EFX - Earnings call transcript Q4 2020

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Operator

Good day, and welcome to the Equifax Fourth Quarter 2020 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Dorian Hare, Senior Vice President of Investor Relations. Please go ahead.

Dorian Hare

morning. good and Thanks conference today's call. to Welcome Hare. I am Dorian Executive With Gamble, John Chief me are Mark today Officer; Chief and Begor, Financial Officer. Today's call recorded. is being of website at be will Investor the the today www.equifax.com. Equifax archive About our the in Relations available of tab in section An later recording

can Presentation. section These call that Release of XXXX under and we Presentation. our are certain today, in labeled Earnings found the be making website be During to the materials QX reference will materials also Investor Relations Events

During caused adjusted referring be XXXX of and first to statements are the factors filings are included risk we'll earnings non-GAAP and from for we'll could reconciliation of SEC, the accounting and benefit, operational financial has financial release XXXX. measurement help subsequent quarter to improved in filings. our be actual set period in mortality, the that returns. environment. in to and forth in Equifax transformation such Also fourth inherent in factors by the been number business to cause accumulated pensions Equifax materially comparability will quarter, a including and sizing that including our call, charge losses risks, Also, results adjusted the certain the forward-looking of reflect on the actual expectations. annually These certain and non-GAAP including million performance. making to XXXX, of quarter, changes also can organization cease are rates, to planned obligations are incurred attributable earnings recognize losses. underlying of detailed Form extra method change expense other tables, the other its assumptions and information adjusted with fourth items our in with and in differ affect the GAAP as or to business plan certain XX-K uncertainties which assumed understand full elimination All Certain is These are by discount guidance our year technology prior In website. EBITDA, years a assets for prior as which EPS its value Equifax investments and involve change. Pension or posted of right you for the asset related in be our $XX.X our reduced gains to XXXX delayed recognition compared as versus measures, measures restructuring adjusted amortization revised Equifax to prior

and XX-K. this XX in in slide XXXX of on the in accounting press earnings included the slide release IR remeasurement benefit an annual in XXXX report impact, XXXX per $XX will I moment, share. to quarter recorded benefit change and this operational the non-GAAP to in adjustments remeasurement excluding the resulted in is the pretax fourth in income the as income $X.X in remeasurement of pretax a This XXXX, XXXX. of XXXX, mark-to-market The treated gain is quarter this net loss in $X.XX million will in million reference annual fourth resulted details non nature. as income $XX.X For be million other fourth or net The In the quarter of are was annual or XXXX pension the deck improvement each a $X.XX and the occurs on in adjustment year XQ share. of of per $X.X of also included will statement. it income approximately be million Pretax

it I'd Mark. to Now like over to turn

Mark Begor

Thanks Dorian.

thank supported and COVID the I a showed during a want address families environment under our employees fourth challenging Equifax's take Before have I who they tremendous to quarter in to with XXXX. strong XXXX them results, dedication moment XX,XXX

hope our close you of safety and health to remain the and you make I to and a those priority continue We employees safe. top

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is Banking continued X% the improvement in quarter fraud, insurance into X%. ID in December direct-to-consumer a Importantly, decline was an the and in ID declines growth in for non-mortgage and by positive online quarters revenue third online commercial, direct-to-consumer fourth Autos and grew versus strengthened drove and revenue quarter X% which Non-mortgage growth showed and quarter X% the decline saw on and growth we quarter, and slightly Banking, future. insurance of January. December the and growth XX% at fourth second X% all respectively. in the fraud, sign third the further in January.

in digit was to We revenue also services the revenue. trends by fraud in growth positive January. marketing also quarter, which which under driven improving Financial offline was the the quarter in about data million relative seeing down in business growth the is X%. double saw which identity auto marketing and sharply down quarter was which was or and in improvement X% broadly quarter. speaking up We're XX% The third down returned related related revenue from is $XX

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was revenue quarter. was quarter. the of and Our Australia about in down the from the in quarter, revenue similar and quarter. credit X% European third revenues revenue in up saw in up currency a from commercial up by the businesses quarter our X% quarter. was X% the online third European X% almost UK down down $XX driven Again, we third saw fraud about X%. XX% Spain X% which identity A is quarter. to in growth combined nice offline business The of And significant improvement quarter. million in in was were the the local about improvement in X% fourth improvement in the up

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measures to the UK the debt pandemic, quarter in fourth COVID collections again the Government in late following put halted However, in by in were year. the place late address the

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impacted that began quarter lead GCS to XX% revenue in Accordingly, revenue fourth in in total levels. US gen spending. COVID quarter generation recession the customers second back declines we our significantly over discussed partner was first we As through similar on previously, declines the just quarter expect revenue the as this banking The cut the lead quarter. by increasing in fourth

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slide database, be new our that Administration accelerate employee to increase native, XXXX the also clean of ingestion, cloud substantially I-X, product year, in across in and XXXX. solution Workforce data expect rapidly will also Security the a new In contributors for data Workforce technology online service new this of Workforce We which verification expected industry's pipeline Solutions products for channel the massive new trends leading revenue I'd first and infrastructure and Solutions product fully capabilities new half Solutions. deliver the is TWN turn unique expanding to macro will platform The and Social additions to cloud the providing this mortgage. incremental also further with will go verification native product XXXX to government, solutions, XX, and earlier. like In discuss asset. favorable revenue some that scale into I to market of data and to alluded and XXXX,

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TWN our the Given that stronger, powerful and gain trends, been involving has including these Equifax for and continuing unique are insights those data. our the income datasets accelerating implications employment integrated and for income, never

I'll experience wrap provide Kount ecommerce I'll to now John and solutions to and Our retail space, and overall trust to prevention the ID acquired for target and consumers. up. those thereby our come news hand it over include fraud back guidance, our digital XXXX from improving enhancing,

John Gamble

Mark. Thanks

economic we slide with assumptions XXXX. basic Now framework. framework let's and the that turn underlying December, and a XXXX, to and as for provided In assumptions you XX market for well as EPS our for adjusted revenue

we're Our assumptions and and market the them. underlying as current providing basic XXXX view, with that of consistent XXXX guidance are economic are the view

promising XXXX proxy declined COVID-XX and to first with the credit are is the US, strong Consistent discussion progress US economic for assumed pace significant the in market inquiries regarding vaccines in XXXX down the our well guidance mortgage However of We are with but to timing half. December, in expected remain which our US the XXXX in substantial recovery. as overall internationally. uncertainties inquiries XXXX, and will as XXXX. additional assumes mortgage economic economic be half versus second There the recovery credit remain of about stimulus X%

half over down up credit second XX% half first inquiries XX%. inquiries The almost and

in continue first assumed in will Equifax from X% will second half was US saw USIS the XX%. early XXXX January strong to over overall mortgage this mortgage bXb grow and we are to year. EWS US perspective, outpace inquiries For XXXX. credit the and growth market half recovery X.X% about in with the level strong for of trend. second over US XXXX of quarter the significantly start of full economic revenue, GDP the growth confirms

should USIS We XX% and and Workforce outperform significantly XXXX. businesses mortgage outperform. businesses be also Claims should down EWS' talent Workforce business over markets. expect to Solutions Solutions, non their solutions versus underlying government Unemployment

in international GDP with and declines in will of recovering quarter; about second year the Canada. X% economies over the beginning expect we unemployment in full XXXX recover expect X% As growth over UK the we and in X.X% Australia the in also economy,

about of and the the business current of as refinancing to based shown market December million has to record driven could US markets. strong, side US Our underlying be benefit international by both purchases, is still left mortgage XX.X environment. continued Black very mortgages also outperform interest its as rate from low on home expected record on XX, estimates slide the Knight, that refinancings

market in markedly given than there in global mortgage the should through down previous August, based refinance While month that per levels candidates remain September's significant speaking XXXX as on million into X the refinance of almost of the the continue levels, continue XXXX, to current data runway from refi well record be higher activity elevated of pace refinancing refinancing XXXX. expect we in recession

further As further including low about by mid-single of September. will home basis discussed strong FX verification reaching digit to benefit XXXX, mortgage Kount growth constant positively rates. digits our continuation USIS persistence impacting pace with growth XXXX about trend includes by December, X.X seeking supported with at revenue services. currency as double continue continuing revenue EWS is revenue deliver X.X and and the of revenue to expected be which the to is bridge revenue acquisition. provides in of billion the slide of X.X%. between continued deliver International assumed X.X% expected versus to earlier. in EPS in declined GCS that shown $X.XX the work XX revenue in the strengthening digits, XXXX recoveries reflects down the to specifics X.X% side of million record between earlier. in midpoint the be XX% the addressed on And strong strengthened gen discussed an growth beginning million our upper guidance and of The XQ second US revenue more of I the partner Revenue Mark mid-single our up XXXX. single digits quarter, Slide lead reflects weakness in reflecting of plus XQ revenue XX, $X.XX economic results. revenue will of XXXX and from billion XXXX XXXX of home annualized XXXX guidance, growth existing spaces purchases the from in right in on families

we continued performance as see move our Direct XXXX and by growth driven We business. improved expect to principally Consumer through

a X% transformation this EPS time $X.XX million As share, have technology one of XXXX $XXX technology the about in adjusted million, XXXX. from these time income, adjusted incurred reminder, adjusted EPS, to tech per costs from and one and EBITDA approximately which adjusted EPS XX% approximately XXXX. income in by Equifax excluded and include XXXX XXXX costs, about transformation reduction The is XXXX cost cloud through EPS reduced share. operating time XXXX, $XXX in in In Equifax are been XX%, our will $XXX a costs all inclusion XXXX. per and incur down $X.XX will includes cloud million transformation in costs $X.XX with about of to one is EBITDA operating of

in XXXX redundant approximately by costs per system redundant tech system these XXXX. of of versus impact impacted Excluding transformation These XXXX. negatively adjusted costs and about growth to growth relative EPS by also per to five impact XXXX percentage adjusted costs of share, would in EPS million X% share, EPS XXXX. about $X.XX negatively $XX is negatively almost adjusted $X.XX points show by X%

$XXX is assets capital expected in are the excluding spending acquired amortization XXXX is to and Additional $XXX be XXXX almost about intangible of million in expected negative to million. assumptions including the D&A million. versus are Depreciation XXXX. net be guidance amortization, in $XX from income be XXXX other includes slightly of XXXX. This and so to far about expected Interest acquisitions completed

in up be technology of XXXX costs corporate by driven to expected is to the XXXX Combined costs, slightly and guidance These three are increases is principally XXXX of transformation XXXX. Slide tech approximately from EBITDA increase XX About and be provides million. expected in the quarters are and XXXX. the $XXX programs. principally EPS and adjusted rate security our technology income the costs tax operating corporate for from XXXX inclusion and Our transformation Remainder above of XQ XX%. across corporate technology.

growth including revenue the of benefit $X.XXX billion, billion foreign of to XX%, in a to XX% range revenue X.X% We expect $X.XXX about reflecting exchange. from

$X.XX We share. $X.XX XQ EPS $X.XX $XX per adjusted to share, in just EPS are XXXX, be compared transformation XQ are expected technology per to million to or In per XXXX adjusted $X.XX over XQ of share. XXXX costs be to expecting

be year XQ XXXX. these for adjusted calendar share provided Equifax revenue in for XX delivered also XQ and growth levels turning XXXX. of for Slide XXXX, we and we acquisitions XXXX of growth from and XXXX strong ranges expected momentum XXXX XQ levels from have from guidance XX% provides Excluding XXXX. the revenue growth XXXX, core XQ The full $X.XX and EPS, core provided. view provides to total building and the over and that costs XX% expect year adjusted would XXXX, EPS midpoint the reflects were from of XQ excluded $X.XX calendar XXXX XX% In for Slide up XX XQ XXXX. XXXX per a XXXX revenue to XXXX to XQ data

in market mortgage shared reference and XXXX, accounting XXXX. of guidance, performance provide details with on in the in on through XXXX. XXXX pension this appendix detail XXXX revenue your For turn we to slides XXXX you inquiries XXXX detail to XXXX December. expectation include cost guidance. XQ through And Mark. that, XXXX I'll change with for XXXX and that XQ and an second QX More on half XQ XXXX we've Cloud included framework more They we our it our the trend presentation, in Details transformation XQ including for both update back the XXXX, benefits credit completed US

Mark Begor

Thanks, John.

over of slide Turning and last completed our transformation. cloud completed represents data services base. services USIS Ignite American This in accelerate based migrations platforms. and North customer and of technology based stages over cloud verification to customer XX,XXX to year. significant its half fulfillment transformation customer services XX% data progress migrations Workforce XXXX, in Solutions on cloud of including XX; workforce XX,XXX we online through portals over customer the onto continues the technology made of verification The pace migrations second our API end customer Progressing year also product And solution of migration as our the and onto product Intertech and capabilities.

Across several of months. on to complete North have completed global platform transform onto As consumer to we will principally US Consumer we its need next earlier, discussed customers migration America, track our during Renaissance migrations Direct XXXX. over the all customer remain

the our And of decommissioning migration customer data services. to and I've savings. frameworks and US the XXXX, X,XXX America of well of API to American migrations Canadian XXXX, Our the product deploying year, cloud made Europe North In in in cost to migration in systems progress continue in based pack, already number cloud. the we're to and and XXXX goals, strange progress migrated over LATAM exchanges as benefits the is risk, customers centers end Equifax XXXX, exchange Europe, North our substantial toward and accelerating the Latin the legacy and Asia onto the focus major Pacific. also data ignite international customer American our In as including on our exchanges. NCTUE work had interconnect, of deliver consumer accelerate of

infrastructure. year remain marketplace substantial further focus top XXXX on our completion providing meaningful the that committed ramp bottom as in new is will and Intech transformation. cloud technology by we revenue our will to discussed infrastructures of toward complete cloud continue Equifax and the drive our the leveraging as cloud NPI critical today, native North we previously. from and line to the benefits even data achieving and you we We We American delivering new native differentiate benefits The Equifax with data a products, transformation.

leverage chapter component XX; slide this our products. new innovation focus a Turning cloud of the at next innovation, the product is growth on and continued new Equifax as we key a highlights Equifax for which out of

in transforming organization new December line in our continue NPI the a we We our technology to products cloud on data resources above into native capabilities growth. XXX XXX invested NPIs further led our cloud while to leveraging historical to the new our product deliver in XXXX, company annually. top by and fuel XX In best-in-class we focus Equifax XX powered discussed to

be watched asset offers new suite in available to XXXX will OneVew combined have data revenue Importantly, data the other products enable in products the data our with share products new by the to to opportunity data several and that's XXXX, Solutions any Workforce report. credit report first our with over consumer process. USIS were and consumer to XXXX consumer a delivered drive allow our credit data continues Confidence, we with cloud tools expand empower configurable currently update, shared will configurable Equifax that XX% focused OneView, multi Equifax of and create you on introduced customers alternative the also easily our credit consumers native employment investor data technology. TWN In differentiated to December of leveraging beyond. income assets. and Response data In that asset, to in that launched USIS, quarter, along reports. an consumer consumable in incorporate other its hiring significant will

expect by new support or Workforce to lenders the allows subset pricing. to products experience. site TWN in candidate products and to our Talent product onboarding that and from Select individual and fulfillment or any of location a nationwide initiate schedules efficient such app device solutions In phone, varying to new on product managers all as Anywhere information The product convenient hire has need X,XXX their simplifies our improves streamlines new our speeds loan provide and the creates Solutions off points tablet experience combine via for accessibility Anywhere for of or we launched a new based employees the providing of revenue over new data touch a then the a new VOE I-X our Services I-X accelerate The a choice. products XXXX, workforce suite processes their product Our the hire locations, price from onboarding XXXX. in With easy application locations their from The network at access income and human data. hiring lenders resource of a computer time completion employment per growth paperwork to improves return multiple strong with application Employer up In mortgage a solution and employee, and launches more transaction I-X data via a tax professionals. borrower low NPI single Equifax. across of

In years. new revenue substantially new increase by is year As the is years. many of X%, expect XXXX, revenue current exceeding with percentage delivered to prior vitality three as which launched the is products. past XX% defined NPI defined up for we as revenue vitality our the the over of NPI from products by revenue index, index our And our three over

and the of record and Wrapping earnings XX, Continued challenging and leveraging growth Equifax products as slide with up Equifax environment COVID future to a XXXX. our enter expansions revenue priorities. finished strategy strong we XXXX innovation cloud momentum are in central

of growth model. strength reflects the XX% the Our quarter our core in business fourth

at of reflects momentum and Our strength estimated midpoint the Equifax business resiliency, model. X.X% in XXXX in recession of growth of still while the the the midst our COVID range, the

are in are and the revenue recovery delivering strength as second the uncertain, economic us context expectations that mortgage Workforce Core quarter, X% in new environment. our of of in data over half. the growth US We outperform in our model declined see business of this valuable market Solutions our power business. that to asset products activity our second numbers near a the XXXX. become Solutions future. and to our Rudy growth operating products, and XXXX data our very XX% of see key global as expansion his in still is assets allow reflects expansion we growth Equifax in verticals. we and likely continue their on will and new business will most by focusing into most penetration largest And Workforce performance new new in levers, the team is driving outsized Workforce records, that Work differentiated Solutions

cloud always our ramp from enabled improving the in and a We underlying quarter recover. fourth the our remain move XXXX also top confident continue also were to line around business and USIS' expect Equifax outgrow market. XXXX. and stability, the products mortgage growth. both market mortgage by our will is technology ability data Kount. performance We benefits and momentum and from the drive in positive expect to the we're outperform encouraged continue markets. We to we in products start markets build by growth expect USIS are from new our to in are as turning on financial and building USIS rapidly we energized the and is significant products to and We're we corner across underlying competitive deliver Internationals to to And XXXX and from fourth for return their organic from by we turning the cloud underlying growth and these new little cash corner; and in winning cloud mortgage globe. to international portfolio capabilities to expect quarter our growth the new and the international innovation, that conditions to marketplace the leveraging the new in outlook cost non capabilities. These benefits speed the and our

and Our to sheet us enhance M&A. Equifax via and operating our data technology strong performance, strong platforms balance capability position cloud

that our very cash XXXX our bolt-on and our of future as the plans. We as performance, generation we over program the $XXX sheet at in and positive will forward our Equifax confidence strong criteria. meet level Equifax, in view acquisition repurchase accretive mutual our employee cash of offset XXXX And strong step pursue to in are we dilution this from our strengthen our expected in share million We are transactions building pipeline stringent core and given strong balance financial of to returning an restarting shareholders. benefit a

a and perform. to business recovery confidence still of recession uncertain, While our lot is we in model the our COVID and have ability

We on challenging fronts the is have in strong into Equifax momentum recessionary as all environment. COVID outperforming we move XXXX.

drive Equifax hat in leading me operator, often on to data company. of up for growth, let products a the and analytics to generation are With position for open future it questions. We internet cloud new leverage market technology as margins cash innovation

Operator

with Togut ISI. [Operator Instructions] We will take our Evercore questions from David

DavidTogut

Can then a You little be Thank potentially little higher? out for bit something morning record your employers you. growth and And close and and growth outlook called into drill and in there more? XXXX bit for detailed update. double precise appreciate Good down digit maybe you expected? more Could the that business growth the a dig revenue guidance maybe on you verification, for if EWS a approximately or expectations services is XX% much just you into could bit expectations

MarkBegor

in clearly follows talked from XXXX XXXX. talked performance is XXXX-XXXX believe differentiated we performance we the about Yes, about when that most our And in workforce strong it in that the business. we and

right into underlying that except of also And XXXX. sure it. markets we a in said inside has chute basis XXXX. we growth, in a And want double lot growth large them as got year-over-year our know very again get to add to you in don't levers those lever we we workforces are add to course, record and to monetized of that throughout that their And And of the records will additions out Equifax. growing soon I We growth just growth. digit. to we records processor contribute expect last business we guidance levers said, to the I quite of and as a highest outgrow history it they've That's front agreement also the database. for of around Those to of And at their that revenue confidently long have XXXX. specific in think in revenue records expect we expect as their of the as we powerful think added drive is we payroll it records. top Equifax. be be agreement an added signed we large workforce for stated The XXXX. to ability grow the week exclusive for So a list with

record going that's help So growth to our forward. drive going

the and of about, to part. also improves, something as you and solutions, Equifax see margin expect it's post market clearly the economy business excited elements of that talent and they we aren't the the strongest part the as vaccine. we're On largest and But some improves recovery highest out kind of verifications, point

that growth course is that for much And it uniqueness of lot really we of solution. Anything we're solution. impressive about targeting really the you'd solution the Equifax. and But add I-X there, of a drives I-X traction, of got And Now a quarter underlying John? talked higher quality of kind because revenue from and Anywhere else got second the our fourth. some we've going third into

JohnGamble

federal in service nicely, suite we continue I also that local government, their in have build out also very, new state grow system. of segment governments we not have continue government obviously our and very substantial government to but and right, to only to solutions expect mean the contract a we benefit

the So Anywhere, in products we feel I-X very also new is across general. across obviously talent really board in substantial solutions good talent but solutions marketplace and the EWS

MarkBegor

itself. and rate the out about many then just as on year the a That's new Administration, or and $XX of becomes Social set, again, XXXX attractive that's of contract, to Security data about and our $XX during with that reflects, is XXXX. very vendor uniqueness of talking they're uniqueness during and with business a the And that the to our of XXXX, addition reminder, a full talked you the workforce the times ramp going data the in a scale rolling solution, the we've million being run calls at million

DavidTogut

up, on as for can a down Appreciate follow going see you just either at expansion to mid-XXs? ceiling margins approximately quick are keep that, EWS, if Or XX%? rate, above in a business margin reinvest a the just get you to this high

MarkBegor

in invest certain new then even invest substantially, internal level, obviously a and we a investing additions, invest. continue keep investments, see to is and accretive Workforce one that USIS in record long products ceiling Yes, I in so question we comes that's think, cloud where we've that there? quite a With and we margins we substantially the new to over Solutions. tough investments, to we'll transformation new was whether it one quite need think think our just don't reinvested the the when we D&A to way see shareholders, it's the returns it assets, I growth in for that in on been answer, doing regards workforce to years, there of a to for at last three XXXX, potential but I

its expectation I what becomes, our the its think, think near our for highly of margins. is, workforce because for about which sometime growth, of revenue higher in and will shareholders, unit, its well Equifax, accretive nature business nature our as I attractive talked accretive largest of quite we future,

JohnGamble

workforce where be add, focused, thing to of well, as of I'd is as continues Only obviously terms well parts acquisitions but obviously, as focus it area. the we're in other area an business a

Operator

I'll next take our Morgan. with Steinerman Andrew question from J.P.

AndrewSteinerman

there. Hi,

December just For just the is revenue the for I change since Kount call, for weren't of assumed you December the revenue asking and estimate XXXX call assumed are the Kount the and growth state today? sake organic guidance about revenues, of it growth has this midpoint could revenues particularly in what at XXXX clarity, the in

MarkBegor

entire year, in about we just it's for revenue slide that, XXXX about so don't you because think acquisitions. points included so points. it Yes, there's that Kount X.X Kount, have the about Kount if And from of Right, guidance, the indicate XX, closed. we X.X revenue,

the covered? inorganic is is revenue that So X.X%,

AndrewSteinerman

today? has organic your December And revenue of XXXX growth call and for view the between change

MarkBegor

Andrew, the in perform growth in ago, the a it it hasn't, January. is recovery, that's in think the XX.X% know, is business, call I starting only second as already still guidance you we're lot to where we've few to on of organic from there's December still, we betting COVID right in uncertainties Equifax going quarter, December, a of for weeks think, seen some the It

assumption strong that's very that XXXX. the the course, towards is I decline market, positive while still would of that second of mortgage we in So have half our think that and assumption

the think the think I have in I we've XX.X%. guidance. that got right So the And support momentum fourth we quarter; we can

JohnGamble

there's talked about it also continues right we economies. also economy obviously of of numbers between provided are asking frameworks were And average the up the you're recovery A end. the And chunk and right think bottom specifically FX they million in the today, then we Kount of on just and risk $XX that December, the we just and benefit. if and reflects which about there about other the some fact and timing top US

million and XXXX. that top from we improvement those in So three $XX have the in bottom And we lot factors, about December. performed obviously talked and both reflects better a

is higher growth I different, So factors lower, of the we just that about delivery revenue but XXXX somewhat calculated absolute referenced. the are in look $XX obviously, the reflecting think rates million actual

Operator

Kevin Suisse. take McVeigh Credit question with will We next our from

KevinMcVeigh

cost of the of end cloud pace sense Any the new dosing year to is Thanks. product Great. how to shift XXX. innovation of impacting and to both

core So product potential we as you And can to that is accelerate to [Indiscernible], new Does infrastructure organic organic the and to what to this pace is saw then lead higher from XXXX? way there reconcile beginning of the about transact the that? what how to growth that innovation should any in think year, have growth? as it the level

MarkBegor

focus, really of are product side to we it's really invested leverage cloud on marketplace rollouts. more a meaning resources that really completing to as those now, the the cloud leverage new we we take transformation, point we start talked when And rollouts and talked Yes, it. investments, really the starting is for innovation product out, fundamental our commercial that And, driving from teams is believe to that, big increase XXX, as powerful, but And great question. those our we of historical data are incredibly importantly, strategy throughout and And in we the leveraging in course, our investments, about to XXXX, both cloud products. to market. think you are technology a more which our

move growth then also rates I up it to big the or XXXX, of NPI drive XXXX. the for leveraging from NPIs our all given will kind market. for the of really in a In our of So comment, And XXXX, to we XX% time which be bring assumption actually, a XXXX, was mentioned been our historical, speed in we marketplace, and our that's new are is for embedded And I up the of into think to XXXX, of the new as from target be core for that, clearly cloud was we assumption number and products, up cyber growth that'll products number that. pretty, going of products my speed it substantially during up factor we're them into where want delivery growth in new which have that products, of our the substantially getting and XXXX.

been among I our substantial really growth products think we were XXXX. X% clear in organic index, quite about which have vitality drives the

this for is to transformation XXXX, leveraging for the And as us. out where through to clear revenue this cloud products. XXXX, innovation we growth is in get is, So think that's going lever taking happen and and that's a company new central drive we're to really we the XXXX, really growth,

JohnGamble

tend in revenue year products right, life deliver three know, their of Kevin, to new kind as two cycle. you the most or of us, for

referenced fact and be Mark very product that we contribution, we strong at excited XXXX. the benefit we're should obviously vitality So also in have very XXXX, beneficial index introductions as about revenue if tremendously new which looked XXXX which

KevinMcVeigh

restarted sense. quick back makes buyback. market S&P And the then real That in just with

MarkBegor

But rest the the about your your I What was was didn't buyback. it. question think hear of I question?

KevinMcVeigh

Sorry in market? about that. back be How quickly you can the

MarkBegor

our through quite and that forward a start in of again, think in And it's reflects and Equifax a with confidence year. forward the it returning will step to reflects shareholders. future the future think buyback the cash Equifax. dilution of that's to to in start load step the And quickly. tend step forward positive We our the first we we'll our and to We employee plans, a confidence buyback, lever that offset positive is

Operator

Kaplan our from next question take We'll with Toni Morgan Stanley.

ToniKaplan

Thank you.

change capabilities? half, confident you you're you second And the to correct. outlook market. your the how performance assuming mortgage market the to mortgage do know is I about and your because between the activity? once the does your think slower? ability lower your that just Does Assuming, outperform delta delta market But When slows. the is in it market? market that similar because the of of Or stay get

MarkBegor

up have the out in market I new space is in an think and products Workforce are market up it's both great to rolling you and in a products taking positive products question, is really a for think positive. Solutions EWS. USIS businesses I advantage new of down Tony, mortgage separate rolling and new

So and in USIS more its and Solutions the in using you've customers only seen because all and, XXXX more you've data workforce the less not capability Workforce just core ability by seen the the and one, example and growth, leverage not, than they Workforce think there Solutions increase XXXX, the as is seen customers. data when markets to then ability mortgage filer, if new also has meaning, has than both in it that's credit And grow to last to has share, that's scale records, TWN the if will, rates have you you've just of their that, the we database, valuable a hit increasingly in it's think becomes it have grow XXXX, XXXX. on over of they're by driven that accelerate, are more XX% you rapid grow used, north driven I that XXXX, year

predictability So there. a levers there's that's of income lot value employment driving usage the data, and data, of the of just more

this safe So does. our do, got that. million outgrow lot we contributors, our added workforce improving in morning new announcement products we know, as what see to confidence help that with to lot are some markets we economic exclusive market upper of signed ability on some the going we've in lot in the think of also from that got XX add in records processor offset our outgrow an you to uniqueness employment new lots which has we And to new reduced had you environment, of the the top records we would with of underlying say it's a going is like we by contributors, and confidence both down drive last hiring both adding a a we've our and forward, course, I and leave and products agreement, was leverage, so to But more of ability underlying did big going was database another to know year, so data businesses, actions records, an that's of records. of, you with usage, a just that expect improved, records shared as businesses and market records is on what of because Equifax payroll to penetration, workforce or along

JohnGamble

that overall, handy to what that right, about half. our Mark everything. Tony, second market been you're affect has does right, we growth as strong certainly for work lower the and And, performances very rates activity feel so said, again, But good relative should market the

ToniKaplan

think, that see quickly? and focus changes I meaningful particular then That's And appointments you to And a be Thank areas your are getting regulators administration's on be greater from expect may could implemented this lot talk to what I you just great. regulators? on perspective you. expect changed view a any regulatory any year? so given you'd questions, there from think recent of Would the about in

MarkBegor

marketplace. Yes, competitors operated level when for they Biden got it meaningful we'll of don't whatever long of a going administration, important a our them, Obama and the in administration, we what we would Trump time long argue that to a regulated highly regulators strong into changes, an takes including know environment. have regulation, regulated Equifax, course, there been We've operate very administration, expect time, been in the role a we play to the was quite respond for during and strong we through

I be regulators provide And we And bureaus? ensuring of And that alternative we think that. so have. we'll we credit an to be valuable current administration, important able don't on the legislative legislatively respond response side have and focused the think priority on changes think to is we that's the we to we're to. to believe There's any another strong a a through access big that a have the that to to we characteristic which is around going question interest respond there service. credit data,

Operator

Hamzah our We'll take question next from Jefferies. Mazari with

HamzahMazari

My Kount the differentiated some maybe those question you as in of specifically Good talk what's fraud portfolio, repurpose offering? business. could pretty is the your to morning. across Thank is strong, about it And Could about which patent current relates portfolio? you. around opportunity talk you your maybe standards to just

MarkBegor

Yes.

identity which authentication, pre about a We think the to accelerated Of bunch COVID, macro, a talked course and as attractive, grow. Equifax COVID, fraud really is was happening it's digitization very a has that continue only was identity it to going we is important critically during business. sizable thing we market increases think

what Kount data quite number for knew addresses, know why So we we deal yesterday. opportunity some just addresses, email assets The addresses. have we've IP or to massive idea them data like Kount And identity the addresses, higher adding differentiated phone has the four the signals. And which acquire macro physical of provide with capabilities per quite and fraud, they combining But time. are capabilities year to the the is is it we our the radar of them a and numbers, enhances close space, for been just and brings in in that been just massive for you're some our time. really We've XX had interactions and years. billion really five increase and watched predictability. on Kount

already Equifax of in the Equifax off we'll our customers, races retail example. space solutions and and in and traditional is And enhance the week; to bringing for Kount ecommerce with we're banking Kount so the going And lending to of spaces. combination this enhance our to data data also Kount

really us ecommerce and with technology to there Kount you never out, The And data. moves other Kount retail new thing the we in lives vertical, were their industry attractive into Equifax attracted strongly. have it is as pointed some space beyond a quite then they and

technology patent we AI combine a capabilities, technology is and our of their you lot with powerful If along Equifax including NDT, another think patented that's combination.

to now have of and acquisition very moving we're we're part our So Equifax the integrating and the acquisition; about to really afternoon that as it company. up off market to energized business as the and were we excited driving the an closed rolling the of races, of model, yesterday. get as And yesterday synergies

HamzahMazari

helpful. very and Great

core the you're guess I Workforce X%, X%. to then for Just my then then it for when it breach, over was core with follow What's XXXX jumped of a year of look business. up question XXXX think turn You an XXXX. is it just for your different at sort And sort consistently X% transformation? and X% of sort Any pre And growth, sort it tech growth? number? XX%. normalized can post was the I thoughts? know level do Or of guiding of Is Solutions and X% you is X%? I you we

MarkBegor

you place, confidence we our to make certainly ready growth we it the in recovery sure is expect It's expectation of something But under we only part new growth. for But our focus Equifax and that look this a in Workforce margins sense you drive more, COVID of our getting the really have belt model we're hope can of line our that investments ready would long-term a but a and not our share Equifax quite our before is that. our high. to solutions also consistent confidence at for very growth I stage, get lot a the to XXXX couldn't When a have, that tell years our products. more core will cloud we a it's have a that few The of We'd to sometime in, do we been be in the it will made XXXX number that to a expectation long-term back get in not positive that's is XXXX. and cash, core see product obviously, you meaningful us. see over a able of top couple I needs be Solutions, our we've that and you drive to is new in drive do we're will I hope XXXX. we put to we've Yes, the sense framework for we one power past I but core with want to that we're framework new little like that months be deliver we larger will very

the we perspective, are term, those company, our be growth coming ready the to So all how think you long the and and that of with positives in rate share future. of from we'll

Operator

We will question Peterson Kyle from with Needham. our take next

KylePeterson

for the taking questions. guys. morning, good Thanks Hey,

segment, a provider year the momentum either you strong big come wins partnership with notice business environment, any have segment? Have big competitors that Have So guys you one there. an as with just new pretty in start had few the months off noticed your you in a or well. on of in guys or any guys in payroll last change months the competitive and really a few EWS back out offering

MarkBegor

We've not.

commercial seen on haven't traction any We kind yet. of that

those companies XXX our believe actives the our as it we the scale Solutions build be the there decade a individual XX% Workforce multiples a what of the be build, expect network will access of competitors long We will got to a the verification done we've our it's but decade, of million that we've time ever able business time, we confidence at have, database. model, with And to over that have given of a is we of taken a in additions. to scale takes a reminder, same customer lot database XX,XXX of

We total characteristic records, records third, our unique has including from a very revenue is which a inactive is and a to to another third database that also million inactive comes close solutions. of XXX workforce had

we deliver and mode. it's So can and business between more and to going another you're model. of confidence on with capabilities, in exclusive Equifax. our payroll their we've with And processor a deliver our it's the to to as this them, because just week, last of of an what a got course, shared for can revenue be And when high we share TWN, that's scale And what opportunity, they challenged in a coming call, customers. came then, the they signed start up we arrangement very large meaningful

KylePeterson

GCS And then something revenue helpful just spot. That's a business. I very it. on in color. up kind Got a of follow the is tough the partner know

bounces Just to of in marketing of we partners that Or trends just and like it and for would of Is XXXX? take how I the helping the cars that better kind it some here your should markets? like kind think auto start back their in think pumping what about improve? trend business as hopefully economy

MarkBegor

primarily improving, they're cautious, with companies, about, gen, credit versus buying cautious P focus recovery, modeling building you're You lead in it's confidence characterize when else. are you're card nailed what be their their ran lead from the more going And our loan business we I card we're XX would more their really gen own own someone generate to companies many now, card to are you environment. customers it, it's leads revenue in using doing it's careful that new customer, originators, originations, who a years, for having while issuers, card and and so who this seeing directly economic use in generally believe big cautiously uncertain economic is, on your I for

latter expectation revenue new is, our continuing generation normal is the show non that and economy part that'll businesses and view grow. also XXXX, in it's but we customers, up, see move pandemic for will in the as that of sure past to that whatever So starting mortgage as improves, COVID January, and our the our lead our to the for in their we're

JohnGamble

we continues seen our global Consumer a to while growth first that excited about third And out GCS in Direct right, the and And and in business, it quarter. the of we've work, grow. are fourth quite

very So a that's we think outcome. positive

Operator

will Capital. take Patnaik Barclays next We Manav question with our from

ManavPatnaik

you. had Thank I Good just morning. a there. few

X%. in implied close on growth, organic firstly December, right, confirm so to just organic wanted growth the the I to So just is

Now it's updated X%. is haven't And to was that is just is XQ you're and in you why guess what correct? X.X% created the uncertainties, reason I a the comp given saying that basically toughest

MarkBegor

You're the apologize. through So that. we I make to December, I I the difference framework you're just coming just I'm that provided, the query, understand think about is between asking going the guidance correct? we in sure provided and

ManavPatnaik

That's right. all

which Because Just implies on Today's December? growth, organic, to X% organic is in guidance X.X% the core than more what right? was it

MarkBegor

December right. So we in than better much we expected, performed

our came in very So strong. revenue

you're But reflects of So talking actually reflects bottom our in view increased reflects XXXX It that when we slightly a rate And XXXX million. to -- off some Kount. our we December. But it fact $XX took right believe our I the about by the end top is it talked we recovery. was range much risk you stronger we And there's of to FX growth and substantial in that understand timing of than performance. the continue that the benefits. of also better

what really that's it So is.

So a yes, than December stronger we have expected. we

you than talked slightly it in good. better of December. But we to was very, was is view our very when actually XXXX XXXX So

ManavPatnaik

in come I hoping they of was some partnerships Okay, to for exclusive? want not others provider we sign with have the understand I color their provider, as to exclusive up did there fine. with just large And the why but would then I'm times. sign the because terms and multiple monetize payroll why data well curious, why Equifax

MarkBegor

the Yes, value Equifax, from like to mortgage if the more income know our that and more prior And exclusive from their can which is company is deliver meaning, we so is case, base their employment originators, different have their to core can valuable, believe exclusive. why operate. a of by a one you. their deliver between to value are probably around customers, a originators, really processor, is more brings XX,XXX becomes and important. providing they in access are they for example The more not service, easy we And to and activity the Manav, of customers, we them scale employees, new processing that's as this -- desire services payroll discussions, relationship having free, service more you our auto added startup partners think we Remember, they're right our just relationships verification partners. primarily But meaning, bulk a payroll that value way their for think car the customer arrangement providing you're their for which a could, to originator, than us

of Workforce into and the have think the scale privacy, partners, around income how our they history I it, part and also a of make and verification, also decade debt customers plays over we Solutions why have our the into the too. because relationships discussion a controls of protect the in are the for why bulk providing Equifax one employment is security to is data of we play exclusive around used this they big sure is always want data, their

ManavPatnaik

I one if just in quick and Okay, squeeze could one.

on a about into things; of just I to see how that's you want how Thanks. scheme of update partnership the fitting talked Syco You your lot get things going. an with and

MarkBegor

years be so believe a products have we've team about of ago, couple call couple And Yes, well, to still in Equifax we we it's for the a of to and positive marketplace. Syco. We're building progress. gone out that's and with a monthly going for launched but that Will the talk the I still got some technology

leverage look continuing solutions that both it. very and to And we more we're would to for Equifax we're might together do that committed So Syco.

Operator

question from Stifel. our from take Shlomo will We Rosenbaum next

ShlomoRosenbaum

on do tell XXXX. million. I going if system you Redundant us more XXXX to growth you morning. gone guidance. revenue squeezing good to compare like lot just framework rate XX there it as stated People the kind the over in which can on a almost that John, Hi, the bit. XX have with you outperformance here. little than what's you ones for million the has to focus a off. finish up do me over was wondering few Hey, Thank for a expectations of just with little to has change, to in XXXX processes

JohnGamble

the the little was. didn't I was exactly question, -- was I you can end, what say So that hear think end were a the garbled. you what question

ShlomoRosenbaum

wondering, gone Redundant going up cost system million. million seems there? $XX to on what's over have million $XX just Sure. $XX I'm to from --

JohnGamble

Sure.

the So we we're get right, just to the to to the incremental able incurring. continues And drives clarity continue which as we cloud, to systems that really costs new progress bring we're that at through move on more well. time, which pace that

move So a be then to And to as view us that decommissioning to you costs able to view when as will incurred. And those just gives as during we how to going drive continue are have within nice of we're forward, about, look framework. better XXXX, we moving -- very good that will which the systems we cloud, the a about which very talked and talked performance we into XXXX pace should new the occur.

refining continuing slightly base, we about we're cost not So higher just the before, to and forward, really in work slightly you cloud higher total and the think big number. our talked costs, of I to depreciation very model context a

ShlomoRosenbaum

the the increase like return well? growth. there to what repurchase upside potential a And kind in share more it's about just then the also given of to seem the of dividend down and during you the kind change hasn't There year? company's dividend? been it that aggressive, the as thank years, Okay, in doesn't Is program,

JohnGamble

to last start think hope would expectation want for call, that step will to some to months our confidence the our as but shareholders put in know I at forward. you was earlier that company's believe a employee in cash both It's strong more also term timely positive before offset had. and talked we part but cyber plan this our stock first we'll financial which opted we in also we've event dividend it we COVID expectation say and buyback we capital you is framework capital characterization be Equifax, return quite long-term our a why our we but we our recovery as was place, but time. our announce I later of allocation buyback where see caught and this in like Yes, We few that include step the of going and been that to our thought least the the allocation But we've it's that to step quite framework a will I rolling not was quite the for dilution and long of our long consistent, and also framework This and growth part plan was those future. to talked term of prior out XXXX. in the be is

ShlomoRosenbaum

if quarter I at Does under just might starting was kind same social going contract more, I that squeeze of don't the all? me, Okay, that this slip one the be impression of one that you half. in was year. mind is first security to --

JohnGamble

will And talked a social work of is we XXXX rate quarter through get million we year. on is $XX million the when starting to timing I which of and contract? run about deployed, the the first Questions will to as this be the into continue star, rate That on revenue. ramp run the It'll second. $XX security think in fully full revenue year in technical

Operator

Brett Huff Stephens our Incorporated. take next question We'll from with

BrettHuff

for guys. Thanks morning. just just question. -- I'll details one all Good the

you. back cross thinking the sell? do with the lead Or kind and paradigm, of the picture guys we data data market, with can more Thank about playing of in you versus cross products sell? you we Is think use the unique lead So that about analytics thinking one, attack the and analytics data you do how into the analytics it as as a about then incorrectly? you're bigger the market? And both. market you're the that Or talk I am

MarkBegor

No.

thinking on the think about are really I right depends way. it you it And the customer.

be or why opposed and the they and see And think data as solutions, expand in solutions, continuing like at but teams. supplement going for the that, larger, still the that would we it, really that and from a a to solutions analytic the will sophisticated in would that that scores try products NPIs be think to plug so you to we really analytics new themselves. they If a and to our customers, allows are about create differentiated scores, you that much and now new it's scale the more of customers we year, models in of that analytics to the data And they help from foremost, deliver to to into advanced data, and clearly want focus on delivered full do consumer, have customers, Equifax, is of go product, ramp they starting lot more more a very and good is meaning down, typically our sophisticated, elements just are data have turnkey first bringing market. have quickly of a those looking we multi for you quite powerful them be with sophisticated And to that last that with us of our that's it the assets easily example capabilities as they themselves, in can analytic get have, more XXX, but whether to forward. customers We solutions us, really data them, you're solutions what single that do. access more fabric, we case, our cloud, a heart data and of

BrettHuff

they up there? large maybe doing units, know another and business And follow enterprises? quick both from don't from buying are they're we enterprise don't at? into you buying that point office data? the of analytics medium, the and Is are a hand of and kind hand still getting company? selling there or we analytics know behavior Or individual right I left guys buying the more czar are a Just a of view, data

MarkBegor

our try company. lot the sourcing of It's view they everything strength we case, the relationships a particularly is There's TWN. advantageous of of do, package which the companies leverage to again size because from most in of cases, their depends on to the

to. product asset. If still commercial customers just who inside the data loan. are institution who bringing with. solutions We're line, a unit very are There that's relationship, or in we in financial mortgage to lot we're solutions a different and auto And P the bringing you're it's that than business of that bringing the working that's interact by to a card or valuable buy of we

So product we're on as from analytics as vary capability. it what bringing well does

by it So varied is customer.

Operator

from Andrew question We with will next take William Blair. Nicholas our

AndrewNicholas

Hi, good morning.

spent this included outlined enable the $XXX this the time costs nature tech was wondering quarter You if spend the million $XX in additional for deceleration XXXX. And right of this are in incur that there like necessary expected transformation I'm so, sounds year. sizing just you'd some of of if million one you on organizational to transformation to expect it are you've of expense year? in type those and

MarkBegor

$XX by think that as go expense we the million And gave. can we the quarter see to first through I So in some decline that is when that more of right, we year. total you tech the the we than talk see would expect XX% indicated quarter we December because in transformation in obviously

decline to could And our nothing there fully I costs talk be about guidance. -- tech talking go will you'll transformation that think year. be if we sizing see we we So the expense included would a additional as in through could there in our we can But into whether get XXXX, more come. right about

AndrewNicholas

AccountScore benefit then over Thank other primarily opportunity little you refresh capabilities other us a a is provide And a that abroad; European you. other gears regions? can your acquisition capabilities Or bit switching the opportunity, color AccountScore then was bit, that And business? could you it. Got pull on is could to expectation or on hoping it how lastly, banking your that more I addresses this open provide specifically? maybe

MarkBegor

United as like in Canada, we banking we Open the a all one got the States, markets, of data, the and in in a consented partner partnership basis. that like some use of UK that getting some AccountScore, and capability in UK another to have there's Yodlee, got able around acquire and technology out and have our they and we've strategic, with with be partnership which and we Australia a on going global them, you know capabilities their may our is in thought there was in be very markets, around an believe, point markets was strategic you Australia. business. many categorization, and we our very in some to great And other as traction we have for also UK partnerships we like to is Yes, really question. assets And opportunity that

Operator

from Jeffrey take with Securities. question Andrew We'll Truist next our

AndrewJeffrey

things, transitory you like guys, that or to longer it's come that is unemployment, there full they realized would in as need unpack Appreciate can to for purely you pandemic employment but have specifically EWS benefit here. something have a more digest business I guidance little the a be recovers on relatively assistance small in whether just Hey, Mark, helpful. in if to might that automation economy a just that's of of perhaps the insights. terms lots returned in question of that grand terms scheme here, any US, a the the employers I in bit was no little color, from the

MarkBegor

as we we do, Employer might of provide, we're are Solutions, lot of some they solutions, Equifax, adding to regards activities to imagine, services company we you customers during normally look in as is for beneficial macro, value and when outsourcing to to Workforce some have workforce there's those for improve So efficiencies, there their we a added a ways in that and positive them. struggling, XXXX, a and Services, by

or for less also during faster, then, a it some And clearly lower very, a because the have reducing But we just positive, course, of is solution, services employees, the don't recovery very positive complete continue on that it the Anywhere that'll remotely, that was that be of talked office, really for uniqueness of expect to and lot is top the some really the I-X pickup, doing warehouse that, COVID. to to our generally like macro allowing part the seen they will is get and the a XXXX capability continue positive speed or locations, come we longer And stuff And So we in prospective employees can broader activity want HR XXXX. element. floor really of employee employers in helps process business. big our of this it's we're growth as And that strong to just on as focus that business. products drives speed do so that quickly. was different into term, employees unfolds, to then many of XXXX, the about is we a the drive COVID a that that in

JohnGamble

economic the the recovery that in And unemployment specifically assumed just and revenue to substantial insurance just gave specific decline was to we reduction in XXXX unemployment claims. an guidance, claims related

it. there's behind there's no So -- nothing

AndrewJeffrey

And anticipate John. next savings helpful, as year platforming a are the to up, can then be how that's Okay, just if report in speak to a at you likely any the tech of follow reinvested high you business? level, much quick just

MarkBegor

in expect -- what XXXX to we seen ready and think gave you've give not be, to XXXX; decent we I framework the we haven't savings we're some guidance.

December. I in think clear were we

when when it's have going or savings expect We in we forward, growth long-term been you will we'll that in priorities. our products to other the all that, invest XXXX and we we're Equifax to tax be continue share to -- we but a long-term to enhance basis, that our framework, framework framework long-term the whether we place. also on on real will new growth back expect putting a from margin get certainly to year XXXX And walk

Operator

with Mihalos Cowen. Our comes George from next question

GeorgeMihalos

for Thanks guys. questions. morning, my taking good Hey,

issuer later can with bit some your to at payment you products in of little you're about compete? now customers? something that can or your Just from and pay the newest level sort wanted terms like, terms ask of How having Fi that that a high talk are in a they see buy either this services a the you of about meeting more growth lower conversations thinking have Mark, of competitive an on your positive you to standpoint? Is them for think of card business, negative impact as

MarkBegor

buy to if us, more who And meaning view later providing latter, a to services lending. extend is still have to lending they that as credit. it's we're all there's pay them level to macro them, in a it for dating essence you're going a of we talking a anyone and of is do now positive, this underwriting is Yes, a would

can place. And collect then their because as and working positive data. there's help another have that verify underwriting them there's processes. we're the takes who a order that's ecosystem in to say of piece them help And an it's can Equifax of for that that we in to around data that to existing they you with Now individuals so authentication we are, they to part add element that our data, to it

GeorgeMihalos

follow not is And offset a designed reduce actually the standpoint? thinking modeling that that helpful. it thinking from about to the that's Okay, to count, just share should buyback, a quick this we to up be on is way be dilution right

MarkBegor

Correct. a to we dilution That's that hopefully our from in our a employee the share confidence offset forward first future. our step in intention it's step Equifax, you do was confidence it plans, show program way with buyback of think as this and in by

Operator

Baird. Meuler We'll take our next question with Jeffrey from

JeffreyMeuler

Thank on gave commentary want something obviously, to miss in count relationships some EWS there's if risk Mark, but to any would try contributor you you. love morning, going correction so Good I good important simplify incentives. that But that I I'm wrong. to it. am record and a

relationship exclusivity It's from network Equifax, you revenue with and sided the ask the is common channel with a is biggest verifiers. share. have network, partner a So contractual of dual

some to a other of your to with primary by there exclusivity that Equifax? partnering the revenue there's are benefits two with Equifax. Is opportunity So sign the partners better for motivation sides? Or contributors

MarkBegor

caught earlier question, know if with don't that. that shared I think I I you

the manager, So lot you a important a partner it's customer that that. of around to hit because partnership. this HR very understand between the relationship and the points But meaning a trust for their really important there's relationship Jeff and is processor obviously important it's very payroll also accompany called

do have, the So there's they're conversation, assets And a there's we going a employee. what's their XX% in the to plays million this have And to that access if done we companies also space, that and gone at partner that and then involved. the they companies mortgage work lot individually employment with, they're privacy. also to employees you're there's their history fact for lot of How the lives, how that their meaning a a so you by it alternative HR at their that we verify collect credit. processors the being an income history we've doing just company the element of a calling payroll of us, help Remember, company of relationship. employees? protect a data HR you of who that well, to that very we've know privacy. them, We by do the that the financial look company that one to benefit a we very, is company customers, them very for the to small with in if important scale company's today, it's verification that strongly a manager lack There's to of it, and do real of manager, contributing

we added that, for you capabilities, Equifax a of reasons more So scale privacy operate, with having versus revenue our more is scale is it's and one from that conversation our scale believe a and partners companies of course, very importantly, important would Workforce important as there's revenue because of service value of raise, two do Equifax, lot of idea than we it the or our the model our Solutions, economic to in interest which the the but not standpoint. data of the the I with the argue business share, share of and hard how compete

JeffreyMeuler

for a includes asked just And for color of I impacts or organic definitional FX. currency acquisitions growth core question is constant But and additional the then growth, it. Got core me. couple this

MarkBegor

of and acquisitions impact the includes FX. It

We Although every slide, Right, what those break them did we always are. down quarter. that yes. give on you impacts

Operator

Simon We will from take Equities. our Atlantic Clinch next with question

SimonClinch

help I John, taking for how the margins, think margins half, about margins through XXXX. the impact quite does into as the expect question. we're margins to us this you costs, issues back you about vice declines And long just revenue in specifically, was we higher on think excluding could versa? in if thanks incremental modeling could Hi, I mix the mean quarter. talked mix about believe transition we tech that was And go headwinds mortgage you second should if forward go if wondering USIS and call. we're the I know incremental or to there. wondering I my or coming

JohnGamble

other our we mortgage you're than USIS, the and the mortgage are also, referencing in because they right, about obviously cost and factors are vertical. buy any in then the the resell higher so in Yes, yes, of specifically solutions file competitors. score so lower, trended on from as are solutions so past, we've two just some specifically mortgage the mortgage are margins talked And

our gross two on margin mortgage. factors those impact So negatively

USIS the So to that to and yes, grows as percentage margin right. factor profitable, negative mortgage the it's mortgage substantially, for that declines, moves only that affects isn't it's as But a percentage margin. of margin negative positive. somewhat Obviously, is very obviously

it, tell that them that's that's only as thing about will yes, So can't move correct around. I the you're thinking you that But

SimonClinch

up. jump and EWS you And we Thanks. right. agreement all payroll the follow just to in Maybe placed. the back have could Okay, processor

would of that sourcing of bigger maybe and in guess, there well, the done become I'm terms dual step not, back say have sort In the example? wouldn't reason any be these I think taking this -- XX would market from Is case? And to -- market credit in relationships has a any removed time here. it in of think picture the if exclusive why as to other that way, parts years for

MarkBegor

think so. Yes, we don't

the our XX% model. over decade. data of that our lot Given course and it through a quite only that XX% a come And added it's capability, records companies important are of this that remember, individual the of And adding of partnership XX%, we've you effort processors. takes a is scale going payroll partnerships working do we're day; company, these of convincing capabilities. as it larger have course, individually, into those with at on every same week, time, we to add them every the companies we're

And payroll pretty processor year, to showing earlier we're to later a they and very additions forward the us real or it's for had what exclusive capabilities. million There's thinks contributor clearly expanding this like forward. processor meaning on momentum that basis we a of So we and really that there company large, scale as conversation WX, going an how about the in scale And working the will believe last with our someone year. we're I about a like that to Equifax also our that think moving scale, because then with partnership, that real a employees. we're beyond employed business we want delivered you is know XX element gives Equifax, that of gig advantage a expand then we XXXX the and a self just whether customers, other going record

lot a other moving Equifax us, that also that look income about are hiring for think by of there we work a just beyond it's employment part there's another And on records vertical attention that and for of our we beyond attractive. process. data data So quite to move that talked records that is even

records. whether it's or licensure As other data

SimonClinch

understand, I yes.

becomes just collect, individual more there, that there, provide chipping up is there's those labor start data, So so the entrants relationships. companies highly new that wondering future if I'm for easier a away easier collection the or quickly of to data automated some at and way to arrangement intensive follow terms to invariably in just in and

MarkBegor

of HR monetize scale, to it with that course, a services verification of automated. in that's that to partner business going customers idea done an our share sensitivity going the this they're they income that on broadly have, value these then verification, also questions relationship. for doing manager, talked payroll the we real who's quite their that's core the across, No, those of a someone they're records, becomes we've And the We this to business and business, someone customers, are processing been with make securely we're decade. for deliver a that In want advantage in highly because real XX,XXX a call sure to have we other be can revenue in and their the going privacy. couple with if companies are in they about employment to of and on

Operator

George from Our with Goldman next question Sachs. Tong

GeorgeTong

to outperformance thanks, growth from break out good you from you much come revenue the you it? growth to And mortgage the in how expect Do to where expect remaining Hi, Can XX.X% have then core market? XX.X% be morning. if XXXX? discuss expect in you you detail of

MarkBegor

Yes, move but to think we're economies year through that happen the talked XX.X% expect we've so what more provided we get I as improve. fact a in going about right, we don't to we that the the detailed as lot could underlying

revenue mortgage So XXXX. go improve through our to we we expect as growth meaningfully non

through growth non the be So substantially see you'll larger mortgage as year. contributor revenue move to you a core

growth, to we'll able mortgage the fact So one to is and even we in to deliver nice market. core very occur, revenue do a declining that that think be we the that's expect that of contributors

GeorgeTong

And year? on follow did case you upcoming you outperformance mortgage still say here? of less core that question, that growth first the non be just business up the to update the before Is this that to on than expected market call, the half to

MarkBegor

you're So on talking call? December about comment the X

GeorgeTong

Yes.

MarkBegor

So I see USIS more I to but the not I just to think what that what US, we're non and XXXX. in EWS provide substantially in internationally. is contribution in we said, nice expect is right, core also think growth revenue, expecting improvement mortgage not just And will our just very revenue

GeorgeTong

the would then expect upside increase downside on in to the the opportunity your Mark, handicap refinancing second the you half it, year? of home half And based market terms? potential that's How purchase US decline XX% forecasts there? Got the helpful. also XX% first and do to out mortgage the you of And XXXX in

MarkBegor

interest low Knight that together it could that NBA that investors might this feels and, the a our XXXX, tried transparent some long in a negatives and, there will point. certainly take in in and we and others one, rates forecast think all you there We we're And That's tried obviously, positive. a on are be talking about reasonable felt time bring spend that decline, that call at positives not really that and tough throughout and you still something the to to all drive are with out that went reasonable. economists not obviously. be we're just certainly December build from through to call Black the forecasts

going, our about a the more Fed's And in we feel for which sit Where uncertain is we in we it and shared is changed as I COVID think we feels Equifax. now think obviously it's we little it good and forecast framework, we positive. why still think here December way it is for the position of that for which about really haven't guidance recovery part a still is right the year February, guidance is the to start XXXX?

Operator

with from Our America. Bank question next Bisbee of Gary

GaryBisbee

up to prior non from just revenue I heard wanted but clarify in else? remarks. or so, QX, right in prepared is in in say morning. that the your good something recent trend believe then sequential quarter December Hi, and you to and which mortgage improvement I was from up was And that flattish obviously Mark in five USIS I what's was the something months? driven January, five six improvement six Thank up you. if

MarkBegor

specific to clear, just I So be the around think online. was commentary

we basically continuing fourth in all indicate in was nice And total. not that's that around Okay, is performance it's to improving I a and was the saw and all. if December the January, through trying trend effectively, quarter,

GaryBisbee

more of that drivers key sort are underlying activity? of it products to what deliver consumer of Or it that that? you're that? new or credit Is And things the going other Thank you. is

MarkBegor

in element question that forward improvement no of in activity. but customers. talked activity our the steps or in is element of consumer that and that trying on underlying certainly that's and And or products, result continuing. economic on a we're to there's positive that share then third economic new by question There's gain also, whether really quarter we're marketplace, we roll that top out of quarter, about There's fourth an no kind there the that's

GaryBisbee

then to a quick both Can XXXX uses is us. And tell just related? percent and of level you for what Workforce follow a and us up mortgage set Right. revenue just

MarkBegor

every echo you views of five okay, in I post an five shortly vertical see for to if website. you'll we if by updated minutes it's you the wait business, So could ask minutes, get back, revenue it so post will on

Operator

session. like remarks. concludes today's back Mr. that the Hare profits would to any And additional turn for question-and-answer to I closing and

Dorian Hare

we does forward of conclude This different quarter. well conference XXXX to engaging as the today's In joining as results. to the call. our first Mark, for April in release again myself, John you quarter our you Thank interim, in when engaging throughout with We looking forum everybody you. forward Thanks call. with conference look

Operator

concludes today's you for participation. your Thank That presentation.

You disconnect. may now

Dorian Hare	Senior Vice President, Investor Relations
Mark Begor	Chief Executive Officer
John Gamble	Corporate Vice President, Chief Financial Officer
David Togut	Evercore ISI
Andrew Steinerman	J.P. Morgan Securities
Kevin McVeigh	Credit Suisse
Toni Kaplan	Morgan Stanley
Hamzah Mazari	Jefferies
Kyle Peterson	Needham
Manav Patnaik	Barclays Capital
Shlomo Rosenbaum	Stifel, Nicolaus & Co
Brett Huff	Stephens Inc
Andrew Nicholas	William Blair & Company
Andrew Jeffrey	Truist Securities
George Mihalos	Cowen & Company, LLC
Jeffrey Meuler	Robert W. Baird & Co.
Simon Clinch	Atlantic Equities
George Tong	Goldman Sachs & Co
Gary Bisbee	Bank of America Merrill Lynch

Equifax (EFX) 12 Feb 212020 Q4 Earnings call transcript