TRU Shareholder/Stockholder Letter Transcript:
2023
Annual
Report
Letter from our
President & Chief
Executive Officer
Dear fellow shareholders,
In 2023, TransUnion showed notable resiliency in another year
of challenging conditions in many of our markets. Our growth
throughout the year demonstrated the strength of our business
model, the relevance of our innovative solutions suites and the
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integration, are focused on organic growth and transforming our
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strategy, and I will focus my comments on three areas:
(IPMZIVMRK WSPMH RERGMEP VIWYPXW in a challenging environment
JSV QER] SJ SYV KISKVETLMIW ERH IRH QEVOIXW
Launching the next phase of our transformation XS STXMQM^I
SYV STIVEXMRK QSHIP ERH EHZERGI SYV QEVOIX PIEHMRK
technology
Strengthening our foundation of risk management and
compliance XS VIQEMR E XVYWXIH TEVXRIV XS EPP WXEOILSPHIVW
DELIVERING SOLID FINANCIAL RESULTS
;I HIPMZIVIH WSPMH RERGMEP VIWYPXW MR EGLMIZMRK XLVII
TIVGIRX VIZIRYI KVS[XL1 %HHMXMSREPP] [I MRZIWXIH JSV JYXYVI
growth while delivering on ongoing transformation initiatives,
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TVYHIRXP] QEREKIH SYV FEPERGI WLIIX TVITE]MRK QMPPMSR
SJ HIFX ERH GSQTPIXMRK X[S HIFX VI RERGMRK XVERWEGXMSRW MR
3GXSFIV ERH *IFVYEV] LIPTMRK XS QMXMKEXI XLI
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Revenue growth highlights include:
In our U.S. Markets WIKQIRX [I KVI[ HIWTMXI WPS[MRK PIRHMRK
ERH QEVOIXMRK EGXMZMX] EGVSWW SYV GPMIRXW *MRERGMEP 7IVZMGIW
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MR %YXS [IVI SJJWIX F] SRPMRI ERH FEXGL ZSPYQI HIGPMRIW MR
'EVH &EROMRK ERH 'SRWYQIV 0IRHMRK HVMZIR F] XMKLXIRMRK
PIRHMRK WXERHEVHW EGVSWW FEROW ERH RERGMEP MRWXMXYXMSRW
)QIVKMRK :IVXMGEPW KVI[ PIH F] 8IGL 6IXEMP ) 'SQQIVGI
ERH -RWYVERGI %GVSWW SYV 9 7 1EVOIXW 2IYWXEV KVI[ ZI
TIVGIRX [MXL WXVIRKXL MR 'SQQYRMGEXMSR ERH WXVSRK WEPIW SJ
8VY'SRXEGX 8VYWXIH 'EPP 7SPYXMSRW ;I EPWS I\TERHIH 2IYWXEV
%HNYWXIH )&-8(% QEVKMRW XS TIVGIRX YT FEWMW TSMRXW
SZIV XLI PEWX X[S ]IEVW SJ S[RIVWLMT
1
Growth rates in this section are organic constant currency.
Our International WIKQIRX KVI[ F] HSYFPI HMKMXW 8LI
FYWMRIWW LEW KVS[R F] HSYFPI HMKMXW IZIV] ]IEV WMRGI SYV
MRMXMEP TYFPMG SJJIVMRK I\GITX JSV HYI XS '3:-(
-RHME VIQEMRIH XLI WXERHSYX KVS[MRK TIVGIRX JSV E XLMVH
GSRWIGYXMZI ]IEV [LMPI 'EREHE %WME 4EGM G ERH %JVMGE EPP
EPWS HIPMZIVIH HSYFPI HMKMX KVS[XL
Our Consumer Interactive segment grew in the indirect
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ERH FVIEGL WSPYXMSRW EGUYMVIH [MXL 7SRXMU MR 7SRXMU
KVI[ SZIV TIVGIRX MR [MXL ZIV] WXVSRK FVIEGL [MRW
ERH HSYFPI HMKMX KVS[XL MR MHIRXMX] TVSXIGXMSR
LAUNCHING THE NEXT PHASE OF OUR TRANSFORMATION
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WGEPI JSWXIV ORS[PIHKI WLEVMRK ERH HIZIPST WXERHEVHM^IH
[E]W SJ STIVEXMRK EGVSWW XLI KPSFI 8LIWI MRMXMEXMZIW HVMZI GSWX
I GMIRGMIW ERH EGGIPIVEXI MRRSZEXMSR WXVIEQPMRMRK [SVO S[W
JSV SYV EWWSGMEXIW ERH GVIEXMRK FIXXIV YWIV I\TIVMIRGIW JSV
GYWXSQIVW ERH GSRWYQIVW
-R 2SZIQFIV [I ERRSYRGIH XLI RI\X WXIT SJ SYV XVERWJSVQEXMSR
GSQTVMWMRK X[S GSQTPIQIRXEV] TVSKVEQW
Optimizing our operating model F] FYMPHMRK YTSR SYV
WYGGIWWJYP WXVEXIK] SJ PIZIVEKMRK SYV +PSFEP 'ETEFMPMX] 'IRXIVW
+''W EGVSWW XLI KPSFI HVMZMRK [SVOJSVGI TVSHYGXMZMX]
ERH EPPS[MRK YW XS HS QSVI [SVO MR XEPIRX VMGL KISKVETLMIW
PMOI -RHME 7SYXL %JVMGE ERH 'SWXE 6MGE ;I KVI[ SYV +''W
JVSQ IQTPS]IIW MR XS SZIV MR ERH [I
I\TIGX XS XVERWMXMSR SZIV EHHMXMSREP VSPIW XLVSYKL SYV
XVERWJSVQEXMSR MRMXMEXMZIW %W [I MQTPIQIRX XLMW XVERWMXMSR [I
EVI FEPERGMRK XLI RIIH JSV GYWXSQIV GIRXVMG [SVO MR QEVOIX
[MXL XLI STTSVXYRMX] XS GIRXVEPM^I ERH WXERHEVHM^I OI] KPSFEP
JYRGXMSRW
Enhancing our technology capabilities F] GSQTPIXMRK
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XIGLRSPSK] XS GSRWSPMHEXI SYV TVSHYGX ERH MRRSZEXMSR
IREFPIQIRX SRXS E GSQQSR WXEXI SJ XLI EVX TPEXJSVQ [LMGL
[I GEPP 3RI8VY 8LI 3RI8VY TPEXJSVQ [MPP TVSZMHI GYWXSQIVW
[MXL WIEQPIWW EGGIWW XS 8VERW9RMSR W FVSEH TSVXJSPMS SJ HEXE
WSPYXMSRW ERH GETEFMPMXMIW JSV QSVI VETMH TVSHYGX HIZIPSTQIRX
ERH GSQQIVGMEPM^EXMSR
;I I\TIGX XLMW XVERWJSVQEXMSR XS HVMZI QEXIVMEP VIZIRYI ERH
GSWX FIRI XW &] [I I\TIGX XS HIPMZIV XS QMPPMSR
SJ ERRYEP STIVEXMRK I\TIRWI WEZMRKW [MXL LEPJ VIEPM^IH MR
;I EPWS I\TIGX XS VIHYGI SYV GETI\ WTIRH JVSQ LMWXSVMGEP IMKLX
TIVGIRX SJ VIZIRYI XS WM\ TIVGIRX F] XLI IUYMZEPIRX SJ
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WEZMRKW [I I\TIGX XS MRGYV XS QMPPMSR SJ SRI XMQI
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TEVXMGYPEVP] 3RI8VY [MPP EGGIPIVEXI SYV MRRSZEXMSR ERH LIPT XS
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IN CLOSING
- Q TVSYH SJ EPP [I EGGSQTPMWLIH MR XS KVS[ ERH
WXVIRKXLIR 8VERW9RMSR JSV XLI FIRI X SJ MRZIWXSVW GSRWYQIVW
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XLIWI QMPIWXSRIW [MXLSYX XLI LEVH [SVO SJ SYV 8VERW9RMSR
associates, the dedication of our Board of Directors and the
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GSR HIRX MR ERH I\GMXIH EFSYX SYV EFMPMX] XS [MR ERH KVS[
ERH - PSSO JSV[EVH XS SYV GSRXMRYIH WYGGIWW MR
STRENGTHENING OUR FOUNDATION OF RISK
MANAGEMENT AND COMPLIANCE
6IWTSRWMFPI WXI[EVHWLMT SJ SYV FYWMRIWW JSWXIVW XVYWX [MXL SYV
GSRWYQIVW GYWXSQIVW VIKYPEXSVW ERH MRZIWXSVW ;I GSRXMRYI XS
WXVIRKXLIR SYV WMKRM GERX JSYRHEXMSR SJ VMWO QEREKIQIRX ERH
GSQTPMERGI
;I ETTVSEGL RI[ HEXE ERH XIGLRSPSKMIW JVSQ E security and
TVMZEG] VWX TIVWTIGXMZI EW [I WIIO XS TVSZMHI WEJI XEMPSVIH
GSRWYQIV I\TIVMIRGIW MR ER MRGVIEWMRKP] HMKMXEP [SVPH ;I JSPPS[
E VMKSVSYW TVSGIWW JSV ZIXXMRK ERH EHSTXMRK RI[ XIGLRSPSKMIW
PMOI QEGLMRI PIEVRMRK ERH EVXM GMEP MRXIPPMKIRGI XS IRWYVI XLEX [I
YRHIVWXERH ERH QEREKI EPP VMWOW EWWSGMEXIH [MXL SYV MRRSZEXMZI
ERH RSZIP SJJIVMRKW ;I EPWS GSRXMRYI XS MRZIWX MR HIZIPSTMRK
I\XIRWMZI G]FIVWIGYVMX] VMWO QEREKIQIRX MRGPYHMRK VIMRJSVGMRK
SYV MRJSVQEXMSR WIGYVMX] [SVOJSVGI ERH QEMRXEMRMRK SZIV
VIPEXIH FIWX TVEGXMGI GIVXM GEXMSRW 3YV MRZIWXQIRX MR 3RI8VY [MPP
IRWYVI E GSQTPMERGI ERH TVMZEG] VWX ETTVSEGL YWMRK WIGYVMX]
KYEVHVEMPW
We are also committed to working with our regulators in the
best interests of consumers. During the year, we resolved two
QEXXIVW [MXL SYV TVMQEV] 9 7 VIKYPEXSVW %W TEVX SJ E WIXXPIQIRX
VIPEXIH XS SYV VIRXEP WGVIIRMRK FYWMRIWW [I [SVOIH EPSRKWMHI
SYV VIKYPEXSVW XS IRLERGI SYV TVEGXMGIW MRGPYHMRK QEOMRK
GLERKIW XS LS[ IZMGXMSR VIGSVHW EVI VITSVXIH ;I FIPMIZI [I
EVI RS[ TVSZMHMRK XLI QSWX GYWXSQIV ERH GSRWYQIV JVMIRHP]
ETTVSEGL XS WYTTSVX WEJI EJJSVHEFPI LSYWMRK ;I FIPMIZI MX
[MPP GVIEXI E PSRK XIVQ GSQTIXMXMZI EHZERXEKI TEVXMGYPEVP] EW
VIKYPEXSVW TYWL JSV QSVI GSRWMWXIRX ERH GSQTPMERX HEXE YWEKI
EGVSWW ZIRHSVW
;I JYVXLIV HIXEMP SYV LEVH [SVO MR SYV 2023 Sustainability
Report, which also highlights our continued environmental,
WSGMEP ERH KSZIVRERGI IRLERGIQIRXW -R SYV (MZIVWMX]
Report, we describe our efforts to drive a culture of inclusion
ERH FIPSRKMRK EGVSWW SYV SVKERM^EXMSR
Chris Cartwright
4VIWMHIRX ERH 'LMIJ )\IGYXMZI 3 GIV
3/21/2024 Letter Continued (Full PDF)