Equifax, Inc.

**Strong Third Quarter Results**: Equifax reported third-quarter revenue of $1.42 billion, up 9%, and organic constant dollar revenue growth of 10%, at the top end of their long-term growth framework of 7% to 10%. Adjusted EBITDA margins were just under 33%, with an adjusted EPS of $1.85 per share, also at the top end of guidance.

**Mortgage Market Recovery**: While U.S. mortgage revenue was up 17%, driven primarily by USIS, with mortgage inquiries showing early signs of recovery as rates dropped to just over 6%, subsequent increases in mortgage rates have led to reduced inquiry levels. The mortgage industry is expected to recover to 2015-2019 levels by 2025, potentially offering over $1 billion in annual revenue recovery.

**Cloud Transformation**: Equifax has completed significant migrations to their cloud infrastructure, with around 80% of revenue now in the Equifax Cloud. This transition is expected to yield $70 million in annual savings starting in early 2025, enhancing operational margins going forward.