TransUnion (TRU) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 25, 2022 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the TransUnion 2022 Third Quarter Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Aaron Hoffman, Senior Vice President, Investor Relations. Please go ahead.

Aaron Hoffman

Good morning, everyone and thank you for joining us today. Joining me on the call are Chris Cartwright, President and Chief Executive Officer; and Todd Cello, Executive Vice President and Chief Financial Officer.

We posted our earnings release and slides to accompany this call on the TransUnion Investor Relations website this morning. Our earnings release and the accompanying slides include various schedules, which contain more detailed information about revenue, operating expenses and other items as well as certain non-GAAP disclosures and financial measures, along with their corresponding reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. Today's call will be recorded, and a replay will be available on our website.

We will also be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from those described in the forward-looking statements because of factors discussed in today's earnings release, in the comments made during this conference call and in our most recent Form 10-K, Form 10-Q and other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statement.

With that, let me turn the time over to Chris.

Christopher Cartwright

Thank you, Aaron and let me add my welcome and share our agenda for the call this morning. I'll first discuss the economic conditions in TransUnion's markets around the world and then provide an overview of our solid in range financial results for the third quarter. I'll also review the encouraging performance of our recent acquisitions and the strong progress we've made to deliver our targeted savings, revenue acceleration, and sharing of their market leading technologies across the enterprise. Todd will then take the reins and review in detail our third quarter results and our full year guidance.

Thus far in 2022, consumer financial health has remained positive versus pre-pandemic conditions supporting growth across TransUnion, especially in our emerging markets. Consumer employment, income, spending, balance sheets and credit performance have been strong year-to-day. However, the dramatic increase in inflation globally, especially in our developed markets of the U.S., the U.K. and Canada, have begun to pressure household finances leading to a reduction in savings rates, increasing credit balances, and modestly higher credit delinquencies. As a result, businesses have adopted a more cautious outlook given rising market uncertainties.