Good morning, and welcome to the Equifax Q4 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to Trevor Burns, SVP of Investor Relations. Thank you. You may begin.

Thanks and good morning. Welcome to today's conference call. I'm Trevor Burns. With me today are Mark Begor, Chief Executive Officer, and John Gamble, Chief Financial Officer. Today's call is being recorded, and an archive of the recording will be available later today in the IR Calendar section of the News and Events tab at our Investor Relations website. During the call, we will make reference to certain materials that can also be found in the presentation section of the News and Events tab at our IR website. These materials are labeled 4Q 2025 Earnings Conference Call. Also, we'll be making certain forward-looking statements including first quarter and full year 2026 guidance, 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 that may impact our business are set forth in our filings with the SEC, including our 2024 Form 10-Ks and subsequent filings. During this call, we'll be referring to certain non-GAAP financial measures, including adjusted EPS, adjusted EBITDA, adjusted EBITDA margins, and cash conversion, which are adjusted for certain items that affect the comparability of our underlying operational performance. All references to EPS, EBITDA margins, and cash conversion are references to non-GAAP measures. These non-GAAP measures are detailed in reconciliation tables which are included with our earnings release and can be found in the financial results section of the Financial Info tab at our IR website. Also in the fourth quarter, Equifax incurred a charge of $30 million related to a settlement associated with a resolution of inquiry disputes related claims. We expect costs associated with the settlement to be reimbursed by our errors and omissions insurers, with these insurance recoveries also included as one-time events when received. Moving forward, our non-mortgage results will be referred to as diversified markets. This terminology change does not affect any change in reporting structure. Also, for your modeling, additional 2026 guidance will be posted after the earnings call in the appendix to the earnings slide presentation. Now I'd like to turn it over to Mark.

Thanks, Trevor. Before I cover our results for the quarter, I want to spend a few minutes on our 2025 performance, a strong finish to the year, which gives us strong momentum for a strong 2026. Turning to slide four, Equifax delivered financial results well above both our February and October guidance with revenue of $6.075 billion, EPS of $7.65 a share, and free cash flow of $1.025 billion. Revenue was up 7% on a reported and organic constant currency basis at the low end, but within our long-term 7% to 10% organic revenue growth framework. Despite a continued weak U.S. mortgage market that was down 7% and the U.S. hiring market which was down 2%, the mortgage market had about a 100 basis point negative impact on Equifax 2025 revenue growth. EWS delivered 6% revenue growth with 51.5% EBITDA margins, but exited the year with strong fourth quarter 9% revenue growth. This accelerating performance was led by verification services, which successfully navigated difficult U.S. mortgage and hiring markets to deliver 8% growth for the year and over 10% in the fourth quarter, with fourth quarter growth driven by both strong low double-digit revenue growth in government, which was above our expectations, and an NPI vitality index of over 20%. The EWS team had another outstanding year adding over 20 million records to the Twin database. At the end of 2025, EWS had over 200 million active records, which were up 11%, and over 800 million total records, both big milestones for the business. USIS delivered 10% revenue growth and expanded margins 70 basis points to 35.2%. Diversified markets or non-mortgage revenue grew 5%, which is the highest USIS organic revenue growth performance since 2021 in our non-mortgage space. Mortgage revenue grew 22% and was up low double digits excluding…

Thanks, Mark. Slide 17 provides the specifics on our 2026 full-year guidance that Mark discussed in detail. The slide includes additional detail on revenue growth rates and EBITDA margins excluding FICO MortgageScore royalty pass-through revenue and expected BU revenue and EBITDA margins. EWS in 2026 is expected to deliver revenue growth of high single digits and EBITDA margins at 51.2% to 51.7% about flat at the midpoint with 2025. Verification services revenue is expected to be up high single digits to low double digits. Mortgage revenue growth is expected to outperform the market by high single digits. Against a market that is down low single digits compared to 2025. Diversified markets verifier revenue is expected to be up about low double digits again consistent with 4Q 2025, government revenue growth, particularly in the second half, when new requirements begin to be implemented as well as in auto, card, and personal loans. Talent revenue is expected to continue to outperform an expected weak hiring market. Strong twin record growth, new products, and continued growth in both pricing and penetration particularly in government will continue to drive verification services. Employer services is expected to grow low single digits in 2026, again despite the expected weak hiring market. Employer services revenue is expected to decline in the quarter year to year. USIS revenue is expected to be up mid-teens percent and EBITDA margins are expected to be 32.4% to 32.9%. Excluding the increase in FICO mortgage score pricing in 2026, USIS revenue growth would be up mid-single digits at the bottom of our USIS long-term framework of 6% to 8%. And USIS EBITDA margins would be 39.6% to 40.1% up 100 basis points at the midpoint year to year, reflecting leverage on high-margin data sales and disciplined cost controls. USIS mortgage revenue excluding…

Thanks, John. Turning to Slide 20, as I mentioned earlier, our strong 2025 execution sets us up very well to deliver on our long-term framework in 2026. With constant dollar revenue growth of 7% ex FICO, which is inside our 7% to 10% long-term framework. Achieving our long-term revenue framework allows us to deliver EBITDA of $2 billion up high single digits with a margin rate up 75 basis points ex FICO which is well above our 50 basis point long-term framework. And deliver over $1 billion of free cash flow from cash conversion of at least 100% and 11% EPS growth. We are confident in our ability to deliver organic revenue growth in our 7% to 10% long-term target range, continue expanding EBITDA to maintain cash conversion above 95%, and to execute on bolt-on M&A. And in 2026, we expect to maintain a strong return of capital to shareholders. On the left side of the slide, you see our updated EFX 2028 strategic priorities, which are principally consistent with our prior framework. However, we've updated our EFX 2028 priorities to reflect our drive to accelerate our use of AI both internally and externally to drive efficiencies and cost savings for Equifax and bring new and improved products to market quicker that deliver greater lift and performance for our customers. Wrapping up on slide 21, Equifax executed very well last year against our EFX 2028 strategic priorities inside a challenging economic backdrop with a stronger second half and fourth quarter which gives us some momentum as we enter 2026. Our new cloud-native infrastructure is already providing competitive advantages of always-on stability, faster data transmission speeds, and industry-leading security for our customers, and importantly Equifax resources and technology product DNA are leveraging the new Equifax cloud for innovation, new products, and growth. We're using our new single data fabric efx.ai and Ignite our analytics platform to develop new credit solutions powered by clean indicators like verticals like mortgage, card, and auto that only Equifax can provide, which is leading to share gains and growth. We're also broadening our product sets in key verticals like government, talent solution, and identity and fraud. The Equifax team is fully focused on growth and innovation. Given our strong free cash generation, we are also delivering on our commitment to return substantial excess free cash flow to shareholders. As mentioned earlier, in 2025, we returned $1.2 billion to shareholders, which was well above our guidance for the year and in 2026, we expect to have $1.5 billion available to invest in bolt-on M&A like our 2025 Vault Verify acquisition and return substantial cash to shareholders through share repurchases and dividends. The new Equifax is investing in technology, efx.ai, and proprietary data assets to help our customers grow and deliver returns for our shareholders. I'm energized by our momentum as we enter the New Year, but even more energized about the future of the new Equifax. And with that, operator, let me open it up for questions.

Thank you. We will now be conducting a question and answer session. Our first questions come from the line of Jeff Meuler with Baird. Please proceed with your questions.

Yes, thanks. Good morning. Mark, loud and clear, you've been front-footed on AI, both from a product and productivity perspective, and it sounds like you also have an AgenTeq AI platform in-house. Obviously, you have a massive data advantage, in employment and income today. I know it's still relatively early, on a GenTech AI, just how do you think about the applicability of AgenTek AI to the employment and income business given that a lot of the market is still manual I guess, both from an opportunity or a potential risk perspective?

Yeah. Thanks, Jeff. First off, the Equifax moat around data is very high. Whether it's our twin income unemployment data or our other credit data, our data is proprietary and over 90% of our revenue comes from proprietary data. What that means is no one else can access it. You know, when you think about credit data or in your question, income and employment data, the income and employment data comes from either payroll processors or individual companies, and that's also walled off. So the only way to access that is in a permissioned basis or in an aggregated basis like we have that's proprietary. So we think that there's a real moat around it from a data perspective. With regards to using AI in workforce solutions, we're doing a lot around our employer business where we, as you know, deliver regulated services to HR managers, things like i9, validations for new employees, unemployment claims management, work opportunity tax credit. We see big opportunities both in how we deliver those services from an AI perspective to the HR managers and their teams, but also how we actually complete the processes, you know, using AI in the paper processing to really drive productivity, speed, and accuracy. We're seeing a lot of opportunities there. And we talked you know, in my comments earlier, between AWS and USIS. This has really happened in the last six months us as we've been applying AI off of our new cloud platforms inside of Equifax. We're seeing big opportunities for productivity, speed, and accuracy in our operations by using AI call centers, paper processing, in workforce solutions as you referenced. To really drive efficiencies and productivity really quite substantially. And we talked about over the next couple three years in the neighborhood of $75 million of productivity from those efforts on internal operations. So we're quite energized around the use of AI. The investment we made in the cloud gives us a platform now across Equifax where we can really deploy it inside of Equifax. And back to the first point I made in obviously a topical point with what happened in the markets yesterday, you know, we have a lot of confidence around the moat that's around our data broadly. That really protects us from someone else using AI to try to disintermediate us. You know, we have the data, and as you know, you can't do AI without data. And when you have proprietary data, you've got the ability to really protect that and really deploy it in a very effective way.

Very helpful. And then overall margin, let's good to me normalized for FICO, but any additional perspective on the EWS margin outlook just any specific investments or headwinds things like the rev share on data partnerships or anything like that? Thank you.

Yeah. And we're pleased. I'm pleased, Jeff, that you are. I hope others are that we're gonna try to be transparent around the increasingly large impact that the FICO pass-through has on our reported results. And that's why going forward, we'll share with you what our particular margin rate impact is, which is quite substantial. And we're pleased with our guide of 75 basis points of margin expansion. I think that's a big number. You know, it's 50% above our long-term framework. It reflects the operating leverage in the business and, you know, some of the cost actions that we're taking, you know, driven by AI inside of Equifax. With regards to workforce solutions, you know, those EBITDA margins north of 50% are very attractive. You know, we think a lot about continuing to invest, and we are, in workforce solutions to maintain those margins because they're so accretive broadly to Equifax with our long-term framework, EWS growing faster than the rest of Equifax. And with those 50 plus percent EBITDA margins, you've got a lot of accretion you know, to our margin rate, and they generate a lot of EBITDA dollars. So we are continuing to invest there. We talked a little bit in our comments about some of the new products we're investing in, particularly in government. Like the continuous monitoring solution. Twin Indicator is a new solution that's a product between AWS and USIS. So, you know, investing in new products, investing new tech, investing in some of the AI capabilities inside of Equifax and workforce solutions on how they deliver solutions like in the employer business as part of the investments. And, you know, we continue to invest in acquisition of records and investing in our commercial team. So maybe a long-winded answer to say, we like our 50 plus percent EBITDA margins. Our goal is to maintain those, which we've been doing quite consistently, you know, while continuing to invest in the business to drive that kind of double-digit long-term framework revenue growth that is, as we all know, quite attractive at the 50 plus percent EBITDA margins.

And as Mark covered, just in the total Equifax long-term plan. Right? Again, it's the hold those EWS very high margins and have them outgrow the rest of the company to add accretion, continue to drive USIS margins up, which you're seeing in our guide, continue to drive international margins up which you're seeing in our guide. And then also to get leverage corporate expenses that are outside the BUs, which again, I think you're seeing in what we guided for 2026. So I think 2026 is very consistent. With our long-term model and something you should expect to see from us consistently going forward.

Got it. Thank you.

Thank you. Our next questions come from the line of Toni Kaplan with Morgan Stanley. Please proceed with your questions.

Thanks so much. And thanks for all the information around the FICO impacts and spelling out the different scenarios in the slides. I was hoping I know your guidance is assuming 100% FICO score sourced through the bureaus. Just maybe flush out sort of the hurdles that sort of get you like, get the lenders and resellers to being able to use Vantage. What are what's still remaining and what what's the timing on what those could be to get resolved?

Yes, that's a great question, Toni, and a tough one to answer. The timing element of it. As you know, the real hurdle that's left significant hurdle that's left is the FHFA as well as Fannie and Freddie you know, completing their work, you know, from a technology and, you know, planning process in order to allow for the adoption and the implementation of the Vantage core. That's really the big hurdle. Our intel is that it's you know, underway, meaning it's gonna be imminent. It's hard to handicap when that is. And we just thought it was prudent, you know, for given that that's uncertain when that's going to happen to put the guide out that we did. We also talked about there's a lot of energy in the marketplace with our customers, you know, number one, adopting our free Vantage Score for doing their own testing internally about VantageScore versus the FICO score, which is actually well known. You know, as you know, Vantage is widely adopted in non-mortgage space. So we've got good adoption there. We've got a couple of lenders that are non-agency, you know, a handful of lenders that have made the conversion because of the cost savings and performance and gone to full Vantage. They're smaller mortgage lenders for sure, but they're not the Fannie and Freddie know, conforming mortgages. So it's really a matter of when does that work complete, you know, by both agencies, you know, we're collaborating with them. You know, around that. And as it unfolds, we think there's energy in the marketplace to drive conversions once that gets green-lighted and you're available to submit a mortgage. You know, using Vantage.

Also wanted to be clear in the presentation around in terms of the FICO direct model, which I know there's a lot of discussion around that. And, again, to us, we're indifferent in terms of operating profit. Right? Our level of operating profit generation is the same whether we sell the score or not. Because as Mark made clear that there is no margin pass through to us. So should that occur, doesn't affect our operating result our operating profit, yes, revenue would be lower. But it's, again, it's zero margin revenue. So we think we're in very good shape for that transition as it occurs or if it occurs. And then obviously we're in very good shape when Vantage transition occurs.

Great. And looking at government, I think there's a big opportunity there with OV3 and this year as well as next year. You just talk about the momentum that you're seeing there versus prior quarters? Like if the getting closer and closer to having to hit those error rate targets, is impacting the states' behavior? And is there a large season like, a large quarter for you for government? Like, is there seasonality that we should be aware of? And just anything in terms of momentum in that part of the business? Thanks.

Yes. It's a great question, Toni. It's one that we're quite energized about and we're putting a lot of effort into given this unique environment that really started a year ago when came in and there was a large focus or increased focus at the federal level and now at the state level. Around the improper payments. And OB3 that was passed in July is a big catalyst for that. And what it's resulted, I think we've been clear that a lot of the OB3 specific requirements you know, will have, we believe, revenue impact for us, meaning positive revenue in the second half of the year and into '27 when some of those requirements you know, have a start date in the, you know, in the states. But what the OB3 is driven and this focus on improper payments and some of the focus on error rates or the increased focus and penalties from the error rates above the federal thresholds is a very, very broad-based engagement with each of the states that we haven't seen really in the history that I've been here. Meaning, the states are focused on it. They know that they have challenges. If they don't, you know, take actions to drive some of the integrity in the programs, and we've just seen an uptick in commercial activity. And I think you've seen the business really have some sequential improvement in the third and again in the fourth quarter, which we're pleased with. They were above our expectations of what we characterize as kind of normal state penetration commercial activity that is probably, you know, driving you know, some increased commercial discussions or commercial engagement, you know, because of the focus on improper payments that's so strong. And because the states know that there's these new requirements coming later in the year and in 2027. So we're really pleased with the engagement at the state and federal level. And the federal level is a very, you know, obviously, a big, big opportunity for us with the IRS and some of the other agencies. Who aren't using our data today, which we think there's real opportunity. So we expect this business to be stronger in 2026 and 2025? As you know, '25 was impacted by some of the changes made in the Biden administration. Around cost sharing of data. Know, that was challenging for some of the states that air pocket that we had is behind really from a comp standpoint, which I think is positive. And then you just got some real commercial momentum. And the other thing we talked in our comments and with Jeff a minute ago is that know, AWS is investing increasingly in new products you know, to aid in broadly in the delivery of social services like continuous monitoring and things like that that we weren't doing before. So that's another catalyst for us as we move into 2026.

Great. Thank you.

Thank you. Our next questions come from the line of Andrew Steinerman with JPMorgan. Please proceed with your questions.

Hi, Mark. I wanted to think a little more about Slide 11 and proprietary data. When you look at your most sophisticated clients in terms of their use of AI, are these clients consuming more or less data from Equifax and why?

Yeah. It's first off, it's more. And we're the only place you can get scale data. At a proprietary basis in the set of datasets that we have. Think about our credit file's proprietary. TU and Experian also have one. They're proprietary. No one else has the scale of that data, and no one else can get to it. Obviously, a bank is gonna have or a financial institution their own internal data for their clients when they're trying to acquire new clients and they're also trying to understand what kind of debt does their consumer have in other financial institutions. You have to come to one of the three of us for that. Add to it the cell phone utility database that we have is only Equifax. DataX, Teletrack, only Equifax. The IXI dataset is proprietary at only Equifax. And then, of course, the Twin database you know, if you wanna get payroll data, you're gonna come to Equifax or you're gonna have to go to an individual on a consumer-consented basis companies don't share payroll data. Just broadly in a weighted scale. So that's another proprietary dataset. To your question know, around the data macro, there's no question that this is for years. There's been a macro of all of our customers wanting more data in order to broaden their decisioning. And as you point out, some of them are using their own AI and ingesting our proprietary data assets but we're increasingly using our AI deliver those solutions because we have the scale data assets. So you know, the moat around our data is very high. It can only be accessed by Equifax. Or by our customers, you know, when they're buying the data from us. You know, that's just it's got a it's got a very high mode around it and know, we think the combination of that motor around the data in our invest in investments in Equifax AI capabilities. We mentioned on the call, we've got 400 explainable AI patents We added 40 more in 2025. So we're expanding our capabilities to leverage our proprietary data assets with AI in order to deliver those higher performing scores models and products. And even smaller and mid-sized financial institutions we've delivered technology that lets them ingest our data easier. Right? So one score, right, integrates a substantial amount of our credit alternative data, which and it makes it easy for a midsized financial institution to access more information using our scores and to drive greater usage. And we're seeing that absolutely occur. And the AI advisor that Mark talked about now being launched is supposed to make that even easier because we'll be able to help them create new credit policies more rapidly using our agent to capabilities that will again help them ingest more data more quickly using AI Advisor as well as OneScore.

Makes sense. Thank you.

Thank you. Our next question has come from the line of Shlomo Rosenbaum with Stifel.

Hi, thank you very much for taking my questions. Mark, I just want to ask you a little bit more about the mortgage lenders that are testing or in production with VantageScore. Are you able to discuss what are the size of some of those mortgage lenders and FICO talked about their direct to lender, they're a you know, the top. It top five of the resellers. Where are you with the really heavy users of, like, you know, resellers and lenders in that? And then just in general, are you planning to spend a lot more money this year just marketing the Advantage score and helping your clients test it? Is that you know, an item that you're absorbing into your margins?

Yeah. So on the first half of the question, you know, there's clearly given the cost difference between FICO and Vantage, there's a lot of energy around know, the testing and utilization, you know, of Vantage. As we've said, you know, we've got, you know, a number of large as well as a large number of customers that are taking advantage of the free VantageScore delivery so they can, you know, work on their systems on how you how you would you know, bring in a second score and also looking at the performance of that VantageScore. And we mentioned that there are a number of smaller recognizably, but smaller lenders that have made the conversion, but they're not in the Fannie and Freddie space. But they've gone from FICO to Vantage. So there's no question that there's a, you know, real interest in it, and we think it just a matter of when do when does the FHFA know, authorize the ability, which they know, said they're going to do last July to bring the VantageScore in, and we think there'll be a and it'll obviously take time, but there's definitely a lot of enthusiasm there. With regards to, you know, marketing and costs, you know, we we're we're obviously you know, working with our customers to support them. I think, you know, part of the marketing effort was to offer the free VantageScore with every paid FICO score not only in mortgage but in the other spaces. So that's one that we're putting commercial effort behind as well as marketing effort. Of course any of our expenses associated with that which are I would characterize as not meaningful, but in our P and L and in our guide you shouldn't expect us to do, like, TV advertising or…

Just a question if I can follow-up with John. Just on that selling the credit reports, it seems like from the guidance that you're taking the full hit of a pass through from the FICO score, not marking that up it doesn't look like there's much of a change in the cost of the credit reports to offset that. Am I understanding that correctly?

So you're talking about we we indicated excluding the pass through of the FICO revenue, would be up mid-single digits. So you should compare that against the market that's down low single digits. So doing that math, that's high single digits ish, right, type of outperformance relative to the market. Which we think is relatively good. And relatively good relative to the other segments in which we operate. So that reflects certainly some price increase. It also reflects share gain that we're driving and we expect to see from Twin Indicator and the other only Equifax products that Mark would have already talked about. And there is also a little bit of headwind built in there related to what's going on with triggers, right. So as trigger legislation comes in our expectation is you'll see increase in hard pulls, but some reduction in soft pulls, and that could have a slight impact on our revenue. So we did the best we could to bake all those things in, but we think we think growing in that, you know, mid to high single digit range, x the FICO score is is a really nice outcome for our mortgage business.

Well, it's also our long-term framework. Yep. You know, our long-term framework is to grow organically seven to 10 and in USIS, six to eight know, in there. So, you know, we we have our mortgage business ex FICO kind of in that range, which we feel good about, and we and we think you should too.

Thank you.

Thank you. Our next question has come from the line of Manav Patnaik with Barclays. Please proceed with your questions.

Hey, this is Brendan on for Manav. I just want to follow-up on the some of the mortgage market commentary. Because obviously, in the last couple of years, kind of saw the opposite trend where there is a a lot of shift to prequal, and, and you guys have have you know, taken some share there as well. So it sounds like you're you think there'll be a reversal of that? So I guess just clarify, what's going on in the ground there. And then also the just to be clear, it sounds like you're saying the originations will be down low single digit. That's not the inquiries you the hard inquiries you actually think would would would be better than that.

Sure. So on your last point, generally, we're talking about talking about hard inquiries and that's generally the way we guide. Now admittedly, we did indicate that we think we're gaining share there. So that we have to kind of net out the share gain when we're coming up with view of the market. But our down low single digits kinda reflects what we think inquiries would be doing absent the share gain that we're driving and absent some of the shift related to trigger legislation. And you know what's going on with trigger legislation I'm sure you're familiar with it. Right? We just we think we're gonna see some customers choose to purchase a hard pull earlier in the marketing cycle as opposed to purchasing soft pulls since those hard pulls now cannot be shared with other lenders, so that they so that they have an opportunity to market to the customer that's applying for the loan. So we think every customer is gonna do it. We still think there is we've seen growth continue. In soft inquiries and prequal and preapprovals. But we think this legislation is probably gonna result in some incremental adjustment where you might see a little more hard pull relative to soft pull for certain customers who choose to move to purchasing hard pulls earlier in mortgage cycle.

Okay. And then on the twin indicator, I you're launching that kind of across the board obviously, it's already in market in some areas. But I guess, where should we think of the biggest incremental opportunity across your different know, product lines?

Well, certainly in mortgage. You know, mortgage is the largest FI vertical. It's one where income and employment is used in every origination. Along with credit. And we've talked many times that the way the market historically worked is, you know, you pull a credit file upfront, but you don't have any visibility of that applicant you know, is working or what their income employment characteristics are because that's typically done later in the process. And that's why we launched the Twin Indicator really last summer. We're seeing great traction with mortgage originators. We're offering it, I think, you know, for free. You know, with our credit file, not only in mortgage, but auto and card and and we'll do it in p loans this year also because it's really gonna differentiate, we believe, our credit file and drive some credit file share particularly in the mortgage space and that prequal application. Space that'll aid lenders in their kind of marketing funnel to really differentiate, you know, what kind of loan or will a will a consumer you know, close because they'll now have visibility, you know, around their employment, a range of income for them that they didn't have before. So we're seeing you know, some really good traction there and what it should result in and we're seeing some some beginning traction there is share gains. Know, when there's a one b poll, you know, in the mortgage prequal area, we want it to be an Equifax file because we're offering that differentiated data at no charge. Which we think will advantage us from a share perspective. And think about that same opportunity in auto, which would be kind of the next big vertical then we're also seeing some traction in card. You know, same same reasons, you know, historically, you know, card originations have always been done just on someone's credit profile. But you don't know if that credit profile supports someone with the capacity to repay or if they're employed. By adding the twin indicator, it just drives that decision higher as a card originator, you can approve more at a lower loss rate. And if we're doing it for free, which is our our business model, to drive share gains, you know, we're seeing some traction there too. So we're super energized around the twin indicator, which is a great example of you know, the kind of solutions we can bring because of the breadth of our proprietary and scale data.

Alright. Thank you.

Thank you. Our next question has come from the line of Faiza Alwy with Deutsche Bank. Please proceed with your questions.

Yes, thank you. I wanted to follow-up on the government vertical. So one is, it sounds like you're saying the business for diversified markets will be up low double digits. So one, I'm curious what you're embedding for the government vertical growth. And then I guess as you're having these conversations with various states and agencies, what are some of the factors that they're focused on? Sort of how important is, you know, pricing as a consideration, and if, you know, some of the funding issues that we saw with some of the states, you know, seem to have resolved.

Yeah. Government that, you know, as you know, has had a long track record of very strong growth through 2024. Kind of the five years prior, it had a CAGR of over 20%. So it's been penetrating into that large $5 billion TAM which is principally at the state level. And as you know, what we're delivering to states is, you know, speed of social service delivery because it's done instantly versus a manual verification of income eligibility. We're delivering productivity for the caseworkers at the state level, which is a very strong value prop. Then we also deliver integrity meaning it's very current. It's dated, it's from last week's paycheck, you know, so it's a very current dataset. And that growth penetration is really because of those three value props and that hasn't changed. It's south of around $700 million of run rate revenue, a little north of that in our government vertical versus the $5 billion TAM, our commercial teams focus is, you know, on those states and agencies. It's really agencies. That are still doing it fully manually. And when you think about a $5 billion TAM, in our business, you know, at, you know, less than 20% of that, there's a long runway for growth as we work with the states. To your question around, you know, what are why are why isn't it $3 billion business? You know, we think it will be over time. There are challenges around technology around process flow change. And as you point out, there can be challenges around budgets, you know, in states. We deliver a very, very high ROI. We deliver a big ROI on caseworker productivity, you know, meaning they can cover more individuals that are coming after social services. But we also deliver a huge ROI…

Great. Thank you. And then just to follow-up on the on mortgage, and correct me if I'm wrong, I think you're guiding mortgage to low double digits ex FICO in the first quarter. And mid-single digit for the year 2026. So just curious like is that conservatism? Are you assuming higher rates? For the remainder of the year? Or what's behind that assumption?

It's really it's really related to the the way the mortgage market and overall mortgage revenue moved in 2025, right? You saw improving levels as you moved through the year. So when you do year-over-year growth rates, they just look a little different than than than a flat level of performance relative to a consistent level of performance in each quarter. That's all that's happening. So the run rates that we're seeing today relative to where the first quarter was last year actually results in a little better mortgage performance in the first quarter as you move through the year if that run rate is maintained what you'll find is that you'll see the growth rates decline as we go through the year and that's what it reflects.

Understood. Makes sense. Thank you.

Thank you. Our next question has come from the line of Ashish Sabadra with RBC Capital Markets. Please proceed with your questions.

Hi, good morning. This is David on for Ashish. Just following up on the government vertical I was wondering if you could talk about some of the pricing trends you've seen or expect to see in that vertical? I understand the three value prop that you're providing. Seems strong. There was a some a letter sent by some them senate senators regarding pricing. And then as a follow-up, was there any updates to the tried merge to buy merge?

Yes. On the first question, we have modest price increases at the government vertical. We don't price is not really a lever for us. We really think more about penetration. In the last year, we've gone to more subscription models in government in order to, you know, help a new state get used to using the service, you know, and and really help them in the adoption of our solution. So we don't think about price as being a big lever for us and it's not one that you know, is central, you know, where we have a multiple levers in workforce solutions. It's when you think about government penetration is such a huge one. We focus on delivering the right value in return for our customers. Product is a big one as we roll out new solutions. Last year we rolled out a consumer consented solution in government to go after some of the gig individuals who are going after social services that might have a w two job and be in our data set, but we don't have income. So we've got that in market now and we talked about our new monitoring solution that we're rolling out and we're seeing some real traction with that. So product is a big one. And of course, record additions are a big positive in this business and unique to Workforce Solutions. When we add new records and we added five more partners in the fourth quarter and 12 last year. In workforce solutions that really drives higher hit rates. So you've got a lot of levers for growth regards to your second question, of the buy merge, try merge, obviously, there's still some noise around that. Everyone we talk to understands whether it's the mortgage industry, know, our customers, you…

Thanks so much.

Thank you. Our next question has come from the line of Jason Haas with Wells Fargo. Please proceed with your questions.

Hey, good morning and thanks for taking my questions. I'm curious if you could talk about your philosophy and how you're thinking about pricing the credit file I guess, we know the price for this year, but for next year and going forward, can you talk about how you're thinking about that? And I guess, particularly for mortgage.

Yes, think it's the same in mortgage and non-mortgage. We do price increases every year in all of our products. And across whether it's workforce solutions or USIS or across our business. We generally do those on one one. We think about those as being reasonable and modest, you know, compared to, you know, to what FICO has done, it's obviously public you know, doubling their price that we don't do doubling a price and we have lots of relationships with our customers which is why, you know, I would characterize it we're balanced around price and will continue to be balanced going forward.

Got it. That makes sense. Very helpful. And then I wanted to focus in on talent, which I thought was a bright spot. Even despite the soft tire markets. Can you just reiterate what drove the strength there? Mean, how you expect that to trend going forward? Thanks.

Yes. So our talent business is really heavily driven by not only our twin data, continues to perform well and we continue to increase penetration but we also have a broader set of products including in education around incarceration, right, that is that are also expanding. So I think the way we continue to outperform that market, which as you saw BLS was down low single digits. We grew obviously much stronger than that up mid to high single digits. So very good performance on our talent business is really driven by continued performance on the team of continuing to build penetration with our income-based products and then also expand consistently our education and other products including incarceration which also continue to grow. So nice very very nice performance by the team in a very tough market.

That's great. Thank you.

Thank you. Our next question is come from the line of Kevin McVeigh with UBS. Please proceed with your questions.

Great. And congratulations on the execution. It's obviously a lot of moving parts out there. I guess just a little bit higher level. I mean, seems like there's really no changes to the longer-term framework, right, despite a pretty meaningful shift from FICO. So is the offset you're able to lean into to the AI a little bit more to drive more rev? I mean, see it in the vitality index. Is that driving more revenue and expense management or other parts to the business you're helping offset that? And, you know, obviously, there'll be some shift as VantageCore starts to kind of season a little bit. But just any thoughts on the model overall just given you know, pretty dynamic shift in FICO?

Yeah. FICO is one that obviously is just a no margin pass through for us, you know, and it's very sizable now, which is why we to spike it out, and we will do going forward because it's such a big piece of our revenue. And, yeah, it's zero calories. You know, when we sell a FICO score, you know, we just pass that through. And, you know, we're gonna do that. You know, the performance of the business, we're pleased with. We're pleased with our revenue guide and you know, for 2026 with a mortgage market that's you know, down slightly again, you know, we had hoped that inflation would come under control and the rates would move down. Obviously, they've ticked back up, which has put some pressure on the mortgage market. But to have a 7% ex FICO guide, which is at the lower end of our long-term framework ex the mortgage market, you know, I think we're something closer to 8%. We feel good about that and when you look at the three businesses versus their long-term framework against the seven to ten, having EWS in that low double digits think is a big, big positive moving forward. As they return to their long-term growth rate. USIS performing well both mortgage and diversified markets are non-mortgage and then same with international. So, you know, what's driving that? I think it starts with our unique and differentiated data. And, you know, as you point out, you know, we've had a big focus obviously investing in our technology, but our technology is now enabling us to deliver more innovation and more new solutions. We think that's accretive and supports our growth rate. And the fact that we have our vitality index last year 50% above you know, our…

Very helpful. Thank you.

Thank you. Our next questions come from the line of Kelsey Xu with Autonomous Research. Please proceed with questions.

Hi, good morning. Thanks for taking my question. Some of your peers have called out the improvement in the underlying post-consumer credit supply-demand dynamic. I was wondering if you can talk a little bit more about what you're seeing there in terms of just volume growth outlook for card, auto, and personal loans? Thanks a lot.

Yeah. The market is still quite solid. We talked about the mortgage market. We tend to talk about that from a market standpoint because it's so impactful and it's been a negative for quite some time because of the high interest rates. Going to the other verticals and they're solid. Some of the activity is kind of below still pre-COVID levels but there's still attractive. And then there's a question earlier around kind of the data macro, that's a positive for us as well as our ability to use AI to deliver higher performing products and solutions. Our customers from an origination standpoint are still originating. You know, there's no change. We don't see any, you know, kind of behavior around people thinking about slowdowns or recessions, but they're after more data. Which is a positive for us. They're after higher performing scores and models and we talked about some of the big lifts we're delivering now with our AI-generated scores and models and those become positive for us to penetrate in with our customers because we're delivering higher performing solutions. But your question on the markets, like our customers are strong, meaning financially, the banks and financial institutions. And broadly, the consumer is in good shape because they're still working and spending. So, you know, that's a positive for us.

So we're seeing FI for us has been good. You look at online, we're seeing nice mid-single-digit type of performance. Auto really strong, which I know Mark talked about in his comments. Insurance was very strong. We're seeing double-digit type of movements there as well, so very, very strong. And for us really across these segments, fintech is performing extremely well. So that's an area of real growth for us where we're seeing very good performance that's helping us across each of those segments that I referenced. So overall, we think our performance in USIS, especially as you look at online, is very good.

Got it. So second question, understanding that you are EBITDA agnostic on the cycle direct program, but it does impact revenues. So just curious to hear what you're seeing in terms of TriMerge resellers adoption or pickups for the FICO direct program? And your guidance, I think, implies 0% penetration rate for this program. So just once again, more of your thoughts behind that assumption.

Yeah. I think we said in our comments, there's zero CRA reseller score calculation so far this year, meaning in January. We know there's dialogues going on between the CRA resellers and the CRA TriMerge resellers and FICO. I think FICO talked about that on their call maybe last week I believe they said that they didn't see this happening until maybe the second half, but meaning that that the resellers being prepared to do it, going through the approval process, etcetera. But, you know, really, we tried to say in our comments earlier that we're kind of agnostic whether we calculate the score or the TriMerge reseller calculates the score. Because if they calculate the score, we're gonna sell them the credit file. Know, at our full price. And then, presumably, they're gonna have to pay FICO $10 for the score. Whether they pay the $10 to FICO and calculate the score or we do it, we're kind of agnostic because you know, it has no margin impact to us. Meaning, we don't get any margin when we sell the FICO score. We get the margin when we sell the FICO credit, I'm sorry, the Equifax credit file. So, you know, how that'll unfold is tough to handicap. What the incentives are? Why a reseller would want to calculate the score? Is, you know, I think something they're trying to figure out, meaning, how are they gonna make incremental margin for investing in the score calculation. If they're paying a full price to FICO and a full price to Equifax, I think that's challenging. But we're agnostic, you know, and we're gonna be you know, collaborative, you know, with our customers, which are the the TriMerge resellers to help them in ways that make sense if they decide they…

Super helpful. Thanks a lot.

Thank you. Our next question is coming from the line of Scott Wurtzel with Wolfe Research. Please proceed with your questions.

I just wanted to go back to the EWS margins. And just with sort of this assumption around new kind of government revenue from these benefits coming in, in the second half of the year. Should we assume that there could be like a ramp in EWS margins as we move throughout the year? Thanks.

Yeah. So I think John said it, and I said it in a different version. We like our 50 plus percent EBITDA margins in EWS. Our goal is to maintain them. In our long-term framework, because they're so accretive from a free cash generation as well as the overall Equifax margin rates, which are so powerful. And, you know, we're making investments to keep that top line at EWS, which is also accretive to Equifax. You know, going, whether it's around new products, know, new technology, we're investing in AI. I talked about some of our product delivery in the employer business. New products that we're rolling out. So we're going to keep that balance of investing in AWS to keep their top line double-digit top line growth over the long term going. While still balancing maintaining those 50% plus EBITDA margins. For overall Equifax, obviously if they're growing faster that's part of the accretion, it's in our 75 bps expansion this year. And then the operating leverage in the rest of Equifax helps drive that 75 basis points, which we're very pleased with that's well in excess of our 50 basis point framework over the long term.

That's helpful. Then just a quick follow-up just on sort of your outlook on international and sort of your assumptions around the macro and key geographies. I know you called out some weaker economic growth prospects, I think, in Canada and The UK, but I know there's also been some macro volatility in Brazil as well. So just wondering if you can kind of give sort of high level, you know, macro assumptions in your key international geographies that's sort of underpinning guidance this year. Thanks.

Yeah. I think it's well recognized the Canadian and UK economic macro challenges. Just to contrast in The UK, we performed well in our CRA business, very strong performance even in a weak market. The debt management business where we do a lot of debt recovery analytics you know, was under pressure in The UK. Canada is clearly has got a challenge from the tariff conversations that's happened really over the last year. We expect to see that be pressure for that business, but we expect better performance in '26 and '25 out of Canada. Australia, fairly stable, and we've seen, you know, good performance in our business there. Latin America broadly, in good position. There are some Brazil economic conditions, but we've had very strong performance in Boa Vista our acquisition we made a couple years ago. Is where we're gaining share there. So we would expect that business to perform well again in 2026. So you know, international, we've got kind of framed out at the lower end of their long-term guidance of seven to nine. Principally for some of the underlying economic weaknesses in some of the markets.

Thank you. Our next question has come from the line Craig Huber with Huber Research Partners. Please proceed with your questions.

Great. Thank you. My first question, you said several times today and in the past that you're agnostic if a FICO score was sold through Equifax or the resellers and so forth. Obviously, you're agnostic because you've raised the price of your credit file for mortgages and the associated fees to offset that, which is fair. I mean, it's must-have data if you wanna originate a mortgage out there and stuff I'm curious on two fronts there. What has the reaction been to the price increase to your credit file significant price increase there in the mortgage market? What's been the reaction out there? And is there any learnings there about that reaction there that you could potentially about raising prices more aggressively in other markets credit cards or maybe auto more importantly? That's my first question. Thank you.

Craig, your comments really accurate. Around what we've done with the credit file. And I think there's some misconceptions out there about what was marked up or what was not marked up. From our perspective, we've always been selling a credit file and a credit score know, for years. And that credit file you know, included the FICO score, you know, where we pass through the cost of the FICO score. So, you know, from our perspective, we haven't had a large increase in the credit file in 2026, and we haven't in the past. And we've shared that in prior investor meetings. You know, we passed through the FICO credit score, and you know, I would tell you that there's you know, a lot of, you know, consternation in the in the marketplace, meaning with mortgage originators around a FICO credit score going from 495 to $10. You know, that's just the reality. You know, that's not you know, we didn't we we we didn't take our credit file price up anywhere near, you know, in in a 100 miles away from that kind of a price increase. So that's really been the focus of the conversation. And, you know, what's the learning for us? You know, is we're gonna continue to have very modest increases on our credit file going forward, we would not do those kind of large price increases and we're we're we've not done them in the past.

And as a reminder, we added a twin indicator we added NCTUE data to our credit file. Right, with that modest price increase. So we not only had a modest price increase, we also made the information we're delivering more rich. Right? So a better product with a modest modest price increase.

Sorry. Just to be clear on my end. So where did you exactly get the extra money to make up for the loss that you're no longer getting a margin on the FICO score that you were selling before?

We never we did again, is a narrative that was created by, know, really FICO. We never had a margin on the on the FICO score. And I think we've been very clear on that. We sell a credit file and that credit file cost is what we've been delivering to our customers and then we pass through a FICO score. Last year was four ninety five, and we passed that through. It was very clear to our customers and this year it's $10 and we're very clear to our customers on that period.

Okay. And my last question if I could, your vitality index of 15%, just talk real quick if you could about the AI enhanced products or new products that you're very excited about here. That's a big number.

There's a bunch. I had them in my prepared comments earlier. And a lot of around scores and models around risk underwriting, credit underwriting, we're seeing, you know, big 10, 15 kind of lift in performance, which is massive. So those higher performing scores using more data you know, from our differentiated datasets deliver higher performance for our customers. So we're seeing share gains. We call that, you know, one score is one of our products that pulls together all of our differentiated data that we rolled out last year, and we're seeing a a lot of take there. We're also seeing in identity and fraud really the same thing. By ingesting more identity and fraud data assets we're seeing higher, you know, hit rates or higher performance rates on our identity solutions or higher pass rates. So that's been a real positive. So scores and models really big deal. We talked about some of the additions we're making in our adding AI capabilities to our Ignite analytics platform to make that you know, more functional, more usable, you know, for large, but particularly medium and smaller lenders. So it's easier to use Angetic AI around those product solutions. It's really quite broad-based on, you know, the energy we have around AI. It as you point out, our 15% vitality last year or 17% in the fourth quarter, obviously, we ramped through the year. A lot of that is being driven by our differentiated data that's really proprietary to Equifax. And then second, our use of AI. And as I mentioned, you know, on the call, we continue to invest in our explainable AI capabilities with 40 more AI-related patents that we filed in 2025. I think that's a great kind of indicator of our investments to, you know, to drive our industry leadership around using AI to deliver our differentiated data to our customers.

Great. Thank you.

Thank you. Our next questions come from the line of Zach Lasich with Feet Partners. Please proceed with your questions.

Hi, thanks for the question. Despite no impact to EBITDA or EPS, there an assumption built into the revenue guidance on what percentage of mortgage volumes will move to the direct model for FICO? And any color on how the brokers have been thinking about the direct model and the option for the performance pricing would be greatly appreciated. Thanks.

Yeah, I think we said earlier in our comments and there was a question a couple of minutes ago on that one that our assumption in our guide is that there's no Vantage conversion and there's also no CRA reseller or tri merge originator so-called direct model using FICO's term score calculation. And we haven't seen any of that in the first so far in the first quarter, meaning in January. And our conversations, you know, with, you know, those, you know, kind of TriMerge resellers is know, there's no dates we can see, you know, call it in the first quarter, don't see any of that happening. And just as a reminder again, for probably the fourth or fifth time on this call, we're agnostic to that. Because there's no p and l impact to Equifax. Or benefit for the customer. You know, for the TriMerge resellers calculating the score know, we're gonna sell our credit file at the full price to them, and then they'll buy the FICO score presumably for $10 you know, from a FICO and then sell that once they start doing it. It's hard for me to see what the benefit is of reseller doing it, but, you know, that's why we put our guide together because there's no indications that that's, you know, has any certainty about when gonna happen. There's also some questions about what kind of approvals would have to be completed by the regulators. Around someone else calculating the score and that likely means time. But again, just to be crystal clear, we're agnostic. You know, if the TriMerge resellers and FICO decide they wanna calculate the score, we're cool. It has zero impact on Equifax p and l, meaning, and we think about P and L as our EBITDA, our EPS, and our free cash flow, it's neutral to us whether we calculate the score or not. It'll clearly impact our revenue because someone else will calculate the score but when, you know, the zero calorie revenue, we're agnostic to that. So, you know, we'll see how it unfolds, and we thought we gave the right guide of assuming none of that happens. I think that guide is likely wrong because there'll likely be some activity at some point. But it's impossible for us to handicap when that'll happen. But the Equifax bottom line you know, is not impacted by that change.

Thank you. Our next question comes from the line of Arthur Truslow with Citi. Please proceed with your questions.

Hi there. Thank you very much for taking my question. So just sort of following on from that. Just wanted to clarify in simple terms. If what we're saying is that you are calculating the credit score for mortgages using the FICO algorithm, are you able to say whether the sort of contribution in dollars per mortgage inquiry is gonna be higher, lower, or the same in 2026 relative to 2025? Thank you.

It's higher.

Yeah. There's no question. We'll make more margin dollars because we took up the price of our credit file, and John kinda gave a framework of what that increase looked like. So we'll have higher margin dollars. Our revenue obviously is impacted by the FICO score going from four ninety five to $10 because that's the pass through that we have, but our margin dollars on mortgage by selling the FICO credit score are clearly gonna go up. Now the margin rate is impacted just by the math, but the margin dollars are what you and I should care about. And, you know, we've given a framework for overall Equifax margin dollars being up low double digits broadly in the business and this is one of the elements that drives that.

Yeah. Just to reiterate, just if the score if there's a if the score is sold by the CRA, or if the score is sold by Equifax, our EBITDA, EPS, and cash flow are unchanged. Right? Doesn't matter. Right?

No. Thank you. And the second question I had just sort of following up from that. When you produced your long-term framework for USIS, did you assume that you were gonna benefit from an organic growth perspective from FICO very significantly raising prices every year. Of course not. Or not?

Of course not. No. This was done back in 2021. When we put that long-term frame in place, I think the FICO score was like $0.55 and we expected which they had for kind of the decade before that to them, they would do modest price increases. You know, which was in our long-term framework. You know, think about you know, kinda mid to high single digits, something like that was in our in our long-term framework. Obviously, changed dramatically and that's why we've you know, opted to spike out the FICO impact because it's so significant, you know, in our reported results. And give you better visibility around the underlying performance, which was always there. You could always look at our EBITDA dollar change. And, of course, we set as a framework a margin rate of 50 basis points per year, but that clearly did not assume that there'd be this kind of FICO price increase which is why going forward, we'll show it to you with and without. FICO. Again, you should and we're really pleased with the operating leverage of 75 basis points ex the FICO pass through. That's quite strong and one that we're really pleased with.

Brilliant. Thank you very much.

Thank you. Our final question will come from the line of Simon Clinch with Rothschild Co. Redburn. Please proceed with your questions.

Hi, thanks for fitting me in. Mark, I was wondering if you could help us think about quite an important question today, all the ruptures we've seen in the market. With the application of AI, to alternative datasets, beyond your own proprietary sets, is there any situation where the value extracted from that data reduces the relative value that you extract from your proprietary data sets. And thus, make some marketing more competitive in that front. That's definitely a question that know, I think a lot of people ask these days. Thanks.

Yeah. It's clearly we've been swept into a neighborhood we don't think we live in, you know, where AI could disrupt or disintermediate our business. I think the scaled data assets we have are unmatched. You know, there's no way to, you know, get to the kind of credit data we have or something that has the same predictive elements of our proprietary credit data. Our alternative data, the income and employment data we have, and the fact that it's not publicly accessible you know, by third parties through any kind of AI tool. You know, pick the dozens out there that are creating very sophisticated that can access public market data, they can't get to ours. So I think that's a big part of the Equifax moat around data. To your question, I think you were heading towards is you know, what other kinds of data that might be accessible from a public standpoint, you know, could replicate you know, what we do today, and we don't see any. You know? You can't get credit data in the public market. You can't go out to the web and, you know, really aggregate that kind of data. You can't get payroll data. You can't get, you know, income and employment data. It's just that those kind of datasets are proprietary to proprietary, the contributors that are giving us that data, you know, that data is a proprietary environment in their world. Think about the 20,000 financial institutions that contribute data to us you know, every month, you know, they've got a walled garden know, around their data. It's not accessible, you know, same with income and employment data, you know, the 4.8 or 9,000,000 companies delivering payroll data to us either directly or through a payroll processor or HR software company you know, that's a walled dataset that's not accessible from an AI tool in any way. So, you know, we think obviously what happened in the last twenty four hours in the broader industry around AI concerns of disintermediating businesses that principally, in my view, you know, rely on public market data. We're not in that neighborhood, but we've been swept into it. So we'll work to continue to communicate to our investors around the Equifax moat around our data, which we think is big and tall. And one that, you know, we think is gonna be long-term sustainable. And only Equifax can use the data for our customers when we authorize them to do it. In order to use that data in any way.

Really useful. Thank you, Mark. And I think just as a follow on to that, I mean, as I'm thinking particularly long term here, but do you see the value of a credit score maintained in an environment where AI is producing a lot more value and insight from even your own proprietary data? I mean, is there a situation where VantageScore, the value of VantageScore to the market as a whole goes down while the value of your underlying data goes up.

Well, we think the underlying data is always the linchpin. You can't calculate a score without the data. And remember, like, Vantage only can calculate the score because we own Vantage along with TU and Experian. We use that Vantage algorithm on our data. So like a third-party AI algorithm can't calculate a score because it has no data. You know, the only way to do that is to have the access to the data and obviously, we control know, who uses our data and how it's delivered. So in my view, with all the data we have only gets more value. And as you know central to our strategy is to continue to add more data, either organically or through acquisitions and we've done acquisitions of, like, PayNet, DataX, Teletrac, You know, we've done a number of acquisitions to add more data into our proprietary dataset. And, you know, to me, I think what's fundamentally missing in the market today is that, you know, investors need to understand you can't use AI without data. And if you fundamentally believe that Equifax data, in our case, is proprietary, that's a pretty big mogul. Because the only ones who can use AI on our data is Equifax.

That's great. It's really good to hear you say that. Thank you.

Thank you. We have reached the end of our question and answer session. And with that, I'd like to turn the floor back over to Trevor Burns for some closing comments.

Yes. Thanks, everybody, for your time today. Appreciate it. If you have any follow-up questions, can reach out to Molly and I. Otherwise, have a great day. Thank you.

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines at this time and enjoy the rest of your day.