Thanks, good Trevor, and everyone. morning
week EFX you technology busy the in with growth, and quarter driving our Equifax in settlement during As announcement, Monday's this was the XXXX quarter security know, for focus and on a operations transformation.
the we action and of Columbia, states, New and cybersecurity State and Services by incident. resolve claims related Commission, the and comprised proceedings, is consumer multiple agreements the York few parties the the Bureau our attorney made second we units, Before I let business discussion the about in me we in results quarter on spend the a get announcement settlements of financial legal into made a minutes Monday, discussing driving and with and milestone to cybersecurity technology in operations, announcement incident. XX related XXXX Federal comprehensive settlement brought allows security the Monday's the of the data resolution connection XXXX growth Puerto pivot focus was the XXXX on Consumer real for the Equifax, these us fully Trade District The Multi EFX to plaintiffs Department our transformation. which Protection a announced and Financial the of Rico of Financial federal District generals with investigations class
the related an earnings million we and certain call with in of our As XXXX associated recorded expected investigations accrual total $XXX of for the resulting a to incident. $XX May, XXXX, Principally settlement legal comprehensive result government you million. first in approximately of recall charges the quarter as accrual from in second proceedings $XXX announced on Monday, we of by the increased quarter losses million
US to have available in incurred we credit are filed settlement we've monitoring XXXX and costs in already related consumers taken Monday. the the amount This we the Details for cost and charges. date free of XXXX, X-K excludes which XXXX to on offering
pay Importantly, expenses the fund is settlement to program and establishes legal to including be cybersecurity and consumer available by incident, our credit that the monitoring it immediately service. and free fees the and benefits consumer single a addition Equifax restitution protections Lock will provided XXXX in following Alert
and will such credit consumers, to as consumer years. priority the A other XXXX -- single information bureau a for excess breach, cost credit real pay was $XXX who's be of available pocket impacted fund out fund. for X to related Equifax additional Equifax consumer consumers. There X-Bureau The are Equifax to an single-bureau consumer win providing restitution breach the was free in circumstances X fund identity services. up be losses incur will reports could in restoration benefits also which monitoring Equifax X for for and million is restitution consumer years the by actual of of a additional free single Equifax were
structured that contemplated enroll more credit the in monitoring million. monitoring extent cost. is fund First, the have than credit cover The of consumers enrollees would X Equifax to to fund, fund consumer to this in to up
these the being extent, was out stolen exceed million. And pocket reminder, theft would incremental a losses we Web. identity identified any of for the loss Equifax consumer the used purposes fund, not the Dark have to on data the has of the data fund in amount as or up instances being sold to amounts Second, available have of $XXX that
restitution in Equifax million not of accrual cover does the will believe Our incurring we two total these cost expected for include incremental consumer expected $XXX items, because either for costs. provision fund any $XXX the that million
we'll and to these which file claims XX-Q our facing unresolved a of XX Company investigations state related resolution XXXX and class found New regulatory incident, other the significant to litigation There Attorney today. be legal the state cybersecurity action DFS issues in FTC. later the General, the including remain claims, do and consumer incident, regulators listing principal CFPB our of many related by and US and represent settlement the additional York of can The
work the company, our We all parties intend employees, as possible shareholders. remaining customers these the and matters of to closure bring to needs with while soon as to balancing
for As you and sheet, program ourselves we including our our buyback this XXXX. know, suspending settlement balance dividend by prepared our freezing in strengthening stock financially
Our current under with existing revolving borrowing credit finance payments settlement to the and capacity are plans facilities. our securitization
impact of timing on minutes. security us. half As program, expected billion capacity our more we positive forward our and the details guidance the to $X.X to step the settlement will end on billion in Equifax investment X.XX payments second and and had quarterly our payment for a The quarter, not our available provide or second a plans, the will plans This grow our approximately of technology of acquisition. point the with shareholders. borrowing at is an Equifax current one our very and few product on internal of dividend rate expand introductions, for new have impact John of
This the resolution focus fully allows us future. to on
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minutes and EPS business slightly the May, Adjusted better stronger of provided share expenses expected end above than revenue the top a was $X.XX In ago the we with our total a one-time of legal than a from $XX the transformation corporate incident, quarter, given and growth. for million which second costs expected few the discussed margins incident unit lower guidance the in any accruals to matters cybersecurity our exclusive non-recurring and I expectations. to related XXXX cybersecurity or related consistent were of
of spend security technology and This legal million includes and $XX $XX investigative and fees. million for
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to and point in last down X mortgage a slightly was business year, negative With but better revenue USIS percentage over on from shift the market. than excluding revenue, USIS. compared mix on X% to an revenue up now mortgage Shifting organic basis basis, expected. we up the impact USIS our organic X.X% reported
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by mode and very solid marketplace. and some an back our a was government fraud organic traction insurance aided and XX% almost in new showing is double-digit USIS online and revenue Sid up for a very in on sign is in on growth and the USIS X% growth basis is a USIS reported activity. almost identity and team sales. recovery solutions basis positive positive This Singh in verticals growth are up commercial This are reflecting of USIS. positive product sign in
quarter Solutions fourth operating we which to of quarter while first A return second sign revenue the was organic down prior was was in to quarter negative occurred the the a excluding mix mode. mortgage revenue the USIS revenue up had over shift not growth online breach. X% USIS was still impact Mix positive since the we with growth, and the materially growth impacted. a on Online organic as compared in mortgage previously of USIS the XXXX. have resellers, shift, Mortgage quarter growth mix the shift, favorable profit of positive very to year. due in XX% to discussed impact last This market X%
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EWS new, the contributors to to that XXXX. has their database twin half growing expect and a they pipeline of of in add second deep growing
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for transformation technology XXXX plans. EFX an on Now our update
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this well , America this as expand Asia into of US of Canada the and rest year second in the in in capability Latin Pacific over as the Europe, the use and deploying will the capability We XXXX half.
and consumer to systems And support customer system last, planned. global continue our progress consumer as and migrations
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progress We committed half. to against the strong milestones second our in remain
want in called update on we partnership also FICO, to the I give Cloud. announced Decisions and you on March commercial a Data progress quick technology with our
progress are both the extremely the integration and teams our customers. commercial capabilities with of Our working technical great discussions joint well on and together making our
available integrates number data this in sandbox, not is in product X believe and Solution -- cloud connected will combined that interconnect environment. Equifax's platform launches first today. functionality joint which The Equifax the with marketplace Ignite decisioning a Decision Management one, deliver Ignite Equifax solution include We FICO's
end-to-end turnkey expect service is And that capabilities progress these FICO's Equifax differentiated additional Second, X believe to marketplace. to best-in-class match our connect great new capabilities our number to data for consumer X in making our deliver insights differentiated a offerings will the future. collaborations ways and will with joint product FICO's solution direct full to Equifax's compliance new KYC we on AML solutions the marketing a offering leverage joint offer pre-screen search marketing with product current data suite AML customers. partnership and through in platform We're offer FICO identify integrates central integrate and to
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XXXX XX years. is various past funnel. expect products the of products active at similar we an NPIs pace XX launch a pipeline stages about new over which the from X in and in have We to new And ,
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and security one, Equifax Monday's a step a action, resolving more focus by for issues cyber was settlements significant Services technology FTC, of was our Equifax facing Attorney up, as and regulatory and Financial Equifax, this Number York quarter including leadership delivered wrapping growth. event. forward So forward pivotal we the XXXX consumer State for a Department growing goal Equifax and returning to legal of to steps big market transformation. which data several important toward and operating driving allows on CFPB This Generals, resolution us and fully class the New following our
second Second, results. Equifax. a X.X% expanding online it's very EWS another with solid growth for business franchise margins recovery and the step Equifax verification and XX% quarter top line clear delivered operationally. performance took a USIS with big was toward growth strong for
in a and results second in Australia, some quarter on We International execution after half are Argentina the headwinds macro with disappointing second focused UK.
security Third, technology and investments. we continue to execute EFX on XXXX data cloud our
convinced enhance quickly PayNet development our work for capabilities, And is revenue move and a kind to our to and will partnerships of savings portfolio. still to have quarter, and great execute products the we through are Equifax cloud and our ways our from growth initiatives acquisitions. operating like more and continued add strategic differentiate a last the of we platform we to double-digit EFX our behind strategy of acquisitions to assets of across progress competition investment market, we will positive bring to last, our expect As our to products technology allow Fokko. know balance new always expect capitalized leverage but look to XXXX speed assets spend to of Equifax the that to bolt-on we we the move energized with looking do, discussed adding continue decisioning and deliver about ability technology of us on the example differentiated the XXXX. on and global deliver lot We the And are we momentum costs. we
I'm more technology the share our settlement future XXXX to will analytics company. payments. detail, excited from ever financing the than data market-leading our committed guidance, but a prior costs adjusted as about remain for more we John and
With to that turn over John. me let it
