易速傳真 (EFX) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Equifax second-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Equifax 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I'd now like to turn the call over to your host, Mr. Trevor Burns, Senior Vice President, Investor Relations. Thank you, sir. Please go ahead.

現在我想把電話交給本次會議主持人——投資人關係資深副總裁 Trevor Burns 先生。謝謝您。請開始。

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，各位早安。歡迎參加今天的電話會議。我是 Trevor Burns。今天與我一同出席的有執行長 Mark Begor，以及財務長 John Gamble。

Today's call is being recorded. An archive of the recording will be available later today in the IR Calendar section of the News and Events tab at our Investor Relations website.

今天的電話會議將被錄音。錄音檔案將於今日稍晚在我們投資人關係網站「新聞與活動」分頁下的「IR 行事曆」區提供。

During the call, we will be making reference to certain materials that can be found in the Presentations section of the News and Events tab at our IR website. These materials are labeled 2Q 2026 Earnings Conference Call.

在會議期間，我們將引用一些資料，這些資料可在我們投資人關係網站「新聞與活動」分頁下的「簡報」區找到。這些資料標示為「2026 年第二季財報電話會議」。

Also, we'll be making certain forward-looking statements, including third-quarter and full-year 2026 guidance, to help you understand Equifax and its business environment. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Certain risk factors that may impact our business are set forth in our filings with the SEC, including our 2025 Form 10-K and subsequent filings.

此外，我們也將做出若干前瞻性陳述，包括 2026 年第三季與全年指引，以協助各位了解 Equifax 及其營運環境。這些陳述涉及多項風險、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。可能影響我們業務的特定風險因素載於我們向美國證券交易委員會（SEC）提交的文件中，包括 2025 年 Form 10-K 及其後續申報文件。

During this call, we will be making certain non-GAAP financial measures, including adjusted EPS, adjusted EBITDA, adjusted EBITDA margins and cash conversion, which are adjusted for certain items that affect the comparability of our underlying operational performance. All references to EPS, EBITDA, EBITDA margins and cash conversion are references to non-GAAP measures.

在本次電話會議中，我們將使用若干非 GAAP 財務衡量指標，包括調整後 EPS、調整後 EBITDA、調整後 EBITDA 利潤率與現金轉換率；這些指標已就若干影響我們基礎營運表現可比性的項目進行調整。所有對 EPS、EBITDA、EBITDA 利潤率與現金轉換率的提及，均指非 GAAP 指標。

During the second quarter, we recorded a $40 million charge, net of insurance proceeds, for a legal settlement associated with a resolution of claims related to a previously disclosed coding issue. These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release and can be found in the Financial Results section of the Financial Info tab at our IR website.

在第二季，我們就一項與先前已揭露之編碼問題相關、用以解決索賠的法律和解案，認列 4,000 萬美元費用（已扣除保險理賠款）。這些非 GAAP 指標的細節載於對帳表中，該對帳表隨我們的財報新聞稿一併發布，並可在我們投資人關係網站「財務資訊」分頁下的「財務結果」區找到。

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

現在，我想把時間交給 Mark。

Thanks, Trevor, and good morning.

謝謝 Trevor，各位早安。

Turning to slide 4. Equifax delivered strong results in the second quarter with revenue of $1.7 billion, up 11% on a reported basis and 10% in constant currency, which was $5 million above the April guidance midpoint. Ex-FICO mortgage royalties reported revenue was up about 7%. We also delivered very strong margin performance, driving strong EPS growth of 13%.

請看第 4 張投影片。Equifax 在第二季交出強勁成績，營收 17 億美元，按報告基礎年增 11%，按固定匯率年增 10%，較 4 月指引中點高出 500 萬美元。若排除 FICO 房貸權利金，報告營收約成長 7%。我們也展現非常強勁的利潤率表現，帶動 EPS 強勁成長 13%。

Organic diversified markets constant dollar revenue grew about 5.5% in the quarter and better than our expectations, principally in Workforce Solutions, benefiting from strong execution in talent solutions and consumer lending. EWS government revenue declined slightly in the quarter as expected due to a tough 2025 comp.

本季有機多元市場（以固定匯率計）營收約成長 5.5%，優於我們預期，主要來自 Workforce Solutions 的表現，受惠於人才解決方案與消費者放款的強勁執行。EWS 政府營收如預期在本季小幅下滑，原因是 2025 年比較基期較高。

We were very pleased with the commercial execution in government during the first half, signing principally state government contracts that bring the total in the last four months to about $300 million, with about $100 million of the new business that will principally benefit 2027 and $200 million of contract renewals. This is a strong indicator of the unique benefit our proprietary twin data provides to government customers and the long runway for government against their $5 billion TAM.

我們對上半年政府業務的商務執行非常滿意，主要簽下州政府合約，使過去四個月合計約達 3 億美元，其中約 1 億美元的新業務將主要在 2027 年帶來效益，另有 2 億美元為合約續約。這強烈顯示我們專有的 twin data 為政府客戶帶來的獨特價值，以及政府業務相對其 50 億美元 TAM 的長期成長空間。

USIS Diversified Markets revenue was slightly better than we expected, accelerating over 300 basis points sequentially, and international revenue was slightly lower than we expected at up 4%, principally reflecting market weaknesses in Canada and the UK.

USIS 多元市場營收略優於我們預期，較前一季加速超過 300 個基點；國際營收年增 4%，略低於我們預期，主要反映加拿大與英國市場走弱。

U.S. Mortgage revenue was up 25% in the quarter and up 7% ex-FICO.

美國房貸營收本季年增 25%，若排除 FICO 則年增 7%。

This was stronger than our expectations against a weaker-than-expected U.S. Mortgage market from higher interest rates.

在利率上升導致美國房貸市場弱於預期的情況下，我們的表現仍強於預期。

During the quarter, U.S. Mortgage rates increased meaningfully, with the current 30-year fixed rates up 30 basis points.

本季期間，美國房貸利率明顯上升，目前 30 年期固定利率上升 30 個基點。

To about 6.6% versus the 6.3% when we gave guidance in April.

升至約 6.6%，相較我們 4 月提供指引時的 6.3%。

As a result, we saw overall industry transaction volumes run below our expectations that were offset with new products and some share gains.

因此，我們看到整體產業交易量低於我們預期，但被新產品以及部分市占提升所抵銷。

US macroeconomic conditions remain relatively consistent with the environment we saw in April.

美國總體經濟狀況仍大致與我們 4 月所見環境一致。

The ongoing Middle East conflict has resulted in continued higher levels of inflation that has disproportionately pressured the lower-income or subprime consumer demographic.

持續的中東衝突導致通膨維持在較高水準，並對低收入或次級消費者族群造成不成比例的壓力。

Despite these inflationary pressures, low unemployment continues to support overall consumer health.

儘管面臨這些通膨壓力，低失業率仍持續支撐整體消費者健康狀況。

Continued high employment levels have acted to limit more broad-based credit impacts, which gives lenders the confidence to continue originating loans.

持續的高就業水準限制了更廣泛的信用衝擊，讓放款機構有信心持續承作放款。

We have not seen financial institutions increase their portfolio management reviews or decrease consumer credit lines, which are actions they would typically take when they anticipate an economic downturn.

我們尚未看到金融機構增加其投組管理檢視或降低消費者信用額度；這些通常是他們在預期經濟下行時會採取的行動。

To the Equifax team is to leverage the power of AI to expand our margins and free cash flow through accelerating growth of high-margin proprietary database products and driving operational productivity through accelerated AI and AI deployments across Equifax.

對 Equifax 團隊而言，我們的重點是運用 AI 的力量，透過加速高利潤的專有資料庫產品成長來擴大利潤率與自由現金流，並透過在 Equifax 全面加速導入 AI 與 AI 部署來提升營運生產力。

Second quarter EBITDA of $552 million was up about 10.5% with an EBITDA margin excluding FICO of almost 35%, up a very strong 120 basis points year-to-year and 40 basis points above the midpoint of our April framework.

第二季 EBITDA 為 5.52 億美元，約成長 10.5%；若排除 FICO，EBITDA 利潤率接近 35%，年增強勁 120 個基點，且較我們 4 月框架的中點高出 40 個基點。

EBITDA margin expansion was well above our 75 basis point target for 2026 and 70 basis points above our 50 basis point long-term financial framework goal.

EBITDA 利潤率擴張幅度明顯高於我們 2026 年 75 個基點的目標，也高於我們長期財務框架目標 50 個基點達 70 個基點。

The strong EBITDA margins were driven by operating leverage and AI-driven cost productivity, principally in operations.

強勁的 EBITDA 利潤率主要由營運槓桿與 AI 驅動的成本生產力所帶動，尤其是在營運端。

Equifax reported EBITDA margins, including the impact of FICO, were 32.5% in the quarter, flat with last year.

Equifax 的報告 EBITDA 利潤率（包含 FICO 影響）本季為 32.5%，與去年持平。

EPS at $2.25 per share was up a very strong 13% and $0.05 above our April guidance midpoint.

每股盈餘（EPS）為 2.25 美元，強勁成長 13%，並較我們 4 月指引中點高出 0.05 美元。

Equifax returned $366 million to shareholders during the quarter, including repurchasing almost 1.8 million shares or over 1% of shares outstanding for $300 million, taking advantage of the lower Equifax stock price.

本季 Equifax 向股東回饋 3.66 億美元，其中包括以 3 億美元回購近 180 萬股、約占流通股數逾 1%，把握 Equifax 股價較低的機會。

And Equifax paid $66 million of dividends in the quarter after increasing our dividend by 12% in February.

此外，在 2 月將股利提高 12% 後，Equifax 本季支付 6,600 萬美元股利。

Over the last 12 months ended June 30, Equifax has returned over $1.6 billion of cash to our shareholders or 100% of our operating cash flow.

在截至 6 月 30 日的過去 12 個月，Equifax 已向股東回饋超過 16 億美元現金，相當於我們營運現金流的 100%。

We continue to expect strong free cash flow in the future of over $1 billion in 2026 and cash conversion to continue at over 100%.

我們仍預期未來自由現金流將維持強勁，2026 年將超過 10 億美元，且現金轉換率將持續維持在 100% 以上。

With our financial capacity of over $1.5 billion, we can execute the Circulo to Credito acquisitions while maintaining a strong balance sheet with debt leverage at under 3 times EBITDA and while continuing to repurchase shares in the second-half, but at a slower pace than the first half.

憑藉超過 15 億美元的財務承載能力，我們可在維持強健資產負債表（負債槓桿低於 EBITDA 的 3 倍）的同時，完成 Circulo 與 Credito 的收購案，並在下半年持續回購股票，但回購速度將低於上半年。

Equifax continued its strong execution against our EFX 2028 strategic priorities as listed on the right side of Slide 4 with several big milestones during the quarter.

Equifax 持續在 EFX 2028 策略優先事項上展現強勁執行力（如第 4 張投影片右側所列），本季達成數項重要里程碑。

We further accelerated our implementation of AI energetic capabilities across our global analytical decisioning and operational platforms for new products.

我們進一步加速在全球分析決策與營運平台上導入 AI 能力，以支援新產品。

In the first half of the year, we launched 54 new products that have AI capabilities directly embedded in the product architecture, which directly benefit our customers and contributed to our strong 16% vitality index in the quarter.

在上半年，我們推出了 54 項新產品，於產品架構中直接內嵌 AI 能力，為客戶帶來直接效益，並促成本季強勁的 16% 活力指數。

We also expanded the deployment of AI tools and agents across Equifax in internal product and model development, operations, technology, and our G&A support functions.

我們也在 Equifax 內部的產品與模型開發、營運、技術，以及我們的 G&A 支援職能中，擴大了 AI 工具與代理（agents）的部署。

The pace of AI adoption inside Equifax is accelerating rapidly, which allows us to double our AI for EFX productivity goal from $75 million to $150 million from 2026 to 2028.

Equifax 內部採用 AI 的速度正快速加速，這使我們得以將 2026 年至 2028 年的「AI 促進 EFX 生產力」目標從 7,500 萬美元加倍至 1.5 億美元。

We know we are in the very early innings of our deployment of AI and energetic automation inside Equifax, both on enabling new products based on our proprietary data and driving speed, accuracy and productivity across every corner of Equifax.

我們知道，無論是在基於我們專有數據啟用新產品，或是在 Equifax 各個角落推動速度、準確性與生產力方面，我們在 Equifax 部署 AI 與自動化（automation）仍處於非常早期的階段。

In the second quarter, we delivered a very strong 16% new product vitality index, leveraging the Equifax Cloud and EFX.ai capabilities.

在第二季，我們運用 Equifax Cloud 與 EFX.ai 能力，交出非常強勁的 16% 新產品活力指數（new product vitality index）。

New products based on differentiated proprietary data, including our twin indicators solution, continue to drive strong new product growth and share gains.

基於差異化專有數據的新產品（包括我們的 twin indicators 解決方案）持續推動強勁的新產品成長與市占提升。

To sign a definitive agreement two weeks ago to acquire Circularo Credito, the fastest-growing credit bureau in Mexico, for an enterprise value of $750 million with a very attractive EBITDA multiple of 9.4 times, including run rate synergies.

兩週前，我們簽署了具約束力的最終協議，將以 7.5 億美元的企業價值收購 Circularo Credito（墨西哥成長最快的信用局），其 EBITDA 倍數為極具吸引力的 9.4 倍（包含按運行率計算的協同效益）。

Turning to Slide 5, Workforce Solutions revenue was up 7% and better than our expectations, principally in verifier diversified markets, which grew 7%.

接著看第 5 頁投影片，Workforce Solutions 營收成長 7%，優於我們的預期，主要來自驗證（verifier）多元化市場，該市場成長 7%。

EWS diversified market revenue growth was driven by outstanding performance in Talent Solutions and consumer lending, both up high double-digits in the quarter.

EWS 多元化市場的營收成長，來自 Talent Solutions 與消費者放款（consumer lending）在本季的傑出表現，兩者皆達到高雙位數成長。

Talent Solutions continues to outperform the underlying white-collar labor market with strong growth in employment-based solutions and increased product penetration across our incarceration and education data sets, new solutions built co-innovating with background screeners and pricing.

Talent Solutions 持續優於白領勞動市場的基本面，在以就業為基礎的解決方案上維持強勁成長，並透過我們的收監（incarceration）與教育數據集提升產品滲透率，同時與背景審查業者共同創新打造新解決方案並進行定價。

Talent volumes were up mid-single-digits in the quarter relative to an overall market decline in the first two months of the second quarter.

儘管第二季前兩個月整體市場下滑，本季 Talent 量仍較去年同期成長中個位數。

The team continues to execute very well.

團隊持續執行得非常到位。

Consumer lending also had another very strong quarter with strong double-digit revenue growth across the portfolio in auto, card, consumer finance and consumer finance, principally due to strong volume growth and new product rollouts.

消費者放款也再度交出非常強勁的一季，整體投資組合在汽車、卡片、消費金融與消費金融等領域的營收皆呈現強勁的雙位數成長，主要受惠於強勁的量成長與新產品推出。

As mentioned earlier, the EWS government team delivered an outstanding quarter, signing about $300 million in principally state customer agreements in the last four months, including renewables, win-backs and new customer wins.

如先前所述，EWS 政府團隊本季表現出色，在過去四個月內簽下約 3 億美元、以州政府客戶為主的合約（包含續約、贏回與新客戶得標）。

This is a very strong performance and reflects the unique twin position in government and strong commercial momentum post-OB3 legislation that was signed last July.

這是非常強勁的表現，反映出我們在政府端的獨特 twin 優勢地位，以及去年 7 月簽署的 OB3 立法後所帶來的強勁商業動能。

The contract signings were a positive and stronger than our expectations.

合約簽署情況正向，且優於我們的預期。

Second quarter government revenue was down about 4% and reflects a challenging comp from a large win in 2025.

第二季政府營收約下滑 4%，反映 2025 年一筆大型得標案所造成的高比較基期。

EWS mortgage revenue was up 8% in the quarter and continues to outperform underlying market volumes by high single-digits from record growth, new products and pricing.

EWS 房貸營收本季成長 8%，並持續以高個位數幅度優於整體市場量，受惠於創紀錄的成長、新產品與定價。

And Workforce Solutions EBITDA margins of 52.1% were consistent with the first quarter, however, margins were higher than we expected given strong operating leverage from better-than-expected diversified markets revenue performance.

Workforce Solutions 的 EBITDA 利潤率為 52.1%，與第一季一致；不過，由於多元化市場營收表現優於預期帶來強勁的營運槓桿，利潤率高於我們原先預估。

When record additions continue to perform well again in the second quarter with strong 10% growth in active records up to $217 million and 124 million total current active records, which were also up 10%, which represents 108 million unique SSNs.

Workforce Solutions 的記錄新增（record additions）在第二季再次維持良好表現，活躍記錄（active records）強勁成長 10% 至 2.17 億筆；目前活躍記錄總數為 1.24 億筆，也成長 10%，相當於 1.08 億個唯一的 SSN。

EWS has a long runway for record growth against the $250 million income-producing Americans.

相較於 2.5 億名有收入的美國人，EWS 的記錄成長仍有很長的跑道。

Turning to Slide 6, in the first half, we made outstanding progress with our government customers converting our record commercial pipeline with renewals, extending existing relationships and adding new, principally state government customers.

接著看第 6 頁投影片，上半年我們在政府客戶方面取得卓越進展，透過續約、延伸既有合作關係，以及新增以州政府為主的新客戶，將我們的記錄商業管線轉化為成果。

In the last four months, EWS signed agreements with state agencies for the provisioning of income and employment data from Equifax supporting CMS and SNAP. Totaling about $300 million in annual contract value, including about $100 million in new business and $200 million in renewals, an extremely strong result that will deliver some benefits in the second-half, but principally drive 2027 growth.

在過去四個月，EWS 與州政府機關簽署協議，提供 Equifax 的收入與就業數據，以支援 CMS 與 SNAP。合計約 3 億美元的年度合約價值，其中約 1 億美元為新業務、2 億美元為續約；這是極為強勁的成果，將在下半年帶來部分效益，但主要驅動 2027 年成長。

These substantial contract signings, along with our current. Our deal pipelines, up about 2x versus last year, reinforces our confidence in the medium and long-term growth opportunities for EWS government at the federal level and in supporting states in meeting a new OB-3 federal requirements regarding accuracy and frequency of income validation in Medicaid and SNAP.

這些可觀的合約簽署，加上我們目前。我們的交易管線較去年約成長 2 倍，強化了我們對 EWS 政府業務在聯邦層級及協助各州滿足 OB-3 新聯邦要求（關於 Medicaid 與 SNAP 的收入驗證準確性與頻率）的中長期成長機會之信心。

On Slide 6, we provided examples of some of the recent government wins, including an almost $60 million annual contract value win-back supporting a state in delivering CMS benefits.

在第 6 頁投影片中，我們提供了近期政府得標的一些例子，包括一筆近 6,000 萬美元年度合約價值的贏回案，協助某州提供 CMS 福利。

The win-back is a key proof point of the value of the twin data relative to other sources of income verification data, including state wage data and consumer permission data.

這項贏回案是關鍵的佐證，證明 twin 數據相較於其他收入驗證數據來源（包括州薪資數據與消費者授權數據）的價值。

We're also seeing expanding opportunities with multiple federal agencies in support of their big focus on reducing improper payments.

我們也看到與多個聯邦機構合作的機會正在擴大，以支援其大力聚焦於降低不當支付（improper payments）。

Equifax is serving as a key advisor at the federal and state level, leveraging our differentiated income and employment data to drive speed, accuracy and productivity of social service benefits delivery.

Equifax 在聯邦與州層級擔任關鍵顧問，運用我們差異化的收入與就業數據，提升社會服務福利發放的速度、準確性與生產力。

The EWS team is clearly on offense supporting the states with their social service program requirements and has significant opportunities for long-term revenue growth supporting the federal and state programs in EWS's big $5 billion ham.

EWS 團隊顯然正積極進攻，協助各州滿足其社會服務計畫要求，並在支援聯邦與州計畫方面擁有顯著的長期營收成長機會，對應 EWS 規模達 50 億美元的龐大 TAM。

Turning to Slide 7, USIS second quarter revenue was up a strong 17% and up 6% excluding FICO and consistent with our long-term framework.

接著看第 7 頁投影片，USIS 第二季營收強勁成長 17%；若排除 FICO，則成長 6%，符合我們的長期框架。

This performance was delivered despite a weaker-than-expected US mortgage market that I discussed earlier.

儘管我先前提到美國房貸市場弱於預期，本次表現仍得以達成。

Diversified markets revenue grew 6%, accelerating over 300 basis points sequentially and slightly stronger than our expectations.

多元化市場營收成長 6%，較前一季加速超過 300 個基點，且略優於我們的預期。

B2B revenue was up 5% and also up over 300 basis points sequentially.

B2B 營收成長 5%，也較前一季提升超過 300 個基點。

Within Online, we saw high single-digit growth in FY from stronger volumes, new business and pricing, and high single-digit growth in auto from pricing and new business wins.

在 Online 之中，我們看到 FY 因量增加、新業務與定價而呈現高個位數成長；汽車業務也因定價與新業務得標而呈現高個位數成長。

The strength in FY and auto was partially offset by weakness in third-party Bureau sales from our sales to Experian and TransUnion.

FY 與汽車的強勁表現，部分被第三方 Bureau 銷售的疲弱所抵銷，該疲弱來自我們對 Experian 與 TransUnion 的銷售。

Consumer Direct, our D2C business, delivered continued strong growth with revenue up a very strong 11%.

Consumer Direct（我們的 D2C 業務）持續交出強勁成長，營收大幅成長 11%。

USIS mortgage revenue was up 40% and up mid-single-digits, excluding FICO, with hard mortgage inquiries up only 1%. As I referenced earlier, mortgage rates were up from the levels we saw in April throughout most of the quarter, and as a result, mortgage origination activity was lower in the second quarter than the levels we expected when we get guidance back in April, partially offset by share gains in pre-qual and pre-approval products.

USIS 房貸營收成長 40%；若排除 FICO，則為中個位數成長，而硬性房貸查詢（hard mortgage inquiries）僅成長 1%。如我先前提到，房貸利率在本季大部分時間都高於我們在 4 月看到的水準，因此第二季房貸承作活動低於我們在 4 月提出指引時的預期；此影響部分被我們在預審（pre-qual）與預核（pre-approval）產品的市占提升所抵銷。

As a reminder, USIS began to deliver significant share gains in the second quarter of last year from both pre-qual and pre-approval products that included both the unique twin indicator. In our NC+ data.

提醒一下，USIS 自去年第二季起，透過預審與預核產品開始帶來顯著的市占提升，這些產品包含獨特的 twin indicator。在我們的 NC+ 數據中。

USIS EBITDA margins were 32.8% in the quarter. Excluding FICO, USIS EBITDA margins were 40.5% and up over 140 basis points versus last year, which was a very strong performance.

USIS 本季 EBITDA 利潤率為 32.8%。若排除 FICO，USIS EBITDA 利潤率為 40.5%，較去年提升超過 140 個基點，表現非常強勁。

The improvement was driven by stronger diversified markets revenue growth and good cost management.

改善主要由更強勁的多元化市場營收成長與良好的成本管理所驅動。

To the slide date.

到投影片日期。

In April, the FHFA activated the use of VantageScore for over 20 mortgage lenders. This was a big milestone to bring score competition to the mortgage industry.

在 4 月，FHFA 啟動了讓 20 多家房貸放款機構使用 VantageScore。這是將評分競爭引入房貸產業的一個重要里程碑。

While the vast majority of these mortgage lenders have begun using VantageScore, we have also seen a groundswell of VantageScore adoption with about 1,200 additional mortgage lenders pulling our free VantageScore alongside a pay FICO score from Equifax.

雖然其中絕大多數房貸放款機構已開始使用 VantageScore，我們也看到 VantageScore 採用的浪潮正在擴大，約有 1,200 家額外的房貸放款機構，從 Equifax 同時拉取我們的免費 VantageScore 以及付費的 FICO 分數。

On the left side of Slide 8, you can see that our second quarter VantageScore volume is up almost 3 times compared to the first quarter, the vast majority of the 2.2 million transactions were pulled by the 1,200 lenders pulling a free VantageScore alongside a paid FICO score as they drive their adoption of the new VantageScore opportunity.

在第 8 張投影片左側，您可以看到我們第二季的 VantageScore 交易量較第一季成長近 3 倍；在 220 萬筆交易中，絕大多數是由 1,200 家放款機構所拉取，這些機構在拉取付費 FICO 分數的同時，也會拉取免費的 VantageScore，以推動其採用新的 VantageScore 機會。

We also have about 100 mortgage lenders, principally smaller non-GSE lenders and lenders underwriting HELOCs or home equity loans, who have moved to exclusively utilizing VantageScore at our $1 price point for their mortgage originations.

我們也約有 100 家房貸放款機構，主要是較小型的非 GSE 放款機構，以及承作 HELOC（房屋淨值信用額度）或房屋淨值貸款的放款機構，已在其房貸承作中改為以每筆 1 美元的價格點，專用 VantageScore。

Although volumes remain low at about 10,000 transactions in the quarter, we saw a significant acceleration as we move through the tail end of the quarter.

雖然本季交易量仍偏低，約 10,000 筆，但在季度尾端推進過程中，我們看到顯著加速。

And as a reminder, we make no margin on the sale of FICO scores.

另外提醒一下，我們在銷售 FICO 分數上不賺取任何利潤。

FICO mortgage scores revenue is about 50% of USIS mortgage revenue and almost 7% of total Equifax revenue, delivering zero margins.

FICO 房貸分數收入約占 USIS 房貸收入的 50%，並占 Equifax 總收入的近 7%，但其毛利為零。

We continue to expect strong adoption of VantageScore given the substantial $1 billion annual cost savings opportunity for the mortgage originators and consumers.

鑑於房貸承作機構與消費者每年可節省約 10 億美元的龐大成本，我們仍預期 VantageScore 將有強勁的採用動能。

Equifax plans to maintain the $1 Vantage Score price through the end of 2027 to continue driving Vantage Score adoption with our customers.

Equifax 計畫將每筆 1 美元的 Vantage Score 價格維持至 2027 年底，以持續推動客戶採用 Vantage Score。

The FHFA's decision last July to allow mortgage score choice between Vantage and FICO is the big win for consumers and for the industry.

FHFA 去年 7 月決定允許房貸分數在 Vantage 與 FICO 之間做選擇，對消費者與整個產業而言都是重大利多。

Turning to Slide 9, international revenue was up about 4% in constant currency.

接著看第 9 張投影片，國際業務收入以固定匯率計約成長 4%。

International saw high single-digit revenue growth in Asia Pacific and mid-single-digit growth in Canada.

國際業務方面，亞太地區收入呈高個位數成長，加拿大呈中個位數成長。

Latin America and Europe delivered low single-digit revenue growth in the quarter.

拉丁美洲與歐洲在本季帶來低個位數的收入成長。

International saw market headwinds in both Canada and the U.K., which dampened their growth rates.

國際業務在加拿大與英國皆面臨市場逆風，壓抑了其成長率。

In LATAM, we saw solid mid to high-single-digit growth in our largest markets like Brazil. Chile and Argentina, with lower growth rates than some of our other smaller Latin American markets.

在拉丁美洲（LATAM），我們在巴西等最大市場看到穩健的中到高個位數成長。智利與阿根廷的成長率則低於我們其他一些較小的拉丁美洲市場。

International EBITDA margins were 27.6% in the quarter, up a strong 120 basis points versus last year.

本季國際業務 EBITDA 利潤率為 27.6%，較去年大幅提升 120 個基點。

EBITDA margin improvements were driven by technology savings as the final stages of our cloud tech transformation gets completed and strong cost management.

EBITDA 利潤率改善主要來自技術成本節省（我們雲端技術轉型進入最後階段並完成）以及強勁的成本管理。

Moving to Slide 10. Two weeks ago, Equifax signed a definitive agreement to acquire Circulo to Credito for an enterprise value of $750 million.

接著看第 10 張投影片。兩週前，Equifax 簽署最終協議，將以 7.5 億美元的企業價值收購 Circulo to Credito。

This represents an 11.7 times EBITDA multiple based on Circulo's expected 2026 EBITDA.

以 Circulo 預期 2026 年 EBITDA 計算，這相當於 11.7 倍 EBITDA 倍數。

With the addition of expected run rate savings, the EBITDA multiple is expected to be about 9.4 times, which is attractive and significantly below our current EBITDA multiple.

若納入預期的年化節省（run rate savings），EBITDA 倍數預計約為 9.4 倍，具吸引力，且顯著低於我們目前的 EBITDA 倍數。

We expect the Circulo acquisition to be completed in the fourth quarter, subject to customary closing conditions and regulatory approvals and for the acquisition to be accretive in year one.

我們預期 Circulo 收購案將於第四季完成，但仍須符合慣常交割條件與監管核准，且預期在併購第一年即可增厚（accretive）。

Circulo is the fastest-growing credit bureau in Mexico and the only credit bureau licensed to operate both a consumer and commercial credit bureau service with more than 1,700 bank, retail, fintech and small business lending, microfinance and telecommunications customers and importantly, 2 billion trade lines covering 80 million validated identities in Mexico.

Circulo 是墨西哥成長最快的信用局，也是唯一獲許可同時經營消費者與商業信用局服務的信用局；其客戶超過 1,700 家，涵蓋銀行、零售、金融科技（fintech）與小型企業放款、微型金融及電信業者；更重要的是，擁有 20 億筆 trade lines，涵蓋墨西哥 8,000 萬個已驗證身分。

Circular is a leader in alternative data or information not included in traditional credit reports in Mexico, including gig economy transactions and utility payment history.

Circulo 在墨西哥的替代性資料（alternative data）領域居於領先地位，即未納入傳統信用報告的資料，包括零工經濟交易與公用事業繳費紀錄。

This alternative data can responsibly expand access to credit and support a more inclusive economy critical in a country where nearly 33 million people are engaged in an informal employment, such as unregistered micro-businesses or gig employment.

這些替代性資料可在負責任的前提下擴大信貸可得性，並支持更具包容性的經濟；這在一個近 3,300 萬人從事非正式就業（例如未登記的微型企業或零工工作）的國家尤為關鍵。

This acquisition will offer Circulo to Credito customers access to Equifax's industry-leading cloud-native capabilities, decision and analytic platforms and patented EFX.AI technology and award-winning identity protection and fraud prevention offerings for the development of solutions designed to help their customers grow and expand financial inclusion in Mexico.

本次收購將使 Circulo to Credito 的客戶得以使用 Equifax 業界領先的雲原生能力、決策與分析平台、具專利的 EFX.AI 技術，以及屢獲獎項的身分保護與詐欺防制方案，用於開發解決方案，協助其客戶成長並擴大墨西哥的金融包容性。

The acquisition fits perfectly in our balanced capital allocation framework with our focus on highly accretive bolt-on acquisitions while continuing significant ongoing return of capital to shareholders and maintaining our strong investment-grade balance sheet.

此收購與我們均衡的資本配置框架完全契合：聚焦於高度增厚的補強型併購（bolt-on acquisitions），同時持續大幅回饋股東並維持強健的投資等級資產負債表。

Turning to Slide 11, Circular's unique market position has delivered very strong financial results.

接著看第 11 張投影片，Circulo 獨特的市場地位帶來非常強勁的財務表現。

Circulo's compound annual revenue growth rate was a very strong 23% from '23 to '25, with revenue growth for the 12 months ended June 30, up a very strong 31%.

Circulo 在 2023 至 2025 年的營收複合年成長率（CAGR）高達 23%；截至 6 月 30 日的過去 12 個月營收成長更達 31%，表現非常強勁。

Circulo revenue growth has been led by their unique alternative credit data advantage enabled by deep relationships with fintechs with over 40% of Circulo's 2025 revenue generated from fintechs with a growth rate of over 50%.

Circulo 的營收成長主要由其獨特的替代性信用資料優勢所帶動，該優勢來自與金融科技公司（fintech）深厚的合作關係；2025 年 Circulo 超過 40% 的營收來自 fintech，且其成長率超過 50%。

Circulo's unique alternative data and the team's strong relationships with their fintech customers are a key driver of future Circulo revenue growth in a market where consumer credit is under penetrated and growing rapidly.

在一個消費者信貸滲透率偏低但快速成長的市場中，Circulo 獨特的替代性資料以及團隊與 fintech 客戶的強大關係，是推動 Circulo 未來營收成長的關鍵動能。

Circulo delivered very strong mid-40s adjusted EBITDA margins in both 2025 and over the last 12 months through June 30.

Circulo 在 2025 年以及截至 6 月 30 日的過去 12 個月，皆實現非常強勁的中 40% 區間調整後 EBITDA 利潤率。

For the full year of 2026, circular revenue is expected to grow high double-digits while maintaining very strong mid-40s adjusted EBITDA margins.

就 2026 全年而言，Circulo 營收預期將以高雙位數成長，同時維持非常強勁的中 40% 區間調整後 EBITDA 利潤率。

The very attractive circular financial results are accretive to the Equifax long-term financial framework of 7% to 10% organic revenue growth, consistent with our capital allocation plan and driving shareholder returns.

Circulo 極具吸引力的財務表現，將增厚 Equifax 長期財務框架（有機營收成長 7% 至 10%），並與我們的資本配置計畫一致，進而推動股東報酬。

Turning to slide 12, Equifax is executing a broad AI and energetics strategy that leverages EFX.ai along with our cloud-native technology, our Ignite analytics platform, and our scale proprietary data to deliver higher-performing EFX.ai-powered scores, models, and products to our customers.

接著看第 12 張投影片，Equifax 正在執行一項廣泛的 AI 與「energetics」策略，結合 EFX.ai、雲原生技術、Ignite 分析平台，以及我們具規模的專有資料，為客戶提供表現更佳、由 EFX.ai 驅動的評分、模型與產品。

Equifax has a strong AI data moat around Equifax's unique and proprietary data with over 90% of Equifax revenue generated from proprietary data sources included in over 100 unique data exchanges globally.

Equifax 以其獨特且專有的資料建立了強大的 AI 資料護城河：Equifax 超過 90% 的營收來自專有資料來源，並納入全球超過 100 個獨特的資料交換平台（data exchanges）。

These exchanges receive contributed proprietary data directly from the data owners that is not publicly available, such as our income and employment exchanges. Credit exchanges, alternative credit data exchanges, and other unique proprietary data assets.

這些交換平台直接由資料擁有者提供其專有資料，且非公開可得，例如我們的收入與就業交換平台。信用交換平台、替代性信用資料交換平台，以及其他獨特的專有資料資產。

Said differently, only Equifax and our credentialed customers can access our data.

換句話說，只有 Equifax 與我們經認證的客戶才能存取我們的資料。

The use and protection of our data has another layer of moat. From both the national and local laws that restrict the data's usage and by agreements with our contributors, including requirements regarding the accuracy and currency of this data and the requirement to provide consumers in the 24 countries in which we operate these exchanges with the ability to review and dispute the data managed in these unique Equifax exchanges. For example, in the U.S., our EWS income and employment data. Our broad credit and alternative credit data exchanges are not only governed by the agreements with the contributors, but also by the U.S. Fair Credit Reporting Act, or FCRA.

我們資料的使用與保護還有另一層護城河。這來自國家與地方層級限制資料使用的法律，以及我們與資料提供者的協議；其中包括對資料正確性與時效性的要求，並要求在我們營運這些交換平台的 24 個國家中，消費者可檢視並對這些獨特 Equifax 交換平台所管理的資料提出爭議。例如在美國，我們的 EWS 收入與就業資料。我們廣泛的信用與替代性信用資料交換平台，不僅受與資料提供者的協議所規範，也受《美國公平信用報告法》（FCRA）所規範。

The contributory nature of this proprietary data and the complex regulatory and contractual compliance requirements that govern our data, along with the coverage and historical data these exchanges contain, create a strong data moat around Equifax's proprietary data.

這些專有資料的「貢獻式」特性，以及規範我們資料的複雜監管與契約遵循要求，再加上交換平台所涵蓋的覆蓋範圍與歷史資料，共同為 Equifax 的專有資料建立了強大的資料護城河。

To our industry-leading technology, EFX.AI capabilities and proprietary data, Equifax is accelerating a strategy to utilize AI and energetic capabilities to improve our customers' ability to utilize Equifax data and advanced technology to improve their decisions by incorporating more data and more effective AI-defined algorithms using patented capabilities that deliver explainable results to our customers.

在我們業界領先的技術、EFX.AI 能力與專有資料基礎上，Equifax 正加速推動一項策略，運用 AI 與「energetic」能力，提升客戶運用 Equifax 資料與先進技術的能力，透過納入更多資料與更有效的 AI 定義演算法，並使用具專利的能力，向客戶提供可解釋（explainable）的結果，以改善其決策。

We are expanding from being a provider of data analytics to be an essential partner for the AI-powered decision intelligence that our customers are driving.

我們正從資料分析的提供者擴展，成為客戶所推動之 AI 驅動決策智慧不可或缺的合作夥伴。

We are realizing this vision through a growing suite of global EFX.AI-enabled solutions.

我們正透過日益擴大的全球 EFX.AI 賦能解決方案組合來實現此一願景。

In the first half of the year, we rolled out 54 new products that leverage these EFX.AI capabilities that drove our strong 16% Vitality Index.

今年上半年，我們推出了 54 項運用這些 EFX.AI 能力的新產品，帶動我們強勁的 16% 活力指數（Vitality Index）。

This includes the commercial launch of Ignite AI Advisor and Equifax IQ on our integrated Ignite Analytics and Intertek decisioning global platforms.

其中包括在我們整合的 Ignite Analytics 與 Intertek 決策全球平台上，Ignite AI Advisor 與 Equifax IQ 的商業化上市。

Ignite AI Advisor is a multi-agent system that delivers AI-driven, real-time, personalized insights and actionable recommendations delivered through our natural language user interface to our customers.

Ignite AI Advisor 是一套多代理（multi-agent）系統，透過我們的自然語言使用者介面，向客戶提供 AI 驅動、即時、個人化的洞察與可執行的建議。

Lenders can ask questions through a generative AI chat with complementary visual dashboard illustrations and dynamic charts and graphs.

放款機構可透過生成式 AI 聊天提出問題，並搭配互補的視覺化儀表板示意，以及動態圖表與曲線圖。

This enables our customers, particularly those with limited in-house data and analytics staff, to easily compare information, discover new trends, and drive more informed decisions to drive their growth and returns.

這使我們的客戶——特別是內部資料與分析人力有限者——能夠輕鬆比較資訊、發掘新趨勢，並做出更有依據的決策，以推動其成長與報酬。

For example, we have customers identifying missed opportunities to capture business from existing customers who have loans with another bank or FY and customers comparing payoff and paydown speeds against competitors to determine if their rates and terms are competitive to drive application conversions and growth for their business.

例如，我們有客戶正在辨識被錯失的機會：從既有客戶中爭取業務——這些客戶在另一家銀行或 FY 有貸款；也有客戶將其清償（payoff）與還款下降（paydown）速度與競爭對手比較，以判斷其利率與條件是否具競爭力，進而推動申請轉換並帶動其業務成長。

This solution is now being used by US customers in auto, P-loan and. Credit card to pinpoint new opportunities to improve their portfolio performance and is expanding to Canada in the third quarter with further global expansion through the balance of 2026.

此解決方案目前已被美國的汽車、P-loan 以及信用卡客戶使用，用以鎖定改善其投資組合績效的新機會，並將於第三季擴展至加拿大，且在 2026 年剩餘期間持續推動更進一步的全球擴張。

Complementary to Equifax AI Advisor, Equifax IQ is a multi-algorithm AI system that allows customers to transition policy management from a manual rigid process to an AI-driven multi-dimensional optimization engine.

作為 Equifax AI Advisor 的互補方案，Equifax IQ 是一套多演算法 AI 系統，使客戶能將政策管理從手動且僵化的流程，轉型為 AI 驅動的多維度最佳化引擎。

Equifax IQ uses EFX proprietary data and customer-contributed data to help our customers better understand new market opportunities. Grow their business with the right customers, reduce fraud and confidently extend more credit.

Equifax IQ 使用 EFX 專有資料與客戶提供的資料，協助客戶更深入了解新的市場機會。以正確的客戶拓展業務、降低詐欺，並有信心地提供更多授信。

It also delivers portfolio overviews, delinquency analysis, affordability assessments, fraud identification and policy adjustments while streamlining workflows for a seamless user experience.

它也提供投資組合總覽、逾期分析、負擔能力評估、詐欺辨識與政策調整，同時簡化工作流程，帶來順暢的使用者體驗。

Our first implementation of Equifax IQ are helping customers across Latin America.

我們對 Equifax IQ 的首批導入正在協助拉丁美洲各地的客戶。

In Argentina, we established an advanced origination risk policy for a global vehicle manufacturer's entry into the financing market, evaluating banked and unbanked populations.

在阿根廷，我們為一家全球車輛製造商進入融資市場建立了先進的授信起始（origination）風險政策，並評估有銀行帳戶與無銀行帳戶族群。

Equifax IQ will expand to the U.S. And other regions globally as we move through the balance of the year and early in 2027.

隨著我們在今年剩餘期間及 2027 年初持續推進，Equifax IQ 將擴展至美國及全球其他地區。

Ignite AI Advisor and Equifax IQ are great examples of the advantages derived from our global cloud-native infrastructure, which is structured for the rapid expansion of AI and ENGETIC advancements globally.

Ignite AI Advisor 與 Equifax IQ 是我們全球雲端原生基礎架構所帶來優勢的絕佳例證；該架構的設計可支援 AI 與 ENGETIC 進展在全球快速擴張。

These optimizations improve customers' processes and outcomes by improving analytical outcomes and more effectively using the breadth of data assets available to customers from Equifax.

這些最佳化透過提升分析成果，並更有效運用 Equifax 可提供給客戶的廣泛資料資產，來改善客戶的流程與結果。

We believe our investments in EFX.ai will drive our new product rollouts, share gains, revenue growth and margin expansion.

我們相信，對 EFX.ai 的投資將推動新產品推出、市占提升、營收成長與利潤率擴張。

I'm super energized about the momentum and pace of change and the big performance lefts from EFX.ai in our product models and scores development for our customers.

我對於 EFX.ai 在我們為客戶開發的產品模型與評分（scores）方面所帶來的動能、變革速度，以及仍可望實現的重大績效躍升感到非常振奮。

Turning to Slide 13, in the second quarter, we delivered a very strong 16% new product vitality index, leveraging the Equifax Cloud and EFX.AI capabilities, which is above our 2026 vitality index goal of 15% and our 10% long-term framework.

接著看第 13 頁投影片，第二季我們運用 Equifax Cloud 與 EFX.AI 能力，交出非常強勁的 16% 新產品活力指數，這高於我們 2026 年 15% 的活力指數目標，也高於我們 10% 的長期架構目標。

In the first half.

在上半年。

Over 50% of our new products have AI capabilities embedded in the product architecture, which the customer directly interfaces with using LLMs.

我們超過 50% 的新產品在產品架構中內建 AI 能力，客戶可使用 LLM 直接與之互動。

New products based on differentiated proprietary data, including our twin indicator solution for mortgage, continue to drive strong new product growth and share gains.

以具差異化的專有資料為基礎的新產品（包括我們針對房貸的 twin indicator 解決方案）持續推動強勁的新產品成長與市占提升。

As discussed over the last few quarters, our only Equifax twin indicator solutions in card, auto and P loans are starting to see early customer interest for these unique solutions.

如同過去幾季所討論，我們在卡片、汽車與 P 貸款領域的 Equifax twin indicator 解決方案，正開始看到客戶對這些獨特解決方案的早期興趣。

And as a reminder, we're providing the twin indicator solutions in all those verticals at no cost in order to drive differentiation of our credit file and deliver share gains to Equifax.

並提醒一下，我們在上述所有垂直領域皆免費提供 twin indicator 解決方案，以推動我們信用檔案的差異化，並為 Equifax 帶來市占提升。

Turning to Slide 14, we're also rapidly expanding the implementation of AI and injectic-based solutions across our internal Equifax processes to improve operational speed, accuracy, and productivity.

接著看第 14 頁投影片，我們也正快速擴大在 Equifax 內部流程中導入 AI 與 injectic 為基礎的解決方案，以提升營運速度、準確性與生產力。

Injectic and AI-assisted process redefinition improvement is occurring across operations, technology, product development, and support functions, including HR, legal, and finance.

Injectic 與 AI 輔助的流程重新定義與改善，正在營運、技術、產品開發與支援職能全面展開，包括人資、法務與財務。

The pace of adoption is ramping very quickly and delivering big productivity lifts in every corner of Equifax.

採用速度正快速提升，並在 Equifax 的各個角落帶來顯著的生產力躍升。

As you can see from the chart on the left slide of the page, total gross labor spending at Equifax on both expense and capital is currently about $2 billion or about 40% of total gross spending.

如同本頁左側圖表所示，Equifax 在費用與資本化項目上的總毛勞動支出目前約為 20 億美元，約占總毛支出的 40%。

Of this amount, about 60% of our gross labor spend is within global operations and technology organizations. Where we are seeing early and big gains from AI adoption.

在這筆金額中，約 60% 的毛勞動支出位於全球營運與技術組織。我們正於此看到 AI 採用帶來的早期且顯著的效益。

As we continue to rapidly drive rollouts and adoption of AI tools and agents that are delivering meaningful process improvement, we now expect run rate spending savings from these AI for EFX efforts to be about $150 million from 2026 to 2028, which has doubled the $75 million of savings we discussed with you in February.

隨著我們持續快速推動 AI 工具與代理（agents）的部署與採用，並帶來具意義的流程改善，我們目前預期這些 AI for EFX 計畫在 2026 至 2028 年的年度化（run rate）支出節省約為 1.5 億美元，較我們 2 月與各位討論的 7,500 萬美元節省額翻倍。

These AI efficiencies are expected to improve our financial performance while providing increased capability to reinvest and further accelerate our AI energetic deployments for speed, accuracy and productivity.

預期這些 AI 效率提升將改善我們的財務表現，同時提供更多能力進行再投資，並進一步加速我們在速度、準確性與生產力方面的 AI energetic 部署。

The foundation of our rapid AI deployment is our new Equifax cloud-native architecture and our energetic AI development and management platform that is now in production broadly across Equifax, which enables efficient AI agent process development. And management that is designed to ensure our energetic processes and capabilities fully comply with our extensive security and compliance requirements.

我們快速部署 AI 的基礎，是全新的 Equifax 雲端原生架構，以及我們的 energetic AI 開發與管理平台；該平台目前已在 Equifax 廣泛投入生產環境，能夠高效率地進行 AI 代理流程開發。以及管理，其設計旨在確保我們的 energetic 流程與能力完全符合我們嚴格的資安與法遵要求。

In operations, we are executing a rapid rollout of operational AI across our business units in our call centers and document processing operations. In USIS, we are rolling out conversational AI in call centers and already seeing big lifts in customer authentication and fulfillment rates, and AI-assisted processes have delivered decreases in back-office dispute handle times, which are delivering productivity.

在營運方面，我們正於各事業單位的客服中心與文件處理作業中，快速推動營運 AI 的部署。在 USIS，我們正在客服中心導入對話式 AI，並已在客戶身分驗證與履約（fulfillment）比率上看到顯著提升；AI 輔助流程也縮短了後台爭議案件處理時間，進而帶來生產力提升。

In technology, we're seeing early but big benefits in our software development, IT operations, cybersecurity, and cloud cost optimization functions.

在技術方面，我們在軟體開發、IT 營運、資安，以及雲端成本最佳化等職能上，已看到早期但顯著的效益。

With our Genic AI platform, we have moved beyond pilots to autonomous agents operating core internal.

透過我們的 Genic AI 平台，我們已從試點階段邁進到由自主代理運行核心內部

Processes built and run on a standardized, secure and Genic platform with governance, human-in-the-loop checkpoints and model risk evaluation built in.

流程；這些流程建置並運行於標準化、安全且具治理機制的 Genic 平台上，並內建 human-in-the-loop 檢核點與模型風險評估。

We are super energized about the pace of our AI.

我們對 AI 推進的速度感到非常振奮。

Adoption inside Equifax, but we know that we are in the very early innings of our rollout.

Equifax 內部的採用，但我們也知道，我們仍處於部署的非常早期階段。

We are confident there is significantly more opportunity to both grow revenue and reduce costs as AI and energetic capabilities become fully embedded across Equifax.

我們有信心，隨著 AI 與 energetic 能力在 Equifax 全面內嵌，無論在營收成長或成本降低方面，都還有顯著更多的機會。

Now, I'd like to turn it over to John to provide our third quarter and full-year framework.

現在，我想把時間交給 John，請他說明我們第三季與全年展望架構。

Thanks, Mark. Slide 15 provides the specifics of our 2026 full-year guidance. We are holding our full-year 2026 financial guidance on a reported basis to be unchanged from our April guidance. On a constant currency basis, we raised our guidance consistent with our second quarter revenue beef. The impact of weakening FX on our full year results offset our 2QB.

謝謝，Mark。第 15 頁投影片提供我們 2026 全年指引的具體內容。我們維持 2026 全年以報表基礎（reported basis）編製的財務指引不變，與我們 4 月提供的指引一致。以固定匯率（constant currency）基礎來看，我們依據第二季營收表現上調指引。匯率走弱對全年結果的影響，抵銷了我們第二季的營收優於預期（2QB）。

Our second quarter performance was stronger than our guidance, driven by very good performance in both EWS and USIS diversified markets. Diversified markets revenue growth at the midpoint is expected to be up high single-digits for the year. The U.S. Mortgage market was slightly weaker than expected in the second quarter and has shown further weakening over the last several weeks as long-term interest rates have again increased. Our guidance reflects improved share performance in mortgage as well as continued good performance in diversified markets, offsetting the weakness in the US mortgage market.

我們第二季的表現優於我們的指引，主要受惠於 EWS 與 USIS 多元化市場皆有非常亮眼的表現。多元化市場全年營收成長在中位數預期將達到高個位數。美國房貸市場在第二季略弱於預期，且過去幾週隨著長天期利率再度上升而進一步走弱。我們的指引反映了房貸業務市占表現改善，以及多元化市場持續良好表現，足以抵銷美國房貸市場的疲弱。

US mortgage revenue is expected to be up just above 20% with mortgage market originations weaker and down low-single-digits. For your perspective, as you determine your view of the 2026 US mortgage market, based on a review of Equifax data on mortgage home purchase issuances since early 2022, we estimate that there are over 16 million mortgages that were issued with an interest rate over 5%, including almost $15 million with rates over 6% and over $9.5 million with rates over 6.5%.

美國房貸營收預期將成長略高於 20%，但房貸市場的核貸/承作量（originations）較弱，並下滑低個位數。供您參考，在您評估 2026 年美國房貸市場時，根據我們檢視 Equifax 自 2022 年初以來的房貸購屋發放（issuances）資料，我們估計有超過 1,600 萬筆房貸是在利率高於 5% 的情況下發放，其中近 1,500 萬筆利率高於 6%，且超過 950 萬筆利率高於 6.5%。

This provides a perspective on the pool of mortgages potentially available to refinance as mortgage rates change.

這提供了一個視角，說明隨著房貸利率變動，可能可供再融資的房貸存量池規模。

Business unit revenue growth rates and EBITDA margin expectations are unchanged from our April guidance.

各事業單位的營收成長率與 EBITDA 利潤率預期，均與我們 4 月的指引一致，未有變動。

This slide also includes additional detail on revenue growth rates and EBITDA margins, excluding FICO MortgageScore royalty pass-through revenue and expected BU revenue in EBITDA margins. We expect to deliver revenue growth of 7.2% to 8.4%, excluding the impact of FICO mortgage royalties in 2026 within our long-term financial framework. And we expect to grow EBITDA margins, excluding the impact of FICO mortgage royalties by a strong 75 basis points, which is 25 points above our long-term framework.

本頁也提供更多細節，包含在排除 FICO MortgageScore 權利金轉付（pass-through）營收，以及在 EBITDA 利潤率中排除預期 BU（事業單位）營收後的營收成長率與 EBITDA 利潤率。在我們長期財務架構下，預期 2026 年在排除 FICO 房貸權利金影響後，營收成長可達 7.2% 至 8.4%。同時，我們預期在排除 FICO 房貸權利金影響後，EBITDA 利潤率將強勁提升 75 個基點，較我們長期架構高出 25 個基點。

In 2026, we expect to deliver over $1 billion of free cash flow and a cash flow conversion of at least 100%.

2026 年，我們預期可創造超過 10 億美元的自由現金流，且現金流轉換率至少達到 100%。

As we discussed in April, with EBITDA increasing to about $2.1 billion at the midpoint and strong free cash flow, this creates $1.5 billion in capital available in 2026 for M&A and return of cash to shareholders, while maintaining debt leverage at under 3 times EBITDA.

如同我們在 4 月所討論的，隨著 EBITDA 在中位數提升至約 21 億美元，加上強勁的自由現金流，2026 年可提供 15 億美元資本用於併購（M&A）與回饋股東，同時將負債槓桿維持在 EBITDA 的 3 倍以下。

As referenced earlier, this provides the capability for us to complete the Circulo acquisition as planned in 4Q '26, while still executing share repurchases in the second. Of 26, although at lower levels than the 560 million and 3.1 million shares we repurchased in the first half of 26.

如先前所提及，這使我們有能力按計畫於 2026 年第四季完成 Circulo 收購，同時仍可在 26 年下半年執行庫藏股回購。不過回購規模將低於 26 年上半年我們回購的 5.6 億美元與 310 萬股。

Slide 16 provides the details of our 3Q26 guidance.

第 16 頁提供我們 2026 年第三季（3Q26）指引的詳細內容。

In 3Q '26, we expect total Equifax revenue to be between $1.68 billion and $1.71 billion, up almost 10% on a reported basis year-to-year at the midpoint. Constant dollar revenue growth at the midpoint is up almost 9.5%. Excluding the impact of FICO mortgage scores, 3Q '26 reported revenue is expected to be up about 7% at the midpoint.

在 2026 年第三季，我們預期 Equifax 總營收介於 16.8 億至 17.1 億美元之間，以中位數計算，按申報口徑（reported basis）年增接近 10%。以固定匯率（constant dollar）計算的營收成長，中位數約為 9.5%。若排除 FICO 房貸分數的影響，2026 年第三季申報口徑營收中位數預期約年增 7%。

Diversified markets revenue is expected to be up mid-single-digits on a constant currency basis and up sequentially from second quarter, principally due to stronger EWS diversified markets growth.

多元化市場營收預期以固定匯率計算將成長中個位數，且較第二季呈現季增，主要來自 EWS 多元化市場成長更強勁。

U.S. Mortgage revenue is expected to be up about 20%. EPS in 3Q26 is expected to be $2.15 to $2.25 per share.

美國房貸營收預期將成長約 20%。2026 年第三季每股盈餘（EPS）預期為每股 2.15 至 2.25 美元。

Up about 8% versus three Q25 at the midpoint.

以中位數計算，較 2025 年第三季約成長 8%。

Equifax three Q26 EBITDA dollars are expected to be $547 million to $564 million, up about 10% at the midpoint. EBITDA margins are expected to be about 32.8% at the midpoint of our guidance.

Equifax 2026 年第三季 EBITDA 金額預期為 5.47 億至 5.64 億美元，以中位數計算約成長 10%。EBITDA 利潤率在我們指引中位數預期約為 32.8%。

And excluding the impact of FICO mortgage royalties, EBITDA margins in 3Q '26 would be 34.6% to 35%, up over 90 basis points at the midpoint from our 3Q '25 on the same basis.

若排除 FICO 房貸權利金的影響，2026 年第三季 EBITDA 利潤率將為 34.6% 至 35%，以中位數計算，較同口徑的 2025 年第三季提升超過 90 個基點。

We believe that our full year and 3Q '26 guidance are centered at the midpoint of both our revenue and EPS guidance ranges. As a reminder, our guidance for 3Q '26 and fiscal year '26 assumes Equifax will calculate and sell FICO scores for all mortgage credit transactions, and there will be limited Vantage Score revenue.

我們認為，我們的全年與 2026 年第三季指引，無論在營收或 EPS 的指引區間，皆以中位數為核心。提醒一下，我們對 2026 年第三季與 2026 會計年度的指引假設：Equifax 將針對所有房貸信用交易計算並銷售 FICO 分數，且 Vantage Score 的營收將相當有限。

As we move through 2026 and there is additional clarity on Vantage Conversion and the FICO Direct License Program, we will update our guidance to reflect the shift and opportunity for the mortgage industry, consumers and Equifax. Now I'd like to turn it back over to Mark.

隨著我們在 2026 年推進，對 Vantage 轉換（Vantage Conversion）以及 FICO 直接授權計畫（FICO Direct License Program）有更清晰的資訊後，我們將更新指引，以反映此一轉變，以及對房貸產業、消費者與 Equifax 的機會。現在我想把時間交還給 Mark。

Slide 17, Equifax had another strong quarter, executing very well against our EFX 2028 strategic priorities.

第 17 頁，Equifax 再度交出強勁的一季，並且在我們 EFX 2028 策略優先事項上執行得非常到位。

The new Equifax is leveraging the Equifax Cloud, EFX.ai and proprietary data assets to accelerate innovation and help our customers grow.

全新的 Equifax 正在運用 Equifax Cloud、EFX.ai 與自有專屬資料資產，加速創新並協助客戶成長。

Our second quarter financial results are an excellent proof point of the broad-based Equifax operating model, including the strong 120 basis points of EBITDA margin expansion in the quarter.

我們第二季的財務結果，是 Equifax 廣泛布局的營運模式的絕佳佐證，其中也包括本季 EBITDA 利潤率強勁擴張 120 個基點。

We have strong momentum as we enter the second-half of the year.

在進入下半年之際，我們動能強勁。

EWS signed agreements principally with state agencies with a total ACV of about $300 million, we signed the highly accretive Circular Accredo acquisition, and we doubled our AI for EFX productivity goal from $75 million to $150 million.

EWS 主要與州政府機構簽署協議，合計年度合約價值（ACV）約 3 億美元；我們也簽署了高度增益（highly accretive）的 Circular Accredo 收購案，並將我們針對 EFX 的 AI 生產力目標從 7,500 萬美元加倍至 1.5 億美元。

Our strong execution and momentum in '26 sets us up for '27 and beyond.

我們在 26 年的強勁執行力與動能，為 27 年及更長遠的未來奠定基礎。

Given our strong free cash flow generation and cash conversion over 100% in 2026, we're also delivering on our commitment to return substantial excess free cash flow to shareholders.

鑑於我們在 2026 年強勁的自由現金流創造能力與超過 100% 的現金轉換率，我們也正在履行承諾，向股東返還可觀的超額自由現金流。

In the first half of the year, we returned $560 million to shareholders, repurchasing 3.1 million shares or about 2.5% of shares outstanding.

在上半年，我們向股東返還 5.6 億美元，回購 310 萬股，約占流通在外股數的 2.5%。

In the second-half.

在下半年。

We can complete the circular acquisition and continue share repurchases, although at a slower pace than we saw in the first half, while maintaining a strong investment-grade balance sheet with leverage below 3 times EBITDA.

我們可以完成 circular 收購案並持續進行庫藏股回購，雖然速度會比上半年慢一些，同時維持強健的投資等級資產負債表，槓桿低於 EBITDA 的 3 倍。

I'm energized about our broad-based performance, but even more energized about the future of the new Equifax.

我對我們廣泛布局的表現感到振奮，但對全新 Equifax 的未來更感到振奮。

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

那麼，接線員，請讓我開放提問。

(Operator Instructions) Jeff Meuler, Baird.

(接線員指示) Jeff Meuler，Baird。

Yes, thank you. So you were obviously calling out the tougher twin government year-over-year this quarter in advance on the true-ups and the copping and the onboarding of a large contract. The bookings figure is kind of a new figure. Obviously, we have the context of the overall size of the business, but it sounds good. Can you just comment maybe on. If gross retention rates are still stable and high and if pricing integrity is holding as we think of kind of using the new business to kind of build on the future revenue.

是的，謝謝。所以你們顯然在本季提前提到，政府業務年對年比較更具挑戰，原因包括 true-ups、copping，以及一份大型合約的導入（onboarding）。預訂（bookings）這個數字算是比較新的指標。顯然我們知道整體業務規模作為背景，但聽起來不錯。你能否評論一下。例如總留存率（gross retention rates）是否仍然穩定且維持高檔，以及在我們思考用新業務來支撐未來營收時，定價紀律（pricing integrity）是否仍如我們所想般維持良好。

Yeah, Jeff, thanks.

好的，Jeff，謝謝。

We telegraphed, I think, in the April call that our deal pipeline and government have been growing rapidly. I think we've been talking.

我想我們在 4 月的電話會議中已經預告過，我們的交易管線（deal pipeline）以及政府業務一直在快速成長。我想我們一直在談。

About that really for the last year and change since the new administration came into Washington and with the OB3.

關於這點其實在過去一年多以來一直都有提到，自從新政府進入華盛頓，以及隨著 OB3。

Passing in July last year, we just saw a real uptick in momentum around commercial activity, and that's continued, and our deal pipeline continues to be 2x over last year, and we're starting to convert. Some of that pipeline, some of it faster than we thought, but we know that there was real momentum, which we talked about really in February and again in April, so we were pleased with the $100 million of new wins, so these are new principally state contracts that hadn't been doing business with Equifax before or not in the last couple of years and then extensions and renewals of another $200 million, so great indicators of the real value of our solution in the marketplace. The commercial momentum in there around the value of our services to be used. As there's a huge TAM here. To your question around pricing.

去年7月之後，我們確實看到商業活動動能出現明顯上升，而且這股趨勢持續至今；我們的交易管線相較去年仍維持在2倍水準，並且開始轉換成實際合約。其中一部分管線的轉換速度比我們原先預期更快，但我們知道確實存在實質動能——我們在2月、以及4月都談到過——因此我們對新增的1億美元新案感到滿意；這些主要是新的州政府合約，過去Equifax未曾合作、或至少在過去幾年沒有合作過；另外還有2億美元的延長與續約，這些都是我們解決方案在市場上真實價值的良好指標。其中也反映出商業端對我們服務使用價值的動能。因為這裡的TAM非常龐大。回到你關於定價的問題。

And commercial terms and activity, really no change.

就商業條款與活動而言，基本上沒有變化。

We are continuing to have really strong success in the government vertical. We've got a long runway for growth.

我們在政府垂直領域持續取得非常強勁的成果。我們還有很長的成長跑道。

We've got the right solution. As we're investing in new.

我們擁有正確的解決方案。同時我們也在投資新的。

Products like the gig solution we launched late last year that we're having some traction on and then some of the new solutions we're starting to bring to market to address some of the new OB-3 requirements around Medicaid and SNAP, the principal. Benefit 2027. So we remain quite bullish about the government vertical. We have talked in a couple of calls over the last year and change that in some cases, we're using subscription agreements versus transactional agreements with some of our new customers. That's been something that helps them with their budgets at the state level in particular. So that's been a positive for us, but we're quite enthusiastic and quite energized around the. Momentum in government and to land some large contracts. We thought it was meaningful to share those with you because they're really going to benefit principally 2027. So it gives us a great momentum as we move toward next year.

例如我們在去年底推出的零工（gig）解決方案，目前已取得一些進展；此外，我們也開始把一些新解決方案推向市場，以因應圍繞Medicaid與SNAP的OB-3新要求，主要是。福利2027。因此，我們對政府垂直領域仍然相當看多。過去一年多的幾次電話會議中我們也提到，在某些情況下，我們對部分新客戶採用訂閱式協議，而非交易式協議。這在特別是州政府層級，有助於他們的預算安排。因此這對我們是正面的；我們也對政府端的。動能、以及拿下大型合約感到非常振奮、也充滿幹勁。我們認為把這些資訊分享給你們很有意義，因為它們主要會在2027年帶來效益。因此，這讓我們在邁向明年時具備很好的動能。

Very helpful.

非常有幫助。

And then on the.

然後關於。

VantageScore only, the 100 VantageScore only in mortgage, the lenders. I get it's only priced at $1, at least through 27, so it wouldn't be big revenue dollars for you yet. But does that mean that those 100 are paying for VantageScore at this point? And can you contextualize if there's anyone sizable or what do they look like?

僅使用VantageScore——也就是在房貸中僅用VantageScore的那100家放款機構。我理解至少到27年為止定價只有1美元，所以對你們來說目前還不會帶來很大的營收金額。但這是否代表那100家目前正在為VantageScore付費？以及你能否說明一下是否有任何規模較大的機構，或他們大概是什麼樣的組成？

No, they're not sizable yet. We all of the mortgage customers that we have, which is nearly every mortgage customer, are focused on Vantage because of significant cost savings. As the FHFA is still gating.

不，他們目前還不算具規模。我們所有的房貸客戶——幾乎涵蓋所有房貸客戶——都因為顯著的成本節省而聚焦在Vantage。因為FHFA仍在把關。

The agency mortgages, the number of lenders that can be utilizing Vantage, we expect that to increase as time passes, meaning the lenders are all engaging with FHFA about their interest of accessing Vantage. So we expect that momentum to continue as we move.

在機構房貸（agency mortgages）方面，可使用Vantage的放款機構數量；我們預期隨著時間推進會增加，也就是說放款機構都在與FHFA就其取得Vantage的意願進行互動。因此我們預期這股動能會持續，隨著我們邁入。

Into third quarter and into the second-half. And as we pointed out in the prepared comments, we intend to keep our pricing at $1 in 2027, so they really continue to drive that engagement with our customers, but also giving them visibility now that they can count on Vantage as an attractive scoring solution along with our credit file for their mortgage underwriting going forward.

第三季以及下半年。而且如同我們在事先準備的評論中指出的，我們打算在2027年將定價維持在1美元，因此他們確實會持續推動與我們客戶的互動，同時也讓客戶現在就能看見：未來在房貸核貸（underwriting）上，他們可以把Vantage視為一個具吸引力的評分解決方案，並搭配我們的信用檔案一起使用。

But just maybe summarizing one more time, there's a lot of momentum. Here by the mortgage lenders, and we expect that activity to continue as we move into second-half.

不過再總結一次，房貸放款機構這邊的動能很強。我們預期隨著進入下半年，這些活動會持續。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，Morgan Stanley。

Thanks so much. I wanted to start with the government business also.

非常感謝。我也想先從政府業務開始。

You talked about some win-backs in the presentation, and so I was hoping you could maybe expand on the opportunity that you see for those win-backs.

你們在簡報中提到一些「贏回」（win-backs），所以我希望你們能進一步說明你們看到的這些贏回機會。

And basically, maybe thinking about 3Q for government, how are you looking on that, especially based on you have this really good pipeline, but maybe some of that isn't.

另外，基本上從政府業務的第三季（3Q）來看，你們怎麼看待？尤其是基於你們有非常好的管線，但也許其中一些並沒有。

Flowing into the growth rate as quickly.

那麼快反映到成長率上。

So again, we were pleased, Tony, I hope you are too, with the commercial momentum in government.

所以再次強調，Toni，我們對政府端的商業動能感到滿意，希望你也是。

It was above our expectations, but we knew it was coming. When you got a deal pipeline that's up 2x year-over-year, we've got a lot of discipline around our commercial pipelines. It was just a matter of time when those convert from pipeline to contracts. You'll remember that you go back to.

這超出我們的預期，但我們知道它會到來。當你的交易管線年增達到2倍時，我們對商業管線管理有很高的紀律。這只是時間問題，等這些從管線轉換成合約。你會記得你回到。

July of 2024, the Biden administration changed some of the Medicare cost savings. And I think we were clear with you really in the second-half of '24 and into '25 that we were able to work with many of the states to resolve the challenges they had with their budgets with that kind of unexpected cost sharing that happened in 2024, where the states had to pick up incremental costs for the data that was used. And there were some states that couldn't manage it. And they had to turn our solution off and I think that's kind of well discussed by us over the last year and change and it was reflected in our P&L, we're winning back some of those states. And I think it's a great reflection of the value of the income and employment data that we delivered at social services at the state level and there was a large one, which you can see on the slide there that was included that's going to be on a run rate basis, net new. Revenue for us really principally late in the year, but in really in 2027 is where that will benefit. As I said in my comments earlier, that kind of $100 million of ACV from new relationships and winbacks is principally benefiting 2027. And then, of course, there's another $200 million of renewals, which meaning it stays in our runway, which we are very pleased with. So the commercial activity is strong, and we're really pleased. The momentum and really setup we have for 2027 in government. And again, as a reminder, you've got a business that's approaching $800 million of revenue in government in Workforce Solutions, but it's operating against the $5 billion TAM. And again, a reminder that the OB-3 requirements that were put in place in the July bill that was signed last year really go into effect late this year in 2027. And we expect that to be a catalyst for growth, and you're seeing the $100 million is at least a piece of that, which will be positive for us as we get into the new year in '27.

2024年7月，拜登政府調整了部分Medicare的成本節省機制。我想我們在24年下半年到25年期間已經很清楚地向你們說明：我們能與許多州合作，解決他們在預算上面臨的挑戰——這源於2024年發生的那種意外成本分攤，當時各州必須為所使用的資料承擔額外成本。有些州無法負擔。因此他們不得不關閉我們的解決方案；我想這在過去一年多我們已充分討論，也反映在我們的損益表上——我們正在把其中一些州贏回來。我認為這很好地反映了我們在州政府社會服務層級所提供的收入與就業資料的價值；其中有一個大型案子，你可以在投影片上看到，已包含在內，按年化（run rate）基礎來看，將為我們帶來淨新增。對我們而言，營收主要會在今年稍晚開始體現，但真正的效益會在2027年。如我先前評論所說，來自新關係與贏回的約1億美元ACV，主要是貢獻在2027年。當然，另外還有2億美元的續約，意味著它會留在我們的成長跑道上，這讓我們非常滿意。因此商業活動很強，我們也非常高興。政府端在2027年的動能與整體布局。再提醒一次，你們看到的是一個在Workforce Solutions中、政府業務營收接近8億美元的事業，但它面對的是50億美元的TAM。同樣再提醒一次，去年7月法案中所納入並簽署的OB-3要求，將在今年稍晚於2027年正式生效。我們預期這會成為成長催化劑；你們看到的這1億美元至少是其中的一部分，當我們進入27年的新年度時，將對我們帶來正面影響。

And then I wanted to ask about the 1,200 lenders that are using VantageScore with FICO.

然後我想問一下，有1,200家放款機構同時使用VantageScore與FICO。

I guess I know you're giving Vantage for free if someone is using FICO. So out of the 1,200, is there a way that you know that how many are testing or...

我想我知道，如果有人在用FICO，你們會免費提供Vantage。所以在這1,200家之中，有沒有方法知道其中有多少是在測試或……

Or are they just getting it and hopefully they're testing it and we'll convert it?

或者他們只是拿到而已，而我們希望他們在測試，然後我們會把它轉換過來？

No.

不。

No, you should think about the 1,200 is all are testing their technology systems, their processes, their workflows. And we talked over the last year or so that this is a big change for the industry that's been using one credit score for three decades almost. So that technology and process flow change was important, that's why we made the decision last fall. To offer a free Vantage score with every paid FICO score, so our customers could test their tech, their product, as well as their other workflows. So you should think about and we think about that 1,200 meaning lots of mortgage lenders are really preparing to use Vantage.

不，你應該把那 1,200 理解為：大家都在測試他們的技術系統、流程與工作流。而且我們在過去一年左右也談過，對於一個幾乎三十年來都只使用單一信用分數的產業而言，這是一個重大變革。因此，技術與流程流的變更很重要，這也是我們去年秋天做出決定的原因。對每一筆付費的 FICO 分數都提供一個免費的 VantageScore，讓客戶可以測試他們的技術、產品以及其他工作流程。所以你應該這樣看、我們也這樣看：那 1,200 代表很多房貸放款機構正在積極準備採用 Vantage。

As a reminder, as the FHFA in.

提醒一下，關於 FHFA 在。

In April, their announcement, I think, was 22 or 23 lenders that were approved, and that's only 22 or 23. We would expect that to increase moving forward because those 1,200 lenders, using that example, they all want to take advantage of the value, get their share of that $1 billion worth of the cost savings that's available to them by using the VantageScore. So we would expect that adoption to continue to grow.

在 4 月的公告中，我記得大概是核准了 22 或 23 家放款機構，而且就只有 22 或 23 家。我們預期未來這個數字會增加，因為以那 1,200 家放款機構為例，他們都想利用這個價值，分得那筆可透過使用 VantageScore 而取得、總額約 10 億美元的成本節省中的一部分。所以我們預期採用率會持續成長。

As the FHFA opens up more lenders to be able to utilize the VantageScore and the actual loan origination versus FICO.

隨著 FHFA 開放更多放款機構能夠使用 VantageScore，並在實際貸款核貸（loan origination）中使用它、而不是 FICO。

Terrific.

太好了。

Thank you.

謝謝。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Hi. This is Alex Hess on for Andrew.

嗨。我是 Alex Hess，代 Andrew 發言。

Just a couple of points of clarification.

我有幾點想釐清。

Government ACV number, I think it was asked earlier, but what was the associated retention dynamic?

政府端的 ACV 數字，我想之前有人問過，但相關的續約／留存動態是什麼？

Like were there sure $100 million is all new business for us versus think about 2026, meaning it's all additive to our revenue and principally in '27.

例如，是否可以確定那 1 億美元全部都是我們的新業務；換言之，放到 2026 年來看，這會完全增量貢獻到我們的營收，主要反映在 2027 年。

So the $200 million is renewals of existing contracts that's in our revenue in '26.

所以那 2 億美元是既有合約的續約，這部分在 2026 年已經包含在我們的營收裡。

Understood. So no turn of note.

了解。所以沒有什麼值得注意的流失。

Then just switching to mortgage revenues in USIS were up 60% in 1Q, up 40% in 2Q. Can you just sort of walk us through the bridge of that coming down, if you will?

接著切到房貸：USIS 的房貸營收在第一季年增 60%，第二季年增 40%。你能不能帶我們走一下這個增速下來的橋接（原因）？

Sure. The biggest driver, obviously, is the mortgage market weakened, right, as you take a look at what occurred year-over-year, and we talked about that. We saw weakening as rates rise as you went through the second quarter. And also, in the second quarter of last year, we started gaining share in pre-qual. So we had a little more difficult comp because we had picked up some share that we hadn't had in place in the first quarter of 2025. So those are two big drivers that are impacting why the overall growth rate is lower in the second quarter.

當然。最大的驅動因素很明顯是房貸市場轉弱，對吧？如果你看年對年的變化，我們也談過。第二季隨著利率上升，我們看到市場走弱。另外，在去年第二季，我們開始在預先資格審查（pre-qual）上取得市占。因此比較基期更具挑戰，因為那是我們在 2025 年第一季還沒有的市占提升。所以這兩個主要因素影響了為什麼第二季的整體成長率較低。

Year-over-year growth rate is lower in the second quarter versus the first.

也就是說，第二季的年增率比第一季低。

Understood. And then final clarification, please.

了解。最後再請教一點釐清。

You say VantageScore transactions were up roughly 3x to $2.2 million. How are you defining a transaction in this case for the quarter? Like what is a transaction in this?

你提到 VantageScore 交易量大約成長 3 倍到 220 萬美元。在這一季的口徑下，你們如何定義「交易」？也就是說，這裡的交易是指什麼？

This is us delivery of VantageScore, right? So that's effectively what they are, yes.

這指的是我們交付 VantageScore，對吧？所以基本上就是這個，是的。

Thank you so much.

非常感謝。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Hi.

嗨。

Thank you very much for taking my questions. Bart, can you talk a little bit more about the twin indicator and the progress you're seeing in auto and credit card? Are you seeing more evidence of volume shifts and just anything maybe quantitative that you can point to that, hey, this could be a longer-term game-changer?

非常感謝讓我提問。Bart，你能再多談一點 twin indicator（雙指標）以及你們在汽車貸款與信用卡上看到的進展嗎？你們是否看到更多量能轉移的證據，或有沒有任何可能偏量化的指標可以指出：嘿，這可能會是長期的遊戲規則改變者？

Yeah, it's still earlier days in those verticals. We're further deployed, as in mortgage because we launched that really last summer/fall when we launched it in mortgage, and we really only launched an auto card and P loan in the early parts of 2026.

是的，這些垂直領域目前還算早期。我們在房貸的部署更深入，因為我們是在去年夏末／秋季推出房貸版本；而汽車、信用卡與個人貸款（P loan）則是在 2026 年初期才推出。

The response from customers is super strong. They see real value, the same value we talked about in the marketing funnel in a mortgage application process where you're really blind. The income or whether the applicant is working because you only have credit data historically. Now, the addition of that twin indicator that shows that Mark's working and what my compensation was in the prior year, the last 12 months and that I work for, in my case, Equifax, is really valuable. It's the same case in an auto loan.

客戶的反應非常強烈。他們看到實質價值，就像我們在房貸申請流程的行銷漏斗中談到的那種價值：你其實是「看不見」的。因為過去你只有信用資料，並不知道收入或申請人是否在職。現在加入 twin indicator，可以顯示 Mark 有在工作、我前一年的薪酬、過去 12 個月的薪酬，以及我任職的公司（以我為例是 Equifax），這非常有價值。在汽車貸款也是同樣的情況。

An auto marketing funnel is quite similar. The auto dealer or the digital transaction auto, they're trying to figure out is this. An applicant that I'm going to be able to get to a closing of an auto loan, and how can I differentiate from those that don't close versus the information that I'll have, including the income and employment data from Equifax with a twin indicator, really gives them a leg up in managing their marketing funnel. Same in a personal loan process that's typically digital, although some are physical, but the bulk is digital, same process. And then in card, it just. The ability to give a larger credit line, which typically will result in a higher take rate from the consumer.

汽車的行銷漏斗非常類似。汽車經銷商或數位化的汽車交易，他們想判斷的是：這是不是。一位我能夠促成汽車貸款成交（closing）的申請人？以及我如何把會成交的人與不會成交的人區分開來？而我能取得的資訊（包含 Equifax 透過 twin indicator 提供的收入與就業資料）確實讓他們在管理行銷漏斗上更具優勢。個人貸款流程也一樣，通常是數位化的，雖然有些是實體，但大多是數位，同樣的流程。至於信用卡，則是。能夠提供更高的信用額度，通常會帶來更高的消費者接受率（take rate）。

And with the addition of income, you can actually do a lower interest rate, which will drive kind of pipeline conversion. So we're energized about that rollout.

再加上收入資訊，你其實也能提供更低的利率，進而帶動整體管線轉換率。所以我們對這次推廣感到很振奮。

There's not a lot of share shift happening yet, but a lot of really strong commercial discussions happening in those auto card and P loan verticals. So we're energized about that momentum and we'll continue. Continue to drive that engagement with our customers in the second-half.

目前還沒有出現大量的市占轉移，但在汽車、信用卡與個人貸款這些垂直領域，確實有很多非常強勁的商務討論正在進行。所以我們對這股動能感到振奮，並且會持續。在下半年持續推動與客戶的互動。

Okay, thank you. And then just shifting back to that VantageScore discussion, FICO is reducing the cost of like the 10-T to like $1 by putting in a really big success fee at the other end of the transaction. And given your experience with the mortgage market, do lenders. Look at that as a straight-through pass-through that they don't care about or is that something that a success fee at the other end is something that weighs on the consumer and they actually do care about that? I'm just trying to understand, does that make their -- does the $1 make it comparable or is it really still not comparable in the eyes of the people that are going to be buying this?

好的，謝謝。再回到 VantageScore 的討論，FICO 正在把像 10-T 這類的成本降到大約 1 美元，但在交易的另一端加入一個很大的成功費（success fee）。以你們在房貸市場的經驗，放款機構。會把這視為完全直通式的轉嫁、他們不在意；還是說，交易另一端的成功費會影響到消費者，因此他們其實會在意？我想理解的是：那個 1 美元是否讓它變得可比，還是在實際購買者眼中仍然不可比？

I think it's the latter.

我認為是後者。

We don't hear or see any traction on that.

我們沒有聽到或看到任何進展。

It's one that the success fee thing is something FICO has been talking about for about a year or there's nothing really happening in the marketplace on it. And I think the point you raised around the consumer is an excellent one.

關於成功費這件事，FICO 談了大概一年，但市場上並沒有真正發生什麼。而且我認為你提到消費者的那點非常到位。

Because the consumer -- there's a RESPA regulation that's around mortgage originations. It's legislation in the United States that the mortgage originators have to follow it. And basically, it means that they have to treat the consumer fairly with regards to services that they purchase for them and then charge the consumer for. So the idea of charging that consumer $66 for a credit score, which is what FICO is proposing with their closed loan pricing versus a.

因為消費者——在房貸核貸方面有一個 RESPA 規範。這是美國的一項法規，房貸發起機構必須遵循。基本上，它要求他們在替消費者購買服務並向消費者收費時，必須公平對待消費者。因此，向消費者收取 66 美元的信用分數費用（這是 FICO 以其「已結案貸款定價」所提出的）這個想法，相較於一。

With a vantage score or $10 with today's FICO score pricing just doesn't make a lot of sense, which is why there isn't a lot of traction there. And I know you know this, and we don't see any path of where this really makes a lot of sense, either commercially or from a regulatory, legislative, legal standpoint.

以 Vantage 分數或以今日 FICO 分數的定價來看要收 10 美元，其實不太合理，這也是為什麼那邊沒有太多進展。而且我知道你也清楚，我們也看不出這件事在商業上或從監管、立法、法律角度來說，哪裡真的有很大意義。

And we just don't see any traction on it. So we're focused on really supporting our customers with the $1 Vantage. I think as we said earlier, we're going to continue that pricing in 2027 to give our customers visibility around how we're trying to support them in credit scoring and driving credit score competition, and we think that's going to help drive adoption and conversion to Vantage in the mortgage space as we go through the second-half and move into 2027.

我們就是看不到它有任何推進力。所以我們專注在用 1 美元的 Vantage 來真正支持我們的客戶。我想如同我們先前所說，我們會把這個定價延續到 2027 年，讓客戶更清楚我們如何在信用評分上支持他們、並推動信用評分的競爭；我們認為，隨著我們走過下半年並進入 2027 年，這將有助於推動在房貸領域對 Vantage 的採用與轉換。

Thank you.

謝謝。

Manav Patnaik, Barclays.

Manav Patnaik，巴克萊。

Thank you. Good morning. I just, I guess we're just looking for a little bit more help on the way government. Kind of flows through for the rest of the year and into '27. I mean, the pipeline and the backlog, all that makes sense for the growth in '27, but I guess you've grown about 5% in the first half of this year. So just trying to appreciate how it ends and then how quickly all this new business rolls into in '27 as well.

謝謝。早安。我想，我們只是希望你能再多幫我們理解一下政府業務在今年剩餘時間以及到 27 年的走勢。我的意思是，管線和積壓訂單等，對 27 年的成長都說得通，但我想你們今年上半年大概成長了 5%。

The '27 new business rolls in quite quickly.

27 年的新業務會相當快地進來。

As I think we said, much of it's driven. Some of the OB3 changes, but it's the 100 million of new business is 2027 ACV run rate and would be principally in that run rate early in 2027.

如同我們所說，其中很大一部分是由 OB3 的一些變更所驅動，但這 1 億美元的新業務是 2027 年 ACV 的年化運行率，並且主要會在 2027 年初就反映在那個運行率中。

In terms of second-half, we're expecting government to return back to growth, and we'll start to see some of the benefits, a small amount from these new contracts start to flow through. So again, the wins, as Mark said, are a really strong indicator of the strength of the solution and how we think it's going to drive growth as we get not so much through the back half of this year, although we will see growth in the back half of this year, but really as you get into 2027 and beyond.

就下半年而言，我們預期政府業務會回到成長，我們也會開始看到這些新合約帶來的一小部分效益開始反映出來。所以再說一次，如 Mark 所說，這些得標是解決方案實力的非常強的指標，也讓我們相信它將在我們不只是走過今年下半年（雖然今年下半年我們也會看到成長），而是當你進入 2027 年及之後時，推動成長。

And sorry, when you mean return to growth, are we saying similar to the 5% in the first half or less?

不好意思，你說回到成長，是指跟上半年 5% 類似，還是更低？

We didn't give us we we haven't given a specific number, but you're going to start you'll see government growth again as we go through the second-half.

我們沒有給出具體數字，但你會看到政府業務在下半年會重新出現成長。

And then, John, similarly on the mortgage inquiry assumption, I think low single-digits technically was unchanged. So I'm just trying to appreciate if there's a range within which you want to guide us to on the low single-digits. And I think you mentioned you offset that with share gains, is that correct or did I misread that incorrectly?

另外，John，在房貸查詢量的假設上，我想「低個位數」技術上是沒有變。所以我想理解一下，你們對「低個位數」是否有想引導我們的區間。而且我想你提到你們用市占提升來抵消，是這樣嗎？還是我理解錯了？

So I think you're talking about originations, and yes, we continue to expect to see originations to be down low single-digits. Obviously, that's a range, and effectively, we're indicating we're going to be lower in the range of low single-digits than we indicated before, and we do expect to continue to win share gains principally in. In soft holes as we go through the rest of this year. We think the team is making great progress. Mark answered a question earlier about twin indicator and the progress we're making there, and that's really driving the benefit. But said differently, Manav, I want to.

我想你指的是房貸核貸量（originations），是的，我們仍預期核貸量會下滑低個位數。當然那是一個區間；實際上，我們是在表示我們會落在低個位數區間中較低的一端，低於我們先前所暗示的水準；而且我們確實預期會持續取得市占提升，主要是在……在今年剩餘時間的較疲弱區段（soft holes）中。我們認為團隊進展非常好。Mark 先前回答了關於 twin indicator 的問題以及我們在那方面的進展，而那正是帶來效益的驅動因素。但換句話說，Manav，我想要。

Make sure that we're getting the right response to you on the mortgage our our view of the mortgage market. It definitely weakened from April as rates continued to stay high and actually increased a bit.

確保我們對你在房貸、以及我們對房貸市場的看法上，給到正確的回應。從 4 月以來，市場確實轉弱，因為利率持續維持在高檔，甚至還略有上升。

In May and June, and we expect that to continue. It's hard to see that what's happening in the Middle East is going to be resolved and then the inflation.

在 5 月和 6 月，我們也預期這種情況會持續。很難想像中東正在發生的事情會很快解決，然後通膨。

Is going to come down and then rates are going to come down. So our guide in the second-half is kind of at the very low end of that low single-digit kind of market outlook for the second-half.

會下降，接著利率也會下降。所以我們對下半年的指引，大概是在那個「低個位數」市場展望的非常低端。

Thank you. Appreciate that.

謝謝。很感謝你的說明。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes, hi, thank you, good morning. I just wanted to ask about talent, like you've seen really strong growth there in the quarter. And I'm curious sort of is that sustainable, sort of what's driving that growth?

是的，嗨，謝謝，早安。我想問一下人才（talent）業務，你們這一季看到非常強勁的成長。我很好奇這是否可持續，以及是什麼在驅動這個成長？

We saw very good growth in talent in both the first and the second quarter, and they've done an outstanding job both of continuing to grow penetration in VOE and also verification of employment, but also to continue to drive penetration in education and then the other incarceration.

我們在第一季和第二季的人才業務都看到非常好的成長；他們在持續提升 VOE（就業驗證）的滲透率以及就業驗證方面都做得非常出色，同時也持續推動在教育以及其他監禁（incarceration）。

Type of activities that we're also able to provide data on. So really good performance by the team, continuing to expand their presence and grow their penetration across background screeners generally. And we do expect them to consistently outperform the underlying hiring market, and they've obviously done that to a very wide degree in the first two quarters of this year.

等我們也能提供資料的活動類型上的滲透率。所以團隊表現非常好，持續擴大他們的市場存在感，並在整體背景審查（background screeners）客群中提升滲透率。我們確實預期他們會持續跑贏整體招募市場，而他們在今年前兩季顯然以非常大的幅度做到了。

I can't tell you that they're going to grow at this rate consistently.

我無法告訴你他們未來會一直以這個速度成長。

Forward because obviously outgrowing the market by the amount we did in the second quarter is larger than our long-term guidance, but we expect them to continue to perform well and then consistent with the strong outperformance relative to the market that we've indicated we should deliver long-term.

因為很明顯，第二季我們跑贏市場的幅度，超過了我們的長期指引；但我們預期他們會持續表現良好，並且與我們所指出的長期應能交付的、相對於市場的強勁超額表現一致。

Okay, great. And then just to follow-up on the government vertical. So I think you talked about flat growth in the second quarter, and it ended up being a little bit weaker than what you had indicated. So I'm curious what led to that. And I guess relatedly, I'm assuming that it has to do with the usage. And so as you're signing these new contracts, are these all fixed subscription-based contracts, or is there a usage element to it? Where you could have upside, downside based on what type of usage or hits you end up getting.

好的，很好。接著追問政府垂直領域。我想你提到第二季是持平成長，但結果比你們先前所暗示的稍微弱一些。所以我好奇是什麼導致的。以及我想相關地，推測這跟使用量有關。那麼當你們簽下這些新合約時，這些都是固定的訂閱制合約嗎？還是其中也有使用量的元素？也就是說，會不會因為最終的使用量或查詢次數（hits）而有上行或下行空間？

Yes, so in terms of the specific performance in the second quarter.

是的，關於第二季的具體表現。

The team, as Mark said, performed extremely well in signing new agreements and renewing agreements.

如 Mark 所說，團隊在簽訂新協議與續約協議方面表現非常出色。

The timing of those is sometimes hard to predict, and some agreements that we had expected that would close in the quarter actually closed just after the quarter ended, and it impacted some of the revenue delivery that would have occurred in quarter. And that's really the big driver of what happened in the second quarter relative to our expectations. It's not material on a go-forward basis for the business because, again, they performed extremely well in signing new agreements. As Mark already mentioned. We are seeing an increase in the percentage of time that customers want to go to subscriptions because it makes it easier for them to budget, but not all contracts certainly are for subscriptions. We still have a significant number of contracts that are signed that are usage-based, and you'll continue to see a mix of that, although we would expect to see probably the mix of contracts that are subscription-based to grow overtime.

這些的時點有時候很難預測；有些我們原本預期會在本季結案的協議，其實是在季末之後才結案，這影響了本季原本會交付的部分營收。這就是第二季相對於我們預期所發生情況的主要原因。就業務的未來而言，這並不重大，因為他們確實在簽訂新協議方面表現非常好。如 Mark 已經提到的。我們確實看到客戶希望改採訂閱制的比例在上升，因為這讓他們更容易編列預算，但當然不是所有合約都是訂閱制。我們仍有相當多簽訂的是按使用量計費的合約；你會持續看到這樣的組合，雖然我們預期訂閱制合約的占比可能會隨時間增加。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

Hi, good morning. Appreciate you taking my questions. I wanted to circle back to the AI cost savings that you increased this quarter.

嗨，早安。感謝你讓我提問。我想回到你們本季上調的 AI 成本節省這個主題。

Obviously, it's only been a couple of months since the $75 million number. So I'm just curious kind of what has specifically changed or what are you most kind of excited about or incrementally excited about versus last quarter? And relatedly, how much, if anything, of those savings are already in the expense base or the run rate now?

顯然，距離 7,500 萬美元那個數字才過了幾個月。所以我想了解，具體來說到底有哪些改變？或是相較於上季，你們最興奮、或新增讓你們更興奮的部分是什麼？另外相關地問一下：這些節省中，有多少（如果有的話）已經反映在目前的費用基礎或現行 run rate 裡？

Yes. So back in February, we put out the $75 million of savings from AI. And you may remember, we talked about that being principally from our operations team.

是的。所以在二月時，我們公布了 AI 帶來 7,500 萬美元的節省。你可能還記得，我們談到那主要來自我們的營運團隊。

Think about our call centers and paper processing centers, which are a meaningful part of our cost structure. That was where we started with AI deployment. In that operation, we've had really strong success of accelerating some of the AI agent deployment. We've got AI agents. Starting to take calls. We've got AI agents really managing a lot of the massive paper that we bring into the operation. So that pace of deployment and pace of productivity has really just moved rapidly. So that's a piece of the increase from $75 million to $150 million. And then we also said to you that we've been deploying AI capabilities across the rest of Equifax. Technology is a very large part. Of our cost structure and CapEx structure. We've had really strong momentum in deploying AI capabilities for coding or code development, or we have large portions of our code development now being done by agents and managed by our team, the QC elements of that, so that's been moving very rapidly. And that's a piece of that increase from $75 million to $150 million. And then in our kind of G&A functions, when you think about finance, legal, HR, we've also seen great deployment there in legal, finance, HR, so we're seeing productivity opportunities there. So we thought the time was right to increase it from $75 million to $150 million. As stated, it's between this year and '27 and '28, so it's multi-year in nature.

想想我們的客服中心與紙本處理中心，它們在我們的成本結構中占有相當重要的比重。那就是我們開始部署 AI 的地方。在那個營運環節，我們在加速部署部分 AI 代理（AI agent）方面取得了非常強的成果。我們已經有 AI 代理。開始接聽來電。我們也有 AI 代理在管理我們營運中大量的紙本文件。因此，部署速度與生產力提升的速度確實非常快速地推進。這是我們把節省從 7,500 萬美元提高到 1.5 億美元的一部分原因。此外，我們也跟各位說過，我們正在把 AI 能力部署到 Equifax 其他部門。科技（Technology）是我們成本結構中非常大的一部分。也是我們成本結構與資本支出（CapEx）結構中非常大的一部分。我們在部署用於寫程式或程式碼開發的 AI 能力方面也有很強的動能；目前我們有相當大比例的程式碼開發已由代理完成，並由我們團隊管理，包括其中的品質控管（QC）環節，因此進展非常迅速。這也是從 7,500 萬美元提高到 1.5 億美元的另一部分。再來，在我們的 G&A 職能方面，像是財務、法務、人資，我們也看到在法務、財務、人資的部署成效很好，因此也看到生產力機會。所以我們認為時機成熟，把目標從 7,500 萬美元提高到 1.5 億美元。如同所述，這是介於今年到 2027、2028 年之間，因此本質上是多年度的。

You're. Seeing in 2026, a piece of that benefit in our margin performance, which is extremely strong. If you look at the margin performance for the quarter, we were up 120 basis points, that's versus our normal kind of 50 basis point operating leverage that we get from our 7% to 10% organic revenue growth, I think 7% in the quarter.

你們。會在 2026 年看到其中一部分效益反映在我們的利潤率表現上，而那表現非常強勁。如果你看本季的利潤率表現，我們上升了 120 個基點；相較之下，我們通常從 7% 到 10% 的有機營收成長（本季我想是 7%）所帶來的營運槓桿，大概是 50 個基點左右。

So you're seeing those AI productivity and cost savings benefits show up in '26. And we wanted to give some visibility that it's moving quite rapidly.

所以你會看到這些 AI 生產力與成本節省的效益在 2026 年開始顯現。我們也希望讓大家更清楚看到，這件事推進得相當快。

AI is real at Equifax for sure.

在 Equifax，AI 確實是真實存在的。

We've been talking for the last couple of years around how AI is changing the kind of product scores and models we bring to market, our investments that we're making in our AI technology or explainable AI technology to really advance our product innovation. We talked about on the call that over 50% of our products that we delivered in the quarter are now include AI capabilities or agents inside of them. And then back to the point of your question, really late last year, we started as we completed the cloud, really started deploying AI inside Equifax. We call it AI4EFX.

過去幾年我們一直在談 AI 如何改變我們推向市場的產品分數（scores）與模型，以及我們在 AI 技術或可解釋 AI（explainable AI）技術上的投資，來真正推進產品創新。我們在電話會議上也提到，本季我們交付的產品中，超過 50% 現在都包含 AI 能力或內建代理。回到你問題的重點，去年稍晚，當我們完成上雲之後，就真正開始在 Equifax 內部部署 AI。我們稱之為 AI4EFX。

That's our kind of project team focus inside of the company and as I said, operations was the first focus and now we're really seeing great momentum in tech in the rest of the company, so we're energized to see those benefits will come forward not only this year, but also in '27 and '28.

那是我們公司內部的專案團隊重點；如我所說，營運是第一個聚焦點，而現在我們在技術部門以及公司其他部門也看到很好的動能，所以我們很振奮，因為這些效益不只會在今年顯現，也會在 2027 與 2028 年持續帶來成果。

And just specifics, so on the $2 billion gross spend, labor spending, just so you have perspective, about 80% is expense, about 20% is capital, so the savings would impact both expense and capital. And as Mark said, the savings for 2026 are in the guide.

再補充一些具體數字：在 20 億美元的總支出（gross spend）中，勞動力支出方面，讓你有個概念，大約 80% 是費用（expense），約 20% 是資本化（capital），因此節省會同時影響費用與資本。而如 Mark 所說，2026 年的節省已經納入指引（guide）之中。

Got it.

了解。

That's helpful. And maybe just I'll stick with the AI theme.

這很有幫助。那我可能就繼續沿著 AI 這個主題問。

Appreciate the operating expense efficiency.

我很肯定你們在營運費用效率上的表現。

Appreciate kind of the embedding of AI in a lot of your products. But I think I asked a similar question last quarter. I'm just curious, since it's all moving pretty quickly, have you noticed a change on the demand side? Like, are your clients actively pursuing your data on a more frequent basis? Are they particularly interested in AI-infused products?

也很肯定你們把 AI 嵌入到許多產品中。但我想我上季也問過類似的問題。我只是好奇，既然一切進展都很快，你們是否注意到需求端有變化？例如，你們的客戶是否更頻繁地主動追求使用你們的資料？他們是否特別對 AI 強化（AI-infused）的產品感興趣？

Just wondering if kind of the.

我只是想知道是否有點像。

Maturation of the cycle at the lender level is impacting the way that they demand your data, how they get it and how often they use it.

放款機構層級的週期成熟，是否正在影響他們對你們資料的需求方式、取得方式，以及使用頻率。

Yes, it's all of the above. And I think you raised a really important point that every one of our customers are doing versions of what we're doing, meaning they're changing their operations, they're embedding AI in their workflows. And there's different pace of implementation with every customer, some more advanced, some moving. Etc., I would make the point that like this is changing rapidly.

是的，以上皆是。而且我認為你提出了一個非常重要的觀點：我們每一位客戶都在做某種版本的我們正在做的事，也就是他們正在改變營運方式，並把 AI 嵌入他們的工作流程。每個客戶的導入速度不同，有些更先進，有些正在推進。等等。我想強調的是：這正在快速改變。

And I think the productivity piece that we talked about inside of Equifax of just in a six-month period, our outlook for the benefits from AI in our operations, think operations tech and our support functions, doubling in six months. That's kind of the pace of adoption is really quite remarkable to me. From a customer perspective.

我認為我們剛談到的 Equifax 內部生產力那一塊——在短短六個月內，我們對 AI 在營運端的效益展望（想想營運、技術以及支援職能）在六個月內翻倍。這種採用速度對我來說相當驚人。從客戶角度來看。

There's no question that they're becoming more AI-enabled and how they want to take, access our solutions. What is really driving our top-line and really driving our competitive advantage is our ability to deliver higher-performing solutions. Using our AI capabilities. So think about a score that delivers higher performance. And we've talked about that before, and whether you're AI enabled or not, if you're a customer. And you have the ability to approve more consumers at a lower loss rate because you've got a higher performing score that Equifax is delivering, which is powered by AI and generally includes a lot more data elements, which is part of the foundation that we have, meaning we have more differentiated data, that's a solution they want to buy, whether they're AI-enabled or not. So I think that's kind of the commercial activity is we are investing to have. Performing scores models and products. And remember, what we principally sell to our customers is ROI.

毫無疑問，他們在如何取得與存取我們的解決方案方面，正變得更具 AI 能力。真正推動我們營收成長、也真正推動我們競爭優勢的，是我們運用 AI 能力交付更高效能解決方案的能力。也就是運用我們的 AI 能力。例如一個能提供更高效能的分數（score）。我們之前談過這點；不論你是不是 AI 化的客戶。如果你是客戶，並且因為 Equifax 提供的更高效能分數（由 AI 驅動，且通常包含更多資料要素——這也是我們的基礎之一，意即我們擁有更具差異化的資料），讓你能以更低的損失率核准更多消費者，那就是他們想買的解決方案，不論他們是否已 AI 化。所以我認為商業活動的核心在於：我們正在投資以提供。高效能的分數、模型與產品。而且請記得，我們主要賣給客戶的是投資報酬率（ROI）。

So that's kind of the forefront of where we've been investing for the last couple of years in products. And then the kind of the enabler that comes with that is the investments we're making in Ignite and our other enabling tools that our customers use to access our tools, AI enabling those with agents in them that make them conversational with our customers, that's kind of another. Year around the engagement with our customers. But it starts with performance. Are you able to deliver a product that's going to deliver more ROI to your customers? And that's where our AI focus is in our products, models, and scores.

所以這就是我們過去幾年在產品端投資的最前線。接著，作為促成因素的是我們在 Ignite 以及其他賦能工具上的投資——客戶用這些工具來存取我們的工具；我們在其中加入具代理的 AI 能力，讓它們能以對話方式與客戶互動，這是另一個。圍繞客戶互動的年度主題。但一切都從效能開始。你是否能交付一個能為客戶帶來更多 ROI 的產品？而這正是我們在產品、模型與分數上的 AI 聚焦所在。

And we are seeing rapid adoption, some in Pilot, some more extensively of AI Advisor, right? And it's our most advanced solution, and customers are starting to utilize it already.

而且我們看到 AI Advisor 正在快速被採用，有些在試點（Pilot），有些則更廣泛地導入，對吧？而這是我們最先進的解決方案，客戶已經開始使用了。

Thank you.

謝謝。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC Capital Markets。

Thanks for taking my question.

謝謝讓我提問。

If you don't mind, I'll ask another question on government. Historically, except for last year. Government revenues are sequentially flat from 2Q to 3Q. Is that a similar cadence that we should expect before we see a step-up in a sequential revenue into 4Q?

如果你不介意，我再問一個關於政府業務的問題。歷史上，除了去年之外。政府收入從第二季到第三季按季基本持平。在我們看到第四季按季收入出現一個台階式上升之前，是否也應該預期類似的節奏？

So again, I think we were asked earlier, do we expect to see growth in the second-half in government, and we do, right? So I think that's probably as far as we're going to go on specific guidance on government or specific guidance by line of business. But we're expecting to see growth in government in the second-half, and as Mark said, with the 100 million of new contracts and 200 million of renewals, some of which include expansions, we would expect to see accelerating growth as we go into next year.

所以再說一次，我想先前有人問過，我們是否預期政府業務在下半年會成長，而我們是這麼預期的，對吧？所以我想，這大概就是我們在政府業務或按業務線提供具體指引方面能說到的程度。但我們預期政府業務在下半年會成長，而且如 Mark 所說，隨著新增合約 1 億美元以及續約 2 億美元（其中部分包含擴張），我們預期隨著進入明年，成長會加速。

That's a very helpful color. And maybe just on the diversified market, the guidance for 3Q was up mid-single-digit. That's a modest slowdown compared to 2Q. I was just wondering, is that just conservatism, any particular puts and takes that you can call out as we think about the diversified market growth for the rest of the year?

這些補充資訊非常有幫助。另外可能想問一下多元化市場（diversified market），第三季的指引是中個位數成長。相較第二季，這是小幅放緩。我想了解，這只是保守一些嗎？或是有沒有任何特別的利多利空因素可以分享，讓我們思考今年剩餘時間多元化市場的成長？

I think diversified markets, we're expecting to be pretty much consistent with what we saw in the second quarter, right? So I think we're very happy with the performance we saw in diversified markets in the second quarter. We saw very good performance and particularly USIS as their diversified market growth improved by 300 basis points. We're expecting nice performance by USIS again. EWS will see good improvement, obviously, as government growth improves meaningfully as we go into the second-half, and we're expecting to see.

我認為多元化市場，我們預期大致會與第二季看到的表現一致，對吧？所以我們對第二季多元化市場的表現非常滿意。我們看到非常好的表現，特別是 USIS，其多元化市場成長率提升了 300 個基點。我們預期 USIS 會再次有不錯的表現。隨著政府成長在下半年明顯改善，EWS 也會有良好改善，且我們預期會看到。

Better growth out of international as well. So no, I think we're expecting to see good performance in the third quarter in diversified markets and at least consistent with what we saw in the second quarter.

國際業務也會有更好的成長。所以不，我認為我們預期第三季多元化市場會有良好表現，至少與第二季看到的情況一致。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

Jason Haas, Wells Fargo.

Jason Haas，Wells Fargo。

Hey, good morning and thanks for taking my questions.

嗨，早安，謝謝讓我提問。

When you give us the ACV bookings for government, the $100 billion, are we supposed to take that and divide that by the $800 million of government revenue to like imply like, I don't know, like low double-digit growth for government for 2027? Is that like the right framework just to show that you're confident getting back to that like low double-digit plus growth for government next year?

當你們給我們政府業務的 ACV 訂單額（bookings）時，那個 1,000 億美元，我們是不是應該把它除以政府收入 8 億美元，來推導出例如 2027 年政府業務大概是低雙位數成長？這樣的框架是否正確，用來說明你們有信心明年讓政府業務回到那種低雙位數以上的成長？

We're not obviously giving guidance for 2027 yet, we'll do that at the right time early next year.

我們顯然還沒有提供 2027 年的指引，我們會在適當的時間、明年年初再提供。

We thought it was prudent given the we we told you on our last call in. That we saw the pipeline over the last year grow dramatically, which we expected, but it was stronger than we anticipated and having this meaningful pipeline conversion, we thought it was meaningful to share with you, so we did that this morning. The $200 million of renewals are in the kind of base run rate and there's some expansions in there, the $100 million is new revenue.

我們認為這樣做是審慎的，因為我們在上一次電話會議中告訴各位。我們看到過去一年管線（pipeline）大幅成長，這是我們預期的，但強度超出我們原先的預估；而且這次有相當可觀的管線轉換（conversion），我們認為值得與各位分享，所以今天早上就分享了。那 2 億美元的續約屬於基礎的常態運行（base run rate），其中也包含一些擴張；而 1 億美元是新增收入。

Versus 2026. There will be some of that small amount in the second-half, but it will be principally in 2027, which is really how we thought about government unfolding as we move into '27 and beyond. We still have a strong degree of confidence, and that's actually reinforced by the commercial pipeline and by the pipeline conversion of the 100 and the 200. When we think about government and '27 and beyond, there's just a long. Way to grow into that big $5 billion TAM and we're seeing some real success is reflected in the $100 million of new business.

相較於 2026 年。下半年會有一小部分貢獻，但主要會在 2027 年，這也正是我們對政府業務在 2027 年及之後發展的看法。我們仍然非常有信心，而這份信心其實也因商業端管線，以及 1 億與 2 億的管線轉換而更被強化。當我們思考政府業務在 2027 年及之後，仍有很長。的路可以去消化那個 50 億美元的 TAM，而我們也看到一些真正的成功，反映在這 1 億美元的新業務上。

And then I want to follow-up on the EWS margins. So I know nothing is changing and the bargains are guided flat for this year.

接著我想追問 EWS 的利潤率。所以我知道今年沒有任何改變，而且你們指引利潤率今年持平。

But just conceptually, I'm trying to understand why that is because it sounds like you're getting some good AI benefits to your cost structure. We're certainly seeing that in the ex-FICO USIS margins, which are going to expand this year. So what's the offset? Is it investment in the business?

但從概念上我想理解為什麼會這樣，因為聽起來你們在成本結構上正獲得一些不錯的 AI 效益。我們當然也在不含 FICO 的 USIS 利潤率上看到這點，今年會擴張。那抵銷因素是什麼？是對業務的投資嗎？

Is it because you're selling more like incarceration and other records that maybe makes the business lower? Like just conceptually, why aren't those margins going higher this year?

還是因為你們賣出更多像是監禁（incarceration）及其他紀錄，可能讓業務的利潤率較低？就概念上來說，為什麼今年那些利潤率沒有更高？

Yes. So we've been clear that, look, 50-plus percent EBITDA margins are pretty unusual and quite attractive. And EWS has been delivering those for, I don't know, a decade. As long as I've been at Equifax, they've had those kind of 50-plus percent EBITDA margins. And when we think about our long-term framework, we've always thought about maintaining that 50-plus percent EBITDA margin. And by doing that, we want to keep reinvesting inside of EWS to really draw. That above 7% to 10%, we think that they're going to grow over the long-term, low double-digits, driving that very high top-line with those attractive margins. That's how we think about the business. It's a place we want to keep investing in. And yes, they are getting some of those AI productivity savings. We're investing those to keep that top-line growth moving. And then when you think about overall Equifax, they're growing faster than the rest of Equifax with those higher EBITDA margins. That's one of the drivers. Of the 50 basis points of kind of base operating leverage that we have over the long-term.

是的。所以我們一直很清楚，50% 以上的 EBITDA 利潤率相當罕見且非常有吸引力。而 EWS 已經交出這樣的表現，我不知道，可能有十年了。就我在 Equifax 的期間，他們一直都有那種 50% 以上的 EBITDA 利潤率。而當我們思考長期框架時，我們一直是以維持 50% 以上的 EBITDA 利潤率為目標。而為了做到這點，我們希望持續在 EWS 內部再投資，真正去帶動。我們認為其長期會有 7% 到 10% 以上的成長，並以低雙位數的長期成長，搭配非常高的營收成長與具吸引力的利潤率。這就是我們看待這項業務的方式。這是我們希望持續投資的領域。而且是的，他們確實獲得了一些 AI 生產力節省。我們把這些再投資回去，以維持營收成長動能。然後當你看整體 Equifax，EWS 以更高的 EBITDA 利潤率、且成長速度快於 Equifax 其他部分。這是其中一個驅動因素。也就是我們長期所擁有的約 50 個基點的基礎營運槓桿（base operating leverage）。

And then in 2026, you're seeing strong outperformance of that 50 basis point long-term frame for operating margin expansion, principally from AI productivity that we've already talked about, the $75 million, which is now $150 million accreting into that margin. So that's how we think about the overall framework. Work going forward, we should see strong margin expansions in USIS and international and corporate, and we want to maintain those 50 basis point EBITDA margin -- I'm sorry, 50% plus EBITDA margins in the future at EWS.

另外在 2026 年，你會看到營業利潤率擴張顯著優於我們長期框架中的 50 個基點，主要來自我們已談過的 AI 生產力，也就是 7,500 萬美元，現在是 1.5 億美元，會增厚（accreting）到利潤率中。所以這就是我們看待整體框架的方式。往後，我們應該會在 USIS、國際以及公司層面看到強勁的利潤率擴張，而我們希望在未來於 EWS 維持那 50% 以上的 EBITDA 利潤率——抱歉，是 50% 以上的 EBITDA 利潤率。

Okay, great. That makes sense.

好的，很好。這樣就說得通了。

Thank you very much.

非常感謝。

Kyle Peterson, Needham & Company.

Kyle Peterson，Needham & Company。

Please proceed with your question. I wanted to start off on the consumer lending business. It seems like that was a notable area of strength that you guys called out and good to see the momentum there.

請開始提問。我想先從消費者放款業務談起。看起來那是你們特別點出的顯著強項領域之一，也很高興看到那裡的動能。

I want to see how much of that is either strength with the banks, I know some of the card issuers and stuff have gotten a little more into that, versus like are you guys gaining some share in fintech or is it a little bit of both?

我想了解其中有多少是來自銀行端的強勁表現；我知道一些信用卡發卡機構等也更深入參與這一塊；相較之下，你們是在金融科技（fintech）領域取得了一些市占，還是兩者都有？

Just wanted to get more color there.

只是想請你多補充一些細節。

Yes, it's really all of the above and I think USIS had some strong momentum in the quarter.

是的，基本上以上皆是，而且我認為 USIS 本季動能相當強。

We talked about like twin indicator, like a lot of look look at the vitality next, a lot of new products that USIS is above 10% vitality in the quarter, so that's a positive that we've got more solutions that they're bringing to market.

我們談到像是 twin indicator（雙指標），很多人會看 vitality 指標；本季 USIS 有很多新產品，vitality 超過 10%，這是正面訊號，代表我們有更多解決方案正在推向市場。

The end markets are solid outside of mortgage.

除房貸以外，終端市場表現穩健。

Which is a positive. And then we talked about the fact that we had very strong growth in EWS where the twin data is used in auto card P loan performed very well.

這是正面的。另外我們也提到，EWS 成長非常強勁，twin data 被用在汽車、信用卡、個人貸款（P loan）等領域，表現都非常好。

We're seeing stronger adoption there because of the value of the combination of credit data with income and employment data, so that's been a positive momentum.

我們看到那邊的採用度更強，因為把信用資料與收入及就業資料結合的價值很高，所以這帶來了正向動能。

And with USIS online, I mean, we saw very good performance, the good news is right across the portfolio, right, very good performance in auto, strong performance online in NFI, actually nice performance in telco as well, good growth there. And we're seeing increasing and improving growth in insurance, right? The only place we saw some weakness is in our sales that we where where we actually sell to our two competitors, right, in our D2C business. But other than that, we have very strong performance across the board in USIS Online.

至於 USIS Online，我是說，我們看到非常好的表現；好消息是整個產品組合都表現很好，對吧？汽車表現非常好，NFI 的線上表現強勁，電信也有不錯的表現與成長。而且我們也看到保險的成長在增加並改善，對吧？唯一看到一些疲弱的地方是在我們的銷售——也就是我們實際上賣給兩個競爭對手的部分，對吧——在我們的 D2C 業務。但除此之外，USIS Online 各方面表現都非常強勁。

Great, really, thanks for the color there.

很好，真的，謝謝你補充這些細節。

Maybe a follow-up kind of shifting back to some of the AI discussions. Good to see the savings and efficiency gains there moved up dramatically.

我想追問一下，稍微回到一些 AI 的討論。很高興看到那邊的節省與效率提升大幅上修。

But the cash flow conversion seems like you guys are able to reiterate that. So maybe there's been a lot of discussion on kind of AI investments and paybacks and CapEx commitments and such. So. How are you guys thinking about this conceptually in terms of initial investments, payback periods and such in terms of deploying AI within Equifax?

但現金流轉換率看起來你們仍能重申。所以外界對 AI 投資、回收、資本支出（CapEx）承諾等有很多討論。所以。你們在 Equifax 內部部署 AI 時，概念上如何看待初期投資、回收期等？

Yes, we're seeing very high returns and ROIs on our AI investments.

是的，我們在 AI 投資上看到非常高的報酬與投資報酬率（ROI）。

So it's very positive.

所以這非常正面。

It's really, I don't know how to describe it with enough enthusiasm, meaning the pace.

真的，我不知道要怎麼形容才能表達足夠的熱情，指的是這個速度。

Of adoption by Equifax, our organization, is something I haven't seen before, meaning the ability to do it. So very high ROIs and $150 million really reflects our expectation of the investments we'll make in the AI tokens and tools and agents that will be used to deliver that.

Equifax 內部、我們整個組織的採用速度，是我以前沒見過的，也就是推動與落地的能力。所以 ROI 非常高，而 1.5 億美元其實反映了我們預期會投入在 AI tokens、工具與 agents 上的投資，用來交付這些成果。

And that's still -- we're still optimizing that, meaning it's still early days. Think about it, a year ago, we weren't talking about this. We weren't doing it. So it's really quite remarkable about how rapidly we and I think the world are deploying these kind of capabilities. And we're being very disciplined as we are with all of our investments around returns and expectations on paybacks.

而且這仍然——我們還在持續最佳化，也就是說現在還在早期階段。想想看，一年前我們還沒在談這個。我們也還沒在做。所以我們以及我認為整個世界部署這類能力的速度，真的相當驚人。而且我們會像對所有投資一樣，非常嚴謹地看待報酬與回收期的預期。

Because we want to make sure we're deploying it smartly, but we're also driving real engagement here across every corner of Equifax to look at the opportunities to deploy it. And I think as you pointed out, in the matter of six months to have our outlook really double on the capabilities is just a reflection of how we're rapidly deploying it.

因為我們希望確保部署得很聰明，但同時也在 Equifax 的每個角落推動真正的參與，去找出部署的機會。而且我想如你所指出的，在六個月內我們的展望幾乎翻倍，正反映了我們部署速度之快。

And we think we're really benefiting heavily by the fact that we rebuilt onto a cloud platform over the past five years, right, so our data has already been built in a standard data fabric to make it easier for agents and AI to access it, yes, there's additional investments that have to be made to make it easier specific for AI, but we had made a lot of progress on that just from the cloud migration.

我們也認為自己很大程度受益於過去五年把平台重建到雲端，對吧？因此我們的資料已經以標準化的 data fabric 建置，讓 agents 和 AI 更容易存取；是的，還需要額外投資讓它更適合 AI，但光是雲端遷移我們就已經在這方面取得很多進展。

Same thing can be said around the way we build our Agentic platform that everybody can use, right? That effectively, because we're working on standard Google tools, we can implement those capabilities, we think, much more simply and rapidly than others can because our infrastructure is very modern and built on those cloud-based services already. So we feel like, yes, there's certainly been investment. We've been able to contain it inside the numbers that we told you we would spend in 2026. And we feel like we're regressing very rapidly, I think specifically because of the fact that we have a very modern cloud-based infrastructure to start with.

同樣地，我們打造的 Agentic 平台也是大家都能用的，對吧？實際上，因為我們採用標準的 Google 工具，我們認為相較其他人可以更簡單、更快速地導入這些能力，因為我們的基礎設施非常現代化，而且已經建立在那些雲端服務之上。所以我們覺得，是的，確實有投資。但我們能把它控制在我們告訴大家 2026 年會支出的數字之內。而且我們覺得我們進展非常快，我想特別是因為我們一開始就有非常現代化的雲端基礎設施。

Great.

很好。

I really appreciate the color.

非常感謝你補充這些細節。

Thank you.

謝謝。

Kevin McVeigh, UBS.

Kevin McVeigh，UBS。

Great. Thanks so much. Can you give us a sense of what type of. Mortgage rates you've got embedded in the second-half guidance relative to what it was in the initial '26 guidance.

很好。非常感謝。你能否讓我們了解一下，你們在下半年指引中所內含的房貸利率水準，與最初的 2026 年指引相比是怎樣？

So right now, what we have embedded in the guidance is current mortgage rates, right? And we actually do that in every earnings release. So we use the February rates in February, and we would have used the April rates in April. I think they're up on the order of 30 to 40 basis points, but we can get to that exact number between April and now. So that's really what we've seen occur, why we're seeing a slowdown in mortgage. And we're using current run rates and current rates.

所以目前我們在指引中內含的是當前的房貸利率，對吧？而且我們其實在每次財報發布時都這麼做。所以二月就用二月的利率，四月就用四月的利率。我認為大概上升了 30 到 40 個基點，但我們可以把四月到現在的確切數字再確認一下。所以這就是我們看到的變化，也就是為什麼房貸業務在放緩。我們使用的是目前的 run rate 與目前的利率。

Got it. And then just when you talk about the AI implementation across the expense structure, going to, I guess, that slide 14, is there any reason you're not looking at sales and marketing and G&A at this point or is there more incremental opportunity as the AI becomes more embedded in the expense and, I guess, organization overall?

了解。另外，當你談到 AI 在費用結構中的導入，對應到我想是第 14 頁投影片，你們目前沒有看銷售與行銷以及一般與行政（G&A）費用，是有什麼原因嗎？還是隨著 AI 更深入嵌入費用端、以及我想整個組織，會有更多增量機會？

Yes, I think we're going to where we're seeing the momentum so far and where we have our largest cost basis, which is really in operations and tech is larger than operations. But I said earlier that finance, HR, legal, even the commercial team is using AI tools now to prepare for meetings with customers. We're definitely doing it across the board.

是的，我們會先聚焦在目前看到動能、以及我們成本基礎最大的地方，也就是營運與技術；而技術的規模其實比營運更大。但我先前也提到，財務、人資、法務，甚至商務團隊現在也在用 AI 工具來準備與客戶的會議。我們確實是全面在做。

Conceptually, we don't think about reducing our commercial resources. We think that that's always going to be something we're going to want to invest in, but we want to AI enable them to be more effective on how they go to market.

概念上，我們不會把它想成要削減商務資源。我們認為那一直會是我們想要投資的領域，但我們希望用 AI 賦能，讓他們在 go-to-market 的方式上更有效率。

But we're seeing it really AI deployment across every corner of Equifax.

但我們確實看到 AI 的部署遍及 Equifax 的每個角落。

And efficiencies in G&A are included in the $150 million, just as Mark said, not marketing and sales. That's an area we're investing in.

而且如 Mark 所說，G&A 的效率提升已包含在 1.5 億美元之內，但不包含行銷與銷售。那是我們正在投資的領域。

Surinder Thind, Jefferies.

Surinder Thind，Jefferies。

Thank you.

謝謝。

Mark, when you think about the savings that you've been generating through the use of AI tools and reinventing some of those workflows, are some of those costs sustainable if AI costs were normalized? I think there's a lot of debate out there about -- We think so.

Mark，當你思考透過使用 AI 工具、以及重塑部分工作流程所帶來的節省時，如果 AI 成本回到常態化水準，其中有些成本節省是否具有可持續性？我想外界對此有很多爭論——我們認為是的。

Yeah.

是的。

Well, I guess what I would add here is, though, one of the disappointments, I think, with cloud has been that the hyperscalers have constantly been raising pricing such that.

嗯，我想我在這裡要補充的是，我認為雲端其中一個令人失望的地方在於，超大規模雲服務商一直在調高定價，以致於。

I guess the users of cloud never truly realized the savings that they were promised. I'm just wondering if you get these notable savings.

我想雲端使用者從未真正實現當初承諾的節省。我只是想知道你們是否獲得了這些顯著的節省。

We did. We clearly saw the cloud savings. Again, you think about cloud savings versus our legacy mainframe, we think that was a successful investment that we delivered the returns on that one. When it comes to AI, we are seeing the ability to really access the AI tools that are available that we're using and deliver very meaningful ROIs.

我們有。我們確實看到了雲端節省。再說一次，若把雲端節省與我們既有的大型主機相比，我們認為那是一項成功的投資，我們也在那項投資上交付了回報。至於 AI，我們看到能夠真正存取我們正在使用的各種 AI 工具，並帶來非常有意義的投資報酬率（ROI）。

To drive the cost savings. And we're being very disciplined and deliberate around how we roll out tokens, how we manage the tokens to deliver ROI, and we're seeing returns. So I think we wouldn't have gone from $75 million to $150 million if we're not. And to your question, yes, we think they're sustainable given the scale of the benefits that can be delivered there.

以推動成本節省。而且我們在如何推出 token、如何管理 token 以交付 ROI 方面非常自律且審慎，我們也看到了回報。所以我想，如果不是這樣，我們不會從 7,500 萬美元提高到 1.5 億美元。回到你的問題，是的，考量到可交付效益的規模，我們認為這些是可持續的。

And cloud cost management is a discipline that we think we're very good at, right? And we think it extends very directly into AI and token management, and we're already managing it in that way using the same discipline. So we feel good about our ability to manage this going forward. And it's not only a financial discipline, it's a technical discipline. It's how do you change your applications to make them more efficient. We think we'll be able to do the same thing around AI and the models we choose.

而雲端成本管理是一門我們認為自己非常擅長的紀律，對吧？我們認為它可以非常直接地延伸到 AI 與 token 管理，而我們已經用同樣的紀律在管理。所以我們對未來持續管理這件事的能力感到有信心。而且這不只是財務紀律，也是技術紀律。也就是你如何改造你的應用程式讓它們更有效率。我們認為在 AI 以及我們選擇的模型上，也能做到同樣的事。

When I guess just turning to mortgage and maybe when looking at pre-qual and kind of the ongoing movement from three bureaus to kind of one bureau pulls by lenders, I guess that would suggest that they're quite sensitive to the current costs. So is the goal here that you think you can take the majority of the market share in pre-qual or given that your incremental costs of delivery are quite negligible, would you actually consider.

那我想把話題轉到房貸，或許談談預先資格審查（pre-qual），以及貸方持續從三家徵信機構轉向只拉取一家徵信機構資料的趨勢；我想這可能意味著他們對目前成本相當敏感。所以這裡的目標是，你們認為可以在 pre-qual 取得大部分市占嗎？或者鑑於你們的增量交付成本幾乎可以忽略不計，你們是否會考慮。

Moving to like a loan-closed fee where it's just all you need upfront. I know you've talked about RESPA, but what would be the downside of moving to that model?

改成像是以「貸款結案」收費的模式，也就是前期只需要這些。我知道你們談過 RESPA，但改成那種模式的缺點會是什麼？

We don't think that's the model we want to move to, nor does the industry want to move to that. We already maybe covered that earlier.

我們不認為那是我們想轉向的模式，產業也不想轉向那種模式。我們之前可能已經談過了。

I want to clarify, you said the move from 3B to 1B, there's no move underway there. And I think you may have seen maybe 45 days ago, the HUD statement that 3B is here to stay in their loan originations. And we think the industry is very aligned around the power of 3B because of the differences in the credit files.

我想澄清一下，你提到從 3B 到 1B 的轉變，目前並沒有在進行。而且我想你可能在大約 45 天前看到 HUD 的聲明，表示在其貸款承作流程中，3B 會持續存在。我們也認為產業對 3B 的價值高度一致，因為各家信用檔案之間存在差異。

With regards to. Pre-qual and pre-approval, we definitely want to try to grow our share there, and that's why we're trying to differentiate our solution. And remember, we're using two unique levers to Equifax. One is the twin indicator for free on our mortgage pre-qual, pre-application credit file, and we want to do that to drive share. We've seen some share gains in the second-half of last year and the first half of this year, and we expect some of those to continue. And then we're also delivering. With our mortgage credit file, our cell phone utility attributes for free to differentiate, that's a big data set for us, it provides a lot more credit data in the mortgage credit file than our competitors can, so that's another advantage for Equifax, and those are all to differentiate ourselves going forward. Super pleased to have the assets that we have and now with the cloud behind us, we can deliver those to our customers in a way that can differentiate our credit file solution to drive those share gains.

至於。pre-qual 與預先核准（pre-approval），我們確實希望在那裡擴大市占，這也是我們努力讓解決方案差異化的原因。請記得，我們運用兩個 Equifax 獨有的槓桿。第一個是在我們的房貸 pre-qual、pre-application 信用檔案中，免費提供 twin indicator，我們希望藉此帶動市占。我們在去年下半年與今年上半年看到一些市占提升，也預期其中部分會延續。另外我們也在提供。在我們的房貸信用檔案中，免費提供手機與公用事業屬性資料來做差異化；那對我們而言是一個很大的資料集，它能在房貸信用檔案中提供比競爭對手更多的信用資料，所以這也是 Equifax 的另一項優勢；這些都是為了讓我們未來持續差異化。我們非常高興擁有這些資產，而現在雲端已經到位，我們可以用能夠差異化的方式把它們交付給客戶，讓我們的信用檔案解決方案更具差異性，進而推動這些市占提升。

Got it.

了解。

Curtis Nagle, Bank of America.

Curtis Nagle，美國銀行。

Great. Thanks so much for taking the question. Maybe, John, just a quick one for you.

很好。非常感謝讓我提問。John，或許先問你一個簡短的問題。

Just talk about the flow-through of the EBITDA margins for the second-half. I think there's a bit of a step-down in 3Q and then a re-acceleration sequentially implied for 4Q. So maybe just walk through the puts and takes there and then I'll have a follow-up.

談談下半年 EBITDA 利潤率的流量轉換（flow-through）。我認為第三季有點下滑，然後第四季隱含著按季重新加速。所以能否說明一下其中的增減因素，之後我還有一個追問。

Yes, so for the full year, again, we're indicating that we're going to deliver EBITDA margin growth of 75 basis points or higher. We feel very good about that, much higher than our 50 basis point long-term model. And I think in the third quarter, we're still talking about growth even well above that 75 basis points on the order of 90 basis points. So we feel great about what we've done year-to-date. We feel good about the guide for the third quarter. And we believe we're being consistent with what we've talked about full year in terms of being able to deliver very strong EBITDA margin growth ex-FICO again.

是的，所以就全年而言，再次說明，我們指引是全年 EBITDA 利潤率成長 75 個基點或以上。我們對此非常有信心，這也明顯高於我們長期模型的 50 個基點。而我認為在第三季，我們談的仍是成長，甚至遠高於 75 個基點，大約在 90 個基點的量級。所以我們對今年迄今的表現感到非常滿意。我們對第三季的指引也很有信心。而且我們相信，這與我們全年所談的內容一致，也就是能夠交付非常強勁的 EBITDA 利潤率成長（再次強調為扣除 FICO 影響後）。

At north of 75 basis points for the full year. So we feel good about our margin expansion. As Mark's already said, some of that is being driven by AI benefits. But in 2026, those aren't that large yet, right, and they're going to accelerate as we go through '27 and '28 with the increased level of $150 million that we announced today.

全年高於 75 個基點。所以我們對利潤率擴張感到有信心。如 Mark 已經提到，其中一部分是由 AI 效益所驅動。但在 2026 年，這些效益還不算大，對吧？隨著我們在 2027 與 2028 年推進，並提高到我們今天宣布的 1.5 億美元水準，這些效益將會加速。

And then just going back to the $200 million in renewals, I guess any stats you'd be able to give in terms of, I don't know, rate of improvement or change in renewal rate compared to some of the products?

再回到 2 億美元的續約，我想問是否能提供一些數據，例如續約率相較於某些產品的改善幅度或變化？

Renewal rate, very high, very high.

續約率，非常高，非常高。

So think about that as something that is super high and it's a big number, so when we made the.

所以把它視為非常高的續約率，而且金額也很大，因此當我們做出。

Decision to share the new business, which we typically don't do, but it's such a sizable number, we wanted to share the $100 million and we opted to share also the renewal rate, similar pricing, similar structure, there's not like changes happening there, it just reinforces. The market presence and the market position that our unique twin solution has. And again, as a reminder, I think investors sometimes forget this. There's a long runway here, meaning you've got $5 billion of potential customer relationships, and we're at $800 million and heading towards that $5 billion with $100 million of incremental new contract signings that we shared this morning.

決定分享新業務時——我們通常不會這麼做——但因為這是一個相當可觀的數字，我們想分享這 1 億美元，也選擇同時分享續約率；定價相近、結構相近，並沒有發生什麼變動，這只是再次強化。我們獨特的 twin 解決方案在市場上的能見度與市場地位。另外提醒一下，我想投資人有時會忘記這點。這裡還有很長的成長跑道，也就是你有 50 億美元的潛在客戶關係，而我們目前是 8 億美元，並正朝 50 億美元邁進；而我們今天早上也分享了新增合約簽署帶來的 1 億美元增量。

All right. Appreciate it.

好的。感謝。

Rayna Kumar, Oppenheimer & Company.

Rayna Kumar，Oppenheimer & Company。

Good morning. Thanks for taking my question.

早安。謝謝讓我提問。

Just I want to better understand just your appetite for more acquisitions here. And like if you do have an appetite, which areas do you expect your M&A efforts to be focused on going forward?

我想更了解你們對於進一步併購的意願。如果確實有意願，未來你們的併購（M&A）會預期聚焦在哪些領域？

Sure, and I think we've been very clear since I've been at Equifax that we're super disciplined around bolt-on M&A, we're looking for businesses like Circulo is a great example, unique opportunity to enter the Mexico market, really fast-growing market, fits with our international strategy, kind of a market leader. Super attractive growth.

當然，而且我認為自從我在 Equifax 以來，我們一直非常清楚：我們在附加型併購（bolt-on M&A）方面非常自律。我們在尋找像 Circulo 這樣的企業，這是一個很好的例子——一個獨特的機會進入墨西哥市場；那是一個成長非常快的市場，符合我們的國際策略，也算是市場領導者。成長性非常吸引人。

Our financial criteria for bolt-on M&A is to buy businesses that are accretive to our 7 to 10 long-term growth rate, Circulo checks that box as an example, accretive to our margins. Their mid-40s EBITDA margins are clearly accretive and then deliver shareholder value, meaning we bought it well.

我們對附加型併購的財務標準，是收購能夠增厚（accretive）我們 7% 到 10% 長期成長率的企業；以 Circulo 為例，它符合這個條件，同時也能增厚我們的利潤率。他們約 40% 中段的 EBITDA 利潤率顯然具有增厚效果，並且能為股東創造價值，也就是說我們買得很划算。

After synergy, the 9.5 or 9.4 times multiple.

在協同效益之後，倍數約為 9.5 倍或 9.4 倍。

When you think about where we want to buy, we're also very clear.

當你思考我們想在哪些領域進行收購時，我們也非常清楚。

That international platforms is one. And as a couple of years ago, we bought Boavista in Brazil to enter the Brazilian market. We bought Circulo to Credito, the leader in Dominican Republic, and now Circulo -- I'm sorry, we bought the number one player in Dominican and now Circulo in Mexico.

國際平台是一個方向。而在幾年前，我們收購了巴西的 Boavista，以進入巴西市場。我們收購了 Circulo Credito——多明尼加共和國的領導者；而現在是 Circulo——抱歉，我們先收購了多明尼加的第一名業者，現在則是在墨西哥收購 Circulo。

So international platforms are a priority. Strengthening workforce solutions is another one, and as we've been quite acquisitive there.

因此，國際平台是優先事項。另一個是強化勞動力解決方案（workforce solutions），而我們在那個領域也進行了相當多的收購。

We bought APRIS Insights. It's been a really successful acquisition for us, high returning with the incarceration data.

我們收購了 APRIS Insights。這對我們來說是一筆非常成功的收購，憑藉其監禁（incarceration）數據帶來很高的回報。

So that was a real win there. And we've done, I think, six or so, maybe seven over the last five years acquisitions to strengthen our employer business, whether it's around WATC or I-9 kind of solutions. Vault Verify that we bought in November is an example of that. So number two is strengthening our fastest-growing highest. Business workforce solutions.

所以那是一個很大的勝利。而且我想在過去五年裡，我們大概做了六筆左右、也許七筆收購，用來強化我們的雇主端業務，不論是 WATC 或 I-9 類型的解決方案。我們在 11 月收購的 Vault Verify 就是一個例子。所以第二個方向是強化我們成長最快、最高的。業務——勞動力解決方案。

Number three is unique proprietary data assets that add to our data moat.

第三個是獨特的專有數據資產，用以加深我們的數據護城河。

We've done a number of acquisitions there, principally in USIS with the acquisition of PayNet on commercial data, DataX and TeleTrack, so we want to continue finding. Unique data assets that are alternative to the credit file. So that's a third priority. And number four is identity and fraud.

我們在這方面做了多筆收購，主要是在 USIS：例如收購 PayNet 以取得商業數據，以及 DataX 和 TeleTrack；因此我們希望持續尋找。那些不同於信用檔案（credit file）的替代性獨特數據資產。所以這是第三個優先事項。第四個是身分與詐欺（identity and fraud）。

And you know our sizable acquisition we did a number of years ago was account.

而你也知道，我們幾年前做的一筆大型收購是 account。

That's been a very positive acquisition for us in that fast-growing vertical. So those are the four kind of swim lanes that we think about bolt-on M&A. And as we were very clear.

那在那個快速成長的垂直領域，對我們而言是一筆非常正面的收購。所以這就是我們思考附加型併購的四條主要「泳道」。而且正如我們非常清楚地說過。

Last April when we rolled out our capital allocation plan after the cloud completion that we're going to use.

去年四月，在雲端完成之後我們推出資本配置計畫時，我們就說過我們將會使用。

Our excess free cash flow to do this bolt-on M&A like a Boa Vista, like an Aperis Insights, like a Circular Credito in Mexico. And then our excess free cash flow, we're going to use to buy back stock and we've been very aggressive in our eyes buying back stock.

我們的超額自由現金流來進行這類附加型併購，例如 Boa Vista、Aperis Insights、以及墨西哥的 Circulo Credito。此外，我們也會用超額自由現金流回購股票，而我們自認在回購股票方面一直非常積極。

$1.6 billion over the last year, $500 million in the fourth quarter, $300 million in the second quarter.

過去一年回購了 16 億美元，第四季回購 5 億美元，第二季回購 3 億美元。

So with our growing top-line, with our growing margin expansion and our very high cash conversion, we have substantial excess free cash flow after CapEx and dividend to do the bolt-on M&A and return substantial amounts to our investors going forward. And as we said on the Circulo call, we expect in 2027 to have. Have a similar, slightly larger capacity of $1 billion.

因此，隨著我們營收持續成長、利潤率持續擴張，以及非常高的現金轉換率，在資本支出（CapEx）與股利之後，我們仍有可觀的超額自由現金流，可用於附加型併購，並在未來持續向投資人返還可觀的資金。而且正如我們在 Circulo 電話會議上所說，我們預期在 2027 年將會有。類似、略大一些的 10 億美元規模的能力。

Plus of free cash flow, excess free cash flow after dividend and CapEx and then debt capacity or leverage because our EBITDA, we expect to grow of another $1.5 billion just like the $1.5 billion we have this year for bolt-on M&A and returning cash to shareholders through buyback.

也就是在股利與資本支出之後的自由現金流（超額自由現金流）10 億美元以上，再加上債務承載能力或槓桿空間；因為我們預期 EBITDA 還會再成長 15 億美元，就像今年我們有的 15 億美元一樣，可用於附加型併購以及透過回購向股東返還現金。

Kelsey Zhu, Autonomous Research.

Kelsey Zhu，Autonomous Research。

Good morning. Thanks for taking my question. Any thoughts around the timeline for full-scale implementation for both Vantage Score and FICO 10T? We'd also love to get your latest expectation around Vantage Score adoption rate in mortgage by the end of '26 and '27.

早安。謝謝讓我提問。想請教對於 VantageScore 與 FICO 10T 兩者全面落地實施（full-scale implementation）的時間表，有沒有任何看法？也想請你分享最新的預期：到 2026 年底與 2027 年底，VantageScore 在房貸領域的採用率會是多少。

10-T, you should talk to FICO about. I don't think we have a really strong perspective on that. I think that's going to take time would be kind of my assessment.

10T 的部分，你應該去問 FICO。我不認為我們對那個有很強的觀點。我的評估是，那會需要時間。

I think the Vantage conversion is probably a reflection that the 10-T change is going to be.

我認為 Vantage 的轉換，某種程度上也反映了 10T 的變更將會是。

Challenging, meaning it takes time to do it. On Vantage, we're seeing strong momentum. Just as a reminder, it's only in really a few months ago that the FHFA opened up the gates for Vantage adoption. It's still being gated to 20-plus lenders. We would expect that to increase, but the momentum is quite strong. So it's hard to handicap how quickly the agencies are going to.

具挑戰性的，也就是說需要時間來完成。就 Vantage 而言，我們看到強勁的動能。提醒一下，就在幾個月前 FHFA 才剛開放 Vantage 的採用。目前仍限制在 20 家以上的放款機構。我們預期這個範圍會擴大，但動能相當強。因此很難去判斷各機構會多快開始。

Start allowing more lenders to deliver underwrite mortgages using agency mortgages using Advantage, but we expect that to continue going forward.

允許更多放款機構以 Vantage 來交付、承作並核貸（underwrite）房貸、也就是使用機構房貸（agency mortgages）以 Advantage 進行，但我們預期這個趨勢會持續。

The $1 billion cost savings is a big number.

10 億美元的成本節省是一個很大的數字。

And when we meet, when I meet with mortgage originators, they're well aware of that opportunity for them. They're under really meaningful margin and cost pressures in the current mortgage environment. So it's something that is on their radar screen and I think a reflection of the growing number of lenders that are taking our free Vantage score to just make sure their process flows and technology is operating is a great indicator that there's going to be conversion going forward. I would remind you and others that are still on the call that whether it's Vantage full conversion or FICO stays forever, it doesn't change our business model.

而當我們會面、當我與房貸發起機構（mortgage originators）會面時，他們非常清楚這對他們而言的機會。在目前的房貸環境下，他們面臨相當顯著的利潤率與成本壓力。所以這件事在他們的關注清單上；而且我認為，越來越多放款機構正在使用我們免費的 VantageScore，只是為了確保他們的流程與技術運作順暢，這是一個很好的指標，顯示未來會有轉換發生。我也要提醒你以及仍在線上的各位：不論是 Vantage 全面轉換，或是 FICO 永遠維持不變，都不會改變我們的商業模式。

We get a small amount, it's not small, but on full vantage just conversion, it's $40 million to $50 million of incremental margin, but if FICO stays there forever, it doesn't change our ability to grow our underlying business, it doesn't change our ability to deliver our long-term framework of 7% to 10% growth ex-FICO because we make no margin on FICO, which is why we started to talk about our margin expansion ex-FICO, which is really what you should care about. Because that generates the free cash flow that we're able to use for CapEx dividends, both on M&A and then importantly, returning cash to shareholders through buyback.

我們會得到一小部分——也不能說很小——如果完全轉為 Vantage，約可帶來 4,000 萬到 5,000 萬美元的增量利潤率；但如果 FICO 永遠都在，那也不會改變我們成長核心業務的能力，也不會改變我們在扣除 FICO 後仍能達成 7% 到 10% 長期成長框架的能力，因為我們在 FICO 上沒有利潤。這也是為什麼我們開始談「扣除 FICO 的利潤率擴張」，那才是你應該關注的。因為那會產生自由現金流，使我們能用於資本支出與股利、用於併購，並且更重要的是，透過回購向股東返還現金。

That's very helpful. I also want to get your thoughts on score gaming. Based on your conversation with lenders and the data you're seeing, are you seeing a lot of score gaming because the two scores are fairly similar and we're running. Zero score gaming right now.

這非常有幫助。我也想請教你對「分數操弄」（score gaming）的看法。根據你與放款機構的對話以及你看到的數據，因為兩種分數相當接近，你們是否看到很多分數操弄？我們目前看到。零分數操弄。

Yeah, because you use the term score gaming, we don't hear anyone thinking about it that way.

是的，因為你用「分數操弄」這個詞，我們沒有聽到有人用那種方式在思考。

Why would they do it? And remember, in order to.

他們為什麼要這麼做？而且請記得，為了。

If they wanted to buy two credit reports and Advantage and FICO score, they could do that, but it's just cost prohibitive and there's no value in doing it. Remember, the credit score in a mortgage origination is only used in the kind of pre-application, pre-approval process for the mortgage lender to determine is this a consumer that's going to qualify or an applicant that's going to qualify for the kind of mortgage they want to take out. It's not used in the underwriting.

如果他們想同時買兩份信用報告以及 Vantage 與 FICO 分數，他們是可以這麼做的，但成本太高，而且這麼做沒有價值。請記得，在房貸發起流程中，信用分數只用在申請前、核准前（pre-application、pre-approval）的階段，讓房貸放款機構判斷這位消費者或申請人是否符合其想申請的房貸類型資格。它不會用在核貸（underwriting）中。

It's actually the pricing is revalidated based on the credit file data and trade lines that come from the three credit bureaus, that's how the underwriting is done, so no, we don't hear or see anything around so-called score gaming.

其實，定價是根據來自三大信用局的信用檔案資料與交易紀錄（trade lines）重新驗證的；承作審核（underwriting）就是這樣做的，所以不，我們沒有聽到或看到任何所謂的「分數操弄（score gaming）」相關情況。

Just a quick follow-up, are you seeing lenders that have set up a waterfall structure where they want to pull the cheaper score first to see if it hits the top LPA bucket, is that how it works right now?

我快速追問一下，你們是否看到放款機構設計了瀑布式（waterfall）結構：先拉取成本較低的分數，看看是否能落在最高的 LPA 分層（bucket），目前是這樣運作的嗎？

No, same comment, you'd have to buy two credit files and there's just no incentive to do that.

不，還是一樣的回覆：你得買兩份信用檔案，而這麼做完全沒有誘因。

And the score difference is so small, and we should all understand that there will be sooner versus later, there will be LLPA tables that will incorporate both FICO and then there will be a separate LLPA table, I would think, for Vantage. So that's going to be a non-issue, and it is a non-issue today in our eyes.

而且分數差異非常小。我們也都應該理解，遲早會有 LLPA 表格把 FICO 納入，然後我想也會有一張獨立的 LLPA 表格用於 Vantage。所以這會變成不是問題；以我們的觀點，今天它也不是問題。

Thanks so much. Appreciate it.

非常感謝。感激不盡。

Scott Wurtzel, Wolfe Research.

Wolfe Research 的 Scott Wurtzel。

Hey, good morning, guys. Thanks for taking my questions. Just one from me. I just wanted to. Touched on the government bookings that you disclosed. I'm wondering if there's any seasonality with those that we should be aware of. I think just in the context of a lot of state fiscal years ending June 30th, maybe 2Q is a seasonal peak for the booking.

各位早安。謝謝回答我的問題。我只有一個問題。我只是想。提到你們披露的政府端訂單（bookings）。我想知道這些是否有任何我們需要留意的季節性。我想在很多州的財政年度於 6 月 30 日結束的背景下，也許第二季是訂單的季節性高峰。

No, there's a bunch that end in September and there's no uniform kind of state budget windows.

不，有一大批是在 9 月結束，而且各州的預算期並沒有一致的時間窗口。

And now I wouldn't think about contract signings as being seasonal.

而且我不會把合約簽署視為具有季節性。

Sometimes the effective dates are.

有時候生效日會有。

As we should all remember, with a new contract, there's also an implementation process with some states as far as their technology and process flow.

大家也都記得，新合約還會伴隨一個導入（implementation）流程，對某些州而言，涉及他們的技術與流程作業。

It doesn't happen immediately, meaning it takes time on their side and we support that to happen. But no, I wouldn't think about seasonality of how government operates, it's really across the board.

不會立刻發生，也就是說他們那邊需要時間，我們也會支援讓它發生。但不，我不會用季節性來看政府如何運作，基本上是全面分散的。

Simon Clinch, Rothschild & Company Redburn.

Rothschild & Company Redburn 的 Simon Clinch。

Hi, everyone. Thanks for fitting me in.

各位好。謝謝讓我加入提問。

Mark, I was wondering if I could get your thoughts on 100 score 5.0. I know we're talking about 4.0, but I've seen some news out on 5.0 recently, and I'm just curious as to how that kind of fits into the picture over the next few years, what needs to happen to make that a reality.

Mark，我想請教你對 100 score 5.0 的看法。我知道我們在談 4.0，但我最近看到一些關於 5.0 的新聞，我只是好奇未來幾年它會如何融入整體版圖，以及要達成它成為現實需要發生哪些事情。

To compete, I guess, more effectively with 10T.

我想是為了更有效地與 10T 競爭。

We think Advantage 4.0 really competes very effectively with 10T. That's our perspective. And 10T is really catching up, if you will, from FICO Classic, which is used in the marketplace, which is -- I don't know if this is directionally right. I think it's about 10 years old. Maybe it's not quite 10, but something like that is when FICO Classic was put in place. So.

我們認為 Advantage 4.0 其實已經能非常有效地與 10T 競爭，這是我們的觀點。而 10T 其實是在追趕（如果你願意這麼說）市場上使用的 FICO Classic；我不確定這樣說方向上是否正確，我想它大概有 10 年歷史。也許不到 10 年，但差不多就是 FICO Classic 被導入的時間點。所以。

Vantage 4.0, I think the industry and the marketplace understands it performs much more strongly in FICO Classic. I think 10T closes that gap. And as you might imagine, we're encouraging Vantage, which we own along with Q and Experian, to continue to invest in kind of the next level of sophistication around the score that they use in the marketplace. And so they're making those investments, but we're very pleased with the Vantage 4.0 positioning and. Our expectations of its outperformance against Classic and how it will compete against 10T. And again, I'll remind one more time that in mortgage in particular, but more broadly in the other verticals, the score is less relevant in the underwriting. What's relevant is the credit data that's used underlying the creation of that credit score. So while it's important to continue to invest in the credit score, what's really used in. Underwriting is the credit data that comes from our credit file and on T1 experience.

我認為產業與市場都理解 Vantage 4.0 的表現比 FICO Classic 強很多。我認為 10T 縮小了那個差距。而你可以想像，我們（與 Q 及 Experian 一起）擁有 Vantage，因此我們也鼓勵 Vantage 持續投資，讓其在市場使用的分數模型提升到下一個層級的精緻度。他們正在做這些投資，但我們對 Vantage 4.0 的定位非常滿意，並且。我們預期它相對於 Classic 的超越表現，以及它將如何與 10T 競爭。另外我再提醒一次，特別是在房貸，但更廣泛地在其他垂直領域，分數在承作審核中的相關性較低。真正相關的是用來生成該信用分數的底層信用資料。所以，雖然持續投資信用分數很重要，但真正用在。承作審核的是來自我們信用檔案的信用資料，以及在 T1 的經驗。

Thanks. And just a follow-up on a slightly different topic.

謝謝。另外針對一個稍微不同的主題追問一下。

First of all, congratulations on the acquisition in Mexico. I noticed, though, in your commentary for that you were actually considering standing up the de novo credit bureau in Mexico, which took me by surprise. And I was just wondering if there's anything that -- is that something you've always done in new markets and sort of considered that and actually done some work to do that? Or is there something technologically that's made it easier for you to do that this time around? Because I always assumed it was incredibly hard to stand up a brand-new credit bureau in any market.

首先，恭喜你們在墨西哥的收購案。不過我注意到，你們在相關評論中提到其實曾考慮在墨西哥從零建立（de novo）一家信用局，這讓我有點意外。我想知道是否有什麼原因——這是不是你們在新市場一向都會做、會考慮，甚至已經做過一些前期工作？或者這次是否因為技術因素讓你們更容易做到？因為我一直以為在任何市場從零建立一家全新的信用局都非常困難。

It's incredibly hard, and we've never. Never done it.

確實非常困難，而且我們從來沒有。從來沒做過。

Mexico, as you may know, I'll use the words, was a closed market until recently.

如你所知，墨西哥我會用「直到最近才是封閉市場」來形容。

As you may know, the bank-owned the only credit bureau there that competed with Circulo. Circulo was a privately held owned by principally retailers and investors in Mexico, and it competed really against the bank-owned credit bureau that was a consumer commercial credit bureau.

如你所知，當地銀行曾擁有唯一一家與 Circulo 競爭的信用局。Circulo 是私人持有，主要由墨西哥的零售商與投資人持有；它主要是與那家由銀行持有、同時涵蓋消費者與商業的信用局競爭。

There was an ownership interest that TransUnion had, and I think FICO had an interest in D&B in the commercial credit bureau. And then the banks decided to break that into two businesses, a commercial and consumer credit bureau. TransUnion, because of their control position, bought the Consumer Bureau last year, and that really opened up the market.

TransUnion 曾持有部分股權，我想 FICO 也在商業信用局中對 D&B 有所持股。之後銀行決定把它拆成兩個業務：商業信用局與消費者信用局。由於 TransUnion 具控制性持股，他們在去年買下了消費者信用局，這也真正打開了市場。

Until that time.

在那之前。

We did decide, because we really were attracted to the market, to put an application in really about five years ago for a credit bureau launch.

我們確實做了決定，因為我們非常看好這個市場，大約五年前就提交了申請，準備啟動一家信用局。

I think we would struggle with the economics of doing that, but we thought strategically it would position us at least to make that decision if we could get that approval to do a de novo credit bureau. It was really not our choice.

我想我們在經濟性上會很吃力，但我們認為在策略上，若能取得從零建立信用局的核准，至少能讓我們在需要時做出那個決策，從而取得定位。那其實不是我們的選擇。

And then once the market opened up and TransUnion made their acquisition, it really gave us the opportunity to really spend time with Circulo and really make that acquisition, so we much prefer.

而當市場開放、TransUnion 完成收購後，這讓我們有機會花時間與 Circulo 深入接觸並完成這次收購，所以我們更偏好。

The path we're on with Circulo and we're super pleased to do it. And the fact that we're well known to the Mexican regulators because we've been in this application.

我們目前與 Circulo 走的這條路，而且我們非常高興能做這件事。此外，因為我們在這個申請。

Process for close to five years, we think it positions us well for the regulatory approval process, which obviously.

流程中已經接近五年，墨西哥監管機關對我們也很熟悉；我們認為這讓我們在監管核准流程上更有利，這當然。

TransUnion went through and obviously navigated quite effectively and we would expect to do the same, but we think we're advantaged because of our de novo application has been in there for quite some time and we've been engaging with the regulators. But clearly.

TransUnion 已經走過並且顯然相當有效地完成了，我們也預期能做到同樣的事；但我們認為我們更具優勢，因為我們的 de novo 申請已經在那裡放了相當長一段時間，我們也一直與監管機關互動。但很明顯。

We're going down the path that we would have preferred, which is an acquisition. And as you pointed out, a de novo build is super hard and we've never done it. Actually, I don't know, as long as I've been at Equifax, I don't think anyone's tried it because it's just super challenging to collect the data and it would be quite expensive to build out the capabilities.

我們走的是我們更偏好的路徑，也就是收購。而如你所指出，從零建置（de novo build）非常困難，我們也從未做過。其實，我不知道，在我待在 Equifax 的這段期間，我不認為有人嘗試過，因為蒐集資料非常具挑戰性，而且建置能力會相當昂貴。

That's really useful color. Thank you very much.

這些補充資訊非常有用。非常感謝。

Ryan Griffin, BMO Capital Markets.

Ryan Griffin，BMO 資本市場。

Hey, good morning. I know it's late, so I'll just ask one question on competitive dynamics in government. I understand the work numbers, record penetration opportunity, but can you elaborate just on the right to win against some of the consumer-based verification programs and then the open source providers like ME in case we're missing anything?

嗨，早安。我知道時間有點晚了，所以我只問一個關於政府端競爭態勢的問題。我理解工作量數據與創紀錄的滲透機會，但你能否再多談談，面對一些以消費者為基礎的驗證方案，以及像 ME 這類開源供應商時，我們的勝出權（right to win）是什麼？以免我們漏掉任何重點。

Thank you.

謝謝。

Yeah, I think that hopefully for you, it certainly did for us that strong renewals on the $200 million that we shared and $100 million new business, I think it reflects the really depth and how the marketplace, meaning our customers and new customers, really view the Twin solution. It's instant.

是的，我想希望這對你有幫助；對我們而言確實如此——我們分享的 2 億美元部分有強勁續約，加上 1 億美元的新業務，我認為這反映了市場的深度，也就是我們的客戶與新客戶如何看待 Twin 解決方案。它是即時的。

It can be integrated very quickly. It has very high coverage.

它可以非常快速地整合。覆蓋率非常高。

It delivers the ability to approve someone's social services instantly in that application process, which every social service administrator wants to deliver services quickly. It delivers productivity to the caseworker. If you're using consumer consented, there's a lot of change that goes back and forth between the applicant and the case administrator in order to do that.

它能在申請流程中即時核准某人的社會服務資格，而每位社會服務管理者都希望能快速提供服務。它也能提升個案工作者的生產力。如果你使用消費者同意（consented）的方式，為了完成驗證，申請人與個案管理人員之間需要來回進行很多變更與溝通。

And then it also delivers the integrity.

此外，它也能提供完整性（integrity）。

So we feel. Quite confident about the value that we deliver to our customers and the ability that we have to continue to drive higher kind of conversion or approval rates. I think we didn't talk about it. We talked about in our comments, but no one asked a question about it, but our records were up 10% in the quarter.

所以我們覺得。我們對於為客戶帶來的價值，以及持續推動更高的轉換率或核准率的能力，都相當有信心。我想我們沒有特別談到這點。我們在評論中提過，但沒有人就此提問；不過我們的紀錄（records）在本季成長了 10%。

So that delivers higher.

因此能帶來更高的。

Access rates for all of our customers, including government, which is a real positive. So we're quite pleased with the momentum by our government team, and as mentioned a couple of times on the call, our commercial pipeline is still up 2x from where it was a year ago, and we're just pleased to see meaningful conversion of that pipeline in the last number of months.

存取率（access rates），對我們所有客戶（包括政府）都是如此，這是非常正面的。所以我們對政府團隊的動能感到相當滿意；而且如同在電話會議中提到幾次的，我們的商業端管線仍是去年同期的 2 倍，我們也很高興看到在過去幾個月中，該管線出現具意義的轉換。

George Tong, Goldman Sachs.

George Tong，高盛。

Hey, George.

嗨，George。

Hi, thanks. Good morning. Hi.

嗨，謝謝。早安。嗨。

With respect to the AI productivity initiatives, can you talk a little bit about the timing of the savings realization? Is it relatively linear over the next few years or more back-end loaded toward 2028?

關於 AI 生產力計畫，能否談談節省效益實現的時間點？未來幾年是相對線性地逐步體現，還是會更偏向在 2028 年才集中顯現？

I think you're seeing it come through in 2026 from the $75 million we announced in February on our fourth-quarter earnings call. Hopefully, you're pleased, George, with our margin performance this year is, I think, above your expectation and certainly above our long-term guide and even we guided for 75 basis points ex-FICO for the year and the first half we're north of that. So you're seeing it crystallize in 2026 and we're not giving guidance for. Or '28, but we've given you a good boundary and obviously with a much larger number of doubling our expectation around those AI productivity benefits from $75 million to $150 million over the '26, '27, '28 timeframe.

我想你在 2026 年就會看到它開始反映出來，來自我們在 2 月第四季財報電話會議上宣布的 7,500 萬美元。希望你會滿意，George——我們今年的利潤率表現，我認為高於你的預期，也確實高於我們的長期指引；甚至我們對全年（不含 FICO）指引為 75 個基點，而上半年我們已經高於這個水準。所以你會看到它在 2026 年具體落地，而我們不會提供。對 2028 年的指引，但我們已給你一個合理的範圍；而且很明顯地，隨著我們把 AI 生產力效益的預期從 7,500 萬美元提高到 1.5 億美元，在 2026、2027、2028 年這段期間內等於翻倍。

Got it. That's helpful. And of the $150 million in savings, how much do you expect to retain as margin expansion? I know some of it's flowing through this year versus reinvesting it back into the business.

了解。這很有幫助。那在 1.5 億美元的節省中，你們預期有多少會保留為利潤率擴張？我知道其中一部分今年會流出，另一部分則會再投資回業務。

Yeah, I think we told you that we're going to make those decisions about reinvestment as we go through the calendar in the future, we'll give guidance in '27 around what we expect our margin expansion to be.

是的，我想我們已告訴你，我們會在未來隨著日曆年度推進，逐步做出再投資的決策；我們會在 2027 年提供指引，說明我們預期的利潤率擴張。

From operating leverage against our long-term framework of 50 basis points and how much incremental will be, we'll give that guidance in February. But you should reflect, George, I hope you are, on the fact that in a matter of six months, our kind of confidence in our ability to deploy AI inside of Equifax is growing really rapidly with the increase of our savings goal from $75 million to $150 million.

就我們長期架構下 50 個基點的營運槓桿，以及其中有多少是額外增量，我們會在 2 月給出該指引。但我希望你能反映這一點，George——我也希望你確實有注意到：在短短六個月內，我們對於在 Equifax 內部部署 AI 的能力之信心正在非常快速地提升，因為我們把節省目標從 7,500 萬美元提高到 1.5 億美元。

Great. Thanks very much.

很好。非常感謝。

Thank you. Ladies and gentlemen, that is our question-and-answer session. I'll turn the floor back to Mr. Burns for final comments.

謝謝。各位女士先生，以上是我們的問答環節。我將把時間交回 Burns 先生做最後結語。

Thank you for everybody's time today. If you have any follow-up questions, please reach out to myself and Molly and have a great day.

感謝各位今天撥冗參與。如果你有任何後續問題，請聯繫我和 Molly，祝各位有美好的一天。

Thank you.

謝謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時您可以掛斷電話線。

Thank you for your participation.

感謝您的參與。