Equifax Reports Third Quarter 2010 Results
ATLANTA, Oct. 27 /PRNewswire-FirstCall/ --
-- Third quarter revenue was $473.8 million, up 11 percent from the third
quarter of 2009.
-- Third quarter diluted EPS from continuing operations attributable to
Equifax was $0.49, up 11 percent from the third quarter of 2009.
-- Third quarter adjusted EPS from continuing operations attributable to
Equifax was $0.60, up 13 percent from the third quarter of 2009.
Equifax Inc. (NYSE: EFX) today announced financial results for the quarter ended September 30, 2010. The company reported revenue from continuing operations of $473.8 million in the third quarter of 2010, an 11 percent increase from the third quarter of 2009. Third quarter 2010 net income from continuing operations attributable to Equifax was $61.3 million, a 10 percent increase from the prior year. On a non-GAAP basis, adjusted EPS from continuing operations attributable to Equifax excludes the impact of acquisition-related amortization expense.
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"Our successful and broad-based performance in the third quarter continues to reflect the traction we are developing on our key strategic initiatives – Decision 360®, new product innovation, strategic acquisitions and divestitures, LEAN and Workout, investment in emerging market opportunities, and a commitment to meritocracy," said Richard F. Smith, Equifax's Chairman and Chief Executive Officer. "The diversity and uniqueness of our data combined with industry leading analytics and decisioning capabilities are helping our customers operate their businesses more efficiently and profitably and to adjust more quickly in a rapidly changing business environment."
Third Quarter 2010 Report
-- In addition to the financial highlights noted above, operating margin
from continuing operations was 23.3 percent for the third quarter of
2010, virtually flat when compared to the third quarter of 2009 which
was 23.5 percent.
-- On July 1, 2010, we completed the sale of our Direct Marketing Services
("DMS") division for $117 million, subject to certain post-closing
adjustments. We recorded a gain from the sale of approximately $15
million, after tax. The DMS business, along with our APPRO product line
which was divested in the second quarter of 2010, is reported as
discontinued operations and was previously included in the results of
our U.S. Consumer Information Solutions segment.
-- Total debt at September 30, 2010 was $1.01 billion, down $167 million
from December 31, 2009.
-- We repurchased 1.7 million of our common shares on the open market for
$51.7 million during the third quarter of 2010. At September 30, 2010,
our remaining authorization for future share repurchases was $155.5
million.
U.S. Consumer Information Solutions (USCIS)
Total revenue was $194.0 million in the third quarter of 2010 compared to $173.8 million in the third quarter of 2009, an increase of 12 percent.
-- Online Consumer Information Solutions revenue was $128.3 million, up 2
percent from a year ago.
-- Mortgage Solutions revenue was $32.2 million, up 43 percent from a year
ago.
-- Consumer Financial Marketing Services revenue was $33.5 million, up 30
percent when compared to a year ago.
Operating margin for USCIS was 37.2 percent in the third quarter of 2010 compared to 36.2 percent in the third quarter of 2009.
International
Total revenue was $122.5 million in the third quarter of 2010, a 7 percent increase over the third quarter of 2009. In local currency, revenue was up 5 percent compared to the third quarter of 2009.
-- Latin America revenue was $59.1 million, up 8 percent in local currency
and 13 percent in U.S. dollars from a year ago.
-- Europe revenue was $35.0 million, up 2 percent in local currency, but
down 4 percent in U.S. dollars from a year ago.
-- Canada Consumer revenue was $28.4 million, up 3 percent in local
currency and 9 percent in U.S. dollars from a year ago.
Operating margin for International was 25.2 percent in the third quarter of 2010 compared to 27.0 percent in the third quarter of 2009.
TALX
Total revenue was $99.1 million in the third quarter of 2010, a 19 percent increase over the third quarter of 2009.
-- The Work Number revenue was $55.2 million, up 49 percent from a year
ago.
-- Tax and Talent Management Services revenue was $43.9 million, down 5
percent from a year ago.
Operating margin for TALX was 22.9 percent in the third quarter of 2010 compared to 21.4 percent in the third quarter of 2009.
North America Personal Solutions
Revenue was $39.9 million, a 7 percent increase from the third quarter of 2009. Operating margin was 31.9 percent, up from 27.3 percent in the third quarter of 2009.
North America Commercial Solutions
Revenue was $18.3 million, up 12 percent in local currency and up 14 percent in U.S. dollars compared to the third quarter of 2009. Operating margin was 17.9 percent, up from 17.8 percent in the third quarter of 2009.
Fourth Quarter 2010 Outlook
Based on the current level of domestic and international business activity and current foreign exchange rates, consolidated revenue for the fourth quarter of 2010 is expected to be up 8 to 10 percent from the year-ago quarter. Fourth quarter 2010 adjusted EPS from continuing operations attributable to Equifax, which excludes the impact of acquisition-related amortization expense, is expected to be between $0.58 and $0.61.
About Equifax (www.equifax.com)
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability. Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 14 other countries. Equifax is a member of Standard & Poor's (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
Earnings Conference Call and Audio Webcast
In conjunction with this release, Equifax will host a conference call tomorrow, October 28, 2010, at 8:30 a.m. (EDT) via a live audio webcast. To access the webcast, go to the Investor Center of our website at www.equifax.com. The discussion will be available via replay at the same site shortly after the conclusion of the webcast. This press release is also available at that website.
Non-GAAP Financial Measures
This earnings release presents diluted EPS from continuing operations attributable to Equifax which excludes acquisition-related amortization expense and a restructuring charge in the prior year, all net of tax. These are important financial measures for Equifax but are not financial measures as defined by GAAP.
These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of EPS as determined in accordance with GAAP.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented in the Q&A. This information can also be found under "Investor Center/GAAP/Non-GAAP Measures" on our website at www.equifax.com.
Forward-Looking Statements
Management believes certain statements in this earnings release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update any forward-looking statements.
Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by Equifax, including restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions), as well as from developments beyond Equifax's control, including, but not limited to, changes in worldwide and U.S. economic conditions that materially impact consumer spending, consumer debt and employment and the demand for Equifax's products and services. Other risk factors include our ability to develop new products and services, respond to pricing and other competitive pressures, complete and integrate acquisitions and other investments and achieve targeted cost efficiencies; risks relating to illegal third party efforts to access data; changes in laws and regulations governing our business, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulations, federal or state responses to identity theft concerns; and the outcome of our pending litigation. Certain additional factors are set forth in Equifax's Annual Report on Form 10-K for the year ended December 31, 2009 under Item 1A, "Risk Factors", and our other filings with the Securities and Exchange Commission.
EQUIFAX
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
September 30,
2010 2009
(In millions, except per share amounts) (Unaudited)
Operating revenue $ 473.8 $ 425.0
Operating expenses:
Cost of services (exclusive of depreciation and
amortization below) 188.2 177.5
Selling, general and administrative expenses 134.0 111.2
Depreciation and amortization 41.4 36.3
Total operating expenses 363.6 325.0
Operating income 110.2 100.0
Interest expense (14.0) (14.1)
Other income, net 0.7 0.2
Consolidated income from continuing operations before
income taxes 96.9 86.1
Provision for income taxes (33.3) (28.7)
Consolidated income from continuing operations 63.6 57.4
Discontinued operations, net of tax 15.2 4.0
Consolidated net income 78.8 61.4
Less: Net income attributable to noncontrolling interests (2.3) (1.7)
Net income attributable to Equifax $ 76.5 $ 59.7
Amounts attributable to Equifax:
Income from continuing operations attributable to Equifax $ 61.3 $ 55.7
Discontinued operations, net of tax 15.2 4.0
Net income $ 76.5 $ 59.7
Basic earnings per common share:
Income from continuing operations attributable to Equifax $ 0.50 $ 0.44
Discontinued operations attributable to Equifax 0.12 0.03
Net income attributable to Equifax $ 0.62 $ 0.47
Weighted-average shares used in computing basic earnings
per share 124.3 126.4
Diluted earnings per common share:
Income from continuing operations attributable to Equifax $ 0.49 $ 0.44
Discontinued operations attributable to Equifax 0.12 0.03
Net income attributable to Equifax $ 0.61 $ 0.47
Weighted-average shares used in computing diluted earnings
per share 125.8 128.0
Dividends per common share $ 0.04 $ 0.04
EQUIFAX
CONSOLIDATED STATEMENTS OF INCOME
Nine Months Ended
September 30,
2010 2009
(In millions, except per share amounts) (Unaudited)
Operating revenue $ 1,377.5 $ 1,280.6
Operating expenses:
Cost of services (exclusive of depreciation and
amortization below) 566.6 535.0
Selling, general and administrative expenses 370.4 340.0
Depreciation and amortization 120.2 106.7
Total operating expenses 1,057.2 981.7
Operating income 320.3 298.9
Interest expense (42.3) (42.9)
Other income, net 1.0 5.8
Consolidated income from continuing operations before
income taxes 279.0 261.8
Provision for income taxes (99.7) (94.0)
Consolidated income from continuing operations 179.3 167.8
Discontinued operations, net of tax 31.5 10.8
Consolidated net income 210.8 178.6
Less: Net income attributable to noncontrolling interests (6.3) (4.9)
Net income attributable to Equifax $ 204.5 $ 173.7
Amounts attributable to Equifax:
Income from continuing operations attributable to Equifax $ 173.0 $ 162.9
Discontinued operations, net of tax 31.5 10.8
Net income $ 204.5 $ 173.7
Basic earnings per common share:
Income from continuing operations attributable to Equifax $ 1.38 $ 1.29
Discontinued operations attributable to Equifax 0.25 0.09
Net income attributable to Equifax $ 1.63 $ 1.38
Weighted-average shares used in computing basic earnings
per share 125.4 126.3
Diluted earnings per common share:
Income from continuing operations attributable to Equifax $ 1.36 $ 1.28
Discontinued operations attributable to Equifax 0.25 0.08
Net income attributable to Equifax $ 1.61 $ 1.36
Weighted-average shares used in computing diluted
earnings per share 127.1 127.8
Dividends per common share $ 0.12 $ 0.12
EQUIFAX
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2010 2009
(In millions, except par values) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 115.6 $ 103.1
Trade accounts receivable, net of allowance for
doubtful accounts of $9.9 and $15.1 at
September 30, 2010 and December 31, 2009,
respectively 266.2 258.7
Prepaid expenses 32.7 27.6
Other current assets 22.6 27.4
Total current assets 437.1 416.8
Property and equipment:
Capitalized internal-use software and system costs 306.2 316.6
Data processing equipment and furniture 180.5 184.2
Land, buildings and improvements 167.9 164.5
Total property and equipment 654.6 665.3
Less accumulated depreciation and amortization (354.4) (346.0)
Total property and equipment, net 300.2 319.3
Goodwill 1,871.2 1,943.2
Indefinite-lived intangible assets 95.6 95.5
Purchased intangible assets, net 588.9 687.0
Other assets, net 107.0 88.7
Total assets $ 3,400.0 $ 3,550.5
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current maturities $ 21.0 $ 183.2
Accounts payable 19.7 35.9
Accrued expenses 64.7 67.7
Accrued salaries and bonuses 56.5 58.1
Deferred revenue 56.5 69.8
Other current liabilities 86.9 77.5
Total current liabilities 305.3 492.2
Long-term debt 986.4 990.9
Deferred income tax liabilities, net 241.8 249.3
Long-term pension and other postretirement benefit
liabilities 84.6 142.5
Other long-term liabilities 53.5 60.6
Total liabilities 1,671.6 1,935.5
Equifax shareholders' equity:
Preferred stock, $0.01 par value: Authorized
shares - 10.0; Issued shares - none - -
Common stock, $1.25 par value: Authorized shares -
300.0;
Issued shares - 189.3 at September 30, 2010 and
December 31, 2009;
Outstanding shares - 123.4 and 126.2 at September
30, 2010 and December 31, 2009, respectively 236.6 236.6
Paid-in capital 1,103.9 1,102.0
Retained earnings 2,683.5 2,494.2
Accumulated other comprehensive loss (309.7) (318.7)
Treasury stock, at cost, 63.8 shares and 61.0
shares at September 30, 2010 and December 31,
2009,
respectively (1,961.6) (1,871.7)
Stock held by employee benefits trusts, at cost,
2.1 shares at September 30, 2010 and
December 31, 2009, respectively (41.2) (41.2)
Total Equifax shareholders' equity 1,711.5 1,601.2
Noncontrolling interests 16.9 13.8
Total equity 1,728.4 1,615.0
Total liabilities and equity $ 3,400.0 $ 3,550.5
EQUIFAX
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
2010 2009
(In millions) (Unaudited)
Operating activities:
Consolidated net income $ 210.8 $ 178.6
Adjustments to reconcile consolidated net income to net cash
provided
by operating activities:
Gain on divestitures (27.1) -
Depreciation and amortization 125.7 116.9
Stock-based compensation expense 15.0 13.5
Tax effects of stock-based compensation plans 1.6 0.1
Excess tax benefits from stock-based compensation plans (1.6) (0.5)
Deferred income taxes 3.2 24.6
Changes in assets and liabilities, excluding effects of
acquisitions:
Accounts receivable, net (10.8) 11.8
Prepaid expenses and other current assets (1.2) (13.0)
Other assets (0.7) (4.3)
Current liabilities, excluding debt (57.1) (46.4)
Other long-term liabilities, excluding debt (50.4) (12.5)
Cash provided by operating activities 207.4 268.8
Investing activities:
Capital expenditures (82.4) (51.2)
Acquisitions, net of cash acquired (15.3) (3.5)
Cash received from divestitures 181.7 -
Dividend from unconsolidated affiliate 1.5 1.8
Cash provided by (used in) investing activities 85.5 (52.9)
Financing activities:
Net short-term borrowings (repayments) (134.0) 247.5
Net repayments under long-term revolving credit facilities (5.0) (420.0)
Payments on long-term debt (19.6) (6.6)
Treasury stock purchases (116.4) (9.1)
Dividends paid to Equifax shareholders (14.9) (15.1)
Dividends paid to noncontrolling interests (3.4) (3.3)
Proceeds from exercise of stock options 13.8 5.9
Excess tax benefits from stock-based compensation plans 1.6 0.5
Other (0.8) (0.9)
Cash used in financing activities (278.7) (201.1)
Effect of foreign currency exchange rates on cash and cash
equivalents (1.7) 4.7
Increase in cash and cash equivalents 12.5 19.5
Cash and cash equivalents, beginning of period 103.1 58.2
Cash and cash equivalents, end of period $ 115.6 $ 77.7
Common Questions & Answers (Unaudited)
(Dollars in millions)
Can you provide a further analysis of operating revenue and operating income
1. by operating segment?
Operating revenue and operating income consist of the following components:
(in millions) Three Months Ended September 30,
Local
Currency
Operating
revenue: 2010 2009 $ Change % Change % Change*
Online
Consumer
Information
Solutions $ 128.3 $ 125.6 $ 2.7 2%
Mortgage
Solutions 32.2 22.5 9.7 43%
Consumer
Financial
Marketing
Services 33.5 25.7 7.8 30%
Total U.S.
Consumer
Information
Solutions 194.0 173.8 20.2 12%
Latin America 59.1 52.3 6.8 13% 8%
Europe 35.0 36.5 (1.5) -4% 2%
Canada
Consumer 28.4 26.1 2.3 9% 3%
Total
International 122.5 114.9 7.6 7% 5%
The Work
Number 55.2 37.0 18.2 49%
Tax and
Talent
Management
Services 43.9 46.1 (2.2) -5%
Total TALX 99.1 83.1 16.0 19%
North America
Personal
Solutions 39.9 37.1 2.8 7%
North America
Commercial
Solutions 18.3 16.1 2.2 14% 12%
Total
operating
revenue $ 473.8 $ 425.0 $ 48.8 11% 11%
(in millions) Nine Months Ended September 30,
Local
Currency
Operating
revenue: 2010 2009 $ Change % Change % Change*
Online
Consumer
Information
Solutions $ 368.3 $ 385.2 $ (16.9) -4%
Mortgage
Solutions 84.2 76.5 7.7 10%
Consumer
Financial
Marketing
Services 99.2 80.4 18.8 23%
Total U.S.
Consumer
Information
Solutions 551.7 542.1 9.6 2%
Latin America 170.9 145.3 25.6 18% 9%
Europe 101.4 102.5 (1.1) -1% 0%
Canada
Consumer 84.6 73.1 11.5 16% 3%
Total
International 356.9 320.9 36.0 11% 5%
The Work
Number 154.9 116.6 38.3 33%
Tax and
Talent
Management
Services 138.5 140.4 (1.9) -1%
Total TALX 293.4 257.0 36.4 14%
North America
Personal
Solutions 119.9 113.0 6.9 6%
North America
Commercial
Solutions 55.6 47.6 8.0 17% 12%
Total
operating
revenue $ 1,377.5 $ 1,280.6 $ 96.9 8% 6%
(in millions) Three Months Ended September 30,
Operating Operating
Operating
income: 2010 Margin 2009 Margin $ Change % Change
U.S. Consumer
Information
Solutions $ 72.2 37.2% $ 63.1 36.2% $ 9.1 15%
International 30.8 25.2% 31.1 27.0% (0.3) -1%
TALX 22.7 22.9% 17.7 21.4% 5.0 28%
North America
Personal
Solutions 12.7 31.9% 10.1 27.3% 2.6 25%
North America
Commercial
Solutions 3.3 17.9% 2.9 17.8% 0.4 14%
General
Corporate
Expense (31.5) nm (24.9) nm (6.6) -27%
Total
operating
income $ 110.2 23.3% $ 100.0 23.5% $ 10.2 10%
(in millions) Nine Months Ended September 30,
Operating Operating
Operating
income: 2010 Margin 2009 Margin $ Change % Change
U.S. Consumer
Information
Solutions $ 200.5 36.3% $ 201.9 37.2% $ (1.4) -1%
International 89.6 25.1% 86.6 27.0% 3.0 4%
TALX 67.2 22.9% 56.5 22.0% 10.7 19%
North America
Personal
Solutions 33.0 27.5% 24.1 21.3% 8.9 37%
North America
Commercial
Solutions 11.4 20.5% 7.6 15.9% 3.8 51%
General
Corporate
Expense (81.4) nm (77.8) nm (3.6) -5%
Total
operating
income $ 320.3 23.3% $ 298.9 23.3% $ 21.4 7%
nm - not meaningful
* Reflects percentage change in revenue conforming 2010 results using 2009
exchange rates.
Common Questions & Answers (Unaudited)
(Dollars in millions)
2. What drove the fluctuation in the effective tax rate?
Our effective income tax rate from continuing operations was 34.4% for
the three months ended September 30, 2010, up from 33.3% for the same
period in 2009, due primarily to a higher foreign tax rate in 2010,
partially offset by a reduction due to a permanent federal tax deduction.
3. Can you provide depreciation and amortization by segment?
Depreciation and amortization are as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
U.S. Consumer Information Solutions $ 10.3 $ 8.6 $ 30.2 $ 25.3
International 6.9 6.0 18.9 17.1
TALX 17.1 15.5 50.6 46.4
North America Personal Solutions 1.4 1.3 4.1 3.5
North America Commercial Solutions 1.6 1.5 4.7 4.3
General Corporate Expense 4.1 3.4 11.7 10.1
Total depreciation and amortization $ 41.4 $ 36.3 $ 120.2 $ 106.7
4. What was the currency impact on the foreign operations?
The U.S. dollar impact on operating revenue and operating income is as
follows:
Three Months Ended September 30, 2010
Operating Revenue Operating Income
Amount % Amount %
Canada Consumer $ 1.5 6% $ 0.6 5%
Canada Commercial 0.3 5% 0.1 5%
Europe (2.4) -7% (0.5) -7%
Latin America 2.4 5% 0.3 2%
Nine Months Ended September 30, 2010
Operating Revenue Operating Income
Amount % Amount %
Canada Consumer $ 9.4 13% $ 3.7 13%
Canada Commercial 2.1 12% 0.8 12%
Europe (1.5) -1% (0.4) -2%
Latin America 13.1 9% 1.3 3%
Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial
Measures (Unaudited)
(Dollars in millions, except per share amounts)
A. Reconciliation of net income from continuing operations attributable to
Equifax to diluted EPS from continuing operations attributable to Equifax,
adjusted for acquisition-related amortization expense and restructuring charge:
Three Months Ended
September 30,
2010 2009 $ Change % Change
Net income from continuing operations
attributable to Equifax 61.3 55.7 5.6 10%
Acquisition-related amortization
expense, net of tax 14.4 12.6 1.8 14%
Net income from continuing operations
attributable to Equifax, adjusted for
acquisition-related amortization
expense $ 75.7 $ 68.3 $ 7.4 11%
Diluted EPS from continuing operations
attributable to Equifax, adjusted for
acquisition-related amortization
expense $ 0.60 $ 0.53 $ 0.07 13%
Weighted-average shares used in
computing diluted EPS 125.8 128.0
Nine Months Ended
September 30,
2010 2009 $ Change % Change
Net income from continuing operations
attributable to Equifax $ 173.0 $ 162.9 $ 10.1 6%
Restructuring charges, net of tax (1) - 5.4 (5.4) nm
Net income from continuing operations
attributable to Equifax, adjusted for
restructuring charges 173.0 168.3 4.7 3%
Acquisition-related amortization
expense, net of tax 42.5 37.5 5.0 13%
Net income from continuing operations
attributable to Equifax, adjusted for
restructuring charges and
acquisition-related amortization
expense $ 215.5 $ 205.8 $ 9.7 5%
Diluted EPS from continuing operations,
adjusted for restructuring charges and
acquisition-related amortization
expense $ 1.70 $ 1.61 $ 0.09 5%
Weighted-average shares used in
computing diluted EPS 127.1 127.8
nm - not meaningful
(1) Restructuring charge includes $8.4 million of severance expense in the
first quarter of 2009. See the Notes to this reconciliation for additional
detail.
Notes to Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures
Restructuring Charge – During the first quarter of 2009, the Company recorded a restructuring charge primarily related to severance expense of $8.4 million, pretax, ($5.4 million, net of tax) in selling, general and administrative expenses on our Consolidated Statements of Income. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results for the nine months ended September 30, 2009, as compared to 2010, since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.
Diluted EPS from continuing operations attributable to Equifax, adjusted for acquisition-related amortization expense and restructuring charge - We calculate this financial measure by excluding acquisition-related amortization expense and the 2009 restructuring charge, all net of tax, from the determination of net income attributable to Equifax in the calculation of diluted EPS. These financial measures are not prepared in conformity with GAAP. Management believes that these measures are useful because management excludes acquisition-related amortization expense and other items that are not comparable when measuring operating profitability, evaluating performance trends, and setting performance objectives, and it allows investors to evaluate our performance for different periods on a more comparable basis by excluding items that relate to acquisition-related intangible assets and items that impact comparability.
SOURCE Equifax Inc.
Released October 27, 2010