EFX - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the Equifax Inc.

Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Trevor Burns, Head of Corporate Investor Relations. Thank you.

You may begin.

Trevor Burns

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

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

adjusted Info can totaled detailed Equifax the in and million of ongoing to States countries affect Financial exchanges $XX reconciliation and the in cost to our the actions in operational expected completion at We and found charges be year. and when and Canada referring including certain EPS financial a reduction be -- non-GAAP America globally. our the expected applications are the section incurred savings will included non-GAAP the release to tables, in a cost third the XXXX measures adjusted cloud to These performance. tab over Latin of streamline the our are which $XX IR earnings that deliver for for restructuring results and to of certain million in Equifax migration quarter, be as EBITDA, financial will adjusted of items charge comparability with in of which significant underlying measures, data certain United be actions completed also well our in aligned These as are workforce website. In early

generate as Latin expect and Australia migration and Brazil in remainder We Zealand, 'XX savings complete the we further Europe, and cloud America New to principally over of 'XX. and

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

Mark Begor

Trevor, morning. Thanks, and good

data remaining utilities milestone. our USIS and the of we Before largest third progress X years In consumer quarter telco to customers I EWS, you the transformation. migration our I strong results, completed services want data cloud. quarter, update in with on is the for which completed and the ago, have the huge exchanges, fabric to cloud exchange, of the cloud their the cover our onto the strong Equifax and cloud migrating which Equifax exchanges work new now number X over a we Along credit

have past Equifax in team. revenue of the of the been As Equifax of requiring cloud over migrations a The year-end. in we a revenue to end X-plus by expect the by XX% effort about approach focus XX% Equifax Equifax Equifax the cloud of years, ton our cloud huge across of entire have the and September,

XXXX which reductions decommissioning systems in our USIS will new margins exchanges allowed innovation, capital migration cloud of the in beyond. made new of We completing transformation the lowering Canada In business our commercial consumer accomplishment the substantial and allow and to with the progress legacy cloud all in and consumer cloud the expand to Argentina, fully earlier with adding ago. of is and Equifax -- leveraging the our our off goal technology on operating the third expect team from big in growth, begin software new migrations advantage Dominican our third our Republic us for activities in customers' USIS the a and and products credit in are Cloud intensity we migrations utility to and completion and international in we on-prem quarter customers AI. Completing of EFX a another and international spending telco the XXXX, Data Cloud supporting that focus onto have also competitive Fabric. This fully to quarter, us as completed pivot their Canada's to few to businesses significant in weeks deploy and year, Chile capabilities building XXXX the cloud beyond

savings and in 'XX, cloud 'XX cloud migration migrations approaching our be will the international finish are is energizing of transformation. additional resulting those to in efforts as cloud Our continue line It completed.

chapter next we to the pivoted to the the Cloud new from new as line. cloud Equifax top building entering are capability our We of our leveraging new and drive Equifax bottom

We the end of which a X. and of growth XX% the billion, revenue our Adjusted Slide strong third expectations revenue was end the at dollar at top had constant our of top in with organic guidance EPS just guidance. July up at line were to per margins our reported and under Turning with framework. share July up X% of top our quarter end adjusted long-term XX%, is EBITDA with of $X.XX $X.XX

non-mortgage and had X% strong was X% total almost was our XX% was principally organic strong EWS by constant consumer The expectations. Non-mortgage business non-mortgage in government up Total than growth growth was XX% guidance. line from quarter strong strong XX% America revenue was above businesses, modest increases. by activity in which in EWS. USIS quarter. revenue mortgage the of X% in Services, in constant revenue very by in Marketing revenue strong off the led non-mortgage with stronger and our Verifier which X% Equifax represent XX% in We performance our the with to expectations, of in off-line Europe. was talent XX% currency U.S. improvement refi X%, XX% growth growth as our dollar our EWS driven the revenue rates. growth was Our believe nonmortgage quarter, very business. growth, currency continued over global revenue September, revenue constant lower XX% July and under in and that this about mortgage just inquiry up delivered led mortgage by declined of rates mortgage XX% mortgage growth quarter. In late was batch we and the led Financial growth activity likely strong just organic revenue over U.S. International growth mortgage Latin in saw

waiting purchase lower reductions. mortgage activity and rate further affordability we've home at elevated home remained appears XXXX, home levels, for homebuyers seeing inventory impacting throughout have levels New low been reflecting prices continued to the prospective

revenue early In our have as we to shortly, XXXX new down future. rates benefit activity driven lower growth but strong actions expectations. fourth the to again pricing revenue August. This was we strong was a that by XX% The mortgage will increased the the to rates slightly for in mortgage in activity where in of third above mortgage mortgage strong to and we mortgage mortgage in continue of principally vendor October will cover reduced our the growth performance believe and what As saw X.X%, over quarter John by quarter. our did was products. better prequal mortgage up the in levels expectations to in expectations. USIS revenue mortgage a EWS XXXX growth and small with slightly activity, X% September rates we driven July also seen than closer in up returned benefited revenue in saw late towards increase come quarter, mortgage activity to mortgage application drive and the improve the our which was levels USIS

a the inquiry as USIS application and lagged of course, a As earlier inquiry in in credit income mortgage cycle greater extent volumes which than and sees the reminder, typically credit of closing earlier is the EWS mortgage in and pulled pulled behavior shopping is EWS. of USIS the mortgage volumes employment, benefits application. typically than middle mortgage to

new above which growth in double-digit year a not X.X% and a our saw long-term of as another VI the XX% revenue the guidance late International mortgage framework Vitality. volume in record mortgage of rollouts second the of increase a XXX that see occurred and sequentially quarter strong quarter, about strong for had from exceeded with USIS incremental did TWN USIS, second our strong We basis As very VI of in by a growth. points with XX% EWS innovation product activity X% September. EWS XX%, TWN EWS Index or quarter. in Vitality strong basis new slight did from the and up points inquiry from quarter, was in product broad-based volume of same XXX from up inquiry the principally sequentially Equifax result, level

points basis into increasing as leverage products NPI up the Index from our expect for strong EFX -- framework in remain guidance to prior our to new revenue EFX.AI to are to we revenue cloud Vitality new XXX drive XX%, We growth and capabilities our further our marketplace. XXXX XXXX grow

Government TAM. from insights very strong grew outstanding X. with Slide Solutions employer strong XX% penetration to our about revenue principally our which another solutions. Government XX% in had and X.X% services expectations. was quarter revenue Non-mortgage slightly and Turning Workforce billion growth July delivered with Verification incarceration up very in revenue. strong lower-than-expected $X revenue, penetration in to sequentially state guidance, growth, due government growth below large again, Services their from continued data was revenue line

quarter in due year. than quarter. Growth saw levels, double-digit We to last strong to expected lower be revenue rates principally quarter expect very growth against third continue show will performance, strong the are again the continued strong sequential government growth in fourth -- sequential comping growth fourth we to but

volumes and points see well new was strong better the We and have quarter. mortgage employment Based weaker the outperformed strong August, points than through Solutions into X.X% slightly Total the education data which both expect continue will talent X% to assumed XX from again quarter. We as records, July up Talent revenue their of the additions during Talent very verified talent quarter growth our new somewhat to revenue licensing the the impact future quarter sequentially guidance. in EWS. Talent and the over quarter. the record outperformed slightly from deliver mortgage continues our and Solutions BLS penetration guidance. basis down during and total and our in data inquiries of hiring September, about in continue as by by growth vertical vertical EWS X.X% approximately we than a outgrow up was EWS quarter. July on the better Solutions from trended expected in EWS the benefit double-digit which and revenue government revenue fourth late is TWN XXX about in strong TWN inquiries third did in and markets data. were growth X% credentialing rollouts to incarceration, products percentage to insights hub, data includes and Equifax white-collar

principally to impacting strong in debt expect last in and third in collar Compared I-X verticals high business. There consumer onetime year. We hiring benefit from onboarding again onboarding and was loans extent, expected. growth single-digit last revenue revenues up the white XX% slower year, lesser weaker impacted also in post-COVID-related other was was revenues late September quarter EWS to in in than and also XX% P management of ERC down we to the project records the benefited we our lower some quarter that employer a declined Talent double-digit and growth revenue Solutions quarter. TWN from as fourth EWS our lower Services onboarding in saw the mortgage Employer revenue and lending auto. and growth strong

and and were quarter our expectations cost employer I-X above and Solutions was strong continued adjusted EBITDA revenue as revenue mid-single and revenue growth XX.X% and mitigate. Workforce reflecting expect comparisons fourth the and we margins strong, first controls. quarter digits be with slightly were quarters, continued to down strong Third very to onboarding ERC Verifier be consistent second the

strong for potential program income data Slide government over the Turning security agencies. to receiving applying solutions DOI our income an XX%. with of social and redetermination for provide years. EWS $XXX employment DOE focus performance individuals value million and the continued services EWS team services unique X. currently a quarter supplemental contract the SSA on next disability The revenue continued team about X for government EWS The benefits government extension social penetration the with security contract of In at support the and team big or as SSA state the reducing across Chad these offense administrative team government government for level quarter, TAM. on up both their seeking penetration very to $X signed important services. well their for driving to in and the integrity are the and in billion consumers burden the federal the as income to

number Slide will relationship. in and out quarter, of a X. records income strategic to the contribute records Workday had quarter, sizable services Also September, new Workday's to in Workday's strategic million of partnership XX A employment new that to a customers through the future. Through in from collectively strategic services additional announced beginning agreements completed to twin provide we with agreements. rolling customer of begin value-added EWS large has Turning during base. Later free few XXXX and EWS XX has ago, new the another executed onboard record this new verification partners signed new partnerships X database strategic X XXXX, over with to additions. XXXX EWS the strategic partnership weeks fourth verification since the quarter expect outstanding we'll and the U.S. EWS to we

million with producing the X.X records, a generating the the million parts X and companies strong employment contributing in the now online XXXX. XX% database At up half quarter database historical supporting late the including XXX active very pay about with third a up the Verifier and million trended period, the come TWN individuals the XXXX. In the of database, have income of strong revenue to million in $XXX and million expect during these ending unique to we has added products, revenue towards since plenty in our records of CAGR room every million the fourth on quarter solutions quarter, records XXX partnerships income records, $XXX active Americans. active records XX% X to quarter signed unique grow over TAM twin from now begin quarter, EWS early are We TWN and new substantially of to historical records. XX% or million XXX Total

EWS were was and both and USIS migration data quarter, new and utilities the U.S. sequentially. available growth and mid-single-digit commercial line only low Slide single-digit sales customers USIS which Services U.S. across shift online new in both saw and and delivering market major the also in to auto Equifax. fraud. mortgage a and makes leveraging in was growth high U.S. offset identity consumer to top activity commercial, completing X.X% end weakness to our softer revenue and importantly achieved cloud AI-based assets. It milestone XX% above of USIS in points telco the growth BXB solutions to long-term new technology Equifax to by advanced also solutions in and some the as to FI decline solutions markets. well databases. USIS USIS. and and their July a data double-digit that and our the of and insurance and data and for was bureau end as fully will fraud in consumer growth to for than This up Consumer of driven This Equifax XXX of we auto by about solutions guidance in use milestone X% Equifax our Financial our declines X% well our in cell above up growth stronger product the up quarter rollouts big strong focus online their consumer saw continuation less both performance X% to July the of fabric was teams and drive the revenue for mortgage third-party growth revenue, credit, Turning new that non-mortgage product data in in increase basis growth was revenue these X. in identity non-mortgage and slight banking accelerate our fully allows double-digit late September. Total strong to in over revenue USIS BXB up utility credit Solutions revenue telco in in enhance third demand, by fabric Marketing quarter We revenue well X% and saw which the reflecting guidance framework despite offset the advanced X% phone from

Identity started growth our solutions in substantial in XXXX. Identity we business our quarter in and a late bureau payments customer also is well to management Marketing weakness large strong Fraud as sales weakness weaker services and as quarter, due to take unique grew Solutions lap marketplace. Financial was and count the and Identity XX%, down and very in Consumer trends. expansion revenue the that USIS data. expectations, revenue from third-party up BXB the wealth Services, and very growth offline products, about another expect which wins accounts. business verticals chargeback We volumes. the principally reflecting as to new from direct in customer and channel Fraud strong consumer had starting quarter Payment platform and IXI the than XX% be flat fourth and launch across hold as strong continued strengthen help strong their penetration in new strategic prescreen transactional DXC from XXXX double-digit strong in our marketing XXX solutions will in in banking growth these and our acquisition up in quarter, was

first quarter recovery since At margins growth. very very drove strength pricing strong in to for credit which in points up the We line mortgage late of due for poised costs strong July milestone we grow digits to guidance the environment inquiries activities. and better is strong credit along in up our customer Mortgage new September. quarter was and we bottomed big migration complete half, products slight cloud XXXX, XX% revenue revenue total mortgage a mortgage clearly higher-than-expected basis XX% first guidance. mortgage our expect growth, activity than adjusted mortgage in that our XX.X% of of under to with than just the $XXX quarter in revenue USIS mid-single growth DXC down sequentially were is reinforces revenue was were the USIS X% quarter. year. USIS and also with from increase the quarter, the mortgage us were million, that EBITDA This July the start fourth prequal the first revenue was by also the of X%, last against better XX market principally the growth mortgage as in saw with inquiry and technology higher and comping a the strong future. Consistent up revenue offset in expectations our very

the complete, USIS team cloud phone utility focused With growth. clearly the are our offense transformations Todd cell consumer and and and data USIS on and

Slide was very organic forward which Canada Index And Vitality a was U.S., XX% expectations to revenue see up Turning up acquisition from a accelerating quarter strong growth region August business. Latin quarter, very Canadian and from the previously similar to to revenue new economy. during delivered a International local reminder, data the ago. Fabric BVS constant and was commercial X. strong And local expect BVS weeks strong was growth the completed NPI continued and we by XX% impact year. Canada X% their below Europe. up in and revenue consumer in credit our in currency products currency few our we the credit strong with exchange in growth as continued to Latin in customer excluding Vista the currency from team. mentioned led with of closed Boa in and debt a going XX% migrations that of in last XX%, revenue of to growth XX%, in very strong to X% our growth softer X% strong a Data I a constant Europe and quarter. principally XX% currency management businesses very due America the the growth the in acquisition due America organic the

returned expected. adjusted sequentially from X% XX.X% revenue EBITDA were and Pacific to as cost Asia growth XXX execution. International revenue margins growth of up up strong points basis good

XX. Slide to Turning

units. vitality new as as sequential make with Talent performances vertical that second vitality solutions points new quarter expanding launched with improvement education delivered Solutions index saw to incarceration continue business strong We driving the XXX in quarter very up EWS broad-based progress well of basis with a third the from innovation government of across and XX% quarter. very Vitality Index incorporating products all products. USIS in XX%, data of sequentially XX our continued X%, had the into from a strong

such they in strong We USIS expect improvement their show free were products focus vitality commercial up solutions. for strong as on previously mortgage had new working technology from product cloud our on as products. with identity innovation fraud, also cloud-native the leverage and resources well strong continue to to and vitality as our fraud identity cloud transformation infrastructure new XX% that the quarter and in prequal as new in a International completion verticals and key

in product and vitality guidance capability data expect in our all strong way our reflecting we build rollouts, single to customers. businesses products Index leveraging so raising strong and XX% XXXX. products year new XX% Vitality across our performance double-digit the our and quarter, drive cloud model from We for the in full our about our AI fourth the develop scores we're Equifax changing higher-performing to new fabric far innovation ML are and

XX%. built higher Equifax of customers. clearly about proprietary model our pace it performance identity our are scores scores and will of advanced such accelerating our we new consumer EFX areas AI predictability. In year's products ahead will drive and and the last AI We models AI at performing that and fraud capabilities new quarter machine scores our on learning, loan affordability, higher and is offense for up and are We're and XX% using from were goal last XXXX models XX% deploying which in using ML capabilities drive and XXX% as developing quarter, our and and which EFX the of

turn our framework. Now quarter detail and on third more provide John to our fourth financial results over I'd to quarter provide like it to to

and strong quarter Our performance our quarter growth new pricing. from guidance penetration, record fourth third products, on builds

John Gamble

Thanks, Mark.

to Turning XX. Slide

over to rate mortgage As in Mark credit the refinance X%. We activity principally discussed, improvement we higher September. of September late declined in USIS started just in late run to improvement reflected rates as believe see inquiries the an

homebuyers to have meaningfully activity appear at and reductions. home low prices for purchase respective does mortgage continued home New this home point, likely reflecting waiting levels, rate highs further all-time increased at inventory not near

a the XX% of X and TWN weeks, on based X pattern. to first inquiries seasonal defined purchase several XX% last market expectations is mix the average inquiry had we run credit continue practice both is X.X%. mortgage September we slow our to conditions our both XXXX last and normal for weeks of to XXXX the normal have above of July. weeks the with have run reflect reminder, mortgage and period is TWN rates refinance. over as XXXX the the October, our volumes seen the inquiries rates As This versus guidance the rate to will modified relatively consistent for when over current Consistent The over originations credit in the with assumes and in years, we about quarter. as X effectively increased guidance provided mortgage In credit last X for

expected about be versus X%. fourth sequentially. Our quarter reflects mortgage inquiries inquiries be Calendar to 'XX mortgage XQ down guidance are XX% year credit credit up about X% down to and 'XX

expect For stronger pricing than up XX% in performance market, products the vendor the strong and underlying as as both well revenue mortgage to reflecting USIS fourth actions. mortgage prequal mortgage much over be quarter, we

fourth X% the reflects about increase quarter down up about XX% be 'XX versus and guidance XQ in sequentially. to an Our

XX%. down be about For year, expected are the full inquiries to TWN

revenue over XXXX in again, stronger mortgage the much growth first principally the inquiries, and up be XX% pricing annual as underlying fourth than quarter reflecting We mortgage TWN occurs quarter in each expect in well strong EWS the year. as early that to record

both year is the lowest fourth of As the seasonally a the reminder, historically inquiries. and credit TWN quarter for quarter

the Non-mortgage the to non-mortgage of with dollar in normal financial X% XQ the grow to $X.XXX year although the at the rates of to our be increase midpoint about first up lower look be growth expect revenue third up $X.XX expected framework. are $X.XXX as At our up up by Workforce guidance. XX% is and hiring quarter XX%. the at of onboarding Solutions The revenue $XX high driver total EBITDA be margins over midpoint lower is this performance would be July. about midpoint X%. Equifax revenue is margins revenue EBITDA saw also $X.XX constant Verifier Government levels through almost guidance. Business impacting to guidance. in revenue dollar non-mortgage our and and business 'XX XQ at constant employer primary to growth, The the just we just the sequential is revenue about should grow double-digit the adjusted strong as guidance about between unit perspective, driven over versus in growth expected we and referenced current these revenue revenue including again 'XX billion, driven strong show carrying growth that to and billion XXXX. Slide non-mortgage centered at and inquiries by about is XQ Equifax is our talent solutions. about up XX.X% X% performance. Adjusted For consistent reflects details is growth be with quarter as the Mark up credit we mortgage slower well the XQ is midpoint, in and growth to midpoint. decommissioning for the year-to-year. be XQ midpoint. X% provides quarter talent. is growth commercial and continue and over expected 'XX and will million Equifax, at are would X% per expected earlier legacy provided the be in revenue XX% growth revenue over in and 'XX midpoint to of the that We quarter. Verifier U.S. the factors This guidance Organic the The and across and expected believe run we seasonality consumer our management in USIS onboarding a of versus strong and of with both be the XX $XXX to In Canada XX% government fourth third is 'XX, the will legacy of our And follows: ever mortgage utility be long-term EBITDA below EWS as consumer end and share, very revenue up in cost impacted revenue below ERC. also sequentially fourth is 'XX, This million. year-to-year. telco quarter quarter levels the we XXXX, systems implied by expected XXXX, the first to systems. EPS at

X% growth long-term year X%, X% year-to-date are they international. and legacy to are is be seeing all lap million, expected However, be lap of EBITDA the over per in to at expected be year-to-year framework. FX growth strong the and and XQ throughout to third benefit X% business our is mortgage slightly of consumer over margins revenue from currency full up 'XX expected over expected due and have basis to sequentially, are about and growth strong revenue USIS USIS XX%, TWN currency. adjusted margins growth and systems. dollar is constant periods in very which to the to flat growth our in Marketing credit sequentially. be to 'XX growth midpoint non-mortgage third organic to expected EPS to is about almost guidance. led by strong is organic expected with Workforce XX% and share, very mortgage expected Adjusted than with utility in expenditures guidance. inquiries. up strong as XX%, lower is XXXX. EWS be are started revenue Financial margins sequentially non-mortgage revenue we framework. will grow very from the constant Constant growth of XXXX X% million points as the growth. our XXX up be specifics to XX%, $X.XX provides EPS decommissions growth XX% growth year-to-year. Adjusted International margins U.S. be the we telco in This to strong third of be be quarter in EBITDA up over continued over up is down are Both negative up very about revenue should in about levels growth long-term EBITDA are should XX% quarter, verification Services, of USIS strong that be organic below cost EBITDA DXC is as Solutions in is seen XX.X%. our mortgage the to we XQ currency revenue lower and growth government. within revenue about revenue Total principally decline services the to and expected begin expected XX%. be Non-mortgage both year-to-year. year-to-year, to records adjusted despite slightly reflecting about XXXX expected X% to $X in XX quarter good control. Slide XXXX, revenue grow Capital adjusted X% And are $XXX at expected in within Non-mortgage constant EBITDA to in XX.X% expected growth both grow revenue our Verifier

completed Canada has USIS consumer customer is and $XXX reduction $XXX XXXX just and million. expenditures their fourth for U.S. over quarter We completed as to about expected be fabric. Capital data to million, are capital million, $XXX commercial migrations of be to consumer which customer about year-to-year to the migrations has fabric, a data expenditures expect

cloud million our is acquisition to we increasing expect accelerate In above versus depreciation up D&A, seeing we we about million to increase the amortization. of saw XXXX. In $XXX XXXX, slightly in million As and migrations, about XXXX, $XX XXXX. levels are expected increase D&A we amortization, excluding be $XX

X.Xx, ratio our third leverage levels fourth our nicely credit expect As for within ratings. quarter, BaaX leverage believe to leverage of is the we this the We the current BBB, required in end reduce of and quarter. further the was

inquiry market of And mortgage historic we its below on U.S. XX% the the discussed Slide July, to is order in average as XX. levels. Turning

the historic in pricing, As revenue at mortgage and and Equifax TWN opportunity current beyond -- norms, over annual market of recovers towards that XXXX billion $X records that presents products. contracted product represents for

At EBITDA levels $XXX gross current as move and returns to this into as $X and normal mortgage actions, order $X deliver of share the we incremental expect the in over mortgage beyond. that mortgage of margins, this TWN on would XXXX our million opportunity per would to market P&L increase We expect from revenue records new to products. pricing enter of billion we and XXXX

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

Mark Begor

Thanks, John.

of delivering returning cash net a We're framework important long-term adjusted our cash is flow An cash new flow or part with Slide cash defined as income. goal cash of shareholders. long-term to conversion greater, adding to framework free percent Turning XX. and financial strong for conversion free our of XX% as a

expenditures and cloud conversion. free cloud last capital X over cash saw the flow technology impacted our which cash years, the transformation During elevated we

free flow. ratio cash CapEx in expected relative improve is to we about as XXXX reduce drive XX%, higher of and levels cash significantly to Our conversion

share as We to growth conversion savings. our and important M&A from generation to and and flow growth leverage This returning investments of the accelerate in It's and CapEx excess to complete cash Equifax growth while income flow this we of operating continue cost cloud and underlying net approaching post margin beyond. expect to in XX%, dividend our begin over be revenue for energizing Equifax supporting invest repurchases cash positions our new shareholders as milestone to X% free cash CapEx with reduces in and strong to from Cloud. to expansion our X% strong bolt-on cash cloud investors free in XXXX XXXX

XX. Slide to Turning

of pivot cloud the the are cloud top the new leveraging we building Equifax entering chapter from new We drive Equifax to to next line. new bottom our our capability and as

new growth revenue growth deliver know, Talent fabric framework, long-term Equifax.AI free EWS government and by and assets strong double-digit and XX% are strong single growth. our fastest-growing businesses EWS cloud of made XX% is margins led as by Solutions data to of new cash XX% verticals. services market-leading long-term led non-mortgage growth Slide data higher flow. In our our XX, growth, and we've in to conversion metric added Equifax convinced leveraging the framework. of new accelerating revenue our machine middle And expanded We will that and learning cash the differentiated strong X% verification growth our largest revenue you very and our from revenue to is up clearly business is

our As to of of from add a expect the long-term M&A growth to bolt-on X we financial core around of points Equifax. part aligned strengthening X framework, revenue

on the space. big differentiated $XX growing be solutions bolt-on M&A and in will adding Equifax billion data workforce to assets focused strengthening Our identity and continue strategy fraud across

flow market a recovery minutes As XXXX the The add John as that Equifax' will will recovery expect margins to and normal market P&L to few drive revenue and come cash high and the growth incremental revenue beyond. market to covered in incremental returns to into XXXX mortgage of our also XXXX this from ago, very beyond. mortgage pace levels free XXXX in we margins from the our

operating off strong expect EBITDA XX% expansion of margin of and conversion We growth leverage XX to generate very our to and above. XX% points X% annual revenue strong basis cash

CapEx declined revenue leverage of progress year-end. to X% cloud X% of completion As Equifax turns the continues transformation margins with by improve, and the to towards to X.X

free multiyear flow beyond enable to program. in We accelerate through dividend our cash and in and XXXX expect will share us shareholders the returning to cash start to growing that buyback a

capabilities leveraging expansion cloud EFX.AI We to are cash the cloud from to energized flow. years drive the and new be and over building industry-leading growth, Equifax margin X revenue free our pivoting to past

of of growth, U.S. to delivered EFX upper of consumer the execution business power strong priorities, and strategic our long-term which framework revenue the Slide on breadth the XX. the reflecting our of growth our another XX% with and model, strong up XXXX at against was X% revenue end the Wrapping constant Equifax customers. dollar XX% strength quarter resiliency Equifax the

and X% new energized XX% future new capital flow cash to future, dividend free positioning and another basis and Verifier now more in M&A. in Equifax with EWS broad-based fourth new which earlier, expanding XX% new for XX% move move fully Equifax it innovation, a XXXX. in the and growing give in Equifax strong beyond. And XX% focusing multiyear ever our Entering step quarter with development. we we questions. XXXX our than Equifax strong completion add growth, competitiveness, non-mortgage and a buyback by about enter of products vitality intensity will And us towards operator, program Our cloud lower can big XX up the of cloud powered as as enhance so the of the revenue customers to quarter growth, will is revenue growth, our of active very invest towards that, the took and momentum me in let stock and record talked XX% deliver start And EFX.AI, we the index team XXXX that bolt-on big milestone, with revenue open cloud strong expansion, towards to product XX% in revenue points on Equifax really now the drive innovation EWS the margin I'm growth.

Operator

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

Manav Patnaik

had I a John, & the just philosophy. guidance Mark around question

the non-mortgage there guidance, years, lowering So weakness, all so is in that you we the this areas time was guidance. prior had due I you're getting every but guess, And better, lowered still mortgage mainly other though got to it year, even weak. were mortgage some wrong, were

I was something curious, just just I'm conservative? up. not philosophy about So it there the help clear in execution? is Or that hoping being is you us could

Mark Begor

Manav. Yes,

no change philosophy. in So our there's

unusual. that, about mortgage -- how quarter, to time We guidance think to provide frame, what be taking where here to regards think that's in levers we're we third and our we're to during if is 'XX investors through what the change you that point been consistent. With 'XX 'XX I 'XX goal know the was our we've out, consistent don't company. and were in pretty quite as beating. we look That's are -- the with I the been your work And and really seeing about that growth performance and think you around pretty think years. I we And if non-mortgage think that meeting look decline our marketplace X the you But question. and transparent you beat. Our and no in goal. super I meet and I've

of that the it's the we fourth fourth out, our there is quarter we're with I it's that verticals. point certainly quarter quarter. business. that more in guidance guidance employer last our super pleased third We're the performance. really earlier think some volatility with comments quarter, the slightly we principally for you in marketplace is our strong. around in the below EWS that And dealing with highlighted some from We're had as we pleased And which have the

employee credits were activity think by this There's We some the there'd retention about quarters I of really earlier that be the impact thought the of last we've there. for couple talked none. stopped the IRS year.

unexpected So revenue place, that go about out think XXXX, -- And late fourth non-mortgage. pushing tax opportunity also I impacting then not degree, a response to think on our about is that we slowdowns I'll to some to the mortgage the We haven't, federal away. Workforce little That lesser talked that then in change Solutions. And of some it's bit They credit and your the we around and of talked saw that's the I likely of quarter work the quicker. we inside that's in couple because obviously don't on which was the of point. won't talked made screeners be going a into last the thought would I touch the of about we background September. touch part. government responding getting business quarters over states state's

hiring Boeing the my States impacts -- new quarter is month. These feels layoffs, that. like election, performance whether XX% for the into But think at third which like more saw in coming late quarter. the strong when across strong I I number fairly companies or announcing companies the background the seen screening and is of have a United perspective, guide little look from volumes in in you fourth about it think being are you've corporations prudent we are, the the small the we a

quarter, $X which out, we've a fourth neighborhood to the As $XXX EBITDA share, John be never in done pointed million before. over in going and of we're the

performance strong that's think in I earlier year. So the

margin out deliver top expansion. the ability from to I fourth questioned we've both a in our kind the performance laid of think some line a and quarter,

and And and in to going have point numbers. can out still give meet numbers And but won't it you that, really numbers. is the we We're our those below want your bit we're change change our transparent. goal We admittedly behind direction, a numbers think the changed, that in to philosophy. to very to put that super beat. strong that no But in of just very, what's that are future. I never has question,

Manav Patnaik

the And Okay. I maybe can of give USIS. early other we're you tech looking Can in with USIS that the give the forward confidence what you you outside just us that we see Fair to just the on divisions of think all on examples benefits tech macros provide some that outperformance to signs transformation, or did enough. maybe transformations some should side?

Mark Begor

by Yes. it's it's last on a really able that benefit That's obvious they about think forward even the again call, vitality didn't to in bps encouraged start really bps. in the then our second but fourth third in are Vitality cloud this the products. principally great as in going XXX the USIS around of innovation you the quarter, We go XXXX. And really it's in quarter, many USIS had their we're 'XX news know, new in in intrusive on question. quarter, and we talked good big and the you in in to projects, with the XXX -- to What The regards increased much but effort cloud quarter being start the as they in USIS, quarter, taking and that These the in about is their up, put third second we is they done. to all third saw big, meaning were moving was when quarter, very with the same quarter in the through clearly impacted transformation. customers. boat. Canada in advantage

XXXX other to more our on make we expect P&L, a file. same should our credit credit our would auto fourth We can do. So they're I file, talked solutions That initiative benefit The we're cost valuable. When the going we're that will -- principally working. margins, which in our last differentiate our one calling towards with some XX% data shopping credit and that's that only thing flight. cell including credit in gains It quarter, two to our took credit as the really that file quarter executing credit our that we our benefits And gains make on our call valuable, shopping talked actually, share flag And our the expected. only Teletrack speak there's that, from -- And a to Those XXXX get phone adding NCTUE, drive TWN, be credit being that more our is have, internally we're on our file start around to Equifax as about, employment is see savings, about combine we cloud for and John we'll saw is think in I more the we That's focused last we're share into someone about on always and to DataX, that on file then the to start the think other these committed file we'll are was utility Equifax is we're one make we will income the that marketplace flag credit our know, of mortgage in solutions being data on. will but as and valuable. and real the showing with to is that new credit you those what executing XXXX fourth them someone's now the positive file. to in a data. up solutions file in as move differentiated we're a expect we've never where in it file and that call working which piloting talk all also a close and solutions, And mortgage for already in we you charge the we positive. think during provider. cloud-native February have vitality

can't competitors our Those file, because been about about solutions product cloud the the impact that And with news forward. USIS. assets what we're we It's we strengthen can is differentiated. of distraction. talking can I don't really enough actually in be commoditized some make you're is have years. The and the which so to are underlying in we've more reinforce Our execute see going on things X credit the for these data can it arguably good now going the

You technology really transformation. really the into complete is could over is say last around all efforts of done. massive years, the is went last question XX, that your USIS over news but XX months, X The it's good the

whole can fourth just effort migrations AI now their quarter move products, So XXXX. that executing cloud team out we to focus between then company, we rolling balanced the gives and and take new doing the growing as to energy our was lot and it And the growth. us look energy of solutions into as all on a that

Operator

is from Kelsey Autonomous of Research. Zhu next The coming question

Kelsey Zhu

it Have electrics come towards you line can you those for of from Workday it Is more second partnership? year? And QX the next the little talk incremental more a bit sized about time Or QX, is new record next additions half to the online? year? towards

Mark Begor

Yes.

a just maybe question, it points because many So of couple bit during that. added the little your partners on quarter. but make wider of a one we respond to Workday maybe Workday specific I'll is

them we six obviously, strategic are. a one, of a in added total six I think of partnership, Workday, very significant quarter. a but all the very

the super X expect like our from make partners five side. think records those integrations. time complex I to for really sized to something on we It other the that quarters. we million over coming coming takes They're

growth. record up quarter. in the We're very XX% seen You've

come with executing. We typically every as you is can processor, think software over TWN. their number they the if have well business or year that growing partners see of this HR about add new clients, years. board, you year and company those last clients new they're they're as payroll talked we sizable all last when boarded we're an of added on every about So to partner quarter, the couple and And we

They're even happening bring in. typically that's with them our a those have. have going not through years records ago one through that technologies fully we growth different the haven't single their Equifax, stack back X, there's X we databases X, of meaning deployed they So with of Most tech clients records into to we're our to added working clients. clients

new and So Workday, those say a of with sized quarter sizable. it's others as to as the opportunity lot this we've of well haven't we over the add that except both And use specifically, records. current years we added couple to have we last Workday added partners

board. company big and they're a that partner, I think to move a very big we're that super it's have well known excited on and

we bring everyone the a we those come on approach Equifax. XXXX. And part in expect you're to that the but some adding in service And and of we talk also that the last new direct have other employment we growth records come third become talk very And quarter think the year, in free record offer about, where to quarter partners clients. that We but in last to a know, that substantial our I one organize verification benefits and new business the the additions, added from partner employer WS. -- seeing changed we and our records really on, those in and record add sizable on income remind on become December a fourth of in I think expect Workday you call quarter, fourth when the tend to the and those we is value-added as the point lot to about we reminder, of clients other

X is companies, for payroll XXXX gamut. solely processors team that software we leader X pension so from additions focused and record the records and So from on really HR records, have whole

very doing off. that pleased a are way framework for that we've which the years. been additions long-term range So additions, for seeing record that in outgrowing you're more focus because pay XX% single-digit we've record We're our admittedly, really got are to X-plus is large

-- we doing already lot And from, across and there's monetize a customers is X, services, are go go cards you breadth spectrum, there. And then P and loan end spectrum auto every because the over and when higher other the So income of state going to mid-market to consumers, the The substantially opportunity that and just at of it of we are adding momentum ago then federal mortgages there. those power and that after a X, we've getting it, services years ability even the year through to we've people know call a million think monetize is getting scale record us send grow that inquiries our of of a really we're got are the our very XXX social so positive X you and level social verticals across had big I consumers a record. add all inquiry. record, because our for day that a from the

You've seen that's the impacted Solutions by additions. vertical positively growth in Workforce been, obviously, record government

a going still see focus of to have So go records lot a after. momentum big lot forward. records are a and We we of ours, of

million XXX have working records yet. don't Americans, XXX of million the close With we there's to

resources people growing we've this valuable that's added why keep data to and So set.

Kelsey Zhu

little a pretty especially end a consumer about of Got what's the lending driving it. Also hear soft Workforce of growth market. vertical more curious backdrop to re-acceleration within Solutions, against in because of the

I launches? on the to customer this. appreciate thoughts pricing? it just Is penetration? curious, it your increased new it Is product related is Yes, So

Mark Begor

consumer credit I'll you and you loans Yes, is it's the When know, a could loans, you it's reflection of keep set. important. P data really the paying really, the score as of about and really is It their going super use payment of value a value use they someone's prediction forward. think auto, lending other behavior past they have, of where

to valuable. have if employment very, changing? So numbers customers. which add the employment, pay, if you Did income today. that week? is credit credit with of combination we their that very our income the you Did And last very meaning file of remember, pull lose is in individual and from they're to report, What's job they working. valuable. retire? someone's working EWS actually Because they no their have increasing a When So ability you means their idea

with point you of out, we the we value credit of As new more approve roll and lower employment, loss income report can out they consumers and customers understanding consumers more as as drive well the with rates. products penetration approve pulling

a positive for really that's our and very strong combination So customers.

we're what market. of the that's outgrowth So the in underlying seeing really

those out, point solution between we consumer user, because some APRs, of think their employment meaning employment a loans those and and transactions, it. is pressures income to ability of in around some a add with verticals, that demand credit P bigger allows or the repay applicants combining end with by you have loan -- confidence particularly primarily there higher our more customers approve degree of ticket you income of higher when As to cards, the data in about to

John Gamble

substantially growth rates direct segments. since benefiting also up are just drives were that it's a over record by So hit XX% higher, benefit segments Those those to right? records so

Operator

The next William of question Blair. Nicholas is Andrew from coming

Andrew Nicholas

being really curious thinking that. there's anything And SMS with customers sounds on Is read order. understand there's aggressive I just first good wanted strength? I'm primarily me that Is into was to that ask if that portfolio review? marketing? if batch. of it It anything like about to Just to us help more kind for into read

John Gamble

the it's see also but revenue we Part was think signed transactions couple a a we in And from important And expect not executed that increasingly not stronger it we Sure. just fact but very source, strong very an It strong with customers think we ongoing because in to large quarter, industry. mind. batch, to that's guidance. in our a we of because the gave was when new of us, it delivered just -- we payments than quarter.

but we're we revenue we data quarter, us continue very and those well think delivered of So bodes as payments. industry it in that across in use signed our about partnerships also excited we fact for very the to payments the grow the the

Andrew Nicholas

Understood.

anything doesn't like sound it like So perspective, of macro of, major a read-through more right? sort

John Gamble

in through just winning execution the and team No, It was really delivering by all. customers at not a period. great read new on

Andrew Nicholas

I think there outperformance, earlier a half, what growth little in And in gears what inquiries, and business in you in you changing on particular. the mortgage had fourth XX% bit first EWS saw XX% helpful. quarter better you on expect lower year. bit growth within John, certainly maybe but messaged I than the mortgage a X% the than That's this the little heard Okay. then business in mortgage If you you correct, said

the anything, product to has what, expectations, So growth in new about puts changed if help record pricing, just would that bridge there, that that, relative of curious takes terms gap? anything your like and development,

John Gamble

happen year, were in started third we would Look, progression I talking year. terms be as And it we stronger about quarter. very would the outperformance EWS thing third. we that with the than improvements the now saw were We think second, we fourth the expect mortgage big of expecting every good I saw went the through as and in were in think the to consistently we we in we

it records. that about good very And progression. again, is driven feel by we So

quarter, the fourth been So I'm record they'll And good given quarter. and record sure extremely the to were growth year. more see signed growth would very strong. partnerships, And then expect partnerships in has boarding that those this be again next signed we

should think as job we we the we're So kind XX% in I XX%, overall, level. right? back the That's which talked around a delivering a growth that team way long-term really by of into to about I term above mortgage the level framework back XX% nice that EWS, outperform the to long we think slightly and algorithm expect, driving or number market is in the that

Operator

Alwy Faiza to of Deutsche the question coming move next from next Bank. is question. on The We'll

Thind question coming next Surinder Jefferies. Our from is of

Surinder Thind

up $X.X here. versus in on of is are historical of terms we Any in there the should the recovery back other have Following that color the billion we Do when about refinance? question thinking on the mortgage on purchase how -- be revenue mix the considerations we think to terms of? of Or important average? to kind get

Mark Begor

averages that to that really assumes historical in 'XX XXXX level. Yes,

underlying the know, level. was is depressed part a 'XX super you to in very large purchase XXXX and that of now. it That's As market, generally

for both there'll rates are be a up of activity then a couple increase that see saw where a there's the And pointed yard. We weeks -- we from refi come As purchase inventory. just should to in should going the John the as of the upgrading until comments rate more People would that refi. of mentioned his and lack not loosen That condo home and we that's that bulk we of was went cash-out with those the X-bedroom side. believe out, interest lower to loans think up, and XX-year sitting on on the I combination refis I down. it, call rate blip, rate

a XX, up say, are some X at now taken So year that change, can rate had XX, basis higher mortgages, XX or and that picking a about you looking small, arbitrage. points consumers just rates, out years at ago, very see think

market. a declines. still XXXX, we'll gives I the of to rate as confidence year, but 'XX next comments, John back said there's And hit lot as that a with demand think as moves will in down, off come pent-up reset billion today's is plus of higher tailwind 'XX, mortgage of in reminder, billion So of what That February as clearly a market reset in that rates XXXX the number kind in product 'XX, us framework kind is that that the his the number just $X.X we be 'XX forward $X.X 'XX pricing, when based rates. mix, in record going and get meaning likely opportunity of

Surinder Thind

this that, mentioned got in we as provide benefits pricing Any the there in to relative you year? you pricing additional year I strength XXXX. of -- what color benefits you the the expect prepared of that then comments, a next maybe that follow-on And can in terms believe we've to saw what

Mark Begor

that. what seeing for give that. maybe some expect Yes, not early would that confidence it's 'XX on where we in have you it's too We really I think guidance. any some tried we of happen We're early it year. next to providing for we're to kind But

be We'll for call, USIS expect January of when from to will think increases out number as should doing a reminder, solutions should EWS value a some we and we in price a we to and but years. the as you give visibility and we we've framework expect of increases over done February plan that from on have that you lay we last And the deliver. prices. We X. increase lot XXXX, our there's Just

Surinder Thind

it. Got

do you'll that guidance. with or Just pricing talking about as a clarification, historical commentary try that think ... the idea pricing that the and consistent I is without Is

Mark Begor

as pricing to we price and in you on of customary is what our of clarity trying give we'll I value to have. be get on it our guidance. when real increases data just that reinforcing we industry, that is, the the give XXXX the but think any will level not framework given February we're there And

Operator

Peterson The next from Company. of is Kyle coming & question Needham

Kyle Peterson

you on together. how be fall I guys But would some wanted improve? the of any how before the some much to I being I pretty to you are guys a end on starts still tougher subdued purchase side, inventory of issues mortgage relief and little due know rates do the to and of kind Just Do least price rates home need guess of that of guys you market. there piece to affordability. color prices much some at would know to think see thoughts pursuing and at rate from to kind least thoughts had on if purchase on the any need partially have fall rates before

Mark Begor

one. tough That's a

this As it in increase at but I'll we've in maybe rate little at and -- lifetime, know, XX ever. never a this than it's seen that, we shorter say our haven't level years a you pace

COVID are today mortgage to So the rates where during the where shock super unprecedented. from frame levels time gone they call of it, have the, low is

to hard think it's correlate So I back. that

very versus or that in XX -- will bps? great indicator XXX mortgages view a in to how I have just they to principally we economy. what's from it where of the it call what of -- And even August X-plus, are variable but X% activity a be larger it to at today upgrade it question, purchase either that the X% the September, People the rates. even stimulated part it a X% purchase That's be this down, in gap It's at bps. think Is those we a home. we'll our rates it, which forward, when at lot saw of are late there's homes saw is But I I isn't In to housing XX-year It's change pretty a buying transparent that clearly super are, market. is in the is normal some inventory. The There's small with a late higher see that refi, lower. think And think activity. goes be encouraged quickly, or case, stimulate down, I yes. real responds rates. that you. X% think, these call just should there when as rates market we'll you want fix when come today clearly

Kyle Peterson

really sense That on a Got return. follow-up makes it. helpful. And I capital just and it's guess

the dividends priority the tease to about do and some priority raised XXXX. are of guys you you the potential both. can potential and what more But between the and kind the some is? you How I guys know it's for dividend. of in near do -- just been yes, since on whether guys You thinking thoughts want guys while buybacks think a return you have increase about how relative dividend it's balance terms guys capital

Mark Begor

been invested Yes. at really our the you cash communicated line transformation, flow we're since we've a finish as to CapEx always how to we've I've on substantial that. getting excess X We've in change years, the cash of to the parts And been And goal towards X, last free know, no with return here. cloud shareholders. working

disciplined strategic return acquisitions for revenue as available the good will we X to you to come down And attractive a which shareholders. term We've So for as to sizable our to last know, our to and while news. really cloud. financially a expect X have doing differentiated going of swim that acquisitions, as you we And know, frame more on. CapEx we bolt-on we up strategic And think Boa also, and or pipeline cash the I bolt-on to recently, try very financial continuing plan of were long identity around long-term we've continue growth and bolt-ons. Most amount a we're build whether part expect very strategy, a those that of you but that M&A. to to the is do of returns done from meaningfully, August. lane framework, to over would that's free would Vista we data, did to bolt-on disciplined growing points We're fraud. in continue on M&A it's strengthening EWS the focused

And million and that would growth financially So of think you to kind think that But in a to roughly margins the for that's kind about the cash Vista ours, in somewhere year north of $XXX like your that capital 'XX, $XX sure of for that delivered or use to that. at buying we returns, you into attractive companies X X well get $XXX we million of if cash required $XXX X% of free range, of Boa of I'm M&A. to obviously, about to really 'XX, fit attractive million cash million when excess in bolt-on and that's $XX annually, model, revenue, X%, a million, south looks that's the revenue It's our would us points what be flow 'XX, CapEx. of accelerates $XXX million.

out free way line to you think and most growing made that, disciplined. very this growing to in on a in growth. lower; on frame the of think we to cash the when we some that earnings $XXX in believe buyback. We've it last dividend on but I about way haven't some be If flow the bit a cash earnings shareholders, about of investors, isn't with we to talked, great with substantial return returning M&A. bolt-on and higher a direction frame the shareholders dividend consistent on -- cash excess is the our we We years, we've think, average, and decisions, and grow when and it might the years, will our talked million dividend calls call be we're There's

is that's the We're is use market CapEx at since transformation. rate. year-end getting buyback cloud has off mechanism that the XX% shareholders. This of to that. strong time now we to which And right towards working excess every bring down, bring free the stage then the and the think And by strategy return flow, with we're be to growth would joined to margins up we'd kind our in another do I I then of buyback. our and day been revenue meaningful, in that the towards where cash XX% do as a complete Equifax at cash and

that free that cash our generate our into So shared think And shareholders. flow morning, with you think you how that flow framework we to we caught have into structure, to to framework. invest added it going as our return to cash long-term how earlier do I return our conversion metric. That's shows to always long-term to to been to in to have a but which we look time move now and do free that was is to comments importantly, company I we it we Equifax, measure that investors shareholders. We that cash as thought in running discipline we're to in And excess getting the forward to And XXXX. we've to to this that. we the cash company the the put stage run right in teams plan the excess our

John Gamble

and also we're strong, cash free reminder, flow but a strengthening as just is And delevering. very

Mark's So we seeing the available leverage we free significant EBITDA. about generate, growth given we'll substantial through only talking to cash but flow we're have had us to not what also in execute

Operator

next question of is from The McVeigh UBS. Kevin coming

Kevin McVeigh

to consistent revenue to opportunity. Great. go records framing that. records, if the I I back, million of today. but kind time just TWN based billion and It's XXX mortgage period, your more to circle in want plus, on $X like back things opposed penetration the that's to had XX right, pretty to to been you 'XX kind pricing current of point as 'XX million

So be. opposed the understand way yield to of what interest that is has to I'm is trying to as is, number to kind any rate number or think what your to today there what get inquiry about to

way, guess product more said higher another lot I and records, you've things a that. like got So

So to to of level think need there revenue? that any Or kind drive of way it? of interest the is about you same do that rate aspect

Mark Begor

their was we've model And We've picked with in what or you States normal been versus want if being crisis it's rate and consumer consistent. go Yes, that's one. to they much was that a rates. environment hard was home, seen that like and to underwriting worked their out on. standpoint the apartment It's agree before. that happened so from a last a mortgage what's an age a And mortgage think home the 'XX 'XX, to years back disagree They decade, a crisis, side XXXX want the an the 'XX back there been big move the that. unusual of we've an I pick so using, just and it's start from home, last to a X you tough upgrade they during kind There's never there's very flip as a level. -- then all to they buy of scale more 'XX, try We've consumers can United home. that really to But mortgages unprecedented just we first just when a in with go it but to time consumers apartment smaller global retiring, sell condo, a with financial that.

So XX% decline. large a a we've seen never it's just and such market,

So to just market. that, we've the tried the lay anomaly out that's in

market to market to view happen rates In of come And going convinced opportunity, time, and X% we'll as move think just very down, growth, billion year. will out, be not clear comes couple expansion more been long-term about is that we meaning underlies will our that we're going there's going reinvest X% revenue as over back, number very market framework. people. incremental of in that to be of XX% those in And a there. margins that P&L into to mortgage additive framework, to of our be which we really larger we're dollars our just it's as next Our we've have GDP high that XX%. pointed And our $X.X a also to points

in Equifax investments. really the We to right business have and structure to cost today make grow our the right

to and to more margins flow expect but free market that incremental, and would it be also give which return to will free obviously cash our our as drive So tailwind cash P&L, our we shareholders. us into flows our top line

Kevin McVeigh

maybe was And peak? was headwind trying dimensionalize real that just on then that been? What ERTC today? -- the where what And Helpful. of rather. at Just to the at ERC, percentage has quick revenue

Mark Begor

that. can vertical, and but in the small, employer number Equifax large it in it's a John was to nothing. quite jump now on down going

John Gamble

you of third X back give But I a the is, right even per million order little quarter. million XX-ish, $X of quarters, orders the magnitude a can it ERC last just right, of quarter the order as in you was year. higher now, maybe go quarter And and on X $X you think, probably

the that's And employer that's in business, change you're that $XX So significant million quarter. a of change. about. type an can talking Obviously, be a

Operator

question next Wurtzel of Scott Research. coming is from Wolfe The

Scott Wurtzel

of of Just vertical. kind agencies guess would we've local, the on But out of sort I I to of wanted the look space when we the to the for of the like term Medicaid new sort sort where story Snap, here? to on white penetration ask of see kind buckets talked know your about state, at different in government thoughts medium love penetration most amount hear over of ACA, terms year security, federal of that are there. benefits you of

Mark Begor

a growth, question. XX% it it's A bring for bringing great Yes, you're vertical. first to the Thanks up analysts up. that

TAM And million in that think an typically the social us and that. to think rate in government TAM verifications think appreciate about, you of $X And against is the still be $XXX the service done we vertical An Solutions. that call services. and the for TAM it, are billion now. that I'd is government moving potential And the is you million largest know, So our state around wouldn't got run penetration reminder, the $XXX a manually. opportunity biggest as little bit, you've billion as place, large in vertical, at billion, business a agency not are versus about revenue Workforce roughly agencies. a states state. $X plus $X being I itself about a really specific if

We've an adding food all whether as really we to resources the social source support, it's meet requires the of They're enable stamps come that of is know, the states. verifying deliver the director in, is technology agency around always bulk the or those services we how employment. new in to There's the -- them. state We're do verify to quickly. And because ability when penetrate that states income, services, eligibility with -- you how challenged it So people. it's It accurate. at products specific that's investing a with deliver for pays and do focus. productivity you more And they use we there's government that's want and those our and health income federal of to adds which where been to that eligibility. a the

So for big the level. is at really us, the opportunity state

over know, is now was $X on extended CMS announced we our you which that year. or we SSA large call We in shared have extension. some contract billion call federal this years. we big just extended contracts As our X last We plus this a contract, million contract, which $XXX

the So in scale penetration that the is double-digit to states. more those in growth federal forward people That's that strong continue $X bulk government billion going And really untapped of said, contracts. opportunity street. the you feet drive more But the of I as on see to TAM. the

people, We working agencies. Equifax products. of new those at partners. state Solutions each adding We're Workforce We're work have that the people with with capitals that live on

in Insights, more -- We're put from all data transaction. single know, data that our data you elements individually. delivered together is Today, APRs now in incarceration to a vertical. those working we have used they're As acquisitions

many a of us and I opportunities in we we calls expect scale of vertical And the outgrow to the think said, Workforce at workforce because it us for over at government the the as that. term the so in to that much lot of the in the there's opportunity invest of long XX% So allows Solutions. value We delivers XX% the agencies just state to growth there's think just all level.

Scott Wurtzel

during growth out dynamics wondering were guess helpful. That's maybe kind I'm it. information on data Got just mix would there in anything maybe on Was application terms looks purchase Any it some like side. to with some to widened at if the the just follow-up looking call of mortgage USIS mortgage it as of of quarter. of maybe when refi. sort the inquiries between that? and that industry the of helpful. gap versus sort data, a And due I between be

John Gamble

don't it Obviously, think still consistently. we think anything tri have I have penetration same think with the bureau. we that I specific, to there's No, continues it's share right? and inquiries, pull be. hard to required still We

in you're So are what I'm hard no, at, any see looking not don't that sure but specifically changes the in industry. we meaningful inquiries

Mark Begor

We growth July, would we outperformance it you expected think really told the you happen. record that I EWS. in happen, to thought you as up positively saw And we from but move saw, in that

-- that. pleased with So we that's were

John Gamble

that's that big to part continues be shared something obviously, And Prequals business. X players. our the is of amongst a

the business it sure is overall, But happy So we're can the way with those. between move performing.

Operator

is of The Jason next Wells question Haas Fargo. coming from

Jason Haas

back seeing large any any seeing you're I'm going slowdown you by you're talent competition if hiring. in in-sourcing background the any increase which in curious if have screeners. I'm curious Then of verifications. sort also to insight industries some that more Maybe into or

Mark Begor

Yes.

customer -- quarter, slowdowns Even the we we that in there base mid what from were we think September I though that is saw white collar. heard in have late had of some screening slowdowns we there. a kind background some they good

happen over that where forward. month over Washington. you're see rolling and enough the And or last what's in rate from up, X perhaps goes companies seen the think I run to the that to going you've took layoffs last we announcements So waiting different tightening election

than different So don't John? anything that. think it's I

John Gamble

haven't No. we really movements And in seen share. any

We continue a of our slowdown some to we partners, just in collar matter and white-collar white work and seen we focused September. in happen specifically be think well to in it's with you've

Jason Haas

it. a function understanding of Got was closing. good That's not under that then the mortgage versus if the is EWS around increase as to still by follow-up I they're And My pacing. shopping we people hear. USIS, question, at look curious

bit closes expect like do maybe in So a fourth for a looks year? expectation you year quarter. what's -- little in converge gap -- narrower of when Does your would probably that you that what next said I'm that next sometime curious

Mark Begor

We actually don't.

always the we pulls to average, closed X you closed loan. more where file and pulls mortgage than been polls in there's employment If income for to loan, per back go file get X-plus credit per X credit income history, employment. really and there's On

pull changed. XX find hasn't more went change So for another they're shopping wants to loan, go that change. there multiple the time originators try did We don't every they're bps as credit they to going purchase out for of to kind They That's expect just refi a their and loan because the fold. a that going loan typically either pull. the meaning is file up, or consumer originator, shopping a of and someone has that the credit mortgage to that would employment was on support originator rates off a there's process score different to don't to to behavior figure What there. was their income

don't you in We the advantage X And some credit pull process credit think that if the should pulled July we're help file process. with pull should are consumer universally application on process in in we're employment pull on credit they originator. shopping file Now that really score, that Today, working. but also to which earlier only talk indicate And piloting trying shopping the innovate this are some an where drive to know in this call X, credit originators many income to share. file, process, and not that marketplace some shopping, think one. has in Equifax flag you're our this shopping in us X, that I an in heard it reports the you also credit

to on on shopping said file been side. converge. in ourselves to as fairly and we 'XX. they've in I question, But credit earlier, the 'XX them an process the And earlier differentiate no, don't think we expect So consistent want John

John Gamble

see might that might we start in when Earlier gave this or to And another or guidance year, back start slow what perhaps to shopping slow. narrow might said had we we we X way, that occur. a in shopping result thought the happen, February, that thought indicated that right? years so actually it to haven't continues are of pattern over just initiated the but to just we past the And percentage would X seen we've seen applications loan we

to as occur. just think it at is will I so we our And point, this -- continue said, Mark expectation

Operator

Jeff coming question is The Meuler next of Baird. from

Jeffrey Meuler

almost circle to of impacts to does also the guidance. revenue not just it, great But the your better fairly million assumption, $XX a it Equifax. scale in is that XX% seem I market I like which back adjustment. if mortgage grand want QX I run X-point of get the sizable consider rate,

I any of industry contribute the to meaningful don't loss other was relationships we have any could I on, about. there client guess, volumes? size in wonder client or also like, gross so that it just, of head sort just And if So hiring beyond just sizable hit maybe callouts reduction

Mark Begor

wonder to about jump have I'll that. and don't Go into. John, you Yes, ahead,

John Gamble

First, change credit on change right? about actual guide fourth very quite now, guide mortgage, July quarter right? is back I'm substantial to The points. difference all, the What guide in from in in inquiries. the isn't you're in X implied mortgage and the sure talking it's the at in the not in

really an USIS doesn't slightly is apply credit you're making that's that behavior stronger, of not closing shopping and I estimate I got that the EWS just are relatively read-through increase but behavior. we're think But what slightly the because yes, stronger, providing. seeing we for fact that's that guess, question to

here in the we is revenue remarks reiterated also, our And and relative in talent rates implied October in specifically mortgage there So But and about Mark biggest July said And is that's the through October in really biggest employer driver driver, on weakness impact but to as revenue. back provided because related from to of a driver from some non-mortgage I improvement why in is in the right? terms employer, run relatively our right? September the in in substantial in talking impact talent guidance we the So that the our small, his really the is mortgage and expectations the guide guidance. saw we guidance we're between what July. wasn't that's is carried

Jeffrey Meuler

recent few I rating it. specifically But think July, run August this. of then to September just typical you then in get period to late weeds Got said the October. I forward like on the out the last the weeks, mortgage. And the maybe subsequently in what reduced know sorry run forward terms calling to it in get methodology And you're given volatility back in levels improvement. because rating want you're I

So given extrapolating recent you just are what volatility? period the forward

Mark Begor

we how no So through do Jeff, like it. mid-October. of we're in early We this kind change the week, do right? always it in

in from October, other change or that whether impact or to no parts point, in mortgage. quarter is on mortgage last late same hiring your this before quarter the September this business. the we any continued it's impact So case, saw or with our But that, the of in mortgage

So is the week -- at those use last we last typically most use to see the how try That's are look X than and and that no run guidance. we'll and put weeks. we think change, the and weaker weeks, in last the we the it the John. last use that How week around X it X -- how in weeks, for try week. stronger the Is to where last weeks, trends? try it trend something is that last estimate use rates current last like where current right? the best quarter it is that to is together the X our Is that it

John Gamble

down change seen October, at the we're forward. inquiries of is that stabilized of right? all. in obviously No going What came using and that's kind right, October, we've kind basis in they So

Operator

Owen is Oppenheimer. question coming next from of Lau The

Kwun Sum Lau

add strong seeing double are please there. It commercial grew more looks you and insurance digit color What there? Could and on pretty vertical? you

Mark Begor

too. can jump Yes. in, John, you

the actually business business strong, but year, really that high digit. X 'XX to very commercial in data the And it's bringing business similar singles So now to had have. range data that at onboarding which businesses the if -- issues PayNet was double USIS of look long at We back obviously that the leasing from many merchant to lines. the acquisition the execution data business entrepreneur we that pleased the this set. remember, expect up and 'XX we're made consumer earlier and unique vertical quarters, you some is and enhance 'XX, that X term end we over now of grow to 'XX, is 'XX, for and small trade We're the would had -- small our picture our the data because high with. levels, with We around

that's a it and forward, it expect to will continue growth have be. we to in think that pleased where back to we're we range that business So see positive going

John Gamble

Insurance and was did see it scheme the in for we principally us nice relatively broader USIS, small is of growth, but online.

the volume we just online So higher transaction saw vertical. across insurance

Kwun Sum Lau

quarters it. Got maybe please And an on us over you you update launches then contribution top product Any to back 'XX. give going few we so? and time should about share revenue line think how next in your incremental migration, can XXXX cloud could the of line or

Mark Begor

the transformation. of of Yes. We seeing already some talked impacts earlier, you're cloud the

framework X is to it If increased We We've you XX% our XX%. years, the from go back, couple X for north in XXXX. of long-term including for been of delivering last Vitality pre-cloud. that

investments, as we as the on year. know, attributable our investments, focus cloud we this the think that's to directly cloud guide As for innovation our from focus products the increased you benefits well on And our AI.

think cloud. benefits primary we deliver cloud either always innovation, or in that markets into some So very when of as on the gains think, we below share is that the our positions around USIS a move good We metric also today. see and stability of international in secondary we're and we'll complete

And I the quarter, expect year cloud expect move that framework allow to has into around would long-term is been we X% inside the XX%. X% -- USIS we quarter the going P&L. maybe from in this solidly that third to increasing in third, deliver forward. get which vitality, since of towards X% your So USIS to had you them second to question completion. specifically, X% would that about And We think their should into talked

Operator

is Huber Research Craig coming from question next of The Huber Partners.

Craig Huber

You outlook XX%. your talked a about vitality long-term index for at

hear XX% first right on question. us with you today. products touched now. you said today, Can examples particularly that there new out U.S., quite have outside you something positive my think but give you're to you're I'd some I like the That's already

Mark Begor

we're and guess that's me Wow, there's excited still are tell -- them. you're it vitality of be about lot broadly, think XX%, to I is in but a the something we you X% But Yes. below was quarter. International asking think a I I too excited. you should vitality.

markets. to them towards So very, some expect Canada the very complete strong. other We as would like XX% in cloud in of that move they

the really We've new that adds So that about, some the we're income will using U.S. data in that positive. internationally files, think our and that some here real think one of EWS some we solutions that phone think using credit that's combine that have as got we're quite which traction performance. our alternative score differentiates to this U.S. data versus score some is about in on U.S. using competitors. both a positive. We've utility big USIS, the some really other other cell identity are very benefit file credit of flag talked doing call, unique excited marketplace between that's we lifts USIS we the We our file solutions our and alternative data in earlier credit real the the positive. as our are solutions that our It solutions in EWS out and rolled well alternative data and having on the in

to So we're add anything, Do excited you John? about that. want

John Gamble

analytics on fabric. the improve those all usually have that we marketing conversion, and think we driven solutions generate customers I they have some to use campaigns of USIS by can Ignite FMS where side to

Craig Huber

next you here. we I in next guys initiatives this costs know when give have to stage all put I question, costs at if year about about for cost could. you When guidance savings formal given you think place year, the think for other My want

You're going XX% be of transformation cloud through this the the at year. to at end

think mean I'm curious on and year growth flow-through control cost that for EBITDA do segments. I have up down you here. talking you about together, as the main you you're in the revenue But rates year about to your next your investment any And stuff. the broadly come cost for X if to your line so assuming you have next and assuming next how we step can spending should holds cost strong year? just outlook side, economy have guys down very mortgage I'm a strong

Mark Begor

should John, you in. jump

a from saw benefit was you the from this XXXX. USIS to quarter, that benefits but savings, took of will planned quarter charge principally and execute cloud the that cost think some we also fourth I that Canada that

So that positive. benefit is a

we're XX% XX% to As at which a we milestone you cloud at complete, still big is point have year-end, go. out, but

of tail those cloud, decommissioning we additional last the be for there'll pieces of So as that complete of completion. our infrastructure the cloud legacy

that's 'XX new higher about and those. cost, 'XX. of going depreciation, also we're depreciate our you year to And operating John, because on talked starting next to more being into mode So the not -- and you benefit it's but bringing platforms

depreciation framed in be will for that -- coming next think you said in with depreciation down. But it's of XXXX you up year. CapEx I we're kind we So peaking

John Gamble

investment, So investment in mentioned right? coming capital. is actually on And you terms -- down of

capital on we're So in we've about talked substantially the fact down moving XXXX. that spending XXXX versus

spending see drive spend percentage to as us X% framework. as you continue XXXX in move our revenue, in terms together. move our X% expense down investment probably a long-term You'll relative as know, XXXX we capital And toward to of to of capital

expense we don't to an spend So investments that our in because bring continuing be investment as see increase capital. we're spend down would

Operator

The next of from coming Stanley. question Kaplan is Morgan Toni

Toni Kaplan

the up last on My part the last first picks actually one. question of

to CapEx with move on obviously, really big to X% year, USIS the going framework. X% cloud This long-term in the the there. mentioned You a

imagine a on being spend lot spent of lot of -- that. a So I

of step more most the revenue maybe some I down expect we have XX% this things here technology gradual be guess, next see or X% in we side have should towards step a the follow-up, X% should plan on? you on move done. 'XX since that the the you are in maybe big of And So left working to there from the CapEx to and just you're now a what's other that still

Mark Begor

Yes.

a of there, different couple Toni. questions So

some but guidance of kind this we're happy year, First, to give intending give indication. we're not 'XX to

So again. expect I next we year we down come to think CapEx said

term You use big. find big, it's hard the to

closer year. next may CapEx is year move next done think U.K. left You U.S., do, completion. about U.K. be partially We're as CapEx, Spain to What's will of Latin countries. done Australia, differently to principally down the the American finish We'll year-end. I we a we lot bring than a outside on by but cloud few will through be

innovation really into as of the for the to what in in percent CapEx kind 'XX X% expect do. of it's should next get we that in to as again long those framed so that as environment, So to move infrastructure. cloud we products term a is And a a see reduction of is kind post we reminder, revenue increasingly X% over you elements used expect stage. We legacy transformation new kind cloud of versus maintaining as or CapEx a

So what think kind had 'XX last we positive. growth into years, advantaged 'XX, cloud of to number 'XX, move we be going we're I be having a as we in call CapEx of for the versus building think which we've would will

John Gamble

be spending. of depreciation get XXXX, capital probably you're terms think we I benefit certainly to in And cash higher going to likely the conversion, than see into as

helps cash again, significantly. conversion So

Toni Kaplan

that you seeing consumer regard anything credit if more fine, too. But if credit? few on optimistic hoping Great. just times, you a any like of about shoots on And consumer green just this could in one optimistic sort any, of that's sort about touched environment but less to with that or not, update XXXX, makes you're the more you you're give XXXX will make

Mark Begor

depressed. like talked think okay. about like It's it's consumer but it's we I end in some credit, auto, not softening market still demand consumer

and really think a positive, we're we is had fintech. impacted. the back kind I growing in now which go normalized, meaning years You of was ago, fintech That's X to

So as going we products -- new with cloud forward. and

we're when So XXXX today. shoots, much about think feels sit, from going I green like half first like where 'XX certainly the be to of we seeing

a be and end rate that market, P view, degree I the in be don't P out to those cards, impact ton auto with think you're card. mortgage, the green revolve reductions around my credit higher, loan, a when most going to loan, think rates be a in for in consumers less to you're loan loans a you're are consumers because cards and in shoot reductions taking are and rates going credit reductions. We taking rate in when really auto they're helpful in of rate too. tend talk lesser car But sensitive would installment to buying an on out to but

shoots is markets? the the a but there benefit rates only potential And that down? benefit seen any Fed Does does come if of take green end-user couple is So down? yet, does we haven't that other mortgage the XX-year not also

Operator

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

Ashish Sabadra

clarifying questions. I have X

in on First savings X that actions. XXXX was $XX cost million from

does Just also So include the wondering, first it OpEx? saving and question. savings? is that all CapEx Or cloud that my that's all have does

John Gamble

Yes.

million would is total savings, $XX well. the So CapEx spending so some it as have

Ashish Sabadra

on just just maybe And expectation wondering, was the XXXX are baking growth. That's be could helpful based upside. X% clarification in, just near-term dynamic? you color. in explained, that for rate a then on I going Fed the incremental Mark or as Or cuts for the is a in also those purely inquiries XXXX

John Gamble

Yes.

you what that's it will just It's be expect weren't going is to we trying us mortgage assume would on for many really inquiries the XXXX indicate XXXX. was trying change as that people is -- So to for seeing But change they piece We in like. We market do We inquiries apply we're we and up that something of have to with look run in investors how flat. own XXXX give way. And to trying if over take indicate their and up we X% first trying of just as and end and quarter. first on X% you weren't guidance them We information. that rates October, the now. expectation up seasonality run were half perspective to don't to weren't rest would in to just provide now that from year. to an the were over over the current the the trying any of it rate and current we just a you something give it it right the what perspectives know in where then

Mark Begor

rate for but in potential we That's forecast forecast the rate don't change not we try changes. find have. mortgage, impact a what like to of And philosophy. never our guidance could changes. be We We don't rate you just

Operator

is question of next Tong Sachs. The coming Goldman from George

Keen Fai Tong

talk are you suggest subprime bit with consumers, health, that prime particularly you're categories. across go delinquency rates continuing to credit to consumer can broadly up data seeing a Mark, seems year-over-year and across more what about lending

Mark Begor

Yes.

There's alarm, I it's -- customers where from our still, good delinquencies a think our there's are view, in George, market. I think have That's pretty what gone. our don't saying. customers any around

I believe even working they're meaning up are that's delinquencies at the high rates most manageable generally their rates, with with that think business. consumers think employment of delinquency our low inside of or growing about customers our customers that how unemployment and

a to haven't levels are meaning up. that's see subprime. we that quarter level, happened. if But we we our haven't that the impact ago. seen years So Subprime, going in couple low the volumes change our delinquencies that already at from a reason up a tightened up perspective, outside tightening people -- Subprime of seen be there's early XXXX is in don't fairly this unless stay impacting in unemployment employment goes the of parts fourth employment of

Keen Fai Tong

the and can And Got to year, at takes XX.X% updated you XX.X% That's puts midpoint the it. previously. compared your helpful. margin the talk about John, with then, EBITDA outlook for

John Gamble

Yes.

EBITDA EBITDA call, the are said we we're in in gave just levels, our which as And versus a XQ, the We revised So in margin for time what the and you're an is adjusted first for for -- I XQ XQ happy at gave dollar strong record guidance in reiterated million EBITDA quarter. very $XXX Mark the and think which obviously, with, in the a we very level, EPS year. is the fourth guidance fourth seeing improvement full quarter. over

fourth think delivery So that side cost USIS seeing the on EBITDA customer strong then transformation cloud the lot Canada by in and and migrations being taken we've are actions driven sorry, that A in completed you're I -- the what as in quarter. improvement obviously, well. now very of reductions consumer is

we improvements that about, about in we're we're fourth about the margins So for quarter, about talking bodes feel the higher talking the and well good next we think year.

Operator

Stein The is from FT Andrew question coming of next Partners.

Andrew Stein

acquisition X-year and really to question, wanted LatAm strong realize So the a in to Boa segment. August, International I just shift my the Vista first had lapped quarter. I its mark

ex share XX% run to is the just Vista's what the over what and the Boa us So Boa compared LatAm next And understand can Brazil? growth acquisition. organic gain trends of now you Vista time help then rate year. wondering I'm opportunities the between market market at share you have to

Mark Begor

Yes.

about still excited -- excited we're So Boa very Vista.

some competitor still we and business the a early integrating too and there. As ownership forward. the be expect of and going they've we they that new pleased in Serasa, It's going it the to through well business of the gains to continued with a that and expect performance do we very XXXX, Vista mark operate. We're X-year lapped on. see share strong that's after the bringing just XX are haven't really and business. fully big Experian of and you welcome just of the executed has And the there is Ignite we of in products we Equifax exit but thick know, technology our place a we're of We're to the very down from strong business global all customers XXXX. technology But year lot that a those feedback into the deployed we're months. interconnect, getting and the as banks where in getting and

team the some very had quarter. in and a participate which focus well in all is in that new going performing We're big really that well forward. Latin by we'd as traction that as in countries marketplace. effectiveness the team innovation really So products, there the good their expect we and really helping on more market, America international geographies, all

Andrew Stein

strong could follow-up also completed the for LatAm potential quarter. Got it. cloud this And help is That if just And expansion remaining those you us really expansion. wondering a the transformation just on margin and margin a international segments? Europe then was for understand as in the

John Gamble

And get -- do And very do Yes. of driven more with growth because continue expecting margins. and -- international they talked organic good XXXX. good as We're fourth obviously again we're U.K. we're cloud XXXX. revenue variable transformation in completing about, in Mark them have margins in again to expecting, expansion we high into obviously, to we continued opportunities, quarter. the growth as grow in very the margin by it Part then revenue

more You'll pieces in Latin go in America. XXXX as Australia, New Zealand see in XXXX it through and we

LatAm as So years. we next expect sorry, margins again, But the XXXX. we margins to Latin just look see improving go to we America several that through in trend in as in a -- international be of general over beneficial

Mark Begor

also we John, we ago weeks days or X XX completed -- Canada And just ago.

complete roll a into into American this couple then Spain other benefits in quarter Latin fourth and those XXXX and of year countries. will So the we later

principally completion, completion cloud going point of you the is principally is out, which benefit that we XX% that have where as left to going the is that's to So because take place. to work go international cloud

Operator

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

Trevor Burns

the have to myself Thanks, Yes. everybody, with to and forward any your If out everybody reach today please or interacting look follow-up Molly quarter. you. time and throughout for Thank you questions,

Operator

event. Ladies this and concludes gentlemen, today's

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

Equifax (EFX) 17 Oct 242024 Q3 Earnings call transcript