The following is a summary of the Equifax Inc. (EFX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Equifax reported Q3 revenue of $1.42 billion, up 9%.

• Adjusted EBITDA margins were just under 33%.

• The restructuring charge for cost reduction actions was detailed at $42 million, with expected annual savings of over $70 million post-completion in early 2025.

• Non-mortgage organic constant currency revenue growth was 8% in Q3.

• Mortgage revenue increased, driven by strong pricing actions and new mortgage pre-qual products.

Business Progress:

• Significant data exchanges in the US and Canada migrated to the Equifax Cloud, leading to the expectation that 90% of Equifax revenue will be in the cloud by year-end.

• International segment saw cloud migrations completed in Argentina, Chile, and the Dominican Republic.

• New product innovation achieved a Vitality Index of 13%, exceeding the 10% guidance for the year.

Opportunities:

• Enhanced cloud capabilities expected to drive top and bottom line performance in 2025 and beyond.

• Anticipation of accelerating new product innovation from newly integrated cloud infrastructure.

Risks:

• Possible economic impacts from slower US hiring as noticed in reduced employer services revenue.

• Financial marketing services expected to be flat year-over-year as some verticals show demand softening.

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