Slide 1: 4Q24 Earnings Review
4Q24 Earnings Review February 6, 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains certain forward-looking information, including first quarter and full year 2025 guidance, to help you understand Equifax and its business environment. All statements that address operating performance and events or developments that we expect or a
Slide 3: Non-GAAP Disclosure Statement
Non-GAAP Disclosure Statement This presentation contains certain non-GAAP financial measures, including Adjusted EPS, Adjusted EBITDA, and Cash Conversion, which reflect adjustments for certain items that affect the comparability of our underlying operational performance. Adjusted EPS is defined as net
Slide 4: Strategic Priorities
Strong strategic execution in 2024… EFX Cloud, AI, NPI / VI, EWS records… strong balance sheet FY24 Revenue up 8% reported and organic C$... Non-Mortgage Organic C$ growth of 7% and Mortgage growth of 13% .. Adj EPS $7.29 up over 8.5% STRATEGIC PRIORITIES Strong execution against EFX2027 Strategic P
Slide 5: 4Q pressured by FX and weaker hiring / mortgage markets … Adj EPS up 17% to $2.12
4Q pressured by FX and weaker hiring / mortgage markets … Adj EPS up 17% to $2.12 Accelerating Revenue Strong Cost US Mortgage Strong Adj EBITDA $1.4B Management Revenue Balance Sheet Margins Adjusted EPS $2.12 35.4%..in line Leverage +7% / +9% C$ up 17%... midpoint Strong +29% 110M with expectation
Slide 6: Strong 10% EWS Verifier revenue growth... Government up strong 11%
Strong 10% EWS Verifier revenue growth... Government up strong 11%... Mortgage up 17%... double digit Mortgage outperformance EWS Revenue EWS Revenue Up 7% $2,316M $2,434M $603M $613M $620M $598M Verifier revenue up 10% total Flat +5% +1% +5% +7% +7% ✓ Non-Mortgage up 8% total ● Government up 11% ● Ta
Slide 7: TWN records up 12% in 2024…15 new strategic partnerships signed
TWN records up 12% in 2024…15 new strategic partnerships signed Total US Records ✓ TWN active records up 12% to 188M… ~225M Unique Individuals total records up 12% to 734M supporting trended income / employment needs for Mortgage and Talent Solutions customers ✓ 4.2M companies contribute records 188
Slide 8: USIS Mortgage revenue up 47%… improving Credit Card trends
USIS Mortgage revenue up 47%… improving Credit Card trends USIS Revenue USIS Revenue Up 10%+ $1,720M $1,893M $465M ✓ Mortgage up 47%, Credit Inquiries1 Flat $478M $477M $472M +4% +10% +10% +7% +12% +10% ✓ Non-Mortgage up 2%+ ✓ Consumer solutions up 9% ✓ B2B Non-Mortgage up 1% Non-Mtg +7% +2% +1% +1%
Slide 9: Strong 11% INTL C$ revenue growth led by LATAM
Strong 11% INTL C$ revenue growth led by LATAM Constant Currency Revenue Growth Key Growth Areas ✓ Significant Cloud transformation progress… Canada Consumer and Commercial migrations to data fabric complete 0% BVS(1) ✓ Brazil integration progressing well ✓ Strong double digit NPI +11% ✓ EFX Cloud-en
Slide 10: Strong, broad based 12% NPI Vitality Index in 4Q
Strong, broad based 12% NPI Vitality Index in 4Q … rolling out OnlyEquifax solutions New Product Vitality Index1 OnlyEquifaxTM ✓ Differentiated data (EWS alongside USIS) 10% ✓ Helping clients gain LT deeper insights into Goal consumer credit worthiness ✓ Supports lender process optimization ✓ Launchi
Slide 11: 2025 Framework: C$ rev up ~6% pressured by weak Mortgage inquiry assumption
2025 Framework: C$ rev up ~6% pressured by weak -12% Mortgage inquiry assumption. Non-Mortgage up ~6% Macro Factors Workforce Solutions International ✓ US GDP growth up ~2% ● Revenue growth over ~7% ● C$ revenue growth ~7% ● Verification Services ~8% ● Broad based growth driven by ✓ US Mortgage hard
Slide 12: USIS Mortgage weaker from higher rates … 2025 inquiries down ~12%
USIS Mortgage weaker from higher rates … 2025 inquiries down ~12% Mortgage Market Credit Inquiries (Hard Pulls*) Guidance Assumption YoY Growth 2015-2019 Average Level of Inquiries Number of Inquiries 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Full year 15% 12% (-6%) (-8%) 6.5% 47% (-7.5
Slide 13: 2025 Guidance
2025 Guidance 2025 $ vs 2024 % vs 2024 Revenue1 $5,890M - $6,010M $209M - $329M 3.7% - 5.8%1 Adjusted EPS $7.25 - $7.65 / share ($0.04) - $0.36 / share (0.5%) - 5.0% Free Cash Flow ~$900M ~$87M ~10.7% Revenue Adj. EBITDA Business Units Growth Rate Margins (YTY) Guidance Specifics Workforce Solutions
Slide 14: 1Q25 Guidance
1Q25 Guidance 1Q 2025 $ vs 1Q 2024 % vs 1Q 2024 Revenue1 $1,390M - $1,420M $1M - $31M 0.0% - 2.2%1 Adjusted EPS $1.33 - $1.43 / share ($0.17) - ($0.07) / share (11.3%) - (4.6%) Revenue Adj. EBITDA Business Units Growth Rate Margins (YTY) Guidance Specifics Workforce Solutions ~1.0% ~49.0% Depreciatio
Slide 15: Accelerating FCF driving better Cash Conversion, leverage reduction in LT Framework
Accelerating FCF driving better Cash Conversion, leverage reduction in LT Framework Free Cash Flow Cash Conversion1 ~$900M ~95% 95%+ 89% $813M Strong 2025+ FCF 62% ✓ Continue bolt-on $516M M&A adding 1-2 3.0M points revenue annually 134M Unique ✓ Restart dividend growth ✓ Multi-year buyback program
Slide 16: $1B+ Revenue upside in 2026+ as Mortgage market returns to normal
$1B+ Revenue upside in 2026+ as Mortgage market returns to normal EFX USIS Hard Mortgage Credit Inquiries Down ~(-50%) EFX Mortgage Revenue ~$2.4B 2026+ ~$1.2B Opportunity ~$1.2B Over 50% below 2015 - 2019 USIS Hard Credit Inquiry Level ~$1.2B Mortgage revenue upside as market returns to 2015-19 lev
Slide 17: Strong LT Framework delivers top line growth, margin expansion, and expanding FCF
Strong LT Framework delivers top line growth, margin expansion, and expanding FCF for bolt-on M&A and to return cash to shareholders Long Term Financial ✓ 8-12% LT revenue growth… New EFX Framework 10% Vitality Index Organic revenue growth 7-10% ✓ Capital allocation… 1-2 pts from Bolt-on M&A focused
Slide 18: The NewEFX… driving innovation through Cloud-native technology, AI and differentiated data
The NewEFX… driving innovation through Cloud-native technology, AI and differentiated data assets Technology Innovation Capital Allocation ✓ Cloud native ✓ Leverage EFX Cloud… ✓ Accelerating FCF and Single data fabric cash conversion ✓ Always-on stability ✓ Differentiated data ✓ Lower CapEX focused ✓
Slide 19: PROPRIETARY | 19
PROPRIETARY | 19
Slide 20: Trevor Burns • Investor Relations
Trevor Burns • Investor Relations • trevor.burns@equifax.com Copyright © 2025, Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc.
Slide 21: Investor Relations February 2025
Investor Relations February 2025
Slide 22: Index
Index Pages The New EFX 23-35 Workforce Solutions Overview 36-40 Supplemental Financial Information 41-45 PROPRIETARY | 22
Slide 23: The New EFX
The New EFX PROPRIETARY | 23
Slide 24: The New Equifax… we are just getting started
The New Equifax… we are just getting started EFX Revenue Growth The New EFX Yesterday Today New EFX Technology Legacy Cloud-native Data Siloed Single Data Fabric Innovation Process-driven EFX.AI, Only EFX NPI Sales-centric Product-centric EWS #2 BU Largest business EWS, ID&F, unique M&A Opportunisti
Slide 25: Expanding TAM and Broadening Revenue Base
Expanding TAM and Broadening Revenue Base EFX TAM +~$2.0B Non-Mtg Rev Since 2019 Up 3x ~$5.95B $50B $5.7B $5.3B Brazil US – Empl. Svcs /HR US - Govt US - Talent ~$4.8B $4.6B $3.5B $4.3B Mtg ID&F $2.8B Non-mtg Traditional Credit Bureau Note: This slide contains forward-looking information, including
Slide 26: The EFX Cloud
The EFX Cloud PROPRIETARY | 26
Slide 27: A Robust Foundation for Comprehensive Solutions
A Robust Foundation for Comprehensive Solutions Insights are Created Through Connected and Differentiated Data Consumer Telco, Cable Employment Consumer Education & Credit & Utility & Income Consented Credentials Traditional Unique Direct from Information Degree, & Specialty National Data Employers O
Slide 28: Broadening Our Global Presence in Important Growth Markets
Broadening Our Global Presence in Important Growth Markets CANADA UNITED KINGDOM UNITED STATES IBERIA INDIA Key Revenue Drivers Consumer Credit Brazil Commercial Credit LATAM Employment & Income AUSTRALIA NEW ZEALAND Identity & Fraud Analytics Collections PROPRIETARY | 28
Slide 29: A Strong Portfolio of Businesses
A Strong Portfolio of Businesses 2024 Business Mix 2024 Vertical Mix Other 3% 2024 Revenue Growth 2024 Adjusted Resellers 3% ID&F (Constant $) EBITDA Margin Healthcare 1% 5% Financial International +19% 27.6% 20% Corporate US (Employers) Telco 2% Information +10% 34.5% 14% Commercial 4% Solutions Co
Slide 30: Workforce Solutions (WS)
Workforce Solutions (WS) Accelerating growth through The Work Number expansion, advanced analytical solutions, and vertical expertise across direct and indirect channels 2024 Revenue Mix - $2,434M Focus Areas Data HUB Innovation Acquisitions • Grow TWN records • AI powered new • Augment Employer (W2
Slide 31: EWS Long Term Growth Framework
EWS Long Term Growth Framework Organic Revenue Growth % LTFF Growth Drivers Employer ● The Work Number® record growth thru Verifier New EFX Services direct clients, strategic partnerships and 2% 13-15% alternative data 4% ● Growth in new verticals: Government, 9-11% Talent 3% 4% ● Robust set of growt
Slide 32: US Information Solutions (USIS)
US Information Solutions (USIS) Strengthen our foundation of assets and capabilities while investing in solutions and adjacencies that accelerate sustainable growth in existing and new markets Focus Areas 2024 Revenue Mix - $1,893M Identity & Fraud Core Markets Other 5% • Fuel growth from Kount & •
Slide 33: USIS Long Term Growth Framework
USIS Long Term Growth Framework Organic Revenue Growth % LTFF Growth Drivers New EFX ● New product innovation enabled by differentiated data, EFX Cloud, EFX.AI, 2-3% 6-8% Only EFX (EWS + USIS) 5-7% ● Enable the digital client experience: ~2% “Say Yes More” and frictionless, ~1% personalized experienc
Slide 34: International (INTL)
International (INTL) Address customer needs through unique data assets to drive insights delivered via strategic technology platforms complemented by M&A for geographic and domain expansion Focus Areas 2024 Revenue Mix - $1,354M Data & Insights Leverage Focus Innovation Areas Consumer B2B Other ● Us
Slide 35: INTL Long Term Growth Framework
INTL Long Term Growth Framework Organic1 Revenue Growth % LTFF Growth Drivers New EFX ● EFX Cloud-enabled innovation 8-10% 7-9% ● Differentiated data and insights 1.0-1.5% 1.5-2.0% ● NPI acceleration across INTL platforms 2.5-3.0% Regions ● Global platforms in local markets range between ● Bolt-on M&
Slide 36: Workforce Solutions Overview
Workforce Solutions Overview PROPRIETARY | 36
Slide 37: Unique Dual-sided Business Model Driving Growth
Unique Dual-sided Business Model Driving Growth Supply Networks Dual-sided Business Model Demand Networks 734M TWN Employer Verification 500M+ records services Insights services TWN and 4.2M inquiries Record analytics contributors Alliance partners Employment System-to-System 42% Records via direct c
Slide 38: Multiple Drivers for EWS Revenue Growth
Multiple Drivers for EWS Revenue Growth Number of Contributors (Thousands) 2024 Growth Drivers +1.2M increase 4Q24 vs. 4Q23 ● TWN Record Growth ● Penetration, More Pulls ● New Products / Use Cases Number of Records +20M increase (Millions) 4Q24 vs. 4Q23 ● Data Hub Expansion 137M Unique SSNs ● M&A In
Slide 39: ~$13B EWS Growth Opportunity
~$13B EWS Growth Opportunity TAM ($B) Market Share % EWS Revenue Opportunity EFX Other Players / Manual / Lack of Adoption $15B Talent Sol $5B ~10% 90% ~$2B Empl. Svcs 16% 84% Government $5B ~15% 85% ~$13B ~20% 80% ~$11B Verification Employer $2B Housing1 $1.5B ~40% 60% $2.4B Cons. Fin.2 $1.5B ~15% 8
Slide 40: EWS Non-Mortgage Products and Trends
EWS Non-Mortgage Products and Trends 4Q24: $193M; +11% 4Q24: $112M; +2% 4Q24: $93M; -9% Government Talent Solutions Employer Services Increase CMS penetration, expand Drive utilization and leverage new Grow adoption of I-9 & Federal and State contracts products based on industry needs Onboarding pro
Slide 41: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 41
Slide 42: 4Q 2024 Business Unit Performance
4Q 2024 Business Unit Performance Reported Local Currency Adj. EBITDA Margin Adj. EBITDA Margin Revenue Growth Revenue Growth Growth / (Decline) Workforce Solutions 6.9% 6.9% 51.9% 70 bps Verification Services 10.4% 10.4% N/A N/A Employer Services (8.8%) (8.8%) N/A N/A USIS 10.5% 10.5% 38.3% 320 bps
Slide 43: 4Q2024 - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other
4Q2024 - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income and Expense, excluding non-recurring costs General Corporate Expense (Including D&A)* – 4Q24 Capital Expenditures (incurred) in 4Q24 were $117M, down from $137M in $122M in 4Q24, as compared to $112M in 4Q23
Slide 44: 1Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A, Interest
1Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income and Expense, excluding non-recurring costs Capital Expenditures (incurred) in 1Q25 are expected to be ~$115M, down General Corporate Expense (including D&A) * – 1Q25 from $125M in 1Q24. Capital
Slide 45: Strong balance sheet and liquidity
Strong balance sheet and liquidity December 31, 2024 Cash $169.9M Available Borrowing Capacity¹ $1,212.1M Total Liquidity $1,382.0M Leverage Ratio for 4Q24² 2.59x Credit Ratings BBB (S&P) / Baa2 (Moody’s) Next debt maturity: 2.60% $400M Sr Notes Due 12/15/2025 1. $1.5 billion Revolver 2. Covenant co
Slide 46: Trevor Burns • Investor Relations
Trevor Burns • Investor Relations • trevor.burns@equifax.com Copyright © 2023, Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc.