Mark Begor: Yes, for sure. There’s no question. Look, it’s a big business. It’s dealing in multiple verticals. In some regards, these — like talent in government or I would still characterize them as fairly new verticals for us at scale, we’ve only been large in those verticals in the last couple of years. And you’ve got some macro impacts certainly in talent, leave mortgage side, which we talked about a bunch, but the hiring market is obviously under some pressure, particularly in white collar in the U.S. And we’ve tried to forecast that, and we’re going to try to be more conservative or more balanced whatever word you want to use around that vertical. Same with government. There’s a lot of moving parts there. I would say the most complex for us or the one we’ve been challenged by is the redeterminations.
Outside of that, we have pretty clear visibility about adding new customers, adding new clients, new product rollouts, pricing actions and government, that is pretty dialed in. And I think the other — if you think about 2023, both of those businesses had really, really, really strong 2022. So we’re comping off very strong years, which is great because we’re driving more penetration, more product, more price, and we had to look forward to where we’re going to take those businesses. And while we’ve been off a little bit, we’re really pleased with the growth of those businesses. Those are — they both delivered strong growth in the quarter. You’ve seen accelerated growth in non-mortgage and EWS from second quarter. We expect that non-mortgage verifier growth to accelerate again in fourth quarter, which gives us really positive momentum going into 2024.
But short answer to your question about, are we going to be more balanced around how we forecast there, for sure.
Andrew Jeffrey: Okay. Yes, I think the market would welcome that. And then if I could just ask, it feels like obligatory competitive question in EWS. There are a couple of pieces of business that you characterize as manual and low margin that kind of let go last quarter. Can you just sort of reiterate your thinking, especially in mortgage Verifier in terms of the competitiveness of your solution?
Mark Begor: Yes. No change from what we talked about in July. In July, we tried to talk about the manual work we were doing for customers when we didn’t have records. And that got I think somewhat misconstrued in the marketplace. We’re not seeing an impact from competition in our mortgage business or any other businesses. We tried to be clear about that in July, and I’ll be clear again today. We’re well aware of what our competitors’ data records that they have and what they don’t have. To me, a big proof point about our competitiveness is our ability to continue to add new partnerships. We added four in the quarter. We added, I think, 27 in the last couple of years. We’re growing our records. That’s really, I think, a proof point of the strength of our ability to deliver solutions to our partners and execute for them. And they want to be partnered with Equifax. So I think that’s a really important metric for us going forward.
Operator: Thank you. Your next question is coming from Kyle Peterson from Needham & Company. Your line is now live.
Kyle Peterson: Great, thanks, good morning guys. And appreciate you taking the questions. I wanted to touch on the consumer lending volumes within EWS. Looks like that was down a bit year-on-year. Just wanted to see, is that fairly broad based or was there any more concentration, whether it’s card or personal loan or auto, just any more color would be helpful?
Mark Begor: Yes. Maybe at the kind of the macro level about a year ago, we talked about and we continue to talk about subprime really got tightened up. So that happened over the last, call it, three, four, five quarters. That’s starting to bottom out because we’re comping off really sharp declines from last year as we go into fourth quarter. But subprime has clearly pulled back. A combination of concern around that consumer base being more challenged, not from unemployment, but really from inflation. And we talked earlier that we’ve seen some delinquencies increase there. And as an old card guy from my prior life, when delinquencies go up, you typically will pull back on originations or be more deliberate around originations, meaning you want to make sure you’re finding the consumers that can really afford that financial product.
Prime is still fairly strong. The consumers are working, they’ve had some wage growth, while they’ve been impacted by inflation. We haven’t seen much impact there. And would you add anything, John?
John W. Gamble, Jr.: No, just as Mark said, our — it tends to be in our consumer finance business, right, is that we tend to be more concentrated, we tend to be more concentrated in subprime and more concentrated on specific lenders. So the fact that that we’re seeing subprime week, and we’re seeing some fintechs week is driving it. And because we have more concentration other than the extremely broad coverage that USIS has, we tend to be — we tend to move around a little bit more in EWS and our revenue for consumer finance.
Kyle Peterson: Got it. That’s really helpful. And then just a follow-up, I know you guys have talked a bit about some of the previous spending reductions and kind of the benefits that will be in the 2024 numbers based on the actions taken this year. I just want to see, are there any other funding plans or things you guys are looking at if you guys are — if we’re going to be in kind of a lower-for-longer kind of mortgage inquiry market, I just want to see, are there any more levers you guys can push on the cost side of things if volumes don’t come back next year?
Mark Begor: Yes. I think as John mentioned, and we did earlier, we had the $65 million of carryover from our $275 million program this year. The bulk of that, as you know, is from cloud completion and cloud cost savings. And as we go through 2024 we mentioned, and we’ll give guidance in Feb on that, but we’ll have additional cloud cost savings as we complete migrations next year. As we said, we expect to complete USIS and Canada and other of our international platforms. And as a reminder, we’re carrying double cost today in those environments where we have a cloud environment we’re paying for, and then we also have a legacy environment. When we complete the migrations, we shut down the legacy. So that will be the incremental savings which we expect to have in 2024 and 2025, and we’ll give guidance on that.
