Equifax (EFX) 9 Feb 232022 Q4 Earnings call transcript

Greetings, and welcome to the Equifax Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Trevor Burns, Head of Equifax Investor Relations. you. Thank

begin. may You

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

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

Events be making of call to website. certain are certain be our can Also, of & expectations. also reference and to the other Equifax IR XXXX we’ll section understand and from year materials we forward-looking Presentation its cause differ factors making business found at be materially today, the that risks, These full uncertainties could During labeled the earnings in our statements QX will tab statements, actual number first and News conference environment. results that materials We a you quarter XXXX guidance. hope These including involve call.

results measures IR our certain Certain making our SEC, adjusted of operational our of will subsequent for financial be comparability risk also Equifax are factors may the EPS including filings. We'll for affect items the XX-K that be in at performance. business are These forth Financial XXXX adjusted which tab Form website. including certain and filings reconciliation with earnings section underlying financial found and release the be in measures, the non-GAAP our detailed Info non-GAAP included EBITDA, which tables, and can with in adjusted impact

and XXXX we restructuring technology EPS. completing charge share. ahead functions reduce million, Equifax realign or EBITDA the to our adjusted charge from of our a as charge business in incurred principally quarter, $XX adjusted excluded This fourth In headcount was is transformation. This incurred restructuring of $X.XX

like over Slide to turn to I'd it on X. Mark Now

Fourth against both above the another basis, against high down decline, morning. of quarter X% constant NPI expected on Equifax unprecedented EFX and XXXX Trevor, an good to from market broad-based about mortgage was priorities. execution Equifax down and guidance currency continuing delivered as our strategic rollouts. an our out $X.X X.X% end XXXX October billion very of strength with across quarter Thanks, reported strong stronger and organic close revenue but

quarter the provide EPS share, detail will million an per upper EBITDA guidance in Equifax Fourth adjusted was John with share minutes. margin to $X.XX totaled at range our EBITDA of XX%. more $X.XX $XXX a end of per of Adjusted of October $X.XX and few

down with the XX% quarter, XX overall mortgage percentage outperformed XX%. originations by Equifax US the in revenue but was market points mortgage estimated US down

we global October the top overall our fourth in when by and Workforce to Our quarter, XX% was end about guidance at and growth growth XX% growth expected strong XX% at growth, XX% revenue represented growth with Solutions driven organic stronger which revenue again Verifier. X% constant outstanding XX% non-mortgage long-term of with revenue strong framework. non-mortgage and This than performance the in we total of XX% revenue currency very currency were non-mortgage constant in businesses, provided

December. with by slowing very impacted over more a very slowing against continued at that Talent growth As hiring Solutions over vertical November XX%, performance. I'll Delivering a and discuss in but US later, market boarding Workforce I-X in Government hiring strong were and in strong and XX% XX% delivered growth growth was

expectations. double-digit an and very quarter, outstanding non-mortgage USIS total strong was much of better BXB than delivering second, nonmortgage XX% our online, had which And XX% growth

with another strong delivered constant constant in X% growth, organic dollar International and strong dollar quarter performance X% last, America. led very And by Latin

Equifax and of North our XX% the technology is new American from against cloud XXXX. EFX progress strong in of delivered make revenue Currently, the to continue transformation chapter data We final about Cloud.

spending capital transformation. centers. by XXXX XXXX, of of During North increase progress our enable The we American million year, million will of accelerate made approximately decision to America migrations customer this transformation major substantial in completion North decommissioning a applications $XXX including the cloud our the total $XXX of America the North and in to made to completion data

spending Capital in to progress the significantly decline will cloud at the last XXXX completing strong year. due

competitive Cloud Equifax delivering and security. EFX data years new We're delivery Our EFX to for Cloud that new provide come. always-on infrastructure faster capabilities industry-leading Single with faster Fabric and will innovation enterprise-level convinced data sets, our integrated advantage is a to product Data and

New high executing product innovation a at very also is level.

XXX point basis new year a points vitality record product X% our product basis long-term XX% goal. the Vitality from is Our Vitality Index XX% Index in above the improvement and last XXX quarter of a new and

the solutions, off. on leveraging focus new Equifax new paying Cloud is Our

reminder, the revenue As Index Equifax new launched from years. in is products past a percentage Vitality the our of three

driving As well, very performance product our fourth we Equifax quarter non-mortgage to and highlights, new strong execute revenue. record across levels of continue growth

growth, drive framework long-term accelerating of strategic cash flow. the EBITDA revenue our our of free to significant consistent our to lowering XXXX EFX are the and expansion intensity of and business margin critical goals addition two capital In

In XXXX, reflecting process across transformation on of executing cloud focus Equifax, and a are the we improvements. acceleration our operational restructuring a both broader broad operational

delivering and centers as over American as of closure reduce XXXX contractors reductions will the our workforce well other data spending cloud the over We complete XX% total by we of cost controls. from and North broader employees as major XX,XXX during

first, from strong shortly, about million reduction with in Total more reduction to quarter. be spending the performance more cover and XXXX our we'll $XXX I'll million $XX an in our CapEx. fourth plan expected provide about on these reductions are $XXX XXXX in million expenses detail in but detail actions in

XX% revenue, strong constant fourth led revenue X. Slide Verification to in with we Talent, In Services non-mortgage continued performance Turning up growth up performances. Latin XX%, by EWS quarter, up which was I-X XX%; XX%; XX%; which our XX%, over led was mortgage Government up very almost which currency, onboarding, up America over by online strong up the USIS was and EWS, up was XX% and all BXB was and non-mortgage

Fourth despite the in growth non-mortgage Talent XX% growth across dollar US X% long-term Non-mortgage impacting top Equifax. very hiring the to of activity end Solutions slowdown was our at of strong some vertical. quarter revenue our revenue continues Workforce to XX% constant be framework

Slide the revenue quarter as in quarter with for XX% X. full strong total And overall mortgage delivered Workforce to of revenue year. XX% the by for and Mortgage growth non-mortgage Turning year. and fourth quarter. by outperformed XX% XX% the market outstanding the Solutions again originations measured was organic another very about in the verifier

the in we database be that substantial XXXX, signed with TWN These four records. Recently, During also in XX quarter agreements added signed XXXX. million records a new relationship will including over with partner X we US continued the payroll TWN existing added direct that processors, along growth during new XXX new historical new partnerships, million records million Employer Services reaching through XXX record the sequentially, delivering records unique of direct TWN records records XXX and business, over -- continuing with are million current in from XXX X.X over X contributors with million strong total our growth current database million our employers. and million to

provide Workforce as TWN are our records, value represent in Industry-leading the is our individuals well data and security to delivering driver the the non-farm to and operational Solutions. payroll to almost share and contributors and we growth rates exceptional direct partners which double as records substantial revenue for our deliver high ability record million our hit of almost a revenue future, ability XXX TWN processes unique of XX% XXX US have million EWS margins. payroll. and in pension big Adding gig to

also employers, products, by our Equifax XX% about are point of the new reminder, with Cloud individual to continues and at over is principally partnerships through to directly products. delivering Workforce of Equifax records a a Solutions the new with of Vitality vitality our companies. contributed which lead long-term remaining contributed drive innovation Index As the goal, great a power Xx proof for XX% payroll in

expanded business complete fully has over ago Workforce four Equifax Workforce Solutions first be a vitality their to substantially Solutions, know, over digits with ago, on you short focus innovation cloud In of to capabilities. single leading was Workforce signed Number access year obtaining to expansion partner, allowing an private their years also Vitality the accelerated payroll the United to XXXX. team a UK low a from the in XX% as with transformation employees. sector States agreement new is in UK The cloud January, over XX% and outside the technology Solutions UK, Australia. and NPIs, leveraging Index Work seeing Canada

has alternative pension income to active in Workforce XX Solutions records and Canada tax now returns. data in access million historical over addition over million including UK historical XX active and records, the and and to Australia,

hiring in revenue onboarding growth declines X% million, Turning $XXX and was fourth in than from December. expected Slide the of Workforce and weaker X. in quarter. Solutions in saw we US to businesses Revenue driven by slower delivered slightly talent November down

decline was in revenue the Services X%, driven million by XX% US Verification originations. mortgage down of $XXX unprecedented

mortgage mentioned a that earlier, out strong TWN was XX new strong our mortgage last the XX solution product As pricing record adoption revenue new revenue and penetration, EWS points, very rolled by the with market growth outperformed percentage strong driven overall of late additions, year. by

Government which revenue, Verifier XX% volumes. strong continued in for Medicare non-mortgage almost XX% the Medicaid very revenue, quarter. Center is vertical, in saw represents XX% non-mortgage strong strong We by and Verifier the delivered revenue, now Services Verification growth XX% growth of in our of growth which driven almost Services

new leveraging insights a record strong is at data the vertical and government level. federal pricing, our new EWS product local The benefiting and including from state portfolio, penetration, growth

We a in billion expect strong in government to TAM. XXXX vertical big in continue $X growth our this

hiring, in performance, new XX% penetration outgrew the Talent continued the growth, and and in decline by background growth, the despite overall market XX a TWN about estimated solutions XX% weakening quarter. is continued Solutions percentage delivered down delivered of records strong screening, of favorable driven by be pricing. over impact our to and strong the digital strong expansion very We X% quarter growth this product points of which

the will will to segments, new space targeted screeners and designed at products in high-volume drive launch growth. quarter, talent staffing Talent meet the In in needs which these the first specific background of segments hourly we

in of X.X% and up businesses, strong which healthy the was were $XXX million revenue FX up I-X Services onboarding due in XX%. to Employer quarter growth our

Our were declines late remained onboarding XXXX. negatively impacted I-X also and but XX% at the growth businesses in US in strong hiring by

Despite credit tax slowdown driven we XX%, have transactions claims lower down meaningful expires. were hiring, yet. transactions seen the UC COVID in and lower increase the in ERC as federal claims program employee unemployment retention and not businesses by a Our jobless

EBITDA due were to to in lower growth our principally than Workforce October US lower margins related slowdown onboarding revenue in talent and Solutions hiring. guidance, XX.X% adjusted of the

return to about margins all for will the We XX% quarter XXXX. XX% in of EWS above expect and be to first

non-mortgage value again Services businesses XX% and uniqueness continue expected Rudy delivered strong growth. Employer in employment in delivering EWS growth strength and points strong a their XX team clear EWS The EWS Ploder deliver by in of were XXXX income originations is revenue above and XXXX. mortgage data the outperforming another of market future. and and TWN quarter, outstanding in to the the

of our decline shown expectations an $XXX that about and in inquiries in than USIS Slide October X, our was XX% As line XX% million we the in and with our in down USIS slightly guidance compared mortgage was -- XX-plus on October better revenue revenue down decline to credit percent percent our was expectations. guidance. had against unprecedented X.X% XX-plus

that favorable before. continues USIS outperformance behavior credit penetration, reflecting about than negative levels million, inquiry at X%, by mortgage higher new performance relative was of Credit revenue less $XX new relative mortgage is of new about originations, and pricing. be mortgage we Revenue products total XX% strong mortgage to estimated At revenue. business now mortgage inquiries shopping talked to driven

BXB was of was of October. expected revenue growth than USIS about XX%, over -- [ph] and with up the revenue million we This levels much $XXX a in which XX% represents non-mortgage $XXX significant of increase sequential total revenue X.X%. million, organic stronger

and organically, growth very as stronger as XX% continue up non-mortgage pricing rollouts product reflecting volumes total to BXB at Importantly, and online strong lenders banking in was well drive XX% new as revenue over up originations.

offline business we slightly in with $XX just Financial identity banking Marketing and XX% fraud our and During commercial, the above auto had and X% our at down revenue saw under strong of growth revenue that was BXB million Services, double-digit expectations. quarter, growth.

single expect As we low first digits the up quarter. to discussed return with FMS during the year, in growth to in we XXXX revenue

basis basis mortgage XXX new up revenue Consumer penetration revenue. in non-mortgage adjusted strong EBITDA low quarter, the in growth X% in very BXB XX.X% to to were were single-digit sequentially growth. margins business online up points XXXX, and Solutions margins direct expect In million USIS US consumer introductions. to due revenue business. our high-margin had from from prior $XX down points quarter, fourth compared year double-digit we the declines XXX USIS EBITDA product of

up currency was X% as in rollouts. revenue, execution Slide strong currency by was X% broad-based driven X%, Europe International X, our in with up from We're million, businesses local X% debt seeing Latin NPI our particular shown organically. international strength and constant growth a management in America $XXX principally on business. revenue

placements the over see the from UK government several past we We quarters. continue strong debt to have as

Spain in lower and UK revenue our business Our and new to was below penetration. business flat CRA due the principally quarter fourth about expectations

America, Asia Pacific, for America Latin Paraguay HR This driven very pricing is Uruguay, XX% our by local currency from of growth fifth double-digit the driven commercial, which product up and quarter revenue identity growth Argentina, actions. currency identification and the in team. consecutive fraud delivered Central is American new was and strong growth introductions local business, strong double-digit in X%, revenue businesses. Australia our and Latin of by a consumer, strong

International was in revenue mortgage consumer, purchase our adjusted to Canada services higher expectations from EBITDA analytical and expectations. local revenue. fraud revenue principally our were XX.X% due lower-margin data. margins by direct-to-consumer and XXX currency above down greater solutions of at Growth and lower basis and mix and debt and a partially volume revenue below offset declines up commercial, points identity were costs X% sequentially

Slide Index delivered products was XX. year framework for quarter new fourth The products up you XXXX year above outstanding over strategy. EFX XX%. points are know, to our a to XXX as was of strong Vitality of over in XXX We and full record higher NPIs product XX% the long-term Vitality new an and than our and innovation, XXXX Turning year and XX% Index row growth central basis for a XXXX and vitality. our XXXX third growth results our goal a new in points Vitality Index over basis over for XXX XX%

new from XXXX from million, in was XX% up XXXX, was products. non-mortgage revenue over $XXX product $XXX in product over in New of And XX% million about XXXX. revenue

new And expect at capabilities $XXX Index past in Index years. well our this the new we a of product products we levels XX% delivered Cloud Vitality Equifax introduced XXXX in three which Vitality goal. Leveraging NPI above XXXX over drive equates in million long-term is from to rollouts, our new deliver to similar revenue to in XX% XXXX the to

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

our Turning to XXXX, on XXXX of strong million rate principally a delivering acquisitions was bolt-on non-mortgage as Slide are M&A $XXX XX. also XX year and we've strategic our for acquisitions revenue. Since focus revenue. growing we run completed continue priorities non-mortgage that to

adding number one, three capabilities; fastest-growing growth X two, strengthening revenue unique Our number our X% number includes business; growth data aligned framework X fraud XX% priorities: identity strategic from long-term three, to bolt-on strategic building most and to of profitable annual around our points our and Solutions, out expanding M&A Workforce and and assets.

to their growth the integrations. Industry and and week, complete over we acquisition technology synergies in acquisitions XX% This provider leading the strategic of credit in these Bureau, announced information product offerings XXXX Food food product data as with expect XXXX we Credit commercial the acquisition commercial coverage. our Canada. Canadian expands We Last industry, of for deliver

December. close in bureau Board of acquisition to mid-XXXX. Vista largest completed, other Boa with the in shareholder acquisition with will the The transaction extent conditions. Boa fast-growing finalize When announced is we $XXX Servicos, Vista expect the continue rate work Vista To to we market. Brazilian the the BVS run able and to Brazil transaction also credit second customary Boa We proposed the to of in add Board, Directors closely of the revenue the terms on million subject we're in closing approval

underlying We Turning year priorities. to and with our the XXXX XXXX growth XX. in guidance significant ended businesses execution the of the on Slide of momentum our in EFX strategic

economic underlying broader mortgage However, our we continuing in also markets. impacting a market the decline XXXX entered with and uncertainty

originations years. which XX in past is than decline for originations lowest Our a assumption of XX% the is level of mortgage XX% below further market XXXX, in US the more

is XX% assumption XXXX units For MBA our assumption. XX% forecasting perspective, down versus XX% minus -- about currently origination

and but the of do volumes our quarter originations the units and assumed down not we've Fannie in down In half declines are bulk XX% Freddie first forecast XX%, dollar origination planning, with respectively. XX%. about the forecasting mortgage first

we Secondly, declines, grow market with over XXXX in constraints to XX%. XXXX, and both volume expect with our in expect these continue Talent our we down hiring businesses conditions businesses. these December, impacting XX% saw employee hiring to impact and market and freezes background impacts in onboarding or we over and Even headcount I-X screening Solutions November

planning, in we the as in UK and year, see to we weakening the assumed our the Canada through although move US this have in US We're US, XXXX. assuming at expecting markets in key growth we're in Finally, the our point, slowing not recession. Canada,

see slowdowns in The Canada slowdown compares to Similarly, are a X% in we growth the and growth, underlying our markets to in in long-term with assume economic growth perhaps significant these more expecting slow model. UK. we X.X% to the Australia economic

we strong the the growth As US XXXX, the our enter we XXXX. our major growth mortgage X% decline across markets, growth businesses midpoint EFX of growth at of we XXXX execution market Despite have our deliver in in economic strategies. expect slower and to with significant underlying across revenue

decline Total framework within over in should than X%, originations, major mortgage about our reduction growth over long-term X%, markets. better revenue slower our XX in revenue which the XX% grow economic growth is mortgage the non-mortgage points should and despite

than X% about or expect deliver mortgage decline expected in decline over in decline XX% growth in This overcoming about verticals businesses XX XXXX. Solutions down. plus non-mortgage about expected XX% the to about revenue expected X% of of stronger points as We the in mortgage revenue our that decline hiring winds a Workforce are and grow US to COVID program EWS ERC XX% XX% originations. reflects

product strong and pricing continue to growth in continued both strong TWN rollouts drive record growth, penetration will new Workforce Solutions and outperformance.

is more revenue this We revenue decline expected XX% points in USIS decline mortgage than about originations. the than X% to about year. X%, of -- to Mortgage expect deliver growth expected XX XX% stronger

will insights, XXXX, support that mortgage process TV from mortgage attributes and was that begin the secondary with year will mortgage to includes pay the home telecommunications, streamline last to new customers market. rolled across to the greater and Equifax utilities the can help is late provide benefit file consumers their USIS these help industry available quarter to Equifax create be loans in the only which out the and in first first opportunities In and underwriting US. credit for

by Non-mortgage banking commercial, We're of growth. growth XXXX to growth revenue revenue from will levels largest margins. strong customers expected we and maintain the XXXX. also to about pass to and on driven slowing And that auto pricing Non-mortgage is disappointing be X% X% increases of Marketing grow our Services Financial a in consistent identity the growth. of to vendors seeing expect impact one mortgage to at fraud despite after about return

very a particularly with late had year, end strong in services. markets dollars, XXXX weakening saw International in but in revenue some debt up we XX% constant the

below off International debt services a This and for our our UK, currency Australia of of We weakening to strong markets decline very in conditions economic X% major also constant of to in growth a expect the expected long-term XXXX. the is X% in due International and Canada framework principally growth X%, in XXXX.

As debt in during hold COVID XXXX we collections were somewhat services was put the a pandemic. on government as UK year, the year catch-up of discussed revenue last

operate over X% expect international framework long-term. growth and within X% the continue mid to their We to to

strong, which be vitality NPIs Index, Solutions -- XX% is will Workforce Latin year's Vitality well XX% will this last with again very goal, led by above and and our consistent in long-term be America.

complete exit Canada their we cloud and rollouts USIS expect NPI their accelerate as we transformation, As to XXXX.

IFS top Canada complete our our big to transformation infrastructure new accelerate and the cloud for new milestones As its alternative data this complete cloud These consumer years. cloud and building Solutions cloud been will leveraging that towards in XXXX, and will Workforce line pivot we USIS credit, differentiated will assets their transformation product American year. capabilities, their data and focus leveraging drive on almost North we are rollouts we've new growth. and five completing to

deliver cloud the our growth the capital We're on from long-term reductions cost to are framework. to track transformation and spending that central

in As our cost accelerated Slide I on expand broader referenced will deliver cost free $XXX savings cloud of and margins and our future. cash cost reductions shown that million the as in XXXX flow earlier restructuring transformation and XX, will and CapEx

employees During plan workforce our contractors reduce by over XX,XXX XX%. we and about total to of XXXX,

our consolidate discretionary complete reduce and we we cloud spending, XX in continue to development North close we'll services. about software As closely American centers, application and data professional XXXX, transformation to centers manage including expect our footprint,

these actions per the spending quarter million expense reductions. million the $XX XXXX. We accelerate the $XXX first quarter representing are reductions to limited cost second The XXXX, in and and million through of share in and $X.XX second deliver in expect in half or spending reductions $XXX savings about capital in and

the run benefit our million. spending these XXXX, cost the planned accelerates year. and spending cost through actions rate transformation by XXXX lower restructuring costs will $XXX throughout and move and benefits from capital we actions as The reduce cloud other over In of

for this EPS incremental margins to EBITDA below fourth As at is quarter the lowest principally about first quarter, to shown XX% through the we XXXX. quarter, are in quarter EBITDA in first margins and originations. are and margins XX%. declining plan of higher recognition In majority quarter, of adjusted of the due timing margins the their XXXX due revenue margins to Normalizing improved adjusted slightly X% the from in EPS timing adjusted in annual the the our the EBITDA levels and of moved reduction compared Slide expense to down equity on quarter. XX, be significantly expected mortgage first the as incentive fourth revenue mortgage the

and share with and growth XX% $X exceeding EBITDA improve adjusted exceed sequentially adjusted margins margins XXXX broader expected improve per EBITDA reductions cost accelerate, EPS fourth EPS in revenue and cloud to throughout the quarter. and As

For X% in with the million, EBITDA with be the year. full we last line year, margins delivered XX.X% flat up or to growth, $XX will revenue

Adjusted about is higher depreciation implementations rate. system principally $XX as $XX reflecting higher X% amortization about a million per million about completes, tax be principally and to $X.XX and North from interest other expense EPS cloud also expected of higher down from share, XXXX, of American about and

Capital spending to completing $XX our by will in decline move revenue million to year, XX% million or $XXX of closer we about as about the cloud transportation.

We expect CapEx to decline again in XXXX.

clear these We to our of line that our will drive have flow. a cash sight and executing margins proactive expand actions free

In completing beginning cloud data we're American better addition significant always-on to to see our revenue delivery faster including and market drive commercial transformation benefits cost North benefits, data commercial our from product new capabilities, quality, our growth, new transformation. And Equifax meaningful Cloud technology will and enable innovation. benefits share faster to

also And guidance provide over assumptions now I'd guidance quarter. more like provide to first to the on our and our XXXX and for turn it detail to John

growth Our guidance our non-mortgage growth, from acquisition pricing products, new record John? strong XXXX builds synergies. XXXX on and

Thanks, Mark.

we XXXX, share a on detail more XXXX. XQ I'll little Before discuss

Equifax lower came margins the XX%, margins as principally and slightly referenced expected in Workforce Mark Solutions, quarter Mark also lower-than-expected in fourth driven As in International. earlier, in at by EBITDA discussed, than

then migrations. North customer significant Canadian further sequentially of to in and completion in each spending will spending quarter XXXX accelerate as in XQ maintained cloud $XXX we Capital decline US we American the of investments million to Capital and transformation. was complete fourth XXXX, as XXXX about quarter $XXX million,

and million. spending continue revenue or of will CapEx a percent in is XXXX progress as revenue toward XXXX below. to capital about Total expected be thereafter in $XXX to X% decline reaching of as we

XX% of originations an our reduction Moving on provided assumptions guidance. in XXXX. planning Mark mortgage XXXX of to in a overview

on be Slide below as a in market seen credit inquiries shown XX level US these we XX, mortgage at the for XXXX, any have levels, past substantially the years. the and in mortgage using will again, As market, proxy

a being the XXXX. we're order XXXX normal XXXX, mortgage XQ decline XQ to pattern through Sequentially, market on XQ mortgage the on and in originations activity XXXX of increasing move the XQ planning XX% mortgage versus as fourth about more XXXX, expected the of is sequentially XXXX down with with from XX% we see in quarter year-to-year. second flat sequential normal quarter XQ about

would patterns, expect of XXXX up XXXX, year-to-year. and US from half shopping be up the XXXX, we be behavior XXXX fourth versus than the We with first slightly to quarter half would these And in originations better with expecting least the at sequential originations. second mortgage first slightly the of half USIS benefit of are mortgage of performance

overall point mortgage percentage offset mortgage mortgage revenue revenue the expected revenue of growth X our XXXX a revenue points. to billion. impacting is on the XX% growth by provides XXXX outperformance of points of the X% revenue midpoint to the total drivers detailing about X percentage of XX Slide relative the revenue market market impact growth. market negatively The to in about $X.XXX guidance mortgage walk X The is of US negative decline the the

basis in mortgage As a Equifax Equifax on organic of mortgage point X% is impact X expected driving result, to the has overall X% expected a X% and percentage the overall growth currency revenue about revenue constant Non in a negative exceed decline about is on growth revenue. growth.

is across all acquisitions economic across major XXXX. X% referenced broad-based the in the Mark year-to-date and long-term The the and to UK. XXXX framework uncertainty the and to in our earlier, to three about As of contribute BUs are growth Canada is US, Australia, our of growth XX%, expected within markets X% despite completed

of potential revenue Boa not does acquisition Vista. this from clarity, the For include

in growth share. in be detailing to about would XXXX. flat X.X% growth deliver $X.XX EPS provides an at delivered per guidance Revenue of EPS EBITDA the decline walk the adjusted XX we XX.X% X% our the of XXXX margins XX.X% XXXX about drivers XXXX adjusted the expected to from are EBITDA of Slide X% margins our midpoint of of expected in adjusted EPS.

actions taking factors. are cost These by principally XXXX, $XXX about being deliver million several are we reductions. of In offset expected the to are benefits expense cost

weak planning the levels and at XXXX, comp performance. targeted sales in In variable our the including of XXXX, therefore, these incentive drivers. to and of to mortgage very compensation First, market we return were due impact levels performance, assumes on our low compensation, substantial

XXXX. Royalties increasing and are a Also add to to and we still continue cost third-party legacy broaden decommissioning later operate partners system North systems American new sources. and their costs data level for as redundant continue data to incurring of prior as scores in we XXXX, are we also in

As benefits us, behind we accelerating to variable growth EBITDA systems as margins. significant impact the are the and look are high profit drive and of to actions beyond well of moving in redundant North improvement XXXX, expected of as variable therefore, compensation target in our cost the America revenue cost

cloud just is by amortization X%. impact to in increasing accelerate putting to EPS increase XXXX, XXXX is native expense, XXXX and just production. combined million expense and points. will is negatively by adjusted expense in about Depreciation over as which in expected $XX six over in other by tax expected percentage we in adjusted negatively interest increase systems net The D&A impact EPS

The increase rates XXXX in debt also impact the interest and expense acquisitions. higher of increased from our reflects interest the

capital tax about to XX% XXX rate about and mix a higher and is of due revenue from up as basis we tax points benefits spending. reduce estimated Our development lower of XXXX non-US

growth margins full year detail. specific specifics EBITDA the be EBITDA and from the cost the P&L provides discussed non-mortgage EWS to of The as detail XXXX strong of on products, items. new earlier. expected pricing XXXX, XX discussed in revenue from in Mark given the penetration XXXX BU of well the XX% margins on includes guidance slide Slide our in actions Mark line benefits up delivered are additional and that XX.X% as expected guidance

over in down also USIS cost actions. XX% the USIS is to delivered from are be EBITDA from XX.X% benefiting at margins XXXX. expected

at XXXX of XXXX, at consistent referenced with International our is the EBITDA others to and increases increasing Corporate are is mortgage incurred the such X%, centered decline. ranges. compensation costs cost guidance again, pricing and our in reducing the XXXX, resulting the lower market growth in principally the relative depreciation expense, Corporate in due is legal, and of revenue believe in that year-to-year HR However, XXXX and to US impact cost as I XXXX at midpoint the in adjusted our We expected and versus in to revenue levels actions. due guidance XX.X% that margin excluding EPS expand are both equity incentive finance, decline, earlier. amortization, XXXX driven from margins delivered actions. XX% the by the to functions

Slide XQ for provides our XXXX. XX guidance

decline Mark XXXX the discussed at the expected XXXX to in is that strong XX% mortgage the in XXXX XQ XXXX. we constant earlier, revenue the decline to about down at have in in the our As currency market of see of see X%, we'll growth of expected largest US mortgage quarter midpoint first XQ a Despite strong guidance. we year-to-year the X% compare about will as non-mortgage relatively market about

expense, declines by about equity margins specifically are driven from total basis sequentially. and XQ in from in BU about XX% earlier. by quarter, XX%, EBITDA delivering expected The in XXX sequentially up higher XXXX referenced XXXX down compensation higher to at XXXX be in the sequentially driven corporate EBITDA points are is Solutions and International. offsets XQ XQ which about XXXX margins decline costs EBITDA the Overall, EBITDA USIS incentive margins Workforce XQ margins

the and expense in of first related corporate. bulk our reflected to equity quarter in the The occurs plans is

Excluding margins the expense, EBITDA at in flat the sequential compensation increase from just sequentially are XX%. equity under impact approaching

the related first of expenses XQ first quarter seeing sequentially actions. by XXXX that cost will compensation XXXX sequentially limited in quarter. driven to that sequentially decrease all in We're I meaningfully XXXX. earlier the expected increase reflected margin XXXX impacting in and there increases EBITDA the Revenue fact referenced is benefit in to XXXX quarter, first Corporate our XQ factors in same the the the not relative was XQ as equity principally

we will deliver below. our to quarter driven see continue revenue XXX be be growth the points from the expense benefit corporate over XX% margins up both to the EBITDA EBITDA by to be reduced as double-digit growth. mortgage sequentially, cost XXXX, Non-mortgage basis XX%, revenue decline unit new will year-to-year down pricing Solutions revenue about to of the in and X.X% supporting about growth sequential growth first actions. due about expected margins. from and product are market. to benefits in Workforce Business expected increased expected In are XXXX performance of quarter second is action and described the

by revenue market in mortgage to due mix expected overall the mortgage single represent negative decline Solutions just well is down from referenced the expected about of as sequentially expected quarter. mid to decline incentive be mortgage shopping. The are Equifax higher I US and outperform again, the driven growth to down XX% USIS is mortgage be XX% about earlier. to in will Workforce normalization partially in the are USIS as costs credit revenue royalties XX%, offset mortgage by EBITDA overall under of growth be market. consumer that in year-to-year, up inquiries non-mortgage margins core X.X% expected somewhat about to digits. due the to

relative USIS about from constant occurring in that half of the management currency. by data strong XXXX. X% driven The XXXX about of to UK is the in expected collections the also weakness business suspended the International in fabric first business to X% XXXX costs government revenue the during as to government catch-up revenue strong is migrations customer in decline is up debt pandemic. in now the principally XQ UK be a are principally incremental incurring XXXX comparing as our are growth to we very UK

about to sequentially expected quarter XXXX normalization are Canada as to down of adjusted $X.XX UK expecting lower incentive margins of per first the well share. in about in costs. EBITDA and data to to and due We're be seasonally $X.XX costs revenue higher CRA XX%, be EPS as

we different goal midterm results of first XXXX, forward, our with remain billion of $X of XX% margins. Looking delivering Market than in are when goal of conditions focused discussed in November on we XXXX. EBITDA achieving significantly these our revenue

XXXX expected normal to to to XX% The expected levels discussed US mortgage had average be XXXX. from is in in down billion XXXX over we the revenue is XXXX market deliver of $X

has than November Our over discussed organic XXX we basis with you grown of points faster in core XXXX. revenue

the $X goal in in our needed billion order likely to However, volume mortgage the the lost around still achieve of is recovery of two-thirds market XXXX.

We're focused delivering discuss billion as XX% to forward. EBITDA in margin $X you on the and and cloud driving and to above-market with toward growth margins. transformation including as of and expense evolve part XX% our progress and the improvements achieve -- through XXXX mortgage our goals We'll continue and technology EBITDA accretive and our data committed overall markets acquisitions needed cost

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

Thanks, reflecting of XX% growth delivered more double-digit strong XX. John. delivered non-mortgage significant another strong our above-market strategic strong originations. Equifax on in Slide in Wrapping power XXXX, decline the revenue offsetting We up the double-digit of above-market EFX than EFX model market and and XXXX growth, XX% US and quarter broad-based business with mortgage against growth eighth consecutive the execution core quarter our priorities. our the

organic the growth At results, Solutions also strong Talent first, records our Workforce level, solutions, over business had verticals. XX%, total Workforce a million. year, from penetrating delivering surpassed million, growth reached current revenue records XX% of TWN XXX XX%. powering new the up Vitality innovative products and of capabilities and another and further outstanding cloud and leveraging their XX% delivered unit while Index Government non-mortgage $XXX high-growth

XX% local currency and XX% their growth. the XXXX double-digit The total finish online with XX% of USIS of team fourth growth, a International growth very had delivered in total organic. remains and year to USIS and growth is competitive strong non-mortgage winning organic, by XX% marketplace. non-mortgage quarter X% consecutive second driven of

XX% products since fraud identity consecutive forward. a third XX that And of year And in the as was to million deliver our Index going principally expect Vitality strategic XXXX XXXX, over record and revenue to bolt-on $XXX acquisitions we delivered we a for completed of strengthen over and we new run XXX rate Equifax row.

Cloud. XXXX, to And we're migration on our and completing in sixth, from EFX data technology become American the delivered XXXX with our we company. North executing only transformation significant about against laser-focused analytics being in data of revenue American Equifax made And progress cloud, North XX% cloud-native the new

early differentiate leveraging capabilities our capabilities line. it will our our top We're cloud of days in but NPI confident expand and new commercially, remain that the us accelerate

uncertain will Our us for a as deliver of an economic proactive exit the restructuring savings to cost us expand margins across savings Equifax and XXXX we cloud that our strong $XXX cost million environment. on will to that in accelerate XX% progress allowed position XXXX launch and

transformation, XXXX, cloud to we're and look capital key growth while delivering completing we of above-market that EBITDA is to data our our North transformation. As continued revenue consistent and margin growth data committed intensity substantial benefit reduction technology a and a and in American a technology and

convinced are our the and XXXX of in new energized EFX that this $XXX and and earlier, position fabric us about future energized margins mentioned more and the in year our that differentiated our free cloud-based XXXX, performance over We're expand strong margins spending expanded uncertain environment. taken above-market in now Equifax technology, about cost deliver businesses in XXXX even XXXX our a in data more actions were in our flow As beyond. million cash the million new I'm will reducing and future. higher for economic market-leading our assets growth, $XXX single-data but by will the

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

you. Thank

session. with Patnaik proceed your Manav question-and-answer now [Operator Instructions] be Barclays. conducting a will from questions. Our Please We first of line questions the come with

much question already seeing you you're But more not magnitude what that that but the Mark, morning. a I weakening said if assumed you've you assuming Good is gets globally recession. a pretty you. makes assumed, my the you're Thank what weakness versus of worse, sense? economy today guess

Yes.

So there, I think there's levels Manav. a couple of

a know, recession we've been months really that's for market in the it's going continue. As living nine United last here States And to through you and mortgage the unprecedented.

think our well. is exceptionally our And non-mortgage understand clearly. our you and massive I positive on are businesses performing that business. So investors It's impact a pretty really what's

year. we've of impact where hiring declines in seen about in the late talked the We

Talent XXXX, businesses. onboarding and down and to about in business our our also that being expect continue and that XX% online We impacts

So outlook. that's certainly our in

in inflation, like mortgage interest higher go got these space the we and of feels It's to in where and impact we more economy certainly environment did at factor then in forecast rates but an to to it see what XXXX. half uncertain and the hiring hard And higher going the or do, slowdowns now that really going slowing characterize economic as would of we're through you've we XXXX. as the second is

Got it.

moves how about what assume on call you're side much talk you auto you XXXX? and can year for this you free through be guess, and flow things you it, I us still how today was that flow. what then, that. capital on just working more what should find cash in will those the, on card because cash we the just And walk about clarify John, Can assuming? to -- Just think free

Yes.

So of take the John on can question, first your second. half your

that XXXX. haven't seen You're that We're correct, Manav. go see as verticals, through we economic of In expecting impact a we lot to yet.

year. prudent them part like still they're our been as where as challenge was include have limited we you to we and economy outlook for cards, given think taming verticals where going where auto, impacts of the of a guide quite going and XXXX are seen But part economic take our So that's our there. in a the to of But operating out, cards, point example, for loans, some in the it they're and like P is go Fed through softening well. the like and signaling rates we've of a outlook inflation, interest

happen As That's in we in performance markets quarter, you a weakening some occurred, fourth and UK. right, weaker relatively in other we the the around saw the the as already around world look started of well. the US, saw to outside

see see, obviously, to look talked we're expecting and so spending. capital So down expanding through to well, EPS we're also cash free expecting we're to expecting flow to -- as and therefore, about, expanding as we Mark as Manav, bring margins, XXXX,

we So quarters. we through flow nice growth as we through in the as expect to cash XXXX see very sequentially, free move go

were some see going of to operations. system working receivable. now more just all there's of completed prior in We've go -- North some there's through XXXX our and little calls, bulk bit our we In that America, a go of as as we've significant in of The discussed we did billing we migration, accounts a as capital, terms through increase in completed. is international

our a terms are in metrics activity. of systems what improvement in showing nice those in terms internal in performance seeing Our terms collections of of operational we're

we start you through yet have we AR, benefit some would really of as we're would expecting quarter, terms the XXXX seen seen so numbers in fourth capital. which in overall to haven't it to move affect although And the see working in

improving cash we flow, to through CapEx general. obviously, profitability, free net-net, we're expecting expanding capital the So in year and I working move as improvements see, then in margins, lower think

Thank it. you. Got

you. Thank

line Please the JPMorgan. your question Andrew questions. from is next with proceed Steinerman of coming Our with

for And Hi. John, end year, sure run then $XXX question. million reduction I understand XXXX the Slide in year? on OpEx of have the this be just $XXX Is realized I by could is a million want to make of rate a XX. or the that follow-up I

So that's realized in year.

That's correct, yeah.

of positive the pointed executed attrition through XXXX those year the will quarter, John from in that. get benefit executed the actions the full second, impact first said, benefit we will we principally of And be FTEs the accelerate contractors a and As go in in as as we out, and benefits so be will some Equifax -- then third fourth.

on of of plan, add cloud OpEx million of the this the to cost target this the or total then acceleration is Okay. does an savings expense original And really $XXX transformation? savings, savings,

in a it's about combo Andrew, cloud about efforts talked accelerate It's that the us did clear of the our in the years. that, XXXX, comments savings extra and to two. we additional multiple work of to tried Yeah. allowed you for because We be we've to

restructuring broader to the the that cloud of is So we but our the savings, a a of company operate million to big of company. a efficiencies increment there's $XXX piece meaningful how and improve just the

that investments more outside effectively. of of from us cloud the the Some just of technology are to allow that operate

two. it's a the with So combo

you. Thank

Thank you.

come proceed Needham with the with your Company. & from Kyle questions line Our Please Peterson questions. of next

might or expensive doing that less of guys. have morning of in did softer know of It softness challenging. seems that wanted and headwind, trading I of EWS, dig the taking that you to I a was some kind was Great. down was of into hiring any for I guys some pressure? And mentioned clients kind you to more else kind the kind compared that see anything area sub-segment But quantity definitely like of were questions. guess, purely result volume Solutions there and in the Good there kind like hiring headwind expecting. piece. Thanks what a to that was products became Talent or caused you

No.

Our analysis to less background happening. customers, meaning of it there's when is it's all just and we Q screens talk our

as watching through think this fourth I we the quarter. were went we

of going impact went freezes. and to I first us layoffs, the all as here, announcing companies think they've the That accelerated tail announcing end the we all hiring year hiring market. through saw in of the is quarter

a bit bifurcated. It's

area call the I hiring wage at think strong. very we all hourly still know the is the, that it,

more is So where that cautious belts more hiring. really just impacted. are tightening their white around and wasn't collar impact, This companies being

is and continuing seen a impact this we we're lot that digital, new we billion work expect to our So customers solutions in manual rollouts, do to And to a continue convert reminder, product outgrow penetration in we to really any us, declining our and just And penetration bring have. meaning have we $X Talent. a allows TAM as haven't from from that's to opportunities, for of their which the what work XXXX. us to a new market, is

tightening as of the around then also or business their And companies latter expect that impacted year, are impact in hiring resources part our in it our onboarding adding we same the belts new I-X to impact XXXX. we where mentioned,

capabilities, businesses rolled we we the and, new product the expect X/X, market out with even of the pricing double-digit on grow a because our in declines normal said on to that new opportunities X. we of earlier, of have that January course, comments both we As those those penetration

in quarter, pricing. I would of to other some on guys those? pressure But what couple mentioned just of some or That's got compared offsetting guys X/X, kind any are guide mortgage that's of of the the get that saw and XQ margins. into of seasonality. points Got And XQ XXXX my on I in tailwind did in know of of then effects temper that you EBITDA went I hundred that know those it. I of pricing follow-up basis volumes And to that pressure a kind that's areas of in guess is like just you was kind of this you just a some some helpful. on facing margins. place implies last be price

actually Obviously, super we first and quarter A a I'll the mortgage very going Yes, last we the we the quarter change in do let mortgage comp happened and year. first off, market what what price in. you told were to John versus jump what's was is ago, October did. market the we -- in and have in year strong. second No challenging

thought So in for talked October. what as you start we've was as our with that, and XXXX that mortgage expected, although we about, from reduced outlook we

that and the So from the on puts margin year, standpoint. on a pressure quarter

from lower talent because from the of the in There's of impact what taking below but pressure incentive in hiring was really, some in is cost quarter target of, market. growth belts decline the of the and described the the John tightening XXXX, onboarding our a first standpoint place, well mortgage around I-X small bulk because in compensation

target. to XXXX expect at paying we be said, John As

John? don't a that's That team, typically equity we expense I flows the our then takes when to retention So there, would place. our us. have And you through quarter expense that know, first to make add, else we equity higher in what the year. And an grants

No.

volume benefit auto cards. in and had terms of product and in strong Just product, see But USIS. in of obviously, we fourth lending and in performance We in can quarter, strong the banking. and and price performance the you very saw Very in online. banking in price

seeing and some price. Mark first of January, some expanding in that As seeing increases margins and and in was we're in of product And that product first and right? -- the quarter. pricing mentioned, their So of benefit both it the and price with EWS, certainly was you're the EWS in quarter in going

the and in difference, no performance business. the you're So of it seeing

at fourth we're price and fourth else about. around a cost I isolate of the incentive that kind ex the you flat, also that leverage talked and means versus quarter equity, items that if think, basically margins weaker market comments that these John, said are we absorbing getting than offset items you around had benefits and in still operating and look we expense and first your to the quarter our quarter which everything of mortgage

Thank you.

you. Thank

with Our line Kevin Suisse. Credit proceed next question McVeigh is of your with questions. Please coming from the

and is purchase still there I Great. kind as a a of any Thanks. about of you way the of Is expect off know XXXX, XXXX, in you level volatility base in originations any over mortgage refinance the way it of into of do or And Obviously, about hard of lot market. think refinance? versus recovery enough, XXXX think year? how little bit the to more but kind course that get trends just to

I'll let John jump in.

interest gone, As you anticipate know, don't increasing. is virtually mortgage the might there's as decline. refi never a in the from What's that in very this is imagine, level. we've Refi unusual, purchase refi and market, We I rates there's seen decline right? disappeared months six don't really volume started rates, coming until back really ago rate some change meaning at meaningful interest before

really XX% XX-year includes outlook average mortgage out, inquiries average. our And -- purchase that's the as pointed the below John XX-year think I refi. and XXXX as for

got dramatically. you've So purchase down

below should average. point, a some volume So XX-year If question. no it's improve. There's at purchase XX%

in the think a consumers the in rates, interest if that inflation can has Should out XXXX, it it's of increase happen and stabilized I interest some second are it, happening move some Are half. in doesn't that improve up in side of about and home what's stabilizes assuming the the kind should it's to economy. economy tied we're that, confidence never rate have thinking this around call is or get volume. around where average. Now XXXX But part XX-year impact. That we the flattened help as mortgage the purchase purchase point, to whether going. the to market on at had XXXX, an economy It's back should it's

course, Of John? rate ever never interest seen this we've before. at pace increases Add,

well, it think yes. covered I you quite

it is the real process quick, it And of of times. how profitable? price process as kind you kind aggregation about a traditional the kind then Is is occur? of -- or gig similar record And at and pension same think is it less you Great. workers mentioned that of aggregation, that or point, just -- the couple to does

Yes, want no, We attractive very they're all. them records.

you let think, XX point. year payroll. me make in the XXXX. non-farm And very, got signed, as partners in We've TWN will saw very new think strong. growth last First, long a just We XX% I records, traditional come that was I online a in runway

meaningful onboard I haven't we think them. a to lot partners, brought partners, think existing of records that with that incentives still in our And about there's said do payroll that. we before there's

So couple the after that's pension that over kind years, going records. we've of the base records. And are resources of scaled last up

records we've the it pipeline quarter think was partner similar. first our bring of third set. a pension our signed last into I got process-wise, we to in that's year, data And quite And those. pension

places. they're process that about those. companies it's is If in records, there legacy probably One that, three like payroll that have pensions places, more much pension are than different think principal but companies processors you for that three are defined benefit

one. strategy partnerships number those developing So, to those companies going and is

them. their pension payroll, is legacy large two own lots companies of process Number

so of payroll, as payroll their already in their a we're going So pension collecting employee strategy. part collecting that and

we that it. So just a how in to matter executing do know of

and third in then Many going processing their governments. state own have operations, so federal, to collect them records. is of pension And local the those

So that's where side. we're on going the pension

as pension. and companies, payroll, gig million there's records. have that And XXX have. it's individual the And XXX uniques might the before, There's that then we other Americans and on a to we've side, you of as that going strategies, gig gig entities working lot will those million between different imagine, talked get about non-farm

records long-term, double scale going forward. over we've the our the So ability of to the got

growth workforce. that's So for from big lever a

to for the we right? already able as monetize inquiries new the record we don't think add we're record, instantly, a have, know, getting day it I because you we're

rates, we add data percent XX-plus records, XXnd to we're XXst, set our as monetize that With of able instantly. hit

So versus we which a it's margin have data about scale companies. engine million of companies XXX,XXX year a is XX had go the Solutions, such very why their We Workforce And powerful part to dedicated you think if revenue four us. million for the engine you team focusing of if records, ended on last X.X it. years back and XXX and with like the contributing uniques, ago million our we something

for there's and growth. to future has that, So really a scale long the cloud us allowed runway

Thank you.

Thank you.

Our Please next with question is Research. coming your from the line of Kelsey with Zhu questions. proceed Autonomous

EWS than I little devil's bit government wanted margin, to market playing better? to mortgage Hey, a just it fields drop this kind little below maybe advocate more again the overachieving guide Is understand biggest On the targets down here. XX%? to of at guys. understand margins want what's Just a better Is their XX%. in verticals? for risk just factors your it

said we be question we've was, are risks the John, in on XX-plus expect margins. to XXXX. And was this EWS that? them What of that the percent

Yeah.

order driven it margins terms about actions the And Let the they maintain only And So in well. to very, driving the therefore not very been outperformance heavily the but cost right? those strong the then their through go of taking extremely is and EWS at right? executing to relative as margins about mortgage enhance has to that what me talked be what's Mark record the year, levels, they're in by growth talk non-mortgage and growth.

be They've XXXX substantially extent we and what -- in Mark in of been a margin very for has at strong. Vitality Index. terms Their like taken think record of weaker, said, revenue very Their been product would to in is outstanding, execution general, EWS. has the be new our actions. has performance very for that can growing risk. good. the obviously, executed that looks But rate overall, XX% been revenue, high-margin pricing goal a risk very we've twice was high there revenue To that that's margins. already be as The view the their risk growth if high to very mortgage Obviously, market to reasonable

we feel balanced into So like we've view very we given a of EWS XXXX. as look

Maybe add John. I to that, just

effective rolled our we mentioned, year actions in X/X. John pricing the think I out in late

we what those So are. know

of kind in. that's baked So

of lot a confidence. you gives that So

XXXX. XXXX already know will We've and As mentioned additions in we I new that XXXX. in products we're And did benefit workforce to were new in That's know out in earlier, come and we've got agreements that we John in from that in, too, of for roll rolled quarter going workforce year revenue meaningful second some signed that margin. and products record pipeline out full our forward. first expecting quarter gets the

if this would a And lot the actions think than into mortgage that. And we would So factored to then on worse the it. John the there. us I this to a we our worse in to outlook we significantly to me, -- give take or we that think have be pointed as we than would economy is outlook, there's respond if out, factor confidence is put factored market into pressure

helpful. it. give how then could you're I would on Super portfolio. on really us was bit color Boa their nice wondering and little if addition Got thinking be a to more think strategy. And a just that you about your LATAM I data Vista, their And assets

Would very them mentioned merger appreciate expand towards can with strong Vista share to any the Boa kind the color regionally. on us. On Is a is -- nationally. you call, there acquisition strategy of more you

Yeah, sure.

we we're first, with to want try December working since progress, to the -- pleased we're been finish So to Vista. of negotiating and the the that. Board Boa conclude We're We've with acquisition.

But we're in number kind that's everything energized about quite about. still of we So talked priority one. December,

First Vista, of Boa our from InterConnect, a to have number the bring globe, up standalone and in they we two our would really new bring bureau foremost, Equifax it's cloud and their market. platforms around like versus capabilities our the credit Ignite the all technology products whether big capabilities as what today substantially we'd

the got performing So They've double-digit that underlying positive. is growth. real is exceptionally business And strong well. a

see Brazil just lot available on. we bunch of in It's data We would of There's expanding. that's a that to want there a market a big focus alternative potential.

we the data about normal which element is that they another As to of Boa banking have outside like we Vista, pointed data that's out, some it. unique unique

in closing forward try on can focused move it. so to negotiations, our we're we So completing

Thanks.

you. Thank

come Andrew Please Truist. your Jeffrey questions next proceed line of Our from with with the questions.

much, that morning. that question Good the mortgage of market of today, anything growth shopping details are taking volumes Mark, engagement. drove mortgage guys. refi, things before as the and you And think given of Hi. do there's collapse think overall obviously, all sort talked I down mortgage the your you've you that usual -- the one digital a greater little too. Has the was if structurally so anything there? for to that purchase that volumes bit is less happened, that and lever, Appreciate the was booming, when which engage driver digitally? were recovers, to do the market So or mortgage a think is I'm we in structurally, digitally has about it changed? customers with Is such more leverage, what is still -- about your Can I such you that you when you want more nice get either guess less leverage, changed same? asking that's

improve your their and instant decisioning. have the mortgage the Yes, to to and our way productivity, in because we a productivity solutions. in drive shorten reductions to more question, the time under And volumes. originator, goal more really always is leverage financial that that And a closing. frame application clearly significant it's to the players reduced between great and it's if the pressure they or only They're of digital believe working about space the the think really are is that now looking through opportunity leading improve -- you and

a in frame has long deciding, it That's can it. of it, the frame shorten the risk it's and data. meaning application labor by changing. if has spending before, talk in out they and going you also And you've As bunch it. the take mortgage consumer the to risk of a time has on $X,XXX know, you've buy I'm a not positive. home, and spent very the instant it consumer that time mortgage of cost expense COGS heard It average involved involved involved It us time in originators around using a in

become So TWN, we more a trend, in data, three around you to conversations expect going meaning accelerate instant, years, couple stronger last this even over embedded and using our as more Instant to the environment. has around been environment, the our which know, in we're mortgage particularly

changing XXXX the of didn't was have and pace processes. the in challenged -- -- the XXXX They over their really time to had. volume by that of on they Some just focus the

do. Now they

very, those our productivity instant all improving employment is improving about government forward income And really Equifax and that under only government, clearly talent. and it's about background going to to speed a Instant doesn't that from the -- and our productivity. verticals, them. of your ours, we're we is Think screener use to of today. And deliver If valuable whether able or drive speed way twin and that to the apply pressure that So focus a you a mortgage, going think very to And is positive our to you're verticals. drive agency, think cost data, they're the do data. like data a service applies

Thanks. helpful. I very That's appreciate it.

next from Blair. with Our is with line the of coming Please your Nicholas Andrew question William proceed questions.

I heard could UK for that. there? or I curious, you Thanks to private and getting a business relationship? touch correctly, given And an a to in exclusive foothold a build I the then K, if XX% sector of pole that employee similar And position if I competitor clarify that important a is especially market, wanted Hi. base, morning. just yours to you said how on U relationship could a of the be ambitions Good the EWS first I taking you within the believe. for wanted ask, win to Services my questions. Verification think made comment about

Yeah.

to over I the new Solutions of international markets think as Workforce been were into. completed we the years, that we've quite clear for last couple cloud, we looking take

really year and payroll As adding go we capabilities UK most started and businesses cloud ago, a then talked on using around the market talk contributors quarter, recently, Australia in been launched earlier, our our both business and to new data into building the in the and to out individual Canada, processors first and we've we call records.

signed to So XX looking and in over the to we've capabilities there. months made We're the the UK. in entity I is with continue years proxy We four last, for grow traction our UK, had -- agreement data we've in I the signed don't handful tax over a four an expand income also in a know agreements Canada the an and and has number, of employment. and years Australia we guess, that positive and last some had but that

That addition so gives So UK. there. in that's of out solutions we coverage us lot a start positive the a rolling been can

of an had data with we've pension -- type data which -- in, In Australia, in kind administrator the accretive equivalent also of that quite W-X brought is also. that got a it that's agreement and has

to footprint to out So workforce. strategy continue international invest and it's clearly part our for of build into

any It believe know then Thank margins wanted Great. to asking ask year you. expecting are reason out a there question for you. type year. year, rate kind to kind that's follow-up, about the for exiting you're if to XX% about number margins. there stable the my that guidance to on in a to of or just looks that if but of you're And base decent you I for like give point for a XXXX? Thank good is And I plus not expect Is late not going a cost-saving quarter underway actions mostly still that think run years? be that fourth starting

Yeah.

XX% XXXX. have in get revenue acceleration about recovery cost by really also driven by talked continuing to we as in benefit to think but significantly the we're expecting cost EBITDA the in And in actions I the quarter the fourth presentation, the of some actions. margins, So a

North benefit additional we'll start see to and cost those also to actions America, benefits additional beyond XXXX. expecting transformation we some from And we're in into cloud get occur benefits So XXXX. to we start cost continue of the go as as complete we're the expecting to

cost So on can we as that XXXX, tailwinds obviously, we out then cost about revenue. will the we XXXX. to are closer get as think certainly get side start But margins into talking continue we XXXX. have our And into benefit still that there tailwinds XXXX we of and

Thank you.

Thank you.

Rosenbaum questions. Our Please with Stifel. of Shlomo line next with questions come your from the proceed

expect golden that And years XX%. to several follow-up. over of in particularly for ramp a little of reduction. I that headcount kind how taking growth? trying next And Thank sure you you're make on then is questions. been do to reducing laying should areas that's NPI and Mark, not non-mortgage the terms And your Hi. the the bit functional driving focus you about you have the Hey, my goose driver we ask a the I what has going I'm big of revenue want a to eggs main by by headcount for harm

to Remember, We're quite the actions quite really and about might the make want imagine, transformation obviously we're related as are of about that, doing we we're to sure bulk Yes. you thoughtful where those. strategic accelerating it. cloud the

contractors. bulk the So technology. are you've the of And got actions a in lot also happening in

have bunch a and cloud efficient and focus as we're characterize The the opportunities hired of around rest and growth. would when taking the new contractors We more I actions includes where normal we those decommission legacy and do we our kind products. while protecting now do focus be of growth to the more thoughtful actions, complete infrastructure on work, to focus take to of that productive our And out.

benefits thing only cloud something investment substantially. everything right? is cheaper. comes we've that from on the starts InterConnect, we faster effort is add level necessary The to and And talking necessary completes the do of to down data one fabric that Ignite It's substantially, of new and running transformation those really through as products become been the launch new can about and launch then real is to I'd transformation as products

good on Mark sure making job we as of what. said, working who So very understand do we is a

because to of specifically transform go a So get take in we the as as out But leverage we product they're them reduce cloud and terms we we launch in on lot expect it faster able to launches cheaper being of transformation. resource, forward, also of infrastructure.

And you. Thank Okay. then…

seen the in something seen. It's It way. EWS already by EWS. we've in isn't we that haven't happened And that

think great a just I it's point, add to on that.

And rollouts, really And in it's Xx months year. to as more the ago, and goal, the mentioned ago, that shown of I to solutions new that our know, kind market we pointed we were more part you have a we bring and year of XX when and in happen John rate that's cloud happening, XX% to going north efficiently as pointed additional and to through new would year today we to they in cloud of XXXX, get on what expect XXXX. ability cloud happen of our we expect continue think the actions we're as then product as run out, out quickly call envisioned we productively, EWS XXXX, meaning John the full benefits, more and go native. what last XXXX, impact long-term in you're

Got just a the then follow-up, little And a Number. to ask environment Work it. bit on more as The it, competitive got about I want

vast market trying market coming kind some in communicating of majority with to you square seeing your volumes threats of analyst community talking talking trying the I the are a competitor are of position market -- the being position You and they're they're them -- are mortgage through? and about about processors, those and to increased what the and that contracts more they're at you're to the have growth that's the with waterfall. the the that mean, of signing seeing. putting just what top I'm

better top I'd waterfall to how not. them with know We if that want that We're the understand to of comment. try don't happens. or where clarify you is

haven't in as them the threat We a seen competitive marketplace.

We're record I additions we quarter think records more in know, our have. as -- -- the added you substantial. are more quite unique they than records

scale relationships to given ability the an got company. individual clearly we've and attract So partnerships new of the

And and commercial from so the then on integrations revenue an a side, seen substantial, standpoint. impact our are so we deep haven't

in can Their outperformance across Solutions see, including of slowed are the down. mortgage. and you Workforce As exceptionally our strong super all is numbers hasn't verticals, strong

And increasingly mortgage historical call. just conference XX Verification in general the strength please valuable records. And incredibly historical have stronger tremendous record Talent, position in an and we Services a certainly and in about Government, that's where talked remember, we even place to on certainly in in base our our in mortgage, is customers,

you. Thank it. Got

you. Thank

Our Kaplan with question proceed Please from next your Stanley. Morgan with coming line is the Toni of questions.

much. so Thanks

was -- could forecasts originations even the decline I And just are lower third-party delta like hoping sometimes But the little XX% would was the that. forecast. know little that felt you a think within optimistic. mortgage I just inquiries think are a I there. bearishness about I First, I The bit there a than bit big pretty talk imply

is your just into maybe And forecast bearish? go so could if Thanks. you why so mortgage

you Yeah. to clear for pretty a we've weekly more quarters daily couple get of on of we're We've trends good in what It's of -- couple quarter, months environment, do. challenging. that because to a a much thing are off, forecasting over difficult very But the first seeing And pretty the think basis. as on and this about year uncertain it's out a inside a I it's meaning last out forecast. been shown it's hard

we've correct I'm last And John, of stuff other if forecasts, I MBA and had believe me outlooks the our the wrong, for year like south consistently.

it real So approach near-term Toni, for a to that's visibility factor conservative out we in new tried happening we into the not our is that our are And we forecast. you originations put which what have in put on basis, most what that's know, And case, call realistic try us. or actually to bearish you a we as outlook it to could or, there. place,

to like better a is right, tend their But the it's USIS a closer Just It's reminder, originations. business, to better. much proxy. originations, EWS, of right? transactions the really which mortgage more lot does look now EWS much is have which bulk behavior, that a shopping

we did we rates as then it about, what also, kind we normal run mean, at is and so And seasonality. I talked looked of assumed just

see from of think some okay? type of if now, I we'll occur, the That could mortgage what and in hearing it third-party does, an But substantial recovery what forecasters you're the of some right terms expectation see is benefit, market. we're market recovery looks seasonality in to to going that wait that going little and more is of year, a happen. its we're it's to start saying before versus to this we're a normal assuming we going

Terrific. trends year? are bit that of the And -- what how a year-to-date broadly expecting seeing, out I on I course think you are spending. play in and Thanks. consumer little you guess, your throughout wanted more about the When to ask you to

were the from of consumer clearly all change seen open They're so thing from there's Toni, some the good spent a their being and low, positive consumer. high they're savings of not strong. so lot October, working Yes. really down savings, unemployment like COVID that's the -- from still they a for but unemployment XXXX. in pandemic they -- we've where still meaning They've being jobs,

So that element is positive. quite

Obviously, at characterize consumer subprime some is consumer, pressuring seen the inflation the the quite we've there. would still But being strong. broadly, delinquencies as low in and uptick we end,

And our in that's Now some outlook continued we're at that's interest when February, look you And the thinking in rising it, layoffs have day, these another about point, half that's factored out talked or we more perhaps here a we for to company outlook. consumer, announcing and of every and freezes. where about rates. second in should hiring economy, it impact uncertain have the into call see with going the to which XXXX we impact part way our an

and On we and background our already basis. I businesses and We then be what I-X seeing But that's expect still at down an in two of think talked a the pricing grow onboarding. length -- year-over-year about. in penetration. over the talent the actual BXB and XX% we've just we volume, businesses because that screening space about I But to hiring expect and side, in product those we're to impacting talked on

have impact. an to So that's going

Perfect. Thanks much. so

Thank you.

of Please the Fargo. with Our Weber next your question. questions with come proceed Wells from line Seth

below way a Hey, represents to there just there morning. any John, year? plan is as guys. year change? from where that year-over-year the from plan -- compensation Good side you're on the Is what to Maybe for quantify is way any going quantify last this to delta what

impact, I exclude are think the basically that in the quarter, if in you margins equity -- quarter, flat. about talked the you first in

were pretty flat. close the impact just And really to equity

in to So we we so tend -- order try things didn't list importance. to of

But and we most that incentive compensation difference So fairly is we're in incentive what incentive compensation. million And change listing is haven't overall savings offsetting obviously well substantial No, -- $XXX the it's the we're quite is sales equity compensation our take can total as sales the the substantial. substantial. you gave we year-on-year. quantified from saving area -- and as

So the biggest it's factor.

seeing the do but on We benefit prices. also some It's costs. royalty our from our as are mortgage. we of Also, get also We in that then significantly as which both we vendors, talked outstanding to EWS for year, pass-through, partners in drive in increases we see higher. side their is and increases to margins outgrow expenses. Workforce fourth revenue a able increasing continue royalties growing an substantially our one do it mortgage about in go quarter, we partners, XX had grow But up. the Solutions, new that exclusive And

with So anyway, those are we're the offsetting cost biggest the that the million in offsetting $XXX savings. things -- that are

it. Got

anticipated actually You follow-up my question.

mentioned Is feel forward this kind higher do guys? going to be of data that you costs royalty and forward of Just -- costs new higher like, these normal going the you just going structurally higher is catch-up a are that you. for more to you this or

there So from the specific comment around everyone mortgage, I think increase a knows vendor, that was probably -- that. was large and a

EWS, their royalties onetime of that effect On they in future. And as model. partner we or and that to So continue just a happens what over the plus time increase we'll grow margins we've XX% an they seen business think see records, in as that's grows. part can even was the deliver

in cost variable have So -- high, cost those beneficial the we because records on on to but but generate -- the are the that margin continues an it's it's be increasing. to those those business, just that costs incur it's a extremely revenue

the I we're through in to costs didn't costs this that see other in the credit right, major are offsetting major systems the to into US continuing duplicate run the or credit is quarter. The third systems we're year mention, because Canadian middle of continuing we and

And that's something incurring, we're the partially savings so cost that something generating. offsetting that's also duplicate is and cost still we're

Got it.

Okay. Thank you very color. the I much. appreciate

you. Thank

from question next your Evercore. with Our of proceed coming Please line is the with David Togut questions.

Thank morning. you. Good

$XXX offset particularly how to with CapEx much And will flow a those by of being two total Looking how reduction at numbers, for OpEx? reduction earnings through the XX then versus of the that XXXX, is million additional Slide reduction, versus expenses? much OpEx spending

of we terms wait capital have specifics, of about in -- but and use just to same we in didn't talk that think going reasonable XXXX. split the it's to talk you probably to expect have I -- before to And see grow, did right, substantial to give execute I'm our about, But from give there's but you split the expense, what XXXX that And talk margins this until continuing to So XXXX ask we do from is expense just transformation. not to we about guidance. expect our on also right? we we savings we

obviously normalizes growth starts -- very obviously mortgage -- savings. And just So accelerate. we're get at enhancement get cost the have growth margin a high revenue to margins high these it's as because we'll also, market then we variable to revenue even through levels, going our

how see up enhancement So expect you environment with decide It's margin more market. goes revenue decide we But what where? a do stable growth do and to mortgage to you. better to a

as just Got beginning year? quantify could the of if price the it. And increase EWS at quick this a follow-up, you

Yeah.

don't and about we don't know, -- for reasons, you price think commercial any I reasons competitive increases. we talk

EWS have and I customers. fall generally think we effective businesses. we clear been been other than fourth increases clear or also more quarter leverage in our the in out pricing to we've them price our roll X/X We've that that our do

customers. the with marketplace it's USIS, in got EWS, negotiated our and for we clarity price International, already because so real And

confidence the gives that of that margin our us year. for in a and So lot revenue element of levers

Understood. Thank you.

Thank you.

Our Please the Sabadra RBC. with next questions. from Ashish is coming line of with question your proceed

Your white investor appreciated. comments in of the go suggest kind there tech into you just Ashish. for and that that the on session Equifax kind terms of of terms layoffs in Maybe concentrated actually collar This building this the talent. benefit high-growth, taking efforts, maybe help Thanks talent? company that of be to really area restructuring type more of are kind had is Mazzoni hiring up Hi. would fill the tech in for in-source high-tech question. color theme Any John could Thanks. could these engineering layoffs new and of

-- function Yes, that? tech sure. for I important clarify for I'm not Could the question. is understand Equifax an About you just sure

employees principally As in and have exiting contractors. our of that planned, and savings that the you largest far, by Most and, -- number been on of technology know, company. the number a from Go completing we're It's working that's always we're plan contractors largest XXXX analytics we're actually data the are the of executing then ahead. out. come the exiting what cloud contractors and those cost

tech hiring? other layoffs tech you if may companies large by in us asking the benefit Were some

yes. Correct,

jobs could So might been by contractors. you if in-source have done that those

always upgrade looking We're to it. improve Yes. and our talent

team differently. strong today, question but got for a think bit sure. answer Maybe little technology the I very I'll a we've

it about people If what's all talent, described, and do hire months pulling very months hard. onboard for the in a great like time the which to it's XX of a you a with tech asked when We're question get ago as great you time current where this year ago, lot we're Today, just shorter back, to that talent we job tech between it are tech ago, finding XX come is was a Equifax. able environment. in year to hiring talent positive companies -- the a ago, environment opening and frames

So for sure.

lens. unemployment the could but XXXX? little lag Great. maybe non-tech upside of that there could Is to the baked into And And question are across industries potential building up? unemployment pick Very due the just nature. maybe severance, a of as these different assumptions back on claims that out claims be then effect of in any bit the a in half helpful. in in year Layoffs broadening are a that different

have be follow XXXX we substantial in we upside from comes forward, certainly we seen But that in closely, you positive. that that yet. really think before our unemployment seen in I unemployment rising a XXXX, a because baked if if just like at claims Today, don't environment get you've haven't business. it in, that it Equifax, will

Thanks color. Great again.

Thank you.

Our come with of with George Goldman from proceed Sachs. next questions. line questions the Tong Please your

morning. Good Thanks. Hi.

mortgage discuss expectations industry for assumptions your volumes year origination Can auto volumes provided for card XXXX. this you and well? as You for for

Yes.

the in those George. disclosed past, haven't We

As volatility, and you will, Equifax. the in past, mortgage transparent know, in just very the you had space it's of been impact we've that -- because in we've around if the

not a were good is in -- in nice saw a -- of quarter what revenue I very general. our we growth in just but the saw in card in volumes, terms think we was have seeing in talked growth about nice we and we fourth also volumes banking banking,

be that trend positive. kind continues right? to was So of flattish, Auto

penetration and gains. We some of think because product, performed pricing well we

fourth we in very think the well we auto terms see substantial in market growth online transactions auto. did So in in We quarter. didn't of

a economy general So to relative through of weakening as said, as assumed year, we are -- we Mark the and where go next today. we've

helpful. it. on growth prequalification credit can card you're Got and that the side, volumes? the with seeing trends marketing you're That's trends to And you related seeing card discuss

the in the that XXXX would gave quarter. which fairly I second in And the strong And for continue and our fairly you outlook guide was in of fourth that XXXX, kind factored expect we guidance to in our into at Yeah, broader in expect a the the we strong economy for broad we half, think in first and level softening a year. certainly on. that's quarter,

XXXX, we it XXXX. the But in expect Marketing to we strong reminder, of because year part was -- some business a throughout some overall, of lapping think better weak we're so part not generally just in a as the last Financial Services our of expecting kind weak performance was XXXX, of and is see expect And Services Marketing offerings product us, because it we business a Financial that improving year. flatten and little for our in it And talked but about we Just year, we're growth out have. we're right? we what

you. Thank Great.

Thank you.

line with question with of Please your Jefferies. next from coming questions. proceed Our is Thind the Surinder

from on you. analyst. following Thank the last the just Hi, questions Mark, up

cycle at of that more? back from that economy XXXX, there's Just as generally as should like cyclicality surprise at we the I anything strength structurally relative mean, maybe how volumes, recession about the would does maybe be to into this kind marketing was the big and mean, about well card, if should I a you're expect around? pull when thinking time like what a the that point? of kind we picture-wise, gauge lenders point to see this we economic perspective this think trying late in auto P spend is seeing does And both of a the you Just if loans, business? different fall of maybe to bit in

before, seen this event than we've different got You've think I a is economic rates interest rapidly. increasing ever right?

also there question You've soft feel it hasn't from working. Friday, people tame in real And going got last tie there's you inflation. meaning the have I'm an the you question level inflation that increases it see and a the like not together. but think rates to That as an that is interest -- be economist, real unemployment the so-called event. there's at continued but try with report interest rate doesn't labor XX is usually been With that -- economic to to going is landing inflation? Normally, be I doesn't increase that, years, to

on they variable all I for And credit companies, when company working. in ran company they're the pay where down their card or up payment credit company their of their working, a aren't services, where financial financial or decade, the bills is tightening bills. start you will a verticals not But service a financial they can't described slow people card when services a

dichotomy in of XXXX, that seeing you've got have the XXXX early parts So that that's clearly pressure. call we and is the I economy an it is

You've got so got they're down, still But they're but belts, you is fairly still of a companies working some are consumer consumer paying our volume. that's is healthy. bills. which their BXB Their that their confidence tightening impacting

out. continue, top disproportionately had. impacted the us. we the weakening we're decline six that doesn't a versus $X.X got We've we've in just of second how $X.X half is to strength of that of little living been XXXX by get on of us first our for assumption then, that six-plus that, of laid for But in the mortgage last peers kind and market half Our it course, is that until a -- of And some mortgage some meaning there's we billion, market the decline another of months, XXXX billion. close impact over recession impacted was we've months mortgage the behind market year, massive

positively, perspective, that. continued to from environment. usual quite our we've And living grow through a So Equifax economic in been has

are right, as extremely about our right? fraud, are and that nicely reminder, we a where even us lot grow So and should are consumer, not necessarily two growth performing markets benefits and allow we are segments have a just think capabilities may think that in within to embedded And of commercial driving that of weaken. as identity you USIS, the that well areas differentiated that but the

question. That was you. Thank my

you. Thank

Our proceed line questions. with next with questions Balsky come from the of your Please America. Heather Bank of

guidance backdrop you my non-mortgage sort and Thank question. how into taking year, things how ask the those about I'd verification for side, -- and that out? Government the thinking you're side into given see workforce, and on about love on the you're your Talent macro Hi. you businesses especially of the shaking businesses to of the those layering both

Yes.

I with think underlying records. verification the jump Remember, talked and businesses that to But well. levers expect starts perform in. can those very it we still has, about that, John we

year then be last records increase in that -- our And going got adding XXXX. records we're in new XX in we've So benefits to year XX% processors XXXX. during XX this

whether non-mortgage So sell rolling those out marketplace. one the benefit products verification. P increases really in growth that got the records every verticals the were it's different verticals verticals positive into, price auto, new loans, cards, that We've in of going We're we government, forward. talent, all in in

So that's a positive.

every just we have Remember And lot penetration of is a verticals for pretty non-mortgage in cards, penetration fairly penetration. verification, in those opportunity. go then government, of a then -- a Like we you auto, of just do P ground loans lot high. P low -- have of there's loans. cover one underlying lot penetration lot But we talent mortgage, market we and opportunities. into a in the there's in

economic XX% verification those. impacts there in and said XXXX. the reduction And flip for to the hiring, is we So where of market happening be in to we What's that talent is but one there? is we've underlying around highlighted that that expect still over the for side some then business the that up place

there also which is services, for be positive an for a to there's people vertical. be that more social Government that going is a if vertical event, going will economic

We grow XXXX. expect through that to positively

non-mortgage Yes. And just total as for a reminder, about XX%. EWS next and Mark already mentioned year expecting that we're

of So non-mortgage, with still that, that end XX% see program, significant in right? pandemic-based reflects see that weakness very, that even is that grow now we'll to strong. very And very and through which we're good and a ERC so. reduction ERC, was still program, there, going you'll the

guide XQ -- necessarily of to into outlook. on the about And baked that I terms about so then Can half. assuming the you're non-mortgage the talked quarters, of in think individual you. in economy to the you know XQ sort help Thank a business, you weakening the fact of half? from how don't us your just cadence but into what's And overall your back Great. back and sort you -- just

to the do tricky getting It's without into quarter.

and an then do. think we I the typically first year given we've for the and quarter for you an which outlook outlook -- don't

the what We kind unusual broader do we -- you XX% visibility add, of the savings also EBITDA profitability the margins to of the gives and acceleration you lot What some cloud that of side. John? margins expect would restructuring because visibility of cost gave a the XX% to else around company, of around you the

enhance we'll those XX% savings we in, second I add, going think cost we on said through So from we all XX-ish, I expect seeing good mean, end in how can right? margins right, really about quarter. And visibility kick the gave it's year. start to substantially the of by the about we fairly to year, the

to So beyond more that, say. not much

you. Thank

you. Thank

your Alwy the proceed with with Bank. Our is Faiza from line Please coming Deutsche next of question questions.

Yes. Hi, thank you.

up growth the maybe type was acceleration, matter XQ. it looks in drove USIS you comment it was in online you XXXX. or what expect just a that And you just business benefit XXXX? can that pricing if specific comps? of on see of there to curious I accelerated business First, to trend Like in BXB that to like expect that follow the how something I'm on wanted in

Yeah.

it of which were X% So online, growth is what acceleration non-mortgage I'm is think a built assumed fourth the the overall I in right? quarter that very, principally we're see about decline through right? than strong. referring the fourth we was planning And we as very what the you the to we've -- that assumed move little from X%, is by going referring non-mortgage And to to was mentioned growth. driven economic that way quarter but about the lower still is conditions overall, fact the weakening we a Mark in year,

that what guidance doing we're XXXX think reflecting just provided. I in the is we And

the year, a So Marketing across return that it across good think also our banking economy level but Services outcome, high, other some some auto, growth we across not level very Financial X% growth we through of shows performance business. with weakens a that then nice growth good and a and in -- think and of continued very is US performance verticals to

well? mortgage, I cycle to going think that that Okay. you primarily business, as BXB business is the that impact is or guess the mentioned, online positively increase you price is nonmortgage in the

take generally every we upon year, dependent market cetera. up position, our products and Yeah, price in varying amounts all commercial et our our position

Yeah. Mortgage price So speaking, be right? January that they increases year. but distributed tend X, defined to wide, it's pretty verticals, throughout much very the case, the has more So other a across change. On the year early right? in always do isn't industry price generally happen

expect as yes, move and quarter, a fourth XXXX. So continue have in benefit get we We event do price. to as certainly we to price price we isn't to expect through of it benefits continue an had the But outside to mortgage. unified

it. you. Got Thank

you. Thank

of line Our is coming next from BNP question Andy proceed your questions. with Please with Grobler the Paribas.

my Hi. much questions. for taking Thank you very

just on one Firstly, the compensation.

level going that that are Where was normal come low, to just it other we're back XXXX. relative stand XXXX? going to Just of you've now? in it's versus unusually clarify, artificially XXXX to more would noted words, and In back kind XXXX to a

Yes.

or rates our the we and that's mortgage it. this change we at think against that. our you inflation the structures market going year, as or are about up And the a performance didn't are plan year, we way anticipate it And to to we right think plan. compensation that for the I time for where missed set last was. underperformed where aligned, might year a out XXXX, plan imagine, interest the way tied In

was substantially we XX%. which XXXX. down in to target So assuming our like compensation In more back XXXX, get be we're would levels,

very XXXX XXXX a a strong overall. was year good strong because right? was year, So was XXXX our comp in

costs Yes. Yes. the so of forth. and on to And kind follow-up just

about cost million? had cloud now the the from next you've increment anyway. expectations year. And the previous You baked plans the your within million is transformation savings $XXX of into savings $XXX versus talked expectations What

Yes.

You million this $XXX said XXXX. it's think next actually is you which I meant year, the year,

sorry. year, this Yes,

didn't we but million that And Yes. accelerating cost out break we the for you, of planned. that is combination of had cloud a savings some the $XXX

think change what earlier, some call deliver into XXXX. we the I we -- cloud expected of no that in in accelerating savings. the to from We're said So the

that cloud XXXX, that We in deliver and XXXX. And company efficiencies across our additional top are $XXX then to years. also said of likely a cost we we've expect is the long-term cost million talked the restructuring cloud incremental in about that, on for additional some savings savings the XXXX at couple broader in last of inside and savings

that's suppose the I question.

In your plan. into savings is terms guide? How of incremental this baked much on year's that longer-term

Yes.

an -- our as We to obviously, have We piece the positive highlighted on that, very out and haven't of morning. number. just it's impact there's incremental really It's conversation accelerated its a sizable a company, to broken this a that the part savings. going cloud

I one And if more. Okay. Thank just may, you.

all? there in and EWS data when determined changing competitor at clients discussions are providers, Just that having is conversations now a fairly from perspective, with the play, those you're

effective We relationships. ability to They're a new not. very have still add

of our think come will I talked the XXXX. this business. we solutions, about scale the year the of in we've adding scale have the and longevity XX of online had technology, during and the we scale their capabilities security workforce that And

data base. over there's power TWN to in immediately to records a of be a record gives at this scale of long partner decade, So we'll set. ability the those a us from runway us to front a continue in that grow the deliver a our rev business of we've adding been lot for to then records for share and And

Okay. Thank much. you very

I would Burns Thank you. over call no for There are questions time. hand at Trevor closing any like now to further to back comments. this the

everybody's any have and can you great questions, me for Thanks if We'll be out you Sam. a time And around, have today. reach to and day.

We does This today's appreciate conclude you. teleconference. Thank your participation.

time, may rest day. of lines and enjoy at this You disconnect your the your