Earnings call transcript Q2 2023

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Operator

Greetings and welcome to the Equifax Second Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference is being recorded.

pleasure Head your of my Senior Trevor now President, Vice Corporate is to host, introduce Burns, It Investor Relations. sir. you, Thank Please ahead. go

Trevor Burns

and are to Burns. Thanks Chief Financial Officer; Welcome call. Gamble, morning. Trevor I'm and today's John With Begor, Mark conference today Officer. Chief Executive me good

recording www.investor.equifax.com. tab IR call of Calendar Today's the the being at later available News An recorded. be is Events our section website IR today of & archive will in the

reference making of to materials the Events call XXXX be During call. in These section we'll also earnings can Presentation tab website. found XQ the certain be are IR today that & labeled materials conference at the our News

help statements be in may business including subsequent forward-looking Factors Also, actual making business you are cause a quarter Certain expectations. involve filings. statements, could Risk forth Equifax with to our results certain and and impact that of XX-K other environment. factors third and our and from its XXXX risks, guidance uncertainties Form materially These we’ll filings including the understand number that to full-year differ set our XXXX SEC,

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

excluded $X.XX advance our per our EPS. adjusted as for EBITDA, counts well charge adjusted incurred business a reduce in is realign restructuring XXXX In as from cloud restructuring of costs functions additional the million to is charge Equifax This charge This completing in second or head $XX.X as transformation. of share. we principally incurred quarter

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

Mark Begor

Thanks, morning. Good Trevor.

delivering challenging in markets, mortgage Turning second financial objectives. a against well quarter while and on to Slide our X, hiring the we XXXX executed

continued comp non-mortgage with underlying outperform broad-based tough a XX% year. to last our X% We markets growth against

We new a outperformance XX% a continued market challenging with vitality growth very index. strong strong record in mortgage and product

also million of the announced margin cloud reduction delivered $XXX February we XXX spending sequential program in We points quarter. and expansion against well and basis executed the broad-based in

Globally, good good mortgage hiring customer with commercial of exception the consumer and our we of lines the – and our markets, across to demand U.S. demand continue across customer see government consumer, business.

X%, market in we mortgage mortgage half. U.S. the weakened when the expectations of through latter rates However, moved our which moved above portions quarter impact to will our as the second results second relative the

In of the adjusted guidance spending the EBITDA programs share drove points Execution of expectations. midpoint against and margins we with the the very International quarter, in XX.X%, in strong adjusted also both was our and expansion of above USIS EPS Revenue we XXX of guidance at and provided reduction margin was April. per quarter. $X.XX delivering $X.XXX billion quarters, our cloud above basis the both to broader strong delivered and close

due of our X year, XXX million operational delivering million to businesses. a new and XX% weaker below the twin execution very a off expectations, product expanded of index X% outstanding had in records last EWS but strong revenue non-mortgage EWS current by sequentially. was XX% quarter, vitality and solutions onboarding records records, XX% growth to that at market comp principally talent our up a impacted hiring the

of delivered outstanding in EBITDA consumer XX.X%, XX% basis expectations. growth, cloud X% were in X% and EBITDA as margins growth EWS by also revenue our than margins points basis expanding XX% had quarter fully led and Total sequentially. BXB almost delivering much USIS had strong online stronger our non-mortgage over stronger expectations. revenue also and XXX adjusted over X%, our cost capabilities, points they sequentially up their of stronger operational growth expectations, an management than and new adjusted our XXX grew solutions than

Total XX% XX pricing the decline and than both actions, better about was new products, or revenue and XX% market U.S. down points EWS from mortgage records penetration. from USIS

We expected shopping interest continue behavior higher rate in to these see environments. than stronger consumer

weaker we where more USIS the So mortgage a loans. with activity saw in in impact is had June smaller than aligned EWS, mortgage closed market on much their

growth and growth Canada and currency, single in stronger sequentially also than digit bips expectations. constant high growth adjusted with UK in delivered EBITDA than digit margins the CRA. X% America expectations stronger our XX delivered of International and our XX.X% double in Latin International

leveraging capabilities level. new high at New Equifax our executing very the by is and product innovation delivered a differentiated cloud data also assets

strategy vitality assets, our product to new up differentiated for of solutions quarter XX% our in is points our new was Equifax long-term above basis record and reinforces long-term XX% sequentially. index XXX data and a our the future the goal for of over and new for basis This cloud leveraging deliver customers. Our points our over capabilities XXX encouraging vitality

and transformation. years We being of our the new a Equifax Capabilities from our on revenue We're At progress Equifax delivered Cloud, cloud continue will the advantage make North quarter, provide convinced to was end to that American for over the competitive Single to Data completing AI good XX% come. Equifax of Fabric cloud.

market we half remainder the half, weaker to expected of the we expect quarter that continue than the the second of U.S. mortgage through As in year. the we saw to look latter the

our five down for framework. guidance be about points half, is year about the prior updated to and Our XX% XX% full-year reduction second originations for in the from mortgage U.S. a of

expect in be strong XXXX. to We very to outperformance continue mortgage EFX origination

market U.S. businesses. the year, onboarding hiring remainder Workforce We're talent Solutions to and weaker through of impacting see continue for also expecting the

strength solid government performances However, we the expect to weakness continued Solutions Workforce international. principally USIS from offset hiring business and at and in the

EFX XX% comp X%, strong a last non-mortgage revenue up year. was up growth very

and basis rollouts. points up sequentially We strong XXX strengthen execution the relative in over up expect from half non-mortgage product revenue first growth to XX% to new half the to continued commercial second and

and well cloud program reduction executed quarter. broader XXXX cost in the Our

we expect in million of an and Equifax of rate in opportunities As the run spending savings year. $XX new second $XX for reductions operate to continue efficiencies These actions half. environment, new next million cloud additional we're additional more more the deliver will seeing of

million the million expect a now spending of and in XXXX we reductions deliver run and savings as half this over of the to rate So And to reminder, year $XXX deliver $XXX will are million weighted XXXX. XXXX benefit. $XX second

we to X% government, non-mortgage mortgage originations mortgage revenue non-mortgage weaker EWS growth half. USIS in to deliver $XX in the about the hiring, growth. strong international expect the growth stronger Despite and NPI our revenue by U.S. million impact weakening expect XXXX in about from and of second We

X% XX% by This offset is and million The positive billion. long-term against a FX, framework. above strong million, to of $X.X of non-mortgage the about about revenue growth $XX is by to guidance X% impact our net $XX non-mortgage the XX% year, of than a XXXX partially within growth reduction our expected weaker market well last midpoint mortgage growth at

the share. The in and focused margins which of year we $X.XX results quarter, guidance reduction $X.XX in of beyond. lower mortgage believe remain delivering adjusted revenue sets up impact midpoint full of the for over XX% per EBITDA XXXX to us in a fourth XXXX $X the EPS of and per We at share on EPS adjusted our well

Boa We're largest bureau for June approval received financially the Vista Brazil. of and in we strategic complete to Serviços, the second credit attractive acquisition In energized acquisition. shareholder this

help products We and capabilities, to our of transaction global close August for the and cloud planning to early and platforms expect in growth. accelerate integration actively are the transfer BVS

in BVS fast-growing provide million the details in for we acquisition add revenue to We XXXX earnings on our intend guidance expect close Brazilian year include be the of EPS. our adjusted $XXX call rate to slightly one deal. XXXX after The at and market, The more will BVS expectations not one provided run we we the October accretive transaction BVS. to approximately does for year

Before results consumer. already economy mortgage of and the in U.S. discussed, resilient. more cover remain I provide we're customers and seeing April update, the the hiring what brief and the our I challenging consumer detail, Since I U.S. markets a broadly overview U.S. wanted to in our outside

continue upward just rates clearly mortgage Mortgage that's X% week, July We were which above of slightly interest higher market. negatively impacting of at the navigate is trended beginning impacting under and interest environment X% were and April to rate the a have last since at originations. the U.S. end

April expect mentioned or framework. with mortgage in our as half earlier, points the We I originations, to weaken second XX% further originations than XXX weaker basis about in XXXX down

are are with is consumers XX roughly with open Consumers card the people loan approaching which above are should July, average starting working low to jobs pre-pandemic peak abate interest X with million jobs. market at is still looking and mean back against levels, strong for unemployment and X% at in and a Fed and rates. are we credit borrowing Broadly, personal resilient million Inflation balances levels. in who spending historically

working stimulus close consumers of areas leveraging at that and levels. seeing. levels, delinquencies XXXX With are still and still the to only savings, low DQs and Subprime stress historic are pre-cloud pre-pandemic we're

know loan and which at last significantly we also broadly levels pre-pandemic event saw delinquencies were back in the We're delinquency economic they personal XXXX. utilization levels, are XXXX increases all seeing remain in low, below card some increases subprime, as and we credit more with very although in but

in subprime. loan modest looking credit sorry, levels principally to student we above resume a begin decrease to average student are ‘XX. and but ‘XX saw for believe on – by We And scores. ‘XX October, there's some as Auto – FinTech fees making pre-pandemic delinquency will in been well need will subprime credit payments and in we and have holding customers, consumers financial and a I'm removing our loans increase rates payment tightening as above believe forward, levels, consumers

Beyond second in background I the white-collar EWS had of which we reductions this combination larger weaker activity, as reduced on than and in half. market, to the motors freezes has quarter. screening mentioned white-collar continue onboarding slowing a earlier, and impact broad hiring expect job hiring and the both The market we anticipated and

revenue down the percentage XX% X, XX% estimated The decline points was down Slide as MBA of X Mortgage XX%, sequentially. up was but origination Workforce through to X% May. to down in a compares about on quarter. Turning mortgage data Solutions based revenue by

our in we framework. the of mentioned, weakened part in latter in April revenue overall expectations, mortgage resulting lower than to expected market I performance our the quarter As relative

record points quarter. at by are XX-month EWS which higher or of Strong by price for these price quarter, course, and historical a XX% that the to impact include positive information, in XX driven trended outperformance And were inquiries XXXX XX Mortgage of the actions, of strong NPI all products drove about mortgage our twin mortgage and the EWS points. mortgage during trended adoption product, the of of growth, is Solution, performance

services verification And mortgage In as move impacted the manual activities about revenue, quarter, Workforce low saw mortgage back declines in these this the in-house. quarter. points of some XXX Solutions basis negatively by customers margin, some in outperformance

of records unique records SSNs, had additions XXX XX%, almost another incremental record an million million was the with to EWS was with added twin the with X which strong XXX quarter million database, quarter records, up ending XX%. up current or which very

past a five individuals. doubled strong and the EWS the management of the testament to self-employed of the has segments database, has EWS administrators, twin software years, employers, pension Over payroll providers, multiple strategy the third size party HR executed acquisition direct across companies, record

people XX means and we're As a SSNs records which States. And of all one that unique in employees twin our jobs XXX through active their including on records, there's of individuals the represent XX% working capabilities XXXX more we individuals ingest individuals or pension current the to just close job, tech levels self-employment database, our million the XXXX records covered than records. data based and cloud the current plans, now XXX transformation, or million on defined self-employed and million have to represent in United database, our set benefit including income producing over expanding reminder, XXX million twin’s on

partnerships, companies. of as individual business, as employer principally remaining a through with are reminder, are the our customers services And employers, about directly by contributed records payroll they XX% and expanding are our of contributed

quarter with that payroll records deliver will during processors the we rest new During the year. the signed of four agreements

in about The XXX new has services current of the that historical Increasingly, and records. employers million of more twin historical verification million our revenue, records, records, historical database are products current United with total incorporating included and from XX% second from products States. now quarter coming over X.X

was revenue a second a XX% non-mortgage representing in very Turning revenue, which the with year, Slide of X%, over X, delivered up Solutions non-mortgage XX% Workforce very Workforce last quarter growth reminder, non-mortgage revenue. Solutions strong revenue And about tough EWS was now a as comp.

expectations. about revenue year Verification Workforce very sequentially revenue also versus X% the below which our and thirds by challenging both which year. growth was last verified growth non-mortgage two was now quarter, non-mortgage XX% in last Services comp represents a of delivered against This Solutions

expectations that we miss solutions in in-town from weaker finance versus Government growth had the and somewhat white color performed the The consumer quarter. high well, declined consistent exceptionally predominantly was hiring. with expected

strong XX% in over non-mortgage second last revenue of twin almost government we about level, off very represents state in a with at In up was year now saw revenue continued growth. Government quarter. strong growth by record CMS products new XXX% verifier driven growth revenue. also sequentially XX% up growth And the XX%

state CMS volume, enrollment from We half. second sequential EWS state growth driven the This see May result to renewals. and re-determinations, expect We in accelerating and re-determinations began by the sequential incremental penetration half, second from from CMS also Medicaid contract see pricing open our accelerate government volumes growth ACA second further vertical growth in strong in half expect growth to to rates. in see accelerated will this in

financial down levels as of workers care are penetrated off comping heavily technology, X% greater a services, that and May. about quarter, has very the more in in BLS the white we the X% and through freezes services, than decline year hiring Also were including broader health as currently activity reporting record hiring collar X% about to is Solutions which growth seen are XXX% hiring reductions sequentially, but professional last second in from we up strong quarter. a reminder, Talent

that the with Approaching in in last industries Talent negative year, the hiring had industries XX% growth quarter. those Solutions revenue was from having significant quarter of versus negative of many growth double-digit

in declining We growth, are from product out our records continued penetration of favorable of solutions twin expansion market pricing. strong the digital screeners, new with growing background

educational seeing penetration products. differentiated of are continued customer We also our new

products above in a and new continue market XXXX to to these expect talent revenue drive beyond. We XXXX through underlying growth

to Solutions Workforce P-Loan, card, and and XX% both lenders, auto year but vertical lending auto space. with in subprime sequentially, debt volumes and lower about declines FinTech down consumer The was management which principally services P-Loan last includes the flat financial with versus

in in second growth the half consumer modest half verticals. record This pricing. auto the result in sequential we expect P-Loan headwinds in We will by XXXX lending in and growth the penetration second driven revenue as growth lap

driven in government sequential moderate we talent strong as non-mortgage In growth growth, see as growth expect verifier to total, accelerated in sequential well in and the half, lending. second by consumer

by $XXX in have our Services Employer revenue in slightly. slowdown UC growth of negative up the Despite were In ERC million hiring. an despite onboarding was up increase hiring, X% businesses not of and total, driven and in businesses U.S. we revenue the U.S. impact UC yet. I-X our seen

revenues in from onboarding. third fourth quarters Services reminder, the expect than growth Employer levels penetration were other a I-X the higher Care to service second sequentially and the driven quarter As and quarters first see by Act seasonally overall Affordable employer volumes. due In we quarter higher in to W-X

XX.X% well margins bips continued were EBITDA with execution. to quarter new our U.S. penetration line of hiring, the despite headwinds up first EWS and in and from from operational growth, The record XXX price. adjusted outpeforming mortgage from strong guidance strong underlying team the from in markets Solutions April products, Workflow macro perform

than and than to revenue by on our and mortgage mortgage X% million less up shown inquiries were non-mortgage down of stronger performance. and USIS $XXX credit outperformed expectations that market XX% was XX better USIS Slide the X% As points. than much X, down more mortgage revenue due was

that for mortgage scores and credit to the environment the $XXX our total new Utilities strong drove million very revenue revenue quarter. the discussed mortgage At & XX% credit of out performance. pricing from we solution in in was pricing strong increased the addition The attributes both April, Telecom USIS of

of Mortgage points originations credit about shopping from increase again outperformed estimate behavior. MBA's current five by increased

behavior expect increase through shopping year. We of as this continue the to move the we remainder

in which X% X% up revenue our was about growth was USIS and million revenue $XXX million total of than organic XX% of non-mortgage represented non-mortgage with revenue over better of expectations. of BXB X%. quarter, revenue growth Total with organic up X% the of $XXX

X% up non-mortgage total revenue and online growth organically. BXB was X%

fraud double and growing more During and XX% first offsetting quarter, low strong revenue telco institutions subprime. identity quarter and smaller online Banking were with approaching slightly digits. principally digit insurance on and the with at had with focused institutions commercial in FinTechs growth consistent auto volumes market financial that was growth single declines with and up larger financial

or revenue in in BXB header, first offset in marketing with smaller had we quarter reviews as marketing, business FIs. growth growth about partially and wealth FinTech account pre-screen similar by of revenue marketing to was growth as was well up continue revenue Services space, $XX Financial see and flat. was principally Strong revenue partially Marketing at as X%. and which million by fraud from IXI subprime offline Pre-screen declines risk the was larger levels FIs weakness significant at offset from that

power along is drive typically USIS growing limited seen has in and ignite ensure to of data the insights incremental offers our from times. seen have better with USIS pick increase their marketing did portfolio not customers platform see growth advanced their risk-based – proprietary in using portfolio and review a extending ignite to prospects management. identifying penetration We of customers challenging meaningful economic our but business, deeper capabilities. our marketing up delivering to reviews pipeline during performance that better enable to

solutions strong and quarter both identity our and of in good up and differentiated and and revenue direct marketplace channels. is USIS with USIS fraud, $XX up in key million, new auto. strong consumer consumer commercial indirect the winning solutions had momentum very direct-to-consumer performances business verticals another from from with data XX%

competitive was new the unsubility, leveraging deliver always and Todd capabilities to about cloud driving new deliver Equifax new enabled Equifax benefits the dialogues pipeline, a which Cloud the up will their USIS is also and in that faster quarter. driving Cloud cloud their and active transformation with USIS team first of We're active they products. data speeds the complete are us, products to which customers from pivot new deal offense as on strong

EBITDA revenue EBITDA than mortgage from basis the and ago. year broader beginning up strongest XX% the and their points program. and margins the since quarter, against good sequentially of margins USUS adjusted expected cloud XXX sequentially reduction were up cost a market were decline performance USIS margins the in better execution

X, Turning local in $XXX expectations. was Europe than X% through million, and the about revenue up international down currency revenue U.K. expected better Slide debt X% business. management the constant our in was our decline XX% currency

our debt discussed moratoriums. half strong year, placements As business the up previously, following was government very we made catch management the debt U.K. as debt U.K. first in COVID collection last large

a As expect the year. we to versus see result, last half in declines first

We expected declines. to see those

do we However, to do management growth debt expect we later – this management and we expect return through second year. the consistent to revenue move to see debt not growth half sequential expect as we

Spain performance and direct-to-consumer. U.K. CRA a X% was driven was and in very identity within and good up strong the strong performance. in fraud This decisioning business Our consumer quarter growth revenue principally by

as Pacific Asia growth and growth was and identity currency growth X%, the commercial quarter. fraud India as in delivered with business which our up well revenue at in local solid very XX% in strong continued DXC,

introductions in digit to by America a digit actions. quarter up growth currency local double This the double Latin from new driven expect second for we Argentina, Central consecutive and the Uruguay, strong strong was and very half. continue XX%, growth America which of pricing is product revenue ninth America Paraguay in Latin

with and now on growth was IQ we this local cloud Canadian and identity new a commercial. our cloud all exchange and based our up solution. and fraud exchange full broad Canada to consumer fraud revenue migration recently of decisioning base have completed currency base Canada X% new fraud In in customers

up International against driven XXXX expectations. sequentially XX.X% by was and execution adjusted cost reduction better XX improvement their than EBITDA plans. were good points margins The of our basis

USIS growth overall a second Turning our growth quarter growth constant EWS growth growth revenue but international, very expectations, and both expected. mentioned XX% by we was delivered was strong in against very This stronger slower than the government I and now to strong X% X their the of than business. non-boarding, lower and Slide non-mortgage despite non-mortgage, offset non-mortgage year. their that last dollar Talent earlier in in

expect and growth looked and products. quarter, revenue third non-mortgage second in government we lending in and talent the very consumer new growth sequentially As from at grow strong to led the in growth half, by fourth business, the we EWS EWS

strong well in term continued international, USIS Equifax growth which X% X%, expect growth revenue XX% to within long resulting non-mortgage our in above also third We performance is and framework. quarter

XX Cloud Index. Turning introductions record products to quarter product growth are and new Slide XX% differentiated data XX, we the In to and EFX our the central Vitality XXXX our launched new Equifax leveraging strategy. delivered second a over

second Our leveraging and second revenue led performances VI America. in strong was by product Latin of XX% the non-mortgage quarter Equifax EWS over quarter the Cloud. came again from In our products new

our approximately Leveraging points Index our Cloud past Equifax XXXX we deliver basis expect Index. drive of in equates product to three revenue Vitality of which the is Vitality This products in long XXXX, XX% term introduced $XXX from XXX years. above capabilities million Goal in about new to to XX% roll-outs, new

to long top and Data margins. our Single driving Cloud central data, capabilities in products our Equifax differentiated term Fabric are New line Equifax leveraging and framework growth

and slide side several can innovation access we Cloud a and right new power help highlighted to the visibility of solutions in that the On financial quarter. driving the credit products are increase mainstream consumers opportunities. the Equifax new to These the create of introduced of to the new testament expand

employment a history employer wanted. SSM. now first-to-market the using by on candidate's background list challenge a product only is With verify to this of and may the a work and Talent solution, of the employment seeking launched We unique verification experience number helps selecting option, report Report employment employer pre-higher records when solve available a candidate quarter, that X.X, professionals screeners a specific HR allows a Flex new the customizable names customization records. This preview the

the the Equifax market of bring to power our of Cloud, meet we'll new the needs to customers. solutions With

receive for our Boa billion $X is were Turning in the in TAM. the a growing Slide approval to second bureau new late largest the XX, market fast June. with excited we BVS acquisition very Brazilian shareholder credit over Vista

provide close the Vista the and and early August fraud expect Equifax and and native We analytic development capabilities, with will decisioning expansive and Boa international technology to our to transaction of expansion access services products new like rapid identity verticals Equifax into to able data, be and for products new cloud in Brazil.

As a reminder, adjusted Boa to Equifax I approximately in to run revenue to expect accretive the mentioned earlier, deliver rate year. and we be in EPS Vista million $XXX to first

I on Boa closed. not detail the is Vista’s after we're provide the XXXX in transaction today. October during As included are providing mentioned earlier, our We'll impact more guidance earnings Vista in Boa results call

Given cash to we to excess transaction, M&A intention and half And of ‘XX to size debt the over in to BVS on is the the our quarters of our focus use acquisitions. pause second coming reduce pay free activity plan flow ‘XX our leverage. and down integration the on and

this XX, and complex within that a Equifax data unique we Slide manage Turning regulated challenges complex increasingly data is business for becoming data changing and artificial companies fundamentally large explainability. diverse highly AI is capabilities intelligence believe sets, around analytics to bringing table-sticks

our traditional credit data identity alternative utility proprietary our set fraud Pay for cell and differentiator our phone, data data, data, employment of side Side in data, and large diverse commercial base and big is income left data a TV XX, the Equifax and wealth data. – and On including

about scale, products heat data enabled by Equifax used using is This call and length has Single Cloud Equifax technology. the patents that and proprietary Technology significant XX To AI us best models make critical Fabric fraud to credit AI models, our that scores. AI Data by our approved we to including decisions which AI is AI NeuroDecision identity class solutions, and data in ensuring our surface and correct date, native Explainable new supporting NDT, which in advanced in to advantages scores at build and gives

NDT continue models we with at uniquely the which and to will on our predictive invest of as value combined and be products forward. to AI scores AI to own and data AI offense, more and to solutions current We positioned our more develop Vertex accelerating capabilities speed Equifax bring remain leveraging believe expanding valuable we going building in Equifax may set, with model is Equifax Google's customers. new capture the will scores our capabilities,

Now detail to provide growth on strategic John challenging priorities more guidance. it against macro environment. in turn full revenue I'd our third We're very margins delivering over quarter and well to like and to expanding our executing a and year

John Gamble

Mark. Thanks

estimated quarter. mortgage second quarter line down Mark mentioned, with with expectations May MBA market in As our through were which originations the is by XX%, data at about for

and As second in down XX% quarter shown were credit our line on Slide XX, increase also with April expectations.

quarter. our June, Mark revenue However, as in which inquiry mentioned, overall the we mortgage saw expected data for weaker than impacted

As July. and second patterns levels mortgage inquiries. assume a current run of improvement We're the half planning in to rates housing early or saw markets of fundamental and our does June twin we applying in late seasonal the XXXX, we the look credit not normal to these from

mortgage XXXX, to fourth quarters, points. MBA narrowed percentage X impact from not and of better spread half expect about that shopping were in first we a activity this the mortgage application originations percentage about closed result In to credit year-to-year, about third elevated at continue X X points. does the XX% about loan than and quarter, XX% the data. percentage estimated this points as in down second decline In In inquiries based about the on

patterns a our XX% for June XXXX, April we all July, guidance. mortgage mortgage we down Applying and to run normal from are rate reduction of expect credit early slight for credit inquiries seasonal seeing end to of the inquiries the in which be is

points credit is in reflecting we percentage the expecting guidance This points inquiries. to originations. about discussed are about of mortgage weaker behavior originations shopping than percentage that we be down benefits However, X April about mortgage XX% XX%, X our for

that credit we point inquiries with This would being about applying result mortgage to credit to second under in with from credit X% originations inquiries we inquiries the is what second and half shopping XX% XX%. just X respectively. XX%, inquiries second being originations percentage benefit down quarter and in year relative mortgage the And estimate half be the mortgage for mortgage third credit would full guidance the quarter, down consistent in would fourth saw about down

are second somewhat originations and We relative to originations in slightly relative third quarter seasonally number the the expecting to the weaken the to quarter weaken to third. fourth of quarter,

tied mortgage $XX guidance expected to Workforce discussed to past, by Solutions originations in of have Solutions we second million. relative our mortgage Workforce As is closely in more XXXX reduces originations. reduction revenue in XXXX half revenue the mortgage about the This April

our for guidance, XXXX than USIS slightly credit weaker half in USIS the did As change revenue expectation mortgage meaningfully. is not April second inquiries of our

XX, in guidance to second control Turning closer and additional our and cost XXXX centers in versus Slide EBITDA that reduction adjusted will exceeded to referenced $XXX reduction, Mark levels, data EPS reduction spending spending we our adjusted plan margin well measures. and quarter the earlier, ‘XX workforce including as million now deliver delivered against XXXX in

savings expanded discussed. both range. margin at previously expect of $XXX is we EBITDA our approximately dollar midpoint revenue the expansion plan of well XX.X% The driven spending XQ sequential adjusted as Mark by reduction margins as the For million related growth, to about our guidance

exceeding EBITDA quarter the about As $X revenue second and XX% grows we per accelerate, sequentially EPS adjusted cost in and cloud half and are focused on the share adjusted of fourth ’XX quarter. through reductions delivering margins of fourth broader

offset currency mortgage $X.XX of our expect XQ‘XX. revenue with midpoint. single revenue to Equifax In X.X% the XQ’XX we over down strengthen total between for X% should revenue partially will be $X.XX guidance XX low about and revenue at up that billion by is growth constant digits. and Non-mortgage billion, Slide provides

are minimal revenue FX about acquisitions and is X%. on expected impact a have to expected revenue, benefit to by

a As more BVS. guidance on this not reminder, include does at We’ll October earnings BVS call. our provide information

cost Corporate quarter, expenses flat XQ’XX, EBITDA expected the as of about for margins by and Workforce by margin returning both revenue as sequentially margins XQ’XX growth increase expected to about points Overall, are EBITDA at be to expected XQ’XX. BU sequential international. reflecting are up basis for to in adjusted our guidance, sequentially our in total be XQ’XX are well driven benefits improvement midpoint with the Solutions growth revenue actions. to XX of the

Solutions Business unit X.X%. as to expected is described about quarter performance below. growth is expected be Workforce in be the revenue up third to

return XX% continued revenue and about be growth Solutions growth a lending to Talent sequentially. to growth return verticals. non-mortgage We from will flat government over in are expect expected margins year-to-year consumer in EBITDA to strong in

revenue USIS to the be revenue Mortgage quarter. year-to-year framework. up up are growth to down sequentially, year-to-year lower slightly their revenue. to be expected to Non-mortgage points return in EBITDA should we revenue year-to-year. X% saw to Adjusted above X.X% to revenue from margins quarter, is due this the the term about long is growth basis about expected principally X% expected X% growth be XXX

adjusted expecting cost be up sequential expected in benefit revenue sequentially, strong X.X% margins to and to of We're strong reflecting increase growth share. the management, EBITDA $X.XX reductions. be International to constant is to including in currency. are very a revenue per XXX EPS $X.XX points planned expected cost XQ’XX basis

Slide XX full the our specifics guidance. XXXX year provides of

by million full revenue As guidance $X.X mortgage Mark of lowering midpoint the we're at from billion weaker $XX market. mentioned, year the our

the by Solutions. mortgage in discussed, decline ‘XX, Mark revenue guidance guidance, percentage originations Workforce $XX reflects in XX% our will As points more that than reducing April mortgage X U.S. over our assumption reduction in million revenue

of I revenue shopping, expected level we're revenue of and continued USIS, levels is is benefiting by mortgage referenced XXXX. the high originations. meaningfully seeing as about USIS impacted to decline lower is Total such be in mortgage which and not to expected earlier, XX% As

Workforce of reduction positive mortgage the revenue offsetting Solutions, FX. is Partially

to ‘XX as the than continue above second Non-mortgage growth revenue of to constant of growth in slightly grow constant more XX% solid vertical be is currency expected to accelerating at non-mortgage than government hiring. and the over stronger April USIS revenue continued weaker guidance. strong our XXXX, currency X% half expect in U.S. the impact EWS in offset performance and from international We

at quarter the XX.X% are about at Adjusted fourth quarter the EBITDA and consistently to throughout improve expected third with XX%. margins XXXX,

As share on margins $X both in remain delivering Mark per we XX% over mentioned, and focused XQ’XX. EBITDA

midpoint of reducing of about million of for XXXX $XX This $X.XX at is the EPS the the margin centered This is year $XX mortgage loss reduction guidance adjusted at share driven in principally $X.XX We high $X.XX revenue Workforce mentioned, and million that of adjusted EPS guidance our midpoint over revenue. also operating Mark As of per our or is we're our a full of by the guidance to $X.XX. income. Solutions to both range believe ranges.

about Total with million line our Capital slightly in expected in expectations. spending $XXX quarter $XXX be to million. capital spending for the is XXXX was over second

a and of third U.S. $XX to to in continue by as we the below. X% progress as Date in spending revenue decline Canadian almost sequentially of continue will Fabric. XXXX capital reaching to quarter progress as CapEx toward expect percentage or we migrations revenue decline to million and thereafter We

our U.S. significantly XXXX remain about the we revenue billion delivering Market when $X discussed, midterm to discussed in these first expected discussed levels billion we from down margins. of focused achieving are on deliver revenue in November of XX% XX% to different mortgage normal our in $X EBITDA goal with market in is The goal we XX As goals. in XXXX, April, we conditions XXXX in average be to XXXX. XXXX than had

non-mortgage November has back in you with than faster Our we discussed revenue grown XXXX.

XXXX, goal the even to revenue $X additional recovery our acquisition of order after levels in market seeing of the still needed the of loss mortgage from the considering XXXX. in in on the BVS we are of billion two-thirds from the achieve However, volume

growth to expanded as margins exceed which plans, driving committed we achieve EBITDA XX% of are cost the above reduction our market revenue and level. needed improvements XXXX and on as We focused delivering and cloud data transformation, XXXX and X spending billion the expense technology with and are part our

our with as progress mortgage billion will forward. markets XXXX We to in overall toward dollar and you our and X evolve goal discuss the continue

like would I over And to turn it Mark. back to

Mark Begor

to Onboarding depth businesses challenging international in Thanks some quarter reduction about midpoint EWS the macro a challenging execution hiring and businesses, The cloud quarters the offsetting against guidance delivered solid and to XX, above with adjusted up XXXX EBITDA environment. of guidance. allow us and deliver us to Talent breadth our slide allowed USIS margins and weakness John. broader markets. adjusted EPS EPS above and deliver delivered despite and mortgage despite strong our on at Wrapping the our and Equifax a program and spending revenue

the to against at their strategy. continue level, unit deliver Summarizing Workforce business long-term Solutions growth

was XX% their very pressured While revenue mortgage X% by and decline comping strong last off growth hiring macros, a they were year.

to total formula record and brings quarter from payroll importantly since in beginning to providers, the million $XXX year that their total beyond. year, the strong expect million, records very growth the capabilities NPI second half, $X twin last XX, another vitality records the in a will delivered current additions, $XXX EWS We of strong of added adding ‘XX index leveraging increased very which XX%, up recover had and a to in third XX% with growing million. and cloud last toward second which benefit them of quarter Workforce and half versus to and

XXX is than government over In strong EBITDA margins, which growth EWS we Twin, positions second the in delivered of for XX.X% the continued And basis and half. NPI up focus XX% growth growth and stronger EWS expected. points operating

through at driven the of BXB Second, and end X% the framework and management. of non-mortgage strong USIS top and and by growth was as margins organic, continued long-term over X% strong delivered momentum for growth growth non-mortgage focus organic, up they online customer of the XXX first of basis USIS Equifax total X% their quarter their cost Cloud. total XX%, EBITDA X% to migrations revenue on points sequentially

Latin with International what’s than And growth margins credit and Canada, they strong India EBITDA X% delivered basis strong up our expectations. our currency growth XX of European in stronger delivered businesses. XX%, America, and points local

XX% The we've Cloud is quarter earlier, new American XX Vitality new over year-to-date, above allow XX% will the decommissioning. Transformation products Cloud. of Index Data us Equifax bips those was mentioned system our in of new as our long-term and second and delivered Equifax focus which an As product XXX is completing and accelerate to launches our leveraging record growth further North Technology legacy Equifax migrations, complete framework,

Equifax Our be leverage AI to differentiate will revenue growth systems us stability tools us Cloud offense technology and an and native cost with leading to that capabilities to and position efficiencies. allows drive

that plan spending $XXX cloud XXXX. with deliver savings $XXX We're of broader April and from run $XX executing rate XXXX framework. well in reduction now this up $XX million our ‘XX and of in in our million will this is savings against million And ‘XX million year,

this for about in in acquisition the BVS per sets we're to on And energized and and early $X acquisition delivering quarter, financially XX% adjusted EBITDA XXXX. attractive in shareholder strategic margins the focused remain EPS fourth for approval adjusted on We share in well we're close and August. up receiving which over June, track us

year margin per midpoint, mentioned from lower but $X.X weaker full $XX adjusted revenue. at impact high million mortgage – given we're market, to the the to the lower full high be $X.XX down lowering EPS the mortgage our the midpoint with by as revenue year billion earlier $X.XX And than to – guidance share high expected XXXX at of

businesses to be Equifax time We're This we an Equifax new building leveraging and new expanded top for leading margins the and growth our line. bottom new time of Single differentiated from market convinced is our chapter the to exciting technology, higher Equifax – that Data drive entering Cloud energized next exciting as for in we're and the our new our will and data free capabilities Equifax flow our deliver cash Equifax, cloud-based pivot new and to assets, future. cloud Fabric

with that for And up it me operator, let open questions.

Operator

please [Operator from first Today's coming you. of Steinerman Instructions] is Thank Morgan, question go JP ahead. Andrew

Andrew Steinerman

John! just my together. me Let two Hi ask questions

if gave it. first what I is, The revenues. tell percentage quarter us revenues mortgage of catch that one didn’t just could you total second a as you is

to ramp seems strong of growth EWS slide third it in the EWS with you X.X% on on of And imply the revenue compared just could second guide for the third is revenue and for quarter rather revenue at quarter, kind XX. to one XX, a that? slide which the comments fourth then and on guide quarter together the taking EWS It is looking for comment

John Gamble

XX%, the your first question, answer first is your So, it question.

Andrew Steinerman

Thanks.

John Gamble

by about non-mortgage And What specifically is about we EWS, into sequential nice which seeing think as we good a it as in lot about very very and to quarter see take we're in talking improvements. government in government, and not extent second Mark seen consumer move quarter, I'm I by product, growth we some the – new it to quarter. completely business, move through fourth lending and strong we're talked the feel only of to penetration. And expecting expecting third we've in growth quarter. seeing at look driven fourth right. we're A our very also the see driven new by businesses, the first also back and product third we're strength and the Talent in to driven in also quarter but fairly in and sequential

year. allow as us versus of we think XXXX easier growth through we're the second rates. better on and the half XXXX, we those to into sequential comps factors see as nice now growth we mortgage And we as see go against So comparing as get

of performance this best mortgage can year. substantially to going EWS, growth took we decline have see to mortgage very toward obviously very mortgage, good through to although continue in down, end and of mortgage the that so get expect to to return we declined also mortgages year, the going of in You're rates in we the out level growth right, in originations better EWS year-on-year us the allows

this with those together, rest we two of year. going see acceleration nice the to factors we're in EWS go think we So as revenue through

Andrew Steinerman

Thank you much. so

Operator

Thank from ahead. coming Barclays, Manav you. is The next please go of Patnaik question

Manav Patnaik

to next confident of how to my the year? hit XX% guess the moving pieces to Maybe Like morning. question, about you just that addressed on Good year. through end the that. you and I visibility seem how ramp you up revenue flows you. first have follow-up the margins? Thank Can your that on talk to to are just as into

Mark Begor

can I'll John start in. jump Manav and

its piece. we visibility So revenue have so you of leverage the good aside, we think the mortgage outside we’ll – know leave

next we our know, this cost $XX by $XX increased year. another you million year million As program and

we cloud the into further get additional we So efficiencies as completion. see

have core actions. and So taking combining of are when in when lot cost leaving that other because February, the we just we're know with we program we contractors announced a visibility,

the across corporate gives of businesses in of the us at that that confidence cost level. and that side So all lot a the

John Gamble

we're need see as again, revenue Mark the and the we about than talked cost obviously think And do second on we're we well we our we cost, visibility about. impacts have good we Talent said, about do talking talking to the about I But good focus on growth good in non-mortgage business. in non-mortgage feel other delivered in movements quarter. sequential very We the –

also mortgage And market. on talking fourth assumption, deliberate an levels a We our in reasonable think quarter. we've then the we've we're needed the made having XX% the assumption made obviously us it’s market mortgage but obviously about, to the margins for deliver

Manav Patnaik

just competitive but seeing you're like changes just confirm your are assumptions. work I I not hiring really not gross I the changes your Got are – I’ll just volume was address what new I all force it. assumptions. that And then missed the these in volume solutions, mean changes your of guess any also you assumption behavior, is, most hoping could

Mark Begor

John, mention I'll back an for you example you so that move know some from had seeing that the quarter. Equifax impact hiring but did in manual Manav jump in-house, the verifications we're we mortgage assumption, originators us let on mortgage, on

had what impact so that that offices in-house, sitting less do are an expect activity, clearly to is you've originators we're and deciding that it so to doing got revenue verifications a they've they some is seeing We and of clearly so people their manual mortgage in continue, got impact. that those

revenue, more In question there a out kind they are our ago. or. are no was were year through, new on they definitely a but and meaningful on don't that lesser of a experience degree, see they there marketplace and Transunion this the than impact they're we think doing focus I that to being

So that mortgage. clearly also in has probably an particularly impact,

John Gamble

Talent of terms I gave Market a we think don't In percentage.

XX% expecting I in weaker rest April. and the think worse the down year. to June being that of We talked number, a like the we Market we the was April XX%. Talent didn't We the really talked in but we're about market said than give of level continue through about that weaker

Mark Begor

as our impacted that those in white over blue both also more we ourselves you collar employers we to see side. well and collar again, are indexing And commented from know hiring layoffs Manav customer and freezes, as base,

Manav Patnaik

Got it. Thank you.

Operator

go question next from Suisse, Kevin The you. coming ahead. please Credit Thank is of McVeigh

Kevin McVeigh

I’ll Thanks one so Great! ask multi-part much. question.

framing for purely or then thanks dislocation from – the million I regional maybe of on rates give any sense wondered that way if run tightening banks a or So up. the the and could $XX standards us off. Was you higher sensitivity

is trigger frame a or people as So mean more there refinance. what a level, you about would was for may rates some where with the of What sensitivity it X.X% what little and weakness. X% a to for mean I bit down. aggressive might started seems that level Like, we get XXXX. the heloc the be of theoretical extent to see businesses way like think any maybe rate go

Mark Begor

what's home. lot higher towards we're a purchasing of to about you Rates factors back Where rates space. thinking I will in up activity as Clearly that that seeing. rates a the are – is I that Yes, think around go the mortgage there's rates know is an Kevin uncertainty much stabilize happening. consumers X%. wait They pull and definitely as see think that

the an you've as about housing There's see if of element it, read you stock. shortage this, – of and

buying purchases. low or there rates are inventory meaning, that in a their lot because – on going. in sitting larger a Those moving home uncertainty currently are people going a and doing some of the homes home rate own in make neighborhood mean know upgrading, town, You where to not about there isn't are out different mortgage for of you they're

that consumers about I we're think thinking So we that. believe some don't from that increase rate activity rate element stabilization will of their there's reductions.

happen from the that'll or you You future, forward. ‘XX in know ‘XX year it's whether sometime know a in going now or

purchase refi this declines below below that ’XX. in ’XX a levels, volume we ‘XX boom at historic kind that reminder, of from excluding never seen a XX% had of historical well as and we've levels we're But and level,

never time historical so to our it’s expectation. in it's that What year to is over just would people view return normal There’ll be as mortgage at ’XX. levels, You our get where X% you now, into know normalization you interest more John? X%, add rate some a point comfortable that happened in return that's a know operating from before, has we’ll whether environment

John Gamble

right. just think above Well, market, for also we're continuing performance good the important I us thing drive very is to

points you fact So in reduced that talked a decision manual points. and the performance our again, XX for particularly in quarter In not the very we the about performance participate a to really quarter effectively first at that business adjust if not by strong the same level, XX what's how out basis profitable we about made XXX to second points.

out the on again, margin high XX So Verification Digital again very performance. Business, about points

So continued we our feel about good outperformance.

participate up to well. going the volume the happen will It's seven. hard that that mortgage the what in clearly nice when that extent growing we to will back to fact extent and upside moved to we saw see see the about what's from we good reduction from growth, transaction forecast rates predict very participate feel the than clearly also market But, they that. we'll a occurs, We faster when to but we see think to below, that above it we move extent the

Mark Begor

the at not other it reduce had point at an interest environment I'm There'll point activity. rates. Then the economist, but feds – future, on some feds inflationary boost be side is economic in raise going high the rates some time to where the interest a to to

in It's there'll in have some of cycle or revenue mortgage on well but at positioned future the we'll it’s been point that's margins other ’XX, ‘XX mortgage ’XX, that another whether We’ll growth. and window revenue just the for very that, and be incremental high typically side the refi we declines Equifax. be a see that at

Kevin McVeigh

much. Thanks so

Operator

question Kelsey of ahead. from Thank Autonomous you. next go is Research. The coming Please Zhu

Kelsey Zhu

My the EWS. Good is first question. taking government morning. for Thanks my vertical for one on

coming government little a Social part second is about in talk of can and the QX understand Thanks. process. the done you government different much and of that done QX. Security you acceleration how of programs that was in be of to will down. helpful part in I half much the expect about And wondering for the that’s Medicaid, general, which how vertical do across breakdown in from re-determination So revenue of the better be was Medicaid it from kind growth coming is QX to if

Mark Begor

Yes, government the there's factors which a good us. driving for is of news bunch

the data records. you it's a position It's our market Workforce segment set important, Solutions. and given very scale our active of growing records very have know we You million know to one XXX a fast of very, where historical strong

be that You fourth of May that quarter event point on we know and a June out expect third positive. much one which continue that we re-determination, of saw up the pick and to the levers quarter you to is in and XXXX and in of some activity

more to We're million at and $XXX volume. to also at seeing the getting TAM each in approaching is have ACA We're level this $X level. are separate organizations which penetration solution. automated that's the of a for more business, state social is around to billion we Remember state agency activity all state and them bring manual that's verifications close each the commercial and a support, it's from food convert support, services team to current the claims that's our headquartered working our capitals solutions other convert unemployment whether at to many or manual childcare using state

agencies, add lever we more that is so a more big a that's have and for states pipeline. So growth we

those We relationships. have around visibility

Another states. lever that portion we then state relationships we in additional contracts is that those contracts remember, And eight or up we for price maybe we that of level. – Think have And we're ones come and we at constantly each the a about have increase lever XX that value agencies the The renegotiating federal have. those them. other again is with delivering. the have, worked individual six we're

programs federal the some have We with of big organizations.

are us programs security government mentioned You also for growth those administration, at the one level.

Kelsey Zhu

blue question penetration collar wondering, on vertical. help a workforce, about with will higher breakdown little collar that activity. the introduced share talent services could kind was collar. is white of second know My And of this the nothing activity it. I bit new more hourly verification blue kind pre-employment the versus targeting drive cross I revenue Got you've higher you

gained much was penetration that collar. talk you So white the for color with about, outlook product wondering how if you've blue versus I growth of can kind and revenue

Mark Begor

We're current that we Yes, customers customers the so base, that The our have again screeners. with making customer index tend employees. background all we over point to we participate to we're being do. employment verification why have of jobs is collar jobs, seeing white that collar now. coming impact work right an of a through which But we lot blue and more in we

customers, We seen it's The our but positive has think new of and share very existing drive in solution traction. work. going XX not with to only going business. but go drive and to out so also verification very on marketplace for those been up them it's pick to employees days, we've allow their or they in volume it's the more hourly kind new penetration, only growth doing Meaning can

a where We share of so have call outside that's We've education solution been employment very positive have us that we Talent but instant a growth history. the seen education just of newer also of of we about marketplace in for white lot and year, is for we're that, an backgrounds a the solutions solution for positive used lot the talked usage around growing some with collar business. solution, other verifying which That's in our job. it a we've in a

And then bringing we're that's know, is we one couple last market data solutions. insights business our a we ago the has new incarceration new products that you one acquired have and years that the where another to and

of focuses product ability million our run A $XXX a $X opportunity So is TAM, a north around lot there. a there's of got penetration. lot growth penetration the rate in for new drive so talent, billion to business That you've Talent. of at

ago. we you foreign about our couple for customers rolled know You employers hourly out a a we force growth. and that's talked It want flexibility more work weeks on one out solution drive ago which that month provides rolled solution another employee, about focus the to that then the about should

So new Talent products ours of are in a big vertical. focus the

Kelsey Zhu

so Super helpful. Thanks much.

Operator

the The Kyle question Peterson & next Needham you ahead. of is you. Thank Company. Please coming go from

Kyle Peterson

morning questions. Good the appreciate Thanks. Great. you taking guys. I

into of within that saw slowed but I that dig I this more is some kind wanted hiring color little you of the to the more based, color white bit white verticals guys – is talent get yeah of guess the weakness a kind Just of workforces, is down.

or in know there you in like based that You It or saw anymore broad one fairly that helpful. be color June. or would concentrated sounds is guys two really verticals

Mark Begor

based. broad pretty It's

I we at like look do. them think you

them, You left but see first less or the layoffs the year and of half companies hiring in freezes. of you saw right either announcing

reducing making also a freeze think another company reduction, hiring couple kind I they white and of announcements, a of it if was weeks a have announced place. Ford people is in typically color ago those

inbound, less there's hires So in. new coming

in been pricing XXXX, So kind in quite penetration, laid it for our into new on, into be impact, happening an in impact through in in outgrow – quarter, that just we've months background that space, hiring clearly to is we and that continue the adding it's able clearly second we've in we've the half it's late an through reduction that to had but framework. customers products, an had not some time has to and been impact screening new is through it happen expected didn't as the that nine of

Kyle Peterson

sense. just Makes on the you cost cost side, the guys And savings good identified. follow-up, a additional

the kind other the a whether to know think might here. or in just revenue of of weaker pull, able screening we Are any mortgage volumes volumes some it's prolonged you max of see any know of areas other offset guys to or you period if you volumes. guys But through per weaker the challenging you if be of there business. efficiency levers to of and continue kind kind you and background efficiencies to about at or wanted it's we're approaching that quarter share, This

Mark Begor

next that still actions going million of because to year, we broader a run I think a we're know rate cost benefit. have get so from complete second cloud. we've and to in we XXXX we as half, expect are the efficiencies ‘XX in in the have you benefit the as and program the lot previously that'll ‘XX $XX of be a that cloud cloud talked And further

‘XX margin next and at over expect margins we restructuring remaining cloud that further XXXX. of still that years, to that broader and in couple carry actions Equifax We're over the of to benefit efficiencies including you in complete that rate we see will and in we're the our We XX% XX% the know now. of as benefit got cloud ’XX, in taking complete

John Gamble

actions control are fourth just a quarter And broadly drive the on cost allowing right, reminder we and already taken higher in the we've have us and to our as quarter the the margins third site substantially.

to actions taken think us see which nice pretty we already, So significant we've improvement allowing margins. in are

Mark Begor

operate aligned point, think The program talking is actions about that's And I our how other in business. cloud. February as We we've something announced last would is for you one maybe expected. we a costs with year be being complete we that we the reducing we about the decline, talked revenue years. our been not wouldn't This it about

And further we're these today, real seeing backbone just of the The said in February, as and April, cost improve again we as to efficiencies get we broader into in opportunities cloud. our the ability and driven completion our last and get what for investment. margin by or our three are really about closer to cloud of efficiencies expansions talked we've it's four years to

Kyle Peterson

and sense, guys. Thanks helpful. Make that’s

Operator

Thank ahead. The Please is question Jeffrey from Securities. Truist go Andrew of you. next coming

Andrew Jeffrey

parts me change Equifax’s improving consider it. in of but that is I'm you landing sort It a you the there we're I if the vacuum economy and Mark, think one morning. a are level. impact want of high When know to look or economy, I of sort and are your Goldilocks perhaps question, the of just about benefit at stasis. either strikes U.S. or deteriorating, nature to course there that ask that a business? Good business environment, of soft however from out Does rate going in

thinking about mortgage. I'm thinking I'm about UC,

revenue but a change deteriorating, better is is regardless Just your direction? rates? important than change broadly, growth Obviously of as is rates, impact improving your to meaningful growth

Mark Begor

mortgage a decline over Yes, well break has there. – this – Mortgage impact we've some It's had you've XX%. seen be our never below a kind XX% to huge apart been got business. on to pieces like obviously of

it's right. in think half. going It’s historic before, happened recover just levels below I second never that's the XX% to

it this it level. a down the will market people People to minus It's it's should to ’XX, thing and levels from Equifax, point. happen, buy norm, that's whether are and so going matter for a positive higher ‘XX and refi it just mortgage to add is when again When then kind going element, that'll keep stay be of not there'll which return on moving mortgage. houses, or these at ’XX, that of call be some a XX at rates coming start very

economic to our the it's a the our very businesses. environment, of not to investors of diversity hope We're and characterize strongly uncertain you quite are of drive pleased, continue as most what I XX% ability Equifax our of mortgage in

credit If and ago predominantly years talent our XX vertical didn't primarily vertical XX call on bureau around you now ago. years at this look a you government Equifax we're being – and talking exist that

And strong of we still the know with talent just impact of solutions government super performing and power even unique have. you a macro the that because

businesses on that's super cloud our we an So how operate. of and lay the underlying is leveraging of organization differentiated led non-mortgage We're product kind not capabilities. data our the really top and Equifax, are it's initiative, strong I initiative, that, strength of new product our think it's a the

put for product our and ’XX data cloud meaning half the the leverage margins new can expand market. we're our new going great price we ’XX, higher that those seeing know the that quality, vitality You that's momentum our And in forward. in going to solutions assets, culture are and in differentiated are XX% second capabilities solutions points and and led

And the a of think the real diversity that. that's Equifax underlying then So positive. into macros, I plays

is. landing? there view there going My is So be is to personal a soft

of forward. is inflation still all where it to kind good we're importantly it That's think towards low, seeing pretty people and so environment but fed X%. are That's the going feeling ours down I unemployment to working. for and it a wants head economic going already businesses, with

a this kind flow in cash as and expand ’XX, then ability you’re the standpoint – return have our our generation. it at the year into XXXX, to the timing right ‘XX to benefits on are to excess and of have significant margin year benefits this ’XX. get And free completion of that powerful from of those cash change. cloud into cost quite And over free shareholders time. you the the we lay And next carry year top that seeing and

Andrew Jeffrey

thoughtful as answer. a Now, usual Thanks. very comprehensive,

Operator

Meuler of Thank Jeff Baird. you. go The ahead. next from question Please is coming

Jeff Meuler

you as on moving understanding make of Yes, the client? the the I you to that's just for and them Are income just portion manual and the a I'm mortgage in-house. dynamic want underwriters verification that verification losing sure not employment saying are

Mark Begor

do Correct. where that's In seen customers for that Yes, us were we to it for and efforts looking we've that them. came the lower part of on pricing Jeff. it manual was

low where do meaningful. I operation it for an that. some opted to down price mortgage one, now think but that have a in-house an because in you attractive and of you chase We them know out and the Iowa quarter. the solution basis know Its we of not in it's points margin moved we performance us, was XXX

it's originator we think when has there it's less to people manual about four isolated activity that mortgage customers. just seen a just effort you more We've doing no, were all and and that But doing seen less instant verification But that haven't side, the know, is. revenue some is where which as the you do can they of themselves. we where impact our mortgages, on margin logical

John Gamble

that ship. manual the from. of that business just business, about competitors we're This away and think this moving that's low again You've growing we also margin their talk heard some of our part is

Jeff Meuler

And can you how of give sense verification? us revenue any you the from doing much generate manual

Mark Begor

talk totals, a we give level didn't as did We right. it but about of decline

it we basis performance about So so. points by our said XXX impacted out

Jeff Meuler

bit a margin. answer at a you of credit competition perceived John, you differently and you just triangulate little of hey, But file competition question the And inquiries, can so today. the that's then it. differently Got kind can mortgage. Verifier bit alluded share the you manual verifier today your to, And for I've answered Mark or is some least low see

recent share verifications. you any non-exclusive If there for have, you look digital been you. records have changes the Thank at that

Mark Begor

talking players we that but some smaller of they and revenue somewhere. watch it competitors those it as would it. getting their real marketplace, our Yes, characterize we feel don't the revenue but don't not definitely have, just our I know that about our to meaningful hear but growth what don't numbers so called are are see but continue Jeff, We we in business in I

Jeff Meuler

Thank you. it. Got

Operator

go question ahead. from next Huber Partners. is Thank The you. Craig Research of Please Huber coming

Craig Huber

Great, you. thank

to vitality most You of you is of Where kind flavor the mentioned really give think opportunity you're some Can areas us biggest about index. What's of of products the the here a do is obviously excited XX% growth think that you revenues? working out. a well? new you

Mark Begor

try time precise. do much we how man, Oh but I'll to have, be

Craig Huber

top can three. You give two or

Mark Begor

from the but frame, and what time rate, pre-cloud XX% set XX% XX%. we X% quarter we XX% first know set When company. years. X% revenue X% time for with the goal think I innovative three a remember big is year. the in and picked number. the And been pretty X% I XX% To term a That's to to introduced vibrant Yes, the to goal, have X%. and I’d and it goal start we companies pre do XX% we've X% set new over run for since to in the our was vitality your X% most of a products achieving goal long We X% data the and is analytics

to about differentiated our data, cloud ability would all the solutions as So want bring Equifax you if or have energized leverage to you're based that a a across partner with start units business our to market. customer. capabilities I'm at that That's of new I the company our broad

to solutions, bring Someone ROI. remember, our of deliver who all is new because innovating products

We Coke delivering not versus We're doing customer Diet losses, going hit increase it, solution a or rates Coke. help their our more Sprite are lower to Pepsi to that's they're consumers, name you originate we're marketing ROI. versus delivering

beyond XX%. So me, what for certainly of me the excites kind all the solutions be Workforce. in of That would two number

solutions was historical to every to to month new Mortgage into it solution Workforce XX capacity and of kind And and pent-up bring customers. XX, I a Having business at vertical. it in vitality for delivering mortgage Solutions, to a the if native the unleash, XX% that they're really they've been Equifax is fully able data in market think of doing now. to first year quarter, will Workforce cloud remember our you the get over

Jeff from competitors million minutes have the records. our few question earlier a the XXX can't don't called that. historical startup ago, They so do To

deliver integral a to solution back that's going now many So mortgage years. XX uniquely three we can originations

that something me. super data energizes that is So historical

USIS. to jump I'll

mortgage now attributes. our years. of have, that multi new is, same credit Our of cell includes the Really delivered. to that. and that database utility scale the do plus, mortgage because assets making We're credit differentiated the competitors ours looked The NC+ energizing data the can't NC+ phone file XX have we file for XX

we So credit only differentiated for super file, The also already Equifax exciting. can mortgage solutions have a that talent talked super about, exciting.

thing initiative. we're think new outperform line really think it's So top drive going product the is the on XX%, focused a expansion in we We our which us margin you're for going forward, good seeing future. and to

Craig Huber

very question, final next sluggish into in and nicely ‘XX weak lot look My year a XXXX, business sort here you your as this beyond the to into of after. recover of year out environment

are to areas about excited economic what better you So backdrop. getting when most a

Mark Begor

‘XX is Equifax. going be below, that's some we XX% good about point, in, going normal XX% which ‘XX That kind happen it news levels. or historic ’XX, mortgage, Mortgage below how to Certainly market at whether of that. talked for meters which already and to recovery it's

USIS to is it’s very place. and incremental margin high in So be going recovery EWS that takes

some and more You know hiring employers more of improvement economy, be level freezes employment the I you there'll comfortable forward. point around the be at there'd in hiring market. Once get expect know stabilization going less would some

a be know you going that know you Equifax. So positive to is for

know subprime an us the on for you us the in USIS. three impact quarters that's last be market us forward. over stabilizes, positive had When That'll going

Craig Huber

Great. Thank you.

Operator

please is Thank from you. William go The ahead. coming Nicholas Andrew Blair, next question of

Andrew Nicholas

questions. morning. Good Thanks for Hi! taking my

year. point you after in the clarification. through and back commentary ask the a wanted First the to acceleration question of confident that what is, makes I hear maybe I just

some your half Just make for economic understand outside? of baking wanted you're assumptions well? still as change there Okay. to of on down sure any [inaudible] to in I So it. kind second level the the Is

Mark Begor

really we but It's around just we of others, a government just no in Correct. in change we the the visibility about, business talked that XXX%. a have see in and can still the that same visibility macro. bunch a view our pipelines,

Andrew Nicholas

positioned Got topic Google think of you to is for you could chips where how it Equifax How that my it. different And follow-up, bit leverage an speak environment in kind there's and I just to forward. decent and intelligence side then expensive expensive Vertex time it on cost entirely. is of there. the going wondering leverage and I'm a Mark, shortages artificial a some spend if equation. to are of the well cloud

go you how large when Just the whether think path, and wondering that's about you language down or cost AI not a model consideration the meaningful path.

Mark Begor

scores, using I've data performing deliver in what most and so to data performing is multi AI about our around really Yes, sets to manage models. principle better today better what focus talked and large

AI of in you April that differentiated assets charge that enhancement called You deliver we Score data One modeling valuable our a price. combines may when remember and and that when some across USIS. in performance enhancement, more a We significant higher you provides it's a out performance solution rolled used

there's going just AI not a AI. efficiencies in that's faster. focus cost completing to So from no, principle There's of our actually using be of around perspective and AI bunch because a high it's a DNA

and we'll performing more will complete can work You you productive if delivering these be more solutions. in higher

to in sophisticated and and solutions. – I big leverage a believe use capabilities point for I our beyond. where will higher models we more operating scores, side, our products leverage That be to call AI around our is you XX be thought our were where improve some going going centers, expect the having performing, in clearly us was to of centers. operation our But

Andrew Nicholas

Makes having that is Fabric too. helpful sense. everything the on to same Certainly Data

Mark Begor

Thanks Mark.

Operator

Thank ahead. question is Rosenbaum you. Please Stifel. The from go Shlomo of coming next

Shlomo Rosenbaum

or asking there. know came you're for the I manual want move Thank back taking there's that one, questions my about to Hey first Hi! the over earlier in verifications some you some Good my questions. to about Mark, morning. over you question. talking in-house I'm of competitors just focus

you you that's move focused manual them about an they're And little strategically, are of just want there bit because Truework has back you that a pricing, I over verifications. on product the that give kind of ask to very concerned Like as from going that to to also of client it's getting not, a the to players advantage into entrée there. top potentially which which all of potentially will not in give kind take to them base, the Truework that like ADP of ability waterfall is position, unique move data to are the a

how then you're you have are strategically cut a follow. in I that, to wanting there and of thinking so in And cost about terms not

Mark Begor

obviously got maintaining feel on Yes, don't one Maybe even what or that revenue scale be at We watch We've on strong relationships. it's have data I are on but business, million. assets. don’t any the player. to an records. XXX It are them. going certainly doesn't meaningful $XX quarter million having and the It's is, their count or customer them. fairly we know really a something our just that impact know differentiated Truework’s I eye of don't they end we million focused is. are our certainly $XX but record we keeping what a small

John Gamble

use Equifax database, other to right. decline the you the happening continues as need Shlomo, manual that’s thing we verifications substantially, rapidly right, so our grow when continue to do to

non-firm XXX at getting when So given point the we are XXX you we're payroll for is Equifax manual against million, to uniques very U.S. of a say verification million the small. use where need where now

Shlomo Rosenbaum

guidance on that reduction, me you the great. was be I assume million talent revenue I I'm John, understand of it I cost that? on just to the midpoint hey Can coming also lowering Like to but contribution, is like there's the USIS that the program. question and Okay, more mean and by $X.XX. guidance. needed if a comment better lower increased above would to trying And of have doing to the the seems of savings other $XX midpoint be. also It the million of than that lot stuff lower government XX% just you EPS that's and like a from EPS is Even you. also mortgage $XX then for all

John Gamble

Sure.

said a workers lower $XX high driver down right. right, you get to Workforce mortgage substantial million income. over a very so really the amount margin very was applying that do revenues revenue, operating Solutions So We of

for company so We have pieces said know better. in entire slightly better, around, is slightly total non-mortgage non-mortgage the is I moved but

is So driver over in and of changing we terms very positive income, talked FX of the flow through operating between revenue that And guidance. the million which has down $XX positive the the heavily difference in income big in just a wasn't a really about million reduction $XX operating mortgage little

there weren't So it's about. I was by mortgage really of mean incremental we revenue, the million lost again the margin EWS, reduction a cost high drove really driven Yes, fact that big that right. talked that very number savings, and but we they some $XX of

capital cost. and that You was of can kind split think between

not related to a we the revenue. recovery, of So big in so is movement the the mortgage fact driver saw that reduction big just

Shlomo Rosenbaum

you. Thank

Operator

Bank is from of America. coming Heather The next you. question Thank Balsky of

go Please ahead.

Heather Balsky

my there's number for acceleration Hi! taking I know Thank been already on the a question. questions EWS fair in non-mortgage of you revenue.

So in I backing the into isn’t the kind meaningful I fourth your guess expect follow-up macro we're changing. to do the drivers, sounds double just something most in a outlined but of here, where digit range see It And you've business. I the wanted acceleration you because healthy to like think for quarter.

how go you So just trying did growth to fourth. understand digit to how the you from double this quarter in

John Gamble

weakening terms we it revenue is is sequentially half this look about When about driver here back talked the of talking some we're Heather, year government you our a sequential right, obviously in you the weakening at you last of markets, big talent right, nice improvement. you improvement. of We to So compared government etc. as was saw saw really last year, in if EWS what think year in and what

talking what as substantially sequentially the you compare to about, government And get from through where about of sequentially seeing expect but the just if talent better drivers also rest So easier, the we're of we improve year. very at that performance you Mark little the are talking is are. then move covered completely look today. a we're the we

of of also consumer finance half then improvements substantially consumer second half. going given And slight on again, driven lot last Mark saw product, looked earlier it hit sequentially, we're we've think on see margin first growth of covered again we'll gives a in A us which we answers. finance rates that and – as the what bottom are his prepared to kind and by the different year like, than we in

driver government seeing we but EWS, about. in we've that's supports improvement how We're other segments we're we big the of talking certainly in and is sequential the the in So seen the improvements government. improvement in improvement sequential already some think about level the trend think

Mark Begor

And then and we to in USIS them earlier, talked our both the in as half second the we were outside quarter well of perform expectations international I EWS, expect think also. and above

Heather Balsky

you And for assumption the this regards question thank into your from in-house that. then worsened rate back? out impact new kind called the Okay, that manual the polls versus the factored going just another is the with to you outperformance that forecast quarter. the at or in market, some run EWS there Is mortgage XX% of

John Gamble

for at manual, adjusting So last the again, impact we're XX at about of about XX we're quarter.

revenue, this yes, again go right very in so. So manual low We’ll through margin have more of which of year as the another terms impact. impact rest we'll have levels of lower we the

Mark Begor

Fairly low revenue.

John Gamble

revenue. low fairly And

continue market. So to that expect nice in performance impact from rest we'll this through we but we year, of to go the if out the mortgage see see an

Heather Balsky

you. Thank it. Got

Operator

Thank coming ahead. go Morgan Kaplan next Stanley. Please Toni The from is of question you.

Toni Kaplan

Thanks very much.

more to Thanks. the week choose One do addition guess, from that launched moving a that's not way? you? market benefit you their for and in market to the this model moving product that allows of or directly a see way make share that model payroll in the your to I parts offer obviously. traditional in type for market provider, And future that sense or any employment consumers you that model competitors of this to of is their been does information there your the is

Mark Begor

SSNs, solution just of the lender, ton a it's see for have you payroll. customer, consumer. mortgage Toni. friction a there's million and that that an a much that it, auto against that's records if data And XXX We know or non-form million we million a have our today does We of of for lot think XXX that you remember, the friction originator, about set, whether XXX the

not So there's self-employed $XXX million when getting add that XX other in in are to in products. it our non-form individuals, you data and and out pension another close then the call people doing there's set mortgages And million total.

the instant but where just some record had and getting in. going quite processing, always any announced, available, put the was in marketplace kind that what Experian it, password consumer they're – that friction been to I we time. their trump that in solution it's of find it’s id of an filled these not the the has with to traction sure if think So there's I'm for actually market user

my have get my Equifax most those case, in to case get non-form you order user and if In employed example, in and consumers id to my to that. in would consumer would provide records, W-X are give payroll that password payroll to in sit, credentials the in will to this to my order in HR have there,

our every against policy policy. company company That's and

alternative is do of earlier required and it. there there's customers. do team So value ton these solutions and of where as to a consumers our believe have manual just the we in the on verification some call, a we talked then Where we friction it's manual I just for

have. is about, don't There’s records in another what talking version you're that the we of

about manual manually $XX we Equifax payroll, it $XX done $XX the to lender, million a our conventional like with solution like auto $XX million pick the solution it's the, think to you million $XX our if something company, being solution. pensioners. by or originator, they are million not described, a records, So call your or mortgage the it's Those non-form doing self-employed, whether million

So replacing really drive manual speed. to that it's

we it's a consumer. very view value penetration And friction That's these see it of very the it, where market what with for - replace solutions but records. the lot just and instant of the my significant to because in hard won't in get is place there's

Toni Kaplan

about want I ask sense. potential transformation makes technology revenue to and that the the Yes, opportunities.

ways. So I think in about two it

that getting you're Vitality So even accelerate too. technology and greater that are last or of the transformation new should one, year with you seeing XX% than introduction already year. sort and from next expect faster Like already we Index the to really was product benefits that some

on sure what's and on being benefit to other then of the how either benefit, think I and being always is not frequently I'm I on how sort quantify from always like the are that incremental thanks. guess today And the not you

Mark Begor

at think Toni the you're nailing two about I elements.

where when the new first on And think XX about roll so The and rollouts. Equifax, about you ability product products, out different remember new the there's one to a of you for talk businesses bifurcation really remember the are.

XX. below XX well international is completed driving well the XX, really the USIS the XX, because the because completed are products, cloud and cloud haven't above they the or yet. those slightly is new and of they EWS south is

businesses expect particularly we drive a XX%, the towards solution it's going to the new to USIS would going international, them as and to cloud, move So the is which complete be there. thing, good

data leverage cloud So the allow ability deliver XX% vitality one to and new to to that's benefit to the differentiated the market, more of term long goal. is clearly those us assets bring to scale that solutions

one and international. to in also, going is it's view USIS be second excellent more Your and impactful an point in my

Although the have It way period. There's business. clearly bigger could last happened EWS data on was I their without we X.X for It in the – employers had like gone is think no able benefits for getting is operate XXX,XXX The scale a in real have the something data to they're years being set, the is cloud, ability and their million. no twin benefit them. cloud benefit data of without their doubled stability XXXX The cloud. Workforce quarter they the to environment assets. to we've how wouldn't always in five and contributing is last records a just way

the manage So oriented. to ability more that of that's that's benefit another Workforce data

mentioned we the the to customers expect our are where typically going primary and would particularly to valuable in data is by and where of and in on a we're believe be we're or USIS a deal more position, And that I that being secondary we investment file to credit secondary international, games. partner of in tertiary And because moving will where that's pipelines allow know. secondary going their you positions. to a primary and And us always result those talking market share on, always my faster our transmission, in cloud. have USIS we customer On as move about into have business and in market comments us benefits

on. will show and they know using thing markets completion you've the as to being valuable a post happen got ‘XX ‘XX Now, that USIS We're guys. dynamic should same the in you get partner where and of cloud other in one of be when more ‘XX up Likely us going and a revenue? same always that and in customer international

Toni Kaplan

you. Thank Super.

Operator

Capital Thank question Sabadra you. Please The RBC is go next from of Ashish Markets. coming ahead.

Ashish Sabadra

wondering performance just wanted the calls Just if or driven step to prepared or to quarter around the first in was other out ask tailwinds. wider inquiry in another improved There mortgage mix compared by quarter. much Hi! the the pricing compared this was to I was in up business second tree more on was where OS but the common was there pricing,

Mark Begor

incremental comment businesses. price really all on have do intention focus increase price no no doing their in carrying businesses. annual for Yes, truly normal that's price did increase, that. EWS We to so both carry we our just But through. basically one-one pricing the over increase was

increase a increase a in score and who to deliver price when knows about one its everyone partners price remember talking in they credit has Experian January through may their a and earnings our the to related you I'm marketplace about, increase back price increase or talked of February that USIS in the As FICO, price we Equifax score. credit larger the call, who who put in both of

our pricing that maintain talking the rolling in that's we're there's about, to and change that, mortgage crease through holds a through So no margins in sizable just mark that what we up is fairly year.

John Gamble

increase And comparing effect quarter. second talking second didn't quarter. the about the to did the first Market but The impact full of it your quarter, if first quarter price

Ashish Sabadra

any Yes, the market side, seen in you background helpful the color. of or maybe change then just And the have model on their change dynamics screener waterfall that's any use very there? in Thanks.

Mark Begor

taking XXXX we think place of of ago. the started the carried about less of It the quarter. I started and three second and market when big macro layoffs you announcing kind in through ‘XX. saw place. talked companies hiring second Yes, It hiring really that's in macro taking That's that's half freezes two, the quarters

of opportunity whether that for fairly education, for using data, or background education newer employment real it's we education us solution, is our screen. have instant our low market The new solution, share

to we're where that's rolling So manual get add and solution. from to you’re customers new out verification convert instant our to working new and doing using products them employment

Ashish Sabadra

That's you. helpful. Thank

Operator

you. question Seth Wells Weber Thank of Please coming next go ahead. The from Securities. is Fargo

Seth Weber

mentioned expected student you you thinking prime Mark, you're and If between timing the a scores, subprime effect pinch talk loans about balance resumption Can just of to rolling categories? maybe of sheets. weigh that's was guys. there lag on morning any Good dynamics about through? that Thanks. and Hey! consumer credit the how

Mark Begor

that. Yes, been I the on be political there's second lot legal somewhat far as announcements would a then That to has think it of it. it in as If episodic happens, elements and half. challenges you as know,

point operating to will some you income on It skew of out, or for operating those balance statements, of As available recipients. it pressure some consumers. does subprime put sheets the

actually that put of on outstanding that on a those debt for pause that's does been have if student years So to more resumed. pressure couple get

those What's working. individuals, that them it'll absorbable think is impacted kind most have. are the consumers environment of we inside of of that economic there positive be personally for I

have this adjust and they'll full small still desire they be credit, their should may it they've likely behavior. know ability portion the fairly of they're crimp get jobs a got environment new in but spending – to employment or So you It have population. to

Seth Weber

just Got for a it, maybe then thank John. follow-up And quick you.

in – for Is the back right it? for the year the just move think think of think quarter. fourth I year, kind guide the stick And quarter north guidance fourth way going the at to full margin XX%. the I hockey year, implies half in that creates there is that the this about the segment, looking is international something on there Thanks. your the of the

Mark Begor

all international, broader in cloud think EWS million business. USIS are of you that let $XX second and cost know John, but I’ll and by restructuring a the program half. I we you in, the increased the as jump part

half but third there that benefit so really a for which businesses, all that next program, us quarter primarily fourth will and the in cost is the over second, good steam that's of second So the carry be first some up have much in There oriented. was wasn't to we it year. in XXXX the why in picks positive

on anything Would you international add specifically?

John Gamble

in improvement nice No, international we expecting are to see margins.

lofty. to by we little the fact stronger might number be driven the quarter. fourth revenue I They they margins driving generally the revenue a But and improvement international think you're improvements. get in nice it's quoting in that are see expecting are

on cost and a continue to that said nice job expecting Mark on cost as they management. are doing are We really

So drivers. those the are

Seth Weber

Got guys. you, okay. I it. Thank it, appreciate

Operator

Goldman The George from Thank Tong Sachs. ahead. you. coming question go next of is Please

George Tong

you of response in you're and/or about Hi! Can some in-houses manual verifications Thanks. down. come volume taking Good trends volumes pricing mortgage talked talk business to morning. in seeing non-mortgage trends? you In about EWS sourcing their how originators are in as the

Mark Begor

talking George, government, or you auto what? like or screening background in are about

George Tong

non-mortgage in broadly, Yes, non-mortgage. non-government,

Mark Begor

quite we're Maybe simply is not.

if seeing Iowa. of around verifications that employment we of will income We impact in in have operation manual or sourcing kind is piece are really specifically non-mortgage. you in not quite mortgage the any the And

our for margins, requests our saw will if some they from reducing impact which to reduce are – than instant around thinner us customers there are pricing would which We pressures you us and not verifications the the on in the house, and but those to decided verifications, in because side manual let house move have they in capacity do not instant non-mortgage. to we

George Tong

sustainable shopping it. there you trends activity. how seeing And from business strength some of and shopping the mentioned on is? increased you Can elaborate in that you're Got the a activity USI

Mark Begor

four, As George, about know talking we've it five I been quarters. don't for,

click responding coming mortgages, and time more qualify. for file spent originator they As a credit website, mortgage originator is up, consumer around know, generally time rates every that as have to are they you whether they seeing time mortgage so see much were consumers to to before we're will understand just they shopping on pull they that going who spend

mortgage is really the it in clicked higher expectations. USIS. the their behavior and this does they met consumers we ’XX, that taking are low call or the where was more which interest benefit ‘XX interest just shopping refi on, a rate and So a environment environment, They in XXXX clearly parts rate had change lower than mortgage their first were just of existing early than in it and because

you into is know EWS in closed is the versus pulls see activity is as mortgages credit further the EWS. And that There the – they file by you they their the where EWS generally when George, side. polls generally pipeline on get multiple more there's behavior. But much see can this mortgage how – originator and what how shopping prequel put a And early is really going consumer is to into really they're that doing they know qualify effort whether just the for. might to they it that respond about to

George Tong

you. helpful. Very it. Thank Got

Operator

the Thank At over you. for floor back Burns Mr. to like time closing turn comments. this to I'd

Trevor Burns

Thanks everybody.

a get If we'd me like questions, you let Otherwise day. have to know, great any follow-up on and Sam the have phone.

Operator

participation. This and gentlemen, your Ladies thank you for concludes event. today's

and your the enjoy at this of or disconnect webcast the day. lines may rest time You logoff your

Equifax (EFX) 20 Jul 232023 Q2 Earnings call transcript