Equifax Inc. Files 10-Q for Q1 2024

TL;DR

<b>Equifax Inc. has submitted its Q1 2024 10-Q filing, detailing its financial performance and operations for the first quarter.</b>

AI Summary

EQUIFAX INC (EFX) filed a Quarterly Report (10-Q) with the SEC on April 22, 2024. Equifax Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business address is 1550 Peachtree St NW, Atlanta, GA 30302. Equifax Inc. was formerly known as Retail Credit Co. The filing is made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking EQUIFAX INC, this filing contains several important signals. This 10-Q filing provides crucial insights into Equifax's financial health and operational status during the first three months of 2024, which is essential for investors and analysts to assess performance. Understanding the details within this report allows stakeholders to evaluate Equifax's strategic direction and its ability to navigate the competitive landscape of consumer credit reporting.

Risk Assessment

Risk Level: — EQUIFAX INC shows moderate risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, indicating a low level of immediate risk based solely on this document.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Equifax's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-22 — Filing Date (FILED AS OF DATE)
• 7320 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)
• 1976-02-22 — Date of Former Company Name Change (DATE OF NAME CHANGE)

Key Players & Entities

• Equifax Inc. (company) — FILER
• 1550 Peachtree St NW (location) — BUSINESS ADDRESS
• Atlanta (location) — BUSINESS ADDRESS
• GA (location) — BUSINESS ADDRESS
• 30302 (location) — BUSINESS ADDRESS
• Retail Credit Co. (company) — FORMER COMPANY
• Securities Exchange Act of 1934 (regulation) — SEC ACT

FAQ

Industry Context

Equifax operates in the consumer credit reporting and related data services industry, providing essential information for lending and other financial decisions.

Regulatory Implications

The filing adheres to the reporting requirements of the Securities Exchange Act of 1934, ensuring transparency for public investors.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to the prior year.
2. Examine any disclosed risk factors or legal proceedings that may impact future performance.
3. Review management's discussion and analysis for strategic insights and forward-looking statements.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $1.25 — ange on which registered Common stock, $1.25 par value per share EFX New York Stock

Filing Documents

• efx-20240331.htm (10-Q) — 1102KB
• exhibit311-20240331.htm (EX-31.1) — 12KB
• exhibit312-20240331.htm (EX-31.2) — 13KB
• exhibit321-20240331.htm (EX-32.1) — 6KB
• exhibit322-20240331.htm (EX-32.2) — 6KB
• 0000033185-24-000032.txt (&nbsp;) — 5520KB
• efx-20240331.xsd (EX-101.SCH) — 37KB
• efx-20240331_cal.xml (EX-101.CAL) — 60KB
• efx-20240331_def.xml (EX-101.DEF) — 140KB
• efx-20240331_lab.xml (EX-101.LAB) — 493KB
• efx-20240331_pre.xml (EX-101.PRE) — 331KB
• efx-20240331_htm.xml (XML) — 723KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Consolidated Statements of Income—Three Months Ended March 31, 2024 and 20 23 4 Consolidated Statements of Comprehensive Income (Loss)—Three Months Ended March 31, 2024 and 2023 5 Consolidated Balance Sheets—March 31, 2024 and December 31, 2023 6 Consolidated Statements of Cash Flows—Three Months Ended March 31, 2024 and 2023 7 Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss—Three Months Ended March 31, 2024 and 2023 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II. Other Information 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5 Other Information 33 Item 6. Exhibits 34

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains information that may constitute "forward-looking statements." Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," "may" and similar expressions identify forward-looking statements, which generally are not historical in nature. All statements that address future operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to future operating results, improvements in our information technology and data security infrastructure, including as a part of our cloud data and technology transformation, our strategy, the expected financial and operational benefits, synergies and growth from our acquisitions, changes in U.S. and worldwide economic conditions, such as changes in interest rates and inflation, that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services, our culture, our ability to innovate, the market acceptance of new products and services and similar statements about our business plans are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections, including without limitation our expectations regarding the Company's outlook, long-term organic and inorganic growth, and customer acceptance of our business solutions referenced below under "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation — Business Overview." These risks and uncertainties include, but are not limited to, those described in Part II, "Item 1A. Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year e

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) EQUIFAX INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (In millions, except per share amounts) Operating revenue $ 1,389.4 $ 1,302.0 Operating expenses: Cost of services (exclusive of depreciation and amortization below) 627.7 580.4 Selling, general and administrative expenses 372.6 366.1 Depreciation and amortization 164.4 150.1 Total operating expenses 1,164.7 1,096.6 Operating income 224.7 205.4 Interest expense ( 59.7 ) ( 57.6 ) Other income, net 1.6 4.4 Consolidated income before income taxes 166.6 152.2 Provision for income taxes ( 40.5 ) ( 38.7 ) Consolidated net income 126.1 113.5 Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests ( 1.2 ) ( 1.1 ) Net income attributable to Equifax $ 124.9 $ 112.4 Basic earnings per common share: Net income attributable to Equifax $ 1.01 $ 0.92 Weighted-average shares used in computing basic earnings per share 123.5 122.6 Diluted earnings per common share: Net income attributable to Equifax $ 1.00 $ 0.91 Weighted-average shares used in computing diluted earnings per share 124.8 123.5 Dividends per common share $ 0.39 $ 0.39 See Notes to Consolidated Financial Statements. 4 EQUIFAX INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended March 31, 2024 2023 Equifax Shareholders Noncontrolling Interests including Redeemable Noncontrolling Interests Total Equifax Shareholders Noncontrolling Interests including Redeemable Noncontrolling Interests Total (In millions) Net income $ 124.9 $ 1.2 $ 126.1 $ 112.4 $ 1.1 $ 113.5 Other comprehensive income (loss): Foreign currency translation adjustment ( 95.4 ) ( 3.5 ) ( 98.9 ) 12.6 0.3 12.9 Change in cumulative gain from cash flow hedging transactions, net 0.1 — 0.1 — — — Comprehensive income (loss) $ 29.6 $ ( 2.3 ) $ 27.3 $ 125.0 $ 1.4 $ 126.4 See Notes to Cons

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc. Nature of Operations. We collect, organize and manage various types of financial, demographic, employment, criminal justice data and marketing information. Our products and services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain payroll-related, tax and human resources business processes, and develop marketing strategies concerning consumers and commercial enterprises. We serve customers across a wide range of industries, including the financial services, mortgage, retail, telecommunications, utilities, automotive, brokerage, healthcare and insurance industries, as well as government agencies. We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers. As of March 31, 2024, we operated in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the United Kingdom ("U.K."), Uruguay and the United States of America ("U.S."). We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, employment, criminal justice data, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting inst

View Full Filing

View this 10-Q filing on SEC EDGAR