TransUnion Announces Strong Fourth Quarter and Full Year 2018 Results
CHICAGO, February 14, 2019 - TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter and year ended 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.
“TransUnion delivered double-digit Adjusted Revenue, Adjusted EBITDA and Adjusted EPS growth in the fourth quarter and full year 2018, capping a fifth consecutive year of double-digit growth on each of these metrics,” said Jim Peck, President and CEO. “2018 was not just another year of strong performance, but also a pivotal year of investment in our future and the long-term growth of TransUnion. We made four outstanding strategic acquisitions, highlighted by the two largest purchases in our history: Callcredit and iovation. At the same time, we continue to aggressively invest in our best internal projects like CreditVision, CreditVision Link, CreditView Dashboard, IDVision with iovation, Prama and many more. Taken together, I am more confident than I’ve ever been in our long-term prospects. Equally important, the work we do is driving opportunity for people, businesses and economies around the world.”
“During the quarter, we also made a debt prepayment of $60 million and executed a hedge to further limit our balance sheet exposure to rising interest rates,” he concluded.
New Segment Disclosures
Over the past few years, we have completed a significant number of acquisitions that have transformed our business. We have also developed a significant number of new product offerings that have further diversified our portfolio of businesses. As a result of the evolution of our business, we have changed the disaggregated revenue and our measure of segment profit (Adjusted EBITDA) information that we provide to our chief operating decision makers (our “CODM”) to better align with how we manage the business. Accordingly, our disclosures around the disaggregation of our revenue and the measure of segment profit have been recast for all periods presented in this earnings release and supporting schedules to conform to the information used by our CODM. We have not changed our reportable segments and these changes do not impact our consolidated results. For supplemental information, refer to our investor relations website, www.transunion.com/tru, where we have posted a schedule that shows this new basis of accounting for each quarter of 2018 and for the full years of 2016, 2017 and 2018.
The following information was filed by Transunion (TRU) on Thursday, February 14, 2019 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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Ticker: TRU CIK: 1552033 Form Type:10-K Annual Report Accession Number: 0001552033-19-000010 Submitted to the SEC: Thu Feb 14 2019 4:22:10 PM EST Accepted by the SEC: Thu Feb 14 2019 Period: Monday, December 31, 2018 Industry: Consumer Credit Reporting Collection Agencies