Please standby. Good day and welcome to the First Quarter 2015 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeff Dodge. Please go ahead, sir.

Thanks and good morning. Welcome to today's conference call. I'm Jeff Dodge, Investor Relations. And with me today are Rick Smith, Chairman and Chief Executive Officer and John Gamble, Chief Financial Officer. Today's call is being recorded. An archive of the recording will be available later today in the Investor Relations section of the About Equifax tab of our website at www.equifax.com. During this call, we'll be making certain forward-looking statements to help you understand Equifax and its business environment. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in the filings with the SEC, including our 2013 Form 10-K and subsequent filings. We will be referring to certain non-GAAP financial measures including adjusted EPS attributable to Equifax, and adjusted operating margin that will be adjusted for certain items, which affect the comparability of the underlying operational performance. Adjusted EPS attributable to Equifax excludes acquisition-related amortization expense and the associated tax effects and the charge principally related to the realignment of internal resources to more effectively support the company's strategic objectives. Our adjusted operating margin excludes the one-time charge principally related to the realignment of our internal resources. These measures are detailed in our non-GAAP reconciliation tables included in our earnings release and also posted on our website. Also please refer to our various investor presentations, which are posted in the Investor Relations section of our website, www.investor.equifax.com for further details. Now, I'd like to turn it over to Rick. Richard F. Smith - Chairman & Chief Executive Officer: Thanks, Jeff, and good morning, everyone. And as always, thank you for making time to join us this morning. The first quarter's performance was very robust and significantly…

Thank you. We'll go to Shlomo Rosenbaum with Stifel. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc.: Hi. Thank you very much, Rick, and for taking my questions, and John. I want to just drill in a little bit more very, very healthy growth across the company. The biggest, I would say, surprise was in the Employer Services; that has had the best growth it looks like in like five years. Can you talk a little bit about, just the stuff that came together specifically in the quarter and how I should be thinking about the growth? Have you gotten that to a sustainable double-digit growth level over there? How should I think about that? Richard F. Smith - Chairman & Chief Executive Officer: Thanks, Shlomo. I'd say there's two primary drivers to the growth. One, I think I mentioned it last year, that new leadership in there has been about a year or so, year-and-a-half, Scott Collins doing a heck of a job. He's changed the mentality out there from a business unit that's kind of protect the work number to a growth business model. So, he's built processes, he's changing the team. They think about growth, not protect, so that's helping him. And then you had a WOTC benefit for the first quarter that added some growth as well. So as I think about the Verification Services piece of EWS, Shlomo, when we bought the business, we thought it would be a good solid year-on-year middle-single-digit kind of growth rate. So I would not model a double-digit growth rate for Employer Services at this point. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc.: So if I dig further down, how much of that was like ACA work and some of the stuff that's just compliance type…

We'll go next David Togut with Evercore ISI.

Thank you, and good morning, Rick and John. Richard F. Smith - Chairman & Chief Executive Officer: Hello David.

Quite a quarter. Since you touched on Workforce Solutions in some detail, could you provide a little more detail on the 18% unit growth you disclosed in USCIS in terms of the underlying drivers, sustainability of those drivers? Richard F. Smith - Chairman & Chief Executive Officer: Yeah. Again, as I tried to allude to in the – my opening comments as did John in his, it is extremely broad based, it is. Automotive was extremely strong. Our KCP clients was strong, Financial Services was strong, Telco was strong, Credit Karma was strong, mortgage channel partners were strong. It is extremely broad based.

And just as a follow-up, your 450 basis points of operating margin expansion in that business, do you have a higher target now for operating leverage in that business? Or is this short-term strength that will slow over time? Richard F. Smith - Chairman & Chief Executive Officer: The gift that keeps on giving, you always want more, David. I'd say the beauty of this model is, we have the ability to continue to invest in CapEx for organic growth. And as you're growing, the leverage you get is phenomenal. So that exists not only in USIS as we really saw, that exists in virtually every business we have, and what you just saw in EWS as well. So yeah I think now that they're over, I don't know the exact number for USIS, over 42% I think it was, yeah, you should expect them to fall in that range. And the only way John and I can give you our targeted 25 basis points of expansion every year, is that every business unit continues to grow. So I would expect USIS to continue to expand on mortgage as well.

Final question for me on capital allocation. What should we think about in the next year in terms of dividend growth given the elevated EPS growth that you showed in the first quarter? Richard F. Smith - Chairman & Chief Executive Officer: Yeah, we're committed to that range that we talked about. And I think it was three years or four years ago, we established a new dividend policy, that 25% to 35% of our net income going back in the form of a dividend. So as we continue to grow our net income, you should continue to expect dividends to increase.

Thank you very much.

Thank you, David.

Go to Manav Patnaik with Barclays.

Hi, this is actually Greg calling on for Manav. Just wanted to dig in a little bit on the TDX contract with the UK government. Clearly, you guys sound pretty constructive about it. But was hoping to get some color both around the magnitude of the cost as you ramp up that contract and then how to think about the ramp up and the ultimate opportunity there? Richard F. Smith - Chairman & Chief Executive Officer: Yeah. Greg, thanks for joining. I'll talk specifically about TDX. What you can hear us talk about more in the future, is a debt services platform which is really integrating the capabilities we have and our Mexican acquisition is about the same timeframe called Infinix and then TDX, which is the UK-domiciled capability. So you'll hear us talk about kind of debt servicing platform versus TDX or Infinix going forward. Specific to the Her Majesty's contract, as I alluded to briefly in my comments, going as expected. We've overwhelmed this with people, with process. The timeline is tight. It was such a significant award that we had to make sure we got it right and we're getting it right. And hopefully, as we extend this technical environment up, this structure up, in the third quarter, we started to receive their first load of data in the third quarter. It takes you a while to analyze the data, understand the data, format the data, and then you pass the analytics on to the collection agencies across the country. So that's why I said you expect nominal amount of revenue in the 2015 year, maybe the very end of the fourth quarter, and then ramping up nicely in 2016.

Okay. Thanks. And I guess along that same theme, during, post the acquisition, you talked a lot about bringing the TDX capabilities to new markets, whether it's the U.S. or Australia. Does this contract put that a little bit on the backburner or how are you seeing that progress right now? Richard F. Smith - Chairman & Chief Executive Officer: That's a great question. We drilled a little bit early on because the same teams that can the build the capabilities to deploy in different countries were concerned, we're getting the DMI contract up and running in the UK. However, I can tell you that they're moving full speed now in places like Canada. I was just in South America last week, met with clients in both Chile and Argentina, the interest level is extremely high, and the pipeline is very good. Things are going very well in Australia. And we mentioned before, things are going very well in Peru, Colombia. There is a strong interest in Brazil for the platform. So while we're distracted a little bit with DMI, that distraction is now behind. And we're moving full speed.

Okay. Thank you. Richard F. Smith - Chairman & Chief Executive Officer: Thank you.

Go to Andrew Jeffrey with SunTrust.

Hi. Good morning. Thanks for taking my question. Rick, I guess kind of a two-part question. One, from a big picture perspective, in terms of where we are in the credit cycle, I heard you mention a lot of consumer credit products save credit cards. So I wonder if you have a sense as to where you think we are as far as issuers ramping up their consumer credit card businesses. And then sort of as a corollary, you mentioned the shift in the way your customers are going to market. And I wonder how that dovetails with some of the newer credit modeling solutions that FICO is introducing around thin files and perhaps how that might open up sort of the next leg of growth in consumer credit cycle or whether you think it will at all? Richard F. Smith - Chairman & Chief Executive Officer: Thanks, Andrew. Two thoughts, one on the bank card issuance, what's going on there. Since the bank card issuance in the U.S. kind of hit the bottom, the market has rebounded at a rate of about 10% or so a year, so it's growing modestly, actually above modestly. However, it still remains significantly below the pre-recessionary levels. So improving, but nowhere close to where we were back in the pre-recessionary environment. And obviously, that improvement helps us. As far as FICO, as you know, the FICO business score, the thin score, thin file score you've alluded to is predicated largely upon our data and analyst data, a lot of data used in that model, is borrowing the data from our (36:01) data file on utilities and telcos. So as that product takes off, obviously we're the benefactor of that.

Okay. Do you think from a macro perspective that the signals, the move towards thin file scoring and so forth signals sort of an opening up of the underwriting environment or is this more tactical or more incremental, I guess? Richard F. Smith - Chairman & Chief Executive Officer: Yeah. I think, it's more incremental. If you look at, take a proxy, the subprime bank card market, what you're seeing there is, yes, they're getting a little more aggressive in subprime lending, but the outstanding that loan limits, I should say, are extremely low. And so, while they're going a little more aggressive and obviously this thin file score will help them to be a little more aggressive, they're being very cautious on the limits they're applying to those bank cards.

Okay. Richard F. Smith - Chairman & Chief Executive Officer: But obviously, anytime you get more people access to credit, and this score does that, we benefit by default.

Sure. Okay. That's helpful. Thank you. And then just as a follow-up, you mentioned, you called out EGI as a driver. Could you just give a couple of examples? And I wonder if, you moved toward more of these Enterprise Solutions, that's helping your pricing overall. Richard F. Smith - Chairman & Chief Executive Officer: Yeah, (37:32). Yeah. So Andrew, I think you may know a leader for us here – the guy's name is Andy Bodea, works for me, runs global operations, runs the global lean, global procurement. He is a great operator, a disciplined operator. He's got a great team around him. He started looking at this since, in earnest, maybe three years or four years ago and said, look at these large multimillion dollars, sometimes cross-business unit deals, you need more rigor to ensure our time-to-revenue is as expected much like we did in NPI. So Andy and his team have been doing this now for three years or four years. And we're doing stuff, I'll give you a couple of examples of where we are attacking EGI today, one is in automotive. And we're couple of years into that now, and we decided to get into automotive heavily. We leveraged EGI discipline to do so. Another, I alluded to EWF a few minutes ago was this compliance center, building up more capabilities, (38:29) and some others, and non-ACA Workforce Analytics, a whole suite of new products (38:37). We're doing some things in PSOL – re-platforming of PSOL's go-to-market. It definitively gives you exclusively pricing power? It definitely gives you revenue growth, which is a factor in our performance, as you've seen us exit 2014 and continue in 2015. And I think anytime you can build products to differentiate what you do versus your competition, it does add more value – the discussion goes away from pricing more to share gain you spend.

Terrific, appreciate the color, nice job. Richard F. Smith - Chairman & Chief Executive Officer: Sure. Thank you.

We'll go to George Mihalos with Credit Suisse. George Mihalos - Credit Suisse Securities (USA) LLC (Broker): Great. Good morning guys and congrats on the quarter. Rick and John, just wanted to start off with, if we look at the first quarter, you did, I think, 14% constant currency organic revenue growth. The outlook for the second quarter, I think you're talking about 10% to 12% constant currency. Is there anything outside of any sort of variability on the mortgage side that would cause you to expect that deceleration, I guess, is there going on in the business that you think was sort of one-time in the first quarter or that is slowing a little bit as you go through the back half of the year outside of mortgage? Richard F. Smith - Chairman & Chief Executive Officer: No, it is specifically the second quarter, and then I'll come back to the balance of the year. There are two primary drivers when you look at sequential growth. And you hit one, George, which is the mortgage market. And the other is, I think I alluded to it in my comments, the WOTC contract, Workforce Opportunity Tax Credit contract, which we monetized in the first quarter this year, we did last year as well. It doesn't repeat. It's a one quarter – largely a one-quarter activity. That's the nuances, if you will, for the second quarter. And then for the balance of the year, the third quarter and fourth quarter, we look at growth rates here which are still very solid, I think you'd agree. It's really the uncertainty on a macro basis; interest rate environment, regulatory environment around the world, economic environment so on and so forth, geopolitical issues, and there's uncertainty there. That's about it. George Mihalos - Credit…

We'll go to Brett Huff with Stephens, Inc.

Good morning, Rick, John and Jeff. Congrats on a nice quarter. Richard F. Smith - Chairman & Chief Executive Officer: Thank you.

Two questions. One, you mentioned EGI and there was a follow up question on it. Could you call out the contribution to growth kind of like you do for NPI this quarter or maybe recent history and is that accelerating? Richard F. Smith - Chairman & Chief Executive Officer: It's an interesting question. The answer is I'm not prepared to do that now, but let me give that some thought, Brett.

Okay. Richard F. Smith - Chairman & Chief Executive Officer: Because you're right, there are a lot of similarities. It's a systematic way to bring process discipline to growth...

Okay. Richard F. Smith - Chairman & Chief Executive Officer: ...much like NPI. So let me give it some thought. At a high level, I will tell you this. It is becoming a very meaningful number. It is contributing to our organic growth rate quarter in quarter out. Rather than just react here on the phone, let John give some thought to what's the best way to frame that up for you. But the one reason we didn't break it up for this call is because; one, we've been at it and we have some credibility internally in doing this for three years or four years now; and two, it's meaningful. So I'll come back to you.

Okay. Thank you. And second question is on PSOL there's been some strategic changes going on, specifically the Experian FICO deal. Have you seen changes in your PSOL business or consumer behavior around that? Do you think that FICO will become a more widely used standard of credit score in direct-to-consumer business for you all or other people, any thoughts on that? Richard F. Smith - Chairman & Chief Executive Officer: Yes. I think FICO is the brand when it comes to scoring in the U.S. today. So I think the thing that's changed for PSOL largely is three things: one, we now have good international platform versus a U.S. platform; two, with the acquisition of TrustedID a year and a half year or so ago that gives them a whole new area of focus for growth; and three, obviously is free thing we talked about. Free market is here to stay. So be that a FICO score or any other score, getting your score for free is here to stay. And as I mentioned in the last earnings call, Trey and his team and even (45:08) and his team from the USIS side are working diligently on figuring out how to best play there. And I always tell people that there's a different way to think about that, and if you look at one of our competitors who talks about their PSOL business, they're (45:26), if you will. We sell to partners. They aggregate in their PSOL business. That reflects a much different growth profile. So as I think about it, I don't really care if it comes through our USIS channel, which it does today, or if comes through PSOL, which it may in the future. That free market is here and it's clear we've got to have a great strategy around that and the team is developing that right now.

Okay. Thank you guys. Richard F. Smith - Chairman & Chief Executive Officer: Thank you.

We'll go to Jeff Meuler with Baird. Jeffrey P. Meuler - Robert W. Baird & Co., Inc. (Broker): Yes. Thank you. So some of these numbers are baffling – bafflingly good to me. So I got to ask, how – and I know your targets are multi-year targets, but how frequently do you revisit if they're still the right targets or is it possible that maybe they are the right long-term targets, but within that framework you could still grow for several years above the upper ends of the targets. And I'm just asking given how strong enterprise selling is going, NPI, it seems like a lot of these things should have legs to them? Richard F. Smith - Chairman & Chief Executive Officer: Yes. When we give guidance or we give a multi-year framework, Jeff, we take that very seriously. So when John and I think it's prudent to revisit the multi-year framework and make any adjustments, you guys will be the first to know. But at this juncture, largely driven by, it has nothing to do with our ability to execute. The things you mentioned, D360, new product innovation, EGI, pricing all those things. I think you know Jeff, we've been at now for eight years, nine years, 10 years, and that's all organic as we talked about as well. So the only thing that's holding us back right now is macro uncertainty, and it's just too early to make any change on the model at this juncture. Jeffrey P. Meuler - Robert W. Baird & Co., Inc. (Broker): Okay. And then the commercial business, I think you said it was the best Q1 since 2007. If you could help us understand what's driving that? Is it market or are you starting to see some of the benefits…

We'll go to Andrew Steinerman with JPMorgan.

Hi, gents. I wanted to go back to debt collection, recovery management the way it is right now. Sure, I saw the comment of double-digit growth currently. I was wondering if you could just be a little more specific about what the current growth rate of that business is, what's the size of that business as we just anniversary TDX and Inffinix. Richard F. Smith - Chairman & Chief Executive Officer: Yes. Andrew, I thought I mentioned in my comments, it was 25% growth in the first quarter and that's specific to TDX. Anyways, I expect it to be strong double-digit growth for the year as we talked about before and (50:16) traction.

And how big is that business now? Richard F. Smith - Chairman & Chief Executive Officer: I think we've given the number when we bought it. We didn't give. Jeff is shaking his head, no. It's becoming a very meaningful size business for us.

Right. But it is still under $100 million of revenues, right? Richard F. Smith - Chairman & Chief Executive Officer: Right.

Okay. Thank you. Richard F. Smith - Chairman & Chief Executive Officer: Thank you.

We'll go to Paul Ginocchio with Deutsche Bank.

Thanks. Rick, any way to size the contribution to growth in verification from WOTC? And also maybe just talk about the CMS contract, was that a benefit to OIS in the first quarter? And then finally, the new 15 million people who were going to be scored by the new JV you just announced with FICO and LexisNexis, does that 15 million, does that add roughly about 10% to the people in your credit database, and will those people use, you think, these active in credit as your existing people in the files? Thanks. Richard F. Smith - Chairman & Chief Executive Officer: Okay. The first one on the WOTC, I'm not sure I remember all three questions. First on the WOTC was, if you took the WOTC benefit out, the growth rate for all of EWS I think went from 24% to 21%.

Thank you. Richard F. Smith - Chairman & Chief Executive Officer: Sure. And number two – what the heck was number two, again?

CMS. Richard F. Smith - Chairman & Chief Executive Officer: Which CMS? The Medicaid & Medicare Services contract?

Correct. Richard F. Smith - Chairman & Chief Executive Officer: And you said what benefits that had for EWS?

No, no, for – yes, that's right for EWS. Richard F. Smith - Chairman & Chief Executive Officer: Yes. (51:48) Yes. I gave some numbers earlier on the last call, Paul. Last year we were slightly above the minimum contract and we expect to be up significantly from that in this year. That was number one. Number two, we talked about another big part, which is probably even bigger on the CMS mandate is the ACA workforce analytics stuff that we talked about, which will be up over 100% this year versus last year, and also adding a lot of – number of records to the database. So it's very important to us.

And will that up significantly that would coincide with enrollment growth in Obamacare? Richard F. Smith - Chairman & Chief Executive Officer: Yes, absolutely. Remember, last year they had all the issues with standing up the CMS websites. That's largely behind. The awareness is greater. The activity rate is much higher, so yes.

I mean just on how does the additional 15 million of people with the FICO JV you just announced, how much does that increase your current number of people with credit scores that you send credit reports on and will those people be as active? Richard F. Smith - Chairman & Chief Executive Officer: Yes, that is yet to be seen on the activity base. But the good thing is we're finding people who don't have a credit file, who have some payment behavior that seems positive that you can now introduce to telcos and banks and auto lenders to potentially give them credit. But the time will tell if in fact they have a credit activity that's like the rest of our customer base. My guess is no (53:22) time will tell.

Thank you. Richard F. Smith - Chairman & Chief Executive Officer: Thank you.

And we'll go Bill Warmington with Wells Fargo.

Good morning, everyone, and I'll add my congratulations on a strong quarter. Richard F. Smith - Chairman & Chief Executive Officer: Thank you, Bill

So a question for you on the U.S. government ID authentication work. If you could talk a little bit about how the volumes have been this year versus last, and also which government agencies you are currently serving and what the pipeline looks like for new ones? Richard F. Smith - Chairman & Chief Executive Officer: Yes. I mean I gave you a high-level overview in my comments that the fraud and (53:59) detection business which is much more than just the U.S. is growing strong double-digit for us, which is great. So if I think of specific to your questions where are we solving problems with the U.S. with fraud and ID prevention products, it is in SSA, it's in the IRS, it's in CMS, it's also a number of state agencies across the country, so it's broad based. And yes, the punch line there is, Bill, if I look at our three-year to five-year strategic plan and say what might look different three years to five years out, one of the areas we've talked about with you guys is a much larger, more impactful higher performing fraud and ID protection business, and that's why we dedicated some new resources when we structured that last year and it's just performing very well.

And then a question for you on Europe, very strong performance there, up 12% constant currency despite the sluggish economy. Is that share gains driving that growth? And if so, how you're taking share in what would normally be considered a fairly mature market? Richard F. Smith - Chairman & Chief Executive Officer: Yes. We've talked about this before. We've got a great leader who is an Argentine that worked for us across Latin America and then we moved him to Spain. He got Spain really on a great roll through the recession and post recession. And then we moved him and then it was Patricia Ramon (55:30) to the UK, sometime last year, continues to do a good job there. So it's the same dynamics you'd be seeing, Bill, around the world. It is innovation, it is focus on verticals that are important, just like insurance, government over there, and now collections. It is analytics, decision analytics platforms that we're deploying across multiple verticals in our European footprint.

Thank you very much. Richard F. Smith - Chairman & Chief Executive Officer: Thank you.

Okay. I'd like to thank everybody for their time, their support of the company. And with that, operator, we'll terminate the call. Have a good day.

This does conclude today's conference. Thank you for your participation.