Equifax announced very strong business and financial results for the third quarter 2020. “I am encouraged by the resiliency and strength of Equifax and how our teams around the world are meeting the challenges of COVID-19 to help our customers, partners and consumers,” said Mark W. Begor, Chief Executive Officer of Equifax.
This was another record-setting quarter for Equifax as we marked the third straight quarter of double-digit revenue growth. Revenue reached +$1B in a single quarter for the first time in company history, and we achieved our highest adjusted EBITDA margin since 2017.
As a company, Equifax is leveraging our cloud technology and security transformation, and we’re seeing strong results from those investments. So, here are four things to know about our third quarter:
1. Driving Growth in Workforce Solutions and USIS: Our growth was again powered by our U.S. B2B businesses. Workforce Solutions continued their exceptional performance with revenues up 57% in the quarter; this marked the business unit’s second consecutive quarter of +50% revenue growth. USIS also exhibited strong revenue growth of 15%.
2. Delivering New Product Innovation: Thanks to our cloud technology infrastructure, we have accelerated the velocity at which we can develop new products for our customers from months to weeks. Through September, we launched approximately 85 new products, and our teams are on track to deliver about 110 new products in 2020.
3. Growing The Work Number Database: During the third quarter, we added 6M new records to The Work Number database -- the largest commercial source of consolidated employment information. From large corporations to start-ups, The Work Number database offers credentialed verifiers with permissible purpose access to income and employment data for more than half of the U.S. non-farm payroll.
“Broadly, data is more valuable than ever, and our unique data assets like The Work Number and advanced analytics are critical to helping our customers navigate the pandemic,” said Begor
4. Creating a Global Leadership Role for Diversity & Inclusion: In September, we appointed Andrea Lawson as SVP and Chief Talent and Diversity Officer. Andrea will be responsible for activating Equifax's talent strategy with a focus on furthering an inclusive and diverse workforce and culture. She previously served as our SVP of Global Talent Management.
For more information on our third quarter results, please visit investor.equifax.com