Exhibit 99.1

 

 

1550 Peachtree Street, N.W.  Atlanta, Georgia 30309

 

NEWS RELEASE

 

Contact:

 

Jeff Dodge	Tim Klein
Investor Relations	Media Relations
(404) 885-8804	(404) 885-8555
jeff.dodge@equifax.com	tim.klein@equifax.com

 

Equifax Reports Revenue of $484.1 Million and Net Income of $72.3 Million for the Third Quarter of 2008

 

ATLANTA, October 20, 2008 – Equifax Inc. (NYSE: EFX) today announced financial results for its third quarter ended September 30, 2008.  The company reported revenue of $484.1 million, a 2 percent decrease from the third quarter of 2007, and net income of $72.3 million, a 6 percent increase over the same period.  On a non-GAAP basis, excluding the impact of restructuring and asset write-down charges, net of tax, and an income tax benefit, net income was flat compared to the third quarter of 2007.  Diluted earnings per share (“EPS”) was $0.56 compared to $0.48 in the same period of the prior year, a 15 percent increase.  On a non-GAAP basis, EPS, excluding the impact of acquisition-related amortization expense, restructuring and asset write-down charges and the income tax benefit (“adjusted EPS”) was $0.63, up 9 percent from the same period of 2007.

 

“I am pleased with the solid earnings performance this quarter which was accomplished in one of the most challenging environments many of us have ever experienced. We continue to aggressively manage our costs, to ensure that we are operating as efficiently as possible, while realigning our resources against key strategic opportunities. Our strong financial position enables us to continue investing in new product innovation, new markets and geographic expansion to support both near-term and long-term revenue growth,” said Richard F. Smith, Equifax’s Chairman and Chief Executive Officer.

 

Third Quarter 2008 Highlights

 

·                  Revenue was $484.1 million for the third quarter of 2008, down 2 percent from the third quarter of 2007, reflecting the challenging economic environment.  Foreign currency favorably impacted revenue by 1 percent in the third quarter of 2008 compared to 2 percent in the same period of 2007.

 

·                  During the third quarter of 2008, we realigned our business to better support our strategic objectives which resulted in $16.8 million of restructuring and asset write-down charges.  We also recognized a tax benefit of $14.6 million related to uncertain tax positions for which the statute of limitations expired during the quarter.

 

·                  Cash provided by operating activities was $138.0 million for the third quarter of 2008, up 16 percent from $118.7 million in the third quarter of 2007.

 

 

·                  Operating income was $107.2 million, a 17 percent decrease from the same period of 2007.  On a non-GAAP basis, operating income excluding the impact of restructuring and asset write-down charges (“adjusted operating income”) was $124.0 million, down 4 percent from the third quarter of 2007.

 

·                  Operating margin was 22.2 percent.  On a non-GAAP basis, excluding the impact of restructuring and asset write-down charges, operating margin was 25.6 percent in the third quarter of 2008 compared to 26.2 percent in the same period of 2007 and 25.4 percent in the second quarter of 2008.

 

·                  The effective tax rate for the third quarter of 2008 was 19.9 percent, down from 37.6 percent in the third quarter of 2007.  The decline was primarily due to the third quarter 2008 tax benefit mentioned above.

 

·                  EBITDA (a non-GAAP financial measure defined as operating income adding back depreciation and amortization expense and restructuring charges) was $163.0 million, down 3 percent from the third quarter of 2007.

 

·                  During the third quarter 2008, we repurchased 1.8 million of our common shares on the open market for $62.8 million.  At September 30, 2008, our remaining authorization for future share repurchases was $170.0 million.

 

U.S. Consumer Information Solutions (USCIS)

 

Total revenue was $220.6 million in the third quarter of 2008, a 9.5 percent decrease from the third quarter of 2007.  Operating margin for USCIS was 38.2 percent in the third quarter of 2008, up slightly from 38.0 percent in the second quarter of 2008.  Operating margin in the third quarter of 2007 was 39.8 percent.

 

International

 

Total revenue was $132.5 million in the third quarter of 2008, an 8 percent increase from the third quarter of 2007. In local currency, revenue was up 5 percent when compared to the same period in the prior year.  Compared to the third quarter of 2007:

 

·                  Europe revenue was $44.9 million, down 6 percent in U.S. dollars (2 percent in local currency);

·                  Latin America revenue was $59.3 million, up 26 percent in U.S. dollars (16 percent in local currency); and

·                  Canada Consumer revenue was $28.3 million, flat in U.S. dollars (flat in local currency).

 

Operating margin for International was 30.0 percent in the third quarter of 2008 down from 31.2 percent in the third quarter of 2007 and from 30.6 percent in the second quarter of 2008.

 

TALX

 

Total revenue was $73.4 million in the third quarter of 2008, a 4 percent increase from the third quarter of 2007.  Compared to the third quarter of 2007:

 

·                  The Work Number revenue was $32.6 million, up 12 percent;

·                  Tax and Talent Management revenue was $40.8 million, down 1 percent.

 

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Operating margin was 16.1 percent, up from 14.2 percent in the third quarter of 2007.  During the quarter, total records in the employment database grew to 184.0 million, up 16 percent from a year ago.

 

North America Personal Solutions

 

Total revenue rose to $40.9 million, a 6 percent increase from the third quarter of 2007. Operating margin was 29.8 percent, up from 26.9 percent in the third quarter of 2007.

 

North America Commercial Solutions

 

Total revenue was $16.7 million, flat when compared to the third quarter of 2007. Operating margin was 14.8 percent, down from 19.5 percent in the third quarter of 2007.

 

Fourth Quarter 2008 Guidance

 

Based on current levels of economic activity, customer demand, traditional seasonal trends, and recent foreign exchange rates, the company expects revenue to be in the range of $453 million to $463 million.  The company also expects adjusted diluted earnings per share, a non-GAAP financial measure which excludes acquisition-related amortization expense, to be in the range of $0.59 to $0.63.

 

In the case of forward-looking non-GAAP financial measures, we have not provided corresponding forward-looking GAAP financial measures because these measures are not accessible to us.  We cannot predict the occurrence, timing, or amount of all items that we exclude from our non-GAAP financial measures which could potentially be significant to the calculation of our GAAP financial measures for future fiscal periods.

 

About Equifax

 

Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, employment and income verification and human resources business process outsourcing services, 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.

 

Customers have trusted Equifax for over 100 years to deliver 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, HR/payroll services, 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. employs approximately 7,000 people in 15 countries throughout North America, Latin America and Europe. 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.

 

www.equifax.com

 

Earnings Conference Call and Audio Webcast

 

In conjunction with this release, Equifax will host a conference call tomorrow, October 21, 2008, 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 operating income and operating margin excluding restructuring and asset write-down charges; net income excluding the restructuring and asset write-down charges, net of tax, and income tax benefit; diluted EPS excluding acquisition-related amortization expense, restructuring and asset write-down charges, all net of tax, and income tax benefit; and EBITDA,

 

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which we define as operating income adding back depreciation and amortization expense and restructuring charges.  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 alternative measures of operating income, operating margin, net income or EPS as determined in accordance with GAAP.  EBITDA as we have calculated it may not be comparable to similarly titled measures reported by other companies.

 

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 “Investors/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, changes in demand for Equifax’s products and services, our ability to develop new products and services, pricing and other competitive pressures, our ability to achieve targeted cost efficiencies, risks relating to illegal third party efforts to access data, risks associated with our ability to complete and integrate acquisitions and other investments, changes in laws and regulations governing our business, including 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, 2007 under Item 1A, “Risk Factors”, and other filings with the Securities and Exchange Commission.

 

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EQUIFAX

CONSOLIDATED STATEMENTS OF INCOME

 

		Three Months Ended
		September 30,
(In millions, except per share amounts)		2008			2007
		(Unaudited)
Operating revenue		$	484.1		$	492.5
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)		193.7			194.3
Selling, general and administrative expenses		141.8			130.1
Depreciation and amortization		41.4			38.9
Total operating expenses		376.9			363.3
Operating income		107.2			129.2
Interest expense		(16.9		)	(19.9		)
Minority interests in earnings, net of tax		(1.5		)	(1.7		)
Other income, net		1.5			1.2
Income before income taxes		90.3			108.8
Provision for income taxes		(18.0		)	(40.9		)
Net income		$	72.3		$	67.9
Basic earnings per common share		$	0.57		$	0.49
Weighted-average shares used in computing basic earnings per share		127.5			137.4
Diluted earnings per common share		$	0.56		$	0.48
Weighted-average shares used in computing diluted earnings per share		129.8			140.6
Dividends per common share		$	0.04		$	0.04

 

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EQUIFAX

CONSOLIDATED STATEMENTS OF INCOME

 

		Nine Months Ended
		September 30,
(In millions, except per share amounts)		2008			2007
		(Unaudited)
Operating revenue		$	1,489.1		$	1,352.2
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)		597.5			553.5
Selling, general and administrative expenses		413.2			342.8
Depreciation and amortization		117.3			89.9
Total operating expenses		1,128.0			986.2
Operating income		361.1			366.0
Interest expense		(53.9		)	(37.7		)
Minority interests in earnings, net of tax		(5.0		)	(4.4		)
Other income, net		2.7			2.5
Income before income taxes		304.9			326.4
Provision for income taxes		(96.1		)	(119.4		)
Net income		$	208.8		$	207.0
Basic earnings per common share		$	1.62		$	1.56
Weighted-average shares used in computing basic earnings per share		128.7			132.4
Diluted earnings per common share		$	1.59		$	1.53
Weighted-average shares used in computing diluted earnings per share		131.1			135.5
Dividends per common share		$	0.12		$	0.12

 

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EQUIFAX

CONSOLIDATED BALANCE SHEETS

 

		September 30,			December 31,
(In millions, except par values)		2008			2007
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	69.0		$	81.6
Trade accounts receivable, net of allowance for doubtful accounts of $13.7 and $8.9 at September 30, 2008 and December 31, 2007, respectively		273.7			295.8
Prepaid expenses		30.0			25.8
Other current assets		22.3			21.8
Total current assets		395.0			425.0
Property and equipment:
Capitalized internal-use software and system costs		319.7			292.2
Data processing equipment and furniture		189.6			184.7
Land, buildings and improvements		122.9			89.5
Total property and equipment		632.2			566.4
Less accumulated depreciation and amortization		(341.0		)	(306.9		)
Total property and equipment, net		291.2			259.5
Goodwill		1,812.9			1,834.6
Indefinite-lived intangible assets		95.5			95.7
Purchased intangible assets, net		703.6			764.5
Prepaid pension asset		74.7			72.2
Other assets, net		77.7			72.4
Total assets		$	3,450.6		$	3,523.9
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current maturities		$	55.2		$	222.1
Accounts payable		26.5			31.1
Accrued expenses		72.6			79.4
Accrued salaries and bonuses		57.5			63.5
Deferred revenue		71.0			69.9
Other current liabilities		80.0			80.9
Total current liabilities		362.8			546.9
Long-term debt		1,252.9			1,165.2
Deferred income tax liabilities, net		270.7			277.1
Long-term pension and other postretirement benefit liabilities		65.7			62.8
Other long-term liabilities		60.9			72.7
Total liabilities		2,013.0			2,124.7
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 - 189.1 and 188.5 at September 30, 2008 and December 31, 2007, respectively; Outstanding shares - 126.6 and 129.7 at September 30, 2008 and December 31, 2007, respectively		236.4			235.6
Paid-in capital		1,071.3			1,040.8
Retained earnings		2,222.1			2,030.0
Accumulated other comprehensive loss		(213.7		)	(170.5		)
Treasury stock, at cost, 59.1 shares and 55.1 shares at September 30, 2008 and December 31, 2007, respectively		(1,824.9		)	(1,679.0		)
Stock held by employee benefits trusts, at cost, 3.4 shares and 3.7 shares at September 30, 2008 and December 31, 2007, respectively		(53.6		)	(57.7		)
Total shareholders' equity		1,437.6			1,399.2
Total liabilities and shareholders' equity		$	3,450.6		$	3,523.9

 

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EQUIFAX

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		Nine Months Ended
		September 30,
(In millions)		2008			2007
		(Unaudited)
Operating activities:
Net income		$	208.8		$	207.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		117.3			89.9
Stock-based compensation expense		15.9			13.2
Tax effects of stock-based compensation plans		2.9			12.9
Excess tax benefits from stock-based compensation plans		(1.9		)	(12.5		)
Deferred income taxes		(14.6		)	(4.2		)
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net		15.9			(4.5		)
Prepaid expenses and other current assets		0.2			(9.6		)
Other assets		(4.7		)	(16.7		)
Current liabilities, excluding debt		(8.7		)	(8.9		)
Other long-term liabilities, excluding debt		(6.3		)	5.2
Cash provided by operating activities		324.8			271.8
Investing activities:
Investment in equity affiliate		(4.4		)	—
Capital expenditures		(89.3		)	(85.3		)
Acquisitions, net of cash acquired		(17.8		)	(294.8		)
Cash used in investing activities		(111.5		)	(380.1		)
Financing activities:
Net short-term (repayments) borrowings		(165.9		)	88.1
Net borrowings under long-term revolving credit facilities		90.0			78.4
Proceeds from issuance of long-term debt		2.2			543.9
Payments on long-term debt		(3.3		)	—
Treasury stock purchases		(143.9		)	(605.7		)
Dividends paid		(15.4		)	(15.4		)
Proceeds from exercise of stock options		14.1			27.1
Excess tax benefits from stock-based compensation plans		1.9			12.5
Other		(0.8		)	(5.3		)
Cash (used in) provided by financing activities		(221.1		)	123.6
Effect of foreign currency exchange rates on cash and cash equivalents		(4.8		)	3.9
(Decrease) increase in cash and cash equivalents		(12.6		)	19.2
Cash and cash equivalents, beginning of period		81.6			67.8
Cash and cash equivalents, end of period		$	69.0		$	87.0

 

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Common Questions & Answers (Unaudited)

(Dollars in millions)

 

1.              Can you provide a further analysis of operating revenue and operating income by operating segment?

Operating revenue and operating income consist of the following components:

 

		Three Months Ended September 30,
					% of					% of
(in millions)		2008			Revenue		2007			Revenue		$ Change			% Change
Operating revenue:
U.S. Consumer Information Solutions		$	220.6		46	%	$	243.9		50	%	$	(23.3	)	-10	%
International		132.5			27	%	122.9			25	%	9.6			8	%
TALX		73.4			15	%	70.4			14	%	3.0			4	%
North America Personal Solutions		40.9			8	%	38.6			8	%	2.3			6	%
North America Commercial Solutions		16.7			4	%	16.7			3	%	—			0	%
Total operating revenue		$	484.1		100	%	$	492.5		100	%	$	(8.4	)	-2	%

 

		Three Months Ended September 30,
					Operating					Operating
(in millions)		2008			Margin		2007			Margin		$ Change			% Change
Operating income:
U.S. Consumer Information Solutions		$	84.2		38.2	%	$	97.0		39.8	%	$	(12.8	)	-13	%
International		39.8			30.0	%	38.4			31.2	%	1.4			4	%
TALX		11.8			16.1	%	10.0			14.2	%	1.8			18	%
North America Personal Solutions		12.2			29.8	%	10.4			26.9	%	1.8			17	%
North America Commercial Solutions		2.5			14.8	%	3.2			19.5	%	(0.7		)	-24	%
General Corporate Expense		(43.3		)	nm		(29.8		)	nm		(13.5		)	-45	%
Total operating income		$	107.2		22.2	%	$	129.2		26.2	%	$	(22.0	)	-17	%

 

		Nine Months Ended September 30,
					% of					% of
(in millions)		2008			Revenue		2007			Revenue		$ Change			% Change
Operating revenue:
U.S. Consumer Information Solutions		$	682.4		46	%	$	741.0		55	%	$	(58.6	)	-8	%
International		399.9			27	%	343.9			25	%	56.0			16	%
TALX		229.7			15	%	105.6			8	%	124.1			117	%
North America Personal Solutions		125.5			8	%	115.3			9	%	10.2			9	%
North America Commercial Solutions		51.6			4	%	46.4			3	%	5.2			11	%
Total operating revenue		$	1,489.1		100	%	$	1,352.2		100	%	$	136.9		10	%

 

		Nine Months Ended September 30,
					Operating					Operating
(in millions)		2008			Margin		2007			Margin		$ Change			% Change
Operating income:
U.S. Consumer Information Solutions		$	261.2		38.3	%	$	299.8		40.5	%	$	(38.6	)	-13	%
International		121.4			30.3	%	104.3			30.3	%	17.1			16	%
TALX		38.1			16.6	%	14.5			13.7	%	23.6			162	%
North America Personal Solutions		33.7			26.8	%	24.0			20.8	%	9.7			40	%
North America Commercial Solutions		7.9			15.4	%	5.6			12.1	%	2.3			42	%
General Corporate Expense		(101.2		)	nm		(82.2		)	nm		(19.0		)	-23	%
Total operating income		$	361.1		24.2	%	$	366.0		27.1	%	$	(4.9	)	-1	%

 

nm - not meaningful

 

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Common Questions & Answers (Unaudited)

(Dollars in millions)

 

2.              Can you provide a further analysis of operating revenue in the product and services lines, or geographic regions within each operating segment?

Operating revenue consists of the following components:

 

		Three Months Ended September 30,
					% of					% of
(in millions)		2008			Revenue		2007			Revenue		$ Change			% Change
Operating revenue:
Online Consumer Information Solutions		$	151.1		31	%	$	160.9		33	%	$	(9.8	)	-6	%
Mortgage Reporting Solutions		16.7			4	%	16.9			3	%	(0.2		)	-1	%
Credit Marketing Services		30.0			6	%	39.2			8	%	(9.2		)	-24	%
Direct Marketing Services		22.8			5	%	26.9			6	%	(4.1		)	-15	%
Total U.S. Consumer Information Solutions		220.6			46	%	243.9			50	%	(23.3		)	-10	%
Europe		44.9			9	%	47.6			10	%	(2.7		)	-6	%
Latin America		59.3			12	%	47.1			10	%	12.2			26	%
Canada Consumer		28.3			6	%	28.2			5	%	0.1			0	%
Total International		132.5			27	%	122.9			25	%	9.6			8	%
The Work Number		32.6			7	%	29.1			6	%	3.5			12	%
Tax and Talent Management Services		40.8			8	%	41.3			8	%	(0.5		)	-1	%
Total TALX		73.4			15	%	70.4			14	%	3.0			4	%
North America Personal Solutions		40.9			8	%	38.6			8	%	2.3			6	%
North America Commercial Solutions		16.7			4	%	16.7			3	%	—			0	%
Total operating revenue		$	484.1		100	%	$	492.5		100	%	$	(8.4	)	-2	%

 

		Nine Months Ended September 30,
					% of					% of
(in millions)		2008			Revenue		2007			Revenue		$ Change			% Change
Operating revenue:
Online Consumer Information Solutions		$	459.3		31	%	$	488.4		36	%	$	(29.1	)	-6	%
Mortgage Reporting Solutions		52.0			3	%	53.4			4	%	(1.4		)	-3	%
Credit Marketing Services		101.2			7	%	119.3			9	%	(18.1		)	-15	%
Direct Marketing Services		69.9			5	%	79.9			6	%	(10.0		)	-13	%
Total U.S. Consumer Information Solutions		682.4			46	%	741.0			55	%	(58.6		)	-8	%
Europe		139.1			9	%	135.0			10	%	4.1			3	%
Latin America		173.6			12	%	130.9			10	%	42.7			33	%
Canada Consumer		87.2			6	%	78.0			5	%	9.2			12	%
Total International		399.9			27	%	343.9			25	%	56.0			16	%
The Work Number		100.6			7	%	44.6			3	%	56.0			126	%
Tax and Talent Management Services		129.1			8	%	61.0			5	%	68.1			111	%
Total TALX		229.7			15	%	105.6			8	%	124.1			117	%
North America Personal Solutions		125.5			8	%	115.3			9	%	10.2			9	%
North America Commercial Solutions		51.6			4	%	46.4			3	%	5.2			11	%
Total operating revenue		$	1,489.1		100	%	$	1,352.2		100	%	$	136.9		10	%

 

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Common Questions & Answers (Unaudited)

(Dollars in millions)

 

3.              What drove the fluctuation in the effective tax rate?

Our effective income tax rate was 19.9% for the three months ended September 30, 2008, down from 37.6% for the same period in 2007, due primarily to the reversal of a $14.6 million income tax reserve related to an uncertain tax position regarding our Brazilian operations, for which the statute of limitations expired during the third quarter, and to a lower foreign tax rate.  The effective income tax rate was 31.5% for the nine months ended September 30, 2008, down from 36.6% for the same period in 2007 due primarily to the items discussed above.

 

4.              Can you provide depreciation and amortization by segment?

Depreciation and amortization are as follows:

 

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2008			2007			2008			2007
U.S. Consumer Information Solutions		$	11.7		$	11.9		$	34.3		$	35.4
International		6.2			5.5			18.4			15.5
TALX		16.0			15.9			47.1			23.3
North America Personal Solutions		0.9			0.6			2.3			2.3
North America Commercial Solutions		1.2			1.4			4.0			4.2
General Corporate Expense		5.4			3.6			11.2			9.2
Total depreciation and amortization		$	41.4		$	38.9		$	117.3		$	89.9

 

5.              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, 2008
		Operating Revenue					Operating Income
		Amount			%		Amount			%
Canada *		$	0.2		0	%	$	0.1		0	%
Europe		(1.8		)	-4	%	(0.7		)	-5	%
Latin America		4.7			10	%	1.4			9	%
		$	3.1		1	%	$	0.8		1	%

 

		Nine Months Ended September 30, 2008
		Operating Revenue					Operating Income
		Amount			%		Amount			%
Canada*		$	8.3		9	%	$	3.4		9	%
Europe		0.7			1	%	(0.2		)	-1	%
Latin America		18.3			14	%	5.4			13	%
		$	27.3		2	%	$	8.6		2	%

 

* Canada financial results are reported in both our North America Commercial Solutions and International operating segments.

 

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