TransUnion Announces Third Quarter 2020 Results

• TransUnion achieved third quarter 2020 results in line with its Upside Case as provided in its scenario-based outlook.
  
  
• Business performance continues to benefit from re-openings, government stimulus and our successful proactive efforts to support our associates, customers and consumers during the pandemic.
  
  
• We are reinstating our guidance, and based on the fourth quarter 2020 guidance, we expect to deliver modest revenue growth for the full year 2020.
  
  

/EIN News/ -- CHICAGO, Oct. 27, 2020 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2020.

Third Quarter 2020 Results

Revenue:

• Total revenue for the quarter was $696 million, an increase of 1 percent (2 percent on a constant currency basis, 1 percent on an organic constant currency basis) compared with the third quarter of 2019.
  

Earnings:

• Net income attributable to TransUnion was $103 million for the quarter, compared with $92 million for the third quarter of 2019. Diluted earnings per share was $0.53, compared with $0.48 for the third quarter of 2019.
• Adjusted Net Income was $156 million for the quarter, compared with $146 million for the third quarter of 2019. Adjusted Diluted Earnings per Share for the quarter was $0.81, compared with $0.76 for the third quarter of 2019.
• Adjusted EBITDA was $270 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 third quarter of 2019. Adjusted EBITDA margin was 38.8 percent, compared with 40.7 percent for the third quarter of 2019.
  

“TransUnion delivered a good quarter, achieving our Upside Case Outlook Scenario, including modest revenue growth at an attractive Adjusted EBITDA margin,” said Chris Cartwright, President and CEO. “We remain acutely focused on the welfare of our associates and communities while also providing outstanding service and solutions for our customers around the world.”

“We continue to invest in Global Operations, Global Solutions and Project Rise to drive further growth and efficiencies in our business. At the same time, we recently made strategic moves to build out our Media vertical through the acquisitions of Signal in the third quarter and Tru Optik early in the fourth quarter.”

“We also maintained a strong balance sheet position with $554 million of cash on hand at the end of the quarter, ensuring that we are well situated to fully operate our business in the current highly fluid macro environment while enabling our ongoing investment strategy,” Cartwright concluded.

Third Quarter 2020 Segment Results

U.S. Markets:

U.S. Markets revenue was $438 million, an increase of 4 percent (4 percent on an organic basis) compared with the third quarter of 2019.

• Financial Services revenue was $249 million, an increase of 11 percent (11 percent on an organic basis) compared with the third quarter of 2019.
• Emerging Verticals revenue, which includes Healthcare, Insurance and all other verticals, was $189 million, a decrease of 3 percent (4 percent on an organic basis) compared with the third quarter of 2019.

Adjusted EBITDA was $177 million, a decrease of 2 percent (2 percent on an organic basis) compared with the third quarter of 2019.

International:

International revenue was $145 million, a decrease of 9 percent (7 percent on a constant currency basis) compared with the third quarter of 2019.

• Canada revenue was $28 million, an increase of 2 percent (3 percent on a constant currency basis) compared with the third quarter of 2019.
• Latin America revenue was $22 million, a decrease of 18 percent (5 percent on a constant currency basis) compared with the third quarter of 2019.
• United Kingdom revenue was $44 million, a decrease of 7 percent (11 percent on a constant currency basis). Excluding the impact of the revenue from the divestment of assets held for sale, revenue would have decreased 4 percent (8 percent on a constant currency basis) compared with the third quarter of 2019.
• Africa revenue was $12 million, a decrease of 22 percent (a decrease of 10 percent on a constant currency basis) compared with the third quarter of 2019.
• India revenue was $24 million, a decrease of 13 percent (8 percent on a constant currency basis) compared with the third quarter of 2019.
• Asia Pacific revenue was $15 million, a decrease of 4 percent (6 percent on a constant currency basis) compared with the third quarter of 2019.

Adjusted EBITDA was $57 million, a decrease of 11 percent (8 percent on a constant currency basis) compared with the third quarter of 2019.

Consumer Interactive:

Consumer Interactive revenue was $132 million, an increase of 3 percent compared with the third quarter of 2019.

Adjusted EBITDA was $67 million, an increase of 1 percent compared with the third quarter of 2019.

Liquidity and Capital Resources

Cash and cash equivalents were $554 million at September 30, 2020 and $274 million at December 31, 2019. In addition, we had $300 million of undrawn capacity on our Senior Secured Revolving Credit Facility. For the nine months ended September 30, 2020, cash provided by continuing operations was $558 million compared with $588 million in 2019. The decrease in cash provided by continuing operations was due to a decrease in operating performance and a smaller increase in working capital compared to 2019 as a result of COVID-19, partially offset by lower interest expense. Cash used in investing activities was $154 million compared with $155 million in 2019. The decrease in cash used in investing activities was due primarily to a decrease in proceeds from the disposal of discontinued operations, partially offset by a decrease in cash used for acquisitions and purchases of noncontrolling interests. Capital expenditures were $132 million in both periods. Cash used in financing activities was $110 million compared with $373 million in 2019. The decrease in cash used in financing activities was due primarily to debt prepayments made in 2019.

Business Continuity COVID-19 Update

As it has been from the beginning of the pandemic, our primary focus continues to be the health and safety of our associates, our customers, and the wider communities in which we operate. We are successfully working from home across the globe, and see no reason to rush our associates back into the office. We continue to closely monitor the situation in all our markets.

We will also remain disciplined in managing our cost structure and investment priorities as we adapt to the changing macro-economic landscape and the impact it is having on our businesses throughout the markets we serve.

Fourth Quarter and Full Year 2020 Outlook

We are reinstating guidance for the fourth quarter and full year 2020. This guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company. The extent to which COVID-19 impacts our business and results of operations is inherently uncertain and will depend on numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

2020 Full Year Outlook:

GAAP Outlook: For 2020, revenue is expected to be between $2.696 billion and $2.715 billion, an increase of 2 percent compared with 2019. Net income attributable to TransUnion is expected to be between $321 million and $333 million, a decrease of 4 to 8 percent. Diluted earnings per share is expected to be between $1.67 and $1.73, a decrease of 4 to 8 percent. The revenue growth includes an immaterial impact from acquisitions. The revenue growth rates include approximately 1 percent of headwind from foreign exchange rates.

Adjusted Outlook: For 2020, Adjusted Revenue is expected to be between $2.696 billion and $2.715 billion, an increase of 1 to 2 percent compared with 2019. Adjusted EBITDA is expected to be between $1.031 billion and $1.047 billion, a decrease of 1 to 3 percent. Adjusted Diluted Earnings per Share is expected to be between $2.94 and $3.01, an increase of 5 to 8 percent. The Adjusted Revenue growth includes an immaterial impact from acquisitions. The Adjusted Revenue and Adjusted EBITDA growth rates include approximately 1 percent of headwind from foreign exchange rates.

2020 Fourth Quarter Outlook:

GAAP Outlook: For the fourth quarter of 2020, revenue is expected to be between $678 million and $698 million, a decrease of 1 percent to an increase of 2 percent compared with 2019. The revenue growth includes an approximate 1 percent of growth from acquisitions and 1 percent of headwind from foreign exchange rates. Net income attributable to TransUnion is expected to be between $79 million and $91 million, a decrease of 4 percent to an increase of 10 percent. Diluted earnings per share is expected to be between $0.41 and $0.47, a decrease of 5 percent to an increase of 10 percent.

Adjusted Outlook: For the fourth quarter of 2020, Adjusted EBITDA is expected to be between $255 million and $271 million, a decrease of 2 to 7 percent. Adjusted Diluted Earnings per Share is expected to be between $0.74 and $0.80, a decrease of 1 percent to an increase of 7 percent. The Adjusted EBITDA growth rates include approximately 1 percent of headwind from foreign exchange rates.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Non-GAAP Financial Measures

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

This earnings release also presents Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Effective Tax Rate, Adjusted Net Income (Loss) and Adjusted Diluted Earnings per Share for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. We present Adjusted Revenue as a supplemental measure of revenue because we believe it provides a basis to compare revenue between periods. We present Adjusted EBITDA and Adjusted Net Income as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. Adjusted EBITDA is also a measure frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours. Our board of directors and executive management team use Adjusted Revenue and Adjusted EBITDA as compensation measures. Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to a ratio based on Adjusted EBITDA. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income (loss) attributable to the Company, earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the attached Schedules.

We define Adjusted Revenue as GAAP revenue adjusted for certain acquisition-related deferred revenue and non-core contract-related revenue as further discussed in the footnotes of the attached Schedules 1, 2, and 3. Beginning in the third quarter of 2019, we no longer have these adjustments to revenue. We define Adjusted EBITDA as net income (loss) attributable to TransUnion plus (less) loss (income) from discontinued operations, plus net interest expense, plus (less) provision (benefit) for income taxes, plus depreciation and amortization, plus (less) the revenue adjustments included in Adjusted Revenue, plus stock-based compensation, plus mergers, acquisitions, divestitures and business optimization-related expenses including Callcredit integration-related expenses, plus certain accelerated technology investment expenses to migrate to the cloud, plus (less) certain other expenses (income). We define Adjusted Net Income as net income (loss) attributable to TransUnion plus (less) loss (gain) from discontinued operations, plus (less) the revenue adjustments included in Adjusted Revenue, plus stock-based compensation, plus mergers, acquisitions, divestitures and business optimization-related expenses including Callcredit integration-related expenses, plus certain accelerated technology investment expenses, plus (less) certain other expenses (income), plus amortization of certain intangible assets, plus or minus the related changes in provision for income taxes. We define Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding. The above definitions apply to our calculations for the periods shown on Schedules 1 through 6.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negative of these words and other similar expressions. Factors that could cause actual results to differ materially from those described in the forward-looking statements include; the effects of the COVID-19 pandemic; the timing of the recovery from the COVID-19 pandemic; macroeconomic and industry trends and adverse developments in the debt, consumer credit and financial services markets; our ability to provide competitive services and prices; our ability to retain or renew existing agreements with large or long-term customers; our ability to maintain the security and integrity of our data; our ability to deliver services timely without interruption; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment; litigation or regulatory proceedings; regulatory oversight of “critical activities”; our ability to effectively manage our costs; economic and political stability in the United States and international markets where we operate; our ability to effectively develop and maintain strategic alliances and joint ventures; our ability to timely develop new services and the market’s willingness to adopt our new services; our ability to manage and expand our operations and keep up with rapidly changing technologies; our ability to make acquisitions, successfully integrate the operations of acquired businesses and realize the intended benefits of such acquisitions; our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property; our ability to defend our intellectual property from infringement claims by third parties; the ability of our outside service providers and key vendors to fulfill their obligations to us; further consolidation in our end-customer markets; the increased availability of free or inexpensive consumer information; losses against which we do not insure; our ability to make timely payments of principal and interest on our indebtedness; our ability to satisfy covenants in the agreements governing our indebtedness; our ability to maintain our liquidity; share repurchase plans; our reliance on key management personnel; and other one-time events and other factors that can be found in our Annual Report on Form 10-K for the year ended December 31, 2019, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on TransUnion’s website (www.transunion.com/tru) and on the Securities and Exchange Commission’s website (www.sec.gov). Many of these factors are beyond our control. The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

In addition to factors previously disclosed in TransUnion’s reports filed with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the recent business acquisitions; the effects of pending and future legislation; risks related to disruption of management time from ongoing business operations due to the recent business acquisitions; macroeconomic factors beyond TransUnion’s control; risks related to TransUnion’s indebtedness and other consequences associated with mergers, acquisitions and divestitures, and legislative and regulatory actions and reforms.

For More Information

Email:		Investor.Relations@transunion.com
Telephone:		312.985.2860

TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)

		September 30, 2020				December 31, 2019
Assets
Current assets:
Cash and cash equivalents		$	554.0			$	274.1
Trade accounts receivable, net of allowance of $25.3 and $19.0		468.0				443.9
Other current assets		194.6				170.2
Total current assets		1,216.6				888.2
Property, plant and equipment, net of accumulated depreciation and amortization of $520.5 and $454.4		202.8				219.0
Goodwill		3,313.4				3,377.8
Other intangibles, net of accumulated amortization of $1,660.8 and $1,482.1		2,235.7				2,391.9
Other assets		229.3				236.3
Total assets		$	7,197.8			$	7,113.2
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable		$	186.7			$	176.2
Short-term debt and current portion of long-term debt		55.4				58.7
Other current liabilities		376.3				336.5
Total current liabilities		618.4				571.4
Long-term debt		3,560.6				3,598.3
Deferred taxes		391.6				439.1
Other liabilities		225.0				165.0
Total liabilities		4,795.6				4,773.8
Stockholders’ equity:
Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2020 and December 31, 2019, 195.5 million and 193.5 million shares issued at September 30, 2020 and December 31, 2019, respectively, and 190.3 million shares and 188.7 million shares outstanding as of September 30, 2020 and December 31, 2019, respectively		2.0				1.9
Additional paid-in capital		2,074.0				2,022.3
Treasury stock at cost; 5.2 million and 4.8 million shares at September 30, 2020 and December 31, 2019, respectively		(214.7		)		(179.2		)
Retained earnings		850.3				652.0
Accumulated other comprehensive loss		(409.7		)		(251.6		)
Total TransUnion stockholders’ equity		2,301.9				2,245.4
Noncontrolling interests		100.3				94.0
Total stockholders’ equity		2,402.2				2,339.4
Total liabilities and stockholders’ equity		$	7,197.8			$	7,113.2

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(in millions, except per share data)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Revenue		$	695.9			$	689.3			$	2,017.9			$	1,970.5
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		222.4				220.8				666.1				645.2
Selling, general and administrative		219.0				208.4				655.4				600.8
Depreciation and amortization		92.2				88.7				273.4				271.4
Total operating expenses		533.6				518.0				1,594.9				1,517.4
Operating income		162.3				171.3				423.0				453.1
Non-operating income and (expense)
Interest expense		(27.6		)		(43.5		)		(98.7		)		(133.7		)
Interest income		1.2				2.2				4.2				5.4
Earnings from equity method investments		2.1				3.1				6.7				10.2
Other income and (expense), net		0.8				(20.6		)		(6.9		)		(0.7		)
Total non-operating income and (expense)		(23.6		)		(58.8		)		(94.7		)		(118.7		)
Income from continuing operations before income taxes		138.7				112.5				328.3				334.3
Provision for income taxes		(32.1		)		(24.2		)		(77.3		)		(64.2		)
Income from continuing operations		106.7				88.3				251.0				270.2
Discontinued operations, net of tax		—				—				—				(4.6		)
Net income		106.7				88.3				251.0				265.6
Less: net (income) loss attributable to the noncontrolling interests		(3.9		)		3.4				(9.5		)		(1.5		)
Net income attributable to TransUnion		$	102.8			$	91.7			$	241.5			$	264.1
Income from continuing operations		$	106.7			$	88.3			$	251.0			$	270.2
Less: net (income) loss from continuing operations attributable to noncontrolling interests		(3.9		)		3.4				(9.5		)		(1.5		)
Income from continuing operations attributable to TransUnion		102.8				91.7				241.5				268.7
Discontinued operations, net of tax		—				—				—				(4.6		)
Net income attributable to TransUnion		$	102.8			$	91.7			$	241.5			$	264.1
Basic earnings per common share from:
Income from continuing operations attributable to TransUnion		$	0.54			$	0.49			$	1.27			$	1.43
Discontinued operations, net of tax		—				—				—				(0.02		)
Net Income attributable to TransUnion		$	0.54			$	0.49			$	1.27			$	1.41
Diluted earnings per common share from:
Income from continuing operations attributable to TransUnion		$	0.53			$	0.48			$	1.26			$	1.40
Discontinued operations, net of tax		—				—				—				(0.02		)
Net Income attributable to TransUnion		$	0.53			$	0.48			$	1.26			$	1.38
Weighted-average shares outstanding:
Basic		190.2				188.2				189.8				187.5
Diluted		192.3				192.0				192.1				191.6

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)

		Nine Months Ended September 30,
		2020				2019
Cash flows from operating activities:
Net income		$	251.0			$	265.6
Add: loss from discontinued operations, net of tax		—				4.6
Income from continuing operations		251.0				270.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		273.4				271.4
Net loss/(gain) on investments in affiliated companies and assets-held-for sale		0.5				(20.6		)
Net (earnings)/dividends, from equity method investments		0.9				(1.2		)
Deferred taxes		(25.2		)		(9.7		)
Amortization of discount and deferred financing fees		2.9				4.7
Stock-based compensation		29.6				29.7
Provision for losses on trade accounts receivable		11.4				7.9
Other		2.3				3.9
Changes in assets and liabilities:
Trade accounts receivable		(43.4		)		(13.2		)
Other current and long-term assets		(9.6		)		(35.4		)
Trade accounts payable		7.3				10.8
Other current and long-term liabilities		57.1				69.2
Cash provided by operating activities of continuing operations		558.2				587.7
Cash used in operating activities of discontinued operations		—				(7.3		)
Cash provided by operating activities		558.2				580.4
Cash flows from investing activities:
Capital expenditures		(131.7		)		(132.1		)
Proceeds from sale/maturity of other investments		52.3				18.2
Purchases of other investments		(65.0		)		(31.4		)
Acquisitions and purchases of noncontrolling interests, net of cash acquired		(12.3		)		(46.2		)
Proceeds from disposals of assets held for sale		1.6				40.3
Other		1.6				(3.9		)
Cash used in investing activities of continuing operations		(153.5		)		(155.1		)
Cash used in investing activities of discontinued operations		—				—
Cash used in investing activities		(153.5		)		(155.1		)
Cash flows from financing activities:
Repayments of debt		(45.0		)		(313.9		)
Proceeds from issuance of common stock and exercise of stock options		21.7				22.4
Dividends to shareholders		(43.3		)		(42.6		)
Distributions to noncontrolling interests		(1.4		)		(1.2		)
Employee taxes paid on restricted stock units recorded as treasury stock		(35.5		)		(37.7		)
Payment of contingent consideration		(6.4		)		—
Cash used in financing activities		(109.9		)		(373.0		)
Effect of exchange rate changes on cash and cash equivalents		(14.9		)		(3.8		)
Net change in cash and cash equivalents		279.9				48.5
Cash and cash equivalents, beginning of period		274.1				187.4
Cash and cash equivalents, end of period		$	554.0			$	235.9

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 1
TRANSUNION AND SUBSIDIARIES
Revenue, Adjusted Revenue, and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC (Unaudited)

		For the Three Months Ended September 30, 2020 compared with the Three Months Ended September 30, 2019
		Reported				CC Growth(1)				Inorganic(2)				Organic Growth(3)				Organic CC Growth(4)
Revenue:
Consolidated		1.0		%		1.6		%		0.2		%		0.8		%		1.4		%
U.S. Markets		4.3		%		4.3		%		0.3		%		4.0		%		4.0		%
Financial Services		10.6		%		10.6		%		—		%		10.6		%		10.6		%
Emerging Verticals		(2.8	)	%		(2.9	)	%		0.7		%		(3.5	)	%		(3.6	)	%
International		(9.5	)	%		(6.6	)	%		—		%		(9.5	)	%		(6.6	)	%
Canada		2.1		%		3.1		%		—		%		2.1		%		3.1		%
Latin America		(17.8	)	%		(5.2	)	%		—		%		(17.8	)	%		(5.2	)	%
United Kingdom		(7.2	)	%		(11.4	)	%		—		%		(7.2	)	%		(11.4	)	%
Africa		(21.7	)	%		(9.9	)	%		—		%		(21.7	)	%		(9.9	)	%
India		(12.8	)	%		(7.7	)	%		—		%		(12.8	)	%		(7.7	)	%
Asia Pacific		(4.2	)	%		(6.0	)	%		—		%		(4.2	)	%		(6.0	)	%
Consumer Interactive		3.0		%		3.0		%		—		%		3.0		%		3.0		%
Adjusted EBITDA:
Consolidated		(3.9	)	%		(3.2	)	%		(0.1	)	%		(3.8	)	%		(3.1	)	%
U.S. Markets		(2.1	)	%		(2.2	)	%		(0.2	)	%		(1.9	)	%		(2.0	)	%
International		(11.4	)	%		(7.9	)	%		—		%		(11.4	)	%		(7.9	)	%
Consumer Interactive		0.8		%		0.8		%		—		%		0.8		%		0.8		%

SCHEDULE 1
TRANSUNION AND SUBSIDIARIES
Revenue, Adjusted Revenue, and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC (Unaudited)

		For the Nine Months Ended September 30, 2020 compared with the Nine Months Ended September 30, 2019
		Reported				CC Growth(1)				Inorganic(2)				Organic Growth(3)				Organic CC Growth(4)
Revenue:
Consolidated		2.4		%		3.4		%		0.2		%		2.2		%		3.1		%
U.S. Markets		5.9		%		5.9		%		0.4		%		5.6		%		5.6		%
Financial Services		11.8		%		11.8		%		—		%		11.8		%		11.8		%
Emerging Verticals		(0.6	)	%		(0.6	)	%		0.8		%		(1.4	)	%		(1.4	)	%
International		(7.6	)	%		(3.5	)	%		—		%		(7.6	)	%		(3.5	)	%
Canada		3.7		%		5.5		%		—		%		3.7		%		5.5		%
Latin America		(18.9	)	%		(7.1	)	%		—		%		(18.9	)	%		(7.1	)	%
United Kingdom		(3.1	)	%		(3.1	)	%		—		%		(3.1	)	%		(3.1	)	%
Africa		(20.4	)	%		(8.7	)	%		—		%		(20.4	)	%		(8.7	)	%
India		(9.6	)	%		(4.7	)	%		—		%		(9.6	)	%		(4.7	)	%
Asia Pacific		(4.6	)	%		(6.0	)	%		—		%		(4.6	)	%		(6.0	)	%
Consumer Interactive		3.2		%		3.2		%		—		%		3.2		%		3.2		%
Adjusted Revenue:
Consolidated		2.1		%		3.1		%		0.2		%		1.9		%		2.8		%
U.S. Markets		5.9		%		5.9		%		0.4		%		5.5		%		5.5		%
Financial Services		11.8		%		11.8		%		—		%		11.8		%		11.8		%
Emerging Verticals		(0.6	)	%		(0.7	)	%		0.8		%		(1.4	)	%		(1.4	)	%
International		(8.7	)	%		(4.6	)	%		—		%		(8.7	)	%		(4.6	)	%
Canada		3.7		%		5.5		%		—		%		3.7		%		5.5		%
Latin America		(18.9	)	%		(7.1	)	%		—		%		(18.9	)	%		(7.1	)	%
United Kingdom		(6.9	)	%		(6.9	)	%		—		%		(6.9	)	%		(6.9	)	%
Africa		(20.4	)	%		(8.7	)	%		—		%		(20.4	)	%		(8.7	)	%
India		(9.6	)	%		(4.7	)	%		—		%		(9.6	)	%		(4.7	)	%
Asia Pacific		(4.6	)	%		(6.0	)	%		—		%		(4.6	)	%		(6.0	)	%
Consumer Interactive		3.2		%		3.2		%		—		%		3.2		%		3.2		%
Adjusted EBITDA:
Consolidated		(1.0	)	%		—		%		(0.1	)	%		(0.9	)	%		0.1		%
U.S. Markets		4.3		%		4.3		%		(0.2	)	%		4.5		%		4.4		%
International		(18.1	)	%		(14.2	)	%		—		%		(18.1	)	%		(14.2	)	%
Consumer Interactive		0.2		%		0.2		%		—		%		0.2		%		0.2		%

nm: not meaningful

(1)	Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
(2)	Inorganic growth rate represents growth attributable to the first twelve months of activity for recent business acquisitions.
(3)	Organic growth rate is the reported growth rate less the inorganic growth rate.
(4)	Organic CC growth rate is the CC growth rate less inorganic growth rate.

SCHEDULE 2
TRANSUNION AND SUBSIDIARIES
Consolidated and Segment Revenue, Adjusted Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited)
(dollars in millions)

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020					2019					2020					2019
Revenue and Adjusted Revenue:
U.S. Markets gross revenue
Financial Services	$	249.1				$	225.3				$	701.7				$	627.4
Emerging Verticals	189.4					194.9					564.1					567.5
Total U.S. Markets gross revenue	438.5					420.2					1,265.8					1,194.9
Acquisition revenue - related adjustments(1)	—					—					—					0.4
U.S. Markets gross Adjusted Revenue	$	438.5				$	420.2				$	1,265.8				$	1,195.2
International gross revenue
Canada	$	27.9				$	27.3				$	78.5				$	75.7
Latin America	21.7					26.4					63.2					77.9
UK	44.2					47.6					132.1					136.4
Africa	12.3					15.7					35.6					44.7
India	23.9					27.4					72.4					80.0
Asia Pacific	14.9					15.6					40.5					42.4
Total International gross revenue	144.8					160.0					422.2					457.1
Acquisition revenue - related adjustments(1)	—					—					—					5.6
International Adjusted Revenue	$	144.8				$	160.0				$	422.2				$	462.7
Consumer Interactive gross revenue	$	131.6				$	127.8				$	386.7				$	374.7
Less: intersegment eliminations
U.S. Markets	$	(17.2	)			$	(17.1	)			$	(51.7	)			$	(51.8	)
International	(1.4		)			(1.3		)			(3.9		)			(3.8		)
Consumer Interactive	(0.5		)			(0.2		)			(1.3		)			(0.6		)
Total intersegment eliminations	$	(19.0	)			$	(18.7	)			$	(56.8	)			$	(56.2	)
Total revenue, as reported	$	695.9				$	689.3				$	2,017.9				$	1,970.5
Acquisition revenue-related adjustments(1)	—					—					—					5.9
Consolidated Adjusted Revenue	$	695.9				$	689.3				$	2,017.9				$	1,976.4
Adjusted EBITDA:
U.S. Markets	$	177.3				$	181.0				$	520.0				$	498.5
International	56.7					64.0					154.4					188.6
Consumer Interactive	67.1					66.5					186.2					185.8
Corporate	(31.2		)			(30.7		)			(84.7		)			(89.4		)
Consolidated Adjusted EBITDA	$	269.9				$	280.9				$	775.9				$	783.5
Adjusted EBITDA margin:
U.S. Markets	40.4			%		43.1			%		41.1			%		41.7			%
International	39.2			%		40.0			%		36.6			%		40.8			%
Consumer Interactive	51.0			%		52.1			%		48.1			%		49.6			%
Consolidated	38.8			%		40.7			%		38.5			%		39.6			%

Segment Adjusted EBITDA margins are calculated using segment gross Adjusted Revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA margin is calculated using consolidated Adjusted Revenue and consolidated Adjusted EBITDA.

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020					2019					2020					2019
Reconciliation of net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	102.8				$	91.7				$	241.5				$	264.1
Discontinued operations, net of tax	—					—					—					4.6
Net income from continuing operations attributable to TransUnion	102.8					91.7					241.5					268.7
Net interest expense	26.5					41.3					94.6					128.2
Provision for income taxes	32.1					24.2					77.3					64.2
Depreciation and amortization	92.2					88.7					273.4					271.4
EBITDA	253.5					246.0					686.7					732.5
Adjustments to EBITDA:
Acquisition-related revenue adjustments(1)	—					—					—					5.9
Stock-based compensation(2)	7.8					14.7					29.5					35.6
Mergers and acquisitions, divestitures and business optimization(3)	1.5					4.8					12.9					(7.8		)
Accelerated technology investment(4)	4.5					—					10.3					—
Other(5)	2.6					15.4					36.4					17.3
Total adjustments to EBITDA	16.4					34.9					89.2					51.0
Consolidated Adjusted EBITDA	$	269.9				$	280.9				$	775.9				$	783.5
Net income attributable to TransUnion as a percentage of revenue	14.8			%		13.3			%		12.0			%		13.4			%
Consolidated Adjusted EBITDA margin	38.8			%		40.7			%		38.5			%		39.6			%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

(1)	This adjustment represents certain non-cash adjustments related to acquired entities, predominantly adjustments to increase revenue resulting from purchase accounting reductions to deferred revenue we record on the opening balance sheets of acquired entities. Deferred revenue results when a company receives payment in advance of fulfilling their performance obligations under contracts. Business combination accounting rules require us to record deferred revenue of acquired entities at fair value if we are obligated to perform any future services under these contracts. The fair value of this deferred revenue is determined based on the direct and indirect incremental costs of fulfilling our performance obligations under these contracts, plus a normal profit margin. Generally, this fair value calculation results in a reduction to the purchased deferred revenue balance. The above adjustment includes an estimate for the increase in revenue equal to the difference between what the acquired entities would have recorded as revenue and the lower revenue we record as a result of the reduced deferred revenue balance. This increase is partially offset by an estimated decrease to revenue for certain acquired non-core customer contracts that are not classified as discontinued operations that will expire within approximately one year from the date of acquisition. Beginning in the third quarter of 2019, we no longer have these adjustments to revenue. We present Adjusted Revenue as a supplemental measure of our revenue because we believe it provides meaningful information regarding our revenue and provides a basis to compare revenue between periods. In addition, our board of directors and executive management team use Adjusted Revenue as a compensation measure under our incentive compensation plans. The table above provides a reconciliation for revenue to Adjusted Revenue.
(2)	Consisted of stock-based compensation and cash-settled stock-based compensation.
(3)	For the three months ended September 30, 2020, consisted of the following adjustments: $1.5 million of acquisition expenses. For the nine months ended September 30, 2020, consisted of the following adjustments: $7.5 million of Callcredit integration costs; a $4.8 million loss on the impairment of a Cost Method investment; $4.8 million of acquisition expenses; $0.3 million of adjustments to contingent consideration expense from previous acquisitions; a $(2.5) million gain on a Cost Method investment resulting from an observable price change for a similar investment of the same issuer; a $(1.8) million gain on the disposal of assets of a small business in our United Kingdom region that are classified as held-for-sale; and a $(0.1) million reimbursement for transition services provided to the buyers of certain of our discontinued operations. For the three months ended September 30, 2019, consisted of the following adjustments: a $2.0 million loss on assets of a small business in our United Kingdom region that are classified as held-for-sale; $2.0 million of Callcredit integration costs; a $0.6 million adjustment to contingent consideration expense from previous acquisitions; $0.5 million of acquisition expenses; and a $(0.2) million reimbursement for transition services provided to the buyers of certain of our discontinued operations. For the nine months ended September 30, 2019, consisted of the following adjustments: a $(31.2) million gain on a Cost Method investment resulting from an observable price change for a similar investment of the same issuer; $(0.4) million reimbursement for transition services provided to the buyers of our discontinued operations; $10.5 million of Callcredit integration costs; a $8.6 million loss on the impairment of certain Cost Method investments; $2.1 million of acquisition expenses; a $2.0 million loss on assets of a small business in our United Kingdom region that are classified as held-for-sale; and a $0.6 million adjustment to contingent consideration expense from previous acquisitions.
(4)	Represents expenses associated with our accelerated technology investment.
(5)	For the three months ended September 30, 2020, consisted of the following adjustments: $4.2 million for certain legal expenses; $0.4 million of loan fees; a $(0.8) million gain from currency remeasurement of our foreign operations; a $(0.9) million recovery from the Fraud Incident (as defined in our Annual Report on Form 10-K for the year ended December 31, 2019), net of additional administration expenses; and $(0.3) million other. For the nine months ended September 30, 2020, consisted of the following adjustments: $34.7 million for certain legal expenses; a $2.1 million loss from currency remeasurement of our foreign operations; $1.2 million of loan fees; $0.2 million of fees related to our new swap agreements; a $(1.1) million recovery from the Fraud Incident, net of additional administration expense; $(0.5) million reimbursement of fees associated with the refinancing of our Senior Secured Credit Facility; and $(0.3) million of other. For the three months ended September 30, 2019, consisted of the following adjustments: $19.7 million of expenses (including $1.8 million of administrative expenses) associated with the Fraud Incident offset by the $(7.1) million portion that is attributable to the non-controlling interest; $1.6 million from currency remeasurement; $0.7 million of deferred loan fees written off as a result of the prepayments on our debt; and $0.5 million of loan fees. For the nine months ended September 30, 2019, consisted of the following adjustments: $19.7 million of expenses (including $1.8 million of administrative expenses) associated with the Fraud Incident offset by the $(7.1) million portion that is attributable to the non-controlling interest; $1.9 million from currency remeasurement; $1.5 million of loan fees; $1.5 million of deferred loan fees written off as a result of the prepayments on our debt; and $(0.1) million of miscellaneous.

SCHEDULE 3
TRANSUNION AND SUBSIDIARIES
Adjusted Net Income and Adjusted Earnings Per Share (Unaudited)
(in millions, except per share data)

		Three Months Ended September 30,										Nine Months Ended September 30,
		2020					2019					2020					2019
Net income from continuing operations attributable to TransUnion		$	102.8				$	91.7				$	241.5				$	268.7
Discontinued operations, net of tax		—					—					—					(4.6		)
Net income attributable to TransUnion		$	102.8				$	91.7				$	241.5				$	264.1
Weighted-average shares outstanding:
Basic		190.2					188.2					189.8					187.5
Diluted		192.3					192.0					192.1					191.6
Basic earnings per common share from:
Income from continuing operations attributable to TransUnion		$	0.54				$	0.49				$	1.27				$	1.43
Discontinued operations, net of tax		—					—					—					(0.02		)
Net Income attributable to TransUnion		$	0.54				$	0.49				$	1.27				$	1.41
Diluted earnings per common share from:
Income from continuing operations attributable to TransUnion		$	0.53				$	0.48				$	1.26				$	1.40
Discontinued operations, net of tax		—					—					—					(0.02		)
Net Income attributable to TransUnion		$	0.53				$	0.48				$	1.26				$	1.38
Reconciliation of net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion		$	102.8				$	91.7				$	241.5				$	264.1
Discontinued operations		—					—					—					4.6
Net income from continuing operations attributable to TransUnion		102.8					91.7					241.5					268.7
Adjustments before income tax items:
Acquisition revenue-related adjustments (1)		—					—					—					5.9
Stock-based compensation(2)		7.8					14.7					29.5					35.6
Mergers and acquisitions, divestitures and business optimization(3)		1.5					4.8					12.9					(7.8		)
Accelerated technology investment(4)		4.5					—					10.3					—
Other(5)		2.5					14.9					35.5					15.9
Amortization of certain intangible assets(6)		48.1					48.4					144.7					157.6
Total adjustments before income tax items		64.4					82.8					232.9					207.2
Change in provision for income taxes per schedule 4		(11.1		)			(28.8		)			(50.6		)			(83.4		)
Adjusted Net Income		$	156.2				$	145.7				$	423.8				$	392.5
Weighted-average shares outstanding:
Basic		190.2					188.2					189.8					187.5
Diluted(7)		192.3					192.0					192.1					191.6
Adjusted Earnings per Share:
Basic		$	0.82				$	0.77				$	2.23				$	2.09
Diluted(7)		$	0.81				$	0.76				$	2.21				$	2.05
Anti-dilutive weighted stock-based awards outstanding		0.1					0.1					0.3					0.2

As a result of displaying amounts in millions, rounding differences may exist in the table above and footnotes below.

(1)	This adjustment represents certain non-cash adjustments related to acquired entities, predominantly adjustments to increase revenue resulting from purchase accounting reductions to deferred revenue we record on the opening balance sheets of acquired entities. Deferred revenue results when a company receives payment in advance of fulfilling their performance obligations under contracts. Business combination accounting rules require us to record deferred revenue of acquired entities at fair value if we are obligated to perform any future services under these contracts. The fair value of this deferred revenue is determined based on the direct and indirect incremental costs of fulfilling our performance obligations under these contracts, plus a normal profit margin. Generally, this fair value calculation results in a reduction to the purchased deferred revenue balance. The above adjustment includes an estimate for the increase in revenue equal to the difference between what the acquired entities would have recorded as revenue and the lower revenue we record as a result of the reduced deferred revenue balance. This increase is partially offset by an estimated decrease to revenue for certain acquired non-core customer contracts that are not classified as discontinued operations that will expire within approximately one year from the date of acquisition. Beginning in the third quarter of 2019, we no longer have these adjustments to revenue. We present Adjusted Revenue as a supplemental measure of our revenue because we believe it provides meaningful information regarding our revenue and provides a basis to compare revenue between periods. In addition, our board of directors and executive management team use Adjusted Revenue as a compensation measure under our incentive compensation plans. The table above provides a reconciliation for revenue to Adjusted Revenue.
(2)	Consisted of stock-based compensation and cash-settled stock-based compensation.
(3)	For the three months ended September 30, 2020, consisted of the following adjustments: $1.5 million of acquisition expenses. For the nine months ended September 30, 2020, consisted of the following adjustments: $7.5 million of Callcredit integration costs; a $4.8 million loss on the impairment of a Cost Method investment; $4.8 million of acquisition expenses; $0.3 million of adjustments to contingent consideration expense from previous acquisitions; a $(2.5) million gain on a Cost Method investment resulting from an observable price change for a similar investment of the same issuer; a $(1.8) million gain on the disposal of assets of a small business in our United Kingdom region that are classified as held-for-sale; and a $(0.1) million reimbursement for transition services provided to the buyers of certain of our discontinued operations. For the three months ended September 30, 2019, consisted of the following adjustments: a $2.0 million loss on assets of a small business in our United Kingdom region that are classified as held-for-sale; $2.0 million of Callcredit integration costs; a $0.6 million adjustment to contingent consideration expense from previous acquisitions; $0.5 million of acquisition expenses; and a $(0.2) million reimbursement for transition services provided to the buyers of certain of our discontinued operations. For the nine months ended September 30, 2019, consisted of the following adjustments: a $(31.2) million gain on a Cost Method investment resulting from an observable price change for a similar investment of the same issuer; $(0.4) million reimbursement for transition services provided to the buyers of our discontinued operations; $10.5 million of Callcredit integration costs; a $8.6 million loss on the impairment of certain Cost Method investments; $2.1 million of acquisition expenses; a $2.0 million loss on assets of a small business in our United Kingdom region that are classified as held-for-sale; and a $0.6 million adjustment to contingent consideration expense from previous acquisitions.
(4)	Represents expenses associated with our accelerated technology investment.
(5)	For the three months ended September 30, 2020, consisted of the following adjustments: $4.2 million for certain legal expenses; a ($0.8) million gain from currency remeasurement of our foreign operations; and a ($0.9) million recovery from the Fraud Incident, net of additional administration expenses. For the nine months ended September 30, 2020, consisted of the following adjustments: $34.7 million for certain legal expenses; a $2.1 million loss from currency remeasurement of our foreign operations; $0.2 million of fees related to our new swap agreements; ($0.5) million reimbursement of fees associated with the refinancing of our Senior Secured Credit Facility; and a ($1.1) million recovery from the Fraud Incident, net of additional administration expense. For the three months ended September 30, 2019, consisted of the following adjustments: $19.7 million of expenses (including $1.8 million of administrative expenses) associated with the Fraud Incident offset by the ($7.1) million portion that is attributable to the non-controlling interest; $1.6 million from currency remeasurement; and $0.7 million of deferred loan fees written off as a result of the prepayments on our debt. For the nine months ended September 30, 2019, consisted of the following adjustments: $19.7 million of expenses (including $1.8 million of administrative expenses) associated with the Fraud Incident offset by the ($7.1) million portion that is attributable to the non-controlling interest; $1.9 million from currency remeasurement; and $1.5 million of deferred loan fees written off as a result of the prepayments on our debt.
(6)	Consisted of amortization of intangible assets from our 2012 change in control transaction and amortization of intangible assets established in business acquisitions after our 2012 change in control transaction.
(7)	As of September 30, 2020 and September 30, 2019, there were 1.3 million and 1.1 million contingently-issuable performance-based stock awards outstanding that were excluded from the diluted earnings per share calculation, respectively, because the contingencies had not been met.

   

SCHEDULE 4
TRANSUNION AND SUBSIDIARIES
Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited)
(dollars in millions)

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020					2019					2020					2019
Income before income taxes	$	138.7				$	112.5				$	328.3				$	334.3
Total adjustments before income tax items from schedule 3	64.4					82.8					232.9					207.2
Noncontrolling interest portion of Adjusted Net Income adjustments	(0.5		)			7.1					(0.5		)			7.1
Adjusted income before income taxes	$	202.6				$	202.4				$	560.8				$	548.7
(Provision) benefit for income taxes	$	(32.1	)			$	(24.2	)			$	(77.3	)			$	(64.2	)
Adjustments for income taxes:
Tax effect of above adjustments(1)	(13.8		)			(17.6		)			(49.5		)			(43.2		)
Eliminate impact of excess tax benefits for share compensation(2)	(1.4		)			(4.6		)			(22.4		)			(31.9		)
Other(3)	4.2					(6.6		)			21.3					(8.3		)
Total adjustments for income taxes	(11.1		)			(28.8		)			(50.6		)			(83.4		)
Adjusted provision for income taxes	$	(43.1	)			$	(53.1	)			$	(127.9	)			$	(147.6	)
Effective tax rate	23.1			%		21.6			%		23.5			%		19.2			%
Adjusted Effective Tax Rate	21.3			%		26.2			%		22.8			%		26.9			%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

(1)	Tax rates used to calculate the tax expense impact are based on the nature of each item.
(2)	Eliminates the impact of excess tax benefits for share compensation.
(3)	Eliminates impact of state tax rate changes on deferred taxes, valuation allowances on foreign net operating losses and valuation allowances on capital losses and other discrete adjustments.

SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Segment Depreciation and Amortization (Unaudited)
(in millions)

	Three Months Ended September 30,								Nine Months Ended September 30,
	2020				2019				2020				2019
U.S. Markets	$	56.8			$	56.3			$	169.7			$	169.4
International	30.5				27.8				88.5				88.5
Consumer Interactive	3.5				3.3				10.9				9.7
Corporate	1.5				1.3				4.2				3.8
Total depreciation and amortization	$	92.2			$	88.7			$	273.4			$	271.4

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 6
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions)

	Three Months Ended December 31, 2020								Twelve Months Ended December 31, 2020
	Low				High				Low				High
Guidance reconciliation of net income attributable to TransUnion to Adjusted EBITDA:
Net income (loss) attributable to TransUnion	$	79			$	91			$	321			$	333
Interest, taxes and depreciation and amortization	141				145				586				590
EBITDA	220				236				907				923
Acquisitions revenue related adjustment(1)	—				—				—				—
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments(1)	35				35				124				124
Adjusted EBITDA	$	255			$	271			$	1,031			$	1,047
Reconciliation of diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.41			$	0.47			$	1.67			$	1.73
Adjustments to diluted earnings per share(1)	0.33				0.33				1.28				1.28
Adjusted Diluted Earnings per Share	$	0.74			$	0.80			$	2.94			$	3.01

As a result of displaying amounts in millions, rounding differences may exist in the table above.

(1)	These adjustments include the same adjustments we make to our Adjusted Revenue, Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.