TransUnion (NYSE: TRU) (the “Company”) today announced financial
results for the quarter ended June 30, 2024.
Second Quarter
2024 Results
Revenue:
- Total revenue for the quarter was
$1,041 million, an increase of 8 percent (8 percent on a constant
currency basis), compared with the second quarter of 2023.
Earnings:
- Net income attributable to
TransUnion was $85 million for the quarter, compared with $54
million for the second quarter of 2023. Diluted earnings per share
was $0.44, compared with $0.28 in the second quarter of 2023. Net
income attributable to TransUnion margin was 8.2 percent, compared
with 5.6 percent in the second quarter of 2023.
- Adjusted Net Income was $193
million for the quarter, compared with $166 million for the
second quarter of 2023. Adjusted Diluted Earnings per Share was
$0.99, compared with $0.86 in the second quarter of 2023.
- Adjusted EBITDA was $377 million
for the quarter, compared with $339 million for the second quarter
of 2023, an increase of 11 percent (11 percent on a constant
currency basis). Adjusted EBITDA margin was 36.2 percent, compared
with 35.0 percent in the second quarter of 2023.
“In the second quarter, TransUnion again
exceeded financial guidance,” said Chris Cartwright, President and
CEO. “U.S. Markets grew due to mortgage and broad-based Emerging
Verticals strength, with lending conditions largely consistent with
the prior quarter. Our International segment delivered double-digit
growth across India, Asia Pacific, Latin America and Canada.”
“We continue to make good progress on our
technology transformation, with OneTru already driving meaningful
enhancements to our solutions and speed-to-market. OneTru enables
us to build upon our core competency in consumer identity to expand
further beyond credit and risk into marketing and fraud mitigation
use cases. Early success adds to our confidence in increasing the
pace and breadth of our innovation.”
“We are raising our 2024 guidance and now expect
to deliver 7 to 8 percent revenue growth, reflecting second quarter
outperformance as well as a large breach remediation win which will
materialize in the second half of the year.”
Second Quarter
2024 Segment Results
U.S. Markets:
U.S. Markets revenue was $809 million, an
increase of 6 percent compared with the second quarter of 2023.
- Financial Services revenue was $359
million, an increase of 11 percent compared with the second quarter
of 2023.
- Emerging Verticals revenue was $308
million, an increase of 4 percent compared with the second quarter
of 2023.
- Consumer Interactive revenue was
$142 million, a decrease of 1 percent compared with the second
quarter of 2023.
Adjusted EBITDA was $316 million, an increase of
9 percent compared with the second quarter of 2023.
International:
International revenue was $235 million, an
increase of 13 percent (14 percent on a constant currency basis)
compared with the second quarter of 2023.
- Canada revenue was $39 million, an
increase of 10 percent (12 percent on a constant currency basis)
compared with the second quarter of 2023.
- Latin America revenue was $34
million, an increase of 14 percent (13 percent on a constant
currency basis) compared with the second quarter of 2023.
- United Kingdom revenue was $57
million, an increase of 5 percent (4 percent on a constant currency
basis) compared with the second quarter of 2023.
- Africa revenue was $16 million, an
increase of 9 percent (10 percent on a constant currency basis)
compared with the second quarter of 2023.
- India revenue was $64 million, an
increase of 25 percent (27 percent on a constant currency basis)
compared with the second quarter of 2023.
- Asia Pacific revenue was $26
million, an increase of 13 percent (14 percent on a constant
currency basis) compared with the second quarter of 2023.
Adjusted EBITDA was $101 million, an increase of
16 percent (17 percent on a constant currency basis) compared with
the second quarter of 2023.
Liquidity and Capital
Resources
Cash and cash equivalents was $543 million at
June 30, 2024 and $476 million at December 31, 2023.
For the six months ended June 30, 2024, cash
provided by operating activities was $349 million, compared with
$293 million in 2023. The increase in cash provided by operating
activities was primarily due to improved operating performance,
partially offset by employee separation payments made in connection
with our operating model optimization program. For the six months
ended June 30, 2024, cash used in investing activities was $127
million, compared with $186 million in 2023. The decrease in cash
used in investing activities was due primarily to prior year
investments in non-consolidated affiliates and lower capital
expenditures. For the six months ended June 30, 2024, capital
expenditures were $131 million, compared with $144 million in 2023.
Capital expenditures as a percent of revenue represented 6% and 8%
for the six months ended June 30, 2024 and 2023, respectively. For
the six months ended June 30, 2024, cash used in financing
activities was $150 million, compared with $254 million in 2023.
The decrease in cash used in financing activities was primarily due
to a decrease in debt prepayments.
Third Quarter and Full Year
2024 Outlook
Our guidance is based on a number of assumptions
that are subject to change, many of which are outside of the
control of the Company, including general macroeconomic conditions,
interest rates and inflation. There are numerous evolving factors
that we may not be able to accurately predict. There can be no
assurance that the Company will achieve the results expressed by
this guidance.
|
|
Three Months Ended September 30, 2024 |
|
Twelve Months EndedDecember 31, 2024 |
(in millions, except per share data) |
Low |
|
High |
|
Low |
|
High |
Revenue, as reported |
$ |
1,044 |
|
|
$ |
1,060 |
|
|
$ |
4,098 |
|
|
$ |
4,138 |
|
Revenue growth1: |
|
|
|
|
|
|
|
As reported |
|
8 |
% |
|
|
9 |
% |
|
|
7 |
% |
|
|
8 |
% |
Constant currency1, 2 |
|
8 |
% |
|
|
10 |
% |
|
|
7 |
% |
|
|
8 |
% |
Organic constant currency1, 3 |
|
8 |
% |
|
|
10 |
% |
|
|
7 |
% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
Net income attributable to TransUnion |
$ |
49 |
|
|
$ |
59 |
|
|
$ |
267 |
|
|
$ |
291 |
|
Net income attributable to TransUnion growth |
|
115 |
% |
|
|
118 |
% |
|
|
229 |
% |
|
|
241 |
% |
Net income attributable to TransUnion margin |
|
4.7 |
% |
|
|
5.5 |
% |
|
|
6.5 |
% |
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
Diluted Earnings per Share |
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
1.36 |
|
|
$ |
1.48 |
|
Diluted Earnings per Share growth |
|
115 |
% |
|
|
118 |
% |
|
|
229 |
% |
|
|
240 |
% |
|
|
|
|
|
|
|
|
Adjusted EBITDA, as reported5 |
$ |
367 |
|
|
$ |
380 |
|
|
$ |
1,455 |
|
|
$ |
1,485 |
|
Adjusted EBITDA growth, as reported4 |
|
3 |
% |
|
|
7 |
% |
|
|
8 |
% |
|
|
11 |
% |
Adjusted EBITDA margin |
|
35.2 |
% |
|
|
35.8 |
% |
|
|
35.5 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings per Share5 |
$ |
0.97 |
|
|
$ |
1.02 |
|
|
$ |
3.78 |
|
|
$ |
3.90 |
|
Adjusted Diluted Earnings per Share growth |
|
6 |
% |
|
|
12 |
% |
|
|
12 |
% |
|
|
16 |
% |
|
1. |
Additional revenue growth assumptions: |
|
|
|
a. |
The impact of changing exchange rates is expected to have less than
0.5 points of headwind for Q3 2024 and an insignificant impact for
FY 2024. |
|
|
|
b. |
There is no impact from recent acquisitions for Q3 2024 and FY
2024. |
|
|
|
c. |
The impact of mortgage is expected to be approximately 2 points of
benefit for Q3 2024 and 3 points of benefit for FY 2024. |
|
2. |
Constant currency growth rates assume foreign currency exchange
rates are consistent between years. This allows financial results
to be evaluated without the impact of fluctuations in foreign
currency exchange rates. |
|
3. |
Organic constant currency growth rates are constant currency growth
excluding inorganic growth. Inorganic growth represents growth
attributable to the first twelve months of activity for recent
business acquisitions. There is no impact from recent business
acquisitions in Q3 2024 and FY 2024. |
|
4. |
Additional Adjusted EBITDA assumptions: |
|
|
|
a. |
The impact of changing foreign currency exchange rates is expected
to have an insignificant impact for Q3 2024 and FY 2024. |
|
5. |
For a reconciliation of the above non-GAAP financial measures to
the most directly comparable GAAP financial measures, refer to
Schedule 7 of this Earnings Release. |
|
|
|
|
|
Earnings Webcast Details
In conjunction with this release, TransUnion
will host a conference call and webcast today at 8:30 a.m. Central
Time to discuss the business results for the quarter and certain
forward-looking information. This session and the accompanying
presentation materials may be accessed at www.transunion.com/tru. A
replay of the call will also be available at this website following
the conclusion of the call.
About TransUnion (NYSE:
TRU)
TransUnion is a global information and insights
company with over 13,000 associates operating in more than 30
countries. We make trust possible by ensuring each person is
reliably represented in the marketplace. We do this with a Tru™
picture of each person: an actionable view of consumers, stewarded
with care. Through our acquisitions and technology investments we
have developed innovative solutions that extend beyond our strong
foundation in core credit into areas such as marketing, fraud, risk
and advanced analytics. As a result, consumers and businesses can
transact with confidence and achieve great things. We call this
Information for Good® — and it leads to economic opportunity, great
experiences and personal empowerment for millions of people around
the world.
http://www.transunion.com/business
Availability of Information on
TransUnion’s Website
Investors and others should note that TransUnion
routinely announces material information to investors and the
marketplace using SEC filings, press releases, public conference
calls, webcasts and the TransUnion Investor Relations website.
While not all of the information that the Company posts to the
TransUnion Investor Relations website is of a material nature, some
information could be deemed to be material. Accordingly, the
Company encourages investors, the media and others interested in
TransUnion to review the information that it shares on
www.transunion.com/tru.
Forward-Looking Statements
This earnings release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on the current
beliefs and expectations of TransUnion’s management and are subject
to significant risks and uncertainties. Actual results may differ
materially from those described in the forward-looking statements.
Any statements made in this earnings release that are not
statements of historical fact, including statements about our
beliefs and expectations, are forward-looking statements.
Forward-looking statements include information concerning possible
or assumed future results of operations, including our guidance and
descriptions of our business plans and strategies. These statements
often include words such as “anticipate,” “expect,” “guidance,”
“suggest,” “plan,” “believe,” “intend,” “estimate,” “target,”
“project,” “should,” “could,” “would,” “may,” “will,” “forecast,”
“outlook,” “potential,” “continues,” “seeks,” “predicts,” or the
negatives of these words and other similar expressions.
Factors that could cause actual results to
differ materially from those described in the forward-looking
statements, or that could materially affect our financial results
or such forward-looking statements include:
- macroeconomic effects and changes
in market conditions, including the impact of inflation, risk of
recession, and industry trends and adverse developments in the
debt, consumer credit and financial services markets, including the
impact on the carrying value of our assets in all of the markets
where we operate;
- our ability to provide competitive
services and prices;
- our ability to retain or renew
existing agreements with large or long-term customers;
- our ability to maintain the
security and integrity of our data;
- our ability to deliver services
timely without interruption;
- our ability to maintain our access
to data sources;
- government regulation and changes
in the regulatory environment;
- litigation or regulatory
proceedings;
- our ability to effectively manage
our costs;
- our efforts to execute our
transformation plan and achieve the anticipated benefits and
savings;
- our ability to remediate existing
material weakness in our internal control over financial reporting
and maintain effective internal control over financial reporting
and disclosure controls and procedures;
- economic and political stability in
the United States and international markets where we operate;
- our ability to effectively develop
and maintain strategic alliances and joint ventures;
- our ability to timely develop new
services and the market’s willingness to adopt our new
services;
- our ability to manage and expand
our operations and keep up with rapidly changing technologies;
- our ability to acquire businesses,
successfully secure financing for our acquisitions, timely
consummate our acquisitions, successfully integrate the operations
of our acquisitions, control the costs of integrating our
acquisitions and realize the intended benefits of such
acquisitions;
- our ability to protect and enforce
our intellectual property, trade secrets and other forms of
unpatented intellectual property;
- our ability to defend our
intellectual property from infringement claims by third
parties;
- geopolitical conditions and other
risks associated with our international operations;
- the ability of our outside service
providers and key vendors to fulfill their obligations to us;
- further consolidation in our
end-customer markets;
- the increased availability of free
or inexpensive consumer information;
- losses against which we do not
insure;
- our ability to make timely payments
of principal and interest on our indebtedness;
- our ability to satisfy covenants in
the agreements governing our indebtedness;
- our ability to maintain our
liquidity;
- share repurchase plans; and
- our reliance on key management
personnel.
There may be other factors, many of which are
beyond our control, that may cause our actual results to differ
materially from the forward-looking statements, including factors
disclosed in our Annual Report on Form 10-K for the year ended
December 31, 2023, and any subsequent Quarterly Report on Form 10-Q
or Current Report on Form 8-K filed with the Securities and
Exchange Commission. You should evaluate all forward-looking
statements made in this report in the context of these risks and
uncertainties.
The forward-looking statements contained in this
earnings release speak only as of the date of this earnings
release. We undertake no obligation to publicly release the result
of any revisions to these forward-looking statements to reflect the
impact of events or circumstances that may arise after the date of
this earnings release.
For More Information
|
E-mail: |
Investor.Relations@transunion.com |
|
Telephone: |
312.985.2860 |
|
|
|
|
TRANSUNION AND SUBSIDIARIES Consolidated
Balance Sheets (Unaudited) (in millions, except per share
data) |
|
|
June 30, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
543.2 |
|
|
$ |
476.2 |
|
Trade accounts receivable, net of allowance of $19.1 and $16.4 |
|
778.6 |
|
|
|
723.0 |
|
Other current assets |
|
222.1 |
|
|
|
275.9 |
|
Total current assets |
|
1,543.9 |
|
|
|
1,475.1 |
|
Property, plant and equipment, net of accumulated depreciation and
amortization of $841.8 and $804.4 |
|
183.6 |
|
|
|
199.3 |
|
Goodwill |
|
5,161.8 |
|
|
|
5,176.0 |
|
Other intangibles, net of accumulated amortization of $2,920.5 and
$2,719.8 |
|
3,391.2 |
|
|
|
3,515.3 |
|
Other assets |
|
744.7 |
|
|
|
739.4 |
|
Total assets |
$ |
11,025.2 |
|
|
$ |
11,105.1 |
|
Liabilities and stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
312.6 |
|
|
$ |
251.3 |
|
Short-term debt and current portion of long-term debt |
|
66.5 |
|
|
|
89.6 |
|
Other current liabilities |
|
551.6 |
|
|
|
661.8 |
|
Total current liabilities |
|
930.7 |
|
|
|
1,002.7 |
|
Long-term debt |
|
5,174.6 |
|
|
|
5,250.8 |
|
Deferred taxes |
|
523.0 |
|
|
|
592.9 |
|
Other liabilities |
|
159.7 |
|
|
|
153.2 |
|
Total liabilities |
|
6,788.0 |
|
|
|
6,999.6 |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.01 par value; 1.0 billion shares authorized at
June 30, 2024 and December 31, 2023, 200.6 million
and 200.0 million shares issued at June 30, 2024 and
December 31, 2023, respectively, and 194.3 million and
193.8 million shares outstanding as of June 30, 2024 and
December 31, 2023, respectively |
|
2.0 |
|
|
|
2.0 |
|
Additional paid-in capital |
|
2,476.9 |
|
|
|
2,412.9 |
|
Treasury stock at cost, 6.4 million and 6.2 million shares at
June 30, 2024 and December 31, 2023, respectively |
|
(314.3 |
) |
|
|
(302.9 |
) |
Retained earnings |
|
2,266.0 |
|
|
|
2,157.1 |
|
Accumulated other comprehensive loss |
|
(295.8 |
) |
|
|
(260.9 |
) |
Total TransUnion stockholders’ equity |
|
4,134.8 |
|
|
|
4,008.2 |
|
Noncontrolling interests |
|
102.4 |
|
|
|
97.3 |
|
Total stockholders’ equity |
|
4,237.2 |
|
|
|
4,105.5 |
|
Total liabilities and stockholders’ equity |
$ |
11,025.2 |
|
|
$ |
11,105.1 |
|
|
|
|
|
|
|
|
|
TRANSUNION AND SUBSIDIARIES Consolidated
Statements of Operations (Unaudited) (in millions, except
per share data) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue |
$ |
1,040.8 |
|
|
$ |
968.0 |
|
|
$ |
2,062.0 |
|
|
$ |
1,908.2 |
|
Operating expenses |
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation and amortization
below) |
|
406.7 |
|
|
|
387.0 |
|
|
|
813.0 |
|
|
|
767.8 |
|
Selling, general and administrative |
|
310.8 |
|
|
|
292.5 |
|
|
|
616.4 |
|
|
|
577.1 |
|
Depreciation and amortization |
|
132.9 |
|
|
|
130.1 |
|
|
|
266.9 |
|
|
|
259.8 |
|
Restructuring |
|
8.1 |
|
|
|
— |
|
|
|
26.3 |
|
|
|
— |
|
Total operating expenses |
|
858.4 |
|
|
|
809.6 |
|
|
|
1,722.4 |
|
|
|
1,604.7 |
|
Operating income |
|
182.4 |
|
|
|
158.4 |
|
|
|
339.6 |
|
|
|
303.6 |
|
Non-operating income and (expense) |
|
|
|
|
|
|
|
Interest expense |
|
(67.9 |
) |
|
|
(72.6 |
) |
|
|
(136.5 |
) |
|
|
(144.4 |
) |
Interest income |
|
6.7 |
|
|
|
4.3 |
|
|
|
12.1 |
|
|
|
10.1 |
|
Earnings from equity method investments |
|
4.6 |
|
|
|
4.9 |
|
|
|
9.3 |
|
|
|
8.0 |
|
Other income and (expense), net |
|
(5.1 |
) |
|
|
(18.3 |
) |
|
|
(20.8 |
) |
|
|
(25.0 |
) |
Total non-operating income and (expense) |
|
(61.7 |
) |
|
|
(81.7 |
) |
|
|
(135.9 |
) |
|
|
(151.4 |
) |
Income from continuing operations before income
taxes |
|
120.7 |
|
|
|
76.6 |
|
|
|
203.7 |
|
|
|
152.2 |
|
Provision for income taxes |
|
(31.0 |
) |
|
|
(19.3 |
) |
|
|
(44.1 |
) |
|
|
(37.9 |
) |
Income from continuing operations |
|
89.7 |
|
|
|
57.3 |
|
|
|
159.7 |
|
|
|
114.3 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
Net income |
|
89.7 |
|
|
|
57.2 |
|
|
|
159.7 |
|
|
|
114.1 |
|
Less: net income attributable to the noncontrolling
interests |
|
(4.7 |
) |
|
|
(3.3 |
) |
|
|
(9.5 |
) |
|
|
(7.6 |
) |
Net income attributable to TransUnion |
$ |
85.0 |
|
|
$ |
53.9 |
|
|
$ |
150.1 |
|
|
$ |
106.5 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share from: |
|
|
|
|
|
|
|
Income from continuing operations attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Diluted earnings per common share from: |
|
|
|
|
|
|
|
Income from continuing operations attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
194.2 |
|
|
|
193.2 |
|
|
|
194.2 |
|
|
|
192.8 |
|
Diluted |
|
195.2 |
|
|
|
194.0 |
|
|
|
195.3 |
|
|
|
194.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a result of displaying amounts in millions,
rounding differences may exist in the table above.
|
TRANSUNION AND SUBSIDIARIES Consolidated
Statements of Cash Flows (Unaudited) (in millions) |
|
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
Cash flows from operating activities: |
|
|
|
Net income |
$ |
159.7 |
|
|
$ |
114.1 |
|
Less: Discontinued operations, net of tax |
|
— |
|
|
|
(0.2 |
) |
Income from continuing operations |
|
159.7 |
|
|
|
114.3 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
266.9 |
|
|
|
259.8 |
|
Loss on repayment of loans |
|
2.6 |
|
|
|
2.1 |
|
Deferred taxes |
|
(63.6 |
) |
|
|
(71.3 |
) |
Stock-based compensation |
|
51.8 |
|
|
|
45.9 |
|
Gain on investments |
|
(6.4 |
) |
|
|
— |
|
Other |
|
25.9 |
|
|
|
22.8 |
|
Changes in assets and liabilities: |
|
|
|
Trade accounts receivable |
|
(71.3 |
) |
|
|
(77.0 |
) |
Other current and long-term assets |
|
45.1 |
|
|
|
(28.8 |
) |
Trade accounts payable |
|
53.7 |
|
|
|
67.3 |
|
Other current and long-term liabilities |
|
(115.2 |
) |
|
|
(42.2 |
) |
Cash provided by operating activities of continuing
operations |
|
349.2 |
|
|
|
292.9 |
|
Cash used in operating activities of discontinued operations |
|
— |
|
|
|
(0.2 |
) |
Cash provided by operating activities |
|
349.2 |
|
|
|
292.7 |
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
|
(130.7 |
) |
|
|
(143.6 |
) |
Proceeds from sale/maturities of other investments |
|
— |
|
|
|
22.1 |
|
Purchases of other investments |
|
— |
|
|
|
(32.8 |
) |
Investments in nonconsolidated affiliates |
|
(4.4 |
) |
|
|
(31.9 |
) |
Proceeds from the sale of investments in nonconsolidated
affiliates |
|
3.8 |
|
|
|
— |
|
Other |
|
4.8 |
|
|
|
0.1 |
|
Cash used in investing activities |
|
(126.5 |
) |
|
|
(186.1 |
) |
Cash flows from financing activities: |
|
|
|
Proceeds from Term Loans |
|
934.9 |
|
|
|
— |
|
Repayments of Term Loans |
|
(927.9 |
) |
|
|
— |
|
Repayments of debt |
|
(99.4 |
) |
|
|
(207.3 |
) |
Debt financing fees |
|
(13.5 |
) |
|
|
— |
|
Proceeds from issuance of common stock and exercise of stock
options |
|
12.4 |
|
|
|
9.8 |
|
Dividends to shareholders |
|
(41.4 |
) |
|
|
(40.9 |
) |
Employee taxes paid on restricted stock units recorded as treasury
stock |
|
(11.4 |
) |
|
|
(9.9 |
) |
Distributions to noncontrolling interests |
|
(3.8 |
) |
|
|
(5.9 |
) |
Cash used in financing activities |
|
(150.1 |
) |
|
|
(254.2 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(5.6 |
) |
|
|
4.3 |
|
Net change in cash and cash equivalents |
|
67.0 |
|
|
|
(143.3 |
) |
Cash and cash equivalents, beginning of period |
|
476.2 |
|
|
|
585.3 |
|
Cash and cash equivalents, end of period |
$ |
543.2 |
|
|
$ |
442.0 |
|
|
|
|
|
|
|
|
|
As a result of displaying amounts in millions,
rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES Non-GAAP
Financial Measures |
|
We present Consolidated Adjusted EBITDA,
Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted
Diluted Earnings per Share, Adjusted Provision for Income Taxes,
Adjusted Effective Tax Rate and Leverage Ratio for all periods
presented. These are important financial measures for the Company
but are not financial measures as defined by GAAP. These financial
measures should be reviewed in conjunction with the relevant GAAP
financial measures and are not presented as alternative measures of
GAAP. Other companies in our industry may define or calculate these
measures differently than we do, limiting their usefulness as
comparative measures. Because of these limitations, these non-GAAP
financial measures should not be considered in isolation or as
substitutes for performance measures calculated in accordance with
GAAP, including operating income, operating margin, effective tax
rate, net income attributable to the Company, diluted earnings per
share or cash provided by operating activities. Reconciliations of
these non-GAAP financial measures to their most directly comparable
GAAP financial measures are presented in the tables below.
We present Consolidated Adjusted EBITDA,
Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted
Diluted Earnings per Share, Adjusted Provision for Income Taxes and
Adjusted Effective Tax Rate as supplemental measures of our
operating performance because these measures eliminate the impact
of certain items that we do not consider indicative of our cash
operations and ongoing operating performance. These are measures
frequently used by securities analysts, investors and other
interested parties in their evaluation of the operating performance
of companies similar to ours.
Our board of directors and executive management
team use Adjusted EBITDA as an incentive compensation measure for
most eligible employees and Adjusted Diluted Earnings per Share as
an incentive compensation measure for certain of our senior
executives.
Under the credit agreement governing our Senior
Secured Credit Facility, our ability to engage in activities such
as incurring additional indebtedness, making investments and paying
dividends is tied to our Leverage Ratio which is partially based on
Adjusted EBITDA. Investors also use our Leverage Ratio to assess
our ability to service our debt and make other capital allocation
decisions.
Consolidated Adjusted EBITDA
Management has excluded the following items from
net income attributable to TransUnion in order to calculate
Adjusted EBITDA for the periods presented:
- Discontinued operations, net of
tax, as reported on our Consolidated Statements of Operations. We
exclude discontinued operations, net of tax because we believe it
does not reflect the underlying and ongoing performance of our
business operations.
- Net interest expense is the sum of
interest expense and interest income as reported on our
Consolidated Statements of Operations.
- Provision for income taxes, as
reported on our Consolidated Statements of Operations.
- Depreciation and amortization, as
reported on our Consolidated Statements of Operations.
- Stock-based compensation is used as
an incentive to engage and retain our employees. It is
predominantly a non-cash expense. We exclude stock-based
compensation because it may not correlate to the underlying
performance of our business operations during the period since it
is measured at the grant date fair value and it is subject to
variability as a result of performance conditions and timing of
grants. These expenses are reported within cost of services and
selling, general and administrative on our Consolidated Statements
of Operations.
- Operating model optimization
program represents employee separation costs, facility lease exit
costs, and other business process optimization expenses incurred in
connection with the transformation plan discussed further in
“Results of Operations - Factors Affecting Our Results of
Operations.” We exclude these expenses as we believe they are not
directly correlated to the underlying performance of our business.
Further, these costs will vary and may not be comparable during the
transformation initiative as we progress toward an optimized
operating model. These costs are reported primarily in selling,
general and administrative and restructuring expenses on our
Consolidated Statements of Operations.
- Accelerated technology investment
includes Project Rise and the final phase of our technology
investment announced in November 2023. Project Rise was announced
in February 2020 and was originally expected to be completed in
2022. Following our acquisition of Neustar in December 2021, we
recognized the opportunity to take advantage of Neustar’s
capabilities to enhance and complement our cloud-based technology
already under development as part of Project Rise. As a result, we
extended Project Rise’s timeline to 2024 and increased the total
estimated cost to approximately $240 million. In November 2023, we
announced our plans to further leverage Neustar’s technology to
standardize and streamline our product delivery platforms and to
build a single global platform for fulfillment of our product
lines. The additional investment is expected to be approximately
$90 million during 2024 and 2025 and represents the final phase of
the technology investment in our global technology infrastructure
and core customer applications. We expect that the accelerated
technology investment will fundamentally transform our technology
infrastructure by implementing a global cloud-based approach to
streamline product development, increase the efficiency of ongoing
operations and maintenance and enable a continuous improvement
approach to avoid the need for another major technology overhaul in
the foreseeable future. The unique effort to build a secure,
reliable and performant hybrid cloud infrastructure requires us to
dedicate separate resources in order to develop the new cloud-based
infrastructure in parallel with our current on-premise environment
by maintaining our existing technology team to ensure no
disruptions to our customers. The costs associated with the
accelerated technology investment are incremental and redundant
costs that will not recur after the program has been completed and
are not representative of our underlying operating performance.
Therefore, we believe that excluding these costs from our non-GAAP
measures provides a better reflection of our ongoing cost
structure. These costs are primarily reported in cost of services
and therefore do not include amounts that are capitalized as
internally developed software.
- Mergers and acquisitions,
divestitures and business optimization expenses are non-recurring
expenses associated with specific transactions (exploratory or
executed) and consist of (i) transaction and integration costs,
(ii) post-acquisition adjustments to contingent consideration or to
assets and liabilities that occurred after the acquisition
measurement period, (iii) fair value and impairment adjustments
related to investments and call and put options, (iv) transition
services agreement income, and (v) a loss on disposal of a
business. We exclude these expenses as we believe they are not
directly correlated to the underlying performance of our business
operations and vary depending upon the timing of such transactions.
These expenses are reported in costs of services, selling, general
and administrative and other income and (expenses), net, on our
Consolidated Statements of Operations.
- Net other adjustments principally
relate to: (i) deferred loan fee expense from debt prepayments and
refinancing, (ii) currency remeasurement on foreign operations,
(iii) other debt financing expenses consisting primarily of
revolving credit facility deferred financing fee amortization and
commitment fees and expenses associated with ratings agencies and
interest rate hedging, (iv) legal and regulatory expenses, net, and
(v) other non-operating (income) expense. We exclude these expenses
as we believe they are not directly correlated to the underlying
performance of our business and create variability between periods
based on the nature and timing of the expense or income. These
costs are reported in selling, general and administrative and in
non-operating income and expense, net as applicable based on their
nature on our Consolidated Statements of Operations.
Consolidated Adjusted EBITDA Margin
Management defines Consolidated Adjusted EBITDA
Margin as Consolidated Adjusted EBITDA divided by total revenue as
reported.
Adjusted Net Income
Management has excluded the following items from
net income attributable to TransUnion in order to calculate
Adjusted Net Income for the periods presented:
- Discontinued operations, net of tax
(see Consolidated Adjusted EBITDA above)
- Amortization of certain intangible
assets presents non-cash amortization expenses related to assets
that arose from our 2012 change in control transaction and business
combinations occurring after our 2012 change in control. We exclude
these expenses as we believe they are not directly correlated to
the underlying performance of our business operations and vary
dependent upon the timing of the transactions that give rise to
these assets. Amortization of intangible assets is included in
depreciation and amortization on our Consolidated Statements of
Operations.
- Stock-based compensation (see
Consolidated Adjusted EBITDA above)
- Operating model optimization
program (see Consolidated Adjusted EBITDA above)
- Accelerated technology investment
(see Consolidated Adjusted EBITDA above)
- Mergers and acquisitions,
divestiture and business optimization (see Consolidated Adjusted
EBITDA above)
- Net other is consistent with the
definition in Consolidated Adjusted EBITDA above except that other
debt financing expenses and certain other miscellaneous income and
expense that are included in the adjustment to calculate Adjusted
EBITDA are excluded in the adjustment made to calculate Adjusted
Net Income.
- Total adjustments for income taxes
relates to the cumulative adjustments discussed below for Adjusted
Provision for Income Taxes. This adjustment is made for the reasons
indicated in Adjusted Provision for Income Taxes below. Adjustments
related to the provision for income taxes are included in the line
item by this name on our consolidated statement of operations.
Adjusted Diluted Earnings Per Share
Management defines Adjusted Diluted Earnings per
Share as Adjusted Net Income divided by the weighted-average
diluted shares outstanding.
Adjusted Provision for Income Taxes
Management has excluded the following items from
our provision for income taxes for the periods presented:
- Tax effect of above adjustments
represents the income tax effect of the adjustments related to
Adjusted Net Income described above. The tax rate applied to each
adjustment is based on the nature of each line item. We include the
tax effect of the adjustments made to Adjusted Net Income to
provide a comprehensive view of our adjusted net income.
- Excess tax expense (benefit) for
stock-based compensation is the permanent difference between
expenses recognized for book purposes and expenses recognized for
tax purposes, in each case related to stock-based compensation
expense. We exclude this amount from the Adjusted Provision for
Income Taxes in order to be consistent with the exclusion of
stock-based compensation from the calculation of Adjusted Net
Income.
- Other principally relates to (i)
deferred tax adjustments, including rate changes, (ii) infrequent
or unusual valuation allowance adjustments, (iii) return to
provision, tax authority audit adjustments, and reserves related to
prior periods, and (iv) other non-recurring items. We exclude these
items because they create variability that impacts comparability
between periods.
Adjusted Effective Tax Rate
Management defines Adjusted Effective Tax Rate as
Adjusted Provision for Income Taxes divided by Adjusted income from
continuing operations before income taxes. We calculate adjusted
income from continuing operations before income taxes by excluding
the pre-tax adjustments in the calculation of Adjusted Net Income
discussed above and noncontrolling interest related to these
pre-tax adjustments from income from continuing operations before
income taxes.
Leverage Ratio
Management defines Leverage Ratio as net debt
divided by Consolidated Adjusted EBITDA for the most recent
twelve-month period including twelve months of Adjusted EBITDA from
significant acquisitions. Since the Leverage Ratio is calculated on
a trailing twelve month basis, prior period goodwill impairment is
excluded as this expense may not directly correlate to the
underlying performance of our business operations during that
period and may vary significantly between periods. Net debt is
defined as total debt less cash and cash equivalents as reported on
the balance sheet as of the end of the period.
This earnings release presents constant currency
growth rates assuming foreign currency exchange rates are
consistent between years. This allows financial results to be
evaluated without the impact of fluctuations in foreign currency
exchange rates. This earnings release also presents organic
constant currency growth rates, which assumes consistent foreign
currency exchange rates between years and also eliminates the
impact of our recent acquisitions. This allows financial results to
be evaluated without the impact of fluctuations in foreign currency
exchange rates and the impacts of recent acquisitions.
Free cash flow is defined as cash provided by
operating activities less capital expenditures and is a measure we
may refer to.
Refer to Schedules 1 through 7 for a
reconciliation of our non-GAAP financial measures to the most
directly comparable GAAP financial measure.
|
SCHEDULE 1 TRANSUNION
AND SUBSIDIARIES Revenue
and Adjusted EBITDA growth rates as Reported, CC, and Organic
CC (Unaudited) |
|
|
For the Three Months Ended June 30, 2024 compared with the Three
Months Ended June 30, 2023 |
|
For the Six Months Ended June 30, 2024 compared with the Six Months
Ended June 30, 2023 |
|
Reported |
|
CC Growth1 |
|
Organic CC Growth2 |
|
Reported |
|
CC Growth1 |
|
Organic CC Growth2 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
7.5 |
% |
|
7.6 |
% |
|
7.6 |
% |
|
8.1 |
% |
|
8.0 |
% |
|
8.0 |
% |
U.S. Markets |
6.0 |
% |
|
6.0 |
% |
|
6.0 |
% |
|
6.3 |
% |
|
6.3 |
% |
|
6.3 |
% |
Financial Services |
10.8 |
% |
|
10.8 |
% |
|
10.8 |
% |
|
11.7 |
% |
|
11.7 |
% |
|
11.7 |
% |
Emerging Verticals |
4.4 |
% |
|
4.4 |
% |
|
4.4 |
% |
|
4.4 |
% |
|
4.3 |
% |
|
4.3 |
% |
Consumer Interactive |
(1.3 |
)% |
|
(1.3 |
)% |
|
(1.3 |
)% |
|
(1.7 |
)% |
|
(1.7 |
)% |
|
(1.7 |
)% |
International |
13.1 |
% |
|
13.7 |
% |
|
13.7 |
% |
|
14.6 |
% |
|
14.3 |
% |
|
14.3 |
% |
Canada |
10.0 |
% |
|
11.9 |
% |
|
11.9 |
% |
|
14.1 |
% |
|
15.0 |
% |
|
15.0 |
% |
Latin America |
14.3 |
% |
|
12.8 |
% |
|
12.8 |
% |
|
14.3 |
% |
|
9.9 |
% |
|
9.9 |
% |
United Kingdom |
4.8 |
% |
|
4.0 |
% |
|
4.0 |
% |
|
4.4 |
% |
|
1.9 |
% |
|
1.9 |
% |
Africa |
8.8 |
% |
|
10.1 |
% |
|
10.1 |
% |
|
6.2 |
% |
|
10.9 |
% |
|
10.9 |
% |
India |
24.6 |
% |
|
26.5 |
% |
|
26.5 |
% |
|
27.4 |
% |
|
29.0 |
% |
|
29.0 |
% |
Asia Pacific |
13.1 |
% |
|
14.1 |
% |
|
14.1 |
% |
|
14.9 |
% |
|
15.6 |
% |
|
15.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
11.0 |
% |
|
11.3 |
% |
|
11.3 |
% |
|
11.1 |
% |
|
11.1 |
% |
|
11.1 |
% |
U.S. Markets |
9.5 |
% |
|
9.5 |
% |
|
9.5 |
% |
|
7.8 |
% |
|
7.8 |
% |
|
7.8 |
% |
International |
16.3 |
% |
|
17.4 |
% |
|
17.4 |
% |
|
19.3 |
% |
|
19.4 |
% |
|
19.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. |
Constant Currency (“CC”) growth rates assume foreign currency
exchange rates are consistent between years. This allows financial
results to be evaluated without the impact of fluctuations in
foreign currency exchange rates. |
|
2. |
We have no inorganic revenue or Adjusted EBITDA for the periods
presented. Organic CC growth rate is the CC growth rate less the
inorganic growth rate. |
|
|
|
SCHEDULE 2 TRANSUNION AND
SUBSIDIARIES Consolidated and Segment Revenue,
Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
(dollars in millions) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue: |
|
|
|
|
|
|
|
U.S. Markets gross revenue |
|
|
|
|
|
|
|
Financial Services |
$ |
358.7 |
|
|
$ |
323.6 |
|
|
$ |
710.4 |
|
|
$ |
635.9 |
|
Emerging Verticals |
|
308.5 |
|
|
|
295.6 |
|
|
|
606.0 |
|
|
|
580.7 |
|
Consumer Interactive |
|
142.1 |
|
|
|
144.0 |
|
|
|
281.5 |
|
|
|
286.3 |
|
U.S. Markets gross revenue |
$ |
809.3 |
|
|
$ |
763.1 |
|
|
$ |
1,597.8 |
|
|
$ |
1,502.9 |
|
|
|
|
|
|
|
|
|
International gross revenue |
|
|
|
|
|
|
|
Canada |
$ |
38.8 |
|
|
$ |
35.3 |
|
|
$ |
76.5 |
|
|
$ |
67.0 |
|
Latin America |
|
34.5 |
|
|
|
30.2 |
|
|
|
67.4 |
|
|
|
59.0 |
|
United Kingdom |
|
56.6 |
|
|
|
54.0 |
|
|
|
110.8 |
|
|
|
106.2 |
|
Africa |
|
15.8 |
|
|
|
14.5 |
|
|
|
30.9 |
|
|
|
29.1 |
|
India |
|
63.5 |
|
|
|
51.0 |
|
|
|
134.6 |
|
|
|
105.6 |
|
Asia Pacific |
|
26.2 |
|
|
|
23.2 |
|
|
|
51.5 |
|
|
|
44.8 |
|
International gross revenue |
$ |
235.4 |
|
|
$ |
208.1 |
|
|
$ |
471.7 |
|
|
$ |
411.8 |
|
|
|
|
|
|
|
|
|
Total gross revenue |
$ |
1,044.7 |
|
|
$ |
971.3 |
|
|
$ |
2,069.6 |
|
|
$ |
1,914.7 |
|
|
|
|
|
|
|
|
|
Intersegment revenue eliminations |
|
|
|
|
|
|
|
U.S. Markets |
$ |
(2.4 |
) |
|
$ |
(1.9 |
) |
|
$ |
(4.7 |
) |
|
$ |
(3.6 |
) |
International |
|
(1.5 |
) |
|
|
(1.4 |
) |
|
|
(3.0 |
) |
|
|
(2.8 |
) |
Total intersegment revenue eliminations |
$ |
(3.9 |
) |
|
$ |
(3.3 |
) |
|
$ |
(7.6 |
) |
|
$ |
(6.4 |
) |
|
|
|
|
|
|
|
|
Total revenue as reported |
$ |
1,040.8 |
|
|
$ |
968.0 |
|
|
$ |
2,062.0 |
|
|
$ |
1,908.2 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
U.S. Markets |
$ |
315.8 |
|
|
$ |
288.5 |
|
|
$ |
600.9 |
|
|
$ |
557.2 |
|
International |
|
100.8 |
|
|
|
86.7 |
|
|
|
207.6 |
|
|
|
174.0 |
|
Corporate |
|
(40.0 |
) |
|
|
(36.0 |
) |
|
|
(73.8 |
) |
|
|
(69.8 |
) |
Adjusted EBITDA Margin:1 |
|
|
|
|
|
|
|
U.S. Markets |
|
39.0 |
% |
|
|
37.8 |
% |
|
|
37.6 |
% |
|
|
37.1 |
% |
International |
|
42.8 |
% |
|
|
41.6 |
% |
|
|
44.0 |
% |
|
|
42.3 |
% |
|
1. |
Segment Adjusted EBITDA Margins are calculated using segment gross
revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA
Margin is calculated using total revenue as reported and
consolidated Adjusted EBITDA. |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of Net income attributable to TransUnion to
consolidated Adjusted EBITDA: |
|
|
|
|
|
|
|
Net income attributable to TransUnion |
$ |
85.0 |
|
|
$ |
53.9 |
|
|
$ |
150.1 |
|
|
$ |
106.5 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
Income from continuing operations attributable to TransUnion |
$ |
85.0 |
|
|
$ |
54.1 |
|
|
$ |
150.1 |
|
|
$ |
106.8 |
|
Net interest expense |
|
61.2 |
|
|
|
68.4 |
|
|
|
124.4 |
|
|
|
134.3 |
|
Provision for income taxes |
|
31.0 |
|
|
|
19.3 |
|
|
|
44.1 |
|
|
|
37.9 |
|
Depreciation and amortization |
|
132.9 |
|
|
|
130.1 |
|
|
|
266.9 |
|
|
|
259.8 |
|
EBITDA |
$ |
310.1 |
|
|
$ |
271.8 |
|
|
$ |
585.4 |
|
|
$ |
538.8 |
|
Adjustments to EBITDA: |
|
|
|
|
|
|
|
Stock-based compensation |
|
27.8 |
|
|
|
24.1 |
|
|
|
51.9 |
|
|
|
46.3 |
|
Mergers and acquisitions, divestitures and business
optimization1 |
|
0.7 |
|
|
|
21.5 |
|
|
|
9.8 |
|
|
|
30.4 |
|
Accelerated technology investment2 |
|
18.2 |
|
|
|
17.6 |
|
|
|
36.8 |
|
|
|
37.3 |
|
Operating model optimization program3 |
|
14.6 |
|
|
|
— |
|
|
|
39.1 |
|
|
|
— |
|
Net other4 |
|
5.2 |
|
|
|
4.1 |
|
|
|
11.7 |
|
|
|
8.7 |
|
Total adjustments to EBITDA |
$ |
66.5 |
|
|
$ |
67.3 |
|
|
$ |
149.3 |
|
|
$ |
122.7 |
|
Consolidated Adjusted EBITDA |
$ |
376.6 |
|
|
$ |
339.1 |
|
|
$ |
734.7 |
|
|
$ |
661.5 |
|
|
|
|
|
|
|
|
|
Net income attributable to TransUnion margin |
|
8.2 |
% |
|
|
5.6 |
% |
|
|
7.3 |
% |
|
|
5.6 |
% |
Consolidated Adjusted EBITDA margin5 |
|
36.2 |
% |
|
|
35.0 |
% |
|
|
35.6 |
% |
|
|
34.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a result of displaying amounts in millions,
rounding differences may exist in the tables above and footnotes
below.
|
1. |
Mergers and acquisitions, divestitures and business optimization
consisted of the following adjustments: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Transaction and integration costs |
$ |
1.2 |
|
|
$ |
7.9 |
|
|
$ |
3.4 |
|
|
$ |
15.2 |
|
|
Fair value and impairment adjustments |
|
0.7 |
|
|
|
11.9 |
|
|
|
0.8 |
|
|
|
11.5 |
|
|
Post-acquisition adjustments |
|
(1.2 |
) |
|
|
2.5 |
|
|
|
5.7 |
|
|
|
5.1 |
|
|
Transition services agreement income |
|
— |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
(1.3 |
) |
|
Total mergers and acquisitions, divestitures and business
optimization |
$ |
0.7 |
|
|
$ |
21.5 |
|
|
$ |
9.8 |
|
|
$ |
30.4 |
|
|
2. |
Represents expenses associated with our accelerated technology
investment to migrate to the cloud. There are three components of
the accelerated technology investment: (i) building foundational
capabilities, which includes establishing a modern, API-based and
services-oriented software architecture, (ii) the migration of each
application and customer data to the new enterprise platform,
including the redundant software costs during the migration period,
as well as the efforts to decommission the legacy system, and (iii)
program enablement, which includes dedicated resources to support
the planning and execution of the program. The amounts for each
category of cost are as follows: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Foundational Capabilities |
$ |
8.3 |
|
|
$ |
9.5 |
|
|
$ |
15.0 |
|
|
$ |
19.7 |
|
|
Migration Management |
|
8.7 |
|
|
|
6.9 |
|
|
|
18.8 |
|
|
|
14.8 |
|
|
Program Enablement |
|
1.2 |
|
|
|
1.1 |
|
|
|
2.9 |
|
|
|
2.8 |
|
|
Total accelerated technology investment |
$ |
18.2 |
|
|
$ |
17.6 |
|
|
$ |
36.8 |
|
|
$ |
37.3 |
|
|
3. |
Operating model optimization consisted of the following
adjustments: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Employee separation |
$ |
7.9 |
|
|
$ |
— |
|
|
$ |
24.6 |
|
|
$ |
— |
|
|
Facility exit |
|
0.2 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
|
Business process optimization |
|
6.5 |
|
|
|
— |
|
|
|
12.8 |
|
|
|
— |
|
|
Total operating model optimization |
$ |
14.6 |
|
|
$ |
— |
|
|
$ |
39.1 |
|
|
$ |
— |
|
|
4. |
Net other consisted of the following adjustments: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Deferred loan fee expense from debt prepayments and
refinancing |
$ |
6.0 |
|
|
$ |
1.0 |
|
|
$ |
9.1 |
|
|
$ |
2.1 |
|
|
Other debt financing expenses |
|
0.6 |
|
|
|
0.5 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
Currency remeasurement on foreign operations |
|
(1.3 |
) |
|
|
3.0 |
|
|
|
1.3 |
|
|
|
5.7 |
|
|
Other non-operating expense |
|
(0.1 |
) |
|
|
(0.4 |
) |
|
|
0.2 |
|
|
|
(0.2 |
) |
|
Total other adjustments |
$ |
5.2 |
|
|
$ |
4.1 |
|
|
$ |
11.7 |
|
|
$ |
8.7 |
|
|
5. |
Consolidated Adjusted EBITDA margin is calculated by dividing
Consolidated Adjusted EBITDA by total revenue. |
|
|
|
SCHEDULE 3 TRANSUNION AND
SUBSIDIARIES Adjusted Net Income and Adjusted
Diluted Earnings Per Share (Unaudited) (in millions,
except per share data) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Income from continuing operations attributable to TransUnion |
$ |
85.0 |
|
|
$ |
54.1 |
|
|
$ |
150.1 |
|
|
$ |
106.8 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
Net income attributable to TransUnion |
$ |
85.0 |
|
|
$ |
53.9 |
|
|
$ |
150.1 |
|
|
$ |
106.5 |
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
194.2 |
|
|
|
193.2 |
|
|
|
194.2 |
|
|
|
192.8 |
|
Diluted |
|
195.2 |
|
|
|
194.0 |
|
|
|
195.3 |
|
|
|
194.0 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share from: |
|
|
|
|
|
|
|
Income from continuing operations attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Diluted earnings per common share from: |
|
|
|
|
|
|
|
Income from continuing operations attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
Reconciliation of Net income attributable to TransUnion to
Adjusted Net Income: |
|
|
|
|
|
|
|
Net income attributable to TransUnion |
$ |
85.0 |
|
|
$ |
53.9 |
|
|
$ |
150.1 |
|
|
$ |
106.5 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
Income from continuing operations attributable to TransUnion |
$ |
85.0 |
|
|
$ |
54.1 |
|
|
$ |
150.1 |
|
|
$ |
106.8 |
|
Adjustments before income tax items: |
|
|
|
|
|
|
|
Amortization of certain intangible assets1 |
|
71.3 |
|
|
|
73.9 |
|
|
|
143.3 |
|
|
|
149.1 |
|
Stock-based compensation |
|
27.8 |
|
|
|
24.1 |
|
|
|
51.9 |
|
|
|
46.3 |
|
Mergers and acquisitions, divestitures and business
optimization2 |
|
0.7 |
|
|
|
21.5 |
|
|
|
9.8 |
|
|
|
30.4 |
|
Accelerated technology investment3 |
|
18.2 |
|
|
|
17.6 |
|
|
|
36.8 |
|
|
|
37.3 |
|
Operating model optimization program4 |
|
14.6 |
|
|
|
— |
|
|
|
39.1 |
|
|
|
— |
|
Net other5 |
|
4.8 |
|
|
|
4.0 |
|
|
|
10.7 |
|
|
|
7.8 |
|
Total adjustments before income tax items |
$ |
137.4 |
|
|
$ |
141.2 |
|
|
$ |
291.6 |
|
|
$ |
270.8 |
|
Total adjustments for income taxes6 |
|
(29.4 |
) |
|
|
(28.8 |
) |
|
|
(69.7 |
) |
|
|
(55.7 |
) |
Adjusted Net Income |
$ |
193.0 |
|
|
$ |
166.5 |
|
|
$ |
372.0 |
|
|
$ |
321.9 |
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
194.2 |
|
|
|
193.2 |
|
|
|
194.2 |
|
|
|
192.8 |
|
Diluted |
|
195.2 |
|
|
|
194.0 |
|
|
|
195.3 |
|
|
|
194.0 |
|
|
|
|
|
|
|
|
|
Adjusted Earnings per Share: |
|
|
|
|
|
|
|
Basic |
$ |
0.99 |
|
|
$ |
0.86 |
|
|
$ |
1.92 |
|
|
$ |
1.67 |
|
Diluted |
$ |
0.99 |
|
|
$ |
0.86 |
|
|
$ |
1.90 |
|
|
$ |
1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of Diluted earnings per share from Net
income attributable to TransUnion to Adjusted Diluted Earnings per
Share: |
|
|
|
|
|
|
|
Diluted earnings per common share from: |
|
|
|
|
|
|
|
Net income attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income from continuing operations attributable to TransUnion |
$ |
0.44 |
|
|
$ |
0.28 |
|
|
$ |
0.77 |
|
|
$ |
0.55 |
|
Adjustments before income tax items: |
|
|
|
|
|
|
|
Amortization of certain intangible assets1 |
|
0.37 |
|
|
|
0.38 |
|
|
|
0.73 |
|
|
|
0.77 |
|
Stock-based compensation |
|
0.14 |
|
|
|
0.12 |
|
|
|
0.27 |
|
|
|
0.24 |
|
Mergers and acquisitions, divestitures and business
optimization2 |
|
— |
|
|
|
0.11 |
|
|
|
0.05 |
|
|
|
0.16 |
|
Accelerated technology investment3 |
|
0.09 |
|
|
|
0.09 |
|
|
|
0.19 |
|
|
|
0.19 |
|
Operating model optimization program4 |
|
0.08 |
|
|
|
— |
|
|
|
0.20 |
|
|
|
— |
|
Net other5 |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.04 |
|
Total adjustments before income tax items |
$ |
0.70 |
|
|
$ |
0.73 |
|
|
$ |
1.49 |
|
|
$ |
1.40 |
|
Total adjustments for income taxes6 |
|
(0.15 |
) |
|
|
(0.15 |
) |
|
|
(0.36 |
) |
|
|
(0.29 |
) |
Adjusted Diluted Earnings per Share |
$ |
0.99 |
|
|
$ |
0.86 |
|
|
$ |
1.90 |
|
|
$ |
1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Each component of earnings per share is calculated
independently, therefore, rounding differences exist in the table
above.
|
1. |
Consists of amortization of intangible assets from our 2012
change-in-control transaction and amortization of intangible assets
established in business acquisitions after our 2012
change-in-control transaction. |
|
2. |
Mergers and acquisitions, divestitures and business optimization
consisted of the following adjustments: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Transaction and integration costs |
$ |
1.2 |
|
|
$ |
7.9 |
|
|
$ |
3.4 |
|
|
$ |
15.2 |
|
|
Fair value and impairment adjustments |
|
0.7 |
|
|
|
11.9 |
|
|
|
0.8 |
|
|
|
11.5 |
|
|
Post-acquisition adjustments |
|
(1.2 |
) |
|
|
2.5 |
|
|
|
5.7 |
|
|
|
5.1 |
|
|
Transition services agreement income |
|
— |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
(1.3 |
) |
|
Total mergers and acquisitions, divestitures and business
optimization |
$ |
0.7 |
|
|
$ |
21.5 |
|
|
$ |
9.8 |
|
|
$ |
30.4 |
|
|
3. |
Represents expenses associated with our accelerated technology
investment to migrate to the cloud. There are three components of
the accelerated technology investment: (i) building foundational
capabilities which includes establishing a modern, API-based and
services-oriented software architecture, (ii) the migration of each
application and customer data to the new enterprise platform,
including the redundant software costs during the migration period,
as well as the efforts to decommission the legacy system, and (iii)
program enablement, which includes dedicated resources to support
the planning and execution of the program. The amounts for each
category of cost are as follows: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Foundational Capabilities |
$ |
8.3 |
|
|
$ |
9.5 |
|
|
$ |
15.0 |
|
|
$ |
19.7 |
|
|
Migration Management |
|
8.7 |
|
|
|
6.9 |
|
|
|
18.8 |
|
|
|
14.8 |
|
|
Program Enablement |
|
1.2 |
|
|
|
1.1 |
|
|
|
2.9 |
|
|
|
2.8 |
|
|
Total accelerated technology investment |
$ |
18.2 |
|
|
$ |
17.6 |
|
|
$ |
36.8 |
|
|
$ |
37.3 |
|
|
4. |
Operating model optimization consisted of the following
adjustments: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Employee separation |
$ |
7.9 |
|
|
$ |
— |
|
|
$ |
24.6 |
|
|
$ |
— |
|
|
Facility exit |
|
0.2 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
|
Business process optimization |
|
6.5 |
|
|
|
— |
|
|
|
12.8 |
|
|
|
— |
|
|
Total operating model optimization |
$ |
14.6 |
|
|
$ |
— |
|
|
$ |
39.1 |
|
|
$ |
— |
|
|
5. |
Net other consisted of the following adjustments: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Deferred loan fee expense from debt prepayments and
refinancing |
$ |
6.0 |
|
|
$ |
1.0 |
|
|
$ |
9.1 |
|
|
$ |
2.1 |
|
|
Currency remeasurement on foreign operations |
|
(1.3 |
) |
|
|
3.0 |
|
|
|
1.3 |
|
|
|
5.7 |
|
|
Other non-operating (income) and expense |
|
0.1 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
Total other adjustments |
$ |
4.8 |
|
|
$ |
4.0 |
|
|
$ |
10.7 |
|
|
$ |
7.8 |
|
|
6. |
Total adjustments for income taxes represents the total of
adjustments discussed to calculate the Adjusted Provision for
Income Taxes. |
|
|
|
SCHEDULE 4 TRANSUNION AND
SUBSIDIARIES Adjusted Provision for Income Taxes
and Adjusted Effective Tax Rate (Unaudited) (dollars in
millions) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Income from continuing operations before income taxes |
$ |
120.7 |
|
|
$ |
76.6 |
|
|
$ |
203.7 |
|
|
$ |
152.2 |
|
Total adjustments before income tax items from Schedule 3 |
|
137.4 |
|
|
|
141.2 |
|
|
|
291.6 |
|
|
|
270.8 |
|
Adjusted income from continuing operations before income taxes |
$ |
258.1 |
|
|
$ |
217.8 |
|
|
$ |
495.3 |
|
|
$ |
423.0 |
|
|
|
|
|
|
|
|
|
Reconciliation of Provision for income taxes to Adjusted
Provision for Income Taxes: |
|
|
|
|
|
|
|
Provision for income taxes |
|
(31.0 |
) |
|
|
(19.3 |
) |
|
|
(44.1 |
) |
|
|
(37.9 |
) |
Adjustments for income taxes: |
|
|
|
|
|
|
|
Tax effect of above adjustments |
|
(31.7 |
) |
|
|
(32.6 |
) |
|
|
(66.7 |
) |
|
|
(62.2 |
) |
Eliminate impact of excess tax (benefit) expense for stock-based
compensation |
|
(0.1 |
) |
|
|
0.6 |
|
|
|
0.9 |
|
|
|
2.1 |
|
Other1 |
|
2.5 |
|
|
|
3.2 |
|
|
|
(4.0 |
) |
|
|
4.4 |
|
Total adjustments for income taxes |
$ |
(29.4 |
) |
|
$ |
(28.8 |
) |
|
$ |
(69.7 |
) |
|
$ |
(55.7 |
) |
Adjusted Provision for Income Taxes |
$ |
(60.4 |
) |
|
$ |
(48.1 |
) |
|
$ |
(113.8 |
) |
|
$ |
(93.6 |
) |
|
|
|
|
|
|
|
|
Effective tax rate |
|
25.7 |
% |
|
|
25.2 |
% |
|
|
21.6 |
% |
|
|
24.9 |
% |
Adjusted Effective Tax Rate |
|
23.4 |
% |
|
|
22.1 |
% |
|
|
23.0 |
% |
|
|
22.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a result of displaying amounts in millions,
rounding differences may exist in the table above.
|
1. |
Other adjustments for income taxes include: |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Deferred tax adjustments |
$ |
— |
|
|
$ |
0.4 |
|
|
$ |
(5.2 |
) |
|
$ |
0.8 |
|
|
Valuation allowance adjustments |
|
— |
|
|
|
1.3 |
|
|
|
0.2 |
|
|
|
1.1 |
|
|
Return to provision, audit adjustments, and reserves related to
prior periods |
|
3.3 |
|
|
|
1.2 |
|
|
|
2.3 |
|
|
|
1.2 |
|
|
Other adjustments |
|
(0.8 |
) |
|
|
0.3 |
|
|
|
(1.3 |
) |
|
|
1.3 |
|
|
Total other adjustments |
$ |
2.5 |
|
|
$ |
3.2 |
|
|
$ |
(4.0 |
) |
|
$ |
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE 5 TRANSUNION AND
SUBSIDIARIES Leverage Ratio (Unaudited)
(dollars in millions) |
|
|
Trailing Twelve Months Ended June 30, 2024 |
Reconciliation of Net loss attributable to TransUnion to
Consolidated Adjusted EBITDA: |
|
Net loss attributable to TransUnion |
$ |
(162.6 |
) |
Discontinued operations, net of tax |
|
0.5 |
|
Loss from continuing operations attributable to TransUnion |
$ |
(162.1 |
) |
Net interest expense |
|
257.5 |
|
Provision for income taxes |
|
50.9 |
|
Depreciation and amortization |
|
531.5 |
|
EBITDA |
$ |
677.9 |
|
Adjustments to EBITDA: |
|
Stock-based compensation |
$ |
106.2 |
|
Goodwill impairment1 |
|
414.0 |
|
Mergers and acquisitions, divestitures and business
optimization2 |
|
14.0 |
|
Accelerated technology investment3 |
|
70.1 |
|
Operating model optimization program4 |
|
116.7 |
|
Net other5 |
|
18.2 |
|
Total adjustments to EBITDA |
$ |
739.1 |
|
Leverage Ratio Adjusted EBITDA |
$ |
1,417.0 |
|
|
|
Total debt |
$ |
5,241.0 |
|
Less: Cash and cash equivalents |
|
543.2 |
|
Net Debt |
$ |
4,697.8 |
|
|
|
Ratio of Net Debt to Net loss attributable to TransUnion |
|
(28.9 |
) |
Leverage Ratio |
|
3.3 |
|
|
|
|
|
As a result of displaying amounts in millions,
rounding differences may exist in the table above.
|
1. |
During the quarter ended September 30, 2023, we recorded a goodwill
impairment of $414.0 million related to our United Kingdom
reporting unit in our International segment. |
|
2. |
Mergers and acquisitions, divestitures and business optimization
consisted of the following adjustments: |
|
|
|
|
|
Trailing Twelve Months Ended June 30, 2024 |
|
Transaction and integration costs |
$ |
19.1 |
|
|
Fair value and impairment adjustments |
|
(6.4 |
) |
|
Post-acquisition adjustments |
|
2.2 |
|
|
Transition services agreement income |
|
(1.2 |
) |
|
Loss on business disposal |
|
0.3 |
|
|
Total mergers and acquisitions, divestitures and business
optimization |
$ |
14.0 |
|
|
3. |
Represents expenses associated with our accelerated technology
investment to migrate to the cloud. There are three components of
the accelerated technology investment: (i) building foundational
capabilities which includes establishing a modern, API-based and
services-oriented software architecture, (ii) the migration of each
application and customer data to the new enterprise platform
including the redundant software costs during the migration period,
as well as the efforts to decommission the legacy system, and (iii)
program enablement, which includes dedicated resources to support
the planning and execution of the program. The amounts for each
category of cost are as follows: |
|
|
|
|
|
Trailing Twelve Months EndedJune 30, 2024 |
|
Foundational Capabilities |
$ |
31.1 |
|
|
Migration Management |
|
33.6 |
|
|
Program Enablement |
|
5.4 |
|
|
Total accelerated technology investment |
$ |
70.1 |
|
|
4. |
Operating model optimization consisted of the following
adjustments: |
|
|
|
|
|
Trailing Twelve Months EndedJune 30, 2024 |
|
Employee separation |
$ |
96.6 |
|
|
Facility
exit |
|
5.0 |
|
|
Business
process optimization |
|
15.1 |
|
|
Total
operating model optimization |
$ |
116.7 |
|
|
5. |
Net other consisted of the following adjustments: |
|
|
|
|
|
Trailing Twelve Months EndedJune 30, 2024 |
|
Deferred loan fee expense from debt prepayments and
refinancings |
$ |
16.3 |
|
|
Other debt financing expenses |
|
2.2 |
|
|
Currency remeasurement on foreign operations |
|
0.4 |
|
|
Other non-operating (income) and expense |
|
(0.6 |
) |
|
Total other adjustments |
$ |
18.2 |
|
|
|
|
|
|
SCHEDULE 6 TRANSUNION AND
SUBSIDIARIES Segment Depreciation and Amortization
(Unaudited) (in millions) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
U.S. Markets |
$ |
99.4 |
|
|
$ |
96.4 |
|
|
$ |
200.1 |
|
|
$ |
193.0 |
|
International |
|
32.5 |
|
|
|
32.5 |
|
|
|
64.7 |
|
|
|
64.6 |
|
Corporate |
|
1.0 |
|
|
|
1.1 |
|
|
|
2.0 |
|
|
|
2.2 |
|
Total depreciation and amortization |
$ |
132.9 |
|
|
$ |
130.1 |
|
|
$ |
266.9 |
|
|
$ |
259.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a result of displaying amounts in millions,
rounding differences may exist in the table above.
|
SCHEDULE 7 TRANSUNION AND
SUBSIDIARIES Reconciliation of Non-GAAP Guidance
(Unaudited) (in millions, except per share data) |
|
|
Three Months Ended September 30, 2024 |
|
Twelve Months Ended December 31, 2024 |
|
Low |
|
High |
|
Low |
|
High |
Guidance reconciliation of Net income attributable to
TransUnion to Adjusted EBITDA: |
|
|
|
|
|
|
|
Net income attributable to TransUnion |
$ |
49 |
|
|
$ |
59 |
|
|
$ |
267 |
|
|
$ |
291 |
|
Interest, taxes and depreciation and amortization |
|
208 |
|
|
|
211 |
|
|
|
858 |
|
|
|
864 |
|
EBITDA |
$ |
257 |
|
|
$ |
270 |
|
|
$ |
1,125 |
|
|
$ |
1,155 |
|
Stock-based compensation, mergers, acquisitions divestitures and
business optimization-related expenses and other adjustments1 |
|
110 |
|
|
|
110 |
|
|
|
330 |
|
|
|
330 |
|
Adjusted EBITDA |
$ |
367 |
|
|
$ |
380 |
|
|
$ |
1,455 |
|
|
$ |
1,485 |
|
|
|
|
|
|
|
|
|
Net income attributable to TransUnion margin |
|
4.7 |
% |
|
|
5.5 |
% |
|
|
6.5 |
% |
|
|
7.0 |
% |
Consolidated Adjusted EBITDA margin2 |
|
35.2 |
% |
|
|
35.8 |
% |
|
|
35.5 |
% |
|
|
35.9 |
% |
|
|
|
|
|
|
|
|
Guidance reconciliation of Diluted earnings per share to
Adjusted Diluted Earnings per Share: |
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.25 |
|
|
$ |
0.30 |
|
|
$ |
1.36 |
|
|
$ |
1.48 |
|
Adjustments to diluted earnings per share1 |
|
0.72 |
|
|
|
0.72 |
|
|
|
2.42 |
|
|
|
2.42 |
|
Adjusted Diluted Earnings per Share |
$ |
0.97 |
|
|
$ |
1.02 |
|
|
$ |
3.78 |
|
|
$ |
3.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a result of displaying amounts in millions,
rounding differences may exist in the table above.
|
1. |
These adjustments include the same adjustments we make to our
Adjusted EBITDA and Adjusted Net Income as discussed in the
Non-GAAP Financial Measures section of our Earnings Release. |
|
2. |
Consolidated Adjusted EBITDA margin is calculated by dividing
Consolidated Adjusted EBITDA by total revenue. |
|
|
|
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