1550 Peachtree Street, N.W. Atlanta,
Georgia 30309
|
Jeff
Dodge
|
Tim
Klein
|
Investor
Relations
|
Media
Relations
|
(404)
885-8804
|
(404)
885-8555
|
jeff.dodge@equifax.com
|
tim.klein@equifax.com
|
|
·
|
Second
quarter revenue was $460.7 million, up 7 percent from the second quarter
of 2009.
|
|
·
|
Second
quarter diluted EPS from continuing operations attributable to Equifax was
$0.45 and second quarter adjusted EPS was
$0.58.
|
|
·
|
Revenue
increased 7 percent versus the second quarter of
2009.
|
|
·
|
Operating
margin from continuing operations was 23.0 percent for the second quarter
of 2010, down from an operating margin of 23.8 percent in the second
quarter of 2009.
|
|
·
|
We
recorded a gain from the sale of our APPRO product line in April of
approximately $12 million, after tax. On July 1, 2010, we
completed the sale of our Direct Marketing Services division for $117
million, subject to certain adjustments. Both of these
businesses are reported as discontinued operations and were previously
included in the results of our U.S. Consumer Information Solutions
segment.
|
|
·
|
Total
debt at June 30, 2010 was $1.07 billion, down $107.2 million from December
31, 2009.
|
|
·
|
We
repurchased 1.7 million of our common shares on the open market for $55.4
million during the second quarter of 2010. At June 30, 2010,
our remaining authorization for future share repurchases was $207.2
million.
|
|
·
|
Online
Consumer Information Solutions revenue was $120.3 million, down 7 percent
from a year ago.
|
|
·
|
Mortgage
Solutions revenue was $28.8 million, up 1 percent from a year
ago.
|
|
·
|
Consumer
Financial Marketing Services revenue was $35.5 million, up 30 percent when
compared to a year ago.
|
|
·
|
Latin
America revenue was $56.7 million, up 12 percent in local currency and 21
percent in U.S. dollars from a year
ago.
|
|
·
|
Europe
revenue was $32.5 million, up 4 percent in local currency, but down 1
percent in U.S. dollars from a year
ago.
|
|
·
|
Canada
Consumer revenue was $29.0 million, up 1 percent in local currency and 15
percent in U.S. dollars from a year
ago.
|
|
·
|
The
Work Number revenue was $50.0 million, up 28 percent from a year
ago.
|
|
·
|
Tax
and Talent Management Services revenue was $49.0 million, up 4 percent
from a year ago.
|
Three Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
(In millions, except per share amounts)
|
(Unaudited)
|
|||||||
Operating
revenue
|
$ | 460.7 | $ | 429.1 | ||||
Operating
expenses:
|
||||||||
Cost
of services (exclusive of depreciation and amortization
below)
|
188.3 | 180.4 | ||||||
Selling,
general and administrative expenses
|
126.9 | 111.1 | ||||||
Depreciation
and amortization
|
39.7 | 35.6 | ||||||
Total
operating expenses
|
354.9 | 327.1 | ||||||
Operating
income
|
105.8 | 102.0 | ||||||
Interest
expense
|
(14.1 | ) | (14.5 | ) | ||||
Other
income, net
|
0.8 | 3.1 | ||||||
Consolidated
income from continuing operations before income taxes
|
92.5 | 90.6 | ||||||
Provision
for income taxes
|
(32.7 | ) | (32.7 | ) | ||||
Consolidated
income from continuing operations
|
59.8 | 57.9 | ||||||
Discontinued
operations, net of tax
|
13.6 | 3.2 | ||||||
Consolidated
net income
|
73.4 | 61.1 | ||||||
Less: Net
income attributable to noncontrolling interests
|
(2.1 | ) | (1.5 | ) | ||||
Net
income attributable to Equifax
|
$ | 71.3 | $ | 59.6 | ||||
Amounts
attributable to Equifax:
|
||||||||
Income
from continuing operations, net of tax
|
$ | 57.7 | $ | 56.4 | ||||
Discontinued
operations, net of tax
|
13.6 | 3.2 | ||||||
Net
income
|
$ | 71.3 | $ | 59.6 | ||||
Basic
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 0.46 | $ | 0.44 | ||||
Discontinued
operations attributable to Equifax
|
0.11 | 0.03 | ||||||
Net
income attributable to Equifax
|
$ | 0.57 | $ | 0.47 | ||||
Weighted-average
shares used in computing basic earnings per share
|
125.7 | 126.3 | ||||||
Diluted
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 0.45 | $ | 0.44 | ||||
Discontinued
operations attributable to Equifax
|
0.11 | 0.03 | ||||||
Net
income attributable to Equifax
|
$ | 0.56 | $ | 0.47 | ||||
Weighted-average
shares used in computing diluted earnings per share
|
127.3 | 127.8 | ||||||
Dividends
per common share
|
$ | 0.04 | $ | 0.04 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
(In
millions, except per share amounts)
|
(Unaudited)
|
|||||||
Operating
revenue
|
$ | 903.7 | $ | 855.6 | ||||
Operating
expenses:
|
||||||||
Cost
of services (exclusive of depreciation and amortization
below)
|
378.4 | 357.5 | ||||||
Selling,
general and administrative expenses
|
236.4 | 228.8 | ||||||
Depreciation
and amortization
|
78.8 | 70.4 | ||||||
Total
operating expenses
|
693.6 | 656.7 | ||||||
Operating
income
|
210.1 | 198.9 | ||||||
Interest
expense
|
(28.3 | ) | (28.8 | ) | ||||
Other
income, net
|
0.3 | 5.6 | ||||||
Consolidated
income from continuing operations before income taxes
|
182.1 | 175.7 | ||||||
Provision
for income taxes
|
(66.4 | ) | (65.3 | ) | ||||
Consolidated
income from continuing operations
|
115.7 | 110.4 | ||||||
Discontinued
operations, net of tax
|
16.3 | 6.8 | ||||||
Consolidated
net income
|
132.0 | 117.2 | ||||||
Less: Net
income attributable to noncontrolling interests
|
(4.0 | ) | (3.2 | ) | ||||
Net
income attributable to Equifax
|
$ | 128.0 | $ | 114.0 | ||||
Amounts
attributable to Equifax:
|
||||||||
Income
from continuing operations, net of tax
|
$ | 111.7 | $ | 107.2 | ||||
Discontinued
operations, net of tax
|
16.3 | 6.8 | ||||||
Net
income
|
$ | 128.0 | $ | 114.0 | ||||
Basic
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 0.89 | $ | 0.85 | ||||
Discontinued
operations attributable to Equifax
|
0.13 | 0.05 | ||||||
Net
income attributable to Equifax
|
$ | 1.02 | $ | 0.90 | ||||
Weighted-average
shares used in computing basic earnings per share
|
126.0 | 126.3 | ||||||
Diluted
earnings per common share:
|
||||||||
Income
from continuing operations attributable to Equifax
|
$ | 0.87 | $ | 0.84 | ||||
Discontinued
operations attributable to Equifax
|
0.13 | 0.05 | ||||||
Net
income attributable to Equifax
|
$ | 1.00 | $ | 0.89 | ||||
Weighted-average
shares used in computing diluted earnings per share
|
127.7 | 127.6 | ||||||
Dividends
per common share
|
$ | 0.08 | $ | 0.08 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
(In millions, except par values)
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 70.1 | $ | 103.1 | ||||
Trade
accounts receivable, net of allowance for doubtful accounts of $10.9 and
$15.1 at June 30, 2010 and December 31, 2009, respectively
|
260.5 | 258.7 | ||||||
Prepaid
expenses
|
32.2 | 27.6 | ||||||
Other
current assets
|
110.2 | 27.4 | ||||||
Total
current assets
|
473.0 | 416.8 | ||||||
Property
and equipment:
|
||||||||
Capitalized
internal-use software and system costs
|
293.6 | 316.6 | ||||||
Data
processing equipment and furniture
|
171.7 | 184.2 | ||||||
Land,
buildings and improvements
|
166.1 | 164.5 | ||||||
Total
property and equipment
|
631.4 | 665.3 | ||||||
Less
accumulated depreciation and amortization
|
(330.5 | ) | (346.0 | ) | ||||
Total
property and equipment, net
|
300.9 | 319.3 | ||||||
Goodwill
|
1,855.4 | 1,943.2 | ||||||
Indefinite-lived
intangible assets
|
95.5 | 95.5 | ||||||
Purchased
intangible assets, net
|
610.5 | 687.0 | ||||||
Other
assets, net
|
96.8 | 88.7 | ||||||
Total
assets
|
$ | 3,432.1 | $ | 3,550.5 | ||||
LIABILITIES
AND EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Short-term
debt and current maturities
|
$ | 87.5 | $ | 154.2 | ||||
Capitalized
lease obligation
|
- | 29.0 | ||||||
Accounts
payable
|
26.2 | 35.9 | ||||||
Accrued
expenses
|
62.6 | 67.7 | ||||||
Accrued
salaries and bonuses
|
37.3 | 58.1 | ||||||
Deferred
revenue
|
62.9 | 69.8 | ||||||
Other
current liabilities
|
93.2 | 77.5 | ||||||
Total
current liabilities
|
369.7 | 492.2 | ||||||
Long-term
debt
|
979.4 | 990.9 | ||||||
Deferred
income tax liabilities, net
|
236.5 | 249.3 | ||||||
Long-term
pension and other postretirement benefit liabilities
|
117.3 | 142.5 | ||||||
Other
long-term liabilities
|
50.3 | 60.6 | ||||||
Total
liabilities
|
1,753.2 | 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 June 30, 2010 and December 31, 2009; Outstanding shares - 125.0 and
126.2 at June 30, 2010 and December 31, 2009, respectively
|
236.6 | 236.6 | ||||||
Paid-in
capital
|
1,101.0 | 1,102.0 | ||||||
Retained
earnings
|
2,612.1 | 2,494.2 | ||||||
Accumulated
other comprehensive loss
|
(332.2 | ) | (318.7 | ) | ||||
Treasury
stock, at cost, 62.2 shares and 61.0 shares at June 30, 2010 and December
31, 2009, respectively
|
(1,912.6 | ) | (1,871.7 | ) | ||||
Stock
held by employee benefits trusts, at cost, 2.1 shares at June 30, 2010 and
December 31, 2009
|
(41.2 | ) | (41.2 | ) | ||||
Total
Equifax shareholders' equity
|
1,663.7 | 1,601.2 | ||||||
Noncontrolling
interests
|
15.2 | 13.8 | ||||||
Total
equity
|
1,678.9 | 1,615.0 | ||||||
Total
liabilities and equity
|
$ | 3,432.1 | $ | 3,550.5 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
(In
millions)
|
(Unaudited)
|
|||||||
Operating
activities:
|
||||||||
Consolidated
net income
|
$ | 132.0 | $ | 117.2 | ||||
Adjustments
to reconcile consolidated net income to net cash provided by operating
activities:
|
||||||||
Gain
on divestiture
|
(12.3 | ) | - | |||||
Depreciation
and amortization
|
84.3 | 77.3 | ||||||
Stock-based
compensation expense
|
10.9 | 9.8 | ||||||
Tax
effects of stock-based compensation plans
|
1.4 | 0.1 | ||||||
Excess
tax benefits from stock-based compensation plans
|
(1.4 | ) | (0.5 | ) | ||||
Deferred
income taxes
|
0.6 | 6.7 | ||||||
Changes
in assets and liabilities, excluding effects of
acquisitions:
|
||||||||
Accounts
receivable, net
|
(8.4 | ) | 6.4 | |||||
Prepaid
expenses and other current assets
|
(1.2 | ) | (10.2 | ) | ||||
Other
assets
|
4.0 | (5.5 | ) | |||||
Current
liabilities, excluding debt
|
(41.6 | ) | (42.2 | ) | ||||
Other
long-term liabilities, excluding debt
|
(29.4 | ) | (13.5 | ) | ||||
Cash
provided by operating activities
|
138.9 | 145.6 | ||||||
Investing
activities:
|
||||||||
Capital
expenditures
|
(66.9 | ) | (34.0 | ) | ||||
Acquisitions,
net of cash acquired
|
(14.7 | ) | - | |||||
Cash
received from divestiture
|
66.7 | - | ||||||
Dividend
from unconsolidated affiliate
|
1.0 | 1.5 | ||||||
Cash
used in investing activities
|
(13.9 | ) | (32.5 | ) | ||||
Financing
activities:
|
||||||||
Net
short-term borrowings (repayments)
|
(66.9 | ) | 282.4 | |||||
Net
repayments under long-term revolving credit facilities
|
(5.0 | ) | (370.0 | ) | ||||
Payments
on long-term debt
|
(18.7 | ) | (6.5 | ) | ||||
Treasury
stock purchases
|
(64.8 | ) | (9.1 | ) | ||||
Dividends
paid to Equifax shareholders
|
(9.9 | ) | (10.1 | ) | ||||
Dividends
paid to noncontrolling interests
|
(2.3 | ) | (2.5 | ) | ||||
Proceeds
from exercise of stock options
|
12.4 | 4.8 | ||||||
Excess
tax benefits from stock-based compensation plans
|
1.4 | 0.5 | ||||||
Other
|
(0.5 | ) | (0.5 | ) | ||||
Cash
used in financing activities
|
(154.3 | ) | (111.0 | ) | ||||
Effect
of foreign currency exchange rates on cash and cash
equivalents
|
(3.7 | ) | 3.3 | |||||
(Decrease)
increase in cash and cash equivalents
|
(33.0 | ) | 5.4 | |||||
Cash
and cash equivalents, beginning of period
|
103.1 | 58.2 | ||||||
Cash
and cash equivalents, end of period
|
$ | 70.1 | $ | 63.6 |
1.
|
Can
you provide a further analysis of operating revenue and operating income
by operating segment?
|
(in millions)
|
Three Months Ended June 30,
|
|||||||||||||||||||
|
Local Currency
|
|||||||||||||||||||
|
2010
|
2009
|
$ Change
|
% Change
|
% Change*
|
|||||||||||||||
Operating revenue:
|
||||||||||||||||||||
Online
Consumer Information Solutions
|
$ | 120.3 | $ | 128.7 | $ | (8.4 | ) | -7 | % | |||||||||||
Mortgage
Solutions
|
28.8 | 28.6 | 0.2 | 1 | % | |||||||||||||||
Consumer
Financial Marketing Services
|
35.5 | 27.4 | 8.1 | 30 | % | |||||||||||||||
Total
U.S. Consumer Information Solutions
|
184.6 | 184.7 | (0.1 | ) | 0 | % | ||||||||||||||
Europe
|
32.5 | 32.9 | (0.4 | ) | -1 | % | 4 | % | ||||||||||||
Latin
America
|
56.7 | 47.1 | 9.6 | 21 | % | 12 | % | |||||||||||||
Canada
Consumer
|
29.0 | 25.2 | 3.8 | 15 | % | 1 | % | |||||||||||||
Total
International
|
118.2 | 105.2 | 13.0 | 12 | % | 7 | % | |||||||||||||
The
Work Number
|
50.0 | 39.0 | 11.0 | 28 | % | |||||||||||||||
Tax
and Talent Management Services
|
49.0 | 47.0 | 2.0 | 4 | % | |||||||||||||||
Total
TALX
|
99.0 | 86.0 | 13.0 | 15 | % | |||||||||||||||
North
America Personal Solutions
|
40.3 | 37.5 | 2.8 | 8 | % | |||||||||||||||
North
America Commercial Solutions
|
18.6 | 15.7 | 2.9 | 18 | % | 13 | % | |||||||||||||
Total
operating revenue
|
$ | 460.7 | $ | 429.1 | $ | 31.6 | 7 | % | 6 | % |
(in millions)
|
Six Months Ended June 30,
|
|||||||||||||||||||
Local Currency
|
||||||||||||||||||||
|
2010
|
2009
|
$ Change
|
% Change
|
% Change*
|
|||||||||||||||
Operating revenue:
|
||||||||||||||||||||
Online
Consumer Information Solutions
|
$ | 240.0 | $ | 259.6 | $ | (19.6 | ) | -8 | % | |||||||||||
Mortgage
Solutions
|
52.0 | 54.0 | (2.0 | ) | -4 | % | ||||||||||||||
Consumer
Financial Marketing Services
|
65.7 | 54.7 | 11.0 | 20 | % | |||||||||||||||
Total
U.S. Consumer Information Solutions
|
357.7 | 368.3 | (10.6 | ) | -3 | % | ||||||||||||||
Europe
|
66.4 | 66.0 | 0.4 | 1 | % | -1 | % | |||||||||||||
Latin
America
|
111.8 | 93.0 | 18.8 | 20 | % | 9 | % | |||||||||||||
Canada
Consumer
|
56.2 | 47.0 | 9.2 | 20 | % | 3 | % | |||||||||||||
Total
International
|
234.4 | 206.0 | 28.4 | 14 | % | 4 | % | |||||||||||||
The
Work Number
|
99.7 | 79.6 | 20.1 | 25 | % | |||||||||||||||
Tax
and Talent Management Services
|
94.6 | 94.3 | 0.3 | 0 | % | |||||||||||||||
Total
TALX
|
194.3 | 173.9 | 20.4 | 12 | % | |||||||||||||||
North
America Personal Solutions
|
80.0 | 75.9 | 4.1 | 5 | % | |||||||||||||||
North
America Commercial Solutions
|
37.3 | 31.5 | 5.8 | 18 | % | 13 | % | |||||||||||||
Total
operating revenue
|
$ | 903.7 | $ | 855.6 | $ | 48.1 | 6 | % | 3 | % |
(in millions)
|
Three Months Ended June 30,
|
|||||||||||||||||||||||
Operating
|
Operating
|
|||||||||||||||||||||||
|
2010
|
Margin
|
2009
|
Margin
|
$ Change
|
% Change
|
||||||||||||||||||
Operating income:
|
||||||||||||||||||||||||
U.S.
Consumer Information Solutions
|
$ | 68.3 | 37.1 | % | $ | 69.1 | 37.4 | % | $ | (0.8 | ) | -1 | % | |||||||||||
International
|
30.1 | 25.4 | % | 26.6 | 25.3 | % | 3.5 | 13 | % | |||||||||||||||
TALX
|
23.0 | 23.2 | % | 20.0 | 23.2 | % | 3.0 | 15 | % | |||||||||||||||
North
America Personal Solutions
|
10.2 | 25.4 | % | 8.0 | 21.5 | % | 2.2 | 27 | % | |||||||||||||||
North
America Commercial Solutions
|
3.7 | 20.2 | % | 2.4 | 15.4 | % | 1.3 | 54 | % | |||||||||||||||
General
Corporate Expense
|
(29.5 | ) |
nm
|
(24.1 | ) |
nm
|
(5.4 | ) | -23 | % | ||||||||||||||
Total
operating income
|
$ | 105.8 | 23.0 | % | $ | 102.0 | 23.8 | % | $ | 3.8 | 4 | % |
(in millions)
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
Operating
|
Operating
|
|||||||||||||||||||||||
|
2010
|
Margin
|
2009
|
Margin
|
$ Change
|
% Change
|
||||||||||||||||||
Operating income:
|
||||||||||||||||||||||||
U.S.
Consumer Information Solutions
|
$ | 128.4 | 35.9 | % | $ | 138.8 | 37.7 | % | $ | (10.4 | ) | -8 | % | |||||||||||
International
|
58.8 | 25.1 | % | 55.5 | 26.9 | % | 3.3 | 6 | % | |||||||||||||||
TALX
|
44.5 | 22.9 | % | 38.8 | 22.3 | % | 5.7 | 15 | % | |||||||||||||||
North
America Personal Solutions
|
20.2 | 25.3 | % | 14.0 | 18.4 | % | 6.2 | 45 | % | |||||||||||||||
North
America Commercial Solutions
|
8.1 | 21.9 | % | 4.7 | 14.9 | % | 3.4 | 73 | % | |||||||||||||||
General
Corporate Expense
|
(49.9 | ) |
nm
|
(52.9 | ) |
nm
|
3.0 | 5 | % | |||||||||||||||
Total
operating income
|
$ | 210.1 | 23.3 | % | $ | 198.9 | 23.3 | % | $ | 11.2 | 6 | % |
2.
|
What
drove the fluctuation in the effective tax
rate?
|
3.
|
Can
you provide depreciation and amortization by
segment?
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
U.S.
Consumer Information Solutions
|
$ | 9.9 | $ | 8.5 | $ | 19.9 | $ | 16.8 | ||||||||
International
|
6.2 | 5.8 | 12.1 | 11.1 | ||||||||||||
TALX
|
16.8 | 15.4 | 33.4 | 30.9 | ||||||||||||
North
America Personal Solutions
|
1.4 | 1.1 | 2.7 | 2.2 | ||||||||||||
North
America Commercial Solutions
|
1.6 | 1.4 | 3.1 | 2.8 | ||||||||||||
General
Corporate Expense
|
3.8 | 3.4 | 7.6 | 6.6 | ||||||||||||
Total
depreciation and amortization
|
$ | 39.7 | $ | 35.6 | $ | 78.8 | $ | 70.4 |
4.
|
What
was the currency impact on the foreign
operations?
|
Three Months Ended June 30, 2010
|
||||||||||||||||
Operating Revenue
|
Operating Income
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Canada
Consumer
|
$ | 3.5 | 14 | % | $ | 1.3 | 13 | % | ||||||||
Canada
Commercial
|
0.7 | 13 | % | 0.3 | 12 | % | ||||||||||
Europe
|
(1.6 | ) | -5 | % | (0.3 | ) | -6 | % | ||||||||
Latin
America
|
3.9 | 8 | % | 0.2 | 2 | % |
Six Months Ended June 30, 2010
|
||||||||||||||||
Operating Revenue
|
Operating Income
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Canada
Consumer
|
$ | 7.9 | 17 | % | $ | 3.1 | 17 | % | ||||||||
Canada
Commercial
|
1.7 | 16 | % | 0.7 | 15 | % | ||||||||||
Europe
|
0.9 | 1 | % | 0.1 | 1 | % | ||||||||||
Latin
America
|
10.7 | 12 | % | 1.0 | 4 | % |
5.
|
What
are the 2009 and 2008 quarterly revenue and operating income impacts of
the discontinued operations on the U.S. Consumer Information Solutions
segment?
|
U.S. Consumer Information Solutions
|
||||||||||||||||||||||||
Operating Revenue
|
Operating Income
|
Operating Margin
|
||||||||||||||||||||||
As Reported
|
Adjusted
|
As Reported
|
Adjusted
|
As Reported
|
Adjusted
|
|||||||||||||||||||
Q1
2009
|
$ | 210.0 | $ | 183.6 | $ | 75.5 | $ | 69.7 | 36 | % | 38 | % | ||||||||||||
Q2
2009
|
211.0 | 184.7 | 74.3 | 69.1 | 35 | % | 37 | % | ||||||||||||||||
Q3
2009
|
200.7 | 173.8 | 69.4 | 63.0 | 35 | % | 36 | % | ||||||||||||||||
Q4
2009
|
199.0 | 170.1 | 66.0 | 57.6 | 33 | % | 34 | % | ||||||||||||||||
2009
|
$ | 820.7 | $ | 712.2 | $ | 285.2 | $ | 259.4 | 35 | % | 36 | % | ||||||||||||
Q1
2008
|
$ | 233.2 | $ | 202.7 | $ | 90.1 | $ | 81.8 | 39 | % | 40 | % | ||||||||||||
Q2
2008
|
228.6 | 198.0 | 86.9 | 77.9 | 38 | % | 39 | % | ||||||||||||||||
Q3
2008
|
220.6 | 190.8 | 84.2 | 75.3 | 38 | % | 39 | % | ||||||||||||||||
Q4
2008
|
208.4 | 177.2 | 75.9 | 63.9 | 36 | % | 36 | % | ||||||||||||||||
2008
|
$ | 890.8 | $ | 768.7 | $ | 337.1 | $ | 298.9 | 38 | % | 39 | % |
A.
|
Reconciliation
of net income attributable to Equifax to diluted EPS attributable to
Equifax, adjusted for acquisition-related amortization expense,
gain
from sale of business and restructuring
charge:
|
Three Months Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
|||||||||||||
Net
income attributable to Equifax
|
$ | 71.3 | $ | 59.6 | $ | 11.7 | 20 | % | ||||||||
Gain
from sale of business, net of tax (1)
|
(11.9 | ) | - | (11.9 | ) |
nm
|
||||||||||
Net
income attributable to Equifax, adjusted for gain from sale of
business
|
59.4 | 59.6 | (0.2 | ) | 0 | % | ||||||||||
Acquisition-related
amortization expense, net of tax
|
14.7 | 13.5 | 1.2 | 9 | % | |||||||||||
Net
income attributable to Equifax, adjusted for gain from sale
of business and acquisition-related amortization
expense
|
$ | 74.1 | $ | 73.1 | $ | 1.0 | 1 | % | ||||||||
Diluted
EPS attributable to Equifax, adjusted for gain from sale
of business and acquisition-related amortization
expense
|
$ | 0.58 | $ | 0.57 | $ | 0.01 | 2 | % | ||||||||
Weighted-average
shares used in computing diluted EPS
|
127.3 | 127.8 |
Six Months Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
2010
|
2009
|
$ Change
|
% Change
|
|||||||||||||
Net
income attributable to Equifax
|
$ | 128.0 | $ | 114.0 | $ | 14.0 | 12 | % | ||||||||
Gain
from sale of business, net of tax (1)
|
(11.9 | ) | - | (11.9 | ) |
nm
|
||||||||||
Restructuring
charges, net of tax (2)
|
- | 5.4 | (5.4 | ) |
nm
|
|||||||||||
Net
income attributable to Equifax, adjusted for gain from sale
of business and restructuring charges
|
116.1 | 119.4 | (3.3 | ) | -3 | % | ||||||||||
Acquisition-related
amortization expense, net of tax
|
29.7 | 27.0 | 2.7 | 10 | % | |||||||||||
Net
income attributable to Equifax, adjusted for gain from sale of
business, restructuring charges and acquisition-related amortization
expense
|
$ | 145.8 | $ | 146.4 | $ | (0.6 | ) | 0 | % | |||||||
Diluted
EPS, adjusted for gain from sale of business, restructuring
charges and acquisition-related amortization expense
|
$ | 1.14 | $ | 1.15 | $ | (0.01 | ) | 0 | % | |||||||
Weighted-average
shares used in computing diluted EPS
|
127.7 | 127.6 |