Shareholder letter
Page 1
EQUIFAX Q22021 EARNINGS Today we reported our second quarter results , and we want to share those results directly with you . We continued our strong financial performance with our sixth consecutive quarter of strong double - digit revenue growth and EPS growth , building on our strong first quarter and 2020 results . Our record $ 1.2B revenue and 26 % overall revenue growth were powered by broad - based strength in Workforce Solutions , USIS , and International . Here are some further highlights : • Workforce Solutions continues to drive our results , with revenue growth of 40 % in the quarter despite a decline in the mortgage market from last year's elevated levels . EWS was 40 % of EFX revenue in the second quarter and is our largest and fastest growing business . USIS delivered 11 % growth overall with 14 % organic non - mortgage growth . • • • • • International was up 39 % on a reported basis and 25 % on a local currency basis by which each market was up over 20 % . We are continuing to execute on our EFX2023 growth strategy , leveraging the EFX Cloud with highly differentiated data assets to drive innovation . Our new EFX Cloud data and technology capabilities are providing competitive advantages and capabilities that Only Equifax can provide . We are accelerating new product innovations , delivering 46 new products in the second quarter , which is up from the 24 we delivered last year . We continue to expect our Vitality Index , defined as revenue from new products introduced in the last three years , to exceed 8 % , a big step up from 5 % in 2020 and a reflection of the strong product focus across EFX . Our strong outperformance , balance sheet , and cash generation are allowing us to reinvest in the EFX Cloud and bolt - on acquisitions to enhance our capabilities with 5 deals completed thus far this year including Kount , HIREtech , and i2Verify . We are confident in our outlook for 2021 and raised our full - year midpoint revenue to $ 4.78 billion , increasing the anticipated growth rate by over 370 BPs to almost 16 % . We also raised our midpoint Adjusted EPS guidance to $ 7.35 , increasing the anticipated growth rate by over 640 BPS . We are energized about what the future holds for Equifax as we move to our next chapter of growth and leverage the new EFX Cloud for innovation , new product development , and growth . We have strong momentum across our business as we move into the second half of 2021 and are beginning