TransUnion (TRU) Q3 2026 Earnings Call Transcript

Good morning and welcome to the TransUnion 2026 3rd Quarter Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Greg Barty, Senior Vice President of Investor 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 Sello, 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 8K 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 most directly comparable gap 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 risk 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, Forms 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 it over to Chris.

Thank you, Greg. And let me welcome everybody to the call this morning and outline our agenda. First, I'm going to review our third quarter performance and our progress against our strategic priorities. We're then going to have a deep dive into our insurance business. It's a case study that demonstrates how our strategy is driving innovation-led and scalable growth. Then I'll hand it over to Todd, who will provide the details on the third quarter results, our fourth quarter guidance, and the guidance for the full year. So in the third quarter, we delivered broad-based growth and exceeded the high end of guidance for revenue, adjusted EBITDA, and adjusted diluted earnings per share. Organic constant currency revenue growth was 8%, or approximately 5.5%, excluding FICO mortgage royalties. Now, that performance translated into 14% growth in adjusted diluted earnings per share. U.S. markets revenue increased Within that, financial services grew 11%, or 5%, excluding our mortgage revenues, with double-digit growth in auto. Emerging verticals grew 6%, led by another quarter of double-digit growth in insurance and strength in public sector. And international had an excellent quarter and returned to double-digit organic constant currency revenue growth. India and Latin America led the quarter, each up 18%. In India, consumer and commercial credit volumes continued to improve, and new wins began to convert to revenue. In Latin America, Colombia, and Brazil both delivered strong growth. Our Mexico acquisition continued to track well ahead of our acquisition case for both revenue and adjusted EBITDA. Following the Mexico acquisition, India and Latin America are now two of our largest international regions. Both regions offer attractive economic and demographic characteristics, and we believe we've got a proven playbook to continue outgrowing them. We also repurchased 126 million in shares in the third quarter, bringing our year-to-date total to 243 million. Our board recently increased our repurchase authorization by $1 billion, bringing the total to $2 billion U.S. We expect to accelerate repurchases in the fourth quarter and plan to bring our full-year total to about $500 million. And we also reached key balance sheet milestones, reducing our leverage ratio to 2.5 times within our long-term target range. Now, our results reflect consistent execution despite the ongoing economic and geopolitical uncertainties. Conditions in U.S. consumer credit are largely unchanged from prior quarters. Consumers remain resilient in a labor market with high employment but moderating real wage growth. Credit demand remains healthy, supported by strong spending. Credit performance is stable, though pressures persist in lower income and subprime segments. Lenders continue to expand their portfolios, supported by strong balance sheets and margins, and delinquency rates remain within historical ranges and are broadly consistent across risk tiers. The most significant change has been the rise in inflation and interest rates. The 10-year Treasury rate is now roughly 5%, up over 30 basis points since our July earnings call, and roughly 80 basis points year-to-date. The 30-year mortgage rate is above 7%, weighing on borrowing costs and home affordability in an already soft housing market. As a result, mortgage volumes have slowed incrementally in recent months. That said, with industry volumes over the last several years already near multi-decade lows, we believe additional downside is limited. Other consumer lending categories are less sensitive to higher interest rates, and trends remain broadly consistent. We expect higher rates to moderately reduce auto affordability and lending activity. Consumer loans are less sensitive because of their shorter duration. Fintechs and other consumer lenders have adequate diversified funding sources, though higher rates increase funding costs and could temper borrower demand. Credit cards are the least rate-sensitive lending product, given already high APRs and the product's revolving nature. And we delivered another strong sales quarter in financial services, reflecting sustained demand and commercial momentum for solutions such as TrueIQ, trusted call solutions, and identity-based marketing. More broadly, our portfolio outside U.S. financial services offers multiple growth drivers that are less sensitive to the credit cycle. Now, with that context, we are raising the low end and maintaining the high end of our full-year guidance for revenue-adjusted EBITDA. We expect to deliver 8% to 9% organic constant currency revenue growth and 10% to 11% adjusted EBITDA growth. We expect portfolio diversification benefits, including stronger international growth in the second half of the year, to help offset the impact of higher rates and softer mortgage activity in the U.S. We are raising our adjusted diluted earnings per share guidance by one percentage point to 12% to 13% growth, driven by lower net interest expense and the benefit of our share repurchases to date. This would mark our third consecutive year of high single-digit revenue growth and double-digit earnings growth. We believe our guidance appropriately balances our current momentum with ongoing market uncertainty. If current trends continue, we expect performance at the high end of our guidance range our range is also designed to provide flexibility to absorb a reasonable degree of further market softening and title provides full details on our guidance assumptions later in the call now beyond the near-term outlook we continue to make significant progress on the strategic priorities that underpin our long-term growth as u.s credit migration nears completion and our pace of innovation accelerates, we believe we're in position for stronger and more diversified growth. So, in the quarter, we significantly accelerated U.S. credit customer migrations. The majority of U.S. credit online and batch activities now run on one true. We expect to substantially complete the migration by year-end, with a small tail extending into 2027. We have meaningfully reduced legacy system capacity and met our cost savings commitments. In 2027, we plan to focus on expanding OneTrue into Canada, India, and the UK. And OneTrue is helping our teams develop and launch and scale products faster than ever. Across the enterprise, we've launched more than 40 new products and AI-powered enhancements year-to-date, expanding our pipeline and strengthening sales momentum. Recent highlights include TrueIQ real-time offers for pre-screen campaigns, curated audiences by TU marketing segments, and the expansion of branded call display into India. We believe these recent launches represent approximately $350 million in revenue potential over the next three years. These efforts support growth across our solutions, verticals, and geographies, with some of our strongest momentum coming from differentiated capabilities beyond traditional credit volumes. Insurance is one of the clearest examples of this growth playbook in action. It was one of the first verticals we entered beyond traditional consumer lending. We built the business by combining deep industry expertise with our credit data and analytics to support personal auto underwriting. Since then, we've substantially expanded our customer base and the breadth of our solutions. Today, we are the market-leading credit bureau serving the insurance lifecycle with a comprehensive solution suite. Insurance is expected to generate more than $430 million revenue in 2026, making it comparable in size to our mortgage business, excluding FICO royalties. We support more than 80% of insurance carriers, including all of the top 20 personal lines insurers, and we also serve most of the leading life and commercial insurers. Our growth in insurance has materially outpaced underlying market trends. Over more than a decade, we've achieved a double-digit compound annual growth rate. Now, three durable growth drivers support this performance, recurring policy renewals, wallet share gains, and broader adoption of our solutions. Our diversified solutions enable us to grow across varying market conditions, When insurers prioritize growth, higher marketing activity drives volume and new wins across our marketing solutions. In more challenging environments, increased consumer shopping supports credit demand, even as marketing spend and new policy origination slow. These counterbalancing demand drivers, together with a highly recurring revenue base, have supported growth across multiple environments. Revenue grew in 2020 despite COVID-impacted conditions, and we grew 5% in 2023 despite inflation-driven profitability pressures across the insurance industry. We expect insurance to achieve a third consecutive year of double-digit growth. Now, today, more than half of our insurance revenues are outside of core credit. This broader portfolio expands our addressable market, creates new vectors of growth, and reduces the vertical's reliance on any single demand driver. Core Credit laid the foundation for our business in many of our most important customer relationships. Our credit-based solutions support customer acquisition, underwriting and portfolio review, helping personal auto insurers more accurately assess risk and set premiums. We've continued to gain market share. Building on those capabilities and customer relationships, we developed a broader suite of insurance-specific solutions. Through our acquisitions of driver's history and data link, we developed our driver history solutions, which offer insurers a cost-effective alternative to traditional state motor vehicle reports. We have scaled these solutions from $13 million in 2015 to $125 million today. And most recently, we expanded our offering to include marketing and fraud solutions. Since 2022, marketing and fraud solutions have grown at a combined double-digit compound annual rate with trusted call solutions as a key contributor. A large addressable market and durable competitive advantages support continued momentum in insurance. We expect at least high single-digit growth over the medium term, driven by several initiatives. First, we have a significant base of contract wins that is not yet fully ramped. Many large insurer contracts roll out state-by-state, creating a multi-year ramp from signed wins to fully realized revenue. In core credit, we estimate approximately $225 million in annualized wins from new contracts, compared to roughly $190 million in the 2026 revenue base. Now, the $35 million difference is expected to ramp up over the next couple of years. In driving history, we estimate approximately $150 million in annualized revenue from contract wins, compared with roughly $125 million in the 26th revenue base. Second, we see substantial runway to expand in life insurance and commercial auto and to further cross-sell our marketing and fraud solutions to existing customers. And third, we are expanding our telematics capabilities with the industry's first consumer-owned driving score, developed in partnership with Cambridge Mobile Telematics. We see strong interest among our largest customers and believe this can become another meaningful insurance-specific growth driver. Beyond these medium-term drivers, we're well-positioned to benefit from longer-term industry trends. Demand for differentiated data to improve insurers' acquisition, underwriting, segmentation, and retention is accelerating. Over time, agent-enabled shopping could make insurance comparison and switching easier, increasing consumer shopping activity and the associated demand for our data and solutions. Now, taken together, insurance demonstrates our growth playbook in action. We have built a scaled market leader with recurring demand, strong sales momentum, a meaningful wallet share opportunity, and a growing innovation pipeline. That combination gives us confidence that insurance can continue to outpace the underlying market. And with that, let me turn it over to Todd to review third quarter results and provide guidance. Todd.

Thank you, Chris. And let me add my welcome to everyone. Starting with the quarter, revenue and adjusted EBITDA exceeded the high end of guidance by $3 million and $2 million, respectively. Results reflected broad-based growth in U.S. financial services and emerging verticals, along with better-than-anticipated performance in international. Total revenue increased 12 percent, as reported, and 8 percent on an organic constant currency basis. Excluding FICO mortgage royalties, organic growth was approximately 5.5 percent. Adjusted EBITDA increased 9%. Adjusted EBITDA margin was 35.4% at the high end of guidance and down 90 basis points from the prior year. Underlying margins contracted 40 basis points as revenue flow through was offset by technology and solutions investments and higher legal and regulatory expenses. FICO mortgage royalties were a 60 basis points drag to consolidated margins. Acquisitions had an immaterial impact, reflecting strong adjusted EBITDA from Mexico. Adjusted diluted earnings per share was $1.25, up 14% year-over-year, and $0.04 ahead of the high end of our guidance, driven by adjusted EBITDA growth and the benefit of recent share repurchases. In the third quarter, U.S. markets' revenue grew 7% on an organic constant currency basis, led by 11% growth in financial services and continued double-digit growth in insurance. In non-mortgage financial services, revenue grew 5%. Growth reflected positive, though moderated, online and batch volumes in credit card and consumer lending, along with strong performance in auto. Credit card and banking grew 3%, supported by recent wins from trusted call solutions. Consumer lending grew 5% with continued fintech growth and sustained consumer demand. Auto grew 13%, driven by pricing and new wins across our solutions, significantly outpacing declining industry volumes. In mortgage, revenue grew 21%. Excluding FICO royalties, mortgage growth was 5%, despite a 16% decline in inquiries without performance due to pricing actions and revenue beyond traditional tri-merge reports. The sequential slowdown in growth reflected the impact of rising interest rates on mortgage inquiries. Turning to emerging verticals, revenue grew 6%. Insurance led the way with its ninth straight quarter of double-digit growth. Within insurance, demand remained strong across our solution suites. Credit-based marketing continued to strengthen, while elevated consumer shopping supported credit volumes. We also benefited from new wins across core credit, driving history, and trusted call solutions. Across our other emerging verticals, we grew modestly. Public sector returned a strong growth, while tenant employment and media volumes were softer than anticipated. Consumer Interactive declined 3% in line with expectations, with flattish growth in indirect and a decline in the direct channel. In International, all revenue growth comparisons are on an organic, constant currency basis. International continued to re-accelerate, with 10% growth in the third quarter. Overall results reflected high-teens growth in India and Latin America, together with continued healthy performance across our developed markets. Starting with India, revenue accelerated to 18% growth. Volumes continued to improve during the quarter across both consumer and commercial lending. We also benefited from new wins converting into revenue. We expect similar growth in the fourth quarter as India is expected to return to a strong double-digit growth trajectory. Latin America growth increased from 5% to 18% in the third quarter, including double-digit growth in Brazil and Colombia. While some of the third quarter growth was the result of one-time revenue in Brazil, we expect healthy double-digit growth from Latin America in the fourth quarter. Additionally, our acquisition of Mexico, which is included in our inorganic growth, continues to perform ahead of our acquisition case. Canada and the U.K. grew 7% and 5% respectively. Both markets outpaced muted market volumes through wins across financial services, fintech, and insurance. Africa grew 6%, while Asia-Pacific returned to growth with a 3% increase. Turning back to the enterprise, we ended the third quarter with $5.5 billion of debt and $883 million of cash. Our leverage ratio decreased to 2.5 times, now within our long-term target of 2.5 times or less. Also, through the first three quarters, total free cash flow was $687 million, or an approximately 97% conversion as a percentage of adjusted net income. Our operating performance and strong balance sheet position us for continued accretive capital deployment. During the third quarter, we repurchased $126 million in shares. Year-to-date, we have repurchased 3.3 million shares at an average share price of about $74 for a total of $243 million. We expect to accelerate repurchases in the fourth quarter, bringing our expected full-year total to roughly $500 million. We view share repurchases as an attractive use of capital at current valuation levels. Our board recently increased our repurchase authorization by $1 billion to a total of $2 billion. With repurchases made to date, we still have remaining authorization of roughly $1.5 billion. We also today announced an increase in our quarterly dividend to $0.13.5 up from $0.12.5, effective in the third quarter and payable in November. The increase is consistent with our commitment to grow the dividend in line with earnings growth while maintaining a 10% to 15% payout ratio. During the quarter, we also prepaid the remaining $104 million of our term loan B5. We expect adjusted EBITDA growth to support further natural deleveraging. Finally, we are currently replacing an expiring $1.5 billion notional swap and an interest rate of 1.4% with a new swap of a similar notional amount. We have executed more than half of the replacement swap at an average rate in the mid-4% range and expect to execute the remainder during the fourth quarter. The appendix includes additional details on our debt profile and a bridge to expected 2026 interest expense. Turning the fourth quarter guidance, our ranges reflect a similar level of prudence to the third quarter. If current business trends continue, we expect performance at the high end, while the range retains flexibility to manage ongoing market uncertainty. In the fourth quarter, we are guiding revenue of $1.264 to $1.294 billion, up 8% to 10%. Growth includes 3% to 6% organic constant currency growth, a 5% point contribution from acquisitions, and a 0.5% point headwind from foreign exchange. Excluding FICO mortgage royalties, we expect organic constant currency growth of 3% to 5%. The sequential deceleration from the third quarter reflects declining mortgage inquiry volumes. Excluding mortgage, we expect revenue growth to remain similar to the approximately 5.5% that we delivered in the third quarter. We are guiding adjusted EBITDA of $450 million to $468 million, up 8% to 12%, implying a margin of 35.6% to 36.2%. Underlying margins are expected to expand by 40 to 120 basis points, partially offset by a 30 basis point drag from FICO royalties and a 20 basis point impact from acquisitions. The fourth-quarter margin expansion is primarily driven by positive revenue mix, including strong growth from international. We expect adjusted diluted earnings per share of $1.15 to $1.22, up 7% to 14%. For full-year guidance, we modestly raised the low end of our guidance and now expect revenue of $5.131 to $5.162 billion, up 12% to 13%. Acquisitions contribute four percentage points, and foreign exchange has an immaterial impact on our guidance. We expect organic constant currency revenue growth of 8% to 9% or 5% to 6% excluding FICO mortgage royalties. Our segment-level assumptions are broadly unchanged. Our full-year mortgage revenue growth guidance is 28% or 9% excluding FICO royalties. Our conservative mortgage assumptions have provided flexibility to achieve our guidance despite higher interest rates. We now expect mortgage inquiries to decline roughly 10% for the full year and more than 20% in the fourth quarter. Pricing actions and revenue beyond traditional tri-merge reports continue to support growth above mortgage market volumes. We expect adjusted EBITDA to be $1.808 to $1.827 billion in 2026, up 10% to 11%. That results in a margin of 35.2% to 35.4% down 60 to 80 basis points unchanged from prior guidance. Underlying margins are now expected to be flat to up 20 basis points, compared with our prior expectation of 50 to 70 basis points of expansion. Revenue growth and transformation savings continue to drive strong flow-through. However, we are intentionally reinvesting a portion of those benefits into technology and solution initiatives to continue accelerating innovation. Additionally, we have experienced higher legal and regulatory expenses, primarily related to individual consumer cases. Our Mexico acquisition continues to outperform our revenue, adjusted EBITDA, and margin expectations. As a result, acquisitions are now expected to have an immaterial impact on consolidated margin, compared with the 40 basis point pressure assumed previously. No margin FICO royalties remain an 80 basis point margin drag. We are raising our adjusted diluted earnings per share guidance due to lower net interest expense and the benefit of share repurchases. We now expect $4.81 to $4.88, up 12% to 13%. We now expect 2026 net interest expense of $235 million, down from $245 million, reflecting higher interest income and the repayment of our term loan B-5. For 2027, a higher SOFR forecast and the replacement of our expiring interest rate swap are expected to increase net interest expense by roughly $60 million. All other guidance items, including depreciation and amortization, adjusted tax rate, and capital expenditures as a percent of revenue, are unchanged. We continue to expect free cash flow conversion above 90% of adjusted net income. With that context, I'll now turn the call back to Chris for closing remarks.

Thanks, Todd. So before we close, I wanted to weigh in on the ongoing discussion about the mortgage tri-merge standard. TransUnion firmly believes that comprehensive data allows the responsible expansion of access to credit. It strengthens underwriting. It delivers substantial benefits to consumers, lenders, taxpayers, and MBS investors alike. The data and analysis that has been done on this topic show that it's clearly the right policy for the U.S. mortgage market. But I also want to emphasize that, you know, we've looked at this and believe that our financial exposure to an FHFA shift to a buy-merge standard for GSE-conforming mortgages would have a limited impact on our financial performance and would likely play out over a couple of years at least. Over the past decade, TU has invested several hundred million dollars in data innovation to build a more complete view of consumers. We pioneered the use of trended credit data, we helped power the expansion of fintech lending, and we broadened our complementary alternative data assets to deliver a deeper consumer insights. As a founding shareholder in VantageScore, we also helped foster competition in credit scoring by creating a modern score based on trended credit and alternative data. And together, these innovations enable 33 million more consumers to be scored, thereby increasing financial inclusion in mainstream consumer lending. So, this innovation enables responsible credit expansion in the U.S., particularly in the mortgage market, benefiting both homebuyers but also lenders. For homebuyers, trended and alternative data, along with the Vantage score, expand the mortgage-eligible population by approximately 5 million consumers, representing an estimated $1 trillion in incremental mortgage lending opportunity. Our data and the TriMerge also support more equitable outcomes by enabling consumers to be evaluated based on a complete view of their borrowing history. And lenders benefit from this expanded addressable market, along with more accurate risk assessment and loan pricing. Over the past decade, TransUnion data has supported 32 million mortgages, representing $9.2 trillion in loan value. That scale underscores the important role credit data plays in enabling access and sound underwriting across the U.S. mortgage market. Now, TransUnion's credit data delivers meaningful underwriting value at a small fraction of mortgage closing costs. Today, TransUnion charges approximately $11 for our credit data in the TriMerge. That fee reflects our innovation and the ongoing investments in innovation, cybersecurity, compliance, and consumer dispute management. Our credit file accounts for less than 10% of the TriMerge cost, and the TriMerge itself accounts for less than 1% of overall mortgage closing costs. The relevant comparison is not merely the cost of one additional credit file, but the value of more complete information relative to the risks and cost of less informed lending decisions. In our view, the potential negative costs of reaching fewer consumers and making lending decisions with less complete information outweigh the potential modest savings from purchasing one fewer credit file. Our analysis shows that under a buy-merge model, an estimated 600,000 new mortgage borrowers each year could pay more in interest, with affected borrowers paying almost $7,000 more over the life of their mortgage. Although credit data accounts for a small share of closing costs, we support efforts to reduce mortgage closing costs without compromising data completeness or underwriting quality. A key example of this is continued adoption of VantageScore. VantageScore was included in roughly 35% of mortgage credit polls in the third quarter. We expect adoption to continue rising as the unified LLPA grid removes another source of friction. Now, we've extended our industry-first 99-cent VantageScore mortgage pricing through 2028 at more than 90% below the current price of the legacy score. This offers potentially meaningful savings for lenders and consumers while preserving access to complete credit data. We also recently introduced First Look, which allows lenders to review credit report insights before purchasing additional scores, improving early-stage underwriting efficiency. And finally, we believe our direct financial exposure to potential change in FHFA requirements is limited. Within our mortgage revenue, a substantial portion consists of no-margin FICO royalties, pre-qualification usage, and other revenue that is not subject to a tri-merge requirement. The remaining tri-merge revenue spans FHFA-regulated loans as well as other government and non-conforming loans. Only approximately $100 million in annual revenue is directly connected to the FHFA requirement. Now, if all FHFA-regulated loans move to buy merge, and assuming the Bureau has maintained equal share, we expect the annual impact would be roughly $33 million in revenue, excluding FICO royalties, and $0.15 of adjusted diluted earnings per share. This equates to less than 1% of total revenue and less than 3% of adjusted diluted EPS. And we also believe that lender behavior and incentives would provide additional mitigation. Now, there are several key commercial reasons for lenders to continue using TriMerge, even in the absence of a regulatory requirement. First, broader market borrower coverage. Complete data expands the mortgage-eligible population And lenders often use TriMerge during pre-qualification despite the availability of single-file options. Second, there is optionality in the type of loan to originate. For example, lenders at the beginning of the process often do not know whether they will be originating an FHFA or an FHA loan when they pull credit. Today, the FHA, the VA, the USDA continue to support the TriMerge standard. And third, the ability to offer the most attractive mortgage rate to consumers is important. These consumers are actively shopping for mortgages. Using less complete data could lead lenders to place borrowers in a less favorable credit score tier than their competitors do. And fourth, consistent and comprehensive risk assessment is essential. For 35% of consumers, at least one individual bureau score differs from the TriMerge score by 10 points or more. Underwriting with less complete information could increase risk across the mortgage ecosystem, and with that risk ultimately borne by lenders, investors, or the GSEs. Now, taken together, TriMerge delivers better outcomes across the mortgage ecosystem. At the same time, we believe our direct revenue exposure to potential regulatory change is limited and that TransUnion remains well-positioned for a range of potential outcomes. Now, the Trimberge discussion reinforces an important point that's evident in our third quarter results, and that is our growth is increasingly diversified, durable, and innovation-led rather than dependent on any single product, vertical, or geography. We continue to execute our strategic priorities to navigate an uncertain environment and deliver on our commitments. Now, before I conclude, I also want to recognize Todd in his final earnings call as TransUnion's CFO. Todd joined the company as a staff accountant 29 years ago and has helped guide TransUnion through two leveraged buyouts and an initial public offering, and most recently, a transformative period of growth and innovation as our CFO. He has been an exceptional leader, a keeper of our culture, and a tremendous partner to me personally, and I want to thank him. Todd and I are working closely to ensure a smooth transition. Although this marks Todd's final call as CFO, we are grateful that he will remain in the role through the end of the year and serve as a full-time advisor through March 1st. We have begun and are well in process with a comprehensive search for our next CFO, and we will share updates as they become available. And with that, I'll turn it back to Greg.

That concludes our prepared remarks. For the Q&A, we ask that you each ask only one question so that we can include more participants. Operator, we can begin the Q&A.

We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. Again, please limit yourself to one question. And at this time, we will pause momentarily to assemble the roster. And our first question will come from Tony Kaplan of Morgan Stanley. Please go ahead.

Thank you so much, and thanks for the extra clarity on the BuyMerge impact at the end of the slides there. When you think about market share across the bureaus, I guess, how do you differentiate your credit report from the others? Is it certain data that you can provide that others can't? and maybe in the pre-qual part of the market, if you could just update us on how much share you have there and how the share is trending.

Yeah, good morning, Tony, and thank you for the questions. Well, I guess I would first point to our revenue performance in mortgage in, you know, recent years and certainly recent quarters where the growth and the performance relative to, you know, our estimates of mortgage inquiries and the like, you know, really suggest that we have held or increased our market share, particularly during this period when the early assessment program from the GSEs has – the market's been digesting it over the past few years and deciding, you know, know, how many credit pulls make sense at the origination or the early part of the mortgage origination process. And as we said, the market's not settling at one, it's settling at over two. And there still are, you know, lenders that are pulling three credit reports for the reasons that I explained in the mortgage slides and the commentary that, you know, we ended the presentation on. So, in short, I think our financial results in mortgage show that we have continued to perform well. Now, look, in our case, and I would say each of the bureaus will have an argument as to why their bundle of data is attractive. In our case, you know, we lead the industry in core trended credit data. We were the first mover in the space. We go back, we provide two and a half years of trended data. As I mentioned in my slides, we've seen a 60% increase in the number of consumers that we have trended data going back two and a half years on. We also have market leading coverage in fintech, which has been for, you know, well over a decade, a significant portion of the loan origination marketplace. We have leading coverage down the risk spectrum because of an attractive acquisition of a payday lending oriented credit bureau. And we have significantly expanded our alternative data. And so all of that, you know, we have found makes us extremely competitive in terms of the value proposition of our credit data. And, you know, we are also kind of a neutral player providing that bundle of information to the resellers who ultimately serve the mortgage lenders. What that means is we don't compete in the tri-bureau market. And, you know, in a buy-merge environment, those resellers are going to be able to choose which two bureaus that they want to do business with. And I think our neutrality as well as the value add from our data bundle positions us.

Thank you.

The next question comes from Andrew Steinerman of JPMorgan. Please go ahead.

Hi, I'm focused on slide 13, that decelerated was putting that together.

Okay, good morning, Andrew. I'm going to take that one, and then Chris can add on. So in financial services, I'm going to answer this big picture first to start. When you look at it on a quarter-over-quarter basis throughout 2026, you definitely do see a deceleration from 10% growth in Q1 to 8% to 5%. And these numbers I'm giving you all exclude mortgage. So, yes, we did see some moderated growth throughout the third quarter. But as we said in our prepared remarks, the underlying conditions in the market still remain healthy. And we haven't really seen any signal of a downward shift in conditions. And, in fact, you know, when we look at, you know, our volumes up until yesterday, we really do not see an acceleration of any deterioration, you know, in these markets. Where we saw some modest slowing in the quarter was particularly in auto and consumer lending categories. I think to really provide context on this specific question, it's really important to remember you have to go back to 2025 as the year that we saw a recovery in these end markets. So we think it's more instructive when you look at things on a two-year basis. And what we see when you do that is, you know, relatively consistent, you know, performance. So to that point, to give you some numbers around that, if you were to look at a two-year CAGR for financial services excluding mortgage, Q1, Q2, Q3, the growth rate is 10%, 10%, and 9% respectively in each of those quarters. So, yes, we're dealing with the comparable, and that's where you're seeing the deceleration. But when you look at it in that way, you still see a very healthy market. And I would say that that was all, you know, in essence backed up by the recent bank earnings reports where there was a consistent theme across large lenders as well as medium and small size lenders that lending conditions remain stable, you know, and delinquency levels also, you know, remain kind of consistent. you didn't see a big increase in loan loss reserves, you know, said another way. And just as, you know, a reminder, when we think about the financial services business, clearly mortgage is the most rate-sensitive part of the business. So everybody knows that. But when you think about the other lines of business, kind of on a continuum downward, auto would be the next rate-sensitive, but then consumer lending and card, not as much rate sensitivity, you know, to those lines of business.

Yeah, look, I would just, I agree with that. There's no change in our perspective on how these different consumer lending verticals are impacted in rising rates. Like Todd said, mortgage is the most sensitive because it's the largest loan over the longest duration. Auto is probably the next largest loan. And again, as rates have risen over the past couple of years, you've seen the duration of auto loans increasing so that the consumer monthly payment, you know, remains affordable. Consumer lending, not as rate sensitive because, you know, the spread, the APR is higher and the duration is lower. And of course, CARD has the highest spread. And as balances revolve, rates can adjust. Now, look, the numbers in this particular quarter may deviate a little bit from that kind of hierarchy or those dynamics, if you will. I wouldn't read too much into it, right? There can be a variety of puts and takes in any of these categories in a given quarter. And so I think the way Todd framed it, looking at the trajectory over the past couple of years, and considering that we've had some pretty heady growth in consumer lending as it is resurged, I think that kind of explains what you're seeing in the current quarter. And it doesn't necessarily, you know, reflect what we expect to happen in the fourth quarter. So I think that probably covers the waterfront of perspective on that issue.

Thank you.

The next question comes from Jeff Mueller of Baird. Go ahead.

Yeah, thank you. And, Todd, congratulations and best wishes to you. My question is on India. I know you've talked about kind of the recovery starting to set in in recent quarters that we're expecting acceleration, but it seems to be accelerating more and faster than expected. So, help us with what's driving that or how you kind of think about the growth potential looking out over the next 12 months for it. Thank you.

Okay, thanks, Jeff. And look, let's just pause for a moment and enjoy the good news that the third quarter brought in India. It's exciting to see it get back to this level of growth. And, you know, we think that's indicative of the level of growth that we can get out of India in the coming years. It is a combination of, you know, some market improvements, both on the consumer lending in the commercial side with better volumes. The RBI is more comfortable with the lending practices in the unsecured consumer lending market. And so some of the pressures there that were dampening volumes have been lifted. And, you know, we're seeing the big banks post some good loan growth. And that's even with a recent rate hike, right? The economy in India continues to grow. It's 7% plus and inflation is manageable. But I think what I'm most excited about is the way we're competing in India. We've had a couple of years of challenging macros, which we've discussed many times in these quarterly calls. But the business today is materially stronger than it was a couple of years ago in a very foundational way. we have improved our core credit data asset by broadening the number of banks that are furnishing to us and increasing the breadth of data that they're furnishing. That's one. Two, we have redeveloped all of our consumer and commercial credit scores. And so they're performing better relative to the competition. That's helping us win more. And then finally, we've got tremendous momentum around TrueIQ, our analytics platform in India. I mean, we've recently had client events there that were just really successful. We're building a great pipeline. We've also already, you know, achieved, you know, multi-million dollar bookings from multiple banks. And I think this gives us a new vector for growth in India. So as we think about the next three years, we think it's, you know, mid-teens, top-line, organic plus. And, you know, hopefully it will be plus because India is still an enormously attractive market. As I said, 7% real GDP growth, manageable inflation, great demographics, 840 million people under the age of 35. And our share is very stable. And as I mentioned, you know, our competitive position, never better. And we are introducing into the Indian market some of our new global products. First is TrueIQ. We've also made great progress with the telcos in establishing the relationships for trusted call solutions. And then our fraud product will be the next to launch in India. And we're even taking part of the marketing portfolio. You know, India is less developed from a marketing data perspective, but we're bringing our media mix modeling services to India, and we're starting to gain traction there. So a lot to feel good about with the India business.

Thank you.

The next question comes from Andrew Nicholas of William Blair. Please go ahead.

Hi, good morning. Appreciate you taking my question and congrats, Todd. I had a quick question for you, Todd, on the comment you made about reinvesting some of the margin in the fourth quarter. Could you flush that out a little I think you mentioned it being focused on technology and potentially some legal costs. Is that a fourth quarter item only, or is that something that we should think about from a reinvestment perspective looking ahead to next year? Thank you.

Good morning, Andrew, and thanks for the question. And I think it's a good opportunity for us to kind of unpack the fourth quarter guidance. And, you know, I can talk specifically to start just about us being perhaps opportunistic, you know, in the third quarter, you know, with making certain investments, you know, back into the business from more of a technology perspective to enable the solutions growth that we talked about during our investor day in March of this year. So we're going to do that when we see the opportunity on a go-forward basis. I don't think it's something that you necessarily need to be overly concerned about. There was just a good opportunity for us to expand on that spend. So we did that. We also did talk about higher litigation expense in the quarter. This is more related to individual small claims cases. It is an industry-wide issue pertaining to FCRA litigation, so not just a trans-union-specific dynamic. Most recently, Law 360 ran an article last week articulating this in the marketplace. So we're focused, as we always are, on a proactive litigation strategy. but, you know, most importantly, you know, implementing internal process enhancements, you know, to make the process as smooth as possible for the consumer when they interact, you know, with TransUnion. Now, diving into, you know, the fourth quarter itself and, you know, the guidance, you know, that we have, when we look at things excluding the FICO mortgage royalty, you know, in essence, the revenues for Q3 and then for, if you compare that to the Q4 high-end guidance, in essence, that revenue is pretty much exactly the same. So, you know, as far as drivers are concerned, when you look at things from Q3 to Q4, you obviously saw a strong international performance in that trajectory. We expect, you know, to continue into the fourth quarter. But when you look at things from the third quarter to the fourth quarter in U.S. markets, there are some seasonal aspects pertaining to credit card marketing activity as well as consumer lending, you know, that we would normally see a seasonal uptick. So, you know, so revenues, think about revenues as a repeat performance, you know, in essence on an absolute dollar basis. When we look at the expenses, which go to the initial part of your question, the expense base also when we exclude the FICO mortgage royalty, it's roughly flat, you know, on a quarter to quarter basis. So, you know, no big expectation that we have to manage costs down. I mean, in essence, we, you know, let the run rate of the business, you know, continue onward. And that all shakes out to, you know, an adjusted EBITDA of about the same as well, you know, from, you know, 465 that we achieved in the third quarter and the high end of our guidance for the fourth quarter is at 468 million dollars. So, you know, that gives us the conviction that, you know, another repeat, you know, performance is out there, you know, for us just simply doing what we just did, you know, in the, you know, in the third quarter. And, you know, I would point you to the fact that, again, we look at the high end of the guidance as something that we look to achieve. So, you know, we're guiding you again to the high end of the guidance. The noise here, though, will continue to be mortgage and whatever happens, you know, with interest rates. But we feel comfortable that the range that we've put together, you know, for the fourth quarter, you know, should be able to absorb any potential disruption that could be potentially on the horizon. So we feel very strong about what we've laid out for the fourth quarter.

Yeah, and Andrew, since you asked about the technology journey and the technology investment, you know, I'll take this chance to jump on the OneTrue. So, obviously, we've been investing heavily over the past several years to build our next-generation tech platform. That's OneTrue. And we're approaching the end of the migration in the U.S. of the U.S. credit customers to the OneTrue platform. We feel comfortable that we're going to get that done by the end of this year, largely done. If there are a couple of customers that require a bit more time, we have provisioned a capacity for them to run on the legacy platform for a period of time. And we've greatly consolidated the cost of running the legacy platform so that we have achieved the full savings and beyond. But, you know, as we stressed before, the real goal is to roll this platform out across our markets globally. And so the next focus is on the next four largest markets plus the Philippines, which if we can migrate them all to the one true platform will mean about 94% of our revenue globally will be running on the common platform. That's going to enable a step change function in both our revenue performance and our cost structure. And so when we say we're spending a bit more in the third quarter and we have an eye toward, it's because we're trying to accelerate that. We're trying to get the global rollout to compress the time it's going to take to get that so we can get the step function benefits in the technology operating environment. It's also worth mentioning that, you know, after several years of building a new platform and then migrating legacy to the new platform, this is an opportunity for us to accelerate the feature functionality and robustness of the various products that run on the platform, be it credit, analytics, marketing, fraud, et cetera. And so we put more of our resources against accelerating innovation in those categories because that can help us achieve higher top-line growth sooner. And, again, that's a real priority for our business. So hopefully that gives you the color you're looking for. Very helpful.

The next question comes from Faisa Alway of Deutsche Bank. Please go ahead.

Yes. Thank you. And congratulations from me as well to you, Todd. I wanted to ask about the emerging vertical businesses and some of the puts and takes there. I think you mentioned, you know, softer than expected revenues in media and tenant employment screening. So, just wanted to talk about that because I know you have a tougher comp in 4Q and some project-related revenue in the media business. So just wanted to understand if this is more timing or just any additional color you can provide.

Yeah, Faisa, happy to provide that. So emerging verticals, as you know, is almost half of the revenue coming out of the U.S. And as you can see from the slides we provided, you know, insurance is the anchor tenant, so to speak. It's about a third of those revenues, and it's been compounding double digit over the last five years. And in the recent couple of years, it's performed exceptionally well. And the reason we wanted to showcase it, because we wanted to illustrate the way in which our broader mix of products have enabled us to accelerate growth in that particular vertical over the fullness of time. So not only have we innovated on the quality of credit data and scores and analytics, but we were able to acquire some unique insurance data assets like driving history and motor vehicle record access that broadened our value proposition, diversified our revenues, and allowed us step up in growth. And then the final incremental growth component has been, you know, the marketing and fraud suites that we acquired and built in recent years, which are just starting to really contribute meaningfully to the overall revenue mix in insurance. And, look, I framed this up because that's what we're going to do across all the various verticals in emerging and, in particular, in the diversified markets. Now, as you pointed out, we achieved 6% growth in the quarter. That is solid, but we had some puts and takes on performance. I'd say starting, you know, on the positive side of things, we had a good quarter of growth for our public sector business. Public sector was challenged in recent years because of, you know, cost-focused efforts at the federal level. That's really Doge. Doge had some moderate impact on our existing revenues, but it certainly chilled new business acquisition, right? Now, we have seen an improvement in the environment, an improvement in closes and also pipeline, particularly for our fraud suite. The fraud suite, again, we've made a lot of investments in recent years. We've got some great assets that we've brought together on the OneTrue platform. and we recently achieved FedRAMP certification, which is a certification that is required for us to sell the fraud solution across the federal government, and it's also kind of a foundation and enabler for selling at the state level as well. In short, because of this certification and the strength of the fraud solution, we think we're going to get better growth out of public sector going forward, and we think there's a lot of upside for us. Now, there were some weaknesses As we mentioned, I'll start with tenant and employment. Even though we've seen improving growth rates in recent quarters, you know, the volume of moves has been under pressure because the housing market in general in the U.S. is under pressure. And so what happens is, you know, typically you would have homeowners, typically you would have renters, you know, leaving rental units to purchase their first homes, creating capacity. That capacity gets filled, and our tenant and employment revenues benefit as a result. But because of higher rates and really lower availability, both of new homes but also of new apartment units, you really are not seeing the volume of movement or the velocity of movement. And so tenant employment had a difficult quarter and is, I think, probably resetting to a more modest level of volume in the coming quarters. We also had some challenges in media, which, you know, you asked about. Now, what I would say about media is, like, even though the vertical is down, there are definitely some, you know, marketing growth highlights within that. First, we have three core marketing products, identity audiences and measurement, as you might recall. The identity products are growing exceptionally well. As we've said many times, we've got a tremendous foundation of credit, marketing, fraud, and public records information in the U.S. that gives us a leading identity graph, and that's being recognized, and we've got great bookings, revenue, and pipeline there. Our media spend planning and measurement services is also doing well. And to your question, we've got a big fourth quarter that we're comping against, but our guide contemplates that. And, you know, we've been looking at the inventory of measurement performance jobs that we've got, and we feel pretty well positioned for the fourth quarter. So, you know, you should feel comfortable about that. And, again, thank you for your question. The challenge has been on the audience side. Now, we have created a next-generation marketing audience and activation product on OneTrue. It's called True Audience. But today, the revenue lives on a series of legacy platforms, and we're in the process of migrating customers from the legacy platforms to the more functional and attractive one true audience and activation platforms. And this is the one area of our product migration where we actually have to engage with our clients and handhold as they move from the legacy to the next generation. And in this intermediate transition, what we've seen is a reduction in the usage volume. So that took us negative, and we might have a few bumps over the next couple of quarters as we complete the migration. The good news is, you know, we're really confident in the new True Audience product. We get great feedback from the clients who've migrated to it from the legacy, And we don't see any reason why, over the medium term, we won't get back to growthfulness in audiences. So that's kind of the range for emerging verticals in this course.

Great. Thank you. Very helpful.

The next question comes from Simon Klinch of Rothschild & Co. Please go ahead.

Hi. Thanks for taking my question. And, Todd, I'll echo everyone's comments here and just say congrats and wish you all the best. I was wondering if you could just talk about the international opportunity more broadly you know we've had some strong growth in India strong growth in LATAM but we've also got quite a lot of volatility happening in certain parts of Brazil for example more recently I was just wondering is there anything on the horizon that you see that gives you some cause of sort of concern that you know unpredictability or anything like that that is worth sort of calling out and how you think about sort of navigating any of those kinds of issues Yeah.

Well, thanks for the question, Simon. Look, clearly, geopolitical risks abound in this environment, as we all know. That said, I think I'm pretty optimistic about international. I think for the past couple of years, they have been working through some challenges in India, but also in the age-pack region. some, you know, bumps and difficult revenue comps in Hong Kong related to a surge of one-time revenues, consulting revenues, preparing for a bureau competition, you know, the MCRA change in Hong Kong, which we've talked about previously. But in the most growthful part of Asia-PAC, the Philippines has really been hit hard by rising oil prices. And so there's been contraction there and the slowing of our growth. And so international has been working through all of that. When we think about international, we think about it as at least a 10% organic compounder in okay conditions around the world, but it can certainly grow above that. And we saw that in the COVID time and the COVID era, you know, plus where it was growing near 15% for two to three years, right? So I think the international business gives us great growth potential and also really helpful diversification as we experience this quarter when rising rates over the course of the year, 80 bps year to date, has put some pressure on U.S. financial services volumes. Now, when I think about the various countries, obviously Canada has done a terrific job and continues to compound above market rates. I think the same thing is true with our U.K. business, and we're positioned to strengthen that business through introducing, you know, OneTrue and some of the new global products. India is getting back online. AsiaPAC is pivoting from shrinking to growing. And then Brazil, yes, there's been some volatility, but there's been a huge step forward in Brazil because we are successfully seeding the market and launching trusted call solutions in Brazil, right? And so, that'll give us a whole new product and a whole new growth factor. So, net-net, I'm optimistic about international, and I think it's additive to the growth profile overall and really helpful diversity.

The next question comes from Ashish Subrata of RBC Capital Markets. Please go ahead.

Thanks for taking my question. As you think about some of the headwinds going into next year, you've called out the interest expense headwind there, which is roughly five points to the earnings growth, and potentially some headwinds from mortgage volume as well. But as you think about some of the tailwinds, can you highlight some of the tailwinds which can continue to help you deliver on your midterm guidance? Thank you.

Yeah, for sure. I mean, look, so we've had some discussion of the headwinds, and we would just characterize the headwinds as higher rates leading to lower volumes in mortgage in particular, and then some, you know, some cooling and other product categories. But I think we've been clear on our perspective there. And then again, we're going to have some comps in the first half of next year that, you know, could create some pressures depending on the volumes and depending on the rates in U.S. financial services. To the upside, again, I would point to international. I'm not going to elaborate because we just had – I just provided, you know, some lengthy context of that in the prior question. But international will definitely, you know, buttress and kind of fortify our growth rates going into next year. And then on top of that, in the emerging markets, I mean, we still have products like our fraud solutions and our marketing solutions that can reach another year of growth and sustain it. That's part of the reason why we are investing more in advancing the value props for fraud and marketing, as I mentioned previously. And then we have spent a good deal of this year rolling out the TrueIQ analytics solution to India, the U.K., and Canada. We'll probably push it to more markets next year. That gives us another product to monetize. And so I would view that as some of the positives supporting our growth next year.

Yeah, Chris, I just would want to add on to that. Just think about the performance that we just delivered, you know, in the third quarter and what we anticipate in the fourth quarter. To me, that is a display of us being able to deliver strong results despite a challenging interest rate environment, you know, in the U.S., and that really speaks to the portfolio diversification, you know, that, you know, we've intentionally built at TransUnion. And, you know, hand-in-hand with that, strong free cash flows, you know, that we're also generating, you know, in the most recent quarter and what we expect, you know, going forward from a capital allocation perspective as the business is able to absorb, you know, these challenges still going to enable TransUnion to be in a position to focus on, you know, shareholder returns.

That's a good point. I mean, we haven't talked about our capital allocation in the third quarter on the call yet and what we expect. But, I mean, the fact that EBITDA is growing, free cash flow conversion is high. It's in the low 90s. The debt level is now within our long-term target range. We're going to buy back a lot of shares. We've got an increased authorization by a billion. That brings it to $2 billion. And Todd and team will be putting that to good use in the fourth quarter and beyond.

That's a very helpful color. And Todd, let me add my congrats as well. And best wishes.

Our last question will come from Kelsey Zhu of Autonomous. Please go ahead.

Hey, good morning. Thanks for squeezing me in. Chris, what's your expectation around the adoption rate for FICO preferred? Obviously, we know you're selling FICO scores at 0% margin, but FICO preferred will lead to zero revenues for lenders enrolled in that program as well. And I also just want to get your updated expectations for vanity score adoption rate in 27 and 28. And just to double confirm, the first look for mortgage program, is that going to be available through resellers? because if it is not, does that mean that lenders who are pulling both FICO and Vantage score will incur double the credit NFC under the FICO Preferred Program? Thanks a lot.

Okay, so we've got Preferred, we've got Vantage Adoption, and First Look. Okay, probably a good question because, you know, we're all curious about the dynamics in the mortgage market, both scoring and credit. We'll start with the preferred program. You know, we read with interest the launch of this program on, you know, via press release on Thursday and Friday night. What I'll say is, as is typically the case, there's still work to do, you know, to translate between the press release and contractual terms and operational requirements to make the program a reality, and we're working with FICO on that, as you would expect. There's also an additional portion of it. I mean, the Preferred Program is only, you know, one part of how FICO intends to monetize their score in 2027. And the other parts, which they haven't publicly announced, They are working through with us and, you know, the other bureaus in real time as we renew our annual pricing in terms and conditions. And, look, all of that at this point is confidential between TransUnion and FICO and our customers, the resellers and some lenders directly. So more news to come on that. I would say generally, you know, with the Preferred Program and other efforts, I mean, look, what is clear is that the market has an enormous appetite for score competition. And I think the rate of adoption across the mortgage market has been stronger than most people anticipated and even stronger than we anticipated. And, again, you know, many sell-side analysts and other sources are kind of providing the weekly reports on the rate of adoption, and that's just what's happened in the current period. We've got greater insights into all of the preparations that are taking place with various lenders across the mortgage ecosystem to adopt the Vantage score. And so I think what you'll see is various efforts to try to slow the migration by changing, you know, monetization paths, if you will. And, again, give us a bit more time to work things out as an industry, and I think all the various approaches to score monetization, you know, will become clear. But stepping back, I would make, you know, two points. The first is that, you know, regardless of a preferred program or any other way of monetization that may be put forward, what is clear is that the Vantage score performs extremely well, better than the incumbent, and it only costs one-tenth of the incumbent. And in our experience working around the globe, that price is more reflective of what scores sell for. They don't sell for $10 elsewhere. And so regardless of changes in monetization approach, while that may slow migration in the near term, it won't stop the overall movement of the market to a highly performing score that costs 90% less than the current score, right? And we're going to continue to support the efforts of lenders and resellers across the spectrum by providing them with free credit reports in the analytic and evaluation phase and 99-cent credit reports through the end of 2028, right? So I think that's, you know, our thoughts on preferred and the vantage adoption. And, look, first look is, again, it's another innovation from us to try to address the cost of evaluating and originating mortgages in what will continue to be a challenging environment. And so, you know, with this, they're able, you know, to pull Vantage and to pull a credit report and get a perspective on the attractiveness of the loan and where they might sell it before they have to pull a more expensive product. And then, again, within a narrow time window, we will allow them to pull an additional credit score and apply it to the same report that they pulled from TransUnion. If they're looking for additional information, that might provide additional, you know, insights or alpha for them. And, again, this is, you know, our effort to address the cost of evaluating and originating mortgages in a very mortgage challenged market. The second point that I want to make clear, and it just bears reiteration, is, you know, at the end of last year or into the last year, we changed our pricing structure at TransUnion and also, you know, our competing bureaus did as well. And our industry has essentially decoupled our revenue from the FICO score. And, you know, we charge what we charge for the data. They can charge what they want for the score. They can direct license if they choose. We're happy to support almost all of the, you know, options that they have articulated at this point. But we chart our own course on revenue, and we offer a score that is tremendously valuable, and it's at one-tenth of the price. And that is just additive revenue to everything that we do, and we're going to maintain this attractive level of pricing and promote market shift and share adoption in the coming years.

Perfect. Thank you, Chris. I think that's a good place to end. Thank you all for your time today, and have a great rest of your day. Thanks.

The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect.