EFX - Earnings call transcript Q2 2021

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Operator

Hello, and welcome to the Equifax Second Quarter 2021 Earnings Conference Call and Webcast. At this time, all participants will be in listen-only mode. [Operator Instructions] A question and answer session will follow the formal presentation.

As a reminder, this conference is being recorded. It’s now my pleasure to turn the call over to Dorian Hare, Senior Vice President, Head of Corporate Investor Relations. ahead. go Please

Dorian Hare

call morning. on Dorian good www.investor.equifax.com. our Chief today’s call. the be Events Officer. conference Officer; of & An Thanks, recording News IR the With Welcome our Calendar me IR am will Today’s Financial Chief Hare. John later Begor, at being today I website recorded. and archive today and available Gamble, to is the are tab Executive of Mark section

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underlying Equifax measures XXXX adjusted be referring financial we XX-K EPS website. and that will our adjusted our earnings with our and risks, year included performance. certain our affect which materially non-GAAP attributable its risk call, expectations. understand be are Certain items detailed subsequent During Also, to will we These posted other comparability could XXXX to are environment. results statements tables, of forth business that making EBITDA, may business on Form which are to will differ uncertainties, including SEC, help cause including operational in from statements with filings. our and release the our the set of non-GAAP Equifax to forward-looking reconciliation that number you factors involve be and a measures are also and and factors actual certain this adjusted impact certain filings including guidance These for full in third quarter

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

Mark Begor

Dorian, morning. Thanks, good and

and Equifax's I around in recognize second dedication strong XX,XXX work these their for want address associates to continued times. challenging results, hard I Before the globe our quarter

July vital environment to play our X, helping Our access all to flex important consumers offices and the role week. gives On one to world the that are opportunity credit. out and new per get hybrid fully a team U.S. our most home around they our rolled our asset of team day Equifax we from opened in of members millions working program, a work

the program learnings but four the our year very Equifax core normal. our half, also moving great customers far. by conversations outperformance an strong around with environment. during Our of XXXX. team is We’ve with a It’s off and be meetings I’ve place our our the quarter We work been resumed to from recognizes remote had and second work new in strong taken optimized past a maintains culture one to energized collaboration work and in-person so built COVID, first have in-person that that back of which

Equifax of new XXXX team critical Our which well Slide the shown against executed priorities our on extremely strategy, X. is has

new Equifax capabilities, are our to assets. We and accelerating introductions, product highly cloud beginning leverage our data expanding differentiated

expand We and assets continue acquisition differentiated to our both through organically and data partnerships.

And still growth. Equifax are with on in remain capabilities our our only Equifax And our as relationships with along Customer security. above data delivering competitive customers providing in early products new cloud always provide. the initiatives advantages and solutions Equifax our and capabilities leadership can focused and While we market deepening that First new are days, and technology extending

our of half beyond. for into XXXX the move our compass strategy EFXXXXX and growth the growth through and we initiatives is second as future Our drives all and

drive focus bottom-line this expect future. the to We in top-line and our

in growth organic growth rates was very the of of of strong in history. was in Local X. were XX% second and last our local from quarter. highest Turning some highest our currency both currency the record markets. revenue now XX% performance Equifax’s breaking the the to and in quarter growth financial underlying outperformed billion strong revenue Revenue of very Slide $X.XXX history quarterly our

Our the revenue very driven strong total a detail in level, our local of XX%. flat growth currency. by growth to International the of a the XX% strong revenue, X%. better Solutions in market of growth with organic drove revenue expectation we declined and quarter competitive mortgage all BXB growth importantly, from the currency delivered and revenue of XX% Workforce organic our over of quarter. XX% XX%, XX% but USIS The and the delivered the was points in USIS’s down Workforce as with and you I’ll sequentially USIS of total over in with internationally the businesses second X% quarter. local X% delivered non-mortgage led XX%. together about that performance with more in of in quarter Equifax COVID growth Solutions strong is high in growth XX%. a and – another U.S. level Slightly this in again than a and in represent April. despite performance And revenue non-mortgage last delivered XX% Solutions record overall accelerated basis reminder, BU that of regions first strong from a growth and moment, expected mortgage XX% we our a The recovery headwinds the delivering Workforce revenue up was at about shared is of revenue very underlying a reflects the declined mortgage strength organic above XX% again position. which cover XXX year U.S. growth return BXB than organic also up strong revenue and X% XX% growth XX% of GCS growth decline quarter market

delivered Direct quarter consecutive the double-digits. Consumer However, its in in second growth revenue XX% quarter, our

million, cloud down our to Second our $XX been quarter up points points. basis of transformation results up totaled adjusted for the in XX% margins margin Margins of XXX due EBITDA $XXX last were in margins versus of adjusted year. XXX by basis transformation Equifax cloud were quarter, inclusion basis second have impacted strong adjusted Adjusting excluded cost cost quarter which would the a points. in the with This negatively technology last XXXX, year XX.X%. XXX EBITDA million

out of We been our year. EPS per operating in adjusted a of are would last share very a adjusting transformation from Equifax. the have strong $X.XX was getting EPS revenue growth. for up XX% cost, of Adjusted performance Again strong the strong above-market XX% up leverage cloud strong reflecting leverage

in migrations on with and we our the cloud transformation Cloud quarter, with than the Technology United the cloud X,XXX During remain internationally. in confident plan. States transformation and to Equifax XXX progress and continue track make an the to significant including customer We additional more Data our migrations are

customers. you to America be the complete migrations of principally XXXX end end early American principally with by on as second the the resources new to In from products the Data transformation growth central deliver last quarter. in reflection better which North X%, Cloud year. year the remaining are exceed We focus Equifax data continue for Driving the transformation focus three we and the know, last a from EFXXXXX from is next our up year almost These NPIs, leveraging to in cloud last will new introduced expect years increasingly quarter, XXXX. a customer products, in ago the leveraging we products released to in step XX started Xx the expect is And completed the and new new North Equifax being year Equifax released of that the across strong we to to leveraging as new defined ramp new International up our up follow new and our products big product EFX. continue of completed revenue strategy X% to vitality index a the cloud we by our decisioning products Capabilities. XX

exceeded and XXX we we guidance seeing the half million points by confidence are the which growth. as Our first half. we increased XX% a our and continued $X.XX strong year into on second billion, clearly momentum up is our full in midpoint half $XXX results future, is basis strong move expectations to performance Based of which revenue first our

revenue the guidance first our with core consistent the which $X.XX the mortgage $X.XX our which green Slide full rates. is for per growth. and the market core will XX% up share, of EPS XX% is second credit X% in enquiries and is fourth the quarter quarter growth, XX% growth provided midpoint the We measured to also is points in section by historical X the above increased approximately the to we of our XXX guidance bars year, on Equifax significantly by the quarter, we technology in core in share XX%. cost delivered basis This April. expectation year decline if per In up This well revenue U.S. adjusted transformation contribution adjusting the a from to includes accelerated

revenue increased mortgage approximately contribution the to U.S. growth, in from quarter in significantly in and reflecting excluding favorability. the outperformance and non-mortgage our While continues quarter, of core the growth significant international drive core FX the market acquisitions XX%

now million in Solutions, the EWS quarter. total EWS last a quarter Workforce XX% up was Again it’s XX% the in business Verification Services’ revenue XX% second decline year on XX% reflect and as and better quarter, X% strong our Turning margins. another results records, mortgage from largest quarter. of a the Verification Slide business than new as and of penetration units. grew the most broad were of second powering market based XX% business revenue our despite products. Services growth growth delivering in largest reminder, and X, valuable mortgage $XXX itself for our our and representing quarter increased growth is is cementing revenue expected four results to XX%. all the Equifax in performance adjusted the Equifax had XX% exceptional strong revenue top EBITDA revenue

the quarter up quarter. the non-mortgage up Services’ Verification XX% was XX% over from first Importantly, sequentially revenue over in and

of and Our government of solutions segments largest third representing food a federal programs support to remains including of about rental over in in which revenue. Government quarter. grew state non-mortgage provides the governments and our non-mortgage verification assistance one vertical support XX%

Hub annually over Solutions, in growing vertical from quarter social XX% which other our $XX XXX%. security Talent million hiring Data in to the We XXXX. with used continue of the process. us. EWS as elements million our vast part for out a screening U.S. in Solutions change people a comprise process majority customer as leverages verifications, expansion expand and of a new in Hub represents quarter with EWS ramping this the in other revenue the outstanding the and level Data work and to the TWN go information with government onboarding that having hiring for almost well MGIs $XX that income another had non-mortgage employment as verification revenue. and through process our some unique of administration runrate contract and hiring to products is expect solutions jobs million data to priority our the now Building Over XX Talent database history live

XX% about partially revenue credit we revenue of million, deepening of business consumer retention markets. about as second Employer million in Employer quarter employee quarter offset the in returned ERC obtaining Services showed declines from both last in unemployment Debt in as expected. UC were and the over by of quarter flat support claims lenders the in with had revenue strong Services over non-mortgage payments. growth began $XX penetration non-UC federal and in quarter. quarter. the principally businesses ERC credit growth new some about in Combined, our up these to also banking the XX% Our and recovery retention quarter and Substantial revenue Management year. that well, XX% in the was revenue businesses from in in down auto $XXX as businesses employee had

continue up growth, driven to Our show our very I-X Anywhere over strong business product new by XX%. I-X

the margins in of XX%, Services Services uniqueness point on EBITDA Employer the I-X of we ERC to year. expansion XX% over TWN half growth resulted the of adjusted Analytics, non-UC ERC Our Reflecting last Reflecting the of basis and is growth strong and now leverage business growth XXX from a almost the to dataset, revenue power revenue. for year. EWS businesses operating of verifier I-X and in return Employer deliver growth organic and non-UC Workforce and expect

and Excluding technology results powerful would strong are would above have the EWS of unique the points. transformation business substantially expenses, Equifax a is calling been team deliver and and up EWS our outstanding to Workforce quarter over position rest Solutions grow very is delivered and XXXX. basis most Rudy Ploder margins XXX company. another

enquiries John had they revenue X% performance business. was were XX% USIS, another up mortgage now by revenue debt April. by shortly. X%, Turning down the of quarter products. at the USIS points with expectation market strong Total the to in revenue across over cover $XXX marketing and the we while flat strong mortgage basis growth mortgage down driven XXX quarter, million the below about markets in of will mortgage our shared driven by updated outgrew view monitoring USIS

up their marketplace. competitive Importantly, XX%. focus Sid non-mortgage strong revenue team and This performance performance reflects organic XX% the of of his was growth Singh position commercial with in the and

and non-mortgage was up coming originations revenue as the XX% of to growth This to driven Commercial were new revenue, the batch broadly across in In over consumer revenue, growth revenue about seen is up strengthening very strong risk COVID. and XX% XXXX. were USIS quarter. our of offline third Services and represent important delivered the business marketing revenue and just up XX% the above we've continued strong The marketing-related million quarter which Insurance, indicator speaking, marketing-related organic up sequential was ID basis into XXXX, in XX%. the strong and the levels Importantly, comparable over in fraud XX% ramped revenue, XX%, and XX% Auto identity of acceleration about move growth of and rest XX%, fraud or is quarter over FMS as XXX and non-mortgage Financial and from USIS which XX%. the far remains flat we Telco by and an first and quarter's grew is about about $XX over also performance out decisioning both and of business. of strong of The the our business Banking pipeline so Direct-to-Consumer XXXX. points both the deal expected encouraging in quarter. Marketing strong is

the cost, second highest the auto, adjusted the principally systems both excluded growth were and cloud from of of Sales being technology seen with and the of XXXX. in year to was mortgage. have related the which cost due results quarter basis quarter, the services points XXX decline last the USIS in cost margins in XX.X% transformation transformation, adjusted inclusion redundant and the financial We our EBITDA expenses in increased of marketing were both a drive rollouts up and America and NPI currency basis, to up growth growth international, is of in leverage XX% growth. in third in our local the Asia-Pacific, revenue a to Shifting U.S. which quarter quarter markets XX% our a Revenue over also in markets Canada, strong was to now increased consecutive global and stronger Latin all markets. Europe. the sequentially on was

principally up local Asia-Pacific, strong or which with is our very million and Australia last quarter up $XX revenue revenue XX% in about versus sequentially. up XX% and currencies. consumer year business, had positive X% was about a Australia up turned

in up up revenue million currency quarter. online local growth Fraud XX% Our almost very first the the in of strong in and commercial combined $XX offline European following the business in XX% XX% quarter - sequentially. was XX% XX% quarter. up and was and the XX% were up Identity almost revenues quarter a in

growth Reporting both and Credit UK, growth scores Data in Spain. European XX% largest which over UK up about strong in saw is Analytics the XX% over Consumer, European business commercial. market, growth and with in XX% is we our and of In Our

in in Consumer quarter solutions quarter Our Fraud the European the we the was in million increased XX about XX% Latin growth of quarter, recession. online year record-setting local in COVID the up analytical revenue the the quarter. in second revenue the revenue grew local currency, an Canada the local $XX drove also XX% and out debt of XX% business about in improvement from XX% revenues currency, the quarter. management and percentage quarter in of during commercial, about and which in million the delivered lows in last of Canadian off quarter, in up currency. second growth saw ID of $XX consecutive American coming first decision points Double-digit growth COVID. was

leverage revenue the strong XX.X% last to adjusted see of very EBITDA new margins the were years. basis product team continue out team. control introductions America continued rolled driven international We by growth three the from over International good has by the XXX up on benefits Latin cost year, in and points past of the

through of in adjusted revenue in a on Global impact was consumers directly strong over generation and consecutive local was Excluding the inclusion slightly were was X% in expectations. the up growth. XX% business, in of fourth U.S. their the driven and growth margins the which our second sells over revenue revenue quarter in above our on of X% again Consumer our lead which Solutions Direct-to-Consumer XXX Consumer the again Global of represents Direct a quarter points. revenue. The transformation basis half the a strong EBITDA, costs basis GCS in a GCS double-digit technology currency decline basis up to down equifax.com partner and quarter, quarter reported saw business. We overall little by

business GCS were margins return quarter. about which the expect in points, and adjusted to our better just We business GCS to than XX.X% growth fourth up the GCS of EBITDA expectations. was XXX basis overall partner

year. of Slide XX in the dataset uniques, million and by to in Turning data, by delivering of power and team. million higher over of revenue TWN At valuable XX% non-farm a XX% end of very customers Workforce records increase XX business. records, again, the XX% XX% reached hit with performance the quarter the of This or Solutions driven the XXX is valuable million top to from and database and scale by the above-market to on strong growth the grew most and At quarter the continues employment was TWN which core fastest quarter, income the our ago of quarter XX% active XX%. And second clearly TWN records. is Equifax a XX execution TWN growth consistent we the uniqueness and our his have last Workforce the of Rudy rates. X, second growth revenue million growing now in makes strongest our payrolls, unique more year now included Solutions an

XX XX recipients adding million TWN million over United data the the marketplace the workers States we're focusing broaden and non-farm million Beyond not focused records on XX Gig adding also records pension payroll to the yet, from XX on in the in database around TWN further database. to million

grow. to plenty have of room We

arrangement companies plus And records Credit, are We million ago. These relationships on payroll employer HR a partnerships team. HSA decade short providers processor employers XX% contributed through the up of XX% later remaining HR with are year. contributed active track the from past to companies, like and employers are receiving years over WOTC, which Retention EWS services become on February and our from The Employee by as reminder, of have two comprehensive compliance-related to solutions. I-X, is X.X now exclusive a this a contributions announced over The provides built XX,XXX up the major exclusive. been by across other with directly are call Workforce Solutions software U.S., that our we payroll unemployment and W-X most management, claims, that still

as to into while to with And expanding Solutions grow, new have our customer of dataset, record system-to-system active database. pipeline our records Workforce existing with TWN penetration dedicated the are in in the know, we with add key integrations interacting TWN future. continue We our to to markets instantly markets. as expand team database almost they an monetized continues you a additions

We increase continue market. mortgage in our to the penetration

exist inquiry XX% As U.S. received data an the available of almost as Solutions a XX% completed shows penetration, continued today. XXXX. XX% mortgages, Workforce with This is XXXX, at the basis from mortgage for substantial only growth well data which of most mortgage in TWN in continuation up TWN that end of of in XXX of in increase recent opportunity using the mortgages point growth as

markets within auto are Talent seeing well TWN the of We substantial and in non-credit as Solutions verticals. growth and usage card also in the TWN as increased Government

in Solutions. in transaction polls key discussed the lever increased number growing both we driving Workforce As the increased system-to-system and for is integrations per past, penetration a of

second in of which to was The in XX% Solutions quarter, of the XXXX. up expanding Cloud During leveraged the new Xx mortgage is Government transactions product infrastructure. the new of TWN rapidly We and teams XX% I-X half the new also year. Equifax rollout plan power from fulfilled mortgage Talent about were products Solutions, our in pipeline system-to-system, as Workforce our the

in will the accretive X benefits revenue and and as XXXX perspective the rates New product the since to margins. XX in and accretive we business had and business increase XXXX business Equifax up our Solutions team in unit revenue on for and Rudy highly Workforce in future. products in months. rates our of of most future. Solutions the delivered will growth and Solutions introduced it Workforce results begin the by clearly and made market Workforce impact Equifax revenue reap has our to tremendous the continue has Solutions and XX% XXXX power new Equifax, growth with XXXX, Workforce margins is of we to levers revenue largest XXXX its XXXX, Workforce and the multiple provides EBITDA valuable and and are growth growth in increasing XX% the beyond. highly Workforce on In EBITDA. now of Slide the past

EBITDA Workforce increased EBITDA. XX% and more the year. Equifax short Solutions revenue have business the period XXXX, almost versus than in half almost first year. has XX% and is For half Equifax same first years, four size Workforce revenue unit doubled over half now of the to and in first In It Solutions is last of a up period XX% versus in of same last half the

ongoing new both and assets growth substantial banking, unique come. mortgage, traditional to and growth verticals employment Data as Talent of of income TWN financial in in provides Equifax the the within markets Government, Solution opportunities as auto, and Hub Equifax continued others outsized well in employment-related Our expansion for assets a

and power continue growth will Solutions Workforce our be part with in the that above-market of top bottom-line expect an We margins. to increasingly Equifax and large

growth a XXXX. provides the XX, six delivered delivered over revenue the double-digit since Slide past quarters. perspective has to strong to USIS on growth this USIS return Turning

Although the USIS the the by slide, has quarter improvement shown first non-mortgage XX% market team the in growth the USIS strong left The has non-mortgage growth bottom to since Cloud is also for implement USIS design unique in are growth is new USIS mortgage increasingly And and used are the opportunities of leveraging products overall sequential more cases Equifax consistent as vertical last in assets competitive half integrating the from USIS with driven of advantaged being data the and year with driven increased second in Fraud our new and Cloud in in USIS focused The Kount Kount customers. NPIs we ID making marketplace. teams on team Equifax Cloud into Equifax our and new acquisition. seeing XXXX. the

expect and encourage this review Fraud XXXX and our to broader you in I Relations large USIS our in Fraud beyond. ID call. can website in Investor and Investor ID following Presentation, a be play role to slides on We found growth the which

Workforce and in the XX. Slide mortgage performance to This Solutions BXB growth core businesses, highlights for Turning USIS. U.S. our our

was U.S. businesses core and in TWN delivered second mortgage new market records, income USIS when and Proof past increasingly than in X% was employment that growth decline of making Workforce EWS’ penetration, new in the lenders further monitoring core BXB quarter, by The overall products. was X% rates Consistent outperformance space. unique mortgage becoming primarily revenue the XX% credit support mortgage second stronger points growth revenue driven larger and mortgage market. again the decisions with mortgage strong on the Our outperformance solutions XX marketing. debt new quarters, driven mortgage which by Solutions with quarter, in by primarily from we delivered driven data increased saw XX%. a combined growth the in fulfillment reliant are

substantially discuss to trends core XXXX to turn John and model and markets ability guidance. our business the over full mortgage revised and to year quarter to walk our future in the market current through presentation outgrow third growth. I'll to is to Our underlying core now our

John Gamble

Thanks, Mark.

stronger in about shared. higher with midpoint were than you much million QX we discussed, As expectation April, discussed Mark very revenue our of with we the than results $XX the

performed For expectations non-mortgage well absolute relative perspective, expectations all very we used our and we and strong Workforce shared. businesses, in the terms in U.S. was and to the Performance shared. relative to USIS we

claims down principally relative Workforce was X% quarter, in employee strong, market to strong again unemployment was of and upside the revenue revenue we not also shared. expectation EPS retention flat, our International expectations. in performance revenue to expectations versus impacted degree. Solutions was in absolute same mortgage drove our and although credit expected. businesses much adjusted both mortgage the declined and but And less Our than relative the terms our Workforce the the This to very in

included Now, turning to in U.S. had our flat mortgage, XX, guidance. as shown market in than X% declined increase mortgage credit about we weaker the on Slide XXXX, XQ

resulting in market decline late July continues in Our XXXX XX% XQ XXXX June a in financial guidance in saw mortgage of versus XXXX of XQ for assumes that trend the credit about XQ mortgage in credit increase we increase XXXX. and

the half XXXX, inquiry half from XXXX. to prior Although the average saw of our above they credit down XXXX market assumptions second significantly second are we as remain

remain the January, cycles. above mortgages year, past peak the a remains refinancing that run Despite low recently mortgage the XX, prices activity indicators year. over market refinance from in of home refinancings substantial seen previous rates relatively in number that shown Slide could upon substantial continue occurred mortgage our the As the of level to left-side to $XX strong recent data and Based mortgage benefit in million under the $X from past month. and about continues million. declining just mortgage benefit over activity at U.S. has most a per of from appreciation a Refinance

home very purchases new XXXX. Slide pace for shown market XQ our and existing the Slide XXXX. throughout As continue right into provides the expected of high to on purchase at strong is guidance levels. XX side XX, of XXXX The historically continues

adjusted $XX billion We impacting expect $X.XXX range are XXXX including FX. or to We're revenue to $X.XX X.X%. revenue X% be a EPS in transformation of to from by to share. of in XQ positively expecting billion, of technology XQ be growth expected are $X.XXX to about XQ reflecting EPS around adjusted Acquisitions share. XX%, per revenue In costs $X.XX $X.XX benefit XXXX the X% to million compared $X.XX XXXX, per share a

which The be is the the This which in factors. costs, EPS, two mortgage XQ $X.XX revenue, is EPS XQ these XXXX. be context the mortgage were Comparing shared revenue largest would the expectation XX% adjusted Excluding million. excluded driven versus per the drivers $X.XX performance of our in delivered XXXX being decline factor a market, The XXXXguidance our this XQ are from to in market. is XQ XXXXperformance, down to expected XQ mortgage midpoint the main about of adjusted U.S. $XX U.S. sequentially of very share. we the to is by down strong of regarding impact decline decline XXXX

The in factor decline a significant our see claims is that significant we'll unemployment expectation revenue. other sequential

profit Our sequentially. guidance I share $X.XX of this by per The for revenue adjusted EPS decline declines the gross bulk on is lower about driven discussed. expectation just

in in specifics technology. marketing, In increasing well investment addition, our XXXX we products the investment the year are in guidance. Slide as sales on XX particularly and as U.S. and increasing sequentially provides full

growth U.S. expect performance. of substantially, very a strong the In guidance GCS. We and business growth half second our are to non-mortgage XXXX, and reflecting XXXX XQ international return in increasing we strong our in

in about expected USIS XX% strong including EWS billion up in growth We FX. revenue be growth. $X.XX mortgage XX% impacting mid-single-digits our X% XX% X.X% with is of driven about from to growth revenue constant market. also business faster XX% deliver also revenue of revenue by is $X.X expected of International about Services. in growth single-digits, XXXX positively are than expected be to revenue non-mortgage. is decline the to between in and grow to expect revenue GCS to Acquisitions XX growth mid a revenue is benefit revenue reflects very and points in X.X%. to XXXX down mid-to-high single-digits, XQ revenue XQ expected XXXX versus is growth with to U.S. be Verification continued currency down over XXXX billion approximately returning XXXX deliver expected XXXX. the U.S. expected to by about mortgage XX%

million, operating million transformation and is inclusion XXXX, share. XX% were guided costs EPS. one-time technology operating XXXX. technology estimate from reduce in all a including $XXX incur a The $XXX This approximately million excluded would In transformation from about $XXX incurred and expects cost EPS million we income, in reduction in is one-time XXXX costs $XXX from transformation income, These costs Equifax through adjusted per one-time adjusted up cloud EBITDA costs XXXX of adjusted to XXXX, a technology April. in this $XX reminder, in adjusted a $X.XX of million over in Equifax adjusted and about the EPS As EBITDA by of of adjusted XXXX. adjusted one-time

to includes Given per X% our are very strong from performance up globally. in share, $X.XX $X.XX of XXXX. EPS XXXX, to tech tech is costs transformation which our X% to investing adjusted we XXXX accelerate transformation these

XXXX. the the of tech EPS redundant system XX% impact about of XX% to negatively points. the by expected percentage related These Excluding growth XXXX X versus XXXX impact growth impact about negatively redundant $X.XX $X.XX EPS transformation million per adjusted and share to by show of EPS system to costs costs adjusted $XX also by per negatively of share, is impacted adjusted XXXX. cost will about in are

Credits full incentives for to is Employee Employer data not to included of provides associated excludes Core XXXX. expected businesses within will and XXXX, and Investor we claims today. presentation shown and COVID-XX of included the view retain and mortgage in is in core of XXXX business. XX% current that to response and employees in impact in revenue reflects growth assumptions XXXX growth The of be we XQ the revenue the delivered a provided. UC well for to year of revenue Relations specific XX strong very the Retention continue their are into Equifax to midpoint respectively. our Credit In our government July XX% the posted core and posted in movements XXXX XQ and revenue guidance. as changes revenue, as growth Slide the Additional Equifax be later total our companies market U.S. Services the Employee XQ impact XXXX ranges Retention guidance guidance

We in revenue in core for continued to of XXXX XX% deliver of our all XXXX and XX% strong growth expectations. XQ

overall XQ GCS. balanced, earlier, U.S. XXXX core our continue to very growth increasing enter at is it of from mentioned and market. more we and we reflecting like beyond. mortgage This contributions And becoming hand composition revenue as XXXX the performance International substantially now, Mark rates than well to positions non-mortgage, mortgage the I'd faster strong business believe entering to us Mark. we grow our to As And expect back

Mark Begor

John. Thanks,

the provide deliver access can our will customers can they platform and Cloud very production has benefits from in in pricing to market attributes designed cloud-native Slide efficiently strong delivered provide and these to Transformation, XXXX, through models produce on to and solutions Equifax rely assets the Cloud scientists with benefits data to enhancing the And customer the real-time allow North Data times improve of together began the now customer developed to continue principally time only year the our to EFX and customer we new EFX decisions. four only our new North early American we I continue data been higher Equifax's than Cloud data products being enabled introductions. to of realizing of to America analytics America revenue key our new the update - and the on revenue transformation North It expected to growing progress faster Equifax environment leverage make XXXX. product make Ignite XXXX. to complete market accelerated security. are completing Equifax by Technology us more leveraging on principally XXXX number have data to we them revenue. and new on faster remainder accelerate response technology infrastructure products utilizing XX XXXX proprietary host migrations to from earlier, highest and Equifax power history as last and to delivered and NPIs, of transformation and a bring unique technology driver industry-leading future new Already Equifax products assets new and and transformations a past. Slide Turning be year will and We are an accelerated by our These a our as always Cloud new cloud our end time improvements effectively to company. new Equifax cloud, our to products and with insights that delivering cloud-native in that technology in and the complete in of capabilities analytics customers as XX, product we current transformation will following of will growth. XX% delivers The Cloud new The built-in teams further Equifax on introductions work international customer as and to the more provides by referenced define end outcomes. in and next stability,

cloud NPI from both As our we the to and just discussed, of revenue generated has transformation strengthened the significantly capabilities new allowing new increase the products. number us NPIs

fuel continue product on growth. cloud-native expand top-line best-in-class our organization, Equifax our technology leveraging a to focus to transforming We data resources into and Equifax product-led and

out first half XX% delivered we year. that new last about in XX the almost year. which products, last new discussed from XX XX we've delivered XX is we the second rolled up from we the Year-to-date, quarter, delivered which the earlier, is up I As in products, Xx

the drive over We and we an expect XXXX. revenue to in next We the NPI years. some are off continue highlight grow these rolled record-setting which few growth the of energized wanted products as we to quarter, to half second out during

This may utility the was of and and with financial The services. lenders also so solution a capabilities, View portfolio industry-leading launched also our when over and Our their these uses or across views addresses complex to illustrate market as mortgages for also versus consumer Credit and app. we greater applying new the in app April Vitality measures history trends key pull needs seamlessly of launched data solution cloud-based leverage April. lenders new visualizes verify In underwriting in such only cards. was as consumers' looking employer. range agencies mortgage consumers' traditional Workforce the The product and consumers includes and a permission by focus by provides while utility credit Staffing to Urjanet XX of be company credit needs score talent flexibility in on meeting allows and and reference number picture launched history show past partnership macroeconomic product integrity. and inclusion in performance The data verification banks new invisibles. review additional into products telco by Insights to income launched product often helps multiple employers, where customers, of It Kingdom, consumer of a company's employment the with own other credit data protection empowering years. financial Ignite-based needed the employment data regardless the security, promotes report process. lenders help EWS for of for USIS loans mortgage credit integrate can pulled to in app a Solution the delivered the of the payment telco improve verification filtering employment processes or VOE in deliver. active own this income income standards confidentiality a data applicants an which customers check to set enabling of extended a employers product can on both May. inactive more meet to solution trends This mortgage United to staffing UK This product or performance. uses lines payment

Equifax the meaningful for verifications introduced customers. our insights New automated, and we solutions actionable Zealand. in Affordability and delivers These way Australia, Lastly, expense categorized a in Solutions deliver income that

are improvements some consumer processing of overall required This which quarter. just digest affordability requirements, these timing standpoint on fulfilling and reduce the responsible lending consumer new now cost, easily in insights are regulatory these to delivering will markets. new through the of loan regulatory during solution improve can conversion launched efficiency, application solutions customers These reports, the act delivery rates while examples maximize experience. we the from a and comprehensive Our

from percentage Index is to NPIs to Vitality as And confident the years. framework We new are as and outlook X% XXXX. for In NPI launched defined we Vitality of Index remain strategy. our three delivered NPIs we a past our in revenue product capabilities leveraging the in during EFXXXXX increased and by our focused on and XXXX central to XXXX cloud is rollouts for April, revenue X% reminder, beyond. increase our growth this new Growing

building our left you is outlook a we've forward the we big can the Equifax growth. X% Equifax from the years been from are for for big as priority Cloud a leverage slide, see to vitality of year. the X% capabilities me the that last showcases products NPIs As the step we for delivered marketplace. can XXXX Slide vitality new and the bring XX three over the innovation only team and past

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used to advanced Our take and models develop leverage and to and us analytics test learning, faster, months. in attributes build weeks where artificial allow and intelligence machine days

EnLink analytics in Equifax unique that allowing asset never could products ways is our world the our do to Our data team our and of and advanced Cloud-native are cloud-native located to us XXX before. data infrastructure data we fabric And around scientists leveraging and solutions. deploy cloud-native define key

and data record-setting marketplace. Wrapping we the as Equifax capabilities these the and global delivered these second across are a on of quarter. into Equifax are in we globe the Only early we deploy Slide innings up on fabric XX, stretches provide offense leveraging Our its capabilities. can

momentum move half. as strong second have We we into the

growth strong overall breadth of focus above-market products. early revenue of Cloud We’ve and XX% Our on and investments the from of our and quarter Equifax growth. new its the reflects consecutive benefits six quarters and in XX% enhanced business course, core double-digit our model delivered strength

strategic reflects priorities, on EFXXXXX against Equifax's performance our strong the execution offense. Our

XXXX raised in rate to XXX $X.XX by growth our basis over are guidance confident As year earlier, and revenue points our our we outlook almost full XXXX we for we discussed billion, to increasing XX%. midpoint

growth our raised over to also by basis $X.XX We increasing the EPS midpoint points. guidance rate XXX

margins. As delivering and XX% XX% Workforce growth earlier, fastest revenue EWS we is business. largest and growing most another had EBITDA discussed quarter valuable outstanding our Solutions

EWS new of and we of Data team driving and key their records, growing into drivers operating leveraging new new on capabilities. their growth the XX% growth recognize XXXX of database. new and Equifax performance by out XX% new growth. penetration, driving EFX and another non-mortgage drive Solutions Workforce on his the value During Hub, by our TWN focusing focused quarter, their driving revenue remain Solutions throughout Equifax's strong as products, cloud expect to driven quarter outsized Rudy beyond consumers delivered Talent continue of growth, rolling their delivered adding USIS expansion verticals also XX% organic to

resumes. to our USIS to the competitive growth the team, alternative winning expect quarter, in and products strong the due assets. to business and as local unique and to accelerating be continue the the economic second the We in are commercial to reopen in USIS marketplace for teams and non-mortgage activity consecutive recovery, XX% economies quarter third Sid data will continue the in new currency International and focus of beyond. grew deliver XXXX and

has international strong Nelson growth Lisa team continued and expectations her the leader, high rest through for we new of Our expect XXXX.

leverage off EFX built of to of are the three benefits and Cloud now the designed We’ve new as Cloud product and with new products cloud we're new and to EFX spent Data our realize innovation starting We our our Cloud Technology we beginning the building Equifax accelerate infrastructure. transformation last capabilities. years

our the we'll EFXXXXX cloud Accelerating XXXX, capabilities products, through be the to rest into new is the As cash from and we leveraging of cost new these strategy. data the and top-line, differentiated new our and realize growth move year benefits EFX capabilities. central cloud increasingly

leveraging benefits completed EFX beginning focus see the XXX NPIs cloud ahead of delivered the the pacing record of first the year. and in well new XX we last half, are with product resources our to We the

future Solutions data discussed framework. differentiated our in bolt-on are and that ID expand integral growth acquisitions capabilities Workforce past, our and fraud we As the assets, our strengthening broadening to

the our to half. second have add year far in bolt-on points flow five so acquisitions in cash basis We this revenue reinvested XXX that our will strong

we now Equifax years accretive joined energized I cloud strengthen new growth cloud what to three continue that innovation, holds to more bolt-on growth Solutions. for acquisitions our move the chapter am products. the will Equifax Workforce We focus ago as the of building on and than next I future new from leveraging when

With cloud We have our let years. for to beginning and the we new positioned over leveraging customers capabilities. of open strong made momentum are we past Equifax's up second unique that for across it operator, investments deliver me benefits technology bring can significant only half cloud questions. on the new solutions our and the the and as offense we and move business that on deliver Equifax to our EFX data into three

Operator

Evercore. Our Instructions] from David today first is coming from question [Operator Togut

line Your now live. is

David Togut

versus your strong Good XX% continue to in come Solutions. morning. in Good record NPI the the guidance Good new and first half Clearly, the morning, growth from the Workforce Mark. morning, outperformance you. Thank strength Good continuing John. to see growth.

mortgage So, mortgage as core half core are outperformance? we you look terms guidance, half outperformance back EWS the about embedded percentage at thinking the terms in in what’s second mortgage of growth the the How EWS versus of in market XX points of QX.

Mark Begor

Yes.

at core. BU third we But David, break very don’t terms gave good detail quarter as are the from have in you XX%. specifics we to we give can So, see down by core in growth the how expecting we of

in that higher talking XX%, itself. and from X% market mortgage full our substantially And indicated market. expecting the we about the it’s grow XX the outgrow about than continue are continued up overall we we with expect talked as well We performance to EWS extremely to that’s more and mortgage are to the we decline we the revenue expecting are them what mortgage for for year, than April points

will the year some this that and did that product that. around continuing year team So, high space Solutions multiple data that growth. levers outperformance, market in additions we by and mortgage very it’s specifically all to that continue course you roll is Workforce last mortgage give mortgage itself. outperform to substantially in fuel the drive in verticals there to and growth core revenue outs help EWS visibility are drive deliver expect continue to To to team other of record We the the the new the our gave the

know, see we don’t every you As mortgage.

is is of integration. team Equifax. see. system-to-system from The mortgage on And the of course, still we employment we focused drive and large continuing income the portion don’t So are adding to

what only but libraries outperformance all those all his drive mortgage and So, of Rudy that markets. deploying not are to to the are team market, continue of their that

David Togut

that. Appreciate

as share? XX% in where where you organic quick are QX, maybe looking compare if significant at in And Just gaining in a USIS are the you you a follow-up, of verticals ago? USIS could today year you non-mortgage which kind growth kind market non-mortgage were of versus

Mark Begor

recovery. economic first, of are really and Yes. are I in financial would all We’ve institutions benefiting from more doing seen marketing. say, certainly card we the issuers the that

You’ve credit seen consumers back strong in there accessing in performance products. the

more focus that as product bringing last, are products more focused the strong deal mortgage really focused of and are about focus you’ve customers. side added in XX And new rebuilt So clear market. their as are with his months very the almost rollouts both pipeline. benefiting the We’ve more been the seen you over we’ve commercial they team has commercial team resources. but course. focused the we’ve I out They their team. team on The really re-levered the our on We’ve a We’ve and on that coverage. enhanced to think non-mortgage new building Sid broadly, got on are

a got non-mortgage us in market competitive So, our in ability we’ve going confidence of from all to forward. be and of lot those in are the benefiting USIS

David Togut

the much. Appreciate all insights. Thanks very

Operator

your Kevin Suisse. live. question next from from The is is [Operator today coming you. now Thank McVeigh line Kevin, Credit Instructions]

Kevin McVeigh

parts Great. a with versus XXXX, are revenue in the happening Thanks. XX% got XX% But, hey couple I there. It EWS’ EBITDA like, am EWS. XX% the of going to to got feels it. you’ve about to accelerating me as ask one question, somewhere TTI you of today, because what’s around to I shift Mark,

of today. transition us cloud size employees So, XXXX is EWS the in XXXX terms right, can business? to if client about within core And XXX versus contributors average impacts context the kind the of versus dynamics the was that, my a about help you in understand math the then, of how

So, feels be higher at something impact to mortgage EWS? What am those there structurally like looking of And just dynamics do level feels going like, I kind get of it how is beyond to is, structural. overall. it trying the again, volatilities that’s growth

trying that just the So, can extent to help maybe frame you to us.

Mark Begor

call a focused are is rough our out the and Workforce businesses of with comments, unique. million I really you in know, are And building the their how And it all really Solution of And has Sure. XX growing a our uniqueness valuable, only the talked in the pay the clearly, the it business scale couple they we year-over-year added perspective levers And businesses, by times XX% they the that all – of all is as the data at really do has has on talked starts XX element units. business And of Solutions got a just make past history but equally have made broadly, data more dataset and as it I value think just and think dataset income unique very dataset. did when that they we valuable. four that. of million think, And on Kevin, a someone’s records. from and very on was there records it has over their talked Workforce you employment non-farm credit of when much quite dataset Solutions we’ve catalyst we working that as Equifax are payroll, Most And they is basis. I records. The an year of call bills Workforce history, shown my already about valuable. ago. driven and

add continuing are records. we to So

to which addition for Employer individual now other payroll a with or of visibility those of are the add. out companies got the addition And are business the payroll processors half then we by services. we know, course, you don’t dataset, we large from or that do And have a to year. Equifax to processor we our the Services through working there in As providing grow significant meaningful second talking we

jobs are lever million important total very non-farm versus or focused with course But Gig to the a then self-employed on second XX either not or unique is non-farm payroll which XX long that or million business we XXX we records individuals a of for payroll. payroll, another is only so at that XX economy, is have are outside runway and So non-farm million and million pensioners. there the where first of

of $XX mortgage. So, years been couple got opportunity to was that’s business ramp a that grow place beyond course in records to the you’ve are very And in this the big vertical is Mortgage we’ve second last going of over then in always focused of to a able on and seen growth grow. revenue very, strongly of Workforce for we million lot XXXX. $XX and contract know, incremental the to government large the SSA you and half million live

around the in another been that’s and usage use business area is M&A. more products kind example And of and So, focused an strengthening of dataset the the of case. that on the used core being records other through just outside we’ve of the attrition, growth

and so business, Services acquisitions which year. HIREtech far know, iXVerify you records. done As our we’ve this two Employer strengthen delivered to

core Of course, talked business. growing have the financial of markets. that’s they of anywhere market on some just traditional our of about we We are a like in outside the some good solutions

with out. that that the of focus also I to as strengthen like Data TWN mentioned comments that most have we’d done to Workforce building maybe of years has just on that And some I on relies government in a you history of ago, long Workforce, ingest it the XX,XXX today, So years elements. our are focused And couple back Solutions has are years more M&A contributing. XX you’ve look to outperforming year Data background Equifax or maybe had closing but data, that contributors them hired Hub a my data building more in are Solutions and Hub, our seen link jobs elements other of ago, process in of dataset. space three Think allowed quickly. years, and to the Workforce we on we the in about includes along hiring the on business out we step-up we two where scale more the history if us that couple cloud or think markets a The to screening of that do its that work unique million people and every companies outperformance last have underlying change data data kind

Now we is that million, and X companies have many United in are scaling million, X about But there million. the there numbers how X a quite substantially. really are there different we dataset States, X.X million and

you’ve we products cloud to unique ingest leverage are to seen is Equifax. new Solutions in a it’s the up across Workforce product them in course happening one that’s and a and they new So, very business. organically. data more start of that It’s out from as allowing ramp The capabilities investing coming

Operator

next you. today Manav coming from Barclays. Thank is question Patnaik The from

Your line is live. now

Manav Patnaik

Thank what the you. in said was what are Did you was Mark, Workforce I an interested on comment? background you or just apologize, area screening the M&A. that you say

Mark Begor

fastest No, Equifax. said before the like for What when priority what’s us number doing is Solutions. really it business. and It’s clearly and I It’s that. HIREtech no. strengthening was Workforce a that, talked acquisitions about our core It’s say business. our growing largest And our iXVerify strongest I didn’t is, one, business. interests we No,

Talent the want talked is The hiring be around process. area we’ve the that Data with others other to the Hub. about before We data Solutions and business in you

history. you work as now, are know, We with our

an X.X American as where that data jobs go other average have our and licenses on did work the know, of elements in database in you did beyond the history, is you hiring We history What you very to are we to good elements are have. And incarcerated been building valuable that in like, valuable average could school. process. we data now arrested and very All Have you Have way hub it. you our find very, those space, like we’d ever been of If data before. before. M&A do a partnerships. to work

Manav Patnaik

into was don’t the your hoping That growth verification in employee know what year? just the I John, the if it, for makes so baked half us guidance, I but just, and to sense. services of about just to missed think I And help Okay. how you’ve back you

John Gamble

Yes.

is over I good gave So, we for full I think be we year. a we growth as expect we talked the to Workforce what year and grow we expect what think XX% to in the about view, the Solutions indicated,

that’s from April. talked So, about up what obviously, we in substantially

held second performance businesses in expecting quarter the continuing and year increased for growth continue And as performance it full we all in stronger of about but also the strong second the and So, in fourth all very really therefore businesses across I as reflects the expectation in we our said, effectively, the performance the we much in think as we talked quarters. our are half. third strong or the I

good are feeling trend. So, about the we very

Manav Patnaik

Alright. Thank you.

Operator

Thank you.

question Next from coming today from Hamzah Mazari is Jefferies.

Your live. line is now

Mario Cortellacci

Hi, Mario Hamzah. Cortellacci in this filling is for

there? question into international your your through us also business just markets? about international talk on differ could did quick went a recovery how Australia. margins then, business other and on if Could you walk lockdown I view in again. specifically And just I Just guess, you that the from they think

So, just want outlook. to get your

Mark Begor

choppier consumers to for John, we by I think is lagging lockdowns of and them COVID figure and characterize still about in growing global some what being how differently America markets not Latin regards, of on that basis. market margins, businesses the international wouldn’t on the in we I seeing in maybe Canada in a But Yes. States, in don’t virtual operate are similar. and a is internationally been different a dramatically vaccine basis, Australia that’s relapsed. I really that’s lives International the The are We United – particularly has the kind UK around environment. broadly far But are as live than talk it guess, And their similar still markets, our is more as lagging has with their market. has the other the rollouts. quite out, like international as are lot because there. vaccines sure did lagging States markets point another got market The quicker, and United States meaning lockdown, you customers and in really of United it Australia adjusted

John Gamble

markets talk Yes. you a look stronger. looks than that right. that would indicated talk the higher Canada We some on them be market margins averages more historically tends businesses. run international basis, much Australia other is, think probably so don’t at like about like about to very we’ve Canada than what U.S., we But about

Mario Cortellacci

Understood. And And on you deal. any more it’s Kount synergies there are seeing comment then, just further of you that Kount? market through initial And post fragmented can Obviously, are highly scale gain you how integrating as then, M&A a much just segment views my the follow-up, could the you more on the Fraud there. business?

Mark Begor

we commented that that. I Yes. quite earlier are encouraged by

really and more leveraging Kount. very are on the area. to you energized their of kind strategic billion It’s area board to assets that’s an power really combination XX the interactions really is Equifax. like as space you unique Kount augments really out, also of something and fraud from and that pointed fraud a like have the and world. brought at do that We They ecommerce could synergies from we’d team with broaden. think we’ve M&A, a scale the email It’s very pleased we ecommerce. we doing and really with ID growth We the people big find are consumers. IP verified very very identity around very over because assets data you out, addresses, XXX and every acquisition it’s million with numbers, if data a have cellphone quickly, play interacting scaled as and lot elements. very to addresses, fragmented. in year pointed It’s are with it of in And ecommerce, They data got

lives, more And further market we and is, data fraud, and more think, and we if data believe Fraud we verify also important. do find consumers billion to starts financial ecommerce it it’s huge it’s more the ID very it could interacting really power. way have digital globally digitally. with it. XX% the power to is position whether And with with services, combination the the Mark, telco, that where the critically think that retail do And seamlessly a macro strengthen TAM in $XX requirement every we our aspect really we Fraud where data. of close the for to meaning looking the And that’s the at ID that with is from insurance, course, data of the that’s or Mark to M&A Equifax large for of is with feel So in to doesn’t in. that and license Kount And ID digital and it’s a space data really current. that interaction, meaning is why and more to consumer their and play And are assets growing the come to and I is

Kount both inorganically far area energized of bigger going it’s acquisition, forward could and are M&A quite also like us. synergies products but if The strengthen we Kount. to find so about through and integration would organically the some we So, an with the the be the progress that in we’d

Mario Cortellacci

Thank you. Great.

Operator

Thank you.

from George Next question coming Cowen. today is Mihalos from

line now Your live. is

Mark Begor

George. Hey,

George Mihalos

at guys. the alike. to debate is Congrats morning, inflationary extent, bond off, obviously, of going of on a a on that’s there Good to question broad markets the just FI we things Hey. another I quarter. lot that, thinking kind you you catalyst about credit potentially is up. forward, at are guys going period your am the relying a all? a that people you start help for obviously, customers strong of more in thinking to looking something some enter be an could curious more guys of But, that and Wanted ask how of where on terms both in go about environment and are rates if

Mark Begor

vacations, think up it think obviously consumers. that going same bodes more and consumer think at bureaus rates I looking consumer means you think the access economy we think is But for they for is out interest of an the up, elements coming that they We Equifax, to I got for car, spending is credit underlying in there and to all at But you to identify already look the expand well more some and the when are COVID for something meaning demand. The spending COVID And about obviously, marketing, credit are be customers forecast. that the going going quite and those desire time we in When out meaning back solutions can the catalyst seeing coming to going which inflation or new are of strong. with very Yes. consumers so, environment, originations our itself. about strong. pent-up the hard are are that healthier, a credit new more to step home, buy on and your

losses near managed healthy. were what really If not about our you more Their their customers, stronger. was pandemic think are much anywhere consumer because very they anticipated. They the strongly were

been during and the got strong a to areas strengths. looking if are financial their that’s customers broad you cards because our grow. paying they balances So, are the in and And of down consumer others lots like stimulus and pandemic

on historically that consumers still price then, watching up the pipeline benefit refi. loan dramatically. asset is, for loans of John need a is a counter of equity home a card refi. impact their is up mortgage at that refi that rates, build auto mortgage will they in current to on it And have course, loan, is the higher cash consumers or that from through balance appreciation other is to or access that home we talked customers an about market. are of books, rates home loan we And either their the loans personal appreciation there sheets to Our price more watch will other future area the their is still mortgage an may least whether getting interest a or in credit element one that out The and by what and it’s

catalyst So another we keep an that eye that’s there on.

there variables our So, about of a second our when business, in lot the - of which perform, lot to raise ability confidence guidance a got think there underlying we for we is is which, half, the but Equifax guidance. why we

George Mihalos

a basis, answered some takes way Appreciate then there. I maybe in Great. of to so factors, several would the it. were and tech some the additional me from in about been and then, out apples-to-apples, Is basically think would marketing housekeeping sales what puts invest USIS, inclusion you related tech what in of there just question called a and more the year-over-year have some Obviously, this, costs? And excluding the missed contribution increased segment. have that as you Okay. margins the expenses expenses color. the to to there But lot John, and you of are the forgive margins think I if

John Gamble

Yes.

marketing if basis I of and definitely we more new is driver points and tech-related were given think, it in the invested We’ve I year-on-year you that, impacted have was been that the decline biggest about that costs economy. specifics. driver impactful decline did the year-on-year. what biggest said think But rollouts we is about year-on-year more give NPI XXX the sales the But also in tech-related of certainly cost. the we didn’t sequential. And that’s would and think improving indicate

Operator

you. Thank

JPMorgan. is today coming question next Steinerman Andrew Our from from

now line live. Your is

Mark Begor

Andrew. Hey,

Andrew Steinerman

Hi, it’s Andrew.

said So, back the two questions. quarter pretty One, is, question us reported? and John, Mark’s growth the wanted XX% mortgage to outside second in in you get growth could to this you year about in Services. Mark, am revenues ERC. percentage prepared just of I tell a I sure, the UC comment for just of Employer remarks that second And

when would that about for I again, much and me if Just and would the ES correct whole UC year? it And growth number how think number ERC change that is we right. heard organic thinking that

Mark Begor

in revenue about Andrew, quarter. mortgage was XX% of the

Andrew Steinerman

you. Thank

Mark Begor

of we And the expect say really for I-X solutions. it XX% we up be that Anywhere by on outs the Employer And Services, the year. that’s driven have, did product a that we roll to lot the new

process seeing We in hiring traction that. are really just the that’s real driving

Operator

you. Thank

Equities. Clinch Next from coming is question today Atlantic from Simon

live. now is line Your

Simon Clinch

I’ve coming wanted in the got rates taking quarter. this the again second portion been non-mortgage Service follow-up is the the to record Social step-up got excited quite you’ve you’ve Thanks in by in. Verification question. particular. Hi. I for with the for And Contract my in before new growth Security before

a I me next step-up give because year growth how through or the was or move to wide around I about quarter. the or we two, think me wondering of big such am color if fourth to as So, pace you a that in understand help work struggling some

Mark Begor

some an are the that. of Yes. recovery and so loans, like piece there of COVID and in to P markets in cards element auto element There a an Records there in sure. it for is is that of

you As rates up. our add hit go records,

an that’s element. clearly So

it on financial runrate. some space second is Talent very half gets go of And live out, in focus it’s XXXX – just the In in There we there. talked real new will will us the non-mortgage the full non-mortgage are that year. contract then, really and of verticals to of ramp that Our But as – full as products the half point benefit other growth performing strong lot a a in in the you in a Solutions, well. SSA the really second opportunities space. about for somewhat

John Gamble

Mark growth the in government, far Verification which Yes. segments two mentioned are by huge in and Talent Services. biggest Solutions

Simon Clinch

in fin-tech Okay. just well for credit also more some the effectively credit assessments using risk process. models of datasets yourselves. or in today, a as Understood. it’ are Thank data growing sort wondering the the like and broadly, using you alternative multiple just decision-making I the follow-up. to improve But with just you. of was are, that And reports in market startups

today, you not but As market have where grows. that of kind it’s opportunity gone

become you about along and become And the assuming competitive are term longer with. You wondering that – I more if dynamic am you I talk could was that? competitive how navigate you that’s planning to

Mark Begor

they BNPL bulk with They used interactions our transactions of income and partners. about They course and are use be MC transaction and of they and in our using consumers. bit comes customers data fin-tech quite in think file. using some and of TWN going mortgage there. lot them are in in data competitors. ticket sub-prime The cards, whether data. the of Yes. I are say sell wouldn’t own are loans our of of in some they We as a of the are auto or fin-techs Plus employment from a But they their data historical broad or our to credit P that’s larger consumers from data to They their a who their the verify, us have in processes competitors. that’s

we the data. they can for or as the in us, and So, build real enhance are making data value savvy. continue out datasets, look for enhancing the plays out, of more we sophisticated they point to which credit more data you very decision, with as well decision decision they crediting data Very are bring because the our differentiated addition to

it we as view So, positive. a

for and focused four resources years know, there our ago. I fin-tech you we plays think weren’t on changed and three, as fin-tech. that think expanded really and capabilities our cloud We well we investment

new Our focus differentiated data plays well for plays product fin-tech. And well for fin-tech. our

place be So it’s to larger in. a we want

Operator

Thank you.

from Nicholas is William Andrew coming question from Blair. next Our

is Nicholas, please ahead now live. line go Your sir.

Andrew Nicholas

My wanted first I Thank you ask my one, for international. to one question. another on taking

prepared it’s underlying the few You slides noted mentioned and remarks you in that a of are outgrowing your on markets.

where I those So, the in is to specifically there your wondering And in if the in are outsized region what or gains that’s particular then, your extent case, countries is any gains internationally? share was markets? particular, driving

Mark Begor

Yes.

second quarter quite really up region the really in XX%. – all were markets with the Our every strong over

an with there from broad COVID element base, is meaningful quarter So, definitely in the recovery. the that’s

don’t for how I operating challenges all consumers up have some Monday. out. still a Because they with have a markets international But year COVID – COVID But to UK after really is to hesitancy, of think think they on like operates. they the all different the go figured operate. lockdown or I are of some still it and out flavor opened Australia there

I differently driver. market think that’s a other. wouldn’t than any really the big I highlight

We of strong position We America we in a a Canada, we Australia. very markets market operate Latin have it market that strong in. do in have a position. the very in In lot

focused. lot by been NPI in new very are And we products created those to markets in big their our assets. or markets are a going and leveraging for markets, our growth grow international to the out. States are our of continuing always really getting broadly, They United unique think a forward. have I Those in data fuel

highlighted of products the solutions new or international think, are markets. two You’ve new heard, one I our our I in

Andrew Nicholas

few is, plus to on are could additional touched more there to I it’s much that but then, particularly strength quarter a you. Solutions there. think to follow-up, Thank importantly, And color tied said you. for the about growth give relative flush specific already, extent know products my further, any And to bit perspective, contributing? second times that is think I it how you Got little volumes Thank of Is out it. been hiring better my a of on from year? that I Talent you should how maybe last the XXX%

Mark Begor

Yes.

they allowing it in screen party So, or background been the products else, substantial a for built there the purchasing right. that’s Solutions a be ways attractive new buy somebody has specifically a generally and it. they require really Equifax. around product, on that the information focus in are Talent at Whether to and them to that do price tend allow products need And launched we’ve duration points series for the for to they be of very they

in get in EWS. a But last into so, quarter very we NPI So, hiring Talent substantial increase seeing the in strength are relative - as good we’ve obviously, also year. Really second it’s we to improvement very Solutions. real for seen

it about break Talent and But third amount is that say think year. gives I Solutions been new growth starting about have I really driven in what quarter least consistently I substantial through can think we’ve the you down. at last this since So, products a midway talking a of

Operator

Thanks.

question Needham. from next Kyle is Our from coming today Peterson

live. now Your line is

Kyle Peterson

Thanks morning. for Good questions. Hey. taking guys the

side looks start EWS It really been puts the Employer the of about any to want and on the should on Services. of improving? the momentum claims things some has side. business UC as the keep between as Just like stronger growth that we some picked open versus as on up excess How takes of kind like business in Talent things think declining that long of

Mark Begor

to one the been when area tax opportunity really those. still that’s resource it’s did claims particularly a I-Xs part ago lot we an stronger have, Whether decline The from process helping know, employee. year benefit that’s we and of and clear forward. that our you are us acquisitions, solutions we year. rest an some hiring that news and we that a good and of of work a of their of extraordinary other onboarding very employer that expect acquired expanding the we’ve a a levels the We’ve through about the for is UC as Yes. credit expect been we you that think is HIREtech is going generally quarter benefit on get But space growing in that’s is which two credits, the we to COVID first focused guidance

John Gamble

only to Services that exclude The businesses supports The is new as I-X our we from new much Employer our is business what business we which commerce and there are to the and growing platform two – our And thing smaller get using UC core and solutions ERC, excluding talk Yes. the ACA biggest right, growth. customers. I-X very right. that’s fast, and new

us with are So occurring and we the growth. then and changes to ACA access they the in what’s can in obviously more directly that return quickly seeing also

factors So, which in think excluding ERC, those the very been businesses and I about. Mark talked beneficial two are growth of the already UC obviously

Kyle Peterson

just a It’s And follow-up. then, super helpful. maybe

later that the you could rate You the partnership that’s how and influence of year? color that large guys of monetization any potential live could the on going payroll Maybe us give and have size year. in the if planned back goes mentioned the live once half

Mark Begor

factor records obviously, revenue added. added, we will in us or we Those to adding Yes. I our and to be turn to system as top don’t the guidance it’s TWN framework if processors to those pleased payroll second Workforce are trying we’ve this and Solutions it the into half. think one our was been get it. integrations. And clear, into the for database size are be But the XXXX, benefit want exact it in benefit we on them of into

Kyle Peterson

Thanks guys.

Operator

Thanks.

Our next from question Kaplan is coming Morgan Stanley. from Toni

Your now line is live.

Toni Kaplan

Thanks good very much morning. and

and Any of in rates market? growth about final view and just there? question bit growth market? generally that you And a revenue recent you now. are of position that’s like more leader seeing the for in the future sort lot potential a contributions mentioned pay seeing You opportunity little your Can of talk you how that right in terms current

Mark Begor

Yes.

the participating where BNPL more provide Australia the markets and consumer. larger BNPL our and identity in space also ticket markets in do we UK verify are of have the are to I We and states relationships. We underwriting the around – Canada and globe other to of the the have BNPL consumer the after to move players transactions of looking some an and them is who starting to think

a doing couch transaction. are of profile of a a you a identity you you fraudster ticket blue risk that verify jeans, a Maybe sure consumer start or not just less If larger or to the doing $XXX a it’s will. is do there if the on refrigerator you make pair when can a BNPL underwriting,

to all Workforce do in our of are to to talking Equifax Plus our desire Solutions. trial, like incremental about some that from their discussions including data move employment leveraging we So, alternative BNPL NC the data credit them data bigger into ticket of and transactions or

Toni Kaplan

then, a your the the XQ. that of has Great. quarter. you reported larger better it see down. it’s the growth strong clients did in But But my slightly one to expected know to we in I for And said still follow-up, return in you players space one – consumer very indirect got of quarter.

get I there a to get better sort of you? guess, is to just basically that yet? wondering why Just lag – Or to isn’t to

Mark Begor

And of and I different player. customer we that know have leads don’t when referring relationships you don’t lead you is I lead lead COVID level recovery your you players, are bank, imagine, own all to. from with first think which if are think third-party you might gen a before Yes. to competitor a restart buying space. about gen there going But the are you same a start gen as you

So, I think second through in that the is as we that there expect improve some we half. go lag

Operator

you. Thank

question next from Truist. Jeffrey coming Our from is Andrew

now Your live. line is

Andrew Jeffrey

Hi. which Appreciate Good driven am morning. as I database well Lots particular. here. TWN a but bit within little about if information also price NPI, in being it. assume I as verifier terrific is The volume by you the we nicely dynamic of example. think newer EWS about and to Mark, talk can of around am the out yield some you digital there call I business? solutions of sort but Is price thinking can mortgage between more about impact for also and in a that so of unit, can your price in wondering verifications value

Mark Begor

price, We businesses. price to in we about all of but try specific exercise Yes. our don’t talk

might uniqueness course solution our So, the as most and of through or asset. the you is differentiated of dataset data sure our imagine, Workforce Solutions for

Duo the And about in call we solution or to where $XX, to our meaning system range XX%, in And the wife we hit and we allowing that we have, use now integrations of data usage of in and we’ve of a whether but mortgage, the to that’s – relationships. we where course. use out out kind result strong that. the value our We there do see price XX enhance drives is at and sell referenced it a new it’s a to of also the leverage Mortgage Workforce $XX, of Multiple have get past in co-borrower whole XX%, our products revenue solutions solution. So, there it as have whether a the system-to-system order XX%, it’s are the a that’s around of the revenues. capabilities $XXX Workforce to Remember, we of to that called, more it newer add price, growing, customers define non-farm the that strategy solution XX% out rates. of to our single that product, records at every to that hit We has we pool we we integrations. in hit database the $XX, it on customers mortgages payroll to in last pull is in deliver bring alternatives We XX way Solutions and we data $XX for you can XX% are at we go getting influence our customer as are that point obviously earlier, records on continuing might definitely more $XXX grow historical And Solutions want talked higher and still consumer margins. to on lot months only a then historically, to at but both which you price all a higher rolled very those, call are revenue product or a for applying in you husband results more is now are decide, single are incent of higher that priced mortgage XX% can a add to pool, you in cloud new market. systems some customer

So growth another lever. that’s

of the a place that growing lot a that outsized So for decade just is here in really business couple of to our you’ve hit because the valuable customers’ is that where just years last stronger seen the scale rates higher it growth into integrate it workflows the why the said more from the there which in growth becomes is of dataset I delivers. of

Andrew Jeffrey

appreciate Thank that. you. I

Operator

Thank you.

Our today from Craig Huber next Huber coming question Partners. is from Research

live. now is line Your

Craig Huber

am Yes, us Fraud My potentially – you first on I is rate and question good I us ID, growth have multiple the it’s you can that there across in for that break out then you could for what the size if products and just, know U.S.? just morning. please?

John Gamble

Yes.

our I think business about see right total, over we’ve the But total the break IT are even look the Kount. expecting when as exceed that’s and that million. out to I our million in business, Fraud $XXX this and expecting addition in so, that U.S. be separately includes talked at to ID XXXX. past, are $XXX we in to of we XXXX, Fraud we

Mark Begor

days the combination capabilities. in assets space are and markets principally is of we deliver but that did combining that’s the the a the of that and global why acquisition and the Kount in really to at That’s you benefit our integration the got to Kount going the Kount we also And know data driving rolling new data Equifax us so, solutions and data too. want grow. of we U.S. some still as will out synergies global and it early

Craig Huber

quarter did in imply for half credit what that credit what follow-up of importantly more and a that then sort on How my of core the the credit what’s hit of bit in just In second Thank question the could well loans personal year? the I sort you your ask And full you. USIS, outlook card, little And on please? can your – card for growth autos, business? revenue if bureau and would last year?

Mark Begor

this we’ve rate. a and given is have Fraud Yes, I I broadly think itself in we and you don’t think know shared Identity the growth – XX%. growing But market

The So, why looking why of macro growing in that’s is invested more on in size on at a phone, we really tablets, do we and more to open – billion is us their computers want is online consumers their us which we why on the of very TAM driving their M&A bigger be it. still in underlying it’s Kount XX%. the to of things $XX are digital doing because priority

in as issues. been far As impacted USIS, of by has some auto the inventory

same some growth. come We’ve with dampened growth strong in marketing originations, card and loans. clearly if that’s broadly and of P seen their So as back we

John Gamble

comments, Mark his auto FI grew in mentioned the so, as double-digits quarter. and And right, XX% grew in – over

Operator

Thanks. coming And from is question from Tong Goldman our next Sachs. George

Your line is now live.

George Tong

Good questions. levels? secondly, industry with how XQ then growth is USIS how Hi. a approximately in non-mortgage broader the revenue XXXX Thanks. And morning. your to performing non-mortgage Two your business, compare XQ from relative perspective? does XXXX business USIS Within

John Gamble

go with George, I sorry. question, the am Hey, first

Mark Begor

compare does how compare our to XXXX? How to did in – second we quarter USIS

John Gamble

Yes.

given But is the relative specific haven’t what most right? detail. we So, have we growth across businesses, the really XXXX seeing indicated of we to are

Mark Begor

second the versus think which second is I – is needs assume question, competitors. I the versus one our versus George, your then, And industry,

marketplace of core competitiveness other I non-mortgage. are we pleased and in are quite performance kind did, our think with in in we that our and that seeing yet with of line growth One hasn’t competitors are versus reported the in that delivering and the the we I think

George Tong

Got it. Thank you.

Operator

Thank you.

Our Jeff coming from next from question today Baird. is Meuler

live. Your is line now

Jeff Meuler

you. Yes. Thank

or pass-through do Income sense of are of profit XX% a pool cost enquiries, refi any index first out the and the to because how under specific the the us, relative on the For you sense purchase that Verification, Employment gave services? closing on verification and the of often And costs. originator borne over market you if metric you their have to the versus consumer broader

Mark Begor

clause a file was in the virtually Yes. and credit know, that mortgage consumer. mortgage, about mortgage, you And used I a think you In XXX% Jeff. are in talking for that’s pass-through the

to originators think have forward a starting some statement going that that’s to it’s some going on in closing data the are time. early and move employment an I we days and income guess, as take opportunity We

John Gamble

Yes.

In we penetrates terms is or relatively refi consistent. more think don’t purchase, the in so. of it of the whether the by it’s think versus We than basically underwriter the provider purchase. mortgage is different driven by versus refi our It’s new

Jeff Meuler

it. Got

John Gamble

a Jeff, number range five opportunity data or on polls of income there. with income in plus mortgage been the we now grow average of ago closer the on two is income there and to an employment, number and were difference we think continue when of up a to on polls you kind that credit the want of the to is from gap and in years we’ve know one we that’s I which employment credit employment and versus side and to closing for and think, four is there

Jeff Meuler

this verify maybe then mortgage you in I coming of was And off growth Yes. it about? outgrowth hear Slide you’d than talking of of the least are higher it structural to range years? because drivers you expect end-market XX% XX, the within say, kind you. on be to inquiries, to relative expect And it do XX% do where level at all you pre-XXXX to in

John Gamble

into want outside it’s we that level XXXX. think of get given don’t I guidance to Well,

allows think we or laid what benefits Workforce up, adding to grow down it you are, cloud and you mortgage. If for broadly we’ve Solutions the When in a records, whether lot out opportunity is sideways. obviously it’s about are the the and of there you believe market opportunities

system integrations, on gap the more of get dataset, on we to X start The our polls file. us scale and in integration and in we a of records system versus to closing to and for number the So, that’s coming focus lot of XX% big X the system that system with to a a polls, credit website. our runway lift the

to New on focused products are the continue the market. outgrowth we Obviously, market it pure you price. is allows to another way to which outperform

of confident what give but the the are over scale to long-term. guidance we any on So, don’t in the there, it’s like I look levers think we going want to

Jeff Meuler

But to periods, That’s interpretation? relative those levers prior are correct? the increasing right

John Gamble

XXX%.

Jeff Meuler

Okay. Thank you.

Operator

you. Thank

Markets. Capital Ashish question RBC next coming Sabadra is today Our from from

Your line live. is now

Ashish Sabadra

Thanks for taking question. the

a data there, – picks marketing partnership if provide quick Just quick update you Have your Thanks. lending wondering as and consumer up? better on decisions and traction a cloud. can you seen particularly the consumer FICO

Mark Begor

review relationship quarterly, monthly. and – FICO for quarterly myself it’s Yes. the Lansing a It’s with important actually, Will us. I We the CEO do not team. it’s and of an

the that the is So decide we solution cloud and about which with of are decisions excited data Ignite. integration their

going in we solutions We and AMLKYC with are with are we also are for market on that pleased very a forward. solution joint other looking

pleased are progress. the we with So,

go in course the makes of benefit we independently where looking to and sense and sense commercially what market it are We both makes market to of to.

Ashish Sabadra

regulatory is just a That’s just about talking I for there update a Again, But June. Thanks. we you the color. impact committee are think the just also there helpful how were wondering non-bank great. bank Actually data if was alternate increased certainly about under maybe hearing talk can about customer? CRA. how regulators spoken changing on about question on you’ve this but to past. business, that any was on can the front? the know and there demand And potentially, I in the as around focus any then, more And quick then, financial in things services

Mark Begor

Yes.

of net is I a think questioning. there couple

XX never credit you is There around three think the the public a that. bureaus. is there of a think and there that I sense. bureau. another lot is There one bureaus. make doesn’t discussions was on first that We on that. large to real focused some maybe don’t traction is There think are credit CRAs credit we path It three is large don’t underneath a

there So plenty think consumers. I is support investments of competition in to

around we’ve CFPB heard with big data. talk half to that question access around ours. for to focus The in challenged about it your Washington are drive those the real and getting in a That’s alternative of desire clearly of second and credit credit really – around

assets around this on up about and to that is ours institutions aligned access employment financial It’s with us that payment the credit. of credit and data the others of our bills, income open cellphone like utility expand data, our alternative is to focus things records, expanding Equifax differentiated using push the our using data payment and and and clearly call talk the combine heard and cloud records, to a really You’ve it banks Washington it has. customers,

Ashish Sabadra

results. solid That’s very on the Congrats helpful. again

Operator

next Shlomo Stifel. The today you. from Rosenbaum question coming Thank from is

Your live. is line now

Shlomo Rosenbaum

getting Online morning. my million little you good me Information help fact Hi, are it on that bit just out about is you there could maybe taking the $X we a Thank was just for despite John, sequentially questions. Maybe of down the Services, about Is that how impact the sequentially there. mortgage or Kount in a hit there more thinking of is of mortgage whole little should just and be anything be else bit up the opening will there? difference decline applications in the I

John Gamble

No. the total growth obviously, saw as Actually, that talked was in business. good non-mortgage bit organic non-mortgage a we fact I stronger. the little we includes growth and which mean, about acquisitions very our

be OIS. of the mortgage so, decline that in seeing seeing are the on acquisitions in And the obviously negative is impact and what online because you in are would and obviously from negative so mortgage that the you impact –

there think don’t in I is So more complicated that. anything

Shlomo Rosenbaum

there some quantitatively, follow-up, ask is maybe up. other how to you growth. terms the for there and you the to opening efforts for as generally to locations the a in there view strong very returning has any way hey qualitative all then, this, this maybe you’ve reopening. some think but the just, or of good there on much Is offense versus sure way from And made really that? you about just are how are of of do been terms in But way getting Equifax internally being us with markets if not I And difference particularly very am international is in Great. a a Okay.

Mark Begor

challenging. half some getting impact recoveries I we second watch. say, obviously cautious would in even United that is of things still It’s concerns the in around the is and something the are those Yes. we States delta

I of an are John winning are and products. that teams we I think keep kind Where of that is and Where adding rolling We on are Workforce, new kind on what a with internationally we new bunch that eye pipelines. deal out market momentum. the growth doing are front. are the above thing in USIS also marketplace. of the talked we the Those are kind Where but about pleased the customers. the

John Gamble

And we are accelerating NPI.

doing very doing about also come comments, product new market we we it talked to Mark as bring customers, as know, but positive rollouts in his way. are rollouts solutions and to to you top-line generate they in As product are our a the new new into really, as revenue our grow

Shlomo Rosenbaum

you. Okay. Thank

Operator

Thank you.

from today question from AllianceBernstein. coming next is Caroline Conway Our

Your is live. line now

Caroline Conway

for taking Thanks my Great. questions.

between and see might at that USIS and are product when NPIs par second about So, with I spread wanted specifically tech made to question that USIS There introductions that there on contribution EWS? of accelerate revenue transition. new then, business EWS outperformance the the few we expect stage repurchases the decisions to to a exceed ask based And on my million. are to separate a is allocation. hint could that just $XXX share is I being capital noted on from seems be the

different get choices of So allocation update just capital that strength? as an the excess we see on to wanted prioritization

Mark Begor

It’s our priority on NPIs. four that’s Sure. strategy. about a all question NPIs, to – On focused all are intently your really units teams business EFXXXXX central first our

to business on new they monthly unit. and they to have and are real bring based that client everyone’s we and robust new don’t solutions – think around how leverage John review to there as the capabilities by the I pipelines difference activity I teams market disclose working very pipelines that revenues. with index it’s is have a teams seeing – I all with vitality don’t of far the broad product don’t as the our a focus. But are think we So,

to cloud. As the capital far clearly allocation, completing as are committed we

we no three we’ve from really years and we was We the the changing But are buyback. down cloud cloud, we pivot starting consistent. significant spending been XXXX. and the benefits as leveraging to and to go quite dollars getting and which Those into are are the dollars there hints quite are around through our meaningful. quite And intended coming stock – last there are obviously

So, picked intent. in I don’t know an comments. up But you that that the wasn’t

offset launching was quite are a nothing clear in that this that earlier We to forward, year a buyback step that. employee solution but plans from more than

whether be capital Kount box, because want Kount check and try on that clear we’ve play check check think of The in M&A very that third to meaningful we if solutions didn’t leg Fraud, through there to to that growing differentiated see that we it’s bigger M&A and Identity and Equifax our got at enhance the is allocation in that we data one. space to that’s which that opportunities data. we be you mention

HIREtech that Talent is, we earlier or we and fastest Solutions and we Workforce income additive earlier, the always strengthening strongest data is assets then, and that our our we mentioned focused I really widening and are third the growing and employment as work Workforce data would and space And fastest is on in Second really that iXVerify database. – assets. looking really our business existing through our Solutions. for have It’s to history Solution strongest key data strengthening Data combine core be strategy differentiated Equifax to are Workforce through data the assets, we unique assets. can to mentioned in

Workforce for year, I is Kount we really the differentiated ours being we’ve acquisitions. this and areas earlier, on priority Solutions. that we significant. characterize and transactions and mentioned would of quite a identity bolt-ons I will of lookout M&A But broadening fraud strengthening and as are data, So, done What three five check those as

Caroline Conway

That makes sense and thank you for the clarification.

Mark Begor

Sure.

Operator

Thanks.

today Bank question is Bisbee next Gary from America Our from Securities. coming of

live. now Your line is

Gary Bisbee

Thanks. staying long. Thanks this and patience Yes. for the

Mark, was with question your you you see I retention clarification employee if Slide quick could. I one Just think I credits it about talking the lumped which in XX, the unemployment. about commented when employer in

severe there was well face you. the had? when that to year? the a tough allowed relative of unemployment will it you credits you from right right that little think something exceptionally the that this you’ll real I pushes did that is And Thank else sort Or so, do of And in think you comp of end normalizing? those bit is declines getting unemployment the are it are end – combination brutally hear that quarter to claims the that to at this effectively off that

Mark Begor

Yes. stronger It’s than the actually with little this quarter, but we thought new a ERC credits. was obviously

tend little was you So, a to forecast. – And difficult we’ll And to rest So of have little via year. offset we be see only a UC. we bit move gave the the you this something than the unemployment will you as it we does see gone were little declining credits that year through into this But higher than stronger said, expected year, next get right? we ERC as claims ERC guidance be we thought, will and as it a initially. to filings when

Gary Bisbee

you. Thank Alright.

Operator

closing end answer floor over our question would to to Thank for turn comments. like or session. any of We’ve back and the further reached I the Dorian you.

Dorian Hare

you. I you Thank forward engaging conferences forums you meetings look to throughout of We’ve conclude the call. and Operator reached call. in Mark, for individual the end with Thank joining you. and and today. John other in today’s summer. our This Thank

have a participation may and for You thank wonderful your you day. today. disconnect We

Equifax (EFX) 23 Jul 212021 Q2 Earnings call transcript