同時透過 FICO 的定價策略提升價值，這是一個真正的機會。

That's helpful. And then in one of your other comments, I think you talked about just being more than a data provider.

那很有幫助。然後，在你的其他評論中，我想你提到過，你們不僅僅是數據提供者。

Yeah.

是的。

Are we shifting to more of a platform and an analytics approach here at this point? How should we think about that part of the transition?

我們目前是否正在轉向更注重平台和分析的方法？我們該如何看待轉型過程中的這一部分？

Yeah. So we're investing heavily in EFX.AI for our scores, models, and products. We've had great performance there and seen big lifts in really the score and model performance and product performance by the addition of AI. We also talked about deploying AI inside of Equifax. And we'll talk more about that in '26 and in February.

是的。因此，我們正在大力投資 EFX.AI，用於我們的評分、模型和產品。我們在這方面取得了巨大的成功，透過引入人工智慧，評分、模型性能和產品性能都得到了顯著提升。我們也討論了在 Equifax 內部部署人工智慧的問題。我們將在 2026 年和 2 月詳細討論這個問題。

But we see big opportunities from an operations, productivity, speed, and accuracy standpoint with AI inside of Equifax. And then on the call this morning, we also talked about really enhancing our Ignite platform that, as you point out, is an analytics engine by using AI capabilities to make it easier for mid-sized or FIs that have smaller data analytics teams to really more easily use the solution.

但從營運、生產力、速度和準確性的角度來看，我們看到了人工智慧在 Equifax 內部應用所帶來的巨大機會。在今天早上的電話會議上，我們還討論瞭如何真正增強我們的 Ignite 平台。正如您所指出的，Ignite 是一個分析引擎，它利用人工智慧功能，使數據分析團隊規模較小的中型金融機構或金融機構能夠更輕鬆地使用該解決方案。

And we've just seen some lift there. So that's what we talked about, some of the new products or new enhancements -- is probably a better term -- to our existing platforms to make them more usable and deliver quicker and higher-performing analytics for our customers, which we are quite energized about.

我們剛才看到那裡的升溫了。這就是我們討論的內容，一些新產品或新改進——或許用「改進」這個詞更合適——是對我們現有平台的改進，使其更易於使用，並為我們的客戶提供更快、更有效率的分析，對此我們感到非常振奮。

Thank you.

謝謝。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

Hi, thank you, and good morning. I wanted to first ask about just overall consumer credit trends or conditions. I've seen some headlines and bankruptcies lately in the auto space in particular. Just kind of curious what you're seeing in terms of scores or credit conditions and ability to pay within your different markets.

您好，謝謝，早安。我首先想了解整體的消費者信貸趨勢或狀況。最近我看到了一些關於汽車產業的新聞報導和破產案例。我只是有點好奇，在你們不同的市場中，你們看到的信用評分、信用狀況和支付能力方面的情況如何。

Yeah. I think we said in the comments earlier that fairly stable. I think it's still a good environment. Our customers broadly are strong, and the consumers are working. So I think that is fairly stable. Activity is lower than, I would call it, peak levels, but very stable.

是的。我想我們之前在評論裡說過，相當穩定。我認為這裡仍然是個不錯的環境。我們的客戶整體實力強勁，消費者也都在工作。所以我認為這相當穩定。活動水平低於我所說的峰值水平，但非常穩定。

The bankruptcies you've highlighted really are not, from what we understand -- I think you read the same stuff we do -- are not credit-driven bankruptcies. It sounds like there's fraud involved and things like that. So it's not really from an underlying consumer problem that these couple of auto companies had some struggle. It's just how they went to market and, perhaps, how they were operating in the marketplace.

據我們了解，你提到的那些破產案例其實並不是——我想你和我們讀到的資料是一樣的——是由信貸驅動的破產。聽起來好像牽涉到詐欺之類的事情。所以，這兩家汽車公司遇到的困難並不是源自於潛在的消費者問題。這只是他們進入市場的方式，或許也是他們在市場上的經營方式。

So when we look forward to the fourth quarter and into '26, at least the early parts of '26, it feels like a quite stable environment. As you know, GDP is growing. Unemployment is still fairly low, although there isn't a lot of job creation, which is a problem that the -- I know the Fed -- we read that the Fed is watching around job creation. So we see it as a fairly balanced environment going forward.

所以，當我們展望第四季以及 2026 年，至少是 2026 年的上半年時，感覺環境相當穩定。如你所知，GDP正在成長。雖然失業率仍然相當低，但新增就業機會並不多，這是一個問題——我知道聯準會——我們讀到聯準會正在關注就業成長情況。因此，我們認為未來的環境將相當平衡。

As Mark said, if you look at auto, card, FI, really, you're seeing slow growth, probably below what we call trend, but it's been fairly consistent, right? Slow growth kind of flat overall market, but weaker than long-term trends, but very consistent.

正如馬克所說，如果你看看汽車、信用卡、金融機構，你會發現成長緩慢，可能低於我們所說的趨勢，但一直相當穩定，對吧？整體市場成長緩慢，略顯平淡，但弱於長期趨勢，不過非常穩定。

Got it. Thank you. And then maybe just a point of clarification. I think within EWS non-mortgage consumer lending was up 20%. I think in absolute dollars, far and away, the best quarter that line has had in my model. Just curious what's driving that and maybe the sustainability of that level of growth.

知道了。謝謝。然後，或許還需要澄清一點。我認為EWS的非抵押貸款消費貸款增加了20%。我認為，就絕對美元而言，這是我的模型中該系列產品表現最好的季度。我只是好奇是什麼因素推動了這種成長，以及這種成長水準能否持續。

That's a high growth rate. You wouldn't think -- I wouldn't think about that as a long-term trend for that part of EWS. But it's really just the deployment of the value of TWN in some of those verticals is very powerful. The combination of a credit score with someone's income and employment is really quite positive. And we just had some success with new customers.

這是一個很高的成長率。你不會認為——我也不會認為這是 EWS 那一部分的長期趨勢。但TWN在某些垂直領域的價值部署確實非常強大。信用評分與個人的收入和就業情況相結合，確實會產生非常積極的影響。我們最近在拓展新客戶方面取得了一些成功。

Remember, we don't have full penetration in those verticals of using TWN. We think every lender should use it in some way, which is why we're offering it as a TWN indicator. We're going to be rolling it out with our credit file for all verticals because it provides so much visibility about not only someone's credit score, which is their propensity to repay a loan, but also their ability to repay because they're working; meaning, they have a job. So we're energized about the future of EWS in that space.

請記住，我們在這些垂直領域還沒有完全滲透到 TWN 的使用中。我們認為每個貸款機構都應該以某種方式使用它，因此我們將其作為 TWN 指標提供。我們將把這項功能推廣到所有垂直行業的信用檔案中，因為它不僅能提供關於某人信用評分（即其償還貸款的傾向）的大量信息，還能提供關於其償還能力（即其有工作）的信息。因此，我們對 EWS 在該領域的未來充滿信心。

And as a reminder, that business for EWS is just much smaller than USIS. So the growth rates tend to bounce around a little more. So as Mark said (multiple speakers) --

需要提醒的是，EWS 的業務規模遠小於 USIS。因此，成長率往往會有更大的波動。正如馬克所說（多位發言者）——

You win a couple of customers.

你成功爭取到幾個客戶。

Win a couple of customers, it's much stronger. So you shouldn't take that as a longer-term rate. The other thing that's in there, just to remind everyone, is debt management. And you really haven't seen a lot of activity yet around student loans. So given that that's the case, that's an opportunity as we get into 2026, but not something that's really been beneficial yet.

贏得幾個客戶，效果好很多。所以你不應該把這個利率當成長期利率。提醒大家一下，裡面還有一項內容是關於債務管理。而且，目前在學生貸款方面還沒有出現太多活動。有鑑於此，進入 2026 年，這是一個機遇，但目前還沒有真正帶來任何好處。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Hi, this is David Paige, on for Ashish. I was just wondering maybe you could touch on International. What -- maybe double click on what you saw in the quarter, and then how you're thinking about it the rest of the year. Thank you.

大家好，我是大衛·佩奇，替阿什什連線。我只是想問您能否談談國際方面的問題。或許可以雙擊你在本季看到的內容，然後思考你在今年餘下的時間裡會如何看待它。謝謝。

Yeah, good performance. We're pleased with the team's performance. I think we talked about very strong performance in Canada kind of post cloud. They finished the cloud last summer, and they're really deploying some new solutions and driving some share gains.

是的，表現出色。我們對球隊的表現很滿意。我認為我們之前討論過加拿大在雲端運算時代表現非常強勁。他們去年夏天完成了雲端業務，現在正在積極部署一些新的解決方案，並努力提升市場份額。

LatAm was very strong. We talked about Brazil with our, not new, but two years now, having Boa Vista performing really well, had a very, very strong quarter as we rolled out new solutions in Brazil. And we think we're seeing some share gains there. And in the other markets, solid performance in Australia, UK, Spain. We're solid performance.

拉丁美洲實力非常強勁。我們和巴西方面進行了討論，雖然不是新的合作，但兩年來，Boa Vista 的表現非常出色，在我們向巴西推出新解決方案後，該季度業績非常強勁。我們認為我們在這方面取得了一些市場份額的成長。在其他市場，澳洲、英國和西班牙也表現穩健。我們表現穩健。

UK just completed their transformation really late in the second quarter. So they're, say, let's call it six to nine months behind where Canada was. So we're -- we feel very good about them being able to drive improving performance again as we get into 2026 based on utilizing the new infrastructure they have, which we think is much stronger than what our competitors in the UK have.

英國的轉型工作直到第二季末才最終完成。所以，他們比加拿大落後了，比如說，六到九個月。因此，我們非常有信心，隨著我們進入 2026 年，他們能夠利用其擁有的新基礎設施再次推動業績提升，我們認為這比我們在英國的競爭對手擁有的要強大得多。

Great. Thank you.

偉大的。謝謝。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Hi, good morning. Thanks for taking my question. I know you mentioned earlier that hiring, particularly white collar hiring, continues to remain stressed. Can you give us some detail on what you're hearing from your conversations with customers and background screeners? And what is the expected impact to talent in the fourth quarter? Thank you.

您好，早安。謝謝您回答我的問題。我知道你之前提到過，招聘，特別是白領招聘，仍然面臨巨大壓力。您能否詳細說明您從與客戶和背景調查人員的談話中了解到的情況？那麼，預計第四季對人才方面會有什麼影響？謝謝。

Yeah, I think pretty consistent. It's a sluggish market, and we all read about that as far as job creation. Employment broadly is fairly high. Unemployment is fairly low. But there isn't a lot of as much new job creation, I think, as the -- everyone would like to see.

是的，我覺得相當穩定。市場低迷，就業成長乏力，這一點我們都已有所了解。整體而言，就業率相當高。失業率相當低。但我認為，新增就業機會並沒有像大家希望看到的那麼多。

I think you still have -- and we talked about it on the last call. What we hear from our background screening customers is they're hearing from their clients, which is the HR managers of corporations across the US, is there's still a lot of cautiousness around hiring. Because kind of the broader outlook about -- are tariffs going to be resolved, and where are those going? There's still quite a bit of uncertainty on that.

我認為你仍然有——我們在上次通話中也談到了這一點。我們從背景調查客戶那裡了解到，他們從客戶（即美國各地公司的HR經理）那裡了解到，在招聘方面仍然非常謹慎。因為更廣泛的前景是──關稅問題能否解決，以及未來的走向如何？這一點仍存在諸多不確定因素。

And I think, to me, that's one of the catalysts that has to get sorted out. And it feels like the administration is getting closer on that. They're making progress, but it's just taking quite some time.

我認為，在我看來，這是必須解決的催化劑之一。感覺政府在這方面越來越接近目標。他們正在取得進展，只是需要相當長的時間。

Appreciate the color.

欣賞這種顏色。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Good morning. This is Jun-Yi, on for Jason Haas. Your USIS mortgage outperformance was 33% in the quarter, which was a step-up sequentially. Is that driven from the new mortgage pre-approval products, or what else drove that incremental outperformance?

早安.這是 Jun-Yi，他替補 Jason Haas 上場。本季您的 USIS 抵押貸款業績超額完成 33%，較上季有所提升。這是由新的抵押貸款預審批產品推動的，還是其他因素推動了這種增量式的超額收益？

I don't think it was 33%.

我不認為是33%。

I don't think it was 33%.

我不認為是33%。

It was 26%.

是26%。

But the outperformance is really being driven by the same thing. It's been driven by all year, right? So we had obviously the very large FICO price increase that occurred last year, which is flowing through in our revenue. And yes, there is some growth in the pre-qual and pre-approval products. But probably the larger driver is the FICO price increase that happened last year.

但實際上，這種優異表現是由同一件事驅動的。一整年都是這樣推動的，對吧？很顯然，去年我們經歷了 FICO 價格的大幅上漲，這直接影響了我們的收入。是的，預審和預核准產品確實有所成長。但更大的驅動因素可能是去年 FICO 價格的上漲。

Sorry, the 33% I meant was -- like, you did 26% revenue growth, and then inquiries were down 7%. So you got 33% (multiple speakers) --

抱歉，我之前說的 33% 是指──例如，你們的收入成長了 26%，但諮詢量卻下降了 7%。所以你得到了33%（多位發言者）——

Got it. Yeah. Well done. Understood. Yeah (multiple speakers) --

知道了。是的。做得好。明白了。是的（多位發言者）——

I get your point, sir. Sorry, my second question. So one major adoption hurdle for VantageScore is often cited as its acceptance within the securitization market. So giving out free VantageScores along with each purchase of a FICO score helps you get visibility among lenders. But I don't think the securitization market will end up seeing it; correct me if I'm wrong. But how do you plan to navigate these adoption challenges?

我明白了，先生。不好意思，我的第二個問題。因此，VantageScore 面臨的一個主要採用障礙通常被認為是其在證券化市場中的接受度。因此，在每次購買 FICO 評分時同時贈送免費的 VantageScore 評分，有助於提高您在貸款機構中的知名度。但我認為證券化市場最終不會看到這種情況；如果我錯了，請糾正我。但您打算如何應對這些推廣挑戰？

Yeah. So we already sell Vantage into the securitization market, really, that they use today. They've been using it for quite some time in the mortgage industry, not from the origination side because there was a 30-year monopoly, but in kind of post-loan or post-closing analysis around mortgages. In mortgage portfolios, we've been using it for quite some time.

是的。所以，我們實際上已經將 Vantage 銷售到證券化市場，他們現在就在使用它。他們在抵押貸款行業已經使用這種方法很長時間了，不是在貸款發放方面，因為之前有 30 年的壟斷，而是在抵押貸款的貸後或結清後分析方面。在抵押貸款組合中，我們已經使用它很長時間了。

So I think as you point out, that's going to take time. I would point also to other verticals like auto and cards where it's widely accepted; meaning, large lenders sell packages of loans with Vantage and securitize loans with Vantage. So it's definitely something that happens broadly, and it will definitely take some time.

所以我覺得正如你所指出的，這需要時間。我還要指出其他垂直領域，例如汽車和信用卡領域，Vantage 也被廣泛接受；也就是說，大型貸款機構會出售包含 Vantage 的貸款組合，並使用 Vantage 對貸款進行證券化。所以這肯定是一件普遍存在的事情，而且肯定需要一些時間。

And we're continuing to expand the number of tools through Ignite and then data through very long-term data panels that we're making available to those -- to the securitization market, to rating agencies, to others so that they can more rapidly complete their analytics and we can accelerate adoption.

我們正在透過 Ignite 繼續擴展工具的數量，並透過我們向證券化市場、評級機構和其他機構提供的長期數據面板來擴展數據，以便他們能夠更快地完成分析，從而加快採用速度。

Thanks. That's a good color.

謝謝。這個顏色真好看。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes, hi, thank you. Good morning. Mark, I wanted to ask about a significant push that the MBA seems to be making around a shift away from the tri-merge report. I know we had this discussion a couple of years ago when the bi-merge was first introduced -- the idea was first introduced.

是的，你好，謝謝。早安.馬克，我想問MBA似乎正在大力推動擺脫三方合併報告的做法。我知道幾年前我們討論過這個問題，當時雙軌合併的概念剛剛提出——這個想法也是在那時首次提出的。

But it just seems like the voices are getting a bit louder. So I would just love to hear how you would respond to that, and how that might impact you and what you're doing to sort of counter that?

但感覺這些聲音好像越來越大了。所以我很想知道你對此有何回應，以及這可能會對你產生什麼影響，還有你正在採取哪些措施來應對？

Yeah. There's some voice on that. We don't think it's a real drumbeat. I think there's more focus on score pricing certainly currently, and there is around tri-merge. We've been quite consistent with the regulators, with the agencies, and with our customers that there's a lot of value in the tri-merge because there's so many differences between the three credit bureaus as far as the credit data that we have.

是的。對此確實有一些聲音。我們認為這不是真正的鼓點。我認為目前大家更關注的是評分定價，以及三方合併的問題。我們一直對監管機構、相關機構和客戶保持相當一致的態度，那就是三方合併具有很大的價值，因為就我們擁有的信用數據而言，這三家信用機構之間存在著許多差異。

And there's just -- for example, there's 10 million -- roughly 10 million consumers that are only on one credit file of the three. So if you only pull one or two, that individual wouldn't have access to a mortgage. There's 40 million-plus consumers that have a 30- to 40-point score difference between the three credit bureaus.

例如，大約有 1000 萬消費者只出現在三個信用檔案中的一個上。所以，如果你只提取一兩筆貸款，那麼這個人就無法獲得抵押貸款。有超過 4000 萬消費者的信用評分在三大信用機構之間相差 30 到 40 分。

If you're pulling one or two, you obviously either improve or have a negative impact on a consumer, and then you also have the whole integrity. So in our perspective, there's a lot of broad focus on that. I think the MBA's focus is more around the cost that's been driven by the FICO score increase, has really impacted the industry.

如果你做了一、兩件事，顯然要嘛會提升消費者的體驗，要嘛會對消費者產生負面影響，而且你還會面臨誠信的問題。所以從我們的角度來看，這方面有很多廣泛的關注點。我認為MBA的重點更在於FICO信用評分上漲帶來的成本上升，這確實對整個產業產生了影響。

And hopefully, the discussions happening at the MBA meeting this week is around the actions that we're taking -- and our competitors did, too -- around trying to offer an alternative to bring score pricing down for the mortgage originators and for consumers.

希望本週 MBA 會議上的討論能夠圍繞我們正在採取的行動展開——我們的競爭對手也採取了同樣的行動——即努力為抵押貸款發起人和消費者提供降低評分定價的替代方案。

All right. Understood. And then just to follow up on government, I know you recently launched your Complete verification product. Just curious how much traction you're seeing with that product versus more of an instant verification? I'm curious if you can comment on the competitive environment on the consumer permission side within government.

好的。明白了。另外，關於政府方面，我知道你們最近推出了完整的驗證產品。我很好奇，與即時驗證產品相比，你們覺得這款產品的使用者接受度如何？我想請您談談政府內部消費者授權方面的競爭環境。

Yeah. And you may remember, our solution is integrated with the TWN instant solution. So if you're a state or an agency that's using it -- and we rolled this out, as you know, last quarter. We already have one customer signed up to use it, and we've got an attractive pipeline for it.

是的。您可能還記得，我們​​的解決方案與 TWN 即時解決方案是整合在一起的。所以，如果您是正在使用它的州或機構——正如您所知，我們在上個季度推出了這項服務。我們已經有一位客戶簽約使用該產品，而且我們有很有前景的潛在客戶群。

But the intention is to -- the vast majority of social service recipients have W-2 income, which is where we have the data on it. So they'll access in the workflow our TWN solution first. And then if the applicant also has some gig income, then they would integrate right through to our total income solution with the consumer permission data. And we deliver a report back with both sets of income.

但我們的目的是——絕大多數社會服務領取者都有 W-2 收入，而我們的數據就來自 W-2 表格。因此，在工作流程中，他們將首先訪問我們的 TWN 解決方案。如果申請人還有一些零工收入，那麼他們就可以直接透過消費者授權資料整合到我們的整體收入解決方案中。我們會提交一份包含兩組收入狀況的報告。

It's very common for many of the social service recipients to have a W-2 job, either at restaurant or a warehouse or a retail operation. But then they might be -- have a gig income on the weekends or at night for DoorDash or Uber or whatever that self-employed income would be. And our solution provides kind of a complete picture there.

許多領取社會服務的人都有一份 W-2 表格的工作，無論是在餐廳、倉庫或零售店。但他們也可能在週末或晚上透過 DoorDash、Uber 或其他任何自僱方式賺取零工收入。而我們的解決方案則提供了一幅較為完整的圖景。

And we believe that integrated solution is quite important for the case workers in order to provide productivity and also the speed of the social service delivery. So we're quite optimistic about deploying that further in the marketplace to really help provide access to that nontraditional income.

我們認為，對於個案工作者來說，整合解決方案對於提高工作效率和加快社會服務提供速度至關重要。因此，我們對在市場上進一步推廣這項技術，真正幫助人們獲得非傳統收入感到非常樂觀。

Great. Thank you, Mark.

偉大的。謝謝你，馬克。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

Great. Thank you. Hey, Mark or John, what do you say to investors out there that point out that VantageScore in the marketplace has roughly 5% market share versus autos, credit card, P-loans out there and basically negligible market share in nonconforming mortgages out there.

偉大的。謝謝。嘿，馬克或約翰，對於那些指出 VantageScore 在市場上的份額約為 5%，而汽車、信用卡、個人貸款等其他領域市場份額較小，在非標準抵押貸款領域市場份額幾乎可以忽略不計的投資者，你們有什麼想說的？

What's going to change going forward in your mind in those markets to materially move your market share up in VantageScore, given that VantageScore has been out there for 19, 20 years so far?

鑑於 VantageScore 已經問世 19 到 20 年，您認為未來在這些市場中，哪些因素會改變，才能實質地提高 VantageScore 的市佔率？

Yeah. But remember that -- I think you're talking principally in mortgage. And the difference in mortgage is that it wasn't allowed in mortgage until July. So it just wasn't permissible. And then when you have the primary score provider, FICO, driving price up the way they have from $4.95 to $10 in 2026, we think that provides a catalyst.

是的。但請記住——我認為你主要談論的是抵押貸款。而抵押貸款方面的差異在於，直到7月份才允許在抵押貸款中使用這種條款。所以這是絕對不允許的。然後，當主要的信用評分提供者 FICO 像他們一樣將價格從 2026 年的 4.95 美元提高到 10 美元時，我們認為這會起到催化劑的作用。

And what we're seeing in the last number of weeks is a real -- a lot of momentum around lenders wanting to drive towards that alternative because of the challenging cost of the FICO score. And so clearly, it's going to take time.

在過去幾周里，我們看到貸款機構確實有很大的動力去推動這種替代方案，因為 FICO 評分的成本很高。所以很明顯，這需要時間。

I think we tried to point out also on the call that, look, we have -- this -- the FICO score increase or the Vantage option that we announced doesn't change our long-term outlook for the company. It just provides a new positive profit pool over the medium and long term. There's a -- we never thought about the $100 million to $200 million that profit pool for Equifax until the score went up to $10 by FICO a few weeks ago.

我認為我們在電話會議上也試圖指出，我們宣布的 FICO 評分提升或 Vantage 選項並不會改變我們對公司的長期展望。它只是在中長期內提供了一個新的正利潤池。直到幾週前 FICO 將信用評分提高到 10 美元，我們才意識到 Equifax 的利潤池可能高達 1 億至 2 億美元。

We think that provides an opportunity for us to gain some share with Vantage, and that's what we're going to focus on. But that doesn't change our long-term outlook of the company. In essence, in the long term, it provides an upside to that as far as the range that we have. But we're focused on looking at that opportunity and trying to deliver those savings to our customers.

我們認為這為我們提供了一個從 Vantage 手中奪取一些市場份額的機會，而這正是我們將要關注的重點。但這並不改變我們對公司的長期看法。從本質上講，從長遠來看，就我們所擁有的範圍而言，它會帶來好處。但我們專注於尋找這個機會，並努力為我們的客戶節省開支。

I'm sorry, I'm talking about the nonconforming part of the mortgage market. You can use Vantage or FICO, right, for many years here and stuff. I believe VantageScore has negligible market share. There (multiple speakers) --

抱歉，我指的是抵押貸款市場中不規範的部分。你可以在這裡使用像 Vantage 或 FICO 之類的工具，對吧？我認為 VantageScore 的市佔率微乎其微。那裡（多位發言者）——

Yeah, it does. But there's -- most of the lenders that are doing conforming and nonconforming, really, have one system. And when FICO is -- was required for 30 years and built into their workflows and their processes, the incentive to change was challenging, to have two scores, if you will, in the nonconforming as you point out.

是的，確實如此。但實際上，大多數從事合格貸款和非合格貸款的貸款機構都使用同一套系統。而當 FICO 評分——過去 30 年來一直是必需的，並且已經融入到他們的工作流程和流程中——改變的動力就變得很困難，因為要有兩個評分，就像你指出的那樣，這在不符合規範的情況下是無法接受的。

And then as you know, until recently, meaning it's only last three or four years that FICO has put the gas pedal to their pricing and really changed it quite dramatically and been quite aggressive. So there really wasn't enough of a catalyst, perhaps, on the nonconforming side.

而且如你所知，直到最近，也就是最近三、四年，FICO 才開始加快定價步伐，並進行了相當大的改變，採取了非常激進的策略。所以，或許在不合規方面，確實缺乏足夠的催化劑。

But I think it's more just their systems and capabilities. If they're using FICO for 80% of their mortgages in the conforming side; nonconforming, it didn't make a lot of sense to do it. We believe now it does.

但我認為這更多是他們的系統和能力的問題。如果他們在符合標準的抵押貸款中 80% 都使用 FICO 評分，那麼對於不符合標準的抵押貸款來說，這樣做就沒什麼意義了。我們現在相信確實如此。

I'm sorry, but back to the other part of my question, a 5% rough markets in autos, credit card, P-loans that VantageScore has built up here over 19, 20 years. What's going to change on that part of the market for VantageScore (multiple speakers) --?

抱歉，但回到我問題的另一部分，VantageScore 在過去 19、20 年裡累積的汽車、信用卡、P 貸款市場 5% 的粗略市場數據。VantageScore 在該細分市場將會發生哪些變化？（多位發言者）－？

Well, I think as you know, FICO -- I think as you know, in those verticals, FICO hasn't doubled their price, taking it up 16x. So they've been more balanced around their pricing there. So there has been the pricing catalyst or the cost catalyst there.

嗯，我想你應該知道，FICO——我想你應該知道，在這些垂直領域，FICO並沒有將價格翻倍，也沒有將其提高16倍。所以他們在定價方面做得更平衡了。所以，價格或成本方面有催化劑。

But notwithstanding that, there are lenders that have moved to it because there is a price advantage, with the VantageScore versus FICO. We think there's going to be an opportunity to drive some share gains in that space beyond what has happened so far, which is why we're offering the free VantageScores in that space to really drive understanding and adoption that the score is equivalent.

儘管如此，還是有一些貸款機構轉向使用 VantageScore，因為 VantageScore 相對於 FICO 具有價格優勢。我們認為，在這個領域，我們有機會獲得比目前更大的市場份額成長，因此，我們在這個領域提供免費的 VantageScores，以真正推動人們理解和採用該評分的等效性。

In the non-mortgage verticals, like auto, cards, and P-loans, the VantageScores pricing is significantly below FICO. So there's going to be an opportunity there.

在非抵押貸款領域，例如汽車貸款、信用卡和個人貸款，VantageScores 的定價遠低於 FICO。所以那裡會存在機會。

Kelsey Zhu, Autonomous Research.

Kelsey Zhu，自主研究。

Hi, good morning. Thanks for taking my question. You sized VantageScore upside in the mortgage vertical, which was very helpful. So I was just wondering if you can talk about a little bit more VantageScore opportunity in non-mortgage vertical and particularly around current penetration rate within card and auto and pricing difference with FICO, and where you see the adoption rate for VantageScore could be in the next three to five years?

您好，早安。謝謝您回答我的問題。您對 VantageScore 在抵押貸款領域的成長潛力進行了評估，這非常有幫助。所以我想請您談談 VantageScore 在非抵押貸款領域的更多機會，特別是目前在信用卡和汽車領域的滲透率以及與 FICO 的價格差異，以及您認為 VantageScore 在未來三到五年內的採用率會達到什麼水平？

Yeah. I think that's a space, as I mentioned earlier, that FICO has not been as aggressive on pricing. So it's gotten less attention than the dramatic pricing that they've had in the mortgage vertical, where they had that monopoly position.

是的。我認為，正如我之前提到的，在這個領域，FICO 在定價方面並沒有那麼積極。因此，與他們在抵押貸款領域（他們曾佔據壟斷地位）採取的激進定價策略相比，這項舉措受到較少的關注。

It's -- we think there's still savings opportunities for our customers and a performance that looks a lot like FICO. As I said earlier, you have to have a catalyst to drive a change like this. And there's clearly a real catalyst, in our view, in the mortgage space.

我們認為，我們的客戶仍然有省錢的機會，而且業績與 FICO 非常相似。正如我之前所說，你需要一個催化劑來推動這樣的改變。我們認為，抵押貸款領域顯然存在一個真正的催化劑。

We're going to work to provide optionality for our customers by providing the free VantageScore. And as I said earlier -- and you probably have the same intel we do -- there's a number of large lenders that have switched a while ago.

我們將透過提供免費的 VantageScore 服務，努力為客戶提供更多選擇。正如我之前所說——而且你們可能也掌握了和我們一樣的資訊——一些大型貸款機構已經轉換了貸款方式一段時間了。

The question is, is there enough catalyst between the VantageScore pricing and the FICO score pricing outside of mortgage? We think there's an opportunity there, which is why we're going to focus on it and deliver the free VantageScore with every paid FICO score in that -- in those verticals also.

問題是，在抵押貸款之外，VantageScore 定價和 FICO 評分定價之間是否存在足夠的催化劑？我們認為那裡有機會，因此我們將專注於此，並在這些垂直領域中，為每個付費的 FICO 評分提供免費的 VantageScore。

Got it. Thanks a lot. And then second question on the government vertical. I was just wondering if you can tell us a little bit more about the evolution of the SNAP contracts. Because I remember in the Q3 2023 call, you talked about the $38 million contract with the USDA, which I think was a base year value. But that was possibly impacted by the funding practice changes at the USDA in 2024.

知道了。多謝。然後是關於政府領域的第二個問題。我只是想問您能否詳細介紹一下 SNAP 合約的演變過程。因為我記得在 2023 年第三季度電話會議上，您談到了與美國農業部簽訂的價值 3800 萬美元的合同，我認為那是一個基準年的價值。但這可能受到美國農業部 2024 年撥款方式變化的影響。

And then on slide 6, you talked about launching a new product that provides agencies monthly life changes to reduce error rates. So just curious to get your thoughts around how much revenues Equifax generated from the USDA or SNAP contract the last two years and also your outlook going forward.

然後在第 6 張幻燈片中，您談到了推出一款新產品，該產品為機構提供每月生活變化，以降低錯誤率。所以，我很好奇您對 Equifax 在過去兩年從 USDA 或 SNAP 合約中獲得的收入有何看法，以及您對未來的展望。

Yeah, we don't typically talk about specific customer contracts, as you know. But our intention in the discussion on government was really to highlight some of the opportunities that we see going forward from the OB3 bill and the focus on the improper payments and $160 billion of improper payments at the federal level. We just see a lot of opportunities.

是的，如您所知，我們通常不會談論特定的客戶合約。但我們在討論政府問題時，真正的目的是強調我們從 OB3 法案以及對不當支付和聯邦層面 1600 億美元不當支付的關注中看到的一些未來機會。我們看到了很多機會。

And OB3 really presents a whole bunch of new opportunities going from 12 months to 6-month redeterminations, the work requirements. We're working collaboratively at the federal and state level about solutions we deliver because we have hours worked in our data set and then the error rates that come through in SNAP.

OB3 確實帶來了許多新的機會，從 12 個月的重新評估週期縮短到 6 個月的重新評估週期，以及工作要求。我們正在聯邦和州層級合作，共同尋求解決方案，因為我們投入了大量時間研究我們的資料集，並發現 SNAP 中存在錯誤率。

And we mentioned that there's a lot of states that are north of those error rates, and they're going to be wanting to focus on getting them down. So we think the broader adoption of our solution is going to be a positive going forward.

我們提到過，有很多州的錯誤率高於這些標準，他們會希望集中精力降低錯誤率。因此，我們認為，我們的解決方案得到更廣泛的採用，對未來將產生積極影響。

And I know you know this, but the vast majority of our revenue regarding staff is with the states directly.

我知道你也明白這一點，但我們絕大部分與員工相關的收入都直接來自各州。

Got it. Thanks a lot.

知道了。多謝。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Hey, guys. Thanks for squeezing me in. Just wanted to ask another one on the government vertical, particularly as it relates to the shutdown and if we do see this sort of extend longer than what is anticipated.

嘿，夥計們。謝謝你擠出時間陪我。我還想問一個關於政府方面的問題，特別是關於政府停擺的問題，以及如果停擺持續時間超過預期會怎麼樣。

Just wondering if you can talk a little bit more about the potential impacts, like understand there will probably be impacts to your federal program contracts. But is there anything at the state level that is tied to federal programs that could potentially see impacts as well? Thanks.

我想問一下您能否再詳細談談潛在的影響，例如，我知道這可能會對您的聯邦專案合約產生影響。但是，州一級是否有任何與聯邦計畫相關的措施可能會受到影響呢？謝謝。

Yeah. I think you used the phrase, which I'd love to get your view on that longer than anticipated, the shutdown. I think none of us really understand enough about politics, although I think the Treasury Secretary said, I believe, yesterday that the expectation is going to be resolved this week.

是的。我想你用過這個短語，我很想聽聽你對「停擺」的看法，停擺的時間比預期的要長。我認為我們當中沒有人真正了解政治，儘管我相信財政部長昨天說過，預計本週內就能解決這個問題。

Broadly, we think -- and it's hard to pick a timeframe, like how long is it going to go? But broadly, any impacts we would see as be a deferral of revenue that would be made up because those applicants are still going to be there. The state is not really impacted because they're still delivering social services. So we don't see an impact there.

總的來說，我們認為——而且很難確定一個時間範圍，例如它會持續多久？但總的來說，我們看到的任何影響都只是收入的延遲，而這種延遲將會被彌補，因為這些申請人仍然會在那裡。該州並未受到太大影響，因為他們仍在提供社會服務。所以我們沒有看到這方面的影響。

So in our guide that we have for the fourth quarter, we just really don't see an impact there. And I think, look, if this went on for months, that's like kind of a very extreme scenario that would be hard to handicap. But where it's tracking so far, we don't see an impact.

因此，在我們針對第四季的預測中，我們真的看不到任何影響。我認為，如果這種情況持續數月，那將是一個非常極端的情況，很難預測其後果。但就目前追蹤的情況來看，我們還沒有看到任何影響。

Got it. That's helpful. And then just on the vitality index side and the strong results that you're seeing out of the new products, I know you mentioned the I-9 virtual that has been driving some strength there. But just wondering if you can talk about a few more products that kind of drove that 16% vitality index this quarter, and you're raising your guidance from 12% to 13%?

知道了。那很有幫助。然後，就活力指數方面而言，以及您從新產品中看到的強勁效果，我知道您提到了 I-9 虛擬產品，它在這方面取得了一些進展。但我想問一下，您能否再談談推動本季活力指數達到 16% 的幾款產品？另外，您還將預期值從 12% 上調至 13%？

Yeah, it's a bunch. It really starts with -- we laid the groundwork three, four years ago to invest in more product resources and really build out our product DNA. That was our goal. And as you may remember, we increased our kind of long-term goal for vitality from kind of 5%, 6%, 7% to 10% four years ago. And we've been outperforming that for the last number of years.

是的，有很多。這一切其實始於──三、四年前，我們奠定了基礎，投入更多產品資源，真正創造了我們的產品基因。這就是我們的目標。您可能還記得，四年前我們將長期活力目標從 5%、6%、7% 提高到了 10%。過去幾年，我們的表現一直優於這個水準。

And now that we're in, what I would call, a post-cloud transformation environment, with most of our cloud completion complete, the bandwidth has really opened up for our team. So I think that starts with -- why are we outperforming our 10% goal so strongly is because we have the capabilities now with the cloud, we have the bandwidth to focus on customers and innovation, and we built the DNA to really focus on it.

現在我們已經進入了我所謂的後雲轉型環境，我們的大部分雲端部署工作已經完成，我們的團隊真的有了更多的時間和精力。所以我認為這要從——為什麼我們能如此出色地完成 10% 的目標開始，是因為我們現在擁有了雲端運算能力，我們有足夠的資源專注於客戶和創新，而且我們已經建立了真正專注於此的基因。

So other products, we talked a bunch about the TWN indicator. We're energized about that for mortgage. That's in production now. We've got customers that are using it. We've got mortgage resellers that are delivering it to their customers. So that's a positive for us that, we think, is going to be a very positive NPI for us, not only in mortgage, but in auto, cards, and P-loans, as we continue to roll that out.

至於其他產品，我們聊了很多關於 TWN 指標的內容。我們對此感到非常振奮，因為這將對抵押貸款大有裨益。目前正在生產中。我們有客戶正在使用它。我們有抵押貸款轉售商正在向他們的客戶提供這項服務。所以這對我們來說是個利好消息，我們認為這將對我們的淨保費收入產生非常積極的影響，不僅在抵押貸款方面，而且在汽車貸款、信用卡和個人貸款方面也是如此，因為我們將繼續推出這項服務。

I-9 virtual is an attractive solution. We've got some new identity scores, really leveraging our account data, and our Equifax data that are higher performing, that we're seeing some positives in. We talked about some of the new solutions that we're just bringing to market to enhance our Ignite analytics engine through the use of AI capabilities that, we think, will drive adoption of that.

I-9 虛擬表格是一個很有吸引力的解決方案。我們獲得了一些新的身份評分，真正利用了我們的帳戶數據和 Equifax 數據，這些評分錶現更佳，我們看到了一些積極的效果。我們討論了一些我們剛剛推向市場的新解決方案，這些解決方案利用人工智慧功能來增強我們的 Ignite 分析引擎，我們認為這將推動該引擎的普及。

So we're quite bullish around our innovation capabilities. And remember, that's one of the reasons we invested so heavily in the cloud as well as invested to put all our data into a single data fabric, was really to drive innovation for our customers.

因此，我們對自身的創新能力相當樂觀。記住，我們之所以在雲端運算領域投入巨資，並將所有資料整合到統一的資料架構中，其中一個原因就是為了真正推動客戶的創新。

And then adding to that, our AI capabilities is really driving performance, meaning just higher KS scores, higher predictability of our scores, models, and products. We're seeing that flow through, and that's showing up in that higher vitality index.

此外，我們的人工智慧能力也確實推動了效能的提升，這意味著更高的KS評分，更高的評分、模型和產品的可預測性。我們看到這種趨勢正在顯現，這體現在更高的活力指數上。

And that momentum is obviously positive for 2026 to have that kind of sequentially growing vitality index, means we have more products in our commercial team's briefcase to go out and bring to our customers to really drive innovation and share gains and revenue growth for Equifax.

顯然，這種勢頭對 2026 年來說是積極的，活力指數持續增長意味著我們的商業團隊有更多產品可以帶給客戶，從而真正推動 Equifax 的創新、市場份額增長和收入增長。

Great. Thanks, guys.

偉大的。謝謝各位。

Ryan Griffin, BMO Capital Markets.

Ryan Griffin，BMO資本市場。

Hey, thanks for squeezing me in. I know it's late, so I'll just ask one. Just wanted to dig into the pricing strategy in the non-mortgage verticals, whether on the credit file itself or some of the other package fees. Do you think there's room to move that higher over time? Thank you.

嘿，謝謝你擠出時間幫我。我知道現在很晚了，所以我就問一個吧。我只是想深入了解非抵押貸款領域的定價策略，無論是信用檔案本身還是其他一些套餐費用。你認為隨著時間的推移，這個價格還有上漲的空間嗎？謝謝。

Yeah. And we have a constant strategy to price for value. In all of our verticals, we typically take price up on January 1. And we see the opportunity to do that. I think that's in our long-term framework for a couple of points of price over the long term. And the value of our differentiated data gives us the ability to do those, you call them modest but -- price increases that we expect to continue in 2026 and beyond.

是的。我們始終堅持以價值為導向的定價策略。在我們所有的垂直領域，我們通常都會在 1 月 1 日上調價格。我們看到了實現這一目標的機會。我認為從長遠來看，這符合我們幾個點的價格預期。我們差異化數據的價值使我們能夠進行那些——你稱之為適度的價格上漲——但我們預計這些價格上漲將在 2026 年及以後繼續保持。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Hi, thanks. Good morning. Your pricing Vantage mortgage (technical difficulty) at $4.50 a score. That compares to TransUnion pricing at $4 a score and Experian offering VantageScore for free. How do you expect Vantage mortgage market shares among the bureaus to shake out with each credit bureau pricing VantageScore differently?

您好，謝謝。早安.您的 Vantage 抵押貸款定價（技術難題）為每分 4.50 美元。相比之下，TransUnion 的定價為每次評分 4 美元，而 Experian 則提供免費的 VantageScore 評分。由於各信用機構對 VantageScore 的定價方式不同，您認為 Vantage 抵押貸款市場份額在各信用機構之間會如何變化？

I think, George, you should check -- and again, I'm not Experian -- but you should check Experian's press release or call Experian. My understanding is they're not offering the VantageScore for free. I believe they're offering it, if I read the press release correctly, at 50% below the FICO price, which would make it $5.

喬治，我覺得你應該檢查一下——再說一遍，我不是 Experian 的員工——但你應該查看 Experian 的新聞稿或致電 Experian。據我了解，他們並沒有免費提供 VantageScore 評分。如果我沒理解錯新聞稿的話，他們提供的這款產品價格比 FICO 定價低 50%，也就是 5 美元。

But look, there's competition between the three of us. As you know, there's still a -- and we expect that to continue to be -- there's still a 3B credit file requirement by the FHFA and the agencies. So each of us will compete around what kind of score we offer, and you see some differentiation between the three of us.

但是你看，我們三個之間是有競爭的。如您所知，FHFA 和各機構仍然有 3B 信用檔案要求，而且我們預計這種情況還會繼續下去。所以，我們每個人都會圍繞著我們能提供的分數競爭，你會看到我們三個人之間存在一些差異。

But I'll speak for Equifax. At our $4.50, we think, is a substantial discount to the $10 that FICO has put into the marketplace. And we talked in our comments as well as in the Q&A that we've seen really strong response from the mortgage industry; meaning, our customers around that proactive pricing to deliver value to them.

但我可以代表 Equifax 發言。我們認為，我們4.50美元的價格比FICO投入市場的10美元價格優惠很多。我們在評論和問答環節中都提到，抵押貸款行業對此反應非常強烈；也就是說，我們的客戶對這種積極主動的定價方式給予了高度評價，認為這能為他們帶來價值。

And we would expect to see and we're already seeing some conversions from FICO to Vantage, which is good for Equifax. When we sell a FICO score in 2026, it's going to cost us $10. When we sell a VantageScore, we're going to make $4.50. But when we sell a VantageScore versus FICO, the industry is going to save $5.50.

我們預計會看到，而且已經看到一些客戶從 FICO 轉向 Vantage，這對 Equifax 來說是件好事。2026 年我們出售 FICO 信用評分時，每次收費 10 美元。我們每賣出一份 VantageScore 評分，就能賺 4.50 美元。但是，如果我們賣出 VantageScore 評分而不是 FICO 評分，整個產業就能節省 5.50 美元。

Okay. Got it. And I believe Experian's strategy is they're offering it for free. But if they choose to monetize it, then they'll charge 50% below FICO going forward.

好的。知道了。我相信Experian的策略是免費提供這項服務。但如果他們選擇將其商業化，那麼今後他們的收費將比 FICO 低 50%。

I would talk to them. I don't think that's the case, but I'm not Experian.

我會和他們談談。我不認為情況是這樣，但我不是Experian公司的人。

Okay. Great. Secondly, you're launching various Equifax.AI solutions, including the Ignite AI Advisor. How are you planning to monetize your AI products? And how does that monetization compare to the cost to deploy AI?

好的。偉大的。其次，你們正在推出各種 Equifax.AI 解決方案，包括 Ignite AI Advisor。你們打算如何實現人工智慧產品的商業化？那麼，這種獲利模式與部署人工智慧的成本相比如何？

Yeah. So the cost is in our COGS. We've been, as you know, doing -- investing in AI for longer than I've been here. We've got over 300 explainable AI patents. We added, I think, 16 AI patents in the first half of this year. We're continuing to develop and build out our capabilities. So that's in our core COGS.

是的。所以成本計入了我們的銷售成本。如你所知，我們一直在投資人工智慧，而且投資時間比我來這裡的時間還要長。我們擁有超過 300 項可解釋的人工智慧專利。今年上半年，我們新增了16項人工智慧專利。我們將持續發展和提升自身能力。所以這屬於我們的核心銷售成本。

And now we're really focused on deploying those capabilities in a post-cloud environment, and it takes different forms. In a score or a model that we're delivering, the AI-powered solutions are delivering much higher predictability. And that means ROI for our customers, meaning a higher score performance.

現在我們真正專注於在後雲環境中部署這些功能，而這採取了不同的形式。在我們提供的評分或模型中，人工智慧解決方案能夠提供更高的可預測性。這意味著我們的客戶將獲得投資報酬率，也就是更高的得分錶現。

So we're seeing big 10-point lifts in the identity or underwriting scores from using our AI capabilities. And as you know, what's underneath that is you have to have differentiated data. And as you know, and we believe, we've got more differentiated data than our peers. And that allows us to deliver those AI solutions.

因此，我們看到，透過使用我們的人工智慧功能，身份驗證或核保評分大幅提升了 10 分。如你所知，這一切的基礎在於你必須擁有差異化的數據。如您所知，我們也相信，我們擁有比同行更具差異化的數據。這使我們能夠提供這些人工智慧解決方案。

We talked on the call earlier about some of the AI capabilities we're adding to our Ignite analytics engine to make it easier to use and easier to deploy. That's one that we would look for more adoption of that platform, which generally means that that customer, if they're using our analytics platform, they're generally going to have us in a primary position. So it drives share gains if we can have a more higher-performing solution. So that's why we're investing there.

我們在先前的電話會議上討論過，我們正在為 Ignite 分析引擎添加一些 AI 功能，使其更易於使用和部署。我們希望看到更多人採用這個平台，這意味著，如果客戶使用我們的分析平台，他們通常會把我們放在首要位置。因此，如果我們能提供性能更高的解決方案，就能推動市場佔有率的成長。所以這就是我們在那裡投資的原因。

So we're quite energized around our post-cloud capabilities off our differentiated data using AI for our customers. And then you'll also hear us talk more and more going forward around how we're using AI inside of Equifax to drive productivity and cost savings.

因此，我們對利用人工智慧為客戶創造差異化數據，從而提升後雲端時代的能力感到非常振奮。接下來，您還會聽到我們越來越多地談論如何在 Equifax 內部使用人工智慧來提高生產力和節省成本。

Simon Clinch, Rothschild & Co.

西蒙·克林奇，羅斯柴爾德公司

Hi, thanks for squeezing me in right at the end. I was curious, on the government side, Mark, perhaps, you could talk to us about the funding side of that discussion that you're having with the states here.

嗨，謝謝你最後擠出時間來陪我。馬克，我很好奇，從政府方面來說，或許你可以和我們談談你正在與各州進行的討論中關於資金方面的問題。

Because, clearly, if they were to expand their business with the TWN in an effort to improve the quality or even reduce error rates in SNAP, to me, it seems like they will have to increase their spending. So they'd have to find the funding elsewhere. Is that covered by the OB3?

因為很明顯，如果他們要擴大與 TWN 的業務合作，以提高 SNAP 的品質甚至降低錯誤率，在我看來，他們就必須增加支出。所以他們必須從其他地方籌集資金。OB3 是否涵蓋了這一點？

It's not. It is in some cases, but generally, it's not. And the states really have to look at it as -- number one, we deliver productivity. If you've got a case worker that's spending 45 minutes, 1 hour, 1.5 hours on an adjudication of someone's income eligibility for one of the social service benefits and then they can do it instantly with Equifax, that obviously delivers pure cost productivity.

它不是。有些情況下是這樣，但通常不是。各州確實應該這樣看待這個問題──首先，我們要提高生產力。如果社工需要花費 45 分鐘、1 小時、1.5 小時來裁定某人是否有資格獲得社會福利，而現在他們可以使用 Equifax 立即完成裁定，這顯然可以帶來純粹的成本效益。

As you point out, they have to find budget dollars, which is always the complexity of operating really with any customer. You have to deliver ROI. But in the case of government, it may be more complex because they have to deliver the budget dollars.

正如你所指出的，他們必須找到預算資金，這始終是與任何客戶合作時都會遇到的複雜問題。你必須拿出投資報酬率。但對政府而言，情況可能更為複雜，因為他們必須落實預算資金。

What changed in OB3, though, is some of the requirements that are really mandatory from the federal government to drive a higher compliance with the integrity side of social service delivery to really attack the $160 billion. And that includes like the SNAP error rates that we talked about.

不過，OB3 的變化在於，聯邦政府提出了一些強制性要求，旨在提高社會服務提供誠信的合規性，從而真正解決 1,600 億美元的問題。這其中就包括我們之前提到的 SNAP 錯誤率。

So a state that has SNAP error rates that are above the 6% threshold is either going to have to start paying for more of the SNAP benefits, which is billions of dollars -- we highlighted $12 billion for the states that are over -- or they're going to use budget dollars to use a solution like Equifax's in order to drive higher integrity and bring those error rates down.

因此，如果一個州的 SNAP 錯誤率超過 6% 的閾值，那麼該州要么需要開始支付更多的 SNAP 福利金，這相當於數十億美元——我們重點指出，超過閾值的州需要支付 120 億美元——要么需要動用預算資金，採用像 Equifax 這樣的解決方案，以提高誠信度並降低錯誤率。

And those are the conversations that we see real momentum in post OB3, states realizing that they've got to enhance their investment in order to have a higher accuracy in the income validation of a recipient. And that's the conversations that we're seeing, and we expect that to be a positive for the states.

在 OB3 之後，我們看到這些對話真正有了進展，各州意識到他們必須加強投入，才能更準確地驗證受益者的收入。這就是我們目前看到的對話，我們預計這對各州來說將是一件好事。

They're going to be able to avoid paying a larger portion of the social service benefits and then a positive for Equifax, as we expect our Workforce Solutions government vertical to have some incremental growth going forward.

他們將能夠避免支付更大比例的社會服務福利，這對 Equifax 來說是個好消息，因為我們預計我們的勞動力解決方案政府垂直業務將在未來成長。

And then we also talked about some of the new programs. Like, today, the IRS doesn't use our data for the earned income tax credit. We think that's a big opportunity for them. And there's just other opportunities like that with this administration's focus on the $160 billion of improper payments.

然後我們也討論了一些新項目。例如，如今美國國稅局並沒有將我們的資料用於勞動所得稅抵免。我們認為這對他們來說是一個絕佳的機會。而且，鑑於本屆政府將重點放在 1,600 億美元的不當支付上，還有其他類似的機會。

Yeah, okay. That's really helpful. Thank you. Just a follow-up question. On the mortgage market, could you give us a sense of how to think about the impact that trigger leads have on inquiry volumes broadly, and how to think about the introduction of that new legislation coming in March? Thanks.

好的。這真的很有幫助。謝謝。還有一個後續問題。關於抵押貸款市場，您能否談談如何看待觸發式線索對整體諮詢量的影響，以及如何看待三月即將出台的新法規？謝謝。

Yeah. It's relatively small, right, certainly in our volume.

是的。相對較小，對吧，尤其是在我們這個行業。

For Equifax. Yeah.

針對 Equifax。是的。

Yeah. For Equifax, it's relatively small. You need to talk to obviously our competitors about their volumes. But for us, it's relatively small. So yes, there could be an impact. There could be a shift, perhaps, away from pre-qual and pre-approval back toward hard-inquiry type of transactions. But we'll have to see as the market progresses.

是的。對 Equifax 而言，這相對較小。你顯然需要和我們的競爭對手談談他們的銷量。但對我們來說，這相對較小。所以，是的，可能會產生影響。或許，交易方式會從預審和預先批准轉向直接查詢式交易。但我們還得觀察市場的發展。

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

謝謝。我們的問答環節結束了。我想把發言權交還給各位，請你們補充或作總結發言。

This is Trevor. Thanks, everybody, for joining the call. Please feel free to reach out to Molly or myself if you have any follow-up questions. Otherwise, have a great day.

這是特雷弗。謝謝大家參加這次通話。如果您有任何後續問題，請隨時聯繫 Molly 或我。祝你今天過得愉快。

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

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。