On this page of StockholderLetter.com we present the latest annual shareholder letter from TransUnion — ticker symbol TRU. Reading current and past TRU letters to shareholders can bring important insights into the investment thesis.
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
FIRI  XW SJ SYV ZIVXMGEP  TVSHYGX ERH KISKVETLMG HMZIVWM  GEXMSR  
;I LEZI QIERMRKJYPP] I\TERHIH XLI FVIEHXL ERH HITXL SJ SYV 
TVSHYGX TSVXJSPMS ERH  EJXIV X[S ]IEVW SJ WMKRM  GERX EGUYMWMXMSR 
integration, are focused on organic growth and transforming our
FYWMRIWW XS VIEGL XLI JYPP TSXIRXMEP SJ 8VERW9RMSR  
;I QEHI TVSKVIWW HYVMRK XLI ]IEV EKEMRWX SYV IRXIVTVMWI KVS[XL 
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,
SVKERM^EXMSREP I  GMIRGMIW ERH EGUYMWMXMSR W]RIVKMIW  *MREPP]  [I 
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 
MQTEGX SJ LMKLIV MRXIVIWX VEXIW 
Revenue growth highlights include:
    In our U.S. Markets WIKQIRX  [I KVI[ HIWTMXI WPS[MRK PIRHMRK 
ERH QEVOIXMRK EGXMZMX] EGVSWW SYV GPMIRXW  *MRERGMEP 7IVZMGIW 
[EW VSYKLP]   EX EW TVMGMRK FIRI  XW MR 1SVXKEKI ERH KVS[XL 
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
GLERRIP  TVMQEVMP] SR XLI WXVIRKXL SJ XLI MHIRXMX] TVSXIGXMSR 
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
7MRGI - FIGEQI ')3 MR       [I LEZI IZSPZIH XLI [E] [I [SVO 
EX 8VERW9RMSR  MRZIWXMRK MR KPSFEP TPEXJSVQW EGVSWW SYV TVSHYGX 
KVSYT  STIVEXMSRW  XIGLRSPSK] ERH HEXE ERH EREP]XMGW XS FYMPH 
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 
SYV 4VSNIGX 6MWI GPSYH QMKVEXMSR ERH PIZIVEKMRK 2IYWXEV  W 
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 
    XS    QMPPMSR SJ GEWL WEZMRKW MR       8S EGLMIZI XLIWI 
WEZMRKW  [I I\TIGX XS MRGYV      XS     QMPPMSR SJ SRI XMQI 
GSWXW  %W MQTSVXERXP]  [I I\TIGX XLEX XLIWI MRZIWXQIRXW  
TEVXMGYPEVP] 3RI8VY  [MPP EGGIPIVEXI SYV MRRSZEXMSR ERH LIPT XS 
HVMZI KVS[XL 
IN CLOSING
-  Q TVSYH SJ EPP [I EGGSQTPMWLIH MR      XS KVS[ ERH 
WXVIRKXLIR 8VERW9RMSR JSV XLI FIRI  X SJ MRZIWXSVW  GSRWYQIVW  
GYWXSQIVW ERH SYV XIEQ  ;I GSYPH RSX LEZI EGLMIZIH ER] SJ 
XLIWI QMPIWXSRIW [MXLSYX XLI LEVH [SVO SJ SYV 8VERW9RMSR 
associates, the dedication of our Board of Directors and the
WYTTSVX SJ SYV WLEVILSPHIVW  - WMRGIVIP] XLERO ]SY EPP  - VIQEMR 
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
 • shareholder letter icon 3/21/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 TRU Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon TRU Benford's Law Stock Score = 93


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
FIRI  XW SJ SYV ZIVXMGEP  TVSHYGX ERH KISKVETLMG HMZIVWM  GEXMSR  
;I LEZI QIERMRKJYPP] I\TERHIH XLI FVIEHXL ERH HITXL SJ SYV 
TVSHYGX TSVXJSPMS ERH  EJXIV X[S ]IEVW SJ WMKRM  GERX EGUYMWMXMSR 
integration, are focused on organic growth and transforming our
FYWMRIWW XS VIEGL XLI JYPP TSXIRXMEP SJ 8VERW9RMSR  
;I QEHI TVSKVIWW HYVMRK XLI ]IEV EKEMRWX SYV IRXIVTVMWI KVS[XL 
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,
SVKERM^EXMSREP I  GMIRGMIW ERH EGUYMWMXMSR W]RIVKMIW  *MREPP]  [I 
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 
MQTEGX SJ LMKLIV MRXIVIWX VEXIW 
Revenue growth highlights include:
    In our U.S. Markets WIKQIRX  [I KVI[ HIWTMXI WPS[MRK PIRHMRK 
ERH QEVOIXMRK EGXMZMX] EGVSWW SYV GPMIRXW  *MRERGMEP 7IVZMGIW 
[EW VSYKLP]   EX EW TVMGMRK FIRI  XW MR 1SVXKEKI ERH KVS[XL 
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
GLERRIP  TVMQEVMP] SR XLI WXVIRKXL SJ XLI MHIRXMX] TVSXIGXMSR 
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
7MRGI - FIGEQI ')3 MR       [I LEZI IZSPZIH XLI [E] [I [SVO 
EX 8VERW9RMSR  MRZIWXMRK MR KPSFEP TPEXJSVQW EGVSWW SYV TVSHYGX 
KVSYT  STIVEXMSRW  XIGLRSPSK] ERH HEXE ERH EREP]XMGW XS FYMPH 
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 
SYV 4VSNIGX 6MWI GPSYH QMKVEXMSR ERH PIZIVEKMRK 2IYWXEV  W 
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 
    XS    QMPPMSR SJ GEWL WEZMRKW MR       8S EGLMIZI XLIWI 
WEZMRKW  [I I\TIGX XS MRGYV      XS     QMPPMSR SJ SRI XMQI 
GSWXW  %W MQTSVXERXP]  [I I\TIGX XLEX XLIWI MRZIWXQIRXW  
TEVXMGYPEVP] 3RI8VY  [MPP EGGIPIVEXI SYV MRRSZEXMSR ERH LIPT XS 
HVMZI KVS[XL 
IN CLOSING
-  Q TVSYH SJ EPP [I EGGSQTPMWLIH MR      XS KVS[ ERH 
WXVIRKXLIR 8VERW9RMSR JSV XLI FIRI  X SJ MRZIWXSVW  GSRWYQIVW  
GYWXSQIVW ERH SYV XIEQ  ;I GSYPH RSX LEZI EGLMIZIH ER] SJ 
XLIWI QMPIWXSRIW [MXLSYX XLI LEVH [SVO SJ SYV 8VERW9RMSR 
associates, the dedication of our Board of Directors and the
WYTTSVX SJ SYV WLEVILSPHIVW  - WMRGIVIP] XLERO ]SY EPP  - VIQEMR 
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 
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Report, which also highlights our continued environmental,
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Report, we describe our efforts to drive a culture of inclusion
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Chris Cartwright
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