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
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Independent Chairman
of the Board of Directors
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Shareholders
TO
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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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Equifax business model, as well as our performance and execution against our
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strong results while executing on our Cloud customer migrations and overall cost
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International
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$5.3B
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Solutions
$2.3B
Workforce Solutions remains
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business, delivering annual
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mortgage revenue growth
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to lead in NPI development,
with a Vitality Index over 20%,
and grew the number of current
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business performance, led by
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International achieved
more than a billion dollars
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led by continued very strong
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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
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security and privacy teams
at organizations of all
sizes and delivering
a record security
maturity
score as
measured
by a leading
global research
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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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accelerate the value of our proprietary data through richer data combinations, and
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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
3/22/2024 Letter Continued (Full PDF)