Transunion · NYSE:TRU
Transunion — Investor Day (2019)
196 slides from Transunion's investor day presentation, 2019
Slide 1: © 2019 Trans Union LLC All Rights Reserved
© 2019 Trans Union LLC All Rights Reserved
Slide 2: TransUnion Investor Day Agenda
TransUnion Investor Day Agenda © 2019 Trans Union LLC All Rights Reserved
Slide 3: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertain
Slide 4: Building TransUnion for Long-Term Growth
v v v Building TransUnion for Long-Term Growth Jim Peck, President and Chief Executive Officer
Slide 5: TransUnion has a unique position in a highly attractive industry
TransUnion has a unique position in a highly attractive industry Credit bureaus play a vital role for businesses and consumers Unique ability to leverage Rapidly growing highly valuable demand for data, data across a analytics and wide array of insights end markets © 2019 Trans Union LLC All Rights
Slide 6: We've transformed TransUnion to position the business for long-term growth
We’ve transformed TransUnion to position the business for long-term growth Pre-transformation Today Industry laggard Industry leader Bureau-centric Risk and information solutions provider Antiquated IT platform Next-generation IT platform Traditional risk models Sophisticated, dynamic analytic tools
Slide 7: Focused, effective strategies to deliver above-market growth
Focused, effective strategies to deliver above-market growth Drive Growth Through Innovation Expand in Attractive Markets Deliver compelling, innovative and differentiated Invest in high-growth, adjacent markets, solutions to our customers across global geographies and channels to drive growth and b
Slide 8: We've profoundly reshaped TransUnion's operating model
Mission & Objective We’ve profoundly Trusted Brand reshaped Go to Market TransUnion’s Markets & Verticals operating model to Global Solutions: CreditVision®, IDVision®, Prama® Decision Services, SRG, CreditView DashboardTM deliver industry Identity Management leadership and Product/Software Developm
Slide 9: Proven track record of leveraging M&A to accelerate growth
We have a proven track record of leveraging M&A to accelerate our growth strategy 2013 2014 2015 2016 2017 2018 © 2019 Trans Union LLC All Rights Reserved
Slide 10: We've built a global footprint well-positioned for long-term growth
We’ve built a global footprint that’s well-positioned to deliver long-term growth Outstanding long-term Leading positions in growth the U.S. and Canada potential in large U.K. market Well positioned for growth and potential expansion in Asia Pacific Strong positions across Latin America Leading posi
Slide 11: © 2019 Trans Union LLC All Rights Reserved
© 2019 Trans Union LLC All Rights Reserved
Slide 12: Culture matters… a lot.
Culture matters… a lot. We’ve built a results-oriented culture of accountability, innovation, collaboration, doing the right thing, ambition, humility and success. © 2019 Trans Union LLC All Rights Reserved
Slide 13: TransUnion has delivered consistent outperformance since going public
TransUnion has delivered consistent, meaningful outperformance since going public 24% 38.7% 39.1% 40.0% 37.3% 19% 36.2% 35.0% 35.6% 34.6% 14% +12% +12% +11% 30.0% 9% +4% +4% +4% 25.0% 4% -1% 20.0% 2016 2017 2018 Info. Svcs. Peer Organic Constant Currency Revenue Growth TransUnion Organic Constant Cu
Slide 14: Fully Leveraging Our Potential
v v v Fully Leveraging Our Potential Chris Cartwright, President, USIS (CEO successor to Jim Peck effective May 8, 2019)
Slide 15: What has made TransUnion successful over the past six years
What has made Focused and effective strategies TransUnion successful over the past six years is not changing Integrated and agile operating model Unique, powerful data assets Organization, talent, culture, team © 2019 Trans Union LLC All Rights Reserved
Slide 16: Data assets
• Marriages • Addresses • Birth • Email • Death • Devices • Education • Biometrics Events Identifiers • Licenses • Debts • Judgments • Payment • Criminal histories Public histories Credit • Collections records • Violations Financial: Behaviors assets & capacity • Driving Financial: • Bank accounts •
Slide 17: Considerable opportunities to continue to grow over the long term
We also have considerable opportunities to continue to grow over the long term Strength of Hungry for Room for Consumer Still not in markets innovation product growth First Era highest gear © 2019 Trans Union LLC All Rights Reserved
Slide 18: A clear approach to the market that drives customer engagement
We have a clear approach to the market that Engage drives customer Acquire engagement Manage and innovation Recover Process Engagement © 2019 Trans Union LLC All Rights Reserved
Slide 19: Well-positioned to provide leadership in critical areas
As our customers and Fraud and The trusted global partner enabling Risk frictionless and safe transactions markets evolve, we’re well-positioned to Provider of a seamless ecosystem Insights and provide leadership in Analytics (Prama®) enabling insights, data access, model development and decisioning
Slide 20: TransUnion is a great long-term investment
TransUnion is a great long-term investment We have a highly evolved business model and culture We participate in very attractive vertical and geographic markets We have unique, powerful assets and know how to utilize them to deliver customer-centric innovation We’re well-positioned to continue to de
Slide 21: USIS Vision
USIS Vision Be a customer-focused identity and information solutions provider that helps clients thrive in a Consumer First Era © 2019 Trans Union LLC All Rights Reserved
Slide 22: USIS continues to demonstrate strong revenue and adjusted EBITDA growth
USIS continues to demonstrate strong revenue and adjusted EBITDA growth $2,000 45.0% 41.0% 40.9% $1,800 39.8% +18% 40.0% $1,600 Adjusted Revenue Strong top and bottom line $1,447 CAGR 35.0% growth driven by: $1,400 $1,200 $1,204 • Base business momentum $1,045 30.0% $1,000 +16% • Growth initiatives
Slide 23: Diversified portfolio of growth businesses
Diversified portfolio of growth businesses that deliver innovative risk information solutions 2018 USIS Adjusted Revenue: Base business momentum Other Emerging • Sales effectiveness $1,447 Verticals • Pricing (24%) million (Includes Diversified Growth initiatives Markets, Rental, Collections and Fin
Slide 24: Driving Above-Market Growth in Financial Services
v v v Driving Above-Market Growth in Financial Services Steve Chaouki, EVP, Financial Services
Slide 25: Financial Services Vision
Financial Services Vision To help our customers change and grow in a rapidly evolving marketplace with solutions designed to win in the new environment
Slide 26: TransUnion Financial Services is a large, diversified vertical
TransUnion Financial Services is a large, diversified vertical Credit Cards Who we serve and Payments • Virtually every U.S. bank, credit union, finance company, auto lender, mortgage lender, FinTech 20% and other consumer lender Consumer • Most major resellers, secondary market players Lending and
Slide 27: Lending has evolved into the Consumer First Era
Lending has evolved into what we refer to as the Consumer First Era, creating a fertile environment for growth • The balance of power has shifted to the consumer - Consumers expect more holistic solutions - The wallet has fractured; consumer loyalty dynamics have changed - Seamless, consistent exper
Slide 28: Historical mindset vs Consumer First perspective
We’ve transformed TransUnion to position the business for long-term growth Historical Mindset Consumer First Perspective Underwriting strategy aims to Strategy is to provide consumers greater access to credit control risk (while controlling and pricing for risk) Lenders compete with other Lenders co
Slide 29: Organizational design aligned with customers in the Consumer First Era
Our organizational design is aligned with our customers in the Consumer First Era Lines of Business Consumer Lending Mortgage Auto Cards and Payments Own and Drive product Link plan to Serve as hub manage the and market salesforce across overall P&L strategy execution geographies Sales Research and
Slide 30: Limited product range prior to the transformation
With a credit bureau approach to the market, prior to the transformation we had a limited product range ENGAGE ACQUIRE MANAGE RECOVER Lead Generation Origination/Risk Decisioning Portfolio/Line Management Collections • Consumer Prescreen & Prequalification • Credit Reports & Data • Credit Reports &
Slide 31: Broader view and differentiated innovation today
Today, we’ve taken a broader view and driven considerable differentiated innovation ENGAGE ACQUIRE MANAGE RECOVER Lead Generation Origination/Risk Decisioning Portfolio/Line Management Collections • Consumer Prescreen & Prequalification • Credit Reports & Data • Credit Reports & Data • Collections C
Slide 32: Financial Services has delivered significant revenue growth
Financial Services has delivered significant revenue growth over the last few years Financial Services Adjusted Revenue ($ in millions) Growth driven by: • Industry-leading innovation $765 • Share shift $620 • Expanded product portfolio $552 • Strategic acquisitions Expect Financial Services to deli
Slide 33: Industry-leading data assets for consumer insights
• Marriages • Addresses • Birth • Email • Death • Devices • Education • Biometrics TransUnion Events Identifiers utilizes • Licenses • Debts industry-leading • Judgments • Criminal Public • Payment histories histories Credit • Collections data assets to • Violations records deliver Financial: unsurp
Slide 34: CreditVision: More Data, More Opportunities
TransUnion’s CreditVision: More Data, More Opportunities A TransUnion study shows over 60 million consumers can now be effectively scored with alternative data and trended credit risk scores © 2019 Trans Union LLC All Rights Reserved
Slide 35: CreditVision strategic superiority over traditional credit data
The CreditVision solution suite provides clear strategic superiority over traditional, static credit data Comparison of Risk Score KS – All New Accounts 35 59% 10% 30 51% 25 60% 20 15 10 5 0 Subprime Near prime Prime Super prime Traditional Credit Score CreditVision New Account Score Note: Risk tier
Slide 36: CreditVision market penetration with room for expansion
Since 2013, the CreditVision solution suite has penetrated the market with room for expansion Current Penetration Penetration Opportunities All mortgage resellers Expansion of usage by FinTechs 90% of FinTech customers Greater auto lender usage (particularly CreditVision Link) 75+ auto lenders More
Slide 37: FinTech growth enabled by innovative solutions like CreditVision
TransUnion has enabled FinTech growth with innovative solutions like CreditVision Personal Loan Originations by Lender Type (Q1 – Q3 each year) $80 TransUnion holds the $70 leading position in the Balances originated ($B) $60 FinTech market $50 FinTechs have grown their $40 proportion of origination
Slide 38: Personal loan adoption is still low
Personal loan adoption is still low, creating plenty of opportunity to continue growing Share of Population Segments with Open Personal Loans on File as of Q4 2018 16% % of Total Population in Each Band 14% Population Penetration 12% 10% Credit card 63% 8% Auto loan 30% 6% 4% Personal loan 7% 2% 0%
Slide 39: Financial Services positioned for above-market growth
Our Financial • Built a diversified, balanced portfolio Services vertical with attractive market positions to has delivered deliver long-term growth strong, consistent, above-market • Delivering lending market insights to growth for many help customers win in the years and is Consumer First Era posi
Slide 40: Prama: Innovation in the Consumer First Era
v v v Prama: Innovation in the Consumer First Era Ginny Gomez, SVP, Product Management and Development
Slide 41: Market demands an integrated ecosystem in a single platform
The market demands an integrated ecosystem, delivering data, insights, analytics and execution in a single platform Discovery to deployment • Single, integrated and seamless platform • On-demand insights, data, attributes, models and scores DATA • Linking and matching of TransUnion, client and third
Slide 42: Prama is a single, self-service analytics platform
Prama is purpose-built as a single, self-service analytics platform to get our clients to market faster Self-service Flexible Interoperable, environment delivery options integrated modules Guided or open Export to client tools/ Integration with experience environment TransUnion solutions © 2019 Tran
Slide 43: Prama modular approach
Launched in 2016 with a modular approach, Prama is a complete yet highly flexible solution Insights DataHub Studio On-demand insights Linked & cleansed Attribute & model by market TransUnion and development and Opportunity exists within target risk tiers of prime and above consumers to expand market
Slide 44: Self-service access to industry-leading data visualization
Prama offers self-service access to industry-leading data visualization… Regional Bank Market Share Insights FinTech Credit Performance Insights For a recent vintage, your portfolio compares favorably to peers for Opportunity also exists with target risk tiers of prime and above consumers near prime
Slide 45: Unprecedented breadth of consumer data
… and an unprecedented breadth of consumer data Company acquisitions Device reputation and consumer digital behaviors Public and proprietary personal, asset and relational data Enhanced credit data and other financial obligations Short-term and other liquidity lending Driving histories DHI and motor
Slide 46: Next-generation architecture for a seamless and secure environment
Leveraging our next-generation architecture to create a seamless and secure environment Application services • Shared enterprise capabilities that enable rapid product development and improve speed to market Elastic compute and storage • Cloud-enabled platforms expand capacity, creating insights and
Slide 47: Prama Demo
Prama Demo © 2019 Trans Union LLC All Rights Reserved
Slide 48: Prama client testimonial and strategy
“The auto-specific market intelligence we gain from Prama has helped us • Prama is a central element of our identify and target market integrated product strategy, spanning segments where we can help more consumers across the client value chain become vehicle owners. - Engage, Acquire, Manage, Recov
Slide 49: Break
Break © 2019 Trans Union LLC All Rights Reserved
Slide 50: Driving Above-Market Growth in Insurance
v v v Driving Above-Market Growth in Insurance Mark McElroy, EVP, Insurance
Slide 51: Insurance Vision
v Insurance Vision Be a customer-focused solutions provider by building the most comprehensive view of consumer behavior and assets, helping insurers acquire and manage risk, engage customers and grow v v profitably
Slide 52: Insurance revenue growth
Insurance has and will continue to generate significant revenue growth Insurance Adjusted Revenue ($ in millions) Meaningful growth driven by a combination of internal $164 investments and acquisitions $130 • DriverRiskSM $118 • Expanded solutions for a variety of applications, including commercial,
Slide 53: Innovative insurance solutions around the globe
We deliver innovative insurance solutions around the globe and bring key insights back to home markets Who we serve • Insurers in 8 international markets • 19 of top 20 U.S. personal property and casualty insurers • 8 of top 10 U.S. life insurers and partnerships with MIB and RGA • 250+ U.S. insuran
Slide 54: Customers operate in a challenging, competitive environment
Our customers operate in a challenging, highly competitive environment As claims increase in severity and frequency in a highly saturated, competitive market, we can help insurers balance growth and profitability by: 1 Comprehensively assessing risk and accurately assigning price in real time 2 Prov
Slide 55: Solution suite well-positioned as insurers use third-party data
Our solution suite is • Tailor marketing campaigns to align with desired well-positioned to risk profiles succeed as • Improve pricing sophistication insurers leverage third-party data to • Broaden and diversify underwriting and rating deliver accurate variables and techniques and fast service • Mor
Slide 56: Investments and acquisitions created differentiated capabilities
Internal investments and acquisitions have created differentiated capabilities and fueled our growth 2014 2015 2016 2017 2018 215 wins 398 wins 398 wins 327 wins 434 wins • Launched DriverRisk • Launched digital • Launched motor vehicle • Launched insurance • Began development work verification capa
Slide 57: National Driving Record Solution
TransUnion National Driving Record Solution illustrates our ability to invest, innovate and fuel strong revenue growth • The industry spends more than $1.2 billion on motor vehicle reports (MVRs) per year • In addition to being the most expensive report, it’s often missing violation activity which w
Slide 58: Future change in the insurance industry
The future will likely include even more change for the insurance industry, creating growth opportunities Internet of Artificial Sharing things intelligence and economy machine learning Autonomous Aerial Generational vehicles imagery preferences © 2019 Trans Union LLC All Rights Reserved
Slide 59: Insurance vertical positioned for double-digit growth
TransUnion’s • Insurers need to balance profit and growth objectives Insurance vertical is creating a strong demand for TransUnion solutions well-positioned to to support tailored strategies across the insurance deliver double-digit, value chain above-market • We continue to invest in product innova
Slide 60: Driving Above-Market Growth in Healthcare
v v v Driving Above-Market Growth in Healthcare Dave Wojczynski, President, Healthcare
Slide 61: Healthcare Vision
Healthcare Vision TransUnion leverages data and analytics to help healthcare providers prevent revenue leakage, maximize reimbursements and enhance the patient financial experience © 2019 Trans Union LLC All Rights Reserved
Slide 62: Healthcare strong historical financial performance
Healthcare has generated strong, historical financial performance Healthcare Adjusted Revenue ($ in millions) Growth driven primarily by: $170 • Continued execution of our go-to- market strategy $147 • Meaningful acquisitions to build out $115 our presence in the back-end of revenue cycle management
Slide 63: Demand for Revenue Cycle Management solutions
Continue to drive demand for Revenue Cycle Management solutions As consumers’ financial … hospitals are facing greater … which is pressuring their responsibility increases… uncompensated care… margins… Out-of-Pocket Expenses ($B) Uncompensated Care Cost ($B) Hospital Operating Margin % $366 $38.4 $3
Slide 64: Revenue Cycle Management process
Revenue Cycle Management is the process healthcare providers use to track patient encounters Front-End Middle Back-End (Patient Access) (Billing/Claims Processing) (Revenue Recovery) Begins at the point of Intersection of clinical Post-discharge; includes scheduling and involves practices and billin
Slide 65: Revenue Protection solution prevents revenue leakage
Our Revenue Protection solution helps prevent revenue leakage by leveraging data and analytics Issues we address Front-End Back-End (Patient Access) (Revenue Recovery) Verify Capture patient Qualify Prioritize Identify missing Ensure patient dollars at point patients for accounts for insurance reimb
Slide 66: Serving providers across the revenue cycle
TransUnion serves providers in both the front and back-end of the revenue cycle Front-End Middle Back-End (Patient Access) (Billing/Claims Processing) (Revenue Recovery) CDM Contract Insurance Scheduling Registration/QA Transfer DRG Management Management Discovery Identity Insurance Denials Charge C
Slide 67: Leading positions through strategic acquisitions
We’ve built leading positions through a series of strategic acquisitions Front-End (Patient Access) 1970-2000s 2007-2010 2011 Credit Reports ADSR FHS TransUnion sold credit Provides automated software Informs patients about their reports to physician solutions to clinics, hospitals out-of-pocket cos
Slide 68: Leading positions through strategic acquisitions
We’ve built leading positions through a series of strategic acquisitions Front-End Back-End (Patient Access) (Revenue Recovery) 1970-2000s 2007-2010 2011 2013 2016 2018 Credit Reports ADSR FHS TransUnion sold credit Provides automated software Informs patients about their Market-leading technology I
Slide 69: Executing strategy to gain market share: win more market growth
Executing our strategy to gain market share and position us for growth 4 Explore 3 Highly differentiated assets and capabilities Innovate enable market-leading 2 growth and margins Cross-sell 1 Win More • Opportunity to become “one-stop shop” for back-end • Accelerated growth and share of hospital m
Slide 70: Executing strategy to gain market share: cross-sell
Executing our strategy to gain market share and position us for growth 4 Explore 3 Highly differentiated assets and capabilities Innovate enable market-leading 2 growth and margins Cross-sell 1 • Auditz and RTech solutions offer unique value proposition in Insurance Discovery space, accelerating Win
Slide 71: Executing strategy to gain market share: innovate
Executing our strategy to gain market share and position us for growth 4 Explore 3 Highly differentiated assets and capabilities Innovate enable market-leading 2 • Utilize TransUnion core data assets growth and margins and analytics to improve product Cross-sell yield and develop new solutions 1 • L
Slide 72: Executing strategy to gain market share: explore
Executing our strategy to gain market share and position us for growth 4 Explore Highly differentiated 3 • Accelerate expansion into assets and capabilities Innovate adjacent markets: enable market-leading 2 - Government growth and margins - Laboratory Cross-sell - Post-acute 1 - Specialty Win More
Slide 73: TransUnion Healthcare well-positioned for future growth
TransUnion • We operate in an attractive, growing niche market Healthcare is well-positioned for • We’ve built a strong, leading position in the faster- future growth growing back-end with the most comprehensive suite of solutions in the industry • We have multiple levers to drive future growth, inc
Slide 74: TLOxp: Leveraging the Full Range of TransUnion Data
v v v TLOxp: Leveraging the Full Range of TransUnion Data Tim Martin, EVP, Specialized Risk Group
Slide 75: Only company with both credit and public record databases
TransUnion is the 3 large, national credit databases only company that has both large credit large, national public record and non-credit 3 databases databases 1 company that has both © 2019 Trans Union LLC All Rights Reserved
Slide 76: TLOxp's wide array of data sources
Tim TLOxp’s wide array San Diego of data sources provides us with differentiated capabilities Tesla © 2019 Trans Union LLC All Rights Reserved
Slide 77: Breadth of data supports diverse use cases
The breadth of data allows us to provide solutions for a diverse set of use cases… Investigations Right-party contact (phone, address, email, etc.) Fraud (as part of IDVision) Portfolio/Data hygiene © 2019 Trans Union LLC All Rights Reserved
Slide 78: Expansion into additional end markets
… and has enabled us to expand into additional end markets Traditional TU Verticals New Vertical Opportunities Financial Services 3rd Party Collections Retail Insurance Government e-Commerce Healthcare Rental Screening Licensed Investigators Consumer Direct Background Screening Legal Other B2B Marke
Slide 79: TLOxp well-positioned for strong long-term growth
TLOxp remains • TLOxp has best-in-class coverage and quality of key well-positioned to data fields like right-party contact information continue delivering • Strong performance since acquisition, including strong, long-term double-digit revenue and adjusted EBITDA growth growth over the last three y
Slide 80: Q&A
Q&A © 2019 Trans Union LLC All Rights Reserved
Slide 81: Driving Above-Market Growth in International
v v v Driving Above-Market Growth in International David Neenan, President, International Todd Skinner, Regional President, Canada, Latin America and Caribbean
Slide 82: International Vision
International Vision Deliver superior information solutions to key markets and verticals globally, helping our clients thrive in the Consumer First Era © 2019 Trans Union LLC All Rights Reserved
Slide 83: Global footprint spans more than 30 countries
TransUnion International’s global footprint spans more than 30 countries and territories 770+ million consumer records 600+ active solutions 24 international credit bureaus © 2019 Trans Union LLC All Rights Reserved
Slide 84: Executing the playbook to drive above-market growth in International
Executing TransUnion’s playbook to drive strong, above-market growth in International 40.0% 38.7% $600 37.3% Substantial, above-market 36.2% $498 +26% growth driven by: $500 Adjusted 35.0%Revenue CAGR • Favorable conditions in key markets $400 $362 • Proven go-to-market approach +30% $314 30.0% Adju
Slide 85: International growth from a diverse portfolio of countries
International growth has come from a diverse portfolio of countries and regions Total International FY 2018 Adjusted Revenue ($ in millions) 2016-2018 +14% +8% N/A +3% +31% +12% +26% CAGR *Represents only ~6 months of TransUnion ownership in 2018. © 2019 Trans Union LLC All Rights Reserved
Slide 86: Key trends across International portfolio
Key trends across our International portfolio GDPR in Europe New Privacy laws imminent in India, Brazil, Canada, Hong Kong Large number of non- Frictionless experience credit data across channels Cheaper data connectivity Consent- Mobile, PC, in-branch, TV, Multiple governments Based d
Slide 87: International playbook enables outperformance
TransUnion’s international playbook enables us to continue to outperform our underlying markets 3 Adjacencies 2 Accelerated growth in Insurance and Consumer Interactive while pursuing new opportunities with Product Innovation FinTechs, marketing services and alternative data-enabled solutions 1 Deve
Slide 88: Client Engagement across the value chain
Client Engagement: Our solutions address the needs of our customers across the value chain ENGAGE ACQUIRE MANAGE RECOVER • Lead generation • Credit check • Portfolio strategy • Effective collections • Segmentation & targeting • Risk strategy • Portfolio management • Recovery investigation optimizati
Slide 89: Product Innovation: diffusing differentiated solutions internationally
Product Innovation: Continuing to diffuse our differentiated solutions across international markets Solutions in market through 2019 TransUnion TrueRisk CreditVision IDVision CreditView DecisionEdge Life Canada India Colombia Hong Kong Philippines South Africa Brazil * U.K. *Represents TrueVisionTM,
Slide 90: Adjacencies: momentum in high-growth verticals
Insurance Adjacencies: Gaining • Second largest vertical • Continued growth, particularly in some of our largest strong momentum in international markets including the U.K. high-growth verticals Consumer Interactive • Increased emphasis on enabling banks to across our regions Accelerated drive highe
Slide 91: Running the TransUnion Playbook in Canada
v v v Running the TransUnion Playbook in Canada to Drive Market Outperformance
Slide 92: Canada is a developed market growing low-single-digits
Canada is a developed market that has been growing low-single-digits Population Credit-Active Number of New Value of Loans (Millions) Canadians Loans Issued Issued1 (%) (Millions per quarter) (CAD Billions per quarter) CAGR +1.1% +0.5% +1.8% +4.1% 2011-2018 37 28 29 4.2 35 34 3.7 27 2011 2018 2011 2
Slide 93: Canadian lenders demand product innovation
Canadian lenders demand product innovation to drive growth in a highly competitive market • Highly consolidated market, with the six largest Canadian banks representing ~70% of total lending • Total banked population is ~96% • Only 0.5% annual growth in credit- active customers Sources: Department o
Slide 94: TransUnion Canada strong performance in a slow-growth market
TransUnion Canada continues to deliver very strong performance in a slow-growth market TransUnion Canada Adjusted Revenue ($ in millions) Since 2014, our Canadian business has delivered growth 4+ times the underlying market $96 $86 $74 Continued growth expected to be driven by: • Share gains • Diffu
Slide 95: Canada client engagement
Client Engagement: TransUnion Canada’s strong growth has benefited from robust client engagement Client Engagement Model Understanding the Understanding the Solving their Providing world- market customer problems together class support • Research team • Sales team with • Established a • Dedicated su
Slide 96: Canada product innovation
Product Innovation: TransUnion Canada has benefitted from diffusing cutting-edge innovation 2014 2018 Small Business Score © 2019 Trans Union LLC All Rights Reserved
Slide 97: Canada adjacencies expansion
Adjacencies: Our Insurance • Serve 8 of the top 10 insurance continued expansion companies in Canada into high-growth Consumer Interactive verticals has also • Gaining meaningful traction with our core direct-to-consumer and indirect platforms fueled our Accelerated growth in performance in adjacenc
Slide 98: TransUnion Canada positioned for future growth
TransUnion Canada • Continued, robust client engagement is well-positioned to continue to deliver • Drive global operating model via substantial future diffusion of IP, including CreditVision growth Link and CreditView Dashboard • Continued expansion into high-growth, adjacent verticals, such as Ins
Slide 99: Running the TransUnion Playbook in India
v v v Running the TransUnion Playbook in India to Drive Market Outperformance
Slide 100: India is a large market with strong credit growth
India is a large market with strong credit growth, fueled by healthy consumer demand Population Credit/GDP ratio New Loans Issued1 Value of Loans Issued1 (Billons) (%) (Millions per quarter)2 (USD Billons per quarter)2 CAGR +1% +9% +34% +19% 2016-2018 1.3 1.4 25 14 42 21 30 8 2016 2018 2016 2018 201
Slide 101: Indians are rapidly creating digital data
Indians are rapidly creating digital data… 347M 1.2B Jan Dhan Bank Enrollments Account Beneficiaries Since Launch1 400M+ Smartphones 1 All Aadhar enrolments except those for children <5 years old (3% of total enrolments) have biometrics associated with them. Sources: PMJDY (Dept. of Financial Servic
Slide 102: Accelerated inclusion by increasing ease of access to credit
… and this has accelerated inclusion by increasing the ease of access to credit 2008 2018 2020 Credit card led market with Consumption loan-led Intra-day and cash flow average seven days to market with one day to loans in real time approve approve Advanced credit and social Real-time savings, tax, S
Slide 103: TransUnion India outperformance in a fast growing market
TransUnion India has delivered substantial outperformance in a very fast growing market TransUnion India Adjusted Revenue ($ in millions) Since 2015, our Indian business $82 has delivered growth 2.5+ times the underlying market $65 $47 Continued growth expected to be driven by: • Enhanced go-to-mark
Slide 104: India client engagement
Client Engagement: Reorganizing sales teams for Sales enhanced engagement with Our enhanced go-to- existing and prospective clients market strategy has supported Better leveraging our Research Market TransUnion India’s Planning and Consulting function to deliver meaningful market insights tremendous
Slide 105: India product innovation
Product Innovation: TransUnion India has also benefitted from diffusing cutting-edge innovation 2015 2018 TransUnion TrueRisk® Small Business Score © 2019 Trans Union LLC All Rights Reserved
Slide 106: India adjacencies expansion
Insurance Adjacencies: Our • Continue to scale in Insurance by leveraging existing enterprise solutions, expansion into high- such as TrueLife Risk growth and emerging Consumer Interactive • Six million consumers benefitting from verticals continues to CreditView Dashboard Accelerated fuel the growt
Slide 107: TransUnion India expected to continue outperformance
We expect • Leverage strong market momentum TransUnion India will continue to deliver • Continue robust client engagement substantial • Drive global operating model via outperformance versus the diffusion of IP, including further underlying market penetration of CreditVision • Continued expansion in
Slide 108: Running the TransUnion Playbook in the U.K.
v v v Running the TransUnion Playbook in the U.K. to Drive Market Outperformance
Slide 109: The U.K. is a large, attractive market
The U.K. is a large, attractive market • U.K. is the second largest credit bureau market in the world • Callcredit’s total addressable market is estimated at $2.4 billion • Favorable dynamics include growth in FinTech and fraud solutions • To date, we’ve seen limited impact from Brexit
Slide 110: Callcredit is a differentiated asset in the market
Callcredit is a differentiated asset in the market Differentiated Compelling Leadership in data solutions key verticals • Income and affordability data • Open banking solution • Established position in high- • Electoral Roll (header data) • Income and affordability suite growth verticals (e.g., FinT
Slide 111: Investment thesis for Callcredit
Investment thesis for Callcredit grounded in strong standalone position with upside opportunities Strong Market Strong Track Upside Enhanced Optimization Position Record Opportunities Focus Strong position Historically Potential to Divestment of Opportunity to in second outperformed accelerate growt
Slide 112: U.K. business positioned for above-market growth
Post-acquisition, our U.K. business is well-positioned to deliver strong, above-market growth Implementing Launch of Divestment of Optimization TransUnion New Solution Non-core Potential Playbook Businesses • Enhancing client • TrueVision (trended credit) • Pending sale of • Cost synergies ahead of
Slide 113: Expected U.K. performance with international playbook
We expect our U.K. • Optimize organization and cost business to deliver structure to support our bottom line strong performance as we leverage • Drive global operating model via TransUnion’s diffusion of IP to fuel top-line growth international playbook • Continued expansion in emerging and high-gro
Slide 114: Diversified International business positioned for growth
Our diversified Successfully transitioning from credit International bureau to a provider of high-value business remains data and analytics solutions well-positioned for continued above- Global operating model enables market growth diffusion of IP throughout our International businesses and regions
Slide 115: Q&A
Q&A © 2019 Trans Union LLC All Rights Reserved
Slide 116: Lunch
Lunch © 2019 Trans Union LLC All Rights Reserved
Slide 117: Consumer Interactive: Driving Growth by Enabling Consumers
v v v Consumer Interactive: Driving Growth by Enabling Consumers John Danaher, President, Consumer Interactive
Slide 118: Consumer Interactive Vision
Consumer Interactive Vision Empower consumers, directly and indirectly through partnerships, to better manage their finances and protect their identity through tools, resources and education © 2019 Trans Union LLC All Rights Reserved
Slide 119: Consumer Interactive strong, market-leading growth
Consumer Interactive has delivered strong, market-leading growth $700 49.9% 48.8% 50.0% $600 +8% Meaningful growth driven by: 44.6% Adjusted 45.0%Revenue • Innovative solutions, such as $500 $476 CAGR CreditView Dashboard $432 $407 40.0% $400 • Continued growth with indirect +14% Adjusted partners 3
Slide 120: TransUnion Credit Monitoring
For nearly two decades, TransUnion has empowered consumers directly through our flagship product: TransUnion Credit Monitoring © 2019 Trans Union LLC All Rights Reserved
Slide 121: Pioneered the indirect model
To extend our reach and expand consumer access to credit information, we’ve pioneered the indirect model Original Model Current Model Data Data Data Indirect Lenders Lenders partners Consumers Consumers © 2019 Trans Union LLC All Rights Reserved
Slide 122: 100 million consumers with access through indirect partners
Together with our indirect partners, more than 100 million consumers have access to information to help them make more informed financial decisions © 2019 Trans Union LLC All Rights Reserved
Slide 123: Total market for credit information expanding
Total market for credit information is expanding largely due to TransUnion’s indirect model Total U.S. Credit Monitoring/Identity Protection Enrollments 185M Free 66M Paid 2014 2015 2016 2017 2018 Source: TU analysis estimating overall market sizing, August 2018. © 2019 Trans Union LLC All Rights Re
Slide 124: CreditView Dashboard underpins indirect channel success
CreditView Dashboard underpins our success in the indirect channel, enabling a customized, engaging experience © 2019 Trans Union LLC All Rights Reserved
Slide 125: CreditView Dashboard value to partners
CreditView Dashboard offers significant value to our partners Educational Engaging Predictive Profitable Improves consumers’ Drives consumers back Greater Better financial standing to the site consumer relevance acquisition efforts © 2019 Trans Union LLC All Rights Reserved
Slide 126: Educational: consumers benefit from improved credit scores
Educational: Consumers who use credit information benefit from improved credit scores 19% of customers using CreditView Dashboard improved their score >40 points vs. 13% for all bank* * From Dec 31, 2017 to Dec 31, 2018 Source: 2018 TransUnion analysis
Slide 127: Engaging: customers returning to the site
Engaging: Customers returning to the site provide deeper insights and stronger loyalty CreditView Dashboard alerts average 40% unique click-through rates* *Statistics are based on a general population analyzed over varying periods of time. Actual results may vary due to partner’s unique membership d
Slide 128: Predictive: Score Simulator
Predictive: Score Simulator helps identify customers ready for action 49% of consumers who simulated opening a new loan, subsequently did Source: 2018 TransUnion analysis, CreditView users who enrolled between 1/1/18-5/30/18
Slide 129: Profitable: right offers at the right time
Profitable: Extend the right offers at the right time and increase acquisitions Source: 2018 TransUnion analysis, direct-to-consumer sites, 1/1/18-12/31/18
Slide 130: Case study: partner generated significant acquisitions
Case study: How one partner generated significant acquisitions by empowering consumers 75% of subscribers refresh dashboard monthly; ~95% at least quarterly 22% of simulations are adding a new credit card 2.1M new cards were opened at the bank over the course of a year Source: 2018 TransUnion Intern
Slide 131: Key drivers fueling future growth
Evolving consumer expectations Consumer Interactive Expanding consumer access has a number of key drivers fueling future Building innovative solutions growth Improving consumer experience Expanding international © 2019 Trans Union LLC All Rights Reserved
Slide 132: Evolving consumer expectations
Evolving consumer expectations • Choice • Personalized • On-Demand • Control • Ease of Use • Secure • Mobile/Digital © 2019 Trans Union LLC All Rights Reserved
Slide 133: Expanding consumer access
Expanding Exploring new consumer Pioneered the markets to indirect market to continue to reach access Established the drive breakout direct business as growth more consumers the foundation © 2019 Trans Union LLC All Rights Reserved
Slide 134: Building innovative solutions
Building innovative solutions CreditVision IDVision Prama Allow consumers to Reduce friction and Allow consumers to see how their credit improve the overall explore their own has trended over consumer credit behaviors and time and compare experience while how those behaviors to others like them main
Slide 135: Improving consumer experience
Improve Operations Improving Consumer Experience © 2019 Trans Union LLC All Rights Reserved
Slide 136: Expanding International
Delivering CreditView Dashboard in Canada, Hong Kong, India, South Africa, Colombia; next will be the U.K. Expanding International © 2019 Trans Union LLC All Rights Reserved
Slide 137: Consumer Interactive well-positioned to continue growth
Consumer Proven Business Model: Leading supplier of credit information to consumers, directly and Interactive is through partnerships well-positioned to continue its Strategic Partnerships: Long-standing relationships with market leaders and innovators growth trajectory Large Member Base: Growing wi
Slide 138: Q&A
Q&A © 2019 Trans Union LLC All Rights Reserved
Slide 139: Global Device-Based Consumer Intelligence
v v v Global Device-Based Consumer Intelligence Greg Pierson, SVP, Business Planning and Development, iovation
Slide 140: Protecting businesses and consumers from fraud
How do you protect businesses and consumers when the bad guys have perfect information?
Slide 141: Any Device
Any Device If a device can connect to the Internet, we can recognize it. Associated devices and their collective history are leveraged to assess risk and authenticate account owners. © 2019 Trans Union LLC All Rights Reserved
Slide 142: iovation associates groups of devices to individuals
iovation associates groups of devices to anonymous individuals © 2019 Trans Union LLC All Rights Reserved
Slide 143: iovation's suite of solutions
iovation’s innovative suite of solutions Detect and Prevent Fraud Authenticate Users FraudForce ClearKey Device-based reputation Device-based authentication SureScore LaunchKey Trust indicator Multifactor authentication © 2019 Trans Union LLC All Rights Reserved
Slide 144: FraudForce Case Study: Top-10 bank
Challenge: • Provide a frictionless application process • Minimize costs and streamline back-office workload • Increase fraud prevention and handle increasing regulation Results: FraudForce • New account applications are confidently approved in real time • Significant reduction in fraud loss • More
Slide 145: ClearKey Case Study: telecom provider login
Challenge: • Previous authentication solution caused customer friction and too many false positives • Previous solution did not provide enough data for the Fraud team to analyze when investigating customer complaints Results: ClearKey • Obtained end-to-end visibility and increased data by leveraging
Slide 146: SureScore Case Study: U.S. credit issuer
Challenge: • Accelerating good customers • Reduce manual review costs and associated customer friction • Increase fraud capture rate Results: SureScore • Decreased reviews by 55.7% Transactions that could have been automatically allowed or denied • Increased fraud capture by 77.3% Allowed transactio
Slide 147: LaunchKey Case Study: financial platform
Solution Overview LaunchKey serves as the front-end authenticator for a major financial platform provider, creating a complete, real-time cybersecurity solution for digital banking designed to balance user friction and security. Key Benefits: • Improve customer experience and reduce friction LaunchK
Slide 148: How is This Differentiated?
How is This Differentiated? Gu)
Slide 149: Key iovation differentiators
Key iovation differentiators Over a decade of historical data Rich, granular, industry-specific fraud intelligence Personally identifiable information Designed to share independent Breadth of services Unmatched support and expertise © 2019 Trans Union LLC All Rights Reserved
Slide 150: TransUnion and iovation
TransUnion and iovation Uniting Personal and Digital Identities
Slide 151: IDVision
NS IDVision.
Slide 152: IDVision with iovation
NS IDVision. with ® fovation.
Slide 153: Combining online and offline data
Combining online and offline data 1 billion 5.9 billion worldwide consumer records devices seen by network 650 million 42 billion consumer credit history records total transactions protected 50+ 26 million petabytes of data transactions protected per day 4.8 billion 66 million monthly data updates f
Slide 154: iovation associates groups of devices to individuals
iovation associates groups of devices to anonymous individuals © 2019 Trans Union LLC All Rights Reserved
Slide 155: Connecting personal and digital identities
Connecting personal and digital identities © 2019 Trans Union LLC All Rights Reserved
Slide 156: IDVision and iovation: a differentiated solution
The combination of IDVision and iovation provides TransUnion with a truly differentiated solution Establish Authenticate Detect identity consumers fraud • Verify identity against a • Validate the claimed • Assess fraud risk of online broad set of personal and identity is who they say transactions or
Slide 157: Enhance trust in the consumer journey
Enhance trust in the consumer journey and improve online experiences while reducing risk Manage Purchase Account or Payment Account Contact Login Call Center Open Access Account ATM © 2019 Trans Union LLC All Rights Reserved
Slide 158: Consumer First
Consumer First Uniting personal and digital identities to get the complete picture © 2019 Trans Union LLC All Rights Reserved
Slide 159: Q&A
Q&A © 2019 Trans Union LLC All Rights Reserved
Slide 160: Break
Break © 2019 Trans Union LLC All Rights Reserved
Slide 161: Technology as a Growth Enabler
v v v Technology as a Growth Enabler Abhi Dhar, Chief Information and Technology Officer
Slide 162: Project SPARK technology rebuild
• In 2013, we embarked on a journey that “ You can’t start a fire without a SPARK revolutionized the way we organize and analyze data that we call Project SPARK ” • Over five years later, we have completely -Bruce Springsteen rebuilt our technology to handle the demands of modern business • Today, a
Slide 163: TransUnion's Global Technology strategy
Platform Expansion TransUnion’s Enhance a data architecture that can support TransUnion’s Global Technology increasing emphasis on big data and analytics strategy Optimized Infrastructure Further hone our infrastructure to be the fastest and most reliable with an eye on the hybrid cloud and global r
Slide 164: Platform Expansion
Platform Expansion Universal data Customized data storage In-house and customer- acquisition and extraction facing analytic tools Allows for easy ingestion of any data type Enables rapid iteration/product development Provide a distinct marketplace advantage © 2019 Trans Union LLC All Rights Reserved
Slide 165: Optimized next-generation infrastructure with 99.99% uptime
Optimized, next- generation infrastructure allows us to achieve 99.99% online system uptime © 2019 Trans Union LLC All Rights Reserved
Slide 166: Enterprise agile development to fast-track innovation
We’re utilizing enterprise agile development to fast-track innovation while reducing costs © 2019 Trans Union LLC All Rights Reserved
Slide 167: 600+ associates in India Global In-House Center
600+ associates in our India Global In-House Center are developing innovative, consumer-empowering products of tomorrow © 2019 Trans Union LLC All Rights Reserved
Slide 168: Culture focused on mitigating cybersecurity risk
We’ve built a culture focused on mitigating cybersecurity risk • 4x increase in information security professionals • 3x increase in information security investments © 2019 Trans Union LLC All Rights Reserved
Slide 169: Benefits from technology transformation
We’ve recognized meaningful benefits from our technology transformation 100% 40% 30% Growth in online Increase in size of Reduction in product transactions business supported development time supported © 2019 Trans Union LLC All Rights Reserved
Slide 170: Future technology focus
Future technology focus is on driving growth through new capabilities Digital growth Cloud APIs Open source © 2019 Trans Union LLC All Rights Reserved
Slide 171: Global Technology enables diffusion of products
Global Technology continues to enable the diffusion of products and capabilities across our global footprint © 2019 Trans Union LLC All Rights Reserved
Slide 172: Balancing innovation, availability and cybersecurity
Innovation Need to innovate to maintain current position and drive The ability to future growth balance these Availability Table stakes demands creates a requirement for customers to remain at competitive 99.99% availability Balancing advantage for demands to TransUnion in the achieve marketplace op
Slide 173: Global Technology is a sustainable competitive advantage
Global Technology • Our Global Technology transformation has is a sustainable, provided us with a competitive advantage competitive • This transformation also yielded meaningful, advantage for sustainable financial benefits TransUnion • We continue to enhance our systems to maintain our marketplace
Slide 174: Long-Term Financial Outlook
v v v Long-Term Financial Outlook Todd Cello, Chief Financial Officer
Slide 175: Confirming Q1 and Full Year 2019 Guidance
Confirming First Quarter and Full Year 2019 Guidance Full Year 2019 Guidance First Quarter 2019 Guidance • Adjusted Revenue $2.590 to $2.610 billion, up • Adjusted Revenue $614 to $619 million, 10.5% to 11.5% up 14% to 15% - Organic constant currency growth of - Organic constant currency growth of 7
Slide 176: Three-year balanced outperformance across key financial metrics
Over the next three years, we expect to deliver balanced, relative outperformance across key financial metrics ~7% ~50bps 15-17% 10%+ Organic, constant Adjusted EBITDA margin Free cash flow margins Adjusted EPS growth currency revenue expansion on average, allow us to deploy excess with upside drive
Slide 177: All three segments contribute to revenue growth
All three segments are significant contributors to revenue growth 2016–2018 Organic Constant Currency What to Expect Going Forward Adjusted Revenue CAGR High-single-digit growth driven by industry-leading USIS 14% innovation and strong positions in attractive vertical markets Low-double-digit growth
Slide 178: Margin expansion from investments and revenue growth
Margin expansion has come from smart, sustainable investments, as well as revenue growth Adjusted EBITDA Margin 39.1% 39.5% • Flow through of organic 38.7% innovation and new products 37.3% • Strategic acquisitions 35.0% • Technology transformation 34.8% (2016-2017) enabled expense shift toward inve
Slide 179: Very strong Adjusted EPS growth over five years
TransUnion has delivered very strong Adjusted EPS growth over the last five years Adjusted Diluted EPS ($ per share) Performance driven by: $2.63 $2.50 • Meaningful benefit from strong organic growth $1.87 • Accretive impact of $1.50 acquisitions $1.09 • Improving tax rate $0.81 2019 guidance impact
Slide 180: Strong free cash flow margin expected to continue
Strong free cash flow margin expected to continue in 2019 and beyond Free Cash Flow Margin (FCF as % of Adjusted Revenue) Expect 15% to 17% FCF Margin in 2019+ 16% 17% 16% 2016 2017 2018 2019 and beyond Note: Free Cash Flow Margin is defined as Free Cash Flow divided by Adjusted Revenue. Free Cash F
Slide 181: Capital allocation priorities
Capital allocation priorities for creating shareholder value: • Internal investments • Acquisitions • Dividends • Debt reduction • Share buyback
Slide 182: Capital allocation focused on long-term growth
Capital allocation is • Reinvest aggressively in innovation and focused on driving product capabilities to drive long-term top and bottom-line growth long-term, differentiated growth • Leverage our rigorous M&A diligence through internal process to selectively assess and acquire investments and comp
Slide 183: Capital investments to drive long-term growth
Continuing to make capital investments to drive long-term growth Total Capital Expenditures as a Percent of Adjusted Revenue Investing in: • Innovative projects to drive 8% 7% 8% future, long-term top and 7% bottom-line growth • Continued evolution of our technology platform and cybersecurity stance
Slide 184: Focused acquisition strategy: diversified growth
TransUnion’s focused acquisition strategy is a catalyst for diversified above-market growth Acquisition Differentiated data assets New capabilities to expand Expand our date that augment our core in our vertical markets international footprint ZipCode (Brazil) March 2013 eScan September 2013 TLO Dec
Slide 185: Focused acquisition strategy: diversified growth
TransUnion’s focused acquisition strategy is a catalyst for diversified above-market growth Acquisition Differentiated data assets New capabilities to expand Expand our date that augment our core in our vertical markets international footprint Datalink Services August 2017 eBureau October 2017 Facto
Slide 186: Dividend policy and flexibility for excess cash flow
In addition to our • Continue to pay dividend of 10% to 15% existing dividend of Adjusted Diluted Earnings per Share policy, maintain • Continuing to de-lever, with target flexibility to deploy leverage below 3.5x; may also excess cash flow opportunistically repay debt toward other accretive • Thoug
Slide 187: Other long-term modeling items
Other long-term • Adjusted Tax Rate: Anticipate modest modeling items improvements to our current 27% rate as we optimize our structure to align with our global footprint • D&A ex. Step-Up and M&A: Expect high- single-digit percent increases annually • Share Count: Expect a slight increase annually
Slide 188: So what happens in a recessionary environment?
So what happens in a recessionary environment?
Slide 189: Diversified end markets and international footprint over 10 years
Over the last 10 years, we’ve meaningfully diversified our end markets and international footprint Consumer Interactive Consumer USIS Interactive 20% 20% Financial Services USIS 32% Financial Services 2009 41% 2018 Adjusted Revenue: Adjusted Revenue: International $925 million $2.35 billion 18% Inte
Slide 190: Recession scenario analysis vs 2009
Recession scenario analysis and comparison to 2009 and current macro conditions Recession 2009 2018 Scenario Real GDP growth (2.5%) +3.0% (1.5%) to (0.5%) Unemployment rate 9.3% 3.9% 5% to 7% Wages and salaries growth (2.2%) +4.1% +0% Existing home sales (annual) 4.3M 5.3M ~4.5M Consumer spending (0
Slide 191: Less exposure to the U.S. credit cycle than in 2009
We now have significantly less exposure to the U.S. credit cycle than in 2009 % of Consolidated Adjusted Revenue 2009 2018 Negatively Financial Services ~41% ~32% Impacted International Consumer Interactive Modest Healthcare ~46% ~57% Impact Government Other Emerging Verticals Insurance Counter Rent
Slide 192: Expected performance in a recession scenario
In a recession • Diversified portfolio enables revenue scenario, we expect growth even in recessionary environment to continue • Culture of disciplined cost management delivering relative with the proven ability to adapt to outperformance changing market conditions • Confident in ability to maintain
Slide 193: TransUnion positioned for relative outperformance
TransUnion is • Unique, powerful business model well-positioned for relative • Highly diversified sources of revenue growth outperformance • Considerable capability to both reinvest and over the deliver incremental margin over time long-term • Capital allocation priorities that drive shareholder val
Slide 194: TransUnion is a great long-term investment
TransUnion is a great long-term investment We have a highly evolved business model and culture We participate in very attractive vertical and geographic markets We have unique, powerful assets and know how to utilize them to deliver customer-centric innovation We’re well-positioned to continue to de
Slide 195: Q&A
Q&A © 2019 Trans Union LLC All Rights Reserved
Slide 196: © 2019 Trans Union LLC All Rights Reserved
© 2019 Trans Union LLC All Rights Reserved