TransUnion
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 16. FORM 10-K SUMMARY
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 13, 2025.
| TransUnion | |
|---|---|
| By: | /s/ Todd M. Cello |
| Todd M. CelloExecutive Vice President, Chief Financial Officer | |
POWER OF ATTORNEY
The officers and directors whose signatures appear below constitute and appoint Heather J. Russell and Rachel W. Mantz as their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for them in their name, place and stead, in any and all capacities, to sign and file, with the Securities and Exchange Commission, this Form 10-K and any and all amendments and exhibits thereto, and all documents in connection therewith, granting unto each such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully and to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that such attorneys-in-fact and agents or their substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 13, 2025.
| Signature | Title |
|---|---|
| /s/ Christopher A. Cartwright | President & Chief Executive Officer, Director |
| Christopher A. Cartwright | (Principal Executive Officer) |
| /s/ Todd M. Cello | Executive Vice President, Chief Financial Officer |
| Todd M. Cello | (Principal Financial Officer) |
| /s/ Jennifer A. Williams | Senior Vice President, Chief Accounting Officer |
| Jennifer A. Williams | (Principal Accounting Officer) |
| /s/ George M. Awad | Director |
| George M. Awad | |
| /s/ Suzanne P. Clark | Director |
| Suzanne P. Clark | |
| /s/ Hamidou Dia | Director |
| Hamidou Dia | |
| /s/ Russell P. Fradin | Director |
| Russell P. Fradin | |
| /s/ Charles E. Gottdiener | Director |
| Charles E. Gottdiener | |
| /s/ Pamela A. Joseph | Director |
| Pamela A. Joseph | |
| /s/ Thomas L. Monahan, III | Director |
| Thomas L. Monahan, III | |
| /s/ Ravi Kumar Singisetti | Director |
| Ravi Kumar Singisetti | |
| /s/ Linda K. Zukauckas | Director |
| Linda K. Zukauckas | |
Schedule I—Condensed Financial Information of TransUnion
Balance Sheets
| December 31,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Other current assets | $0.1 | $— |
| Total current assets | 0.1 | — |
| Investment in TransUnion Intermediate Holdings, Inc. | 4,846.1 | 4,524.6 |
| Other assets | 5.9 | 6.0 |
| Total assets | $4,852.1 | $4,530.6 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Trade accounts payable | $0.1 | $— |
| Due to TransUnion Intermediate Holdings, Inc. | 628.6 | 516.9 |
| Other current liabilities | 2.3 | 1.9 |
| Total current liabilities | 631.0 | 518.8 |
| Other liabilities | 4.1 | 3.6 |
| Total liabilities | 635.1 | 522.4 |
| Stockholders’ equity: | ||
| Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2024 and December 31, 2023; 201.5 million and 200.0 million shares issued as of December 31, 2024 and December 31, 2023, respectively; and 194.9 million and 193.8 million shares outstanding as of December 31, 2024 and December 31, 2023, respectively | 2.0 | 2.0 |
| Additional paid-in capital | 2,558.9 | 2,412.9 |
| Treasury stock at cost; 6.6 million and 6.2 million shares at December 31, 2024 and December 31, 2023, respectively | (334.6) | (302.9) |
| Retained earnings | 2,357.9 | 2,157.1 |
| Accumulated other comprehensive loss | (367.2) | (260.9) |
| Total stockholders’ equity | 4,217.0 | 4,008.2 |
| Total liabilities and stockholders’ equity | $4,852.1 | $4,530.6 |
Statements of Operations
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenue | $— | $— | $— |
| Operating expenses | |||
| Selling, general and administrative | 4.0 | 4.4 | 3.5 |
| Total operating expenses | 4.0 | 4.4 | 3.5 |
| Operating loss | (4.0) | (4.4) | (3.5) |
| Non-operating income and expense | |||
| Equity income from TransUnion Intermediate Holdings, Inc. | 287.5 | (202.9) | 269.1 |
| Total non-operating income and expense | 287.5 | (202.9) | 269.1 |
| Income (loss) from continuing operations before income taxes | 283.5 | (207.3) | 265.6 |
| Benefit for income taxes | 0.9 | 1.1 | 0.7 |
| Net income (loss) attributable to TransUnion Holding | $284.4 | $(206.2) | $266.3 |
Statements of Comprehensive Income (Loss)
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Net income (loss) attributable to TransUnion Holding | $284.4 | $(206.2) | $266.3 |
| Other comprehensive income (loss): | |||
| Foreign currency translation of TransUnion Intermediate Holdings, Inc.: | |||
| Foreign currency translation adjustment | (69.3) | 82.2 | (193.4) |
| Benefit (provision) for income taxes | 2.1 | (2.0) | (0.7) |
| Foreign currency translation, net | (67.2) | 80.2 | (194.1) |
| Hedge instruments of TransUnion Intermediate Holdings, Inc.: | |||
| Net change on interest rate swap | (52.3) | (75.5) | 260.1 |
| Benefit (provision) for income taxes | 13.1 | 18.9 | (64.9) |
| Cash flow hedges, net | (39.2) | (56.6) | 195.2 |
| Available-for-sale securities of TransUnion Intermediate Holdings, Inc.: | |||
| Net unrealized gain (loss) | — | — | (0.3) |
| Benefit for income taxes | — | — | 0.1 |
| Available-for-sale securities, net | — | — | (0.2) |
| Total other comprehensive income (loss), net of tax | (106.4) | 23.6 | 0.9 |
| Comprehensive income (loss) attributable to TransUnion | $178.0 | $(182.6) | $267.2 |
Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash provided by operating activities | $89.5 | $77.1 | $91.6 |
| Cash used in investing activities | — | — | — |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock and exercise of stock options | 24.9 | 23.1 | 18.7 |
| Dividends to shareholders | (82.7) | (81.8) | (77.8) |
| Treasury stock purchased | (31.7) | (18.4) | (32.5) |
| Cash used in financing activities | (89.5) | (77.1) | (91.6) |
| Net change in cash and cash equivalents | — | — | — |
| Cash and cash equivalents, beginning of period | — | — | — |
| Cash and cash equivalents, end of period | $— | $— | $— |
Notes to Financial Statements
Note 1. Basis of Presentation
In the TransUnion parent company only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its subsidiaries is included in consolidated income using the equity method. The parent company only financial information should be read in conjunction with TransUnion’s consolidated financial statements and accompanying notes.
Note 2. Income Tax
TransUnion entered into an intercompany tax allocation agreement with TransUnion Intermediate Holdings, Inc. in 2013, effective for all taxable periods from May 1, 2012, forward, in which they are members of the same consolidated federal or state tax groups. The agreement allocates the consolidated tax liability from those filings among the various members of the group.
Note 3. Dividends to Stockholders
For the years ended December 31, 2024, 2023 and 2022, we declared dividends of $0.42, $0.42 and $0.40 per share, respectively. During 2024, 2023 and 2022, we paid dividends of $82.7 million, $81.8 million and $77.8 million, respectively. Dividends declared accrue to outstanding restricted stock units and are paid to employees as dividend equivalents when the restricted stock units vest.
Schedule II—Valuation and Qualifying Accounts
| (in millions) | Balance atBeginning of Year | Charged toCosts andExpenses | Charged toOtherAccounts | Deductions | Balance atEnd ofYear |
|---|---|---|---|---|---|
| Allowance for deferred tax assets: | |||||
| Year Ended December 31, | |||||
| 2024 | $104.7 | $7.2 | $— | $(18.5) | $93.4 |
| 2023 | $98.9 | $9.4 | $2.7 | $(6.3) | $104.7 |
| 2022 | $70.8 | $21.8 | $9.7 | $(3.4) | $98.9 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.