Good day and welcome to the Equifax second quarter 2018 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Trevor Burns. Please go ahead.

Thanks and good morning. Welcome to today's conference call. I'm Trevor Burns, Investor Relations. With me today are Mark Begor, Chief Executive Officer; John Gamble, Chief Financial Officer; and Jeff Dodge, Investor Relations. 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 will be making certain forward-looking statements, including third quarter and full year guidance to help you understand Equifax and its business environment. These statements involve a number of risk factors, 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 filings with the SEC, including our 2017 Form 10-K and subsequent filings. Also we will be referring to certain non-GAAP financial measures including adjusted EPS attributable to Equifax and adjusted EBITDA, which will be adjusted for certain items that affect the comparability of the underlying operational performance. For the second quarter of 2018, adjusted EPS attributable to Equifax excludes, among other things, acquisition-related amortization expense, the income tax effects of stock awards recognized upon vesting or settlement and adjustments for uncertain tax positions. Adjusted EPS attributable to Equifax also excludes legal and professional fees related to cybersecurity incidents, principally fees related to our outstanding litigation and government investigations as well as the incremental non-recurring project cost designed to enhance IT and data security. This includes projects to implement systems and processes to enhance our IT and data security infrastructure, as well as projects to replace and substantially consolidate our global networks and systems, as well as the cost to manage these projects. These projects will transform our IT infrastructure and further enhance our IT and data security are available – are expected to occur throughout 2018 and 2019. Adjusted EBITDA is defined as net income attributable to Equifax adding back interest expense, net of interest income, depreciation and amortization, income tax expense, and also as is the case for adjusted EPS, excluding certain one-time items, including cost related to the cybersecurity incident. These non-GAAP measures are detailed in reconciliation tables, which are included with our earnings release, and are also posted on our website. In the Form 10-Q to be filed later today, we will disclose the future losses from litigation and regulatory investigations are reasonably possible, but not yet estimable at this early stage in the proceedings. Now, I'd like to turn it over to Mark.

Thanks, Trevor, good morning. Looking at second quarter performance, overall revenue and adjusted EPS results were consistent with our expectations and a solid performance as we continue win back customers' trust following the 2017 security breach. Revenue of $877 million was up 2% on a reported basis and local currency basis and was toward the midpoint of the expectations we discussed with you in April. As a reminder, back in April, we expected an FX benefit in revenue growth of around 1% and as you know that did not occur in the second quarter with some of the currency fluctuations which negatively impacted our reported growth for the quarter. John will discuss this in further detail later in the call. Adjusted EPS was $1.56 and at the high end of our expectations. By business unit, Workforce Solutions and International performed very well in the quarter on a local currency basis and GCS was consistent with our expectations. USIS revenue was modestly below our expectations. However, they continue to make very good progress with customers further increasing the number of relationships where we are now able to pursue new revenue opportunities and I'll talk more about that. We also made very good progress on the critical areas of our transformation including IT and data security and customer support which we'll also cover this morning. I'll start by looking at the BUs and start with the USIS. USIS revenue was down 2% versus last year and was below the 1% decline we saw in the first quarter and slightly below our expectations. This was principally in Financial Marketing Services and to a lesser extent in Online Information Solutions. As we have discussed consistently over the past nine months, the critical strategic deliverable for USIS in 2018 is working with customers to complete…

Thanks, Mark, and good morning, everyone. I will generally be referring to the financial results from continuing operations represented on a GAAP basis, but will refer to non-GAAP results as well. For 2018, additional items excluded from our non-GAAP results are the one-time costs related to the cybersecurity incident, and the one-time benefits for adjustments to uncertain tax positions. We will provide the details on this item so you can consider it in your analysis. In total, in 2Q 2018, we incurred non-recurring costs related to the cybersecurity incident of $71 million. These have been partially offset by insurance recoveries of $35 million, resulting in net non-recurring charge of $36 million. The non-recurring charge is excluded from our adjusted EBITDA margin and adjusted EPS. The $71 million of gross cost includes $16 million were generally for legal fees and other professional services, principally related to outstanding litigation and government investigations related to the cybersecurity incident and $55 million were generally for one-time incremental project and other costs incurred to implement our data security and technology plans and to improve our technology infrastructure. Total non-recurring and one-time incremental project and other gross costs incurred year-to-date were $150 million and since 3Q 2017, related to the cybersecurity incident, were $314 million. We have $125 million of cybersecurity insurance under our E&O policy against which we have received the payments to-date of $95 million, which partially offsets the cost referenced above. We continue to expect to make claims to fully utilize the policy. For Equifax, in 2Q 2018, as Mark indicated revenue of $877 million was up over 2% from 2Q 2017, both on a reported and local currency basis, and at the midpoint of the constant currency expectation we discussed in April. At the time of our conference call in April, our…

Thank you. We will now take our next question from George Mihalos of Cowen. Please go ahead. George Mihalos - Cowen & Co. LLC: Great. Good morning, gentlemen. And it's good to hear about the momentum in USIS and the reiteration of guidance there. John, maybe you can talk a little bit about the cadence in USIS growth 3Q and 4Q, is it going to be relatively steady? I know the comparison is a bit easier in 3Q. And also what the contribution exactly will be from DataX that will be included in the USIS segment?

Yeah, George. Thanks for the question. We're not going to be specific obviously in terms of the type of growth cadence by third and fourth quarter, but needless to say, as Mark indicated, we expect to have growth in those periods as well as growth for the year. The contribution from DataX is relatively small. The company is quite small and the contribution really isn't very large. George Mihalos - Cowen & Co. LLC: Okay, great. And just two quick ones if I may, Mark, the decision to kind of stay committed to the GCS direct business, if you could talk a little bit about that and coming back into the market in terms of advertising spend. And then just as it relates to Europe, have we sort of hit the bottom in terms of that minus one local currency growth that we saw in 2Q? Does that now start to turn positive in 3Q and then improve upon that in 4Q?

Sure. I'll start with GCS and maybe John can start on the Europe one. On GCS, we think this is a business that's important to us, dealing with consumers. We have a lot of interactions with consumers when they are dealing with us on the credit bureau side. And we had a nice business prior to the breach that we think we can continue with. We've been consistent in prior calls and meetings that we've had with our investors and others, George, that this isn't a business that we're going to have as the front of our strategy. It's not our primary focus, but it's one that we think is a business that's a good one for Equifax and that we'll start working our way back into doing some advertising and selling value-added products later in the year.

Yeah. In terms of Europe, right, I mean, basically the discussion is around debt management as you know, and we do expect to see some improvements in the debt management business in the third quarter and we expect to see that business return to growth in the fourth quarter. So that – those should both be very positive effects for Europe. George Mihalos - Cowen & Co. LLC: Thanks, guys.

We will now take our next question from Manav Patnaik of Barclays. Please go ahead.

Hi, this is actually Greg calling on for Manav. I just wanted to see if I could get any additional color on how you're thinking about the phasing of the IT and cybersecurity investments in terms of what's going in the buckets this year versus into next year. And also along those lines now that you have the CISO and the CTO in place, has that changed any areas of focus or emphasis on the investments?

Yes, good question, Greg. First, I think, John, gave you the guidance as I did, that we're taking up our forecast for this year by $25 million of the spend that we expect to do broadly. The bulk of that $25 million is between security and IT. Beyond this year, we're not ready to give any indications of what it looks like for 2019, but I think we've been clear that we expect to have a sizable investment again next year. And our goal is as we get into the fourth quarter, or later in the – probably in the fourth quarter versus third quarter, to give some real visibility to you and others around that as far as what our spend will be next year. With regards to our new CTO from IBM, Bryson, he's only been on the ground for three weeks. We don't expect any significant changes in either our spend level or forecast. How we're going to spend it as a result of him joining, but we do expect him to make some refinements to it. He's got really deep experience around going from legacy to private as well as public cloud and that's part of our strategy. So we think he's going to help us enhance that. He's very product oriented, which will also be a positive for us and there may be some tweaking, if you want to call it, to our plan. I think his bigger impact will be in the plan that we have, he -as that gets shaped in the, call it the, next three, four, five months and we'll be ready to share that with you later in the year.

Okay. That makes sense. In terms of USIS, I think you talked about some of the larger customers and the conversations you are having there. Maybe if we think about it from a vertical perspective, are there any areas that are starting to turn on the spigot faster versus slower and how we should think about that going forward?

I guess it's hard to think about any verticals that would be any different. When we had the call back in April, we said, look, fourth quarter was really tough. First quarter was very tough with regards to customers wanting to understand our security plans and getting back to giving us some confidence and trust and when we talked in April, we felt some momentum there and some positiveness. That continued into May and June as we're into July. I think I tried to indicate, it's just a small handful, like, less than – it's less than the five fingers on my hand where we have, what I would characterize some ongoing tensions with customers that still want to see more of our security plans. The vast majority of the rest are just back to normal mode of operations. And really, it's just our focus now is just getting our NPIs back in front of them, getting that collaboration with their risk teams, their marketing teams around how we can help them grow. And I tried to be quite consistent in that, the message I've gotten everywhere is that Equifax is valued. They value our differentiated data, meaning we've got data assets that we can bring that others can't, which is a real value for us. From my perspective, we're kind of getting back to that more normal mode of operations. And I'm quite energized around Paulino coming back in. You know and others on the call know, he's an experienced leader, he's an aggressive leader, he's a commercial leader, and he and I and the team are going to be laser focused. We have been for the last couple of months and we will be for the rest of the year on really getting ourselves back to that normal growth mode in USIS. And we expect to see progress as we go week by week and month by month through rest of this year, into next year.

All right. Thanks and congrats to Jeff.

Thank you. We will now take our next question from Tim McHugh of William Blair. Please go ahead. Tim J. McHugh - William Blair & Co. LLC: Thank you. First, I guess, just coming back to the discussions with customers. I know you said vast majority of them gotten better. Is it still the case, I guess, as you move further where you're not seeing a disruption to the kind of the Online business, it's more the back processing? Or is that still a fair description? And then secondly, you talked about competitors being aggressive, I guess. Have you seen that intensify or change at all? Or is it basically is an environment similar to what you would have described three to six months ago.

Yeah. They kind of tie together, Tim, it's a good question. Look, it's a competitive space, every space is. We operate versus 2Principle (51:37) and dozens of other competitors. And it was competitive before the security incident last fall and it's competitive since then. And so I think you point out that it is and will continue to be. Our competitors, I'm sure, it wasn't lost on them what happened to us last September and they would certainly probably try to take advantage of that in the past nine months. That said we're going to be aggressive, too. We're going to be aggressive about maintaining our business. We're going to be aggressive about getting new business. And your question about Online versus batch, for the most part, I would characterize any changes in Online of being really related more to that normal competitive environment that we all live in versus something related to September. There's no question that the September incident impacted our batch and some of our NPI stuff. We've been clear about that. And you know our competitors have put up some really impressive numbers in the U.S. and a lot of that has been them taking share from us, we believe, in some of the batch and new product stuff. We're laser focused in getting back our share of that, as we go into July and the third quarter and the second half of the year and we expect to do so.

And as we talked about before, right, with NPI, a lot of NPI it drives Online. So, when you're asking does it impact Online revenue, certainly it does, absolutely. So, there's been impacts across the board, as we said. Online, batch, have both been impacted by the fact that we were impeded in our ability to sell, absolutely.

And Tim, just want to – one other point about – this, obviously, is an active world. And we're out there competing. But last night I got a verbal from our commercial team, from one of our U.S. customers that moved some business to us in a positive way that was with one of our competitors. So those things happen all the time. But, the good news is, is its happening, meaning we're out there winning in the marketplace. And I expect to see that to continue, particularly under Paulino's leadership and with the kind of focus and effort I'm going to put on it – continue to put on it as we go through the rest of the year. Tim J. McHugh - William Blair & Co. LLC: Okay, great. And then just secondly, the increase to the spending on technology, I guess, is it just proving to be more expensive than you would have said before? Are you increasing the, I guess, the magnitude, I guess, of what you're trying to achieve or are you trying to get it done sooner? I guess how should we think about that spending?

Yeah. I would think about it as pace, right? So, when we gave you the initial guidance back in March, we were in the process of trying to ramp the resources necessary for us to deliver the changes that we committed to. And quite honestly at that time, that the – the exact pace at which we could ramp that level of resources wasn't completely clear. So, what we found is, I think, we've been able to ramp a little more effectively, so that our pace of completion is faster. And I think when we gave the guidance initially, back in March, we said to the extent we could go quicker, we would. And I think that's what you're seeing, since we can go quicker, we are. Tim J. McHugh - William Blair & Co. LLC: Okay, great. Thank you.

Thanks, Tim.

We will now take our next question from Andrew Jeffrey of SunTrust. Please go ahead.

Hey, good morning, guys. Appreciate taking the question. Mark, with regard to the aggressiveness of the competition, which I guess should be expected and your commentary about growing and, you know, improving consumer customer, I should say receptivity, are you as confident now recognizing 100 days in as you might otherwise have been about having the right technology and the right solutions in USIS, is there – you know given the current offerings, the potential to meaningfully reaccelerate the growth in your view, is it just a matter of continuing to improve the selling motion and customer relations and ramping NPI? Or do you think there's new technology or new solutions that you might need to fill gaps at this point?

Yeah, it's a great question, Andrew. I think last time we spoke I was maybe 10 days into my role and now being three plus months I covered a lot more ground. And I was – I know a lot more now and I'm even more energized frankly about our market position. I believe, and I hear this from our customers, that's where I get the data point from is that our customers' view our data assets to be differentiated. So that's a very good thing. Second is, they view our products, our technology, our NPI cadence, our DNA resources as being a real asset also. So I view that as a real advantage and I'm excited about that. I think we've also been clear that we've got some technology opportunities to allow us to speed up our ability to get products to market. Our competitors, my sense is over the last five years, made some investments there that we did not, we're doing that now. And that's part of the investments we're making this year and that will roll into next year that will allow us to be even more differentiated, I believe, as we go forward. And the last one is that, there's great commercial relationships with Equifax. Those customers – the customer I was with yesterday has been with us for 40 years. And they are one of our key customers and we're primary there. And there's just a very strong relationship with or without the data security breach. They were supportive as we went through it. They paused, if you want it, in the first six months about new things, but now we are back to the races. So, I'm really energized about the future and I don't need to remind you, if you go back literally a year ago and look at USIS, with our data assets, with how we went to market, with our commercial infrastructure, the business was performing very well. And 12 months later, with the data security breach, obviously, putting some pressure on the business and the team, I look at that and it gives me great confidence along with the dozens and dozens of commercial discussions I've had, that we're going to get back. We'll get back to that growth mode that you're used to and that we want to deliver for you and our other shareholders. And I add on top of that the team. I'm really energized about Paulino agreeing to step back into a role that he did really well. Many of you saw him operate, you saw him lead and he's been there a week. I had dinner with he and his leadership team last night and they are charged up. And that is a long list of things that gives me confidence and it gives me more energy and confidence, frankly than I had when I was two weeks in. So, a long answer to your question, which is a very good one.

Okay. And if I may just follow-up with a quick one. Just for my own edification, when I think about Ignite, Cambrian, just as a framework, could you put a little meat on that bone for me, just in terms of an example of maybe a vertical or a specific function where that technology changes the sort of the, I guess, the value proposition or specific example of Ignite, Cambrian's value proposition, I guess. So we can think about it a little more clearly.

John might be able to give a better specific example. But I will just give you kind of in a generality. By getting Ignite into our customers and allowing their data and analytics, their risk team to have quicker and easier access to our data is incredibly valuable. And remember, Andrew, I was a customer. I ran Synchrony for nine years, so I know how data is used. I know how data and analytics teams work from a customer perspective. And this tool is so valuable to them to have really broad access to our data to experiment, to model and by having Ignite embedded with our customer, it just makes us more sticky with them. It makes their access to us more valuable. It allows them to test and model things in just a faster fashion, allows us to co-collaborate with them. So it's an incredibly valuable tool that as you know, we're actively deploying in the marketplace with our customers that we think is just going to be another step change in that integration and close commercial collaboration with our customers. Would you add, John, to that?

Only thing I'd add, we're very complete with Ignite Direct, obviously, also our customers their data scientists can contribute their own data...

Correct.

...can use third-party market data and can use our NeuroDecisioning (sic) [NeuroDecision] (01:00:24)Technology to generate products and understand where that relationships exist that we can deliver faster. And as Mark said, the technology investments we're making will allow us to get those products to market faster with those customers. And I know you know this Jeffrey, Ignite Marketplace is more of an app, right? So it allows our business users within our customers to take a look and run analytics against their broader business more simply, like you would with an app, as opposed to requiring a data scientist to do the work. So we think we have a great solution in Cambrian, Ignite Direct and Marketplace and we think we can be very well.

Thank you.

We will now take our next question from David Ridley-Lane of Bank of America Merrill Lynch. Please go ahead.

Sure. Good morning. So, you know, with the strategic decision to continue on the U.S. direct to consumer business, it sounds like you'll restart marketing in the fourth quarter. Heard that you expect that marketing spend to return to pre-breach levels, just to help level set expectations for your investors, would that be in the kind of single-digit million of spending per quarter?

Yes, we typically – as you know, David, we don't give the number out on that, but I would say we're still finalizing those plans. We've been consistent that – I've been consistent that we view this as a business that we want to be in. It's a business that we're never going to be as big as some of our competitors, use that as a boundary on it. And our entry is going to be what I would characterize as measured and whether we're actually at those levels or not, I think it's difficult to forecast at this stage, but we're going to walk our way into this in the fourth quarter and then we'll look at their performance and then make decisions about what we do in 2019 and everything we talked about is inside of kind of the guidance we've given you.

Yeah. And just in the fourth quarter, since we're just starting to do it as Mark said, you shouldn't expect to see anything really large, right.

Yeah.

It's something we've ramped into slowly. Again, all we're trying to do is give people a perspective that we're not looking at a large re-entry here. We weren't really large in that business in 2016 and 2017 either. This is a relatively small business that doesn't have large investment.

And I'll take another approach to the question about ongoing IT and security costs. Will you be fully ramped up in terms of staffing and head count and spending on those plans in the second half of 2018? And I understand you don't know if those costs will be up or down in 2019, but potentially, could you start to see some cost savings from simplifications but benefits from these, the work that you're doing in 2018 as you move into 2019?

Yeah, I think on the first half of your question about kind of getting fully staffed, it's – staffing is difficult to forecast but it's our goal to kind of be at a full staffing level. I know Bryson is looking at bringing in some new talent just like Jamil, our CISO did. And that will happen. It's happening as we speak. He's already worked a couple of hires. So my view to that first question is that we should be at kind of a run rate of the team as we finish out the year. With regards to 2019, I think we've been clear that we're going to work those plans between now and the fourth quarter and share those with you once they are complete. And with regards to cost base, too early to predict that. But to be clear, our goal in making these significant IT investments are to allow us to accelerate our revenue growth, to increase our speed of products to market. And as you point out, just simplify our structure both from redundant systems and using cloud, either private or public as appropriate to improve our cost structure and, yes, we expect through these investments to have efficiencies that will deliver along with the revenue growth and as we define those, which our goal is to do that as we get into the latter parts of the year, Bryson has some time to get on the ground, we'll share them with you.

Thank you very much.

Thanks.

We will now take our next question from George Tong of Goldman Sachs. Please go ahead, sir. Allison Chou - Goldman Sachs & Co. LLC: Hi, good morning. This is Allison Chou on for George. Could you speak to trends you're seeing in Workforce Solutions and particularly Employer Services post breach and where you expect the margin improvement in the back half of the year to come from?

Yes. So just, again, I think we talked a bit about this in the script, right. I mean, what you're seeing in terms of the weakness in the first half of the year is principally around unemployment, insurance claims, our tax services business as well as in our ACA business. A lot of that's being driven obviously on the UC side by unemployment and in ACA I think it's kind of well chronicled what's going on there. So, I think what we're expecting to see as we go through the rest of this year is that we believe that those businesses are somewhat stabilizing and we're starting to see a little bit of growth in some of our employee services business. By employee services, it's the services we provide to our customers to help them board employees and manage their employees, and there I think we're expecting to see some improvement. In our I-9 business we're expecting to see some improvement, in our onboarding business and that should allow us to deliver a little bit of growth as we go through the back half. So we believe the declines should be behind us and we're starting to see – we expect to see some growth as we go through the rest of this year. Margins in that business, in the total Workforce Solution business, we don't give margins by sub-segment. Again, you saw margins down a little bit in the first half. I think we said specifically related to the substantial security investments that we made, as well as the decision to add more marketing and sales, because that business is doing very, very well. So I think what you're seeing is Verifier growth continues and escalates as you go through the year. And as you've seen so far, and as we see employers somewhat flatten out, therefore the growth of that business grows. It's a very high variable margin business and we're expecting that you'll see gross margins increase from the levels we're at right now. Allison Chou - Goldman Sachs & Co. LLC: Great. And in terms of NPI and product generation and collaboration with customers, can you give more color on the areas of focus there, any competitive changes you've seen and maybe which businesses you expect to most benefit from NPI going forward, whether you expect that mid-50s level to ramp meaningfully in 2019 and 2020?

Yes, the NPI focus that, Allison, we've talked about on the call today and we tend to talk about with you is really around our core credit bureau or USIS and its both in the U.S. and of course our products travel globally. I don't see any different trends or competitive impacts there. This has been a really strong muscle for Equifax for a lot of years, and I think we've talked in prior calls that we've worked hard to make sure we protect the resources around our NPI processes as we're ramping up our IT and data security investments, and it feels like we've done a good job at that, meaning that the NPI engine is still working at Equifax. And with regards to getting north of the kind of pace we've had, I don't think we see that and I'm actually quite pleased that we're still on pace with kind of a consistent and attractive NPI engine working at Equifax. It's a big priority for us. We have a lot of people focused on it. It's one of our – it has been one of our growth levers and it will be going forward. So it's clearly a priority. Allison Chou - Goldman Sachs & Co. LLC: All right, great.

If you look at – International has been very strong at NPI too. So historically, and they continue to work at it. International's performed very well on NPI. Allison Chou - Goldman Sachs & Co. LLC: Okay. Great, thanks, guys.

We will now take our next question from Brett Huff of Stephens.

Good morning and thanks for taking the question, guys.

Hey, Brett.

And Jeff, congratulations to you. It's been good working with you. Two questions from me. On the EBITDA declines that you mention, I think, John, I think you mentioned this, you said about half of the overall decline year-over-year for the company in margin was due to the ongoing security investments and things like that. I'm just trying to make sure I'm parsing out kind of what the one-timers are, if you will, that you're excluding versus what the ongoing base cost will be. Is that – if we just do that math and take half of that margin and multiply it times the revenue, does that give us a reasonably good ballpark on what the current ongoing investment will be? And I know 2019 may be more or less. I'm not asking that question. But is that the right way to think about magnitude from an ongoing addition to the base that we should expect to continue?

Well, maybe getting at it another way, right? When we did guidance initially back in March, for the full year, we indicated that you'd see about $0.40 a share from investments in security, technology, free product Lock & Alert and insurance, right? And we're kind of on pace for that type of number, not exactly. But there'll be – but it's – we're pretty much on pace for that type of number. So I think that's the way you should think about what those types of ongoing costs look like as we're looking at this year.

Okay, it's helpful. And the second question, you all talked a little bit about getting closer to your customers and you also mentioned the growth in some of your competitors has been better for a variety of reasons. Wondering, in terms of moving to reaccelerate, or working on reaccelerating particularly the USIS business, how do you think about getting closer to your customers versus the money you want to put into NPI or the processes around those two things? It sounds like there's a new focus on getting closer to the customer. How does that rank in terms of growth acceleration relative to NPI?

Well, they are both important. The NPI, Brett, from my perspective, has been a strong muscle of Equifax for a long time. So, that's in place and I think it's well organized. We've got very rigorous processes in place. We collaborate with customers. So that one's working and the thing we try to manage, what we're trying to manage this year is make sure we keep the resources dedicated to that, so it doesn't slow down when we're doing our security and IT transformation. So, that's happening. The closer to the customer one is really one that's – an initiative that I'm really driving. And it's obviously quite logical. If you're closer to your customers, you're going to be able to engage more in commercial discussions, you're going to be able to show them new products. You're going to be able to show them new data analytics to help them grow. And it's really probably twofold. One, it's my DNA. That's how I lead as a business leader. I want our team to be close to customers. I think Equifax has always been that way. And it's quite natural, following the data security breach last September, the organization turned somewhat inward, which is natural. There was a lot of work done inside of the business and that focus externally, when I landed, call it three months ago wasn't where I would want it to be. And that's what I've just been ramping up. And I'm leading from my chair, by spending, call it half of my time in the field with customers. I'm in there with our key client teams and with our data and analytics teams. And it's really a mode of operations that I want to be a part of. And with regards to priority, I would say the NPI and being close to customers kind of go together. I'm just putting more emphasis on it.

Okay. That's – and then just one smaller question on the analytics, the Cambrian, Ignite group, kind of most of your customers have something that is similar, a kind of flexible data and analytics product. How do you all see the differentiation between what you offer and maybe what they offer? Is it in the analytics or is it in the base data? Or is there a simple way to think about that from us looking outside in?

Yeah, I think outside in I think it's what we've talked about really consistently. The differentiation that we believe we bring is the data assets, as Mark mentioned, right? So we think we have differentiated data assets beyond credit in terms of The Work Number, in terms of NCTUE, in terms of now obviously DataX, right? So we think that the data assets we bring to bear is what helps differentiate what we offer. We think we have an outstanding technology platform, and we think it's incredibly flexible. It's very modern. So we're extremely happy with it. And also the other thing that's critical to remember is NeuroDecisioning (sic) [NeuroDecision] (01:13:22), right? It's a patent pending activity where we can do machine learning and through that machine learning we can actually determine reason codes. And so use the machine learning algorithm to determine algorithms that we can sell to customers and that they can use in production because we can determine reason codes. So, all of those things, with think, are what give us a product that's extremely strong. I'm sure our competitors have reasons they like theirs. Those are the reasons we like ours.

Great. That's really helpful. Appreciate the time, guys.

Thank you. We will now take our next question from Andrew Steinerman of JPMorgan. Please go ahead.

Hi, Mark. Are you able to give us any more color on your confidence on USIS returning to organic revenue growth in the third quarter and into the fourth quarter? I know you said more normal commercial activity, obviously. I see the easier comp. Is there any more specific you could give me around that dynamic of returning to growth and staying in the growth mode for USIS?

Yeah. I'll start will – I've been – said maybe four or five different ways in this call that the focus from our team is like crystal clear and laser. It's our biggest priority. It's one that the team is on, the addition of Paulino, we think is going to be quite attractive. I'm spending a lot of time there. So, the resources and focus are there. And then it's – I'm really giving kind of my perspectives and the team perspectives. As I said, I had dinner with the team last night. We had a detailed discussion with them last week and where we're going through pipelines. And when we see pipelines building of commercial activity, that gives me confidence. When you – when I'm out with customers and we hear them, and then just have a dialog, yesterday, last Friday, the earlier last week when I'm meeting with customers, they are ready to get back into a growth mode. You think about it for your customer and they're an Equifax partner, meaning we've been doing business with them, they've got growth needs. They want to access our unique data. They want to access DataX. They want to use The Work Number. They want to use Ignite, because they want to grow. They've got their own growth challenges and we're one of the levers of growth for them. So, I've got a lot of confidence in the team. It feels like there's some wind building behind our sails, which I think is a positive. And we're focused on getting back to that growth mode. It's still going to take time. It's not going to be something that's going to happen tomorrow or next week, but the – with the pipeline building, converting those to deals and revenue, that's the kind of mode that we're going to be in as we go into – as we're in the third quarter already and as we go through the rest of the year.

Okay. Thank you.

Thanks, Andrew.

Thank you. We will now take our next question from Jeff Meuler of Baird. Please go ahead. Jeffrey P. Meuler - Robert W. Baird & Co., Inc.: Yeah, thanks. And a big thank you and congrats to Jeff from me as well. I guess first question on the Verifier growth, the mortgage market is down, the auto market is not overly growthy and you're calling it a really good rate and accelerating. I hear you on the records growth but anything else going on with Verifier, any sort of like new go-to-market product refinement, just any other leg to growth that's driving really good growth relative to the end market?

Look, overall, they are continuing to execute on the strategies they have for an extended period of time. As the records continue to extend, then obviously that drives growth themselves. But it also makes the specific application more attractive in each of the end markets you just referenced, right? So, we talked about the markets that we're growing and they've done a nice job of selling into markets where the expanded record base now makes us even more attractive. They've started – they focused on NPI. They're offering new products that allow us to get more information to individual verticals. If, for example, they don't need the entire Work Number record, but they can use a subset of the record to drive revenue at a lower price we've structured products to allow that to be the case, and to also provide them historical information that may not be as valuable as current – as the current information, but it's valuable in their decisioning process. So, they've just broadened what we can sell and have been more effective in selling. So they've done a nice job. Jeffrey P. Meuler - Robert W. Baird & Co., Inc.: Okay, great.

Jeff, (01:17:54). We probably don't give workforce enough justice in dialoguing with you, at least since I've been here. This is a really good business. And from my perspective, we're still in the early innings of the kind of creativity we can bring about how The Work Number can be used, new verticals, new spaces, more penetration in auto, more use cases around government for verification. There are a lot of opportunities, and as John pointed out, and then how we deliver it. This is a very exciting business that we view as a growth engine for us, as we go through the rest of this year and into the future. And as I say, I view it as early innings, because there's just a lot of potential here. Jeffrey P. Meuler - Robert W. Baird & Co., Inc.: Okay. And then, second, can you give us any kind of sensitivity to the potential outcomes from the ongoing conversations with the customers where you're still in the – working through the risk zone or getting them comfortable with your data security, et cetera? Like if one of those customers would go from primary to secondary or tertiary, is that a 1% consolidated revenue headwind? Is it more? Is it less? Just any sizing of that risk factor, thank you.

Yeah, it's hard to size. First off, it's very few. I think I'd characterized it as, like, less than five fingers on my hand. We got a couple that we're really working on. And what the dialog is, is they just want to see more progress on our security efforts. We're dialoguing with them on a biweekly, weekly basis. We're showing them our work plans. We make progress every day with them and I'm trying to be open and transparent with you, that sure, there are couple. I don't anticipate what you described happening, meaning us changing our position but growing with them is not happening right now. The NPI discussions aren't happening with a couple of customers and that's something we want to move them to the more normal mode of discussions and we're going to work on that. The vast, vast, vast majority of our customers, that's behind us. They understand our data security plans. They believe in them. They see the kind of spending we're making, the kind of people we're bringing in. So, their confidence in us executing that is quite strong. And the dialogs are normal and we're into testing products, testing data sets, putting agreements in place to roll out new products, that's where the vast majority of our customer discussions are.

And you know this – our customer base is extremely diverse and we generally don't have really large customers but we have no customers that are near 3% of revenue, and any with that would be even moving up in that geography. The number is very small, right.

Yeah. Good point. Jeffrey P. Meuler - Robert W. Baird & Co., Inc.: Okay, thank you.

Thank you. We will now take our next question from Bill Warmington of Wells Fargo. Please go ahead.

Good morning, everyone.

Bill. Hey, Bill.

So first, shout out to Jeff Dodge and congratulations on setting a new record for the longest drum roll pre-retirement.

Well done!

So it sounds like the revenue momentum is improving and in the USIS, and we can see that in the sequential trends, and when do you think we'll start to see margins return to historical levels?

Do you want to take that margin question, John? Bill's question is when will margins return to historical levels?

Yeah. So, we haven't really done a long-term model, Bill, right. So I mean if basically that's the question and so I think we'll be vindicated is – as we move forward here, we'll make a determination as to when we're ready to talk about the long-term model again, but we're just not there. So...

And, I think, Bill, we've also been clear in the last call and in other conversations, our goal is to do that. We're trying to do that before the end of the year. We want to have some more clarity around our legal discussions and some more clarity around the USIS trajectory and then some more clarity around our investment in technology spend and data security and IT.

And then my second and final question, the DataX acquisition, I know that's a smaller deal. The – but it is the first acquisition that you guys have done since the breach last September. So is that a one-off or are you guys back in the M&A market?

Yeah, we've actually done a couple as I mentioned in my comments, Bill. We did one in Latin America and one in Workforce and then DataX, I don't know if this is number three or four. Is that...

I think we've done four or five. Yeah.

Okay, so we've done four or five. And these have been bolt-ons and tuck-ins. And the other thing in my comments, Bill, I tried to be clear about is the M&A machine was never turned off. But If you want to characterize that way, we got it turned on meaning that our team is out there. We have monthly meetings on it. I meet with the team all the time, the team that works for me, that works on M&A, and we're in the marketplace. And we're going to be looking for more of these DataX type acquisitions where we can do something that's going to bolt-on to our business. I've been clear in prior discussions that I'm a bolt-on guy. Looking for acquisitions where we can either have capabilities or product or importantly data assets is a real priority for us. And at the same time, I don't foresee another Veda in our near future, but we look for those. That was an example of a platform that gave us a really great position in Australia and is going to turn out, I believe, to be a very attractive acquisition for us. You know, those are things that we're looking at, too. So the M&A machine is on.

All right. Well, thank you very much.

Thanks, Bill.

Thank you. We will now take our next question from Shlomo Rosenbaum of Stifel. Please go ahead. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc.: Hi, thank you for squeezing me in here. I know you haven't come out with a longer term model yet, but I just want to ask you, after your first 100 days, is there anything that you are seeing within Equifax or you're anticipating from the data breach that longer term changes the way that this company operated within the industry? I mean historically, Equifax had a leadership position in terms of being a leader in terms of growth through the cycle, ability to generate certain amount of growth. Is there anything that you're seeing after taking more of a deep dive that says that over time you can't get back to more of a leadership position over here or is there – either with in terms of the assets you have, in terms of the position with the clients that you've got, or anything else that you're looking at?

Yeah. It's a great question. I think if you step back and look at Equifax, look at our Workforce Solutions and International franchises they performed well prior to the breach. They're performing extremely well post the breach. Those are strong and intact. And I look at those as really attractive businesses for Equifax going forward. And I mentioned earlier that I would characterize Workforce as being early innings, meaning there is just a lot of opportunities for Workforce here in the United States. And we're looking at bringing Workforce to a couple of other markets like Canada, the UK and perhaps Australia. So, you take those and – on USIS, there's no change in our differentiated assets. We've talked about that multiple times today. There's no change in our ability to bring new products to marketplace and obviously we took a real dent in customer confidence and trust as a result of security breach, but literally 12 months ago on this call, the second quarter last year, USIS was performing quite well and it's my expectation that we go back to that. Now, I'm going to be careful because I don't want to get into the long-term model, but when you think about the investments we're making in our data security, that's kind of table stakes. We're going to be an industry leading there, but the investments in our information technology have to deliver positive differentiation to us. When we get products to market quicker, when we're a more reliable data partner to our customers, that has to be positive to us in the future. And it has been pointed out in a prior question, our investments in our data infrastructure are going to deliver efficiencies when we have five versions of something we are running today, and we go to one, and you move either a private or public cloud, that's going to be a positive moving forward. So, we're going to spend more money on security. I think John has pointed that out. But when I think about the future for us, this is a business that performed extremely well for many, many years. I expect it to do the same in the future, to be a very strong competitor in our space, to be a great partner to our customers, and I'm very energized about the future for Equifax when you combine the underlying business and add to that the technology investment we're making, you get out into 2019, 2020, this is a very attractive business in our space. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc.: Hey, great. Thank you very much to that. And I also want to give a shout out to Jeff Dodge. It's been a pleasure working with him over the last 10 years.

I'm keeping track, Jeff, but they're racking up the shout outs.

Thank you. That concludes today's question-and-answer session. At this time, I would like to turn the conference back to Trevor Burns for any additional or closing remarks.

No. Thanks, everybody, for their time today, and I'll be consistent and give Jeff another shout out. Anybody has any follow-up questions we'll be available after the call. Thank you very much.

Thanks, everybody.

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. You may now disconnect.