Greetings, and welcome to the Equifax investor call to discuss the Appriss Insights acquisition. I would now like to turn the conference over to your host, Dorian Hare, Senior Vice President and Head of Corporate Investor Relations. Please go ahead. Thanks, good morning. Welcome today's conference call. I'm Dorian Hare. With me today are Mark Begor, Chief Executive Officer, John Gamble, Chief Financial Officer, and Rudy Ploder, President of Workforce Solutions. Today's call is being recorded. An archive of the recording will be available later today on the IR Calendar section of the News and Events tab on our IR website, www.investor.equifax.com. During the call today, we will be making reference to certain materials that can also be found in the Presentations section of the News and Events tab on our IR website. These materials are labeled Appriss Acquisition Investor Update. During this call, we will be making certain forward-looking statements to help you understand Equifax and its business environment. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in the filings with the SEC, including our 2020 Form 10-K and subsequent filings. We will be referring to certain non-GAAP financial measures, including adjusted EPS attributable to Equifax, which will be adjusted for certain items that affect the comparability of our underlying operational performance. Our non-GAAP measures for completed periods are detailed in reconciliation tables, which are included with our prior period earnings releases and are also posted on our website. I'd like to turn it over to Mark and ask you to please turn to slide four of the presentation. Thanks, Dorian, and thanks everyone for joining us this morning on such short notice. As you saw from our press release this morning, last night we signed a definitive agreement to acquire Appriss Insights, a portfolio company of Clearlake Capital Group and Insight Partners for $1.825 billion. This attractive, strategic, and accretive bolt-on acquisition that will strengthen our largest and fastest-growing business, Workforce Solutions, by broadening their suite of verification capabilities in the fast-growing talent or hiring space and government vertical for delivery of social services. In conjunction with the acquisition, Equifax will receive a tax benefit with a net present value of approximately $360 million. At $1.465 billion, the multiple paid for Appriss Insights, excluding the tax benefit, is about 23x 2021 EBITDA and 19x 2022 EBITDA. This acquisition is highly synergistic to Workforce Solutions, and we expect to deliver $75 million in high margin run rate revenue and data synergies by 2025. Adding the present value of these run rate synergies to Appriss 2021 results, the EBITDA multiple is an attractive 14x. The acquisition expands Workforce Solutions, our largest, fastest-growing, and highest margin business, and moves them forward on the path of being over 50% of Equifax revenue in the future, up from 40% in the first half of this year. Appriss' focus on the hiring and government services verticals also further diversifies Equifax towards 75+% non-mortgage revenue in the future, up from 70% this year. During the past six+ months, we have focused on reinvesting our strong outperformance and leveraging the EFX Cloud with bolt-on acquisitions to strengthen Equifax for the future and have announced or completed eight acquisitions that we expect to add over $300 million of Equifax run rate revenue in 2022. We plan to pause on further larger acquisitions over the next several quarters to focus on integration and bringing our leverage back in line. We've known Appriss Insights for over five years and have been a data partner with them for the past three years. Appriss Insights is a trusted and comprehensive source of unique and differentiated risk data, including leading capabilities in incarceration and criminal justice intelligence and medical license and sanctions data. This data at scale is used for a variety of purposes, including new employee hiring and onboarding processes, government social services delivery, public and workforce safety, law enforcement, talent management, fraud detection and prevention, and healthcare credentialing. This acquisition is a complementary fit for our largest and fastest-growing business unit, Workforce Solutions, and significantly advances our plan to build out a comprehensive Workforce Solutions data hub for verifications and monitoring in the fast-growing Talent Solutions or employee hiring space. We're excited that Brian Matthews, President of Appriss Insights, and his team are joining Rudy Ploder's Workforce Solutions leadership team. Appriss Insights will bolster our Talent Solutions business and accelerate growth as we continue to support the nearly 75 million annual new hires in the U.S. With Appriss Insights, we are extending our verification capabilities to include a robust portfolio of employment, criminal background, medical credential, and educational data. The combination of Appriss Insights and Workforce Solutions' differentiated employment and income data also creates the opportunity to deliver broader, more comprehensive solutions to federal and state governments across unemployment insurance, Medicaid, food assistance, rental support, and other benefit programs. Leveraging the new Equifax Cloud to deliver new products and solutions based on our more comprehensive EWS Data Hub, we expect to deliver $75 million in high margin run rate revenue and data synergies by 2025. These new solutions will leverage our scale TWN data assets for real-time response and ongoing monitoring-based solutions. Assuming an early October close, Appriss is expected to add over 275 basis points to our fourth quarter growth rate and will be highly accretive in 2022. Turning to slide five, Appriss Insights was founded in 1994 in Louisville, Kentucky. The company's platform houses the nation's most comprehensive source of incarceration, justice, and people-based risk intelligence data, as well as medical license and sanctions data. At founding, they established and still manage today the VINE Crime Victims Notification service, providing incarceration status to victims of violence and other crimes. Appriss also established in 2006 and still manages today the NPLEx system, deployed by 39 state governments, law enforcement, and retailers and pharmacies across the United States to control the over-the-counter distribution of pseudoephedrine, the key ingredient in the production of methamphetamines. Appriss currently has approximately 650 employees and contractors, and we are excited to have Brian and his team join Equifax when the transaction closes. Appriss Insights delivers unique solutions to partners and customers across talent management and in support of federal and state government entitlement program management. They've established a deep customer base across the U.S., including 20 federal agencies, state agencies in all 50 states, thousands of employers, and over 500 background screeners and pharmacies nationwide. Appriss Insights is expected to generate approximately $150 million of revenue this year, up over 30% from 2020, with attractive standalone EBITDA margins of about 40%. The data assets we are acquiring are industry-leading and will be accretive to the Equifax solutions that Workforce Solutions provides. As shown on slide six, Appriss has a broad set of justice-based data, both current real-time and substantial historical data assets. Appriss Insights has over 92% of real-time incarceration data across the U.S., primarily through proprietary interfaces with over 2,800 state and local jails, with over 170 million historical records acquired over the past 15 years. Appriss has access to current court records for criminal and other related data through its proprietary robotic process automation platform, as well as a network of court runners for situations where current court data must be obtained at the court in person. Appriss also provides access to other justice-based information that allows comprehensive person-based risk analysis by their customers and partners. This data is used for solutions supporting Talent Solutions, law enforcement, government program support, and integrity. Appriss also has access to 2,500 medical credential and sanctions data sources for credentialing doctors, nurses, and other healthcare professionals, which includes over 5 million historical medical credentialing records. As a part of their NPLEx solution, Appriss is connected to over 50,000 U.S. pharmacies for real-time validation of pseudoephedrine-based consumer purchases such as allergy and cold medicines. Users of Appriss Insights products and services across all 50 states in the U.S. include law enforcement officers, state and federal agencies, background screeners, private investigators, crime victims, unemployment insurance agencies, and child support agencies. We are very excited about the growth prospects of this business, especially when powered by our EFX Cloud capabilities and integrated into the EWS Data Hub. Slide seven provides details on the suite of solutions that Appriss Insights provides and the markets they serve. Starting on the left is the VINE network, which provides victims of crime and other concerned citizens with real-time incarceration and criminal justice data. Over 25 million VINE notifications are sent annually to users. This service is free to victims with funding provided by state and local governments. To deliver this service, Appriss Insights has built proprietary real-time interfaces with over 2,800 local and state jails, making them the largest real-time source of this unique incarceration data. NPLEx, the real-time decisioning engine used by pharmacies to regulate the sale of pseudoephedrine-based products to consumers, is mandated by 39 states and used by retailers, major pharmacies, and law enforcement nationally. This service is funded by major drug manufacturers on a per-transaction basis. Risk Intelligence is their largest solution. This solution supports background checks, employee screening, and monitoring related to incarceration, conviction, and sanction-related events. We expect Risk Intelligence to play an even more significant role going forward in supporting the hiring of the about 75 million people who change jobs annually in the United States. The ProviderSafe solution addresses healthcare talent, providing the industry with credentialing and sanction checks. Real-time workforce monitoring is also a capability increasingly in demand for both their Risk Intelligence and ProviderSafe solutions. Justice Intelligence is the Appriss law enforcement vertical and provides real-time incarceration and monitoring solutions to police and other law enforcement agencies. Incarceration Intelligence is the Appriss government vertical, which provides solutions to federal and state governments relating to unemployment claims, Medicaid, food, rental assistance, and child support payments. This solution helps state agencies identify when to potentially suspend benefits, for example, at the onset of incarceration, and when to reinstate benefits at the release from incarceration. This reduces both fraud and reduces recidivism, as individuals released from incarceration can get immediate access to government benefits. In the case of fraud, the U.S. Department of Labor Inspector General recently estimated that at least $87 billion in unemployment insurance benefits could be paid improperly, with a significant portion attributed to fraud by the time the CARES Act expires. A recent test with Appriss incarceration data with a large state helped identify millions of dollars in potential unemployment insurance fraud. There are opportunities to expand that continuous monitoring solution to other states and other government programs like Medicaid. As detailed on slide eight, the addition of Appriss criminal and sanctions data as well as medical credentials data strengthens the Workforce Solutions data hub. The Work Number income and employment data with over $119 million current income and employment records and over $482 million current and historical records as of the end of the last quarter is the data hub's cornerstone. With Appriss Insights, Workforce Solutions will have the capability to provide TWN work history data alongside Appriss criminal and sanction data and with other partner data assets like education certification data to deliver a complete 360-degree picture of the prospective employee instantly. As these data assets are integrated on the Equifax Cloud, we'll be able to deliver multi-data solutions that will be extremely valuable to our customers in both the private and public sectors. The Talent Solutions and government verticals offer large and growing addressable markets for Workforce Solutions. As shown on the left side of slide nine, we estimate an addressable market of $5 billion in the U.S. hiring and onboarding space with over 75 billion new employees onboarded annually across the U.S. About 40% of these hires are in roles that require background checks and other verifications, including healthcare, financial services, public sector, and portions of many industries. The remainder are in roles where background checks and some level of verification is typically done as a part of the onboarding process. Our TWN data and solutions, coupled with Appriss Insights capabilities, will make us a leading source for background screeners and others that provide talent-based onboarding services. We expect our Talent Solutions business to continue to outperform in the future. Workforce Solutions government vertical is focused on delivering data and solutions to support federal and state benefit programs as well as law enforcement agencies. This is a substantial and growing sector that we estimate to have an addressable market of about $2 billion. Each year, 88 million Americans receive some level of government benefits. Nearly half receive Medicaid and CHIP benefits, with others receiving Medicare, ACA, SNAP, TANF, and other benefits. The combination of TWN income and employment data with Appriss Insights incarceration and criminal background data will allow us to deliver integrated solutions to federal and state agencies in support of benefits enrollment, as well as program integrity and fraud prevention. Appriss Insights' existing solutions supporting law enforcement, as well as their NCIS solution, should also deliver growth as we continue to expand their data footprint. Turning to slide 10, the combination of Workforce Solutions and Appriss Insights will create solutions only Equifax can provide in delivering capabilities across pre-hire screening, post-hire monitoring, and government verticals. In pre-hire screening, the EWS Data Hub will deliver real-time employment, education, and criminal pointer data. For the healthcare industry, both work history and medical license and sanctions data. For post-hire monitoring, Appriss Insights will provide employers in the ride-sharing and other related sectors information on their drivers and service providers. We believe that post-hire monitoring will become an increasingly valuable service as employers realize the benefits and insights that Equifax Talent Solutions data can now provide. In the government vertical, Workforce Solutions products are increasingly used primarily to make initial benefits eligibility decisions and periodic redeterminations of benefits for program integrity to manage fraud. Leveraging the Appriss incarceration monitoring solutions, we'll be able to expand the Workforce Solutions product into continuous monitoring and provide agencies with more comprehensive programming integrity solutions for unemployment insurance, Medicaid, and other government benefit programs. As shown on slide 11, Workforce Solutions is our fastest-growing and highest-margin business, delivering over 20% compound growth in both Talent Solutions and the government vertical over the past three years. Growth in Talent Solutions accelerated in 2021 and is up more than 150% year to date. Key new products within this space include Talent Select All, which delivers contextual employment data in support of a more holistic view of a candidate in a single report, helping hiring managers make critical decisions with greater confidence in real time. The Talent Report Express product provides customers with instant access to employment, identity, and education history in one report. By combining Appriss Insights with Talent Solutions, we will be able to provide customers with a one-stop shop for data pertaining to employment, income, criminal background, education, and where appropriate, medical license and sanctions. Speed is increasingly important in the onboarding process to shorten the time between making an offer to a prospective employee and getting them on the floor in the office, store, factory, or restaurant in an increasingly competitive work environment. Both Workforce Solutions, Talent Solutions, and Appriss Risk Intelligence suites of product solutions prioritize speed and efficiency and can provide responses instantly in most cases. Our government vertical is also seeing accelerated growth in 2021, up over 10% year to date. We expect this growth to accelerate with our new SSA contract that went live last week, which will ramp to $40 million to $50 million of revenue at run rate next year. We have commercial resources working in major state capitals around the U.S. as well as in Washington that will provide expanded commercial coverage for the Appriss Insights solutions. Some key products within the government vertical include our social service verification product and the Social Security Administration payroll exchange product. The social service verification product is an SSN-based search that provides DOE and DOI for all records available within the past three years. The Social Security Administration payroll exchange product that went online last week will allow administrators to more quickly and accurately distribute monthly insurance benefits under the Social Security Disability Insurance and Supplemental Security Income benefits. Appriss Insights has several solutions focused on the government vertical, including VINE, NPLEx, Justice Intelligence, and Incarceration Intelligence. We are energized that this new suite of products is expected to continue to drive growth in the government vertical in the future. Slide 12 shows the presence that Workforce Solutions will have in pre-hire screening and onboarding. With the acquisition of Appriss Insights, Workforce will have significant capabilities across six of the nine most frequently used data categories in pre-hire screening. Workforce will now own five data sources, including the three most utilized categories of criminal, credit, and SSN trace checks. We will continue to partner to offer comprehensive educational data. The hiring space is a huge market with 75 million people changing jobs or being hired annually, and Equifax will increasingly play a role in supporting this linchpin of the economy. Slide 13 is a reminder of the accelerating growth from Workforce Solutions over the past two years, with the TWN database passing the 50% mark of non-farm payrolls. In the second quarter, core EWS grew over 45% for the second consecutive quarter. Core revenue growth excludes the impacts of movements in the mortgage market on Equifax revenue, as well as the impacts in our UC claims and employee retention credit revenue from our recently acquired HIREtech business. This above-market growth at Workforce Solutions is driven by multiple growth levers, including new products, vertical expansion, penetration in pricing, of course, record expansion, and bolt-on M&A. We expect Appriss Insights to contribute positively to Workforce Solutions core growth in the future. As shown on slide 14, Workforce Solutions continues to deliver above-market growth and is on track to be a $2 billion plus business for Equifax, or almost three times larger than it was just four years ago. It is our largest and fastest-growing business with highly accretive margins and is driving Equifax's strong performance. I'm energized by the future growth plans Rudy Ploder and his team have in front of them. In addition to Appriss Insights, I'm sure you saw our Teletrack and Health e(fx) acquisitions we announced in the last two weeks. We closed the Health e(fx) acquisition we announced on Saturday yesterday. We expect to close Teletrack in the third quarter. As shown on the left side of slide 15, Health e(fx) is a leading ACA software solution provider, delivering software to leading tax, payroll, and benefits administrators and many of the nation's largest employers and 22 million individuals. Its high-quality customer base includes 25% of the Fortune 500 and 75 companies in the Fortune 500. This bolt-on acquisition will become part of the Workforce Solutions employer services vertical. We will expand our current ACA compliance services. The acquisition will allow Workforce Solutions' employer services to further support the HR and payroll industries by providing automated data-driven services that simplify complex ACA compliance tasks while supporting the addition of new records to the TWN database. We also announced a definitive agreement to acquire Teletrack from CoreLogic two weeks ago. Teletrack is a specialty CRA that provides non-traditional credit data to the financial services industry. Teletrack will be combined with USIS's DataX business, creating a leading U.S. specialty consumer reporting agency, which will have data on more than 80 million thin-file, unbanked and underbanked, and credit-rebuilding consumers. Together, Teletrack and DataX will leverage the EFX Cloud to make non-traditional credit information more accessible to lenders by creating new solutions that use bank transaction data, telco and utility payment data, and other alternative data sources for decisioning. Now I'd like to turn over to John to provide a financial summary on the Appriss acquisition. Thanks, Mark. Turning to the financial slides on slide 16. As Mark indicated earlier, the purchase price for Appriss was $1.825 billion. In conjunction with the acquisition, Equifax will receive a tax benefit with a net present value of approximately $360 million. At $1.465 billion, the multiple paid for Appriss Insights, excluding this tax benefit, is about 23x 2021 EBITDA and 19x off 2022 EBITDA. We're very pleased with the financials of the acquisition. Appriss Insights revenue for 2021 is expected to be about $150 million, up over 30% from 2020. We expect to see sizable standalone growth in the coming years, while we also expect to deliver $75 million in high-margin run rate revenue and data synergies by 2025. We expect EBITDA margins for Appriss Insights to expand from 40% this year to about 50% in 2025. As we've discussed, the acquisition of Appriss Insights significantly strengthens the EWS Talent Solutions and government verticals. Pro forma 2021 revenue and Talent Solutions combining EWS and Appriss Insights would be about $270 million. The government vertical on a pro forma basis, combining EWS and Appriss, would be over $300 million. Combined, the Appriss, Health e(fx), and Teletrack acquisitions are not expected to significantly impact 2021 adjusted EPS. In this year's third quarter, due to pre-financing of the acquisitions, the impact on adjusted EPS is expected to be slightly negative. Combined, the three acquisitions will be strongly accretive to adjusted EPS in 2022. Brian Matthews, the Appriss Insights division president, and his leadership team will continue to run the business reporting to Rudy as part of Workforce Solutions. Since joining Appriss in 2017, Brian has led Appriss Insights' product strategy, successfully pivoting the business towards new growth opportunities in risk management and fraud prevention, growing revenue by 70% and doubling EBITDA. As Mark said earlier, we're excited to have Brian and the rest of the Appriss Insights team join Equifax. The acquisitions of Appriss, Teletrack, and Health e(fx) will be financed with a combination of bank and public debt. We expect to retain our current Baa2, BBB credit ratings. With regard to our capital allocation for the remainder of 2021 and into early 2022, we plan to focus on integrating the acquisitions we have completed in 2021, and will pause on further large acquisitions over that timeframe as we focus on debt leverage reduction. We currently intend to suspend share repurchases over the same period and hold the dividend flat through 2022. Now I'd like to turn it back over to Mark. Thanks, John. Turning to slide 17, accretive and strategic bolt-on M&A is central to Equifax's long-term growth framework. We believe bolt-on M&A with accretive revenue growth rates and margins that strengthen and broaden Equifax will generate attractive shareholder returns. Our priorities for M&A are clear. The acquisitions we have done are aligned around, number one, expanding our differentiated data, which is at the core of Equifax. We have scale and unique data assets that we want to expand and leverage with new data elements to drive enhanced decisioning for our customers. More data drives better decisioning and higher predictability. Appriss Insights brings new and unique data elements to Workforce Solutions. All the acquisitions we have done in 2021 and over the past 3+ years have delivered new data elements to strengthen Equifax. Number two, expanding and widening our largest and fastest-growing business, Workforce Solutions, is also a key M&A focus. The Health e(fx), HIREtech, and i2Verify acquisitions strengthen the core of Workforce Solutions' employer services business, delivering broader regulatory solutions to HR managers while expanding The Work Number database. Appriss Insights expands the EWS Data Hub to deliver new solutions in our fast-growing Talent Solutions and Government verticals. Number three, broadening our ID and fraud capabilities in the fast-growing digital and e-commerce space is an M&A priority. Kount moved us forward meaningfully with their unique data set and advanced ID and fraud capabilities. Appriss Insights will also bring new data elements that are additive to our ID and fraud assets. Appriss, Kount, and the six other acquisitions that we have completed or announced in 2021 will add over $300 million of run rate non-mortgage revenue from bolt-on M&A, which is the equivalent to 9% of the 2021 non-mortgage revenue in the guidance we shared with you two weeks ago. We've taken advantage of our significant outperformance over the past 18 months to reinvest in future growth, both organically and with accretive and attractive bolt-on M&A to strengthen Equifax for the future. All eight acquisitions we've completed or announced in 2021 align with our key priorities for M&A, and Appriss Insights checks all three boxes and is a strike zone bolt-on acquisition for Equifax. All the acquisitions are accretive to our growth rate with meaningful synergies that will deliver EBITDA and EPS accretion. Moving to slide 18, the Appriss Insights acquisition is a strike zone acquisition for Equifax. The acquisition will bolster our strongest and fastest-growing business, Workforce Solutions, and further diversify Equifax. Workforce Solutions will be a market leader in not only income and employment verification space, but also in the criminal data records market. With approximately 75 million new hires across the U.S. annually, Workforce Solutions will play a key role in providing a host of solutions that include most of the crucial information that goes into the pre-screening or onboarding process of new employees. The EWS government vertical will also benefit as federal and state agencies come to Workforce Solutions to provide detail on those applying for and receiving government benefits. Appriss Insights data, combined with The Work Number, creates a leading portfolio of employment, criminal background, medical credentialing, and education data. Appriss Insights provides data that supports law enforcement operations as well as workplace safety. The Appriss Insights customer base is large and broad-based. Customers place their trust in Appriss Insights data and the people responsible for delivering it, and we're committed to continuing to fulfill those relationships. The Equifax Cloud technology transformation that we've been working on over the last three years gives us confidence in bolt-on M&A by allowing accelerated integration and recognition of revenue, data, and cost synergies. With over $300 million in run rate revenue from acquisitions completed in 2021, we are reinvesting our strong outperformance to broaden and strengthen Equifax for the future. Wrapping up on slide 19, we are energized about the new Equifax that is growing faster with a more diverse revenue base. We spent the last three years investing in the new EFX Cloud and are starting to see the early signs of the competitive and new product benefits from our cloud investments. Our above-market financial performance over the last two years has driven our top line, margins, and cash, and allowed us to reinvest in accretive bolt-on acquisitions like Appriss Insights and Kount. That along with the other acquisitions completed in 2021, will add over $300 million of run rate revenue and further diversify Equifax. Workforce Solutions is our largest and fastest growing business, with revenue and margins that are highly accretive to Equifax. Their strong core growth, coupled with the Appriss acquisition synergies, will drive Workforce Solutions from 40% of Equifax to over 50% in the future. A powerful growth lever for Equifax, with Workforce Solutions accretive revenue growth rates and margins. Our strong core growth in non-mortgage verticals, including FI, Identity and Fraud, Government, Employer Services, Retail, and Talent Solutions, along with the Appriss Insights, Kount, Teletrack, Health e(fx), HIREtech, and i2Verify acquisitions in 2021, will further diversify Equifax from roughly 70% non-mortgage today to over 75% non-mortgage in the future. As John and I mentioned, we'll spend the next few quarters focused on integrating Appriss Insights, Kount, and the other six acquisitions while we bring down our leverage. We'll also continue to prioritize completing the Equifax Cloud to deliver the top line, cost, margin, and cash flow benefits in 2021, 2022, in the future, while leveraging the Equifax Cloud to accelerate our product-led focus and new product roll-outs. We are still planning to have an Equifax Investor Day this fall, where we plan to reinstate our long-term financial model and capital allocation framework for the future. Our Equifax 2023 growth strategy is our compass for the future and centers around leveraging the new Equifax Cloud to drive innovation, new products, and growth. We are convinced that the Equifax Cloud data and technology investment will strengthen our competitiveness, allow us to ingest more data, deliver multi-data solutions, and accelerate NPI roll-outs while driving our top line, reducing our costs, and expanding our margins of free cash flow. We are energized about the future of the new EFX as a faster-growing and more diverse data analytics and technology company. With that, operator, let's open it up for questions. Thank you. At this time, we'll be conducting a question- and- answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question today is from Kevin McVeigh of Credit Suisse. Please proceed with your question. Great. Thank you so much. Kevin. Hey, good morning. Congratulations. Hey, slide 5, just real quick, the direct versus the partner, the split of the revenue there, can you just help us understand that a little? It looks like it's 30% direct, 70% partner. What are the components of that? Just wanting to understand that a little bit more. Yeah. They sell direct, most of the revenue they generate in Talent Solutions as well as in Government flows through, and on the Government side, flows through partners, and on the Talent Solutions side, flows both either direct or through partners. I don't know, Rudy, anything you'd like to add? Well, maybe I'll just add, John, as I mentioned earlier, we've been a partner of theirs for three years, so we would fall in that partner revenue for Appriss, where we take their data and deliver it to market. As you know, we have a mix of partner and direct relationships. We're actually much more direct, but we really value the partner relationships that Appriss brings to Equifax. Got it. Just the other interesting thing is it seems like you're aggregating a lot of alternative data. I wonder, how does that impact kind of the core USIS business as well? The reason I say is just, it seems like you've really pretty nimbly reinvested a lot of the overperformance in mortgage as well as kind of EWS this year. Just is there the potential, just given the focus on alternative data, to enhance USIS as a result of some of these more recent transactions? As you know, Teletrack is a bolt-on for USIS and a very attractive acquisition in the alternative data space. There's a large population of consumers, over 60 million, that are underbanked, unbanked, or thin files. We acquired a business back in 2018, DataX, that brought some unique data assets there, and Teletrack will be quite additive to that, with over 80 million records combined. The addition of the alternative data or differentiated data is central to our strategy. On page 17, you look at the acquisitions we completed so far this year, every one of them, actually if you add DataX and others over the last three years, they're all centered around expanding our differentiated data assets. At the heart of Equifax, we're a data analytics technology company, and identifying unique and differentiated data is at the center of that. Of course, Appriss checks that box. Kount did too. Appriss has real scale in differentiated data that is really quite unique, and those kind of acquisitions are very attractive to Equifax. The cloud allows us to integrate those in our single data fabric, and then bring new products to market that have multi-data solutions on it. To your question about additional M&A, as we've mentioned, we're going to pause on larger M&A over the next several quarters while we focus on integration. That won't slow us down in watching the marketplace and building a pipeline. We would like to add more differentiated data to USIS, like Teletrack, like DataX, like PayNet, that we've acquired over the last 3+ years. Of course, strengthening Workforce Solutions, our strongest business, is also a real priority of ours. As I mentioned, it's very important to us to continue to diversify. You mentioned doing acquisitions around the mortgage, and actually none of our acquisitions have been around mortgage. We've been quite focused on diversifying Equifax broadly, making Workforce stronger, diversifying beyond just FI. If you think about the Equifax of today versus pick your timeframe, we're much more than a credit bureau today with the scale of Workforce Solutions and the scale of our non-mortgage businesses like identity and fraud, like Workforce Solutions, the employer services business we have, the Talent Solutions business, the government vertical. That's very deliberate on our part to continue to diversify Equifax. Makes a lot of sense. Congratulations. The next question is from Manav Patnaik of Barclays. Please proceed with your question. Thank you. Good morning. My question was, it doesn't sound like the data is as proprietary at Appriss, but it's more the platform and the technology that's going to put it all together. I was just hoping If that is correct and if that platform has some advantages to Equifax, or how does that get integrated, I guess, is the question. Yeah, no, I wouldn't characterize it that way, Manav. We think they really have quite proprietary data at scale, and that's one of the very real attractions to Appriss. Obviously, the criminal justice data they have is very unique. They're really the only ones that have at the scale that we're talking about, quite meaningfully. Some of the other data elements they have is very valuable, like the medical sanctions data and credentialing data is also quite unique. We're always on the lookout, and it's a very important priority of ours to add data that is very unique. That was one of the key thesis we had when we started engaging with Appriss five, six months ago, was around the uniqueness of their data sets, and that's really a big portion of why we want to do the acquisition. In many cases, what makes the data assets unique is the fact that they're real-time in nature, right? Yeah data can be acquired in other sources over time, but the time period between when Appriss would receive it and when others would can be substantially different. They're, in many cases, the only party that gets data real time. As you know, Manav, that real-time decisioning is increasingly important in really every use case we have, just because of the desire, whether it's an employer trying to onboard someone to do it quickly before they maybe take another job between offer and hire. In government services, it's delivering those services instantly, versus having someone who's trying to get the services come back multiple times to the state agency office to get those services. That instant decisioning is a big part of the capabilities that we want to deliver, and the Equifax Cloud investment that we've made really facilitate that. With regards to the integration, we'll be integrating this into the Equifax data fabric, all of the data elements that they have as we complete the integration. Got it. I was hoping you'd just address the sources of the $75 million of revenue synergies that you were talking about, and if that was additive to an already 30% growth rate? Yeah. The revenue synergies are really driven around new product solutions that we'll bring to market. It's leveraging our broader footprint in government. As we've talked before, we have Equifax resources, Workforce Solutions resources in many of the large state capitals. That is something Appriss didn't have, so we think we can help them grow. It's integrating the data for multi-data solutions, whether it's in government or in talent. It's combination of their data assets with ours. What else would you add to that, John? Real-time monitoring. Yep. Monitoring. Increasingly, we think there'll be real-time monitoring solutions available that will be an accelerant to our growth as well as theirs, obviously. Which will give us access to more records to The Work Number. Correct. Okay, got it. If I can just squeeze in one more, John, could you give us what Health e(fx) and Teletrack would add? I think those were post your guidance. Can you say that again, Manav? Wanted to know what Health e(fx) and Teletrack would add to our guidance. Yeah. We gave a view simply for the rest of the year, and we didn't break out the revenue individually by those two acquisitions. As indicated in the third quarter, specifically, right? The three acquisitions together because of the pre-financing are going to be slightly dilutive. Think a couple of cents per share. Okay. Thank you. The next question is from Toni Kaplan of Morgan Stanley. Please proceed with your question. Thank you. I wanted to start with a broader question around the background screening industry. I just was hoping you could help us understand the differences between your and Appriss' combined offerings compared to what maybe the traditional background screeners are offering, like First Advantage or others, for example. Just, I guess, how far do you go into background screening? How far do you want to go into background screening? Thanks. Yeah. We don't have interest in being a background screening. The companies you mentioned and others are our partners and Appriss' partners, and they do a great job. We want to be a data provider to them, and I think that's really. The combination of Appriss and Equifax will allow us to provide new solutions that can speed up their decisioning so they can be a better partner to their customers. That's really our focus there. We have a lot of respect for all the companies you mentioned and all the others that are in this space. We want to be a strong partner to them. Perfect. On slide 12, you show that you don't have sort of the international drug and vehicle data coverage. Should we think of those as potential future M&A or partnership opportunities, or do you think you don't really need the full spectrum? I know you said you're pausing on acquisitions, but I'm just trying to think about it longer term. Thanks. Yeah, no, it's a great question. I think, Toni, we've been clear with you and others that this was a priority of ours to build out these data assets in the data hub. Appriss Insights really advances us there, both in the criminal justice data, but also the medical sanctioning data. Our goal is to continue to either through partnerships or through M&A in the future to continue to build out that Equifax Workforce Solutions data hub for both the hiring or onboarding space and the government space. Appriss Insights moves us strongly forward on that. We've got some great partnerships already. Rudy Ploder and his team are working on more. The answer is for sure. We'll certainly be looking for M&A that can further strengthen this fast-growing space. We like the TAM. When you think about the hiring space being $5 billion spent to onboard 75 million new employees annually in the U.S., the $2 billion TAM in the kind of the government data space that's used to deliver social services. There's a lot of opportunity to grow there. We want to continue investing both organically and inorganically to expand our presence there. As I mentioned earlier, it also provides great diversification for Equifax in a fast-growing market, and moves us to be more diverse away from mortgage. From 75% to 70% in the future, then, of course, it really strengthens our fastest-growing, highest margin business Workforce Solutions. Makes a lot of sense. Thank you. Congrats on the deal. Thanks. The next question is from Simon Clinch of Atlantic Equities. Please proceed with your question. Hi, Begor, and congratulations on this deal. I was wondering if you could expand a little bit more around the cadence of the revenue synergies going forward. Just to make sure I understand this right, perhaps you could also talk about the underlying growth that you expect out of Appriss going forward, on top of which those synergies come through. Yeah. I think we gave you some visibility. Appriss is a very strong double-digit growth. It's going to be up in the range of 30% this year, which is quite attractive. That's one of the things we like about the business. As you know, our M&A criteria is to look for acquisitions that are going to be accretive to Equifax, meaning the revenue growth rate and their 40% margins are above Equifax average, below Workforce, but with the synergies, we think there's some real accretion there. Would you add anything, John? No. Their organic growth, as we indicated, right, is in north of 15%. We expect it to stay at those levels. Generally speaking, the revenue synergies in the first year out, so 2022, it takes a little time to ramp. We would see some synergies next year, really accelerating as we get to 2023 and beyond. It's really driven by integrating their data into the Equifax Cloud. Obviously, that takes some time. It's much faster than what we would do in our old legacy environment. Those synergies and multi-data solutions and new products that we'll have on a combined basis will really flow out of that integration. That's really useful. Just to follow up on that last point, this is, I believe, the biggest deal for a while for you guys. In terms of preparation and confidence around the integration of that data, is this like the first real acid test of your existing infrastructure? No, we've been doing acquisitions for a while, as you know. Obviously accelerated meaningfully given our outperformance financially over the last six months with the eight acquisitions we've announced. We've got a lot of confidence in our infrastructure in the cloud. As you know, we're well down a path on the cloud, but still have work to do to finish it and in the early days of reaping the benefits from it organically. Of course, we're starting to see some of the cost savings flow in. We have a lot of confidence in the company's performance to support an acquisition like this, the financial performance, and also in our cloud capabilities to integrate it. Our Data Hub concept is not a concept, it's a reality. It's working and operational today. That's fantastic. Congrats, guys. Bye. Thanks. The next question is from Kyle Peterson of Needham. Please proceed with your question. Hey, good morning, guys. Thanks for taking the questions. Just wanted to touch a little bit, you guys mentioned the possibility for the margins in this business to expand from around 40%-50% on an adjusted EBITDA basis over time. How much of that expansion is driven by some of these kind of higher margin revenue and data synergies, and how much of that is just some kind of natural efficiencies and scale benefits on the cost side of the equation? Yeah, the bulk's going to be around data and product and revenue synergies. This is a business we're going to invest in. We didn't do this for cost synergies or cost efficiencies. We really did it because of the uniqueness of the data assets. The power of the Workforce Solutions data hub by having these multiple data elements that are anchored off our income and employment data that has such scale and such value, that's really the focus of the acquisition. Got it. That's helpful. Maybe just a follow-up on the organic growth. I know you guys mentioned it's expected to be 30% this year and have been north of 15% historically. What has been the biggest driver behind their growth historically? Is it adding more states and more data sources? Are there opportunities, maybe add some non-medical professional kind of services and licensure info? What do you guys see as the big drivers of organic growth in that business moving forward? It's really been around new solutions that they've brought to the marketplace. You saw the diversity of Appriss' revenue sources from the different verticals that they play in. Between the hiring space or Talent Solutions and the government space, it's really bringing new solutions to market. We've talked before about most of the data that we sell, for example, in the government space, and Appriss sells in the government space, is used for the initial delivery of social services. We both see, meaning Appriss and Workforce Solutions, a real opportunity in the program integrity or fraud space. I mentioned a recent test that Appriss had done with their data, their criminal justice data, in one of the large U.S. states, actually about a month ago, that showed a meaningful amount of unemployment insurance fraud that the state is now going to address. That's kind of a new area for them, and that we're both going to be leaning into. When we think about the synergies between the two businesses, it's really those multi-data solutions that make it easier for our customers. Whether it's a government agency, a background screener, or someone's using the data to really move up that process. We hear from our customers on all verticals that speed is really important, and that's why the instant decisioning is so valuable in having the scale data that can really provide data quickly. You think about today's hiring market, you know the number roughly 75 million people are going to change jobs. There's so many open jobs today, when an employer puts an offer out, they typically will then start a background screen. They want to do that quickly, and they want to do it instantly so they can get that individual on the floor because they probably don't have enough people in the restaurant, in the store, in the hotel to be servicing their customers. That speed is really, really valuable and a big part of what's driven Appriss' growth, as well as the scale of the uniqueness of their data set. All right. That's super helpful. Thanks, guys. The next question is from Hamzah Mazari of Jefferies. Please proceed with your question. Hi, this is Mario Cortellacci filling in for Hamzah. Maybe can you just give us a quick overview of how the contracts are structured for this business? Are they typically annual contracts, multi-year? What kind of pricing have they gotten historically, and is there any pricing opportunity for these products going forward? Yeah, they have a wide array of commercial relationships, as you might imagine. I wouldn't characterize their commercial relationships as being distinctive or different from what you would find in Workforce Solutions or other relationships. We don't disclose pricing. Their really leverage has been around new solutions or new products that they're bringing to the marketplace, just like Workforce Solutions. That's really been driving their business, and we expect it to going forward, and in particular as we start bringing multi-data solutions to market that combines their data and ours. We've already started that with the partnership that we've had over the last three years. As we've said, we've been buying their data for the last three years and then bringing it to market along with our data, and that'll just be much advanced with a single data fabric and integrating their capabilities and unique data sets with Workforce Solutions to bring those kind of solutions to market. Great. Just want to follow up is on just the mix of transactional versus subscription for the business. You gave some color on pre-screening and post-hiring. Can you give us a sense for what the mix of the transactional versus subscription is and what the growth rates have been for those? You also mentioned that it sounds like post-hiring is a big opportunity as well. I guess how big do you think that can be as part of the pro forma mix over time? Yeah, I'll take the second half and let John come back on the first half of your question. I would think about both the post-hiring, and then I would also think on the government side around post receiving those social services, that continuous monitoring. You think about the hiring side, if there's jobs out there where it's a requirement to do monitoring of whether there's a criminal issue with someone who's working for you or a medical issue from a credentialing standpoint, there's different requirements. We just think that that's got an opportunity to continue to grow as employers, for example, focus on keeping their workplaces safe. On the government side, when you think about the initial delivery of the social services, that's an area that we and Appriss have been focused on. The monitoring to make sure that someone still qualifies for those social services over time is a big opportunity, as evidenced by that example I shared where there was some meaningful unemployment fraud taking place in a large state. Those are real opportunities going forward. You want to take the first stab, John? Sure. They obviously have a mix of both transactional and subscription, but obviously, as with all of our businesses, our focus is on driving more transactional revenue as we go forward, and that'll continue to be the focus we have. Great. Thank you so much. Thanks. The next question is from George Mihalos of Cowen. Please proceed with your question. Hi, guys. This is Philip on for George. Earlier in the slides, you had done a lot of talking about expanding the government side of the business, but now that you're in all the state capitals, and currently the revenue is broken out 60% commercial, 40% government. Should we expect that a lot of the revenue is going to shift more to the government side as you start to bring your relationships in with the state capitals and federal agencies over time? Just how do you see that developing? Thank you. Yeah. We think government is a very attractive space for us. We've got a scale business there that's led by Rudy and his team, and of course, Ryan and the Appriss team have a very attractive business. We think there's some opportunities together. I mentioned earlier that leveraging our commercial footprint and government relations footprint is much larger than Appriss is, so we think that's going to be a positive for the Appriss team as we continue to grow. Multi-data solutions is another opportunity for us going forward. Of course, on the Talent Solutions side, we expect that to continue to grow. We talked about the area of program integrity on the government side as being, we believe, a growth opportunity around fraud or really identifying individuals that really don't qualify anymore, shouldn't be receiving the social services. That's an area of growth for both Rudy and his team at Workforce Solutions, in our income and employment data, and also for the Appriss team. Just as a reminder, we've seen really nice growth in both government and talent, our talent solutions business, obviously, has been growing extremely fast over the past year. Combined, we've seen really good performance in talent solutions. I think it was up 150% in the second quarter. We talked about in the second quarter earnings call some of the new solutions that we're bringing to market, and we're going to continue to roll those out. Rudy and his team have a continued pipeline of new solutions to address that hiring process. The Appriss data allows us to bring even more combined solutions together that will benefit our customers and really drive the instant decisioning that a lot of solutions require and our customers are after. We don't see this either/or. The total addressable market in talent is sizable, is far larger than government, and the speed to implement solutions in the Talent Solutions area is much faster. As Mark very well said, speed is of the essence when somebody's hired. I would think that in the near term, we will see a higher proportion of revenues coming from talent because of the job openings, how fast people move in that area, and the total addressable market. Maybe, Rudy, I should add one last point, and we mentioned it earlier. Just as a reminder, we've mentioned it on, I think, every earnings call for the last year or so, but our new large SSA contract, which went live last week, that's a new government contract for us that's sizable, which is why we're talking about it. We expect that to be $40 million to $50 million of incremental revenue at run rate in 2022. That's obviously going to power our government vertical along with all the other things we already talked about. Of course, Appriss is going to help that. The next question is from Jeff Meuler of Baird. Please proceed with your question. Yeah, thank you. I guess a follow-up on the Appriss competition and the role in the value chain of the employment screening providers. Is it that their value adds are predominantly lower margin, which is why you want to be the data hub provider? Are they bundling multiple providers because they would also want to use Appriss's competitors to aid in the completeness of data? Just not totally understanding the interplay of all of those things. Thanks. Yeah. Background screening just doesn't seem like a space for us. There's some great players in the space that operate it extremely well, and it's we think outside kind of our game. We're a data analytics technology company, and having data in multiple verticals, whether it's identity and fraud or mortgage or credit cards or in the hiring space or in the government space is where we want to play. For the background screeners, what's really unique about the Appriss data is the scale of the data set and the fact, as John mentioned, that it's current and online. There really aren't other solutions like that. There are other solutions that actually will go to the courts and pull actual court records that are used in the actual hiring process. Appriss has a business that does that. There's actually multiple companies that do that. I believe some of the background screeners do that themselves. What's unique about Appriss is the scale of that initial data element that will really generate that second step to verify at the court level, either through an electronic process or through what they call a court runner to actually verify that information. Got it. On the fraud and ID synergy potential, I hear you loud and clear on the government program integrity side of it. Do you see meaningful fraud and ID synergies outside of the government verticals from this data as well? Thanks. Yeah, Jeff, it's just the additional more data signals around individuals. The more data you can accumulate, and as you know through our talent acquisition that we made in the first quarter. We're building out a data set that combines all of the signals we have. Kount has just massive amounts of data from the e-commerce space. Of course, we have massive amounts of data from financial services around Mark Begor and so many different elements of how I operate as an individual. We have in Workforce Solutions on the fact that I'm employed by Equifax, and then Appriss Insights will have other data signals on individuals that will be accretive to that identity and fraud, beyond some of the program integrity solutions that we talked about in the government vertical. Thanks, Mark. Congrats on the deal. Thanks. The next question is from Craig Huber of Huber Research. Please proceed with your question. Thank you. I assume you would agree it's not probably too much of a stretch to say it's unlike you guys to spend $1.8 billion on an acquisition of this size plus roughly, say, another $1 billion or so on these other smaller acquisitions year to date that you've announced. My take is, I assume you wouldn't disagree with this, you guys must be feeling pretty good about your own legacy company outlook here, how you're performing in the middle of this pandemic and stuff, and the outlook is not concerning you too much. In other words, you feel comfortable to do an acquisition of this size, plus the other bolt-on ones at very attractive interest rates out there right now. Is that a fair statement? Yeah, Craig, we try to be clear that we feel like the company's performing exceptionally well. Our outperformance in 2020 was very strong at 18%. In the first half, we're up 26% in revenue, we guided a strong double-digit number in the second quarter for the year that we feel confident in. You add to that our investment in the cloud. We really spent the last three years really rebuilding Equifax from a technology standpoint. That cloud investment and capabilities give us a lot of confidence in M&A. As you point out, we clearly have a very strong M&A pace over the last six months. I would think about that as a Equifax run rate. There's perhaps a small element of catching up over the last couple of years. While we were building the cloud in 2018, 2019, and 2020, we did some small bolt-ons, but we were in the marketplace. As I mentioned, using Appriss as an example, we've been a partner of Appriss' for three years, and we've been talking to them probably for two, and then really serious discussions for close to six months around this transaction. Just to put a point on your question, we believe, and I was clear in my comments earlier, that bolt-on M&A that's accretive and strategic to Equifax. We've laid out the criteria not only on this call, but I've done it consistently since I joined three years ago of unique data assets we think are very attractive to drive shareholder value. Whether it's strengthening Workforce Solutions, our strongest business, we think that's attractive for shareholder value, and strengthening identity and fraud, which is a fast-growing macro. Those are the three areas we've been focused on for M&A. You should expect us to, and we've been clear on that too, that M&A will be a part of our long-term framework when we put it back in place going forward. You shouldn't expect it to be at this pace, but it'll be a meaningful part. Also just talk about the numbers a little bit here. I think you guys said this acquisition has grown 15% organically on a historical basis. Do you expect to be able to keep it around those levels going forward? Plus, I think you said you think you'll have about $75 million of annualized revenue synergies by 2025 layered on top of that 15% growth. Is that correct? We said organic north of 15% this year. We said into next year. We also said the $75 million. You got it. Yep. Great. Thank you, guys. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. Our next question is from Andrew Nicholas of William Blair. Please proceed with your question. Hi. Good morning. This is actually Trevor Romeo in for Andrew. Thanks for taking our questions and congrats on the announcement. Just wanted to quickly follow up on Appriss' data assets. Just to clarify, are the integrations with jails, for example, are those exclusive data agreements? Are there barriers preventing others from collecting the same data? Is it more so just the real-time integration capability that nobody else has? Just any more detail on that would be really helpful. No, those are unique relationships. They got over 2,800 of them. They're, I believe, all exclusive or generally exclusive arrangements. What's unique about it is 2,800 and the fact that they are exclusive and that they are online and instant is very valuable and very unique. That's part of the attractiveness of the scale of their data set in making the acquisition. Great. That's really helpful. Just wondering if you see potential to expand Appriss internationally. You guys obviously have a presence in a variety of regions. I don't know if there are any barriers or structural differences across a few, but just wondering if you've given any thought at this point. Thanks. Yeah. That's a great question. One that we haven't thought about over the last five months and a couple of months when we were doing the acquisition about expanding Appriss internationally. As you know, we've got a big footprint internationally, over $1 billion of revenue outside the U.S. and in 25 countries. We've talked before that Workforce Solutions, which will be where Appriss will be embedded, is now in three markets outside the United States, Canada, Australia, and India. We have aspirations for sure to take Workforce into other markets. At this time, we don't have any plans on Appriss. All right. Thanks again. There are no additional questions at this time. I'd like to turn the call back to Dorian Hare for closing remarks. Thank you for joining the call and for your interest in Equifax and the Appriss acquisition. This does conclude the call. We look forward to hosting you next in the fall to review our third quarter results and to provide you with more information on our upcoming Investor Day. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.