Delaware | 001-37470 | 61-1678417 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
555 West Adams Street, Chicago, Illinois | 60661 | |
(Address of Principal Executive Offices) | (Zip Code) |
⃞ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
⃞ | Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12) |
⃞ | Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b)) |
⃞ | Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e− 4(c)) |
Exhibit No. | Description | ||
Press release of TransUnion dated February 14, 2019, announcing results for the quarter ended December 31, 2018. | |||
Reconciliation of Callcredit revenue to Adjusted Revenue for the year ended December 31, 2018, reconciliation of Callcredit operating loss to Adjusted EBITDA for the year ended December 31, 2017 and 2018, reconciliation of the combined pro forma revenue to pro forma Adjusted Revenue for the years ended ended December 31, 2017 and 2018, and reconciliation of pro forma net income from continuing operations to pro forma Adjusted EBITDA for the years ended December 31, 2017 and 2018. | |||
Schedule of Revenue, Adjusted Revenue, and Adjusted EBITDA by Segment; Growth rates for Revenue, Adjusted Revenue, and Adjusted EBITDA by Segment as Reported, Inorganic, Organic, and Organic CC; for the years ending December 31, 2018, 2017, and 2016; and quarters ending March 31, 2018, June 30, 2018, September 30, 2018, and December 31, 2018. |
• | Total revenue for the quarter was $613 million, an increase of 21 percent compared with the fourth quarter of 2017 (22 percent on a constant currency basis, 11 percent on an organic constant currency basis). |
• | Adjusted revenue, which removes the impact of deferred revenue purchase accounting reductions and other adjustments to revenue for our recently acquired entities, was $624 million for the quarter, an increase of 23 percent compared with the fourth quarter of 2017 (25 percent on a constant currency basis, 11 percent on an organic constant currency basis). |
• | Net income attributable to TransUnion was $102 million for the fourth quarter, compared with $245 million in the fourth quarter of 2017. Diluted earnings per share was $0.53 for the quarter, compared with $1.29 in the fourth quarter of 2017. Our fourth quarter 2017 net income attributable to TransUnion and diluted earnings per share were significantly impacted by estimated tax provision benefits from the Tax Cuts and Jobs Act. |
• | Adjusted Net Income was $126 million, compared with $95 million in the fourth quarter of 2017. Adjusted Diluted Earnings per Share was $0.66, compared with $0.50 in the fourth quarter of 2017. |
• | Adjusted EBITDA for the quarter was $249 million, an increase of 27 percent compared with the fourth quarter of 2017 (29 percent on a constant currency basis). Adjusted EBITDA margin for the quarter was 39.9 percent, compared with 38.8 percent in the fourth quarter of 2017. |
• | Financial Services revenue was $190 million, an increase of 19 percent compared with the fourth quarter of 2017 (15 percent on an organic basis). |
• | Emerging Verticals, which includes Healthcare, Insurance and all other verticals, revenue was $179 million, an increase of 18 percent compared with the fourth quarter of 2017 (9 percent on an organic basis). Adjusted revenue was $180 million. |
• | Canada revenue was $26 million, an increase of 12 percent (16 percent on a constant currency basis) compared with the fourth quarter of 2017. |
• | Latin America revenue was $27 million, an increase of 5 percent (14 percent on a constant currency basis) compared with the fourth quarter of 2017. |
• | United Kingdom revenue was $35 million. Adjusted Revenue was $45 million. |
• | Africa revenue was $16 million, an increase of 11 percent (17 percent on a constant currency basis) compared with the fourth quarter of 2017. |
• | India revenue was $22 million, an increase of 23 percent (37 percent on a constant currency basis) compared with the fourth quarter of 2017. |
• | Asia Pacific revenue was $15 million, a decrease of 1 percent (essentially flat on a constant currency basis) compared with the fourth quarter of 2017. |
E-mail: | Investor.Relations@transunion.com |
Telephone: | 312.985.2860 |
December 31, 2018 | December 31, 2017 | ||||||
Unaudited | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 187.4 | $ | 115.8 | |||
Trade accounts receivable, net of allowance of $13.5 and $9.9 | 456.8 | 326.7 | |||||
Other current assets | 136.5 | 146.2 | |||||
Current assets of discontinued operations | 60.8 | — | |||||
Total current assets | 841.5 | 588.7 | |||||
Property, plant and equipment, net of accumulated depreciation and amortization of $366.2 and $299.3 | 220.3 | 198.6 | |||||
Goodwill | 3,293.6 | 2,368.8 | |||||
Other intangibles, net of accumulated amortization of $1,206.7 and $993.6 | 2,548.1 | 1,825.8 | |||||
Other assets | 136.3 | 136.6 | |||||
Total assets | $ | 7,039.8 | $ | 5,118.5 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 169.9 | $ | 131.3 | |||
Short-term debt and current portion of long-term debt | 71.7 | 119.3 | |||||
Other current liabilities | 284.1 | 207.8 | |||||
Current liabilities of discontinued operations | 22.8 | — | |||||
Total current liabilities | 548.5 | 458.4 | |||||
Long-term debt | 3,976.4 | 2,345.3 | |||||
Deferred taxes | 478.0 | 419.4 | |||||
Other liabilities | 54.7 | 70.8 | |||||
Total liabilities | 5,057.6 | 3,293.9 | |||||
Stockholders’ equity: | |||||||
Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2018 and December 31, 2017; 190.0 million and 187.4 million shares issued as of December 31, 2018 and December 31, 2017, respectively; and 185.7 million and 183.2 million shares outstanding as of December 31, 2018 and December 31, 2017, respectively | 1.9 | 1.9 | |||||
Additional paid-in capital | 1,947.3 | 1,863.5 | |||||
Treasury stock at cost; 4.2 million shares at December 31, 2018 and December 31, 2017 | (139.9 | ) | (138.8 | ) | |||
Retained earnings | 363.1 | 137.4 | |||||
Accumulated other comprehensive loss | (282.7 | ) | (135.3 | ) | |||
Total TransUnion stockholders’ equity | 1,889.7 | 1,728.7 | |||||
Noncontrolling interest | 92.5 | 95.9 | |||||
Total stockholders’ equity | 1,982.2 | 1,824.6 | |||||
Total liabilities and stockholders’ equity | $ | 7,039.8 | $ | 5,118.5 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenue | $ | 613.1 | $ | 506.1 | $ | 2,317.2 | $ | 1,933.8 | ||||||||
Operating expenses | ||||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | 211.2 | 173.3 | 790.1 | 645.7 | ||||||||||||
Selling, general and administrative | 183.1 | 149.4 | 707.7 | 585.4 | ||||||||||||
Depreciation and amortization | 88.1 | 61.8 | 306.9 | 238.0 | ||||||||||||
Total operating expenses | 482.4 | 384.6 | 1,804.7 | 1,469.1 | ||||||||||||
Operating income | 130.7 | 121.5 | 512.5 | 464.7 | ||||||||||||
Non-operating income and (expense) | ||||||||||||||||
Interest expense | (45.0 | ) | (21.8 | ) | (137.5 | ) | (87.6 | ) | ||||||||
Interest income | 2.0 | 1.3 | 5.5 | 5.5 | ||||||||||||
Earnings from equity method investments | 1.5 | 2.7 | 9.9 | 9.1 | ||||||||||||
Other income and (expense), net | (1.3 | ) | (3.7 | ) | (46.9 | ) | (19.2 | ) | ||||||||
Total non-operating income and (expense) | (42.8 | ) | (21.4 | ) | (169.0 | ) | (92.2 | ) | ||||||||
Income from continuing operations before income taxes | 87.9 | 100.1 | 343.5 | 372.5 | ||||||||||||
(Provision) benefit for income taxes | 17.6 | 147.8 | (54.5 | ) | 79.1 | |||||||||||
Income from continuing operations | 105.5 | 247.9 | 289.0 | 451.6 | ||||||||||||
Discontinued operations, net of tax | (0.1 | ) | — | (1.5 | ) | — | ||||||||||
Net income | 105.4 | 247.9 | 287.5 | 451.6 | ||||||||||||
Less: net income attributable to noncontrolling interests | (3.3 | ) | (2.8 | ) | (10.9 | ) | (10.4 | ) | ||||||||
Net income attributable to TransUnion | $ | 102.1 | $ | 245.1 | $ | 276.6 | $ | 441.2 | ||||||||
Basic earnings per common share from: | ||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 0.55 | $ | 1.34 | $ | 1.51 | $ | 2.42 | ||||||||
Discontinued operations, net of tax | — | — | (0.01 | ) | — | |||||||||||
Net Income attributable to TransUnion | $ | 0.55 | $ | 1.34 | $ | 1.50 | $ | 2.42 | ||||||||
Diluted earnings per common share from: | ||||||||||||||||
Income from continuing operations attributable to TransUnion | $ | 0.53 | $ | 1.29 | $ | 1.46 | $ | 2.32 | ||||||||
Discontinued operations, net of tax | — | — | (0.01 | ) | — | |||||||||||
Net Income attributable to TransUnion | $ | 0.53 | $ | 1.29 | $ | 1.45 | $ | 2.32 | ||||||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic | 185.5 | 182.7 | 184.6 | 182.4 | ||||||||||||
Diluted | 191.0 | 189.7 | 190.9 | 189.9 |
Twelve Months Ended December 31 | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 287.5 | $ | 451.6 | |||
Add: loss from discontinued operations, net of tax | 1.5 | — | |||||
Income from continuing operations | 289.0 | 451.6 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 306.9 | 238.0 | |||||
Loss on debt financing transactions | 12.0 | 10.5 | |||||
Amortization and (gain) loss on fair value of hedge instruments | (0.7 | ) | 0.7 | ||||
Impairment of cost method investment, net | 1.5 | — | |||||
Equity in net income of affiliates, net of dividends | (0.1 | ) | (1.7 | ) | |||
Deferred taxes | (69.0 | ) | (212.8 | ) | |||
Amortization of discount and deferred financing fees | 4.8 | 2.7 | |||||
Stock-based compensation | 57.9 | 33.1 | |||||
Payment of contingent obligation | (0.2 | ) | (2.2 | ) | |||
Provision for losses on trade accounts receivable | 8.6 | 6.6 | |||||
Other | 4.1 | (3.4 | ) | ||||
Changes in assets and liabilities: | |||||||
Trade accounts receivable | (113.8 | ) | (44.7 | ) | |||
Other current and long-term assets | 17.1 | (59.8 | ) | ||||
Trade accounts payable | 20.7 | 9.7 | |||||
Other current and long-term liabilities | 20.6 | 37.5 | |||||
Cash provided by operating activities of continuing operations | 559.4 | 465.8 | |||||
Cash used in operating activities of discontinued operations | (3.7 | ) | — | ||||
Cash provided by operating activities | 555.7 | 465.8 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (180.1 | ) | (135.3 | ) | |||
Proceeds from sale of trading securities | 1.8 | 3.0 | |||||
Purchases of trading securities | (2.1 | ) | (1.8 | ) | |||
Proceeds from sale of other investments | 24.3 | 59.2 | |||||
Purchases of other investments | (31.8 | ) | (50.2 | ) | |||
Acquisitions and purchases of noncontrolling interests, net of cash acquired | (1,828.4 | ) | (342.6 | ) | |||
Acquisition-related deposits | — | (13.5 | ) | ||||
Other | (1.3 | ) | 0.4 | ||||
Cash used in investing activities of continuing operations | (2,017.6 | ) | (480.8 | ) | |||
Cash used in investing activities of discontinued operations | (0.1 | ) | — | ||||
Cash used in investing activities | (2,017.7 | ) | (480.8 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from Senior Secured Term Loan B-4 | 1,000.0 | — | |||||
Proceeds from Senior Secured Term Loan A-2 | 800.0 | 33.4 | |||||
Proceeds from senior secured revolving line of credit | 125.0 | 215.0 | |||||
Payments of senior secured revolving line of credit | (210.0 | ) | (130.0 | ) |
Twelve Months Ended December 31 | |||||||
2018 | 2017 | ||||||
Repayments of debt | (114.3 | ) | (32.5 | ) | |||
Debt financing fees | (33.8 | ) | (12.6 | ) | |||
Proceeds from issuance of common stock and exercise of stock options | 26.2 | 27.1 | |||||
Dividends to stockholders | (41.6 | ) | — | ||||
Treasury stock purchased | — | (133.5 | ) | ||||
Distributions to noncontrolling interests | (10.1 | ) | (10.3 | ) | |||
Payment of contingent obligation | — | (8.3 | ) | ||||
Other | (1.2 | ) | — | ||||
Cash provided by (used in) financing activities | 1,540.2 | (51.7 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (6.6 | ) | 0.3 | ||||
Net change in cash and cash equivalents | 71.6 | (66.4 | ) | ||||
Cash and cash equivalents, beginning of period | 115.8 | 182.2 | |||||
Cash and cash equivalents, end of period | 187.4 | $ | 115.8 |
For the Three Months Ended December 31, 2018 compared with the Three Months Ended December 31, 2017 | |||||||||||||||
Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | |||||||||||
Revenue: | |||||||||||||||
Consolidated | 21.1 | % | 22.5 | % | 11.0 | % | 10.1 | % | 11.4 | % | |||||
USIS | 18.4 | % | 18.4 | % | 6.6 | % | 11.9 | % | 11.9 | % | |||||
Financial Services | 19.0 | % | 19.0 | % | 4.3 | % | 14.7 | % | 14.7 | % | |||||
Emerging Verticals | 17.8 | % | 17.9 | % | 8.9 | % | 8.9 | % | 8.9 | % | |||||
International | 46.8 | % | 53.8 | % | 36.8 | % | 10.1 | % | 17.0 | % | |||||
Canada | 12.2 | % | 16.4 | % | — | % | 12.2 | % | 16.4 | % | |||||
Latin America | 5.0 | % | 13.7 | % | — | % | 5.0 | % | 13.7 | % | |||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | |||||
Africa | 11.5 | % | 16.8 | % | — | % | 11.5 | % | 16.8 | % | |||||
India | 23.2 | % | 37.5 | % | — | % | 23.2 | % | 37.5 | % | |||||
Asia Pacific | (1.3 | )% | (0.2 | )% | — | % | (1.3 | )% | (0.2 | )% | |||||
Consumer Interactive | 5.7 | % | 5.7 | % | — | % | 5.7 | % | 5.7 | % | |||||
Adjusted Revenue: | |||||||||||||||
Consolidated | 23.2 | % | 24.5 | % | 13.1 | % | 10.1 | % | 11.4 | % | |||||
USIS | 18.7 | % | 18.7 | % | 6.9 | % | 11.9 | % | 11.9 | % | |||||
Financial Services | 19.0 | % | 19.0 | % | 4.3 | % | 14.7 | % | 14.7 | % | |||||
Emerging Verticals | 18.4 | % | 18.4 | % | 9.5 | % | 8.9 | % | 8.9 | % | |||||
International | 56.7 | % | 63.6 | % | 46.6 | % | 10.1 | % | 17.0 | % | |||||
Canada | 12.2 | % | 16.4 | % | — | % | 12.2 | % | 16.4 | % | |||||
Latin America | 5.0 | % | 13.7 | % | — | % | 5.0 | % | 13.7 | % | |||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | |||||
Africa | 11.5 | % | 16.8 | % | — | % | 11.5 | % | 16.8 | % | |||||
India | 23.2 | % | 37.5 | % | — | % | 23.2 | % | 37.5 | % | |||||
Asia Pacific | (1.3 | )% | (0.2 | )% | — | % | (1.3 | )% | (0.2 | )% | |||||
Consumer Interactive | 5.7 | % | 5.7 | % | — | % | 5.7 | % | 5.7 | % | |||||
Adjusted EBITDA: | |||||||||||||||
Consolidated | 26.8 | % | 28.5 | % | 12.4 | % | 14.4 | % | 16.1 | % | |||||
USIS | 16.7 | % | 16.9 | % | 5.0 | % | 11.7 | % | 11.8 | % | |||||
International | 67.8 | % | 76.6 | % | 49.5 | % | 18.3 | % | 27.2 | % | |||||
Consumer Interactive | 8.6 | % | 8.6 | % | — | % | 8.6 | % | 8.6 | % |
For the Year Ended December 31, 2018 compared with the Year Ended December 31, 2017 | |||||||||||||||
Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | |||||||||||
Revenue: | |||||||||||||||
Consolidated | 19.8 | % | 20.3 | % | 7.9 | % | 11.9 | % | 12.4 | % | |||||
USIS | 20.0 | % | 20.0 | % | 6.8 | % | 13.2 | % | 13.2 | % | |||||
Financial Services | 23.4 | % | 23.4 | % | 6.0 | % | 17.4 | % | 17.4 | % | |||||
Emerging Verticals | 16.4 | % | 16.4 | % | 7.6 | % | 8.7 | % | 8.7 | % | |||||
International | 30.5 | % | 33.1 | % | 19.7 | % | 10.8 | % | 13.3 | % | |||||
Canada | 12.0 | % | 12.0 | % | — | % | 12.0 | % | 12.0 | % | |||||
Latin America | 3.9 | % | 8.4 | % | — | % | 3.9 | % | 8.4 | % | |||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | |||||
Africa | 4.8 | % | 4.0 | % | — | % | 4.8 | % | 4.0 | % | |||||
India | 26.7 | % | 33.6 | % | — | % | 26.7 | % | 33.6 | % | |||||
Asia Pacific | 9.3 | % | 10.7 | % | — | % | 9.3 | % | 10.7 | % | |||||
Consumer Interactive | 10.1 | % | 10.1 | % | — | % | 10.1 | % | 10.1 | % | |||||
Adjusted Revenue: | |||||||||||||||
Consolidated | 21.3 | % | 21.8 | % | 9.4 | % | 11.9 | % | 12.4 | % | |||||
USIS | 20.1 | % | 20.2 | % | 6.9 | % | 13.2 | % | 13.2 | % | |||||
Financial Services | 23.4 | % | 23.4 | % | 6.0 | % | 17.4 | % | 17.4 | % | |||||
Emerging Verticals | 16.7 | % | 16.7 | % | 8.0 | % | 8.7 | % | 8.7 | % | |||||
International | 37.7 | % | 40.3 | % | 26.9 | % | 10.8 | % | 13.3 | % | |||||
Canada | 12.0 | % | 12.0 | % | — | % | 12.0 | % | 12.0 | % | |||||
Latin America | 3.9 | % | 8.4 | % | — | % | 3.9 | % | 8.4 | % | |||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | |||||
Africa | 4.8 | % | 4.0 | % | — | % | 4.8 | % | 4.0 | % | |||||
India | 26.7 | % | 33.6 | % | — | % | 26.7 | % | 33.6 | % | |||||
Asia Pacific | 9.3 | % | 10.7 | % | — | % | 9.3 | % | 10.7 | % | |||||
Consumer Interactive | 10.1 | % | 10.1 | % | — | % | 10.1 | % | 10.1 | % | |||||
Adjusted EBITDA: | |||||||||||||||
Consolidated | 22.6 | % | 23.2 | % | 7.0 | % | 15.6 | % | 16.2 | % | |||||
USIS | 17.0 | % | 17.1 | % | 3.4 | % | 13.7 | % | 13.7 | % | |||||
International | 43.0 | % | 46.5 | % | 26.3 | % | 16.6 | % | 20.2 | % | |||||
Consumer Interactive | 12.6 | % | 12.6 | % | — | % | 12.6 | % | 12.6 | % |
(1) | CC (constant currency) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. |
(2) | Inorganic growth rate represents growth attributable to the first twelve months of activity for recent business acquisitions. |
(3) | Organic growth rate is the reported growth rate less the inorganic growth rate. |
(4) | Organic CC growth rate is the CC growth rate less inorganic growth rate. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue and Adjusted Revenue: | |||||||||||||||
USIS gross revenue | |||||||||||||||
Financial Services | $ | 190.3 | $ | 159.9 | $ | 765.1 | $ | 620.0 | |||||||
Emerging Verticals | 179.2 | 152.1 | 679.6 | 584.1 | |||||||||||
Total USIS gross revenue | 369.4 | 312.0 | 1,444.7 | 1,204.1 | |||||||||||
Acquisition revenue - related adjustments(1) | 0.9 | — | 2.0 | — | |||||||||||
USIS gross Adjusted Revenue | $ | 370.3 | $ | 312.0 | $ | 1,446.7 | $ | 1,204.1 | |||||||
International gross revenue | |||||||||||||||
Canada | 25.5 | 22.7 | 96.0 | 85.8 | |||||||||||
Latin America | 26.7 | 25.4 | 102.3 | 98.4 | |||||||||||
UK | 35.4 | — | 71.3 | — | |||||||||||
Africa | 16.3 | 14.6 | 64.2 | 61.3 | |||||||||||
India | 22.1 | 18.0 | 81.8 | 64.6 | |||||||||||
Asia Pacific | 15.4 | 15.6 | 56.7 | 51.9 | |||||||||||
Total International gross revenue | 141.4 | 96.3 | 472.4 | 361.9 | |||||||||||
Acquisition revenue - related adjustments(1) | 9.5 | — | 26.1 | — | |||||||||||
International Adjusted Revenue | $ | 150.9 | $ | 96.3 | $ | 498.5 | $ | 361.9 | |||||||
Consumer Interactive gross revenue | $ | 121.3 | $ | 114.7 | $ | 475.8 | $ | 432.1 | |||||||
Less: intersegment eliminations | |||||||||||||||
USIS | (17.6 | ) | (15.5 | ) | (70.0 | ) | (59.3 | ) | |||||||
International | (1.2 | ) | (1.3 | ) | (5.1 | ) | (4.8 | ) | |||||||
Consumer Interactive | (0.2 | ) | (0.1 | ) | (0.7 | ) | (0.2 | ) | |||||||
Total intersegment eliminations | (19.0 | ) | (16.9 | ) | (75.7 | ) | (64.2 | ) | |||||||
Total revenue, as reported | $ | 613.1 | $ | 506.1 | $ | 2,317.2 | $ | 1,933.8 | |||||||
Acquisition revenue-related adjustments(1) | 10.4 | — | 28.1 | — | |||||||||||
Consolidated Adjusted Revenue | $ | 623.5 | $ | 506.1 | $ | 2,345.3 | $ | 1,933.8 | |||||||
Adjusted EBITDA: | |||||||||||||||
USIS | $ | 141.9 | $ | 121.6 | $ | 576.1 | $ | 492.3 | |||||||
International | 61.5 | 36.7 | 193.0 | 135.0 | |||||||||||
Consumer Interactive | 62.4 | 57.5 | 237.6 | 211.0 | |||||||||||
Corporate | (17.0 | ) | (19.4 | ) | (89.8 | ) | (90.2 | ) | |||||||
Consolidated Adjusted EBITDA | $ | 248.8 | $ | 196.3 | $ | 916.9 | $ | 748.1 | |||||||
Adjusted EBITDA margin: | |||||||||||||||
USIS | 38.3 | % | 39.0 | % | 39.8 | % | 40.9 | % | |||||||
International | 40.8 | % | 38.1 | % | 38.7 | % | 37.3 | % | |||||||
Consumer Interactive | 51.5 | % | 50.1 | % | 49.9 | % | 48.8 | % | |||||||
Consolidated | 39.9 | % | 38.8 | % | 39.1 | % | 38.7 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Reconciliation of net income attributable to TransUnion to consolidated Adjusted EBITDA: | ||||||||||||||||
Net income attributable to TransUnion | $ | 102.1 | $ | 245.1 | $ | 276.6 | $ | 441.2 | ||||||||
Discontinued operations | 0.1 | — | 1.5 | — | ||||||||||||
Net income from continuing operations attributable to TransUnion | 102.2 | 245.1 | 278.1 | 441.2 | ||||||||||||
Net interest expense | 43.0 | 20.5 | 132.0 | 82.1 | ||||||||||||
Provision (benefit) for income taxes | (17.6 | ) | (147.8 | ) | 54.5 | (79.1 | ) | |||||||||
Depreciation and amortization | 88.1 | 61.8 | 306.9 | 238.0 | ||||||||||||
EBITDA | 215.7 | 179.6 | 771.5 | 682.2 | ||||||||||||
Adjustments to EBITDA: | ||||||||||||||||
Acquisition-related revenue adjustments(1) | 10.4 | — | 28.1 | — | ||||||||||||
Stock-based compensation(2) | 18.2 | 13.5 | 61.4 | 47.7 | ||||||||||||
Mergers and acquisitions, divestitures and business optimization(3) | 3.4 | 3.3 | 38.7 | 8.5 | ||||||||||||
Other(4) | 1.1 | (0.1 | ) | 17.2 | 9.7 | |||||||||||
Total adjustments to EBITDA | 33.1 | 16.6 | 145.4 | 65.9 | ||||||||||||
Consolidated Adjusted EBITDA | $ | 248.8 | $ | 196.2 | $ | 916.9 | $ | 748.1 |
(1) | This adjustment represents certain non-cash adjustments related to acquired entities, predominantly adjustments to increase revenue resulting from purchase accounting reductions to deferred revenue we record on the opening balance sheets of acquired entities. Deferred revenue results when a company receives payment in advance of fulfilling their performance obligations under contracts. Business combination accounting rules require us to record deferred revenue of acquired entities at fair value if we are obligated to perform any future services under these contracts. The fair value of this deferred revenue is determined based on the direct and indirect incremental costs of fulfilling our performance obligations under these contracts, plus a normal profit margin. Generally, this fair value calculation results in a reduction to the purchased deferred revenue balance. The above adjustment includes an estimate for the increase in revenue equal to the difference between what the acquired entities would have recorded as revenue and the lower revenue we record as a result of the reduced deferred revenue balance. This increase is partially offset by an estimated decrease to revenue for certain acquired non-core customer contracts that are not classified as discontinued operations that will expire within approximately one year from the date of acquisition. We present Adjusted Revenue as a supplemental measure of our revenue because we believe it provides meaningful information regarding our revenue and provides a basis to compare revenue between periods. In addition, our board of directors and executive management team use Adjusted Revenue as a compensation measure under our incentive compensation plans. The table above provides a reconciliation for revenue to Adjusted Revenue. The estimated adjustments to revenue are subject to change as we finalize the fair value assessments of the deferred revenue acquired with recent acquisitions and as we complete our assessment of the non-core customer contracts. |
(2) | Consisted of stock-based compensation and cash-settled stock-based compensation. |
(3) | For the three months ended December 31, 2018, consisted of the following adjustments: $2.6 million of Callcredit integration costs; $0.5 million of acquisition expenses; and a $0.3 million adjustment to contingent consideration expense from previous acquisitions. |
(4) | For the three months ended December 31, 2018, consisted of the following adjustments: $0.5 million of currency remeasurement of our foreign operations; $0.5 million of loan fees; and $0.1 million of miscellaneous. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income attributable to TransUnion | $ | 102.1 | $ | 245.1 | $ | 276.6 | $ | 441.2 | |||||||
Discontinued operations | 0.1 | — | 1.5 | — | |||||||||||
Net income from continuing operations attributable to TransUnion | 102.2 | 245.1 | 278.1 | 441.2 | |||||||||||
Adjustments before income tax items: | |||||||||||||||
Acquisitions revenue-related adjustments (1) | 10.4 | — | 28.1 | — | |||||||||||
Stock-based compensation(2) | 18.2 | 13.5 | 61.4 | 47.7 | |||||||||||
Mergers and acquisitions, divestitures and business optimization(3) | 3.4 | 3.3 | 38.7 | 8.5 | |||||||||||
Other(4) | 0.5 | (0.3 | ) | 15.5 | 8.9 | ||||||||||
Amortization of certain intangible assets(5) | 54.0 | 34.9 | 181.0 | 135.7 | |||||||||||
Total adjustments before income tax items | 86.5 | 51.3 | 324.7 | 200.8 | |||||||||||
Change in provision for income taxes per schedule 4 | (62.6 | ) | (201.6 | ) | (125.7 | ) | (286.0 | ) | |||||||
Adjusted Net Income | $ | 126.0 | $ | 94.8 | $ | 477.1 | $ | 356.0 | |||||||
Adjusted Earnings per Share: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.52 | $ | 2.58 | $ | 1.95 | |||||||
Diluted(6) | $ | 0.66 | $ | 0.50 | $ | 2.50 | $ | 1.87 | |||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 185.5 | 182.7 | 184.6 | 182.4 | |||||||||||
Diluted(6) | 191.0 | 189.7 | 190.9 | 189.9 |
(1) | This adjustment represents certain non-cash adjustments related to acquired entities, predominantly adjustments to increase revenue resulting from purchase accounting reductions to deferred revenue we record on the opening balance sheets of acquired entities. Deferred revenue results when a company receives payment in advance of fulfilling their performance obligations under contracts. Business combination accounting rules require us to record deferred revenue of acquired entities at fair value if we are obligated to perform any future services under these contracts. The fair value of this deferred revenue is determined based on the direct and indirect incremental costs of fulfilling our performance obligations under these contracts, plus a normal profit margin. Generally, this fair value calculation results in a reduction to the purchased deferred revenue balance. The above adjustment includes an estimate for the increase in revenue equal to the difference between what the acquired entities would have recorded as revenue and the lower revenue we record as a result of the reduced deferred revenue balance. This increase is partially offset by an estimated decrease to revenue for certain acquired non-core customer contracts that are not classified as discontinued operations that will expire within approximately one year from the date of acquisition. We present Adjusted Revenue as a supplemental measure of our revenue because we believe it provides meaningful information regarding our revenue and provides a basis to compare revenue between periods. In addition, our board of directors and executive management team use Adjusted Revenue as a compensation measure under our incentive compensation plans. The estimated adjustments to revenue are subject to change as we finalize the fair value assessments of the deferred revenue acquired with recent acquisitions and as we complete our assessment of the non-core customer contracts. |
(2) | Consisted of stock-based compensation and cash-settled stock-based compensation. |
(3) | For the three months ended December 31, 2018, consisted of the following adjustments: $2.6 million of Callcredit integration costs; $0.5 million of acquisition expenses; and a $0.3 million adjustment to contingent consideration expense from previous acquisitions. |
(4) | For the three months ended December 31, 2018, consisted of the following adjustments: $0.5 million loss from currency remeasurement of our foreign operations. |
(5) | Consisted of amortization of intangible assets from our 2012 change in control and amortization of intangible assets established in business acquisitions after our 2012 change in control. |
(6) | As of December 31, 2018, there were less than 0.1 million anti-dilutive weighted stock-based awards outstanding for the three and twelve month periods. As of December 31, 2018, there were 1.1 million contingently issuable stock-based awards outstanding that were excluded from the diluted earnings per share calculation because the contingencies had not been met. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Income before income taxes | $ | 87.9 | $ | 100.1 | $ | 343.5 | $ | 372.5 | |||||||
Total adjustments before income taxes per Schedule 3 | 86.5 | 51.3 | 324.7 | 200.8 | |||||||||||
Adjusted income before income taxes | $ | 174.4 | $ | 151.5 | $ | 668.2 | $ | 573.3 | |||||||
(Provision) benefit for income taxes | 17.6 | 147.8 | (54.5 | ) | 79.1 | ||||||||||
Adjustments for income taxes: | |||||||||||||||
Tax effect of above adjustments(1) | (22.1 | ) | (23.0 | ) | (72.3 | ) | (73.7 | ) | |||||||
Eliminate impact of adjustments for unremitted foreign earnings(2) | — | 1.7 | — | (3.5 | ) | ||||||||||
Eliminate impact of excess tax benefits for share compensation(3) | (4.5 | ) | (11.2 | ) | (30.2 | ) | (39.3 | ) | |||||||
Release of valuation allowances on FTC carryforwards(4) | (33.4 | ) | — | (33.4 | ) | — | |||||||||
Eliminate one-time impact of tax reform items(5) | (0.4 | ) | (174.1 | ) | 5.3 | (174.1 | ) | ||||||||
Other(5) | (2.2 | ) | 5.0 | 4.9 | 4.5 | ||||||||||
Total adjustments for income taxes | (62.6 | ) | (201.6 | ) | (125.7 | ) | (286.0 | ) | |||||||
Adjusted provision for income taxes | $ | (45.0 | ) | $ | (53.9 | ) | $ | (180.2 | ) | $ | (206.9 | ) | |||
Effective tax rate | (20.0 | )% | (147.6 | )% | 15.9 | % | (21.2 | )% | |||||||
Adjusted Effective Tax Rate | 25.8 | % | 35.6 | % | 27.0 | % | 36.1 | % |
(1) | Tax rates used to calculate the tax expense impact are based on the nature of each item. |
(2) | Eliminates impact of certain adjustments related to our deferred tax liability for unremitted earnings, including the lapse of the look-through rule under Subpart F of the Internal Revenue Code. |
(3) | Eliminates the impact of excess tax benefits for share compensation resulting from adoption of ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. |
(4) | Partial release of valuation allowances on federal tax credit carryforwards due to increase international earnings following the acquisition of CallCredit as well as the issuance of regulations clarifying the calculation of US tax on foreign earnings under the 2017 US tax reform Act. |
(5) | Eliminates one time impacts of tax reform, including remeasurement of domestic deferred tax balances at the new 21% tax rate and mandatory repatriation of unremitted earnings (net of previously recorded reserves). |
(6) | Eliminates the impact of state tax rate changes on deferred taxes, valuation allowances on foreign net operating losses, and valuation allowances on capital losses and other discrete adjustments. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
USIS | $ | 51.5 | $ | 41.9 | $ | 191.2 | $ | 160.6 | |||||||
International | 32.1 | 15.9 | 98.4 | 61.4 | |||||||||||
Consumer Interactive | 3.2 | 2.7 | 12.2 | 10.7 | |||||||||||
Corporate | 1.3 | 1.3 | 5.1 | 5.2 | |||||||||||
Total depreciation and amortization | $ | 88.1 | $ | 61.8 | $ | 306.9 | $ | 238.0 |
Three Months Ended March 31, 2019 | Twelve Months Ended December 31, 2019 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Guidance reconciliation of revenue to Adjusted Revenue: | |||||||||||||||
GAAP revenue | $ | 611 | $ | 616 | $ | 2,585 | $ | 2,605 | |||||||
Acquisitions revenue-related adjustment(1) | 4 | 4 | 5 | 5 | |||||||||||
Adjusted Revenue | $ | 614 | $ | 619 | $ | 2,590 | $ | 2,610 | |||||||
Guidance reconciliation of net income attributable to TransUnion to Adjusted EBITDA: | |||||||||||||||
Net income attributable to TransUnion | $ | 54 | $ | 56 | $ | 282 | $ | 294 | |||||||
Discontinued operations, net of tax | 1 | 1 | 1 | 1 | |||||||||||
Net income attributable to TransUnion from continuing operations | 54 | 57 | 283 | 295 | |||||||||||
Interest, taxes and depreciation and amortization | 151 | 152 | 623 | 627 | |||||||||||
EBITDA | 206 | 209 | 907 | 922 | |||||||||||
Acquisitions revenue-related adjustment(1) | 4 | 4 | 5 | 5 | |||||||||||
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments(2) | 24 | 24 | 105 | 105 | |||||||||||
Adjusted EBITDA | $ | 233 | $ | 236 | $ | 1,017 | $ | 1,032 | |||||||
Reconciliation of diluted earnings per share from continuing operations to Adjusted Diluted Earnings per Share from Continuing Operations: | |||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.28 | $ | 0.30 | $ | 1.48 | $ | 1.54 | |||||||
Adjustments to diluted earnings per share(1)(2) | 0.29 | 0.29 | 1.09 | 1.09 | |||||||||||
Adjusted Diluted Earnings per Share from Continuing Operations | $ | 0.58 | $ | 0.59 | $ | 2.57 | $ | 2.63 |
(1) | This adjustment represents certain non-cash adjustments related to acquired entities, predominantly adjustments to increase revenue resulting from purchase accounting reductions to deferred revenue we record on the opening balance sheets of acquired entities. Deferred revenue results when a company receives payment in advance of fulfilling their performance obligations under contracts. Business combination accounting rules require us to record deferred revenue of acquired entities at fair value if we are obligated to perform any future services under these contracts. The fair value of this deferred revenue is determined based on the direct and indirect incremental costs of fulfilling our performance obligations under these contracts, plus a normal profit margin. Generally, this fair value calculation results in a reduction to the purchased deferred revenue balance. The above adjustment includes an estimate for the increase in revenue equal to the difference between what the acquired entities would have recorded as revenue and the lower revenue we record as a result of the reduced deferred revenue balance. This increase is partially offset by an estimated decrease to revenue for certain acquired non-core customer contracts that are not classified as discontinued operations that will expire within approximately one year. We present Adjusted Revenue as a supplemental measure of our revenue because we believe it provides meaningful information regarding our revenue and provides a basis to compare revenue between periods. In addition, our board of directors and executive management team use Adjusted Revenue as a compensation measure under our incentive compensation plan. The table above provides a reconciliation for revenue to Adjusted Revenue. The estimated adjustments to revenue are subject to change as we finalize the fair value assessments of the deferred revenue acquired with recent acquisitions and as we complete our assessment of the non-core customer contracts. |
(2) | This adjustment includes the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our earnings release, which includes the Callcredit integration-related costs. |
Reconciliation of revenue to Adjusted Revenue: | Year Ended December 31, 2018 | |||
Callcredit revenue per Note 2 to the accompanying financial statements | $ | 71.3 | ||
Add-backs: | ||||
Deferred revenue fair value impact(1) | 28.2 | |||
Deductions: | ||||
Revenue from non-core customer contracts(2) | (2.1 | ) | ||
Callcredit Adjusted Revenue | $ | 97.4 |
(1) | Represents an adjustment to reflect the amount of revenue that would have been recognized, had deferred revenue not been reduced to estimated fair value in accordance with the acquisition method of accounting under U.S. GAAP. |
(2) | Represents an adjustment to reduce post-acquisition revenue from certain non-core customer contracts of Callcredit that are not classified as discontinued operations and that will expire within approximately one year. |
Reconciliation of operating income (loss) to Adjusted EBITDA: | Year Ended December 31, 2018 | |||
Callcredit operating loss per Note 2 to the accompanying financial statements | $ | (28.2 | ) | |
Add-backs: | ||||
Deferred revenue fair value impact(1) | 26.1 | |||
Depreciation and amortization | 30.4 | |||
Integration costs(2) | 6.8 | |||
Other | 0.5 | |||
Adjusted EBITDA | $ | 35.6 | ||
Adjusted EBITDA margin | 36.5 | % |
(1) | Represents an adjustment to reflect the amount of revenue that would have been recognized, had deferred revenue not been reduced to estimated fair value in accordance with the acquisition method of accounting under U.S. GAAP, partially offset by a decrease to revenue for certain acquired non-core customer contracts that are not classified as discontinued operations that will expire within approximately one year. |
(2) | Represents an adjustment to add-back Callcredit integration costs and the operating costs of the non-core customer contracts. |
Year Ended December 31, | ||||||||
Reconciliation of pro forma revenue to pro forma Adjusted revenue: | 2018 | 2017 | ||||||
Pro forma revenue per Note 2 to the accompanying financial statements | $ | 2,405.0 | $ | 2,066.0 | ||||
Adjustments: | ||||||||
Deferred revenue fair value impact(1) | 29.8 | 38.7 | ||||||
Revenue from non-core customer contracts(2) | (3.2 | ) | (4.7 | ) | ||||
Pro forma Adjusted Revenue | $ | 2,431.6 | $ | 2,100.0 |
(1) | Represents and adjustment for pre- and post-acquisition revenue that would have been recognized, had deferred revenue not been reduced to estimated fair value in accordance with the acquisition method of accounting under U.S. GAAP. |
(2) | Represents an adjustment to reduce pre- and post-acquisition revenue from certain non-core customer contracts of Callcredit that are not classified as discontinued operations and that will expire within approximately one year. |
Reconciliation of pro forma net income from continuing operations to pro forma Adjusted EBITDA: | YTD December 31, 2018 | YTD December 31, 2017 | ||||||
Pro forma net income from continuing operations per Note 2 to the accompanying financial statements | $ | 267.5 | $ | 283.1 | ||||
Pro forma net interest expense | 165.0 | 138.2 | ||||||
Pro forma provision (benefit) for income taxes | 67.0 | (103.3 | ) | |||||
Pro forma depreciation and amortization | 333.3 | 291.1 | ||||||
Pro forma EBITDA | 832.7 | 609.1 | ||||||
Adjustments: | ||||||||
Deferred revenue fair value impact(1) | 28.8 | 38.6 | ||||||
Stock-based compensation(2) | 61.4 | 47.7 | ||||||
Mergers and acquisitions, divestitures and business optimization(3) | 7.2 | 88.3 | ||||||
Other(4) | 18.8 | 22.0 | ||||||
Total adjustments | 116.2 | 196.7 | ||||||
Pro forma Adjusted EBITDA | $ | 948.9 | $ | 805.8 | ||||
Pro forma Adjusted EBITDA margin | 39.0 | % | 38.4 | % |
(1) | Represents all of the pro forma adjustments as reflected in Exhibit 99.2 of our Form 8-K filed with the SEC on August 27, 2018, and similar adjustments for the second, third, and fourth quarters of 2018. |
(2) | Consisted of stock-based compensation and cash-settled stock-based compensation. |
(3) | Consists of the adjustments included in footnote 3 of Schedule 2 of Exhibit 99.1 of this Form 8-K and additional similar adjustments of Callcredit prior to the date of acquisition. |
(4) | Consists of the adjustments included in footnote 4 of Schedule 2 of Exhibit 99.1 of this Form 8-K and additional similar adjustments of Callcredit prior to the date of acquisition. |
Year Ending | Quarterly 2018 | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
USIS gross revenue: | |||||||||||||||||||||||||||||
Financial Services | $ | 765.1 | $ | 620.0 | $ | 551.7 | $ | 182.6 | $ | 192.6 | $ | 199.6 | $ | 190.3 | |||||||||||||||
Emerging Verticals | 679.6 | 584.1 | 493.4 | 159.7 | 165.6 | 175.1 | 179.2 | ||||||||||||||||||||||
Total USIS gross revenue | $ | 1,444.7 | $ | 1,204.1 | $ | 1,045.1 | $ | 342.3 | $ | 358.2 | $ | 374.8 | $ | 369.4 | |||||||||||||||
International gross revenue: | |||||||||||||||||||||||||||||
Canada | $ | 96.0 | $ | 85.8 | $ | 73.9 | $ | 21.7 | $ | 24.2 | $ | 24.6 | $ | 25.5 | |||||||||||||||
Latin America | 102.3 | 98.4 | 86.9 | 25.2 | 25.8 | 24.6 | 26.7 | ||||||||||||||||||||||
United Kingdom | 71.3 | — | — | — | 7.7 | 28.2 | 35.4 | ||||||||||||||||||||||
Africa | 64.2 | 61.3 | 60.6 | 17.0 | 15.6 | 15.3 | 16.3 | ||||||||||||||||||||||
India | 81.8 | 64.6 | 47.5 | 20.2 | 18.9 | 20.6 | 22.1 | ||||||||||||||||||||||
Asia Pacific | 56.7 | 51.9 | 45.0 | 11.8 | 14.1 | 15.4 | 15.4 | ||||||||||||||||||||||
Total International gross revenue | $ | 472.4 | $ | 361.9 | $ | 313.9 | $ | 95.9 | $ | 106.3 | $ | 128.7 | $ | 141.4 | |||||||||||||||
Consumer Interactive gross revenue | $ | 475.8 | $ | 432.1 | $ | 407.1 | $ | 117.9 | $ | 117.6 | $ | 119.1 | $ | 121.3 | |||||||||||||||
Eliminations | |||||||||||||||||||||||||||||
USIS | $ | (70.0 | ) | $ | (59.3 | ) | $ | (57.0 | ) | $ | (17.4 | ) | $ | (17.5 | ) | $ | (17.5 | ) | $ | (17.6 | ) | ||||||||
International | (5.1 | ) | (4.8 | ) | (4.0 | ) | (1.2 | ) | (1.4 | ) | (1.3 | ) | (1.2 | ) | |||||||||||||||
Consumer Interactive | (0.7 | ) | (0.2 | ) | — | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Total Eliminations | $ | (75.7 | ) | $ | (64.2 | ) | $ | (61.1 | ) | $ | (18.8 | ) | $ | (19.0 | ) | $ | (19.0 | ) | $ | (19.0 | ) | ||||||||
Consolidated revenue as reported | $ | 2,317.2 | $ | 1,933.8 | $ | 1,704.9 | $ | 537.4 | $ | 563.1 | $ | 603.6 | $ | 613.1 | |||||||||||||||
Year Ending | Quarterly 2018 | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||
Adjusted Revenue: | |||||||||||||||||||||||||||||
USIS | |||||||||||||||||||||||||||||
Financial Services | $ | 765.1 | $ | 620.0 | $ | 551.7 | $ | 182.6 | $ | 192.6 | $ | 199.6 | $ | 190.3 | |||||||||||||||
Emerging Verticals | 681.6 | 584.1 | 493.4 | 159.7 | 165.6 | 176.2 | 180.1 | ||||||||||||||||||||||
Total USIS Revenue | $ | 1,446.7 | $ | 1,204.1 | $ | 1,045.1 | $ | 342.3 | $ | 358.2 | $ | 375.9 | $ | 370.3 | |||||||||||||||
International | |||||||||||||||||||||||||||||
Canada | $ | 96.0 | $ | 85.8 | $ | 73.9 | $ | 21.7 | $ | 24.2 | $ | 24.6 | $ | 25.5 | |||||||||||||||
Latin America | 102.3 | 98.4 | 86.9 | 25.2 | 25.8 | 24.6 | 26.7 | ||||||||||||||||||||||
United Kingdom | 97.4 | — | — | — | 7.7 | 44.8 | 44.9 | ||||||||||||||||||||||
Africa | 64.2 | 61.3 | 60.6 | 17.0 | 15.6 | 15.3 | 16.3 | ||||||||||||||||||||||
India | 81.8 | 64.6 | 47.5 | 20.2 | 18.9 | 20.6 | 22.1 | ||||||||||||||||||||||
Asia Pacific | 56.7 | 51.9 | 45.0 | 11.8 | 14.1 | 15.4 | 15.4 | ||||||||||||||||||||||
Total International Revenue | $ | 498.5 | $ | 361.9 | $ | 313.9 | $ | 95.9 | $ | 106.3 | $ | 145.3 | $ | 150.9 | |||||||||||||||
Consumer Interactive Revenue | $ | 475.8 | $ | 432.1 | $ | 407.1 | $ | 117.9 | $ | 117.6 | $ | 119.1 | $ | 121.3 | |||||||||||||||
Eliminations | |||||||||||||||||||||||||||||
USIS | $ | (70.0 | ) | $ | (59.3 | ) | $ | (57.0 | ) | $ | (17.4 | ) | $ | (17.5 | ) | $ | (17.5 | ) | $ | (17.6 | ) | ||||||||
International | (5.1 | ) | (4.8 | ) | (4.0 | ) | (1.2 | ) | (1.4 | ) | (1.3 | ) | (1.2 | ) | |||||||||||||||
Consumer Interactive | (0.7 | ) | (0.2 | ) | — | (0.2 | ) | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Total Eliminations | $ | (75.7 | ) | $ | (64.2 | ) | $ | (61.1 | ) | $ | (18.8 | ) | $ | (19.0 | ) | $ | (19.0 | ) | $ | (19.0 | ) | ||||||||
Consolidated | $ | 2,345.3 | $ | 1,933.8 | $ | 1,704.9 | $ | 537.4 | $ | 563.1 | $ | 621.3 | $ | 623.5 | |||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||
USIS | $ | 576.1 | $ | 492.3 | $ | 428.6 | $ | 133.4 | $ | 147.9 | $ | 153.0 | $ | 141.9 | |||||||||||||||
International | 193.0 | 135.0 | 113.7 | 33.0 | 41.2 | 57.3 | 61.5 | ||||||||||||||||||||||
Consumer Interactive | 237.6 | 211.0 | 181.6 | 56.9 | 58.0 | 60.3 | 62.4 | ||||||||||||||||||||||
Consolidated | 916.9 | 748.1 | 636.8 | 202.6 | 220.6 | 244.9 | 248.8 | ||||||||||||||||||||||
For the Quarter ended March 31, 2018 compared with the Quarter ended March 31, 2017 | For the Quarter ended June 30, 2018 compared with the Quarter ended June 30, 2017 | ||||||||||||||||||||||||||||||
Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||
Consolidated | 18.1 | % | 17.4 | % | 3.3 | % | 14.8 | % | 14.1 | % | 18.6 | % | 18.6 | % | 5.5 | % | 13.1 | % | 13.1 | % | |||||||||||
USIS | 21.3 | % | 21.3 | % | 5.4 | % | 15.9 | % | 15.9 | % | 20.2 | % | 20.2 | % | 6.1 | % | 14.1 | % | 14.1 | % | |||||||||||
Financial Services | 25.5 | % | 25.5 | % | 5.1 | % | 20.4 | % | 20.4 | % | 22.8 | % | 22.8 | % | 5.7 | % | 17.1 | % | 17.1 | % | |||||||||||
Emerging Verticals | 16.8 | % | 16.8 | % | 5.7 | % | 11.1 | % | 11.1 | % | 17.4 | % | 17.4 | % | 6.6 | % | 10.8 | % | 10.8 | % | |||||||||||
International | 15.0 | % | 11.2 | % | — | % | 15.0 | % | 11.2 | % | 21.8 | % | 21.6 | % | 8.8 | % | 13.0 | % | 12.8 | % | |||||||||||
Canada | 11.2 | % | 6.3 | % | — | % | 11.2 | % | 6.3 | % | 16.7 | % | 12.0 | % | — | % | 16.7 | % | 12.0 | % | |||||||||||
Latin America | 8.2 | % | 7.9 | % | — | % | 8.2 | % | 7.9 | % | 6.7 | % | 9.0 | % | — | % | 6.7 | % | 9.0 | % | |||||||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||||
Africa | 13.1 | % | 3.1 | % | — | % | 13.1 | % | 3.1 | % | 5.2 | % | 0.2 | % | — | % | 5.2 | % | 0.2 | % | |||||||||||
India | 35.0 | % | 29.7 | % | — | % | 35.0 | % | 29.7 | % | 25.3 | % | 30.2 | % | — | % | 25.3 | % | 30.2 | % | |||||||||||
Asia Pacific | 11.7 | % | 12.9 | % | — | % | 11.7 | % | 12.9 | % | 13.7 | % | 15.3 | % | — | % | 13.7 | % | 15.3 | % | |||||||||||
Consumer Interactive | 12.3 | % | 12.3 | % | — | % | 12.3 | % | 12.3 | % | 11.6 | % | 11.6 | % | — | % | 11.6 | % | 11.6 | % | |||||||||||
Adjusted Revenue: | |||||||||||||||||||||||||||||||
Consolidated | 18.1 | % | 17.4 | % | 3.3 | % | 14.8 | % | 14.1 | % | 18.6 | % | 18.6 | % | 5.5 | % | 13.1 | % | 13.1 | % | |||||||||||
USIS | 21.3 | % | 21.3 | % | 5.4 | % | 15.9 | % | 15.9 | % | 20.2 | % | 20.2 | % | 6.1 | % | 14.1 | % | 14.1 | % | |||||||||||
Financial Services | 25.5 | % | 25.5 | % | 5.1 | % | 20.4 | % | 20.4 | % | 22.8 | % | 22.8 | % | 5.7 | % | 17.1 | % | 17.1 | % | |||||||||||
Emerging Verticals | 16.8 | % | 16.8 | % | 5.7 | % | 11.1 | % | 11.1 | % | 17.4 | % | 17.4 | % | 6.6 | % | 10.8 | % | 10.8 | % | |||||||||||
International | 15.0 | % | 11.2 | % | — | % | 15.0 | % | 11.2 | % | 21.8 | % | 21.6 | % | 8.8 | % | 13.0 | % | 12.8 | % | |||||||||||
Canada | 11.2 | % | 6.3 | % | — | % | 11.2 | % | 6.3 | % | 16.7 | % | 12.0 | % | — | % | 16.7 | % | 12.0 | % | |||||||||||
Latin America | 8.2 | % | 7.9 | % | — | % | 8.2 | % | 7.9 | % | 6.7 | % | 9.0 | % | — | % | 6.7 | % | 9.0 | % | |||||||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||||
Africa | 13.1 | % | 3.1 | % | — | % | 13.1 | % | 3.1 | % | 5.2 | % | 0.2 | % | — | % | 5.2 | % | 0.2 | % | |||||||||||
India | 35.0 | % | 29.7 | % | — | % | 35.0 | % | 29.7 | % | 25.3 | % | 30.2 | % | — | % | 25.3 | % | 30.2 | % | |||||||||||
Asia Pacific | 11.7 | % | 12.9 | % | — | % | 11.7 | % | 12.9 | % | 13.7 | % | 15.3 | % | — | % | 13.7 | % | 15.3 | % | |||||||||||
Consumer Interactive | 12.3 | % | 12.3 | % | — | % | 12.3 | % | 12.3 | % | 11.6 | % | 11.6 | % | — | % | 11.6 | % | 11.6 | % | |||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||||
Consolidated | 18.1 | % | 17.3 | % | 0.9 | % | 17.2 | % | 16.4 | % | 18.5 | % | 18.5 | % | 3.1 | % | 15.5 | % | 15.5 | % | |||||||||||
USIS | 15.2 | % | 15.2 | % | 1.3 | % | 13.9 | % | 13.9 | % | 16.1 | % | 16.1 | % | 2.4 | % | 13.7 | % | 13.7 | % | |||||||||||
International | 15.6 | % | 10.9 | % | — | % | 15.6 | % | 10.9 | % | 28.4 | % | 28.6 | % | 8.2 | % | 20.3 | % | 20.4 | % | |||||||||||
Consumer Interactive | 11.4 | % | 11.4 | % | — | % | 11.4 | % | 11.4 | % | 9.8 | % | 9.8 | % | — | % | 9.8 | % | 9.8 | % |
For the Quarter ended September 30, 2018 compared with the Quarter ended September 30, 2017 | For the Quarter ended December 31, 2018 compared with the Quarter ended December 31, 2017 | ||||||||||||||||||||||||||||||
Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||
Consolidated | 21.2 | % | 22.4 | % | 11.2 | % | 10.0 | % | 11.2 | % | 21.1 | % | 22.5 | % | 11.0 | % | 10.1 | % | 11.4 | % | |||||||||||
USIS | 20.1 | % | 20.1 | % | 8.8 | % | 11.3 | % | 11.3 | % | 18.4 | % | 18.4 | % | 6.6 | % | 11.9 | % | 11.9 | % | |||||||||||
Financial Services | 26.5 | % | 26.5 | % | 8.6 | % | 17.9 | % | 17.9 | % | 19.0 | % | 19.0 | % | 4.3 | % | 14.7 | % | 14.7 | % | |||||||||||
Emerging Verticals | 13.6 | % | 13.6 | % | 9.0 | % | 4.6 | % | 4.6 | % | 17.8 | % | 17.9 | % | 8.9 | % | 8.9 | % | 8.9 | % | |||||||||||
International | 35.6 | % | 41.7 | % | 29.7 | % | 5.8 | % | 12.0 | % | 46.8 | % | 53.8 | % | 36.8 | % | 10.1 | % | 17.0 | % | |||||||||||
Canada | 8.1 | % | 12.5 | % | — | % | 8.1 | % | 12.5 | % | 12.2 | % | 16.4 | % | — | % | 12.2 | % | 16.4 | % | |||||||||||
Latin America | (3.6 | )% | 3.0 | % | — | % | (3.6 | )% | 3.0 | % | 5.0 | % | 13.7 | % | — | % | 5.0 | % | 13.7 | % | |||||||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||||
Africa | (8.8 | )% | (2.9 | )% | — | % | (8.8 | )% | (2.9 | )% | 11.5 | % | 16.8 | % | — | % | 11.5 | % | 16.8 | % | |||||||||||
India | 24.3 | % | 35.9 | % | — | % | 24.3 | % | 35.9 | % | 23.2 | % | 37.5 | % | — | % | 23.2 | % | 37.5 | % | |||||||||||
Asia Pacific | 15.6 | % | 17.4 | % | — | % | 15.6 | % | 17.4 | % | (1.3 | )% | (0.2 | )% | — | % | (1.3 | )% | (0.2 | )% | |||||||||||
Consumer Interactive | 11.3 | % | 11.3 | % | — | % | 11.3 | % | 11.3 | % | 5.7 | % | 5.7 | % | — | % | 5.7 | % | 5.7 | % | |||||||||||
Adjusted Revenue: | |||||||||||||||||||||||||||||||
Consolidated | 24.8 | % | 25.9 | % | 14.8 | % | 10.0 | % | 11.2 | % | 23.2 | % | 24.5 | % | 13.1 | % | 10.1 | % | 11.4 | % | |||||||||||
USIS | 20.5 | % | 20.5 | % | 9.2 | % | 11.3 | % | 11.3 | % | 18.7 | % | 18.7 | % | 6.9 | % | 11.9 | % | 11.9 | % | |||||||||||
Financial Services | 26.5 | % | 26.5 | % | 8.6 | % | 17.9 | % | 17.9 | % | 19.0 | % | 19.0 | % | 4.3 | % | 14.7 | % | 14.7 | % | |||||||||||
Emerging Verticals | 14.3 | % | 14.3 | % | 9.7 | % | 4.6 | % | 4.6 | % | 18.4 | % | 18.4 | % | 9.5 | % | 8.9 | % | 8.9 | % | |||||||||||
International | 53.1 | % | 59.3 | % | 47.2 | % | 5.8 | % | 12.0 | % | 56.7 | % | 63.6 | % | 46.6 | % | 10.1 | % | 17.0 | % | |||||||||||
Canada | 8.1 | % | 12.5 | % | — | % | 8.1 | % | 12.5 | % | 12.2 | % | 16.4 | % | — | % | 12.2 | % | 16.4 | % | |||||||||||
Latin America | (3.6 | )% | 3.0 | % | — | % | (3.6 | )% | 3.0 | % | 5.0 | % | 13.7 | % | — | % | 5.0 | % | 13.7 | % | |||||||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||||
Africa | (8.8 | )% | (2.9 | )% | — | % | (8.8 | )% | (2.9 | )% | 11.5 | % | 16.8 | % | — | % | 11.5 | % | 16.8 | % | |||||||||||
India | 24.3 | % | 35.9 | % | — | % | 24.3 | % | 35.9 | % | 23.2 | % | 37.5 | % | — | % | 23.2 | % | 37.5 | % | |||||||||||
Asia Pacific | 15.6 | % | 17.4 | % | — | % | 15.6 | % | 17.4 | % | (1.3 | )% | (0.2 | )% | — | % | (1.3 | )% | (0.2 | )% | |||||||||||
Consumer Interactive | 11.3 | % | 11.3 | % | — | % | 11.3 | % | 11.3 | % | 5.7 | % | 5.7 | % | — | % | 5.7 | % | 5.7 | % | |||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||||
Consolidated | 26.1 | % | 27.6 | % | 10.7 | % | 15.5 | % | 16.9 | % | 26.8 | % | 28.5 | % | 12.4 | % | 14.4 | % | 16.1 | % | |||||||||||
USIS | 19.9 | % | 19.8 | % | 4.6 | % | 15.2 | % | 15.2 | % | 16.7 | % | 16.9 | % | 5.0 | % | 11.7 | % | 11.8 | % | |||||||||||
International | 51.9 | % | 59.6 | % | 39.3 | % | 12.6 | % | 20.3 | % | 67.8 | % | 76.6 | % | 49.5 | % | 18.3 | % | 27.2 | % | |||||||||||
Consumer Interactive | 21.5 | % | 21.5 | % | — | % | 21.5 | % | 21.5 | % | 8.6 | % | 8.6 | % | — | % | 8.6 | % | 8.6 | % |
(1) | CC (constant currency) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. |
(2) | Inorganic growth rate represents growth attributable to the first twelve months of activity for recent business acquisitions. |
(3) | Organic growth rate is the GAAP growth rate less the inorganic growth rate. |
(4) | Organic CC growth rate is the CC growth rate less inorganic growth rate. |
For the Year Ended December 31, 2018 compared with the Year Ended December 31, 2017 | ||||||||||||||||
Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | ||||||||||||
Revenue: | ||||||||||||||||
Consolidated | 19.8 | % | 20.3 | % | 7.9 | % | 11.9 | % | 12.4 | % | ||||||
USIS | 20.0 | % | 20.0 | % | 6.8 | % | 13.2 | % | 13.2 | % | ||||||
Financial Services | 23.4 | % | 23.4 | % | 6.0 | % | 17.4 | % | 17.4 | % | ||||||
Emerging Verticals | 16.4 | % | 16.4 | % | 7.6 | % | 8.7 | % | 8.7 | % | ||||||
International | 30.5 | % | 33.1 | % | 19.7 | % | 10.8 | % | 13.3 | % | ||||||
Canada | 12.0 | % | 12.0 | % | — | % | 12.0 | % | 12.0 | % | ||||||
Latin America | 3.9 | % | 8.4 | % | — | % | 3.9 | % | 8.4 | % | ||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | ||||||
Africa | 4.8 | % | 4.0 | % | — | % | 4.8 | % | 4.0 | % | ||||||
India | 26.7 | % | 33.6 | % | — | % | 26.7 | % | 33.6 | % | ||||||
Asia Pacific | 9.3 | % | 10.7 | % | — | % | 9.3 | % | 10.7 | % | ||||||
Consumer Interactive | 10.1 | % | 10.1 | % | — | % | 10.1 | % | 10.1 | % | ||||||
Adjusted Revenue: | ||||||||||||||||
Consolidated | 21.3 | % | 21.8 | % | 9.4 | % | 11.9 | % | 12.4 | % | ||||||
USIS | 20.1 | % | 20.2 | % | 6.9 | % | 13.2 | % | 13.2 | % | ||||||
Financial Services | 23.4 | % | 23.4 | % | 6.0 | % | 17.4 | % | 17.4 | % | ||||||
Emerging Verticals | 16.7 | % | 16.7 | % | 8.0 | % | 8.7 | % | 8.7 | % | ||||||
International | 37.7 | % | 40.3 | % | 26.9 | % | 10.8 | % | 13.3 | % | ||||||
Canada | 12.0 | % | 12.0 | % | — | % | 12.0 | % | 12.0 | % | ||||||
Latin America | 3.9 | % | 8.4 | % | — | % | 3.9 | % | 8.4 | % | ||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | ||||||
Africa | 4.8 | % | 4.0 | % | — | % | 4.8 | % | 4.0 | % | ||||||
India | 26.7 | % | 33.6 | % | — | % | 26.7 | % | 33.6 | % | ||||||
Asia Pacific | 9.3 | % | 10.7 | % | — | % | 9.3 | % | 10.7 | % | ||||||
Consumer Interactive | 10.1 | % | 10.1 | % | — | % | 10.1 | % | 10.1 | % | ||||||
Adjusted EBITDA: | ||||||||||||||||
Consolidated | 22.6 | % | 23.2 | % | 7.0 | % | 15.6 | % | 16.2 | % | ||||||
USIS | 17.0 | % | 17.1 | % | 3.4 | % | 13.7 | % | 13.7 | % | ||||||
International | 43.0 | % | 46.5 | % | 26.3 | % | 16.6 | % | 20.2 | % | ||||||
Consumer Interactive | 12.6 | % | 12.6 | % | — | % | 12.6 | % | 12.6 | % |
(1) | CC (constant currency) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. |
(2) | Inorganic growth rate represents growth attributable to the first twelve months of activity for recent business acquisitions. |
(3) | Organic growth rate is the GAAP growth rate less the inorganic growth rate. |
(4) | Organic CC growth rate is the CC growth rate less inorganic growth rate. |
For the Year Ended December 31, 2017 compared with the Year Ended December 31, 2016 | ||||||||||||||||
Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | ||||||||||||
Revenue: | ||||||||||||||||
Consolidated | 13.4 | % | 12.8 | % | 1.6 | % | 11.8 | % | 11.1 | % | ||||||
USIS | 15.2 | % | 15.2 | % | 2.4 | % | 12.8 | % | 12.8 | % | ||||||
Financial Services | 12.4 | % | 12.4 | % | 1.1 | % | 11.3 | % | 11.3 | % | ||||||
Emerging Verticals | 18.4 | % | 18.4 | % | 4.0 | % | 14.4 | % | 14.4 | % | ||||||
International | 15.3 | % | 11.8 | % | 0.8 | % | 14.5 | % | 11.0 | % | ||||||
Canada | 16.1 | % | 13.8 | % | — | % | 16.1 | % | 13.8 | % | ||||||
Latin America | 13.2 | % | 10.2 | % | 2.9 | % | 10.3 | % | 7.3 | % | ||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | ||||||
Africa | 1.1 | % | (7.4 | )% | — | % | 1.1 | % | (7.4 | )% | ||||||
India | 36.0 | % | 31.6 | % | — | % | 36.0 | % | 31.6 | % | ||||||
Asia Pacific | 15.3 | % | 16.7 | % | — | % | 15.3 | % | 16.7 | % | ||||||
Consumer Interactive | 6.1 | % | 6.1 | % | — | % | 6.1 | % | 6.1 | % | ||||||
Adjusted Revenue: | ||||||||||||||||
Consolidated | 13.4 | % | 12.8 | % | 1.6 | % | 11.8 | % | 11.1 | % | ||||||
USIS | 15.2 | % | 15.2 | % | 2.4 | % | 12.8 | % | 12.8 | % | ||||||
Financial Services | 12.4 | % | 12.4 | % | 1.1 | % | 11.3 | % | 11.3 | % | ||||||
Emerging Verticals | 18.4 | % | 18.4 | % | 4.0 | % | 14.4 | % | 14.4 | % | ||||||
International | 15.3 | % | 11.8 | % | 0.8 | % | 14.5 | % | 11.0 | % | ||||||
Canada | 16.1 | % | 13.8 | % | — | % | 16.1 | % | 13.8 | % | ||||||
Latin America | 13.2 | % | 10.2 | % | 2.9 | % | 10.3 | % | 7.3 | % | ||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | ||||||
Africa | 1.1 | % | (7.4 | )% | — | % | 1.1 | % | (7.4 | )% | ||||||
India | 36.0 | % | 31.6 | % | — | % | 36.0 | % | 31.6 | % | ||||||
Asia Pacific | 15.3 | % | 16.7 | % | — | % | 15.3 | % | 16.7 | % | ||||||
Consumer Interactive | 6.1 | % | 6.1 | % | — | % | 6.1 | % | 6.1 | % | ||||||
Adjusted EBITDA: | ||||||||||||||||
Consolidated | 17.5 | % | 16.9 | % | 1.3 | % | 16.2 | % | 15.7 | % | ||||||
USIS | 14.9 | % | 14.9 | % | 1.6 | % | 13.3 | % | 13.3 | % | ||||||
International | 18.7 | % | 15.3 | % | 0.9 | % | 17.8 | % | 14.4 | % | ||||||
Consumer Interactive | 16.2 | % | 16.2 | % | — | % | 16.2 | % | 16.2 | % |
(1) | CC (constant currency) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. |
(2) | Inorganic growth rate represents growth attributable to the first twelve months of activity for recent business acquisitions. |
(3) | Organic growth rate is the GAAP growth rate less the inorganic growth rate. |
(4) | Organic CC growth rate is the CC growth rate less inorganic growth rate. |
For the Year Ended December 31, 2016 compared with the Year Ended December 31, 2015 | ||||||||||||||||
Reported | CC Growth(1) | Inorganic(2) | Organic Growth(3) | Organic CC Growth(4) | ||||||||||||
Revenue: | ||||||||||||||||
Consolidated | 13.1 | % | 14.3 | % | 2.0 | % | 11.1 | % | 12.2 | % | ||||||
USIS | 13.0 | % | 13.0 | % | 0.6 | % | 12.4 | % | 12.4 | % | ||||||
Financial Services | 13.8 | % | 13.8 | % | — | % | 13.8 | % | 13.8 | % | ||||||
Emerging Verticals | 12.2 | % | 12.2 | % | 1.3 | % | 10.9 | % | 10.9 | % | ||||||
International | 16.4 | % | 22.7 | % | 9.3 | % | 7.1 | % | 13.4 | % | ||||||
Canada | 14.9 | % | 19.1 | % | — | % | 14.9 | % | 19.1 | % | ||||||
Latin America | 43.0 | % | 47.0 | % | 41.2 | % | 1.8 | % | 5.8 | % | ||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | ||||||
Africa | (8.5 | )% | 5.2 | % | — | % | (8.5 | )% | 5.2 | % | ||||||
India | 17.6 | % | 23.7 | % | — | % | 17.6 | % | 23.7 | % | ||||||
Asia Pacific | 16.4 | % | 17.3 | % | — | % | 16.4 | % | 17.3 | % | ||||||
Consumer Interactive | 10.1 | % | 10.1 | % | — | % | 10.1 | % | 10.1 | % | ||||||
Adjusted Revenue: | ||||||||||||||||
Consolidated | 13.1 | % | 14.3 | % | 2.0 | % | 11.1 | % | 12.2 | % | ||||||
USIS | 13.0 | % | 13.0 | % | 0.6 | % | 12.4 | % | 12.4 | % | ||||||
Financial Services | 13.8 | % | 13.8 | % | — | % | 13.8 | % | 13.8 | % | ||||||
Emerging Verticals | 12.2 | % | 12.2 | % | 1.3 | % | 10.9 | % | 10.9 | % | ||||||
International | 16.4 | % | 22.7 | % | 9.3 | % | 7.1 | % | 13.4 | % | ||||||
Canada | 14.9 | % | 19.1 | % | — | % | 14.9 | % | 19.1 | % | ||||||
Latin America | 43.0 | % | 47.0 | % | 41.2 | % | 1.8 | % | 5.8 | % | ||||||
United Kingdom | — | % | — | % | — | % | — | % | — | % | ||||||
Africa | (8.5 | )% | 5.2 | % | — | % | (8.5 | )% | 5.2 | % | ||||||
India | 17.6 | % | 23.7 | % | — | % | 17.6 | % | 23.7 | % | ||||||
Asia Pacific | 16.4 | % | 17.3 | % | — | % | 16.4 | % | 17.3 | % | ||||||
Consumer Interactive | 10.1 | % | 10.1 | % | — | % | 10.1 | % | 10.1 | % | ||||||
Adjusted EBITDA: | ||||||||||||||||
Consolidated | 20.9 | % | 22.1 | % | 1.2 | % | 19.7 | % | 20.8 | % | ||||||
USIS | 15.0 | % | 15.0 | % | (1.1 | )% | 16.2 | % | 16.2 | % | ||||||
International | 32.8 | % | 39.9 | % | 12.6 | % | 20.2 | % | 27.3 | % | ||||||
Consumer Interactive | 21.6 | % | 21.6 | % | — | % | 21.6 | % | 21.6 | % |
(1) | CC (constant currency) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. |
(2) | Inorganic growth rate represents growth attributable to the first twelve months of activity for recent business acquisitions. |
(3) | Organic growth rate is the GAAP growth rate less the inorganic growth rate. |
(4) | Organic CC growth rate is the CC growth rate less inorganic growth rate. |