Equifax Files Q3 2024 10-Q

TL;DR

EFX Q3 10-Q is in. Financials and ops details for the quarter ending Sept 30, 2024.

AI Summary

Equifax Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and segment information are presented, reflecting the company's ongoing business activities and strategic initiatives.

Why It Matters

This filing provides investors and analysts with the latest financial data and operational insights into Equifax's performance, crucial for understanding its current market position and future outlook.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the nature of credit reporting and data services can involve inherent risks.

Key Numbers

• 19,000 — Employees (Indicates company size and operational capacity.)
• 2024-09-30 — Reporting Period End Date (Specifies the timeframe covered by the financial report.)
• 2024-10-21 — Filing Date (Indicates when the report was submitted to the SEC.)

Key Players & Entities

• Equifax Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-21 (date) — Filing date
• Atlanta, GA (location) — Company headquarters

FAQ

Key Financial Figures

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

Filing Documents

• efx-20240930.htm (10-Q) — 1606KB
• exhibit101-20240930.htm (EX-10.1) — 122KB
• exhibit102-20240930.htm (EX-10.2) — 8KB
• exhibit311-20240930.htm (EX-31.1) — 12KB
• exhibit312-20240930.htm (EX-31.2) — 13KB
• exhibit321-20240930.htm (EX-32.1) — 6KB
• exhibit322-20240930.htm (EX-32.2) — 6KB
• 0000033185-24-000063.txt ( ) — 6854KB
• efx-20240930.xsd (EX-101.SCH) — 39KB
• efx-20240930_cal.xml (EX-101.CAL) — 61KB
• efx-20240930_def.xml (EX-101.DEF) — 150KB
• efx-20240930_lab.xml (EX-101.LAB) — 532KB
• efx-20240930_pre.xml (EX-101.PRE) — 353KB
• efx-20240930_htm.xml (XML) — 957KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Consolidated Statements of Income—Three Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Income— Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Loss)—Three and Nine Months Ended Septe mber 30, 2024 and 2023 6 Consolidated Balance Sheets— September 30, 2024 and December 31, 2023 7 Consolidated Statements of Cash Flows— Ni ne Months Ended September 30, 2024 and 2023 8 Consolidated Statements of Shareholders' Equity—Three Months Ended September 30, 2024 and 2023 9 Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss— Nine Months Ended September 30, 2024 and 2023 10

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 12 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. Other Information 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5 Other Information 40 Item 6. Exhibits 41

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 September 30, 2024 2023 (In millions, except per share amounts) Operating revenue $ 1,441.8 $ 1,319.1 Operating expenses: Cost of services (exclusive of depreciation and amortization below) 645.2 585.2 Selling, general and administrative expenses 380.4 333.1 Depreciation and amortization 169.1 154.4 Total operating expenses 1,194.7 1,072.7 Operating income 247.1 246.4 Interest expense ( 56.3 ) ( 62.8 ) Other income, net 3.0 7.1 Consolidated income before income taxes 193.8 190.7 Provision for income taxes ( 51.1 ) ( 26.4 ) Consolidated net income 142.7 164.3 Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests ( 1.4 ) ( 2.1 ) Net income attributable to Equifax $ 141.3 $ 162.2 Basic earnings per common share: Net income attributable to Equifax $ 1.14 $ 1.32 Weighted-average shares used in computing basic earnings per share 123.9 123.0 Diluted earnings per common share: Net income attributable to Equifax $ 1.13 $ 1.31 Weighted-average shares used in computing diluted earnings per share 125.2 123.9 Dividends per common share $ 0.39 $ 0.39 See Notes to Consolidated Financial Statements. 4 EQUIFAX INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Nine Months Ended September 30, 2024 2023 (In millions, except per share amounts) Operating revenue $ 4,261.7 $ 3,938.7 Operating expenses: Cost of services (exclusive of depreciation and amortization below) 1,903.7 1,753.5 Selling, general and administrative expenses 1,105.7 1,042.3 Depreciation and amortization 498.3 454.4 Total operating expenses 3,507.7 3,250.2 Operating income 754.0 688.5 Interest expense ( 173.4 ) ( 181.1 ) Other income, net 4.3 27.7 Consolidated income before income taxes 584.9 535.1 Provision for income taxes ( 151.0 ) ( 117.9 ) Consolidated net income 433.9 417.2 Less: Ne

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 30, 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 September 30, 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 grant

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View this 10-Q filing on SEC EDGAR