On this page of StockholderLetter.com we present the latest annual shareholder letter from EQUIFAX INC — ticker symbol EFX. Reading current and past EFX letters to shareholders can bring important insights into the investment thesis.
EFX.AI
Innovating
Innovating with
with
artificial intelligence
to help
to
help move
move
people
forward
people forward
2023
Annual Report
Report
2023 Annual
Letter to Shareholders
0DUN /  )HLGOHU
Independent Chairman
of the Board of Directors
0DUN :  %HJRU
&KLHI ([HFXWLYH 2  FHU
Shareholders
TO
OUR
     ZDV DQ HQHUJL]LQJ \HDU IRU WKH 1HZ (TXLID[  As
we move closer to completing the Equifax Cloud    we
are pivoting from building to leveraging our new Cloud
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for customers and consumers in each of the 24 markets we
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celebrating a culture of continuous innovation as the New
Equifax that drives top and bottom line growth and delivers
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Letter to Shareholders
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strong results while executing on our Cloud customer migrations and overall cost
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$5.3B
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business, delivering annual
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mortgage revenue growth
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to lead in NPI development,
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and grew the number of current
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$1.2B
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U.S. Information Solutions
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from 2022, which was driven by
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business performance, led by
strong market penetration and
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revenue from our acquisition
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Equifax Inc.
2023 Annual Report
1
Letter to Shareholders
Our 2023 Highlights
Workforce Solutions continued its very
strong growth in the Government sector,
signing a contract extension to provide income
Medicaid Services as part of a contract valued at up to
in Equifax history. The USDA   s Food and Nutrition Service
also awarded a national contract to Workforce Solutions
in support of the Supplemental
Nutrition Assistance Program,
commonly known as    SNAP.    The
award is for $38 million in the
base year, with a potential total
contract value of $190 million.
USIS extended its nearly 30-year
relationship with the National Consumer
Telecom and Utilities Exchange, Inc.  
(NCTUE  ), continuing our exclusive operation
and management of the unique NCTUE database
that includes 190 million payment records and
enabling us to deliver products and services
that layer telecommunications, pay TV, internet,
home security and utility insights on top of
traditional credit data to help maximize consumer
approval rates, help identify potential risks,
reduce manual intervention costs and improve
customer experience.
International performance
was led by Latin America   s
very strong 17% organic local
currency growth and 9% local
currency revenue growth in our UK
Credit Reporting Agency business.
We delivered more than 100 new
products for the fourth year in a row
with a Vitality Index of 14%, a new record for
Equifax. New product revenue in 2023 was
about $725 million, up approximately 9% from
about $660 million in 2022.
The Work Number
database reached 168
million active records,
We furthered our
commitment to
transparency in
cybersecurity
an increase of 11% from 2022,
to include 124 million unique
individuals. In 2023, we signed
17 new payroll partnerships
for a total of 33 signed since
the beginning of 2021. We
now have more than
3 million employers
contributing
payroll records
to The Work
Number.
by making our security and
privacy controls framework
SXEOLF IRU WKH EHQH  W RI
security and privacy teams
at organizations of all
sizes and delivering
a record security
maturity
score as
measured
by a leading
global research
DQG DGYLVRU\   UP  
2
2023 Annual Report
Equifax Inc.
We expanded our
International footprint
into the large and fastgrowing Brazilian market
with the August 2023 acquisition of
Boa Vista Servi  os     a strategic and
customers access
to expansive
Equifax international
capabilities and
cloud-native solutions.
We continued our
strong progress towards
completing the Cloud
in both our USIS and International
business units, migrating over
40,000 customers globally
in 2023 and ending
the year with
about 70% of
Equifax revenue
in the Cloud.
Letter to Shareholders
Driving AI Innovation with the Equifax Cloud
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Equifax AI requirements are aligned to the National Institute of Standards and
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internal development, or operational improvements, Equifax uses AI Systems in a
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Equifax Inc.
2023 Annual Report
3
 • shareholder letter icon 3/22/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 EFX Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon EFX Benford's Law Stock Score = 75


EFX Shareholder/Stockholder Letter Transcript:

EFX.AI
Innovating
Innovating with
with
artificial intelligence
to help
to
help move
move
people
forward
people forward
2023
Annual Report
Report
2023 Annual

Letter to Shareholders
0DUN /  )HLGOHU
Independent Chairman
of the Board of Directors
0DUN :  %HJRU
&KLHI ([HFXWLYH 2  FHU
Shareholders
TO
OUR
     ZDV DQ HQHUJL]LQJ \HDU IRU WKH 1HZ (TXLID[  As
we move closer to completing the Equifax Cloud    we
are pivoting from building to leveraging our new Cloud
FDSDELOLWLHV  VLQJOH GDWD IDEULF  GL  HUHQWLDWHG GDWD  DQG (); $   
$UWL  FLDO   QWHOOLJHQFH  $    FDSDELOLWLHV WR GHOLYHU QHZ VROXWLRQV 
for customers and consumers in each of the 24 markets we
VHUYH  $V ZH PDUN RXU     \HDU DQQLYHUVDU\ LQ       ZH DUH 
celebrating a culture of continuous innovation as the New
Equifax that drives top and bottom line growth and delivers
VWURQJ   QDQFLDO UHVXOWV IRU RXU VKDUHKROGHUV 

Letter to Shareholders
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Equifax business model, as well as our performance and execution against our
();     VWUDWHJLF SULRULWLHV  LV UH  HFWHG LQ RXU VWURQJ    RUJDQLF FRQVWDQW FXUUHQF\ 
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strong results while executing on our Cloud customer migrations and overall cost
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International
7RWDO $QQXDO 5HYHQXH
$5.3B
:RUNIRUFH 
Solutions
$2.3B
Workforce Solutions remains
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business, delivering annual
UHYHQXH RI      ELOOLRQ ZLWK 
VWURQJ     RUJDQLF QRQ 
mortgage revenue growth
GULYHQ E\ VWURQJ 9HUL  FDWLRQ 
Services revenue growth, which
was led by strong growth in our
*RYHUQPHQW DQG 7DOHQW YHUWLFDOV  
:RUNIRUFH 6ROXWLRQV FRQWLQXHG 
to lead in NPI development,
with a Vitality Index over 20%,
and grew the number of current
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$1.2B
8 6    QIRUPDWLRQ 
Solutions
$1.7B
U.S. Information Solutions
(USIS) delivered annual revenue
RI      ELOOLRQ  DQ LQFUHDVH RI    
from 2022, which was driven by
strong Commercial, Identity and
)UDXG  DQG &RQVXPHU 6ROXWLRQV 
business performance, led by
strong market penetration and
QHZ SURGXFW GHYHORSPHQW 
International achieved
more than a billion dollars
in revenue for the third
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led by continued very strong
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America which also had a
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revenue from our acquisition
RI %RD 9LVWD 6HUYL  RV LQ $XJXVW 
Equifax Inc.
2023 Annual Report
1

Letter to Shareholders
Our 2023 Highlights
Workforce Solutions continued its very
strong growth in the Government sector,
signing a contract extension to provide income
Medicaid Services as part of a contract valued at up to
in Equifax history. The USDA   s Food and Nutrition Service
also awarded a national contract to Workforce Solutions
in support of the Supplemental
Nutrition Assistance Program,
commonly known as    SNAP.    The
award is for $38 million in the
base year, with a potential total
contract value of $190 million.
USIS extended its nearly 30-year
relationship with the National Consumer
Telecom and Utilities Exchange, Inc.  
(NCTUE  ), continuing our exclusive operation
and management of the unique NCTUE database
that includes 190 million payment records and
enabling us to deliver products and services
that layer telecommunications, pay TV, internet,
home security and utility insights on top of
traditional credit data to help maximize consumer
approval rates, help identify potential risks,
reduce manual intervention costs and improve
customer experience.
International performance
was led by Latin America   s
very strong 17% organic local
currency growth and 9% local
currency revenue growth in our UK
Credit Reporting Agency business.
We delivered more than 100 new
products for the fourth year in a row
with a Vitality Index of 14%, a new record for
Equifax. New product revenue in 2023 was
about $725 million, up approximately 9% from
about $660 million in 2022.
The Work Number
database reached 168
million active records,
We furthered our
commitment to
transparency in
cybersecurity
an increase of 11% from 2022,
to include 124 million unique
individuals. In 2023, we signed
17 new payroll partnerships
for a total of 33 signed since
the beginning of 2021. We
now have more than
3 million employers
contributing
payroll records
to The Work
Number.
by making our security and
privacy controls framework
SXEOLF IRU WKH EHQH  W RI
security and privacy teams
at organizations of all
sizes and delivering
a record security
maturity
score as
measured
by a leading
global research
DQG DGYLVRU\   UP  
2
2023 Annual Report
Equifax Inc.
We expanded our
International footprint
into the large and fastgrowing Brazilian market
with the August 2023 acquisition of
Boa Vista Servi  os     a strategic and
customers access
to expansive
Equifax international
capabilities and
cloud-native solutions.
We continued our
strong progress towards
completing the Cloud
in both our USIS and International
business units, migrating over
40,000 customers globally
in 2023 and ending
the year with
about 70% of
Equifax revenue
in the Cloud.

Letter to Shareholders
Driving AI Innovation with the Equifax Cloud
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Equifax AI requirements are aligned to the National Institute of Standards and
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internal development, or operational improvements, Equifax uses AI Systems in a
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Equifax Inc.
2023 Annual Report
3



shareholder letter icon 3/22/2024 Letter Continued (Full PDF)
 

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