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Equifax's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: EFX

We will refer to a non-GAAP financial measure, adjusted diluted EPS attributable to Equifax, which exclude the acquisition-related amortization expense. Since our Brazilian operations were emerged with Boa Vista on May 31, 2011, we also present revenue growth, excluding Brazil, to provide a clearer understanding of our revenue growth for those businesses that will continue to be reported in our operating results.

These measures are detailed in our non-GAAP reconciliation tables included with our earnings release and also posted on our website. Please refer to the non-GAAP reconciliation and the various Investor Relations presentations, which are posted on our website in the Investor Relations section under the About Equifax tab at our website for further details.

Now I'd like to turn it over to Rick.

Richard F. Smith

Thanks, Jeff, and good morning, everyone. As most of you know, we've made a number of commitments to some important foundational principles, which have guided this company for the past 6.5 years. These principles include an intense focus on growth, new product innovation, accountability, LEAN, strategic acquisitions, as well as leveraging our analytic expertise and unique data assets across all business units. Our execution against this commitments continues to pay off.

The momentum and broad-based performance we delivered throughout 2011 positions us well for 2012. For the first quarter, strong double-digit growth from our 4 largest business units resulted in record revenue growth and our record growth in adjusted EPS. The results were significantly ahead of our expectations as we entered the year. Shortly, I will update you on our full year outlook. But as you would assume, our optimism and confidence for the full year has improved.

Taking a quick look at some of the high-level financials for the quarter. Total revenue was $523 million, up 11% over year ago, excluding Brazil. Total revenue was up 15% for the quarter and up 16% in constant dollars. Our operating margin was 27 -- or 24.7%, up 160 basis points from a year ago. Finally, adjusted EPS was $0.70, which is up 21% from $0.58 a year ago. And as I normally do, I'll go through some highlights of each of the 5 business units before I hand it over to Lee for the financials.

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