Executive Summary

Solid beat-and-hold quarter: TRU exceeded Q1 guidance across revenue, Adjusted EBITDA, and Adjusted EPS, with organic constant currency growth of 8% and margin expansion to 36.2% as U.S. Financial Services and insurance led growth while International rose mid-single digits constant currency .
Outperformance drivers: Mortgage revenue rose 27% despite ~10% decline in inquiries (pricing and non tri-bureau revenue), non-mortgage Financial Services accelerated (consumer lending/fintech and auto), and transformation savings lifted margins; GAAP EPS also benefited from a $56M legal accrual reduction .
Guidance: FY25 organic CC revenue growth maintained at 4.5–6%; FY25 revenue raised to $4.358–$4.417B (from $4.333–$4.393B) while Adjusted EBITDA ($1.549–$1.590B) and Adjusted EPS ($3.93–$4.08) unchanged; Q2 guide embeds cautious expense timing and a ~1pt FX headwind .
Balance sheet/capital allocation: Leverage ratio improved to 2.9x; ~$10M of buybacks executed through mid‑April; quarterly dividend declared at $0.115 per share; capex ~6% of revenue in Q1 (FY guide 8%) .
Stock catalysts: Continued mortgage pricing tailwind, execution on OneTru migrations and AI-enabled productivity (OneTru Assist), and signs of reacceleration in India could sustain estimate momentum; management remains prudently conservative given macro/policy uncertainty (beat-and-hold posture) .

What Went Well and What Went Wrong

What Went Well
- U.S. Markets +9% with Financial Services +15% (ex-mortgage +9%); mortgage revenue +27% vs inquiries down ~10%, pointing to pricing and mix benefits; insurance posted double-digit growth within Emerging Verticals .
- Margin expansion: Adjusted EBITDA +11% to $397M; margin +115 bps to 36.2%, aided by revenue flow-through and transformation savings .
- Technology and AI execution: OneTru migration advancing (90+ U.S. credit customers dual-run); OneTru Assist (AI tool) lifted developer productivity by 20–50%, supporting faster innovation and structural efficiency .
What Went Wrong
- Consumer Interactive declined 1% YoY as expected; business remains in turnaround pending freemium rollout completion and stabilization of breach-related comps .
- India soft start (+1% CC) on anticipated consumer credit moderation vs tough comp; reacceleration expected through 2025 but near-term drag persisted in Q1 .
- Cash from operations modest ($52.5M) due to AR timing and higher bonus payouts; capex increased (though still 6% of revenue) and free cash flow conversion remains in transition year .

Financial Results

Consolidated performance vs prior quarters

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$1,085.0	$1,036.8	$1,095.7
Adjusted EBITDA ($USD Millions)	$393.7	$377.9	$397.1
Adjusted EBITDA Margin (%)	36.3%	36.5%	36.2%
Adjusted Diluted EPS ($)	$1.04	$0.97	$1.05
GAAP Diluted EPS ($)	$0.35	$0.34	$0.75

Q1 2025 vs S&P Global consensus

Metric	Consensus*	Actual	Surprise
Revenue ($USD Millions)	$1,068.5*	$1,095.7	+$27.2 (+2.5%)
Adjusted Diluted EPS ($)	$0.98*	$1.05	+$0.07 (+7.1%)

Values retrieved from S&P Global.*

Segment breakdown – Q1 2025

Segment	Revenue ($M)	Reported YoY	Constant Currency YoY
U.S. Markets – Financial Services	$404.0	+15%	+15%
U.S. Markets – Emerging Verticals	$315.0	+6%	+6%
U.S. Markets – Consumer Interactive	$138.0	-1%	-1%
Total U.S. Markets	$857.0	+9%	+9%
International – Canada	$38.0	0%	+7%
International – Latin America	$33.0	0%	+7%
International – U.K.	$59.0	+9%	+9%
International – Africa	$17.0	+12%	+10%
International – India	$69.0	-3%	+1%
International – Asia Pacific	$27.0	+7%	+8%
Total International	$242.0	+2%	+6%
Segment Adj. EBITDA – U.S. Markets	$320.1	+12%	+12%
Segment Adj. EBITDA – International	$109.8	+3%	+7%

KPIs & cash/returns

KPI	Q1 2025
Cash from Operations ($M)	$52.5
Capital Expenditures ($M)	$68.4 (6% of revenue)
Adjusted EBITDA Margin (%)	36.2%
Leverage Ratio (Net Debt / Adj. EBITDA)	2.9x
Net Debt ($B)	$4.521
Share Repurchases	~$10M (Mar–mid‑Apr)
Dividend	$0.115/share declared for Q1 2025

Non-GAAP note: GAAP net income included a $56M reduction of a legal accrual; Adjusted metrics exclude this and other items per reconciliation .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue (reported)	FY 2025	$4.333–$4.393B	$4.358–$4.417B	Raised
Organic CC Revenue Growth	FY 2025	4.5%–6.0%	4.5%–6.0%	Maintained
Adjusted EBITDA	FY 2025	$1.549–$1.590B	$1.549–$1.590B	Maintained
Adjusted Diluted EPS	FY 2025	$3.93–$4.08	$3.93–$4.08	Maintained
Adjusted Tax Rate	FY 2025	~26.5%	~26.5%	Maintained
Net Interest Expense	FY 2025	~$195M	~$195M	Maintained
Capex (% Revenue)	FY 2025	~8%	~8%	Maintained
U.S. Mortgage Revenue	FY 2025	~+20% YoY with modest inquiry declines	~+20% YoY with modest inquiry declines	Maintained
Dividend	Q1 2025	Raised to $0.115 in Feb 2025	$0.115 declared May 8, 2025	Implemented

Q2 2025 new guidance: Revenue $1.076–$1.095B; Adj. EBITDA $375–$386M; Adj. EPS $0.95–$0.99; organic CC growth +3%–+5%; ~1pt FX headwind; some expense timing shift from Q1 .

Earnings Call Themes & Trends

Topic	Q3 2024 (Oct)	Q4 2024 (Feb)	Q1 2025 (Apr)	Trend
Guidance posture	Raised FY24; prudent but improving volumes	FY25 guide prudent; “beat-and-hold”; muted but stable volumes	Maintained FY25, cautious on policy/macros	Stable conservatism
Mortgage	Strong, pricing tailwind; raised 4Q outlook	2025 ~+20% revenue; modest inquiry declines	Q1 +27% revenue vs ~10% inquiry decline; Q2 inquiries mid-single-digit down	Positive revenue/inquiry spread
India	Double-digit in Q3	Guide ~10% FY25 with H2 reaccel	Q1 +1% CC; RBI easing and NBFC re-entry support reaccel	Near-term soft, improving H2
OneTru / Tech	Modernization accelerating; product launches	U.S./India modernization to complete 2025	90+ U.S. customers dual-run; OneTru Assist AI boosts productivity 20–50%	Executing; AI lift
Consumer Interactive	Strong Q3 (breach wins)	Freemium launch plan; Monevo deal	Q1 -1% YoY; freemium launch imminent; Monevo closed	Transition year
Capital allocation	Prepayments $105M YTD	Target leverage <2.5x; new $500M buyback; dividend to $0.115	Leverage 2.9x; $10M buybacks; dividend maintained	Deleveraging + returns
Fraud/Comms (TCS)	—	TCS growth; platform integration	On track for $150M 2025 TCS revenue	Strong momentum

Management Commentary

“In the first quarter, TransUnion exceeded financial results on all key metrics…Revenue grew 8% on an organic constant currency basis…U.S. market…Financial Services grew 15%...Mortgage was up 27%, modestly above expectations due to favorable pricing and additional non tri-bureau mortgage revenue” – Chris Cartwright, CEO .
“Adjusted EBITDA margin was 36.2%, up 115 basis points…due primarily to revenue flow-through, annualization of transformation savings and timing of certain investments” – Todd Cello, CFO .
“We are initially focused on dual running over 90 U.S. credit customers on OneTru…we’re already seeing a 20% to 50% lift in our developers’ productivity from leveraging [OneTru Assist]” – CEO .
“Our leverage ratio declined to 2.9x…We repurchased $10 million of shares in March and April” – CEO .
“If trends continue from what we saw in Q1 and what we've seen thus far, we have good visibility to exceeding the high end of the full year guidance…right now, there's just a significant amount of uncertainty” – CFO .

Q&A Highlights

India reacceleration: Confidence driven by RBI pivot (rate cuts, NBFC reauthorization) and strong sales/analytics pipeline; expect sequential improvement and exit FY at high-teens growth cadence .
Mortgage dynamics: Q1 revenue/inquiry gap (~+37 pts) from pricing and inclusion of prequal/home equity/batch marketing; FY guide assumes continued modest inquiry declines with ~+20% revenue growth .
Fintech/consumer lending: Funding improved; demand for debt consolidation supports growth in slowing economy; no broad pull-forward outside auto .
Free cash flow conversion: ~70% in 2025 (last year of transformation spend), returning to 90%+ in 2026 as capex moves from ~8% to ~6% of revenue .
Regulatory environment: Management noted material expected changes with administration transition; operating focus unchanged pending clarity .

Estimates Context

Q1 2025 beat: Revenue $1,095.7M vs $1,068.5M consensus*; Adjusted EPS $1.05 vs $0.98 consensus*; upside from mortgage pricing/mix, strengthening fintech/auto volumes, and transformation savings .
Outlook to estimates: Management maintained FY25 growth ranges and raised the reported revenue range modestly while embedding macro caution; consensus may move up modestly on near-term revenue/EPS, but FY numbers likely stay anchored to conservative tone until clearer macro/India inflection emerges .