Schedule of Corrections to Financial Statements |
The impact of the revisions is presented below. Consolidated Statements of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, 2022 | | Twelve Months Ended December 31, 2021 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | Cost of services (exclusive of depreciation and amortization) | | $ | 1,222.9 | | | $ | 162.2 | | | $ | 1,385.1 | | | $ | 991.6 | | | $ | 30.7 | | | $ | 1,022.3 | | Selling, general and administrative | | 1,337.4 | | | (158.0) | | | 1,179.4 | | | 943.9 | | | (34.9) | | | 909.0 | | Total operating expenses | | 3,079.3 | | | 4.2 | | | 3,083.5 | | | 2,312.5 | | | (4.2) | | | 2,308.3 | | Operating income | | 630.5 | | | (4.2) | | | 626.3 | | | 647.7 | | | 4.2 | | | 651.9 | | Income from continuing operations before income taxes | | 387.2 | | | (4.2) | | | 383.0 | | | 501.4 | | | 4.2 | | | 505.6 | | Provision for income taxes | | (119.9) | | | 1.0 | | | (118.9) | | | (130.9) | | | (1.0) | | | (131.9) | | Income from continuing operations | | 267.3 | | | (3.2) | | | 264.1 | | | 370.5 | | | 3.2 | | | 373.7 | | Net income | | 284.7 | | | (3.2) | | | 281.5 | | | 1,402.2 | | | 3.2 | | | 1,405.4 | | Net income attributable to TransUnion | | 269.5 | | | (3.2) | | | 266.3 | | | 1,387.1 | | | 3.2 | | | 1,390.3 | | | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | 252.1 | | | (3.2) | | | 248.9 | | | 355.5 | | | 3.2 | | | 358.7 | | | | | | | | | | | | | | | Basic earnings per common share from: | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 1.31 | | | $ | (0.02) | | | $ | 1.29 | | | $ | 1.86 | | | $ | 0.02 | | | $ | 1.87 | | Net income attributable to TransUnion | | $ | 1.40 | | | $ | (0.02) | | | $ | 1.38 | | | $ | 7.25 | | | $ | 0.02 | | | $ | 7.26 | | Diluted earnings per common share from: | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 1.31 | | | $ | (0.02) | | | $ | 1.29 | | | $ | 1.84 | | | $ | 0.02 | | | $ | 1.86 | | Net income attributable to TransUnion | | $ | 1.40 | | | $ | (0.02) | | | $ | 1.38 | | | $ | 7.19 | | | $ | 0.02 | | | $ | 7.20 | |
Consolidated Statements of Comprehensive Income (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, 2022 | | Twelve Months Ended December 31, 2021 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | Net income | | $ | 284.7 | | | $ | (3.2) | | | $ | 281.5 | | | $ | 1,402.2 | | | $ | 3.2 | | | $ | 1,405.4 | | Comprehensive income | | 283.3 | | | (3.2) | | | 280.1 | | | 1,386.6 | | | 3.2 | | | 1,389.8 | | Comprehensive income attributable to TransUnion | | 270.4 | | | (3.2) | | | 267.2 | | | 1,373.9 | | | 3.2 | | | 1,377.1 | |
Consolidated Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, 2022 | | Twelve Months Ended December 31, 2021 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | Net income | | $ | 284.7 | | | $ | (3.2) | | | $ | 281.5 | | | $ | 1,402.2 | | | $ | 3.2 | | | $ | 1,405.4 | | Income from continuing operations | | 267.3 | | | (3.2) | | | 264.1 | | | 370.5 | | | 3.2 | | | 373.7 | | Trade accounts payable | | (20.7) | | | 4.2 | | | (16.5) | | | 45.7 | | | (4.2) | | | 41.5 | | Other current and long-term liabilities | | (435.3) | | | (1.0) | | | (436.3) | | | (33.5) | | | 1.0 | | | (32.5) | | Cash provided by operating activities of continuing operations | | 301.0 | | | — | | | 301.0 | | | 759.4 | | | — | | | 759.4 | |
Consolidated Statements of Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, 2022 | | Twelve Months Ended December 31, 2021 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | Retained Earnings, Beginning Period Balance | | $ | 2,254.6 | | | $ | 3.2 | | | $ | 2,257.8 | | | $ | 937.4 | | | $ | — | | | $ | 937.4 | | Net income | | 269.5 | | | (3.2) | | | 266.3 | | | 1,387.1 | | | 3.2 | | | 1,390.3 | | Retained Earnings, Ending Period Balance | | $ | 2,446.6 | | | $ | — | | | $ | 2,446.6 | | | $ | 2,254.6 | | | $ | 3.2 | | | $ | 2,257.8 | | | | | | | | | | | | | | | Total Equity Beginning Period Balance | | $ | 4,006.2 | | | $ | 3.2 | | | $ | 4,009.4 | | | $ | 2,636.1 | | | $ | — | | | $ | 2,636.1 | | Net income | | 284.7 | | | (3.2) | | | 281.5 | | | 1,402.2 | | | 3.2 | | | 1,405.4 | | Total Equity Ending Period Balance | | $ | 4,269.4 | | | $ | — | | | $ | 4,269.4 | | | $ | 4,006.2 | | | $ | 3.2 | | | $ | 4,009.4 | |
A summary of the corrections to the impacted financial statement line items of the Company’s previously issued consolidated financial statements previously filed in unaudited Quarterly Reports on Form 10-Q for the period ended March 31, 2023 and the period ended June 30, 2023, and in Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the period ended September 30, 2023, are as follows:Consolidated Statements of Operations | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2023 | | | As Reported | | Adjustment | | As Revised | Cost of services (exclusive of depreciation and amortization) | | $ | 324.9 | | | $ | 55.9 | | | $ | 380.8 | | Selling, general and administrative | | 340.5 | | | (55.9) | | | 284.6 | | Total operating expenses | | 795.1 | | | — | | | 795.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Six Months Ended June 30, 2023 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | | | | | | | | | | | | | | Cost of services (exclusive of depreciation and amortization) | | $ | 365.5 | | | $ | 21.5 | | | $ | 387.0 | | | $ | 728.2 | | | $ | 39.6 | | | $ | 767.8 | | Selling, general and administrative | | 314.0 | | | (21.5) | | | 292.5 | | | 616.7 | | | (39.6) | | | 577.1 | | Total operating expenses | | 809.6 | | | — | | | 809.6 | | | 1,604.7 | | | — | | | 1,604.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2023 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | | | | | | | | | | | | | | Cost of services (exclusive of depreciation and amortization) | | $ | 344.8 | | | $ | 24.0 | | | $ | 368.8 | | | $ | 1,073.2 | | | $ | 63.6 | | | $ | 1,136.8 | | Selling, general and administrative | | 314.8 | | | (24.0) | | | 290.8 | | | 931.3 | | | (63.6) | | | 867.7 | | Total operating expenses | | 1,205.0 | | | — | | | 1,205.0 | | | 2,809.6 | | | — | | | 2,809.6 | |
| | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2022 | | | As Reported | | Adjustment | | As Revised | | | | | | | | Cost of services (exclusive of depreciation and amortization) | | $ | 298.0 | | | $ | 35.4 | | | $ | 333.4 | | Selling, general and administrative | | 359.5 | | | (34.8) | | | 324.7 | | Total operating expenses | | 786.3 | | | 0.6 | | | 786.9 | | Operating income | | 135.0 | | | (0.6) | | | 134.4 | | Income from continuing operations before income taxes | | 76.7 | | | (0.6) | | | 76.1 | | Provision for income taxes | | (24.4) | | | 0.2 | | | (24.2) | | Income from continuing operations | | 52.3 | | | (0.4) | | | 51.9 | | Net income | | 52.0 | | | (0.4) | | | 51.6 | | Net income attributable to TransUnion | | 48.3 | | | (0.4) | | | 47.9 | | | | | | | | | Income from continuing operations attributable to TransUnion | | 48.7 | | | (0.4) | | | 48.3 | | | | | | | | | Basic earnings per common share from: | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 0.25 | | | $ | — | | | $ | 0.25 | | Net income attributable to TransUnion | | $ | 0.25 | | | $ | — | | | $ | 0.25 | | Diluted earnings per common share from: | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 0.25 | | | $ | — | | | $ | 0.25 | | Net income attributable to TransUnion | | $ | 0.25 | | | $ | — | | | $ | 0.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | | | | | | | | | | | | | | Cost of services (exclusive of depreciation and amortization) | | $ | 328.9 | | | $ | 16.7 | | | $ | 345.6 | | | $ | 650.0 | | | $ | 29.0 | | | $ | 679.0 | | Selling, general and administrative | | 306.3 | | | (13.1) | | | 293.2 | | | 642.7 | | | (24.8) | | | 617.9 | | Total operating expenses | | 765.8 | | | 3.6 | | | 769.4 | | | 1,552.1 | | | 4.2 | | | 1,556.3 | | Operating income | | 182.5 | | | (3.6) | | | 178.9 | | | 317.4 | | | (4.2) | | | 313.2 | | Income from continuing operations before income taxes | | 128.5 | | | (3.6) | | | 124.9 | | | 205.2 | | | (4.2) | | | 201.0 | | Provision for income taxes | | (29.2) | | | 0.8 | | | (28.4) | | | (53.5) | | | 1.0 | | | (52.5) | | Income from continuing operations | | 99.3 | | | (2.8) | | | 96.5 | | | 151.7 | | | (3.2) | | | 148.5 | | Net income | | 99.6 | | | (2.8) | | | 96.8 | | | 151.6 | | | (3.2) | | | 148.4 | | Net income attributable to TransUnion | | 95.6 | | | (2.8) | | | 92.8 | | | 143.9 | | | (3.2) | | | 140.7 | | | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | 95.3 | | | (2.8) | | | 92.5 | | | 143.9 | | | (3.2) | | | 140.7 | | | | | | | | | | | | | | | Basic earnings per common share from: | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 0.49 | | | $ | (0.01) | | | $ | 0.48 | | | $ | 0.75 | | | $ | (0.02) | | | $ | 0.73 | | Net income attributable to TransUnion | | $ | 0.50 | | | $ | (0.01) | | | $ | 0.48 | | | $ | 0.75 | | | $ | (0.02) | | | $ | 0.73 | | Diluted earnings per common share from: | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 0.49 | | | $ | (0.01) | | | $ | 0.48 | | | $ | 0.75 | | | $ | (0.02) | | | $ | 0.73 | | Net income attributable to TransUnion | | $ | 0.49 | | | $ | (0.01) | | | $ | 0.48 | | | $ | 0.75 | | | $ | (0.02) | | | $ | 0.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Nine Months Ended September 30, 2022 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | | | | | | | | | | | | | | Cost of services (exclusive of depreciation and amortization) | | $ | 338.2 | | | $ | 13.4 | | | $ | 351.6 | | | $ | 988.2 | | | $ | 42.4 | | | $ | 1,030.6 | | Selling, general and administrative | | 301.0 | | | (13.4) | | | 287.6 | | | 943.6 | | | (38.2) | | | 905.5 | | Total operating expenses | | 768.8 | | | — | | | 768.8 | | | 2,320.8 | | | 4.2 | | | 2,325.0 | | Operating income | | 169.5 | | | — | | | 169.5 | | | 487.0 | | | (4.2) | | | 482.8 | | Income from continuing operations before income taxes | | 110.8 | | | — | | | 110.8 | | | 316.1 | | | (4.2) | | | 311.9 | | Provision for income taxes | | (30.6) | | | — | | | (30.6) | | | (84.1) | | | 1.0 | | | (83.1) | | Income from continuing operations | | 80.3 | | | — | | | 80.3 | | | 232.0 | | | (3.2) | | | 228.8 | | Net income | | 82.7 | | | — | | | 82.7 | | | 234.3 | | | (3.2) | | | 231.1 | | Net income attributable to TransUnion | | 79.2 | | | — | | | 79.2 | | | 223.0 | | | (3.2) | | | 219.8 | | | | | | — | | | | | | | | | | Income from continuing operations attributable to TransUnion | | 76.8 | | | — | | | 76.8 | | | 220.7 | | | (3.2) | | | 217.5 | | | | | | | | | | | | | | | Basic earnings per common share from: | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 0.40 | | | $ | — | | | $ | 0.40 | | | $ | 1.15 | | | $ | (0.02) | | | $ | 1.13 | | Net income attributable to TransUnion | | $ | 0.41 | | | $ | — | | | $ | 0.41 | | | $ | 1.16 | | | $ | (0.02) | | | $ | 1.14 | | Diluted earnings per common share from: | | | | | | | | | | | | | Income from continuing operations attributable to TransUnion | | $ | 0.40 | | | $ | — | | | $ | 0.40 | | | $ | 1.14 | | | $ | (0.02) | | | $ | 1.13 | | Net income attributable to TransUnion | | $ | 0.41 | | | $ | — | | | $ | 0.41 | | | $ | 1.15 | | | $ | (0.02) | | | $ | 1.14 | |
Consolidated Statements of Comprehensive Income (Loss) | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2022 | | | As Reported | | Adjustment | | As Revised | Net income | | $ | 52.0 | | | $ | (0.4) | | | $ | 51.6 | | Comprehensive income | | 152.6 | | | (0.4) | | | 152.2 | | Comprehensive income attributable to TransUnion | | 148.9 | | | (0.4) | | | 148.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | Net income | | $ | 99.6 | | | $ | (2.8) | | | $ | 96.8 | | | $ | 151.6 | | | $ | (3.2) | | | $ | 148.4 | | Comprehensive (loss) income | | (0.7) | | | (2.8) | | | (3.5) | | | 152.0 | | | (3.2) | | | 148.8 | | Comprehensive (loss) income attributable to TransUnion | | (3.2) | | | (2.8) | | | (6.0) | | | 145.8 | | | (3.2) | | | 142.6 | |
| | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | | As Reported | | Adjustment | | As Revised | Net income | | $ | 234.3 | | | $ | (3.2) | | | $ | 231.1 | | Comprehensive income | | 159.7 | | | (3.2) | | | 156.5 | | Comprehensive income attributable to TransUnion | | 151.2 | | | (3.2) | | | 148.0 | |
Consolidated Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2022 | | Six Months Ended June 30, 2022 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | Net income | | $ | 52.0 | | | $ | (0.4) | | | $ | 51.6 | | | $ | 151.6 | | | $ | (3.2) | | | $ | 148.4 | | Income from continuing operations | | 52.3 | | | (0.4) | | | 51.9 | | | 151.7 | | | (3.2) | | | 148.5 | | Trade accounts payable | | (10.3) | | | 0.6 | | | (9.7) | | | 6.4 | | | 4.2 | | | 10.6 | | Other current and long-term liabilities | | (116.2) | | | (0.2) | | | (116.4) | | | (461.4) | | | (1.0) | | | (462.4) | | Cash provided by (used in) operating activities of continuing operations | | 11.6 | | | — | | | 11.6 | | | (115.4) | | | — | | | (115.4) | |
| | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | | As Reported | | Adjustment | | As Revised | Net income | | $ | 234.3 | | | $ | (3.2) | | | $ | 231.1 | | Income from continuing operations | | 232.0 | | | (3.2) | | | 228.8 | | Trade accounts payable | | (20.4) | | | 4.2 | | | (16.2) | | Other current and long-term liabilities | | (448.8) | | | (1.0) | | | (449.8) | | Cash provided by operating activities of continuing operations | | 70.8 | | | — | | | 70.8 | |
Consolidated Statements of Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2022 | | Three Months Ended June 30, 2022 | | | As Reported | | Adjustment | | As Revised | | As Reported | | Adjustment | | As Revised | Retained Earnings, Beginning Period Balance | | $ | 2,254.6 | | | $ | 3.2 | | | $ | 2,257.8 | | | $ | 2,284.5 | | | $ | 2.8 | | | $ | 2,287.3 | | Net income | | 48.3 | | | (0.4) | | | 47.9 | | | 95.6 | | | (2.8) | | | 92.8 | | Retained Earnings, Ending Period Balance | | $ | 2,284.5 | | | $ | 2.8 | | | $ | 2,287.3 | | | $ | 2,361.5 | | | $ | — | | | $ | 2,361.5 | | | | | | | | | | | | | | | Total Equity Beginning Period Balance | | $ | 4,006.2 | | | $ | 3.2 | | | $ | 4,009.4 | | | $ | 4,141.9 | | | $ | 2.8 | | | $ | 4,144.7 | | Net income | | 52.0 | | | (0.4) | | | 51.6 | | | 99.6 | | | (2.8) | | | 96.8 | | Total Equity Ending Period Balance | | $ | 4,141.9 | | | $ | 2.8 | | | $ | 4,144.7 | | | $ | 4,138.9 | | | $ | — | | | $ | 4,138.9 | |
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