EFX Reports Record Revenue Growth
EQUIFAX ANNOUNCED ITS FINANCIAL RESULTS for the year and quarter ending December 31, 2021 during a conference call held on February 10, 2022. Chief Executive Officer Mark W. Begor discussed the company’s strong financial performance as well as new product innovation and other business results built on the foundation of the Equifax Cloud™.
Begor also noted that the company’s EFX2023 growth strategy continues to serve as a compass for future performance. The EFX2023 imperatives are based on the company’s strategic shift from an era of building, investing, and transforming to one of leveraging cloud investments for innovation, new products, and accelerated growth. 2021 was a very strong year for New Product Innovation and Equifax delivered a record 151 new products (up from 134 last year).
More than $2 billion in revenue came from solutions in the Equifax Cloud.
“We are energized about the New Equifax,” continued Begor, noting that the company remains confident in its long term 8-12% growth framework. Equifax has now delivered two years of strong above-market performance with 17% growth in 2020 and 19% growth last year.
Fourth quarter highlights included:
Workforce Solutions revenue growth of 29% - marking the eleventh consecutive quarter of double-digit revenue growth.
Workforce Solutions delivered a milestone with 2021 annual revenue over $2 billion, up 39% with organic growth of 34% which is up 2X from their 2019 revenue of $950 million.
United States Information Solutions (USIS) revenue of $434.0 million in the fourth quarter of 2021, including Financial Marketing Services revenue of $79.4 million, up 14% when compared to the fourth quarter of 2020.
USIS 2021 non-mortgage non-consumer solutions revenue was up 16%, with organic growth of 10%. Total USIS revenue was up 4% with organic revenue growth of 2%, despite the 7.5% decline in the US mortgage market.
International also delivered a milestone in 2021, with their first year of revenues over $1 billion. Revenue grew 10% in local currency, driven by double digit growth in Asia Pacific, Canada and Latin America.
Click here to view the earnings presentation.