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(EDGAR Online via COMTEX) — ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



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As acclimated herein, the agreement Equifax, the Company, we, our and us accredit to Equifax Inc., a Georgia corporation, and its circumscribed subsidiaries as a accumulated entity, except area it is bright that the agreement beggarly alone Equifax Inc.

All references to antithesis per allotment abstracts in Management’s Discussion and Analysis, or MD&A, are to adulterated antithesis per share, or EPS, unless contrarily noted. Adulterated EPS is affected to reflect the abeyant concoction that would action if banal options or added affairs to affair accepted banal were acclimatized and resulted in added accepted shares outstanding.



BUSINESS OVERVIEW

Equifax Inc. is a all-around data, analytics and technology company. We accommodate advice solutions and animal assets business action outsourcing casework for businesses, governments and consumers. We accept a ample and adapted accumulation of clients, including banking institutions, corporations, governments and individuals. Our casework are based on absolute databases of customer and business advice acquired from abundant sources including credit, banking assets, telecommunications and account payments, employment, income, demographic and business data. We use avant-garde statistical techniques, apparatus acquirements and proprietary software accoutrement to assay accessible abstracts to actualize customized insights, controlling solutions and processing casework for our clients. We additionally accommodate information, technology and casework to abutment debt collections and accretion management. Additionally, we are a arch provider of payroll-related and animal ability administration business action outsourcing casework in the United States of America, or U.S. For consumers, we accommodate articles and casework to advice bodies understand, administer and assure their claimed advice and accomplish added abreast banking decisions.



We currently accomplish in four all-around regions: North America (U.S. and Canada), Asia Pacific (Australia, New Zealand and India), Europe (the United Kingdom, or U.K., Spain and Portugal) and Latin America (Argentina, Chile, Costa Rica, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay). We advance abutment operations in the Republic of Ireland, Chile, Costa Rica and India. We additionally action Equifax branded acclaim casework in Russia through a collective venture, accept investments in customer and/or bartering acclaim advice companies through collective ventures in Cambodia, Malaysia, Singapore and the United Arab Emirates, accept an advance in a customer and bartering acclaim advice aggregation in Brazil and accept an advance in an character affidavit aggregation in Canada.

2017 Cybersecurity Adventure

In 2017, we accomplished a cybersecurity adventure afterward a bent advance on our systems that complex the annexation of assertive alone identifiable advice of U.S., Canadian and U.K. consumers. Criminals exploited a software vulnerability in a U.S. website appliance to accretion crooked admission to our network. In March 2017, the U.S. Department of Homeland Aegis broadcast a apprehension apropos the software vulnerability. We undertook efforts to analyze and remediate accessible systems; however, the vulnerability in the website appliance that was exploited was not articular by our aegis processes. We apparent abnormal arrangement action in late-July 2017 and aloft analysis promptly advised the activity. Once the action was articular as abeyant crooked access, we acted to stop the advance and affianced a leading, absolute cybersecurity close to conduct a argumentative analysis to actuate the ambit of the crooked access, including the specific advice impacted. Based on our argumentative investigation, the crooked admission occurred from mid-May 2017 through July 2017. No affirmation was begin that the Company’s bulk consumer, appliance and income, or bartering advertisement databases were accessed. We abide to abet with law administration in affiliation with the bent analysis into the actors amenable for the 2017 cybersecurity incident. On February 10, 2020, the U.S. Department of Justice appear that four associates of the Chinese People’s Liberation Army were accusable on bent accuse for their captivation in the 2017 cybersecurity incident.

Product Liability. As a aftereffect of the 2017 cybersecurity incident, we offered TrustedID(R) Premier, a acclaim book ecology and character annexation aegis product, for chargeless to all acceptable U.S. consumers who active up through January 31, 2018. In backward 2018, the Aggregation connected the chargeless acclaim ecology casework for an added twelve months for acceptable consumers impacted by the 2017 cybersecurity adventure by accouterment them the befalling to accept in Experian(R) IDNotify(TM) at no cost. We additionally provided chargeless acclaim letters and scores, acclaim ecology and character annexation aegis for twenty four months to impacted consumers in Canada and the U.K. We accept recorded the costs all-important to accommodate this account to those who active up. The actual artefact accountability antithesis at December 31, 2019 and 2018 was not actual to the Circumscribed Banking Statements.

Litigation, Claims and Government Investigations. As a aftereffect of the 2017 cybersecurity incident, we were accountable to a cogent cardinal of affairs and investigations as declared in Part I, “Item 3. Acknowledged Proceedings” in this Form 10-K. We recorded expenses, net of allowance recoveries, of $800.9 actor in added accepted liabilities and selling, general, and authoritative costs in our Circumscribed Antithesis Sheets and Statements of (Loss) Income, respectively, as of and for the twelve months concluded December 31, 2019, absolute of our acknowledged and able casework expenses. The bulk accrued represents our best appraisal of the accountability accompanying to these matters. The Aggregation will abide to appraise advice as it becomes accepted and acclimatize accruals for new advice and added developments in accordance with ASC 450-20-25.

Future Costs. We are currently active abundant initiatives in aegis and customer support, and a company-wide transformation of our technology infrastructure, which we accredit to as our technology transformation, and incurred abundant added costs and basic expenditures in 2019 accompanying to these initiatives. We apprehend to abide to acquire cogent costs and basic expenditures in 2020 accompanying to these initiatives, at agnate levels as those incurred in 2019.

We incurred cogent acknowledged and able casework costs accompanying to the lawsuits, claims and government investigations to which we were a affair in 2019, and apprehend to abide to acquire these costs until all affairs are absolutely resolved. However, we apprehend that the akin of acknowledged and able account costs accompanying to these affairs will be decidedly lower in 2020 due to the adjustment of all of the cogent affairs in the U.S.

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We will admit the costs and basic expenditures referenced herein as they are incurred.

Insurance Coverage. At the time of the 2017 cybersecurity incident, we had $125.0 actor of cybersecurity allowance coverage, aloft a $7.5 actor deductible, to absolute our acknowledgment to losses such as those accompanying to this incident. Since the advertisement of the 2017 cybersecurity adventure in September 2017, we accept accustomed the best agreement beneath the allowance action of $125.0 million. We additionally maintained a admiral and admiral allowance action of which we accept recorded our estimated best recoveries as of December 31, 2019.

Segment and Geographic Advice

Segments. The USIS segment, the better of our four segments, consists of three account lines: Online Advice Solutions, Mortgage Solutions, and Banking Business Services. Online Advice Solutions and Mortgage Solutions acquirement is principally transaction-based and is acquired from our sales of articles such as customer and bartering acclaim advertisement and scoring, character management, artifice apprehension and clay services. USIS additionally markets assertive decisioning software casework which facilitate and automate a array of customer and bartering credit-oriented decisions. Banking Business Casework acquirement is principally action and cable based and is acquired from our sales of accumulation acclaim and customer abundance advice such as those that abetment audience in accepting new customers, cross-selling to absolute barter and managing portfolio risk.

The Workforce Solutions articulation consists of the Analysis Casework and Employer Casework business lines. Analysis Casework acquirement is transaction-based and is acquired primarily from appliance and assets verification. Employer Casework acquirement is acquired from our accouterment of assertive animal assets business action outsourcing casework that accommodate both transaction and cable based artefact offerings. These casework accommodate unemployment claims management, employment-based tax acclaim casework and added commutual employment-based transaction services.

The International articulation consists of Asia Pacific, Europe, Latin America and Canada. Canada’s casework are agnate to our USIS offerings. Asia Pacific, Europe and Latin America are fabricated up of capricious mixes of account curve that are about in our USIS reportable segment. We additionally accommodate advice and technology casework to abutment lenders and added creditors in the collections and accretion administration process.

Global Customer Solutions acquirement is both transaction and cable based and is acquired from the auction of acclaim ecology and character annexation aegis products, which we bear electronically to consumers primarily via the internet in the U.S., Canada, and the U.K. We additionally advertise customer and acclaim advice to resellers who amalgamate our advice with added advice to accommodate direct-to-consumer monitoring, letters and scores. Due to the 2017 cybersecurity incident, we accomplished announcement our customer business in the U.S. in September 2017. We resumed announcement our U.S. paid articles in the fourth division of 2018.

Geographic Information. We currently accept operations in the afterward countries:

Singapore and the United Arab Emirates, accept an advance in a customer and bartering acclaim advice aggregation in Brazil and accept an advance in an character affidavit aggregation in Canada. About 73% and 71% our acquirement was generated in the U.S. during both of the twelve months concluded December 31, 2019 and 2018, respectively.

Key Achievement Indicators. Administration focuses on a array of key indicators to adviser operating and banking performance. These achievement indicators accommodate abstracts of operating revenue, change in operating revenue, operating income, operating margin, net income, adulterated antithesis per share, banknote provided by operating activities and basic expenditures. Key achievement indicators for the twelve months concluded December 31, 2019, 2018 and 2017, accommodate the following:

*Amounts aloft accommodate accruals for basic expenditures.

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Business Ambiance and Aggregation Outlook

Demand for our casework tends to be activated to accepted levels of bread-and-butter action and to customer acclaim activity, baby bartering acclaim and business activity. Demand is additionally added by our initiatives to aggrandize our products, capabilities, and markets served. In the United States, we apprehend 2020 bread-and-butter activity, as abstinent by GDP, to be bottomward from 2019. We apprehend bashful advance in customer credit, excluding mortgage, over the advance of 2020. U.S. mortgage bazaar inquiries are accepted to be about collapsed in 2020 against 2019, with able advance in inquiries in the aboriginal bisected of 2020, account by a abatement in inquiries in the additional bisected of 2020. We ahead 2020 bread-and-butter activity, as abstinent by GDP, in Canada to be hardly beneath 2019. In Australia, we ahead 2020 bread-and-butter activity, as abstinent by GDP, to be up from 2019. In the European markets we serve, the U.K., Spain and Portugal, we are assured 2020 bread-and-butter activity, as abstinent by GDP, to be bottomward or hardly beneath 2019. In Latin America, our two better markets are Argentina and Chile. In Argentina, the bazaar connected to abate in 2019. We are assured connected weakness in 2020 but at lower levels than in 2019. In Chile, we are assured bread-and-butter action in 2020 to be bottomward hardly compared to 2019. Added ambiguity exists in Argentina due to the Argentinean political ambiance and in the U.K. due to the appulse of Brexit in the U.K.

In 2019 and beyond, we accept incurred and will abide to acquire added costs and basic expenditures accompanying to our technology transformation, which includes costs for added abstracts security. In 2019 and beyond, we had and will abide to accept increases in the advancing run-rate of technology and aegis spending. We additionally apprehend to abide to acquire added costs for insurance, finance, acquiescence activities, and to accommodated added acknowledged and authoritative requirements. The ultimate bulk of these increases is accepted to be significant.

As a aftereffect of the 2017 cybersecurity incident, we were accountable to a cogent cardinal of affairs and investigations as declared in “Item 3. Acknowledged Proceedings” in this Form 10-K. We recorded expenses, net of allowance recoveries, of $800.9 actor in added accepted liabilities and selling, general, and authoritative costs in our Circumscribed Antithesis Sheets and Statements of

specified or are uncertain, the ambiguity as to the acceptance of a chic or classes and the admeasurement of any certified class, as applicable, and the abridgement of resolution on cogent absolute and acknowledged issues. As such, as of any accustomed date, we could accept acknowledgment to losses as to which no accountability has been accrued or as to which the accrued accountability is inadequate. The ultimate bulk paid on these actions, claims and investigations in balance of the bulk already accrued could be actual to the Company’s circumscribed banking condition, after-effects of operations, or banknote flows in approaching periods.

RESULTS OF OPERATIONS –

Revenue for 2019 added by 3% compared to 2018. The advance was apprenticed by our Workforce Solutions and USIS segments which was partially account by declines in International and All-around Customer Solutions. Workforce Solutions saw able advance apprenticed by Analysis Services. USIS advance was primarily apprenticed by increases in bulk acclaim decisioning volumes and acquirement from acquisitions. International had bounded bill advance beyond Latin America and Canada. The aftereffect of adopted barter ante bargain acquirement by $74.7 million, or 2%, in 2019 compared to 2018. All-around Customer Solutions acquirement decreased primarily due to decreases in customer absolute acquirement in the U.S. and the U.K.

Revenue for 2018 added by 1% compared to 2017. The advance was apprenticed by our Workforce Solutions and International segments which was partially account by declines in USIS and All-around Customer Solutions which were abnormally impacted by the 2017 cybersecurity incident. Workforce Solutions saw able advance apprenticed by Analysis Services. International had bounded bill advance beyond all regions. The aftereffect of adopted barter ante bargain acquirement by $28.3 million, or 1%, in 2018 compared to 2017.

Cost of Services. Bulk of casework added $81.3 actor in 2019 compared to 2018. The access is due to added ability and technology costs. We additionally incurred added incremental technology and abstracts aegis costs of $20.3 actor in

2019. These added technology and aegis costs predominantly reflect the investments we are authoritative in our technology transformation, which accommodate costs for added abstracts security. We apprehend these incremental costs as able-bodied as added advancing technology and aegis costs to abide in 2020. The aftereffect of changes in adopted barter ante bargain bulk of casework by $33.2 million.

Cost of casework added $229.7 actor in 2018 compared to 2017. We incurred added technology and abstracts aegis costs of $146.5 actor in 2018. These added technology and aegis costs predominantly reflect the investments we are authoritative in our technology transformation, which accommodate costs for added abstracts security. The actual access is due to added bodies and ability costs. The aftereffect of changes in adopted barter ante bargain bulk of casework by $6.4 million.

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Selling, Accepted and Authoritative Expenses. Selling, accepted and authoritative costs added $776.9 actor in 2019 compared to 2018.

The access in 2019 is primarily due to losses, net of allowance recoveries, of $800.9 actor associated with assertive acknowledged affairs and government investigations accompanying to the 2017 cybersecurity incident. The appulse of changes in adopted bill barter ante decreased our selling, accepted and authoritative costs by $24.4 million.

Selling, accepted and authoritative costs added $181.3 actor in 2018 as compared to 2017.

We incurred added incremental technology and abstracts aegis costs of $160.7 actor in 2018. As was the case in bulk of services, these added technology and aegis costs predominately reflect the investments we are authoritative in our technology transformation, which accommodate costs for added abstracts security. The actual changes were apprenticed by increases due to the restructuring allegation of $46.1 million, people, the accessible annal action adjustment of $18.5 actor and allowance costs which were partially account by decreased announcement costs. The appulse of changes in adopted bill barter ante decreased our selling, accepted and authoritative costs by $10.2 million.

Depreciation and Amortization. Abrasion and acquittal amount for 2019 and 2018 added by $20.7 actor and $22.6 million, respectively. The access is due to acquittal of capitalized internal-use software and systems costs and abrasion of assembly equipment, partially account by a abatement in acquittal of purchased intangibles.

Total aggregation operating allowance decreased in 2019 against 2018, primarily due to losses, net of allowance recoveries, of $800.9 actor associated with assertive acknowledged affairs and government investigations accompanying to the 2017 cybersecurity adventure which are reflected in selling, general, and authoritative costs in our Circumscribed Statements of (Loss) Income.

Total aggregation operating allowance decreased in 2018 against 2017, primarily due to the above technology and abstracts aegis spending by the Aggregation afterwards the 2017 cybersecurity adventure of $326.2 actor reflected in costs of casework and selling, general, and authoritative costs in our Circumscribed Statements of (Loss) Income.

Interest Amount and Added Assets (Expense), net

Feb 20, 2020

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