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Mar 31, 2024
Equifax Q1 2024 Earnings Report
Equifax reported Q1 2024 revenue growth of 7% to $1.389 billion amid challenging mortgage market.
Key Takeaways
Equifax delivered strong first quarter results with revenue of $1.389 billion, up 7% year-over-year. The company's US mortgage business grew 6% despite a 19% decline in USIS mortgage credit inquiries. Non-mortgage business grew 9% in local currency.
First quarter 2024 revenue of $1.389 billion grew 7%, with 9% non-mortgage local currency revenue growth.
US mortgage revenue grew 6% in the first quarter despite a 19% decline in USIS mortgage credit inquiries.
Workforce Solutions first quarter revenue growth of 1%, with 7% non-mortgage revenue growth and Verification Services non-mortgage revenue growth of 15% led by Government.
USIS first quarter revenue growth of 10%, the strongest in three years, with 38% mortgage revenue growth and 1% non-mortgage revenue growth.
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 maintains its full-year 2024 guidance, expecting revenue of $5.720 billion, up 8.6%, and Adjusted EPS of $7.35.
Positive Outlook
- Maintaining full-year 2024 revenue guidance with a midpoint expectation of $5.720 billion, up 8.6%.
- Expecting strong non-mortgage local currency revenue growth of over 10%.
- Maintaining full-year 2024 Adjusted EPS guidance of $7.35.
- EBITDA margins are expected to expand to 33.3%.
- Confident in delivering strong non-mortgage revenue growth.
Challenges Ahead
- Guidance reflects an expectation of an 11% decline in 2024 U.S. mortgage credit inquiries.
- Expects a decline of about 13% in total U.S. mortgage market credit inquiries in Q2 2024.
- Cloud transformation efforts may cause operational disruptions and strain on resources.
- Potential risks associated with the use of certain artificial intelligence and machine learning models.
- Dependence on outsourcing certain portions of operations could damage reputation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income