Equifax Inc. (EFX) Earnings Call Transcript & Summary

Good morning, everybody. I like that. I think everybody knows, my name is Trevor Burns. I lead Investor Relations at Equifax. I want to welcome everybody today to the 2025 Equifax Investor Day. Very excited to be here. We're going to have a great event. Look, a little bit about what we're going to talk about today. We're going to talk about Equifax and the cloud. We're going to talk about EFX.AI. We're going to talk a lot about differentiated data. So a great event. A lot of our leadership team is here and are going to be up in front of you talking. A little bit of logistics about how the event is going to go. We'll have the presentations, about 50% of the way through, we'll do a break. Then we'll have the follow-up presentations. And then we will do Q&A at the end. Very excited. I'll turn it over to Mark Begor.

Well, thanks, Trevor, and welcome. It's great to have you all here, both the group in the room here at the New York Stock Exchange and those that are on virtually. It's been a couple of years since we had an Investor Day. So we're excited to talk a lot about the new Equifax, as we call it, the post-cloud Equifax. I think you know we spent the last 5-plus years doing a massive investment in our technology while still running the company. And now we're pivoting really to leveraging that investment as we drive the company forward. I'll move through these starting slides. So I think you're familiar with our strategic priorities at Equifax. We've had really the stack of strategic priorities since I joined 7 years ago. Strategic priorities shouldn't change every year. So we've really had some consistency. You'll hear really about these priorities throughout the day this morning. No particular order. These are all #1 priorities for us as far as strategic priorities, but accelerating innovation, new products. That makes us more important to our customers. It drives more innovation. You'll hear a lot about that today. You know about our Vitality Index. And it also makes you more valuable to your customers when you're bringing them new ideas. So super important. Leveraging the cloud. The tweak on this one for the last number of years, we had complete the cloud. And now at 90% complete in United States and North America being fully complete, we're really pivoting to leveraging the cloud. So a real nuance there that's super important that you're going to hear a bunch about today about the power of the cloud and what we believe will be upwards of a decade advantage that we're going to have versus our competitors being the only cloud-native data analytics company out there and how we're benefiting from that from both innovation, new products, but also share gains going forward. Differentiated data assets are really at the heart of Equifax. This is one that I think is often in this community, meaning the investor base is underappreciated is the data assets Equifax have that our competitors don't. And you're going to hear about that today. And as you know, that's the underpinnings of new solutions and products we bring to market is the differentiated data that we have that we can bring to the marketplace. And obviously, it starts with TWN, our income and employment business. Chad will be up to talk about that. And now we're starting to take TWN, our income and employment data and put it together with our credit data with the twin indicator that Joel Rickman will talk about. AI is also a big priority of ours. Harald is going to come up and talk about that. We've been investing in AI for a long time, now probably a decade, accelerating in the last 3, 4, 5 years. And the cloud and our differentiated data set us up to take advantage of AI capabilities. What AI should mean to you and what it means to us is the ability to bring higher-performing model scores and products to market. And higher performing means higher ROI to our customers, and that's going to drive market share, revenue and price as we deliver the products going forward. So a big, big priority there. Putting customers and consumers first, super important to us. It's one of our strategic priorities. It's also a value that we have with our 15,000 employees. Bolt-on M&A, I'll talk about. I think you know we have a strategy of 1 to 2 points of revenue growth from bolt-on M&A. Our strategy leader here and the corp dev leader, Sunil is up in the front row, so grab him on a break. He won't tell you anything. about our pipeline, but he'll tell you there's a lot in there that we're looking at it. And we'll talk a little bit later that we're very disciplined about what we want to do on bolt-on M&A. And we're not interested in doing big deals or transformational deals. We want to strengthen the core. And that's when we talk about M&A, we talk about it being bolt-on. Leadership in security is super table stakes for us after what happened in 2017. Jamil will come up and talk about tech, but also security and how we're leading in security the last 5 years really in our industry, and that was one of our goals to be an industry leader in security. And then one team went Equifax. I think you know our financial metrics. You know a couple of years ago, we increased our long-term growth framework from 6% to 8% to 7% to 10% very deliberate on our long-term organic growth rate going forward. No change in that. Today's meeting is to reconfirm our confidence in delivering that going forward. So you should hear that as we go through the day. 1 to 2 points of revenue growth from bolt-on M&A, 8% to 12% overall. 50 basis points of margin expansion is still our long-term goal that we expect to deliver. As you know, that's an increase from our old framework from 25 to 50 basis points. We have confidence in delivering that. And John will take you through a kind of medium-term goal or a scenario for us in 2030 that shows that 50 basis points being delivered really in a flat mortgage market without mortgage growth that we can deliver that kind of expansion, which we're excited about. And then as you know, back in April, a few weeks ago, we rolled out our new capital allocation plan, where we talked about investing about $1 billion a year in growth CapEx. Remember, our CapEx over the last 5 years has been predominantly in building the cloud. Our CapEx going forward is going to be predominantly around executing growth through innovation on new products. So it's really going to be more offensive CapEx and then bolt-on M&A. So about $1 billion a year going forward, investing in Equifax to keep that high-return, high-margin, high capital return investment going. And then with our $3 billion stock buyback program and our dividend growing in line with earnings, about $1 billion a year increasing to shareholders. And I think when you walk this out to John's scenario or our scenario for 2030, you see that grows substantially, meaning the cash returning to shareholders grow substantially. And we're going to keep this CapEx and bolt-on M&A really in the same framework. So the growth engines for Equifax, you can see our growth profile over the last number of years and our long-term growth rate of 8% to 12%. As you know, we've been impacted by the mortgage market decline that impacted our total revenue dramatically over the last 3 years. About $1 billion of revenue came out of our P&L. We'll talk about that. We expect that to come back in the future as rates come down. But we are confident in our ability to deliver that 7% to 10% or 8% to 12% long-term growth rate you see on non-mortgage. And when we think about our growth engines for Equifax going forward, what's going to drive that 8% to 12%, what's going to deliver that 8% to 12%. One is the really post-cloud leverage. I can't say enough about the fact that the last 5 years have been challenging to do the cloud, build the cloud, invest in the cloud, work with our customers in executing the cloud and run the company. When we look forward, we're now fully focused on growing the company. And hope you feel that energy and enthusiasm, and it's going to show up in our results, whether it's our Vitality Index or our ability to grow. More data is another engine for us to continue to add data either organically through partnerships or through M&A. Innovation and NPIs is a part of our DNA. You're going to hear that today from Cecilia, our Chief Product Officer, about how we're really continuing to double down. You may remember that we brought in Cecilia, our Chief Product Officer, ahead of our cloud completion actually 5 years ago, not to date Cecilia on that, but she's been here for a while. And we're really now leveraging that. So we built up and more than doubled our product team over the last 5 years. So we really have a very strong DNA around product, which is a big deal going forward. I talked about AI. I'm super excited about multi-data solutions, which really is taking the leverage of TWN, our income and employment data with our credit data. And as you know, I've been trying to do that since I joined Equifax. We now can because we're in the cloud. So Joel is going to come up and talk about what we call only Equifax, solutions that only Equifax can deliver and really solutions like our TWN indicator on mortgage, our TWN indicator on auto that are really going to differentiate us from a share standpoint around the credit file space, which is really a big advantage for us. We have some big growth verticals that Chad will come up and talk about our leader of EWS, government and talent, 2 $5 billion TAMs where we have $800 million in government and about $400 million in the talent space. So big growth opportunities in those spaces. I talked about bolt-on M&A and then, of course, the mortgage market recovery. So we're excited about the new Equifax. You know this long-term framework, no change. from what we shared a number of years ago, and we've been sharing with you over the last number of years, 7% to 10%, 1 to 2 points of M&A contribution or 8% to 12% overall. You see the businesses on the left. Each business team will talk about how they're driving in the case of EWS, 13% to 15% long-term growth, USIS, 6% to 8%; international, 7% to 9%. And underpinning that is a vitality index goal of 10%, which we've been overdelivering on in the last number of years. So we're excited about our framework going forward. We participate in big TAMs. And we're much more than a credit bureau, which a lot of us think about Equifax as a credit reporting agency or a credit bureau, but we're much more than that in some of the big verticals we participate in. The traditional credit bureau is about $17 billion is the TAM to participate in. That's kind of the TU Equifax experience space. We think about ourselves playing in a $50 billion marketplace with big markets like government at $5 billion, talent at $5 billion. Identity and fraud is a very, very large space, which we're participating in through Kount and Midigator, and we want to continue growing in that space. So large markets to grow in that are outside of financial services. And we'll talk a little bit about the fact how we're increasingly growing faster out of FI than we are inside of FI, which really delivers a more diversified company going forward, which we're excited about. And then you think about some of the big share plays that we have in front of us. I already talked about the twin indicator on the USIS credit file. We think that's a really big opportunity for us to drive share in mortgage prequal or the shopping space in auto and in P loans and ultimately, cards also where we can add value to our credit file to drive market share gains. NPI and innovation is a big deal for Equifax. We think we're more innovative than our competitors. We think that we have the tools to do that in the data, the AI, now the cloud-native technology in order to drive that going forward. So we're really excited around the larger market that we participate in. And there's big market trends that benefit our space, data analytics and Equifax. One is digital. I think it's really important to understand that the digital macro is huge. All of our customers are doing all of their transactions online. And being a partner to them, in our case, a provider of data, we have to provide that always-on stability. That was one of the underpinnings of why we went cloud native. You can't get to [ 99s ] or always on stability unless you're in the cloud. And that's why we made the big investment because our customers demand it. And as you know, virtually every transaction our customers do, every credit card application, every identity transaction, every mortgage application, they go from their system to ours. They may hit multiple databases, and then we bring back the data that they use to complete the decision. That has to happen in nanoseconds. So that speed of data transmission also is a big advantage for Equifax. We believe being digital from the cloud and really responding to that is going to drive our market share gains, and we'll talk a little bit about how that's driving. The other big macro is more data. I've been around the financial services space for almost 30 years, and you look at the explosion of data, 20 years ago was principally the credit file. Increasingly, there's more data elements being used in the decision. And we all know from your stats classes in college or MBA school that more data results in a more predictive decision. And that's why we're focused on adding more data to our capabilities, whether through M&A and bringing new data assets in. I think you know we've done a bunch of that through partnerships where we're bringing data in from other partners and really expanding our data capabilities, and you can't do that without the cloud. And our cloud really gives us the ability to bring in more data and put it into a single data fabric. Remember, that was a big part of our investment in the cloud. Innovation in NPI, we think, is really table stakes as far as a big market trend. Our customers want more innovation. They want more new solutions. They want to drive higher approval rates at lower losses. They want higher identity pass rates, and that's our focus around innovation. You can see the growth levers that we have driving that. And I've talked about the opportunity in government. There's a big macro in Washington, obviously, under the Trump Administration, where there's a huge focus on costs and reducing the deficit. And a big play for us is improper payments. There's about $160 billion a year of social service improper payments, and our solution can help address that. As you know, we already have a big business at the federal and state level. Chad will talk about that, where we can continue to grow there. Same with talent, a big business for us in supporting the data to the background screeners to make them more efficient, make them deliver their solutions more quickly. And as you know, that's a fast-growing $5 billion space for us. And then our global scale, Patricio Remon, who runs our international business, will come up and talk about how we're taking products we develop in one market and moving them around all our 27 markets around the globe. The ability to move those in our cloud environment is a real asset for Equifax being cloud native across the globe. And then obviously, a big market trend for us is, obviously, we've had to live through the mortgage market decline. Now that we're getting to the bottom, we thought we were at the bottom last year. Obviously, it stepped down further this year, but that's going to come back when rates come down. And that's really an option in Equifax stock because we've been very clear, whatever that mortgage market recovery is, we're not going to invest more in Equifax with it. We're going to drop it through, and it ultimately will end up in dividend and buyback. That's where that recovery is going to end up. It's not going to end up in more investment in Equifax. Jamil will come up and talk more about this, but we invested $3 billion over the last 7 years in the Equifax Cloud. And now we're 90% complete. We still got some international platforms to finish, but United States and North America, which is where 80% of our revenue is complete. This has been a huge undertaking and one that really consumed the team. And I hope you feel the energy of kind of post-cloud Equifax, where we can now focus on innovation, growth, products and customers now that we have the cloud completion behind us. It's really, really a big deal. And you'll hear about all the capabilities, whether it's always on stability, faster data transmission. We obviously got some cost savings, which you've heard us talk about, but the ability to innovate more quickly, the ability to have global products that we bring across all our markets, this is super powerful. And I'm a big believer to be a great data analytics company, you have to have industry-leading technology and Equifax does after the big investment. So a big deal to be pivoting there. We also have, and I mentioned this earlier, scale differentiated data assets that our competitors don't have. And that's the underpinning. If you don't have the data, you really don't have a lot of weapons or a lot of tools to bring differentiated data assets to the marketplace. We all know we have the credit file, so does TU and Experian. That's one that's an underpinning of our business, particularly in FI. We're the only data analytics company that has 200 million plus of telco utility trade lines in the United States. So a huge additive to the credit file. We're clearly the only one with the scale of the Work Number, the TWN data assets that we have is super, super valuable for Equifax, particularly now as we start combining TWN with credit. And then, of course, in specialty finance with our DataX and Teletrack acquisitions. And then on the right-hand side, you see some real scale data assets and many of those also differentiated versus our competitors. We have commercial data assets from leasing trade lines, for example, that Experian and D&B don't have that differentiate us in that space. And you see some of the others. Our wealth data asset called IXI is only Equifax, which is super valuable to have the wealth data of individuals down to their ZIP Plus 4 household level. So super important to have these scale data assets, a real differentiator for Equifax. And remember, part of our big $3 billion investment was to put all these data assets together from siloed data assets into one single data fabric. And that's really going to allow us to accelerate innovation, accelerate new products, accelerate those data combinations to bring those to marketplace, which is really going to drive market share and product innovation for us. And innovation has really accelerated post cloud. Pre-cloud, we were an innovator just like our competitors. All companies want to innovate. All companies want to bring new solutions to their customers. Pre-cloud, we had a Vitality Index, which, as you know, is the percent of our revenue in our -- percent of our revenue from new products in the last 3 years. Pre-cloud, that was 5%. Four years ago, we set a goal to double it to 10%. And that's a big goal for us. And you see we've been outperforming that goal. Back in '22 and '23, we had a big lift in EWS from some talent and mortgage products. But that ability to deliver 10% consistently is super important. I think you know in our space, that next credit file, that next product that we sell, that next income and employment that we sell is very high incremental margins. So it really drives that 50 basis points of margin expansion as we're driving new solutions because we have a very high fixed cost base. And that incremental revenue is very, very high calories for us. It also makes you a more important partner to your customers. You become more integrated with your customers when you're bringing new ideas to help them grow, you're a partner with them. So that's why we're so focused. And when you think about what are the kind of things we're doing on innovation and new products, it's more differentiated data. We talked about that. Multi-data solutions where we're combining data together, whether it's alternative data that's not in the credit file with the credit file or the idea of TWN indicator, making our credit file more valuable. So differentiated data there. Harald will talk a bunch about how AI is really driving our performance lifts, just more data coming in and using AI to drive that. Trended historical data has always been a big deal. What someone's credit score today is super valuable or how much do they make today is super valuable. But what's their trend over the last 3 years? Is it up, down or sideways in their credit score or their income profile. So that trended data is super valuable. And as you know, we typically sell that at a higher price because it delivers more value as a part of that product. Orchestrated solutions and multiproducts. So innovation is super important to Equifax and a big part of our priority going forward. You'll hear about our AI investments that we're making to really drive leveraging our cloud, leveraging our differentiated data to bring those new products to marketplace. So a combination of AI proprietary solutions inside of Equifax. We've had over 300 patents in the last 5, 7 years that are really AI-driven. So a real innovator around AI and explainable AI that's super important. You may have seen our press release last week where we issued 35 patents in the first half of the year. And I think 9 of those are AI-driven. So we're continuing to invest in explainable AI to drive our competitive advantage. And then the cloud has really given us the AI infrastructure. So we have our differentiated data assets are proprietary to Equifax, and then you add to it the cloud capabilities and our AI investments. It allows us to deliver higher-performing solutions and products. You saw some outside. If you didn't get to see them this morning in the product showcase we have outside, hopefully, you will on the break or during lunch. And you see some examples here, and you'll see it this morning through the rest of the presenters of some of the lifts we have. And it's hard, I think, in your chair to appreciate what does it mean when you see a 10.4% lift in our score for consumer. That's a big freaking deal. For years that I've been around financial services, you think about 100 basis points, 200 basis points, 300 basis points of lift is what you're fighting for. That's a lot of ROI. When you talk about 1,000 basis points, 10.4%, huge game change in your ability to bring solutions to market. And what drives that is our differentiated data and our AI capabilities. You see a raft of examples where we're still, and I would characterize it in the early days of really driving our AI rollouts in our scores, models and products. These are going to drive market share for us. It's going to drive product vitality index. It's also going to drive revenue, and it's going to drive price because we're delivering a higher-performing solution. So we're super excited about AI. I've talked about bolt-on M&A, no change in our strategy here. And just to be super clear, no transformational M&A, no big M&A, I say big with a capital B. But we're going to be very deliberate about strengthening the core of Equifax. 4 swim lanes that we've been very consistent on. Number one, we want to look for scale differentiated data that really has a moat around it, meaning it's very unique. A great example is Appriss Insights. Chad will talk about that, the incarceration business we bought for $1.8 billion 4 years ago. DataX, Teletrack, PayNet, you can see some of the names on the right-hand side, unique data assets that we can bring into the Equifax single data environment are the kind of solutions that we want. So that's number one. Number two is strengthen and broaden EWS. EWS is our largest, our fastest-growing, our highest margin business. We're looking for M&A to strengthen that business. And we've done about half of our M&A when you look on the right-hand side here is really strengthening EWS. That's going to continue. And whether it's in unique solutions like Appriss Insights with the incarceration data or some of the employer solutions that brought new capabilities around WOTC and I-9 into the employer business in EWS, that's a real priority for ours. Number three is identity and fraud. Big $19 billion TAM, fast growing, everything is digital. We have a lot of identity assets. And our focus is on more identity data. And that's what Kount brought us or what Midigator brought us, and we want to do more in the identity and fraud. And then number four is international platforms. This is really an example is before my time, we bought Veda in Australia, as you know, that's been a great acquisition for us. We bought 18 months ago, almost 2 years ago now, we bought Boa Vista in Brazil in order to get into a big market. Patricio will talk about that. That's been a very successful acquisition for us. And now we're very strong #2 to Serasa Experian, and we look for growing in that fast-growing market. We bought the leading player in Dominican Republic. So international platforms is a place we also want to buy. And then very disciplined financial criteria. As I said earlier, we've got a funnel of companies we look at all the time that are attached to these strategic priorities. And that -- so there's a lot of things we don't look at, actually that our competitors do. For example, D2C businesses. That's not a space that we want to participate in because we think it's too competitive. We want to be in places where we can have a differentiated position. So we have a large funnel and then the financial criteria become what's really the differentiator is we want to buy businesses that are at or above our long-term growth rate. So they have to be accretive. We're not going to buy fixer uppers. So we're looking for businesses that have strong inherent, call it, double-digit growth. Second, they have to be accretive to our margins. We're not going to buy businesses that are losing money or negative EBITDA. That doesn't work for us. We want to buy businesses that are generating free cash flow and profits and are accretive to our margins after synergies and integrations. And then also leveraging the cloud and of course, meeting our -- being accretive to our long-term capital costs, being accretive there. So you see what we spent about $4 billion over the last 7 years. We expect to do over the long term, 1 to 2 points of revenue growth from bolt-on M&A. At our roughly $6 billion of revenue this year, that's $60 million to $120 million kind of annually and growing of revenue additions. And when you think about capital to do that, that's $500 million to $700 million a year in our capital allocation plan to strengthen the core of Equifax. That's really what our bolt-on M&A strategy is about is strengthening really strong businesses going forward to continue to drive competitive advantage. So a big part of our strategy. CapEx is also something we'll continue to invest in. As you know, it's coming down meaningfully as we complete the cloud. You can see the bars there. Over the long term, we expect to be 6% to 7% of our revenue from CapEx. But what's super, super important for us is the changing mix of our CapEx. Historically, it was very much pre-cloud on maintaining our legacy infrastructure. We had multiple applications. It was very costly to maintain those. So there was less dollars available for product and innovation. Now as we move forward with a new tech stack, that we spent the $3 billion on over the last 5-plus years. Our CapEx going forward is all on offense. It's all on new products. It's all on new platforms, it's on new innovation. And as you know, products for us are CapEx, and you'll hear about that today. So really different profile for us going forward about investing in offense. And this number works out to be roughly $500 million a year. It grows as our revenue grows going forward, but investing really around driving the flywheel of Equifax around innovation and new products. That's really where the big priority is. And we think this is a competitive advantage for Equifax as our competitors are still spending time building their cloud or hybrid cloud. We now have the ability to only focus on innovation, growth and new products going forward. You saw this chart in our April earnings where we rolled out our new capital allocation plan. I already talked about the investing in Equifax. So $1 billion, $1.2 billion a year investing in Equifax, very high capital returns, very high bar on what we're going to invest in CapEx and bolt-on M&A. And then our excess free cash flow, which is going to continue to grow going forward, returning to shareholders through dividend and buyback. We laid out a plan to grow our dividend in line with earnings going forward. You know we had a larger increase in May to really send a signal on our confidence in the future of Equifax. But going forward, we'll grow that in line with earnings. No change from what we talked about in April. And then our excess free cash flow going through the buyback. And as you know, as our revenue grows and our EBITDA grows, and John will take you through this in the financial section after the break, our free cash flow and our leverage grows, so the ability to return cash to shareholders grows going forward. And then I'll repeat a couple of times that as the mortgage market recovers, that excess free cash flow will go down into returning to shareholders. It will be a higher dividend as our earnings go up, and it will be a lot of excess free cash flow return in buyback. And John will actually size that for you in the kind of a 2030 scenario of -- with mortgage market recovery and without what that looks like. And they're both very attractive, at least in our eyes, and I think you'll feel the same way. Here's the mortgage market recovery. I think you know the slide on the left, we've shown it for a long time. These are hard inquiries from Equifax. You see the kind of very consistent pre-COVID lift from refis of where mortgage inquiries were and where they are now. So they're down 50%. They're going to be down and no change in our guidance. John will talk about this being down 12% this year. We're still tracking to that level because rates went up, as you know, around really the tariff impacts going forward. But with inflation starting to stand under control, we'll see what the Fed does this week. But we would expect over time, rates to come down, not to where they were, but to come down where they are today at kind of 20-year highs, and that's going to be a real positive for Equifax. And again, we're going to drop this through to the bottom line. The $1.2 billion of incremental revenue is about $700 million of EBITDA incremental and about $4 a share. And John's model that we have for 2030 will show that in a mortgage market recovery, that all shows up in earnings and EBITDA earnings, free cash flow and buyback and dividend because we're not going to invest more. We're investing the right amounts in Equifax today. We don't see a need to do more M&A. We don't see a need to do more investment in Equifax or more CapEx. We're investing the right amount. So as that mortgage market comes back, we're going to return it to you. This is another element, first time we've talked about our subscription revenue, and we're going to start sharing it with you more often because it's becoming a bigger part of our revenue. And I think you all know the value of having subscription versus transaction revenue if there's an economic event. And this is really being driven principally by EWS. Chad will talk about it, but in government and talent, we're having more kind of fixed subscriptions for 12 months that then get reset in the next year, but those can provide some real stability of transactions versus transactions going forward. So you see 25% of our $6 billion revenue this year is now subscription, growing 14%. That's going to keep growing much faster than the rest of Equifax. So subscription, as you go out to 2030 and beyond will be a bigger piece of Equifax's revenue, which we think is a positive. And part of that is market-driven in the markets we're participating in, but part of it is how we're going to market. We think that's a good thing for our customers in order to drive adoption of our products going forward, particularly in government. We have a goal of being consumer-friendly. One of our goals is to be the most consumer-friendly credit reporting agency, and this is really focused in USIS on this slide is a couple of new rollouts that we've had just in the last few months. First is we rolled out a new credit report. If you've ever looked at your credit report from Equifax, it looked pretty old. It doesn't anymore. So we've got a new credit report out there, reimagined. We're getting great feedback from consumers. We're getting great feedback from our customers who are using that to go to their consumers. There was some press support on it. So big investment of ours to really have a more consumer-friendly credit report that's easier to understand. The myEquifax app is one we're rolling out now. It's just in market. You'll see a demo on that. Really exciting for us to have a solution that's free for consumers to access their credit report that's going to drive more engagement with Equifax that we're really excited about. And then there's a demo on Optimal Path, which is a new credit score simulator using 'AI'. There's a lot of simulators, I'd say, in quotes out there in different versions that are more generic in how they deliver the data to consumer. What's unique about this one is it's about your data. So it will tell you which trade lines, which credit cards, which loans you need to focus on in order to improve your credit score. And as you know, consumers in the U.S. have a lot of focus on improving their credit score. So we're really excited about these new solutions and check out the Optimal Path demo in -- outside during the break. So we're excited about Equifax going forward. John will share the 2030 kind of midpoint, medium-term goals that we've laid out or scenarios. But you see with -- in 2030 growing from $6 billion this year to $9.6 billion, a 10% CAGR and that's without a mortgage market recovery. That assumes kind of 2% to 3% GDP growth, including in mortgage and just the outperformance that we have of new products in each of the business performance as you're going to hear from each of the business leaders. And then the scenario of if there's mortgage market recovery, full recovery over that 5-year period, instead of being $9.6 billion, there's an additional $1.2 billion of revenue that flows in there to about $10.8 billion. And John will take you through the EPS on that. But as you know, this year, our guide is about $7.45 a share. In 2030, that doubles to $15 a share. And with the mortgage market recovery, that $4 a share takes you up to $19 a share. So a lot of leverage in Equifax going forward post cloud and where we're taking the company. And I've already covered the growth engines. Leadership team is here today. So hopefully, you get a chance to meet them on the break and during lunch. You'll hear from about half of them during the presentation. We're excited about the team that we have here at Equifax, super energized about the future of the company and where we're taking that. When you think about what I hope you take away from today about the new Equifax is, number one, we're confident in our 8% to 12% and 7% to 10% organic long-term growth rate. So we're reconfirming that as well as the 50 basis points of margin expansion. We've got a lot of confidence in that. And hopefully, you'll feel that in the presentations you hear today. Number two is cloud is really a big differentiator. It's got to show up in our numbers. It's got to show up in our vitality, but we can feel it in the last 6 months that we've been kind of cloud complete in the United States and North America, the really post-cloud momentum we have with our customers, the post-cloud momentum we have internally with 100% of our focus on growth and innovation, really excited about that opportunity. I'm super stoked about our only Equifax TWN indicator. It's something I want to do, as I said earlier, since I joined Equifax being an old customer of the credit bureaus. I know the power of combining credit, which is really a reflection of are you going to pay your bills in the future because you paid them in the past, right? That's what your credit score is. But you don't know if you have the ability to pay because you don't know if you're working. So the combination of income, which is ability or capacity to pay along with the credit score, only Equifax can deliver. And the idea of adding that to the credit report to differentiate it, Joel will talk about. So super exciting. Chad has got a great discussion on EWS growth and margins, particularly in those big government TAMs and the talent TAMs. There aren't a lot of businesses that have $5 billion TAMs in verticals that in principally, we're trying to convince the customers that are being doing manual verifications for decades to using our instant solution. So that's really the play we have is through our innovation, new products, which Chad will talk about. Talked about the $1.2 billion mortgage market recovery. That's an option in Equifax. We're going to deliver our long-term framework without a mortgage market recovery. When it comes, it's going to come to you, and it's going to come through to the bottom line. Investing in CapEx and bolt-on M&A to strengthen the core of Equifax. We have a very strong capital allocation plan, and we're very clear about how we're going to drive that going forward. And then a team now post cloud that can fully focus on growth customers and new products. So here's our presenters. Jamil Farshchi is our Chief Technology Officer. Jamil and I joined about the same time after the cyber event in 2018. He was our Chief Security Officer for about 5 years. In the last -- not quite 2 years, he's been our Chief Technology Officer. So Jamil is going to come up and talk about the cloud, and he's a really great technologist and a really great business leader. Harald Schneider from -- joined us 2 years ago. 3. Okay. I'm rounding down. I'll round up 3 years ago, our DNA leader, really a great leader. He's got a great background from Capital One and from Citi and Visa. So he was a customer of the credit bureau. So he understands how data is used, and now he's really turning it going forward. So we're excited to have that. I already talked about Cecilia, our Chief Product Officer, a FICO background, joined us from Oracle and has really changed the game in our product team, really made it central to our organization. Chad joined us a year ago, your anniversary was a few weeks ago, I think. Great to have you onboard, most recently at SoFi. So we're a customer of TWN, a customer of Equifax. And before that at Chase, Capital One -- I'm sorry, not Capital One, Chase, USAA, Fifth Third and a bunch of financial companies. So a really deep understanding of how credit and data is used in the business. Joel Rickman has been with Equifax about 10 years in EWS. He's run our verification business for over 5 years, which is our mortgage as well as our P loan, auto and card verification businesses. In December last year, I asked Joel to take on mortgage for both businesses. So we combined the mortgage businesses. So we have one go-to-market in mortgage, and we also asked him to take on only Equifax. We thought he was at the right intersection between EWS and USIS to drive these new products that are going to really differentiate our -- principally our USIS business from a market share standpoint by having more value on that credit file than our competitors can offer. Patricio Remon is almost a 20-year veteran of international at Equifax. A few months ago, he took over the international leadership role. He's based in London. He's been in the -- running our European business for 7 years. 10 years, okay, longer than me. So he's been running international for 10 years. Prior to that, he was in South America. He's an Argentinian. His team is not going to make it to the World Cup probably, but we'll see. It's a very sore spot for him. But he'll come up and talk about international, and everyone knows John Gamble, and John will come up and talk about the financials, and he's got a great section to talk about. So exciting day planned for you. Let me turn it over to Jamil who will take you through our cloud transformation.

Thank you, sir. Good morning. I'm excited to be here. Thank you all for coming. I'm going to talk about the advancements that we've made in technology. I promise not to geek out too much. But the reality is we have done so much over the last several years that it's extraordinarily impressive and it positions us for the future. As Mark said a minute ago, we believe that this sets us up with a good 10-year advantage. And that suggests that just from our competitors moving from where they are today to meet where we are now. That doesn't even account for the fact that we have this -- we're going to have a compounding effect from the AI work that we're building and all of the work that we're doing on that front. So let me get into it. For our transformation, we basically have 3 key parts that I'm going to cover for you. The first one is the cloud piece itself. The second one is the single data fabric that we have built. And then the final one is the scaling services and AI that we've infused within this entire platform. All right, so cloud. This is our core infrastructure. This is what everything is running on, cloud native, not hybrid, so it's not hopping back and forth to an on-prem environment. It's not fully on-prem. So you have to manage all the hardware and things like that. This is purely cloud native using all of the latest services there. It was really hard for us to accomplish this. This is a very big undertaking. So on the first piece, look, we migrated thousands of applications over to the cloud. Didn't just lift and shift. We refactored them and moved them into the cloud-native services that we have. On top of that, we decommed -- and this is just in the past year, decommed 8 different mainframes across U.S., Canada, Spain, U.K., an herculean amount of effort. And these things were roughly 40 years old in some cases. So it was -- it's a huge undertaking, but we got it over the line. We also shut down 39 different data centers. So no more managing that hardware, no more having to send people driving to the data center to reset systems anymore in the middle of the night. These things are all gone. And then finally, and I think this is often underappreciated, is that we brought our customers with us on this journey as well. So we worked with tens of thousands of our customers to migrate them over to the cloud, and now they're seeing the benefits of all the things that we've done on that front. So as I stand here today, we have 90% of our revenue running through one unified architecture for transactional, analytic, AI workflows, and it's all sitting on one cloud-native platform. Now we have that 10% left still to go. But as Mark said a minute ago, it's just some dogs and cats. So we've got a few of them in Asia Pacific and Latin America, and we expect those to be done in the next 12 to 24 months. The second piece is data fabric, a single data fabric, and this is an absolutely critical component of what we're doing. So if data is our oil, then the data fabric is the refiner and the pipelines that allow us to be able to turn that data into high-quality fuel to be able to power all the rest of our systems as well as distribute them out to wherever it's needed. To do this, it was a monumental undertaking as well. So we combined hundreds of different isolated data silos that were only accessible for their specific purpose at the time, and we combine them all. In addition to that, we built out roughly 600 different specialized data pipelines to be able to clean and deliver those data sets to wherever they're needed. This is absolutely critical to being able to improve the speed and quality of the data that we have throughout the environment. And then finally, we built a single policy layer for all of our datas, models and lineage and it's standardized globally. But at the same time, what this also allows us to do is that the way we design this is that it gives us specific configurability on a per region basis. So for example, if you have a data residency requirement that's unique in India or if you have data privacy rules like GDPR in Europe, we're able to account for those things be fully regulatory compliant while at the same time, having a standardized control layer top to bottom throughout the fabric. So as I stand here, we have one unified capability to be able to govern our data once, to be able to store it once, but to be able to use that data anywhere. The final piece is our scaling services. This is the engine that drives it all. It takes that high-quality fuel that we get from the fabric and it puts it into play to be able to create real-time intelligence for our customers. This thing is headlined by Ignite and InterConnect, as you can see. Ignite, this is our analytical sandbox that allows us to be able to build, train and iterate on our models. And then InterConnect is our ultra-low latency decisioning engine that allows us to be able to plug and play any model, any rule set into live production workflows for credit, for fraud, marketing and so forth. On top of that, these services are supported by a constellation of a different -- of a bunch of different services that help them operate as well. So these things are things like feature store, which allows our data scientists to be able to reuse the work that they're doing. Our Model Garden, which allows us to be able to take advantage of the latest hyperscaler foundational models that are out there. Model Registry, which allows us to be able to reuse our own best-in-class models that we've established or API gateway that allows all of our customers to be able to access those services from wherever they are. The key here for all of this is that when we built these things, we built them for the future. We built them for the AI era. And this is really critical because if you look at AI today and if you talk to technology pros or if you do any research from the -- read any of the studies that are out there, roughly 70% to 80% of the AI experiments that organizations are operating today, they fail in the pilot stage. They fail in the pilot stage. And the reason this happens is for 1 of 3 key reasons. Either first, the models themselves can't get enough compute. The second reason is because the models can't find enough fresh, clean data to be able to train on or even -- and then the final piece is they're unable to be able to find a place to be able to run. If you look at the ecosystem that we've established here, we have cloud, which gives us unlimited compute on demand. We have our single data fabric, which allows us to be able to clean that data and provide it wherever we need it to. And then we have services like InterConnect, which allow us to be able to run those things on an integrated basis top to bottom. So those models and AI in general is able to be able to maximize top to bottom throughout our organization. So what we did when we built this thing is that we skated to where the puck was going, which gives us a meaningful competitive advantage and allows us to have that compounding effect with the AI revolution that we're all in today. And the results are already showing. So on the stability front, Mark said this earlier, this is absolutely vital for any organization that's operating today. All of our customers are digital first. And if you're not up, then they're going to be feeling the pain from it. So this is a key differentiator, but it's also table stakes in this day and age. And I'm happy to say that we have record stability. We consistently have been breaking our own stability records for the last several months because of the transformation that we've run. I think the best example of this is Spain. So you all probably heard about the big catastrophic power outage that occurred in Spain a couple of months ago. Well, right in advance of that, I think it was about 3 weeks before, we flipped the switch for our Spain business, and we moved it to the cloud under the new infrastructure, all the stuff I've been talking about. As a result, while Spain was dealing with this catastrophe and shelter in place, for us, it was business as usual. We didn't have a single minute of outage as a result of that. So it's a really powerful proof point for the work that we've done on the migration. On top of that, on the other end of the spectrum, we've got peak loads. Because of the cloud, we're able to be able to support any amount of demand, on demand and because of the elastic compute that we get from our cloud provider. But we didn't just muscle into this thing. We also added finesse and configurability into the system as well. So for things like flex loads, the schedule of jobs that our customers have, and when they do not need something in real time. We've been able to configure it so we can take advantage of spot pricing as well. So we have cost efficiencies built in on a fit-for-purpose basis depending on what the workflow and the job should be. And I say all this, and we did this, but we did it in spite of roughly 50% increase in the number of changes that we've had within our environment. Now this -- typically, this is a yin and a yang. The more changes you make, the more outages and incidents and stability issues that you have. But we really want changes within the environment. And the reason is because more changes equals more code that we're shipping, equals more features that we're releasing, which means that we are delivering more new innovative products to our customers. We have been able to achieve both, both better delivery as well as far better stability. On the speed side, this is another area where we've been shining. Our data processing is 5x faster. Our mortgage processing is 68% faster. But I think the best example here is one that's 316 milliseconds, a transaction. We have -- and just for orientation, it takes you and I, the average person, roughly 300 to 400 milliseconds to blink an eye. We -- you see where this is going. We have a highly demanding customer with a very complex transaction. It comes from them and goes over the open Internet through the Equifax front door through our entire security stack and then hits not 1, not 2, not 3 different models, but 7 of them and then sends it all the way back to us in 316 milliseconds. Absolutely speed of light, truly blink of the eye speed. And what I think this shows is that this investment what it's done is that it's eliminated that legacy technology tax that most organizations face today. Those manual processes, the incompatible technology, hopping from the cloud in a hybrid model, hopping for the cloud to on-prem. Those things within the new Equifax, they're gone. We're operating at light speed. Finally, security. I mean, of course, none of this stuff matters if you lose customer trust. And in the wake of the breach that we had in 2017, our customers, they fundamentally demanded more. And that's exactly what we did. So I'm proud to say, and Mark mentioned this earlier, this is the fifth year in a row that we have exceeded all industry benchmarks in security. And we've done a fantastic job being able to rebuild that trust. And now we're a leader within this space. And the data shows it. If you look at the average time, the industry best times for detection, they're roughly 60 minutes. We're below 60 seconds. If you look at the times for incident response, our times -- the industry is 24 hours. We're below 24 minutes. A few years ago, the industry started to pick up on, hey, maybe there's cloud security risks, maybe there's supply chain risks. What do we do? We lean in and we worked with the leading partner in cloud security, the one that just got acquired by Google recently. We worked directly with them, and we were able to expose out our own security posture to all of our customers directly so they could see what the security posture of the products and services they leverage from us were, first in the industry to do something like this. Right after that, we got a tremendous amount of interest from a lot of our customers saying, "Hey, you guys are doing all these great things in security. You've got all this investment. We don't have that same level here. What can you do to help us?" What do we do? We released our control framework. We open sourced it. We even put on a front end to make it really easy for our customers to be able to access it and understand what kind of insights and intelligence that we had. Again, first in the industry to do something like that. Nowadays, everyone is talking about AI threats and credential compromises. Well, last year, what we did is that we went and released password-less authentication throughout the entire organization. So passwords for all of our users, there are no more. And they use biometrics to be able to access any of our services, which is a huge step forward, eliminates the AI threat because you can't fake this, while at the same time, making it far easier to be able to get your work done, first in the industry to be able to do that. And then you look at our differentiated data, the huge trove of differentiated data that we have. That is end-to-end encrypted top to bottom. But even more than that, if you look really to the future, like I try to do, you think about the quantum risk and the threats that potentially breaks encryption. You know what, we've already worked with the government, with NIST, and we have those quantum-proof algorithms. We've already established them, and we're working with our ecosystem partners today to be able to roll them out. So we're already ready for that future state threat. The bottom line here is that we have worked incredibly hard to become a leader in this space, just as we have on the technology side, and we're not going to give that up anytime soon. Finally, look, we made a huge investment, a huge incremental investment, $3 billion, as Mark said. We put just as much, if not far more effort heroically from a top to bottom basis throughout the business to be able to drive this transformation. And now we're seeing all of those benefits. But I think what's most exciting to me is that the results from last year, arguably, they're only from roughly the last 6 months. Like a lot of this stuff is just happening. So we are at the very, very beginning of this transformation and seeing the value of what it's being able to provide. So we're built for the future. I mean we skated to where the puck was going, and it's given us 5-, 10-plus year advantage over our competitors. And we aren't stopping. The others aren't cloud native. They don't have the power of our single data fabric. So there's a long way to go before they can catch up. And we're just going to keep plowing ahead. I think that advantage is only going to increase as AI continues to become more and more important, and Harald is going to talk about that a little bit more here in a minute. So we've turned the page on transformation. We're post cloud. And now we're fully focused on leveraging this technology investment, this platform that we have put in place, and it's going to give us a really strong future and competitive advantage going forward. Thank you very much. Harald is coming up next. I appreciate your time.

Good morning, everybody. Very excited to be here with you this morning. By way of introduction, I am leading data and analytics here at Equifax, been here for 3 years and joined Equifax from -- with a background of almost 25 years in financial services, working for companies like Citigroup, Capital One, Visa. So I've been in the industry for a long time, know what our customers need and how our customers operate. As a data and analytics professional, being in the role that I am in here with Equifax is really a dream come true. We have really differentiated rich data sources in all the countries that we operate in that give us a 360-degree view of consumers and companies. As Jamil just talked about, we're now operating on a modern cloud stack with endless compute, the elasticity of the cloud, real-time streaming and the availability, the on-time availability. And we are a company that has been investing in AI for more than a decade. So it is very exciting and energizing in this post-cloud position that we've put ourselves in to now combine all of these great capabilities and unleash them in the new Equifax. So as you heard from Mark and Jamil, AI is driving Equifax innovation. We just celebrated the 10-year anniversary of our first patent and explainable AI for neural networks. And we've been building on that innovation year after year, turning Equifax.ai really into a differentiator. We have more than 1,000 data and analytics resources that are driving our innovation every day using cloud-native solutions such as Google Vertex and Gemini to deliver new products to our customers faster than we've ever done before. And we also have more than 1,800 staff that have -- across all functions that have gone through AI training. Of these more than 1,000 data and analytics employees, more than 400 have advanced degrees, including masters and PhD degrees. And they're pushing the boundaries of what's possible in data and analytics every day. And they're also driving our more than 300 patents that we've been granted and that are pending in AI. But your data is only as good as the data that you're using, right? And so as Jamil shared earlier, with the EFX Cloud, we have also built our data fabric that's unifying our data from more than 100 different data sources into a single virtual structure that allows us to maximize our innovation, while at the same time, also maintaining critical governance requirements and our regulatory requirements. So our differentiated data and our patented AI capabilities are creating a real competitive advantage. As Mark talked about earlier, we have a portfolio of differentiated data. That portfolio comprises our traditional consumer credit file and other data sources, such as our telecom and utility payment data, our Work Number that Chad will talk about in a little bit and our IXI wealth data. What's really important is that these -- our Equifax.ai capabilities allow us to then easily create unique analytical insights, models, products and our AI agents on the basis of that differentiated data portfolio. At the heart of our Equifax.ai capabilities is our Ignite analytics platform that we've been developing over the last few years. Within the Ignite Analytics platform, we've created a set of state-of-the-art AI capabilities, such as, for example, our advanced model engine or AME. AME allows our data scientists to use our patented AI to build better models and also automates our governance through automated governance guardrails. We also have machine learning ops pipelines or MLOps pipelines that allow our data scientists to easily deploy these models into our custom-built real-time and batch scoring platforms. We're using these AI capabilities also to power the foundation of how we integrate all of our differentiated data assets together. So the Equifax Cloud and new AI techniques allow us to enhance our keying and linking or entity resolution capabilities, which leads to higher hit rates in our core data exchanges. So for example, in the U.S. and our most mature data assets or consumer credit file, we're seeing an improvement of 7 basis points, which when you apply that to more than 245 million unique identities, results in tens of thousands of additional hits. And for a mature system like our Equifax consumer credit file to get an extra 7 basis points is a really meaningful lift. We've seen even higher improvement in parts of our TWN business with almost 100 basis points. As Jamil said, we substantially completed our cloud transformation in our North American businesses. And with the Equifax Cloud, we've seen almost 300 basis points improvement in our Canadian business. As we're completing the cloud transformation in other regions like Australia and New Zealand, we're also expecting to see significant increases in keying and linking in those markets. We're constantly monitoring our progress here to make sure that we continuously improve keying and linking, and we're also adding new innovations like vector databases and new AI capabilities. The bottom line is with improved keying and linking, we can give our customers more predictive data. And our customers want to say yes more. With -- and with the Equifax Cloud and our differentiated data, we're able to build higher-performing models to allow our customers to have higher predictiveness and to do just that, say yes more. Mark has shared a few examples with you earlier about higher-performing models, the U.S. OneScore and our Australia OneScore. These models are driving higher KS metrics. KS or Kolmogorov-Smirnov measures is a measure to measure the predictive power of a score. So when we are delivering a higher KS, that means our customers can more effectively manage credit risk and they can give access to credits to more consumers and customers, including thin file customers. I wanted to share a couple of additional examples with you. One is our OneScore for alternative finance in the U.S., which provides a 250% KS improvement compared to models without AI and our alternative data. Now Mark said earlier, in financial services, you're typically happy when you get 1% or 2% improvement. We're delivering 250%. That helps customers like, for example, short-term lenders, lease-to-own companies and subprime fintechs to score more customers more accurately. This innovation extends across all of our markets. In Brazil, one of our fastest-growing markets, we are seeing a 10% plus increase in KS with our new OneScore, which leverages the innovation from our Boa Vista acquisition and benefits almost 200 million consumers in this market. So with our market-leading AI and our differentiated data, our customers can improve their performance and generate higher ROI from our Equifax solutions, which in turn helps us to strengthen our market position, gain share and offer higher-priced solutions in the market. So to bring it all together, our cloud-native capabilities and differentiated data is turbocharging our AI capabilities, allowing us to deliver innovation in the market. As we shared previously, in the second half of 2024, 100% of our models were built using AI. This is a significant increase from where we were at just 2 years ago. And to be honest, it's ahead of our own expectations. We will continue to use AI in 100% of our models that we're building in the future. We're also measuring the percentage of new products or NPI that are leveraging AI to ensure that we're driving AI adoption across all relevant product categories beyond models. And again, we've seen that metric already double in the last 2 years. And then we also want to make to -- want to ensure that we're monetizing all the new AI innovations that we're bringing to the market, like, for example, our new affordability solutions and our new fraud solutions. And in order to do that, we are measuring our AI Vitality Index, which has seen a 3x increase already in the last 2 years. So really showing the great work by the team. So accelerating AI is really core to the next chapter of Equifax. We aim to help our customers win in the marketplace and through the -- and thereby increase access to credit for consumers and companies. That will allow us to strengthen our market proposition, drive more share and benefit investors and shareholders. You will hear more about how these innovations are driving business outcomes in our USIS, EWS and international sections. For now, I'll turn it over to our Chief Product Officer, Cecilia Mao, who will talk more about how we're sharing -- driving our product innovation. Thank you.

All right. Thank you, Harald. So Harald said something. He has a dream job. I have a dream job, too. And I'll tell you a little bit, you're going to hear about product and product innovation throughout the day. You already heard lots of those points from Mark. But I'm going to tell you a little bit of how we are doing it and why I'm so confident that we are only getting started in the innovation of products at Equifax. I've been here 5 years. And when I first joined, Mark said, like I want more. I want more products. I want higher results. I want more Vitality Index. And we are already accomplishing a lot of those things. From pre-cloud to now, our Vitality Index has doubled, right? But how are we accomplishing that in -- let me start with the who, the teams, right? Product management is no longer just thinking about requirements. In the center of product innovation, we need to think about customers. I remember when we -- I got here, and I'm the first Chief Product Officer at Equifax, I was asked like what does it mean to be a product-led organization. What does that mean? Like are we shifting from customers? It is actually the opposite. The customers are in the center of our product innovation. It's really understanding the trends of the market. It's really understanding how we are solving the customers' problems, not just selling products, but understanding the value that we're delivering across the way. So the NPI program has been around for 18 years. Innovation has happened for 18 years or more in Equifax. But we are really accelerating how we understand the customers' problems and how we could solve them. So a lot of -- like we have doubled our product teams -- more than doubled the product teams across the 5 years that I've been here. And the talent that we have brought in are not just product managers. Their understanding of the customers, their understanding of the verticals. They understand credit cards, they understand government. They understand the verticals that we serve. And many of them have actually set at the seat of the customers. They were customers before. So they could tell us what we could do better and how to take our innovation to the next step. So you hear Vitality Index, NPI, a lot of the metrics that we report internally, monthly; externally, quarterly are metrics that are part of our -- not only DNA, they are part of like how we are compensated and the metrics that we measure our success by. So secondly, like as I talked about, customers is the center of where our innovation comes from, right? We are customer-centric and product-led. We keep our customers and understanding of their problems in the center of how we think about products and what we are bringing to the market. And we want to make sure not only that we're delivering that product that they are accomplishing their goals, whether it's higher performance in approval rates, better ROI, lower fraud. So we understand what are their objectives as we deliver our products. And development is a team sport, right? So you talk about -- you heard from Jamil talking about technology and the stack, they are partners in how we deliver those products with speed. We partner with our commercial teams that bring to us all of the new things that they are hearing from the markets, the new problems that they are hearing from our customers and the DNA in terms of how we leverage our data assets, our AI in solving those problems. And this is a cycle that is not like -- it's a team sport and it's a very agile sport. And I'm going to talk about a little bit about the speed in which we could accomplish that today. So you saw a similar slide in Jamil's presentation in terms of the tech stack, the data fabric. Today, all of our data is in one data fabric. And this is global, right? So we have the same data fabric platform, data platform in overseas and international as we have in the U.S. That, in combination with our ability to have our platform, you see Ignite, InterConnect is -- allows us to build the products over here and focus like on building products that are verticalized for our customers. And this is like we -- every time that we build a product now, we don't need to reinvest in the basic building LEGO blocks, right? We have the services in terms of how to construct a model, how to create an attribute, how to validate a model, how to create an orchestration layer for. Those are all available to us as we go to a new vertical, a new customer that wants us to solve a new product -- a problem. We have really created a product factory of how we create and construct and launch new products into the market, right? And that has tremendous power because we work in terms of -- this is the only way that I think we are allowed to say the word hybrid here because we're cloud native, but we work in the hybrid construct between products that are globalized like under my team that we are really focusing on the LEGO blocks. And in each region, we have teams that are focused on their markets and their verticals and how they are constructing their products to the market with the LEGO blocks. This also gives us not only speed, but capital efficiency in how we are constructing our products and how we need to reinvest in customers in delivering their solutions versus the basic LEGO blocks. So in the center of our transformation, when we talk about cloud transformation, we talked already about data fabric. But Ignite and InterConnect are in the center of our transformation and how we innovate in new products, right? Ignite is our analytics, global analytics platform. And that allows us to streamline our model development, access our data, access attribute libraries that have been developed for specific verticals, leverage the patented techniques that Harald talked about and accelerate really the analytics to production. Building a model is one thing, but being able to deploy it quickly and see that in production working is transformative that on the cloud, now we could do that in days and hours versus doing something that before cloud it should take us months, right? And the other thing is that Ignite started as a platform for data scientists. So many years ago, it was for the data scientists who really wanted to look at our data detail on creating a model. Now we have really expanded Ignite to be also available for the business user, not only like letting the business user understand their results, understanding how their results compare to their peers in benchmarking, but also being able to have the business user simulate what is the outcome if I were to make a different decision. So the power of Ignite is really not only for the data scientists, but it allows maybe various personas and roles inside of a bank to talk to each other to understand, hey, if I were to deploy this model, what is the result I'm going to see in my business, right? And that's a very powerful tool. And I know that we have a showcase outside that you could take a look at. That ties analytics to decisioning. InterConnect is a global decisioning platform. So similar to Ignite, that allows us to execute the models, the scores into the new strategies that you want to apply. So similarly to Ignite, there's many ways that we go to market with InterConnect. We could sell InterConnect and we do sell interconnect as a decisioning platform that any customer can buy and reconfigure everything in InterConnect to make it a custom platform for them. But more so, we are using InterConnect to construct our products. So they could buy decisions out of the box. They could buy decision from us. They don't need to do anything but to say, "Hey, I'm trying to land a new P loan for this demographic", to a midsized bank in the United States, they may not have the team that compared to a large bank in terms of activating a new decision, bringing in new models, creating new policies, we could create a policy out of the box for them, right, based on the information that we have. So the power of like a lot of the products that you hear outside and the products that we are launching, they have InterConnect behind the scenes, driving that decision, right? And then between like fully customizable or fully out of the box, we also have various levels of the product that allows you to do some configuration, right, some configurations that you could change in between. So the power of these 2 platforms connected to our data fabric is not only to try to sell software. It's the contrary. This is what's powering our ability to launch products into the market. right? So then if you think about what that has given us, the results already speak for themselves. And I know that you hear a lot about a Vitality Index that has doubled since pre-cloud days. And the launching of our products, we have launched consistently over the last 5 years, over 100 NPIs, and we are way underway of doing the same this year, and we are actually aiming at 150. But let me give you 3 other metrics that are very important behind the scenes. One is the speed to market. We are able today to launch a product from idea, from hearing a problem from a customer to launching into the market on an average of 90 days. And we have done that, I think, for the last 2 years, right? That's extremely powerful, right? Like being able to hear a problem that our customers are having. Our customers live in the digital world, they have problems that are changing in their environment every day. For me to be able to launch a product for them in 90 days is lightening speed, right? It changes the game in terms of how they are able to satisfy their consumers. Secondly is the multi-data. You have heard already about multi-data and the value of our data. We have a lot of unique data, but our products are able to combine the data together. That sounds maybe basic, but before cloud, it would take months of our endeavor to do that, right? It was a very difficult proposition, not only in combining the data together, keying, linking it together to a person or entity. So that tremendously has increased our value of being able to produce better products. And the third one is the multi-market products. We're also seeing a lot of trends globally where the problems that I'm trying to solve in the U.K. in affordability, are very similar to Canada or are very similar to the U.K. And our ability to not only launch a product in one market, but able to also transport it because behind the scenes, we have the same Ignite, InterConnect, data fabric, global platforms around the globe. into a different region gives us even more speed and also more capital efficiency in terms of how we're investing in products. So earlier, you heard we're going to continue to invest in products. But through all of these 3 things, it's also giving us the ability to place more bets, faster bets with better capital efficiency, right? So that's what gives me so much confidence that this is going to continue to help us innovate in product into the next decade. So in addition to the scale for us, the speed for us, what is most important is what are we helping our customers accomplish, right? We are seeing that focus on their outcomes, they are seeing better results. They are seeing faster time to value in us selling a product that does not take them months and months to integrate, but days and weeks, right? We are seeing that they are enjoying better products from our unique data, from our AI and being able to have higher approval rates, saying yes to more, lower losses. So we are able to better serve them in terms of their goals and their outcomes, which kind of creates a much better relationship of them seeing us not as a product provider, not as a vendor, but as a partner, right? What we want is for them to think of us any time that they have a new challenge that they know that we could serve them better and at a faster speed. And then finally, product showcases. I think that many of you have already seen all of the product showcases out. These are only 5 examples of the hundreds of products that we launch every year, right? But examples of how we are tying and leveraging our cloud, Equifax.ai, our unique data and many of these products have already launched in multiple markets. But again, only 5 of hundreds of NPIs that we have out there. So I hope that you stop by and talk to the product managers that will answer any questions you may have. Thank you.

All right. Thank you, Cecilia. Good morning, everyone. I'm excited to be here, and I'm actually very honored to be leading Workforce Solutions on this exciting growth journey that we are on. As Mark mentioned, I joined Equifax 13 months ago, bringing a 25-year-plus career in financial services. I actually started in financial services with McKinsey and then went on to large banks like JPMorgan Chase and Fifth Third, where I ran their consumer and business bank. And then I'm also a veteran. And so I had the opportunity to go run the $100 billion bank at USAA. And then most recently, I came from SoFi, where I got this unique opportunity to start a bank and which we launched in 2022 and was the President of the SoFi Bank and also ran the lending platforms. So you may say, well, why Equifax, and I asked that question about 14 months ago. And there were lots of reasons why I wanted to join Equifax. But the primary one was the positive experience that I had as a customer. I really understood the value of The Work Number or TWN. I really understood the power of what it could do in the business. I actually expected that in order to drive my business moving forward, whether it's mortgages or personal loans. And so now after joining and being here for 1 year, I couldn't be more excited about not only the current capabilities we have but the growth opportunity we have going forward. So let's dive in. So since 2021, you can see the, I'll call it, solid growth that we've had, but we can obviously do much better than this. So moving forward, through a balanced set of growth levers, I am very bullish that we can drive 13% to 15% revenue long-term growth with 50-plus percent margins. So I'll summarize here on the right-hand side some of the levers at a high level, and then we'll unpack them as I go through the presentation today. So obviously, you heard Mark talk about very large operating and very big TAMs, particularly in government and talent, significant penetration opportunity we have just to replace manual alone. We have had an outstanding track record of growing records and doubling records in the last 7 years alone, and we have a real long runway for growth to continue to do that moving forward. We are engaging and particularly for me coming from the customer side, we are engaging with customers more than we ever have before. And with that increased voice of customer, we're driving product innovation. We have a strong performance track record in product innovation, but I almost wanted Cecil to yell out an amen and -- during parts of your presentation because I also want to join Cecilia to take that to the next level. And then finally, we're going to continue to deliver a value-based pricing capability. There's more balance than maybe what we've seen in the past, and we're going to utilize and we are utilizing new structures to do a win-win type of scenario with our customers. So stepping back, super high level. I just wanted to kind of share kind of a high-level strategic approach about how I think about the business. So obviously, it all starts with the purpose, which is to help people live their financial best. Workforce Solutions is kind of leaning into that by delivering people data that power the moments that matter the most, whether it's accessing government benefits, buying a new home or car, securing a new job or staying safe in the community. And we're delivering that by delivering customer-centric seamless innovative solutions across key markets across our 5 verticals that drive quality outcomes. And of course, all of that sits on the foundation of TotalVerify, which has set of differentiated data powered by the cloud. So let's talk about the TAMs. You know this extremely well. We have a huge TAM to operate within $15 billion. We're just getting started here, particularly with government and talent being our 2 $5 billion but 2 $1.5 billion, $1.5 billion huge TAMs for us to move into. I have a lot of confidence that we can continue to drive penetration into these TAMs. If I just take government as an example, you all know, just in the last 4 ,5 years alone, we've 4x-ed our penetration going from $200 million to $800 million, and we've got so much more room for growth. And again, I think Mark talked about it. The biggest competition we have is manual and convincing our customers, convincing people like myself in the past that says we can do it better for you. We can drive efficiency and effectiveness by leveraging TWN to improve your overall product. As you know, we also have a great, diverse set of businesses, you can see on the left, and we're really laser-focused to even increase that diversity in 2 ways: one, in vertical diversity, by generating faster growth outside of financial services. So since 2021, we've increased the revenue mix that comes from nonfinancial institutions from 50% to 70%. We're also driving it through revenue diversity. So we are continually trying to strategically shift the mix of our revenue from transaction-based revenues, so think price times quantity to subscription or committed revenue contracts. So obviously, this benefits Equifax, creates a lot more revenue certainty for us and certainty for you. But why I'm excited, it's also great for our customers. We hear it all the time, particularly in the state government sector where they want predictability, right? They have appropriated budgets. They want to stay within. And so a subscription-based pricing model that creates certainty for them is a really big win for our customer as well. And as evidence of this momentum just in the last, call it, 90 days or so, we've had 1 federal contract and 3 state contracts move to subscription, and we got a huge pipeline for that going into 2026. And talent, our committed revenues also increased significantly. Since 2022, the percentage of overall revenue that is committed in talent has increased 4x. So you guys are also very familiar with our dual-sided business model, which is driving extremely strong growth for us. It's a very unique model powered by a large and growing supply side that you see on the left and a large and growing demand side that you're seeing there on the right. At the center, in the power is our TotalVerify data hub, leveraging the Equifax Cloud. So you guys know this, the supply side, 751 million records, 4.4 million employer contributors, great growth in our records, and we'll talk about the strong runway we have to continue to grow that. Really, what I'll call out and Mark said it, this Appriss acquisition that we did in 2021 built the 770 million incarceration and court records that we have, delivering unparalleled 92% U.S. coverage of 2,800 jail systems and 2,200 courts. And I'll talk about an NPI that, that acquisition and that capability has really helped us to enable. On the demand side, huge volume. In 2024, we did 500 million total TWN inquiries through web integrated and batch capabilities. But when I think about this model and I was thinking about joining Equifax and I saw this in an investor presentation, to me, the way I describe it and what I'm most excited about is really the flywheel effect that is created here, the increasing and reinforcing value it creates not only for contributors, on the left and verifiers on the right but also for employers and the millions of people who benefit from this every day as they expect compliant, fast verifications as they're getting that car loan or they're getting that mortgage. So no doubt, the cornerstone of Workforce Solutions is TWN. It truly is the gold standard providing speed, accuracy and productivity for our customers, whether you're a government caseworker or you're a mortgage processor or you're a background screener, TWN, no doubt, offers the fastest and most frictionless experience in the market today, all while delivering a peace of mind of an FCRA-governed process with industry-leading security. Again, reflecting on my time as a customer, I counted on TWN to enable the value proposition I was trying to deliver to my customers. So on personal loans, it's just one example. We harness TWN to increase the speed and the accuracy in the underwriting process when we wanted to give approval. That actually helped us increase our pull-through rates. We also enabled us to accelerate the actual loan funding. So in many times, through TWN and that speed, we are able to deliver funds to the customer in less than 24 hours. This delivered on what I talked about earlier, which is the moment that matters. And as a customer, this allowed me to increase customer satisfaction and loyalty, which drove business for me even more. Records growth. We've, no doubt, delivered very strong, consistent, sustained record growth, doubling again over the last 7 years alone. We'll continue to drive this. You can see on the right-hand side 3 levers. We're going to continue to invest in a dedicated data acquisition team whose primary role every day is to wake up and identify, acquire and onboard new records. That team reports directly to me. That's how important it is. Expanding upon a network of more than 60 partnerships, massive growth, 15 new partnerships last year. We've got a huge pipeline to continue to grow traditional records. And then leveraging our employer services business, we want to continue to build upon the 13,000 direct contributors we have today by delivering them and delivering to HR professionals what they expect, which is a compelling value proposition to decrease cost, increase speed and deliver a compliant verification process for their employees. Needless to say, we have a long runway for growth in records. So as we evaluate this long runway, I want to kind of share kind of a framework to how at least we think about it, right? Let's ground ourselves in this market opportunity. So on the left, you can see total earners in the United States, $250 million, broken into 4 categories. Category 1 is traditional income, so think about that as a traditional W-2 type of employee. And then the second category is this nontraditional income segment. I'm going to talk a lot more about that, but think about that as gig, 1099, huge and growing segment. Then pension is pretty straightforward and then nonworking income. So that's things like maybe they have just investment income or government benefits. So those are the 4 categories. So kind of that as a backdrop and against that, you can see and you're really well aware of these numbers, The Work Number has 191 million records, which represents 138 million unique people. So as we do that as a backdrop and you think about where our growths come, if you go on the right-hand side, there's no doubt, we're going to continue to drive strengthening our position in the traditional income. We're going to do that through that data acquisition team that I talked about. We're going to do it through direct employers, and we're going to do it through not only the partners we have today but increase the number of partners we have. On pension, we'll continue to make great progress here. If you just look at what we've done in the last 2 years, we've doubled the number of pension records in the last 2 years. And again, we have a super strong pipeline as we continue to grow. But again, the most significant growth opportunity is in that nontraditional income. So if you haven't heard, the nontraditional income segment is the fastest-growing segment. It's actually growing 3x faster than the traditional earner segment and has added 35 million independent workers over the last 4 years alone. So yesterday, you may have seen the press release and if you haven't and you saw it in the product showcase, we're excited to introduce Complete Income. This is going to play a huge role in helping us grow in the government sector, which I'll talk about here in a second. So in this context, I also want to introduce a new metric. We call it just current, which is reflected in that third bar. So as you think about active records, active records reflect how employees report to us directly. So they can report active records. They can report inactive records. And so that is the record category we get directly from them. But as I think about current records, current records is defined as those records that have gotten paid in the last 35 days. So the difference between active and current, there's a number of reasons that drive the difference there. But the biggest one is staffing agencies. So a lot of times, staffing agencies will have and report to us active employees, but they may not have had an assignment in the last 35 days in earned income as an example, so they may not be current; or someone is out on leave but not getting paid is another great example. A third example is seasonal workers. Many times, very large, for example, transportation companies, have someone who is active, but they're not current because they're maybe not in the season right now. So we think that current records is another great KPI, and we're going to start reporting that to you guys on a regular basis. And I think it's another great indicator of the massive growth that we have opportunity to go from 99 million people with current income against the 250 million Americans. So let's talk about innovation. Again, an amen, again, Cecilia, on talking about NPI and product and being product led, and I agree 100%. That's all around the customer. We've got a great history here. You can see we've tripled our Vitality Index from pre-cloud days of 4% to 5% to about 13% to 14% now, well above the 10% goal that has been established. As Mark talked about in '22 and '23, we had a nice spike out of our total talent Select All product as well as Mortgage 36. But I think we can even do better than this. And we want to build upon that strong position by focusing on the 4 things that you can see on the right-hand side. So first, it's elevating our overall product management capabilities, right? Coming most recently from FinTech, I really got an up-close and personal view around what great product management looks like in a technology company. So we've increased the stature of product within workforce organization. We now have vice-president-level product leaders directly reporting to the general managers who run this business. We're recruiting new external talent from the outside who can accelerate our product road maps and bring in those pipelines and accelerate those new ideas. And then we are installing world-class product management capabilities that are integrated into our daily operating routines. We're also expanding voice of customer, increasing the number of channels that we can get access to that customer. So whether it's customer surveys or customer advisory boards or off-site roundtables, I personally attend the majority of those roundtables and customer advisory groups because I personally want to hear directly from the customer. Number three, we're harnessing these customer insights to really drive co-innovation. And I think the biggest example of that is, recently, co-innovation initiative we have on with 1 of the top 10 largest employers in the United States who's trying to tackle their retention problem. And so using TWN data and using some shared data analytics, we're helping co-innovate some capabilities that can tackle that really high-cost problem for HR professionals. And again, finally, we're doing all this while we continue to leverage our differentiated data solutions, including valuable assets like trended data. So let's talk about our verticals. I know you all came here to talk about government. It's something we're super excited about. It's a $5 billion TAM. But to me, as I reflect on government, I just really start with our value prop. We have a very, very compelling value prop. At the highest level, the way we like to talk about it is Equifax can deliver differentiated data that enable social service agencies to distribute the right benefits to the right people at the right time. And there are 2 really fundamental ways we drive economic value for government agencies. One is program integrity and one is operational efficiency. So when I think about program integrity perspective, I think about mitigating that, what Mark talked about, $162 billion of improper payments, of which like 85% of that is overpayments, not underpayments. And I'm going to unpack that here in a second. We also have a proven track record driving operational efficiency. So in the context of operational efficiency, I think about a state agency has basically 2 choices. One is they can hire and scale caseworkers who can conduct manual reviews, which is increased labor costs, by the way, in a very high turnover job family that can be -- also be very error prone, or they can simply connect into TWN, order a TWN report and get immediate access to high-quality, up-to-date and accurate data. So we did a side-by-side analysis around hiring caseworkers and doing it with a time and motion study relative to the cost of TWN and pulling it and getting it near instantaneously, and TWN actually is 57% cheaper from an operational efficiency perspective. And that's not even including the benefit that you can get by having more accurate decisions and mitigating overpayments. So we'll continue to penetrate here using our established footprint across both federal, state and local agencies, and we're going to continue to expand revenue growth. Think about increased frequency of usage, things like more frequent redeterminations or new variable use cases as well as new federal exchanges like the EITC, Earned Income Tax Credit program or the Do Not Pay portal, and I'll talk more about that in a second as well. So we have a strong focus in D.C., $162 billion of improper payments as reported by the GAO independently for fiscal year 2024. That's across 16 different agencies and 68 programs. So a lot of discussion, hugely visible topic in Washington. The Trump administration is wildly focused on efficiency. And that's why Mark and I as well as other leaders on the leadership team and our government relations team are in D.C. every couple of weeks meeting with Congress, meeting with agencies because, frankly, we've got a great story to tell. Our value prop, again, is undeniable around how we can help tackle this problem. So as you know, right now, President Trump and Congress are actively working through a lot of potential legislation, a lot of potential policy proposals that are in the works. You can see those on the right. I just want to take a second to just bring to light, bring some color to some of the policy changes being considered and how TWN can add tremendous value and help drive the growth for our government vertical. So number one, look under Medicaid. So they're more likely than not going to be an introduction of what they're calling community engagement or work requirements for certain able-bodied adults. As a matter of fact, late-breaking last night at 5:00, the Finance Committee and Senator Crapo announced some Medicaid provisions the Senate's going to put forward that really lays out 3 or 4 things that go right into TWN. Number one, they said that there's going to be a requirement for 80 hours of work prior to someone even applying for and getting benefits for Medicaid. Once they get the benefits, they're talking about a requirement of like maybe 20 hours a week, again, able-bodied adults will need to work 20 hours a week up to the age of 64. Three, they talk specifically about how they -- that the state agencies need to use reliable data to verify that these hours are being worked, which fits right into TWN. We are the only person at scale that actually calculates and actually reports out on hours worked on a weekly basis. So we think this is a huge opportunity. And by the way, they also said they were going to set aside $100 million to be able to fund the data required to verify this program. So super exciting there. And SNAP, a lot of discussions right now on policy changes on federal funding to error rates. It's a big focus. Error rates, as we know, and SNAP cause a lot of overpayments. We also know error rates are all over the board across the states, publicly available information. Some are in the low single digits, some are deep into the double digits. So no doubt, TWN data can help reduce those error rates because this policy or this change goes into effect, higher error rate states are going to be required to pay more into the cost of SNAP benefits, which could be extremely expensive for a state, and we'll be there to help them with TWN to mitigate that. So again, frequency redetermination is another great example. Normally, there's like one redetermination a year, but we did a data study on those populations that are requesting benefits. They have huge volatility in their income. As a matter of fact, 21% of those who are seeking government benefits within a 1-year period see a spike of monthly income north of 40%. So that kind of validation why...

So [ you're up this month ].

Yes, within a month. Yes, yes. Okay. Within a month, yes. So I think that's another good example of why more frequent determinations are required. Okay. So let's get into state. So we talked a lot about federal, but at the end of the day, a lot of these programs are really administered at the state level. So on the left-hand side, you can see 90 million unique recipients, and you can see it broken down by program. A lot of recipients may participate in multiple programs like Medicaid and SNAP as an example. So on the right, several things that we're going to drive penetration at the state level. One is we've got an experienced team of account executives that are deployed locally in state capitals working with agency leaders and policymakers to further penetrate up to 250 different programs across the United States. We also have a very talented team of government relations professionals working alongside consultants and lobbyists in with policymakers, making sure they understand the value of TWN. And the other thing they're doing is ensuring that the appropriations process has the dollars there to be able to spend on these critical programs and capabilities like TWN. I'll jump down. The other thing we're focused on is product innovation, no surprise. That's a consistent theme today and a consistent theme for Workforce Solutions. We're really building collaborative partnerships with state agencies. We want to listen to what their needs are, understand what their -- the capabilities that they're looking for from the applicant to the caseworker to the administrator and helping build out those capabilities. And again, really excited and outcome of that is our Complete Income solution that we announced yesterday. So if you haven't been at the product showcase, I encourage you to go to do that but a quick high-level summary here. Again, it starts with that nontraditional earner, right? If you look at gig that's been published, that 15% of gig workers received some sort of government income, and gig workers are 2x more likely to be on SNAP. So government agencies need a solution for this nontraditional income. In steps complete Income. So leveraging the current workflow that we already have for The Work Number, integrated together, the Complete Income will deliver an automated income verification to caseworkers. Process is pretty simple. Left-hand side, that is actually a screen shot of our VIP portal today. So it's the same workflow that they do today for TWN. They click through that. They place an order. And then the inquiry comes in and hits TWN first. And then it waterfalls, if there's additional data that's needed from the caseworker, then in a waterfall into this consumer provision process that you could see in the middle. Super easy for the applicant. They can simply log on with their mobile device, complete a request to connect their bank accounts and all of a sudden, step 3 to the right, we deliver an integrated output containing both the TWN record as well as the incremental nontraditional, making the caseworker's life extremely, extremely simple. And what the feedback we're getting from states is they love that we could just do it in one process. They need both. They don't want to go swivel chair and do 2 processes. They can deliver all through Equifax. So let's talk about Talent Solutions, another big opportunity, $5 billion TAM. As you guys know, this business delivers data solutions that support hundreds of background screeners and millions of new hires every year; multiple products here, verification of employment being the main one, but also criminal and education; huge growth here, multi-level strategy that you can see on the right. First of all, driving verification of employment penetration through increased employer usage. So today, we have about 400 background screeners we do business with. There are other background screeners we don't do business with that we want to earn their relationship and continue to expand from a breadth perspective. But the big opportunity is on the depth. Of that 400, about 1/3 or so have primary relationships with Equifax. We want to earn the business of the other 2/3 and make them a primary partner with us as well. The second one there and the one I got a lot of questions about earlier is we implemented a new pricing construct that encourages adoption of additional products. So think about it in a very simple way. The more products you do with us, the more revenue you commit to doing with us, the better pricing that we'll give you. And we've gotten extremely positive feedback the background screeners around that shift in our pricing strategy. And then third, through partnerships with background screeners, we're also going to bring new products to market. So let me just give you a few examples. One is employer services. We have world-class employer services, so we think we can increase the penetration of onboarding products like I-9 by white labeling them and offering distribution through background screeners, which also increases their revenue as well, which is what good partners do. Second, as we mentioned earlier, nontraditional workers are the fastest-growing segment, so partnering with background screeners to see what is the bundle of solutions that we need for this type of employee in the workforce. And then lastly, leveraging our incarceration network. We launched a new product called Smart Screen that I'll discuss here on the next slide. So today, about at least 90% plus of all background checks have some level of criminal-related search. But the pain point of that for our customers is that these criminal-related searches can be very difficult. Number one, they can be very manual. In certain jurisdictions, you literally have to physically go to the courthouse to get the data that you need. And in many ways, these records don't even have the PII. You need to match it to the candidate. Second, it can be really costly. And again, in certain jurisdictions, you could be paying upwards of $90 just to get access to these records. And then finally, it's time consuming. Manual work of all these steps that I just talked about could take up to 2 weeks. Meanwhile, you've got an employer who wants to get that person onboarded into work, and it's taking a long time. So the solution is Smart Screen. So with Smart Screen, we'll deliver an FCRA-governed consumer report, leveraging an expansive U.S. network of 200 incarceration records, again, on the foundation of the acquisition we did with Appriss. So at kind of at the highest level, basically, what we'll do is we'll run the Smart Screen check. We'll make it really easy and fast to clear a candidate. If we're able to find -- we're using social security number -- we're able to find and determine that, that applicant doesn't have any incarceration records in our systems, we can deliver a consumer report. If we do find some type of record, we'll return a more research is needed, which, by the way, we have a product to help them clear that as well. So we're getting a lot of traction recently in the market, both from -- directly from some large employers as well as background screeners, and it will be yet another product in our arsenal to drive revenue growth. So the next vertical is Employer Services. This is the first business at Workforce Solutions. You may have heard at, call it, talks in the past, delivers compliant solutions to HR professionals, so everything from onboarding, so things like I-9 and WOTC, which is the Work Opportunity Tax Credit, to active employment, things like Affordable Care Act compliance to off-boarding like unemployment claims. So 4 levers here that we're focused on. Number one is to amplify and scale our PeopleHQ platform. This is our new one-stop shop integrated platform to all products within Employer Services. Pretty excited about that, some additional enhancements that we're building on to it. We're going to start to scale that to our enterprise customers later this summer and into fourth quarter. Second, we're also leveraging those same payroll and HCM partnerships we already have today with TWN, and we're looking at opportunities to drive distribution of Employer Services products. We've actually had a couple of our customers we're gaining real traction with and have a lot of conversations going on, so we think that's an incredible distribution engine for us, leveraging our current relationship we already have. Accelerate adoption of I-9 anywhere. Again, product innovation is going to be at the core. That's also in Employer Services. I'm going to talk about that in a second. And then obviously, at the core, we'll continue to expand records through these direct relationships. So let's talk about I-9 Anywhere. You probably heard us talk about this in the past. On the left-hand side, what you can see here is our I-9 Anywhere product, where we leverage a network of over 2,000 completer stations where people can physically go and get the completion of their I-9 with 94% U.S. coverage. It's been a game changer for us and a real strategic advantage. But we weren't done there. We wanted to step that up, and we want to innovate that product, which is in the middle, which is the ability now to do virtual completion. So in 3 simple steps, a new hire can basically go on complete their form I-9 section 1 from their smartphone; update information, step 2, of like driver's license or a passport; and then join a 5-minute phone call with a highly trained specialist who can complete the process. So the interesting thing about this is you see we did 100,000 transactions in 2024. We just launched this. I think it was in February of 2024. So in the first year, 100,000, and you expect this naturally to be for like remote workers. And there's no doubt, we've gotten a good uptick for those who want to do it for remote workers, where they may not have an HR person who can be that completer. But what we're actually finding is that we're getting a lot of traction even in home offices, even in national retailers. Because the employee experience is so good, they want to expand this to all their employees. So you can see here our current forecast is to triple the number of transactions through I-9 Anywhere. And then the final business here we'll talk about is mortgage and housing. Obviously, you guys know this business well. Mark talked a lot about it at the beginning, $1.5 billion TAM, providing verifications, fully connected into all the major mortgage loan origination systems. Three primary strategies here. We're going to continue to expand our existing connected capabilities to support lender workflows, make it easier, better experience and increase the usage. Second, we're designing and building new product offerings, so with a particular focus on growing and getting more verifications at the beginning of the mortgage origination process. An example I'd give you is something we're looking at possibly Q4 launching is kind of a DOI monitor. So basically, they get DOI at the early part of the process, and then we will alert them if there's any change in employment or income throughout the mortgage process. So third and probably what we're most excited about is obviously differentiated offerings across USIS and in EWS. And Joel will talk about that more in a second. So I'll kind of end where I started. I've really been fortunate to work with a lot of great companies, a lot of great organizations. No doubt about it. But Workforce Solutions is truly a special business in my 1 year here. I got a much better appreciation on the inside around the capabilities that we that we can really do. I was impressed as a customer. Now I'm even more impressed by the capabilities that -- in the future that I see us moving to. I think we have the opportunity to harness all of these solutions. There's multiple growth levers that I talked about across all of our businesses today. You can see here a huge TAM. I'm very bullish around the record growth opportunity that we can continue to move into, the nontraditional opportunity we have to tap into those record opportunities as well and then obviously, product innovation and really driving product innovation and staying very close to our customers, collaborating with our customers, getting the best ideas from our customers and working together. So super excited, very honored to be able to lead such a great organization and looking forward to it. Thank you all. So we're going to take a very short break, so do what you need to do. And then also a reminder, we have the product showcase. You have the opportunity, please stop by. [Break]

Started. Chad, if you want to sneak out, go ahead. You got trapped up here. So I hope you enjoyed the morning. We're going to the second half of the presentation. I'm going to be up here on the USIS presentation. I think you saw a couple of weeks ago, Todd Horvath, decided to leave Equifax. It's unfortunate. We're going to miss him. We're doing a search, and I'm the acting leader of USIS. Great opportunity for me to get closer to that team for a while until we fill the job. And we're looking at what you would expect us to look for is a leader that looks like Chad or Patricio or even Todd, someone who's a growth leader, a commercial leader and someone who can to take the business forward. We expect to fill the job in the next couple of months. USIS long-term growth rate is 6% to 8%. As you know, that's where we want to take the business. Obviously, they've been through the mortgage impact over the last 3 years. If you look at their non-mortgage growth, it was at the low end of that range during the cloud transformation. You saw strong results in the first quarter and in the fourth quarter actually from USIS, and we expect them to really move into that 6% to 8% range going forward now they got the cloud complete. That cloud transformation was a huge project for the company, as you heard from myself and Jamil earlier, but particularly for USIS, it was really our most complex technology transformation because we're so integrated with our customers. The good news, that's behind us, and we're able to really focus on growth. Some of the growth drivers are really, post-cloud, we expect to get some share gains. I'll talk about that in USIS. We'll talk about TWN indicator. Joel will really cover that. The NPI and Vitality Index moving to our 10% goal, USIS has been lagging that for the last couple of years as they were completing their cloud transformation. And then we've got some businesses in there that are really growing at the high end or above the 6% to 8% range that we're really excited about, which I'll talk about in this slide. USIS participates in about a $19 billion TAM, principally because the identity and fraud is so large. But as a reminder, we have a D2C business where we sell paid credit monitoring. That's a business that's over $100 million that's been growing double digit for the last couple of years. So that's a really good business inside of this space. We have identity and fraud business really through the account mitigator space that is growing at a double-digit market. So we expect that to outgrow at the high end of that 6% to 8% range going forward. We also have a very attractive commercial SMB business where we compete with Experian and DNB. As you know, TU doesn't have a commercial data business. And that's when we've invested in really some new capabilities in our commercial business. You may remember we made the PayNet acquisition where we bought leasing trade lines that only Equifax has that really advantages us for small business. And of course, we combine our consumer data with our small business commercial data because many small businesses are financed off the back of both their commercial trade lines, meaning bank loans and credit cards, but also the entrepreneurial owner is using their consumer trade lines. So when you look at the right side, you see a number of businesses like our D2C business, our identity and fraud business, our commercial SMB business that we expect to grow at the high end or above that 6% to 8% range. Our mortgage business, really because of pass-through pricing from FICO as well as some of our new innovation. And we think our TWN indicator is going to benefit that business in the pre-qual shopping area, which Joel will talk about should be with a mortgage market recovery, in particular, but also just from the pure macros in that business, should be growing at the high end of 6% to 8%. And then our core businesses in FI will grow at the lower end of that 6% to 8% going forward. So we're really excited for that business to now to be fully focused on innovation growth of new products as the cloud is complete, and we see some real energy in that business. You saw this slide earlier. It really is a big deal for USIS to be in the cloud and really be able to focus on innovation and growth going forward. All those benefits you see in that large box that are benefiting all the Equifax businesses are front and center for USIS with their customers. And you've heard us talk before that we expect, and I'll talk about it in a minute, share gains from our cloud investment because we're always on, faster data transmission. You'll hear some vignettes or anecdotes from some of our customers around how the cloud is really differentiating Equifax as USIS versus our traditional competitors in TU and Experian. We talked about it a couple of times and the real data advantage in the United States is in USIS. TWN, obviously, Chad took you through the really strong position he has in his multiple marketplaces and verticals, but USIS is the business that really has the most differentiated data even when you add TWN in there. And we talked about it a couple of times, whether it's our NC+ data, our alternative data from DataX and Teletrack, our wealth data from IXI and all the other data that we have, and you can see that listed here. That allows us to bring these new products and solutions to market that you heard from Harald and Cecilia. You see some of them out in the product showcases on the brakes that are really differentiated solutions that we don't think our competitors can bring to market because they don't have the underlying data, so super important attribute for us. And innovation and NPIs are finally ramping up at USIS. It's been a couple of years where that cloud transformation took all the bandwidth from the team. You can see the ramp really from '23 to '24 getting to 9% vitality. This year, bumping into that 10%, which is really a big milestone for us going forward. And most of the actually product showcases are in USIS you're seeing out in the foyer area, which we're really excited about. And hopefully, you had a chance to look at those. A couple of others that we're really excited about and there's a long list in USIS with that 10% vitality expected for 2025, is a telco velocity indicator. It's just another fraud prevention tool that takes the combination of our Equifax USIS data with our account data to bring a solution around identity and fraud that's super valuable in the telco space that really gets hit when consumers come in to buy a phone or buy a plan actually. You don't buy the phone. They've, in essence, financed the phone with their new telco plan. There's a ton of fraud there, and we're able to help prevent that. Another one that you'll hear more from Equifax around is real-time alerts. And we have the ability now to deliver alerts to our customers in an hour or so after the transaction takes place, meaning a credit inquiry or an identity and fraud inquiry. That speed of responsiveness really makes our solutions more valuable because they're more current. So instead of waiting a day or 2 days for an alert to be issued, we now have the ability with the cloud to issue it almost instantly. And that's going to be a real differentiator, and we're going to be rolling out a lot more solutions there in USIS and in international to really take advantage of that. And here's just some -- a flavor of some of the feedback we're getting in the short couple of months since we've been completed with the cloud. You've heard John and I talk, really for the last couple of years, about our expectation and what we were hearing from customers about how important the cloud is to them about being always on. Jamil talked about that blink of an eye of really coming through our data set, grabbing those data elements and bringing back that product or solution. So the speed of the data transmission, our differentiated data, top 5 card issuer 50% improvement in response time from Equifax. That's super important to them because they don't want to lose customers in their workflow when there's a latency in that workflow. So really positive for Equifax and we think those kind of improvements are going to drive share and product -- new products for us. Top 3 financial institution moved Equifax online due to data in the cloud, access to our higher-performing solutions, a leading personal finance company in the United States, 43% response time and improvement across their 100 million members. So we're more valuable to them. We're going to get more market share. A top 3 regional bank seeing a 21% approval in bankcard approvals and a major utility company, a 10% increase in approval rates, these are all the things that we were betting on what's going to happen with our big cloud investment and USIS is a big beneficiary in that. So you've heard that this morning and you'll continue to hear about that from us going forward. So let me turn it over to Joel now who's going to come up and talk about our U.S. Mortgage business and also our OnlyEquifax solution. Joel?

Great. Thank you, Mark. Good morning, everybody. My name is Joel Rickman. I'm responsible for our combined EWS and USIS Mortgage business. I'm also responsible for our EWS Verification Services business. So combined, that's about $1.5 billion in annual revenue for Equifax. But today, I'm going to focus a good portion of my time on what Mark's referred to as the program to drive what his vision was when he joined the company 7 years ago and something that we've been talking about for 3 or 4 years. And that is we know that we have the differentiated data assets. We have unique offerings and solution sets that if we can bring those together across the BUs, we can truly differentiate. And so we've named this program OnlyEquifax. As you've heard from both Chad and Mark and Harald and Jamil today, we have a lot of data out there. We have a lot of unique data assets. And by only bringing those together, do you get the power of that. And that is what OnlyEquifax is all about. We have gotten to the point where we've made it through the cloud transformation to where now we're utilizing the cloud. We're getting the benefits of the cloud and the advanced custom data fabric, what we have and the key, the linking to where we can see a customer across all of our data assets, have a fuller view and understand the benefits. Doing this allows us to have a differentiated approach to the market and put us ahead of the competition. As the leader of the combined U.S. Mortgage business, my top priority is working with our clients to understand innovative new things that we can offer to them. The challenges in the mortgage market are literally evolving day by day, and they have to struggle with a low market, trying to reduce their cost but get a better view of the customer and pull that customer from application through approval. To help benefit that, we've built the only Equifax program by getting directly with our customers and mapping out each step of their process. So many of these processes are 300 or 400 steps in regards to taking an application and starting to analyze it. We're taking that process flow. We're working with customers to understand where the pain points are and where they're trying to reduce cost or improve pull-through, and we're working to provide innovative custom solutions to those customers. As you think about the lending process and going a little bit out of mortgage and more into general lending, traditionally, it's been based on a credit report and a credit score. And that's a great view into history. It's a great view of the consumer and predicting that future payment, but there's so much more to an applicant. And with what we have to offer at Equifax, we can provide a much fuller vision. Two customers can have the same credit score but look very different. They may have a different number of trade lines between credit reports still having a similar score, but they also have a much different ability to pay in a much different financial resiliency. So let's think about 2 customers that might have a 726 credit score, and I'm going to talk about 1 specifically here. It's a fictional customer, Thomas. He has a 726 credit score, and there may be another applicant that has a very similar score. But what we can tell you about Thomas, because of what we have at Equifax, is that he not only has a good solid credit history, but he has a $123,000 annual income. He's been employed for 4 years. That tenure signifies an amount of stability in his financial history. We know that he has a net worth of $622,000 from our IXI database. And we know that he has a strong payment history of making timely payments on his utility, telco and pay TV. Now additionally, because of our Kount 360 solution, we're actually able to identify that, that device that Thomas is using to log into the application is his device. He's used it for other financial transactions in the past. It's again, verifying his identity. We know that he owns a small business. So in addition to his W-2 income that he's getting from ACME Incorporated, we know that he also has a small business generating additional income and financial resiliency. And lastly, we know from our DataX acquisition and the data that's involved in there, we understand that he doesn't have any payday loans or any alternative finance loans nor does he have any inquiries, another sign of resiliency. If Thomas was to go and apply for a credit card today, he would be applied -- he would get approved just on the 726 score. Most organizations would do that, but they would see him as a singular transaction. And if they don't get into the depth of understanding what Thomas is from a full financial picture, they may shorten what they offer to him and limit that relationship. So now I want to talk a little bit about how this data comes to life. And this is a real example. We've changed some names, changed a few numbers, but this is a real example of an experience where a consumer -- we're going to call her Natalie. Natalie is a recent graduate. She has a great job. She's been working for about a year, making an extremely strong income, with a little over $120,000 a year. Natalie wants to buy a house. The challenge is Natalie is a thin file. By definition, that means she has less than 4 trade lines. Natalie -- 2 of those trade lines are actually co-signed credit cards with her parents. So Natalie realizes she needs to go get additional credit. She needs to build that credit history and goes to apply to get a credit card at a large bank. They pulled the credit report. That credit report shows 2 trade lines and a very strong credit score because of the card she shares with her parents. But unfortunately, they decline her immediately because of the thin file status. Undeterred, Natalie moves on and says, "I'm going to apply for another credit card", and she goes to a different bank. This bank gets that same credit report, see the same 2 trade lines, sees the same strong credit score. But differently, they look at it and say, "We're intrigued by this", and they go and pull The Work Number. And when they pulled The Work Number, they realize that Natalie's income is verified. She is more than capable to make the payments. Because she's a thin file, she has very few liabilities already. And what they do is they go ahead and approve her for $10,000 on the credit card while her thumbs are still on the phone doing the application. But after she accepts that $10,000 credit card, they don't stop because they realize that Natalie, being a young professional with a very strong income, who has set the desire to build her credit history, they ask her about her deposits. They ask her about her savings account, both of which they incentivize her to move to the bank. So in a matter of 10 minutes, where 1 bank declined Natalie based on just a credit report and credit score, the other bank using more of the data available from Equifax, using the power of The Work Number, established a relationship with Natalie getting 3 trade lines, 3 products with her and positioning themselves to be the financial partner for her future endeavors. You can see the difference that this has not only for the lender, our customer, but more importantly, the consumer, how we're empowering it right out on to Main Street. Our ability to deliver The Work Number alongside the credit report is differentiated. And what that does is it allows us to help organizations plan their underwriting process. It allows them to know data is available to streamline and automate what they're doing. With that in mind, you've heard about 2 initial offerings that we've put out. One is in the mortgage space and one is in the auto space. And what is beautiful about this is by the time when someone pulls a pre-qual credit report, in the mortgage space, the world's changed a little bit. Where it used to be very heavy refi, it's now very heavy purchase. And what that means is in the purchase market, it's a much longer sales process and a significantly higher fallout. If you talk to lenders during the heavy refinance days, they may have turned 1 in 2 applicants into a closed loan. In today's world, they're closing 1 in 4, 1 in 5, so they're seeing 75% to 80% fallout from that pre-qual initial engagement to those turning into a loan. That's lost time, energy and money. So with the TWN indicator, we're helping them control where they spend that money. 90% of all the investment of making a mortgage today is labor. By knowing that the TWN data is available, lenders can save money from investing that labor early in the process, knowing that the TWN record is available. And if they move a consumer into the underwriting process and actually get them to a point that they're going to convert that loan, they know that the TWN record is available. What's even better is we're providing some additional information with that TWN record to give them insight as to how long that person has been employed and what their annualized income is, 2 critical pieces of information that early in the process allows you to automate your workflow for generating that loan. Now not only are we including the TWN indicator, but we also are including data elements of positive attributes from our utility and telco database. So if you're a thin file or a lower score, we're including data elements to show that you've got additional trade lines in regards to -- in the view of a utility or a telco and that you're making those payments. That information is coming along with the credit report as well as the TWN indicator at no additional cost. We believe that is differentiating our credit report and putting us at the front of the waterfall with clients moving forward. The other industry where we're focused on is in the auto space. The auto space is changing, where it used to be people came on the lot, picked a car and hoped to get financed, now often people are engaging auto dealers through the web. And when they do, auto dealers are asking for a little bit of information so that they can pull a credit report and so that they can check for viability of getting that deal done. By including the TWN indicator upfront, we help auto dealers with one of their biggest challenges, which is clearing stipulations. Clearing stipulations means they have to provide proof of income and employment to close that loan with a lender. They now know that, that data is instantly available, and they can process that in a digital fashion without additional friction in the equation. But one other benefit they get is because of the great work that our technology teams have done with our team and linking in the Data Fabric is we've already started to match these data sets and know that, that applicant matches across multiple data sets at Equifax. So we're helping reduce their application fraud, which if you look in the market, you'll see as much as 1 in 7, 1 in 8 applicants in the auto space has fraud related to it. We're helping them reduce that. As you can see, I'm excited. We're doing a lot of things. We're moving things forward as an OnlyEquifax program. And this is really the first couple of steps, getting the indicator out there, helping lenders understand the data is available, helping lenders have the opportunity to automate their processes and their workflows. But we see a whole lot more opportunity. Just like the example with Natalie, which is actually working with clients today, we're going to lean in on card and personal loans in the second half of the year and get the indicator included in products there. We're going to use the overall data assets of Equifax to enhance our business verification process, our undisclosed debt monitoring, and our portfolio and risk management solutions. Additionally, we're going to be enhancing our Consumer Engagement Suite, and as you've heard by a number of the speakers today, we're going all in with AI, and we're powering the most data-rich AI-driven process automation platform, our decision strategy index. It's an exciting time to be at Equifax. We've made it past the cloud. We have the opportunity now to take the combined assets in a single Data Fabric, keyed and linked together to deliver greater value to our customers and differentiate our products so that we're selected first. What really excites me the most about this is with everything that we've got going on, we're just scratching the surface, and we're really just getting started. So with that, I want to introduce the birthday boy of the day, Patricio.

Good morning, everyone. It's true. It's my birthday. It's a special day for me. So thank you, Joel. I'm President for International. As Mark mentioned before, I'm 19 years in the company. I had the opportunity to work in markets like Argentina, Brazil, Ecuador, Peru. And I moved to Europe. I've been running Spain. I had the Iberia operation and then for the last 10 years, I have been leading the U.K. operations and Europe. So very, very proud to have the possibility to lead this organization in International and to be here today presenting to you. Equifax Cloud is transforming our business in International. We're leveraging our custom Data Fabric, Equifax AI and global platforms like InterConnect and Ignite to accelerate the growth across the markets that we operate. We came into this year, we had 7% CAGR, in line with our long-term framework. We truly are the new Equifax. We're accelerating the growth. We're harnessing the power of the cloud. And at the same time, we are creating bigger scales across international. Our top priority is to keep accelerating that growth in International, so using cloud and Data Fabric in order to bring those global platforms and products across all the markets that we operate. Let me give you a quick overview of our presence in the international markets. We are in 23 markets, 4 equal regions, starting with Latin America, now with Equifax Boa Vista, Equifax Brazil that, as you know, we acquired in 2023. And then we have operations in Canada, operations in Asia Pacific and operations in Europe. Related to the lines of business that we have in International, we maintain a diversified lines of business in International. We have consumer credit, commercial credit, debt management, fraud and ID solutions, and direct to consumer. Each of the regions has different type of specializations of these lines of business. So we are learning from each other, and we are exporting knowledge from each other. So for example, Australia has a deep knowledge on commercial credit, so they have been helping us in order to develop portfolio management applications that we export to the U.K. or Canada or KYB solutions. U.K. led on affordability solutions as well based in terms of the open data regulation. We have been transferred that knowledge as well into other regions. And at the same time now with these capabilities, we're leveraging in terms with our customers that are multi-regions. Very recently in Spain, for example, we have been partnering with huge insurance companies, helping through InterConnect in order to integrate different databases and different type of insights for the underwriting process. And then we extend that to their own operations in Brazil in a much bigger scale; or a U.S. bank that expanded solutions -- presence in the U.K., we have been partnering with them and we have been choosing as a partner for everything, credit analytics, customer management and debt services as well. So very powerful, not only in terms of the technology, but the solutions that we can go to -- give to our customers in multi region. Related to the data, Mark mentioned in terms of the importance of the data. What probably differentiates Equifax is the differentiated data assets that we have, same in International. We can combine consumer and commercial credit, wealth data, fraud and ID data, transactional data, collection data. So when you integrate all in Data Fabric and power of using data in order to create unique insights, that is something that only Equifax can do. So very, very powerful. Some other examples -- for example, in Brazil, we have an application fraud that calls Konduto, that essentially, we have billions of e-commerce transactions, 4 million known-fraud. And despite that is a leading capability in that market, we are using that data in order to integrate into the credit risk portfolio. In the U.K., we have billions of transactional data. So that is helping us in order to create solutions on ID, solutions on customer management, even solutions for collections as well. And if we leverage the deployment of the Data Fabric is helping us in order to accelerate the way to ingest data, the faster you ingest data, the faster we can flow that data into new products. So Cecilia mentioned before, 90 days from the ideation to the go-to-market in the real time. So it's very impressive, the differentiation that we are presenting to the market. other type of capabilities, it's Keying and Linking. For example, in the U.K. market, we don't have a national ID. So a capability like Keying and Linking in order to having a single key 360-view of consumers and customers, that is very differentiator and very powerful in the market. Related to innovation, because of fabric, because of AI, we have the opportunity now to accelerate the way that we move innovation from one geography to another. Cecilia also mentioned in terms of how we are growing in terms of that percentage of the multi-region products. Pre-cloud, 30%, now 44%, and we expect to continue growing. On a vitality Index. You saw before single digits in pre-cloud and double digits in sustainable post cloud. Some good examples you saw in the product road show in terms of the OneScore. We launched OneScore also in Australia. So 8% KS different. That's impressive differentiation versus the previous score. The score that was performing extraordinarily well in the market, so essentially, we take now -- we are taking now that OneScore into our Latin American region, and we deployed 2 months ago into the Brazilian market. LatAm, we have a capability called Ignite Marketplace that essentially is giving to our customers the possibility to better visualize the data and the insights that we are providing to them. They're using focus on marketing applications, so customer management applications, prospecting, benchmarking, now we are moving forward in order to install that capability into the Brazilian market as well. And the last one that I want to share with you, one that touched me personally, the product that we're launching in Canada. When I arrived back in 2011, to Spain to be the new Managing Director of Iberia. I want to have a new mobile in Madrid, and I couldn't even get a contract because they didn't have a credit history. So quite bizarre momentum being a very proud Managing Director without a mobile phone. So we are launching global credit report. Equifax Canada expects to receive 0.5 million immigrants in 2025. So we started in Canada, and we are adding capabilities in terms of data for other regions that is especially focused at the beginning with the immigrants that come into Canada, but then we're going to continue expanding with new data sources. So there's a lot of examples in the real world, how we are taking advantage of investment that we have been producing with cloud. Equifax Brazil, Boa Vista with Equifax Cloud has been much simpler the integration. It's a fantastic opportunity with cloud, how we can maximize the value of the acquisitions that we are doing. As Mark mentioned, we are a strong #2 experienced leader, but we have a tremendous opportunity in order to win market share in that market. So when we acquired Boa Vista, they have good credit reports, fraud applications and good level of analytics, but they didn't have global platforms. So we have been working with them in order to install InterConnect, install Ignite and at the same time with the power of fabric accelerating the way now that they put alternative data in order to create better analytics. That combined in parallel with the revamp of the go-to-market that we have been implementing in Brazil, very comparable to the go-to-market now that we have in other territories is paying off. We have been growing double-digit growth in the last 2 quarters. That means that we're winning market share from our main competitor. I know that market very, very well. The opportunity of growth is tremendous. So we're going to put a lot of focus and investment in that country. To finish, I will say that the New Equifax, along with the Equifax Cloud, Equifax AI and our Data Fabric will continue us to enable to create specific solutions for international customers, more powerful, more secure, more faster than ever in each of the geographies that we operate. So we will only gain momentum as we continue to push ahead. 19 years in the company, I'm still smiling. I'm still very energized, and I'm energized more than ever for the future of International. Thank you so much, and I will hand over to John Gamble.

Thanks, Patricio. That was great. And the discussion of Brazil is really an outstanding example of how it would transform cloud systems and our new capabilities, we can integrate and grow at the same time. And it's the way we intend to drive growth through acquisitions faster as we continue to go forward and why we think it enables us to be more effective acquirer because of the transformation we've completed. You heard a lot from the team today about the growth we're driving from the New Equifax Cloud, from Equifax AI, from differentiated proprietary data. I'm going to show you how our long-term financial framework translates into revenue growth, EBITDA margin expansion, EPS and free cash flow expansion and critically free cash flow expansion to drive increasing return to shareholders. We'll start quickly with a couple of slides on 2025, and then we'll jump into a 2030 scenario view. This is very consistent with our -- it is exactly consistent, sorry, with the guidance we provided in April. And as you can see, is excluding mortgage and hiring headwinds, our 2025 revenue would be well within our long-term framework of 7% to 10% organic growth. Our talent markets are down single digits in the first quarter, and we guided them down upper single digits in our guidance. Mortgage market as measured by USIS, inquiries are down 12% in guidance. And those 2 factors are what's keeping our organic growth to be below our 7% to 10% framework. Total non-mortgage even in that circumstance is up about 6% and mortgage revenue was also up about 6%. 2025 is a milestone year for Equifax as our cash flow is really accelerating. And as we reached our balance sheet targets with leverage at 2.5x EBITDA. EBITDA is growing substantially despite the revenue growth headwinds that I just talked about. And we -- as I said, we'd be delivering within our long-term financial framework without those headwinds. Legacy system decomms, coupled with very good cloud cost management and outstanding cost controls are supporting our EBITDA dollar growth. We expect to generate approaching $900 million in free cash flow in 2025, up 11%, with expanding EBITDA margins and CapEx declining. And our cash flow conversion is going to approach our 95% target. So it's a very strong performance as we look to start returning cash to shareholders as we announced back in April. So since 2019, nonmortgage revenue is up $2 billion. We think that's very important for people to understand the level of growth we've driven consistently in nonmortgage over the past 6 years. Growth is driven by $1 billion from government up 4x and talent up 6x in the period, new markets outside of our traditional credit markets. Drivers of other nonmortgage growth have principally been in consumer lending and Employer Services in EWS, ID and fraud and Commercial and USIS, and we've seen very good growth in International, as Patricio indicated, operating within their long-term framework. All of this was delivered before completing cloud transformation, which should only accelerate our capabilities as we go forward. Mark showed you before our long-term growth framework. And as he talked about, we're reconfirming our long-term growth framework and our ability to deliver it. Our long-term growth framework did not change. And as I said, in any given year, based on market conditions, we may perform above or below the long-term framework, and this is our view of how we'll perform on average over periods. Now it's important to know our long-term framework assumes the markets that we serve grow on average 2% to 3% per year, and that includes the mortgage market. So achieving our long-term financial framework in revenue and EBITDA margin growth does not require that the mortgage market recovers above this 2% to 3% per year. Mortgage market growth above that 2% to 3% per year, obviously, would deliver substantial upside. And as we talked about consistently, that would flow through to EBITDA and adjusted EPS at our very high gross margin rates. We do not have to reinvest in additional cost below gross profit in order to deliver that level of revenue. So this slide provides perspective on mortgage in a 2030 scenario that we'll discuss, assuming we deliver our long-term financial framework on the left. So again, on the left, with no mortgage market recovery, and then on the right, assuming the mortgage market recovering. So specifically, the slide on the left is the 2030 scenario based on our long-term financial framework, we'll deliver on average over the 5-year period, revenue growth of 8.5% organically. M&A will deliver 150 basis points, so total growth of 10% a year, and we'll grow our EBITDA margins 50 basis points a year and deliver on average, 95% cash conversion. And again, this assumes the mortgage market does not recover. It grows with the economy 2% a year. On the right-hand side of the slide, it's basically the same scenario, but we have assumed that we have a mortgage market recovery. Now we think we've assumed a very conservative view of what a mortgage market recovery would look like. We're effectively using the $1.2 billion of incremental revenue that we've talked to you about starting in February and April. That doesn't assume substantial changes in price records, penetration and product. It basically assumes what we have today, right? So your own perspective on how you think price may change in the mortgage market or as we drive more record growth would obviously take the $1.2 billion of incremental mortgage revenue that I'm showing on the right-hand side of the slide higher. We like to remind people, we talked about in April, even though we're in a very depressed mortgage market, down over 50% on a volume basis from what we were seeing between 2015 and 2019, we're still building an inventory of mortgages in the market at relatively high rates, north of 5%, some north of 7%. And every year, we grow 4 million to 5 million more mortgages in that high inventory level. So as we look forward over the next 5 years, we'll be building substantial inventory of mortgages that are available to refinance and even at higher rate, as you would expect, as we'll start to see the purchase market start to recover. Okay. The left side of the slide provides a 2030 view of our total revenue at the midpoint of our long-term financial framework, again, with no mortgage market recovery. Equifax will deliver about $9.6 billion worth of revenue, up 60% from 2025. And again, that's 8.5% organic revenue growth on average, driven by new products, proprietary data, penetration and price and 1.5% from acquisitions. The right-hand side of the slide indicates that in the 2030 scenario with the mortgage market recovery, and recovering back to average 2015 to '19 levels, we'll deliver an additional $1.2 billion in revenue or $10.8 billion in revenue, a 12.5% CAGR from our 2025 levels. And you'll also see further improvement, as we'll talk about in a minute in EBITDA margins in dollars and adjusted EPS because again, will allow that $700 million plus of EBITDA to flow through to net income and adjusted EPS. EBITDA in our long-term framework, EBITDA margins grow as we said, 50 basis points a year. They're driven by high-margin revenue growth with this very strong vitality index, very good fixed cost leverage and again, driving cloud efficiency. EWS consistently delivering margins over 50% or above will drive higher Equifax margins as they continue to outgrow the rest of the portfolio. USIS has begun to see accelerating margin growth in 2025 from fixed cost leverage and they're improving nonmortgage revenue growth as they have completed their cloud transformation. And International has also delivered consistent margin improvements from both revenue growth and cost benefits from cloud transformation, which should accelerate as they complete their cloud transformation over the next several years. In 2030, with the mortgage market recovery, EBITDA margins increased to 37% from the 35% we talked about in the non-mortgage market recovery scenario and actually it will be slightly above 37%, again, driven by the fact that, that $700-plus million of EBITDA -- of gross profit that's generated by $1.2 billion of incremental mortgage revenue flows through to EBITDA, EBITDA margins and adjusted EPS. In the 2030 scenario, again, with no mortgage market recovery, the blue bar on this slide, as you can see, we'll grow to $15 a share in adjusted EPS. Again, that's driven by the high margin growth of revenue that we're delivering over the time period, margin expansion to 35%. And that's a CAGR of over 14%, almost 15% nicely within our long-term financial framework. Again, to the extent the mortgage market recovers, we'll see EPS increase to $19 a share, which is 21% growth on a CAGR basis from 2025. Benefiting both the 2030 scenario with and without a mortgage market recovery are obviously the benefit we're starting to get from share repurchases that we started this year that will become accretive, the entire program as we get into late year 3 and into year 4. And then also, we're getting a benefit from a decline in the rate of growth of depreciation and amortization. As we're bringing down our CapEx over the next several years as a percentage of revenue, the rate of growth of depreciation and amortization will actually decline to the point where it is below the level of growth of our revenue. So it's actually driving our margins higher. As we just talked about and as Mark talked about, CapEx over the 2025 to 2030 period should decline to about 6.5% of revenue. It's declined nicely in 2025 from 2024 as we complete cloud transformation to about 8% of revenue. And to the extent we see a mortgage market recovery, we should decline even further because, again, the level of improvement we're seeing in revenue driven by just higher mortgage volumes. We don't need to invest any incremental CapEx and Equifax to deliver those volumes. So we'll be able to hold our CapEx at the levels we're talking about in the 2030 scenario on the blue bar that's one from the left, and we'll be able to deliver -- to drive our CapEx as a percent of revenue down to 6% of revenue. So again, we think that puts us in a very strong position to drive incremental cash flow. Now our accelerating free cash flow and our very strong cash flow and our balance sheet at 2.5x leverage are providing very significant cash for M&A and return to shareholders. As we complete the cloud transformation and CapEx continues to come down, we expect to deliver free cash flow conversion at about 95% plus of net income. In the 2030 scenario with no recovery, free cash flow reaches $1.6 billion, so very strong growth from what we're seeing in 2025. In 2026, as you see in the middle block of this chart as we get into 2030, by 2026, debt capacity expands with EBITDA because in 2030, with no mortgage market recovery, we'll deliver $850 million in debt capacity. The fact that we're now at 2.5x leverage means as EBITDA continues to grow, we can borrow more and we can invest that in the company and also invest that in share repurchases. In 2030, with no recovery, free cash flow and leverage generated about $2.5 billion in cash. And with the mortgage market recovery, we generate an additional $1 billion in cash, and we'd aim that additional $1 billion in cash at share repurchases. As Mark discussed, our capital allocation framework is designed to invest in Equifax and deliver significant cash to shareholders, both at the same time. In our 2030 scenario with no mortgage market recovery, we would have $3 billion for investment in acquisitions and investment in the company and for return to shareholders. Based on our long-term financial framework, we expect to invest about $1.5 billion in Equifax in this 2030 scenario. We have over $1.5 billion left to return to shareholders, $425 million in dividends and about $1.2 billion in share repurchases. And then the 2030 scenario with a mortgage market recovery shown in the bar on the far right, we would have about $4 billion for investment and return to shareholders. The additional $1 billion, as I just said, would be targeted at repurchases and that would increase share repurchases to over $2 billion in the 2030 scenario. So this slide just provides a summary of what we just talked about in a summarized comparison of 2025 and our 2030 scenario with no mortgage market recovery, as well as the 2030 scenario with a mortgage market recovery back to the 2015 to 2019 levels. As shown in the center bar, Equifax would deliver outstanding results at our long-term financial framework in the 2030 scenario without a mortgage market recovery. And as shown on the right-hand bar in the 2030 scenario with a mortgage market recovery, revenue reaches almost $11 billion, adjusted EPS almost $19 a share and cash for shareholders and M&A about $3.5 billion. So to wrap up, Equifax is expected to deliver a very strong performance in '25, despite challenging mortgage and hiring markets, we're reiterating our long-term financial framework of 8% to 12% revenue growth with 50 basis points of margin expansion and cash conversion of 95% plus. We do not need a mortgage market recovery to deliver at our long-term financial framework. We can deliver long-term financial framework with overall economic growth of 2% to 3%, including the U.S. mortgage market only growing at 2% to 3%. We have significant upside to the extent the mortgage market recovers and the $1.2 billion or more revenue that would be generated by a mortgage market recovery flows through the Equifax P&L. We have tremendous momentum from the Equifax Cloud, Equifax AI, proprietary data and penetration globally in credit and ID and fraud and government and talent. We think this is going to drive tremendous new products and share gains across Equifax. And again, we're generating substantial free cash flow and debt leverage, investing to drive future growth while returning substantial cash to shareholders. And with that, I'll turn it back over to Mark.

So hopefully, you're as energized as we are about the New Equifax. I'll wrap up with a few slides just -- and then we'll get to some Q&A that might be on your mind that we didn't cover this morning. One of the slides I started with. Our strategic framework is clear. We've had a fairly consistent approach to how we're running the company over the last 5-plus years. And it's all focused on delivering that long-term framework that we reconfirmed today of 7 to 10 organic, 1 to 2 points of revenue growth from bolt-on M&A, 8 to 12 total and 50 basis points of margin expansion. And John showed you how powerful that model is in a post-cloud world of generating returns not only for Equifax, but our shareholders. Big TAM, you heard in a number of businesses today, particularly EWS, big opportunities to grow in big markets that we think will be very beneficial to Equifax. Obviously, the cloud investment is principally behind us. It's a big pivot point. It's hard to articulate, I think, for investors how much effort went into the last 5 years, but then how unleashing it is for all of us to be able to pivot to leveraging the cloud versus building over the last 5 years. It's really a new Equifax in our eyes. And the next chapter of Equifax is really focused on growth going forward. We have scale differentiated data assets, which is really the underpinning of who we are. It allows us to deliver on -- optimize our AI, deliver new products and drive the company going forward. I hope you got a sense of how embedded new products are across Equifax. It's part of our DNA, super important if you're a customer and you have one of your partners coming in with new ideas every few weeks, that's a better partner. That's who we want to be. We want to be in there helping our customers grow. And I think you had a sense of that. John laid out the very powerful capital allocation model we have to invest in Equifax to keep the company growing at that long-term growth rate and then also returning sizable amounts that grow substantially of free cash flow to you going forward. And then the charts John had, you see what our 2030 scenarios look like. We want to lay out a medium-term focus and really reinforce that we don't need a mortgage market recovery to deliver our long-term framework and the mortgage market recovery is really going to end up in your pockets through dividend and buyback going forward. And I went through the growth engines that we have across Equifax. So super excited about the new Equifax. We're confident in our long-term framework. We're confident and excited about pivoting to leveraging the cloud. Our new only Equifax solutions combining USIS and EWS in the United States, we think are super powerful for driving principally USIS benefit and market share gains and revenue going forward. EWS is an exciting business. You know that, we know that. It's one that we're putting a lot of resources in, a lot of investment in, a lot of technology and product into and really continue to drive that growth. And there aren't any many businesses out there that $15 billion TAM in a $2.5 billion business. So a long runway for growth, long runway for record growth. So we're super excited there. We've been crystal clear about the mortgage market recovery when it comes, we're going to return it to shareholders and really clear about that. That's how we're running the company. It's how you expect us to. CapEx is really an important change for Equifax. Most of our CapEx in the last 5 to 7 years was investing in the cloud. Now we're going to investing in innovation and growth. So we're going to have more offense at how we can invest in the future to really support that long-term growth rate. Talked about the return of cash to shareholders, and you got a team here that's super energized. So if I could ask John and Todd -- I'm sorry, Todd -- Chad and Jamil to come up. We'll take some questions. So we're going to have some mics in the room, which we'll start with. Trevor and Molly are going to go around with a mic.

[Operator Instructions] And we look forward to questions about what's on your mind after our presentation this morning.

Manav Patnaik with Barclays. Mark, just one question for you and then one for John. You talked a lot about the government opportunity, and a lot of the time you're spending in D.C. Just curious if you could just address, are there any lingering risks on the DOGE side or other kind of -- we've heard a lot about the FHFA, just if you're spending time with that on the D.C. side as well? And then John, for you, just the 37% margin target with the mortgage recovery, I know it's just 4 years ago, and there's a lot of different bases, but could you just help us why 37% versus your prior aspiration of 39%, I think, what was the last time around?

Yes. So first on the government, I think you got a sense from Chad and myself and both in the meeting and maybe on the breaks that we're super energized around the current administration is focused on $160 billion of improper payments. So between Chad and myself and some of the other business leaders at Equifax, we're in D.C. every couple of weeks. And we're meeting with the agency heads, whether it's CMS, IRS, OMB, Department of Education, Department of Labor, all the different agencies around how our solution can help benefit. And we view government as a real tailwind for us going forward over the next 4 years that it's really going to benefit the EWS business. You saw the tweets. I didn't tweet, but Director Pulte put a tweet out when I met with them a couple of weeks ago. He actually put a tweet out before I met and I met with him and he put another tweet out after I met with them. I put a LinkedIn post out complementing him on the meeting. But that's an area where we're spending time around what are they going to do around scores between FICO and Vantage and then also the 2B, 3B, which we spent a lot of time really reinforcing the value of a 3B pull because of the additional data that comes. So there's 10 million consumers in the U.S. that are only on one credit file, there's 40 million consumers that have significant score differences. So Washington for us now in the next 4 years or call it 3.5 now, I guess, we think is going to be a positive for us with regards to EWS, and that's why we're spending so much time there. And then as Chad pointed out, most of the lift in the TAM is going to be at the states. So we're adding more resources and more people to really focus on the state opportunity and the government growth going forward. John, I'll let you take the margin one.

Sure, the easy one. And so in terms of margins, I mean, I think the thing we want to focus people on, right, is the 50 basis points a year we're driving the long-term framework even without a mortgage market recovery. And we think that's outstanding performance, right? And we expect to continue to deliver that as we work over the next 5 years, and quite honestly, as we look beyond that. And as Mark said and I said, whatever the mortgage market recovery delivers will flow through. The scenario I put forth at $1.2 billion of opportunity would deliver 200 to 250 basis points of incremental margin opportunity, right? If you happen to believe that the mortgage market recovery could be higher, if you think if you want to include pricing or some other view in terms of what you think the mortgage market might look like, again, that will flow through as well, right? So I think what we're talking about is very consistent with what we talked about for a long time. We can deliver that 50 basis points a year. And then the incremental benefit that we'll get from mortgage will just flow through. And I think that's what...

Reinforcing what John said, Manav, is that the $1.2 billion we've frozen time as of today, and then we rolled it forward to 2030 without any growth in it. So we didn't put any pricing in that. We didn't put any new products in that. We didn't put any records in that. So we thought that was a simple expression because it's a big number. But I think if you did your own math on some compounding on that, over that 5-year period, that's obviously going to be more revenue, more incremental margin that would flow through and drive our margins higher.

When you reported guidance -- or when you reported in April, you said you would have raised guidance but for a more uncertain macro. When you say that guidance is exactly consistent today, does it continue to maintain that conservative posture? Or is it that, given what's going on in hiring markets or mortgage market since then, you say that was just prudence at the time and that conservatism has been eaten up. And then on -- for a second question, on the subscription shift within TWN, help us understand the net effects in terms of the revenue benefit and volume benefit to Equifax and the offset on like-for-like price?

Yes. So on -- John, I don't know which one you want to take?

Why don't you go first, and I'll take what you don't.

So maybe I'll hit the subscription one first. We're really approaching subscription much like we're approaching the TWN indicator to try to drive share. We see a big opportunity to drive adoption when you think about TWN. And Chad talked about this when you've got a customer that's in a manual mode helping them kind of bridge the gap from a budget standpoint, from an implementation standpoint, if we can provide a fixed in essence, transaction dollar amount for a period of time, it helps them get into the mode of driving it into their operations. And very similar to how we're approaching TWN. We view this as an opportunity of driving incremental revenue with that next subscription contract principally. We're doing some on defense, but principally on offense to drive manual to new customers of Equifax. And I think the TWN indicator is really quite similar.

In terms of 2025 guidance, I think as we get through this quarter and we're talking to in July about our performance in the second quarter and how we see the rest of the year then we'll talk a lot more about guidance then, right? And we decided in this conversation to really focus on the 2030 scenario and the long-term view we have around 2030 and not so much focus on 2025 guidance, and we'll do that as we get into July.

Yes. I would add, Jeff, that I think in this environment, it's still prudent to be conservative, right? There's enough uncertainty with what's going on in Washington. I think President Trump went up to Canada thinking they were going to cut some trade deals. He had to leave early because of the Israeli conflict and didn't cut those trade deals and now the market is down today and rates are up a little bit. So I think that uncertainty is one where we're going to continue to be balanced and prudent in our guidance going forward. And we'll give you an update in a couple of weeks when we report second quarter results. I would say that we haven't seen anything different in how our businesses are operating from when we gave the guidance in April for the second quarter, if that's helpful, which we kind of said we're confirming our guidance.

And I'd just add on the subscription side, given our margin profile, we're seeing at least 2 different use cases, one which we're getting new revenue and new contracts with new organizations. We would not have gotten without a subscription. That's something that's attractive to them. Now they're leaning in and engaging with us. We're also seeing incremental growth. So we have, for example, a state agency that does $10 million on a current contract at a PxQ capital structure. They know they can lean a lot more in the Q, we're seeing a kind of a value creation there that says we can lean in and give you a subscription. They can drive a lot more Q, which is what they want at a better value and drive incrementally more revenue for us that we would not have gotten before at a very high margin profile.

It's the right approach when you've got a huge TAM and you're really converting manual to our automated solution. That next dollar of revenue we get that next customer we get is huge incremental margins, right, because of the business. So that's why we're trying to be very thoughtful about the long term. We're trying to grow this business over the next 5, 10, 15, 20 years by building out that penetration into the TAM.

It's Andrew Steinerman, JPMorgan. So I'm going to ask kind of a blunt question. The USIS growth, 6% to 8% is the projection. We could say that was unchanged since we got 6% to 8% in '21. But as you know, 6% to 8% didn't happen, '21 through 2024.

We did have a little bit of a mortgage market dislocation in...

That's what I was going to ask you, do you attribute that all to the mortgage market.

Yes.

Okay.

No, actually, I don't. I was going to have you finished your question?

Do you contribute that all to the mortgage market and how do we have more confidence in 6% to 8% for USIS for the next 3 to 5 years?

Yes. So I don't attribute it all to the mortgage market. Clearly, the mortgage market had a big impact on EWS and USIS, with that huge mortgage market decline. That's the $1.2 billion kind of recovery upside that we have. There's no question USIS was meaningfully impacted by the cloud transformation really over the last couple of years. There's no question it had a big impact. It was harder than we thought. It was more time with customers. And I talked with many of you that our customer conversations went to focusing on the cloud transformation for a long period of time, a single customer could be a year between we start the transformation discussion until it's actually completed, and that customer conversation, there wasn't new product conversations happening in that time frame. So we lost a lot of bandwidth there. We've seen a ton of energy in the last 6 months post-cloud completion in USIS, where the team's really been able to be front-footed. And you actually see that in the innovation and the new products rolling out very rapidly. They also were curtailed on their new product introductions. So they kind of had 1 or 2 hands tied behind their back for almost 2 years along with the mortgage market. So we've got a lot of energy around USIS. You look at new solutions. I hope Andrew you're as energized as we are about TWN indicator. That's a great solution that's going to benefit USIS with more credit file market share as we deploy that going forward. And then a lot of the new product rollouts that we have out in the foyer are USIS oriented. USIS now up to 10% vitality where they were lagging that in '22 and '23 and started to move forward in '24. So we've got a lot of confidence in USIS being in the 6% to 8%. I think the first quarter, you would argue, hopefully, you would agree, it was quite good inside of that 6% to 8% ex the mortgage market impact.

This is Toni Kaplan with Morgan Stanley. A quick question for Chad first. I wanted to ask if you could provide any additional detail on the success at certain states. So are there similarities between the states that are adopting the EWS solutions, the verification? And how is the trajectory going within the state. They're such a big TAM right now. So I just wanted to understand versus history of the trajectory there. My second question is on International actually. On the slide, there's -- with the circles in the different regions, employment and income in Canada, U.K., India, et cetera. And so I wanted to understand the opportunity to be able to leverage the employment income data, in the other countries? And how big of an opportunity that is.

I'll take the second one, maybe with Patricio's help, and you take the first.

We're seeing great momentum in the States. As I talked about before, the dedicated account executive team that we have really getting folks experienced, local in the capitals. I think you're seeing it in -- I mean, I won't speak to any particular states, but there was a couple of states, in particular, in 2024 that were new states and new programs we've never gotten into before. The other aspect that what we're trying to grow is remember, each one of these states have multiple programs. So we maybe have a strong Medicaid, for example, partnership but less so in SNAP or unemployment income or some of these others. So as we've gone into each one of these states and we, again, continue to have GR helping us as well as with lobbyists and consultants, to really understand the value that we create at one program that carries over to the other program, and we continue to kind of land and expand across each one of these states. So we see a lot of great momentum. And that's where Mark said this, that's where a lot of the energy is. And I think there's a lot, obviously, policy and programs that have to land themselves here on the federal side over the coming months, but going to the state and helping them interpret what that means and how we can help them is going to be a big, big growth opportunity for us in 2026.

So on the international side, I think, as you know, we've been investing for a number of years and taking TWN into some big markets like Canada, U.K., Australia, which are mortgage markets, right? If you think about those for obvious reasons, that's a great use case for the solution. It takes a while to build up the data set. So we're in those 3 markets as well as India, and we're selling our data today, so we're starting to get some scale. But the record additions take time. There's the equivalent of payroll processors or partners up there. Some of them, U.S. partners that are global. So we're getting their records in those markets. But principally, we're going to the equivalence of the U.S. payroll processors that are in those different markets to build that out. I'd remind everyone who's been around Equifax for quite some time. When you think about the growth of EWS, it really accelerated when we got north of 50% coverage. Think about it really 3, 4 years ago that really accelerated because for a user of the data to embed it in their workflows, coverage is really important. And when you're having 30% hit rates or 25% hit rates, it takes time to get that into place until you get that covered. So we're investing in those. We're going to keep investing in them, and we see a track record. You shouldn't think about those moving the Equifax needle in '25 or '26, but we're investing for the next 5 to 10 years. so we can take advantage of the TWN capabilities. Cloud is also a big advantage for us because we can take that EWS platform the technology that manages that and move it into those markets very efficiently, and which we did in the U.K. We took the cloud platform that we completed almost 4 years ago in EWS and we're able to now use that in the United Kingdom. And we'll likely look at other markets to bring TWN into for the obvious reasons. When I meet with customers in Canada and the U.K., they all want TWN, no question because the income and employment is so hard to verify and they know the big coverage and the big asset that we have in the United States, and they look for us to continue investing in those global markets.

It's Faiza Alwy from Deutsche Bank. I first wanted to ask about the government vertical. I think, Chad, you talked about the potential for if increasing the frequency of redeterminations on the government side, could you help us size that? Sort of how big is that business currently? And are you building in that incremental frequency in your long-term framework or do you need that to happen? Just help us think through what the upside might be.

I'll let Chad jump in. But when we think about EWS, we expect EWS to be our fastest-growing business. When we think about government, we expect it to outgrow EWS. So there's no question with that big TAM and the huge benefit we deliver at the federal and state level, we expect that to be our fastest-growing business across Equifax period in the long-term framework. So there's no question we expect that growth. And redeterminations are one lever along with state penetration, new federal contracts that will go forward in the current Senate bill and House bill, they go from 12 months to 6-month redetermination. That's a positive for us but jump in.

Yes. No, agree. So I think there's 2 levers on it. One is not all of the states we operate in today are using TWN for their annual redeterminations. We have opportunity in white space...

It's like less than half?

Yes, completely right. We have a huge opportunity to just grow that with. And then with the changes going to twice a year, that would double, an already big opportunity just to size it directionally. And I think, again, what I mentioned before on that data is when we looked at a 1-year period of time, and we pulled specific government beneficiaries into that population of that study, and we look at that 1-year period of time that with any given month, we would have a 40% increase in their total income. And so that is not getting picked up at all when you're only doing a redetermination once a year.

So that's the data we're sharing in Washington around the variability and dynamics of this demographic who are receiving social services and you think about it, they have a life event, they're working, then they can't work. They're getting social services. Then they go back to work, but they're still getting those social services and likely don't qualify anymore. And that's why the more frequent redeterminations are important. The other big macro in Washington, it's in the Senate bill and the House bill is to strengthen the income verification requirements. That's very positive for EWS to have stronger requirements because today, there's still some waivers that the Biden administration put in place that allow for like self-attestation of income versus verified income. And obviously, that opens the door for fraudulent behavior, if you want. So there's just a lot of opportunities with what's going on, on the focus broadly in Washington around reducing the $160 billion of improper payments. Chad also talked about some big programs we're not in, in Washington. Like the earned income tax credit that I think on the chart was what 16...

$16 billion.

$16 billion a year of...

Of overpayments.

Of overpayments. And we've been working for 5 years to get into IRS. We expect that, and we're working to accelerate that to be another new program that we don't do today that -- to help them really manage the $16 billion of improper payments from earned income tax credit. So just a lot of opportunity with the big focus in Washington.

Great. And then just secondly, on the TWN indicator, how are you ensuring that it doesn't cannibalize the EWS business, particularly in verticals where you don't have high penetration, for example, auto versus mortgage.

Yes. So it's -- obviously, that's something very important to us and 1 that Joel is really focused on, I think you heard him talk about you know this, when we deliver an income and employment report at closing on an auto loan or a personal loan or a mortgage in particular, we deliver 50 attributes, a whole depth of data. And generally, in a lot of those, particularly in mortgage, we're adding 3 years, 2 years' worth of historical data. So a lot of data is delivered that's really required and you think about it's gross pay, net pay deductions. And if you're an employee that has incentive income, let's say, you're a commission sales representative, and you have bonuses that happen every quarter, but there's variability in those bonuses. That rich data is so valuable at the closing and super important for that qualification. And we want to make sure we protect that transaction, which is super important to Equifax while benefiting the credit file with enough attributes to really help the mortgage originator, as Joel pointed out, or the auto lender kind of fare it through what kind of a consumer do I have? Because remember now, they are doing marketing. They have a huge funnel. They spend actually billions of dollars a year marketing in the financial services space. to consumers to bring them to their website to apply for a mortgage or an auto loan or a P loan or a credit card. But they don't know if that individual is working, they'll see their credit score today because that's what they'll pull up front. They'll say Mark's credit score is 700, but I could be unemployed. And I'll go all the way through the process, I'll spend COGS in marketing, but then I can't close. So having an indicator that Mark is working, having an indicator of hours worked or years of continuous employment, as Joel pointed out, the employer name. We think that's enough as we collaborate with our customers to add value in what I would call that marketing window of the transaction, but still protect the full income and employment transaction down at the end. And as we said many times, it's only going to be on the Equifax credit file. We've had customers say, can you give us to us just as a product. And we said, "No, no, we're going to deliver that with the Equifax credit file in order to advantage really our market share with the credit file we're going to do for free."

Shlomo Rosenbaum from Stifel. This is for Chad, a few questions really. First, just could confirm something we were talking about. In terms of EWS, there was a lot of growth over years, specifically from pricing. It sounds like you're leaning more into product versus pricing? And if you could just talk about that a little bit more about what you see driving the growth. And then I want to have a follow-up question, just on moving to fixed subscriptions for certain areas like in government. We talked about this a little bit, but I'm trying to understand the dynamics of what happens if you get significant unemployment and you're paying royalties on the other end of that? And is that going to hit your margins? And is that really the right way you want to go?

Yes. So on the first one, you're right, we -- I think I've had a number of conversations out in the product showcase about pricing. There's no doubt that, historically, over the last several years there's been significant price increases. I was a customer, I paid those price increases. And the way I look at it as a customer and the way I look at it on this side of the table is we got to price for value. What's the value of that product to that institution and making sure that there's a good value exchange there. Now as a partner, having a lot of significant increases over a short period of time is not necessarily the best way to go about it. As we go about it going forward, we're going to see a much more balanced and moderate price increases. But you're going to see a couple of the tactics that I talked about, which is things like subscription, right? Things that's how they like the pricing construct. I mentioned it in the background screening community that got a lot of really good feedback is going to them saying, and specifically, we went to background screeners in 2024. This was the first year. And the guy who runs my talent business is also new, we went to the market. And we met with all the leaders of large background screeners and said, we want a win-win here? So what pricing are you looking for you to win more business from your customers? Because obviously, they're trying to drive more verification of employment packages into their population as well. So scenarios there are where we actually had a 0% price increase, but it came at a higher revenue and a higher commitment for more business across other things like incarceration data, like education data. And that's kind of win-win dialogue that we really want to have with our customers because when they win and they drive more volume, we get more volume.

That also drives adoption of our solutions. It drives penetration...

100%.

Against manual.

Yes.

And maybe just on the subscription one. When you think about the subscription, when you're a government agency, it's very complex to manage budgets. They only get them once a year. They're very rigid. And the subscription really gives them kind of a defined usage of our product. And let's say we're -- it's a new customer at a state level that we're converting that agency from fully manual into using our solution. We want to drive adoption. We want to get it embedded in their workflows. There's a huge amount of work they have to do to change their workflows and technology to embed our solution. So we want to make that as easy as we can by helping them technology-wise, product-wise, but also financially by giving them some certainty around this is how it's going to work. And then as we go through to the next year, we'll look at what are the transactions against that? And if it's above the subscription kind of level, we'll have a new package of subscription for the next year and really kind of stair up with them as they're using more of the product going forward. We think it's a really good model, particularly when you have such a large TAM and you're really trying to convert manual to using your solution. How do you drive adoption.

In many cases, the subscriptions are -- they cover what is expected to be spent by the state. But to the extent something happens like you're describing where there's an unusual event where the volume would be much higher, well, then they would go into overages, right? So there is a cap, generally speaking, on the amount of the subscription but it is structured so that hopefully, that everything the state needs in a normal circumstance, what they expected is covered by the fixed amount that they're paying so that they do have budgetary certainty. But yes, we do protect ourselves for an unusual event.

In the back, Trevor.

Jason Haas with Wells Fargo. Can you talk about your level of interest in integrating consumer permission bank data into offerings for lenders? And I was curious if that would sit within EWS or USIS, if you were to roll it out.

Yes. I'll let Chad. You heard about the government solution. You've got a pilot outside. We think that's a strike zone. What we found with consumer permission data is most consumers don't want to take the effort to do it. It becomes a workflow challenge for our customers and like mortgage auto, particularly with a prime, near prime consumer, they want to get an instant decision and don't want to go through that effort. So our customers are reluctant to put that in their workflows because when they've tested it, they see consumers dropping out. Remember, they've spend money marketing to them to bring them into their product suite and they're trying to close a deal with them. Where we have seen some traction is like in the government social services where that individual is trying to get that social service. They're willing to invest the time to give their bank transaction data because they need food stamps, they need health care support, childcare support. And we've also seen that and Chad could talk about this in some subprime where a consumer is really reaching for credit. So they're willing to invest in the consumer consented. So it's one that we want to do more of, and I think a great example is what we're doing in the government vertical, but it's one that I personally don't see broad deployment of through the credit spectrum, particularly in the higher credit scores just because of the friction involved.

Yes, I completely agree. Look, let's start with back what I said earlier, TWN is the gold standard. That is what -- at the end of the day, that's what most customers want, right? It's accurate, it's rich, it's timely, it's directly from the source that's what they want. So I view the consumer permission a little bit, especially in government as supplemental to that and complementary of that. Where we can't get access to that 1099 data that we need. I can't get it through TWN. So therefore, we're going to go the next best thing, which is consumer permission, which will get us access to that. But again, I view it as supplemental. And then in the use cases that people are going to be willing to do it. Someone with a 750 that's getting a jumbo mortgage, they're not going to go through that process. But again, I think we can lean into maybe in areas of personal loans, where people are going to be willing to do it. But I think -- our customers tell us they want TWN. And then where they have gaps, this is where they want and it's a need, and that's what we're going to be able to fulfill those...

So this integrated solution that we have for government now, we'll likely look at moving that into some other verticals, particularly I would characterize more subprime oriented, where the consumer is willing to invest in that workflow, in essence, the same waterfall, an integrated hit TWN first. And same thing. You've got a subprime consumer applying for a personal loan. They likely have a gig job also. So verifying their complete income is complex for that P loan originator. And we'll look at bringing that solution into verticals like that, where the consumer is willing to invest in it.

We do have circumstances in international where we do use consumer permission data because there's open data in place, for example, in the U.K., and it's expanding into other areas. I'd say we've had some success, right? But I don't think it's really taken off substantially in any market that we're in.

Quite small.

Because of the part of what Mark's talking about even when there isn't a substantial amount of friction because it's already built into the -- it's already regulatory required. So we do it. USIS does it to a degree for trying to provide some additional information on assets, right? And they'll provide that service to a customer. But again, the uptake is very small.

And then as a follow-up question, there's been some new regulation looks like that's coming around trigger leads. So I was curious if you could comment on what sort of impact that could have on your business?

Yes. We'll see if that passes. It's been in the House and the Senate for years actually. We personally think it's -- we want to have good behavior around triggers to make sure consumers are getting access to multiple alternatives. And that's really what the triggers provide. It gives the consumer -- gets more offers. There are some institutions that become more aggressive around that marketing. If it passes through, it's not a big impact for Equifax. It's not a big business for us on the trigger leads for mortgage. We'll see if it actually passes through.

Now our revenue directly in triggers is relatively small. If it changes buyer behavior, right, then we'll see what that does. But the direct impact for us is pretty small.

But if you think about what they're being used for, it's being used for mortgage originators to market. And if trigger leads don't become the way to market, they're going to look for other ways to market because they got to fill their funnel, right? And so our differentiated data would be something that we'd look for what other solutions can we provide. In this case, it's someone who's in the market looking for refi or in the market looking for a loan for their purchase. And for the consumer, it generally puts more offers in front of them, meaning they get inbounds what those are. So there'll be other ways they're going to want to market. Who's got the mic?

I do. Surinder Thind with Jefferies. So Mark, just big picture, when we rewind to 4 years ago and you kind of laid out a vision and then you executed against the vision under obviously very tough circumstances. Fast forward to today, you're laying out a vision here, right. But there doesn't seem to be a change in the financial framework here. So was everything already anticipated when you were laying out the vision, like what is new here today, the message that you want to get across?

Yes. Well, I hope you heard some of that. First off, from 4 years ago, none of us anticipated mortgage rates doubling and the mortgage market going down in half. When we did our Investor Day virtually 4 years ago, we thought the mortgage market had a blip, if you will, or boom from the refi boom, but it was going to come back to that 2015 and '19 level, which is it's been for really kind of adjusted for some population growth, has really been pretty steady for decades. That obviously is a huge change. And that took $1 billion plus of revenue out of our P&L between '22, '23, '24, '25 that we didn't anticipate. No question about that. If you look at our nonmortgage growth through that period, adjusted for taking mortgage out, we feel good about that growing inside of our long-term framework. Our intention today was to reinforce that we have confidence in our long-term framework. We think 7 to 10 organic with 50 basis points of margin expansion is a pretty good business. Obviously, what's new today is the capital allocation plan that wasn't in place then. And then we were talking about it. Now it's in place. So I think there's real clarity about how we're going to invest inside of Equifax and then the cash we're going to return to shareholders. We intended to message today that we've been messaging for quite some time that we don't need a mortgage market recovery to deliver that long-term framework. Just the 2 points -- 2 to 3 points of GDP growth that's inherent in our kind of growth model going forward. And then we want to message very clearly, we believe, over the long term, the mortgage market is going to increase. Consumers will get used to the high rates, rates will come down. They won't come down to where they were, but this kind of 20-year high rates, we don't believe, I'm not an economist, don't believe they'll stay there forever. And when that happens, that excess free cash flow from the mortgage market recovery is going to return to shareholders. So that's what we intended to deliver and then also talk a bunch about kind of a post-cloud Equifax. And back to your comments, back 4 years ago, we thought we'd complete the cloud sooner than we did. It took longer, and it was harder than we thought even 4 years ago, but now it's done. We're at that 90%. That's a big milestone for us to have that complete. So the whole organization can now fully focus on innovation, growth and new products. So we think that's an exciting new Equifax and how we think about the company going forward.

And then as a follow-up, when you think about subscription revenues and your push towards 25%, is there the potential to push that further when you think big picture of maybe you could do all-you-can-eat model across the board? Or are there just natural pockets where you have to kind of stick with the transaction based model?

No, there'll clearly be a lot of portions of our business that will stay transaction oriented, but the 25% to be clear, is this year. So just in a short time frame, it's gone up, I think, 14% CAGR, really because of the growth in certain business segments like talent, like government and EWS, we expect that growth to continue really because we're trying to drive adoption. So don't think about us, we're taking a right-hand turn to trying to turn the business into a full subscription model. That's likely not possible. But the benefit to Equifax and we believe to our shareholders is you have an increasing mix of businesses that are more consistent and have more depth to it because of the subscription model that we have going forward. And that's only going to grow because those businesses are growing faster than the rest of Equifax. Government and talent will be faster growing businesses than the bulk of Equifax. So that subscription number should continue to increase.

Kelsey Zhu from Autonomous here. So I have 2 questions. The first one being kind of circling back to consumer consent data. Are you building the capabilities in-house? How much does it cost to build? Are you buying it from someone? And how are you thinking about the pricing and profitability of utilizing customer consent data?

I assume you're referring to government, so I'll let Chad take it.

Yes. So we are building in a combination of in-house and partner. In the in-house, we believe with the design of the solution is really where the magic is.

Really integrating it into the TWN workflow.

Exactly. And that experience that it generates, we own all of that. Our tech teams have built all of that. And again, we're excited about launching that in August. As far as -- what was the other question -- about monetizing it?

Yes.

I mean, again, it's just -- it's a huge opportunity here. I mean, I don't -- I'm not going to get into pricing conversations or anything like that on the product. But I mean, we think, again, upwards of 30-plus percent, 40% of some of these folks today are not getting this data. We're not monetizing this data, so we don't access. So we've done some calcs where we think this by itself and government alone is a $300 million to $400 million TAM that we're just now entering and it is complete white space in the revenue growth that we had going forward.

Got it. Super helpful. Second question on Employer Services, I think the segment has seen some headwinds since the end of 2023. I think we've seen 6 quarters of revenue decline. So just curious to get your latest thoughts around strategies to turn the segment around.

Yes. I mean, part of that, and I'll let John and Mark jump in for the history. I mean, part of that is obviously, we have some tailwinds of some revenue streams that no longer exist like ERC, right? And that's something that we've had to outrun a bit. But as we've given in our guidance as we move into the second half and get to the end of 2025, we see a positive year-over-year growth in Employer Services. We've hired a new head of Employer Services that's been on board for about 90 to 180 days now, put together a strategy that we presented to the Board. We feel very good about, again, I-9, particularly in onboarding, in particular of that list that we think has some really significant growth. I shared the tripling of the I-9 virtual volumes, you can see, which is getting traction around that NPI. I also think there's opportunities for us to continue to increase our margins on the expense base as well. There's some integrations that we want to do and some platform rationalization that we do that drive out significant costs to continue to increase our margins. And then I also talked about distribution, right? We talked about background screeners, it is a great...

Payroll processers, HR...

Both of those are distribution engines today, and we've had money conversations with them, and they acknowledged we've got world-class products, and it makes a lot of sense. And again, it'll be a win-win through our partners to let them drive additional revenue distribution as well. So those things are just now starting to take hold. So I think yes, it's been a tough couple of years for sure. But I think, again, we're going to see the light in the second half of the year as we turn positive and grow from there.

And just a reminder, we don't expect Employer Services to be a fast-growing business, right? This is a low to mid-single-digit type growth business that's within the 13% to 15% EWS long-term framework, and that's the expectation that's embedded.

Of course, as Chad pointed out in his presentation, one of the benefits of those multiple services we delivered to HR managers is we also get direct records. So we grow our records base, and obviously, we have rev share on those. So that's clear part of our strategy. And as I mentioned in my comments, I think, we've done 5 acquisitions in the last 5 years to strengthen employer around WOTC and some of the other capabilities. The macros of the change in the WOTC forms requirements last year was a real headwind and ERC was a fairly large business for us post COVID and then it went to 0. So that wind down was a big drag in the business in really '23 and '24.

Craig Huber, Huber Research. Two questions, talk about regulations first. What's your updated thought on any potential changes for regulatory environment there on the mortgage side of your business? Obviously, Bill Pulte has been in the market, pressed a lot in the last month or so, talked about pricing dissatisfaction there, et cetera. But what sort of changes potentially can you see under the Trump administration. There were some regulatory changes that were proposed on by Biden. Do you think anything will go through? What does it mean to your business?

Yes, as you know, he put out a tweet, so I met with him, so it's very public that happened. I think he's thinking through what are the right changes. He understands the value of the 3B, I believe. We shared with him the 10 million consumers are only on one credit file, the 40 million consumers that have a 20-, 30-point score difference. So the value of 3B is very important, which was proposed by the prior administration, never got anywhere. And really the mortgage industry knew that, that didn't make a lot of sense. And there's so many proof points on it. Some of the most sophisticated lenders outside of mortgage pull 3B because it improves their originations. I mean they pull all 3 credit files for an auto loan, a credit card loan, a personal loan because they get more coverage and are able to drive that through. I think he's been frustrated with pricing from FICO, no question about that. Where that goes, I'm not sure. It's -- I think we're all surprised to see the Republic administration focused on something like that. But obviously, Director Pulte has got that, that he's thinking through. Impact on Equifax, we don't think it will be substantial. We don't believe there's going to be a change in the 3B requirement because it drives financial inclusion. It also drives higher-performing underwriting, whether there's a change in how they do the credit score, we'll have to see. But I think that's also likely unlikely.

And then my unrelated question, if I could, talk about auto and credit card volumes out there now, where they're at in your mind versus historical trends here? And how do you see that playing out long term, credit card and auto.

Yes. Long term, it's a long time, maybe in the current environment in 2025, I would say they're fairly stable. Our customers are quite strong, meaning the banks and the financial institutions and the fintechs. So it was a period post COVID where a lot of the fintechs had some financial challenges because of rising delinquencies and they generally aren't balance sheet funded. So the banks that loan them money were tightening up what they could do from an origination standpoint. That's kind of stabilized out. And then broadly, consumers are still strong because they're working. Unemployment is still so low. There are at the low end, kind of subprime consumers, pressures from inflation even though it's down, Remember, the compounded impact of inflation hasn't kept up with -- wage growth hasn't kept up with the inflation that's happened over the last 3 or 4 years. So there's still pressures down at the subprime. But broadly, I would say when we look at kind of the second half of this year, we expect it to be a fairly stable market with regards to the end markets that we're dealing in.

In terms of like overall general levels, we would say probably both auto and card are running below what you'd consider their long-term averages right? They're stable, but they're probably weaker than you would consider normal.

Arthur Truslove from Citi. Two questions, if I may, please. First question, you talked quite a bit about taking share and the cloud transformation being complete, should help with that. Obviously, one of your peers is also very keen on taking share as well.

Actually, both of them are.

Yes. And I just wondered sort of who you sort of planning to take share off specifically. And also within that, are there specific product lines where you think either you could improve your products to support that or that you could demonstrate that your products are already good, but people perhaps don't know about it that would support that. And then second question, back to the sort of mortgage point and the credit score model that's being used. So obviously, you've benefited from organic growth as a result of FICO cranking its pricing. If we were to go to a scenario where there were more than one model used and Vantage score was used. I understand you own a chunk of Vantage score. Can you just talk through the sort of puts and takes economically from that -- from your perspective, please?

Yes, those are 2 loaded questions, well done. So I'll start with the first one. Hopefully, you heard like a myriad of approaches of how we're going to be -- we're more competitive in the marketplace today than we've ever been. It starts with our differentiated data. We can bring differentiated solutions to drive market share. We're driving higher performing products. You heard from myself, from Cecilia, from Harald and all of us around how AI is driving more predictive solutions, those drive market share. We have a better product going forward. And underpinning that is our differentiated data. Our competitors don't have the scale of data that we have. So I think that's a real advantage. New for Equifax is the ability to now deploy the TWN indicator to really benefit mortgage auto, card, P loan, credit decisioning where historically, we would go kind of 1 to 1 against the other 2 competitors with our credit files, adding differentiated data. Now we can add that income and employment data that's used at closing. So that's what we think is a very positive advantage. Cloud in itself is 1 that we're seeing positives from our customers. There are customers that are moving to Equifax because we've invested in the cloud. We have higher performance with our stability. We're delivering the 99s of stability. And remember, if we're down or our competitors are down, they're not originating. So that becomes a C-suite conversation, like why was your revenue down or new applications down yesterday, last week, last month, where we had a problem with our credit bureau partner. That table stakes of digital is super important. The speed of data transmission. You talked about -- so we shared some anecdotes, Jamil and I, about how we're delivering a faster solution that allows them to close more transactions with someone that's in a digital process, people aren't dropping out. And so all of those, the cloud capabilities, we think will also. So you think about cloud capabilities we've invested in, our big focus on innovation and new products, the AI that we're delivering powered by our differentiated data, we believe all of those are going to allow us to drive growth, which is going to be in the credit space, really USIS, International, generally share shifts more to Equifax is what we think going forward. We're going to be better armed to do that. Your second question on mortgage about what happens if it's a FICO or Vantage score. As you know, the 3 credit bureaus own Vantage. So our COGS on Vantage are really 0 because we fund the operation of Vantage. So that would be quite positive, frankly, it's going to take time to drive that change if that happened. And again, this is an if. FICO is very embedded. It's been used for 50 years in those kind of processes. So change would come quite slowly, but we've seen change happen. Use mortgage as an example in the shopping process or prequal. You go back 2 years ago, that was a 3B pull, predominantly, they pull 3 credit reports and someone in the shopping process to do that prequalification. Today, some originators are pulling 1 or 2 because of costs. it's a COGS for them. Joel, what did you say it's 1 in 5 or 1 in 8 falling out? So 7 out of 8 times, they're eating the COGS on that. So they're going to 1 or 2B pull. Now what are we doing? We're adding a TWN indicator to differentiate our credit file in that shopping process. We're adding NC+ cellphone utility attributes to our credit file to differentiate us in that shopping process. In auto and card and P loans, it's different because it's not a mandated 3B, it's one where there's fairly distributed share, meaning all 3 of us have it. We want to differentiate our credit file in that process. So it's 1 where we're providing more value to the auto originator, more value to the credit card originator, more value to the P loan originator with that TWN indicator that helps them originate more and really do a better job in their marketing process, and we're going to do that for free. Meaning we're not going to change the price of our credit file. We want to differentiate the value of our credit file. So that's a lot of the strategy I hope you heard today about how we want to go to market to really drive our market shares and drive our growth.

Sorry, I just wanted to ask 1 question for Jamil since he's been... You said you had a 10-year advantage versus the competition in your prepared remarks. I was just hoping for a little bit more color. Was that just on the security side? Is it overall tech? Is it the bureaus? Is it other data providers? Just any color because we get a lot of he said, she said between the players. So just any data points that can help us with that.

Comment was about technology in general, specific to our competitors. If you look at most transformations, I think the stats are only 40% of them ever even complete, they just get abandoned because they're so difficult to do. We're almost there. We're at that 90% mark today. So first, we've got a major advantage on that front. The second part of it is because we are so close to the finish line. Because we're leveraging AI to the degree that we are today, because we have the cloud provider and almost weekly new releases for new capabilities that they have, there's 130 services today that go up all the time. That advantage we have today, it's going to continue to snowball. It's going to compound itself. And so even if you start and you try to compete with us and build up and get to the cloud native infrastructure that we have today, we're already going to be outpacing you along the way as well. And so that's where I get the roughly 10-year time frame. And depending on how we perform, I think it could be even beyond that as well.

Great. Well, thanks for your questions. Thanks for your time. It was a lot of time this morning. We appreciate it. We appreciate your support, and we'll be around during lunch outside if you got some more questions for us one-on-one with any of the team. Thanks very much.