TransUnion Announces Second Quarter 2020 Results and COVID-19 Impact Update
•Business performance improved throughout the quarter as a result of re-openings, government stimulus and successful collaboration with customers to respond to changes in the market.
•TransUnion achieved second quarter 2020 results in line with its Upside Case as provided in its scenario-based outlook.
•TransUnion strengthened its liquidity position, increasing cash on hand by $126 million during the quarter to $432 million, while also reducing its net leverage ratio.
CHICAGO, July 28, 2020 - TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2020.
“TransUnion delivered results in line with our Upside Case Scenario outlook as a result of improving economic conditions in most of our markets as well as the outstanding work of our associates around the world,” said Chris Cartwright, President and CEO. “During the quarter, we remained focused on delivering the right solutions and insights for our customers to help them weather the COVID-19 pandemic.”
“At the same time, we continue to invest for the long-term in our Global Solutions and Global Operations organizations as well as our accelerated technology initiative, Project Rise. All three made meaningful progress during the quarter and we believe we are well positioned to deliver significant results in the future.”
“While we are pleased with our recent performance given the challenging environment, we remain diligent in managing our costs and our liquidity position to ensure the short-term and long-term health of the Company.”
Second Quarter 2020 Results
•Total revenue for the quarter was $634 million, a decrease of 4 percent (3 percent on a constant currency basis, 3 percent on an organic constant currency basis) compared with the second quarter of 2019.
•Adjusted Revenue, which removes the impact of deferred revenue purchase accounting reductions and other adjustments to revenue for our recently acquired entities, was also $634 million for the quarter, a decrease of 4 percent (3 percent on a constant currency basis, 3 percent on an organic constant currency basis) compared with the second quarter of 2019.
•Net income attributable to TransUnion was $69 million for the quarter, compared with $101 million for the second quarter of 2019. Diluted earnings per share was $0.36, compared with $0.53 for the second quarter of 2019.
•Adjusted Net Income was $127 million for the quarter, compared with $132 million for the second quarter of 2019. Adjusted Diluted Earnings per Share for the quarter was $0.66, compared with $0.69 for the second quarter of 2019.
•Adjusted EBITDA was $243 million for the quarter, a decrease of 8 percent (7 percent on a constant currency basis, 7 percent on an organic constant currency basis) compared with the second quarter of 2019. Adjusted EBITDA margin was 38.2 percent, compared with 39.7 percent for the second quarter of 2019.
The following information was filed by Transunion (TRU) on Tuesday, July 28, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.