Equifax, Inc. · NYSE:EFX
Equifax — Investor Presentation (November 2022)
80 slides from Equifax's investor presentation, November 2022
Slide 1: Q3 2022 Earnings
October 20, 2022 Q32022 EARNINGS PROPRIETARY | 1
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains certain forward-looking information, including fourth quarter and full year 2022 guidance, to help you understand Equifax and its business environment. All statements that address operating performance and events or developments that we expect or
Slide 3: Non-GAAP disclosure statement
Non-GAAP disclosure statement This presentation contains certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which reflect adjustments for certain items that affect the comparability of our underlying operational performance. Adjusted EPS is defined as net income adjusted fo
Slide 4: Strategic Priorities
Strong 13% organic non-mortgage growth offsetting weak mortgage market 3Q Revenue $1.244B and Adj EPS $1.73 both above high-end of guidance range STRATEGIC PRIORITIES 3Q Non-mortgage C$ revenue up 20% total and 13% organic…Core C$ growth of 19% 3Q US Mortgage Market overall revenue impact consistent
Slide 5: Expanding TAM and Broadening Revenue Base
Expanding TAM and Broadening Revenue Base EFX TAM +$1B Non-Mtg Rev Since 2019 Non-Mortgage Up 3x ~$5.1B Growth Levers US – Empl. Svcs /HR $45B ✓ EWS expansion into US - Govt Talent, Government, US - Talent $3.5B I9 / Onboarding ✓ USIS Identity & ID&F Fraud accelerating ✓ New INTL markets ~$3.9B driv
Slide 6: Strong 3Q Core Revenue Growth
Strong 3Q Core Revenue Growth… 16% Total and 12% Organic… 2022 Outlook delivering 17% growth EFX Strong Core Revenue Growth Continues Core Mortgage Market UC & ERC Note: Mortgage Market growth is that portion of total growth attributable to fluctuations in mortgage volumes, with USIS mortgage related
Slide 7: US B2B Core mortgage growth up 10% in 3Q
US B2B Core mortgage growth up 10% in 3Q… partially offsetting 41% US market decline Total Mortgage Mortgage Market Core Revenue Growth 10% EWS/USIS core mortgage growth 14% EWS core mortgage growth 5% USIS core mortgage growth US B2B Mortgage EWS Mortgage USIS Mortgage Note: Mortgage Market growth i
Slide 8: Workforce Solutions powering EFX
Workforce Solutions powering EFX.… 3Q Core Revenue up 32%; TWN records up 16% EWS core revenue growth consistently above 30%… … with strong future growth levers ✓ TWN record growth - 146M records, +16% YTY ✓ Signed three new exclusive payroll provider arrangements in 3Q… 6 signed in 2022 ✓ Increase
Slide 9: Workforce Solutions 3Q Revenue up 9%
Workforce Solutions 3Q Revenue up 9% Total / Flat Organic… Non-Mortgage up 40%; Adj. EBITDA margins of 49.5% EWS Revenue Continued Strong Performance in 3Q $559M, +9% $1,817M, +21% Verifier Revenue +13% total, +3% organic ✓ Non-mortgage +72% total / +38% Organic +52% ✓ Talent +110% / +50% organic +40
Slide 10: Strong USIS Online B2B non-mortgage growth of 9%
Strong USIS Online B2B non-mortgage growth of 9% … Adjusted EBITDA margins of 34% USIS B2B Non-Mortgage Revenue Growth 3Q22 US Online B2B non-mtg remains strong: ✓ US B2B non-mtg +5% / +3% organic ✓ US Online B2B non-mtg +9% / +6% organic ✓ Offline / Batch down -8% ✓ Consumer Solutions down -1% ✓ Mort
Slide 11: INTL delivered third consecutive quarter of double digit growth
INTL delivered third consecutive quarter of double digit growth; Adj. EBITDA margins of 27% INTL Outperforming Underlying Economies Constant Currency Revenue Growth Key Growth Areas ✓ Broad based growth ✓ EFX Cloud-enabled innovation ✓ Differentiated data and insights ✓ NPI acceleration across INTL p
Slide 12: Leveraging EFX Cloud to accelerate NPI roll-outs
Leveraging EFX Cloud to accelerate NPI roll-outs… expected 2022 Vitality Index of 13%, up 200 bps Vitality Index¹ and NPIs 3Q Product Roll-Outs ● New Mortgage Trended Credit Solution with Telco / TV / Utility Data (USIS) 14% in 3Q Equifax is the first in the industry to begin delivering telecommunica
Slide 13: 2021 and 2022 M&A adding ~$450M+ to run-rate revenue
2021 and 2022 M&A adding ~$450M+ to EFX run-rate revenue 2022 Run-rate Revenue M&A PRIORITIES ~$450M+ / 880+ BPS¹ Date Differentiated Data Strengthen EWS Broaden ID&F Capabilities $175M Insights 4Q21 ✓ ✓ ✓ Kount ID&F 1Q21 ✓ ✓ $115M Midigator 3Q22 ✓ ✓ LawLogix 3Q22 ✓ Data-Credito 1Q22 ✓ Efficient Hire
Slide 14: 4Q Mortgage Outlook
4Q Mortgage Outlook -50%+ YTY, down 400 bps from July Guidance… 2022 Outlook Improves Slightly on Better Than Expected 3Q22 Inquiries Volume and Growth in Consumer Credit Inquiries Serving Mortgage Market EFX 2022 Guidance # of inquiries Assumption YoY Growth 2015-2019 Average level of inquiries 201
Slide 15: 4Q 2022 Guidance
4Q 2022 Guidance 4Q22 $ vs 4Q21 % vs 4Q21 Revenue1 $1,165M - $1,185M (-$88M) - (-$68M) (-7.1%) - (-5.5%)1 Adjusted EPS1 $1.45 - $1.55 / share (-$0.39) - (-$0.29) / share (-21.5%) - (-16.1%) Guidance Specifics Adj. EBITDA Revenue Margins (YTY) Depreciation and amortization ~$79M Business Unit Guidance
Slide 16: 2022 Guidance
2022 Guidance 2022 $ vs 2021 % vs 2021 Revenue1 $5,089M - $5,109M $165M - $185M 3.4% - 3.8%1 Adjusted EPS1 $7.49 - $7.59 / share (-$0.15) - (-$0.05) / share (-2.0%) - (-0.7%) Guidance Specifics Adj. EBITDA Revenue Margins (YTY) Depreciation and amortization ~$322M Business Unit Guidance Amortization
Slide 17: Strong macros and EFX levers for 2023+
Strong macros and EFX levers for 2023+ Macro Drivers 2023 2024 Data More multi-data solutions Digital / Identity $19B TAM growing 20%... Kount, Midigator EFX Growth Levers Workforce Solutions Records, NPI, penetration, pulls, system-to-system USIS Non-mortgage growth accelerates with Cloud Talent So
Slide 18: EFX more resilient and well positioned for potential recession
EFX more resilient and well positioned for potential recession EFX / EWS Revenue Growth Recession Resilient ~5.1B, +5% CC Recession Growth Levers 1. EWS growth… records, EFX penetration, product, Employer, Talent, Government, UC 2. Cloud benefits… cost savings and $1.8B, +5% share gains 3. NPI growth
Slide 19: Strong 20% non-mortgage constant dollar growth powering EFX in 2022
Strong 20% non-mortgage constant dollar growth powering EFX in 2022 3Q revenue of $1.2B up 2%, 20% non-mortgage… seventh consecutive quarter of double-digit core growth EWS growth of 9% / 38% Verifier non-mortgage organic / 32% core; substantially outperforming mortgage market, growing records and pe
Slide 20: Q&A
Q&A PROPRIETARY | 20
Slide 21: Appendix
Appendix PROPRIETARY | 21
Slide 22: Revenue Trends -- US
Revenue Trends -- US % BU Rev² 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Online / Verific. ~80% 70% 75% 57% 34% 29% 33% 28% 13% -Mortgage +100% +100% +50% +20% 6% 3% -13% -28% EWS (~45% -Non-Mortgage 15% 26% 65% 55% 64% 90% 90% 72% EFX Employer Svcs ~20% 32% 17% Flat 39% 28% 33% (3%) (7%) Rev2) -UC /
Slide 23: Revenue Trends -- International and EFX
Revenue Trends -- International and EFX % BU Rev¹ 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 APAC ~30% 4% 7% 21% 8% 9% 6% 6% 6% LatAm ~19% (1%) 1% 30% 17% 15% 23% 28% 34% INTL Canada ~23% 7% 12% 23% 7% 6% 2% 2% 12% (~23% Europe ~28% 4% (4%) 25% 9% 0% 16% 16% 24% EFX - CRA ~17% (2%) (4%) 23% 4% 2% 2% (1
Slide 24: EFX Long Term Framework
EFX Long Term Framework Long Term Financial Framework New EFX Organic revenue growth 7-10% LTFF Revenue Growth M&A contribution 1-2% EWS USIS INTL Total growth 8-12% 13-15% 6-8% 7-9% EBITDA% margin improvement +50 bps Cash EPS growth 12-16% Dividend yield ~1% Annual shareholder return 13-18% Faster
Slide 25: Trevor Burns, Investor Relations
Trevor Burns • Investor Relations • trevor.burns@equifax.com Copyright © 2022 Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc. PROPRIETARY | 25
Slide 26: Investor Relations November 2022
Investor Relations November 2022
Slide 27: Index
Index Pages The New EFX 28-41 Workforce Solutions Overview 42-49 Identity and Fraud Overview 50-53 Security Transformation 54-56 Supplemental Financial Information 57-75 Glossary 76-79 PROPRIETARY | 27
Slide 28: The New EFX
The New EFX PROPRIETARY | 28
Slide 29: The New Equifax… we are just getting started
The New Equifax… we are just getting started EFX Revenue and Core Growth The New EFX Yesterday Today Technology Legacy Cloud-native New EFX $7B Data Siloed Single Data Fabric CAGR: 8-12% Innovation Process-driven Agile, customer-driven NPI Sales-centric Product-centric EWS #2 BU Largest business M&A
Slide 30: The EFX Cloud
The EFX Cloud PROPRIETARY | 30
Slide 31: EFX Transformation to Cloud Native on Track
EFX Transformation to Cloud Native on Track TECHNOLOGY Remediation Migrations, Driving decom Robust NPI Migrate data, Enabled rapid and Build out core decom, and enabling pipeline with products, and global product transformation infrastructure and new new markets & faster path to customers developme
Slide 32: A Robust Foundation for Comprehensive Multi-Data Solutions
A Robust Foundation for Comprehensive Multi-Data 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
Slide 33: The NEW Equifax End-to-End Data Flow
The NEW Equifax End-to-End Data Flow Data Fabric Certain data is ingested into the Equifax environment, and curated, enriched, and purposed. Moving from over 70 data silos, multiple sources of data are organized into a seamless, globally-distributed Data Fabric with logical separation and governing
Slide 34: 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 LATAM (~10% interest) Commercial Credit Employment & Income AUSTRALIA NEW ZEALAND Identity & Fraud Analytics Collections Note: We previously had a jo
Slide 35: A Strong Portfolio of Businesses
A Strong Portfolio of Businesses 2021 Business Mix 2021 Vertical Mix Other Resellers 2% Healthcare 2% 4% 2021 Revenue Growth 2021 Adjusted (Constant $) EBITDA Margin Corporate International 10% 27.6% (Employers) Financial 19% 12% US Telco 4% Information 4% 39.9% Government 7% Solutions Commercial 5%
Slide 36: Workforce Solutions (WS)
Workforce Solutions (WS) Accelerating growth through The Work Number expansion, advanced analytical solutions, and vertical expertise across direct and indirect channels 2021 Revenue Mix - $2,035M Focus Areas Data HUB I-9 Acquisitions Healthcare 5% Commercial 1% • Grow active TWN • Expand adoptions
Slide 37: 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, strong partnerships and 2% 13-15% alternative data 4% ● Growth in new verticals: Talent, 9-11% Government 3% 4% ● Robust set of growth l
Slide 38: 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 2021 Revenue Mix - $1,787M Focus Areas Growth in Core Markets Building Emerging Businesses ● Drive Mortgage
Slide 39: USIS Long Term Growth Framework
USIS Long Term Growth Framework Organic Revenue Growth % LTFF Growth Drivers New EFX ● Enable the digital client experience: ● “Say Yes More” and frictionless, 2-3% 6-8% personalized experiences 5-7% ● Be the leader in identity solutions ~2% ● New product innovation enabled by ~1% differentiated data
Slide 40: 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. 2021 Revenue Mix - $1,102M Focus Areas Resellers Data & Insights Consumer Focus AreasB2B Commercial B2B Healt
Slide 41: 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 42: Workforce Solutions Overview
Workforce Solutions Overview PROPRIETARY | 42
Slide 43: Unique Dual-sided Business Model Driving Growth
Unique Dual-sided Business Model Driving Growth Supply Networks Dual-sided Business Model Demand Networks 580M+ TWN Employer Verification 500M+ records services Insights services TWN and 2.5M inquiries Record analytics contributors Alliance partners Employment System-to-System 51% Records via direct
Slide 44: EWS Delivering Strong Growth, Margin Expansion
EWS Delivering Strong Growth, Margin Expansion Revenue by Year 2017 - 2021 4-Year Revenue by Quarter 2020 - 2022 in Millions CAGR 27% Total EWS $770 $846 $971 $1,461 $2,036 $308 $359 $383 $412 $487 $502 $515 $532 $649 $609 $559 Note: Talent Solutions is included in Verification Services PROPRIETARY |
Slide 45: Multiple Drivers for EWS Revenue Growth
Multiple Drivers for EWS Revenue Growth Number of Contributors (Thousands) 2022 Growth Drivers ● TWN Record Growth +0.7M increase 3Q22 vs. 3Q21 ● Deeper Integration with USIS in Key Verticals: Mortgage, Government, Banking, Auto, FinTech ● Expanding Key Employer Verticals: Number of Records I-9 and
Slide 46: EWS Mortgage Growth
EWS Mortgage Growth: 4-Year CAGR 44% Revenue ($M) Increase Verifications per Loan Distribution Expansion Product Innovation Improve Trade Grow transaction volumes through connector partners Penetration Increase Develop new products, new product materials and training Verification guides that educate c
Slide 47: Other EWS Key Verticals: Products and Trends
Other EWS Key Verticals: Products and Trends Government Talent Solutions Employer Services Optimize Government Social Drive utilization and leverage new Expand I-9 Anywhere adoption and Security Administration (SSA) products based on industry needs usage and launch new solutions Payroll Exchange and
Slide 48: Appriss Insights expands EWS Data Hub
Appriss Insights expands EWS Data Hub for Talent and Government Markets EWS Data Hub Large TAMs Appriss Insights Talent: $5B Government: $2B ✓ 2021 run-rate revenue 88M of $150M, 30%+ growth¹ TANF ✓ 15%+ future growth Employment Professional, SNAP ✓ $75M synergies with EWS Other Business & Pu b lic
Slide 49: Equifax expands verification services globally
Equifax expands industry-leading verification services globally EWS Global Expansion Strategy ● Now available in Australia and ✓ Partner directly with domestic and the United Kingdom - rapidly US multinational employers following rollout in Canada ✓ Provide employer services and ● Increases access, r
Slide 50: Identity and Fraud Alternative Data
Identity and Fraud Alternative Data PROPRIETARY | 50
Slide 51: EFX well positioned within $19B digital identity and fraud prevention market
EFX well positioned within $19B digital identity and fraud prevention market growing in high-teens annually Total Fraud, Risk & Authentication Market at $35B Digital Acceleration with Digital Signals - Luminate’s EFX + Kount 1 Identity & Fraud Solutions to increase approvals and convert more good cu
Slide 52: IDentity Foundry
ID Foundry will leverage Data Fabric to fuel Identity and fraud products with insights created from multi-domain data sources (Equifax + 3rd Party) Intrinsic Value EFX Data Raw Data w/Key Meta Data (e.g. Match Score) 1 Expanding data reach in features, capabilities, and products IDentity Foundry Key
Slide 53: Kount acquisition and new product investment to fuel growth
Kount acquisition and new product investment to fuel EFX identity and fraud growth in 2021 and beyond Revenue Growth Trajectory Financial Highlights ~$215M 20% Kount ● Digital capabilities revenue to grow ~2x growth driven by Kount acquisition and new ~$150M (FY annualized) products High ● Global ap
Slide 54: Security is a Competitive Advantage
Security is a Competitive Advantage PROPRIETARY | 54
Slide 55: Today's Cyber Challenges are Unprecedented
Today’s Cyber Challenges are Unprecedented Security is part of our culture. We overhauled our security capabilities. ● Changed our organizational structure, elevating ● Built a $7.3 million Cyber Fusion Center that supports security to report to our CEO. 24-7 detection and response. ● Gave every emp
Slide 56: For Equifax, Security is a Competitive Advantage
For Equifax, Security is a Competitive Advantage The maturity of our security program Security is no longer a baseline exceeds every major industry average, requirement – it’s a differentiator. as measured by a third party. ● Our highly-skilled team successfully defends against 2021 Control Maturity
Slide 57: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 57
Slide 58: 2022 and 2023 Guidance: Corporate Expense, Capex, D&A, Interest
2022 and 2023 Guidance General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income and Expense, excluding non-recurring costs General Corporate Expense* – 4Q22 Capital Expenditures (incurred) in 4Q22 are expected to be ~$100M+, down from $145M in 4Q21. Capital Expenditures (i
Slide 59: 2019-2022 Effective Income Tax Rate
2019-2022 Effective Income Tax Rate The effective tax rate used in calculating our GAAP and Adjusted EPS is as follows: GAAP EPS Adjusted EPS FY 2020 23.2% 23.7% 1Q 2021 24.4% 25.3% 2Q 2021 22.1% 24.2% 3Q 2021 22.1% 22.8% 4Q 2021 11.0% 21.9% FY 2021 21.2% 23.6% 1Q 2022 26.7% 25.9% 2Q 2022 23.9% 24.7%
Slide 60: 2021 Outstanding performance
2021 Outstanding performance… revenue up 19% and core organic revenue up 22% EFX EWS USIS INTL Revenue $4,924M $2,035M $1,787M $1,102M AS REPORTED AS REPORTED AS REPORTED AS REPORTED Revenue Growth +19% +39% +4% +10% AS REPORTED AS REPORTED AS REPORTED LOCAL CURRENCY Adjusted EBITDA Margin 33.9% 54.
Slide 61: Broad based execution in 2021 to strengthen Equifax
Broad based execution in 2021 to strengthen Equifax Security ● Security Leadership: Capabilities rank in Top 1% of financial services firms (BitSight) and ● Grew TWN records to 136M outperforms averages of 11 major industries (Gartner) ● Significantly expanded TWN record contributors, ● Cloud Security:
Slide 62: 2021 Financial performance excluding and including one-time cloud transformation costs
2021 Financial performance excluding and including one-time cloud transformation costs Excluding One-Time Cloud Transformation Costs Including One-Time Cloud Transformation Costs +22.9% +25.4% Adj. EBITDA ($M) Adj. EBITDA 33.9% margin Revenue ($M) $3,528 $4,128 $4,924 $4,924 - vPY 17.0% 19.3% 19.3%
Slide 63: FY 2021 Equifax Results
FY 2021 Equifax Results Dollars in millions (except per share amounts) FY 2021 FY 2020 Reported Revenue $4,923.9 $4,127.5 Growth % 19.3% 17.7% Local Currency Revenue $4,873.5 $4,152.1 Growth % 18.1% 17.7% GAAP Net Income $744.2 $520.1 Growth % 43.1% 235.4% Adjusted EBITDA Margin 33.9% 36.2% Growth %
Slide 64: FY 2021 Business Unit Performance
FY 2021 Business Unit Performance Reported Local Currency Adj. EBITDA Margin Adj. EBITDA Margin Revenue Growth Revenue Growth Growth / (Decline) Workforce Solutions 39.3% 39.3% 54.6% (60 bps) Verification Services 45.8% 45.8% N/A N/A Employer Services 19.0% 19.0% N/A N/A USIS 4.4% 4.4% 39.9% (270 bps
Slide 65: 3Q 2022 Equifax Results
3Q 2022 Equifax Results Dollars in millions (except per share amounts) 3Q22 3Q21 Reported Revenue $1,244.3 $1,222.9 Growth % 1.8% 14.5% Local Currency Revenue $1,272.9 $1,216.3 Growth % 4.1% 13.9% GAAP Net Income $165.7 $205.4 Growth % -19.3% -10.1% Adjusted EBITDA Margin 32.5% 33.0% Growth % -50 bp
Slide 66: 3Q22 Business Unit Performance
3Q22 Business Unit Performance Reported Local Currency Adj. EBITDA Margin Adj. EBITDA Margin Revenue Growth Revenue Growth Growth / (Decline) Workforce Solutions 8.6% 8.6% 49.5% (440 bps) Verification Services 12.9% 12.9% N/A N/A Employer Services (6.7%) (6.7%) N/A N/A USIS (9.2%) (9.2%) 34.1% (470 b
Slide 67: 3Q22 International Highlights
3Q22 International Highlights Geographic Region Financial Performance Commentary Revenue: $288M, +17% International Adj. EBITDA: $77M, 26.8% B2B Consumer: +12% Asia Pacific Revenue: $87M, +6% B2B Commercial: +10% European Credit Reporting Business: +7% B2B Consumer: +4% Europe Revenue: $81M, +24% B2
Slide 68: 3Q2022 General Corporate Expense, Capital Spending, D&A, Interest
3Q2022 General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income and Expense, excluding non-recurring costs General Corporate Expense* – 3Q22 Capital Expenditures (incurred) in 3Q22 were $161M, up from $121M in 3Q21. $104 million in 3Q22, as compared to $136 million in 3Q21
Slide 69: Strong balance sheet and liquidity
Strong balance sheet and liquidity September 30, 2022 Cash $242M Available Borrowing Capacity¹ $1,337M Total Liquidity $1,579M Leverage Ratio for 3Q22² 3.21x Credit Ratings BBB (S&P) / Baa2 (Moody’s) Next debt maturity: 3.3% $500M Sr Notes Paid Off 10/14/2022 1. $1.5 billion Revolver PROPRIETARY | 69
Slide 70: 2018-2020 Cybersecurity Related Costs and Other Items
2018-2020 Cybersecurity Related Costs and Other Items Dollars in millions FY18 FY19* 1Q20 2Q20 3Q20 4Q20 FY20* CYBERSECURITY RELATED Technology and Data Transformation¹ $307.2 $292.1 $78.6 $85.2 $83.0 $111.5 $358.5 Product Liability $20.4 $3.9 $- $- $- $- $- Legal and Investigative Fees $73.6 $41.3
Slide 71: Cash Flow and Other Metrics
Cash Flow and Other Metrics Dollars in millions 3Q22 3Q21 FY 2021 FY 2020 Operating Cash Flow* $354.9 $398.4 $1,334.8 $946.2 Capital Expenditures (Cash) ($153.0) ($97.4) ($469.0) ($421.3) Free Cash Flow $201.9 $301.0 $865.8 $524.9 Cash Capex as a % Revenue 12.3% 8.0% 9.5% 10.2% Depreciation Expense*
Slide 72: Impact of GCS Integration on Operating Segment Performance
Impact of GCS Integration on Operating Segment Performance In the fourth quarter of 2021 we integrated our Global Consumer Solutions The change in operating segments has been applied business into our U.S. Information Solutions, retrospectively to our segment results for all periods Workforce Soluti
Slide 73: Impact of GCS Integration on Operating Segment Revenue
Impact of GCS Integration on Operating Segment Revenue Revenue Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Workforce Solutions (as reported) $301.6 $352.9 $376.8 $406.5 $1,437.9 $480.9 $495.7 $508.0 $524.9 $2,009.4 Impact of GCS Integration 6.1 6.0 5.9 5.9 23.8 6.
Slide 74: Impact of GCS Integration on Operating Segment Operating Income
Impact of GCS Integration on Operating Segment Operating Income Operating Income Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Workforce Solutions (as reported) $133.5 $174.2 $193.2 $199.8 $700.7 $264.8 $265.2 $253.1 $214.5 $997.5 Impact of GCS Integration 0.7 0.9 0
Slide 75: Impact of GCS Integration on Operating Segment Adjusted EBITDA
Impact of GCS Integration on Operating Segment Adjusted EBITDA Adjusted EBITDA Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Workforce Solutions (as reported) $155.3 $198.9 $217.7 $228.5 $800.3 $285.4 $287.4 $275.8 $257.7 $1,106.3 Impact of GCS Integration 1.4 1.5 1
Slide 76: Glossary
Glossary PROPRIETARY | 76
Slide 77: Glossary
Term Our Definition GLOSSARY A give-to-get model where data providers determine the content of the database, utilization requirements/obligations, and governance Closed Exchange philosophy; generally, all data providers contribute the same amount/type of data in return for their access to the consoli
Slide 78: Technology Glossary
Term Our Definition TECHNOLOGY GLOSSARY A method of project management used in software development that is characterized by the division of tasks into short phases of work Agile and frequent reassessment and adaptation of plans. API – Application A software intermediary that allows two applications
Slide 79: Technology Glossary
Term Our Definition TECHNOLOGY GLOSSARY Data Gateway A system that connects to multiple data sources and provides a single and central point of access to connect to each data source. Data Governance The overall management of the availability, usability, integrity and security of data used in an Enter
Slide 80: Trevor Burns, Investor Relations
Trevor Burns • Investor Relations • trevor.burns@equifax.com Copyright © 2022 Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc. PROPRIETARY | 80