Technology
Equifax Delivers Strong Second Quarter 2024 Revenue Growth of 9% Led by Workforce Solutions Non-Mortgage Verification Services
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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
$ 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
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
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)
(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 %
9 %
Employer Services
97.0
108.8
(11.8)
(11) %
(11) %
Total Workforce Solutions
612.9
582.8
30.1
5 %
5 %
Online Information Solutions
377.8
358.6
19.2
5 %
5 %
Mortgage Solutions
40.4
30.3
10.1
33 %
33 %
Financial Marketing Services
60.1
56.1
4.0
7 %
7 %
Total U.S. Information Solutions
478.3
445.0
33.3
7 %
7 %
Latin America
97.3
56.9
40.4
71 %
124 %
30 %
Europe
88.2
78.7
9.5
12 %
12 %
12 %
Asia Pacific
84.6
87.7
(3.1)
(4) %
(2) %
(2) %
Canada
69.2
66.5
2.7
4 %
6 %
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)
nm
Fair market value adjustment and gain on sale of equity investments (3)
—
(10.5)
10.5
nm
Foreign currency impact of certain intercompany loans (4)
0.4
(1.8)
2.2
nm
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
0.1
—
— %
Realignment of resources and other costs (8)
—
17.5
(17.5)
nm
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)
nm
Fair market value adjustment and gain on sale of equity investments (2)
—
(10.5)
10.5
nm
Foreign currency impact of certain intercompany loans (3)
0.4
(1.8)
2.2
nm
Acquisition-related amounts other than acquisition amortization (4)
14.5
26.9
(12.4)
(46) %
Argentina highly inflationary foreign currency adjustment (5)
0.1
0.1
—
— %
Realignment of resources and other costs (6)
—
17.5
(17.5)
nm
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)
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.
(2)
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.
(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)
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.
(5)
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.
(6)
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.
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 %
nm
19.7 %
Adjusted EBITDA margin
52.8 %
33.2 %
25.6 %
nm
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 %
nm
18.0 %
Adjusted EBITDA margin
51.5 %
36.0 %
24.2 %
nm
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
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SOURCE Equifax Inc.
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Technology
A-LIGN Issues First ISO 42001 Certification to Synthesia
Published
57 mins agoon
September 25, 2024By
TAMPA, Fla., Sept. 25, 2024 /PRNewswire/ — A-LIGN, the leading provider in cybersecurity compliance, has issued its first unaccredited ISO/IEC 42001 certification to Synthesia, marking a groundbreaking achievement in artificial intelligence (AI) compliance.
The issuance of Synthesia’s ISO 42001 certificate highlights A-LIGN’s unwavering commitment to excellence and its role in empowering clients to achieve and maintain the highest levels of compliance in the ever-evolving AI landscape.
“AI is revolutionizing our world, driving change in both business operations and regulatory frameworks,” said Patrick Sullivan, VP of Strategy & Innovation at A-LIGN. “At A-LIGN, we are dedicated to innovation through services like ISO 42001, ensuring our clients receive the trusted quality they expect as the AI landscape evolves. This commitment enables industry leaders like Synthesia to leverage compliance as a strategic advantage.”
London-based Synthesia is the first AI video company to achieve ISO 42001 compliance. This certification sets a new benchmark in the industry, showcasing Synthesia and A-LIGN’s joint dedication to compliance innovation and high-quality security.
“Synthesia is committed to the responsible, transparent, and secure development of AI technologies, and achieving ISO 42001 certification through A-LIGN’s audit process demonstrates our dedication to these principles,” said Martin Tschammer, Head of Security at Synthesia. “A-LIGN’s expertise and attention to detail helped us identify and remediate any gaps in our rigorous processes. Together, we have led the way for the rest of the industry in the adoption of this standard, fostering trust and ensuring the long-term success of AI development and use.”
For more information about A-LIGN and ISO 42001 certification services, visit https://www.a-lign.com.
About A-LIGN
A-LIGN is the leading provider of high-quality, efficient cybersecurity compliance programs. Combining experienced auditors and audit management technology, A-LIGN provides the widest breadth and depth of services including SOC 2, ISO 27001, HITRUST, FedRAMP, and PCI. A-LIGN is the number one issuer of SOC 2 and a leading HITRUST and FedRAMP assessor. To learn more, visit a-lign.com.
About Synthesia
Synthesia is the world’s leading enterprise AI video communications platform. More than 55,000 businesses, including half of the Fortune 100, use it to communicate efficiently and share knowledge at scale using AI avatars. Founded in 2017, Synthesia is headquartered in London and makes video creation, collaboration and sharing easy for everyone. Learn more at https://synthesia.io/.
Media Contact: Abigail Rodrigues, abigail.rodrigues@a-lign.com
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SOURCE A-LIGN
Technology
Vanderbilt University School of Medicine Basic Sciences Adds Carterra’s LSAXT Instrument to Speed Drug and Vaccine Research and Advance Patient Care
Published
57 mins agoon
September 25, 2024By
The Center for Structural Biology in the School of Medicine Basic Sciences will be a hub of research innovation using Carterra’s platform in traditional and AI-driven workflows for characterizing both antibodies and other biomolecules
SALT LAKE CITY and NASHVILLE, Tenn. , Sept. 25, 2024 /PRNewswire/ — Carterra® Inc., the world leader in innovative technologies enabling high-throughput biology, and the Vanderbilt University School of Medicine Basic Sciences announced today the addition of the Carterra LSAXT label-free interaction analysis platform to the Center for Structural Biology (CSB). Vanderbilt and Vanderbilt University Medical Center researchers will be able to discover and characterize large molecules including antibodies.
“Many of our researchers are trying to identify antibodies that bind to a protein involved in health or disease,” said Borden Lacy, director of the CSB and Edward and Nancy Fody Chair in Pathology and professor of biochemistry and pathology, microbiology and immunology. “The ability to rapidly screen and quantify binding for large libraries of antibodies will shape the way molecular discovery moves forward at Vanderbilt. The work we spend months on will now be completed in a matter of days. It is incredibly exciting.”
Carterra’s LSA platform was used by pharmaceutical giant Eli Lilly during the COVID-19 pandemic to find antibodies effective against SARS-CoV-2. Within 90 days of isolating antibodies from an early COVID-19 survivor, Lilly was in clinical trials with the world’s first COVID-19 therapeutic, the antibody Bamlanivimab.
BAM, as it became known, is the fastest drug ever discovered and saved countless lives. The publication in Science describing the feat concluded, “The resulting speed at which this drug discovery and development effort progressed…is a testament to the advanced discovery and characterization platforms.”
Vanderbilt investigators will now be able to leverage the Carterra platform for a variety of research aims.
Two projects that are getting early traction include:
Stephanie Wankwicz, assistant professor of molecular physiology and biophysics and a faculty affiliate of the Center for Applied AI in Protein Dynamics, is elucidating the role of entropy in substrate specificity and catalysis. Wankowicz is planning to use Carterra’s platform to more quickly and efficiently analyze a large panel of peptide sequence variants against a kinase. Older methods are very low throughput and would require high concentrations of the protein/peptide solution.
Brian Wadzinski, associate professor of pharmacology, recently submitted a grant application to characterize pan- and phosphor-specific nanobodies for investigating MAPK and PP2A signalling. Affinity measurements for these large panels of nanobodies and high-resolution epitope binning can only be performed on Carterra’s platform.
The LSAXT instrument includes hardware and software features that build upon the capabilities of Carterra’s original and highly successful LSA instrument while maintaining its impressive throughput and sample efficiency. The LSA platform delivers 100 times the data in 10 percent of the time-to-answer and uses only 1 percent of the sample required by other label-free platforms.
Just last year, Vanderbilt launched the Center for Applied AI in Protein Dynamics which will also benefit from the addition of Carterra’s platform. The LSA® is the only label-free biosensor that can generate enough data, quickly and efficiently, to train algorithms and learning models used to predict the affinity and epitope coverage of drug candidates. Pharmaceutical and biotech companies who have now moved to AI-driven drug discovery workflows have standardized on the LSA.
“Vanderbilt has always led its peers in research innovation,” commented Tim Germann, Chief Commercial Officer at Carterra. “To enable the use of AI in antibody discovery and characterization by adding the LSAXT to its stable of technologies cements Vanderbilt’s position as the academic leader in this rapidly evolving research landscape.”
Since its launch in 2018, Carterra’s interaction analysis platform has penetrated 19 of the largest 20 pharmaceutical companies, major universities and vaccine makers, contract research organizations (CROs), and biotechs on four continents. Characterizing binding kinetics and epitope coverage of large numbers of antibodies in early research has been transformative. The LSA platform has been profiled in multiple Science, Nature, and Cell peer-reviewed papers.
Media Contact:
Cheri Salazar, Sr. Marketing Manager
Carterra, Inc.
(408) 594-9400
Csalazar@carterra-bio.com
About Carterra, Inc.
Carterra® is privately held and is the leading provider of high-throughput technologies designed to accelerate and improve the discovery of novel therapeutic candidates. Carterra’s LSA® instrument, software, and consumables for biotherapeutic discovery and characterization deliver up to 100 times the throughput of existing platforms in 10% of the time while using only 1% of the sample required by other systems. The LSA combines patented microfluidics technology with real-time high-throughput Surface Plasmon Resonance (HT-SPR) and industry-leading data analysis and visualization software to revolutionize mAb screening. The new LSAXT provides enhanced optics to enable additional applications in biotherapeutic discovery and characterization. Carterra, Inc. is based in Salt Lake City, Utah, and has Customer Experience Centers in San Francisco, Salt Lake City, Boston, Manchester, England, and Munich, Germany. Carterra products are available in Asia-Pacific and Oceania through our exclusive distributor, Revvity. For additional information, please visit www.carterra-bio.com.
About the Vanderbilt Center for Structural Biology
The Vanderbilt Center for Structural Biology promotes the broad use of structural biology approaches in all life science research and provides resources for education and training in state-of-the-art technologies. Uniquely, the CSB merges applications of high resolution structural biology disciplines, X-ray crystallography, NMR spectroscopy, cryo-electron microscopy and computational biology, with the biophysical instrumentation needed to characterize biomolecular interactions. This strategy allows researchers to solve fundamental structural problems in medicine and biology. The CSB facilitates collaborations with investigators across a range of Departments in both the College of Arts and Science, the School of Medicine Basic Sciences, and the School of Medicine in Vanderbilt University Medical Center. The CSB is directed by Borden Lacy, Edward and Nancy Fody Chair in Pathology and professor of biochemistry and pathology, microbiology and immunology.
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SOURCE Carterra
Technology
BMC Helping Customers Improve Lives and Customer Experiences in Healthcare, Financial Services and Energy Sectors
Published
57 mins agoon
September 25, 2024By
NHS Northumbria patients, Nationwide Building Society members, and EDP customers benefit from the time- and cost-savings BMC delivers using data-driven insights and automation
HOUSTON, Sept. 25, 2024 /PRNewswire/ — BMC, a global leader in software solutions enabling business faster than humanly possible, has collaborated with European leaders in the healthcare, finance, and energy industries to optimize their IT and operational technology (OT) investments and realize the benefits of DataOps and ServiceOps for millions of their patients and customers.
NHS Northumbria, Nationwide Building Society, and Energias de Portugal (EDP) use the Control-M solution from BMC and the BMC Helix platform to gain data-driven insights instantly across complex hybrid IT environments, saving costs while drastically improving the speed and reliability at which they deliver value.
NHS Northumbria accelerates patient care with BMC Helix
Northumbria NHS Foundation Trust is among the largest healthcare organizations geographically in the U.K., with around 12,000 employees serving around 500,000 people in northeast England. Delivering a full range of health services across 10 main sites, including an emergency care hospital, general and community hospitals, and other facilities, the Trust seeks to improve patient outcomes and relieve pressure on its people and processes.
Using BMC Helix to digitize its end-user experience, NHS Northumbria has achieved:
90% paperless SLA improvement400% increase in Digital Workplace platform adoptionSignificant ROI within the first three yearsImproved patient processing times, real-time decisions, and secure authorizations from any device
“To achieve big things, you must develop the ability to get small things right, too. In our team, we ensure that excellence in everything is not an exception. It’s more of an attitude, and BMC shares those values,” said Glen Foster, Deputy Director for Service Delivery, Performance and Governance, Northumbria Healthcare NHS Foundation Trust. “We’ve already improved care levels—now we aim to build out trust rating beyond outstanding and see what digital transformation can deliver.”
Nationwide Building Society meets high financial standards with BMC Helix Capacity Optimization
Based in the U.K., Nationwide is the world’s largest building society, with 16 million members. Nationwide decided to upgrade from its custom on-premises system to a cloud solution that could handle the organization’s complex IT estate, and selected the BMC Helix Capacity Optimization solution, which delivers robust forecasting, modeling, and extrapolation functionalities that made it stand out.
With the BMC Helix Capacity Optimization solution, Nationwide has:
Met regulatory requirements 6 months ahead of scheduleEnabled three months advanced notice for potential capacity issuesReduced requests forwarded to ITOps by 94%
“If we want to stand by the decisions we’re making, we’ve got to trust the data. Now, the data is in BMC Helix Capacity Optimization, so the system can consolidate and highlight what’s pertinent. Getting to this point was critical,” said Peter Norris, Process Owner for IT Service Demand and Capacity Management at Nationwide.
EDP powers the energy market with Control-M
As a global company, EDP relies on a wide range of business services to drive innovation and provide support to customers worldwide, including energy production, distribution, and management. To simplify, automate, and standardize the production of millions of invoices per day and ensure that accurate invoices were created, printed, and shipped on time, every time, EDP chose Control-M, the market-leading application and data workflow orchestration platform from BMC.
With this solution, EDP has:
Serviced nine million customersExperienced a 46% reduction in application workflow execution incidentsReduced requests forwarded to ITOps by 36%
“Control-M runs hundreds of applications and covers nearly all of our business in EDP. If anyone from the Application Teams or Process Architecture Teams comes to us with an integration request or other challenge, Control-M can always offer a solution,” said Carlos Miguel Pereira, Head of Scheduling Platform and Operations Management at EDP.
Additional resources
Learn more about BMC customers here
About BMC
BMC empowers 86% of the Forbes Global 50 to accelerate business value faster than humanly possible. Our industry-leading portfolio unlocks human and machine potential to drive business growth, innovation, and sustainable success. BMC does this in a simple and optimized way by connecting people, systems, and data that power the world’s largest organizations so they can seize a competitive advantage.
BMC, BMC Software, the BMC logo, and other BMC marks are the exclusive properties of BMC Software, Inc. and are registered or may be registered with the U.S. Patent and Trademark Office or in other countries.
©Copyright 2024 BMC Software, Inc.
www.bmc.com
Editorial Contact
Madeline Bien
BMC
ExtComms@bmc.com
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SOURCE BMC Software, Inc.
A-LIGN Issues First ISO 42001 Certification to Synthesia
Vanderbilt University School of Medicine Basic Sciences Adds Carterra’s LSAXT Instrument to Speed Drug and Vaccine Research and Advance Patient Care
BMC Helping Customers Improve Lives and Customer Experiences in Healthcare, Financial Services and Energy Sectors
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