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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
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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