Q1 2024 Equifax Inc Earnings Call

April 18, 2024

Operator: Hello and welcome to the Equifax Inc Q1 2024 Earnings Conference Call. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. You may be placed into the question queue at any time by pressing star 1 on your telephone keypad, and we do ask that you limit yourselves to one question and one follow-up. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Trevor Burns, Senior Vice President and Head of Corporate Investor Relations. Please go ahead, Trevor.

Operator: Hello, and welcome to the Equifax Inc. Q1 2024 earnings conference call. If anyone should require operator assistance, please press star zero on your telephone keypad. A question-and-answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad, and we do ask that you limit yourselves to one question and one follow-up. 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.

Hello, and welcome to the Equifax, Inc. Q1, 'twenty 'twenty four earnings conference call. If anyone should require operator assistance. Please press star zero on your telephone keypad, a question and answer session will follow the formal presentation. He may be placed in the question queue at any time by pressing star one on your telephone keypad.

And we do ask you limit yourself to one question and one follow up as a reminder, this conference is being recorded its now my pleasure to turn the call over to Trevor Burns Senior Vice President head of corporate Investor Relations. Please go ahead Trevor.

Operator: 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.

Trevor Burns: Good morning. Thanks. 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 and on our IR website. During the call, we'll be making reference to certain materials, which can also be found in the presentation section of the News and Events tab on our IR website. These materials are labeled 1Q 2024 Earnings Conference Call. Also, when they may concern forward looking statements, including second quarter and full year 2024 guidance, to help you understand Equifax and its business at heart. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2023 Form 10-K and subsequent filings. We will also be referring to certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which will be adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release and can be found in the financial results section of the financial info tab on our website. Now, I'd like to turn it over to Mark.

Trevor Burns: Good morning, guys welcome.

Welcome to today's conference call I'm Trevor Burns with me today are Mark people, Chief Executive Officer, and John Gamble, Chief Financial Officer.

Trevor Burns: With me today are Mark Begor, Chief Executive Officer, and John Gamble, Chief Financial Officer. This call is being recorded. An archive of the recording will be available later today in the IR Calendar section of the News and Events tab and on our IR website. During the call, we'll be making reference to certain materials, which can also be found in the presentation section of the News and Events tab on our Iowa website. These materials are labeled 1Q2024, earnings comp... Also, when they can serve as a basis for Lipman's Table, including second quarter and full year 2024 guidance, to help you understand Equifax and its business at heart. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2023 Form 10-K and subsequent filings. We will also be referring to certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which are adjusted for certain items that affect the comparability of our underlying operational performance.

Trevor Burns: Today's call is being recorded.

Trevor Burns: Having a recording will be available later today.

Trevor Burns: IR calendar section.

Trevor Burns: And our IR website.

Trevor Burns: During the call.

Trevor Burns: Reference certain materials can.

Trevor Burns: Also be challenging.

Trevor Burns: In case of inception.

Use of events at our IR website.

Trevor Burns: These materials are available one change.

Trevor Burns: Core earnings conference call.

Trevor Burns: Certain forward looking statements, including second quarter and full year guidance to help you.

Speaker Change: I understand that.

Speaker Change: Apartments.

Trevor Burns: These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2023 Form 10-K and subsequent filings. We will also be referring to certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which are adjusted for certain items that affect the comparability of our underlying operational performance.

Speaker Change: And this involved a number of risks.

Speaker Change: Geez.

Speaker Change: Factors that could cause actual results to differ materially from expectations.

Trevor Burns: Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2023 Form 10-K and subsequent filings. We will also be referring to certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which will be adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release and can be found in the financial results section of the financial info tab at our IR website. Now, I'd like to turn it over to Mark.

Certain risk factors that may impact our business are set forth in filings with the SEC, including our 2023 Form 10-K and subsequent filings. We will also be referring to certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which will be adjusted for certain items that affect the comparability of our underlying operational performance. These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release and can be found in the financial results section of the financial info tab at our IR website. Now, I'd like to turn it over to Mark.

Speaker Change: Certain risk factors that may impact your business.

Speaker Change: 14 salaries from TSMC.

Speaker Change: On slide 23.

Subsequent package.

Speaker Change: We will also be referring to certain non-GAAP financial measures, including adjusted EPS, and adjusted EBITDA, which will be adjusted for certain items that affect it.

Speaker Change: Okay.

Speaker Change: On the operational performance.

Trevor Burns: These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release and can be found in the financial results section of the financial info tab on our website. Now, I'd like to turn it over to Mark. Thank you, Trevor, and good morning. Turning to slide four, we're off to a strong start in 2024. First quarter reported revenue of $1.389 billion was up 7% at the high end of our February framework. Adjusted EBITDA margins of 29.1% were slightly above our expectations, and adjusted EPS of $1.50 a share was well above the high end of our estimates. Total U.S. mortgage revenue was up 6% in the quarter, stronger than expected. The strength in mortgage revenue was in USIS, where mortgage revenue was up 38% against credit inquiries that were down 19%, and 700 basis points better than expected, and continued strong performance in our new mortgage prequalification products. EWS mortgage revenue was down 15% and consistent with our expectations.

Speaker Change: Measures are detailed in reconciliation tables, which are included with our earnings release. It can be found in the financial results section.

Speaker Change: The financial incentives.

Speaker Change: Our website now.

Speaker Change: It looks like.

Speaker Change: Mark.

Mark Begor: Thanks, Trevor, and good morning. Turning to slide four, we're off to a strong start in 2024. First quarter reported revenue of $1.389 billion was up 7% at the high end of our February framework. Adjusted EBITDA margins of 29.1% were slightly above our expectations, and adjusted EPS of $1.50 a share was well above the high end of our guidance. Total US mortgage revenue was up 6% in the quarter, stronger than expected. The strength in mortgage revenue was in USIS, where mortgage revenue was up 38% against credit inquiries that were down 19% and 700 basis points better than expected, and continued strong performance in our new mortgage pre-qual products. EWS mortgage revenue was down 15% and consistent with our expectations.

Mark: Thank you Trevor and good morning.

Mark W. Begor: Thank you, Trevor, and good morning. Turning to slide four, we're off to a strong start in 2024. First quarter reported revenue of $1.389 billion was up 7% at the high end of our February framework. Adjusted EBITDA margins of 29.1% were slightly above our expectations, and adjusted EPS of $1.50 a share was well above the high end of our guidance. Total U.S. mortgage revenue was up 6% in the quarter, stronger than expected. The strength in mortgage revenue was in USIS, where mortgage revenue was up 38% against credit inquiries that were down 19%, and 700 basis points better than expected, and continued strong performance in our new mortgage prequalification products. EWS mortgage revenue was down 15% and consistent with our expectations. Twin inquiries at down 22% were slightly better than expected, and this was offset by slightly lower than expected revenue per inquiry, principally driven by product and customer mix. Our global non-mortgage businesses, which represented about 80% of total revenue in the quarter, had strong 9% constant currency revenue growth, which is well within our 8-12% long-term revenue growth framework. This was slightly below our expectation of 9.5% non-mortgage revenue growth. Non-Mortgage Organic Consonant Currency Revenue Growth was 5% in the first quarter.

Speaker Change: Turning to slide four we're off to a strong start to 2024.

Speaker Change: First quarter reported revenue of 1.389 billion was up 7% at the high end about February framework.

Speaker Change: Adjusted EBITDA margins of 29, 1%.

Speaker Change: Slightly above our expectations and adjusted EPS of $1 50, a share was well above the high end of our guidance.

Speaker Change: The U S mortgage revenue was up 6% in the quarter stronger than expected.

Speaker Change: Strength in mortgage revenue was in U S. I S, where mortgage revenue was up 38% against credit inquiries that were down 19% and 700 basis points better than expected and continued strong performance of our mortgage pre qual products.

Speaker Change: U S mortgage revenue was down 15% and consistent with our expectations twin inquiries are down 22% were slightly better than expected and this was offset by slightly lower than expected revenue per inquiry, principally driven by product and customer mix.

Mark W. Begor: Twitter inquiries at down 22% were slightly better than expected, and this was offset by slightly lower than expected revenue per inquiry, principally driven by product and customer metrics. Our global non-mortgage businesses, which represented about 80% of total revenue in the quarter, had strong 9% constant currency revenue growth, which is well within our 8-12% long-term revenue growth framework. This was slightly below our expectation of 9.5% non-mortgage revenue growth. Non-Mortgage Organic Consonant Currency Revenue Growth was 5% in the first quarter.

Mark Begor: Twin inquiries that down 22% were slightly better than expected, and this was offset by slightly lower than expected revenue per inquiry, principally driven by product and customer mix. Our global non-mortgage businesses, which represented about 80% of total revenue in the quarter, had strong 9% constant currency revenue growth, which is well within our 8% to 12% long-term revenue growth framework. This was slightly below our expectation of 9.5% non-mortgage revenue growth. Non-mortgage organic constant currency revenue growth was 5% in the first quarter. At the BU level, EWS verifier non-mortgage revenue was up a strong 15% and stronger than expected, driven by very strong 35% growth in government and good growth in auto, and debt management, slightly offset by some weaknesses in talent. Employer revenue was down 10% and weaker than expected.

Twin inquiries that down 22% were slightly better than expected, and this was offset by slightly lower than expected revenue per inquiry, principally driven by product and customer mix. Our global non-mortgage businesses, which represented about 80% of total revenue in the quarter, had strong 9% constant currency revenue growth, which is well within our 8% to 12% long-term revenue growth framework. This was slightly below our expectation of 9.5% non-mortgage revenue growth. Non-mortgage organic constant currency revenue growth was 5% in the first quarter. At the BU level, EWS verifier non-mortgage revenue was up a strong 15% and stronger than expected, driven by very strong 35% growth in government and good growth in auto, and debt management, slightly offset by some weaknesses in talent. Employer revenue was down 10% and weaker than expected.

Our global non mortgage businesses, which represented about 80% of total revenue in the quarter had strong 9% constant currency revenue growth, which is well within our 8% to 12% long term long term revenue growth framework.

Speaker Change: This was slightly below our expectation of nine 5% non mortgage revenue growth.

Speaker Change: Non mortgage organic constant currency revenue growth was 5% in the first quarter.

Mark W. Begor: At the BU level, EWS verifier non-mortgage revenue was up a strong 15% and stronger than expected, driven by very strong 35% growth in government and good growth in auto and debt management, slightly offset by some weaknesses in talent. Employer revenue was down 10% and weaker than expected. This was principally driven by a more rapid decline in ERC revenue than we expected and delays in state government processing of Watsi claims. ERC is now at a run rate of under $3 million a quarter and should stay at about that level for the rest of the year. For Watsi , the federal requirements for states to validate Watsi claims changed late last year, and most states have not yet completed the changes required to process claims, which dampened our revenue in the quarter. This impacted our Watsi revenue in the first quarter, but we expect this to be a timing issue, and this essentially creates a backlog of Watsi submissions that will have to be completed by the states, that will begin turning to revenue as state processing accelerates in the remainder of 2024. Offsetting these declines in the quarter, we saw mid-single-digit growth in I-9 and onboarding revenue. And going forward, we expect employer revenue, including ERC, to be up low single-digit percentages for the remainder of 2024.

Speaker Change: At the Bu level UWS verifier non mortgage revenue was up a strong 15% and stronger than expected driven by a very strong 35% growth in government and good growth in auto and debt management.

Speaker Change: We offset by some weaknesses.

Speaker Change: Alan.

Speaker Change: Employer revenue was down 10% and weaker than expected. This was principally driven by a more rapid decline in ERC revenue than we expected and delays in state government processes, what's he claims.

Mark Begor: This was principally driven by a more rapid decline in ERC revenue than we expected, and delays in state government processing of WATC claims. ERC is now at a run rate of under $3 million a quarter and should stay at about that level for the rest of the year. For WATC, the federal requirements for states to validate WATC claims changed late last year, and most states have not yet completed the changes required to process claims, which dampened our revenue in the quarter. This impacted our WATC revenue in the first quarter, but we expect this to be a timing issue as this essentially creates a backlog of WATC submissions that will have to be completed by the states that will begin turning into revenue as state processing accelerates in the remainder of 2024.

This was principally driven by a more rapid decline in ERC revenue than we expected, and delays in state government processing of WATC claims. ERC is now at a run rate of under $3 million a quarter and should stay at about that level for the rest of the year. For WATC, the federal requirements for states to validate WATC claims changed late last year, and most states have not yet completed the changes required to process claims, which dampened our revenue in the quarter. This impacted our WATC revenue in the first quarter, but we expect this to be a timing issue as this essentially creates a backlog of WATC submissions that will have to be completed by the states that will begin turning into revenue as state processing accelerates in the remainder of 2024.

Mark W. Begor: This was principally driven by a more rapid decline in ERC revenue than we expected and delays in state government processing of WOTC claims. ERC is now at a run rate of under $3 million a quarter and should stay at about that level for the rest of the year. For WOTC, the federal requirements for states to validate WOTC claims changed late last year, and most states have not yet completed the changes required to process claims, which dampened our revenue in the quarter. This impacted our WOTC revenue in the first quarter, but we expect this to be a timing issue, and this essentially creates a backlog of WOTC submissions that will have to be completed by the states that will begin turning to revenue as state processing accelerates in the remainder of 2024. Offsetting these declines in the quarter, we saw mid-single-digit growth in I-9 and onboarding revenue. And going forward, we expect employer revenue, including ERC, to be up low single-digit percentages for the remainder of 2024.

Speaker Change: <unk> is now at a run rate of about $3 million a quarter and should stay at about that level for the rest of the year.

Speaker Change: Or what's even better requirements for states to validate what he claims change late last year and most states have not yet completed the changes required to process claims, which dampened our revenue for the quarter.

Mark W. Begor: This impacted our WOTC revenue in the first quarter, but we expect this to be a timing issue, and this essentially creates a backlog of WOTC submissions that will have to be completed by the states that will begin turning to revenue as state processing accelerates in the remainder of 2024. Offsetting these declines in the quarter, we saw mid-single-digit growth in I-9 and onboarding revenue. And going forward, we expect employer revenue, including ERC, to be up low single-digit percentages for the remainder of 2024.

Speaker Change: This impacted our watch revenue in the first quarter, but we expect this to be a timing issue and this essentially creates a backlog of Watson submissions that will have to be completed by the states that will begin turning to revenue state processing accelerates through the remainder of 2024.

Mark Begor: Offsetting these declines in the quarter, we saw mid-single-digit growth in I-9 and onboarding revenue. Going forward, we expect employer revenue, including ERC, to be up low single-digit percentages for the remainder of 2024. In total, EWS non-mortgage revenue was up 7%, and overall EWS revenue was up 1%. Adjusted EBITDA margins at EWS of 51.1% were over 50 basis points stronger than our expectations from strong operating leverage and strong performance. USIS had a very strong quarter with revenue of 10%, its highest quarterly revenue growth in three years, even against the 19% mortgage market decline. As I referenced earlier, mortgage revenue was up 38% and stronger than expected from market and pricing pass-through and our new pre-qual solution. Non-mortgage revenue was up 1% and was weaker than expected.

Offsetting these declines in the quarter, we saw mid-single-digit growth in I-9 and onboarding revenue. Going forward, we expect employer revenue, including ERC, to be up low single-digit percentages for the remainder of 2024. In total, EWS non-mortgage revenue was up 7%, and overall EWS revenue was up 1%. Adjusted EBITDA margins at EWS of 51.1% were over 50 basis points stronger than our expectations from strong operating leverage and strong performance. USIS had a very strong quarter with revenue of 10%, its highest quarterly revenue growth in three years, even against the 19% mortgage market decline. As I referenced earlier, mortgage revenue was up 38% and stronger than expected from market and pricing pass-through and our new pre-qual solution. Non-mortgage revenue was up 1% and was weaker than expected.

Speaker Change: Offsetting these declines in the quarter, we saw mid single digit growth in I nine and Onboarding revenue.

Speaker Change: And going forward, we expect employer revenue, including ERC to be up low single digit percentages for the remainder of 2024.

Mark W. Begor: In total, EWS non-mortgage revenue was up 7%, and overall EWS revenue was up 1%, and adjusted EBITDA margins at EWS at 51.1%, were over 50 basis points stronger than our expectations from strong operating leverage and strong performance. USIS had a very strong quarter with revenue of 10%, its highest quarterly revenue growth in three years, even against the 19% mortgage market decline. As I referenced earlier, mortgage revenue was up 38% and stronger than expected from market and pricing pass-through and our new pre-qualification solution. Non-mortgage revenue was up 1% and was weaker than expected. Although we had very strong double-digit growth in account and consumer solutions and mid-single-digit growth in banking and lending, we saw double-digit declines in third-party bureau sales and low to mid-single-digit declines in telco and auto. In USIS adjusted EBITDA, margins were up - were 32.7% in the quarter and up about 70 basis points higher than our expectation. International delivered 20% constant dollar revenue growth and 6% organic constant currency revenue growth, excluding the impact of the BBS acquisition, both of which were above our expectations. The very strong growth of Latin America and Europe was partially offset by lower than expected growth in Asia Pacific.

Speaker Change: In total dws non mortgage revenue was up 7% and overall eat up U S revenue was up 1% and adjusted EBITDA margins at Dws at 51, 1% or over 50 basis points stronger than our expectations from strong operating leverage and strong performance.

Speaker Change: USAA has had a very strong quarter with revenue up 10% its highest quarterly revenue growth in three years, even against the 19% orcish market decline.

Speaker Change: As I referenced earlier mortgage revenue was up 38% and stronger than expected from market and pricing pass through and our new pre qual solution.

Speaker Change: Non mortgage revenue was up 1% and was weaker than expected.

Mark W. Begor: Although we had very strong double-digit growth in account and consumer solutions and mid-single-digit growth in banking and lending, we saw double-digit declines in third-party bureau sales and low to mid-single-digit declines in telco and auto, USIS adjusted EBITDA margins were up, were 32.7% in the quarter, and were about 70 basis points higher than our expectation. International delivered 20% constant dollar revenue growth and 6% organic constant currency revenue growth, excluding the impact of the BBS acquisition, both of which were above our expectations. The very strong growth of Latin America and Europe was partially upset by lower than expected growth in Asia Pacific.

Mark Begor: Although we had very strong double-digit growth in Kount and consumer solutions and mid-single-digit growth in banking and lending, we saw double-digit declines in third-party bureau sales and low to mid-single-digit declines in telco and auto. USIS adjusted EBITDA margins were up 32.7% in the quarter and up about 70 basis points higher than our expectations. International delivered 20% constant dollar revenue growth and 6% organic constant currency revenue growth, excluding the impact of the BVS acquisition, both of which were above our expectations. Very strong growth in Latin America and Europe was partially offset by lower than expected growth in Asia-Pacific. International delivered 24.3% adjusted EBITDA margins, up slightly from our expectations. As you can see from the right-hand side of the slide, we added a new strategic priority this year to focus on driving AI innovation.

Although we had very strong double-digit growth in Kount and consumer solutions and mid-single-digit growth in banking and lending, we saw double-digit declines in third-party bureau sales and low to mid-single-digit declines in telco and auto. USIS adjusted EBITDA margins were up 32.7% in the quarter and up about 70 basis points higher than our expectations. International delivered 20% constant dollar revenue growth and 6% organic constant currency revenue growth, excluding the impact of the BVS acquisition, both of which were above our expectations. Very strong growth in Latin America and Europe was partially offset by lower than expected growth in Asia-Pacific. International delivered 24.3% adjusted EBITDA margins, up slightly from our expectations. As you can see from the right-hand side of the slide, we added a new strategic priority this year to focus on driving AI innovation.

Speaker Change: Although we had very strong double digit growth in count and consumer solutions and mid single digit growth in banking and lending we saw double digit declines in third Party Bureau sales at low to mid single digit declines in telco and auto.

Speaker Change: <unk> adjusted EBITDA margins were up 32, 7% in the quarter and up about 70 basis points higher than our expectations.

Speaker Change: International delivered 20% constant dollar revenue growth and 6% organic constant currency revenue growth, excluding the impact of the DVS acquisition.

Speaker Change: Both of which were above our expectations.

Speaker Change: Very strong growth in Latin America, and Europe was partially offset by lower than expected growth in Asia Pacific.

Mark W. Begor: International delivered 24.3% adjusted EBITDA margins, up slightly from our expectations. As you can see from the right-hand side of the slide, we added a new strategic priority this year to focus on driving AI innovation. As mentioned in February, 70% of our new models and scores were built last year using AI and ML with a goal of 80% this year. In the first quarter, we exceeded this goal, with 85% of our new models and scores being built with Equifax AI and machine learning. Equifax.ai, leveraging our proprietary data, the Equifax cloud and NPI capabilities is a big area of focus and execution for Equifax in 2024 and beyond. We're maintaining our 2024 guidance with revenue at the midpoint of $5.72 billion and adjusted EPS of $7.35 a share. Our strong first quarter, with revenue at the top end of the range and EPS above the top end of the range, gives us confidence in our ability to deliver the full year guidance we provided in February. We expect strong constant dollar non-mortgage revenue growth of over 10%, and our full-year guidance is based on the assumption that the U.S. mortgage market continues at levels consistent with current run rates, with U.S. credit inquiries down about 11% from 2023.

Speaker Change: International delivered 2024, 3% adjusted EBITDA margins up slightly from our expectations.

Speaker Change: As you can see from the right hand side of the slide we added a new strategic priority this year to focus on driving AI innovation.

Mark Begor: As mentioned in February, 70% of our new models and scores were built last year using AI and ML, with a goal of 80% this year. In Q1, we exceeded this goal with 85% of our new models and scores being built with Equifax.AI and machine learning. Equifax.AI, leveraging our proprietary data, Equifax Cloud, and NPI capabilities, is a big area of focus and execution for Equifax in 2024 and beyond. We're maintaining our 2024 guidance with revenue at the midpoint of $5.72 billion and adjusted EPS of $7.35 a share. Our strong Q1 with revenue at the top end of the range and EPS above the top end of the range gives us confidence in our ability to deliver the full year guidance we provided in February.

As mentioned in February, 70% of our new models and scores were built last year using AI and ML, with a goal of 80% this year. In Q1, we exceeded this goal with 85% of our new models and scores being built with Equifax.AI and machine learning. Equifax.AI, leveraging our proprietary data, Equifax Cloud, and NPI capabilities, is a big area of focus and execution for Equifax in 2024 and beyond. We're maintaining our 2024 guidance with revenue at the midpoint of $5.72 billion and adjusted EPS of $7.35 a share. Our strong Q1 with revenue at the top end of the range and EPS above the top end of the range gives us confidence in our ability to deliver the full year guidance we provided in February.

Speaker Change: As mentioned in February at 70% of our new bottles and scores, we built last year, using AI and ml with a goal of 80% this year and the <unk>.

Speaker Change: First quarter, we exceeded this goal with 85% of our new bottles and scores deep built with Equifax AI and machine learning.

Speaker Change: Echo box that equifax that AI, leveraging our proprietary data equifax clouded API capabilities is a big area of focus and execution for Equifax in 2024 and beyond.

Mark W. Begor: We're maintaining our 2024 guidance with revenue at the midpoint of $5.72 billion and adjusted EPS of $7.35 a share. Our strong first quarter, with revenue at the top end of the range and EPS above the top end of the range, gives us confidence in our ability to deliver the full year guidance we provided in February. We expect strong constant dollar non-mortgage revenue growth of over 10%, and our full-year guidance is based on the assumption that the U.S. mortgage market continues at levels consistent with current run rates, with U.S. credit inquiries down about 11% from 2023.

Speaker Change: We're maintaining our 2024 guidance with revenue at the midpoint of $5 72 billion and adjusted EPS of $7 35, a share our strong first quarter with revenue at the top end of the range EPS above the top end of the range gives us confidence in our ability to deliver the full year guidance, we provided in February.

Mark Begor: We expect strong constant dollar non-mortgage revenue growth of over 10%, and our full year guidance is based on the assumption that the US mortgage market continues at levels consistent with current run rates, with US credit inquiries down about 11% from 2023. Before I cover our business unit results in detail, I want to provide a brief overview of what we're seeing in the US economy and with the consumer. Broadly, outside of the bottoming of the mortgage market, there's not a lot of change from our view back in February. US consumer and our customers remain broadly resilient. Employment remains at historic levels with low unemployment, which is a positive for consumers and customers. Employment turnover and hiring at lower levels entering 2024 than last year. Hiring levels in January and February were at their lowest levels in three years.

We expect strong constant dollar non-mortgage revenue growth of over 10%, and our full year guidance is based on the assumption that the US mortgage market continues at levels consistent with current run rates, with US credit inquiries down about 11% from 2023. Before I cover our business unit results in detail, I want to provide a brief overview of what we're seeing in the US economy and with the consumer. Broadly, outside of the bottoming of the mortgage market, there's not a lot of change from our view back in February. US consumer and our customers remain broadly resilient. Employment remains at historic levels with low unemployment, which is a positive for consumers and customers. Employment turnover and hiring at lower levels entering 2024 than last year. Hiring levels in January and February were at their lowest levels in three years.

Speaker Change: We expect strong constant dollar non mortgage revenue growth of over 10% and our full year guidance is based on the assumption that the U S. Mortgage market continues at levels consistent with current run rates with U S credit inquiries down about 11% from 2023.

Mark W. Begor: Before I cover our business unit results in detail, I wanted to provide a brief overview of what we're seeing in the U.S. economy and with the consumer. Broadly, outside of the bottom of the mortgage market, there's not a lot of change from our view back in February. The U.S. consumer and our customers remain broadly resilient. Employment remains at historic levels with low unemployment, which is positive for consumers and customers. Employment turnover and hiring were at lower levels entering 2024 than last year. Hiring levels in January and February were at their lowest levels in three years. This is more pronounced for higher salaried roles than lower salaried or hourly jobs. Credit card and auto delinquency rates for prime consumers, which represent about 80% of the market, are stable at historically low levels of less than 1%, but above pre-pandemic levels. In subprime, credit card and auto delinquency rates continue to remain above pre-pandemic levels, with auto subprime delinquencies above 2009 levels. As we've discussed before, it's our view that when consumers are working, they largely have the capacity to keep current on their financial obligations, which is good for our customers and good for Equifax. Turning to slide five, workforce solutions revenue was up 1% in the quarter, slightly below our expectations. EWS mortgage revenue was down 15%, as expected.

Speaker Change: Before I cover our business unit results in detail I wanted to provide a brief overview of what we're seeing in the U S economy and with the consumer.

Speaker Change: Outside of the bottom, though because the bottoming of the mortgage market is that a lot of change from our view back in February.

Speaker Change: U S consumer and our customers remain broadly resilient.

Speaker Change: Employment remains at historic levels with low unemployment, which is a positive for consumers and customers.

Speaker Change: Deployment turnover in hiring at lower levels entering 2024th and last year hiring levels in January and February were at their lowest levels in three years. This.

Mark Begor: This is more pronounced for higher salaried roles than lower salaried or hourly jobs. Credit card and auto delinquency rates for prime consumers, which represent about 80% of the market, are stable and at historically low levels of less than 1%, but above pre-pandemic levels. In subprime, credit card and auto delinquency rates continue to remain above pre-pandemic levels, with auto subprime delinquencies above 2009 levels. As we've discussed before, it's our view that when consumers are working, they largely have the capacity to keep current on their financial obligations, which is good for our customers and good for Equifax. Turning to slide five, Workforce Solutions revenue was up 1% in the quarter, slightly below our expectations. EWS mortgage revenue was down 15% as expected.

This is more pronounced for higher salaried roles than lower salaried or hourly jobs. Credit card and auto delinquency rates for prime consumers, which represent about 80% of the market, are stable and at historically low levels of less than 1%, but above pre-pandemic levels. In subprime, credit card and auto delinquency rates continue to remain above pre-pandemic levels, with auto subprime delinquencies above 2009 levels. As we've discussed before, it's our view that when consumers are working, they largely have the capacity to keep current on their financial obligations, which is good for our customers and good for Equifax. Turning to slide five, Workforce Solutions revenue was up 1% in the quarter, slightly below our expectations. EWS mortgage revenue was down 15% as expected.

Mark W. Begor: This is more pronounced for higher salaried roles than lower salaried or hourly jobs. Credit card and auto delinquency rates for prime consumers, which represent about 80% of the market, are stable at historically low levels of less than 1% but above pre-pandemic levels. In subprime, credit card, and auto delinquency rates continue to remain above pre-pandemic levels, with auto subprime delinquencies above 2009 levels. As we've discussed before, it's our view that when consumers are working, they largely have the capacity to keep current on their financial obligations, which is good for our customers and good for Equifax. Turning to slide five, workforce solutions revenue was up 1% in the quarter, slightly below our expectations. EWS mortgage revenue was down 15%, as expected.

Speaker Change: This is more pronounced for higher salary role with lower salaried or hourly.

Speaker Change: Yes.

Speaker Change: Credit card and auto delinquency rates for prime consumers, which represented about 80% of the market are stable at historically low levels of less than 1%, but about prepay ethnic levels and subprime credit card and auto delinquency rates continue to remain above pre pandemic levels with auto subprime delinquencies above 2009 level.

Speaker Change: Yes.

Speaker Change: As we've discussed before is argued that when consumers are working they largely have the capacity to keep current on their financial obligations, which is good for our customers and good for Equifax.

Speaker Change: Turning to slide five workforce solutions revenue was up 1% in the quarter slightly below our expectations.

Mark W. Begor: Turning to slide five, workforce solutions revenue was up 1% in the quarter, slightly below our expectations. EWS mortgage revenue was down 15%, as expected. Twin inquiries, at down 22%, were slightly better than expected, although weaker than USIS credit inquiries as homebuyers continued to have difficulty completing purchases while shopping behavior continued to be fairly strong. Our revenue outperformed in 40 by 7%, which was below the about 11% we had guided to in February, relative to our February guidance, the benefit of the mortgage price increases implemented in January by CWS and stronger fulfillment rates due to the growth in twin records were as expected. However, these were partially offset, principally by a shift in product and customer benefits. As we look to the remainder of 2024, we expect twin record growth to result in improved mortgage outperformance, with the second quarter up slightly from first quarter levels, and the second half of the year at about 14% outperformance. For the full year of 2024, we expect mortgage outperformance to be about 11% at EWS. This is down significantly from the 20% we saw last year as we lapped the late 22 launch of our higher priced Orbitz 36 trended data solution.

Speaker Change: U S mortgage revenue was down 15% as expected.

Mark W. Begor: Twin inquiries, at down 22%, were slightly better than expected, although weaker than USIS credit inquiries as homebuyers continued to have difficulty completing purchases while shopping behavior continued to be fairly strong. Our revenue outperformed 40 by 7 percent, which was below the about 11 percent we had guided to in February. Relative to our February guidance, the benefit of the mortgage price increases implemented in January by CWS and stronger fulfillment rates due to the growth in twin records was as expected. However, these were partially offset principally by a shift in product and customer benefits. As we look to the remainder of 2024, we expect twin record growth to result in improved mortgage outperformance, with the second quarter up slightly from first quarter levels, and the second half of the year at about 14% outperformance. For the full year of 2024, we expect mortgage outperformance to be about 11% at EWS. This is down significantly from the 20% we saw last year as we lapped the late 22 launch of our higher priced Orbitz 36 trended data solution.

Mark Begor: Twin inquiries were down 22%, which were slightly better than expected, although weaker than USIS credit inquiries, as homebuyers continued to have difficulty completing purchases while shopping behavior continued to be fairly strong. Our revenue outperformed inquiries by 7%, which was below about 11% we had guided to in February. Relative to our February guidance, the benefit of the mortgage price increases implemented in January by EWS and stronger fulfillment rates due to the growth in twin records were as expected. However, these were partially offset, principally by a shift in product and customer mix. As we look to the remainder of 2024, we expect twin record growth to result in improved mortgage outperformance, with the second quarter up slightly from first quarter levels and the second half of the year at about 14% outperformance.

Twin inquiries were down 22%, which were slightly better than expected, although weaker than USIS credit inquiries, as homebuyers continued to have difficulty completing purchases while shopping behavior continued to be fairly strong. Our revenue outperformed inquiries by 7%, which was below about 11% we had guided to in February. Relative to our February guidance, the benefit of the mortgage price increases implemented in January by EWS and stronger fulfillment rates due to the growth in twin records were as expected. However, these were partially offset, principally by a shift in product and customer mix. As we look to the remainder of 2024, we expect twin record growth to result in improved mortgage outperformance, with the second quarter up slightly from first quarter levels and the second half of the year at about 14% outperformance.

Speaker Change: <unk> 'twenty inquiries are down 22% were slightly better than expected, although weaker than U S. I has credit inquiries as homebuyers continue to have difficulty.

Speaker Change: Leading purchases while shopping behavior continues to be fairly strong.

Speaker Change: Our revenue outperformed inquiries by 7%, which was below the about 11% we guided to in February relative to our February guidance. The benefit of the mortgage price increases implemented in January like Gws and stronger fulfillment rates due to the growth in twin records were as expected.

Speaker Change: However, these were partially offset.

Speaker Change: Really by a shift in product and customer mix.

Mark W. Begor: As we look to the remainder of 2024, we expect twin record growth to result in improved mortgage outperformance, with the second quarter up slightly from first quarter levels, and the second half of the year at about 14% outperformance. For the full year of 2024, we expect mortgage outperformance to be about 11% at EWS. This is down significantly from the 20% we saw last year as we lapped the late 22 launch of our higher priced Orbitz 36 trended data solution.

Speaker Change: As we look to the remainder of 2024, we expect clean record growth to result in improved mortgage outperformance with the second quarter up slightly from first quarter levels in the second half of the year at about 14% outperformance.

Mark Begor: For the full year of 2024, we expect mortgage outperformance to be about 11% at EWS. This is down significantly from the 20% we saw last year as we lapped the late 2022 launch of our higher-priced Mortgage 36 Trended Data solution. Non-mortgage verification services revenue, which represents over 70% of verifier revenue, delivered a very strong 15% growth at the top end of the EWS long-term revenue growth framework of 13% to 15% and was also above our expectations. Government, which is now our largest verification services vertical, had another outstanding quarter and was stronger than our expectations with 35% revenue growth. Government revenue benefited from both our new CMS and SNAP contracts, continued expansion of state contracts, continued Twin record growth, and pricing. We expect continued growth in government throughout 2024, with stronger growth rates in the first half as post-COVID CMS redeterminations principally complete in Q1.

For the full year of 2024, we expect mortgage outperformance to be about 11% at EWS. This is down significantly from the 20% we saw last year as we lapped the late 2022 launch of our higher-priced Mortgage 36 Trended Data solution. Non-mortgage verification services revenue, which represents over 70% of verifier revenue, delivered a very strong 15% growth at the top end of the EWS long-term revenue growth framework of 13% to 15% and was also above our expectations. Government, which is now our largest verification services vertical, had another outstanding quarter and was stronger than our expectations with 35% revenue growth. Government revenue benefited from both our new CMS and SNAP contracts, continued expansion of state contracts, continued Twin record growth, and pricing. We expect continued growth in government throughout 2024, with stronger growth rates in the first half as post-COVID CMS redeterminations principally complete in Q1.

Speaker Change: For the full year of 2024, we expect mortgage outperformance to be about 11% of dws.

Speaker Change: That's down significantly from the 20% we saw last year as we lap the late 'twenty two launch of our higher priced orbitz thirty-six trended data solutions.

Mark W. Begor: Non-Mortgage Verification Services Revenue, which represents over 70% of verifier revenue, delivered a very strong 15% growth at the top end of the EWS long-term revenue growth framework of 13-15% and was also above our expectations. Government, which is now our largest verification services vertical, had another outstanding quarter and was stronger than our expectations with 35% revenue growth. Government revenue benefited from both our new CMS and SNAP contracts, continued expansion of state contracts, continued twin record growth, and pricing. We expect continued growth in government throughout 2024, with stronger growth rates in the first half as post-COVID CMS redeterminations principally complete in the first quarter. Talent Solutions revenue was down 4% in the quarter, which was weaker than expected, as we saw very slow volumes through both January and February. Mark saw about flat revenue, which was more consistent with our expectations and which we expect to continue into the second quarter. Consumer Lending revenue was 6% in the quarter as we saw strength in our auto and debt management businesses slightly offset by declines in cars. This is the second consecutive quarter of consumer lending revenue growth, as we're lapping headwinds from the FinTech lending pullbacks in 22 and 23. Auto and debt management revenue growth was principally driven by strong record growth and our pricing actions in the first quarter. As I referenced earlier, employer services revenue was down 10% compared to the about 4% decline we discussed in February from ERC and Watsi reductions.

Speaker Change: Non mortgage verification services revenue, which represents over 70% verifier revenue delivered a very strong 15% growth at the top end of the Gws long term revenue growth framework of 13% to 15% and was also above our expectations.

Speaker Change: Government, which is now our largest verification services vertical had another outstanding quarter and was stronger than our expectations with 35% revenue growth.

Speaker Change: Government revenue benefit for both our new CMS and snap contracts continued expansion of state contracts continued twin record growth and pricing.

Speaker Change: We expect continued growth in government throughout 2024 with stronger growth rates in the first half is post COVID-19 CNS redetermination principally complete in the first quarter.

Mark Begor: Talent solutions revenue was down 4% in the quarter, which was weaker than expected as we saw very slow volumes through both January and February. March saw about flat revenue, which was more consistent with our expectations and which we expect to continue into the second quarter. Consumer lending revenue was 6% in the quarter as we saw strength in our auto and debt management businesses, slightly offset by declines in car. This is the second consecutive quarter of consumer lending revenue growth as we're lapping headwinds from the fintech lending pullbacks in 2022 and 2023. Auto and debt management revenue growth was principally driven by strong record growth and our pricing actions in the first quarter. As I referenced earlier, employer services revenue was down 10% compared to the about 4% decline we discussed in February from ERC and WATC reductions.

Talent solutions revenue was down 4% in the quarter, which was weaker than expected as we saw very slow volumes through both January and February. March saw about flat revenue, which was more consistent with our expectations and which we expect to continue into the second quarter. Consumer lending revenue was 6% in the quarter as we saw strength in our auto and debt management businesses, slightly offset by declines in car. This is the second consecutive quarter of consumer lending revenue growth as we're lapping headwinds from the fintech lending pullbacks in 2022 and 2023. Auto and debt management revenue growth was principally driven by strong record growth and our pricing actions in the first quarter. As I referenced earlier, employer services revenue was down 10% compared to the about 4% decline we discussed in February from ERC and WATC reductions.

Speaker Change: Talent solutions revenue was down 4% in the quarter, which was weaker than expected as we saw a very slow volumes through both January and February.

Mark W. Begor: Mark saw about flat revenue, which was more consistent with our expectations and which we expect to continue into the second quarter. Consumer Lending revenue was 6% in the quarter as we saw strength in our auto and debt management businesses slightly offset by declines in cars. This is the second consecutive quarter of consumer lending revenue growth as we're lapping headwinds from the FinTech lending pullbacks in 22 and 23. Auto and debt management revenue growth was principally driven by strong record growth and our pricing actions in the first quarter. As I referenced earlier, employer services revenue was down 10% compared to the about 4% decline we discussed in February from ERC and WOTC reductions.

Mark still about flat revenue, which was more consistent with our expectations and.

Speaker Change: Which we expect to continue into the second quarter.

Speaker Change: Consumer lending revenue was 6% in the quarter as we saw strength in our auto and debt management businesses slightly offset by declines in car.

Speaker Change: This is the second consecutive quarter of consumer lending revenue growth as we are lapping headwinds from the Fintech lending pullbacks in 'twenty, two and 'twenty three.

Speaker Change: Automotive debt management revenue growth was principally driven by strong record growth and our pricing actions in the first quarter.

Speaker Change: As I referenced earlier employer services revenue was down 10% compared to be about 4% decline. We discussed in February from ERC and watch see reductions.

Mark W. Begor: Going forward, we expect employer revenue, excluding ERC, to be up low single digits for the remainder of 2024. Workforce solutions adjusted EBITDA margins of 51.1% continue to be very strong from non-mortgage revenue growth, good cost execution, while we continue to invest in new products, expand into high-growth verticals like government talent, and grow our twin records. As a reminder, EWS first quarter margins are seasonally lower from a higher mix of employer solutions revenue, principally from ACA and W-2 in the first quarter. Turning to slide six and expanding on our discussion of EWS TAMs in February, we provided additional details on our fast-growing government vertical. On the left side of the slide, we outlined some of the federal agencies we're supporting with workforce solutions, digital income employment and incarceration data. That accelerated time to deliver leaded to social services benefits to over 90 million Americans and helped government agencies ensure program integrity, a win-win for all parties. And in the middle slide, you can see the substantial progress our EWS government vertical has made in a short period of time, penetrating the $5 billion TAM with a three-year CAGR of over 50%. We expect EWS to continue making significant progress penetrating the government vertical from additional sales resources at federal and individual state capital level, strong twin record growth, new product rollouts with our differentiated incarceration data, and system-to-system integrations enabled by our cloud-native technology that makes our solutions easier for our government customers to consume.

Mark Begor: Going forward, we expect employer revenue, excluding ERC, to be up low single digits for the remainder of 2024. Workforce Solutions Adjusted EBITDA margins of 51.1% continue to be very strong from non-mortgage revenue growth, good cost execution, while we continue to invest in new products, expand into high-growth verticals like government, and talent, and grow our TWN records. As a reminder, EWS first quarter margins are seasonally lower from a higher mix of employer solutions revenue, principally from ACA and W-2 in the first quarter. Turning to slide six and expanding on our discussion of EWS TAMs in February, we provided additional details on our fast-growing government vertical.

Going forward, we expect employer revenue, excluding ERC, to be up low single digits for the remainder of 2024. Workforce Solutions Adjusted EBITDA margins of 51.1% continue to be very strong from non-mortgage revenue growth, good cost execution, while we continue to invest in new products, expand into high-growth verticals like government, and talent, and grow our TWN records. As a reminder, EWS first quarter margins are seasonally lower from a higher mix of employer solutions revenue, principally from ACA and W-2 in the first quarter. Turning to slide six and expanding on our discussion of EWS TAMs in February, we provided additional details on our fast-growing government vertical.

Speaker Change: Going forward, we expect employer revenue excluding E. R C to be up low single digits for the remainder of 2024.

Speaker Change: Workforce solutions adjusted EBITDA margins of 51.1% continued to be very strong from non mortgage revenue growth good cost execution, while we continue to invest in new products expand into high growth verticals like government talent and grow our acclaimed reference.

Speaker Change: As a reminder, AWS first quarter margins are seasonally lower from a higher mix of employer solutions revenue principally from a C. A N W. Two in the first quarter.

Mark W. Begor: Turning to slide six and expanding on our discussion of EWS TAMs in February, we provided additional details on our fast-growing government vertical. On the left side of the slide, we outlined some of the federal agencies we're supporting with workforce solutions, digital income employment, and incarceration data that accelerate the time to deliver needed social services benefits to over 90 million Americans and help government agencies ensure program integrity, a win-win for all parties. And in the middle slide, you can see the substantial progress our EWS government vertical has made in a short period of time, penetrating the $5 billion TAN with a three-year CAGR of over 50%. We expect EWS to continue making significant progress penetrating the government vertical from additional sales resources at federal and individual state capital level, strong twin record growth, new product rollouts with our differentiated incarceration data, and system-to-system integrations enabled by our cloud-native technology that makes our solutions easier for our government customers to consume.

Speaker Change: Turning to slide six and expanding out our discussion of AWS cans in February we provided additional details on our fast growing government vertical.

Mark Begor: On the left side of the slide, we outlined some of the federal agencies we're supporting with workforce solutions, digital income, employment, and incarceration data that accelerate the time to deliver needed social service benefits to over 90 million Americans and help government agencies ensure program integrity, a win-win for all parties. And in the middle of the slide, you can see the substantial progress our EWS government vertical has made in a short period of time, penetrating the $5 billion TAM with a three-year CAGR of over 50%. We expect EWS to continue making significant progress penetrating the government vertical from additional sales resources at federal and individual state capital level, strong TWN record growth, new product roll-ups with our differentiated incarceration data, and system-to-system integrations enabled by our cloud-native technology that makes our solutions easier for our government customers to consume.

On the left side of the slide, we outlined some of the federal agencies we're supporting with workforce solutions, digital income, employment, and incarceration data that accelerate the time to deliver needed social service benefits to over 90 million Americans and help government agencies ensure program integrity, a win-win for all parties. And in the middle of the slide, you can see the substantial progress our EWS government vertical has made in a short period of time, penetrating the $5 billion TAM with a three-year CAGR of over 50%. We expect EWS to continue making significant progress penetrating the government vertical from additional sales resources at federal and individual state capital level, strong TWN record growth, new product roll-ups with our differentiated incarceration data, and system-to-system integrations enabled by our cloud-native technology that makes our solutions easier for our government customers to consume.

Speaker Change: The left side of the slide we outlined some of the federal agencies, we're supporting with workforce solutions digital income employment incarceration data that accelerated time to deliver needed social service benefits to over 90 million Americans and help government agencies insured program integrity a win win for all parties.

Mark W. Begor: And in the middle slide, you can see the substantial progress our EWS government vertical has made in a short period of time, penetrating the $5 billion TAN with a three-year CAGR of over 50%. We expect EWS to continue making significant progress penetrating the government vertical from additional sales resources at federal and individual state capital level, strong twin record growth, new product rollouts with our differentiated incarceration data, and system-to-system integrations enabled by our cloud-native technology that makes our solutions easier for our government customers to consume.

Speaker Change: And in the middle of the slide you can see the substantial progress our AWS government vertical it's made in a short period of time penetrating the 5 billion dollar Tam with a three year CAGR of over 50%.

We expect dws to continue making significant progress penetrate penetrating the government vertical from additional sales resources, the federal individual state capital level strong twin record growth.

Speaker Change: Product rollouts with our differentiated incarceration data and systems system integrations enabled by our cloud native technology that makes our solutions easier for our government customers our government customers to consume.

Mark Begor: Our FSA contract, last year's $1.2 billion CMS contract extension, and the new $190 million SNAP contract are examples of how EWS is helping various government agencies improve the consumer experience and their own operating efficiency from the application and authentication phases to redetermination and recovery processes. The strength of the EWS government vertical was clear again in the quarter, and we expect strong future growth in this business in 2024 and beyond. Turning to slide seven, EWS had another strong quarter of new record additions and signing new payroll processors. During the quarter, EWS signed agreements with two new payroll processors, including one large payroll processor that will contribute over six million current records to the twin data set. This adds to the six partnerships we signed in the fourth quarter that are coming online in the first half of 2024.

Our FSA contract, last year's $1.2 billion CMS contract extension, and the new $190 million SNAP contract are examples of how EWS is helping various government agencies improve the consumer experience and their own operating efficiency from the application and authentication phases to redetermination and recovery processes. The strength of the EWS government vertical was clear again in the quarter, and we expect strong future growth in this business in 2024 and beyond. Turning to slide seven, EWS had another strong quarter of new record additions and signing new payroll processors. During the quarter, EWS signed agreements with two new payroll processors, including one large payroll processor that will contribute over six million current records to the twin data set. This adds to the six partnerships we signed in the fourth quarter that are coming online in the first half of 2024.

Mark W. Begor: Our FSA contract, last year's $1.2 billion CMS contract extension and the new $190 million SNAP contract are examples of EWS helping various government agencies improve the consumer experience and their own operating efficiency from the application of authentication-bases to redetermination and recovery processes. The strength of the EWS government vertical was clear again in the quarter, and we expect strong future growth in this business in 2024 and beyond. Turning to slide 7, EWS had another strong quarter of new record additions and signed new payroll processes. During the quarter, EWS signed agreements with two new payroll processors, including one large payroll processor that will contribute over 6 million current records to the TOI data set. This adds to the six partnerships we signed in the fourth quarter that are coming online in the first half of 2024. This brings the total number of payroll providers added to the twin database to 35 since the beginning of 2021, and the pipeline for new records continues to be strong. Both of these wins in the quarter are a testament to EWS's ability to deliver the highest levels of client service from a technology, data security, and accuracy, operational excellence, as well as the highest level of record of monetization as EWS participates in a broad range of verticals, including government, mortgage, talent solutions, talent screening, card, auto, and personal loans.

Speaker Change: Our SSA contract last year's $1 2 billion CNS contract extension and to do a $190 million in snap contract are examples about AWS is helping various government agencies improve the consumer experience and their own operating efficiency from the application of that Densification phases.

Speaker Change: Two redetermination and recovery processes.

Mark W. Begor: The strength of the EWS government vertical was clear again in the quarter, and we expect strong future growth in this business in 2024 and beyond. Turning to slide 7, EWS had another strong quarter of new record additions and signed new payroll processes. During the quarter, EWF signed agreements with two new payroll processors, including one large payroll processor that will contribute over 6 million current records to the TOI data set. This adds to the six partnerships we signed in the fourth quarter that are coming online in the first half of 2024. This brings the total number of payroll providers added to the twin database to 35 since the beginning of 2021, and the pipeline for new records continues to be strong. Both of these wins in the quarter are a testament to EWS's ability to deliver the highest levels of client service from a technology, data security, and accuracy, operational excellence, as well as the highest level of record of monetization as EWS participates in a broad range of verticals, including government, mortgage, talent solutions, talent screening, card, auto, and personal loans.

Speaker Change: The strength of the AWS government vertical was clear again in the quarter and we expect strong future growth in this business in 'twenty four and beyond.

Speaker Change: Turning to slide seven dws had another strong quarter of new record additions and signing new payroll processors during the quarter AWS signed agreements with two new payroll processors, including one large payroll processor that will contribute over 6 million current records to the toy dataset.

Mark W. Begor: This adds to the six partnerships we signed in the fourth quarter that are coming online in the first half of 2024. This brings the total number of payroll providers added to the twin database to 35 since the beginning of 2021, and the pipeline for new records continues to be strong. Both of these wins in the quarter are a testament to EWS's ability to deliver the highest levels of client service from a technology, data security, and accuracy, operational excellence, as well as the highest level of record of monetization as EWS participates in a broad range of verticals, including government, mortgage, talent solutions, talent screening, card, auto, and personal loans.

Speaker Change: Is that the six partnerships, we signed in the fourth quarter that are coming online in the first half of 2024.

Mark Begor: This brings the total number of payroll providers added to the TWN database to 35 since the beginning of 2021, and the pipeline for new records continues to be strong. Both of these wins in the quarter are a testament to EWS's ability to deliver the highest levels of client service from a technology, data security, and accuracy, operational excellence, as well as the highest level of record amount of decision as EWS participates in a broad range of verticals, including government, mortgage, talent solutions, talent screening, card, auto, and personal loans. Given our advancements in AI and cloud-native capabilities, the time to forward new records from payroll processors has decreased over the past few years. We expect these new record additions in Q1 to come online and begin generating revenue in early Q3.

This brings the total number of payroll providers added to the TWN database to 35 since the beginning of 2021, and the pipeline for new records continues to be strong. Both of these wins in the quarter are a testament to EWS's ability to deliver the highest levels of client service from a technology, data security, and accuracy, operational excellence, as well as the highest level of record amount of decision as EWS participates in a broad range of verticals, including government, mortgage, talent solutions, talent screening, card, auto, and personal loans. Given our advancements in AI and cloud-native capabilities, the time to forward new records from payroll processors has decreased over the past few years. We expect these new record additions in Q1 to come online and begin generating revenue in early Q3.

Speaker Change: And this brings the total number of payroll providers added to the twin database to 35 since the beginning of 2021 and the pipeline for New records continues to be strong.

Speaker Change: Both of these wins in the quarter are a testament to AWS its ability to deliver the highest levels of client service and technology data security and accuracy operational excellence as well as the highest level a record about amortization and dws participates in a broad range of range of verticals, including government.

Speaker Change: Mortgage talent solutions talent screening card auto and personal loans.

Mark W. Begor: And given our advancements in AI and cloud native capabilities, the time to forward new records from payroll processes has decreased over the past few years. We expect these new record additions in the first quarter to come online and begin generating revenue in early third quarter. In the quarter, EWS added 4 million current records, growing the twin database by 10% over last year. At the end of the quarter, the Twin database had 172 million current records on 126 million unique individuals. Total records, both current and historic, are now about $670 million, and we're up about 8%. These are very strong results given the typical churn in holiday season hiring in the first quarter. In terms of coverage, we have current employment records on about 75% of U.S. nonfarm payroll and over 55% coverage on the estimated 225 million income-producing Americans. At 126 million unique active records, we have plenty of room to grow the twin database towards the TAM of 225 million income-producing Americans. As shown on slide 8, USIS revenue is up 10%, stronger than our expectations and well above their 6-8% long-term growth framework, principally due to stronger than expected mortgage revenue. As I referenced earlier, USIS mortgage revenue was up 38% and stronger than our expectations. Mortgage credit inquiries at down 19%, were still down substantially, but 700 basis points above our February guidance.

Speaker Change: And given our advancements in AI and cloud native capabilities, the trying to or new records from payroll processors. It decreased over the past few years.

Speaker Change: We expect these new record additions in the first quarter to come online and begin getting generating revenue in early third quarter.

Mark Begor: In the quarter, EWS added 4 million current records, growing the twin database by 10% over last year. At the end of the quarter, the twin database had 172 million current records on 126 million unique individuals. Total records, both current and historic, are now about 670 million and were up about 8%. These are very strong results given the typical churn and holiday season hiring in the first quarter. In terms of coverage, we have current employment records on about 75% of US non-farm payroll and over 55% coverage on the estimated 225 million income-producing Americans. At 126 million unique active records, we have plenty of room to grow the twin database towards the TAM of 225 million income-producing Americans.

In the quarter, EWS added 4 million current records, growing the twin database by 10% over last year. At the end of the quarter, the twin database had 172 million current records on 126 million unique individuals. Total records, both current and historic, are now about 670 million and were up about 8%. These are very strong results given the typical churn and holiday season hiring in the first quarter. In terms of coverage, we have current employment records on about 75% of US non-farm payroll and over 55% coverage on the estimated 225 million income-producing Americans. At 126 million unique active records, we have plenty of room to grow the twin database towards the TAM of 225 million income-producing Americans.

Speaker Change: In the quarter WNS added 4 million current records growing the twin database by 10% over last year.

Speaker Change: At the end of the quarter. The twin database had 172 million current records on a 126 million unique individuals.

Mark W. Begor: Total records, both current and historic, are now about $670 million, and we're up about 8%. These are very strong results given the typical churn in holiday season hiring in the first quarter. In terms of coverage, we have current employment records on about 75% of U.S. nonfarm payroll and over 55% coverage on the estimated 225 million income-producing Americans. At 126 million unique active records, we have plenty of room to grow the TWAIN database towards the TAM of 225 million income-producing Americans. As shown on slide 8, USIS revenue is up 10%, stronger than our expectations and well above their 6 to 8% long-term growth framework, principally due to stronger than expected mortgage revenue. As I referenced earlier, USIS mortgage revenue was up 38% and stronger than our expectations. Mortgage credit inquiries, at down 19%, were still down substantially, but 700 basis points above our February guidance.

Speaker Change: Total records, both current and historic are now about $670 million and were up about 8%.

Speaker Change: These are very strong results given the typical churn in holiday season hiring in the first quarter.

Speaker Change: In terms of coverage, we have current employment records on about 75% of U S nonfarm payroll and over 55% coverage on the estimated 225 million income producing investments.

Mark W. Begor: At 126 million unique active records, we have plenty of room to grow the TWAIN database towards the TAM of 225 million income-producing Americans. As shown on slide 8, USIS revenue is up 10%, stronger than our expectations and well above their 6 to 8% long-term growth framework, principally due to stronger than expected mortgage revenue. As I referenced earlier, USIS mortgage revenue was up 38% and stronger than our expectations. Mortgage credit inquiries, at down 19%, were still down substantially, but 700 basis points above our February guidance.

Speaker Change: At 126 million unique active records, we have plenty of room to grow the twin database towards the Tam of 225 million income producing apartments.

Mark Begor: As shown on slide eight, USIS revenue was up 10%, stronger than our expectations and well above their 6% to 8% long-term growth framework, principally due to stronger-than-expected mortgage revenue. As I referenced earlier, USIS mortgage revenue was up 38% and stronger than our expectations. Mortgage credit inquiries at down 19% were still down substantially, but 700 basis points above our February guidance. We also continue to see very strong performance from our new mortgage pre-qual solution. The strong pricing environment, along with the strength in our pre-qual product, drove the very strong mortgage outperformance of 57%. At $145 million, mortgage revenue was just over 30% of total USIS revenue in the quarter. Non-mortgage revenue was up just over 1% and weaker than the above 3% growth we had expected. Third-party sales to credit bureaus, including Experian and TransUnion, were down double digits in the quarter.

As shown on slide eight, USIS revenue was up 10%, stronger than our expectations and well above their 6% to 8% long-term growth framework, principally due to stronger-than-expected mortgage revenue. As I referenced earlier, USIS mortgage revenue was up 38% and stronger than our expectations. Mortgage credit inquiries at down 19% were still down substantially, but 700 basis points above our February guidance. We also continue to see very strong performance from our new mortgage pre-qual solution. The strong pricing environment, along with the strength in our pre-qual product, drove the very strong mortgage outperformance of 57%. At $145 million, mortgage revenue was just over 30% of total USIS revenue in the quarter. Non-mortgage revenue was up just over 1% and weaker than the above 3% growth we had expected. Third-party sales to credit bureaus, including Experian and TransUnion, were down double digits in the quarter.

Speaker Change: As shown on slide eight U S. O U S revenue was up 10% stronger than our expectations and well above their 6% to 8% long term growth framework, principally due to stronger than expected mortgage revenue.

Speaker Change: As I referenced earlier U S. I S mortgage revenue was up 38% and stronger than our expectations.

Speaker Change: Mortgage credit inquiries it down 19%, we're still down substantially but 700 basis points above our February guidance.

Mark W. Begor: We also continue to see very strong performance from our new mortgage prequal solution. The strong pricing environment, along with the strength in our pre-qual product, drove the very strong mortgage out performance of 57%. At $145 million, mortgage revenue was just over 30% of total USIS revenue in the quarter. Non-mortgage revenue was up just over 1% and weaker than the above 3% growth we'd expected. Third-party sales to credit bureaus, including Experian and TransUnion, were down double digits in the quarter. Excluding the impact of third-party bureau revenue, USIS non-mortgage revenue was up about 2% and closer to our February guidance. B2B non-mortgage online revenue growth was down less than 1% and below our expectations, again driven by lower third-party bureau sales and to a lesser extent, declines in auto and telco. Offsetting these declines with strong double-digit growth in count and very good mid-single-digit growth in banking and lending. Commercial revenue growth was up low single digits in the quarter. Financial Marketing Services, our B2B offline business, was down 1% and slightly below our expectations. Marketing revenue was down 4%, principally due to a 10% decline in IXI revenue versus a difficult comp in the first quarter last year.

Speaker Change: We also continued to see very strong performance from our new mortgage pre qual solution.

Speaker Change: The strong pricing environment, along with the strengthened our prequel product drove the very strong mortgage outperformance at 57%.

Speaker Change: At 145 million mortgage revenue was just over 30% of total U S. I S revenue in the quarter.

Speaker Change: Non mortgage revenue was up just over 1% and weaker than the above 3% growth we had expected.

Speaker Change: Third party sales to credit bureaus, including experiencing Trans Union were down double digits in the quarter.

Mark W. Begor: Excluding the impact of third-party bureau revenue, USIS non-mortgage revenue was up about 2% and closer to our February guidance. B2B non-mortgage online revenue growth was down less than 1% and below our expectations, again driven by lower third-party bureau sales and, to a lesser extent, declines in auto and telco. Offsetting these declines with strong double-digit growth in number and very good mid-single-digit growth in banking and lending. Commercial revenue growth was up low single digits in the quarter. Financial Marketing Services, our B2B offline business, was down 1% and slightly below our expectations. Marketing revenue was down 4%, principally due to a 10% decline in IXI revenue versus a difficult comp in the first quarter last year.

Mark Begor: Excluding the impact of third-party bureau revenue, USIS non-mortgage revenue was up about 2% and closer to our February guidance. B2B non-mortgage online revenue growth was down less than 1% and below our expectations, again driven by lower third-party bureau sales and, to a lesser extent, declines in auto and telco. Offsetting these declines was strong double-digit growth in Kount and very good mid-single-digit growth in banking and lending. Commercial revenue growth was up low single digits in the quarter. Financial marketing services, our B2B offline business, was down 1% and slightly below our expectations. Marketing revenue was down 4%, principally due to a 10% decline in IXI revenue versus a difficult comp in the first quarter last year. We expect IXI revenue to grow for the full year. Pre-screen marketing was down less than 1% and at similar levels to the quarterly revenue we had in 2023.

Excluding the impact of third-party bureau revenue, USIS non-mortgage revenue was up about 2% and closer to our February guidance. B2B non-mortgage online revenue growth was down less than 1% and below our expectations, again driven by lower third-party bureau sales and, to a lesser extent, declines in auto and telco. Offsetting these declines was strong double-digit growth in Kount and very good mid-single-digit growth in banking and lending. Commercial revenue growth was up low single digits in the quarter. Financial marketing services, our B2B offline business, was down 1% and slightly below our expectations. Marketing revenue was down 4%, principally due to a 10% decline in IXI revenue versus a difficult comp in the first quarter last year. We expect IXI revenue to grow for the full year. Pre-screen marketing was down less than 1% and at similar levels to the quarterly revenue we had in 2023.

Excluding the impact of third Party Bureau revenue U S. I S. Non mortgage revenue was up about 2% and closer to our February guidance.

Speaker Change: B to B non mortgage online revenue growth was down less than 1% and below our expectations again, driven by lower third Party Bureau sales and to a lesser extent declines in auto and auto and telco.

Speaker Change: Offsetting these declines was strong double digit growth in count and very good mid single digit growth in banking and lending.

Commercial revenue growth was up low single digits in the quarter.

Mark W. Begor: Financial Marketing Services, our B2B offline business, was down 1% and slightly below our expectations. Marketing revenue was down 4%, principally due to a 10% decline in IXI revenue versus a difficult comp in the first quarter last year.

Speaker Change: Financial marketing services, our beta be offline business was down 1% and slightly below our expectations.

Marketing revenue was down 4%, principally due to a 10% decline in ISR revenue versus a difficult comp in the first quarter last year.

Mark W. Begor: We expect IXI revenue to grow for the full year. Prescreened marketing was down less than 1% and at similar levels to the quarterly revenue we had in 2023. We continue to see declines, but smaller FIs principally are partially offset by growth in larger FIs. Within risk and accounting reviews, we did see limited growth in our portfolio review business, but not to the levels we would typically see if our customers were expecting a weakening economy. And fraud revenue was up a strong 8% from new business. USIS Consumer Solutions D2C business had another very strong quarter of 10% from very good performances in both consumer direct and our indirect channels. And USIS EBITDA margins were 32.7% in the quarter and higher than our expectations from stronger mortgage revenue growth. Turning now to slide 9, international revenue is up 20% in constant currency and up 6% in organic constant currency, excluding the impact of DBS, and above the 18% growth we guided to in February, due to better than expected revenue in Europe and Latin America. Europe Local Currency Revenue was up a very strong 10% in the quarter from strong growth in our UK CRE - CRA B2B consumer, and direct-to-consumer channels, as well as our debt management business. Latin America local currency revenue, excluding Brazil, was up 31% versus last year, driven by strong double-stick growth in Argentina and Central America. Brazil revenue in the quarter, on a reported basis, was $41 million.

Speaker Change: We expect <unk> revenue to grow for the full year.

Speaker Change: Prescreen marketing was down less than 1% and at similar levels to the quarterly revenue we had in 2023.

Mark Begor: We continue to see declines. Smaller FIs principally are partially offset by growth in larger FIs. Within risk and accounting reviews, we did see limited growth in our portfolio review business, but not to the levels we would typically see if our customers were expecting a weakening economy. Fraud revenue was up a strong 8% from new business. USIS consumer solutions D2C business had another very strong quarter, up 10%, from very good performances in both consumer direct and our indirect channels. USIS EBITDA margins were 32.7% in the quarter and higher than our expectations from stronger mortgage revenue growth. Turning now to slide nine, international revenue was up 20% in constant currency and up 6% in organic constant currency, excluding the impact of DVS. Above the 18% growth we guided to in February due to better-than-expected revenue in Europe and Latin America.

We continue to see declines. Smaller FIs principally are partially offset by growth in larger FIs. Within risk and accounting reviews, we did see limited growth in our portfolio review business, but not to the levels we would typically see if our customers were expecting a weakening economy. Fraud revenue was up a strong 8% from new business. USIS consumer solutions D2C business had another very strong quarter, up 10%, from very good performances in both consumer direct and our indirect channels. USIS EBITDA margins were 32.7% in the quarter and higher than our expectations from stronger mortgage revenue growth. Turning now to slide nine, international revenue was up 20% in constant currency and up 6% in organic constant currency, excluding the impact of DVS. Above the 18% growth we guided to in February due to better-than-expected revenue in Europe and Latin America.

Speaker Change: We continue to see declines smaller F is principally are partially offset by growth in larger at bus.

Mark W. Begor: Within risk and accounting reviews, we did see limited growth in our portfolio review business, but not to the levels we would typically see if our customers were expecting a weakening economy. Fraud revenue was up a strong 8% from new business. USIA's Consumer Solutions D2C business had another very strong quarter of 10% from very good performances in both consumer direct and our indirect channels, and U.S. IS EBITDA margins were 32.7% in the quarter and higher than our expectations due to stronger mortgage revenue growth. Turning now to slide 9, international revenue is up 20% in constant currency and up 6% in organic constant currency, excluding the impact of DBS, and above the 18% growth we guided to in February, due to better than expected revenue in Europe and Latin America. Europe Local Currency Revenue was up a very strong 10% in the quarter from strong growth in our UK CRE, CRA, B2B consumer, and direct-to-consumer channels, as well as our debt management business. Latin America local currency revenue, excluding Brazil, was up 31% versus last year, driven by strong double-stick growth in Argentina and Central America. Brazil revenue in the quarter, on a reported basis, was $41 million.

Speaker Change: Within risk and accounting reviews, we did see limited growth in our portfolio.

Speaker Change: New business, but not the level, we would typically see if our customers were expecting a weakening economy.

Speaker Change: And fraud revenue was up a strong 8% from new business.

Speaker Change: U S consumer solutions D to C business had another very strong quarter up 10% from very good performances in both consumer direct and our indirect channels.

Speaker Change: And U S. I guess EBITDA margins were 32, 7% in the quarter and higher than our expectations from stronger mortgage revenue growth.

Mark W. Begor: Turning now to slide 9, international revenue is up 20% in constant currency and up 6% in organic constant currency, excluding the impact of DBS, and above the 18% growth we guided to in February, due to better than expected revenue in Europe and Latin America. Europe Local Currency Revenue was up a very strong 10% in the quarter from strong growth in our UK CRE, CRA, B2B consumer, and direct-to-consumer channels, as well as our debt management business. Latin America local currency revenue, excluding Brazil, was up 31% versus last year, driven by strong double-stick growth in Argentina and Central America. Brazil revenue in the quarter, on a reported basis, was $41 million.

Speaker Change: Turning now to slide nine international revenue was up 20% in constant currency and up 6% and organic constant currency, excluding the impact of the D. D S and above the 18% growth we guided to in February due to better than expected revenue in Europe and Latin America.

Mark Begor: Europe local currency revenue was up very strong 10% in the quarter from strong growth in our UK CRE, CRA, B2B consumer, and direct-to-consumer channels, as well as our debt management business. Latin America local currency revenue, excluding Brazil, was up 31% versus last year, driven by strong double-digit growth in Argentina and Central America. Brazil revenue in the quarter, on a reported basis, was $41 million. We expect to make good progress on the BVS integration as we expect to implement Interconnect, our end-to-end decision platform, this summer for small and medium-sized businesses and by year-end for large businesses, and implement Ignite, our advanced analytics platform, by year-end. The combination of our Ignite and Interconnect platforms will bring significantly enhanced capabilities to our goal list of business and to the Brazilian market. Canada delivered 4% in the quarter, as expected.

Europe local currency revenue was up very strong 10% in the quarter from strong growth in our UK CRE, CRA, B2B consumer, and direct-to-consumer channels, as well as our debt management business. Latin America local currency revenue, excluding Brazil, was up 31% versus last year, driven by strong double-digit growth in Argentina and Central America. Brazil revenue in the quarter, on a reported basis, was $41 million. We expect to make good progress on the BVS integration as we expect to implement Interconnect, our end-to-end decision platform, this summer for small and medium-sized businesses and by year-end for large businesses, and implement Ignite, our advanced analytics platform, by year-end. The combination of our Ignite and Interconnect platforms will bring significantly enhanced capabilities to our goal list of business and to the Brazilian market. Canada delivered 4% in the quarter, as expected.

Speaker Change: Europe local currency revenue was up very strong 10% in the quarter from strong growth in our U K CRE CRA meet or beat consumer and direct to consumer channels as well as our debt management business.

Latin America local currency revenue, excluding Brazil was up 31% versus last year, driven by strong double digit growth in Argentina and Central America.

Speaker Change: Brazil revenue in the quarter on a reported basis was $41 million, we expect to make good progress on the Bbs integration as we expect to implement Interconnects are end to end Decisioning platform. This summer for small and medium sized businesses and by year end for large businesses.

Mark W. Begor: We expect to make good progress on the BBS integration, as we expect to implement InterConnect, our end-to-end decision platform this summer for small and medium-sized businesses and by year-end for large businesses, and implement Ignite, our advanced analytics platform, by year-end. The combination of our Ignite and Interconnect platforms will bring significantly enhanced capabilities to our Ole Mista business and to the Brazilian market. Canada delivered 4% in the quarter, as expected, and Canada is on track to complete their migration to the Equifax cloud in the second quarter, and similar to USIS, we expect to see accelerating NPI as they complete the cloud. Asia-Pacific revenue was below our expectations, with revenue down 10% due to lower market volumes, principally in our Australian commercial business. We expect Asia-Pacific to have declining revenue in the first half due to these softer market conditions and the near-term impact of long-term contract extensions we signed with several large customers. We expect Asia-Pacific to return to revenue growth in the second half of this year. International adjusted EBITDA margins of 24.3% were above our expectations due to revenue growth and continued strong cost management. Turning to slide 10, we continue to make very strong progress with new product innovation, launching over 25 new products in the quarter with a 9% vitality index from broad-based strong performances across all of our VUs.

Speaker Change: And implement ignite our advanced analytics platform by year end.

Speaker Change: The combination of our ignite.

Speaker Change: Our ignite and interconnect platforms will be significantly enhanced capabilities to our goal of Mr business into the Brazilian market.

Speaker Change: Canada delivered 4% in the quarter as expected.

Mark Begor: Canada is on track to complete their migration to the Equifax Cloud in Q2. Similar to USIS, we expect to see accelerating NPI as they complete the cloud. Asia-Pacific revenue was below our expectations, with revenue down 10% due to lower market volumes, principally in our Australian commercial business. We expect Asia-Pacific to have declining revenue in H1 due to these softer market conditions and the near-term impact of long-term contract extensions we signed with several large customers. We expect Asia-Pacific to return to revenue growth in H2 of this year. International adjusted EBITDA margins of 24.3% were above our expectations due to revenue growth and continued strong cost management.

Canada is on track to complete their migration to the Equifax Cloud in Q2. Similar to USIS, we expect to see accelerating NPI as they complete the cloud. Asia-Pacific revenue was below our expectations, with revenue down 10% due to lower market volumes, principally in our Australian commercial business. We expect Asia-Pacific to have declining revenue in H1 due to these softer market conditions and the near-term impact of long-term contract extensions we signed with several large customers. We expect Asia-Pacific to return to revenue growth in H2 of this year. International adjusted EBITDA margins of 24.3% were above our expectations due to revenue growth and continued strong cost management.

Speaker Change: And it is on track to complete the migration to the Equifax cloud in the second quarter and similar to the U S. I S. We expect to see accelerating NPI as they complete the cloud.

Speaker Change: Asia Pacific revenue was below our expectations with revenue down 10% due to lower market volumes, principally at our Australian commercial business.

Mark W. Begor: We expect Asia-Pacific to have declining revenue in the first half due to these softer market conditions and the near-term impact of long-term contract extensions we signed with several large customers. We expect Asia-Pacific to return to revenue growth in the second half of this year. International adjusted EBITDA margins of 24.3% were above our expectations due to revenue growth and continued strong cost management. Turning to slide 10, we continue to make very strong progress with new product innovation, launching over 25 new products in the quarter with a 9% vitality index from broad-based strong performances across all of our VUs.

We expect Asia Pacific to have declining revenue in the first half due to the softer market conditions in the near term near term impact of long term contract extensions, we signed with several large customers.

Speaker Change: We expect Asia Pacific to return to revenue growth in the second half of this year.

Speaker Change: International adjusted EBITDA margins of 24, 3% were above our expectations due to revenue growth and continued strong cost management.

Mark Begor: Turning to slide 10, we continue to make very strong progress with new product innovation, launching over 25 new products in the quarter with a 9% Vitality Index from broad-based strong performances across all of our BUs. As a reminder, our BI measure includes NPIs from the last three years, and on January 1, dropped out NPIs from all of 2020. While our first quarter BI was slightly below our long-term goal of 10% as we lacked a large EWS talent solutions product launched in 2020, we expect our quarterly BI to accelerate throughout the year, leveraging our EFX cloud capabilities to drive new product rollouts with a full year 2024 BI of over 10%.

Turning to slide 10, we continue to make very strong progress with new product innovation, launching over 25 new products in the quarter with a 9% Vitality Index from broad-based strong performances across all of our BUs. As a reminder, our BI measure includes NPIs from the last three years, and on January 1, dropped out NPIs from all of 2020. While our first quarter BI was slightly below our long-term goal of 10% as we lacked a large EWS talent solutions product launched in 2020, we expect our quarterly BI to accelerate throughout the year, leveraging our EFX cloud capabilities to drive new product rollouts with a full year 2024 BI of over 10%.

Speaker Change: Turning to slide 10, we continue to make very strong progress with new product innovation launching over 25, new products in the quarter with a 90% vitality index from broad based strong performances across all of our views.

Mark W. Begor: As a reminder, our VI measure includes NPIs for the last three years and on January 1, drops out NPIs - or on January dropped out, NPIs from all of 2020. While our first quarter VI was slightly below our long-term goal of 10% as we lacked a large EWS talent solutions product launched in 2020, we expect our quarterly VI to accelerate throughout the year, leveraging our EFX cloud capabilities to drive new product rollouts with a full year 2024 VI of over 10%. Consistent with the fourth quarter of last year, USIS delivered another strong quarter with VI of 7% as we're closer to cloud completion and able to leverage our new cloud-native infrastructure for innovation and new products, such as our suite of Ignite solutions, including Ignite for prospecting and Ignite for financial services. EWS delivered VI of over 10%. We expect EWS VI to accelerate throughout 2024 with new product introductions focused on incarceration data, mortgage pre-qual, and I-9 and onboarding products. As I mentioned earlier, EFX.AI is a pillar of our EFX 2026 strategic priorities enabled by our EFX Cloud.

Speaker Change: As a reminder, I RBI measure includes N. P is for the last three years and on January one drops out N. P. I R. On January one dropped out N. P is from all of 2020.

Speaker Change: While our first quarter was slightly below our long term goal of 10% as we lacked award in AWS talent solutions product launched in 2020, we expect our quarterly V I to accelerate throughout the year, leveraging our E FX cloud capabilities to drive new product Rollouts with our full year 2024.

Speaker Change: The yard of over 10%.

Mark W. Begor: Consistent with the fourth quarter of last year, USIS delivered another strong quarter with VI of 7% as we're closer to cloud completion and able to leverage our new cloud-native infrastructure for innovation and new products, such as our suite of Ignite solutions, including Ignite for prospecting and Ignite for financial services. EWS delivered VI of over 10%. We expect EWS VI to accelerate throughout 2024 with new product introductions focused on incarceration data, mortgage prequal, and I-9 and onboarding products. As I mentioned earlier, EFX.AI is a pillar of our EFX 2026 strategic priorities enabled by our EFX Cloud.

Mark Begor: Consistent with the fourth quarter of last year, USIS delivered another strong quarter with BI of 7% as we're closer to cloud completion and able to leverage our new cloud-native infrastructure for innovation and new products, such as our suite of Ignite solutions, including Ignite for prospecting and Ignite for financial services. EWS delivered BI over 10%. We expect EWS BI to accelerate throughout 2024 with new product introductions focused on incarceration data, mortgage pre-qual, and I-9 and onboarding products. As I mentioned earlier, EFX.AI is a pillar of our EFX 2026 strategic priorities enabled by our EFX cloud. In the middle of the slide, you can see that we're accelerating the pace at which we are developing new models, scores, and products using AI and machine learning.

Consistent with the fourth quarter of last year, USIS delivered another strong quarter with BI of 7% as we're closer to cloud completion and able to leverage our new cloud-native infrastructure for innovation and new products, such as our suite of Ignite solutions, including Ignite for prospecting and Ignite for financial services. EWS delivered BI over 10%. We expect EWS BI to accelerate throughout 2024 with new product introductions focused on incarceration data, mortgage pre-qual, and I-9 and onboarding products. As I mentioned earlier, EFX.AI is a pillar of our EFX 2026 strategic priorities enabled by our EFX cloud. In the middle of the slide, you can see that we're accelerating the pace at which we are developing new models, scores, and products using AI and machine learning.

Speaker Change: Consistent with the fourth quarter of last year U S. I S delivered another strong quarter with V. I, a 7% as we're closer to cloud completion and able to leverage our new cloud native infrastructure for innovation and new products, such as our suite of ignite solutions, including ignite for prospecting and ignite for financial services.

Speaker Change: UWS delivered by over 10%, we expect dws the eye to accelerate throughout 2024 with new product introductions focused on incarceration data mortgage Queen prequel and I nine and Onboarding products.

Speaker Change: As I mentioned earlier <unk> is a pillar of our FX 2026 strategic priorities enabled by our Yandex cloud.

Mark W. Begor: In the middle of the slide, you can see that we're accelerating the pace at which we are developing new models, scores and products using AI and machine learning. In the first quarter, 85% of our new models and scores were built using AI and ML, which is ahead of our 2024 goal of 80% and last year's 70%. NPI and AI are a clear focus for Equifax, which will drive innovation that can increase the visibility of consumers to help expand access to credit and create new mainstream financial opportunities, as well as drive EFX top-line growth and margins. Before I turn it over to John, I want to spend a few minutes on our progress on two of our critical EFX 2026 strategic priorities that support our long-term growth framework of 8-12% top-line growth and 50 basis points of annual margin expansion. Completing the cloud and pivoting from building and leveraging our cloud capabilities is a big 2024 priority, which is fundamental to accelerating NPI and execution of AI and more broadly analytics, as well as substantially strengthening system response time and resilience of our technology for our customers. Completely in the cloud also frees up our team to fully focus on growth, expanding innovation, new products, and new markets.

Speaker Change: In the middle of this slide you can see that we're accelerating the pace at which we are developing new models scores and products using AI and machine learning and.

Mark Begor: In the first quarter, 85% of our new models and scores were built using AI and ML, which is ahead of our 2024 goal of 80% and last year's 70%. NPI and AI are a clear focus for Equifax, which will drive innovation that can increase the visibility of consumers to help expand access to credit, and create new mainstream financial opportunities, as well as drive EFX top-line growth, and margins. Before I turn it over to John, I want to spend a few minutes on our progress on two of our critical EFX 2026 strategic priorities that support our long-term growth framework of 8% to 12% top-line growth and 50 basis points of annual margin expansion.

In the first quarter, 85% of our new models and scores were built using AI and ML, which is ahead of our 2024 goal of 80% and last year's 70%. NPI and AI are a clear focus for Equifax, which will drive innovation that can increase the visibility of consumers to help expand access to credit, and create new mainstream financial opportunities, as well as drive EFX top-line growth, and margins. Before I turn it over to John, I want to spend a few minutes on our progress on two of our critical EFX 2026 strategic priorities that support our long-term growth framework of 8% to 12% top-line growth and 50 basis points of annual margin expansion.

Speaker Change: In the first quarter, 85% of our new models and scores were built using AI and ml, which is ahead of our 2024 goal of 80% in last year's <unk> 70 per cent.

Speaker Change: MTI and AI, our clear focus for Equifax, which will drive innovation that can increase the visibility of consumers to help expand access to credit.

Speaker Change: New mainstream financial opportunities as well as drive E X topline growth and margins.

Speaker Change: Before I turn it over to John I want to spend a few minutes on our progress on two of our critical <unk> 2026 strategic priorities that support our long term growth framework of 88% to 12% top line growth and 50 basis points of annual margin expansion.

Mark W. Begor: Completing the cloud and pivoting from building and leveraging our cloud capabilities is a big 2024 priority, which is fundamental to accelerating NPI and execution of AI and more broadly analytics, as well as substantially strengthening system response time and resilience of our technology for our customers. Completely in the cloud also frees up our team to fully focus on growth, expanding innovation, new products, and new markets.

Mark Begor: Completing the cloud and pivoting from building and leveraging our cloud capabilities is a big 2024 priority, which is fundamental to accelerating NPI and execution of AI and more broadly analytics, as well as substantially strengthening system response time and resilience of our technology for our customers. Completing the cloud also frees up our team to fully focus on growth, expanding innovation, new products, and new markets. Our progress towards completing the cloud is gaining momentum, with over 70% of our total revenue in the new Equifax cloud at the end of the quarter. We're focused on executing the remaining steps to reach 90% of Equifax revenue in the cloud by year-end.

Completing the cloud and pivoting from building and leveraging our cloud capabilities is a big 2024 priority, which is fundamental to accelerating NPI and execution of AI and more broadly analytics, as well as substantially strengthening system response time and resilience of our technology for our customers. Completing the cloud also frees up our team to fully focus on growth, expanding innovation, new products, and new markets. Our progress towards completing the cloud is gaining momentum, with over 70% of our total revenue in the new Equifax cloud at the end of the quarter. We're focused on executing the remaining steps to reach 90% of Equifax revenue in the cloud by year-end.

Completing the cloud and pivoting from building and leveraging our cloud capabilities is a big 2025, 24 priority, which is fundamental to accelerating NPI and execution of AI and more broadly analytics as well as substantially strengthening system response times and resilience of our technology for our customers.

John: Got it completely and cloud also frees up our team to fully focus on growth expanding innovation, new products and new markets.

Mark W. Begor: Our progress towards completing Cloud is gaining momentum with over 70% of our total revenue into the Equifax Cloud at the end of the quarter. And we're focused on executing the remaining steps to reach 90% of Equifax revenue in the Cloud by year-end. USIS expects to complete their consumer credit, mortgage, Intelco, and utilities exchange customer migrations to the new Equifax Cloud data fabric, principally in the third quarter, which will allow them to decommission legacy systems in the second half of this year as planned. Customer feedback, and the thousands of customers that we've migrated to the Equifax Cloud year to date has been very positive. Candidates are progressing as planned to complete their consumer credit exchange migrations to the data fabric in late second quarter of this year, with their data center decommissioning planned for the third quarter. Europe continues to make significant progress with the goal of completing Spain's consumer credit exchange migration to Data Fabric and the decommissioning of their legacy systems in the third quarter, and the UK is on schedule to complete Cloud migrations decommissioning of their technology and data centers in the first half of 2025. In Latin America, we completed the Argentina and Chile Cloud migrations and expect to make substantial progress on the remaining Latin American countries throughout the rest of 2024.

John: Our progress towards completing our cloud is gaining momentum with over 70% of our total revenue in the new Equifax cloud at the end of the quarter.

John: We're focused on executing the remaining steps to reach 90% of Equifax revenue in the cloud by year end.

Mark Begor: USIS expects to complete their consumer credit, mortgage, and telco and utilities exchange customer migrations to the new Equifax cloud data fabric, principally in Q3, which will allow them to decommission legacy systems in the second half of this year as planned. Customer feedback from the thousands of customers that we've migrated the Equifax cloud year to date has been very positive. Canada is progressing as planned to complete their consumer credit exchange migrations to the data fabric in late Q2 of this year, with their data center decommissioning planned for Q3. Europe continues to make significant progress with the goal of completing Spain's consumer credit exchange migration to data fabric and the decommissioning of their legacy systems in Q3.

USIS expects to complete their consumer credit, mortgage, and telco and utilities exchange customer migrations to the new Equifax cloud data fabric, principally in Q3, which will allow them to decommission legacy systems in the second half of this year as planned. Customer feedback from the thousands of customers that we've migrated the Equifax cloud year to date has been very positive. Canada is progressing as planned to complete their consumer credit exchange migrations to the data fabric in late Q2 of this year, with their data center decommissioning planned for Q3. Europe continues to make significant progress with the goal of completing Spain's consumer credit exchange migration to data fabric and the decommissioning of their legacy systems in Q3.

John: <unk> expects to complete their consumer credit mortgage and telco and utilities exchange customer migrations to the new Equifax cloud data fabric, principally in the third quarter, which will allow them to decommission legacy systems in the second half of this year that plan.

John: Customer feedback from the thousands of customers that we've migrated the equifax cloud year to date has been very positive.

Mark W. Begor: Candidates are progressing as planned to complete their consumer credit exchange migrations to the data fabric in late second quarter of this year, with their data center decommissioning planned for the third quarter. Europe continues to make significant progress with the goal of completing Spain's consumer credit exchange migration to Data Fabric and the decommissioning of their legacy systems in the third quarter, and the UK is on schedule to complete cloud migrations and the decommissioning of their technology and data centers in the first half of 2025. In Latin America, we completed the Argentina and Chile cloud migrations and expect to make substantial progress on the remaining Latin American countries throughout the rest of 2024.

John: Canada is progressing as planned to complete their consumer credit exchange migrations to the data fabric in late second quarter of this year with their datacenter decommissioning planning for the third quarter.

John: Europe continues to make significant progress with the goal of completing Spain's consumer credit.

John: Migration to data fabric and the decommissioning of their legacy systems in the third quarter and U K is on schedule to complete cloud migrations decommissioning.

Mark Begor: The UK is on schedule to complete cloud migrations and decommissionings of their technology and data centers in H1 2025. In Latin America, we've completed the Argentina and Chile cloud migrations and expect to make substantial progress on the remaining Latin American countries throughout the rest of 2024. Lastly, as planned, we expect Australia to make big progress this year towards completing their consumer credit exchange migrations to the Equifax Cloud in 2025. Second, driving AI innovation is an important EFX 2026 strategic priority that leverages our cloud-based data fabric, application architecture, and global Ignite analytical and Interconnect decisioning platforms. We're making great progress at embedding these EFX.AI capabilities across our global footprint. Ignite and Interconnect are now broadly available worldwide. During 2024, we're deploying both Equifax proprietary explainable AI along with Google Vertex AI across Ignite, Interconnect, and our global transaction systems.

The UK is on schedule to complete cloud migrations and decommissionings of their technology and data centers in H1 2025. In Latin America, we've completed the Argentina and Chile cloud migrations and expect to make substantial progress on the remaining Latin American countries throughout the rest of 2024. Lastly, as planned, we expect Australia to make big progress this year towards completing their consumer credit exchange migrations to the Equifax Cloud in 2025. Second, driving AI innovation is an important EFX 2026 strategic priority that leverages our cloud-based data fabric, application architecture, and global Ignite analytical and Interconnect decisioning platforms. We're making great progress at embedding these EFX.AI capabilities across our global footprint. Ignite and Interconnect are now broadly available worldwide. During 2024, we're deploying both Equifax proprietary explainable AI along with Google Vertex AI across Ignite, Interconnect, and our global transaction systems.

John: Their technology and data centers in the first half of 2025.

John: In Latin America, we completed the Argentina, and Chile cloud migrations and expect to make substantial progress on the remaining Latin American countries throughout.

John: Throughout the rest of 2024 and lastly, as planned we expect Australia to make good progress this year towards completing their consumer credit exchange migrations to the Equifax cloud in 2025.

Mark W. Begor: And lastly, as planned, we expect Australia to make big progress this year towards completing their consumer credit exchange migrations to the Equifax Cloud in 2025. Second, driving AI innovation is an important EFX 2026 strategic priority that leverages our cloud-based data fabric and application architecture and global Ignite analytical and interconnect decisioning platforms. We're making great progress in embedding these EFX.AI capabilities across our global footprint. Ignite and Interconnect are now broadly available worldwide, and during 2024, we're deploying both Equifax proprietary explainable AI along with Google Vertex AI across Ignite, Interconnect, and our global transaction system. For Equifax, Virtex AI enables faster and more predictive model development on our Ignite platform. And for our clients, Ignite, which combines data analytics and technology in one cloud-based ecosystem, customers can connect their data with our unique data through our identity resolution process to gain a single holistic view of consumers. We now have access to 100% of the U.S. population through our datasets and our single data fabric.

John: Second driving AI innovation is an important E F F. 'twenty 'twenty six strategic priority that Leverages, our cloud based data fabric at application architecture, and global ignite analytical and interconnect decisioning platforms.

John: We're making great progress at embedding these E FX got AI capabilities across our global footprint.

John: Ignite and interconnect are now broadly available worldwide.

During 2024, we're deploying both equifax proprietary explainable AI, along with Google vertex AI across ignite interconnect and our global transaction systems.

Mark Begor: For Equifax, Vertex AI enables faster and more predictive model development on our Ignite platform. For our clients, Ignite, which combines data, analytics, and technology in a one-cloud-based ecosystem, customers can connect their data with our unique data through our identity resolution process to gain a single holistic view of consumers. We now have access to 100% of the US population through our data sets in our single data fabric. This is expanding the scoreable population of consumers for our customer cases by over 20%. We're driving faster data ingestion and analytics with greater than 5x the processing power of our legacy applications tied to our clients' existing campaign, account management, and business platforms. Completing the cloud and expanding EFX.AI, along with continued expansion of our differentiated data sets, will accelerate innovation and new products at Equifax that will drive both our top and bottom line.

For Equifax, Vertex AI enables faster and more predictive model development on our Ignite platform. For our clients, Ignite, which combines data, analytics, and technology in a one-cloud-based ecosystem, customers can connect their data with our unique data through our identity resolution process to gain a single holistic view of consumers. We now have access to 100% of the US population through our data sets in our single data fabric. This is expanding the scoreable population of consumers for our customer cases by over 20%. We're driving faster data ingestion and analytics with greater than 5x the processing power of our legacy applications tied to our clients' existing campaign, account management, and business platforms. Completing the cloud and expanding EFX.AI, along with continued expansion of our differentiated data sets, will accelerate innovation and new products at Equifax that will drive both our top and bottom line.

Mark W. Begor: For Equifax, Virtex AI enables faster and more predictive model development on our Ignite platform. And for our clients, Ignite, which combines data analytics and technology in one cloud-based ecosystem, customers can connect their data with our unique data through our identity resolution process to gain a single holistic view of consumers. We now have access to 100% of the U.S. population through our datasets and our single data fabric.

John: For Equifax vertex AI enables faster and more predictive model development on our ignite platform for our clients ignite, which combine data analytics and technology to one cloud cloud based ecosystem customers can connect their data with our unique data through our identity resolution process.

John: A single holistic view of consumers.

John: We now have access to a 100% of the U S population through our datasets and our single data fabric.

Mark W. Begor: This is expanding the scoreable population of consumers for our customer cases by over 20%. And we're driving faster data ingestion analytics with greater than five times the processing power of our legacy applications tied into our client's existing campaign, account management, and business platforms. Completing the Cloud and expanding EFX.AI, along with continued expansion of our differentiated datasets, will accelerate innovation and new products at Equifax that will drive both our top and bottom lines. In the first quarter, we're also off to a good start on our broader operational Cloud restructuring plan across Equifax, reflecting cost reductions from the closure of North American data centers and other broader spending controls against our $300 million goal. These actions are improving operating margins and lowering the capital intensity of our business. We're entering the next chapter of the new Equifax as we pivot from building the new Equifax Cloud towards leveraging our new Cloud capabilities to drive our top and bottom lines. Now, I'd like to turn it over to John to provide more detail on our first quarter financial results and to provide our second quarter framework. Our second quarter guidance builds on our strong first quarter performance from new products, record growth, and pricing. John?

John: This is expanding the score of a population of consumer consumers for our customer cases by over 20%.

John: We're driving faster data ingestion and analytics with greater than five times the processing power of our legacy applications tied to our into our clients' existing campaign account management and business platforms.

John: So you need a cloud and expanding yet backstopped AI along with continued expansion of our differentiated datasets will accelerate innovation and new products at Equifax will drive both our top and bottom line.

Mark Begor: In the first quarter, we're also off to a good start on our broader operational cloud restructuring plan across Equifax, reflecting cost reductions from the closure of North American data centers and other broader spending controls against our $300 million goal. These actions are improving operating margins and lowering the capital intensity of our business. We're entering the next chapter of the new Equifax as we pivot from building the new Equifax cloud towards leveraging our new cloud capabilities to drive our top and bottom line. Now I'd like to turn it over to John to provide more detail on our first quarter financial results and to provide our second quarter framework. Our second quarter guidance builds on our strong first quarter performance from new products, record growth, and pricing. John. Thanks, Mark.

In the first quarter, we're also off to a good start on our broader operational cloud restructuring plan across Equifax, reflecting cost reductions from the closure of North American data centers and other broader spending controls against our $300 million goal. These actions are improving operating margins and lowering the capital intensity of our business. We're entering the next chapter of the new Equifax as we pivot from building the new Equifax cloud towards leveraging our new cloud capabilities to drive our top and bottom line. Now I'd like to turn it over to John to provide more detail on our first quarter financial results and to provide our second quarter framework. Our second quarter guidance builds on our strong first quarter performance from new products, record growth, and pricing. John.

Mark W. Begor: In the first quarter, we're also off to a good start on our broader operational cloud restructuring plan across Equifax, reflecting cost reductions from the closure of North American data centers and other broader spending controls against our $300 million goal. These actions are improving operating margins and lowering the capital intensity of our business. We're entering the next chapter of the new Equifax as we pivot from building the new Equifax cloud towards leveraging our new cloud capabilities to drive our top and bottom lines. Now, I'd like to turn it over to John to provide more detail on our first quarter financial results and to provide our second quarter framework. Our second quarter guidance builds on our strong first quarter performance from new products, record growth, and pricing.

John: In the first quarter, we're also off to a good start on our water operational cloud restructuring plan across equifax, reflecting cost reductions from the closure of North American data centers and other broader spending controls against our $300 million goal.

John: These actions are improving operating margins and lowering the capital intensity of our business.

John W. Gamble: We're entering the next chapter of the new Equifax as we pivot from building the new Equifax cloud towards leveraging our new cloud capabilities to drive our top and bottom lines. Now, I'd like to turn it over to John to provide more detail on our first quarter financial results and to provide our second quarter framework. Our second quarter guidance builds on our strong first quarter performance from new products, record growth, and pricing. Thanks, Mark.

We're entering the next chapter of the new Equifax as we pivot from building the new Equifax cloud towards leveraging our new cloud capabilities to drive our top and bottom lines. Now, I'd like to turn it over to John to provide more detail on our first quarter financial results and to provide our second quarter framework. Our second quarter guidance builds on our strong first quarter performance from new products, record growth, and pricing.

John: We're entering the next chapter of the U Equifax as we pivot from building to do Equifax cloud towards leveraging our new cloud capabilities to drive our top and bottom line.

John: And now I'd like to turn it over to Jon to provide more detail on our first quarter financial results and to provide our second quarter framework.

Jon: Our second quarter guidance builds on our strong first quarter performance from new products record growth and pricing John.

John Gamble: Thanks, Mark.

John W. Gamble: Thanks, Mark. Turning to slide 11, first quarter mortgage market credit inquiries were down about 19%, and twin mortgage inquiry volumes were down 22%. We believe homebuyers continue to have difficulty completing purchase transactions, resulting in the continuation of shopping, which generally results in credit inquiries, which occur earlier in the purchase process, being stronger than twin inquiries. Consistent with our practice from the first quarter and the last several years, our guidance for both credit inquiries and twin inquiries is based on our current run rates for the last two to four weeks, modified to reflect normal seasonal patterns. For both credit and twin inquiries, we saw some weakening in trends in late March and early April as mortgage rates increased over that period. Mortgage credit inquiry run rates remain somewhat better than the guidance we provided in February. Our guidance reflects mortgage credit inquiries to be down about 13% in the second quarter of '24 and 11% in calendar year '24, about 600 basis points and 500 basis points better than our February guidance, respectively. Our guidance reflects twin inquiries at about the levels we discussed in February, with twin inquiries down about 19% in Q2 and down about 14% for the year.

Jon: Thanks, Marc turning to slide 11, first quarter mortgage market credit inquiries were down about 19% and Twain mortgage inquiry volumes were down 22%.

John W. Gamble: Turning to slide 11, first quarter mortgage market credit inquiries were down about 19%, and twin mortgage inquiry volumes were down 22%. We believe homebuyers continue to have difficulty completing purchase transactions, resulting in the continuation of shopping, which generally results in credit inquiries, which occur earlier in the purchase process, being stronger than twin inquiries. Consistent with our practice from the first quarter and the last several years, our guidance for both credit inquiries and twin inquiries is based on our current run rates for the last two to four weeks, modified to reflect normal seasonal patterns. For both credit and twin inquiries, we saw some weakening in trends in late March and early April as mortgage rates increased over that period. Mortgage credit inquiry run rates remain somewhat better than the guidance we provided in February. Our guidance reflects mortgage credit inquiries to be down about 13% in the second quarter of 24 and 11% in calendar year 24, about 600 basis points and 500 basis points better than our February guidance, respectively. Our guidance reflects twin inquiries at about the levels we discussed in February, with twin inquiries down about 19% in Q2 and down about 14% for the year.

Mark Begor: Turning to slide 11, Q1 mortgage market credit inquiries were down about 19%, and twin mortgage inquiry volumes were down 22%. We believe home buyers continue to have difficulty completing purchase transactions, resulting in the continuation of shopping, which generally results in credit inquiries, which occur earlier in the purchase process, being stronger than twin inquiries. Consistent with our practice from Q1 and the last several years, our guidance for both credit inquiries and twin inquiries is based on our current run rates over the last two to four weeks, modified to reflect normal seasonal patterns. For both credit and twin inquiries, we saw some weakening in trends in late March and early April as mortgage rates increased over that period. Mortgage credit inquiry run rates remain somewhat better than the guidance we provided in February.

Turning to slide 11, Q1 mortgage market credit inquiries were down about 19%, and twin mortgage inquiry volumes were down 22%. We believe home buyers continue to have difficulty completing purchase transactions, resulting in the continuation of shopping, which generally results in credit inquiries, which occur earlier in the purchase process, being stronger than twin inquiries. Consistent with our practice from Q1 and the last several years, our guidance for both credit inquiries and twin inquiries is based on our current run rates over the last two to four weeks, modified to reflect normal seasonal patterns. For both credit and twin inquiries, we saw some weakening in trends in late March and early April as mortgage rates increased over that period. Mortgage credit inquiry run rates remain somewhat better than the guidance we provided in February.

Jon: We believe homebuyers continue to have difficulty completing purchase transactions, resulting in the continuation of shopping which generally generally results in credit inquiries, which occurred earlier in the purchase process being stronger than 'twenty inquiries.

Jon: Consistent with our practice from the first quarter in the last several years our guidance for both credit inquiries and twin inquiries. It's based on our current run rates over the last two to four weeks modified to reflect normal seasonal patterns for both credit and twin inquiries you saw some weakening trends in late March and early April.

Jon: Mortgage rates increased over that period.

John W. Gamble: Mortgage credit inquiry run rates remain somewhat better than the guidance we provided in February. Our guidance reflects mortgage credit inquiries to be down about 13% in the second quarter of 24 and 11% in calendar year 24, about 600 basis points and 500 basis points better than our February guidance, respectively. Our guidance reflects twin inquiries at about the levels we discussed in February, with twin inquiries down about 19% in Q2 and down about 14% for the year.

Jon: Mortgage credit inquiry run rate to remain somewhat better than the guidance we provided in February.

Mark Begor: Our guidance reflects mortgage credit inquiries to be down about 13% in the second quarter of 2024 and 11% in calendar year 2024, about 600 basis points and 500 basis points better than our February guidance, respectively. Our guidance reflects twin inquiries at about the levels we discussed in February, with twin inquiries down about 19% in Q2 and down about 14% for the year. This reflects the continuation of mortgage shopping we saw in the first quarter. As a reminder, and as we discussed in February, we expect the level of USIS mortgage revenue outperformance to moderate as we move through 2024 as we start to lap the growth in new mortgage pre-qual products. We expect Q2 USIS mortgage outperformance to be about 40%, down from the 57% in the first quarter, with full-year USIS mortgage outperformance also expected to be on the order of 40%.

Our guidance reflects mortgage credit inquiries to be down about 13% in the second quarter of 2024 and 11% in calendar year 2024, about 600 basis points and 500 basis points better than our February guidance, respectively. Our guidance reflects twin inquiries at about the levels we discussed in February, with twin inquiries down about 19% in Q2 and down about 14% for the year. This reflects the continuation of mortgage shopping we saw in the first quarter. As a reminder, and as we discussed in February, we expect the level of USIS mortgage revenue outperformance to moderate as we move through 2024 as we start to lap the growth in new mortgage pre-qual products. We expect Q2 USIS mortgage outperformance to be about 40%, down from the 57% in the first quarter, with full-year USIS mortgage outperformance also expected to be on the order of 40%.

Jon: Our guidance reflects mortgage credit inquiries to be down about 13% in the second quarter of 'twenty, four and 11% in calendar year 'twenty for about 600 basis points, and 500 basis points better than our February guidance, respectively.

Jon: Our guidance reflects twin inquiries about the levels, we discussed in February with twin inquiries down about 19% in Q2 and down about 14% for the year.

John W. Gamble: This reflects the continuation of mortgage shopping we saw in the first quarter. As a reminder, and as we discussed in February, we expect the level of USIS mortgage revenue outperformance to moderate as we move through 2024, as we start to lap the growth in new mortgage pre-qual products. We expect 2Q USIS Mortgage Outperformance to be about 40%, down from 57% in the first quarter, with full-year USIS Mortgage Outperformance also expected to be on the order of 40%. We expect twin revenue mortgage outperformance in the second quarter to be up slightly from the 7% we saw in the first quarter. As Mark indicated, second half 2024 mortgage outperformance should be about 14%, with full year about 11%, and at the low end of our long-term 11% to 13% framework. Slide 12 provides the details of our 2Q 2024 guidance. In 2Q '24, we expect total Equifax revenue to be between $1.41 and $1.43 billion, with revenue up about 8% at the new point.

Jon: This reflects the continuation of mortgage shopping we saw in the first quarter as a reminder, and as we discussed in February we expect the level of U S. I S mortgage revenue outperformance to moderate as we move through 2024 as we start to lap the growth in new mortgage pre qual products.

Jon: Expect to Q U S. I S mortgage outperformance to be about 40% down from the 57% in the first quarter with full year U S. I S. Mortgage outperformance also expect it to be on the order of 40%.

John W. Gamble: We expect twin revenue mortgage outperformance in the second quarter to be up slightly from the 7% we saw in the first quarter. As Mark indicated, second half 2024 mortgage outperformance should be about 14%, with full year about 11%, and at the low end of our long-term 11% to 13% framework. Slide 12 provides the details of our 2Q2024 guidance. In 2Q24, we expect total Equifax revenue to be between $1.41 and $1.43 billion, with revenue up about 8% at the new point.

Mark Begor: We expect TWN revenue, mortgage outperformance in the second quarter to be up slightly from the 7% we saw in the first quarter. As Mark indicated, H2 2024 mortgage outperformance should be about 14%, with full-year about 11%, and at the low end of our long-term 11% to 13% framework. Slide 12 provides the details of our Q2 2024 guidance. In Q2 2024, we expect total Equifax revenue to be between $1.41 and 1.43 billion, with revenue up about 8% at the midpoint. Non-mortgage constant currency revenue growth should strengthen to about 11%. Mortgage revenue in the second quarter is expected to be up about 3%. Mortgage revenue will be just over 20% of Equifax revenue. FX is negative to revenue about two points. Business unit performance in the second quarter is expected to be as follows.

We expect TWN revenue, mortgage outperformance in the second quarter to be up slightly from the 7% we saw in the first quarter. As Mark indicated, H2 2024 mortgage outperformance should be about 14%, with full-year about 11%, and at the low end of our long-term 11% to 13% framework. Slide 12 provides the details of our Q2 2024 guidance. In Q2 2024, we expect total Equifax revenue to be between $1.41 and 1.43 billion, with revenue up about 8% at the midpoint. Non-mortgage constant currency revenue growth should strengthen to about 11%. Mortgage revenue in the second quarter is expected to be up about 3%. Mortgage revenue will be just over 20% of Equifax revenue. FX is negative to revenue about two points. Business unit performance in the second quarter is expected to be as follows.

Jon: We expect twin revenue mortgage outperformance in the second quarter to be up slightly from the 7%. We saw in the first quarter as Mark indicated second half 'twenty 'twenty, four and mortgage outperformance shouldn't be about 14% with full year about 11%.

Jon: And at the low end of our long term, 11% to 13% framework.

Jon: Slide 12 provides the details of our <unk> 'twenty 'twenty four guidance and <unk> 24, we expect total equifax revenue to be between one for one and $1 $43 billion with revenue up about 8% at the midpoint non mortgage constant currency revenue growth.

John W. Gamble: Non-mortgage constant currency revenue growth should strengthen to about 11%. Mortgage revenue in the second quarter is expected to be up about 3%. Mortgage revenue will be just over 20% of Equifax revenue. FX is negative to revenue by about 2 points. Business unit performance in the second quarter is expected to be as follows: Workforce solutions revenue growth is expected to be up about 3%, with mortgage revenue down about 12.5%. EWS non-mortgage revenue should grow over 9% in the quarter. Non-mortgage verifier revenue will again be up about 15% in the second quarter, driven again by government and a return to growth and talent solutions. And employer services revenue is expected to decline about 4% in the quarter due to declines in ERC revenue. Excluding ERC, employer services revenue should be up slightly. We expect employer services to return to revenue growth in the fourth quarter of 2024, as we last ERC headline. EWS adjusted EBITDA margins are expected to again be about 51%.

Jon: Could strengthen to about 11%.

Mortgage revenue in the second quarter is expected to be up about 3%.

Jon: Mortgage revenue will be just over 20% of equifax revenue.

Speaker Change: Thanks, it's negative to revenue about two points.

Speaker Change: This unit performance in the second quarter is expected to be as follows workforce solutions revenue growth is expected to be up about 3% with mortgage revenue down about 12, 5%.

John W. Gamble: Workforce solutions revenue growth is expected to be up about 3%, with mortgage revenue down about 12.5%. EWS non-mortgage revenue should grow over 9% in the quarter. Non-mortgage verifier revenue will again be up about 15% in the second quarter, driven again by government and a return to growth and talent solutions. And employer services revenue is expected to decline about 4% in the quarter due to declines in ERC revenue. Excluding ERC, employer services revenue should be up slightly. We expect employer services to return to revenue growth in the fourth quarter of 2024 as we last ERC headline. EWS adjusted EBITDA margins are expected to again be about 51%.

Mark Begor: Workforce Solutions revenue growth is expected to be up about 3%, with mortgage revenue down about 12.5%. EWS non-mortgage revenue should grow over 9% in the quarter. Non-mortgage verifier revenue will again be up about 15% in the second quarter, driven again by government and a return to growth in talent solutions. Employer services revenue is expected to decline about 4% in the quarter due to declines in ERC revenue. Excluding ERC, employer services revenue should be up slightly. We expect employer services to return to revenue growth in the fourth quarter of 2024 as we lap ERC headwinds. EWS Adjusted EBITDA margins are expected to again be about 51%. USIS revenue is expected to be up over 8% year to year, despite the continued decline in mortgage market inquiries. Mortgage revenue should be up over 25%.

Workforce Solutions revenue growth is expected to be up about 3%, with mortgage revenue down about 12.5%. EWS non-mortgage revenue should grow over 9% in the quarter. Non-mortgage verifier revenue will again be up about 15% in the second quarter, driven again by government and a return to growth in talent solutions. Employer services revenue is expected to decline about 4% in the quarter due to declines in ERC revenue. Excluding ERC, employer services revenue should be up slightly. We expect employer services to return to revenue growth in the fourth quarter of 2024 as we lap ERC headwinds. EWS Adjusted EBITDA margins are expected to again be about 51%. USIS revenue is expected to be up over 8% year to year, despite the continued decline in mortgage market inquiries. Mortgage revenue should be up over 25%.

Speaker Change: E. W. S. Non mortgage revenue should grow over 9% in the quarter.

Speaker Change: Non mortgage verifier revenue will again be up about 15% in the second quarter, driven again by government and a return to growth and talent solutions and employer services revenue is expected to decline about 4% in the quarter due to declines in <unk> revenue, excluding DRC employers.

Speaker Change: <unk> revenue should be up slightly we expect employer services to return to revenue growth in the fourth quarter of 2024, as we lap some headwinds.

Speaker Change: Dws adjusted EBITDA margins are expected to again be about 51%.

John W. Gamble: USIS revenue is expected to be up over 8% year-to-year, despite the continued decline in mortgage market inquiries. Mortgage revenue should be up over 25%. Non-mortgage year-to-year revenue growth of over 2% should be up from the 1% we saw this quarter. Adjusted EBITDA margins are expected to be up strongly to about 34.5%. International revenue is expected to be up over 20% in constant currency due to the addition of EBS, revenue is expected to be approaching 10% in organic constant currency. EBITDA margins are expected to be about 25.5%, reflecting revenue growth. We expect Brazil to deliver revenue of over $40 million in the second quarter. Equifax 2Q '24 adjusted EBITDA margins are expected to be about 32% at the midpoint of our guidance, an increase sequentially of about 300 basis points, principally reflecting the higher equity compensation expense we saw in the first quarter. Adjusted EPS in 2Q '24 is expected to be $1,65 to $1,75 per share, about flat, versus 2Q '23 at the midpoint. Capital expenditures in the first quarter were about $125 million and consistent with our expectations.

Speaker Change: U S. I S revenue is expected to be up over 8% year over year. Despite the continued decline in mortgage market inquiries mortgage revenue should be up over 25% non mortgage year to year revenue growth of over 2% should be up from the 1% we saw this quarter.

Mark Begor: Non-mortgage year-to-year revenue growth of over 2% should be up from the 1% we saw this quarter. Adjusted EBITDA margins are expected to be up strongly to about 34.5%. International revenue is expected to be up over 20% in constant currency due to the addition of BVS. Revenue is expected to be up approaching 10% in organic constant currency. EBITDA margins are expected to be about 25.5%, reflecting revenue growth. We expect Brazil to deliver revenue of over $40 million in the second quarter. Equifax Q2 2024 adjusted EBITDA margins are expected to be about 32% at the midpoint of our guidance, an increase sequentially of about 300 basis points, principally reflecting the higher equity compensation expense we saw in the first quarter. Adjusted EPS in Q2 2024 is expected to be 165 to 175 per share, about flat versus Q2 2023 at the midpoint.

Non-mortgage year-to-year revenue growth of over 2% should be up from the 1% we saw this quarter. Adjusted EBITDA margins are expected to be up strongly to about 34.5%. International revenue is expected to be up over 20% in constant currency due to the addition of BVS. Revenue is expected to be up approaching 10% in organic constant currency. EBITDA margins are expected to be about 25.5%, reflecting revenue growth. We expect Brazil to deliver revenue of over $40 million in the second quarter. Equifax Q2 2024 adjusted EBITDA margins are expected to be about 32% at the midpoint of our guidance, an increase sequentially of about 300 basis points, principally reflecting the higher equity compensation expense we saw in the first quarter. Adjusted EPS in Q2 2024 is expected to be 165 to 175 per share, about flat versus Q2 2023 at the midpoint.

Speaker Change: Adjusted EBITDA margins are expected to be up strongly to about 34, 5%.

Speaker Change: International revenue is expected to be up over 20% in constant currency due to the addition of B B S revenue was expected to be approaching 10% organic constant currency.

Speaker Change: EBITDA margins are expected to be about 25, 5%, reflecting revenue growth, we expect Brazil to deliver revenue of over $40 million in the second quarter.

John W. Gamble: Equifax 2Q24 adjusted EBITDA margins are expected to be about 32% at the midpoint of our guidance, an increase sequentially of about 300 basis points, principally reflecting the higher equity compensation expense we saw in the first quarter. Adjusted EPS in 2Q24 is expected to be $165 to $175 per share, about flat, versus 2Q23 at the midpoint. Capital expenditures in the first quarter were about $125 million and consistent with our expectations.

Speaker Change: Equifax <unk> 24, adjusted EBITDA margins are expected to be about 32% at the midpoint of our guidance an increase sequentially of about 300 basis points, principally reflecting the higher equity compensation expense, we saw in the first quarter.

Speaker Change: Adjusted EPS and <unk> 24 is expected to be $1 65 to $1 75 per share or about flat versus <unk> 23 at the midpoint.

Mark Begor: Capital expenditures in the first quarter were about $125 million and consistent with our expectations. We expect capital expenditures in the second quarter to be at levels consistent with the first quarter. We continue to expect CapEx to be about $475 million for the year, which is a year-to-year reduction of over $100 million. As we discussed in February, one of our capital allocation priorities in 2024 is leverage reduction from free cash flow expansion. As of the end of the first quarter, our leverage ratio was just over three times, with a goal by year-end 2024 of about two and a half times. We believe these levels of leverage are nicely within the levels required for our current BBB/Baa2 credit ratings.

Capital expenditures in the first quarter were about $125 million and consistent with our expectations. We expect capital expenditures in the second quarter to be at levels consistent with the first quarter. We continue to expect CapEx to be about $475 million for the year, which is a year-to-year reduction of over $100 million. As we discussed in February, one of our capital allocation priorities in 2024 is leverage reduction from free cash flow expansion. As of the end of the first quarter, our leverage ratio was just over three times, with a goal by year-end 2024 of about two and a half times. We believe these levels of leverage are nicely within the levels required for our current BBB/Baa2 credit ratings.

Speaker Change: Capital expenditures in the first quarter were about $125 million and consistent with our expectations. We expect capital expenditures in the second quarter to be at levels consistent with the first quarter and we continue to expect capex to be about $475 million for the year, which is a year to year.

John W. Gamble: We expect capital expenditures in the second quarter to be at levels consistent with the first quarter, and we continue to expect CapEx to be about $475 million for the year, which is a year-to-year reduction of over $100 million. As we discussed in February, one of our capital allocation priorities in 2024 is leverage reduction from recash flow expansion. As of the end of the first quarter, our leverage ratio was just over three times, with a goal by year end 2024 of about two and a half times. We believe these levels of leverage are nicely within the levels required for our current BBB Baa2 credit ratings. As we achieve these levels, we will have significant flexibility to begin to return cash to shareholders through dividend increases and share repurchases, as well as to continue to do bolt-on acquisitions. As Mark covered earlier, we're making very good progress on completing the migration of our U.S. and Canadian consumer credit exchanges to Cloud, which will enable the shutdown of significant legacy systems in 3Q and 4Q.

Speaker Change: Shouldn't have over $100 million.

Speaker Change: As we discussed in February one of our capital allocation priorities in 2020 forwards leverage reduction from free cash flow expansion.

Speaker Change: As of the end of the first quarter, our leverage ratio was just over three times with a goal by year end 2024 of about two and a half times. We believe these levels of leverage are nicely within the levels required for our current triple V that relate to credit ratings as we achieve these levels, we will have significant flexibility.

John W. Gamble: We believe these levels of leverage are nicely within the levels required for our current BBBBAA2 credit rating. As we achieve these levels, we will have significant flexibility to begin to return cash to shareholders through dividend increases and share repurchases, as well as to continue to do bolt-on acquisitions. As Mark covered earlier, we're making very good progress on completing the migration of our U.S. and Canadian consumer credit exchanges to the cloud, which will enable the shutdown of significant legacy systems in 3Q and 4Q.

Mark Begor: As we achieve these levels, we will have significant flexibility to begin to return cash to shareholders through dividend increases and share repurchases, as well as to continue to do bolt-on acquisitions. As Mark covered earlier, we're making very good progress on completing migration of our US and Canadian consumer credit exchanges to cloud, which will enable the shutdown of significant legacy systems in Q3 and Q4. These actions enable significant cost benefits in the second half of 2024, which will allow us to deliver sequentially higher EBITDA margins and adjusted EPS in Q3 and Q4. Slide 13 provides the specifics of our 2024 full-year guidance, which is overall unchanged from the full-year guidance we provided in February.

As we achieve these levels, we will have significant flexibility to begin to return cash to shareholders through dividend increases and share repurchases, as well as to continue to do bolt-on acquisitions. As Mark covered earlier, we're making very good progress on completing migration of our US and Canadian consumer credit exchanges to cloud, which will enable the shutdown of significant legacy systems in Q3 and Q4. These actions enable significant cost benefits in the second half of 2024, which will allow us to deliver sequentially higher EBITDA margins and adjusted EPS in Q3 and Q4. Slide 13 provides the specifics of our 2024 full-year guidance, which is overall unchanged from the full-year guidance we provided in February.

Speaker Change: I'm going to begin to return cash to shareholders through dividend increases and share repurchases as well as to continue to do bolt on acquisitions.

Speaker Change: As Mark covered earlier, we're making very good progress on completing the migration of our U S and Canadian consumer credit exchanges to cloud, which will enable the shutdown of significant legacy systems of <unk> and <unk>.

John W. Gamble: These actions enable significant cost benefits in the second half of '24, which will allow us to deliver sequentially higher EBITDA margins and adjusted EPFs in 3Q and 4Q. Slide 13 provides the specifics of our 2024 full-year guidance, which is overall unchanged from the full-year guidance we provided in February. Consistent with our February guidance, constant currency revenue growth is expected to be about 10.5%, with organic constant currency revenue growth of 8.5% at the center of our 7-10% long-term organic growth framework. Total mortgage revenue is now expected to grow over 10%, reflecting USIS mortgage revenue that is stronger than our February guidance. Total mortgage revenue is expected to grow more than 20 points better than the about 13% reduction from the average decline in USIS and EWS mortgage inquiries in our framework. Non-mortgage constant dollar revenue should grow over 10% with organic growth of over 80%. This is solidly within our long-term framework, although slightly below the levels we discussed in February.

Speaker Change: Actions enabled significant cost benefits in the second half of 'twenty, four which will allow us to deliver sequential sequentially higher EBITDA margins and adjusted EPS in <unk> and <unk>.

Speaker Change: Slide 13 provides the specifics of our 2024 full year guidance, which is overall unchanged from the full year guidance, we provided in February <unk>.

Mark Begor: Consistent with our February guidance, constant currency revenue growth is expected to be about 10.5%, with organic constant currency revenue growth of 8.5% at the center of our 7 to 10% long-term organic growth framework. Total mortgage revenue is now expected to grow over 10%, reflecting USIS mortgage revenue that is stronger than our February guidance. Total mortgage revenue is expected to grow more than 20 points better than the about 13% reduction from the average decline in USIS and EWS mortgage inquiries in our framework. Non-mortgage constant dollar revenue should grow over 10%, with organic growth of over 8%. This is solidly within our long-term framework, although slightly below the levels we discussed in February. FX is about 190 basis points negative to revenue growth. We have also slightly adjusted the EU level guidance. We expect Workforce Solutions to deliver revenue of about 7% in 2024.

Consistent with our February guidance, constant currency revenue growth is expected to be about 10.5%, with organic constant currency revenue growth of 8.5% at the center of our 7 to 10% long-term organic growth framework. Total mortgage revenue is now expected to grow over 10%, reflecting USIS mortgage revenue that is stronger than our February guidance. Total mortgage revenue is expected to grow more than 20 points better than the about 13% reduction from the average decline in USIS and EWS mortgage inquiries in our framework. Non-mortgage constant dollar revenue should grow over 10%, with organic growth of over 8%. This is solidly within our long-term framework, although slightly below the levels we discussed in February. FX is about 190 basis points negative to revenue growth. We have also slightly adjusted the EU level guidance. We expect Workforce Solutions to deliver revenue of about 7% in 2024.

Speaker Change: Consistent with our February guidance constant currency revenue growth is expected to be about 10, 5% with organic constant currency revenue growth of eight 5% at the center of our 7% to 10% long term organic growth framework.

John W. Gamble: Total mortgage revenue is now expected to grow over 10%, reflecting USIS mortgage revenue that is stronger than our February guide. Total mortgage revenue is expected to grow more than 20 points better than the about 13% reduction from the average decline in USIS and EWS mortgage inquiries in our framework. Non-mortgage constant dollar revenue should grow over 10% with organic growth of over 80%. This is solidly within our long-term framework, although slightly below the levels we discussed in February.

Speaker Change: Total mortgage revenue is now expected to grow over 10%, reflecting the U S. I guess mortgage revenue that is stronger than our February guidance.

Total mortgage revenue is expected to grow more than 20 points better that'd be about 13% reduction from the average decline in U S. I guess, an AWS mortgage inquiries and our framework.

Speaker Change: Non mortgage constant dollar revenue should grow over 10% with organic growth of over 8%. This is solidly within our long term framework, although slightly below the levels. We discussed in February FX is about 190 basis points negative to revenue growth.

John W. Gamble: FX is about 190 basis points negative to revenue growth. We have also slightly adjusted EU level guidance. We expect workforce solutions to deliver revenue of about 7% in 2024. This reflects mortgage revenue down slightly, about 11 points better than underlying EWS mortgage transactions. EWS non-mortgage verticals are expected to grow about 10%. The slight decline from February guidance is due to the expected weaker revenue performance in employer, driven by the more rapid decline in ERC and deferral of Watsi revenue Mark referenced earlier, excluding the expected significant decline in ERC revenue as that pandemic support program completes, EWS non-mortgage revenue growth is about 12%. We expect USIS to deliver revenue growth of over 9% in 2024, above the high end of our long-term growth target of 6-8%. Mortgage revenue is expected to grow over 25%, on the order of 40 points stronger than the expected over 11% decline in mortgage credit inquiry. Non-mortgage revenue is expected to grow about 3%, down from the 4% in our February guidance.

Speaker Change: We have also slightly adjusted level guidance, we expect workforce solutions to deliver revenue of about 7%. In 2024. This reflects mortgage revenue down slightly about 11 points better than underlying AWS mortgage transactions.

Mark Begor: This reflects mortgage revenue down slightly, about 11 points better than underlying EWS mortgage transactions. EWS non-mortgage verticals are expected to grow about 10%. The slight decline from February guidance is due to the expected weaker revenue performance in employer, driven by the more rapid decline in ERC, and deferral of WOTC revenue Mark referenced earlier. Excluding the expected significant decline in ERC revenue as that pandemic support program completes, EWS non-mortgage revenue growth is about 12%. We expect USIS to deliver revenue growth over 9% in 2024, above the high end of our long-term growth target of 6% to 8%. Mortgage revenue is expected to grow over 25%, on the order of 40 points stronger than the expected over 11% decline in mortgage credit inquiries. Non-mortgage revenue is expected to grow about 3%, down from the 4% in our February guidance.

This reflects mortgage revenue down slightly, about 11 points better than underlying EWS mortgage transactions. EWS non-mortgage verticals are expected to grow about 10%. The slight decline from February guidance is due to the expected weaker revenue performance in employer, driven by the more rapid decline in ERC, and deferral of WOTC revenue Mark referenced earlier. Excluding the expected significant decline in ERC revenue as that pandemic support program completes, EWS non-mortgage revenue growth is about 12%. We expect USIS to deliver revenue growth over 9% in 2024, above the high end of our long-term growth target of 6% to 8%. Mortgage revenue is expected to grow over 25%, on the order of 40 points stronger than the expected over 11% decline in mortgage credit inquiries. Non-mortgage revenue is expected to grow about 3%, down from the 4% in our February guidance.

Speaker Change: We don't use non mortgage verticals are expected to grow about 10%.

John W. Gamble: The slight decline from February guidance is due to the expected weaker revenue performance in employer, driven by the more rapid decline in ERC and deferral of WOTC revenue Mark As referenced earlier, excluding the expected significant decline in ERC revenue as that pandemic support program completes, EWS non-mortgage revenue growth is about 12%. We expect USIS to deliver revenue growth of over 9% in 2024, above the high end of our long-term growth target of 6 to 8%. Mortgage revenue is expected to grow over 25%, on the order of 40 points stronger than the expected over 11% decline in mortgage credit inquiry. Non-mortgage revenue is expected to grow about 3%, down from the 4% in our February guidance.

Speaker Change: The slight decline from February guidance is due to the expected weaker revenue performance in employer driven by the more rapid decline in ERC and deferral of watching revenue Mark referenced earlier, excluding the expected significant decline in <unk> revenue is that pandemic support program completes UWS noncore.

Speaker Change: Revenue growth is about 12%.

Speaker Change: We expect the U S. I asked to deliver revenue growth over 9% in 2024 above the high end of our long term growth target of 6% to 8%.

John W. Gamble: Mortgage revenue is expected to grow over 25%, on the order of 40 points stronger than the expected over 11% decline in mortgage credit inquiry. Non-mortgage revenue is expected to grow about 3%, down from the 4% in our February guidance.

Speaker Change: Mortgage revenue is expected to grow over 25%.

Speaker Change: A 40 point stronger than we expected over 11% decline in mortgage credit inquiries.

Speaker Change: Non mortgage revenue is expected to grow about 3% down from the 4% and our February guidance.

Mark Begor: We continue to expect non-mortgage growth will be driven by strong consumer services, commercial, identity, and fraud in FI. As we saw in Q1, the overall auto market is weaker than our expectation, impacting our auto-based revenue, and our D2C revenue, the business in which we sell credit data to other credit bureaus, was weaker than we expected and down substantially. We continue to expect international to deliver constant currency revenue growth of over 15% in 2024, with organic constant currency growth of about 10%. As we discussed in February, the high levels of inflation we are seeing in Argentina are expected to benefit overall international revenue growth by about 5 percentage points. Although uncertain, we have assumed currency devaluation in Argentina will more than offset inflation in our 2024 planning.

We continue to expect non-mortgage growth will be driven by strong consumer services, commercial, identity, and fraud in FI. As we saw in Q1, the overall auto market is weaker than our expectation, impacting our auto-based revenue, and our D2C revenue, the business in which we sell credit data to other credit bureaus, was weaker than we expected and down substantially. We continue to expect international to deliver constant currency revenue growth of over 15% in 2024, with organic constant currency growth of about 10%. As we discussed in February, the high levels of inflation we are seeing in Argentina are expected to benefit overall international revenue growth by about 5 percentage points. Although uncertain, we have assumed currency devaluation in Argentina will more than offset inflation in our 2024 planning.

John W. Gamble: We continue to expect non-mortgage growth will be driven by strong consumer services, commercial, identity, and fraud, and FI. As we saw in the first quarter, the overall auto market is weaker than our expectations, impacting our auto-based revenue, and our D2C revenue, the business in which we sell credit data to other credit bureaus, was weaker than we expected and down substantially. We continue to expect international to pull up a constant currency revenue growth of over 15% in 2024, with organic constant currency growth of about 10%. As we discussed in February, the high levels of inflation we are seeing in Argentina are expected to benefit overall international revenue growth by about 5 percentage points. Although uncertain, we have assumed currency devaluation in Argentina will more than offset inflation in our 2024 planning. We believe that our guidance is centered at the midpoint of both our revenue and adjusted EPS guidance ranges. Turning to slide 14, and as we discussed in February, the U.S. mortgage market is on the order of 50% below its historic average employee level. As the market bottoms and moves from a headwind to a tailwind, and the mortgage market recovers towards its historic norms, that presents over $1 billion of annual revenue opportunity for Equifax, none of which is reflected in our current 2024 guidance. At our mortgage gross margins, this over $1 billion of mortgage revenue would deliver over $700 million of EBITDA and $4 per share that we would expect to move into our P&L. Now I'd like to turn it back over to Mark.

Speaker Change: Continue to expect non mortgage growth will be driven by strong consumer services commercial identity and fraud in that pie as we saw in the first quarter. The overall auto market is weaker than our expectations impacting our auto based revenue and our D to C revenue the business in which we sell credit data to other credit bureaus with weaker than you.

Speaker Change: Expected and down substantially.

Speaker Change: We continue to expect international delivered constant currency revenue growth of over 15% in 2024 with organic constant currency growth of about 10% as we discussed in February the high levels of inflation, we were seeing in Argentina are expected to benefit overall international revenue growth by about five percentage.

John W. Gamble: As we discussed in February, the high levels of inflation we are seeing in Argentina are expected to benefit overall international revenue growth by about 5 percentage points. Although uncertain, we have assumed currency devaluation in Argentina will more than offset inflation in our 2024 planning. We believe that our guidance is centered at the midpoint of both our revenue and adjusted EPS guidance ranges. Turning to slide 14, and as we discussed in February, the U.S. mortgage market is on the order of 50% below its historic average employee level. As the market bottoms and moves from a headwind to a tailwind, and the mortgage market recovers towards its historic norms, that presents over $1 billion of annual revenue opportunity for Equifax, none of which is reflected in our current 2024 guidance.

Speaker Change: Points, although uncertainty we have assumed the currency devaluation in Argentina were more than offset inflation in our 2020 for planning.

Mark Begor: We believe that our guidance is centered at the midpoint of both our revenue and adjusted EPS guidance ranges. Turning to slide 14, and as we discussed in February, the US mortgage market is on the order of 50% below its historic average inquiry levels. As the market bottoms and moves from a headwind to a tailwind, and the mortgage market recovers towards its historic norms, that presents over $1 billion of annual revenue opportunity for Equifax, none of which is reflected in our current 2024 guidance. At our mortgage gross margins, this over $1 billion of mortgage revenue would deliver over $700 million of EBITDA, and $4 per share that we would expect to move into our P&L. Now I'd like to turn it back over to Mark. Thanks, John.

We believe that our guidance is centered at the midpoint of both our revenue and adjusted EPS guidance ranges. Turning to slide 14, and as we discussed in February, the US mortgage market is on the order of 50% below its historic average inquiry levels. As the market bottoms and moves from a headwind to a tailwind, and the mortgage market recovers towards its historic norms, that presents over $1 billion of annual revenue opportunity for Equifax, none of which is reflected in our current 2024 guidance. At our mortgage gross margins, this over $1 billion of mortgage revenue would deliver over $700 million of EBITDA, and $4 per share that we would expect to move into our P&L. Now I'd like to turn it back over to Mark.

John W. Gamble: We believe that our guidance is centered at the midpoint of both our revenue and adjusted EPS guidance ranges. Turning to slide 14, and as we discussed in February, the U.S. mortgage market is on the order of 50% below its historic average employee level. As the market bottoms and moves from a headwind to a tailwind, and the mortgage market recovers towards its historic norms, that presents over $1 billion of annual revenue opportunity for Equifax, none of which is reflected in our current 2024 guidance.

Speaker Change: But our guidance is centered at the midpoint of both our revenue and adjusted EPS guidance ranges.

Speaker Change: Turning to slide 14, and as we discussed in February the U S. Mortgage market was on the order of 50% below its historic average inventory levels.

Speaker Change: But market bottoms and moved from a headwind to a tailwind in the mortgage market recovers towards its historic norms that presents over $1 billion of annual revenue opportunity for Equifax, none of which is reflected in our current 2024 guidance that our mortgage gross margins. This over.

John W. Gamble: At our mortgage gross margins, this over $1 billion of mortgage revenue would deliver over $700 million of EBITDA and $4 per share that we would expect to move into our P&L. Now I'd like to turn it back over to Mark.

Speaker Change: $1 billion of mortgage revenue would deliver over $700 million of EBITDA and $4 per share that you would expect to move into our P&L.

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

Mark Begor: Thanks, John.

Mark: Thanks, John.

Mark W. Begor: Thanks, John. Wrapping up on slide 15, Equifax delivered another strong quarter with 9% constant dollar non-mortgage revenue growth, which was well within our 8-12% long-term revenue growth framework, reflecting the power and breadth of the Equifax business model and strong execution against our EFX 2026 strategic priorities. As I mentioned at the beginning of my comments, a big priority for 2024 is to complete our North America Cloud transformation, as well as significant portions of our global markets, which will result in continued market-to-market expansion and reductions in our capital intensity that is a key benefit of our data and technology Cloud transformation. As we complete the Cloud, we expect CapEx to decrease in 2024 by over $100 million to about $475 million, or under 8.5% of revenue, with further reductions in 2025, allowing us to move towards our long-term CapEx goal of 7% of revenue as we exit next year. In exiting 2024 with 90% of Equifax revenue in the new Equifax Cloud is a big milestone, so the team can move fully towards focusing on growth. Aligned with completing the Cloud transformation is our strategic priority to drive innovation through our investments in EFX.AI. AI and ML are changing the way we develop new products in our single data fabric, build higher performing models, scores and products, allow us to ingest and cleanse more data and operate our consumer care centers more efficiently. We are on offense with EFX.AI.

Mark Begor: Wrapping up at slide 15, Equifax delivered another strong quarter with 9% constant dollar non-mortgage revenue growth, which was well within our 8 to 12% long-term revenue growth framework, reflecting the power and breadth of the Equifax business model and strong execution against our EFX 2026 strategic priorities. As I mentioned at the beginning of my comments, a big priority for 2024 is to complete our North America cloud transformation, as well as significant portions in our global markets, which will result in continued margin expansion and reductions in our capital intensity that is a key benefit of our data and technology cloud transformation.

Wrapping up at slide 15, Equifax delivered another strong quarter with 9% constant dollar non-mortgage revenue growth, which was well within our 8 to 12% long-term revenue growth framework, reflecting the power and breadth of the Equifax business model and strong execution against our EFX 2026 strategic priorities. As I mentioned at the beginning of my comments, a big priority for 2024 is to complete our North America cloud transformation, as well as significant portions in our global markets, which will result in continued margin expansion and reductions in our capital intensity that is a key benefit of our data and technology cloud transformation.

Mark: Wrapping up on slide 15, Equifax delivered another strong quarter with 9% constant dollar non mortgage revenue growth, which was well within our 8% to 12% long term revenue growth framework, reflecting a powered breath of the equifax business model and strong execution against our <unk> 2026 strategic priorities.

As I mentioned at the beginning of my comments, a big priority for 2024 is to complete our North American cloud transformation as well as significant portions in our global markets, which will result in continued marketing margin expansion and reductions in our capital intensity as a key benefit of our data and technology cloud transformation.

Mark Begor: As we complete the cloud, we expect CapEx to decrease in 2024 by over $100 million to about $475 million, or under 8.5% of revenue, with further reductions in 2025, allowing us to move towards our long-term CapEx goal of 7% of revenue as we exit next year. In exiting 2024 with 90% of Equifax revenue in the new Equifax Cloud is a big milestone so the team can move fully towards focusing on growth. Aligned with completing the cloud transformation is our strategic priority to drive innovation through our investments in EFX.AI. AI and ML are changing the way we develop new products in our single data fabric, build higher-performing models, scores, and products, allow us to ingest and cleanse more data, and operate our consumer care centers more efficiently. We are on offense with EFX.AI.

As we complete the cloud, we expect CapEx to decrease in 2024 by over $100 million to about $475 million, or under 8.5% of revenue, with further reductions in 2025, allowing us to move towards our long-term CapEx goal of 7% of revenue as we exit next year. In exiting 2024 with 90% of Equifax revenue in the new Equifax Cloud is a big milestone so the team can move fully towards focusing on growth. Aligned with completing the cloud transformation is our strategic priority to drive innovation through our investments in EFX.AI. AI and ML are changing the way we develop new products in our single data fabric, build higher-performing models, scores, and products, allow us to ingest and cleanse more data, and operate our consumer care centers more efficiently. We are on offense with EFX.AI.

John W. Gamble: As we complete the cloud, we expect CapEx to decrease in 2024 by over $100 million to about $475 million, or under 8.5% of revenue, with further reductions in 2025, allowing us to move towards our long-term CapEx goal of 7% of revenue as we exit next year. Exiting 2024 with 90% of Equifax revenue in the new Equifax cloud is a big milestone.

Mark: As we complete the cloud we expect Capex to a degree decrease in 2024 by over $100 million to about $475 billion or under 8% of revenue with further reductions in 2025, allowing us to move towards our long term capex goal of 7% of revenue as we exit next year.

Mark: And exiting 2024 with 90% of Equifax revenue and the new Equifax cloud is a big milestone. So the team can move slowly towards focusing on growth.

Mark W. Begor: So the team can move fully towards focusing on growth. Aligned with completing the cloud transformation is our strategic priority to drive innovation through our investments in EFX.AI. AI and ML are changing the way we develop new products in our single data fabric, build higher performing models, scores, and products, allow us to ingest and cleanse more data, and operate our consumer care centers more efficiently. We are on offense with EFX.AI.

Mark: Along with completing the cloud transformation is a strategic priority to drive innovation through our investments in <unk> study.

Mark: AI ml are changing the way, we develop new products and our single data fabric.

Mark: Higher performing models scores and products allow us to ingest and cleanse more data and operate our consumer care centers more efficiently we.

Mark: We are on offense with the FX that AI.

Mark W. Begor: We are entering the next chapter of the new Equifax as we pivot from building new Equifax Cloud to leveraging our new Cloud capabilities to drive our top and bottom line. We're convinced that our new Equifax Cloud differentiated datasets in our single data fabric, leveraging EFX.AI and ML, and market-leading businesses will deliver higher growth, expanded margins, and free cash flow in the future. We remain focused on executing our long-term model, delivering 8-12% revenue growth with 50 basis points of annual margin expansion annually. I'm energized by our strong performance in the first quarter and momentum as we begin 2024, but even more energized about the future of the new Equifax. And with that, Operator, let me open the floor to questions.

Mark Begor: We are entering the next chapter of the new Equifax as we pivot from building the new Equifax Cloud to leveraging our new cloud capabilities to drive our top and bottom line. We are convinced that our new Equifax Cloud, differentiated data sets in our single data fabric, leveraging EFX.AI and ML, and market-leading businesses will deliver higher growth, expanded margins, and free cash flow in the future. We remain focused on executing our long-term model, delivering 8% to 12% revenue growth with 50 basis points of annual margin expansion annually. I'm energized by our strong performance in the first quarter and momentum as we begin 2024, but even more energized about the future of the new Equifax. And with that, operator, let me open it up for questions. Thank you. We'll now be conducting a question-and-answer session.

We are entering the next chapter of the new Equifax as we pivot from building the new Equifax Cloud to leveraging our new cloud capabilities to drive our top and bottom line. We are convinced that our new Equifax Cloud, differentiated data sets in our single data fabric, leveraging EFX.AI and ML, and market-leading businesses will deliver higher growth, expanded margins, and free cash flow in the future. We remain focused on executing our long-term model, delivering 8% to 12% revenue growth with 50 basis points of annual margin expansion annually. I'm energized by our strong performance in the first quarter and momentum as we begin 2024, but even more energized about the future of the new Equifax. And with that, operator, let me open it up for questions.

Mark: We are entering the next chapter of the new Equifax as we pivot from building, new Equifax cloud to leveraging our new cloud capabilities to drive our top and bottom line.

Mark: We are convinced that our new equifax cloud differentiated datasets in our single data fabric, leveraging <unk> AI and ml.

Mark: And market, leading businesses will deliver higher growth expanded margins and free cash flow in the future.

We remain focused on executing our long term model delivering 8% to 12% revenue growth with 50 basis points of annual margin expansion annually.

Mark W. Begor: I'm energized by our strong performance in the first quarter and momentum as we begin 2024, but even more energized about the future of the new Equifax. And with that, operator, let me open the floor to questions. Thank you. We'll now be conducting a question and answer session. If you'd like to be placed in the question queue, please press star 1 on your telephone keypad.

I'm energized by our strong performance in the first quarter and momentum as we begin 2024, but even more energized about the future of the new Equifax. And with that, operator, let me open the floor to questions.

Speaker Change: I'm energized by our strong performance in the first quarter and momentum as we begin 2024, but even more energized about the future of the new Equifax.

Speaker Change: Operator, let's open it up for questions.

Operator: Thank you. We'll now be conducting a question-and-answer session.

Operator: Thank you. We'll now be conducting a question and answer session. If you'd like to be placed in the question queue, please press star 1 on your telephone keypad. We ask that you please ask one question and one follow-up. Once again, that's star 1 to be placed in the question, and star 2 if you'd like to remove your question from the queue. One moment, please, while we pull for questions. We do ask you to ask one question and one follow-up. Our first question is coming from Manav Patnaik from Barclays. Your line is now live.

Speaker Change: Thank you well now be conducting a question and answer session if you'd like to be placed in the question queue. Please press star one on your telephone keypad. We ask you. Please ask one question and one follow up once again Thats star one to be placed in the question queue and start to if you'd like to remove your question from the Q1 moment. Please will you pull.

Mark Begor: If you'd like to be placed in the question queue, please press Star 1 on your telephone keypad. We ask you, please ask one question and one follow-up. Once again, that's Star 1 to be placed in the question queue and Star 2 if you'd like to remove your question from the queue. One moment, please. We'll pull up for questions. We do ask you to ask one question and one follow-up. Our first question is coming from Manav Patnaik from Barclays. Your line is now live. Thank you. Good morning. I just had a broader question on just the visibility that you have. Because unlike the prior years, mortgage was actually much better than what you guys guided, but still, there were, I think, a lot of moving pieces that didn't allow you to beat by more, I guess.

If you'd like to be placed in the question queue, please press Star 1 on your telephone keypad. We ask you, please ask one question and one follow-up. Once again, that's Star 1 to be placed in the question queue and Star 2 if you'd like to remove your question from the queue. One moment, please. We'll pull up for questions. We do ask you to ask one question and one follow-up. Our first question is coming from Manav Patnaik from Barclays. Your line is now live.

Operator: We ask that you please ask one question and one follow-up. Again, that's Star 1 to be placed in the question, and Star 2, if you'd like to remove... One moment, please, while we pull for questions. We do ask you to ask one question. Our first question is coming from Manav Patnaik from Barclays. Thank you. Good morning.

We ask that you please ask one question and one follow-up. Again, that's Star 1 to be placed in the question, and Star 2, if you'd like to remove... One moment, please, while we pull for questions. We do ask you to ask one question. Our first question is coming from Manav Patnaik from Barclays.

Speaker Change: For questions would you ask you ask one question and one follow up.

First question is coming from monopoly from Barclays. Your line is that life.

Manav Patnaik: Thank you. Good morning. I just had a broader question on just the visibility that you have. Because unlike the prior years, mortgage was actually much better than what you guys guided, but still, there were, I think, a lot of moving pieces that didn't allow you to beat by more, I guess.

Manav Patnaik: Thank you. Good morning. I just had a broader question on, you know, just the visibility that you have because, unlike the prior years, mortgage was actually, you know, much better than what you guys guided. But still there were, I think, a lot of moving pieces that didn't allow you to beat by more, I guess. So, just curious, I think this quarter, obviously, ERC was exceptional, but you know, auto, AFAC, - like, can you just help us understand how much visibility you have in these other areas?

Manav Shiv Patnaik: I just had a broader question on, you know, just the visibility that you have because, unlike the prior years, mortgage was actually, you know, much better than what you guys guided. But still, there were, I think, a lot of moving pieces that didn't allow you to beat them by more, I guess. So just curious, I think this quarter, obviously, ERC was exceptional, but, you know, auto, AFAC, like, can you just help us understand how much visibility you have in these other areas? Yeah, Manav, good morning.

I just had a broader question on, you know, just the visibility that you have because, unlike the prior years, mortgage was actually, you know, much better than what you guys guided. But still, there were, I think, a lot of moving pieces that didn't allow you to beat them by more, I guess. So just curious, I think this quarter, obviously, ERC was exceptional, but, you know, auto, AFAC, like, can you just help us understand how much visibility you have in these other areas?

Monopoly: Good morning, I just had a broader question on you know just the visibility that you have because you know unlike the prior years mortgage was actually much better than what you guys guided but still they were I think a lot of moving pieces are that didn't allow you to beat by more I guess, so just curious and I think this quarter, obviously, he or she was exceptional but.

Mark Begor: So just curious, I think this quarter, obviously, ERC was exceptional, but auto, APAC. Can you just help us understand how much visibility you have in these other areas? Yeah. Manav, good morning. I think we have good visibility. We typically do, as you know, but there's still a lot of uncertainty. As you know, going back to your comment on mortgage. 60 days ago, I think a lot of us were looking forward, as well as most of the experts, that we'd have multiple rate cuts in 2024. As recently as two weeks ago, there were still people thinking there was going to be a June cut. And I think, as you know, that's kind of pushed out. Rates went up three weeks ago, two weeks ago. Mortgage rates went up 20 basis points to 7%.

So just curious, I think this quarter, obviously, ERC was exceptional, but auto, APAC. Can you just help us understand how much visibility you have in these other areas?

Monopoly: You know or to eat back like just can you just help us understand how much visibility you have in these other areas.

Mark Begor: Yeah. Manav, good morning. I think we have good visibility. We typically do, as you know, but there's still a lot of uncertainty. As you know, going back to your comment on mortgage. 60 days ago, I think a lot of us were looking forward, as well as most of the experts, that we'd have multiple rate cuts in 2024. As recently as two weeks ago, there were still people thinking there was going to be a June cut. And I think, as you know, that's kind of pushed out. Rates went up three weeks ago, two weeks ago. Mortgage rates went up 20 basis points to 7%.

Mark W. Begor: Yeah, Manav, good morning. I think we have good visibility. We typically do, as you know, but there's still a lot of uncertainty. You know, as you go back to your comment on mortgages, 60 days ago, I think a lot of us were looking forward, as well as most of the experts, that we'd have multiple rate cuts in 2024. You know, as recently as two weeks ago, there were still people thinking there was going to be a June cut. And I think, as you know, that's kind of pushed out. Rates went up, you know, three weeks ago, two weeks ago, mortgage rates went up 20 basis points to 7%. So, you know, while there's a lot of visibility, there's still a lot of uncertainty around, I would call it principally the mortgage market. And given we're in the first quarter, we thought it was prudent to be balanced in, you know, the framework we put forward is - as you know, we beat in the first quarter. We had some things to manage, you know, in ER spend, EWS, like the ERC decline or the Watsi deferral because of the change in forms.

Speaker Change: Yeah. Good morning, I think we have good visibility, we typically do as you know, but there's still a lot of uncertainty you know as you know you go back using your comment on mortgage you know 60 days ago, I think a lot a lot of us were looking forward.

Mark W. Begor: I think we have good visibility. We typically do, as you know, but there's still a lot of uncertainty. You know, as you go back to your comment on mortgages, 60 days ago, I think a lot, a lot of us were looking forward, as well as most of the experts, that we'd have multiple rate cuts in 2024. You know, as recently as two weeks ago, there were still people thinking there was going to be a June cut. And I think, as you know, that's kind of pushed out. Rates went up, you know, three weeks ago, two weeks ago, mortgage rates went up 20 basis points to 7%. So, you know, while there's a lot of visibility, there's still a lot of uncertainty around, I would call it principally the mortgage market. And given we're in the first quarter, we thought it was prudent to be balanced in, you know, the framework we put forward is, as you know, we beat in the first quarter. We had some things to manage, you know, in ER spend, EWS, like the ERC decline or the Watsi deferral because of the change in forms.

Speaker Change: As well as most of the experts that are we'd have multiple rate cuts in 2024, you know as recently as two weeks ago. There was still people thinking that was going to be a June cut and I think as you know that's kind of pushed out rates went up a you know three weeks ago, two weeks ago mortgage rates went up 20 basis points to 7% so.

Mark W. Begor: And I think, as you know, that's kind of pushed out. Rates went up, you know, three weeks ago, two weeks ago, mortgage rates went up 20 basis points to 7%. So, you know, while there's a lot of visibility, there's still a lot of uncertainty around, I would call it principally the mortgage market. And given we're in the first quarter, we thought it was prudent to be balanced in, you know, the framework we put forward is, as you know, we beat in the first quarter. We had some things to manage, you know, in ER spend, EWS, like the ERC decline or the Watsi deferral because of the change in forms.

Mark Begor: So while there's a lot of visibility, there's still a lot of uncertainty around, I would call it, principally, the mortgage market. And given we're in the first quarter, we thought it was prudent to be balanced in the framework we put forward. As you know, we beat in the first quarter. We had some things to manage in ERS, like the ERC decline or the WOTC deferral because of the change in forms. And there's always things we're managing as a company. But we thought it was prudent to be balanced, given where we are in the quarter and kind of the macro of mortgage. Outside of mortgage, we're pretty comfortable with the economy. And we held the year, and we'll take another look at it as we go through second quarter. Okay. Got it.

So while there's a lot of visibility, there's still a lot of uncertainty around, I would call it, principally, the mortgage market. And given we're in the first quarter, we thought it was prudent to be balanced in the framework we put forward. As you know, we beat in the first quarter. We had some things to manage in ERS, like the ERC decline or the WOTC deferral because of the change in forms. And there's always things we're managing as a company. But we thought it was prudent to be balanced, given where we are in the quarter and kind of the macro of mortgage. Outside of mortgage, we're pretty comfortable with the economy. And we held the year, and we'll take another look at it as we go through second quarter.

Speaker Change: While there's a lot of visibility there is still a lot of uncertainty around our I would call it principally the mortgage market and given where in the first quarter. We thought it was prudent to be balanced in our you know the framework. We put forward as you know we beat in the first quarter, we had some things to manage you know an ear spin.

Speaker Change: You asked like the ERC decline or the watch the deferral because of the change in our informs and Theres always things, we're managing as a company, but we thought it was prudent to be balanced.

Mark W. Begor: And, you know, there's always things we're managing as a company, but we thought it was prudent to be balanced, given where we are in the quarter and the kind of macro of mortgage. Outside of mortgage, we're pretty comfortable with the economy. And, you know, we held the year and, you know, we'll take another look at it as we go through the second quarter. Okay, got it. And then just the, you know, the 7% mortgage outperformance in EWS. I know you guys had said that you expected 1Q to be the low end or the low point. Was 7% kind of in line with your expectations?

Speaker Change: Given where we are in the quarter and kind of the macro of mortgage outside of mortgage we're pretty comfortable with the economy and our you know we held the year and you know we'll take another look at it as we go through second quarter.

Manav Patnaik: Okay. Got it.

Speaker Change: Okay got it and then just the you know the 7% mortgage outperformance and eat up the U S. I know you guys had said that you expected <unk> to be the low end or the low point was seven kind of in line with your expectations and then just you know thinking about the 11 for the year and beyond is that is that going to be the new norm then.

Mark Begor: Then just the 7% mortgage outperformance in EWS, I know you guys had said that you expected Q1 to be the low end or the low point. Was 7 kind of in line with your expectations? Then just thinking about the 11% for the year and beyond, is that going to be the new norm then? Yeah. So as you know, we've had very strong mortgage outperformance in EWS over the last couple of years. Records are a big driver of that. Obviously, we take price up every year, which we did in 2024. We've also had, in the last couple of years, what I would call outperformance in EWS mortgage from some of the new product introductions, principally, Mortgage 36.

Then just the 7% mortgage outperformance in EWS, I know you guys had said that you expected Q1 to be the low end or the low point. Was 7 kind of in line with your expectations? Then just thinking about the 11% for the year and beyond, is that going to be the new norm then?

Manav Patnaik: Okay, got it. And then just the, you know, the 7% mortgage outperformance in EWS. I know you guys had said that you expected 1Q to be the low end - or the low point. Was 7% kind of in line with your expectations? And then just thinking about the 11 for the year and beyond, is that going to be the new norm then?

Mark W. Begor: And then just, you know, thinking about the 11 for the year and beyond. Is that going to be the new norm then? Yeah, so as you know, we've had very strong mortgage outperformance in EWS over the last couple of years. You know, records are a big driver that obviously we take prices up every year, which we did in 2024. We've also had, in the last couple of years, what I would call outperformance in EWS mortgages from some of the new product introductions, principally mortgage 36.

And then just, you know, thinking about the 11 for the year and beyond. Is that going to be the new norm then?

Mark Begor: Yeah. So as you know, we've had very strong mortgage outperformance in EWS over the last couple of years. Records are a big driver of that. Obviously, we take price up every year, which we did in 2024. We've also had, in the last couple of years, what I would call outperformance in EWS mortgage from some of the new product introductions, principally, Mortgage 36.

Mark W. Begor: Yeah, so as you know, we've had very strong mortgage outperformance in EWS over the last couple of years. You know, records are a big driver that, obviously we take prices up every year, which we did in 2024. We've also had in the last couple of years, what I would call outperformance in EWS mortgages from some of the new product introductions, principally mortgage 36. So, that's kind of the delta from '24 outperformance, you know, call it in the high teens to 20, down to the kind of double digit or low single digits. So, we were kind of focused on that. As we look forward to the balance of the year, you heard us talk about, the record additions, which are going to benefit all of the EWS verticals, including mortgage, you know, including the large payroll processor that we signed that's going to come online kind of mid-year, that's going to add 6 million records. So, those higher hit rates will benefit all of the EWS businesses in the second half as we continue to grow twin records and also will benefit mortgage. Relative to our expectation for the first quarter, seven was a little lower than we expected, as we said in the script. It was really driven a lot by customer mix and channel mix, right?

Speaker Change: Yeah. So as you know we've been have had very strong mortgage outperformance of dws over the last couple of years you know rec.

Speaker Change: Our records are a big driver of that obviously, we take price up every year, which we did in 2024. We've also had in the last couple of years, what I would call outperformance in AWS mortgage from some of the new product introductions, principally mortgage 36.

Mark W. Begor: You know, so that's kind of the delta from 24 outperformance, you know, call it in the high teens to 20, you know, down to the, you know, kind of double digit or, or low single digits.

Mark Begor: So that's kind of the delta from 2024 outperformance, call it in the high teens, to 2020, down to the kind of double digit or low single digits. So we were kind of focused on that. As we look forward to the balance of the year, you heard us talk about the record additions, which are going to benefit all of the EWS verticals, including mortgage, including the large payroll processor that we signed that's going to come online kind of mid-year, that's going to add six million records. So those higher hit rates will benefit all of the EWS businesses in the second half as we continue to grow twin records and also will benefit mortgage. And relative to our expectation for the first quarter, Q1 was a little lower than we expected, as we said in the script.

So that's kind of the delta from 2024 outperformance, call it in the high teens, to 2020, down to the kind of double digit or low single digits. So we were kind of focused on that. As we look forward to the balance of the year, you heard us talk about the record additions, which are going to benefit all of the EWS verticals, including mortgage, including the large payroll processor that we signed that's going to come online kind of mid-year, that's going to add six million records. So those higher hit rates will benefit all of the EWS businesses in the second half as we continue to grow twin records and also will benefit mortgage.

Speaker Change: That's kind of the Delta from 24 outperformance you know call. It in the high teens to 20, you know down to the you know kind of double digit or or low single digits. So we were kind of focused on that as we look forward to the balance of the year you heard us talk about the you know the record editions, which are going to benefit all of the.

Mark W. Begor: So we were kind of focused on that, as we look forward to the balance of the year. You heard us talk about, you know, the record additions, which are going to benefit all of the EWS verticals, including mortgage, you know, including the large payroll processor that we signed. It's going to come online, you know, kind of mid-year, that's going to add 6 million records. So those higher hit rates will benefit all of the EWS businesses in the second half as we continue to grow twin records and also will benefit mortgage. Relative to our expectation for the first quarter, seven was a little lower than we expected, as we said in the script. It was really driven a lot by customer mix and channel mix, right?

Speaker Change: S verticals, including mortgage you know, including the large payroll processor that.

Speaker Change: We signed it's going to come on line, you know kind of mid year, it's going to add 6 million records. So those higher hit rates will benefit all of the AWS businesses in the second half as we continue to grow twin records and.

John W. Gamble: Relative to our expectation for the first quarter, 7 was a little lower than we expected, as we said in the script. It was really driven a lot by customer mix and channel mix, right? We saw some shifts in our customers into some of our customers that had lower pricing than others, and that impacted our first quarter outperformance levels. Going forward for the rest of the year, we basically assume that level of mix is gonna continue, and as Mark said, the growth is really driven by records. Long-term, I think we've said before that we're expecting mortgage outperformance to look pretty much like the level of outperformance excluding the economy that we're talking about for EWS in general, which is something like 11%, 12%, 13%. So, I think long-term, that's the type of level we're thinking about.

Speaker Change: It also will benefit our mortgage.

John Gamble: And relative to our expectation for the first quarter, Q1 was a little lower than we expected, as we said in the script.

Speaker Change: And relative to our expectation for the first quarter seven was a little lower than we expected as we said in the script. It was really driven a lot by customer mix and channel mix right. We saw some shifting in our customers into some of our customers that had lower pricing than others and that impacted our first quarter outperformance levels.

Mark Begor: It was really driven a lot by customer mix and channel mix, right? We saw some shift in our customers into some of our customers that had lower pricing than others. And that impacted our first quarter outperformance levels. Going forward for the rest of the year, we basically assumed that level of mix is going to continue. And as Mark said, the growth is really driven by records. Long term, I think we've said before that we're expecting mortgage outperformance to look pretty much like the level of outperformance, excluding the economy that we're talking about for EWS in general, which is something like 11%, 12%, 13%. So I think long term, that's the type of level we're thinking about. Thank you. Our next question is coming from Andrew Steinerman from JPMorgan. Your line is now live. Hi.

It was really driven a lot by customer mix and channel mix, right? We saw some shift in our customers into some of our customers that had lower pricing than others. And that impacted our first quarter outperformance levels. Going forward for the rest of the year, we basically assumed that level of mix is going to continue. And as Mark said, the growth is really driven by records. Long term, I think we've said before that we're expecting mortgage outperformance to look pretty much like the level of outperformance, excluding the economy that we're talking about for EWS in general, which is something like 11%, 12%, 13%. So I think long term, that's the type of level we're thinking about.

John W. Gamble: We saw some shifts in our customers and among some of our customers that had lower pricing than others, and that impacted our first quarter outperformance levels. Going forward for the rest of the year, we basically assume that level of mix is gonna continue, and as Mark said, the growth is really driven by records. Long-term, I think we've said before that we're expecting mortgage outperformance to look pretty much like the level of outperformance excluding the economy that we're talking about for EWS in general, which is something like 11, 12, 13%. So I think, long-term, that's the type of level we're thinking about. Thank you. Our next question is coming from Andrew Steinerman from J.P. Morgan. Your line is now active.

We saw some shifts in our customers and among some of our customers that had lower pricing than others, and that impacted our first quarter outperformance levels. Going forward for the rest of the year, we basically assume that level of mix is gonna continue, and as Mark said, the growth is really driven by records. Long-term, I think we've said before that we're expecting mortgage outperformance to look pretty much like the level of outperformance excluding the economy that we're talking about for EWS in general, which is something like 11, 12, 13%. So I think, long-term, that's the type of level we're thinking about.

Speaker Change: Going forward for the rest of the year, we basically assume that level of mix is going to continue and as Mark said the growth was really driven by record long term I think we've said before that we're expecting mortgage outperformance to look pretty much like the level of outperformance excluding economy. The economy that we're talking about for AWS in general, which is something like 11 12, 13%. So I think long.

Speaker Change: Term, that's the type of level, we're thinking about.

Operator: Thank you. Our next question is coming from Andrew Steinerman from JPMorgan. Your line is now live.

Operator: Thank you. Our next question is coming from Andrew Steinerman from J.P. Morgan. Your line is now active.

Speaker Change: Thank you. Our next question is coming from Andrew Steinman from J P. Morgan Your line is that life.

Andrew Steinerman: Hi. John, could you go back to just slide 11 and the 500 basis point better assumption on USIS mortgage credit inquiries for 2024? Does that translate into 500 basis points better mortgage revenue growth for OIS? And if not, why? And I'm going to give you my second question. Also make a comment about mortgage solutions trajectory for the year.

Andrew Charles Steinerman: Hi John, could you go back to just slide 11 and the 500 basis point better assumption on USIS mortgage credit inquiries for '24? Does that translate into 500 basis points better mortgage revenue growth for OIS? And if not, why? And I'm gonna give you my second question, also make a comment about mortgage solutions for the year. So it translates, it's better mortgage revenue for USIS in total, not necessarily specifically for OIS, right? So you need to look at both OIS as well as core mortgage, but yes, inquiries translate fairly directly.

Andrew Charles Steinerman: Hi, John could you go back to slide 11, and I have a good basis point better assumption I would use high after mortgage credit inquiries for 24 does that translate into 500 basis points better mortgage revenue growth for O I F and if not why and I'm Gonna give you. My second question also make a comment about mortgage.

Mark Begor: John, could you go back to just slide 11 and the 500 basis point better assumption on USIS mortgage credit inquiries for 2024? Does that translate into 500 basis points better mortgage revenue growth for OIS? And if not, why? And I'm going to give you my second question. Also make a comment about mortgage solutions trajectory for the year. So it translates into better mortgage revenue for USIS in total, not necessarily specifically for OIS, right? So you need to look at both OIS as well as core mortgage. But yes, inquiries translate fairly directly. Yep. And the other part was, could you just talk about mortgage solutions trajectory for the year? So again, what we're talking about is just mortgage in total, right? And I think the trajectory for mortgage in total is what we talked about on the call, right?

John W. Gamble: And I'm gonna give you my second question and also make a comment about mortgage solutions for the year. So it translates, it's better mortgage revenue for USIS in total, not necessarily specifically for OIS, right? So you need to look at both OIS as well as core mortgage, but yes, inquiries translate fairly directly.

Andrew Charles Steinerman: <unk> trajectory for the year.

John Gamble: So it translates into better mortgage revenue for USIS in total, not necessarily specifically for OIS, right? So you need to look at both OIS as well as core mortgage. But yes, inquiries translate fairly directly. Yep.

John W. Gamble: So, it translates, it's better mortgage revenue for USIS in total, not necessarily specifically for OIS, right? So, you need to look at both OIS as well as core mortgage, but yes, inquiries translate fairly directly. And the other part was, could you just talk about mortgage solutions' trajectory for the year? So, again, what we're talking about is just mortgages in total, right? And I think the trajectory for mortgages in total is what we talked about on the call, right? So, we didn't really split mortgage solutions in OIS. We managed it as kind of one single business. I understand it's on two different line items when we report, but we tend to focus on mortgages in total and try to drive the mortgage performance overall up for the year. And I think we gave very specific information about what we expect overall mortgage performance to do. Quite strong. Very strong, up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total.

John: So it translates into better mortgage revenue for U S. I S. In total not necessarily specifically for O. I asked right. So you need to look at both at both Oh, I asked as well its core mortgage, but yes inquiries franchise fairly directly yeah.

John W. Gamble: And the other part was, could you just talk about mortgage solutions' trajectory for the year? So, again, what we're talking about is just mortgages in total, right? And I think the trajectory for mortgages in total is what we talked about on the call, right? So, we didn't really split mortgage solutions in OIS. We managed it as kind of one single business. I understand it's on two different line items when we report, but we tend to focus on mortgages in total and try to drive the mortgage performance overall up for the year. And I think we gave very specific information about what we expect overall mortgage performance to do. Quite strong. Very strong, up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total.

Andrew Charles Steinerman: And the other part was, could you just talk about mortgage solutions' trajectory for the year?

Andrew Steinerman: And the other part was, could you just talk about mortgage solutions trajectory for the year?

John: And the other part was could you just talk about mortgage solutions trajectory for the year.

John W. Gamble: So again, what we're talking about is just mortgages in total, right? And I think the trajectory for mortgages in total is what we talked about on the call, right? So, we didn't really split mortgage solutions in OIS. We managed it as kind of one single business. I understand it's on two different line items when we report, but we tend to focus on mortgages in total and try to drive the mortgage performance overall up for the year. And I think we gave very specific information about what we expect - overall mortgage performance to do. Quite strong. Very strong, up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total.

John Gamble: So again, what we're talking about is just mortgage in total, right? And I think the trajectory for mortgage in total is what we talked about on the call, right?

So again, what we've what we're talking about it just mortgage in total right. So and I think the trajectory for for mortgage in total was what we talked about on the call right. So we didn't really split mortgage solutions in O I F. We manage it as one of kind of one single business I understand the time through different line items. When we report, but we tend to focus on mortgage in total and in trying to drive.

Mark Begor: So we didn't really split mortgage solutions and OIS. We manage it as kind of one single business. I understand it's on two different line items when we report, but we tend to focus on mortgage in total and trying to drive the mortgage performance overall up for the year. And I think we gave very specific information about what we expect overall mortgage to do. Quite strong. Very strong. Up over 25% for the full year, right? Outperformance on the order of 40 points. So we think it's going to be very strong in total. Thank you. Our next question today is coming from Kyle Peterson from Needham & Company. Your line is now live. Thanks, guys. You take my questions. I just wanted to get your thoughts.

So we didn't really split mortgage solutions and OIS. We manage it as kind of one single business. I understand it's on two different line items when we report, but we tend to focus on mortgage in total and trying to drive the mortgage performance overall up for the year. And I think we gave very specific information about what we expect overall mortgage to do. Quite strong. Very strong. Up over 25% for the full year, right? Outperformance on the order of 40 points. So we think it's going to be very strong in total.

John W. Gamble: I understand it's on two different line items when we report, but we tend to focus on mortgages in total and try to drive the mortgage performance overall up for the year. And I think we gave very specific information about what we expect overall mortgage performance to do. Quite strong. Very strong, up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total.

John: The mortgage performance overall up for the year and I think we gave very specific information about what we expect.

John: Or do you feel quite strong very strong up over 25% for the full year rate of outperformance on the order of 40 40 points. So we think it's going to be very strong in total.

John W. Gamble: Very strong, up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total. Our next question today is coming from Kyle Peterson from Needman Company. Your line is now live. Thanks, guys. Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, you know, some of the different business lines, obviously mortgage could see some pressure, but you know, how should we think about, you know, some of the takes, you know, in areas like card and auto, at least how you guys are seeing things today? I missed the first half, Kyle.

Very strong, up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total.

Andrew Charles Steinerman: Overall? Quite strong. Very strong. up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total.

Andrew Charles Steinerman: Overall? Quite strong. Very strong.

John W. Gamble: - up over 25% for the full year, right? Outperformance on the order of 40 points. So, we think it's going to be very strong in total.

Operator: Thank you. Our next question today is coming from Kyle Peterson from Needham & Company. Your line is now live.

John: Thank you. Our next question today is coming from Kyle Peterson from Needham <unk> Company. Your line is now live.

Our next question today is coming from Kyle Peterson from Needman Company. Your line is now live. Thanks, guys. Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, you know, some of the different business lines, obviously mortgage could see some pressure, but you know, how should we think about, you know, some of the takes, you know, in areas like card and auto, at least how you guys are seeing things today? I missed the first half, Kyle.

Operator: Thank you. Our next question today is coming from Kyle Peterson from Needham Company. Your line is now live.

Kyle Peterson: Thanks, guys. You take my questions. I just wanted to get your thoughts.

Kyle David Peterson: Ah Thanks, guys.

Kyle David Peterson: Questions.

Kyle Peterson: Thanks, guys. Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, you know, some of the different business lines, obviously mortgage could see some pressure, but you know, how should we think about, you know, some of the takes, you know, in areas like card and auto, at least how you guys are seeing things today? I missed the first half, Kyle.

Kyle Peterson: Thanks, guys. thank you for taking my questions. I just wonder if you can process, we do kind of end up in a higher for longer outlook for the year. How do you guys think about this impacting, you know, some of the different business lines, obviously mortgage could see some pressure, but how should we think about, you know, some of the takes in areas like card and auto, at least how you guys are seeing things today?

Kyle David Peterson: What are the boxes, we do yeah.

Mark Begor: If we do kind of end up in a higher-for-longer outlook for the year, how do you guys think about this impacting some of the different business lines? Obviously, mortgage could see some pressure, but how should we think about some of the puts and takes in areas like car and auto, at least how you guys are seeing things today? I missed the first half. Kyle, is the first half of your question about if rates stay higher for longer, how does it impact Equifax? Yes. Yeah. Yeah. Got it. Yeah. So mortgage, I think you get. Mortgage, obviously, this year, we're still expecting mortgage to be down. But if rates stay where they are, we would expect in 2025, mortgage market to be fairly flat in 2025 until rates come down.

If we do kind of end up in a higher-for-longer outlook for the year, how do you guys think about this impacting some of the different business lines? Obviously, mortgage could see some pressure, but how should we think about some of the puts and takes in areas like car and auto, at least how you guys are seeing things today?

Kyle David Peterson: A higher for longer outlook for the year, how do you guys think about this impacting them.

Kyle David Peterson: You know some of that.

Kyle David Peterson: Business lines.

Say mortgage could see some pressure, but you know how should we think about some of the puts and takes so many areas like carton and auto at least how you guys are seeing things today.

Mark Begor: I missed the first half. Kyle, is the first half of your question about if rates stay higher for longer, how does it impact Equifax?

Mark W. Begor: I missed the first half, Kyle. Is the first half of your question about if rates stay higher for longer? How does that impact Equifax?

Speaker Change: I missed the first half call as the first half of your question about if rates stay higher for longer how does it impact equifax.

Kyle David Peterson: Is the first half of your question about if rates stay higher for longer? How does that impact Equifax? Yeah, I got it.

Is the first half of your question about if rates stay higher for longer? How does that impact Equifax?

Kyle Peterson: Yes. Yeah.

Kyle Peterson: Yes. You got it.

Mark Begor: Yeah. Got it. Yeah. So mortgage, I think you get. Mortgage, obviously, this year, we're still expecting mortgage to be down. But if rates stay where they are, we would expect in 2025, mortgage market to be fairly flat in 2025 until rates come down.

Speaker Change: Yeah got it yeah. So mortgage I think you get mortgage obviously this year, we're still expecting mortgage to be down, but you know like if rates stay where they are we would expect in 2025, you know mortgage market to be fairly flat you know in 2025 until rates come down and I think John.

Mark W. Begor: Yeah, so mortgage I think you get, you know, mortgage, obviously, this year we're still expecting mortgage to be down. But, you know, if rates stay where they are, we would expect in 2025, you know, mortgage market to be fairly flat, in 2025, until rates come down. And I think John outlined again, you know, what we believe, whether it's '25, '26, or '27, as rates get down to what I would call a more normal level, as you know, we're at a 20 plus year high right now, over that longer timeframe, there's a big tailwind in mortgage, for the rest of our businesses that we haven't really been impacted by rates is a little bit of impact in auto, you know, those higher rates are pressuring some of the payments, if you will, for that lower end consumer and subprime and nearprime. But broadly, you know, we're performing well, it's where rates are on it from a non-mortgage standpoint, and we would expect that to continue. So, when we think about kind of the long term for Equifax, we're still committed and confident in our 8-12%, you know, kind of long term framework for the company, including a point or two of M&A in that long term framework, and that's kind of current rates.

Mark Begor: I think John outlined again what we believe, whether it's 25, 26, or 27, as rates get down to what I would call a more normal level, as you know, we're at a 20-plus-year high right now. Over that longer time frame, there's a big tailwind in mortgage. For the rest of our businesses, we haven't really been impacted by rates. There's a little bit of impact in auto. Those higher rates are pressuring some of the payments, if you will, for that lower-end consumer, subprime, and near prime. But broadly, we're performing well where rates are from a non-mortgage standpoint. And we would expect that to continue.

I think John outlined again what we believe, whether it's 25, 26, or 27, as rates get down to what I would call a more normal level, as you know, we're at a 20-plus-year high right now. Over that longer time frame, there's a big tailwind in mortgage. For the rest of our businesses, we haven't really been impacted by rates. There's a little bit of impact in auto. Those higher rates are pressuring some of the payments, if you will, for that lower-end consumer, subprime, and near prime. But broadly, we're performing well where rates are from a non-mortgage standpoint. And we would expect that to continue.

Speaker Change: Wind again.

Speaker Change: What we believe is whether its 25 26 or 27 as rates get down to what I would call a more normal level. As you know we're at a 20 plus year high right now over that longer timeframe, there's a big tailwind in mortgage for the rest of our businesses that we haven't really been impacted by rates is a little bit of impact in auto you know those higher rates are pressuring some.

Speaker Change: The you know the payments if you will for that lower end consumer in subprime and near Prime but broadly you know we're performing well.

Mark W. Begor: But broadly, you know, we're performing well, you know, it's where rates are on it from a non-mortgage standpoint, and we would expect that to continue. So when we think about kind of the long term for Equifax, you know, we're still committed and confident in our 8 to 12%, you know, kind of long term framework for the company, including a point or two of M&A in that long term framework, you know, and that's, you know, it's kind of current rates.

Speaker Change: You know where rates are on it from our non mortgage standpoint, and we would expect that to continue so when we think about kind of the long term of Equifax you know, we're still committed to and confident in our 8% to 12% you know kind of a long term framework for the company, including a point or two of M&A in that long term framework.

Mark Begor: So when we think about kind of the long-term of Equifax, we're still committed and confident in our 8% to 12% kind of long-term framework for the company, including a point or two of M&A in that long-term framework. And that's at kind of current rates. And then we've got the benefit as rates come down to some level, whether they're going to come down to 4 or 3.5 or whatever over the long term. I don't think any of us expect them to go back to where they were kind of during the COVID pandemic. But as they come down, we're going to have, we believe, a real tailwind as the mortgage market recovers from its levels of 50% below what we would characterize as normal.

So when we think about kind of the long-term of Equifax, we're still committed and confident in our 8% to 12% kind of long-term framework for the company, including a point or two of M&A in that long-term framework. And that's at kind of current rates. And then we've got the benefit as rates come down to some level, whether they're going to come down to 4 or 3.5 or whatever over the long term. I don't think any of us expect them to go back to where they were kind of during the COVID pandemic. But as they come down, we're going to have, we believe, a real tailwind as the mortgage market recovers from its levels of 50% below what we would characterize as normal.

Speaker Change: You know it kind of current race.

Mark W. Begor: And then we've got the benefit is rates coming down to some level, whether they're going to come down to, 4 or 3,5 or whatever over the long term. I don't think any of us expect them to go back to where they were during the COVID pandemic. But as they come down, we're going to have, we believe, a real tailwind if the mortgage market recovers from its levels of 50% below what we would characterize as normal. Just as a reminder, for 2024, as we said in the script, our guidance reflects current activity, current run rates, which are at current rates, right, so effectively, our guidance assumes rates stay where they are.

Speaker Change: And then we've got the the benefit.

Speaker Change: The benefit as rates come down to some level, where they're going to they're going to come down to you know.

Speaker Change: For three and a half or whatever over the long term I don't think any of US expect them to go back to where they were you know kind of during the Covid pandemic.

Kyle David Peterson: But as they come down, we're going to have, we believe, a real tailwind, you know, if the mortgage market recovers from its levels of 50% below what we would characterize as normal. Just as a reminder, for 2024, as we said in the script, our guidance reflects current activity, current run rates, which are at current rates, right, so effectively, our guidance assumes rates stay where they are. Got it.

But as they come down, we're going to have, we believe, a real tailwind, you know, if the mortgage market recovers from its levels of 50% below what we would characterize as normal. Just as a reminder, for 2024, as we said in the script, our guidance reflects current activity, current run rates, which are at current rates, right, so effectively, our guidance assumes rates stay where they are.

But as they come down we're going to have we believe a real tailwind you know as the mortgage market recovers from its you know levels of 50% below what we would characterize as normal.

Mark Begor: Just as a reminder for 2024, right, as we said in the script, our guidance reflects current activity, current run rates, which is at current rates, right? Effectively, our guidance assumes rates stay where they are. Got it. That's helpful. Then just a follow-up. I know we've seen some consolidation in the background screening space. I know some of that's at least pending right now. Just wanted to get your thoughts on if we do see some consolidation there. Is there any change in your strategy or outlook on talent within APRIS and some of your twin products, or is everything just pretty much dependent on hiring volumes? Yeah. I wouldn't say it's all dependent on hiring volumes. Obviously, hiring volumes have had an impact on us. We've been able to navigate through the hiring volumes, which are still quite low.

John Gamble: Just as a reminder for 2024, right, as we said in the script, our guidance reflects current activity, current run rates, which is at current rates, right? Effectively, our guidance assumes rates stay where they are.

Speaker Change: And just as a reminder for 2024 right as we said in the script.

John W. Gamble: And just as a reminder, for 2024, as we said in the script, our guidance reflects current activity, current run rates, which are at current rates, right, so effectively, our guidance assumes rates stay where they are.

Speaker Change: Our guidance reflects current activity current run rates, which is at current rate strikes are so effectively our guidance assumes rates stay where they are.

Kyle Peterson: Got it. That's helpful. Then just a follow-up. I know we've seen some consolidation in the background screening space. I know some of that's at least pending right now. Just wanted to get your thoughts on if we do see some consolidation there. Is there any change in your strategy or outlook on talent within APRIS and some of your twin products, or is everything just pretty much dependent on hiring volumes?

Kyle Peterson: Got it. That's helpful. And then, just a follow up. I know we've seen some consolidation in the background screening space, and I know some of that's at least pending right now. But I just wanted to get your thoughts on if we do seek some consolidation there. Is there any change in your strategy or outlook on talent within, you know, APRIS and some of the twin products, or is everything just pretty much dependent on current volumes? Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, Yeah, I wouldn't say it's all dependent on hiring volumes.

Mark W. Begor: That's helpful. And then, you know, just a follow up. I know we've seen some consolidation in the background screening space, and I know some of that's at least pending right now. But I just wanted to get your thoughts on if we do seek some consolidation there. Is there any change in, you know, your strategy or outlook on talent within, you know, APRIS and some of the twins, Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, Yeah, I wouldn't say it's all dependent on hiring volumes.

Speaker Change: Got it that's that's helpful. And then just a follow up and <unk> seen some consolidation in the background screening space I know some of that's at least pending right now, but I just wanted to get your thoughts on if we do see some consolidation there is there any change.

Speaker Change: And you know your strategy or outlook on talent and within you know address in the.

Speaker Change: The twin.

Speaker Change: You know products or is everything just pretty much dependent on hiring volumes.

Mark W. Begor: Yeah, I wouldn't say it's all dependent on hiring volumes. Obviously, hiring volumes have had an impact on us. We've been able to navigate through the hiring volumes, which are still quite low. You know, most companies are keeping a tight belt as they think about where the economy is going, as far as hiring on the white collar side. You know, obviously, blue collar is super strong. There's - I don't know what, 9 million plus open jobs right now. So, there's still a very vibrant economy from the hiring side. As far as that talent, we just see a big ham there with lots of opportunity to grow. You know, we have strong relationships with all the top players, including the two you mentioned. And we expect to continue those relationships. We've got a very aggressive pipeline of new product additions that we're continuing to roll out in the talent space. There's a lot of white space for us to penetrate, meaning, background screeners that are still using manual, if you will, employment verifications. So, that's an opportunity for us.

Mark Begor: Yeah. I wouldn't say it's all dependent on hiring volumes. Obviously, hiring volumes have had an impact on us. We've been able to navigate through the hiring volumes, which are still quite low.

Speaker Change: Yeah, I wouldn't say, it's all dependent on hiring volumes up obviously hiring volumes have had an impact on us we've been able to navigate through the hiring volumes, which are still quite low you know most companies are keeping a tight belt.

Mark W. Begor: Obviously, hiring volumes have had an impact on us. You know, we've been able to navigate through the hiring volumes, which are still quite low. You know, most companies are keeping a tight belt as they think about where the economy is going as far as hiring on the white collar side. You know, obviously, blue collar is super strong. There's, I don't know what 9 million plus open jobs right now. So there's still a very vibrant, you know, economy from the hiring side. As far as talent goes, we just see a big ham there with lots of opportunity to grow. You know, we have strong relationships with all the top players, including the two you mentioned, and we expect to continue those relationships. We've got a very aggressive pipeline of new product additions that we're continuing to roll out in the talent space. There's a lot of white space for us to penetrate, meaning, you know, background screeners that are still using, you know, manual, if you will, employment verifications. So that's an opportunity for us.

Mark Begor: Most companies are keeping a tight belt as they think about where the economy's going as far as hiring on the white-collar side. Obviously, blue-collar is super strong. There's, I don't know what it is, nine million-plus open jobs right now. So there's still a very vibrant economy from the hiring side. As far as talent, we just see a big TAM there with lots of opportunity to grow. We have strong relationships with all the top players, including the two you mentioned. And we expect to continue those relationships. We've got a very aggressive pipeline of new product additions that we're continuing to roll out in the talent space. There's a lot of white space for us to penetrate, meaning background screeners that are still using manual, if you will, employment verifications. So that's an opportunity for us.

Most companies are keeping a tight belt as they think about where the economy's going as far as hiring on the white-collar side. Obviously, blue-collar is super strong. There's, I don't know what it is, nine million-plus open jobs right now. So there's still a very vibrant economy from the hiring side. As far as talent, we just see a big TAM there with lots of opportunity to grow. We have strong relationships with all the top players, including the two you mentioned. And we expect to continue those relationships. We've got a very aggressive pipeline of new product additions that we're continuing to roll out in the talent space. There's a lot of white space for us to penetrate, meaning background screeners that are still using manual, if you will, employment verifications. So that's an opportunity for us.

Speaker Change: Think about where the economy's going as far as hiring on the white collar side, you know obviously blue collar is super strong. There's I don't know what is 9 million plus open jobs right now so there's still a very vibrant economy.

Mark W. Begor: There's, I don't know what 9 million plus open jobs right now. So there's still a very vibrant, you know, economy from the hiring side. As far as talent goes, we just see a big ham there with lots of opportunity to grow. You know, we have strong relationships with all the top players, including the two you mentioned, and we expect to continue those relationships. We've got a very aggressive pipeline of new product additions that we're continuing to roll out in the talent space. There's a lot of white space for us to penetrate, meaning, you know, background screeners that are still using, you know, manual, if you will, employment verifications. So that's an opportunity for us.

Speaker Change: Economy from the hiring side, you know as far as that talent, we just see a big Tam there with lots of opportunity to grow you know we have strong relationships with all the top players, including the two you mentioned.

Heather Nicole Balsky: You know, we have strong relationships with all the top players, including the two you mentioned, and we expect to continue those relationships. We've got a very aggressive pipeline of new product additions that we're continuing to roll out in the talent space. There's a lot of white space for us to penetrate, meaning, you know, background screeners that are still using, you know, manual, if you will, employment verifications. So that's an opportunity for us.

Speaker Change: You know and we expect to continue those relationships, we've got a very aggressive pipeline of new product additions that we're continuing to rollout in the talent space Theres a lot of white space for us to penetrate meaning are you know background screeners that are still you know using you know Emmanuel if you will.

Speaker Change: Employment Verifications.

Speaker Change: So that's an opportunity for us. So you know, we're we remain very optimistic around the future for the talent vertical and you know as you point out when you know hiring I would call. It in the white collar side stabilizes or perhaps when rates come down and there's some increase in economic activity you know, we'll get some tailwind from the Mark.

Mark W. Begor: So, we remain very optimistic about the future for the talent vertical. And as you point out, when hiring, I would call it on the white collar side, stabilizes or perhaps when rates come down and there's some increase in economic activity, we'll get some tailwind from the market side, as people are expanding their businesses. And then, we'll have things under our control to continue adding records, you know, the additional records result in higher rates there. The 4 million records we added in the quarter are 4 million jobs, that are now going to be able to be monetized in the hit rates we're delivering to talent - I talked about new products and, of course, we took some prices up in January, and we'll do that again in 2025. So, we're optimistic about talent, we're super optimistic about government, you know, as you know, with the 35% performance in the quarter, which is - we see a lot of opportunities there too.

Mark Begor: So we remain very optimistic around the future for the talent vertical. As you point out, when hiring, I would call it on the white-collar side, stabilizes, or perhaps when rates come down and there's some increase in economic activity, we'll get some tailwind from the market side as people are expanding their businesses. Then we'll have the things under our control to continue to add records. The additional records result in higher hit rates there. The 4 million records we added in the quarter are 4 million jobs that are now going to be able to be monetized in the hit rates we're delivering to talent. I talked about new products. Of course, we took some price up in January, and we'll do that again in 2025. So we're optimistic about talent. We're super optimistic about government.

So we remain very optimistic around the future for the talent vertical. As you point out, when hiring, I would call it on the white-collar side, stabilizes, or perhaps when rates come down and there's some increase in economic activity, we'll get some tailwind from the market side as people are expanding their businesses. Then we'll have the things under our control to continue to add records. The additional records result in higher hit rates there. The 4 million records we added in the quarter are 4 million jobs that are now going to be able to be monetized in the hit rates we're delivering to talent. I talked about new products. Of course, we took some price up in January, and we'll do that again in 2025. So we're optimistic about talent. We're super optimistic about government.

Speaker Change: <unk> side as people are expanding their businesses.

Speaker Change: We will have the things under our control to continue to adding records you know the additional records, resulting higher hit rates. There you know the 4 million records. We added in the quarter of 4 million jobs. You know that are now going to be able to be more.

Heather Nicole Balsky: You know, the additional records result in higher rates there. You know, the 4 million records we added in the quarter are 4 million jobs that are now going to be able to be monetized in the hit rates we're delivering to talent. I talked about new products. And, of course, you know, we took some prices up in January, and we'll do that again in 2025. So we're optimistic about talent. You know, we're super optimistic about government, you know, as you know, with the 35% performance in the quarter, which is, we see a lot of opportunities there too.

Speaker Change: Ties in the hit rates, we're delivering a talent I talked about new products and of course, you know we took some price up in the in January and we'll do that again into 2025. So we're optimistic about talent you know we're super optimistic about government you know as you know with a 35% performance in the quarter, which is we see a lot of opportunities there too.

Heather Nicole Balsky: You know, we're super optimistic about government, you know, as you know, with the 35% performance in the quarter, which is, we see a lot of opportunities there too. Thank you. Next question is coming from Heather Balsky from Bank of America. Your line is now live. Hi, thank you.

You know, we're super optimistic about government, you know, as you know, with the 35% performance in the quarter, which is, we see a lot of opportunities there too.

Mark Begor: As you know, with the 35% performance in the quarter, which is, we see a lot of opportunities there too. Thank you. Next question is coming from Heather Balsky from Bank of America. Your line is now live. Hi. Thank you. I wanted to go back to the EWS outperformance versus the volume. And you talked a little bit about customer shift. And it's something, I guess, that hasn't come up in the past. And curious if you could dive in a little bit more in terms of kind of what can drive a shift in the sort of mix of customers that you're working with, and how you're thinking about that for the rest of the year. And is it a function of how the mortgage market is performing, or is it new customers that you're bringing in? Just help us understand that better.

As you know, with the 35% performance in the quarter, which is, we see a lot of opportunities there too.

Operator: Thank you. Next question is coming from Heather Balsky from Bank of America. Your line is now live.

Speaker Change: No.

Thank you. Next question is coming from Heather Balsky from Bank of America. Your line is now live. Hi, thank you.

Operator: Thank you. Next question is coming from Heather Balsky from Bank of America. Your line is now live.

Speaker Change: Thank you. Your next question is coming from Heather Bulky from Bank of America. Your line is now live.

Heather Balsky: Hi. Thank you. I wanted to go back to the EWS outperformance versus the volume. And you talked a little bit about customer shift. And it's something, I guess, that hasn't come up in the past. And curious if you could dive in a little bit more in terms of kind of what can drive a shift in the sort of mix of customers that you're working with, and how you're thinking about that for the rest of the year. And is it a function of how the mortgage market is performing, or is it new customers that you're bringing in? Just help us understand that better.

Heather Balsky: Hi, thank you. I wanted to go back to EWS outperformance versus volume, and you talked a little bit about customer shift. And it's something, I guess, that hasn't come up in the past. And I'm curious if you could dive in a little bit more in terms of kind of what can drive a shift in the sort of mix of customers that you're working with, and how you're thinking about that for the rest of the year. And is it a function of how the mortgage market is performing? Or is it new customers that you're bringing in to help us understand that better?

Heather Nicole Balsky: Hi, Thank you I Wonder if you go back to the E. W. S outperformance versus the volume and you talk to you a little bit about customer sets.

John W. Gamble: I wanted to go back to EWS outperformance versus volume, and you talked a little bit about customer shift. And it's something, I guess, that hasn't come up in the past. And I'm curious if you could dive in a little bit more in terms of kind of what can drive a shift in the sort of mix of customers that you're working with and how you're thinking about that for the rest of the year. And is it a function of how the mortgage market is performing? Or is it new customers that you're bringing in to help us understand that better?

Heather Nicole Balsky: And it's something that hasn't come up in the past and curious if you could dive in a little bit more in terms of kind of what can drive a simpson and trade in mix of customers that you're working with.

Heather Nicole Balsky: And how you're thinking about that for the rest of the year and is it a function of how the mortgage market is performing or is that new customers that you're bringing and help us understand that better.

Heather Nicole Balsky: Or is it new customers that you're bringing in to help us understand that better? It's a little bit of all of the above, but it's, you know, really the mortgage market now with the low levels of activity, down 50% from where it was, there are some changes that happen to how much volume specific customers are completing, you know, in a quarter or a month. And we see shifts in that that are, I would call them more pronounced when the numbers are smaller.

Or is it new customers that you're bringing in to help us understand that better?

Mark Begor: It's a little bit of all of the above, but it's really the mortgage market now with the low levels of activity, down 50% from where it was. There are some changes that happen on how much volume specific customers are completing in a quarter or in a month. We see shifts in that that are, I would call it, more pronounced when the numbers are smaller. If you have one mortgage originator that perhaps is being more aggressive at one point in time or when the originations they want to do, they're marketing, they're spending. As you know, a lot of this is most of it's done digitally. There's ebbs and flows, particularly in this market from what we've seen, ebbs and flows of kind of the activity that a mortgage originator will put into it. I don't know, John, what else would you add?

Mark W. Begor: It's a little bit of all of the above, but it's really the mortgage market now with the low levels of activity, down 50% from where it was, there is some changes that happen to how much volume specific customers are completing, you know, in a quarter, or a month. And we see shifts in that that are, I would call them more pronounced, when the numbers are smaller. You know, if you have one mortgage originator that perhaps is being more aggressive at one point in time, or the origination they want to do, their marketing, their spending, as you know, a lot of this is - most of it's done digitally, you know, so there's ebbs and flows on - particularly in this market, from what we've seen - ebbs and flows of, you know, kind of the activity that a mortgage origin would put into it. I don't know, John; what else would you add?

Heather Nicole Balsky: It's a little bit of all of the above but it's you know really the mortgage market now with the low levels of activity down 50% from where it was there is some changes that happen on how much volume specific customers are completing in.

Heather Nicole Balsky: In a quarter, but we're in a month and we see shifts in that that are I would call. It more pronounced when the numbers are smaller you know if you have one mortgage originator that perhaps is being more aggressive at one point in time.

Heather Nicole Balsky: You know, if you have one mortgage originator that perhaps is being more aggressive at one point in time, or the origination they want to do their marketing, their spending, as you know, a lot of this is done digitally, you know, so there's ebbs and flows on, particularly in this market, from what we've seen, ebbs and flows of, you know, kind of the activity that a mortgage origin I don't know, John; what else would you add?

Heather Nicole Balsky: Or run to the originations they want to do their marketing their spending as you know a lot of this is most of it's done digitally so there's ebbs and flows on particularly in this market from what we've seen ebbs and flows of our you know kind of the activity in a mortgage originator will put into it I don't know John what else would you add I would just add.

John W. Gamble: I would just add, just got to remember, a point about performance is not a large number, right? So, we can see shifts about performance of several points, and it isn't a really large number on our mortgage revenue. And that's why you saw that we had a little bit of outperformance in inquiries, and yes, we had some outs - we had some underperformance and outperformance, but we ended up with revenue on, right? So I think, unfortunately, what we're talking about here is really small percentages that can be impacted by not large movements in revenue, and that's what you're seeing here, right? So, but overall, you know, Mark covered it already, that the real driver here of this business is consistent, large growth in records, which makes the products more valuable, which is why we expect to see continued improvement in the level of mortgage revenue as we go through the year, relatively speaking. So, we feel very good about what's going on with the products we're offering because of the fact that we're adding records so rapidly.

Mark Begor: I would just add, just got to remember, a point of outperformance is not a large number, right? So we can see shifts of outperformance of several points. It isn't a really large number on our mortgage revenue. That's why you saw that we had a little bit of outperformance in inquiries. Yes, we had some underperformance and outperformance, but we ended up with revenue on, right? So I think, unfortunately, what we're talking about here is really small percentages that can be impacted by not large movements in revenue. That's what you're seeing here, right? But overall, Mark covered it already, right? The real driver here of this business is consistent large growth in records, which makes the products more valuable, which is why we expect to see continued improvement in the level of mortgage revenues as we go through the year, relatively speaking.

John Gamble: I would just add, just got to remember, a point of outperformance is not a large number, right? So we can see shifts of outperformance of several points. It isn't a really large number on our mortgage revenue. That's why you saw that we had a little bit of outperformance in inquiries. Yes, we had some underperformance and outperformance, but we ended up with revenue on, right? So I think, unfortunately, what we're talking about here is really small percentages that can be impacted by not large movements in revenue. That's what you're seeing here, right? But overall, Mark covered it already, right? The real driver here of this business is consistent large growth in records, which makes the products more valuable, which is why we expect to see continued improvement in the level of mortgage revenues as we go through the year, relatively speaking.

John: Just kind of a member at point of out performance is not a large number right. So we can see shifts about performance of several points in it isn't a really large number on our mortgage revenue and that's why you saw that we had a little bit of outperformance in inquiries and yes. We had some we had some underperformance and outperformance, but we ended up with revenue on right. So.

John: I think unfortunately, what we're talking about here is really small percentages that can be impacted by not large movements in revenue and that's what you're seeing here right. So but overall you.

John W. Gamble: So, but overall, you know Mark covered it already, right, that the real driver here of this business is consistent, large growth in records, which makes the products more valuable, which is why we expect to see continued improvement in the level of mortgage revenue as we go through the year, relatively speaking. So we feel very good about what's going on with the products we're offering because of the fact that we're adding records so rapidly. Thank you; it's helpful.

So, but overall, you know Mark covered it already, right, that the real driver here of this business is consistent, large growth in records, which makes the products more valuable, which is why we expect to see continued improvement in the level of mortgage revenue as we go through the year, relatively speaking. So we feel very good about what's going on with the products we're offering because of the fact that we're adding records so rapidly.

John: You know mark covered it already right.

John: The real driver here for this business is as is consistent large growth in records, which makes the products more valuable which is why we expect to see continued improvement in the level of mortgage revenue as we go through the year relatively speaking so we feel very good about what's going on with the products, we're offering because of the fact that we're adding records so rapidly.

Mark Begor: So we feel very good about what's going on with the products we're offering because of the fact that we're adding records so rapidly. Thank you. It's helpful. And as a follow-up question, shifting to margin, you did take your inquiry number up on the mortgage side. So just curious how to think through. But I guess you maintained your EBITDA outlook for the full year. Just sort of the give and take there in terms of the flow-through on higher inquiries and what might be offsetting that. Yeah. I think I'd start with the comments I had earlier. I don't know if you heard my response to Manav's question. Look, it's Q1. There's still a lot of we have a lot of visibility in lots of parts of the business. I think the mortgage side is less visible, as was pointed out.

So we feel very good about what's going on with the products we're offering because of the fact that we're adding records so rapidly.

Heather Balsky: Thank you. It's helpful. And as a follow-up question, shifting to margin, you did take your inquiry number up on the mortgage side. So just curious how to think through. But I guess you maintained your EBITDA outlook for the full year. Just sort of the give and take there in terms of the flow-through on higher inquiries and what might be offsetting that.

Heather Balsky: Thank you; it's helpful. And as a follow-up question, shifting to margin, you did take your inquiry number up on the mortgage side. So, just curious how to think through, if you maintain your EBITDA outlook for the full year, just the give and take there in terms of the flow through on higher inquiries and what might be offsetting that.

Speaker Change: Okay, that's helpful and as a follow up question.

Mark W. Begor: And as a follow-up question, shifting to margin, you did take your inquiry number up on the mortgage side. So just curious how to think through, if you maintain your EBITDA outlook for the full year, just the give and take there in terms of the flow through on higher inquiries and what might be offsetting that. Yeah, I think I'd start with the comments I had earlier.

And as a follow-up question, shifting to margin, you did take your inquiry number up on the mortgage side. So just curious how to think through, if you maintain your EBITDA outlook for the full year, just the give and take there in terms of the flow through on higher inquiries and what might be offsetting that.

Speaker Change: Again, and you did take your inquiry number up on the mortgage side, just curious how to think through them, but I think if you maintain your EBITDA outlook for the full year. So the give and take there in terms of the flow through on higher increase in and what might be offsetting that.

Mark W. Begor: Yeah, I think I'd start with the comments I had earlier. I don't know if you heard my response to Manav's question, look, it's the first quarter, there's still a lot of - we have a lot of visibility in lots of parts of the business. I think the mortgage side is less visible, as was pointed out. You know, 60 days ago, all of us thought there'd be - at least the world thought there would be a bunch of rate cuts in the second half, including one in June. You know, two weeks ago, the June one felt like it had disappeared. So, you know, given it's the first quarter, we were very pleased with what we saw is revenue being at kind of the midpoint of our guidance, which is very strong. And then, EPS outperformance, we thought it was prudent to hold the year and give you a good outlook on what we think the second quarter is. And as I said, we'll look at it again as we get through the second quarter and have what I would characterize as more visibility.

Mark Begor: Yeah. I think I'd start with the comments I had earlier. I don't know if you heard my response to Manav's question. Look, it's Q1. There's still a lot of we have a lot of visibility in lots of parts of the business. I think the mortgage side is less visible, as was pointed out.

Speaker Change: Yeah, I think I'd start with the comments I had earlier I don't know if you heard my response to the knobs question. You know look it's first quarter. You know, it's there's still a lot of we have a lot of visibility in lots of parts of the business I think the mortgage side is less visible as was pointed out you know 60 days ago, all of US thought there'd be a at least the world thought there would be a bunch of.

John W. Gamble: I don't know if you heard my response to Manav's question, you know, look, it's the first quarter. You know, there's still a lot of we have a lot of visibility in lots of parts of the business. I think the mortgage side is less visible, as was pointed out. You know, 60 days ago, all of us thought there'd be at least the world thought there would be a bunch of rate cuts in the second half, including one in June. You know, two weeks ago, the June one felt like it had disappeared. So, you know, given it's the first quarter, we were very pleased with, you know, what we saw is revenue being at kind of the midpoint of our guidance, which is very strong. And then EPS outperformance, we thought it was prudent to hold the year and give you a good outlook on what we think the second quarter is. And as I said, we'll look at it again as we get through the second quarter and have what I would characterize as more visibility.

Mark Begor: 60 days ago, all of us thought there'd be, at least the world thought there would be a bunch of rate cuts in the second half, including one in June. Two weeks ago, the June one felt like it disappeared. So given it's the first quarter, we were very pleased with what we saw as revenue being at kind of the midpoint of our guidance, which is very strong. And then EPS outperformance, we thought it was prudent to hold the year and give you a good outlook of what we think second quarter is. And as I said, we'll look at it again as we get through second quarter and have what I would characterize as more about visibility. I think any of us expected inflation to so-called spike up a little bit in the last couple of months when we set that guide earlier in the year.

60 days ago, all of us thought there'd be, at least the world thought there would be a bunch of rate cuts in the second half, including one in June. Two weeks ago, the June one felt like it disappeared. So given it's the first quarter, we were very pleased with what we saw as revenue being at kind of the midpoint of our guidance, which is very strong. And then EPS outperformance, we thought it was prudent to hold the year and give you a good outlook of what we think second quarter is. And as I said, we'll look at it again as we get through second quarter and have what I would characterize as more about visibility. I think any of us expected inflation to so-called spike up a little bit in the last couple of months when we set that guide earlier in the year.

Speaker Change: Rate cuts in the second half, including one in June you know two weeks ago. The June one felt like a disappeared. So you know given it's the first quarter. We were very pleased with the you know what we saw as a you know revenue being at kind of the midpoint of our guidance, which is a very strong and then E. P. S. Outperformance, we thought it was prudent to hold the year.

Mark W. Begor: So, you know, given it's the first quarter, we were very pleased with, you know, what we saw is revenue being at kind of the midpoint of our guidance, which is very strong. And then EPS outperformance, we thought it was prudent to hold the year and give you a good outlook on what we think the second quarter is. And as I said, we'll look at it again as we get through the second quarter and have what I would characterize as more visibility.

Speaker Change: And give you a good outlook of what we think second quarter is and as I said, we will look at it again as we get through second quarter and have what I would characterize as more about visibility I think any of US expected inflation, you know to a so called spike up a little bit in the last couple of months.

Mark W. Begor: I don't think any of us expected inflation, you know, to so-called spike up a little bit in the last couple of months. You know, when we set that guide, it was a little bit earlier in the year. But we're confident in delivering the full-year guidance that we laid out. And we'll give you an update as we get through the second quarter; we'll have more visibility at that time. As you look through the year, we are expecting margins to go up. It's obvious in our guidance, right? I talked a little bit about the fact that we have meaningful cost reductions coming as we decommission major systems and our consumer businesses in North America. And quite honestly, the addition of records and EWS is very accretive for us as we go because, obviously, that's very high-margin revenue that doesn't draw with it any expense below variable costs. So, we feel very good about our ability to deliver on our full year numbers.

Speaker Change: When we set that guide earlier in the year, but we're confident in delivering the full year guidance that we laid out and we'll give you an update that you know.

Mark Begor: But we're confident in delivering the full-year guidance that we laid out. We'll give you an update as we get through second quarter. We'll have more visibility at that time. Yeah. As you look through the year, we are expecting margins to go up. It's obvious in our guidance, right? I talked a little bit about the fact that we have meaningful cost reductions coming as we decommission major systems in our consumer businesses in North America. We feel good about executing against those, as Mark talked about. We also just, you've got to remember, we generally have an improving mix of revenue as we go through the year, especially in the fourth quarter, as mortgage declines as a percentage of our revenue. It happens every year. It's just market, right? So as that happens, that tends to be margin accretive for us. Executing against our plans.

But we're confident in delivering the full-year guidance that we laid out. We'll give you an update as we get through second quarter. We'll have more visibility at that time.

John W. Gamble: But, you know, we're confident in delivering the full-year guidance that we laid out. And we'll give you an update, you know, as we get through the second quarter; we'll have more visibility at that time. As you look through the year, we are expecting margins to go up. It's obvious in our guidance, right? I talked a little bit about the fact that we have meaningful cost reductions coming as we decommission major systems and our consumer businesses in North America. And quite honestly, the addition of records and EWS is very accretive for us as we go because, obviously, that's very high-margin revenue that doesn't draw with it any expense below variable costs. So, we feel very good about our ability to deliver on our full year numbers.

Speaker Change: As we get through second quarter, we'll have more visibility at that time.

John Gamble: Yeah. As you look through the year, we are expecting margins to go up. It's obvious in our guidance, right? I talked a little bit about the fact that we have meaningful cost reductions coming as we decommission major systems in our consumer businesses in North America. We feel good about executing against those, as Mark talked about. We also just, you've got to remember, we generally have an improving mix of revenue as we go through the year, especially in the fourth quarter, as mortgage declines as a percentage of our revenue. It happens every year. It's just market, right? So as that happens, that tends to be margin accretive for us. Executing against our plans.

Speaker Change: As you look through the year, we are expecting margins to go up it's obviously in our guidance right I talked a little bit about the fact that we have we have meaningful cost reductions coming as we decommission major systems in our consumer businesses in North America, we feel good about executing against those as Mark talked about we also just you've got to remember we generally have an improving mix of revenue as we go.

John W. Gamble: As you look through the year, we are expecting margins to go up. It's obvious in our guidance, right? I talked a little bit about the fact that we have meaningful cost reductions coming as we decommission major systems and our consumer businesses in North America. We feel good about executing agains those, as Mark talked about. We also, just - you gotta remember, we generally have an improving mix of revenue as we go through the year, especially in the fourth quarter, as mortgage decline is a percentage of revenue, it happens every year, it's just market. So, as that happens, that tends to be margin-increasing for us. So, executing agains our plans, and quite honestly, the addition of records and EWS is very accretive for us as we go because, obviously, that's very high-margin revenue, that doesn't draw with it any expense below variable costs. So, we feel very good about our ability to deliver on our full year numbers.

Speaker Change: Through the year, especially in the fourth quarter as mortgage declines as a percentage of our revenue that happens every year. It's just market right. So as that happens that tends to be margin accretive for us. So so executing against our plans and and and quite honestly. The addition of records in AWS is very accretive for us as we go because obviously, that's very high margin revenue that doesn't draw with it.

Mark Begor: And quite honestly, the addition of records in EWS is very accretive for us as we go because obviously that's very high margin revenue that doesn't draw with it expense below variable costs. So we feel very good about our ability to deliver on our full-year numbers. Thank you. Our next question today is coming from Owen Lau from Oppenheimer. Your line is now live. Hey, good morning. Thank you for taking my question. I want to go back to talent. I think you mentioned the Jan and Feb volume was, I think, below expectation, but March number is better, and you expect that trend to continue. I just want to understand the driver of that weakness in Jan and February and what makes you confident that the volume would be similar to March level, maybe in the second quarter or so. Thanks a lot. Yeah.

And quite honestly, the addition of records in EWS is very accretive for us as we go because obviously that's very high margin revenue that doesn't draw with it expense below variable costs. So we feel very good about our ability to deliver on our full-year numbers.

John W. Gamble: And quite honestly, the addition of records and EWS is very accretive for us as we go because, obviously, that's very high-margin revenue that doesn't draw with it any expense below variable costs. So, we feel very good about our ability to deliver on our full year numbers. Thank you. Our next question today is from Owen Lau from Oppenheimer. Your line is now live. Hey, good morning. Thank you for taking my question. I want to go back to talent.

And quite honestly, the addition of records and EWS is very accretive for us as we go because, obviously, that's very high-margin revenue that doesn't draw with it any expense below variable costs. So, we feel very good about our ability to deliver on our full year numbers.

Speaker Change: Expense below variable costs. So we feel very good about about our ability to deliver on our full year numbers.

Operator: Thank you. Our next question today is coming from Owen Lau from Oppenheimer. Your line is now live.

Thank you. Our next question today is from Owen Lau from Oppenheimer. Your line is now live. Hey, good morning. Thank you for taking my question. I want to go back to talent.

Operator: Thank you. Our next question today is from Owen Lau from Oppenheimer. Your line is now live.

Speaker Change: Thank you. Our next question today is coming from Owen Lau from Oppenheimer. Your line is now live.

Operator: Hey, good morning. Thank you for taking my question. I want to go back to talent. I think you mentioned the Jan and Feb volume was, I think, below expectation, but March number is better, and you expect that trend to continue. I just want to understand the driver of that weakness in Jan and February and what makes you confident that the volume would be similar to March level, maybe in the second quarter or so. Thanks a lot.

Owen Lau: Hey, good morning. Thank you for taking my question. I want to go back to talent. I think you mentioned the Jan and Feb volume was below expectation, but the March number is better, and you expect that trend to continue. I just want to understand the driver of that weakness in Jan and February, and what makes you confident that the volume would be similar to the March level, maybe in the second quarter or so. Thanks a lot.

Owen Lau: Hey, good morning. Thank you for taking my question I wanted to go back to a pattern I think you mentioned Jan and fab body of Maus, I think for a low expectation, but March number it gets better and you expect that trend to continue I I just want to understand the driver of that weakness in Jan and February and what makes you confident that.

Owen Lau: I think you mentioned the Jan and Feb volume was below expectation, but the March number is better, and you expect that trend to continue. I just want to understand the driver of that weakness in Jan and February and what makes you confident that the volume would be similar to the March level, maybe in the second quarter or so. Thanks a lot.

Owen Lau: Nobody on board would be similar to March Nashville, maybe in the second quarter or so thanks a lot.

Mark W. Begor: Yeah, you know, we attribute when we talk to our customers, which are background screeners, the kind of softer January, February, just a kind of a very tight operating environment that most companies are operating on. Again, we over skew to white-collar workers versus blue-collar. Blue collar is still, I would call it red hot, meaning there are more jobs open than people looking for them. That's not the issue. Most companies are really watching the economy, and we saw that in January and February, we did see an uptick ain March. And, you know, we try to operate off current trends we see. And, you know, that's still continuing in April and we expect that to kind of stay at that level, but I wouldn't call it a big recovery, just back closer to what we thought the year was going to be as we exited 2023.

Mark Begor: Yeah. We attribute, when we talk to our customers, which are background screeners, the kind of softer January, February, just a kind of a very tight operating environment that most companies are operating on. Again, we overskew to white-collar workers versus blue-collar. Blue-collar is still, I would call it, red hot, meaning there's more jobs open than people looking for them. That's not the issue. Most companies are really watching the economy, and we saw that in January, February. We did see an uptick in March, and we try to operate off current trends we see. And that's still continuing in April. And we expect that to kind of stay at that level. But I wouldn't call it a big recovery, just back closer to what we thought the year was going to be as we exited 2023.

Speaker Change: Yeah, you know, we we attribute when we talk to our customers, which are background screeners. The kind of softer January February just so you know kind of a very tight operating environment that most companies are operating on again, we over skewed of white collar workers versus blue colored Blue collar is still I would call it red hot meaning there's more.

Mark Begor: We attribute, when we talk to our customers, which are background screeners, the kind of softer January, February, just a kind of a very tight operating environment that most companies are operating on. Again, we overskew to white-collar workers versus blue-collar. Blue-collar is still, I would call it, red hot, meaning there's more jobs open than people looking for them. That's not the issue. Most companies are really watching the economy, and we saw that in January, February. We did see an uptick in March, and we try to operate off current trends we see. And that's still continuing in April. And we expect that to kind of stay at that level. But I wouldn't call it a big recovery, just back closer to what we thought the year was going to be as we exited 2023. Got it. That's very helpful.

Speaker Change: Jobs open than people looking for them.

Speaker Change: That's not the issue.

Owen Lau: Most companies are really watching the economy, and we saw that in January and February; we did see an uptick in March. And, you know, we try to operate off current trends we see. And, you know, that's still continuing in April. And, you know, we expect that to kind of stay at that level, but I wouldn't call it a big recovery, just back closer to what we thought the year was going to be as we exited 2023. Got it.

Most companies are really watching the economy, and we saw that in January and February; we did see an uptick in March. And, you know, we try to operate off current trends we see. And, you know, that's still continuing in April. And, you know, we expect that to kind of stay at that level, but I wouldn't call it a big recovery, just back closer to what we thought the year was going to be as we exited 2023.

Speaker Change: Most companies are really watching the economy and we saw that in January February we did see an uptick in March and you know we try to operate off current trends, we see and that's still continuing in April and we expect that you know to kind of stay at that level, but I wouldn't call it like a big recovery.

Speaker Change: Just back closer to what we thought the year was going to be as we exited the 2023.

Owen Lau: Got it. That's very helpful.

Owen Lau: Got it. That's very helpful. And then, for your Cloud migration from, I think, 70% revenue to 90% Cloud revenue by the end of this year, can you help us again? How can we quantify these uplifts and translate that to revenue growth and margin expansion? And how much of that have you based in your four-year guidance already? Thanks.

Mark W. Begor: That's very helpful. And then for your cloud migration from, I think, 70% revenue to 90% cloud revenue by the end of this year, can you help us again? How can we quantify these uplifts and translate that to revenue growth and margin expansion? And how much of that have you based in your four-year guidance already? Yeah, it's certainly in our guidance. However, obviously, we haven't given guidance for 2025 yet. We'll do that, you know, as we get through this year.

That's very helpful. And then for your cloud migration from, I think, 70% revenue to 90% cloud revenue by the end of this year, can you help us again? How can we quantify these uplifts and translate that to revenue growth and margin expansion? And how much of that have you based in your four-year guidance already?

Speaker Change: Got it that's very helpful. And then point of Crown migration from I think seven or seven 2% reference to 90% a car from you by the end of this year can you help us bridge loans, how should we how can we quantify.

Mark Begor: And then for your cloud migration from, I think, 70% revenue to 90% cloud revenue by the end of this year, can you help us again? How can we quantify these uplifts and translate that to revenue growth and margin expansion? And how much of that you have baked that into your full-year guidance already? Thanks. Yeah. It's certainly in our guidance. Obviously, we haven't given guidance for 2025 yet. We'll do that as we get through this year. We expect those cloud completions this year to benefit 2024. That's built into our margin expansion assumptions in 2024. And then there'll be some carryover of the second-half decommissionings that we have as we complete the USIS cloud transformations in the kind of middle of the year, and some of the international cloud transformations, same kind of time frame.

And then for your cloud migration from, I think, 70% revenue to 90% cloud revenue by the end of this year, can you help us again? How can we quantify these uplifts and translate that to revenue growth and margin expansion? And how much of that you have baked that into your full-year guidance already? Thanks.

Speaker Change: And translate that to revenue broker margin expansion and how much of that you've.

Speaker Change: Got it into your full year guidance already thanks.

Mark W. Begor: Yeah, it's certainly in our guidance. Obviously, we haven't given guidance for 2025 yet. We'll do that, you know, as we get through this year. We expect those Cloud completions this year to benefit 2024. That's built into our margin expansion assumptions for 2024. And then, there'll be some carryover of the second half decommissionings that we have as we complete, like the USIS Cloud transformations in the kind of middle of the year and some of the international Cloud transformations, you know, same kind of timeframe. Those start layering in on kind of a monthly basis as we go through this year. And those will provide, you know, some benefits as we go into 2025. So, I think we've given and we're happy to share some more on the margin side. The top line side is one, you know, there are multiple layers of how the Cloud is going to benefit us, you know, from a top line standpoint, we're going to be a differentiated partner to our customers with the always-on stability from the Cloud.

Mark Begor: Yeah. It's certainly in our guidance. Obviously, we haven't given guidance for 2025 yet. We'll do that as we get through this year. We expect those cloud completions this year to benefit 2024. That's built into our margin expansion assumptions in 2024. And then there'll be some carryover of the second-half decommissionings that we have as we complete the USIS cloud transformations in the kind of middle of the year, and some of the international cloud transformations, same kind of time frame.

Speaker Change: Yeah, It's certainly in our guidance, obviously, we haven't given guidance for 2025, yet we'll do that you know as we get through this year, we expect those cloud completions this year to benefit 2020.

Mark W. Begor: We expect those cloud completions this year to benefit 2024. That's built into our margin expansion assumptions for 2024. And then there'll be some carryover of the second half decommissionings that we have as we complete, like, the USIS cloud transformations in the kind of middle of the year and some of the international cloud transformations, you know, same kind of timeframe, you know, those start layering in on, you know, kind of a monthly basis as we go through this year. And those will provide, you know, some benefits as we go into 2025. So I think we've given, and we're happy to share some more on the margin side. The top line side is one, you know, there are multiple layers of how the cloud is going to benefit us, you know, from a top line standpoint, we're going to be a differentiated partner to our customers with the always-on stability from the cloud.

Speaker Change: Four we that's built into our margin expansion assumptions in 2024, and then there'll be some carryover of the second half decommissioning that we have as we complete our like the U S. I S cloud transformations in the kind of middle of the year and some of the international cloud transformations.

Speaker Change: Same kind of timeframe you know those start layering in on you know kind of a monthly basis as we go through this year and those will provide to you know some benefits as we go into 2025. So I think we've given and we're happy to share some more around the margin side the top line side as one.

Mark Begor: Those start layering in on kind of a monthly basis as we go through this year. Those will provide some benefits as we go into 2025. So I think we've given, and we're happy to share some more around the margin side. The top-line side is one; there's multiple layers of how the cloud's going to benefit us from a top-line standpoint. We're going to be a differentiated partner to our customers with the always-on stability from the cloud. You've already seen the uplift in new product innovation coming from our differentiated data in the cloud. So that's going to continue. Businesses like USIS that have been constrained by their cloud migration efforts over the last year and change, as they complete the cloud, we would expect that to accelerate their new product rollouts going forward.

Those start layering in on kind of a monthly basis as we go through this year. Those will provide some benefits as we go into 2025. So I think we've given, and we're happy to share some more around the margin side. The top-line side is one; there's multiple layers of how the cloud's going to benefit us from a top-line standpoint. We're going to be a differentiated partner to our customers with the always-on stability from the cloud. You've already seen the uplift in new product innovation coming from our differentiated data in the cloud. So that's going to continue. Businesses like USIS that have been constrained by their cloud migration efforts over the last year and change, as they complete the cloud, we would expect that to accelerate their new product rollouts going forward.

Mark W. Begor: And those will provide, you know, some benefits as we go into 2025. So I think we've given, and we're happy to share some more on the margin side. The top line side is one, you know, there are multiple layers of how the cloud is going to benefit us, you know, from a top line standpoint, we're going to be a differentiated partner to our customers with the always-on stability from the cloud.

Speaker Change: There's multiple layers of how the cloud is going to benefit us a you know from a topline standpoint, you know we're gonna be a differentiated partner to our customers with the always on stability from the cloud you've already seen the uplift in new product innovation coming from our differentiated data in the cloud so that's going to continue in.

Mark W. Begor: You've already seen the uplift in new product innovation, you know, coming from our differentiated data in the Cloud. So, that's going to continue and businesses like USIS that have been constrained by their Cloud migration efforts over the last year will change, as they complete the Cloud, we would expect that to accelerate their new product rollouts going forward. So, we have a lot of optimism about what it's going to do from a competitive standpoint as we complete the Cloud. And as I said in my prepared comments earlier, the other big benefit is the ability for the team, as we get towards the second half of the year and into 2025, to fully focus on just growing the business. Over the last, almost four plus years, we've been growing the business, operating the business, and doing this Cloud transformation. It's a heavy, heavy lift on getting that completed is a big, big milestone for the company, so we can really take advantage of all of our differentiated data, the Cloud, our increased focus on AI and ML, that's going to benefit us as we go into the second half and into '25 and beyond.

Speaker Change: Businesses like U S. I S that have been constrained by their cloud migration efforts over the last a year and change you know as they complete the cloud we would expect that to accelerate their new product. Rollouts are you know going forward. So we have a lot of optimism of what it's going to do from a competitive standpoint, as we complete the cloud.

Mark Begor: So we have a lot of optimism of what it's going to do from a competitive standpoint as we complete the cloud. And as I said in my prepared comments earlier, the other big benefit is the ability for the team, as we get towards the second half of the year and into 2025, to fully focus on just growing the business. Over the last almost four-plus years, we've been growing the business, operating the business, and doing this cloud transformation. It's a heavy, heavy lift. Getting that completed is a big, big milestone for the company so we can really take advantage of all of our differentiated data to cloud, our increased focus on AI and ML. That's going to benefit us as we go into the second half and into 2025 and beyond. Thank you. Our next question today is coming from Shlomo Rosenbaum from Stifel.

So we have a lot of optimism of what it's going to do from a competitive standpoint as we complete the cloud. And as I said in my prepared comments earlier, the other big benefit is the ability for the team, as we get towards the second half of the year and into 2025, to fully focus on just growing the business. Over the last almost four-plus years, we've been growing the business, operating the business, and doing this cloud transformation. It's a heavy, heavy lift. Getting that completed is a big, big milestone for the company so we can really take advantage of all of our differentiated data to cloud, our increased focus on AI and ML. That's going to benefit us as we go into the second half and into 2025 and beyond.

Mark W. Begor: And as I said in my prepared comments earlier, the other big benefit is the ability for the team, as we get, you know, towards the second half of the year and into 2025, to fully focus on just growing the business. You know, over the last, you know, almost four plus years, we've been growing the business, operating the business, and doing this cloud transformation. It's a heavy, heavy lift. Getting that completed is a big, big milestone for the company, you know, so we can really take advantage of all of our differentiated data, the cloud, our increased focus on AI and ML, you know, that's going to benefit us as we go into the second half and into, you know, 25 and beyond.

Speaker Change: And as I said in my prepared comments earlier, the other big benefit is the ability for the team as we get towards the second half of the year and into 2025 to fully focus on just running the business you know over the last almost four plus years, we've been growing the business operating the business and doing this cloud transformation, it's a heavy.

Speaker Change: Heavy lift I'm getting that completed is a big big milestone for the company. So we can really take advantage of all of our differentiate data to cloud our increased focus on AI and ml that's.

Mark W. Begor: Getting that completed is a big, big milestone for the company, you know, so we can really take advantage of all of our differentiated data, the cloud, our increased focus on AI and ML, you know, that's going to benefit us as we go into the second half and into, you know, 25 and beyond. Thank you. Our next question today is coming from Shlomo Rosenbaum from Steeple. Your line is now live.

Getting that completed is a big, big milestone for the company, you know, so we can really take advantage of all of our differentiated data, the cloud, our increased focus on AI and ML, you know, that's going to benefit us as we go into the second half and into, you know, 25 and beyond.

Speaker Change: Going to benefit us as we go into the second half and into our you know 25 and beyond.

Operator: Thank you. Our next question today is coming from Shlomo Rosenbaum from Stifel. Your line is now live.

Operator: Thank you. Our next question today is coming from Shlomo Rosenbaum from Steeple. Your line is now live.

Speaker Change: Thank you. My next question today is coming from Shlomo Rosenbaum from Stifel. Your line is now live.

Mark Begor: Your line is now live. Hi. Thank you very much for taking my questions. Hey, Mark, can you talk a little bit about the mortgage outperformance in USIS? There's obviously the FICO pricing increase. And then you mentioned the new pre-qual product. Given the magnitude of the outperformance, could you kind of parse that a little bit for us? Is it overwhelmingly FICO with some pre-qual? Or how should we think about that in terms of the impact the new product's having there? And then have a follow-up. Yeah. The pricing pass-through is a very, very big piece of the mortgage outperformance. We haven't broken down the two, but the new solution, the pre-qual that's used in the shopping stage, is a meaningful piece. And we're very pleased to have that on top of the price action. You should expect us to continue to bring new solutions to market.

Shlomo H. Rosenbaum: Hi, thank you very much for taking my questions. Hey, Mark, can you talk a little bit about the mortgage outperformance in USIS? You know, there's obviously the FICO pricing increase, and then you mentioned the new pre-qual product. Given the magnitude of the outperformance, can you kind of parse that a little bit for us? Is it like overwhelmingly FICO with some pre-qual? Or how should we think about that in terms of the impact the new products are having there? And then, I have a follow-up,

Shlomo Rosenbaum: Hi. Thank you very much for taking my questions. Hey, Mark, can you talk a little bit about the mortgage outperformance in USIS? There's obviously the FICO pricing increase. And then you mentioned the new pre-qual product. Given the magnitude of the outperformance, could you kind of parse that a little bit for us? Is it overwhelmingly FICO with some pre-qual? Or how should we think about that in terms of the impact the new product's having there? And then have a follow-up.

Shlomo H. Rosenbaum: Hi, Thank you very much for taking my questions.

Shlomo H. Rosenbaum: Can you talk a little bit about the mortgage outperformance in U S. I S. You you know, there's obviously the FICO pricing increase and then you mentioned the new pre call product given the magnitude of the outperformance could you kind of parse that a little bit for us just like overwhelmingly FICO was some pre qual or how should we think about that in terms of the impact.

Mark W. Begor: Or how should we think about that in terms of the impact the new products are having there? And then have a follow-up, Yeah, the pricing pass-through is a very, very big piece of the mortgage outperformance. We haven't broken down the two, but the new solution, the prequalification that's used in the shopping, you know, stage is a meaningful piece.

Or how should we think about that in terms of the impact the new products are having there? And then have a follow-up,

Shlomo H. Rosenbaum: The new products happening there and then a follow up.

Mark Begor: Yeah. The pricing pass-through is a very, very big piece of the mortgage outperformance. We haven't broken down the two, but the new solution, the pre-qual that's used in the shopping stage, is a meaningful piece. And we're very pleased to have that on top of the price action. You should expect us to continue to bring new solutions to market.

Shlomo H. Rosenbaum: Yeah. It does the pricing pass through was a very very big piece of the mortgage outperformance, we haven't broken down the two but the the new solution to prequalify choosing to shopping.

Mark W. Begor: Yeah, the pricing pass-through is a very, very big piece of the mortgage outperformance. We haven't broken down the two, but the new solution, the pre-qual that's used in the shopping stage is a meaningful piece. And we're very pleased to have that on top of the price action. You should expect us to continue to bring new solutions to the market. And this is an example of that as we go forward. And as we look forward to '25 and '26 and beyond, we'll continue to focus on new solutions, you know, from our standpoint. And I think all of us will have to see what that pricing looks like as we get into '25, from our FICO partner there and what they decide to do next year and as well as beyond 2025.

Shlomo H. Rosenbaum: Stage is a is a meaningful piece in there you know we're very pleased to have that on top of the the price action you should expect us to continue to bring new solutions to market and you know this is an example of that as we go forward and.

Shlomo H. Rosenbaum: And, you know, we're very pleased to have that on top of the price action. You know, you should expect us to continue to bring new solutions to the market. And, you know, this is an example of that as we go forward. And, you know, as we look forward to 25 and 26 and beyond, we'll continue to focus on new solutions, you know, from our standpoint. And, you know, I think all of us will have to see what that pricing looks like as we get into 25, you know, from our FICO partner there and, you know, what they decide to do next year and as well as beyond 2025. Okay, thank you. And then This is for John.

And, you know, we're very pleased to have that on top of the price action. You know, you should expect us to continue to bring new solutions to the market. And, you know, this is an example of that as we go forward. And, you know, as we look forward to 25 and 26 and beyond, we'll continue to focus on new solutions, you know, from our standpoint. And, you know, I think all of us will have to see what that pricing looks like as we get into 25, you know, from our FICO partner there and, you know, what they decide to do next year and as well as beyond 2025.

Mark Begor: And this is an example of that as we go forward. As we look forward to 2025 and 2026 and beyond, we'll continue to focus on new solutions from our standpoint. I think all of us will have to see what that pricing looks like as we get into 2025 from our FICO partner there and what they decide to do next year as well as beyond 2025. Okay. Thank you. Then this is for John. Could you just go over the puts and takes on Workforce Solutions 2024 guidance going to 7% from 8% despite the fact that the mortgage market inquiries are expected to be better? Some of the stuff that were mentioned sounded like there would be more delays rather than permanent impacts. I'm just hoping you can just parse that out a little bit more because that's kind of surprising to people.

And this is an example of that as we go forward. As we look forward to 2025 and 2026 and beyond, we'll continue to focus on new solutions from our standpoint. I think all of us will have to see what that pricing looks like as we get into 2025 from our FICO partner there and what they decide to do next year as well as beyond 2025.

Shlomo H. Rosenbaum: As we look forward to 25, and 26 and beyond will continue to focus on new solutions are you know from our standpoint, and you know I think all of US will have to see what that pricing looks like as we get into 'twenty. Five you know from from our our FICO partner, there and you know what they decide to do next year and as well as our beyond 2025.

Shlomo Rosenbaum: Okay. Thank you. Then this is for John. Could you just go over the puts and takes on Workforce Solutions 2024 guidance going to 7% from 8% despite the fact that the mortgage market inquiries are expected to be better? Some of the stuff that were mentioned sounded like there would be more delays rather than permanent impacts. I'm just hoping you can just parse that out a little bit more because that's kind of surprising to people.

Speaker Change: Okay. Thank you and then is this for John.

Speaker Change: Can you just go over the puts and takes on our workforce solutions 'twenty 'twenty four guidance going to 7% from 8% you know despite the fact that the mortgage market inquiries are expected to be better and some of the stuff that were mentioned it sounded like they would be more delays rather than you know.

Shlomo H. Rosenbaum: Okay, thank you. And then, this is for John. Can you just go over the puts and takes on Workforce Solutions' 2024 guidance going to 7% from 8%, you know, despite the fact that mortgage market inquiries are expected to be better? Some of the stuff that was mentioned sounds like there would be more delays rather than, you know, permanent impacts. And I'm just hoping you can just parse that out a little bit more because that's kind of surprising to people, I'd say, one of the most surprising things and what we saw in kind of the earnings report.

John W. Gamble: Why don't you just go over the puts and takes on Workforce Solutions' 2024 guidance going to 7% from 8%, you know, despite the fact that mortgage market inquiries are expected to be better? Some of the stuff that was mentioned sounds like it would be more delays rather than, you know, permanent impacts, and I'm just hoping you can just parse that out a little bit more because that's, you know, that's kind of surprising to people. That's, I'd say, one of the most surprising things and what we saw in kind of the earnings report. Sure.

Why don't you just go over the puts and takes on Workforce Solutions' 2024 guidance going to 7% from 8%, you know, despite the fact that mortgage market inquiries are expected to be better? Some of the stuff that was mentioned sounds like it would be more delays rather than, you know, permanent impacts, and I'm just hoping you can just parse that out a little bit more because that's, you know, that's kind of surprising to people. That's, I'd say, one of the most surprising things and what we saw in kind of the earnings report.

Speaker Change: Permanent impacts and I was just hoping you can just parse that out a little bit more because that's you know that's kind of surprising to people I'd say one of the most surprising in what we saw in in in kind of the earnings report.

Mark Begor: I'd say one of the most surprising in what we saw in kind of the earnings report. Sure. I think the full year's down a point principally because of employer, right? So some of the items we talked about, certainly WATC, yes, it's a deferral, but it's lower for the year, right? It doesn't all turn in 2024. And ERC is lower for the year, right? And so generally speaking, the reduction is principally related to employer. On mortgage, we did indicate we're seeing slightly better performance in mortgage on inquiries, right? That we said we had expected shopping when we gave a guidance back in February to kind of be not as substantial in 2024. What we saw in the first quarter is it was. So we're now assuming it will continue for the entire year.

I'd say one of the most surprising in what we saw in kind of the earnings report.

John Gamble: Sure. I think the full year's down a point principally because of employer, right? So some of the items we talked about, certainly WATC, yes, it's a deferral, but it's lower for the year, right? It doesn't all turn in 2024. And ERC is lower for the year, right? And so generally speaking, the reduction is principally related to employer. On mortgage, we did indicate we're seeing slightly better performance in mortgage on inquiries, right? That we said we had expected shopping when we gave a guidance back in February to kind of be not as substantial in 2024. What we saw in the first quarter is it was. So we're now assuming it will continue for the entire year.

Speaker Change: Sure. So I think the full year is down a point principally because of employer right. So so there's some of the items, we talked about certainly what's a yes, it's a deferral, but it's lower for the year right. It doesn't all turned in 'twenty 'twenty four and he or she is lower for the year right and so generally speaking the reduction is principally related to employer on mortgage we did it.

John W. Gamble: Sure. So, I think the full year is down a point principally because of the employer, right? So, some of the items we talked about, certainly WOTC, yes, it's a deferral, but it's lower for the year, right? It doesn't all turn in 2024. And ERC is lower for the year, right? And so, generally speaking, the reduction is principally related to employer. On mortgage, we did indicate we're seeing slightly better performance in mortgage on inquiries, right? That we said we had expected shopping when we gave guidance back in February to be not as substantial in 2024. What we saw in the first quarter is that it was.

John W. Gamble: So I think the full year is down a point principally because of the employer, right? So some of the things we talked about, certainly WOTC, yes, it's a deferral, but it's lower for the year, right? It doesn't all turn in 2024. And ERC is lower for the year, right? And so generally speaking, the reduction is principally related to employer. On mortgage, we did indicate we're seeing slightly better performance in mortgage on inquiries, right? That we said we had expected shopping when we gave guidance back in February to be not as substantial in 2024. What we saw in the first quarter is that it was.

Speaker Change: Kate we're seeing slightly better performance in mortgage on inquiries right that we said we had expected shopping when we gave our guidance back in February to kind of to be not as substantial in 'twenty 'twenty four but we saw in the first quarter as it was so we are we're now assuming it will continue for the entire year.

John W. Gamble: And ERC is lower for the year, right? And so generally speaking, the reduction is principally related to employer. On mortgage, we did indicate we're seeing slightly better performance in mortgage on inquiries, right? That we said we had expected shopping when we gave guidance back in February to be not as substantial in 2024. What we saw in the first quarter is that it was.

Mark Begor: Even though the inquiries are similar to, we're expecting a little weaker level of performance in terms of outperformance, right, that we just talked about. So that's affecting mortgage revenue overall. Non-mortgage verification revenue, really strong, right? Continues to be very, very good. Government's performing incredibly well, outperforming our expectations overall. We expect talent to recover. We actually had fairly good performance in kind of the non-mortgage financial services portion of the P&L. So we felt relatively good about that. So overall, non-mortgage in verification services is very good. So the real movement relative to the 8% we gave before, the biggest driver is employer services. And then also mortgage is, even though maybe you have a little better overall inquiries in total for the year, they're being offset by the weaker level of outperformance that we talked about. Principally driven by mix, right?

Speaker Change: And that's even though there may be the inquiries are similar to we're expecting a little weaker level of performance in terms of outperformance that we just talked about so that's affecting mortgage revenue overall non mortgage verifier revenue really strong, but it continues to be very very good governments performing incredibly well outperforming our expectations overall we.

Even though the inquiries are similar to, we're expecting a little weaker level of performance in terms of outperformance, right, that we just talked about. So that's affecting mortgage revenue overall. Non-mortgage verification revenue, really strong, right? Continues to be very, very good. Government's performing incredibly well, outperforming our expectations overall. We expect talent to recover. We actually had fairly good performance in kind of the non-mortgage financial services portion of the P&L. So we felt relatively good about that. So overall, non-mortgage in verification services is very good. So the real movement relative to the 8% we gave before, the biggest driver is employer services. And then also mortgage is, even though maybe you have a little better overall inquiries in total for the year, they're being offset by the weaker level of outperformance that we talked about. Principally driven by mix, right?

John W. Gamble: So, we're now assuming that it will continue for the entire year, and that even though there may be inquiries similar to, we're expecting a little weaker level of performance in terms of outperformance that we just talked about. So, that's affecting mortgage revenue, overall. Non-mortgage verifier revenue, really strong, right, continues to be very, very good. Government's performing incredibly well, outperforming our expectations overall. We expect talent to recover. We actually had fairly good performance in the non-mortgage financial services portion of the P&L. So, we felt relatively good about that. So overall, the non-mortgage in verification services is very good. So, the real movement, relative to the 8% we gave before is the biggest driver is employer services. And then also mortgages, even though maybe you have a little better overall inquiries in total for the year, they're being offset by the weaker level of outperformance that we talked about, principally driven by mix, right, principally driven by customer mix, which we saw in the first quarter.

Speaker Change: <unk> talent to recover we actually had fairly good performance in kind of the the non mortgage financial services portion of the P&L. So we felt relatively good about that so overall non mortgage in verification.

Speaker Change: <unk> services is very good so the real movement.

Speaker Change: Relative to the 8% we gave before the biggest drivers of employer services and then and then also mortgages is them, even though maybe you have a little better overall inquiries.

John W. Gamble: We actually had fairly good performance in the non-mortgage financial services portion of the P&L. So we felt relatively good about that. So overall, the non-mortgage in verification services is very good. So the real movement relative to the 8% we gave before is the biggest driver is employer services. And then also mortgage, even though maybe you have a little better overall inquiries in total for the year, they're being offset by the weaker level of outperformance that we talked about, principally driven by mix, right, principally driven by customer mix, which we saw in the first quarter.

Speaker Change: In total for the year, they are being offset by the by the weaker level of outperformance something you've talked about specific principally driven by next rec, principally driven by customer mix, which we saw in the first quarter.

Mark Begor: Principally driven by customer mix, which we saw in the first quarter. Okay. Thank you. Thank you. Next question is coming from Faiza Alke from Deutsche Bank. Your line is now live. Yes. Hi. Thank you. I wanted to ask about the third-party sales to credit bureaus that you mentioned that was weak and down double digits in the quarter. What exactly is that, and what's driving it, and how should we think about this for the rest of the year? Yeah. We sell our credit reports to a number of companies that provide credit monitoring to consumers in the US. We have our own business, including we sell to Experian and TU, to lots of others that provide credit monitoring. And we've seen some softness, particularly with the other two credit bureaus, in the first quarter and actually late in the year. That's really what we referred to.

Principally driven by customer mix, which we saw in the first quarter.

Shlomo Rosenbaum: Okay. Thank you.

Speaker Change: Okay. Thank you.

Operator: Thank you. Next question is coming from Faiza Alke from Deutsche Bank. Your line is now live.

Speaker Change: Thank you next question is coming from Faiza <unk> from Deutsche Bank. Your line is now live.

Faiza Alwy: Yes. Hi. Thank you. I wanted to ask about the third-party sales to credit bureaus that you mentioned that was weak and down double digits in the quarter. What exactly is that, and what's driving it, and how should we think about this for the rest of the year?

Faiza: Yes, hi, Thank you I wanted to ask about the third party sales to kind of be around that you mentioned that was a week and down double digits in the quarter.

Faiza: What exactly is that and what's driving it and how should we think about this and.

John W. Gamble: Thank you. Your next question is coming from Faiza Alwy from Deutsche Bank. Your line is now live. Yes, hi. Thank you. I wanted to ask about, you know, the third-party sales to credit bureaus that you mentioned that were weak and down double digits in the quarter. What exactly is that? And what's driving it?

Operator: Thank you. Your next question is coming from Faiza Alwy from Deutsche Bank. Your line is now live.

Faiza: So for the rest of it they are.

Mark Begor: Yeah. We sell our credit reports to a number of companies that provide credit monitoring to consumers in the US. We have our own business, including we sell to Experian and TU, to lots of others that provide credit monitoring. And we've seen some softness, particularly with the other two credit bureaus, in the first quarter and actually late in the year. That's really what we referred to.

Speaker Change: Yeah, we so our credit reports to a number of companies that are provide credit monitoring to consumers in the U S. We have our own business and including we sell to experiencing to you to lots of others that provide credit monitoring and we've seen some softness, particularly with the other two credit bureaus.

Faiza Alwy: Yes, hi. Thank you. I wanted to ask about, you know, the third-party sales to credit bureaus that you mentioned that was weak and down double digits in the quarter. What exactly is that? And what's driving it? And how should we think about this for the rest of the year?

Faiza Alwy: And how should we think about this for the rest of the year? Yeah, we sell our credit reports to a number of companies that provide credit monitoring to consumers in the U.S. We have our own business, including selling to Experian and TU, and lots of others that provide credit monitoring. And we've seen some softness, particularly with the other two credit bureaus, in the first quarter and actually late in the year.

And how should we think about this for the rest of the year?

Speaker Change: In the first quarter and actually late in the year and that's really what we referred to and you know I don't know I don't know enough about what's driving that whether they are cutting back on marketing or it's just a more competitive market.

Mark Begor: And I don't know enough about what's driving that, whether they're cutting back on marketing or it's just a more competitive market. But that was an element that we just sold less credit reports that are passed through in credit monitoring solutions. Yeah. And we basically assume it's going to continue into the second quarter, right? So we're seeing it to be at lower run rates. So we're assuming those run rates are just going to continue. Okay. Understood. And then just to follow up on the question around EWS revenues, I know you said that you still expect, I think, government revenues to be up 15% for the year. Curious how we should think about the second quarter sort of where we are in terms of redeterminations. So basically what's left in Q2.

And I don't know enough about what's driving that, whether they're cutting back on marketing or it's just a more competitive market. But that was an element that we just sold less credit reports that are passed through in credit monitoring solutions.

Mark W. Begor: Yeah, we sell our credit reports to a number of companies that provide credit monitoring to consumers in the U.S. We have our own business, including we sell to Experian and to lots of others that provide credit monitoring. And we've seen some softness, particularly with the other two credit bureaus, in the first quarter and actually late in the year. That's really what we referred to. And I don't know enough about what's driving that, whether they're cutting back on marketing, or it's just a more competitive market. You know, but that was an element that we just sold less credit reports that are passed through in credit monitoring solutions. Yeah, and we basically assume it's going to continue into the second quarter, right?

Speaker Change: You know, but that was an element that we just sold less credit reports that are passed through and credit monitoring solutions.

John Gamble: Yeah. And we basically assume it's going to continue into the second quarter, right? So we're seeing it to be at lower run rates. So we're assuming those run rates are just going to continue.

Speaker Change: Solutions Okay.

Speaker Change: Can we basically assume it's going to continue into the second quarter, and so where we're seeing it to be at lower run rates. So we're assuming those run rates are just going to continue.

Faiza Alwy: Okay. Understood. And then just to follow up on the question around EWS revenues, I know you said that you still expect, I think, government revenues to be up 15% for the year. Curious how we should think about the second quarter sort of where we are in terms of redeterminations. So basically what's left in Q2.

Faiza Alwy: That's really what we referred to. And, you know, I don't know enough about what's driving that, whether they're cutting back on marketing, or it's just a more competitive market. You know, but that was an element that we just sold fewer credit reports that are passed through, you know, in credit monitoring solutions. Yeah, and we basically assume it's going to continue into the second quarter, right?

Speaker Change: Okay understood and then just a follow up on the question around EW ought to revenues I know you said that you still expect I think government revenues to be up 15% for the year I'm curious, how we should think about the second quarter sort of where we are in terms of redetermination and some you know basically.

John W. Gamble: Yeah, and we basically assume it's going to continue into the second quarter, right? So, we're seeing it being at lower run rates, so we're assuming those run rates are just going to continue. Okay, understood. And then just to follow up on the question around EWS revenues, I know you said that you still expect government revenues to be up 15% for the year. Curious how we should think about the second quarter, sort of where we are in terms of redeterminations. So, you know, basically what's left in 2Q. And then, if you could also just comment on, I know you're talking about a recovery in talent, but, you know, give us a sense of how we should think about talent revenues for the year. Yeah, so I think that the number you're quoting for government is what we talked about back in February, and what we're seeing is government is outperforming that. So we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March.

Speaker Change: What's left in into Q1, and then if you could also just comment on I know you were talking about a recovery in Thailand.

Mark Begor: Then if you could also just comment on, I know you're talking about a recovery in talent, but give us a sense of how we should think about talent revenues for the year. Yeah. So I think that the number you're quoting for government was what we talked about back in February. And what we're seeing is government is outperforming that. So we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March. So yes, that revenue should decline. But we're seeing really good performance across government, strength in CMS, strength in other areas, strength within the states. Really good progress as we continue to expand staff both through FSA and then also directly with the states.

Then if you could also just comment on, I know you're talking about a recovery in talent, but give us a sense of how we should think about talent revenues for the year.

John W. Gamble: So we're seeing it at lower run rates, so we're assuming those run rates are just going to continue. Okay, understood. And then just to follow up on the question around EWS revenues, I know you said that you still expect government revenues to be up 15% for the year. Curious how we should think about the second quarter, sort of where we are in terms of redeterminations. So, you know, basically what's left in 2Q. And then, if you could also just comment on, I know you're talking about a recovery in talent, but, you know, give us a sense of how we should think about talent revenues for the year. Yeah, so I think that the number you're quoting for government is what we talked about back in February, and what we're seeing is government is outperforming that. So we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March.

Speaker Change: But you know it does give us a sense of how we should think about talent revenues or they are.

Faiza Alwy: Okay, understood. And then, just to follow up on the question around EWS revenues, I know you said that you still expect government revenues to be up 15% for the year. Curious how we should think about the second quarter, sort of where we are in terms of redeterminations. So basically, what's left in 2Q? And then, if you could also just comment on - I know you're talking about a recovery in talent, but you know, give us a sense of how we should think about talent revenues for the year. Yeah, so I think that the number you're quoting for government is what we talked about back in February, and what we're seeing is government is outperforming that. So we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March.

Faiza Alwy: And then just to follow up on the question around EWS revenues, I know you said that you still expect government revenues to be up 15% for the year. Curious how we should think about the second quarter, sort of where we are in terms of redeterminations. So, you know, basically what's left in 2Q. And then, if you could also just comment on, I know you're talking about a recovery in talent, but, you know, give us a sense of how we should think about talent revenues for the year. Yeah, so I think that the number you're quoting for government is what we talked about back in February, and what we're seeing is government is outperforming that. So we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March.

John Gamble: Yeah. So I think that the number you're quoting for government was what we talked about back in February. And what we're seeing is government is outperforming that. So we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March. So yes, that revenue should decline. But we're seeing really good performance across government, strength in CMS, strength in other areas, strength within the states. Really good progress as we continue to expand staff both through FSA and then also directly with the states.

Speaker Change: Yeah. So look I think that the number you're quoting for government and so we talked about back in February.

Speaker Change: Seeing as government is outperforming that so we feel very good about our government revenue very strong in the first quarter, yes, redetermination or you are technically completed by the end of March So, yes that revenue should decline, but but we're seeing really good performance across government strength in C. M. S. Strengthen other areas of strength within the states Hum really good progress.

John W. Gamble: And then, if you could also just comment on, I know you're talking about a recovery in talent, but, you know, give us a sense of how we should think about talent revenues for the year. Yeah, so I think that the number you're quoting for government is what we talked about back in February, and what we're seeing is government is outperforming that. So we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March.

John W. Gamble: Yeah, so I think that the number you're quoting for government is what we talked about back in February, and what we're seeing is government is outperforming that. So, we feel very good about our government revenue, very strong in the first quarter. Yes, redeterminations are technically completed by the end of March. So yes, that revenue should decline, but we're seeing really good performance across government, strengthening CMS, strengthening other areas, and strengthening within the states. Really good progress as we continue to do - to expand staff, both through FDA and then also directly with the state. So, we feel good about our ability to continue to grow government at a stronger pace than we had previously expected in talent. What we're indicating is that we expect to get back to growth, right?

Speaker Change: As we continue to do to expand staff both through F. D. A N and then and then also directly with the states. So we feel good about our ability to continue to grow government at a stronger pace than weeks than we had previously expected and talent that we're indicating is we expected to get back to growth right. I mean, we saw.

Mark Begor: So we feel good about our ability to continue to grow government at a stronger pace than we had previously expected in the latter. What we're indicating is we expect to get back to growth, right? I mean, we saw some weakness in January and February, nice recovery in March. We're expecting that to continue. We're going to get back to growth as we go through the year. And as I just mentioned, we do feel relatively good about what we're seeing overall in our non-mortgage financing sector. So we feel relatively good there as well. So overall, non-mortgage income verification services looks like it's performing very, very nicely.

So we feel good about our ability to continue to grow government at a stronger pace than we had previously expected in the latter. What we're indicating is we expect to get back to growth, right? I mean, we saw some weakness in January and February, nice recovery in March. We're expecting that to continue. We're going to get back to growth as we go through the year. And as I just mentioned, we do feel relatively good about what we're seeing overall in our non-mortgage financing sector. So we feel relatively good there as well. So overall, non-mortgage income verification services looks like it's performing very, very nicely.

John W. Gamble: So yes, that revenue should decline, but we're seeing really good performance across government, strengthening CMS, strengthening other areas, and strengthening within the states. Um, really good progress as we continue to do to expand staff, both through FDA and then and then also directly with the state. So we feel good about our ability to continue to grow government at a stronger pace than we had previously expected in talent. What we're indicating is that we expect to get back to growth, right?

Speaker Change: Saw some weakness in January and February nice recovery in March we're expecting that to continue we're going to get back to growth as we go through the year and as I.

Speaker Change: As mentioned, we do feel relatively good about what we're seeing overall in our non mortgage financing structure. So that we feel relatively good there as well. So overall you know non mortgage in verification services. It looks like it's performing very very nicely and again, just like with mortgage as we move through the year the substantial growth in records the tremendous growth that were.

Mark Begor: And again, just like with mortgage, as we move through the year, the substantial growth in records, the tremendous growth that we're seeing in adding new payroll processors, now large and small, is going to add to the strength in all three of those areas that I just talked about, right? Government directly, talent also, because it not only adds hit rates, it also deepens the historical file that we're able to deliver to our customers. So it makes our product even more valuable. And then obviously also in non-mortgage financing. Thank you. Next question is coming from Andrew Nicholas from William Blair. Your line is now live. Hi. Good morning. I wanted to ask about the FHFA's kind of latest timeline for its credit score requirements. I think they put that out at the end of February.

And again, just like with mortgage, as we move through the year, the substantial growth in records, the tremendous growth that we're seeing in adding new payroll processors, now large and small, is going to add to the strength in all three of those areas that I just talked about, right? Government directly, talent also, because it not only adds hit rates, it also deepens the historical file that we're able to deliver to our customers. So it makes our product even more valuable. And then obviously also in non-mortgage financing.

John W. Gamble: I mean, we saw some weakness in January and February, a nice recovery in March, we're expecting that to continue, and we're going to get back to growth as we go through the year. And, as I just mentioned, we do feel relatively good about what we're seeing overall in our non-mortgage financing structure. So, we feel relatively good there as well. So overall, you know, non mortgage in verification services, looks like it's performing very, very nicely. And again, just like with mortgages, as we move through the year, the substantial growth in records, the tremendous growth that we're seeing and adding new payroll processors, now large and small, is going to add to the strength in all three of those areas that I just talked about. Government directly, and talent also, because it not only adds hit rates but also deepens the historical file that we're able to deliver to our customers, which makes our even more valuable. And then obviously, also in non-mortgage financing.

Speaker Change: Shang and adding new payroll processors, now large and small is going to add to the strength in.

Speaker Change: And all three of those areas that I just talked about right government directly talent also good because it not only adds hit rates. It also deepens the historical file that we're able to deliver to our customers. So it makes our product even more valuable and then obviously also in a in an non mortgage financing.

John W. Gamble: So overall, you know, non mortgage in verification services, looks like it's performing very, very nicely. And again, just like with mortgages, as we move through the year, the substantial growth in records, the tremendous growth that we're seeing and adding new payroll processors, now large and small, is going to add to the strength in all three of those areas that I just talked about, right government directly, and talent also, because it not only adds hit rates but also deepens the historical file that we're able to deliver to our customers, which makes our And then, obviously, also in non mortgage financing. Thank you. The next question is coming from Andrew Nicholas from William Blair. Your line is now live. Hi, good morning.

So overall, you know, non mortgage in verification services, looks like it's performing very, very nicely. And again, just like with mortgages, as we move through the year, the substantial growth in records, the tremendous growth that we're seeing and adding new payroll processors, now large and small, is going to add to the strength in all three of those areas that I just talked about, right government directly, and talent also, because it not only adds hit rates but also deepens the historical file that we're able to deliver to our customers, which makes our And then, obviously, also in non mortgage financing.

Operator: Thank you. Next question is coming from Andrew Nicholas from William Blair. Your line is now live.

Speaker Change: Yeah.

Speaker Change: Thank you next question is coming from Andrew Nicholas from William Blair. Your line is now live.

Andrew Nicholas: Hi. Good morning. I wanted to ask about the FHFA's kind of latest timeline for its credit score requirements. I think they put that out at the end of February.

Andrew Owen Nicholas: Hi, Good morning, I wanted to ask about the S. H S A's and the latest timeline for its credit score requirements I think they they put that out at the end of February just wondering.

Mark Begor: Just wondering how you think about kind of now with that out there, the timing of the impact to your business, and if a couple months later, even a couple quarters later since I think you last spoke on it, what your expectations are in terms of the impact to Equifax broadly. Sure. Yeah. I think the latest on that, that's pushed out to late this year or early next year. It's still in a comment period. There's a lot of inputs coming in that don't support the $3 billion to $2 billion from what we understand, including congressional inputs on that. There's also what's on the table is to add a VantageScore in addition to the FICO score. With regards to our view of timing, we don't expect anything to happen in 2024. And that's not in our guidance. It's not in our framework.

Just wondering how you think about kind of now with that out there, the timing of the impact to your business, and if a couple months later, even a couple quarters later since I think you last spoke on it, what your expectations are in terms of the impact to Equifax broadly.

Andrew Owen Nicholas: How you think about kind of now with that out there the timing of the impact to your business and if I'm you know a couple months later or even a couple of quarters later since I think he last spoke on it what what your expectations are in terms of the impact to access Equifax are broadly sure.

Mark Begor: Sure. Yeah. I think the latest on that, that's pushed out to late this year or early next year. It's still in a comment period. There's a lot of inputs coming in that don't support the $3 billion to $2 billion from what we understand, including congressional inputs on that. There's also what's on the table is to add a VantageScore in addition to the FICO score. With regards to our view of timing, we don't expect anything to happen in 2024. And that's not in our guidance. It's not in our framework.

Operator: Thank you. The next question is coming from Andrew Nicholas from William Blair. Your line is now live. Hi, good morning.

Operator: Thank you. The next question is coming from Andrew Nicholas from William Blair. Your line is now live.

Andrew Owen Nicholas: Yeah, I think the latest on that just pushed out to late this year early next year, it's still in a comment period, there's a lot of inputs coming in that you know don't support the three beta to be from what we understand and including a congressional inputs on that there's also the the what's on the table.

Andrew Owen Nicholas: Hi, good morning. I wanted to ask you about the FHFA and the latest timelines for kind of store requirements, I think they put that out at the end of February. Just wondering how you think about kind of now, with that out there the timing of the impact to your business and if a couple of months later, even a couple quarters later, since I think you last spoke on it, what your expectations are in terms of the impact on Equifax broadly?

Andrew Owen Nicholas: I wanted to ask you about the FHFA. Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, how it will affect your business and, if, you know, a couple months later, even a couple quarters later, since I think you last spoke about it, what your expectations are in terms of the impact on Equifax broadly. Sure. Yeah, I think the latest on that is pushed out to late this year or early next year. It's still in the comment period.

I wanted to ask you about the FHFA. Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, how it will affect your business and, if, you know, a couple months later, even a couple quarters later, since I think you last spoke about it, what your expectations are in terms of the impact on Equifax broadly.

Andrew Owen Nicholas: To add a vantage score you know into it in addition to the FICO score with regards to you know our view of timing, we don't expect anything to happen in 2024.

Mark W. Begor: Sure. Yeah, I think the latest on that is pushed out to late this year or early next year. It's still in the comment period. There's a lot of inputs coming in that, you know, don't support the 3B to 2B, from what we understand, including congressional inputs on that. There's also the – what's on the table is to add a vantage score, you know, in addition to the FICO score. With regard to our view of timing, we don't expect anything to happen in 2024. You know, and that's not in our guidance, it's not in our framework. And everything we see and hear, it's going to be in 2025, if at all.

Andrew Owen Nicholas: In our guidance is not in our framework and everything we see in here its going to be in 2025, if at all.

Mark Begor: And everything we see and hear, it's going to be in 2025, if at all. Got it. Thank you. Then just for my second question, I wanted to go to slide 14. I know this isn't a new slide, and you've talked about the 2015 to 2019 inquiry level relative to where we are today. I'm just wondering if there's any additional color you can give to that average inquiry level from 2015 to 2019 as it relates to kind of the mix between refi and purchase. And I ask because obviously it would seem like refinance after the wave of refinancings in 2020 and 2021 would be potentially subdued for a longer period of time than 2024, 2025, 2026 if we don't get back to those kind of interest rates.

And everything we see and hear, it's going to be in 2025, if at all.

Mark W. Begor: There's a lot of inputs coming in that, you know, don't support the 3B to 2B, from what we understand, including congressional inputs on that. There's also the – what's on the table is to add a vantage score, you know, in addition to the FICO score. With regard to, you know, our view of timing, we don't expect anything to happen in 2024. You know, and that's not in our guidance. It's not in our framework. And everything we see and hear, it's going to be in 2025, if at all.

Andrew Nicholas: Got it. Thank you. Then just for my second question, I wanted to go to slide 14. I know this isn't a new slide, and you've talked about the 2015 to 2019 inquiry level relative to where we are today. I'm just wondering if there's any additional color you can give to that average inquiry level from 2015 to 2019 as it relates to kind of the mix between refi and purchase. And I ask because obviously it would seem like refinance after the wave of refinancings in 2020 and 2021 would be potentially subdued for a longer period of time than 2024, 2025, 2026 if we don't get back to those kind of interest rates.

Speaker Change: Got it thank you and then.

Just for my second question I wanted to go to Slide 14, I know this isn't a new slide and you've talked about the 2015 to 2019 inquiry level relative to where we are today I'm just wondering if theres any additional color you can give to that average inquiry level from 2015 to 2019 as it relates to.

Speaker Change: The mix between refi and purchase and I asked because obviously it would seem like refinance after the wave of refinancings in 2020 and in 2021 would be potentially subdued for a longer period of time than than 'twenty four 'twenty five 'twenty six if we don't get back to those kind of.

Andrew Owen Nicholas: Got it. Thank you. And then, for my second question, I wanted to go to slide 14. I know this isn't a new slide, and you've talked about the 2015 to 2019 inquiry level relative to where we are today. I'm just wondering if there's any additional color you can give to that average inquiry level from 2015 to 2019, as it relates to kind of a mix between refi and purchase. And I ask because, obviously, it would seem like refinancing, after the wave of refinancing in 2020 and 2021, would be potentially subdued for a longer period of time than '24, '25, '26 if we don't get back to those kind of interest rates. So, is there any other context you could provide with that number, I guess, more succinctly, how much of that 2015-2019 inquiry level is purchase versus refi? Thank you.

Mark W. Begor: I know this isn't a new slide, and you've talked about the 2015 to 2019 inquiry level relative to where we are today. I'm just wondering if there's any additional color you can give to that average inquiry level from 2015 to 2019 as it relates to kind of a mix between refi and purchase. And I ask because, obviously, it would seem like refinancing after the wave of refinancing in 2020 and 2021 would be potentially subdued for a longer period of time than 24, 25, 26 if we don't get back to those kind of interest rates. So is there any other context you could provide with that number? I guess, more succinctly, how much of that 2015-2019 inquiry level is purchase versus refi?

Speaker Change: Interest rate. So is there any other context, you could provide what that number I guess more succinctly how much of that 2015 2019 inquiry level is is purchase versus refi. Thank you.

Mark Begor: So is there any other context you could provide with that number? I guess more succinctly, how much of that 2015, 2019 inquiry level is purchase versus refi? Thank you. Yeah. So if you look at originations during that time period, right, because obviously in historical periods, that detail's available, it was like average 7.5 million a year. And it was something like something under 60% would have been purchase, and something over 40% on average would have been refi. That was kind of the mix that you saw during that period in average. That's helpful. Thank you. Thank you. Next question today is coming from Surinder Thind from Jefferies. Your line is now live. Thank you. Just a bigger picture question here. You talked about elevated activity in terms of rate shopping. Is that universal across cards, auto, and mortgage?

So is there any other context you could provide with that number? I guess more succinctly, how much of that 2015, 2019 inquiry level is purchase versus refi? Thank you.

John Gamble: Yeah. So if you look at originations during that time period, right, because obviously in historical periods, that detail's available, it was like average 7.5 million a year. And it was something like something under 60% would have been purchase, and something over 40% on average would have been refi. That was kind of the mix that you saw during that period in average.

Speaker Change: Yeah. So if you go if you look at originations during that time period, right, because obviously that in historical periods that details available and it was like average $7 5 million a year and it was something like you know something under 60% would've been purchase.

Mark W. Begor: So is there any other context you could provide with that number? I guess, more succinctly, how much of that 2015-2019 inquiry level is purchase versus refi? Yeah, so if you go, if you look at originations during that time period, right, because obviously, in historical periods, with the details available, it was like average seven and a half million a year. And it was something like, you know, something under 60% would have been purchased, you know, and, and something over 40%, on average, would have been refined. That was kind of the mix that you saw during that period.

So is there any other context you could provide with that number? I guess, more succinctly, how much of that 2015-2019 inquiry level is purchase versus refi?

Speaker Change: And something over 40% on average would have been refi that it was kind of the mix that you saw during that period and average.

Andrew Nicholas: That's helpful. Thank you.

John W. Gamble: Yeah, so if you go - if you look at originations during that time period, right, because obviously, in historical periods, with the details available, it was like average seven and a half million a year. And it was something like - you know, something under 60% would have been purchased, and something over 40%, on average, would have been refined. That was kind of the mix that you saw during that period in avarage.

Speaker Change: That's helpful. Thank you.

Operator: Thank you. Next question today is coming from Surinder Thind from Jefferies. Your line is now live.

Speaker Change: Thank you. Your next question today is coming from some interesting from Jefferies. Your line is now live.

Surinder Thind: Thank you. Just a bigger picture question here. You talked about elevated activity in terms of rate shopping. Is that universal across cards, auto, and mortgage?

Jefferies: Thank you just a bigger picture question here.

Jefferies: You talked about elevated activity in terms of rate shopping is that universal cross like cards auto mortgage and then how much of an incremental benefit is it at this point in the cycle relative to maybe historical so.

Mark Begor: And then how much of an incremental benefit is it at this point in the cycle relative to maybe historical? So just some color would be helpful to understand as we think about longer-term trends here. Yeah. The place we've seen that is really in mortgage. I suspect there's some level in auto, but it's probably harder to see. And as you know, the phenomena that changed if you go back five years ago is just digital. Consumers five years ago where there was more face-to-face activity around a lot of big-ticket transactions like a mortgage, and now it's virtually all digital. So it's easy for a consumer to shop around. So we have seen the increase in the shopping behavior as we went into COVID that still continued.

And then how much of an incremental benefit is it at this point in the cycle relative to maybe historical? So just some color would be helpful to understand as we think about longer-term trends here.

Jefferies: Just some color would be helpful to understand as we think about longer term trends here.

John W. Gamble: That's helpful. Thank you. Thank you. Next question today is coming from Strindor Thind from Jeffrey's. Your line is now live. Thank you. Just a bigger picture question here.

Andrew Owen Nicholas: That's helpful. Thank you.

Mark Begor: Yeah. The place we've seen that is really in mortgage. I suspect there's some level in auto, but it's probably harder to see. And as you know, the phenomena that changed if you go back five years ago is just digital. Consumers five years ago where there was more face-to-face activity around a lot of big-ticket transactions like a mortgage, and now it's virtually all digital. So it's easy for a consumer to shop around. So we have seen the increase in the shopping behavior as we went into COVID that still continued.

Thank you. Next question today is coming from Strindor Thind from Jeffrey's. Your line is now live. Thank you. Just a bigger picture question here.

Operator: Thank you. Next question today is coming from Surinder Thind from Jeffrey's. Your line is now live.

Yeah. The place we've seen that is really in in mortgage I suspect, there's some level in auto, but its probably harder to see and as you know the phenomena to change. If you go back five years ago was just digital you know consumers are <unk>.

Surinder Thind: Thank you. Just a bigger picture question here. We talked about elevated activity in terms of rate shopping, is that universal across like cards, auto, mortgage? And then, how much of an incremental benefit is it at this point in the cycle relative to maybe historical? So, just some color would be helpful to understand as we think about longer-term trends here.

Strindor Thind: We talked about elevated activity in terms of rate shopping, but is that universal across like cards, auto, mortgage, and then how much of an incremental benefit is it at this point in the cycle relative to maybe historical? Some color would be helpful to understand as we think about longer-term trends. Yeah, the place we've seen that is really in, in mortgage. I suspect there's some level in auto, but it's probably harder to see.

We talked about elevated activity in terms of rate shopping, but is that universal across like cards, auto, mortgage, and then how much of an incremental benefit is it at this point in the cycle relative to maybe historical? Some color would be helpful to understand as we think about longer-term trends.

Jefferies: Five years ago, where there was more face to face activity you know around a lot of the big ticket transactions like a mortgage and now it's virtually all digital so it's easy for a consumer to shop around and so we have seen the increase in the shopping behaviors. We went into Covid. That's still continued we believe that that's just an element that will continue.

Mark W. Begor: Yeah, the place we've seen that is really in mortgage. I suspect there's some level in auto, but it's probably harder to see. And as you know, the phenomena that changed - if you go back, you know, five years ago, it was digital. Consumers, five years ago there was more face-to-face activity around a lot of big ticket transactions, like a mortgage, and now it's virtually all digital. So, it's easy for a consumer to shop around. So, we have seen an increase in shopping behavior, as we went into COVID that's still continued. We believe that that's just an element that will continue going forward, that consumers have the ability to easily look at alternatives, you know, kind of digitally. And I think that's going to be an underlying element of the mortgage market going forward, which maybe to your question, if you look back to '15 to '19, there was some elements of shopping in there, but it's clearly increased.

Mark Begor: We believe that that's just an element that will continue going forward, that consumers have the ability to easily look at alternatives kind of digitally. And I think that's going to be an underlying element of the mortgage market going forward, which maybe to your question of you look back to 2015 to 2019, there were some elements of shopping in there, but it's clearly increased. We don't think it's going to decrease as rates go down in a meaningful way. And rates aren't going down to where they were before, right? During the COVID timeframe, it's hard to imagine that rates are going to go that low. So let's say rates go from 7 towards 6, then towards 5, and maybe they end up at 4 or something.

We believe that that's just an element that will continue going forward, that consumers have the ability to easily look at alternatives kind of digitally. And I think that's going to be an underlying element of the mortgage market going forward, which maybe to your question of you look back to 2015 to 2019, there were some elements of shopping in there, but it's clearly increased. We don't think it's going to decrease as rates go down in a meaningful way. And rates aren't going down to where they were before, right? During the COVID timeframe, it's hard to imagine that rates are going to go that low. So let's say rates go from 7 towards 6, then towards 5, and maybe they end up at 4 or something.

Strindor Thind: And as you know, the phenomena that changed if you go back, you know, five years ago, where there was more face-to-face activity, you know, around a lot of big ticket transactions, like a mortgage, and now it's virtually all digital. So it's easy for a consumer, you know, to shop around. So we have seen an increase in shopping behavior as we went into COVID. That's still continued. We believe that that's just an element that will continue going forward, that consumers, you know, have the ability to easily look at alternatives, you know, kind of digitally. And I think that's going to be an underlying, you know, element of the mortgage market, you know, going forward, which maybe to your question, if you look back to 15 to 19, there was some elements of shopping in there, but it's clearly increased.

Jefferies: Going forward.

Consumers are you now have the ability to easily look at alternatives, you know kind of digitally and I think that's gonna be an underlying.

Jefferies: Element that the mortgage market going forward, which maybe to your question. If you look back to 15 to 19.

Jefferies: There was some elements of shopping in there, but it's clearly increased we don't think it's going to decrease as rates go down you know in a in a meaningful way and rates aren't going down to where they were before right. You know during the Covid time frame, it's hard to imagine that our rates are going to go that low so let's say rates go from seven you know toward.

Mark W. Begor: We believe that that's just an element that will continue going forward, that consumers, you know, have the ability to easily look at alternatives, you know, kind of digitally. And I think that's going to be an underlying, you know, element of the mortgage market, you know, going forward, which maybe to your question, if you look back to 15 to 19, there was some elements of shopping in there, but it's clearly increased.

Jefferies: Six then towards five and maybe they end up at four or something.

Mark Begor: That's still a significantly higher rate from what people perhaps were used to during the COVID timeframe when rates were so low. There'll be an element of shopping going forward. That's helpful. And then it sounded like marketing spend, I realize it's not a large part of your business, but just conceptually seems to be down a little bit more than you were anticipating relative to last quarter. Any color you can provide there? And should that be concerning in the sense that if marketing spend is down, that potentially is a negative for volumes down the road? Yeah. I would say that was de minimis, the change, the way we think about it on a sequential basis. Again, our customers are still kind of operating what I would call normally. So they're not pulling back because they're worried about the economy or the consumer.

That's still a significantly higher rate from what people perhaps were used to during the COVID timeframe when rates were so low. There'll be an element of shopping going forward.

Jefferies: That's still a significantly higher rate from what people, perhaps we used to do during the Covid time frame. When are you know rates were so low there'll be an element of shopping going forward.

Mark W. Begor: We don't think it's going to decrease as rates go down in a meaningful way. And rates aren't going down to where they were before, right? You know, during the COVID timeframe, it's hard to imagine that rates are going to go that low, you know, so let's say rates go from seven, towards six, then towards five, and maybe they end up at four or something, you know, that's still a significantly higher rate from what people perhaps were used to during the COVID timeframe when rates were so low. There'll be an element of shopping going forward. That's helpful. And then it sounded like marketing spend, I realize it's not a large part of your business, but conceptually seems to be down a little bit more than you were anticipating, relative to last quarter. Any color you can provide there, and should that be concerning in the sense that if marketing spend is down, that potentially is a negative for volumes down the road? Yeah, I would say that that was de minimis, the change, the way we think about it, you know, on a sequential basis. Again, we, our customers are still, you know, kind of operating what I would call normally. So there's not like they're not pulling back because they're worried about the economy or the consumer. And that's where you would see, you know, marketing or pre-screening, or, you know, digital marketing, you know, to consumers around financial products, which is where most of our businesses cut back, get rid of stuff, and see it.

Surinder Thind: That's helpful. And then it sounded like marketing spend, I realize it's not a large part of your business, but just conceptually seems to be down a little bit more than you were anticipating relative to last quarter. Any color you can provide there? And should that be concerning in the sense that if marketing spend is down, that potentially is a negative for volumes down the road?

Speaker Change: That's helpful and then it sounded like marketing spend I realize it's not a large part of your business, but just conceptually seems to be down a little bit more than you were anticipating relative to last quarter.

Speaker Change: Any color you can provide there.

Speaker Change: The concerning in the sense that if marketing spend is down that potentially is a negative for volumes down the road.

Mark Begor: Yeah. I would say that was de minimis, the change, the way we think about it on a sequential basis. Again, our customers are still kind of operating what I would call normally. So they're not pulling back because they're worried about the economy or the consumer.

Speaker Change: Yeah, I would say that that was de minimis. The change the way we think about it you know on a sequential basis.

Strindor Thind: And then it sounded like marketing spend, I realize it's not a large part of your business, but conceptually seems to be down a little bit more than you were anticipating, relative to last quarter. Any color you can provide there, and should that be concerning in the sense that if marketing spend is down, that potentially is a negative for volumes down the road? Yeah, I would say that that was de minimis, the change, the way we think about it, you know, on a sequential basis. Again, we, our customers are still, you know, kind of operating what I would call normally. So there's not like they're not pulling back because they're worried about the economy or the consumer. And that's where you would see, you know, marketing or pre-screening, or, you know, digital marketing, you know, to consumers around financial products, which is where most of our businesses cut back, get rid of stuff, and see it.

Surinder Thind: That's helpful. And then, it sounded like marketing spend, I realize it's not a large part of your business, but conceptually seems to be down a little bit more than you were anticipating, relative to last quarter. Any color you can provide there? And should that be concerning in the sense that if marketing spend is down, that potentially is a negative for volumes down the road? Yeah, I would say that that was de minimis, the change, the way we think about it, you know, on a sequential basis. Again, we, our customers are still, you know, kind of operating what I would call normally. So there's not like they're not pulling back because they're worried about the economy or the consumer. And that's where you would see, you know, marketing or pre-screening, or, you know, digital marketing, you know, to consumers around financial products, which is where most of our businesses cut back, get rid of stuff, and see it.

Speaker Change: Again, we are our customers are still you know kind of operating what I would call normally so there's not like they're not pulling back.

Speaker Change: Because they are worried about the economy or the consumer and that's where you would see you know marketing or pre screens or digital marketing to consumers around financial products, which is where most of our businesses. You know cut back we just haven't seen it.

Mark Begor: That's where you would see marketing or pre-screens or digital marketing to consumers around financial products, which is where most of our businesses cut back. We just haven't seen it. Thank you. Next question is coming from Kelsey Zhu from Autonomous Research. Your line is now live. Hi. Good morning. Thanks for taking my question. On mortgage verifier, Fannie announced last month that lenders will now be able to use a single 12-month asset report to validate income, employment, and assets on one stack utilizing bank data. So just curious to get your view on whether this will have any impact on mortgage verifier volumes. We don't think so. We haven't seen it. There's various alternatives that can be used in the mortgage process. They generally have more friction, and they typically have less data.

That's where you would see marketing or pre-screens or digital marketing to consumers around financial products, which is where most of our businesses cut back. We just haven't seen it.

Mark W. Begor: Yeah, I would say that that was de minimis, the change, the way we think about it, you know, on a sequential basis. Again, our customers are still kind of operating what I would call normally. So, there's not - like, they're not pulling back because they're worried about the economy or the consumer. And that's where you would see marketing, or pre-screening, or digital marketing, you know, to consumers around financial products, which is where most of our businesses cut back, [inaudible] and seen it.

Operator: Thank you. Next question is coming from Kelsey Zhu from Autonomous Research. Your line is now live.

Speaker Change: Thank you. Your next question is coming from Kelsey <unk> from Autonomous Research. Your line is now live.

Kelsey Zhu: Hi. Good morning. Thanks for taking my question. On mortgage verifier, Fannie announced last month that lenders will now be able to use a single 12-month asset report to validate income, employment, and assets on one stack utilizing bank data. So just curious to get your view on whether this will have any impact on mortgage verifier volumes.

Kelsey: Hi, good morning.

Question on mortgage verifier on funnel announced last month that lenders will now go over to you.

Strindor Thind: So there's not like they're not pulling back because they're worried about the economy or the consumer. And that's where you would see, you know, marketing or pre-screening, or, you know, digital marketing, you know, to consumers around financial products, which is where most of our businesses cut back, get rid of stuff, and see it. Thank you. The next question is coming from Kelsey Zhu from Autonomous Research. Your line is now live. Hi, good morning.

So there's not like they're not pulling back because they're worried about the economy or the consumer. And that's where you would see, you know, marketing or pre-screening, or, you know, digital marketing, you know, to consumers around financial products, which is where most of our businesses cut back, get rid of stuff, and see it.

Kelsey: Oh, my gosh that requirement.

Kelsey: Hum and Clinton and I ask that all in one basket with lifelong possible now.

Kelsey: I'm just curious to know whether this will have any impact on mortgage for a higher volume.

Mark Begor: We don't think so. We haven't seen it. There's various alternatives that can be used in the mortgage process. They generally have more friction, and they typically have less data.

Thank you. The next question is coming from Kelsey Zhu from Autonomous Research. Your line is now live. Hi, good morning.

Operator: Thank you. The next question is coming from Kelsey Zhu from Autonomous Research. Your line is now live.

Kelsey: We don't think so and we haven't seen it there's been you know there's various alternatives that can be used in the mortgage process. They generally have more friction and they typically have less data and Ah the mortgage originators are.

Kelsey Zhu: Hi, good morning. Thanks for taking my question. On the mortgage verifier, FEMI announced last month that lenders will now be able to use a single 12-month asset report to validate income, employment, and assets on one stack utilizing bank data. So, just curious to get your view on whether this will have any impact on mortgage verifier policy. We don't think so, and we haven't seen it.

Kelsey Zhu: Thanks for taking my question. On the mortgage verifier, FEMI announced last month that lenders will now be able to use a single 12-month asset report to validate income, employment, and assets on one stack utilizing bank data. So just curious to get your view on whether this will have any impact on mortgage verifier policy. We don't think so, and we haven't seen it.

Mark Begor: And the mortgage originators work hard to make sure that they're getting the full picture of the consumer. And then the other element is the instant nature of our data. So we haven't seen a change there, and we don't expect one going forward. We still have very wide utilization of our twin income and employment data in the mortgage vertical, and we expect that to continue. And then as we add records, we're already getting the inquiries from our customers. We're going to have higher hit rates as we continue to grow our records. Got it. Thanks. And my second question is still EWS. I was wondering if you can remind us when renewals are coming up for most of your exclusive contracts with payroll providers.

And the mortgage originators work hard to make sure that they're getting the full picture of the consumer. And then the other element is the instant nature of our data. So we haven't seen a change there, and we don't expect one going forward. We still have very wide utilization of our twin income and employment data in the mortgage vertical, and we expect that to continue. And then as we add records, we're already getting the inquiries from our customers. We're going to have higher hit rates as we continue to grow our records.

Kelsey: Work hard to make sure that they're getting the full picture of the consumer and then the other element is the instant nature of our data. So we haven't seen a change there and we don't expect when going forward. We still have very wide utilization you know of our twin income and employment data.

Mark W. Begor: We don't think so, and we haven't seen it. There's various alternatives that can be used in a mortgage process, but they generally have more friction and they typically have less data. And the mortgage originators work hard to make sure that they're getting the full picture of the consumer. And then, the other element is the instant nature of our data. So you know, we haven't seen a change there. And we don't expect one going forward; we saw a very wide utilization, you know, of our twin income and employment data, you know, in the mortgage vertical, and we expect that to continue. And then, as we add records, we're already getting the inquiries from our customers; we're going to have higher hit rates as we continue to grow our records.

Mark W. Begor: There are various alternatives that can be used in a mortgage process, but they generally have more friction and they typically have less data. And the mortgage originators work hard to make sure that they're getting the full picture of the consumer. And then the other element is the instant nature of our data. So you know, we haven't seen a change there. And we don't expect one going forward; we saw a very wide utilization, you know, of our twin income and employment data, you know, in the mortgage vertical, and we expect that to continue. And then as we add records, you know, we're already getting the inquiries from our customers; we're going to have higher hit rates as we continue to grow our database.

Kelsey: In the mortgage vertical and we expect that to continue and then as we add records.

Kelsey: Already getting inquiries from our customers, where we're going to have higher heat rates as we continue to grow our records.

Kelsey Zhu: Got it. Thanks. And my second question is still EWS. I was wondering if you can remind us when renewals are coming up for most of your exclusive contracts with payroll providers.

Speaker Change: Got it thanks, and my second question don't you Riyadh.

Riyadh: Yeah I was wondering.

Riyadh: Kind of wondering your raws are coming out we're north of her exclusive contract with payer providers and correct me if I'm wrong on that one.

Kelsey Zhu: And we don't expect one going forward; we saw a very wide utilization, you know, of our twin income and employment data, you know, in the mortgage vertical, and we expect that to continue. And then as we add records, you know, we're already getting the inquiries from our customers; we're going to have higher hit rates as we continue to grow our database. Got it, thanks.

And we don't expect one going forward; we saw a very wide utilization, you know, of our twin income and employment data, you know, in the mortgage vertical, and we expect that to continue. And then as we add records, you know, we're already getting the inquiries from our customers; we're going to have higher hit rates as we continue to grow our database.

Mark Begor: Correct me if I'm wrong, but I was under the impression that a lot of these contracts had a three- to five-year term, and they were mostly signed around 2021. So I was just wondering if that means they're up for renewals this year or next year. Yeah. We've never talked about the term of any of our contracts with our partners. Those are confidential for obvious reasons. We have said, and it's the way they're structured, they're generally structured with auto renewals, and they auto renew. And those are happening as we speak. There's none that are like there's not like a cliff of these coming. If you remember our dialogues over the last one year, two years, three years, four years, five years, we're adding partnerships every quarter. As you add those, those have a term to them, but they're on auto renewal.

Correct me if I'm wrong, but I was under the impression that a lot of these contracts had a three- to five-year term, and they were mostly signed around 2021. So I was just wondering if that means they're up for renewals this year or next year.

Riyadh: A lot of your contract Pat brings a five year term.

Riyadh: We signed around 21, so I was just wondering with that they're up for renewal all this stuff here next year.

Mark Begor: Yeah. We've never talked about the term of any of our contracts with our partners. Those are confidential for obvious reasons. We have said, and it's the way they're structured, they're generally structured with auto renewals, and they auto renew. And those are happening as we speak. There's none that are like there's not like a cliff of these coming. If you remember our dialogues over the last one year, two years, three years, four years, five years, we're adding partnerships every quarter. As you add those, those have a term to them, but they're on auto renewal.

Speaker Change: Yeah, I don't think we'd never talked about the term of any of our contracts with our partners. Those are confidential for obvious reasons, we have said and it's our it's the way they're structured they are generally structured with auto renewals in the auto renewal and those are happening as we speak.

Kelsey Zhu: Got it, thanks. And my second question, still at EWS, I was wondering if you can remind us when renewals are coming up for most of your exclusive contracts with payroll providers. Correct me if I'm wrong, but I was under the impression that a lot of these contracts had a three to five-year term and they were mostly signed around 2021. So, I was just wondering if that means they're up for renewals this year or next year.

Mark W. Begor: And my second question, still at EWS, is wondering if you can remind us when renewals are coming up for most of your exclusive contracts with payroll providers. Correct me if I'm wrong, but I was under the impression that a lot of these contracts had a three to five-year term and they were mostly signed around 2021. So I was just wondering if that means they're up for renewals this year or next.

Speaker Change: There's none that are like there's not like a cliff of these coming if you.

Speaker Change: Remember our dialogues you know over the last one year two years three years four years five years, you know, we're adding partnerships every quarter.

Speaker Change: You know as you add those those have a term to them, but they're.

Mark W. Begor: Yeah, we've never talked about the term of any of our contracts, you know, with our partners, those are confidential, for obvious reasons. We have said, and it's the way they're structured, they're generally structured with auto renewals, and they auto renew. And those are happening as we speak, you know, there's none that are like - there's not like a cliff of these coming. If you remember our dialogues over the last one year, two years, three years, four years, five years, you know, we're adding partnerships every quarter. As you add those, those have a term to them, but they're on auto renewal. And we deliver so much value to that partner, and not only from the integration, which is very complex; it's not a simple integration.

Speaker Change: They are on auto renewal and you know we deliver so much value to that partner and you know the not only from the integration, which is very complex you know, it's not a simple integration.

Mark Begor: We deliver so much value to that partner. Not only from the integration, which is very complex, it's not a simple integration. As you heard earlier, we signed a large partner in the quarter that's going to add those 6 million records. It's going to take us two, three, four months of very intense technology and data work in order to bring those records into our environment so then they can be normalized to be delivered in our twin report. So there's a lot of work that goes into that integration that makes our relationships quite sticky. Then, of course, from a monetization standpoint, as we keep growing our business, our partner's monetization grows every quarter. So there's a very strong relationship there.

We deliver so much value to that partner. Not only from the integration, which is very complex, it's not a simple integration. As you heard earlier, we signed a large partner in the quarter that's going to add those 6 million records. It's going to take us two, three, four months of very intense technology and data work in order to bring those records into our environment so then they can be normalized to be delivered in our twin report. So there's a lot of work that goes into that integration that makes our relationships quite sticky. Then, of course, from a monetization standpoint, as we keep growing our business, our partner's monetization grows every quarter. So there's a very strong relationship there.

Speaker Change: As you heard earlier, we signed a large partner in the quarter. That's gonna add those 6 million records, it's going to take US you know 234 months, a very intense technology and data work in order to bring those records into our environment. So then they can be normalized.

Mark W. Begor: If you remember our conversations, you know, over the last one year, two years, three years, four years, five years, you know, we're adding partnerships every quarter. You know, as you add those, those have a term to them, but they're on auto renewal. And, you know, we deliver so much value to that partner, and not only from the integration, which is very complex; it's not a simple integration.

Speaker Change: To be delivered.

Speaker Change: In our twin report so there's a lot of work that goes into that integration.

Speaker Change: Next our relationships quite sticky and then of course as a from a monetization standpoint, as we keep growing our business. Our partner's monetization grows every quarter. So there's a very strong relationship there and as you may know beyond just income unemployment with partners like payroll processors, we're increasingly doing our other services like I nine unemployed.

Mark W. Begor: As you heard earlier, we signed a large partner in the quarter, that's going to add 6 million records. It's going to take us, you know, two, three, four months of very intense technology and data work in order to bring those records into our environment, so then they can be normalized to be delivered, you know, in our twin reports. So, there's a lot of work that goes into that integration, that makes our relationships quite sticky. And then, of course from a monetization standpoint, as we keep growing our business, our partners' monetization grows every quarter. So, there's a very strong relationship there. And as you may know, beyond just income and employment with partners like payroll processors, we're increasingly doing our other services like I-9 unemployment claims and WOTC, you know, in partnership with those kind of companies. So, we have multiple relationships. So, maybe said differently, we've got a lot of confidence in the long-term nature of our partnerships around twin records.

Mark Begor: As you may know, beyond just income and employment with partners like payroll processors, we're increasingly doing our other services like I-9, unemployment claims, and WOTC in partnership with those kind of companies. So we have multiple relationships. So maybe said differently, we've got a lot of confidence in the long-term nature of our partnerships around twin records. Thank you. Our next question today is coming from Jeff Meuler from Baird. Your line is now live. Yeah. Thank you. You addressed the customer mix headwinds in twin mortgage, but I think you also said there were some product headwinds, and it wasn't clear to me. Is that just lapping kind of the mortgage 36 adoption and losing that tailwind, or is there some trade-down effect if you can? Yeah. You got it, Jeff. That's the mortgage 36.

As you may know, beyond just income and employment with partners like payroll processors, we're increasingly doing our other services like I-9, unemployment claims, and WOTC in partnership with those kind of companies. So we have multiple relationships. So maybe said differently, we've got a lot of confidence in the long-term nature of our partnerships around twin records.

Speaker Change: The claims and what's the you know in partnership with those kind of companies. So we have multiple relationships. So maybe said differently, we've got a lot of confidence in.

Speaker Change: The long term nature of our partnerships around the twin reference.

Operator: Thank you. Our next question today is coming from Jeff Meuler from Baird. Your line is now live.

Speaker Change: Thank you. Our next question today is coming from Jeff Mueller from Baird. Your line is now live.

Jeff Meuler: Yeah. Thank you. You addressed the customer mix headwinds in twin mortgage, but I think you also said there were some product headwinds, and it wasn't clear to me. Is that just lapping kind of the mortgage 36 adoption and losing that tailwind, or is there some trade-down effect if you can?

Mark W. Begor: And as you may know, beyond just income and employment with partners like payroll processors, we're increasingly doing our other services like I-9 unemployment claims and Watsi, you know, in partnership with those kind of companies. So we have multiple relationships. So maybe said differently, we've got a lot of confidence in the long-term nature of our partnerships around twin records. Your next question today is coming from Jeff Mueller from Baird. Your line is now active.

And as you may know, beyond just income and employment with partners like payroll processors, we're increasingly doing our other services like I-9 unemployment claims and Watsi, you know, in partnership with those kind of companies. So we have multiple relationships. So maybe said differently, we've got a lot of confidence in the long-term nature of our partnerships around twin records.

Jeffrey P. Meuler: Yeah. Thank you you address the customer mix headwinds into in mortgage but I think you also said there were some product headwinds and it wasn't clear to me is that just lapping kind of the mortgage thirty-six adoption and losing that tailwind or is there some trade down effect. If you can you got it.

Mark Begor: Yeah. You got it, Jeff. That's the mortgage 36.

Jeffrey P. Meuler: That's the mortgage 36, we've got you know we've got through the second half.

Mark Begor: We've got for the second half some other innovation coming out of mortgage in EWS that we would hope will benefit the second half or certainly in 2025. So we're always focusing on kind of new solutions that'll add value. But Mortgage 36 was just a very powerful solution. And as you point out, we are lapping past that. Okay. And then can you just comment on kind of share dynamics on the non-exclusive records for Twin mortgage and just remind us how you monitor that? Thank you. Yeah. So just as a reminder for everybody that's still on the call, half of our records come from individual relationships through our employer vertical where we have delivered those regulatory services like I-9, unemployment, etc. So we or you, I say you tend to talk about our partner records, but a reminder that half of our records are individual relationships.

We've got for the second half some other innovation coming out of mortgage in EWS that we would hope will benefit the second half or certainly in 2025. So we're always focusing on kind of new solutions that'll add value. But Mortgage 36 was just a very powerful solution. And as you point out, we are lapping past that.

Jeffrey P. Meuler: Other innovation coming out of mortgage in AWS that.

Operator: Thank you. Our next question today is coming from Jeff Mueller from Baird. Your line is now active.

Jeffrey P. Meuler: We would hope will benefit the second half or certainly in 2025. So we're always focusing on kind of new solutions that will add value, but mortgage 36 was just a very powerful on solution and as you pointed out we are lapping a pass that.

Jeff P. Meuler: Yeah, thank you. You addressed the customer mix headwinds in twin mortgage, but I think you also said there were some product headwinds. And it wasn't clear to me, is that just lapping kind of the mortgage 36 adoption and losing that tailwind, or is there some trade-down effect if you can? No, you got it, Jeff.

Jeff Meuler: Okay. And then can you just comment on kind of share dynamics on the non-exclusive records for Twin mortgage and just remind us how you monitor that? Thank you.

Speaker Change: Okay, and then can you just comment on kind of a share dynamics on the Nonexclusive records for twin mortgage and just remind us how you monitor that thank you.

Mark W. Begor: No, you got it, Jeff. That's mortgage 36. We've got for the second half some other innovation coming out of mortgage in EWS that, you know, we would hope will benefit the second half or certainly in 2025. So, we're always focusing on kind of new solutions that'll add value. But mortgage 36 was just a very powerful solution. And as you point out, we are lapping past that.

Mark W. Begor: That's mortgage 36. We've got, you know, we've got for the second half some other innovation coming out of mortgage in EWS that, you know, we would hope will benefit the second half or certainly in 2025. So we're always focusing on kind of new solutions that'll add value. But mortgage 36 was just a very powerful solution. And as you point out, we are lapping past that.

Mark Begor: Yeah. So just as a reminder for everybody that's still on the call, half of our records come from individual relationships through our employer vertical where we have delivered those regulatory services like I-9, unemployment, etc. So we or you, I say you tend to talk about our partner records, but a reminder that half of our records are individual relationships.

Speaker Change: Yeah. So when you just as a reminder for everybody is that still on the call you know half of our records come from individual relationships through our employer vertical where we have deliver those are regulatory services like UCI nine unemployment et cetera. So you know we we are you I say you tend to talk about our par.

Speaker Change: New records, but a reminder that half of our records are individual relationships and we're growing knows every month as we grow our employer business and as you pointed out we've got partnerships and we tend to talk or you tend to talk about payroll processors, but there HR software companies software platforms is another way for us to partner.

Mark Begor: And we're growing those every month as we grow our employer business. And as you point out, we've got partnerships, and we tend to talk or you tend to talk about payroll processors, but they're HR software companies. Software platforms is another way for us to partner. We've got a number of relationships there and a pipeline of additional relationships. We have pension administrators as another one, which is like a payroll processor. But for the pension space, as you know, we're chasing that 20 to 30 million of defined benefit pensioners as a big pool of data assets that we have. And those are all multi-year in nature. And we have strong relationships with all of those partners that we have. Thank you. Our next question today is coming from Craig Huber from Huber Research Partners. Your line is now live. Hi. Thank you. First question.

And we're growing those every month as we grow our employer business. And as you point out, we've got partnerships, and we tend to talk or you tend to talk about payroll processors, but they're HR software companies. Software platforms is another way for us to partner. We've got a number of relationships there and a pipeline of additional relationships. We have pension administrators as another one, which is like a payroll processor. But for the pension space, as you know, we're chasing that 20 to 30 million of defined benefit pensioners as a big pool of data assets that we have. And those are all multi-year in nature. And we have strong relationships with all of those partners that we have.

Jeffrey P. Meuler: And as you point out, we are lapping past that. Okay, and then can you just comment on the kind of share dynamics on the non-exclusive records for twin mortgages and just remind us how you monitor that? Thank you, Yeah, so just as a reminder for everybody that's still on the call, you know, half of our records come from individual relationships through our employer vertical, where we have delivered those regulatory services like UCI nine, unemployment, etc. So, you know, we, we are you, I say you tend to talk about our partner records, but a reminder that half of our records are individual relationships.

And as you point out, we are lapping past that.

Jeff P. Meuler: Okay, and then can you just comment on the kind of share dynamics on the non-exclusive records for twin mortgages and just remind us how you monitor that? Thank you, Yeah, so just as a reminder for everybody that's still on the call, you know, half of our records come from individual relationships through our employer vertical, where we have delivered those regulatory services like UCI nine, unemployment, etc. So, you know, we, we are you, I say you tend to talk about our partner records, but a reminder that half of our records are individual relationships.

Jeff P. Meuler: Okay, and then can you just comment on the kind of share dynamics on the non-exclusive records for twin mortgages and just remind us how you monitor that? Thank you.

Mark W. Begor: Yeah, so just as a reminder for everybody that's still on the call, you know, half of our records come from individual relationships through our employer vertical, where we have delivered those regulatory services like UCI-9 unemployment, etc. So, you know, we are you, I say, you tend to talk about our partner records, but a reminder that half of our records are individual relationships. And we're growing those every month as we grow our employer business. And as you point out, we've got partnerships and we tend to talk - or you tend to talk about payroll processors, but they're HR software companies, software platforms are another way for us to partner; we've got a number of relationships there and a pipeline of additional relationships. We have pension administrators, you know, another one is like a payroll processor. But for the pension space, as you know, we're chasing that 20 to 30 million of defined benefit pensioners, you know, a big pool of data assets that we have. And you know, those are all multi-year in nature. And we have strong relationships with all of those partners that we have.

Speaker Change: We've got a number of relationships there and our pipeline of additional relationships we.

Speaker Change: We have the attention of administrators.

Speaker Change: Other ones, which is like a payroll processor, but for the pension space. As you know we're trying to chasing that 20 to 30 million of defined benefit pension or as you know is a big pool of of data assets that we are that we have and you know those are all you know multi year in nature and are you know we have strong relationships with all of those are all of those partner.

Mark W. Begor: And we're growing those every month as we grow our employer business. And as you point out, we've got partnerships in, and we tend to talk, or you tend to talk about payroll processors, but they're HR software companies. Software platforms are another way for us to partner; we've got a number of relationships there and a pipeline of additional relationships. We have pension administrators, you know; another one is like a payroll processor.

Speaker Change: There are some that we have.

Operator: Thank you. Our next question today is coming from Craig Huber from Huber Research Partners. Your line is now live.

Speaker Change: Thank you. Our next question today is coming from Craig Huber from Huber Research Partners. Your line is now live.

Craig Huber: Hi. Thank you. First question.

Craig Anthony Huber: Oh, Hi, Thank you first question.

Mark Begor: In your US Online Information Solutions area, can you size for us in dollars your credit card and your auto exposure there? And I'm curious also what your outlook is again for revenues this year, right? Yeah. So we haven't broken down all of the different markets that we have in USIS. FI and auto are two of our largest segments. So that's certainly the case, but we haven't specifically given dollar values within our online services for auto and credit card. But they're large within our total OIS revenue. And how about the outlook there for the revenues for each of those auto and credit card for this year, please? I think what we did is we've given a view specifically as it relates to total non-mortgage for USIS. And we talked about that in the call, both for the second quarter and for the year, right?

In your US Online Information Solutions area, can you size for us in dollars your credit card and your auto exposure there? And I'm curious also what your outlook is again for revenues this year, right?

Craig Anthony Huber: U S online information solutions can you size for us in dollars your credit card in your auto exposure there and I'm curious also what your outlook is again for revenues this year.

Mark W. Begor: But for the pension space, as you know, we're chasing that 20 to 30 million of defined benefit pensioners, you know, a big pool of data assets that we have. And you know, those are all multi-year in nature. And we have strong relationships with all of those partners that we have.

John Gamble: Yeah. So we haven't broken down all of the different markets that we have in USIS. FI and auto are two of our largest segments. So that's certainly the case, but we haven't specifically given dollar values within our online services for auto and credit card. But they're large within our total OIS revenue. And how about the outlook there for the revenues for each of those auto and credit card for this year, please? I think what we did is we've given a view specifically as it relates to total non-mortgage for USIS. And we talked about that in the call, both for the second quarter and for the year, right?

Craig Anthony Huber: Reach.

Craig Anthony Huber: Yeah. So we haven't broken down all of the different markets that we have in the U S. I S credit F. I and auto are two of our largest segments. So certainly the case, but we haven't specifically given dollar values.

Mark W. Begor: And, you know, we have strong relationships with all of those partners that we have. Thank you. Our next question today is coming from Craig Huber from Huber Research Partners. Your line is now live.

And, you know, we have strong relationships with all of those partners that we have.

Craig Anthony Huber: Within our online services for for auto and card there, but they're large within our total OIS revenue.

Operator: Thank you. Our next question today is coming from Craig Huber from Huber Research Partners. Your line is now live.

Speaker Change: And then how about the outlook there for the revenues for each of those auto and credit card for this year. Please.

Craig Huber: Thank you. First question, in your U.S. online information solutions area, can you size the force in dollars, your credit card and your auto exposure there. I'm curious also what your outlook is, again, for revenues this year. Reach. So we haven't broken down all of the different markets that we have in USIS. FI and auto are two of our largest segments, so that certainly is the case, but we haven't specifically given dollar values within our online services for auto and car.

Speaker Change: I think what we did is we've we've given a view specifically as it relates to total non mortgage for.

Speaker Change: For U S I S and and we talked about that in the call both for the second quarter and for the year right and I think that's the level of granularity we're going to talk about we did indicate that we expect to see very nice performance in U S. Consumer very nice continued growth above our long term averages right with commercial good performance also within Ivy and fraud.

John W. Gamble: So, we haven't broken down all of the different markets that we have in USIS. FI and auto are two of our largest segments, so that's certainly the case, but we haven't specifically given dollar values within our online services for auto and card. But they're large within our total OIS revenue. [inaudible] I think what we did is we gave a view specifically as it relates to total non-mortgage for USIS. And we talked about that in the call, both for the second quarter and for the year. And I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in US consumer, very nice continued growth above our long-term averages, right, with commercial, good performance also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in the first quarter. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level.

Mark Begor: I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in US consumer, very nice continued growth above our long-term average rate with commercial good performance. Also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in Q1. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level. Thank you. Next question is coming from Simon Clinch from Redburn Atlantic. Your line is now live. Hi. Thanks for taking my question. I wanted to just jump to the government vertical, please.

I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in US consumer, very nice continued growth above our long-term average rate with commercial good performance. Also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in Q1. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level.

John W. Gamble: But they're large within our total OIS revenue. [inaudible] I think what we did is we gave a view specifically as it relates to total non-mortgage for USIS. And we talked about that in the call, both for the second quarter and for the year. And I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in US consumer, very nice continued growth above our long-term averages, right, with commercial, good performance also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in the first quarter. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level.

Those we expect to continue to perform very very well we had very good performance in the first quarter, we gave specifics on that as well, but but that in terms of specifics by segment now we don't give guidance at that level.

Craig Huber: How about the outlook there for revenues reach in those auto and credit card for this year, please? I think what we did is we gave a view specifically as it relates to total non-mortgage for USIS. And we talked about that in the call, both for the second quarter and for the year. And I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in US consumer, very nice continued growth above our long-term averages, right, with commercial, good performance also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in the first quarter. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level.

Craig Huber: How about the outlook there for revenues reach in those auto and credit card for this year, please?

Craig Huber: please? I think what we did is we gave a view specifically as it relates to total non-mortgage for USIS. And we talked about that in the call, both for the second quarter and for the year. And I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in US consumer, very nice continued growth above our long-term averages, right, with commercial, good performance also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in the first quarter. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level.

Craig Huber: please?

John W. Gamble: I think what we did is, we gave a view specifically as it relates to total non-mortgage for USIS. And we talked about that in the call, both for the second quarter and for the year. And I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in U.S. consumer, very nice continued growth above our long-term averages with commercial, good performance also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in the first quarter. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level.

Operator: Thank you. Next question is coming from Simon Clinch from Redburn Atlantic. Your line is now live.

Speaker Change: Thank you next question is coming from Simon Clench from Redburn Partners. Your line is now live.

John W. Gamble: And I think that's the level of granularity we're going to talk about. We did indicate that we expect to see very nice performance in US consumer, very nice continued growth above our long-term averages, right, with commercial, good performance also within ID and fraud, right? Those we expect to continue to perform very, very well. We had very good performance in FI in the first quarter. We gave specifics on that as well. But in terms of specifics by segment, no, we don't give guidance at that level.

Simon Clinch: Hi. Thanks for taking my question. I wanted to just jump to the government vertical, please.

Simon Alistair Vaughan Clinch: Hi, Thanks for taking my question I wanted to just jump to the government vertical please.

Mark Begor: Of the growth, the excellent growth that you've delivered this quarter, are you able to break out how much of that growth actually came from redetermination, so that we can get a sense of what the actual underlying growth rate is to start with? Yeah. Thanks for bringing up government. It's the first time we've gotten a question on that this morning. And as you know, that business is really performing exceptionally well. And as we talked about in the quarter, it's actually now our largest vertical inside of Workforce Solutions for the first quarter in Workforce Solutions history. So it's a very powerful business for us in that $5 billion TAM. We exited the year at roughly a $600 million annual run rate in that business, which obviously is well north of slightly north of 10% of overall Equifax.

Of the growth, the excellent growth that you've delivered this quarter, are you able to break out how much of that growth actually came from redetermination, so that we can get a sense of what the actual underlying growth rate is to start with?

Simon Alistair Vaughan Clinch: Oh the growth the excellent growth that you delivered this quarter are you able to break out how much of that growth actually came from re determination. So that we can get a sense of what the actual underlying great traders starwood, yeah, and thanks for bringing up government and it's the first time, we've gotten the question on that this morning, and as you know that business is a is really are performing exceptionally.

Mark Begor: Yeah. Thanks for bringing up government. It's the first time we've gotten a question on that this morning. And as you know, that business is really performing exceptionally well. And as we talked about in the quarter, it's actually now our largest vertical inside of Workforce Solutions for the first quarter in Workforce Solutions history. So it's a very powerful business for us in that $5 billion TAM. We exited the year at roughly a $600 million annual run rate in that business, which obviously is well north of slightly north of 10% of overall Equifax.

Speaker Change: Well and as we talked about in the quarter, it's actually now our largest vertical inside of workforce solutions for the first quarter and workforce solutions history.

John W. Gamble: But in terms of specifics by segment, no, we don't give guidance at that level. Thank you. The next question is coming from Simon Clinch from Redburn Partners. Your line is now live.

But in terms of specifics by segment, no, we don't give guidance at that level.

Operator: Thank you. The next question is coming from Simon Clinch from Redburn Partners. Your line is now live.

Starwood: So it's a very powerful business for us in that 5 billion dollar Tam you know, we exited the year at roughly a $600 million.

Simon Clinch: Hi, thanks for taking my question. I wanted to jump to the government vertical, please. And of the growth, the excellent growth that you've delivered this quarter, are you able to break out how much of that growth actually came from redetermination, so that we can get a sense of what the actual underlying growth is? As you know, that business is really performing exceptionally well. As we talked about in the quarter, it's actually now our largest vertical inside of Workforce Solutions for the first quarter in its history.

Simon Clinch: Hi. Thanks for taking my question. I wanted to just jump to the government vertical, please. And of the growth – the excellent growth that you delivered this quarter, are you able to break out how much of that growth actually came from redetermination so that we can get a sense of what the actual underlying growth rate is, to start with?

Starwood: Annual run rate in that business, which obviously is well north of.

Starwood: Slightly north of 10% of overall equifax. So it's a it's a vertical we like with lots of growth opportunity. There aren't there's there's multiple levers I think John and I, both talked about it in our prepared comments in a in government Redetermination. You know are a piece of that I wouldn't think about that as like disproportionate from the other levers that we have inside.

Mark Begor: So it's a vertical we like with lots of growth opportunity. There's multiple levers that I think John and I both talked about in our prepared comments in government. Redeterminations are a piece of that. I wouldn't think about that as disproportionate from the other levers that we have inside of government. You may remember back in September, we signed a big extension with CMS that was over $1 billion. That had a price increase in it. So that's rolling through. That's a five-year contract. You can make your own assumptions on the impact that had in the fourth quarter. And again, the first quarter is that price increase goes into effect. And that has annual escalators post when we lap it in September of 2024. We signed a brand new contract in September with USDA for SNAP, TANF benefits. That's a $190 million contract over five years.

So it's a vertical we like with lots of growth opportunity. There's multiple levers that I think John and I both talked about in our prepared comments in government. Redeterminations are a piece of that. I wouldn't think about that as disproportionate from the other levers that we have inside of government. You may remember back in September, we signed a big extension with CMS that was over $1 billion. That had a price increase in it. So that's rolling through. That's a five-year contract. You can make your own assumptions on the impact that had in the fourth quarter. And again, the first quarter is that price increase goes into effect. And that has annual escalators post when we lap it in September of 2024. We signed a brand new contract in September with USDA for SNAP, TANF benefits. That's a $190 million contract over five years.

Mark W. Begor: Yeah. And thanks for bringing up government. It's the first time we've gotten a question on that this morning. And as you know, that business is really performing exceptionally well. And as we talked about in the quarter it's actually now our largest vertical inside of Workforce Solutions for the first quarter in Workforce Solutions history. So, it's a very powerful business for us in that $5 billion TAM. We exited the year at roughly a $600 million annual run rate in that business, which obviously is well north of, slightly north of 10% of overall Equifax. So it's a vertical we like with lots of growth opportunities. There's multiple levers I think John and I both talked about in our prepared comments in government. Redeterminations are a piece of that. I wouldn't think about that as like disproportionate from the other levers that we have inside of government. You may remember back in September we signed a big extension with CMS that was over a billion dollars that had a price increase in it. So, that's rolling through. That's a five-year contract. You can make your own assumptions on the impact that had in the fourth quarter.

Starwood: I'd have a government you may remember back in September we signed a big extension with our CNS. It was over $1 billion at a price increase in it. So that's rolling through you know it's a five year contract you can make your own assumptions on the impact that had in the fourth quarter and again. The first quarter is that price increase goes into effect and that has an.

Simon Alistair Vaughan Clinch: It's a very powerful business for us in that $5 billion TAM. We exited the year at roughly a $600 million annual run rate in that business, which obviously is slightly north of 10% of overall Equifax. It's a vertical we like with lots of growth opportunity. There are multiple levers. I think John and I both talked about it in our prepared comments in government. Redeterminations are a piece of that. But I wouldn't think about that as disproportionate from the other levers that we have inside of government. You may remember back in September, we signed a big extension with CMS for over $1 billion. It had a price increase in it, so that's rolling through. It's a five-year contract. You can make your own assumptions on the impact that had in the fourth quarter.

Starwood: Annual escalators, you know post when.

Mark W. Begor: I think John and I both talked about it in our prepared comments in government. Redeterminations are a piece of that. But I wouldn't think about that as disproportionate from the other levers that we have inside of government. You may remember back in September, we signed a big extension with CMS for over $1 billion. It had a price increase in it, so that's rolling through. It's a five-year contract. You can make your own assumptions on the impact that had in the fourth quarter.

Starwood: When we lap it in September 24, we signed a brand new contract in September with USDA for snap TANF benefits, that's a $190 million contract over five years. So that's rolling into the P&L and positive in both the fourth quarter and the first quarter and then we've also tried to be a pretty deliberate about sharing that stay.

Mark Begor: That's rolling into the P&L and positive in both the fourth quarter and the first quarter. We've also tried to be pretty deliberate about sharing that the state penetration is also a very strong lever for growth. We should probably think about how we can better articulate that for you. But as you probably know, we have a lot of penetration opportunity primarily at the states. Government social services are delivered at the state level. We've put more and more resources at the state capitals to really drive usage of our solutions. As a reminder, a state is not an entity. Each agency within a state is really the entity that we work with, whether it's food stamps, rent support, childcare support, healthcare benefits, all the different social services, or kind of different organizations in all 50 states.

That's rolling into the P&L and positive in both the fourth quarter and the first quarter. We've also tried to be pretty deliberate about sharing that the state penetration is also a very strong lever for growth. We should probably think about how we can better articulate that for you. But as you probably know, we have a lot of penetration opportunity primarily at the states. Government social services are delivered at the state level. We've put more and more resources at the state capitals to really drive usage of our solutions. As a reminder, a state is not an entity. Each agency within a state is really the entity that we work with, whether it's food stamps, rent support, childcare support, healthcare benefits, all the different social services, or kind of different organizations in all 50 states.

Mark W. Begor: You may remember back in September, we signed a big extension with CMS for over $1 billion. It had a price increase in it, so that's rolling through. It's a five-year contract. You can make your own assumptions on the impact that had in the fourth quarter.

Starwood: <unk> penetration is also a very strong lever for growth and we should we should probably think about how we can better articulate that for you, but as you probably know we have a lot of penetration opportunity primarily to states government social services are delivered at the state level, and we've put more and more resource.

Mark W. Begor: You can make your own assumptions on the impact that had in the fourth quarter. Again, the first quarter is when the price increase goes into effect. That has annual escalators post when we lap it in September of 24.

You can make your own assumptions on the impact that had in the fourth quarter.

Mark W. Begor: And again, the first quarter is that price increase goes into effect and that has annual escalators post when we lap it in September of 2024. We signed a brand new contract in September with USDA for SNAP TANF benefits that's $190 million contract over five years. So, that's rolling into the P&L and positive in both the fourth quarter and the first quarter. And then we've also tried to be pretty deliberate about sharing that the state penetration is also a very strong lever for growth. And we should probably think about how we can better articulate that for you. But as you probably know we have a lot of penetration opportunity primarily at the states. Government social services are delivered at the state level and we've put more and more resources at the state capitals to really drive usage of our solutions. And as a reminder, a state is not an entity. Each agency within a state is really the entity that we work with, whether it's food stamps, rent support, child care support, healthcare benefits all the different social services or kind of different organizations in all 50 states.

Mark W. Begor: We signed a brand new contract in September with USDA for SNAP TANF benefits. That's a $190 million contract over five years. That's rolling into the P&L and is positive in both the fourth quarter and the first quarter. We've also tried to be pretty deliberate about sharing that state penetration is also a very strong lever for growth. We should probably think about how we can better articulate that for you. As you probably know, we have a lot of penetration opportunities, primarily in the states. Government social services are delivered at the state level. We've put more and more resources in the state capitals to really drive usage of our solutions. As a reminder, a state is not an entity. Each agency within a state is really the entity that we work with, whether it's food stamps, rent support, child care support, health care benefits. All the different social services are different organizations in all 50 states.

Starwood: As at the state capitals to really drive usage of our solutions and as a reminder, our state is not an entity each agency within a state is really the entity that we work with whether it's a food stamps rent support childcare support health care benefits you know all the different social services are kind of different organizations in all 50.

Mark Begor: So that's had a big positive for us. So maybe a bit long-winded, but it's multifaceted. All of those levers. And then price, right? Price is inherent in our contracts. We don't do one-off price increases in our government contracts. Those are all built in as multi-year contracts with escalators in them. But we have a lot of visibility as we enter the year with when those price actions are going to lay into our P&L as we roll through the year. Okay. Thanks for that. Strong growth in Q2, right? So we're going to continue with strong growth in Q2 despite the fact that the redetermination after the pause is over. Again, as a reminder, redeterminations happen continuously. It's a requirement of government programs that you redetermine that the participants are still eligible. The difference was they were on pause during the health emergency. Yeah.

So that's had a big positive for us. So maybe a bit long-winded, but it's multifaceted. All of those levers. And then price, right? Price is inherent in our contracts. We don't do one-off price increases in our government contracts. Those are all built in as multi-year contracts with escalators in them. But we have a lot of visibility as we enter the year with when those price actions are going to lay into our P&L as we roll through the year.

Starwood: States. So that's had a big positive for us so it maybe a bit long winded, but it's multifaceted.

Mark W. Begor: We've put more and more resources in the state capitals to really drive usage of our solutions. As a reminder, a state is not an entity. Each agency within a state is really the entity that we work with, whether it's food stamps, rent support, child care support, health care benefits. All the different social services are different organizations in all 50 states.

Starwood: All of those levers and then you know price right you know prices inherit in our contracts. We don't do one one price increases in our government contracts. Those are all built in as multi year contracts with escalators in them, but we have a lot of visibility you know as we entered the year with windows price actions are going to lay into.

Mark W. Begor: So, that's had a big positive for us. So, it may be a bit long winded, but it's multifaceted. All of those levers and then price, right. Prices inherent in our contracts, we don't do one, one price increases in our government contracts. Those are all built in as multi-year contracts with escalators in them. But we have a lot of visibility as we enter the year when those price actions are going to lay into our P&L as we roll through the year.

Starwood: Our P&L as we roll through the year.

Simon Clinch: Okay. Thanks for that.

Speaker Change: Okay. Thanks, that's helpful.

John Gamble: Strong growth in Q2, right? So we're going to continue with strong growth in Q2 despite the fact that the redetermination after the pause is over. Again, as a reminder, redeterminations happen continuously. It's a requirement of government programs that you redetermine that the participants are still eligible. The difference was they were on pause during the health emergency.

Speaker Change: Strong growth in the second quarter right. So we're going to continue with strong growth in the second quarter. Despite the fact that that the redetermination. After the pause is over again as a reminder, redetermination happen continuously it's a requirement of government programs that you read determined that the participants are still eligible the difference was they were on pause during during that.

Mark W. Begor: Those are all built in as multi-year contracts with escalators in them, but we have a lot of visibility as we enter the year with when those price actions are going to impact our P&L as we roll through the year. Thanks. A couple of things. We had strong growth in the second quarter, right? So we're going to continue with strong growth in the second quarter, despite the fact that the redetermination after the pause is over again. As a reminder, redeterminations happen continuously. It's a requirement of government programs that you redetermine whether the participants are still eligible. The difference was they were on pause during the health emergency. Yeah, okay. Thanks.

Those are all built in as multi-year contracts with escalators in them, but we have a lot of visibility as we enter the year with when those price actions are going to impact our P&L as we roll through the year.

Speaker Change: L three and the health emergency.

Simon Clinch: Yeah. Okay. Thanks. And as a follow-up question, I guess it's more of a high-level question here on the mortgage market and EWS's position within it. The industry is going to be going through an evolution over the next decade, becoming more automated, reducing costs, but also shrinking, hopefully, the time it takes from origination to closing a mortgage. And I'm wondering how does that impact your business in EWS in terms of the pricing power you have, but also the number of pulls you might get per inquiry and all that kind of stuff. So how has that factored into your long-term framework?

Speaker Change: Yeah, Okay, Thanks, and as a follow up question I guess, it's more of a high level.

Mark Begor: Okay. Thanks. And as a follow-up question, I guess it's more of a high-level question here on the mortgage market and EWS's position within it. The industry is going to be going through an evolution over the next decade, becoming more automated, reducing costs, but also shrinking, hopefully, the time it takes from origination to closing a mortgage. And I'm wondering how does that impact your business in EWS in terms of the pricing power you have, but also the number of pulls you might get per inquiry and all that kind of stuff. So how has that factored into your long-term framework? Yeah. So first off, you hit all the right points. And it's not new. It's been happening as we speak, and it's been happening over the last five-plus years as more and more consumers are shopping for mortgages online.

Thanks. A couple of things. We had strong growth in the second quarter, right? So we're going to continue with strong growth in the second quarter, despite the fact that the redetermination after the pause is over again. As a reminder, redeterminations happen continuously. It's a requirement of government programs that you redetermine whether the participants are still eligible. The difference was they were on pause during the health emergency. Yeah, okay. Thanks.

Simon Clinch: Okay. Thanks -

John W. Gamble: We had strong growth in the second quarter, right? So we're going to continue with strong growth in the second quarter, despite the fact that the redetermination after the pause is over again. As a reminder, redeterminations happen continuously. It's a requirement of government programs that you redetermine whether the participants are still eligible. The difference was they were on pause during the health emergency. Yeah, okay. Thanks.

John W. Gamble: We had strong growth in the second quarter, right, so we're going to continue with strong growth in the second quarter despite the fact that the redetermination after the pause is over. Again, as a reminder, redeterminations happen continuously. It's a requirement of government programs that you redetermine that the participants are still eligible. The difference was they were on pause during the health emergency.

Speaker Change: A high level question here on the mortgage market and aws's position within that the industry's going to be going through an evolution over the next decade, becoming more automated reducing cost, but also shrinking hopefully at the time. It takes from origination to closing of mortgage and I'm wondering if absolutely was back in.

Speaker Change: Perhaps your business you need Ws in terms of the pricing power you have but also the number of the <unk>.

Simon Clinch: Yeah. Okay, thanks. And as a follow-up question, I guess it's more of a high-level question here on the mortgage market and EWS's position within it. The industry is going to be going through an evolution over the next decade, becoming more automated, reducing costs, but also shrinking, hopefully the time it takes from origination to closing a mortgage. I'm wondering how does that impact your business in EWS in terms of the pricing power you have, but also the of polls you might get per inquiry and all that kind of stuff. How is that factored into your long-term framework?

Mark W. Begor: And as a follow-up question, I guess it's more of a high level question on the mortgage market and EWS's position in it. The industry's going to be going through an evolution over the next decade, becoming more automated, reducing costs, but also shrinking, hopefully, the time it takes from origination to closing a mortgage. And I'm wondering how that will impact your business in EWS in terms of the pricing power you have, but also the number of, you know, the number of pulls you might get per inquiry and all that kind of stuff. So how has that factored into your long-term framework? Yeah, so first off, you hit all the right points.

And as a follow-up question, I guess it's more of a high level question on the mortgage market and EWS's position in it. The industry's going to be going through an evolution over the next decade, becoming more automated, reducing costs, but also shrinking, hopefully, the time it takes from origination to closing a mortgage. And I'm wondering how that will impact your business in EWS in terms of the pricing power you have, but also the number of, you know, the number of pulls you might get per inquiry and all that kind of stuff. So how has that factored into your long-term framework?

Number of pulls you might get a per inquiry and all that kind of stuff. So how is that factored into your long term framework.

Mark Begor: Yeah. So first off, you hit all the right points. And it's not new. It's been happening as we speak, and it's been happening over the last five-plus years as more and more consumers are shopping for mortgages online.

Speaker Change: Yeah. So first off you hit all the right points and it's not new it's been happening as we speak and it's been happening over the last five plus years is.

Speaker Change: More and more consumers are shopping for mortgages online.

Mark Begor: It's actually very rare that they go into a mortgage broker's office now. That's been a huge change. As you point out, the fact that they're not seeing the consumer results in the value of instant, as well as digital, data being more valuable. Then the second half of that is every vertical will focus on mortgage, but auto is the same case, cards, etc. They want to shorten the time between, call it inquiry, application, or shopping through to closing. Mortgage is very precarious for a mortgage originator because they're spending $3,000, $4,000, $5,000 of COGS on that closed loan. The reason they need instant and accurate data is they need to make sure that they want to continue to invest in that application over what could be a 60, 90-day timeframe.

It's actually very rare that they go into a mortgage broker's office now. That's been a huge change. As you point out, the fact that they're not seeing the consumer results in the value of instant, as well as digital, data being more valuable. Then the second half of that is every vertical will focus on mortgage, but auto is the same case, cards, etc. They want to shorten the time between, call it inquiry, application, or shopping through to closing. Mortgage is very precarious for a mortgage originator because they're spending $3,000, $4,000, $5,000 of COGS on that closed loan. The reason they need instant and accurate data is they need to make sure that they want to continue to invest in that application over what could be a 60, 90-day timeframe.

Speaker Change: Actually very rare that they go into a mortgage broker's office now so that's been a huge change and as you point out the fact that they're not seeing the consumer results and the value of instance, as well as digital data you know being more valuable and then the second half of that is every vertical and we will focus on mortgage but.

Mark W. Begor: Yes. So first off, you hit all the right points and it's not new. It's been happening as we speak, and it's been happening over the last five plus years as more and more consumers are shopping for mortgages online. It's actually very rare that they go into a mortgage broker's office now. So, that's been a huge change, and as you point out, the fact that they're not seeing the consumer results in the value of instant as well as digital data being more valuable. And then, the second half of that is every vertical we'll focus on mortgage, but autos the same case, cards, etc. They want to shorten the time between, call it inquiry or application or shopping through the closing. And mortgage is very precarious for a mortgage originator, because they're spending $3,000, $4,000, $5,000 of COGS on that closed loan. And the reason they need instant and accurate data is they need to make sure that they want to continue to invest in that application over what could be a 60, 90 day timeframe and a lot can change for the consumer around their credit. They could take on more credit and then no longer qualify for the loan.

Mark W. Begor: And it's not new; it's been happening, you know, as we speak, and it's been happening over the last five plus years, as more and more consumers are shopping for mortgages online. It's actually very rare that they go into a mortgage broker's office now. So that's been a huge change. And as you point out, the fact that they're not seeing the consumer results in the value of, for instance, as well as digital data, you know, being more valuable. And then the second half of that is, every vertical will focus on mortgages, but autos, the same case, credit cards, etc. You know, they want to shorten the time between calling it an inquiry or application or shopping through to closing. And mortgage origination is very precarious for a mortgage originator because they're spending three, four $5,000 of COGS on that closed loan. And the reason they need instant and accurate data is that they need to make sure that they want to continue to invest in that application over what could be a 6090 day timeframe. And a lot can change for the consumer around their credit, you know; they could take on more credit and then no longer qualify for the loan;

Auto is the Saint Kate what case cards et cetera, you know they want to shorten the time between call it inquiry or application or shopping through the closing and mortgages very precarious for a mortgage originator because they're spending $345000 of Cogs on that closed loan and.

Speaker Change: And the reason they need instant inaccurate data they need to make sure that they want to continue to invest in that application up over what could be 60, 90 day timeframe.

Mark W. Begor: And then the second half of that is, every vertical will focus on mortgages, but autos, the same case, credit cards, etc. You know, they want to shorten the time between calling it an inquiry or application or shopping through to closing. And mortgage origination is very precarious for a mortgage originator because they're spending three, four $5,000 of COGS on that closed loan. And the reason they need instant and accurate data is that they need to make sure that they want to continue to invest in that application over what could be a 6090 day timeframe. And a lot can change for the consumer around their credit, you know; they could take on more credit and then no longer qualify for the loan;

Mark Begor: A lot can change for the consumer around their credit. They could take on more credit and then no longer qualify for the loan. It can change about their employment. They could lose their job, change their job, etc. So that's why instant data is very valuable. Digitization and the focus on shortening the time to complete a process plays to Equifax when we have instant data in the case of mortgage on income, employment, and background screening for employment history, and government social services around income. Those all play to us. There's also an element of productivity because if they're not using our solution, in the case of mortgage, there's still a large number of mortgage originators that do all of their verifications manually. There's a lot of labor involved in that.

A lot can change for the consumer around their credit. They could take on more credit and then no longer qualify for the loan. It can change about their employment. They could lose their job, change their job, etc. So that's why instant data is very valuable. Digitization and the focus on shortening the time to complete a process plays to Equifax when we have instant data in the case of mortgage on income, employment, and background screening for employment history, and government social services around income. Those all play to us. There's also an element of productivity because if they're not using our solution, in the case of mortgage, there's still a large number of mortgage originators that do all of their verifications manually. There's a lot of labor involved in that.

Speaker Change: What can change for the consumer around their credit you know they could take on more credit than that no longer qualify for the loan. It can change about their employment you know they could lose their job change their job, but et cetera. So that's why instant data is very valuable and you know so digitization and a focus on our <unk>.

Speaker Change: <unk> the time to complete a process.

Speaker Change: Raised to Equifax, when we have instant data in the case of mortgage I didn't come an appointment you know in <unk>.

Speaker Change: Ground screening you know for employment history, you know when government social services around income those those all play to us and there's also an element.

Mark W. Begor: And a lot can change for the consumer around their credit, you know; they could take on more credit and then no longer qualify for the loan; it can change their employment, you know; they could lose their job, change their job, etc.

And a lot can change for the consumer around their credit, you know; they could take on more credit and then no longer qualify for the loan;

Mark W. Begor: It can change about their employment. They could lose their job; change their job, etc. So, that's why instant data is very valuable. So, digitization and focus on shortening the time to complete a process plays to Equifax when we have instant data. In the case of mortgage on income and employment, and background screening for employment history in government, social services around income, those all play to us. And there's also an element of productivity, because if they're not using our solution, in the case of mortgage there's still a large number of mortgage originators that do all of their verifications manually. There's a lot of labor involved in that. As labor costs go up, you have the double benefit of both speed, actually triple speed, accuracy and productivity. So, those macros play to us in mortgage and more broadly across Equifax.

Speaker Change: Productivity.

Speaker Change: Cause if they're not using our solution in the case of mortgage there still.

Mark W. Begor: So that's why instant data is very valuable. And, you know, digitization and focus on shortening the time to complete, as labor costs go up, you have the double benefit of both speed, actually triple speed accuracy, and productivity. So those macros, you know, play to us in mortgage and more broadly across Equifax. Thank you. Our next question is coming from Toni Kaplan from Morgan Stanley. Your line is now live. Thank you. I want to ask a question about the guidance.

So that's why instant data is very valuable. And, you know, digitization and focus on shortening the time to complete, as labor costs go up, you have the double benefit of both speed, actually triple speed accuracy, and productivity. So those macros, you know, play to us in mortgage and more broadly across Equifax.

A large number of mortgage originators to do all of their verifications manually theres a lot of labor involved in that is labor cost go up you had the double benefit of both speed actually triple speed accuracy and productivity. So those macros are you know play to us in mortgage and more broadly across equifax.

Mark Begor: As labor costs go up, you have the double benefit of both speed, actually triple speed, accuracy, and productivity. So those macros play to us in mortgage and more broadly across Equifax. Thank you. Our next question is coming from Tony Kaplan from Morgan Stanley. Your line is now live. Thank you. I wanted to ask a question on the guidance. It implies a strong second-half improvement in workforce. And you talked about a number of the drivers in this call, including lapping the ERC headwind, and you mentioned adding records among others. I was hoping you could talk about the pipeline with regard to records, if that's a big driver, and also just maybe directionally the importance of what starts to go a little bit better as we go through the year. So records is certainly one that is important. We were pleased with our record additions.

As labor costs go up, you have the double benefit of both speed, actually triple speed, accuracy, and productivity. So those macros play to us in mortgage and more broadly across Equifax.

Operator: Thank you. Our next question is coming from Tony Kaplan from Morgan Stanley. Your line is now live.

Thank you. Our next question is coming from Toni Kaplan from Morgan Stanley. Your line is now live. Thank you. I want to ask a question about the guidance.

Operator: Thank you. Our next question is coming from Toni Kaplan from Morgan Stanley. Your line is now live.

Speaker Change: Thank you. Our next question is coming from Toni Kaplan from Morgan Stanley. Your line is now live.

Toni Kaplan: Thank you. I wanted to ask a question on the guidance. It implies a strong second-half improvement in workforce. And you talked about a number of the drivers in this call, including lapping the ERC headwind, and you mentioned adding records among others. I was hoping you could talk about the pipeline with regard to records, if that's a big driver, and also just maybe directionally the importance of what starts to go a little bit better as we go through the year.

Toni Kaplan: Thank you. I wanted to ask a question on the guidance. It implies a strong second half improvement in workforce. And you talked about a number of the drivers in this call, including lapping the ERC headwind. And you mentioned adding records, among others. I was hoping you could talk about the pipeline with regard to records, if that's a big driver and also just maybe directionally the importance of what starts to go a little bit better as we go through the year?

Toni Michele Kaplan: Thank you I wanted to ask a question on on the guidance. It implies a strong second half improvement and work force and you talked about a number of drivers in this call, including lapping the ERC headwind and you mentioned, adding records among others I was hoping you could talk about the pipeline with regard to <unk>.

Toni Michele Kaplan: It implies a strong second half improvement in the workforce, and you talked about a number of the drivers in this call, including lapping the ERC headwind, and you mentioned adding records, among others. I was hoping you could talk about the pipeline with regard to records, if that's a big driver, and also maybe directionally the importance of what starts to go a little bit better as we go through it. Our records is certainly one that is important. We were pleased with our record additions. As you know, we added four partnerships in the fourth quarter. We added a bunch last year, but those four are coming on in the first half of the year.

It implies a strong second half improvement in the workforce, and you talked about a number of the drivers in this call, including lapping the ERC headwind, and you mentioned adding records, among others. I was hoping you could talk about the pipeline with regard to records, if that's a big driver, and also maybe directionally the importance of what starts to go a little bit better as we go through it.

Speaker Change: Or if that's a big driver and also just maybe directionally. The importance of what you know starts to go a little bit better as we go through the year.

Mark W. Begor: So, records is certainly one that is important. We were pleased with our record additions. As you know, we added four partnerships in the fourth quarter. We added a bunch last year, but those four coming on in the first half of the year, and then landing this largest payroll processor with 6 million records, that's a lot of records to add. When you think about 172 - 126 million individuals, that is a real positive to have that. And now we have visibility of where we expect that to come on. And as you know, the power in our business model is that when we add a new record or these 6 million records, we monetize them the next day because we're already getting inquiries from our customers for them. So, that clearly records in the second half is a positive and ERC is kind of what it's going to be. The Watsi piece is a little – is a kind of a timing impact. As the government forms didn't get fully implemented in the first quarter. That's going to be a benefit from that small backlog as we go through the second half. What else would you add, John?

Mark Begor: So records is certainly one that is important. We were pleased with our record additions.

Speaker Change: Our records is certainly one that is important you know.

Speaker Change: We were pleased with our record additions as you know we added a you know four partnerships in the fourth quarter, we added a bunch last year, but those four coming on in the first half of the year and then landing. This large payroll processor was 6 million records. That's a lot of records.

Mark Begor: As you know, we added four partnerships in the fourth quarter. We added a bunch last year, but those four are coming on in the first half of the year. And then landing this large payroll processor with 6 million records. That's a lot of records to add when you think about 172 or 126 million individuals. That is a real positive to have that. And now we have visibility of where we expect that to come on. And as you know, the power in our business model is that when we add a new record or these 6 million records, we monetize them the next day because we're already getting the inquiries from our customers for them. So clearly, records in the second half is a positive. And ERC is kind of what it's going to be.

As you know, we added four partnerships in the fourth quarter. We added a bunch last year, but those four are coming on in the first half of the year. And then landing this large payroll processor with 6 million records. That's a lot of records to add when you think about 172 or 126 million individuals. That is a real positive to have that. And now we have visibility of where we expect that to come on. And as you know, the power in our business model is that when we add a new record or these 6 million records, we monetize them the next day because we're already getting the inquiries from our customers for them. So clearly, records in the second half is a positive. And ERC is kind of what it's going to be.

John W. Gamble: And then landing this large payroll processor with six million records. That's a lot of records to add when you think about 172 or 126 million individuals. That is a real positive to have that, and now we have visibility of where we expect that to go. And as you know, the power in our business model is that when we add a new record or six million records, we monetize them the next day because we're already getting inquiries from our customers for them. So clearly, records in the second half is a positive, and ERC is kind of what it's going to be. The Watsi piece is a timing impact. If the government forms didn't get fully implemented in the first quarter, that's going to be a benefit from that small backlog as we go through the second half. What else would you add, John?

Speaker Change: You know to add when you think about 170 to 126 million you know individuals' you know that is a real positive to have that and now we have visibility of where we expect that to come on and as you know the power in our business model is that you know when we add a new record or the 6 million records, we monetize over the next.

Speaker Change: Day, because we're already getting inquiries from our customers for them. So I clearly records in the second half is a is a positive and there was a you know ERC is kind of what it's going to be the Whatsapp piece. You know it was a little is a kind of a timing impact.

John W. Gamble: So clearly, records in the second half is a positive, and ERC is kind of what it's going to be. The Watsi piece is a timing impact. If the government forms didn't get fully implemented in the first quarter, that's going to be a benefit from that small backlog as we go through the second half. What else would you add, John?

Mark Begor: The USIS piece is a kind of a timing impact as the government forms didn't get fully implemented in Q1. That's going to be a benefit from that small backlog as we go through H2. What else would you add, John, around? I think talent moves back to growth again, which we think is very beneficial. You asked upfront about the pipeline for new contributors. We think the pipeline is very strong. What we've talked about is who we've closed. The pipeline is also strong, and there's opportunities for strengthen as we go through the year, and we would expect that it would, right? So we feel very good about the pipeline of new contributors, and it's growing as we continue to add more.

The USIS piece is a kind of a timing impact as the government forms didn't get fully implemented in Q1. That's going to be a benefit from that small backlog as we go through H2. What else would you add, John, around?

Speaker Change: Governments are forms didn't get fully implemented in the first quarter, that's going to be a benefit from that small backlog.

We go through the second half what else would you add John around the talent moves back up which we think is very beneficial or you asked upfront about the pipeline for for new contributors. We think the pipeline is very strong we've what we've talked about is who we've closed the pipeline is also strong and theres opportunities for Franklin as we go through the year and we would expect that it would.

John W. Gamble: I think talent moves back across ten, which we think is very beneficial. You asked upfront about the pipeline for new contributors. We think the pipeline is very strong. What we talked about is who we've closed. The pipeline is also strong and there's opportunities for strengthen as we go through the year. And we would expect that it would, right. So, we feel very good about the pipeline of new contributors and it's growing as we continue to add more.

John Gamble: I think talent moves back to growth again, which we think is very beneficial. You asked upfront about the pipeline for new contributors. We think the pipeline is very strong. What we've talked about is who we've closed. The pipeline is also strong, and there's opportunities for strengthen as we go through the year, and we would expect that it would, right? So we feel very good about the pipeline of new contributors, and it's growing as we continue to add more.

John W. Gamble: What we've talked about is who we've closed. The pipeline is also strong, and there's opportunities for it to strengthen as we go through the year, and we would expect that it would. So we feel very good about the pipeline of new contributors, and it's growing as we continue to add more. And maybe, Tony, I shared this earlier, but if you think about the 126 million individuals we have today in our data set for twins, there are 225 million out there.

What we've talked about is who we've closed. The pipeline is also strong, and there's opportunities for it to strengthen as we go through the year, and we would expect that it would. So we feel very good about the pipeline of new contributors, and it's growing as we continue to add more.

Speaker Change: Right. So so we feel very good about the pipeline of new contributors and it's growing as we continue to add more and maybe Tony I shared this earlier, but you know when you think about the 126 billion individuals we have today in our dataset for twin Theres 225 million out there. So we got 100 and about 100 million to go.

Mark Begor: Maybe, Tony, I shared this earlier, but if you think about the 126 million individuals we have today in our dataset for Twin, there's 225 million out there. So we got another 100 million to go. So there's a long runway for record growth. As John pointed out, we have a very active pipeline for Q2, Q3, and Q4. There's still a lot of momentum and enthusiasm for those that are not monetizing their records with Equifax to do so. And we have some exciting new products in EWS, some of which we've already talked about, which we think should drive growth again in the non-mortgage segments, generally in verifier, right? So again, we feel very good about the trend that you should be seeing as we go through the year and what that will deliver. Yeah. Great.

Mark W. Begor: And maybe, Toni, I shared this earlier, but you think about the 126 million individuals we have today in our data set for twin. There's 225 million out there, so we got 100 million to go, so there's a long runway for record growth and as John pointed out, we have a very active pipeline for second quarter, for third quarter, for fourth quarter. There's still a lot of momentum and enthusiasm for those that are not monetizing the records with equal crack to do so.

John W. Gamble: So we've got another 100 million to go. So there's a long runway for record growth. And as John pointed out, we have a very active pipeline for the second quarter, for the third quarter, for the fourth quarter. There's still a lot of momentum and enthusiasm for those that are not monetizing their records with Equifax to do so.

Speaker Change: So there's a there's a long runway for record growth and as John pointed out you know we've a very active pipeline for second quarter for third quarter for fourth quarter. You know, there's still a lot of momentum and enthusiasm for those that are not you know monetizing their records with equifax to do so.

John W. Gamble: And we have some exciting new products in EWS, some of which we've already talked about, which we think should drive growth, again, in the non-mortgage segments, generally in Verifier, right. So again, we feel very good about the trend that you should be seeing as we go through the year and what that will deliver. Great.

John W. Gamble: And it has some exciting new products in EWS, some of which we've already talked about, which we think should drive growth again in the non-mortgage segments, generally in verifier. So again, we feel very good about the trends that you should be seeing as we go through the year and that will deliver.

John Gamble: And we have some exciting new products in EWS, some of which we've already talked about, which we think should drive growth again in the non-mortgage segments, generally in verifier, right? So again, we feel very good about the trend that you should be seeing as we go through the year and what that will deliver.

Speaker Change: And we have some exciting new products in AWS, some of which we've already talked about which we think should drive growth again in the non mortgage segments generally in verifier right. So again, we feel very good about about the trend that you should be seeing as we go through the year and what that will that will deliver.

Toni Kaplan: Yeah. Great. Just as you think about the first four months of this year, basically, when you think about what you've seen in terms of consumer demand or lender appetite, you mentioned the strong employment persisting, and that's obviously good from a consumer credit standpoint. But just any sort of changes or trajectory that you've seen that either make you more constructive or just this is something we're watching?

Speaker Change: Yeah, Great and and just as you think about the first four months of this year you know.

Toni Kaplan: Yes. Great. And just as you think about the first four months of this year, basically when you think about what you've seen in terms of consumer demand or lender appetite, you mentioned strong employment persisting and that's obviously good from a consumer credit standpoint. But just any sort of changes or trajectory that you've seen, that either make you more constructive or this is something we're watching?

Mark Begor: Just as you think about the first four months of this year, basically, when you think about what you've seen in terms of consumer demand or lender appetite, you mentioned the strong employment persisting, and that's obviously good from a consumer credit standpoint. But just any sort of changes or trajectory that you've seen that either make you more constructive or just this is something we're watching? So far, what we've seen, I think, in terms of the broader markets other than mortgage, right? Obviously, mortgage, we guided, assuming a market that was consistent with run rates that we were seeing. As Mark said, I think expectations in the market were very different than that. We've seen probably the market expectations move toward where we started, maybe not quite to where we were, but moved in that direction.

Toni Michele Kaplan: And just as you think about the first four months of this year, you know, basically, when you think about what you've seen in terms of consumer demand or lender appetite, you mentioned the, you know, strong employment persisting, and that's obviously good from a, you know, consumer credit standpoint. But, like, any sort of changes or trajectory that you've seen that either make you more constructive or just this is something we're watching.

Lee when you think about what you've seen in terms of consumer demand or a lender appetite you mentioned you know strong employment persisting and that's obviously good from an Ah Ah you know consumer credit standpoint, but like just any any sort of changes or trajectory.

Speaker Change: That you've seen that either make you more constructive or are just this is something we're watching.

John W. Gamble: So far what we've seen, I think in terms of the broader markets other than mortgage, right. Obviously mortgage we guided and now assuming a market that was consistent with run rates that we were seeing. As Mark said, I think expectations in the market were very different than that. And we've seen probably the market expectations move toward where we started, maybe not quite to where we were, but moved in that direction. Other than that, right. I think the only market we talk about where we've seen a little weakness is in auto, and we have seen that was a little weaker than we expected. Other than that, generally speaking, I think the markets don't look that different than when we started the year. FI looks fairly good, right. So, I think we feel fairly good and we think things are operating consistent, generally speaking with where we started the year. The big impact on USIS non-mortgage that we've already talked about is our sales to other bureaus, right. And that, that was weaker than we thought, and we've now assumed that that'll continue.

John Gamble: So far, what we've seen, I think, in terms of the broader markets other than mortgage, right? Obviously, mortgage, we guided, assuming a market that was consistent with run rates that we were seeing. As Mark said, I think expectations in the market were very different than that. We've seen probably the market expectations move toward where we started, maybe not quite to where we were, but moved in that direction.

Speaker Change: Sure.

Speaker Change: Uh huh.

Speaker Change: So far what we've seen I think in terms of the broader market other than mortgage REIT, obviously mortgage we guided assuming a market that was consistent with run rates that we were seeing as Mark said I think expectations in the market, we're very different than that and we've seen probably the market expectations move toward where we started maybe not quite to where we were but moved in that direction.

Mark Begor: Other than that, right, I think the only market we've talked about where we've seen a little weakness is in auto, and we have seen that was a little weaker than we expected. Other than that, generally speaking, I think the markets don't look that different than when we started the year. FI looks fairly good, right? So I think we feel fairly good, and we think things are operating consistent, generally speaking, with where we started the year, right? The big impact on USIS non-mortgage that we've already talked about is our sales to other bureaus, right? And that was weaker than we thought, and we've now assumed that that'll continue. Thank you. Our next question is coming from Arthur Truslove from Citi. Your line is now live. Thank you very much. Good morning, your time.

Other than that, right, I think the only market we've talked about where we've seen a little weakness is in auto, and we have seen that was a little weaker than we expected. Other than that, generally speaking, I think the markets don't look that different than when we started the year. FI looks fairly good, right? So I think we feel fairly good, and we think things are operating consistent, generally speaking, with where we started the year, right? The big impact on USIS non-mortgage that we've already talked about is our sales to other bureaus, right? And that was weaker than we thought, and we've now assumed that that'll continue.

Speaker Change: Other than that I think the only market, we've talked about where we've seen a little weaknesses in auto and we have seen that was a little weaker than we expected other than that generally speaking I think the markets don't look that different than what when we started the year you know F. I looks fairly good right. So I think we we feel fairly good and we think things are operate.

Toni Michele Kaplan: And we have seen that it was a little weaker than we expected. Other than that, generally speaking, I think the markets don't look that different from when we started the year. You know, FI looks fairly good, right? So I think we feel fairly good. And we think things are operating consistently, generally speaking, with where we started the year, right. The big impact on USIF non-mortgage that we've already talked about is our sales to other bureaus, right? And that was weaker than we thought. And we've now assumed that that will continue.

John W. Gamble: So I think we feel fairly good. And we think things are operating consistently, generally speaking, with where we started the year, right. The big impact on USIF non-mortgage that we've already talked about is our sales to other bureaus, right? And that was weaker than we thought. And we've now assumed that that will continue.

Speaker Change: <unk> consistent generally speaking with where we started the year right.

The big impact on the U S. I S. Non mortgage at least that we've already talked about as our sales to other bureaus and that that was weaker than we thought and we've not assumed that that will continue.

John W. Gamble: And we've now assumed that that will continue. Our next question is coming from Arthur Trueslove from City. Your line is now live. Thank you very much. Good morning, your time.

And we've now assumed that that will continue.

Operator: Thank you. Our next question is coming from Arthur Truslove from Citi. Your line is now live.

Our next question is coming from Arthur Trueslove from City. Your line is now live. Thank you very much. Good morning, your time.

Operator: Thank you. Our next question is coming from Arthur Truslove from Citi. Your line is now live.

Speaker Change: Thank you. Our next question is coming from Arthur <unk> from Citi. Your line is now live.

Arthur Truslove: Thank you very much. Good morning, your time.

Arthur Truslove: Thank you very much. Good morning, [inaudible]. So, I guess the main question from me was, you're obviously saying that mortgage origination volumes were down 22%. I guess if I look at data from elsewhere, whether it's Fannie Mae, new acquisitions or MBA forecasts, it looks like they think volumes might been up certainly in January and February and maybe in the first quarter and certainly not down very much. I guess my question is sort of, how do you explain that gap between what these people seem to be seeing and what you've seen in terms of those originations? Thank you.

Arthur: Thank you very much good morning, your son.

Mark Begor: So I guess the main question for me was you're obviously saying that mortgage origination volumes were down 22%. I guess if I look at sort of data from elsewhere, whether it's Fannie Mae New Acquisitions or MBA Forecast, it looks like they think volumes might have been up, certainly in January and February, maybe in Q1, and certainly not down very much. I guess my question is sort of how do you explain that gap between what these people seem to be seeing and what you've seen in terms of those originations? Thank you. Yeah. So what we quote, right, is our inquiry. So we quote actual inquiry data on the credit bureau, right? And as a reminder, mortgage transactions require a tri-bureau pull. So we and our peers see every transaction, right? We know there's third parties that estimate originations. They don't know what they are.

So I guess the main question for me was you're obviously saying that mortgage origination volumes were down 22%. I guess if I look at sort of data from elsewhere, whether it's Fannie Mae New Acquisitions or MBA Forecast, it looks like they think volumes might have been up, certainly in January and February, maybe in Q1, and certainly not down very much. I guess my question is sort of how do you explain that gap between what these people seem to be seeing and what you've seen in terms of those originations? Thank you.

Arthur Trueslove: So I guess the main question for me was, you're obviously saying that mortgage origination volumes were down 22%. But I guess if I look at sort of data from elsewhere, whether it's Fannie Mae's new acquisitions or MBA forecasts, it looks like they think volumes might have been up, certainly in January and February, and maybe in the first quarter, and certainly not down very much. I guess my question is, sort of how do you explain that gap between what these people seem to be seeing and what you've seen in terms of those originations? Thank you.

Arthur: So I guess the main question for me was you're obviously, saying that mortgage origination volumes were down 22%.

Arthur: I guess, if I look at data from elsewhere, whether it's finding new acquisitions or M. B I forecast it looks like they think volumes might been up suddenly in January and February and maybe in the first quarter and certainly not down very much I guess my question is sort of how do you explain like gap between these.

Arthur: People seem to be saying on what you've seen in terms of those originations. Thank you.

John Gamble: Yeah. So what we quote, right, is our inquiry. So we quote actual inquiry data on the credit bureau, right? And as a reminder, mortgage transactions require a tri-bureau pull. So we and our peers see every transaction, right? We know there's third parties that estimate originations. They don't know what they are.

Mark W. Begor: Yeah, so what we quote, right, is our inquiry. So we quote actual inquiry data from the credit bureau, right? And as a reminder, mortgage transactions require a tribe euro poll. So we and our peers see every transaction, right? We know there are third parties that estimate originations; they don't know what they are; they're doing surveys and estimating a number. And we don't use that number or try to explain the difference between inquiries, which are actuals, as of the day that we give them right. And, and what you're seeing from third-party groups that are doing estimations. So, when we're talking about mortgage inquiries in the first quarter and our estimation of mortgage inquiries for the year, it's based on actuals and what we can see transacted. But just following up on that, so obviously inquiries are earlier in the process than inventions.

Mark W. Begor: Yes. So, what we quote, right. Is our inquiry. So, we quote actual inquiry data on the credit bureau. And as a reminder, mortgage transactions require tri-bureau pole. So, we and our peers see every transaction. We know there's third parties that estimate originations. They don't know what they are. They're doing surveys and estimating a number, and we don't use that number or try to explain the difference between inquiries, which are actuals as of the day that we give them and what you're seeing from third party groups that are doing estimations. So, when we're talking about mortgage inquiries in the first quarter and our estimation of mortgage inquiries for the year, it's based on actuals and what we can see transacting.

Speaker Change: Yeah, So what we what we quote right as our inquiries. So we quote actual inquiry data on the credit Bureau, right and as a reminder, our mortgage transactions require a Tri Bureau poll, so we and our peers see every transaction right.

John W. Gamble: We know there are third parties that estimate originations; they don't know what they are; they're doing surveys and estimating a number. And we don't use that number or try to explain the difference between inquiries, which are actuals, as of the day that we give them right. And, and what you're seeing from third-party groups that are doing estimations. So, when we're talking about mortgage inquiries in the first quarter and our estimation of mortgage inquiries for the year, it's based on actuals and what we can see transacted. But just following up on that, so obviously inquiries are earlier in the process than inventions.

Speaker Change: We know there's third parties that estimate originations. They don't know what they are they're doing surveys and estimating a number.

Mark Begor: They're doing surveys and estimating a number. We don't use that number or try to explain the difference between inquiries, which are actuals as of the day that we give them, right? And what you're seeing from third-party groups that are doing estimations, right? So when we're talking about mortgage inquiries in the Q1 and our estimation of mortgage inquiries for the year, it's based on actuals and what we can see transacting. But just following up on that, so obviously, inquiries are earlier in the process than origination. I was referring more to the origination side within the Workforce Solutions business. I guess my question was, is essentially, are you losing share there, whether to manual activity or to other participants in the market?

They're doing surveys and estimating a number. We don't use that number or try to explain the difference between inquiries, which are actuals as of the day that we give them, right? And what you're seeing from third-party groups that are doing estimations, right? So when we're talking about mortgage inquiries in the Q1 and our estimation of mortgage inquiries for the year, it's based on actuals and what we can see transacting.

Speaker Change: And we don't use that number or tried to explain the difference between inquiries, which are actuals as of the day that we give them right and and what you're seeing from third party groups that are doing explanations right.

Speaker Change: So when we're talking about a mortgage inquiries in the first quarter and our and our estimation of mortgage inquiries for the year, it's based on actuals and what we can see transacting.

Arthur Truslove: But just following up on that, so obviously, inquiries are earlier in the process than origination. I was referring more to the origination side within the Workforce Solutions business. I guess my question was, is essentially, are you losing share there, whether to manual activity or to other participants in the market?

Arthur Truslove: But just following up on that. So, if obviously inquiries are earlier in the process than originations. So, I was referring more to the origination side within the Workforce Solutions business. And I guess my question was essentially, are you losing share there, whether to manual activity or to other participants in the market? Because on the sort of origination side, it looks like the third-party data providers offset are forecasting significantly better trends than what you printed. So, I guess I was trying to understand whether you -

Speaker Change: But just following up on that so if you. So obviously inquiries oh theyre in the process than originations. So I was referring more to the origination side within the workforce solutions business and I guess my question was is essentially are you, losing some of the weather too.

Arthur Trueslove: So I was referring more to the origination side within the workforce solutions business. And I guess my question was, essentially, are you losing share there, whether to manual activity or to other participants in the market? Because on the sort of origination side, it looks like the third-party data providers. Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey, That's how it's reported.

So I was referring more to the origination side within the workforce solutions business. And I guess my question was, essentially, are you losing share there, whether to manual activity or to other participants in the market? Because on the sort of origination side, it looks like the third-party data providers. Unknown Attendee, Kevin McVeigh, Heather Balsky, Simon Clinch, Kyle Peterson, Andrew Jeffrey,

Manual activity or to other participants in the market because on the sort of origination side. It looks like the fed policy types of providers.

Mark Begor: Because on the sort of origination side, it looks like the third-party data providers are forecasting significantly better trends than what you've printed. So I guess I was trying to understand whether you're. Maybe a couple of things is that the data I think you're looking at and we look at too, we found historically to be too optimistic. And as you know, mortgage originations, we don't see in the industry, don't see except on a six-month lag, right? That's how it's reported. It doesn't show up. And what you're looking at is surveys.

Because on the sort of origination side, it looks like the third-party data providers are forecasting significantly better trends than what you've printed. So I guess I was trying to understand whether you're.

Speaker Change: Full costing significantly better trends than what you printed so I guess I'm just trying to understand whether you can maybe maybe a couple of things is that the the data I think youre looking at it we look at two we found historically to be too optimistic.

Mark Begor: Maybe a couple of things is that the data I think you're looking at and we look at too, we found historically to be too optimistic. And as you know, mortgage originations, we don't see in the industry, don't see except on a six-month lag, right? That's how it's reported. It doesn't show up. And what you're looking at is surveys.

Speaker Change: Mortgage originations, we don't see the industry don't see except on a six month lag.

Mark W. Begor: Maybe a couple of things, is this the data I think you're looking at and we look at too, we found historically to be too optimistic. Mortgage originations we don't see and the industry don't see except on a six month lag. That's how it's reported. It doesn't show up. And what you're looking at is surveys. These are surveys where MBA and others will go out to some of the participants and say, what do you think mortgage originations are going to be? And some of those were done probably back in February or March when the expectation was of Fed rate cuts, maybe in second quarter, which obviously doesn't feel like that's how the Fed's signaling today. So, there's a lot of change in that. When we look back historically at actual originations, which again are on a six month lag compared to our inquiry activity, there's a strong alignment with it, so we don't see it differing. And what we've done for a decade is use our mortgage inquiries as a proxy for the market because that's what we see. And then trying to share with you how we're doing versus the market, which is our mortgage outperformance typically. And what it has been. Not typically, but it has been meaning how far do we grow above the market from price product in the case of EWS records or penetration into either USIS or twin customers.

John W. Gamble: And what you're looking at are surveys. These are surveys where MBA and others will go out to some of the participants and say, "What do you think mortgage originations are going to be?" And some of those were done probably back in February or March, when the expectation was that rate cuts may be in the second quarter, which obviously doesn't feel like that's how the Fed's signaling today. So there's a lot of change in that. When we look back historically at actual originations, which again are on a six month lag compared to our inquiry activity, there's a strong alignment with it, so we don't see it differing. And what we've done for a decade is use our mortgage inquiries as a proxy for the market because that's what we see. And then trying to share with you how we're doing versus the market, which is our mortgage outperformance typically, and what it has been, not typically, but it has been, meaning how far we grow above the market from price, in the case of EWS records, or penetration into either USIS or twin customers.

Speaker Change: Right. That's how it's reported it doesn't show up and what Youre looking at is surveys.

Mark Begor: These are surveys where MBA and others will go out to some of the participants and say, "What do you think mortgage originations are going to be?" And some of those were done probably back in February or March when the expectation was of Fed rate cuts maybe in second quarter, which obviously doesn't feel like that's how the Fed's signaling today. So there's a lot of change in that. When we look back historically at actual originations, which again are on a six-month lag compared to our inquiry activity, there's a strong alignment with it. So we don't see it differing. And what we've done for a decade is use our mortgage inquiries as a proxy for the market because that's what we see.

These are surveys where MBA and others will go out to some of the participants and say, "What do you think mortgage originations are going to be?" And some of those were done probably back in February or March when the expectation was of Fed rate cuts maybe in second quarter, which obviously doesn't feel like that's how the Fed's signaling today. So there's a lot of change in that. When we look back historically at actual originations, which again are on a six-month lag compared to our inquiry activity, there's a strong alignment with it. So we don't see it differing. And what we've done for a decade is use our mortgage inquiries as a proxy for the market because that's what we see.

Speaker Change: These are surveys where M b, a and others will go out to some of the participants and say what do you think mortgage originations are gonna be and some of those were done probably back in February or March when.

Speaker Change: When the expectation was of fed rate cuts maybe in in second quarter, which obviously doesn't feel like that is how the fed signaling today. So there's a lot of change in that when we look back historically, our actual originations, which again are out a six month lag compared to our inquiry activity there.

Speaker Change: As a strong alignment with it you know.

Speaker Change: So we don't see it at deferring and what we've done for a decade.

John W. Gamble: And what we've done for a decade is use our mortgage inquiries as a proxy for the market because that's what we see. And then trying to share with you how we're doing versus the market, which is our mortgage outperformance typically, and what it has been, not typically, but it has been, meaning how far we grow above the market from price, in the case of EWS records, or penetration into either USIS or twin customers. And if you take a look at the twin inquiries that we discussed, as well as compare them to credit, Somewhat similar, and they tend to be moving directionally together.

And what we've done for a decade is use our mortgage inquiries as a proxy for the market because that's what we see. And then trying to share with you how we're doing versus the market, which is our mortgage outperformance typically, and what it has been, not typically, but it has been, meaning how far we grow above the market from price, in the case of EWS records, or penetration into either USIS or twin customers.

Is use our mortgage inquiries as a proxy for the market because that's what we see and then trying to share with you how we're doing versus the market, which is our mortgage outperformance typically and what it has been not typically but it has been meaning how far do we grow above the market price product in the case of.

Mark Begor: And then trying to share with you how we're doing versus the market, which is our mortgage outperformance typically, and what it has been, not typically, but it has been meaning how far do we grow above the market from price product in the case of EWS records or penetration into either USIS or Twin customers. And if you take a look at the Twin inquiries that we discussed, as well as compare them to credit, somewhat similar. And they tend to be moving directionally together. So that's something we look at closely to see how they're moving together because we know in one case, credit, we see all the transactions because it's mandated, right?

And then trying to share with you how we're doing versus the market, which is our mortgage outperformance typically, and what it has been, not typically, but it has been meaning how far do we grow above the market from price product in the case of EWS records or penetration into either USIS or Twin customers.

Speaker Change: Ws records or penetration.

Speaker Change: Into either U S I S or twin customers.

John W. Gamble: And if you take a look at the twin inquiries that we discussed, as well as compare them to credit, somewhat similar, and they tend to be moving directionally together. So, that's something we look at closely to see how they're moving together. Because we know in one case credit, we see all the transactions because it's mandated, right. So, when we think about looking at trends and trends in EWS, we try to compare them a little bit to USIS, so that we can - that's our best judge for how things are trending across both businesses.

John Gamble: And if you take a look at the Twin inquiries that we discussed, as well as compare them to credit, somewhat similar. And they tend to be moving directionally together. So that's something we look at closely to see how they're moving together because we know in one case, credit, we see all the transactions because it's mandated, right?

Speaker Change: And if you take a look at the twin inquiries that we discussed as well as compare them to credit.

Speaker Change: Somewhat similar and they tend to be moving directionally together. So that's something we look at closely to see what how they are moving together because we know in one case a credit we see all the transactions because it's mandated right. So so when we think about looking at trends and trends in AWS, we try to compare them a little bit the U S. I S. So that we can see that that's.

John W. Gamble: So that's something we look at closely to see how they're moving together because, in one case, credit, we see all the transactions because it's mandated, right? So when we think about looking at trends and trends in EWS, we try to compare them a little bit to USIS so that we can, that's our best judge for how things are trending across both. Thank you.

So that's something we look at closely to see how they're moving together because, in one case, credit, we see all the transactions because it's mandated, right? So when we think about looking at trends and trends in EWS, we try to compare them a little bit to USIS so that we can, that's our best judge for how things are trending across both.

Mark Begor: So when we think about looking at trends and trends in EWS, we try to compare them a little bit to USIS so that we can see that's our best judge for how things are trending across both businesses. Thank you. That's very helpful. Thank you. Our next question today is coming from George Tong from Goldman Sachs. Your line is now live. Hi, thanks. Good morning. Within your workforce solutions business, can you talk a little bit about what you're seeing around customer price sensitivity and overall competition in the quarter, and the impact that these might have had on EWS growth? Yeah, two different questions. The first one on so-called price sensitivity, and I would say universally, nobody likes price. Nobody likes a price increase. So from a sensitivity standpoint, there's always challenges in any of our verticals when we go out to take price up.

So when we think about looking at trends and trends in EWS, we try to compare them a little bit to USIS so that we can see that's our best judge for how things are trending across both businesses.

Our best Judge for how things are trending across both businesses.

Arthur Truslove: Thank you. That's very helpful.

Craig Huber: Thank you. That's very helpful.

Keen Fai Tong: That's very helpful. Your next question today is coming from George Tong from Goldman Sachs. Your line is now live. Hi, thanks. Good morning.

That's very helpful.

Your next question today is coming from George Tong from Goldman Sachs. Your line is now live. Hi, thanks. Good morning.

Operator: Thank you. Our next question today is coming from George Tong from Goldman Sachs. Your line is now live.

Speaker Change: Thank you that's very helpful.

Operator: Thank you. Our next question today is coming from George Tong from Goldman Sachs. Your line is now live.

Speaker Change: Thank you. Our next question today is coming from George Tong from Goldman Sachs. Your line is now live.

George Tong: Hi, thanks. Good morning. Within your workforce solutions business, can you talk a little bit about what you're seeing around customer price sensitivity and overall competition in the quarter, and the impact that these might have had on EWS growth?

George K. Tong: Hi, thanks. Good morning. Within your Workforce Solutions business, can you talk a little bit about what you're seeing around customer price sensitivity and overall competition in the quarter and impact that these might have had on EWS growth?

Keen Fai Tong: Alright, thanks, good morning.

Mark W. Begor: Within your workforce solutions business, can you talk a little bit about what you're seeing around customer price sensitivity and overall competition in the quarter and the impact that these might have had on EWS growth? Yeah, two different questions. You know, the first one on so-called price sensitivity, and I would say universally, nobody likes prices. Nobody likes a price increase. So, you know, from a sensitivity standpoint, there are always challenges in any of our verticals when we go out to take prices up, but our customers understand the value of our data and the uniqueness of our data.

Within your workforce solutions business, can you talk a little bit about what you're seeing around customer price sensitivity and overall competition in the quarter and the impact that these might have had on EWS growth?

Keen Fai Tong: Within your workforce solutions business can you talk a little bit about what you're seeing around customer price sensitivity and overall competition in the quarter and the impact that these might have had on AWS growth.

Mark Begor: Yeah, two different questions. The first one on so-called price sensitivity, and I would say universally, nobody likes price. Nobody likes a price increase. So from a sensitivity standpoint, there's always challenges in any of our verticals when we go out to take price up.

Mark W. Begor: Yes. Two different questions. The first one on so-called price sensitivity and I would say universally, nobody likes price, nobody likes a price increase. So, from a sensitivity standpoint, there's always challenges in any of our verticals when we go out to take price up. But our customers understand the value of our data and the uniqueness of our data. So, those are conversations that we work through, and we work hard to try to be balanced around what we do on price. And as you know, price is only one lever that we use at Equifax. Product is a big part of how we go to market. And product for us, you got to think about, is really bringing more ROI or value to our customer’s penetration into our verticals. We have big white space and lots of verticals, particularly in Workforce Solutions, where we're converting from manual to our instant solution. And then, of course, price.

Keen Fai Tong: There are two different questions. The first one on so called price sensitivity and I would say universally nobody likes price.

Keen Fai Tong: Nobody likes a price increase so you know from.

Keen Fai Tong: From a sensitivity standpoint, there's always challenges in any of our verticals. When we go out to take price up but our customers understand the value of our data and the uniqueness of our data.

Mark Begor: But our customers understand the value of our data and the uniqueness of our data. Those are conversations that we work through. We work hard to try to be balanced around what we do on price. As you know, price is only one lever that we use at Equifax. Product is a big part of how we go to market. Product for us, you got to think about is really bringing more ROI or value to our customers. Penetration into our verticals. We have big white space in lots of verticals, particularly in workforce solutions, where we're converting from manual to our instant solution. Then, of course, price. Competition maybe is a different question. We think we have a very strong market position. We don't feel an impact from the one or two participants that have much smaller businesses in income and employment.

But our customers understand the value of our data and the uniqueness of our data. Those are conversations that we work through. We work hard to try to be balanced around what we do on price. As you know, price is only one lever that we use at Equifax. Product is a big part of how we go to market. Product for us, you got to think about is really bringing more ROI or value to our customers. Penetration into our verticals. We have big white space in lots of verticals, particularly in workforce solutions, where we're converting from manual to our instant solution. Then, of course, price. Competition maybe is a different question. We think we have a very strong market position. We don't feel an impact from the one or two participants that have much smaller businesses in income and employment.

Mark W. Begor: You know, those are conversations that we work through, and we work hard to try to be balanced around what we do on price. And, as you know, price is only one lever that we use at Equifax. Product is a big part of how we go to market, and product for us, you got to think about really bringing, you know, more ROI or value to our customers. Penetration into our verticals, we have big white space in lots of verticals, particularly in workforce solutions, where we're converting from a manual to our instant solution. And then, of course, price.

Keen Fai Tong: So you know those are conversations that we work through and we work hard to try to be balanced.

Keen Fai Tong: And what we do on price and as you know price is only one lever that we use at equifax our product is a big part of how we go to market and product for US you've got to think about is really bringing more ROI or value to our customers penetration into our verticals, we have big white space and lots of verticals, particularly in workforce solutions, where we're at.

Keen Fai Tong: Converting from a manual to our instant solution and then of course our of course price competition. Maybe has a different question. You know we think we have a very strong market position, we don't feel an impact.

Mark W. Begor: And then, of course, price. Competition maybe is a different question. You know, we think we have a very strong market position. We don't feel an impact, you know, from the one or two participants that have much smaller businesses, you know, in income and employment. Frankly, we think about our biggest competitor in EWS and income and employment is manual verifications. You know, that's really the white space.

And then, of course, price.

Mark W. Begor: Competition maybe is a different question, you know, we think we have a very strong market position. We don't feel an impact, from the one or two participants that have much smaller businesses, in income and employment. Frankly, we think about our biggest competitor in EWS and income and employment is manual verifications. That's really the white space. And when you see the TAM, we had a TAM chart for government this quarter, and then we had a TAM for the whole business in last quarter's deck. That white space between our revenue and the TAM is all manual verifications. And our focus is on delivering our digital solution and driving penetration in there.

Keen Fai Tong: From the one or two participants that have much smaller businesses. You know are you didn't come in employment frankly, we think about our biggest competitor in AWS and income and employment is manual verifications. So that's really the white space and when you see the Tam we have a Tam chart for government this quarter and then we had.

Mark Begor: Frankly, we think about our biggest competitor in EWS, income, and employment is manual verifications. That's really the white space. And when you see the TAM, we had a TAM chart for government this quarter, and then we had a TAM for the whole business in last quarter's deck. That white space between our revenue and the TAM is all manual verifications. And our focus is on delivering our digital solution and driving penetration in there. Got it. That's helpful. And I wanted to go back to your medium-term mortgage outlook. At this point, what proportion of mortgages have rates below 5% based on what you see? And how much would rates need to fall for mortgage volumes to go back to pre-COVID levels? That's a very hard question to answer. The second half, in particular. First half, I don't have it at my fingertips. We have that.

Frankly, we think about our biggest competitor in EWS, income, and employment is manual verifications. That's really the white space. And when you see the TAM, we had a TAM chart for government this quarter, and then we had a TAM for the whole business in last quarter's deck. That white space between our revenue and the TAM is all manual verifications. And our focus is on delivering our digital solution and driving penetration in there.

Mark W. Begor: And when you see the TAM, we had a TAM chart for government this quarter, and then we had a TAM for the whole business in last quarter's deck. That white space between our revenue and, you know, the TAM is all manual verifications. And, you know, our focus is on delivering our digital solution and driving that penetration.

Keen Fai Tong: The Tam for the whole business and last quarter's deck.

Keen Fai Tong: That white space between our revenue and our you know the Tam you know is all manual Verifications and you know our focus is on delivering our digital solution and driving up penetration in there.

George Tong: Got it. That's helpful. And I wanted to go back to your medium-term mortgage outlook. At this point, what proportion of mortgages have rates below 5% based on what you see? And how much would rates need to fall for mortgage volumes to go back to pre-COVID levels?

George K. Tong: That's helpful. And I wanted to go back to your medium-term mortgage outlook. At this point, what proportion of mortgages have rates below 5% based on what you see? And how much would rates need to fall for mortgage volumes to go back to pre-COVID levels? That's a very hard question to answer. The second half, in particular, and the first half, I don't have at my fingertips.

George K. Tong: Got it. That's helpful. And I wanted to go back to your medium term mortgage outlook at this point, what proportion of mortgages have rates below 5% based on what you see? And how much would rates need to fall for mortgage volumes to go back to pre-COVID levels?

Speaker Change: Got it that's helpful. And then I wanted to go back to your medium term mortgage outlook.

Speaker Change: At this point, what proportion of mortgages have rates below 5% based on what you see and how much would rates need to fall for mortgage volumes to go back to pre COVID-19 levels.

Mark Begor: That's a very hard question to answer. The second half, in particular. First half, I don't have it at my fingertips. We have that.

Mark W. Begor: That's a very hard question to answer. The second half in particular, first half I don't have at my fingertips. We have that. And you can reach out to Trevor or Sam, and they can help us. I think there's public data out there on that. You know, it's very available on the number of mortgages below 5%. When we think about a mortgage recovery, we think about it being multifaceted and actually mostly driven by purchase. The purchase activity has come down dramatically as what I would call as normal refis. And as you know, there's two types of refis that happen. There's rate refis when the rate decrease, which I think is your 5% point. But there's going to be some level of consumers when rates go down to 5% to 4%, whatever the rates go to, of rate refis. There's also a large number of cash out refis. There's something like $29 trillion or almost $30 trillion of untapped equity in consumers’ homes. And there's typically a fairly steady amount of cash out refis that happened.

Speaker Change: That's a very hard question to answer the.

Speaker Change: The second half in particular first half I don't have at my fingertips, we have that and you can reach out to Trevor Sam and they can help it I think there's public data out there on that you know, it's very very available on the number of mortgages below 5% when we think about a mortgage recovery.

Mark W. Begor: We have that. And you can reach out to Trevor or Sam, and they can help. I think there's public data out there on that. You know, it's very available on the number of mortgages below 5%. When we think about a mortgage recovery, we think about it being multifaceted and actually mostly driven by purchase. However, purchase activity has come down dramatically, as has what I would call normal refis. And as you know, there are two types of refis that happen.

Mark Begor: You can reach out to Trevor or Sam, and they can help. I think there's public data out there on that. It's very available on the number of mortgages below 5%. When we think about a mortgage recovery, we think about it being multifaceted and actually mostly driven by purchase. The purchase activity has come down dramatically, as has what I would call is normal refis. And as you know, there's two types of refis that happen. There's rate refis when there's a rate decrease, which I think is your 5% point. So there's going to be some level of consumers when rates go down to 5 to 4, whatever the rates go to of rate refis. There's also a large number of cash-out refis. There's something like $29 or almost $30 trillion of untapped equity in consumers' homes.

You can reach out to Trevor or Sam, and they can help. I think there's public data out there on that. It's very available on the number of mortgages below 5%. When we think about a mortgage recovery, we think about it being multifaceted and actually mostly driven by purchase. The purchase activity has come down dramatically, as has what I would call is normal refis. And as you know, there's two types of refis that happen. There's rate refis when there's a rate decrease, which I think is your 5% point. So there's going to be some level of consumers when rates go down to 5 to 4, whatever the rates go to of rate refis. There's also a large number of cash-out refis. There's something like $29 or almost $30 trillion of untapped equity in consumers' homes.

Speaker Change: We think about it being multifaceted and actually mostly driven by purchase.

Speaker Change: The purchase activity has come down dramatically as has what I would call as normal refis.

Speaker Change: And as you know there's two types of Refis that happened there's rate Refis win it's a rate decrease which I think is your 5% points. So theres going to be some level of consumers when rates go down to you know five to or you know whatever the rates go to rate Refis Theres also a large number of cash out refis.

Mark W. Begor: There's rate refis when there's a rate decrease, which I think is your 5 percent point. So there's going to be some level of consumers when rates go down to, you know, 5 to 4, you know, whatever the rates go to. There's also a large number of cash-out refis. There is something like $29 trillion or almost $30 trillion of untapped equity in consumers' homes. And there's typically a fairly steady amount of cash-out refis that happen, but those have been pulled back.

There's rate refis when there's a rate decrease, which I think is your 5 percent point. So there's going to be some level of consumers when rates go down to, you know, 5 to 4, you know, whatever the rates go to. There's also a large number of cash-out refis. There is something like $29 trillion or almost $30 trillion of untapped equity in consumers' homes. And there's typically a fairly steady amount of cash-out refis that happen,

Speaker Change: There's something like a 29% almost 30 trillion dollars of untapped equity in consumers' homes, and there's typically a fairly steady amount of of cash out refis that happened that was had been pulled back there's still some happening, but they've been pulled back meaningfully from what we would characterize as normal.

Mark Begor: There's typically a fairly steady amount of cash-out refis that happen. Those have been pulled back. There's still some happening, but they've been pulled back meaningfully from what we would characterize as normal because of the rapid increase in rates. And then purchase is a very big part of the mortgage business, and that's the one that's been curtailed more. There's just not a lot of housing stock for sale. Consumers are not putting, although it's starting to pick up, but consumers are holding off upgrading from that two-bedroom condo to the three-bedroom house or going from a rental property into an owned home. We would expect as rates stabilize, which they really have in the last outside of the increase of 20 basis points in the last couple of weeks, but they've kind of stabilized at this higher level.

There's typically a fairly steady amount of cash-out refis that happen. Those have been pulled back. There's still some happening, but they've been pulled back meaningfully from what we would characterize as normal because of the rapid increase in rates. And then purchase is a very big part of the mortgage business, and that's the one that's been curtailed more. There's just not a lot of housing stock for sale. Consumers are not putting, although it's starting to pick up, but consumers are holding off upgrading from that two-bedroom condo to the three-bedroom house or going from a rental property into an owned home. We would expect as rates stabilize, which they really have in the last outside of the increase of 20 basis points in the last couple of weeks, but they've kind of stabilized at this higher level.

Mark W. Begor: Those have been pulled back. There's still some happening, but they've been pulled back meaningfully from what we would characterize as normal because of the rapid increase in rates. And then, purchase is a very big part of the mortgage business, and that's the one that's been curtailed more. There's just not a lot of housing stocks for sale. Consumers are not putting, although it's starting to pick up, but consumers are holding off upgrading from that two bedroom condo to the three bedroom house, or going from a rental property into an owned home. We would expect as rates stabilize, which they really have in the last, outside of the increase of 20 bps in the last couple of weeks, that they've kind of stabilized at this higher level.

Mark W. Begor: There's still some going on, but they've been pulled back meaningfully from what we would characterize as normal because of the rapid increase in rates. And then purchase is a very big part of the mortgage business, and that's the one that's been curtailed more. There's just not a lot of housing stock for sale. Consumers are not putting, although it's starting to pick up, but consumers are holding off upgrading from that two-bedroom condo to the three-bedroom house, you know, or going from a rental property into an owned home. We would expect as rates stabilize, which they really have in the last, outside of the increase of 20 bps in the last couple of weeks, that they've kind of stabilized at this higher level.

Speaker Change: The rapid increase in our in our rates and purchases a very big part of the mortgage business and that's the one that's been curtailed more there's just not a lot of housing stock for sale consumers are not putting although it's starting to pick up.

Speaker Change: But consumers are holding off upgrading from that two bedroom.

Speaker Change: Condo to the three bedroom house.

Speaker Change: Or going from a rental property into an owned home, we would expect as rates stabilize which they really have in the last the outside of the increase of 20 bps in the last couple of weeks that they've kind of stabilized at this higher level, but the combination.

Mark W. Begor: We would expect as rates stabilize, which they really have in the last, outside of the increase of 20 bps in the last couple of weeks, that they've kind of stabilized at this higher level. But the combination of stabilization and then some level of reduction as the Fed takes rates down is what we think will be the stimulus for, you know, activity moving forward. Over the medium term, you know, pick your, you can call it long or medium term, but meaning 24, 25, 26, 27, you know, we would expect inflation to get under control.

We would expect as rates stabilize, which they really have in the last, outside of the increase of 20 bps in the last couple of weeks, that they've kind of stabilized at this higher level.

Mark Begor: But the combination of stabilization and then some level of reduction as the Fed takes rates down is, we think, will be the stimulus for activity moving forward. Over the medium term, pick your, you can call it longer medium term, but meaning 2024, 2025, 2026, 2027, we would expect inflation to get under control. We would expect the Fed to take rates down, likely not to where they were during the COVID timeframe, but back down to more historic normal levels in order to boost economic activity. And we think that's going to be a stimulus to start driving our mortgage revenue into that $1 billion of opportunity as we return to 2015 to 2019 levels. Thank you. We reached the end of our question and answer session. I'd like to turn the floor back over to Trevor for any further closing comments. Yep.

But the combination of stabilization and then some level of reduction as the Fed takes rates down is, we think, will be the stimulus for activity moving forward. Over the medium term, pick your, you can call it longer medium term, but meaning 2024, 2025, 2026, 2027, we would expect inflation to get under control. We would expect the Fed to take rates down, likely not to where they were during the COVID timeframe, but back down to more historic normal levels in order to boost economic activity. And we think that's going to be a stimulus to start driving our mortgage revenue into that $1 billion of opportunity as we return to 2015 to 2019 levels.

Mark W. Begor: But the combination of stabilization and then some level of reduction as the Fed takes rates down is, we think will be the stimulus for, activity moving forward over the medium term, pick your - you can call it long or medium term, but meaning '24, '25, '26, '27 we would expect inflation to get under control. We would expect the Fed to take rates down, likely not to where they were during the COVID timeframe, but back down to more historic normal levels in order to boost economic activity. And we think that's going to be a stimulus to start driving our mortgage revenue into that $1.1 billion of opportunity as we return to 2015 to 2019 levels.

Speaker Change: Foundation of stabilization and then some level of reduction as the fed takes rates down as we think will be the stimulus for.

Speaker Change: Activity moving forward.

Speaker Change: Over the medium term you know pick your even called long or medium term, but beating 'twenty four 'twenty five 'twenty six 'twenty seven you know we would expect inflation to get under control. We would expect the fed to take rates down likely not to where they were during the COVID-19 time frame, but back down to more historic normal levels in order to boost economic.

Mark W. Begor: We would expect the Fed to take rates down, likely not to where they were during the COVID timeframe but back down to more, you know, historic normal levels in order to boost economic activity. We think that's going to be a stimulus to start driving our mortgage revenue into that billion of opportunity as we return to 2015 levels.

Speaker Change: Vic activity and we think that's going to be a stimulus to start.

Speaker Change: Driving our mortgage revenue ended at 1 billion one of our you know opportunity as we returned to 2015 and 19 levels.

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

Trevor Burns: When we reach the end of our question and answer session, I'd like to turn the floor back over to Trevor for any further questions. Thanks, everybody, for your time today. If you have any follow-up questions, you can reach out to me. And Sam will be around today and tomorrow to discuss things. Thanks a lot. Today's teleconference webcast. Connect your line at this time and have a, Thank you for your participation.

Operator: Thank you. We reached end of our question-and-answer session. I'd like to turn the floor back over to Trevor for any further closing comments.

Speaker Change: Yeah.

Speaker Change: Thank you we reached end of our question and answer session I would like to turn the floor back over to cover for any further closing comments.

Trevor Burns: Yep. Thanks, everybody, for your time today. If you have any follow-up questions, you can reach out to me and Sam. We'll be around today and tomorrow. Give us a buzz. Thanks a lot.

Thanks, everybody, for your time today. If you have any follow-up questions, you can reach out to me. And Sam will be around today and tomorrow to discuss things. Thanks a lot. Today's teleconference webcast. Connect your line at this time and have a, Thank you for your participation.

Trevor Burns: Yes. Thanks, everybody, for your time today. Do you have any follow-up questions you can reach out to me and Sam. We’ll be around today and tomorrow to discuss. Thanks a lot.

Speaker Change: Hum.

Mark Begor: Thanks, everybody, for your time today. If you have any follow-up questions, you can reach out to me and Sam. We'll be around today and tomorrow. Give us a buzz. Thanks a lot. Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

Thanks, everybody for your time today.

Speaker Change: Follow up questions you can reach out to me and Sam will be around today and tomorrow.

Speaker Change: This pause on slot.

Operator: Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

Operator: Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

Speaker Change: Thank you that does conclude today's teleconference and webcast you may disconnect. Your lines at this time and have a wonderful day, we thank you for your participation today.

Speaker Change: Okay.

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