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 Second Quarter 2009 Results

 

·                  Second quarter revenue was $455.4 million, up 1 percent over the first quarter of 2009.

 

·                  Second quarter EPS was $0.47 and second quarter adjusted EPS was $0.57.

 

ATLANTA, July 22, 2009 — Equifax Inc. (NYSE: EFX) today announced financial results for the quarter ended June 30, 2009.  The company reported revenue of $455.4 million in the second quarter of 2009, a 9 percent decrease from the second quarter of 2008, of which 4 percent was due to the unfavorable effect of foreign exchange rates.  Second quarter 2009 net income was $59.6 million, down from $70.8 million in the prior year.  Diluted earnings per share (“EPS”) for the second quarter of 2009 was $0.47 compared to $0.54 in the same period of the prior year.  On a non-GAAP basis, EPS, excluding the impact of acquisition-related amortization expense (“adjusted EPS”), was $0.57 compared to $0.64 in the second quarter of 2008.

 

“We continued to make good progress on our key strategic initiatives during the second quarter, including leveraging The Work Number and Tax Management Services businesses, innovating new products and expanding mortgage settlement services. For the quarter, TALX delivered strong year-over-year growth, while USCIS was generally consistent with our previous outlook aided by strong mortgage activity during much of the quarter,” said Richard F. Smith, Equifax’s Chairman and Chief Executive Officer. “However, our International results were adversely affected by weakening economic conditions, while Personal Solutions and North America Commercial Solutions were adversely impacted by the continuing recessionary environment and consumer caution in the U.S.  In the face of ongoing softness in the global economy and in demand for credit-related services, we continue to aggressively manage our expenses, diversify our revenue base and invest in our long-term growth strategy.  We believe these efforts will position us well for revenue growth when the economy begins to recover.”

 

Second Quarter 2009 Highlights

 

·                  Revenue grew 1 percent on a reported basis versus the first quarter of 2009.

 

·                  Operating margin was 23.5 percent compared to an adjusted operating margin of 24.5 percent in the first quarter of 2009, which excludes the impact of a restructuring charge recorded during the first quarter.

 

·                  Total debt at June 30, 2009, decreased $76.0 million from March 31, 2009.

 

 

U.S. Consumer Information Solutions (USCIS)

Total revenue was $211.0 million in the second quarter of 2009, flat when compared to the first quarter of 2009, but an 8 percent decrease from the second quarter of 2008.

 

·                  Online Consumer Information Solutions revenue was $134.8 million, down 11 percent from a year ago.

·                  Mortgage Solutions revenue was $28.6 million, up 60 percent from a year ago.

·                  Credit Marketing Services revenue was $27.4 million, down 23 percent from a year ago.

·                  Direct Marketing Services revenue was $20.2 million, down 15 percent from a year ago.

 

Operating margin for USCIS was 35.2 percent in the second quarter of 2009, down from 36.0 percent in the first quarter of 2009.  Second quarter 2008 operating margin was 38.0 percent.

 

International

Total revenue was $105.2 million in the second quarter of 2009, a 4 percent increase over the first quarter of 2009, but a 24 percent decrease from the second quarter of 2008.  In local currency, revenue was down 2 percent when compared to the first quarter of 2009 and down 8 percent when compared to the same period in the prior year.

 

·                  Latin America revenue was $47.0 million, down 8 percent in local currency and down 23 percent in U.S. dollars from a year ago.

·                  Europe revenue was $33.0 million, down 12 percent in local currency and down 29 percent in U.S. dollars from a year ago.

·                  Canada Consumer revenue was $25.2 million, down 3 percent in local currency and down 16 percent in U.S. dollars from a year ago.

 

Operating margin for International was 25.3 percent in the second quarter of 2009, down from 28.7 percent in the first quarter of 2009 and down from 30.6 percent in the second quarter of 2008.

 

TALX

Total revenue was $86.0 million in the second quarter of 2009, a 12 percent increase from the second quarter of 2008.

 

·                  The Work Number revenue was $39.0 million, up 23 percent from a year ago.

·                  Tax and Talent Management Services revenue was $47.0 million, up 4 percent from a year ago.  Tax Management Services revenue growth over the prior year more than offset a revenue decline in Talent Management Services.

 

Operating margin was 23.2 percent, up from 17.7 percent in the second quarter of 2008.

 

North America Personal Solutions

Total revenue was $37.5 million, a 3 percent decrease from the first quarter of 2009 and a 10 percent decrease from the second quarter of 2008. Operating margin was 21.5 percent, up from 15.5 percent in the first quarter of 2009, but down from 25.1 percent in the second quarter of 2008.

 

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North America Commercial Solutions

Total revenue was $15.7 million, down 3 percent in local currency and down 1 percent in U.S. dollars from the first quarter of 2009. Revenue was down 5 percent in local currency and down 11 percent in U.S. dollars compared to the second quarter of 2008.  Operating margin was 15.4 percent, up from 14.4 percent in the first quarter of 2009, but down from 16.0 percent in the second quarter of 2008.

 

Third Quarter 2009 Outlook

 

Based on the current level of domestic and international business activity and current foreign exchange rates, adjusted EPS for the third quarter of 2009 is expected to be between $0.52 and $0.57.

 

About Equifax Inc.  (www.equifax.com)

 

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. operates in the U.S. and 14 other 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.

 

Earnings Conference Call and Audio Webcast

 

In conjunction with this release, Equifax will host a conference call tomorrow, July 23, 2009, 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 a 2009 first quarter restructuring charge and diluted EPS excluding acquisition-related amortization expense and restructuring charge, both 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 alternative measures of operating income, operating margin or EPS as determined in accordance with GAAP.

 

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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, 2008 under Item 1A, “Risk Factors”, and our other filings with the Securities and Exchange Commission.

 

4

 

EQUIFAX

CONSOLIDATED STATEMENTS OF INCOME

 

		Three Months Ended
		June 30,
(In millions, except per share amounts)		2009			2008
		(Unaudited)
Operating revenue		$	455.4		$	501.9
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)		192.4			204.4
Selling, general and administrative expenses		116.7			131.8
Depreciation and amortization		39.1			38.0
Total operating expenses		348.2			374.2
Operating income		107.2			127.7
Interest expense		(14.5		)	(17.3		)
Other income, net		3.1			0.9
Consolidated income before income taxes		95.8			111.3
Provision for income taxes		(34.7		)	(38.7		)
Consolidated net income		61.1			72.6
Less: Net income attributable to noncontrolling interest		(1.5		)	(1.8		)
Net income attributable to Equifax		$	59.6		$	70.8
Basic earnings per common share		$	0.47		$	0.55
Weighted-average shares used in computing basic earnings per share		126.3			129.0
Diluted earnings per common share		$	0.47		$	0.54
Weighted-average shares used in computing diluted earnings per share		127.8			131.5
Dividends per common share		$	0.04		$	0.04

 

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EQUIFAX

CONSOLIDATED STATEMENTS OF INCOME

 

		Six Months Ended
		June 30,
(In millions, except per share amounts)		2009			2008
		(Unaudited)
Operating revenue		$	908.3		$	1,005.0
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)		381.4			410.6
Selling, general and administrative expenses		239.7			264.6
Depreciation and amortization		77.3			75.9
Total operating expenses		698.4			751.1
Operating income		209.9			253.9
Interest expense		(28.8		)	(37.0		)
Other income, net		5.5			1.2
Consolidated income before income taxes		186.6			218.1
Provision for income taxes		(69.4		)	(78.1		)
Consolidated net income		117.2			140.0
Less: Net income attributable to noncontrolling interest		(3.2		)	(3.5		)
Net income attributable to Equifax		$	114.0		$	136.5
Basic earnings per common share		$	0.90		$	1.06
Weighted-average shares used in computing basic earnings per share		126.3			129.3
Diluted earnings per common share		$	0.89		$	1.04
Weighted-average shares used in computing diluted earnings per share		127.6			131.8
Dividends per common share		$	0.08		$	0.08

 

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EQUIFAX

CONSOLIDATED BALANCE SHEETS

 

		June 30,			December 31,
(In millions, except par values)		2009			2008
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	63.6		$	58.2
Trade accounts receivable, net of allowance for doubtful accounts of $15.2 and $14.5 at June 30, 2009 and December 31, 2008, respectively		254.4			253.4
Prepaid expenses		33.4			22.9
Other current assets		19.4			19.3
Total current assets		370.8			353.8
Property and equipment:
Capitalized internal-use software and system costs		295.2			313.9
Data processing equipment and furniture		173.9			176.6
Land, buildings and improvements		160.8			124.0
Total property and equipment		629.9			614.5
Less accumulated depreciation and amortization		(313.9		)	(328.2		)
Total property and equipment, net		316.0			286.3
Goodwill		1,803.6			1,760.0
Indefinite-lived intangible assets		95.2			95.1
Purchased intangible assets, net		643.3			682.2
Other assets, net		86.9			82.9
Total assets		$	3,315.8		$	3,260.3
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current maturities		$	333.7		$	31.9
Capital lease obligation		29.0			—
Accounts payable		31.0			29.9
Accrued expenses		50.1			57.6
Accrued salaries and bonuses		38.9			54.2
Deferred revenue		62.3			65.7
Other current liabilities		70.3			78.7
Total current liabilities		615.3			318.0
Long-term debt		791.3			1,187.4
Deferred income tax liabilities, net		226.4			215.3
Long-term pension and other postretirement benefit liabilities		143.0			166.0
Other long-term liabilities		52.3			50.1
Total liabilities		1,828.3			1,936.8
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 and 189.2 at June 30, 2009 and December 31, 2008, respectively; Outstanding shares - 126.4 and 126.3 at June 30, 2009 and December 31, 2008, respectively		236.6			236.5
Paid-in capital		1,084.0			1,075.2
Retained earnings		2,384.7			2,281.0
Accumulated other comprehensive loss		(333.2		)	(390.6		)
Treasury stock, at cost, 60.2 shares and 59.7 shares at June 30, 2009 and December 31, 2008, respectively		(1,848.8		)	(1,837.9		)
Stock held by employee benefits trusts, at cost, 2.7 shares and 3.2 shares at June 30, 2009 and December 31, 2008, respectively		(47.5		)	(51.8		)
Total Equifax shareholders’ equity		1,475.8			1,312.4
Noncontrolling interest		11.7			11.1
Total equity		1,487.5			1,323.5
Total liabilities and equity		$	3,315.8		$	3,260.3

 

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EQUIFAX

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		Six Months Ended
		June 30,
(In millions)		2009			2008
		(Unaudited)
Operating activities:
Consolidated net income		$	117.2		$	140.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		77.3			75.9
Stock-based compensation expense		9.8			11.0
Tax effects of stock-based compensation plans		0.1			2.5
Excess tax benefits from stock-based compensation plans		(0.5		)	(1.6		)
Deferred income taxes		6.7			(13.5		)
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net		6.4			(8.3		)
Prepaid expenses and other current assets		(10.2		)	(2.5		)
Other assets		(5.5		)	(3.1		)
Current liabilities, excluding debt		(42.2		)	(16.9		)
Other long-term liabilities, excluding debt		(13.5		)	6.1
Cash provided by operating activities		145.6			189.6
Investing activities:
Capital expenditures		(34.0		)	(58.4		)
Investment in unconsolidated affiliates		1.5			(4.4		)
Acquisitions, net of cash acquired		—			(11.0		)
Cash used in investing activities		(32.5		)	(73.8		)
Financing activities:
Net short-term borrowings (repayments)		282.4			(94.9		)
Net (repayments) borrowings under long-term revolving credit facilities		(370.0		)	50.0
Proceeds from issuance of long-term debt		—			2.2
Payments on long-term debt		(6.5		)	(3.1		)
Treasury stock purchases		(9.1		)	(81.1		)
Dividends paid to Equifax shareholders		(10.1		)	(10.3		)
Dividends paid to noncontrolling interests		(2.5		)	(2.8		)
Proceeds from exercise of stock options		4.8			13.5
Excess tax benefits from stock-based compensation plans		0.5			1.6
Other		(0.5		)	(0.5		)
Cash used in financing activities		(111.0		)	(125.4		)
Effect of foreign currency exchange rates on cash and cash equivalents		3.3			0.6
Increase (decrease) in cash and cash equivalents		5.4			(9.0		)
Cash and cash equivalents, beginning of period		58.2			81.6
Cash and cash equivalents, end of period		$	63.6		$	72.6

 

8

 

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 June 30,
													Local Currency
(in millions)		2009			2008			$ Change			% Change		% Change*
Operating revenue:
Online Consumer Information Solutions		$	134.8		$	151.4		$	(16.6	)	-11	%
Mortgage Reporting Solutions			28.6			17.9			10.7		60	%
Credit Marketing Services		27.4			35.7			(8.3		)	-23	%
Direct Marketing Services		20.2			23.6			(3.4		)	-15	%
Total U.S. Consumer Information Solutions		211.0			228.6			(17.6		)	-8	%
Europe		33.0			46.4			(13.4		)	-29	%	-12		%
Latin America		47.0			61.1			(14.1		)	-23	%	-8		%
Canada Consumer		25.2			30.0			(4.8		)	-16	%	-3		%
Total International		105.2			137.5			(32.3		)	-24	%	-8		%
The Work Number		39.0			31.7			7.3			23	%
Tax and Talent Management Services		47.0			45.0			2.0			4	%
Total TALX		86.0			76.7			9.3			12	%
North America Personal Solutions		37.5			41.5			(4.0		)	-10	%
North America Commercial Solutions		15.7			17.6			(1.9		)	-11	%	-5		%
Total operating revenue		$	455.4		$	501.9		$	(46.5	)	-9	%	-5		%
		Six Months Ended June 30,
													Local Currency
(in millions)		2009			2008			$ Change			% Change		% Change*
Operating revenue:
Online Consumer Information Solutions		$	272.0		$	308.2		$	(36.2	)	-12	%
Mortgage Reporting Solutions		54.0			35.3			18.7			53	%
Credit Marketing Services		54.7			71.2			(16.5		)	-23	%
Direct Marketing Services		40.3			47.1			(6.8		)	-14	%
Total U.S. Consumer Information Solutions		421.0			461.8			(40.8		)	-9	%
Europe		66.0			94.2			(28.2		)	-30	%	-10		%
Latin America		93.0			114.3			(21.3		)	-19	%	-1		%
Canada Consumer		47.0			58.9			(11.9		)	-20	%	-5		%
Total International		206.0			267.4			(61.4		)	-23	%	-5		%
The Work Number		79.6			68.0			11.6			17	%
Tax and Talent Management Services		94.3			88.3			6.0			7	%
Total TALX		173.9			156.3			17.6			11	%
North America Personal Solutions		75.9			84.6			(8.7		)	-10	%
North America Commercial Solutions		31.5			34.9			(3.4		)	-9	%	-3		%
Total operating revenue		$	908.3		$	1,005.0		$	(96.7	)	-10	%	-5		%
		Three Months Ended June 30,
					Operating						Operating
(in millions)		2009			Margin			2008			Margin		$ Change			% Change
Operating income:
U.S. Consumer Information Solutions		$	74.3		35.2		%	$	86.9		38.0	%	$	(12.6	)	-14	%
International		26.6			25.3		%	42.0			30.6	%	(15.4		)	-37	%
TALX		20.0			23.2		%	13.6			17.7	%	6.4			47	%
North America Personal Solutions		8.0			21.5		%	10.4			25.1	%	(2.4		)	-23	%
North America Commercial Solutions		2.4			15.4		%	2.8			16.0	%	(0.4		)	-14	%
General Corporate Expense		(24.1		)	nm			(28.0		)	nm		3.9			14	%
Total operating income		$	107.2		23.5		%	$	127.7		25.4	%	$	(20.5	)	-16	%
		Six Months Ended June 30,
					Operating						Operating
(in millions)		2009			Margin			2008			Margin		$ Change			% Change
Operating income:
U.S. Consumer Information Solutions		$	149.8		35.6		%	$	177.0		38.3	%	$	(27.2	)	-15	%
International		55.5			26.9		%	81.6			30.5	%	(26.1		)	-32	%
TALX		38.8			22.3		%	26.3			16.8	%	12.5			47	%
North America Personal Solutions		14.0			18.4		%	21.5			25.4	%	(7.5		)	-35	%
North America Commercial Solutions		4.7			14.9		%	5.4			15.6	%	(0.7		)	-14	%
General Corporate Expense		(52.9		)	nm			(57.9		)	nm		5.0			9	%
Total operating income		$	209.9		23.1		%	$	253.9		25.3	%	$	(44.0	)	-17	%

 

nm - not meaningful

* Reflects percentage change in revenue conforming 2009 results using 2008 exchange rates.

 

9

 

Common Questions & Answers (Unaudited)

(Dollars in millions)

 

2.     Can you provide the percentage change in revenue from the first quarter of 2009 in U.S. dollars and local currency?

 

		U.S. Dollars		Local Currency
		% Change		% Change*
Operating revenue:
U.S. Consumer Information Solutions		0	%
International		4	%	-2	%
TALX		-2	%
North America Personal Solutions		-3	%
North America Commercial Solutions		-1	%	-3	%
Total operating revenue		1	%	-1	%

 

* Reflects percentage change in revenue conforming Q2 2009 results using Q1 2009 exchange rates.

 

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

Our effective income tax rate was 36.1% for the three months ended June 30, 2009, up from 34.8% for the same period in 2008, due primarily to a favorable discrete item recorded during 2008 related to our foreign tax credit utilization.  The effective tax rate was 37.2% for the six months ended June 30, 2009, up from 35.8% for the same period in 2008, due primarily to the item discussed above and an unfavorable discrete item recorded during the first quarter of 2009 related to the effect of a change in California state income taxes on our deferred tax liabilities.

 

4.     Can you provide depreciation and amortization by segment?

Depreciation and amortization are as follows:

 

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2009			2008			2009			2008
U.S. Consumer Information Solutions		$	12.0		$	11.3		$	23.7		$	22.6
International		5.8			6.1			11.1			12.2
TALX		15.4			15.4			30.9			31.1
North America Personal Solutions		1.1			0.7			2.2			1.4
North America Commercial Solutions		1.4			1.5			2.8			2.8
General Corporate Expense		3.4			3.0			6.6			5.8
Total depreciation and amortization		$	39.1		$	38.0		$	77.3		$	75.9

 

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 June 30, 2009
		Operating Revenue					Operating Income
		Amount			%		Amount			%
Canada Consumer		$	(4.0	)	-13	%	$	(1.6	)	-13	%
Canada Commercial		(0.9		)	-13	%	(0.4		)	-14	%
Europe		(7.9		)	-17	%	(1.4		)	-14	%
Latin America		(9.2		)	-15	%	(2.3		)	-11	%
		$	(22.0	)	-4	%	$	(5.7	)	-4	%

 

		Six Months Ended June 30, 2009
		Operating Revenue					Operating Income
		Amount			%		Amount			%
Canada Consumer		$	(9.1	)	-15	%	$	(3.6	)	-15	%
Canada Commercial		(2.1		)	-16	%	(0.9		)	-17	%
Europe		(18.6		)	-20	%	(3.6		)	-18	%
Latin America		(20.3		)	-18	%	(5.9		)	-16	%
		$	(50.1	)	-5	%	$	(14.0	)	-6	%

 

6.     2008 expense reclassification

Certain prior year amounts have been reclassified to conform to current year presentation.  $3.4 million and $6.8 million of selling, general and administrative expense for the three and six months ended June 30, 2008, respectively, have been reclassified to cost of services.

 

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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 attributable to Equifax to diluted EPS, adjusted for acquisition-related amortization expense and restructuring charge:

 

		Three Months Ended
		June 30,
		2009			2008			$ Change			% Change
Net income attributable to Equifax		$	59.6		$	70.8		$	(11.2	)	-16	%
Acquisition-related amortization expense, net of tax		13.5			13.6			(0.1		)	-1	%
Net income attributable to Equifax, adjusted for acquisition-related amortization expense		$	73.1		$	84.4		$	(11.3	)	-13	%
Diluted EPS, adjusted for acquisition-related amortization expense		$	0.57		$	0.64		$	(0.07	)	-11	%
Weighted-average shares used in computing diluted EPS		127.8			131.5

 

		Six Months Ended
		June 30,
		2009			2008			$ Change			% Change
Net income attributable to Equifax		$	114.0		$	136.5		$	(22.5	)	-16	%
Restructuring charge, net of tax (1)		5.4			—			5.4			nm
Net income attributable to Equifax, adjusted for restructuring charge		119.4			136.5			(17.1		)	-13	%
Acquisition-related amortization expense, net of tax		27.0			27.2			(0.2		)	-1	%
Net income attributable to Equifax, adjusted for acquisition-related amortization expense and restructuring charge		$	146.4		$	163.7		$	(17.3	)	-11	%
Diluted EPS, adjusted for acquisition-related amortization expense and restructuring charge		$	1.15		$	1.24		$	(0.09	)	-8	%
Weighted-average shares used in computing diluted EPS		127.6			131.8

 

B.    Reconciliation of operating income to adjusted operating income, excluding restructuring charge, and presentation of adjusted operating margin:

 

		Three Months Ended
		June 30,			March 31,
		2009			2009			$ Change			% Change
Revenue		$	455.4		$	452.9		$	2.5		1	%
Operating income		$	107.2		$	102.7		$	4.5		4	%
Restructuring charge (1)		—			8.4			(8.4		)	nm
Adjusted operating income, excluding restructuring charge		$	107.2		$	111.1		$	(3.9	)	-3	%
Adjusted operating margin		23.5		%	24.5		%

 

nm - - not meaningful

(1) Restructuring charge primarily represents severance expense of $8.4 million included in general corporate expense which is reflected in selling, general and administrative expenses on our Consolidated Statements of Income.  See the Notes to this reconciliation for additional detail.

 

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