Financial Statements of Guarantors
As discussed in Note 9, “Debt,” the obligations under the 11.375% notes are unsecured obligations of Trans Union LLC and TransUnion Financing Corporation. However they are guaranteed by TransUnion Corp and certain 100% owned domestic subsidiaries of Trans Union LLC. TransUnion Holding does not guarantee the 11.375% notes. The guarantees of the guarantors are joint, several, full and unconditional. The accompanying consolidating financial information presents the financial position, income statement, comprehensive income and cash flows of the parent guarantor, the issuers, the guarantor subsidiaries as a group, and the non-guarantor subsidiaries as a group. Each entity’s investments in its subsidiaries, if any, are presented under the equity method. The domestic tax provision and related taxes receivable and payable, and the domestic deferred tax assets and liabilities, are prepared on a consolidated basis and are not fully allocated to individual legal entities. As a result, the information presented is not intended to present the financial position or results of operations of those entities on a stand-alone basis.
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Balance Sheet – Successor (Unaudited)
September 30, 2013
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | TransUnion Corp. Consolidated |
Assets | | | | | | | | | | | |
Current assets: | | | | | | | | | | | |
Cash and cash equivalents | $ | 22.6 |
| | $ | — |
| | $ | — |
| | $ | 94.9 |
| | $ | — |
| | $ | 117.5 |
|
Trade accounts receivable, net | — |
| | 104.9 |
| | 26.9 |
| | 51.9 |
| | — |
| | 183.7 |
|
Due from affiliates | — |
| | 10.7 |
| | — |
| | 58.3 |
| | (69.0 | ) | | — |
|
Other current assets | (14.5 | ) | | 43.9 |
| | (0.4 | ) | | 7.1 |
| | — |
| | 36.1 |
|
Total current assets | 8.1 |
| | 159.5 |
| | 26.5 |
| | 212.2 |
| | (69.0 | ) | | 337.3 |
|
Property, plant and equipment, net | — |
| | 98.6 |
| | 8.2 |
| | 18.4 |
| | — |
| | 125.2 |
|
Other marketable securities | — |
| | 11.6 |
| | — |
| | — |
| | — |
| | 11.6 |
|
Goodwill | — |
| | 1,145.6 |
| | 199.9 |
| | 509.9 |
| | — |
| | 1,855.4 |
|
Other intangibles, net | — |
| | 1,560.8 |
| | 135.7 |
| | 185.7 |
| | — |
| | 1,882.2 |
|
Other assets | 1,624.5 |
| | 1,093.9 |
| | 2.5 |
| | 49.2 |
| | (2,664.3 | ) | | 105.8 |
|
Total assets | $ | 1,632.6 |
| | $ | 4,070.0 |
| | $ | 372.8 |
| | $ | 975.4 |
| | $ | (2,733.3 | ) | | $ | 4,317.5 |
|
Liabilities and stockholders’ equity | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | |
Trade accounts payable | $ | 0.1 |
| | $ | 46.3 |
| | $ | 22.5 |
| | $ | 13.1 |
| | $ | — |
| | $ | 82.0 |
|
Due to affiliates | 43.8 |
| | — |
| | 7.1 |
| | — |
| | (50.9 | ) | | — |
|
Short-term debt and current portion of long-term debt | — |
| | 76.1 |
| | — |
| | 18.0 |
| | (18.0 | ) | | 76.1 |
|
Other current liabilities | 15.6 |
| | 81.9 |
| | 5.7 |
| | 25.4 |
| | — |
| | 128.6 |
|
Total current liabilities | 59.5 |
| | 204.3 |
| | 35.3 |
| | 56.5 |
| | (68.9 | ) | | 286.7 |
|
Long-term debt | — |
| | 1,652.3 |
| | — |
| | 6.5 |
| | (6.5 | ) | | 1,652.3 |
|
Other liabilities | (29.7 | ) | | 585.5 |
| | 32.7 |
| | 78.8 |
| | — |
| | 667.3 |
|
Total liabilities | 29.8 |
| | 2,442.1 |
| | 68.0 |
| | 141.8 |
| | (75.4 | ) | | 2,606.3 |
|
Redeemable noncontrolling interests | — |
| | — |
| | — |
| | 18.5 |
| | — |
| | 18.5 |
|
Total TransUnion Corp. stockholders’ equity | 1,602.8 |
| | 1,627.9 |
| | 304.8 |
| | 725.2 |
| | (2,657.9 | ) | | 1,602.8 |
|
Noncontrolling interests | — |
| | — |
| | — |
| | 89.9 |
| | — |
| | 89.9 |
|
Total stockholders’ equity | 1,602.8 |
| | 1,627.9 |
| | 304.8 |
| | 815.1 |
| | (2,657.9 | ) | | 1,692.7 |
|
Total liabilities and stockholders’ equity | $ | 1,632.6 |
| | $ | 4,070.0 |
| | $ | 372.8 |
| | $ | 975.4 |
| | $ | (2,733.3 | ) | | $ | 4,317.5 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Balance Sheet – Successor (Audited)
December 31, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | TransUnion Corp. Consolidated |
Assets | | | | | | | | | | | |
Current assets: | | | | | | | | | | | |
Cash and cash equivalents | $ | 75.3 |
| | $ | — |
| | $ | — |
| | $ | 79.0 |
| | $ | — |
| | $ | 154.3 |
|
Trade accounts receivable, net | — |
| | 98.0 |
| | 19.5 |
| | 46.1 |
| | — |
| | 163.6 |
|
Due from affiliates |
|
| |
|
| | 46.2 |
| | 56.7 |
| | (102.9 | ) | | — |
|
Other current assets | (0.3 | ) | | 52.7 |
| | (0.7 | ) | | 7.0 |
| | — |
| | 58.7 |
|
Total current assets | 75.0 |
| | 150.7 |
| | 65.0 |
| | 188.8 |
| | (102.9 | ) | | 376.6 |
|
Property, plant and equipment, net | — |
| | 95.8 |
| | 7.8 |
| | 17.6 |
| | — |
| | 121.2 |
|
Other marketable securities | — |
| | 11.4 |
| | — |
| | — |
| | — |
| | 11.4 |
|
Goodwill | — |
| | 961.6 |
| | 324.6 |
| | 518.0 |
| | — |
| | 1,804.2 |
|
Other intangibles, net | — |
| | 1,629.6 |
| | 75.8 |
| | 206.2 |
| | — |
| | 1,911.6 |
|
Other assets | 1,611.8 |
| | 1,235.2 |
| | 2.2 |
| | 42.4 |
| | (2,795.9 | ) | | 95.7 |
|
Total assets | $ | 1,686.8 |
| | $ | 4,084.3 |
| | $ | 475.4 |
| | $ | 973.0 |
| | $ | (2,898.8 | ) | | $ | 4,320.7 |
|
Liabilities and stockholders’ equity | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | |
Trade accounts payable | $ | — |
| | $ | 43.2 |
| | $ | 18.9 |
| | $ | 15.4 |
| | $ | — |
| | $ | 77.5 |
|
Due to affiliates | 14.9 |
| | 82.5 |
| | — |
| | — |
| | (97.4 | ) | | — |
|
Short-term debt and current portion of long-term debt | — |
| | 9.5 |
| | — |
| | 6.6 |
| | (5.5 | ) | | 10.6 |
|
Other current liabilities | 7.9 |
| | 68.4 |
| | 7.2 |
| | 23.5 |
| | — |
| | 107.0 |
|
Total current liabilities | 22.8 |
| | 203.6 |
| | 26.1 |
| | 45.5 |
| | (102.9 | ) | | 195.1 |
|
Long-term debt | — |
| | 1,672.3 |
| | — |
| | 6.5 |
| | (6.5 | ) | | 1,672.3 |
|
Other liabilities | (13.9 | ) | | 589.6 |
| | 2.0 |
| | 89.7 |
| | — |
| | 667.4 |
|
Total liabilities | 8.9 |
| | 2,465.5 |
| | 28.1 |
| | 141.7 |
| | (109.4 | ) | | 2,534.8 |
|
Redeemable noncontrolling interests | — |
| | — |
| | — |
| | 14.7 |
| | — |
| | 14.7 |
|
Total TransUnion Corp. stockholders’ equity | 1,677.9 |
| | 1,618.8 |
| | 447.3 |
| | 723.3 |
| | (2,789.4 | ) | | 1,677.9 |
|
Noncontrolling interests | — |
| | — |
| | — |
| | 93.3 |
| | — |
| | 93.3 |
|
Total stockholders’ equity | 1,677.9 |
| | 1,618.8 |
| | 447.3 |
| | 816.6 |
| | (2,789.4 | ) | | 1,771.2 |
|
Total liabilities and stockholders’ equity | $ | 1,686.8 |
| | $ | 4,084.3 |
| | $ | 475.4 |
| | $ | 973.0 |
| | $ | (2,898.8 | ) | | $ | 4,320.7 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Income – Successor (Unaudited)
For the Three Months Ended September 30, 2013
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | TransUnion Corp. Consolidated |
Revenue | $ | — |
| | $ | 178.6 |
| | $ | 69.4 |
| | $ | 66.3 |
| | $ | (14.8 | ) | | $ | 299.5 |
|
Operating expenses | | | | | | | | | | | |
Cost of services | — |
| | 78.6 |
| | 28.9 |
| | 18.5 |
| | (10.1 | ) | | 115.9 |
|
Selling, general and administrative | — |
| | 51.2 |
| | 19.9 |
| | 19.7 |
| | (4.9 | ) | | 85.9 |
|
Depreciation and amortization | — |
| | 37.7 |
| | 4.5 |
| | 5.8 |
| | — |
| | 48.0 |
|
Total operating expenses | — |
| | 167.5 |
| | 53.3 |
| | 44.0 |
| | (15.0 | ) | | 249.8 |
|
Operating income | — |
| | 11.1 |
| | 16.1 |
| | 22.3 |
| | 0.2 |
| | 49.7 |
|
Non-operating income and expense | | | | | | | | | | | |
Interest expense | — |
| | (24.8 | ) | | — |
| | (0.3 | ) | | 0.2 |
| | (24.9 | ) |
Interest income | — |
| | 0.2 |
| | — |
| | 0.8 |
| | (0.2 | ) | | 0.8 |
|
Other income and (expense), net | 18.7 |
| | 32.6 |
| | — |
| | (0.3 | ) | | (49.4 | ) | | 1.6 |
|
Total non-operating income and expense | 18.7 |
| | 8.0 |
| | — |
| | 0.2 |
| | (49.4 | ) | | (22.5 | ) |
Income before income taxes | 18.7 |
| | 19.1 |
| | 16.1 |
| | 22.5 |
| | (49.2 | ) | | 27.2 |
|
Provision for income taxes | (1.2 | ) | | (0.3 | ) | | — |
| | (6.2 | ) | | — |
| | (7.7 | ) |
Net income | 17.5 |
|
| 18.8 |
|
| 16.1 |
|
| 16.3 |
|
| (49.2 | ) | | 19.5 |
|
Less: net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (2.0 | ) | | — |
| | (2.0 | ) |
Net income attributable to TransUnion Corp. | $ | 17.5 |
| | $ | 18.8 |
| | $ | 16.1 |
| | $ | 14.3 |
| | $ | (49.2 | ) | | $ | 17.5 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Comprehensive Income – Successor (Unaudited)
For the Three Months Ended September 30, 2013
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | TransUnion Corp. Consolidated |
Net income | $ | 17.5 |
| | $ | 18.8 |
| | $ | 16.1 |
| | $ | 16.3 |
| | $ | (49.2 | ) | | $ | 19.5 |
|
Other comprehensive loss | | | | | | | | | | | |
Foreign currency translation adjustment | (2.2 | ) | | (2.2 | ) | | — |
| | (2.4 | ) | | 4.4 |
| | (2.4 | ) |
Net unrealized loss on hedges (net of tax at 36%) | (0.5 | ) | | (0.5 | ) | | — |
| | — |
| | 0.5 |
| | (0.5 | ) |
Total other comprehensive loss, net of tax | (2.7 | ) | | (2.7 | ) | | — |
| | (2.4 | ) | | 4.9 |
| | (2.9 | ) |
Comprehensive income | 14.8 |
| | 16.1 |
| | 16.1 |
| | 13.9 |
| | (44.3 | ) | | 16.6 |
|
Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (1.8 | ) | | — |
| | (1.8 | ) |
Comprehensive income attributable to TransUnion Corp. | $ | 14.8 |
| | $ | 16.1 |
| | $ | 16.1 |
| | $ | 12.1 |
| | $ | (44.3 | ) | | $ | 14.8 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Income – Successor (Unaudited)
For the Nine Months Ended September 30, 2013
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | TransUnion Corp. Consolidated |
Revenue | $ | — |
| | $ | 535.2 |
| | $ | 205.4 |
| | $ | 195.3 |
| | $ | (45.1 | ) | | $ | 890.8 |
|
Operating expenses | | | | | | | | | | | |
Cost of services | — |
| | 235.4 |
| | 90.8 |
| | 59.3 |
| | (30.6 | ) | | 354.9 |
|
Selling, general and administrative | — |
| | 158.5 |
| | 59.1 |
| | 61.1 |
| | (15.3 | ) | | 263.4 |
|
Depreciation and amortization | — |
| | 109.0 |
| | 11.5 |
| | 18.0 |
| | — |
| | 138.5 |
|
Total operating expenses | — |
| | 502.9 |
| | 161.4 |
| | 138.4 |
| | (45.9 | ) | | 756.8 |
|
Operating income | — |
| | 32.3 |
| | 44.0 |
| | 56.9 |
| | 0.8 |
| | 134.0 |
|
Non-operating income and expense | | | | | | | | | | | |
Interest expense | — |
| | (75.9 | ) | | 0.1 |
| | (0.8 | ) | | 0.7 |
| | (75.9 | ) |
Interest income | — |
| | 0.8 |
| | — |
| | 1.2 |
| | (0.7 | ) | | 1.3 |
|
Other income and (expense), net | 43.9 |
| | 87.7 |
| | 1.6 |
| | (0.5 | ) | | (130.2 | ) | | 2.5 |
|
Total non-operating income and expense | 43.9 |
| | 12.6 |
| | 1.7 |
| | (0.1 | ) | | (130.2 | ) | | (72.1 | ) |
Income before income taxes | 43.9 |
| | 44.9 |
| | 45.7 |
| | 56.8 |
| | (129.4 | ) | | 61.9 |
|
Provision for income taxes | (6.1 | ) | | (0.8 | ) | | (0.2 | ) | | (12.0 | ) | | — |
| | (19.1 | ) |
Net income | 37.8 |
| | 44.1 |
| | 45.5 |
| | 44.8 |
| | (129.4 | ) | | 42.8 |
|
Less: net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (5.0 | ) | | — |
| | (5.0 | ) |
Net income attributable to TransUnion Corp. | $ | 37.8 |
| | $ | 44.1 |
| | $ | 45.5 |
| | $ | 39.8 |
| | $ | (129.4 | ) | | $ | 37.8 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Comprehensive Income – Successor (Unaudited)
For the Nine Months Ended September 30, 2013
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | TransUnion Corp. Consolidated |
Net income | $ | 37.8 |
| | $ | 44.1 |
| | $ | 45.5 |
| | $ | 44.8 |
| | $ | (129.4 | ) | | $ | 42.8 |
|
Other comprehensive income (loss) | | | | | | | | | | | |
Foreign currency translation adjustment | (42.6 | ) | | (42.6 | ) | | — |
| | (46.1 | ) | | 85.2 |
| | (46.1 | ) |
Net unrealized gain on hedges (net of tax at 36%) | 2.6 |
| | 2.6 |
| | — |
| | — |
| | (2.6 | ) | | 2.6 |
|
Total other comprehensive loss, net of tax | (40.0 | ) | | (40.0 | ) | | — |
| | (46.1 | ) | | 82.6 |
| | (43.5 | ) |
Comprehensive income (loss) | (2.2 | ) | | 4.1 |
| | 45.5 |
| | (1.3 | ) | | (46.8 | ) | | (0.7 | ) |
Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (1.5 | ) | | — |
| | (1.5 | ) |
Comprehensive income (loss) attributable to TransUnion Corp. | $ | (2.2 | ) | | $ | 4.1 |
| | $ | 45.5 |
| | $ | (2.8 | ) | | $ | (46.8 | ) | | $ | (2.2 | ) |
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Income – Successor (Unaudited)
For the Three Months Ended September 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenue | $ | — |
| | $ | 178.6 |
| | $ | 61.1 |
| | $ | 66.1 |
| | $ | (14.1 | ) | | $ | 291.7 |
|
Operating expenses | | | | | | | | | | | |
Cost of services | — |
| | 73.7 |
| | 27.4 |
| | 19.7 |
| | (9.3 | ) | | 111.5 |
|
Selling, general and administrative | — |
| | 49.6 |
| | 13.2 |
| | 17.8 |
| | (5.1 | ) | | 75.5 |
|
Depreciation and amortization | — |
| | 35.5 |
| | 1.6 |
| | 6.0 |
| | — |
| | 43.1 |
|
Total operating expenses | — |
| | 158.8 |
| | 42.2 |
| | 43.5 |
| | (14.4 | ) | | 230.1 |
|
Operating income | — |
| | 19.8 |
| | 18.9 |
| | 22.6 |
| | 0.3 |
| | 61.6 |
|
Non-operating income and expense | | | | | | | | | | | |
Interest expense | — |
| | (27.7 | ) | | — |
| | — |
| | 0.1 |
| | (27.6 | ) |
Interest income | — |
| | 0.1 |
| | — |
| | 0.6 |
| | (0.1 | ) | | 0.6 |
|
Other income and (expense), net | 27.6 |
| | 36.0 |
| | 0.1 |
| | (3.1 | ) | | (61.2 | ) | | (0.6 | ) |
Total non-operating income and expense | 27.6 |
| | 8.4 |
| | 0.1 |
| | (2.5 | ) | | (61.2 | ) | | (27.6 | ) |
Income before income taxes | 27.6 |
| | 28.2 |
| | 19.0 |
| | 20.1 |
| | (60.9 | ) | | 34.0 |
|
Provision for income taxes | (6.8 | ) | | (0.5 | ) | | (0.2 | ) | | (3.5 | ) | | — |
| | (11.0 | ) |
Net income | 20.8 |
| | 27.7 |
| | 18.8 |
| | 16.6 |
| | (60.9 | ) | | 23.0 |
|
Less: net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (2.2 | ) | | — |
| | (2.2 | ) |
Net income attributable to TransUnion Corp. | $ | 20.8 |
| | $ | 27.7 |
| | $ | 18.8 |
| | $ | 14.4 |
| | $ | (60.9 | ) | | $ | 20.8 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Comprehensive Income – Successor (Unaudited)
For the Three Months Ended September 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income | $ | 20.8 |
| | $ | 27.7 |
| | $ | 18.8 |
| | $ | 16.6 |
| | $ | (60.9 | ) | | $ | 23.0 |
|
Other comprehensive loss | | | | | | | | | | | |
Foreign currency translation adjustment | (1.3 | ) | | (1.3 | ) | | — |
| | (1.2 | ) | | 2.6 |
| | (1.2 | ) |
Net unrealized loss on hedges (net of tax at 36%) | (1.4 | ) | | (1.4 | ) | | — |
| | — |
| | 1.4 |
| | (1.4 | ) |
Total other comprehensive loss, net of tax | (2.7 | ) | | (2.7 | ) | | — |
| | (1.2 | ) | | 4.0 |
| | (2.6 | ) |
Comprehensive income | 18.1 |
| | 25.0 |
| | 18.8 |
| | 15.4 |
| | (56.9 | ) | | 20.4 |
|
Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (2.3 | ) | | — |
| | (2.3 | ) |
Comprehensive income attributable to TransUnion Corp. | $ | 18.1 |
| | $ | 25.0 |
| | $ | 18.8 |
| | $ | 13.1 |
| | $ | (56.9 | ) | | $ | 18.1 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Income – Successor (Unaudited)
For the Five Month Ended September 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenue | $ | — |
| | $ | 295.5 |
| | $ | 103.5 |
| | $ | 109.8 |
| | $ | (26.2 | ) | | $ | 482.6 |
|
Operating expenses | | | | | | | | | | | |
Cost of services | — |
| | 125.4 |
| | 45.5 |
| | 32.8 |
| | (17.5 | ) | | 186.2 |
|
Selling, general and administrative | 0.1 |
| | 80.8 |
| | 24.4 |
| | 29.7 |
| | (9.2 | ) | | 125.8 |
|
Depreciation and amortization | — |
| | 59.2 |
| | 4.8 |
| | 8.1 |
| | — |
| | 72.1 |
|
Total operating expenses | 0.1 |
| | 265.4 |
| | 74.7 |
| | 70.6 |
| | (26.7 | ) | | 384.1 |
|
Operating income (loss) | (0.1 | ) | | 30.1 |
| | 28.8 |
| | 39.2 |
| | 0.5 |
| | 98.5 |
|
Non-operating income and expense | | | | | | | | | | | |
Interest expense | — |
| | (46.0 | ) | | — |
| | (0.1 | ) | | 0.1 |
| | (46.0 | ) |
Interest income | — |
| | 0.1 |
| | — |
| | 0.7 |
| | (0.1 | ) | | 0.7 |
|
Other income and (expense), net | 41.7 |
| | 58.3 |
| | — |
| | (3.3 | ) | | (96.9 | ) | | (0.2 | ) |
Total non-operating income and expense | 41.7 |
| | 12.4 |
| | — |
| | (2.7 | ) | | (96.9 | ) | | (45.5 | ) |
Income before income taxes | 41.6 |
| | 42.5 |
| | 28.8 |
| | 36.5 |
| | (96.4 | ) | | 53.0 |
|
Provision for income taxes | (11.2 | ) | | (0.5 | ) | | (0.2 | ) | | (7.4 | ) | | — |
| | (19.3 | ) |
Net income | 30.4 |
|
| 42.0 |
|
| 28.6 |
|
| 29.1 |
|
| (96.4 | ) | | 33.7 |
|
Less: net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (3.3 | ) | | — |
| | (3.3 | ) |
Net income attributable to TransUnion Corp. | $ | 30.4 |
| | $ | 42.0 |
| | $ | 28.6 |
| | $ | 25.8 |
| | $ | (96.4 | ) | | $ | 30.4 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Comprehensive Income – Successor (Unaudited)
For the Five Month Ended September 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income | $ | 30.4 |
| | $ | 42.0 |
| | $ | 28.6 |
| | $ | 29.1 |
| | $ | (96.4 | ) | | $ | 33.7 |
|
Other comprehensive loss | | | | | | | | | | | |
Foreign currency translation adjustment | (6.9 | ) | | (6.9 | ) | | — |
| | (7.6 | ) | | 13.8 |
| | (7.6 | ) |
Net Unrealized loss on hedges (net of tax at 36%) | (3.4 | ) | | (3.4 | ) | | — |
| | — |
| | 3.4 |
| | (3.4 | ) |
Total other comprehensive income, net of tax | (10.3 | ) | | (10.3 | ) | | — |
| | (7.6 | ) | | 17.2 |
| | (11.0 | ) |
Comprehensive income | 20.1 |
| | 31.7 |
| | 28.6 |
| | 21.5 |
| | (79.2 | ) | | 22.7 |
|
Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (2.6 | ) | | — |
| | (2.6 | ) |
Comprehensive income attributable to TransUnion Corp. | $ | 20.1 |
| | $ | 31.7 |
| | $ | 28.6 |
| | $ | 18.9 |
| | $ | (79.2 | ) | | $ | 20.1 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Income – Predecessor (Unaudited)
For the Four Months Ended April 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenue | $ | — |
| | $ | 228.7 |
| | $ | 82.5 |
| | $ | 84.6 |
| | $ | (22.8 | ) | | $ | 373.0 |
|
Operating expenses | | | | | | | | | | | |
Cost of services | — |
| | 122.6 |
| | 36.1 |
| | 29.6 |
| | (16.3 | ) | | 172.0 |
|
Selling, general and administrative | 0.1 |
| | 120.0 |
| | 30.5 |
| | 28.3 |
| | (6.9 | ) | | 172.0 |
|
Depreciation and amortization | — |
| | 19.8 |
| | 5.9 |
| | 3.5 |
| | — |
| | 29.2 |
|
Total operating expenses | 0.1 |
| | 262.4 |
| | 72.5 |
| | 61.4 |
| | (23.2 | ) | | 373.2 |
|
Operating income (loss) | (0.1 | ) | | (33.7 | ) | | 10.0 |
| | 23.2 |
| | 0.4 |
| | (0.2 | ) |
Non-operating income and expense | | | | | | | | | | | |
Interest expense | (0.3 | ) | | (40.2 | ) | | — |
| | (0.3 | ) | | 0.3 |
| | (40.5 | ) |
Interest income | 0.3 |
| | 0.3 |
| | — |
| | 0.3 |
| | (0.3 | ) | | 0.6 |
|
Other income and (expense), net | (72.7 | ) | | 23.4 |
| | — |
| | (0.4 | ) | | 25.9 |
| | (23.8 | ) |
Total non-operating income and expense | (72.7 | ) | | (16.5 | ) | | — |
| | (0.4 | ) | | 25.9 |
| | (63.7 | ) |
Income (loss) before income taxes | (72.8 | ) | | (50.2 | ) | | 10.0 |
| | 22.8 |
| | 26.3 |
| | (63.9 | ) |
Provision for income taxes | 17.9 |
| | (1.6 | ) | | — |
| | (4.8 | ) | | — |
| | 11.5 |
|
Net income (loss) | (54.9 | ) | | (51.8 | ) | | 10.0 |
| | 18.0 |
| | 26.3 |
| | (52.4 | ) |
Less: net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (2.5 | ) | | — |
| | (2.5 | ) |
Net income (loss) attributable to TransUnion Corp. | $ | (54.9 | ) | | $ | (51.8 | ) | | $ | 10.0 |
| | $ | 15.5 |
| | $ | 26.3 |
| | $ | (54.9 | ) |
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Comprehensive Income – Predecessor (Unaudited)
For the Four Months Ended April 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net income (loss) | $ | (54.9 | ) | | $ | (51.8 | ) | | $ | 10.0 |
| | $ | 18.0 |
| | $ | 26.3 |
| | $ | (52.4 | ) |
Other comprehensive income, net of tax | | | | | | | | | | | |
Foreign currency translation adjustment | 2.2 |
| | 2.2 |
| | — |
| | 2.5 |
| | (4.4 | ) | | 2.5 |
|
Total other comprehensive income, net of tax | 2.2 |
| | 2.2 |
| | — |
| | 2.5 |
| | (4.4 | ) | | 2.5 |
|
Comprehensive income (loss) | (52.7 | ) | | (49.6 | ) | | 10.0 |
| | 20.5 |
| | 21.9 |
| | (49.9 | ) |
Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (2.8 | ) | | — |
| | (2.8 | ) |
Comprehensive income (loss) attributable to TransUnion Corp. | $ | (52.7 | ) | | $ | (49.6 | ) | | $ | 10.0 |
| | $ | 17.7 |
| | $ | 21.9 |
| | $ | (52.7 | ) |
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Cash Flows – Successor (Unaudited)
Nine Months Ended September 30, 2013
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | TransUnion Corp. Consolidated |
Cash provided by (used in) operating activities | $ | 25.3 |
| | $ | (6.8 | ) | | $ | 110.5 |
| | $ | 57.7 |
| | $ | — |
| | $ | 186.7 |
|
Cash flows from investing activities: | | | | | | | | | | | |
Capital expenditures for property and equipment | — |
| | (38.3 | ) | | (9.7 | ) | | (6.1 | ) | | — |
| | (54.1 | ) |
Proceeds from sale of trading securities | — |
| | 2.2 |
| | — |
| | — |
| | — |
| | 2.2 |
|
Investments in trading securities | — |
| | (1.7 | ) | | — |
| | — |
| | — |
| | (1.7 | ) |
Acquisitions and purchases of noncontrolling interests, net of cash acquired | — |
| | — |
| | (104.2 | ) | | (31.6 | ) | | — |
| | (135.8 | ) |
Proceeds from sale of other assets | — |
| | 0.9 |
| | 3.2 |
| | 0.1 |
| | — |
| | 4.2 |
|
Issuance of intercompany notes | — |
| | (32.0 | ) | | — |
| | — |
| | 32.0 |
| | — |
|
Proceeds from repayment of intercompany notes | — |
| | 19.5 |
| | — |
| | — |
| | (19.5 | ) | | — |
|
Acquisition related deposits | | | | | | | (9.0 | ) | | | | (9.0 | ) |
Other | — |
| | — |
| | 0.2 |
| | 1.5 |
| | — |
| | 1.7 |
|
Cash used in investing activities | — |
| | (49.4 | ) | | (110.5 | ) | | (45.1 | ) | | 12.5 |
| | (192.5 | ) |
Cash flows from financing activities: | | | | | | | | | | | |
Proceeds from senior secured credit facility | — |
| | 923.4 |
| | — |
| | — |
| | — |
| | 923.4 |
|
Extinguishment of senior secured credit facility | — |
| | (923.4 | ) | | — |
| | — |
| | — |
| | (923.4 | ) |
Proceeds from senior secured revolving line of credit | — |
| | 65.0 |
| | — |
| | — |
| | — |
| | 65.0 |
|
Repayments of debt | — |
| | (7.6 | ) | | — |
| | (1.1 | ) | | — |
| | (8.7 | ) |
Proceeds from capital lease | — |
| | 2.0 |
| | — |
| | — |
| | — |
| | 2.0 |
|
Debt financing fees | — |
| | (3.2 | ) | | — |
| | — |
| | — |
| | (3.2 | ) |
Dividends to TransUnion Holding | (78.0 | ) | | — |
| | — |
| | — |
| | — |
| | (78.0 | ) |
Proceeds from intercompany notes | — |
| | — |
| | — |
| | 32.0 |
| | (32.0 | ) | | — |
|
Repayment of intercompany notes | — |
| | — |
| | — |
| | (19.5 | ) | | 19.5 |
| | — |
|
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (2.8 | ) | | — |
| | (2.8 | ) |
Cash provided by (used in) financing activities | (78.0 | ) | | 56.2 |
| | — |
| | 8.6 |
| | (12.5 | ) | | (25.7 | ) |
Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | — |
| | (5.3 | ) | | — |
| | (5.3 | ) |
Net change in cash and cash equivalents | (52.7 | ) | | — |
| | — |
| | 15.9 |
| | — |
| | (36.8 | ) |
Cash and cash equivalents, beginning of period | 75.3 |
| | — |
| | — |
| | 79.0 |
| | — |
| | 154.3 |
|
Cash and cash equivalents, end of period | $ | 22.6 |
| | $ | — |
| | $ | — |
| | $ | 94.9 |
| | $ | — |
| | $ | 117.5 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Cash Flows – Successor (Unaudited)
For the Five Months Ended September 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Cash provided by operating activities | $ | 24.1 |
| | $ | 28.0 |
| | $ | 4.4 |
| | $ | 20.6 |
| | $ | — |
| | $ | 77.1 |
|
Cash flows from investing activities: | | | | | | | | | | | |
Capital expenditures for property and equipment | — |
| | (19.0 | ) | | (4.4 | ) | | (2.8 | ) | | — |
| | (26.2 | ) |
Investments in trading securities | — |
| | (0.3 | ) | | — |
| | — |
| | — |
| | (0.3 | ) |
Acquisitions and purchases of noncontrolling interests, net of cash acquired | — |
| | — |
| | — |
| | (10.5 | ) | | — |
| | (10.5 | ) |
Proceeds from notes receivable | — |
| | — |
| | — |
| | 3.9 |
| | (3.9 | ) | | — |
|
Other | — |
| | — |
| | — |
| | (1.5 | ) | | — |
| | (1.5 | ) |
Cash used in investing activities | — |
| | (19.3 | ) | | (4.4 | ) | | (10.9 | ) | | (3.9 | ) | | (38.5 | ) |
Cash flows from financing activities: | | | | | | | | | | | |
Repayments of debt | — |
| | (8.7 | ) | | — |
| | — |
| | 3.9 |
| | (4.8 | ) |
Change in control transaction fees | (0.3 | ) | | — |
| | — |
| | — |
| | — |
| | (0.3 | ) |
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (2.1 | ) | | — |
| | (2.1 | ) |
Cash used in financing activities | (0.3 | ) | | (8.7 | ) | | — |
| | (2.1 | ) | | 3.9 |
| | (7.2 | ) |
Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | — |
| | (0.6 | ) | | — |
| | (0.6 | ) |
Net change in cash and cash equivalents | 23.8 |
| | — |
| | — |
| | 7.0 |
| | — |
| | 30.8 |
|
Cash and cash equivalents, beginning of period | 35.2 |
| | — |
| | — |
| | 61.2 |
| | — |
| | 96.4 |
|
Cash and cash equivalents, end of period | $ | 59.0 |
| | $ | — |
| | $ | — |
| | $ | 68.2 |
| | $ | — |
| | $ | 127.2 |
|
TRANSUNION CORP. AND SUBSIDIARIES
Consolidating Statement of Cash Flows – Predecessor (Unaudited)
For the Four Months Ended April 30, 2012
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Parent TransUnion Corp. | | Issuers Trans Union LLC and TransUnion Financing Corporation | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Cash provided by (used in) operating activities | $ | 34.8 |
| | $ | (3.5 | ) | | $ | 4.5 |
| | $ | 16.5 |
| | $ | 0.1 |
| | $ | 52.4 |
|
Cash flows from investing activities: | | | | | | | | | | | |
Capital expenditures for property and equipment | — |
| | (15.6 | ) | | (3.6 | ) | | (1.2 | ) | | — |
| | (20.4 | ) |
Proceeds from sale of trading securities | — |
| | 1.1 |
| | — |
| | — |
| | — |
| | 1.1 |
|
Investments in trading securities | — |
| | (1.1 | ) | | — |
| | — |
| | — |
| | (1.1 | ) |
Acquisitions and purchases of noncontrolling interests, net of cash acquired | — |
| | — |
| | — |
| | (0.1 | ) | | — |
| | (0.1 | ) |
Proceeds from notes receivable | — |
| | 22.6 |
| | — |
| | — |
| | (22.6 | ) | | — |
|
Issuance of notes receivable | — |
| | — |
| | — |
| | (4.1 | ) | | 4.1 |
| | — |
|
Proceeds from sale of other assets | — |
| | — |
| | 0.2 |
| | — |
| | — |
| | 0.2 |
|
Other | — |
| | — |
| | (0.3 | ) | | 1.0 |
| | — |
| | 0.7 |
|
Cash provided by (used in) investing activities | — |
| | 7.0 |
| | (3.7 | ) | | (4.4 | ) | | (18.5 | ) | | (19.6 | ) |
Cash flows from financing activities: | | | | | | | | | | | |
Repayments of debt | (10.3 | ) | | (2.5 | ) | | (0.9 | ) | | (23.5 | ) | | 22.6 |
| | (14.6 | ) |
Debt financing fees | — |
| | (6.1 | ) | | — |
| | — |
| | — |
| | (6.1 | ) |
Distribution of merger consideration | (1.3 | ) | | — |
| | — |
| | — |
| | — |
| | (1.3 | ) |
Change in control transaction fees | (20.9 | ) | | — |
| | — |
| | — |
| | — |
| | (20.9 | ) |
Proceeds from issuance of debt | — |
| | 4.1 |
| | — |
| | — |
| | (4.1 | ) | | — |
|
Distributions to noncontrolling interests | — |
| | — |
| | — |
| | (0.4 | ) | | — |
| | (0.4 | ) |
Other | (1.7 | ) | | — |
| | — |
| | 0.1 |
| | (0.1 | ) | | (1.7 | ) |
Cash used in financing activities | (34.2 | ) | | (4.5 | ) | | (0.9 | ) | | (23.8 | ) | | 18.4 |
| | (45.0 | ) |
Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | — |
| | 0.8 |
| | — |
| | 0.8 |
|
Net change in cash and cash equivalents | 0.6 |
| | (1.0 | ) | | (0.1 | ) | | (10.9 | ) | | — |
| | (11.4 | ) |
Cash and cash equivalents, beginning of period | 34.6 |
| | 1.0 |
| | 0.1 |
| | 72.1 |
| | — |
| | 107.8 |
|
Cash and cash equivalents, end of period | $ | 35.2 |
| | $ | — |
| | $ | — |
| | $ | 61.2 |
| | $ | — |
| | $ | 96.4 |
|