TransUnion (TRU) 2025 Q1 法說會逐字稿

Good morning and welcome to the TransUnion 2025 first quarter earnings conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 TransUnion 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我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. 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.

早安，感謝您今天的出席。參加電話會議的還有總裁兼執行長 Chris Cartwright 和執行副總裁兼財務長 Todd Cello。我們今天早上在 TransUnion 投資者關係網站上發布了與本次電話會議配套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 their corresponding reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

我們的收益報告和隨附的幻燈片包括各種時間表，其中包含有關收入、營運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 財務指標與其最直接可比的 GAAP 指標的相應對帳。

Today's call will be recorded and a replay will be available on our website. 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.

今天的電話會議將被錄音，重播將在我們的網站上提供。我們也將在本次電話會議中發表前瞻性聲明。這些聲明是基於目前的預期和假設，並受風險和不確定性的影響。

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.

由於今天的收益報告中討論的因素以及本次電話會議和我們最近的 10-K 表格、10-Q 表格以及向美國證券交易委員會提交的其他報告和文件中所發表的評論，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.

說完這些，讓我把麥克風交給克里斯。

Thanks, Greg. Let me add my welcome and share our agenda for the call this morning. First, I'll provide the highlights of our first quarter 2025 results and a brief overview of what we are experiencing across our markets. Second, I'll discuss progress toward our 2025 strategic priorities. Finally, Todd will detail our first quarter results and 2025 guidance.

謝謝，格雷格。請允許我表達我的歡迎並分享我們今天上午的會議議程。首先，我將介紹我們 2025 年第一季的業績亮點以及我們在各個市場所經歷的情況的簡要概述。第二，我將討論我們 2025 年策略重點的進展。最後，托德將詳細介紹我們的第一季業績和 2025 年指引。

We'll also offer perspective on how our diversified portfolio positions us to navigate current market uncertainty.

我們也將提供關於我們多元化投資組合如何幫助我們應對當前市場不確定性的觀點。

In the first quarter, TransUnion exceeded financial results on all key metrics. For our fifth straight quarter, we delivered high single-digit organic revenue growth and double-digit adjusted diluted EPS growth once again highlighting our ability to drive strong results in a subdued macro environment.

第一季度，TransUnion 所有關鍵指標的財務表現均超出預期。連續第五個季度，我們實現了高個位數的有機收入增長和兩位數的調整後稀釋每股收益增長，再次凸顯了我們在低迷的宏觀環境下推動強勁業績的能力。

Revenue grew 8% on an organic constant currency basis, above our 5% to 6% guidance, excluding mortgage, our growth of 6% also exceeded expectations. Our US market segment delivered 9% growth in the quarter.

以有機固定匯率計算，收入增長了 8%，高於我們 5% 至 6% 的預期，不包括抵押貸款，我們的 6% 的增長也超出了預期。我們的美國市場本季實現了 9% 的成長。

Within that, Financial Services grew 15% in total and growth, excluding mortgage accelerated to 9%. Across all lending types, we continue to outperform overall volume growth by driving new business wins across our solution suite. Consumer lending in auto both grew double digits and Cardon Banking grew mid-single digits.

其中，金融服務整體成長 15%，不包括抵押貸款的成長加速至 9%。在所有貸款類型中，我們透過我們的解決方案套件推動新業務的成功，並繼續超越整體貸款量的成長。汽車消費貸款均實現了兩位數成長，Cardon Banking 實現了中等個位數成長。

Activity from fintech lenders picked up, supported by improved funding and heightened consumer demand for debt consolidation products. Mortgage was up 27%, modestly above expectations due to favorable pricing and additional non tri-bureau mortgage revenue.

受融資改善和消費者對債務合併產品需求增加的推動，金融科技貸款機構的活動有所回升。由於優惠的定價和額外的非三局抵押貸款收入，抵押貸款增加了 27%，略高於預期。

Mortgage inquiries were down roughly 10%. Emerging verticals grew 6%, led by double-digit growth in insurance as well as improved growth across our diversified verticals. Tech, retail and e-commerce and telecommunications verticals accelerated to mid-single digits growth, benefiting from improved bookings and revenue performance in our marketing and communication solutions.

抵押貸款諮詢量下降了約 10%。新興垂直產業成長 6%，其中保險業實現兩位數成長，多元化垂直產業成長改善。由於我們的行銷和通訊解決方案的預訂量和收入表現的提高，科技、零售、電子商務和電信垂直行業加速實現了中等個位數成長。

Tenant and employment screening grew high single digits against healthy industry volumes as we lap the impact of our product recalibration due to revised regulations and increased new business wins.

由於我們克服了由於法規修訂和新業務增加而導致的產品重新校準的影響，租戶和就業篩選相對於健康的行業數量增長了高個位數。

Consumer Interactive declined 1% as anticipated as we continue to turn around this segment. We expect to complete the launch of our new freemium solution later this quarter. And International grew 6% on a constant currency basis.

隨著我們繼續扭轉這一細分市場的局面，消費者互動業務一如預期下降了 1%。我們預計將於本季稍後完成新免費增值解決方案的推出。以固定匯率計算，國際業務成長了 6%。

As expected, India grew 1% as we lapped robust activity in the prior year. We remain confident in reaccelerating our growth rate in India throughout 2025, supported by growth in our nonconsumer business, new business wins and increases in consumer lending activity.

正如預期，由於去年經濟活動強勁，印度經濟成長了 1%。我們仍然有信心在 2025 年重新加速我們在印度的成長率，這得益於我們非消費者業務的成長、新業務的成功以及消費者貸款活動的成長。

The Reserve Bank of India has continued its pro-growth actions recently with another interest rate cut in April and the reauthorization of lending by several important non-bank finance companies that were restricted in 2024.

印度儲備銀行近期繼續採取促進成長的行動，於4月再次降息，並重新授權幾家在2024年受到限制的重要非銀行金融公司的貸款。

We expect that lending conditions will further strengthen as the year progresses. The rest of our international markets grew high single digits, including the UK which delivered very strong 9% plus growth.

我們預計，隨著時間的推移，貸款條件將進一步加強。我們其餘的國際市場均實現了高個位數成長，其中英國實現了 9% 以上的強勁成長。

Our strong financial results supported progress against our refreshed capital allocation strategy. Our leverage ratio declined to 2.9 times, down from 3.5 times a year ago. We repurchased $10 million of shares in March and April, our first share repurchase since 2017.

我們強勁的財務表現支持了我們更新的資本配置策略的進展。我們的槓桿率從一年前的3.5倍下降至2.9倍。我們在 3 月和 4 月回購了價值 1000 萬美元的股票，這是我們自 2017 年以來首次回購股票。

We anticipate greater flexibility for capital deployment, including share repurchases as the year unfolds. We will balance capital deployment against our goal to delever below 2.5 times before funding the Mexico acquisition later this year.

我們預計，隨著時間的推移，資本配置（包括股票回購）將更加靈活。我們將平衡資本配置，以實現槓桿率低於 2.5 倍的目標，然後在今年稍後為墨西哥收購提供資金。

We achieved strong results despite subdued market conditions in the first quarter, overcoming elevated interest rates and softening business and consumer sentiment. Looking ahead, we are maintaining our organic growth guidance for the full year, balancing our strong start and conservative volume assumptions against ongoing market uncertainty.

儘管第一季市場環境低迷，我們克服了利率上升以及商業和消費者信心疲軟等因素，仍然取得了強勁的業績。展望未來，我們將維持全年有機成長指引，在強勁的開局和保守的銷售假設與持續的市場不確定性之間取得平衡。

As a reminder, the high end of our guidance in February assumed subdued yet stable lending volumes over the course of 2025, underpinned by healthy conditions for both consumers and our customers. The UN economy entered 2025 with low unemployment, modest real wage growth and manageable inflation.

提醒一下，我們 2 月給出的指引上限假設 2025 年全年的貸款量將保持低迷但穩定，這得益於消費者和客戶的健康狀況。聯合國經濟將在2025年實現低失業率、適度實質薪資成長和可控通膨。

Our customers are cautiously optimistic supported by stable consumer finances, low delinquencies, replenished deposits and improved access to the capital markets. In the first quarter, revenue and loan volumes tracked ahead of our expectations for US financial services. Volume trends remained consistent through the middle of April, our international portfolio, including India, continues to perform well as anticipated.

在穩定的消費金融、低拖欠率、補充存款和改善的資本市場准入的支持下，我們的客戶持謹慎樂觀的態度。第一季度，美國金融服務的收入和貸款金額超出了我們的預期。到四月中旬，交易量趨勢保持一致，包括印度在內的我們的國際投資組合繼續表現良好，正如預期的那樣。

A continuation of these trends would support results at or above the high end of our guidance. That said, recent proposals in the US around tariffs, trade and fiscal policy have added risk around the trajectory of employment, inflation, interest rates and global economic growth.

這些趨勢的延續將支持業績達到或超越我們的預期高端。話雖如此，美國最近提出的有關關稅、貿易和財政政策的提議增加了就業、通膨、利率和全球經濟成長軌蹟的風險。

The 10-year US treasury rate has fluctuated over the last two months and remains elevated, although below its mid-January peak. The Fed is maintaining a cautious approach of monetary policy opting to wait for more clarity on potential impacts of policy. We are actively monitoring market dynamics and the impact of policy changes on consumers and our customers.

過去兩個月，美國10年期公債利率波動較大，但仍處於高位，但低於1月中旬的峰值。聯準會維持謹慎的貨幣政策方針，選擇等待政策潛在影響的進一步明朗化。我們正在積極監測市場動態以及政策變化對消費者和客戶的影響。

Now Todd will provide additional details on our guidance assumptions, our portfolio dynamics and how we plan to manage the business if conditions soften. I'll spend the rest of my time this morning detailing our recent progress on the three pillars of our transformation, enhancing our global operating model, completing our technology modernization and accelerating innovation across our solutions portfolio.

現在，托德將提供有關我們的指導假設、我們的投資組合動態以及如果情況惡化我們計劃如何管理業務的更多細節。今天上午，我將利用剩餘的時間詳細介紹我們在轉型三大支柱方面取得的最新進展，即增強我們的全球營運模式、完成我們的技術現代化以及加速我們的解決方案組合的創新。

We continue to refine and enhance our global operating model to standardize how we operate and build scale across the organization. In 2025, we plan to further develop our best-in-class global capability centers and improve collaboration across our functional matrix to accelerate solutions innovation. A world-class global operating model requires strong leaders, and we made key additions in the quarter.

我們將繼續完善和增強我們的全球營運模式，以標準化我們的營運方式並在整個組織內擴大規模。2025年，我們計劃進一步發展我們一流的全球能力中心，並改善整個職能矩陣的協作，以加速解決方案創新。世界一流的全球營運模式需要強而有力的領導者，我們在本季做出了重要補充。

Tiffany Chambers is our new Chief Operations Officer. She joins us from Bank of America, where she most recently served as Chief Operating Officer of its retail banking division. Prior to that, she served as Chief Operating Officer for the Bank's Global Banking and Markets, risk, finance and infrastructure technology team.

蒂芙尼·錢伯斯 (Tiffany Chambers) 是我們新任的營運長。她來自美國銀行，最近擔任該銀行零售銀行部門的首席營運長。在此之前，她曾擔任該銀行全球銀行和市場、風險、財務和基礎設施技術團隊的首席營運長。

At TransUnion, Tiffany will focus on delivering premium experiences for consumers and customers, overseeing activities, including consumer relations, customer delivery and relationship management to use global capability centers and our procurement and real estate. Mohamed Abdelsadek has also assumed the role of Chief Global Solutions Officer.

在 TransUnion，蒂芙尼將專注於為消費者和客戶提供優質體驗，監督包括消費者關係、客戶交付和關係管理在內的活動，以利用全球能力中心以及我們的採購和房地產。穆罕默德·阿卜杜勒薩迪克 (Mohamed Abdelsadek) 也擔任首席全球解決方案長。

He joins us from Mastercard, where he held several executive roles and serve on the company's management committee. In his last position, Mohamed was responsible for the Business and Markets Insight Group, where he developed and commercialized products that grew into a multibillion-dollar operation. The group delivered data insights and analytics solutions across over 100 countries using Mastercard and customer data.

在加入我們之前，他曾在萬事達卡擔任多個高階主管職務，並在該公司的管理委員會任職。在他的最後一個職位上，穆罕默德負責商業和市場洞察集團，在那裡他開發和商業化了產品，這些產品發展成為價值數十億美元的業務。該集團利用萬事達卡和客戶數據為 100 多個國家提供數據洞察和分析解決方案。

He was also responsible for the global consulting business that provided advisory services to financial institutions and retail and commerce organization. Mohamed's focus will be to advance innovation across TransUnion's global product portfolio.

他也負責全球諮詢業務，為金融機構、零售和商業組織提供諮詢服務。穆罕默德的重點是推動 TransUnion 全球產品組合的創新。

Now Tiffany, Mohamed to represent the high quality of talent that we're attracting as we scale our business to drive greater innovation and service to our customers and consumers.

現在，蒂芙尼和穆罕默德代表了我們在擴大業務規模、為客戶和消費者提供更大創新和服務的過程中所吸引的高素質人才。

Our operating model optimization complements the next pillar of our transformation, which is modernizing our technology into a global configurable cloud-based platform. We delivered on key milestones in the first quarter to migrate US credit customers to OneTru. We are initially focused on dual running over 90 US credit customers on OneTru and our legacy platforms simultaneously.

我們的營運模式優化補充了我們轉型的下一個支柱，即將我們的技術現代化為全球可配置的基於雲端的平台。我們在第一季實現了關鍵里程碑，將美國信貸客戶遷移到 OneTru。我們最初專注於在 OneTru 和我們的傳統平台上同時為 90 多個美國信貸客戶提供雙重服務。

The OneTru platform is managing well the scale and complexity of these many challenging workloads, and we planned additional rollouts in the coming months. We are achieving notable performance and innovation improvements on the new platform, including over 50% faster processing speeds, enhanced cybersecurity and compliance and rapid development and deployment of new scores and attributes.

OneTru 平台可以很好地管理這些具有挑戰性的工作負載的規模和複雜性，我們計劃在未來幾個月內推出更多此類平台。我們在新平台上實現了顯著的效能和創新改進，包括處理速度提高 50% 以上、網路安全和合規性增強以及新分數和屬性的快速開發和部署。

This quarter, we launched a proprietary AI-powered tool for our developers called OneTru Assist. OneTru Assist leverages advanced language models to help our developers auto-generate repetitive code, convert code between languages and identify and remediate security vulnerabilities.

本季度，我們為開發人員推出了一款名為 OneTru Assist 的專有人工智慧工具。OneTru Assist 利用先進的語言模型來幫助我們的開發人員自動產生重複程式碼、在語言之間轉換程式碼以及識別和修復安全漏洞。

OneTru Assist can be used across the OneTru software development life cycle, and we're already seeing a 20% to 50% lift in our developers productivity from leveraging the tool. We expect to expand our adoption and use cases of this tool throughout the year.

OneTru Assist 可用於整個 OneTru 軟體開發生命週期，透過利用該工具，我們已經看到開發人員的工作效率提高了 20% 到 50%。我們希望全年擴大該工具的採用和使用案例。

And finally, we began mobilizing our teams internationally for the migration of Canada, UK and the Philippines to OneTru in 2026. We will begin key capability development over the course of this year. In our final transformation pillar, is accelerating innovation and growth across our solutions. We continue to make strong progress across our product suites.

最後，我們開始調動國際團隊，以便在 2026 年將加拿大、英國和菲律賓遷移到 OneTru。我們將在今年開始關鍵能力開發。我們最後的轉型支柱是加速我們解決方案的創新和成長。我們的產品套件繼續取得長足進步。

In February, we discussed the reinvigoration of our Consumer Interactive business. Throughout the quarter, we performed initial testing and consumer migrations to our new freemium offering in the US, positioning us for a full rollout by the end of the second quarter.

二月份，我們討論了重振消費者互動業務的事宜。整個季度，我們在美國對我們的新免費增值產品進行了初步測試和消費者遷移，為在第二季度末全面推出產品做好準備。

We also completed the acquisition of Monevo on April 1. And Monevo's centralized decisioning infrastructure enables lenders and banks to deliver highly personalized credit offers to consumers through freemium websites and other online publishers. We're already adding new publishers and top-tier lenders to the platform to complete a robust marketplace.

我們也於 4 月 1 日完成了對 Monevo 的收購。Monevo 的集中決策基礎設施使貸方和銀行能夠透過免費增值網站和其他線上出版商向消費者提供高度個人化的信貸服務。我們已經在平台上新增了新的出版商和頂級貸款機構，以完善一個強大的市場。

And we experienced strong demand for our true IQ analytics suite including a sizable pipeline and increasing revenue realization for data enrichment. We also continue to build out functionality for our end-to-end credit marketing suite that we call Advanced acquisition. We launched Credit Strategy Studios beta program with multiple customers and with many more in the pipeline.

我們對真正的 IQ 分析套件的需求非常強烈，其中包括龐大的管道和不斷增加的數據豐富收入實現。我們也將繼續擴展我們稱之為「高級收購」的端到端信用行銷套件的功能。我們與多個客戶一起推出了 Credit Strategy Studios 測試版計劃，並且還有更多計劃正在籌備中。

In fraud, we onboarded new customers OneTru Validate integrated solutions with increasing customer interest. We also launched our new global device risk machine learning model, which delivers a material lift in predictiveness for account origination and some account management and log in use cases.

在詐騙方面，我們為新客戶提供了 OneTru Validate 整合解決方案，並持續提高客戶的興趣。我們也推出了新的全球設備風險機器學習模型，該模型對帳戶發起以及一些帳戶管理和登入用例的預測能力有顯著提升。

Marketing also delivered a solid first quarter with strong bookings as well as strong retention rates during the key renewal season for many of our true audience customers. And Trusted Call Solutions had another strong quarter of broad-based growth across the verticals. We remain on track to deliver $150 million of TCS revenue in 2025 up from $115 million in '24.

行銷部門在第一季也取得了穩健的成績，在關鍵的續約季節，我們許多真正的觀眾客戶都擁有強勁的預訂量和高留存率。Trusted Call Solutions 又一個季度實現了各垂直領域廣泛而強勁的成長。我們仍有望在 2025 年實現 1.5 億美元的 TCS 收入，高於 2024 年的 1.15 億美元。

And now Todd will provide further details on our first quarter financial results and our full year '25 outlook. Todd?

現在，托德將提供有關我們第一季財務業績和 25 年全年展望的更多詳細資訊。托德？

Thanks, Chris, and let me add my welcome to everyone. As Chris mentioned, in the first quarter, we exceeded our guidance across all key financial metrics, driven by outperformance, particularly in US financial services and emerging verticals. First quarter consolidated revenue increased 7% on a reported and 8% on an organic constant currency basis. There was no impact from acquisitions and a 1% headwind from foreign currency.

謝謝，克里斯，請允許我向大家表示歡迎。正如克里斯所提到的，在第一季度，我們所有關鍵財務指標都超出預期，這得益於優異的表現，尤其是在美國金融服務和新興垂直領域。第一季綜合營收以報告數字計算成長 7%，以有機固定匯率計算成長 8%。收購未產生影響，外匯阻力為 1%。

Our business grew 6% on an organic constant currency basis, excluding mortgage from both the first quarter of 2024 and 2025. Adjusted EBITDA increased 11% on a reported and 12% on a constant currency basis. Our adjusted EBITDA margin was 36.2%, up 115 basis points and above the high end of our expectations due primarily to revenue flow-through, annualization of transformation savings and timing of certain investments.

2024 年第一季和 2025 年第一季度，我們的業務以有機固定匯率計算成長了 6%，不包括抵押貸款。調整後的 EBITDA 按報告數字計算增加了 11%，以固定匯率計算增加了 12%。我們的調整後 EBITDA 利潤率為 36.2%，上漲 115 個基點，高於我們預期的高端，這主要歸功於收入流動、轉型儲蓄的年化以及某些投資的時機。

Adjusted diluted earnings per share was $1.05, an increase of 15%. Finally, in the first quarter, we took $30 million of onetime charges related to our transformation program, $10 million for operating model optimization and $20 million for technology transformation.

調整後每股攤薄收益為 1.05 美元，成長 15%。最後，在第一季度，我們花了3000萬美元用於轉型計劃的一次性費用，1000萬美元用於營運模式優化，2000萬美元用於技術轉型。

To date, we have incurred $287 million of onetime transformation expenses over the course of the program. Looking at segment financial performance for the first quarter, US markets revenue was up 9% compared to the year ago quarter. Adjusted EBITDA margin was 37.4% and or up 120 basis points, driven by revenue growth and transformation savings. Financial Services revenue grew 15% or 9% excluding mortgage.

到目前為止，我們在該計劃實施過程中已經產生了 2.87 億美元的一次性轉型費用。從第一季的分部財務表現來看，美國市場收入較去年同期成長了 9%。調整後的 EBITDA 利潤率為 37.4%，上漲 120 個基點，這得益於收入成長和轉型節省。金融服務收入成長 15%，不包括抵押貸款則成長 9%。

Our credit card and banking business was up 5% against tempered online and batch volumes. We saw healthy new business wins for trusted call solutions and the broader True IQ analytics suite. Consumer lending revenue grew 11%.

我們的信用卡和銀行業務在線上和批量交易量下降的情況下增長了 5%。我們看到可信賴呼叫解決方案和更廣泛的 True IQ 分析套件獲得了健康的新業務成功。消費貸款收入成長11%。

We experienced strong marketing and online volumes as fintech lenders continued to reenter the market. We also delivered new fraud wins as we expand our solution suite to this customer set our auto business grew 14% volumes were flattish year-over-year in January and February, but picked up in March, likely due to a pull forward of demand ahead of tariffs.

隨著金融科技貸款機構不斷重新進入市場，我們的行銷和線上業務量均呈現強勁成長。隨著我們將解決方案套件擴展到該客戶群，我們也取得了新的反詐騙勝利，我們的汽車業務成長了 14%，1 月和 2 月的銷量與去年同期持平，但 3 月有所回升，這可能是由於關稅前需求的提前。

In total, auto volumes in the first quarter were up modestly with growth driven by price realization as well as new wins in credit and communication solutions. For mortgage, revenue grew 27% compared to inquiry volumes down roughly 10%. Mortgage accounts for about 11% of TransUnion's trailing 12-month revenue. Emerging verticals growth accelerated to 6% in the quarter, led again by double-digit growth in insurance.

整體而言，第一季汽車銷售量小幅成長，成長主要得益於價格實現以及信貸和通訊解決方案的新勝利。對於抵押貸款而言，收入增加了 27%，而諮詢量則下降了約 10%。抵押貸款約佔 TransUnion 過去 12 個月收入的 11%。本季度，新興垂直產業成長加速至 6%，其中保險業再次實現兩位數成長。

Tech retail and e-commerce, telco, tenant and employment all improved and delivered mid-single-digit or higher growth and media grew low single digit. Public sector declined modestly as the business laps strong double-digit growth in the first half of last year. In insurance, strong growth was supported by stable market conditions.

科技零售和電子商務、電信、租戶和就業均有所改善，並實現了中等個位數或更高的成長，而媒體則實現了低個位數的成長。公共部門業務在去年上半年實現了強勁的兩位數成長，但略有下滑。保險業的強勁成長得益於穩定的市場環境。

These segments of the insurance market are expanding new business activity and posting solid results with marketing activity continuing to recover as rate adequacy improves, especially in personal lines auto Insurance shopping remains active.

保險市場的這些領域正在擴大新的業務活動，並取得了穩健的業績，隨著費率充足性的提高，行銷活動繼續復甦，尤其是個人險種的汽車保險購物依然活躍。

We continue to deliver broad-based new business wins, including in core credit and driving history as well as trusted call solutions and our modern marketing products.

我們繼續取得廣泛的新業務勝利，包括核心信貸和駕駛歷史以及可信賴的呼叫解決方案和我們的現代行銷產品。

Turning to Consumer Interactive. Revenue decreased 1%. As Chris noted, we made substantial progress towards launching our freemium offering later this quarter. We believe a key step in returning Consumer Interactive to sustainable growth over the long term. For my comments about International, all revenue growth comparisons will be in constant currency.

轉向消費者互動。收入減少1%。正如克里斯所指出的，我們在本季稍後推出免費增值服務方面取得了實質進展。我們相信，這是消費者互動恢復長期可持續成長的關鍵一步。對於我對國際的評論，所有收入成長比較都將以固定貨幣計算。

For the total segment, revenue grew 6%. Adjusted EBITDA margin was 45.3%, up 10 basis points. Now let's dig into the specifics for each region. India grew 1% as anticipated as we lapped last year's robust activity. Commercial credit and new products like our API marketplace drove growth, offsetting declines in consumer credit volumes.

就整個部門而言，收入增長了 6%。調整後的 EBITDA 利潤率為 45.3%，上升 10 個基點。現在讓我們深入了解每個地區的具體情況。印度經濟延續去年強勁成長勢頭，如預期成長了 1%。商業信貸和我們的 API 市場等新產品推動了成長，抵消了消費信貸量的下降。

We expect India growth to improve in the second quarter with further acceleration in the second half of the year, supporting our guidance for 10% growth for the full year. Our UK business performed better than expected, growing 9%. We benefited from strong batch and online activity from our largest banking customers, continued improvement from fintechs and new business wins across our diversified markets. In Canada, we grew 7% in a muted market driven by wins in financial services and consumer indirect as well as healthy insurance activity.

我們預計印度經濟成長將在第二季改善，並在下半年進一步加速，支持我們對全年成長 10% 的預期。我們的英國業務表現優於預期，成長了 9%。我們受益於最大銀行客戶的強勁批量和線上活動、金融科技的持續改進以及多元化市場的新業務勝利。在加拿大，由於金融服務和消費者間接業務以及健康的保險業務的成功，我們在低迷的市場中實現了 7% 的成長。

In Latin America, revenue also grew 7% with modest growth in Colombia and Brazil and double-digit growth in our other Latin American countries. In Asia Pacific, we grew 8% led by strength in the Philippines. In the second quarter, we expect modestly negative growth in Asia Pacific as we lap onetime consulting revenue in the prior year. Finally, Africa increased 10% with broad-based growth led by our retail and insurance verticals.

在拉丁美洲，收入也成長了 7%，其中哥倫比亞和巴西實現了小幅成長，其他拉丁美洲國家則實現了兩位數成長。在亞太地區，我們因菲律賓的強勁成長而實現了 8% 的成長。由於去年一次性諮詢收入已超過預期，我們預計第二季亞太地區將出現小幅負成長。最後，非洲成長了 10%，其中零售和保險垂直產業帶動了廣泛成長。

Turning to the balance sheet. We ended the quarter with $5.1 billion of debt and $610 million of cash. Our leverage ratio at quarter end was 2.9 times. Through mid-April, we repurchased $10 million of shares, our first share repurchases since 2017. Consistent with our refreshed capital allocation approach, we will take a balanced approach to deploying capital over the remainder of the year.

轉向資產負債表。本季結束時，我們的債務為 51 億美元，現金為 6.1 億美元。我們季末的槓桿率為 2.9 倍。截至 4 月中旬，我們回購了價值 1,000 萬美元的股票，這是我們自 2017 年以來首次回購股票。與我們更新的資本配置方法一致，我們將在今年剩餘時間內採取平衡的方式來部署資本。

We remain focused on delevering to under 2.5 times. We plan to balance debt prepayment and share repurchases throughout the year based on market conditions. We also plan to preserve capital ahead of our TransUnion de Mexico acquisition, which we expect will close later this year.

我們仍致力於將槓桿率降至 2.5 倍以下。我們計劃根據市場情況全年平衡債務預付和股票回購。我們還計劃在收購 TransUnion de Mexico 之前保留資本，預計該收購將於今年稍後完成。

Turning to guidance. As Chris mentioned, we are maintaining our organic growth assumptions for the year. The only change to guidance from February is the incorporation of the acquisition of Monevo. Based on the trajectory in the first quarter and early April, our financial performance is tracking at or above the high end of our full year guidance. In that regard, we believe we can manage some level of US

轉向指導。正如克里斯所提到的，我們維持今年的有機成長假設。自二月以來，指導意見的唯一變化是納入了對 Monevo 的收購。根據第一季和四月初的發展軌跡，我們的財務表現達到或超過了全年預期的高點。在這方面，我們相信我們可以管理一定程度的美國

lending activity softening within our guidance range. Conditions clearly remain fluid, and we will monitor and update as appropriate. That brings us to our outlook for the second quarter. We expect FX to be a 1% headwind to revenue and adjusted EBITDA. We expect our Monevo acquisition to add a percent to revenue.

貸款活動疲軟在我們的指導範圍內。情況顯然仍在不斷變化，我們將進行監測並適時更新。這就引出了我們對第二季的展望。我們預計外匯將對收入和調整後 EBITDA 造成 1% 的阻力。我們預計收購 Monevo 將使收入增加百分之幾。

Based on Monevo's geographic mix, its revenue will be reported mostly in our UK business with a portion also in Consumer Interactive. We expect revenue to be between $1.076 billion and $1.095 billion or up 3% to 5% on an organic constant currency basis. Our revenue guidance includes approximately 2 points of tailwind from mortgage. In the second quarter, we expect mortgage inquiries to decline mid-single digits.

根據 Monevo 的地理分佈，其收入主要來自英國業務，也有一部分來自消費者互動業務。我們預計營收將在 10.76 億美元至 10.95 億美元之間，以有機固定匯率計算成長 3% 至 5%。我們的收入預期包括來自抵押貸款的約 2 個點的順風。在第二季度，我們預計抵押貸款諮詢量將下降中等個位數。

Excluding mortgage, we expect the business to grow 1% to 3% on an organic constant currency basis. We expect adjusted EBITDA to be between $375 million and $386 million, flat to up 3%. We expect adjusted EBITDA margin of 34.8% to 35.3%, down 90 to 130 basis points as certain expenses shifted from the first to the second quarter. Our margin for the first half of the year is expected to be approaching 36%, similar to our expectation for the full year. We also expect our adjusted diluted earnings per share to be between $0.95 and $0.99, down 4% to flat.

除抵押貸款外，我們預計業務將以有機固定匯率計算成長 1% 至 3%。我們預計調整後的 EBITDA 將在 3.75 億美元至 3.86 億美元之間，持平或成長 3%。我們預計調整後的 EBITDA 利潤率為 34.8% 至 35.3%，下降 90 至 130 個基點，因為某些費用從第一季轉移到第二季。我們預計上半年的利潤率將接近36%，與全年的預期相似。我們也預計調整後的每股攤薄收益將在 0.95 美元至 0.99 美元之間，下降 4% 至持平。

Turning to the full year. We anticipate FX to be a 1% headwind to revenue and adjusted EBITDA and the Monevo acquisition to contribute 0.5% to revenue. We expect revenue to come in between $4.358 billion and $4.417 billion.

展望全年。我們預計外匯將對收入和調整後 EBITDA 造成 1% 的阻力，而 Monevo 收購將對收入貢獻 0.5%。我們預計營收將在 43.58 億美元至 44.17 億美元之間。

We continue to expect organic constant currency revenue growth of 4.5% to 6% or 2.5% to 4%, excluding mortgage. These growth rates include 1% headwind from lapping against last year's large breach win, which occurred in last year's third quarter.

我們繼續預期有機固定貨幣收入成長率為 4.5% 至 6%，或 2.5% 至 4%，不包括抵押貸款。這些成長率包括了與去年第三季發生的大規模違規行為相抵觸的 1% 的逆風。

Our business segment organic constant currency growth guidance is also unchanged. We expect US markets to grow mid-single digit or up low single digit, excluding mortgage. We anticipate Financial Services to be up low double digit or mid-single digit, excluding mortgage. We expect mortgage revenue to increase about 20% against modest declines in mortgage inquiries.

我們的業務部門有機固定匯率成長指引也維持不變。我們預計美國市場（不包括抵押貸款）將實現中等個位數成長或低個位數成長。我們預計金融服務（不包括抵押貸款）將實現低兩位數成長或中等個位數成長。我們預計抵押貸款收入將成長約 20%，而抵押貸款諮詢量將小幅下降。

We expect emerging verticals to be up mid-single digit. We anticipate Consumer Interactive decreasing low single digit, but increasing low single digit when excluding the impact of last year's large breach win. We anticipate international growing high single digit.

我們預計新興垂直產業將實現中等個位數成長。我們預期消費者互動業務的營收將下降低個位數，但如果排除去年大規模違約勝利的影響，營收將成長低個位數。我們預計國際成長率將達到個位數。

Turning back to total company outlook. We expect adjusted EBITDA to be between $1.549 billion and $1.59 billion, up 3% to 6%, unchanged from February. That would result in adjusted EBITDA margin of 35.6% to 36.0%, down 40 basis points to flat.

回顧整個公司的前景。我們預計調整後的 EBITDA 將在 15.49 億美元至 15.9 億美元之間，成長 3% 至 6%，與 2 月持平。這將導致調整後的 EBITDA 利潤率從 35.6% 降至 36.0%，下降 40 個基點至持平。

We expect limited adjusted EBITDA from Monevo in 2025 due to onetime integration investment in the business, resulting in a 20 basis point drag to full year margins. We expect Monevo to scale to company-level margins over time.

由於對業務進行一次性整合投資，我們預計 2025 年 Monevo 的調整後 EBITDA 將有限，導致全年利潤率下降 20 個基點。我們預計 Monevo 的利潤率將隨著時間的推移擴大到公司層級。

We anticipate adjusted diluted earnings per share to be $3.93 to $4.08, flat to up 4%. Depreciation and amortization is expected to be approximately $570 million. We expect the portion excluding step-up amortization from our 2012 change in control and subsequent acquisitions to be about $285 million as technology modernization initiatives go into production and start to depreciate.

我們預計調整後每股攤薄收益為 3.93 美元至 4.08 美元，持平至成長 4%。預計折舊和攤提約 5.7 億美元。隨著技術現代化計劃投入生產並開始貶值，我們預計 2012 年控制權變更和後續收購中不包括逐步攤銷的部分約為 2.85 億美元。

We anticipate net interest expense will be about $195 million for the full year, and we expect our adjusted tax rate to be approximately 26.5%. Capital expenditures are expected to be about 8% of revenue.

我們預計全年淨利息支出約為 1.95 億美元，預計調整後的稅率約為 26.5%。預計資本支出約佔收入的8%。

We expect to incur $100 million to $120 million in onetime charges in 2025 related to the last year of our transformation program. Given those investments, we continue to expect our free cash flow conversion as a percentage of adjusted net income to be roughly 70% in 2025.

我們預計，2025 年將產生與轉型計畫最後一年相關的 1 億至 1.2 億美元的一次性費用。鑑於這些投資，我們仍然預計到 2025 年，自由現金流轉換佔調整後淨收入的百分比將達到約 70%。

Before turning it back to Chris, I want to provide perspective on our portfolio resiliency and our ability to navigate a changing economic environment. Over the last decade, TransUnion has grown revenue organically at high single-digit compounded growth -- annual growth rate and adjusted diluted earnings per share at a double-digit CAGR.

在把話題轉回克里斯之前，我想先談談我們的投資組合彈性以及我們應對不斷變化的經濟環境的能力。在過去十年中，TransUnion 的收入以高個位數複合成長率（年增長率）實現有機成長，調整後每股攤薄收益以兩位數複合年增長率成長。

We delivered growth in each of the last five years despite periods of significant headwinds in key end markets. We grew 3% during COVID-impacted 2020 and 3% in 2022 and 2023 despite sharp increases in interest rates and broad-based slowdown in US lending volumes.

儘管主要終端市場遭遇巨大阻力，但過去五年我們每年都實現了成長。儘管利率大幅上升且美國貸款量普遍放緩，但我們在受新冠疫情影響的 2020 年仍實現了 3% 的增長，在 2022 年和 2023 年也實現了 3% 的增長。

This track record of growth is underpinned by our diversified and growthful portfolios across solutions, verticals and geographies. For example, US Financial Services now accounts for 1/3 of total revenue compared to 60% in 2007.

這一成長記錄得益於我們跨解決方案、垂直產業和地理的多元化和成長型產品組合。例如，美國金融服務目前佔總收入的 1/3，而 2007 年則為 60%。

We believe our business is stronger than ever in terms of the breadth of solutions and expertise that we can deliver to help customers navigate a dynamic market environment. Our ongoing transformation fortifies these strengths, enhancing our innovation and quality of service while delivering efficiencies across our business Slide 15 provides a breakdown of our US financial services revenue by lending category.

我們相信，就我們所能提供的解決方案和專業知識的廣度而言，我們的業務比以往任何時候都更加強大，可以幫助客戶應對動態的市場環境。我們正在進行的轉型鞏固了這些優勢，提高了我們的創新和服務質量，同時提高了整個業務的效率。幻燈片 15 按貸款類別細分了我們的美國金融服務收入。

We believe our portfolio is broadly representative of the overall consumer lending ecosystem. Through mid-April, trends remained consistent with prior year and our guidance. That said, we are keenly aware of broader business and consumer uncertainty in the current environment.

我們相信我們的投資組合廣泛代表了整個消費借貸生態系統。截至四月中旬，趨勢與去年同期和我們的指導保持一致。話雖如此，我們敏銳地意識到當前環境下更廣泛的商業和消費者不確定性。

We plan to actively monitor risks and market dynamics. Taking a step back, I want to provide a couple of considerations for our US financial services business. As we discussed in February, current volumes are already at subdued below trend levels. Mortgage volumes are historically low at 50% below 2022 levels, while other lending types are also below robust 2022 levels.

我們計劃積極監控風險和市場動態。退一步來說，我想針對我們的美國金融服務業務提供幾點考量。正如我們在二月所討論的那樣，當前的交易量已經低於趨勢水平。抵押貸款量處於歷史低位，比 2022 年的水平低 50%，而其他類型的貸款也低於 2022 年的強勁水平。

Additionally, consumer consumption is not the only driver of credit activity. If slowing economic growth leads to lower interest rates, refinancing opportunities would increase, most notably in mortgage. Higher refinancing activity drove US Financial Services growth in 2020. For context, there are 7 million mortgages in the US with interest rates above 6%, which compares to $5 million total mortgage originations in 2024. That said, the current refinancing opportunity is limited with mortgage rates still in the high 6% range.

此外，消費者消費並不是信貸活動的唯一動力。如果經濟成長放緩導致利率下降，再融資機會就會增加，尤其是抵押貸款。2020 年，再融資活動的增加推動了美國金融服務業的成長。具體來說，美國有 700 萬筆抵押貸款的利率超過 6%，而 2024 年的抵押貸款總額為 500 萬美元。儘管如此，目前的再融資機會有限，抵押貸款利率仍處於 6% 的高點。

Another lending type that we would expect to see good demand in a slowing economy is our consumer lending and fintech business, whether for loans to consolidate higher cost debt or for loans to manage near term financing needs.

我們預期在經濟放緩的情況下，另一種需求旺盛的貸款類型是我們的消費貸款和金融科技業務，無論是用於整合高成本債務的貸款，還是用於管理短期融資需求的貸款。

Finally, we have significantly broadened our solutions suite to US Financial Services in recent years, and not all of our revenues generated from online or batch marketing credit volumes. Portfolio review and analytics enablement solutions account for a little under 10% of financial services revenue and demand is likely to be more resilient during peaks of market stress. Noncredit solutions, including fraud and communications, account for an additional 20%.

最後，近年來，我們已將解決方案套件大幅擴展到美國金融服務領域，但並非所有收入都來自線上或大量行銷信貸量。投資組合審查和分析支援解決方案佔金融服務收入的略低於 10%，並且在市場壓力高峰期需求可能更具彈性。非信用解決方案（包括詐欺和通訊）佔另外 20%。

Most of this revenue is within our nonmortgage lines of the business. The remaining 2/3 of our portfolio is diversified across solutions, verticals and geographies. In emerging verticals, our largest vertical insurance is highly relevant in all economic scenarios and remains on a strong trajectory.

大部分收入來自我們的非抵押貸款業務。我們投資組合的剩餘 2/3 分散於解決方案、垂直產業和地理。在新興垂直領域，我們最大的垂直保險與所有經濟情景都高度相關，並且保持強勁發展勢頭。

The rest of emerging verticals consist of a broad range of solutions serving a diversified set of customers. Fraud and communication solutions are largely acyclical.

其餘新興垂直產業包括為多樣化客戶提供的廣泛解決方案。詐欺和溝通解決方案在很大程度上是非週期性的。

Marketing Solutions performed well even in 2020 due to its strong relationship with customers and 70% subscription revenue base. In Consumer Interactive, our offering is highly relevant in periods of economic stress, and we will be well positioned going forward with our freemium offering.

由於與客戶關係密切且訂閱收入佔 70%，行銷解決方案即使在 2020 年也表現良好。在消費者互動領域，我們提供的產品與經濟困難時期息息相關，我們將憑藉免費增值服務在未來佔據有利地位。

Additionally, ID protection is by nature a long-term engagement and our breach solutions are episodic, but acyclical. Our international business tilts credit-oriented but is also diversified and indexed to faster-growing economies. We have a track record of outperforming our underlying markets growing double digits every year over the last decade, except for 2020.

此外，身分保護本質上是一項長期工作，我們的違規解決方案是偶發性的，但不具有週期性。我們的國際業務以信貸為導向，但也呈現多元化，並與快速成長的經濟體掛鉤。過去十年，除 2020 年外，我們每年都以兩位數的成長超越基礎市場。

TransUnion has a seasoned management team with experience operating through economic cycles. We plan to prudently manage costs based on market conditions. We remain committed to completing the final phase of our business transformation, which will continue to generate value through structural cost savings and accelerated innovation.

TransUnion 擁有經驗豐富的管理團隊，並具有在整個經濟週期中運作的經驗。我們計劃根據市場情況審慎管理成本。我們仍然致力於完成業務轉型的最後階段，這將透過結構性成本節約和加速創新繼續創造價值。

The last several years of investment have started to bear fruit and our 2025 investments ensure that we harvest the benefit of that hard work. These benefits include the continuing scaling and enhancement of our global capability center network, which currently has over 5,000 employees.

過去幾年的投資已開始取得成果，而我們 2025 年的投資確保我們收穫辛勤工作的成果。這些好處包括不斷擴大和增強我們的全球能力中心網絡，目前該網絡擁有超過 5,000 名員工。

Our global operating model with increased centralization and standardization of work enables us to manage costs more dynamically as conditions evolve. Should we see signs of deteriorating lending volumes or pressures on business and consumer activity, we have a plan ready to offset some of the potential near-term earnings pressure with cost mitigation actions. Initial scope for potential reductions would be managing hiring levels, third-party spend and travel and entertainment. In addition, we'll analyze the prioritization and timing of growth investments based on environmental conditions. We're not yet actioning these initiatives given still healthy activity.

我們的全球營運模式提高了工作的集中化和標準化，使我們能夠隨著情況的變化而更動態地管理成本。如果我們看到貸款量惡化的跡像或商業和消費者活動面臨壓力，我們已經準備好計劃，透過降低成本的行動來抵消一些潛在的短期獲利壓力。初步可能削減的領域是管理招募水準、第三方支出以及差旅和娛樂。此外，我們將根據環境條件分析成長投資的優先順序和時機。鑑於活動仍然健康，我們尚未採取這些措施。

With that, I will now turn the call back to Chris for final comments.

說完這些，我現在將電話轉回給克里斯，請他發表最後的評論。

Thanks, Todd. As we laid out, we're well positioned and prepared to navigate this period of economic uncertainty. At the same time, I remain highly confident in the long-term growth opportunity in front of us and our ability to execute against it.

謝謝，托德。正如我們所闡述的，我們已做好準備，做好渡過這段經濟不確定時期的準備。同時，我對我們面臨的長期成長機會以及我們實現這一機會的能力仍然充滿信心。

We're competing in attractive markets, and our transformation positions us for a new generation of growth. From a market perspective, the secular trends that have underpinned the last decade of growth remain intact.

我們正在極具吸引力的市場中競爭，我們的轉型為我們帶來了新一代的成長。從市場角度來看，支撐過去十年成長的長期趨勢仍然完好。

Our core US credit market is mature and growthful. We continue to experience increasing customer demand for alternative data and advanced analytics to strengthen credit assessment and engage with consumers.

我們的核心美國信貸市場已經成熟並且正在成長。我們持續感受到客戶對替代數據和進階分析的需求不斷增長，以加強信用評估並與消費者互動。

While credit volumes can be cyclical, we expect volumes to grow over the long term, particularly in areas like mortgage that are well below historical trends. From our core in credit, we have thoughtfully expanded into attractive solutions areas and verticals.

雖然信貸量具有週期性，但我們預計其長期成長趨勢將會持續，尤其是在抵押貸款等領域，其成長速度遠低於歷史趨勢。我們從信貸核心出發，經過深思熟慮，擴展到有吸引力的解決方案領域和垂直領域。

We see momentum and a right to win in the multibillion dollar and highly complementary fraud, marketing and communications markets. We plan to deepen our customer relationships across our verticals with these highly relevant solutions.

我們看到了在價值數十億美元且高度互補的詐欺、行銷和通訊市場中獲勝的勢頭和權利。我們計劃利用這些高度相關的解決方案加深我們各個垂直領域的客戶關係。

And we also have a best-in-class international business, indexed to geographies with large populations and emerging credit penetration. We will continue to diffuse our innovation across these geographies. Over the past several years, we embarked on a significant business transformation to support this next generation of growth.

我們也擁有一流的國際業務，以人口眾多和信貸滲透率不斷上升的地區為目標。我們將繼續在這些地區傳播我們的創新。在過去的幾年裡，我們進行了重大的業務轉型，以支持下一代的成長。

And we're now transitioning from a period of rapid investment in change through a period of execution and value creation. In the last few years, we integrated three sizable acquisitions. We've modernized our technology, and we optimized our global operating model and bolstered our product function and capabilities.

現在，我們正從快速投資變革時期過渡到執行和價值創造時期。在過去的幾年裡，我們整合了三次較大的收購。我們實現了技術現代化，優化了全球營運模式，增強了產品功能和效能。

Additionally, this year, we made key steps to reinvigorate our Consumer Interactive business and announced an acquisition of the largest consumer credit bureau in Mexico. This hard work is already driving stronger financial performance and we believe it positions us to accelerate organic revenue and earnings growth independent of the credit cycle.

此外，今年我們採取了重要措施重振消費者互動業務，並宣布收購墨西哥最大的消費者信貸機構。這項艱苦的工作已經推動了更強勁的財務業績，我們相信它使我們能夠加速有機收入和獲利成長，而不受信貸週期的影響。

With that, let me turn it back to Greg.

說完這些，讓我把話題轉回給格雷格。

That concludes our prepared remarks. For the Q&A, we ask that you each ask only one question so that we can include more participants operator, we can begin the Q&A.

我們的準備好的演講到此結束。對於問答環節，我們要求每個人只問一個問題，以便我們可以讓更多的參與者參與進來，然後我們就可以開始問答了。

We will not begin the question-and-answer session.

我們不會開始問答環節。

(Operator Instructions)

（操作員指示）

Jeff Meuler from Baird.

來自貝爾德的傑夫·穆勒 (Jeff Meuler)。

Yeah, thank you. Good morning. Nice quarter. I wanted to ask on the confidence on the reacceleration in India. Is it based on the expected benefits from the RBI pivot and the easing comps? Or are you starting to see a pickup in your business-like bookings growth or you're seeing a pickup in consumer lending activity or if you could size up kind of like the non-bank financial lending and how impactful that was in '24? Thanks.

是的，謝謝。早安.不錯的季度。我想問一下您對印度經濟重新加速的信心。這是基於印度儲備銀行政策轉向和寬鬆政策帶來的預期效益嗎？或者您開始看到您的業務預訂量增長回升，或者您是否看到消費者貸款活動回升，或者您可以評估非銀行金融貸款以及它在 24 年的影響有多大？謝謝。

Yeah, thanks for the question, Jeff. You cited 2 reasons where we might be optimistic for the reacceleration. And I would say both are true. We are selling particularly well in India.

是的，謝謝你的提問，傑夫。您列舉了兩個我們可能對經濟重新加速持樂觀態度的原因。我想說兩者都是正確的。我們的銷售在印度特別好。

We have a new suite of analytics solutions based on the OneTru platform and the data conversion that we've done that we're taking to market in India. But we also think that the RBI's posture, which is growth-oriented now supports increased consumer lending activity.

我們擁有一套基於 OneTru 平台和資料轉換的全新分析解決方案，並將推向印度市場。但我們也認為，印度儲備銀行目前以成長為導向的政策立場支持增加消費者貸款活動。

Quick recap. In late 2023, the RBI under previous leadership got concerned about the level of growth in personal lending in India, they thought there was a bit too much leverage in the system. They prefer a loan-to-deposit ratio of about 70%.

快速回顧。2023 年末，前任領導下的印度儲備銀行對印度個人貸款的成長水準感到擔憂，他們認為系統中的槓桿率有點過高。他們傾向於將貸存比控制在 70% 左右。

It has stretched to 78%. There was also concerned that certain lenders were not doing appropriate affordability analysis. So they sidelined some fintech lenders. They kept rates higher for longer. They curtailed lending across the space in order to get that deposit or the loan-to-deposit ratio back to a level they're comfortable with.

目前已擴大至78%。人們也擔心某些貸款機構沒有進行適當的負擔能力分析。因此他們將一些金融科技貸款機構排除在外。他們長期維持高利率。他們削減了整個領域的貸款，以便將存款或貸存比率恢復到他們可以接受的水平。

With the change in administration and also a year of reduced GDP growth, the RBI has clearly said that they're balancing growth, along with safety and soundness equally. They've put through 2 rate cuts. They've communicated that they don't feel there's too much leverage in the market currently. They've allowed the certain lenders that were restricted in 2024 to get back into the game. And yes, we are seeing improvements in activity in India.

隨著政府的更迭以及 GDP 成長連續一年放緩，印度儲備銀行明確表示，他們正在平衡成長與安全和穩健。他們已經實施了兩次降息。他們表示，他們認為目前市場上的槓桿率並不過高。他們允許某些在 2024 年受到限制的貸款機構重新參與遊戲。是的，我們看到印度的活動正在改善。

Now of course, as you mentioned, we got a big comp this quarter against prior year. It was probably another 30% quarter previously, got a big comp in Q2. But we do expect reacceleration quarter-by-quarter over the year. We're guiding to 10% growth in India. We would exit the fourth quarter at high-teens growth at least.

當然，正如您所提到的，本季我們的業績與去年同期相比有很大增長。之前一個季度可能又成長了 30%，第二季有了很大的成長。但我們確實預計全年增速將逐季加快。我們預計印度的成長率將達到 10%。第四季我們的成長率至少會達到十幾歲左右。

And we're feeling pretty good about how the Indian market is developing against that. Remember, it took about 4 quarters for the decelerations full impact to show up in our numbers. And so it's going to take some number of quarters for the reacceleration to take full group.

我們對印度市場的發展感到非常樂觀。請記住，大約需要 4 個季度，減速的全部影響才會在我們的數據中顯現出來。因此，重新加速需要幾個季度的時間才能實現全面實現。

Andrew Steinerman from JPMorgan.

摩根大通的 Andrew Steinerman。

Hey Todd, two quick questions. One, are you still expecting free cash flow conversion to be about 90% next year? I mean that was on a slide a quarter ago. And also, if you could tell us how you think US markets financial services will trend in the current quarter, the second quarter.

嘿，托德，有兩個簡單的問題。第一，您仍然預計明年的自由現金流轉換率將達到 90% 左右嗎？我的意思是，這是上個季度前的一張幻燈片。另外，您能否告訴我們，您認為本季（第二季）美國市場金融服務的趨勢如何？

I definitely see you're talking about low double digit for the year.

我當然知道您說的是今年的低兩位數。

Good morning, Andrew, thanks for both questions. Let me take the free cash flow question first. As you are aware, over the last several years, we've made significant investments to support our transformation program, which we talked about in our prepared remarks, that needless to say, has been a significant use of cash for our business.

早安，安德魯，謝謝你提出這兩個問題。讓我先回答一下自由現金流問題。如您所知，在過去幾年中，我們進行了大量投資來支持我們的轉型計劃，我們在準備好的發言中談到了這一點，不用說，這對我們的業務來說是一筆巨大的現金使用。

This year, we still have a good line of sight to being able to achieve about 70% free cash flow conversion as we had guided in February. And when we think about 2026 and beyond with the transformation program ending in the onetime spend related to that.

今年，我們仍有望實現 2 月預測的 70% 左右的自由現金流轉換率。當我們考慮 2026 年及以後轉型計畫結束時，相關的一次性支出將隨之而來。

And as a reminder, this year, we have between $100 million and $120 million to spend there. And the second piece is we also expect to bring our capital expenditures as a percentage of revenue, down from 8% to 6%. So the combination of those two factors plus anticipated operating performance showing itself through adjusted EBITDA will get us to a point where we're at a 90%-plus free cash flow conversion in 2026.

提醒一下，今年我們將在那裡投入 1 億至 1.2 億美元。第二點是，我們也希望將資本支出佔收入的百分比從 8% 降至 6%。因此，這兩個因素加上透過調整後的 EBITDA 體現出來的預期經營業績，將使我們在 2026 年實現 90% 以上的自由現金流轉換。

Yeah, and Andrew, look, I'd remind you and everybody on the call that we won't have an add back next year because our tech modernization will be I think the phase that we outlined will be behind us. And I'm reiterating our confidence in achieving the level of savings we previously conveyed and the timing of those savings.

是的，安德魯，聽著，我要提醒你和電話裡的每個人，明年我們不會有加班，因為我們的技術現代化將是我認為我們概述的階段已經過去了。我重申，我們對實現先前所述的節約水準以及節約時間充滿信心。

Okay. So Andrew, your second question pertains to the financial services and the growth that we're expecting for the remainder of the year, right? So for the second quarter is what you're looking for, okay, great.

好的。那麼安德魯，你的第二個問題涉及金融服務以及我們預計今年剩餘時間的成長，對嗎？所以對於第二季來說這就是你所期待的，好的，太好了。

So as you can see, if you look at our results for the first quarter were needless to say, pleased overall with the performance that we had with financial services, up 15%, 9% excluding mortgage. I think what's important there is some strong reacceleration that we've seen in consumer lending, particularly with the fintechs.

因此，正如您所看到的，如果您查看我們第一季的業績，不用說，我們對金融服務的整體表現感到滿意，增長了 15%，不包括抵押貸款則增長了 9%。我認為重要的是我們看到消費貸款，特別是金融科技領域出現了強勁的復甦。

We also saw some good strength in auto and card and banking is held on relatively good with mortgage up but really price driven. Inquiries were down, so with that is the foundation moving into the second quarter.

我們也看到汽車和信用卡市場表現良好，銀行業務保持相對良好，抵押貸款增加，但實際上是由價格驅動的。詢問量下降，這為進入第二季奠定了基礎。

As again, we've said in our prepared remarks, we haven't seen any impact at this point. We're obsessed with looking at the data on a day-to-day basis and what are our customers' activity and up to walking into this call this morning, I really haven't seen any impact at this point. But it doesn't mean that we're not looking at it and monitoring it.

正如我們在準備好的演講中再次提到的那樣，目前我們還沒有看到任何影響。我們每天都專注於查看數據以及客戶的活動，但直到今天早上參加這次電話會議時，我還沒有看到任何影響。但這並不意味著我們沒有關注和監控它。

We're not complacent. But if the trends persist, we would expect consumer lending to continue to be strong as we go forward. again, card on banking, and you know this because you're at JPMorgan. I mean, the commentary that came from the banks was relatively optimistic. But with the appropriate caution based on the unknowns.

我們並不自滿。但如果這種趨勢持續下去，我們預期消費貸款將持續保持強勁。再次強調，銀行卡業務，您知道這一點，因為您在摩根大通。我的意思是，來自銀行的評論相對樂觀。但要根據未知情況採取適當的謹慎態度。

So that's what we're seeing from our card and banking customers. In auto, again, we talked about this in our prepared remarks, January and February were a little bit softer. We saw a stronger March and we felt that, that might have been in anticipation of a pull forward of demand because of the anticipation of tariffs. So that's an area that we're going to continue to watch close. But again, trends have been relatively okay in that space.

這就是我們從信用卡和銀行客戶那裡看到的情況。在汽車領域，我們在準備好的發言中再次談到了這一點，一月和二月的銷量略微疲軟。我們看到 3 月經濟表現更為強勁，我們認為這可能是由於預期關稅而導致需求提前上漲。因此，我們將繼續密切關注這一領域。但同樣，該領域的趨勢相對良好。

And mortgage with, as you know, probably the most cyclical part of our business, you can all see what's happened with the 30-year mortgage rate and it's ticked up to the high 6s. So with that, we've seen a corresponding decline in volumes early on in the quarter. But the net-net on all of this, things when you look at across all 4 lines that we continue to trend favorably.

如你所知，抵押貸款可能是我們業務中最具週期性的部分，你們都可以看到 30 年期抵押貸款利率的變化，它已經升至 6% 的高點。因此，我們在本季初就看到了交易量相應下降。但總體而言，當你縱觀所有四條線時，你會發現情況繼續呈現良好的趨勢。

Sounds good. Thank You.

聽起來不錯。謝謝。

Toni Kaplan from Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Thanks so much. Maybe just following on the last question, thought process. If you look at the organic bridge from -- you grew 8% organically in 1Q overall. The guide for 2Q, basically at the midpoint, it's about 4%. But so far, no change to demand or anything that you're seeing India expecting to get better sequentially as you go through the year. Just like help us out in addition to just conservatism, what sort of is the change?

非常感謝。也許只是遵循最後一個問題的思考過程。如果你看一下有機橋樑——第一季整體有機成長率為 8%。第二季的指引基本上處於中間點，約 4%。但到目前為止，需求沒有變化，印度的情況預計會隨著時間的推移而逐漸好轉。就像幫助我們擺脫保守主義，這是什麼樣的改變？

Or what could impact 2Q that's worse than -- what you -- in the guide than what you saw (inaudible)

或者什麼因素可能會對第二季造成比指南中更糟糕的影響，而不是你所看到的（聽不清楚）

Okay. Thanks, Toni. I'll take that question from you. And I think maybe let's take a look at this more from a overall view looking at our guidance. Clearly, you've seen our Q1 results.

好的。謝謝，托尼。我將回答你的這個問題。我認為也許我們應該從整體角度來看我們的指導。顯然，您已經看到了我們的第一季業績。

You have our Q2 guide and you see the full year, and we didn't change the full year guidance. So with 7% growth or 8% on a constant currency basis, and we compare that to 4.5% to 6% organic constant currency growth needless to say that, that implies that there's a step down from Q1.

您有我們的第二季指南，也看到了全年情況，我們沒有改變全年指導。因此，如果以固定匯率計算成長率為 7% 或 8%，而以固定匯率計算有機成長率為 4.5% 至 6%，那麼毋庸置疑，這意味著與第一季相比有所下降。

And as we said in my prepared remarks, if trends continue from what we saw in Q1 and what we've seen thus far, we have good visibility to exceeding the high end of the full year guidance that we provided. But right now, there's just a significant amount of uncertainty that we're navigating. So we felt that the prudent thing for us to do was to maintain at the full year guide that we provided in February.

正如我們在準備好的發言中所說的那樣，如果第一季和迄今為止的趨勢能夠持續下去，我們就有很好的前景能夠超越我們提供的全年指引的高端。但目前，我們面臨的不確定性很大。因此，我們認為謹慎的做法是維持我們在二月提供的全年指引。

So that does provide us some room in the event that we do see any type of deterioration with the consumer. And in general, we see a consumer that's still broadly healthy with real wage growth and high employment and they're reasonably using credit and delinquencies at this point across the four lines of business that I just went through on Andrew's question in financial services, delinquencies are good.

因此，如果我們確實看到消費者出現任何類型的惡化，這確實為我們提供了一些空間。總體而言，我們看到消費者總體上仍然健康，實際工資增長，就業率高，他們合理地使用信貸，目前在四個業務線上的拖欠情況，我剛才就安德魯在金融服務方面提出的問題進行了討論，拖欠情況是好事。

They're back at a level prepandemic. But historically, they're still in a good spot. So in general, we're still dealing with a very healthy consumer.

他們已經恢復到疫情前的水準。但從歷史來看，他們仍處於良好狀態。所以總的來說，我們仍然面對著非常健康的消費者。

You look at the guide then and if you look at the first half versus the second half with the pieces that we've provided, and in essence, what it's calling for is about the same amount of growth in Q2 and also in the second half of the year.

然後，您可以查看指南，並根據我們提供的數據比較上半年和下半年，本質上，它要求第二季和下半年的成長量大致相同。

And from an earnings perspective, you see the same thing with adjusted diluted EPS. Our guide of $4.08 is roughly split half and half throughout the year. So the things that we talked about with financial services are -- could be -- if that continues, that will be a positive. Chris just gave a response on India that's clearly could be a positive. Our emerging verticals had a very strong quarter at 6%.

從收益角度來看，調整後的稀釋每股盈餘也會出現同樣的情況。我們的指導價為 4.08 美元，全年大致分成一半。因此，我們與金融服務部門討論的事情是——如果這種情況繼續下去，那將是一件積極的事情。克里斯剛剛對印度問題做出了顯然是積極的回應。我們的新興垂直產業本季表現非常強勁，成長了 6%。

We went through the details there. Those trends, if those continue, all in all, the net-net of this is the trajectory of the business is pretty solid, but we're being watchful of events in a macro perspective.

我們在那裡討論了細節。如果這些趨勢持續下去，總而言之，業務的整體發展軌跡相當穩健，但我們正在從宏觀角度關注事態發展。

Yeah, and just going back to the beginning of the year when we first communicated the guide for 2025, we were clear that we intended to be prudently conservative in an environment with a lot of uncertainties. So we did not assume a reduction in interest rates over the course of the year. We did not assume an improvement in volumes in any category in the second half. And as Todd pointed out, volumes in financial services in the US

是的，回到今年年初，當我們第一次傳達 2025 年的指南時，我們明確表示，在充滿不確定性的環境中，我們打算謹慎保守。因此，我們並沒有假設今年利率會下降。我們不認為下半年任何類別的銷售都會有所改善。正如托德指出的那樣，美國金融服務業

are at historically low levels. right? So this just feels like a beat and hold environment, not a beat and raise environment. And our guidance for the Q2 and the year reflects that.

處於歷史最低水準。對嗎？所以這感覺就像是一個打擊和維持的環境，而不是一個打擊和提高的環境。我們對第二季和全年的指導也反映了這一點。

Faiza Alwy from Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes, hi, thank you. I wanted to ask about emerging verticals. And when you were talking about the resiliency in the business, I think you mentioned that 70% of the business is subscription-based. So maybe give us a bit more color on the various pieces within emerging verticals and the resiliency that you would expect in a slowing environment?

是的，你好，謝謝你。我想問一下新興垂直產業的情況。當您談到業務的彈性時，我想您提到 70% 的業務是基於訂閱的。那麼，能否請您給我們詳細介紹新興垂直產業的各個部分，以及在經濟放緩的環境中您所期望的彈性？

Okay. I'll take that question. On the emerging verticals. And just right to start. As far as the subscription number that you're referencing, that's our marketing business only where we have about 70% of the revenues are subscription-based.

好的。我來回答這個問題。關於新興垂直產業。剛開始就很好。至於您提到的訂閱數量，這只是我們的行銷業務，其中約 70% 的收入來自訂閱。

So it's not across the entire emerging verticals. So when you do look at the emerging verticals, we do have a broad set of customers. Let me walk you through each one of them, and I can give you some color on what we saw in the quarter, but I think more importantly, the resiliency of each one of these businesses as we go forward in an uncertain type of market. So starting with insurance. We were pleased, low double-digit growth.

因此它並不涵蓋整個新興垂直產業。因此，當你關注新興垂直行業時，我們確實擁有廣泛的客戶群。讓我向您詳細介紹一下這些業務，我可以向您介紹我們在本季度看到的情況，但我認為更重要的是，當我們在一個不確定的市場中前進時，這些業務中的每一個都具有彈性。所以從保險開始。我們很高興，實現了低兩位數的成長。

We saw good marketing and shopping activity. Friends in general, continue to be positive. If you think about that in a slower growth type of environment, the insurance business typically outperforms in that market as consumers shop for lower insurance rates and that shopping activity is a benefit for our business. Moving along in the emerging verticals, tenant and employment return to a good high single-digit growth. You may recall that we did some recalibration of our products a couple of years ago.

我們看到了良好的營銷和購物活動。總的來說，朋友們繼續保持積極態度。如果你考慮在較慢成長的環境中，保險業務通常會在該市場中表現出色，因為消費者會購買更低的保險費率，而這種購物活動對我們的業務有利。隨著新興垂直行業的不斷發展，租戶和就業率恢復到良好的高個位數成長。您可能還記得，幾年前我們對我們的產品進行過一些重新校準。

So that's been a positive. And as a result of that, we've seen some new business ramping up, and we've also seen an increase in consumer move rates as well. Tenant employment in a downturn typically is also a positive. If consumers aren't taking out a mortgage, they're more prone to rent and that rental activity is a positive for that business. Our telecommunications vertical, are technology, retail and e-commerce and media.

所以這是積極的。因此，我們看到一些新業務正在蓬勃發展，消費者流動率也在上升。經濟低迷時期租戶就業通常也是好事。如果消費者不辦理抵押貸款，他們就更傾向於租房，而租賃活動對企業來說是有利的。我們的電信垂直領域包括科技、零售、電子商務和媒體。

A lot of those three verticals within the emerging verticals are primarily led by products and services that we acquired through the Neustar acquisition. And what we've seen there is growth improving. We've seen strong performance, in particular, in communications. And as everyone knows, Trusted Call Solutions has been a significant positive for us. We still expect that business to grow from $115 million to $150 million this year.

新興垂直產業中的這三個垂直產業主要由我們透過 Neustar 收購所獲得的產品和服務所主導。我們看到經濟成長正在改善。我們看到了強勁的表現，特別是在通訊領域。眾所周知，Trusted Call Solutions 對我們起到了很大的幫助。我們仍預計今年該業務將從 1.15 億美元成長至 1.5 億美元。

So substantial growth there. Communications also has a lot of the legacy telecommunication capabilities that we acquired from Neustar. And those businesses performed actually pretty well in the quarter. So we saw mid-single-digit growth across telco, tech retail and e-commerce. And in media, we saw low single-digit growth. What's important there in media is the point you started your question with 70% of that business is subscription based. So there's some insulation.

那裡有顯著的增長。通訊還擁有我們從 Neustar 收購的許多傳統電信功能。這些業務在本季的表現其實相當不錯。因此，我們看到電信、科技零售和電子商務領域都出現了中等個位數的成長。在媒體領域，我們看到了低個位數的成長。在媒體領域，重要的是您開始提問時提到的 70% 的業務是基於訂閱的。因此有一定的絕緣作用。

Telecommunications and tech, retail and e-commerce will probably be more of a neutral in a downturn type of scenario. Media, we'd say would be probably more of a -- more of a negative. And just simply from the perspective of our customers may build less audiences.

在經濟低迷時期，電信和科技、零售和電子商務可能會表現得更中性。我們認為媒體可能更具負面影響。僅從客戶的角度來看，我們可能會吸引更少的受眾。

But our products in marketing are highly relevant as it pertains to identity as well as the analytic capabilities of doing campaign management. And then finally, to kind of round it out, our public sector business, we talked about it in our prepared remarks, that declined.

但我們的行銷產品高度相關，因為它涉及身分認同以及進行活動管理的分析能力。最後，為了使討論更加完整，我們在準備好的發言中談到了我們的公共部門業務，但遭到了拒絕。

It was really year-over-year comps. But as we think about where the government is headed and not just the federal government, but we support the state government as well, too. Our products and services really get into fraud insider threat mitigation and ID.

這確實是同比數據。但是，當我們思考政府的方向時，我們不僅支持聯邦政府，也支持州政府。我們的產品和服務真正涉及詐欺內部威脅緩解和身分識別。

So if you think about welfare payments and making certain that they go to the right consumer, our products and services will serve that well. So we look at that as probably a neutral to maybe positive in a downturn.

因此，如果您考慮福利金並確保其流向正確的消費者，我們的產品和服務將很好地滿足您的需求。因此，我們認為在經濟低迷時期這可能是中性甚至是正面的。

And then finally, the last one is collections. Collections is typically a countercyclical play. So if delinquencies do tick up, unfortunately, this is a business that does increase. So it just shows the resiliency of our portfolio. So in a downturn, you would see a positive there.

最後，最後一個是收藏。收藏通常是一種逆週期行為。因此，不幸的是，如果拖欠率確實上升，那麼這項業務就會增加。這顯示了我們投資組合的彈性。因此，在經濟低迷時期，你會看到正面的一面。

Jason Haas from Wells Fargo.

富國銀行的 Jason Haas。

Hey, good morning and thanks for taking my question. I was curious, it looks like your guidance implies that the outperformance of mortgage revenue versus increase will moderate in the remainder of the year. So can you just talk about that dynamic and why you're expecting that? Thanks.

嘿，早上好，感謝您回答我的問題。我很好奇，看起來您的指導意味著抵押貸款收入相對於成長的表現將在今年剩餘時間內有所緩和。那麼你能談談這種動態以及為什麼會有這種預期嗎？謝謝。

Okay. So yes, as far as the quarter is concerned on mortgage, as you saw we grew 27% with volumes down 10%. So that gap, if you do the math, is about 37%, primarily where that's coming from for us is pricing realization was a little bit better.

好的。是的，就本季的抵押貸款而言，如您所見，我們的貸款增加了 27%，但貸款量下降了 10%。如果你算一下，你會發現這個差距大約是 37%，這主要是因為定價實現情況稍微好一點。

But also as a reminder, the way that we report out our mortgage business is we include everything that we do with mortgage in that number. And so what I mean by that is we are including prequalification as well as home equity and where we're a little bit different than other players in the market is with our batch marketing.

但也要提醒一下，我們報告抵押貸款業務的方式是將與抵押貸款相關的所有業務都包括在該數字中。我的意思是，我們包括資格預審和房屋淨值，我們與市場上其他參與者略有不同的是我們的批量行銷。

We're helping mortgage lenders identify potential consumers maybe in the market for a mortgage. As the remainder of the year goes on, we're expecting revenue to grow 20%, and we're saying volumes are going to be down modestly.

我們正在幫助抵押貸款機構識別可能需要抵押貸款的潛在消費者。隨著今年剩餘時間的推移，我們預計收入將成長 20%，而銷量將略有下降。

So that gap that I just talked about shrinks a little bit. So if we look at the volumes themselves and as I said, we include everything that we have in our mortgage number. but we know you're looking for the pieces here.

所以我剛才談到的差距就縮小了一點。因此，如果我們查看數量本身，正如我所說，我們將所有內容都包含在抵押貸款數字中。但我們知道您正在尋找這裡的部分。

So if we were to exclude prequalification and just included the Tri bureau inquiries on mortgage origination we would be in a similar spot than other numbers that you've seen in the market. So we're seeing, in essence, the same thing. And as far as what we're assuming for the rest of the year, as I've said in the previous response is simply a continuation of the trends that we've seen thus far and to the point Chris just made. We came into the year with that assumption. We did not assume any interest rate cut benefit, and we're going to continue to hold that posture.

因此，如果我們排除資格預審，而只包括三局對抵押貸款發放的調查，我們得到的結果將與您在市場上看到的其他數字類似。因此，從本質上來說，我們看到的是同一件事。至於我們對今年剩餘時間的預測，正如我在先前的回覆中所說，這只是我們迄今為止看到的趨勢的延續，也是克里斯剛才提出的觀點。我們帶著這樣的假設進入了新的一年。我們沒有假設任何降息的好處，並且我們將繼續保持這種姿態。

That's helpful. Thank you.

這很有幫助。謝謝。

Ashish Sabadra from RBC Capital Markets.

來自 RBC Capital Markets 的 Ashish Sabadra。

Thanks for taking my question. I just wanted to clarify one quick thing. On auto, there was a comment on some pull forward in March. I was just curious if you saw any pull forward in any of the other segments within financial services. or consumer lending? Thanks.

感謝您回答我的問題。我只是想簡單澄清一件事。在汽車方面，有評論稱 3 月份汽車銷量有所提前。我只是好奇，您是否看到金融服務或消費貸款領域的其他任何領域出現任何進展？謝謝。

Yeah, the short answer to that is no. What I would point out about some of the performance of some of the loan categories, we've been saying for some time that we felt consumer lending and the fintechs in particular, were positioned to rebound. At the end of last year, you saw a good number of the largest and best known of the fintechs get material funding that position them to compete in the loan consolidation market. We think that's a real good opportunity.

是的，簡短的回答是「不」。我想指出的是，關於某些貸款類別的表現，我們一段時間以來一直在說，我們認為消費貸款，尤其是金融科技，將會反彈。去年年底，我們可以看到許多規模最大、最知名的金融科技公司獲得了大量資金，為在貸款合併市場中競爭奠定了基礎。我們認為這是一個真正的好機會。

We think it's countercyclical. As you know, coming out of the pandemic card issuance was quite high as credit scores had drifted up due to forbearance. A lot of those consumers, particularly the ones further down the risk spectrum, they use their cards vigorously, and they've developed material loan balances. So they're revolving a good deal of debt at a fairly high interest rate. It's a situation that's ripe for debt consolidation.

我們認為它是逆週期的。如您所知，疫情過後，信用卡發行量相當高，因為信用評分因寬容而上升。許多消費者，尤其是風險較低的消費者，他們大量使用信用卡，並累積了大量貸款餘額。因此他們以相當高的利率循環大量債務。這是一個適合進行債務合併的情況。

And I think that our fintechs and consumer lending in general is positioned to take advantage of that.

我認為我們的金融科技和消費貸款總體上可以利用這一點。

That's great color and congrats on solid results.

顏色很棒，恭喜你取得了不錯的成績。

Thank you.

謝謝。

The next question, is there time for another question?

下一個問題，還有時間再問一個問題嗎？

Sure, yes. Okay, that question comes from Andrew Nicholas with William Blair.

當然，是的。好的，這個問題是來自 William Blair 的 Andrew Nicholas。

Hi, good morning. This is Tom Roesch on for Nicholas. Last quarter, you mentioned you guys planned on high grading 50 of your largest US customers out of OneTru. I was just wondering if you could add color on how that transition in if you're seeing any early material benefits? And then relatedly, I know you cited you're confident in that $35 million expense savings in 2026.

嗨，早安。我是湯姆‧羅斯 (Tom Roesch)，代替尼可拉斯。上個季度，您提到您計劃從 OneTru 中剔除 50 個最大的美國客戶。我只是想知道，如果您看到任何早期的物質利益，您是否可以詳細說明這種轉變是如何發生的？然後相關的是，我知道您提到您對 2026 年節省 3500 萬美元的費用很有信心。

So, I was wondering on halfway through the year, if you think there's any upside to that number?

所以，我想知道，到了今年中期，您是否認為這個數字還有上漲空間？

Thank you.

謝謝。

Yeah, Thanks for the question, Roesch. Yes, we had communicated 50, and it was 50 of the largest and most complicated customers. We're running 50 in parallel in OneTru, we actually increased the total number to 90. And we're seeing -- it's going pretty well, and we're seeing some real material performance benefits.

是的，謝謝你的提問，Roesch。是的，我們已經與 50 位客戶進行了溝通，而且是其中最大、最複雜的 50 位客戶。我們在 OneTru 中同時運行 50 個，實際上我們將總數增加到了 90 個。我們看到，一切進展順利，我們看到了一些真正的材料性能優勢。

Generally speaking, response times are about half on OneTru relative to our heritage or legacy platforms. So we're seeing materially faster processing of online and batch transactions. We -- as part of this migration, we migrated.

總體而言，與我們的傳統或遺留平台相比，OneTru 的回應時間大約只有後者的一半。因此，我們看到線上和批量交易的處理速度明顯加快。作為這次遷移的一部分，我們也遷移了。

The customer that has the largest batch job with TransUnion, the largest standing batch job, it takes about 18 hours, 19 hours to run. It's now down to 10 hours and with some further engineering refinement, it will be down to 6 hours.

與 TransUnion 合作的最大批量作業、最大的常設批量作業的客戶，大約需要 18 個小時、19 個小時才能運作。現在已減少到 10 小時，透過進一步的工程改進，將減少到 6 小時。

So you're seeing kind of the order of magnitude of improvement that we're talking about on the processing speed side. Additionally, we're able to develop new data sets, new data attributes and analytics far faster on OneTru, right? It is a standardized, consolidated, cloud-native platform from the data layer, all the way up to the business logic and the deployment of all of that in our seven different product solutions.

因此，您會看到我們在處理速度方面所討論的數量級的提高。此外，我們能夠在 OneTru 上更快地開發新的資料集、新的資料屬性和分析，對嗎？它是一個標準化、整合的雲端原生平台，從資料層一直到業務邏輯，並將所有這些部署在我們的七種不同的產品解決方案中。

And look, the data governance and cybersecurity is just far more rigorous. Not that it was ever a concern, but you just can never be secure enough and we have a lot of contractual and geographic regulatory issues that we have to make sure that we comply with, and we've got much better functionality.

而且，資料治理和網路安全更加嚴格。這倒不是說我們曾經擔心過這個問題，只是我們永遠不可能做到足夠安全，而且我們還有很多合約和地理監管問題需要確保遵守，而且我們的功能也變得更好了。

So so far, very pleased with the migration to OneTru, and we're going to continue to migrate customers and workloads over in the second quarter. And look, in terms of additional savings, as I mentioned, we are already planning the migration of some of our other geographies the UK Canada, the Philippines, to OneTru in 2026.

到目前為止，我們對遷移到 OneTru 感到非常滿意，我們將在第二季度繼續遷移客戶和工作負載。而且，就額外節省而言，正如我所提到的，我們已經在計劃在 2026 年將我們的其他一些地區（英國、加拿大、菲律賓）遷移到 OneTru。

So that planning work is taking place currently. And yes, we expect strong efficiencies once we have migrated those geographies over to OneTru. We never really tried to model that. But the hope is that we'll have a dynamic where we're saving a good deal and we can redeploy that for growth and also to support expanding margins over time.

目前規劃工作正在進行中。是的，一旦我們將這些地區遷移到 OneTru，我們預計效率將會非常高。我們從未真正嘗試過對此進行建模。但我們希望能夠實現一種動態，即節省大量資金，並將其重新部署用於成長，並隨著時間的推移支持利潤率的擴大。

Manav Patnaik from Barclays.

巴克萊銀行的 Manav Patnaik。

Thank you. I appreciate it. I guess I'd just like to squeeze in, Chris, maybe some of your thoughts on -- I guess there were two mergers. One is the Capital One Discover and just your exposure to those banks. And then, it sounds like TruWork got acquired by Checker. So just curious what -- how you guys have played your equity stake in that?

謝謝。我很感激。克里斯，我想我只是想插嘴一下，也許你對——我想有兩次合併。一個是 Capital One Discover，也就是您對這些銀行的曝險。然後，聽起來 TruWork 被 Checker 收購了。所以我很好奇——你們在其中是如何發揮股權作用的？

Yeah, thanks for the question, Manav. Well, in terms of the big card issuer mergers, both of them are significant clients, and we have good relationships with both. And we understand kind of the industrial logic of the acquisition and we're going to be highly engaged in helping them manage their changes and just look forward to ongoing collaboration. With regard to TruWork where we had a minority investment and a distribution partnership and their acquisition by Checker, who's also a client, we do a lot of data collaboration with Checker.

是的，謝謝你的提問，Manav。嗯，就大型信用卡發行商合併而言，他們都是重要的客戶，我們與他們都保持著良好的關係。我們了解此次收購的行業邏輯，我們將積極幫助他們管理變革，並期待持續的合作。就 TruWork 而言，我們擁有少數股權投資和分銷合作夥伴關係，後來被 Checker（也是我們的客戶）收購，我們與 Checker 進行了大量數據合作。

We've got good relationships there. We have rolled our minority stake into the combined transaction, and we look forward to continuing to work with them on the distribution partnership.

我們在那裡有著良好的關係。我們已將少數股權納入合併交易中，並期待繼續與他們合作建立分銷夥伴關係。

Perfect. Thanks for all the questions, and I think that's a good place to end. Thanks, and have a great rest of the day.

完美的。感謝您提出的所有問題，我想這個問題到此就結束了。謝謝，祝您今天剩餘時間過得愉快。

Perfect. Thanks for all the questions, and I think that's a good place to end. Thanks, and have a great rest of the day.

完美的。感謝您提出的所有問題，我想這個問題到此就結束了。謝謝，祝您今天剩餘時間過得愉快。