equifax (efx) earnings report: q4 2015 conference call transcript · 2016. 2. 12. · updated...

CompanyName:Equif axIncCompanyTicker:EFXSector:FinancialIndustry:FinancialServices

EventDescription:Q42015EarningsCallMarketCapasofEventDate:11.20BPriceasofEventDate:98.75

Equifax(EFX)EarningsReport:Q42015ConferenceCallTranscriptThefollowingEquifaxconferencecalltookplaceonFebruary11,2016,08:30AMET.Thisisatranscriptofthatearningscall:

CompanyPart icipants

JeffDodge;EquifaxInc.;IRRickSmith;EquifaxInc.;Chairman&CEOJohnGamble;EquifaxInc.;CFO

OtherPart icipants

DavidTogut;EvercoreISI;AnalystPaulGinocchio;DeutscheBank;AnalystManavPatnaik;BarclaysCapital;AnalystAndrewSteinerman;JPMorgan;AnalystGaryBisbee;RBCCapitalMarkets;AnalystNickNikitas;R.W.Baird&Co.;AnalystAndrewJeffrey;SunTrustRobinsonHumphrey;AnalystAndreBenjamin;GoldmanSachs;AnalystBrettHuff;StephensInc.;AnalystShlomoRosenbaum;StifelNicolaus;AnalystBillWarmington;WellsFargoSecurities;Analyst

MANAGEMENTDISCUSSIONSECTION

Operator :

Welcometothefourthquarter2015earningscall.Today'sconferenceisbeingrecorded.

Atthistime,IwouldliketoturntheconferenceovertoJeffDodge.Pleasegoahead.

Jef f Dodge (IR):

Thankyou.Goodmorning,everyone.Welcometotoday'sconferencecall.I'mJeffDodge,InvestorRelations,andwithmetodayareRickSmith,ourChairmanandChiefExecutiveOfficer,andJohnGamble,ChiefFinancialOfficer.

Today'scallisbeingrecorded.AnarchiveoftherecordingwillbeavailablelatertodayintheInvestorRelationssectionoftheAboutEquifaxtabofourwebsite,atwww.equifax.com.

Inthefourthquarterof2015,werealignedthereportingstructureofourdirect-to-consumerresellerbusinesssothatitnowreportsintoourPersonalSolutionsbusiness.Previously,direct-to-consumerresellerswerereportedwithintheUSISandInternationalsegments,basedonthecountryofthecustomer.WehaveprovidedthequarterlyhistoryforPersonalSolutions,USISandInternationalinthenewformatforeachquarterin2014and2015intheQ&Asectionofourearningsrelease.Alldiscussionofthe2015businessunitperformanceandtheiroutlookfor2016willbeconsistentwiththenewstructure.

Earlierthisweek,theVedashareholdersvotedtoacceptEquifax'sacquisitionoffer,andwealsoreceivedsubsequentapprovalfromthecourts.Therefore,the2016guidanceprovidedtoday,aswellastheupdatedlong-termbusinessmodelforEquifax,whichisincludedintheQ&Asectionofourearningsrelease,bothincludetheimpactoftheVedaacquisition.However,ourguidanceforthefirstquarterof2016willnotincludeanyimpactforVeda,includingtheincrementalcostofthedebt,giventheshortamountoftimeVedawillbepartofEquifaxinthequarter.

Duringthiscall,asinpreviousearningsreleases,wewillbereferringtocertainnon-GAAPfinancialmeasures,includingadjustedEPSattributabletoEquifaxandadjustedoperatingmargin,whichwillbeadjustedforcertainitemswhichaffectthecomparabilityoftheunderlyingoperationalperformance.

In2016,wewillbeemphasizingadjustedEBITDAmarginindiscussingouroperationalperformance.AdjustedEBITDAisdefinedasoperatingincome,addingbackdepreciation,amortization,andtheimpactofcertainone-timeitems,includingtheacquisitionandintegrationexpensesfromVeda,whicharealsoreflectedinourcalculationofadjustedEPS.Thesenon-GAAPmeasuresaredetailedinreconciliationtablespostedonourwebsite.

Duringthiscall,wewillbemakingcertainforward-lookingstatementstohelpyouunderstandEquifaxanditsbusinessenvironment.Thesestatementsinvolveanumberofrisks,uncertaintiesandotherfactorsthatcouldcauseactualresultstodiffermateriallyfromourexpectations.CertainriskfactorsinherentinourbusinessaresetforthinthefilingswiththeSEC,includingour2014Form10-Kandthesubsequentfilings.Pleaserefertoourvariousinvestorpresentations,whicharepostedintheInvestorsRelationssectionofourwebsite,forfurtherdetails.NowI'dliketoturnitovertoRick.

RickSmith (Chairman&CEO):

Thankyou,Jeff,andgoodmorning,everyone.Thankyou,asalways,forjoiningusthismorning.Executionacrossallfourofourbusinessunitscontinuestobeverystrongandenabledustodeliveryetanotherstrongquarterinthefourthquarter,aswellasthefullyear.

Forthequarter,fourthquarter2015,totalrevenuewas$666million,up7%onareportedbasisandup10%onalocalcurrencybasisfrom2014.Forthequarter,FXcreated$18millionofyear-over-yearheadwindforus.Theadjustedoperatingmarginwas27.1%,upfrom26.5%inthefourthquarterof2014.AdjustedEPSwas$1.14,up12%from$1.02in2014.Andjusttorefreshyourmemory,thatexceededtheupperendofourguidancerangeweprovidedonthelastcall,whichwas$1.10to$1.12.

Finally,givenourstrongperformancein2015,ourBoardofDirectorsapproveda14%increaseinourquarterlydividend,uptonow$0.33aquarter.Andthisis,asyouprobablyallknow,thesixthconsecutivedouble-digitincreaseinourdividendrate,reflectingthestrongperformanceoftheCompany.

Ithinkyouwillagree,onmanydimensions,2015wasanoutstandingyearforour117-year-oldbusinessandweexceededourexpectations.Wehadbroad-basedcontributionsfromeachbusinessunit.Investingverticalsinacrossthevastmajorityofourgeographies,ourteamdelivered.

We'rewell-positionedforastrong2016.We'lltalkabouttheeconomicenvironmentlaterintheQ&A,andI'mproudoftheteamfortheircontinuedcommitmenttoinnovation,execution,outstandingcustomerservice.

Forthefullyear,totalrevenuewas$2.7billion,up9%onareportedbasisandup12%onalocalcurrencybasisfrom2014.Fortheyear,FXcreateda$76millionyear-over-yearheadwind.Adjustedoperatingmarginwas27.4%,up90basispointsfrom26.5%in2014,andwellabovethetargeted25basispointsorsoincreasewehaveguidedtointhepast.AdjustedEPSwas$4.15,up16%from$3.89ayearago.Andjustasareminder,thatperformancein2015wasallorganicallydriven,aswehadno

acquisitionsintheyear.

AsIalwaysdo,IwilltransitiontothebusinessunitsforsomebriefcommentarybeforeJohngivesyouthedetails.Iwillgothroughsomehighlightsforthebusiness,aswell,andthenwe'llgetintomorespecifics.

ButIwanttotalk,firstofall,Jeffmentionedinhisopeningcomments,werepositionedPSOLin2015.Youknowthatthisteamhasbeenworkingdiligentlyontheirnewgrowthmodel,whichIfullysupportandit'syieldingbenefits,andJohnwillgothroughsomeofthosenumbers.

Atthesametime,Imadethedecisionthatitwasimportantthatwehadoneteam,oneleader,onebusinessthatwouldmanageallstrategy,allproductpositioninginthegeographiesforourconsumerbusiness,regardlessofthatbusinessgoingdirecttotheconsumerorifitwasgoingthroughareseller.SowemadethedecisiontorealignthatunderDannAdamsnow,wholeadsourdirect-to-consumerbusinessesglobally.Ithinkthatjustgivesusmorecontinuitygoingforward.

Nowontothebusinessesthemselves.USISdeliveredanimpressive8%revenuegrowthfortheyear,whileexpandingitsoperatingmargins290basispoints.OurInsights-drivenstrategy,whichwe'vetalkedabout,hasresonatedextremelywellwithourlargestclientsinourKeyClientProgram.

OurKCPcustomersarepurchasingmultipleDecision360productsandservices;inaggregate,accessalmostfiveEquifaxdataproducts,whichisremarkable.Acrossourtop100clients,Decision360productsandservicesareincreasing,aswell;andthere,they'reaccessingaboutthreeproducts,onaverage.SoD360isreallymakingadifferenceinthemarketplaceforus.

InUSIS,ourfraudandidentitymanagementsolutionsbusinessagaindeliveredhealthy22%growthfortheyear,largelydrivenbytheirIDauthenticationandmanagementsolutionproducts.Ourenterpriseverticalstrategyhasmadesignificantcontributionstoourtotalcompanyrevenuegrowth.Weexperiencedindustryexecutivesintheseverticals,wearebetterabletoleverageourdiversedataassets,analyticexpertise,andITplatformstodeliverpremierdecisionsolutions.

USISleadsmanyofourenterpriseverticalinitiatives.Iwillgiveyouanexampleofafewofthose.In2015,ourMortgageverticalgrew25%inUSISand29%forthetotalcompany.Thisagaincomparesfavorablytotheaveragemortgagebanker'sapplicationindex,whichwasup17%fortheyear.Sothattrendofoutperformingthemortgagemarkethascontinuednowformany,manyyears.

Nextexampleisintheautovertical,whichUSISrevenuegrew6%andtotalcompanygrew9%.Thisalsocomparesveryfavorablytotheoverallmarket,wherevehiclesaleswereapproximately5%.

Andmorerecently,ourretailbankingverticalgrewUSISrevenue17%andtotalcompanyrevenueby18%.Soyougetasensetherethatthisenterprisefocus,takingallofourdataassetsandgettingseasonedleadersinthesevertical,deliveringthoseuniqueassetstoourcustomers,isenablingustogrowsignificantly,andinmanycasesfasterthanthemarketitself.

Foryearsnow,we'vebeenworkingwithFannieMaeonwaystobetterleverageourinformationtofurtherimprovetheunderwritingprocessformortgageloans.Latein2015,FannieMaemadethedecisiontoincorporatetrendeddataintotheunderwritingprocessformortgagelending.Wetalkedaboutthiswithyouinthepast.Thisinitiativewillbeanimportantcontributortorevenueinboth2016and2017.

Italsorepresentsasignificantstructuralchangeintheloanunderwriting,asitsetsthestageforapplicationsoutsidethemortgagelendingtoincreasinglyusetrendeddataandourworld-classanalyticaltalentandleverageourCambrianplatform,whichwe'vetalkedaboutbefore.Wearewell-positionedtotakeadvantageofthoseopportunitiesastheyarise.

Livetestingisexpectedtobeginthesecondquarterof2016andgolivemid-year.Moreimportantly,

trendeddatawillbeavailablethroughourcorecreditonlinedeliverysystem,makingtheinformationavailableforallsolutionsthataccessourcreditdatabase.

OpportunitiesforUSISin2016andbeyondaresignificant.Trendeddata,IDandfraud,furtherpenetrationwithtargetedverticalmarketsareallexpectedtomakeimportantcontributionstosustainedrevenuegrowth.Amulti-yearmodelforUSISremains,aswehavecommunicatedtoyoubefore,withtoplinegrowthinthe5%to7%rangeandadjustedEBITDAmargin,whichwe'llnowtalkaboutgoingforwardisexpectedtobeinthehigh40s,expandingtothelow50sovertime.

Internationaldelivered12%localcurrencyrevenuegrowth,withstrongperformancecomingfromouroperationsinEuropeandLatinAmerica.RevenueinInternational'sthreelargestverticals,FIs,telcos,andsmalltomedium-sizeenterprises,grew13%in2015.Ourdecisionplatforms,analyticsolutions,anddebtmanagementrevenuegrew12%in2015.Europehadanoutstandingyear,drivenlargelybybroadbasedgrowthinourUKoperations.

Byindustry,FIs,telco,SMEsallgrewhightolowdoubledigitsfortheyear.Byofferingdecisionsolutions,analyticalservices,anddebtmanagementallgrewatdouble-digitratesin2015.

TDXhasbeenworking,asyouknow,withtheUKgovernmenttomanagetheirpastdueconsumerdebtinfourthquarter2015andstartedreceivingaccountsatthattime.Andwestartedplacingthoseaccountswiththecollectionagencies,analyzingthedata,inthefourthquarteroflastyear.Andwhilestillearly,theperformancetodateisslightlyaheadofourexpectations.Thisopportunity,alongwithourongoingsalesefforts,isexpectedtobeasignificantstrategicinitiative,drivinggrowthforInternationalforyearstocome.

Internationalhashistoricallydeliveredsomeofourstrongestperformanceinnewproductinnovation,whichhasbeenasignificantcontributortoincrementalrevenuegrowth,furthermarketpenetration,andobviously,customerloyalty,becausewe'rebuildingnewproductsandsolutionsthatwecouldn'tbuildinthepast.Thisbroad-basedefforttowardsinnovationcontinuestofuelgrowthforInternational.Fortheyear,sixgeographiesinInternational,representingalmost66%oftheirrevenue,deliveredanNPIVitalityIndexof10%orgreater,whichisfabulous.

Internationalhassomeexcitingopportunitiesaheadofit.InadditiontoVeda,whichI'llcomebackandtalkaboutlater,whichwillbecomeapartoftheInternationaloperation,in2016,we'llbroadlyexpandCambrian,deployingitacrosstheinternationalgeographies,substantiallyenhancingourabilitytodeliveranalyticalinsightsanddrivegrowth.

Thecontinuedexcellentperformancewithnewproductsandcostbenefitsfromtheregionalizationeffortsbegunlastyear,aswellastheadditiontoVeda,willexpandEBITDAmarginsin2016andbeyond.Wehavemoderatelyraisedourexpectationsformulti-yeargrowthinInternationalnowtoarangeof8%to10%,withadjustedEBITDAmarginsinthelow30s,growingtothemid-30sovertime.BoththosemeasuresoftoplineandEBITDAmarginreflecttheanticipatedcloseofVeda.

OntoWorkforceSolutions,theygrew18%.Lastyearwasanoutstandingperformance,aswastheir510basispointmarginexpansionfortheyear.Coreproductgrowth,alongwithanumberofnewproductinitiatives,allcontributedtothisoutstandingperformance.

VerificationServices'strongandbroad-basedgrowthof25%intheyearcontinuestobedrivenbyaddingrecordsfortheWorkNumberdatabase.Asourcoverageofindividualemploymentrecordsincreases,thevalueofourservicesenablesustofurtherpenetrateourkeytargetverticals,includingmortgage,auto,consumerfinance,governmentandpre-employment.Andallthoseverticals,everyoneofthem,wasupaverystrongdouble-digitfortheyear.Justamazinglystrong,balancedgrowth.

Atyear-end,theWorkNumberdatabasereachedalmost280millionrecords.Andaswe'vestatedbefore,wearewellonourwaytoachieving300millionrecordsintotal.

Therecentemergenceofwhattheycalledtheinstantmortgagefacilitatedthroughonlineprocessesgeneratednewgrowthopportunitiesforautomatedincomeandemploymentverification.Werecentlysignedoneofthelargestplayersinthisspace,becauseofouruniqueabilitytodeliverboththecreditinformation,aswellastheemploymentandincomeverificationsimultaneously,thusspeedinguptheprocessandenhancingtheconsumerexperience.

WithinEWS,theEmployerServicesbusinessalsohadanotherverystrongyearin2015,growing8%.MuchofthisgrowthwasdrivenbyourWorkforceAnalyticsoffering,whichwe'vetalkedtoyouaboutbefore.ThisallowsemployerstoensurethattheyarecompliantwiththeAffordableCareAct,aswellasprovidingACArequiredtaxinformationtoemployees.WorkforceAnalyticsdoubledtheirbusinessin2015andisexpectedtomorethandoubleagainin2016.

OurWorkforceAnalyticsclientbasenowisapproachingover800clients,withapipelinethatremainsverystrong.Todate,oursolutionhaslargelybeenfocusedonourlargerenterprisecustomers.In2016,we'restartingtogodownmarket,enablingustocapturerelationshipswithsmalleremployees,whichwecanoffercross-sellopportunitieswithourotherEmployerServicesofferings.

Healthcare-relatedrevenuegeneratedbybothourincomeverificationandtheAffordableCareActcompliancesolutionsmorethandoubledin2015versus2014.

WorkforceSolutionshasdeliveredastellarperformance,notjustin2015,butoverthelastnineyears.Asabusiness,theywerequicktoadoptourapproachtoinnovateandtoembraceLean.Asaresult,theyhaveoutperformedonrevenuegrowthandsubstantiallyimprovedtheirmargin.

Lookingforward,expandingandfurtherpenetratingthekeymarketsandverticals,increasingthenumberofrecordsintheWorkNumberdatabase,andglobalizingtheirfootprintwillcontinuetodriverevenuegrowthandmarginexpansion.Ourmulti-yearexpectationforWorkforceSolutionshasbeenincreased,nowexpectingrevenuegrowthof9%to11%,withadjustedEBITDAmargininthehigh40%range,expandingtolow50sovertime.

PersonalSolutionsfinalizeditsstrategictransformationandisexecutingwellagainstitsfour-prongedstrategy.Fortheyear,thenewlyconstructedGlobalPersonalSolutionsdelivered19%localcurrencygrowth--revenuegrowth--andiswell-positionedfor2016andbeyond.

Revenuegrowthfromourdirectandindirectconsumeractivitiescontinuestomeetourexpectations.RevenuegrowthinourPersonalSolutionsbusinessinCanadaandtheUKwasupanice7%in2015.IntheUS,wecontinuetoperformconsistentwithourexpectations,withincreasingARPUandloweringsubscriberchurn.

Ourdirect-to-consumerresellerswerethemostsignificantcontributortoPersonalSolutionsin2015.We'vetalkedaboutthatwhenitwasapartofUSIS.OurresellerrevenuesinbothCanadaandtheUKgrewsolid,aswell,asoliddouble-digit,infact,in2015.AndtheresalerevenueintheUSwasverystrong,primarilydrivenbythetwo-yearcontractwithaleadingcompanyinthespace,CreditKarma.We'vetalkedtoyouaboutthat.

We'realsowellpositionedforcontinuedgrowthin2016.Youmayhaveseentheadditionofanewreseller,LifeLock,wesignedamulti-yearcontractafewmonthsback.Withourbroad-basedportfolioofdataassets,webelievetherewillbeadditionalopportunitiesin2016andbeyondtoprovideabroaderarrayofcredit,incomeandfraudservicestoconsumersthroughourdirectandresellerchannel.

Undertheneworganizationalstructure,ourmulti-yearexpectationsforrevenuegrowthinPSOLisnow5%to8%,upfromtheprevioustargetof4%to6%.AdjustedEBITDAmarginisexpectedtobeinthelow30s,expandingtothemid-30sovertime.

Theoutsizedgrowthin2015wasprimarilydrivenbythestartupofourrelationshipwithCreditKarma,thelargestofourDTC,direct-to-consumer,resellers.In2016,wewillanniversarythisrevenue,solong-termgrowthratesforPSOLrevertbacktomorenormallevelsagainof5%to8%,goodstronggrowthgoingforward.

Nowontosomecorporatehighlights,beforeIturnthemicovertoJohntogiveyoumoredetailsonthefinancials.Today,we'retrulyaglobalcompany,withaglobalsetofprocessesdeployedaroundtheworld,aglobalstructure,aglobalculture,andagroupthatisallfocusedonacoresetofglobalstrategicimperatives.

Overtheyears,wehaveglobalizedourmostcriticalandfundamentalmanagementdisciplinestofacilitategreaterlinkagebetweenourstrategyandourexecution;andthroughthiseffort,wehavestreamlinedourproductinnovationandplacement,we'veenabledgreaterleverageofourITplatforms,we'veoptimizedtheinvestmentinourtalent,andmoreeffectivelymovedourtalentandproductswherethegreatestopportunitiesexist.

Thisglobalizationalsoenablesustobetterandmorequicklyleveragetheskillsandexpertisedevelopedinonemarket,i.e.inUSIS,intoanothermarketinternational.Again,that'sbothprocesses,productsandpeople.EverybodyintheCompanyismeasuredandevaluatedonwhattheycontributetoourimperatives,regardlessofwhatpartoftheorganizationtheyreside.

HavingreinvigoratedourNPI,NewProductInnovation,whatwetalkedtoyouaboutlastyear,ofour2.0nextphaseofinnovation,welaunched64newproductslastyear.Alongwiththepipelineof2016launches,weexpecttherevenuecontributionstodeliverstrongNPIgrowthin2016andbeyond.

OurlargestandmostdiversegrowthopportunitiesareexecutedunderourEnterpriseGrowthInitiatives.WecallitEGI.In2015,year-over-yearrevenuegrowthfromtheselargeinitiativeswasover20%.So20%growthover2014.

In2015,weexceededourexpectationsforNPIrevenuesby6%.Furthermore,I'vediscussedwithyouinthepast,theclassofproductswelaunchedin2015,underourrevitalizedeffortof2.0,areexpectedtodeliverarecordlevelofrevenue--yearthreerevenue--whencomparedtoprioryearlaunches.Itisthehealthiestclassofproductsthatwe'velaunchedsinceNPIhasbeeninexistencehere.

Oneofthemoreexcitingnewproductopportunitiesrevolvesaroundtrendeddata.Theeffortandinvestmentwe'remakingtofulfillourcommitmenttoFannieMaewillbeleveragedacrossallofouruniquedataassets.Wefirmlybelievethatthenexthorizonforinformation-basedsolutionistrendeddata,whichwillunderpinmorepowerfuldecisioningsolutionsforourcustomersandsignificantlyimproveourcompetitiveposition.

Sotobeclear,ourfocusistrendingasmanyofouruniquedataassets,whicharetrulyuniqueonlytoEquifaxorourcustomers,toprovidethesevalues.SothingsliketheWorkNumber,NC+,andothers.

Finally,aswithmanyofourcorporatemanagementdoctrines,ourglobalNPIprocesswillbeimplementedinVeda,oncewecompletetheacquisition.AndIwillgettoVedainamoment.

In2015,welaunchedourbigdataplatform,calledCambrian.Cambrianwillenablefasterdevelopmentanddeliveryanalyticinsights,includingimprovingthespeedatwhichwedevelopnewproducts.ItwillalsogreatlyenhanceourDecision360capabilitiesandprovidesignificantcompetitiveadvantageusing

advancedanalytictechniques.

AllthecorporateimperativethrusthasbeenaboundLean.Leancontinuestomakeincrementalcontributionstoourexpenseleverageandexceededourgoalbycontributingover30%greaterbenefitin2015thanwehadbudgeted.AndwehaveleveragedourexpertiseinLeanprinciplestodeepenourrelationshipswithsomeofourlargestcustomers,throughprojectsthathelpthemstreamlinemanyoftheiroperationalactivities.Andthatobviouslyprovidesacompetitivedifferentiatorversusthemarketplace.

Letmeclose,beforeIgiveittoJohn,andtalkalittlebitaboutVeda.I'msuremanyofyouareawarethattheregulatoryapprovalVedareceivedinDecemberenabledthemtoscheduleashareholdermeeting,whichJeffalludedtoalittlebitago.TheyhadtheirshareholdermeetingonFebruary8andgainedapprovalthere.Andtheyhavealsoreceivedafinalcourtapprovalthisweek.Andatthispoint,itisourexpectationtoclosetheacquisitiontowardstheendofFebruaryofthisyear.

Weareveryexcitedaboutthisopportunity.Theyrepresentforustheirgreatstrategy,strongfinancialperformance,outstandingmanagementteam,greatmarketposition.AndtheyalsogiveusasignificantopportunityintheAsia-Pacificgeographyoffurtherbroaden,enhancingourgeographicfootprint,whichisimportanttousaswediversifyourrevenuestream.

Aswemoveintoourfirstquarterearningscall,andbeyond,obviously,wewillkeepyouapprisedofthestrategicandthefinancialprogressthattheteamismakingwiththisnewasset.

Inclosing,ourperformancein2015exemplifiesthecultureandthestrengthofourmanagementteamandourdedication,theentireorganization,toinnovateandexecuteforourcustomers.It'sacultureandaprocessthathastakenyearstodevelop,anditunderpinstheconfidencewehaveinourabilitytocontinuetodeliveringonourcommitmentsandtomakeourcustomersandshareholderssatisfiedwiththatperformance.

Ourstrategicimperativesasweenter2016areinafewareasthatareveryimportanttous.Wecascadethesearoundtheworld.

One,obviously,isdeliverstrongandconsistentprofitablegrowthandshareholderreturns.Two,todevelopunparalleledanalyticalinsights,leveragingtheuniquedataassetsthatEquifaxhas.Threeistoinnovateformarketleadershipinthekeydomainsandverticalsinwhichweoperate.Fouristoserveasatrustedstewardandadvocateforcustomersandconsumersaroundtheworld.Andobviously,inclosing,last,toinvestintalenttodrivethatstrategyandfosteracultureofinnovation.

Sowiththat,John?Asyoualwaysdo,pleasefeelfreetofinishthis.

JohnGamble (CFO):

Thankyou,Rick,andgoodmorning.Asbefore,IwillgenerallybereferringtothefinancialresultsfromcontinuingoperationsrepresentedonaGAAPbasis.

Nowletmeturntothebusinessunits'financialperformanceforthefourthquarter.AsJeffmentionedattheopening,allBUinformationisbasedonthenewsegments,withdirect-to-consumerresellersmovedtoPSOLfromUSISandInternational.Goingforward,giventhesubstantialamortizationexpenserelatedtotheVedaacquisition,wewillincreaseourdiscussionofEBITDAforEquifaxandtheoperatingsegments.

USInformationSolutionsrevenuein4Q2015was$296million,up7%whencomparedtothefourthquarterof2014.Forthefullyear,revenueof$1.2billionwasup8%.Thiscomparesfavorablytoourlong-termexpectationforUSISof5%to7%growth,asbothmortgageandautomotivewereverystrongin2015.

OnlineInformationSolutionsrevenuewas$204millionin4Q2015,up6%year-to-year,and$842millionforthefullyear,up8%whencomparedtotheprioryear.MortgageSolutionsrevenuewas$28millionin4Q2015,up10%year-to-year,and$124millionforcalendaryear2015,up17%.Totalmortgage-relatedrevenuewasup16%and17%inthequarterforUSISandEquifax,respectively.

Forcalendaryear2015,mortgage-relatedrevenuewasup25%and29%forUSISandEquifax,respectively.ThiscomparesfavorablytotheaverageMortgageBankersApplicationIndex,whichwasup14%inthefourthquarterand17%forthecalendaryear.

FinancialMarketingServicesrevenuewas$64millionin4Q2015,up7%year-to-yearandup$205millionforcalendaryear2015,up5%year-to-year.TheoperatingmarginforUSInformationSolutionswas41.6%in4Q2015and41.9%forcalendaryear2015,up50basispointsand290basispoints,respectively.

AdjustedEBITDAmarginwas48.5%in4Q2015and49.7%incalendaryear2015.WeexpecttoseecontinuedexpansionintheUSISEBITDAmarginsin2016.

International'srevenuewas$143millionin4Q2015,down1%onareportedbasis,butup11%onalocalcurrencybasis.Revenuewas$569millionforcalendaryear2015,down1%onareportedbasis,butup12%onalocalcurrencybasis.

Byregion,Europe'srevenuewas$64millionin4Q2015,up3%inUSdollarsandup10%inlocalcurrency.Forcalendaryear2015,Europerevenuewas$247million,up2%inUSdollarsandup12%inlocalcurrency.

LatinAmerica'srevenuewas$49millionin4Q2015,up2%inUSdollarsand18%inlocalcurrency.Revenuewas$200millionforcalendaryear2015,up4%inUSdollarsand17%inlocalcurrency.LatinAmericashowedoutstandinglocalcurrencygrowththroughout2015,ledbystronggrowthacrossArgentina,UruguayandParaguay.

Canadarevenuewas$29million,down11%inUSdollars,butup5%inlocalcurrency.Revenueforcalendaryear2015was$122millioninUSdollars,down11%inUSdollars,butup3%inlocalcurrency.Canada'sperformancestrengthenedverynicelyinthesecondhalfandhasmomentumgoinginto2016.

International'soperatingmarginwas20.7%in4Q2015and20%incalendaryear2015.EBITDAmarginswere27.2%in4Q2015and27%incalendaryear2015.BothoperatingandEBITDAmarginsweredownyear-to-yearinInternational;however,bothshowedsequentialimprovementinthefourthquarterrelativetothethird.

In2016,weexpecttoseecontinuedmarginimprovement,drivenbycontinuedstronglocalcurrencygrowthandthebenefitsofregionalization,aswellasfromtheadditionofVeda.Wewillseesomemarginpressurerelatedtoweakenedforeigncurrencies,particularlywiththeCanadiandollarandthedevaluationoftheArgentinianpeso.

WorkforceSolutionsrevenuewas$144millioninthequarter,up12%year-to-year,and$578millionincalendaryear2015,up18%year-to-year.ThisreflectscontinuedverystronggrowthinVerificationServices,up14%infourthquarterand25%year-to-year.EmployerServicesalsodeliveredaverystrongperformance,up8%inthefourthquarterand8%inthecalendaryear.Thiswasdrivenbysuccessintheircompliancecenterofferingsandtheirsolutionforemployers'compliancewiththerequirementsoftheACA.

TheWorkforceSolutionsoperatingmarginwas36.8%in4Q2015and37.9%incalendaryear2015,up430basispointsand510basispoints,respectively.WorkforceSolutionsEBITDAmargins44.3%inthefourthquarterand45.1%inthecalendaryear.WeexpectcontinuedstrongexpansionintheWorkforce

SolutionsEBITDAmarginsin2016.

GlobalPersonalSolutionsrevenuewas$84millionin4Q2015,up12%onareportedbasisandup14%onalocalcurrencybasis.Revenueincalendaryear2015was$346million,up18%onareportedbasisandup19%onalocalcurrencybasis.

PSOL'sbusinesshastwomainareas,creditandidentitymonitoringservices,soldthroughdirectandindirectchannels,thatprotectandmonitorconsumers'IDandenableconsumerstogainbetteraccesstocredit,andcreditandotherdatasalessoldthroughourDTCresellerpartners.CreditandidentitymonitoringservicessoldthroughtheindirectchannelrepresentthosecircumstanceswhereEquifaxprovideswhitelevelonlinecreditandidentityservicesthroughpartners.

In2015,ongoingrevenuefromcreditandidentitymonitoringservicesgrewatthehighendofthe4%to6%guidancerangewehadpreviouslyprovidedforthePSOLsegment,priortotheadditionofDTCresellers.DTCresellersrevenuerepresentsalesofcreditandotherdatatoresellers.Inthesecases,Equifaxprovidesdataandanalytics,butnotthewebpropertieswithwhichthecustomerdirectlyinteracts.ExamplesofthisbusinessareourrelationshipswithCreditKarmaandLifeLock.

DTCresellerrevenueshowedsubstantialgrowthin2015,drivenprimarilybyourrelationshipwithCreditKarmawhichbeganin4Q2014.OurDTCresellerrevenueshouldcontinuetogrowfasterthanourdirect-to-consumersales,butasRickmentioned,notattheveryhighratewesawin2015.

Lookingforward,aspreviouslymentioned,weexpectthisoverallsegmenttogrow5%to8%.Operatingmarginwas27%in4Q2015and27.5%forcalendaryear2015,consistentwithourexpectations.EBITDAmarginswere29.7%in4Q2015and30.2%incalendaryear2015.

PSOLrevenueandoperatingmarginin4Q2014wereverystrong,reflectingalargereachdealwonin4Q2014.4Q2015operatingmarginof27%wasconsistentwithourexpectationsandourguidanceandreflectstheimpactofourdecisiontoinvestmoreinmarketingin2015,aswellastheadditionofDTCresellerbusinesstoPSOL.

Inthefourthquarter,generalcorporateexpensewas$51million.Excluding$3.7millionforone-timeexpensesassociatedwiththeVedaacquisition,generalcorporateexpensewasupslightlyfrom3Q,consistentwithourguidance.Forthefirstquarterof2016,weexpectgeneralcorporateexpense,excludingVeda-relatedacquisitionandintegrationexpenses,tobeintherangeof$55millionto$65millionandrunataslightlylowerratethroughouttheremainingquartersoftheyear.

Theadjustedoperatingmarginat27.1%in4Q2015and27.4%incalendaryear2015wereup60basispointsand90basispointsyear-to-year,respectively.AdjustedEBITDAmarginswere34.4%in4Q2015and34.8%incalendaryear2015.WeexpecttoseeimprovementsinouradjustedEBITDAmarginin2016,expandingbyabout75basispoints.

OurGAAPeffectivetaxrateforthefourthquarterwas32.6%,equaltoourexpectationandinourguidance.Forthefullyear,ournon-GAAPeffectivetaxrateafteradjustingfornon-GAAPitems,theMissouristatetaxlawchangeinthesecondquarter,andtheTDXescrowadjustmentinthethirdquarter,was33.7%,consistentwithourcommentsduringourthirdquarterrelease.Lookingforwardinto2016,ourexpectationisforaGAAPeffectivetaxrateofabout33%.

Operatingcashflowwas$205millionin4Q2015and$742millionincalendaryear2015.Bothwereverystrong,reflectingstrongearningsandworkingcapitalperformance.Freecashflow,equaltooperatingcashflowlesscapitalexpenditures,wasverystrongin2015,at$596million,up12%from2014.

Capitalexpendituresforthequarterwere$53million,andforcalendaryear2015were$146million.

Consistentwithourcommentsthroughouttheyear,theincreaseincapitalspendingversus2014reflectstheaccelerationofourinvestmentinnewproductinnovation,deploymentofglobalplatforms,includingCambrianandotheranalytics,interconnect,fraud,andournewPSOLinfrastructure.

Aswelookforwardto2016,weexpectcapitalspending,includingVeda,tobeintherangeof5%to6%ofrevenue.Thisisconsistentwith2015andreflectsacontinuationofourcurrentinvestments,aswellassomeadditionalspendingintheneartermasweintegrateVeda.Thisisslightlyhigherthanourexpectedlong-termrateofcapitalspendingofabout5%ofrevenue,duetotheVedaintegration.

AsRickindicated,wehavereceivedVedashareholderapprovalandapprovalfromtheAustraliancourtstocompletethepurchaseofVeda.WeexpecttheacquisitiontocloseonaboutFebruary25.Totalpurchaseprice,includingassumeddebtandfees,isapproximately$1.9billion.AtthecloseoftheVedatransaction,wewillhavedebtoutstandingofjustunder$3.1billionanddebttoEBITDAonatrailingbasisofjustunder3times.

Asindicatedpreviously,weexpecttomaintainourcurrentcreditratings.In2016,wewillfocusonusingourverystrongcashflowfordebtreductionandreturningourleveragetoalevelconsistentwithourcurrentcreditratings.Therefore,wedonotintendtorepurchasesharesin2016.Wewill,however,continuewithacquisitionsbeyondVedain2016,withagoalofdeliveringonourlong-termmodelofanadditional1to2pointsofrevenuegrowth.Assumingacquisitionsconsistentwithourtargetsin2016and2017,wewouldexpecttorepurchasesharesin2017.

Aswediscussedlastquarter,wewillexcludeVedatransactionsandotheracquisitionexpensesandintegrationexpensesincurredinthefirstyearaftertheVedaacquisitionthrough1Q2017incalculatingadjustedEPSandadjustedoperatingmarginandEBITDAmargin.Wewillprovideinformationregardingtransactionandacquisitionexpensesincurredwiththeacquisition,aswellasintegrationexpensesweexpecttoincurrelatedtotheVedaacquisitionafterthetransactionclosesatour1Q2016earningsreleaseconferencecall.

Also,Jeffmentionedatthebeginningofthecall,giventherelativelyshorttimewewillownVedainthequarter,our1Q2016guidancedoesnotincludetheimpactofVeda,northeincrementaldebtcosts,includinginterestexpense,relatedtotheacquisition.WewillprovideyoudetailsontheimpactofVedaon1Q2016duringour1Q2016earningscallinApril.

The2016full-yearguidanceRickwillprovideincludesVeda.For2016,wehaveassumedVedawillbeapartofEquifaxfor10months.Vedarevenueforthe10monthsisassumedtobeUS$220millionto$230million.ThisincludesanestimateoftheimpacttorevenueofUSGAAP,whichwillbeupdatedasweclose1Q2016.ThebenefittoadjustedEPSfromVeda,netofacquisitionfinancingcost,isabout$0.10to$0.15pershare.Asareminder,adjustedEPSexcludesacquisitionamortizationexpense.

Formodelingpurposes,youcanassumeanaveragecostofourVedaacquisitiondebtduring2016ofabout2.5%.Veda'sseasonalityofrevenueissimilartoEquifax,withQ2revenuetypicallythehighestfromaseasonalityperspective,1Qgenerallythelowestrevenue,and3Qand4Qsomewhatsimilarintermsofrevenue.Thespreadbetween2Qand1Qrevenuehasrecentlybeenintherangeof7%to10%.NowletmeturnitbacktoRick.

Thankyou,John.SomesummarycommentsbeforewegototheQ&A.

AsIhavementionedbeforetoallofyou,andasmanyofyouhavenotedinourconversationsandinyourwrite-ups,thelevelofexecutionandthemomentumthatthisteamhasgeneratedin2015isthebestinmy10yearshere.Ithinkit'sjusttrulyremarkablewhatthey'vedone.Wearewellpositionedforgrowth

opportunitiesthatlieaheadandourabilitytotakeonmanyofthechallengesthatmayconfrontus.

Inthecomingyears,theincrementalrevenuethatwillbecontributedfromtheclassofnewproductsthatwejustlaunchedisexpectedtoexceedourhistoricalaverage.Thatgiveswindatourback.OurEnterpriseGrowthInitiatives,includingexpandingInsightsdrivenbyCambrian,healthcare,trendeddata,andauto,willnotonlyenhanceourcompetitiveposition,butalsodelivergrowthopportunitiesforyearstocome.

Alloftheseeffortsareexpected,inouropinion,tooffsettheanticipatedslowdownoftheUSmortgagemarket,which,asyouknow,startedtodecelerateoverthecourseof2015.Whileit'simpossibletopredictwherethemortgagemarket'sgoingtogo--especiallywhenIlookthismorningat10-yearTreasuriesatunder1.6--forecastrangefromdown20%toupmid-singledigits.

Ourforecastthatwehavegivenyoufor2016isanticipatingthatthemortgagemarketwillbedownsingledigitsin2016.Andobviously,ourexpectationasateaminbothWorkforceSolutionsandUSIS,astheyhavedoneformany,manyyears,outperformsthatquitesignificantly.Obviously,ifratescontinuetostaylow,astheyare,theremaybesomemarketupsidetowhatoccursinthemortgagemarket.Andwe'llknow,obviously,asweheaddeeperintotheyear.

2016isyetagainexpectedtobeanotherstrongyearperformancefortheCompany.Fortheyear,weexpectrevenue,includingtheimpactofVeda,tobebetween$3billionand$3.1billion,reflectingconstantcurrencyrevenuegrowthof15%to19%.Andthat'sgoingtobepartiallyoffsetbyabout2pointsto3pointsofFXheadwind.ThisisconsistentwithourcommentsinOctoberthattheorganicconstantcurrencygrowthwouldbeatthehighendofourlong-termrangeof6%to8%.

I'vegottosayitagain.That'satthehighendofthatrange,comingoffofconstantcurrencygrowthlastyearof12%.Soit's,Ithink,quiteremarkable.

AsJohnmentioned,wealsoexpecttoaddanumberof1and2pointsoftuck-inacquisitionsthroughouttheyear.TheseadditionalacquisitionsareobviouslybeyondVeda,which,ashesaid,isnotincluded--I'msorry,inthefirstquarterof2016outlook.

AdjustedEPSisexpectedtobebetween$4.95and$5.05,whichisup10%to12%fortheyear,excludingapproximately$0.13pershareofnegativeimpactfromFX.ThisreflectsconstantcurrencyorganicEPSgrowthof13%to15%.

Forthefirstquarter,weexpectorganicrevenuetobebetween$685millionand$695million,reflectingconstantcurrencyorganicrevenuegrowthof8%to10%,thatwillbepartiallyoffsetbyabout3pointsofFXheadwindinthequarter.FirstquarteradjustedEPSisexpectedtobebetween$1.14and$1.16,whichisup7%to8%,excluding$0.04pershareofnegativeimpactfromFX.ThisreflectsconstantcurrencyorganicEPSgrowthof10%to12%forthefirstquarter.

Again,weexpecttocloseVedainthefirstquarter,butwe'renotincludingthatintheestimate.MaybeduringQ&A,we'lltalkaboutwhyit'snotinthefirstquarter,forthatonemonth.

In2016,we'realsogoingtoshiftourfocustoadjustedEBITDAmargin.You'veheardustalkaboutthatthroughoutthecall,sinceitbetterrepresentsthetrueoperatingperformanceoftheCompany.2016,weexpectouradjustedEBITDAmargintoexpandbyasolid75basispointsoverlastyear's34.8%EBITDAmargin.Inourmodifiedmulti-yearbusinessmodel,weexpectadjustedEBITDAmarginstobeintheupper30%to40%rangewithannualaccelerationofatleast25basispoints.

Sowiththat,Operator,ifyouwouldopenupforquestionsforouraudience,thatwouldbegreat.

QUESTIONS&ANSWERS

Operator :

(OperatorInstructions)

DavidTogut.

DavidT ogut (Analyst-EvercoreISI):

Thankyou.Goodmorning,RickandJohn,andcongratulationsonthestrongresults.

Thankyou,David.

Rick,couldyougiveusyouroutlookforthehealthoftheconsumerbymajorgeographiesserved?Givensomeofthetrendswe'reseeingglobally,doyouthinktheconsumerwillholdup?

Dave,that'sagreatquestion.Obviously,withthevolatilitywe'veseenthisfiveorsixweeksof2016,JohnandIspendalotoftimewithourteamstalkingaboutthat.AndIcan'tforthelifeofmeatthisjuncturedrawaconnectionbetweenequitymarketvolatilityandthehealthoftheconsumerinourmajormarketsaroundtheworld.

Andasyouknow,weoperateinabout19differentcountriesandhaveagreatpulseonwhat'sgoingonwiththecustomer,inmanycases,onadailybasisacrossdifferentverticals,differentindustrysectors,andcombinethatwithsomeverysmartpeopleinternallyandexternallyweleverageonaroutinebasis,economiststhathelpusthinkthroughconsumersmallbusinesslendingtrends.Andwearenotseeingaslowdowninourmarkets.Maybeanexceptionhereorthere,butnothingmaterial,David,thatgivesmeconcernthattheforecastwejustgaveyouforguidanceisnotveryattainable.We'rejustnotseeingthatstrongcorrelation.Soatthisjuncture,inourmajormarketsaroundtheworld,theconsumerscontinuetobehealthy.Wedescribeit,Ithinkitwasafewquartersago,itwasinasweetspot.Istillbelievethat,andwefeelitandweseeitinournumbers.

Great.Thankyou.Andthencouldyoutalkaboutoperatingleveragefor2016?Mostofyourmargincommentsweremoremid-tolong-term,whichwereveryhelpful.ButwesawWorkforceSolutionsmarginupinthefourthquarter,forexample,430basispoints.Sohowshouldwethinkaboutmarginprofilebybusinesssegmentforthisyear?

Letmegettheaggregate,andI'llthinkthroughit,andmaybeJohncanfillthedetails.ButIdidguideattheveryendabout75basis--we'retalkingEBITDAnow,David--75basispointsofmarginexpansionatthecorporatelevel2016over2015.Whatyou'regoingtoseethereiscontinuedmarginexpansioninbusinessesthathavebeenexpandingnowforquitesometime.That'sEWS,asyoualludedto,andUSIS.Thattrendwillcontinue.

Numbertwo,weintentionallymadeinvestmentsinPSOLin2015topositionthemforbettergrowthin2016andbeyond.That'sbehindusnow,tostarttoseemarginexpansioninPSOLfromthelevelsyousawin2015.WealsoinvestedintwomainareasinInternationalthatarebehindusnow.Onewas,asyouareverywellaware,standingupoftheUKgovernmentcontract,whichwasayear-longheavyinvestment,

andnowtherevenuestartstocome,becausetherewasvirtuallynorevenuein2015.

Secondly,wetalkedaboutregionalizationofplatformsandpeopleandprocessesthatgiveusalong-termmorecostefficientinternationalmodel.Thoseinvestmentswerelargelymadein2015.Thosehavenowbeenanniversaried.SoyouwillstarttoseeInternationalandPSOLmarginsexpandingthisyear.Andobviously,International,IthinkIalludedtoit,theirmarginswillbeenhancedwiththeadditionofaveryhighmargin,successfulbusinessinVeda.Beyondthat,doyouhaveanyothertrends?

JohnGamble (CFO):

TheonlythingIwouldaddiscomplianceandsecurityexpensescontinuetremendousgrowthin2014,2015.Stillmoresubstantialinvestmentin2016.Butwedoexpectovertime,thosearegoingtomoderateintermsoftheincreases,althoughstillbesubstantial.Soweshouldseesomeaccretionovertimerelatedtothemoderationofthosegross.

I'llmakeastatementhereonit,John.CorrectmeifI'mwrong,David,togiveyoualittlemoretexture,maybewhatyou'relookingfor.IfyoulookateachindividualBUandyoulooksequentially2016versus2015,everyBU'sEBITDAmarginwillgoupfrom2015into2016,istheexpectation.

JohnGamble (CFO):

You'llseemuchlargerexpansionintheUSISandEWSasyou'veseenoverthepastseveralyears,shouldseesomeacrossPSOLandInternational.Andthenoverall,wewillexpandbecauseyou'renotgoingtoseethedegradationfromthelasttwo.

That'sveryhelpful.Thankyou.Justaquickfinalquestion.Rick,youcalledout280millionWorkNumberrecords,whichisupprettysubstantially.Canyougiveusasenseofhowyou'rethinkingofthegrowthofthisbusiness,particularlyastheWorkNumberrecordsincrease?Areyouseeingamuchgreaterhitrateonsearchesbyclients?

David,Ithinkthisbusiness,allfourbusinessesareexecutinghigh,greatgrowthopportunities.Theseguysareintheearlystagesoftheirgrowthopportunity.It'snotonlygoingfrom280millionto300millionthatdoesincreasethehitrate,asyoumentioned.We'resoearly,andIgaveyousomesenseforthegrowthratebyverticals.Andit'samazing,thesearevery,veryhighdoubledigitgrowthratesintheVerificationside.

Butwearesolightlypenetratedinmanyofthehighgrowthmarkets.There'syearsofgrowthtogoontheverificationsideintheUSalone,thenyouaddtothat,whichwasnottheheartofyourquestion,growthfromtheanalyticsplatformthatwe'vebuiltontheemployerside.AndIgavealittlecommentwhichIdidn'texpandupon,butIwillnow,inmypreparedcomments,David,theappetiteforcustomersingeographiesaroundtheworldforustotakethisplatformoftheWorkNumbertotheirgeographiesisstrongernowthanit'severbeen.Andwehavegotateamworkingfullspeedonacoupleofmilliongeographiesaroundtheworld,whichI'mnotgoingtogetintoalotofdetailonwhere,buttosolvethesameproblemsthatwe'resolvingheresolvinghere,there.Solongwayofsaying,thegrowthopportunityissignificant,it'smulti-year,andit'snotjusttheUS.

Understood.Thankyouverymuch.

Thankyou,David.

Operator :

PaulGinocchio.

PaulGinocchio (Analyst-DeutscheBank):

Rick,acouplequestionsonthetrendeddata.Iwaswonderingfirst,probablytoosensitive,butifyouwantedtotalkaboutmaybethepricepremiumortheASPfortrendeddataversusacreditsnapshot.AlsowantedtoknowwhatpercentageofmortgagescurrentlyuseorpulltheWorkNumberandwhereyouthinkthat'sgoingtobe,whatitiscurrently,whatitcouldbeatyearend,andmaybewhatyoucouldthinkitcouldbeouttwotothreeyearsfromnow?Thankyou.

Yes,yourcommentsareaccurate.I'mnotgoingtogointothelevelofpricingincreasewegetfromtrendeddata.ButthewaytolookatitisthevaluederivedonanROIbasisfromthemortgageunderwritersfromlookingatdataovermultipleyearsversusashotintimeissignificant.Asaresult,theyarewillingtopaymorefortrendeddata.

TheotherpointIalludedtoinmypreparedcomments,Paul,waswe'regoingtotrendmorethanjustthecreditfileandtakeourreallyuniquedataassetsthatnooneelsehasandstarttrendingthose.Thinkaboutthevalueoftrendingincomedataversustakingasnapshotintime.Andthenyoutaketheutilitydata.Sothetrending--Ireallymeanthissincerely--thetrendingofdata,especiallytheuniquedatasetswehave,Ithinkcreatesinnovativeproductsandsolutionsforyearstocome.

AsfarasthemortgagemarketonWorkforceSolutions,againwedon'tdisclosethatlevelofdetail.I'dleaveitatthis,though.There'sstillsignificantroom--andDavidTogutalludedtothis--asthedatabasegrows,thehitrategoesupandthatbenefitsallverticals,includingmortgage.Butwestillhavepenetrationopportunities,notjustonhitrate,butbyaccountinthemortgagearenainEWS,muchlikewedoinauto,insurance,creditcard,governmentandothers,fortheWorkNumber.

IfIcouldjustaskafollow-up.IthinkyouleftguidanceforUSISrelativelystableunderthenewsystemversustheold.AndI'mjustwondering,withtheopportunitythattrendedpresentstoyou,whywouldn'tyouhavenotchedthatupalittlebit?There'sacouplethings.One,shortterm,aswelookat2016,thenI'llgotomulti-year.Two,for2016,oneprimarythinggoingonthere,you'vegotsignificantheadwinds,specificallyinthefirsthalfoftheyearinUSISandmortgage.Mortgage,thebiggestquarterswerethefirstandsecondquarter,andwesaidbefore,startedtodecelerateinthesecondhalf.Sothat'swhyIleftthatmodelconsistentwith2016,Paul.Infact,Ithinkyou'llbeatthelowerendofthatrangein2016,tobeveryclearwithyou.

Andthenasfarasthemulti-yearmodelload,andIratchetedthatup,I'dratherdothatonceIhavesuccessunderourbeltandweseejusthowbigthisisgoingtobe.SoIthinkit'salittlepremature.Butattherighttime,onceweseethesuccessandthetraction,asyouknow,itgoesliveinmid-year,andwewillbealotsmartercometheendoftheyear.Andifthemodeljustifiesbeingchangedatthattime,wewill.Great.AndcongratulationsontheSocialSecurityAdministrationcontract.IfIcouldreallyquicklyask,fortheMyOnlineSocialSecurityaccounts,howmanytimesayeardoyouthinkyou'llverifyeachofthose22

millionaccounts,onaverage?Thanks.

Paul,greatquestion.I'venoidea.(Laughter)

Goodquestion,though,Paul.

Thankyou.

Operator :

ManavPatnaik,Barclays.

ManavPatnaik(Analyst-BarclaysCapital):

Goodmorning,gentlemen.Rick,nicetohear,asalways,alotofprogress,butitsoundslike,atleastwithallyourinitiative,youguyshavetakenthatuponenotchlevelthere.AndIthinkyoustillhaveyourNPItargetsat10%.IknowI'veaskedyouthismanytimesbefore.Itdoesn'tsoundlikeyouneedtomotivatepeoplebytakingitup,butatwhatpointdoyoupushyourselvesevenfurthertotakethetargetout?

Thinkofitthisway.IdidmentionthattherevitalizationofNPIthatwelaunchedinlate2014benefitedthe2015class,oneofourstrongestclassesever.Andthatwillbodewellforthenextthreeyears.Soit'smovingintherightdirection.

Two,youalwayshave,asyouthinkabouttheVitalityIndex,Manav,you'vegotbigchunksofproductsthatrolloffeveryonceinawhile.Somakingupbigchunksofproductsisharderthanitsounds,justtostayat10%.

Butthree,maybemostimportantly,you'veheardusnowtalkforabouttwoyearsaroundEGI.That'sanotherinnovationthatistakinglarge,complicatedgrowthinitiativesacrossmultiplegeographiesandmakingsurewesustainthekindofgrowththatweneedthere.Andthatwasa,Ithink,20%growthIalludedto,inmyearningscall.Solookatittotally,andthecontributionfromNPIandEGI,itissignificant.SoIdon'tfeelcompelledatthisjuncturetoratchetup10%,beyond10%.

Okay.Andthenintermsofthemargins,the25basispoints.Iguessthisclearlysoundslikeanelementofconservatismtothat.Whataretheputsandtakesthatgothroughyourplanningwhenyoustillstickwith25,asopposedtomaybe50?

Ithinkyouknowuswellenoughbynow,wetendtobethoughtfulandmaybealittleconservativeonourguidance.Weguidedto25basispointsfor2015.Operatingmarginwasup,what?

JohnGamble (CFO):

90basispoints.I'mguidingfor2016tobeonEBITDAmarginup75basispoints.Idon'twanttostarvethebusiness.AndyouheardJohntalkaboutcontinuinginvestmentintheCapExlevel.It'shigherthanwhatwe'vehadhistorically.ThestandardizedplatformsthatbringCambriaglobaltofacilitatefaster,moreprofitablegrowth.SoManav,Ithinkit'saRubik'scube,andIthinkthatcombinationofreallystrongorganicgrowththatwe'vetalkedtoyouabout,combinedwithmarginexpansionof25basispoints,ifwecangetthisbusinesstodothatyearinandyearoutandgettoouraspirationalgoals,aswealludedto,of40%EBITDAmargin,Ithinkthat'sprettydamnedgood,andIhopeyouagree.

Yes.That'sgreat.Andthenonelessonforme.Iknowyousaidit,andyourguidanceobviouslyimpliesitaswell,whereyoudon'texpectaconsumerrecession.Butintryingtounderstandifequitymarketsoperating[atdrive]andwedogetthere,obviouslyEquifaxtodayismuchdifferentthanwhatitwasin2008/-2009.Soanyhighlevelcommentsonwhichareashouldholdupandwhichareaswouldbehit?

Yes.Thankyou,Manav.Wearenotanticipatingaglobalrecessionatthisjuncture.Ifitdoesoccur,Ilooksaytodayversushowwe'repositionedasacompany2007,asbeendramaticallydifferent.Lean,asanexample,andourabilitytooperateonglobalplatformsandtakeglobalprocessesandimprovethemandtakecostsoutandactandreacttoarecessionaryenvironmentisfargreatertodaythanitwasthen.Wewereinourinfancystageofunderstandingglobalizingtheplatform,globalizingtheprocess,anddeployingLeanaroundtheworld.Sowecanrackmuchfasterifwehadtointhatenvironment.

Two,justtheoverallpipelineofproductswehaveismuchstrongernow.We'reintheearlydaysofNPIbackthen.EGIdidnotexist.Justtheabilitytogrindoutorganicgrowthdidn'texistthen.

Andlastly,wehavebuiltsome--maybetwootherpoints--countercyclicalproductsthatarebiggernowandwoulddowell,thinkaboutunemploymentclaims,asanexample,inEWS,thatwoulddowellinarecessionaryenvironment.Andwe'remoreglobaltoday,especiallywiththeadditionofVedaandtheirplatform.Nowiftheentireglobehitsarecession,thatdoesn'treallyhelpyou.Butifit'sisolatedtoafewofthedevelopedmarkets,thefactthatwe'reabiggerglobalenterprisemayhelpus,aswell.

Thanksalot,guys.

Sure.Thankyou.

Operator :

AndrewSteinerman.

AndrewSteinerman (Analyst-JPMorgan):

Hello,Rick.I'dliketoaskyouabouttheVedarevenueandEPSassumptionsthatyouhighlightedforthe10monthsincludedinEquifax.Onalike-for-likebasis,whattypeofrevenuegrowthdoesthatassume?Andwhenyou'retalkingabouttheEPSaccretion,areyoucountingoncoresynergies?

Yes.I'lltakeacrackatit,andJohn,youjumpin.ThinkaboutVedaasabusinessthatfitsrightintoourorganicgrowthmodel,whichis6%to8%,andmaybeattheupperpartofthatrangeversusthelowerpartofthatrange.Sonicelyinourorganicgrowthtarget,andnotjustfor2016,butyearinandyearout.Andmuchlikerestoftheworld,there'sanopportunityfortuck-inacquisitionsintheirgeographiesthatareexcitingtousintheseearlydays.Whatwasthesecondquestion?

Coresynergies.

JohnGamble (CFO):

Itdoesnotincludesynergies.Wedidn'tassumeanymeaningfulsynergiesin2016.

Therereallyaren'tmanycostsynergies.Infact,itwouldbejusttheopposite.We'readdingcosttoVedatobringthingslikeCambriaandInterconnectandotherthingstohelpthemlinkdataandgrowfaster.

JohnGamble (CFO):

YoulookatthelastreportedrevenueofVedaandthentakealookatwhatwe'vejustindicated,growthratefor18monthswouldhavetobehighsingletonear10%.

Okay.andjustonemoreonthat.Rick,areyoucountingalotoncomprehensivedatabeingameaningfulimpacttotheAustralianmarketoverthenextcoupleofyearswhenthinkingabouttheVedaacquisition?

Themodeldidnotcontemplatethat,Andrew.ButItellyouwhat,Iwalkedawayfrommylastvisitwiththeteamdowntheremoreimpressedwiththerateatwhichcontributorshavebeencontributingdata,positivedata,Ishouldsay.Soit'snotrightnowinourguidance.It'snotinthemodelweusedtojustifybuyingthecompany.ButI'mmorehopefulandimpressednowthanIwasinearlydaysthatitwillbeameaningfulchangedowntheroad.

Thankyou.

Operator :

GaryBisbee.

GaryBisbee (Analyst-RBCCapitalMarkets):

Goodmorning.YoualreadycommentedonUSISmaybebeingthelowerendofthelong-termtargets,buthowabouttheotherbusinesses?Areanyoftheminakeypositiontobeabovethehighendthisyear,ordowethinkthosetargetsbysegmentaregoodplacestobefor2016?

Look,Gary,therangesarethereforareason.Wethinkthey'reprettysolidranges.You'regoingtoseenuancesinnoisequartertoquarter,asyouguysknow,andmaybeevenyeartoyear.Butovermultipleyears,thoserangesfeelprettygood.Theonebusinessthat'sreallyclickingonallcylinders,andprobablyhasmorerunwaytoexceed,wouldbeEPS.Theirsandboxisabiggersandboxandalessmaturebusiness,andthey'vegotearlydaysofgrowth.Soifthere'sonethatyou'vegottosaymaybehasmoreopportunitytooutperform,it'sthatone.

Andwouldthatincludeyourcommentaryaboutmortgagebeingmuchtoughercomps,stillableto--

Absolutely.AndtheotherthingIsaymaybe,too,isso,yes,that'sincludingthemortgageenvironmentIjustalludedtodownsingledigitsandwe'llhavetooutperformit.Soobviously,ifmortgageisstrongerthanweexpect,thatbenefitsEWS,aswellasUSIS.Buttheotherbusiness,maybeshorttermin2016,Ithinkabouthavingmaybemorerunwaythanthelong-termmodelwouldbewouldbePSOL,becausethey'vegotsomeprettygoodthingsgoingonastheyredefinetheirmodel,aswell.

AndthenaquestionwithinInternationalonLatinAmerica,atwo-partquestion,Iguess.Itseemslikethere'salotweakereconomicactivityinabunchofthosemarketsandyoufaceareallytoughcomp.Howareyouthinkingaboutthat?

Andthenspecifically,canyoucommentonhowmuchinflationinArgentinaisdrivingthegrowthofthatsegmentversusvolumeorunitsalesofyourofferings?Thankyou.

Idon'tthinkwebreakthatsecondpartout.Butthefirstpartis,andIthinkIalludedtoitinmycomments,what'sallowingInternationaltocontinuetogrowattheratethey'regrowing,inspiteofdifficulteconomicenvironmentsinLatinAmericaandotherpartsoftheworld,too,isinnovation.Imentionedthatthemajorityoftheir--66%oftheirrevenueintheselargegeographies--aregeneratingVitalityIndexesfromnewproductinnovationabove10%.Ifitweren'tforthat--andthey'realsoabenefactorofEGI,obviously,aswell--butifitweren'tforthoseinnovativeapproachesthroughproductsandEGI,theywouldnotbeperforminglikethey'reperforming.

Great.Andjustonelastcleanupone.Iknowit'searly,butdoyouhaveasenseforwhatwemightexpectamortizationanddepreciationfromVedatobe?Thankyou.

JohnGamble (CFO):

It'searly.Andobviously,asthetransactioncloses,thesenumberswillbeupdated.Butacquisitionamortization,rightnowwe'reassumingissomewhereintheneighborhoodof$95million.

Thankyou.

Operator :

JeffMueller,Baird.

NickNikitas (Analyst-R.W.Baird&Co.):

Thankyou.ThisisNickNikitasonforJeff.SwitchingbacktoVeda,andmaybetalkingmoreaboutsomerevenueandpotentialsynergies.YoumentionedTDXisseeingsomepositivesignsinAustralia.DoyouseethatasanopportunitytoleverageVeda'spresencethroughouttheregionoranypotentialavenuesyouseetodriveadditionalgrowthintothefuture?

We'vegotasmallteamdownsouthinAustraliaandNewZealandthatrepresentsthedebtmanagementanalyticsplatforms.Soyes,havingaccesstoamuchlargersalesorganizationwithpeople,longerstandingrelationshipswillhelpourdebtmanagementgrowth.

Butbeyondthat,one,we'regettingabusinessthat'sgreatorganicgrowthopportunities.Ialludedthefactthere'sinorganicopportunities.AndthentheothersarebringingthingsliketheWorkNumbertoAustralia,bringingCambriantoAustralia,bringingInterconnecttoAustralia,bringingourglobalfraudplatformtoAustralia.Youcan'tunderestimate--therelationshiptheseguyshaveinAustraliaandNewZealandandthemarketpresencetheyhavewithallmajorverticalsissignificant.Andtheybuildout,muchlikeEquifaxhas,inAustraliaandNewZealand,averywidearrayofuniquedataassets.Andifwecanbringourknow-howtobearthere,tobuildproducts,thatisagreatgrowthdriver.

Andthenassomeone,IthinkitwasAndrew,askedasecondago,eventually,whencomprehensive,ashereferredtoit,orpositivedata,asmanyrefertoit,whenthatbecomesmainstream,guesswhat?Weknowhowtomanagepositivedataandbuildplatformsaroundpositivedatareallywell.Andthat,inyearstocome,isanothergrowthdriverforus.

NickNikitas (Analyst-R.W.Baird&Co.):

Okay.Great.Thankyou.AndjustwithintheUK,wasTDXasizablecontributionto4Q,oristhatstillthinkingabout2016,moreofastrongcontributorthere,andifwe'relookingatgrowthrates,asimilarlowdouble-digitEuropeangrowthrateispossible?

JohnGamble (CFO):

WesawverynicegrowthratesinthecoreUKbusiness.TDXcontinuedtoprovidegrowth,butwesawverynicegrowthratesinthecoreUKbusiness,aswell.

Andjusttomakesureeveryoneunderstandsmyanswer,the$95millionforVedaacquisitionamortizationisanannualizednumber.It'snotthe2016number,it'sanannualizednumber.

Great.Thankyouforthat.Okay.

Operator :

AndrewJeffrey,SunTrust.

AndrewJef f rey(Analyst-SunTrustRobinsonHumphrey):

Thankyou.Goodmorning.Rick,it'sinterestingthewaythePSOLbusinesshasevolvedgenerally,anddirect-to-consumerparticularly,andobviously,CreditKarmawasabigwin.CanyouframeupperhapstheadditionalopportunitiesinDTC?IsCreditKarmaprobablythebiggestsingleopportunityyouseeoutthere,recognizingthatthemarketischangingprettyquicklyandyouhavesomenewentrants?Orarethereotherlargepotentialtargets,too,thatcouldbecallouts,thewayCreditKarmawas?

Okay.Goodquestion.NodoubtthatCreditKarmaintheUSmarketplacefortheresellersideoftheindirectchannel,aswecallit,isauniquelylargepieceofbusiness.MighttherebealargerUSpieceinthat?Mightbe.Idon'tseeitasprobable.TheLifeLockisgoingtobeaverygoodaddtous,expandingwhatPSOLdoes.

Andalso,thinkabout,therearetwootherthingsthatareimportant.TakingthatsameconceptofCreditKarmatoothergeographies,whichweoperate,takingittoAustralia,takingittoCanada,takingittoUK.Andalso,you'vegotDannAdamsnow.Andoneofthebeauties,Andrew,ofmovingleadersaroundindifferentbusinessesistheyhaveadifferentperspectivethantheirpredecessor.Dann'slookingatthisbusinessnow,saying,canIlookatthebreachmarketdifferently?He'slookingatsaying,howdoIcombinesomeoftheassetsthatwehavefromEWS,wherehewasforfiveandahalfyears,intotheglobalPSOLchannel.It'snotjustthelargeindirectresellersthatgivemehopeforlong-termgrowthinPSOL,it'sthefourleverswetalkabout,plustakingotherdataassetsintoPSOL.

Okay.AndI'llaskyouthesamequestionaroundWorkforceSolutions.Itseemslikeeveryyear,there'sanotherwrinkle,anotherinnovation,anothercustomer.Hasthisbeenanexceptionalperiod,givendevelopmentslikeACA,whereyou'dsay,thiswasjustaremarkabletime,orarewelookingatthepaceofchangeandopportunitysetthatisstructurallybiggerthanyoumight'vethoughtitwastwoorthreeyearsago?

It'sthelatter.Andit'sbyfarthelatter.Icanseeadaywherethisbusinessissodramaticallybiggerthanitistoday,notjustintheUS,butglobal.AndAndrew,we'regoingtowakeupinthenextnumberofyearsandit'sgoingtobeinacouplemoregeographiesthatarereallyimportanttous.Italkedabouttrendeddata.Wearejustnowinearlydaysoftrendeddata.We'rebuildingthecapabilitiesfortrendeddata.

SoIwouldberemissifIdidn'tsaytheleadershipthatwastherewasoutstanding.Theydidahellofajob.ButIamsure--andDannhasdoneahellofajobout,asyouknowandyou'veseenthefinancials.Butwewillcontinuethatprogressandtakethisbusinesstothenextlevel.Andit'snotfar-fetchedtosee,atsomejuncture,EWSbeingbiggerthanourcore117-year-oldcreditbusinessatmarginsequalto,ifnothigher,thanUSIS.Sothat'showwethinkaboutthat.

JohnGamble (CFO):

Ifregulationcontinuestoextend,theopportunitiestoexpandthecompliancebusiness,soit'snotjustinverifier,it'sinemployer,aswell.It'sbothsidesofthebusiness.

Greatpoint.

Okay.That'sprettyambitiousandprettyexciting.Sothankyou.

Thankyou.

Operator :

AndreBenjamin.

AndreBenjamin (Analyst-GoldmanSachs):

Thankyou.Ithinkmostofmyquestionshavebeenanswered.IguessonthebackofthequestionthatwasjustaskedabouttheEWS,it'sclearthatthereisalotofdemandforthesesolutionsglobally.IntheUS,isthereanyplacethatyoucancalloutasamajorareaoffocusbeyond,Ithinkmostofusclearlygetthecaseinautos,mortgage,andgovernment,butthereareveryobviouslargeareasthatyoushouldbegoingafterthatyou'renottoday?

No.Ithinkthatwe'vegotourtoesintoeverything.It'sallrelative.Arewe--Ihatetouseabaseballanalogy,butIwillagain--areweinthebottomhalfofthefirstinningorthetophalfoftheninthinning?Inmostcases,we'reveryearlystages.Creditcardisimportanttous.Insuranceisimportanttous.Prescreeningisimportanttous.Sothinkingaboutanywherewherehavinganaffirmationthatsomeoneisemployedandtheconfirmationofhowmuchsomeonemakesacrossalmosteveryvertical,there'saneedforthat.Soweareinto,Ithink,virtuallyallofthem,Andrew,butjustsomewe'revery,veryearlydayswherepenetrationhasgotyearstogo.

AndonPSOL--IapologizeifyoucoveredthisbeforeIjumpedon--butIknowyoutookupthegrowthratelongerterm,andwasthereanythinginparticularaboutthereorgthatshoulddriveamaterialchangeinthestrategy?Orisitreallyjustgettingeveryoneonthesamepage,seeingthesamenumbers,andhavingunifiedgoals?

Good,good,goodquestion.It'sthelatter.Structuredoesnotnecessarilyalwaysfacilitatefastergrowthorimpactgrowthcanbeslower.Itjustintellectuallymakesensetohaveoneteammanageeveryaspectofthestrategyforaconsumer,regardlessofhowtheconsumerbuysthatproduct,directlyfromusorthroughapartnerofours.Sothat'swhywedidthat.Idon'tthinkthatinitselfchangesthegrowthprofile.It'sexecutingagainstthefour-prongedstrategywelaidoutlastyearthatgivesusconfidencethatthegrowthofPSOLmulti-yearmodelisslightlyhigherthanthepast.

Thankyou.

Operator :

BrettHuff,Stephens.

Brett Huf f (Analyst-StephensInc.):

Goodmorning,Rick,JohnandJeff,andcongratsonanicejob.

Thankyou.

Twoquestions.One,focusingontheEWS.Youtalkedaboutthegeographicexpansionopportunity.ThewayIunderstandthatbusinessworks,youneedadatabaseofnumbersinordertoreallystarthavingaproducttosell.Andyoumentionedyouhadteamsonthegroundinseveralgeographies.Aretheythereconstructingthatdatabase,andhowlongdoesitgettaketogettoascalableproductinthosegeos?AndthenIhaveonefollow-up.

It'sgoingtotakeawhile.WhenIthinkaboutthemulti-yearmodelwecommunicatedearlier,Brett,itdoesnotcontemplateInternational.Iwouldneverdothat.It'sgoingtotakeawhiletobuildadatabase.Butwe'regoodatit.Weknowhowtodoit.We'vegotfundsinvestedintoit.We'vegotpeopleinvestedintoit.We'vegotcustomersweknowverywellthatwantit.We'vegotthetechnology,we'vegottheplatforms.Weknowhowtodoit.Butit'sgoingtotakeawhiletogetitdone.Thisisn'tsomethingyoulookatoverafive-yearperiodoftimeandsay,gotit,versusrevenuefourthquarter2016.

Okay.That'shelpful.Andthenjustabiggerquestion.I'mtryingtotickoffallwhatIthinkarethemajorgrowthopportunities.Butwonderedifyoucouldrankthemintermsofyourexcitement?Iguessthecategoriesaretrendeddata,Cambrian,theNPI/EGI,andmaybetalkingaboutWorkNumbergoinginternational.Maybethere'sanotheroneortwoI'mmissing.Asyouthinkaboutthethree-yearopportunityinthose,whichonesare--howdoyourankthem?

We'resoatandwe'vedoneforsolongisNPIandEGI.Sothat'ssomethingthatasaninvestororanalystthat'sthinkingaboutusshouldhaveahighlevelconfidenceincontinuingattherateit'scontinued,ifnothigher.Two,youalludedtothecoreofEWS,whichwetalkedaboutquiteabitthismorning,continuingtogrow.InternationalEWS,obviously,isone.Cambrian,youcan'tunderestimateCambrian.Cambrianwillnotonlyallowustolinkdifferentdataassetstogether,butbuildproductsthanwecouldeverbuildbefore,butwecanbuildthemfaster,sotimetorevenuewillbefasterwithCambrian.Obviously,smalltuck-inacquisitionsthatwe'resogoodat,hopefully,weseemtobereallygoodat,soweknowhowtodoit.Thatwillbeavehicleforprofitablegrowthgoingforward.

Thecoolthingis,Ithinkyou'dagree,isit'snotjustone,two,orthreethingswe'recountingonforgrowth.Thefoundationhasbeenbuiltbyourteams,thathavegotsomanyleversthatpull,thatgivesyouaprettygoodconfidence.

That'sgreat.Thankyouverymuch.

Operator :

ShlomoRosenbaum,Stifel.

ShlomoRosenbaum(Analyst-StifelNicolaus):

Goodmorning.John,canyouverifyforme,asIdomycalculationonorganicconstantcurrencygrowthimpliedfor2016revenue,itseemstomethattherangeis7%to10%,withthemidpointaround8.5%.Isthatcorrect?

JohnGamble (CFO):

Yes,that'swhatweget,too.

You'regood,Shlomo.

Okay.Andthen,Rick,howconcernedareyouabouttheAustralianeconomyandtheirtiestoChinaandanimpactforVeda,orareyoureallyexcitedaboutalltheopportunitiestobringvalueoverthereandthat'sgoingtooverwhelmtheconcernsthatyoumighthavefromaneconomicperspectiveoverthere?

Goodquestion.WespentalotoftimetryingtounderstandanddeconstructtheeconomicdriversoftheAustralianeconomy,dependencyonexportstoChina.Weengagedsomeof,Ithink,thebesteconomicmindsonaglobalbasis,aswellasalocalbasisinAustraliatothinkaboutthatandhavewalkedawaywithacoupleofthoughts,Shlomo.

Oneisfor2016,unlessthereisanimplosionthatnoonehasevercontemplatedinChina,theyhavediversifiedtheirmarketsandtheireconomyassuchthat,infact,theconsensuseventodayisastrongerGDPinAustraliathan2015.

ThesecondthoughtIhaveis,they'regoingtohavearecessioneventually.Youcan'tdefineodds.Ithinkthey'rethesecondlongestrunningeconomyinthehistoryofmoderntimeintheworld,thetimetheyhadtheirlastrecession.They'regoingtohaveoneeventually.

Butthird,whenwemakeaninvestmentlikethis,wedon'tmakeaninvestmentforaquarter,forayear,orforatwo-yearperiodoftime.Thisisapartoftheworldthatwewanttobein.WehaveagreatpartnerdowntherenowwithVeda,andtheygiveusalensintosomanymoregeographiesdownthere,beyondjustAustraliaandNewZealand.It'sagenerationalbet,notjustaquarterorayearbet.

JohnGamble (CFO):

Shlomo,justareminder,whatweactuallyguidedtoonorganicconstantcurrencygrowthishighendofthe6%to8%range.

FortheCompany.

JohnGamble (CFO):

FortheCompany.Sothat's--it'swithinthatrangeyouindicated,buttheguidancewashighendofthe6%to8%.

Okay.Thankyouverymuch.

Thankyou,Shlomo.

Operator :

BillWarmington,WellsFargo.

BillWarmington (Analyst-WellsFargoSecurities):

Goodmorning,everyone.Soonthedirect-to-consumerbusiness,you'vetalkedinthepastaboutyourfour-prongedstrategy,indirect,international,Equifax.com,thefreemiummarket.Andyou'vehadsomesuccessthere,especiallyonthedirect-to-consumerresellers,CreditKarmaandLifeLock.SoIwantedtoask,howsensitive,oreconomicallysensitive,isthisbusiness?Andthenifitiseconomicallysensitive,howstrongarethetrendstowardscreditliteracyandotherdemandsintermsofIDtheftprotectionandotherdriversonthesecularsidethatcouldpotentiallyoffsetit?

That'saninterestingquestion.I'venotdoneastatisticalcorrelationanalysisbetweentheGDPandthePSOLbusiness.IfIgaveyouananswer,itwouldbewrong.ButIthinkaboutdriversthatmostlikelyhelpanindividualwantingtobuyaPSOLproductorproducts.It'samIemployed,amIexperiencingsomewageinstability,ifnotinflation,amIinthemarketforsomething.Thosearetiedtogether.Thehealthofan(Indiscernible)industry,ifI'memployed,homepurchase,andsoonandsoforth.

SoI'mnotsurehowtoanswerthat,otherthanIhavenotdoneastrongcorrelationanalysisbetweenwhateconomicdriversandsensitivitiesdrivePSOLupordown.

BillWarmington (Analyst-WellsFargoSecurities):

Okay.Thankyou.

Thankyou,Bill.

Operator :

Andwehavenofurtherquestionsinqueueatthistime.Iwouldnowliketoturntheconferencebackovertoourmoderatorforanyadditionalorclosingremarks.

Jef f Dodge (IR):

I'dliketothankeverybodyfortheirtimeandtheirinterestinEquifax.Andwiththat,we'llconcludethecall.Thankyou,everybody.

Operator :

Thisdoesconcludetoday'sconferencecall.

Pleasefeelfreetoquoteupto200wordspertranscript.Anyquoteshouldbeaccompaniedby"ProvidedbyTheStreet"andalinktothecompletetranscriptandwww.thestreet.com.Anyotheruseormethodof

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equifax (efx) earnings report: q4 2015 conference call transcript · 2016. 2. 12. · updated...

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