☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 61-1678417 | |||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification Number) |
|||||||||||||
555 West Adams, | Chicago, | Illinois | 60661 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | TRU | New York Stock Exchange |
☒ | Yes | ☐ | No |
☐ | Yes | ☒ | No |
☒ | Yes | ☐ | No |
☒ | Yes | ☐ | No |
☒ | Large accelerated filer | ☐ | Accelerated filer | |||||||||||
☐ | Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||
☐ | Emerging growth company |
☐ |
☒ | Yes | ☐ | No |
☐ | Yes | ☒ | No |
PART I
|
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ITEM 1. BUSINESS
|
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ITEM 1A. RISK FACTORS
|
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ITEM 1B. UNRESOLVED STAFF COMMENTS
|
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ITEM 2. PROPERTIES
|
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ITEM 3. LEGAL PROCEEDINGS
|
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ITEM 4. MINE SAFETY DISCLOSURES
|
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INFORMATION ABOUT OUR EXECUTIVE OFFICERS | |||||
PART II
|
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ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | |||||
ITEM 6. SELECTED FINANCIAL DATA
|
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
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Consolidated Balance Sheets
|
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Consolidated Statements of Income
|
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Consolidated Statements of Comprehensive Income
|
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Consolidated Statements of Cash Flows
|
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Consolidated Statements of Stockholders’ Equity
|
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Notes to Consolidated Financial Statements
|
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
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ITEM 9A. CONTROLS AND PROCEDURES
|
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ITEM 9B. OTHER INFORMATION
|
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PART III
|
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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
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ITEM 11. EXECUTIVE COMPENSATION
|
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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | |||||
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
|
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PART IV
|
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ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
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ITEM 16. FORM 10-K SUMMARY |
2020 | 2019 | ||||||||||
Percent of TransUnion’s Worldwide Workforce Represented by the United States | 51% | 51% | |||||||||
Worldwide Gender | |||||||||||
Women Senior Leaders (1)
|
30% | 27% | |||||||||
Women Overall (2)
|
40% | 41% | |||||||||
U.S. Race/Ethnicity (3)
|
|||||||||||
Black Senior Leaders (1)
|
3% | 3% | |||||||||
Black Overall (2)
|
9% | 9% | |||||||||
Hispanic Senior Leaders (1)
|
7% | 6% | |||||||||
Hispanic Overall (2)
|
8% | 8% | |||||||||
Asian Senior Leaders (1)
|
10% | 9% | |||||||||
Asian Overall (2)
|
20% | 20% | |||||||||
Other Senior Leaders (1,4)
|
2% | 2% | |||||||||
Other Overall (2,4)
|
2% | 2% |
Name | Age | Position | ||||||
Christopher A. Cartwright | 55 | President & Chief Executive Officer and Director | ||||||
Todd M. Cello | 45 | Executive Vice President, Chief Financial Officer | ||||||
Steven M. Chaouki | 48 | President, U.S. Markets | ||||||
John T. Danaher | 56 | President, Consumer Interactive | ||||||
Abhinav (Abhi) Dhar | 49 | Executive Vice President, Chief Information & Technology Officer | ||||||
Timothy J. Martin | 50 | Executive Vice President, Chief Global Solutions Officer | ||||||
R. Dane Mauldin | 50 | Executive Vice President, Chief Operations Officer | ||||||
David M. Neenan | 55 | President, International | ||||||
Heather J. Russell | 49 | Executive Vice President, Chief Legal Officer and Corporate Secretary | ||||||
David E. Wojczynski | 48 | President, Healthcare |
Period
|
Total Number of
Shares Purchased(1)
|
Average Price
Paid Per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2)
|
||||||||||||||||||||||
October 1 to October 31 | 2,203 | $ | 86.30 | — | $ | 166.6 | ||||||||||||||||||||
November 1 to November 30 | 1,292 | 79.66 | — | $ | 166.6 | |||||||||||||||||||||
December 1 to December 31 | 2,737 | 93.10 | — | $ | 166.6 | |||||||||||||||||||||
Total | 6,232 | $ | 87.91 | — |
TransUnion | ||||||||||||||||||||||||||||||||
For the Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 |
2019(1)
|
2018(1)
|
2017 | 2016 | |||||||||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||||||||||||||
Revenue | $ | 2,716.6 | $ | 2,656.1 | $ | 2,317.2 | $ | 1,933.8 | $ | 1,704.9 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Cost of services | 920.4 | 874.1 | 790.1 | 645.7 | 579.1 | |||||||||||||||||||||||||||
Selling, general and administrative | 860.3 | 812.1 | 707.7 | 585.4 | 560.1 | |||||||||||||||||||||||||||
Depreciation and amortization | 367.9 | 362.1 | 306.9 | 238.0 | 265.2 | |||||||||||||||||||||||||||
Total operating expense | 2,148.6 | 2,048.3 | 1,804.7 | 1,469.1 | 1,404.4 | |||||||||||||||||||||||||||
Operating income (loss) | 567.9 | 607.8 | 512.5 | 464.7 | 300.5 | |||||||||||||||||||||||||||
Non-operating income and expense | (112.2) | (167.3) | (169.0) | (92.2) | (95.1) | |||||||||||||||||||||||||||
Income from continuing operations before income taxes | 455.8 | 440.5 | 343.5 | 372.5 | 205.4 | |||||||||||||||||||||||||||
(Provision) benefit for income taxes | (100.2) | (83.9) | (54.5) | 79.1 | (74.0) | |||||||||||||||||||||||||||
Net income (loss) from continuing operations | 355.6 | 356.6 | 289.0 | 451.6 | 131.4 | |||||||||||||||||||||||||||
Discontinued operations, net of tax | — | (4.6) | (1.5) | — | — | |||||||||||||||||||||||||||
Net income | 355.6 | 352.0 | 287.5 | 451.6 | 131.4 | |||||||||||||||||||||||||||
Less: net income attributable to noncontrolling interests | (12.4) | (5.1) | (10.9) | (10.4) | (10.8) | |||||||||||||||||||||||||||
Net income (loss) attributable to TransUnion | $ | 343.2 | $ | 346.9 | $ | 276.6 | $ | 441.2 | $ | 120.6 | ||||||||||||||||||||||
Net earnings per share from continuing operations: | ||||||||||||||||||||||||||||||||
Basic | $ | 1.81 | $ | 1.87 | $ | 1.51 | $ | 2.42 | $ | 0.66 | ||||||||||||||||||||||
Diluted | $ | 1.79 | $ | 1.83 | $ | 1.46 | $ | 2.32 | $ | 0.65 | ||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 189.9 | 187.8 | 184.6 | 182.4 | 182.6 | |||||||||||||||||||||||||||
Diluted | 192.2 | 191.8 | 190.9 | 189.9 | 184.6 | |||||||||||||||||||||||||||
Dividends per common share: | $ | 0.30 | $ | 0.30 | $ | 0.23 | $ | — | $ | — |
As of December 31, | ||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||||||||||
Total assets(1)
|
$ | 7,311.6 | $ | 7,113.2 | $ | 7,039.8 | $ | 5,118.5 | $ | 4,781.2 | ||||||||||||||||||||||
Total debt(1)
|
$ | 3,454.2 | $ | 3,657.0 | $ | 4,048.1 | $ | 2,464.6 | $ | 2,375.6 | ||||||||||||||||||||||
Total stockholders’ equity | $ | 2,636.1 | $ | 2,339.4 | $ | 1,982.2 | $ | 1,824.6 | $ | 1,473.0 |
Change | |||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, | 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||
Consolidated revenue as reported | $ | 2,716.6 | $ | 2,656.1 | $ | 2,317.2 | $ | 60.5 | 2.3 | % | $ | 338.9 | 14.6 | % | |||||||||||||||||||||||||||
Acquisition revenue related adjustments(2)
|
— | 5.9 | 28.1 | (5.9) | nm | (22.2) | nm | ||||||||||||||||||||||||||||||||||
Consolidated Adjusted Revenue(1)
|
$ | 2,716.6 | $ | 2,662.0 | $ | 2,345.3 | $ | 54.6 | 2.1 | % | $ | 316.7 | 13.5 | % | |||||||||||||||||||||||||||
U.S. Markets gross revenue | $ | 1,696.6 | $ | 1,609.6 | $ | 1,444.7 | $ | 87.0 | 5.4 | % | $ | 164.9 | 11.4 | % | |||||||||||||||||||||||||||
Acquisition revenue related adjustments(2)
|
— | 0.4 | 2.0 | (0.4) | nm | (1.6) | nm | ||||||||||||||||||||||||||||||||||
U.S. Markets gross Adjusted Revenue | $ | 1,696.6 | $ | 1,610.0 | $ | 1,446.7 | $ | 86.7 | 5.4 | % | $ | 163.3 | 11.3 | % | |||||||||||||||||||||||||||
International gross revenue | $ | 582.7 | $ | 623.5 | $ | 472.4 | $ | (40.8) | (6.5) | % | $ | 151.1 | 32.0 | % | |||||||||||||||||||||||||||
Acquisition revenue related adjustments(2)
|
— | 5.6 | 26.1 | (5.6) | nm | (20.6) | nm | ||||||||||||||||||||||||||||||||||
International gross Adjusted Revenue | $ | 582.7 | $ | 629.1 | $ | 498.5 | $ | (46.4) | (7.4) | % | $ | 130.6 | 26.2 | % | |||||||||||||||||||||||||||
Consumer Interactive gross revenue | $ | 513.1 | $ | 497.8 | $ | 475.8 | $ | 15.3 | 3.1 | % | $ | 21.9 | 4.6 | % |
Change | |||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, | 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
Reconciliation of net income attributable to TransUnion to consolidated Adjusted EBITDA(1):
|
|||||||||||||||||||||||||||||||||||||||||
Net income attributable to TransUnion | $ | 343.2 | $ | 346.9 | $ | 276.6 | $ | (3.7) | (1.1) | % | $ | 70.4 | 25.4% | ||||||||||||||||||||||||||||
Discontinued operations | — | 4.6 | 1.5 | (4.6) | nm | 3.1 | nm | ||||||||||||||||||||||||||||||||||
Net income from continuing operations attributable to TransUnion | 343.2 | 351.5 | 278.1 | (8.3) | (2.4) | % | 73.4 | 26.4% | |||||||||||||||||||||||||||||||||
Net interest expense | 120.7 | 166.1 | 132.0 | (45.4) | (27.4) | % | 34.1 | 25.8 | % | ||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 100.2 | 83.9 | 54.5 | 16.3 | 19.5 | % | 29.4 | 53.9% | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 367.9 | 362.1 | 306.9 | 5.8 | 1.6 | % | 55.2 | 18.0 | % | ||||||||||||||||||||||||||||||||
EBITDA | 931.9 | 963.6 | 771.5 | (31.6) | (3.3) | % | 192.1 | 24.9 | % | ||||||||||||||||||||||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||||||||||||||||||
Acquisition-related revenue adjustments(2)
|
— | 5.9 | 28.1 | (5.9) | nm | (22.2) | nm | ||||||||||||||||||||||||||||||||||
Stock-based compensation(3)
|
48.4 | 58.1 | 61.4 | (9.6) | (16.6) | % | (3.4) | (5.5) | % | ||||||||||||||||||||||||||||||||
Mergers and acquisitions, divestitures and
business optimization(4)
|
9.7 | 1.7 | 38.7 | 8.1 | nm | (37.1) | (95.7) | % | |||||||||||||||||||||||||||||||||
Technology Transformation(5)
|
19.3 | — | — | 19.3 | nm | — | nm | ||||||||||||||||||||||||||||||||||
Other(6)
|
35.5 | 29.7 | 17.2 | 5.8 | 19.4 | % | 12.5 | 72.7 | % | ||||||||||||||||||||||||||||||||
Total adjustments to EBITDA | 112.9 | 95.4 | 145.4 | 17.6 | 18.4 | % | (50.1) | (34.4) | % | ||||||||||||||||||||||||||||||||
Consolidated Adjusted EBITDA(1)
|
$ | 1,044.9 | $ | 1,058.9 | $ | 916.9 | $ | (14.1) | (1.3) | % | $ | 142.0 | 15.5 | % | |||||||||||||||||||||||||||
Other Metrics: | |||||||||||||||||||||||||||||||||||||||||
Cash provided by continuing operations | $ | 787.4 | $ | 784.0 | $ | 559.4 | $ | 3.4 | 0.4 | % | $ | 224.6 | 40.1 | % | |||||||||||||||||||||||||||
Capital expenditures | $ | (214.1) | $ | (198.5) | $ | (180.1) | $ | (15.6) | 7.9 | % | $ | (18.4) | 10.2 | % |
Change | |||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, | 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
U.S. Markets: | |||||||||||||||||||||||||||||||||||||||||
Financial Services | $ | 939.6 | $ | 849.0 | $ | 765.1 | $ | 90.6 | 10.7 | % | $ | 83.9 | 11.0 | % | |||||||||||||||||||||||||||
Emerging Verticals | 757.0 | 760.6 | 679.6 | (3.6) | (0.5) | % | 81.0 | 11.9 | % | ||||||||||||||||||||||||||||||||
U.S. Markets gross revenue | 1,696.6 | 1,609.6 | 1,444.7 | 87.0 | 5.4 | % | 164.9 | 11.4 | % | ||||||||||||||||||||||||||||||||
International: | |||||||||||||||||||||||||||||||||||||||||
Canada | 108.0 | 104.1 | 96.0 | 3.9 | 3.7 | % | 8.1 | 8.4 | % | ||||||||||||||||||||||||||||||||
Latin America | 86.5 | 104.2 | 102.3 | (17.7) | (17.0) | % | 2.0 | 1.9 | % | ||||||||||||||||||||||||||||||||
UK | 183.1 | 186.7 | 71.3 | (3.6) | (1.9) | % | 115.4 | nm | |||||||||||||||||||||||||||||||||
Africa | 49.0 | 61.2 | 64.2 | (12.2) | (20.0) | % | (3.0) | (4.7) | % | ||||||||||||||||||||||||||||||||
India | 100.0 | 108.1 | 81.8 | (8.1) | (7.5) | % | 26.3 | 32.1 | % | ||||||||||||||||||||||||||||||||
Asia Pacific | 56.2 | 59.1 | 56.7 | (3.0) | (5.0) | % | 2.4 | 4.3 | % | ||||||||||||||||||||||||||||||||
International gross revenue | 582.7 | 623.5 | 472.4 | (40.8) | (6.5) | % | 151.1 | 32.0 | % | ||||||||||||||||||||||||||||||||
Consumer Interactive gross revenue | 513.1 | 497.8 | 475.8 | 15.3 | 3.1 | % | 21.9 | 4.6 | % | ||||||||||||||||||||||||||||||||
Total gross revenue | $ | 2,792.5 | $ | 2,730.9 | $ | 2,392.9 | $ | 61.6 | 2.3 | % | $ | 338.0 | 14.1 | % | |||||||||||||||||||||||||||
Intersegment revenue eliminations: | |||||||||||||||||||||||||||||||||||||||||
U.S. Markets
|
$ | (68.9) | $ | (68.7) | $ | (70.0) | $ | (0.2) | nm | $ | 1.2 | nm | |||||||||||||||||||||||||||||
International
|
(5.2) | (5.1) | (5.1) | (0.1) | nm | — | nm | ||||||||||||||||||||||||||||||||||
Consumer Interactive
|
(1.7) | (1.0) | (0.7) | (0.8) | nm | (0.3) | nm | ||||||||||||||||||||||||||||||||||
Total intersegment revenue eliminations | (75.9) | (74.8) | (75.7) | (1.1) | nm | 0.9 | nm | ||||||||||||||||||||||||||||||||||
Total revenue as reported | $ | 2,716.6 | $ | 2,656.1 | $ | 2,317.2 | $ | 60.5 | 2.3 | % | $ | 338.9 | 14.6 | % |
Change | |||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, | 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
Cost of services | $ | 920.4 | $ | 874.1 | $ | 790.1 | $ | 46.4 | 5.3 | % | $ | 83.9 | 10.6 | % | |||||||||||||||||||||||||||
Selling, general and administrative | 860.3 | 812.1 | 707.7 | 48.2 | 5.9 | % | 104.5 | 14.8 | % | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 367.9 | 362.1 | 306.9 | 5.8 | 1.6 | % | 55.2 | 18.0 | % | ||||||||||||||||||||||||||||||||
Total operating expenses | $ | 2,148.6 | $ | 2,048.3 | $ | 1,804.7 | $ | 100.4 | 4.9 | % | $ | 243.6 | 13.5 | % |
Twelve months ended December 31, | 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Adjusted Revenue(1):
|
|||||||||||||||||||||||||||||||||||||||||
U.S. Markets gross Adjusted Revenue
|
$ | 1,696.6 | $ | 1,610.0 | $ | 1,446.7 | $ | 86.7 | 5.4 | % | $ | 163.3 | 11.3 | % | |||||||||||||||||||||||||||
International gross Adjusted Revenue | 582.7 | 629.1 | 498.5 | (46.4) | (7.4) | % | 130.6 | 26.2 | % | ||||||||||||||||||||||||||||||||
Consumer Interactive gross Adjusted Revenue | 513.1 | 497.8 | 475.8 | 15.3 | 3.1 | % | 21.9 | 4.6 | % | ||||||||||||||||||||||||||||||||
Total gross Adjusted Revenue | 2,792.5 | 2,736.8 | 2,421.0 | 55.7 | 2.0 | % | 315.8 | 13.0 | % | ||||||||||||||||||||||||||||||||
Less: intersegment revenue eliminations | (75.9) | (74.8) | (75.7) | (1.1) | nm | 0.9 | nm | ||||||||||||||||||||||||||||||||||
Consolidated Adjusted Revenue | $ | 2,716.6 | $ | 2,662.0 | $ | 2,345.3 | $ | 54.6 | 2.1 | % | $ | 316.7 | 13.5 | % | |||||||||||||||||||||||||||
Adjusted EBITDA(1):
|
|||||||||||||||||||||||||||||||||||||||||
U.S. Markets | $ | 682.5 | $ | 664.2 | $ | 576.1 | $ | 18.3 | 2.8 | % | $ | 88.1 | 15.3 | % | |||||||||||||||||||||||||||
International | 219.8 | 258.1 | 193.0 | (38.3) | (14.8) | % | 65.1 | 33.7 | % | ||||||||||||||||||||||||||||||||
Consumer Interactive | 247.6 | 248.4 | 237.6 | (0.8) | (0.3) | % | 10.8 | 4.6 | % | ||||||||||||||||||||||||||||||||
Corporate | (105.0) | (111.8) | (89.8) | 6.8 | 6.1 | % | (22.0) | (24.4) | % | ||||||||||||||||||||||||||||||||
Consolidated Adjusted EBITDA | $ | 1,044.9 | $ | 1,058.9 | $ | 916.9 | $ | (14.1) | (1.3) | % | $ | 142.0 | 15.5 | % | |||||||||||||||||||||||||||
Adjusted EBITDA margin: | |||||||||||||||||||||||||||||||||||||||||
U.S. Markets | 40.2 | % | 41.3 | % | 39.8 | % | (1.0) | % | 1.4 | % | |||||||||||||||||||||||||||||||
International | 37.7 | % | 41.0 | % | 38.7 | % | (3.3) | % | 2.3 | % | |||||||||||||||||||||||||||||||
Consumer Interactive | 48.3 | % | 49.9 | % | 49.9 | % | (1.7) | % | — | % | |||||||||||||||||||||||||||||||
Consolidated Adjusted EBITDA margin | 38.5 | % | 39.8 | % | 39.1 | % | (1.3) | % | 0.7 | % |
Change | |||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, | 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
Interest expense | $ | (126.3) | $ | (173.6) | $ | (137.5) | $ | 47.4 | 27.3 | % | $ | (36.2) | (26.3) | % | |||||||||||||||||||||||||||
Interest income | 5.6 | 7.5 | 5.5 | (1.9) | (25.7) | % | 2.1 | 37.9 | % | ||||||||||||||||||||||||||||||||
Earnings from equity method investments | 8.9 | 13.2 | 9.9 | (4.3) | (32.4) | % | 3.3 | 32.8 | % | ||||||||||||||||||||||||||||||||
Other income and (expense), net: | |||||||||||||||||||||||||||||||||||||||||
Acquisition fees | (8.3) | (2.6) | (29.3) | (5.7) | nm | 26.7 | 91.1 | % | |||||||||||||||||||||||||||||||||
Loan Fees | (2.0) | (17.0) | (13.6) | 15.0 | 88.3 | % | (3.4) | (25.2) | % | ||||||||||||||||||||||||||||||||
Dividends from cost method investments | 1.4 | 1.3 | 1.1 | 0.1 | 6.3 | % | 0.2 | 20.8 | % | ||||||||||||||||||||||||||||||||
Other income (expense), net | 8.5 | 3.9 | (5.2) | 4.6 | nm | 9.0 | nm | ||||||||||||||||||||||||||||||||||
Total other income and expense, net | (0.4) | (14.4) | (46.9) | 14.0 | nm | 32.5 | nm | ||||||||||||||||||||||||||||||||||
Non-operating income and expense | $ | (112.2) | $ | (167.3) | $ | (169.0) | $ | 55.2 | (33.0) | % | $ | 1.7 | 1.0 | % |
Twelve months ended December 31, | Change | ||||||||||||||||||||||||||||
(dollars in millions) | 2020 | 2019 | 2018 | 2020 vs. 2019 | 2019 vs. 2018 | ||||||||||||||||||||||||
Cash provided by operating activities | $ | 787.4 | $ | 776.7 | $ | 555.7 | $ | 10.7 | $ | 221.0 | |||||||||||||||||||
Cash used in investing activities | (267.2) | (203.9) | (2,017.7) | (63.3) | 1,813.8 | ||||||||||||||||||||||||
Cash (used in) provided by financing activities | (296.9) | (486.7) | 1,540.2 | 189.8 | (2,026.9) | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (4.4) | 0.6 | (6.6) | (5.0) | 7.2 | ||||||||||||||||||||||||
Net change in cash and cash equivalents | $ | 218.9 | $ | 86.7 | $ | 71.6 | $ | 132.2 | $ | 15.1 |
(in millions) |
Operating
leases |
Purchase
obligations and other |
Debt
repayments |
Loan fees
and interest payments |
Total | ||||||||||||||||||||||||
2021 | $ | 18.5 | $ | 322.1 | $ | 55.5 | $ | — | $ | 396.1 | |||||||||||||||||||
2022 | 16.9 | 53.3 | 84.3 | — | 154.5 | ||||||||||||||||||||||||
2023 | 14.7 | 24.3 | 83.6 | — | 122.6 | ||||||||||||||||||||||||
2024 | 11.3 | 12.6 | 1,003.5 | — | 1,027.4 | ||||||||||||||||||||||||
2025 | 8.8 | 10.3 | 26.0 | — | 45.1 | ||||||||||||||||||||||||
Thereafter | 13.9 | 0.3 | 2,219.0 | — | 2,233.2 | ||||||||||||||||||||||||
Totals | $ | 84.1 | $ | 422.9 | $ | 3,471.9 | $ | — | $ | 3,978.9 |
Reports of Independent Registered Public Accounting Firms
|
|||||
Consolidated Balance Sheets
|
|||||
Consolidated Statements of Income
|
|||||
Consolidated Statements of Comprehensive Income
|
|||||
Consolidated Statements of Cash Flows
|
|||||
Consolidated Statements of Stockholders’ Equity
|
|||||
Notes to Consolidated Financial Statements
|
December 31,
2020 |
December 31,
2019 |
||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 493.0 | $ | 274.1 | |||||||
Trade accounts receivable, net of allowance of $26.6 and $19.0 | 453.7 | 443.9 | |||||||||
Other current assets | 159.5 | 170.2 | |||||||||
Total current assets | 1,106.2 | 888.2 | |||||||||
Property, plant and equipment, net of accumulated depreciation and amortization of $548.9 and $454.4 | 223.2 | 219.0 | |||||||||
Goodwill | 3,461.5 | 3,377.8 | |||||||||
Other intangibles, net of accumulated amortization of $1,752.2 and $1,482.1 | 2,284.6 | 2,391.9 | |||||||||
Other assets | 236.1 | 236.3 | |||||||||
Total assets | $ | 7,311.6 | $ | 7,113.2 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | 193.2 | $ | 176.2 | |||||||
Short-term debt and current portion of long-term debt | 55.5 | 58.7 | |||||||||
Other current liabilities | 415.8 | 336.5 | |||||||||
Total current liabilities | 664.5 | 571.4 | |||||||||
Long-term debt | 3,398.7 | 3,598.3 | |||||||||
Deferred taxes | 396.8 | 439.1 | |||||||||
Other liabilities | 215.5 | 165.0 | |||||||||
Total liabilities | 4,675.5 | 4,773.8 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2020 and December 31, 2019; 195.7 million and 193.5 million shares issued as of December 31, 2020 and December 31, 2019, respectively; and 190.5 million and 188.7 million shares outstanding as of December 31, 2020 and December 31, 2019, respectively | 2.0 | 1.9 | |||||||||
Additional paid-in capital | 2,088.1 | 2,022.3 | |||||||||
Treasury stock at cost; 5.2 and 4.8 million shares at December 31, 2020 and December 31, 2019, respectively | (215.2) | (179.2) | |||||||||
Retained earnings | 937.4 | 652.0 | |||||||||
Accumulated other comprehensive loss | (272.1) | (251.6) | |||||||||
Total TransUnion stockholders’ equity | 2,540.2 | 2,245.4 | |||||||||
Noncontrolling interests | 95.9 | 94.0 | |||||||||
Total stockholders’ equity | 2,636.1 | 2,339.4 | |||||||||
Total liabilities and stockholders’ equity | $ | 7,311.6 | $ | 7,113.2 |
Twelve Months Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenue | $ | 2,716.6 | $ | 2,656.1 | $ | 2,317.2 | |||||||||||
Operating expenses | |||||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | 920.4 | 874.1 | 790.1 | ||||||||||||||
Selling, general and administrative | 860.3 | 812.1 | 707.7 | ||||||||||||||
Depreciation and amortization | 367.9 | 362.1 | 306.9 | ||||||||||||||
Total operating expenses | 2,148.6 | 2,048.3 | 1,804.7 | ||||||||||||||
Operating income | 567.9 | 607.8 | 512.5 | ||||||||||||||
Non-operating income and (expense) | |||||||||||||||||
Interest expense | (126.3) | (173.6) | (137.5) | ||||||||||||||
Interest income | 5.6 | 7.5 | 5.5 | ||||||||||||||
Earnings from equity method investments | 8.9 | 13.2 | 9.9 | ||||||||||||||
Other income and (expense), net | (0.4) | (14.4) | (46.9) | ||||||||||||||
Total non-operating income and (expense) | (112.2) | (167.3) | (169.0) | ||||||||||||||
Income from continuing operations before income taxes | 455.8 | 440.5 | 343.5 | ||||||||||||||
Provision for income taxes | (100.2) | (83.9) | (54.5) | ||||||||||||||
Income from continuing operations | 355.6 | 356.6 | 289.0 | ||||||||||||||
Discontinued operations, net of tax | — | (4.6) | (1.5) | ||||||||||||||
Net income | 355.6 | 352.0 | 287.5 | ||||||||||||||
Less: net income attributable to noncontrolling interests | (12.4) | (5.1) | (10.9) | ||||||||||||||
Net income attributable to TransUnion | $ | 343.2 | $ | 346.9 | $ | 276.6 | |||||||||||
Income from continuing operations | $ | 355.6 | $ | 356.6 | $ | 289.0 | |||||||||||
Less: income from continuing operations attributable to noncontrolling interests | (12.4) | (5.1) | (10.9) | ||||||||||||||
Income from continuing operations attributable to TransUnion | 343.2 | 351.5 | 278.1 | ||||||||||||||
Discontinued operations, net of tax | — | (4.6) | (1.5) | ||||||||||||||
Net income attributable to TransUnion | $ | 343.2 | $ | 346.9 | $ | 276.6 | |||||||||||
Basic earnings per common share from: | |||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 1.81 | $ | 1.87 | $ | 1.51 | |||||||||||
Discontinued operations, net of tax | — | (0.02) | (0.01) | ||||||||||||||
Net Income attributable to TransUnion | $ | 1.81 | $ | 1.85 | $ | 1.50 | |||||||||||
Diluted earnings per common share from: | |||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 1.79 | $ | 1.83 | $ | 1.46 | |||||||||||
Discontinued operations, net of tax | — | (0.02) | (0.01) | ||||||||||||||
Net Income attributable to TransUnion | $ | 1.79 | $ | 1.81 | $ | 1.45 | |||||||||||
Weighted-average shares outstanding: | |||||||||||||||||
Basic | 189.9 | 187.8 | 184.6 | ||||||||||||||
Diluted | 192.2 | 191.8 | 190.9 |
Twelve Months Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income | $ | 355.6 | $ | 352.0 | $ | 287.5 | |||||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation: | |||||||||||||||||
Foreign currency translation adjustment | 8.9 | 66.1 | (148.9) | ||||||||||||||
Benefit (expense) for income taxes | 0.8 | (0.5) | — | ||||||||||||||
Foreign currency translation, net | 9.7 | 65.6 | (148.9) | ||||||||||||||
Hedge instruments: | |||||||||||||||||
Net change on interest rate cap | 4.1 | (11.0) | 7.6 | ||||||||||||||
Net change on interest rate swap | (43.5) | (35.4) | (10.7) | ||||||||||||||
Cumulative effect of adopting ASU 2017-12 | — | 1.0 | — | ||||||||||||||
Benefit for income taxes | 9.5 | 11.5 | 0.8 | ||||||||||||||
Hedge instruments, net | (29.9) | (33.9) | (2.3) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Net unrealized gain | 0.3 | — | — | ||||||||||||||
Expense for income taxes | (0.1) | — | — | ||||||||||||||
Available-for-sale securities, net | 0.2 | — | — | ||||||||||||||
Total other comprehensive (loss) income, net of tax | (20.0) | 31.7 | (151.2) | ||||||||||||||
Comprehensive income | 335.6 | 383.7 | 136.3 | ||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | (12.9) | (5.7) | (7.1) | ||||||||||||||
Comprehensive income attributable to TransUnion | $ | 322.7 | $ | 378.0 | $ | 129.2 |
Twelve Months Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 355.6 | $ | 352.0 | $ | 287.5 | |||||||||||
Add: loss from discontinued operations, net of tax | — | 4.6 | 1.5 | ||||||||||||||
Income from continuing operations | 355.6 | 356.6 | 289.0 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 367.9 | 362.1 | 306.9 | ||||||||||||||
Loss on debt financing transactions | — | 15.0 | 12.0 | ||||||||||||||
Net loss/(gain) on investments in affiliated companies and assets of businesses held for sale | (7.5) | (17.5) | 1.5 | ||||||||||||||
Deferred taxes | (35.3) | (22.5) | (69.0) | ||||||||||||||
Stock-based compensation | 46.9 | 51.0 | 57.9 | ||||||||||||||
Provision for losses on trade accounts receivable | 13.1 | 10.0 | 8.6 | ||||||||||||||
Other | 5.9 | 6.5 | 7.9 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Trade accounts receivable | (23.6) | 7.3 | (113.8) | ||||||||||||||
Other current and long-term assets | (0.7) | (26.5) | 17.1 | ||||||||||||||
Trade accounts payable | 18.7 | 5.7 | 20.7 | ||||||||||||||
Other current and long-term liabilities | 46.4 | 36.3 | 20.6 | ||||||||||||||
Cash provided by operating activities of continuing operations | 787.4 | 784.0 | 559.4 | ||||||||||||||
Cash used in operating activities of discontinued operations | — | (7.3) | (3.7) | ||||||||||||||
Cash provided by operating activities | 787.4 | 776.7 | 555.7 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (214.1) | (198.5) | (180.1) | ||||||||||||||
Proceeds from sale/maturity of other investments | 90.6 | 35.9 | 24.3 | ||||||||||||||
Purchases of other investments | (73.5) | (31.4) | (31.8) | ||||||||||||||
Acquisitions and purchases of noncontrolling interests, net of cash acquired | (71.7) | (46.3) | (1,828.4) | ||||||||||||||
Proceeds from disposals of assets held for sale, net of cash on hand | 1.6 | 40.3 | (0.4) | ||||||||||||||
Other | (0.1) | (3.9) | (1.2) | ||||||||||||||
Cash used in investing activities of continuing operations | (267.2) | (203.9) | (2,017.6) | ||||||||||||||
Cash used in investing activities of discontinued operations | — | — | (0.1) | ||||||||||||||
Cash used in investing activities | (267.2) | (203.9) | (2,017.7) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from refinance of Senior Secured Term Loans | — | 3,750.0 | 1,800.0 | ||||||||||||||
Payments from refinance of Senior Secured Term Loans | — | (3,759.1) | — | ||||||||||||||
Proceeds from Senior Secured Revolving Line of Credit | — | — | 125.0 | ||||||||||||||
Payments of Senior Secured Revolving Line of Credit | — | — | (210.0) | ||||||||||||||
Repayments of debt | (208.8) | (389.0) | (114.3) | ||||||||||||||
Debt financing fees | — | (11.2) | (33.8) | ||||||||||||||
Proceeds from issuance of common stock and exercise of stock options | 22.9 | 24.4 | 26.2 | ||||||||||||||
Dividends to shareholders | (57.6) | (56.8) | (41.6) | ||||||||||||||
Distributions to noncontrolling interests | (10.9) | (3.9) | (10.1) | ||||||||||||||
Employee taxes paid on restricted stock units recorded as treasury stock | (36.1) | (39.2) | (1.2) | ||||||||||||||
Payment of contingent consideration | (6.4) | (1.9) | — | ||||||||||||||
Cash used in financing activities | (296.9) | (486.7) | 1,540.2 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (4.4) | 0.6 | (6.6) | ||||||||||||||
Net change in cash and cash equivalents | 218.9 | 86.7 | 71.6 | ||||||||||||||
Cash and cash equivalents, beginning of period | 274.1 | 187.4 | 115.8 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 493.0 | $ | 274.1 | $ | 187.4 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Interest | $ | 120.0 | $ | 163.5 | $ | 132.1 | |||||||||||
Income taxes, net of refunds | $ | 134.3 | $ | 111.7 | $ | 111.1 |
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount |
Paid-In
Capital |
Treasury
Stock |
Retained Earnings |
Accumulated
Other Comprehensive Loss |
Noncontrolling
Interests |
Total | ||||||||||||||||||||||||||||||||||||||||
Balance,
December 31, 2017 |
183.2 | $ | 1.9 | $ | 1,863.5 | $ | (138.8) | $ | 137.4 | $ | (135.3) | $ | 95.9 | $ | 1,824.6 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 276.6 | — | 10.9 | 287.5 | |||||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) |
— | — | — | — | — | (147.4) | (3.8) | (151.2) | |||||||||||||||||||||||||||||||||||||||
Distributions to
noncontrolling interests |
— | — | — | — | — | — | (10.7) | (10.7) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling
interests of acquired businesses |
— | — | — | — | — | — | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||||||||
Stock-based
compensation |
— | — | 55.9 | — | — | — | — | 55.9 | |||||||||||||||||||||||||||||||||||||||
Employee share
purchase plan |
0.2 | — | 11.3 | — | — | — | — | 11.3 | |||||||||||||||||||||||||||||||||||||||
Exercise of
stock options |
2.3 | — | 16.6 | — | — | — | — | 16.6 | |||||||||||||||||||||||||||||||||||||||
Treasury stock
purchased |
— | — | — | (1.2) | — | — | — | (1.2) | |||||||||||||||||||||||||||||||||||||||
Dividends to
shareholders ($0.225 per share) |
— | — | — | — | (42.6) | — | — | (42.6) | |||||||||||||||||||||||||||||||||||||||
Cumulative
effect of adopting Topic 606, net of tax |
— | — | — | — | (6.0) | — | (0.1) | (6.1) | |||||||||||||||||||||||||||||||||||||||
Cumulative
effect of adopting ASC 2016-16 |
— | — | — | — | (2.2) | — | — | (2.2) | |||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 0.1 | (0.1) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance,
December 31, 2018 |
185.7 | $ | 1.9 | $ | 1,947.3 | $ | (139.9) | $ | 363.1 | $ | (282.7) | $ | 92.5 | $ | 1,982.2 |
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity—Continued
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount |
Paid-In
Capital |
Treasury
Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Noncontrolling
Interests |
Total | ||||||||||||||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | — | $ | 346.9 | $ | — | $ | 5.1 | $ | 352.0 | ||||||||||||||||||||||||||||||||
Other
comprehensive income |
— | — | — | — | — | 31.1 | 0.6 | 31.7 | |||||||||||||||||||||||||||||||||||||||
Distributions to
noncontrolling interests |
— | — | — | — | — | — | (4.1) | (4.1) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling
interests of acquired businesses |
— | — | — | — | — | — | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||||||
Stock-based
compensation |
— | — | 48.4 | — | — | — | — | 48.4 | |||||||||||||||||||||||||||||||||||||||
Employee share
purchase plan |
0.3 | — | 15.2 | — | — | — | — | 15.2 | |||||||||||||||||||||||||||||||||||||||
Exercise of
stock options |
1.6 | — | 11.4 | — | — | — | — | 11.4 | |||||||||||||||||||||||||||||||||||||||
Vesting of restricted
stock units and performance stock units |
1.7 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Treasury stock
purchased |
(0.6) | — | — | (39.2) | — | — | — | (39.2) | |||||||||||||||||||||||||||||||||||||||
Dividends to
shareholders ($0.30 per share) |
— | — | — | — | (57.1) | — | — | (57.1) | |||||||||||||||||||||||||||||||||||||||
Cumulative
effect of adopting ASC 2017-12 |
— | — | — | — | (1.0) | — | — | (1.0) | |||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.1) | 0.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance,
December 31, 2019 |
188.7 | $ | 1.9 | $ | 2,022.3 | $ | (179.2) | $ | 652.0 | $ | (251.6) | $ | 94.0 | $ | 2,339.4 |
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity—Continued
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount |
Paid-In
Capital |
Treasury
Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Noncontrolling
Interests |
Total | ||||||||||||||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | — | $ | 343.2 | $ | — | $ | 12.4 | $ | 355.6 | ||||||||||||||||||||||||||||||||
Other
comprehensive income (loss) |
— | — | — | — | — | (20.5) | 0.5 | (20.0) | |||||||||||||||||||||||||||||||||||||||
Distributions to
noncontrolling interests |
— | — | — | — | — | — | (10.9) | (10.9) | |||||||||||||||||||||||||||||||||||||||
Noncontrolling
interests of acquired businesses |
— | — | (3.7) | — | — | — | 0.3 | (3.4) | |||||||||||||||||||||||||||||||||||||||
Stock-based
compensation |
— | — | 43.7 | — | — | — | — | 43.7 | |||||||||||||||||||||||||||||||||||||||
Employee share
purchase plan |
0.2 | — | 19.1 | — | — | — | — | 19.1 | |||||||||||||||||||||||||||||||||||||||
Exercise of
stock options |
0.9 | 0.1 | 6.7 | — | — | — | — | 6.8 | |||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock units and performance stock units | 1.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Treasury stock
purchased |
(0.4) | — | — | (36.1) | — | — | — | (36.1) | |||||||||||||||||||||||||||||||||||||||
Dividends to
shareholders ($0.30 per share) |
— | — | — | — | (57.7) | — | — | (57.7) | |||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (0.4) | (0.4) | |||||||||||||||||||||||||||||||||||||||
Balance,
December 31, 2020 |
190.5 | $ | 2.0 | $ | 2,088.1 | $ | (215.2) | $ | 937.4 | $ | (272.1) | $ | 95.9 | $ | 2,636.1 |
Twelve months ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Beginning Balance | $ | 19.0 | $ | 13.5 | $ | 9.9 | |||||||||||
Provision for losses on trade accounts receivable | 13.1 | 10.0 | 8.6 | ||||||||||||||
Write-offs, net of recovered accounts | (5.5) | (4.5) | (5.0) | ||||||||||||||
Ending balance | $ | 26.6 | $ | 19.0 | $ | 13.5 |
(in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||
Prepaid expenses | $ | 84.7 | $ | 84.1 | |||||||
Income taxes receivable | 18.6 | 19.0 | |||||||||
Marketable securities (Note 17) | 3.2 | 2.9 | |||||||||
Contract assets (Note 13) | 1.8 | 1.4 | |||||||||
Other | 51.2 | 62.8 | |||||||||
Total other current assets | $ | 159.5 | $ | 170.2 |
(in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||
Computer equipment and furniture | $ | 465.4 | $ | 395.6 | |||||||
Purchased software | 184.4 | 160.7 | |||||||||
Building and building improvements | 119.1 | 113.9 | |||||||||
Land | 3.2 | 3.2 | |||||||||
Total cost of property, plant and equipment | 772.1 | 673.4 | |||||||||
Less: accumulated depreciation | (548.9) | (454.4) | |||||||||
Total property, plant and equipment, net of accumulated depreciation | $ | 223.2 | $ | 219.0 |
(in millions) | U.S. Markets | International |
Consumer
Interactive |
Total | |||||||||||||||||||
Balance, December 31, 2018 | $ | 1,684.4 | $ | 1,368.0 | $ | 241.2 | $ | 3,293.6 | |||||||||||||||
Purchase accounting adjustments | 19.2 | 12.9 | — | 32.1 | |||||||||||||||||||
2019 Acquisitions | 17.5 | — | — | 17.5 | |||||||||||||||||||
Foreign exchange rate adjustment | — | 35.9 | — | 35.9 | |||||||||||||||||||
Reclassified to held-for-sale | — | (1.3) | — | (1.3) | |||||||||||||||||||
Balance, December 31, 2019 | $ | 1,721.1 | $ | 1,415.5 | $ | 241.2 | $ | 3,377.8 | |||||||||||||||
2020 Acquisitions | 76.1 | — | — | 76.1 | |||||||||||||||||||
Foreign exchange rate adjustment | — | 7.6 | — | 7.6 | |||||||||||||||||||
Balance, December 31, 2020 | $ | 1,797.2 | $ | 1,423.1 | $ | 241.2 | $ | 3,461.5 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Gross |
Accumulated
Amortization |
Net | Gross |
Accumulated
Amortization |
Net | |||||||||||||||||||||||||||||
Database and credit files | $ | 1,418.5 | $ | (566.1) | $ | 852.4 | $ | 1,406.9 | $ | (470.3) | $ | 936.6 | |||||||||||||||||||||||
Internal use software | 1,387.3 | (825.5) | 561.8 | 1,250.1 | (705.5) | 544.6 | |||||||||||||||||||||||||||||
Customer relationships | 641.0 | (217.7) | 423.3 | 630.9 | (180.9) | 450.0 | |||||||||||||||||||||||||||||
Trademarks, copyrights and patents | 572.5 | (131.4) | 441.1 | 573.0 | (115.7) | 457.3 | |||||||||||||||||||||||||||||
Noncompete and other agreements | 17.5 | (11.5) | 6.0 | 13.1 | (9.7) | 3.4 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 4,036.8 | $ | (1,752.2) | $ | 2,284.6 | $ | 3,874.0 | $ | (1,482.1) | $ | 2,391.9 |
(in millions) |
Annual
Amortization Expense |
||||
2021 | $ | 281.1 | |||
2022 | 269.6 | ||||
2023 | 245.7 | ||||
2024 | 217.5 | ||||
2025 | 196.5 | ||||
Thereafter | 1,074.2 | ||||
Total future amortization expense | $ | 2,284.6 |
(in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||
Investments in affiliated companies (Note 7) | $ | 138.8 | $ | 133.7 | |||||||
Right-of-use lease assets (Note 11) | 65.6 | 71.2 | |||||||||
Other | 31.7 | 31.4 | |||||||||
Total other assets | $ | 236.1 | $ | 236.3 |
(in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||
Equity Method investments | $ | 46.1 | $ | 49.0 | |||||||
Cost Method investments | 92.7 | 84.7 | |||||||||
Total investments in affiliated companies (Note 6) | $ | 138.8 | $ | 133.7 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Earnings from equity method investments (Note 18) | $ | 8.9 | $ | 13.2 | $ | 9.9 | ||||||||||||||
Dividends received from equity method investments | $ | 8.2 | $ | 10.3 | $ | 9.8 |
(in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||
Accrued payroll and employee benefits | $ | 149.3 | $ | 146.0 | |||||||
Deferred revenue (Note 13) | 85.5 | 82.8 | |||||||||
Accrued legal and regulatory (Note 20) | 76.0 | 30.4 | |||||||||
Contingent consideration (Note 17) | 37.8 | 7.2 | |||||||||
Operating lease liabilities (Note 11) | 17.9 | 19.9 | |||||||||
Other | 49.3 | 50.2 | |||||||||
Total other current liabilities | $ | 415.8 | $ | 336.5 |
(in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||
Interest rate swaps and caps (Notes 10 and 17) | $ | 89.7 | $ | 46.6 | |||||||
Operating lease liabilities (Note 11) | 54.0 | 57.2 | |||||||||
Unrecognized tax benefits, net of indirect tax effects (Note 15) | 34.4 | 32.8 | |||||||||
Deferred revenue (Note 13) | 3.0 | 15.7 | |||||||||
Other | 34.4 | 12.7 | |||||||||
Total other liabilities | $ | 215.5 | $ | 165.0 |
(in millions) |
December 31,
2020 |
December 31,
2019 |
|||||||||
Senior Secured Term Loan B-5, payable in quarterly installments through November 15, 2026, with periodic variable interest at LIBOR or alternate base rate, plus applicable margin (1.90% at December 31, 2020, and 3.55% at December 31, 2019), net of original issue discount and deferred financing fees of $3.9 million and $9.5 million, respectively, at December 31, 2020, and original issue discount and deferred financing fees of $4.8 million and $11.7 million, respectively, at December 31, 2019 | $ | 2,335.6 | $ | 2,508.5 | |||||||
Senior Secured Term Loan A-3, payable in quarterly installments through December 10, 2024, with periodic variable interest at LIBOR or alternate base rate, plus applicable margin (1.40% at December 31, 2020 and 3.30% at December 31,2019), net of original issue discount and deferred financing fees of $2.6 million and $1.6 million, respectively, at December 31, 2020, and original issue discount and deferred financing fees of $3.3 million and $2.2 million, respectively, at December 31,2019 | 1,117.0 | 1,144.5 | |||||||||
Senior Secured Revolving Credit Facility | — | — | |||||||||
Other notes payable | 1.4 | 3.7 | |||||||||
Finance leases | 0.2 | 0.3 | |||||||||
Total debt | 3,454.2 | 3,657.0 | |||||||||
Less short-term debt and current portion of long-term debt | (55.5) | (58.7) | |||||||||
Total long-term debt | $ | 3,398.7 | $ | 3,598.3 |
(in millions) |
December 31,
2020 |
|||||||
2021 | $ | 55.5 | ||||||
2022 | 84.3 | |||||||
2023 | 83.6 | |||||||
2024 | 1,003.5 | |||||||
2025 | 26.0 | |||||||
Thereafter | 2,219.0 | |||||||
Unamortized original issue discounts and deferred financing fees | (17.7) | |||||||
Total debt | $ | 3,454.2 |
(in millions) | Operating Leases | Finance Leases | Total | |||||||||||||||||
2021 | $ | 18.5 | $ | 0.1 | $ | 18.6 | ||||||||||||||
2022 | 16.9 | 0.1 | 17.0 | |||||||||||||||||
2023 | 14.7 | — | 14.7 | |||||||||||||||||
2024 | 11.3 | — | 11.3 | |||||||||||||||||
2025 | 8.8 | — | 8.8 | |||||||||||||||||
Thereafter | 13.9 | — | 13.9 | |||||||||||||||||
Less imputed interest | (12.2) | — | (12.2) | |||||||||||||||||
Totals | $ | 71.9 | $ | 0.2 | $ | 72.1 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(in millions, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Income from continuing operations | $ | 355.6 | $ | 356.6 | $ | 289.0 | ||||||||||||||
Less: income from continuing operations attributable to noncontrolling interests | (12.4) | (5.1) | (10.9) | |||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 343.2 | $ | 351.5 | $ | 278.1 | ||||||||||||||
Discontinued operations, net of tax(1)
|
— | (4.6) | (1.5) | |||||||||||||||||
Net income attributable to TransUnion | $ | 343.2 | $ | 346.9 | $ | 276.6 | ||||||||||||||
Basic earnings per common share from: | ||||||||||||||||||||
Income from continuing operations attributable to TransUnion
|
$ | 1.81 | $ | 1.87 | $ | 1.51 | ||||||||||||||
Discontinued operations, net of tax(1)
|
— | (0.02) | (0.01) | |||||||||||||||||
Net Income attributable to TransUnion
|
$ | 1.81 | $ | 1.85 | $ | 1.50 | ||||||||||||||
Diluted earnings per common share from: | ||||||||||||||||||||
Income from continuing operations attributable to TransUnion
|
$ | 1.79 | $ | 1.83 | $ | 1.46 | ||||||||||||||
Discontinued operations, net of tax(1)
|
— | (0.02) | (0.01) | |||||||||||||||||
Net Income attributable to TransUnion
|
$ | 1.79 | $ | 1.81 | $ | 1.45 | ||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||
Basic | 189.9 | 187.8 | 184.6 | |||||||||||||||||
Dilutive impact of stock based awards | 2.3 | 4.1 | 6.2 | |||||||||||||||||
Diluted | 192.2 | 191.8 | 190.9 |
Twelve Months Ended December 31, | |||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Federal | |||||||||||||||||
Current | $ | 67.9 | $ | 50.5 | $ | 62.7 | |||||||||||
Deferred | (7.4) | (0.6) | (57.0) | ||||||||||||||
State | |||||||||||||||||
Current | 15.0 | 3.6 | 11.9 | ||||||||||||||
Deferred | (4.1) | (8.2) | (3.9) | ||||||||||||||
Foreign | |||||||||||||||||
Current | 52.6 | 52.2 | 48.9 | ||||||||||||||
Deferred | (23.7) | (13.6) | (8.1) | ||||||||||||||
Total provision (benefit) for income taxes | $ | 100.2 | $ | 83.9 | $ | 54.5 |
Twelve Months Ended December 31, | ||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Domestic | $ | 324.1 | $ | 333.2 | $ | 256.5 | ||||||||||||||||||||
Foreign | 131.6 | 107.3 | 87.0 | |||||||||||||||||||||||
Income before income taxes | $ | 455.8 | $ | 440.5 | $ | 343.5 |
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Income taxes at statutory rate | $ | 95.7 | 21.0 | % | $ | 92.5 | 21.0 | % | $ | 72.1 | 21.0 | % | |||||||||||||||||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||||||||||||||||
State taxes, net of federal benefit | 11.6 | 2.5 | % | — | — | % | 10.4 | 3.0 | % | ||||||||||||||||||||||||||
Foreign rate differential | (9.2) | (2.0) | % | 10.6 | 2.4 | % | 9.7 | 2.8 | % | ||||||||||||||||||||||||||
Excess tax benefits on stock-based compensation | (26.0) | (5.7) | % | (39.1) | (8.9) | % | (30.2) | (8.8) | % | ||||||||||||||||||||||||||
Foreign tax law changes | (0.1) | — | % | (6.5) | (1.5) | % | — | — | % | ||||||||||||||||||||||||||
One-time impacts of U.S. tax reform | — | — | % | — | — | % | 5.3 | 1.5 | % | ||||||||||||||||||||||||||
Uncertain tax positions | 8.3 | 1.8 | % | 1.9 | 0.4 | % | 4.6 | 1.3 | % | ||||||||||||||||||||||||||
Valuation allowances | 8.3 | 1.8 | % | (0.7) | (0.2) | % | (30.1) | (8.8) | % | ||||||||||||||||||||||||||
Foreign withholding taxes | 5.2 | 1.1 | % | 12.4 | 2.8 | % | 5.7 | 1.7 | % | ||||||||||||||||||||||||||
U.S. Federal tax on foreign earnings | 4.9 | 1.1 | % | 12.0 | 2.7 | % | 6.6 | 1.9 | % | ||||||||||||||||||||||||||
Other | 1.6 | 0.3 | % | 0.8 | 0.3 | % | 0.4 | 0.3 | % | ||||||||||||||||||||||||||
Total | $ | 100.2 | 22.0 | % | $ | 83.9 | 19.0 | % | $ | 54.5 | 15.9 | % |
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
Deferred income tax assets: | |||||||||||
Compensation | $ | 18.5 | $ | 18.1 | |||||||
Employee benefits | 15.1 | 13.2 | |||||||||
Legal reserves and settlements | 13.5 | 3.5 | |||||||||
Hedge investments | 22.2 | 12.7 | |||||||||
Loss and tax credit carryforwards | 130.1 | 114.2 | |||||||||
Leases | 17.5 | 19.9 | |||||||||
Other | 16.9 | 13.7 | |||||||||
Gross deferred income tax assets | 233.8 | 195.3 | |||||||||
Valuation allowance | (65.7) | (53.3) | |||||||||
Total deferred income tax assets, net | $ | 168.0 | $ | 142.0 | |||||||
Deferred income tax liabilities: | |||||||||||
Depreciation and amortization | $ | (520.5) | $ | (539.9) | |||||||
Right of use asset | (16.1) | (18.5) | |||||||||
Taxes on unremitted foreign earnings | (10.8) | (11.4) | |||||||||
Financing related costs | (0.8) | (0.9) | |||||||||
Investment in affiliated companies | (4.6) | (4.9) | |||||||||
Other | (8.4) | (3.6) | |||||||||
Total deferred income tax liability | (561.4) | (579.2) | |||||||||
Net deferred income tax liability | $ | (393.3) | $ | (437.2) |
(in millions) | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||
Balance as of beginning of period | $ | 32.8 | $ | 19.6 | $ | 12.3 | |||||||||||
Increase in tax positions of prior years | 6.2 | 0.5 | 7.6 | ||||||||||||||
Decrease in tax positions of prior years | (3.6) | (0.5) | (1.0) | ||||||||||||||
Increase in tax positions of current year | 1.6 | 13.2 | 0.7 | ||||||||||||||
Balance as of end of period | $ | 36.9 | $ | 32.8 | $ | 19.6 |
Shares |
Weighted
Average Exercise Price |
Weighted
Average Remaining Contractual Term (in years) |
Aggregate
Intrinsic Value (in millions) |
||||||||||||||||||||
Outstanding as of December 31, 2019 | 1,462,096 | $ | 7.96 | 3.5 | $ | 113.5 | |||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Exercised | (889,652) | 7.55 | |||||||||||||||||||||
Forfeited | (627) | 13.06 | |||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||
Outstanding as of December 31, 2020 | 571,817 | 8.58 | 2.7 | $ | 51.8 | ||||||||||||||||||
Expected to vest as of December 31, 2020 | — | $ | — | 0.0 | $ | — | |||||||||||||||||
Exercisable as of December 31, 2020 | 571,817 | $ | 8.58 | 2.7 | $ | 51.8 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Intrinsic value of options exercised | $ | 71.1 | $ | 106.4 | $ | 134.4 | ||||||||||||||
Total fair value of options vested | $ | 4.5 | $ | 7.4 | $ | 10.3 |
Shares |
Weighted
Average Grant Date Fair Value |
Weighted
Average Remaining Contractual Term (in years) |
Aggregate
Intrinsic Value (in millions) |
||||||||||||||||||||
Outstanding as of December 31, 2019 | 2,387,088 | 59.39 | 1.2 | $ | 204.4 | ||||||||||||||||||
Granted | 1,140,065 | 84.76 | |||||||||||||||||||||
Vested | (1,049,880) | 45.12 | |||||||||||||||||||||
Forfeited | (289,324) | 69.88 | |||||||||||||||||||||
Outstanding as of December 31, 2020 | 2,187,949 | $ | 78.85 | 1.0 | $ | 217.1 | |||||||||||||||||
Expected to vest as of December 31, 2020 | 1,915,267 | $ | 76.78 | 1.1 | $ | 190.0 |
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Available-for-sale debt securities (Note 2) | $ | 3.2 | $ | — | $ | 3.2 | $ | — | |||||||||||||||
Total | $ | 3.2 | $ | — | $ | 3.2 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Interest rate swaps (Note 9 and 10) | $ | 89.7 | $ | — | $ | 89.7 | $ | — | |||||||||||||||
Contingent consideration (Note 8 and 9) | 41.4 | — | — | 41.4 | |||||||||||||||||||
Total | $ | 131.1 | $ | — | $ | 89.7 | $ | 41.4 |
(in millions) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Available-for-sale debt securities (Note 2) | $ | 2.9 | $ | — | $ | 2.9 | $ | — | |||||||||||||||
Total | $ | 2.9 | $ | — | $ | 2.9 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Interest rate swaps (Note 9 and 10) | $ | 46.6 | $ | — | $ | 46.6 | $ | — | |||||||||||||||
Contingent consideration (Note 8 and 9) | 7.2 | — | — | 7.2 | |||||||||||||||||||
Total | $ | 53.8 | $ | — | $ | 46.6 | $ | 7.2 |
Twelve Months Ended December 31, | |||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Gross Revenue: | |||||||||||||||||
U.S. Markets: | |||||||||||||||||
Financial Services | $ | 939.6 | $ | 849.0 | $ | 765.1 | |||||||||||
Emerging Verticals | 757.0 | 760.6 | 679.6 | ||||||||||||||
Total U.S. Markets | 1,696.6 | 1,609.6 | 1,444.7 | ||||||||||||||
International: | |||||||||||||||||
Canada | 108.0 | 104.1 | 96.0 | ||||||||||||||
Latin America
|
86.5 | 104.2 | 102.3 | ||||||||||||||
United Kingdom | 183.1 | 186.7 | 71.3 | ||||||||||||||
Africa | 49.0 | 61.2 | 64.2 | ||||||||||||||
India | 100.0 | 108.1 | 81.8 | ||||||||||||||
Asia Pacific | 56.2 | 59.1 | 56.7 | ||||||||||||||
Total International | 582.7 | 623.5 | 472.4 | ||||||||||||||
Total Consumer Interactive | 513.1 | 497.8 | 475.8 | ||||||||||||||
Total revenue, gross | $ | 2,792.5 | $ | 2,730.9 | $ | 2,392.9 | |||||||||||
Intersegment revenue eliminations: | |||||||||||||||||
U.S. Markets | $ | (68.9) | $ | (68.7) | $ | (70.0) | |||||||||||
International | (5.2) | (5.1) | (5.1) | ||||||||||||||
Consumer Interactive | (1.7) | (1.0) | (0.7) | ||||||||||||||
Total intersegment eliminations | (75.9) | (74.8) | (75.7) | ||||||||||||||
Total revenues as reported | $ | 2,716.6 | $ | 2,656.1 | $ | 2,317.2 |
Twelve Months Ended December 31, | |||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. Markets Adjusted EBITDA | $ | 682.5 | $ | 664.2 | $ | 576.1 | |||||||||||
International Adjusted EBITDA | 219.8 | 258.1 | 193.0 | ||||||||||||||
Consumer Interactive Adjusted EBITDA
|
247.6 | 248.4 | 237.6 | ||||||||||||||
Total
|
1,149.9 | 1,170.7 | 1,006.8 | ||||||||||||||
Adjustments to reconcile to income from continuing operations before income taxes:
|
|||||||||||||||||
Corporate expenses(1)
|
(105.0) | (111.8) | (89.8) | ||||||||||||||
Net interest expense
|
(120.7) | (166.1) | (132.0) | ||||||||||||||
Depreciation and amortization
|
(367.9) | (362.1) | (306.9) | ||||||||||||||
Acquisition-related revenue adjustments(2)
|
— | (5.9) | (28.1) | ||||||||||||||
Stock-based compensation(3)
|
(48.4) | (58.1) | (61.4) | ||||||||||||||
Mergers and acquisitions, divestitures and business optimization(4)
|
(9.7) | (1.7) | (38.7) | ||||||||||||||
Accelerated technology investment(5)
|
(19.3) | — | — | ||||||||||||||
Other(6)
|
(35.5) | (29.7) | (17.2) | ||||||||||||||
Net (income attributable to non-controlling interests | 12.4 | 5.1 | 10.9 | ||||||||||||||
Total adjustments
|
(694.1) | (730.2) | (663.2) | ||||||||||||||
Income from continuing operations before income taxes
|
$ | 455.8 | $ | 440.5 | $ | 343.5 |
Twelve Months Ended December 31, | ||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
U.S. Markets | $ | 2.6 | $ | 2.6 | $ | 2.6 | ||||||||||||||
International | 6.4 | 10.6 | 7.3 | |||||||||||||||||
Total | $ | 8.9 | $ | 13.2 | $ | 9.9 |
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
U.S. Markets | $ | 3,606.1 | $ | 3,520.9 | |||||||
International | 2,974.5 | 3,025.4 | |||||||||
Consumer Interactive | 458.9 | 465.5 | |||||||||
Corporate | 272.0 | 101.4 | |||||||||
Total | $ | 7,311.6 | $ | 7,113.2 |
Twelve Months Ended December 31, | |||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. Markets | $ | 127.6 | $ | 122.1 | $ | 122.7 | |||||||||||
International | 68.2 | 59.8 | 44.1 | ||||||||||||||
Consumer Interactive | 12.8 | 13.4 | 11.2 | ||||||||||||||
Corporate | 5.5 | 3.2 | 2.1 | ||||||||||||||
Total | $ | 214.1 | $ | 198.5 | $ | 180.1 |
Twelve Months Ended December 31, | |||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. Markets | $ | 226.9 | $ | 225.0 | $ | 191.2 | |||||||||||
International | 120.6 | 118.6 | 98.4 | ||||||||||||||
Consumer Interactive | 14.6 | 13.3 | 12.2 | ||||||||||||||
Corporate | 5.7 | 5.2 | 5.1 | ||||||||||||||
Total | $ | 367.9 | $ | 362.1 | $ | 306.9 |
Twelve Months Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Domestic | 79 | % | 77 | % | 80 | % | |||||||||||
International | 21 | % | 23 | % | 20 | % |
As of December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Domestic | 59 | % | 59 | % | 60 | % | |||||||||||
International | 41 | % | 41 | % | 40 | % |
(in millions) |
Operating
Leases |
Purchase
Obligations and Other |
Total | ||||||||||||||
2021 | $ | 18.5 | $ | 322.1 | $ | 340.6 | |||||||||||
2022 | 16.9 | 53.3 | 70.2 | ||||||||||||||
2023 | 14.7 | 24.3 | 39.0 | ||||||||||||||
2024 | 11.3 | 12.6 | 23.9 | ||||||||||||||
2025 | 8.8 | 10.3 | 19.1 | ||||||||||||||
Thereafter | 13.9 | 0.3 | 14.2 | ||||||||||||||
Totals | $ | 84.1 | $ | 422.9 | $ | 507.0 |
Three Months Ended | |||||||||||||||||||||||
(in millions) |
December 31, 2020(1)
|
September 30,
2020(1)
|
June 30,
2020(1)
|
March 31,
2020(1,2)
|
|||||||||||||||||||
Revenue | $ | 698.6 | $ | 695.9 | $ | 634.4 | $ | 687.6 | |||||||||||||||
Operating income | 144.9 | 162.3 | 123.9 | 136.8 | |||||||||||||||||||
Income from continuing operations | 104.5 | 106.7 | 70.0 | 74.3 | |||||||||||||||||||
Net income | 104.5 | 106.7 | 70.0 | 74.3 | |||||||||||||||||||
Net income attributable to TransUnion | 101.7 | 102.8 | 68.5 | 70.2 | |||||||||||||||||||
Basic earnings per common share from: | |||||||||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 0.53 | $ | 0.54 | $ | 0.36 | $ | 0.37 | |||||||||||||||
Net Income attributable to TransUnion | $ | 0.53 | $ | 0.54 | $ | 0.36 | $ | 0.37 | |||||||||||||||
Diluted earnings per common share from: | |||||||||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 0.53 | $ | 0.53 | $ | 0.36 | $ | 0.37 | |||||||||||||||
Net Income attributable to TransUnion | $ | 0.53 | $ | 0.53 | $ | 0.36 | $ | 0.37 |
Three Months Ended | |||||||||||||||||||||||
(in millions) |
December 31, 2019(3)
|
September 30,
2019(4)
|
June 30,
2019(5)
|
` |
March 31,
2019 |
||||||||||||||||||
Revenue | $ | 685.6 | $ | 689.3 | $ | 661.9 | $ | 619.3 | |||||||||||||||
Operating income | 154.7 | 171.3 | 159.7 | 122.1 | |||||||||||||||||||
Income from continuing operations | 86.5 | 88.3 | 107.0 | 74.9 | |||||||||||||||||||
Net income | 86.5 | 88.3 | 104.0 | 73.4 | |||||||||||||||||||
Net income attributable to TransUnion | 82.9 | 91.7 | 101.5 | 70.9 | |||||||||||||||||||
Basic earnings per common share from: | |||||||||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 0.44 | $ | 0.49 | $ | 0.56 | $ | 0.39 | |||||||||||||||
Net Income attributable to TransUnion | $ | 0.44 | $ | 0.49 | $ | 0.54 | $ | 0.38 | |||||||||||||||
Diluted earnings per common share from: | |||||||||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 0.43 | $ | 0.48 | $ | 0.55 | $ | 0.38 | |||||||||||||||
Net Income attributable to TransUnion | $ | 0.43 | $ | 0.48 | $ | 0.53 | $ | 0.37 |
(in millions) |
Foreign Currency
Translation Adjustment |
Net Unrealized
Gain/(Loss) On Hedges |
Net Unrealized
Gain/(Loss) On Available-for-sale Securities |
Accumulated Other
Comprehensive Loss |
|||||||||||||||||||
Balance, December 31, 2017 | $ | (134.5) | $ | (1.0) | $ | 0.2 | $ | (135.3) | |||||||||||||||
Change | (145.1) | (2.3) | — | (147.4) | |||||||||||||||||||
Balance, December 31, 2018 | $ | (279.6) | $ | (3.3) | $ | 0.2 | $ | (282.7) | |||||||||||||||
Change | 65.0 | (33.9) | — | 31.1 | |||||||||||||||||||
Balance, December 31, 2019 | $ | (214.6) | $ | (37.2) | $ | 0.2 | $ | (251.6) | |||||||||||||||
Change | 9.2 | (29.9) | 0.2 | (20.5) | |||||||||||||||||||
Balance, December 31, 2020 | $ | (205.4) | $ | (67.1) | $ | 0.4 | $ | (272.1) |
Exhibit
No. |
Exhibit Name | |||||||
Third Amended and Restated Certificate of Incorporation of TransUnion (Incorporated by reference to Exhibit 3.1.2 to TransUnion’s Current Report on Form 8-K filed on May 18, 2020). | ||||||||
Third Amended and Restated Bylaws of TransUnion (Amended as of May 12, 2020) (Incorporated by reference to Exhibit 3.2 to TransUnion’s Current Report on Form 8-K filed on May 18, 2020).
|
||||||||
Form of Stock Certificate for Common Stock (Incorporated by reference to Exhibit 4.6 to TransUnion’s Amendment No. 3 to Registration Statement on Form S-1 filed on June 15, 2015). | ||||||||
Description of TransUnion’s securities. | ||||||||
Third Amended and Restated Credit Agreement, dated as of August 9, 2017, by and among TransUnion Intermediate Holdings, Inc., Trans Union LLC, the guarantors party thereto, Deutsche Bank AG New York Branch, as Administrative Agent and as Collateral Agent, Deutsche Bank AG New York Branch, as L/C Issuer, the other lenders from time to time party thereto and Deutsche Bank Securities, Inc., Capital One, N.A., Goldman Sachs Lending Partners LLC, JP Morgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & incorporated, RBC Capital Markets and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners (Incorporated by reference to Exhibit 10.1 to TransUnion’s Quarterly Report on Form 10-Q filed on October 27, 2017).
|
||||||||
Amendment No. 14 to Credit Agreement, dated as of May 2, 2018, by and among TransUnion Intermediate Holdings, Inc. (f/k/a TransUnion Corp.), Trans Union LLC, the Guarantors, Deutsche Bank Securities Inc., Capital One, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, as joint lead arrangers, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and each of the other Lenders party thereto (Incorporated by reference to Exhibit 10.1 to TransUnion’s Quarterly Report on Form 10-Q filed on July 25, 2018).
|
||||||||
Amendment No. 15 to Credit Agreement, dated as of June 19, 2018, by and among TransUnion Intermediate Holdings, Inc. (f/k/a TransUnion Corp.), Trans Union LLC, the Guarantors, Deutsche Bank Securities Inc., RBC Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Capital One, N.A., as joint lead arrangers, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and each of the other Lenders party thereto (Incorporated by reference to Exhibit 10.2 to TransUnion’s Quarterly Report on Form 10-Q filed on July 25, 2018).
|
||||||||
Amendment No. 16 to Credit Agreement, dated as of June 29, 2018, by and among TransUnion Intermediate Holdings, Inc. (f/k/a TransUnion Corp.), Trans Union LLC, the Guarantors, Deutsche Bank Securities Inc., RBC Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Capital One, N.A., as joint lead arrangers, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and each of the other Lenders party thereto (Incorporated by reference to Exhibit 10.3 to TransUnion’s Quarterly Report on Form 10-Q filed on July 25, 2018).
|
||||||||
Amendment No. 17 to Credit Agreement, dated as of November 15, 2019, by and among TransUnion Intermediate Holdings, Inc. (f/k/a TransUnion Corp.), Trans Union LLC, the Guarantors, Deutsche Bank Securities Inc., BofA Securities, Inc., Capital One, N.A. and RBC Capital Markets, as joint lead arrangers, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and each of the other Lenders party thereto (Incorporated by reference to Exhibit 10.5 to TransUnion’s Annual Report on Form 10-K filed on February 18, 2020).
|
||||||||
Amendment No. 18 to Credit Agreement, dated as of December 10, 2019, by and among TransUnion Intermediate Holdings, Inc. (f/k/a TransUnion Corp.), Trans Union LLC, the Guarantors, Deutsche Bank Securities Inc., BofA Securities, Inc., Capital One, N.A. RBC Capital Markets, Wells Fargo Securities LLC and JP Morgan Chase Bank, N.A. as joint lead arrangers, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and each of the other Lenders party thereto (Incorporated by reference to Exhibit 10.6 to TransUnion’s Annual Report on Form 10-K filed on February 18, 2020). | ||||||||
|
TransUnion Holding Company, Inc. 2012 Management Equity Plan (Effective April 30, 2012) (Incorporated by reference to Exhibit 10.1 to TransUnion’s Registration Statement on Form S-4 filed July 31, 2012). | |||||||
|
TransUnion Holding Company, Inc. 2012 Management Equity Plan Stock Option Agreement (Effective April 30, 2012) (Incorporated by reference to Exhibit 10.2 to TransUnion’s Registration Statement on Form S-4 filed July 31, 2012).
|
|||||||
|
Amendment No. 1 to TransUnion Holding Company, Inc. 2012 Management Equity Plan Stock Option Agreement, dated as of January 1, 2016 (Incorporated by reference to Exhibit 10.7 to TransUnion’s Annual Report on Form 10-K for the year ended December 31, 2015).
|
|||||||
Form of Director Indemnification Agreement for directors of TransUnion (Incorporated by reference to Exhibit 10.6 to TransUnion’s Registration Statement on Form S-4 filed July 31, 2012). | ||||||||
|
Employment Agreement with James M. Peck, President and Chief Executive Officer of TransUnion and TransUnion Intermediate Holdings, Inc., dated December 6, 2012 (Incorporated by reference to Exhibit 10.15 to TransUnion’s and TransUnion Intermediate Holdings, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012).
|
|||||||
Letter Agreement between TransUnion and Reed Elsevier with respect to the employment of James M. Peck as the President and Chief Executive Officer of TransUnion and TransUnion Intermediate Holdings, Inc., dated December 6, 2012 (Incorporated by reference to Exhibit 10.16 to TransUnion’s and TransUnion Intermediate Holdings, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012). | ||||||||
Employment Agreement, dated as of November 13, 2018, by and between TransUnion and Christopher A. Cartwright (Incorporated by reference to Exhibit 10.1 to TransUnion’s Current Report on Form 8-K filed on November 14, 2018).
|
||||||||
|
Employment Agreement, dated as of November 13, 2018, by and between TransUnion and James M. Peck (Incorporated by reference to Exhibit 10.2 to TransUnion’s Current Report on Form 8-K filed on November 14, 2018).
|
|||||||
Amended and Restated TransUnion 2015 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.1 to TransUnion’s Current Report on Form 8-K filed on May 18, 2020).
|
||||||||
TransUnion 2015 Omnibus Incentive Plan Award Agreement with respect to Restricted Stock Units and Performance Share Units (U.S. Employees) (Incorporated by reference to Exhibit 10.2 to TransUnion’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016). | ||||||||
TransUnion 2015 Omnibus Incentive Plan Award Agreement with respect to Restricted Stock (Outside Directors) (Incorporated by reference to Exhibit 10.3 to TransUnion’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016).
|
||||||||
TransUnion 2015 Employee Stock Purchase Plan, as Amended and Restated, Effective November 6, 2018 (Incorporated by reference to Exhibit 10.24 to TransUnion’s Annual Report on Form 10-K for the year ended December 31, 2018).
|
||||||||
Consent Order Issued by the United States Consumer Financial Protection Bureau on January 3, 2017, Administrative Proceeding - File No. 2017-CFPB-0002, In the Matter of: TransUnion Interactive, Inc., Trans Union LLC and TransUnion (Incorporated by reference to Exhibit 10.25 to TransUnion’s Annual Report on Form 10-K for the year ended December 31, 2016).
|
||||||||
Subsidiaries of TransUnion. | ||||||||
Consent of PricewaterhouseCoopers LLP.
|
||||||||
Consent of Ernst & Young LLP. | ||||||||
Power of Attorney - TransUnion (included on the signature page of this Form 10-K). | ||||||||
Certification of Principal Executive Officer for TransUnion pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Principal Financial Officer for TransUnion pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Chief Executive Officer and Chief Financial Officer for TransUnion pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
101.INS** | XBRL Instance Document | |||||||
101.SCH** | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB** | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104** | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
TransUnion
|
|||||
By:
|
/s/ Todd M. Cello
|
||||
Todd M. Cello
Executive Vice President and Chief Financial Officer
|
Signature | Title | |||||||
/s/ Christopher A. Cartwright | President and Chief Executive Officer, Director | |||||||
Christopher A. Cartwright | (Principal Executive Officer) | |||||||
/s/ Todd M. Cello | Executive Vice President and Chief Financial Officer | |||||||
Todd M. Cello | (Principal Financial Officer) | |||||||
/s/ Timothy Elberfeld | Senior Vice President and Chief Accounting Officer | |||||||
Timothy Elberfeld | (Principal Accounting Officer) | |||||||
/s/ George M. Awad | Director | |||||||
George M. Awad | ||||||||
/s/ William P. (Billy) Bosworth | Director | |||||||
William P. (Billy) Bosworth | ||||||||
/s/ Suzanne P. Clark | Director | |||||||
Suzanne P. Clark | ||||||||
/s/ Kermit R. Crawford | Director | |||||||
Kermit R. Crawford | ||||||||
/s/ Russell P. Fradin | Director | |||||||
Russell P. Fradin | ||||||||
/s/ Pamela A. Joseph | Director | |||||||
Pamela A. Joseph | ||||||||
/s/ Siddharth N. (Bobby) Mehta | Director | |||||||
Siddharth N. (Bobby) Mehta | ||||||||
/s/ Thomas L. Monahan, III | Director | |||||||
Thomas L. Monahan, III | ||||||||
/s/ Andrew Prozes | Director | |||||||
Andrew Prozes |
December 31,
2020 |
December 31,
2019 |
||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Other current assets | $ | 0.3 | $ | 0.1 | |||||||
Total current assets | 0.3 | 0.1 | |||||||||
Investment in TransUnion Intermediate | 2,748.7 | 2,368.4 | |||||||||
Other assets | 6.3 | 6.5 | |||||||||
Total assets | $ | 2,755.3 | $ | 2,375.0 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | — | $ | — | |||||||
Due to TransUnion Intermediate | 211.4 | 126.4 | |||||||||
Other current liabilities | 1.4 | 0.8 | |||||||||
Total current liabilities | 212.8 | 127.2 | |||||||||
Other liabilities | 2.3 | 2.4 | |||||||||
Total liabilities | 215.1 | 129.6 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2020 and December 31, 2019; 195.7 million and 193.5 million shares issued as of December 31, 2020 and December 31, 2019, respectively; and 190.5 million and 188.7 million shares outstanding as of December 31, 2020 and December 31, 2019, respectively | 2.0 | 1.9 | |||||||||
Additional paid-in capital | 2,088.1 | 2,022.3 | |||||||||
Treasury stock at cost; 5.2 and 4.8 million shares at December 31, 2020 and December 31, 2019, respectively | (215.2) | (179.2) | |||||||||
Retained earnings | 937.4 | 652.0 | |||||||||
Accumulated other comprehensive loss | (272.1) | (251.6) | |||||||||
Total stockholders’ equity | 2,540.2 | 2,245.4 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,755.3 | $ | 2,375.0 |
Twelve Months Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenue | $ | — | $ | — | $ | — | |||||||||||
Operating expenses | |||||||||||||||||
Selling, general and administrative | 3.1 | 3.5 | 3.2 | ||||||||||||||
Total operating expenses | 3.1 | 3.5 | 3.2 | ||||||||||||||
Operating loss | (3.1) | (3.5) | (3.2) | ||||||||||||||
Non-operating income and expense | |||||||||||||||||
Equity Income from TransUnion Intermediate | 345.0 | 349.2 | 279.3 | ||||||||||||||
Other income and (expense), net | 0.2 | — | (0.4) | ||||||||||||||
Total non-operating income and expense | 345.2 | 349.2 | 278.9 | ||||||||||||||
Income from continuing operations before income taxes | 342.1 | 345.7 | 275.7 | ||||||||||||||
Benefit (provision) for income taxes | 1.1 | 1.2 | 0.9 | ||||||||||||||
Net income | $ | 343.2 | $ | 346.9 | $ | 276.6 |
Twelve Months Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income | $ | 343.2 | $ | 346.9 | $ | 276.6 | |||||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation: | |||||||||||||||||
Foreign currency translation adjustment | 8.4 | 65.5 | (145.1) | ||||||||||||||
Benefit (expense) for income taxes | 0.8 | (0.5) | — | ||||||||||||||
Foreign currency translation, net | 9.2 | 65.0 | (145.1) | ||||||||||||||
Hedge instruments: | |||||||||||||||||
Net change on interest rate cap | 4.1 | (11.0) | 7.6 | ||||||||||||||
Net change on interest rate swap | (43.5) | (35.4) | (10.7) | ||||||||||||||
Cumulative effect of adopting ASU 2017-12 | — | 1.0 | — | ||||||||||||||
Benefit for income taxes | 9.5 | 11.5 | 0.8 | ||||||||||||||
Hedge instruments, net | (29.9) | (33.9) | (2.3) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Net unrealized gain | 0.3 | — | — | ||||||||||||||
Expense for income taxes | (0.1) | — | — | ||||||||||||||
Available-for-sale securities, net | 0.2 | — | — | ||||||||||||||
Total other comprehensive (loss) income, net of tax | (20.5) | 31.1 | (147.4) | ||||||||||||||
Comprehensive income attributable to TransUnion | $ | 322.7 | $ | 378.0 | $ | 129.2 |
Twelve Months Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash provided by (used in) operating activities | $ | 70.8 | $ | 71.7 | $ | 16.6 | |||||||||||
Cash used in investing activities | — | — | — | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of common stock and exercise of stock options | 22.9 | 24.4 | 26.2 | ||||||||||||||
Dividends to shareholders | (57.6) | (56.8) | (41.6) | ||||||||||||||
Treasury stock purchased | (36.1) | (39.3) | (1.2) | ||||||||||||||
Cash (used in) provided by financing activities | (70.8) | (71.7) | (16.6) | ||||||||||||||
Net change in cash and cash equivalents | — | — | — | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | — |
(in millions) |
Balance at
Beginning of Year |
Charged to
Costs and Expenses |
Charged to
Other Accounts |
Deductions |
Balance at
End of Year |
||||||||||||||||||||||||
Allowance for deferred tax assets: | |||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||
2020 | $ | 53.3 | $ | 12.6 | $ | 3.7 | $ | (3.8) | $ | 65.7 | |||||||||||||||||||
2019 | $ | 51.9 | $ | 14.1 | $ | — | $ | (12.7) | $ | 53.3 | |||||||||||||||||||
2018 | $ | 85.3 | $ | 5.3 | $ | — | $ | (38.7) | $ | 51.9 |
•
|
the designation of the series;
|
||||||||||
•
|
the number of shares of the series, which our Board of Directors may, except where otherwise provided in the preferred stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding);
|
||||||||||
•
|
whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series;
|
||||||||||
•
|
the dates at which dividends, if any, will be payable;
|
||||||||||
•
|
the redemption rights and price or prices, if any, for shares of the series;
|
||||||||||
•
|
the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;
|
||||||||||
•
|
the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of our Company;
|
||||||||||
•
|
whether the shares of the series will be convertible into shares of any other class or series, or any other security, of our Company or any other corporation, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible and all other terms and conditions upon which the conversion may be made;
|
||||||||||
•
|
restrictions on the issuance of shares of the same series or of any other class or series; and
|
||||||||||
•
|
the voting rights, if any, of the holders of the series.
|
•
|
prior to such time, our Board of Directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;
|
||||||||||
•
|
upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
|
||||||||||
•
|
at or subsequent to such time the business combination is approved by our Board of Directors and authorized at an annual or special meeting of our stockholders, and not by written consent, by the affirmative vote of holders of at least 662/3% of the outstanding voting stock that is not owned by the interested stockholder.
|
Subsidiary | Jurisdiction of Organization | ||||
Diversified Data Development Corporation | CA | ||||
Credit Bureau of Carmel & Pebble Beach, Inc. | CA | ||||
TransUnion Intermediate Holdings, Inc. | DE | ||||
TransUnion Risk and Alternative Data Solutions, Inc. | DE | ||||
TransUnion Digital LLC | DE | ||||
Trans Union LLC | DE | ||||
Trans Union International, Inc. | DE | ||||
TransUnion International Holdings LLC | DE | ||||
TransUnion Exchange LLC | DE | ||||
TransUnion Rental Screening Solutions, Inc. | DE | ||||
Credit Retriever LLC | DE | ||||
Verifacts LLC | DE | ||||
INSDEC LLC | DE | ||||
TransUnion Consumer Solutions LLC | DE | ||||
Trans Union Content Solutions LLC | DE | ||||
TransUnion Global Holdings LLC | DE | ||||
TransUnion Interactive, Inc. | DE | ||||
Trans Union Real Estate Services, Inc. | DE | ||||
TransUnion Financing Corporation | DE | ||||
TransUnion Risk Advisory, Inc. | DE | ||||
L2C, Inc. | DE | ||||
Link Marketing, Inc. | DE | ||||
Link2credit, Inc. | DE | ||||
Driver’s History Information Sales LLC | DE | ||||
TransUnion Data Solutions LLC | DE | ||||
eBureau, LLC | DE | ||||
IS Resources, Inc. | DE | ||||
FT Holdings, Inc. | DE | ||||
FactorTrust, Inc. | DE | ||||
iovation, Inc. | DE | ||||
Rubixis, Inc. | DE | ||||
TruSignal, Inc. | DE | ||||
Tru Optik Data Corp. | DE | ||||
Signal Digital, Inc. | DE | ||||
Signal Digital LLC | DE | ||||
Visionary Systems, Inc. | GA | ||||
Worthknowing, Inc. | GA | ||||
Decision Systems, Inc. | GA | ||||
Source USA Insurance Agency, Inc. | IL |
TransUnion Marketing Solutions, Inc. | IL | ||||
Driver’s History Inc. | NJ | ||||
Datalink Services, Inc. | NV | ||||
TransUnion Intelligence LLC | NV | ||||
TransUnion Teledata LLC | OR | ||||
Title Insurance Services Corporation | SC | ||||
TransUnion Healthcare, Inc. | TX | ||||
Signal EA Pty Ltd. | Australia | ||||
Credit Reference Bureau Africa (Pty) Ltd. | Botswana | ||||
TransUnion (Proprietary) Ltd. | Botswana | ||||
TransUnion Brasil Sistemas em Informatica Ltda. | Brazil | ||||
Trans Union of Canada, Inc. | Canada | ||||
Trans Union Chile, S.A. | Chile | ||||
TransUnion Soluciones de Informacion Chile SA | Chile | ||||
TransUnion Information Technology (Beijing) Co., Ltd. | China | ||||
CIFIN S.A.S. | Colombia | ||||
Trans Union Costa Rica, S.A. | Costa Rica | ||||
TransUnion Holding Cyprus Ltd. | Cyprus | ||||
Centro de Informacion y Estudios Estrategicos Empresariales S.A. | Dominican Rep. | ||||
TransUnion S.A. | Dominican Rep. | ||||
Centro de Operaciones y Servicios de Informacion Estrategica, S.A. | Dominican Rep. | ||||
TransUnion El Salvador, S.A. de C.V. | El Salvador | ||||
Trans Union Guatemala, S.A. | Guatemala | ||||
Soluciones de Informatica de Centroamerica (SICE), S.A. | Guatemala | ||||
Trans Union Honduras-Buro de Credito, S.A. | Honduras | ||||
TransUnion Limited | Hong Kong | ||||
TransUnion Asia Ltd. | Hong Kong | ||||
TransUnion Information Services Limited | Hong Kong | ||||
Credit Information Services Limited | Hong Kong | ||||
Trans Union Software Services Private Limited | India | ||||
TransUnion CIBIL Limited | India | ||||
TransUnion Global Technology Center LLP | India | ||||
Rubixis Technologies Private Limited | India | ||||
Trustev Limited | Ireland | ||||
Signal KK | Japan | ||||
TransUnion Kenya Limited | Kenya | ||||
Credit Reference Bureau (Holdings) Limited | Kenya | ||||
Regional Data Systems Limited | Kenya | ||||
Credit Information Systems Company Limited | Kenya | ||||
Credit Reference Bureau Africa Ltd. | Kenya | ||||
TransUnion Baltics UAB | Lithuania | ||||
TransUnion Ltd. | Malawi | ||||
TransUnion (Mauritius) Limited | Mauritius | ||||
STS Vail Beheeren Administracion S. DE. R.L. DE C.V. | Mexico |
TransUnion Reverse Exchange S de R.L. de C.V. | Mexico | ||||
TransUnion Soluciones de Informacion, S de R.L de C.V. | Mexico | ||||
TransUnion Credit Bureau Namibia (Pty) Ltd. | Namibia | ||||
Vail Systemen Groep, B.V. | Netherlands | ||||
TransUnion Netherlands I, B.V. | Netherlands | ||||
TransUnion Netherlands II, B.V. | Netherlands | ||||
Trans Union Nicaragua, S.A. | Nicaragua | ||||
Trans Union Central America, S.A. | Panama | ||||
TransUnion Information Solutions, Inc. | Philippines | ||||
Trans Union de Puerto Rico, Inc. | Puerto Rico | ||||
TransUnion Rwanda Limited | Rwanda | ||||
TransUnion Africa Holdings (Pty) Ltd. | South Africa | ||||
TransUnion Credit Bureau (Pty) Ltd. | South Africa | ||||
TransUnion Africa (Pty) Ltd. | South Africa | ||||
TransUnion Analytic and Decision Services (Pty) Ltd. | South Africa | ||||
TransUnion Auto Information Solutions (Pty) Ltd. | South Africa | ||||
Autolocator (Pty) Ltd. | South Africa | ||||
TransUnion Global Capability Centre Africa (Pty) Ltd. | South Africa | ||||
Callcredit Spain S.L.U | Spain | ||||
Confirma Sistemas de Informacion S.L. | Spain | ||||
TransUnion Eswatini (Pty) Ltd. | Swaziland | ||||
Credit Reference Bureau Africa Ltd. | Tanzania | ||||
Collection Africa Ltd. | Tanzania | ||||
Credit Reporting Services Limited | Trinidad & Tobago | ||||
Callcredit Data Solutions Limited | United Kingdom | ||||
Callcredit Lead Generation Limited | United Kingdom | ||||
Callcredit Marketing Ltd. | United Kingdom | ||||
Callcredit Public Sector Limited | United Kingdom | ||||
Coactiva Limited | United Kingdom | ||||
Crown Acquisition BidCo, Ltd. | United Kingdom | ||||
Crown Acquisition Consumer Ltd. | United Kingdom | ||||
Crown Acquisition MidCo, Ltd. | United Kingdom | ||||
Crown Acquisition MidCo 2, Ltd. | United Kingdom | ||||
Crown Acquisition TopCo, Ltd. | United Kingdom | ||||
DecisionMetrics Limited | United Kingdom | ||||
DMWSL 617 Ltd. | United Kingdom | ||||
DMWSL 618 Ltd. | United Kingdom | ||||
DMWSL 619 Ltd. | United Kingdom | ||||
DMWSL 620 Ltd. | United Kingdom | ||||
iovation, Ltd. | United Kingdom | ||||
Signal (UK) Limited | United Kingdom | ||||
Tenant ID Limited | United Kingdom | ||||
TransUnion Global Holdings LP | United Kingdom | ||||
TransUnion Information Group, Limited | United Kingdom |
TransUnion International UK Limited | United Kingdom | ||||
TransUnion UK Holdings Ltd. | United Kingdom | ||||
Vail Holdings UK Ltd. | United Kingdom | ||||
Credit Reference Bureau Africa Ltd. | Zambia |