Good day, and welcome to the Second Quarter 2015 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to 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 in 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 2014 Form 10-K and subsequent filings. We will be referring to certain non-GAAP financial measures including adjusted EPS attributable to Equifax. It 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, an impairment charge related to our cost-method investment in DBS and an income tax benefit generated from a state tax law change. These measures are detailed in our non-GAAP reconciliation tables included with 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. Good morning, everyone. Thanks, as always, for joining us this morning. By now, you've seen the results and I think you'd agree, our company continues to benefit from our unique and very diversified business model. Also benefits from our high-leveled execution costs, all the…

Certainly. We'll go first to Andre Benjamin at Goldman Sachs. Andre Benjamin - Goldman Sachs & Co.: Hi. Good morning. Richard F. Smith - Chairman & Chief Executive Officer: Good morning. John W. Gamble - Chief Financial Officer & Vice President: Good morning. Andre Benjamin - Goldman Sachs & Co.: I was hoping to maybe dig a little bit more into Verification. I didn't know if you would be able to provide any color on how much of the revenue is coming from your success penetrating autos versus the ACA contract which has been ramping nicely versus other verticals? And if there are any others, maybe a little bit of color on where you're seeing the most traction? Richard F. Smith - Chairman & Chief Executive Officer: Sure. As I briefly alluded to in my comments, the trends we saw emerging in 2014 and clearly into the first quarter of 2015 are continuing. It is extremely broad-based. So think about the growth, first and foremost on the Verification side being, as we continue to add records, that's all incremental revenue right there and they've been adding records for a long time now. Secondly, Mortgage obviously is strong. Third as I alluded to in my comments, almost every – in fact I think it is every non-mortgage vertical is growing strong, strong double digits. That's pre-employment, that's collections, that's automotive, that's card, I can go on and on and on, extremely strong. And then as you mentioned the Workforce Analytics, we continue to add customers there, I said 10 million. Consumers are now being or employees are now being monitored and 62 clients alone in the month of June. So it is as broad-based a performance of growth as you could hope for in EWS. It is just spectacular. Andre Benjamin…

And we'll go next to Jeff Meuler at Baird. Jeff P. Meuler - Robert W. Baird & Co., Inc. (Broker): Yeah. Thank you. I guess one of the things that jumped out to me, Rick, is even getting out to Q3 as you start anniversarying the mortgage weakness, still guiding to 10% to 12% constant currency growth. And as you talk about the business, it sounds like almost every business unit is at or above the long-term guidance ranges. So is there anything that is unsustainable in the growth rate? Or said another way, when you're in the sweet spot of the consumer credit cycle in some of the larger developed markets, can you sustainably grow above the longer-term targets? Richard F. Smith - Chairman & Chief Executive Officer: That's obviously something we'll develop over time. It's something we keep a close eye on, Jeff. It depends on the horizon you're looking at. It's specific to the third quarter guidance, maybe the second half guidance. You're right, it's not just every business unit, it's the sub-business units within those business units, and the sub-sub. So that could be the auto vertical within International, but also the auto vertical within all the countries in International performing extremely well is very, very broad-based and their executions at extremely high level. Let me use your question to respond to something I briefly alluded to in my comments, which is the nuances of mortgage and how mortgage impacts our thinking for the balance of the year and next year. And you guys know this as well as we do, the world is going, the U.S. market is going from a heavily refinancing distribution to now back to more the normal distribution, which is heavily skewed towards purchases and less and less towards refinancing. And…

We'll take our next question from Shlomo Rosenbaum at Stifel. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc.: Hi. Good morning. Thank you very much for taking my questions. Hey, Rick, I was wondering if you could, if not quantitatively, maybe qualitatively talk a little bit about the volume, the growth that's in USIS. Maybe where you're getting tailwinds or how much you can attribute to tailwind from the end markets, which you've talked about, is getting better? And how much more just some of the initiatives that you've been very aggressive about for like, besides the Credit Karma, there is also things like fraud initiatives, ID identification and other things out there? So I guess how much is market versus how much is you guys just trying to anticipate where the best places are to be? Richard F. Smith - Chairman & Chief Executive Officer: Good question. I think there's no single answer. I'd say, generically, in the U.S. and I think I said this somewhere in my comments, we're expecting improved economic environments. I talked about moving to a sweet spot in consumer credit as you exit this year and go into 2016. It's not robust yet in the U.S.; it's improving. The nuance or the difference there would be the automotive, obviously very strong and we've benefited from that. But we've also benefited – we're growing at rates multiples of the automotive growth rates as you know, Shlomo, through our Connector Strategy, which we're partners, and new product introduction. Card, we're seeing pre-screen pick up, which is encouraging, and that should lead to more card revenue going forward. Insurance is strong, retail banking is strong. So it's fairly broad-based. But the heart of your question is other than automotive, the majority of the USIS growth that…

We'll go next to Paul Ginocchio at Deutsche Bank.

Thanks for taking my question. Just the 62 contracts in ACA analytics, how does that relate to the total contracts? And then just on the acquisitions, I would assume you're focused on more consumer data than, say, industrial data. Are you looking for tuck-ins, or you're thinking about doing – is there something larger out there or are you ready for larger deals if they're available? Richard F. Smith - Chairman & Chief Executive Officer: Hi, Paul. Thank you. I can't recall – does anyone here recall the number of contracts we signed in EWS? Hold on, I'm looking at the guys; we're getting different -we have – Jeff, what's the number?

Over 200. Richard F. Smith - Chairman & Chief Executive Officer: 462.

462 by the end of the year. Richard F. Smith - Chairman & Chief Executive Officer: And 62 signed, and he's saying – how many contracts have we already signed year-to-date? Okay. I'm being told, Paul, because I don't have it off the top of my head, over 200. So 62 in one month is a big number.

Yes. Richard F. Smith - Chairman & Chief Executive Officer: And the second question on acquisitions, thank you, team, for your great work there. On acquisitions, yeah, probably not sure I can disclose the details, but yeah, we do a good job of tuck-ins. So it would fit our strategy, which is data analytics, geographical expansion, and I'll leave it at that.

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

We'll move next to Gary Bisbee at RBC Capital Markets.

Hi, guys. Good morning. Just a question on Workforce Solutions, and particularly the work number. It's obviously been a terrific asset as you've built out the database and expanded the end markets that that data's used in. How much runway's left on each of those strategies? And I guess, looking at the – outside of mortgage, which can move around, you've seen pretty steady acceleration in that over the last year. What could slow the non-mortgage growth there as we think over the next year? Richard F. Smith - Chairman & Chief Executive Officer: Thanks, Gary. Let me regress for a second, since I think we now have the actual data for Paul's question. Paul, on the Workforce Analytics, contracts signed last year was 244 for the total year 2014, ramping up nicely. It'll probably be more than that this year and 62 within the month of June alone. Gary, back to your question, what's driving and how sustainable is the non-mortgage growth in EWS, was that the heart of your question?

Yeah, just the work numbers seem to have gained a lot of momentum in the last year, that... Richard F. Smith - Chairman & Chief Executive Officer: Okay.

...and what's the runway on that? How sustainable is it? Richard F. Smith - Chairman & Chief Executive Officer: Very sustainable. Dann has done a hell of a job taking a very good business and bringing it to a new level. When we told you, we talked about this for quite some time, we have a path to get the records up to 300 million and every time you add a record, you get multiple bites of the apple, it becomes more valuable for more verticals. You have revenue added just incrementally for that record being added. So that's one. Two, Workforce Analytics are in the very early stages. The IRS piece of the Workforce Analytics goes live in February of 2016. So we haven't even experienced that revenue growth yet. The non-verification piece of EWS, we've got a great leader in there doing a great job of thinking. That business no longer is just protecting the work number but innovating, investing in efficiency for our customers and making the customer experience better, taking that business from virtually a no growth to a nicely growing business. So as I look, Gary, at the portfolio of assets we have, I have told our investors this time and time again, I think they're all really well positioned for long term multi-year growth. The one that's got I think the most significant growth opportunities over a multi-year period of time is in fact EWS.

And given that, I guess, what are the prospects to try to begin to build something like the Work Number in other countries? It seems like it's been such a home run that I realize it probably would take years, but is that something that's on your radar? Richard F. Smith - Chairman & Chief Executive Officer: Clearly.

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

We'll go next to Manav Patnaik of Barclays.

Hey, good morning, guys. Obviously there's a lot of good internal initiatives, like you said, driving a lot of that organic growth. I just wanted to touch on your comments on we're entering the sweet spot of the credit cycle. Can you give us some reference from your experience how long that cycle can last? What are some of the signs to look for in terms of how well that's progressing? Maybe just a little bit of color on that. Richard F. Smith - Chairman & Chief Executive Officer: Yeah, sure. I'll give you my view, but there's others, economists that we obviously deal with that could give you their view, banks will give you their view. But here's why I described it that way. I intentionally described it in our larger developed markets, so the UK, Canada and U.S. I underlined or underscored particularly the U.S. What you've got is the emergence of obviously higher employment rates or unemployment rates starting to see wage growth, starting to see home price growth, continued home price growth, consumer confidence is growing. The banks are stronger now than they have ever been, so their ability to lend to those that want to borrow is as strong now, is becoming as strong now as it's been since maybe the 2005, 2006, 2007 timeframe. So that's why I'm saying I feel like in those countries specifically we're moving into what I view as a sweet spot for consumer credit. Obviously that benefits us.

Okay. And then just in terms of – Rick, we always talk about the NPI and the aspirations have obviously continued to push that goal up. It sounded like obviously even though this quarter at least significantly exceeded your expectations. Can you – I think in one of the previous questions you said momentum looks like it should continue. But, real preliminary looking into 2016, do you still think you guys will continue this momentum and do the above average growth you guys have been doing? Richard F. Smith - Chairman & Chief Executive Officer: Emphatically, yes, and it's not just NPI 2.0, but it's something I think we introduced to you and I alluded to today, can't remember when we introduced it, Jeff, but the EGI, Enterprise Growth Initiatives, you can't underestimate that as well. And that's adding one or two points of growth annually for us on top of what we get from NPI. So it's a combination of those two is truly in our DNA and doesn't mean we've become complacent about it, but now we've got to continue to make sure we reinvigorate it, reinvent it, that's why we took a timeout and introduced 2.0, and that's why we introduced EGI maybe three or four years ago is we've always got to challenge ourselves of finding different ways to innovate for our customers. John W. Gamble - Chief Financial Officer & Vice President: And with that success that helps us be confident in the 6% to 8% organic growth model that we continue to focus on. Richard F. Smith - Chairman & Chief Executive Officer: That's a lot.

Again, just last one. Is there any update to the TDX UK contract? Richard F. Smith - Chairman & Chief Executive Officer: Yes, I gave a few brief highlights. It's moving along very well. We still have the technical environment. We've cleared almost every operational hurdle that the government has asked for and we expect to go live – I think our first data feed is this week, next week, and really start going live late third quarter and into early fourth quarter. Really consistent with what we talked about maybe nine months ago, modest revenue in the fourth quarter and ramping up nicely in the first quarter 2016.

All right. Thanks a lot, guys. Richard F. Smith - Chairman & Chief Executive Officer: Thank you.

And we'll go next to Bill Warmington at Wells Fargo.

Good morning, everyone. Richard F. Smith - Chairman & Chief Executive Officer: Good morning. John W. Gamble - Chief Financial Officer & Vice President: Good morning.

So for PSOL, what's going on in the affinity business? And that market's been quiet for years, but now it's coming back to life. Why is that and are you guys participating in that? Richard F. Smith - Chairman & Chief Executive Officer: I'm looking at it. It's starting to come back. It's a – we're not as heavily focused in the affinity market as others are. We're heavily focused in the indirect market and I think I alluded to in my earnings notes that that's growing strong double digits for us, but we're not a heavy player in the affinity market.

Yeah? Well then in – back in April you announced a new version of the FICO score that you see. NCTUE data helped generate a FICO score for consumers that didn't have sufficient data in their credit files to do a traditional FICO score. So how is that pilot going and does it have a chance to become a meaningful contributor to revenue for you some day? Richard F. Smith - Chairman & Chief Executive Officer: Yeah, I think so. It's early days, but I think any time we can help our customers, be it banks or telcos, get transparency and better insights into the under-banked they win, the under-banked win and we win. I alluded to the fact, in one of the Latin American countries we're building capabilities with an exchange at transparency in that exact segment. There is nothing to do with the FICO score that you're talking about, leveraging on utility database. But it's the same concept, how to get transparency to the under-banked? And I think if we do that smartly, and the FICO score is one way to do that, again that's a win-win-win.

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

We'll go next to Andrew Steinerman at JPMorgan.

Hey, Rick, you chose to highlight you feel good about 2016. I just wanted to make sure I got the revenue movers, the needles that you could see right now at this point that influence 2016? So what I picked up was your view on the strengthening consumer credit application environment, the UK government contract ramping with in-depth placement and obviously the multiyear pass for Workforce Solutions. Are there any other drivers that you see today that influences your 2016 view? Richard F. Smith - Chairman & Chief Executive Officer: No, I'll give you – so, it's a continuation of all things we do, which is NPI, EGI, LEAN operational excellence of execution, blah, blah, blah. But the macro things, yes. a healing U.S. economy moving us into the sweet spot of consumer credit, and same with the UK, same with Canada, the TDX contract as you alluded to as well, and then EWS continue to go through ACA.

All right. And if you would just call out a vertical for 2016 that you feel like is strengthening, what vertical do you feel has the ability to break out in 2016? Richard F. Smith - Chairman & Chief Executive Officer: I'd say that management obviously with the addition of a government contract in UK and I'd say Workforce Analytics clearly will be another big step up. Auto, I think the market in the U.S. auto market will be modestly up versus this year, but I think there's still another year of great growth prospects for us as we continue to mature with our strategy there. So those are a couple.

Thank you. I appreciate it. Richard F. Smith - Chairman & Chief Executive Officer: Sure.

Next we'll go to David Togut at Evercore ISI.

Thank you. Good morning, Rick and John. Richard F. Smith - Chairman & Chief Executive Officer: Hello, David. John W. Gamble - Chief Financial Officer & Vice President: Hello.

I apologize. I joined the call a few minutes late. But, did you disclose, Rick, the number of active Work Number records? Richard F. Smith - Chairman & Chief Executive Officer: No. I did not. I talked – someone asked the question, David, I can't recall who it was. I apologize for that, but – about Work Number, and I talked about long-term growth and we have a path and a strategy to get our total records to 300 million, David, maybe about a year or two ago. I've intentionally talked less about the active – that's growing nicely by the way. It's growing very nicely and on path to do everything we want it to do. But I'm talking more about this path, the 300 million records, because there was a misnomer that I feel maybe eight years ago with EWS in that there was more value or perceived value in active versus total. We derive a lot of value from the historical records as well. So in an attempt to make sure everyone understood that, we're really talking about getting the total database up to 300 million. We're on our way.

Understood. And then just shifting gears, you talked about Credit Karma a little bit. What experience have you had in up selling from the indirect channel, higher value-added Equifax services? Richard F. Smith - Chairman & Chief Executive Officer: Within PSOL or within Credit Karma?

Well, from the Credit Karma relationship specifically. Richard F. Smith - Chairman & Chief Executive Officer: Very little.

Okay. Is that – yeah... Richard F. Smith - Chairman & Chief Executive Officer: That's an opportunity long-term.

Okay. Is that difficult to do? Richard F. Smith - Chairman & Chief Executive Officer: No, it just hasn't been a priority yet. It's just getting the relationship understood, stood up and running, but it's something the team can look at long-term.

Understood. And a quick final question. Longer term thoughts on Brazil and how your relationship with Boa Vista will evolve? Richard F. Smith - Chairman & Chief Executive Officer: Good question. Thank you for asking that. Medium term, I know your question was long-term, medium-term, whatever the hell that means, I'm bearish on Brazil. Politically, economically, it's in a down cycle. I'm not sure if that's another two years, three years, but it's tough. Secondly, there's – I think everyone knows there was a law passed a couple years ago to include positive data, which we thought was a positive, no pun intended there. There's a cloud over that possibility. It is likely or possible that the positive bureau was in fact controlled and built by the banks, much like Serasa – if you remember Serasa of old, on the negative data it was built. So I'm not sure strategically what that does to the Brazilian market long-term. So right now, I've always said before I get aggressive in doing this, step up my – our ownership in Brazil, I've got to really understand what the economy is going to do and how long is it going to be in this downtrodden environment, and where does the positive bureau go. And I think we have clarity on the latter, the positive bureau, probably in the next 12 months, and we'll make a decision at that point in time. In the meantime, they're good partners. TMG is a good partner, Boa Vista is a good partner. We continue to work with them to make sure they are as successful as possible.

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

We'll take our next question from Brett Huff at Stephens Inc.

Good morning. Thanks for taking my question. Richard F. Smith - Chairman & Chief Executive Officer: Sure.

You talked a little bit about EGI and I think it's the first time you've called out maybe 1 or 2 points of growth from that. And I was – it seems like that that was more than in my mind, that that might be contributing. And I guess I have a two-part question. One is, when you're sort of duking it out for wallet share with the other bureaus and the other relevant players, what's helping you win in that relationship? Is it just the long-term relationship? Is it the incremental unique datasets you have, et cetera? And then, number two, what takes that to the next level? Is it just execution and going through just systematically each of your top 50 customers or whatever it is? Or is there another gear in EGI that helps us even accelerate from 1 to 2 points. Richard F. Smith - Chairman & Chief Executive Officer: Thanks, Brett. I'd say, one, we've got good competitors and I respect our competitors. They do a good job in the marketplace and we got D&B (53:20) or Experian or local competitors in local countries. Two, you can't underestimate the power of having good people and we've been blessed to have some really good, talented, committed people. Then beyond that, I'd say there's no doubt that innovation, be it through EGI or NPI really leveraged by unique data assets has been a huge differentiator over the years. And I tell people that the growth in that area of innovation isn't always or even largely share gain. It is, in some cases, clearly, Brett. But it is solving problems that no one else can solve. So if they used to spend $100 in the ecosystem, if they're now spending $110, we get the incremental $10 spend. That's really where the great leverage is. And then, the other thing is – where was I going to go. Cameron (54:20) obviously will be an enabler long-term for us, so beyond that, how do you sustain that? I think it's sustainable mid-term and long-term, as I mentioned to someone else's question earlier. We've got to continue to reinvent ourselves, remain contemporary. I think we've also got to say what is the next asset we need that adds value to our customers that are our competition or the marketplace is not adding today. So in our strategic planning process, we always think about what is next. Obviously, I would not allude to that here, but that's something we think about.

Great. That's what I needed. Thanks for your time. Richard F. Smith - Chairman & Chief Executive Officer: Thanks, Brett.

And we'll move next to Gary Bisbee at RBC Capital Markets.

Hi, just one quick follow-up. Given the momentum in the ACA compliance offering, do you feel like all companies, or the vast majority of companies, you are trying to get that together this year and then you've got a much tougher comp for that next year? Or is this going to be a multi-year thing where you broaden out the analytics and are able to sell into that customer base? Richard F. Smith - Chairman & Chief Executive Officer: Well, clearly multi-year. I mean, people are going to get – I can promise you this, the majority of companies, when we talk to CEOs, we've talked to the chief HR officers, they're thinking about this today and they're either looking to us or someone else in the marketplace to solve those problems or they're trying to build their own homegrown solutions, and if they're out of compliance, they're going to get fined. As those fines start to mount their need for solutions go up and the urgency for the solutions go up. Secondly, I alluded, Gary in my comments that the IRS piece of the compliance goes live February of next year, so we haven't even monetized that yet to its fullest extent. So I think if it's a baseball analogy, the Workforce analytics potential is in the very early innings of its growth.

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

And that does conclude today's question-and-answer session. At this time, I will turn it back over to management for any closing remarks.

I want to thank everybody for their time and their interest and their support of Equifax. And with that, we'll conclude the call. Have a good day.

And that does conclude today's conference. Again, thank you for your participation.