| Geographical Segment | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Asia Pacific** ($ million) | **84.6**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | **89.9**  **[0000033185-23-000023_efx-20230331.htm:23]**  | **87.7**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | **85.5**  **[0000033185-23-000040_exhibit99120230930.htm:3]**  | **82.2**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **78.2**  **[0000033185-24-000032_efx-20240331.htm:25]**  | **84.6**  **[0000033185-24-000049_efx-20240630.htm:30]**  | **88.5**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **Europe** ($ million) | **81.5**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | **75.7**  **[0000033185-23-000023_efx-20230331.htm:23]**  | **78.7**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | **85.2**  **[0000033185-23-000040_exhibit99120230930.htm:3]**  | **93.6**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **86.2**  **[0000033185-24-000032_efx-20240331.htm:25]**  | **88.2**  **[0000033185-24-000049_efx-20240630.htm:30]**  | **94.9**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **Canada** ($ million) | **64.3**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | **63.1**  **[0000033185-23-000023_efx-20230331.htm:23]**  | **66.5**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | **65.1**  **[0000033185-23-000040_exhibit99120230930.htm:3]**  | **64.9**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **65.8**  **[0000033185-24-000032_efx-20240331.htm:25]**  | **69.2**  **[0000033185-24-000049_efx-20240630.htm:30]**  | **64.8**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **Latin America** ($ million) | **53.3**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | **55.3**  **[0000033185-23-000023_efx-20230331.htm:23]**  | **56.9**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | **80.1**  **[0000033185-23-000040_exhibit99120230930.htm:3]**  | **98.6**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **91.1**  **[0000033185-24-000032_efx-20240331.htm:25]**  | **97.3**  **[0000033185-24-000049_efx-20240630.htm:30]**  | **96.7**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **Total International Revenue** ($ million) | **283.7**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | **284.0**  **[0000033185-23-000023_efx-20230331.htm:23]**  | **289.8**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | **315.9**  **[0000033185-23-000040_exhibit99120230930.htm:3]**  | **339.3**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **321.3**  **[0000033185-24-000032_efx-20240331.htm:25]**  | **339.3**  **[0000033185-24-000049_efx-20240630.htm:30]**  | **344.9**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |

c634d0cd18985c209696fbbc667cf4362092d63ca528706f58a20590a4dfc51f

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Workforce Solutions** | **508.4**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | **596.3**  **[0000033185-23-000019_exhibit99120230331.htm:0]** **[0000033185-23-000023_efx-20230331.htm:22]**  | **582.8**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | **577.2**  **[0000033185-23-000045_efx-20230930.htm:24]**  | **559.5**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **602.8**  **[0000033185-24-000032_efx-20240331.htm:21]** **[0000033185-24-000032_efx-20240331.htm:24]**  | **612.9**  **[0000033185-24-000042_exhibit99120240630.htm:3]** **[0000033185-24-000049_efx-20240630.htm:14]**  | **620.0**  **[0000033185-24-000063_efx-20240930.htm:23]**  |
| **Verification Services** | **398.6**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | N/A | **474.0**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | N/A | **457.1**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **476.5**  **[0000033185-24-000032_efx-20240331.htm:24]**  | **515.9**  **[0000033185-24-000042_exhibit99120240630.htm:3]** **[0000033185-24-000049_efx-20240630.htm:14]**  | **524.9**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **Employer Services** | **109.8**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | N/A | **108.8**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | N/A | **102.4**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **126.3**  **[0000033185-24-000032_efx-20240331.htm:24]**  | **97.0**  **[0000033185-24-000042_exhibit99120240630.htm:3]** **[0000033185-24-000049_efx-20240630.htm:14]**  | **95.1**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **U.S. Information Solutions (USIS)** | **405.9**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | **421.7**  **[0000033185-23-000019_exhibit99120230331.htm:1]** **[0000033185-23-000023_efx-20230331.htm:22]**  | **445.0**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | **426.0**  **[0000033185-23-000040_exhibit99120230930.htm:3]**  | **427.7**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **465.3**  **[0000033185-24-000032_efx-20240331.htm:21]** **[0000033185-24-000032_efx-20240331.htm:24]**  | **478.3**  **[0000033185-24-000042_exhibit99120240630.htm:3]** **[0000033185-24-000049_efx-20240630.htm:14]**  | **476.9**  **[0000033185-24-000063_efx-20240930.htm:23]**  |
| **Online Information Solutions** | **308.0**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | N/A | **358.6**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | N/A | **327.5**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **380.2**  **[0000033185-24-000032_efx-20240331.htm:24]**  | **377.8**  **[0000033185-24-000042_exhibit99120240630.htm:3]** **[0000033185-24-000049_efx-20240630.htm:14]**  | **381.1**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **Mortgage Solutions** | **26.0**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | N/A | **30.3**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | N/A | **22.9**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **38.0**  **[0000033185-24-000032_efx-20240331.htm:24]**  | **40.4**  **[0000033185-24-000042_exhibit99120240630.htm:3]** **[0000033185-24-000049_efx-20240630.htm:14]**  | **38.0**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |
| **Financial Marketing Services** | **71.9**  **[0000033185-23-000004_a2022q48-kexhibit991.htm:1]**  | N/A | **56.1**  **[0000033185-23-000029_exhibit99120230630.htm:3]**  | N/A | **77.3**  **[0000033185-24-000008_a2023q48-kexhibit991.htm:3]**  | **47.1**  **[0000033185-24-000032_efx-20240331.htm:24]**  | **60.1**  **[0000033185-24-000042_exhibit99120240630.htm:3]** **[0000033185-24-000049_efx-20240630.htm:14]**  | **57.8**  **[0000033185-24-000055_exhibit99120240930.htm:1]**  |

cd6c2a1c39cbe6b5dfa215ca352a4329bc87274154d8ddb3fea35ad674b997db

Equifax Inc. is a global data, analytics, and technology company that provides information solutions for businesses, governments, and consumers, as well as human resources business process automation and outsourcing services for employers **[0000033185-24-000017_efx-20231231.htm:58]** **[0000033185-24-000063_efx-20240930.htm:24]** **[0000033185-24-000017_efx-20231231.htm:2]**. Operating in North America, Asia Pacific, Europe, and Latin America, Equifax has significant operations in countries such as the U.S., Canada, Australia, the U.K., and Brazil **[0000033185-24-000017_efx-20231231.htm:58]** **[0000033185-24-000063_efx-20240930.htm:24]** **[0000033185-24-000017_efx-20231231.htm:2]** **[0000033185-24-000017_efx-20231231.htm:10]**. The company's business is organized into three main segments: Workforce Solutions, U.S. Information Solutions (USIS), and International **[0000033185-24-000017_efx-20231231.htm:99]** **[0000033185-24-000017_efx-20231231.htm:10]**.

1. **Workforce Solutions** - Offers Verification Services and Employer Services, focusing on employment and income verification, unemployment claims management, and other HR-related services.
   - **Verification Services** - Provides employment and income verification.
   - **Employer Services** - Manages unemployment claims and other HR-related services.
2. **U.S. Information Solutions (USIS)** - Delivers Online Information Solutions, Mortgage Solutions, and Financial Marketing Services, concentrating on consumer and commercial credit reporting, identity management, and fraud detection.
   - **Online Information Solutions** - Focuses on consumer and commercial credit reporting.
   - **Mortgage Solutions** - Provides services related to mortgage credit reporting.
   - **Financial Marketing Services** - Offers identity management and fraud detection services.
3. **International** - Provides similar services as USIS, tailored to regional markets in Asia Pacific, Europe, Canada, and Latin America.

c2d0762d788f6b9cdce2f8abbdc9714887985237a3feb19e25836a0d283b1503

d21e841f281f8042dd31cc1dbc77402046c4a7a24e4ba1d2260e3319062ca9ea

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

bf8e900e95a32a3e29ee480116f33b747fbcacc7933b7feb31e3a19ddaae3223

d9d46426522647c7445fe6030162996008f031da39cf74fb3f2fc8453482ae3b

1. With Boa Vista now under Equifax for over a year, can you elaborate on the specific challenges you've faced in gaining market share in Brazil, particularly against strong competitors like Serasa Experian, and how you plan to overcome them in the next year?  **[EFX_3403044_40]** 

2. Given the substantial investments in cloud transformation over the past years, what are the key risks that could prevent CapEx from declining to the projected 6% to 7% of revenue, and how confident are you in the timeline to start returning cash to shareholders in 2025?  **[EFX_3403044_11]** ,  **[EFX_3403044_10]** 

3. With plans to continue bolt-on M&A spending approximately $500 million annually, how will you balance these investments with your commitments to increase dividends and initiate share buybacks, and could this impact your leverage targets?  **[EFX_3403044_22]** ,  **[EFX_3403044_10]** ,  **[EFX_3403044_1]** 

4. Identity and Fraud revenue was down and weaker than expectations, particularly due to weakness in chargeback management volumes; what specific strategies are in place to address this decline, and when do you expect to see a turnaround in this segment?  **[EFX_3403044_4]** 

5. You anticipate mortgage market activity will improve toward 2015 to 2019 levels as mortgage rates come down; considering recent rate increases and housing market challenges, what gives you confidence in these assumptions, and how might prolonged rate elevations affect your projections?  **[EFX_3403044_1]** ,  **[EFX_3403044_2]** 

820919f9164cb336cf19ef8e643ff31224d90ab701041c5ff21772271c367fbd

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

0c88a10c6de5ded08c623f47fa6bd3d614a5da7d319f770da3c8b7bf3f89bc35

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2024
- **Guidance**:
  1. **Adjusted EPS**: $2.08 to $2.18 per share for Q4 2024  **[EFX_3403044_8]** .
  2. **Revenue**: 
     - Q4 2024: $1.438 billion to $1.458 billion  **[EFX_3403044_7]** .
     - FY 2024: Constant currency growth of 10%, organic growth of 8%  **[EFX_3403044_8]** .
  3. **Adjusted EBITDA Margins**: 
     - Q4 2024: About 35.5%  **[EFX_3403044_7]** .
     - FY 2024: 32.4%  **[EFX_3403044_8]** .
  4. **Capital Expenditures**: 
     - Q4 2024: Just over $105 million  **[EFX_3403044_8]** .
     - FY 2024: About $485 million  **[EFX_3403044_8]** .
  5. **Mortgage Revenue**: 
     - Q4 2024: Up almost 30%  **[EFX_3403044_7]** .
     - FY 2024: Grow about 12.5%  **[EFX_3403044_8]** .
  6. **Non-Mortgage Revenue**: 
     - Q4 2024: Up over 7%  **[EFX_3403044_7]** .
     - FY 2024: Grow almost 10%  **[EFX_3403044_8]** .
  7. **Workforce Solutions Revenue**: Up about 10% in Q4 2024  **[EFX_3403044_8]** .
  8. **USIS Revenue**: Up over 10% in Q4 2024  **[EFX_3403044_8]** .
  9. **International Revenue**: Up over 9% in Q4 2024  **[EFX_3403044_8]** .
  10. **Vitality Index**: FY 2024 increased to 11%  **[EFX_3403044_6]** .
  11. **Leverage Ratio**: Progress towards 2.5 turns by year-end 2024  **[EFX_3403044_11]** .
  12. **Free Cash Flow**: Expected to accelerate  **[EFX_3403044_11]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  1. **Full Year 2024**:
     - Revenue: $5.72 billion, up 8.6%  **[EFX_3393462_6]** .
     - Adjusted EPS: $7.35 per share, up 9.5%  **[EFX_3393462_6]** .
     - Constant Currency Revenue Growth: About 10.5%  **[EFX_3393462_8]** .
     - EBITDA Margins: 32.6%  **[EFX_3393462_8]** .
     - Total Mortgage Revenue Growth: Over 10%  **[EFX_3393462_8]** .
  2. **Second Half 2024**:
     - Revenue: $2.9 billion, up over 9.5%  **[EFX_3393462_6]** .
     - Adjusted EPS: $4.03 per share, up 13%  **[EFX_3393462_6]** .
  3. **Third Quarter 2024**:
     - Revenue: $1.425 billion to $1.445 billion  **[EFX_3393462_7]** .
     - Adjusted EPS: $1.75 to $1.85 per share  **[EFX_3393462_7]** .
     - Adjusted EBITDA Margins: Under 33%  **[EFX_3393462_7]** .
  4. **Business Unit Performance for 2024**:
     - Workforce Solutions Revenue Growth: About 7%  **[EFX_3393462_8]** .
     - USIS Revenue Growth: 9%  **[EFX_3393462_8]** .
     - International Revenue Growth: Over 15%  **[EFX_3393462_8]** .
  5. **Capital Expenditures for 2024**: About $485 million  **[EFX_3393462_9]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Full Year 2024**:
     - Revenue: $5.72 billion  **[EFX_3380090_2]** .
     - Adjusted EPS: $7.35 per share  **[EFX_3380090_2]** .
     - Constant Currency Revenue Growth: 10.5%  **[EFX_3380090_10]** .
     - Capital Expenditures: $475 million  **[EFX_3380090_10]** .
     - Leverage Ratio: 2.5x by year-end  **[EFX_3380090_10]** .
     - Non-Mortgage Revenue Growth: Over 10%  **[EFX_3380090_10]** .
     - Total Mortgage Revenue Growth: Over 10%  **[EFX_3380090_10]** .
     - Workforce Solutions Revenue: About 7%  **[EFX_3380090_10]** .
     - USIS Revenue Growth: Over 9%  **[EFX_3380090_10]** .
     - International Revenue Growth: Over 15%  **[EFX_3380090_11]** .
  2. **Second Quarter 2024**:
     - Revenue: $1.41 billion to $1.43 billion  **[EFX_3380090_9]** .
     - Adjusted EPS: $1.65 to $1.75 per share  **[EFX_3380090_10]** .
     - Adjusted EBITDA Margins: About 32%  **[EFX_3380090_10]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024 and Q1 2024
- **Guidance**:
  1. **FY 2024**:
     - Revenue: $5.72 billion  **[EFX_3372642_8]** .
     - EBITDA: $1.9 billion  **[EFX_3372642_9]** .
     - Adjusted EPS: $7.35 per share  **[EFX_3372642_9]** .
     - Capital Spending: $475 million  **[EFX_3372642_11]** .
     - Free Cash Flow: Over 50% growth  **[EFX_3372642_11]** .
     - EBITDA Leverage: 2.5x by end of 2024  **[EFX_3372642_11]** .
     - Workforce Solutions Revenue: About 8% growth  **[EFX_3372642_9]** .
     - USIS Revenue: Almost 8% growth  **[EFX_3372642_9]** .
     - International Revenue: Over 15% growth  **[EFX_3372642_9]** .
     - Nonmortgage Revenue Growth: Over 10.5%  **[EFX_3372642_6]** .
     - Tax Rate: About 26.7%  **[EFX_3372642_11]** .
  2. **Q1 2024**:
     - Revenue: About $1.385 billion  **[EFX_3372642_11]** .
     - Adjusted EPS: $1.33 to $1.43 per share  **[EFX_3372642_12]** .

0732c557affec592845f71289a67a94e8d429bc997ba8f11be85b588f5335a96

- **Experian** - Competitor in verification services, credit information solutions, and commercial solutions products  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Thomas & Company** - Competitor in verification services and employer services  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **TransUnion** - Competitor in credit information solutions  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **LifeLock** - Competitor in personal identity theft protection service  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Credit Karma** - Competitor offering free credit scores in the U.S., Canada, and the U.K.  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **ClearScore** - Competitor offering free credit scores in the U.K.  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Credit Simple** - Competitor offering free credit scores in Australia  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Credit Savvy** - Competitor offering free credit scores in Australia  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Fair Isaac Corporation** - Competitor in analytical tools and solutions  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **LexisNexis** - Competitor in identity and fraud solutions  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Dun & Bradstreet** - Competitor in commercial solutions products  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Moody's** - Competitor in commercial solutions products  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **ADP** - Competitor in payroll processing  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Paychex** - Competitor in payroll processing  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Ceridian** - Competitor in payroll processing  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Mercer** - Competitor in human resources consulting  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Towers Watson** - Competitor in human resources consulting  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Workday** - Competitor in human resources management services  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **Oracle** - Competitor in human resources management services  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **SAP** - Competitor in human resources management services  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **PwC** - Competitor in accounting services  **[0000033185-24-000017_efx-20231231.htm:12]** .
- **EY** - Competitor in accounting services  **[0000033185-24-000017_efx-20231231.htm:12]** .

677d645406ceedefa277473ef9ab6ffb689731e05abd18db48f95844e3c57e41

b5d74a3e58844c500c94a4486db79778d0e07efc109e55b785ed198a2064924a

| Name               | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Mark W. Begor      | Chief Executive Officer                                                  | April 2018         | Mark W. Begor has been the CEO of Equifax since April 2018. Previously, he was a Managing Director at Warburg Pincus and spent 35 years at GE in various roles  **[0000033185-24-000017_efx-20231231.htm:156]** **[0001308179-24-000243_lefx2024_def14a.htm:18]** .                                    |
| Sunil Bindal       | Executive Vice President, Chief Corporate Development Officer            | October 2020       | Sunil Bindal joined Equifax in October 2020. He was previously SVP, Global Head of M&A at Total System Services and VP of Corporate Development at Broadridge Financial Solutions  **[0000033185-24-000017_efx-20231231.htm:156]** **[0000033185-23-000012_efx-20221231.htm:156]** .                |
| Carla Chaney       | Executive Vice President, Chief Human Resources Officer                  | April 2019         | Carla Chaney has been with Equifax since April 2019. She was previously EVP, Human Resources and Communications at Graphic Packaging Holding Company  **[0000033185-24-000017_efx-20231231.htm:156]** **[0000033185-23-000012_efx-20221231.htm:156]** .                                              |
| Jamil Farshchi     | Executive Vice President, Chief Information Security Officer and Acting Chief Technology Officer | February 2018 (CISO), February 2024 (CTO) | Jamil Farshchi has been CISO since February 2018 and Acting CTO since February 2024. He was previously CISO at The Home Depot  **[0000033185-24-000017_efx-20231231.htm:156]** **[0001308179-24-000243_lefx2024_def14a.htm:4]** .                                                                   |
| John W. Gamble, Jr.| Executive Vice President, Chief Financial Officer and Chief Operations Officer | February 2021     | John W. Gamble, Jr. has been CFO and COO since February 2021. He was previously Corporate VP and CFO from May 2014 to February 2021  **[0000033185-24-000017_efx-20231231.htm:156]** **[0001193125-23-139538_d441719ds4a.htm:128]** .                                                              |
| Todd Horvath       | Executive Vice President, President, U.S. Information Solutions          | March 2023         | Todd Horvath joined Equifax in March 2023. He previously held various roles at Fiserv and ADP  **[0000033185-24-000017_efx-20231231.htm:156]** .                                                                                                       |
| Julia A. Houston   | Executive Vice President, Chief Strategy and Marketing Officer           | March 2021         | Julia A. Houston has been with Equifax since March 2021. She was previously Chief Transformation Officer and held roles at Convergys Corporation and Mirant Corporation  **[0000033185-24-000017_efx-20231231.htm:157]** **[0000033185-23-000012_efx-20221231.htm:156]** .                          |
| John J. Kelley III | Executive Vice President, Chief Legal Officer and Corporate Secretary    | January 2013       | John J. Kelley III has been with Equifax since January 2013. He was previously a senior partner at King & Spalding LLP  **[0000033185-24-000017_efx-20231231.htm:157]** .                                                                              |
| Cecilia Mao        | Executive Vice President, Chief Product Officer                          | February 2024      | Cecilia Mao has been Chief Product Officer since February 2024. She joined Equifax in May 2020 and was previously VP of Product at Oracle Data Cloud  **[0000033185-24-000017_efx-20231231.htm:157]** .                                                |
| Lisa Nelson        | Executive Vice President, President, International                       | June 2021          | Lisa Nelson has been with Equifax since June 2021. She was previously Group Managing Director for Equifax Australia and New Zealand and President of Equifax Canada  **[0000033185-24-000017_efx-20231231.htm:157]** **[0001193125-23-139538_d441719ds4a.htm:127]** **[0001193125-23-100726_d441719ds4a.htm:127]** **[0001193125-23-061592_d441719ds4.htm:127]** .                       |
| Chad M. Borton     | Executive Vice President, President, Workforce Solutions                 | May 6, 2024        | Chad M. Borton will start as EVP, President, Workforce Solutions on May 6, 2024. He brings extensive experience in financial services and executive leadership  **[0001225208-24-005802_xslF345X02/doc3.xml:0]** **[EFX_3393462_3]** .                                 |
| Rodolfo O. Ploder  | Executive Vice President, President, Workforce Solutions (until September 30, 2024) | November 2015     | Rodolfo O. Ploder has been with Equifax since November 2015. He previously served as President of U.S. Information Solutions and President, International  **[0000033185-24-000017_efx-20231231.htm:157]** **[0000033185-23-000012_efx-20221231.htm:157]** .                                        |
| Harald Schneider   | Executive Vice President, Chief Data & Analytics Officer                 | February 2024      | Harald Schneider has been Chief Data & Analytics Officer since February 2024. He was previously Global Head of Data Products at Visa Inc.  **[0000033185-24-000017_efx-20231231.htm:157]** .                                                           |

c3fd47ec8aaf3e9e236a225eab4e4804b31788c04ccb7efe2c449662a3ff7d91

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | N/A             |
| End Date/Duration        | N/A             |
| Total additional amount  | N/A             |
| Remaining authorization amount | **$520.2 million**  **[0000033185-24-000063_efx-20240930.htm:42]** **[0000033185-24-000063_efx-20240930.htm:36]** **[0000033185-24-000063_efx-20240930.htm:26]**  |
| Details                  | No shares were repurchased under the program during the periods covered in the documents.  **[0000033185-23-000023_efx-20230331.htm:35]** **[0000033185-24-000063_efx-20240930.htm:42]** **[0000033185-23-000034_efx-20230630.htm:39]** **[0000033185-24-000017_efx-20231231.htm:57]** **[0000033185-24-000049_efx-20240630.htm:40]** **[0000033185-23-000012_efx-20221231.htm:91]** **[0000033185-22-000058_efx-20220930.htm:50]** **[0000033185-24-000032_efx-20240331.htm:35]** **[0000033185-24-000017_efx-20231231.htm:96]** **[0000033185-22-000042_efx-20220630.htm:45]**  |

5df09a120e7554ecdd49d848ea63835507b6dbf3d89b646a04bb2b3d9e725b71

U.S.

Australia

U.K.

Canada

Other

Asia Pacific

Europe

Latin America

Total International

Total Revenue

145fc50973097d47746c676e349898afa64c30e165dc6f87fccc66bc33b810ec

**Quarterly guidance for Q4 2024:**
- **Revenue**: $1.438B to $1.458B  **[EFX_3403044_7]**  (raised from $1.425B to $1.445B  **[EFX_3393462_7]** )  
- **Adjusted EPS**: $2.08 to $2.18  **[EFX_3403044_8]**  (raised from $1.75 to $1.85  **[EFX_3393462_7]** )  
- **Adjusted EBITDA margin**: About 35.5%  **[EFX_3403044_7]**  (raised from under 33%  **[EFX_3393462_7]** )  
- **Mortgage revenue**: Up almost 30%  **[EFX_3403044_7]**  (no prior guidance)  
- **Non-Mortgage revenue**: Up over 7%  **[EFX_3403044_7]**  (no prior guidance)  
- **Workforce Solutions revenue**: Up about 10%  **[EFX_3403044_8]**  (no prior guidance)  
- **USIS revenue**: Up over 10%  **[EFX_3403044_8]**  (no prior guidance)  
- **International revenue**: Up over 9%  **[EFX_3403044_8]**  (no prior guidance)  

**Annual guidance for FY 2024:**
- **Constant currency revenue growth**: 10%  **[EFX_3403044_8]**  (lowered from 10.5%  **[EFX_3393462_8]** )  
- **Adjusted EBITDA margin**: 32.4%  **[EFX_3403044_8]**  (lowered from 32.6%  **[EFX_3393462_8]** )  
- **Mortgage revenue**: About 12.5%  **[EFX_3403044_8]**  (raised from over 10%  **[EFX_3393462_8]** )  
- **Capital expenditures**: About $485 million  **[EFX_3403044_8]**  (no change from prior guidance  **[EFX_3393462_9]** )  
- **Organic growth**: 8%  **[EFX_3403044_8]**  (no prior guidance)  
- **Non-Mortgage revenue**: Almost 10%  **[EFX_3403044_8]**  (no prior guidance)  
- **Vitality Index**: 11%  **[EFX_3403044_6]**  (no prior guidance)  
- **Leverage Ratio**: Progress towards 2.5 turns by year-end 2024  **[EFX_3403044_11]**  (no prior guidance)  
- **Free Cash Flow**: Expected to accelerate  **[EFX_3403044_11]**  (no prior guidance)  

5dd953e79bd8de6eb512694042f484c363bc625df3a49db381c1e341b9d37f72

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2002  **[0000033185-24-000017_efx-20231231.htm:91]**    | Present  | Current auditor   |

bbaeec919e8c3e7f4bf221bd786c070a7408657ea1dcb68beb9d9b06c128ecee

63859d63b64d3f76b63cf17390fb1e60a95b28ab552f1578a77149deeffb9fb8

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $1,441.8 million (+9% YoY)  **[0000033185-23-000045_efx-20230930.htm:24]** **[0000033185-24-000063_efx-20240930.htm:15]**   
- Workforce Solutions: $620.0 million (+7% YoY)  **[0000033185-23-000045_efx-20230930.htm:24]** **[0000033185-24-000063_efx-20240930.htm:15]**   
  • Verification Services: $524.9 million (+14% YoY)  **[0000033185-23-000045_efx-20230930.htm:14]** **[0000033185-24-000063_efx-20240930.htm:15]**   
  • Employer Services: $95.1 million (-19% YoY)  **[0000033185-23-000045_efx-20230930.htm:14]** **[0000033185-24-000063_efx-20240930.htm:15]**   
- U.S. Information Solutions (USIS): $476.9 million (+12% YoY)  **[0000033185-23-000045_efx-20230930.htm:24]** **[0000033185-24-000063_efx-20240930.htm:15]**   
  • Mortgage Solutions: $38.0 million (+**39%** YoY)  **[0000033185-24-000063_efx-20240930.htm:15]** **[0000033185-23-000045_efx-20230930.htm:14]**   
  • Financial Marketing Services: $57.8 million (+14% YoY)  **[0000033185-24-000063_efx-20240930.htm:15]** **[0000033185-23-000045_efx-20230930.htm:14]**   
- International: $344.9 million (+9% YoY)  **[0000033185-23-000045_efx-20230930.htm:24]** **[0000033185-24-000063_efx-20240930.htm:15]**   
  • Europe: $94.9 million (+11% YoY)  **[0000033185-24-000063_efx-20240930.htm:15]** **[0000033185-23-000045_efx-20230930.htm:32]** **[0000033185-23-000045_efx-20230930.htm:14]**   
  • Latin America: $96.7 million (+**21%** YoY)  **[0000033185-24-000063_efx-20240930.htm:15]** **[0000033185-23-000045_efx-20230930.htm:32]** **[0000033185-23-000045_efx-20230930.htm:14]**   
- Net Income: $141.4 million (-12% YoY)  **[0000033185-23-000045_efx-20230930.htm:2]** **[0000033185-23-000045_efx-20230930.htm:30]** **[0000033185-23-000045_efx-20230930.htm:27]** **[0000033185-24-000063_efx-20240930.htm:2]**   
- Diluted EPS: $1.13 (-14% YoY)  **[0000033185-23-000045_efx-20230930.htm:2]** **[0000033185-23-000045_efx-20230930.htm:30]** **[0000033185-24-000063_efx-20240930.htm:2]**   

a71cdb0460b505c86a0c91c3a1136c86357b26bf1418c6a0f7611aff08a78bc0

| Year | Amount Due (in millions) | Debt Type       | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|---------------------|-----------------------|------------------------------------------------------------------------------------|
| 2024     | $750.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 2.60 **[0000033185-24-000063_efx-20240930.htm:17]**          | 13.6% = (750.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                           |
| 2025     | $400.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 2.60 **[0000033185-24-000063_efx-20240930.htm:17]**          | 7.3% = (400.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                            |
| 2026     | $275.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 3.25 **[0000033185-24-000063_efx-20240930.htm:17]**          | 5.0% = (275.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                            |
| 2027     | $750.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 5.10 **[0000033185-24-000063_efx-20240930.htm:17]**          | 13.6% = (750.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                           |
| 2028     | $700.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 5.10 **[0000033185-24-000063_efx-20240930.htm:17]**          | 12.7% = (700.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                           |
| 2028     | $125.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Debentures          | 6.90 **[0000033185-24-000063_efx-20240930.htm:17]**          | 2.3% = (125.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                            |
| 2029     | $650.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 4.80 **[0000033185-24-000063_efx-20240930.htm:17]**          | 11.8% = (650.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                           |
| 2030     | $600.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 3.10 **[0000033185-24-000063_efx-20240930.htm:17]**          | 10.9% = (600.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                           |
| 2031     | $1,000.0 **[0000033185-24-000063_efx-20240930.htm:17]**             | Notes               | 2.35 **[0000033185-24-000063_efx-20240930.htm:17]**          | 18.2% = (1,000.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                         |
| 2037     | $250.0 **[0000033185-24-000063_efx-20240930.htm:17]**               | Notes               | 7.00 **[0000033185-24-000063_efx-20240930.htm:17]**          | 4.5% = (250.0 / 5,500.5) * 100 **[0000033185-24-000063_efx-20240930.htm:17]**                                            |

5252d000525f1adb6f870b0c38d22229ab3f7fa2a0ada4118ebe1b8e2b157f08

e40b6a1becab46756a6e775ce005264e10d26ebf75990eda13091bf9ffe7fdbb

Remaining performance obligations (less than 1 year) (USD millions)

Remaining performance obligations (1 to 3 years) (USD millions)

Remaining performance obligations (3 to 5 years) (USD millions)

Remaining performance obligations (thereafter) (USD millions)

Total remaining performance obligations (USD millions)

0cbcddb9967586fb07a210fdd7a1c3706cbfea3e20d782ae2f8819fc1b156c9d

1. **Mortgage Market Outlook**  
   **Q:** What will drive mortgage revenue recovery?  
   **A:** Mark Begor explained that the $1.1 billion mortgage revenue opportunity assumes a return to historical averages from 2015 to 2019, with purchase activity being a significant contributor. He highlighted that as interest rates decrease, both purchase and refinance activities are expected to pick up, moving towards that $1.1 billion market opportunity. The recent rate increases are unprecedented, but even small rate declines have stimulated the market, indicating pent-up demand.  **[EFX_3403044_18]** **[EFX_3403044_21]** **[EFX_3403044_23]** 

2. **Guidance Reduction and Philosophy**  
   **Q:** Why has guidance been lowered?  
   **A:** Mark Begor stated that the guidance reduction is primarily due to volatility in the marketplace impacting certain verticals, notably the EWS employer business. Factors include the halt of employee retention credits by the IRS, delays in state responses to federal changes in work opportunity tax credits, and slowdowns in background screening volumes, particularly in white-collar hiring. Despite these challenges, they are pleased with their third-quarter performance and strong fourth-quarter guidance.  **[EFX_3403044_12]** **[EFX_3403044_29]** 

3. **Capital Returns: Dividends and Buybacks**  
   **Q:** How will you approach capital returns in 2025?  
   **A:** Mark Begor indicated that with the completion of the cloud transformation and a reduction in CapEx, substantial free cash flow will be available to return to shareholders. They plan to continue with bolt-on M&A while also increasing dividends and initiating share buybacks. The dividend growth is envisioned to align with earnings growth, and excess free cash flow will be used for share repurchases.  **[EFX_3403044_22]** 

4. **Technology Transformation Benefits**  
   **Q:** What benefits will the tech transformation bring?  
   **A:** The completion of the cloud transformation allows USIS to focus on growth, innovation, and new products without the distraction of migration efforts. Mark Begor anticipates share gains, cost savings, and margin expansion. He noted that USIS's vitality increased by 100 basis points in both the second and third quarters, moving towards a **10%** vitality rate, which is expected to benefit 2025 revenues.  **[EFX_3403044_13]** **[EFX_3403044_32]** 

5. **Workday Partnership and Record Additions**  
   **Q:** What is the impact of the Workday partnership?  
   **A:** Mark Begor expressed excitement about the strategic partnership with Workday, noting it will contribute to sizable record additions in 2025. While some records will come online in the fourth quarter, the substantial growth is expected next year. Overall, they continue to see strong record growth, with records up **12%** in the quarter, and expect this to drive revenue growth as they monetize new records across their verticals.  **[EFX_3403044_14]** **[EFX_3403044_15]** 

6. **Employee Retention Credits Impact**  
   **Q:** How did the halt of employee retention credits affect you?  
   **A:** The stopping of employee retention credits by the IRS has impacted the EWS employer business, contributing to the slight lowering of guidance. There is currently no activity expected from these credits, which affects revenue in that segment. Previously, employee retention credits were about **$10 million** per quarter and are now approximately **$1 million** per quarter.  **[EFX_3403044_12]** **[EFX_3403044_24]** 

7. **Consumer Credit Environment**  
   **Q:** What is the outlook on consumer credit health?  
   **A:** Mark Begor observed that while there is some softening in end-market consumer demand, such as in auto loans, overall consumer credit health remains good. Delinquency rates have increased but are still within manageable levels for lenders. Employment remains strong, and unless unemployment rates rise significantly, they do not expect major impacts on their volumes.  **[EFX_3403044_28]** **[EFX_3403044_38]** 

8. **Government Vertical Growth**  
   **Q:** Where do you see growth in the government sector?  
   **A:** The primary opportunity lies in penetrating state agencies to provide social service verifications, a market with over **$4 billion** in potential revenue. Equifax is investing in new products and technology and adding resources to increase penetration at the state level. They expect the government vertical to continue growing at strong double-digit rates, outpacing the **13% to 15%** growth framework of Workforce Solutions.  **[EFX_3403044_25]** 

68dbcfabe991480524a7e38e1b2ce4c150e6b725c7fe4a612c34b87906639eba

- **Third-party sales to credit bureaus were weak and down double digits in the quarter**, and this weakness is expected to continue into the second quarter. This decline indicates reduced demand for Equifax's credit reports from other bureaus.  **[EFX_3380090_24]**
- **Talent Solutions revenue decreased by 4%**, which was weaker than expected due to very slow volumes in January and February. The company does not foresee a significant recovery in this segment, suggesting potential ongoing weakness in employment-related services.  **[EFX_3380090_20]**
- **The auto market is weaker than anticipated**, impacting Equifax's auto-based revenue. Additionally, **sales to other credit bureaus in the USIS non-mortgage segment were weaker than expected**, and the company now assumes this lower run rate will persist.  **[EFX_3380090_24]** **[EFX_3380090_37]**

c866b0ba06d4cb6a1d2b7a392933009581436144291a3bfc2aa014c2084ce4e3

1. **Mortgage Revenue & Margins**  
   **Q:** What were mortgage revenues and margins in Q4 and expectations for 2024?  
   **A:** Mortgage revenue accounted for **15% of total revenues in Q4** and **19% for the fiscal year**.  **[EFX_3372642_15]**  In the first quarter of 2024, it's expected to be around **20%**.  **[EFX_3372642_15]**  The blended gross margin on mortgage is approximately **65%**, though this depends on product mix.  **[EFX_3372642_15]**  Incremental mortgage margins remain very high despite some compression due to vendor price increases.  **[EFX_3372642_22]** 

2. **Nonmortgage Growth Guidance**  
   **Q:** How should we interpret the 8.5% nonmortgage growth guidance for 2024?  
   **A:** The **8.5% nonmortgage growth** is within their target range of 8% to 12% and is considered strong.  **[EFX_3372642_16]**  Despite pressures in the Talent market and the ERC impact, they do not anticipate upside beyond this guidance and view it as a solid growth rate.  **[EFX_3372642_16]** 

3. **Capital Deployment Priorities**  
   **Q:** What are the capital deployment priorities regarding leverage, dividends, buybacks, and M&A?  
   **A:** Near-term priorities in 2024 include reducing CapEx as they complete their cloud migration, leading to increased free cash flow.  **[EFX_3372642_19]**  They plan to continue disciplined bolt-on M&A.  **[EFX_3372642_19]**  Looking ahead to 2025 and 2026, they expect significant excess free cash flow to potentially restart the dividend and engage in meaningful stock buybacks.  **[EFX_3372642_19]** 

4. **Government Business TAM Increase**  
   **Q:** What's driving the increase in Government TAM from $4B to $5B?  
   **A:** The Government business's Total Addressable Market has grown due to expanded opportunities in government social services verification.  **[EFX_3372642_20]**  Significant growth potential exists at federal, state, and local levels, particularly in income and employment verification for social programs.  **[EFX_3372642_20]**  Integration of the insights business has broadened their product set, contributing to the increased TAM.  **[EFX_3372642_20]** 

5. **Margin Expansion Outlook**  
   **Q:** What is the outlook for margin expansion and cost savings?  
   **A:** They expect margin improvements throughout 2024, with a net benefit of about **30 basis points** for the year due to cost reductions from the cloud migration.  **[EFX_3372642_23]**  Significant cost savings are anticipated in the second half as duplicative costs and migration expenses decrease.  **[EFX_3372642_23]**  They remain consistent in expecting margins to expand as the year progresses.  **[EFX_3372642_28]** 

6. **Mortgage Inquiry Trends**  
   **Q:** How are mortgage inquiry trends shaping up for 2024?  
   **A:** Slight improvements have been observed in the last 60 days, suggesting the mortgage market may have bottomed.  **[EFX_3372642_24]**  While inquiries are better than anticipated when guidance was given in October, these trends are already factored into the **down 15%** forecast for mortgage inquiries in 2024.  **[EFX_3372642_25]** 

7. **Delinquencies in Subprime**  
   **Q:** Is there concern that rising subprime delinquencies will spread to near prime or prime?  
   **A:** Management does not believe rising subprime delinquencies will spread to near prime or prime, primarily because **unemployment remains low and employment is high**, enabling consumers to meet their financial obligations.  **[EFX_3372642_27]**  Subprime pressure is mainly due to inflation affecting that demographic, but it's a small part of the overall financial ecosystem.  **[EFX_3372642_27]** 

8. **VantageScore Pricing in Mortgage Vertical**  
   **Q:** How are you thinking about pricing for VantageScore 4.0 in the mortgage vertical?  
   **A:** Pricing decisions for VantageScore are pending as regulatory changes are still in a comment period.  **[EFX_3372642_21]**  If a mandate requires both FICO and VantageScore for mortgages, it would be a positive development, allowing them to sell a second score for every mortgage.  **[EFX_3372642_21]**  However, they haven't included this in their 2024 framework due to uncertainty about timing and impact.  **[EFX_3372642_21]** 

9. **Volume Assumptions in Talent Business**  
   **Q:** What are the volume assumptions for the Talent business in 2024?  
   **A:** They anticipate the hiring market to be down about **10%**, based on current Bureau of Labor Statistics data.  **[EFX_3372642_14]**  Despite this, they expect to significantly outperform the market by over **10 points**, feeling confident in their ability to grow Talent despite the challenging hiring environment.  **[EFX_3372642_14]** 

10. **Assumptions on Other Areas (Auto, Kount, Consumer)**  
    **Q:** What are the volume assumptions for Auto, Kount, Consumer, and other areas?  
    **A:** No significant changes are expected in these verticals for 2024 compared to the second half of last year.  **[EFX_3372642_18]**  Markets like cards, auto, and personal loans are stable.  **[EFX_3372642_18]**  Fintech impacts have stabilized, and large financial institutions continue to originate due to strong consumer trends.  **[EFX_3372642_18]** 

11. **Impact of Medicaid Redetermination**  
    **Q:** What contribution is expected from Medicaid redetermination in the first half of 2024?  
    **A:** While not providing specific dollar amounts, Medicaid redetermination continues to be a benefit and is expected to contribute positively in the first and second quarters.  **[EFX_3372642_17]**  Redetermination is an ongoing process, and they anticipate sustained revenue from this area beyond 2024.  **[EFX_3372642_17]** 

12. **Incremental Margins on Mortgage Revenues**  
    **Q:** What are the incremental margins on mortgage revenues in the 2024 guidance?  
    **A:** The blended gross margin on mortgage revenues is about **65%**, though this varies based on product mix.  **[EFX_3372642_15]**  Incremental margins remain high but have decreased from previous levels due to a significant vendor price increase that impacts gross margins but is marked up to maintain EBITDA margins.  **[EFX_3372642_22]** 

f6eb1cf4290b84a725c2a4e9fb3dc20142a25e5ba559f02315fdcf1f2f6d345b

- **Equifax expects significant margin improvements in 2024, with accelerated expansion if the mortgage market recovers, due to high variable gross profit margins in their mortgage business.**  **[EFX_3372642_28]**
- **Equifax increased their Government TAM from $4 billion to $5 billion, expecting strong double-digit growth in 2024 by expanding verification services for government social programs at federal, state, and local levels.**  **[EFX_3372642_20]**
- **Equifax anticipates 8.5% non-mortgage revenue growth for 2024, within their 8% to 12% long-term target, demonstrating resilience and strong growth expectations despite economic pressures.**  **[EFX_3372642_16]**

9bdfc0acf271f1cadf4feb207377303a7c65c815817b5224ae9a76adbfd4042b

- Equifax is experiencing pressures on non-mortgage revenue growth due to challenges in the **Talent market** and the impact of the **Employee Retention Credit (ERC) program** being curtailed by the IRS, which has a meaningful year-over-year impact on the company.  **[EFX_3372642_16]**
- **Mortgage revenues represent 19% of Equifax's total revenues** for fiscal year 2023, indicating a significant reliance on the volatile mortgage market, which is currently declining and may negatively affect overall revenue and margins.  **[EFX_3372642_15]**
- The company's margins may be under pressure due to the expected decline in higher-margin mortgage revenues and **weaker growth in certain non-mortgage segments**, potentially impacting profitability.  **[EFX_3372642_16]** **[EFX_3372642_15]**

4fb093c498d7729e5edbef2bbc0f0f5dd4c7a5df700c3fb3df534baf41f326e1

- **USIS non-mortgage revenue growth was below expectations**, with non-mortgage revenue up only 1% versus the expected 2%, partly due to the team's focus on completing cloud migrations which likely dampened new business activity.  **[EFX_3393462_4]**
- **USIS online B2B non-mortgage revenue declined by about 4%**, below expectations, due to the continuation of tight credit conditions impacting the auto market and broader financial institutions verticals.  **[EFX_3393462_4]**
- **Future margin improvements are dependent on external factors such as interest rate reductions by the Federal Reserve to stimulate mortgage activity**, implying limited margin expansion without such rate cuts.  **[EFX_3393462_21]**

08fdc645f115b9e1a9b19dcdb7e3b9ec8537f89ea118db169b4e22e343b6829c

1. **Mortgage Market Outlook**  
   **Q:** How will higher rates impact mortgage business?  
   **A:** If rates stay high, we expect the mortgage market to be flat in **2025**, as originations remain low. However, as rates eventually decrease to more normal levels, we anticipate a significant tailwind, with mortgage revenue having the opportunity to return to **$1.1 billion** as we reach 2015-2019 levels.  **[EFX_3380090_16]** 

2. **EWS Guidance Lowered**  
   **Q:** Why did EWS full-year revenue guidance decrease?  
   **A:** We lowered Equifax Workforce Solutions (EWS) revenue growth guidance from **8% to 7%**, primarily due to a reduction in Employer Services, particularly lower Employee Retention Credit (ERC) and Work Opportunity Tax Credit (WOTC) revenues. Despite higher mortgage inquiries, we foresee slightly weaker mortgage outperformance driven by customer mix.  **[EFX_3380090_23]** 

3. **Government Vertical Growth**  
   **Q:** How is the government vertical performing?  
   **A:** Our government vertical is performing exceptionally well, with **35% growth** in the quarter.  **[EFX_3380090_17]**  It has become our largest vertical in Workforce Solutions. We see strong opportunities with record additions and new contracts, including a **$1 billion** contract with CMS and a **$190 million** contract with USDA.  **[EFX_3380090_34]** 

4. **Impact of Higher Rates**  
   **Q:** How do higher rates affect your business?  
   **A:** Higher rates primarily impact our mortgage business, potentially keeping the market flat in **2025**. Outside of mortgage, our businesses are performing well at current rates. We're confident in our **8%-12%** long-term growth framework, including M&A.  **[EFX_3380090_16]** 

5. **Customer Mix in EWS Mortgage**  
   **Q:** How is customer mix affecting mortgage outperformance?  
   **A:** The **7%** mortgage outperformance in EWS was lower than expected due to shifts in customer and channel mix. Some customers with lower pricing had higher volumes, impacting outperformance levels. We've adjusted our outlook assuming this mix continues.  **[EFX_3380090_14]** 

6. **Cloud Migration Impact**  
   **Q:** What is the impact of cloud migration on margins?  
   **A:** Completing our cloud migration from **70% to 90%** of revenue in the cloud by year-end will provide margin expansion benefits in **2024** and into **2025**. Decommissioning legacy systems will reduce costs, and the cloud enables us to focus fully on growth.  **[EFX_3380090_21]** 

7. **Record Additions and Pipeline**  
   **Q:** Can you discuss new record additions?  
   **A:** We added **4 million** records in the quarter and signed a large payroll processor that will contribute **6 million** records midyear. With **126 million** individuals in our database out of **225 million** potential, we have about **100 million** to go, providing a long runway for growth. Our pipeline for record additions is very strong.  **[EFX_3380090_36]** 

8. **Margin Expectations**  
   **Q:** How will margins trend this year?  
   **A:** We expect margins to increase as we realize cost reductions from decommissioning major systems in our consumer businesses in North America. Improved revenue mix and higher margins from added records in EWS will also contribute to margin expansion.  **[EFX_3380090_19]** 

9. **Talent Vertical Performance**  
   **Q:** What's the outlook for the talent vertical?  
   **A:** We saw softness in January and February due to tight hiring in white-collar jobs but noted an uptick in March. We expect talent to return to growth as we move through the year. Adding records enhances hit rates, benefiting the talent vertical.  **[EFX_3380090_20]** 

10. **Market Conditions**  
    **Q:** How are current economic conditions affecting demand?  
    **A:** Overall, our customers are operating normally, and we haven't seen significant pullbacks due to economic concerns. We continue to see consistent demand across our non-mortgage businesses, with financial services and identity and fraud performing well.  **[EFX_3380090_29]** 

64fcff7875516e9052c71b3c955d8223f9f44b76801f62ad43b63f2455ecbf72

1. **EWS Growth Drivers**  
   **Q:** What will drive EWS growth in Q3 and Q4?  
   **A:** EWS growth will be significantly driven by **record additions**, with several new partners coming online that convert immediately into revenue since inquiries already exist. **Seasonal factors** such as talent hiring and ACA sign-ups will also contribute to growth.  **[EFX_3393462_13]** ,  **[EFX_3393462_14]** 

2. **USIS Revenue Outlook**  
   **Q:** Why is USIS revenue guidance conservative for Q3?  
   **A:** USIS is experiencing **softening in end markets**, notably in **auto loans** due to higher interest rates reducing consumer demand. While cloud migration distractions will diminish, benefits won't fully materialize until **2025**, leading to cautious revenue guidance.  **[EFX_3393462_12]** ,  **[EFX_3393462_15]** 

3. **Margin Expansion Post-Cloud**  
   **Q:** Will tech transformation savings expand margins?  
   **A:** Yes, cloud transition savings will flow through to expand margins, not be reinvested. Equifax expects to grow at **8%-12%** with operating leverage improvement of **50 bps per year**. Mortgage market recovery and cloud savings will further enhance margins.  **[EFX_3393462_18]** 

4. **Impact of Interest Rates**  
   **Q:** How will potential Fed rate cuts affect Equifax?  
   **A:** Rate cuts would benefit Equifax, especially in the **mortgage vertical**, where activity is down **50%** from normal levels. Recovery in mortgage inquiries could add up to **$1.1 billion** in revenue over time.  **[EFX_3393462_22]** ,  **[EFX_3393462_32]** 

5. **USIS Post-Cloud Acceleration**  
   **Q:** How confident are you in USIS acceleration after cloud completion?  
   **A:** Completing cloud transformation allows USIS to focus on innovation and roll out new products, particularly combining **credit data with income and employment data**. Benefits are expected in **2025**, enhancing customer value and driving market share gains.  **[EFX_3393462_15]** ,  **[EFX_3393462_16]** 

6. **Talent Segment Growth**  
   **Q:** What drove strong growth in the Talent segment?  
   **A:** Growth was driven by **new products** like incarceration and education data solutions, and by **market penetration** in a large TAM, including solutions for hourly background screens and combined data elements for background checks.  **[EFX_3393462_14]** ,  **[EFX_3393462_17]** ,  **[EFX_3393462_32]** 

7. **Record Addition Strategy**  
   **Q:** How are record additions contributing to growth?  
   **A:** Record additions are a powerful growth lever, immediately generating revenue upon addition as inquiries already exist. Efforts focus on gig workers, 1099 income earners, pensions, and direct employer relationships, driven by a dedicated team.  **[EFX_3393462_12]** ,  **[EFX_3393462_14]** ,  **[EFX_3393462_20]** ,  **[EFX_3393462_22]** 

8. **Credit Conditions Impact**  
   **Q:** How are credit conditions affecting business segments?  
   **A:** High interest rates are dampening **consumer demand** in **auto loans** and **mortgages**, affecting USIS revenue. Subprime consumers face inflation pressures, but overall consumer strength and credit scores remain positive.  **[EFX_3393462_12]** ,  **[EFX_3393462_15]** ,  **[EFX_3393462_21]** ,  **[EFX_3393462_30]** 

9. **International Growth**  
   **Q:** What drove strong organic growth in International, especially LatAm?  
   **A:** International growth was propelled by **new products and innovation** in markets like Argentina and Chile. In Latin America, excluding Brazil, organic growth reached **30%**, with plans to leverage integration and platforms like **Ignite** and **InterConnect**.  **[EFX_3393462_26]** ,  **[EFX_3393462_27]** ,  **[EFX_3393462_28]** ,  **[EFX_3393462_35]** ,  **[EFX_3393462_37]** 

10. **AI Investment and Impact**  
    **Q:** How is Equifax investing in AI, and does it affect margins?  
    **A:** Equifax is significantly investing in **AI and ML**, integrating data into a **Single Data Fabric** through cloud transformation. This spending is within the normal tech budget and aims to enhance models and products without negatively impacting margins. **89%** of models now use AI and ML.  **[EFX_3393462_34]** 

11. **Auto Market Outlook**  
    **Q:** Is the CDK issue in auto resolved, and what's the outlook?  
    **A:** The **CDK impact**, which was a drag on auto revenues, is resolved. However, higher interest rates continue to dampen consumer demand for auto loans, and this is reflected in cautious guidance for the auto segment.  **[EFX_3393462_12]** ,  **[EFX_3393462_28]** ,  **[EFX_3393462_29]** 

12. **EWS Mortgage Performance**  
    **Q:** What's the outlook for EWS Mortgage performance?  
    **A:** EWS Mortgage growth will be driven by **record additions** and new products. EWS inquiries are expected to trend similarly to mortgage inquiries, narrowing the gap observed previously.  **[EFX_3393462_16]** ,  **[EFX_3393462_19]** 

13. **ID and Fraud Solutions**  
    **Q:** What caused softness in ID and fraud products?  
    **A:** Growth in fraud solutions (**Kount**) was strong, but **chargeback management** (**Midigator**) experienced weakness. New platforms like **Kount 360** are expected to improve performance, with integration efforts enhancing growth and margins.  **[EFX_3393462_25]** 

14. **Talent Revenue Recovery**  
    **Q:** Is Talent revenue growth sustainable?  
    **A:** Talent revenue grew **13%** in Q2, driven by recovery in hiring and growth in insights products like incarceration and education data. Growth is expected to be sustainable due to continued market penetration and new offerings.  **[EFX_3393462_14]** ,  **[EFX_3393462_17]** ,  **[EFX_3393462_32]** ,  **[EFX_3393462_33]** 

15. **Scaling AI Initiatives**  
    **Q:** How is Equifax scaling AI initiatives?  
    **A:** Equifax is enhancing AI capabilities through cloud infrastructure and data integration, exceeding goals with **89%** of models using AI and ML. Investments focus on improving products without impacting margins.  **[EFX_3393462_34]** 

16. **Credit Card Market Outlook**  
    **Q:** What's the outlook for the credit card business?  
    **A:** The credit card segment is expected to continue **mid-single-digit growth**, with subprime impacts flattened out. Prime and near-prime markets remain strong, and customers are investing in marketing and originations.  **[EFX_3393462_35]** 

17. **Government Segment Growth**  
    **Q:** What's driving growth in the government segment?  
    **A:** Growth is driven by **penetration** into a $5 billion TAM, converting manual processes to automated solutions with Equifax data. The extended **CMS contract** contributes, and growth is expected to outpace overall business.  **[EFX_3393462_17]** 

6ac9cb84bafd67c090f9740cc2b071705aea94fed67c4b541345157555cb9ccd

- **Equifax is nearing completion of its cloud transformation**, with **80% now migrated and aiming for 90% by year-end**, which will **reduce CapEx, increase margins, and free up significant cash flow**. This positions the company to **return cash to shareholders** through **dividend growth and share buybacks starting in 2025**.  **[EFX_3403044_22]**
- **Strong growth in Latin America**, particularly with the integration of **Boa Vista**, is expected to provide **market share gains**. Equifax is **excited about Boa Vista's performance** and anticipates more traction as they deploy Equifax technology like **Ignite and InterConnect** into 2025.  **[EFX_3403044_40]**
- **New product innovation is driving growth**, with a **Vitality Index above 11%**, surpassing their long-term outlook of 10%. The company is particularly **excited about new identity solutions**, **alternative data products**, and **unique solutions between EWS and USIS**, which **differentiate their offerings from competitors**.  **[EFX_3403044_32]**

a0b2bb4d96458e479d3d02ce3291b12e052ecc7390922c9b42ea99d43f3f81c5

- **Equifax's Employer Services revenue declined by 19% in the quarter, which was weaker than expected, primarily due to lower Employee Retention Credit (ERC) revenues and a slowdown in white-collar hiring affecting their onboarding business.**  **[EFX_3403044_3]**
- **Integration of Boa Vista in Brazil has not yet resulted in significant market share gains, and strong competition from established players like Serasa Experian poses challenges to growth in the region.**  **[EFX_3403044_40]**
- **The Identity and Fraud segment experienced a revenue decline, weaker than expectations, mainly due to weakness in chargeback management volumes, indicating potential challenges in this important growth area.**  **[EFX_3403044_4]**

e202f5a3bee6d736b4d3343a53b8d2ca07db5f7275c82c14ebb649d01752e7ca

- **Equifax expects margins to increase due to cost reductions from decommissioning major systems in North America, improving profitability**.  **[EFX_3380090_10]**
- **The addition of records in Workforce Solutions (EWS) is accretive, generating high-margin revenue without significant variable costs**.  **[EFX_3380090_10]**
- **Equifax remains confident in its long-term growth framework of 8% to 12%, with potential significant upside from a recovery in the mortgage market, which is currently 50% below normal levels**.  **[EFX_3380090_19]**

d81d559b5caef9cbff63b06ff6136b1900d8635c96cca2b99711d3708571b829

- **Equifax's International segment demonstrated strong performance, particularly in Latin America with **30% organic revenue growth**, driven by very strong double-digit growth in Argentina, Paraguay, and Central America.**  **[EFX_3393462_37]** **[EFX_3393462_27]**
- **Talent Solutions revenue increased by **13%** in the second quarter, significantly rebounding from a 4% decline previously, due to improved market conditions and strong growth in insights incarceration data products.**  **[EFX_3393462_33]**
- **The successful integration of Boa Vista in Brazil is progressing well, with Equifax launching new products like Ignite, Interconnect, and identity and fraud solutions, positioning the company for accelerated growth in the region.**  **[EFX_3393462_27]** **[EFX_3393462_37]**

13394caef7d8388d0beecb923211a0d6f76b02bbaa97155affeba7e80b4957ad

Equifax Inc (EFX)

Financials