TransUnion ($TRU)

All right. I already see notes being furiously taken, so I think we're ready to go. Good morning. Welcome. Nice to see so many familiar faces. For those that don't know me, I'm Greg Bardi, and I lead Investor Relations here at TransUnion. On behalf of the executive leadership team, welcome to TransUnion's 2026 Investor Day. We have an excellent schedule for you all. Thank you for spending the next several hours with us. The theme for the day is Innovation at Scale, Value that Endures. We spent a lot of time thinking about those 6 words over the last few months. And I hope by the end of the day, they resonate with you all. I get the distinct pleasure of offering the forward-looking statement. I've been waiting to do this forever. With that out of the way, let's show what we really mean by Innovation at Scale, Value that Endures. [Presentation]

Well, okay. Good morning, everyone. Good to see so many of you in the room, lots of familiar faces. Yes, so I really like that video. I think it captures the energy behind all of the work that we're going to highlight for you folks today. Thank you for joining us. We really appreciate it. It's been a while since we've done one of these, 4 years. And we appreciate your interest in understanding how we've been building TransUnion's future. So by now, most of you know me. If not, I'm Chris Cartwright. I'm the President and CEO of TransUnion, and I have been for about 7 years now. And look, we're excited for today. This is our opportunity to show how our investments and our execution over these last 4 years have really enabled a new generation of innovation-led and very scalable growth for our business. So let's get into it. So since our last time together, we have materially extended our competitive footprint and built some underlying capabilities that will enhance our revenue and our profitability. And more importantly, it positions us to thrive in an increasingly digital and AI-driven world. The program today is going to review these investments and our progress. And I hope that you come away understanding a few key issues. So the first is that we've increased the scope of how and where we can compete significantly. We have many more relevant and proprietary solutions and data that we can offer in countries around the world. We've acquired these through M&A, also a lot of internal development. We've continued to extend into attractive geographies like the U.K. and most recently, Mexico, the [ Bureau of Mexico ] transaction closed 2 weeks ago, hallelujah, more than 20 years in the making, Veeva Mexico, but we're super excited. It's a great addition to the portfolio, and it makes us the leading bureau across North America. We've also added a ton of domain expertise. We continue to launch in new industry verticals and deepen our connection to the marketplace. So second, underpinning all of this solutions and geographic expansion, we have built several global platforms that will help us scale and operate more profitably. We have a solutions delivery platform, which is OneTru. You saw it mentioned in the video. We also have an operational platform that supports our business, both existing customers and managing consumer relationships across all of our various markets. And we built a global talent platform. And all of this will help expand our revenues and our profits but at higher margins than we were previously able. The third point is that we're positioned to innovate faster and more meaningfully than we ever have. We've unified our data and identity assets, our data management and our analytic capabilities on OneTru, a single global AI-enabled cloud platform. And this platform is going to allow us to export our innovations across our markets, tapping their full potential and freeing local teams to engage more deeply with clients in the marketplace. And our financial performance will strengthen as we roll out these products and platforms to each country in our portfolio. So over the next few years, we're going to grow revenue by offering a broader range of interrelated products across our markets, supported by these powerful underlying technologies. We're also going to drive savings as we standardize on our global platforms, creating value for customers and shareholders alike. And the combination of these improvements will help us drive more free cash flow to support ongoing investments in innovation, go-to-market strategies, debt repayment and, of course, share repurchases. So we are on the cusp of creating a value-creation flywheel. Now before I move on, I want to share some thoughts on AI and its potential impact at TransUnion. Obviously, it's an issue that everybody is focused on, and we are, too. So AI is the most powerful and disruptive technology that we've encountered in generations, arguably ever. And no doubt, businesses will be at risk if they only aggregate accessible information at scale and then apply limited domain knowledge, analytics and reasoning. Fortunately, that's not the way we do business. That's not our value proposition. TransUnion's data and solutions are based on information that is difficult to access. It's highly proprietary. It's challenging to monetize due to legal and regulatory restrictions, and there are significant penalties for noncompliance. But what AI will allow us to do is to lower our cost and boost our productivity. That's great. But I think more importantly, we're going to be able to activate our data and our clients' data in powerful ways that would not be possible without it. So during these sessions this morning, we are going to show you demos of what's currently possible and what will be achievable when we combine our data and analytics with the power of AI. So I've given you an overview and outlined the ways in which we've transformed the business in these last 4 years. I want to reinforce, we think we are entering a next generation of innovation-led and very scalable growth. So let's get into the transformation, what we thought and what we did and the value that we believe it's going to create. So 5 years ago, we sat back and we looked at the business that we had created. We had a couple of insights that guided our efforts. They remain key to the strategy today. The first was that our traditional approach of growing our credit services into new markets around the world led to product and operational redundancies over time. This increased our cost, and it made it harder to share innovations across markets. So we've been around for more than 50 years. And over this period, we've extended into over 30 different countries around the world. And typically, we enter a market by partnering with a group of local banks. They bring the data and some minimum level of demand, but we bring our talent, our bureau know-how and of course, our technology. The resulting businesses run independently. Over time, their product and their operational technologies become localized and nonstandard, even though they're serving the same industries with similar data sets to meet the same needs. So the resulting portfolio is more a multi-domestic collection of independent units, not a cohesive global operation. And when we looked at this, we realized that if we adopted a unified global product and operations approach, we could create a lot of value. So the second insight that guided the strategy was that our data and our identity resolution would enable us to expand into marketing and into fraud prevention more deeply. And that together with our consumer enablement products, this group of services would more effectively meet the clients' broader commercial needs, right? So not just focused on credit, but understand what they're trying to accomplish as a business more broadly and deliver the data and the know-how to help them achieve it. In short, we realized that we could provide clients with an integrated suite of these complementary solutions. But to achieve this, we needed to rearchitect the business around a strategy of global scale. So we implemented what we call a global operating model. And in it, functions that need to be local, stay local, such as revenue-producing go-to-market roles, client support, et cetera. But functions where we're trying to achieve scale and reuse around common needs across the portfolio, areas such as technology or operations or product development, well, those became primarily reports to the global organization, and we established a leadership team to address that. We also built global capability centers, or GCCs, to centralize work that doesn't really depend on local knowledge and can be managed centrally. These central hubs have helped us control our costs in recent years. But I think more importantly, they have evolved into innovation centers, and they are leading the development of our next-generation platforms currently. So the next step in the transformation was to build best-in-class solutions in marketing, in fraud and doubling down in consumer. And we did a lot of M&A to restructure the portfolio in the late '21, '22 time frame. And that helped us bring in the things that we needed in order to be best-in-class in each of these areas. As I said, we also invested in the product and operation platforms to give us global scale. These are a combination of standardized processes, technology and talent. And together, they create greater operational leverage in the business. So on the product side, we call this platform OneTru. On the operations side, it is TruOps. And today, they are live and supporting clients, and they will be highlighted over the course of the day. We also invested in a much larger sales organization with deep expertise, particularly in these newer solutions where we needed sellers and business leaders that came from those markets and really understood those customers' needs and how they related to the variety of services that we are now providing. So what I would say is this has been heads down hard work for 4 years now. But the transformation is now proven. It's complete. And we are now moving from an era of investing to build these capabilities to one of creating value through innovation and scaling. So next, I want to talk about why we wanted to expand into these complementary markets. So here's the range of services that we're now offering and identity founded on our PII organizes them and is at the center. We gained a lot of insights into these market adjacencies, marketing and fraud after providing data and identity resolution to the competitors in those spaces for a lot of years. Now individually, each of these markets is large, it's fast growing. They're profitable. And the data and services that we're providing in each, they are proprietary. There are material barriers to entry in each. But offered in combination, we are able to cross-sell and to bundle our services to clients. It helps us embed more deeply in their work and become a more meaningful partner and it also creates switching costs. So we think our identity assets and our resolution capability give us a competitive advantage. We have built these up over years through M&A and internal development. It starts with our credit header information at the foundation. It's a great foundation upon which to organize data. We license it to a variety of external parties. You can also use it to corroborate the accuracy of a data set, and it's at the core of the platform. The public records we obtained through our TLO acquisition some years ago, that further improves our PII, but it also helps us understand the consumer's stage of life. Marketing phone information came from the Neustar acquisition, device reputation and behavioral from the iovation deal. All of these together strengthen the identity. These are the core elements that create a really authoritative and unmatched identity asset. And look, I want to be clear, we're the only company in the industry that can provide this range of credit, noncredit telephony and device information. So the identity data at the core is powerful and differentiated. But the AI algorithms that leverage this data to resolve identity, those are increasingly valuable in a digital and device-driven world where more of the work will take place through autonomous agents and the effectiveness of cookies is going to diminish over time. There's also a feedback loop here, a bit of a network effect. When you provide marketing services or fraud services, there's a digital trail. There's some exhaust. This feeds back into the identity data further enriching it. So the example is if during a marketing campaign, a device gets flagged as suspicious, we share that with our fraud prevention services. And then if that same device shows up at a client, it can be flagged for additional review. So let's talk about how our clients use all of these services. So over these past 4 years, we've gained a really deep understanding of how our customers' interconnected needs play out across these 4 solution categories. You see the work that they're trying to accomplish in the broad, we call this the jobs to be done in each solution area. And together, they really cover the needs and goals beyond just credit and analytics. And so for a client to run their business successfully, they've got to start first by identifying the most valuable consumers that best align with whatever their strategy is. Well, that's credit information. That's alternative data to access a consumer's ability and their willingness to repay for a service. They then have to go acquire those customers efficiently and consistently. Well, this is where marketing comes in. Our identity, our activation, our measurement solutions, that's the next step in the process. The transactions that result from those processes need to be authenticated. They got to protect themselves from fraud, and we can achieve that through a wide range of our authentication solutions, both online but also over the phone. And having fought hard to win these client relationships, they want to maximize the value of them over time. That's where the consumer enablement portion of the product line comes in. So if you look at all of this work in a big company, there'll be a variety of folks responsible for it. It could be the Chief Risk Officer, a Chief Marketing Officer, a fraud operations leader. But the smaller the organization, the more likely that a single individual is juggling all of these roles. And with an integrated platform like OneTru, customers have a data-driven and orchestrated workflow platform that helps them operate with greater efficiency. And all of these solutions are unified by our common identity across the categories. And that means there will be no mismatches between the consumer that the marketing department wants to target, the consumer that a fraud department deems as legitimate and the consumer that the credit risk team believes is qualified for a loan. That's kind of unique in this space, particularly when you're using multiple vendors that have identities of varying qualities. And the first effort is just to reconcile and make sure you're all talking about the same individual. And that's why we think identity is at the heart of everything we do. And so look, collectively now, after all of this transformation, these 4 areas form our field of play. This is where we compete, and this is what we've unified on our OneTru platform. And look, we think the opportunity is substantial, right? The market for these solutions is very big. It's expanding at near double digits. We estimate that the serviceable market for TU is now over $50 billion and growing rapidly. And we finished last year at about $4.6 billion, right? So there's a lot of runway for growth here, particularly in marketing and fraud, where as you look around the world, we are a scale provider of these services. But in general, it's a fairly fragmented space. And given that we can bring the combination of credit marketing and fraud on a common platform, we think our scale advantages are going to allow us to grow pretty quickly. You've seen that play out in the U.S. So here, we're comparing the mix of our product revenues between the U.S. and the international markets. If you look back 5 years ago in the U.S., we would have been highly weighted toward B2B credit. Well, through M&A and subsequent growth, it's now roughly an equal split. And that's because we have strong solutions. We've executed a sales playbook very effectively. I think in the second half of last year, you could really see the growthfulness of marketing and fraud. It started to equal and even surpass credit in some places. And now in the U.S., we compounded in the second half of the year, low double digits. Internationally, today, the mix is very B2B credit-centric. And it can even be misleading because if you look at markets such as India, it's even more skewed there. Well, we think we can move the international business and make it look over time more diversified and thus durable like revenues coming out of the U.S. As I mentioned in the outset, it used to be very difficult to take a great product or a great idea and push it in markets around the world, independent tech stacks, right? Well, now as we move countries onto the OneTru platform, they will suddenly have available to them the full range of our products, the best of our analytics and then their localized IP. So we can replicate and we can scale our innovations around the world much more easily than we could previously. So let's dig into these global platforms and how they're going to help us scale. So we've talked a lot about OneTru. This is OneTru on a page, kind of as close as you can to representing all of this. And most of the functionality of OneTru is there in the circles in the center. So key to the strategy is integrating the data, the identity, the analytics and of course, our decisioning on this common platform, which, again, we can roll out to markets around the world because it's configurable and it's cloud native. So let's talk about the functionality in OneTru and then we'll pivot to the business benefits. So OneTru is a fully enabled data management platform. At the core, around all of the data that we have globally are a series of functions starting with data management. This is where we collect, govern, process data for all of our solutions. It's important that you capture every raw data signal, whether it's ours, whether it's a customer or it's third-party contributed data. We securely store it. We consistently govern it. So our data scientists and our clients understand the provenance and understand that it is good and they can use it in their models, which again are highly regulated and governed. Identity links all the data together. Analytics is where we build models and generate insights. And the delivery area is where we operationalize the data and push models to production. This helps our clients make better decisions. This is where we can model, launch and then test performance and iterate along with our clients. It's also important to note that on the left-hand side, we can process any data. It doesn't have to be just TransUnion data. Clients can contribute all of their lending information, all their marketing intel. They can -- we can bring on third-party information. We can ingest and organize it all into OneTru and it becomes part of the analytics foundation. We can also give our clients permissioned access to the platform. Now we've been using this platform internally, our 800 data scientists globally for some time. Now we're starting to collaborate with our clients, clients who rely on us to keep their models current, and they can all collaborate on the OneTru platform. And then all of this functional goodness flows upstream into the end-to-end product suites, be it credit marketing or fraud. Now notably, there's an AI layer that rests on top of this. We have looked at all of the data. We've established with the AI folks call a semantic foundation, which means that OneTru understands the data that it manages. It understands its relationship between all of the different data elements and the business applications of that information. We've also created a customized internal knowledge graph so a user can find our data, figure out what it is, how it relates, how to build models based on it to solve their business problems. And then we partner with a third party, Google Gemini in this case, on the LLM, the natural language translation layer that allows our users to talk to OneTru to ask it, what kind of data do you have within this time frame, what would be useful to conduct this kind of analysis, help me optimize my decision-making accordingly. So there's a lot of business benefits from the platform. Obviously, as we get more and more countries on it, we'll have more products to sell and more powerful ways to activate our data and our clients' data. It's also going to help us reduce our costs, right? Today, we've got 27 independent tech stacks underpinning these 30-plus countries. We don't need that many technology stacks. This is a great opportunity to simplify, to unify and create scale. And given that the platform represents the broader range of work that our clients are trying to accomplish, it helps us do more for them to sell more, to bundle more, to penetrate the client more fully. So in summary, OneTru is our approach to accelerate innovation and really expand our solutions and create both revenue growth and greater scale worldwide. It also has an internal counterpart, we call TruOps. Now we've got 27 tech stacks on the product side around the world. We have just as many on the operational side, technology that's been invested in over time to support existing customers, to fulfill their work requests to manage consumer disputes. Over the past 4 years, we have created a next generation of all of this operational technology. And it effectively addresses our requirements across the piece. It eliminates the duplication that we've got. So it streamlines these previously fragmented operational systems across regions into a unified globally consistent operating model. It's also going to reduce cost. We're standardizing our processes and TruOps delivers a better customer and consumer experience while also driving the productivity of our associates. The last component of global scale is with these capability centers that I mentioned at the outset. So we've really expanded our workforces in our India-based, South Africa-based and Costa Rica GCCs. And we've evolved our approach to the GCCs. Today, they have a full management hierarchy. Frontline engineers are managed by product managers. There are business leaders. 40% of our global workforce is now based in one of these GCCs. And I think most importantly, 80% of the engineers and the data scientists that are working on our next-generation global platforms, they're in these capability centers. So these centers are not about simple wage arbitrage. They become our global innovation hubs, and they're helping us move faster and more effectively. Over this period, we've more than doubled the headcount, and we'll probably settle at about a 50-50 split. So these are the 3 scaling platforms that underpin our broader scope of products and operation, and this is how we're going to grow more profitably. It's OneTru for solutions, TruOps for operations and of course, the GCCs. But it's not just about scale. OneTru is also a platform for innovation. And we think about the opportunity to innovate for our clients, in several levels, right, of increasing value add. The data is still the foundation of the business. And when we talk to our clients and we survey them, what they care most about is, do you have unique, complete and current information around which we can make predictions and decisions about how we allocate our capital. So data is still king. We refer to that as the intelligence layer. That's where our data, our data science, our data architecture all comes together. And we're always looking to improve and expand what we have. But we make that data accessible to our clients on the orchestration layer. Now that might be through narrow point solutions, of which we had many, many around the world after years of internal innovation and M&A that we've worked through and we've synthesized into more complete end-to-end workflow platforms. So this is how our clients can access our data to get their work done. The last layer, we can call the activation layer. Now traditionally, that was the sales force and the customer success organization, taking our analytics and consultants, which we have 800 around the world, out to clients, helping them understand the data we've got and how they can use it to operate more productively. But now we're entering this era of agentic AI. And what we're going to show you today is several ways in which we have created AI agents that automate the work that our clients traditionally did internally with their own teams. And these AI agents for us represent a new business opportunity. It's an expansion of the range of needs that we can serve. It's new TAM, it's new growth and it's new profit. And so later, when Mohamed, our Head of Solutions comes up and Venkat, my Head of Data and Technology, we're going to demo these agents, and we're going to get into more detail. And of course, I'd be remiss if I didn't talk about AI and the moats that we have that protect our franchise. So a couple of ways to think about AI, how you're using it to improve your productivity, so internal applications and then how you can enable your services to compete more effectively. So internally, we've been implementing AI to streamline operations. We are more productive in software development. The typical developer now is 25% to 30% more productive through the use of these gen AI tools. We're using it in consumer dispute resolution, where we have thousands of employees around the world who are servicing the needs of consumers. So far, we've got 20% left. I would say this is early innings in this internal productivity gain. There's a lot more opportunity there to lower our cost. Some examples of how we're using it externally. Well, we've just launched a new fraud platform, which we call TruValidate. At the core of it is a model development capability that we're going to demo later. And the first model to come out of there is a credit washing model that identifies a new type of fraud. And using all of our data and our AI techniques, we've been able to boost the predictiveness of the model by almost 40%. We also created this natural language interface to all of our data that resides in OneTru. So a client, data scientist, they don't know the range of what we offer. They don't understand how all of our data and data attributes relate to one another and how they can use them in their modeling to solve their business processes. Now they can talk to OneTru and they can go step by step. We can both educate them and we can cross-sell them on our broader data and analytic capabilities. And we're going to bring that to life in a demo. We've launched something called our analytics orchestrator in OneTru. You might have seen a press release that we did with Google earlier about that. We're leveraging Gemini on the language translation side. But this is an AI assistant that helps data scientists translate a natural language query into a full analytic workflow. And it's a great example of how we're going to become dramatically more productive and be able to service our clients with more frequency and effectiveness than we could, if not for AI. And look, AI raises some concerns for information services companies, but it's not the case for us. Our advantage lies in our proprietary consumer data that we collect from a wide range of sources. We operate under all types of legislation and regulation. Credit has the Fair Credit Reporting Act, marketing and public records, Gramm-Leach-Bliley, the Driver Privacy Protection Act. There's a lot of regulations and complying requires a ton of investment and a ton of discipline, even public records, while public are highly regulated and very difficult to aggregate at scale. But what we've seen in the market is that AI increases the demand for high-quality, curated, regulated and auditable information that we offer. So ultimately, I think it's a growth opportunity for us because the effectiveness of AI is determined by the quality of the data that it learns from. And we've got terrific data, very high-quality data. And so I think this is an advantage, and it's really going to boost not just productivity but revenue growth. And so I don't want to steal too much of Todd Cello's thunder, our CFO, will come up and kind of pull it all together in a financial expression at the end of the presentation. But earlier, I said that because of all these investments and some great execution these past 4 years, we think we're entering a new era of accelerated value creation, much faster innovation, but on a much more scalable tech and operational foundation. And this flywheel starts with industry-leading growth. Over the past couple of years, the market has stabilized in the U.S. and the U.K. And you've seen us return to top-of-line organic revenue growth and market conditions that are still just kind of okay, right? All the lending volumes in the U.S. are still below the long-term trend line and mortgage is like way below the long-term trend line, which is why we focus on it. So there's a great opportunity for volume recovery. But independent of volume recovery and independent of all this innovation that I've talked about, we're back compounding high single digits, even on our own, independent of including FICO mortgage scores and the price increases that can kind of inflate the top line growth. But looking forward, there'll be more innovation, more revenue growth, and it will be more diversified geographically across products, leveraging AI, which means more durability in the revenue. The scaling components that I talked about, the technology modernization that OneTru and TruOps represents, we just delivered almost $100 million in tech savings at the end of last year because of a tech modernization program. We have more work to do. There are more structural savings opportunities ahead of us. And we're going to continue to optimize our business model so that we're not the sum of multi-domestic parts, but truly a cohesive global operating whole. AI is going to drive productivity in all the ways in which we read about and are experiencing. And we're going to grow free cash flow. That's going to help us continue to fund innovation and go-to-market. It's going to let us optimize our balance sheet, and it's going to allow us to kind of accelerate very shareholder-friendly capital returns. And so what you can expect is that we're going to return to what has been the long-term post-public trend of TransUnion of compounding high single digits with great profit flow-through and mid-teens earnings per share growth. That's essentially what we've delivered in '24 and '25. And again, those are just kind of okay markets. But now we're bringing together all of this innovation and starting to leverage it. I think there's a great opportunity to go for. And look, I'm happy to have my executive team with me here today. These are the folks that have made this happen, and this is a great team, the right team to go forward and leverage all this transformation to build a better business. You're going to hear from most of them today. It's a great mix of folks who have grown up in lending and information services. And last year, we integrated some new blood. Mohamed joins us from Mastercard as our Chief Global Operations Officer. You'll hear from him. Tiffani Chambers joins us leading operations from Bank of America, where she did that for the Consumer Bank. And we have a new Head of HR, Alicia, who joins us most recently from Lyft and Google and GE prior to that. So it's a really strong team. Let me quickly take you through the agenda for the remainder of the day. I'm going to hand off to Venkat here in just a minute. He's our CTO, but also our Head of Data and Analytics. Venkat is the godfather of OneTru. He's been working on it for 8 years. It was part of the turnaround of Neustar, OneID. And one of the main reasons that we acquired Neustar to help us build a next generation of technology, which I've been describing. He's got a great background for the job. Prior to Neustar, he was the Chief Data Officer at Walmart. Prior to that, he was Head of Lending and Analytics at Capital One. And if you dig deep enough into his CV, he started his career at one of our competitors where he helped build many of their analytics products. And so he has a deep grounding in the credit business as well. Mohamed, as I mentioned, came from Mastercard. He's got 25 years in financial services, and he was part of the organization, not the platform payment side of the organization, but all the innovation around card analytics and fraud prevention and mitigation and built a multibillion-dollar product suite there. He's up next. You're then going to hear from our market leaders, Steve Chaouki and Todd Skinner, and Todd Cello will wrap up the day. And in between, Mohamed brought a whole posse of our solutions experts. We've got the leaders for credit, marketing, fraud and communications, and they're going to present on their product lines. And in total, I hope this is a really informative day that helps you appreciate the great business that we've built and how rapidly we're going to be able to grow and how profitably we're going to be able to grow. So with that, I'm going to pass it to Venkat, and we're going to get into it. Thanks very much.

Thank you, Chris. Welcome, everyone. Today, I'm going to describe OneTru platform into a little bit more detail. Chris went through a lot of what OneTru is enabling. I'll double-click into it a little bit. But before I unpack the power of OneTru platform, it's important to anchor on the core requirements that fundamentally demand a platform. The data to insights process, often called the data analytics value chain is a standard industry framework for converting raw data into actionable decisions. And it is common across credit, fraud, marketing globally, every solution we offer. Now winners are defined by speed and scale as in how quickly organizations move from data to action and how consistently they deliver better models and better decisions. Executing this at enterprise scale requires navigating complex governance, data permissions, evolving security landscape and regulatory requirements. Point solutions cannot manage this end-to-end complexity. They fragment the value chain, slow down the execution and increase the risk. This is why platforms win. OneTru is the manifestation of this data analytics value chain. Chris talked a lot about OneTru platform. Let me double-click into a little bit about the architecture of OneTru and double-click into OneTru. It's a composable multi-cloud native cloud platform built for scale, speed and compliance. It's designed to operationalize the full data to action life cycle that we talked about with a single consistent architecture across the solutions portfolio. It's the shared foundation that drives reuse, like Chris said, and operating leverage. OneTru is also more than an internal platform powering all of our solutions. Like Chris talked about the intelligence layer orchestration and activation layer, it is enabling that orchestration and the activation layer. Its capabilities are commercialized through TruIQ, enabling a Platform-as-a-Service model that embeds TransUnion deeply into customer workflows and decisioning environments. What truly differentiates OneTru and what I'll walk through next are our 5 foundational pillars: best-in-class data, industry-leading identity, a flexibility-first platform, global availability and natively embedded AI. Together, these differentiators make OneTru a strategic platform, not a technology upgrade that drives scalable growth, durable differentiation and long-term value creation. Let's start with the first one, our data. Our core competitive advantage is proprietary data at unmatched breadth and scale, spanning credit, identity, device, communications and behavioral signals with a deep global reach. This is not static data. It operates at massive continuous volume, billions of records updated and refreshed monthly and over 50-plus billion signals or transactions that happen monthly on our network. These transactions are device authentications, credit applications, real-time events, update events on the profile, call authentication, et cetera, on and on, that signifies a consumer behavior, an event, a signal, something that happened to a consumer. These signals create a living data asset that compounds in value over time, creating the network effect and the reinforcing the flywheel, as Chris described. With all of that, the result is a data moat that is extremely difficult to replicate. It's built on a long-standing consortia, regulated [ formation ] relationships, privacy by design governance and decades of operational integration. AI further amplifies our advantage, driving more demand for this trusted curated truth. What really sets us apart is the data we have that nobody else does. We have undisputed leadership in alternative data. Through strategic acquisitions like FactorTrust and Argus, we've established market leadership in buy now, pay later, short-term lending and deposit behavior to capture the rapidly growing demand for nontraditional credit insights. Our data footprint is unparalleled in its breadth and utility from maintaining the largest global device consortium for fraud prevention to covering the entire U.S. population for marketing and identity. We have scale in public records and communication data, making TransUnion's insights indispensable. But the data is only as good as it is actionable. And that's where our industry-leading identity resolution comes in. Identity accuracy is critical to differentiated outcomes across the customer life cycle. Chris talked a lot about identity, but let me tell you a little bit about what differentiates our identity graph. We start with our authoritative proprietary and trusted data, the signal that I've talked about, 50-plus billion transactions monthly that ground identity in real people and households, natively connecting online and offline. Deterministic and probabilistic signals that are evaluated simultaneously, not stretched together after the fact. Using AI, every linkage is continuously scored, tested and refined, allowing for configurability by use case as opposed to a binary yes or no that is strictly attached to the profile. This scoring methodology allows us to configure, say, for example, high precision for fraud versus optimizing for reach in a marketing use case. The same identity can be leveraged in a very configurable way, very unique, nobody else in the market can do. Our methodology is built for real-world behavior. It adapts to shared devices, changing signals and dynamic consumer behavior, all with our expert governance, privacy and permissible purpose controls embedded, not bolted on. Proprietary data, unmatched signal and a differentiated methodology combined and the results are materially better. Independent analysts validate that our identity accuracy is industry-leading, especially in the hardest digital to physical matches. Ubiquitous cloud-native distribution, including as a Snowflake native app, puts identity closer to customer data, reducing friction and accelerating value. So we have the data. We know how to match it accurately in a leading -- industry-leading way. Now how can our customers take advantage of all of this on OneTru any way they want to. Architecture as an advantage is best demonstrated through our deployment optionality that we have. Solutions hosted in TransUnion cloud environment or a composable environment deployed in customer cloud, accelerating time to value. And it can be available natively in AWS, GCP, Snowflake for some customers on and on, and customer can choose features and deploy only what is needed across the value chain. This is best demonstrated through our TruIQ Data Enrichment app. The product, TruIQ Data Enrichment, where large customers can opt to have petabytes of data, historical time sequenced profile of 20 years of historical data, 20-plus years of historical data on consumers for analytical purposes, provisioned securely and directly. No copies, no data moves, provisioned directly in the cloud so that the customers can work natively in the environment they already work in with access to the richness of TransUnion data, combining with their first-party data and leveraging analytics at the intersection of our data and their first-party data. And this flexibility will eventually be available in all the global markets we serve. OneTru lets us build once, deploy anywhere, turn innovation into a global growth engine. In the U.S., credit, marketing and fraud are live on OneTru. That really represents 80% of the revenue across, and we're scaling the customer migrations to complete this year. We're deploying OneTru in Canada, U.K., India and Philippines, rapidly scaling analytics and fraud solutions in those markets. In Mexico, we're planning to leverage OneTru as the foundation. From day one, we're initiating a project to get Mexico on OneTru, which leaves us with the last and important differentiator, natively embedded AI. So a fair warning. I'll get a little bit technical here. It's important that you understand the ecosystem that we built and the differentiated nature and how we work with our platform. We architected an ecosystem using neurosymbolic approach to turn massive data into precise actions. Neurosymbolic AI combines -- the approach combines the learning power of neural networks with the reasoning and transparency of symbolic logic to deliver AI systems that are more accurate, explainable and trustworthy at enterprise scale. And our system has 4 components. The universal interface or the front door of the AI. It uses foundation models to allow for users to interact with the complex data using plain English. This is all of us use models, and this is the front door of the system. But there is a lot more architected in knowledge graphs that Chris talked about, the semantic foundation. It maps the complex nonlinear relationships between different data points. This provides the deep context that AI needs to make accurate connected decisions. When decisions matter, complex decisions you needed this deeper context. The learning engine, it continuously ingests new data and outcomes to retrain and refine models automatically. As market conditions or fraud patterns change, the learning engine adapts the platform intelligence in near real time. This learning engine is refined by decades of TU experience, utilizing the leading-edge methods, specifically designed for explainability. Lastly, the agents are specialized the AI programs to execute specific tasks or workflows. For example, flagging a suspicious application or optimizing a bid, ad bid. When all of these 4 components are working together, that's when you really unlock value. And we have all 4 operating on OneTru in what we call an analytics orchestrator agent that fits into the activation layer that Chris talked about. Last week, we announced this analytics orchestrator agent in market in partnership with Google. We're getting great initial response from the market, including some customers who are ready to get started now. It's a very exciting step in our AI journey, and it's a great example of how these 4 components come together and live within the OneTru platform. I'll let you see for yourself. Please roll the video. [Presentation]

Thank you. Chris talked about the 800 data scientists on my team that have deep domain expertise that built thousands of models for our customers that make critical decisions every day. All of that domain expertise, that tribal knowledge is captured in the semantic layer, and we're -- they're using this agent to be able to do more with what they do for our customers, and we can serve more customers with the same resources. It is supercharging some of the customer engagements now. We'll launch this as a core component of TruIQ suite, making a major shift from low-code to a no-code environment. And if you look at the data analytics value chain, what we mean by saying AI is embedded natively across the platform, that is not the only agent. It's a very important agent for the core modeling and analytical workflows, but across the value chain, any user has an agent, for example, the onboarding agent there, right? We have -- is used to automate the data onboarding process and the data ingestion process into the platform, which we do tens of thousands of data sources and petabytes of data into the platform, using conversational AI. So with built-in governance and compliance, including human in the loop, this significantly improves the user experience and productivity of data operations users that are ingesting data into the platform. And on and on, AI is embedded across through the layer, and we have a robust road map, including in marketing and other services where we have MCP agents, enabling some of our data access through an agent to agent communication that some of our colleagues will talk later. We're excited about the AI road map and how we come in here, but also in a way that brings in reliable enterprise scale, trustworthy, governed and auditable and explainable way of how these agents work. This is very differentiating for us. So we're seeing great results in both our products and internal use cases. Role-based agents such as the analytics orchestrator agent has allowed us to slash data scientist effort by 75%, while simultaneously accelerating our customer speed to insight. Said another way, our same resources can do 3 to 4x more engagements that they're doing. And these engagements, like we discussed, are sticky in being able to provide solutions that create sticky revenue on our platforms. There are other product-specific examples that Mohamed will talk through later. And AI is also deeply embedded in our software development and operations. We've deployed context-aware tools to empower our engineering teams. It's delivering a 25% to 30% increase in feature throughput, allowing us to innovate faster. And then there are other areas where we are using AI to drive improvements like consumer dispute resolution, security vulnerabilities and patchings in technology areas. It's providing a lot of lift like you see there. So AI was the last of our 5 differentiators, data, identity, flexibility, global reach and native AI. So how is this all coming together to unlock value? Let's look at the short-term lending bureau, we call FactorTrust. It's one of the first credit use cases completely migrated to the OneTru platform. Amazing progress there, amazing metrics. Jamal is going to talk a lot more about that, the incremental lift and how that's really enabling customer wins as a result of migrating to the platform. But let me touch a little bit in some of these great spaces, 25% faster response times in real-time API calls over a 12x faster batch processing, right, cutting from 24 hours to 2 hours. Our customers are telling us they're already seeing lower rates of abandoned applications online in this space and higher win rate versus competition. And not only enabling the outcomes like we're seeing in credit, we're also obviously, Chris talked about this, creating a lot of cost savings efficiencies and leverage. By eliminating the technical sprawl and unifying our core, we have moved from a high-maintenance legacy model to a high-velocity platform. We successfully consolidated the U.S. physical footprint from 30-plus legacy data centers to just 2. Most of the other applications running on cloud, we see a 50% reduction in maintenance activities, capacity that can be redeployed to innovation and growth. And we permanently lowered our capital intensity, reducing CapEx from 8% to 6% of revenue. Not to mention the $70 million in savings from the consolidation. And we're just getting started. So like I said, OneTru is just not a technology -- another technology upgrade or a technology transformation project, it's a growth and innovation engine that creates long-term value for TransUnion. And to further delve more into how he's using this for innovation, I'll invite Mohamed here.

Let's talk about innovation. Nice to be here with all of you. I celebrate my 1-year anniversary with TransUnion this month. So very excited. It's been a great year. I want to talk a little bit about my background, add a little bit to what Chris said. So I started my career in software development, worked to develop a lot of different solutions and worked with a lot of technology leaders, and I do have to say Venkat is a great visionary leader and a great partner to have in the journey that we're on. After software development, I spent 25 years in financial services. I first started at McKinsey, where I work with banks and insurance companies across the globe and then move to GE Capital and then Synchrony Financial, where, by the way, I was a customer of TransUnion. So I know the products well. I gave them a hard time when I was a customer. And then I moved to Mastercard. At Mastercard, I led a global product organization. For those of you that are not familiar, Mastercard operates in over 120 countries across the globe. And what I did is I used the transaction data when you swipe a card to build products that help customers make better decisions and get better insights. That business, when I left, was a multibillion dollar business growing at 20%. For those of you that are familiar with MasterCard, the services business is a large part of MasterCard revenue. And what I built was a big portion of that services business. It represents over 40% of the company's revenues and is growing faster than the core payments business for Mastercard. For us, at TransUnion, I see our noncore credit solutions in a similar way to the services business at Mastercard. Now what I will tell you is that TransUnion, we have a lot of very valuable assets. You've heard about the breadth and the scale of the data that we have. It is significantly larger than what I had at Mastercard. And it creates many avenues for innovation for us as a company. In addition, you heard about the OneTru platform. The OneTru platform is allowing us to be able to take advantage of that data and create solutions at a scale, not possible at other organizations. So I've been here for a year. I've heard 2 big questions from some of you here. The first one is how does marketing and fraud fit in the overall TransUnion business? And the second is, how are we driving differentiation and innovation at TransUnion? So if you leave this presentation, there are 4 things that I want you to walk away with. The first is the markets that we play in that Chris talked about, these large markets, we have an absolute right to play and operate. And what I would like you to leave with as well is to understand how marketing and fraud is a natural extension of what we do in our core business. I want you to be able to also understand the solution transformation that we've undergone and how that is helping us to be able to drive innovation at scale globally. The work that we're doing and the products that we're developing is helping solve big problems for our customers. And all of the work that we've done is delivering real outcomes, real outcome for our customers and revenue growth for TransUnion. So we've been doing a lot of work, the transformations that Chris talked about. In solutions, we've transformed the global solution organization to be globally aligned. We moved from siloed teams in markets using these local tech stacks. That allows us to move a lot faster. In addition, we are laser focused now on driving and solving customer problems and delivering customer outcomes. We've also enhanced the rigor and the focus and the agility in how we develop products across the solutions team. And finally, we've also elevated the focus across the solution lines to have much more financial and commercial rigor. In the year that I've been here, we've achieved a lot. And I am extremely excited and more energized today about what we can achieve in the coming years. So over the next hour, I'll walk through the transformation work that we've done in solutions as well as the innovation and the solution leaders, Jamal, Brian, Steve and Jimmy will give you more details on each solution area. So let me talk a little bit about how we're able to win and our right to win in the markets that Chris described earlier. These are large and growing markets. First, in our credit solution area. That is an area where we've had a natural leadership for over 50 years. It's an area where we're highly differentiated, and we are winning share and growing faster than our competitors. But what is really exciting is the growth opportunity in alternative data and in analytics and Jamal will give you a lot more color on what we're doing and the great work that we're driving in that area. Marketing. All right. So let's address the question that I raised earlier. So just to be clear, we are not a marketing agency. We are not doing creative work, right? What we are doing is we're taking advantage of the customer identity of our data, of our analytics capability to help our customers be able to have better marketing outcomes, to be able to know who the target, to measure the performance and the ROI of their marketing campaigns. It is essentially exactly the skills that we've honed over the last 50 years in our credit business. We're using those same skills, the same capability and some common data to be able to develop these solutions, and it's working. Today, we're a trusted partner of 70% of the Fortune 100 companies. Similar to marketing, fraud is another area where we take advantage of our leading identity graph, our proprietary data, we combine that with public data, analytics and AI to be able to help develop models and signals that are helping our customers prevent fraud. Some of the proprietary data that we have is quite unique. For example, our device consortium data. We have billions of device data globally, and we have the long-standing device consortium. Our phone data signals from our Trusted Call solutions, we see billions of phone calls every year. Now if I move over to the consumer business, the consumer business is a natural extension of what we do in our B2B space and is an area where we're looking to drive even stronger growth. Today, we serve over 380 million consumers, primarily through our B2B partners like an issuer or an aggregator. We are the B2B leader in the markets that we operate. In our direct-to-consumer business, we have tens of millions of consumers that come to our web assets, to, for example, get credit monitoring or to do a credit correction. To be able to get that number of consumers would cost other organizations, millions and millions of marketing dollars. Now what we've also done is we've consolidated and created a unified global consumer product suite. We had over 300 different products that were fragmented, unifying them and bringing them together into a single place, allows us to be able to be a lot more effective and a lot more efficient. And we've already migrated our customers, our B2B customers in the U.S. and in Canada on to the platform. It is, by the way, the same platform we're also using for our direct-to-consumer business. So we have a lot of growth runways. It's going to come from different areas. The first is leveraging the offers. You've heard about the Monevo acquisition that we've done using that to help unlock potential in the offer space for our direct-to-consumer as well as for B2B partners, but also continuing to enhance our premium products. It's also about taking this global consumer suite of products and rolling out across all global markets. And the last is to make we're continuing to modernize and improve our direct-to-consumer business, and you'll hear more from Steve Chaouki on that. Now we are helping our customers solve big problems. There's $1 trillion in credit losses that customers like ours experience every year from poor underwriting decisions or mispricing risk. Marketing grows every year by about $1 trillion. There is about -- we estimate at least $25 billion of wasted marketing spend. And frankly, that number is probably pretty conservative because some estimates go as far as half of the spend on marketing is wasted. Over $500 billion is lost by businesses each year due to fraud in the areas that we operate. And that number is growing. I think you're all aware of the impact of AI that's happening and the new vectors of attack that AI is introducing. And as it relates to the consumer, there's over 600 million credit invisible consumers in the markets that we operate. For us, as TransUnion, financial inclusion is core to our mission, and we want to work with businesses and consumers to help them on their credit journey. So our solutions help our consumers and our customers solve these issues by embedding identity, analytics and decisioning in the customer workflows. For example, our spoof call protection has blocked hundreds of millions of spam and scam calls to consumers. Now let me talk about the customer life cycle. We help our customer solve the different problems that I mentioned by deeply embedding our solutions across the customer life cycle, from an engagement to acquiring a new customer, to managing a customer once onboarded, to recovering our customer. Our highly complementary solutions work together to make that possible, to help a business figure out who to target and get the right customers, to establish a relationship with a new customer, through, for example, our marketing business, to be able to manage our relationship to ensure that the customer continues to come back. And if the customer were to leave, to help the business figure out how to win the customer back. For example, we work with the large U.S. issuer to help them be able to build a prescreen campaign. Our credit product helps find qualified candidates to go after. Our audience helps with the targeting of those. And our fraud ensures we're protecting from fraudulent actors coming in and getting access to that credit. Underneath all of that, our connected identity runs through every stage and enables our solutions to work together, so that customer can solve each step in that life cycle. So I talked a little bit about our solutions transformation. I want to give you a little bit more color. Historically, our customers had a lot of powerful point solutions, but they were fragmented. They were siloed. It was complex for them to integrate these different solutions together. We have transformed that model. We have moved from siloed disconnected products to integrated and interconnected solution suites. Today, we have our integrated solutions delivered on OneTru across our solution lines. That shift dramatically reduces complexity, saves cost and delivers a better customer experience. It also enables us to be able to innovate at a much faster pace than we've been able to in the past. Look at marketing, for example, we went from 90 products on 16 technology stacks to 30 products on the OneTru platform. I talked about consumer earlier where we had 3 different disjointed products that are now combined in a unified platform as well. This makes a difference and allows us to innovate at speed. All right. I want to give you a slightly different way of looking at the OneTru platform from a customer lens. Now it all starts with data. So if you look at the bottom here, the data, the biggest challenge you have is a customer coming to work with a new company is taking that data and figuring out how to get it connected. It is -- a lot of time, it's expensive because you have to take your data, you have to move it, you need tech resources. We make it easy. We can directly access the data that sits in the customer cloud. No work required. I would have loved that. I mean I used to be in software development. The amount of work to massage, move data is significant. The other choice the customer has is they could move and put it in our cloud. So it's a customer choice. Once that data is available, they are able to combine it with TransUnion's data and third-party data. Now what we do is we use our connected consumer identity to be able to link the different pieces of data, our data, the customer data, the third-party data together and enrich that data. What does that mean? For example, adding an e-mail address, adding a phone number, having all of that together, you're now able to run analytics and AI to build better models, to get better insights on that data. Now what is really exciting is our ability to now interconnect our different solution lines. So imagine a customer that starts with our credit solution area. You have the data now already sitting in our OneTru platform or is enabled in your cloud using our OneTru platform. You could use that same data to be able to take advantage of our marketing solution or our fraud solutions, and build end-to-end workflows. That is a powerful unlock. So for example, on our TruIQ platform, and Jamal will talk more about it, you're able to combine our credit solutions, our marketing and our fraud at the same time to deliver better customer outcomes. And the work I described is delivering real measurable outcomes for our customers. We are seeing improvements, higher conversion, faster time to insight, dramatically improved fraud capture and better customer engagement. For example, 162% improvement in fraud, remember that $500 billion number that I talked about, imagine getting an improvement like that. On the other side of fraud, we're helping making sure that the right person is able to get through. So for example, we're seeing a 100% improvement in answer rate through our Trusted Call solution, and Jimmy will talk about that. In marketing, we're helping also prevent some of the waste. At 200 -- overall 280% conversion lift in optimizing audiences. So the takeaway is simple. Our connected consumer identity, our interconnected solutions, our interoperable platform and the analytics backbone is driving better outcomes for our customers and more superior results. Let me give you a couple of examples, and you'll hear more examples from our solution leaders as well as from Steve Chaouki and Todd Skinner later on. This is a top 10 U.S. issuer that was already a credit customer of ours, but they wanted to find new ways to be able to improve the performance of their book. They wanted lower fraud, they better -- wanted better marketing results, they wanted to develop better risk models. They ended up combining multiple of our solutions, all seamlessly integrated, and that helped them be better engaged with their consumers, be able to drive more effective marketing campaigns and have less fraud. This is a 20-year relationship that we managed to continue to extend and build even more trust with that relationship, but it also helped drive our noncore revenue 3x faster over the last 5 years. Another example, a top 3 payments player. This customer wanted to improve their analytics. They started with our TruIQ Data Enrichment capability, again, taking the data and enriching it with our information, and they combine their data with our data and third-party data. Now the interesting thing is we also brought other competitors' Bureau data into the TruIQ system. Together, they've linked all of that in the cloud and use it to help build better identity information and to be able to build better analytics. This all happened within a span of 2 years. And they've also extended now to fraud and offers, and they want to replicate what they did with us in the U.S., in the U.K. market. This is an example where it shows you that the value of taking our solutions globally also allows our customers to follow -- our global customers to follow that expansion. So our ability to bring and link different connected consumer data with our proprietary TU data and third-party data using our identity graph is able to unlock value for our customers. All right. Let me talk about AI for a second. I know there's a lot of questions across all businesses and what the impact of AI is to that business. And what I will tell you is for TransUnion, it is only strengthening our business. It is not just an overlay for us. We're embedding it across all of our solution lines. OneTru's native AI capability that Venkat just talked about, it's quite powerful. It's allowing us to be able to innovate with AI much faster. We're able to move from raw data to tailored insights. We're able to create better and faster AI models and be able to make better decisions and we're able to simplify tasks and deliver a better customer experience. You saw earlier a video of the analytic -- the TruIQ Analytic orchestrator that Venkat showed. Now this tool is currently available to our own analysts, but we're soon extending it to be available to our customers directly in the TruIQ suite. In marketing today, a lot of the audiences are predefined or preconfigured. We're using audiences by TransUnion as a way to be able -- where we're using AI in audiences by TransUnion to be able to allow our customers to create custom audiences to be able to suit what their need and who they're trying to target. For fraud, our AI model factory that you'll hear more about is enabling us to roll out new model at a much faster pace from months to days. That helps us be able to protect fraud and be able to address some of the newer fraud attack vectors that are emerging. You will hear a lot more about our AI solutions in some of the solutions deep dives as well, but this is just the beginning, and there's a lot more that we have in the pipeline in terms of new products and innovation using AI. So we are enjoying measurable outcomes from all the work that we're doing. Our products are showing faster revenue growth. We are seeing higher retention and our sales pipeline is stronger than it's ever been. Our Trusted Call solutions, for example, is seeing 40% year-on-year growth. We're seeing the highest retention rate we've ever seen in our marketing business and we've doubled our pipeline across several areas. But beyond commercial results, we are also getting independent recognition from Gartner, Forrester, Juniper Research and others. This underscores the strength of our innovation, execution and leadership across our solutions. Now I am incredibly excited about the impact that solutions delivered in 2025, but there's a lot more potential in the years to come. In 2026, we're expecting to deliver over 70 new products and enhancements across our portfolio globally. We are focused on scaling through building once and deploying many that approach will help us to be able to move a lot faster across our geographies. This saves time and cost replicating our products in the different tech stacks across the markets. And thanks to our high-performing teams and our transformation efforts and the OneTru capabilities, this work is expected to deliver over $500 million in incremental revenues over the next 3 years. None of this would be possible without a great leadership team. We have a team that brings a lot of domain knowledge and expertise and global experience across credit, fraud, marketing, consumer and communications. It's a team positioned to deliver great results. You will hear from some of them, I mentioned Jamal, on credit, Brian on marketing, Steve and Jimmy on fraud. There's also demos outside. I know some of you might have seen it before. But during the breaks, please go out or even at the end of the day, they'll be there to showcase some of the products and some of the work that we're doing and the impact that we're driving. But before I wrap up, I hope that you can now agree that we've made big strides in solutions and in the solutions organization that we're well set up to capture the market -- the big market opportunities that Chris mentioned earlier, that we are driving innovation at scale and that we're delivering results and impact for our customers and faster financial growth for TransUnion. Thank you. I'd like to invite Jamal to talk about credit. But before that, we're going to play a quick video. [Presentation]

Hi, my name is Jamal, the Global Head of Credit Solutions at TU. Before joining TU, I spent 25 years on the customer side of credit. Most recently, I was the Chief Data Scientist and Head of Personal Loans for LendingClub. And before that, I led consumer credit for HSBC across the U.S. and Lat Am. Throughout my career, I was able to create the most value when I had access to the right data and the ability to turn it into actionable outcomes. I was a super user of data. I had access to credit, alternative and first-party data to build credit strategies and marketing programs. And this experience is shaping the way we are evolving credit solutions at TU. Our strategy is to provide customers with the most -- to provide the most print -- the most comprehensive data combined with advanced analytics to our customers to help them make smarter and faster decisions. So I'm going to repeat the statement one more time because I will keep coming back to it for the next 20 minutes. Our strategy is to provide the most comprehensive data combined with advanced analytics solutions to help our customers make faster and smarter decisions. There are 4 key things that I'd like you to take away from the discussion from today. One is our core credit data is data-centric, built on proprietary -- data centric, built on proprietary data and operate in a highly regulated environment. It is very difficult to replicate what we do. It is also resilient due to strong performance driven by high demand for credit reports and scores. Two, we are investing into 2 more growth factors. One alternative data, which you've heard about from Venkat. We believe that alternative data provides deeper visibility into the consumers for our customers. And advanced analytics solutions make it easier for customers to access our data, build and deploy models and activate marketing campaigns. And finally, we believe AI to be increasing the demand for our data and accelerate the innovation. In 2025, credit risk generated $2.6 billion in revenue, about 50% of TU's total and grew at 13% year-over-year. If you look at the pie chart to the left, 95% of the revenue comes from proprietary data in core credit and alternative data. More importantly, 15% -- more than 15% now comes from new vectors, of what we call new vectors of growth in alternative data and analytics enablement. If you look at the bar chart to the right, 70% of our revenue comes from the U.S. and 30% comes -- 70% comes from the U.S. and 30% comes from international market. We are only $2.6 billion within $27 billion TAM that is growing at 8% CAGR. So the opportunity is large and growing and most importantly, as 2/3 of our TAM comes from new vectors of growth in alternative data and analytics enablement. So I mentioned the strategy a few times, so I'm going to spend now a few minutes to speak about the strategy. When we build the strategy, we built it from the customer's lens, where credit data, alternative data and analytics enablement are not separate products, but an integrated ecosystem to drive the greater value for the customers. And having led these functions myself, I know that the most outcome comes when all these 3 pillars of the credit strategy work together, but it's always starting with core credit. For example, we power billions of credit decisions for customers annually with access to 1 billion consumer profiles. This is what we call our foundation of trust. And when it comes to alternative data, we continue to enrich the credit -- the consumer profile beyond what is in the credit file to help customers approve more loans, price risks more accurately and unlock additional use cases. So let me give you a couple of examples on how alternative data enhances the credit profile. In the U.S., using FactorTrust trade lines help us expand the credit profile on 57 million consumers. And score 5 million more who were previously invisible. In the U.K., we use 145 million checking account records to assess ability to pay for consumers. And finally, the third inner circle, we bring all this rich data, and we combine it with advanced analytical solutions to create greater value for the customers. And the way we do it is very consistent with how Venkat mentioned it. We give them faster access to this data in the environment of their choice. And two, we give them access to advanced analytics solutions that helps them turn this data into actionable business outcomes. And finally, Mohamed mentioned that somehow customers see 40% faster time to market for running their marketing prescreen campaigns. This strategy is resulting in higher approval, lower losses and business growth for our customers. So what I'm going to do over the next few slides is take each of these pillars and deep dive into each of them. So if you look at core credit, this is the 83% of revenue on the pie chart. It has been a strong foundation for our business and core credit continues to grow faster than the broader market. We have the #1 bureau position in 5 of the 7 regions where we operate. We refresh 5 billion records each month through an extensive network of data furnisher across 30 countries. If you look at the chart, we have significant global reach and a very proven playbook for scalability. And as Mohamed mentioned and Venkat, we are expanding into Mexico in the first quarter of this year. And Todd Skinner will speak more about Mexico in his discussion. Moving into the second pillar which is alternative data, alternative data makes actually more than half of our TAM. So we have been very deliberate in how we are building our portfolio of alternative data assets. But I'm going to go through a few examples to highlight some of the successes we had. In short-term credit and bill pay, we transformed FactorTrust to be the leading short-term lending assets. I have a full page on this after this. And we are extending buy now pay later trade lines in the U.K. to cover 190 million, which represents 95% of the market coverage. In income and employment, we have now a solution that is live and delivered on our credit report powered by Truework that is active in mortgage, in auto and in consumer lending. And finally, we are the only player in the market that provides benchmarking insights for cards and deposits at the transaction level through August. These alternative data assets, they help our customers see more consumers and find new opportunities for growth. So when I get to the FactorTrust piece, FactorTrust represents the blueprint for transformation and innovation at TU. We acquired FactorTrust in 2017. We increased the transaction volume by 6x since we acquired it. And we just recently moved FactorTrust onto OneTru, as Venkat said, so to increase and enhance reliability and scalability. We use TruIQ analytics capabilities to create the next-generation score, achieving 15% lift versus the previous score and the results are coming in and the market is rewarding us. So we are seeing 20% revenue growth year-over-year and we are winning 4 or 5 competitive deals against our key competitors. So we are extremely happy with how FactorTrust turned into the assets that is leading the market. Now before I get to the third pillar, as a customer, accessing data faster and more frequently has always been a competitive advantage. So that meant faster time to market, more relevant offers, better credit decisions and ultimately higher conversion rates. And this is where TruIQ comes in to solve these type of problems for customers. So let's watch a quick video first, before we deep dive into TruIQ. [Presentation]

The interesting part is when we were having breakfast, I was sitting with Joe and Josh, never met them. And we were actually demoing how we are now reducing the ability to go to market from a few weeks into a few days. So I encourage you guys to look at the credit in a demo when you have time. So I just want to explain in simple terms what TruIQ again is, I'm sure the video is self-explanatory, but TruIQ gives customers a fully flexible and integrated solution, where data flows seamlessly all the way from insights to activation without multiple handoffs or third party. And this is huge, like me being in that seat for 25 years, having these type of solutions would have been life-changing. I would have been promoted faster probably. So this is really an exciting product that we believe is going to change how people start conducting their marketing campaigns. The benefits are simple, faster time to market, more targeted and more frequent campaigns, better risk, higher conversions and ultimately more revenues. And as Venkat said, now with AI embedded in each of these modules, customers can unlock faster insights, model development and optimize their marketing spend and performance. So we are very excited about TruIQ. So I'm going to give a couple of examples quickly. Couple of real examples of how IQ has been impacting the results of key clients. One is $100 billion-plus bank that was able to link our data to their data on the cloud and reduce their prescreen campaign by more than half. So they reduced it from 45 days to 21 days. Another client was able to use our analytical modeling environment, we call analytics studio along with our innovation lab data scientist and build their next generation of underwriting strategies using our advanced techniques and data together. If you look at TruIQ, like I've mentioned, I gave you an example of FactorTrust as one blueprint asset in alternative data that has been doing exceptionally well. Well, TruIQ is one of those products in analytics enablement that is doing also exceptionally well. So we've seen 40% year-over-year revenue in 2025. We have 4 products in alpha or beta, we have the product in the U.S. and India and expanding to the U.K. in the next few months, and we are seeing increasing competitive wins in the market because we see more clients embed TruIQ in their workflows. And this is an area where I believe AI is going to be helpful for us because we continue to integrate AI into the TruIQ modules and workflow. Finally, I just want to close by saying is, remember when I said comprehensive data and advanced analytics, helping customers make faster and smarter decisions. I repeated a few times. Hopefully, we've shown you that our core credit continues to perform at scale. That our alternative data expands access to credit and that TruIQ solutions, those innovative solutions are creating real customer impact and helping customers make faster and smarter decisions. It is why customers continue to choose TransUnion and why we are very confident about the long-term growth opportunity that is ahead. We're going to play one more video, and I'm going to introduce Brian Silver, my colleague, who leads Marketing Solutions. Thank you. [Presentation]

Welcome to a better way. No better way to say it. Good morning. Thank you for joining us, and I really appreciate the time today. As my colleague and friend, Jamal said, I'm Brian Silver. I run Marketing Solutions. I've been in the ad tech space for over 26 years. I got deep into data when I ran the business side of Yahoo! Mail data. And then when I left Verizon Media, I was brought in to join LiveIntent to create their identity business, and they just recently got sold by -- to Zeta Global. For the previous 3.5 years, I was at Oracle advertising, running strategy, BD and operations before coming over to TU. I've seen firsthand how data shapes and drives value and better decisions. When I joined TU, I recognized a company with world-class assets, trusted relationships and solutions that when connected, tackle markets' biggest challenges. In the next 15 minutes or so, I'll share with you our journey, what I encountered just 11 months ago when I joined, the powerful foundation already in place, the market's readiness and how we're weaving these into solutions that are scalable, defensible and transformational. Today, I will take you through a couple of key truths that set the stage for our discussion. We all understand that the marketing ecosystem is complex. New channels, increasing fragmentation and greater complexities. Marketers need a trusted partner to guide them through and consolidate away from, on average, 16 disparate solutions just to follow their consumers through their journey. When I first started meeting with customers, I asked what value does TransUnion bring to them? What they told me was all pretty unanimous. First, TransUnion is foundational to their business. They were a trusted partner, and they brought the best data in the business. So you see TransUnion is that trusted partner. We offer a suite of solutions, all with a single view of the customer. This is vital as AI models depend on consistent identity signals across planning, activation and measurement. AI is accelerating marketing and the world, which is driving demand for connected data, shortening time to value and expanding expectations for marketing platforms and performance. But if you remember one thing today, remember this, because of our best-in-class data and deep connections in the industry, TransUnion's marketing solutions is perfectly positioned to be a global leading marketing player today. And our momentum is building. In 2025, Marketing Solutions grew 25 -- sorry, 15% in Q4 and 7% over the year, our best year since the acquisition of Neustar. Our revenue is structured around 3 global pillars: identity, audience and measurement, and I'll get into more detail about those in the upcoming slides. But what's the most exciting part, we're just getting started. We're at a pivotal moment. Your data, your ability to connect it and whom to trust to give access to continue to be more critical and a hard decision each and every day. Change in our industry is constant, but the need for data and trusted partners remains foundational. AI accelerates demand for richer connected data sets to support these, audience creation, personalization and predictive outcomes. But remember, AI is only as good as the data it learns from. Media fragmentation creates often too many disconnected and actually incorrect data signals. Marketers struggled to understand consumer preferences and make smart decisions. They need a trusted partner to connect data to a single view of the customer. As companies move data to the cloud, they want a reliable partner that can meet them where they already are. These dynamics heighten the strategic importance of a trusted identity and govern data, 2 of TransUnion's core strengths. Here is our solution framework. We've organized our offerings into the marketing life cycle across -- sorry, we've organized offerings across our marketing life cycle into a unified customer experience we call TruAudience. Customers access these through modular suites, spanning identity, audiences and measurements. Everything resides on top of our OneTru platform, and this layer enables seamless collaboration that brings beyond a lot of these features privacy-enhancing technologies, which remain critical here and around the globe. From a customer's perspective, we offer an enterprise, flexible way to buy across our solution, generating a flywheel effect. Clients can begin wherever they need, whether it's cleaning their data, buying third-party audiences, or purchasing additional audiences and then they expand to other solutions. Insights like wasted media spend or audience effectiveness, help drive outcomes that are established based on customer defined metrics. Our solutions provide the foundation and seamless integration clients expect for planning, activation and measurement. And these services are enriched by an expert service level that ensures our clients can expect the maximum insight value from their TU partnership. The flywheel effect enables real cross-sell and upsell opportunities. It helps us deliver value to multiple marketing personas as needed. As I have said, all of these applications are built on the common foundation of OneTru and as OneTru continues to expand globally, we have the ability to move from point solutions to our full enterprise offering to new markets and to global players. But the key to our solution is not just flexibility. It is the integrated partnerships in all phases of the flywheel. Identity reaches its full potential when activated through audiences, moving from insights to action. But activation isn't enough until measurement proves performance. When identity powered audiences drive measurable results, we don't just validate campaigns, we reinforce results -- sorry, we reinforce the value of our solutions, making every campaign smarter and meet and beat our customers' expected ROI. This is how the flywheel accelerates each campaign, learns, improves and propels to the next. TransUnion stands apart by providing deterministic identity, high-quality audiences and comprehensive measurement, all connected end-to-end with high-quality service. We've proven our value with mature marketers. As Mohamed mentioned, we work with 70% of the Fortune 100 today. As we've consolidated and simplified our offerings, 20% of our customers utilize at least 2 of our solutions today, and this number is accelerating and growing rapidly. We are no longer looked upon as a single part of a solution, but a key partner for all of the solutions. If you think back to the legacy Neustar days, companies were coming to us because of our high valued and high performance in measurement. Companies like USAA, the NFL, the NBA, GM, Ford, Walmart, et cetera, are excited to grow with us and for us to have the ability to provide the results to engage their current customers and their future customers. Our integration network covers 98% of the addressable media partnerships, including 10 global -- 10 global media platforms. As we move into more countries and regions, our partnerships are expanding as well. Connections build trust and emphasize interoperability, critical in today's landscape. As we discussed, marketers use many systems and AI-driven workflows require secure, consistent data movement. Interoperability is no longer optional. It's a requirement to create value across partners and solutions. Trust, confidence, data fidelity, these are providing us with winds in our sails as we head into 2026 and beyond. In Identity, our best-in-class data delivers 30% higher conversion rates. Audience has allowed marketers to find the right customer at the right time, our measurement solutions report and optimize real-world outcomes. Unlike competitors who typically measure on a single platform, we report incrementality across multiple platforms, thanks to our strong partnerships and quality integrations. Our solutions give teams what they need. Who are we reaching today? Who should we reach tomorrow? And what impact is our marketing actually having? These tailwinds are substantiated by our 2025 results. Across our pillars, as shown here on the right, let me highlight a few trends. Identity Solutions grew 21% last year with 40% of our new bookings coming from our native cloud integrations. And benchmark studies revenue grew over 190% last year, opening up many new mid-tail, mid-market and long-tail customers. AI is helping us not just solve complex issues in the marketing space, but accelerate everything possible. Marketing solutions has already been utilizing this in our day-to-day for a long time. We started with LLM models and machine learning in our insights across MMM, MTA, attribution and experimentation. Remember, AI is only as powerful as the data it learns from. That's why we're focused on delivering trusted, connected and governed data at the core of every AI decision. Our best-in-class data is the ultimate competitive difference in the business. In a recent study, utilizing TU's data, customers were able to see a 10% improvement in leading model fit, while also reducing false positives in audience targeting by almost 20%. But let me be clear, power's marketing solutions using AI today and more in the future. First, within our audiences by TransUnion product, we rapidly deliver audiences to customers with enhanced search and discovery, modeling through self-service portals. Next, as Venkat was talking about, we've begun to develop machine-to-machine agentic workflows or MCP agents, model context protocol agents from clients and partners can connect to our MCP servers to engage with our data and solutions. Lastly, we're also creating predictive modeling to increase the probability of selected audiences and data sets to act in the customers' desired ways. At a recent sales kickoff, I was sitting on a panel with a leading auto data provider. He was telling the audience about his problem, which is to help solve his customers' biggest problem, which is they know that of all the people who buy a car brand today, 50% of that audience will not come back and buy that car brand again tomorrow. When we were going off stage, I said, hey, how valuable would it be if TU can not only tell you which 50% would come back, but then provide you with additional data sets to then convert that audience as well. He turned to me, lit up like a Christmas tree and said, well, that would be worth its weight in gold. And I said, well, I kind of like silver a little bit better, but I get your point. Lastly, I'd like to take you through what this looks like when we package this all together. Here is a client example showing our enterprise solution in action built on trust and adaptation as the media ecosystem evolved. We started working with this top 5 U.S. retailer 14 years ago with traditional marketing effectiveness. As we improved campaign performance, the company expanded our measurement capabilities across their full marketing campaigns starting with brand and event marketing. When that proved effective, they expanded to include performance measurement in Canada and Mexico. Throughout our measurement results, we discovered a need to shift to more personalization in the retailers' messaging and move to identity-based targeting messaging with our Identity resolution and customer intelligence solutions, building a 360-degree view of their customers and improving match rates by 20% for campaign performance. This supported the creation of a single view of their customer through utilization of our identity enrichment services to bring all of the disconnected data sets that they had into one view. This increased their known customer database from 14% to 30% and drove the ability to track purchases and future marketing opportunities. As the industry continues to shift towards retailers monetizing their own websites, we help to transition with tested audience strategies in media buying, leading to the launch of their retail media network. And then built, tested and scaled audience models: First, to support test and learn strategies and measure how these audiences performed and second, to scale audiences around specific customer types first-time homebuyers, do-it-yourselfers, et cetera. Through every step of this process, we expanded the use of new capabilities and reported on key performance metrics ensuring a balance of solutions to expected results. This partnership drove significant benefits to both, customers and TransUnion. The retailer's paid media investment grew from $400 million to over $1 billion in the time in which they were with us. This, of course, was driven by the 20% increase of their identity match rates but ultimately, it was based on the fact that we hit their targets each and every step of the way. TransUnion, of course, benefited from this relationship as well. We increased our ACV by over 6x over the lifetime of this partnership. I would say, it was a really good partnership and continues to be one today. So in closing, I know you had questions coming in today. Efficacy of our strategy, how important can this be for TU? Today, I focused on facts of our industry, where TU currently is established and more importantly, how big of an opportunity can this be? Ultimately, laying out for you our case that because of our best-in-class data and deep connections in the industry, that marketing solutions will be a leading global player. The results speak for themselves, how our financials have rebounded, and we're poised for strong growth in the upcoming quarters and years. We're expanding globally -- sorry, we're expanding globally, capitalizing on our differentiators, leveraging AI for speed and usability and using best-in-class data to fuel their growth. I thank you for your time today. But before I let you go, not that I'm competitive, but the outcomes-based measurement demo that's outside is first class, and I really like to win, and so you should go check it out. Well, let's watch a small video and then introduce my colleague, Steve, to come on to the stage. [Presentation]

Oh, my goodness. I've got a confession. I've been in fraud, identity and security for more decades than I care to admit. And at least for me, a fraud guy, I get goosebumps when I watch that video. And the reason I get the goose bumps is we're not just fighting fraud here. We're actually enabling trust at a very human level. And we're doing that at a global scale. And for a guy that was used to writing code at Accenture decades ago, to standing up here and representing our ability to impact our clients and our customers and our consumers, fighting fraud is, frankly, it's humbling. So hopefully, I can share some of that goose bump with you, if that's an appropriate thing. My name is Steve Yin. I'm responsible for our global fraud solutions at TransUnion. And together with my colleague, Jimmy Garvert, we're going to walk you through how we are going about not only fighting fraud, but enabling trust at a very human level. The topic of fraud is pretty uncomfortable. It's a little bit scary. It's a little bit mysterious. And the reason that is, I think everybody gets it, right, is that it can impact me and you and your family, your friends, any time, any day globally. Actually, it's kind of scary when you think about it in those terms. In fact, we do this global survey, a fraud survey, a study every year, and we survey thousands of consumers and hundreds of companies and in the past 90 days, over 60% of the individual surveyed indicated that they had personally been or their family member had been a victim of or an attempted scam, it is happening all the time. And we've got solutions that help combat that. I'm going to share with you 3 things today: the success we've enjoyed to date, the opportunity that we see in the market going forward and how we are uniquely positioned to capitalize on our proprietary data and advanced analytics to accelerate growth. And along the way, we might share a little bit about how fraudsters think and how we stay ahead of them. Four areas. We're going to deep dive into each one of these things as we go. The first, obviously, large growing and global market. Fraudsters don't care about borders. They don't have regulatory compliance that they're worried about. They don't have to check with legal before they do something. It is a very intense and dynamic market, and it's global. But guess what? We've got best-in-class data, and it really does create a competitive moat from which we compete in. Our solutions span the entire consumer journey. We think about it in 3 primary areas: identity, digital risk and also communications. And the fourth thing to point out is, at the end of the day, fighting fraud is actually a fairly simple thing, right? It's you separate the goods from the bads. You treat the goods really, really well, and you kick the bads off to the side. Simple is not the same thing as easy. And what you're going to find is fighting fraud is all about data. Always has been, will be for the foreseeable future and advanced analytics is how we unlock the value of that data when we're fighting fraud. So how big are we from a financial perspective? It's about a $760 million a year business, growing at high single-digit rates. You can see those 3 areas that I mentioned, digital risk, identity and trusted communications. That's how the revenue breaks out. The thing that's not shown on this slide, though, is that our revenue actually breaks out not just within financial services, but it also -- we do quite a bit of business in all of the vertical markets that we serve. The market's big. We already know this $25 billion total market opportunity. The thing that's most interesting to me in that survey that we do on an annual basis, we ask executives to estimate how much of their top line revenue is lost to various types of fraud throughout the year. And this number is, it's actually a little bit higher than that. It's over 7% of revenue is estimated to be lost to fraud on an annual basis across the globe. It's a pretty intimidating number. The second thing that I'd point out is that human level trust that we're enabling digital interactions over 75% of all the interactions that consumers have in the financial services space, are digital at this point. So how are we enabling trust when 3 out of 4 times, you don't even know you have no personal relationship with that individual, when you're making that transaction, when you're considering opening that account. Diving into our 3 pillars a little bit more. Identity, we've talked a lot about identity throughout the day. Identity most people think in terms of off-line identity. What's your name, your address, your phone number, things of that nature, but any more identity is this, right? Everybody knows this. You were incredibly tightly tied. Your identity is tightly tied to this device that's sitting in your pocket right now or on the desk. And so what does that mean? Digital risk. If you think about how you're using the phone, we're able to identify you from your phone, not through cookies and things of that nature, but how you're utilizing the phone, where you're utilizing your phone. And it's not just your phone. It's any of those 5 or 6 devices that you're using on a daily basis to interact with our clients. Imagine the amount of data that's flying off of your phone continuously, and we're capturing that. And the last area is trusted communications. I'm not going to dive into that one. Jimmy is going to spend some time talking about our unique capabilities in those trusted solutions in phone calls. Underpinning all of this, we've already talked about is orchestration and optimization, all of it AI-enabled. And then across the top, is analytics weaved throughout each one of those solutions and across the solutions. Our portfolio is broad and deep. The circle is just a quick way to think about the life cycle of the consumers that are interacting with one of our clients, from unknown to the client all the way through creating a business relationship, transacting within that relationship and then ultimately, terminating that relationship over time. What you'll also notice is that quite a few of our solutions have major impact in multiple areas of that cycle, right? So think about the leverage that's associated with being able to deploy a single capability throughout different various areas of that consumer life cycle. So I said we might talk a little bit about how fraudsters operate. And I'll give you a couple pieces of insight here. Fraudsters operate in the gaps Think about that. They operate in the gaps. The gaps can be data gaps. So data silos, think of silos. They can be process gaps. A handoff wasn't proper, so there's an opportunity to exploit that. The technology may have some gaps to it. But importantly, importantly, there's a human gap. I say there's a human gap because over 60% of the scams that are perpetrated on a global basis traverse the phone channel. Imagine that. Our clients are talking to the fraudsters at some point, 60% of the time on scams. And yet these gaps exist. We're here covering those gaps, we're bridging those gaps. We're identifying the risk areas, and we're doing that through this bottom layer here, which is advanced analytics. I'm going to dive into that one a little bit more and talk about this thing we call the AI model factory. So what is the model factory? It's a way for us to accelerate our ability to deploy AI into our clients' workspace, specifically to fight fraud. It's all built on OneTru. All of our data across all those pillars is in a single place. What does that do? It allows us early identification of emerging fraud threats. It doesn't matter where in the globe, we have a unique ability to see those threats as they're emerging. What does that enable us? That enables us to create models that can fight those emerging threats. And oh, by the way, because it's all in this single hosted platform, we can create continuous learning in those models and continuous training in those models. And then what if as we started to see a model degrade because they do degrade, especially in fraud very rapidly, we're able to alert our clients and say, hey, you know what, you may want to update the model. Here is now what's working even better and what if you're able to hit a button and that model now becomes live in your network for the very next transaction. That's what we're talking about when we talk about the model factory, okay? We've got 3 examples that I'm going to walk through. And Brian said, you got to go check out the marketing solutions. I would recommend you go out and check out the fraud solutions demos out there, but before we get into those 3 examples, let's meet Jane real quick. [Presentation]

Quick show of hands. Who thinks Jane -- that we made Jane up just to kind of give you an example? Whoa, no hands. You think we made up Jane? Jane is real. Jane is a little scary. Jane actually defrauded clients of $6 million over a 5-year period of time by what we call serial credit washing. You go out, you get some loans, you then dispute those loans because you're a victim of some sorts. Those loans get pushed off to the side, your credit rating goes up and you go out and you do it again. She did that for $6 million across 5 years. Real person doing this. Exceptional, yes, but indicative of the types of things that we are able to uncover uniquely. We're the only ones in the industry with a solution that is targeted at this type of fraud. Oh, by the way, on here, you're already noticing that it says synthetic identity. Jane went on to then try to create 5 additional synthetic identities and rinse and repeat this. Again, well, with our synthetic identity score, we're able to identify that, that's actually not a real person that's doing that. And we do that through something we call proof of life, also unique in the industry. Proof of life, you're like, what does that mean? It means would a synthetic identity have a driver's license? Would they have a bankruptcy in their history? Would the fraudster go to that extent to create a 7-year ago bankruptcy in their profile in order to then become a synthetic identity. These are solutions that are coming out of that model factory, and they're sewing together, through analytics, those gaps that we have identified, in this case, in the data gaps. The last thing I'll leave you with is this one. This one is especially -- it's special to me. And that is another product of our model factory. It's a new model, just brought it out. I think it's coming commercial like this week or next week. It had been in beta. And it's an AI model that sits on top of the largest device consortia in the world, our device consortia. And it's a model that identifies additional orthogonal risk versus what we had always historically been able to identify from a device risk perspective. This model has become the single most predictive feature of fraud at Starbucks. So if you're a Starbucks frequentler, I am, we're protecting not just the $50 that you've got in your Starbucks Card on your app, but the $2 billion of stored value that Starbucks has predicated on all the people that are walking around with $50 in their account. We're doing that all day, every day. And from a business model perspective, this is incremental business on top of that device risk revenue that we receive. So this is additive revenue through analytics, through AI. With that, I'm going to hand it over to Jimmy, and he's going to walk us through communications fraud.

Thanks, Steve. Good morning, everybody. I'm excited to be here to talk about our trusted call solutions, the success we've had since we've joined TransUnion 4 years ago as part of the Neustar acquisition. So when you think about phone calls, it is something that -- it is a personal environment for you. So think about your own experience with phone calls over the years. You got a lot of scam and spam calls, numbers you didn't know, things that caused you to stop answering the phone. And so what happened there? Legitimate calls, you stopped answering. So that has become a real market challenge. Now TransUnion is now at the forefront of revolutionizing voice calling. And so when I think back to 20-plus years ago, when I helped build out one of the first next-generation digital networks here in the U.S., I never imagined kind of the evolution that would come associated with that, went from 3G to 4G to 5G, opened up all those gaps that Steve talked about, the risk that happened, that the bad actors were starting to exploit, free phone calls, very low cost to be able to spoof their identities and your identities and the business identities that created this lack of trust. So we built this opportunity to be able to restore trust in voice calling. And it's something that, at Neustar, we've had a team of experts that we brought over as part of that acquisition. This team continued to innovate around things like call authentication to the point where the FCC mandated a call authentication standard that our team co-wrote that every carrier in the U.S. implemented. We went from being the thought leaders to the market leader. And we leveraged that market leadership position to get the integrations and the partnerships that allowed us to launch products such as Branded Call Display and Spoofed Call Protection that have shown phenomenal results over these past few years. We went from $27 million in revenue when we started here at TransUnion back in 2021 to over $160 million last year. We'll do well over $200 million this year with clear line of sight to over $300 million in 2028. It is a market need that the enterprises and consumers want to see. They want to see this reestablishment of trust. So for us, it goes beyond just what we're doing for the large enterprises here in the U.S. We have the opportunity to continue to scale this because this issue is not a U.S.-only issue. It's a global issue. It's one as well that cuts into text messaging. We recently announced the pending acquisition of data assets from RealNetworks that start getting us into the text messaging analytics market. Again, there's a lack of trust, not just in voice communications, but text messaging, all forms that the enterprises want to engage with you. We now have that opportunity. When we think about international and the markets that we serve, that's another $500 million-plus opportunity. SMBs here in the U.S. are another $1 billion plus. The text messaging and the ability to link text messaging with voice calls, we will be the only company capable of doing that. That's another $2 billion. And the results speak for themselves as well on the effectiveness of this solution. We're stopping fraud before it happens. And we have the opportunity to educate consumers on what legitimate transactions are because fighting fraud just isn't stopping the bad, as Steve said, it's elevating the good. Consumer education on what is a legitimate transaction matters. And what we see associated with that are things like an 83% lift in credit card conversion from a bank leveraging our Branded Call Display. So we are very excited about the opportunities and the scale that we're achieving. We're just still, even though we've been doing this for a few years, at the infancy of what we can do. So with that, I'm going to take a step back and talk about our overarching fraud solutions that Steve and I have just discussed. So as Steve said, that mobile device is now your digital identity. And it is -- it's the first thing you pick up in the morning. It's the last thing you put down at night typically. It's how enterprises want to engage with you. And it's why the bad actors, the fraudsters wanted to take advantage of the gaps that are created associated with that digital identity. When you think about being able to stop the bad actors, what are the things you need to have? Identity of the individuals, we have that. You need to have digital assets things like device that Steve talked about. We have that. And you need to have the fundamental telco signals that you can understand what's really happening at the time of those transactions. We have that. We are the only company that has the breadth and depth of information that allows us to provide both the protection as well as the promotion of legitimate transactions. So we expect, because of this market position, to achieve, at a minimum, high single-digit growth over the coming years. We're very excited about what we are doing here within the fraud portfolio. So before we get to a break, and you'll hear coming out of the break from our market leads who show how we've taken this solution set and take it globally as well, I wanted to just take again the opportunity to talk about the proprietary data assets that you've heard across all of our facets around identity. I've had the honor to share the stage with market leaders across credit, marketing, fraud. They're showcasing the actual results of the integration that has happened associated with the strategic acquisitions that were made over the years. Now that these integrations are complete, it's not just about the cost savings that Venkat had. We're showing the tangible revenue growth that comes from the innovation of the platform that has been created here at TransUnion. So the last parting thought that I have associated with this is because of that market position, because of the unique data assets, the integrations that we have in the markets that we serve, TransUnion is one of those companies that sits in that enviable position where we can take the transformational nature of AI to really drive the growth and innovation of our solution set. And so with that, I encourage everybody in this 20-minute break that we have to go to the solution showcase out there, all the demos that we have. Again, I'll do the plug for Branded Calling and Spoofed Call Protection like everybody else. But thank you for your time this morning, and we look forward to continuing the conversation after the 20-minute break. Thank you all. [Break]

Alright, thank you, everyone. I'm going to pick up where my colleagues left off. I'm going to talk about how these great platforms that we built over the last 2 years and all the solutions families that were created, add value to our customers and thereby generate revenue for TransUnion. I've been here 18 years almost. And I think even as we've emerged and evolved the business into this vast, heavy platform and solution company, we were trying to retain the things that made us historically successful in the marketplace. And that is our ability to understand our customers' business and our proximity to our customers, the amount of time we spend with them and our understanding of what they specifically need. The U.S. business has really operated under these 4 pillars for a while now. And I think I'll just lay them out and then we'll go into them in more detail as the slides progress. We maintain market-leading positions in a large set of verticals across the country, about 20 of them. And there are subverticals within there, and we segment it. And we work very hard to make sure we have expertise in those spaces, and we serve our customers effectively through knowledge and leading with insights, which is the second point. We have an insights team and a specialized sales force that addresses and engages our customers regularly to understand them and serve them as well as we can. We leverage this vast set of solutions that you've learned about this morning and then use our proven playbooks to do this at scale repeatedly over and over again across all the industries in which we operate. What are those industries? To reorient everyone, these are the main verticals that we serve in the U.S. today. Financial services is the probably most well-known vertical of TransUnion and the original vertical of TransUnion. It's just under half of our revenue right now. Within that, we operate 4 subverticals: mortgage, card and banking, consumer lending, and auto. We want to face our customers the way they face us. And that's usually how our customers organize their businesses even within their institutions. So we want to make sure that we're bringing the appropriate expertise to them. And that's the same across all these verticals. It's kind of the model that we employed everywhere. Our consumer business is our second one. I'm going to go into much more detail on these shortly. That's our second oldest business. It's about 16% of our revenue. Most of it lives in that indirect bucket. About 3/4 of it is B2B2C. So it's really -- it's a consumer business, but it's B2B. And then those customers then serve consumers directly. And about 1/4 of it is our direct-to-consumer business. That's where we have our new freemium product. I'll talk about that as well. On the emerging verticals front, insurance is our original emerging vertical. We started in the personal lines space in P&C. In that space, we are the market leader. We have the largest market share, but we've grown since then into life and commercial. And then we have a broad range of diversified markets, which are all actually quite big. Collectively, they're about 1/4 of our revenue, but they represent a variety of different verticals where we've chosen to engage the market and where we believe we have a special right to win. Financial services is the first one I want to talk about. And as you can see here, mortgage is about 1/3 of the revenue there. Card and banking is a similar size, and then consumer lending and auto are both sizable, but a little bit smaller. We've had a very good growth profile in this business for the last couple of years, growing in the teens, as you can see. And in 2023, we were still able to grow. That's despite like the fastest rising rates in 40 years. I think rates have not risen as fast in '22 and '23 as they had since '80, '81. So despite that, which is probably the hardest thing to overcome in that industry, we were able to grow the business. And of course, as rates settle, they haven't come down really. They've kind of just flattened a little bit, maybe trickling down. We've been able to get nice growth out of that business. We serve about 12,000-plus customers in the space. We have long-standing relationships with every major lender, and we're the leading bureau for fintechs. All that said, we've been able to grow the business ahead of the industry growth, and we're growing across all 4 of these verticals and across the risk spectrum from super prime all the way down to subprime and everything in the middle. So we have nice broad-based growth across a variety of different customer types and across the entire risk spectrum that serves in the space. Our next area is Consumer Interactive, and I said I'd talk about this a little more. This bucket here is B2B2C. Think people who serve customers and then use credit data for them. It could be a bank, for example. If you use Capital One, you may go into their credit monitoring tool, and you'll find us there. We're very public, right? It's known that we are supporting that. And then the direct side, of the house, which is 1/4 of the business. That's our freemium product that we launched last year. Growth in this set of verticals has been a little slower than others. Our B2B side has been growing more strongly. That's been buoyed mostly by -- or among many reasons, but very specifically by our breach business, which has grown rapidly for us. The breach business is a little bit lumpy. It's a breach services business. When the customer has a breach, we come and help remediate it for them. That has been growing rapidly, but it's lumpy. Those -- the big breaches, especially are coming in big buckets. So over time, it works itself out to be a fast-growing business, but we tend to tell you when those things happen. And then our direct business has a new freemium product. That product is beginning to grow and beginning to show the signs of growth. Now -- but you have to remember, a freemium product needs 2 things. We need to fill it with consumers, which we're doing at a faster pace than we expected. So we're getting customers to come in and use it for free. Then we need to have the offers, which we're growing as well. And then we match the offers to consumers and over time, you generate the revenue. So it's not something where you hit the switch and instantly, you have a ton of consumers who are generating revenue. We have to build the momentum of the flywheel, which is what we're doing right now. In our emerging space, you can see insurance. I'll start at the bottom and then go to the top just because of the timing. Insurance is our original vertical in the space, growing nicely through all cycles, started as a personal lines business, but we are getting material growth within commercial and life. We are the leading bureau in the space. We have primary share with many, many carriers and have more than our share within this in credit and driver history and things like that. And then we're beginning to expand our share within commercial lines and life insurance and grow that sector. And then in the diversified space, you can see we have a broad range of verticals. We're expanding the growth there and building on it based on the solutions that you saw earlier today. Tech, retail and e-commerce being the biggest, but our media business is rapidly growing at 20%, and telco, very strong for us. We have relationships with pretty much all the major telco carriers, most of the top retailers and most of the entities within the media ecosystem, as my colleagues mentioned earlier. So how do we do this? What do we do and how do we serve these verticals? We start with what we call robust thought leadership. We have a dedicated research and consulting team that creates top-of-the-funnel research to engage the market. I hope you have a chance to talk to some of them out there. The leaders of that team are out there today. You can find them in the expo. We then take that and use deep vertical expertise, hiring people who worked at our customers or have a deep understanding of our customers to help us engage our customers as a peer, as a colleague, someone who truly understands their business. And then we serve the customers through a specialized sales team. These sales folks are organized around buyer personas. Not organized around products necessarily, but organized around how people buy the products. A buyer may buy several products or just one product family. We set our sales force up to look like them so they can carry the bag in that services that customer's needs. I think it's very important to do it that way. Otherwise, you find you wind up with a lot of product pushers in there. Here, you actually have an engaged seller who understands the customers' needs and can package things together for them in a way that works very well. I'll give you an example, like you saw that credit washing product and how that goes through this ecosystem quickly. The credit washing product was identified through conversations with our customers and top-of-funnel research not that long ago, like a year ago, not very long ago at all. We then used our capabilities, and Steve and his team delivered a product to us rapidly. We launched it into the market at the very beginning of Q4 of last year. And within a few months, we had a $12 million pipe growing rapidly with sales converting. It's a very exciting process for us now that we have these platforms that are capable of rapidly developing products. We can now bring ideas that are very salient, relevant and timely and actually deploy solutions to them quickly so we can be first movers in the market and gain share and serve our customers as well as possible. We then leverage a variety of metrics and best-in-class tools to make sure our sales force is as effective as it can be. In 2025, those tools and this 1,000-person approximately sales force just under delivered the best results we've ever had, and we continue to build on those results. We increased top-of-funnel pipeline by 23%. The opportunity size has increased by 21%. Our wins increased by 30%, and our increase in revenue from these wins was 13%, like a very good solid year, and this is setting us up for the future. A lot of these wins actually will flow into '26, like you win them at the end of '25. By the time you launch the solution with the customer, it's now. So these are very good top of funnel and bottom of funnel performance for our sellers. How are they achieving this? Well, beyond having great sellers who face off to our customers the way they want to face off to us with great buyer persona service, we carry a large bag. Something we've joked about this for years at TransUnion. For years, when I got here, we carry what we call the light bag, small, had credit, a little bit of fraud. We could serve our customers very well with it, but we were limited in our capabilities. What you see here, I think you've seen this depiction before, the 4 products of the identity go down the middle, that's what we're carrying today. So our sellers have so many more tools. Our vertical leaders have so many more tools to actually address and serve the needs of our customers. And these tools overlap with each other, and I'll talk about it in a little bit. It's not isolated to like, well, this is a credit tool only and here's a fraud tool. Often, these tools interact with each other and create value that only TransUnion can unlock because of these capabilities that we have and allows us to be the best possible provider to our customers. What are the results of this? So the first year after -- right before we bought Neustar 2021, we bought them in December, you can see our penetration of products into the customers that we have. 14% of our top 100 use 5 or 6 products from us; 39%, 3 or 4; and 47%, just 1 or 2. That's how this chart is laid out. Fast forward just a few years, last year, 21% of our customers use now 5 or 6 products, 50% increase from just a few years ago. 39 -- or 43% use 3 or 4 and only 36% are using 1. So we've had a lot of success, which is great. But as you can see on the dial, there's still a ton of opportunity. Our goal is to make that dial as blue as possible, make the whole thing dark blue if we can. So as we continue to move around, we have a lot of growth opportunity just within the customer base that we have by expanding our solutions to them in the way that we've proven that we can do. I'm going to demonstrate how this works with 3 examples here, one from each of these key verticals. We'll start with financial services. We'll move into insurance and then into the DM space. These case studies show how TransUnion adds value to our customers. This is a pretty traditional relationship for TransUnion. You can see it up here. It's a top bank. Everyone would know it in this room. We've had a long-standing relationship with them. If you go back to 2022, we did about $16 million a year with this bank. Most of it was credit, but we had a nice fraud business and decent consumer and marketing business as well. As we've added these solutions and capabilities, we've been able to grow this dramatically. And you can see here, credit only grew 37%, but noncredit grew 85%. So had we not had these extra solutions, we could not have had this growth with this customer. How did we do this? Our marketing solution, for example, in this case, was multi-touch attribution and analytic tool that help them with their credit card business. They have spend just like everyone else on marketing within the credit card business, trying to acquire customers. We were able to take that same exact spend using our analytic capabilities and partnering with them to deliver 4% more applications, which is good. I mean it's not like awesome, but it's pretty good. But more importantly -- than 4% more applications, we delivered 31% more accounts. That's really good. That's the same amount of money delivering more accounts. How do we do it? By optimizing their spend and finding customers who have intent. Getting a consumer to apply who has no intent to take the card or doesn't qualify for the card is not very useful. Finding consumers who want the card and actually qualify for it, that's really useful. And we were able to do that for them and grow this with like not much extra spend. Similarly, we have an Argus relationship with this customer. This customer leaned on us to say, "Hey, we're acquiring consumers to the bank, but we want to get them into credit cards." So we did an analysis leveraging our Argus capabilities, and we were able to increase their number of consumers taking a credit card by 500 basis points. That's a huge uptick, basically off the same base. A very, very good thing for them because multiple customers who have multiple accounts tend to perform better and be stickier for the bank. So very exciting for them, very exciting for us, obviously. We're very happy to be able to serve them in this way. The next example is a P&C company, an insurance company. In this case, while I say we have leading market share in the space, it doesn't mean we have 100% market share. This was a P&C carrier where we did not have the leading position. In fact, we had a pretty weak position here. But Neustar, when we acquired them, had a very strong position within marketing. So we were able to bring the Neustar marketing capabilities into the space, using things like multi-touch attribution like I described and other benefits and other programs that we use here and grow our core business with a customer where we had very little penetration through a relationship that we now had via the Neustar acquisition and the marketing capabilities that this customer used. So you can see here, we had a 30% growth in this relationship but the credit business and fraud business grew rapidly with credit 3x in the space, like a reverse synergy, I guess, you'd call this, or a way to continue to serve them in different ways and penetrate markets in ways that we had not in the past. The last example that I'm going to use is an audio streaming platform. I think you would all know who this is. It's a household name. Most of the people in the room probably have used it. It's a place where you go stream audio and then ads are placed in that audio streaming platform by brands who want to advertise to consumers. In 2021, this platform was generating about $2 million for TransUnion, mostly in the audience space. We enhanced this with TransUnion data. So we took the -- what was the heritage Neustar product at the time, enhanced it with TransUnion identity capabilities and made the identity much more refined, bringing it to be the best identity resolution capability in the industry. This customer purchased that capability to run their marketing ecosystem. What does that mean? That means that I as a brand, want to find a customer, I use TransUnion's identity capabilities to reach them as they stream media through this platform. So it benefits both the platform itself and then the ecosystem that uses the platform, all the different brands. It gives them a one-stop shop. So the brands come in and look at like what Brian showed you in the video and what he talked about, the brands come in and talk to the streaming service in a single environment and deploy their audiences. So what are the results? Great yield optimization. This is a really good example. Why would they give us 7x the volume or 630%, right? It's because we were able to drive up their CPMs. CPMs are cost per -- cost per million, cost per thousand, like the impressions that people pay to reach customers. But because the impressions were highly targeted, the brands are willing to pay more for those impressions, which made the media more valuable. And the brands are happy to do it because their results were better through more precision targeting. So the brands got better outcomes as a result of that highly precision targeting. This would not have happened had we not created this identity graph and dwell down the middle using all the capabilities that are specific to TransUnion. Super exciting for us and a great way for us to get out into the market and achieve the results that we want to achieve with our customers. So within those 3 examples, I think there's so many more, right? I could go on and on and on. And I love this stuff. So I would do it, but they gave me only 20 minutes. So I want to leave you with a few takeaways. We have a great business model. We have awesome products and great platforms to deliver them. We have a team that is an expert in the markets that we serve and is very close to our customers and allows us to reach into them and help them create value. Our value comes after we create value for somebody else in most of these cases, all these B2B businesses. And what we're doing is trying to unlock that value every day through all these capabilities that we presented to you today. This gives us a very durable, diverse and highly growing portfolio. It gives us a very special position in the marketplace and allows us to lead in these 19, 20 verticals where we operate, but also allows us to get into future verticals. We just haven't done it yet because we've been so focused on these, and we're able to serve them, but there are others where we can still go in the future. So the growth profile in the U.S., despite it being the "mature market", the big market of the company is still very high. We still have a lot of potential to take all these products to the customers that we have, to deliver more value to them and understand and build new products quickly like we did with credit washing and then to create differentiated ROI accretive relationships with our customers. As we expand our sales solutions, I think we -- or expand our marketing solutions and our suites, I think we're just going to get better and better. We are very well poised, I think, for high single-digit growth, which is what we think we can deliver. And I think we have a huge opportunity to continue to add value within the U.S. market and grow this business and achieve the potential that we're building for ourselves. So I thank you all for your time. I'm going to hand it off to my esteemed colleague, Todd Skinner, who will talk about the international business.

Good morning. It's nice to see you all. As you know, my name is Todd Skinner. I run our International division. I've been doing that for 5 years, been with the company for 12, all in the International division. And what I like about Steve and Mohamed's conversation is it's very much a prequel to what you'll hear from an international perspective. And I think a lot of the things that Steve talked about, we're doing in the international space. But what I wanted to talk to you today about is why international is a compelling long-term growth story for us at TransUnion. And at its core, it's consistent with everything that you've heard today. We operate in structurally attractive markets that are in both developed and emerging marketplaces. And we have a proven playbook to grow the value of our relationships with our customers that allows us to outperform in the long run. And increasingly, we're amplifying that through our global platforms like OneTru that will allow for faster solution diffusion, which meaningfully expands our long-term growth ceiling in international. And importantly, this isn't a story about hope or potential. It's actually grounded in results that we've already delivered in both our developed and emerging marketplaces, and we're still early in the journey. And so the international thesis is based on these 4 things. First, that we hold market-leading positions across a broad and diverse set of markets that are not early-stage experiences. We hold #1 or #2 positions in many of these markets. Second, that we've demonstrated that our growth playbook allows for us to outperform underlying economic growth. That matters because our results are not simply a function of macro tailwinds. Third, that we're indexed to emerging markets that are large populations with low credit penetration and expanding financial ecosystems. And finally, the transformation that we're going through matters for us in international more so; that the global technology and operating model that we're building will allow for us to increasingly allow those innovations to cross our borders faster than ever before and create new growth vectors for us in international. Now we operate in 30 countries and generate $1 billion in revenue. And what's important here is not just the size of the business but the quality and the balance of our portfolio. We have strong, durable positions in developed markets like Canada and the U.K., which generate consistent cash flow and are innovation testing grounds for us across international. And at the same time, we've scaled leading positions in faster-growing markets like Asia, India, Latin America, Africa and now Mexico. And this balance allows us to fund our growth internally, reinvesting in innovation and take a long-term view in emerging markets without sacrificing that near-term discipline that we talked about. And so we have a proven growth playbook, and it's not accidental. They come from repeating the same process in every market, and the teams continue to generate success. We start with market growth, ensuring that we're in those structurally attractive marketplaces. With the technology modernization strategy that we're undergoing and the development of our product platform, OneTru will drive product innovation beyond core credit into fraud, marketing and consumer. We have established ourselves in credit and developed deep relationships with our customers that have allowed us to move from transactional to established partner status across the credit life cycle. We leverage that client approach to make sure that our solution sets will expand broadly beyond the existing relationships into new conversations. And finally, with solution expansion, client engagement can allow us to expand into adjacent verticals, insurance, fintech, consumer, telco, gaming, public sector using the same underlying data, the identity assets to generate value for our customers. And we see this in every market. From 2022 to 2025, international GDP in our markets grew, on average, 3%. In contrast, TransUnion outperformed by growing our revenue at a 10% CAGR. The gap exists nearly in every market where we operate. And that tells us 3 things about our business: that our growth is structural, not cyclical; that the value creation is value-driven, not volume-driven from our markets; and that there is still room to expand our share of wallet in the existing offerings that we have and we will increase share as we introduce new solutions and enter new verticals, the hallmark of a scalable, resilient international model. So let's take a look at an example in action. Canada. Canada is probably the best example of our playbook at work. Through the period, the GDP and credit growth in the market grew at a modest 1.5%, and we were able to deliver double-digit growth at almost 11% over the 3 years. So how do we do that? First off, it's product innovation. It's a key differentiator for us in that marketplace. Led by our fraud solutions, not only our IDX identity solution used to detect fraud at origination, it now has moved up the funnel and is helping customers identify what was previously thought as risk as good consumers. This new solution has grown tremendously over the last 3 years, and we have 25 customers on this platform with more room for growth. You heard Jimmy talk earlier about our branded call solutions, or branded call solution that allows for customers to make more connections. Imagine taking -- identifying more customers and more connections to help our customers grow. Our mature trended risk solutions and new iterations continue to show growth for us in this market. Through share gains, share shifts and new iterations, the solution has grown 22% over the period. And lastly, Consumer Interactive, our indirect business continues to penetrate the market, supporting financial inclusion, education and our customers' objectives. We are the primary solution used by the 5 biggest banks, 2 of the largest monolines. We support 2 of the 3 aggregators, alternative lenders and offer our solutions through fintech. Now these innovations drive different conversations. We're deepening our solutions in our largest customers' workflows, and we're working with growth-oriented mid-market firms. As they consume these innovative solutions, they're also consuming other core bureau solutions from us to get the greatest benefit from TransUnion. The outcomes are clear. We have market-leading positions in financial services with the monoline card companies in insurance and breach services, and we've produced double-digit growth across consumer, fintech, telco and gaming in this marketplace. So Canada, even a mature market with benign macroeconomic headwinds, we can connect with our customers. We can drive innovation that solves problems and embed ourselves into their workflows so that we can drive sustained outperformance. Now let's talk about our emerging markets. International is uniquely positioned with 57% of our revenue coming from emerging markets. And that matters because emerging markets drive 3 combined forces for us. First, demographics. Across our emerging market footprint, 1.6 million people under the age of 50 represent an economically active population entering the formal financial and digital ecosystem. Second, from a financial inclusion perspective, only 1/3 of adults in these markets are credit active compared to roughly 2/3 in our developed markets. And that gap represents an extremely long runway, not just for credit growth, but for fraud and marketing as consumers move from first product to deeper engagement. And third, digitization, and this is where the opportunity really starts to unfold, is Internet penetration across emerging markets is now approaching 60% and growing at double-digit rates, driven primarily by mobile access. Digital banking is expanding rapidly, up nearly 20 points from 2021 to 40% of adults in low and middle-income economies now using digital payments. And lastly, and most importantly is e-commerce in markets like India, South Asia and Latin America growing at double-digit rates through smartphone adoption and digital public infrastructure investments. Digitization directly expands the demand for our portfolio. As consumers move online, they will have more choices and become more attractive to our customers across channels. Our credit, fraud and marketing solutions become mission-critical as risks move from physical to digital. Let's talk about India. It's an important part of our international growth story. It's a fast-growing major economy with large and a digitally engaged population, and we're the clear market leader. This is a long-term growth engine, and we see beyond short-term cycle impacts. Since 2017, India has delivered 23% compounded growth even through significant volatility, a COVID-driven contraction, a sharp V-shaped recovery and most recently, regulatory and macro impacts. Importantly, even in 2025, a challenging year, we remain positive and profitable, reinforcing the resilience of our franchise. The track record gives us the confidence that India is a double-digit growing market over the long run. The long-term thesis in India rests on 4 pillars: demographics and inclusion. India is the world's largest population with broad participation in the financial ecosystem and significant headroom in product debt. Second, product innovation. With movement towards high-frequency data submissions, you heard Chris talk about earlier, analytics, fraud, trusted communications, marketing and platforms like OneTru and TruIQ, we materially expand our value with our customers. Third, deeper client engagement. We've been moving away from data supply to insight-led consultative selling with our customers. And last, vertical expansion. We will deepen our relationships in financial services and fintech and consumer and expand more widely into insurance, telecom and marketing. All these verticals represent incremental growth vectors. Now India has made enormous progress from a financial access with nearly 90% of adults now having a formal financial account. Households, however, in India is -- wholesale credit in India is roughly 40% to 50% of GDP, where in developed markets, it's more 70%, which underscores the significant runway as incomes rise, digital adoption accelerates and first-time borrowers move deeper into the credit life cycle. We're seeing early signs of success and product expansion beyond credit in India. We're now providing marketing solutions to the largest Indian organized retail jeweler and one of the largest Indian automobile OEMs. We've also secured our first global IPI fraud solution with one of the large private sector banks. This is why we view India as not fully penetrated across credit and our other solutions make us early in the monetization life cycle. Now let's talk about Mexico and our acquisition that happened last week. It is the next great market opportunity for us at TransUnion. With the access of Buro de Credito, we are now the #1 bureau player, providing predominantly credit solutions to the market. With majority ownership, we can now start to prove our playbook from end-to-end in this marketplace. Mexico combines scale, demographics and accelerating digitization, which together create a very compelling growth setup for TransUnion. Starting with scale. Mexico is the second largest economy in Latin America, the 12th in the world and the population soon to reach 138 million by 2027. From a financial inclusion standpoint, Mexico remains materially underpenetrated. Only about 50% of adults have at least one financial product compared to Colombia, 90% and Brazil at 80%. Credit card penetration has improved in the last 5 years, up to 23%, but that's still 1/3 of what the U.S. markets are. At the same time, digitization is accelerating rapidly. Internet penetration continues to rise, driven by mobile access and smartphone adoption, exceeding 70% of all connections in the country. Digital banking usage is expected to double by 2027 from roughly 20% to 40% of adults and e-commerce and digital payments are growing at double-digit rates. For TransUnion, these trends translate directly into demand. As consumers transact digitally, more lenders acquire customers online, identity verification, fraud prevention, analytics and trust-based engagements become mission-critical. That's why Mexico represents a multiyear runway for growth, not just from expanding credit access, but from increasing solution intensity over time as clients move from basic bureau usage to fraud analytics and marketing. Our focus in Mexico in the first year is very clear. First, we want to upgrade our client engagement, moving from customers from just report usage to embedding our solutions deeper into their workflows that solve problems and become their trusted advisers. Second, modernize the platform. You heard Venkat talk earlier that we will standardize our global data and migrate to OneTru. And lastly, expand the solution stack, particularly trended data from a credit perspective, fraud and analytics. This is the same playbook that has worked everywhere else now applied to a market with exceptional structural tailwinds. Transformation. So everything I've discussed so far talks about the growth potential in international, but it becomes more powerful with the transformation that we're undergoing. Transformation is not just an internal efficiency for international. It's actually about unlocking new revenue pools, increasing solution intensity and extending our growth runway across all of our markets. So let's talk about how transformation augments our proven growth playbook. So we start with what already works, market growth, client engagement, product adjacency, product innovation in the adjacent verticals where we operate. Transformation adds new dimensions for us to each one of those levers. On the solution expansion side, there's significant white space to scale marketing, fraud and communication solutions using the global IP that already exists. From a technology and a platform perspective and modernization, OneTru standardizes data, identity and analytics across markets. That reduces the repeated local customization. It improves performance and allows us to deploy capabilities in months instead of years. And critically, these 2 reinforce each other, that better platforms enable faster solution rollout and broader solution adoption increases the return on our platform investments. You heard Chris mention earlier that international is still early in the solution diversification compared to the U.S. We run at about 30% of our total revenue versus 50% in the U.S. We have a plan to diffuse solutions faster through OneTru, and we see a clear path of outsized growth and revenue mix diversification from that. We've prioritized markets where our solutions provide the greatest benefit to our customers, and we'll be rolling this out through 2026 and 2027. Now you also heard Venkat talk about OneTru at the enterprise level. And let me make it a bit more real for you because this is one of the most important foundations for the next phase of growth for us in international. Historically, international bureaus have grown through a strong playbook, great client relationships, localized product development, predominantly credit and expanding into adjacent markets. The limitation wasn't demand. The limitation was how quickly we could industrialize and scale innovations across our markets without rebuilding the same capability twice. OneTru changes that. OneTru is a common global foundation for data, identity, analytics and delivery, so we can build once and deploy across our global markets with consistent performance and controls. There are 3 very practical things this enables for us in international: faster product velocity for all of our global markets; better product performance and consistency at scale that drives better outcomes for our customers; and lastly, materially lower friction to expand the solution stack. So I'll close with 3 key messages that international is a high-quality, high-growth portfolio with strength in developed and skewed towards attractive emerging markets. Second, that we have a proven growth playbook that consistently outperforms local economies as shown in the Canada example. And third, transformation on OneTru materially expands and accelerates the long-term growth opportunity for us in international. Taken together, we believe that international can easily and sustainably deliver low double-digit growth over the medium term, creating meaningful value for our shareholders. Let me introduce our CFO, Todd Cello, and he'll walk you through how all of our presentations translate into financial results. Thank you very much.

Okay. Thank you, Todd, and thank you to everyone for your engagement throughout the day. I get to close this out and tell you what this all means from a financial outcome perspective. After everything that you've heard today, I'm certain you're confident about the upward trajectory of TransUnion's business. In the recent years, you, as shareholders, have been with us as we've navigated an uncertain market, but we've continued to drive value and build a better and stronger TransUnion. So my message for you today, TransUnion's next era positions us for scalable growth and compounding cash flow. I recently celebrated my 28th anniversary with TransUnion, the last 8-plus years I've been the CFO. My tenure has spanned private family ownership, 2 leverage buyouts, an IPO and a continuous evolution of the business. I am confident as I've ever been about what's ahead, not just as the CFO, but as a long-term shareholder. So with my time today, I'm going to walk you through 3 items. The first is a financial-oriented retrospective of our recent journey that brings us today. Second, a reintroduction of our medium-term financial framework and the drivers behind them. And finally, I will close with why TransUnion is a great investment and a best-in-class information and insights company. So let's get going. So since our last Investor Day in March of 2022, there's been 2 distinct phases that have impacted the business. So first, in 2022 and 2023, despite a rapid rise in both inflation and interest rates, resulting in declining U.S. lending volumes, we still grew our revenues. But during this challenging time, we responded proactively by launching our transformation program, voluntarily prepaying debt to reduce our leverage, and we executed on 4 refinancings. In 2024 and 2025, U.S. lending volumes found their bottom and they stabilized. And what you saw is that we delivered accelerating and broad-based revenue growth during that time. We also delivered on the transformation program that we announced in November of 2023. And we did that both on time and within budget. And most importantly, we secured the $200 million of free cash flow benefit that we originally committed to. And during this time, we also significantly reduced our leverage ratio and began to deploy a portion of our free cash flow towards share repurchases. So let's zoom out a little bit, and let's take a look at the last 4 years are just a portion of the decade-long track record that we've had of delivering industry-leading growth since we've been a public company. TransUnion has shown resilience during this period of time throughout varying economic environments, including the COVID-impacted 2020. Overall, we've compounded revenue at high single digits organically. And this is a testament to our purposeful diversification across verticals, geographies and solutions. And during this time, over the last 5 years, we've made investments that laid the foundation for strong compounding earnings. We deployed $4.8 billion across 5 acquisitions: Neustar, Sontiq, Verisk Financial Services and Monevo added key solution capabilities. Mexico, which you just heard Todd talk about, closed last week, and it represents a highly complementary international credit bureau asset that we've been seeking to acquire for a long time. So we're really excited to have that asset in the fold. Outside of the inorganic activity, we also invested about $700 million during this time in transformational programs to build out the best-in-class global operating and technology platforms. We completed our onetime spend at the end of 2025 related to these programs, and we do not expect any additional programs going forward. Neustar was our most transformational investment, and it has created a significant value across the enterprise. In addition to scaling our capabilities in marketing and fraud, Neustar provided us with the OneID technology platform that became OneTru, which you've heard about throughout the morning today. This is going to be our destination technology platform for all solutions and geographies. So put simply, the pace and the breadth of the innovation that Venkat and Mohamed spoke about earlier, it wouldn't have been possible without Neustar. So let's take a look at the numbers. At acquisition, Neustar had $115 million of adjusted EBITDA, which was about a 21% margin. Four years later, we doubled adjusted EBITDA to $255 million through revenue growth and cost synergies. The margins now for the Neustar business are in the TransUnion like mid-30s. In addition, our enterprise-wide technology consolidation onto OneTru has delivered $70 million in savings annually. Venkat gave you all the details about that in his presentation. I think what's really exciting about that is we expect that number to continue to grow as we migrate more countries onto OneTru. So the net of all of this is Neustar is delivering about $325 million of cash benefits, which brings that 27x multiple back in 2021 down to 10x. I consider that to be a highly compelling cash-on-cash return. The Neustar acquisition along our other transformational actions position us for this next era of TransUnion. Innovation-led and scalable revenue growth, strong cash generation with balanced and shareholder-friendly capital deployment. So this slide, which Chris introduced earlier today, depicts our value creation flywheel. And I'm going to take you around each section of this flywheel to emphasize the drivers. But before I do, just to highlight, our growth and what you've heard so far, it's increasingly diversified, and we're embedding ourselves deeper into our customers' workflows to solve their increasingly complex problems. We're going to scale the business through the revenue flow-through, cost savings from our continued technology modernization, but there's also further operational productivity benefits that we're going to be able to enjoy by leveraging AI. And our strong free cash flow is going to increase capacity for capital deployment. So I want to dig into each one of these. So the manifestation of the value creation flywheel is our medium-term financial framework. Revenue, we expect to be high single-digit organic growth, and this excludes the no-margin FICO mortgage royalty. So earlier, you heard from Jamal talk about our core credit market. It's mature, but it's very growthful. You heard Brian Silver and Steve Yin and Jimmy Garvert talk about the significant opportunity and the right to win that we have in the multibillion-dollar marketing and fraud markets. Just a little while ago, Steve Chaouki walked you through how our diversified products, coupled with domain expertise, drive growth across the vertical markets. And right before I came on, you heard from Todd Skinner, and he walked you through the huge opportunity in our international markets, which skews to emerging markets and has a long way to diffuse our intellectual property. From a margin perspective, we're expecting 50 basis points of annual margin expansion. So like what I just talked about with revenue, this excludes the FICO mortgage royalty pass-through. And then finally, adjusted diluted EPS, we expect low to mid-teens growth, and this is inclusive of the benefit from accelerated capital deployment. So let's look at a summary of the growth targets by the solution families that you already heard earlier today. So we believe credit, marketing and fraud can all grow single -- or high single digit or greater. Consumer Solutions will be a mid-single-digit grower, powered by a unified global platform and our freemium offering stabilizing our U.S. direct business. There's still some work to do here. However, we're confident that we have the right strategy, the right capabilities and the right people in place to make this growth a reality. This slide looks at our expected growth from a market lens. So for U.S. markets, we expect financial services and emerging verticals to grow high single digits. And we expect the Consumer Interactive business to grow mid-single digit. I want to pause there because what's important about these targets is they're grounded in what we've already built and what we're executing on today. So that's important to remember, especially when I get to EPS in a moment. The other thing that's important is there's no assumption of any type of U.S. lending volume recovery in these targets. So think about it as stable and where we're at today. So a good example of that would be U.S. mortgage. Any type of recovery would be upside to these targets. From an international perspective, we expect low double-digit growth. We believe strongly in the track record of this portfolio, great opportunity in the key emerging markets, which you already heard about with India and Mexico. So let's move along the value creation flywheel, and let's talk about scale. We expect to continue to deliver healthy underlying margin expansion from revenue growth and structural savings opportunities. And as we noted in our February earnings call, given that the FICO mortgage royalties impact revenue but not profit, we believe the best way to judge underlying performance is to exclude these numbers from our margin calculations. So when you look at it on this basis, you could see that we have significantly expanded our margins from 2023's level at 35.8% to the high end of our guidance in 2026 at 38.2%. That's 240 basis points of margin expansion during that period of time. And I want to take a second here and just look at what we've been doing during that time, going from '23 to '24, the 35.8% to 37.1% expansion was the first benefit from our transformation program as we optimized our operating model and we're able to secure significant efficiencies in how we do our work by centralizing and standardizing work. The other area to highlight would be '25 to '26, and you see a significant amount of margin expansion there. That's the completion of our tech modernization. So as I said earlier, the benefits that we enjoyed from our transformation, you're seeing right here. And the last point that I would leave you with on this margin is that this is with kind of a tepid U.S. lending market. And if you know anything about credit transactions, they're highly profitable. So again, to what I was saying earlier, any type of recovery is going to have a high flow-through to margin, thus having a favorable impact here. So going forward, we expect to deliver 50 basis points of expansion per year while also balancing that with thoughtful investments to be able to sustain the top line revenue growth. Our investments in building scalable and global technology and operating platforms position us for continued cost savings. So from a technology perspective, we're going to deploy OneTru across all of our geographies to enhance solutions. And we'll fund those investments within the normal course of business. Each migration eliminates a siloed technology stack and lowers maintenance cost. More importantly, and this is why we're doing it, is the true global platform will enable us to deploy our intellectual property faster to innovate and drive revenue growth. From an operating model perspective, I just spoke about this when I was talking about margin. Our focus here is centralization and standardization of work. We're going to leverage the TruOps operational platform that Chris spoke about earlier today to drive positive customer outcomes, but also operating efficiencies. And we're going to do that by leveraging the global capability centers that are at the center of this strategy, home to about 5,700 of our over 13,000 associates. These centers have evolved into true innovation hubs for us. And these platforms will enable us to deliver more value from AI by deploying rapidly and at scale. Earlier, you heard from Venkat talk about one of the big successes thus far has been OneTru Assist, and that's our AI developer tool. We're already seeing a 25% to 30% productivity lift using those tools. The second area where we've been able to leverage AI to drive efficiencies is within the consumer experience. We've deployed generative AI for consumer disputes, resulting in a more effective experience for the consumer, but we also enjoy a 20% productivity gain as a result of that. So we're going to continue to push AI across the enterprise to drive process improvements as well as automation. So let's move to the last piece of the value creation flywheel. Let's talk about deploy. And as I said initially at the beginning of my remarks, TransUnion's next era positions us for scalable growth and compounding cash flow. The combination of scaling earnings and no onetime spend for investments means we expect the strongest cash generation in TransUnion's history over the coming years, which obviously provides capacity for capital returns. And as you can see on the left-hand side of this slide, we continue to expect a 90% plus free cash flow conversion. And then based on the growth algorithm that I just took you through, we expect that we'll be able to generate about $3 billion in free cash flow from 2026 to 2028. And here's how we're thinking about deploying this cash over the next several years. We expect an increased bias towards shareholder returns going forward while making sure our leverage ratio is at or below our target of 2.5x. We're going to continue to grow our dividend alongside our earnings, and we'll do that within the payout ratio of 10% to 15%. And as we demonstrated in 2025, we plan to increasingly deploy our cash to repurchase shares. We expect the pace of repurchases to only increase as cash generation builds. And with that said, we're equally focused on disciplined and active management of our balance sheet. We remain on a glide path to an investment-grade credit rating in the coming years, which we feel is appropriate for a business of our size and maturity. And we're also going to continue to look for ways to optimize our debt stack and prepay debt when appropriate. And regarding M&A, you've heard a lot throughout the day that we have a high conviction that we have a generation of growth ahead of us. So that means that the bar for M&A is very high. We're not seeking large-scale acquisitions, but only highly strategic bolt-ons. We provided the slide that's up now during our February 2025 earnings call alongside our refreshed capital allocation framework. The slide remains unchanged, like any good strategic M&A slide should. So our focus on M&A continues to be on non-U.S. credit bureaus, like you heard Todd Skinner talk about with the Mexico acquisition. We're always looking for data assets centered around enhancing our consumer identity capabilities. And then we're looking for complementary capabilities for core solutions, like the pending acquisition of the mobile division of RealNetworks to bring text messaging capabilities to our trusted call solutions. M&A options will always be compared to every alternative to ensure the best return for shareholders. To close out the financial review, we are very confident in the compounding growth algorithm with several sources of upside that could make our earnings even higher. So in 2026, the high end of our guidance assumes $4.71 of adjusted diluted EPS. For illustrative purposes, if we deliver on our new medium-term guidance of low to mid-teens adjusted diluted EPS through 2028, EPS would be $6 plus. But there's more. Any benefit from an eventual recovery in mortgage would be in addition to this. So if we just simply assumed mortgage volumes from 2019, if we return to that level, that would be $1 of benefit to EPS over this period of time. And in addition, on the right hand of this side, we laid out what we believe to be other opportunities to continue to grow our adjusted diluted EPS. The first is normalization of non-mortgage U.S. lending volumes. We talked about mortgage, obviously, is a big source, but there's more that could be there in auto and credit card and banking as well based on the historical trends. Adoption of VantageScore is a source for us from a profitability perspective. The further scaling of our platforms and our solutions is another. Remember what I said earlier that we're not assuming any material volume uptick and the targets assume what we have built today, not a bet on something that's going to be built in the future. So that's an important point. And then as I talked about in scale, we're going to be relentless in our approach towards leveraging AI to drive growth and productivity. So simply put, the earnings power at TransUnion is stronger than it's ever been. So before I bring my colleagues up to start Q&A, any good stock pitch finishes with a reiteration of the thesis. So the management team has high conviction in what TransUnion has built and continues to build. We have the right combination of unique data, powerful technology and deep domain expertise to continue winning in the market. Our interrelated solution sets suit solve our customers' most pressing needs, and our products are getting better and better. We have clearly inflected into a period of accelerated innovation and scalable growth. And AI is an accelerant. It's going to accelerate demand for our data, empowering us to do more and to do it better for customers and enabling the efficiency across the enterprise. So the net of all of this is TransUnion is a structurally higher return business with a repeatable earnings model, durable growth, expanding margins and disciplined capital deployment, driving compounding earnings power. Our momentum is real. The opportunity in front of us is significant, and we are just getting started. Thank you for your time.

All right. No questions or... All right. All right. Let's start with Mr. Steinerman here.

Hang on. Before we start, and I appreciate all the enthusiasm. I'm good. I just want to call out to you -- you noticed the music selection. That was Can You Feel It by the Jacksies. I'm Head of Strategy, Martin, there is a college DJ, and he's responsible for all of this music. So I just thought I'd -- thank you for setting the tone and can you guys feel it.

Okay. Andrew Steinerman, JPMorgan. I really appreciate how your team laid out the organic revenue growth, high single digit over the medium term by both geography and by verticals. I think of info services companies build up differently. And I was just wondering if you'd willing to build up for us how to get to high single digits by thinking about what's your volume assumption? I kind of heard it wasn't a notable volume assumption, pricing, pricing for your products, retention and cross-selling of products to make the high single-digit organic revenue growth profile.

Okay. Well, thanks for the question, and we'll take kind of a team approach to answering some of these so we can give you the fulsome answers. Well, look, on the fly, I'm not going to reconstruct that in the manner that you just described, but I definitely understand where you're coming from. A couple of points that Todd emphasized in his kind of walk up to $6 and then $7 per share with mortgage normalized. We're not assuming any inflection to the positive in volumes at this point. We're still dealing with a market that is stable and muted. As one of you said in one of your notes, it's just an okay market right now. So if we do return to the longer-term lending volume trend lines in the U.S., in the U.K., in India, where there are some policy-inflicted wounds and all of that, that's EPS upside to the $7 per share, right? And then that's in addition to the acceleration of revenue that we expect as we roll out this platform to markets around the world, the profitability improvements that we expect because of all of the ways in which standardization and platforms and AI are going to help us be more productive. So not a big -- not like an enthusiastic or an unrealistic volume assumption, quite the opposite, very conservative. Now pricing, pricing is individual market, individual product. I do think that our pricing leverage is going to increase substantially as we start selling more multiple products, more solutions, more integrations, et cetera, based on OneTru to all of our clients, right? So price has not been a huge part of our story. But the markets themselves are pretty high growth and compounding. And as you saw some of the various TAMs that we showed over the course of the day, there's a lot of runway, right? We're in no danger of tapping out in these markets anytime soon. So what I would say is a fairly down the middle and conservative guide, if you will, gets us to $7, but there's any number of additions to that $7 depending on how things develop. And of course, what's in our control is the pace and effectiveness of rolling out the platforms. That's going to drive us north of $7 a share.

And do you think maybe the cross-selling would be the biggest of all those and much on volume, [indiscernible]

Well, look, near high single-digit compounding in all of our solution markets is a big driver. A completely reimagined product on this platform, massive amount of cross-sell and more price juice there. So I definitely would expect that. And then look, AI enablement, our ability to deliver analytics at scale to improve the frequency of analytic delivery, so clients aren't revisiting their credit origination models every 3 years because it's so hard. We can evolve into a world where that is more consistently done annually, quarterly, continually, right? So it unlocks a lot of potential and a lot of volume growth there. And again, I think that's all -- I mean, Todd tried to say at best. The projections that we outlined for the medium term, that's the business that we have today. It's the business that we've already built. As all this innovation rolls out, it's a step function improvement for the business of the future.

We'll do Kelsey and then -- Toni and then Kelsey.

Toni Kaplan from Morgan Stanley. Historically, the bureaus have enjoyed the moat of lenders providing the data to the 3 of you. Today, you talked a lot about the alternative data piece of the pie. I guess how does the moat on alternative data compare? You said a couple of times that it's proprietary, you combined it into the 95%. So just explain the proprietariness, talk about the sources and why aren't others able to get this data or are they, but combining it with your other data makes it sort of even more special.

Yes. Great. Well, look, as many of you know, I've been in information services for a long time. Typically after 50 years, products peak in their value and start to compound at inflationary rates. That's not the case in the credit market because clients are so hungry for differentiated signal to make better decisions to solve really big problems. Mohamed talked about the size of the problems that incremental data sets can be really valuable. Now you're talking about the moats around it. Let's talk about some specifics. One of our biggest extensions in the credit space was going downward, down the risk spectrum and starting to get coverage from payday lenders and from online unsecured lending, et cetera. There are lots and lots of people in America who are taking on those types of loans and by and large, repaying them exactly with the terms. Now that's additive. But still, you got to go to a lot of different places in order to aggregate it. You have to be trusted by the market, right? These individual lenders just don't give that data to anybody. And again, there is the regulatory moats and the regulatory -- and litigation penalties if you don't do it right. The same is going to be true on utilities furnishing, rental furnishing, a whole variety of other datasets. Perhaps you want to elaborate or...

Yes. So I mean, within the credit ecosystem, it follows a very similar path to traditional credit furnishing, and there are thousands of them, I think 10,000. I mean it's a lot. So it's the same normalization, management, linking. We have to be able to link these credibly across all the different datasets. These are very difficult things to do accurately. You think how many John Smiths there are, even within New York City, even probably within a couple of blocks in New York City, like getting this level of fidelity and then doing it all over the world, it becomes a very important part. Similar to our fraud assets, like you talk about device. Device is a give-to-get consortium, you join this, you give your device data and then we build out the largest network of devices, I believe we're in every country in the world because fraudulent devices exist in every country in the world. We may not be getting revenue in every country in the world, but we're tracking them everywhere they are. And these are billions and billions of devices that are coming into us regularly. So this is -- while that may not be traditional credit per se, it follows a similar kind of pattern.

Yes. And look, these markets need a neutral party and a trusted party to act as the aggregators between all of the different potential contributors, be it banks or insurance companies or phone carriers, et cetera. And so that's the role that we fill.

This is Kelsey Zhu from Autonomous. Chris, maybe you can talk a little bit more about your decision on cutting VantageScore pricing and what you're hearing from lenders in terms of potential adoption rates, but also what you're hearing from Director Pulte for implementation time line for VantageScore and FICO 10T, as well as if there's any updates on the tri-merge single file conversation.

Was there a cut of VantageScore pricing? I haven't. No. No, obviously, yesterday was an exciting day in credit reporting. We don't get many days like that very often. And we led the group by issuing new $0.99 pricing on VantageScore 4.0, which is a material reduction from where we had been in the market at $4 a share. And look, stepping back a little bit, we look at this as a generational opportunity that we've got, again, enabled by the FHFA and Director Pulte, but to kind of reset the economic value around scores versus data. Now as we've argued for many quarters now, the inherent value, it's all about the data, right? No data, no score. The quality of the data determines the predictiveness and the accuracy of the score. Now somehow in mortgage, and it's not somehow, it's because of limited choices, the value proposition got turned upside down, right? And we're all kind of, I think, familiar with that story. So we look back -- we looked at it and looked at a variety of factors and decided that we wanted to take advantage, full advantage of the opportunity that Director Pulte and the FHFA had created to bring real choice on scores into the market because lenders have not had a choice up to this point, also to reduce the cost of mortgage affordability as part of the overall kind of affordability agenda of this administration, which is great, and again, to reset the economic value. And so right now, we're just trying to facilitate as rapid adoption of Vantage 4.0 as possible. And look, the market needs it. The incumbent score hasn't innovated in 20 years. It's not based on trended data. It doesn't use any alternative data like utilities or rental payments or other things like that. And that means that there's an inefficiency around who gets approved, who gets rejected, the size of the market, the overall safety and soundness, right? So we need to modernize the scores. So for all of those reasons, we decided to eliminate really any obstacle to market adoption and share shift. Now in terms of dynamics with the government and all of that, I mean, it's been -- let's be clear. FICO has had a monopoly over scoring in mortgage inadvertently, created years ago, decades ago, but in fact, it has been a monopoly. A lot of directors of the FHFA had a chance to change that, none did, but Pulte did to his credit in this administration. And so we are greasing the skids for rapid market adoption, right? Now the FHFA needs to deliver on some remaining logistical issues in order to support the full scaling of adoption. We're encouraged that they're already experimenting and they already have been accepting loans at one of the GSEs and securitizing those loans based on Vantage in the marketplace, right? And I think this is our effort to accelerate that overall process. Now the fact that our competitors responded so quickly in the same day just means that we're all focused on it. We all see the same market opportunity and societal need, and we're full throttle toward implementation.

Let's go with Faiza and then Ashish.

I just want to thank you all for providing so much information in the deck around revenues by business solution and regions and all of that. So I hesitate to ask the question because I don't want to discourage disclosure. But I do want to ask about the opportunity around marketing solutions within financial services because it does sound like there's been an inflection within marketing solutions, but it's not as apparent on the financial services side. So I'm just curious, kind of what's the dynamic behind that? Is it just timing? Is it sales resources? Just a bit more color around that opportunity and kind of what you're seeing there would be helpful.

So I'm going to let Steve talk about the adoption of marketing solutions in financial services in the U.S., and then Todd can speak from an international perspective. But thank you. Thank you for noticing the inflection point in our growth rates in marketing. When we acquired Neustar, we believed we could grow high single digits and then get it to low double-digit compounding. We delivered kind of mid-teens growth in the fourth quarter, kind of walked that back. There were some big jobs there that perhaps took it up a bit, but there's no guarantee we won't have those big jobs again this year, but we thought we'd be conservative. But I think the performance of marketing in the second half of the year, particularly in the fourth quarter, it just demonstrates how growthful this market is. Now it's taken us some time to pull all the right assets together in that kind of end-to-end workflow that I described, right? We started off with 90 different point solutions. Now we have integrated it down to a clean workflow that has a beginning and that has an end. You can use the entirety of the workflow or you can just get the piece that you want, depending on your needs, lots of ways to monetize, a lot of ways to win. That's why you saw the growth. Now financial services?

Yes. Look. So there are two reasons why we're growing. One is we are penetrating the markets where we are effectively and two is the great work that Brian and the marketing team did to create a solution that is more sellable and consumable by our customers. I don't want to misquote, but many, if not most, of the large financial institutions and insurance providers who are our customers, which are pretty much all of them, are using some form of marketing solutions from us now. And we have the opportunity to continue to upsell many more into them. And we have unique integrated capabilities straddling both the credit space and the marketing space that allow us to deliver value to regulated institutions who use credit in their underwriting, which extends beyond just financial services and insurance to things like cell phones and other kinds of utility providers usually go down the list. And we are able to provide unique signal and unique measurement capabilities for them as well as unique audiences and better ways to reach their customers. So we are much more effective now with the marketing solutions in that space. As the fraud solutions come to bear that you're seeing now, the same thing is happening there. I think fraud is about 1.5 years behind marketing in terms of its evolution of product, and we're very excited about the things that are going to come forth in fraud as well with a similar customer base and expanding the base of customers who are buying these new solutions from us.

Yes. I would just say a couple of things. So first of all, we're early in the Marketing Solutions selling process in the international space. We're working with Brian Silver's team. We have created in 2025, just started building an international sales team. And so that international sales team from creation to the end of the year has been able to generate roughly $15 million in pipeline going across 5 different markets. So what's really important about that is they're selling directly into the countries that they're operating in and supporting a few markets like into the U.K. and Canada to develop that Marketing Solution Services in the market. I think what Steve talks about in the U.S., you'll begin to see in the international markets over the coming years.

This is Ashish Sabadra from RBC Capital Markets. Great presentation. I wanted to focus on the $500 million of innovation revenue over the next 3 years. I was wondering if you could drill down further on that in terms of the time line. Is that going to be back-end loaded or throughout the 3-year period? Any color on how do we think about like whether it's from pricing, upsell, cross-sell versus new logos, similar to the question Andrew asked. But also, how should we think about the proliferation of agentic commerce because that's a question that we get a lot as consumers start to interface through agents rather than directly, could that be a potential tailwind or a headwind to that $500 million of innovation revenue?

So two questions there, right? It's the $500 million, and then we can talk through the agentic.

Yes. Let me at least answer the $500 million. So the $500 million is part of our 3-year plan and the process that we built. So the numbers that Todd has sort of shared with us already includes that number. And the number is coming from enhancements to existing products where we've identified incremental revenues, but as well as new products. So for every new product before we decide to invest in building the product, we obviously will build a business case around it to identify the value. So the exciting thing here is that, I mean, the timing is -- think of it as sort of spread out, obviously, a little bit more in the year 2, year 3 versus year 1, given the development time line. But some of the enhancements will be delivered this year and are going to already -- some of them like credit washing is already delivering real results for us this year. What I will tell you is what's exciting here is the pace of innovation, right? So the message is the number that you're seeing is based on the work that we're doing in 2026. Our goal is to continue to accelerate the innovation and deliver even more next year and the year after that. So on the agentic, I don't know.

Yes. Steve, maybe you want to share your thoughts on how agentic AI is going to impact demand for identity and others of our services.

Yes. Look, I think it was said earlier, so I'll reiterate it. Agentic AI is a very positive thing for us. Why is it a positive thing? We think of our customers kind of in three segments. There's the most sophisticated, the biggest ones, the ones who spend the most with us, we call it do it myself. They are big banks with lots of resources. They want to do everything themselves. And the middle section is called do it with me, still pretty sophisticated, many household names, but they need more help from us. And a large, small segment that's do it for me, and they do basic things, perhaps as simple as score-based underwriting, which is not a great idea, like not the best thing to do. But we think that agentic AI is going to expand the top two segments. And those are the bigger spend segments with us. It will increase consumption of our data because agents can now consume the data instead of people. The biggest like bottleneck to getting revenue and delivering on sales is not selling power or TransUnion's capabilities. It's getting our customers to validate, consume, understand, go through their governance processes. All these things just take a long time. And the more you can automate those things, the more you can consume, the better off we all are. You can just -- here's a simple example. Many, many years ago, perhaps -- not perhaps, like refreshes on your portfolios were probably done quarterly. Then they moved to monthly. Now sophisticated players moved to daily on the triggers. When you go from quarterly to monthly, you don't get 3x as much money. You get more, though, like we charge more, but we give them a volume discount. And when you go from monthly to daily, we charge even more in aggregate. We're going to have more customers who are able to do that kind of stuff to go from model refreshes every few years to model refreshes a few times a year or maybe even more often than that to consuming data periodically to consuming data continuously. Lots of really exciting opportunities for us using our agents, but also using their agents, too. And that's okay. Like they're still going to need to buy the data in order to power those agents. So we're very excited about it. In fact, we're already starting to see it with certain customers. Not a lot, but we're seeing customers increase their consumption, speed up their validations. And I think it's just the tip of the iceberg. It's going to go pretty quickly when it goes.

Yes. And look, that's a great lens on the credit part of the business, and you can see how agentic AI is going to improve the velocity or the frequency and all of that. But already if you look at marketing, marketing models are refreshed much more frequently, right? And in fraud, I mean, you just can't refresh them frequently enough. And with AI and agents, including bad guy agents running all over the cyber world, there's going to be a tremendous, I think, increase in demand for authoritative information that leads to really good prediction and outcomes that is refreshed as frequently as possible.

Let's go down this row here, Jeff, Andrew, Brendan.

Jeff Meuler, Baird. So when I see the acceleration in marketing in 2025, I want to tie it to kind of all of the transformation and product or platform consolidation. I don't see the same acceleration in fraud, which I would think would be benefiting from similar factors. It continues to have good growth, but not acceleration. So is there any reason why the benefit would be more pronounced in marketing today than fraud? And then on marketing international, I know you talked about building out the sales force, but it's really small as a percentage of revenue, and you have a lot of like Fortune 100 customers that operate globally. Are there any other missing pieces to really unlock that opportunity like you need more local customer data or something like that?

Yes. Good questions. So first, on the rate of growth in marketing and in fraud. So with all the assets that we acquired when we were restructuring the portfolio, it took varying lengths of time to bring them all together and create the new product offering, if you will. And as Steve just mentioned, in terms of commercializing the goodness that resulted from that, fraud is a year or 18 months behind marketing. Now it's already growing at a nice rate, but fraud and marketing have the potential to compound in the low teens and perhaps even better if we execute well. So be patient. I think you're going to continue to see fraud revenues accelerate. In terms of marketing and rolling it out around all of our different geographies, the rules -- well, the state of the marketing game in different countries varies based on regulations and industry practices and the availability of data. In the -- in advance of rolling out the OneTru platform, our teams like in the U.K. or in India are working to pull together the types of data that we need to fuel our marketing solutions. And so first, we've got to finish converting the U.S. over to the OneTru platform. That's the focus of this year, right? And it's going to have an enormous impact because the U.S. is still about 78% of our global revenues. But then we're going to go to these other markets that have attractive potential for our solutions, and they're doing the prep necessary to get new products in market and to start scaling them quickly once we land.

Andrew Nicholas with William Blair. I wanted to ask a question on Consumer Interactive. I think the guide for this year is low single-digit decline. The medium-term target is mid-single digits. So I guess the first part is, should we expect that to accelerate even beyond the mid-single digit in '27 and '28 and we kind of aggregate to a mid-single-digit growth rate? And second, it sounds like you've gotten even more customers than you expected onto this platform. You're fleshing out the offers capability, monetization is a little bit later. How should we think about kind of the phasing of that and how long that process takes, at least as the way you're thinking about it strategically?

Okay. Great. Well, thank you for reiterating the guide. And you're right. No, it's not a problem. It's like -- let's start with that. That's a representation of kind of this is where we are. Mohamed, why don't you talk about what we're building and where we're going?

Yes. Well, first of all, I -- as I mentioned, we are the leader in the B2B2C space in the consumer business. And in the international markets where we're primarily focused on that and even in the U.S., we are growing at a faster clip. Actually, international is growing at double digits for us, and we're expecting that to continue. So the opportunity for us here is the work that we've done to unify and consolidate a lot of these solutions together and to be able to deliver on a better experience and enhance our solutions. We just hired a new leader for our Consumer Solutions business globally, Francesca. She just joined us from Capital One, where she was leading the consumer business there. And she's coming in and she's helping us essentially replicate the kind of work that we talked about in marketing, the kind of work that we're already doing in fraud and doing the same thing in consumer. The challenge is some of the fragmentation, bringing that together, making sure we're delivering the solutions in a timely fashion and getting that right consistently. That's how we're going to unlock the value. But we see a lot of potential in consumer. So to your point, is -- the long-term vision, is that for us to get it -- to keep it mid digits? I mean, look, obviously, our goal is, we think there's a lot of potential, and we're going to lean in to try to capture that potential for that business.

Yes. Look, I think that's right. And a slightly different spin on it is, obviously, we talked about a lot of platforms in our day. It was a platform-centric kind of presentation, and Mohamed is alluding to yet one more. The consumer platform, the global consumer platform, that's the core of our consumer enablement. And our strategy is to be an enabler in the consumer business, right? So it's a B2B2C play, and we are the largest player in the U.S., but there's opportunity to enable other businesses to tap into consumer markets in countries around the world. That's why we built the platform. That's why it's one of our four core product solutions. And it's a different play from spending a lot to build a direct consumer brand, right? And that's not our business, right? We think those needs are well met in the U.S., but we can enable a lot of other players to capitalize on their brands and their marketing spend.

Brendan.

It's Brendan Popson from Barclays. I just wanted to ask if -- Todd, if there's any way to quantify the margin sensitivity as it pertains to credit volumes from that 50 bps expansion expected? And then also, you clearly -- it sounds like you're expecting noncredit to become a bigger part of your business over time but still planning on 50 bps expansion. I know in the past, there's been sometimes some modest mix headwinds. So is there -- is this just simply a matter of OneTru or anything else you can call out on why you still have that confidence even as -- even if noncredit becomes a little bit bigger over time?

Yes. Thanks for the question, Brendan. So I think what -- probably best is if you recall the slide that I presented with the margin expansion. And one of the key points that I was making, I think it's Slide 137 or something like that, if I remember. But if we -- if you go back to that page because I think you guys all have print-outs, like think of the underlying -- it was 137. Think about the underlying credit volumes during that period of right? And they were relatively subdued, right? Mortgage went down significantly. Card and banking have been doing okay. Recently, we've seen consumer lending take off and auto has also been kind of tepid. We posted that type of margin expansion with core credit volumes being lower than like a historical run rate. And what's happened is we've seen the mix of our -- to your question, the mix of our products has also changed as well, too, especially newer products that initially might carry a lower margin, but ultimately, the way that we plan for our products is that they're going to scale and have a margin that's ultimately higher than TransUnion's margin. So during this period of time, we were dealing with that, and we were still able to deliver really significant margin expansion. Clearly, there were some productivity programs in there. So in my prepared remarks, I talked -- I highlighted '23 to '24, and then I highlighted '25 to '26, but look at what happened between '24 and '25, right? We still grew 40 basis points, really didn't have a benefit from a productivity program in those years, right? So that gets to -- again, if you look at the subdued kind of lending volumes, we were still able to expand margins, I think, meaningfully during that period of time. So what we're trying to do with this guide is be very balanced in regards to how much margin that we want to be able to show on an annual basis, but also be very thoughtful about how much reinvestment we want to make back in the business. I mean you've clearly heard today a high degree of conviction from this team about what's ahead of us. My job as the CFO is I got to figure out how do we make certain that we continuing to fund these things, right? Because the runway that we have is real. So there's a constant tension, which is a good thing within the organization to figure out what the right balance is on the margin.

So look, this is a really important point, and we want to make sure that we're understood. And it's great now that we can show our margins with and without FICO, which has distorted our margins. So some investors in recent years have asked whether the business still has the same operational leverage that it once did because to the blue bars here, you would see flattish margin progression after the cost takeout program. But again, that's because the overall margins were being distorted by disproportionate price increases by FICO. If you strip that out, you see that over this period, we increased margins by 240 bps, pretty good in a really difficult environment, which was not a robust credit environment and lower credit volume has a high decremental margin impact on the business. And at the same time, we were integrating other solutions like marketing and fraud that had lower margin, and we were bringing it up. So having done all of that work and with those headwinds, to grow margins 240 bps in the period, I think, is impressive. And that gives us confidence to project 50 bps a year improvement, which to Todd's point, is balanced. It's balanced between margin harvesting but continued investment in the business.

Let's go, Curt and then Jason.

Curt Nagle, Bank of America. Todd, maybe just going back to that point you just made about margin progression and noncredit versus credit. Could you go a little bit more into detail in terms of -- for those noncredit products in terms of what's driving that accretion? I guess was the point more just a maturation and then deployment of product versus higher inherent margins? And then maybe just talk through, if we could, underlying assumptions on India growth for that low double-digit growth?

Okay. So I'll take that. That's a very different question. So I'm going to let Todd take that one. But let me start high level with -- when we look at our solution profitability, first of all, every single one of them carries a margin higher than TransUnion's adjusted EBITDA margin, right? So in many cases, meaningfully. Credit, to the point I was just making to Brendan's question is the highest margin, right? But other products that we sell where maybe we have to purchase some data as an example, it's going to have an impact on the margin but not that significant. These contribution margins are very attractive to us, right? So that's kind of a broad perspective when you just think about the solution suites themselves. What I was referring to was more of a product early in maturity and that there is a little bit of a ramp-up period during that time and that in that period of time, margins aren't going to be at a TransUnion like. That's the investment that we're making. So our job as a management team is to place those bets and make certain that you as shareholders, don't see them, right? And that we're -- and I'm not trying to be facetious there, but that's the balance, though, right, that we're trying to continue to grow, but then how do we fund it is really what I'm getting at there. So that's how -- that's what I meant. It's more of a maturity thing. So hopefully, that clarifies.

And so any of these solutions are very attractive, right, from a contribution margin perspective. There was some macroeconomic noise, though, in this period that impacted the margins of some of the newer solutions. So in the '22 time frame with the spike in inflation, the spike in rates and the decline in lending volumes, on the marketing side of the house, businesses were squeezing hard too, right? So there were fewer campaigns, which meant less identity resolution and less audiences. And those are two of our more profitable areas, right? Now that we've stabilized and we're starting to come back, that growth and the flow-through from those products is also improving the margins, the contribution margin and the overall margin of the marketing business.

So Curt, on the India story, I assume you're good on the back story. You kind of understand how we got to where we are today and you're more interested going forward. Yes. So a couple of things I would say. So we've guided single digits through the rest of this year. What I can tell you is that early in the year, we see our online volumes and the expectations that we have, we see it coming back. It's still a bit bumpy, and I think that's normal from a market that's coming back. I think it goes back to the thesis that we've covered today, right, which is around innovative new solutions. So we're launching TruIQ in the marketplace at the end of this month. We have eight customers and a pipeline built for them to consume the product. Back to Steve's point, as customers start to use our solutions that have AI enabled, I think you're going to see more data consumption that comes from that. In particular, India is moving towards data frequency on a daily basis from a consumption basis or from a -- providing it to us. And I think that will flow back to customers from a consumption perspective. The second thing I would say is that from -- on a credit side, we're building scores on a regular basis. We built our Grameen score, which is for rural populations. We've rebuilt our MSME score. We're enhancing our current commercial and CreditVision trended scores with alternative data that we get through our Consumer Interactive business. So in the core business, we see credit coming back. Now the other things I would add is that India from a marketing perspective and a fraud perspective are early stages. Steve talked about our global fraud solutions. Up until about 3 months ago, we were unsure of the data privacy in India that restricted our ability to use that global platform that was situated in the U.S. Now that, that has cleared the hurdle, we see a lot of customers talking to us. I mentioned that we have one of the big private banks buy a 5-year IPI deal from the global fraud solution that's based in the U.S. We believe we'll see more of that coming along. I also mentioned that we talked about marketing solutions in the marketplace, one of the largest Indian retailers, one of the largest OEMs. We also have a couple from the region that we're servicing. One is a large aircraft -- an airline that services the area. We see lots of traction that will slowly come. It's a new market in India, but we're getting in very early from a marketing perspective. And then lastly, Jimmy talked about Trusted Call Solutions. If you look at the Indian market, fraud is call scams, fraud is prevalent. And we're having conversations with all the major telecoms around the solution that we have. I think they see the benefit in India as they do in Brazil, Canada, U.S. and the U.K.

Jason Haas from Wells Fargo. I'm curious if you're seeing any growing interest from your customers in cash flow underwriting and if there's any way for you guys to be able to play in that space more and capitalize on it?

Yes and yes.

Go ahead, Steve.

Yes. So there is -- of course, it's been an interesting thing for them for some time, especially fintechs and certain ones. It works well in certain categories. I don't think it's a universal thing. It's not -- for example, in credit cards, it's not overly valuable. It's not -- income in general is not overly valuable in credit cards. In the high end of auto, it's not, but in the more sensitive parts of auto, it is. And in larger loans, it is. And so I think there's definitely good interest from our customers, and we are working with them on a variety of different fronts to help enable that. We'll have more to come, I guess, in the future.

All right. Let's go with Surinder, Ryan, and then we can wrap it up.

Following up on the first question about just putting together the financial framework for especially the revenue guide here. Given that the recent conservatism in how you've been beating in the past year or so the 12 months, the 18 months of the past year, what is the lens that we should apply to the framework that you've provided here? Is the idea that with 0 volume growth and given those other assumptions that aren't in there, that this is a conservative number that you should hit? Or is this more realistic in terms of the expectations? And then what's kind of the puts and takes outside of those other assumptions?

Yes. So I think that our guidance philosophy is always centered around providing the market what we have a high degree of certainty to and then orienting investors to the high end of that to that guidance, right? So in essence, what the long-term guide is doing is it's keeping stability. So I'm glad you asked the question because I never said 0 volume growth. I said stable. And clearly, there has been stable growth, and we expect that to continue. So that's a really important clarifying point. So hopefully, we all got that, right? So that's what we're looking for. And then the second part of it really goes to the question we had earlier about the $500 million that Mohamed presented right? Like what I said when I gave the medium-term guide, we're -- the guide has only got what we've built so far as well in there. It doesn't have the incremental benefit of the scaling of these solutions that we went through throughout the morning. So what I'd like you to take away from this is we're putting a guide out in the medium term that we have a strong conviction that we're going to be able to deliver on. And when I went through the EPS slide where I took the high end of the 2026 guide and did the illustrative example to walk you to $6, but more importantly, $7, the right hand of that slide is really where you should be focused at because that's where the outperformance is at. So medium-term guide is consistent with a guide that you get for us from a quarter or for the full year. It's grounded in what we have visibility and conviction in today with levers for outperformance.

Yes. And so a couple of additional tidbits. I think part of what you're asking is we've put out this medium-term financial framework. And should you expect that we're going to outperform the high end of that guide by the same degree that we've been outperforming our guide in '24 and '25. That wasn't our intention, okay? I would also point out that, that guide is at the top of guidance in our market and also in information services. So it's a strong guide, but it's a guide that we have confidence and conviction in, but it's in a higher bar than we had, say, in 2024 when we guided then. And then we outlined at least half a dozen ways, half a dozen opportunities to create upside based on all the innovation that we showed you today. And then, of course, part of it is macro. I mean in a more certain environment with more favorable interest rates or just stability, I would expect loan volumes to increase beyond what's [ assumed, ] but we didn't bake any of that acceleration of volume to Todd's point and all. So hopefully, that gives you the color you were looking for.

Ryan Griffin from BMO Capital Markets. I just had a quick question on fraud and marketing. I think you said that those businesses could compound in the low teens and even better if you execute well. I was just wondering what degree that depends on the cyclicality of those markets. And then in a prior question, you also referenced that the FHFA, one of the GSEs is accepting the loans and securitizing. Can you unpack that comment a little bit more as well?

Okay. So we'll handle those separately. But first, in terms of the cyclical risk of our revenue performance in marketing and fraud. Unfortunately, fraud doesn't appear to be cyclical, right? So we just have to get the best version of all the data and analytics that we have in fraud in the TruValidate solution. Now what we have is really good and very compelling, but there's a robust pipeline of improvements and that plus Todd and Steve continuing to improve their go-to-market and their commercialization, that's going to increase the rate of growth in fraud. There's a bit of cyclicality in marketing. I mentioned it when answering the other question just a minute ago. In very difficult economic times, businesses will reduce the marketing spend. They will squeeze their suppliers, right? Now a high proportion, greater than a majority of our revenue in marketing is subscription oriented, right? So it's not as transactionally at risk as perhaps other product lines, but there is a little bit of cyclicality. Honestly, I'm not worried about cyclicality in marketing right now impacting our revenue growth because I think we've delivered so much value in the integrated product suite, and I think the data is so differentiated that we can grow through those headwinds, those potential headwinds. The GSEs, yes, I mean, look, we are obviously in contact and collaboration with the GSEs pretty frequently. All the bureaus are. We were gratified to learn that they have run a pilot. They have securitized a loan portfolio and issued it that was based on Vantage 4.0, and that's just what I was mentioning.

Any closing remarks?

Well, first of all, you guys have been great. I know we threw a lot of information at you. Did I mention we have some platforms, right? But look, it was a great day. And after 4 years of working hard, it was exciting to get to spend time with you and hundreds of other investors that are dialed in and tell our story. And what I would say is in that '21, '22 time frame, we made some bold moves because we believe we needed to do that to fulfill the full potential that we had in this business. And there were some times along the way where there were concerns about leverage. There were concerns about transformation risk. There were concerns. But we kept our heads down. We executed through it. And I think now you can see the business that we have created and you can see how the financial performance can inflect and be really attractive go forward. So thank you for your time and attention. Let's get some food.