v3.26.1
Reportable Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Disclosure Reportable Segments
We have two operating segments, U.S. Markets and International, and the Corporate unit, which provides support services to each of the segments. The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization, the method by which the Company’s resources are allocated and the manner by which the CODM assesses the Company’s performance. Our CODM uses the profit measure of Adjusted EBITDA for our segments to allocate resources and assess performance of our businesses. We use Adjusted EBITDA as our profit measure because it eliminates the impact of certain items that we do not consider indicative of operating performance, which is useful to compare operating results between periods. The CODM uses Adjusted EBITDA for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment.
Our Board and executive management team also use Adjusted EBITDA as a compensation measure for both segment and corporate management under our incentive compensation plans. Adjusted EBITDA is also a measure frequently used by securities analysts, investors, and other interested parties in their evaluation of the operating performance of companies similar to ours.
The segment financial information presented below aligns with how we report information to our CODM to assess operating performance and how we manage the business. The accounting policies of the segments are the same as described in Note 1, “Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended December 31, 2025.
The following is a more detailed description of our reportable segments and the Corporate unit:
U.S. Markets
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. We report disaggregated revenue of our U.S. Markets segment for Financial Services, Emerging Verticals and Consumer Interactive.
•Financial Services: The Financial Services vertical consists of our Consumer Lending, Mortgage, Auto and Card and Banking lines of business. Our Financial Services clients consist of most banks, credit unions, finance companies, auto lenders, mortgage lenders, FinTechs, and other consumer lenders in the United States. We also distribute our solutions through most major resellers, secondary market players and sales agents. Beyond traditional lenders, we work with a variety of credit arrangers, such as auto dealers and peer-to-peer lenders. We provide solutions across every aspect of the lending lifecycle; customer acquisition and engagement, fraud and ID management, retention and recovery. Our products are focused on mitigating risk and include credit reporting, credit marketing, analytics and consulting, identity verification and authentication and debt recovery solutions.
•Emerging Verticals: Emerging Verticals include Insurance, Technology, Retail and E-Commerce, Telecommunications, Media, Tenant & Employment Screening, Collections, and Public Sector. Our solutions in these verticals are also data-driven and address the entire customer lifecycle. We offer onboarding and transaction processing products, scoring and analytic products, marketing solutions, fraud and identity management solutions and customer retention solutions, as well as select market-specific solutions in Insurance and Telecommunications.
•Consumer Interactive: The Consumer Interactive vertical provides solutions that help consumers manage their personal finances and take precautions against identity theft. Services include paid and free credit reports, scores and freezes, credit monitoring, identity protection and resolution, and financial management for consumers. This vertical also provides solutions that help businesses respond to data breach events. Our products are provided through user-friendly online and mobile interfaces and are supported by educational content and customer support. Our Consumer Interactive vertical serves consumers through both direct and indirect channels.
International
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 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, insurance, 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.
We report disaggregated revenue of our International segment for the following regions: Canada, Latin America, including our recent acquisition of a majority ownership interest in Trans Union de Mexico, the United Kingdom, Africa, India and Asia Pacific.
Corporate
Corporate provides support services for each of the segments, holds investments, and conducts enterprise functions. Certain costs incurred in Corporate that are not directly attributable to either of the segments remain in Corporate. These costs are typically enterprise-level costs and are primarily administrative in nature.
Selected segment financial information and disaggregated revenue consisted of the following:
 Three Months Ended March 31,
20262025
Gross Revenue:
U.S. Markets:
Financial Services$500.5 $403.6 
Emerging Verticals334.7 314.9 
Consumer Interactive139.9 138.2 
Total U.S. Markets$975.1 $856.6 
International:
Canada$43.3 $37.8 
Latin America53.9 32.8 
United Kingdom72.2 58.8 
Africa20.9 16.9 
India61.6 68.8 
Asia Pacific22.1 27.0 
Total International$274.0 $242.2 
Total revenue, gross$1,249.1 $1,098.8 
Intersegment revenue eliminations:
U.S. Markets$(1.9)$(1.6)
International(1.5)(1.5)
Total intersegment eliminations$(3.4)$(3.1)
Total revenue as reported$1,245.7 $1,095.7 
Significant segment expenses consisted of the following:
Three Months Ended March 31,
20262025
U.S. MarketsInternationalU.S. MarketsInternational
Gross Revenue
$975.1 $274.0 $856.6 $242.2 
Less:1
Product and fulfillment2
$256.0 $18.8 $182.0 $10.8 
Labor-related3
220.5 95.7 215.5 84.0 
Technology and communication4
70.2 13.6 67.0 11.3 
Other segment items5
71.5 24.2 72.0 26.4 
Segment Adjusted EBITDA
$356.9 $121.7 $320.1 $109.8 


1.The significant expense categories and amounts align with costs included in segment Adjusted EBITDA that are regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
2.Product and fulfillment expenses principally include data acquisition and royalty fees, mailing and postage, and call center support costs.
3.Labor-related expenses include fully burdened compensation expenses, including incentive compensation, as well as costs incurred to augment our workforce with subcontractors, net of any amounts capitalized for internally developed software.
4.Technology and communication expenses includes hardware and software maintenance and support, subscriptions to cloud-based software, and telecommunications.
5.Other segment items includes litigation, facilities costs, marketing and advertising, professional services, travel and entertainment, earnings from equity method investments, and overhead and corporate allocations, among other costs. For the International segment, Other segment items also includes earnings attributable to non-controlling interests.

A reconciliation of Segment Adjusted EBITDA to income before income taxes for the periods presented is as follows:
Three Months Ended March 31,
20262025
U.S. Markets Adjusted EBITDA$356.9 $320.1 
International Adjusted EBITDA121.7 109.8 
Total$478.6 $429.9 
Adjustments to reconcile to income before income taxes:
Corporate expenses1
$(40.7)$(32.8)
Net interest expense(54.8)(47.5)
Depreciation and amortization(152.3)(138.9)
Stock-based compensation
(37.5)(30.3)
Mergers and acquisitions, divestitures and business optimization2
232.3 (17.9)
Accelerated technology investment3
— (20.0)
Operating model optimization program4
— (9.8)
Net other5
(0.7)56.4 
Net income attributable to non-controlling interests3.3 4.7 
Total adjustments$(50.5)$(236.1)
Income before income taxes
$428.1 $193.8 
1.Certain costs that are not directly attributable to either of the segments remain in Corporate. These costs are typically enterprise-level costs and are primarily administrative in nature.
2.Mergers and acquisitions, divestitures and business optimization consists of costs associated with exploratory or executed strategic transactions and fair value and impairment adjustments related to investments and call and put options, notes receivable, gains or losses on a step acquisition and mark-to-market adjustments on acquisition-related foreign currency forward contracts.
3.Accelerated technology investment represents expenses incurred in connection with the transformation of our technology infrastructure.
4.Consists of restructuring expenses as presented on our Consolidated Statements of Operations and other business process optimization expenses.
5.Net other consists primarily of certain legal and regulatory expenses, and other non-operating income and expenses, comprised of deferred loan fee expense from debt prepayments and refinancing, currency remeasurement on foreign operations, and other debt financing expenses.

Earnings from equity method investments included in non-operating income and expense was as follows:
Three Months Ended March 31,
20262025
U.S. Markets$0.6 $0.5 
International6.0 3.8 
Total (Note 7)
$6.5 $4.3 

Total assets by segment consisted of the following:
March 31, 2026December 31, 2025
U.S. Markets$8,209.6 $8,105.3 
International3,625.8 2,471.6 
Total segment assets
11,835.4 10,576.9 
Corporate211.9 536.0 
Total$12,047.3 $11,112.9 

Cash paid for capital expenditures by segment was as follows:
Three Months Ended March 31,
20262025
U.S. Markets$45.9 $44.7 
International19.2 23.8 
Total cash paid for capital expenditures by the segments
65.0 68.4 
Corporate
0.2 — 
Total$65.2 $68.4 

Depreciation and amortization expense by segment was as follows:
Three Months Ended March 31,
20262025
U.S. Markets$108.5 $101.2 
International42.9 36.6 
Total segment depreciation and amortization expense
151.5 137.8 
Corporate
0.8 1.1 
Total$152.3 $138.9