TransUnion (TRU) 2024 Q3 法說會逐字稿

Good day, and welcome to the TransUnion 2024 third quarter earnings conference call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 TransUnion 2024 年第三季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Greg Bardi, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Greg Bardi。請繼續。

Good morning, 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.

早安，感謝您今天出席。與我一起參加電話會議的還有總裁兼執行長 Chris Cartwright；以及執行副總裁兼財務長 Todd Cello。

We posted our earnings release and slides to accompany this call on the TransUnion Investor Relations website this morning, and they can also be found in the current report on Form 8-K that we filed this morning.

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，這些內容也可以在我們今天早上提交的 8-K 表格的當前報告中找到。

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 reconciliation 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.

我們的收益發布和隨附的幻燈片包括各種附表，其中包含有關收入、營運費用和其他項目的更詳細資訊以及某些非GAAP 揭露和財務指標，以及這些非GAAP 財務指標與其相應的調節表。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 and 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.

我們也將在本次電話會議中發表前瞻性聲明。這些陳述是基於目前的預期和假設，並受到風險和不確定性的影響。由於今天的收益報告中討論的因素以及本次電話會議以及我們最近的10-K 表格、10-Q 表格以及其他報告和文件中發表的評論，實際結果可能與前瞻性陳述中描述的結果存在重大差異。我們不承擔更新任何前瞻性聲明的義務。

With that, let me turn it over to Chris.

那麼，讓我把它交給克里斯。

Thanks, Greg, and let me add my welcome and share our agenda for the call this morning. First, I will provide the financial highlights for our third quarter 2024 results. Second, I will detail progress against our transformation program and next milestones. Finally, Todd will detail our third quarter results, along with our fourth quarter and full year 2024 guidance.

謝謝格雷格，讓我表達歡迎並分享我們今天早上的電話會議議程。首先，我將提供 2024 年第三季業績的財務要點。其次，我將詳細介紹我們的轉型計畫和下一個里程碑的進展。最後，托德將詳細介紹我們第三季的業績，以及我們第四季和 2024 年全年的指導。

In the third quarter, TransUnion again exceeded guidance across all key financial metrics. Given the strength in the quarter and ongoing business momentum, we are raising our full year 2024 guidance, which Todd will discuss later. Revenue grew 12% on an organic constant currency basis, above our 8% to 10% guidance. Excluding mortgage, our growth of over 8% also exceeded expectations.

第三季度，TransUnion 的所有關鍵財務指標再次超越指引。鑑於本季的強勁勢頭和持續的業務勢頭，我們正在提高 2024 年全年指引，托德稍後將對此進行討論。以有機固定貨幣計算，營收成長 12%，高於我們 8% 至 10% 的指導。不包括抵押貸款，我們超過8%的成長也超出了預期。

In the US, we continue to experience stable economic and lending conditions. Household finances remain healthy due to low unemployment and some real wage growth, although lower-income consumers face affordability pressures from higher shelter, transportation and other expenses.

在美國，我們繼續經歷穩定的經濟和貸款狀況。儘管低收入消費者面臨住房、交通和其他費用增加帶來的負擔能力壓力，但由於失業率較低和實際工資有所增長，家庭財務狀況仍然健康。

Consumer delinquencies have improved for personal loans and appear to be stabilizing for credit cards and auto loans. In mortgages, delinquencies have risen but remain below historical averages. In September, the Fed announced a 50 basis points interest rate cut with market expectations for further gradual reductions over the next several quarters.

個人貸款的消費者拖欠率有所改善，信用卡和汽車貸款的消費者拖欠率似乎趨於穩定。抵押貸款拖欠率有所上升，但仍低於歷史平均水平。9月，聯準會宣布降息50個基點，市場預期未來幾季將進一步逐步降息。

We expect an interest rate easing cycle will benefit our volumes over the medium term. In mortgage, we expect there will be a notable refinancing opportunity for loans opened over the last three years as well as potentially higher purchase activity resulting from improved affordability.

我們預計利率寬鬆週期將在中期內有利於我們的銷售量。在抵押貸款方面，我們預計過去三年發放的貸款將有顯著的再融資機會，而且由於負擔能力的提高，購買活動可能會增加。

Outside of mortgage, we expect lower rates to benefit consumers who will see lower borrowing costs and our customers who will benefit from lower funding costs and increased consumer demand. These dynamics are in the context of lending volumes that remain below historical trends.

除了抵押貸款之外，我們預計較低的利率將使消費者受益，他們將看到較低的借貸成本，而我們的客戶將受益於較低的融資成本和增加的消費者需求。這些動態是在貸款量仍低於歷史趨勢的背景下發生的。

In our US Markets segment, revenue grew 12% in the third quarter. Financial Services grew 17%, led by over 60% growth in mortgage and growth across all our nonmortgage lines business. Emerging Verticals grew 3%, driven by double-digit growth in insurance. Consumer Interactive grew 21% due to our large breach remediation wins.

在我們的美國市場部門，第三季營收成長了 12%。金融服務成長了 17%，其中抵押貸款業務成長了 60% 以上，我們所有非抵押貸款業務也都實現了成長。在保險業兩位數成長的推動下，新興垂直產業成長了 3%。由於我們在重大違規修復方面取得了勝利，Consumer Interactive 成長了 21%。

In our International segment, we grew by 12% on a constant currency basis, the 14th consecutive quarter of double-digit growth. India led with 23% growth while Latin America, Asia Pacific and Africa all grew double digits. And finally, we prepaid $25 million in debt during the quarter for a total of $105 million year-to-date, with the intent to make additional prepayment in the fourth quarter. Our leverage ratio is on track to be within our near-term target of 3 times or under by year-end.

在國際業務領域，以固定匯率計算，我們成長了 12%，這是連續 14 個季度實現兩位數成長。印度以 23% 的成長率領先，而拉丁美洲、亞太地區和非洲均實現兩位數成長。最後，我們在本季預付了 2,500 萬美元的債務，年初至今總計 1.05 億美元，並打算在第四季進行額外的預付款。我們的槓桿率預計在​​年底前達到 3 倍或以下的近期目標。

As we approach the one-year anniversary of announcing the next step in our transformation, I want to provide an update on the strong execution throughout the year. As a reminder, this phase of our transformation comprises two complementary programs aimed at reducing costs and accelerating innovation.

在我們宣布下一步轉型一周年之際，我想提供有關全年強勁執行力的最新資訊。提醒一下，我們的這一階段的轉型包括兩個旨在降低成本和加速創新的互補計劃。

First, we're optimizing our operating model by expanding our Global Capability Center network; Second, we're modernizing our technology capabilities on the state-of-the-art data management and product platforms.

首先，我們透過擴大全球能力中心網絡來優化我們的營運模式；其次，我們正在最先進的數據管理和產品平台上實現技術能力的現代化。

Let me detail the progress made to date and the next steps to complete the programs in 2025 as intended. Our operating model optimization is the continuation of a multiyear journey to build scale across the organization, foster knowledge sharing and standardized ways of operating.

讓我詳細介紹迄今為止的進展以及在 2025 年按計劃完成這些計劃的後續步驟。我們的營運模式優化是多年來在整個組織中建立規模、促進知識共享和標準化營運方式旅程的延續。

We leverage our Global Capability Centers, or GCCs, driving workforce productivity and allowing us to provide more services from talent-rich geographies such as India, South Africa and Costa Rica. Over the last 12 months, we substantially completed the relocation of roughly 1,000 roles from local markets to our GCCs.

我們利用我們的全球能力中心 (GCC) 來提高員工生產力，並使我們能夠從印度、南非和哥斯達黎加等人才豐富的地區提供更多服務。在過去 12 個月裡，我們基本上完成了約 1,000 個職位從當地市場到海灣合作委員會的重新安置。

As of the end of the third quarter, nearly all new positions in the GCCs have been filled. We now have roughly 5,600 employees in our GCC network, largely in India, but with significant presence in Africa and Costa Rica to support 24/7 availability. We also strengthened our local GCC leadership by hiring senior management roles within the regions to support these deep talent pools.

截至第三季末，海灣合作委員會幾乎所有新職位都已填補。目前，我們的 GCC 網路擁有約 5,600 名員工，主要分佈在印度，但在非洲和哥斯達黎加也有大量人員，以支援 24/7 可用性。我們也透過在地區內聘用高階主管來支持這些深厚的人才庫，從而加強了我們在海灣合作委員會當地的領導力。

A majority of our GCC employees are software developers within our technology, data and analytics organization, in addition to sizable teams supporting our corporate functions and business transformation efforts.

我們的 GCC 員工大多是我們技術、數據和分析組織內的軟體開發人員，此外還有龐大的團隊支援我們的公司職能和業務轉型工作。

As more work shifts to the GCCs, we're implementing a rigorous playbook to mitigate knowledge transfer risk. Our centralized transition team systematically tracks and documents work processes and develops a feedback loop for continuous process improvement. We also emphasize training, development and assessment for recent hires to ensure success in their new roles.

隨著越來越多的工作轉移到海灣合作委員會，我們正在實施嚴格的行動手冊以降低知識轉移風險。我們的集中過渡團隊有系統地追蹤和記錄工作流程，並開發反饋循環以實現持續的流程改進。我們也強調對新員工的培訓、發展和評估，以確保他們在新職位上取得成功。

We're very pleased with the execution of our GCC strategy, which is driving material realized cost savings in 2024. Our focus now is further refining our processes to enhance and expand our best-in-class GCC network.

我們對 GCC 策略的執行感到非常滿意，該策略正在推動 2024 年實現材料成本節約。我們現在的重點是進一步完善我們的流程，以增強和擴展我們一流的 GCC 網路。

Last quarter, we laid out how we're aligning TransUnion around global technology and product platforms powered by OneTru. Today, I'll focus on the innovative capabilities and product launches in recent months. Earlier this year, we tested and demonstrated that OneTru can materially improve the speed and efficacy of FactorTrust, our short-term credit lending bureau in the US.

上季度，我們闡述如何圍繞由 OneTru 提供支援的全球技術和產品平台調整 TransUnion。今天，我將重點介紹近幾個月的創新能力和產品發布。今年早些時候，我們測試並證明了 OneTru 可以顯著提高我們在美國的短期信貸機構 FactorTrust 的速度和效率。

We recently went live with several enhanced capabilities, including triggers, innovation labs, new attributes and customer prescreens. We plan to migrate FactorTrust customers over the remainder of this year. In 2025, we plan to migrate our primary US credit system customers and decommission the legacy platforms.

我們最近推出了多項增強功能，包括觸發器、創新實驗室、新屬性和客戶預篩選。我們計劃在今年剩餘時間內遷移 FactorTrust 客戶。2025 年，我們計劃遷移我們的主要美國信用系統客戶並停用舊平台。

We also released the first capabilities of TruValidate integrated fraud suite for general availability. The suite produces notable predictive uplift and allows us to deliver our fraud point solutions to customers via a common API. In the third quarter, we signed our first contract for the integrated suite in a competitive win against top fraud vendors.

我們也發布了 TruValidate 整合詐欺套件的第一個功能，以供普遍使用。該套件可顯著提高預測能力，並使我們能夠透過通用 API 向客戶提供詐欺點解決方案。第三季度，我們簽署了第一份整合套件合同，在與頂級詐欺供應商的競爭中獲勝。

TruIQ Data Enrichment provides instant access to TransUnion credit from within a customer's technology environment. This privacy-first approach enables our customers to develop highly targeted marketing campaigns while retaining control of their sensitive IP.

TruIQ Data Enrichment 可以在客戶的技術環境中即時存取 TransUnion 信貸。這種隱私第一的方法使我們的客戶能夠進行高度針對性的行銷活動，同時保留對其敏感智慧財產權的控制。

In August, we launched Data Enrichment on the Snowflake platform to high customer interest, with strong new sales and a growing pipeline. We see significant opportunity to embed identity-centric solutions like Data Enrichment directly within cloud data warehouses, such as Snowflake, enabling customers to access our data within the environment of their choice.

8 月份，我們在 Snowflake 平台上推出了資料豐富功能，客戶對此高度感興趣，新銷售強勁，通路不斷成長。我們看到了將資料豐富等以身分為中心的解決方案直接嵌入到 Snowflake 等雲端資料倉儲中的巨大機會，使客戶能夠在他們選擇的環境中存取我們的資料。

In our TruAudience marketing solutions, we achieved another key milestone in integrating products and building capabilities. Earlier this year, we unified the underlying identity graphs of our solutions to deliver more accurate identity resolution.

在我們的 TruAudience 行銷解決方案中，我們在整合產品和建立能力方面實現了另一個重要里程碑。今年早些時候，我們統一了解決方案的底層身分圖，以提供更準確的身份解析。

This quarter, we consolidated the products so that customers can experience our identity products on a common and modern user interface with improved features and functionality. Over the next few quarters, we expect to release further enhancement as well as roll out the capability internationally.

本季度，我們整合了產品，以便客戶可以在通用且現代的使用者介面上體驗我們的身分識別產品，並具有改進的特性和功能。在接下來的幾個季度中，我們預計將發布進一步的增強功能並在全球範圍內推廣該功能。

Finally, we're in the process of migrating our internal big data and analytics environment, which we call SHAPE onto OneTru. SHAPE is frequently the starting point for new product innovation. It is also used for customer analytics work, including our innovation labs.

最後，我們正在將內部大數據和分析環境（我們稱之為 SHAPE）遷移到 OneTru 上。SHAPE 通常是新產品創新的起點。它也用於客戶分析工作，包括我們的創新實驗室。

And we've onboarded and trained approximately 400 of our data scientists onto OneTru and delivered 10 innovation labs utilizing the platform. We plan to onboard and train all 1,000 plus of our data scientists by the end of this year, allowing us to decommission the legacy SHAPE platform in early 2025.

我們已經在 OneTru 上培訓了大約 400 名資料科學家，並利用該平台建立了 10 個創新實驗室。我們計劃在今年年底前入職並培訓全部 1,000 多名資料科學家，以便我們能夠在 2025 年初停用舊版 SHAPE 平台。

OneTru is accelerating our innovation and enabling new products that resonate with our clients. We've already built a pipeline approaching $50 million and growing from recently introduced OneTru-powered products. Now the early success of OneTru strengthens our conviction in our technology modernization strategy. In addition to delivering continued innovation, 2025 will focus on application development and customer migration.

OneTru 正在加速我們的創新並推出能引起客戶共鳴的新產品。我們已經建立了一條價值近 5000 萬美元的管道，並且從最近推出的 OneTru 支援的產品開始不斷發展。現在 OneTru 的早期成功增強了我們對技術現代化策略的信心。除了提供持續創新外，2025 年還將重點關注應用程式開發和客戶遷移。

Let me discuss our key initiatives for the coming year. In core US credit, we aim to have end-to-end capabilities for both online and batch services on OneTru by early next year. We plan to start parallel runs and initial migrations of customers in the first quarter with continued migrations throughout 2025.

讓我討論一下我們來年的主要舉措。在美國核心信貸領域，我們的目標是在明年初之前在 OneTru 上實現線上和大量服務的端到端功能。我們計劃在第一季開始並行運行和客戶的初始遷移，並在 2025 年繼續進行遷移。

In India credit, we are similarly migrating all data and analytics work onto OneTru next year. This will enable us to launch our TruIQ analytics suite and innovation labs into the region. We anticipate strong demand in India for our next-generation analytics solutions.

在印度信貸領域，我們明年同樣會將所有資料和分析工作遷移到 OneTru 上。這將使我們能夠在該地區推出 TruIQ 分析套件和創新實驗室。我們預計印度對我們的下一代分析解決方案有著強勁的需求。

We are also well underway in modernizing our consumer solutions technology, which underpins our credit education and identity protection offerings for our indirect channel partners. We plan to consolidate our offerings, including those acquired through Sontiq, onto a single global platform. We also plan to launch a comprehensive new interface for our direct-to-consumer product in early 2025.

我們的消費者解決方案技術現代化也順利進行，這支撐了我們為間接通路合作夥伴提供的信用教育和身分保護服務。我們計劃將我們的產品（包括透過 Sontiq 收購的產品）整合到一個全球平台上。我們也計劃在 2025 年初為我們的直接面向消費者的產品推出全面的新介面。

Finally, given the positive early indications of OneTru strengthening our core credit applications, we are evaluating opportunities for further international bureau migrations. Remember that our announced program focused on the US and India through 2025, but we view OneTru as our destination platform for all bureau applications. Next year, we plan to lay the groundwork in four other key markets for their eventual migration to OneTru.

最後，鑑於 OneTru 加強我們核心信貸申請的積極早期跡象，我們正在評估進一步國際局遷移的機會。請記住，我們宣布的計劃到 2025 年主要針對美國和印度，但我們將 OneTru 視為所有局應用程式的目標平台。明年，我們計劃在其他四個主要市場為最終遷移到 OneTru 奠定基礎。

We remain on track to complete our transformation program in 2025 with full savings benefits expected in 2026. We continue to expect to incur $355 million to $375 million of onetime expenses to capture the benefits of our transformation programs, including $200 million in 2024.

我們仍有望在 2025 年完成轉型計劃，預計在 2026 年實現全額節省效益。我們仍預計將產生 3.55 億至 3.75 億美元的一次性費用，以獲得轉型計畫的好處，其中 2024 年將產生 2 億美元。

We now expect CapEx to be 8% of revenues in 2024, against a prior expectation of 9%, driven by more efficient spend throughout this year in addition to higher revenues. We continue to expect CapEx to be approximately 8% of revenues in 2025.

我們現在預計 2024 年資本支出將佔收入的 8%，而先前的預期為 9%，這是由於今年全年支出效率提高以及收入增加所致。我們仍預期 2025 年資本支出將佔收入的 8% 左右。

We continue to expect to deliver roughly $200 million of free cash flow benefit by 2026, driven by $100 million to $140 million of operating expense savings as well as $70 million to $80 million of CapEx savings as we lower our CapEx requirements to a sustainable 6% of revenues.

我們仍預計到2026 年將實現約2 億美元的自由現金流效益，這主要得益於營運費用節省1 億至1.4 億美元，以及隨著我們將資本支出要求降低至可持續的6%，資本支出節省7,000 萬至8,000 萬美元的收入。

In 2024, we now expect to deliver $85 million of in-year operating expense savings, ahead of our $65 million expectations at the start of the year and supporting almost 100 basis points of margin expansion in the year. The higher savings in 2024 have been largely driven by our people-related actions and expanded GCC network.

現在，我們預計 2024 年將實現 8,500 萬美元的年內營運費用節省，高於年初的 6,500 萬美元預期，並支持年內利潤率擴張近 100 個基點。2024 年節省的成本較高，很大程度上是由我們與人員相關的行動和擴大的海灣合作委員會網絡推動的。

The remaining $45 million of expected savings will be driven primarily by our technology modernization. We expect to complete the investment program in 2025, and most of the technology cost rationalization will be actioned late in 2025, near the completion of the program.

剩餘的 4500 萬美元預期節省將主要由我們的技術現代化推動。我們預計在 2025 年完成投資計劃，大部分技術成本合理化將在 2025 年末、接近計劃完成時採取行動。

That means that the remaining savings will not be realized until 2026. Taken together, our transformation programs are driving tangible benefits across the organization and will enable us to reach new levels of performance and scale. We look forward to updating you on our accelerating innovation as well as progress against our remaining cost savings targets.

這意味著剩餘的節省要到 2026 年才能實現。總而言之，我們的轉型計畫正在為整個組織帶來實際的效益，並使我們能夠達到新的績效和規模水準。我們期待向您通報我們加速創新的最新情況以及我們剩餘的成本節約目標的進展。

Now, Todd will provide further details on our third quarter financial results and our updated full year 2024 outlook. Todd?

現在，托德將提供有關我們第三季財務業績和更新的 2024 年全年展望的更多詳細資訊。托德？

Thank you, Chris, and let me add my welcome to everyone. As Chris mentioned, in the third quarter, we exceeded our guidance across all key financial metrics. Mortgage was the largest driver of our outperformance, and our non-mortgage financial services businesses and International segment also contributed positively.

謝謝克里斯，請允許我對大家表示歡迎。正如克里斯所提到的，第三季我們在所有關鍵財務指標上都超出了我們的指導。抵押貸款是我們表現出色的最大推動力，我們的非抵押金融服務業務和國際業務也做出了積極貢獻。

Third quarter consolidated revenue increased 12% on a reported and organic constant currency basis. There was no impact from acquisitions and an immaterial impact from foreign currency. Our business grew 8% on an organic constant currency basis, excluding mortgage from both the third quarter of 2023 and 2024.

以報告和有機固定匯率計算，第三季合併收入成長了 12%。收購沒有產生影響，外匯也沒有產生實質影響。我們的業務以固定匯率有機成長 8%（不包括 2023 年第三季和 2024 年第三季的抵押貸款）。

Adjusted EBITDA increased 11% on a reported and constant currency basis. Our adjusted EBITDA margin was 36.3%, above the high end of our expectations. Margins were down 50 basis points on a year-over-year basis, which includes an 80 basis points drag from our lower-margin breach wins as well as an over 100 basis points impact from lapping last year's lower-than-typical incentive compensation. Excluding those items, we delivered another strong quarter of underlying margin expansion, driven by revenue growth and transformation savings.

以報告和固定匯率計算，調整後 EBITDA 成長了 11%。我們調整後的 EBITDA 利潤率為 36.3%，高於我們預期的上限。利潤率年減 50 個基點，其中包括因利潤率較低的違規事件而導致的 80 個基點的拖累，以及去年低於典型激勵薪酬的 100 個基點的影響。排除這些項目，在營收成長和轉型節省的推動下，我們又實現了另一個強勁的季度基本利潤擴張。

Adjusted diluted earnings per share was $1.04, an increase of 14%. Our adjusted tax rate for the quarter was 24.6%, higher than expected due to a recently started internal project to restructure our legal entities to maintain a tax-efficient structure as we expand our global footprint.

調整後攤薄每股收益為 1.04 美元，成長 14%。我們本季調整後的稅率為 24.6%，高於預期，因為最近啟動了一項內部項目，旨在重組我們的法人實體，以在我們擴大全球業務的同時保持節稅結構。

Finally, in the third quarter, we took $69 million of onetime charges related to our transformation program: $47 million for operating model optimization, primarily related to our planned exit of an office lease; and $22 million for technology transformation. We incurred $145 million of onetime transformation expenses year-to-date.

最後，在第三季度，我們收取了 6,900 萬美元與轉型計畫相關的一次性費用：4,700 萬美元用於營運模式優化，主要與我們計劃退出辦公室租賃有關； 2200萬美元用於技術改造。今年迄今為止，我們產生了 1.45 億美元的一次性轉型費用。

Looking at segment financial performance for the third quarter. US Markets revenue, which includes Consumer Interactive, was up 12% compared to the year ago quarter. Adjusted EBITDA margin was 37.7%, or down 120 basis points. Excluding the impact of breach revenues and last year's lower incentive compensation, margins were up strongly.

看看第三季的分部財務表現。美國市場營收（包括 Consumer Interactive）較去年同期成長 12%。調整後 EBITDA 利潤率為 37.7%，下降 120 個基點。排除違規收入和去年較低的激勵補償的影響，利潤率強勁增長。

Financial Services revenue grew 17%. Excluding mortgage, Financial Services revenue was up 4%. Trends remain consistent with the last several quarters with year-over-year growth improving sequentially as we start to lap the slowdown in activity from last fall. We outperformed flattish volumes, driven by successful cross-sell of our broader solution suite.

金融服務收入成長 17%。不包括抵押貸款，金融服務收入成長了 4%。趨勢與過去幾季保持一致，隨著我們開始經歷去年秋季以來經濟活動的放緩，年成長持續改善。在我們更廣泛的解決方案套件的成功交叉銷售的推動下，我們的業績表現優於持平的銷售。

Our credit card and banking business was up 5% despite tempered online volumes. This customer segment has seen some of the strongest interest in data enrichment and the broader TruIQ analytics suite, in addition to other highly relevant products such as Trusted Call Solutions. Consumer lending revenue grew 2%. Fintech online activity remains muted but stable, with lenders slowly resuming some level of marketing activity.

儘管線上交易量有所下降，但我們的信用卡和銀行業務仍成長了 5%。除了可信賴呼叫解決方案等其他高度相關的產品外，該客戶群還對數據豐富和更廣泛的 TruIQ 分析套件表現出最濃厚的興趣。消費貸款收入成長 2%。金融科技線上活動仍然低迷但穩定，貸款機構慢慢恢復了一定程度的行銷活動。

The fintech market appears to be trending in the right direction and should be a longer-term beneficiary of falling interest rates, which lowers funding costs and supports increased consumer demand, particularly for debt consolidation. Our short-term lending business improved, benefiting from recent wins.

金融科技市場似乎正朝著正確的方向發展，應該是利率下降的長期受益者，利率下降降低了融資成本，支持了消費者需求的成長，特別是債務整合。受益於最近的勝利，我們的短期貸款業務有所改善。

Our auto business grew 1%. The market remains choppy across both the new and used car market as consumers face persistent affordability challenges. Against this backdrop, we drove new business wins, including in TruAudience marketing solutions as well as Trusted Call Solutions.

我們的汽車業務成長了 1%。由於消費者面臨持續的負擔能力挑戰，新車和二手車市場仍然動盪。在此背景下，我們贏得了新的業務，包括 TruAudience 行銷解決方案和可信任呼叫解決方案。

For mortgage, revenue grew 63%, ahead of our expectations compared to inquiry volumes down 8%. For the first time this year, in late September, we experienced volumes that were ahead of last year's pace, as average mortgage rates moved below 6% following the Fed's announcement.

對於抵押貸款，收入增長了 63%，超出了我們的預期，而查詢量下降了 8%。9 月下旬，今年首次出現交易量超過去年的情況，聯準會宣布這項消息後，平均抵押貸款利率降至 6% 以下。

Mortgage rates have since crept back above 6%, which has tempered the pace of activity in recent weeks. We continue to take a conservative approach to forecasting fourth quarter volumes, even as originations remain significantly below historical averages. On a trailing 12-month basis, mortgage represented about 10% of total TransUnion revenue.

此後抵押貸款利率回升至 6% 以上，這緩和了最近幾週的經濟活動節奏。我們繼續採取保守的方法來預測第四季的銷量，儘管出貨量仍遠低於歷史平均值。在過去 12 個月的基礎上，抵押貸款約佔 TransUnion 總收入的 10%。

Emerging Verticals grew 3% in the quarter, led by double-digit growth in insurance, public sector, tenant and employment and tech, retail and e-commerce also grew, offsetting declines in telco and media. Insurance grew double digits as market trends progressed as anticipated.

在保險、公共部門、租戶和就業兩位數成長的帶動下，新興垂直產業在本季成長了 3%，科技、零售和電子商務也實現了成長，抵消了電信和媒體產業的下滑。隨著市場趨勢如預期發展，保險業實現兩位數成長。

Insurers continue to gradually increase marketing activity, driving demand for our credit and identity-based marketing solutions. While marketing activity has improved, it remains below levels seen a few years ago as select insurers still work to achieve rate adequacy.

保險公司持續逐步增加行銷活動，推動對我們基於信用和身分的行銷解決方案的需求。儘管行銷活動有所改善，但仍低於幾年前的水平，因為部分保險公司仍在努力實現利率充足性。

Shopping remains strong with increased activity across all demographics. We see good momentum expanding our value proposition to the insurance market with products such as TruVision Driving History, Trusted Call Solutions and our fraud and marketing products.

隨著所有人群的活動增加，購物依然強勁。我們看到了透過 TruVision Driving History、Trusted Call Solutions 以及我們的詐欺和行銷產品等產品將我們的價值主張擴展到保險市場的良好勢頭。

Tenant and employment returned to growth as we lap the impact of our product recalibration with further improvement expected in the fourth quarter. Public sector grew low single digit, led by communications and fraud solutions. Public sector had favorable project timing in the second quarter that reversed in the third quarter, and we expect this vertical to grow low double digits for the year.

隨著我們克服產品重新調整的影響，租戶和就業恢復成長，預計第四季將進一步改善。在通訊和詐欺解決方案的帶動下，公共部門成長了低個位數。公共部門在第二季的專案時機有利，但在第三季發生了逆轉，我們預計這個垂直領域今年將成長兩位數。

Tech, retail and e-commerce also grew low single digit, primarily led by Trusted Call Solutions. Media declined mid-single digit, lapping mid-teens growth in the prior year, which was aided by onetime project wins. We expect this vertical to return to growth in the fourth quarter. Collections was flat and telco declined low single digit, both as expected.

科技、零售和電子商務也出現低個位數成長，主要由 Trusted Call Solutions 帶動。媒體業務下降了中個位數，較前一年實現了中位數的成長，這得益於一次性專案的勝利。我們預計這一垂直行業將在第四季度恢復成長。收款金額持平，電信公司下降了低個位數，都符合預期。

Turning to Consumer Interactive. Revenue increased 21%, driven by recent breach remediation wins. Our cross-functional teams executed well against these contracts, supporting consumers and building our credibility in this space.

轉向消費者互動。受近期違規修復成果的推動，營收成長了 21%。我們的跨職能團隊很好地執行了這些合同，為消費者提供支持並建立了我們在該領域的信譽。

Excluding the breach benefit, revenue declined mid-single digit, primarily due to our direct channel. We are making good progress on broadening our value proposition and go-to-market strategy in direct-to-consumer, and we expect to have more to share in the coming quarters.

不包括違規收益，收入下降了中個位數，這主要是由於我們的直接管道。我們在擴大直接面向消費者的價值主張和進入市場策略方面取得了良好進展，我們預計在未來幾季將有更多分享。

For my comments about International, all revenue growth comparisons will be in constant currency. For the total segment, revenue grew 12%, with four of our six reported markets growing by double digits. Adjusted EBITDA margin was 45.7%, up 110 basis points.

對於我對國際的評論，所有收入成長比較都將以固定匯率計算。就整個細分市場而言，收入成長了 12%，我們報告的六個市場中有四個成長了兩位數。調整後 EBITDA 利潤率為 45.7%，上升 110 個基點。

Now let's dig into the specifics for each region. In India, we grew 23% with broad-based growth across consumer credit, commercial credit, fraud, marketing and direct-to-consumer. While growth remains strong, we experienced some deceleration in the last two quarters.

現在讓我們深入了解每個地區的具體情況。在印度，我們成長了 23%，消費信貸、商業信貸、詐欺、行銷和直接面向消費者的業務均實現廣泛成長。儘管成長依然強勁，但過去兩個季度我們經歷了一些減速。

As previously noted, the Reserve Bank of India has tempered the pace of lending activity by tightening regulations on unsecured lending and targeting lower loan-to-deposit ratios industry-wide. This resulted in our online volumes slowing in the third quarter compared to strong growth throughout the first half of 2024.

如前所述，印度儲備銀行透過收緊對無擔保貸款的監管以及降低全行業貸存比來放緩貸款活動的步伐。這導致我們第三季的線上交易量與 2024 年上半年的強勁成長相比有所放緩。

We believe the RBI is taking a proactive approach to support financial stability over the long term as they build a world-class lending market. These actions are also in the context of good GDP growth, inflation in line with historical trends and an overall healthy consumer with delinquencies below long-term averages.

我們相信，印度央行在建立世界一流的貸款市場的過程中，正在採取積極主動的方法來支持長期的金融穩定。這些行動也是在國內生產毛額良好成長、通膨符合歷史趨勢以及消費者整體健康、拖欠率低於長期平均的背景下採取的。

In this period of consumer credit tightening in India, we are benefiting from our ongoing product and vertical diversification. Our team is doing an excellent job outgrowing the underlying market, leaning further into our commercial credit solutions and new products like our API marketplace. We are monitoring lending conditions in India and expect strong growth in the fourth quarter.

在印度消費信貸緊縮的時期，我們正受益於我們持續的產品和垂直多元化。我們的團隊做得非常出色，超越了基礎市場的成長，進一步專注於我們的商業信貸解決方案和 API 市場等新產品。我們正在監測印度的貸款狀況，並預計第四季將出現強勁成長。

Our UK business delivered another quarter of growth, up 4%. The market is trending positively with gradually improving banking and fintech activity as well as higher consumer optimism, supported by lower inflation and the Bank of England's first interest rate cut in August. We delivered strong new business, including wins across our fintech, insurance, government and gaming verticals.

我們的英國業務又實現了一個季度的成長，成長了 4%。在通膨下降和英國央行八月首次降息的支持下，銀行和金融科技活動逐漸改善，消費者樂觀情緒增強，市場呈現正面趨勢。我們交付了強勁的新業務，包括在金融科技、保險、政府和遊戲垂直領域的勝利。

In Canada, we grew 9%. We outperformed flattish market volumes, driven by strategic cross-sell into financial services and alternative lenders, recent breach and consumer indirect wins and strength in insurance. We anticipate mid- to high single-digit growth from Canada in the fourth quarter.

在加拿大，我們成長了 9%。在金融服務和另類貸款機構的策略性交叉銷售、最近的違規行為和消費者間接勝利以及保險領域的實力的推動下，我們的表現優於持平的市場銷售。我們預計第四季加拿大將實現中高個位數成長。

In Latin America, revenue grew 13%. Colombia grew high single digit, outpacing muted volumes. Brazil grew double digits, supported by new business wins, and our other Latin American countries also grew double digits.

在拉丁美洲，收入成長了 13%。哥倫比亞實現了高個位數成長，超過了低迷的銷量。在新業務勝利的支持下，巴西實現了兩位數成長，我們其他拉丁美洲國家也實現了兩位數成長。

In Asia Pacific, we grew 11%, led by strength in the Philippines and a solid quarter in Hong Kong. Finally, Africa increased 10% with broad-based growth led by our retail vertical.

在亞太地區，我們成長了 11%，其中菲律賓市場表現強勁，香港季度表現強勁。最後，非洲成長了 10%，在我們的零售垂直領域帶動了廣泛的成長。

Turning to the balance sheet. We ended the quarter with roughly $5.2 billion of debt and $643 million of cash. We finished the quarter with a leverage ratio of 3.1 times. We made a $25 million voluntary repayment in the third quarter for a total of $105 million year-to-date.

轉向資產負債表。本季末，我們的債務約為 52 億美元，現金為 6.43 億美元。本季結束時，我們的槓桿率為 3.1 倍。我們在第三季自願還款 2,500 萬美元，年初至今總計 1.05 億美元。

We expect to make an additional prepayment in the fourth quarter with excess free cash flow after funding our transformation initiatives. Remember that the majority of the roughly $280 million of accrued onetime transformation expenses from the fourth quarter of 2023 through the end of 2024 will be paid out this year.

在為我們的轉型計劃提供資金後，我們預計將在第四季度利用過剩的自由現金流支付額外的預付款。請記住，從 2023 年第四季到 2024 年底，應計的一次性轉型費用約為 2.8 億美元，其中大部分將在今年支付。

Since announcing our Neustar acquisition, we have voluntarily prepaid $1.6 billion while executing on three refinancing transactions to lower our interest expense and extend our maturity profile. Net of our swaps, our all-in average effective cost of debt at today's rates is roughly 4.7%, below current SOFR.

自從宣布收購 Neustar 以來，我們在執行三筆再融資交易時自願預付了 16 億美元，以降低我們的利息支出並延長我們的期限。扣除掉期費用後，以目前的利率計算，我們的整體平均有效債務成本約為 4.7%，低於目前的 SOFR。

You can find a slide on our debt profile in the appendix of our presentation. Based on our expectations for adjusted EBITDA and cash generation, we expect our leverage ratio to be roughly 3 times by the end of 2024. We continue to target a leverage ratio of under 3 times and view debt prepayment as an attractive use of cash.

您可以在我們簡報的附錄中找到有關我們債務概況的投影片。根據我們對調整後 EBITDA 和現金產生的預期，我們預計到 2024 年底我們的槓桿率將約為 3 倍。我們繼續將槓桿率設定為低於 3 倍，並將提前償還債務視為現金的一個有吸引力的用途。

Turning to guidance. We are pleased with our outperformance over the first three quarters of the year, but our guidance approach remains unchanged. In prior guides this year, we assumed no benefits from interest rate cuts. With the Federal Reserve announcing a 50 basis points interest rate cut in mid-September, we have incorporated modest improvements in mortgage volumes based on what we have experienced over the last few weeks.

轉向指導。我們對今年前三個季度的優異表現感到滿意，但我們的指導方針保持不變。在今年之前的指南中，我們假設降息不會帶來任何好處。隨著聯準會在 9 月中旬宣布降息 50 個基點，我們根據過去幾週的經驗，對抵押貸款數量進行了適度改善。

While we expect interest rate reductions to benefit our broader US Financial Services business over the long term, we do not expect those benefits to manifest meaningfully in 2024. The assumed muted but stable lending volumes will persist through the end of the year.

雖然我們預計降息將使我們更廣泛的美國金融服務業務長期受益，但我們預計這些好處不會在 2024 年顯著體現。假設的溫和但穩定的貸款量將持續到今年年底。

That brings us to our outlook for the fourth quarter. We expect foreign exchange to have a less than 0.5% impact on revenue and insignificant impact on adjusted EBITDA. We expect our revenue to be between $1.014 billion and $1.034 billion, or up 6% to 8% on an organic constant currency basis. Our revenue guidance includes approximately 5 points of tailwind from mortgage, meaning that we expect the remainder of our business to grow 1% to 3% on an organic constant currency basis.

這讓我們對第四季進行了展望。我們預期外匯對營收的影響不到 0.5%，對調整後 EBITDA 的影響微乎其微。我們預計我們的營收將在 10.14 億美元至 10.34 億美元之間，即以有機固定匯率計算成長 6% 至 8%。我們的收入指引包括來自抵押貸款的約 5 個點的推動力，這意味著我們預計我們的其餘業務將在有機固定匯率的基礎上增長 1% 至 3%。

In terms of other drivers of revenue in the fourth quarter, we expect mortgage revenues to increase over 80% based on roughly 10% volume growth. We continue to expect Financial Services, excluding mortgage, to grow mid-single digit. We expect Emerging Verticals to accelerate from 3% growth in the third quarter and grow mid-single digit.

就第四季度的其他收入驅動因素而言，我們預計抵押貸款收入將在銷量增長約 10% 的基礎上增長 80% 以上。我們繼續預期金融服務（不包括抵押貸款）將實現中個位數成長。我們預計新興垂直產業將從第三季的 3% 成長加速至中個位數成長。

We anticipate another quarter of strong growth from International. And we expect Consumer Interactive to decline roughly 10% as the business laps a sizable breach win from the prior year.

我們預計國際業務將在另一個季度實現強勁成長。我們預計 Consumer Interactive 將下降約 10%，因為該業務較上年失去了相當大的違規勝利。

We expect adjusted EBITDA to be between $360 million and $375 million, up 10% to 15%. We expect adjusted EBITDA margin of 35.5% to 36.2%, or up 130 basis points to 210 basis points. We also expect our adjusted diluted earnings per share to be between $0.92 and $0.98, up 14% to 21%.

我們預計調整後 EBITDA 將在 3.6 億至 3.75 億美元之間，成長 10% 至 15%。我們預期調整後 EBITDA 利潤率為 35.5% 至 36.2%，即上升 130 個基點至 210 個基點。我們也預計調整後的稀釋每股收益將在 0.92 美元至 0.98 美元之間，成長 14% 至 21%。

Turning to the full year. We now expect revenue to come in between $4.161 billion and $4.181 billion, or up roughly 9% on an as-reported and organic constant currency basis. We expect our organic constant currency growth, excluding mortgage, to be up about 5%. For our business segments, we expect US Markets to grow high single digit or up low single digit, excluding mortgage.

轉至全年。我們現在預計收入將在 41.61 億美元至 41.81 億美元之間，按報告和有機固定貨幣計算增長約 9%。我們預計我們的有機固定貨幣成長率（不包括抵押貸款）將成長約 5%。對於我們的業務部門，我們預計美國市場將出現高個位數成長或低個位數成長（不包括抵押貸款）。

Across US Markets, Neustar remains well on track for mid-single-digit growth in 2024. We anticipate Financial Services to be up mid-teens or low single digits, excluding mortgage. We expect mortgage revenue to increase about 60% based on mortgage inquiries down less than 5% for the year. We now expect Emerging Verticals to be up mid-single digit. We expect Consumer Interactive to increase low single digit. And we expect International to grow low double digits.

在整個美國市場，Neustar 仍有望在 2024 年實現中個位數成長。我們預期金融服務業（不包括抵押貸款）將成長十幾位數或低個位數。基於今年抵押貸款查詢量下降不到 5%，我們預計抵押貸款收入將成長約 60%。我們現在預計新興垂直市場將成長中個位數。我們預期消費者互動將成長低個位數。我們預計國際業務將實現低兩位數成長。

Turning back to total company outlook. We expect adjusted EBITDA to be between $1.488 billion and $1.503 billion, up 11% to 12%. That would result in adjusted EBITDA margins of 35.8% to 36%, or up 70 basis points to 90 basis points. We anticipate adjusted diluted earnings per share to be $3.87 to $3.93, up 15% to 17%.

回到公司整體前景。我們預計調整後 EBITDA 將在 14.88 億美元至 15.03 億美元之間，成長 11% 至 12%。這將導致調整後的 EBITDA 利潤率為 35.8% 至 36%，即上升 70 個基點至 90 個基點。我們預計調整後攤薄每股收益為 3.87 美元至 3.93 美元，成長 15% 至 17%。

We now expect our adjusted tax rate to be approximately 23.5%, higher than our previous guidance due to the previously mentioned internal project, which we expect to complete in 2025. We remain focused on maintaining the most efficient tax structure but expect our future adjusted tax rate to be modestly higher than our recent historical rate given the evolving tax landscape, including initiatives like the global minimum tax.

由於先前提到的內部項目（我們預計將於 2025 年完成），我們現在預計調整後的稅率約為 23.5%，高於我們先前的指導。我們仍然致力於維持最有效的稅收結構，但考慮到不斷變化的稅收格局，包括全球最低稅等舉措，預計未來調整後的稅率將略高於近期的歷史稅率。

Depreciation and amortization is now expected to be approximately $535 million. We expect the portion, excluding step-up amortization from our 2012 change in control and subsequent acquisitions, to be about $250 million.

目前預計折舊和攤提約 5.35 億美元。我們預計該部分（不包括 2012 年控制權變更和後續收購的逐步攤銷）約為 2.5 億美元。

We anticipate net interest expense will be about $245 million for the full year, and we now expect capital expenditures to be about 8% of revenue. We expect to incur approximately $200 million in onetime charges in 2024 related to our transformation program.

我們預計全年淨利息支出約為 2.45 億美元，目前預計資本支出約為收入的 8%。我們預計 2024 年將產生約 2 億美元的與轉型計畫相關的一次性費用。

With today's guidance raise, we have raised our revenue expectations over the course of the year by $161 million, adjusted EBITDA by $62 million and adjusted diluted earnings per share by $0.19. Our revenue increase has been driven by stronger mortgage revenues, large breach remediation wins and broad-based business momentum.

透過今天的指引上調，我們將全年收入預期提高了 1.61 億美元，調整後 EBITDA 提高了 6,200 萬美元，調整後稀釋每股收益提高了 0.19 美元。我們的收入成長是由抵押貸款收入增加、重大違規修復勝利和廣泛的業務勢頭推動的。

We also modestly increased our adjusted EBITDA margin expectations despite adding lower margin breach revenue, supported by revenue flow-through and higher in-year transformation savings.

儘管利潤率違約收入有所下降，但在收入流轉和年內轉型節省增加的支持下，我們也小幅提高了調整後的 EBITDA 利潤率預期。

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. And to wrap up, we exceeded third quarter expectations, driven primarily by US Financial Services and International. We're executing well against our transformation program, driving material savings and a step change improvement in innovation with several new capability and product launches powered by OneTru. We're raising our 2024 guidance and expect to deliver strong high single-digit revenue growth and mid-teens adjusted diluted earnings per share growth for the year.

謝謝你，托德。總而言之，我們超越了第三季的預期，這主要是由美國金融服務和國際市場所推動的。我們的轉型計劃執行得很好，透過由 OneTru 提供支援的多項新功能和產品發布，推動了材料節省和創新的逐步改進。我們正在提高 2024 年的指導，並預計今年將實現強勁的高個位數收入成長和中雙位數的調整後攤薄每股收益成長。

Now let me turn it back to Greg.

現在讓我把它轉回給格雷格。

That concludes our prepared remarks. (Event Instructions) Operator, we can begin the Q&A.

我們準備好的演講到此結束。（活動說明）接線員，我們可以開始問答了。

(Operator Instructions) Faiza Alwy, Deutsche Bank.

（操作員指示）Faiza Alwy，德意志銀行。

So Chris, I wanted to touch on your comments around OneTru and the transformation. You talked about around $50 million, I think, of pipeline related to OneTru product. I'm curious if we should consider those potentially as incremental revenues. And how should we think about really the additional revenue benefit from the transformation as we look ahead to '25 and beyond?

Chris，我想談談您對 OneTru 和轉型的評論。我認為您談到了與 OneTru 產品相關的大約 5000 萬美元的管道。我很好奇我們是否應該將這些視為潛在的增量收入。當我們展望 25 年及以後時，我們應該如何真正考慮轉型帶來的額外收入效益？

Okay. Thank you for the question, and welcome, everybody, to the Q3 call. OneTru is having a very profound impact on our business and our ability to compete in a variety of product lines and markets. I think what's been most exciting is completing the integration phase of the acquisitions and the tech transformation that we've been doing and pivoting really to strong innovation.

好的。感謝您提出問題，歡迎大家參加第三季的電話會議。OneTru 對我們的業務以及我們在各種產品線和市場中的競爭能力產生了非常深遠的影響。我認為最令人興奮的是完成我們一直在進行的收購和技術轉型的整合階段，並真正轉向強大的創新。

Over the past couple of quarters in earnings and in press releases, you've seen us announce a whole series of product innovations in analytics, in marketing solutions, in fraud, in credit for short-term unsecured lending. And I think the market should get used to this elevated pace of innovation, which is going to buttress our revenue growth and our revenue forecast as we roll into next year.

在過去幾季的收益和新聞稿中，您已經看到我們宣布了一系列在分析、行銷解決方案、詐欺、短期無擔保貸款信貸方面的產品創新。我認為市場應該適應這種加快的創新步伐，這將支撐我們明年的收入成長和收入預測。

Recently, you may have seen an announcement of the next gen of our TruAudience marketing solutions. We've brought together the best of Neustar and the best of TransUnion marketing solutions for identity resolution and market segmentation and audience generation and onboarding with a new user interface onto the OneTru platform.

最近，您可能已經看到了我們下一代 TruAudience 行銷解決方案的公告。我們匯集了 Neustar 和 TransUnion 的最佳行銷解決方案，用於身分解析、市場區隔、受眾生成以及在 OneTru 平台上使用新的使用者介面。

And over the course of '25, we have quarterly robust product functional improvements in the pipeline. The story is the same on the fraud side. We've launched TruValidate, which is our brand name for our global fraud solutions. And again, we've integrated our various very strong point solutions for e-commerce fraud mitigation and just transaction authentication onto a common platform.

在 25 年期間，我們每季都會對產品功能進行強而有力的改進。詐欺方面的情況也是如此。我們推出了 TruValidate，這是我們全球詐欺解決方案的品牌名稱。再次，我們將各種非常強大的電子商務詐欺緩解解決方案和交易身分驗證整合到一個通用平台上。

Our predictive models are far more performant. We are winning new clients. And so we've pointed to kind of a cumulative $50 million bookings benefit at this point that is driven directly from that innovation. I can say that over the last couple of quarters, our sales of marketing products have improved materially.

我們的預測模型性能要高得多。我們正在贏得新客戶。因此，我們指出，目前該創新直接推動了累積 5,000 萬美元的預訂收益。我可以說，在過去的幾個季度中，我們的行銷產品銷售有了實質的改善。

And again, that's against a pretty tepid advertising and marketing environment as CMOs have had the belt tightened in a more difficult revenue environment and just a less aggressive posture toward client acquisition.

再說一次，這與相當不溫不火的廣告和行銷環境相悖，因為首席行銷長在收入環境更加困難的情況下勒緊褲帶，在獲取客戶方面也採取了不那麼積極的姿態。

I think as rates come down in 2025, and we achieve this soft landing and if economic macro conditions continue to be stable as they are or even improving, you could see -- consume -- or rather our customers pivot more toward acquisition, which again would benefit.

我認為，隨著2025 年利率下降，我們實現了軟著陸，如果經濟宏觀條件繼續保持穩定甚至改善，你可能會看到——消費——或者更確切地說，我們的客戶更多地轉向收購，這再次會受益。

So I mean, I think before I say it's additive, since we haven't guided to 2025, I just think it certainly derisks our belief that we can return to steady high single-digit revenue compounding over the intermediate term. And that's really the goal.

所以我的意思是，我認為在我說它是累加性之前，因為我們還沒有指導到2025 年，我只是認為這肯定會損害我們的信念，即我們可以在中期恢復穩定的高單位數收入複合。這確實是我們的目標。

And look, the good news is we are guiding to that type of growth in 2024 with this raise. And we've yet to see any real strengthening in our end markets. We've just gone from a negative volume environment over the past 18 months to 24 months to one where we have stable but still muted market conditions, and we're demonstrating how growthful we can be given all of our products, given our geographic spread and the stability that we're now enjoying.

好消息是，我們將透過此次加薪引導 2024 年實現這種類型的成長。我們還沒有看到終端市場有任何真正的加強。我們剛從過去 18 個月到 24 個月的負銷量環境轉變為市場狀況穩定但仍然低迷的環境，並且我們正在展示考慮到我們的地理分佈，我們的所有產品可以實現多大的增長以及我們現在所享受的穩定。

Andrew Steinerman, JPMorgan.

安德魯‧史坦納曼，摩根大通。

Could you just tell us your assumptions around the consumer credit activity kind of through the fourth quarter in the guide? And do you anticipate that there's a direction as we head into next year around credit activity?

您能否告訴我們您對指南中第四季消費者信貸活動的假設？您預計明年信貸活動會有一個方向嗎？

This is Todd. I'll take that question. Let's answer it specifically from Financial Services excluding mortgage, right, and the trajectory that we're seeing. So as you saw in the third quarter, we grew 4% on that basis, which was a bit better than the low single-digit expectations that we had.

這是托德。我來回答這個問題。讓我們具體地從金融服務業（不包括抵押貸款）和我們所看到的軌跡來回答這個問題。正如您在第三季看到的那樣，我們在此基礎上成長了 4%，這比我們的低個位數預期要好一些。

As you just heard Chris say, volumes, they're stable, but they're still muted. So you look at that at more of a flattish perspective. And when you look at the comparables to the prior year, needless to say, it's important to look that we're lapping the slowdown and the headwind that Chris, again, just had alluded to.

正如你剛才聽到克里斯說的那樣，音量很穩定，但仍然很靜音。所以你會從更扁平的角度來看這個問題。當你查看與前一年的比較時，不用說，重要的是要看到我們正在經歷克里斯剛剛再次提到的經濟放緩和逆風。

So as we look into the fourth quarter, we are expecting mid-single-digit growth here in this space, as we're just considering that the conditions persist and the comparisons will also ease. I think what's important here is that we're not assuming that there's any type of material benefit from the recent actions that the Federal Reserve took with interest rate reductions. However, we do believe that we will be a medium-term beneficiary of those rate cuts. So more as we get into 2025.

因此，當我們展望第四季度時，我們預計該領域將出現中等個位數的成長，因為我們只是考慮到這種情況持續存在，而且比較也會有所緩解。我認為這裡重要的是，我們並不假設聯準會最近採取的降息行動會帶來任何物質利益。然而，我們確實相信我們將成為這些降息的中期受益者。進入 2025 年，還會有更多這樣的事發生。

And as we look at the lines of business within Financial Services excluding mortgage, consumer lending is one that we would say is a little bit more rate sensitive. And as I'm sure you know, this is where the vast majority of our fintech customers reside.

當我們審視金融服務業（不包括抵押貸款）的業務範圍時，我們會說消費貸款對利率更敏感。我相信您知道，這是我們絕大多數金融科技客戶居住的地方。

And it's kind of two-pronged here. First, with lower rates, the fintechs have cheaper access to capital, which then improves their funding models. But then on the demand side, if rates are lower, you'll see consumers look for products such as debt consolidation. So rate sensitivity there is impactful, and we should see a benefit.

這裡有兩個面向。首先，由於利率較低，金融科技公司獲得資本的成本較低，從而改善了他們的融資模式。但在需求方面，如果利率較低，你會看到消費者尋找債務合併等產品。因此，利率敏感度具有影響力，我們應該會看到好處。

If you look at our auto business, the lower rates are aiding affordability. Vehicle prices have gone up significantly since before the pandemic, so a lower rate environment will help. There's also a potential refi opportunity in the auto space as well, too. And if you think about how auto loans were taken out at very high levels of interest rates, there could be an opportunity there as well in the medium term.

如果你看看我們的汽車業務，你會發現較低的利率有助於提高人們的負擔能力。自疫情爆發前以來，汽車價格已大幅上漲，因此較低的利率環境將有所幫助。汽車領域也存在潛在的再融資機會。如果你考慮汽車貸款是如何以非常高的利率獲得的，那麼從中期來看，那裡也可能存在機會。

Thinking about the credit card business, probably a limited impact that rates are going to have there. And then finally, when we think about the banking side of the equation, the small- and medium-sized lenders, as we talked about a year ago, this group felt outsized pain from higher rates as well as dislocation of deposits last year in the wake of a couple of banking failures.

考慮到信用卡業務，利率的影響可能有限。最後，當我們考慮銀行業方面時，正如我們一年前談到的那樣，中小型貸方，這一群體因利率上升以及去年存款錯位而感受到了巨大的痛苦。

So we look at that group of customers, which TransUnion is well positioned in, that lower interest rates, again, in the medium term should help.

因此，我們著眼於 TransUnion 處於有利地位的客戶群，從中期來看，較低的利率應該會有所幫助。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

I wanted to ask about mortgage. You talked -- could you just talk about the delta between the mortgage revenue growth and inquiries? I'm sure a lot of this is coming from the FICO price increase. But maybe just help with some other drivers, just given the large delta and it accelerated from the last couple of quarters.

我想問一下房貸的事。您談到了—您能談談抵押貸款收入成長和查詢之間的增量嗎？我確信其中很大一部分是來自 FICO 價格上漲。但也許只是對其他一些驅動因素有所幫助，因為三角洲很大，而且從過去幾個季度開始加速了。

And maybe if I could just tag on really quickly. The inquiries of down about 8% looked a little bit light compared to peers and third-party sources. So anything to read into the inquiries as well?

也許如果我能很快跟上的話。與同行和第三方來源相比，下降約 8% 的詢價看起來有點少。那麼在詢問中還有什麼需要了解的嗎？

Thanks for that question, and that's an important one for us to go through the details on. So as you stated, our mortgage volumes in Q3 did decline 8%. What's important there to call out, though, is that's as we expected it. So we're pretty much right in line with how we felt volumes were going to come in at the beginning of the quarter.

感謝您提出這個問題，這對我們來說是一個重要的問題，需要詳細討論。正如您所說，我們第三季的抵押貸款數量確實下降了 8%。不過，值得注意的是，這正如我們所期望的。因此，我們與本季初的銷售預期基本一致。

One thing that is important to remember when you look at the volumes that TransUnion reports for mortgage, we include everything that's mortgage in that number, including prequalification. So other numbers that you may see in the market maybe don't compare on a like-for-like basis. So that's an important distinction there as well.

當您查看 TransUnion 報告的抵押貸款數量時，需要記住的一件重要事情是，我們將所有抵押貸款都包含在該數字中，包括資格預審。因此，您在市場上看到的其他數字可能無法進行同類比較。所以這也是一個重要的區別。

The early access program grew in the third quarter, but the growth was moderating as we lap the program ramp that started in the second half of 2023. And as I said in my prepared remarks, we did see volumes start to turn positive in late September as mortgage rates were 6% or below. But since then, we've seen rates creep back up. And so we've seen the tri-merge volumes in mortgage decline.

搶先體驗計畫在第三季有所成長，但隨著我們完成 2023 年下半年開始的計畫升級，成長正在放緩。正如我在準備好的演講中所說，我們確實看到 9 月底交易量開始轉正，因為抵押貸款利率為 6% 或更低。但從那時起，我們看到利率回升​​。因此，我們看到抵押貸款的三重合併量下降。

So we've changed our guidance, though, because of what we've seen with rate cuts and just a handful of weeks of performance in mortgage. And as you can see, we are now calling for a 10% increase in the fourth quarter, which if you think about it from a seasonality perspective, it's typically very low. but then historically, we had a very weak fourth quarter of 2023.

不過，由於我們看到了降息和抵押貸款僅幾週的表現，因此我們改變了我們的指導。正如您所看到的，我們現在要求第四季度增長 10%，如果您從季節性角度考慮，這個數字通常非常低。但從歷史上看，2023 年第四季的表現非常疲軟。

So there's definitely a comparable that you have to take into consideration. And now we're expecting from the little bit of benefit that we're getting from the rate reduction that we're expecting the second half volumes to be roughly flat, where last time we spoke with you, we were talking about a 5% decline.

因此，您肯定必須考慮一個可比較的因素。現在，我們預計下半年的銷售將大致持平，上次我們與您交談時，我們談論的是 5% 的降息帶來的一點好處衰退。

Now to your question specific about the gap between the revenues and the volumes. In the third quarter, we posted 63% growth. But as I've already said, volumes were down 8%. So that delta is about 71% if you do the math on that one.

現在回答你關於收入和銷售之間差距的具體問題。第三季度，我們實現了 63% 的成長。但正如我已經說過的，銷量下降了 8%。如果你算一下，這個增量大約是 71%。

And then for what we're guiding basically for the fourth quarter with a 10% increase in volume, in essence, is assuming 80% in revenue. So what we're seeing here is just a positive mix and price from TransUnion's products. And this includes the prequal shift to early access plus the reporting that we put on our own credit products as well.

然後，我們基本上對第四季的銷售成長 10% 的指導，實質上是假設營收成長 80%。因此，我們在這裡看到的只是 TransUnion 產品的積極組合和價格。這包括從資格預審轉向搶先體驗，以及我們對自己的信貸產品進行的報告。

And I guess one last point, too, is when you look at our mortgage revenues, another important thing to remember is that there's more than just online volumes in our mortgages. So we -- in particular, we work with mortgage lenders to help them target and prospect consumers that may be in the market for a mortgage. So we're starting to see that business pick up in a meaningful way.

我想最後一點是，當你查看我們的抵押貸款收入時，要記住的另一件重要的事情是，我們的抵押貸款不僅僅是在線數量。因此，我們特別是與抵押貸款機構合作，幫助他們瞄準和尋找可能在抵押貸款市場上的消費者。因此，我們開始看到業務以有意義的方式回升。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

So I just -- how fully do you feel the RBI actions have been felt on the market in your Financial Services business or consumer credit business within India at this point? And then just anything you can say. I know it's a diversified information solution business.

所以我只是—您認為印度央行的行動目前在印度金融服務業務或消費者信貸業務市場的影響程度如何？然後你可以說任何話。我知道這是一家多元化的資訊解決方案業務。

So is growth as strong as ever kind of outside the US consumer credit business in India? I know you said growth should remain strong. I'm just not quite sure what that means in the context of 23%, but decelerating growth recently.

那麼，除了美國消費信貸業務之外，印度的成長是否一如既往地強勁呢？我知道你說過成長應該要保持強勁。我只是不太確定這在 23% 的背景下意味著什麼，但最近成長正在放緩。

Okay, Jeff. I'll take the India question. And I'm going to take your question about the diversification component as applying to India and not to the US market.

好的，傑夫。我來回答印度問題。我將把你關於多元化成分的問題視為適用於印度而不是美國市場。

Yes.

是的。

Correct me if you...

糾正我，如果你...

Yes, correct.

是的，正確。

Okay, good. Yes. So as we pointed out, I think the last call, the RBI has become concerned over the pace of lending growth across the Indian marketplace and has taken certain actions to lower the loan-to-deposit ratio in that market. We view it as a prudent step to ensure kind of the stability and the soundness of lending practices within India, which year-on-year had been growing very rapidly.

好的，很好。是的。因此，正如我們所指出的，我認為在最後一次電話會議中，印度央行已經開始關注整個印度市場的貸款成長速度，並採取了某些行動來降低該市場的貸存比。我們認為這是一個謹慎的步驟，以確保印度境內貸款業務的穩定性和健全性，印度貸款業務逐年增長非常迅速。

And I think the RBI is going to kind of maintain that for the coming quarters until they're comfortable that there's real integrity across all the lending practices, particularly unsecured lending, which they've scrutinized more highly.

我認為印度儲備銀行將在未來幾季維持這一現狀，直到他們確信所有貸款做法都具有真正的誠信，特別是無擔保貸款，他們對此進行了更嚴格的審查。

I think it's important to remember that India is an amazing market for all the reasons that we've talked about in prior calls: population growth, economic growth, penetration of financial products and general innovation, and India wants to create a world-class financial services marketplace. And I think the actions by the RBI are toward that end.

我認為重要的是要記住，印度是一個令人驚嘆的市場，原因正如我們在之前的電話會議中討論過的那樣：人口增長、經濟增長、金融產品的滲透和總體創新，而且印度希望創建世界一流的金融市場服務市場。我認為印度儲備銀行的行動就是為了這個目的。

The lending market continues to be very strong. Delinquencies are at three-year lows. So there's not really a specific problem. And if you look at some of the recent actions against specific lenders, they were more concerned that the appropriate interest rates were being charged to consumers not an excess interest rate. So it had the flavor of anti-usury, if you will. And also that banks were properly diligencing the affordability of loans for consumers.

貸款市場仍然非常強勁。拖欠率處於三年來的最低水平。所以這並不是一個具體的問題。如果你看看最近針對特定貸款人的一些行動，他們更擔心向消費者收取適當的利率，而不是超額利率。所以如果你願意的話，它具有反高利貸的味道。此外，銀行也適當地關註消費者貸款的承受能力。

So really, we just view it as a prudent and conservative posture by the RBI to ensure that they don't suffer a boom and then bust cycle. I think we got to remember that we're accelerating our growth outside of core consumer lending, while we're also expanding the number of use cases within consumer lending that we can serve, particularly agri lending and other small dollar lending, microlending, if you will, and increasing the analytic products that we're bringing to consumer lending.

所以實際上，我們只是將其視為印度儲備銀行的謹慎和保守姿態，以確保他們不會遭受繁榮和蕭條的周期。我認為我們必須記住，我們正在加速核心消費貸款之外的成長，同時我們也在擴大我們可以服務的消費貸款中的用例數量，特別是農業貸款和其他小額美元貸款、小額貸款，如果您會的，並增加我們為消費貸款帶來的分析產品。

But the team is confident that we can continue to produce this outsized growth for the intermediate future because of the diversification in commercial, in direct-to-consumer, in fraud and marketing solutions as we bring them and just a whole array of new analytic products that we can bring across the Indian marketplace.

但團隊相信，由於我們帶來了商業、直接面向消費者、詐欺和行銷解決方案以及一系列新的分析產品，因此我們可以在中期繼續實現如此巨大的成長我們可以將其帶入印度市場。

So while growth has slowed from the low 30s to the low 20s, we still expect this market to compound over the next three, five years at very attractive rates, and we'll guide more to that effect in the early part of next year.

因此，雖然成長已從30 多歲放緩至20 多歲，但我們仍然預計該市場在未來三、五年內將以非常有吸引力的速度複合，並且我們將在明年初引導更多人達到這種效果。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

I was just wondering if you could talk about what's driving the improvement in Emerging Verticals in the fourth quarter. And as you think about going forward with some of these innovations from OneTru, how should we think about that momentum going forward?

我只是想知道您是否可以談談推動第四季新興垂直市場改善的因素。當您考慮推進 OneTru 的一些創新時，我們應該如何看待未來的勢頭？

Yes. So Emerging Verticals in the US grew 3% in the third quarter. It's down a touch from the 4% growth rate we achieved in the first couple of quarters. We don't really view it as a concern. We think things will accelerate and will be back mid-single digits for the fourth quarter and for the full year.

是的。因此，美國新興垂直行業第三季成長了 3%。與我們前幾季 4% 的成長率相比略有下降。我們並不真正認為這是一個問題。我們認為情況將會加速，並將在第四季和全年恢復到中個位數。

I mean on a quarterly basis, there's always some lumpiness or noise. In the third quarter for emerging, public sector, which is a lumpy business grew but not as fast as it typically does and will for the full year. We were also lapping some very large comps in media. You may recall next year, we had a big media quarter in the third quarter of '23, and so there was a difficult comp there.

我的意思是，按季度計算，總是會有一些波動或噪音。第三季度，新興公共部門雖然是一個不穩定的業務，但成長速度不如全年的通常成長速度和成長速度。我們也在媒體領域進行了一些非常大的比較。您可能還記得明年，我們在 23 年第三季度有一個大型媒體季度，因此那裡有一個困難的競爭。

The good news is that insurance is returning to its former growthfulness, and we saw some double-digit growth -- low double-digit growth in the third quarter. Technology, retail and e-commerce, solid; tenant and employment screening, et cetera, still looking good.

好消息是保險業正在恢復以前的成長勢頭，我們看到了一些兩位數的成長——第三季的低兩位數成長。科技、零售與電子商務，紮實；租戶和就業篩選等，看起來仍然不錯。

So our prospects are improving and momentum is improving in Emerging Verticals. And again, we saw a lot of marketing and fraud solutions into emerging, and I feel like we're pretty well positioned to deliver a good year of growth and continue into next year.

因此，我們的前景正在改善，新興垂直產業的勢頭正在改善。再次，我們看到了許多行銷和詐欺解決方案的出現，我覺得我們已經做好了充分的準備，可以實現良好的成長，並持續到明年。

Kelsey Zhu, Autonomous.

朱凱爾西，自治。

So we've seen really strong growth in Canada for the last few quarters. And I think you previously mentioned that part of the strength comes from share gains. So I was just wondering if you could provide a little bit more color around what has worked really well in that market. And what level of medium-term growth rate we should expect going forward?

因此，我們在過去幾個季度看到了加拿大的強勁成長。我想你之前提到過，部分實力來自於份額成長。所以我只是想知道您是否可以為該市場中真正有效的產品提供更多的色彩。我們預計未來的中期成長率會達到什麼水準？

Yeah. Thank you, Kelsey. So I've been in the business for 11 years now. And for 10 of them, we've had outsized growth rates in Canada, and that team has done a great job of consistently gaining market share. The playbook has been consistent innovation. They have done a great job of innovating in-country, but also importing just a range of relevant product innovations from the US and adapting it to the Canadian market.

是的。謝謝你，凱爾西。到現在我已經從事這個行業11年了。其中 10 家公司在加拿大的成長率很高，而且該團隊在持續獲得市場份額方面做得非常出色。劇本一直是持續創新的。他們在國內創新方面做得很好，但也從美國進口了一系列相關的產品創新，並將其適應加拿大市場。

We were also the first mover in launching trended data in the Canadian market, and we've got a very rich trended dataset, many attributes that perform extremely well vis-a-vis our competition. And we've been able just to bring down shingles year after year in Canada. And I expect that the team will continue to do so.

我們也是在加拿大市場推出趨勢數據的先驅，我們擁有非常豐富的趨勢數據集，許多屬性與我們的競爭對手相比表現得非常好。在加拿大，我們年復一年地消除了帶狀皰疹。我希望團隊能夠繼續這樣做。

Now, we're starting to lap some very large growth rates in a mature market. And so the rate of growth is going to decelerate from the mid and sometimes high teens that we've enjoyed over these last few quarters. But the Canadian team knows what they're doing. They're going to continue to innovate. They're going to continue to focus on ways to make Canadian lenders more effective and more profitable. And I think we're going to do quite well going forward.

現在，我們開始在成熟市場中取得非常大的成長率。因此，成長率將從我們過去幾季所享受的十幾歲左右甚至十幾歲的水平開始放緩。但加拿大隊知道他們在做什麼。他們將繼續創新。他們將繼續關注如何提高加拿大貸款機構的效率和利潤。我認為我們未來會做得很好。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm curious to focus on the Consumer Interactive segment. I'm curious if trends worsened excluding that breach. It sounds like maybe that was due to DTC. And then I'm just curious what can drive sort of improvement there going forward?

我很想專注於消費者互動領域。我很好奇，如果排除這項違規行為，趨勢是否會惡化。聽起來這可能是 DTC 造成的。然後我只是好奇什麼可以推動未來的改進？

Yeah. Thanks for the question, Jason. Direct-to-consumer and the consumer business overall remains an area of intense focus for innovation, and we've talked a lot about it in recent quarters. I feel like we're still on the path to deliver what we need to strategically to return this business to growth.

是的。謝謝你的提問，傑森。直接面向消費者和整個消費者業務仍然是創新的重點領域，最近幾季我們對此進行了很多討論。我覺得我們仍在策略上提供我們所需的東西，以使該業務恢復成長。

Now look, in any one quarter, you're going to have some noise. But it's important to understand that on the direct-to-consumer side, we are broadening the value proposition and improving our go-to-market strategy so that we can better monetize the audience that we're getting, one, just our natural flow given our brand in the US, but also through our marketing efforts, which we've continued to fine-tune to be both effective and entirely compliant.

現在看，在任何一個季度，都會有一些噪音。但重要的是要了解，在直接面向消費者方面，我們正在擴大價值主張並改進我們的進入市場策略，以便我們能夠更好地從我們獲得的受眾中獲利，一是我們的自然流量考慮到我們在美國的品牌，也透過我們的行銷努力，我們不斷調整行銷努力，使其既有效又完全合規。

When we talk about broadening the value proposition, I mean, obviously, we've got to bring all things credit to the consumer. We've got to have education and access and simulation, and we're good at that. But we've been able to bring identity protection and breach remediation services.

當我們談論擴大價值主張時，我的意思是，顯然，我們必須為消費者帶來一切信用。我們必須有教育、訪問和模擬，我們很擅長這一點。但我們已經能夠提供身分保護和違規補救服務。

And I believe in the relatively near future, we will also launch offers capability, which has been a missing link to the component. And we're very excited about bringing that capability to the US markets and beyond and enabling our indirect business to bring the full complement of consumer solutions, which again is credit, identity protection, breach mitigation and a financial and insurance offers engine, right?

我相信在不久的將來，我們還將推出提供功能，這是該組件缺少的一環。我們非常高興能夠將這種能力帶到美國及其他市場，並使我們的間接業務能夠提供完整的消費者解決方案，這又是信用、身份保護、漏洞緩解以及金融和保險服務引擎，對嗎？

So that's kind of the strategy, and we are making great progress in delivering that. And in fact, that will probably become a focal point of an upcoming earnings call. So that's what I would say about consumer.

這就是一種戰略，我們在實現這一戰略方面正在取得巨大進展。事實上，這可能會成為即將舉行的財報電話會議的焦點。這就是我要說的關於消費者的內容。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Chris, I just wanted to understand the expected drop in CapEx from 8% to 6% in '26. I think part of it might just be your expectations of high single-digit top line growth, maybe a bigger revenue base. But maybe just trying to appreciate perhaps the power of all the spend in the tech platform, because I imagine there's always going to be the need to spend on analytics, software, data, et cetera. So a whole 2 point drop seems like a lot assuming things keep changing.

克里斯，我只是想了解 26 年資本支出預計會從 8% 下降到 6%。我認為部分原因可能只是您對高個位數收入成長的期望，也許是更大的收入基礎。但也許只是想了解科技平台上所有支出的力量，因為我想總是需要在分析、軟體、數據等方面進行支出。因此，假設情況不斷變化，那麼 2 個百分點的下降似乎很大。

Yeah. Well, thanks for the question, Manav. There is a bit of a revenue element, but it's secondary. The core is that we're actually achieving the technology transformation with a lower level of spend. Now when we announced in the early fourth quarter of last year this current chapter of the transformation, which is really the two components of an operating model shift where we're relocating more work to the GCCs but also an acceleration of technology investment on the backs of Project Rise to consolidate applications on the platform. We're just getting that done with a lower level of spend this year. And so we've reduced our guidance on our CapEx to 8% from 9%. But it really has to do from effectiveness.

是的。嗯，謝謝你的提問，馬納夫。有一點收入因素，但它是次要的。核心是我們實際上是在以較低的支出水準實現技術轉型。現在，當我們在去年第四季初宣布當前的轉型篇章時，這實際上是營運模式轉變的兩個組成部分，我們將更多工作轉移到海灣合作委員會，同時也加速了技術投資Project Rise 旨在整合平台上的應用程式。今年我們只是以較低的支出水準完成了這項任務。因此，我們將資本支出指導從 9% 降至 8%。但這確實與有效性有關。

Now some of these other areas that you mentioned, they are important areas of investment. We're continuing to invest disproportionately in innovation, but not all of it is capitalized, right? So the component that is capitalizable, we're getting the work done with less. And so I think it's good news.

您提到的其他一些領域，它們是重要的投資領域。我們繼續對創新進行不成比例的投資，但並非所有投資都被資本化，對嗎？因此，對於可資本化的元件，我們可以用更少的資源完成工作。所以我認為這是個好消息。

Manav, I would add on to it because I think you're more referring to how do we get to 6% of revenue in 2026. Like is there any risk? Are we foregoing anything? And the important thing to remember here is that we're migrating all of our applications to the cloud. And by doing that, we no longer have the need for hardware and software purchases, which historically would have been capital expenditures.

Manav，我想補充一下，因為我認為您更多地指的是我們如何在 2026 年達到 6% 的收入。例如有沒有風險？我們是否放棄了什麼？這裡要記住的重要一點是，我們正在將所有應用程式遷移到雲端。透過這樣做，我們不再需要購買硬體和軟體，而這在歷史上一直是資本支出。

So now as we have cloud computing costs, that comes into the P&L as an operating expense as opposed to a capital expense that we would depreciate over the life. So what's left in that capital spend when we get to 2026 is primarily our innovation. It's the internally developed software to develop our products and services for our customers.

因此，現在我們有雲端運算成本，它作為營運費用計入損益表，而不是我們在生命週期內折舊的資本費用。因此，到 2026 年，資本支出中剩下的主要是我們的創新。它是內部開發的軟體，用於為客戶開發產品和服務。

Yeah. And the other wrinkle on that is given that we are actually consolidating on a global platform and not just migrating the same stuff to the cloud, we will have fewer systems to care and feed for, and we can concentrate our engineering on a common configurable global platform. And I think that's really going to be a point of leverage in our earnings and our innovation going forward.

是的。另一個問題是，我們實際上是在一個全球平台上進行整合，而不僅僅是將相同的東西遷移到雲端，我們將需要維護和維護的系統更少，並且我們可以將我們的工程集中在一個通用的可配置全球平台上。我認為這確實將成為我們未來獲利和創新的一個槓桿點。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇，《雷德本大西洋月刊》。

I was just wondering if you could talk a bit about the longer-term sort of competitive environment in what has historically been a very stable core credit business for the credit bureaus. As your -- you and your peers are all developing new products and there's a greater capability of sort of, I guess, bundling additional services beyond just the traditional credit file into these revenue streams and for your customers.

我只是想知道您是否可以談談信用局歷來非常穩定的核心信貸業務中的長期競爭環境。當你和你的同行都在開發新產品時，我想，除了傳統的信用檔案之外，還有一種更大的能力將額外的服務捆綁到這些收入流中並為你的客戶服務。

And I was just wondering if you expect that to change the intensity of competition. Or anything like that in the long term and how you would be able to compete in that environment?

我只是想知道你是否期望這會改變競爭的強度。或者從長遠來看類似的事情以及您將如何在這種環境中競爭？

Yes. Thank you for the question. So look, my perspective is that each of the bureaus provide great data and analytics and serve their customers well and that there is a good competitive intensity and a lot of innovation. I mean if you look over the decade that I've been here, lots of innovation.

是的。謝謝你的提問。因此，我的觀點是，每個局都提供出色的數據和分析，並為客戶提供良好的服務，並且存在良好的競爭強度和大量創新。我的意思是，如果你回顧我在這裡的十年，你會發現很多創新。

Each of the three of us have differentiated value propositions. And I think you know what those are. I don't necessarily view this as zero-sum type competition. I view it as each of the bureaus expanding the range of services and the value they can add to clients to gain share of spending, to gain wallet share, if you will. And I think we'll each pursue our somewhat differentiated strategies to accomplish that.

我們三個人都有不同的價值主張。我想你知道那些是什麼。我不一定認為這是零和類型的競爭。我認為每個局都在擴大服務範圍和為客戶增加的價值，以獲得支出份額，獲得錢包份額（如果你願意的話）。我認為我們每個人都會採取不同的策略來實現這一目標。

But net-net, this is an expanding market. There's a lot of work that clients do internally that I think the bureaus are well positioned to take over and incorporate into their value propositions. And then I also think that it's just data and analytics is hugely important to lenders, insurers and the entire client base operating effectively.

但淨淨，這是一個不斷擴大的市場。客戶在內部做了很多工作，我認為各局有能力接管這些工作並將其納入他們的價值主張中。我還認為，數據和分析對於貸方、保險公司和整個客戶群的有效運作非常重要。

And so they're willing to pay premiums for quality data and insights that help them manage their broader P&Ls more effectively. So I think that's why it's a great business. There's a constant stream of innovation. We can prove the value that we add. And I think TransUnion is certainly well positioned to grow with and above the market across the geographies that we compete in.

因此，他們願意為高品質的數據和見解支付溢價，以幫助他們更有效地管理更廣泛的損益。所以我認為這就是為什麼它是一項偉大的業務。創新源源不絕。我們可以證明我們所增加的價值。我認為 TransUnion 無疑處於有利地位，能夠在我們參與競爭的地區與市場共同成長並超越市場。

Perfect. That brings us to the end of today's call. Thank you for your time, and have a great rest of the day. Thanks.

完美的。今天的電話會議到此結束。感謝您抽出寶貴的時間，祝您今天休息愉快。謝謝。

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。您現在可以斷開連線。