EFX - Earnings call transcript Q1 2022

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Operator

Hello, and welcome to the Equifax First Quarter 2022 Earnings Conference Call and Webcast. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to John Gamble, Chief Financial Officer. ahead. go Please

John Gamble

Investor morning. available Gamble, good IR Events Mark www.investor.equifax.com. today's call. Calendar the the Head conference Chief recorded. of is Thanks archive section today An Financial Welcome at in Officer. tab website, John of of Burns, Trevor Chief Officer; will are and Today's With I'm our call Executive being be and recording and to Relations. later me News Begor, IR today the

Equifax will making the are the our full a and involve set reference that that statements, we differ Events materials today, our understand XXXX with risk expectations. These Call. can you other also guidance in number filings forth cause Certain These of XXXX certain labeled year and Form materially at actual our call its SEC, environment. found that factors business uncertainties Earnings forward-looking Conference including Presentations Also, the subsequent are the results During impact second to filings. materials our be XXXX IR and and our could to website. tab News we business statements quarter to XX-K QX making including in be will help of section from may risks, and be factors

comparability at the tables, in tab adjusted the our be which Financial affect will certain earnings and found release in Info will adjusted non-GAAP for the website. These our underlying measures non-GAAP of section can detailed and which items to to IR are with referring reconciliation included that are Results be Financial Equifax EBITDA, We EPS be also financial operational measures, attributable including certain performance. adjusted of

XXXX, Workforce fourth USIS, operating and Canada in As quarter our into its moved international we reminder, GCS a and Solutions, lines of business the eliminated in and Europe. segment of

operating now has a Equifax three segments. As result,

Credit the structure to segment You prior XXXX XQ ownership Q&A. Equifax business can Bureau operating a new our of reconciliations release this unit 'XX has non-controlling in in find results earnings in Russia. a XXXX and interest

reflecting financial consumer In the the $XX.X XXXX, are investment company. providing are the venture. quarter deposited charge. first with class beginning quarter, of and no we the operational or off settlement. We quarter, support our And longer remaining reflected no $XXX into fund the first income a million wrote to one-time balance Also action from for we Equifax in of U.S the restitution the million first the

I it Mark. to would turn to over like Now,

Mark Begor

and a is and Thanks, the revenue delivered John. a which in you of to Equifax was billion record discussed strong up $X.XX off levels XXXX in XX% February. start very above with we well

under EFX key very growth We continue XXXX while delivering execute to delivering core strategic well revenue on initiatives. strong our

financial our year However, than guidance expected look are of the remainder much to of the as in we substantial reducing more XXXX, full a we mortgage decline we market February. in reflecting likelihood the U.S

U.S the with XX-year months, Over past interest the there's week, record increased XXXX in rates further for high. rates levels expected over several Fed expectation reaching And last we increased X% more through XX-year and the mortgage rapidly manages of a increases as move inflation. have as rate mortgage

over than credit the inquiries much guidance months order XX.X% 'XX, mortgage mortgage a the of U.S a the or the declining in As XX%. of With X reflects we and ago. significant result, more rapid on last months decline now a likelihood few originations for our -- of expected

inquiries line we down half XX% XX%, credit inquiries the of which and to XXXX, being be to U.S is Over expect mortgage originations equivalent than we is saw market Mae. the of into XXXX. pandemic the XX%, including XXXX average April beginning had we mortgage the credit X-year and forward is mortgage This we expected of credit declines also down believe pulls level mortgage early beginning U.S in market XXXX in last to below in forecasts the XXXX Fannie the are saw more show not over market at the this in of approaching most of inquiries first anywhere the we some with somewhat weakening levels last in mortgage levels NBA decline and prior guidance. near quarter, in of weaker half but are than levels and our we've are to included

through reflects likelihood recent inflation in U.S the a However, rates mortgage more in of as move and rate through our we significant our normalization guidance forward the market high increase We of the much continued prudent the into market significant the for substantial further it move in mortgage the mortgage increases, given of balance sequential year. Ukraine, mortgage the for was and from higher XXXX thought and the war expectation declines decline quarter, the 'XX. market pull second guidance de-risk as we to and

the in results mortgage pandemic inquiries for For almost below beginning U.S about the full credit the XXXX decline the about points our X-year prior to we in levels the of XX February is guidance. average below this year, saw XX% being and year, which the XX.X% and down XX.X% percentage

a For points mortgage is same of impact parts rate XXX in the XX additional XX%, market minus a of our And reduction period below in The reduction the year, this over over million. X-year the -- latter on pre-pandemic the XXXX. the balance levels of as guidance XX% revenue basis of I earlier, or is $XXX in XXXX. which the run XX% this XX.X% equates to mentioned versus

'XX and which the basis mortgage market. EBITDA $X.XX solutions to of or about with of from drives joint stronger guidance an absorbing elimination in revenue our Together up our after of million $XXX expansion increase NPI guidance X% $XXX expect reduction basis XXX Broadly, stronger XXX of mortgage quarter a a just also this million margin exceed that an with half Russian very share. midpoint to the adjusted core share, This year. increase, million in results points in interest a $X.XX revenue framework. in a of revenue is million non-controlling We $X.X share from or for our is points Equifax from and the in a for a EPS $XXX our which in over points reduction solid results prior The revenue to a by growth midpoint our declined $XXX year income but of core for growth XX%. billion, first per under of our basis is venture of workforce about decline the now guidance still our well of reduction XX $X.XX will rollouts, operating full reduction to from offset performance XX%

'XX points, and adjusted these at of we X% mortgage X% over growth million. despite revenue of impacting deliver significant solid revenue mentioned, decline growth by still levels, $XXX XX.X or market I almost our EPS As a

growth ability above and growth revenue long-term to our our mortgage XX% our new to underlying is will of deliver guidance of the reflects on XX%. breadth, the business shortly. view model, Our strength and details provide John market well depth X% core and Equifax framework the of more

expected. of billion with of mortgage our and the X, revenue in highest to U.S at quarterly guidance were revenue as inquiries end delivered our first we market new Turning of organic currency in and EPS growth down up in financial delivered XX% the framework. strong and our long-term or quarter XX.X% quarter credit the above in at consecutive both the growth organic well Revenue XX% revenue revenue adjusted double-digit Slide a about of -- growth. the growth were core This our X%, Core despite ninth revenue $X.XX was above history, the was range. quarter, and constant high was and first our XX% very

growth revenue, of mortgage X%. Equifax of In Workforce Non-mortgage revenue the revenue decline total revenue, again revenue to currency, again, and almost Workforce revenue despite U.S inquiries. XX% of in of $X.XX framework market long-term XX% our Our the X% total with and over Solutions XX% in Solutions just in growth by total, end USIS XX% represented of high of X.X% XX% XX.X% U.S and of delivered over generated billion was and powered U.S organic also International organic delivered businesses growth, growth their strong above total, over with XX%. growth local U.S the total USIS.

XX% EBITDA EBITDA quarter. share provided line of was benefits Adjusted we with strong $X.XX million, and up the expectations growth and a $X.XX Equifax a XX.X% at adjusted from February, for of in to EPS last were totaled our $X.XX the year $XXX the in by quarter up above guidance of XX% First technology driven revenue margins in transformation. realizing strong and our progress cloud

U.S decommissioning migrating data our accelerate EFX XX,XXX quarter, the in and to customers significant cloud the customers including internationally, approximately and an month. continue as cloud in centers this approximately X,XXX two technology as transformation to We additional the well data

ESG and we our industry is recently seen, important report, will also data power and commitment another annual of we the in and cloud of technology As illustration leader XXXX, our you have become transformation cloud security. security an Equifax may committed In that our transformation. issued which second EFX

new over leveraging improvement traction commercial highest that last cloud product Our speed launched the our EFX XXX generation continuing to years as the new from latest detect Equifax vitality and view more XX%. products. exceeded introduced quarter, momentum last the cloud. new and continue X capabilities quarter, new vitality Equifax. In and we the XX This in we X% new our for accelerate released point us Equifax investments -- We're market another XXX talent threats cybersecurity and We products enable basis report leading our to capabilities new from as our record year, index XXX with to highlights in these leading respond our products index increasing the revenue the in precision. security from about advantage a revenue and last Leveraging competitive decade. from innovations. defined we XXXX infrastructure, In where level a seeing for new is products first

facing on revenue framework XXX strong leveraging growth on our seeing are broaden our bolt new add start XXXX are market acquisitions EFX from the we to and XXXX Bolt our our acquisitions, Even to we long-term and momentum in acquisitions. to that with a strong strategic the Republic. strong of the our are we capabilities. strategy to the Bureau focus and and central our guidance XXX the cloud the headwinds, energized acquisition the points XXX For by on leverage our mortgage XXXX, are growth to flow from EFX Equifax basis strengthen footprint of in accelerate expanding Workforce macro growth Dominican our bolt to clearly provide Credit provided basis two points with first accelerating quarter, fuel our up vitality Efficient geographic of in strategic In XXXX largest expect now will cash XX% -- over invested February, a and from Solutions the free Data-Credito, in we growth beyond. Hire we acquisition February which growth in XX%, with on XXXX, in growth index

quarter as accelerating the long-term expect which drove NPI revenue of Turning first In grew now of long-term our This basis drove revenue international, revenue EWS core about bars, was strong XX% the growth Slide core organic and of our Solutions organic XX%, framework strong growth to performance as is U.S framework the XX% now base of above Kount accelerating above from XXX our core Non-mortgage by quarter. outperformance points the Workforce from strong Insights Identity revenue in is X. and driven mortgage XX% quarter, remaining basis above X% core organic growth Fraud, Solutions, in our the substantially expectations revenue about as across two-thirds growth. framework. Core in was well quarter first growth over XXXX core strength which With Appriss and and in Workforce in our up framework. core first as financial the broad XXX February of the growth the points green rollouts, in XXXX well we Strong the to also and NPIs. sections quarter, international guidance our and of third substantially -- very growth, XX%. original XX% Equifax

first integrations up driven revenue was growth very by and detailed a core Due revenue mortgage the X% X, Workforce down XX% growth in and of revenue in revenue the and X% core February decline Workforce mortgage core our twin mortgage with system-to-system Solutions strong mortgage record driven at to their guidance in consistent As by only new strong growth products, was quarter mortgage additions, XX% Core U.S on XX.X% of with USIS. growth, despite was Slide quarter XX%, penetration. of our market. Solutions overall first increased increased

the XX% consistent performance over -- growth, Slide performance outstanding is levers. key very is execution across time Solutions to their last to very by the Turning driven strong in Workforce fourth delivering X. five Workforce quarters. deliver Solutions, growth growth is strong core this driven continues for revenue This

First, growing database. the work number

new normal year. up was which unique additions. was There strong offset performance arrangements reductions year the the in As we approximately in signed U.S seasoning starting exclusive ended hire the rates very current large payroll year-end sequential with declines high February, implement XXX and record with the individuals mentioned that X from second on also agreement XX% also new million We about flat processors quarter records, we in fourth of million processor that we nonfarm we from XX% new XXX hit from expect we And last exclusive quarter. are represent payroll deliver we with XXXX. total three to to million late bring expect signed quarter from last payroll. The last of records board as month another

As boarding directly one we contributed to exclusive processor XX% the over of new reminder, individual as as our a we XX% -- by year. records have from are employers. XXX agreements payroll late records almost records last And back of we're million already today, of begun signed

increasing the XX% having talent, by strategy mortgage, key fast-growing core government our government verticals. expansion and with for hub finance, and all opportunity growth data continued consumer talent expanded penetration of for verticals these over in four markets verticals leveraging Second, in driving EWS's their significant

products Workforce Xx Currently rollouts by value revenue value XXXX. XX% depth integrations. EWS and from their through data and finally, Third, our And up existing pricing our expanding over average coverage. system-to-system, system-to-system new transaction than the or delivering of Solutions increased of transactions both is expanding the are increasing per product breadth of higher more mortgage

to when than you our the As to acquisitions. solutions, more customers get continues through web mortgage In talent convert add system-to-system system in last, capabilities represents our a XX% know, on plus we bolt strategic integrations. XX% in we Solutions transactions. lift And now polls records Workforce of from

Over and the positioned first market deliver the fall long-term and Appriss XX% system strength Rudy value EWS Insights ago. employment delivered acquisitions bolt quarter with twin growth, above on weeks the of in and of Workforce and past few Solutions to XX% growth, five their including very 'XX and clear X data years, a completed we've income EWS supporting Efficient Hire The unique last was framework again in a revenue XX% and outstanding Ploder team well another are quarter. their above growth to strong future. continue

XX%. non-mortgage over total inorganic and acquisition expansion of delivering both XX% for Government is represent revenue details of XX% their of total The now XX% very quarter non-mortgage, strong quarters growth decline that XX% quarter, were more growth up organic wins. and hub lending which XX%. strong quarter other leveraging card $XXX with Talent for in debt new XXX% The time, revenue growth National million Insights data organic the over despite XX% $X during XX% revenue fast records U.S the on ability another revenue Solutions driven over verticals Services the that The by Workforce the growth. a market. quarter. strong strong combined first of Revenue respectively, million, quarter. very double-digit consumer hub. Government is Turning with XXX the significant and with Solutions had up growing by continued Clearinghouse $X Workforce almost growth both to Appriss grew of above and billion records XX% core Insights Slide finance driven XX% was outstanding auto almost TAMs organic and billion Student Workforce and a driving organic was and higher solutions XX% Verifier X, banking leveraging growth Solutions, Solutions new revenue the and was organic volumes, penetration the very XX% in Workforce verticals, strengthens Verifier products. the driving in delivering XX% delivered up historical quarter a related unique and in very Core business data growth consumer system-to-system performed assets, the strong principally in in The the of penetration, revenue, deliver driven growth. EWS in and the product integrations management $XXX data Verification exceptional the to and growth Increasing over XX% million. are mortgage represent revenue Solutions growth organic growth Appriss of auto, strong showed and now data introduction of was and well, growth as by Non-mortgage our talent and Talent over first customer new well million non-mortgage of record $XXX of

in As was mentioned Services and points expectations XXXX. versus strong up but and last the our revenue mortgage last employee $XXX would earlier, up stronger than mortgage million, year, had approaching $XX XX the that quarter. as in EWS year, X% the of our claims businesses by decline of up revenue U.S XX Solutions million Workforce mortgage XX% expected. credit was revenue points market X% X% overall for outperform Combined with down market consistent Employer unemployment a sequentially retention

as XXXX revenue XX% of organic lower revenue businesses XX% strong Services expect federal out. about for non-UC of last the over jobless to COVID runs be of total and UC had million, all ERC driven growth versus and program over We with down tax year $XX ERC and Employer by ERC up XX%. claims

up revenue. over non-UC driven very XX% new and Services, to and Employer first our -- continue up of ERC show quarter, almost the In made XX%. onboarding up made product anywhere business IX IX our strong over growth, Our IX business by

and we our which under just revenue growth e(fx) of combination of quarter total of acquisition analytics growth business, of about in XX% and Equifax last quarter as in ERC the and year acquired expected. e(fx) XX% Services Health Health the that X% organic represented about combined third workforce Employer non-UC is Our delivered the with

the last The e(fx). in of adjusted Workforce Solutions revenue February these principally and dilutive we provided expected, and Appriss Workforce the as strong. initial from margins consistent half the And very EBITDA driven guidance we was acquisitions are the by versus to margins Insights seasonality year. concentrated As was Health of were first ACA in the year of discussed, XX.X%, decline margins Solutions. with addition

move will dilutive drive through and impact be we synergies, XXXX mitigated. this As

organic Slide expansion Workforce continued Workforce future new markets. XX% focus driving key began quarter. expected move through for the product XXXX shown we talent Solutions accelerate X, Talent with introducing delivered growth hub Solutions on the of As Equifax in in growth to and and data we in a Government leveraging the the total is engine XXX% Solution strategic And and as quarter multi Talent data the the new products introductions Solutions cloud. fast-growing

We with with SSA of also government level saw vertical and continued our XX% the revenue wins the contract. growth total strong up state significant and growth large in organic new XX% at

our mortgage XX% points USIS USIS I year, mortgage first Appriss by quarter of delivering million this well, market very down when which the and was was we slightly $XXX XX% XX% as from decline XXX The XX revenues half of Shifting was overall quarter growth quarter. revenue, is XX.X%. increased the last to and XXXX. with stronger Positively, in More customers was broadly, $XXX about Insights expectations. down existing performed million, the basis NPIs their continues total of it expect revenue the to Slide were in in and integration of about As of the now and back Insights decline products. than for USIS, reduction to earlier, revenue the below X% from compared mentioned Appriss increase success new volumes, driven

closures of Importantly, revenue in was of was growth USIS This marketing in their USIS of to organic somewhat February organic BXB the deal their of $XXX at we represents delivered and with growth up due XX% growth fifth revenue, in over financial million, discussed business. X%. the revenue timing mid-single-digit non-mortgage services consecutive lower than quarter X% which total

online revenue growth. non-mortgage excludes FMS was strong, up at which organic BXB growth, with X% Importantly, XX%

now showed During saw the quarter deal digits. commercial organic growth. and quarter, and had new Kount and with continued and revenue In and of of high and in the synergies the we expansion. both and XX%. Equifax growth lending along teams telco insurance, with and two and delivered single-digit auto between consecutive very an the growth customer strong in quarters approaching The mid-single outstanding banking double-digit bookings monetization and grew direct-to-consumer Kount base vertical Kount identity fraud, product

to year's we team Kount the Financial joint solutions, growth. growth be very the business million, growth data Our beyond. in of revenue of to $XX from core BXB product offline 'XX and Kount will continues Marketing XX% down both strong Equifax drive that leveraging new execute continues and on Services, and XX% our development had strong in last believe

Importantly, continue below we marketing to expectations. related projects, but see our growth was business batch our in

be the review by discussed one-time we in business As driven project revenue as choppy or the -- batch projects. data offline licensing can larger often our batch is in past, the portfolio

second business and We return fourth $XX combined was the X% the GCS, U.S revenue in of review growth Solutions to quarter solutions Consumer our marketing USIS DXC year-over-year, of was portfolio from the below by it in expectations. million, pre-screen expect quarter inside FMS. growth in USIS with driven to in up which business, had

new team USIS and players had leveraging the their out team growth. The complete, focused and traditional delivering a quarter sales return credit experiences, to the transformation than remains pipeline financial to quarter now the pipeline XX.X% than strong better quarter, wins is slightly unions with With fintech rate. new And products, cloud cloud roll fourth strong quarter. the with to USIS in BXB slightly overall on services number business the EBITDA a in flat with were fourth leveraging best-in-class the relationships consumer adjusted healthy higher key a margins in about The win expectations. very and deal of our resulting new

of long-term acquisitions for our data are and U.S to growth. positioning investments Unique non-mortgage sustainable Turning XX, Slide assets

improve partnership lever covering only payment wealth data far debt seen new data week, commercial government to bank quarters increases several traditional expect e-commerce and placements combinations debt management USIS data data, business. unique significant beyond telco in the and in transactions, that from finance past to will alternative over and real-time to We in on cash Fiserv. Unique will credit contains and our U.K very and strong mitigate Equifax provider business expanded help a customer experience transaction, United co-innovate specialty announced We're services $XXX Our the was history, We've Fiserv flow other was U.K revenue expand that deliver focus access intend local new -- data underbanked XX% and goes this Shifting transactions and of assets help Europe analytics reduce underbanked risk solutions expand up business Equifax to businesses on new States. on Unique population solutions their XX%, for the acquisition credit losses, initial to Equifax develop to principally approval increase with data the with -- lines and alternative partnership an basis. financial data that XX driven These the datasets solutions market. that allow our growth very Their solutions credit leverage differentiated provide a Fiserv, insights solutions. These data the revenue particularly Earlier data. with with to lenders with are financial important currency Slide on data scores to to now institutions about rates, up X% and speed, and Kount power drive deliver the technology XX. a with million overall million continue. global payments and over leading to commercial the in embrace of unique by to data energized international of with insights small we assets combination and new consumers.

potential recall, analytics awarded million government $XX incremental with was of estimated an debt from December, X-year contract $XXX with sales extension of a and on the you other solutions. resolution in value CRA their As Equifax with million, incremental an related U.K

which fraud in CRA was European driven by Our X% direct-to-consumer identity and expectations. growth in insurance the telco business business up and quarter U.K offset partially our below and the by was

pricing up strong growth revenue strong business, fraud. and commercial Australia by and the driven identity in X% the Mexico introductions team's XX% America and across services, driven X was actions continue region. product to America. Central verification and was benefit Argentina, Chile, This Pacific growth up is in the fifth The new consecutive Asia growth a up And Latin mortgage America. and Canada over for Latin past growth by by consumer driven was our expectations interest from years higher below double-digit declines in quarter market our auto of volumes that flat adjusted at primarily lower direct rates. and was venture income International the Russian for our X% the discussed. John equity to elimination points, quarter. down XXX due EBITDA basis margins XX.X% joint from were of strong

about last -- slightly from been impact, slightly year EBITDA would our expectations. with this and have and flat margins Excluding up

XX on over year, fourth measure the Building this XX% so to index we're far years quarter, XXX we new vitality product delivered goal in very As which record shown year is and XX, Slide we quarter. our to strong XX on highest new tracking a the product first introductions XXXX, the index last in since products over a on off XX% the pace new began similar our ago. with vitality which the start about strong for above is

are our and driving product long-term up XXX index growth XXXX Some slide. drive top our of to EFX vitality the basis equates over launches of detailed the NPIs line which EFX new rollouts, to points basis revenue this new year. our are expect XXXX strong February results. over deliver $XXX from we more The in million is vitality guidance cloud new points up significant of Leveraging XX%, XXX to in product our capabilities XX% to from framework new growth. on central product

in As flow our framework. strong strategy detailed on new and M&A long-term on our central growth growth accretive is and cash strategic bolt Slide XX, reinvesting our to EFX XXXX

allows to We're footprint. bureau and that, credit accelerate more year the of driving better to strong XX to Since and course compete credit Number fit integrating fastest Efficient largest on and 'XX the Solutions EFX reporting $XX strategic each in data two We agency Hire strong market, Data-Credito with cloud turn that provide the the living full second Republic accretive Employer bringing revenue and path with assets. bolt Workforce of add expanded markets. The strategic to three acquisitions, fast that with Solutions. work Latin X% M&A. on presence Number the EFX consumer it services X% high-volume on provides we've well unique identity and also acquisitions a Dominican strengthen twin number strengthens expand acquisition on growth. expect Efficient to us of four completed building Solutions our of I'll hourly John bolt across our to year space; strongest expand detail our to XXXX, and our our is hospitality to penetrate expand growth priorities. fraud that billion and market And and guidance. Data-Credito. to adds Workforce starting our in to down to by from we're further America. and records. one senior beginning business to the the in over Hire strengthen global Workforce hiring and Number incremental acquisitions to growing and and M&A quarter growing bolt synergies and our add strategic two and Services broaden XXXX And

John Gamble

Thanks, Mark.

market As expected significant our view the changes of the in reflecting and updated mortgage future earlier, current we interest have rates. U.S levels U.S of Mark discussed

third in XX% mortgage is now XX% being in second quarters shown with down on of and increase XX, U.S is expecting fourth believe XX% are Slide in XXXX, forecasts. consistent with we which quarter in and of XXXX, consistent mortgage market As credit, the originations we the declines and over

As increased we saw quarter, originations, rates as mortgage in driven mortgage less was rapidly the decline expected rise. the began to believe we than shopping the consumers in by first inquiries by

levels we of the behavior, see same the the of year. We move some expect remainder to lower at but as through

from mortgages refinancing the Slide that on provides a a of have prior purchases the number we have of view both right. and of benefit left, home in on quarters, a of shared As would the XX rate levels view the home

would is when rate of inquiries, about updated in-the-money the provide mortgages for in-the-money on X.X%. from the benefit, about in The reflect. we consistent when the refinancing the the saw -- a slide homes, The of was Our this with a left for mortgage of trends of mid-April are X.X X% side mortgages. left which population a the XX-year believe number provides of population rate about charts U.S XX% rates January fixed side assumptions down credit home market levels as perspective were we million these the

driven As population refi by benefit declines, the mortgage rate increase. rate are or out cash increasingly in-the-money executed is refis, often no with that

refinancings XXXX, in from an rate. borrowers data For Black of Knight prospective, borrowing our increase XX% about February for were had that by

on consistent Slide shown of we right XX, As levels in levels about the continues of the side purchases the high existing at with home pace historically XXXX. saw

consistent with are X last U.S assumptions over of just XXXX mortgage months discussed. for the trends Our market the the

that out strong, We're assuming saw that mortgage assumed U.S driven from refis. second by have volume X% purchase market U.S cash levels declines in the declined but volume we market refinance XXXX. the by half XX% to the volume increasingly in with stays substantially We

constant U.S XX million at drivers in growth total revenue ERC X.X% expect the X.X% unemployment about We over declines XXXX revenue midpoint have the and February. that second XX% the and the were Solutions we points. is mortgage by each February, about provides XQ volume Workforce basis XXX we percentage impacting the over in the When growth be XX.X%. billion. to in with negatively our total XQ years. market decline points one-third revenue you the of currency lowest combined XXXX down with have volume Refinance $X.X mortgage The of we the significant Over in walk $XXX levels more in to will last discussed and of guidance detailing XX.X% revenue than declines refi over negative XX% discussed by total levels expected business headwinds in a in the in sequential seen XX XXXX the claims XX.X half about and growth be with quarter. Slide of

XX The margin reduction EPS to EPS. EBITDA the detailing and of of of from revenue points, government our margins of also up revenue equity of well non-mortgage strong adjusted the guidance expected is the almost from organic the high EBITDA remainder and and margins of points basis midpoint with growth acquisition is our about by to points EBITDA our of Slide just $XX employee by revenue. and largest basis adjusted core growth drivers JV, International benefit, XX% the offsetting organic drives to mortgage growth to adjusted impact talent share. by the to over expected was X% deliver continues from growth. net our expansion from and Mark X% walk X.X% Revenue negative over solutions over will points which As reducing February. income about Solutions of including core up guidance XXX growth. the earlier, about growth in in growth the be expected Core XX weaker XXX from is Data-Credito. an discussed about growth The Workforce levels drive of XXX IX. $X.XX drive impact of This contributor USIS with XXXX as XX% revenue XX.X% EPS. and EPS discussed basis coming points expected market. core X% solutions, at per elimination the boarding expansion half loss revenue XX growth growth Non-mortgage of XXXX $XXX both provides adjusted organic the of basis margin margin be as prior stronger million of Russian of margin is online growth basis driving the are in under driven is million the

points. putting from in percentage deliver adjusted into reductions accelerate that systems in depreciation to as discussed higher than X%. $XX expense higher and the is million by by combined D&A expense by tax XXXX We EPS by to with impact we increase you X Consistent expectation expected track negatively in to about XXXX native and interest savings production. are cloud about on in Interest is with adjusted February. in migration XXXX, from February, expenses in our transformation tech our amortization guidance and is increasing in February expected negatively our we million. systems is impact expense cloud The about about EPS to $X and

are guidance this guidance XX to discussed. specifics XX.X% XX due loss estimated from I item, EBITDA our combined guidance, EWS unchanged. EBITDA XX.X% stronger Consistent of to non-mortgage decline XX%, about percentage expected the 'XX. year And to the our U.S growth both updated impact XQ our in to margins EWS almost the expected as XX% February a U.S margins XXXX also to the rate. expected impact market. be the overall greater USIS. market. assume be USIS is to XX and is guidance rate currency international revenue constant U.S of the partially Slide JV. XX impacted be up February, expected down The expected of XX%, revenue of mortgage basis margins to Slide is to which about reflecting tax Our up is level, deliver from mortgage market mortgage view be our in USIS does provides Absent be about weaker to market. deliver is EBITDA BU for revenue XX%. revenue are X% outperform over about be offsets of the framework full the growth any Russian growth this with expected revenue in with Consistent changes to is over At margins EBITDA decline our of income are is reflecting XX%. mortgage and mortgage the just impact X%. our on federal points. expected X%, provides points. non-mortgage is weaker assumed not the expected to tax guidance, used for EWS our of International of to X% the international USIS expected by February EWS

XQ to in EBITDA billion revenue by be expect are the expected margins We $X.XX sequentially. of to flat to billion. range impact are down to positively Acquisitions 'XX $X.XX X.X%. expected revenue

of $X.XX the year $X.XX expected $X.XX. adjusted and sequentially. per XX% revenue 'XX full we Solutions to second both mid-single revenue units about quarter, to margins EBITDA XX%, up flat just sequentially. at second are provided. to Corporate the be XQ digits ranges midpoint to revenue Non-mortgage X% business International USIS to X%, guidance strong sequentially. expected flat Workforce adjusted be XX%. to EBITDA growth revenues growth are to year-to-year share, 'XX up expected our to down revenue is up are slightly mortgage adjusted in with currency is and about be believe at mortgage to partially up margins expected in continuing. be the down EPS to non-mortgage be quarter be and expected are EPS XX% almost compared expecting constant centered margins We expected be about in Looking to XQ EPS XXXX lower to year-to-year over very expected expected reflecting revenue. about down mortgage EBITDA and X%. of about be is be offsetting expenses We're

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

Mark Begor

Thanks, John.

new XX, As Cloud we leverage X% EFXXXXX growth innovation Slide to to laser-focused our long-term new is on products. new EFX strategy growth remain framework. highlighted foundation XX% our the for on EFXXXXX for

technology and data meaningfully production being single customers. North We our continue to our EFX principal migrations. cloud-based And migrations, on and In we over our half our make expect BXB significant progress Equifax substantially This transformation. consumer executing new the XXXX have cloud migrations. as over from million and American now contributor in data new We revenue are delivered to North migrations X America, cloud XX build of XXX,XXX our the data consumer delivering exchanges we to fabric million completed in will over cloud. complete

be And confident transformation and margins EFX we're early in and track days become us native cost our and beyond. end the commercially, our XXXX. capabilities, complete International our progressing in company. the Our plan completed from migrations NPI growth capabilities, XXXX expand the being and only on is We with leveraging growth remain top confident in principally new will savings analytics to line cloud differentiate XXXX and expand our cloud expected in the accelerate remain and data to is that it by technology of also of some our

years These as of expected Equifax in and Workforce strategy outside in much Market identity government identity our our Bureau the and past and is businesses. fraud The XXXX, in next traditional addressable about and and portions talent, twice is as X increasingly As and a income employer consumer HR with fraud, shown employment principally credit our markets. verticals. the consistent growth revenue represent two-thirds growing far XX segments, as aligned over commercial than over and businesses focused Bureau on of and so Credit and fraud, talent, on strategic our to in of in Solutions faster our of be Equifax and and In and Credit completed more as the XX% credit growing traditional strategy our our on fast all acquisitions rates the markets faster government, with services well businesses, execution billion we slide, XXXX, are markets. 'XX, bolt identity

and our Equifax line growth. businesses will larger top forward, As portions increasingly drive these become we move of

XX, XX% core growth growth year in very and is markets. XX% outperformance strong Slide on growth shown -- 'XX our driven core by in last higher As vertical revenue growth

revenue, Equifax over We quarter, up delivering including XX% Workforce XX% IX anywhere of up business their business and XX% their delivering And markets, XX% Solutions, fast more the are growth XX% a different first XXX%; with even powerful are consumer company up XX%; over in businesses approaching today in over their with -- lending growing the is about growth. which XX%; talent XX%. businesses over government

the identity market. the and almost and business Kount space fast-growing growth in delivered fraud XX% Our

quarter top vitality us to XX, fraud underlying and business market with the macros. growing in Wrapping index overall than growth, like based above NPI XX% faster outgrow strong over XX% talent, performance government XX% mortgage allow offsetting and our broad markets in our up and the line and and new was on which broad your base our decline core up Slide expectations. XX% These Our our delivered market Equifax XX% growth. verticals Appriss identity is and was are more Insights another driving with and fueling growth

strategic of now power strong nine the our delivered with and resilient double-digit Equifax consecutive We market against momentum offense. are execution and new EFXXXXX is Equifax business growth quarters priorities. model our strong of the and reflecting operating above well very on have

adjusted margin XXX with to the transformation, cloud to X% introduced EPS financial growth, stronger We strategic long-term the have framework execution our XXXX revenue on we priorities acquisitions. revenue XX XXX the strongest bolt results the total higher are as the At strong and EFXXXXX momentum to faster technology you results of the past at new Event and of arguably growth. Cyber expansion of and would And Equifax. lead how years since November, Day know, delivering XX%, from basis strongest in and discussed including Equifax growth we the Investor growth our last data including points

deliver help market of X% adjusted to at in market credit a This growth reducing per XX U.S margin of do take resulting to by the the -- to for guidance our year combined of us levels XX% is thought return total in decline to shareholders includes of a XX.X% makes challenging. The target it pull-forward inquiry will decline the the mortgage was and which of dividend lightly. EPS impacts will XX.X% year X-year of market 'XX, XX% outlook over the prudent market XXXX incredibly in into expect with balance also the XXXX. expected yield de-risk our XX%, rate which that to a the run basis us full our down below deliver mortgage and environment forecasting approaching to deliver mortgage XX% the in XXXX not long-term We we'd year, changes to to changing U.S we prior half mortgage declines the from the XX% expansion points market. allow unprecedent of rapidly XX%. back in But We market year

the mortgage deliver being half originations Equifax mortgage this continues resilient than most to the with equates the is strong which down given and declining balanced aligned is We unprecedented is Against in this believe prudent of also framework more XXXX, market, results. back to environment. feel We XX% a market macro and estimates.

is more updated basis November. the XX% points of revenue million at XXXX, deliver than over with outlook X% in with Investor XXX guide, XXX we shared which our Our and our up mortgage offsetting growth basis $XXX Day growth of strong market over from February from core framework decline, you in XX% points

mortgage powerful. growth, decline market in the driven Our deliver is X% core ability to growth and by offset the XX% XX.X% total

revenue XXXX of in levers a a financial growth margins in Looking EBITDA down deliver X% to like is Xx to Equifax revenue has will market, mortgage our last versus XX% Equifax rate, crisis, 'XX new highly XX% saw is time Equifax. revenue this above impacting to to rate company future. run faster move are highly growing our of and multiple the and we the XX X% was growth accretive stronger diverse, Workforce Solutions free Equifax. framework. be global Equifax XXXX A resilient, of XX% in over company, We're points near with growth will runway average more XX% margin, strongest different back accretive A the Workforce quarter business and Solutions deliver the and to XX% in growth long-term macro today. our the is their higher levers. which over first cash event which fastest higher our past at rest Equifax we a the -- with rate is growth the north the 'XX, of of the growing flow XX%

quarter of strong guidance We growth breadth, is depth think our the strength XXXX new business core to XX% and Our model. the and very growth XX% indicator Equifax core strong about XX% a new our in market revenue framework. X% in at of non-mortgage long-term as underlying the above first and

the by to percentage pricing will almost with our expect decline new XX guide, mortgage outperforming We points with XXXX, Solutions teams February consistent new records, our of by market environment and that's and Equifax integrations. we're NPIs in of approximately we're benefits the bottom-line And in continue days know, top cloud points cloud. leveraging in outperform as the just XX% XX now realize Workforce twin Equifax from the from to customers starting you the the and system-to-system early

XXXX our while in our we to top Equifax and years the months next over move the this enabling and the goal kick line native, fully X quarters coming cloud we of product bottom-line over to we're the to benefits X really and new drive cloud. our top be will as morning, us talked in call our capabilities, assets And margin the on leveraging achieve data ramping differentiated XX%. As

XXXX XX% in XXXX. in no year basis our at is goal to will NPI XX%. Our $XXX of kicking up importantly, be to of of November. out To margins and months we at X% million for X% Investor fueling XXXX. We vitality last, the framework XXX Equifax. billion our during into margin clear, synergies start pulls of in we XX% revenue a simply very XXXX the $X reach change remain bolt basis NPIs from But confident revenue. in framework normalization long-term are last million, long-term basis index Day there's XXX XXXX our and operate be that to our our level. in run margin our high drive forward or points long-term of rolled expansion adding rate growth. outlook $XXX XX to no market complete And will last in our change our acquisitions and be which on There's change year and a to our market in XX our And EBITDA believe Equifax continues we over points as now The more growth points expansion M&A integrations in are XXXX rollouts. the our mortgage and XX

we announced taken like higher about open Trevor reassume earlier to his back now a energized more We new new him leadership of another with operator, this Hare We'd our Dorian for close resilient, strong higher growth let for first wish leading Equifax I'm service, that, Equifax me immediately. more position by X senior the -- effective but welcoming the A thank performance, Dorian are of responsibilities And Burns Relations the that Investor energized the leadership I'd to more Equifax. team. well. will and it the diverse We future up like by Equifax. past for years. Relations questions. and Investor margin company. week has lead to quarter outside for Trevor even

Operator

first Manav Patnaik [Operator question Instructions] Barclays. Our from is coming from

is line live. Your now

Manav Patnaik

question appreciate sounds the around you. I the just like the I it write-down. Thank de-risking EPS $X.XX morning. Good or John of maybe margins had Russia a decremental is the applaud and the of there. mortgage. from I incremental reduction, $X.XX

So is bit. a was the side, all hoping remaining that on mortgage would us I the help just understand you

John Gamble

Yes.

the have So, million decline know non-mortgage of is revenue remaining high you decline million, right online, $XXX we $XX growth, very And as of offset revenue that decline. … revenue the but it's all by mortgage Manav,

Mark Begor

mortgage. In

John Gamble

we in very as mortgage as But … across margins well. you mortgage, high online, variable online have yes. know,

it's and flows flows you -- something forward. just do what on it order XX% brought is can it we of through math, the So, through the right, the

Manav Patnaik

or labor Mark, volume appreciate And cyclicality hot. to impressive there. maybe that then, business? Obviously, side, That’s Okay, some got you just the it. growth -- pretty helpful. the help Can is the just us on talent market

touches that Do the sensitivity data kind you there? slowing so, good. of should think about the down? Or on that anticipate we how is And

Mark Begor

Yes, it's question, a Manav. great

resume every for and we change data is credentialing and rolling change market, get penetration had, very, that data, adding work now to in we're that from speed even more meaning we managers always a you've in and the change, you all a That’s data to going base, the jobs, as screeners, from though, growth macro with an history is The the data, are don't very education and want it's kind around jobs people work Equifax, customers have you that really a some -- decisioning of case, so one where their products it's year more which for It's Manav leveraging out, think the the very medical individual have And work know, I on floor our the background of is underlying but there the have records, hiring the in we the to new has incarceration valuable. year. million high. manager. we're hiring history data, XX history really that we pre-pandemic the the is that have we're XXX cyclicality, other allows datasets quickly. the getting, businesses instant get talent which million hiring speed, think we up can there's our

today more strong, the continue we've So, of that got these the plan bulk solutions is putting year, rolled to have And we last had out solutions it's growth work pipeline very new versus Equifax, in to very, that and products we with we and history last XX that more Mark out. expect talked bring We've work before where where he over we others and you with the obviously, there, together. the work years. that, does really

again, of growth. to And we'll the driving bringing and start a really in those market. pull make to data the in we families lot for some the last solutions we're those more line year, you also like are the top requirements, rolled So driver jobs, a XXXX, with are different higher which Those a or know, all depend or to solutions around Those banking the worker for as work revenue bringing worker versus Because who one a Equifax those out our productizing customers versus easier and you we're results space. incarceration employee dentist of each then work which want combining the hiring value because upon to hire, where we'll is then we a that's in white-collar and data have solution, warehouse with is the truck a a job customize data history, click towards used around of education versus data a doctor. to will different it data categories. then process,

is The other increasingly make system-to-system we're out would integrations point I driving here.

manual of putting Mark's web there couple space pulling accessing back the lot get keying name go going our web, mortgage, into we in a a forward. was the the down the web and You data, a moving meaning like through through the and data talent years the ago, same interface, lift system-to-system,

So, with going still there's runway a that lot forward. of

forward. that a it's space a and big like, space So, that see one we potential it's we of going a lot

Mark Begor

of look Just mortgage, can we one thing to records, out of because records. the power historical the of if now twin seeing the add, revenue you revenue at the excluding over see XX% historical include take mortgage mix, we're

Manav Patnaik

Got it. Thank you.

Operator

you. Thank

Our coming Suisse. McVeigh from question Credit Kevin next from is

Your now is live. line

Kevin McVeigh

Mark a be Hey, down about bracket but much. you've or mortgage talked so clearly the the this lot, because market Thanks will to X% Is looks like X% Great. buckets it contextualize versus outperformance that to a driving of to a just I frame percentage XX%. down USIS it to couple know outperforming relative John, just you're there can basis, what's pretty a about you dramatically. little about on that mortgage of just any think bit trying more? way

Mark Begor

USIS And EWS? versus in Kevin, question is your around particular

Kevin McVeigh

it want to you well, Yes, up it's to USIS as EWS open fine. if

Mark Begor

down be businesses a for I'll strong particular, a outperform a both more USIS, talk start half, Workforce going mortgage you that have you history. talk than XX%. mortgage all levers that's use in that had and more to when of there's can but USIS. gets has I'll market But But levers about in maybe long outperformance and markets underlying our we we've John. second to number challenging obviously, the Yes, about

or the credit them upon their going. is Workforce markets USIS increasing solution Solutions file price help revenue offset and the both increases price, levers where have outperform depend underlying One the that of and their the price markets increase of or regular

them The product other this had or than new but declining is the some in new case, opportunities And USIS, underlying product products. Solutions help Both XXXX, Workforce to has rollouts USIS market. a in solutions. outgrow rollout has lot new more businesses

manual only In know, still. some we mortgages tri-merge Solutions, In been case, Third their of revenue. is that's growing their see going paper will to in customers. Workforce USIS's be new you grow share XX% plus really business, with are stubs, pay that. XX% done growing we've there as

will, is is So, lever, if a customers usage, a adding lever. you or

to both Workforce both consumers, process, more and a shopping, shopping The utilized in that that to as which here growing and more customer. work the view, to in stay in consumers for characterize new in see of polls Solutions. polled couple are happen the number data years. which originator it's transaction, of been and you last Particularly is with is businesses qualify mortgages digital we as USIS mortgage some there's that's would shopping And deciding the fairly meaning and other our in interactions with in one have which

So, with shopping originator some framework respond mortgage offer. the can in about the process that

we've fully is So XX% system-to-system. opportunity was mortgages, it's it up, that's that X in of that, XXX%, plus We've virtually we where business. place Workforce the polls, integrations the that's of where talked a X, System-to-system about been XX% USIS, XX% see years think, for system-to-system. times of Solutions, from I many And another ago. number growing are

touch the So, get And XX% Solutions And one still in the on, is there's opportunities to it's number Workforce growing polls. then in web versus system-to-system we of last unique I a that access. lift records. really

are process. hit you As in higher integration, to have or applications mortgage why quarter the when And their additional XX%, We're on is are records, rates. monetize grow in we're those our records. which revenue. all Solutions, records, customers a Workforce system-to-system that their Remember, or our so in of able for when becomes they access, we a records, year-over-year do which to we for grow that, up focused web first us coming even

John Gamble

specifically the XX.X% Hey, market revenue, down their two-thirds revenue non-mortgage. you're the X% is order USIS Kevin, and X% to X%, if again, about X% to being of just total down talking relative right to of are being

framework to at long-term BXB over over a with in the expecting their USIS. revenue, X% GCS. that growth So, is but the revenue, And to also in growth consumer somewhat came X% for of is which half see and seeing level, business lower growth from their we're consistent which we're

nice mortgage Mark showing that's as USIS the market. offsetting mortgage two-thirds outperforming the growth, two it's market. said, those And of -- business that's is the also the weaker So,

Kevin McVeigh

kind XXXX? helps. do real QX And of is it'll That quick, where we just percentage John. mortgage in then think What then and end Equifax total of

John Gamble

neighborhood move into we'll think year, we're down XX% to then quarter. Yes, we the XX% we get get to in the -- point we're as I And QX was through the XX.X%. just fourth where the as of about the

Kevin McVeigh

Super. Thank you.

Operator

Thank you.

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

Your is line live. now

Andrew Steinerman

John. Hi,

mortgage that rates. that's in look percentages us second I to mortgage a tell the today. or you mortgage going you I revenues? mortgage ask was? know total My growth total. like I'm growth Canada Could first quarter question was revenue at mentioned to just heard the you you question core rate non-mortgage is, what U.S On gave organic the

John Gamble

Okay.

very Canada But is So question, is XX.X small. total, the the first right.

Mark Begor

U.S. really It's

John Gamble

by small core And to that's make believe but … we'll It's validate I correct. very organic very, that in of and really sure, driven terms then

Andrew Steinerman

first No, no. total core. want I organic to I don't quarter just work non-mortgage, company. want

John Gamble

organic. quarter First

for So, a I gave we've don't disclosed, core We business right, units. number give we the think that's organic, organic right.

Mark Begor

And we give total.

John Gamble

total. we give And

Mark Begor

that at that here, front But look you. certainly, don't probably and getting for -- one Andrew, can we in we of us have

Andrew Steinerman

much. so it. appreciate Thanks I Okay.

Operator

you. Thank

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

now is line Your live.

Toni Kaplan

so about what front about viewing for was It Thanks in Mark, rest trying end the to that first weighted? was you're And you quarter, much. good seemed more I think this year? like just the it but could quarter, how the was of you're hoping in talk seeing a Europe.

Mark Begor

us, focus and following participate companies collections the In you start on pandemic as there. seen suspended as really the Yes, we Spain, some positive government different. we Europe, were for to U.K which haven't a is pandemic of seeing the the We're in any the that U.K., know, timeframe. where as and during

kind businesses, So kind of mortgage don't through of underlying And the that's which XXXX. have credit issue. kind of business, a the expect positive for we continue a we to

a unemployment in discussion consumers, good is to people issuers If in sheets, markets, their you'd business, employment those And kind in wanting frankly, in don't because Latin same in we And macro is you strong of recovery, it's countries, there. pretty, balance it's to we America, operating macro elements mortgage want where of of Europe, Australia, around non-mortgage working. the wanting fairly globe, similar rebuild high, post-pandemic mortgage meaning do two the low, which really Canada, in see is are marketing, in what market pretty really in around steady. States, the kind participate being see our the and card here

the rates outside of to you and interest then are as a interest offset. attempt rate higher inflation So, the can, going environment, result to the environment,

COVID unemployment, of that consumers had working. the stimulus better balance that sheets some pandemic, they're got working they see are course, low they You and spending, have into coming because than

business, optimistic So, delivering we're that of core we're results. and pretty for kind when see the you portions the of the

Toni Kaplan

XXXX? saw prior we match seeing the more Terrific, -- some that very about like normal XXXX, go 'XX it into you decline thinking on what a Are we've that level XXXX to helpful. this you the expecting of XXXX sort in like you're outperformance of forward of Or the to in pulling year, just beyond sort from that And been is to talked mortgage just even thinking there -- you 'XX, returns prior were given your X about years? guidance. of

Mark Begor

market do. going thing We've an tricky where never to inflation interest pretty seen It's obviously with don't kind we I go. really is higher. navigate X.X% Fed That's and forecast. to I let We be think thing they're a know to transparent. to And of the mentioned, rates employment. a clear, are to going outlook. hard as go tried me John mortgage environment very This full stress -- both a

And a is. recession. and is with It's you doing really comfort don't our higher we in move. do what they're home the to consumers in heated their equity thought there's even to talk forward them in past -- do, houses, that's you meaning looking know out, this way XX pre the -- a XX% this stress before. -- environment homes. that volume think there's And half, that's then the there the recession. at volume. what from a that's kind way XXXX, strong And XX hard could level gave calculus We particularly year. half run out market, We're equity point tried and another seen the until the when you been certainly the meaning not of at we rates years, steady de-risking, And of scenario cash of for I purchase probably it's were rising So, recession that consumers came a some rates the pre-COVID, looked you to refis they more second as in environment, forecast. people John refi we us outlook the interest go And rate gradual is a X But how normal still to million stress But and pre-COVID in is go did interest what because out, even up lot level untapped. pointed below when so about move, have there's environment would a slashed environment it at is exit refi as do when and COVID when in mortgage about XX kind the pulls And year of and back can which have kind really think of I mortgage people we to return when down interest a a out steady that is second we've because we of something even in refis, the of even up. think exploded. pretty and normalization, to a it. purchase a market as as up buying a inflation low see

of do tried environment in a this we stress what really is environment as long to was darker see. But could bit to we winded. mortgage this a So, uncertain kind

Toni Kaplan

Thanks so much. Helpful.

Operator

Thank you.

is question next Peterson coming from Our Needham. from Kyle

-- company line now Your your is live.

Kyle Peterson

share good I in What think touch performance taking of than that? expected? driving the the for morning, behind on on of want better is gain given the performing guys of think the a non-mortgage story? Really mortgage you you guys. it the impressive, is Or upside especially driver other headwinds. questions. non-mortgage Is kind credit the kind Hey, it Or do products do the kind side? Thanks business. to is biggest what

Mark Begor

And records. through went a detail Yes, are went XX%, -- up asked element in records, Workforce but Solutions, history of ability you real in comments, yes, of how I and start both records, and very start we an strong. to a We businesses to growing business, Solutions. with then, would non-mortgage. grow puts Records the their and in we non-mortgage Workforce mortgage our about first know the that have? do non-mortgage, factors. even ability lot and I much continue time through with their growing

around was question non-mortgage. Your

now the workforce four about don’t we've XX% of So, records additions. unique and first kind quarter what's as we grow have in the is, three, records. larger chunkier all got we up And

we're course, records to business. add M&A Of Employer our through doing Services,

like us say growth. pricing and that at unique where the is acquisitions, cloud Workforce to talked I growth I space, in our more leveraging the would or new talked one out non-mortgage I to So back the the in my about products, of broadly, as really we're Workforce. in making a rates roll government delivering one element lesser drive then degree or verticals in think, some strong talent and a Workforce, there. the then, allows Certainly, I of And USIS bunch. were comments, space, outperform But to power we're they half which new about

The second products. new is

because solution, it's most a that's know, which non-mortgage, historical new Our talent historically out. had. in having Mark is products, you or that's we space, products them businesses, and today, where new our rolling are where of of the data of our where our as multi leveraging instead Whether a And are worked that’s it really solutions. is lot a primarily we're what

last months, Mark last there. in months, add Those where last at And to XX XX the did where points. have, higher work months, at different more months. going we're we over the the XX price the XX Now solutions last are

So we're just talked that course, out about and we're where pay stubs that's driving USIS there the business. And integrations. winning we of in drives system-to-system have in We paper it. commercial where share EWS activity placing

and is we're the power XXXX go we I but and It's haven't we ramping 'XX finished really into 'XX, of our the fact through cloud. Equifax NPIs, the that think assets. data is differentiated

latter to of kind the being in really got that to core think have going the higher really the leveraging markets, FI non-mortgage growth in in driven able you So, and early cloud our like I executing a That's credit parts of And to underlying markets. we're growth, time forward. of for this we're guidance, like innings confidence transformation sense by where fraud, into only which new that and like the the rates cloud. be taking second shows our is That's going and the new traditional going talent, growth, up year, bring underlying around driving of most solutions some drive that that than 'XX. 'XX really come of identity government core market, our ability to strength bureau our really company, to on of with these

Kyle Peterson

allocation. then thoughts just That’s on helpful. on quick of capital a your follow-up kind updated And

in that guys environment potential between mortgage faster. detailed near-term or You I or pretty rate the the guess November. But any some change from reduction in just of -- help priorities will diversify thoughts kind have Analyst given M&A higher product of away the you new the at given debt launches Day

guys to about are how this want see environment? Just in it thinking current you

Mark Begor

so different questions of Yes, there's a there. couple

it earnings First pretty that. no change call, Investor about in on really we allocation, Day. our clear were at our capital We every talked in

and that our First, as lot know, in a in And will free in has data what no really around and last want in we if growing we've talent faster government We billion of that cash in that competitors don't in Investor that's flexibility, of change that over the areas free you saw the you us core billion at our flow talk about growing don't all continue done There M&A competitors flow will broaden Solutions, billion in is been Workforce the well talk oriented still you TAM. gives that we broader kind of really And growing Day about slide about believe the again, differentiated term. XX use our to $X 'XX M&A. through been And $X TAM. certainly the Equifax. deck, there's kind to generation accelerate -- markets. our of meaningfully to non-mortgage, 'XX. M&A we XXXX. 'XX, And confident really in that in focus that cash We're that clearly of into cash have had we of free that. focus But be have $X put months,

our in I as think identity but flow through Equifax, our and playing doing that clear they there. a the fraud, we're in, on the have TAM accelerate, really focused continues cash we're focus investing certainly priorities And are cloud transformation. to which

do us our we strengthen our in know, CapEx, top we free identity to on free grow, significant up our As the drive capital But available that a right we're to view differentiated the that to our the strengthen in but should new to more discipline a for to forward available acquisitions 'XX, returning from workforce, flow going and still as kind think to flow investing through want go line. of of as of that to against excess are as allocation at there's where then Equifax. that'll of important leverage core the in fraud. today, the our look we products increase it cash invest which outside to how in our delever or -- way at of M&A company. you complete of an we're 'XX cash that's going our about time, increasing then we do we We're EBITDA. Day to And certainly Investor leverage forward, some that and clear cash not going core that, buyback, flow But bolt dividend. do and Equifax, really cash through be data, free or continues EBITDA to through cash both forward from balance And ready around framework of we as to going backdrop going we'll going -- shareholders grow a

Kyle Peterson

guys. That's helpful. Thanks,

Operator

Thank you.

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

line Your live. is now

Ashish Sabadra

that indicated being based higher which the to the there consumer the may I of any be was in health about balance color sense. with consumers, income one wondering, the or prices half slowdown my makes the consumer banks, potentially to taking is But there, of lending. fuel weigh wanted any low consumer to made some really just for state Thanks sheet back concerns back they question. the the the that inflation, the of healthy, conversations around year. your on Mark, mid on could front of just I have cracks go comments you the in Maybe on that itself? the which

Mark Begor

expect to it. seen very, it are inflation. haven't very inflation see based fuel we XXXX we our Certainly, real a challenge, prices, see is prices, looks high we don't And on et what is X.X% unfolding. Yes, food cetera.

working, Some wages above meaningfully are categories. in people at are states XX%. same wage U.S the for lot the But are up a time, of

from when And the again, of lot talking last their COVID really stimulus, about is years, there U.S much about still they out I'm there. lot positive. of There's X and which I pandemic we a a a in still stimulus that's So the it's And spend were the couldn't -- talk government. lockdown. was because balance sheet, over coming

individual a not they're of lot While the been suspended. social payments, services payments, requirements have the some of

in some originations, talking credit last use XX% during administration debt the and unemployment. balance helps -- they're card numbers like consumers you've their COVID. couple on student I'm working balance up and that up sorry, of credit XX% of low banks, lot the a the there, card seen the sheets that seen then weeks, bank's declined we usage and sheets talk You've out pausing very And for collections to when of about are

got to forward. fact need they're is to and their I going would wage the watch sheets, but stimulus, our you've that working institutions continue got will out balancing you've strong add grow a consumer, to what So, financial it's the customers, and strong of argue you still inflation in meaning balance something the very because and you fairly inflation, certainly is

Ashish Sabadra

The the USIS to going demand? wondering near-term? you is coming on That's if just more existing comment as BXB demand wondering is -- first sets accessing of improvement very customers second of from continued also good color. well from very obviously of I at alternate Thanks. the volume well wins, new the could just new from much but pipeline greater Obviously, helpful potential And seeing those a was that That’s non-mortgage expected it was are as maybe sorry, there quarter as data. customers, color, lot to Mark. we've data you for how then the two, you So, helpful. But as events? your business. growth quarter I provided the the on that alternate see just in

Mark Begor

sure. for Yes,

It quite delivering was core slightly piece at there we're or some online new either their comes the we or with Just were again is business. USIS, market solutions -- piece, above pleased which gains, management, deliver on up share online from really on expectations our just in USIS that closed or didn't and March, deals deliver of some review was their online. business, in that timing account within April. The that really the those on batch,

continue continue wins to And in use going providing single forward. the to their the stronger a the another with team alternative forward definite for in positive And marketplace, are so going traction share positive of the moving And we year we seeing the focus the those cloud our native, through data we're growth data data. in around and seeing in the both point out, cloud to quarter market expect be second alternative stability, are we USIS on non-mortgage. expect being USIS as gains some going good fabric rest increasing our you commercial of is from

our competitors, data unique solutions which drive we for looking data new help have, of to when that are through much rolling originations. some we new market our bringing scale, our than at we're solutions customers of add more have those you And we believe the that to assets All -- them the more of the team that products are are kinds out. USIS

John Gamble

non-mortgage, business XX%. on online FI color some first in just USIS our just And quarter up over was the

was which and And almost single growth. again, up fraud. is as and XX%, up good mentioned identity Kount that in We high saw very growth. insurance Mark So auto script, good the was digits,

good trending [multiple we business feel yes. online way covered, speakers] So the was the about

Ashish Sabadra

about thanks. Sorry Yes, that.

Mark Begor

Thanks.

Operator

you. Thank

question coming next Mazari Our Hamzah from today is Jefferies. from

line is now Your live.

Hamzah Mazari

morning. markets? you we just Workforce first walk to products Good question us the Maybe you. have to it us international Is Good update is in sort My them the Solutions? are every ability just available could Is of morning. innings the U.S walk market to bring Or Thank international of take penetrated you today? penetrate on some Solutions. Workforce sort more just or and through through if markets which early us of versus others? to an around

Mark Begor

Yes, of it innings. early kind global opportunity. definitely We market see

a ago, our onboard Australia, until India. have Workforce in we're more U.K., Solutions cloud few may As U.K. partners a got in any launched months our Canada about Workforce. there. rollouts and in we entry businesses the place the We companies month for we announced you cloud our And then And on half recall, cloud stack and in ago from -- doing stack and we a into records international we actually where paused pre our in transformation, starting to

meaning where four in do definitely the markets intending other markets the future. don't in are in And to don't we grow looking Bureau Credit We're even those So we're markets in today. have and businesses. business, we

meaning of just in spent this new we stack, you a is our one market. As we're the Number very the have. now and hundreds States, dollars we easily we countries think of leverage some United our into cloud infrastructure. millions We opportunity. can know, but outside building And you the it of XX see about points move

pick company, Second in global contributor is and a industrial those GE global a IBM, business, here, they our company, bank the that's like States. and them relationships doing there's verification existing if the for a it multinational the customer big doing employment a you're us doing a big of idea their income liked If in markets. for bunch United and of we're all them or

opportunity a that's then last partners different an And we in records to add kind of markets. and payroll have. is So those that load

thing, an already basis, And are the As handful in number And substantial here exclusive the the we got a relationships those same connections, the on global. of a of U.S the States. know, exclusive. of them have most pipes, them in you are them with we've

is same do to globally the point leverage us. thing So, for ability a the

So, move but is few the did years, has the X X, X, scheme a Workforce, expansion investing you in of for look the that that you would needle of some weeks going to, of are, Workforce longer-term to we the next U.S us expect these should States, what's U.K us the we and X, like do to ago. over the levers In Equifax, more more. outside United or opportunities

Hamzah Mazari

transformation. cloud Got the my just follow-up it. is just around question And

the mentioned said cost to your the I again, cloud, XX% this just about, half could and on savings? if baked are revenue is talk number timing think baked Maybe you of comes the other cloud. when revenue maybe savings already, cloud related Thank of you of guide. on the you What the XXXX cost in into and your is that just that's you. around but

Mark Begor

in. and start John, I'll jump let, Sure.

the our end we By year-end, in new about So, Canada, had call. the expect that to of revenue in this about the XXXX, Equifax North We cloud. completed XX% U.S at year, of of in we Equifax substantially that is which have February and cloud. America, all talked

a some approaching migrations us And is And be be States the complete the for markets, know, some United international then until jump us. as 'XX of that'll might So for in complete Equifax. big XXXX. we you and XX% International, will of won't there revenue that wise

and in So they're we they're all margin year, runway they XXX But cost number point really embedded that's cloud. the in John had a actual some completing XXXX. XXXX. I'll our -- and in likely our bigger between around this continue know, on savings. year, 'XX now be savings basis But you And let some cost as expansion the last jump

Investor being of think from on cloud. about I half roughly those talked Day, we the

that, if actual bit the numbers. any John about can in change a and So, talk there's little

John Gamble

Yes.

see right, to $XX savings would past, went So, investments, what correct, -- of of investments, still moving as the reinvestment we we forward with that and development still million. that. the talked about new is net product [indiscernible] That's we're in from you 'XX, terms order million of you transformation to that $XX 'XX in

will more as guidance guidance cloud didn't through gave, on that and were updated year points to we this specific basis XXX infrastructure up in A Mark is native dollar more cloud. the delivering in is the moves savings be indicated cloud in the those as XXXX we values. today also we embedded gave. would savings move to We net margin that for embedded said, XXXX. relative XXXX. as But net cloud the We we give And see the guidance

Hamzah Mazari

Thank it. Got you.

Operator

Thank you.

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

now is line Your live.

Craig Huber

new out morning. products you're that good you've that us maybe the first the question, flavor Let's there, you. here My about rolled Thank excited start give in Yes, please. a of U.S?

Mark Begor

Oh, buckets. we really I And them every in in bunch. There's about have. of We a it gosh, time have? a my how would focus couple much do call we talk

First before. is Solutions. Workforce We about talked this

bunch If products you generally were someone did attributes, work does deliver go back today they a where of much and and years, snapshot couple a of Solutions around to current. and they based really make, Workforce were time of market a they how but

And their at so, do talent the employment a is cloud valuable was difficult history, pre those big is very to work we've cloud space the or one as looking time-based or timeframe do And leverage incredibly result a or data historical and the really income been whether a of at transformation. over records. looking mortgage historical someone's data, the of able changes to that long trended application, in hiring and in it's

solving really So been big are a lot problems. our products And customers those that's a of change.

sales -- a annual needed employee, have in that February. more you're my my bonus today just not because income if today certain I they my customers consumers, income where if Mark does might work than commissioned Our -- for reflect a get

sell So $XXX, we having of point, using valuable, data at price a months it we higher XX to work a where does at incredibly that example Solutions pole bring and because of for at to sell can our the would per is historical $XX, $XX, that Workforce we're kind data today, able marketplace $XXX. to of Mark value customers the its $XX $XXX, that

that the new the out. to would -- the Meaning higher going us points. a more of that you're in move to XX to hiring of a cloud to going And month, the kind going and broadly, rolling history, of if And category. like certain productizing new work types job I job powerful now education going that solutions of elements. the more wants we white-collar a manager talked were to at XX, that warehouse has market. be in allows we the Solutions, down employee. we're other products to But further and a taking bring they're history really element one very for talent going XX a of all is transformation path jobs, part someone data solution we're say to poll advantage price worker, think see have They're to So, for cloud. to to click we're that's that who's need Workforce And the develop then worker, space, you're more that I deliver added to those data some data, data that, XX-month around because

of that's kind where wise. So we're product going

I bucket, data, that's then want our absorb data, difficult solutions, them Equifax. different because to in our WE for would we're to customers single to data, that that's a had with that to cell data solutions. the single about by it really pieces. multi cloud file, going that do think in to us which is and combine we're very about single combined And other product utility data excited a it combine payment datasets, credit fabric, alternative have predictability, datasets, we data The together. And the siloed data and our in driven our it fabric fabric, data up it's wealth why unique where drives going that's to phone ability say siloed And higher is elements, the our competitors something data but that. allows serve we're

today. is of we're the the I'd last bucket in then just So, say that's different And other just verticals solutions.

or financial You FI Employer solutions, core like government, X delivering go bringing or different added in 'XX, managers, that in, then we report it. back our IX gives and the a our growing Chief And, really a cloud talked market. the Bureau those 'XX. to team, in or focus leadership team. to we business, Credit we're energizing. new my compliance solutions, to Services a have than faster bunch where of us of couple, anywhere primarily we leadership My to solutions years our ago, just Officer. course, bring very about talent HR markets. space were it's are to products those services, as leverage Product really I direct And on you're resources new lot a have 'XX really of And We've

Craig Huber

given That's it data outlook the your personal you about is the great. environment? embedded this categories that the loans? My for higher credit in what did quarter. significantly other rest for question in the is U.S mean, some good rest I autos, the in think the gave the for the you of three rest those expecting of Are first the for cards of year you -- are and how sort slow you. there, year, How rate year? us of Thank interest

Mark Begor

issue, going consumer is, months financing We already with impact customer around think XXXX, interest resolved. to change we supply a their And that's ago. shortages. inventory see an more in market autos rates see I'm today were the Yes, some of of dealing and when had That's grow or we consumer. be don't the categories from to in those trying underlying higher ours few change businesses. sure not underlying comments the don't we the impacted in the will where any and -- We're don't that's that cards by that any but

Craig Huber

you. it. That's Thank

Operator

Thank you.

coming question Equities. Atlantic from Our today Simon next Clinch from is

now is Your live. line

Simon Clinch

the outset, normal use a should to answer. more from services taking or in faster my Hi. as over we started And seen now. more kind that expect EWS faster faster, revenues mortgage It's as got of I off? was maybe guess about thinking growth? how maybe learn take to difficult several then growth we should Thanks normalization, compressed anything get one we've that -- in, a before the last guide Has the of level outperformance more really a even sort of the there. years, -- outperformance verification non-mortgage from But can you I for the of records think the a at question. a we As that and of pace about even perhaps to you've business a much pace initially outgrowth because cycle, to the

Mark Begor

that's Simon. question, a complex Yes,

thing Let assets, they meaning their Solutions talked do ability it's revenue me very the start know a The their you that growth. too, I and about their the XX% data before, about XX% unique grow additional twin integrations, of our it we the I records Workforce assets, and when into and those things. was for takes the with, talk records to always is drive And revenue, couple in one that We've growth system-to-system you roughly because revenue about -- we think got just just last quarter, up first year. year, rates a records, translate have already were up. hit of pipeline

penetration, that just top in whether drive So, And I levers those business. outperform the the of products, that, that's markets, that, and add drive growth you're we growing of talked roll usage, all double-digit that space, new of in the that become an that about are talent, markets, drive their know, top fuel we've when of outgrew type, to some element adding on system-to-system top to you are out help XXXX. then they they're records. on And kind ability underlying you because about to operating those of their as talked of drive a growth in government that to rate growth base Day quarter, revenue all markets in ability a non-mortgage their to for their that the non-mortgage, 'XX XX%, outgrew growth. strongly. XX% talk line And of Investor they're Solutions. type think, Workforce you them it's for Obviously, They XXXX. XX% outgrow going long-term about macro These are underlying high or kind first integrations,

in momentum growth lot lot the business levers forward. going going for a see of forward, we So, a of

Simon Clinch

That's Okay. mortgages. when I just we're And mean, as helpful. just to follow-up, going a back

by comments assume you doing you your kind why the of those forecasts, in near those said more yourself you of that to saw the can Mae. weren't the line I And on those why trends Fannie to the of more, to made more weren't guide nowhere kind it's using just curious provided you're made curious at public in Whereas and you sort -- to that. NBA When reasons go outlooks. you're with as that your of inquiry outlooks numbers I extreme was now what kind that Just now the inquiry you previously, time outlooks positive guidance, that more and this point. bringing

Mark Begor

two just so things. Yet,

to we rate run we rapidly. what the ticket very as Freddie look trends open change because what we over taking the the think, been been would the business, interest the years, rates. obviously think that see seen decline taking we've can the down, is on the made to substantially did that changed significant been given based have months several which them own Fannie, And that increase at that to reason over in markets more because First, I we're given we and have inquiry you our past past were, we see And outlooks, about measure, starting started is inquiries. main can see we the several also we've the in NBA, what doing trends I their were we starting have we've a

which type do, analysis, to had, and could done are, took we point and consistent talked down believe we XX% think we're the we as analysis but those that toward a and the where we the the in we done So, the information NBA do, of we are time. about, we the headed at see look now with as more we've is the Fannie we just consistent analysis they've analysis

John Gamble

to pre the times pretty of normal that couple market, go, the I mortgage underlying that, going going before the morning. something is that's that's of this stress, strong is our how this the operating. about a uncertain, But a level the a -- put that how's our which really XX% why that's point market level. really but inflation, And we was tame also then to never for lot its run fourth quarter to with to far how underlying would de-risk kind And very we and of it's below was add do COVID they've mortgage rest guide, new strong of employment about rate Equifax that this have half, interest kind at rates talked transparency it the of a Fed pandemic. markets done to at decided second intent

year. took strong Our time this up -- this for guidance stronger of our second for we rest for core the growth Equifax and the actually

Simon Clinch

Okay, Well, much. thanks excellent. very

Operator

Thank you.

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

Your line is now live.

Andrew Nicholas

Maybe Hi. start Kount. Thank morning. good spend questions updates recent you two I of I'll with some to my M&A. wanted terms in on and

now XX%-ish the expected I knocked year. business meaningfully early XX% higher that deal think the than pretty mentioned the I you growth or seems pretty, Plus that was XX% when you think growth twice last originally in

spend Equifax the based which could the the growth that is, it's business, extent you on think, would business in momentum what's topics, or cover. to of where momentum I if to if is in going be So, synergies relationships from talking Equifax continued interesting that about is, right some of area, just broadly, kind time that and those or the both

Mark Begor

say digital is There's it's I like first, we is business, we product have com, a it's something meaning some just more but fraud space the growing headcount It's combining solutions leader execution, Equifax are it's and in a the XX% are bullish is the those data, since business, and the that. big like in the XX%, resources on maybe in, that's of rapidly. synergies, identity macro elements energized part that of more very the very, growth second would that a or half that product. and of are more it's space acquired of the a very about they XX%, strong. Kount some I We've we really underlying added Their up business the and more a great think brought that driving and in we strong business. oriented, about really we're so team, Yes, the

identity partnering street, putting business really a So, it was also feet we Kount, for responsibility He's this our running more given with he CEO new commercial during forward. the the really responsibility that's XXXX, CEO the We've the whole that and we've business, impact so the for a there the was on we're that really early big for founder year. the full and lot. now of leader, drive going and think got we our got business, a have like will the synergies

it And a about really position, business we're making we stronger. starts but with space market very a bullish that that's attractive good. their quite their we're So, pipeline, bought very

Andrew Nicholas

you. afterwards. maybe a similar question then That's And helpful. on Thank

new wins as or question sort I your then in the of from momentum prepared part you first the maybe think, mentioned, in to we're the business? any in Mark, integrate months quarter. the remarks, learnings customer are Sure, having Same driver of is of being relationships, applying solutions just Equifax kind couple market? And that over the of relatedly, business big growth you're of integrated talent you. Or sectors there from Thank kind within exists? past picture that that the that business, it beginning already the of is, which

Mark Begor

Yes, so great questions.

other another team, only last our and We on in Appriss Louisville, them We the into the the their We're cloud leader a there, elements on they're only in. headquartered integrating team. technology I data acquired and months in bringing got delivering great was where the throes a in and space. week it. and First, a and primarily It's momentum. of so they're great they're great is growth with own business. another October, the them business, from few there a fabric

So, instant social liked in also really then, space, criminal And in is synergies plays their the start likely have used. XXXX. didn't of just them, into they that the that were the world. they we probably and they're And winning that and have the very, when in from course, contracts, decisioning unique. we justice half in very unique their new second the and data. it's and will on, kicking acquired really executing The counting data state And 'XX, pipeline, services, we're talent

to do be I the to acquisitions how we're learned, new still it's pretty not cloud. a more very be Equifax, at it, we -- for acquisitions ago, number got muscle doing confidence to can good -- regards some weren't Long X As joined we're going I part us. our We've because but these integrations, be years learning want it. us And getting always I doing in we've it M&A we around But businesses doing lessons think around doing that, before these long to a pace if integrate for would that If of confidence, wouldn't better the that been with time. of and at hope effectively, the looking improve It's the you we kind sure very around a and agree doing hard to us to we're gives and when of always that of acquisitions. about being we buy. were and disciplined want gives environment, cloud we're legacy I but the lot it. lot with

are businesses We is Our to very grow, criteria to want and we clear. want M&A growing faster that than buy Equifax.

growth to accretive our they're rates. So,

Mark Begor

it's going core that deliver data, Equifax. we out. Services around We importantly, want to of Equifax, margin And are accretion business Employer businesses point that around differentiated to want whether buy you strengthen most with businesses as to the buy or the

acquisitions, we'd at they're space identity around larger you look like Kount fraud, you boxes. get of if just checking and in of our If and to then all course, those is at our makes look And be they Solutions it more records acquisition also space delivers so stronger year, add we that, that. to bigger Workforce Employers us in want customers. new efficient far the this in higher, but to Solutions businesses, a

Andrew Nicholas

Thank you. helpful. Very

Operator

you. Thank

Mihalos Our from George is coming next question Cowen. from

Your now line live. is

George Mihalos

for questions, Two quick my I'll And taking Great. them ones. ask Thanks guys. upfront.

John of Mark and It point a just FMS. like sounds was a Just of on it issue. clarification, sort timing again, first,

You've second in visibility the good quarter. got now

changed these what expectation? that year you're Your the about headwinds, EWS in, some your of that essentially benefits mortgage ties at FMS then are if will, offsetting is all outlook has there that And a so, from growth And as outperformance just of that of ahead some maybe that's the you for if And us well on but of how the for Thanks, secondarily, all is and about $XX you or talked into segment. million NPI as verticals year kind not basis. part outperformance, performing coming you within thinking guys. USIS? of core remind full any areas

Mark Begor

But is is for started which also call don't a morning. you I'll we but bulk very, the of could think, this They're we where Solutions. that. change. of is the piece year, an performing on I any see second is under with do it's easy piece a one international, John of from outperformance one, sure first the USIS International the performing $XX we one, aligned and exceptional. Internationals million, take well. the and about levers Workforce The Workforce on is that talked is of that the but very is FMS, kind the bulk all

John Gamble

of to in in And perform X% to USIS still expect in and we really X%, non-mortgage them right. terms

is and still should to in the believe total X% So, in deliver which non-mortgage FMS range, both George. portions, the X% online we that

Operator

you. Thank

next Balsky Our from from America. question coming Heather Bank is of

now line live. Your is

Heather Balsky

curious EWS Hi, taught taking thank for just is you my question. I'm you. [indiscernible] easy

sort confidence for mortgage in sort outlook the sort your expected to worse love sell thoughts also of market your in and one that outperformance of, this for XX% mortgage kind I take your than a maintained it's premium price one not outperformance You get type of why products ability of of versus environment. in market. to I'd your Thanks. and guess or environment

Mark Begor

Workforce drives there of outperformance question mortgage. in on but the the on markets, Solutions broadly your a we'll Yes, levers number their all focus there's

records. with start So,

about in we've payroll coming about up -- talked good around record We were pretty four have larger got we talked now XXXX. We the XX processors that three first the visibility fact we our in quarter. in growth online

hit you as that translates into and So, record know, growth higher rates revenue.

kind that's piece So, of big a of that.

our -- the January Second do late effect price. We effect year, into our the their we they in did year. in through is pricing and actions go

basis. XXXX. many with what out rolled the rolled new products down. we a our our year full That's were So, on Solutions The of saw quarter. product the that year-over-year during We our rollouts, we pretty year. those, and get Those out out prices rolled third them in are benefit in fourth you know nailed Workforce mortgage the well momentum of in

kind the and they're solving of So, specific the take have of on we because visibility rate those usage solutions.

So, around are pay Remember, customer online. stubs. in visibility bringing we're paper around of visibility we wins have that. mortgages good still that There's pretty done XX%

system-to-system trended that. We how datasets in years polls. they're We have to have any visibility, pulled? that There's two know you see element visibility around element. change increased that that's with As then, around being we're not around that the customers another working often web based. recent And integrations don't data are in twin system-to-system, we of

our So, that's [indiscernible]. as What in kind of the I visibility? far miss did John, as

John Gamble

Plus, think I were by in XX% was is quarter. the market XX%, first or they fact you've approaching And we covered right. it XX% down down, outperformed the right.

and know we've But markets we So, go in perform the big very they we last on. they like a down feel well. the to seen records very, to year, saw late it's we deeper is even as already We Mark market, as driver penetration, which continue forward. down much said, similar deliver

Heather Balsky

Great. how basis in curious, of of you customer Thank you on where you. And go. as on coming integrations? your mortgage from bases the can a Kind of integration, mentioned penetration much the where sort a in are revenue system-to-system is business. it follow-up you and think I'm a

Mark Begor

heard And what it, I our that's your questions cloud -- environment? of around I'm the mortgage not are portion customers in right. sure

Heather Balsky

integrations talked. that you the Sorry, system-to-system

Mark Begor

or Hey, actually on hour update and that going in what that be here the number. Yes, to there'll we're to Heather, about think post yes, I sorry. two, an deck an

XX o'clock. So great. Thank you.

about Sorry that. Yes.

Heather Balsky

Great. Thanks.

Operator

Thank you.

question from next Meuler coming Jeff from is Our Baird.

line Your now live. is

Jeff Meuler

Yes, thank you.

this data any NPI of see at NPI if migration acceleration you Just base that to Want sounds to share we me. seeing if that to have uptake enough one an you're explicit not. point uptake completed start have would clients client to have for It cloud? for or migrated the like data at some their data that's your around willing

on data love we'd Thank it. any So, points you.

Mark Begor

I Jeff. question, head that understand he it's have that but run One a and don't to also down. That's John that want one definitely I shaking his it. doesn't have, going great I'm

but down. us there's let some we I it list there, it think intuitively run find

John Gamble

a that percentage as probably delivering the that that on about we of new half given it's number. expect are would the products pretty And I cloud running are substantially infrastructure. talked we're good above

Jeff Meuler

Thank you.

Operator

you. Thank

coming Shlomo Stifel. question from from next Our is Rosenbaum

Your now line live. is

Shlomo Rosenbaum

year, very there you in -- is levers over Hi. Mark, kind like that. much Is pushback touch clients parts other on business? squeezing there from me hear and of that in here. is of about, I was over offset of pricing the uplift about little maybe consistent in some things I your get every too number don't much question in usually mentioned can of price. one of bit. just USIS. USIS to like you that hear mentioned much the mortgage, a there you there that the you Or Thank things more for was market there, the work a a you when

Mark Begor

say data some -- there's workforce. And But there, comes would or price more element on pushback talk more when we've credit than because it at always about pretty USIS, more just I at it's we not asset file. basis. annual just often the price pricing scale, but than they from Workforce Solutions, very the clear, there's probably been of and price. our does They're have meaning price clients power. our increases, unique regularly an to same But leverages

Shlomo Rosenbaum

Okay.

So, though the file on stuff what credit even saying. there's consistent even is price -- basic lift, type you're

Mark Begor

USIS. some up, price may place verticals, In particularly in take a we have concessions but where then that's In Yes, kind other mortgage. of of done historically we a the that increases consistent have price happen.

So, the the strong, of not other pricing power in verticals. as is some

Shlomo Rosenbaum

one that kind doing their how coming someone then in of the if price else income in incenting me the top wondering, at are go to And excuse waterfall. with databases, Got that keep lower I heard of the Equifax for I'm have this a you of type the a terms you building but to information, clients things out point? like, of get the about was competitive question, is it. own but that competitors there's And trying of one market things is in do

Mark Begor

Yes.

records more customers is question around is or obtaining Your both? versus it

Shlomo Rosenbaum

can point, much lower you have database, much that -- like effective but customer if really a at price less a use it's No, right. potentially a

price, use from to say strategy then at first and can't you and So, get the if us ahead move then competitor the the it on is lower go Equifax. to

to incent at some that wondering and where So, from the I've of was of keep you heard kind top strategy the customer of that some obviously is customers that Equifax aware Equifax how just the works. has can I waterfall

Mark Begor

our income verticals employment in posted we prices, we prices there the lower we solution our price that competitively Equifax. there, what view market in that in are than of is the participate and don't guess, marketplace is, I meaning for see Yes, data see aren’t

So, What versus to I tap advantage have database think a manual we customers, really it's them of there's system-to-system waterfall, efforts. top don't in with doing we a when there. price do hit basis some our

to income part So had from is, move our the a and we've years. data commercial had customers searches some of significant doing incentives to in that last hit increase is first. over employment that And couple, we've really Equifax X coverage very manual around

You go were we back, below ago, XX%. X-years

approaching we're Now XX%. XX%, at

commercial to to was get having from in haven't they incentives to described of customers else we front solution a a what someone who very you us understand Equifax. it commercially can get -- to really but hit Equifax, some that So, more different seen, quickly get as, has

Operator

Okay.

John Gamble

really other solutions any there Because at scale. aren't

John Gamble

how talking small, And being marketplace. tested -- but Right now, some those, out get they're them small, some what that's was I know of I there. the I into they are that's trying speakers]. of very mean, they're [multiple pre-realistic I but to about mean,

wondering was about And so, I that.

Mark Begor

advantage very, And advantage [indiscernible] rates, and to there's the or a seen would us And that it [indiscernible]. any cost They're again, that. a the pricing very system for very a waterfall, would we small. pressure low in surprise haven't effort hit again, not change want involved customer from commercial

Shlomo Rosenbaum

you Thank Okay, very great. much.

Operator

Thank you.

Faiza coming next Alwy Bank. question from is Our from Deutsche

Your line live. is now

Faiza Alwy

bit and expected to we've margin given the covered on But the margins, but ground. there's impact talked EWS as were I you're business, color, for I I just lower new you that flow EBITDA mix maybe you've products wanted have good what at in to I that on know give through a I a morning. of lot the margins hoping know organic about a a strong a Thank little acquisitions, margin. bit because various more like us like you or Great. growth line, I more was it are And just, the if just ask relates about verticals, seeing would side. top can

bit color we there. the around Just drivers a little how margins should of more about think

John Gamble

Yes, are so ours. we businesses are And we from of from the we impact recent want acquired to have accretive acquisitions, just had fourth really the certainly to generally nice are margins and margin as first. improvement, the which some as right, that incurring

quarter. the seeing. first EBITDA indicated. margins XX% performance, seeing don't are an in we you inorganic that organic about but We very And outstanding we're So, an we and feel really think that good almost disclose margin, it's really we

think year. expect full to we XX% for I the them be

growth. good new are So, the to in in faster trend feel very we margins, about products they and EWS investing obviously drive

But encourage at we to is range we XX% of outstanding. So, margins think XX% that. this certainly operating

Faiza Alwy

Okay.

by vertical we no there's that product? about think mix So, impacts or should

John Gamble

I different Employer. We speaking, There of feel good to XX% most and Verifier about relatively different margins very -- levels But between strong. are products. Verifier very margin generally think certainly speaking, products again have margin very, the We different margins. Generally for have them. similar XX% profiles

Faiza Alwy

you. Thank Understood.

Operator

our of end reached back I'd question-and-answer to closing comments. any management turn We further over like the you. floor session. to for the Thank

Mark Begor

thank for just participating. wanted to We everyone

you questions, to Investor out Relations. please If have more reach

John Gamble

very much. Thanks

Operator

today's webcast. conclude does That you. Thank and teleconference

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

Equifax (EFX) 21 Apr 222022 Q1 Earnings call transcript