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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 10-Q
 
 
   
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
- OR -
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number:
001-37470
 
 
TransUnion
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
61-1678417
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
 
555 West Adams,
Chicago,
Illinois
 
60661
(Address of principal executive offices)
 
(Zip code)
312-985-2000
(Registrants’ telephone number, including area code)
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
TRU
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Yes
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
 
Large Accelerated Filer
Accelerated Filer
 
Non-Accelerated Filer
Smaller Reporting Company
 
 
 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes
No
 
As of September 30, 2019, there were 188.3 million shares of TransUnion common stock outstanding.





Table of Contents

TRANSUNION
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS
 
 
Page
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

2

Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets
(in millions, except per share data)
 
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
235.9

 
$
187.4

Trade accounts receivable, net of allowance of $18.8 and $13.5
 
458.2

 
456.8

Other current assets
 
198.0

 
136.5

Current assets of discontinued operations
 

 
60.8

Total current assets
 
892.1

 
841.5

Property, plant and equipment, net of accumulated depreciation and amortization of $430.6 and $366.2
 
201.8

 
220.3

Goodwill
 
3,312.6

 
3,293.6

Other intangibles, net of accumulated amortization of $1,405.3 and $1,206.7
 
2,381.0

 
2,548.1

Other assets
 
234.5

 
136.3

Total assets
 
$
7,022.0

 
$
7,039.8

Liabilities and stockholders’ equity
 
 
 
 
Current liabilities:
 
 
 
 
Trade accounts payable
 
$
174.5

 
$
169.9

Short-term debt and current portion of long-term debt
 
93.9

 
71.7

Other current liabilities
 
359.7

 
284.1

Current liabilities of discontinued operations
 

 
22.8

Total current liabilities
 
628.1

 
548.5

Long-term debt
 
3,646.0

 
3,976.4

Deferred taxes
 
442.0

 
478.0

Other liabilities
 
176.4

 
54.7

Total liabilities
 
4,892.5

 
5,057.6

Stockholders’ equity:
 
 
 

Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2019 and December 31, 2018, 193.2 million and 190.0 million shares issued at September 30, 2019 and December 31, 2018, respectively, and 188.3 million shares and 185.7 million shares outstanding as of September, 2019 and December 31, 2018, respectively
 
1.9

 
1.9

Additional paid-in capital
 
1,999.7

 
1,947.3

Treasury stock at cost; 4.8 million and 4.2 million shares at September 30, 2019 and December 31, 2018, respectively
 
(177.9
)
 
(139.9
)
Retained earnings
 
583.4

 
363.1

Accumulated other comprehensive loss
 
(369.7
)
 
(282.7
)
Total TransUnion stockholders’ equity
 
2,037.4

 
1,889.7

Noncontrolling interests
 
92.1

 
92.5

Total stockholders’ equity
 
2,129.5

 
1,982.2

Total liabilities and stockholders’ equity
 
$
7,022.0

 
$
7,039.8


See accompanying notes to unaudited consolidated financial statements.

3

Table of Contents

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(in millions, except per share data)
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2019
 
2018
 
2019

2018
Revenue
 
$
689.3

 
$
603.6

 
$
1,970.5

 
$
1,704.1

Operating expenses
 
 
 
 
 
 
 
 
Cost of services (exclusive of depreciation and amortization below)
 
220.8

 
207.5

 
645.2

 
579.0

Selling, general and administrative
 
208.4

 
189.8

 
600.8

 
524.6

Depreciation and amortization
 
88.7

 
84.2

 
271.4

 
218.8

Total operating expenses
 
518.0

 
481.5

 
1,517.4

 
1,322.3

Operating income
 
171.3

 
122.1

 
453.1

 
381.7

Non-operating income and (expense)
 
 
 
 
 
 
 
 
Interest expense
 
(43.5
)
 
(44.0
)
 
(133.7
)
 
(92.5
)
Interest income
 
2.2

 
1.3

 
5.4

 
3.5

Earnings from equity method investments
 
3.1

 
3.2

 
10.2

 
8.4

Other income and (expense), net
 
(20.6
)
 
(3.2
)
 
(0.7
)
 
(45.6
)
Total non-operating income and (expense)
 
(58.8
)
 
(42.7
)
 
(118.7
)
 
(126.1
)
Income from continuing operations before income taxes
 
112.5

 
79.4

 
334.3

 
255.6

Provision for income taxes
 
(24.2
)
 
(28.6
)
 
(64.2
)
 
(72.1
)
Income from continuing operations
 
88.3

 
50.8

 
270.2

 
183.5

Discontinued operations, net of tax
 

 
(1.4
)
 
(4.6
)
 
(1.4
)
Net income
 
88.3

 
49.4

 
265.6

 
182.0

Less: net (income) loss attributable to the noncontrolling interests
 
3.4

 
(3.1
)
 
(1.5
)
 
(7.6
)
Net income attributable to TransUnion
 
$
91.7

 
$
46.3

 
$
264.1

 
$
174.4

 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
88.3

 
$
50.8

 
$
270.2

 
$
183.5

Less: loss (income) from continuing operations attributable to noncontrolling interests
 
3.4

 
(3.1
)
 
(1.5
)
 
(7.6
)
Income from continuing operations attributable to TransUnion
 
91.7

 
47.7

 
268.7

 
175.9

Discontinued operations, net of tax
 

 
(1.4
)
 
(4.6
)
 
(1.4
)
Net income attributable to TransUnion
 
$
91.7

 
$
46.3

 
$
264.1

 
$
174.4

 
 
 
 
 
 
 
 
 
Basic earnings per common share from:
 
 
 


 



 
Income from continuing operations attributable to TransUnion
 
$
0.49

 
$
0.26

 
$
1.43

 
$
0.95

Discontinued operations, net of tax
 

 
(0.01
)
 
(0.02
)
 
(0.01
)
Net Income attributable to TransUnion
 
$
0.49

 
$
0.25

 
$
1.41

 
$
0.95

Diluted earnings per common share from:
 
 
 
 
 
 
 
 
Income from continuing operations attributable to TransUnion
 
$
0.48

 
$
0.25

 
$
1.40

 
$
0.92

Discontinued operations, net of tax
 

 
(0.01
)
 
(0.02
)
 
(0.01
)
Net Income attributable to TransUnion
 
$
0.48

 
$
0.24

 
$
1.38

 
$
0.91

Weighted-average shares outstanding:
 
 
 


 



 
Basic
 
188.2

 
185.1

 
187.5

 
184.4

Diluted
 
192.0

 
191.2

 
191.6

 
190.8


As a result of displaying amounts in millions, rounding differences may exist in the table above.
See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited)
(in millions)
 
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
88.3

 
$
49.4

 
$
265.6

 
$
182.0

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
         Foreign currency translation:
 
 
 
 
 
 
 
 
               Foreign currency translation adjustment
 
(70.7
)
 
(7.7
)
 
(46.8
)
 
(73.6
)
               (Expense) benefit for income taxes
 
0.5

 
(0.5
)
 
0.2

 
(0.4
)
         Foreign currency translation, net
 
(70.2
)
 
(8.2
)
 
(46.6
)
 
(74.0
)
         Hedge instruments:
 
 
 
 
 
 
 
 
               Net change on interest rate cap
 
(0.4
)
 
1.5

 
(12.2
)
 
15.6

               Net change on interest rate swap
 
(5.6
)
 

 
(43.7
)
 

               Cumulative effect of adopting ASU 2017-12
 

 

 
1.0

 

               Benefit (expense) for income taxes
 
1.2

 
(0.4
)
 
13.7

 
(3.9
)
         Hedge instruments, net
 
(4.8
)
 
1.1

 
(41.2
)
 
11.7

         Available-for-sale debt securities:
 
 
 
 
 
 
 
 
              Net unrealized loss
 
0.1

 

 
0.1

 
(0.1
)
              Benefit for income taxes
 

 
0.1

 

 
0.1

         Available-for-sale debt securities, net
 
0.1

 
0.1

 
0.1

 

Total other comprehensive income (loss), net of tax
 
(74.9
)
 
(7.0
)
 
(87.7
)
 
(62.3
)
Comprehensive income
 
13.4

 
42.4

 
177.9

 
119.7

Less: comprehensive income (loss) attributable to noncontrolling interests
 
4.8

 
(2.5
)
 
(0.9
)
 
(3.9
)
Comprehensive income attributable to TransUnion
 
$
18.2

 
$
39.9

 
$
177.0

 
$
115.8

See accompanying notes to unaudited consolidated financial statements.


5

Table of Contents

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
 
 
Nine Months Ended September 30,
 
 
2019

2018
Cash flows from operating activities:
 



Net income
 
$
265.6


$
182.0

Add: loss from discontinued operations, net of tax
 
4.6


1.4

Income from continuing operations
 
270.2


183.5

Adjustments to reconcile net income to net cash provided by operating activities:
 


 
Depreciation and amortization
 
271.4


218.8

Loss on debt financing transactions
 
1.5

 
12.0

Amortization and (gain) loss on fair value of hedge instrument
 


(0.7
)
Net (gain) impairment of investments in nonconsolidated affiliates and assets-held-for-sale
 
(20.6
)
 
1.5

Equity in net income of affiliates, net of dividends
 
(1.2
)

(3.1
)
Deferred taxes
 
(9.7
)

(17.9
)
Amortization of discount and deferred financing fees
 
4.7


3.2

Stock-based compensation
 
29.7


36.9

Payment of contingent obligation
 
(0.4
)
 
(0.2
)
Provision for losses on trade accounts receivable
 
7.9


6.3

Other
 
2.8


3.0

Changes in assets and liabilities:
 
 

 
Trade accounts receivable
 
(13.2
)

(79.4
)
Other current and long-term assets
 
(35.4
)

(5.5
)
Trade accounts payable
 
10.8


8.3

Other current and long-term liabilities
 
69.2


43.6

Cash provided by operating activities of continuing operations
 
587.7


410.3

Cash used in operating activities of discontinued operations
 
(7.3
)

(0.9
)
Cash provided by operating activities
 
580.4


409.4

Cash flows from investing activities:
 


 
Capital expenditures
 
(132.1
)

(118.3
)
Proceeds from sale of trading securities
 
3.5


1.8

Purchases of trading securities
 
(1.9
)

(2.0
)
Proceeds from sale of other investments
 
18.2


15.9

Purchases of other investments
 
(31.4
)

(22.7
)
Acquisitions and purchases of noncontrolling interests, net of cash acquired
 
(46.2
)
 
(1,800.4
)
Proceeds from disposals of discontinued operations, net of cash on hand
 
40.3

 
(0.5
)
Other
 
(5.5
)

(0.9
)
Cash used in investing activities of continuing operations
 
(155.1
)
 
(1,927.1
)
Cash used in investing activities of discontinued operations
 

 
(0.1
)
Cash used in investing activities
 
(155.1
)
 
(1,927.2
)
Cash flows from financing activities:
 



Proceeds from Senior Secured Term Loan B-4
 

 
1,000.0

Proceeds from Senior Secured Term Loan A-2
 

 
800.0

Proceeds from senior secured revolving line of credit
 

 
125.0

Payments of senior secured revolving line of credit
 


(210.0
)
Repayments of debt
 
(313.9
)

(39.3
)
Debt financing fees
 

 
(33.8
)
Proceeds from issuance of common stock and exercise of stock options
 
22.4


23.3

Dividends to shareholders
 
(42.6
)

(27.7
)
Distributions to noncontrolling interests
 
(1.2
)
 
(2.8
)
Employee taxes paid on restricted stock units recorded as treasury stock
 
(37.7
)

(0.8
)
Cash (used in) provided by financing activities
 
(373.0
)
 
1,633.9

Effect of exchange rate changes on cash and cash equivalents
 
(3.8
)
 
(5.3
)
Net change in cash and cash equivalents
 
48.5

 
110.8

Cash and cash equivalents, beginning of period
 
187.4

 
115.8

Cash and cash equivalents, end of period
 
$
235.9

 
$
226.6

As a result of displaying amounts in millions, rounding differences may exist in the table above.
See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity (Unaudited)
(in millions)

 
 
Common Stock
 
Paid-In
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total
 
 
Shares
 
Amount
 
 
 
 
 
 
Balance, December 31, 2017
 
183.2

 
$
1.9

 
$
1,863.5

 
$
(138.8
)
 
$
137.4

 
$
(135.3
)
 
$
95.9

 
$
1,824.6

Net income
 

 

 

 

 
73.1

 

 
2.3

 
75.4

Other comprehensive income
 

 

 

 

 

 
21.7

 
0.1

 
21.8

Stock-based compensation
 

 

 
8.9

 

 

 

 

 
8.9

Employee share purchase plan
 
0.1

 

 
4.8

 

 

 

 

 
4.8

Exercise of stock options
 
0.7

 

 
5.3

 

 

 

 

 
5.3

Treasury stock purchased
 

 

 

 
(0.4
)
 

 

 

 
(0.4
)
Cumulative effect of adopting Topic 606, net of tax
 

 

 

 

 
(6.0
)
 

 
(0.1
)
 
(6.1
)
Cumulative effect of adopting ASC 2016-16
 

 

 

 

 
(2.2
)
 

 

 
(2.2
)
Balance, March 31, 2018
 
184.0

 
1.9

 
1,882.5

 
(139.2
)
 
202.3

 
(113.6
)
 
98.2

 
1,932.1

Net income
 

 

 

 

 
55.0

 

 
2.3

 
57.3

Other comprehensive income
 

 

 

 

 

 
(73.9
)
 
(3.2
)
 
(77.1
)
Distributions to noncontrolling interests
 

 

 

 

 

 

 
(0.1
)
 
(0.1
)
Noncontrolling interests of acquired businesses
 

 

 

 

 

 

 
0.1

 
0.1

Stock-based compensation
 

 

 
11.5

 

 

 

 

 
11.5

Exercise of stock options
 
0.7

 

 
4.7

 

 

 

 

 
4.7

Treasury stock purchased
 

 

 

 
(0.1
)
 

 

 

 
(0.1
)
Dividends to shareholders
 

 

 

 

 
(14.1
)
 

 

 
(14.1
)
Balance, June 30, 2018
 
184.7

 
1.9

 
1,898.7

 
(139.3
)
 
243.2

 
(187.5
)
 
97.3

 
1,914.3

Net income
 

 

 

 

 
46.3

 

 
3.1

 
49.4

Other comprehensive income
 

 

 

 

 

 
(6.4
)
 
(0.6
)
 
(7.0
)
Distributions to noncontrolling interests
 

 

 

 

 

 

 
(3.4
)
 
(3.4
)
Noncontrolling interests of acquired businesses
 

 

 

 

 

 

 
0.2

 
0.2

Stock-based compensation
 

 

 
15.0

 

 

 

 

 
15.0

Employee share purchase plan
 
0.1

 

 
6.5

 

 

 

 

 
6.5

Exercise of stock options
 
0.5

 

 
3.7

 

 

 

 

 
3.7

Treasury stock purchased
 

 

 

 
(0.3
)
 

 

 

 
(0.3
)
Dividends to shareholders
 

 

 

 

 
(14.2
)
 

 

 
(14.2
)
Other
 

 

 

 
0.1

 
(0.1
)
 

 
(0.1
)
 
(0.1
)
Balance, September 30, 2018
 
185.3

 
$
1.9

 
$
1,923.9

 
$
(139.5
)
 
$
275.2

 
$
(193.9
)
 
$
96.5

 
$
1,964.1


As a result of displaying amounts in millions, rounding differences may exist in the table above.
See accompanying notes to unaudited consolidated financial statements.


7

Table of Contents

 
 
Common Stock
 
Paid-In
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total
 
 
Shares
 
Amount
 
 
 
 
 
 
Balance, December 31, 2018
 
185.7

 
$
1.9

 
$
1,947.3

 
$
(139.9
)
 
$
363.1

 
$
(282.7
)
 
$
92.5

 
$
1,982.2

Net income
 

 

 

 

 
70.9

 

 
2.4

 
73.4

Other comprehensive income
 

 

 

 

 

 
53.2

 
0.1

 
53.3

Stock-based compensation
 

 

 
9.2

 

 

 

 

 
9.2

Employee share purchase plan
 
0.1

 

 
6.9

 

 

 

 

 
6.9

Exercise of stock options
 
0.5

 

 
4.2

 

 

 

 

 
4.2

Vesting of restricted stock units
 
1.6

 

 

 

 

 

 

 

Treasury stock purchased
 
(0.6
)
 

 

 
(37.1
)
 

 

 

 
(37.1
)
Dividends to shareholders
 

 

 

 

 
(14.2
)
 

 

 
(14.2
)
Cumulative effect of adopting ASU 2017-12
 

 

 

 

 
(1.0
)
 

 

 
(1.0
)
Balance, March 31, 2019
 
187.3

 
1.9

 
1,967.6

 
(177.0
)
 
418.8

 
(229.4
)
 
95.0

 
2,076.9

Net income
 

 

 

 

 
101.5

 

 
2.5

 
104.0

Other comprehensive income
 

 

 

 

 

 
(66.8
)
 
0.7

 
(66.1
)
Distributions to noncontrolling interests
 

 

 

 

 

 

 
(0.8
)
 
(0.8
)
Stock-based compensation
 

 

 
6.1

 

 

 

 

 
6.1

Exercise of stock options
 
0.5

 

 
2.7

 

 

 

 

 
2.7

Treasury stock purchased
 

 

 

 
(0.1
)
 

 

 

 
(0.1
)
Dividends to shareholders
 

 

 

 

 
(14.2
)
 

 

 
(14.2
)
Balance, June 30, 2019
 
187.8

 
1.9

 
1,976.4

 
(177.1
)
 
506.1

 
(296.2
)
 
97.4

 
2,108.5

Net income (loss)
 

 

 

 

 
91.7

 

 
(3.4
)
 
88.3

Other comprehensive income
 

 

 

 

 

 
(73.5
)
 
(1.4
)
 
(74.9
)
Distributions to noncontrolling interests
 

 

 

 

 

 

 
(0.5
)
 
(0.5
)
Stock-based compensation
 

 

 
12.4

 

 

 

 

 
12.4

Employee share purchase plan
 
0.1

 

 
8.3