10-Q 1 ck0001552033-20220930.htm 10-Q ck0001552033-20220930
false2022Q3000155203312/311/1/202712/31/203300015520332022-01-012022-09-3000015520332022-09-30xbrli:sharesiso4217:USD00015520332021-12-31iso4217:USDxbrli:shares00015520332022-07-012022-09-3000015520332021-07-012021-09-3000015520332021-01-012021-09-3000015520332020-12-3100015520332021-09-300001552033us-gaap:CommonStockMember2020-12-310001552033us-gaap:AdditionalPaidInCapitalMember2020-12-310001552033us-gaap:TreasuryStockMember2020-12-310001552033us-gaap:RetainedEarningsMember2020-12-310001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001552033us-gaap:NoncontrollingInterestMember2020-12-310001552033ck0001552033:ParentandNoncontrollingInterestsMember2020-12-310001552033us-gaap:RetainedEarningsMember2021-01-012021-03-310001552033us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001552033ck0001552033:ParentandNoncontrollingInterestsMember2021-01-012021-03-310001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001552033us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001552033us-gaap:CommonStockMember2021-01-012021-03-310001552033us-gaap:TreasuryStockMember2021-01-012021-03-310001552033us-gaap:CommonStockMember2021-03-310001552033us-gaap:AdditionalPaidInCapitalMember2021-03-310001552033us-gaap:TreasuryStockMember2021-03-310001552033us-gaap:RetainedEarningsMember2021-03-310001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001552033us-gaap:NoncontrollingInterestMember2021-03-310001552033ck0001552033:ParentandNoncontrollingInterestsMember2021-03-310001552033us-gaap:RetainedEarningsMember2021-04-012021-06-300001552033us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2021-04-012021-06-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001552033us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001552033us-gaap:CommonStockMember2021-04-012021-06-300001552033us-gaap:TreasuryStockMember2021-04-012021-06-300001552033us-gaap:CommonStockMember2021-06-300001552033us-gaap:AdditionalPaidInCapitalMember2021-06-300001552033us-gaap:TreasuryStockMember2021-06-300001552033us-gaap:RetainedEarningsMember2021-06-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001552033us-gaap:NoncontrollingInterestMember2021-06-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2021-06-300001552033us-gaap:RetainedEarningsMember2021-07-012021-09-300001552033us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2021-07-012021-09-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001552033us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001552033us-gaap:CommonStockMember2021-07-012021-09-300001552033us-gaap:TreasuryStockMember2021-07-012021-09-300001552033us-gaap:CommonStockMember2021-09-300001552033us-gaap:AdditionalPaidInCapitalMember2021-09-300001552033us-gaap:TreasuryStockMember2021-09-300001552033us-gaap:RetainedEarningsMember2021-09-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001552033us-gaap:NoncontrollingInterestMember2021-09-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2021-09-300001552033us-gaap:CommonStockMember2021-12-310001552033us-gaap:AdditionalPaidInCapitalMember2021-12-310001552033us-gaap:TreasuryStockMember2021-12-310001552033us-gaap:RetainedEarningsMember2021-12-310001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001552033us-gaap:NoncontrollingInterestMember2021-12-310001552033ck0001552033:ParentandNoncontrollingInterestsMember2021-12-310001552033us-gaap:RetainedEarningsMember2022-01-012022-03-310001552033us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001552033ck0001552033:ParentandNoncontrollingInterestsMember2022-01-012022-03-310001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001552033us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001552033us-gaap:CommonStockMember2022-01-012022-03-310001552033us-gaap:TreasuryStockMember2022-01-012022-03-310001552033us-gaap:CommonStockMember2022-03-310001552033us-gaap:AdditionalPaidInCapitalMember2022-03-310001552033us-gaap:TreasuryStockMember2022-03-310001552033us-gaap:RetainedEarningsMember2022-03-310001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001552033us-gaap:NoncontrollingInterestMember2022-03-310001552033ck0001552033:ParentandNoncontrollingInterestsMember2022-03-310001552033us-gaap:RetainedEarningsMember2022-04-012022-06-300001552033us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2022-04-012022-06-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001552033us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001552033us-gaap:CommonStockMember2022-04-012022-06-300001552033us-gaap:TreasuryStockMember2022-04-012022-06-300001552033us-gaap:CommonStockMember2022-06-300001552033us-gaap:AdditionalPaidInCapitalMember2022-06-300001552033us-gaap:TreasuryStockMember2022-06-300001552033us-gaap:RetainedEarningsMember2022-06-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001552033us-gaap:NoncontrollingInterestMember2022-06-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2022-06-300001552033us-gaap:RetainedEarningsMember2022-07-012022-09-300001552033us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2022-07-012022-09-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001552033us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001552033us-gaap:CommonStockMember2022-07-012022-09-300001552033us-gaap:TreasuryStockMember2022-07-012022-09-300001552033us-gaap:CommonStockMember2022-09-300001552033us-gaap:AdditionalPaidInCapitalMember2022-09-300001552033us-gaap:TreasuryStockMember2022-09-300001552033us-gaap:RetainedEarningsMember2022-09-300001552033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001552033us-gaap:NoncontrollingInterestMember2022-09-300001552033ck0001552033:ParentandNoncontrollingInterestsMember2022-09-300001552033ck0001552033:InternalUseSoftwareMember2022-01-012022-09-300001552033ck0001552033:VeriskFinancialServicesMember2022-04-08xbrli:pure0001552033ck0001552033:VeriskFinancialServicesMember2022-04-082022-04-080001552033ck0001552033:VeriskFinancialServicesMember2022-07-012022-09-300001552033ck0001552033:VeriskFinancialServicesMember2022-01-012022-09-30iso4217:XUA0001552033ck0001552033:NeustarMember2021-12-010001552033ck0001552033:NeustarMember2021-12-012021-12-010001552033ck0001552033:SontiqMember2021-12-010001552033ck0001552033:SontiqMember2021-12-012021-12-010001552033ck0001552033:NeustarAndSontiqMember2021-12-012021-12-010001552033ck0001552033:NeustarAndSontiqMember2021-12-010001552033ck0001552033:NeustarMember2022-01-012022-09-300001552033ck0001552033:NeustarAndSontiqMember2022-09-300001552033us-gaap:CustomerRelationshipsMemberck0001552033:ArgusMember2022-04-080001552033us-gaap:CustomerRelationshipsMemberck0001552033:ArgusMember2022-04-082022-04-080001552033us-gaap:CustomerRelationshipsMemberck0001552033:NeustarMember2021-12-010001552033us-gaap:CustomerRelationshipsMemberck0001552033:NeustarMember2021-12-012021-12-010001552033us-gaap:CustomerRelationshipsMemberck0001552033:SontiqMember2021-12-010001552033us-gaap:CustomerRelationshipsMemberck0001552033:SontiqMember2021-12-012021-12-010001552033us-gaap:TechnologyBasedIntangibleAssetsMemberck0001552033:ArgusMember2022-04-080001552033us-gaap:TechnologyBasedIntangibleAssetsMemberck0001552033:ArgusMember2022-04-082022-04-080001552033us-gaap:TechnologyBasedIntangibleAssetsMemberck0001552033:NeustarMember2021-12-010001552033us-gaap:TechnologyBasedIntangibleAssetsMemberck0001552033:NeustarMember2021-12-012021-12-010001552033us-gaap:TechnologyBasedIntangibleAssetsMemberck0001552033:SontiqMember2021-12-010001552033us-gaap:TechnologyBasedIntangibleAssetsMemberck0001552033:SontiqMember2021-12-012021-12-010001552033us-gaap:TrademarksAndTradeNamesMemberck0001552033:ArgusMember2022-04-080001552033us-gaap:TrademarksAndTradeNamesMemberck0001552033:ArgusMember2022-04-082022-04-080001552033us-gaap:TrademarksAndTradeNamesMemberck0001552033:NeustarMember2021-12-010001552033us-gaap:TrademarksAndTradeNamesMemberck0001552033:NeustarMember2021-12-012021-12-010001552033us-gaap:TrademarksAndTradeNamesMemberck0001552033:SontiqMember2021-12-010001552033us-gaap:TrademarksAndTradeNamesMemberck0001552033:SontiqMember2021-12-012021-12-010001552033us-gaap:NoncompeteAgreementsMemberck0001552033:ArgusMember2022-04-080001552033us-gaap:NoncompeteAgreementsMemberck0001552033:NeustarMember2021-12-010001552033us-gaap:NoncompeteAgreementsMemberck0001552033:SontiqMember2021-12-010001552033us-gaap:NoncompeteAgreementsMemberck0001552033:SontiqMember2021-12-012021-12-010001552033ck0001552033:ArgusMember2022-04-080001552033ck0001552033:ArgusMember2022-04-082022-04-080001552033us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberck0001552033:HealthcareBusinessMember2021-12-172021-12-170001552033us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberck0001552033:HealthcareBusinessMember2022-07-012022-09-300001552033us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberck0001552033:HealthcareBusinessMember2021-07-012021-09-300001552033us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberck0001552033:HealthcareBusinessMember2022-01-012022-09-300001552033us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberck0001552033:HealthcareBusinessMember2021-01-012021-09-300001552033us-gaap:FairValueMeasurementsRecurringMember2022-09-300001552033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001552033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300001552033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-3000015520332022-01-012022-06-300001552033us-gaap:FairValueMeasurementsRecurringMember2021-12-310001552033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001552033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001552033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-3100015520332022-01-012022-03-3100015520332022-04-012022-06-300001552033srt:MinimumMemberus-gaap:FairValueInputsLevel2Member2022-09-300001552033srt:MaximumMemberus-gaap:FairValueInputsLevel2Member2022-09-300001552033ck0001552033:SeniorSecuredTermLoanB6Member2022-01-012022-09-300001552033ck0001552033:SeniorSecuredTermLoanB6Member2022-09-300001552033ck0001552033:SeniorSecuredTermLoanB6Member2021-12-310001552033ck0001552033:SeniorSecuredTermLoanB5Member2022-01-012022-09-300001552033ck0001552033:SeniorSecuredTermLoanB5Member2022-09-300001552033ck0001552033:SeniorSecuredTermLoanB5Member2021-12-310001552033ck0001552033:SeniorSecuredTermLoanA3Member2022-01-012022-09-300001552033ck0001552033:SeniorSecuredTermLoanA3Member2022-09-300001552033ck0001552033:SeniorSecuredTermLoanA3Member2021-12-310001552033us-gaap:RevolvingCreditFacilityMember2022-09-300001552033us-gaap:RevolvingCreditFacilityMember2021-12-310001552033us-gaap:CapitalLeaseObligationsMember2022-09-300001552033us-gaap:CapitalLeaseObligationsMember2021-12-310001552033ck0001552033:SeniorSecuredTermLoanB6Member2021-12-010001552033ck0001552033:A2021InterestRateSwapMember2022-09-300001552033srt:MinimumMemberck0001552033:A2021InterestRateSwapMember2022-09-300001552033srt:MaximumMemberck0001552033:A2021InterestRateSwapMember2022-09-300001552033us-gaap:SeniorLoansMember2022-01-012022-09-300001552033srt:MinimumMemberck0001552033:A20202yearInterestRateSwapMember2022-09-300001552033srt:MaximumMemberck0001552033:A20202yearInterestRateSwapMember2022-09-300001552033ck0001552033:A20203yearInterestRateSwapMember2022-09-300001552033srt:MinimumMemberck0001552033:A20203yearInterestRateSwapMember2022-09-300001552033srt:MaximumMemberck0001552033:A20203yearInterestRateSwapMember2022-09-300001552033us-gaap:InterestRateSwapMember2022-09-300001552033us-gaap:InterestRateSwapMembersrt:MinimumMember2022-09-300001552033us-gaap:InterestRateSwapMembersrt:MaximumMember2022-09-300001552033us-gaap:InterestRateSwapMember2022-07-012022-09-300001552033us-gaap:InterestRateSwapMember2022-01-012022-09-300001552033us-gaap:InterestRateSwapMember2021-07-012021-09-300001552033us-gaap:InterestRateSwapMember2021-01-012021-09-300001552033us-gaap:DividendPaidMember2022-01-012022-03-310001552033us-gaap:DividendPaidMember2022-04-012022-06-300001552033us-gaap:DividendPaidMember2022-07-012022-09-3000015520332017-02-1300015520332017-02-132018-02-070001552033us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001552033us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001552033us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001552033us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001552033ck0001552033:StandReadyPerformanceObligationsMember2022-01-012022-09-300001552033ck0001552033:OtherPerformanceObligationsMember2022-01-012022-09-300001552033ck0001552033:AntidilutiveWeightedStockBasedAwardsMember2022-07-012022-09-300001552033ck0001552033:AntidilutiveWeightedStockBasedAwardsMember2021-07-012021-09-300001552033ck0001552033:ContingentlyIssuablePerformanceBasedStockAwardsMember2022-07-012022-09-300001552033ck0001552033:ContingentlyIssuablePerformanceBasedStockAwardsMember2021-07-012021-09-300001552033country:GB2021-07-012021-09-30ck0001552033:Segmentck0001552033:segment0001552033ck0001552033:U.S.MarketsMemberck0001552033:FinancialServicesMember2022-07-012022-09-300001552033ck0001552033:U.S.MarketsMemberck0001552033:FinancialServicesMember2021-07-012021-09-300001552033ck0001552033:U.S.MarketsMemberck0001552033:FinancialServicesMember2022-01-012022-09-300001552033ck0001552033:U.S.MarketsMemberck0001552033:FinancialServicesMember2021-01-012021-09-300001552033ck0001552033:U.S.MarketsMemberck0001552033:EmergingVerticalsMember2022-07-012022-09-300001552033ck0001552033:U.S.MarketsMemberck0001552033:EmergingVerticalsMember2021-07-012021-09-300001552033ck0001552033:U.S.MarketsMemberck0001552033:EmergingVerticalsMember2022-01-012022-09-300001552033ck0001552033:U.S.MarketsMemberck0001552033:EmergingVerticalsMember2021-01-012021-09-300001552033ck0001552033:U.S.MarketsMember2022-07-012022-09-300001552033ck0001552033:U.S.MarketsMember2021-07-012021-09-300001552033ck0001552033:U.S.MarketsMember2022-01-012022-09-300001552033ck0001552033:U.S.MarketsMember2021-01-012021-09-300001552033ck0001552033:InternationalMembercountry:CA2022-07-012022-09-300001552033ck0001552033:InternationalMembercountry:CA2021-07-012021-09-300001552033ck0001552033:InternationalMembercountry:CA2022-01-012022-09-300001552033ck0001552033:InternationalMembercountry:CA2021-01-012021-09-300001552033srt:LatinAmericaMemberck0001552033:InternationalMember2022-07-012022-09-300001552033srt:LatinAmericaMemberck0001552033:InternationalMember2021-07-012021-09-300001552033srt:LatinAmericaMemberck0001552033:InternationalMember2022-01-012022-09-300001552033srt:LatinAmericaMemberck0001552033:InternationalMember2021-01-012021-09-300001552033ck0001552033:InternationalMembercountry:GB2022-07-012022-09-300001552033ck0001552033:InternationalMembercountry:GB2021-07-012021-09-300001552033ck0001552033:InternationalMembercountry:GB2022-01-012022-09-300001552033ck0001552033:InternationalMembercountry:GB2021-01-012021-09-300001552033srt:AfricaMemberck0001552033:InternationalMember2022-07-012022-09-300001552033srt:AfricaMemberck0001552033:InternationalMember2021-07-012021-09-300001552033srt:AfricaMemberck0001552033:InternationalMember2022-01-012022-09-300001552033srt:AfricaMemberck0001552033:InternationalMember2021-01-012021-09-300001552033country:INck0001552033:InternationalMember2022-07-012022-09-300001552033country:INck0001552033:InternationalMember2021-07-012021-09-300001552033country:INck0001552033:InternationalMember2022-01-012022-09-300001552033country:INck0001552033:InternationalMember2021-01-012021-09-300001552033ck0001552033:InternationalMembersrt:AsiaPacificMember2022-07-012022-09-300001552033ck0001552033:InternationalMembersrt:AsiaPacificMember2021-07-012021-09-300001552033ck0001552033:InternationalMembersrt:AsiaPacificMember2022-01-012022-09-300001552033ck0001552033:InternationalMembersrt:AsiaPacificMember2021-01-012021-09-300001552033ck0001552033:InternationalMember2022-07-012022-09-300001552033ck0001552033:InternationalMember2021-07-012021-09-300001552033ck0001552033:InternationalMember2022-01-012022-09-300001552033ck0001552033:InternationalMember2021-01-012021-09-300001552033ck0001552033:ConsumerInteractiveMember2022-07-012022-09-300001552033ck0001552033:ConsumerInteractiveMember2021-07-012021-09-300001552033ck0001552033:ConsumerInteractiveMember2022-01-012022-09-300001552033ck0001552033:ConsumerInteractiveMember2021-01-012021-09-300001552033ck0001552033:ReportableSegmentsMember2022-07-012022-09-300001552033ck0001552033:ReportableSegmentsMember2021-07-012021-09-300001552033ck0001552033:ReportableSegmentsMember2022-01-012022-09-300001552033ck0001552033:ReportableSegmentsMember2021-01-012021-09-300001552033ck0001552033:U.S.MarketsMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001552033ck0001552033:U.S.MarketsMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001552033ck0001552033:U.S.MarketsMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001552033ck0001552033:U.S.MarketsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001552033ck0001552033:InternationalMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001552033ck0001552033:InternationalMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001552033ck0001552033:InternationalMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001552033ck0001552033:InternationalMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001552033ck0001552033:ConsumerInteractiveMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001552033ck0001552033:ConsumerInteractiveMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001552033ck0001552033:ConsumerInteractiveMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001552033ck0001552033:ConsumerInteractiveMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001552033us-gaap:IntersegmentEliminationMember2022-07-012022-09-300001552033us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001552033us-gaap:IntersegmentEliminationMember2022-01-012022-09-300001552033us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001552033us-gaap:AcquisitionRelatedCostsMemberck0001552033:NeustarMember2022-07-012022-09-300001552033ck0001552033:HealthcareBusinessMember2022-07-012022-09-300001552033us-gaap:FairValueInputsLevel3Member2022-07-012022-09-300001552033us-gaap:AcquisitionRelatedCostsMemberck0001552033:NeustarMember2022-01-012022-09-300001552033ck0001552033:HealthcareBusinessMember2022-01-012022-09-300001552033us-gaap:FairValueInputsLevel3Member2022-01-012022-09-300001552033us-gaap:AcquisitionRelatedCostsMember2021-07-012021-09-300001552033us-gaap:CostmethodInvestmentsMember2021-01-012021-09-300001552033ck0001552033:AdjustmentstoEBITDAMember2022-07-012022-09-300001552033ck0001552033:AdjustmentstoEBITDAMember2022-01-012022-09-300001552033ck0001552033:CertainLegalExpensesMember2021-07-012021-09-300001552033ck0001552033:AdjustmentstoEBITDAMember2021-07-012021-09-300001552033ck0001552033:AdjustmentstoEBITDAMember2021-01-012021-09-300001552033ck0001552033:ConsumerFinancialProtectionBureauMember2022-09-300001552033ck0001552033:ConsumerFinancialProtectionBureauMember2021-12-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
   
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
- OR -
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number:
001-37470
 
TransUnion
(Exact name of registrant as specified in its charter)
 
 
Delaware 61-1678417
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
 
555 West Adams,Chicago,Illinois60661
(Address of principal executive offices)(Zip code)
312-985-2000
(Registrants’ telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueTRUNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
 
As of September 30, 2022, there were 192.7 million shares of TransUnion common stock outstanding.





TRANSUNION
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
 
3

PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
September 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents$596.1 $1,842.4 
Trade accounts receivable, net of allowance of $10.9 and $10.7
634.8 558.0 
Other current assets286.5 231.6 
Current assets of discontinued operations21.4  
Total current assets1,538.8 2,632.0 
Property, plant and equipment, net of accumulated depreciation and amortization of $684.7 and $625.4
212.0 247.7 
Goodwill5,513.4 5,525.7 
Other intangibles, net of accumulated amortization of $2,144.4 and $1,908.9
3,701.6 3,770.6 
Other assets713.3 459.0 
Other assets of discontinued operations125.0  
Total assets$11,804.1 $12,635.0 
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable$257.3 $270.2 
Short-term debt and current portion of long-term debt114.6 114.6 
Other current liabilities506.9 972.2 
Current liabilities of discontinued operations11.1  
Total current liabilities889.9 1,357.0 
Long-term debt5,778.9 6,251.3 
Deferred taxes801.9 787.6 
Other liabilities179.6 232.9 
Other liabilities of discontinued operations0.1  
Total liabilities7,650.4 8,628.8 
Stockholders’ equity:
Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2022 and December 31, 2021, 198.6 million and 197.4 million shares issued at September 30, 2022 and December 31, 2021, respectively, and 192.7 million shares and 191.8 million shares outstanding as of September 30, 2022 and December 31, 2021, respectively
2.0 2.0 
Additional paid-in capital2,270.0 2,188.9 
Treasury stock at cost; 5.9 million and 5.6 million shares at September 30, 2022 and December 31, 2021, respectively
(282.0)(252.0)
Retained earnings2,420.9 2,254.6 
Accumulated other comprehensive loss(357.4)(285.4)
Total TransUnion stockholders’ equity4,053.5 3,908.1 
Noncontrolling interests100.2 98.1 
Total stockholders’ equity4,153.7 4,006.2 
Total liabilities and stockholders’ equity$11,804.1 $12,635.0 
See accompanying notes to unaudited consolidated financial statements.
4

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(in millions, except per share data)
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
 2022202120222021
Revenue$938.2 $743.4 $2,807.8 $2,170.4 
Operating expenses
Cost of services (exclusive of depreciation and amortization below)305.6 243.1 911.7 704.6 
Selling, general and administrative333.6 239.6 1,020.1 658.5 
Depreciation and amortization129.6 90.9 389.0 273.6 
Total operating expenses768.7 573.7 2,320.8 1,636.7 
Operating income169.5 169.7 487.0 533.7 
Non-operating income and (expense)
Interest expense(61.3)(25.7)(163.4)(77.1)
Interest income1.1 0.8 3.1 2.4 
Earnings from equity method investments3.5 2.9 9.7 8.6 
Other income and (expense), net(2.0)(18.7)(20.2)(16.9)
Total non-operating income and (expense)(58.7)(40.7)(170.9)(83.0)
Income from continuing operations before income taxes110.8 128.9 316.1 450.7 
Provision for income taxes(30.6)(32.3)(84.1)(114.6)
Income from continuing operations80.3 96.7 232.0 336.1 
Discontinued operations, net of tax2.4 21.5 2.3 45.6 
Net income82.7 118.2 234.3 381.7 
Less: net income attributable to the noncontrolling interests(3.5)(4.0)(11.3)(12.0)
Net income attributable to TransUnion$79.2 $114.2 $223.0 $369.7 
Income from continuing operations$80.3 $96.7 $232.0 $336.1 
Less: income from continuing operations attributable to noncontrolling interests(3.5)(4.0)(11.3)(12.0)
Income from continuing operations attributable to TransUnion76.8 92.7 220.7 324.1 
Discontinued operations, net of tax2.4 21.5 2.3 45.6 
Net income attributable to TransUnion$79.2 $114.2 $223.0 $369.7 
Basic earnings per common share from:
Income from continuing operations attributable to TransUnion$0.40 $0.48 $1.15 $1.69 
Discontinued operations, net of tax0.01 0.11 0.01 0.24 
Net Income attributable to TransUnion$0.41 $0.60 $1.16 $1.93 
Diluted earnings per common share from:
Income from continuing operations attributable to TransUnion$0.40 $0.48 $1.14 $1.68 
Discontinued operations, net of tax0.01 0.11 0.01 0.24 
Net Income attributable to TransUnion$0.41 $0.59 $1.15 $1.92 
Weighted-average shares outstanding:
Basic192.6 191.6 192.4 191.3 
Diluted193.2 193.1 193.1 192.9 
    
See accompanying notes to unaudited consolidated financial statements.
5

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in millions)
 
Three Months Ended 
 September 30,
Nine Months Ended September 30,
 2022202120222021
Net income$82.7 $118.2 $234.3 $381.7 
Other comprehensive income (loss):
         Foreign currency translation:
               Foreign currency translation adjustment(138.0)(54.0)(280.3)(49.7)
               Benefit (Provision) for income taxes0.2 0.1 (0.3)0.1 
         Foreign currency translation, net(137.8)(53.9)(280.6)(49.6)
         Hedge instruments:
               Net change on interest rate swap83.6 9.3 274.5 42.5 
               Expense for income taxes(20.7)(2.3)(68.4)(10.6)
         Hedge instruments, net62.9 7.0 206.1 31.9 
         Available-for-sale securities:
               Net unrealized (loss) gain(0.3)(0.1)(0.2) 
               Provision for income taxes  0.1  
         Available-for-sale securities, net(0.3)(0.1)(0.1) 
Total other comprehensive income (loss), net of tax(75.2)(47.0)(74.6)(17.7)
Comprehensive income (loss)7.5 71.2 159.7 364.0 
Less: comprehensive income attributable to noncontrolling interests(2.3)(3.4)(8.5)(10.5)
Comprehensive income (loss) attributable to TransUnion$5.2 $67.8 $151.2 $353.5 
See accompanying notes to unaudited consolidated financial statements.

6

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income$234.3 $381.7 
Less: Discontinued operations, net of tax(2.3)(45.6)
Income from continuing operations232.0 336.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization389.0 273.6 
Loss on repayment of loans6.5 0.5 
Deferred taxes(60.7)10.0 
Stock-based compensation62.0 49.0 
Provision for losses on trade accounts receivable4.3 (1.4)
Other10.6 0.9 
Changes in assets and liabilities:
Trade accounts receivable(72.7)(61.7)
Other current and long-term assets(31.0)(39.5)
Trade accounts payable(20.4)32.4 
Other current and long-term liabilities(448.8)3.3 
Cash provided by operating activities of continuing operations70.8 603.2 
Cash provided by operating activities of discontinued operations4.6 57.0 
Cash provided by operating activities75.4 660.2 
Cash flows from investing activities:
Capital expenditures(192.5)(148.7)
Proceeds from sale/maturities of other investments 85.3 27.8 
Purchases of other investments(103.9)(53.7)
Investments in consolidated affiliates, net of cash acquired(510.4) 
Investments in nonconsolidated affiliates and purchase of convertible notes(14.8)(41.6)
Other1.6 (0.5)
Cash used in investing activities of continuing operations(734.7)(216.7)
Cash (used in) provided by investing activities of discontinued operations(1.9)8.7 
Cash used in investing activities(736.6)(208.0)
Cash flows from financing activities:
Repayments of debt(486.0)(127.5)
Proceeds from issuance of common stock and exercise of stock options18.7 21.2 
Dividends to shareholders(57.5)(51.5)
Employee taxes paid on restricted stock units recorded as treasury stock(30.0)(34.8)
Payment of contingent consideration(2.8)(32.4)
Distributions to noncontrolling interests(6.3)(6.5)
Cash used in financing activities of continuing operations(563.9)(231.5)
Cash used in financing activities of discontinued operations  
Cash used in financing activities(563.9)(231.5)
Effect of exchange rate changes on cash and cash equivalents(21.2)(4.8)
Net change in cash and cash equivalents(1,246.3)215.9 
Cash and cash equivalents, beginning of period1,842.4 492.7 
Cash and cash equivalents, end of period$596.1 $708.6 
See accompanying notes to unaudited consolidated financial statements.
7

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity (Unaudited)
(in millions)
 Common StockPaid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmount
Balance, December 31, 2020$190.5 $2.0 $2,088.1 $(215.2)$937.4 $(272.1)$95.9 $2,636.1 
Net income— — — — 127.9 — 2.7 130.6 
Other comprehensive income (loss)— — — — — 11.7 (1.0)10.7 
Stock-based compensation— — 17.0 — — — — 17.0 
Employee share purchase plan0.1  10.7 — — — — 10.7 
Exercise of stock options0.1  1.0 — — — — 1.0 
Vesting of restricted stock units0.9  — — — — —  
Treasury stock purchased(0.3)— — (28.5)— — — (28.5)
Dividends to shareholders— — — — (14.5)— — (14.5)
Balance, March 31, 2021$191.3 $2.0 $2,116.8 $(243.8)$1,050.8 $(260.3)$97.6 $2,763.1 
Net income— — — — 127.6 — 5.2 132.9 
Other comprehensive income— — — — — 18.5 0.1 18.6 
Distributions to noncontrolling interests— — — — — — (0.6)(0.6)
Stock-based compensation— — 15.9 — — — — 15.9 
Exercise of stock options0.2  1.0 — — — — 1.0 
Vesting of restricted stock units0.1 — — — — — — — 
Treasury stock purchased(0.1)— — (5.4)— — — (5.4)
Dividends to shareholders— — — — (18.4)— — (18.4)
Other— —  — — — 0.5 0.5 
Balance, June 30, 2021$191.5 $2.0 $2,133.7 $(249.2)$1,160.1 $(241.9)$102.9 $2,907.6 
Net income— — — — 114.2 — 4.0 118.2 
Other comprehensive income— — — — — (46.4)(0.6)(47.0)
Distributions to noncontrolling interests— — — — — — (5.9)(5.9)
Stock-based compensation— — 16.1 — — — — 16.1 
Employee share purchase plan0.1  11.4 — — — — 11.4 
Vesting of restricted stock units  — — — —  
Exercise of stock options  0.2 — — — — 0.2 
Treasury stock purchased — — (0.9)— — — (0.9)
Dividends to shareholders— — — — (18.6)— — (18.6)
Balance, September 30, 2021$191.6 $2.0 $2,161.5 $(250.1)$1,255.7 $(288.3)$100.4 $2,981.2 

8

 Common StockPaid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmount
Balance, December 31, 2021191.8 $2.0 $2,188.9 $(252.0)$2,254.6 $(285.4)$98.1 $4,006.2 
Net income— — — — 48.3 — 3.7 52.0 
Other comprehensive income— — — — — 100.7 (0.1)100.6 
Stock-based compensation— — 20.1 — — — — 20.1 
Employee share purchase plan0.1  10.0 — — — — 10.0 
Exercise of stock options  0.2 — — — — 0.2 
Vesting of restricted stock units0.8  — — — — —  
Treasury stock purchased(0.3)— — (28.7)— — — (28.7)
Dividends to shareholders— — — — (18.4)— — (18.4)
Balance, March 31, 2022192.4 $2.0 $2,219.2 $(280.8)$2,284.5 $(184.7)$101.7 $4,141.9 
Net income— — — — 95.6 — 4.1 99.6 
Other comprehensive income— — — — — (98.8)(1.5)(100.3)
Distributions to noncontrolling interests— — — — — — (4.1)(4.1)
Stock-based compensation— — 20.5 — — — — 20.5 
Exercise of stock options0.1  0.2 — — — — 0.2 
Vesting of restricted stock units  — — — — —  
Treasury stock purchased — — (0.4)— — — (0.4)
Dividends to shareholders— — — — (18.6)— — (18.6)
Balance, June 30, 2022192.5 $2.0 $2,239.9 $(281.2)$2,361.5 $(283.5)$100.2 $4,138.9 
Net income (loss)— — — — 79.2 — 3.5 82.7 
Other comprehensive income— — — — — (73.9)(1.3)(75.2)
Distributions to noncontrolling interests— — — — — — (2.2)(2.2)
Stock-based compensation— — 18.7 — — — — 18.7 
Employee share purchase plan0.1  11.0 — — — — 11.0 
Exercise of stock options0.1  0.4 — — — — 0.4 
Vesting of restricted stock units  — — — — —  
Treasury stock purchased — — (0.8)— — — (0.8)
Dividends to shareholders— — — — (19.8)— — (19.8)
Balance, September 30, 2022192.7 $2.0 $2,270.0 $(282.0)$2,420.9 $(357.4)$100.2 $4,153.7 
See accompanying notes to unaudited consolidated financial statements.
9

TRANSUNION AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
1. Significant Accounting and Reporting Policies
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements of TransUnion have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. All significant intercompany transactions and balances have been eliminated. As a result of displaying amounts in millions, rounding differences may exist in the financial statements and footnote tables. The operating results of TransUnion for the periods presented are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. The Company’s year-end Consolidated Balance Sheet data was derived from audited financial statements. Therefore, these unaudited consolidated financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 22, 2022.
Unless the context indicates otherwise, any reference in this report to the “Company,” “we,” “our,” “us,” and “its” refers to TransUnion and its consolidated subsidiaries, collectively.
For the periods presented, TransUnion does not have any material assets, liabilities, revenues, expenses or operations of any kind other than its ownership investment in TransUnion Intermediate Holdings, Inc.
Principles of Consolidation
The consolidated financial statements of TransUnion include the accounts of TransUnion and all of its controlled subsidiaries. Investments in nonmarketable unconsolidated entities in which the Company is able to exercise significant influence are accounted for using the equity method. Investments in nonmarketable unconsolidated entities in which the Company is not able to exercise significant influence, our “Cost Method Investments,” are accounted for at our initial cost, minus any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Use of Estimates
The preparation of consolidated financial statements and related disclosures in accordance with GAAP requires management to make estimates and judgments that affect the amounts reported. We believe that the estimates used in preparation of the accompanying consolidated financial statements are reasonable, based upon information available to management at this time. These estimates and judgments affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the balance sheet date, as well as the amounts of revenue and expense during the reporting period. Estimates are inherently uncertain and actual results could differ materially from the estimated amounts.
Trade Accounts Receivable
We base our allowance for doubtful accounts estimate on our historical loss experience, our current expectations of future losses, current economic conditions, an analysis of the aging of outstanding receivables and customer payment patterns, and specific reserves for customers in adverse financial condition or for existing contractual disputes.
10

The following is a rollforward of the allowance for doubtful accounts for the periods presented:
 Nine Months Ended September 30,
20222021
Beginning Balance$10.7 $17.1 
Provision for losses on trade accounts receivable4.3 (1.4)
Write-offs, net of recovered accounts(4.1)(3.2)
Ending balance$10.9 $12.5 
Long-Lived Assets and Goodwill
We review long-lived asset groups that are subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. We test goodwill for impairment on an annual basis, in the fourth quarter, or more frequently if events or circumstances indicate that the carrying value of one or more of our reporting units exceeds its fair value. We continually monitor events and changes in circumstances such as changes in market conditions and other relevant factors that could indicate that the fair value of our reporting units may more likely than not have fallen below its respective carrying value. The ongoing uncertainty and the unpredictable nature of the macroeconomic environment could impact our estimates and assumptions utilized in our impairment tests, which may result in future impairments that could be material and negatively impact our results of operations.
The decrease in other intangibles, net of accumulated amortization, as of September 30, 2022, compared with December 31, 2021, is due primarily to $309.1 million of amortization expense and a decrease of $106.6 million related to our foreign entities long-lived assets resulting from changes to foreign exchange rates between periods. This decrease is partially offset by the addition of the preliminary fair value estimate of intangible assets from our recent acquisition as discussed in Note 2, “Acquisitions,” and $153.5 million of expenditures for the development of internal use software.
The decrease in goodwill as of September 30, 2022, compared with December 31, 2021, is due primarily to a decrease of $164.8 million related to our foreign entities goodwill resulting from changes to foreign exchange rates between periods. The decrease is partially offset by the net addition of the preliminary estimate of goodwill from our recent acquisition and measurement period adjustments for our 2021 acquisitions as discussed in Note 2, “Acquisitions”.
The offset to the translation adjustments are included in accumulated other comprehensive loss on our balance sheet.
Recently Adopted Accounting Pronouncements
There are no recent accounting pronouncements that have been adopted by TransUnion.
Recent Accounting Pronouncements Not Yet Adopted
There are no recent accounting pronouncements that have an impact on TransUnion.
11

2. Business Acquisitions
The following transactions were accounted for as business combinations under the acquisition method of accounting. The acquisition method requires, among other things, that assets acquired and liabilities assumed in a business combination generally be recognized at their fair values as of the acquisition date. The determination of fair value requires management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated financial statements from the respective dates of acquisition.
2022 Acquisitions
Verisk Financial Services
On April 8, 2022, we completed our acquisition of Verisk Financial Services (“VF”), the financial services business unit of Verisk Analytics, Inc. (“Verisk”), pursuant to a Stock Purchase Agreement dated as of February 21, 2022 (the “Purchase Agreement”), by and between Trans Union LLC and Verisk. We acquired 100% of the outstanding equity interest of the entities that comprise VF for $504.5 million in cash, including a reduction of $3.6 million recorded in the third quarter for certain customary purchase price adjustments as set forth in the Purchase Agreement. We are retaining the leading core businesses of Argus Information and Advisory Services, Inc. and Commerce Signals, Inc. (collectively, “Argus”), and intend to divest the remaining non-core businesses.
Argus is relied upon by leading financial institutions, payments providers, and retailers worldwide for competitive studies, predictive analytics, models, and advisory services to provide a clear perspective on where their business stands today and to best position them for success in the future. We leverage the data provider consortium and proprietary and differentiated benchmarking datasets of these entities to provide more enhanced and holistic solution capabilities to our customers to make better and faster decisions that will help them increase financial inclusion, acquire new accounts, and improve fraud prevention, risk management, and other solutions.
We engaged in business activities with VF prior to the acquisition that were not material. The results of operations of Argus subsequent to the acquisition date are included in the U.S. Markets segment. The pro forma effects of this acquisition are not significant to the Company's reported financial results for any period presented. Accordingly, no pro forma financial statements have been presented herein. We have classified the net assets acquired of the non-core businesses as held-for-sale as of the date of acquisition and the results of operations of those businesses are presented as discontinued operations from the date of acquisition.
Acquisition Costs
We recognized transaction costs related to the acquisition of $11.3 million for nine months ended September 30, 2022, which we have recorded within other income and expense.
Purchase Price Allocation
The purchase price for this acquisition is preliminary, pending final customary purchase price adjustments. The valuation of the assets acquired and liabilities assumed has not yet been finalized as of September 30, 2022. The purchase price allocation is preliminary and subject to change, including the allocation of value to the net assets held for sale, the valuation of intangible assets, income taxes and goodwill, among other items, and will be finalized as the information necessary to complete the analyses is obtained. We expect to complete this analysis within one year from the acquisition date.
The fair values assigned to assets acquired and liabilities assumed as of September 30, 2022, are based on management’s best estimates and assumptions as of the reporting date and are considered preliminary pending finalization of the valuation analysis. The acquired assets and assumed liabilities, including the preliminary allocation of goodwill and intangible assets, are included in the U.S. Markets reporting unit.
The table below summarizes the preliminary allocation of fair value of assets acquired and liabilities assumed as of April 8, 2022, the date of acquisition, inclusive of measurement period adjustments:
12

April 8, 2022
(in millions)VF
Purchase price1:
$504.5 
Assets acquired:
Cash and cash equivalents$4.1 
Trade accounts receivable25.5 
Other current assets3.3 
Current assets of discontinued operations16.5 
Right of use lease assets6.6 
Property, plant and equipment2.1 
Goodwill1
165.7 
Other intangibles195.0 
Other assets29.5 
Other assets of discontinued operations126.8 
Total assets acquired$575.1 
Liabilities assumed:
Trade accounts payable$4.0 
Other current liabilities7.6 
Current liabilities of discontinued operations7.8