Technology

Equifax Delivers Strong Second Quarter 2024 Revenue Growth of 9% Led by Workforce Solutions Non-Mortgage Verification Services

Published

4 months ago

July 17, 2024

ATLANTA, July 17, 2024 /PRNewswire/ — Equifax® (NYSE: EFX) today announced financial results for the quarter ended June 30, 2024.

Second quarter 2024 revenue of $1.430 billion grew a strong 9%, with 13% non-mortgage local currency revenue growth.U.S. mortgage revenue grew 4% in the second quarter despite a 13% decline in USIS mortgage credit inquiries.Workforce Solutions second quarter revenue grew 5%, with 12% non-mortgage revenue growth from 20% Verification Services non-mortgage revenue growth led by Government and Talent Solutions. Mortgage revenue was down 12%.USIS second quarter revenue growth of 7% with 27% mortgage revenue growth and 1% non-mortgage revenue growth.International second quarter revenue growth of 17% on a reported basis and up 28% on a local currency basis, with organic local currency revenue growth of 12%.Significant new product innovation leveraging new EFX Cloud with 12.5% new product Vitality Index in the second quarter and 89% of new models and scores built using Artificial Intelligence and Machine Learning.Maintaining full-year 2024 guidance with midpoint expectation for revenue of $5.720 billion, up 8.6%, with strong non-mortgage local currency revenue growth of over 10% and Adjusted EPS of $7.35.

“Equifax had a strong second quarter against our EFX2026 strategic priorities in a challenging mortgage market delivering revenue of $1.430 billion, up a strong 9%. EWS Verification Services revenue was up a very strong 9% driven by Government revenue up 30%. Our U.S. mortgage business grew 4% despite a 13% decline in USIS mortgage credit inquiries. USIS had strong 27% growth in mortgage revenue, with EWS mortgage revenue down 12% – both as expected.

“Our non-mortgage business, which was about 80% of Equifax revenue in the second quarter, delivered very strong broad-based 13% local currency revenue growth, from continued significant new product performance with a New Product Vitality Index of 12.5% and 89% of new models and scores built using AI and ML. Workforce Solutions delivered very strong 20% non-mortgage Verification Services revenue growth led by the Government and Talent Solutions businesses, with 12% overall non-mortgage revenue growth. International delivered strong 12% organic local currency revenue growth, led by Latin America and Europe. USIS non-mortgage revenue growth of 1% was consistent with the first quarter. We expect improving USIS non-mortgage growth in the Second Half as we complete the full migration of our USIS consumer business to the Cloud early this quarter,” said Mark W. Begor, Equifax Chief Executive Officer.

“We are maintaining our full-year 2024 guidance with a midpoint expectation for revenue of $5.720 billion, up 8.6% on a reported basis and organic local currency growth of 8.5%, and Adjusted EPS of $7.35. While Equifax continues to execute well against its EFX2026 strategic priorities, our 2024 guidance reflects an expectation of a decline of about 11% in our 2024 U.S. mortgage credit inquiries, which is consistent with the current run-rates, and compares to down 34% in 2023. Adjusted EBITDA and Adjusted EPS continue to benefit from organic revenue growth and the additional cost savings from Cloud spending reduction plans.

“We have strong momentum in 2024 and are confident in the future of the New Equifax as we deliver strong non-mortgage revenue growth, move towards completion of our Cloud transformation, leverage our new Cloud capabilities to accelerate new product roll-outs that ‘Only Equifax’ can provide, and invest in new products, data, analytics, and AI capabilities, which are expected to drive growth in 2024 and beyond. We are energized about the New Equifax and remain confident in our long-term 8-12% revenue growth framework that is expected to deliver higher margins and free cash flow.”

Financial Results Summary

The Company reported revenue of $1,430.5 million in the second quarter of 2024, up 9% on a reported basis and up 11% on a local currency basis compared to the second quarter of 2023.

Net income attributable to Equifax of $163.9 million was up 19% in the second quarter of 2024 compared to $138.3 million in the second quarter of 2023.

Diluted EPS attributable to Equifax was $1.31 per share for the second quarter of 2024, up 17% compared to $1.12 per share in the second quarter of 2023.

Workforce Solutions second quarter results:

Total revenue was $612.9 million in the second quarter of 2024, up 5% compared to the second quarter of 2023. Operating margin for Workforce Solutions was 44.5% in the second quarter of 2024 compared to 42.0% in the second quarter of 2023. Adjusted EBITDA margin for Workforce Solutions was 52.8% in the second quarter of 2024 compared to 51.5% in the second quarter of 2023.Verification Services revenue was $515.9 million, up 9% compared to the second quarter of 2023.Employer Services revenue was $97.0 million, down 11% compared to the second quarter of 2023.

USIS second quarter results:

Total revenue was $478.3 million in the second quarter of 2024, up 7% compared to the second quarter of 2023. Operating margin for USIS was 20.6% in the second quarter of 2024 compared to 23.1% in the second quarter of 2023. Adjusted EBITDA margin for USIS was 33.2% in the second quarter of 2024 compared to 36.0% in the second quarter of 2023.Online Information Solutions revenue was $377.8 million, up 5% compared to the second quarter of 2023.Mortgage Solutions revenue was $40.4 million, up 33% compared to the second quarter of 2023.Financial Marketing Services revenue was $60.1 million, up 7% compared to the second quarter of 2023.

International second quarter results:

Total revenue was $339.3 million in the second quarter of 2024, up 17% and up 28% compared to the second quarter of 2023 on a reported and local currency basis, respectively. Operating margin for International was 11.9% in both the second quarter of 2024 and the second quarter of 2023. Adjusted EBITDA margin for International was 25.6% in the second quarter of 2024, compared to 24.2% in the second quarter of 2023.Latin America revenue was $97.3 million, up 71% compared to the second quarter of 2023 on a reported basis and up 124% on a local currency basis.Europe revenue was $88.2 million, up 12% compared to the second quarter of 2023 on both a reported basis and a local currency basis.Asia Pacific revenue was $84.6 million, down 4% compared to the second quarter of 2023 on a reported basis and down 2% on a local currency basis.Canada revenue was $69.2 million, up 4% compared to the second quarter of 2023 on a reported basis and up 6% on a local currency basis.

Adjusted EPS and Adjusted EBITDA Margin:

Adjusted EPS attributable to Equifax was $1.82 in the second quarter of 2024, up 6% compared to the second quarter of 2023.Adjusted EBITDA margin was 32.0% in the second quarter of 2024 compared to 32.7% in the second quarter of 2023.These financial measures exclude certain items as described further in the Non-GAAP Financial Measures section below.

2024 Third Quarter and Full Year Guidance

Q3 2024

FY 2024

Low-End

High-End

Low-End

High-End

Reported Revenue

$1.425 billion

$1.445 billion

$5.690 billion

$5.750 billion

Reported Revenue Growth

8.0 %

9.5 %

8.1 %

9.2 %

Local Currency Growth (1)

9.9 %

11.4 %

9.9 %

11.0 %

Organic Local Currency Growth (1)

8.6 %

10.1 %

7.9 %

9.0 %

Adjusted Earnings Per Share

$1.75 per share

$1.85 per share

$7.22 per share

$7.47 per share

(1) Refer to page 8 for definitions.

About Equifax

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit www.equifax.com.

Earnings Conference Call and Audio Webcast

In conjunction with this release, Equifax will host a conference call on July 18, 2024 at 8:30 a.m. (ET) via a live audio webcast. To access the webcast and related presentation materials, go to the Investor Relations section of our website at www.equifax.com. The discussion will be available via replay at the same site shortly after the conclusion of the webcast. This press release is also available at that website.

Non-GAAP Financial Measures

This earnings release presents adjusted EPS attributable to Equifax which is diluted EPS attributable to Equifax adjusted (to the extent noted above for different periods) for acquisition-related amortization expense, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, fair market value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, and realignment of resources and other costs. All adjustments are net of tax, with a reconciling item with the aggregated tax impact of the adjustments. This earnings release also presents (i) adjusted EBITDA and adjusted EBITDA margin which is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items, (ii) local currency revenue change which is calculated by conforming 2024 results using 2023 exchange rates and (iii) organic local currency revenue growth which is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. These are important financial measures for Equifax but are not financial measures as defined by GAAP.

These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of net income or EPS as determined in accordance with GAAP.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented in the Q&A. This information can also be found under “Investor Relations/Financial Information/Non-GAAP Financial Measures” on our website at www.equifax.com.

Forward-Looking Statements

This release contains forward-looking statements and forward-looking information. These statements can be identified by expressions of belief, expectation or intention, as well as statements that are not historical fact. These statements are based on certain factors and assumptions including with respect to foreign exchange rates, revenue growth, results of operations and financial performance, strategic initiatives, business plans, prospects and opportunities, the U.S. mortgage market, economic conditions and effective tax rates.

While Equifax believes these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors relate to (i) actions taken by us, including, but not limited to, restructuring actions, strategic initiatives (such as our cloud technology transformation), capital investments and asset acquisitions or dispositions, as well as (ii) developments beyond our control, including, but not limited to, changes in the U.S. mortgage market environment and changes more generally in U.S. and worldwide economic conditions (such as changes in interest rates and inflation levels) that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax’s products and services. Deteriorations in economic conditions or increases in interest rates could lead to a decline in demand for our products and services and negatively impact our business. It may also impact financial markets and corporate credit markets, which could adversely impact our access to financing or the terms of any financing.

Other risk factors relevant to our business include: (i) any compromise of Equifax, customer or consumer information due to security breaches and other disruptions to our information technology infrastructure; (ii) the failure to achieve and maintain key industry or technical certifications; (iii) the failure to realize the anticipated benefits of our cloud technology transformation strategy; (iv) operational disruptions and strain on our resources caused by our transition to cloud-based technologies; (v) our ability to meet customer requirements for high system availability and response time performance; (vi) effects on our business if we provide inaccurate or unreliable data to customers; (vii) our ability to maintain access to credit, employment, financial and other data from external sources; (viii) the impact of competition; (ix) our ability to maintain relationships with key customers; (x) our ability to successfully introduce new products, services and analytical capabilities; (xi) the impact on the demand for some of our products and services due to the availability of free or less expensive consumer information; (xii) our ability to comply with our obligations under settlement agreements arising out of the 2017 cybersecurity incident; (xiii) potential adverse developments in new and pending legal proceedings, government investigations and regulatory enforcement actions; (xiv) changes in, and the effects of, laws, regulations and government policies governing our business, including oversight by the Consumer Financial Protection Bureau in the U.S., the U.K. Financial Conduct Authority and Information Commissioner’s Office in the U.K., and the Office of Australian Information Commission and the Australian Competition and Consumer Commission in Australia; (xv) the impact of privacy laws and regulations; (xvi) the economic, political and other risks associated with international sales and operations; (xvii) the impact on our reputation and business if we are unable to fulfill our environmental, social and governance commitments; (xviii) our ability to realize the anticipated strategic and financial benefits from our acquisitions, joint ventures and other alliances; (xix) any damage to our reputation due to our dependence on outsourcing certain portions of our operations; (xx) the termination or suspension of our government contracts; (xxi) the impact of infringement or misappropriation of intellectual property by us against third parties or by third parties against us; (xxii) an increase in our cost of borrowing and our ability to access the capital markets due to a credit rating downgrade; (xxiii) our ability to hire and retain key personnel; (xxiv) the impact of adverse changes in the financial markets and corresponding effects on our retirement and post-retirement pension plans; (xxv) the impact of health epidemics, pandemics and similar outbreaks on our business; and (xxvi) risks associated with our use of certain artificial intelligence and machine learning models.

A summary of additional risks and uncertainties can be found in our Annual Report on Form 10-K for the year ended December 31, 2023 including, without limitation, under the captions “Item 1. Business — Governmental Regulation” and “– Forward-Looking Statements” and “Item 1A. Risk Factors” and in our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements are given only as at the date of this release and Equifax disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended June 30,

2024

2023

(In millions, except per share amounts)

(Unaudited)

Operating revenue

$ 1,430.5

$ 1,317.6

Operating expenses:

Cost of services (exclusive of depreciation and amortization below)

630.9

588.0

Selling, general and administrative expenses

352.6

343.1

Depreciation and amortization

164.8

149.6

Total operating expenses

1,148.3

1,080.7

Operating income

282.2

236.9

Interest expense

(57.3)

(60.7)

Other (expense) income, net

(0.3)

15.9

Consolidated income before income taxes

224.6

192.1

Provision for income taxes

(59.4)

(52.7)

Consolidated net income

165.2

139.4

Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests

(1.3)

(1.1)

Net income attributable to Equifax

$ 163.9

$ 138.3

Basic earnings per common share:

Net income attributable to Equifax

$ 1.32

$ 1.13

Weighted-average shares used in computing basic earnings per share

123.7

122.7

Diluted earnings per common share:

Net income attributable to Equifax

$ 1.31

$ 1.12

Weighted-average shares used in computing diluted earnings per share

124.8

123.8

Dividends per common share

$ 0.39

EQUIFAX INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2024

December 31, 2023

(In millions, except par values)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 181.9

$ 216.8

Trade accounts receivable, net of allowance for doubtful accounts of $16.7 at June 30, 2024 and December 31, 2023

1,012.4

908.2

Prepaid expenses

148.5

142.5

Other current assets

74.8

88.8

Total current assets

1,417.6

1,356.3

Property and equipment:

Capitalized internal-use software and system costs

2,698.0

2,541.0

Data processing equipment and furniture

253.7

247.9

Land, buildings and improvements

283.9

272.9

Total property and equipment

3,235.6

3,061.8

Less accumulated depreciation and amortization

(1,350.3)

(1,227.8)

Total property and equipment, net

1,885.3

1,834.0

Goodwill

6,746.5

6,829.9

Indefinite-lived intangible assets

94.8

Purchased intangible assets, net

1,690.3

1,858.8

Other assets, net

317.8

306.2

Total assets

$ 12,152.3

$ 12,280.0

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt and current maturities of long-term debt

$ 769.6

$ 963.4

Accounts payable

201.9

197.6

Accrued expenses

238.4

245.1

Accrued salaries and bonuses

144.6

168.7

Deferred revenue

104.6

109.5

Other current liabilities

327.8

334.7

Total current liabilities

1,786.9

2,019.0

Long-term debt

4,742.7

4,747.8

Deferred income tax liabilities, net

426.6

474.9

Long-term pension and other postretirement benefit liabilities

95.8

100.1

Other long-term liabilities

266.7

250.7

Total liabilities

7,318.7

7,592.5

Redeemable noncontrolling interests

120.8

135.1

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, 2024 and December 31, 2023;

Outstanding shares – 123.7 and 123.3 at June 30, 2024 and December 31, 2023, respectively

236.6

Paid-in capital

1,856.8

1,761.3

Retained earnings

5,800.4

5,608.6

Accumulated other comprehensive loss

(544.3)

(431.2)

Treasury stock, at cost, 65.0 and 65.4 shares at June 30, 2024 and December 31, 2023, respectively

(2,647.6)

(2,635.3)

Stock held by employee benefits trusts, at cost, 0.6 shares at June 30, 2024 and December 31, 2023

(5.9)

Total Equifax shareholders’ equity

4,696.0

4,534.1

Noncontrolling interests

16.8

18.3

Total shareholders’ equity

4,712.8

4,552.4

Total liabilities, redeemable noncontrolling interests, and shareholders’ equity

$ 12,152.3

$ 12,280.0

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

2024

2023

(In millions)

(Unaudited)

Operating activities:

Consolidated net income

$ 291.2

$ 252.9

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization

333.5

304.3

Stock-based compensation expense

60.3

52.2

Deferred income taxes

(39.6)

(5.6)

Gain on fair market value adjustment and gain on sale of equity investments

—

(13.6)

Changes in assets and liabilities, excluding effects of acquisitions:

Accounts receivable, net

(111.0)

(75.3)

Other assets, current and long-term

3.8

(10.0)

Current and long term liabilities, excluding debt

(18.0)

(91.9)

Cash provided by operating activities

520.2

413.0

Investing activities:

Capital expenditures

(268.6)

(321.3)

Acquisitions, net of cash acquired

—

(4.3)

Cash received from divestitures

—

6.9

Cash used in investing activities

(268.6)

(318.7)

Financing activities:

Net short-term payments

(194.2)

(411.2)

Payments on long-term debt

(8.8)

(575.0)

Borrowings on long-term debt

—

872.9

Dividends paid to Equifax shareholders

(96.4)

(95.6)

Distributions paid to noncontrolling interests

(3.4)

(2.1)

Proceeds from exercise of stock options and employee stock purchase plan

38.1

16.5

Payment of taxes related to settlement of equity awards

(16.0)

(16.9)

Debt issuance costs

—

(5.8)

Cash used in financing activities

(280.7)

(217.2)

Effect of foreign currency exchange rates on cash and cash equivalents

(5.8)

1.8

Decrease in cash and cash equivalents

(34.9)

(121.1)

Cash and cash equivalents, beginning of period

216.8

285.2

Cash and cash equivalents, end of period

$ 181.9

$ 164.1

Common Questions & Answers (Unaudited)
(Dollars in millions)

1. Can you provide a further analysis of operating revenue by operating segment?

Operating revenue consists of the following components:

(In millions)

Three Months Ended June 30,

Local
Currency

Organic
Local
Currency

Operating revenue:

2024

2023

$ Change

% Change

% Change (1)

% Change (2)

Verification Services

$ 515.9

$ 474.0

$ 41.9

9 %

Employer Services

97.0

108.8

(11.8)

(11) %

Total Workforce Solutions

612.9

582.8

30.1

5 %

Online Information Solutions

377.8

358.6

19.2

5 %

Mortgage Solutions

40.4

30.3

10.1

33 %

Financial Marketing Services

60.1

56.1

4.0

7 %

Total U.S. Information Solutions

478.3

445.0

33.3

7 %

Latin America

97.3

56.9

40.4

71 %

124 %

30 %

Europe

88.2

78.7

9.5

12 %

Asia Pacific

84.6

87.7

(3.1)

(4) %

(2) %

Canada

69.2

66.5

2.7

4 %

6 %

Total International

339.3

289.8

49.5

17 %

28 %

12 %

Total operating revenue

$ 1,430.5

$ 1,317.6

$ 112.9

9 %

11 %

8 %

(1)

Local currency revenue change is calculated by conforming 2024 results using 2023 exchange rates.

(2)

Organic local currency revenue growth is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. This adjustment is made for 12 months following the acquisition.

2. What is the estimate of the change in overall U.S. mortgage market credit inquiry volume that is included in the 2024 third quarter and full year guidance provided?

The change year over year in total U.S. mortgage market credit inquiries received by Equifax in the second quarter of 2024 was a decline of 13%. The guidance provided on page 3 assumes a change year over year in total U.S. mortgage market credit inquiries received by Equifax in the third quarter of 2024 to be a decline of about 7%. For full year 2024, our guidance assumes a decline of about 11%.

Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)

A. Reconciliation of net income attributable to Equifax to diluted EPS attributable to Equifax, defined as net income adjusted for acquisition-related amortization expense, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, fair market value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs and aggregated tax impact of these adjustments:

Three Months Ended June 30,

(In millions, except per share amounts)

2024

2023

$ Change

% Change

Net income attributable to Equifax

$ 163.9

$ 138.3

$ 25.6

19 %

Acquisition-related amortization expense of certain acquired intangibles (1)

65.3

60.3

5.0

8 %

Accrual for legal and regulatory matters related to the 2017 cybersecurity incident (2)

—

0.3

(0.3)

Fair market value adjustment and gain on sale of equity investments (3)

—

(10.5)

10.5

Foreign currency impact of certain intercompany loans (4)

0.4

(1.8)

2.2

Acquisition-related costs other than acquisition amortization (5)

14.5

26.9

(12.4)

(46) %

Income tax effects of stock awards that are recognized upon vesting or settlement (6)

(0.6)

(0.8)

0.2

(25) %

Argentina highly inflationary foreign currency adjustment (7)

0.1

—

— %

Realignment of resources and other costs (8)

—

17.5

(17.5)

Tax impact of adjustments (9)

(17.0)

(18.5)

1.5

(8) %

Net income attributable to Equifax, adjusted for items listed above

$ 226.6

$ 211.8

$ 14.8

7 %

Diluted EPS attributable to Equifax, adjusted for items listed above

$ 1.82

$ 1.71

$ 0.11

6 %

Weighted-average shares used in computing diluted EPS

124.8

123.8

(1)

During the second quarter of 2024, we recorded acquisition-related amortization expense of certain acquired intangibles of $65.3 million ($52.0 million, net of tax). We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the significant cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. The $13.3 million of tax is comprised of $17.4 million of tax expense net of $4.1 million of a cash income tax benefit. During the second quarter of 2023, we recorded acquisition-related amortization expense of certain acquired intangibles of $60.3 million ($49.0 million, net of tax). The $11.3 million of tax is comprised of $15.4 million of tax expense net of $4.1 million of a cash income tax benefit. See the Notes to this reconciliation for additional detail.

(2)

During the second quarter of 2023, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.3 million ($0.2 million, net of tax). See the Notes to this reconciliation for additional detail.

(3)

During the second quarter of 2023, we recorded an unrealized gain on the fair market value adjustment and gain on sale of equity investments of $10.5 million ($6.8 million, net of tax). The fair value adjustments were recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional details.

(4)

During the second quarter of 2024, we recorded a foreign currency loss on certain intercompany loans of $0.4 million. During the second quarter of 2023, we recorded a foreign currency gain on certain intercompany loans of $1.8 million. The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional detail.

(5)

During the second quarter of 2024, we recorded $14.5 million ($10.8 million, net of tax) for acquisition-related costs other than acquisition amortization. During the second quarter of 2023, we recorded $26.9 million ($21.2 million, net of tax) for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisition activity and were recorded in operating income. See the Notes to this reconciliation for additional detail.

(6)

During the second quarter of 2024, we recorded a tax benefit of $0.6 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. During the second quarter of 2023, we recorded a tax benefit of $0.8 million related to the tax effects of deductions for stock compensation expense in excess of amounts recorded for compensation costs. See the Notes to this reconciliation for additional detail.

(7)

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers in 2018. During both the second quarter of 2024 and 2023, we recorded a foreign currency loss of $0.1 million related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy. See the Notes to this reconciliation for additional detail.

(8)

During the second quarter of 2023, we recorded $17.5 million ($12.4 million, net of tax) of restructuring charges for the realignment of resources and other costs, which predominantly related to the reduction of headcount and the realignment of our internal resources to support the Company’s strategic objectives. See the Notes to this reconciliation for additional detail.

(9)

During the second quarter of 2024, we recorded the tax impact of adjustments of $17.0 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $13.3 million ($17.4 million of tax expense net of $4.1 million of cash income tax benefit) and (ii) a tax adjustment of $3.7 million related to acquisition-related costs other than acquisition amortization.

During the second quarter of 2023, we recorded the tax impact of adjustments of $18.5 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $11.3 million ($15.4 million of tax expense net of $4.1 million of cash income tax benefit), (ii) a tax adjustment of $0.1 million related to an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, (iii) a tax adjustment of $3.7 million related to the fair market value adjustment and gain on sale of equity investments, (iv) a tax adjustment of $5.1 million related to the realignment of internal resources and other costs, and (v) a tax adjustment of $5.7 million related to acquisition-related costs other than acquisition amortization.

B. Reconciliation of net income attributable to Equifax to adjusted EBITDA, defined as net income excluding income taxes, interest expense, net, depreciation and amortization expense, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, fair market value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs and presentation of adjusted EBITDA margin:

Three Months Ended June 30,

(In millions)

2024

2023

$ Change

% Change

Revenue

$ 1,430.5

$ 1,317.6

$ 112.9

9 %

Net income attributable to Equifax

$ 163.9

$ 138.3

$ 25.6

19 %

Income taxes

59.4

52.7

6.7

13 %

Interest expense, net*

54.6

58.2

(3.6)

(6) %

Depreciation and amortization

164.8

149.6

15.2

10 %

Accrual for legal and regulatory matters related to 2017 cybersecurity incident (1)

—

0.3

(0.3)

Fair market value adjustment and gain on sale of equity investments (2)

—

(10.5)

10.5

Foreign currency impact of certain intercompany loans (3)

0.4

(1.8)

2.2

Acquisition-related amounts other than acquisition amortization (4)

14.5

26.9

(12.4)

(46) %

Argentina highly inflationary foreign currency adjustment (5)

0.1

—

— %

Realignment of resources and other costs (6)

—

17.5

(17.5)

Adjusted EBITDA, excluding the items listed above

$ 457.7

$ 431.3

$ 26.4

6 %

Adjusted EBITDA margin

32.0 %

32.7 %

nm – not meaningful

*Excludes interest income of $2.7 million in 2024 and $2.5 million in 2023.

(1)

(2)

(3)

During the second quarter of 2024, we recorded a foreign currency loss on certain intercompany loans of $0.4 million. During the second quarter of 2023, we recorded a foreign currency gain on certain intercompany loans of $1.8 million. See the Notes to this reconciliation for additional detail.

(4)

(5)

(6)

C. Reconciliation of operating income by segment to adjusted EBITDA, excluding depreciation and amortization expense, other income, net, noncontrolling interest, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, fair market value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs and presentation of adjusted EBITDA margin for each of the segments:

(In millions)

Three Months Ended June 30, 2024

Workforce
Solutions

U.S.
Information
Solutions

International

General
Corporate
Expense

Total

Revenue

$ 612.9

$ 478.3

$ 339.3

—

$ 1,430.5

Operating income

272.7

98.6

40.4

(129.5)

282.2

Depreciation and amortization

44.4

57.0

43.5

19.9

164.8

Other income (expense), net*

—

0.3

0.6

(3.9)

(3.0)

Noncontrolling interest

—

(1.3)

—

(1.3)

Adjustments (1)

6.6

2.7

3.7

2.0

15.0

Adjusted EBITDA

$ 323.7

$ 158.6

$ 86.9

$ (111.5)

$ 457.7

Operating margin

44.5 %

20.6 %

11.9 %

19.7 %

Adjusted EBITDA margin

52.8 %

33.2 %

25.6 %

32.0 %

nm – not meaningful

*Excludes interest income of $2.1 million in International and $0.6 million in General Corporate Expense.

(In millions)

Three Months Ended June 30, 2023

Workforce
Solutions

U.S.
Information
Solutions

International

General
Corporate
Expense

Total

Revenue

$ 582.8

$ 445.0

$ 289.8

—

$ 1,317.6

Operating income

244.6

102.8

34.4

(144.9)

236.9

Depreciation and amortization

44.3

50.5

33.6

21.2

149.6

Other income, net*

—

0.7

12.2

0.5

13.4

Noncontrolling interest

—

(1.1)

—

(1.1)

Adjustments (1)

11.2

6.0

(8.9)

24.2

32.5

Adjusted EBITDA

$ 300.1

$ 160.0

$ 70.2

$ (99.0)

$ 431.3

Operating margin

42.0 %

23.1 %

11.9 %

18.0 %

Adjusted EBITDA margin

51.5 %

36.0 %

24.2 %

32.7 %

nm – not meaningful

*Excludes interest income of $0.9 million in International and $1.6 million in General Corporate Expense.

(1)

During the second quarter of 2024, we recorded pre-tax expenses of $0.4 million for a foreign currency loss on certain intercompany loans, $14.5 million for acquisition-related costs other than acquisition amortization, and a foreign currency loss of $0.1 million related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy.

During the second quarter of 2023, we recorded pre-tax expenses of $0.3 million for an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, a $10.5 million unrealized gain on the fair market value adjustment and gain on sale of equity investments, a $1.8 million foreign currency gain on certain intercompany loans, $26.9 million in acquisition-related costs other than acquisition amortization, a $0.1 million foreign currency loss related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy, and $17.5 million of restructuring charges for the realignment of resources and other costs.

Notes to Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures

Diluted EPS attributable to Equifax is adjusted for the following items:

Acquisition-related amortization expense – During the second quarter of 2024 and 2023, we recorded acquisition-related amortization expense of certain acquired intangibles of $65.3 million ($52.0 million, net of tax) and $60.3 million ($49.0 million, net of tax), respectively. We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the material cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. These financial measures are not prepared in conformity with GAAP. Management believes excluding the impact of amortization expense is useful because excluding acquisition-related amortization and other items that are not comparable allows investors to evaluate our performance for different periods on a more comparable basis. Certain acquired intangibles result in material cash income tax savings which are not reflected in earnings. Management believes that including a benefit to reflect the cash income tax savings is useful as it allows investors to better value Equifax. Management makes these adjustments to earnings when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital.

Accrual for legal and regulatory matters related to the 2017 cybersecurity incident – Accrual for legal and regulatory matters related to the 2017 cybersecurity incident includes legal fees to respond to subsequent litigation and government investigations for both periods presented. During the second quarter of 2023, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.3 million ($0.2 million, net of tax). Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax’s historical performance and is useful when planning, forecasting and analyzing future periods.

Fair market value adjustment and gain on sale of equity investments – On August 7, 2023, we purchased the remaining interest of our equity investment in Brazil. Prior to the acquisition, the investment in Brazil was adjusted to fair value at the end of each reporting period, with unrealized gains or losses recorded within the Consolidated Statements of Income in Other income, net. During the second quarter of 2023, we recorded a $10.5 million ($6.8 million, net of tax) unrealized gain related to adjusting our investment in Brazil to fair market value and gain related to the sale of an equity method investment. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2023, since the non-operating gain is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax’s historical performance and is useful when planning, forecasting and analyzing future periods.

Foreign currency impact of certain intercompany loans – During the second quarter of 2024 and 2023, we recorded a loss of $0.4 million and a gain of $1.8 million, respectively, related to foreign currency impact of certain intercompany loans. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax’s historical performance and is useful when planning, forecasting and analyzing future periods.

Acquisition-related costs other than acquisition amortization – During the second quarter of 2024 and 2023, we recorded $14.5 million ($10.8 million, net of tax) and $26.9 million ($21.2 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisitions and were recorded in operating income. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results, since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax’s historical performance and is useful when planning, forecasting, and analyzing future periods.

Income tax effects of stock awards that are recognized upon vesting or settlement – During the second quarter of 2024, we recorded a tax benefit of $0.6 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. During the second quarter of 2023, we recorded a tax benefit of $0.8 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. Management believes excluding this tax effect from financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2024 and 2023 because these amounts are non-operating and relate to income tax benefits or deficiencies for stock awards recognized when tax amounts differ from recognized stock compensation cost. This is consistent with how management reviews and assesses Equifax’s historical performance and is useful when planning, forecasting and analyzing future periods.

Argentina highly inflationary foreign currency adjustment – Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. We recorded a foreign currency loss of $0.1 million during both the second quarter of 2024 and 2023 as a result of remeasuring the peso denominated monetary assets and liabilities due to Argentina being highly inflationary. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax’s historical performance and is useful when planning, forecasting and analyzing future periods.

Charge related to the realignment of resources and other costs – During the second quarter of 2023, we recorded $17.5 million ($12.4 million, net of tax) of restructuring charges for the realignment of resources and other costs, which predominantly relates to the reduction of headcount and the realignment of our internal resources to support the Company’s strategic objectives. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2023, since the charges are not comparable among the periods. This is consistent with how our management reviews and assesses Equifax’s historical performance and is useful when planning, forecasting and analyzing future periods.

Adjusted EBITDA and EBITDA margin – Management defines adjusted EBITDA as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization and also excludes certain one-time items. Management believes the use of adjusted EBITDA and adjusted EBITDA margin allows investors to evaluate our performance for different periods on a more comparable basis.

Contact:

Trevor Burns

Kate Walker

Investor Relations

Media Relations

trevor.burns@equifax.com

mediainquiries@equifax.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/equifax-delivers-strong-second-quarter-2024-revenue-growth-of-9-led-by-workforce-solutions-non-mortgage-verification-services-302199807.html

SOURCE Equifax Inc.

Technology

ERCO Seoul Unveils State-of-the-Art Experience Centre

Published

4 minutes ago

November 14, 2024

ERCO’s new Experience Centre in Seoul invites industry professionals to experience the future of lighting design. This immersive space offers exclusive workshops, demonstrations, and insights into the latest trends, showcasing ERCO’s commitment to elevating architectural projects.

SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — ERCO, a global leader in architectural lighting, is excited to announce the relocation of its Seoul office to a modern, state-of-the-art facility. This move reflects ERCO’s dedication to providing exceptional service and innovative lighting solutions to its valued customers in South Korea.

The new office, located at #103, 33, Dosan-daero 27-gil, Gangnam-gu, Seoul 06032, offers enhanced accessibility and convenience for customers and partners. This strategic relocation underscores ERCO’s commitment to expanding its presence and supporting the growing demand for architectural lighting in the region.

A highlight of the new office is the immersive ERCO Experience Centre. This innovative space showcases ERCO’s latest lighting technologies and solutions. Visitors can witness firsthand how ERCO’s lighting systems seamlessly integrate with architecture to create stunning and functional spaces. The Experience Centre is an inspiring hub for architects, designers, and lighting professionals to explore the possibilities of ERCO’s lighting, gain inspiration for their projects, and foster creative collaboration.

Lim Chul-Hoon, Branch Manager of ERCO Seoul, “We’re thrilled to unveil the new ERCO Experience Centre in Seoul. This relocation allows us to provide an even better experience for our clients. The Centre is a space where they can truly experience the transformative power of ERCO’s lighting solutions and how they can elevate their architectural designs.”

Jack Tan, Asia Pacific Managing Director at ERCO, added, “The relocation and Experience Centre demonstrate ERCO’s ongoing commitment to pushing boundaries and exceeding customer expectations across the region. This state-of-the-art facility showcases our dedication to providing industry-leading lighting solutions. We’re excited to welcome our clients for an immersive experience of ERCO’s capabilities.”

Architects, designers, and lighting professionals interested in attending a lighting workshop or exploring the Experience Centre can contact ERCO Seoul at +82 2 596 3366 or info.kr@erco.com.

About ERCO

ERCO is a global leader in high-quality, digital architectural lighting. Founded in 1934, this family-owned company operates in 55 countries with independent sales organizations and partners.

ERCO views light as the fourth dimension of architecture, thus an essential element of sustainable architecture. By contributing to better societies and buildings while preserving the environment, ERCO Greenology® combines ecological responsibility with technological innovation.

ERCO develops, designs, and manufactures luminaires at its light factory in Lüdenscheid, Germany. Focusing on photometric optics, electronics, and sustainable design, ERCO’s products are used in a variety of applications, including: Work and Culture, Community and Public/Outdoor, Contemplation, Living, Shop and Hospitality.

ERCO lighting experts collaborate with architects and designers worldwide to create highly precise, efficient, and sustainable lighting solutions that bring projects to life.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/erco-seoul-unveils-state-of-the-art-experience-centre-302286861.html

SOURCE ERCO Lighting

Technology

Suvoda Awarded US Patent for its eCOA Software Architecture

Published

4 minutes ago

November 14, 2024

Low-code, no-code approach accelerates eCOA questionnaire design and deployment, taking questionnaire creation, licensing, and localization off the critical path

PHILADELPHIA, Nov. 14, 2024 /PRNewswire/ — Suvoda, a global clinical trial technology company specializing in complex studies in therapeutic areas like oncology, central nervous system (CNS), and rare diseases, announced the receipt of a patent from the US Patent Office for the Suvoda Questionnaire Definition Language (SQDL), part of the software architecture of its eCOA (electronic Clinical Outcome Assessment) product.

The patent demonstrates the power of Suvoda eCOA: expedited questionnaire creation, translation, localization, and deployment so clinical trial sponsors can launch their studies more efficiently. While eCOA is traditionally a bottleneck in clinical trial implementation, Suvoda eCOA and its SQDL tool enable sponsors to deliver high quality questionnaires in a matter of hours, instead of days.

“This recognition by the US Patent Office is a testament to the ingenuity, creativity, and technical excellence of our team. Many claim to offer similar capabilities, but Suvoda’s patented technology enables us to truly deliver on our promises. Suvoda eCOA accelerates questionnaire implementation in a regulatory compliant manner, which is crucial for the efficiency and success of clinical trials,” said Jagath Wanninayake, CEO of Suvoda.

The patented architecture offers several key benefits:

Easy eCOA questionnaire creation: Suvoda eCOA allows non-engineers to define eCOA questionnaires using a simple low-code/no-code approach, while maintaining rigorous regulatory compliance. It includes a real-time preview of each question, language, and layout configuration to improve feedback and productivity.

Accelerate development by parallel processing: Questionnaire definition, licensing, translation, and layout occur concurrently and are decoupled from the study build.

Localization partners work directly in Suvoda eCOA, previewing translations in real-time and minimizing back-and-forth with Suvoda and the sponsor.

Simplified mid-study questionnaire updates: Questionnaires can be easily modified while maintaining the validated state of the eCOA system, so that mid-study changes do not delay data collection.

Efficient questionnaire and component reuse: Suvoda eCOA allows questionnaires, where permitted, to be stored and reused in an accessible and organized way and allows for compatibility with newly updated devices without affecting system validation.

“The SQDL architecture fundamentally changes how eCOA questionnaires are created by supporting parallel construction of translations and layouts. We have patented the core of what we do, supporting a powerful no-code/low-code definition layer that enables an ecosystem of tools—like real-time, device-accurate previews and screenshot generation—that can improve eCOA implementation and deployment,” explained Andrew McVeigh, Suvoda’s Chief Architect.

Suvoda eCOA is part of a comprehensive suite of clinical trial solutions, including IRT (Interactive Response Technology), eConsent, and the recently launched ePatient. Unified on the purpose-built Suvoda technology platform, these products support clinical trial sponsors in the most urgent moments of their studies, enabling them to enhance operational efficiency, reduce site-burden, transform patients’ trial journeys, and help advance human health.

For more information about Suvoda and its innovative eCOA solution, visit https://www.suvoda.com/products/ecoa.

About Suvoda:
Suvoda is a global clinical trial technology company specializing in complex, life-sustaining studies in therapeutic areas like oncology, central nervous system, and rare diseases. Founded in 2013 by experts in eClinical technologies, Suvoda empowers clinical trial professionals to manage the most urgent moments in the most urgent trials through advanced software solutions delivered on a single platform. Headquartered outside Philadelphia, Suvoda also maintains offices in Portland, OR, Barcelona, Spain, Bucharest and Iasi, Romania, and Tokyo, Japan. The company’s Net Promoter Score (NPS) consistently exceeds the technology industry average, contributing to the company being selected by trial sponsors and contract research organizations (CROs) to support more than 1,500 trials across more than 85 countries. To learn more, visit suvoda.com. Follow Suvoda on LinkedIn.

CONTACT: marketing@suvoda.com

Logo – https://mma.prnewswire.com/media/1759317/Suvoda_Logo.jpg

View original content:https://www.prnewswire.com/apac/news-releases/suvoda-awarded-us-patent-for-its-ecoa-software-architecture-302304690.html

SOURCE Suvoda LLC

Technology

9Pay Presents All-in-One Efficient Financial Solution at Singapore FinTech Festival

Published

4 minutes ago

November 14, 2024

HANOI, Vietnam, Nov. 14, 2024 /PRNewswire/ — From November 6 to 8, 9Pay showcased comprehensive payment services in Vietnam to businesses at the Singapore FinTech Festival 2024. 9Pay’s participation at one of the largest global Fintech events has attracted significant attention from companies and industry experts.

Singapore FinTech Festival (SFF) 2024 is organized by the Monetary Authority of Singapore in collaboration with the Association of Banks in Singapore for the 9th time at the Singapore EXPO Convention & Exhibition Center. The event attracted 65,000 participants from 134 countries and regions, including more than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and other government organizations.

For 9Pay, attending SFF 2024 in Singapore is a strategic step to strengthening its position in fintech in Southeast Asia and the world. Coming for the first time as an official exhibitor of this famous financial event, 9Pay was welcomed warmly by many financial professionals and clients, as a trusted fintech company in Vietnam. This has contributed to strengthening the position of Vietnam’s financial technology industry in the international area, demonstrating that Vietnamese fintech enterprises are ready to compete and integrate into regional and global marketplaces.

The State Bank of Vietnam’s 2024 report highlights Vietnam as a top FDI destination, ranking 25th globally and outpacing regional peers like Indonesia, the Philippines, and Thailand. Key drivers include Vietnam’s large domestic market, robust consumer spending, and proactive government reforms that streamline processes and bolster foreign trade. Improved technology infrastructure has made sectors like e-commerce, fintech, logistics, education, and tourism particularly attractive. With deep market insight, 9Pay, a licensed payment intermediary, has empowered numerous companies to thrive in Vietnam by offering seamless, all-in-one payment solutions.

As the leading payment service provider, 9Pay has established powerful partnerships with international PSPs and Remittances, allowing partners to receive payments seamlessly and facilitating smooth money transfers to Vietnamese beneficiaries. Typical instances include e-commerce platforms expanding in Vietnam that can easily collect payments and promote growth, and an online education provider that integrated 9Pay’s localized payment solution, simplifying tuition payments for Vietnamese students while improving user experience.

Boost Business Efficiency with Collection – Disbursement and Payment Gateway Service

The 9Pay Collection and Pay-Out Service offers several standout benefits for partners aiming to expand and operate efficiently in Vietnam. One of key strengths is the Localized Banking Advantage, enabling partners to use 9Pay as a local bank account for seamless collection and disbursement, simplifying operations and enhancing financial workflows.

Additionally, there are lots of new cross-border payment regulations this year. Companies need to thoroughly understand and strictly comply with these regulations to ensure legal and stable business operations. Expert Tax Advisory for smooth market entry of 9Pay will provide partners with crucial insights into their tax obligations, easing compliance and fostering confident growth in the Vietnamese market.

With a cost-efficient fee structure, 9Pay helps partners minimize transaction expenses, allowing for better cost management and increased profitability. The service also tackles the complexities of cross-border transactions through optimized FX rates and transparent fees, providing live exchange rates and clear pricing to ensure predictable, competitive costs and address currency fluctuation challenges.

Another significant advantage of 9Pay is its 24/7 dedicated support, offering reliable assistance even on weekends and holidays to promptly resolve issues and maintain smooth operations.

The leading fintech company in digital financial innovation and cross-border payments in Vietnam

Throughout the event, the 9Pay team had valuable individual meetings with decision-makers as well as took part in in-depth discussion sessions led by industry experts. With significant expertise regarding the future of the Fintech sector, including topics such as Next-Gen Transactions, Digital Assets, AI, and Quantum, 9Pay has new directions for its product development roadmap.

Furthermore, with many new cross-border payment rules this year, 9Pay is dedicated to giving professional help to educate businesses on regulatory requirements, best practices, and platform capabilities that ensure smooth, compliant transactions. For better guidance and support on payment solutions in Vietnam, businesses can connect with 9Pay experts here.

Building on its success at the SFF, 9Pay is set to advance Vietnam’s fintech sector globally by providing seamless, compliant, and cost-effective cross-border payment solutions. With a commitment to deepening APAC partnerships and adapting to evolving regulations, 9Pay empowers businesses to grow confidently in Vietnam and beyond, positioning itself as a leader in the future of global fintech.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/9pay-presents-all-in-one-efficient-financial-solution-at-singapore-fintech-festival-302304265.html

SOURCE 9Pay JSC

Technology4 days ago

CloudOne Digital Appoints Packet Cofounder and Former Equinix Executive Zach Smith to Board of Directors to Drive Growth in Bare Metal and Hybrid-Cloud Solutions