Q3 2021 Financial Results Summary

The company reported revenue of $1,222.9 million in the third quarter of 2021, up 14 percent compared to the third quarter of 2020 on a reported basis and 14 percent on a local currency basis.

Workforce Solutions third quarter results

  • Total revenue was $508.0 million in the third quarter of 2021, a 35 percent increase compared to the third quarter of 2020. Operating margin for Workforce Solutions was 49.8 percent in the third quarter of 2021 compared to 51.3 percent in the third quarter of 2020. Adjusted EBITDA margin for Workforce Solutions was 54.3 percent in the third quarter of 2021 compared to 57.8 percent in the third quarter of 2020.
  • Verification Services revenue was $402.7 million, up 34 percent compared to the third quarter of 2020.
  • Employer Services revenue was $105.3 million, up 39 percent compared to the third quarter of 2020.

USIS third quarter results

  • Total revenue was $387.8 million in the third quarter of 2021, flat compared to $386.3 million in the third quarter of 2020. Operating margin for USIS was 30.1 percent in the third quarter of 2021 compared to 33.3 percent in the third quarter of 2020. Adjusted EBITDA margin for USIS was 40.1 percent in the third quarter of 2021 compared to 46.0 percent in the third quarter of 2020.
  • Online Information Solutions revenue was $286.3 million, up 1 percent compared to the third quarter of 2020.
  • Mortgage Solutions revenue was $46.2 million, down 17 percent compared to the third quarter of 2020.
  • Financial Marketing Services revenue was $55.3 million, up 20 percent compared to the third quarter of 2020.

International third quarter results

  • Total revenue was $245.4 million in the third quarter of 2021, up 13 percent and up 10 percent compared to the third quarter of 2020 on a reported and local currency basis, respectively. Operating margin for International was 11.4 percent in the third quarter of 2021, compared to 11.6 percent in the third quarter of 2020. Adjusted EBITDA margin for International was 26.7 percent in the third quarter of 2021, compared to 32.4 percent in the third quarter of 2020.
  • Asia Pacific revenue was $88.7 million, up 11 percent and up 7 percent compared to the third quarter of 2020 on a reported and local currency basis, respectively.
  • Europe revenue was $67.7 million, up 15 percent and up 9 percent compared to the third quarter of 2020 on a reported and local currency basis, respectively.
  • Latin America revenue was $44.6 million, up 11 percent and up 16 percent compared to the third quarter of 2020 on a reported and local currency basis, respectively.
  • Canada revenue was $44.4 million, up 15 percent and up 8 percent compared to the third quarter of 2020 on a reported and local currency basis, respectively.

Global Consumer Solutions third quarter results

  • Total revenue was $81.7 million in the third quarter of 2021, down 6 percent and down 7 percent compared to the third quarter of 2020 on a reported and local currency basis, respectively. Operating margin was 14.4 percent in the third quarter of 2021 compared to 14.4 percent in the third quarter of 2020. Adjusted EBITDA margin was 23.4 percent in the third quarter of 2021, compared to 24.8 percent in the third quarter of 2020.

Adjusted EPS and Adjusted EBITDA Margin

  • Adjusted EPS attributable to Equifax was $1.85 in the third quarter of 2021, down 3 percent compared to the third quarter of 2020.
  • Adjusted EBITDA margin was 33.0 percent in the third quarter of 2021 compared to 37.1 percent in the third quarter of 2020.
  • These financial measures exclude adjustments as described further in the Non-GAAP Financial Measures section below.

Source:  Equifax Earnings Release