Q2 2024 Equifax Inc Earnings Call Transcript
Key Points
- Equifax Inc (EFX) reported strong second-quarter revenue of $1.43 billion, up 9% year-over-year, exceeding the top end of their April guidance.
- The company has made significant progress in its cloud transformation, with over 80% of revenue expected to be in the Equifax cloud by the end of July and 90% by year-end.
- Equifax Inc (EFX) saw strong growth in its global non-mortgage businesses, which represent about 80% of total revenue, with a 13% constant currency revenue growth.
- Workforce Solutions revenue was up 5%, driven by very strong 20% growth in non-mortgage verification services.
- International revenue grew by 28% in constant currency, with strong performances in Latin America and Europe.
- USIS non-mortgage revenue growth was only 1%, which was weaker than expected, partly due to the focus on completing cloud migrations.
- EWS mortgage revenue was down nearly 12%, consistent with expectations but still a decline.
- Employer Services revenue decreased by 11%, primarily due to lower ERC revenue.
- USIS adjusted EBITDA margins were 33.2%, below expectations due to lower-than-expected revenue growth.
- The company continues to face challenges in the auto market, impacted by tight credit conditions and higher interest rates.
Hello, and welcome to the Equifax Inc Q2 2024 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 Investor Relations. Please go ahead, Trevor.
Thanks, and good morning. Welcome to today's conference call. I'm Trevor Burns. With me today are Mark Begor, Chief Executive Officer; and John Gamble, Chief Financial Officer. Today's call is being recorded and an archive of the recording will be available later today in the IR calendar section of the News and Events tab at our Investor Relations website.
During the call, we've been making reference to certain materials that can be seen down in the Presentations section of the News and Events tab at our IR website. These materials are lebelled 2Q 2024 earnings conference call. Also, we will make certain forward-looking statements, including third quarter and full year 2024 guidance to
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