Equifax (EFX) 19 Oct 232023 Q3 Earnings call transcript

Hello, and welcome to the Equifax Q3 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Trevor Burns, Senior Vice President, Head of Corporate and Investor Relations.

Trevor, please go ahead.

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

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

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

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

We certain Equifax will non-GAAP performance. EPS for and be underlying adjusted will of the also to our certain adjusted including adjusted comparability which be operational attributable that financial affect EBITDA, measures, referring items to

from Conduct Recently, Equifax charge cybersecurity reconciliation tables, website. Results with Equifax Info found included Financial and EPS. be agreement section U.K. in our third third quarter measures the the the are XXXX adjusted detailed These which EBITDA at which in IR reached to the excluded relation has adjusted in our financial tab of million, the quarter incident. Financial and earnings non-GAAP Financial in is the in can release with an connection a In Authority, agreement, taken $XX of are

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

morning. Thanks, Trevor, and good

to Slide Turning X.

X% July very a almost with and U.S. and framework a September face mortgage our beyond weakened XX-year substantially to now market moving approaching rates in over X% high. August and above continue mortgage We challenging

EPS on X.X% versus X% currency was third organic basis, a and last X.X% on was of basis per was an on $X.XX up reported a share the quarter And constant billion, $X.XX in constant adjusted up currency Revenue year. basis. X%

we share not In Brazilian of per the EPS, the quarter, in to which bureau $X.XX $XX the August our revenue adjusted third and million July contributed framework was acquired credit had in quarter. for BVS, that

quarter Overall, Equifax Together, midpoint about share. in and $X.XX FX and below mortgage primarily Adjusting EPS July weaker just framework adjusted was July, framework our which in we revenue for $XX market provided the Brazil, in $X.XX the we market these and adjusted about of been the per revenue below impact, by revenue July. would margins midpoint have impacted FX. driven billion $XX items both by EPS the million million exceeded EBITDA provided of U.S. by the excluded third would guidance the mortgage the and and have of

Overall, than during measured mortgage and July substantially of with rates TWN XXX a inquiry XXX expected based points we Mortgage point our guidance. order on increased quarter in our in were weaker the negatively driving basis million. dollar expectations market basis the rate, credit impacted volumes versus revenue revenue volume X.X% negatively the million mortgage treasury XX-year rates July the September. almost about mortgage strengthening The impacted and in increase decline to by volumes our about $X $XX in by mortgage

weaker XX%. in USIS and to strong remains and volumes I the U.S. mortgage EWS X%, relative outperformance industry conditions. down USIS EWS at mortgage was significantly from revenue mortgage about at Mortgage over market reflecting both the XX% referenced

was growth Non-mortgage XX% non-mortgage with X% dollar our growth was last constant up XX% dollar year, up and sequentially. in Non-mortgage quarter. growth a organic constant sequentially bps was up X.X% from EWS up was that XX and basis the sequentially and up USIS points XXX growth was almost revenue from led basis over and a that rate BVS against strong second quarter X%, up XX% the versus XXX by revenue year. up Non-mortgage excluding strengthening points was last strong

X% due U.K. growth debt than to revenue our slightly non-mortgage in was our principally revenue expectations, at lower weaker management organic International business.

another very above record We XX% strong in new framework had growth with long-term quarter which Index, growth is product Vitality XX% NPIs. well a our for

in adjusted lower-than-expected referenced the I we much EBITDA share and $X.XX margins despite delivered adjusted quarter, As of earlier, per revenue mortgage the of EPS XX.X%. third

of absorbing of $X.XX the lower the of impacted the and and with up of in BVS, share. delivered EPS revenue $X.XX adjusted mortgage in $XX sequentially, lower July, by FX we we about impact Excluding million margins of revenue. mortgage significant per while bps XX XX.X%, adjusted negatively adjusted line EPS EBITDA guidance both impact provided The

very $XXX broader We against in and revenue. the reduction which spending margins allowed our lower programs, to delivered million execution us the despite mortgage good cloud sequentially quarter grow

operating We continue run of incremental with in XXXX. $XXX rate to $XX expect over million reductions $XXX benefiting expenses XXXX, and deliver to spending million of million savings in

We cloud quarter. to transformation the also customers good completing cloud the during North migrating make continue progress on American large to our with

exchange both first of the expect Canada half migrations and to We XXXX. USIS cloud complete their credit, in

end the American from New delivered the of about the At was Equifax of North quarter, revenue XX% being Cloud.

will single advantage fabric future. Cloud Equifax competitive Equifax our that convinced the a and to capabilities data provide are in We AI

of adds adjusted $X.XXX look and to includes about $X.XX revenue This expect of EPS margins billion, the from we growth. of EBITDA of $XX X% adjusted our to million revenue we our fourth of midpoint As which ranges. BVS, about guidance XX% the revenue quarter, at

XXX X%, adjusted dollar adjusted margins We versus be be to will expect EBITDA expand with year. last over basis will up growth and organic about points XX% revenue fourth quarter EPS constant up of XX%

expected organic deliver be is growth at XX% of by X%, growth. strong EWS, growth with dollar about led constant over to about Non-mortgage non-mortgage should XX% which

mortgage the market the or million this and in this we is billion guidance provided framework FX quarter majority The sharp $XX BVS, of the fourth drive at $XX excluding $X.XX below the about However, decline. July. of revenue million implied decline midpoint about in

trends volumes we averages, we mortgage of XX% seasonal our down million. normal by substantially about be levels, the consider levels. mortgage this XX $XX revenue percentage U.S. points quarter an down framework. quarter U.S. impacts negatively in currently in mortgage guidance weakening normal July unprecedented year will to mortgage a driving we're November fourth versus remainder declines the more will that assumes for credit these about in which reduction in continue see On the seeing quarter, to 'XX from market the we're be fourth fourth be through At U.S. overall XX% activity about mortgage the XXXX also basis, market and and This assuming mortgage than mortgage in in the guidance implied December. of the the Our inquiries that

in driving quarter in margin versus and the The $XX guidance revenue and the original We net of expect respectfully. EPS negatively FX revenue in share million. our impact EBITDA of XX%, from the reduction by goals reduction to is fourth July quarter a fourth $XX impact our million $X

The million. impacted well almost second very August challenging Fed the are rate struggling to in U.S. in mortgage market revenue such the of the forecast in short has we half as and environment XX-year negatively Xx unprecedented of September time over been bottom the $XX rates highs frame. a increases, XX-month up decline to by as Like accelerated many, as FX mortgage XXXX clearly of market in driving mortgage this

unprecedented mortgage well. the market executing extremely are Outside we decline,

in of are EWS cloud cover cost new remarks, mortgage adding non-mortgage over accelerated customer pace record outperforming we for As are adding remainder executing records last I'll migrations and partnerships non-mortgage our and of growth overall the our markets. continuing beginning the on accelerated expectations XX outgrow both an products our at my In delivering to and and underlying records we our since businesses, plans, million new year.

Outside our results provide in of consumer XXXX, customers seeing U.S. built overview wanted during pandemic about to remains lowest U.S. savings up have exist, broadly however, consumer middle of I Excess the since economy amongst business the and jobs. remain levels record of cover million for and quarter jobs particularly I what who still about our looking people the second unit the the are X Before U.S. against challenging detail, the and declined unemployment in more lower brief is market, mortgage we're which rates and a stable, less are of to about million with resilient. than historic and levels open low XX Credit Employment at represent levels XX% pre-pandemic X%. the are households. delinquency increasing. but consumers, utilization card Credit prime card above for market income consumer.

levels increasing approaching and saw delinquencies, subprime pre-pandemic However, and the year over are now which we levels in the XXXX. borrower above XXXX have past been

we saw largely for above any for as a market of fintech XX% over about XXXX pre-pandemic stable, customer XXXX. subprime still levels and started well consumers, also rates in tightening which delinquency are and and Auto has levels ago. but which are been above well year that represent credit pre-pandemic above below X%. Delinquencies prime levels consumers And in the subprime,

Overall, Equifax to hiring. still a their they consumers the outside current solid market of obligations. mortgage capacity for are keep financial working, have largely When on and

price revenue which Turning Strong a the quarter, to X% return quarter. by XXXX performance of NPI mortgage XX the a us positive again in the XXXX. up record Overall, Solutions TWN is growth, look driven as and Workforce sign was of data, strong the strong drove in X. to actions, positive outperformance of Slide growth, adoption a very impact points we towards mortgage-trended

and added record over Total over which over records additions to incremental year. million TWN now U.S. on or X TWN employment with million we XX% database. XXX database. records the very quarter individuals EWS the unique current now XX% another of with last in of income versus EWS and historic XXX third the relevant of And and million X%, current payroll nonfarm was had up the with people XXX U.S. and both million records respectively, strong the are closed million. XX% an records, current records current XXX to quarter have on SSNs,

white-collar so mortgage team and over XX driving U.S. growth growth acquired has when in EWS million are will that XXXX records benefit, hiring the far recover. markets line revenue Verifier and significantly top The

signed years, in fourth XXXX. agreements added with we've that payroll payroll with past in new X And we records quarter, the deliver XX processors partnerships processors. X During the the over will quarter

software both relationships. of as mortgage As directly of coming XX% about XX% revenue products are a our through third our other current about our with XX% HR Increasingly, pension Services that verification quarter customer products historical revenue as relationships. include Employer of processors, payroll records. administrators reminder, XX% Services with remaining records and The from our are Verification and contributed individual from by more incorporating new records partnerships are about our companies, of services contributed well employers historical

revenue non-mortgage non-mortgage Workforce up a a sequentially. with up basis Turning very very growth Solutions Slide in as revenue third was double-digit a in last reminder, tough of revenue X. EWS points year, the growth comp. return quarter delivered strong XXX course, a which, was growth to rate XX%, about a XX% strong And of

which of very Verification year Services also quarter. growth last XX% year. XX% revenue, against delivered non-mortgage XX% versus represents revenue Verifier growth This under non-mortgage last a in comp was just the challenging

In revenue of with compared growth government, growth up last in timing XX% continued than the very expectations over third was revenue volumes. Government lower strong XX% slightly year to we Medicaid revenue redetermination saw to our due quarter.

next continue expect quarter they the these significant volume as EWS We to will to the year. prior end of complete that capture of redeterminations from second

years. for the penetrate to This During the ACA-related verification verification continue as via in services up contract our determinations, Solutions market. U.S. a the history of Medicare $X.X a services provide part billion X Centers a Equifax's to state-level the extension for allowing value extends services and income contract Medicaid over Healthcare.gov to at to to Workforce quarter, while the Medicaid is we and contract next work largest signed to

for U.S. USDA's social These of commonly give new large Equifax Program, Also Nutrition award EWS during services in level. we Service reflect known of vertical. SNAP. new $XX contracts of the Supplemental at the in value These support the contract to total government began state EWS large quarter, national Food of the a $X data year, contracts awarded provide The as uniqueness a confidence TAM and potential base XXth Workforce local Solutions the with growth is Nutrition Federal, TWN for in supporting the the September $XXX the and verification services million. us delivery which to in billion strong our million contract Assistance future on government

by SNAP see the We well from new growth volume, to USDA. government in the CMS, redeterminations, state enrollment vertical ACA state our as sequential revenue the in Medicaid contract with agreement quarter accelerating further driven expect as penetration growth open fourth from and government pricing renewals from

very U.S. a versus third quarter quarter the in of year in over X% strong hiring. up XXX% was Solutions Talent record last the from growth levels

and heavily services, the penetrated currently hiring BLS third which and reminder, health activity we professional a workers, the has freezes in the including greater technology, broader that services, are XX% a August. seen hiring reported care in to white-collar reduction decline quarter As more and about through financial

by hiring expansion strong market the quarter as new in continued outperformed pricing. the background of XX about digital points We and records percentage we solutions growth, new product TWN screening, delivered in

our of $XXX well growth in revenue U.S. hiring and was XX%, the onboarding business. as million Services up ACA businesses negative driven by growth of our despite Employer in I-X as impact

quarter, offset the declines overall decline to Employer government the suspended expect In in claims. ERC and we as U.S. slightly onboarding new revenue is revenue fourth I-X growth Services has ERC as processing by in

EWS Since of records new in multiple EWS Workforce a compliance cloud-native onboarded first verification, customer access I-X PeopleHQ experience. TWN. PeopleHQ, and together the our also for of about launch best-in-class all the self-service unified launch that solution companies from single sizes announced has employer of we year, this which quarter, the will income and including brings a ACA employer delivers services services, new Earlier Solutions XX,XXX PeopleHQ companies, help portal.

record basis strong continued was Workforce from EWS the XXX and but products to quarter from mortgage well year, Solutions team points The very XX basis last outperforming decline. from price. mortgage headwinds second market perform versus markets up new hiring, of margin penetration, U.S. from adjusted despite XX.X% the macro the and the underlying TWN down growth, EBITDA points

Slide strong due environment was of $XXX expectations of XX% USIS outperformed were on market. was much July revenue credit the USIS and X, strong the million slightly non-mortgage weaker the X% down pricing impact USIS from XX in in discussed X% to drove down that and The up over strong points. shown by our of we revenue delivered quarter. revenue outperformance. about very inquiries up growth As mortgage mortgage X% the mortgage that

very At of $XXX quarter. XX% growth revenue a online USIS non-mortgage XX% and was total organically. strong in revenue the million, total mortgage revenue X% up BXB up was

During the mid-single-digit declines and revenue and from Identity by auto had strong online in insurance and direct-to-consumer. in growth revenue banking telco Fraud in lending growth strong double-digit and commercial and quarter, and offset

with had Services, down in revenue just declines half the consumer X%. strong also USIS that very Financial in in $XX business more offline BXB In in growth count revenue that declines nice marketing, good of double-digit consistent saw performance. the our growth million than wealth first from Marketing new and was business NPI quarter data Prescreen IXI were revenue marketing offset business. from our under

we continue but we reviews, in that risk and by portfolio not space, during our reviews economic fintechs portfolio FIs business, offset larger did Within review see challenging Prescreen, meaningful FIs. weakness the growth with are growth subprime to seen in smaller with see we periods. in account risk-based In typical have and limited a the increase

revenue adjusted XX% the the our well from good $XX with we guided very from quarter channels. XX.X% quarter below DXC to migrate were and the EBITDA strong million, of cloud Solutions mortgage consumer as XX% the in weaker indirect both very market in our and performances impact new technology we as another direct slightly USIS had data Consumer USIS margins spend business of fabric. as higher had customers up

FI complete moving to and to their share capability to large our drive cloud deliver share USIS products which third team a USIS forward. they their new new the pivot expect to new leveraging cloud gains. onboarded are platform, cloud the gains on as customer In quarter, work and to and offense Todd transformation we new deliver

up July had currency below revenue was growth in currency constant to European Slide X. International in currency up our local and decline greater quarter. X% million, X.X% the Europe in Turning the $XXX to expected. collection and revenue was revenue we constant guided in organic down we than XX% to in the debt due X%

strong business. a weaker-than-expected X% was quarter, revenue management our offset a the Spain very up in the by U.K. XX% good decline U.K. business CRA and very performance, Our in debt

strength expect CRA quarter difficult and from we to XX% We the our in growth year. as debt almost in management growth comps lap a continued Europe business deliver from business in fourth the to return last

was currency a growth double-digit XX% growth in very in strong Brazil, product local pricing by off strong driven and introductions and quarter up third America a XX%, revenue, Latin very year, including of Paraguay comping Argentina and the new from last actions.

fourth We quarter. deliver expect to LATAM the in growth revenue double-digit again strong

as points low Asia the up XXX expected. growth in and quarter International delivered EBITDA single-digit adjusted Canada basis Pacific margins both XX.X% sequentially. of we were

expectations. by and Lisa of line against reduction EBITDA margins were execution and our plans The and their points team. up in XXX international driven good growth XX.X% cost improvement Excluding Brazil, our with adjusted was XXXX revenue basis by

Slide overall to a Positively, dollar inside basis XX% of revenue up Turning growth non-mortgage strong XX% sequentially. points acceleration revenue EWS was grew about this was growth points constant with framework. The driven strong non-mortgage basis improvement both growth in quarter, third In X. organic sequentially. organic the XXX XXX an by long-term growth, X%, our of

XX%, quarter, quarter. look be we the XX%, be we delivered expect about the acceleration revenue of driven to in government As levels growth and we The fourth by businesses. expected led in EWS with non-mortgage growth organic X% is the with to growth by again organic to growth third about their of above over talent

about quarter, the Cloud. product our leveraging America. quarter XX. XX%, and again, came of non-mortgage strong our Latin very strong products we growth Slide In a XX% non-mortgage the to quarter, very in third over the was And Vitality record are from and EFX the EWS in revenue New in EFX XXXX VI a by performances performance. EWS new led Cloud We data new to delivered leveraging product EFX introductions differentiated Turning strategy. central XX%

our drive Vitality expect long-term capability Vitality of is Index goal. EFX to which basis XX% Leveraging in about approximately Cloud Index product our rollouts, new above to new XXX XXXX, we points deliver XX%

half infrastructure than USIS in expected USIS are to is first XXXX. to to cloud cloud-native closer is for Second Importantly, new leverage and broadly able momentum new bps completion about higher for be half innovation This positive as XXX up we and products. our

new the we've solutions in that of of line. new These increase expand Cloud top testament the create AI financial to slide, innovation a credit are help the power to while Equifax' -- right products several Equifax driving the side can and driving to the consumers access increase and quarter. new highlighted mainstream On that this in visibility products of introduced

Turning to decisioning Slide new XX. team We're early focused and expanding in and as Vista August, to the as Equifax. products on deploying Boa in our very capabilities excited Brazil Boa and cloud-based the have We're closed like driving growth in to BVS' by Vista well Fraud. expanding verticals analytical and acquisition welcome Identity

August In of EFX the the share. for acquisition X, $XX after by on delivered quarter third was million closed accretive to adjusted Brazil our and period EPS per revenue $X.XX

Going region to revenue Brazil reporting. million be its forward, in for year. $XXX American Brazil we and rate a as Latin expect be And first Equifax included run deliver approximately in to adjusted accretive to our reminder, will EPS in to

guidance. I'd turn over quarter our on now provide John detail fourth full And to year it to more like to John? and

Thanks, Mark.

Turning XX. to Slide

with third EWS and about the quarter. price, credit mortgage in And inquiries As from guidance. and second product mortgage our the quarter July XX% market outperformance XX% about was were and consistent down XX%, mix weaker records Mark than down mentioned,

For quarter, point market On normal quarter. well as mortgage an assuming declines are to seen for in fourth we fourth the inquiries our further the in December. as inquiries October the change the continues have we seasonal estimated percentage XX% credit quarter, on framework the is weakening from credit our based trend about basis, we mortgage fourth be in reduction and down XX July which November in this expect in volume,

below For versus XX% averages, levels which perspective, more the credit XQ market pre-pandemic be extent to the 'XX, inquiry mortgage the than at for approaching XXXX market mortgage down is assumed XXXX. would volumes XX% continues we've

Equifax billion Slide of revenue XQ XX with to in the midpoint. for quarter to is XQ currency $X.XXX our revenue revenue. 'XX. up guidance should Equifax revenue billion growth we at strengthen to provides expect be the the constant and between be fourth XX% XX% Non-mortgage $X.XXX below total XX%. expected of revenue 'XX, details Mortgage In

the is million below. described expected be impact fourth expected we Business quarter than unit framework X%, market as July. $XX to outlined be mortgage quarter the which is revenue up in implied The in Mark of performance revenue Workforce EWS. is impacts referenced to Solutions bulk on lower fourth that about growth the

phases, USIS fourth from mortgage application in should early As into continue revenue the in which greater quarter. we July, discussed benefits the

non-mortgage over XX% EWS revenue fourth return in the will to quarter. year-to-year strong growth

but below should is pace growth However, July. in redeterminations this be is are XX% growth as state than framework from below our from third benefit Government a at we the we framework July strong occurring our saw above slower anticipated. the quarter,

the Services above this saw overall as verticals And the overall that from be would claims. the be framework with BLS continue and hiring from should new that significantly X% quarter ERC growth in also deliver XQ our now more. for has pause year-to-year be below and we announcement with weaker but with seeing to hiring we they July July XX% ERC should Talent as onboarding white-collar framework July will our will growth, at were our down levels Employer below I-X below levels but decelerated down well, IRS revenue both framework from July on

July revenue driven are continued our [ up IV to EBITDA is Consumer USIS This year-to-year our stronger we ] increased saw be we margins from auto X.X% Commercial, expected despite Solutions, pricing framework, by to Non-mortgage expected should XQ quarter revenue and growth expected growth across the in somewhat EWS this of good products. we as lap XXXX X% be Adjusted headwind. than about growth X% actions. about mortgage down XX.X%. the about year-to-year is for Kount in be

lap to cost is the about XX% constant due expected in be principally actions. up BVS addition currency business. XX%, to revenue International up and as are EBITDA to of be growth our expected Adjusted we and to sequentially, headwinds about margins debt in U.K. management revenue due

up is organic our somewhat in of stronger Revenue are cost strong about be to reduction about margins than This X.X% expected cost management, framework. revenue the including was XX%, growth planned July expected EBITDA to be reflecting benefit constant and actions. currency.

deliver million about of fourth quarter. $XX We in revenue the to expect Brazil

EPS EBITDA XQ expected adjusted to an adjusted $X.XX are further is EBITDA discussed. Equifax our 'XX as and below adjusted the set revenue assumed market basis Both And guidance, margin midpoint we and XQ be of 'XX mortgage XX% decline XXX margins high-margin principally we sequentially volumes to are targets at 'XX and about be to the enter XX% Mark in in $X.XX share adjusted reduction as that XX% versus associated the of mortgage EPS due the $X XQ expected to almost midpoint. increase of points. per per that share, up at goals XXXX,

'XX reduced and Slide EPS our our and are XX being guidance. consistent year XXXX XXXX revenue guidance. XQ provides full with our XXXX the specifics adjusted results XQ of

growth currency organic constant non-mortgage strong at of X%. revenue about to XXXX be expect We and revenue growth X% about

to customer migrations. third sequentially, reduction included Total of not was spending expected, expected related see than which million. in the principally capital be for our guidance, million. to addition Capital due the quarter did however, less We to higher in was $XXX XXXX, about expected slightly spending spending the Brazil, previously about spending was $XXX including is in decline the the

as spending focused about migrations progress a $XX Canadian We by We in continue to sequentially to the percentage as CapEx quarter and U.S. fourth million by to expect revenue the remain end we about reducing Data capital XXXX. X% of on to of decline Fabric.

expansion focused XX-plus executing delivering cycle. remain our model, growth on points XX% with over a average basis of margin revenue long-term to on X% We annually

Although EBITDA decline to in of XXXX and our not in the unprecedented XXXX, higher. on focus in it expanding XX% XXXX, revenue mortgage our market margins beyond revenue does prior margins and midterm U.S. our change $X the drive our as toward XX% goal we billion pushes goal out

executing or transformation, growth delivering our improvements. growth on market, our focus delivering including revenue ongoing at above including to continue will outperforming long-term cloud the strong cost and underlying non-mortgage mortgage framework, markets, We our

mortgage XQ to XXXX. at levels market down be would 'XX, for XXXX earlier, market extent the mentioned As versus approaching mortgage have continues the assumed the inquiry we XX% volumes

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

delivered challenging EPS Wrapping range U.S. John. up, Equifax adjusted EBITDA mortgage market. with within the on guidance earnings third its quarter in margins Thanks, adjusted guidance our despite the and

While again, non-mortgage the businesses down constant our including market X% growth of delivered organic and BVS. of overall significantly strong dollar growth was mortgage XX%,

Importantly, quarter. EWS non-mortgage X% delivered strong and non-mortgage over a USIS growth XX% returned a strong

the to quarter We dollar non-mortgage decline businesses, non-mortgage market. to XX% quarter our including and XX% mortgage the revenue guidance execution deliver the third earnings fourth in of which breadth expect above in us and XX%. third allowed Equifax our the quarter XXXX including depth against strong broader despite account accelerate XX%, about for EWS, to constant The in about revenue at of XX% and our about our Cloud and spending international, BVS against program, of reduction

we macro to year another While a on in what perspective be could it's I perspective you to wanted give early a as on provide from rates. to operate at with XXXX plan executing guidance, in against volumes low challenging with levels we 'XX how mortgage our EFX remain XXXX We historically things U.S. with strategy record mortgage control. exit to XXXX we a committed can focus

X% inside XXXX, our outperforming we continuing XX% As we're framework move underlying growth mortgage long-term above-market on: the market. non-mortgage focused to first, and towards

the which by growth. substantially XX% our of milestone allow be the cloud innovation Second, big from on to XXXX our revenue to end in year, approaching transformation will pivot our focus and new team a completing with platforms cloud fully to

we our new revenue our from investments, of our X% goal complete to cloud move of and as long-term CapEx maintenance Third, CapEx products. cloud pivot XXXX spend and expect to we innovation to investments towards and in

towards and cloud $XX spending cloud completion, Aligned in next February, continue to strong broader gives cost reduction XXXX. our Vitality we will second announced half which next we in technology the XXXX execute this complete we the deliver year move of expect cloud. Fifth, against program XX% we savings the with we us of momentum year as to with year performance additional million as carryover

continue product Vitality models on on capabilities bring to USIS will cloud our with XX%. Single much our using closer Data new assets and a the together new We long-term market, goal scores AI bringing focus to innovation including and a of Fabric, focus annual and EWS

focus records XXXX the of to on further W-X acquisition TWN adding strengthen including new traditional dataset, and we'll the pension Sixth, records.

and we'll the mortgage Identity decline and priorities above-market we outperform the vertical grow aligned around the market, financially and in pricing. to Despite X can EWS innovation, Equifax with outperforming continue adding TWN and underlying challenges demonstrated non-mortgage 'XX last, mortgage the M&A in that market, markets for records U.S. our over product data, attractive as new to we 'XX growth Fraud. And revenue from unprecedented years look penetration, differentiated new of last bolt-on strategic our strengthening an

our the and our unique investments new made expanding margin expansion are above-market to as generate TWN revenue growth record XX% XX% delivering we We committed are our data assets. technology, well on from mortgage margins. XX of and basis recovers, in growth our products, to we to framework and medium-term long-term as expansion points poised have market of accelerated cloud additions when And annual of margin X% EBITDA goal

up Cloud that New chapter next that, to bottom businesses Equifax market-leading Single the drive During from we our with and flow our in growth, future. And Fabric data capabilities the new New to we Equifax line, margins of cloud-based cash it questions. building and open are let will Equifax pivot assets and the in top as leveraging New me deliver technology, the higher our differentiated operator, convinced for Cloud expanded free new Data our

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

a question. just Mark, had I

would XX%, guess, negative et I strategy outperforming cetera. next longer, this are is market place potentially there what obviously you've for year current potential or year, to guess, mortgage run If increase but I based decline the been seasonality, you mortgage your curious consistently initiatives further a on, in rate, outperform I I guess, can think in that case, other the put weaker the market -- be. longer in the on just

on mortgage because and levers question to mortgage Yes. that's underlying in believe non-mortgage. Manav, that focus market. your that continue multiple we we outperform both the I'll have

and the to be And over us mortgage. we'll product part USIS, There's deliver about price they extended have new seen expect rollouts inside XXXX. talk of levers of do ability we that obviously the period for you to In that's an because price, want, time. of a and You've if EWS, USIS a USIS.

For year, recall attributes. this be earlier for those underlying example, outperform a the us credit going rolled to you includes new NC+ report positive mortgage that market. out we our to That's

as we mortgage more go there Price records, you EWS products. and can new plus EWS, to more if customers. value an in the then levers same a got We've X more, more have opportunity in And to the big around deliver we leverage obviously. is you've got focus

roll us history. a worth of out XX new Mortgage with like seen months' solutions You've ago, year XX

us will products be a So lever new in space. continued for the mortgage

and of up of the during going new that digit new EWS the we're records, expect those records And that next forward. in rates business, to our in course, the hit that continue we signed mortgage drive year double processors the of payroll quarter, quarter records course, which we growing higher in adding the pipeline quarter, fourth and

the before, then our drive and usage And don't -- last it's ability inside solutions. uniquely, doesn't employment we the data to every more the income as for we've And talked meaning quite of customer mortgage EWS process. have use penetration,

driving verifications to our Verified using solution. manual and we're use still them Some

we've about of have we've So yes, confidence that around characterize our them. lot we ability. a focus I got got levers, new wouldn't but

and mentioned about and there, as and have EWS comments, think with that data think is will our ability solutions future. to the and when but completes cloud mortgage EWS for course, business And the already you each we the X assets getting year another cloud, it in we the I continue, in think market USIS, ability prepared of -- the to combine bring earlier businesses, products non-mortgage to the bring USIS us is for new into USIS

to of of savings obviously, rate Okay. a could the the shortfall Got target be fourth terms and exit you you of, if getting is it. And to in mortgage And versus in that mortgage that then How remind lot know on going cost right that had. a the that coming you that. I think to us quarter, run front, about year? then offset as margin a just XX% the the to XX% is have you headwinds XX%. just for much

we tried on the XX%, first clear, changed. hasn't to be goal think I our

know, carried transparent hasn't couple market 'XX. as for we be mortgage billion that today XX% and $X years, out XX% $X being pushed wanted billion against XXXX that that we But Clearly, we on with focus decline of our to view you As of for to a changed. goal a post of revenue. is the going be

be And a XXXX. post have going we XX%, between In EWS, see path XX in ability businesses, still per leverage the the beyond operating year that in to points grow strong future, We margins XX%. XX%. the the post to then it's basis to

specifically we an XXXX, in savings have the year. They'll as get talked put And into already looking million additional in right, $XX about place significant next reduction of that XXXX. you're drive plans we've at we fact as cost we

that will also We to to weren't get included the migrate which in continue we some cloud, $XX as million. savings

expect we our cost help So have that drive will higher. margins to levers

revenue, revenue we're go for also is we on a for revenue us, giving drive you for as high, XXXX. more So forward. not drive Obviously, us, right? as again, new that is variable that our know, But But way we very margin margins we guidance. as

spread quarter and being of margins think to So because the hits our plan. equity the those right, just the opposed amount about compensation because year expense tend reminder, as lower, a in year, of throughout significant us first first for structure people as next be quarter variable to of

margins as to tend a first move just quarter down. reminder, So

from Andrew Steinerman question JPMorgan. from Next is

I quick. Well, have we'll if quickies. actually -- its see Two

because cadence of as about in was from is, then second Equifax I'm total assuming might The that penetration. Medicaid state to quarter first to additional second review the could quarter. talked be total the it also you revenues quarter, government now mortgage with, higher fourth redetermination has just one revenues? you what a question third do And of percentage the for with us

the first I think question, John, it was XX%.

XX%, yes.

that lower obvious the revenue, be In will the from of third Andrew reasons quarter fourth in on the mortgage. for quarter, percent

meaning give On levers XXXX. in but we momentum had vertical, USDA quarter July, and in. I in large one, some fourth and to had new in John noted alluded of the talked jump government. we not of a that government of Andrew got visibility couple contracts and redeterminations in you and X comments also government, some We've we $XXX us that lot just saw the contracts, positive about which for only contracts, that hope get our government million $X.X to those can billion maybe I'll a visibility on

Those level. well ability us give the our contracts as continue as others to the also at expansion state

government is our inside know, TAM. but billion million in $XXX call a roughly you EWS rate As of run business, $X it vertical

opportunity that to states pipeline our lot vertical. And state agencies at visibility part and we So into XXXX level, and agencies a the there's government the have deal a new new at customers for adding of of a quarter on imagine fourth working levels. you is add state we're for or which of might the

when it's of about the of saw are the third a CMS redeterminations. activate -- On the in state both quarter. actually the actually helpful will state-level and particular, been contract is forecasting more USDA redeterminations, strong clearly those a challenging relationships. very We volume that contract in in addition And

of really I We end line as is out, in complete of second and believe, there'll you expect year, that fourth. second to be continued time continue quarter. those, the point first next then And in to the the the at redeterminations because

more we bit has those. add, work to So forecast a been Anything those, but you on John? challenging closely

to did that the terms from of But the fourth solution best the the think Mark wasn't fourth right? It's end a in quarter. redeterminations, to second it, pacing, saw quarter the level than redeterminations, and in certainly to it the lift completes level we of you in and lower Just and at the difficult we certainly the forecast, still as to the But revenue covered third said, and time said, it just we we're little very expect by right? growth in quarter, expected, the expected. So to although we'd we the quarter. third related see it's as quarter we agree

Autonomous Kelsey from Next Zhu from question Research. is coming

outperformance, outperformance between the quarters? about talked driving you over durable factors vertical, talent the that different this heard What on XX XX point if are percentage outperformance. think biggest is percentage I the the I was next point is XX percentage And factor? that I how wondering, that correctly. few

and from white-collar market think the pleased is were the market down XX% the the the vertical our the we X%, measure, market XX%. We -- that. Yes, was business double with BLS up Talent was down

So close that's that. how you to double get

the to get of points you how that's So outperformance. XX

as really Talent, our price, similar all which isn't a characterize single wouldn't we've It's businesses. drive that really the there really that's driving every And I ability in In got lever -- outperformance. we to year. do

others we're as that XXXX of the do to delivering. go expect value into in our vertical the We we talent like because

quite TAM a $XXX run drive roughly Talent, ability In big million multibillion penetration, uniquely, we of business dollar and to that's that's have the rate. a

history speed productivity immensely lot that of database are valuable our our a and of doing a that employment in still customers there's from verifications standpoint. that have just manual So Talent XXX in are million we jobs

is that's with that think along we So a Talent in price. quite lever durable

Product is another big one.

EWS roll I there. hourly out the You've from match get categories. vertical some almost products kind quarter, job hourly that think, to products more really to and new every solution, for try last of We growth us focused a of narrowly drive around an seen couple rolled quarter Talent to workers out

clearly So new products are a growth.

records. then people in that get jobs the number change roughly addition get a know, attributes States. as year, And of the United million period, and with you we the XX every title job And we pay XX

very drives valuable period additions, every revenue going So from having those jobs a pay is higher drives asset record just which new hit rates, that our forward.

like those have of lot of in our the market, talent markets just levers. outperform do our because with confidence a we to of So we underlying the ability rest

super the origination increased That's a talk question kind is how you if of My was mortgage helpful. it. versus wondering can bit Got the spread trend outperformance I little about between second for the and you calculate EWS? on mortgage.

over know, meaning of do a when the a mortgage XX that consistent. thing will start change the major I'll when shopping consumers mortgage mortgage a qualify John someone and the as that where multiple consumers benefited to determine let to that and a XX Yes. part loan online, business, originator phenomena And it, more that change, you for trying market last, a would they're lot a as been increase, in meaningful to months, rates call in. to Really, starting get. can did USIS is jump is our were that go that's consumer the process, originators. there's been applies first a We've the

COGS Meaning going X,XXX to are or process. mortgage that they invest in of or X,XXX that X,XXX actually

inquiries around the for shopping inquiry the there's be around typically process to poll in a -- on And And we an will, loans. been continue goes There's why or in separated. mortgage really So a And why that's that they'll or closed pulls of you increase in loans Consumers, environment, in side. originations. the have originations if rates. their USIS EWS -- versus on or these more that's back an credit into in really end that USIS with high positive, deliberate inquiries where interest behavior. there's this closed expect

where correlate -- across data we can measures, it originations. including finding that get we're applications good right, and difficult to broadly, other and Just market

you So for know, obviously, are And every what we with determine going our data, on to actually based we USIS, we're EWS do for outperformance right, internal volume also our actuals, right? outperformance based then volume to that on internal as can provide forward, we're we going our data, which own data. you is going which And share quarter, internal measure. volume

our together, driven measure talking mix. our TWN, but we And volume in to is revenue. outperformance. things right, about the growth, said are that's script, our the specific difference is price for between those as record you outperformance And quite And product can we we've as more some our been then understanding and also which and to overall time, by

use stays quarter. that transactions record that data. all that can product, so It's the it's data that batches include mortgage outperformance things and or much with doesn't data are that's can measure because quarter, we internal to driven by is monitoring pricing again, to growth, each share measure approvals, continue that and directly going -- data a better I And deliver forward, validate like transaction application volume each related pure. on volume level the around we'll And we'll mix internal we of that our of we the feel you. And we based really think what

just we because Maybe the as more mortgage file credit we know, reminder, on originations one John, get point, a as have consumer. you every

we on what a originations, but So X-month X-, typically lag. new see the actual they're mortgage

we X-month with obviously own interest those X-, that forecast lag, So based data, around originations. originations. our that own we're between run of data have based lot rates use multiple inputs in this been on mortgage forecasting We challenged on a rates, on we our to tracking, MBA based try increasing. current environment to by have But

from Your Securities. Andrew next question coming Jeffrey Truist from is

all thinking there gotten and has when I'm do get non-verifier about And you contract you these do business to a more the verifier do the think to you non-mortgage take think Verifier, sorry, I here reasons. with start government about 'XX. programs, appreciating business forecast more you different difficult think moving you wins. that going mean, I question government to lot thought account of mortgage, a into for EWS, enumerated as the overall little and perhaps you're maybe guess new guiding -- is that, my especially that bit of weaker than I outside EWS Mark, pieces you little a

characterize to forecast pressure, macro try talked obviously words about no verticals. at for in of in years. is be And There's use market those that a mortgage U.S., whatever large And verticals the balanced as government multiple particularly scale. going would you've impacts around in got In fairly us side, business. in to We've been or conservative, It's more vertical. still -- a that. tried more certainly hiring in want to we're But the verticals it's question. in new you dealing them sure. regards, only bunch. which the some for some talent, the big Yes, like white-collar to some we I or we've these couple Look, last talent and under in

new say challenged the the those government. parts that, pretty us by had in. is there. think we've pricing rollouts, and clients, strong Same really, XXXX, with one or is the dialed think I you product customers, have And 'XX. There's really, about if new new -- complex most adding been that of about clear other of government, redeterminations. of Outside actions businesses both would really we I lot moving visibility for adding pretty a the

we're which product, price. penetration, So we're great is off more years, more comping very more because strong driving

going And are pleased we're the to while businesses. businesses. we've we a to look growth growth delivered of little we're strong where those in bit, to they Those off with had been -- both quarter. really And those the take forward

second from You've accelerated in seen growth and quarter. EWS non-mortgage

going for non-mortgage expect gives more accelerate in us growth again answer to sure. fourth short We positive really balanced quarter, we But forecast momentum XXXX. going Verifier that how your to to into are question be which about, around we there,

Okay. of I of EWS. Yes, pieces And you business that. of terms in characterize last margin that welcome I the competitive could Verifier especially of in sort manual and competitiveness then it that like mortgage of feels obligatory the go you quarter. let question reiterate in just as market of would your think Can There your thinking, ask, kind couple a if just are solution? low

talk tried I mortgage doing about business an customers records. other businesses. about We're misconstrued manual July, think were from change to in not in impact from or No In the our And we somewhat in that Yes. we when the didn't we got, competition for talked what we any have seeing marketplace. work July.

We're data point records they in be a partnerships. We continue our clear by To ability have. is big new today. that to about try to proof competitors' clear competitiveness be what that our aware of to what don't and I'll me, July, have they add our again and well

they I records. want partnered added ability growing XX the the of them. and partners be We with execute And in our of last to That's We strength solutions quarter. really, our couple for deliver point of think, in proof We're a Equifax. to I the X added, years. our to think,

metric think So forward. that's a us I going really for important

from from Needham Your Kyle is next Peterson coming & question Company.

I wanted EWS, on lending touch the bit year-on-year. volumes consumer like that to down within a looks was

loan fairly be see, auto? any Or I is or was whether more based? helpful. any or just it's to that personal concentration, wanted there -- more wanted color would card Just broad

the subprime Yes. continue Maybe level we about got talk the really ago, to at talked we of tightened year macro and about up. kind about a

That's has into clearly bottom over from X happened that quarters. call because out So it, year comping X, to off fourth the But quarter. X, sharp back. starting pulled last, subprime last we as we're really declines go

A are up, base really when but not guy as challenged, strong. delinquencies fairly And you're deliberate The that still back inflation. concern being really unemployment, wage an will combination originations, from that my And consumers that meaning had you prior on afford inflation. while you working. some make can some card there. finding we've talked consumers increase the they've seen around be that product. originations go around by from from been of to is we They've or financial consumer more life, earlier impacted more delinquencies typically pull want old growth, Prime sure

And there. would much We haven't John? you seen add impact anything,

No.

is be concentrated to Mark -- subprime our lenders. and concentrated, more it in on we tend be more consumer as in concentrated more that business, be specific tends said Just our and tend we finance right, to to

more consumer subprime has, a more tend to have fact than we're the because So some that, the coverage seeing weak, that move EWS be revenue fintechs to in concentration in we we around bit seeing we extremely it. tend weak and that our And USIS other for finance. driving broad is we're -- little

then this taken the spending talked the previous know in a on numbers about just and follow-up. the really kind be And reductions some year. That's of you it. 'XX Got helpful. that bit of the benefits guys a have I actions will based

mortgage come Just see, other -- spending if we're be looking kind don't in the just want back side you to guys levers can inquiry on of more things there you are you want there are any of guys things if are going plans kind cost of if next a see, push volumes any to or market, lower-for-longer at, year? to are guys

Yes.

our cloud had as we'll next Feb think of million of as John we from as did mentioned, 'XX, The completion we migrations this savings we we'll mentioned, I the have year. and $XXX And million savings. bulk guidance cost carryover cloud program you know, cloud from and in complete that, additional go and we that, on earlier, $XX year. we but cost through give is as

we're As complete carrying environment we migrations, said, of international as today platforms. Canada cloud we other USIS reminder, those have we expect our where and also and cost environment. we complete environments for, to legacy. in we we have we're and And a double the shut then the a legacy down paying When a

that. that and savings, in have to give 'XX expect on will which we'll the So be incremental and 'XX, we guidance

our want it to to to balanced as Beyond around tight continue going given that in I'd characterize be those we're we're to right kind of XXXX. going in going the environment. belt the invest savings, We're places, keep but to

from Simon question Clinch next Redburn. Our coming is today from

wide forecasts I color and don't I lot industry third -- on A quarter. you're play you back implied your the sort going be for gap. all would already, could a zero in of, divergence around outperformance origination the sort volumes otherwise of just of be maybe seeing wanted the or of asked make would can time volumes versus there's sort of the you questions that we else know, just have terms quarter that been seen to that you've the nothing wanted my just here I mortgage. that seeing measuring in in this again decline you're And to not any of EWS useful. -- to give And maybe have quite there's at sort what been for sure just this And but way

originations what try We that originations what we mentioned X-month earlier. the time between know are to try like a as are to X-, actual frame, We forecast lag forecast.

back to it. if to try forecast, you're we to last you and referring years, and of data X a they're other look years, some It's the X use forecasts, our the MBA thing just long. hard years, X like over on years, If best X consistently

And then factor our also run originations. in current on rates we

to try survey So get the we're to that's because done is MBA forecasting current basis. way on that a more

the order data. I like that originators half to think they survey mortgage in of get

on we're frame. actual our originations is lag then a Ours and on forecast current current based in seeing time what

outperformance against information. and that's what the what and and because We know actuals driving the those can do our USIS volumes we what's outperformance, make explain product, make which really we're going we're driving with be make So performing give we the is that measuring and TWN delivering and our actual actual right? able to going you what important drivers we we data, are that can is, the to are big sure try right? separately levers, across of so how mix. sure to seeing we're providing forward, records, we really you from validate price through. which again, we're think I And we're mean be benefit explain going to we're And to sure we'll we'll

just for mortgage mean as tougher period about want talk dynamics change in period the sort like and going mortgage the that, a -- does that. Great. of a And or way any current I longer prolonged follow-up. we through power, guess market to if think either competitive a that levels, I about for pricing like a EWS

the help in think puts could and you that if about wondering regard. Just us takes

They super so. from directly make they consumer, get this mortgage make about loan In company it We We a that they and as mortgage on to to data We is we're to and that weeks environment data, deliver this X originator. want get more investing in power don't consumer. instant that's have it employment close The sure case, every data. talking in accurate they the think of every originator it. that the valuable delivering instantly. of down they shopping, the sure want path income a of

to we're higher Obviously, products inquiries customers rates from meaning So applicants. ability is takes believe the is very the for verification that we because new going power then dataset, to alternative our for of to time, on our we to uniqueness the labor getting more we our because records, customer to company a industry. meaning do which the getting to the hard going we're don't of mortgage forward the our do and that's happens challenging, and phone that and a solutions, income with the time. also customers the really deliver change pricing all it -- drive manually, And hit do verify to their in see still have is very it

the the we speed So is is -- value and accuracy productivity and deliver.

Rosenbaum Shlomo from Stifel. question from is coming Next

jobs. parts next being of impact fairly has spectrum I the mean want talking I lower first delinquencies. there's the you a but be at some -- little like They're over about talk we months? we're a the that in of good talked We increase I used my does for the credit lot like the just items how Mark, with been end about subprime there's future of how XX were where those The know open while, cash thinking jobs. should the talking business that question, filling a about. about just to bit about the employment open auto spectrum, the already more of up, cards, like

basis? about And then so a you how on are And I this is, follow-up. I a guess go-forward have thinking the first question

you rates, couple have to their let's quarters, a and That's be Yes. When frames. low next or think of to to meaning a interest time outside able you with obviously, us mortgage kind unprecedented market, pay got generally, talk super it fairly Go forward, it's aside. working the and But the of to -- rates. there's going to you change, doesn't feel out of they're bills. obviously really challenging like happening of lot people when what's unemployment leave very me that

big those through confidence And a When extend then they consumers. with generally comp customers delinquencies year. challenged That's as earlier, loans the to have to been for year. stay been levels. pay other mentioned our Most and credit fairly And we're is challenged low. against don't banks low starting business. you subprime have their solutions actually, -- subprime to a bills, continuing And that's do for Subprime has the the of generally in ability fintechs. I

metric is subprime more expect high too, XXXX consumers big stay are view, would being around we through still them. unemployment. I should, but my you the pressuring think is go unemployed, to in that really and around about But I challenged, always inflation as because not those

open I give sideways? for or it back forecast go unemployment year? is going going think So or your down go unemployment about me to to which up, environment this looking question pretty spike good XXXX go only up, of the a don't million with of Is in think If environment your XXXX, next mortgage. business to you in right will to now. people and XX of X million it outside jobs our kind core elements into That's

those kind government is they And going the June end you Or you're get going to that just with this that to done onetime redeterminations, this big by done, something they of after with next going then up we're about a can is bang be annually? it. and comps done back doing government on of tough does then exactly? year, Like how to once work Okay. get talk like once that is

during Yes. Remember COVID. that the redeterminations were suspended

they lifted last President place. over back these years. into didn't requirement, pandemic COVID rule of redeterminations the or the happen couple Once went So Biden

verifications second the really it's first of quarter happening third, frame this -- time in So in the are next and fourth XX-month and completion annual year.

second to they'll the annual have are redeterminations a Post quarter, of requirement the requirement the do that programs.

some from of comp that -- a expect meaningful. elements don't there standpoint, we timing to be So it may be but

apply across programs, government multiple And these Medicaid, just it's subsidized not redeterminations Medicare.

many of we broad in it's more and those. So participate

Jeff Next coming question Meuler from Baird. is from

going keep providing new be you're a this, that but to given metric to to pulling you just back Sorry basis. an ongoing it's on

for it's ago. know upon data how you internal as share if It's you in like at you'd an share is quarter -- me, So change said you're a shifts, to not on there's looking are to records you're there well, calc It's account on you're seeing relative that not said doing your volumes first the footnote if a in outperformance. accounted based and internal price clear I product, to this But think clear for and it market? me year... any at looking data then and don't you dynamics just what accounted you're Estimate is mix.

there share originations. grounding in a we first see And If we remember, off, there in have Jeff. -- the they would were, outperformance. shifts, still don't be If any

mentioned, I have As what at we're of really we you look too, there's look originations. it, seeing originations. from you a lot in which And forecast and diverge is at to MBA

it EWS is we when we X-month our the to to after lag the they in then and a see credit actual on we USIS, business. on originations We credit business remember, file And get originations X- of closed. mortgage posted X and in in see it sides actually see get the

really So we have meaningful data.

that just in to we're divergence we rates. of I personal times. forecasts the some become in view think were My seeing from change trying highlight is the have those industry because rapid of recent larger view my

XX bps. overnight that MBA can last by the hours or That's afternoon. went I month we not did a this but XX think what's ago, rates forecast happening up see

to you're And market. mix, is occur, we're that we'll price product, extent you But between whether in broadly over so over obviously to right? be seeing okay? obviously, we against asking then anything right? and differences what own volume, we're is volume, the the obviously, and every -- again, we so what our which we're would with time, comparing was outperformance disclose time, And to records, the and disclosing our not So happening talk quarter, seeing, think we'll what then about --

and the our that's compares is volume, measure. But can driven disclose metric by mix, what price right, to product, our really we we'll because actually revenue records, every effectively which quarter

we've -- So when for it's very right? what right, talk a long can in long time, about been we doing as I as remember, and USIS

XX to XX years.

More years. than XX

long the against doing revenue we've period So EWS what is comparing about very thing for of we're our time talking same metrics. for a doing for volume USIS the been drivers and now

like just make mortgage. it can the of pulls since? it and mortgage you what origination up? step at all? going up, And in is closed just in sure come I TWN Has been It's that give shift guidance I pandemic. then X.X% per Understood. to It -- used QX unit still share can you number assumption volumes? dynamics comment wanted the to a took the now just the think, Is for us understood on I stable it. Has the down as And

Yes.

internal we're again, terms originations, in So our using of we're data. mortgage volume right? not is What forecasting

you the what So guidance inquiries in XX%, which what that's I worse increase basis than the right? you we down fourth credit July. about percentage we quarter. is think, I gave back And see, to expected points in XX for credit consider, ask in going we're we're the think we'd assuming to

the think calculating basis our we market. that's for it's the on an the of how of so And indication which volumes we're USIS. direction And

We going own on similar which a we mortgage to metric come their focus said, in following. forecast have right? we're actually at to of with try quarter. because using internally some want can we the the have that's to As It's a use that measure visibility we the we we on originations our didn't basis the with EWS quite originations volumes. And We on forecast. measure, up end that time something fourth volume Mark can't for to fourth quarter, internal the generated

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

million Vista. on rate. $XXX touch you like had First, wanted originally revenue know to I Boa I given run

holding the second when $XXX it was quarter, and million in today it you're post cited think I you here that close.

past kind with end bridge how the Just is curious of the if performance the you could business months doing. market that X over how doing, there is

of ownership. kind your as an official now Just it's under update

our in get XX quarters in environment. there kind down days to know, next That's in is there. of our solutions pleased The Brazil. cloud Equifax to of high it from them the on them market number digit. integration We're the like Cloud new We're our the the to very have I ownership, driving market but it in. single of we getting move why perspective to only, active products don't over and going Yes. growing We're of having under the new

platforms which they our InterConnect, to drive a analytics strong going platform, marketplace. and down Ignite, with of that well as some which don't large really will as like in We're have bring Serasa our really the version competitiveness Experian

the integration. months future help small that their integration is a The getting this through the private, for performance, Gosh, into primarily performance, go market take through. we're to company X, the around almost it was was on focused This a it lagging a I of a business probably to X the them business It new process go complex to was complete bit and through publicly process. traded drive but is say, would to the long top integration do energized and the of getting solutions and line. process --

for if clarifying Great. my And follow-up. just then I could ask question a

In terms clarify I decline want of that EWS, XX% talked is sure to the 'XX make that conditions if about, origination for mortgage estimate, market outperformance an want estimate? that's I inquiry in understood that think, an the to persist. I that, or that you first, I

reason Any think widen thinking levers question narrow we a different X those the you can... kind of that, when also, that or for and prolonged that the kind environment, reason just a numbers, gap between -- just gap is if any weak not is then about about levels, market performance. believe gap in there to would And itself, around guys' this the your of to

can John and behind in, me. jump I'll dive in

would your expect environment. high question, inquiries originations First, rate of we in on than to be the mortgage half stronger this the last

a high, want buy are you for a when lot that You if many to around rate a cases, call it still think interest home high change stretching and to get next that's you in mortgage weaker, a of there's shopping to because consumer going but do I a very don't year. environment. you're prices

that that to still see benefit pulls certainly which more shopping I think environment, credit USIS environment. with going will we're in

You to add, on want John, the forecast.

Sure.

rate So XX%, fourth talking the then the statement to run continues, first question, yes, right? stays market the about down XXXX of extent level be specifically in expect for down the if we're we about the the quarter a XX% credit that would was at, that's inquiries to the So... XXXX mortgage

origination? From

mortgage inquiries, XX%. For credit down

give around and market. But outperformance February. guidance penetration that in product XX%, And against then we down against to have businesses both we'll our would Yes. deliver levers against that the in that, price,

Huber question Partners. Research Huber from is next coming Craig Your from

you question, autos and us cards quantify for there the revenue fourth outlook for for quarter? First credit what the can the the and is in performance U.S.

actual the don't we think revenue I numbers. John? Yes. give

indicated in business. is Identity FI really right? quarter. in good well very that thought performed in not, we the had we Fraud well We performed and the nice What and do Kount's had in commercial auto We quarter, we performance performance

actually So quarter auto of and performers revenue the but strong don't FI disclose that growth the for showed us, in we were the levels. specific X very good

third say I expect we from that the in would fourth real is... rate. change Definitely run And don't this quarter quarter

really. No. We're expecting quarter in we're fourth be expecting this continue good to -- businesses those to

is much as out So with your there, argument talked mortgages, you've rates impacting about higher a bit interest then here. obviously the quite

your been You're the here, much with higher not many rates. in impact level not business? for you rate to seeing at Obviously, the business significant from is impact anywhere much an higher XX-year that are years, X% of rates rest approaching seeing has your many, else a

more for rate qualify example, be me parts to haven't. that We But subprime let that originations subprime even again, pressure little being higher that a around challenged there there's then in they're auto, more because deliberate consumer is for challenged. subprime at deliberate like consumer some sometimes been in just that. And from interest

a is massive portion near item space that such impact have you financial auto of time originations or big is of when have higher like prime not originations in services just Mortgage think frame. rates mortgage. had on in rates near is prime the most the ticket no, a they card subprime industry, a short broadly, the small it interest prime. and in over But a And impacted

coming question Faiza Next Bank. is Deutsche from from Alwy

about again ask to wanted I mortgage and So really inquiries.

So in about index is you that comes that quite changes a how down showed I line But XQ Wednesday curious application your and out because applications which decline. know the were XX%, that think the forecast the that bit. I'm every inquiry morning data with MBA MBA

that. you're would would I inquiries have that have have because inquiries about talking better higher done I than thought So would shopping, thought

So what's going really perspective how data with and should just some think give to us that applications. we relative on inquiries into about

Yes.

commentary, internal why think being admittedly, to estimates -- are we're current use to I are that's -- honestly, difficult finding try we by various track that we've in what actual earlier difficult this of market is right? I make. So I estimates So to to our time. think volume trying disclosed can environment, parties shifted to that there's data lots And third of they're think so correlate, pieces right? our that own over to difficult our it

our and have we that the about to better if and data. movements it now, why real be they do and things is relative perspective on our think inquiries what a to us originations environment. actual are and We'll the better right volume that's volume better our is our as we actual it's applications historically, look then talk about you I you, we back given we the think occur, to very be honestly, data in at difficult look it's certainly and volume But driving And for performance happy just that. actual actual we'll to quite to data than time for talk trying

we? Okay. we Understood. ahead application where some X inquiries during Was in then just XXXX? how or maybe what and far pre-pandemic it's inquiries of origination or are this whether for And now. terms or us X for of fall we perspective, Did of sort happened give pandemic down? on again, maybe inquiry X the sort question back X were it of that at in number Are

on Just some now higher perspective are would be how much inquiries helpful.

today, time applications And they've because versus it which years very mortgage of frame, happen majority X X, credit a was years that from different the as last X, online which grown is of is pulls. more phenomenon drives over what well behavior -- the consumer more what really as ago, X

consistent, year, in X X, hasn't it they're they're last up Over but ago, from even meaning the fairly X clearly years last changed the year, ago. years

we you inquiries what you this, know were how the provide look how like, we actual they I But over every can actual in and numbers right. that's disclosed so know the sorry, trending see time. -- what quarter -- movements inquiry again, And

Stanley. coming from Next from Morgan question Toni is Kaplan

price. to for years more of Obviously, contributor Historically, area been a has growth wasn't recent especially pricing big seems in driver now. bureaus but it's like really a for number to overall, the an you've increase you work it been able and

talked I parts in too. also of price new you've points at the products higher think other about introducing business,

come to So well? X% when much the help as Equifax, I from maybe XX% organic like us normalized about And guess regard segments we for like a that growth think of should rate how out with to price increases?

Sure.

about talk for past been for our you history, believe, the here a only years, Equifax always X when years, X sure I've and, over price competitors. not but I'm First, lever has I been

you're for more it's that think things charge of is I more one have you it. if analytics data, able to valuable the companies data have

Price, data execute we sale. that either pure products really through an And sale historical price. ROI Meaning, we new value with do price remember, as point price our you get data more we or is X out, combinations increases. annual our delivering to ways, also more deliver And customers.

to levers XX% to of of USIS the being we EWS that. Day on that a deliver So to north you being driven XX%, and is and have with X% south about to X% And deliver the our Investor are by that if charts each the to to XX%. And go there's really our regards as that a business balanced XX% fairly if back reminder, X% to talk couple organic, think which is of about X% International the levers that to X% years XX%. you of from subset we to where ago,

got term market long a the in points few of You've GDP. over

got a points few price. You've of

X penetration kind we And You've got EWS that's then walk up. that points. of points And we move X Each a couple these top then new you to that records. points of points a And of kind verticals are of points, how got in -- couple a few into. couple a uniquely, driving of from you've product in of line. get

you the added monetize. the from X, to long record and already the X our because record additions that drive think new records, So term over as we points we're on dataset, inquiries revenue. as X, we know, And getting

revenue So growth. that drives the

time characterize disproportionate that it's fairly consistent about in as the have, So we've I the price wouldn't over we it. and here been been I've versus -- executed levers other being how

perspectives in And here then deck model kind supplemental a hours. of that business price publish the next on our benefits the we'll a provide of the for of on each we'll long-term that depending for -- able then And expect growth walk provide gives the and long-term can be for drivers units, drivers between to to drive revenue business basis. how deck cetera, unit you et the in records, we the that of couple a on

So hopefully, help as will that well.

within correctly, XX% Just meaningfully you from that wanting is And mentioned like historical then revenue versus if caught is to your I terrific. mix earlier comments Has a of understand. EWS Yes, that ago? coming your coming changed products year containing records.

slightly EWS talked recall, we've almost, probably pre-cloud. opened meaningfully you the more lot Toni, new or X, ago. as really X number deliver X, And historical may it, months and up a challenging the from do as ago, cloud, which XX one, it, to ago, was from but window about for those new it up are products it's them, And It's to of -- up products. moved a call it's using really we two, number to year trended years data,

the and earlier predominantly kind And data data. of So something those either pre-cloud is we historical Index, which as now combinations end. -- range, talked that, or trended Vitality at about XX. our EWS' was of products, this And X% X% morning seen you've in the probably to like our all north low

is it's indicator. Mark's about Mark's but an over is as a the if it's you And was And a if then XX element, -- sense, indicator it, more It's income going even if think just it's down. common valuable it going stable, last valuable very months if up. important quite it's income very data important today

in in have. massive to deliver points we would expect last that but years. up dataset X we or value we're up, it's X the historical the that's that able XX And to probably XX% So move that

right? significantly, certainly up It's

Yes.

if towards And up now. grown look of across very mortgage broadly about, And Mark's substantially, mortgage you transactions. as data I of because business, Mortgage just think use that's has it by XX and talked moved of XX% of at line trended the

terms moves, can data to to they're generally is It Talent The government so today. more information. of all that ratio point can right, virtually speaking, we're a But it in all mix from our is our trended in mix mix bit. change the verticals, levels driving of a the business then at of bit, the be less, tends trended information. in as time. trended And

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

down was offsetting drill price think and OIS next a tailwind about to USIS tailwinds wanted we further inquiry mortgage into And on How year. this should of just I mortgage on some the pricing. year? significant particularly, Toni's headwinds for revenues within or FICO next those year for going increases question

don't you to increase if to would going Yes. or you FICO know I they're do in the price follow I talked FICO team, but a XXXX. that expect

with that to on. to talk do, along that's obviously conduit and that them. should something we're You they marketplace, the would to we you Experian and if deliver And the execute

helpful Boa very maybe And earnings That's color. the just accretion. Vista on

accretion that pretty takes should quarter. that that perspective was 'XX? $X.XX in in positive you we think So and puts from the 'XX. Is into an about the the run talk Or earnings can about going rate accretion

Yes.

But when you obviously, what in give for was give fourth similar that detail XXXX. So guidance, the it's the third. quarter, to we it we'll in

Wells from from Seth Fargo. Next Weber question is coming

to time running the seems excluding suggest acquisition, thought I asset the Slide at for Vista on of Vista, footnote margins XX% like EBITDA but were were margins Boa a just The higher the that in to on the wanted I follow high up X second. Boa for range.

the onetime that I'm impacted -- X. looking -- is of there just something results there on So there kind costs at were some or like just trying I'm Slide the footnote

Boa them was through And I Mark processes talked Actually, the drive for through about, margins we're But enough. that for below BVS the to the think average -- work making slightly quarter. was Fair expecting saw what the margins was Vista as it yes, the will in for EBITDA footnote, Equifax what margin higher. that the below were over third time, margin. we're investments margin integrating you Equifax into below, Equifax

XXXX. as move right? we've So weeks, as what happens fourth quarter through and into we then reminder, Now a about owned we'll the X see them for

No. That's just just then -- I was That the and of spirit the -- friendly -- But thought that fair. the were follow-up. question. I the another XXs. just acquisition, margins high

we missed $X.X there details more filtering thinking I if the contract in? ratable the contract? how our should that term that just Is any forecasts? the are new When Sorry or this. billion starts, start on rolls that about how into this, But of that over

that's Remember, contract. extension an existing an of Yes.

and It's 'XX quarter in a fourth had the So and certainly we 'XX it and will as larger both in years the and contract for and through we've roll federal at then maybe CMS. state X-plus longer at go level with beyond.

level. we'll obviously take right? the an that revenue next the the what contract opportunity federal with auspices signed, does years maximum extremely drive a revenue which work gives guarantee it's mean certainly to in -- you're generate we've agreement, of with the it Mark way but of contract, as So is going the to us at is you it ever it all think under largest of said, amount revenue Just I up to doesn't positive, as right? a at government is to the and X the over outstanding, the states increasing the look

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

trends an mortgage evidence on vertical. needs and seen previously you some of You've EWS. provide activity of those of within their update Can in-sourcing in-sourcing of verification the outside mortgage

think mean not comments sure or I about use we what we you in-sourcing to records? customers I'm doing work that manual the evidence. terms were in provided referring July George, we Are by was did our have the not where you for

mortgage so They doing hands. because it's than... much they time and down No, are originators so rather because their had apparently much on themselves were just it where volumes

have July, in-house. we in it we was the Iowa, very we efforts the the doing and And discussion the we not manual small in that for had moving and were back did was customers operation where a around our records. was fact that where about talked And

mortgage instant evidence to from any seen solution of shifting haven't originators it using We our themselves. doing

not that a dialogue been from has So Equifax.

true mortgage that the And the assuming same it. of holds outside Got vertical.

That's sure. and for they're solutions. growing business deliver our accuracy. because of our using we're We speed productivity more how Yes, we deliver and

we're the of our So trends manual. back We how expect growth in the one the in existing double-digit we double-digit is and What more effort any in where they're see growth that's those business, you're fourth levers to in the conversions quarter seeing of manual of of that's going the solution. -- no delivering instant using quarter fundamental. to verticals of the

in And Got some customers with seeing trends nongovernment, that sticking to it. and EWS. of Solutions, the trends Verifications can there you're the pricing non-mortgage, Workforce you sensitivity business? discuss then of the

Yes. talent Do too? or you want that, to about talk from exclude talent

Focus Verifications. on

Well, okay.

out loans So of want P trying which and just you're talking about on want to card want you and to you and do and figure leave like auto? in focus part too? -- Or to cover. you I'm out talk verification mortgage to mortgage

Yes, non-mortgage, nongovernment.

talent. nongovernment Non-mortgage, that? Was

I Talent, Yes. guess.

Yes.

because information clear the as So delivers, that value of the the we're around the accuracy we any in scale customers verticals then our the to because around it and dataset. of be to the sensitivity but of balanced got to that are as haven't and our seen pricing productivity using obviously customers the you instant of access solution those well pricing,

much dataset verification payroll of didn't income-producing our including XX% records. on We including And and to valuable working the all talk approaching that is in markets. Americans, XXXX call about Americans, of to and pension, super of those ability we're over nonfarm XX% continue kind add

Vitality have our actually, transactions also of adding is new Index, is or know, a our in delivering you expedite Vitality new help focus Vitality on the that products, as that the really customers big most solutions a -- using of which Instant which exhibited -- complete is data. by And verification, we that lot

No one -- from now Education as other and times, directly. moving we group likes solutions, suite and to But example, to And for selling things of -- this be top right? we able the Talent products to for like provide broader increases. growth many pricing our know additional Talent, segments that people drive care that by Solutions. Like in incentives do in I Talent, I'm get our by we've better price or other us launching the broader said entire products support support across of waterfall, sweat to of sorry, of we're products Solutions one health

We have staffing products.

Equifax, better to system. us from pricing get drive other while have that allow helping products people We through the volumes

try so likes they we be that at people to again, products effective we we So no like we increases, that try to them. want but we know for don't opportunity just one the like -- structure have price purchase to price them balanced, increases, points are the price and

from from America. Bank of Next Heather coming question is Balsky

cloud the touch to wanted migration. I on

when it where, you with help And guess, it's little have what the I'm of from with understand transition, part, lagging bit on So benefits you USIS the sounds been? like what's that seeing first last do you a your regards going to I quarter. transition think plans headwinds curious and said us if could side? can on the kind of with start the we then that

the completing USIS are transformations complex infrastructure line cloud hard. given a cloud can we few months super the finish complex Look, formats is in Yes. This most age transformation we're but had. see that that clearly and in the it. we and executing behind, legacy, the been And has of we're

and of quarter, in our pivot you said migrating big out. as half quarter. point, international earlier, parts customers, be in the early large as XXXX. as with expect fourth will or to platforms we many of we well first And we're Those the complete first USIS that's continue in we'd the point As as speak, a

going seeing goal product to about drive talked And saw We're the we see what at we XX% new is EWS' start expect starting pace, in at rapid above earlier would And to what it. in XX% we benefits? ability rollouts plus. we are very well the to our see to EWS a When USIS.

Index, USIS and XX% basis towards I We XXX which Vitality about grow think we would to Vitality their move today they've points. mentioned is expect grown And of their XX%. south

USIS couple on talked the also transmission the always-on because have the really obviously in calls some and ability in ability data in for to it do and the calls, mentioned, last stability, we've particular, of USIS, we differentiated our to deliver in years, We then expect that X to of faster share about get but data, leveraging gains. last

or And a move the position we that that's obviously, us a is, position. And primary with where second making USIS cloud. is really because large comes to U.S., the that of FI one forward, in which had we tertiary from move where

USIS' in expect 'XX those to come in then new that rollouts and 'XX complete and really we 'XX of the So to cloud and forward help beyond. growth product we gains between would as share rates and more drive

And can I a ask follow-up.

you expanding you about when we wallet it other benefiting share that about it? Or should how think the way? creditors? Are gains, is taking Just talk business and from

the advanced on most secondary we you No. a and When believe, the is you having is, company, is secondary gain cloud. think, an one analytics the to we our because technology, reasons what a moving That's at company. of we're is, this share advantage. And we from to embarked or talk to great technology gut, about great share gains, of where would think be it's tertiary data primary

And digital of to with XX% vast, our doing deliver customers you stability. the of online, when the majority you transactions consumers vast their have their macro overlay

You can't in do legacy that environment. the

cloud, You to do can and have have you transmission. data with only faster

XX%, could we Equifax partner could volume more top be XX% be the become the forward. us up positions, of to advantage be primary think to roll more and Equifax those that going the which going a drive positions that important ability to from more secondary you that's XX%. new XX%, or will XX% So that's lay out on to to solutions then to advantage them, quickly of going it, of And

That And That's really have us between cloud hard from what will getting datasets expect native investment, cloud in front in us that with those to more allow different do data environments we one environments. different are mentioned in pre-cloud USIS. we also USIS. point is USIS and to the would that of the roll X and benefits was legacy we EWS last

differentiated to data USIS you between And know, can between cloud, in us do employment only income solutions EWS Equifax. we going and combination we to having before. combination of Data Single the the in that course, in hard have and data As really that and with went other data was really another forward data to that's and gear them to credit only be do USIS Fabric a that's both for going the

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

Trevor Burns. it's Yes,

reach follow-up me have day. any you Sam. have and Thank a out great please If to Otherwise, questions, you.

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

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