TransUnion
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 28, 2026
TRU$81.18-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0001552033-25-000057
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0001552033-26-000028
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 271 previous paragraphs and 248 current paragraphs.
152 unchanged; 68 reworded; 27 added; 47 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current report
In February 2026, the United States and Israel launched coordinated military strikes against Iran, which retaliated with missile attacks across the region. Although we do not have material operations in the Middle East, the ongoing conflict has, and is likely to continue to have, an impact on global energy prices, inflation, consumer spending, market volatility, and overall macroeconomic conditions, and any further escalation of the conflict is likely to exacerbate these effects. These factors form part of the broader macroeconomic environment in which inflation has remained above the U.S. Federal Reserve’s (the “Fed”) long-term target, prompting the Fed to maintain the federal funds rate during the first three months of 2026 after cutting rates by 75 basis points in the last four months of 2025. The federal funds rate, while lower than recent highs and rates during the first half of 2025, remained elevated relative to historical norms and is expected to remain elevated given macroeconomic concerns arising from conflict in the Middle East. Higher interest rates have slowed demand for consumer and auto loans, and have had a more pronounced impact on the housing sector, where higher borrowing rates impact both home affordability, driving down purchase activity, and demand for mortgage loan refinancing. However, mortgage rates are not directly tied to the federal funds rate but instead are tied to the 10-year Treasury rate, which showed signs of improvement in the first two months of the quarter, but subsequently rose at the end of the quarter due to general macroeconomic concerns stemming from the ongoing conflict in the Middle East. As a result, 30-year mortgage rates remained elevated at quarter-end, which continues to suppress activity in the housing sector.
Current report
Macro-economic conditions in the U.K. and Canada were relatively stable in the first two months of 2026 and showed some recovering following a weak final quarter of 2025. However, the conflict in the Middle East and the resulting increase in energy prices has renewed inflation pressures and heightened consumer uncertainty, which likely impacted full first quarter growth. In India, the economy is highly sensitive to energy prices, and economic growth likely slowed in the final month of the quarter after relatively strong performance in the first two months, although regulatory actions have continued to slow credit expansion. Globally, many central banks paused further policy interest rate cuts in the quarter as a result of the increase in energy prices and the likely impact on inflation levels, which may impact consumer credit demand.
Current report
Trans Union de Mexico Acquisition
Current report
On March 2, 2026, we acquired approximately a 68% equity interest in Trans Union de Mexico for total cash consideration of $659.7 million. Prior to the transaction, we owned approximately a 26% equity interest that was accounted for under the equity method. Our total equity interest is now approximately 94%, representing a controlling financial interest and resulting in the consolidation of Trans Union de Mexico. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Accordingly, we remeasured our initial 26% investment at a fair value of $247.4 million resulting in a non-taxable gain of $225.5 million recorded within gain on acquisition of affiliate in the Consolidated Statement of Operations.
Current report
The acquisition was funded primarily with proceeds from our Senior Secured Revolving Credit Facility and cash on hand. See Note 10, “Debt,” for additional information about our Senior Secured Revolving Credit Facility. There was no contingent consideration related to this transaction. Trans Union de Mexico’s results of operations subsequent to the acquisition date are reflected in the Latin America reporting unit in our International segment for the three months ended March 31, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.
Current report
On February 11, 2026, we executed Amendment No. 25 to the Senior Secured Credit Facility, pursuant to which we increased our borrowing capacity under the Senior Secured Revolving Credit Facility to $1.0 billion. All other key terms of the Senior
Current report
Secured Revolving Credit Facility remained unchanged. We used proceeds from the Senior Secured Revolving Credit Facility to fund a portion of the cash purchase price of Trans Union de Mexico, as further discussed in Note 2, “Business Acquisitions.”
Current report
•a decrease of approximately $10.0 million in technology and communications costs, due primarily to our accelerated technology investment program which ended in 2025, partially offset by an increase in cloud costs.
Current report
partially offset by:
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•a decrease of approximately $9.0 million in costs related to our operating model optimization program due to the completion of the program in 2025.
Current report
Gain on acquisition of affiliate
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For the three months ended March 31, 2026, we recognized a gain on our acquisition of a majority ownership interest in Trans Union de Mexico, as further discussed in Part I, Note 2, “Business Acquisition.”
Current report
For the three months ended March 31, 2026 and 2025, debt-related expenses included other debt financing fees of $0.5 million and $0.4 million, respectively.
Current report
Our effective tax rates were 6.5% and 21.2% for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate was lower in 2026 compared to 2025 due primarily to the non-taxable gain on our acquisition of a majority equity interest in Trans Union de Mexico and a benefit from the elimination of a deferred tax liability on our Cost Method Investment upon obtaining control as further discussed in Note 2, “Business Acquisitions," and benefits on the remeasurement of deferred taxes due to changes in state apportionment rates as a result of legal entity mergers, all of which occurred during the first quarter of 2026.
Current report
Consumer Interactive: For the three months ended March 31, 2026, revenue increased $1.7 million, or 1.3%, compared with the same period in 2025, due primarily to increased breach and indirect channel revenue, partially offset by slowing demand for paid credit products.
Current report
For the three months ended March 31, 2026, International revenue increased $31.8 million, or 13.1%, compared with the same period in 2025 due primarily to the acquisitions of Trans Union de Mexico and Monevo, which contributed 9.6% of the increase. The impact of foreign currencies on organic revenue was an increase of 3.2%.
Current report
Latin America: For the three months ended March 31, 2026, Latin America revenue increased $21.1 million, or 64.4%, compared with the same period in 2025. Our acquisition of the majority ownership interest in Trans Union de Mexico contributed 56.0% of the increase. The impact of foreign currencies on organic revenue was an increase of 8.1%.
Current report
United Kingdom: For the three months ended March 31, 2026, United Kingdom revenue increased $13.4 million, or 22.7%, compared with the same period in 2025. Our acquisition of Monevo in the prior year contributed 8.1% of the increase. The impact of foreign currencies on organic revenue was an increase of 7.5%.
Current report
India: For the three months ended March 31, 2026, India revenue decreased $7.2 million, or 10.5%, compared with the same period in 2025, due primarily to lower consumer online and batch volumes, partially offset by direct to consumer and credit risk volumes. The impact of foreign currencies wasa decrease in revenue of 5.0% in the three-month period.
Current report
Our adjusted tax rates were 25.0% and 25.8% for the three months ended March 31, 2026 and March 31, 2025, respectively. The adjusted tax rate was lower in 2026 compared to 2025 due primarily to higher foreign tax credits related to impacts from
Current report
recent acquisitions and related restructuring activities and higher deductions for foreign-derived intangible income due to provisions of the One Big Beautiful Bill Act that went into effect January 1, 2026.
Current report
We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.
Current report
On February 11, 2026, we executed Amendment No. 25 to the Senior Secured Credit Facility, pursuant to which we increased our borrowing capacity under the Senior Secured Revolving Credit Facility to $1.0 billion. All other key terms of the Senior Secured Revolving Credit Facility remained unchanged. We used proceeds from the Senior Secured Revolving Credit Facility to fund a portion of the cash purchase price of Trans Union de Mexico.
Current report
The increase in cash provided by operating activities was due primarily to improved operating performance, partially offset by changes in working capital.
Current report
The increase in cash provided by financing activities was due primarily to borrowings from the Senior Secured Revolving Credit Facility for the purchase of Trans Union de Mexico, partially offset by dividends paid to shareholders of Trans Union de Mexico.
Current report
•ongoing conflict in the Middle East;
Removed paragraphs (47)
Previous report
Starting at the end of the third quarter and into the fourth quarter of 2024, the U.S. Federal Reserve (the “Fed”) initiated three consecutive federal fund rate cuts totaling 100 basis points due to the slowdown in demand and job growth, along with lower inflation. During the first nine months of 2025, the U.S. economy and labor market remained resilient, with Gross Domestic Product (“GDP”) and consumer spending growth rising, continued low unemployment, growing real wages and the easing of inflation, which drove the Fed to pause further rate cuts in the first half of 2025. In September 2025, the Fed made its first interest rate cut of the year, reducing the federal funds rate by 25 basis points, and has signaled that additional rate cuts are possible. Further rate cuts could spur renewed consumer confidence to borrow as well as increased demand for rate-sensitive lending products, in particular mortgage loans, which have had remained at elevated rates during the fourth quarter of 2024 and the first nine months of 2025.
Previous report
Macro-economic conditions in the U.K. and Canada continue to show signs of improvement, driven by falling inflation and moderate growth in other economic indicators. India’s GDP growth is expected to slow moderately in the next two quarters, but still remain robust over the full year of 2025. Foreign central banks have also begun to lower rates, which we expect will increase demand for rate-sensitive lending products.
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On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes potentially significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented periodically through 2027. The impacts of the OBBBA are reflected in our results for the quarter ended September 30, 2025, resulting in an increase to the full year provision for income taxes due to impacts on foreign inclusions and a decrease in income taxes paid in the quarter ended September 30, 2025, or expected to be paid in the quarter ended December 31, 2025.
Previous report
On November 12, 2023, our Board approved a transformation plan to optimize our operating model and continue to advance our technology. We expect to recognize one-time pre-tax expenses associated with this transformation plan of $355.0 to $375.0 million from the fourth quarter of 2023 through the end of 2025. All pre-tax expenses will be cash expenditures, other than approximately $15.0 million of non-cash, facility exit costs. In addition, capital expenditures were 8% of revenues in 2024, below our prior expectation of 9%, driven by more efficient spend throughout the year in addition to higher revenues, and we expect capital expenditures to remain at 8% for 2025 due to investment in our technology infrastructure in connection with this transformation plan. Upon completion of this program, we expect to generate annual savings of $120.0 to $140.0 million and reduce our capital expenditures from 8% of revenue to 6%, based on 2023 revenue. During the year ended December 31, 2024, we realized annualized savings of approximately $85.0 million from the transformation plan. The following summarizes initiatives under the transformation plan.
Previous report
•The operating model optimization program will eliminate certain roles, transition certain job responsibilities to our Global Capability Centers, which we expect will improve productivity, reduce costs and fund growth, optimize business processes, and reduce our facility footprint. We expect to incur total one-time pre-tax expenses of $205.0 to $215.0 million, including employee separation expenses of approximately $110.0 million, facility exit expenses of approximately $45.0 million, and business optimization expenses of approximately $55.0 million.
Previous report
During the second quarter of 2025, we entered into a third-party financing arrangement to purchase certain long-lived assets.
Previous report
On December 12, 2024, we executed Amendment No. 24 to the Senior Secured Credit Facility, pursuant to which we entered into Senior Secured Term Loan B-9 with an aggregate principal amount of $1.9 billion, the proceeds of which were used to repay in full Senior Secured Term Loan B-7. In addition, we increased the principal on Senior Secured Term Loan B-8 by $425.0 million and used the increase in proceeds to repay a portion of Senior Secured Term Loan B-5. In connection with this refinancing, we incurred related financing fees and expenses.
Previous report
On June 24, 2024, we executed Amendment No. 23 to the Senior Secured Credit Facility, pursuant to which we entered into Senior Secured Term Loan B-8 with an aggregate principal amount of $1.5 billion, the proceeds of which were used to repay a portion of Senior Secured Term Loan B-5. In connection with this refinancing, we incurred related financing fees and expenses.
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On February 8, 2024, we executed Amendment No. 22 to the Senior Secured Credit Facility, pursuant to which we entered into Senior Secured Term Loan B-7 with an aggregate principal amount of $1.9 billion, the proceeds of which were used to repay Senior Secured Term Loan B-6 in full and pay the related financing fees and expenses.
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We did not make any debt prepayments during thethree and nine months ended September 30, 2025. In the second, third, and fourth quarters of 2024, we prepaid $80.0 million, $25.0 million, and $45.0 million, respectively, for a total of$150.0 million, of our Senior Secured Term Loan B-5, funded from cash on hand. These transactions affect the comparability of interest expense between years, as further discussed in “Results of Operations – Non-Operating Income and (Expense) – Interest Expense” below.
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Restructuring
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Restructuring relates to the operating model optimization program announced in November 2023.
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•an increase of approximately $17.0 million in technology and communications costs, including costs for our accelerated technology investment; and
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For the nine months ended September 30, 2025 cost of services increased $134.2 million compared with the same period in 2024. The increase was primarily due to:
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•an increase of approximately $36.0 million in technology and communications costs, including costs for our accelerated technology investment; and
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•a net increase of approximately $16.0 million in labor-related costs, primarily due to an increase in employee benefits and stock-based compensation.
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For the nine months ended September 30, 2025, selling, general and administrative expenses increased $0.5 million compared with the same period in 2024. The increase was primarily due to:
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•a net increase of approximately $47.0 million in labor-related costs including salaries and benefits and stock-based compensation;
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•an increase of approximately $8.0 million of certain administrative expenses including marketing and advertising; and
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•an increase of approximately $8.0 million in technology and communications costs, including our accelerated technology investment,
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Restructuring
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Restructuring expenses relate to our operating model optimization program. For both the three and nine months ended September 30, 2025, these expenses included$5.1 million of employee separation expenses. There were no employee separation expenses for the three months ended September 30, 2024 and $24.7 million for the nine months ended September 30, 2024. For the three and nine months ended September 30, 2024, restructuring expenses included $40.5 million and $42.1 million, respectively, related to facility exits, including a loss on early termination of a facility lease.
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See Part I, Item 1, “Financial Information -Notes to Unaudited Consolidated Financial Statements,” Note 9, “Restructuring,” for additional information.
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For the three and nine months ended September 30, 2025, debt-related expenses included $0.5 million and $1.6 million, respectively, of other debt financing expenses. For the three and nine months ended September 30, 2024, debt-related expenses included $0.1 million and $9.2 million, respectively, of unamortized original issue discount, deferred financing fees and other related fees expensed as a result of our debt prepayments and refinancings, and $0.5 million and $1.6 million, respectively, of other debt financing expenses.
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For the three months ended September 30, 2025, we reported an effective tax rate of 33.3%, which was higher than the 21.0% U.S. federal corporate statutory rate, primarily due to the foreign rate differential, the impact of nondeductible expenses mainly in connection with executive compensation limitations and the cumulative impact of the OBBBA partially offset by excess tax benefits from stock-based compensation.
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For the nine months ended September 30, 2025, we reported an effective tax rate of 27.0%, which was higher than the 21.0% U.S. federal corporate statutory rate, primarily due to the impact of nondeductible expenses mainly in connection with executive compensation limitations, the foreign rate differential and the cumulative impact of the OBBBA, partially offset by the impact of the benefit to legal and regulatory expenses from the reduction of an accrued liability to zero for the dismissal of a lawsuit previously treated as nondeductible.
Previous report
For the three months ended September 30, 2024, we reported an effective tax rate of 25.7%, which was lower than the 21.0% U.S. federal corporate statutory rate primarily due to foreign withholding taxes, nondeductible expenses primarily in connection with executive compensation limitations and uncertain tax positions, partially offset by benefits from the foreign rate differential and the research and development credit.
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For the nine months ended September 30, 2024, we reported an effective tax rate of 22.9%, which was higher than the 21.0% U.S. federal corporate statutory rate primarily due to foreign withholding taxes, nondeductible expenses primarily in connection with executive compensation limitations and uncertain tax positions, partially offset by benefits from the foreign rate differential, the remeasurement of deferred taxes due to changes in state apportionment rates, and the research and development credit.
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Consumer Interactive: For the three and nine months ended September 30, 2025, revenue decreased $28.9 million, or 16.6%, and $25.3 million, or 5.6%, respectively, compared with the same periods in 2024, due to large breach revenue in the third quarter of 2024 in both periods, partially offset by volume growth and revenue from our acquisition of Monevo.
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For the three and nine months ended September 30, 2025, International revenue increased $18.5 million, or 7.7%, and $41.8 million, or 5.9%, respectively, compared with the same periods in 2024 primarily due to higher local currency revenue in all regions except for Asia Pacific, driven by increased volumes from improving economic conditions and new product initiatives. The acquisition of Monevo contributed 2.1% and 1.4% of the increase in each respective period. The impact of foreign currencies was flat for the three-month period and a decrease of 1.2% for the nine-month period.
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Latin America: For the three and nine months ended September 30, 2025, Latin America revenue was relatively flat compared with the same periods in 2024. Local currency revenue increased, compared with the same periods in 2024, primarily due to volume increases, new business wins and higher batch services across several of our markets. The impact of foreign currency increased 0.6% in the three-month period and decreased 3.9% in the nine-month period.
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United Kingdom: For the three and nine months ended September 30, 2025, United Kingdom revenue increased $13.6 million, or 23.5%, and $28.9 million, or 17.1%, respectively, compared with the same periods in 2024, primarily due to an increase of 8.6% and 5.8%, respectively, from revenue of our acquisition of Monevo, volume increases and new business wins, andan increase of 4.6% and 3.4%, respectively, from the impact of foreign currency.
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India: For the three and nine months ended September 30, 2025, India revenue increased $0.3 million, or 0.5%, and $1.0 million, or 0.5%, respectively, compared with the same periods in 2024, primarily due to higher local currency revenue from higher commercial volumes and new contracts, partially offset by lower consumer online volume anda decrease of 4.2% and 3.7%, respectively, from the impact of foreign currencies.
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Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
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Operating model optimization consisted of the following adjustments:
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Net other consisted of the following adjustments:
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Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
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Operating model optimization consisted of the following adjustments:
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Net other consisted of the following adjustments:
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We reported an adjusted tax rate of 27.1% and 26.4% for the three and nine months ended September 30, 2025, respectively, which is higher than the 21.0% U.S. federal corporate statutory rate, primarily due to increases for state taxes, foreign rate differential, foreign withholding taxes and the cumulative impact of the OBBBA, partially offset by benefits from the research and development credit.
Showing the first 40 of 47 passages. Open the source sections for the rest.
Reworded paragraphs (68)
Previous wording
References in this discussion and analysis to the “Company,” “we,” “us,” and “our” refer to TransUnion and its direct and indirect subsidiaries, including TransUnion Intermediate Holdings, Inc., collectively.
Current wording
References in this discussion and analysis to the “Company,” “we,” “us,” and “our” refer to TransUnion and its direct and indirect subsidiaries, including TransUnion Intermediate Holdings, Inc. and Trans Union LLC.
Previous wording
Grounded in our heritage as a credit reporting agency, we have built robust and accurate databases of information for a large portion of the adult population in the markets we serve. We use our identity resolution methodology to link and match our expanding high-quality datasets. We use this enriched data and analytics, combined with our expertise, to continuously develop more insightful solutions for our customers, all while maintaining compliance with global laws and regulations. Because of our work, organizations can better understand consumers in order to make more informed decisions, and earn consumer trust through great, personalized experiences, and the proactive extension of the right opportunities, tools and offers. In turn, we believe consumers can be confident that their data identities will result in better offers and opportunities.
Current wording
We have built robust data and analytics assets for a large portion of the adult population in the markets we serve. We use our OneTru solution enablement platform to centralize data management, identity resolution, artificial intelligence (“AI”) powered analytics, enabling more persistent identity resolution with sharper, more contextualized insights. We use these insights, combined with our industry expertise, to develop relevant solutions to solve customers’ needs, including credit risk, marketing and fraud mitigation. Because of our work, customers can better understand consumers in order to make more informed decisions, earn consumer trust through personalized experiences, and extend the appropriate opportunities, tools and offers. In turn, we believe consumers can be confident that their data identities will result in better offers and opportunities.
Previous wording
We provide solutions that enable businesses to manage and measure credit risk, market to new and existing customers, verify consumer identities, and mitigate fraud. Businesses embed our solutions into their process workflows to deliver critical insights and enable effective actions. Consumers use our solutions to view their credit profiles, access analytical tools that help them understand and manage their personal financial information and take precautions against identity theft. We have deep domain expertise across a number of attractive industries, which we also refer to as verticals, including Financial Services, Emerging Verticals and Consumer Interactive. Emerging Verticals consists of Insurance, Technology, Retail and E-Commerce, Telecommunications, Media, Tenant & Employment Screening, Collections, and Public Sector. We have a global presence in over 30 countries and territories across North America, Latin America, Europe, Africa, India and Asia Pacific.
Current wording
Our solutions enable businesses to manage and measure credit risk, market to new and existing customers, verify consumer identities, and mitigate fraud. We have deep domain expertise across a number of attractive industries, which we also refer to as verticals, including Financial Services and Emerging Verticals, which includes Insurance, Technology, Retail and E-Commerce, Telecommunications, Media, Tenant & Employment Screening, Collections, and Public Sector. In addition, consumers use our solutions to view their credit profiles, access analytical tools that help them understand and manage their personal financial information, and take precautions against identity theft. We have a global presence in over 30 countries and territories across North America, Latin America, Europe, Africa, India and Asia Pacific.
Previous wording
Our addressable market includes the global data and analytics market, which continues to grow as companies around the world increasingly recognize the benefits of data and analytics-based decision making, and as consumers recognize the important role that their data identities play in their ability to procure goods and services. There are several underlying trends supporting this market growth, including the proliferation of data, advances in technology and analytics that enable data to be processed more quickly and efficiently to provide business insights, and growing demand for these business insights across industries and geographies. Leveraging our established position as a leading provider of information and insights, we have grown our business by expanding the breadth and depth of our data, strengthening our analytics capabilities, expanding into complementary adjacent and vertical markets, deepening our solution suite in fraud mitigation and marketing, building out our geographic portfolio, investing in technology infrastructure, and enhancing our global operating model. As a result, we believe we are well positioned to expand our share within the markets we currently serve and capitalize on the larger data and analytics opportunity.
Current wording
Our addressable market includes the global data and analytics market, which continues to grow as companies increasingly recognize the benefits of data and analytics-based decision making, and as consumers recognize the important role that their data identities play in their ability to procure goods and services and prevent fraud. There are several underlying trends supporting this market growth, including the proliferation of data, advances in technology such as AI that enable data to be processed more quickly and efficiently to provide business insights, and growing demand for these business insights across industries and geographies. We have grown our business by expanding the breadth and depth of our data, strengthening our analytics capabilities, expanding into complementary vertical markets, deepening our solution suites in areas such as fraud mitigation and marketing, building out our geographic portfolio, investing in technology infrastructure, and enhancing our global operating model. As a result, we believe we are well positioned to expand our share within the markets we currently serve.
Previous wording
The U.S. Markets segment provides consumer reports, actionable insights and analytics to businesses and consumers. Businesses use our services to acquire customers, assess consumers’ ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities, mitigate fraud risk and respond to data breach events. Consumers use our services to manage their personal finances and take precautions against identity theft.
Current wording
The U.S. Markets segment provides data, analytics and actionable insights to businesses and consumers. Businesses use our services to acquire customers, assess consumers’ ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities, mitigate fraud risk and respond to data breach events. Consumers use our services to manage their personal finances and take precautions against identity theft.
Previous wording
The International segment provides services similar to our U.S. Markets segment to businesses in select regions outside the United States. Depending on the maturity of the credit economy in each country, services may include credit reports, analytics and technology solutions services and other value-added risk management services. We also have insurance, business and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, retail credit, insurance, automotive, collections, public sector and communications, and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive vertical within our U.S. Markets segment that help consumers proactively manage their personal finances and take precautions against identity theft.
Current wording
The International segment provides services similar to our U.S. Markets segment to businesses in select regions outside the United States. Depending on the maturity of the credit economy in each country, services may include credit reports, analytics and technology solutions services and other value-added risk management services. In addition, we have insurance, business and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, automotive, collections, public sector, gaming and communications, and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive vertical in our U.S. Markets segment that help consumers proactively manage their personal finances and take precautions against identity theft.
Previous wording
Our revenues and results of operations have been and can be significantly influenced by general macroeconomic conditions, including but not limited to, interest rates, inflation, housing demand, the availability of credit and capital, employment levels, consumer confidence and the risk of recession.
Current wording
Our revenues and results of operations have been and can be significantly influenced by general macroeconomic conditions, including but not limited to, interest rates, inflation, tariffs, housing demand, the availability of credit and capital, employment levels, consumer confidence and the risk of recession.
Previous wording
In April 2025, the U.S. announced a minimum 10% import duty on all trading partners and higher rates on several large trading partners, the implementation of which was paused for 90 days on rates above 10% for all countries, except China, with exemptions for certain industries and products. These announcements led to increased market volatility and uncertainty. If policies that significantly increase tariff rates are maintained, there is potential for the U.S. and global economic growth to slow, with increased probability for recession and for inflation levels to increase across many of the markets where we operate. The final timing and amount of tariff rates remains uncertain and therefore the impact is difficult to forecast, though it is likely that the final outcome of trade negotiations with many U.S. trading partners will result in tariff rates higher than levels from 2024. Despite the early implementation of higher tariffs having a lower-than-expected impact on U.S. inflation rates so far in 2025, market uncertainty is putting pressure on the global macroeconomic environment. The uncertainty of tariff policy, price increases and stock market volatility has dampened, and may continue to suppress consumer sentiment.
Current wording
The U.S. has continued to take actions related to import tariffs, the impacts of which remain uncertain and continue to contribute to market volatility. While trade negotiations and legal challenges are ongoing, these actions have led to increased market volatility and uncertainty making the impact difficult to forecast. If policies that significantly increase tariff rates are maintained, there is potential for the U.S. and global economic growth to slow, with increased probability for recession and increased inflation across many of the markets where we operate. Despite the early implementation of higher tariffs having a lower-than-expected impact on U.S. inflation rates in 2025 and so far in 2026, market uncertainty is putting pressure on the global macroeconomic environment. The uncertainty of tariff policy, price increases and stock market volatility has dampened, and may continue to suppress, consumer sentiment.
Previous wording
We believe that elevated levels of inflation have had, and will continue to have, a negative impact on our business and results of operations, including decreased demand for our services. The Fed and several international central banks have begun lowering interest rates in response to significant reductions in inflation levels from peak levels in 2022 and 2023, and have indicated that further interest rate reductions in the future are likely. Meanwhile, rates that remain elevated relative to historic levels may result in depressed consumer spending on non-essential goods and services, and consequently lower demand for credit, which could have a material adverse impact on various aspects of our business in the future.
Current wording
We believe that elevated levels of inflation have had, and periods of renewed inflationary pressure could continue to have, a negative impact on our business and results of operations, including decreased demand for our services. Following significant reductions in inflation from peak levels reached in 2022 and 2023, the Fed and several international central banks began lowering interest rates in 2024 and 2025, and have indicated that future policy actions will remain data-dependent. Interest rates remain elevated relative to historic levels, which may result in depressed consumer spending on non-essential goods and services, and consequently lower demand for credit, which could have a material adverse impact on various aspects of our business in the future.
Previous wording
•The incremental investment to advance our technology is the final phase of our accelerated technology investment. We expect to incur one-time pre-tax expenses of $150.0 to $160.0 million, including approximately $65.0 million in 2024 related to the final year of Project Rise, and approximately $90.0 million of incremental expenses during 2024 and 2025 to streamline our product delivery platforms, and leverage the cloud-based infrastructure being established with Project Rise. The accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance, enable a continuous improvement approach, and provide a single global platform for fulfillment of our product lines. Project Rise was announced in February 2020, expanded in February 2022, and completed in 2024, with a total estimated expense of approximately $240.0 million, including the approximately $65.0 million incurred in 2024, as discussed above.
Current wording
As of the end of 2025, we completed the transformation plan to optimize our operating model and continue to advance our technology. The operating model optimization program transitioned certain job responsibilities to our GCCs and reduced our facility footprint. The incremental investment to advance our technology, which was the final phase of our accelerated technology investment, fundamentally transformed our technology infrastructure through the implementation of a global cloud-based approach to streamline product development, increase efficiency of ongoing operations and maintenance, enable a continuous improvement approach and provide a single global platform for fulfillment of our product lines. We incurred a total of $373.4 million in pre-tax expenses related to the two initiatives from the fourth quarter of 2023 through the end of 2025, consistent with our overall expectations.
Previous wording
We have incurred cumulative expenses of $199.1 million through September 30, 2025, comprised of restructuring expenses related to employee separation costs and facility exit charges as well as other business optimization expenses. We have accrued liabilities for the payment of employee separation costs of $14.6 million as of September 30, 2025. We have incurred cumulative costs for the final phase of our accelerated technology investment of $149.6 million through September 30, 2025. The remaining costs associated with the operating model optimization program and the final phase of our accelerated technology investment will be incurred in 2025. See Part I, Item 1, “Financial Information – Notes to Unaudited Consolidated Financial Statements,” Note 9, “Restructuring” for additional information about our restructuring expenses and “Results of Operations – Non-GAAP Measures” for additional details of the composition of these expenses.
Current wording
See Part I, Item 1, “Financial Information – Notes to Unaudited Consolidated Financial Statements,”Note 8, “Other Current Liabilities” for additional information about our restructuring expenses and “Results of Operations – Non-GAAP Measures” for additional details of the composition of these expenses.
Previous wording
On April 1, 2025, we gained control of Monevo Limited (“Monevo”) by acquiring the remaining 70% of the equity of Monevo, of which we previously owned 30%. We accounted for the transaction as a step acquisition in accordance with ASC 805. Accordingly, we remeasured our initial 30% investment, including the call option, at a fair value of $60.8 million, resulting in a non-taxable gain of $12.3 million recorded within other income and (expense), net in the Consolidated Statements of Operations. The results of operations of Monevo subsequent to the acquisition date, which are not material, are reflected in both the U.S. Markets and International segments for the three and nine months ended September 30, 2025, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.
Current wording
On April 1, 2025, we gained control of Monevo Limited (“Monevo”) by acquiring the remaining 70% of its outstanding equity, of which we previously owned 30%. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Monevo’s results of operations subsequent to the acquisition date, which are not material, are reflected in both the U.S. Markets and International segments for the three months ended March 31, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.
Previous wording
On February 28, 2025, the CFPB, Trans Union LLC, TransUnion Interactive, Inc. and Mr. Danaher, the former President of Consumer Interactive, filed a joint stipulation with the Court to voluntarily dismiss the lawsuit related to the 2017 Consent Order with prejudice, and the Court dismissed the lawsuit on March 21, 2025. During the first quarter of 2025, we adjusted the $56.0 million previously accrued for this matter to zero, as the loss is no longer probable. See Part I, Item 1, “Financial Information – Notes to Unaudited Consolidated Financial Statements,” Note 16, “Contingencies” for additional information about this matter.
Current wording
On February 28, 2025, the CFPB, Trans Union LLC, TransUnion Interactive, Inc. and Mr. Danaher, the former President of Consumer Interactive, filed a joint stipulation with the Court to voluntarily dismiss the lawsuit related to the 2017 Consent Order with prejudice, and the Court dismissed the lawsuit on March 21, 2025. During the first quarter of 2025, we adjusted the $56.0 million previously accrued for this matter to zero, as the loss was no longer probable. See Part I, Item 1, “Financial Information – Notes to Unaudited Consolidated Financial Statements,”Note 15, “Contingencies” for additional information about this matter.
Previous wording
Repurchased shares are retired, resulting in a reduction to common stock at par with the remainder to additional paid-in capital. Once repurchased, the shares are returned to the status of authorized but unissued shares of the Company and reduce the weighted average number of shares of common stock outstanding for purposes of calculating basic and diluted earnings per share. During the three and nine months ended September 30, 2025, the Company repurchased approximately 1,260,000 and 1,711,000 shares of common stock, respectively, for a total of $113.8 million and $152.6 million, respectively, including commissions and excise taxes, under the 2025 Repurchase Plan. The average price paid per share for the three and nine months ended September 30, 2025 was $90.31 and $89.16, respectively. As of September 30, 2025, $348.9 million remains available for repurchases under the 2025 Repurchase Plan.
Current wording
Repurchased shares are retired, resulting in a reduction to common stock at par with the remainder to additional paid-in capital. Once repurchased, the shares are returned to the status of authorized but unissued shares of the Company and reduce the weighted average number of shares of common stock outstanding for purposes of calculating basic and diluted earnings per share. During the three months ended March 31, 2026 and 2025, the Company repurchased approximately 171,000 and 63,000 shares of common stock, respectively, for a total of $12.1 million and $5.4 million, respectively, including commissions and excise taxes, under the 2025 Repurchase Plan. The average price paid per share for the three months ended March 31, 2026 and 2025 was $70.92 and $84.86, respectively. As of March 31, 2026, $688.1 million remains available for repurchases under the 2025 Repurchase Plan.
Previous wording
During the nine months ended September 30, 2025, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loan or similar replacement debt. The swaps commenced on June 30, 2025 and expire on December 31, 2027, with a current aggregate notional amount of$1,244.0 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 3.2893% and 3.6920% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges.
Current wording
During the second quarter of 2025, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loans or similar replacement debt. The swaps commenced on June 30, 2025 and expire on December 31, 2027, with a current aggregate notional amount of$1,232.1 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 3.2893% and 3.6920% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges.
Previous wording
Costs of services include data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunications expenses and data center costs.
Current wording
Cost of services includes data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses and data center costs.
Previous wording
Selling, general and administrative includes personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and facilities expense.
Current wording
Selling, general and administrative includes personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and facilities expenses.
Previous wording
Results of Operations —Three and Nine Months Ended September 30, 2025 and 2024
Current wording
Results of Operations —Three Months Ended March 31, 2026 and 2025
Previous wording
For the three and nine months ended September 30, 2025 and 2024, our results of operations were as follows:
Current wording
For the three months ended March 31, 2026 and 2025, our results of operations were as follows:
Previous wording
For the three and nine months ended September 30, 2025 revenue increased $84.5 million, or 7.8% and $258.0 million, or 8.2%, respectively, compared with the same periods in 2024, due to growth in both segments. The impact of foreign currency was flat and a decrease of 0.3%, respectively, compared with the same periods in 2024.
Current wording
For the three months ended March 31, 2026 revenue increased $149.9 million, or 13.7%, compared with the same period in 2025, due to growth in both segments and our recent acquisition of a majority ownership interest in Trans Union de Mexico. The impact of foreign currency on organic revenue was an increase of 0.7%.
Previous wording
For the three months ended September 30, 2025, cost of services increased $31.6 million compared with the same period in 2024. The increase was primarily due to:
Current wording
For the three months ended March 31, 2026, cost of services increased $73.8 million compared with the same period in 2025. The increase was due primarily to:
Previous wording
•an increase of approximately $15.0 million in product and fulfillment costs primarily due to an increase in certain product cost pricing in our U.S. Markets segment and an increase in volume in both segments, partially offset by a decrease in variable postage related to breach remediation revenue in 2024 in our U.S Markets segment.
Current wording
•an increase of approximately $81.0 million in product and fulfillment costs due primarily to an increase in certain product cost pricing in our U.S. Markets segment and an increase in volume in both segments.
Previous wording
For the three months ended September 30, 2025, selling, general and administrative expenses increased $25.1 million compared with the same period in 2024. The increase was primarily due to:
Current wording
For the three months ended March 31, 2026, selling, general and administrative expenses increased $72.2 million compared with the same period in 2025. The increase was due primarily to:
Previous wording
•a decrease of approximately $62.0 million in legal and regulatory expenses, including the $56.0 million reduction of an accrued liability for a lawsuit that was dismissed in the first quarter of 2025, as further discussed in Part 1 - Notes to Unaudited Financial Statements, Note 16, “Contingencies.”
Current wording
•A $56.0 million reduction of an accrual for a lawsuit that was dismissed in the first quarter of 2025, as further discussed in Part II, Item 8, “Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements,” Note 15, “Contingencies;” and
Previous wording
•a net increase of approximately $25.0 million in labor-related costs, including salary and incentive compensation.
Current wording
•an increase of approximately $25.0 million in labor-related costs including incentive compensation, primarily stock-based compensation, and an increase in salaries and commissions.
Previous wording
For the three and nine months ended September 30, 2025, depreciation and amortization increased $12.0 million and $26.7 million, respectively, compared with the same periods in 2024, primarily due to the increase in capital expenditures related to our accelerated technology investment initiative over the past few years and incremental intangible asset amortization from our recent acquisition.
Current wording
For the three months ended March 31, 2026, depreciation and amortization increased $13.5 million compared with the same period in 2025, due primarily to the increase in capital expenditures related to our accelerated technology investment initiative over the past few years and incremental intangible asset amortization from our recent acquisitions.
Previous wording
For the three and nine months ended September 30, 2025, interest expense decreased $4.1 million and $28.8 million, respectively, compared with the same periods in 2024. The decrease was due to a decrease in outstanding principal balance due to prepayments and debt refinancing transactions in 2024 and a decrease in theaverage periodic variable interest rate on the unhedged portion of our debt.
Current wording
For the three months ended March 31, 2026, interest expense increased $5.9 million, compared with the same period in 2025. The increase was due primarily to the replacement of our hedges in June 2025 and borrowing on our Senior Secured Revolving Credit Facility to fund the acquisition of a majority ownership interest in Trans Union de Mexico, partially offset by a decrease in theaverage periodic variable interest rate on the unhedged portion of our debt.
Previous wording
The change in interest income for the current period compared to the prior period was primarily due to an increase in our average investment balances.
Current wording
The decrease in interest income for the current period compared to the prior period was due primarily to the settlement of a note receivable in October 2025.
Previous wording
Acquisition fees represent costs we have incurred for various acquisition-related efforts, for both executed and exploratory transactions.
Current wording
Acquisition fees represent costs we have incurred for various acquisition-related efforts, for both executed and exploratory transactions, and include costs related to our acquisitions of Monevo and Trans Union de Mexico.
Previous wording
Gain (loss) from post-acquisition adjustments relate to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period. Fair value and impairment adjustments primarily relate to investments in affiliated companies and notes receivable, and include the gain onour acquisition of Monevo for the nine months ended September 30, 2025, as further discussed in Part 1, Note 2, “Business Acquisition.” Currency remeasurement gains (losses), net consist of realized foreign currency gains and losses for transactions in currencies other than the functional currency of the corresponding consolidated entity that were settled during the period. Miscellaneous non-operating income and(expense) includes other miscellaneous non-operating income and expense.
Current wording
Fair value and impairment adjustments primarily relate to investments in affiliated companies and notes receivable and realized gains on acquisition-related foreign currency forward contracts. Currency remeasurement gains (losses), net consist of realized foreign currency gains and losses for transactions in currencies other than the functional currency of the corresponding consolidated entity that were settled during the period. Miscellaneous non-operating income and(expense) includes other miscellaneous non-operating income and expense.
Previous wording
Segment Results of Operations—Three and Nine Months Ended September 30, 2025 and 2024
Current wording
Segment Results of Operations—Three Months Ended March 31, 2026 and 2025
Previous wording
Management, including our CODM, evaluates the financial performance of our businesses based on revenue and segment Adjusted EBITDA. For the three and nine months ended September 30, 2025 and 2024, our segment revenue, segment Adjusted EBITDA and segment Adjusted EBITDA Margin were as follows:
Current wording
Management, including our CODM, evaluates the financial performance of our businesses based on revenue and segment Adjusted EBITDA. For the three months ended March 31, 2026 and 2025, our segment revenue, segment Adjusted EBITDA and segment Adjusted EBITDA Margin were as follows:
Previous wording
For the three and nine months ended September 30, 2025, U.S. Markets revenue increased$64.8 million, or 7.6%, and $213.9 million, or 8.7%, respectively, compared withthe same periods in 2024. Revenue increased in our Financials Services and Emerging Verticals and decreased in our Consumer Interactive vertical.
Current wording
For the three months ended March 31, 2026, U.S. Markets revenue increased$118.5 million, or 13.8%, compared withthe same period in 2025. Revenue increased in all verticals.
Previous wording
Financial Services: For the three and nine months ended September 30, 2025, revenue increased $70.7 million, or 19.3%, and $183.8 million, or 17.1%, respectively, compared with the same periods in 2024. A majority of the growth in Financial Services comes from our Mortgage line of business, primarily due to increases in price. Our other lines of business also grew, primarily due to price increases in our Auto line of business, volume increases, higher batch revenue, and new business wins.
Current wording
Financial Services: For the three months ended March 31, 2026, revenue increased $96.9 million, or 24.0%, compared with the same period in 2025. A majority of the growth in Financial Services comes from our Mortgage line of business, due primarily to increases in price and volume. Our other lines of business also grew, due primarily to volume increases in our Consumer Lending line of business, and price and volume increases in our Auto and Card and Banking lines of business.
Previous wording
Emerging Verticals: For the three and nine months ended September 30, 2025, revenue increased $22.9 million, or 7.5%, and $55.4 million, or 6.1%, respectively, compared with the same periods in 2024. The increase was primarily due to an increase in Insurance and most other verticals from volume increases across online and batch services, new business wins and pricing increases.
Current wording
Emerging Verticals: For the three months ended March 31, 2026, revenue increased $19.8 million, or 6.3%, compared with the same period in 2025. The increase was due primarily to an increase in Insurance from price and volume increases, and most other verticals from volume increases across online and batch services, new business wins and pricing increases.
Previous wording
For the three and nine months ended September 30, 2025, Adjusted EBITDA increased $30.8 million and $87.2 million, respectively, compared with the same periods in 2024, primarily due to the increase in revenue, partially offset by higher variable product and fulfillment costs and other operating costs. For the three and nine months ended September 30, 2025, Adjusted EBITDA margins increased 0.7% and 0.3%, respectively, due toa shift in the mix of revenue offset by higher labor and technology costs.
Current wording
For the three months ended March 31, 2026, Adjusted EBITDA increased $36.7 million compared with the same period in 2025, due primarily to the increase in revenue, partially offset by higher variable product and fulfillment costs and other operating costs. For the three months ended March 31, 2026, Adjusted EBITDA margins decreased 0.8% due primarily to FICO mortgage royalties, partially offset by technology and communication and labor-related costs growing at a slower pace than revenue.
Previous wording
Canada: For the three and nine months ended September 30, 2025, Canada revenue increased $4.0 million, or 10.0%, and$7.6 million, or 6.6%, respectively, compared with the same periods in 2024, primarily due to higher local currency revenue from broad-based volume increases, new business wins and product launches, and increased breach services for the nine month period, partially offset bya decrease of 1.0% and 2.9%, respectively, from the impact of foreign currencies.
Current wording
Canada: For the three months ended March 31, 2026, Canada revenue increased $5.4 million, or 14.4%, compared with the same period in 2025, due primarily to higher local currency revenue from broad-based volume increases andan increase of 5.1% from the impact of foreign currencies.
Previous wording
Africa: For the three and nine months ended September 30, 2025, Africa revenue increased $2.3 million, or 13.7%, and $6.5 million, or 13.6%, respectively, comp ared with the same periods in 2024, primarily due to meaningful new business wins and contract renewals as well as volume growth in emerging countries and emerging verticals, andan increase of 1.9% and 1.8%, respectively, from the impact of foreign currencies.
Current wording
Africa: For the three months ended March 31, 2026, Africa revenue increased $4.0 million, or 23.4%, comp ared with the same period in 2025, due primarily to volume growth in emerging verticals, andan increase of 13.8% from the impact of foreign currencies.
Previous wording
Asia Pacific: For the three and nine months ended September 30, 2025, Asia Pacific revenue decreased $2.0 million, or 7.6%, and$2.0 million, or 2.5%, respectively, compared with the same periods in 2024, primarily due to a prior year one-time contract, partially offset by strong growth in volumes in the Philippines. The impact of foreign currencies resulted ina decrease in revenue of 0.1% in the three-month and nine-month period.
Current wording
Asia Pacific: For the three months ended March 31, 2026, Asia Pacific revenue decreased $4.9 million, or 18.2%, compared with the same period in 2025, due primarily to prior year one-time contracts, partially offset by batch activity. The impact of foreign currencies wasa decrease in revenue of 0.7%.
Previous wording
For the three and nine months ended September 30, 2025, Adjusted EBITDA increased $1.9 million and $12.0 million, respectively, compared with the same periods in 2024 primarily due to increased revenue in most regions as discussed above, partially offset by an increase in expenses due to the increase in revenue. For the three and nine months ended September 30, 2025, Adjusted EBITDA margins decreased 2.5% and 0.9%, respectively, primarily due to a shift in the mix of revenues.
Current wording
For the three months ended March 31, 2026, Adjusted EBITDA increased $11.9 million compared with the same period in 2025 due primarily to increased revenue in most regions as discussed above, partially offset by an increase in expenses due to the increase in revenue. For the three months ended March 31, 2026, Adjusted EBITDA margins decreased 0.9%, due primarily to a shift in the mix of revenues.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•an increase of approximately $74.0 million in product and fulfillment costs primarily due to an increase in certain product cost pricing in our U.S. Markets segment and an increase in volume in both segments, partially offset by a decrease in variable postage related to breach remediation revenue in 2024 in our U.S Markets segment;
Previous report — wording carried elsewhere
•Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in
Previous report — wording carried elsewhere
Consists 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.
Previous report — wording carried elsewhere
In 2024, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loan or similar replacement debt. The swaps commenced on December 31, 2024, and expire on December 31, 2027, with a current aggregate notional amount of $1,087.1 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 3.0650% and 3.9925% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges.