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TransUnion Reports Fourth Quarter & Full Year 2012 Results
CHICAGO, Feb. 25, 2013 TransUnion today announced results for the fourth quarter and fiscal year ended December 31, 2012. This is a combined announcement that includes consolidated financial statements for TransUnion Holding Company, Inc. (TransUnion Holding, and together with its consolidated subsidiaries, the Company) and TransUnion Corp., a direct 100% owned subsidiary of TransUnion Holding(1).
Fourth Quarter 2012 Highlights
Total revenue for the fourth quarter increased 12.4%. Weakening foreign currencies accounted for a reduction in revenue of 0.4% and acquisitions accounted for an increase in revenue of 3.0%.
Revenue in USIS Online Data Services increased 9.4%, driven by an increase in online credit report volumes in the financial services and reseller markets.
Revenue in USIS Decision Services increased 15.1%, driven by strong performance in Financial Services and Healthcare insurance eligibility and patient payment estimation.
Revenue in International emerging markets increased 22.6%, driven by increased volumes in all regions and the acquisitions of Crivo Sistemas em Informatica S.A. (Crivo) in Brazil and Credit Reference Bureau (Holdings) Limited (CRB) in Africa.
Weakening foreign currencies accounted for a reduction in emerging markets revenue of 4.9%.
Acquisitions accounted for an increase in emerging markets revenue of 23.4%.
Revenue in the Interactive segment increased 23.1%, driven by an increase in the average number of subscribers in the indirect channel and an increase in the average revenue per subscriber in the direct channel.
Adjusted EBITDA(2) was $89.1 million, an increase of 2.9% compared to the prior year, while the Company continued to invest in new initiatives to drive long-term growth.
Our positive momentum continued in the fourth quarter as we closed out a strong fiscal 2012, highlighted by double-digit organic constant currency revenue growth and high single-digit EBITDA growth. This performance was driven by strong core business results, investments in high growth verticals and markets, and positive macroeconomic trends, said Bobby Mehta, the Companys former president and chief executive officer. As I transition into my new role of Board member, strategic advisor and investor, my conviction regarding the future prospects for TransUnion remains stronger than ever.
The Companys new president and chief executive officer, Jim Peck added, The positive momentum we established in 2012 positions us for continued success in 2013 and beyond. I am excited to lead TransUnion through this next phase of growth and achievement.
Due to the acquisition of TransUnion Corp. by TransUnion Holding, TransUnion Corp.s financial statements are prepared on a Predecessor and Successor basis. In this earnings release, we combine the Predecessor and Successor results and compare the combined TransUnion Holding and TransUnion Corp. results in 2012 with the TransUnion Corp. results in 2011. TransUnion Holding and TransUnion Corp. operate as one business, with one management team. Management believes combining the earnings release of TransUnion Holding and TransUnion Corp. provides the following benefits: enhances investors understanding of TransUnion Holding and TransUnion Corp. by enabling investors to view the business as a whole, the same manner as management views and operates the business; provides a more readable presentation of required disclosures with less duplication, since a substantial portion of the Companys disclosures apply to both TransUnion Holding and TransUnion Corp; and creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
See page 18 for a reconciliation of Adjusted Operating Income & Adjusted EBITDA to their most directly comparable GAAP measures, operating income and net income attributable to the Company, respectively.
The following information was filed by Transunion (TRU) on Monday, February 25, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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