TransUnion (TRU) 2025 Q2 法說會逐字稿

Good day, and welcome to TransUnion's second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 TransUnion 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給投資者關係副總裁 Greg Bardi 先生。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。

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.

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, in the comments made during this conference call and in our most recent Form 10-K, Forms 10-Q and other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statement.

由於今天的收益報告中討論的因素、本次電話會議中的評論以及我們最近的 10-K 表格、10-Q 表格和其他向美國證券交易委員會提交的報告和文件中所作的評論，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 second quarter 2025 results and an overview of market conditions. Second, I'll discuss progress toward our 2025 strategic priorities, including a spotlight on our fast-growing Trusted Call Solutions business. Finally, Todd will detail our second quarter results and updated 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 年第二季的業績亮點和市場狀況概況。其次，我將討論我們 2025 年策略重點的進展情況，包括重點關注我們快速成長的 Trusted Call Solutions 業務。最後，托德將詳細介紹我們的第二季業績和更新的 2025 年指引。

In the second quarter, TransUnion exceeded all key financial guidance metrics. For a sixth straight quarter, we delivered high single- digit organic revenue growth, highlighting our strong execution in a stable but still subdued market and the benefits of our accelerating pace of innovation. Revenue grew 9% on an organic constant currency basis, well above our 3% to 5% guidance. Excluding mortgage, our growth of 6.5% also exceeded expectations.

第二季度，TransUnion 的所有關鍵財務指標均超額完成。連續第六個季度，我們實現了高個位數的有機收入成長，突顯了我們在穩定但仍低迷的市場中的強勁執行力以及我們加快創新步伐的好處。以有機固定匯率計算，營收成長了 9%，遠高於我們 3% 至 5% 的預期。除去抵押貸款，我們的6.5%的成長率也超出了預期。

US Markets segment delivered 10% growth in the quarter. Financial Services grew 17% and growth excluding mortgage accelerated to 11%. Across all lending types, we continue to outperform overall market growth by driving new business wins across our solutions suite.

美國市場部門本季實現了 10% 的成長。金融服務成長了 17%，不包括抵押貸款的成長率加速至 11%。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，並繼續超越整體市場的成長。

Consumer Lending and Auto grew double digits and Card & Banking grew mid-single digits. We experienced robust activity from fintech lenders, supported by healthy funding and heightened consumer demand for debt consolidation products.

消費貸款和汽車貸款成長了兩位數，信用卡和銀行業務成長了中等個位數。在健康的資金和消費者對債務合併產品日益增長的需求的支持下，我們經歷了金融科技貸款機構的強勁活動。

Mortgage was up 29% compared to flat inquiries, both modestly above expectations. Earlier this month, the FHFA announced it will allow lenders to use VantageScore 4.0 for conforming mortgages and that the tri-merge credit report requirement will remain in effect. We believe these policies will provide choice for lenders and enhance safety and certainty within mortgage markets, benefiting homebuyers, lenders and taxpayers over the long term.

抵押貸款增加了 29%，而諮詢量則持平，均略高於預期。本月初，聯邦住房金融局宣布將允許貸款機構使用 VantageScore 4.0 發放符合標準的抵押貸款，三方合併信用報告要求將繼續有效。我們相信這些政策將為貸款人提供選擇，並提高抵押貸款市場的安全性和確定性，從長遠來看使購房者、貸款人和納稅人受益。

Emerging Verticals grew 5%. Insurance grew double digits, driven by a gradual recovery in marketing and healthy consumer shopping activity in addition to new wins across our solutions. We also grew across our diversified verticals led by communications and tech, retail and e-commerce. Consumer Interactive grew 2% organically, driven by the successful launch of our freemium solution marking a key step in our turnaround strategy.

新興垂直產業成長了 5%。保險業務實現了兩位數成長，這得益於行銷的逐步復甦和健康的消費者購物活動，以及我們解決方案的新勝利。我們還在以通訊和技術、零售和電子商務為主導的多元化垂直領域實現了成長。消費者互動業務有機成長了 2%，這得益於我們成功推出的免費增值解決方案，標誌著我們扭虧為盈策略邁出了關鍵一步。

International grew 6% on an organic constant currency basis. India's growth accelerated to 8% as anticipated. We experienced a modest pickup in consumer lending and delivered strong growth in our nonconsumer businesses. Within the remainder of the international portfolio, Canada and Africa were standouts, each growing double digits. Supported by our strong financial results, our

以有機固定匯率計算，國際業務成長了 6%。印度經濟成長如預期加速至8%。我們的消費貸款業務略有回升，非消費業務也實現了強勁成長。在其餘的國際投資組合中，加拿大和非洲表現突出，均實現了兩位數的成長。在我們強勁的財務表現的支持下，我們的

leverage ratio declined to 2.8 times. We believe we're positioned to delever to 2.5 times before funding our planned Mexico acquisition, which we expect to close by the end of this year. We also opportunistically accelerated our share repurchases in the quarter.

槓桿率下降至2.8倍。我們相信，在為計劃中的墨西哥收購提供資金之前，我們有能力將槓桿率降低至 2.5 倍，預計該收購將在今年年底前完成。本季我們也抓住機會加快了股票回購。

Through mid-July, we have repurchased $47 million in shares. We expect that our financial results will further support disciplined capital deployment throughout the year. Now our second quarter results reflect a strong performance in stable but still muted market conditions.

截至 7 月中旬，我們已回購了價值 4,700 萬美元的股票。我們預計，我們的財務表現將進一步支援全年嚴格的資本配置。現在，我們的第二季業績反映出在穩定但仍低迷的市場條件下的強勁表現。

US credit volumes in the second quarter were slightly above expectations, particularly in consumer lending. Activity in cards remained steady, while auto and mortgage activity is below historical trends. Based on our overperformance in the first half of the year, we're increasing our 2025 full year revenue and adjusted diluted earnings per share guidance.

美國第二季信貸量略高於預期，尤其是消費貸款。信用卡活動保持穩定，而汽車和抵押貸款活動低於歷史趨勢。基於我們上半年的出色表現，我們將提高 2025 年全年營收和調整後每股稀釋收益的預期。

Even with this increase, we believe our updated guidance remains prudently conservative to accommodate ongoing macro uncertainties as we will detail later in the call. In the US, consumers and lenders remain sound and resilient, supporting stable lending activity. Consumers are benefiting from low unemployment, modest to positive real wage growth and manageable inflation. Consumer sentiment in June improved from low levels earlier in the year, reflecting a better outlook for the economy, inflation and personal finances.

即使出現這種增長，我們相信，我們更新的指導仍保持審慎保守的態度，以適應持續存在的宏觀不確定性，我們將在稍後的電話會議中詳細說明。在美國，消費者和貸款機構依然穩健且富有彈性，並支持穩定的貸款活動。低失業率、溫和甚至正的實質工資成長以及可控的通貨膨脹使消費者受益。六月消費者信心較今年稍早的低水準有所改善，反映出經濟、通膨和個人財務前景更好。

Major lenders reported solid second quarter earnings with strong profitability, adequate capital and good credit performance. Now in April, we noted that traded fiscal policy proposals added uncertainty to employment levels, inflation, interest rates and economic growth.

主要貸款機構報告第二季獲利穩健，獲利能力強勁，資本充足，信貸表現良好。現在是四月，我們注意到，交易的財政政策提案為就業水準、通貨膨脹、利率和經濟成長增加了不確定性。

The US has reached trade agreements with several countries since then and more are expected soon. However, the recently passed US fiscal package extends the 2017 rate cuts, increases the deficit and raises the debt limit. This has raised concerns about higher inflation and interest rates, which could negatively impact economic and lending conditions.

自那時起，美國已與多個國家達成貿易協定，預計很快就會有更多國家達成貿易協定。然而，美國近期通過的財政方案延長了2017年的降息幅度，增加了赤字，並提高了債務上限。這引發了人們對通膨和利率上升的擔憂，這可能會對經濟和貸款條件產生負面影響。

The 10-year US treasury rate remains elevated, although below its mid-January peak and we will continue to monitor the impact of these policy changes on rates, consumers and our customers. In July, I attended the TransUnion CIBIL Annual Credit Conference in India, celebrating CIBIL's 25th anniversary.

儘管低於 1 月中旬的峰值，但 10 年期美國國債利率仍處於高位，我們將繼續監測這些政策變化對利率、消費者和客戶的影響。7 月份，我參加了在印度舉行的 TransUnion CIBIL 年度信貸會議，慶祝 CIBIL 成立 25 週年。

The event drew over 2,500 clients, including more than 100 CEOs from major Indian lenders and key Reserve Bank of India regulators. We discussed future innovations to increase financial inclusion and introduce new solutions and market insights. This event reinforced CIBIL's strong reputation and the positive impact it has on the Indian economy.

這項活動吸引了超過 2,500 名客戶，其中包括來自印度主要貸款機構和印度儲備銀行主要監管機構的 100 多名執行長。我們討論了未來的創新，以提高金融包容性並引入新的解決方案和市場洞察。此次活動鞏固了 CIBIL 的良好聲譽及其對印度經濟的正面影響。

Our India strategy reflects our vision to foster trust in global commerce between consumers and businesses. We recognize significant opportunities in India supported by our scale, well-known brand, high-quality data, innovative products and strong relationships with bankers and regulators alike.

我們的印度策略體現了我們在全球商業中培養消費者和企業之間信任的願景。我們認識到，憑藉我們的規模、知名品牌、高品質數據、創新產品以及與銀行家和監管機構的牢固關係，印度擁有巨大的發展機會。

Our future innovation aims to expand credit access for underserved markets such as small- and medium-sized businesses, new to credit consumers and microfinance, all identified by India's government as vital economic drivers.

我們未來的創新旨在擴大服務不足的市場的信貸管道，例如中小企業、信貸新消費者和小額信貸，所有這些都被印度政府視為重要的經濟驅動力。

After the event, I'm even more confident that India represents an enormous long-term growth opportunity for TransUnion, with the potential to grow over 20% annually over the medium term. In the near term, consumer lending in India is experiencing a gradual volume recovery due to manageable delinquency levels, lower interest rates and the return to market of nonbank lenders who were sidelined by the Reserve Bank last year.

這次活動結束後，我更加確信，印度對 TransUnion 來說代表著巨大的長期成長機會，中期內每年的成長率有可能超過 20%。短期內，由於拖欠率處於可控水平、利率降低以及去年被印度儲備銀行邊緣化的非銀行貸款機構重返市場，印度的消費貸款規模正在逐步回升。

The RBI has reduced interest rates by 100 basis points thus far in 2025 and is balancing lending safety with economic growth. We anticipate our growth in India will accelerate later this year as lending volumes continue to recover resulting in nearly 10% organic constant currency revenue growth for the full year and with fourth quarter growth in the high teens. We also continue to transform the company by modernizing our technology, enhancing our global operating model and accelerating innovation across our product suites. I'll detail our recent progress.

2025 年迄今，印度儲備銀行已將利率下調 100 個基點，並在貸款安全與經濟成長之間取得平衡。我們預計，隨著貸款量持續復甦，我們在印度的成長將在今年稍後加速，導致全年有機固定貨幣收入成長近 10%，第四季的成長將達到十幾歲。我們也將繼續透過技術現代化、增強全球營運模式和加速產品套件的創新來改造公司。我將詳細介紹我們最近的進展。

In the quarter, we accelerated US credit customer migrations and further enhanced the core capabilities of OneTru, our global configurable cloud-native platform. Our customer migrations are focused on minimizing conversion disruptions while delivering our targeted savings within the committed investment levels.

本季度，我們加快了美國信貸客戶遷移，並進一步增強了我們的全球可配置雲端原生平台 OneTru 的核心功能。我們的客戶遷移專注於最大限度地減少轉換中斷，同時在承諾的投資水準內實現目標節省。

To achieve this, we strengthened OneTru's functionality to manage our most complex and customized batch and online workloads. We're achieving notable performance and innovation improvements on the new platform, including over 50% faster processing, robust cybersecurity and compliance controls and rapid development of new scores, attributes and models.

為了實現這一目標，我們增強了 OneTru 的功能，以管理我們最複雜和客製化的批次和線上工作負載。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、強大的網路安全和合規控制以及新分數、屬性和模型的快速開發。

We also migrated several key consumer indirect customers to our new global consumer technology platform. This scalable platform enables faster product releases, seamless multi-region deployment and reduced operational complexity. To further enhance OneTru's capabilities, we have augmented its underlying identity graph with our comprehensive public records database. This integration enhances data fidelity and introduces more robust attributes related to addresses, phone numbers and e-mails.

我們也將幾個關鍵的消費者間接客戶遷移到我們新的全球消費者技術平台。這個可擴展的平台可以加快產品發布速度、實現無縫的多區域部署並降低營運複雜性。為了進一步增強 OneTru 的功能，我們利用全面的公共記錄資料庫增強了其底層身分圖。這種整合增強了資料保真度，並引入了與地址、電話號碼和電子郵件相關的更強大的屬性。

Our identity graph now encompasses a wide of TU's proprietary data assets including traditional credit header information, public records, communication and device identifiers, streaming data and other unique data sources. Together, these elements enable industry-leading consumer identity resolution, improved data onboarding, more targeted marketing and optimized fraud prevention and risk management.

我們的身份圖譜現在涵蓋了 TU 的廣泛專有資料資產，包括傳統信用標頭資訊、公共記錄、通訊和設備識別碼、流資料和其他獨特資料來源。這些元素共同實現了業界領先的消費者識別、改進的資料匯入、更有針對性的行銷以及優化的詐欺預防和風險管理。

During the quarter, we successfully transitioned over 20,000 specialized risk clients to the enhanced OneTru Identity Graph, resulting in significant performance gains for these customers. We also expanded adoption of our AI-driven developer tool, OneTru Assist, which employs advanced language models to automate repetitive coding tasks, facilitate code translations and detect and address security vulnerabilities.

在本季度，我們成功地將超過 20,000 名專業風險客戶過渡到增強型 OneTru Identity Graph，從而為這些客戶帶來了顯著的績效提升。我們還擴大了人工智慧驅動的開發工具 OneTru Assist 的採用，該工具採用先進的語言模型來自動執行重複的編碼任務、促進程式碼翻譯以及檢測和解決安全漏洞。

OneTru Assist supports the entire OneTru software development life cycle and has contributed to 20% to 50% productivity increases for developers. Additionally, we recently launched OneTru AI Studio, which provides low-code and no-code AI workflow solutions for broader nonengineering use cases. We're improving our global operating model as well by strengthening product development practices and our leadership.

OneTru Assist 支援整個 OneTru 軟體開發生命週期，並為開發人員的生產力提高了 20% 到 50%。此外，我們最近推出了 OneTru AI Studio，它為更廣泛的非工程用例提供低程式碼和無程式碼 AI 工作流程解決方案。我們也透過加強產品開發實踐和領導力來改善我們的全球營運模式。

In Q2, Brian Silver joined us as Head of Marketing Solutions, under Mohamed Abdelsadek, bringing significant digital marketing experience. We continue to refine our approach to product management to better align resources, streamline decision-making and accelerate new product iterations. These changes will improve commercial outcomes by integrating our geographic and vertical led go-to-market strength with enhanced product development expertise.

在第二季度，Brian Silver 加入我們，擔任行銷解決方案主管，在 Mohamed Abdelsadek 的領導下，帶來了豐富的數位行銷經驗。我們不斷改進產品管理方法，以更好地協調資源、簡化決策並加速新產品的迭代。這些變化將透過整合我們的地理和垂直主導的市場進入優勢以及增強的產品開發專業知識來改善商業成果。

Our technology stack and operating model are contributing to faster innovation and growth across our 6 global solutions families. We've increased the pace of new product introductions while also completing foundational technology modernization. FactorTrust customers can now use OneTru with its improved processing times, expanded scores and attributes in more rapid model development. FactorTrust's growth rates have reached double digits due to competitive wins and with a strong pipeline of new opportunities.

我們的技術堆疊和營運模式正在促進我們 6 個全球解決方案系列的更快創新和成長。我們加快了新產品的推出步伐，同時也完成了基礎技術的現代化。FactorTrust 客戶現在可以使用 OneTru，它具有更短的處理時間、更大的分數和屬性，可以更快速地進行模型開發。由於競爭勝利和大量新機遇，FactorTrust 的成長率已達到兩位數。

In fraud, we launched new models using our materially enriched identity graph and our analytics and machine learning capabilities. Additionally, we developed a solution to identify consumers who dispute credit trade lines by falsely claiming to be fraud victims. Early demand for this solution is strong, representing a cross-sell opportunity into credit customers. Marketing Solutions reported stronger retention and increasing sales momentum, particularly within audience and identity products.

在詐欺方面，我們利用物質豐富的身份圖譜以及分析和機器學習能力推出了新模型。此外，我們還開發了一種解決方案，用於識別那些透過謊稱自己是詐欺受害者而對信用交易額度提出異議的消費者。該解決方案的早期需求強勁，代表著向信貸客戶提供交叉銷售的機會。行銷解決方案報告顯示，客戶保留率更高，銷售動能增強，尤其是在受眾和身分識別產品方面。

Within US Consumer Solutions, we rolled out a new freemium offering with updated web and app experiences, resulting in strong growth in the number of new free users. We plan to further expand these capabilities and offer and our offer inventory. And with Monevo, we integrated lenders' underwriting criteria to personalize prequalified offers through online publishers and improve consumer experience and add conversion. We will continue to build this marketplace by adding new publishers and top-tier lenders to the platform.

在美國消費者解決方案部門，我們推出了新的免費增值服務，提供更新的網路和應用程式體驗，從而實現新免費用戶數量的強勁成長。我們計劃進一步擴大這些能力並提供庫存。透過 Monevo，我們整合了貸款人的承保標準，透過線上發布商個人化預先審核的報價，改善消費者體驗並增加轉換率。我們將透過在平台上添加新的出版商和頂級貸方來繼續建立這個市場。

Now I'll conclude my remarks with a deeper dive into the innovation and growth of our Communication Solutions, particularly Trusted Call Solutions or TCS. We entered the communication solutions market through our Neustar acquisition, which leveraged its relationships with telco companies to build a suite of data-driven authentication solutions.

現在，我將以更深入地探討我們的通訊解決方案（特別是可信呼叫解決方案或 TCS）的創新和發展來結束我的演講。我們透過收購 Neustar 進入了通訊解決方案市場，利用其與電信公司的關係建構了一套數據驅動的身份驗證解決方案。

Our Communications Solutions help make trust possible in the phone experience by authenticating and clarifying the purpose of phone calls. Our customers report better answer rates and higher consumer satisfaction when using the service.

我們的通訊解決方案透過驗證和明確電話通話的目的，幫助人們建立對電話體驗的信任。我們的客戶報告稱，使用該服務後，回覆率更高，消費者滿意度也更高。

The use cases typically combine fraud mitigation and brand identification to improve consumer engagement. Now Communications Solutions overall has grown 10% plus per annum since 2022 and should achieve $320 million in revenue in 2025. Trusted Call Solutions has grown from $50 million in revenue in '22 to an expected $150 million this year.

這些用例通常結合詐欺緩解和品牌識別來提高消費者參與度。現在，通訊解決方案整體自 2022 年以來每年增長 10% 以上，預計 2025 年的收入將達到 3.2 億美元。Trusted Call Solutions 的營收從 22 年的 5,000 萬美元成長到今年預計的 1.5 億美元。

Financial Services accounts for almost 30% of TCS revenues with the remaining 70% spread across our emerging verticals. The remainder of Communications Solutions includes legacy products, such as landline caller ID and listings management.

金融服務佔 TCS 收入的近 30%，其餘 70% 分佈在我們新興的垂直領域。通訊解決方案的其餘部分包括傳統產品，例如固定電話來電顯示和清單管理。

These products embed us with telco companies and provide the data necessary for new products such as TCS and are very profitable, although the revenue growth is flat to declining slightly. In sum, we believe Communications Solutions can deliver at least high single-digit growth driven by the sizable market for Trusted Calls.

這些產品將我們嵌入電信公司，並為 TCS 等新產品提供必要的數據，並且利潤豐厚，儘管收入成長持平或略有下降。總而言之，我們相信，在 Trusted Calls 龐大市場的推動下，通訊解決方案可以實現至少高個位數的成長。

Now I'll detail how TCS works, why we're the market leader and how we will build on our momentum. Trusted Call Solutions enhances the phone channel, closing the user experience gap of digital channels. As most businesses rely on phone calls for important communications and consumers prefer them for urgent matters, unanswered calls and robo calls remain major issues.

現在我將詳細介紹 TCS 的工作方式、我們為何成為市場領導者以及我們將如何保持我們的發展勢頭。Trusted Call Solutions 增強了電話管道，縮小了數位管道的使用者體驗差距。由於大多數企業依靠電話進行重要通信，並且消費者更喜歡透過電話處理緊急事務，因此無人接聽的電話和自動呼叫仍然是主要問題。

Over 80% of outbound calls go unanswered and consumers receive 55 billion robo calls annually, leading to $12 billion in fraud. Our solutions adds color name, logo and call context to outbound calls. It authenticates inbound calls to block fraudsters and leads to better engagement, brand protection and financial results. Customers across industries report improved contact and conversion rates.

超過 80% 的外撥電話無人接聽，消費者每年接到 550 億通自動撥號電話，造成 120 億美元的詐欺。我們的解決方案為外撥電話新增了顏色名稱、徽標和呼叫上下文。它可以驗證來電以阻止詐欺者，從而提高參與度、保護品牌並提高財務表現。各行各業的客戶都報告聯繫率和轉換率有所提高。

Now TCS integrates TransUnion into the mobile call ecosystem, establishing an essential framework that benefits telecommunications carriers, enterprises and end users. Enterprises serve as our primary clients. We authenticate and onboard their phone numbers and enriched call data into our comprehensive data management platform.

現在，TCS 將 TransUnion 整合到行動呼叫生態系統中，建立了一個有利於電信業者、企業和最終用戶的重要架構。企業是我們的主要客戶。我們對他們的電話號碼和豐富的通話資料進行驗證並將其納入我們全面的資料管理平台。

Telecommunications carriers are our strategic partners. When a call is initiated via a mobile network, the carriers access verified rich call data such name, logo and contextual information from TransUnion to present on the recipients device. Enterprises compensate TransUnion for displaying authenticated information and we, in turn, provide royalties to the carriers.

電信業者是我們的策略夥伴。當透過行動網路發起通話時，營運商會存取來自 TransUnion 的經過驗證的豐富呼叫資料（例如名稱、標誌和上下文資訊），並將其顯示在接收者的裝置上。企業向 TransUnion 支付顯示經過驗證的資訊的費用，而我們則向承運商提供版稅。

Consumers benefit from an enhanced and trustworthy calling experience, enabling them to make informed decisions when responding to calls. Now TCS is positioned at the forefront of the industry, addressing an estimated opportunity exceeding $1 billion in the US alone. We've identified several sustainable competitive advantages that underpin our success in this market.

消費者將受益於增強的、值得信賴的通話體驗，使他們能夠在接聽電話時做出明智的決定。如今，TCS 已處於行業領先地位，僅在美國就抓住了預計超過 10 億美元的商機。我們已經確定了幾個可持續的競爭優勢，這些優勢是我們在這個市場上取得成功的基礎。

First, TCS covers 94% of US wireless consumers through our exclusive relationship with AT&T and strategic partnerships with First Orion and TNS. This collaboration enabled the delivery of 5 billion authenticated branded calls across the top three carriers in 2024.

首先，TCS 透過與 AT&T 的獨家合作關係以及與 First Orion 和 TNS 的策略合作夥伴關係覆蓋了 94% 的美國無線消費者。此次合作將使三大業者在 2024 年之間提供 50 億次經過驗證的品牌電話。

Leveraging our broad on coverage and scale, we partnered with AT&T this year to introduce branded call displays featuring call reasons and providing context to phone calls and improving consumer engagement. Our innovation road map includes upcoming releases such as omnichannel capabilities and advanced fraud detection signals.

利用我們廣泛的覆蓋範圍和規模，我們今年與 AT&T 合作推出品牌呼叫顯示，重點展示呼叫原因並提供電話背景資訊並提高消費者參與度。我們的創新路線圖包括即將發布的全通路功能和進階詐欺偵測訊號等。

Second, we steward expansive and authoritative data sets to rigorously verify enterprises and telephone details, which enable us to authenticate and enrich calls. Our robust industry relationships and integration with over 800 carriers enabled us to develop TCS. Third, we possessed extensive distribution channels through TransUnion that allow us to deploy TCS in numerous vertical markets. We see significant interest and strong sales across all sectors we cover, including financial services, insurance, health care and the public sector.

其次，我們管理廣泛而權威的數據集，嚴格驗證企業和電話詳細信息，這使我們能夠驗證和豐富通話內容。我們與 800 多家營運商建立的穩固的產業關係和整合使我們能夠開發 TCS。第三，我們透過 TransUnion 擁有了廣泛的分銷管道，這使我們能夠在眾多垂直市場部署 TCS。我們看到，我們涉及的所有領域都表現出濃厚的興趣，銷售業績也十分強勁，其中包括金融服務、保險、醫療保健和公共部門。

And finally, TCS integrates seamlessly with our market-leading fraud solutions to safeguard against data breaches, account takeover attempts, phishing and other impersonation-related threats. Collectively, TCS enhances TU's long-term growth prospects, providing a pathway toward near $250 million in revenue by 2028.

最後，TCS 與我們市場領先的詐欺解決方案無縫集成，以防止資料外洩、帳戶接管企圖、網路釣魚和其他與冒充相關的威脅。總體而言，TCS 增強了 TU 的長期成長前景，為 2028 年實現近 2.5 億美元的收入鋪平了道路。

As the market leader, we maintain robust integration with telecom companies and businesses, positioning us to capitalize on a large market opportunity in the US. Our strategy includes deeper penetration of our core verticals, scaling the existing solutions and broadening the product portfolio.

作為市場領導者，我們與電信公司和企業保持緊密的整合，使我們能夠利用美國的巨大市場機會。我們的策略包括更深入地滲透我們的核心垂直領域、擴展現有的解決方案並拓寬產品組合。

Furthermore, we believe that we can take this solution to many of our markets globally in the coming years. Recently, we launched a branded call display in Canada, developed in collaboration with TELUS, a leading Canadian telecommunications provider. And we have introduced initial solutions in Brazil and France and are evaluating additional opportunities in markets such as India. We will continue to provide updates on our progress as we scale TCS in the coming quarters.

此外，我們相信，未來幾年我們可以將這項解決方案推廣到全球許多市場。最近，我們在加拿大推出了品牌呼叫顯示屏，該顯示屏是與加拿大領先的電信提供商 TELUS 合作開發的。我們已經在巴西和法國推出了初步解決方案，並正在評估印度等市場的更多機會。隨著我們在未來幾季擴大 TCS 規模，我們將繼續提供最新進展。

And with that, I'll hand it over to Todd.

說完這些，我就把麥克風交給托德。

Thanks, Chris, and let me add my welcome to everyone. As Chris mentioned, in the second quarter, we exceeded our guidance across all key financial metrics, driven by broad-based outperformance in our US market segment led by Financial Services. Second quarter consolidated revenue increased 10% on a reported and 9% on an organic constant currency basis.

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，在第二季度，我們所有關鍵財務指標均超出預期，這得益於以金融服務為主導的美國市場領域的廣泛優異表現。第二季綜合營收以報告數字計算成長 10%，以有機固定匯率計算成長 9%。

The Monevo acquisition contributed 0.5% to growth. Most of Monevo's revenue is recognized in the U.K. with the remaining US revenue recognized in Consumer Interactive. The impact from foreign currency was immaterial. Our business grew 6.5% on an organic constant currency basis, excluding mortgage from both the second quarter of 2024 and 2025.

Monevo 的收購為成長貢獻了 0.5%。Monevo 的大部分收入來自英國，其餘美國收入則來自消費者互動部門。外幣的影響並不大。不包括 2024 年第二季和 2025 年第二季的抵押貸款，我們的業務以有機固定匯率計算增長了 6.5%。

Adjusted EBITDA increased 8%. Our adjusted EBITDA margin was 35.7%, ahead of our 34.8% to 35.3% guidance due to flow- through on a stronger revenue growth. Adjusted diluted earnings per share was $1.08, $0.09 ahead of the high end of our guidance and an increase of 9%. Finally, in the second quarter, we took $29 million of onetime charges related to our transformation program, $5 million for operating model optimization and $23 million for technology transformation.

調整後EBITDA成長8%。我們的調整後 EBITDA 利潤率為 35.7%，高於我們預期的 34.8% 至 35.3%，這得益於更強勁的收入成長。調整後每股攤薄收益為 1.08 美元，比我們預期的最高值高出 0.09 美元，增幅為 9%。最後，在第二季度，我們計入了與轉型計畫相關的2,900萬美元的一次性費用，其中500萬美元用於營運模式優化，2,300萬美元用於技術轉型。

To date, we have incurred $315 million of planned onetime transformation expenses over the course of the program and remain on track for $355 million to $375 million in one-time expenses by the end of 2025. Looking at segment financial performance for the second quarter. US Markets revenue was up 10% compared to the year ago quarter. Adjusted EBITDA margin was 37.9%, down 110 basis points due to the timing shift of investments from the first quarter to the second quarter as we discussed in April.

到目前為止，我們在該計劃實施過程中已產生 3.15 億美元的計劃一次性轉型費用，並且到 2025 年底，一次性費用仍將達到 3.55 億至 3.75 億美元。查看第二季的分部財務表現。美國市場收入與去年同期相比成長了 10%。調整後的 EBITDA 利潤率為 37.9%，下降了 110 個基點，這是由於投資時間從第一季轉移到第二季度，正如我們在 4 月所討論的那樣。

Financial Services revenue grew 17% or 11% excluding mortgage. Credit Card & banking was up 5% against flattish online volumes. We saw good growth from alternative data sales and trusted call solutions as well as healthy batch activity.

金融服務收入成長 17%，不包括抵押貸款則成長 11%。信用卡和銀行業務成長了 5%，而網路交易量則持平。我們看到替代數據銷售和可信任呼叫解決方案以及健康的大量活動取得了良好的成長。

Consumer lending growth accelerated to 18%. The we experienced further strengthening in marketing and online volumes from fintech and point-of-sale lenders. We also delivered strong factor trust growth. Auto grew 19%, driven by pricing of our data and third-party scores as well as good growth in our Communications and Marketing Solutions. Volumes remained elevated in April, likely due to a pull forward of demand ahead of tariffs, but normalized in May and June towards levels seen early in the year.

消費貸款增速加速至18%。我們感受到金融科技和銷售點貸款機構的營銷和線上業務量的進一步加強。我們也實現了強勁的因子信託成長。汽車業務成長了 19%，這得益於我們的數據和第三方評分的定價以及我們的溝通和行銷解決方案的良好成長。4 月份交易量仍保持高位，可能是由於關稅前需求提前所致，但 5 月和 6 月交易量已恢復至年初的正常水準。

For Mortgage, revenue grew 29% despite flat inquiry volumes, benefiting from third-party score pricing and non-tribureau revenue. Mortgage accounts for about 12% of TransUnion's trailing 12-month revenue. Emerging Verticals grew 5%, led again by double-digit

對於抵押貸款而言，儘管諮詢量持平，但收入仍增長了 29%，這得益於第三方評分定價和非中介收入。抵押貸款約佔 TransUnion 過去 12 個月收入的 12%。新興垂直產業成長 5%，再次以兩位數成長

growth in insurance. Tech, Retail and & E-commerce, Telco and Tenant & Employment all grew mid-single digits. Media was flat and Public Sector and Services declined. We expect Media growth to improve in the second half as marketing wins convert to revenue and Public Sector to return to growth later in the year.

保險的增長。科技、零售和電子商務、電信以及租戶和就業均實現了中等個位數的成長。媒體業持平，公共部門和服務業則下滑。我們預計，隨著行銷勝利轉化為收入，媒體成長將在下半年改善，而公共部門將在今年稍後恢復成長。

In Insurance, we delivered another strong quarter, supported by stable market conditions. Marketing activity continues to recover as insurers benefit from improved rate adequacy, especially in Personal Lines auto. Consumer shopping also remained active. We delivered broad-based new business wins, including in core credit and driving history as well as Trusted Call Solutions and our modern marketing products.

在保險領域，受穩定的市場條件支撐，我們本季再創佳績。隨著保險公司受益於費率充足性的提高，行銷活動持續復甦，尤其是在個人車險領域。消費者購物也依然活躍。我們取得了廣泛的新業務勝利，包括核心信貸和駕駛歷史以及可信賴呼叫解決方案和我們的現代行銷產品。

Turning to Consumer Interactive. Revenue grew 2% on an organic constant currency basis. Both our direct and indirect channels grew in the quarter. Excluding the impact from lapping a large breach remediation win in the third quarter of 2024, we expect growth in the direct and indirect channels in the second half of the year. For my comments about International, all revenue growth comparisons will be in organic constant currency terms. For the total segment, revenue grew 6%. Adjusted EBITDA margin was 42.7%.

轉向消費者互動。以有機固定匯率計算，收入成長了 2%。本季我們的直接和間接通路均實現了成長。不計 2024 年第三季大規模違規補救措施的影響，我們預計下半年直接和間接通路將實現成長。對於我對國際的評論，所有收入成長比較都將以有機固定貨幣計算。就整個部門而言，收入增長了 6%。調整後的 EBITDA 利潤率為 42.7%。

Looking at the specifics for each region. India growth accelerated to 8% as anticipated and up from the 1% growth in the first quarter. Commercial credit, direct-to-consumer and new products like our API marketplace drove growth, offsetting still muted consumer credit volumes. Our U.K. business grew 5%, batch and online activity remain healthy for our largest banking customers, and we continue to ramp new business wins across our verticals. In Canada, we grew 10% in a muted market. We drove growth through sales of our innovative fraud, identity and consumer indirect solutions.

查看每個地區的具體情況。印度經濟成長如預期加速至 8%，高於第一季的 1%。商業信貸、直接面向消費者以及我們的 API 市場等新產品推動了成長，抵消了仍然低迷的消費信貸量。我們的英國業務成長了 5%，對於我們最大的銀行客戶來說，大量和線上活動仍然保持健康，並且我們繼續在垂直領域贏得新的業務。在加拿大，我們在低迷的市場中實現了 10% 的成長。我們透過銷售創新的詐欺、身分和消費者間接解決方案來推動成長。

Share gains across Financial Services, Auto and Insurance and increased portfolio review batch activity. We also benefited from some one-time revenues in the quarter. In Latin America, revenue grew 4% with modest growth in Colombia and Brazil and high single- digit growth in our other Latin American countries.

分享金融服務、汽車和保險領域的收益並增加投資組合審查批量活動。本季我們也受益於一些一次性收入。在拉丁美洲，收入成長了 4%，其中哥倫比亞和巴西的成長溫和，其他拉丁美洲國家則實現了高個位數成長。

In Asia Pacific, we declined 8% as we lapped one-time consulting revenue in the prior year. Philippines growth remains strong, while Hong Kong faces a softer economic backdrop. We expect Asia Pacific to return to growth in the second half of the year. Finally, Africa increased 14% with broad-based growth across Financial Services, Retail and Insurance.

在亞太地區，由於前一年的一次性諮詢收入被抵消，我們的收入下降了 8%。菲律賓經濟成長依然強勁，而香港則面臨較弱的經濟背景。我們預計亞太地區將在下半年恢復成長。最後，非洲成長了 14%，金融服務、零售和保險領域實現了廣泛成長。

Turning to the balance sheet. We ended the quarter with $5.1 billion of debt and $688 million of cash. Our leverage ratio at quarter end was 2.8 times. We have repurchased $47 million in shares year-to-date through mid-July in line with our balanced approach to capital deployment. We remain focused on delevering to under 2.5 times leverage ratio.

轉向資產負債表。本季末我們的債務為 51 億美元，現金為 6.88 億美元。我們季末的槓桿率為 2.8 倍。截至 7 月中旬，我們今年已回購了價值 4,700 萬美元的股票，這符合我們平衡的資本配置方針。我們仍致力於將槓桿率降至2.5倍以下。

Throughout the remainder of the year, we plan to balance debt prepayment and share repurchases based on market conditions. We also plan to preserve capital ahead of our TransUnion de Mexico acquisition, which we expect will close by year-end.

在今年剩餘時間內，我們計劃根據市場情況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，預計該收購將在年底前完成。

Turning to guidance. As Chris mentioned, we are raising our guidance for the full year primarily to account for strong first half results as well as continued business momentum. Even with the guidance raised, we maintained a prudently conservative posture for the remainder of the year to account for ongoing market uncertainty.

轉向指導。正如克里斯所提到的，我們上調全年業績預期，主要是為了體現上半年的強勁業績以及持續的業務成長勢頭。即使提高了預期，我們仍將在今年剩餘時間內保持審慎保守的態度，以應對持續存在的市場不確定性。

We believe we can manage some level of US lending activity softening within our guidance range. Should current conditions persist, we would expect to deliver results at or above the high end of our guidance range. That brings us to our outlook for the third quarter. We expect FX to be less than 0.5% headwind to revenue and adjusted EBITDA.

我們相信，我們可以在指導範圍內控制一定程度的美國貸款活動疲軟。如果當前情況持續下去，我們預計業績將達到或超過我們的指導範圍的高端。這就引出了我們對第三季的展望。我們預計外匯對收入和調整後 EBITDA 的影響將小於 0.5%。

We expect Monevo acquisition to add 1% to revenue. We expect revenue to be between $1.115 billion and $1.135 billion or up 2% to 4% on an organic constant currency basis. These growth rates include a 4% headwind from lapping the large breach remediation win in last year's third quarter. Excluding the breach comparison, our organic constant currency growth guidance would be 6% to 8%.

我們預計 Monevo 的收購將使收入增加 1%。我們預計營收將在 11.15 億美元至 11.35 億美元之間，以有機固定匯率計算成長 2% 至 4%。這些成長率包括了去年第三季因大規模違規補救勝利而產生的 4% 的阻力。排除違約比較，我們的有機固定貨幣成長預期將為 6% 至 8%。

Our revenue guidance includes approximately 2 points of tailwind from mortgage. In the third quarter, we expect mortgage inquiries to decline modestly. We expect adjusted EBITDA to be between $397 million and $411 million, up 1% to 4%. We expect adjusted EBITDA margin of 35.6% to 36.2%, down 10 to 70 basis points. Our margin expectation for the third quarter is consistent with our results in the first half of the year as well as our expectations for the full year. We expect our adjusted diluted earnings per share to be between $0.99 and $1.04, down 5% to flat.

我們的收入預期包括來自抵押貸款的約 2 個點的順風。我們預計第三季抵押貸款諮詢量將小幅下降。我們預計調整後的 EBITDA 將在 3.97 億美元至 4.11 億美元之間，成長 1% 至 4%。我們預計調整後的 EBITDA 利潤率為 35.6% 至 36.2%，下降 10 至 70 個基點。我們對第三季的利潤率預期與上半年的業績以及全年的預期一致。我們預計調整後的每股攤薄收益將在 0.99 美元至 1.04 美元之間，下降 5% 至持平。

Turning to the full year. We anticipate FX to be less than 0.5% headwind to revenue and adjusted EBITDA, and the Monevo acquisition to contribute 0.5% to revenue. We expect revenue of between $4.432 billion and $4.472 billion. We expect organic constant currency revenue growth of 6% to 7%, an increase from our prior guidance of 4.5% to 6%. Excluding mortgage, we expect organic constant currency growth of 4% to 5%. These growth rates include a 1% headwind from lapping the large breach win from last year's third quarter. Specific to our segment organic constant currency assumptions, we expect US Markets to grow mid-single digit, both including and excluding mortgage.

展望全年。我們預計外匯對營收和調整後 EBITDA 的負面影響將小於 0.5%，而 Monevo 的收購將為營收貢獻 0.5%。我們預計營收在 44.32 億美元至 44.72 億美元之間。我們預計有機固定匯率收入成長率將達到 6% 至 7%，高於我們先前預測的 4.5% 至 6%。不包括抵押貸款，我們預計有機固定匯率成長率將達到 4% 至 5%。這些成長率包括了因彌補去年第三季的巨額違約損失而產生的 1% 的逆風。具體到我們的分部有機恆定貨幣假設，我們預期美國市場將實現中等個位數成長，包括和不包括抵押貸款。

We anticipate Financial Services to be up low double digits or high single digit, excluding mortgage. We expect Mortgage revenue to increase by over 20% against modest declines in mortgage inquiries. We expect Emerging Verticals to be up mid-single digits. 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.

我們預期金融服務（不包括抵押貸款）將出現低兩位數成長或高個位數成長。我們預計抵押貸款收入將增加 20% 以上，而抵押貸款諮詢量將小幅下降。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 the total company outlook. We expect adjusted EBITDA to be between $1.58 billion and $1.61 billion, up 5% to 7%, an increase from our prior guidance of 3% to 6%. That would result in an adjusted EBITDA margin of 35.7% to 36.0%, down 30 basis points to flat. We anticipate adjusted diluted earnings per share to be $4.03 to $4.14 up 3% to 6%, also an increase from prior guidance of flat to 4% growth.

回顧整個公司的前景。我們預計調整後的 EBITDA 將在 15.8 億美元至 16.1 億美元之間，成長 5% 至 7%，高於我們先前預測的 3% 至 6%。這將導致調整後的 EBITDA 利潤率從 35.7% 降至 36.0%，下降 30 個基點至持平。我們預計調整後每股攤薄收益為 4.03 美元至 4.14 美元，成長 3% 至 6%，也高於先前預測的持平至 4% 的成長。

Our expected adjusted diluted earnings per share growth reflects strong underlying performance and is inclusive of a 400 basis point headwind from foreign exchange and a higher tax rate in 2025. We expect depreciation and amortization to be approximately $570 million.

我們預期的調整後每股攤薄收益成長反映了強勁的潛在業績，並包括了外匯帶來的 400 個基點的不利因素以及 2025 年更高的稅率。我們預計折舊和攤提約為 5.7 億美元。

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. We now anticipate net interest expense will be about $200 million for the full year. We expect our adjusted tax rate to be approximately 26.5%.

我們預計，隨著技術現代化計劃投入生產並開始貶值，這部分資產（不包括 2012 年控制權變更和後續收購產生的逐步攤銷）將達到約 2.85 億美元。我們現在預計全年淨利息支出約為 2 億美元。我們預計調整後的稅率約為26.5%。

Capital expenditures are expected to be about 8% of revenue. We continue to expect to incur $100 million to $120 million in one- time charges in 2025 related to the last year of our transformation program. Given those investments, we expect our free cash flow conversion as a percentage of adjusted net income to be 70% in 2025 before improving to 90% plus in 2026.

預計資本支出約佔收入的8%。我們預計，2025 年與轉型計畫最後一年相關的一次性費用仍將達到 1 億至 1.2 億美元。考慮到這些投資，我們預計自由現金流轉換率佔調整後淨收入的百分比將在 2025 年達到 70%，並在 2026 年提高到 90% 以上。

In closing, we delivered strong results and are quickly approaching a period in 2026 and beyond that we believe will see stronger free cash flow generation and the leverage ratio within our target range. This will enable disciplined and shareholder-friendly deployment of capital, similar to our approach throughout the first half of the year.

最後，我們取得了強勁的業績，並很快進入 2026 年及以後的時期，我們相信這段時期將產生更強勁的自由現金流，槓桿率也將達到我們的目標範圍內。這將使我們對資本進行有紀律的、有利於股東的部署，類似於我們今年上半年的做法。

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

現在我將把電話轉回給克里斯，請他發表最後的評論。

Thanks, Todd. In summary, we delivered a robust second quarter, surpassing our guidance across all key financial metrics and marking our sixth consecutive quarter of high single-digit organic revenue growth. Based on our strong performance in the first half of the year and sustained business momentum, we're raising our 2025 guidance, now anticipating 6% to 7% organic constant currency revenue growth.

謝謝，托德。總而言之，我們第二季表現強勁，所有關鍵財務指標均超出預期，連續第六個季度實現高個位數有機收入成長。基於我們上半年的強勁表現和持續的業務發展勢頭，我們提高了 2025 年的預期，目前預計有機固定匯率收入增長率為 6% 至 7%。

And we continue to make substantial progress toward our strategic priorities. Following several years of investment, our current focus is on execution and value creation. Our growth playbook, which has historically emphasized differentiated vertical market engagement and geographic expansion, has driven our industry-leading growth over the past decade. As a result of our transformation, we are equipped with an expanded suite of solutions for our customers.

我們在戰略重點方面繼續取得實質進展。經過幾年的投資，我們目前的重點是執行和價值創造。我們的成長策略歷來強調差異化的垂直市場參與和地理擴張，推動了我們過去十年來行業領先的成長。透過轉型，我們為客戶提供了更豐富的解決方案套件。

Product innovation is an increasingly essential component of our growth playbook, complementing our established vertical and geographic strategies. We are confident that our strategic investments and our disciplined execution will further enhance our product offerings and customer experience, positioning us for another phase of industry-leading growth. And with that, let me turn over the time to Greg.

產品創新是我們成長策略中越來越重要的組成部分，是對我們既定的垂直和地理策略的補充。我們相信，我們的策略性投資和嚴格的執行將進一步增強我們的產品供應和客戶體驗，使我們進入行業領先成長的另一個階段。現在，請允許我將時間交給格雷格。

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人參與。接線員，我們可以開始問答了。

(Operator Instructions)

（操作員指示）

Faiza Alwy from Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes, hi, thank you, good morning, Chris, you mentioned in your prepared remarks that across all lending types, you're outperforming the overall market driven by new business wins. And I'm curious sort of is this more customer mix? Or is it related to some of the new technology and product innovation or something else you're doing? Just would love a little bit more color there.

是的，嗨，謝謝你，早上好，克里斯，你在準備好的發言中提到，在所有貸款類型中，由於新業務的成功，你的表現優於整體市場。我很好奇這是否意味著更多的客戶組合？或者它與一些新技術和產品創新或您正在做的其他事情有關？只是希望那裡能多一點色彩。

Yeah, Sure, Faiza. Well, I would say it's a combination of some of those elements. On the customer mix side, consumer lenders have come back strong in recent quarters as we expected. The funding is flowing again to the space, and they're addressing an attractive market opportunity to consolidate revolving card balances at lower rates. It's what they're really good at. And as we know, consumer lending, fintech, in particular, was really bruised during the market slowdown in '22 and '23.

是的，當然，Faiza。嗯，我想說它是其中一些元素的組合。從客戶結構來看，正如我們預期的那樣，消費貸款機構在最近幾季表現強勁。資金再次流向該領域，他們正在尋找一個有吸引力的市場機會，以較低的利率整合循環卡餘額。這是他們真正擅長的。眾所周知，消費貸款，尤其是金融科技，在 2022 年和 2023 年市場放緩期間受到了嚴重打擊。

But now they're back and they're back in force. And it's going to benefit us disproportionately because we have very large share there. We are comfortably above two by three of the market in terms of market share, and they had a standout quarter, and they've got good momentum.

但現在他們又回來了，而且是強勢回歸。由於我們在那裡佔有很大的份額，因此這將為我們帶來不成比例的利益。就市場佔有率而言，我們遠遠超過市場的三分之二，他們本季表現突出，發展動能良好。

I would say we're also selling into these financial services subcomponents, whether it's mortgage, consumer lending, card, auto, a broad array of products. Remember, these are market segments for us. They're not products. So yes, we're selling credit and credit analytics. But we're also selling Trusted Call Solutions. We're selling Marketing Solutions.

我想說的是，我們也向這些金融服務部門銷售產品，無論是抵押貸款、消費貸款、信用卡、汽車貸款，還是各種各樣的產品。請記住，這些對我們來說都是細分市場。它們不是產品。是的，我們正在銷售信用和信用分析。但我們也銷售可信呼叫解決方案。我們正在銷售行銷解決方案。

In particular, in the Auto vertical, we posted really great growth in the second quarter. Less than half of that was the price benefit from the score price increases, and it was just a little bit from volume. The rest of it is coming from the performance of our product suite in the Auto segment.

特別是在汽車垂直領域，我們在第二季度實現了非常顯著的成長。其中不到一半的價格收益是分數漲價帶來的，只有一點點是來自銷售的。其餘部分則來自於我們汽車領域產品套件的表現。

So I think it's an important thing to mention there. But look, we've got good momentum in Financial Services, as you can see from Q2 and the whole first half. And that's allowed us to raise the guide materially for the year, while still maintaining a very conservative posture.

所以我認為這是一件值得提及的重要事情。但是，正如您從第二季度和整個上半年看到的那樣，我們在金融服務領域發展勢頭良好。這使我們能夠大幅提高今年的指導價，同時仍保持非常保守的態度。

Andrew Steinerman of JPMorgan.

摩根大通的安德魯‧施泰納曼。

Alright, Just two quick questions. One, I definitely noted the momentum at FactorTrust and other kind of alternative bureaus in the marketplace. Could you just give us a comment of why there's good momentum right now to the alternative data bureaus? And is that tied to stronger P loan growth?

好的，只問兩個簡單的問題。首先，我確實注意到了 FactorTrust 和市場上其他替代機構的發展勢頭。您能否評論為什麼另類數據局現在發展勢頭良好？這是否與 P 貸款成長更強勁有關？

And then let me just give you my second question. About the Mexico acquisition, how is that asset performing now? And just remind us why it takes kind of a longer period of time to close, meaning longer than a traditional US acquisition?

然後我再問你第二個問題。關於墨西哥的收購，該資產現在表現如何？並提醒我們為什麼它需要更長的時間才能完成，也就是說比傳統的美國收購還要長？

Yeah, for sure, Andrew. Okay. So regarding alternative credit data, of which FactorTrust is a market leader, for us, it's really a story of re-platforming in innovation and then relaunching FactorTrust. We acquired FactorTrust some years ago. It's a great data set with good coverage, but it was on an antiquated technology platform. And so we prioritize moving it to OneTru.

是的，當然，安德魯。好的。因此，對於 FactorTrust 處於市場領先地位的替代信用數據而言，對我們來說，這實際上是一個在創新中重新建構平台然後重新啟動 FactorTrust 的故事。幾年前我們收購了 FactorTrust。這是一個覆蓋範圍廣的優秀數據集，但它是在一個過時的技術平台上。因此我們優先將其轉移到 OneTru。

In the process of re- platforming it on OneTru; one, of course, we did prove out that we could handle credit at volume with real-time reporting and the various complexities on the OneTru platform. But we also considerably innovated on the analytics side. We implemented a better identity spine underpinning the data. We added a lot of data attributes. We enabled our TruIQ analytics solution for more rapid modeling. And as a result, we're just winning more business with FactorTrust than we did previously. And we have a very robust pipeline. So I think the momentum in FactorTrust is going to continue.

當然，在將 OneTru 平台重新建構的過程中，我們確實證明了我們可以透過即時報告和 OneTru 平台上的各種複雜情況來處理大量信貸。但我們在分析方面也進行了相當大的創新。我們實施了更好的身份主幹來支撐數據。我們新增了很多資料屬性。我們啟用了 TruIQ 分析解決方案，以實現更快速的建模。因此，我們透過 FactorTrust 贏得了比以前更多的業務。我們擁有非常強大的管道。所以我認為 FactorTrust 的發展勢頭將會持續下去。

Perhaps we're getting some benefit selling it as an add-on into some of these other segments. Consumer lenders are the fintech guys do like this alternative data. Anybody with a subprime focus is also interested in the subprime data. And we posted some nice sales of

或許，將其作為附加產品銷售到其他一些領域會為我們帶來一些好處。消費者貸款機構是金融科技人員，他們確實喜歡這種替代數據。任何關注次貸的人也會對次貸數據感興趣。我們發布了一些不錯的銷售業績

FactorTrust in the Auto vertical as well. Now in terms of the time for Mexico, or just the performance, the asset continues to perform well. It's on plan. And we're still on plan in terms of clearing the government review and regulatory hurdles to closing the acquisition.

汽車產業中的 FactorTrust 也是如此。現在就墨西哥的時間而言，或僅就表現而言，該資產繼續表現良好。一切按計劃進行。我們仍在按照計劃清除政府審查和監管障礙，以完成收購。

We are targeting and hoping to close the deal before the end of the year. And look, some of this just takes a bit of time. But the fact that it takes time, shouldn't raise any concerns that's just the operating standard in Mexico, but we're getting a great asset at a really fair price, and we're going to bring a ton of innovation to the Mexican market that I think is going to sustain and increase the growth rate for many years to come.

我們的目標是並希望在年底前完成這筆交易。瞧，其中一些只是需要一點時間。但事實上這需要時間，不應該引起任何擔憂，這只是墨西哥的營運標準，但我們以非常公平的價格獲得了一筆巨大的資產，我們將為墨西哥市場帶來大量創新，我認為這將在未來許多年維持並提高成長率。

Jeff Meuler of Baird.

貝爾德的傑夫·穆勒 (Jeff Meuler)。

Yeah, thank you so on the CI freemium and marketplace rollout, it sounds like it's a little bit staggered or there's kind of like a beta period. So what are the most important initial learnings? And then what's the time line to more fully integrated capabilities and build out marketplace? And then I guess, finally, are you willing to share anything on what you now expect intermediate term for growth out of the Consumer Interactive business?

是的，謝謝你，關於 CI 免費增值版和市場推出，聽起來有點交錯，或者有點像測試期。那麼，最重要的初步學習是什麼呢？那麼，實現更全面整合的能力和建構市場的時間表是怎麼樣的呢？最後，我想，您是否願意分享您對消費者互動業務中期成長的預期？

Yeah, yes, for sure. So look, it was a solid quarter for the consumer segment overall. The direct business and the indirect business both grew low single digits. As you know and everybody on the call knows, we've been investing heavily in this space for several years now to add the capabilities that you need to grow in this current environment. We've launched our new freemium solution.

是的，是的，當然。所以，從整體來看，這對消費領域來說是一個穩健的季度。直接業務和間接業務均實現低個位數成長。正如您和電話會議中的每個人都知道的那樣，幾年來我們一直在這個領域投入巨資，以增加您在當前環境中發展所需的能力。我們推出了新的免費增值解決方案。

That means new user interface, integrating subscription offerings and integrating a full complement of loan of consumer loan offers as well as identity protection and breach remediation. We exited the beta period in the first quarter.

這意味著新的使用者介面、整合訂閱服務、整合全套消費貸款服務以及身分保護和違規補救。我們在第一季就結束了測試期。

In the second quarter, we've been converting our core customer base, and we're probably plus 75% at this point and we're converting over the offer inventory to the new platform, and that's probably at 75% or 80%, too. But right away, you can see that it's going to have a positive impact on the growth rates of the business, particularly on the direct side, where we've been working hard to mitigate the decline.

在第二季度，我們一直在轉換我們的核心客戶群，目前我們可能已經增加了 75%，我們正在將報價庫存轉換到新平台，這可能也達到了 75% 或 80%。但你馬上就能看到，它將對業務成長率產生正面的影響，特別是在直接方面，我們一直在努力減輕下滑的影響。

I think we've got that behind us now. And our goal is to kind of stabilize this low single-digit growth in the coming quarters as we start to optimize these different elements that we've got now, offers, freemium, an integrated offering of subscription, freemium, breach, all of these things coming together, the interplay, we're going to be optimizing our marketing, optimizing our customer flows and conversion, if you will, the pricing, all of this stuff.

我想我們現在已經解決了這個問題。我們的目標是在未來幾個季度穩定這種低個位數增長，因為我們開始優化我們現在擁有的不同元素，優惠、免費增值、集成訂閱、免費增值、違規行為，所有這些元素結合在一起，相互作用，我們將優化我們的營銷，優化我們的客戶流和轉換率，如果你願意的話，還有定價，所有這些東西。

And then, look, over time, we're going to bring more and more lenders and offer types onto the platform. It won't be so card-focused. There'll be a lot of different opportunities for consumers to engage with TransUnion in a freemium way and get the full range of consumer lending and insurance offers and other opportunities there.

然後，隨著時間的推移，我們將把越來越多的貸款人和提供類型引入平台。它不會那麼注重卡片。消費者將有很多不同的機會以免費增值的方式與 TransUnion 互動，並獲得全方位的消費者貸款和保險優惠以及其他機會。

And in terms of the guide, look, right now, we're just executing on a whole bunch of goodness, bringing it together and returning this $600 million chunk of business to consistent growth. In the intermediate term, mid-single-digit growth. And I think once we're firing on all cylinders, we would expect to push even beyond mid-single digits. So hopefully, that clarifies.

就指南而言，看，現在，我們只是在執行一大堆好事，把它們整合在一起，讓這 6 億美元的業務恢復持續成長。從中期來看，將實現中等個位數成長。我認為，一旦我們全力以赴，我們有望突破中等個位數的成長。希望這能澄清一切。

Toni Kaplan of Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I was hoping you could talk about the consumer lending environment. I think late last year and early this year, you had talked about it being a stable but muted environment. Now it seems like you're seeing it's a little bit better than expected and better than that. And when I look at US Financial Services, you grew double-digit ex mortgage.

我希望您能談談消費貸款環境。我想去年年底和今年年初，您曾談到這是一個穩定但平靜的環境。現在看起來，它比預期的要好一點，甚至比那更好。當我看美國金融服務時，發現除抵押貸款外，美國金融服務業的成長率達到兩位數。

So just it sounds like you're still being a little bit cautious on how the environment plays out just with potential for deficits and inflation and that potentially impacting lending. But maybe just talk through where you like how much better is it now? Where do you think for the remainder of the year, we sort of are in terms of market strength and into next year? And just the puts and takes around all of that.

因此，聽起來您仍然對環境如何發揮作用持謹慎態度，因為赤字和通貨膨脹的可能性以及這可能會影響貸款。但也許只是談談你喜歡的地方現在有多好？您認為今年剩餘時間和明年的市場實力如何？這只是圍繞著這一切的付出和收穫。

Yeah, well, we'll give you some flavor there around Financial Services. So yes, it's stable but muted. I think that's a fair assessment, although perhaps a little bit less so than it has been in recent quarters. I mean as you can see consumer lending is coming back, and

是的，我們將向您介紹一些金融服務的內容。所以是的，它很穩定，但卻很安靜。我認為這是一個公平的評估，儘管可能與最近幾季相比略有下降。我的意思是，正如你所看到的，消費貸款正在復蘇，

I've already talked about that opportunity. Card is still a more tempered environment, kind of flattish online volumes. And we are selling in alternative data and trusted call solutions into cards. The big banks all reported over the past couple of weeks, and their commentary on card was a bit more optimistic, I think, than we've seen. And we're starting to see some nice positive batch activity in card, which means card lenders are moving more toward the front foot, if you will, which is good. But it's far short of saying, happy days are here again. .

我已經談論過這個機會。卡片仍處於較溫和的環境中，線上交易量較為平穩。我們正在銷售卡中的替代數據和可信任呼叫解決方案。過去幾週，各大銀行都發布了財報，我認為，它們對信用卡業務的評論比我們所看到的要樂觀一些。我們開始看到信用卡領域出現了一些積極的大量活動，這意味著信用卡放款者正在更多地向前邁進，這是一件好事。但這還遠遠不足以說明幸福的日子又回來了。。

Auto, I talked about, the volumes are still net positive a bit. A lot of that is the pull forward because of tariff fears, but we're selling a lot of products into the Auto vertical, which is great in driving our revenue growth. And look, Mortgage is bouncing along what I think is a bottom. This is kind of like industry existential volume levels.

我談到的汽車，銷量仍然有點淨正。其中很大一部分是由於對關稅的擔憂而提前進行的，但我們向汽車垂直領域銷售了大量產品，這對推動我們的收入成長有很大幫助。瞧，我認為抵押貸款正在觸底反彈。這有點像是行業存在的音量水平。

The 10-year rates remain elevated, and there's still, I don't know, kind of neutral in terms of whether they're going to go up or they're going to go down. We're going to have to see how that plays out. And so I don't expect a big refinance boom to happen anytime soon. And asset affordability is still a challenge because of the supply side of the housing equation.

10 年期利率仍處於高位，至於它們會上升還是下降，我不確定，還是一種中性態勢。我們將拭目以待事情將如何發展。因此，我預計近期不會出現大規模的再融資熱潮。由於住房供應問題，資產負擔能力仍然是一個挑戰。

But what it really shows is; one, as an industry, we're trading on rather tempered volume levels because of all of rate increases that happened in the '22, early '23 time period, as we've said. And so if you get just a little perk up in volume activity, you get nice growth rates. It also speaks to the portfolio diversification that we have achieved.

但它真正表明的是：首先，作為一個行業，正如我們所說，由於 2022 年和 2023 年初期間發生的所有利率上調，我們的交易量相當溫和。因此，只要交易量活動稍微增加一點，就能獲得不錯的成長率。這也顯示我們已經實現了投資組合多樣化。

Again, when we talk about consumer lending or card or auto, these are market segments. We're not just selling credit products. We're selling analytics. We're selling alternative data, marketing, fraud, phone solutions, et cetera, right? And the breadth of the offering is appealing, and we're putting good points on the board.

再次強調，當我們談論消費貸款、信用卡或汽車時，這些都是細分市場。我們不只是在銷售信貸產品。我們正在銷售分析。我們銷售替代數據、行銷、詐欺、電話解決方案等等，對嗎？而且，該產品的廣度很有吸引力，而且我們在董事會上提出了很好的意見。

Manav Patnaik from Barclays.

巴克萊銀行的 Manav Patnaik。

Thank you yeah, I was just hoping for maybe a quick update on your fintech exposure, how that's performing some of this positive business momentum you're talking about? How much of that is from that customer category?

謝謝，是的，我只是希望您能快速更新一下您在金融科技方面的曝光度，以及它對您所說的積極的業務勢頭有何影響？其中有多少來自該客戶類別？

Sure so Manav, I've touched a couple of times on consumer lending. And while the category is broader than just fintech. Fintechs are an important part of that. And as you can see from the results of the larger players, they're doing much better.

當然，Manav，我已經談過幾次消費貸款了。但這類別並不僅限於金融科技。金融科技是其中重要的一環。從大型企業的表現可以看出，他們的表現要好得多。

In fact, they've recovered. The stability that we see in the market environment, even at an elevated interest rate, allows funding to flow back into the market and that takes care of the supply side of things. The demand side is good because during the COVID era, when credit scores artificially were inflated, a lot of cards were issued to a lot of consumers that might not have qualified for them previously.

事實上，他們已經康復了。我們看到，即使在利率上升的情況下，市場環境仍然保持穩定，資金可以回流市場，從而解決供應方面的問題。需求方面是好的，因為在 COVID 時代，當信用評分被人為誇大時，許多卡片被發放給許多以前可能沒有資格獲得這些卡片的消費者。

And they took advantage of that and they levered up and they're revolving those balances, and that creates a great demand side opportunity for loan consolidation. So we're definitely seeing a pickup in fintech within consumer lending.

他們利用了這一點，提高了槓桿率，並循環利用這些餘額，這為貸款合併創造了巨大的需求方機會。因此，我們確實看到金融科技在消費貸款領域的回升。

But look, I just want to emphasize, it's more than just consumer lending. The growth is great. We expect it to continue, but we're really doing solid performance across all of the financial services subcategories.

但是，我只想強調，這不僅僅是消費貸款。增長非常大。我們預計這種情況會持續下去，但我們在所有金融服務子類別中確實表現穩健。

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

下一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

Apologies, Ashish. I seem to have lost your line. We will be going with the next question asker, Scott Wurtzel from Wolfe Research.

抱歉，Ashish。我好像聽不見你的消息了。下一位提問者是來自 Wolfe Research 的 Scott Wurtzel。

Hey, good morning guys thank you for taking my question. I just wanted to touch on the mortgage side and specifically on the prequel environment. I'm just wondering if you could speak to what you're seeing in the market from general shopping activity to also the competitive dynamics in that space.

嘿，大家早安，感謝你們回答我的問題。我只是想談談抵押貸款方面，特別是前傳環境。我只是想知道您是否可以談談您在市場上看到的情況，從一般購物活動到該領域的競爭動態。

Hey, Scott, thanks for the question. I'll jump in here with that. As far as mortgage is concerned, I think what we've been pleased with the performance that we've seen to date in general, through the first half inquiries have been in line. And as a reminder, when we talk about our inquiries, we're talking about prequalification as well as tri-merge. So in the second quarter, in particular, we were roughly flat. And this goes to what Chris just said in the previous response that there's we believe we're at a bottom here and that there

嘿，斯科特，謝謝你的提問。我就在這裡談這個。就抵押貸款而言，我認為我們對迄今為止看到的整體表現感到滿意，上半年的詢問情況一直很順利。提醒一下，當我們談論我們的調查時，我們談論的是資格預審以及三方合併。因此，特別是在第二季度，我們的業績基本上持平。這與克里斯剛才在之前的回答中所說的一致，我們相信我們已經到了底部，並且

should be upside in the space. The revenue that we saw did outperform, specifically to your question, due to prequalification. We have seen good traction with our customers in that space, especially after the change last year with the early access program.

應該在空間上有所上升。由於資格預審，我們看到的收入確實表現優異，特別是對於您的問題。我們看到該領域客戶表現出色，尤其是在去年早期訪問計劃發生變化之後。

So we've been able to maintain our position, if not even gain on what we have there. But in mortgage, we've outside of just the pricing that we all know about and what drives the majority of the 29% revenue increase that we saw, we've also had some success selling other parts of our product portfolio such as batch marketing as well as trusted call solutions, which we obviously covered in- depth on the call here today.

因此，我們能夠保持我們的地位，甚至可能比現在有所進步。但在抵押貸款方面，除了眾所周知的定價以及推動我們所看到的 29% 收入增長的主要因素之外，我們還在銷售我們產品組合的其他部分方面取得了一些成功，例如批量營銷以及可信呼叫解決方案，我們顯然在今天的電話會議上對此進行了深入討論。

So as we look to go forward into the second half of the year, I mean, for all intents and purposes, we're pretty much holding to the guidance that we've been providing thus far. So that will call for the second half for inquiries to be down modestly. And then for the full year also be down modestly as well, too.

因此，當我們展望下半年時，我的意思是，無論出於何種目的，我們基本上都會堅持迄今為止所提供的指導。因此，預計下半年諮詢量將略有下降。全年也將小幅下降。

Once again, I will introduce Ashish Sabadra of RBC Capital Markets as our next question asker.

我將再次介紹 RBC Capital Markets 的 Ashish Sabadra 作為我們的下一位提問者。

Thanks for taking my question just wanted to go back to India. Obviously, we saw some pretty material acceleration in India. From 1Q to 2Q, you've talked about 20% plus growth over the midterm. I was just wondering if you could provide some color about the second half of the year. How should we think about the puts and takes there?

感謝您回答我的問題，我只是想回到印度。顯然，我們看到印度出現了相當顯著的物質加速。從第一季到第二季度，您談到了中期成長 20% 以上。我只是想知道您是否可以提供一些有關今年下半年的資訊。我們該如何考慮那裡的投入和產出？

Yes, I just got back from a week in India. It was very exciting, invigorating, in fact. First, it's great to see the business pick up materially as it did, increasing from 1% to 8% organic. I feel like consumer lending momentum is returning in that market as we expected. Now that the posture of the Reserve Bank is pivoted to balancing growth as well as safety and soundness. The team there is still confident that for the full year, we can hit a 10% growth rate. And that means by the fourth quarter, we should be back to high teens organic growth. And then that sets us up to a return to probably low 20% kind of compounding and potentially better.

是的，我剛從印度回來一週。事實上，這是非常令人興奮、令人振奮的。首先，很高興看到業務大幅回升，有機成長率從 1% 上升至 8%。我覺得正如我們預期的那樣，消費貸款勢頭正在該市場復甦。現在，儲備銀行的立場已轉向平衡成長與安全和穩健。那裡的團隊仍然有信心，全年我們可以實現10%的成長率。這意味著到第四季度，我們的有機成長率將恢復到十幾歲左右。然後，這將使我們的複合回報率達到可能低於 20% 甚至更高。

As I mentioned, I was over there because we were celebrating the 25th anniversary of our bureau over there, it's called CIBIL. And I interacted with just a ton of CEOs and a ton of senior regulators and they confirm that because of the actions of the RBI, they expect consumer lending to return full force over the next four quarters.

正如我所提到的，我去那裡是因為我們正在慶祝我們在那裡的局成立 25 週年，它被稱為 CIBIL。我與眾多執行長和高級監管人員進行了交流，他們確認，由於印度儲備銀行的行動，他們預計消費貸款將在未來四個季度全面恢復。

And so that's in addition to this improvement in volume that translated into 8% growth for us in the second quarter. And look, the reasons are the RBI has cut rates by 100 bps already, very focused on stimulating economic growth. Inflation is lower in India than it has been in quite a number of years. That's encouraging, too. So that's part of the pro-growth stance.

因此，除了銷量的成長之外，我們還在第二季度實現了 8% 的成長。看看吧，原因是印度儲備銀行已經將利率降低了 100 個基點，非常注重刺激經濟成長。印度的通貨膨脹率比過去幾年都要低。這也令人鼓舞。這是支持成長立場的一部分。

The RBI has also indicated that they're comfortable with the loan-to-deposit ratio in consumer lending currently and with the lending practices of certain key nonbank financial players who were sidelined over much of the past six quarters but have now come back into the market and are beginning to resume lending. And look, delinquencies overall are holding up nicely.

印度儲備銀行也表示，他們對目前消費貸款的貸存比以及某些主要非銀行金融機構的貸款做法感到滿意，這些金融機構在過去六個季度的大部分時間裡都處於邊緣地位，但現在已重返市場並開始恢復貸款。看看吧，總體而言，拖欠情況保持良好。

They are manageable. They're within historical standards. So we're really setting up for the recovery in consumer lending in India that we expected. It took about six quarters for India to slow down to the bottom in Q1. It will probably take about six quarters until they are fully back rolling along and we're two quarters in.

它們是可管理的。它們符合歷史標準。因此，我們正在為印度消費貸款的復甦做好準備，正如我們所預期的那樣。印度在第一季花了大約六個季度的時間才放緩至谷底。大概需要六個季度的時間才能完全恢復正常，而我們已經進行了兩個季度。

But look, India represents an enormous long-term opportunity. What's exciting about being over there is regulators and lenders, they really appreciate the value of credit reporting agencies and having a foundation of objective and quantitative data to base their lending practices on.

但看看吧，印度代表著巨大的長期機會。令人興奮的是，監管機構和貸款機構真正重視信用報告機構的價值，並擁有客觀和定量的數據基礎作為其貸款實踐的基礎。

They've only had a functioning score in that market for about 20 years. And the CEOs can tell you what it was like lending to consumers previously, which is they were very conservative, they were very cautious. And they recognize that in working with us over this period, they've been able to bring literally hundreds of millions of Indian consumers in the mainstream consumer finance.

他們在該市場上的運作成績僅有 20 年左右的時間。執行長可以告訴你以前向消費者提供貸款的情況，他們非常保守，非常謹慎。他們意識到，透過與我們在這段時間的合作，他們已經能夠將數億印度消費者帶入主流消費金融。

So financial inclusion has been great that's helped drive their economic growth. And in addition to all the secular tailwinds of great demographics, further financial penetration potential, the continuing digitalization of commerce there and urbanization trends, there's a ton of growth opportunity. And we're maintaining our market share in the low 70s, which is great. We have a data quality advantage. And I think it sets us up for at least 20% compounding over the longer term.

因此，金融包容性發揮了巨大作用，有助於推動經濟成長。除了人口結構良好、金融滲透潛力進一步增強、商業數位化持續推進以及城市化趨勢等長期有利因素外，中國還擁有大量的成長機會。我們的市佔率保持在 70% 出頭，這非常好。我們擁有數據品質優勢。我認為從長遠來看這將為我們帶來至少 20% 的複合收益。

It's also a diversified portfolio. With all this growth potential in consumer, consumer is 60% of our revenues today. And there's a lot of opportunity for innovation there in microfinance, agro lending, lending to small and medium businesses.

這也是一個多元化的投資組合。由於消費領域有如此大的成長潛力，目前消費領域已占到我們總收入的 60%。在小額信貸、農業貸款和中小企業貸款方面，存在著大量的創新機會。

Plus, we're setting up to bring marketing and fraud solutions to India on OneTru. And we just launched the TruIQ analytics platform there and completed our first innovation lab. And there's an enormous appetite for more analytics in the Indian market. We partnered with this customer. We

此外，我們正在透過 OneTru 為印度提供行銷和反詐騙解決方案。我們剛剛在那裡推出了 TruIQ 分析平台並完成了我們的第一個創新實驗室。印度市場對更多分析的需求龐大。我們與該客戶合作。我們

earned several hundred thousand dollars' worth of consulting fees. Now we've got their data business for the long term, and there's great potential.

賺了幾十萬美元的諮詢費。現在我們已經獲得了他們的長期數據業務，而且潛力巨大。

And I guess the last thing I would say is, look, I had the privilege of meeting with the Governor of the Reserve Bank of India, while I was there, my team and I and really, their focus is all about how they can bring more of the Indian population into the mainstream lending economy.

我想說的最後一件事是，我有幸在那裡會見了印度儲備銀行行長，我和我的團隊實際上關注的是如何讓更多的印度人口融入主流貸款經濟。

While they're pleased that there are now hundreds of millions of folks participating in that, there are still hundreds of millions of people, particularly in rural areas, that want access to capital on more favorable terms and they want to understand how they can leverage all of this alternative data that they've created with their federal registry for wealth, for real estate, for the data that's flowing through their universal payment interface.

雖然他們很高興現在有數億人參與其中，但仍然有數億人，特別是農村地區的人，希望以更優惠的條件獲得資金，他們想了解如何利用他們透過聯邦財富登記處創建的所有這些替代數據、房地產數據以及流經通用支付界面的數據。

And we're positioned to help them think through the opportunity and partner on the execution. So India is indeed a very bright growth opportunity for us, and we're fortunate to have it.

我們的職責是幫助他們思考機會並合作執行。因此，印度對我們來說確實是一個非常光明的成長機會，我們很幸運擁有它。

[Kelsey Zhu] of Autonomous.

Autonomous 的 [Kelsey Zhu]。

Hi, good morning. Thanks for taking my question with the recent announcement from the FHFA in terms of validating the usage of Vantage 4.0 in mortgage underwriting, I was just wondering how you really think about the strategy to gain share for VantageScore, not just in mortgage but also in non-mortgage verticals?

嗨，早安。感謝您回答我的問題，關於聯邦住房金融局 (FHFA) 最近宣布驗證 Vantage 4.0 在抵押貸款承保中的使用情況，我只是想知道您如何看待為 VantageScore 贏得市場份額的策略，不僅在抵押貸款領域，而且在非抵押貸款垂直領域？

Yeah, Fair enough, Kelsey. So look, first, I would just say that we appreciate and we support the clarification around policy that the FHFA has made recently with their pronouncements around the mortgage tri-merge and score competition. We think they are the right decisions for consumers, for the GSEs and for just the safety and soundness of the mortgage economy overall.

是的，很公平，凱爾西。首先，我只想說，我們讚賞並支持聯邦住房金融局 (FHFA) 最近就抵押貸款三重合併和評分競爭發表的政策澄清。我們認為，對於消費者、對於政府支持企業以及對於整個抵押貸款經濟的安全性和穩健性來說，這都是正確的決定。

And basically, they're just founded on the principle that more data, particularly when the data is accurate, curated and predictive, will result in better outcomes across the board. And look, that was our positioning all along on the mortgage tri-merge, right? The bureaus have differences in their data and a mortgage decision is enormously important for the typical American consumer.

基本上，它們只是建立在這樣的原則之上：更多的數據，特別是當數據準確、經過整理且具有預測性時，將帶來全面更好的結果。你看，這就是我們在抵押貸款三重合併方面的一貫定位，對嗎？各個機構的數據存在差異，而抵押貸款決策對於典型的美國消費者來說極為重要。

It's not only a quality-of-life issue, it's one of the best wealth-building opportunities. And we should bring to bear all of the accurate curated data that's available to make the best possible decision for behalf of that consumer as a borrower, but also on the behalf of all those consumers who are also taxpayers and ultimately bear the risk of the GSE. So maintaining the tri-merge makes a ton of sense.

這不僅是一個生活品質問題，也是最好的財富累積機會之一。我們應該利用所有可用的準確數據，為身為借款人的消費者做出最佳決策，同時也為所有作為納稅人並最終承擔政府支持企業風險的消費者做出最佳決策。因此維持三方合併非常有意義。

Regarding scores and score competition, clearly, we think it's time to modernize scoring. The current score that has been in effect since 2004 can be improved. And it also relies on point-in-time credit data, right? And for over a decade now, the entirety of the consumer lending industry has been pivoting to trended credit data.

關於分數和分數競爭，顯然，我們認為是時候實現得分現代化了。自 2004 年起生效的現行分數仍有改進空間。它還依賴即時信用數據，對嗎？十多年來，整個消費貸款產業一直在關注趨勢信用數據。

Now we led that with the introduction of our CreditVision trended credit data in the US in 2012. But all of the bureaus have trended credit data. All of the clients across all lending categories are using trended credit data. And it's so much more predictive and effective that all the clients pay a material price premium to use it.

2012 年，我們在美國率先推出了 CreditVision 趨勢信用資料。但所有機構都有信用數據趨勢。所有貸款類別的所有客戶都在使用趨勢信用資料。而且它的預測性和有效性更強，所有客戶都願意支付高昂的價格來使用它。

So for the purpose of evaluating whether a mortgage application qualifies as conforming or not for the GSEs, by all means, let's pivot to credit scores that are based on trended data and let's encourage competition. The competition leads to innovation, it leads to sharpening the pencil on price. And so we're very supportive of the policy decisions. Now look, with any major policy pivot like this, it's going to take some time until all of the operational nuances are ironed out.

因此，為了評估抵押貸款申請是否符合政府支持企業的資格，我們一定要轉向基於趨勢數據的信用評分，並鼓勵競爭。競爭帶來創新，也帶來價格的下降。因此我們非常支持這些政策決定。現在看看，任何像這樣的重大政策轉變，都需要一段時間才能解決所有操作上的細節。

The regulators are working hard on that now. And look, we're standing at the ready along with Vantage to complete whatever analytics or comparisons that they want between the various score that are out there in the market.

監管機構目前正在努力解決這個問題。瞧，我們正與 Vantage 一起做好準備，完成他們想要的任何對市場上各種分數的分析或比較。

And look, we hope that the GSEs will pursue that. We know that they're interested, and we know that we're willing. And we'll just have to see how this plays out because it is a complex industry in a complex situation, but I'm confident that the right policies are in place for the right reasons, and that ultimately, it's going to benefit the overall mortgage economy.

我們希望政府支持企業能夠實現這一目標。我們知道他們有興趣，我們也知道我們願意。我們只需要觀察事情將如何發展，因為這是一個複雜的行業，處於複雜的境況中，但我相信，正確的政策是出於正確的理由而製定的，最終，它將有利於整個抵押貸款經濟。

Our final question this morning comes from Jason Haas of Wells Fargo.

今天早上的最後一個問題來自富國銀行的 Jason Haas。

Hey, good morning and thanks for taking my question.I wanted to follow up on some of the figures that you've given around the investment and expected that benefits from the cost savings program. So you've called out $100 million to $120 million of investments this year. Can I confirm that next year, the expectation is

嘿，早上好，感謝您回答我的問題。我想跟進您提供的有關投資的一些數據，並預期將從成本節約計劃中獲益。所以今年您已經要求投資 1 億至 1.2 億美元。我可以確認明年的預期是

that, that goes to 0? And then alongside that, the expected benefit is $120 million to $140 million of OpEx savings. Are you able to give me a sense for how much will be incremental for next year? So from yes, so how much versus this year? And then yes, that will be it thank you.

那，那變成 0 了嗎？除此之外，預計還將節省 1.2 億至 1.4 億美元的營運支出。您能告訴我明年的增量是多少嗎？那麼，是的，那麼與今年相比有多少呢？是的，就這樣，謝謝。

Hey Jason, this is Todd. I'll take that question. So the answer to the first part of your question as it pertains to the investment you're referring to the one-time cost for both the optimization of our org model as well as our technology transformation. We committed to a spend of up to $375 million. We are on track to hit that number and be in probably not even exceed it, we'll be right around it. And the expectation is that it's going to stop at the end of 2025 as we committed to.

嘿傑森，我是托德。我來回答這個問題。因此，對於您問題的第一部分，就投資而言，您指的是優化我們的組織模型以及技術轉型的一次性成本。我們承諾支出高達 3.75 億美元。我們正朝著這個目標前進，甚至可能不會超過它，只是接近這個數字。我們預計這一現象將按照我們的承諾在 2025 年底停止。

The benefits from that program as we shift into 2026, what we're focused on is the free cash flow benefit. And if you remember, when we announced the transformation program in November of 2023, we committed to a $200 million free cash flow benefit going forward in 2026. And we have really good line of sight to that.

隨著我們進入 2026 年，該計劃帶來的好處是，我們關注的是自由現金流好處。如果你還記得的話，當我們在 2023 年 11 月宣布轉型計畫時，我們承諾在 2026 年實現 2 億美元的自由現金流收益。我們對此有著非常好的體會。

As a reminder, on the operating expense savings from the program, we achieved a significant portion of that in 2024, it was about $85 million. The remainder of those cost saves are going to largely come in 2026 because in 2025, we always planned to complete our tech transformation work. And that's what we're in the midst of doing right now.

提醒一下，就該計劃節省的營運費用而言，我們在 2024 年實現了其中的很大一部分，約為 8500 萬美元。剩餘的成本節省將主要在 2026 年實現，因為我們一直計劃在 2025 年完成技術轉型工作。這正是我們現在正在做的事情。

The last component of this is capital expenditures. We are running at about 8% of our revenue, which has been historically where TransUnion has ran at. The commitment for 2026 and beyond is that capital expenditures will drop down to 6% of our revenue.

最後一個組成部分是資本支出。我們的營運成本約為收入的 8%，這也是 TransUnion 歷史上的營運成本。我們承諾，2026 年及以後，資本支出將降至收入的 6%。

And a lot of that just pertains to moving our computing environment to a cloud where the a cloud-based environment where the expense shows up in the P&L as opposed to being capitalized. So the net-net of all of this is the free cash flow conversion.

其中很大一部分只是涉及將我們的運算環境轉移到雲端，在基於雲端的環境中，費用出現在損益表中，而不是資本化。因此，所有這些的淨額就是自由現金流轉換。

This year, we anticipate to make significant progress in improving the free cash flow conversion to 70% and what's most important with those free cash flow savings that I already talked about, in 2026, we are committing to 90% plus on the free cash flow conversion.

今年，我們預計在將自由現金流轉換率提高到 70％ 方面取得重大進展，最重要的是，對於我已經談到的自由現金流節省，到 2026 年，我們承諾將自由現金流轉換率提高到 90％ 以上。

Yeah, and so look, the net of it is, the program is on track. We are very confident that we're going to deliver the savings that we articulated and that we're not going to spend more than the investment that we articulated, and it's going to happen within the time frame that we targeted. And so that's great, and that's all the kind of financial savings aspect. But again, this modernization is also leading to a real acceleration in our innovation.

是的，所以看，總體來說，該計劃正在按計劃進行。我們非常有信心，我們將實現我們所承諾的節約，並且我們的支出不會超過我們所承諾的投資，而且這一切都將在我們設定的時間範圍內實現。這太棒了，這就是財務儲蓄的全部面向。但同樣，這種現代化也真正加速了我們的創新。

And that's why in my comments, I talked about the retooling of FactorTrust and how we're getting great commercial value out of that. The launch of our TruIQ analytics in multiple markets around the world, including data enrichment, innovation in fraud, innovation in our identity graph, this is all being enabled by this OneTru platform that we're creating, and we're going to get tremendous leverage about it.

這就是為什麼我在我的評論中談到了 FactorTrust 的重組以及我們如何從中獲得巨大的商業價值。我們的 TruIQ 分析在全球多個市場推出，包括資料豐富、詐欺創新、身分圖譜創新，所有這些都是由我們正在創建的 OneTru 平台實現的，我們將從中獲得巨大的優勢。

And look, I'd be remiss if we ended the call if we didn't just reinforce that we have put forth improved guidance for 2025, and we firmly believe that it is conservative guidance. We grew 8% and 9% in organically in the first two quarters. And if you do the math, which I'm sure all of you smart analysts have, our guide still assumes that we are decelerating in the third quarter and particularly in the fourth quarter. And the reason we're doing that is because we're being prudently conservative.

而且，如果我們在結束通話時不強調我們已經提出了 2025 年的改進指導，並且我們堅信這是保守的指導，那我就是失職了。前兩季我們的有機成長率分別為 8% 和 9%。如果你算一下，我相信所有聰明的分析師都已經算過了，我們的指南仍然假設我們在第三季度，特別是第四季度的經濟成長正在放緩。我們這樣做的原因是因為我們採取謹慎保守的政策。

We want to have guidance that, while elevated, would still allow us to support and offset a slowdown in lending that may or may not arise. What I do want to be clear is that this slowdown is not reflected in our current business momentum, right? We're almost done with July.

我們希望得到的指導雖然有所提高，但仍能讓我們支持和抵消可能出現或可能不出現的貸款放緩。我想明確的是，這種放緩並沒有反映在我們目前的業務動能中，對嗎？七月就快過去了。

July is a continuation of the strength that we saw in the second quarter. And unless there's a slowdown in lending or a slowdown in the economy generally, we would expect to exceed the high end of the guidance that we've provided today. And that's true not only on revenue, but EBITDA and all of the different financial metrics. So I just want to be clear on that before we end the call.

七月份延續了第二季的強勁勢頭。除非貸款放緩或整體經濟放緩，否則我們預計將超過今天提供的指導的高端。這不僅適用於收入，也適用於 EBITDA 和所有不同的財務指標。所以在我們結束通話之前我只是想把這一點說清楚。

Perfect. That's a good place to end. Thanks for all your questions today and have a great rest of the day.

完美的。這是一個很好的結束。感謝您今天提出的所有問題，並祝您今天剩餘時間過得愉快。

The conference has now concluded. Thank you for attending today's presentation, and you may now all disconnect your lines.

會議現已結束。感謝大家參加今天的演講，現在大家可以斷開連結了。