transunion layoffs 2020
We define Adjusted EBITDA as net income (loss) attributable to TransUnion plus (less) loss (income) from discontinued operations, plus net interest expense, plus (less) provision (benefit) for income taxes, plus depreciation and amortization, plus (less) the revenue adjustments included in Adjusted Revenue, plus stock-based compensation, plus mergers, acquisitions, divestitures and business optimization-related expenses including Callcredit integration-related expenses, plus certain accelerated technology investment expenses to migrate to the cloud, plus (less) certain other expenses (income). Adjusted EBITDA was $61 million, a decrease of 2 percent compared with the fourth quarter of 2019. Cash used in investing activities was $154 million compared with $155 million in 2019. As a result, businesses and consumers can transact with confidence and achieve great things. Adjusted Diluted Earnings per Share is expected to be between $0.78 and $0.81, an increase of 6 to 10 percent. Consolidated Adjusted EBITDA margin is calculated using consolidated Adjusted Revenue and consolidated Adjusted EBITDA. Cancel Anytime The revenue growth includes an approximate 1 percent of growth from acquisitions and 1 percent of headwind from foreign exchange rates. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions. As a result of displaying amounts in millions, rounding differences may exist in the table above. The revenue growth rates include approximately 1 percent of headwind from foreign exchange rates. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release. TransUnions TLOxpskip tracing, investigative research and risk management. Consisted of amortization of intangible assets from our 2012 change in control transaction and amortization of intangible assets established in business acquisitions after our 2012 change in control transaction. Constant Currency (CC) growth rates assume foreign currency exchange rates are consistent between years. For the three months ended September 30, 2020, consisted of the following adjustments: $4.2 million for certain legal expenses; a ($0.8) million gain from currency remeasurement of our foreign operations; and a ($0.9) million recovery from the Fraud Incident, net of additional administration expenses. In addition to factors previously disclosed in TransUnions reports filed with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the recent business acquisitions; the effects of pending and future legislation; risks related to disruption of management time from ongoing business operations due to the recent business acquisitions; macroeconomic factors beyond TransUnions control; risks related to TransUnions indebtedness and other consequences associated with mergers, acquisitions and divestitures, and legislative and regulatory actions and reforms. Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to a ratio based on Adjusted EBITDA. TRANSUNION AND SUBSIDIARIESConsolidated Statements of Cash Flows (Unaudited)(in millions), SCHEDULE 1TRANSUNION AND SUBSIDIARIESRevenue, Adjusted Revenue, and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC (Unaudited), SCHEDULE 2TRANSUNION AND SUBSIDIARIESConsolidated and Segment Revenue, Adjusted Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited)(dollars in millions). See More Ecosystem Guides. We seek to add meaningful value to our investments. Healthcare) Nov 18 TransUnion Presentation at J.P. Morgan Ultimate Services Investor Conference Chris Cartwright, CEO; Dispute an item on your TransUnion credit report by mail. With the onset of the COVID-19 pandemic, the United States declared a national emergency in March 2020. Adjusted EBITDA was $65 million, a decrease of 6 percent (4 percent on a constant currency basis) compared with the fourth quarter of 2019. TransUnion is a global information and insights company that makes trust possible in the modern economy. The fair value of this deferred revenue is determined based on the direct and indirect incremental costs of fulfilling our performance obligations under these contracts, plus a normal profit margin. Adjusted EBITDA was $269 million for the quarter, a decrease of 2 percent (2 percent on a constant currency basis, 1 percent on an organic constant currency basis) compared with the fourth quarter of 2019. Excluding the impact of the revenue from the divestment of assets held for sale, revenue would have increased 5 percent (2 percent on a constant currency basis) compared with the fourth quarter of 2019. The above adjustment includes an estimate for the increase in revenue equal to the difference between what the acquired entities would have recorded as revenue and the lower revenue we record as a result of the reduced deferred revenue balance. Customer Support | TransUnion Get Credit Monitoring CONTACT TRANSUNION CUSTOMER SUPPORT SO YOU CAN: Contact Us Find out how to contact TransUnion online, by phone and by mail. In addition, our board of directors and executive management team use Adjusted Revenue as a compensation measure under our incentive compensation plans. Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. We present Adjusted EBITDA and Adjusted Net Income as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. Consisted of stock-based compensation and cash-settled stock-based compensation. Segment Adjusted EBITDA margins are calculated using segment gross Adjusted Revenue and segment Adjusted EBITDA. Accelerated investments in Global Solutions and Global Operations, acquired Tru Optik, prepaid $150 million of debt and delivered on critical milestones for Project Rise. What are the pros and cons of working at These statements are based on the current beliefs and expectations of TransUnions management and are subject to significant risks and uncertainties. Unemployment rose by 1.5 million in March, with a large increase in the number of job losers on temporary layoffthat is, those who were given a date to return to work or expected to return to work within 6 months. Availability of Information on TransUnions Website. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the attached Schedules. Reconciliation of net income attributable to TransUnion to consolidated Adjusted EBITDA: Net income from continuing operations attributable to TransUnion, Mergers and acquisitions, divestitures and business optimization, Net income attributable to TransUnion as a percentage of revenue. Partial account number Employees also rated TransUnion 4.2 out of 5 for work life balance, 4.2 for culture and values and 3.8 for career opportunities. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Our long-term approach, multi-asset capabilities, and global connectivity enable us to be an investor of choice. Adjusted Diluted Earnings per Share is expected to be between $2.94 and $3.01, an increase of 5 to 8 percent. U.S. Markets revenue was $438 million, an increase of 4 percent (4 percent on an organic basis) compared with the third quarter of 2019. Adjusted Outlook: For the fourth quarter of 2020, Adjusted EBITDA is expected to be between $255 million and $271 million, a decrease of 2 to 7 percent. Consolidated Statements of Cash Flows (Unaudited), Revenue, Adjusted Revenue, and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC (Unaudited), Consolidated and Segment Revenue, Adjusted Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited). For the three months ended December 31, 2020, consisted of the following adjustments: a $(1.9) million gain from currency remeasurement of our foreign operations; a $(0.4) million recovery from the Fraud Incident (as defined in our Annual Report on Form 10-K for the year ended December 31, 2019), net of additional administrative expenses; and $0.9 million of deferred loan fees written off as a result of the prepayments on our debt.For the twelve months ended December 31, 2020, consisted of the following adjustments: $34.7 million for certain legal expenses; $0.9 million of deferred loan fees written off as a result of the prepayments on our debt; $0.2 million loss from currency remeasurement of our foreign operations; $0.2 million of fees related to our new swap agreements; a $(1.5) million recovery from the Fraud Incident, net of additional administrative expense; and $(0.4) million reimbursement of fees associated with the refinancing of our Senior Secured Credit Facility.For the three months ended December 31, 2019, consisted of the following adjustments: $13.0 million of fees related to the refinancing of our Senior Secured Credit Facility; $1.2 million of administrative expenses associated with the Fraud Incident offset by the $(0.3) million portion that is attributable to the non-controlling interest; $0.5 million of deferred loan fees written off as a result of the prepayments on our debt; a $(1.7) million gain from currency remeasurement; and a $(0.7) million reduction to expense for certain legal and regulatory matters.For the twelve months ended December 31, 2019, consisted of the following adjustments: $20.8 million of expenses (including $3.0 million of administrative expenses) associated with the Fraud Incident offset by the $(7.3) million portion that is attributable to the non-controlling interest; $13.0 million of fees related to the refinancing of our Senior Secured Credit Facility; $2.0 million of deferred loan fees written off as a result of the prepayments on our debt; a $0.1 million loss from currency remeasurement; and a $(0.7) million reduction to expense for certain legal and regulatory matters. Organic CC growth rate is the CC growth rate less inorganic growth rate. We also maintained a strong balance sheet position with $554 million of cash on hand at the end of the quarter, ensuring that we are well situated to fully operate our business in the current highly fluid macro environment while enabling our ongoing investment strategy, Cartwright concluded. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. TransUnion Consumer Solutions P.O. Box 2000 Chester, PA 19016-2000 Please note: We accept either standard or certified mail. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release. All rights reserved. We are confident that these actions position TransUnion for continued superior financial and commercial performance in the future, he concluded. In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. Adjusted EBITDA was $67 million, an increase of 1 percent compared with the third quarter of 2019. Managing your information is fast, easy, free and secure through the TransUnion Service Center. Represents expenses associated with our accelerated technology investment. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Adjusted Net Income was $577 million, compared with $536 million in 2019. Business performance continues to benefit from re-openings, government stimulus and our successful proactive efforts to support our associates, customers and consumers during the pandemic. Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited), Segment Depreciation and Amortization (Unaudited), Reconciliation of Non-GAAP Guidance (Unaudited), Senior Director of Public Relations, U.S. & International, TransUnion Announces Fourth Quarter 2020 Results, Audience Segmentation for Digital Marketing, Do not sell my personal information - CA residents only, TransUnion Announces Earnings Release Date for Fourth Quarter 2022 Results, TransUnion Insurance Trends and 2023 Outlook Report Points to More Online Life Insurance Shopping, TransUnion Completes Sale of G2, LCI and Fintellix to Stellex Capital Management for $176 million, TransUnion Named a Leader in Identity Verification Solutions by Independent Research Firm, More Pronounced Changes Expected in Consumer Credit Market in 2023 Even as More Than Half of Americans Remain Optimistic About Their Financial Future, Study Finds 66% of Delinquent Child Support Payments Remain in Arrears 12 Months Later, Trade accounts receivable, net of allowance of $26.6 and $19.0, Property, plant and equipment, net of accumulated depreciation and amortization of $548.9 and $454.4, Other intangibles, net of accumulated amortization of $1,752.2 and $1,482.1, Short-term debt and current portion of long-term debt, Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2020 and December 31, 2019; 195.7 million and 193.5million shares issued as of December 31, 2020 and December 31, 2019, respectively; and 190.5 million and 188.7million shares outstanding as of December 31, 2020 and December 31, 2019, respectively, Treasury stock at cost; 5.2 and 4.8million shares at December 31, 2020 and December 31, 2019, respectively, Cost of services (exclusive of depreciation and amortization below), Income from continuing operations attributable to TransUnion, Add: loss from discontinued operations, net of tax. Adjusted EBITDA was $162 million, a decrease of 2 percent (1 percent on an organic basis) compared with the fourth quarter of 2019. International revenue was $160 million, a decrease of 4 percent (2 percent on a constant currency basis) compared with the fourth quarter of 2019. Beginning in the third quarter of 2019, we no longer have these adjustments to revenue. The fair value of this deferred revenue is determined based on the direct and indirect incremental costs of fulfilling our performance obligations under these contracts, plus a normal profit margin. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income (loss) attributable to the Company, earnings per share or cash provided by operating activities. Adjusted Outlook: For 2020, Adjusted Revenue is expected to be between $2.696 billion and $2.715 billion, an increase of 1 to 2 percent compared with 2019. ET TRU earnings call for the period ending June 30, We present Adjusted Revenue as a supplemental measure of revenue because we believe it provides a basis to compare revenue between periods. For the three months ended December 31, 2020, consisted of the following adjustments: an $(8.1) million remeasurement gain on notes receivable that were converted into equity upon acquisition and consolidation of an entity; $3.5 million of acquisition expenses; and $1.3 million of adjustments to contingent consideration expense from previous acquisitions.For the twelve months ended December 31, 2020, consisted of the following adjustments: $8.3 million of acquisition expenses; $7.5 million of Callcredit integration costs; a $4.8 million loss on the impairment of a Cost Method investment; $1.6 million of adjustments to contingent consideration expense from previous acquisitions; an $(8.1) million remeasurement gain on notes receivable that were converted into equity upon acquisition and consolidation of an entity; a $(2.5) million gain on a Cost Method investment resulting from an observable price change for a similar investment of the same issuer; a $(1.8) million gain on the disposal of assets of a small business in our United Kingdom region; and a $($0.1) million reimbursement for transition services provided to the buyers of certain of our discontinued operations.For the three months ended December 31, 2019, consisted of the following adjustments: $5.3 million of Callcredit integration costs; a $1.7 million loss on assets of a small business in our United Kingdom region that are classified as held-for-sale; a $1.4 million loss on the impairment of a Cost Method investment; a $0.6 million adjustment to contingent consideration expense from previous acquisitions; $0.5 million of acquisition expenses; and a $(0.1) million reimbursement for transition services provided to the buyers of certain of our discontinued operations.For the twelve months ended December 31, 2019, consisted of the following adjustments: a $(31.2) million gain on a Cost Method investment resulting from an observable price change for a similar investment of the same issuer; a $(0.5) million reimbursement for transition services provided to the buyers of certain of our discontinued operations; $15.8 million of Callcredit integration costs; a $10.0 million loss on the impairment of certain Cost Method investments; a $3.7 million loss on assets of a small business in our United Kingdom region that are classified as held-for-sale; $2.6 million of acquisition expenses; and a $1.2 million adjustment to contingent consideration expense from previous acquisitions. We are reinstating our guidance, and based on the fourth quarter 2020 guidance, we expect to deliver modest revenue growth for the full year 2020. Emerging Verticals revenue, which includes Healthcare, Insurance and all other verticals, was $189 million, a decrease of 3 percent (4 percent on an organic basis) compared with the third quarter of 2019. GAAP Outlook: For the first quarter of 2021, revenue is expected to be between $698 million and $707 million, an increase of 2 to 3 percent compared with 2020. We define Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding. Latin America revenue was $23 million, a decrease of 12 percent (1 percent on a constant currency basis) compared with the fourth quarter of 2019. TransUnion. The Adjusted EBITDA growth rates include approximately 1 percent of benefit from foreign exchange rates. Interest, taxes and depreciation and amortization, Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments, Adjustments to diluted earnings per share. /. Cash and cash equivalents were $493 million at December31, 2020 and $274 million at December31, 2019. As a result of displaying amounts in millions, rounding differences may exist in the table above and footnotes below. Over the course of the year, TransUnion associates around the world remained focused on serving our customers, consumers and communities as we all dealt with the pandemic, leading to strengthened relationships and the ability to generate revenue growth at attractive margins in the face of economic weakness.. Asia Pacific revenue was $15 million, a decrease of 4 percent (6 percent on a constant currency basis) compared with the third quarter of 2019. If youve For the three months ended September 30, 2020, consisted of the following adjustments: $1.5 million of acquisition expenses. Cover the complete customer acquisition cycle. Adjusted Diluted Earnings per Share is expected to be between $0.74 and $0.80, a decrease of 1 percent to an increase of 7 percent. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the attached Schedules. We are reinstating guidance for the fourth quarter and full year 2020. There can be no assurance that the Company will achieve the results expressed by this guidance. There can be no assurance that the Company will achieve the results expressed by this guidance. TransUnion Should Be Able to Increase Revenue Even Amid Sector Headwinds, Morgan Stanle.. Stellex Capital Management LLC Acquires G2, LCI, and Fintellix. 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