Q2 2024 TransUnion Earnings Call Transcript
Key Points
- TransUnion (TRU) exceeded guidance across revenue, adjusted EBITDA, and adjusted diluted EPS for Q2 2024.
- Revenue grew 8% on an organic constant currency basis, surpassing the 5% to 6% guidance.
- The international segment experienced 14% growth on a constant currency basis, marking the 13th consecutive quarter of double-digit growth.
- TransUnion (TRU) prepaid $80 million in debt during the quarter and plans further prepayments in the second half of the year.
- The company is making significant progress with its technology modernization, including the OneTru platform, which is expected to drive innovation and cost savings.
- US lending volumes remain muted and well below historical trends, impacting overall market conditions.
- Consumer delinquencies rose slightly for mortgages and auto loans, indicating some financial stress among consumers.
- The Consumer Interactive segment declined by 1%, reflecting ongoing challenges in stabilizing this part of the business.
- Despite growth in several verticals, the tenant and employment segment experienced low single-digit declines.
- The company incurred $33 million in one-time charges related to its transformation program, impacting short-term financials.
Good day. And welcome to the TransUnion second-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Greg Bardi, VP of Investor Relations. Please go ahead.
Good morning. And thank you for attending 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, and they can also be found in the current report on Form 8-K that we filed 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 the corresponding reconciliation of these non-GAAP financial measures to their
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