TransUnion (TRU) 2026 Q2 法說會逐字稿

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

早安，歡迎參加 TransUnion 2026 年第二季財報電話會議。(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, sir.

現在我想把會議交給投資人關係資深副總裁 Greg Bardi。先生，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. We posted our earnings release and slides to accompany this call on the TransUnion Investor Relations website this morning, and they can also be found in the current report on Form 8-K that we filed this morning.

早安，感謝各位今天撥冗參加。與我一同出席本次電話會議的有總裁暨執行長 Chris Cartwright，以及執行副總裁暨財務長 Todd Cello。我們今早已將新聞稿與本次電話會議搭配的簡報上傳至 TransUnion 投資人關係網站，亦可在我們今早提交的 Form 8-K 當期報告中查閱。

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.

我們的財報新聞稿及隨附簡報包含多項附表，提供關於營收、營運費用及其他項目的更詳細資訊，並包含若干非 GAAP 揭露與財務衡量指標，以及這些非 GAAP 財務衡量指標與其最直接可比之 GAAP 指標之對帳。

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，並可於我們網站收聽重播。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。

Actual results could differ materially from those described in the forward-looking statements because of factors discussed in today's earnings release and the comments made during this conference call and in our most recent Form 10-K, Forms 10-Q and other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statement.

由於今日財報新聞稿所討論的因素、以及本次電話會議中的評論，並包括我們最近一期 Form 10-K、Form 10-Q 及其他向 SEC 提交之報告與文件中所述因素，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之義務。

With that, let me turn it over to Chris.

接下來，讓我把時間交給 Chris。

Thank you, Greg, and good morning, everyone, and welcome to our Q2 earnings call. Let me outline the agenda for this morning. So first, I'm going to review our second quarter results and the increased guidance for full year 2026. Then we'll get into an example of how we are driving innovation-led diversified and scalable growth across the business using US Financial Services as an example of this strategy in action. Then I'll hand it over to Todd, who will go into the details on Q2, provide the third quarter guide and also the full year '26 guide.

謝謝你，Greg，各位早安，歡迎參加我們第二季財報電話會議。我先說明今天上午的議程。首先，我將回顧第二季業績以及我們對 2026 全年上調後的財測指引。接著，我們將以美國金融服務業務為例，說明我們如何以創新驅動、推動多元化且可擴展的成長，作為此策略落地的實例。然後我會把時間交給 Todd，他將深入說明第二季細節，提供第三季指引以及 2026 全年指引。

So turning to the second quarter. Again, we delivered strong results, exceeding our guidance for revenue, adjusted EBITDA and adjusted diluted earnings per share. Our organic constant currency revenue grew 10%, above our 8% to 9% guidance, which marks our 10th straight quarter of at least high single-digit growth. And if you exclude FICO mortgage royalties, the organic revenue grew 7%, which is also above our expectations. Now in US Markets, revenue increased 11%. Financial services again led the way, up 18% or 10%, excluding FICO mortgage royalties.

接著談第二季。我們再次交出強勁成果，營收、調整後 EBITDA 與調整後稀釋每股盈餘皆超越指引。我們的有機固定匯率營收成長 10%，高於原先 8% 至 9% 的指引，這也標誌著我們連續第 10 個季度至少達到高個位數成長。若排除 FICO 房貸權利金，有機營收成長為 7%，同樣高於我們的預期。在美國市場方面，營收成長 11%。金融服務再次領先，成長 18%；若排除 FICO 房貸權利金則成長 10%。

We delivered broad-based growth across lending types, driven by sales momentum across credit and noncredit solutions alongside some modest volume growth and pricing actions. Now Emerging Verticals grew 9% in the quarter, led by double-digit growth in insurance as well as high single-digit growth in technology, retail and e-commerce. International revenues accelerated to 6% organically, driven by our largest markets. Canada again posted strong results at 10% and India and the UK also grew high single digits. In India, strong new business wins and a gradually improving credit volumes drove a return to growth.

我們在各類放款產品上實現廣泛成長，主要受惠於信用與非信用解決方案的銷售動能，並伴隨一些溫和的量能成長與定價措施。新興垂直領域本季成長 9%，其中保險呈現雙位數成長，科技、零售與電商則為高個位數成長。國際營收有機成長加速至 6%，由我們最大的市場帶動。加拿大再次繳出 10% 的強勁表現，印度與英國也成長高個位數。在印度，強勁的新業務得標以及信貸量能逐步改善，帶動業務重回成長。

And additionally, our recently acquired bureau in Mexico continues to track well ahead of our acquisition case on both revenue and adjusted EBITDA. Revenue growth translated into 13% adjusted diluted earnings per share growth and we increased our share repurchases in the second quarter and through July, bringing our year-to-date total to roughly $150 million. We retain ample capacity for additional repurchases in the second half of the year under our $1 billion authorization. And we also reduced our leverage ratio to 2.6x in the quarter due to strong adjusted EBITDA growth.

此外，我們近期收購的墨西哥徵信局在營收與調整後 EBITDA 兩方面，持續明顯優於我們的併購情境假設。營收成長帶動調整後稀釋每股盈餘成長 13%；我們在第二季及截至 7 月期間提高了庫藏股回購，使年初至今總額約達 1.5 億美元。在 10 億美元的授權額度下，我們在下半年仍保有充足的額外回購空間。同時，由於調整後 EBITDA 強勁成長，我們本季也將槓桿比率降至 2.6 倍。

Now our strong first half performance has allowed us to raise our full year guidance. We now expect 8% to 9% organic constant currency revenue growth, 10% to 11% adjusted EBITDA growth and 11% to 12% adjusted diluted earnings per share growth. Our 11% to 12% adjusted diluted earnings per share growth, that guide represents an increase from our prior 9% to 11% assumption.

我們上半年強勁的表現，使我們得以上調全年指引。我們目前預期有機固定匯率營收成長 8% 至 9%，調整後 EBITDA 成長 10% 至 11%，以及調整後稀釋每股盈餘成長 11% 至 12%。調整後稀釋每股盈餘成長 11% 至 12% 的指引，較先前 9% 至 11% 的假設有所上調。

So our guidance balances operating overperformance in the first half and constructive ongoing trends in the market with appropriate conservatism given it's still an uncertain macro environment. Across our markets, we continue to experience consumer resilience and broadly stable market volumes.

因此，我們的指引在平衡上半年營運超預期表現與市場持續向好的趨勢之餘，也在仍不確定的總體環境下保留適度保守性。在各個市場中，我們持續看到消費者韌性，以及整體相對穩定的市場量能。

Specific to the US, lenders are cautiously optimistic and anticipate modest loan growth, which is supported by strong consumer credit performance. Now we continue to monitor inflation levels and interest rates and their potential impacts on consumer behavior and loan demand. The 10-year treasury yield is now approaching 4.7%. That's up roughly 50 basis points from the start of the year. And while this has modestly pressured mortgage activity, impacts across the remainder of our portfolio have been limited.

就美國而言，放款機構抱持審慎樂觀，並預期貸款將溫和成長，這主要受到強勁的消費者信用表現所支撐。我們也持續關注通膨水準與利率，以及其對消費者行為與貸款需求的潛在影響。10 年期美國公債殖利率目前正接近 4.7%。較年初上升約 50 個基點。雖然這對房貸活動造成些許壓力，但對我們其餘產品組合的影響仍相對有限。

If the current trends continue, we expect performance to be at or slightly above the high end of our guidance. At the same time, our range is designed to absorb a reasonable level of market softening. And Todd is going to provide more details on this in the guidance assumptions later.

若目前趨勢延續，我們預期表現將落在指引高端或略高於指引高端。同時，我們的區間設計也可吸收合理程度的市場轉弱。Todd 稍後將在指引假設中提供更多細節。

Our strong results and guidance reflect consistent execution against the growth strategy we outlined in February, unlocking the full potential of OneTru platform and accelerating innovation in AI-enabled solutions and translating these capabilities into commercial momentum across our portfolio.

我們的強勁成果與指引，反映出我們持續落實 2 月所提出的成長策略：釋放 OneTru 平台的全部潛力、加速 AI 賦能解決方案的創新，並將這些能力轉化為我們產品組合的商業動能。

So let me highlight the milestones against each of these priorities. So first, on the platform modernization, we continue to make really good progress. We have materially increased US credit customer migrations to OneTru during the quarter. At this point, roughly 60% of our US batch activity and 30% of online customers are now running on OneTru. That's over 4,000 US credit customers now migrated. And we continue to convert the most complex activity first, but maintain an emphasis on minimizing customer disruption.

接著我將重點說明各項優先事項的里程碑。首先，在平台現代化方面，我們持續取得非常良好的進展。本季我們大幅提升美國信用客戶遷移至 OneTru 的進度。目前約 60% 的美國批次處理活動，以及 30% 的線上客戶，已在 OneTru 上運行。這代表已有超過 4,000 家美國信用客戶完成遷移。我們仍優先轉換最複雜的作業，同時強調將客戶干擾降至最低。

We expect to complete the US migrations by the end of this year. Additionally, we continue to extend the OneTru platform and solutions internationally. We have now deployed OneTru instances in Canada, the UK and India to support the launch of our TruIQ analytics platform. We also launched TruValidate, our fraud solution in the UK and Trusted Call Solutions in Canada and India, creating new local market opportunities for these global products.

我們預期在今年底前完成美國的遷移作業。此外，我們也持續將 OneTru 平台與解決方案延伸至國際市場。我們已在加拿大、英國與印度部署 OneTru 實例，以支援 TruIQ 分析平台的推出。我們也在英國推出 TruValidate（我們的詐欺解決方案），並在加拿大與印度推出 Trusted Call Solutions，為這些全球產品創造新的在地市場機會。

And OneTru is enabling us to increase our innovation velocity. Across the enterprise, we launched 40 new products and AI-powered enhancements in the first half alone, contributing significantly to our sales pipeline. And beyond this innovation, we're also deploying AI at scale internally to improve our productivity.

而 OneTru 也使我們得以提升創新速度。在全公司範圍內，僅上半年我們就推出 40 項新產品與 AI 驅動的功能強化，對我們的銷售管線做出顯著貢獻。除了這些創新之外，我們也在內部大規模部署 AI，以提升生產力。

We are already seeing gains by using these tools across key employee groups, including average gains over 25% for our software engineers and data scientists and in early experimentation more than 20% within our consumer support operations. These successes reinforce our confidence in the broader opportunity to drive AI efficiencies that can enhance our margins and fund future growth investments. Now these platform and innovation investments are increasing commercial momentum across solutions and within verticals and geographies.

我們已經看到在關鍵員工族群中使用這些工具所帶來的成效提升，包括我們的軟體工程師與資料科學家平均提升超過25%，並且在早期實驗中，我們的消費者支援營運也提升超過20%。這些成功案例強化了我們對更廣泛機會的信心，即推動AI效率提升，以改善我們的利潤率並資助未來的成長投資。目前，這些平台與創新投資正在各項解決方案以及各產業垂直領域與地理區域中提升商業動能。

In the first half of the year, core credit, excluding FICO mortgage royalties and fraud, each grew in the high single digits, driven by traction in TruIQ alternative data and Trusted Call Solutions. Marketing solutions also grew mid-single digits, supported by strong identity performance with acceleration expected in the second half.

在今年上半年，核心信用（不含FICO房貸權利金與詐欺）各自皆以高個位數成長，主要受惠於TruIQ替代數據與Trusted Call Solutions的推進。行銷解決方案亦以中個位數成長，在身分識別業務強勁表現的支撐下，預期下半年將加速。

So together, OneTru and our global solutions strategy is increasing our innovation, expanding addressable opportunities and supporting scalable revenue growth. So let's have a case study of this strategy in action, focusing on US Financial Services where platform modernization, product innovation and deeper customer engagement are translating into sustained outperformance.

因此，OneTru與我們的全球解決方案策略正提升我們的創新能力、擴大可服務的機會，並支持可擴展的營收成長。接下來讓我們透過一個策略落地的案例研究，聚焦美國金融服務業務；在此，平台現代化、產品創新與更深度的客戶互動正轉化為持續的優於同業表現。

Within US Financial Services, growth has consistently exceeded underlying market volumes. Excluding mortgage, financial services has grown at 9% compound annual growth rate, outpacing the roughly 2% average growth in US consumer credit originations and real GDP growth over the same period.

在美國金融服務領域，我們的成長一貫高於基礎市場量能。若排除房貸，金融服務以9%的年複合成長率成長，超越同期美國消費者信貸發放約2%的平均成長，以及實質GDP成長。

We have sustained this outperformance across multiple operating environments. US Financial Services, excluding mortgage, has delivered high single-digit or greater growth, except for modest pullbacks during the pandemic and in the '23 and 2024 consumer lending slowdown. This track record reflects the strength of our US credit data and expanded solution suite, which have enabled outperformance across market cycles. Growth is increasingly driven by share gains, pricing and innovation, not simply underlying lending activity.

我們在多種營運環境下都維持了這樣的優於同業表現。美國金融服務（不含房貸）除在疫情期間以及2023年與2024年消費者放款放緩時出現小幅回落外，皆實現高個位數或更高的成長。這項紀錄反映出我們美國信用數據的實力與擴充的解決方案組合，使我們能在不同市場循環中持續跑贏。成長愈來愈多來自市占提升、定價與創新，而不僅僅是基礎放款活動。

Now one reason that we've been able to consistently outgrow the market is the increasing diversification of our Financial Services business. At almost two-third of financial services revenue, core credit remains the foundation of the franchise. We continue to grow our share on the strength of our leading trended data and attributes as well as our differentiated and insight-led engagement model.

我們能夠持續跑贏市場的一個原因，是我們金融服務業務的多元化程度不斷提高。核心信用約占金融服務營收近三分之二，仍是我們業務版圖的基石。憑藉我們領先的趨勢型（trended）數據與屬性，以及具差異化、以洞察為導向的互動模式，我們持續提升市占。

Building from that foundation, more than one-third of revenue now comes from solutions outside traditional credit reports and scores. These newer revenue streams represent faster-growing opportunities that are often less directly tied to lending origination volumes. Roughly 12% of revenue comes from alternative data like FactorTrust as well as our TruIQ analytics enablement suite. These solutions serve lenders increasing appetite for alternative data sets and AI-enabled analytic tools to activate our data at scale.

在此基礎上，目前超過三分之一的營收來自傳統信用報告與分數以外的解決方案。這些較新的營收來源代表成長更快的機會，且通常與放款發放量的連動性較低。約12%的營收來自替代數據（如FactorTrust）以及我們的TruIQ分析賦能套件。這些解決方案滿足放款機構對替代數據集與AI賦能分析工具日益提升的需求，以規模化方式啟用我們的數據。

Another 24% of revenue comes from noncredit solutions, most notably Trusted Call Solutions and our modernized marketing and fraud solutions. This intentional diversification has expanded our position beyond core credit to make us a broader partner for clients across the customer life cycle. We help them reach the right consumers, improve engagement, mitigate fraud, manage portfolios and make better decisions. This combination of core credit leadership and complementary adjacent growth opportunities is a real differentiator for TransUnion. So the benefits of our diversified growth strategy are evident in our recent performance.

另有24%的營收來自非信用解決方案，其中最具代表性的是Trusted Call Solutions，以及我們現代化的行銷與詐欺解決方案。這項有意識的多元化，將我們的定位從核心信用擴展，使我們成為客戶在整個客戶生命週期中的更廣泛合作夥伴。我們協助他們觸及正確的消費者、提升互動、降低詐欺、管理投資組合並做出更佳決策。核心信用領導地位加上相鄰的互補成長機會，對TransUnion而言是一項真正的差異化優勢。因此，我們多元化成長策略的效益已在近期表現中清楚展現。

Over the last two years, US Financial Services, excluding mortgage, has grown at a roughly 10% compound annual growth rate with contributions from across the product portfolio. Core credit is growing low double digits annually. This growth exceeds lending volume growth, reflecting customers' continued preference for our differentiated trended data and analytics. Our alternative data and analytics are growing in the low teens annually, led by FactorTrust and new wins for our TruIQ suite. The maturation of TruIQ provides a new opportunity to further increase growth.

過去兩年，美國金融服務（不含房貸）以約10%的年複合成長率成長，且產品組合各面向皆有貢獻。核心信用每年以低雙位數成長。此成長高於放款量成長，反映客戶持續偏好我們具差異化的趨勢型數據與分析能力。我們的替代數據與分析每年以低十位數成長，主要由FactorTrust以及TruIQ套件的新案帶動。TruIQ的成熟化帶來新的機會，可進一步提升成長。

Non-credit solutions is growing at a high single-digit annual rate with room for further acceleration. Trusted Call Solutions, in particular, has been a standout, growing over 50% annually within financial services.

非信用解決方案以每年高個位數成長，且仍有進一步加速的空間。其中Trusted Call Solutions表現尤其突出，在金融服務領域每年成長超過50%。

And we see increased revenue and bookings momentum within marketing and fraud. These solutions address a growing set of mission-critical use cases. Now AI will increase demand for proprietary data, analytics and decisioning capabilities, areas where we are well positioned.

我們也看到行銷與詐欺領域的營收與訂單動能提升。這些解決方案涵蓋一組日益增加、對營運至關重要的使用情境。AI將提升對專有數據、分析與決策能力的需求，而這些正是我們具備優勢的領域。

Over time, we expect increased AI sophistication to drive higher data consumption, stronger demand for TruIQ analytics and faster adoption of our marketing and fraud tools. Taken together, these trends position us to continue growing above underlying market volumes.

隨著時間推進，我們預期AI成熟度提升將帶動更高的數據使用量、對TruIQ分析的更強需求，以及更快速採用我們的行銷與詐欺工具。綜合而言，這些趨勢使我們得以持續以高於基礎市場量能的速度成長。

Financial Services now benefits from multiple growth vectors, a broader addressable market and a more diversified revenue base than at any point in our history. So with that as context of how our strategy is driving commercial success.

金融服務如今受惠於多重成長動能、更廣的可服務市場，以及在我們歷史上最為多元的營收基礎。在此背景下，說明了我們的策略如何推動商業成功。

I'm going to pass it to Todd, who will detail Q2 performance and our refreshed guidance. Todd?

接下來我把時間交給Todd，他將說明第二季表現以及我們更新後的財測指引。Todd？

Thanks, Chris, and let me add my welcome to everyone. Starting with the quarter, revenue exceeded the high end of guidance by $27 million and adjusted EBITDA exceeded by $11 million, led by stronger-than-expected performance in US non-mortgage financial services, Emerging Verticals and international. US mortgage was roughly in line with expectations despite rising interest rates throughout the quarter.

謝謝你，Chris，也讓我向各位致上歡迎。先從本季開始，營收較指引上緣高出2,700萬美元，調整後EBITDA較指引上緣高出1,100萬美元，主要由美國非房貸金融服務、新興垂直領域以及國際業務優於預期所帶動。儘管本季利率一路上升，美國房貸業務大致符合預期。

Total revenue increased 15% on a reported and 10% on an organic constant currency basis, led by US Financial Services and Emerging Verticals. Excluding FICO mortgage royalties, organic growth was 7%.

總營收以報表口徑成長15%，以有機固定匯率口徑成長10%，主要由美國金融服務與新興垂直領域帶動。若排除FICO房貸權利金，有機成長為7%。

Adjusted EBITDA increased 12%. Adjusted EBITDA margin was 34.8%, slightly better than guidance and down 90 basis points year-over-year. The impact of FICO mortgage royalties accounted for the entirety of the year-over-year decline with underlying margins up modestly. Acquisitions had an immaterial impact on consolidated margins as Mexico delivered better-than-anticipated adjusted EBITDA performance.

調整後EBITDA成長12%。調整後EBITDA利潤率為34.8%，略優於指引，且較去年同期下降90個基點。FICO房貸權利金的影響占了同比下滑的全部；若看基礎業務，利潤率小幅上升。併購對合併利潤率影響不大，因墨西哥的調整後EBITDA表現優於預期。

Adjusted diluted earnings per share was $1.23, up 13% year-over-year and $0.08 ahead of the high end of our guidance. In the second quarter, US Markets revenue grew 11% on an organic constant currency basis versus the prior year. Growth was diversified across our verticals, supported by strong first half bookings and retention as well as continued demand for both credit and noncredit solutions.

調整後稀釋每股盈餘為1.23美元，年增13%，並較我們指引上緣高出0.08美元。第二季，美國市場營收以有機固定匯率口徑較去年成長11%。成長來自各垂直領域的多元貢獻，並受惠於上半年強勁的訂單與續約率，以及對信用與非信用解決方案的持續需求。

Financial Services revenue grew 18% or 10% excluding FICO mortgage royalties. In core non-mortgage financial services, revenue grew 8% with healthy growth across lending types. As Chris discussed, growth reflects a mix of healthy lending activity, pricing, new wins and increasing adoption of our broader solution set. Credit Card & Banking rose 6% on lending volume growth and new wins from Trusted Call Solutions.

金融服務營收成長18%；若排除FICO房貸權利金則成長10%。在核心非房貸金融服務中，營收成長8%，各類放款均呈現健康成長。如Chris所述，成長反映健康的放款活動、定價、新案，以及我們更廣泛解決方案組合採用率提升的綜合影響。信用卡與銀行業務成長6%，受惠於放款量成長以及Trusted Call Solutions的新案。

Consumer lending grew 8% with strong fintech growth and sustained consumer demand. Auto was up 8%, driven by pricing and new wins across our solutions. Auto growth outpaced declining industry volumes, lapping last year's tariff-related pull forward in purchase activity. In mortgage, revenue grew 37%. Excluding FICO royalties, mortgage growth was 15% versus inquiries down 7%, with outperformance due to pricing actions and non-tri-bureau revenues. Growth was in line with expectations even as volumes came in modestly lower as rates increased during the quarter.

消費者放款成長8%，金融科技（fintech）成長強勁且消費者需求持續。汽車業務成長8%，由定價與我們各項解決方案的新案帶動。在產業量能下滑的情況下，汽車業務成長仍優於同業，並且去年因關稅相關因素導致提前購車的基期效應已過。房貸營收成長37%。若排除FICO權利金，房貸成長為15%，而查詢量下降7%；我們的優於同業表現來自定價措施與非三大徵信局（non-tri-bureau）營收。即使本季利率上升使量能略低於預期，成長仍符合預期。

Within mortgage, we recently added new alternative credit attributes from FactorTrust to our mortgage credit file at no additional cost to customers. This enhancement reflects our continued focus on helping mortgage lenders develop a more complete and actionable view of borrower behavior. Additionally, VantageScore usage in mortgage was a highlight in the quarter with a meaningful increase in adoption. At the start of the year, less than 5% of our mortgage credit inquiries included VantageScore. That figure is now closer to 30% across more than 900 lenders and increasing each month.

在房貸業務方面，我們近期將來自 FactorTrust 的新替代性信用屬性納入我們的房貸信用檔案，且不向客戶收取額外費用。此項強化反映我們持續聚焦於協助房貸放款機構建立對借款人行為更完整且可採取行動的觀點。此外，本季房貸領域的 VantageScore 使用也是一大亮點，採用率出現顯著提升。在年初時，我們的房貸信用查詢中，包含 VantageScore 的比例不到 5%。目前該比例在超過 900 家放款機構中已接近 30%，且每月持續增加。

Most activity remains dual pulls with VantageScore and FICO, but we are beginning to see increased VantageScore only usage, including certain mortgages requiring mortgage insurance. Importantly, our 2026 guidance continues to assume no benefit from VantageScore adoption. That said, the momentum we are seeing gives us greater confidence in the long-term opportunity as the market moves through testing, validation and operational readiness.

多數活動仍為同時拉取 VantageScore 與 FICO 的雙重查詢，但我們開始看到僅使用 VantageScore 的情況增加，其中包括某些需要房貸保險的房貸。重要的是，我們對 2026 年的指引仍假設不會因 VantageScore 採用而帶來任何效益。儘管如此，我們所看到的動能讓我們對長期機會更具信心，因為市場正逐步完成測試、驗證與營運就緒。

Turning to Emerging Verticals. Growth accelerated to 9%, led by our eighth straight quarter of double-digit growth in insurance as well as Trusted Call Solutions strength across our verticals. Within insurance, we experienced robust demand across our solution suites. Credit-based marketing continues to strengthen.

接著談新興垂直領域。成長加速至 9%，主要由保險業連續第八季維持雙位數成長所帶動，並且 Trusted Call Solutions 在各垂直領域表現強勁。在保險方面，我們在各解決方案套件上都看到強勁需求。以信用為基礎的行銷持續走強。

Consumer shopping remains active, and we drove growth across core credit, driving history and Trusted Call Solutions. Tech, retail and e-commerce, where a significant portion of our marketing and fraud revenue is reported, grew high single digit with Emerging Verticals, insurance and tech, retail and e-commerce account for over half of the revenue. Across our other Emerging Verticals, public sector and media grew mid-single digits. Tenant and employment returned to growth and the telco vertical declined modestly.

消費者比價購物活動仍然活躍，我們在核心信用、駕駛歷史以及 Trusted Call Solutions 方面推動了成長。科技、零售與電子商務（我們相當大一部分的行銷與反詐欺收入於此報告）隨新興垂直領域呈現高個位數成長；而新興垂直領域、保險以及科技、零售與電子商務合計占收入超過一半。在其他新興垂直領域中，公部門與媒體呈現中個位數成長。租賃與就業業務恢復成長，而電信垂直領域則小幅下滑。

Consumer interactive declined 3%, in line with our expectations as growth in the indirect channel was offset by declines in the direct channel. In International, all revenue growth comparisons are on an organic constant currency basis. International revenue accelerated from flat growth in the first quarter to 6% in the second quarter. Overall results reflected strength in developed markets and improving trends across emerging markets, including an inflection in India and moderating headwinds in Asia Pacific.

消費者互動業務下滑 3%，符合我們的預期，因為間接通路的成長被直接通路的下滑所抵銷。在國際業務方面，所有收入成長比較皆以有機、固定匯率基礎計算。國際收入成長由第一季的持平加速至第二季的 6%。整體結果反映成熟市場的強勁表現，以及新興市場趨勢改善，包括印度出現轉折點，以及亞太地區逆風趨緩。

Starting with India. Revenue accelerated to 8% growth, slightly ahead of our expectations. We experienced gradually improving volumes over the course of the quarter, supported in part by the recent government-backed program to support commercial lending. We also delivered very strong new wins in the quarter.

先從印度談起。收入成長加速至 8%，略高於我們的預期。在本季期間，我們看到交易量逐步改善，部分受近期政府支持的商業放款扶持計畫所帶動。我們在本季也取得非常強勁的新案勝出。

We continue to monitor the Indian market with cautious optimism about the trajectory. We expect similar growth in the third quarter with acceleration in the fourth quarter as comparisons ease. Canada grew 10%, reflecting healthy activity across financial services as well as strong growth in fintechs and insurance UK grew 9%, outpacing modest market growth, driven by share gains and new business wins across banking and fintech.

我們持續以審慎樂觀的態度監測印度市場的走勢。我們預期第三季將維持類似的成長，並在比較基期轉為有利後於第四季加速。加拿大成長 10%，反映金融服務活動健康，以及金融科技與保險的強勁成長；英國成長 9%，在市場僅溫和成長的情況下仍超越市場，主要由市占提升以及銀行與金融科技領域的新業務勝出所帶動。

Latin America improved to 5% organic growth with double-digit growth in Brazil and modest and improving growth in Colombia and other markets. Africa also grew 5% with broad-based growth across verticals and regions. And Asia Pacific declined 7% with the rate of decline improving versus the first quarter as we finished lapping prior year onetime contracts. We expect Asia Pacific to return to growth in the second half of the year.

拉丁美洲有機成長改善至 5%，其中巴西維持雙位數成長，哥倫比亞及其他市場則呈現溫和且改善中的成長。非洲亦成長 5%，各垂直領域與各地區皆呈現廣泛成長。亞太地區下滑 7%，但相較第一季下滑幅度有所改善，因我們已完成與去年一次性合約的比較。我們預期亞太地區將在下半年恢復成長。

Within our international business, TransUnion de Mexico continues to strongly outperform our acquisition case in the first few months of ownership. Over the last several years, TransUnion de Mexico has grown at a double-digit compound annual growth rate, supported by a growing economy, favorable demographics and meaningful room for further formal credit penetration.

在我們的國際業務中，TransUnion de Mexico 在持有的最初幾個月持續大幅優於我們的收購情境假設。過去數年，TransUnion de Mexico 以雙位數的年複合成長率成長，受惠於經濟成長、有利的人口結構，以及正式信用滲透率仍有顯著提升空間。

Growth has been stronger than its Latin American peers over the last two years, reflecting not only these credit market fundamentals, but also Mexico's fiscal and monetary stability as well as its accelerating near-shoring activity supported by its proximity to the United States. We are now applying TransUnion's global product, technology and commercial playbooks to accelerate growth beyond market volumes.

過去兩年其成長表現優於拉丁美洲同業，不僅反映上述信用市場基本面，也反映墨西哥的財政與貨幣穩定性，以及因鄰近美國而受惠、正在加速的近岸外包（near-shoring）活動。我們正將 TransUnion 的全球產品、技術與商業作戰手冊應用於當地，以推動超越市場量能的加速成長。

Let me detail our early priorities as we integrate Mexico into TransUnion. First, we are enhancing our data foundation. Our long-standing relationships with the largest Mexican banks and fintechs have created the market's leading data coverage, quality and predictive depth. That foundation includes nearly 600 million tradelines with positive and unique data representing 90% of the total.

我來說明我們在將墨西哥整合進 TransUnion 時的早期優先事項。第一，我們正在強化資料基礎。我們與墨西哥最大型銀行與金融科技公司長期合作，建立了市場領先的資料覆蓋、品質與預測深度。該基礎包含近 6 億筆 tradelines（信貸帳戶紀錄），其中具正向且獨特的資料占總量的 90%。

Under Mexico's regulatory framework, those positive data trade lines are not shared with competitors, creating a structural advantage. We are building on this advantage by introducing new trended scores and attributes, expanding alternative data sets and eventually migrating Mexico to OneTru to unlock greater scalability.

在墨西哥的監管架構下，這些正向資料的 tradelines 不會與競爭對手共享，形成結構性優勢。我們正透過導入新的趨勢型分數與屬性、擴充替代性資料集，並最終將墨西哥遷移至 OneTru 以釋放更高的可擴展性，來進一步放大此優勢。

Second, we are accelerating innovation. We plan to bring our leading global capabilities to Mexico over the course of the next year, including TruIQ analytics, TruValidate and our credit education tools. Third, we are enhancing client engagement. In core financial services, we are strengthening relationships with leading lenders via deeper analytics consulting. At the same time, we plan to use our data advantages and faster innovation to win in our already fast-growing fintech and retail verticals.

第二，我們正在加速創新。我們計畫在未來一年內，將我們領先的全球能力導入墨西哥，包括 TruIQ 分析、TruValidate 以及我們的信用教育工具。第三，我們正在強化客戶互動。在核心金融服務方面，我們透過更深入的分析顧問服務，強化與主要放款機構的關係。同時，我們計畫運用資料優勢與更快的創新速度，在已快速成長的金融科技與零售垂直領域中取得勝利。

In summary, Mexico is performing ahead of plan, and we are building on that momentum with multiple opportunities to deploy our global capabilities. We believe this combination positions us on the path to drive sustained and scalable growth. Turning back to the enterprise. Operating performance is translating into strong cash generation, improved balance sheet flexibility and greater capacity for capital return.

總結而言，墨西哥的表現優於計畫，我們正把握這股動能，透過多項機會部署我們的全球能力。我們相信此一組合使我們走在推動可持續且可擴展成長的道路上。回到企業整體。營運表現正轉化為強勁的現金創造、資產負債表彈性提升，以及更大的資本回饋能力。

We ended the second quarter with $5.6 billion of debt and $839 million of cash, and our leverage ratio decreased to 2.6 times. During the second quarter and through July, we accelerated our pace of repurchases. Year-to-date, we have repurchased 2.1 million shares at an average share price of roughly $71 for a total of roughly $150 million.

我們在第二季末的債務為 56 億美元、現金為 8.39 億美元，槓桿比率降至 2.6 倍。在第二季以及截至 7 月期間，我們加快了回購步伐。年初至今，我們以約 71 美元的平均股價回購 210 萬股，總額約 1.5 億美元。

We continue to view share repurchases as a highly attractive use of capital at current valuation levels. For the remainder of 2026, we plan to continue executing on our disciplined capital allocation framework with a current bias toward capital return to shareholders. Based on current conditions, we expect the pace of second half repurchases to be at least comparable to the first half.

我們仍認為在目前估值水準下，股票回購是極具吸引力的資本運用方式。在 2026 年剩餘期間，我們計畫持續執行嚴謹的資本配置框架，目前偏向將資本回饋股東。基於目前狀況，我們預期下半年回購步伐至少可與上半年相當。

We also remain committed to reducing our leverage ratio toward our long-term target of under 2.5 times. Before getting into guidance details, I want to reiterate our disciplined guidance philosophy. Our increase in full year guidance reflects strong performance in the first half of the year. A continuation of those trends would position us to deliver at or slightly above the high end of our range, while the range preserves flexibility to manage ongoing market uncertainty.

我們也仍致力於將槓桿比率降低至長期目標的 2.5 倍以下。在進入指引細節之前，我想重申我們嚴謹的指引理念。我們上調全年指引反映上半年強勁的表現。若這些趨勢延續，我們將有望達成區間高端或略高於高端的表現；同時，該區間也保留彈性，以因應持續的市場不確定性。

In the third quarter, we are guiding revenue to be between $1.292 billion and $1.310 billion, up 11% to 12%. Growth is comprised of 6% to 8% organic constant currency growth and a 4.5 percentage point contribution from acquisitions. We expect 4% to 5.5% organic growth, excluding FICO mortgage royalties. Importantly, the implied sequential deceleration from 7%, excluding FICO in the second quarter is entirely related to our non-FICO mortgage revenue, reflecting greater year-over-year declines in inquiry volumes. We expect non-mortgage organic growth to be at or slightly above the 6% rate that we delivered in the second quarter. In other words, the deceleration does not reflect the change in core non-mortgage trends.

在第三季，我們預期營收介於 12.92 億美元至 13.10 億美元之間，年增 11% 至 12%。成長由 6% 至 8% 的有機固定匯率成長，以及併購帶來的 4.5 個百分點貢獻所構成。若排除 FICO 房貸權利金，我們預期有機成長為 4% 至 5.5%。重要的是，若排除第二季的 FICO，從 7% 所隱含的季對季成長放緩，完全與我們的非 FICO 房貸營收有關，反映查詢量年對年下滑幅度更大。我們預期非房貸的有機成長將達到或略高於我們第二季交出的 6% 水準。換言之，成長放緩並不反映核心非房貸趨勢的變化。

We are guiding adjusted EBITDA to $455 million to $463 million, up 7% to 9%, implying a margin of 35.2% to 35.4%. 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. We expect adjusted diluted earnings per share to be between $1.18 and $1.21, up 7% to 10%. For full year guidance, we expect revenue to be between $5.127 billion and $5.162 billion, up 12% to 13%.

我們預期調整後 EBITDA 為 4.55 億美元至 4.63 億美元，年增 7% 至 9%，隱含利潤率為 35.2% 至 35.4%。基礎利潤率擴張 20 至 40 個基點，但被 FICO 權利金造成的 80 個基點拖累，以及併購帶來的 60 個基點影響所抵銷。我們預期調整後稀釋每股盈餘介於 1.18 美元至 1.21 美元之間，年增 7% 至 10%。就全年指引而言，我們預期營收介於 51.27 億美元至 51.62 億美元之間，年增 12% 至 13%。

Our raised guidance reflects stronger growth from our Mexico acquisition as well as modestly higher non-mortgage organic growth due to strong first half performance. Acquisitions now 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. Our segment-level assumptions are broadly unchanged. Mortgage revenue growth guidance of 28% for the full year or 6% excluding FICO, is unchanged since February.

我們上調的指引反映了墨西哥併購帶來更強勁的成長，以及由於上半年表現強勁而使非房貸有機成長略為提高。併購目前增加 4%，而匯率對我們的指引影響不大。我們預期有機固定匯率營收成長為 8% 至 9%，或在排除 FICO 房貸權利金後為 5% 至 6%。我們對各事業部層級的假設大致不變。全年房貸營收成長指引為 28%，或排除 FICO 後為 6%，自二月以來維持不變。

Mortgage revenue exceeded our expectations in the first half, particularly in the first quarter when mortgage rates briefly dipped below 6%. As mortgage rates have moved back above 6.5%, we have de-risked our second half assumptions. Our conservative assumptions provide us flexibility to deliver these growth rates even if rates increase modestly from current levels. We now anticipate mid- to high single-digit inquiry declines for the full year, including low double-digit declines in the second half of the year.

上半年房貸營收超出我們預期，尤其是在第一季，當時房貸利率曾短暫跌破 6%。隨著房貸利率回升至 6.5% 以上，我們已降低下半年假設的風險。我們保守的假設讓我們即使在利率自目前水準小幅上升的情況下，仍有彈性達成這些成長率。我們目前預期全年查詢量將出現中到高個位數下滑，其中下半年將出現低雙位數下滑。

We continue to expect pricing actions and revenue beyond traditional tri-bureau reports to drive outperformance versus underlying volumes. At the same time, stronger momentum across the remainder of the portfolio helps offset our more conservative second half mortgage assumptions. We expect adjusted EBITDA to be between $1.807 billion to $1.827 billion in 2026, up 10% to 11%. That results in a margin of 35.2% to 35.4%, down 60 to 80 basis points.

我們仍預期，定價措施以及傳統三大徵信機構報告以外的營收，將推動表現優於基礎量能。同時，投資組合其餘部分更強的動能，有助於抵銷我們對下半年房貸較為保守的假設。我們預期 2026 年調整後 EBITDA 介於 18.07 億美元至 18.27 億美元之間，年增 10% 至 11%。這將使利潤率為 35.2% 至 35.4%，下降 60 至 80 個基點。

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. We anticipate adjusted diluted earnings per share to be $4.75 to $4.83, up 11% to 12%. This represents an increase from prior guidance of 9% to 11% growth. All other guidance items, including depreciation and amortization, net interest expense, adjusted tax rate and capital expenditures as a percent of revenue are unchanged from April.

我們預期基礎利潤率將擴張 50 至 70 個基點，主要由營收流入利潤（flow-through）以及剩餘的轉型節省所帶動。這項強勁的基礎擴張，將被 FICO 權利金造成的 90 個基點拖累，以及併購帶來的 40 個基點影響所抵銷。我們預期調整後稀釋每股盈餘為 4.75 美元至 4.83 美元，年增 11% 至 12%。這較先前指引的 9% 至 11% 成長有所提高。其他所有指引項目，包括折舊與攤銷、淨利息費用、調整後稅率，以及資本支出占營收比重，均與四月一致。

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

在這樣的背景之下，我現在把電話交回給 Chris 作結語。

Thank you, Todd. So recapping, in the second quarter, we beat guidance with double-digit revenue and earnings growth, reflecting the strength we're seeing in the US Markets and our improving trends in international. We raised the full year '26 guidance, but we maintain prudent assumptions around the macro environment. We now expect 8% to 9% organic constant currency revenue growth and 11% to 12% adjusted diluted EPS. This performance would reflect our third consecutive year of at least high single-digit organic constant currency revenue growth and double-digit adjusted diluted EPS growth.

謝謝你，Todd。總結來說，第二季我們以雙位數的營收與獲利成長超越指引，反映我們在美國市場看到的強勁表現，以及國際業務趨勢的改善。我們上調了 2026 全年指引，但仍對總體環境維持審慎假設。我們目前預期有機固定匯率營收成長 8% 至 9%，以及調整後稀釋 EPS 成長 11% 至 12%。這樣的表現將代表我們連續第三年達成至少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。

And we executed well against our 2026 strategic priorities, most notably with substantial migrations of our US credit customers to OneTru as well as an accelerating pace of product launches and enhancements and international rollout of the OneTru platform.

我們也針對 2026 年的策略重點執行到位，最顯著的是將大量美國信用客戶遷移至 OneTru，同時加速產品推出與功能強化的節奏，並在國際市場推動 OneTru 平台的上線。

Our investments in platform modernization, innovation and our unique data assets are translating into diversified and above-market growth rates. As our business continues to become increasingly driven by scalable innovation, share gains and diversification, we are growing our free cash flow generation as well as our capacity to return capital to our shareholders.

我們在平台現代化、創新以及獨特數據資產上的投資，正轉化為多元化且高於市場的成長率。隨著我們的業務持續更由可擴展的創新、市占提升與多元化所驅動，我們正在提升自由現金流的創造能力，以及回饋股東資本的能力。

With that, it's back to you, Greg.

接下來交回給你，Greg。

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

以上為我們事先準備的發言。（接線員指示）接線員，我們可以開始問答。

(Operator Instructions)

（接線員指示）

Jeffrey Meuler, Baird.

Jeffrey Meuler，Baird。

Sorry about that. I guess I'm struggling to understand how the non-mortgage organic upside and momentum gets adjusted in the guidance, and if that's just baked in as increased conservatism. I ask because the mortgage full year revenue guidance is unchanged, and it looks like most of the revenue guidance range is the outperformance in Mexico and increased M&A contribution. So if you could just help me with that.

抱歉剛剛那樣。我想我有點難理解，非房貸有機成長的上行與動能在指引中是如何調整的，以及這是否只是被納入為更高的保守程度。我之所以這麼問，是因為全年房貸營收指引沒有變，而看起來營收指引區間的大部分來自墨西哥的超預期表現以及併購貢獻增加。所以如果你能幫我釐清一下就太好了。

Good morning, Jeff. This is Todd. I'll take that question for you. So in essence, what we've done with guidance for mortgage is we've maintained our full year guide that we came into the year with where we were calling for 28% growth all in, and 6% when you exclude the FICO mortgage royalty. And that contemplates a decline of volume from mid- to high single digits.

早安，Jeff。我是 Todd。我來回答你的問題。基本上，我們在房貸的指引上所做的是，維持我們年初給出的全年指引：整體成長 28%，若排除 FICO 房貸權利金則為 6%。而這也包含了量能將出現中到高個位數下滑的假設。

Now to go back a little bit, the first half of the year, in particular, in the first quarter, we had outperformance in mortgage. It feels like a long time ago, but mortgage -- the 30-year mortgage rate was about 6% when you go back to January and February. And then with geopolitical tensions, we saw the 10-year treasury yield rise. And as a result of that, the 30 year also went up, and that had an impact on our volumes.

再往前回顧一下，上半年，尤其是第一季，我們在房貸方面表現超出預期。感覺像是很久以前的事，但回到一月與二月時，30 年期房貸利率大約在 6% 左右。之後因地緣政治緊張，我們看到 10 年期公債殖利率上升。因此 30 年期利率也上升，並對我們的量能造成影響。

So as far as the way that we're looking at mortgage, we're being conservative with our assumptions. We are looking at where the 30-year is at today, and it is at the highest that it's been all year. And our guidance for mortgage would contemplate being at that level and perhaps even maybe being a little bit worse, so meaning that rates might be higher than they were in the first half.

因此就我們看待房貸的方式而言，我們在假設上採取保守立場。我們觀察目前 30 年期利率的位置，它已是今年以來的最高水準。而我們的房貸指引假設，利率將維持在這個水準，甚至可能更差一些，也就是說利率可能會高於上半年。

So in essence, what that's doing is it's providing us with flexibility to deliver these results even if the rates do increase slightly. Now the other part that I think is important and I think this is your question specific to the non-mortgage part of our business.

所以本質上，這讓我們即使利率確實小幅上升，仍能有彈性達成這些結果。接下來我認為另一個重要部分，也是你問題中針對我們業務的非房貸部分。

In the second quarter, we delivered 6% growth and what we're contemplating when you look at it on that basis is a similar trajectory for the third quarter. So that you take a look at the performance that we're very pleased with within core financial services, a very strong quarter for us. Emerging Verticals coming in at 9% as well as then in our international portfolio, when you look at the performance in India returning to growth at 8%, Canada at 10% and the UK at 9, there's some good tailwinds that we're looking at as we go into the into the second half of the year.

在第二季，我們實現了 6% 的成長；而當你以這個基礎來看，我們正在思考的是第三季將呈現類似的走勢。因此，當你檢視我們在核心金融服務內部的表現時，我們對此非常滿意，對我們而言是非常強勁的一季。新興垂直領域達到 9%；此外，在我們的國際投資組合中，當你看印度的表現回到 8% 的成長、加拿大 10%、英國 9% 時，我們在進入下半年之際看到一些不錯的順風。

But the market remains uncertain. So we are taking a prudently conservative approach towards our guidance. And as we've put on, as I said in my prepared remarks as well as what we've put on the slide, we would orient you to the high end of that guidance and that more than likely if these conditions that were currently living through right now persist, we'll be above the high end of that guidance.

但市場仍然不確定。因此，我們對指引採取審慎保守的做法。而正如我在事先準備的發言中所說，以及我們在投影片上所呈現的，我們會引導各位看向該指引區間的高端；而且很可能，如果我們目前正在經歷的這些狀況持續下去，我們將會高於該指引的高端。

Yeah. And so just to emphasize a couple of those points, again, we feel like we're well positioned to deliver on this revised raised full year guide, so high end or above. And the conditions that we're experiencing right now across the business and in mortgage, clearly support that. We have built in some margin for error, some margin for deceleration in mortgage in the second half of the year because, as Todd pointed out, rates are higher than they were by about 50 bps.

是的。再強調其中幾點：我們再次認為，我們已具備良好條件來達成這次上修、提高的全年指引，也就是落在高端或高於高端。而我們目前在整體業務以及房貸業務所經歷的狀況，顯然支持這一點。我們已預留一些容錯空間、也預留房貸在下半年可能放緩的空間，因為如 Todd 所指出，利率比之前高了約 50 個基點。

But that said, we are positioned to absorb some deceleration in mortgage volumes that would come with higher rates and still deliver at the high end of the guidance. So this is prudently conservative, but when you are conservative, you got to park that conservatism somewhere, right? We park it disproportionately in our mortgage because mortgage is the most rate sensitive. But to be clear to everybody on the call, we are experiencing consistent trends in July with what we experienced in the second quarter.

但即便如此，我們的定位足以吸收因利率較高而帶來的房貸量能放緩，仍可交出指引高端的表現。所以這是審慎保守的作法；但當你採取保守時，你得把那份保守放在某個地方，對吧？我們把它不成比例地放在房貸上，因為房貸對利率最敏感。但要讓電話會議上的各位清楚的是：我們在 7 月所看到的趨勢，與第二季所經歷的趨勢一致。

Those trends persist, we will overperform and we'll be back here in the third quarter making further guidance adjustments upward.

如果這些趨勢持續，我們將會超越預期，並會在第三季回到這裡，進一步上調指引。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

I was hoping you could expand on if you're seeing demand for your data sets given acceleration in AI agents? And which particular areas customers are really ramping up demand in terms of data versus a few quarters ago? I expect that's a trend you're seeing. So I wanted to touch on which specific areas?

我希望你能進一步說明：在 AI 代理（AI agents）加速發展的背景下，你們是否看到市場對你們資料集的需求？以及相較於幾季前，客戶在資料需求方面，特別是哪些領域正在大幅提升需求？我預期這是你們正在看到的趨勢。所以我想請你談談具體是哪些領域？

Yeah, Toni. Look, it is a trend that we're seeing as we've been saying for some quarters now, and as we emphasized at our Investor Day in March and had some slides last quarter as well, the AI-enlightened customers tend to consume more data, the models, the predictiveness all improves with more curated and authoritative data that we provide. So I think in the big and generally, we expect to see that accelerate as more lenders experiment and adopt AI modeling techniques across their kind of lending analytics life cycle.

是的，Toni。你看，這確實是我們看到的趨勢；正如我們過去幾季一直在說的，以及我們在 3 月投資人日所強調、上季也放了幾張投影片提到的：採用 AI 的客戶往往會消耗更多資料；模型的表現與可預測性，會因我們提供的更精選且具權威性的資料而提升。所以整體而言，我們預期隨著更多放款機構在其放款分析生命週期中試驗並採用 AI 建模技術，這個趨勢會加速。

I think we are well positioned with our product innovation in AI to support more of the work that those clients are doing with our analytics orchestrator, agentic framework, which, again, we presented -- we demoed at our Investor Day. And you can see we're now using agentic AI on our foundation of data. We're able to automate a lot of the model building and prediction that our lenders typically do on their own or many segments of the market simply don't do.

我認為，我們在 AI 方面的產品創新讓我們處於有利位置，可支援這些客戶透過我們的分析協作器（analytics orchestrator）與代理式框架（agentic framework）所進行的更多工作；同樣地，我們在投資人日已展示並進行了示範。你也可以看到，我們現在是在資料基礎之上使用代理式 AI。我們能夠自動化許多模型建置與預測工作，而這些通常是放款機構自行完成的；或是市場上許多細分領域根本沒有在做的。

So net-net, we still believe that AI is going to be a positive growth tailwind. One, it's stimulating greater data consumption as we've talked about. But two, the agentic layer that we're building on top of our TruIQ analytics foundation is going to expand our TAM and let us take over some of the work that's either done by our lending clients, not done currently or done by other players in this data and analytics ecosystem.

因此總結來說，我們仍然相信 AI 將成為正向的成長順風。第一，它如我們所談到的，正在刺激更高的資料消耗。第二，我們在 TruIQ 分析基礎之上打造的代理式層（agentic layer），將擴大我們的 TAM（可服務總市場），並讓我們接手部分工作：這些工作要嘛目前由我們的放款客戶自行完成、要嘛目前尚未被執行、或是由這個資料與分析生態系中的其他業者在做。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

Hi, Chris, in your prepared remarks, you suggested that marketing solutions, that's a true audience revenue growth should accelerate in the second half of the year from the mid-single-digit revenue growth in the second quarter. What's driving that dynamic about the acceleration in the second half?

嗨，Chris，在你事先準備的發言中，你提到行銷解決方案（也就是真實受眾 TruAudience 的營收成長）在下半年應會較第二季的中個位數營收成長加速。下半年加速的動能是什麼？

Yeah well, there's some seasonality in the marketing business, Andrew, as you know, in the fourth quarter, a lot of the big players in the publishing universe turned to TransUnion to do market share and marketing effectiveness studies that they then use in their own media sales cycles. And we're making greater inroads across the publishing ecosystem and being that kind of neutral measurement provider that the industry needs.

是的，Andrew，行銷業務存在一些季節性，你也知道，第四季出版領域的許多大型業者會轉向 TransUnion，進行市占與行銷成效研究，之後他們會把這些研究用在自己的媒體銷售週期中。而我們正在整個出版生態系中取得更大的進展，成為產業所需要的那種中立衡量供應商。

We're also getting increasingly good traction with TruAudience, which is the suite of marketing solutions that we've migrated on to OneTru. We are converting a lot of the legacy customer base from those solutions on to the TruAudience solutions, it's a more powerful product. It's a streamlined interface. It's a broader series of services that have been integrated together, which allows cross-sell and upsell.

我們在 TruAudience 上也取得愈來愈好的進展；TruAudience 是我們已遷移到 OneTru 上的行銷解決方案套件。我們正在把許多既有客戶從那些舊有解決方案轉換到 TruAudience 解決方案上，這是一個更強大的產品。它有更精簡的介面。它也整合了更廣泛的一系列服務，能夠促進交叉銷售與向上銷售。

And so I think the general pipeline build the level of bookings, particularly in identity where we've got a tremendous data strength, but increasingly in audience and also in spend planning and measurement, as I mentioned at the outset, which are historic strength in our marketing portfolio, we just see that momentum building, and we expect a better second half of the year.

因此我認為，整體管線的建立、訂單（bookings）的水準——特別是在身分識別（identity）方面，我們擁有非常強的資料優勢——但同時在受眾（audience）以及支出規劃與衡量（spend planning and measurement）方面也愈來愈強；正如我一開始提到的，這些是我們行銷投資組合的歷史強項。我們看到動能正在累積，並預期下半年會更好。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

Hi, good morning. I appreciate you taking my question. I wanted to hone in on India a bit further, a nice sequential uptick there. Can you speak to what you're seeing on the ground from an economic perspective from commercial perspective and kind of how you're thinking about rest of the year with a nice uptick in the second quarter now under your belt?

嗨，早安。感謝你回答我的問題。我想更聚焦談一下印度，那裡出現了不錯的連續性回升。你能談談你們在當地從經濟面、商業面看到的情況，以及在第二季已有這波回升的基礎上，你們如何看待今年剩餘時間？

Yeah, for sure. Excited to talk about India always. In terms of the volumes that we're seeing on the consumer and the commercial side, things are stabilizing, which is good. The macro continues to be attractive. There's GDP growth. There's reasonable levels of inflation. But as we all know, there's been any number of macro shocks that have hit India over recent quarters, which have interrupted our growth.

好的，當然。我一直都很樂意談印度。就我們在消費端與商業端看到的量能而言，情況正在穩定下來，這是好事。總體環境仍具吸引力。GDP 在成長。通膨水準也相對合理。但如大家所知，近幾季有各式各樣的總體衝擊影響印度，打斷了我們的成長。

That said, the volume of unsecured lending to the consumer space, which is a big driver of credit pulls along with card originations, that seems to be a floor reached, and we're now in a more stable environment. On the commercial lending side, particularly with smaller to medium-sized businesses, there have been some government support programs that's enabling better activity in the space -- in that segment of the market.

不過，消費者端的無擔保放款量——這是信用查詢量（credit pulls）的重要驅動因素之一，並與信用卡開卡（card originations）一起帶動——看起來已觸底，現在我們處於更穩定的環境。在商業放款端，特別是中小型企業方面，政府推出了一些支持計畫，正促使該領域——該市場區隔——的活動更為活躍。

So what I would say from a market volume perspective is that we're now moving sideways to slightly upwards. We're seeing the stability that's going to allow our better products to gain traction and to grow. So that's the kind of the market volume backdrop. From a competitive perspective, we're doing really well. I mean the team has doubled down. We just posted our largest quarter of new sales ever in India, which is super exciting. First, the team is innovating on the data layer.

所以就市場量能的角度，我會說我們現在是橫向整理到略微上行。我們看到的這種穩定性，將使我們更好的產品得以取得進展並成長。這就是市場量能的背景。從競爭角度來看，我們做得非常好。我的意思是，團隊加倍投入。我們剛在印度創下史上最大單季新銷售額，這非常令人振奮。首先，團隊正在資料層進行創新。

We have redeveloped all of our principal consumer and commercial credit scores. They're performing better than ever, and that refresh is keeping our relevance in the marketplace. We're expanding the breadth of data contributions from lenders or furnishers as we call them, around India. We're even starting to expand the type of data that we're getting from the furniture network which just drives continued improvement in model predictiveness.

我們已重新開發我們所有主要的消費者與商業信用評分。它們的表現比以往任何時候都更好，而這次更新讓我們在市場上保持相關性。我們正在擴大在印度由放款機構（或我們稱之為資料提供者）所貢獻的資料廣度。我們甚至開始擴大從資料提供者網路取得的資料類型，這將持續推動模型預測能力的提升。

And we can consistently show to our lenders that they need to use our data throughout the lending cycle from the beginning where they're evaluating a prospect kind of top of funnel all the way through underwriting, using our data because it's broader and it's more predictive leads to better decisions and better capital allocations. And we've got a very tight pitch that we deliver along with our data science team that's helping us really sell and win more share in the market.

而且我們可以持續向放款機構證明，他們需要在整個放款週期中使用我們的資料——從一開始評估潛在客戶（漏斗頂端）一路到核貸審查；使用我們的資料，因為資料更廣、更具預測性，能帶來更好的決策與更佳的資本配置。我們也有一套非常精準的推介內容，並由我們的資料科學團隊一同交付，這確實在幫助我們銷售並在市場上贏得更多份額。

On top of that, we have successfully implemented our analytics solution in India. It's called TruIQ and there's a ton of interest. There's a ton of bookings and revenue momentum there, which we're super excited about. And we're expanding Trusted Call Solutions there as well. We are securing all the relationships we need with all of the right carriers to expand that component of our fraud solution, and we're getting good traction there. So it's new products driving some revenues in addition to really competing effectively in the core credit market.

除此之外，我們已在印度成功導入我們的分析解決方案。它叫做 TruIQ，市場興趣非常高。那裡的訂單與營收動能都很強，我們對此非常興奮。我們也在當地擴展 Trusted Call Solutions。我們正在與所有合適的電信業者建立並鞏固所需的合作關係，以擴大我們詐欺解決方案中的這個組成部分，而且進展良好。因此，除了在核心信用市場中有效競爭之外，新產品也正在帶動部分營收。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

Yes, hi, thanks, good morning. I wanted to ask about consumer lending more specifically within Financial Services. Growth sort of slowed a little bit this quarter, and I'm wondering if that's just a function of just tougher comps as you've had a few quarters of double-digit growth there. And maybe if you could talk more specifically around the fintech environment, and maybe how sensitive that business is to rising interest rates and if that was a factor this quarter?

是的，嗨，謝謝，早安。我想更具體地問一下金融服務領域中的消費者放款。本季成長似乎放緩了一點，我想知道這是否只是因為在那之前你們已連續幾季呈現兩位數成長，基期變得更具挑戰。另外也想請你更具體談談金融科技（fintech）環境，以及該業務對利率上升的敏感度如何，本季是否因此受到影響？

Yeah, well, first, it's not particularly sensitive to interest rates within a reasonable range of course. Mortgage origination and refinancing far and away is the most interest rate sensitive. But the spread on personal lending, tends to be high enough that lenders can absorb increases in rates.

好的，首先，在合理範圍內，它對利率並不特別敏感。在所有產品中，房貸承作與再融資無疑是對利率最敏感的。但個人放款的利差通常高到足以讓放款機構吸收利率上升。

So I just want to put that to rest at the outset. So yes, growth in consumer lending and even card and auto, they are a tick down from where they were a year ago. That's simply us lapping comps.

所以我想一開始就先釐清這點。因此，是的，消費者放款，甚至信用卡與車貸的成長率，相較一年前略微下降。那只是因為我們正在與較高的比較基期對比（lap comps）。

The absolute growth that we're getting in each of those segments is very consistent and healthy, it's just the businesses are getting bigger. And if you look back for two years, you see that particularly on the consumer side, there's just a resurgence in growth as consistent and durable funding has flowed back into the fintechs, and they really diversified their funding sources as well, and they're meeting a robust market need.

我們在各個細分領域取得的絕對成長非常一致且健康，只是業務規模變得更大了。如果你回看兩年前，會看到特別是在消費者端，隨著穩定且持續的資金重新流入金融科技公司，成長出現復甦；他們也大幅分散了資金來源，並且正在滿足強勁的市場需求。

So I think pulling back the lens and thinking about the last few years, the outlier for fintechs and consumer lending was during the '22, '23 time period where rates spiked after incredibly hot growth in that segment for a long time, and there was simply a retrenchment, right? There wasn't enough funding and the rates were so high. It wasn't really an acquisition-oriented environment. So they pulled back and focused on portfolio management for a while.

所以我認為把視角拉遠、回顧過去幾年，金融科技與消費者放款的異常期是在 2022、2023 年，當時在該領域長期極為火熱的成長之後，利率突然飆升，於是出現了收縮，對吧？資金不足，而且利率又非常高。那並不是一個以獲客為導向的環境。因此他們縮手了一段時間，轉而專注於投資組合管理。

Now we've been out of that environment for a couple of years. And again, the fintech model based on borrowing from the capital markets or getting funding in other ways is a consistent and durable model that's been part of the American lending landscape for decades now. So we're confident that we can continue this run of good growth in consumer lending.

而我們已經離開那種環境好幾年了。再者，金融科技的模式——透過資本市場借款或以其他方式取得資金——是一種一致且可持續的模式，數十年來一直是美國放款版圖的一部分。因此我們有信心，能夠延續這波消費者放款的良好成長。

Great. Thank you.

很好。謝謝。

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

Thanks for taking my question. I wanted to ask a question on the EBITDA front. The guidance implies a step-up from 2Q to 3Q, but a much material step-up from 3Q to 4Q. If you can talk about what's driving that improvement in margins going forward?

謝謝讓我提問。我想問一個關於 EBITDA 的問題。你們的指引顯示 EBITDA 從第二季到第三季會上升，但從第三季到第四季的上升幅度更為顯著。能否談談未來推動利潤率改善的因素是什麼？

Thanks, Ashish. I'll take that question. So if you look at our adjusted EBITDA margins and we'll talk about this and break it out into all the different pieces. But if we start just with our reported margins in the second quarter, we finished with a margin of 34.8%. And and that was down 90 basis points on a year-over-year basis. In essence, the FICO mortgage royalty was accountable for that entire decline.

謝謝你，Ashish。我來回答這個問題。如果你看我們的調整後 EBITDA 利潤率，我們會談到並拆解成不同的組成部分。但先從第二季我們揭露的利潤率開始，我們的利潤率是 34.8%。而且年對年下降了 90 個基點。本質上，FICO 房貸權利金就足以解釋這整個下滑。

And if you look further into the details, our underlying margins that exclude that royalty and also exclude M&A, expanded by about 10 basis points. But M&A, specifically, that's Mexico had a 10-point drag in the quarter.

如果再深入細節，我們的基礎利潤率（排除該權利金並同時排除併購影響）擴張了約 10 個基點。但併購方面，特別是墨西哥業務，在本季對利潤率造成了 10 個百分點的拖累。

When we look at the guidance for the third quarter, as you already can see the high end is 35.4% and that's a 100 basis point decline. FICO is about an 80 basis point drag. So kind of consistent with what we saw in the second quarter. But M&A becomes a little bit more of a drag on a margin perspective as we focus on integrating the Mexico acquisition, and it's a headwind of about 60 basis points. So when you do the net of that, in essence, what you see in the third quarter, is a 20 to 40 basis point increase in our underlying margins, excluding FICO mortgage royalty and M&A.

再看第三季指引，如你已經看到的，高端是 35.4%，這代表下降 100 個基點。FICO 約造成 80 個基點的拖累。所以大致與我們在第二季看到的情況一致。但從利潤率角度來看，併購的拖累會稍微更大，因為我們專注於整合墨西哥的收購案，約帶來 60 個基點的不利因素。因此把這些加總後，第三季你看到的本質上是：在排除 FICO 房貸權利金與併購影響後，我們的基礎利潤率提升約 20 到 40 個基點。

So when you look at the full year, we've been consistent in our guidance. We're calling for 35.4% for the full year, which is down 60 basis points. But that underlying when you exclude FICO mortgage royalties and M&A, we're calling for 50 to 70 basis points of underlying margin expansion. So the net of that then is what's implied for the fourth quarter in essence, does have a step up in margin. And when we look at where is that coming from? The mix as we get into the fourth quarter, as we already talked about in the first question, mortgage, we have a very conservative posture.

所以看全年，我們的指引一直保持一致。我們預期全年為 35.4%，年對年下降 60 個基點。但若排除 FICO 房貸權利金與併購影響，我們預期基礎利潤率將擴張 50 到 70 個基點。因此，兩者相抵後，第四季隱含的情況本質上確實會出現利潤率的上升。那我們看這是從哪裡來的？進入第四季時的產品組合——如同我們在第一個問題已談到的——我們對房貸採取非常保守的態度。

So -- and as you know, mortgage is a lower margin product for us. So when we have less of that, we end up having higher margins. We're also anticipating more growth from our financial services vertical, excluding mortgage. What that means, it is a lot more credit sales with a higher margin flow through. And then also the international business. And Chris just went through the details on India. We're expecting that business to continue to accelerate. Also very good flow through as we get into the second half of the year.

因此——如你所知，房貸對我們而言是較低利潤率的產品。當房貸占比降低時，我們的整體利潤率就會更高。我們也預期金融服務垂直領域（不含房貸）會有更多成長。這代表會有更多信用相關銷售，且具有較高的利潤率流入（flow-through）。另外還有國際業務。Chris 剛剛已說明印度的細節。我們預期該業務將持續加速成長。隨著進入下半年，也會帶來非常好的利潤率流入。

And the last point I want to make here is when you look at our expenses in Q2, Q3 and Q4 and when we take out the FICO mortgage royalty, in essence, that expense base is roughly flat quarter-over-quarter. So that's really the key point as to why we expect to see the margin improvement accelerate in Q3 and then even more so in Q4.

我在這裡想補充的最後一點是，當你看我們在第二季、第三季與第四季的費用，並且把 FICO 房貸權利金扣除後，基本上那個費用基礎大致上是逐季持平。所以這其實就是為什麼我們預期第三季的利潤率改善會加速，然後第四季會更明顯的關鍵原因。

Yes. And that last point just about the expense base is a good one. As all of you know on the call, we recently completed a multiyear tech modernization and cost restructuring. We are very happy that we got it done. We got it done on time. We got it done within our initial spending budget. And the fact that we're holding expenses flat when, of course, there is underlying expense growth in a variety of areas, it shows that the program has worked, and it's allowed us to take out some material costs, and we're just now starting to see that benefit.

是的。而你剛才提到關於費用基礎的最後一點很重要。各位在電話會議上都知道，我們最近完成了一項為期多年的技術現代化與成本重整。我們很高興把它完成了。我們按時完成。我們也在最初的支出預算內完成。而當然在多個領域存在底層費用成長的情況下，我們仍能把費用維持持平，這顯示該計畫確實奏效，讓我們移除了相當可觀的成本，而我們現在才剛開始看到這些效益。

Just switching gears quickly here. I realize that on the India question that was just asked, I forgot to mention one thing. You're going to see a nice increase in the growth rate in India that we're expecting in Q3 and Q4. The good news is, of course, the business is reaccelerating in all the ways in which I described, but it's also reaccelerating given some very soft comps. So the second half of the year, you're going to see nice percentage growth I just wanted you guys to appreciate that dynamic.

我先快速換個話題。我意識到剛才有人問到印度的問題時，我忘了提一件事。你們會看到我們預期第三季與第四季印度的成長率會有不錯的提升。好消息當然是，業務正如我所描述的各方面重新加速，但同時也是因為比較基期非常疲弱而帶來的再加速。所以在下半年，你們會看到不錯的百分比成長，我只是希望大家能理解這個動態。

Rayna Kumar, Oppenheimer.

Rayna Kumar，Oppenheimer。

Good morning. Thanks for taking my question. Just given that your competitor recently announced the acquisition of the second largest credit bureau in Mexico. Can you comment on your positioning in the region long term? Obviously, it was a strong spot for you in the quarter. But just curious on how it could impact your long-term strategy in Mexico. Thanks.

早安。謝謝讓我提問。鑑於你們的競爭對手最近宣布收購墨西哥第二大信用局，你能評論一下你們在該區域的長期定位嗎？顯然，這一季那裡對你們而言表現很強勁。但我想了解這可能會如何影響你們在墨西哥的長期策略。謝謝。

Yeah, Thanks for the question. Well, look, Mexico is an exciting development within TransUnion. As you guys know from prior calls, we have been a minority investor and a tech provider to the Buró de Mexico for over 25 years, and we wanted to acquire a controlling interest for 25 years. Fortunately, we were able to complete that transaction, and we've got the leading bureau with the leading market position and the broader data archives in the Mexican market.

好的，謝謝你的問題。你看，墨西哥對 TransUnion 來說是一個令人振奮的發展。如各位從先前的電話會議所知，我們在 25 年以上一直是墨西哥信用局（Buró de Mexico）的少數股權投資人與技術供應商，而我們也想取得控股權已經 25 年了。幸運的是，我們完成了那筆交易，並且取得了在墨西哥市場擁有領先市場地位、且資料檔案更完整的領先信用局。

Since acquisition and in recent years, the Buro of Mexico has consistently outperformed growth and profit expectations. It is performing nicely above our deal book and compounding revenue on a much larger revenue base in the low double digits, which is exciting, even though we have guided to less going forward. So look, it's a great entry position. We have terrific market coverage, but there's just so much work for us to do in Mexico and the same is true of our competitor.

自收購以來以及近幾年，墨西哥信用局的表現持續超越我們對成長與獲利的預期。它的表現明顯優於我們的交易模型（deal book），並在更大的營收基礎上以低雙位數的速度複利成長營收，這令人振奮，儘管我們對未來的指引較為保守。所以你看，這是一個很好的切入位置。我們有極佳的市場覆蓋，但在墨西哥我們仍有大量工作要做，我們的競爭對手也是如此。

Mexico today operates with, I would say, a pretty basic level of credit data and analytics, and we're positioned to broaden contributions from a wider range of data furnishers to push deeper into the fintech space to bring alternative credit data sets to market and to do it all on the OneTru platform, which we will be rolling out into Mexico and to bring just a level of thoughtfulness and forward engagement to the marketplace that has served us so well in the US and across all of our market segments.

我會說，今天的墨西哥在信用資料與分析方面仍屬相當基礎的水準，而我們的定位是：擴大來自更廣泛資料提供者的資料貢獻、更深入切入金融科技（fintech）領域、把替代性信用資料集帶到市場，並且全部在 OneTru 平台上完成；我們將把 OneTru 推廣到墨西哥，同時也把一種更周延的思考與更前瞻的市場互動帶進市場——這些做法在美國以及我們所有市場區隔中一直非常成功。

Additionally, right away, we're bringing in the TruIQ analytics platform and layering it over the current tech stack in the Mexico Buro. That's going to allow us to start to service our clients more deeply as we do in most markets and generate some incremental revenues. So look, it's a great market to be in.

此外，我們會立即導入 TruIQ 分析平台，並把它疊加在墨西哥信用局目前的技術堆疊之上。這將使我們能像在多數市場一樣，更深入地服務客戶並帶來一些增量營收。所以你看，這是一個很值得投入的市場。

It's a terrific foundational entry point. There's a ton of innovation and value that we can bring. The market is large, inherently growthful and underpenetrated from these solutions. So I'm confident that we can do well. And look, there's plenty of room and opportunity for multiple players to do well in the Mexico market.

這是一個非常好的基礎性切入點。我們能帶來大量創新與價值。這個市場規模大、內生具成長性，而且在這些解決方案上的滲透率仍偏低。所以我有信心我們能做得很好。而且你看，在墨西哥市場，確實有足夠的空間與機會讓多個參與者都能表現出色。

Manav Patnaik, Barclays.

Manav Patnaik，Barclays。

Thank you for that breakout for the US Financial Services in your prepared remarks. Just curious, the -- I guess, the non-core credit pieces? Like how do you think -- you gave us some growth rates. So just curious on your strategy there in terms of trying to maybe get that to be a much bigger percentage of the business there?

謝謝你在事先準備的講稿中，對美國金融服務業務做了那段拆解說明。我想問的是——我猜是那些非核心信用的部分？例如你怎麼看——你給了我們一些成長率。所以我想了解你們在那方面的策略，是否希望讓它在該業務中的占比變得更大？

I see. So you're talking about financial services and the diversification -- further diversification, that kind of-

我明白。所以你指的是金融服務以及多元化——進一步多元化，那類——

Yes, the 36% that you called out, that was not -- non-core credit, I guess just curious, longer term, if that's an area of further investment, M&A, those kinds of things.

是的，你提到的 36% 那部分，那不是——非核心信用。我想了解長期來看，那是否是進一步投資、併購（M&A）之類的方向？

Yes. Okay. Good. I'm clear on your question, Manav, and thanks for it. Well, look, the first point that we wanted to emphasize is that our growth, which has been above market levels, in financial services is diversified, right? Obviously, we've got leading credit data from a quality perspective in the US our trended data. We were the first mover. It goes back the furthest. It has the most attributes for analytics in the marketplace, which is kind of foundational to our success. We've also extended downmarket to payday lending and other unsecured lending types.

是的。好的。很好。Manav，我理解你的問題，謝謝。你看，我們想強調的第一點是：我們在金融服務領域的成長（一直高於市場水準）是多元化的，對吧？顯然，我們在美國擁有就品質而言領先的信用資料——我們的趨勢型資料（trended data）。我們是第一個進入者。它的歷史回溯最久。它在市場上擁有最多可用於分析的屬性，這是我們成功的基礎。我們也向下延伸到發薪日貸款（payday lending）以及其他無擔保貸款類型。

And as you well know, there's kind of an arms race amongst the bureaus to bring other relevant alternative to core credit data sets into the market. And we're going to continue to expand organically and inorganically, if we get the opportunity and it makes sense in that space. Additionally, a lot of the solutions that we acquired either from Neustar, which increased our depth in marketing and fraud, we're cross-selling into the financial services space.

而如你所知，各家信用局之間有點像軍備競賽，競相把其他與核心信用資料相關的替代性資料集帶進市場。我們會在有機與無機兩方面持續擴張——如果有機會且合理的話——在那個領域也是如此。此外，我們從 Neustar 收購而來的許多解決方案，提升了我們在行銷與詐欺方面的深度，我們也正在把這些方案交叉銷售到金融服務領域。

There's also further opportunity with our identity solutions to work with some of these lenders and become kind of the system of record underpinning their corporate data hygiene and identity resolution within the banks, we see that.

我們的身分識別解決方案也還有進一步的機會：與其中一些放款機構合作，成為支撐其企業資料清理（data hygiene）與銀行內部身分解析（identity resolution）的某種「系統紀錄」（system of record），我們看得到這個機會。

And I think it's very important to note that, look, if you went back a couple of years, you could criticize TransUnion for not having a top-of-the-market analytics suite, right? Other players traditionally led. We closed that gap a couple of years ago when we launched TruIQ. We've continued to accelerate innovation and mature the TruIQ product. It's now doing well in the US, Markets. We've expanded it into India, Canada and the UK and we're fast following into Mexico.

而且我認為很重要的一點是：你看，如果回到幾年前，你可能會批評 TransUnion 沒有一套市場頂尖的分析產品組合，對吧？傳統上是其他業者領先。我們在幾年前推出 TruIQ 時縮小了這個差距。我們持續加速創新並讓 TruIQ 產品更成熟。它現在在美國市場表現良好。我們已把它擴展到印度、加拿大與英國，並且正快速跟進推進到墨西哥。

And if you think of those core countries, that's like 95% of the revenue of TransUnion globally. So in short, yes, there's a lot of further growth opportunity in diversifying in and around this core credit position.

而且如果你把那些核心國家納入考量，那大約占了 TransUnion 全球營收的 95%。所以簡而言之，是的，圍繞這個核心信用業務版圖進一步多元化，仍有很大的成長機會。

Curtis Nagle, Bank of America.

Curtis Nagle，美國銀行。

Great, thanks so much for taking the question. Maybe just pivoting to the VantageScore adoption, right? So I think moved from 5% to 30% or so, had been kind of dual use. It sounds like it's moving more to single pull. Just maybe if you could unpack what's driving that acceleration in terms of lending cohorts, lender types, stuff like that? Just a little more detail would be helpful on what you're seeing.

很好，非常感謝讓我提問。也許轉到 VantageScore 的採用情況，好嗎？我想它大概從 5% 提升到 30% 左右，之前有點像是雙軌使用。聽起來現在正更多轉向單次拉取（single pull）。能否請你拆解一下，推動這種加速的因素是什麼——就放貸客群、放貸機構類型之類？如果能多提供一點你們看到的細節會很有幫助。

Yeah, sure, Curt. So well, look, in terms of cohorts or more specifics around it, the data that we shared reflects the adoption of Vantage that we're seeing across 900 customers, right? So it's a fairly broad-based observation of what's going on in the market. And what I would simply characterize it as this is a period of experimentation and calibration by the market broadly by lenders and resellers, even the GSEs and on into the securitization space and mortgage insurers.

好的，當然可以，Curt。所以，嗯，先說客群或更具體的部分，我們分享的數據反映的是我們在 900 位客戶中看到的 Vantage 採用情況，對吧？所以這是對市場正在發生什麼的一個相當廣泛的觀察。而我會把它簡單描述為：這是市場在廣泛進行試驗與校準的一段期間，參與者包括放貸機構與轉售商，甚至包括 GSEs，並延伸到證券化領域與房貸保險公司。

At the outset of the year, we were clear that we weren't budgeting or including in our guidance any revenue from selling the VantageScore. That's still our posture in this current raised guidance. And as a company, we are just laser-focused on helping the market adopt the VantageScore. There's a tremendous opportunity for lenders to get a more predictive score at a substantially lower price and improve their economics and hopefully pass on some of that benefit to consumers, which was the intention behind this government policy change.

在年初時，我們就很清楚地說過，我們的預算或財測指引中並未納入任何銷售 VantageScore 所帶來的營收。在這次上調後的指引中，我們仍維持同樣立場。作為一家公司，我們只是高度聚焦在協助市場採用 VantageScore。對放貸機構而言，這是一個巨大的機會：以顯著更低的價格取得更具預測性的分數，改善其經濟效益，並希望把部分好處回饋給消費者——這正是這項政府政策變更背後的初衷。

And as we step back from all of the fray and the occasional drama about this, it's clear the market is highly interested in the VantageScore. Almost everybody is experimenting with it. The efforts are being led by the largest players in the market that have the most financial benefit and all of the other players that need to calibrate are deeply engaged in doing so, whether that's updating their risk models for a new score or it's altering some fields in their software so that they can include multiple scores.

而當我們從所有紛擾以及偶爾的戲劇性事件中抽離來看，很明顯市場對 VantageScore 的興趣非常高。幾乎所有人都在用它做試驗。這些工作由市場中最大的參與者領頭，因為他們能獲得最大的財務效益；而其他需要校準的參與者也都深度投入，不論是為了新分數更新其風險模型，或是調整軟體中的某些欄位，以便能納入多種分數。

But this year of experimentation and preparation for faster and scaled adoption of a competing score is happening, full stop.

但今年這一整年的試驗與準備，正是在為更快速、規模化地採用一個競爭性分數做鋪墊——就是這樣，毋庸置疑。

Kelsey Zhu, Autonomous.

Kelsey Zhu，Autonomous。

Hi, good morning. Thanks for squeezing me in. And Chris, in the prepared remarks, you also mentioned that there are increases in lenders that adopt VantageScore only usage. And I was wondering if you can talk a little bit more about that and what you're seeing in terms of score gaming activity for lenders that are currently running both.

嗨，早安。謝謝讓我插進來提問。Chris，你在事先準備的發言中也提到，採用僅使用 VantageScore 的放貸機構在增加。我想請你多談一點這部分，以及你們對於目前同時跑兩種分數的放貸機構，在分數「操弄」（score gaming）活動方面看到了什麼？

Yes, sure. And thanks for the question, Kelsey. Well, there are some players in the market that if they're not exclusively using Vantage today, and that would be in a minority in our dialogue with them. And believe me, our teams are actively engaged across the marketplace. They clearly have an intention to move to a single score, Vantage, once they're through this experimentation and calibration phase, right?

好的，當然。也謝謝你的問題，Kelsey。嗯，市場上確實有一些參與者，如果他們今天還不是只用 Vantage——而在我們與他們的對話中，這其實是少數——相信我，我們的團隊正在全市場積極參與。他們很明確的意圖是：一旦完成這段試驗與校準階段，就會轉向單一分數，也就是 Vantage，對吧？

As you know, because you report on this, the percentage of players that are using only Vantage is increasing. And some of these Vantage mortgages or the Vantage only scores in mortgage are showing up in securitization. Now it's a relatively small percentage now, but it's growing rapidly. And just given the breadth of experimentation and activity that we see, it just speaks to real tailwinds.

如你所知，因為你也在報導這件事，只使用 Vantage 的參與者比例正在上升。而且其中一些使用 Vantage 的房貸，或房貸中僅用 Vantage 的分數，已經開始出現在證券化產品裡。目前占比還相對小，但成長非常快。再加上我們看到的試驗與活動的廣度，這些都顯示出明確的順風因素。

So I, again, am confident that in the coming quarters, we're going to continue to see greater share adoption that will flow through all of the metrics around Vantage adoption and utilization in the mortgage origination through securitization process and that Vantage is really well positioned for growth and share gain in subsequent years.

所以我再次有信心，在接下來幾個季度，我們會持續看到更高的採用占比，並反映在所有與 Vantage 採用與使用相關的指標上——涵蓋從房貸承作到證券化的整個流程；而 Vantage 在未來幾年也確實具備良好的成長與市占提升定位。

All right, Chris, any final remarks?

好的，Chris，還有最後補充嗎？

Yes. Well, look, we talked about the adoption of OneTru in the prepared remarks. That is progressing well. We are highly confident we'll have the entirety of the US credit market converted by the end of the year, most of it sooner than that. We're also migrating our marketing and fraud clients from their current legacy applications onto OneTru and this is just an enormous proof of concept that we have built this platform and that we can roll it out globally.

有的。嗯，我們在事先準備的發言中談到 OneTru 的採用情況。進展良好。我們非常有信心在年底前讓美國信用市場全面完成轉換，其中大部分會更早完成。我們也正在把行銷與反詐欺客戶，從目前的既有舊系統應用遷移到 OneTru；這是個巨大的概念驗證，證明我們已打造出這個平台，並且能在全球推廣部署。

Next up are our principal markets in Canada, in India, in the UK and of course, Mexico, where we want to move quickly there because there's a great opportunity. And again, once we complete that, which I would expect roughly to complete within the next two years, we'll have 95% of our business running on a common software platform that's going to generate enormous economies of scale for us that are unique in the industry and that further assures that we'll have ample capacity to continue to grow our margins while accelerating our investments in innovation.

接下來是我們在加拿大、印度、英國，當然還有墨西哥等主要市場；我們希望在墨西哥加快推進，因為那裡有很大的機會。而且再次強調，一旦我們完成這些——我預期大約在未來兩年內完成——我們將有 95% 的業務運行在同一套共用軟體平台上，這會為我們帶來巨大的規模經濟，而且是業界獨有的；同時也進一步確保我們有充足的能力，在加速創新投資的同時，持續提升利潤率。

So this is a super exciting innovation inflection point that we've been working to for four years now. And net-net, look, the modernization and the transformation is working. We're diversifying the business to drive more sustainable growth, we're gaining share through innovation. Our cash flow metrics are greatly improved. We've got tremendous capacity to return capital to shareholders while continuing to invest and accelerate the top line. So a lot of good momentum here, and we're just going to keep delivering quarter-by-quarter.

所以這是一個非常令人振奮的創新拐點，我們已經為此努力了四年。總而言之，現代化與轉型正在奏效。我們正在透過業務多元化來推動更可持續的成長，也透過創新提升市占。我們的現金流指標大幅改善。我們有很強的能力在持續投資、加速營收成長的同時，把資本回饋給股東。所以目前動能很好，我們會持續一季一季地交出成果。

All right, Chris. 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。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愉快。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛斷電話線。