Equifax(US:EFX)2021-04-21 16:00Revenue Performance - Consolidated operating revenue for Q1 2021 was $1,213.0 million, a 27% increase from $957.9 million in Q1 2020[134] - Workforce Solutions segment revenue increased by 59% to $480.9 million, up from $301.6 million in the same period last year[134] - U.S. Information Solutions segment revenue grew by 19% to $409.4 million, compared to $343.2 million in Q1 2020[134] - International segment revenue increased by 12% to $241.3 million, up from $216.0 million in Q1 2020[134] - Global Consumer Solutions segment revenue decreased by 16% to $81.4 million, down from $97.1 million in the same period last year[134] - Consolidated operating revenue for Q1 2021 was $1,213.0 million, an increase of $255.1 million or 27% compared to Q1 2020[140] - International operating revenue increased by 12% to $241.3 million for Q1 2021, compared to $216.0 million in Q1 2020[157] - Asia Pacific revenue rose by 25% to $86.9 million, driven by growth in the commercial business in Australia[158] - Europe revenue increased by 3% to $68.7 million, despite a local currency decline of 5% due to lower economic activity in the U.K. and Spain[159] - Latin America revenue decreased by 4% to $41.6 million, with a local currency increase of 1% offset by COVID-19 impacts[160] - Canada revenue grew by 20% to $44.1 million, primarily due to recovery in consumer, commercial, and analytics verticals[161] Income and Earnings - Net income attributable to Equifax for Q1 2021 was $201.6 million, compared to $116.9 million in Q1 2020[129] - Diluted earnings per share for Q1 2021 were $1.64, up from $0.95 in Q1 2020[129] - Consolidated net income for Q1 2021 was $202.9 million, an increase of $84.1 million or 71% compared to $118.8 million in Q1 2020[145] - Consolidated operating income increased to $306.6 million in Q1 2021, a rise of $170.7 million or 126% compared to $135.9 million in Q1 2020[140] - Total operating income surged by 82% to $27.8 million, with an operating margin of 11.5%, up from 7.1% in Q1 2020[157][162] Cash Flow and Capital Expenditures - Cash provided by operating activities in Q1 2021 was $143.4 million, compared to $30.8 million in Q1 2020[129] - Cash provided by operating activities increased by $112.6 million to $143.4 million, reflecting improved net income[175] - Capital expenditures for Q1 2021 were $(107.4) million, compared to $(89.4) million in Q1 2020[129] - Capital expenditures rose by $25.0 million to $113.0 million, focusing on technology systems and infrastructure[177] Debt and Financing - Total consolidated debt at the end of Q1 2021 was $4,379.7 million, an increase of $871.5 million or 25% from $3,508.2 million in Q1 2020[141] - Average cost of debt decreased to 3.4% in Q1 2021 from 3.6% in Q1 2020[141] - 93% of the company's debt was fixed-rate, while 7% was variable-rate with an interest rate of 1.06% as of March 31, 2021[184] - The company amended its revolving credit facility to increase the maximum leverage ratio to 4.5 to 1.0 through September 30, 2021[188] - The company was in compliance with all debt covenants as of March 31, 2021[191] Shareholder Returns - The company repurchased 0.2 million shares of common stock for $34.1 million during the first three months of 2021[194] - Cash dividends paid to Equifax shareholders were $47.5 million, maintaining a quarterly dividend of $0.39 per share[195] - As of March 31, 2021, the company had $556.0 million remaining for stock repurchases under the existing authorization[196] Other Financial Metrics - Foreign exchange rates positively impacted revenue by $19.3 million, or 2%, in Q1 2021 compared to Q1 2020[134] - Effective income tax rate for Q1 2021 was 24.4%, slightly higher than 24.0% in Q1 2020 due to a greater foreign income tax rate differential[143] - General corporate expenses increased by $6.1 million to $139.7 million, attributed to higher people costs and depreciation[166][167] - The company recognized a $1.1 million foreign currency gain due to accounting for Argentina as a highly inflationary economy[204] - The company expects to make minimum funding contributions to its U.S. Retirement Income Plan as required, depending on market conditions[200] - There were no material changes to the company's market risk exposure during the three months ended March 31, 2021[208]