Equifax today announced financial results for the quarter ended June 30, 2022.

• Strong second quarter 2022 revenue of $1.317 billion, up 7% despite the weakening mortgage market and negative impact of foreign exchange

• Workforce Solutions revenue growth of 21%; thirteen consecutive quarters of double-digit revenue growth

• Strong new product innovation leveraging new EFX Cloud with Vitality Index over 13%

• Revising Full Year Guidance reflecting expected further decline in U.S. mortgage market and negative impact of foreign exchange

"We delivered solid results with record second quarter revenue of $1.317 billion, up 7% despite the 33% decline in the U.S. mortgage market and greater than expected negative impact of foreign exchange. Our non-mortgage business, which is over 75% of Equifax, delivered very strong constant dollar revenue growth of 22% reflecting broad-based strength across our businesses. Our largest and fastest-growing business, Workforce Solutions, again powered our results, with total growth of over 21%, driven by stronger than expected non-mortgage revenue growth of over 50%. International also delivered very strong local currency revenue growth of 11.5%. USIS revenue declined 7.5%, due to the expected decline in mortgage revenue. USIS non-mortgage revenue growth was weaker than expected at 4%, despite delivering strong non-mortgage B2B online revenue growth of 9%," said Mark W. Begor, Equifax Chief Executive Officer. "Despite the strength of our First Half results, we are adjusting our full-year 2022 guidance to  reflect our expectation of a larger decline in the U.S. mortgage market and a larger negative impact of FX than was expected when we provided guidance in April. Our guidance for 2022 is for revenue at a midpoint of $5.10 billion and Adjusted EPS of $7.68 per share, a reduction of $100 million in revenue and $0.47 per share from our April guidance. This adjusted guidance reflects an expectation that the U.S. mortgage market, as measured by mortgage market credit inquiries, will decline by over 46% in the second half of 2022 versus the prior year. Our expectations for 2022 non-mortgage constant dollar revenue growth are principally unchanged at a very strong 19%." 

"We are confident in the future growth of the New Equifax as we make strong progress on our EFX Cloud transformation, leverage our new Cloud capabilities to accelerate new product roll-outs, and invest in new product and data and analytics capabilities to drive further growth. We continue to invest in bolt-on acquisitions and have completed ten since January 2021, as we continue to reinvest to broaden our capabilities and position Equifax for strong future growth. We are energized about the future and our ability to deliver higher margins and free cash flow in 2023 and beyond."

Financial Results Summary

The company reported revenue of $1,316.7 million in the second quarter of 2022, up 7 percent compared to the second quarter of 2021 on a reported basis and 8 percent on a local currency basis.

Net income attributable to Equifax of $200.6 million was down 7 percent in the second quarter of 2022 compared to net income attributable to Equifax of $215.1 million in the second quarter of 2021.

Diluted EPS attributable to Equifax was $1.63 for the second quarter of 2022, down 6 percent compared to $1.74 in the second quarter of 2021.