TransUnion (TRU) 2023 Q2 法說會逐字稿

Hello, and welcome to the TransUnion 2023 Second Quarter Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

您好，歡迎參加 TransUnion 2023 年第二季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。

I would like now to turn the conference over to Aaron Hoffman, Senior Vice President of Investor Relations. Please go ahead.

我現在將會議交給投資者關係高級副總裁亞倫·霍夫曼 (Aaron Hoffman)。請繼續。

Good morning, everyone, and thank you for attending today. Joining me on the call are Chris Cartwright, President and Chief Executive Officer; and Todd Cello, Executive Vice President and Chief Financial Officer.

大家早上好，感謝大家今天出席。與我一起參加電話會議的還有總裁兼首席執行官克里斯·卡特賴特 (Chris Cartwright)；以及執行副總裁兼首席財務官 Todd Cello。

We posted our earnings release and slides to accompany this call on the TransUnion Investor Relations website this morning. Our earnings release and the accompanying slides include various schedules, which contain more detailed information about revenue, operating expenses and other items, as well as certain non-GAAP disclosures and financial measures along with the corresponding reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. Today's call will be recorded and a replay will be available on our website.

今天早上，我們在 TransUnion 投資者關係網站上發布了本次電話會議的收益報告和幻燈片。我們的收益發布和隨附的幻燈片包括各種時間表，其中包含有關收入、運營費用和其他項目的更詳細信息，以及某些非GAAP 披露和財務指標，以及這些非GAAP 財務指標與其相應的調節表。最直接可比的 GAAP 衡量標準。今天的通話將被錄音，並在我們的網站上提供重播。

We will also be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from those described in the forward-looking statements because of factors discussed in today's earnings release, in the comments made during this conference call and in our most recent Form 10-K, Forms 10-Q and other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statement.

我們還將在本次電話會議中發表前瞻性聲明。這些陳述基於當前的預期和假設，並受到風險和不確定性的影響。由於今天的收益發布中討論的因素、本次電話會議期間發表的評論以及我們最新的10-K 表格、10-Q 表格以及其他報告和文件中所討論的因素，實際結果可能與前瞻性陳述中描述的結果存在重大差異與美國證券交易委員會。我們不承擔更新任何前瞻性聲明的義務。

With that, let me turn the time over to Chris.

現在，讓我把時間交給克里斯。

Thanks, Aaron. And let me have my welcome and share our agenda for the call this morning. First, I'll discuss the macroeconomic conditions and TransUnion's markets around the world. Then I'll provide an overview of our strong second quarter financial performance. I'll also review the continued progress with Neustar to accelerate revenue growth and achieve savings targets. And I'll wrap up with a short discussion of our Global Capability Center strategy, which enables us to scale our global business efficiently and tap into diverse talent pools. And finally, Todd will detail our second quarter results, along with our third quarter and full year guidance.

謝謝，亞倫。請允許我表示歡迎並分享我們今天早上的電話會議議程。首先，我將討論宏觀經濟狀況和 TransUnion 在全球的市場。然後我將概述我們第二季度強勁的財務業績。我還將回顧 Neustar 在加速收入增長和實現節約目標方面所取得的持續進展。最後，我將簡短討論我們的全球能力中心戰略，該戰略使我們能夠有效地擴展我們的全球業務並利用多樣化的人才庫。最後，托德將詳細介紹我們第二季度的業績，以及我們第三季度和全年的指導。

Through the second quarter, macroeconomic conditions are unchanged to slightly improved, with reduced expectations for a recession in the U.S. In most of our markets globally, consumers continue to face higher interest rates and elevated although moderating inflation levels. This combination will continue to strain household finances, although high employment levels and modest real wage gains have mitigated the impact of these pressures to date in most of our markets.

整個第二季度，宏觀經濟狀況沒有變化，甚至略有改善，對美國經濟衰退的預期降低。在全球大多數市場，消費者繼續面臨更高的利率和雖然溫和但仍較高的通脹水平。儘管高就業水平和適度的實際工資增長已經減輕了迄今為止在我們大多數市場中的這些壓力的影響，但這種結合將繼續給家庭財務帶來壓力。

Consumers remain resilient, and we see positive continued demand for borrowing. In the U.S., we've seen increased caution and tighter lending standards from banks. However, the strong demand for credit continues to be met by a broad range of lenders. U.S. consumers remain healthy and optimistic relative to historical norms with modest spending growth based on strong employment and real wage increases.

消費者仍然保持彈性，我們看到借貸需求持續積極。在美國，我們看到銀行變得更加謹慎，貸款標準更加嚴格。然而，廣泛的貸款機構繼續滿足對信貸的強勁需求。相對於歷史標準，美國消費者保持健康和樂觀，基於強勁的就業和實際工資增長，支出適度增長。

Credit performance metrics have continued to normalize and remain within range of prepandemic and historical levels. Although delinquencies have increased, they're still very comfortable by historic standards across mortgage, card, auto and unsecured personal loans.

信用績效指標繼續正常化，並保持在疫情前和歷史水平的範圍內。儘管拖欠率有所增加，但按照抵押貸款、信用卡、汽車和無擔保個人貸款的歷史標準來看，他們仍然非常放心。

Across our international portfolio, conditions also remain largely unchanged. In Canada and the U.K., consumer health and credit demand continue to be similar to the U.S. with persistently high inflation and rising rates burdening consumers and slowing lending markets. However, lending volumes in our emerging markets of India, Asia Pacific, South Africa and LatAm remain strong.

在我們的國際投資組合中，情況也基本保持不變。在加拿大和英國，消費者健康和信貸需求仍然與美國相似，持續高通脹和利率上升給消費者帶來負擔並減緩貸款市場。然而，印度、亞太地區、南非和拉丁美洲等新興市場的貸款量仍然強勁。

Like many of our customers, we remain cautious about the rest of 2023. Therefore, we will again maintain our full year guidance at this point to account for market uncertainties despite overachieving in the second quarter. Todd will walk you through the details later of our third quarter and full year guidance and expectations for each of our markets and verticals.

與我們的許多客戶一樣，我們對 2023 年剩餘時間保持謹慎態度。因此，儘管第二季度業績超額，但我們此時將再次維持全年指引，以應對市場不確定性。托德將向您詳細介紹我們第三季度和全年對每個市場和垂直領域的指導和期望。

Now turning to second quarter highlights. We again beat our guidance for revenue, adjusted EBITDA and adjusted diluted earnings per share. U.S. markets grew 1% with financial services flat and emerging verticals up 3%. Our financial services vertical performed in line with our expectations, though mortgage was slightly below expectations but offset by modestly better performance in consumer lending.

現在轉向第二季度的亮點。我們再次超出了收入、調整後 EBITDA 和調整後稀釋每股收益的指導。美國市場增長 1%，其中金融服務持平，新興垂直市場增長 3%。我們的金融服務垂直領域的表現符合我們的預期，儘管抵押貸款略低於預期，但被消費貸款的小幅改善所抵消。

U.S. emerging verticals was also in line with our expectations and improved sequentially from the first quarter. Importantly, we have seen signs that the short-term headwinds we faced in tenant and employment screening and insurance are moderating, which should position us for faster growth in the second half of the year in those verticals.

美國新興垂直行業也符合我們的預期，並且比第一季度連續改善。重要的是，我們已經看到有跡象表明，我們在租戶、就業篩选和保險方面面臨的短期阻力正在緩和，這應該使我們能夠在今年下半年在這些垂直領域實現更快的增長。

Our International segment grew constant currency revenue by double digits for the ninth consecutive quarter, led by 35% revenue growth in India, and double-digit growth in Asia Pacific, Africa and Canada. We continue to outperform our underlying markets because of market share gains and our industry-leading innovation. Across all our markets, our broad solutions portfolio is resonating with our customers, helping them navigate complex and hard to forecast economic conditions. And as I'll detail in a moment, we continue to make progress integrating Neustar and see strong customer adoption of our platforms and solutions.

我們的國際部門的固定貨幣收入連續第九個季度實現兩位數增長，其中印度收入增長 35%，亞太地區、非洲和加拿大收入增長兩位數。由於市場份額的增長和行業領先的創新，我們的表現繼續優於我們的基礎市場。在我們所有的市場中，我們廣泛的解決方案組合引起了客戶的共鳴，幫助他們應對複雜且難以預測的經濟狀況。正如我稍後將詳細介紹的那樣，我們在整合 Neustar 方面不斷取得進展，並看到客戶廣泛採用我們的平台和解決方案。

Also in the quarter, we announced a commercial partnership and a minority investment in Truework, a rapidly emerging player in the income and employment verification market. Truework uses sophisticated orchestration software to support a multipronged strategy to provide coverage of 90% of U.S. employees. We see an attractive opportunity to help bring Truework unique solutions to our broad customer base in markets like financial services and rental screening, among others.

同樣在本季度，我們宣布了對 Truework 的商業合作夥伴關係和少數股權投資，Truework 是收入和就業驗證市場中迅速崛起的參與者。 Truework 使用複雜的編排軟件來支持多管齊下的策略，以覆蓋 90% 的美國員工。我們看到了一個誘人的機會，可以幫助我們為金融服務和租賃篩選等市場的廣大客戶群帶來 Truework 獨特的解決方案。

And finally, we continue to direct our free cash flow towards reducing our debt levels. And in the second quarter, we've repaid another $75 million in debt and intend to make additional prepayments in the second half of the year. We have now prepaid $150 million of debt this year.

最後，我們繼續將自由現金流用於降低債務水平。在第二季度，我們又償還了 7500 萬美元的債務，並打算在下半年追加預付款。今年我們已經預付了 1.5 億美元的債務。

Moving to Neustar. Neustar delivered 6% organic growth as a result of solid performance across marketing, fraud and communications. For the full year, we continue to expect high single-digit revenue growth and a 32% margin, fueled by profit flow-through on accelerating revenues and attainment of our integration cost savings. We have line of sight to the revenue growth based on our strong bookings and the momentum achieved by joint sales teams aligned by vertical markets.

搬到新星。由於營銷、欺詐和傳播方面的穩健表現，Neustar 實現了 6% 的有機增長。就全年而言，我們繼續預計高單位數收入增長和 32% 的利潤率，這得益於收入加速和整合成本節約帶來的利潤流轉。基於我們強勁的預訂量以及垂直市場聯合銷售團隊所取得的勢頭，我們看到了收入的增長。

In the first half of the year, we signed meaningful renewals with dozens of customers, including some of the largest companies in the world. We've also begun recognizing revenue on a number of new multimillion dollar contracts that we believe will accelerate growth in the second half. At the same time, we have numerous late-stage large contracts that should further enhance growth over the remainder of the year.

今年上半年，我們與數十家客戶簽署了有意義的續約，其中包括一些世界上最大的公司。我們還開始確認一些價值數百萬美元的新合同的收入，我們相信這些合同將在下半年加速增長。與此同時，我們還有大量後期大型合同，這些合同將進一步促進今年剩餘時間的增長。

Taken together, these wins give us confidence in delivering high single-digit growth for Neustar this year.

總而言之，這些勝利讓我們有信心今年為 Neustar 實現高個位數增長。

During the quarter, we also announced a number of partnerships that further underpin our confidence in the short- and long-term prospects for Neustar. At Snowflake's annual user conference, we announced the launch of TruAudience marketing solutions Transfer-less Identity Resolution app. It's now in the Snowflake marketplace. This partnership brings our advanced identity resolution capabilities to shared customers wherever their data and marketing technology lives. Together, we're helping our customers improve their consumer data quality and collaborate with partners without sharing sensitive customer information. Marketers and publishers want to connect disparate off-line and online data and enrich consumer profiles with demographics data from TruAudience identity solutions.

在本季度，我們還宣布了多項合作夥伴關係，這進一步增強了我們對 Neustar 短期和長期前景的信心。在 Snowflake 的年度用戶大會上，我們宣布推出 TruAudience 營銷解決方案無傳輸身份解析應用程序。它現在位於 Snowflake 市場。這種合作夥伴關係為共享客戶帶來了我們先進的身份解析功能，無論他們的數據和營銷技術位於何處。我們共同幫助客戶提高消費者數據質量，並在不共享敏感客戶信息的情況下與合作夥伴協作。營銷人員和出版商希望連接不同的離線和在線數據，並利用來自 TruAudience 身份解決方案的人口統計數據豐富消費者檔案。

Using this app, they can do that without transferring data outside the Snowflake environment. The transfer-less quality of the native app helps to support security, privacy and data governance. We also partnered with VideoAmp to release a comprehensive analytics solution for cross-platform media measurement and optimization.

使用此應用程序，他們可以做到這一點，而無需在 Snowflake 環境之外傳輸數據。本機應用程序的無傳輸質量有助於支持安全、隱私和數據治理。我們還與 VideoAmp 合作發布了用於跨平台媒體測量和優化的全面分析解決方案。

Marketers will now have more accurate visibility into the effectiveness of their linear television advertising by integrating VideoAmp's TV viewership data set into the TruAudience marketing analytics and attribution solution. This integration enables marketers to better measure the holistic impact of their campaigns across TV and digital channels and to enable data-driven decisions.

通過將 VideoAmp 的電視收視數據集集成到 TruAudience 營銷分析和歸因解決方案中，營銷人員現在可以更準確地了解線性電視廣告的有效性。這種集成使營銷人員能夠更好地衡量其營銷活動在電視和數字渠道上的整體影響，並實現數據驅動的決策。

And we expanded our partnership with Magnite, the world's largest independent sell-side advertising company, increasing their TruAudience data marketplace usage beyond connected TV. Magnite can now help agencies, brand and publishers reach audiences across digital media channels, including streaming video, audio, gaming and digital out-of-home.

我們還擴大了與全球最大的獨立賣方廣告公司 Magnite 的合作夥伴關係，增加了其 TruAudience 數據市場的使用範圍，超越了聯網電視。 Magnite 現在可以幫助代理商、品牌和出版商通過數字媒體渠道接觸受眾，包括流媒體視頻、音頻、遊戲和數字戶外媒體。

(inaudible) TruAudience data marketplace offers advertisers and brands audience solutions that cover over 80 million U.S. connected homes. And our communications solutions continue to grow on the strength of our suite of TruContact Trusted Call Solutions, or TCS, which grew about 75% in the second quarter. Our teams continue to identify new applications that have resulted in rapid customer adoption across a host of verticals.

（聽不清）TruAudience 數據市場為廣告商和品牌提供受眾解決方案，覆蓋超過 8000 萬個美國聯網家庭。我們的通信解決方案憑藉 TruContact 可信呼叫解決方案 (TCS) 套件的優勢繼續增長，該套件在第二季度增長了約 75%。我們的團隊不斷發現新的應用程序，這些應用程序已被眾多垂直行業的客戶快速採用。

Let me detail some of the recent progress in 2 end markets. First, we've made inroads into the healthcare sector, where TCS can enhance the effectiveness of necessary phone calls at many steps of care, including booking appointments, pre-appointment insurance authorizations, appointment reminders, telehealth phone calls, test results, prescription pickups and payment notices or reminders.

讓我詳細介紹一下兩個終端市場的近期進展。首先，我們已經進軍醫療保健領域，TCS 可以在許多護理步驟中提高必要電話呼叫的效率，包括預約、預先預約保險授權、預約提醒、遠程醫療電話、測試結果、處方領取以及付款通知或提醒。

Second, we see opportunities in the public sector. A few weeks ago, we launched TruLookup Veteran Connect to help state Departments of Veterans Affairs improve outreach and effectively deliver housing, healthcare, job training and other essential support to their members. In this case, TruContact branded call display verifies that the inbound call is coming from the Department of Veterans Affairs and adds context to the mobile call display, including brand name, location, logo and reason for the call.

其次，我們看到公共部門的機會。幾週前，我們推出了 TruLookup Veteran Connect，以幫助州退伍軍人事務部改善外展活動，並有效地為其成員提供住房、醫療保健、職業培訓和其他基本支持。在這種情況下，TruContact 品牌呼叫顯示會驗證呼入呼叫是否來自退伍軍人事務部，並向移動呼叫顯示添加上下文，包括品牌名稱、位置、徽標和呼叫原因。

Last quarter, I discussed our ongoing data and technology transformation, which has been supercharged by the Neustar acquisition. This quarter, I want to highlight our Global Capability Centers or GCCs and how they're enabling our transformation into a truly global organization. Investment in our GCCs in recent years has allowed us to centralize and standardize a variety of important work in high talent and lower-cost locations. Today, our GCCs are delivering high-quality solutions and services to customers using a follow-the-sun coverage approach across time zones. We launched our first GCC in 2018. And over the last 5 years, we've grown to more than 4,000 employees across India, South Africa and our newest location, Costa Rica.

上個季度，我討論了我們正在進行的數據和技術轉型，收購 Neustar 進一步推動了這一轉型。本季度，我想重點介紹我們的全球能力中心或 GCC，以及它們如何幫助我們轉型為真正的全球組織。近年來對海灣合作委員會的投資使我們能夠在高人才和低成本地點集中和標準化各種重要工作。如今，我們的 GCC 正在使用跨時區的全天候覆蓋方法為客戶提供高質量的解決方案和服務。我們於 2018 年推出了第一個 GCC。在過去 5 年裡，我們在印度、南非和我們最新的地點哥斯達黎加的員工數量已超過 4,000 名。

Local GCC associates inject new ideas and energies into our solutions and our processes. Concentrating functions in software development, data science and analytics, operations and business support functions create scale efficiencies and consolidate knowledge and best practices. And as we grow our market share in the regions surrounding the GCCs, we believe their real-time support, regional expertise and strong local language skills will be critical to supporting our customers.

GCC 當地員工為我們的解決方案和流程注入新的想法和活力。將功能集中在軟件開發、數據科學和分析、運營和業務支持功能中，可以提高規模效率並整合知識和最佳實踐。隨著我們在海灣合作委員會周邊地區的市場份額不斷擴大，我們相信他們的實時支持、區域專業知識和強大的當地語言技能對於支持我們的客戶至關重要。

We've received numerous awards reflecting the outstanding work over GCCs. These include certification as great places to work in India and a top employer in South Africa. And in the last 2 months, our India GCC was recognized by Nasscom, the Indian IT Business Process Management Association for its stellar distributed work model for the future and also named by Everest Group as a top global business services employer in India. This recognition reflects the strong leadership we've put in place and the high-caliber diverse talent they've assembled. We see the growth of our GCC network as another attractive path to margin expansion and improved operational performance in the year to come.

我們獲得了無數獎項，反映了海灣合作委員會的傑出工作。其中包括被認證為印度最佳工作場所和南非頂級雇主。在過去的兩個月裡，我們的印度 GCC 因其面向未來的出色分佈式工作模式而獲得了印度 IT 業務流程管理協會 Nasscom 的認可，並被 Everest Group 評為印度頂級全球商業服務雇主。這一認可反映了我們強大的領導力以及他們聚集的高素質多元化人才。我們認為海灣合作委員會網絡的增長是未來一年實現利潤擴張和改善運營績效的另一條有吸引力的途徑。

Now that wraps up my comments on our market conditions, second quarter performance, progress integrating Neustar and our successful GCC strategy. Now Todd will provide you with further details on our second quarter financial results and our third quarter and full year 2023 outlook. Over to you, Todd.

現在我對我們的市場狀況、第二季度業績、Neustar 整合進展以及我們成功的 GCC 戰略的評論結束了。現在，托德將為您提供有關我們第二季度財務業績以及第三季度和 2023 年全年展望的更多詳細信息。交給你了，托德。

Thanks, Chris, and let me add my welcome to everyone. I'll start off with our consolidated financial results. Second quarter consolidated revenue increased 2% on a reported and 3% on an organic constant currency basis. There was no impact from acquisitions as we lapped the purchase of Argus last quarter. Foreign exchange was a 1% headwind. Our business grew 2% on an organic constant currency basis, excluding mortgage from both the second quarter of 2022 and 2023.

謝謝克里斯，讓我向大家表示歡迎。我將從我們的綜合財務業績開始。第二季度合併收入按報告增長 2%，按有機固定匯率計算增長 3%。收購沒有產生任何影響，因為我們上季度完成了對阿格斯的收購。外匯匯率是 1% 的逆風。我們的業務按固定匯率有機增長 2%（不包括 2022 年第二季度和 2023 年第二季度的抵押貸款）。

Adjusted EBITDA declined 3% on a reported basis. Our adjusted EBITDA margin sequentially improved to 35.0%, down almost 200 basis points compared to the year ago second quarter, which had the most challenging comparison for 2023. Second quarter adjusted diluted earnings per share declined 13% as a result of lower adjusted EBITDA and higher interest expense.

據報告，調整後 EBITDA 下降 3%。我們的調整後EBITDA 利潤率連續提高至35.0%，與去年第二季度相比下降了近200 個基點，這是2023 年最具挑戰性的比較。由於調整後EBITDA 較低，第二季度調整後稀釋每股收益下降了13%。更高的利息支出。

Before I get into U.S. markets results, a reminder that we are reporting Neustar revenue within our vertical market structure, and we will discontinue providing stand-alone Neustar reporting at the end of 2023.

在介紹美國市場結果之前，請注意，我們正在垂直市場結構內報告 Neustar 收入，並且我們將在 2023 年底停止提供獨立的 Neustar 報告。

Now looking at segment financial performance for the second quarter. U.S. markets revenue was up 1% compared to the year ago quarter. Adjusted EBITDA for U.S. markets declined 5% and adjusted EBITDA margin was 34.6%. Financial Services revenue was flat.

現在看看第二季度的部門財務表現。美國市場收入較去年同期增長 1%。美國市場調整後 EBITDA 下降 5%，調整後 EBITDA 利潤率為 34.6%。金融服務收入持平。

Turning to the individual end markets. Consumer lending revenue declined low double digits against a high 20% growth rate in the year ago quarter. After pulling back late last year in response to a potentially weakening consumer. Fintechs have stabilized and remain active market participants with reasonable access to funding. We also continue to see strength in the buy now pay later market. Our credit card business was down mid-single digits against a high teens growth rate in the prior year quarter.

轉向個別終端市場。與去年同期 20% 的高增長率相比，消費貸款收入出現低兩位數下降。去年年底，為應對潛在的消費者疲軟而有所回撤。金融科技公司已經穩定並保持活躍的市場參與者，並有合理的融資渠道。我們還繼續看到“先買後付”市場的強勁勢頭。與去年同期的十幾位數增長率相比，我們的信用卡業務出現了中個位數的下降。

Issuers remain selective on marketing outreach, but continue to originate at a healthy level. We are also benefiting from our relationships with larger firms that are aggressively utilizing digital marketing. Our auto business delivered low single-digit growth in the quarter on the strength of continued share gains, pricing, strong pre-qualification volumes, the impact of cross-selling Neustar marketing and call center solutions. We are seeing improving supply of new vehicles somewhat offset by continued weakness in the used vehicle market.

發行人對營銷推廣仍然有選擇性，但仍保持在健康的水平。我們還受益於與積極利用數字營銷的大公司的關係。得益於持續的份額增長、定價、強勁的資格預審數量、交叉銷售 Neustar 營銷和呼叫中心解決方案的影響，我們的汽車業務在本季度實現了低個位數增長。我們看到新車供應的改善在一定程度上被二手車市場的持續疲軟所抵消。

For mortgage, revenue was up 16% in the quarter despite inquiry volumes falling about 29%. Absolute volumes remain weak, but year ago comparison started to ease with volume declines offset by pricing and strong HELOC activity. At this point, refinancing activity is almost nonexistent while the purchase market is stagnated as home prices remain high and existing homeowners are reluctant to leave low-rate mortgages.

對於抵押貸款，儘管查詢量下降了約 29%，但本季度收入增長了 16%。絕對銷量仍然疲軟，但與去年同期相比開始有所緩解，銷量下降被定價和強勁的 HELOC 活動所抵消。此時，再融資活動幾乎不存在，而購買市場則停滯不前，因為房價居高不下，現有房主不願放棄低利率抵押貸款。

On a trailing 12-month basis, mortgage represented about 6.5% of total TransUnion revenue. For 2023, we now expect the inquiry market to be down roughly 25% and our revenue to increase roughly 20%.

在過去 12 個月的基礎上，抵押貸款約佔 TransUnion 總收入的 6.5%。目前，我們預計 2023 年詢價市場將下降約 25%，而我們的收入將增長約 20%。

Let me now turn to our emerging verticals, which grew 3% in the quarter. Insurance delivered another good quarter. Importantly, we are seeing carriers receive approval for rate increases and beginning to pass those increased prices to consumers, which we believe will continue to drive a recovery in shopping activity. At this point, insurers have largely limited their marketing activity to brand-oriented campaigns and have yet to substantially reactivate personalized marketing to drive new applications.

現在讓我談談我們的新興垂直行業，該行業在本季度增長了 3%。保險業又迎來了一個良好的季度。重要的是，我們看到運營商獲得了漲價的批准，並開始將上漲的價格轉嫁給消費者，我們相信這將繼續推動購物活動的複蘇。目前，保險公司的營銷活動在很大程度上僅限於以品牌為導向的活動，尚未大幅重新啟動個性化營銷來推動新應用。

We also continue to benefit from new business wins, adoption of our innovations like TrueVision driving history, growth in newer markets like life and commercial auto and successful cross-selling of Neustar and Sontiq solutions.

我們還繼續受益於新的業務勝利、TrueVision 等創新技術的採用、生活和商用汽車等新興市場的增長以及 Neustar 和 Sontiq 解決方案的成功交叉銷售。

Tenant and employment screening was down against tough comps and a softening employment market. However, we continue to see signs of a recovery in the tenant market with month-over-month declines in rental rates, increases in move rates and an increasing supply of rental units as new construction comes online.

由於競爭激烈和就業市場疲軟，租戶和就業篩選有所下降。然而，我們繼續看到租戶市場復甦的跡象，租金逐月下降，搬遷率上升，並且隨著新建築上線，租賃單位供應增加。

Our media vertical grew in the quarter as a result of continued business wins driven by the combination of TransUnion and Neustar Solutions, as Chris described. Finally, we continue to see good growth in services and collections and tech, retail and e-commerce, particularly on the strength of customer wins of our Trusted Call Solutions suite.

正如 Chris 所描述的那樣，由於 TransUnion 和 Neustar Solutions 的合併推動了持續的業務勝利，我們的媒體垂直領域在本季度實現了增長。最後，我們繼續看到服務和產品系列以及技術、零售和電子商務領域的良好增長，特別是在我們的可信呼叫解決方案套件贏得客戶的幫助下。

Consumer Interactive revenue declined 2%. Adjusted EBITDA margins were 47.0%, up about 80 basis points as a result of more focused advertising spending. Our direct business continues to decline as we recalibrate our marketing approach to focus on higher-value consumers. Thus far, we've seen good returns on the revamped tactics with better-than-expected customer acquisition stats at attractive cost to acquire.

消費者互動收入下降 2%。由於廣告支出更加集中，調整後 EBITDA 利潤率為 47.0%，增長約 80 個基點。隨著我們重新調整營銷方式以關注更高價值的消費者，我們的直接業務繼續下降。到目前為止，我們已經看到改進後的策略取得了良好的回報，客戶獲取統計數據好於預期，獲取成本具有吸引力。

In our indirect business, we grew in the second quarter on the strength of new business wins, particularly with financial services accounts using TruEmpower, formerly known as our CreditView platform as well as a modest improvement with some of our partners that offer paid monitoring.

在我們的間接業務中，我們在第二季度的增長得益於新業務的增長，特別是使用TruEmpower（以前稱為我們的CreditView 平台）的金融服務賬戶，以及我們與一些提供付費監控的合作夥伴的適度改進。

For my comments about International, all revenue growth comparisons will be in constant currency. For the total segment, revenue grew 13% with 4 of our 6 reported markets growing by double digits. Adjusted EBITDA margin was 42.3%, down about 100 basis points as a result of strategic investments across our regions.

對於我對國際的評論，所有收入增長比較都將以固定匯率計算。就整個細分市場而言，收入增長了 13%，我們報告的 6 個市場中有 4 個市場實現了兩位數增長。由於各地區的戰略投資，調整後 EBITDA 利潤率為 42.3%，下降約 100 個基點。

Now let's dig into the specifics for each region. In India, our largest international market, we grew 35%, reflecting strong market trends and generally healthy consumers. The diversity of our portfolio remains a real strength in India. We saw meaningful growth in both consumer and commercial credit markets as well as from fraud and direct-to-consumer offerings. We expect India to deliver another year of over 30% growth. And with the exception of COVID impact 2020, we have grown this business over 30% every year since 2017.

現在讓我們深入了解每個地區的具體情況。在我們最大的國際市場印度，我們增長了 35%，反映出強勁的市場趨勢和普遍健康的消費者。我們投資組合的多樣性仍然是印度的真正優勢。我們看到消費者和商業信貸市場以及欺詐和直接面向消費者的產品都實現了有意義的增長。我們預計印度今年將實現 30% 以上的增長。除 2020 年新冠疫情影響外，自 2017 年以來，我們的業務每年增長超過 30%。

In the U.K., revenue declined 1%. Excluding the revenue related to onetime contracts, including with the U.K. government, we would have grown about 3% in the quarter despite a challenging macro environment. While lending markets have softened, we continue to see large banks staying active to satisfy demand even as the fintech market has struggled. At the same time, we have seen good performance for our affordability and trended credit solutions to help lenders assess portfolio risk.

在英國，收入下降了 1%。排除與一次性合同（包括與英國政府簽訂的合同）相關的收入，儘管宏觀環境充滿挑戰，我們本季度仍將增長約 3%。儘管貸款市場已經疲軟，但我們仍然看到大型銀行在金融科技市場陷入困境的情況下仍保持活躍以滿足需求。與此同時，我們的負擔能力和趨勢信貸解決方案在幫助貸方評估投資組合風險方面表現良好。

Our Canadian business grew 11% in the second quarter. While the market remains relatively flat, we have generated strong growth through the execution of share shifts in financial services and fintech as well as a recovery in property and casualty insurance underwriting activity.

我們的加拿大業務第二季度增長了 11%。儘管市場仍然相對平穩，但我們通過金融服務和金融科技的份額轉移以及財產和傷亡保險承保活動的複蘇實現了強勁的增長。

In Latin America, revenue was up 5% with broad-based growth across the majority of our markets, including another quarter of double-digit growth for our largest market, Colombia. Brazil was down in the quarter as we've seen some weakness in the fintech market. While macro conditions have softened across Latin America, our teams continue to win new business and financial services particularly with fintechs and neobanks, insurance, government and telcos. We also continue to see strong adoption of TrueVision trended credit and our fraud solutions.

在拉丁美洲，收入增長了 5%，大部分市場均實現了廣泛增長，其中我們最大的市場哥倫比亞又實現了四分之一的兩位數增長。由於我們看到金融科技市場出現一些疲軟，巴西本季度出現下滑。儘管整個拉丁美洲的宏觀環境已經疲軟，但我們的團隊繼續贏得新的業務和金融服務，特別是金融科技和新銀行、保險、政府和電信公司。我們還繼續看到 TrueVision 趨勢信用和我們的欺詐解決方案得到廣泛採用。

In Asia Pacific, we grew 20% from continued good performance in Hong Kong and the Philippines, where we continue to add new offerings and win new business.

在亞太地區，由於香港和菲律賓的持續良好表現，我們增長了 20%，我們繼續在這兩個地區增加新產品並贏得新業務。

Finally, Africa increased 10% on broadly strong performance across the portfolio and the region despite a challenging macroeconomic and social environment in several of our largest markets. In South Africa, core banking business growth was driven by solid market conditions and new business wins. This growth was augmented by continued strength in fast-growing verticals like telco and gaming. Outside of South Africa, we continue to see very strong revenue growth in markets like Kenya, Zambia and Rwanda.

最後，儘管我們幾個最大市場的宏觀經濟和社會環境充滿挑戰，但由於整個投資組合和該地區的整體強勁表現，非洲增長了 10%。在南非，核心銀行業務的增長受到穩健的市場狀況和新業務的推動。電信和遊戲等快速增長的垂直行業的持續實力增強了這種增長。在南非之外，我們繼續看到肯尼亞、贊比亞和盧旺達等市場的收入增長非常強勁。

We ended the quarter with roughly $5.5 billion of debt after prepaying another $75 million in the quarter that left us with $442 million of cash on the balance sheet. We finished the quarter with a leverage ratio of 3.8x. We have now prepaid $150 million of debt in 2023. And at this point, we continue to intend to prepay additional debt in the second half of the year.

在本季度又預付了 7500 萬美元後，我們在本季度末的債務約為 55 億美元，資產負債表上留下了 4.42 億美元的現金。本季度結束時，我們的槓桿率為 3.8 倍。我們現在已經在 2023 年預付了 1.5 億美元的債務。目前，我們繼續打算在下半年預付額外的債務。

Looking back, since we announced the acquisition of Neustar in September of 2021, we've prepaid about $1.4 billion of debt. And to reiterate our previous comment, at this time, we have no intention to pursue any large-scale acquisitions and even smaller bolt-on acquisition are not in our plans this year. We are focused on integrating and maximizing the growth potential of Neustar, Sontiq and Argus.

回顧過去，自從我們在 2021 年 9 月宣布收購 Neustar 以來，我們已經預付了約 14 億美元的債務。重申我們之前的評論，目前我們無意進行任何大規模收購，甚至更小的補強收購也不在我們今年的計劃中。我們專注於整合併最大限度地發揮 Neustar、Sontiq 和 Argus 的增長潛力。

That brings us to our outlook for the third quarter. In the third quarter, we expect FX to be insignificant to revenue and adjusted EBITDA. We expect revenue to come in between $973 million and $988 million or up 4% to 5% on an as reported and organic constant currency basis. Our revenue guidance includes approximately 1.5 points of tailwind from mortgage, meaning that we expect the remainder of our business will be up 2.5% to 3.5% on an organic constant currency basis.

這讓我們對第三季度進行了展望。在第三季度，我們預計外匯對收入和調整後 EBITDA 影響不大。我們預計收入將在 9.73 億美元至 9.88 億美元之間，按報告和有機固定貨幣計算增長 4% 至 5%。我們的收入指引包括來自抵押貸款的約 1.5 個百分點的推動力，這意味著我們預計我們的其餘業務將在有機固定貨幣基礎上增長 2.5% 至 3.5%。

We expect adjusted EBITDA to be between $361 million and $370 million, an increase of 6% to 9%. We expect adjusted EBITDA margin to be up 80 to 110 basis points. We also expect adjusted diluted earnings per share to be between $0.92 and $0.95, a range of down 1% to up 2%.

我們預計調整後 EBITDA 將在 3.61 億美元至 3.7 億美元之間，增長 6% 至 9%。我們預計調整後 EBITDA 利潤率將上升 80 至 110 個基點。我們還預計調整後攤薄每股收益將在 0.92 美元至 0.95 美元之間，下降 1% 至上升 2%。

Turning to the full year. Most of our guidance remains largely unchanged. We expect about 1 point of headwind from FX, on revenue and adjusted EBITDA, and we expect less than 1 point of impact from M&A. We expect revenue to come in between $3.825 billion and $3.885 billion or up 3% to 5% on an as reported and organic constant currency basis, and up 2% to 4%, excluding the impact of mortgage.

轉至全年。我們的大部分指導意見基本保持不變。我們預計外匯對收入和調整後 EBITDA 的影響約為 1 個百分點，而併購的影響將小於 1 個百分點。我們預計收入將在 38.25 億美元至 38.85 億美元之間，按報告和有機固定貨幣計算增長 3% 至 5%，不包括抵押貸款的影響則增長 2% 至 4%。

For our business segments, our organic revenue growth outlook also remains unchanged. We expect U.S. markets to grow mid-single digits, but low single digits without the impact of mortgage. We anticipate Financial Services to be up low single digits and down low single digits, excluding mortgage. While the overall guidance for Financial Services is unchanged, we have modestly increased our expectations for consumer lending, but reduced them for mortgage. We expect emerging verticals to be up mid-single digits.

對於我們的業務部門，我們的有機收入增長前景也保持不變。我們預計美國市場將實現中個位數增長，但在沒有抵押貸款影響的情況下，將實現低個位數增長。我們預計金融服務業將出現低個位數增長和低個位數下降（不包括抵押貸款）。儘管金融服務業的總體指引保持不變，但我們小幅提高了對消費貸款的預期，但降低了對抵押貸款的預期。我們預計新興垂直行業的增長率將達到中個位數。

You can see the benefits of our diversified portfolio playing out, allowing us to maintain our full year revenue guidance. We anticipate that international will grow low double digits in constant currency terms, driven by ongoing strength in emerging markets. And we continue to expect Consumer Interactive to decline low single digits.

您可以看到我們多元化投資組合的好處正在發揮作用，使我們能夠維持全年收入指導。我們預計，在新興市場持續走強的推動下，按固定匯率計算，國際市場將以兩位數的速度增長。我們繼續預計消費者互動業務將出現低個位數的下滑。

Turning back to total company outlook. We expect adjusted EBITDA to be between $1.388 billion and $1.421 billion, up 3% to 5%, also unchanged. That would result in adjusted EBITDA margin being flat to up 30 basis points, with the significant benefits of the Neustar cost savings partially offset by the inclusion of Argus' relatively lower margins in the first quarter and some revenue mix considerations.

回到公司整體前景。我們預計調整後 EBITDA 將在 13.88 億美元至 14.21 億美元之間，增長 3% 至 5%，同樣保持不變。這將導致調整後的 EBITDA 利潤率持平至上升 30 個基點，而 Neustar 成本節約的顯著效益被 Argus 第一季度相對較低的利潤率和一些收入組合考慮所部分抵消。

We anticipate adjusted diluted earnings per share being flat to declining 4% with higher interest expense offsetting adjusted EBITDA growth. And we continue to expect our adjusted tax rate to be approximately 23%. Depreciation and amortization is expected to be approximately $525 million, and we expect the portion, excluding step-up amortization from our 2012 change in control and subsequent acquisitions to be about $225 million.

我們預計調整後的攤薄每股收益將持平至下降 4%，而較高的利息支出將抵消調整後 EBITDA 的增長。我們仍然預計調整後的稅率約為 23%。折舊和攤銷預計約為 5.25 億美元，不包括 2012 年控制權變更和後續收購的逐步攤銷，我們預計該部分約為 2.25 億美元。

We anticipate net interest expense will be about $275 million for the full year as the benefits of debt prepayment are offset by an increase in the SOFR forward curve, and we expect capital expenditures to come in at about 8% of revenue.

我們預計全年淨利息支出約為 2.75 億美元，因為提前償還債務的好處被 SOFR 遠期曲線的增長所抵消，並且我們預計資本支出將佔收入的 8% 左右。

I'll now turn the call back to Chris for some final comments.

現在我將把電話轉回給克里斯，徵求一些最後的意見。

Thank you, Todd. To wrap up, we had another good quarter, meeting our guidance for revenue, adjusted EBITDA and adjusted EPS. We're prudently holding our full year guidance, given the level of uncertainty in the market. At the same time, we continue to make meaningful progress integrating Neustar and delivering business wins from the combination.

謝謝你，托德。總而言之，我們又度過了一個不錯的季度，達到了我們的收入指引、調整後的 EBITDA 和調整後的每股收益。鑑於市場的不確定性，我們謹慎地維持全年指引。與此同時，我們繼續在整合 Neustar 方面取得有意義的進展，並通過合併帶來業務勝利。

With that, I'll turn it back to Aaron.

有了這個，我會把它轉回亞倫。

Thanks, Chris. That concludes our prepared remarks. (Operator Instructions) And so now, operator, we can begin the Q&A.

謝謝，克里斯。我們準備好的發言到此結束。 （操作員指示）現在，操作員，我們可以開始問答。

(Operator Instructions) Our first question comes from Jeff Meuler with Baird.

（操作員說明）我們的第一個問題來自 Jeff Meuler 和 Baird。

Yes. So totally respect the prudence in maintaining the guidance. I guess just in terms of not flowing through the better Q2, and I know you said it's still an uncertain and tough macro, but you said that's unchanged to slightly improved. I see the offset in the lower U.S. mortgage revenue and inquiries guidance. Is there anything else that you're seeing in your business kind of later in the quarter, early in Q3 or any signals you're getting from your customers that is showing a pullback in activity? Or is it just maybe extra conservatism or prudence?

是的。因此，完全尊重維持指導的審慎態度。我想只是沒有經歷更好的第二季度，我知道你說這仍然是一個不確定和艱難的宏觀，但你說這沒有改變，略有改善。我看到美國抵押貸款收入和查詢指導的下降抵消了這一影響。在本季度末、第三季度初，您的業務中是否還看到了其他任何情況，或者您從客戶那裡得到了任何顯示活動回落的信號？或者這只是額外的保守主義或謹慎？

Jeff, this is Todd. I'll take that question and probably a very appropriate place for us to start this morning. So yes, in Q1 and Q2, we did beat expectations across revenue, adjusted EBITDA and adjusted diluted EPS and we did not raise the guide. And the reason for that is we feel that the economic conditions, particularly in the U.S. and in some of the developed markets that we operate in, continue to remain uncertain.

傑夫，這是托德。我將回答這個問題，這可能是我們今天早上開始的一個非常合適的地方。所以，是的，在第一季度和第二季度，我們的收入、調整後的 EBITDA 和調整後的稀釋每股收益確實超出了預期，但我們沒有提高指導值。原因是我們認為經濟狀況，特別是美國和我們經營所在的一些發達市場的經濟狀況仍然不確定。

And as a point to that and how we think about this, if you go back to our April call, when we gave our Q1 results and the updated guide. At that time, we significantly increased our mortgage assumption for the year because we saw a mix shift and more towards smaller players in the space. But we reduced our consumer lending forecast for the year close to similar amounts for all intents and purposes.

作為這一點以及我們如何看待這一點，如果你回到我們四月份的電話會議，當時我們給出了第一季度的結果和更新的指南。當時，我們大幅增加了今年的抵押貸款假設，因為我們看到了混合轉變，並且更多地轉向該領域的較小參與者。但出於所有意圖和目的，我們將今年的消費貸款預測下調至接近類似金額。

And in the consumer lending space, what we were seeing at that time was a slowdown, and it was primarily in response to the aftermath of the Silicon Valley Bank and signature failures. We saw just a cautiousness in the late March, early April period.

在消費貸款領域，我們當時看到的是放緩，這主要是為了應對矽谷銀行和簽名失敗的後果。我們在三月底、四月初期間只看到了謹慎態度。

So what happened is, in the second quarter, those dynamics that I just articulated that we forecasted, in essence, we saw almost reverse. We saw interest rates tick up, in particular, on the 10-year yield, which had a direct impact on mortgage rates, where we saw mortgage rates close to 7%, not that long ago, still in the upper 6s. So as a result of that, in this guide, what we've done is we've taken down our mortgage assumption.

所以，在第二季度發生的事情是，我剛才闡明的那些我們預測的動態，本質上我們看到的幾乎是逆轉。我們看到利率上升，特別是 10 年期收益率，這對抵押貸款利率產生了直接影響，不久前我們看到抵押貸款利率接近 7%，仍處於 6% 以上。因此，在本指南中，我們所做的就是取消抵押貸款假設。

And conversely, consumer lending, as the second quarter went on, and our customers got more and more comfortable with the type of environment that they were operating in, we started to see the consumer lending volumes tick up. So again, kind of a similar offsetting case there.

相反，在消費貸款方面，隨著第二季度的繼續，我們的客戶對他們所處的經營環境越來越滿意，我們開始看到消費貸款量有所增加。再說一次，那裡有類似的抵消案例。

So I think it's just important because when you look at the full year guide and you see that we maintain, there are puts and takes that we're seeing in the business, and that's probably the best example I can give you. The thing I would say, though, is, needless to say, is we're really pleased to have been able to outperform in the first half of the year. And really, what we're focused on is derisking the second half of the year.

所以我認為這很重要，因為當你查看全年指南時，你會發現我們維持著，我們在業務中看到了看跌和拿走，這可能是我能給你的最好的例子。不過，不用說，我想說的是，我們真的很高興能夠在今年上半年表現出色。事實上，我們的重點是降低下半年的風險。

But with that being said, when you look at the growth rates and with the expectations for the second half of the year, we feel that the guide is strong. We feel like we're going to deliver a good second half and then really gets to your point of your question is, our customers, we are seeing a stability right now, again, in more of our developed markets. So think of U.S. Financial Services as well as in markets like Canada and even a little bit in the U.K., maybe that's a little bit more pressured.

但話雖如此，當你看看增長率和對下半年的預期時，我們認為該指南是強有力的。我們覺得我們將在下半年取得良好的業績，然後真正回答您的問題，我們的客戶，我們現在在更多發達市場再次看到了穩定。因此，想想美國的金融服務業以及加拿大等市場，甚至英國的一點點，也許壓力更大一些。

And the International business continues to grow strongly in the double digits. So that's what gives us the conviction in the second half.

國際業務繼續以兩位數強勁增長。這就是讓我們對下半場充滿信心的原因。

Our next question comes from Kelsey Zhu of Autonomous.

我們的下一個問題來自 Autonomous 的 Kelsey Zhu。

I'm very excited about your strategic partnership with Truework. Just trying to understand a little bit better about the size of Truework's database and revenue as well as your strategy to expand there. I was also wondering if you can share with us a little bit more about what the downstream customer breakdown looks like between kind of mortgage, background screening companies for Truework and whether you're usually competing with Equifax and Experian in this space? Or are you more competing with some of the in-house manual verification processes at these mortgage lenders?

我對您與 Truework 的戰略合作夥伴關係感到非常興奮。只是想更好地了解 Truework 數據庫的規模和收入以及您在那裡擴展的策略。我還想知道您是否可以與我們分享更多關於 Truework 的抵押貸款、背景篩選公司之間的下游客戶細分情況，以及您是否通常在這個領域與 Equifax 和 Experian 競爭？或者您是否與這些抵押貸款機構的一些內部手動驗證流程更具競爭性？

Okay. Kelsey, thank you for the question. And again, we're excited about our partnership with Truework. I think any discussion of verified employment and income space starts with the context that the work number is setting the standard for product in this marketplace. But it's a big and attractive adjacent market for us. And I think the investment in Truework just reflects our continued efforts to find our way into this market and scale our revenues.

好的。凱爾西，謝謝你的提問。我們再次對與 Truework 的合作感到興奮。我認為任何關於經過驗證的就業和收入空間的討論都是從這樣的背景開始的：工作數量正在為這個市場的產品設定標準。但這對我們來說是一個巨大且有吸引力的鄰近市場。我認為對 Truework 的投資只是反映了我們為進入這個市場並擴大收入而做出的持續努力。

We think the market is hungry for competitive alternatives, and we are one of a number of players that sees the opportunity, and we're going to continue to work to find the right solutions that can satisfy client needs and scale revenues.

我們認為市場渴望有競爭力的替代方案，我們是看到這個機會的眾多參與者之一，我們將繼續努力尋找能夠滿足客戶需求並擴大收入的正確解決方案。

What we like about Truework is they are rapidly emerging player in the space, and they're very kind of foot forward technologically. They have sophisticated workflow and orchestration software that's very easy to access and has a very streamlined user interface that allows customers to fulfill the need through a variety of approaches or mechanisms that could be tapping into their database of employment and income, which is well beyond critical mass and growing from relationships with payroll processors but also with major corporations, but they can also support a consumer permissioned-account access workflow, their traditional telephonic workflow, document upload, embedded within the loan origination life cycle.

我們喜歡 Truework 的原因是他們是該領域迅速崛起的參與者，而且他們在技術上非常領先。他們擁有復雜的工作流程和編排軟件，非常易於訪問，並且具有非常簡化的用戶界面，允許客戶通過各種方法或機制來滿足需求，這些方法或機制可以利用他們的就業和收入數據庫，這遠遠超出了關鍵規模龐大，並通過與薪資處理者以及大公司的關係而不斷增長，但它們還可以支持消費者許可的帳戶訪問工作流程、傳統的電話工作流程、文檔上傳，嵌入貸款發放生命週期中。

So the kind of umbrella functionality that they provide across a range of fulfillment methods is particularly attractive. We think we have certainly attractive data assets and very broad distribution, MSAs, relationships with the demand side that can help scale this investment.

因此，它們在一系列履行方法中提供的傘式功能特別有吸引力。我們認為我們確實擁有有吸引力的數據資產和非常廣泛的分佈、MSA、與需求方的關係，可以幫助擴大這項投資。

And then to some of your kind of more detailed questions, those are probably better for the Truework's CEO, but I think this just reinforces our strategic intent to compete in this space and our ongoing efforts to find the right solution to help us penetrate and scale.

然後，對於一些更詳細的問題，這些問題可能對Truework 的首席執行官來說更好，但我認為這只會強化我們在這個領域競爭的戰略意圖，以及我們不斷努力尋找正確的解決方案來幫助我們滲透和擴展。

Our next question comes from Faiza Alwy of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Faiza Alwy。

I wanted to just go back to the credit market again. And wanted to get your perspective on what you're seeing from fintech customers. And it seems, just from your commentary that maybe marketing revenues seem to have accelerated on the credit side of the equation. So would love to get some perspective on that sort of -- the puts and takes around marketing versus portfolio monitoring, sort of what you're seeing from your customers broadly and fintech in particular?

我想再次回到信貸市場。希望了解您對金融科技客戶的看法。僅從您的評論來看，營銷收入似乎在等式的信用方面有所加速。那麼，您是否想了解一些關於營銷與投資組合監控的觀點，以及您從廣泛的客戶（尤其是金融科技）那裡看到的情況？

Okay. Yes, happy to focus on that. I'd say trading conditions for the fintechs are largely unchanged between the quarters. We see certainly reduced activity from prior years where they grew -- their growth had really accelerated, but a lot of stability and resilience in the sector. They are still originating loans, albeit at a lower level, and they're more selective than they were previously.

好的。是的，很高興專注於此。我想說，金融科技公司的交易條件在兩個季度之間基本沒有變化。我們看到，與前幾年相比，他們的增長確實有所減少——他們的增長確實加速了，但該行業的穩定性和彈性很大。他們仍在發放貸款，儘管水平較低，而且比以前更有選擇性。

I don't think we've seen a distinct shift toward marketing and customer acquisition in either the fintechs or frankly, consumer lending in the broad, right? There is more caution and there's more sensitivity to risk, which has reduced overall marketing and acquisition activity.

我認為，無論是金融科技領域，還是坦率地說，消費貸款領域，我們都沒有看到營銷和客戶獲取方面發生明顯的轉變，對嗎？人們更加謹慎，對風險更加敏感，這減少了整體營銷和收購活動。

That said, there's still a good level of lending activity. There are certainly ample consumer appetite for loans because the consumer remains pretty healthy. And as long as that's the case, the market is going to find a way to fulfill that demand. And again, I think it's important again, to provide some context. While in '22, in the first half of the year, the fintechs, in consumer lending in general, was booming.

儘管如此，貸款活動仍處於良好水平。消費者對貸款的興趣肯定很大，因為消費者仍然相當健康。只要情況如此，市場就會找到一種方法來滿足這種需求。再說一遍，我認為提供一些背景信息也很重要。 22世紀上半年，金融科技在消費貸款領域總體蓬勃發展。

We saw that diminish in the second half of the year, and we still have kind of steady as she goes, outlook for fintechs for the remainder of this year. But with that said, the business is still up 75% over the last 3 years. And we view that as something to be excited about, not concerned about.

我們看到這種情況在下半年有所減弱，而且我們對今年剩餘時間的金融科技前景仍然保持穩定。但話雖如此，該業務在過去 3 年裡仍然增長了 75%。我們認為這是值得興奮的事情，而不是擔心。

Our next question comes from Andrew Steinerman with JPMorgan.

我們的下一個問題來自摩根大通的安德魯·斯坦納曼。

Going back to Slide 6, Neustar. Could you just be a little more specific and tell us what's driving the strong bookings, renewals and usage? And is there a joint product road map yet between Neustar and TransUnion?

回到幻燈片 6，Neustar。您能否更具體地告訴我們是什麼推動了強勁的預訂、續訂和使用？ Neustar 和 TransUnion 之間是否有聯合產品路線圖？

Yes. Happy to elaborate on that. First of all, I would say, across the 3 product areas of marketing, risk and communications, we've had strong growth in each of those areas, and we are looking to accelerated growth in the third and the fourth quarter to reach the full year high single-digits guide.

是的。很高興詳細說明這一點。首先，我想說，在營銷、風險和溝通這三個產品領域，我們在每個領域都實現了強勁增長，我們希望在第三季度和第四季度加速增長，以達到全面增長的目標。年高個位數指引。

As I said in my commentary, we had strong renewals with big customers. We are ramping the revenues from big customer wins last year. We continue to sell well. And so there's a lot of positive indicators that give us confidence in that Neustar high single-digit guide. And yes, we absolutely are executing on our cross-sell and on our integrated product development in very meaningful ways.

正如我在評論中所說，我們與大客戶的續訂量很大。我們正在增加去年贏得大客戶的收入。我們繼續賣得很好。因此，有很多積極的指標讓我們對 Neustar 高個位數的指導充滿信心。是的，我們絕對正在以非常有意義的方式執行交叉銷售和集成產品開發。

In prior calls, I've talked I think, extensively about the benefits of Neustar's technology. The OneID platform that they developed, which we have adopted and rebranded as OneTru and is becoming the integrated data acquisition, management and analytics platform for TransUnion across multiple geographies and multiple markets. We'll continue to have to roll that out. We've firmly proven the concept that we can do it.

在之前的電話會議中，我認為我已經廣泛談論了 Neustar 技術的優勢。他們開發的 OneID 平台被我們採用並重新命名為 OneTru，並正在成為 TransUnion 跨多個地區和多個市場的集成數據採集、管理和分析平台。我們將繼續推出它。我們已經堅定地證明了我們可以做到這一點。

So yes, the integration is going well on multiple levels. I think on the selling side, we integrated the sales forces in the first year, and they're very comfortable and their knowledge of the broader product line is increasing, and their comfort cross-selling is increasing, and we are seeing improvement.

所以，是的，整合在多個層面上進展順利。我認為在銷售方面，我們在第一年整合了銷售隊伍，他們非常適應，他們對更廣泛產品線的了解正在增加，他們的交叉銷售舒適度也在增加，我們看到了進步。

Now clearly under more work to do and a lot of upside there. So we're going to continue to push hard. But we do have integrated product development or multigenerational product plans in each of their product lines between the 2 companies.

現在顯然還有更多的工作要做，而且還有很多好處。因此，我們將繼續努力推動。但我們確實在兩家公司的每個產品線中都有集成的產品開發或多代產品計劃。

Our next question comes from Toni Kaplan with Morgan Stanley.

我們的下一個問題來自摩根士丹利的托尼·卡普蘭。

Wanted to ask maybe 1 more question on the sort of Truework and verification. So ultimately, where do you see this going for you? Is your strategy really to try to compete head-to-head with Equifax now? I know historically, because of being sort of newer and smaller in that part of the business, like you had sort of had this niche strategy. So I guess, what is the new strategy there? And where are the real differentiators that you see for Truework and your combination?

想再問 1 個關於 Truework 和驗證的問題。那麼最終，您認為這對您有什麼好處？你們現在的策略真的是要嘗試與 Equifax 正面競爭嗎？我從歷史上知道，因為這部分業務比較新，規模較小，就像你有這種利基戰略一樣。所以我想，新的策略是什麼？您認為 Truework 和您的組合的真正區別在哪裡？

Yes, sure. Again, look, I have to acknowledge that Equifax has a very strong business in the space. We all understand that. However, I think their -- I think the market will support multiple competitors in the space in different niches. And so when you take on a strong and entrenched competitor like this, you're looking for an opportunity to penetrate the market.

是的，當然。再說一遍，我必須承認 Equifax 在該領域擁有非常強大的業務。我們都明白這一點。然而，我認為市場將支持該領域不同領域的多個競爭對手。因此，當您與像這樣強大且根深蒂固的競爭對手較量時，您正在尋找滲透市場的機會。

The market, I think, is hungry for alternatives for a variety of competitive factors. I think it's healthy for the market. I think it's good for consumers. And I think Truework has demonstrated that they have a value proposition that can sell, that they are scaling the business and that the distribution partnership with us is going to be significantly additive to that.

我認為，市場渴望找到能夠滿足各種競爭因素的替代品。我認為這對市場來說是健康的。我認為這對消費者來說是好事。我認為 Truework 已經證明了他們有一個可以銷售的價值主張，他們正在擴大業務，並且與我們的分銷合作夥伴關係將大大促進這一點。

So we're working on growing this beachhead that they have established, and we can grow it in a variety of ways from adding records to increasing the distribution to deeper and more meaningful penetration into TransUnion products so they can ride our rail into our clients, et cetera. And we're just going to continue to fight the fight. And there's really not a strategic change.

因此，我們正在努力發展他們已經建立的這個灘頭陣地，我們可以通過多種方式來發展它，從添加記錄到增加分銷，再到更深入、更有意義地滲透到TransUnion 產品中，這樣他們就可以利用我們的鐵路進入我們的客戶，等等。我們將繼續戰鬥。而且確實沒有戰略變化。

Our next question comes from Andrew Nicholas with William Blair.

我們的下一個問題來自安德魯·尼古拉斯和威廉·布萊爾。

I wanted to circle back to Neustar, maybe a multipart question here, if you will. The first is, is the 6% growth essentially what you were expecting for the second quarter? And then the second part is just on kind of medium-term growth outlook there. I know the target when you announced the deal was to eventually get to double-digit growth. I'm just wondering if that's still the target? And to what extent do you need a supportive macro to get there?

我想回到 Neustar，如果你願意的話，這裡可能是一個由多個部分組成的問題。第一個問題，第二季度6%的增長是否符合您的預期？第二部分只是關於中期增長前景。我知道你們宣布這項交易時的目標是最終實現兩位數的增長。我只是想知道這是否仍然是目標？為了實現這一目標，您需要多大程度的宏觀支持？

Yes. Well, 6% growth in Neustar in the second quarter is right on plan. And the plan for Neustar over the course of '23 was accelerating revenues based on the strength of the bookings and the implementations. The bookings from '22 and the implementations ramping over the course of '23, and that is playing out as planned. We still expect to get to high single digits for Neustar in total by the end of the year.

是的。嗯，Neustar 第二季度 6% 的增長符合計劃。 Neustar 在 23 年的計劃是根據預訂和實施的實力來加速收入增長。從 22 年開始的預訂量以及在 23 年期間的實施量不斷增加，並且正在按計劃進行。我們仍然預計到今年年底 Neustar 的總數將達到高個位數。

Now back to the guidance, the initial guide. Yes, indeed, we did expect for the business to be executing in the low double-digit organic revenue range a couple of years after acquisition. That is still our expectation for the potential of this business over the longer term. But again, we are facing more challenging conditions overall economically, but certainly in terms of marketing and advertising spend than when we first provided that guidance. So right now, we're really focused on achieving high single-digit and sustaining that in the foreseeable future.

現在回到指導，最初的指導。是的，確實，我們確實預計該業務在收購幾年後將在兩位數的有機收入範圍內執行。這仍然是我們對該業務長期潛力的預期。但同樣，我們在整體經濟上面臨著更具挑戰性的條件，但在營銷和廣告支出方面肯定比我們第一次提供該指導時更具有挑戰性。所以現在，我們真正專注於實現高個位數並在可預見的未來維持這一目標。

And Chris, I would just add on to that, that just underscore the point that Neustar has performed to our expectations through the first half. And the second point that I think is important to understand is that this business is expected to be the fastest grower in our U.S. markets business in 2023. So it gets to the question on the growth rates.

克里斯，我想補充一點，這只是強調了 Neustar 在上半場的表現達到了我們的預期。我認為需要理解的第二點是，該業務預計將在 2023 年成為我們美國市場業務中增長最快的業務。因此，這就涉及到增長率問題。

Chris just said, we fully expect to deliver on the high single digit. We put 3% growth up in Q1, 6% up in Q2. You can do the math as far as how high single digits gets there. We have good visibility into Q3, Q4, and it should be at a higher rate than what you're seeing.

克里斯剛剛說過，我們完全期望能夠實現高個位數的業績。我們預計第一季度增長 3%，第二季度增長 6%。您可以計算一下個位數有多高。我們對第三季度、第四季度有很好的了解，並且它的增長率應該比您看到的要高。

Yes, those are good adds. And too early to guide for '24. We're still focused on hitting '23. The other add, I guess, is that the integration savings program continues right on target. And as we grow revenue and we take cost out of the business, we're going to progress towards those long-term margin objectives for Neustar as well.

是的，這些都是很好的補充。為 24 世紀提供指導還為時過早。我們仍然專注於 23 歲的目標。我想，另一個補充是整合節省計劃繼續按目標進行。隨著我們收入的增長和業務成本的降低，我們也將朝著 Neustar 的長期利潤目標邁進。

Our next question comes from Ashish Sabadra of RBC Capital Markets.

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

I wanted to focus on the EBITDA margin. The 3Q guidance implies a significant improvement both sequentially and year-on-year EBITDA margin expansion but the implied fourth quarter margins, which are -- if my math is right, around 39% implies another sequential improvement. And I was wondering if you could talk about the drivers for that improvement? Are there onetime things or is that how we should think about the jump-off point as we get into 2024?

我想關注 EBITDA 利潤率。第三季度指引意味著 EBITDA 利潤率環比和同比都有顯著改善，但隱含的第四季度利潤率——如果我的數學正確的話，大約 39% 意味著另一次環比改善。我想知道您是否可以談談這種改進的驅動因素？是否有一些一次性的事情，或者我們應該如何考慮進入 2024 年的起點？

Ashish, thanks for the question. So as far as our outlook for adjusted EBITDA is concerned, needless to say, I think the appropriate place to start is with our revenue guidance, right? And so if you look at the guide that we put out there, obviously, maintaining. If you look at that from the high end of our guidance range, we are expecting incrementally more dollars to arrive from a revenue perspective in the second half. Seasonality is a big factor of that. So Q3 is typically one of TransUnion's highest revenue quarters on a historical basis in a normal nonpandemic times. So we -- you can see that in the guide that there's incremental dollars that are assumed from a revenue perspective. And that's going to drive a nice amount of flow-through into our adjusted EBITDA margin.

阿什什，謝謝你的提問。因此，就我們調整後 EBITDA 的前景而言，不用說，我認為合適的起點是我們的收入指導，對吧？因此，如果您查看我們發布的指南，顯然是在維護。如果你從我們的指導範圍的高端來看，我們預計從下半年的收入角度來看，將會有更多的美元進入。季節性是其中的一個重要因素。因此，在正常的非大流行時期，第三季度通常是 TransUnion 歷史上收入最高的季度之一。所以我們——你可以在指南中看到，從收入的角度來看，有增量的美元。這將為我們調整後的 EBITDA 利潤率帶來大量資金。

The second thing that I would say is that the Neustar cost synergies that Chris just alluded to in the previous question, they can -- question, they continue to build for us and provide a very meaningful benefit. So that will definitely not be a driver for us as well. And kind of back to the first question that we got just about -- and talking about the uncertainty that we face in the business.

我要說的第二件事是，克里斯剛剛在上一個問題中提到的 Neustar 成本協同效應，他們可以——問題，他們繼續為我們建設並提供非常有意義的好處。所以這絕對不會成為我們的驅動力。回到我們剛剛提出的第一個問題——談論我們在業務中面臨的不確定性。

In response to that, the organization over the last year plus, has prudently managed expenses. And we've been focused only on the most critical hires. We've pulled back on our travel and entertainment and look for other onetime spend to be able to pull out of our operating expense run rate. So all of those forces are also in effect as well.

為此，該組織在過去一年多時間裡審慎管理開支。我們只關注最關鍵的員工。我們已經減少了旅行和娛樂活動，並尋找其他一次性支出，以擺脫我們的運營費用運行率。因此，所有這些力量也都在發揮作用。

And then the final point I would make is if you think about Chris' opening remarks and where we cover the global capability centers, it provides a very meaningful benefit into TransUnion, and that's why we thought it was appropriate to provide on that update in a little bit more detail this quarter. So that's definitely another driver for us as well too.

我要說的最後一點是，如果你考慮一下Chris 的開場白以及我們覆蓋全球能力中心的情況，它為TransUnion 提供了非常有意義的好處，這就是為什麼我們認為在一份報告中提供這一更新是合適的。本季度有更多細節。所以這對我們來說也絕對是另一個驅動力。

Yes. And I think that's all spot on. And I think just to amplify that last point, centralizing operations and building out our Global Capability Centers has been a big part of globalizing this company, but also making it structurally more profitable. And that's why we put a spotlight on the march that we've been on for the past 5 years now. And we think there's more opportunity. We're going to stay the course there and take full advantage of it.

是的。我認為這一切都是正確的。我認為，為了強調最後一點，集中運營和建立我們的全球能力中心是這家公司全球化的重要組成部分，同時也使其在結構上更具盈利能力。這就是為什麼我們將焦點放在過去五年來我們一直在進行的進步上。我們認為還有更多機會。我們將堅持到底並充分利用它。

We also think there's opportunity in time to become structurally more efficient on the technology side. And as we continue our migration through Project Rise to the cloud with considerable standardization along the way, that will then create an opportunity for us to consolidate the tech stack further and produce some further efficiencies there as well.

我們還認為，及時有機會在技術方面提高結構效率。隨著我們繼續通過 Project Rise 遷移到雲，並在此過程中實現相當大的標準化，這將為我們創造一個機會，進一步鞏固技術堆棧並進一步提高效率。

So we're on a multiyear path here to get our margins back to where they were before the acquisition. That's our commitment to investors. And it's a combination of the near-term things that Todd talked about but also the strategic backdrop that we've been investing in for many years.

因此，我們正在努力將利潤率恢復到收購前的水平。這是我們對投資者的承諾。這是托德談到的近期事情的結合，也是我們多年來一直投資的戰略背景的結合。

Our next question comes from Andrew Jeffrey of Truist Securities.

我們的下一個問題來自 Truist 證券公司的安德魯·杰弗裡。

I'm wondering specifically, Chris, in the Trusted Call Solutions part of your business. Can you talk about sort of where those wins are coming from? Are they coming from internal solutions? So from whom are you taking share? And what are the pricing characteristics of those contracts?

克里斯，我特別想知道您業務的可信呼叫解決方案部分。您能談談這些勝利的來源嗎？它們來自內部解決方案嗎？那麼你從誰那裡獲得份額呢？這些合同的定價特點是什麼？

Okay. Well, let me shed some more light on that. What I would say is that Trusted Call Solutions is a relatively new solution to the market. And I mean, Neustar over the past 4 or 5 years has taken it from 0 to where it is today. And I think we've guided on the specific dollars, but it's already been a considerable success. So don't think of this as us taking share from established players. This is an innovation that they brought to market that we're scaling.

好的。好吧，讓我進一步解釋一下。我想說的是，可信呼叫解決方案是市場上相對較新的解決方案。我的意思是，Neustar 在過去的四五年裡已經從 0 發展到了今天的水平。我認為我們已經對具體的資金進行了指導，但它已經取得了相當大的成功。因此，不要認為這是我們從老牌玩家那里奪取份額。這是他們推向市場的一項創新，我們正在擴大規模。

We're having success selling it across all of our vertical markets, frankly, and knock wood here. Thus far, it's been fees is cross-sell that's come out of this TransUnion and Neustar combination. We view Trusted Call Solutions, it's a product that straddles both marketing effectiveness, which is a major strategic push for us but also risk mitigation. And again, it's based on the broad and unique phone intelligence that Neustar has always had at its core that goes all the way back to Targus info. And we think there's a lot of growth upside.

坦率地說，我們在所有垂直市場上都成功銷售了它，並且在這裡敲木頭。到目前為止，TransUnion 和 Neustar 組合產生的交叉銷售費用。我們認為可信呼叫解決方案是一種兼顧營銷有效性的產品，這對我們來說是一個重大的戰略推動，同時也可以緩解風險。再說一遍，它基於 Neustar 一直擁有的廣泛而獨特的手機智能，這些智能一直可以追溯到 Targus 信息。我們認為還有很大的增長空間。

So it has been, from a revenue perspective, a nice positive to our M&A case since we bought the business, and we are focused on investing and accelerating and further scaling it.

因此，從收入的角度來看，自從我們收購該業務以來，這對我們的併購案來說是一個很好的積極因素，我們專注於投資、加速和進一步擴大規模。

Our next question comes from Heather Balsky of Bank of America.

我們的下一個問題來自美國銀行的希瑟·巴爾斯基。

I was curious about the insurance business and the trends you saw in the quarter and how to think about the improvement for the rest of the year. Shopping is improving, marketing hasn't started to ramp just yet? Kind of what are you hearing? What do you think happens with marketing as the year progresses?

我對保險業務和您在本季度看到的趨勢以及如何考慮今年剩餘時間的改善感到好奇。購物正在改善，營銷還沒有開始加強？你聽到的是什麼？隨著時間的推移，您認為營銷會發生什麼？

Yes. I think those are some fair insights, Heather. And what I'll say about insurance is that we expect the growth rate in insurance to accelerate in the second half. We're happy that we've already seen some improvement in the second quarter. I'll remind you that the third quarter of last year and even the fourth quarter, to a lesser extent for insurance, were quite muted because marketing activity, client acquisition activity just came to a grinding halt because of the mismatch between the pricing and repair and replacement costs at P&C carriers.

是的。我認為這些都是一些公平的見解，希瑟。關於保險，我要說的是，我們預計下半年保險的增長速度將會加快。我們很高興第二季度已經看到了一些改善。我要提醒您的是，去年第三季度甚至第四季度（保險業在較小程度上）都相當平靜，因為營銷活動、客戶獲取活動由於定價和維修之間的不匹配而陷入停滯。以及P&C承運商的更換費用。

As we updated you last call, the carriers are making good progress in getting price increases from the various states. I think, and they say that there's still a bit more work to do but we're approaching a point where they can initiate new business again with more confidence.

正如我們上次向您通報的那樣，運營商在各州漲價方面取得了良好進展。我認為，他們說還有更多工作要做，但我們正在接近一個點，他們可以更有信心地再次開展新業務。

And so with that, I'd expect some improving trends on the marketing activities, whether it goes back to the same level of frothiness or how long it takes to get to that point, it remains to be seen. But given the material price increases that they've had to put through on their customers, there's an acceleration in shopping behavior, which has helped our numbers as well.

因此，我預計營銷活動會出現一些改善趨勢，是否會回到同樣的泡沫水平，或者需要多長時間才能達到這一點，還有待觀察。但考慮到他們不得不讓顧客承受的材料價格上漲，購物行為加速，這也對我們的數字有所幫助。

So we've got some pretty reasonable confidence that we're going to accelerate in insurance over the second half of the year. And hopefully, that will set us up for a nice guide in '24.

因此，我們有相當合理的信心相信我們將在今年下半年加速保險業務。希望這將為我們在 24 年提供一個很好的指南。

Great. And given that we're now at the bottom of the hour, we want to be respectful of everyone's time on what we know is a busy day of earnings in this space. We're going to close on the call. But thank you, everyone, very much for joining us today, and we look forward to speaking with you over the course of the quarter. All the best.

偉大的。鑑於我們現在正處於最後時刻，我們希望尊重每個人的時間，因為我們知道這一天是這個領域收入繁忙的一天。我們即將結束通話。但非常感謝大家今天加入我們，我們期待在本季度與您交談。一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。