Good morning, and welcome to the Dun & Bradstreet's third quarter 2021 conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, press Star then zero on your telephone keypad. With that, I would like to turn the call over to Deb McCann, Treasurer and Senior Vice President of Investor Relations. You may proceed. Thank you. Good morning, everyone, and thank you for joining us for Dun & Bradstreet's financial results conference call for the third quarter ending September 30, 2021. On the call, we have Dun & Bradstreet CEO Anthony Jabbour and CFO Bryan Hipsher. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results for our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release and other SEC filings. Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information, is provided in the press release and supplemental slide presentation. This conference call will be available for replay via webcast through Dun & Bradstreet's investor relations website at investor.dnb.com. With that, I'll now turn the call over to Anthony. Thank you, Deb. Good morning, everyone, and thank you for joining us for our third quarter earnings call. We are pleased to report strong third quarter results as revenues for the quarter grew 22% and EBITDA grew 12%. Progress in our core business continues to accelerate as reflected in our organic revenue growth of 4.1% or 3.7% excluding the impact of foreign currency. Increasing growth in North America complemented another solid quarter in our international segment due to strong retention rates, increased pricing, a growing share of wallet with our strategic clients, the addition of new logos, and the lessening of previously communicated headwinds. On top of that, the Bisnode acquisition is progressing very well with the integration going better than we originally expected. Both finance and risk and sales and marketing had solid growth in the quarter. Two bright spots in particular were our risk and our marketing solutions. Internal investments in our risk solutions over the past few years have strengthened our position and demand remains high as supply chain and third-party risk management continue to be a point of focus for businesses throughout the world. On the marketing side, our online audience solutions business continues to see robust growth rates, and we see a significant untapped opportunity in the online business-to-business marketing landscape. This led us to strengthen our position through the signing of definitive agreements to acquire Eyeota and NetWise. I'll go into more detail as I expand upon our latest innovations, but these two complementary companies will extend our position further in the B2B online marketing value chain and build upon a business that has grown over 40% year to date. Overall, we continue to focus on expanding and enhancing our offering set through internal investments, strategic partnerships, and focused acquisitions. We are pleased with our increasing organic growth rate throughout this year and with the momentum we have entering the fourth quarter. We expect to drive progressively stronger growth in the fourth quarter versus prior year to establish a solid foundation for further acceleration into 2022. As we close out the year, our key priorities remain consistent. Innovate solutions and localize them globally. Increase our share of wallet with strategic clients. Approach and monetize the SMB space in new and innovative ways. Finally, integrate and accelerate the Bisnode acquisition. The team has made great progress towards executing on these priorities, and I'll now share some highlights of those accomplishments before I turn the call over to Bryan for a more in-depth financial review. After that, we'll finish up by taking your questions. New product innovation continues to be our primary objective. I'm pleased with the focus and urgency with which our North American and international teams are operating. As we look to enhance existing solutions and add net new capabilities, we've been able to leverage our incredible client base. We've established finance and risk and sales and marketing advisory boards to help guide our roadmap through direct input from senior decision-makers who are industry experts from leading enterprises throughout the world. For example, with our recent launch of ESG Intelligence, we're able to focus our solution on individualized client scores as opposed to relative scores or indexes based on industry code or some other shared attribute. Listening to the needs of our clients encouraged a more supply chain-focused use case that is very complementary to the risk and compliance scoring and workflow we have in the market today. We believe that an end-to-end workflow that incorporates financial, regulatory, compliance, and ESG underwriting through data and analytics is a powerful tool for the industry and we are pleased with the feedback we've received from clients and prospects to date. On the sales and marketing side, we continue to focus on building upon our strengths in master data management and online marketing while simultaneously bolstering our sales solutions through expanded data, third-party integrations, and a more seamless UI/UX experience. While the master data management and online marketing solutions make up the vast majority of our revenues in the segment, we believe there's a lot of potential for us to evolve our sales solution from a deep research tool to one that is more agile and able to deliver on our global contacts in a more simplistic and effective manner. We continue to streamline our offerings, expand upon our growing contact data coverage, and to integrate third-party data with our solutions to make campaign activation more efficient and effective. With limited downside and significant upside, I'm excited about where we are today and where our team is driving us as we make significant progress in capturing a piece of this growing market. Turning to our marketing solutions, this morning we announced the signing of Eyeota, a fast-growing provider of audience targeting capability that enables the activation of online audience segments. Eyeota's products extend our audience solutions business from being dependent on others for execution to being online and participating more fully in the B2B MarTech and AdTech supply chain. We also entered into a definitive agreement to acquire NetWise, an industry-leading B2B online identity graph. Combined with the D-U-N-S number and our existing offline data, this enriched offering will allow marketers to target B2B clients and prospects across every major online channel, individual device, or marketing platform. Just as our clients rely on the D-U-N-S number for precision in their offline data, we're looking to provide the same level of confidence and consistency online as well. For marketers, this means they'll have assurance that their online audiences are targeting the right people and that they can reach them across every online channel. We are solving for the current audience shrinkage these marketers face today with the low match rates that plague this industry. This will enable clients to build upon the investments they've made into data management mastered on the D-U-N-S number and more readily activate that data in social, search, and display advertising campaigns. Said simply, Dun & Bradstreet has the offline B2B targeting data. NetWise enables marketers to translate that data into online audiences, and Eyeota syndicates it across the digital ecosystem. I'm excited about what we are doing both organically and through acquisition, and believe we're on the right track to take advantage of these growing markets related to how sales and marketing professionals are increasingly utilizing data and analytics in their business-to-business interactions. Moving on to key sales wins in the third quarter. We're pleased with the ongoing success we're having with our strategic clients, which include renewal rates at nearly 100% and the addition of several new logos. As businesses face heightened pressure to meet regulatory requirements, prevent supply chain disruption, and protect brand equity, our risk and compliance capabilities are well positioned to assist our clients and prospects. For example, we won competitive new business with one of the largest global investment bank and financial services companies in the world, who sought to expand automation opportunities for their onboarding and know your client processes. Our patented business verification process sets us apart from competitors, and our data provided the breadth and depth they required, particularly the beneficial ownership structures. We also signed new third-party risk and compliance business with a current client, one of the three largest aerospace companies in the world, to support their global trade compliance and corporate compliance efforts. Walmart renewed their multi-year agreement with us to support their supplier onboarding process, and we look forward to continuing this important strategic client partnership. We won new business with an existing client, a top German multinational banking and financial services company, to support their compliance verification and background checking needs. We are pleased with the ongoing growth of our third-party risk and compliance business across multiple industries and geographies. We're very pleased to announce new business with one of the world's leading global microblogging and social media platforms. This multi-year deal supports their sales operation and client relationship management program as they recognize the value of our patented matching capabilities, the ability to integrate and automate capabilities, our global coverage and extensive hierarchy data, and our sales and marketing data attributes. We also continue to make inroads with innovative technology companies such as DoorDash as they look to reduce their risk through improved credit and accounts receivable prioritization. DoorDash chose D&B for our comprehensive integrated portfolio monitoring and accounting compliance tools and the ability to manage financial risk in accounts of all sizes. On the international front, we collaborated with Siemens on their two-day datathon event, where over 180 of their colleagues from around the world explored use cases in combination with Analytics Studio and AI technology to arrive at tangible solutions for the most impactful use cases identified by business owners and analysts in the areas of risk, marketing, sales, and procurement. The event uncovered further Siemens business opportunities, and as a result, Siemens entered into an agreement leveraging Analytics Studio for sales and marketing. The access we acquired through our Bisnode deal to strategic European Global 500 clients such as the German bank mentioned earlier and Siemens is invaluable, and we continue to get in front of these new clients to support their businesses with our global solutions. Lastly, in Asia, we successfully renewed another important strategic client, Alibaba, who leverages our data to verify entities on its leading global e-commerce platform. Data sourced through our Data Blocks solution delivered by our D&B Direct+ API. Further, as a trusted partner to Alibaba, we're progressing a number of innovative growth initiatives leveraging our global finance and risk solutions. This is an example of how Dun & Bradstreet is able to adapt and replicate our client success in North America to international markets and support the needs of some of the most sophisticated names in emerging markets. While we continue to demonstrate success with our strategic clients, we're also making progress in the small and mid-sized markets. I'm excited to announce that we recently signed an agreement with TransUnion to launch a proof of concept for a blended commercial credit score that in part is powered by TransUnion data. This score is the integration of consumer data from up to two business principals with our commercial data and additional data assets to enrich and enhance the decisioning process for our clients. The score is expected to be available on approximately 90% of all inquiries, and it's particularly important for our clients who lend to small businesses, including commercial banks, card issuers, and small business lending institutions. We believe our combined solution will increase our match rates, provide lift to our existing commercial scores, and deliver superior small business score that any single standalone commercial or consumer credit score could not accomplish. On the e-commerce front, we are seeing strong subscription numbers to our platforms such as D-U-N-S Manager and CreditSignal, averaging over 1,100 new small business sign-ups per day. While still small, e-commerce sales in the third quarter are up nearly 50% from prior year quarter. We also completed implementation of a modern online shopping cart to include internationalization with additional payment options with the United Kingdom and Ireland e-commerce product to launch shortly. These initiatives are all examples of our continued dedication to helping small businesses thrive. In our international segment, we continue to roll out localized solutions across our own and partner markets. In the third quarter, we delivered 10 product launches across Europe, Greater China, and the Worldwide Network partner markets. Data Blocks launched with partners in Europe, Asia, and Africa, and Finance Analytics launched in Latin America. These launches will be critical to driving product loyalties in the future. We also launched Rev.Up and a beta version of ESG Intelligence in the U.K., along with our local language Hoovers offering in Greater China. These new international solutions, along with the many in North America we have discussed over the past few quarters, are allowing us to create a significant amount of new product revenue. For total company, the new product vitality index or the percentage of revenue from new products was 8% in Q3 versus 2% in Q3 last year. We'll continue to drive more and more solutions into our markets around the world and look forward to updating you on our progress through the coming quarters. Lastly, we continue with the successful integration of Bisnode, with top-line performance and synergy realization ahead of expectations. In the third quarter, we launched localized B2B Hoovers solution in five markets. We also enhanced Bisnode's existing products, including adding B2B credit decisioning on Bisnode's flagship Risk Guardian credit platform. These solutions will enable us to execute our strategy of migrating clients off legacy offerings onto modern digital platforms, as well as attract new clients. Regarding synergies, we are on track to achieve approximately $25 million in annualized net savings by year-end 2021, and we remain on pace to achieve $40 million annualized of net savings by year-end 2022. Overall, I'm pleased with our continued progress in laying the foundation for accelerated sustainable growth throughout the remainder of 2021 and into 2022. With that, I'll now turn the call over to Bryan to discuss our financial results and outlook for the remainder of 2021. Thank you, Anthony, and good morning, everyone. Today, I will discuss our third quarter 2021 results and our outlook for the remainder of the year. Turning to slide 1. On a GAAP basis, third quarter revenues were $542 million, an increase of 22% both after and before the effect of foreign exchange compared to the prior year quarter. This includes the net impact of the lower purchase accounting deferred revenue adjustment of $1 million and the net impact of the Bisnode acquisition. Net income for the third quarter on a GAAP basis was $17 million or diluted earnings per share of $0.04 compared to a net loss of $16 million for the prior year quarter. The improvement was primarily driven by higher prior year expenses related to the retirement of debt as part of the IPO, lower interest expense and improvements in operating income. This was partially offset by favorable tax benefit adjustments related to the impact of the CARES Act recorded in the prior year period. Turning to Slide 2. I'll now discuss our adjusted results for the third quarter. Third quarter adjusted revenues for the total company were $543 million, an increase of 23% both after and before the effect of foreign exchange. This year-over-year increase includes 18 percentage points from the Bisnode acquisition and a quarter of a percentage point from the impact of lower deferred revenue purchase accounting adjustments. Revenues on an organic constant currency basis were up 3.7%, driven by increased demand for our solutions in both our North America and International segments. Third quarter Adjusted EBITDA for the total company was $220 million, an increase of $24 million or 12%. The increase in EBITDA was primarily driven by the impact of Bisnode and increased organic revenues, partially offset by the impact of higher data processing costs. Third quarter Adjusted EBITDA margin was 40.7%. Third quarter adjusted net income was $123 million or adjusted diluted earnings per share of $0.29, an increase from $101 million or $0.24 in the third quarter of 2020. Turning now to slide 3. I will now discuss the results for our two segments, North America and International. In North America, revenues for the third quarter were $374 million, an increase of approximately 3% from prior year. Excluding the impact of foreign exchange and the Bisnode acquisition, North America organic revenue increased $12 million or 3%. In Finance and Risk, revenues were $214 million, an increase of 4% or 3% before the effect of foreign exchange. Excluding the impact of foreign exchange and the Bisnode acquisition, organic revenues increased $8 million or 4%, primarily driven by strong double-digit growth in our risk solutions and solid single-digit growth in our finance solutions from new business and increased wallet share from existing customers. For Sales and Marketing, revenues were $160 million, an increase of $4 million or 2%. While data sales in our marketing solutions had another solid quarter, the overall growth in sales and marketing was partially offset by $2 million from the Data.com legacy partnership wind down. North America third quarter Adjusted EBITDA was $186 million, an increase of $2 million or 1%, primarily due to revenue growth, partially offset by higher data processing costs. Adjusted EBITDA margin for North America was 49.6%. Turning now to slide four. In our International segment, third quarter revenues increased 104% to $168 million, or 105% on a constant currency basis, primarily driven by the net impact from the acquisition of Bisnode and growth in both finance and risk and sales and marketing solutions. Excluding the net impact of Bisnode, international organic revenues before the effect of foreign exchange increased approximately 5%. Finance and risk revenues were $109 million, an increase of 61% both after and before the effect of foreign exchange, primarily due to the Bisnode acquisition. Organic revenues before the effect of foreign exchange grew 2% with growth across all markets, including higher revenues from our Asian markets, localized offerings in India, and growth from D&B Credit in Greater China, partially offset by elevated cross-border data sales in the prior year period. Sales and marketing revenues were $59 million, an increase of 300% or 307% before the effect of foreign exchange, primarily attributable to the Bisnode acquisition. Organic revenues before the effect of foreign exchange grew 22%, including higher revenues from our U.K. and Greater China markets attributable to multiple recently launched products, higher data sales, as well as increased Worldwide Network product royalties. Third quarter international Adjusted EBITDA of $54 million increased $26 million or 93% versus third quarter 2020, primarily due to the net impact of the Bisnode acquisition as well as organic revenue growth and lower data costs, partially offset by higher net personnel expenses. Adjusted EBITDA margin was 32.2%. Turning to slide 5. I'll now walk through our capital structure. At the end of September 30, 2021, we had cash and cash equivalents of $234 million, which when combined with the full capacity of our $850 million revolving line of credit through 2025, represents total liquidity of approximately $1.1 billion. As of September 30, total debt principal was $3,660 million, and our leverage ratio was 4.5x on a gross basis and 4.2x on a net basis. The credit facility senior secured net leverage was 3.5x. Turning now to slide 6. I'll now walk through our outlook for the remainder of 2021, in which we are maintaining our ranges for revenue and EBITDA and increasing our range for EPS. Adjusted revenues are expected to be in the range of $2,145 million-$2,175 million, an increase of approximately 23.5%-25% compared to full year 2020 adjusted revenues of $1,739 million. Revenues on an organic constant currency basis and excluding the net impact of lower deferred revenues are expected to be in the range of 3%-4.5% for the full year. Adjusted EBITDA is expected to be in the range of $840 million-$855 million, an increase of 18%-20%. Adjusted EPS is expected to be between $1.06-$1.09 versus our prior guidance to the high end of $1.02-$1.06, primarily driven by improvements in our interest expense and depreciation outlooks. Additionally, modeling details underlying our outlook are as follows. We expect interest expense to be approximately $200 million versus our original $200 million-$210 million, driven by lower LIBOR rates and less borrowing than anticipated. Depreciation and amortization expense of approximately $80 million, excluding incremental depreciation and amortization expense resulting from purchase accounting versus our original approximately $90 million, primarily driven by lower Bisnode depreciation than anticipated. Adjusted effective tax rate of approximately 24%, weighted average shares outstanding of approximately 430 million. For CapEx, we expect approximately $237 million, which accounts for the $77 million purchase of our new global headquarters in Jacksonville, Florida. Finally, with organic growth continuing to accelerate each quarter, we expect Q4 to be at or above the high end of our organic growth range versus at the high end of the range, which we discussed on our second quarter call. We look forward to closing out 2021 on a high note and heading into 2022 with positive momentum. With that, we're now happy to open up the call for questions. Operator, will you please open the line for Q&A? Thank you, sir. At this time, if you would like to ask a question, simply press star then the number one on your telephone keypad. Your first question comes from the line of Hamzah Mazari of Jefferies. Hi, this is Mario Cortellacci filling in for Hamzah. Could you just give us an update and talk about how many SKUs you guys have currently product-wise and give us a sense for how your products have pricing power versus others. Then maybe is there any rationalization that you can do within your SKU count that could potentially give you even more pricing power going forward? Mario, in terms of the number of SKUs, I don't have that off the top of my head. We've got, you know, a number by, you know, each of the core lines of business, and you know, finance, risk, sales and marketing, and then the international versions of them. A decent number of products covering the entire space that we're focused on, which is organizations globally covering, you know, the largest in the world to, you know, smaller SMB products. A tough one to answer, but I'd say I feel really good about the product inventory that we have and how we're going to market with it. Certainly with a number of our products, we feel we have, you know, great pricing power with them. In areas, you know, like, we talked about this morning, on the online marketing side, we are adding capability to you know, to further increase, you know, some of the pricing power that we have. So, there are products that overlap. We talked about that, you know, with the Bisnode acquisition, you know, as an example, and where we would be leveraging some of the products both ways. You know, we'll continue to do that. We'll do it in a client-focused manner, so that, you know, our clients are receptive to continuing to partner with us and work with us, and we'll migrate them over time, you know, retaining the relationship, retaining the revenue, and on our side, finding more efficiency by any overlapping products. Got it. Just my follow-up is around like this marketing space and some of these acquisitions. Could you help us understand the competitive dynamics in the marketing space? One of the credit bureaus obviously getting a lot bigger in digital marketing. But I guess is this differentiated because it's more B2B or is there anything else to call out versus somebody like a TransUnion or what they're doing? Are there any other major competitors within this B2B marketing space? Yeah, absolutely. Really what differentiates us from others who are in the space is that we are focused on B2B. B2B is, you know, what's great in the B2B world in many regards is you can see the trends that have been successful in the B2C world, and B2B tends to lag it. For us, we can see that the success here, you know, has been strong and there's a great opportunity in this space. With everything that we have in terms of our D-U-N-S Number, our data, you know, the number of brands that we work with directly today versus having to go through an agency really sets us up, you know, with a great advantage in this space. Also, you know, as you look at just the value of an ad to a B2B marketer is much higher than it is to a B2C marketer. Having a restaurant putting up an ad for a hamburger has a certain amount of value compared to a B2B ad, you know, reaching out to a known business contact of an organization selling an ERP system as an example. We see that the demand will be high for B2B because the price of a B2B ad will be more valuable than a B2C ad. Great. Thank you very much. Thank you. Your next question comes from the line of Kevin McVeigh of Credit Suisse. Great. Thanks so much. Hey, could you unpack a little bit the improvements in the organic growth Q3, and then it looks like you're gonna see a real nice acceleration into Q4 as well. Maybe how much of that is just better retention versus pricing versus new product? And then, you talked about a vitality index of I think up to 8% versus 2% in Q3. How should we think about kind of a longer term target for that? And is there any way to kind of triangulate that to what it can mean to organic growth? I know there's a lot there, but really focused on kinda organic growth improvement Q3 to Q4 and then ultimately what the vitality index can mean for that. Hey, Kevin. Thanks for the question. When we look at the organic acceleration throughout the year, you've seen it step up now sequentially from Q1 to Q2, now into Q3, and we expect that, you know, to continue into Q4. Anthony mentioned earlier, you know, pricing is certainly, you know, one component of that. We talked about, you know, as the renewals flow through and we start to see the twelfth month, you know, peel off and the thirteen month of a multiyear contract step up, we're seeing that, you know, acceleration into Q3 and Q4. Retention, we have a lot of, you know, focus and energy behind that. A lot of the improvements we're making from a data quality perspective, data consistency, expanding the data set into new and alternative data components, all of that is helping to drive, you know, a better, you know, customer experience from that side, which plays into retention, as you said. On the new product side, you know, we've had, as Anthony talked about, some really nice successes both in that, you know, marketing space, which is a sub-segment of the overall sales and marketing. Really, you know, in that third-party risk and compliance side, we saw nice growth there, where we're handling, you know, anything from the KYC of a large, you know, multinational investment bank to, you know, we extended with Walmart from that perspective. That's a space, you know, in a market that is very germane and very much growing, and we see, you know, that we're very well positioned to continue to drive acceleration in you know, that area. That's helpful. Just on the two acquisitions, it seems like the growth is pretty strong relative to the core business. How should we think about that? Is there any impact on kind of the 2021 guidance? In terms of just numbers around that, and can you give us a sense of the size and just the growth rate overall? Sure. Yeah. Kevin, thank you. We literally, you know, we're just signing those, and they'll close here, you know, relatively shortly. I would say, you know, one sooner in the next few weeks. Overall, we are paying about $165 million for one of them and about, you know, call it $69 million for the other. So that's kind of the purchase price from that perspective. We talked about the size of that, you know, marketing business and where it's at today. I mean, this will, in that sense, you know, a little bit more than double, you know, the size of that. You know, when we look at those, you know, growth rates and we look at the... As Anthony said, the interconnectedness and what we can leverage from the Dun & Bradstreet, we're pretty excited about the growth opportunity. In terms of guidance, because we've signed them, Kevin, and we haven't closed them, they are not included in the guidance ranges that we provided, and they certainly won't be included in the organic, right? Just because of the acquisitive nature and the fact that, you know, we're backing those out, or we're backing those out for the first 12 months. Super helpful. Thanks again. Thanks, Kevin. Your next question comes from the line of Ashish Sabadra of RBC Capital Markets. Thanks for taking my question. Looks like pretty solid progress on the Bisnode integration. I was wondering, as you've owned Bisnode for almost 10 months now, do you believe that there could be potential upside to the cost synergies? Also from a revenue perspective, I was wondering if you could talk about the cross-selling success that you've had there. Thanks. Sure. You know, on the progress, like I said in my prepared remarks, you know, we're already at $25 million annualized savings. Next year, we'll get to $40 million of annualized savings. You know, first of all, I wanna say, you know, extremely proud of the team and the great work that they're doing, you know, from an operational execution perspective, you know, during COVID, overseas, you know, lots going on, lots of reasons for, you know, there to be operational hiccups. The team's done a phenomenal job on the synergy side, on our client side, and driving, you know, value there. You know, at this stage, you know, we feel pretty good about the synergies that we're going to get from it, and our focus in the second part of your question, Ashish, is on the growth. That's where, you know, we'll look to continue to drive our products into that client base. We continue to see, you know, really nice momentum and receptivity from those clients, and I think in parts it's how our teams are taking care of them through the transition. But it's exciting to see, you know, I think our sales and marketing products were 12.5% increase year over year into that base. There's some really good momentum that we have overall with that acquisition, and like I said, I'm proud of the team executing it. That's great. Maybe I was wondering if you could drill down further on the TransUnion partnership that you talked in your prepared remarks. How do you plan to go to market? How do you think about the addressable market there? And how do you think about the opportunity over the next three to five years? Thanks. Yeah, sure. No, it's a really exciting opportunity, you know, for us and I think for TransUnion as well, candidly. I won't speak for them, but in the SMB space, we're focused on, we've talked about this before, where the difference between a consumer credit bureau report and our commercial at that end is the same gap as it is for larger businesses. But there's a difference in, you know, price between them, and it's been an area where we've been, you know, not as strong. What I'm excited about this deal with what we're doing is, again, we talked about the commitment that we're gonna make at the very beginning. What I hope you know, you see is us continuing to do what we say we're going to do and focus on it. We've not wavered on the SMB space in terms of the number of products that we're bringing to that space. Especially with this capability on the blended score, how it can help in that space by increasing match rates, how it can help increase our commercial score that we had and how it can help give lift over, you know, just the consumer credit bureau score as well. From that perspective, it really has the makings of a winner, and I'm excited how it can help our larger enterprise clients as well that focus on the space. Because, you know, what I'd say is, you know, again, you know, we're thoughtful here in terms of how we're describing it. It's a proof of concept. We've been, you know, doing analytics for, you know, a number of months right now. We feel good about the momentum. Otherwise, obviously wouldn't have introduced it on the call. But it's still early stages, and we wanna be transparent with you in terms of, you know, what, you know, what's coming, right, and where are we headed. So you see in the product vitality index score how we've increased, you know, new revenue contributions to the company 8% versus 2% last year. Part of this is, you know, just continuing to give you headlights into what we see coming next, and this certainly is one, you know, which is exciting for us and exciting for our clients. You know, as I mentioned, again, in the prepared remarks, when we talked about our phenomenal clients. You know, we've got phenomenal clients. We're very fortunate to have them, fortunate they participate in advisory boards. They're experts. You know, we've had a great opportunity to listen and partner with them. What I'll say is the interest level is very high from those that we've talked about with this opportunity. Thanks, Anthony. That was very helpful color. Thank you. Thank you, Ashish. Again, as a reminder, if you would like to ask a question, simply press star then the number one on your telephone keypad. Your next question comes from the line of Andrew Jeffrey of Truist Securities. Hi. Good morning. Appreciate you taking the questions. Anthony, I wanted to just spend a minute on sales and marketing, and it sounds like these acquisitions are, you know, clear commitment to that space and enhancing your capabilities there. You know, can't help but note the relative outperformance rest of world. I wonder if you could just contrast perhaps some of the success you're having internationally with the relatively slower growth and maybe what is a more competitive market in the U.S. and how you think, you know, some of the success you've had rest of world, do you think, you know, maybe perhaps in conjunction with recent M&A can accelerate the U.S. growth, whether there's some learnings you can bring to domestic markets? Well, a great question, Andrew. What I'd say overall when you think of sales and marketing and, you know, again, in the pure sales side where I know there's been some great growth announced in the quarter and in the space. Our focus more traditionally is on the marketing side, the data side, you know, the APIs for our master data management around our D-U-N-S number. That's historically, I'd say, the nature of our business versus selling to salespeople to enable sales success. When we look at what we're doing in this space, you know, and just the natural success we're having in our audience targeting business marketing business, the 40% growth, we're leveraging a strength that we have with the data of all these businesses global, the D-U-N-S Number, et cetera. On the sales side, again, selling more not to the end seller in many cases, but to researchers of the company. If Dun & Bradstreet want to target someone and do a lot of in-depth research on them versus just identifying who the you know, CTO is of a company to call on them, that's where we've been focusing. As we look at sales and marketing more holistically, and again, as you look at the relative size of, you know, our clients, internationally, we have more larger clients skewed versus in the US, we also have smaller clients. There's a difference there in terms of how the integration of our marketing and sales solutions would benefit a large enterprise, you know, client versus a smaller mid-size client. What we're doing is focusing on the marketing efforts. We've got a very thoughtful approach about marketing, owning the online data space, growing into account-based marketing, expanding into engagement and trigger events of keeping the relationship, and then having that lead into sales versus purely being just in sales. That's what we're doing with you know the relative size of our sales business like we talked about is a smaller part of that schematic. The true sales selling to you know to sales executives like you said is a you know probably $90 million-$100 million in revenue of our whole sales and marketing business. But it's an area where we're excited about because we see opportunity there and we see more upside than downside in terms of how we can continue to enhance it with additional contacts simplified user experience and interface et cetera. That's why I think, you know, we're seeing the differences internationally versus domestically, what our core strength is here around the D-U-N-S, around the data, how we're, you know, building muscle upon muscle with these acquisitions of really honing in on what we're really strong and great at. Then from that basis, moving more definitively into the sales, pure sales side. At the risk of overgeneralizing, is it safe to say that D&B sales and marketing initiatives are more data intensive as opposed to being sort of more CRM oriented? I just wanna make sure I can kinda wrap my head around it a little to go to market a little bit. Well, I think it's going to target some of the data feeds, the CRM, so it's you know, the lines blur a bit there. What I'd certainly say is, you know, from an audience targeting solution, our foundation is data and marketing moving into sales. Like I said, if you take sales and you break it down, there's larger enterprise sales where again, there's a lot more research and thought going into building campaigns versus, you know, you wanna sell to every hospital and you want the CIO of every hospital. It's not that simple. We're going to continue to move more and more in that direction, but really what our focus, Andrew, is really solidifying the foundation of where we're strong and also continuing to you know to create you know the D-U-N-S number in a more and more meaningful way in the online world. You see obviously the strength that we have with it in the offline world. As we go online, really being able to take that D-U-N-S like, there are a number of online IDs that have to get created along the process. This will enable us and our customers that have D-U-N-S numbers and making it more relevant to be able to more easily market online. That, that's what we're excited about, and that's why I said the focus is on that right now. While in the meantime, we continue to focus on the contacts, on all the things that we've talked about before from a pure selling perspective. You know, we talked about having 30 million high quality contacts by the end of this year. We're at over that. We're at 31 million at the end of Q3. The focus that we have of, you know, contacts and things of advantage in general selling, we're absolutely continuing to move in that direction. Like I said, improving the UI, improving the integration of our marketing efforts. Really what we're doing with these acquisitions is really hardening a great capability in the leading space that we have in the B2B world. All right. Look forward to following your progress. That's really helpful. I appreciate it. Thank you, Andrew. Your next question comes from the line of Gary Bisbee of Bank of America Securities. Hey, guys. Good morning. Nice to see the organic growth, revenue growth progress you made here. You know, so I wanted to ask about the portfolio in regards to growth. You know, you talk about risk. I know it's small within FNR, but remains robust. This online B2B marketing, you know, growing rapidly. But is there a base of revenue there, you know, or some pockets of revenue that are declining and sort of drags on growth that these smaller parts of the portfolio are really having to outgrow? Or would it be more reasonable to say there's, you know, big pockets of legacy, revenue within the company that just aren't growing? It strikes me the growth rates would be faster given all the optimism around new products and customer wins that you've talked about in some of these areas that are growing really well, if everything else was, you know, growing as well. Maybe if you could just sort of size what part of the revenue base is really growing, what part, if any, is declining, and what part is stable at this point. Thank you. Yeah, Gary, it's you know, to your point, how we think about, you know, and attack, right, you know, our operational plans from that perspective. When you look at, you know, the overall, you know, Finance and Risk, right? You know, this quarter, you know, grew about 4% in North America, where you saw, you know, the primary growth, and we've talked about it, you know, call it being, you know, roughly, you know, in the $100 million range, you know, that third-party risk and compliance business. That's certainly been accelerating at like strong double digits. When you kinda blend the finance solutions and then the lower end of the market, which was the legacy credibility business, that was one of the businesses, Gary, that we made a lot of strategic changes to, you know, in terms of sales practices, in terms of how we went to market there. That had been, you know, a bit of a headwind for us, you know, as we were kinda leading through late last year and into this year. What's good is, as we continue to progress through, a lot of those changes, you know, are now in place. We're picking up from a place where the back door, as Anthony calls it, you know, is being closed more and more from that perspective. On the sales and marketing side, if you build onto that again, you have the master data management business, which is, you know, the largest component of that. Very strong, very sticky. You know, I would say grows, you know, similar to what, you know, for instance, the finance, you know, business grows from that side of the equation 'cause it really kinda sits as that middle anchor layer, in larger companies', you know, data lake strategies, et cetera. When you start to peel back the two components, you know, what Anthony was mentioning is that the sales business has been, you know, something that we've had to really improve since we've got here. It's getting better, but certainly, you know, it has been a bit of a headwind, you know, as we've progressed through, you know, since the privatization. The marketing business, as Anthony said, and to Andrew's point, smaller part of that business, we talked about it being, you know, roughly $30 million, but it is growing, you know, quite rapidly from that perspective. Having, you know, more focus, more attention, adding the assets of NetWise and Eyeota, we're trying to build, again, muscle on muscle and really, you know, take advantage of an accelerating market. One that traditionally has been focused on larger, you know, kind of B2C side. This is very focused business to business. when you think about, you know, approaching, you know, a Dun & Bradstreet, right, you know, with our, you know, D-U-N-S number and tying that to a digital ID, and then, you know, getting to Bryan Hipsher or Anthony Jabbour, the CFO, CEO within that organization. The advertisement for a multimillion-dollar ERP or HRIS system is very different than, you know, the sofa, you know, that I mentioned, you know, last week and then, you know, showed up at NAF from that perspective. Again, you know, that's kinda how we see, you know, the growth, you know, opportunities and certainly too, you know, hot places are in that third-party risk and compliance and in online marketing. Great, thanks. The follow-up, you know, the new innovation or, you know, obviously it sounds like a lot of good things going on. Just at a high level, how much of the new products and innovation you've been doing is sort of replacing stuff that when you got there wasn't of the quality it should be to win in the market versus new innovation that expands your capabilities and thus expands, you know, revenue opportunity and market opportunity? Is there still some of that we're fixing stuff that wasn't good enough or the pivot towards, hey, this is really largely incremental and additive to our growth potential? You know, are you far along on that? I haven't heard you really discuss that since maybe around the IPO, where you were still fixing a lot of stuff that wasn't done right. Thank you. You know, I think that's a great question, Gary. Certainly we have examples in both buckets, and even products, you know, which were good. The markets continue to move and we need to continue to move with them and ideally move ahead of them, you know, certain clients already. You know, Bryan, do you have any quantification on that? Yeah. You know, Gary, from your perspective, what I would say when I look at the components that are in that new product vitality index, you know, many of those things like for instance on the Analytics Studio, right? Or, you know, on what we're doing in that digital marketing space are really net new opportunities, net new TAM. Anthony mentioned, you know, on the early side of what we're doing with ESG, right? Again, that's a new, in essence, kind of vertical, you know, that we're going into. You know, net new opportunity from that side. In terms of, you know, some of the work we're doing from, you know, continuing to, you know, upgrade platforms, whether it's, you know, UI/UX in some of the, you know, sales spaces, whether that's in terms of just, you know, converting off of and really upgrading, right, the underlying structures of some of the, you know, platforms on the, you know, finance and risk side, that work is still ongoing. The majority of those revenues from a new product perspective are, you know, net new versus in essence replacing, if that makes sense. That's very helpful. Thank you. Thanks, Gary. Your next question comes from the line of Manav Patnaik of Barclays. Thank you. Good morning. Just on the TransUnion partnership, I just wanted to confirm, you know, I did remember seeing some press release that it is focused mostly on South Africa. So I just want to confirm this was something different and bigger. Also, if this was the first time, you know, D&B has partnered with a consumer credit bureau to do anything like this. Sure. Thank you, Manav. Yeah, no, this is something larger. That was in a previous deal that we've done with them together in South Africa. This one is domestically focused. To my knowledge, I know I don't believe anything had ever been done with a consumer credit bureau before, and certainly not in recent history. Going back far enough, there might have been something, but certainly not in recent history. That's why we're excited about it. It's new capability in the market. Again, as we're looking at, you know, where we're strong, where we're average, where we've got vulnerabilities, what are the things that we can do? This is something which helps in an area where we were vulnerable that we've talked with all of you about before, you know, from a competitive perspective. It really puts us in a position of strength here. You know, we're excited about it. Got it. Thank you. That's helpful. Then, you know, just broadly, it, you know, historically at least and probably still to a certain extent, the fourth quarter is always the, you know, heavy loaded quarter for Dun & Bradstreet. I know you guys have tried to change things up for the better. I'm just trying to understand or get some help on how we should extrapolate, you know, let's just say the 4.5%+ organic growth you end back in the fourth quarter and how we should think about that, you know, into 2022. Yeah. Manav, I think, you know, Anthony said it the right way, right? It sets a really nice, you know, foundation for us to continue to accelerate organic growth into 2022. Obviously, you know, as we finish out the year and we get into the Q4, you know, earnings call, we, you know, we'll provide formal guidance at that time. Certainly, you know, we're really pleased with the continued acceleration and the continued momentum we're building into that, you know, recurring organic revenue stream. Got it. Thank you. Your next question comes from the line of Kyle Peterson of Needham. Hey, good morning, guys. Thanks for taking the questions. Just wanted to touch on the M&A outlook and pipeline. Obviously, you announced, you know, these two deals this morning seem like good fits. Are you guys ready and still looking for more deals, or should we expect some sort of a digestion and integration period for these two? No, Kyle, what I'd say is, we're always looking for M&A that will help us and drive shareholder value. You know, the way we're organized, you know, our team can digest these ones. If we saw a great one pop up tomorrow, we'd go after it, you know, with vigor. We've been active in the space we've looked at. You know, a number of companies, as you can imagine. You know, oftentimes the best, you know, strategic move you make is when you don't do something. You know, we're pleased with the decisions we've made walking away from some deals. We've been very thoughtful about what are the right types of acquisitions for us that would really benefit, you know, our clients and help accelerate our growth. You know, that will continue. We'll have conversations today on other M&A opportunities. Got it. That's helpful. I guess just a quick follow-up on the outlook of securitization and the interest expense. I guess, like, the guidance implies that there's a little bit of a step up in 4Q compared to where we've been at over the first 9 months of the year. Is there anything going on related to, like, pre-funding some of this M&A that we should keep in mind? Or is there just an element of conservative or conservatism or anything that we need to kinda keep in mind for our models? Yeah. Clearly, you know, we came out of the range of what our original guidance was, right? We stepped that up. You know, certainly, we think that, you know, we'll continue to perform well against, you know, expectations on that side. Certainly, you know, as we head into the end of this year, you're right, we'll use, you know, a little bit of, you know, cash in some of the revolver, right, to, you know, fund the two acquisitions. Really, as we lead into next year, obviously the other thing we have our eyes on is both the secured and unsecured notes that have, you know, the February 2022 non-call period coming up. Those are at $420 million at 6.875% and $450 million at 10.25%. Obviously, you know, the market's in a very different place than it was almost two years ago when we put those in place. All of those types of things we have our eyes on, and we'll look to drive, obviously, first and foremost, you know, the operational results, but continue to see good opportunity in terms of some of the non-op items to enhance, you know, our overall earnings. Great. That's helpful. Thanks, guys. Nice quarter. Thanks, Kyle Peterson. Thank you. Your next question comes from the line of Andrew Steinerman of J.P. Morgan. Hi. I wanted to talk a little bit about Bisnode revenues. Of course, I see on slide 6 in the footnote that Bisnode's revenues are on track for 19%-21%. So if you could just help us focus in on third quarter Bisnode revenues. I know you're gonna say that there's some like for like type situation. But my question is, you know, is Bisnode's revenues growing yet? Udo, when do you think kind of the pace of the Bisnode revenue growth could pick up? Hey, Andrew. Thank you. Yeah, you know, as Anthony said, you know, this is a large scale, you know, transaction, obviously, you know, really complex and a pretty, you know, tough period. The team's done a really nice job. So when we look at kinda comparables, last year that business was, you know, declining, you know, call it about 1.5%. This year, you know, it's growing, you know, call it somewhere around, you know, 2%. It is, you know, turned the corner, Andrew, from that perspective. The Nordics are having a good year from that perspective. What we're seeing and, you know, what our original thesis was that the Dun & Bradstreet products are growing faster than the overall, you know, Bisnode. They're certainly driving, you know, the majority of that growth. Anthony even dropped, you know, as we brought some new products to bear in the sales and marketing relatively quickly, those are growing, you know, almost 12.5%. Small base, but of course showing, you know, good momentum from that perspective. Okay. Thank you. Mm-hmm. Thanks, Andrew. Next, your next question comes from the line of George Tong of Goldman Sachs. Hi. Thanks. Good morning. You originally expected organic growth to be in the lower half of the 3%-4.5% range in the third quarter, and you outperformed that target. Can you elaborate on what drove the upside and if there was any pull forward from future quarters that impacted the growth? Yeah, George. No pull forward from that perspective. When we talked about, you know, on the prior call, we said that, you know, we were looking at kind of the middle, you know, or a little bit below the middle of the guidance range. You know, we came in at, you know, the 3.7%. You know, certainly had good sales activities. You know, we've certainly seen not like a swing right on the usage side, but, you know, again, relatively in line with expectations. You know, really it was just a general, I would say, straightforward performance from that perspective. Pricing's flowing through. Sales are continuing to flow through and outpace overall revenue growth. Our retention has continued to improve. Anthony said it, our client engagement and the sentiment with our clients continues to improve and enhance. You know, those are all the, you know, I would say, positive indicators that, you know, we're doing the right things, and I think the results are reflecting that. Got it. That's helpful. As it relates to retention, how much of the improvement is coming from your SMB segment versus enterprise customers? As it relates to SMB, can you provide examples of traction that you're seeing with SMB-focused new products, your new SMB portal, and just provide a little bit of extra detail there? Thanks. Maybe I'll open up with the retention numbers part, and then Anthony can talk a little bit about what we're doing with the product side. Again, we continue to, you know, we always focus on, you know, we call muscle on muscle, right? The strategic accounts have been nearly 100%, George, from that perspective. It's a large portion of our revenue and, you know, the retention rates have been great. What we've seen is both improvements in the middle market customers, but also starting to see some improvements on that small side. You know, shifting from you know some more transactional to longer term, you know, our multi-year contracts you know continue to be in that you know roughly 50% range, a little bit you know below that. We're also again you know really seeing in focusing on you know multiple products per rather than that kind of single you know product per that we were accustomed to on the small side. You know, maybe Anthony, you can talk about what we're doing. Yeah. On the SME side, you know, on the e-commerce side, we're excited about what we're doing. Again, that's a long play in terms of. You know, there's an article that I read from, you know, Gartner talked about 43% of all B2B buyers preferred not speaking to a live person. So, you know, what that, you know, highlights is market more to them and give them e-commerce capabilities for them to actually, you know, make the purchases themselves. This e-commerce initiative is one that, you know, that's, you know, the long game for us in terms of building out more and more capability there and starting obviously with the SMB space. So we're excited with, you know, the number of additional subscribers that we have. You know, it's almost 40% over last year. We've created a lot of new product capability in that space as well, in addition to datasets, et cetera, that they can buy. We've also launched, you know, our freemium to premium working model. Our SMB clients take our product, test it, play with it, like it, then buy it. You know, that's worked out well. Really across the business, even, you know, in the, like I said, online marketing side, we have a RevUp now capability that we've launched, on our e-commerce site where, you know, SMBs can sign up inexpensively, try it out, get reports on what type of hits that they've been getting with the online marketing, who clicked on what ads, you know, et cetera. We're gonna continue to, you know, deliver more and more new capabilities and think about that space. I hope what you're seeing is, you know, we're fulfilling, you know, that, and we continue to add more capabilities in that space to build it out further and further. Got it. Very helpful. Thank you. At this time, I'm showing no other questions. I will now turn the call back over to Anthony Jabbour for closing remarks. Thank you. As always, I'd like to thank my Dun & Bradstreet colleagues for their exceptional efforts to sustainably grow our business for the years to come and to our great clients for their partnership and for their guidance. Thank you for your interest in Dun & Bradstreet and for joining us on the call this morning. I hope you have a wonderful rest of your day. This concludes today's conference call. Thank you for participating. You may now disconnect.