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Mar 31, 2022
Equifax Q1 2022 Earnings Report
Equifax delivered a strong first quarter with double-digit revenue growth, driven by Workforce Solutions.
Key Takeaways
Equifax reported record first quarter revenue of $1.36 billion, a 12% increase year-over-year. Workforce Solutions was a key driver, with 33% revenue growth. The company is revising its full-year guidance to reflect the expected decline in the U.S. mortgage market.
Record first quarter 2022 revenue of $1.36 billion, up over 12%; ninth consecutive quarter of double-digit growth
Workforce Solutions revenue growth of 33%; twelve consecutive quarters of double-digit revenue growth
Strong new product innovation leveraging EFX Cloud
Completed acquisitions of Efficient Hire and Data-Crédito
Equifax
Equifax
Equifax Revenue by Segment
Equifax Revenue by Geographic Location
Revenue by Segment
Workforce Solutions Revenue
CapyFin.comUS Information Solutions Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
Latin America Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comCanada Revenue
CapyFin.com Forward Guidance
Equifax is adjusting its full-year 2022 guidance to reflect the impact of the large and rapid increase in U.S. mortgage rates.
Positive Outlook
- Expecting higher non-mortgage revenue growth to offset just under half of the impact from decline in U.S. mortgage market.
- Midpoint in our guidance for 2022 revenue of $5.2 billion.
- Midpoint in our 2022 Adjusted EPS guidance of $8.15 per share.
Challenges Ahead
- U.S. mortgage market is expected to decline by 37.5% over the remainder of 2022 and exit the year at a run-rate down 40%.
- Full year decline in U.S. mortgage market credit inquiries of 33.5%.
- Decline in the U.S. mortgage market would negatively impact our guidance for 2022 revenue growth by over 350 basis points, or $175 million.
- Net impact is a $100 million reduction in our guidance for 2022 revenue growth.
- Elimination of income from our non-controlling interest in a Russian joint venture, results in a reduction in our guidance for 2022 Adjusted EPS of $0.50 per share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income