TransUnion (TRU) 2026 Q1 法說會逐字稿

Good day, and welcome to the TransUnion first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

各位好，歡迎參加 TransUnion 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想將會議交給投資人關係資深副總裁 Greg Bardi。請開始。

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.

各位早安，感謝各位今天出席。與我一同參與電話會議的有總裁兼執行長 Chris Cartwright，以及執行副總裁兼財務長 Todd Cello。

We posted our earnings release and slides to accompany this call on the TransUnion Investor Relations website this morning, and they can also be found in the current report on Form 8-K that we filed this morning. Our earnings release and the accompanying slides include various schedules, which contain more detailed information about revenue, operating expenses and other items as well as certain non-GAAP disclosures and financial measures, along with the corresponding reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures. Today's call will be recorded, and a replay will be available on our website.

我們今天早上已在 TransUnion 投資人關係網站發布本次電話會議的新聞稿與簡報投影片，亦可在我們今天早上提交的 Form 8-K 當期報告中找到。我們的財報新聞稿與隨附投影片包含多項附表，提供關於營收、營業費用及其他項目的更詳細資訊，以及若干非 GAAP 揭露與財務衡量指標，並附上這些非 GAAP 財務衡量指標與其最直接可比的 GAAP 指標之對應調節表。今天的電話會議將被錄音，並將在我們網站提供重播。

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

我們也將在本次電話會議中發表前瞻性陳述。這些陳述係基於目前的預期與假設，並受風險與不確定性影響。由於今日財報新聞稿、此次電話會議中的評論，以及我們最近的 Form 10-K、Form 10-Q 與其他向 SEC 提交之報告與文件中所討論的因素，實際結果可能與前瞻性陳述所描述者有重大差異。我們不承擔更新任何前瞻性陳述的義務。

With that, let me turn it over to Chris.

接下來，我把時間交給 Chris。

Thanks, Greg, and let me add my welcome and outline today's agenda. First, I will review our first quarter results and updated 2026 guidance. Second, I'll discuss how AI is accelerating innovation across TU and driving higher data usage among some clients. And then I'll pass to Todd, who will detail our first quarter results and provide second quarter and full year '26 guidance.

謝謝 Greg，我也歡迎各位並說明今天的議程。首先，我將回顧第一季業績與更新後的 2026 年指引。第二，我會談談 AI 如何加速 TU 全公司的創新，並推動部分客戶提高資料使用量。接著我會把時間交給 Todd，他將詳細說明第一季業績，並提供 2026 年第二季與全年指引。

So we started the year very strong, exceeding our first quarter guidance for revenue, adjusted EBITDA and adjusted diluted earnings per share. This is our ninth straight quarter of at least high single-digit organic constant currency revenue growth with 11% growth versus our 8% to 9% guidance. Excluding FICO mortgage royalties, revenue grew 7%, which is also above our expectations. Now US markets grew 14%.

我們以非常強勁的表現展開新的一年，第一季在營收、調整後 EBITDA 與調整後稀釋每股盈餘方面皆超越指引。這是我們連續第九個季度達成至少高個位數的有機固定匯率營收成長，本季成長 11%，高於我們 8% 至 9% 的指引。若排除 FICO 房貸權利金，營收成長 7%，同樣高於我們的預期。美國市場成長 14%。

Financial Services led the way, up 24% or 14% excluding FICO mortgage royalties. We delivered broad-based strength across lending types, driven by modest volume growth, pricing actions and sales momentum across both credit and non-credit solutions. Emerging verticals had another healthy quarter, growing more than 6%, led by insurance and public sector.

金融服務表現領先，成長 24%；若排除 FICO 房貸權利金則成長 14%。我們在各類放款領域展現廣泛的強勁表現，主要受溫和的量能成長、定價措施，以及信用與非信用解決方案兩方面的銷售動能所帶動。新興垂直領域本季同樣健康，成長超過 6%，以保險與公共部門為主。

International revenue was flat organically as expected. Canada and the UK grew high single digits and Africa grew 10%. India declined mid-single digit, slightly better than we'd expected, and we expect a gradual improvement throughout the course of the year. Our strong revenue growth translated into 12% growth in adjusted diluted earnings per share.

國際營收如預期在有機基礎上持平。加拿大與英國呈高個位數成長，非洲成長 10%。印度下滑中個位數，略優於我們預期，我們預計全年將逐步改善。我們強勁的營收成長帶動調整後稀釋每股盈餘成長 12%。

In line with our disciplined M&A approach focused on highly strategic bolt-ons, we recently completed two acquisitions.

依循我們聚焦高度策略性補強型併購的紀律性 M&A 方針，我們近期完成兩項收購。

Trans Union de Mexico extends our global playbook into an attractive market where we now hold the leading position. The smaller acquisition of RealNetworks Mobile division adds complementary messaging capabilities to our leading Trusted Call Solutions. And in addition to completing these acquisitions, we repurchased $25 million of shares year-to-date through April. We have ample capacity under our $1 billion repurchase authorization and expect to increase repurchases over the rest of the year.

Trans Union de Mexico 將我們的全球作戰手冊延伸至一個具吸引力的市場，且我們如今在該市場取得領先地位。另一項較小的收購為 RealNetworks 的行動事業部，為我們領先的 Trusted Call Solutions 增添互補的訊息傳遞能力。除完成這些收購外，截至 4 月我們年初至今已回購 2,500 萬美元股票。我們在 10 億美元的回購授權下仍有充足額度，並預期在今年剩餘期間提高回購規模。

Our outperformance reflects consistent execution in a relatively stable operating environment. The strength of our diversified portfolio positions us to navigate potential changes in economic conditions. And as a reminder, our customers entered 2026 with cautious optimism. Lenders anticipated loan growth supported by their strong balance sheets, healthy consumer finances and expectations for rate cuts throughout the year.

我們的優於預期表現反映在相對穩定的營運環境中持續一致的執行力。我們多元化投資組合的優勢，使我們能夠因應經濟情勢可能的變化。提醒各位，我們的客戶在進入 2026 年時抱持審慎樂觀。放款機構預期在強健的資產負債表、健康的消費者財務狀況，以及全年降息預期的支持下，貸款將成長。

In February, the conflict in Iran added uncertainty about inflation, interest rates and the potential impact on consumers. The 10-year treasury rate and the 30-year mortgage rate are currently 4.3% and 6.3%, respectively, after briefly dipping below 4% and 6% in late February.

2 月伊朗衝突增加了對通膨、利率以及對消費者可能影響的不確定性。10 年期公債殖利率與 30 年期房貸利率目前分別為 4.3% 與 6.3%，此前在 2 月下旬曾短暫跌破 4% 與 6%。

We continue to monitor market dynamics and potential second order impacts on consumers and customers. To date, we have not observed any change in customer behavior tied to these developments. Through mid-April, volume and revenue trends have remained at or ahead of our expectations. We saw a brief pickup in refi-driven mortgage activity during February's rate dip, followed by a March normalization to previous levels.

我們持續監測市場動態，以及對消費者與客戶可能產生的第二輪影響。截至目前，我們尚未觀察到客戶行為因這些發展而改變。至 4 月中旬，量能與營收趨勢仍符合或優於我們的預期。我們在 2 月利率下探期間看到再融資帶動的房貸活動短暫回升，隨後 3 月回歸至先前水準。

US non-mortgage lending remains healthy. Against this backdrop, we delivered another strong sales quarter, underscoring sustained demand and commercial momentum for our credit marketing and fraud solutions. An uncertain market underscores the importance of our durable growth strategy. We have the broadest, deepest and most relevant solutions portfolio in our history.

美國非房貸放款仍維持健康。在此背景下，我們再度交出強勁的銷售季度，凸顯市場對我們信用行銷與詐欺解決方案的持續需求與商業動能。不確定的市場更凸顯我們具韌性的成長策略之重要性。我們擁有公司史上最廣、最深且最具相關性的解決方案組合。

Our fastest-growing products include Trusted Call Solutions, TruIQ, identity-based marketing and next-gen fraud models, which address customer needs across economic cycles.

我們成長最快的產品包括 Trusted Call Solutions、TruIQ、以身分為基礎的行銷，以及新一代詐欺模型，能在不同經濟循環中滿足客戶需求。

Looking ahead, we expect our strongest ever cohort of new product launches and major enhancements in 2026, while our investments in global AI-enabled platforms position us for cost efficiency and operating leverage. Against this backdrop, we are maintaining our full year organic constant currency guidance, including revenue growth of 8% to 9%. We are balancing first quarter outperformance driven by healthy underlying trends against macro uncertainty and the need to maintain prudently conservative guidance. The increase to the high end of our guidance, $154 million of revenue, $39 million of adjusted EBITDA and $0.04 of adjusted diluted earnings per share primarily reflects the addition of TU de Mexico.

展望未來，我們預期 2026 年將推出公司史上最強的一批新產品上市與重大功能強化；同時，我們對全球 AI 賦能平台的投資，將使我們具備成本效率與營運槓桿。在此背景下，我們維持全年有機固定匯率指引不變，包括營收成長 8% 至 9%。我們在第一季受健康的基本面趨勢帶動而優於預期的表現，與宏觀不確定性及維持審慎保守指引的需要之間取得平衡。指引上緣的上調——營收增加 1.54 億美元、調整後 EBITDA 增加 3,900 萬美元，以及調整後稀釋每股盈餘增加 0.04 美元——主要反映納入 TU de Mexico。

Our guidance approach remains unchanged. If current trends continue, we expect to perform at or above the high end of our range. Alternatively, we expect that we could absorb a reasonable level of market softening within our guidance range. Todd will provide additional details on our guidance assumptions.

我們的指引方法維持不變。若目前趨勢延續，我們預期表現將達到或高於區間上緣。或者，我們也預期在指引區間內可吸收合理程度的市場走弱。Todd 將就我們的指引假設提供更多細節。

At the high end of guidance, we expect to deliver our third consecutive year of high single-digit organic constant currency revenue growth and double-digit adjusted diluted EPS growth. Now this consistently strong financial performance underscores the strength and durability of our growth strategy. And as we highlighted throughout our Investor Day last month, AI can enhance that strength and fuel a new generation of growth. Our proprietary and differentiated data assets anchor our competitive advantage as we move into an AI future.

在指引上緣，我們預期將連續第三年達成高個位數的有機固定匯率營收成長，以及雙位數的調整後稀釋 EPS 成長。這種一貫強勁的財務表現凸顯我們成長策略的實力與持久性。正如我們上月投資人日反覆強調，AI 能進一步強化這項優勢，並驅動新一代成長。隨著我們邁向 AI 的未來，我們專有且具差異化的資料資產將鞏固我們的競爭優勢。

Our contributory credit databases are sourced from thousands of institutions operating under demanding regulatory frameworks. Our industry-leading identity graph combines our proprietary data with billions of dynamic disparate signals in near real time, creating a network effect that powers our marketing and fraud solutions.

我們的貢獻式信用資料庫來源於數千家在嚴格監管框架下運作的機構。我們業界領先的身分圖譜（identity graph）將我們的專有資料與數十億個近乎即時的動態、分散訊號結合，形成網路效應，為我們的行銷與詐欺解決方案提供動力。

We power our customers complex mission-critical workflows with governable, explainable data and deep domain expertise, delivering effective and deterministic outcomes. And these solutions are priced economically relative to the significant value that they provide. Instead, we believe AI is a growth accelerant, enabling us to activate our data to serve our customers more effectively.

我們以可治理、可解釋的資料與深厚的產業領域專業，支援客戶複雜且關鍵任務的工作流程，交付有效且具決定性的結果。而相較於其所提供的重大價值，這些解決方案的定價具經濟性。因此，我們認為 AI 是成長加速器，使我們能啟用我們的資料，更有效地服務客戶。

Already, AI drives tangible growth for TransUnion in two ways: first, by increasing demand for our data; and second, by accelerating our pace of innovation. Now let me provide additional context for what we highlighted at Investor Day to explain how these dynamics are converging.

目前，AI 以兩種方式為 TransUnion 帶來具體成長：第一，提高對我們資料的需求；第二，加快我們的創新速度。接下來我將補充我們在投資人日所強調內容的背景，以說明這些動態如何匯聚。

From a demand perspective, AI models are only as good as the data they learn from and customers are prioritizing the freshest, highest quality signals. Our powerful and flexible OneTru platform enables customers to integrate our best-in-class data directly into their AI environments. As AI-driven workflows scale, we see customers expand their use of TU's data, shifting from episodic transactions toward more embedded partnerships.

從需求面來看，AI 模型的好壞取決於其學習的資料，客戶正優先採用最新鮮、品質最高的訊號。我們強大且彈性的 OneTru 平台，使客戶能將我們同級最佳的資料直接整合到其 AI 環境中。隨著 AI 驅動的工作流程擴大規模，我們看到客戶擴大使用 TU 的資料，從偶發性交易轉向更深度嵌入式的合作夥伴關係。

For these reasons, our most AI-enabled customers are already consuming more data and adopting innovations faster. While most of our customers are early in their AI journey, let me share 2 examples of how TransUnion facilitated AI adoption for two lenders and then how we scaled our relationship as a result.

基於這些原因，我們最 AI 賦能的客戶已經在消耗更多資料並更快採用創新。雖然我們多數客戶仍處於 AI 旅程的早期階段，我想分享兩個例子：TransUnion 如何協助兩家放款機構導入 AI，以及我們如何因此擴大彼此的合作關係。

Now one of our most sophisticated fintech customers has embedded AI across underwriting, portfolio management, customer service, marketing and fraud prevention. As these AI-enabled programs scaled, the customer expanded their use of our credit, identity and fraud signals within their workflows. Their AI underwriting models also refresh data more frequently, driving higher credit volumes. Their spending with TransUnion increased by more than 60% from 2022, approaching $15 million in revenue in 2025 and outpacing 50% loan growth and volumetric unit pricing.

其中一家最成熟的金融科技客戶，已在核貸、投資組合管理、客服、行銷與防詐等領域全面嵌入 AI。隨著這些 AI 賦能計畫擴大規模，該客戶在其工作流程中擴大使用我們的信用、身分與詐欺訊號。他們的 AI 核貸模型也更頻繁更新資料，帶動更高的信用查詢量。自 2022 年以來，該客戶在 TransUnion 的支出增加超過 60%，2025 年營收接近 1,500 萬美元，且增速超越 50% 的貸款成長與按量計價的單位定價。

Also, a top 5 credit card issuer has embedded TU's data across its AI-enabled governance, risk management, servicing and engagement workflows for its 50 million-plus accounts. These workflows support daily customer engagement and risk triggers rather than periodic checks. As a result, our relationship has evolved from a point-in-time transactional data vendor to a mission-critical enterprise-wide partner under a multiyear subscription-based contract. TransUnion's revenue with this customer increased by over 20% from 2022 to $20 million in 2025 despite a decline in new accounts during that period. We see opportunity to deepen this relationship further by cross-selling additional credit and non-credit solutions.

此外，一家前五大信用卡發卡機構已將 TU 的數據嵌入其 AI 賦能的治理、風險管理、服務與互動工作流程之中，涵蓋其超過 5,000 萬個帳戶。這些工作流程支援每日的客戶互動與風險觸發，而非定期檢查。因此，我們的關係已從一次性的交易型數據供應商，演進為在多年期訂閱制合約下、對企業全域至關重要的合作夥伴。儘管該期間新開帳戶數下滑，TransUnion 與該客戶的營收仍自 2022 年起成長逾 20%，並於 2025 年達到 2,000 萬美元。我們看見進一步深化此關係的機會，透過交叉銷售更多信用與非信用解決方案。

Now our next-generation AI-powered products reflect and drive increased demand for our data. During Investor Day, we highlighted three of these solutions, all built on the OneTru platform. These solutions enhance fast-growing products operating at scale, including TruIQ, marketing audiences and fraud analytics to enable continued growth. They industrialize in-demand customized analytics into scalable solutions that drive higher data usage and monetization across our portfolio.

現在，我們的下一代 AI 驅動產品反映並推動了對我們數據日益增加的需求。在投資人日上，我們重點介紹了其中三項解決方案，皆建構於 OneTru 平台之上。這些解決方案強化了在規模化運作下快速成長的產品，包括 TruIQ、行銷受眾與詐欺分析，以支持持續成長。它們將市場高度需求的客製化分析工業化為可擴展的解決方案，推動我們產品組合中更高的數據使用量與變現能力。

So first, TruIQ Analytics Orchestrator uses Google's Gemini models to streamline advanced credit modeling with natural language prompts. Analytics Orchestrator scales the expertise typically delivered in highly effective but ad hoc innovation labs into a self-service solution. This enables customers to build models faster and more frequently with less reliance on our data science teams. We expect Analytics Orchestrator to increase data usage, drive new revenue streams and enable stickier customer relationships.

首先，TruIQ Analytics Orchestrator 使用 Google 的 Gemini 模型，透過自然語言提示來簡化進階信用建模。Analytics Orchestrator 將通常在高度有效但臨時性的創新實驗室中提供的專業能力，擴展為自助式解決方案。這使客戶能以更快速度、更高頻率建立模型，並降低對我們數據科學團隊的依賴。我們預期 Analytics Orchestrator 將提升數據使用量、帶動新的營收來源，並促成更具黏著度的客戶關係。

In marketing, we are transforming our static audience segments into curated and outcome-driven audiences by TransUnion, built off our identity backbone. We're also providing self-service search and discovery tools that accelerate activation and improve campaign performance. We expect improved efficiency and speed to drive increased consumption of our marketing audiences.

在行銷方面，我們正將靜態受眾分群轉型為由 TransUnion 提供、經策展且以成果為導向的受眾，並以我們的身分識別骨幹為基礎。我們也提供自助式搜尋與探索工具，以加速啟用並提升活動成效。我們預期效率與速度的提升將帶動行銷受眾的使用量增加。

And in fraud, our AI model factory unifies our identity data and advances analytic capabilities to respond to evolving fraud threat vectors. We're launching new fraud models at 2 times to 3 times faster than previously possible with 10 new models launched in the last 12 months, including our credit washing and synthetic identity solutions. We generated tens of millions of dollars of incremental pipeline from these new fraud models.

在詐欺方面，我們的 AI 模型工廠整合身分識別數據並提升分析能力，以回應不斷演變的詐欺威脅向量。我們推出新詐欺模型的速度較以往快 2 倍至 3 倍，過去 12 個月已推出 10 個新模型，包括我們的信用洗白（credit washing）與合成身分（synthetic identity）解決方案。這些新詐欺模型為我們帶來數千萬美元的新增銷售管線。

So in summary, AI will continue to accelerate our pace of innovation and expand the ways customers consume data, supporting durable growth across our solution suites.

總結而言，AI 將持續加速我們的創新步伐，並擴大客戶使用數據的方式，支持我們各解決方案套件的長期穩健成長。

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

接下來，我把時間交給 Todd。

Thanks, Chris, and let me add my welcome to everyone. I'll build on that overview with first quarter results before providing guidance. Starting with the quarter, we exceeded the high end of our guidance across all key metrics by $41 million on revenue and $18 million on adjusted EBITDA or $22 million and $8 million, respectively, excluding the Mexico acquisition.

謝謝你，Chris，也讓我向各位致上歡迎。我將在提供財測指引之前，先延續上述概覽說明第一季業績。就本季而言，我們在所有關鍵指標上均超越指引區間上緣：營收高出 4,100 萬美元，調整後 EBITDA 高出 1,800 萬美元；若排除墨西哥收購案，則分別高出 2,200 萬美元與 800 萬美元。

Total revenue increased 14% on a reported and 11% on an organic constant currency basis, led by US Financial Services. Excluding FICO mortgage royalties, organic growth was 7%. Growth was broad-based and aligned with the innovation priorities outlined at Investor Day.

總營收以申報口徑成長 14%，以有機固定匯率口徑成長 11%，主要由美國金融服務業務帶動。若排除 FICO 房貸權利金，有機成長為 7%。成長動能廣泛，並與投資人日所闡述的創新優先事項一致。

Credit, excluding FICO mortgage royalties and fraud both grew high single digit, driven by continued traction in TruIQ, Alternative Data and Trusted Call solutions. Marketing Solutions delivered mid-single-digit growth with healthy identity performance. Consumer Solutions grew low single digit, including another quarter of double-digit growth internationally.

信用業務（排除 FICO 房貸權利金）與詐欺業務皆呈現高個位數成長，主要受益於 TruIQ、替代數據（Alternative Data）與 Trusted Call 解決方案持續取得進展。行銷解決方案在身分識別表現健康的帶動下，實現中個位數成長。消費者解決方案呈現低個位數成長，其中國際市場再度實現雙位數成長。

Adjusted EBITDA increased 10%. Adjusted EBITDA margin was 35.2%, down 100 basis points year-over-year. As anticipated, underlying margins contracted modestly, and FICO mortgage royalties were a 120 basis point headwind. Our Mexico acquisition contributed 25 basis points in the quarter. Adjusted diluted earnings per share was $1.18, up 12% year-over-year and $0.08 ahead at the high end of our guidance.

調整後 EBITDA 成長 10%。調整後 EBITDA 利潤率為 35.2%，年減 100 個基點。如預期，基礎利潤率小幅收縮，而 FICO 房貸權利金帶來 120 個基點的不利影響。我們的墨西哥收購案於本季貢獻 25 個基點。調整後稀釋每股盈餘為 1.18 美元，年增 12%，並較指引上緣高出 0.08 美元。

In the first quarter, US markets revenue grew 14% on an organic constant currency basis versus the prior year. Across all our B2B verticals, we delivered strong bookings and retention rates to start the year. Financial Services revenue grew 24% or 14% excluding FICO mortgage royalties. The environment remains constructive, and we outperformed underlying volumes driven by TruIQ, alternative data and non-credit solutions.

第一季，美國市場營收以有機固定匯率口徑較去年成長 14%。在我們所有 B2B 垂直領域中，年初即交出強勁的簽約（bookings）與留存率。金融服務營收成長 24%，若排除 FICO 房貸權利金則成長 14%。整體環境仍具建設性，我們在 TruIQ、替代數據與非信用解決方案的帶動下，表現優於基礎業務量。

Within Financial Services, credit card and banking rose 5% on stable lending volumes and strength from Trusted Call Solutions. Consumer lending grew 13%, supported by sustained consumer demand and strong fintech performance. Fintechs continue to perform well with increasingly diversified funding bases and delinquency trends within historical norms. Auto was up 11%, outpacing modest industry volume declines through pricing, share gains and new wins across our solution suites.

在金融服務內部，信用卡與銀行業務在放款量穩定及 Trusted Call 解決方案強勁表現的支撐下成長 5%。消費者放款成長 13%，受惠於持續的消費者需求與金融科技（fintech）強勁表現。Fintech 持續表現良好，資金來源日益多元，且逾期趨勢仍在歷史常態範圍內。汽車業務成長 11%，透過定價、市占提升以及我們解決方案套件的新案獲得，在產業量能小幅下滑的情況下仍優於大盤。

Mortgage revenue grew 50%. Excluding FICO royalties, revenue grew 24% compared to inquiries up 7%. Inquiries were slightly better than anticipated with additional outperformance through pricing and increased adoption of non-tri-bureau solutions. Emerging verticals grew 6%, led by another quarter of double-digit growth in insurance. Within insurance, credit-based marketing continues to recover as insurers pursue profitable growth.

房貸營收成長 50%。若排除 FICO 權利金，營收成長 24%，而查詢量（inquiries）成長 7%。查詢量略優於預期，並透過定價與非三大徵信局（non-tri-bureau）解決方案採用率提升而帶來額外超越表現。新興垂直領域成長 6%，其中保險業務再度實現雙位數成長領先。於保險領域中，基於信用的行銷持續復甦，因保險公司追求具獲利性的成長。

Consumer shopping also remains active. We drove new wins and growth across core credit, driving history, Trusted Call Solutions and marketing solutions. Across our other emerging verticals, public sector grew high single digits and is positioned for a strong year. Tech, retail and e-commerce and media grew mid-single digits. Communications grew modestly.

消費者比價（consumer shopping）也仍然活躍。我們在核心信用、駕駛歷史（driving history）、Trusted Call 解決方案與行銷解決方案等方面推動新案與成長。在其他新興垂直領域方面，公共部門成長高個位數，並具備強勁年度表現的態勢。科技、零售與電商以及媒體成長中個位數。通訊業務小幅成長。

Tenant and employment declined modestly, but is expected to return to growth over the rest of the year.

租戶與就業相關業務小幅下滑，但預期在今年剩餘期間將恢復成長。

Consumer Interactive was flat, driven by indirect channel growth and breach-related wins, offset by declines in the direct channel. In International, all revenue growth comparisons are on an organic constant currency basis. International revenue was flat in the quarter, reflecting varied results across our diversified portfolio.

Consumer Interactive 持平，主要由間接通路成長與資安外洩相關新案帶動，但被直接通路下滑所抵銷。在國際市場方面，所有營收成長比較皆以有機固定匯率口徑計算。國際營收本季持平，反映我們多元化產品組合中各市場表現不一。

Our two most developed markets drove outperformance against subdued market conditions. UK grew 7%, driven by healthy volumes from our largest banking and fintech customers as well as new wins across verticals. Canada grew 9%, reflecting another quarter of innovation-led growth as well as strong performance from fintechs and insurance. Africa performed well, too, growing 10% with strength across banking, fintech and retail.

我們兩個最成熟的市場在相對低迷的市場環境下仍帶來超越表現。英國成長 7%，主要由最大銀行與 fintech 客戶的健康量能，以及跨垂直領域的新案所帶動。加拿大成長 9%，反映又一季由創新驅動的成長，以及 fintech 與保險的強勁表現。非洲表現亦佳，成長 10%，銀行、fintech 與零售皆展現強勢。

Across our other emerging markets, India, Latin America and Asia Pacific, growth was softer, reflecting subdued conditions and timing dynamics.

在其他新興市場方面，包括印度、拉丁美洲與亞太地區，成長較為疲弱，反映景氣偏弱以及時點因素的影響。

India declined 5%, slightly better than guided. We expect a gradual recovery in consumer lending, supporting mid-single-digit growth for India in 2026. We also continue to accelerate the pace of innovation in India. Most recently, we announced a strategic partnership with the leading Indian telco Jio to enable branded calling across its 500 million subscribers as we continue to expand the reach of our leading Trusted Call Solutions globally.

印度下滑 5%，略優於指引。我們預期消費者放款將逐步復甦，支撐印度於 2026 年達到中個位數成長。我們也持續加快在印度的創新步伐。最近，我們宣布與印度領先電信商 Jio 建立策略合作夥伴關係，為其 5 億名用戶提供品牌來電（branded calling）功能，並持續在全球擴大我們領先的 Trusted Call 解決方案覆蓋範圍。

Latin America was flat organically with growth in Brazil, offset by modest declines in Colombia and other markets. TransUnion de Mexico, which was recorded as inorganic, grew well in the first quarter on the heels of double-digit growth in 2025. Asia Pacific declined 18%, primarily by lapping onetime contracts as well as softer volumes. Performance across India, Latin America and Asia Pacific is expected to improve in the second quarter and as the year progresses.

拉丁美洲以有機口徑持平，巴西成長抵銷了哥倫比亞及其他市場的小幅下滑。墨西哥 TransUnion（TransUnion de Mexico）被列為非有機，第一季延續 2025 年雙位數成長後仍有良好成長。亞太地區下滑 18%，主要因去年一次性合約的比較基期，以及量能偏弱所致。預期印度、拉丁美洲與亞太地區的表現將在第二季及今年後續逐步改善。

Turning to the balance sheet. We ended the first quarter with $5.6 billion of debt and $733 million of cash. During the quarter, we funded the approximately $660 million purchase for TransUnion de Mexico with $520 million drawn from our credit revolver as well as cash on hand. As a result, our leverage ratio at quarter end increased modestly to 2.8 times.

接著看資產負債表。我們在第一季末的債務為 56 億美元，現金為 7.33 億美元。本季我們以循環信貸額度（credit revolver）動用 5.2 億美元及手上現金，支付約 6.6 億美元以完成 TransUnion de Mexico 的收購。因此，我們季末槓桿比率小幅上升至 2.8 倍。

For the remainder of 2026, we plan to continue to execute our balanced capital allocation framework, prioritizing debt prepayment and capital return to shareholders. We have repurchased $25 million so far this year and expect to increase the pace of repurchases over the remainder of the year. We also remain committed to pushing our leverage ratio towards our long-term target of under 2.5 times.

在 2026 年剩餘期間，我們計畫持續執行均衡的資本配置框架，優先償還債務並回饋股東資本。今年迄今我們已回購 2,500 萬美元，並預期在今年剩餘期間加快回購步伐。我們也仍致力於將槓桿比率推進至長期目標 2.5 倍以下。

Before getting into guidance details, I want to reiterate our approach. Even with first quarter outperformance and healthy underlying momentum, we are maintaining our full year organic growth assumptions. This reflects our disciplined guidance philosophy and provides flexibility in an uncertain environment.

在進入指引細節之前，我想重申我們的方法。即便第一季表現優於預期且基礎動能健康，我們仍維持全年有機成長假設不變。這反映我們審慎的指引哲學，並在不確定的環境中保留彈性。

In the second quarter, we are guiding revenue to be between $1.271 billion to $1.283 billion, up 12% to 13%. Acquisitions add 4% and FX has an immaterial impact on our guidance. We expect organic constant currency revenue growth of 8% to 9% or 5% to 6%, excluding FICO mortgage royalties. We anticipate mortgage revenue growing over 30% or 10% plus excluding FICO, compared to a mid-single-digit decline in inquiries.

第二季方面，我們指引營收介於 12.71 億至 12.83 億美元，年增 12% 至 13%。併購貢獻 4%，匯率對指引影響不大。我們預期有機固定匯率營收成長 8% 至 9%；若排除 FICO 房貸權利金，則為 5% 至 6%。我們預期房貸營收成長超過 30%；若排除 FICO，則為 10% 以上；相較之下，查詢量預計將出現中個位數下滑。

We are guiding adjusted EBITDA to $439 million to $445 million, up 8% to 9%, implying a margin of 34.5% to 34.7%. Underlying margins expand by 20 to 40 basis points, offset by an 80 basis point drag from FICO royalties and a 60 basis point impact from acquisitions.

我們對調整後 EBITDA 的指引為 4.39 億美元至 4.45 億美元，年增 8% 至 9%，隱含利潤率為 34.5% 至 34.7%。基礎利潤率擴張 20 至 40 個基點，但受到 FICO 權利金 80 個基點的拖累，以及併購帶來 60 個基點的影響而抵銷。

We expect our adjusted diluted earnings per share to be between $1.13 and $1.15, up 4% to 6%. For full year guidance, we expect revenue to be between $5.1 billion and $5.135 billion, up 11% to 12%. Acquisitions add 3.5% and FX has an immaterial impact on our guidance. Our organic constant currency assumptions are unchanged at 8% to 9% or 5% to 6%, excluding FICO mortgage royalties.

我們預期調整後稀釋每股盈餘介於 1.13 美元至 1.15 美元，年增 4% 至 6%。就全年指引而言，我們預期營收介於 51 億美元至 51.35 億美元，年增 11% 至 12%。併購貢獻 3.5%，匯率對我們的指引影響不大。我們的有機固定匯率假設維持不變，為 8% 至 9%，或在排除 FICO 房貸權利金後為 5% 至 6%。

Our segment level assumptions are also unchanged. For mortgage, we continue to expect growth of 28% or 6% excluding FICO, compared to mid-single-digit inquiry declines, unchanged since February. While the first quarter exceeded expectations, we modestly lowered volume assumptions for the remainder of the year to account for recent interest rate volatility. Full details on mortgage assumptions are provided in our appendix.

我們對各事業部門層級的假設也維持不變。就房貸業務而言，我們仍預期成長 28%，或在排除 FICO 後成長 6%；相較之下，查詢量（inquiry）下滑為中個位數百分比，與 2 月時的看法一致。雖然第一季表現優於預期，但我們小幅下調今年剩餘期間的量能假設，以反映近期利率波動。房貸假設的完整細節載於我們的附錄。

We anticipate mid-single-digit international revenue growth for the year, driven by gradual recoveries in India, Latin America and Asia Pacific following a softer first quarter. We expect adjusted EBITDA to be $1.796 billion to $1.816 billion in 2026, up 9% to 10%. That results in a margin of 35.2% to 35.4%, down 60 to 80 basis points. Underlying margins are expected to expand by 50 to 70 basis points, driven by revenue flow-through and remaining transformation savings. This strong underlying expansion is offset by a 90 basis point drag from FICO royalties and a 40 basis point impact from our acquisitions.

我們預期今年國際營收將呈中個位數百分比成長，主要受惠於印度、拉丁美洲與亞太地區在第一季較疲弱後逐步復甦。我們預期 2026 年調整後 EBITDA 為 17.96 億美元至 18.16 億美元，年增 9% 至 10%。對應利潤率為 35.2% 至 35.4%，下滑 60 至 80 個基點。基礎利潤率預期擴張 50 至 70 個基點，主要由營收流入（flow-through）與剩餘轉型節省所帶動。此強勁的基礎擴張被 FICO 權利金 90 個基點的拖累，以及併購 40 個基點的影響所抵銷。

We anticipate adjusted diluted earnings per share to be $4.68 to $4.75, up 9% to 11%.

我們預期調整後稀釋每股盈餘為 4.68 美元至 4.75 美元，年增 9% 至 11%。

For other guidance items, depreciation and amortization is now expected to be approximately $640 million or $320 million, excluding step-up amortization from our 2012 change in control and subsequent acquisitions. We anticipate net interest expense of $245 million, up $25 million from February, reflecting $20 million related to debt financing for the Mexico acquisition and $5 million from higher SOFR on floating rate debt.

就其他指引項目而言，折舊與攤銷目前預期約為 6.40 億美元；若排除 2012 年控制權變更及後續併購所產生的增額攤銷（step-up amortization），則約為 3.20 億美元。我們預期淨利息費用為 2.45 億美元，較 2 月上調 2,500 萬美元，反映其中 2,000 萬美元與墨西哥併購的債務融資相關，另有 500 萬美元來自浮動利率債務的 SOFR 上升。

Our adjusted tax rate is expected to be approximately 25.5%, modestly better than anticipated, driven by favorable geographic mix of earnings and changes in tax law that became effective in 2026. Capital expenditures are expected to be approximately 6% of revenue. We expect free cash flow conversion as a percentage of adjusted net income to be 90% or greater in 2026 and going forward.

我們的調整後有效稅率預期約為 25.5%，略優於先前預期，主要受惠於獲利地理分布較有利，以及 2026 年生效的稅法變更。資本支出預期約為營收的 6%。我們預期 2026 年及往後，自由現金流轉換率（占調整後淨利的百分比）將達 90% 或更高。

Slide 17 reconciles our updated full year guidance relative to February. As shown, the increase is driven by our consolidation of TransUnion de Mexico with non-operating items having a net neutral impact on adjusted diluted EPS. While TransUnion de Mexico is accretive to 2026 earnings, it is modestly dilutive to our adjusted EBITDA margins this year.

投影片 17 將我們更新後的全年指引與 2 月相比進行調節。如圖所示，上調主要來自我們將 TransUnion de Mexico 納入合併報表；非營運項目對調整後稀釋 EPS 的淨影響為中性。雖然 TransUnion de Mexico 對 2026 年獲利具增益（accretive），但今年對我們的調整後 EBITDA 利潤率有小幅稀釋（dilutive）。

Importantly, the Mexico business operates at margins above our company average. The 2026 margin impact is driven by accounting mechanics rather than ongoing economics. Historically, our 26% ownership was accounted for under the equity method, contributing approximately $17 million of adjusted EBITDA in 2025 with no associated revenue.

重要的是，墨西哥業務的利潤率高於公司平均。2026 年的利潤率影響主要來自會計處理機制，而非持續性的經濟實質。過去我們持有 26% 股權採權益法入帳，2025 年約貢獻 1,700 萬美元的調整後 EBITDA，但不會對應任何相關營收。

Following the acquisition, Mexico's revenue is fully consolidated, while only the incremental adjusted EBITDA associated with increasing our ownership from 26% to 94% is additive versus prior reporting. As a result, consolidated margins appear modestly lower due to revenue consolidation despite the business' strong underlying profitability.

併購完成後，墨西哥的營收將全面併入合併報表；相較於先前揭露，只有我們持股由 26% 提升至 94% 所帶來的增量調整後 EBITDA 才屬新增。因此，儘管該業務的基礎獲利能力強勁，但由於營收併表，合併利潤率在表面上看起來會略為降低。

In addition, during 2026, we will incur onetime integration expenses related to the Mexico and mobile division of Real Networks acquisitions, which we are not adding back to adjusted EBITDA. Our 2026 guidance fits within the context of our medium-term financial framework, which we reintroduced at our March Investor Day.

此外，在 2026 年期間，我們將因墨西哥併購以及 Real Networks 行動事業部併購而產生一次性整合費用，而我們不會將其加回至調整後 EBITDA。我們的 2026 年指引符合我們在 3 月投資人日重新提出的中期財務框架。

Over the medium term, we expect to deliver high single-digit organic revenue growth, 50 basis points of underlying margin expansion and low to mid-teens adjusted diluted earnings per share growth. This guidance is anchored in our repeatable earnings model and the momentum we are delivering today and not dependent on a recovery in U.S. mortgage or other markets.

在中期而言，我們預期可達成高個位數百分比的有機營收成長、50 個基點的基礎利潤率擴張，以及低至中十位數百分比的調整後稀釋每股盈餘成長。此指引以我們可重複的獲利模式與目前展現的動能為基礎，並不依賴美國房貸或其他市場的復甦。

Our medium-term financial framework reflects our value creation flywheel. Our multiyear transformation is now enabling faster innovation and improved commercial outcomes. We are scaling the business on a common technology and operating platform and deploying AI across the enterprise to drive further productivity. Our scalable growth drives compounding cash flow that we will deploy to fund our growth, optimize our balance sheet and increasingly return capital to shareholders.

我們的中期財務框架反映了我們的價值創造飛輪。我們的多年期轉型如今正促成更快速的創新與更佳的商業成果。我們正以共同的技術與營運平台擴大規模，並在全企業部署 AI 以進一步提升生產力。我們可擴展的成長將帶來複利式的現金流，我們將運用這些現金流來支持成長、優化資產負債表，並逐步增加對股東的資本回饋。

With that context, I will turn the call back to Chris for closing remarks.

在此背景下，我把電話交回 Chris 做結語。

All right. Thanks, Todd. So before closing, I want to provide our perspective on last week's announcement from the FHFA Director and the HUD Secretary. These developments are an important milestone in a 20-year journey to enable competition and modernization in mortgage credit scoring. So as noted by Director Pulte, Fannie Mae and Freddie Mac have begun accepting VantageScore 4.0.

好的，謝謝你，Todd。在結束之前，我想就上週 FHFA 局長與 HUD 部長的公告分享我們的觀點。這些進展是推動房貸信用評分競爭與現代化、長達 20 年旅程中的重要里程碑。如 Pulte 局長所提，房利美（Fannie Mae）與房地美（Freddie Mac）已開始接受 VantageScore 4.0。

Freddie Mac took delivery of VantageScore loans during an operational test and will soon securitize them.

房地美在一項營運測試中已接收 VantageScore 貸款，並將很快把它們證券化。

The FHFA is expanding this pilot with a group of lenders and the GSEs will communicate pricing guidelines. Additionally, HUD Secretary, Scott Turner, announced that the VantageScore will also be accepted for FHA mortgages starting later this year.

FHFA 正與一組放款機構擴大此試點計畫，而 GSEs 將公布定價指引。此外，HUD 部長 Scott Turner 宣布，自今年稍晚起，FHA 房貸也將接受 VantageScore。

So the combination of Vantage 4.0 and TransUnion's comprehensive trended and alternative data will expand access to creditworthy consumers and promotes affordability, while maintaining safety and soundness within the mortgage ecosystem. And we have taken several steps to foster industry adoption, most recently announcing the industry's first $0.99 VantageScore 4.0 mortgage pricing. Adoption of VantageScore can drive hundreds of millions of dollars of savings for lenders and consumers.

因此，Vantage 4.0 與 TransUnion 全面的趨勢型（trended）與替代性資料相結合，將擴大具信用資格消費者的信貸可得性並促進可負擔性，同時維持房貸生態系的安全與健全。我們已採取多項措施以促進產業採用，最近更宣布業界首個 0.99 美元的 VantageScore 4.0 房貸定價。採用 VantageScore 可為放款機構與消費者帶來數億美元的節省。

VantageScore also represents an incremental revenue opportunity over time. We plan to support continued score valuation from our customers with free VantageScore offered to those customers who purchase the FICO score through the end of 2026. We are also offering customers multiyear pricing for credit reports and VantageScore 4.0, providing better pricing certainty to lenders.

隨時間推進，VantageScore 也代表一項增量營收機會。我們計畫支持客戶持續進行評分價值評估：對於在 2026 年底前購買 FICO 分數的客戶，我們將提供免費的 VantageScore。我們也向客戶提供信用報告與 VantageScore 4.0 的多年期定價，為放款機構帶來更高的價格確定性。

And more broadly, our actions reflect our belief that effective mortgage underwriting and responsible financial inclusion are ultimately driven by the quality and the depth of the data used. As stewards of data on over 295 million US consumers, we continue to invest in data sets and the analytics that support the fairest and the most accurate credit decisions across economic cycles.

更廣泛而言，我們的行動反映了我們的信念：有效的房貸核貸與負責任的金融普惠，最終取決於所使用資料的品質與深度。作為涵蓋超過 2.95 億名美國消費者資料的管理者，我們持續投資於資料集與分析能力，以在各種經濟循環中支持最公平且最精準的信用決策。

So in summary, we started 2026 with a good first quarter, growing both our revenue and our earnings by double digits. We've raised our guidance based on our recent acquisitions and anticipate a strong year. We're guiding 8% to 9% organic constant currency revenue growth and 9% to 11% adjusted diluted earnings per share growth. And AI continues to accelerate TU's growth, reinforced by the dynamics that we highlighted, expanding data demand and accelerating innovation. And we look forward to continuing this conversation in future quarters.

總結來說，我們在 2026 年以良好的第一季開局，營收與獲利皆呈雙位數成長。我們已基於近期併購上調指引，並預期今年表現強勁。我們指引有機固定匯率營收成長 8% 至 9%，以及調整後稀釋每股盈餘成長 9% 至 11%。AI 也持續加速 TU 的成長，並受到我們所強調的動態所強化，包括資料需求擴大與創新加速。我們期待在未來季度持續交流。

Now with that, let me turn it back to Greg.

接下來，我把電話交回 Greg。

Thanks, Chris. That concludes our prepared remarks. For the Q&A, we ask that you each ask only 1 question so we can include more participants. Operator, we can begin the Q&A.

謝謝，Chris。我們的準備發言到此結束。進入問答環節時，為了讓更多人參與，我們請各位每人只提 1 個問題。接線員，我們可以開始問答。

(Operator Instructions)

（接線員指示）

Toni Kaplan, Morgan Stanley.

Morgan Stanley 的 Toni Kaplan。

Thanks so much. And thanks for the comments at the end on the press conference from last week. I wanted to ask a question about that conference. There was a comment made about scrutinizing pricing in the credit bureau industry. And I was hoping you could just maybe talk about you've already sort of provided the $0.99, down from a higher like the $4 level you're originally talking about. And so I guess what are the areas maybe in particular, on pricing that investors should be thinking of or maybe under scrutiny?

非常感謝，也謝謝你們最後對上週記者會的評論。我想就那場記者會問一個問題。當時有人提到要審視信用局產業的定價。我希望你們能談談：你們已經提供 0.99 美元的價格，從原先提到較高、類似 4 美元的水準下調。所以我想問的是，投資人應該特別關注哪些定價面向，或哪些部分可能正在被審視？

It's an important question. And going back to that press conference from last week, I mean, well, first of all, we're just really excited to see the momentum at the FHFA and in the GSEs for accepting Vantage 4.0 and the progress in completing the LLPAs and the pricing guides generally. We see strong demand in the market. And so I think you'll begin to see some rapid adoption of that.

這是個重要的問題。回到上週的那場記者會，我的意思是，首先，我們對 FHFA 以及 GSEs 接受 Vantage 4.0 的動能、以及完成 LLPAs 與整體定價指引的進展感到非常振奮。我們看到市場需求強勁，因此我認為你們將開始看到其快速採用。

Yes, we're not entirely clear on what Director Pulte was referring to in his comments. We are following up to try to get clarity on those. I think there's a lot of speculation that it could be a reference to the tri-merge. And look, I think we've been pretty clear in recent years about the importance of the tri-merge in underpinning the safety and soundness of the mortgage market in the U.S. and ensuring that the potential pool of mortgage applicants that are scored accurately and qualify for mortgages is as substantial as it can be while also accurately assessing the risk that lenders are undertaking that will eventually be passed on to the GSEs and to investors.

是的，我們並不完全清楚 Pulte 局長在其評論中指的是什麼。我們正在跟進以釐清這些內容。我認為外界有很多揣測，認為這可能是在指「三合一（tri-merge）」報告。你看，我想我們近年來已相當清楚地說明，三合一在支撐美國房貸市場的安全與健全方面的重要性；它能確保被正確評分、並符合房貸資格的潛在申請人池盡可能大，同時也能準確評估放款機構所承擔、最終將轉移至 GSE 與投資人的風險。

I mean, in short, the rationale for the tri-merge is that it drives the efficacy of underwriting and financial inclusion because you're getting full access to all of the data that's available for diligence. And I think sometimes discussions about changing from the tri-merge don't appreciate that credit bureau data is not a constant across the 3 bureaus.

簡而言之，三合一的理由在於：它提升核貸（underwriting）的有效性與金融包容性，因為你能完整取得所有可用於盡職調查的資料。我認為有時候關於改變三合一的討論，沒有充分理解信用局資料在三家信用局之間並不是固定一致的。

We have different furnishers. There have been new lending types that have emerged in recent periods like fintech, financial innovation like BNPL. And now that the bureaus are actively developing alternative data like rental and utility and others, our files have diverged even more. And so using data inconsistently or excluding a report means you'll either be mispricing risk or lowering access for creditworthy borrowers or lowering the hurdles for potential mortgage fraudsters.

我們有不同的資料提供者（furnishers）。近年也出現了新的放款類型，例如金融科技（fintech）、以及像 BNPL（先買後付）這類金融創新。現在各信用局也正積極開發替代性資料，例如租金、水電費等其他資料，我們的檔案差異就更大了。因此，若不一致地使用資料或排除某一份報告，就會導致風險定價錯誤、降低具信用資格借款人的取得機會，或降低門檻而讓潛在房貸詐欺者更容易得逞。

So we firmly believe tri-merge is the gold standard. It's deeply embedded in mortgage underwriting processes. The industry is already digesting a good degree of change, whether it's the early assessment program and most recently, score competition, which is terrific. And I think this would be an even more substantial change at a time when stability is particularly important as this administration contemplates the IPO of the GSEs.

因此我們堅信三合一是黃金標準。它已深度嵌入房貸核貸流程。產業目前已在消化相當程度的變革，不論是早期評估計畫（early assessment program），以及最近的評分競爭（score competition），這都很棒。我認為在此時此刻再推動更大幅度的變更，會是更重大的改動；而當本屆政府正在考量 GSE 的 IPO 之際，穩定性尤其重要。

And I think we got to remember that we charge $10 to $12 per report. That is a fraction of closing costs. It's less than 1%. And by pulling all three reports, you optimize across all the dimensions of the mortgage process. You can score the largest number of consumers and qualify the largest proportion for homeownership, you mitigate risk, you ensure accurate pricing and you minimize the risk to taxpayers via the GSEs.

而且我想我們必須記得，我們每份報告收費 10 到 12 美元。這只占結案成本（closing costs）的一小部分，不到 1%。透過拉取三份報告，你能在房貸流程的各個面向達到最佳化：你可以為最多的消費者進行評分、讓最大比例的人符合購屋資格；你能降低風險、確保定價準確，並透過 GSE 將納稅人的風險降到最低。

And ultimately, you ensure that investors who are buying these assets once securitized, fully understand the risk management process from which they were generated. So look, we look, I know from my own discussions some last week, there's a lot of support in the industry for the tri-merge, whether it's legislators or regulators or investors. I think they understand the value of maximizing the diligence on this. So we'll just have to wait and see. And obviously, we look forward to further discussions with the director, with the FHFA.

最終，你也能確保在這些資產證券化後買入的投資人，能充分理解產生這些資產所依循的風險管理流程。所以你看，從我上週的一些討論中我知道，產業對三合一有很多支持，不論是立法者、監管機關或投資人。我想他們理解在此最大化盡職調查的價值。因此我們只能拭目以待。當然，我們也期待與局長、與 FHFA 進一步討論。

I think goodness always comes from that, and we would certainly welcome it.

我認為那樣的對話總能帶來好的結果，我們當然也會非常歡迎。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通（JPMorgan）。

My question is on India. Looking back to the Analyst Day recently, TransUnion outlined the double-digit revenue growth organic revenue growth profile longer term for TransUnion India. How long would it take to get to that cadence? And what needs to change to get there?

我的問題是關於印度。回顧最近的分析師日（Analyst Day），TransUnion 概述了 TransUnion India 長期的兩位數營收成長、以及有機營收成長的輪廓。要多久才能達到那樣的成長節奏？需要改變什麼才能做到？

Well, thanks for the question, Andrew. India is a great part of the TransUnion story, and we're super pleased that we own that asset, and it's a wonderful market and growing economy. But it's an economy that's had a variety of macroeconomics and also regulatory shock in recent years, some of which were exacerbated by the conflict with Iran in the Middle East and rising energy prices and the like.

Andrew，謝謝你的問題。印度是 TransUnion 故事中很重要的一部分，我們非常高興擁有那項資產；那是一個很棒的市場、也是成長中的經濟體。但這個經濟體近年來經歷了各種總體經濟與監管面的衝擊，其中一些又因中東與伊朗的衝突、能源價格上升等因素而加劇。

I think despite that, we have seen some stabilization for consumer lending volume and commercial lending volume, which is helpful. And we're also growing through some kind of onetime exceptional and anomalous stuff. And so we did okay against our guidance in the first quarter. And we believe we now, with this foundation of stability are going to pivot back toward growth. And overall, we think India will deliver mid-single-digit growth over 2026.

儘管如此，我們確實看到消費者放款量與商業放款量出現一些穩定，這很有幫助。我們也在某些一次性、例外且不尋常的因素影響下持續成長。因此第一季我們在指引（guidance）範圍內表現尚可。我們相信在這個穩定的基礎上，將會轉向回到成長。整體而言，我們認為印度在 2026 年將帶來中個位數（mid-single-digit）的成長。

And hopefully, that gets us back to sustained low double-digit growth and beyond as the economics and the political environment and such stabilize there. I mean, the regulatory environment, not the political environment.

希望這能讓我們回到可持續的低兩位數成長，甚至更高，隨著當地的經濟、以及政治環境等逐步穩定。我的意思是監管環境，不是政治環境。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

Chris, in your prepared remarks, I think you made the comment that most of your customers are still pretty early in their AI journey. And so I was hoping you could flesh that out a little bit more. What are you kind of seeing in terms of pace of adoption? What's a reasonable time line for some of your customers to get a little bit more ready on that front? And any comments on what would be kind of slowing that or expectations for adoption there?

Chris，在你準備好的發言中，我想你提到你們的大多數客戶在 AI 旅程上仍處於相當早期。我希望你能再多談一點。你們看到的採用速度如何？你認為客戶在這方面更準備就緒的合理時間表是什麼？另外，是否有任何因素可能拖慢採用，或你對採用的預期是什麼？

Yes. Thanks, Andrew. Well, look, I would just stepping back, I would say, societally and economically, we're still in the very early innings of AI adoption. I think you've got certain sectors of the economy where the adoption is fairly deep, like software development, if you will. Those are the guys that created it.

是的。謝謝，Andrew。你看，我先退一步說，從社會與經濟層面來看，我們仍處於 AI 採用的非常早期階段。我認為經濟中有些產業的採用已相當深入，例如軟體開發。畢竟是他們創造了這項技術。

So it's not surprising that they are deeply applying it to their work first. And then I think you've got kind of mass experimentation going on just about everywhere else. I think you're going to see that accelerate as people understand the technology more deeply and its potential across all types of business processes and functions.

所以他們率先把它深度應用在工作上並不令人意外。接著我認為在其他幾乎所有領域，都正在進行大規模的實驗。我想隨著人們更深入理解這項技術，以及它在各類業務流程與職能上的潛力，你會看到採用加速。

And if you even here at TransUnion, I mean, our developers have been using it for a while. They are dramatically more productive. It's not order of magnitude productivity increases yet, but it's solid 30% plus productivity kind of ranging depending on the nature of the development activity. And frankly, it really helped us accelerate the delivery of the OneTru platform and the migration of our products and our legacy technology onto that platform.

即便在 TransUnion 內部也是如此。我們的開發人員使用它已經有一段時間了，他們的生產力大幅提升。雖然還不到數量級（order of magnitude）的提升，但確實有扎實的 30% 以上生產力增幅，會因開發活動的性質不同而有所區間。坦白說，這也確實幫助我們加速 OneTru 平台的交付，以及將我們的產品與既有（legacy）技術遷移到該平台上。

At our recent Investor Day, which you attended, you would have seen the Tru Analytics Orchestrator. That is one of the most potent applications of AI that we have here at TransUnion. We're using it across our data and analytics organization. We're seeing 2 times to 3 times productivity improvements, that's allowing us to build more models more frequently with greater accuracy than we could previously.

在你也出席的近期投資人日（Investor Day）上，你會看到 Tru Analytics Orchestrator。那是我們在 TransUnion 這裡最強大的 AI 應用之一。我們正把它用在資料與分析組織中。我們看到 2 倍到 3 倍的生產力提升，讓我們能比以往更頻繁地建立更多模型，且準確度更高。

And all of the internal use is designed to ready the application, the agent for licensing and usage independently by our clients, which is what I was referring to in my prepared remarks. So look, we're very much in the early innings, but I don't think there's really anything that's going to slow this down. I think the productivity potential and the potential to lower the cost of things that today are very difficult, but can become substantially more cost effective and thus can be consumed in greater quantities. That's what I see happening going forward.

而所有這些內部使用，都是為了讓該應用、該代理（agent）做好準備，未來能授權給客戶獨立使用——這就是我在準備發言中所指的。總之，我們確實還在非常早期的階段，但我不認為有什麼能真正讓這件事慢下來。我認為其生產力潛力，以及降低目前非常困難之事的成本的潛力，將使其變得更具成本效益，因而能以更大的規模被使用。我認為未來會朝這個方向發展。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

On the updated pricing guidelines and dedicated Vantage LLPA grid, I guess just have they been communicated to the 21 initially approved lenders? Have you seen them? If so, any perspective you can provide on what they look like? If not, just when do you expect them, given that it sounds like they're finalized? And how important do you think they are to the share shift that you expect?

關於更新後的定價指引以及專屬的 Vantage LLPA 網格（grid），我想問：它們是否已傳達給最初核准的 21 家放款機構？你們有看到嗎？如果有，你能否分享一些你所看到的樣貌？如果沒有，既然聽起來已經定案，你預期何時會看到？另外，你認為它們對你所預期的市占轉移（share shift）有多重要？

Yes. Now I'll remind you that for our guidance purposes this year, we didn't assume any share shift. We viewed this year as one of learning, experimentation and transition. And we're not clear on exactly which lenders are in the initial cohort of 21. And we're not clear on whether the FHFA has communicated the LLPAs to all of them.

是的。我先提醒你，針對我們今年的指引，我們並未假設任何市占轉移。我們把今年視為學習、實驗與過渡的一年。我們也不清楚最初那 21 家的名單到底有哪些放款機構。我們也不清楚 FHFA 是否已將 LLPAs 傳達給他們所有人。

We know from discussions with the FHFA staff and also from the CEO of VantageScore that the guides are complete and that they're in dialogue with the firms that are in this initial cohort, but I'm not sure about the time frame for public release. I mean, some of these questions, they just simply have to be answered by the FHFA. But I think the director was very clear and forceful and enthusiastic that they're ready to go. They're ready to scale, and he's really excited to push that forward and get competition going.

我們從與 FHFA 工作人員的討論，以及從 VantageScore 的執行長那裡得知，指引已完成，且他們正與這個初始群組中的公司對話，但我不確定對外公開發布的時間表。我的意思是，其中一些問題只能由 FHFA 來回答。不過我認為局長表態非常清楚、強而有力且充滿熱情：他們已準備就緒，準備擴大規模（scale），而且他非常期待推動這件事、讓競爭真正展開。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行（Deutsche Bank）。

I wanted to ask about the contribution of non-credit products to your growth in financial services, particularly outside of mortgage and sort of what the traction has been there? And relatedly, if you could touch on the -- you alluded to some macro uncertainty likely related to the conflict and that you could absorb a reasonable level of market softening within the guidance range. So I was hoping you could double-click on that because I'm assuming to the extent there is softening, it would impact more of your credit growth.

我想詢問非信用（non-credit）產品對你們金融服務成長的貢獻，特別是在房貸以外的領域，那邊的進展（traction）如何？另外相關地，如果你能談談——你提到一些可能與衝突相關的總體不確定性，並表示在指引區間內你們可以吸收合理程度的市場轉弱。我希望你能更深入說明，因為我推測若出現轉弱，影響較大的會是你們的信用成長。

Yes. So let me pull back the lens a little bit and just kind of characterize this first quarter. I mean, obviously, we're off to a good start. We're nicely ahead of expectations, and we're well positioned to deliver a third straight year of high single-digit revenue growth, low double-digit profit flow-through and low to mid-double-digit EPS. The strength is really coming out of the U.S.

是的。所以讓我把視角稍微拉遠一點，先概括一下第一季的情況。我的意思是，很明顯我們開局良好。我們明顯優於預期，而且我們也處於有利位置，可望連續第三年達成高個位數的營收成長、低雙位數的利潤流入（profit flow-through），以及低到中雙位數的每股盈餘（EPS）。這股強勁動能主要來自美國。

right now. A lot of strength in mortgage, which I know Todd will double-click on in the call. Consumer lending also very strong in auto and card, off to very solid starts as well. So we're very pleased with that.

目前來看，房貸業務非常強勁，我知道 Todd 會在電話會議中進一步深入說明。消費者放款在汽車貸款與信用卡方面也非常強，開局同樣相當穩健。所以我們對此非常滿意。

On the emerging market side, we're right on our plan. This is how we modeled revenue growth for the course of the year. This is a solid start at 6%, and it does position us to achieve our plan of high single digit for the full year. Now obviously, with the conflict in Iran, there are new uncertainties and new pressures on the cost of energy and thus inflation and thus potentially interest rates as well.

在新興市場方面，我們完全按計畫推進。這就是我們對全年營收成長的建模方式。以 6% 作為起步很扎實，也讓我們有條件達成全年高個位數的計畫。當然，隨著伊朗衝突，能源成本出現新的不確定性與新的上行壓力，進而影響通膨，並可能也會影響利率。

In February, the 10-year got down to about 4%. The 30-year mortgage was around 6%. We got a little disproportionate volume bump because refi was reactivated. That was fairly short-lived, and then we kind of reverted back to the previous levels of volume, which I'll remind you are almost represent a floor now for ongoing mortgage natural purchase activity in the U.S. But we like to have a conservative guide, particularly in the early part of the year.

2 月時，10 年期利率一度降到約 4%。30 年期房貸利率約在 6%。由於再融資（refi）重新活躍，我們的量出現了稍微不成比例的短期上升。但那段時間相當短暫，之後我們大致回到先前的量水準。我提醒各位，這些量水準現在幾乎可視為美國房貸自然購屋活動的底部水準。不過我們仍偏好保守的指引，尤其是在年初。

We point investors to the high end of the guide. Our goal is to hit the high end and exceed the high end. We have a reasonable level of contingency to achieve that, which we will hopefully release through outperformance over the course of the year. And given this heightened geopolitical risk, we just thought it prudent not to flow through the revenue and the profit at this point.

我們會引導投資人看指引區間的高端。我們的目標是達到高端並超越高端。為了達成這點，我們保留了合理程度的應變空間，希望能在全年透過優於預期的表現逐步釋放出來。鑑於地緣政治風險升高，我們認為此刻不把營收與利潤的超額表現直接反映進去是較為審慎的。

Another thing to be very clear on, though, is that through really the beginning of this week, our volumes across all of our credit categories are steady. So we're not seeing really any negative impact on any type of loan volumes at this point. And if we maintain this level of stability and kind of volumes, we would fully expect to deliver at or above the high end of the guidance over the course of the year.

不過還有一點要非常清楚：直到本週初為止，我們在所有信用類別的量都很穩定。所以目前我們並未看到任何類型的貸款量出現負面影響。如果我們能維持這種穩定性與量的水準，我們完全預期全年能達到或高於指引高端。

This kind of stability and performance, it's also there on the subprime side, drilling into consumer lending, which had a very strong 13% growth rate in the quarter. We've been looking at the level of delinquencies there amongst subprime borrowers. They're holding up exactly as you would expect, solid underwriting practices, small loan amounts, good controls, fintech players accelerating their use of alternative data to fully understand risk. And so while all the players in this space expanded their credit box a bit last year and again, in the first quarter, the delinquencies are solid. And so we're not really seeing anything problematic at this point.

這種穩定性與表現，在次級（subprime）端也同樣存在。若深入看消費者放款，本季成長率非常強勁，達到 13%。我們一直在觀察次級借款人的逾期（delinquencies）水準；其表現完全符合預期：穩健的承作（underwriting）做法、較小的貸款金額、良好的控管，以及金融科技業者加速使用替代數據以充分理解風險。因此，雖然這個領域的所有參與者在去年以及今年第一季都稍微擴大了授信範圍（credit box），逾期表現仍然穩健。所以目前我們沒有看到任何令人擔憂的狀況。

Faiza, I'm going to go back, this is Todd, to the beginning of your question as it pertains to contribution of non-credit to financial services. So Chris just gave you all the details about what we saw in financial services. And excluding mortgage, we continue to see stable volumes. But the diversification of our products, we had a couple of 3, what I would consider to be outperformers. First, the TruIQ Analytics platform continues to perform well within financial services as well as alternative data and then our Trusted Call Solutions has been a winner with our financial services customers as well.

Faiza，我要回到你問題的前半段——我是 Todd——也就是非信用（non-credit）對金融服務的貢獻。Chris 剛剛已經把我們在金融服務看到的情況都說明了。排除房貸後，我們仍看到量保持穩定。但就產品多元化而言，我們有幾個我認為表現突出的項目。第一，TruIQ Analytics 平台在金融服務內持續表現良好；另外是替代數據；再來，我們的 Trusted Call Solutions 也在金融服務客戶中表現出色。

Manav Patnaik, Barclays.

Manav Patnaik，Barclays。

Yeah. I guess, I just want to follow up on the second part of that. Chris, you talked about absorb a reasonable level of market softening within the guidance range. I was just hoping you could put some parameters on that? Like what is the low end of the range, I guess, imply from some of the volume trends you're seeing today?

是的。我想我只是想追問剛才第二部分。Chris，你提到在指引區間內可以吸收合理程度的市場走弱。我希望你能為此提供一些參數？例如，從你們今天看到的一些量的趨勢來看，區間低端大概意味著什麼？

So Manav, I'll take that one. Thanks for the question. So I think what if you can listen back to the prepared remarks, we just continue to see stability within our volumes. And we're happy to print a very solid Q1 where organic constant currency, excluding the FICO mortgage royalty was 7%. But for all the reasons that Chris just went through, geopolitically, we just felt it was the right move to not raise the guidance for the beat that we had in Q1.

Manav，這題我來回答。謝謝你的問題。我想如果你回去聽一下我們事先準備的發言，我們仍持續看到量維持穩定。而我們也很高興第一季交出非常扎實的成績：以有機、固定匯率口徑計算，且排除 FICO 房貸權利金後為 7%。但基於 Chris 剛剛提到的所有原因，從地緣政治角度出發，我們認為在第一季優於預期的情況下仍不調升指引，是正確的做法。

So in essence, what happens then is just math.

所以本質上，接下來就是數學問題。

When we look at the growth rates for the rest of the year by us printing at 7% and then maintaining the organic constant currency growth rates, we end up for the full year at a 6% rate. And then when you look at it for the second quarter in the guide, it's also 6% at the high end, which is implying the second half is 5%. So if you believe, which we do, that volumes continue to be stable. We orient you towards the high end of our guidance that should mean if things stay stable, we should beat in the subsequent quarters.

當我們看今年剩餘期間的成長率時，由於我們第一季印出（print）7%，但仍維持有機固定匯率的成長率假設，全年就會落在 6%。再看指引中的第二季，高端同樣是 6%，這意味著下半年是 5%。所以如果你相信——我們也相信——量會持續穩定，我們會引導你看指引高端；這也代表如果情況保持穩定，我們在後續季度應該會優於指引。

In the event that we don't, I think you'd see that we've built some cushion here then based on keeping the organic constant currency rates. So there's some cushion there. But then the range itself at the low end would provide some cover for us. So we're very comfortable with the guidance that we're providing this morning.

如果沒有的話，我想你會看到，因為我們維持有機固定匯率的假設，我們其實建立了一些緩衝空間。所以那裡有一些 cushion。而且區間本身的低端也能為我們提供一定程度的保護。因此，我們對今天早上提供的指引非常有信心。

Yeah. And Manav, as you know, these past 3 years, we really prioritized stable and consistent delivery at the high end or above in our guidance. That was certainly our posture going into 2026. And just given the uncertainty and given the outperformance, we thought it would be prudent to add a bit more contingency on the revenue and the profit side. And we did it again out of an abundance of caution, not because we're seeing any negativity in our volumes at this point.

是的。Manav，如你所知，過去三年我們非常重視在指引高端或高於高端的穩定且一致的交付。這也是我們進入 2026 年時的既定姿態。只是考量不確定性以及我們的超額表現，我們認為在營收與利潤端多增加一些應變空間會更審慎。我們這麼做是出於格外謹慎，而不是因為目前在量上看到任何負面訊號。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

I just wanted to better understand if the Iran conflict is having any impact on the international markets? I was just wondering if you could provide some any color on your conversations with customers or if you've seen any trends or softening in those international markets?

我想更了解伊朗衝突是否對國際市場造成任何影響？我想請你們分享一下與客戶對話的情況，或你們是否在那些國際市場看到任何趨勢或走弱？

Yeah. So I think we've definitely covered our views on the US market, and we'll leave that. On the international side, yes, there has there is more exposure to rising energy prices in the international market. There's been some exposure into India.

是的。我想我們已經充分說明了對美國市場的看法，這部分就先不再延伸。國際方面，是的，國際市場對能源價格上升的曝險更高。印度也有一些曝險。

But early on, the Trump administration is allowing India to purchase Russian oil, which is helping offset some of those inflationary pressures.

但在早期，川普政府允許印度購買俄羅斯石油，這有助於抵消部分通膨壓力。

In the Philippines, which is a great part of our business, but a small part of our business, I think things are particularly difficult. They're highly dependent on imported energy, and there's been considerable run-up in the prices and the government there is almost, you're running a COVID-like playbook with energy subsidies going out to consumers and the like. And that was part of the reason why we had a difficult quarter in Asia Pacific, although, frankly, the primary drivers is just the end of the onetime analytics work that we were doing in Hong Kong to prepare for this transition to the MCRA.

在菲律賓——那是我們業務中很棒的一部分，但占比不大——我認為情況特別艱難。他們高度依賴進口能源，價格已大幅上漲，而當地政府幾乎是在採用類似 COVID 時期的劇本，向消費者提供能源補貼等等。這也是我們亞太地區本季表現較為艱難的原因之一；不過坦白說，主要驅動因素其實是我們在香港為轉換至 MCRA 所做的一次性分析工作已經結束。

We think that's kind of finished and out of the system now. And so the comps improve and the performance is already stabilizing there. But I think that's some flavor for where we're seeing some energy impact elsewhere in our portfolio. Obviously, the UK and Europe has more exposure.

我們認為那部分現在大致已經結束並且不再影響數據了。因此比較基期（comps）會改善，而當地表現也已經在趨於穩定。不過我想這些就是我們在投資組合其他部分看到的一些能源影響。顯然，英國與歐洲的曝險更高。

We've got a great business in the UK. We think we're performing really well there competitively. And again, it was another quarter of high single-digit growth.

我們在英國有很好的業務。我們認為在競爭上表現得非常好。而且同樣地，這又是一個高個位數成長的季度。

Kelsey Zhu, Autonomous.

Kelsey Zhu，Autonomous。

Could you maybe talk a little bit more about your expectation around VantageScore market share gains and future pricing policy in the mortgage vertical over the medium term? More specifically, FICO 10T's latest pricing model is $0.99 upfront and then $65 at closing. I was wondering if VantageScore pricing could adopt a similar framework of lower cost upfront and then a success fee at closing? Or is that not something that you're considering?

你們能否再多談一些你們對 VantageScore 在房貸垂直領域中市占率提升的預期，以及中期未來的定價政策？更具體來說，FICO 10T 最新的定價模式是前期 $0.99，然後在結案（closing）時收取 $65。我想了解 VantageScore 的定價是否可能採用類似架構：前期成本較低，然後在結案時收取成功費（success fee）？還是說這不是你們正在考慮的方向？

Yeah. So thanks for the question. Obviously, in terms of the pricing model and the pricing levels, there's a lot of options in the medium term. I think TransUnion's position, and I see this reflected in the behavior of our competitors as well, is we just need to get this started, right? We've been talking about price competition since 2006 when the bureaus came together to form the VantageScore.

是的，謝謝你的問題。顯然，就定價模式與定價水準而言，中期有很多選項。我認為 TransUnion 的立場——而且我也看到這點反映在競爭對手的行為上——是我們需要先把這件事啟動起來，對吧？自 2006 年三大徵信機構共同成立 VantageScore 以來，我們就一直在談價格競爭。

Finally, we've got a regulator that was willing to push this and make it happen. And we have very attractive pricing at roughly $1 per score with no tail, no success fee attached to it, which is important to note. And I think in terms of pricing and model, it depends on your perspective and what you're trying to accomplish.

最後，我們終於有一位監管機構願意推動這件事並促成落地。而且我們的定價非常有吸引力，大約每個分數 1 美元，沒有尾端費用（no tail），也不附帶成功費（success fee），這點很重要。我認為就定價與模式而言，取決於你的觀點以及你想達成的目標。

The goal of the administration, the goal of the FHFA is to reduce borrowing costs and therefore, help home affordability and charging $65 for the score as opposed to just buying at one time for $1, that's a material price difference, right? And so we're just focused on the introduction. We're focused on the transition, and we're focused on share gain. But we acknowledge that downstream, we have a lot of optionality. But in the meantime, let's just continue to plow forward here, it's a more modern score, Vantage 4.0.

政府的目標、FHFA 的目標，是降低借款成本，進而提升購屋可負擔性；因此，分數收費 65 美元，相較於一次性以 1 美元購買，這是很實質的價差，對吧？所以我們目前專注在導入、專注在轉換、也專注在市占提升。但我們也承認，在下游端我們有很大的選擇性。不過眼下，就讓我們繼續全力推進，這是一個更現代化的分數：Vantage 4.0。

It rests upon a broader foundation of trended credit information as well as alternative data. It's been 2 decades in the making, and we're just excited that competition is here and the playing field is leveled, and we're excited to get after it.

它建立在更廣泛的基礎之上，包含趨勢化（trended）的信用資訊以及替代性資料。這是歷經 20 年打造而成，我們很興奮競爭終於到來、競技場也被拉平，我們也很期待全力以赴。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行。

I just wanted to follow up on the strength in mortgage. Can you just talk about what drove the strength there outside of mortgage or outside of the FICO score?

我想追問一下房貸業務的強勁表現。你們能否談談，除了房貸本身或除了 FICO 分數之外，是什麼驅動了那裡的強勁？

Sure. Jason, it's Todd. I'll take that one. So as you probably recall, in the first quarter, we guided for a modest increase in inquiries and 35% growth for mortgage revenues. And we ended up posting 7% increase in inquiries and 50% growth.

當然可以。Jason，我是 Todd，我來回答。你可能還記得，在第一季我們指引查詢量（inquiries）小幅增加，房貸營收成長 35%。結果我們實際公布的是查詢量成長 7%，房貸營收成長 50%。

So the outperformance that we saw primarily pertained to volumes. And Chris spoke to that earlier, in particular, in late February, when the 30-year mortgage rate dipped below 6%, we saw a pretty significant increase in volumes. But as I'm sure you're aware, with the conflict in Iran, we saw an increase pretty immediately in early March of the 10-year treasury and thus, the 30-year mortgage went back up and those volumes dropped back to previous levels.

所以我們看到的超預期表現主要與量（volumes）有關。Chris 先前也提到，特別是在 2 月下旬，當 30 年期房貸利率跌破 6% 時，我們看到量出現相當顯著的增加。但如你所知，隨著伊朗衝突，我們在 3 月初幾乎立刻看到 10 年期公債殖利率上升，因此 30 年期房貸利率也回升，量也回落到先前水準。

So the outperformance is primarily just related to that dynamic that I articulated. I would say that the pricing assumptions that we had assumed pretty much held. So there's not much noise there.

因此，超預期主要就是我所描述的那個動態所致。我會說，我們原先假設的定價前提大致都成立，所以那方面沒有太多雜訊。

Other thing I'd highlight as well is that when you think about these moves in interest rates, you see how a drop in interest rate had such a significant increase in a short period of time. If rates were to go up, let's argue the opposite way. It would be a modest negative because we're already near the floor of activity when we're talking about volumes that we haven't seen since the mid-90s.

另外我也想強調，當你思考利率的這些變動時，你會看到利率下滑在短時間內帶來如此顯著的增量。如果利率上升，我們反過來看，負面影響會比較溫和，因為就我們談的量而言，我們已經接近活動量的底部，這是自 90 年代中期以來未見的水準。

But when you go the other way and you see a 25 basis point drop, it's pretty significant what the opportunities would be from a volume perspective, in particular, the refi population. And we included some slides in the appendix of today's materials, and you can get a sense on one of those slides as to just the population of consumers that would be eligible to refi.

但如果往另一個方向走，看到利率下滑 25 個基點，從量的角度來看機會就相當可觀，特別是再融資（refi）族群。我們在今天資料的附錄放了一些投影片，你可以從其中一張大致了解有資格進行再融資的消費者族群規模。

So the opportunity there is pretty significant.

所以那裡的機會相當大。

However, we're not there yet, right? So when you look at the guidance for the rest of the year, for the second quarter and for 2026 for the full year, we're calling for inquiries to be down mid-single digits. And again, upside would come if we just see that a little bit of move on the interest rates.

不過，我們現在還沒到那一步，對吧？所以當你看今年剩餘期間的指引，第二季以及 2026 全年，我們預期查詢量將下滑中個位數百分比。再說一次，上行空間會來自於利率只要出現一點點變動。

Yeah. And I think another element of the mortgage outperformance is that on the prequalification side and on the early assessment side, the volumes that we're experiencing have been favorable to our guidance assumptions. And look, we are solidly into the third year of the early assessment program from the GSEs and just changes in mortgage prequalification practices.

是的。我認為房貸超預期的另一個因素是，在預先資格審核（prequalification）以及早期評估（early assessment）端，我們所經歷的量表現優於我們指引的假設。而且你看，我們已經穩穩進入 GSE 的早期評估計畫第三年了，房貸預先資格審核作法也在改變。

And I think it's worth noting that I mean, look, when you think about tri-merge and potential changes to the system, our data gets consumed primarily because the market participants want to fully understand risk and they want to optimize price. And that particularly matters if you're a lender and you're going to sell on certain mortgages to the GSEs, because variances in credit scores for the LPAs can have a material variation in what you can realize for those loans.

我也認為值得注意的是，你看，當你想到三合一（tri-merge）以及系統可能的變更，我們的資料之所以被使用，主要是因為市場參與者希望充分理解風險並最佳化定價。這點尤其重要，若你是放款機構且打算把某些房貸賣給 GSE，因為用於 LPA 的信用分數差異，可能會對你在那些貸款上可實現的價值造成實質差異。

And so even though in theory, you only have to pull one credit report during the prequalification process. We see the industry settling into somewhere between 2 and 3. There are still a lot of players that are pulling 3, and there's a number of players that are increasing the number of pulls they do per mortgage because really understanding the risk and optimizing around price matters a lot to their economics and the relative cost of a credit report is small.

因此，即使理論上在預先資格審核流程中你只需要拉取一份信用報告，我們看到產業逐漸落在 2 到 3 份之間。仍有很多業者會拉 3 份，也有一些業者在每筆房貸上增加拉取次數，因為真正理解風險並圍繞定價做最佳化，對他們的經濟效益非常重要，而信用報告的相對成本很小。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

I just wanted to ask on TCS. I'm wondering if you can unpack some of the drivers of the growth that you saw during the quarter. And just as a kind of related follow-up, I know there's sort of the trusted messaging opportunity as well down the line. If you can talk about sort of your expectations for a time line in terms of productizing that and when we can see that start to contribute to growth?

我想問一下 TCS。我想知道你們能否拆解一下本季看到的成長驅動因素。以及作為相關的追問，我知道未來還有「可信訊息」（trusted messaging）的機會。如果可以的話，請談談你們對把它產品化（productizing）的時間表有何預期，以及我們何時能看到它開始對成長做出貢獻？

Yeah. Great, Scott. So another really strong quarter for Trusted Call Solutions, kind of a marquee component of our fraud mitigation services. And we think we're positioned for another really strong year there. It is a unique and differentiated offering.

好的。Scott，很好。所以 Trusted Call Solutions 又是一個非常強勁的季度，它算是我們詐欺緩解服務中的旗艦組成之一。我們認為今年它也會非常強勁。這是一個獨特且具差異化的產品。

It's a very durable offering. And I mean, I think it just it underscores that even though we have been in this era of digital commerce, analog commerce over the phone is still really important to ensuring the authentication and the safety of various transactions. And we want to extend that to the text side of things.

它也非常耐久。我是說，我認為這凸顯了即便我們已經處於數位商務時代，透過電話的類比商務仍然非常重要，因為它能確保各類交易的身分驗證與安全性。而我們也希望把這延伸到簡訊（text）端。

Increasingly, there's fraud in the SMS channel and the text channels generally. And that's why we bought the mobile division of RealNetworks. They've got some great underlying technology. We think it will take us about a year to complete the integration and the productization of that technology. But then it is the perfect complement to all of the business that we've generated and all of the market penetration that we've got there.

越來越多詐欺發生在 SMS 通道以及一般的文字通道。這也是為什麼我們收購了 RealNetworks 的行動事業部。他們有很棒的底層技術。我們認為大約需要一年完成整合並將該技術產品化。但之後，它將會與我們已經創造的所有業務、以及我們在那裡取得的所有市場滲透形成完美互補。

And I think going forward, just the combination of authentication over the phone and over the text, combined with all of our digital device behavioral and reputational assets is kind of an unbeatable combination in the fraud space.

我認為往前看，電話端與文字端的身分驗證，再結合我們所有的數位裝置行為與聲譽資產，會是在反詐欺領域幾乎無可匹敵的組合。

And I just want to add some numbers and remind you what we presented at Investor Day pertaining to Trusted Call solutions. So this was a $27 million product for us in 2021 at the time of the Neustar acquisition. This year, we are expecting it to be a $200 million product at the end of 2026. And in 2028, we expect that to be a $300 million product.

我也想補充一些數字，並提醒各位我們在投資人日（Investor Day）針對 Trusted Call Solutions 所呈現的內容。這在 2021 年、也就是我們收購 Neustar 當時，對我們而言是一個 2,700 萬美元的產品。今年，我們預期到 2026 年底它會成為一個 2 億美元的產品。而在 2028 年，我們預期它會成為一個 3 億美元的產品。

All right. Chris, Todd, I think that's a good place to end. Everyone, thanks for the time today, and have a great rest of your day. Thank you.

好的。Chris、Todd，我想這是個很好的結尾。各位，感謝今天撥冗參與，祝大家今天剩下的時間一切順利。謝謝。

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

本次會議已結束。感謝您參加今天的簡報。您現在可以中斷連線。