TRU - Earnings call transcript Q4 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and welcome to the TransUnion 2024 Fourth Quarter Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Greg Bardi, Vice President of Investor Relations. Please go ahead.

Gregory Bardi

Good morning, and thank you for attending today.

call Todd Cartwright, and Cello, Officer. the Executive and Chief on and Officer; Executive me are President Chris Chief Financial Joining Vice President posted on and they accompany also be morning. slides TransUnion We the Relations that can release current we in on this report Investor morning, call X-K the to this website found earnings our Form this and filed

items, the contain operating corresponding release financial and along accompanying well other more expenses directly most information earnings various measures which to GAAP slides measures non-GAAP Our schedules, reconciliation certain measures. revenue, detailed about and financial non-GAAP disclosures as as include their comparable of and these the with

will be and call will recorded, website. be replay Today's our a available on

release this during of call current those and materially statements making earnings described and that filings made based recent do forward-looking. uncertainties. XX-Q differ the statements any reports other today's forward-looking in to subject be during and because also and duty Form the XX-K, statement. Actual in forward-looking will expectations factors SEC. most any to and call These and not with on from We our discussed in and are assumptions are risks update conference Forms could this are comments results undertake We the statements

let With it over me turn that, to Chris.

Christopher Cartwright

Thanks, Greg.

call Let and our morning. this the me welcome for my add agenda share

recap our our provide I'll highlights against fourth quarter financial progress the First, and initiatives results of year. throughout XXXX strategic the our

upon strategic priorities. we're Second, XXXX I'll discuss that momentum building our with how

XXXX refreshed our results, allocation guidance priorities. will detail Todd Finally, and fourth quarter capital

grew basis, guidance. our a EBITDA revenue on organic X% to constant guidance fifth currency exceeded adjusted above TransUnion quarter, an fourth consecutive Revenue quarter. on the for X% X% In and

of Excluding exceeded X% mortgage, our expectations. growth also

by interest Mortgage consistent were segments market as prior but up with XX%, as rose. income supported remained overall credit auto XX%, finances. accelerated and healthy and to Credit trends slightly in pressures. was Financial Unemployment mortgage. although and stable Our volumes household Nonmortgage continue lower broadly quarter. remains and face consumers decreased grew X% volumes U.S. affordability well low historical services grew, in in below that, below moderated expectations lending card delinquencies rates quarter, financial grew was to the Services personal in Within U.S. real wages X% are Consumer the

XXX December, Fed slowing they through of pace the While easing forward. reductions September announced going basis in signaled rate a points of interest

prior basis. insurance. as Emerging and and high verticals lapped XX%, grew grew a and in X%, XX% as single And a also constant Africa were on quarter. currency XX% the double digits, grew expected by led Consumer declined America large Asia digits. Canada we growth double-digit International in Latin Pacific win Interactive grew up breach India

XXXX. $XXX in During prepaid total in debt $XX the quarter, we of for million a million

also We term year-end. $X Notably, $X.X successfully maturity our extending our at annual over target we profile loans, our billion and expense reducing near-term by million. of leverage refinanced ratio Xx achieved interest

concluded fourth Our productive quarter a XXXX.

EPS currency organic transformation, revenue by milestones exceeding achieving grew model, modernizing results our while each X XX%. guidance year, and and we by optimizing diluted X% technology accelerating operating the delivered our grew of financial quarter constant adjusted innovation. the an For strong pillars We these on against basis, key

a capability us geographies. talent-rich services model our our operating to productivity centers, from provide from enhancing our more local greater to allowing roles global of For variety optimization, markets we workforce relocated X,XXX and

underlying and included and XXXX. analytics Key preparing OneTru. We India the milestones use analytics enhancing our also data completed launching credit capabilities modernization technology for replatform key to migrating steps our cases FactorTrust in our lending capabilities end-end U.S. core short-term in of bureau and us science

Finally, innovation. of accelerated we our pace

Fraud TruIQ and XXXX, strong continue of built Data business are through innovation Mitigation products wins native including and of audience products plan the pipeline that collaboration. TruAudience These Studio, OneTru, driving on TruValidate data in set course first XXXX. we and new to identity Analytics we launched the Enrichment, Over TruIQ momentum

initiatives when these for strategic the to results deliver stable on deliver revenue transform in and 'XX build to margin market the same of to business material while credit Priority conditions our our continuing Now commitments a with consistent improve. subdued next financial growth. is priorities on horizon future market X but upside U.S.

'XX to remaining strengthen the operating complete and pillars technology of dive on India our transformation. on today's announcement. global X detailing XXXX, suites. we same a priority solution on consumer our priorities, our X our I'll our is high-level across model, these the and business including provide innovation and focus freemium Our launch U.S. continued transformation In before and growth in refine of guidance deep transformations color accelerate product-specific light plan

expect growth currency. In constant organic X.X% deliver XXXX, between we to to X% X.X% X% revenue to or

end point provide strong the cost these per foreign changes rate. deliver items and as from global flow-through such in We adjusted law, due range to at continued by as Todd exchange on minimum anticipate to operating of partially tax with will performance full growth well expect X% offset a high EBITDA which revenue share global X% implies in higher adjusted management details transformation. expansion rate with as to to a the growth, headwind XXX basis modest shortly. earnings growth diluted investments and our margin tax to We growth X% X% supporting tax

same XXXX. prudently used We methodology we apply guidance conservative the throughout continue to

the assuming well muted in stable U.S., volumes activity are historical which We below reflects trends. lending but

in XXXX. are assuming improvement credit from We not rate volume any interest further reductions

revenue XXXX. and guidance to breach, mortgage Now our assumes underlying similar growth excluding

than be X to benefit 'XX, in the revenue points benefit of experienced less point 'XX. in X% a percentage mortgage expect We

growth a breach in year. markets X% point any growth strength point we assuming large-scale do half. geographies. reverse contracts growth wins of X% half anticipate reaccelerating we benefit before not and first We new we from in also international anticipate insurance across based continued that across this our expect our volume our pricing, impact India XXXX a in now expect for In mortgage the in will in to services, in second financial year the to solutions. modest We XXXX, headwind win nonmortgage solid on the moderate improvement markets, U.S.

take detail compare moment how U.S. historical me volumes averages. to let Now a to current credit

lending highlights, As volumes below trends, historical high and mortgage Slide XXXX cards are X historically auto remain below loans and personal levels. credit and

low represents by these which credit We comes across Over the positioned navigated cost margins. we well activity In last at since the structural XXXX. at Fed the XXXX. margin X high XXXX declines savings If in organization. and were to delivering high our first incremental significant late originations following years, levels decremental the We're we not Auto as multiple volume pickup remain flat which in came our years of headwinds, a down, opportunity volumes, seen rates improvement credit with rate interest cut. notable brief profile September in maintained in by mortgage, refinancing after strong demonstrated also come guidance. see any for upside volume margins and

These growth are substantially delinquencies. inventory aging consumers volume but used medium-sized pre-pandemic lenders vehicle supported car We back XXXX, growth remains but and fleet. card in stabilizing customers replenished modest originations years peak starting need above by used since to the and levels, by the soft. activity replenished car have market XXXX. decline opportunities a a replace for anticipate supported coming explore and stabilized an expect XXXX We are in Credit recovering Small and throughout bases origination deposit pulled from at to in levels. lower the

activity late loans following XXXX, 'XX through experienced a XXXX. slowing personal Unsecured in modest recovery in

business. see position to for starting and themselves and $XXX we lending in our few down prior are consumer view improve customers XXXX. Together, revenue year from term Funding in debt credit to volumes over fintech and the products. in retrenchment. Fintech the Our million for after growth that consumer million support these consolidation totaled years across healthy million $XXX demand of of XXXX, benefit is medium will recovering, the cards $XXX dynamics a our

the cycle. Our focus, growth is however, organic to business the of credit independent transforming accelerate

transformation time our of I'll spend priorities rest discussing in XXXX. under the my X pillars

ways forward. across a support operating vertical XXXX the We organization step world-class standardize and are to model geographic build growth. global a was in operating change scale of creating product,

local addition regions. hiring by strengthened X,XXX In GCCs. leadership transitioning our our to managers the roles within We senior to GCC

shift implemented risk. playbook rigorous a mitigate knowledge to to work more transfer we've we the GCCs, As

Our loop for we're tracks feedback developed team and and network. process continuous we enhancement. systematically successful new that best-in-class associates ensuring GCC transition the documents a be XXXX GCCs, centralized and work a Building the roles foster will transition processes, continuous to improvement. trained refinement of new a off of year

as new develop We employee We recent assess hire continue as of in to and indicators well see terms positive and satisfaction confidence in manager train proficiency. hires.

also we're operating way to future support growth. organization, the of examining Across our

value unlock global streamlining areas, team the functional stronger enabled of the across We by business fostering to are enhancing full across organization model. collaboration empowering and decision-making, partnerships the operating

orienting accelerated toward Now innovation the areas. high-growth these business are in actions product

As we're how an across voice portfolio. and optimizing gather, we incorporate of analyze product our customer example,

actions cross-sell We increased opportunities. innovation will and these satisfaction, generation drive customer and and faster improved idea expect experiences

of model is to transformation, operating optimization the Our technology highly complementary our pillar next modernization.

evolving and into We technology global, capabilities our management platforms. are product modern, data cloud-based

increase from modernization name foundation of developer our approach. operating services platform-based system. single onto and technology engineering To savings this on our drives standardizing a our you Slide the visualizes reduce by the productivity. up. XX and cost technology OneDev visual orient OneDev our internal is to infrastructure infrastructure bottom tools

are and OneDev approach and adopting to We evolving platform-based drive productivity enhanced the resiliency. security,

vendor uncover also third-party opportunities We and to costs. around savings cloud cost continue

innovation services is identity of platform Now built and key delivery. off driver of analytics common growth. revenue data of our OneDev. core enablement centralizes and It solutions management, product our resolution, OneTru a and

attributes, global improvement. services, will generative families continue integrated AI into product suite. enhancements product and platform application to to end-to-end including product decisioning underlying X solutions tools are or augment being any support that's OneTru's matching built enhanced the on consolidated productivity capabilities and OneTru, identity our and leveraging benefit expanding These We

time each our to milestones on of completing and in detail year. next rejuvenating market. pace phase to deliver to of and platforms delivered also product We innovation. end steps in quality OneTru better the and product the We're onto accelerating are the progress modernization technology line this key first of migrating significant new toward our applications We product XXXX by

will half live XXXX, capabilities. customers the in onto over OneTru went several bureau We've the lending FactorTrust and on short-term OneTru with we migrate course customers roughly FactorTrust enabling First, now XXXX. of remaining migrated of enhanced

our over big on analytics U.S. batch online and call all cases of by to decommission activated environment, ourselves capabilities. XXXX largest which We credit, of and course we legacy and year. U.S. use analytics We science of to position XX% data now of continue OneTru. for one data and we SHAPE, end platform live move are this end-to-end the our the with In customers to core credit internal the

currently legacy on our are running dual OneTru We in platform.

cases We We in use In our credit XX to are on data later TruIQ scientists represents which our by in Solutions, direct-to-consumer migrate of works the enhancement XXXX, launch experience. the reduction legacy with migrating to improve expect analytics local in freemium a sets compared product largest of innovation times platform. notable labs user further. end And platform, India, us customers and of significant XX% our we analytics launch data the to OneTru this to to to the U.S. quarter. plan region. enabling Consumer We achieving all of plan XX% OneTru and processing our a suites moved analytic data onto we X years to begin

through of our Sontiq underlying continue offerings, including We the onto acquired a platform. those single technology to global consolidate

innovation savings. reminder, migrations and we key India an future final savings the our the structural is of and and XXXX innovation Canada, accelerating the platforms a and We we of pillar for modernization course XXXX, to said, the within the as normal expect drive the cost our destination remaining program, selected in be our that OneTru globally. to these funded goal U.K., migrations will the target platform and of business in view Colombia of U.S. With As migration by which are Philippines end OneTru our growth of cost as the Migrating 'XX onto solutions. delivering and of transformation accelerating next scope complete committed within each OneTru with across beyond. enabler of All pace globally.

substantial international efforts markets our shift Less detailing suite, XX% our than XX U.S. Before largest a down revenue of and a families. a provides the business our across now credit by mix is breaking decade was revenue Slide product credit-centric our what U.S. solution disclosure, segments ago. new from related,

international to product Our bring we We to extension our markets. is international in and solutions Across business opportunity accelerate solution supported XX% earlier tied growth, roughly journey leaders. comprehensive our innovation product of by global the each dedicated with to suites, substantial scalable to see revenue built strategies credit. of

to the fraud expect spotlight and throughout product summarizes contribute families key for digits to organic core Slide rate aspire inherent growth. credit, In families raising the lines. product greater, year. all individual solution or XX our across to the to strategic of BXB X the marketing, grow Longer communications solution cycle. term, high we growth We plan credit these initiatives suite, XXXX, single we independent

This quarter spotlight business growth. Interactive within strategy fits though, today's sustainable I our want comprehensive specifically how to announcement to and Consumer consumer to a return premium

millions credit strategic of offering Now will freemium of premium our visit with we by allows be with credit announced services. and today, earlier Sesame. serve solution to in who highly fully enabled annually with new integrated a launch management experience education monitoring us more U.S. TransUnion our properties consumers new the enhanced The engaging of direct-to-consumer collaboration tens Credit that

financial consumer platform goals well-known phases highly have free access daily and app. profile. the credit and experience, an unique will and our data, initiative intuitive launch network managing XXXX. and throughout in education U.S. to including Sesame organic on and suite a TU. their its the base. Sesame new brand, also associated credit a TransUnion tailored and services, credit half a We credit our growing website Credit from management experience score the up new in our capabilities This for of existing both traffic of Consumers of TU's can first to a sign In consumers combines Credit network. brings management offer developing consumer expertise credit in and provides offers education

servicing and forward, of operational controls. marketing, We to network the the and and platform on Credit Sesame And ongoing going compliance partners. will consumer innovate and offer manage expand plan TransUnion

and and deep compared platform and recognition, building expand credit consumer excited are upfront of We our reduce relationships accelerate the space market. market to ourselves. insurers. got we've Sesame, management our our By freemium with the we a given traffic to dollar to into brand lenders to when investment in We with collaborating right speed multibillion believe win our volume Credit the technology

pipeline agreement of Our access continued also ensures Sesame's to innovation. Credit

offering visit the ecosystem the new to as will premium relationships fremium consumers we services. Our TU free consumers digital longer supports of or keep and properties and and convert of services consumers streamlined providing customers. path Only significantly consumer's current upgrade more a in offering of our by our deeper engage experience, who tens with to In them a flexibility premium fraction needs millions evolve. services to a to downgrade back freemium choice

services an with engaged additional benefits Our channel. financial our acquisition insurance larger audience also and consumer providing them customers,

initial We planning. have from during received feedback the positive customers

the remediation U.S. acquisition, revenue Sontiq our and Consumer We identity markets. within the aligned the to platform. reinvigorate also pressure. Interactive continue We've few continue to through protection technology capabilities the breach modernize business as we such years after business of last added We and

fills in significant consumers of and deliver and offers, Monevo consumers second acquisition to Monevo's our and infrastructure approval confidence adds credit as to expected by Monevo other consumers in more highly is Also, product offerings our and costs best empower financial now and planned gap can capabilities launch goals. likelihood adverse higher fit products close can engagement expansively freemium We Monevo's direct-to-consumer centralized to the line. can acquisition freemium consumers quarter. a enables our We applying. our rates, to eventually players successfully of offerings for offers engage to with online achieve within to direct-to-consumer the alike. Our plan and their well. credit lenders through optimize banks capabilities personalized conversion deliver leverage their before lenders and and delivers personalized gain to selection publishers, brands. benefits driving can customers Publishers minimize matched decisioning

Now our revenue Consumer we longer for offering over directive mid-single-digit greater expanded term. believe sustainable positions the or growth

dynamics our across growth me been subscriber we channel, have component business. resulting premium dissipating detail the base, in XXXX. let our declines of Now the stabilizing direct throughout each In

will transition expands offering. we this offering a opportunity the marketing subscribers our migrate XXXX and as begin expanded freemium year. be with growth Our

throughout We lending utilization our and and marketing. channel, partners channel engagement build from we our to increased expand year. benefit traction activity, consumer the In stabilization indirect which will expect to for of drive expect

expand We customers through wallet with Monevo. to share also aim offers with including enabled acquisition of personalized the

revenues in 'XX via Finally, solutions, $XXX protection in from XXXX. $XX scaled million have identity in breach and acquired million which we Sontiq, to

and small can and are credibility breach growing over you we this XXXX. remediation they deals we business in forward benefit market. building TransUnion. in relevance And the through of look our quarters. updating our and had winning the increasingly and are revenues But uneven, reinvigorating We on combined an large capabilities be consumer upcoming These momentum, outsized progress Sontiq in to

going Todd results our our and to is year outlook. full fourth Now on XXXX provide details further quarter financial

to you, So Todd. over

Todd Cello

Chris, add let Thanks, my and welcome to everyone. me

EBITDA, As exceeded the for an acquisitions from on organic reported fourth our impact revenue guidance X% in and foreign impact increased and and There no currency. Chris driven revenue adjusted outperformance immaterial services consolidated quarter, quarter we was Fourth financial a and currency nonmortgage constant international. by from mentioned, basis. in

Our EBITDA currency in mortgage revenue from quarter basis. organic XXXX constant the fourth and the reported basis, against XXXX. breach X% a Comparison an X% prior XX% on currency business constant quarter headwind. grew activity both year of increased was excluding on Adjusted high a and

end earnings basis an was EBITDA points and Adjusted of of above XX%. Our diluted per high up share increase $X.XX, XXX margin the adjusted was expectations. XX.X%, our

foreign of earnings. adjusted due was the higher quarter XX.X%, rate the for slightly expected mix tax to Our than

technology of transformation related XXXX. operating onetime of transformation and for the program, million in optimization for million $XX in fourth We Finally, model incurred expenses to took quarter, $XX our $XXX million $X transformation. charges million onetime we

Looking ago to basis savings. Services segment cost Adjusted margin Financial performance revenue includes year fourth EBITDA for was Interactive, XXX driven which compared financial XX%. Consumer U.S. quarter. was transformation quarter, revenue, grew X% and points, at the growth up markets revenue the up or XX.X% by

Services revenue XXXX. we was slowdown up from as remained Financial mortgage, with improving in Trends Excluding sequentially consistent lapped the late activity X%. growth year-over-year

modest We solutions. volume the successful by continue our cross-sell outperform to innovative driven of growth,

as and banking lenders well with online for analytics Fintech We X%. grew and lenders marketing enrichment Our volumes. new against data Consumer tempered was call credit up suite. slowly card wins X% originations. resumed as revenue healthy lending delivered business broader the solutions TruIQ increasing business select trusted activity

healthy delivered throughout also We consumer believe year. lending well in new wins the alternative lenders logo from XXXX. will We grow

business grew X%. auto Our

sales New tempered. expanded, car sales remain used car but

Our with and fraud, through marketing employment verification TruWork year finished wins our income of as team data across well partnership. and the well alternative as solutions

of about For offset accounts the X% inquiry solutions continues all history digits, volumes adequacy XX% increased TransUnion double-digit single rate and Public modern to remains in and tenant to marketing in insurance. XXXX, both modestly growth call improves. below Emerging as the trusted e-commerce, as In activity mortgage as credit new X%, business XX-year revenue in Insurance recover and and as throughout XX-year our active quarter, basis driving impacting deliver core low products. rate grew employment mortgage, sector, broad-based to in The steadily grew continues up XX and well as compared tech, wins, adversely grew points Insurance trends rate. progressed for mortgage as double declines XX% market the marketing treasury anticipated. digits low single-digit revenue. media the by telco. grew and retail by quarter, total and led verticals expectations shopping

decreased the Consumer business to breach from Revenue prior Turning sizable as the lapped a year. Interactive. as expected XX% win

direct the Within revenue the the channel. declined finished headwind, Neustar Excluding to year U.S. well. due markets, breach

digits XXXX to Neustar grew For expanded the expectations. of and and adjusted margins in ahead up from our XX%, year, EBITDA mid-single XX%

the synergies, underlying our benefit as We This exceeding modernization. in have million of Neustar's platform enterprise-wide the for technology destination now delivered target. technology cost addition $XXX $XX million Neustar is initial to of our

my constant For comparisons will revenue be growth all International, comments currency. about in

digits. with up basis X total For XX markets Adjusted segment, of reported revenue XX% X XX.X%, EBITDA growing grew was by our margin points. double the

of specifics industry-wide. and new Loan-to-deposit Online by diversification, pace to again. lending finance market proactive Now the consumer consumer for revenue Reserve region. of the unsecured remains to commercial signs let's targeting growth a solutions tight approaching actions few XXXX. credit API as modestly volumes market grew dig and companies Bank The the into consumer with due marketplace credit product throughout We like in ratios India's products XX%. vertical as each target regulations well driven the Indian direct-to-consumer ranges temper on by see and drove potential for nonbanking tying are lending, India our credit impacted ratios declined lend and growth. to approval tightening loan-to-deposit received lower credit

the rates Additionally, soft in volumes XX points is in expect first further the the said, last of its year. below long-term first averages. slowing by during With credit consumer RBI and to This of delinquencies remain we week meeting the in cut signaled reductions year. the of and half interest context basis inflation half the that

The robust year first against many quarter volume also commitments. prior compares customers the in when activity their exceeded quarter

to in in India grow half. improve to expect returned quarter, faster first quarter the growth in the second second the and We modestly

the market. in with captures a roughly XXXX exiting in India prudently for year. XX% assumes the trajectory a conservative our stronger We much scenario guidance growth guidance Our believe Indian

portfolio, U.K. grew market grew Our setting we In We driven consistent business fintech contracts, in experienced across and our wins Canada, expanded gradually the insurance, continued in by and new solid XX% new in our the fraud and strength In Brazil vertical by consumer led and improving and In countries recovery trends. by X% grew a Colombia teens. XX% up we business indirect high solutions. broadly breach grew banking wins single revenue high Pacific, fintech our over with against grew for conditions other X%, Latin identity cross-selling America, new American solutions. Asia grew XX%. Philippines. grew led Latin digit, the also XXXX.

revenue XXXX. annual in $XXX the for in million first Asia Pacific time crossed

credit step consumer The is and the growth credit our included guidance. increased business Mexico vertical. retail Finally, our XX, not the of expected an to majority ownership January is by end in close acquire strategy growth Mexico. deal to led with our XXXX On in exciting announced de international X% Credito. agreement we our with bureau proven Africa XXXX in broad-based De Borough toward largest of The TransUnion of

investor available our presentation, provides Our which is on website, details. further Investor Relations

the to ended quarter sheet. Turning balance of sheet. on We billion and of $XXX the $X.X cash balance with the million debt

Our We of for we leverage at in the $X.X million billion expense. annual XXXX. prepaid made Xx. in quarter we and our was our ratio year-end acquisition, maturity interest In extending a in $X.X $XX term million fourth announcing profile loan, of reducing December, voluntary Neustar total voluntarily refinanced Since $XXX our repayment a our debt. billion

XXXX $X.X lower XX% activity our at rate. rates new slide that $XX fixed X.X%. interest and appendix to with end of all-in profile of At we of effective our swaps swapped our our an the expiring debt a of annual value expected X.X% of to notional rate XXXX presentation, on prepayments swap, today's bridge a and is voluntary refinancing we provided X.X%. a a cost debt of Net and average a drove of In swap notional debt XXXX, in at rate has the expense. had million billion is now replaced $X.X Our of savings. which value billion

assuming we are guidance, lending but Turning throughout stable end volumes to of guidance. persist to XXXX. muted At high the

interest revenue not are from rate any reductions. anticipating We

to growth, our assumptions U.S. and largest conservative X mortgage for to a took the us in swing approach also Indian of our factors brings We outlook XXXX. That the for volumes first quarter. credit

EBITDA. FX a revenue to We headwind to adjusted to headwind X% X% be and expect

X% revenue billion X% to expect between be organic basis. billion on up an constant $X.XXX to We and $X.XX or currency

Our points revenue X from of tailwind includes approximately guidance mortgage.

than We the a more actions expect again through expect scores inquiries provider of the quarter, In first third-party XX%. XXXX. mortgage benefit to we from to pricing decline

expect Excluding business grow to an currency mortgage, X% on basis. we organic X% constant the to

$XXX to $XXX million, X%. and be EBITDA We X% expect adjusted million to up between

EBITDA up adjusted primarily of XX to XX.X%, expect basis margin cost transformation to annualization We points, XX.X% by XX savings. of the driven

diluted earnings adjusted $X.XX, share our X%. to expect to also X% between and up be $X.XX We per

to Turning the full year.

guidance headwind announced We from of be not closed. does our Monevo EBITDA. to TransUnion to X% acquisitions FX de Mexico, anticipate which any revenue not yet impact include and have adjusted a Our nor

organic billion, expect to $X.XXX in X.X% between currency $X.XXX basis. an X% come revenue constant are up to on We billion and

excluding We rates our mortgage be year's last include up win. from growth X.X% breach to organic These currency X% constant expect to growth, a large against X%. headwind lapping

digit mid-single For U.S. we expect up our excluding digits excluding single up low to mid-single services or business segments, financial be anticipate mortgage. low to grow digit, We markets double or digit, mortgage.

We mortgage inquiries. expect mortgage revenue despite in modest about declines to and XX% increase

execute mid-single breach This acceleration underlying anticipate digit, the laid and low Chris further the expect digit Interactive improvement we and large emerging traction We from Consumer with gain We single beyond digit. as win. up verticals digits. in offering. strategy decreasing for foundation single on low high but to be year's XXXX increased single growth a We growing anticipate XXXX out freemium international that last provides when excluding impact of our

outlook. to back company total Turning

to approximately expected be adjusted $X.XX, tax up to headwind is would be diluted EBITDA amortization million. a $XXX $X.XXX billion adjusted headwind. XX.X% to between be per X% adjusted per up X% X% rate to to in and billion, X%. result is point growth earnings anticipated diluted EBITDA expect XX share X%. down adjusted That XX.X%, of and We margin We basis $X.XXX XX adjusted points. Depreciation point to FX higher an earnings $X.XX to X% additional and is up to share to

and well net be and due the than as initiatives will refinancing control XXXX last expense and modernization full step-up $XXX subsequent million expect acquisitions as change million amortization to go lower in as interest SOFR. our million $XX from technology be We to depreciate. our We year, to prepayments $XXX portion, start the excluding into about lower roughly about for anticipate year production

OECD, We tax by expect such as tax companies, by multinational are treaties. to many XX.X%, tax international than minimum large is rate the Like be our XXXX. which global reform we tax changes higher global and impacted adjusted the to approximately driven

last tax taken environment. we tax respond global changing the to restructure our X to legal tax expect most given on of historical adjusted have Over about landscape. maintaining remain expenditures are the higher than structure be recent efficient Capital focused actions going international current for to the We entities months, to but to X% expected tax revenue. forward, be our the rate our rate and XXXX

to transformation in million last in to our the $XXX charges program. onetime to incur related expect of We million year $XXX XXXX

EBITDA on guidance. Slide of of XX growth drivers components. We the into provides broke based additional XXXX in details high the our on X adjusted the end down drivers

course First normal revenue and $XXX end growth incremental solutions incremental inflation. costs. revenue from million of guidance, Based to of pricing mortgage to royalty adjusted cost even is derived the revenue high we This of expect represents significant margins flow-through with incremental people drive on EBITDA. and trusted scores with areas high growth healthy the $XXX less million call

also a $XX taken annualizing XXXX. transformation expect actions in We million from early based benefit savings on

new driven transformation $XX including Remaining savings, in XXXX. million these enhancements million investments technology specialists incremental by of that have Chris expansion. growth year, and offsetting Partially will modernization technology of achieved allocated primarily sales We support growth platform product investments. rate the $XX discussed, be innovation, our targeted now This initiatives international strategic we in savings. run realized are of positives and

would in guidance, come expect inflation margins. into normal incorporated incremental any revenue have to cost we an addition at growth so growth of to appropriate strong upside course level investment our We

anticipate more next bar natural I increased over define out capital the Xx XXXX, priorities return Chris, provide balanced I profile, including medium flow back path cash term. M&A how free our in few flow, to with allocation the to spend refreshed going at strengthening laying delevering leverage want Before leverage our at to we want improving for cash ratio priorities. and turning forward, it deployment to shareholders With and for high on forward. our free perspective going capital and updated an capital year-end a target, minutes we allocation our further a ratio our anticipated to

profile. with cash Starting our free flow

percentage related to a capital income and integration. years adjusted been technology of flow Our higher expenses less lower from due model free the X defined last our cash conversion, cash to modernization flow onetime operating net as operations optimization, as as has expenditures, over Neustar

plus and cash in of expense to not transformation about free to investment We program. we as the technology in addition in XX% the our of flow execute year program, XXXX flow improve operating completion XXXX upon free do to we Starting program. cash savings expect beyond, to $XXX from million accelerated to delivering conversion of conversion. anticipate our return XX% expect last roughly We current further add-backs on

lower our X% expected revenue XXXX structurally and to increasing more growth We also intensity to create balanced is stronger Healthy We significant of beyond conversion capital with years. and few next flow in product the capital allocation to capital free an take to to capital cash over and plan tilt earnings expect investment. capacity growth-related approach. a

Our priority remains business. to grow the invest to

we but our to while M&A strategy supported organic to growth expand growth shortly, not do acquisitions. by I anticipate bolt-on currently funding aligned strategy. We large-scale opportunities optimization. investments ongoing will our business expect and margins will explore revenue discuss and

to liquidity. Turning and leverage

ratio target is of under maturity. this believe for We to our company updating our leverage X.Xx. a We appropriate and an size are target

We expect growth from adjusted XXXX. EBITDA deleveraging in natural

for optimize evaluate opportunities will look we prepayments. Additionally, our and voluntary structure debt to

deploy returns net from practice public flow And our than us we to our as leverage cash remain at cash previously that been $X.XXX dividend income today, and company. a announced ratio. a free cash has our $X.XXX. stronger XX% will raising are committed optimized growing We to payout to dividend Our enable to to alongside more we adjusted XX% quarterly shareholder

an repurchases new going valuation. plan announced Board authorized level use share capital of Today, our We that which we TransUnion's of a this expect prior at we Directors attractive as repurchase an replaces which bias view modest toward authorizations. a year. of all shares $XXX also to repurchase current forward, repurchase share increased We million program,

and ahead in managing medium than pace capital of our Our term TransUnion repurchases Mexico continued of acquisition. be we as XXXX lower delevering what will we over anticipate the balance de

an creates Finally, of portfolio the tool, well on to business ongoing but detail our view approach focus M&A. M&A as our a strength transformation bar. important I high We want to disciplined our as strategic as

consider strategic large-scale not bolt-ons. acquisitions are accretive but highly and We seeking

These Monevo Bolt-on all We and strategic which criteria. investments our in smaller be particularly interest. XXXX. acquisitions to debt prepayments in that are will X acquisition recently our Our further pass announced and had do Mexico acquisition high not minority sizable of compared already businesses of anticipate investment, represent M&A organic we share M&A alternatives, repurchases. and

for their of and to unlevered cost of internal looking with returns acquisitions capital. excess cash-on-cash return addition rates attractive In in of

financial several guideposts. have We

that to X. to businesses for year line a diluted margins want year. earnings acquisition to scale return to additive can target, be per profitability takes If are and ratio company above be revenue ratio rate, us within We to level growth our adjusted leverage path our looking are share leverage able of our to have an by range sight a we to accretive clear

TransUnion our a closing, In new reflects allocation refreshed entering era. capital framework

a portfolio and generation growth. positions us strategy current Our for transformation of

capital expect to growth flow allocation to cash accelerate We support free balanced strategy. this

turn will comments. for now I the call to final Chris back

Christopher Cartwright

quarter wrap Thanks, year adjusted strong, up, guidance for revenue Todd. the fourth finished To exceeding EBITDA. we and

against We X% to our growth business a we're constant to assuming deliver market when and revenue and executing market to but improve, well in technology future X.X% operating accelerate U.S. muted conditions upside and backdrop, expect a transformation our margin capabilities stable organic material XXXX, create modernize revenue currency model with world-class credit to innovation.

turn And over to with Greg. that, it I back

Gregory Bardi

Q&A. Instructions] That concludes we Operator, our begin the [Operator prepared can remarks.

Operator

question Jeff will the And Baird. with from first Instructions] [Operator Meuler come

Jeffrey Meuler

high that prudent guidance end that I assuming markets XXXX. quarter hear I and you as given the to methodology better? indicators in range, assumption markets depressed similar showing appear you're guess and prudent viewing you're any consensus conservative are with or just conditions above help the fifth are But Or a consecutive cyclically and So of you the are guidance on stable numbers those the looking trying reconcile leading I'm conservative saying thoughts? conservative. reconciling

Christopher Cartwright

the the are out me conditions year Yes. that trying the we experienced that the start business consistent. while muted off. But to weeks origination What conditions, point first in experienced roughly we're the is here guide Sure. fairly the longer-term to still that that patterns. we in those of stability important let convey X it's Jeff, fourth quarter the and of market in and relative QX in are stable, and to course over We appreciate year-to-date.

We're anything for substantial lowering the first the of where So we the of customers that. continue our call We're to are just conservative will conditions, revenue, the guidance the of in pretty solid increase in the over guardrails. of macro but convert year. assuming the and saying year, retain the growth we're 'XX, interest so, conditions year. the improvement rates and any our products establishing framework bookings, good, course from this over market want benefit which across innovation not to in to be range of continue not establishing not great, our we'll We're assuming post like improved or to that be prudently course

it outperform the and wasn't Now guided in a if it we numbers. at was course guided assuming materially we XXXX, of point to and was X% we it just conservative, And We to conditions. X%. beginning a macro fortunate upside of prudent you time, view those over year said were back the able that market when look very we we were the year. of had At similar any

that gives 'XX. some to you context to the guide for So hopefully, about think how

there is good. I -- Todd's Todd, anything no,

Okay.

Operator

next Steinerman from will come with Our question Andrew JPMorgan.

Andrew Steinerman

you excluding up indirect in might affect revenues the 'XX? from I direct looking and revenues wanted other to XXXX, branded low single revenues the 'XX. freemium for indirect from digits, each new offer ask partners. And about the will TRU's breach think How CI fare do

Christopher Cartwright

in specific consumer also innovation the components Yes. rates a of step rehabilitating the is big and And for back business. TransUnion's Andrew, recognize just a kind of business. today's announcement of let's those from I the mean, X second, growth just that forward step

that time, the broader we some advertising consumer said traffic products our have fully generating needed that brand we to efforts. a from to naturally of our were we've monetize range also For and

course, and needed and Of education, we've monitoring, business were we but and credit tri-bureau good breach access with and protection dramatically. Sontiq, grown remediation. We that single got we score it about credit identity

key we those to integrate has of broad guy. offers We time path got We've into this partner X feel support which consumers. integrating We something again, Monevo engine. great world-class offers freemium user some redesign also with for we In of engine. app. a been We we get our to Sesame mentioned our again, and Sesame, to capability needed needed acquisition interface And a strategic with a revised areas And a We user appealing partnership in get front-end product as a is commentary that interface. get to offers that service a ours accessible now. and the into great was mature a to a the product.

That business, products growth product So user have in translate into growth accomplished our the bringing our better to improvements in strategic set interface of multiple now we in a to line direct-to-consumer indirect all with because refined over that the we're better out time in API customers. do. we business but should also our indirect

think I a it's business, reset real in it's the strategic and So a positive.

Operator

And Stanley. our next with from question will Toni Kaplan Morgan come

Toni Kaplan

your much visibility big XX% really on there's India. a that's I upside XX%? in there? be typically lot about like try a does I growth market. know how ask sort into to to of want conservative. guess drive but to just I And slowdown, downside that guidance or that know I have does you the seem what going the do that could

Christopher Cartwright

Yes.

in and me to because by the number the to ratios after become the practices been volumes. markets in last well has RBI loan-to-deposit has high leadership bit But were RBI, RBI understand. been was lending right? by were about banks the RBI purposely they'd from of their late Let the -- They of of the shift the operations, slowdown in policy they they asked X you previous and lending a the different a are years the been There governor year, they term also for as start X as read this. been by trying now. last decelerate a talking the Indian previous trying the at to a in to get lending as year can short, improve. administration there saw about within toward some market felt the replaced whose They RBI also little important governor. here that concerned lenders changes by announcement level a have And orchestrated we've like the quarters pause about recent stretched. policy the certain market, to the And ended stated

of GDP that, As a consequence slowed. in India

XX efficiency And the safety so course, policy leadership toward of support that and did, the cut they and rates they of India on modification origination. now goals has driving but loan their growth and to ratios achieved they've begin a signaling few been bit that also economy, of are they're recently rebalancing that, soundness stated those they the have growth that by the sidelined going where to RBI permission announced have have And as and emphasize, bps, deposit to a overall. GDP they're So prior lenders right? now

of the to we side the India business, some in consumer performance That is said, conflict bumpiness So policies sea think that's a in XX%. change policy. of led which the has in about our lending the again

'XX So and quarter-over-quarter in market. the the it's high comps, would as shift add, quarter-over-quarter through permeates I against might reacceleration policy we slowing been expect over 'XX very in down

Operator

next will Deutsche with Faiza Bank. question come from Alwy Our

Faiza Alwy

to wanted about I mortgage. ask

couple So questions. a related

assuming that, So the I'm what that year. prequal. to seeing with decline softballs the you're or quarter modest declines XX% down inquiry is first the then in and related for

softballs. in there So done taking we're pricing that any think the broadly these bureau towards And and X us shift maybe with on give mortgage? whether some you perspective perspective you're

Todd Cello

take Great. I'll Thanks Okay. you. the question. for one for this

with you modestly down said, then consistent to guide we've trends down in the assuming what about far Chris the first we're we guiding fourth year see able XXXX to year, seeing for and the and full quarter, been we're talked of with Consistent are full and what we're how So as saying then XXXX. XX% quarter, mortgage, as as first for how date. has quarter the

rate that what any benefit is So of have our from interest we in a means don't reductions numbers. assumption

that calculate If other players compare you're we market that space. that you important our volume to the other do is remember to differently that. see into in we include volumes from looking numbers in our to inquiries It number prequalification

in it So pricing well. see to a provider, in as what for our pertains however, We've we're have seeing we're that guide, from where And consistent win increase as visibility. we mortgage on sales space, material approach is prequal that from X do today maybe to third-party is team specifically the still taking what score that mortgage further instructive also a took pass we're XXXX to as approach the on same prequalification it contemplated revenue most as year of prequalification, continues credit and that share we important far market. poles did we assume throughout a a type exclusive fair on prequalification We tri-bureau. our within normal actions the the that. some But on XXXX. file, the I what's And which shifts the to pricing seen well. have course point we to shift our our of is X X pricing majority also have through we opportunistic is which is the score, of But does of last the some as in think taking

Christopher Cartwright

generation. important that balanced going it's go be is the unlikely report understand add because that important, is just to I X credit while also reports to credit it's at revenue X prequalification would that savings, market And investors has Yes. to pulling from with --

you're if consumer revenue provider door shows that mean if I what up opportunity in consumer your got qualifies. So at by a a a that mortgage you've is,

different you the pull consumer one scores. bureaus have and if data qualify. But different may Now bureau, not

If thus recognizing pull consumer revenue that of qualifying and odd the on than improve. more you

may you pulled, race not of terms reduction efficiency And be in some a a here X. it's going in of to the so to reports see number

Operator

Manav The next question Patnaik will with come Barclays. from

Manav Patnaik

loans trends. And might those trend talked kind able levels. return to you trend, Slide you I where to looks on below how like mean as of just trend and wanted your pre-COVID just that of what X, a you're mean, follow-up. touch it be above quantify about quick the thinking if to are I I it business? might if cards -- like impact as broadly,

about one. that think how just So curious you

Christopher Cartwright

be you have Well, an Fed. a by to know, because rate of But estimate Manav, lines. normal volumes captured of I we when as for the because now, been of on-the-fly depressed to couple value the can't offer plus inflation, return of hikes years aggressive you trend

expect in which further want is us continue accelerate various If down normalized said consumers adopt reducing growth. expect interest to others eased to they're enable and and, a lending higher that to over Now strengthen, will administration has can more policies stable across about to themselves fiscal and allowing is said, various growth and regulations, and time, would categories. They That this condition, rates. we banks you that manage we're successful, these activity growth. post that to

products cost in it a revenue, but substantially originate. been high. contribution just volume recent sold in it's margin I drive estimated. not licensing origination, lending posting rebounds, toward with that the shifts whole may happen that portfolio. a So lower come which have mortgage or the profitable areas a that's in growth upside been more I simply the the product mix to opportunity is higher sum, for say And But only may And not not it's guess, credit higher or goods does because cost positioned it's or the really because on so the degree they years, is that refinancing of would currently the have a credit than we're we across we way fall-through

credit, you're as the our see going shifts margin is material enterprise. to across the cycle profit As more that upside shifts mix revenue and toward

So it that. I'll leave at think I

Operator

Jason with comes Our Fargo. next Wells Haas from question

Jason Haas

an curious administration I'm you're you coming your seen if in changes changes provide any any on the thinking or you've if regulatory on directly? update you about the with how expecting or could customers environment, either

Christopher Cartwright

material. Yes, regulation of financial has at expect win views Jason, far. the seen understated for to impact radically about elsewhere. I in mean, award different Well, be that most administration the And the this obviously, few I we've regulation going call changes is the a of and question you thus services quite CFPB and industry. the

we minimize pause. cease the really We or operate, on we have may them new plays how the if all as out. in activities. regulatory wait that always work a whatever case As hold, litigation is to And and will. or we and they air. it's mistake, to to happened asked when make. leadership limbo, that a enforcement It fix that do, problem see the -- substantial led They whether things put not environment. has supervision are best just to really trying can, a errors though. for we're you just we It's do the affected hard serve make to what has keep customer to how doing we on which operationally do the has right them focused make to customers, that to the be. hold the we guess, is to incoming really whatever it's and effect appointing And expected administration currently all or have to changes the now, CFPB I know, I think well, But right going

keep and wait to we're going landscape regulatory calm and to that, going move we'll bit, we're So doing to down a then the forward. for

Operator

come Next Andrew question from will Blair. with William Nicholas

Andrew Nicholas

end of quantitatively, from particular, trusted ask in to but wanted to the of the for not the be any outside there kind outlook I advertising appears state and business, appetite on your of call. of and year, trying clients to next understand specifically maybe in kind or Neustar whether marketing demand or acceleration not

Christopher Cartwright

side to clearly, X has us the a helped up the over believe, ways. mid-single-digit Neustar of story, both of of outperformer various other average first credit the growth Neustar in been during strongly business, positive the what fraud, ownership. has The our communications, our communications it's and the offerings. variety been a soft pillars we is Well, market and on Yes. product years of X marketing And

our been We've period revenue. has average job what Neustar. OneTru we've $XXX this we'd I to $XX platform our expected it's and, accretive in below first committed also it accelerating bookings, we and First, a certainly great fraud, driving of portfolio are the at earnings product our to although delivered million and done of profitability marketing We over trusted We've do acknowledge at in when guided entirely synergies, on the course, call. our in pipelines in new reconstituted integration million savings.

realized which all over together we own our globally So the migrate great over hidden and tech increase to because done I was modernization the that a identified term, increase this is benefits in the in in initially great have intermediate we marketing in U.S. longer starting that complete eventually it's growth Neustar now the to guide time to technology, again, mainly and what innovation solutions. to indicated 'XX, deal digesting think stack my all already pulling the we're and I remarks, of their this we're with the the going look, platform. of has underlying of going of much And And as expect on really ceded marketing we've solutions of asset, we and countries powerful. the I value

fully save and going have savings of that program we're tech million that we said modernization benefits modernization. of our model, million $XXX our operating as realize We global $XXX our once flow next-gen our free part in tech to cash savings, from hard in the

long accelerating the think in as are. it to next market benefits brought year. And tech secondly, see can the profound our it's First, And of how industry, with you that list we also reflects it's unique products next-generation right? I our innovation,

see we're we confident do compete in Perhaps of -- improvement that the both material much, terms in the course a to the over positioned we course in worsening, marketing of next year, much we're see 'XX. but fraud don't and highly Now over of the and market? quarter better this any

Operator

come Ashish will from Our Sabadra next RBC with question Markets. Capital

Ashish Sabadra

Obviously, investments drive headwind investments you to the on the leverage like continue basis of balance But the margins. the margin the midterm, growth this how more XX do about margins expansion? much Just point as robust growth focus over to are to operating year. think we almost and wanted a with

Todd Cello

Ashish, thanks the for question.

it's the of you're there. to look column, that, talk which incremental revenue, XX% the $XXX that product that about the the suggest margin if a for let's is doesn't growth you at basically through. about about EBIT yes, year-over-year. -- When our first is we columns EBITDA about look variable you bridge -- provided we're $XXX revenue capture seeing So the When here referring you What's that at call at high adjusted you're the of bar and cost. if our less million our to million, just important flow would out guidance, end look

a such expenses in well merit increases the our replatform expense. technology the other put a The been lot than our there, margin, and as revenue trusted just credit. operating selling lower as higher towards but as normal as prior well still the response, in and contribution Chris as of which cost more a said do for skewed just also and We the expense, growth, our nevertheless, scores, lower attractive carry has course solutions contribution pure third-party expense has as margin, really cloud a software call

flow-through had So this throughout it XXXX, There's volume in and will see Manav significantly really in to the Chris asked. a bar point a that credit impact material positive making was good the was pertaining better. impact you'll to that question look

That's at second the XXXX. of $XX look realized top the million. you is in If that we the bar, $XX million on that

$XX the going benefit. And $XX of So other our million points we enjoy plus done we're the that increase amount a XXXX another to and take the business the basis our to through program performance. transformation 'XX, significant program. that Always which as intention related was that know, end not you get were we transformation margin million of XX in -- would with

tech will in the So more the savings conclusion of that at modernization. cost there's come XXXX

where with investment The our dollars. final putting we're you you. attempt showing is intentionally we transparent bar to you be are that see

for there put we included what's not in technology product first enhancements that's in bucket can is And you that last innovation. see this So are everything into the further category.

about for need or So answered, that for which side. also TruAudience -- in we platforms like Chris need marketing on just fraud, enable put place costs the whether and going sales to new product we the question incremental lot the that's we But Neustar of a to XXXX. specialists, in our still into side TruValidate

number. the it, in it's noted second slide, of this that's a the on the And just as expansion. about and is last to So piece it it's contemplated worth talk international

of the diversified believe that cyclical there. in excited the softening business. about portfolio We've We're just and perform benefit well. international India. to demographics market. in Our impact portfolio supporting We super we some And that seen that's the that, overall, continues It's how the don't really governments more get issue. to a favorable structural The a financial inclusion. we've

is what we that means areas continue like So to to India. invest need in

that's So here. you're what seeing

necessary build this about certain approach the investments. making for a we're and very So the taking how long-term making EBITDA for towards thinking future we guidance

Operator

Thind from question Jefferies. will The next come Surinder with

Surinder Thind

you think product about map as and Chris, that's innovation of everything road your out. coming terms in

support we would that does the to of rate? the Is in growth all accelerate, of what normalized period above-trend should of your years, a outer -- a for rate? that growth look what be else -- rollout we that intended mean products when kind is perhaps growth be entering As Or equal?

Christopher Cartwright

year. we turbulence terrific. year. the achieved said believe But years, at our we business X.X% growth have high guide. this we withdrew We're compound And to the during this to think we revenue that can guiding growth. prior last of long-term and X% that That's single continue X% will I Well,

of again the last orient we said, things. and we're and beginning conservative year, to towards of That's in And look, that high of is course the issuing the been more that the guide. year, these trying what this we've achieve end ourselves Now the year. prudent this been offset year, over

think enormously the TransUnion. X the categories our built I in marketing different that our the were is time. a if of That's across had quick it. solutions point product the is had over been this Post of grow all solutions platforms. one you point XX we retain and technology all And net had category, only replatforming, give or they built to win profound. at I'll on example. innovation Neustar the improvement the Those innovation acquisition in ability we to looked built, reengineering, marketing and and the in had products acquired, different the to competitiveness look, these positive

have TruAudience. for And solution it's X built integrated destination solution market into called and same that integrated capabilities forward platform all category. that and a the our fraud-related a what has XX representative down now very on workspace doing product all We since it's marketers, product is signal. we're every end-to-end data in print the of of step in powerful all It's and terms the

Operator

And from Autonomous. our with last Zhu will question Kelsey come

Unknown Analyst

XXXX, think customer drive And will for particularly So view think in in year. or the XXXX should longer more about demand, many credit going supply the half see in the What's hold that demand side tight particularly we of pretty investors second recovery saw how environment? credits? supply. customer rate a improvement to I the in higher

Christopher Cartwright

Good Yes. on. finish think, Well, first, supply question good I a on and the to side. place,

If into real market step in go experienced a was disruption -- the quarter, activity itself had September of of you Bank were migrating in others. a of market where XXXX third out it accounts. that Rates quarter back had deposits to some the increased down in supply. and uncertainty because in materially. In soundness, by we in Silicon Valley origination and QX, bank was bank safety And money course, money been of destabilized

banks, And stability. have the look been supply increasingly which on deploy mid-tier, the fourth the side all investment, if why supply growth down industry, they've bases, the reflect I community deposit think clamped that, at right? et replenishing so And the and consistently look since availability. to the you for you at side, that replenished seeking so eager point, lending deposit their they the cetera, they're greater if third is quarter rates And and

that some gave some Now health, had delinquencies lenders you about with to pause. in contrast concerns right? had some consumer rising categories We that

COVID Some of there loan was were to in where related the that era them those of credit -- in vintages issued the actually many delinquencies noise scores.

that, out inflation if It that the will various to led the led and presumption up, to of stronger delinquencies. of which you to drift the that consumers. government to offers consumers higher origination more support that credit financial turned caused offered scores temporal, All was under

and and lending improvement higher think healthy while activity. Now services, to across income era driving interest terms higher some starting the positioned I change, is remain are adjust healthy, interest net see of are you historical are think that rates, if with standards. will, side interest of to supply not rates rates financial also a of lot by higher to the the high normalizing, I rates easing we'll consumers the delinquencies current you're realizing higher in in during and quantitative

seeing particularly so of would therefore, activity. I consumer lot they era, And point subprime quickly. thing loans, then And their during some more is more that transaction you're only balances pretty comfort out the the card consumers up and levered a COVID

you're seeing back really And funding overweight their of debt material fintechs post increases and consolidation to are into consolidation more who origination in many debt need the flow they Now are volume. on loans. starting them

of those are things at. dynamics the So the are and the that the in But macro of consumer seems health some of administration. solid. bit Clearly, industry supply Part seem to the side looking the now. look, we're is pretty right the solid. a It dynamics, conditions, fortunes stable bumpy underlying change of

takes So hopefully, of that gives puts you discussion and some context.

Gregory Bardi

Perfect.

that's end think of time, day. to and a place for have Thanks the great rest the I great call. a your

Operator

presentation. now attending today's for has you conference Thank concluded. The

disconnect. You may now

TransUnion (TRU) 13 Feb 252024 Q4 Earnings call transcript