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TransUnion Third Quarter 2019 EarningsChris Cartwright, President and CEO

Todd Cello, CFO

© 2019 Trans Union LLC All Rights Reserved | 2

Forward-Looking Statement

This presentation 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. Factors that could cause TransUnion’s actual results to differ materially

from those described in the forward-looking statements can be found in TransUnion’s

Annual Report on Form 10-K for the year ended December 31, 2018, as modified in 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). TransUnion undertakes no obligation to update the forward-looking

statements to reflect the impact of events or circumstances that may arise after the date of

the forward-looking statements.


Strong performance across segments as

well as most verticals and geographies

The TransUnion business model positions us

for long-term performance

• A culture that emphasizes customer-focus, individual

accountability and performance

• The right people and organizational structure

• Advantaged, valuable proprietary and third-party data

• Differentiated capabilities in attractive markets

• A history of high impact acquisitions

• World-class technology stack and personnel


Emerging Verticals delivered good

performance

• Insurance vertical results continue to be strong due

to innovation, customer wins and good market

conditions

• Diversified Markets, Public Sector and Healthcare

verticals also delivered good results

Financial Services performance remained

strong

• Positive market conditions persisted

• CreditVision and CreditVision Link combined had

their largest revenue quarter ever

• Continue to expect full year organic adjusted revenue

to grow high-single-digits


Lenders are increasingly focused on

consumers and their experience, creating

a fertile environment for growth

• The balance of power has shifted to the consumer and they

are demanding holistic, seamless and consistent experiences

• Customers need partners like TransUnion who can support

these efforts

• TransUnion has the right capabilities

– High impact proprietary and third-party alternative data

– World-class technology stack

– Highly responsive Consumer Operations


We have diversified our Insurance

vertical to create a path for long-term

sustainable growth

• Our core auto underwriting solutions are growing and expanding

as a result of key acquisitions and the incorporation of our

valuable alternative data assets

– Recently, expanded in commercial auto insurance market

• Have efficiently and effectively leveraged our core and

alternative data assets to successfully expand into other parts of

the insurance market

– Built TrueRisk Life score for life insurance underwriting and

followed that with a group life insurance product

– Developed a commercial habitational (e.g., apartment

complexes/condo buildings, etc.) risk solution


Our U.K. business is highly diversified and

growing

• Consumer credit is growing despite Brexit concerns

• More than one-third of the business is fraud mitigation,

which is growing rapidly

• Attractive verticals like Gaming and Insurance provide

another long-term source of growth

• Open Banking is an important opportunity

• TrueVision and CreditView have been launched but

have not delivered meaningful results…yet


Our business in India is growing as a result of

significant diversification

Core consumer

credit

Insurance

Consumer Interactive

• Continue to scale in Insurance by

leveraging existing enterprise solutions,

such as TrueLife Risk

• Six million consumers benefitting from

CreditView Dashboard

FinTech• Opportunity to replicate U.S. success,

as FinTech already represents India’s

fastest growing vertical

Other Emerging Verticals• Continue to explore opportunities in other

verticals, such as Digital Marketing


• Indirect channel growth driven by good

performance and increased enrollments by

our partners as well as signing new partners

• Direct channel continues to grow through

good customer retention and consumer

awareness of the value of credit and identity

monitoring as well as focused, effective

marketing

Consumer Interactive focused on empowering

consumers directly and through partners


Consolidated

Q3 2019

highlights

Year-over-Year

Change

Adjusted Revenue 11%

Constant Currency Adjusted Revenue 12%

Organic Adjusted Revenue 10%

Organic Constant Currency Adjusted Revenue 11%

Organic CC Adjusted Revenue ex. Monitoring Impact 12%

Adjusted EBITDA 15%

Constant Currency Adjusted EBITDA 16%

Organic Constant Currency Adjusted EBITDA 15%

Adjusted Diluted EPS 16%


TransUnion’s underlying business continues to

deliver attractive EBITDA margin expansion

*For a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin see press release dated October 22, 2019 or Forms 10-Q for each respective quarter.

Adjusted EBITDA and Adjusted EBITDA margin excludes the integration costs associated with the acquisition of Callcredit.

Q1 ‘18 Q2 ‘18 Q3 ‘18 Q4 ‘18 FY ‘18 Q1 ‘19 Q2 ‘19 Q3 ‘19

Adjusted EBITDA Margin* 37.7% 39.2% 39.4% 39.9% 39.1% 38.3% 39.7% 40.7%

Impact of acquisition integration costs 20bps 20bps 25bps 15bps 20bps 15bps 20bps —

Impact of lower margins from acquisitions 60bps 65bps 125bps 25bps 65bps 40bps 40bps 30bps

Underlying Adjusted EBITDA Margin 38.5% 40.0% 40.9% 40.3% 40.0% 38.8% 40.3% 41.0%

Year-over-Year Change +80bps +80bps +190bps +150bps +130bps +115bps +115bps +160bps


TransUnion has a proven track record of effectively

deploying capital while quickly de-levering

TTM Adjusted EBITDA Net Leverage

$779

$814

$864

$917

$953

$996

$1,032

2.9x

4.9x

4.5x

4.2x4.0x

3.7x

3.4x

$400

$500

$600

$700

$800

$900

$1,000

Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

2x

3x

4x

5x

6x

($ in millions)

• In Q2 2018, we raised $1.8 billion

of debt to fund the acquisitions of

Callcredit, iovation and HPS

• As a result of Adjusted EBITDA

growth and good cash

conversion, we have been able to

materially de-lever to below 3.5x

in just over one year


Note: Rows may not foot due to rounding.

Reported FX ImpactInorganic

Impact

Organic Constant

Currency

Adjusted

Revenue12% — (1)% 10%

Financial

Services13% — — 13%

Emerging

Verticals11% — (3)% 8%

Adjusted

EBITDA18% — — 18%

U.S. Markets

Q3 2019

year-over-year

financial

highlights


Note: Rows may not foot due to rounding.


Impact

Organic Constant

Currency

Adjusted

Revenue10% +4% — 14%

Canada 11% +1% — 12%

Latin America 8% +6% — 13%

U.K. 6% +6% — 12%

Africa 2% +5% — 7%

India 33% +1% — 34%

Asia Pacific 1% (1)% — 1%

Adjusted

EBITDA12% +4% — 16%

International

Q3 2019

year-over-year

financial

highlights



Impact

Organic Constant

Currency

Adjusted

Revenue7% — — 7%

Adjusted

EBITDA10% — — 10%

Consumer

Interactive

Q3 2019

year-over-year

financial

highlights


Adjusted Revenue $2.644 to $2.649 billion, up 13%

• Organic CC growth of 9.5 to 10.0% (ex. monitoring)

• Assumptions: 5 points of M&A, 1 point of FX headwind,

1 point of monitoring headwind

Adjusted EBITDA $1.048 to $1.052 billion, up 14 to 15%

• Adjusted EBITDA margin up ~60 bps

• Assumption: 1 point of FX headwind

Adjusted EPS of $2.74 to $2.76, up 10%

Other Guidance Metrics

• Adjusted Effective tax rate of 27%

• Total D&A ~$360M; D&A ex step-up and subsequent M&A ~$155M

• Net interest expense ~$170M

• CapEx ~7.5% of revenue

Full Year

2019 Guidance


Adjusted Revenue $667 to $672 million, up 7 to 8%

• Organic CC growth of 8.0 to 9.0% (ex. monitoring)

• Assumptions: 0.5 point of M&A, 1 point of FX headwind,

1 point of monitoring headwind

Adjusted EBITDA $264 to $268 million, up 6 to 8%

• Assumption: 1 point of FX headwind

Adjusted EPS $0.69 to $0.71, up 5 to 7%

Fourth Quarter

2019 Guidance


Q&A

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