Hey, good morning, everybody. My name is Aaron Hoffman. I head up the investor relations here. I get to do that with my colleague, Greg Bardi, who's here with us. I'm really, really excited to welcome everybody here in person and online to our second ever Investor Day, three years almost to date later. Thank you all very much for joining us in various media. For the folks in the room, just ask you if you wouldn't mind silence your phones and computers and all the exciting electronic stuff that we have. We would appreciate that. I get the pleasure, as always, of revealing the forward-looking statement, so please read that at your convenience. Before Chris comes up and gets started, we wanna kick everything off with a really cool video that I think will set the tone and have some really informative additional information for the day. Let's roll the video. Great to see everybody, and welcome. All right. Good morning, everyone. Good to see so many of you here in person. Thanks for joining us and welcome to Investor Day. It's been roughly three years since the last one of these, and a lot has happened during this time. We've endured a global pandemic and a dramatic economic downturn in 2020, and then an almost equally dramatic rebound in 2021. Work has become largely remote and virtual, except for this morning. Hopefully, this is the beginning of the endemic phase and a new normal. That'd be really great. Um- Now we face shortages of skilled labor, especially digital talent, and the balance of power has shifted firmly to employees, and the macro environment's gotten a little choppy. You know, equity markets have slowed, if not corrected. We've now got inflation and a spike in interest rates and geopolitical uncertainty with a ground war, first in a generation in Europe, which is complicating things. You know, throughout all of these changes and uncertainty over the period, TransUnion's credit risk business has continued to perform extremely well. We have delivered consistent and market-leading organic growth, and this is a great foundation for us upon which to build. Now in 2021, as you all know, we completed a series of acquisitions to strengthen the portfolio. Namely, we bought Neustar and Sontiq, and we have a pending transaction of Verisk Financial Services, namely the core Argus asset that we expect to close in the Q3 of this year. We also divested our healthcare division to improve our focus and the consistency of what we do around the world. I believe that now this combination of the strong growth that we enjoy from our core franchise, combined with these investments that we've made to build upon the core, they position us to deliver even better organic growth and at greater scale than in the past. There have been a lot of changes over these past few years, some external, some internal, and I think it's great that we've got a few hours here this morning to spend together to discuss the strategy that's led us here and the ways in which we believe it's gonna strengthen the company and provide a really strong return for our investors. That's our goal here. You know, I wanna connect with all of you so that you're clear on how we're building out from our core, our strong credit franchise, into marketing services, into fraud mitigation and identity services, which are a series of attractive markets that complement our core business and that position us for a new generation of growth. I think it's helpful before we talk about the strategy moving forward to focus, you know, a bit on the actions we took to rejuvenate growth at TransUnion leading up to our IPO in 2015. You've heard me talk about this in the past. You know, our playbook, in sum, was based on first developing a deep understanding of our customers, of the vertical markets that we served. We used this insight to fuel product innovation and product development, but also to tailor and to scale our go-to-market approach. We invested a lot in the size and the effectiveness of the sales force, and of course, we invested to reengineer our core technology and software platforms. This investment, which we termed Project Spark, was an investment in a modern, flexible and cost-effective technology foundation for the business. It got us off of mainframes to, you know, modern distributed computing clusters. We haven't had mainframes since 2017-2018. It also led us down the path of standardizing our core software applications, particularly the software that we use to ingest and normalize all the data we get from furnishers and other providers, and the fulfillment engines that we use to deliver for our customers. We licensed a platform called Ab Initio. Think of it as a big data processing platform like Hadoop, which is open source, but this one had a more powerful tool set and a more modern and flexible interface, and it was easier to train all of our developers to migrate to this new environment. We also began consolidating our data globally into a common repository that we call SHAPE. We recognized it was important to break down data silos to let our analysts and our R&D folks and our product developers have full access to data across the business. Then during this period and really continuing to this day, we've continued to invest, you know, heavily in cybersecurity. Info security is one of the most important things in our business. It's our responsibility. We've also put a lot of money toward reliability, right across the entire stack of our computing stack. I'm happy to say at this point, if you look at our operations globally, we operate at or near four nines in almost every market we serve. This foundational investment that we made back then really improved, you know, both the quality but also the velocity of our product innovation. When I became CEO in 2019, you know, we continued to leverage this playbook. We, in order to, you know, sharing and cooperation across the globe, we recognized that the industries that we served had common needs, and that we should leverage our solutions and our best practices across all of our markets globally. We put a particular emphasis on transferring new products into our international markets. We started with our trended credit product, which we call CreditVision. We also exported our direct-to-consumer CreditView product, as well as our fraud solutions and our decisioning solutions. There was also a lot of cooperation around sharing, you know, industry insights or thought leadership that we may have developed in one market, but that apply again globally. You know, as a result, the international business began growing consistently in the mid-teens and did all the way up until the pandemic in 2020 and has now resumed that type of a growth rate. We were also expanding during this period, new geographies, new vertical markets, and new broader range of solutions. We acquired Callcredit in late 2018 to enter into the U.K. market. We bought Iovation and several smaller digital marketing-focused companies to, you know, both extend further into fraud mitigation and also to learn more about marketing services, which we believed could be a great extension for the core business. We added verticals in media, e-commerce, telecommunications, even gaming and gambling, which is a big vertical for us in the U.K., which we recently launched in the U.S. We also evolved our organizational structure. We recognized that, you know, we had an opportunity to move from a collection of businesses internationally, kind of a multi-domestic operating model, to one that was globally architected. We stood up product management or solutions, as we call it, technology and operations globally. We wanted to share expertise. We wanted to reduce redundancy that existed across the portfolio and to create really global platforms where we could share product and infrastructure and reduce our cost while increasing our speed to market. We find ourselves at this point in 2022, you know, positioned through all of these initiatives really to accelerate our growth and to do it at higher scale. We've got a great foundation. We're gonna continue to invest in vertical market specialization. You know, we believe we have always been successful where we take a capable group of managers and a dedicated sales force, apply them against a vertical market segment, not financial services, but auto lending, not insurance, but P&C auto, et cetera. With that specialization, they get better market insight. They hustle more because they can only, you know, profit by growing revenue in those spaces. There are other markets that are large enough, like India, Canada, and the U.K., where we can extend this operating approach. We'll continue to be vertically led, market insight led to ensure we've got that voice of the customer. You know, also through the series of acquisitions that we did, we now have scale in marketing and fraud and what we call ID resolution, both offline and online or digitally. You know, the challenge is really to integrate those assets with the ones that we develop organically, and to develop them as, you know, broad, functional and configurable platforms that we can take across all the markets that we serve. Today, Neustar and Sontiq and even Argus are very U.S.-focused, but there's opportunity in all of those solutions areas to extend across our portfolio globally, and that's gonna be a big part of our growth as we go forward. We've also got to complete our global platforms, especially technology. You know, we're not just moving the majority of our applications to cloud service providers. Certainly, we're doing that. We'll benefit from some unit economics. We'll benefit from software services in a variety of ways. We're using this migration to redevelop our core applications using shared enterprise components and services, which ultimately will streamline all of the software we have around the world and allow us to build new things faster, innovate more quickly, get new products to market, drive revenue. As I look at this, you know, I think the combination of our strong foundation, a proven growth playbook, a lot of new capabilities that have come to us through acquisition, and then of course, these global platforms that are really gonna transform the way we operate, I think it's gonna allow us to deliver faster growth across a broader base of revenues. I also think we're well-positioned strategically based on a series of trends, you know, in the market. In our core credit market, we're positioned to bring millions of people worldwide into the modern credit economy. If you look across the 38 markets that we serve, there's a population of, you know, two billion. There are still tens, if not hundreds of millions of people that we cannot score, but we will be able to given the advent and acceleration of alternative types of data. The great thing about our business is that our core markets, while they're at scale, they're also very fluid and dynamic and innovative. New datasets are always coming available that allow us to not only score new parts of the population, but to improve the scoring of everybody that's currently within scope, right? We have a finer segmentation and more opportunity for our customers. There's also a ton of innovation in the credit markets, new types of lenders. You know, we've really benefited from our position in fintech. Now if you look at the market share of originations, fintechs are a big portion of new originations in the market worldwide. BNPL is kind of the latest type of fintech innovation. You know, we're enjoying nice growth on the back of those lenders. Whenever there's innovation and disruption in the market, it means, well, a couple of things. One, there are new customers for us to service, which expands our opportunity. But also these innovators are finding new ways to put leverage on consumption, essentially expanding the addressable market through making more loans. Again, it's another driver of growth. The corollary to this is that, you know, consumers want transparent and unfettered access to this credit. They wanna understand the information that's available about them. They wanna be able to correct it if necessary. They wanna be educated about credit options and have access to credit marketplaces. Importantly, they become increasingly concerned about protecting their identity and managing their financial health, which is the reason we did the Sontiq acquisition, so that we could marry those two capabilities in a common offering. Additionally, if you look at e-commerce, e-commerce has exploded. We've been talking about the growth of e-commerce since dot-com 1.0 back in 1998, but it took a quantum leap forward during the pandemic. You know, we're adding almost half a trillion dollars of e-commerce annually now. The market in the U.S. for digital marketing services is well over $2 billion. Now, our strategy is not to compete across that marketplace. As we've said, it's a narrow focus around resolving identity for marketing purposes and then bringing quantitative and analytic-based market planning and marketing effectiveness measurement tools. That's still a large market and a fast-growing market, and it's resonant with what we do at the core as a credit provider. There's a huge opportunity there, especially for a player like TransUnion that has authoritative PII and a lot of offline and online digital identifiers that can help marketers determine exactly who they're dealing with online. This growth in online commerce, though, you know, the flip side is that fraudsters are out there, and they're smart, and they continue to have success. I mean, the oddity is, at this point in the marketplace, you know, clients have probably never spent more or been more effective at mitigating fraud, except their experiences, their losses continue to rise. You know, we're losing over $20 billion a year in e-commerce theft. Businesses are spending multiples of that to protect themselves. It's never been, I think, more critical than now to understand who's on the other end of a digital. You know, macro factors driving growth. Overall, it's a growthful portfolio, and we've been able to outperform the underlying market growth rates. With the acquisitions that we did recently. Here we go. The high-tech build slide. You know, we're now competing in several large high-growth marketplaces that complement one another. As I've said in prior earnings calls, credit risk, marketing and fraud, we have always participated in each of these markets. You know, even if you think back to the pre-digital days, the prescreen list would come out of, you know, the credit operations and the chief risk officer, and it was the basis on which direct mail offers were made. We had authoritative PII. You know, you could trust the name and address, et cetera. We created that vertical segment that lenders wanted to make an offer to. When consumers would engage in the offer and they would call back to the call center, typically, you know, we were the fuel behind the questions that would be asked to identify and authenticate the consumer. Well, now we've moved strongly to the digital age, and with this combination of acquisitions, we can provide complete marketing services to our customers, as well as fraud mitigation, all based on the digital identifiers that we get, from participation in these several markets. In short, why do we like this combination of markets and assets? Well, first, they're big markets, attractive TAMs. They're interrelated and synergistic. They're growing. We think that there's a dynamic where a positive feedback loop where, as we provide services in credit and marketing and fraud, there is an exhaust created, a data exhaust that comes back and reinforces, our ability to resolve consumer identity and then a whole range of characteristics about the consumer, right? There is, you know, a positive feedback loop. With the span of capabilities, we've fully translated our business model into the digital age, right? We can now completely serve customers across this range of needs, whether it's offline or online. This is gonna be a basis for our differentiation going forward. The credit business has been terrific. It's large, it grows well, and we've been very innovative within it. We now add a segment of overall marketing, about $7 billion with a strong mid-teens CAGR. That, again, is focused on establishing marketing identity, providing, you know, various other audience segmentation capabilities, and then a real analytic rigor around planning marketing campaigns and measuring the effectiveness, right? Which every business is concerned about. Mitigating fraud. Mitigating fraud starts with if you can identify who you're dealing with online and you've got that information available when you first target them, you're reducing the opportunity for fraud. As consumers engage through their devices, again, we can verify the reputation of the device and the individuals behind them. These are the foundational positions across these three markets. You know, we've expanded in a whole number of ways in recent years. You're probably most familiar with our growth on the credit side, certainly trended data, certainly an acceleration in alternative types of data. We've expanded into identity monitoring and protection, verified income and employment, et cetera. There's no shortage of growth opportunities. I think of these as categories, not products, right? There's a lot of runway for innovation in credit. The same is true across marketing and fraud. You know, we've got this broad base of device-based digital identity signals and a device reputational network. We've got a ton of data that marketers can use for audience segmentation. We've got deep connections to the entire marketing ecosystem. We'll give that a second to sort itself out. Never a dull moment. It's good? Okay. Thank you. All right. I'm just gonna take that as an affirmation of what I've been saying. Okay. Okay. Look, we've got an expanding range of marketing capabilities, and then the converse is what we can do on the fraud side. Again, you know, by owning Iovation and providing the authentication services that we do to so many customers, it's a large and growing repository of digital device reputation. That's great at mitigating fraud. It's also terrific for identifying consumers. We've got a range of point solutions, if you will. It's not just Iovation. We've got a broad array of knowledge-based authenticators based on the credit file and the public records. We've got on-site behavioral analytics. There's a whole range of things that we can do for clients that we're integrating into these, you know, broad configurable platforms. We continue to innovate on the product dimension, we're also expanding into these different vertical markets. You know, historically, we're in financial services, insurance and a direct-to-consumer business. We've expanded into- May I have your attention, please. May I have your attention. The emergency department is on the first floor. We have to take personnel and visitors to the lobby. Please stand by for further instructions. Okay. We can do that. Look, this is the interplay between product-based innovation and trying to do it in such a way where you can build once and take these products across multiple markets and multiple market segments. Again, we operate in a lot of different vertical markets, over 15 in the U.S., right? It's not just the U.S. markets. There's a lot of focus and concentration on specific vertical customer needs. You know, again, I think by having scale assets in each of these three markets, we can innovate both within the markets, but also we can connect across the different services and service kind of a broader range of customer needs. All right, let's keep going. Okay. There's been a lot going on at TransUnion. We distilled it down to one page. We call this our strategy on a page. We developed it over the course of this past year. You know, it was designed to make sure that all of our associates, now 10,000 strong around the world, understood what we were about and what we were doing and why. We printed it and we mailed it to 10,000 people around the world. They sent photos in, some framed it, some had it on their desk. One guy put it on a collar and put it on his dog. I thought that was particularly creative. It really clarified our vision, which is to make trust possible in commerce in the marketplace, whether it's originating loans or insurance policies, or it's just facilitating e-commerce. The information that we bring to bear in a transaction around a consumer and the confidence that we can give businesses to know who exactly they're dealing with helps facilitate commerce, and it helps consumers around the world gain access to things they want, a home, an education, an automobile, consumption, etc. We're also focused on three core strategies to kind of advance this vision. One, expansive datasets, authoritative datasets to improve financial inclusion and help businesses understand consumer opportunity. Digital identity resolution to ensure that online experiences are tailored and safe. Then finally, taking the collection of quality point solutions that we've developed over time in these different categories and integrating them onto platforms, broad configurable platforms that we can extend across all of our markets globally. Let me double-click on each of the key strategies. Our goal in the market potential is to accurately score, or improve the scoring of the nearly one billion adult-aged customers in the markets that we serve globally. We can do that by increasing the penetration of our trended data, CreditVision, and expanding across the range of alternative data assets that are now available. We also have a responsibility to support the development of lending economies in a credit reporting infrastructure in all the markets that we compete. In a lot of these emerging markets, they're relying on guidance from experienced bureau players for how to set up operations and the benefits it can bring. Even in developed markets like the U.S., there's a constant dialogue with legislators and regulators to make sure that the system remains effective. Then we've got to bring this concept of inclusion and access directly to consumers. They need to be educated on their options. They need to understand how they can improve their credit. We want to give them offers in real time and protect their identities. That's how we advance the first strategy. The second one is underpinned by the identity resolution capabilities that we've got now with Neustar and the OneID platform that we acquired, and then all of the data goodness that TransUnion brings to that equation. Again, this can provide businesses with a real-time and near complete view of consumers and confidence that they know exactly who they're dealing with on the other end of a transaction. We wanna evolve also from point solutions to platforms. That's gonna be key as we integrate these different assets. Already, you know, a great example is in our fraud business where we have been integrating a series of solutions under the TruValidate brand name onto a single platform where clients can come in and select established business rules, select the individual tools that they wanna use, whether it's biometric authentication or behavioral analytics or the device-based network. Then all of that data, all of that potential fraud signal flows into an underlying database or orchestration layer, where they can then determine how they wanna handle potential fraud of different types, right? Because the goal is always minimize fraud but maximize e-commerce in the process. You're fighting against those two tensions. Then finally, you know, these are the capabilities that we're executing on in order to deliver on the strategy. Our product management layer is critical. It ensures that we're listening to customer needs around the world. We're building the right products and platforms, and we're deploying them globally. Data and analytics is another kind of horizontal capability we're pushing around the world. Part of it is, you know, consolidating data in a single layer globally, in the hygiene and the taxonomy and all of that. It's also bringing consistent advanced analytics to solve real customer problems across our marketplaces, and again, leveraging the OneID platform underlying all of this. The technology journey that we're on through Project Rise is also a critical enabler. Think of it as we're building a global engineering platform. It will be streamlined. It'll streamline a lot of the sprawl that's out there, but also it will have a single layer of enterprise software services that our developers can use to build things more quickly. Then finally, operations. Historically, operations has been completely embedded in each of the 30 markets that we serve, and we haven't invested as much in this underlying foundation as we have on the product side. That said, over the past several years, we've had an extensive effort to reengineer our operating processes, to standardize them, and we've been automating them using the Salesforce platform. Now we've got almost complete and common automation across our operational processes worldwide. We've also been building out a network of centers of excellence for business process services as well as analytics and technology, so that as we've shifted our talent focus toward the east, we can get high-quality talent at attractive prices, and we can concentrate more of the work in centers of excellence where they can get real scale and cost effectiveness. This slide brings it all together, right? These are the three markets that we're competing in, you know, all underpinned by the OneID platform, all underpinned by this common consumer identity and the enabling capabilities. You know, there's just a lot of dimensions that we're investing and executing on that are gonna strengthen our business and help us generate attractive returns. This is the financial prize, right? This is where we're headed. We completed last year, post divestment of healthcare and pre-acquisitions, at almost $3 billion in revenue. This year, including the various acquisitions, you know, our guidance is more like $3.8 billion. As we integrate the deals, as we execute our growth playbook, we think we can top $5 billion in revenue, $2 billion in EBITDA, and +6 a share adjusted diluted EPS by 2025. This is an acceleration in our organic growth rate, and it represents a lot of growth in cash flow over the period, and it's something we're, you know, we're very excited to share with you here this morning. For the rest of the day, you know, I want you guys to hear from my management team, to hear from the folks that run the various markets that we compete in, that are in charge of building out these global capabilities. They're a great team. They've helped drive the strategy and our business forward to this point, and I'm excited that you've got this chance to hear from them. I'd ask for you to hold your questions over the course of the day. A lot of the questions you've got are gonna be answered in the presentations, and then we've got 45 minutes for Q&A at the end of the session. With that, I'm gonna pass the mic over to Steve Chaouki. Steve's our President of U.S. Markets. He's in charge of not only the B2B side of it, but also the direct-to-consumer. With that, Steve. Thanks, Chris, and good morning, everyone. As Chris mentioned, I'm here to talk to you about U.S. Markets and Consumer Interactive this morning. All right, hopefully that was just a one-time thing. Joining me this morning are Jason Laky and Lindsey Downing, who are gonna give you a deeper dive into financial services and into our Sontiq acquisition as part of Consumer Interactive. All right. That was a very helpful announcement. We'll jump back in. Over the last several years, we've worked really hard to create a very durable and diverse business within U.S. Markets and Consumer Interactive. You can see kinda like four buckets of achievements of what we think we've delivered over that time, and they kinda set the foundation for the conversation this morning. First, through both growth and acquisition, we've broadened our scope dramatically. That allows us to serve our customers across the entire value chain, in our B2B businesses as well as serving all the different needs of consumers within the B2C business. That also has allowed us then to move and grow in very attractive verticals. Chris talked about our vertical orientation earlier. That's an important part of who we are. We've been expanding the verticals constantly. We have the bigger families, but within that, we have many subfamilies, with specialized talent focusing on those businesses to allow us to be successful in that space. That's all founded in the third pillar there, which is our customer-centric approach to the market. That's something we've been working on really since 2013, 2014. We started building that up in financial services but have now evolved it into all of our businesses. It's foundational to who we are. You know, we try to face our customers the way they face us, which means we hire people from the industries. For example, our head of card used to be the head of a card business at a customer for many years and was on one of our advisory boards. You know, we hired him, and his team has similar backgrounds. We want to be able to have those conversations with our customers that are very helpful and strategic and position ourselves as a thought partner for them instead of just a vendor. That's something we've worked on for many years, and I think we've achieved that now across the entirety of the U.S. business. We think the combination of all those things allows us to have a focused strategy that lets us be successful regardless of the market conditions. Because we can serve so many different verticals, because we serve so many different pieces of the value chain, there's always a need for some of our services, regardless of what the macroeconomic climate may be like at that particular time. That's why I say we feel like we really have a diverse and durable business. We serve a lot of different people with a lot of different solutions, and we're capable of being successful in a variety of different economic conditions. Since we last met, three years ago, we've had some changes in the business. I want to use this slide to illustrate them a little bit. The most notable, of course, is the combination of the two businesses. As you may recall, the U.S. Markets business and Consumer Interactive business had been standalone businesses for many years. Over those years, the businesses were converging dramatically. A large part of our Consumer Interactive business was actually handled through indirect channels, meaning our customers on the B2B side were also our customers on the B2C side. It was a B to B2C business in a lot of respects, and a lot of our revenues were coming from that. As an acknowledgement of that, we decided to bring these businesses together so we could best serve our customers and best serve consumers. You know, our vision for the business is still to serve consumers wherever they are and be there for them wherever they are, which means we have to bring our B2B and B2C capabilities together in order to do that most effectively. Very notably, we have two acquisitions that are already complete that helped us grow and build out our capabilities in the space. The Neustar business allows us to expand our capabilities in the identity-based space as well as in the marketing-based space. The Sontiq acquisition also allows us to expand our capabilities in the identity protection space. You think of the identity space of Neustar and the identity space of Sontiq, they're almost two sides of the same coin. Neustar is really identity services and marketing services for businesses. We work with them on a B2B basis. Sontiq is the same thing for consumers, a way to protect your identity and monitor your identity as a consumer. It allows us kind of to address both sides of the identity spectrum as we come forward and provide a full service solution to our consumer and active customers, i.e., we now have credit protection and monitoring, which we've had for many years, and now we have a world-class identity monitoring solution, which is kind of the other major segment within the consumer space. Finally, our planned acquisition of Verisk Financial will help us get a very special and unique data asset that will allow us to serve our customers in a very differentiated way through broader-based analytic capabilities that address fraud prevention, risk management, marketing and targeting. When you marry that with what Venkat will talk about a little later on, our expanded analytic capabilities and our platforms, we feel we'll be able to serve our customers in a very unique and special way, once that acquisition is complete, of course. It's all pending right now. Within the verticals, I'm going to talk about each one specifically right now. Financial services is still our biggest one, and it's a traditional business of TransUnion. I think as all of you know, we serve virtually every single financial institution in the United States, or every lender, I should say. Let me clarify that. Every lender in the United States, at least every one of scale. We do it across a broad range of different types of lenders, some different categories that you can see there. Obviously, I don't need to read those, but it's virtually every lending category. We do that through industry-leading capabilities. We have some of the best products out there. You see CreditVision, TruValidate, Prama, TLO, the new capabilities we're adding with Neustar. These are all very special products in the marketplace, and they give us a unique and special positioning there. We also do it through our research, analytics, and insights. We do this not necessarily to sell directly, but to help our customers consume and understand our data better, which then of course leads to sales indirectly, as part of the effort. We really use ourselves as, you know, stewards of the data, people who are here to do more than just sell the data. We analyze, find insights, and help our customers address those insights. We have built up a market-leading fintech business. I think as you know, Chris mentioned it as well. We have the largest share in the space, which is a virtuous circle. When you have the largest share, you get the inquiries from those customers, which gives you better data in the space and kind of creates a cycle of success for us. We do that with these industry-leading products. We won because we got the share because we had things like CreditVision, and we're able to serve them in a way that other competitors were not. We continue to grow that capability into new spaces. We talked about our emergence in BNPL as well as the DeFi space, and Jason will talk about that a little bit more later on. Finally, we have these distinctive partnerships, things like the Spring Labs arrangements, that allow us to serve the DeFi space. We would not have been able to do that, you know, absent that agreement. Beyond FS, we serve a variety of other verticals on the B2B side. On the insurance side, we started out in P&C Auto, now we're broader P&C Life and Commercial. We have a broad-based business that sells credit information as well as fraud and identity and investigative tools and specific solutions for the space, such as driving history reports and MVRs. The media business is one of our newest businesses. We built that up over the last few years through both organic growth and acquisition. In that space, we serve the media and entertainment industry. We do things like matching marketing capabilities, helping optimize campaigns, and you'll hear a lot more about the work we do in that space for some of the other speakers later today. Our public sector business serves both the federal government as well as state and local governments, and I'll show you some examples of what we do in that space a little later on. Our diversified business is kind of. It's actually quite a large business. It's now the second biggest vertical, but it contains a variety of different businesses in it. In there you'll find things like our telco business, our technology, and retail business, collections, our screening businesses, and our newest vertical, the U.S. gambling vertical, which we brought from the U.K. We imported their capabilities and are building our business here to address that growing market. That is a space where you'll find basically every other B2B vertical in our business. And then our consumer businesses. As I mentioned earlier, those businesses fall into two categories. There's the direct-to-consumer category, where we serve consumers directly, often under the Tu brand, but we do have a couple of other legacy brands we use in that space. The indirect business, which is the B2B2C business. There you'll find a variety of different partners. It could be banks, it could be insurance companies, as the case with Sontiq, it could be aggregators, specific players in the space. We service all of those folks. In there we have over 100 million consumers. It's very important for us to have this dual approach strategy because as I said earlier, we want to face the customers the way they face us in both B2B and B2C. In the B2C space, that means being where the customers want us to be. Some customers wanna come to transunion.com and engage with us directly, but most want to do it through a seamless path through another partner. All those partners, having them all kind of stacked up, allows us to reach those consumers wherever they want to be reached. We think that's very important to the consumers. When you add the Sontiq capabilities to this, we now have the full credit monitoring suite, and we have the identity protection suite available to consumers now through both direct and indirect channels. Very important. We have the full package available through a variety of different channels. What do we do? We, as I mentioned earlier, we establish ourselves as the experts to our customers. We're vertically organized, as I stated, and our sellers are aligned by buyers. Sellers go to buyers directly, and we have a seller lined up with a buyer carrying the whole bag. I think that's very important because you don't want a variety of salespeople touching a single customer. You wanna have that broader interaction, but you still want the specialization. Specializing by buyer, risk buyer within auto, marketing buyer within card, allows us to really target those customers and face them the way they face us. We have a dedicated research and consulting team, started out in FS, but now serves a variety of verticals around the world, and we use those capabilities to kinda drive insights and have those conversations with our customers, which gives us a justification to have these regular engagements with them. We have a ton of advisory boards. We have an industry-leading summit, which is invitation-only, very senior folks. We have regular top-to-top meetings with our customers. Finally, we actually sit side by side with our customers to help them solve their problems in places like our innovation lab. Our innovation lab is actually an analytical environment where we can sit in the same room and in a matter of days, do things like build a model from scratch. These are things that would normally have taken months in the past, but we can do them kind of like a three-day intensive effort because we sit next to the customers and are working simultaneously with them. That's actually transitioned very nicely to virtual. That was one thing we were a little concerned about, but we were able to make that virtual model work very well. We continue to be at the forefront of credit inclusion and advancing financial inclusion for customers through things like our CreditVision solution. CreditVision has been around for a little while, but that doesn't mean it's stagnant. It's constantly growing and evolving. We're adding new data elements to it as we make acquisitions, and we're consistently adding new models and attributes to it. Our algorithms that are built off this are now number well over a thousand and allow us to target very specific aspects for our customers to allow them to make the best decisions they can make. This gets us to a point now where about 95% of U.S. adults are scorable or decisionable. Of course, our goal is 100, but we continue to advance that goal as we build forward with things like CreditVision. You know, the CreditVision product is well penetrated at this point, but there's still a lot of runway to go. We talk about, yes, we're in the mortgage industry. We have the majority of fintechs. We have the majority of card issuers. But most of them aren't using every piece of CreditVision. Some of them are just using the alternative data aspects. Some of them are just using the trended data. Some of them are just using it for marketing. Having that first inroad allows you then to build the justification to get all the additional business down the road. We're still very optimistic about CreditVision's future. Despite the successes it's already had, we still believe there's a decent runway to go. With that, I'm gonna give you some examples of some work that we've been doing in the space and how we help our customers address specific needs and issues. The first ones are a public sector example and something we've been doing with the government. Many of you may be familiar with the subsidized telecommunications that the government offers to consumers, people who are in need but can't afford a cell phone. The government gives them subsidized communication for cell phones or for Internet access, things like that. What we do in this space is work with the government to qualify consumers, you know, who deserves to get this, who's entitled to this benefit through things like CreditVision Link and our alternative data solutions. We then use our identity solutions to make sure that the people are who they claim to be and are actually the person who is qualified to get this benefit. We use it to verify their identities and then provide accurate contact information to ensure that the services are being delivered to those customers. That is an example of something we do with the federal government, how we work in the public sector space, bringing together a series of capabilities to serve a very specific industry need. Similarly, I'll talk about our marketing capabilities. We wrote financial services, insurance and media here, but it's actually pretty much every vertical we have can use this kind of capability. In this case, we have an end-to-end marketing capability tool. Matt's gonna talk a little bit more about them, about those in a little bit. But we allow everything from the front end, building the strategies and planning through deployment and measurement for our customers to have a full, marketing capability in a multichannel environment. I think it's important to know we don't do the execution here. We're providing the data, analytics, capabilities and platforms to do the execution, you know, in any environment they wanna operate. It's very much like our core business in that it's a data and analytic business, but it's deployed in a newer way in a different space. We think of a very clear and easy extension for us and an easy way for us to continue to grow our capabilities within our existing verticals as we take an additional capability to the marketing buyer, in this case. You may take to them a pre-screen campaign, you may take to them a pre-qual campaign, and this is a piece of the broader customer acquisition ecosystem that we would take to a customer. Sorry about that. The next phase is a little more specific version of a similar idea, which is pre-screening customers in a modern environment. For years, pre-screens have been working through direct mail. I mean, you guys probably have gotten mail. Now, since the 90's it's been very common to get, you know, pre-screened mail. For years we've been working as an industry to take it to the next level. What is the next evolution of pre-screening beyond mail? We've developed that. In this example, we use it for financial services and telco, both of which need to pre-screen customers to make sure they're qualified, to ensure that the offers they're delivering are being sent to people who are able to take advantage of those offers. In this case, we use the Neustar capabilities as well as our traditional capabilities, first party data and third party data, our data, customer data, other data, bring it all together and allow us to deploy it through modern channels with very limited exposure of PII to protect the consumers and the entire process. I think it's very important. Like, this is something we've been working on for a very, very long time. It's not easy to do. The broader capabilities we have allow us then to take things like traditional pre-screen activities and move them to more modern channels, getting the efficacy of the historic pre-screening programs with the efficiency of the modern delivery channels. The final one is an example of something we do in our insurance and screening businesses, a more specific data asset. I want to give you something a little more different and a different flavor for what we do in this space. Here we're talking about driver history and driver, like verifying driver histories to ensure that you are meeting the standards of an insurance company or of an employer. What do I mean by an employer? I think insurance company is pretty obvious. They need to know if you're a good driver, that helps your rating and determine your rate and your terms. For an employer, it's actually really important if you drive a car on their behalf, if you're a rideshare economy player, if you're a delivery person, these things are becoming, you know, bigger and bigger every day. You need to make sure your drivers didn't get a DUI last night, that they haven't been in a million accidents. Like, all the kinds of things you would want to know if someone's driving on your behalf and you're bearing their liability for them as an employer. We provide those capabilities through our robust screening activities. Our driver risk solution married with our MVRs allows us to do it in the most economical fashion possible. You know, MVRs are quite expensive, so you don't wanna necessarily pull those unless you need to. So we create a waterfalling cascade system to allow our customers to most efficiently get to that information without having to spend the most amount of money. Very important for targeting as well as pre-fill for efficiency as you're moving people through the process and making sure your costs are optimized and your value is achieved. So in close, I think you can see our capabilities have been pretty well developed over the last few years. It's been an exciting three years for us as we've kind of adjusted the businesses and brought them together to achieve their full potential. We believe that combination will now allow us to get to be a $4 billion business by 2025. You can see the breakdown. Emerging verticals will grow dramatically, eclipsing financial services. There's a little bit of Neustar revenue that's in emerging verticals that actually belongs to financial services, so we'll change that over time. For the most part, this is directionally taking you where we're going to be. Our consumer interactive business will regain its growth. Collectively, we expect to have $4 billion, I think confidently, by 2025. To talk in a little bit more detail about the financial services business, let me introduce Jason Laky, the Head of Financial Services. order to better target their marketing. To that extent, we've partnered with S&P Global Mobility to bring vehicle data into benchmarking and marketing solutions. We're also doing some work to support the digital retailing process, and I'll talk about it in a few slides. In card and banking, card issuers wanna grow their portfolios again, and they're looking beyond direct mail and affiliate channels to go to digital to create a truly omni-channel acquisition strategy. As I'll talk about with Neustar and our pending Verisk Financial Services acquisitions, we're well-positioned to provide a single source to segment and target the most profitable consumers with relevant offers while minimizing fraud risk. At the same time, these capabilities scale down well to the mid-market, where many credit unions and community banks are using TransUnion powered solutions to move out of the branch and engage their members with mobile and online experiences. In consumer lending, as Steve talked about, our fintech leadership has translated into a strong position with buy now, pay later lenders and the emerging decentralized finance and crypto lending, and I'll talk about that in a few slides as well. Finally, in mortgage, as we all know, we're starting to see the softening of refi volumes as interest rates increase, and it's only partially offset by new home sales. To mitigate that decline, mortgage lenders are turning to TransUnion to help identify the remaining refi-eligible consumers who may not be aware that they qualify for a mortgage or know how much monthly savings is actually still available. Last year, we made an investment in FinLocker, which works with lenders and soon to be mortgage, first-time mortgage borrowers to help educate and nurture them to mortgage readiness. As you can see here, the financial services business is a large business. We crossed the $1 billion in revenue in 2021, excluding Neustar, Sontiq, and the planned acquisition of Verisk Financial Services. I expect this core revenue to grow to over $1.3 billion in 2025 as a softer mortgage market is offset by the continued expansion of our card and consumer lending businesses. As I mentioned earlier, the pandemic and new technology have driven changes in consumer behavior, changing how we shop for and how we use financial services, how lenders engage with consumers, and how we come to trust each other in an online world. We approach these challenges first with a focus on thought leadership, partnering with our customers to understand what's happening in the marketplace and to develop strategies for success in our rapidly changing lending environment. We're also giving our customers more integrated solutions to target and acquire customers, real customers, across all channels. With Neustar, for example, we're able to now move our position from a vendor or provider of pre-screened mailing lists to banks and financial institutions to a true business partner of the business leader or the chief marketing officer. First, identifying who is the consumer that I want to acquire as a financial institution or product line within the financial institution, and then working together with them to figure out the most efficient and effective way to reach that consumer with a compelling offer, whether it's direct mail, an affiliate channel, mobile, email, or even connected TV. Now we provide the tools to help them execute without having to manage multiple channel vendors for that spend as they have in the past. Now, focusing in on some of our segments, I'll start with consumer lending. Our consumer lending business is one area in which we've led through thought leadership and innovation. Early on, nearly 10 years ago, we partnered with emerging fintechs, innovating together to create fintech-focused solutions and betting on their success. Today, fintechs represent over 50% of our consumer lending revenue, and we believe we have primary position with most lenders. This gives us a tremendous advantage as fintechs expand into new segments, whether it's into credit cards, to buy now, pay later, or decentralized finance and crypto lending. In BNPL, for example, we're leading the effort to bring structured, compliant loan reporting onto the core credit file. Just a couple of weeks ago, we met with some of the largest BNPL and point-of-sale lenders to agree upon the principles for including these loans on the credit report and in traditional credit scores, enabling increased financial inclusion and access to credit for many of the estimated 60 million consumers with little or no traditional credit. We're also leading through innovation in decentralized finance and crypto lending. We recently announced that we've partnered with Spring Labs to bring credit data to the blockchain. An identity verified consumer can now opt to append their VantageScore to their crypto wallet while preserving the privacy and anonymity of the wallet for DeFi. This has the potential to lower the risks of lending in DeFi, as well as the costs for financial transactions across the blockchain. We believe that we're well-positioned to win as this segment grows. Turning now to the more traditional business of auto lending. The pandemic has accelerated consumers' desire for end-to-end digital car buying, with financing as one of the few legacy parts of the process. The majority of consumers wanna secure financing before visiting the dealership, and it's even more important when shopping online and visiting a virtual dealership. I just returned from the National Automobile Dealers Association convention, where modern retailing was a key theme, where we announced our partnership with CarNow to deliver Auto Payment Shopper, which helps consumers secure financing before they start shopping online, so they can search dealer inventory while seeing the true monthly car payment. As anyone who's spent time in auto retailing knows, consumers are as concerned about the monthly payment as they are about getting a good deal on the price. With Auto Payment Shopper, now TransUnion sits squarely in the shopping flow, connecting consumers, lenders, and dealers in a very sticky relationship and giving us a greater share of pre-qualification inquiries, fraud prevention revenue, and follow-on financing that will only grow as consumers opt to purchase their cars online. As you're all aware, we've signed an agreement to acquire Verisk Financial Services. VFS' Argus business brings differentiated credit and deposit transaction data, as well as IP to link depersonalized transaction data across various sources, even beyond card and deposit data, in order to create a consumer-level full wallet view of their financial situation. I think with this, we'll be able to deliver enhanced insights to action to measurable outcomes for Argus' consortium members. This amplifies TransUnion's thought leadership and insights, helping our customers develop more refined strategies for acquisition and identifying more sophisticated patterns of fraud. We can then help our customers there take action on that, whether it's through our traditional credit-based solutions or the non-credit capabilities through Neustar. For example, the omni-channel marketing capabilities that I discussed just a few slides ago. Finally, we will soon have three powerful sources of data to solve one of our customers' biggest challenges: attribution, or how do I know that the investments I made are working? We'll be able to do all of this through one unified platform powered by Prama and OneID. As I look to the future of financial services, and with the uncertainty that the future often holds, I feel we're well-positioned to win. We now have powerful omni-channel acquisition capabilities, which is where lenders are increasing their spend. We have best-in-class fraud prevention, which is paramount, of paramount importance in a digital-first economy. We have a track record of innovation and success in emerging segments in financial services. When consumer delinquency does return, we have a leading suite of first-party collections capabilities. With that, I am confident that the combination of financial services strategy, market focus, and relevant solutions will enable us to achieve our 2025 revenue target of $1.35 billion, which equates to high single-digit growth when you exclude declining mortgage business. With that, I'll turn it over to Lindsey Downing to talk about our Consumer Interactive business. Thanks, Jason. Good morning, everyone. I'm Lindsey Downing, and I head up strategy for our Consumer Interactive business. I'm also responsible for the Sontiq integration, which is what we're gonna talk about here. Some of you may recognize me. I did spend a little bit of time in investor relations working on the IPO, and it's great to see some familiar faces again. As Steve mentioned, Consumer Interactive is TransUnion's consumer-facing business, with the mission of helping consumers shape their financial future and protect their identity. Our core solutions have focused on credit education and management, and now with the acquisition of Sontiq, we're expanding our position into identity protection and security to serve a much broader range of consumer needs and end markets. A little bit about Sontiq. Through the acquisition, we've gained roughly $90 million of revenue, growing at double digits in an attractive EBITDA margin of 40%. As Steve mentioned, Sontiq goes to market with a very similar channel strategy as Consumer Interactive with both a direct and indirect channel. If you look at the combined business, that breakdown will be roughly 60% coming from that indirect or B2B2C channel and roughly 40% coming from the direct channel. Sontiq has had great success in complementing the markets such as direct-to-consumer, financial services, and insurance, and it's gonna enable us to enter new markets such as employee benefits and be better positioned to serve the breach response market. They bring a full range of solutions, including identity theft protection, incident restoration, and data response capabilities. Primarily the revenue's in the U.S., but they have a small but growing international presence, which gets us excited about the complementary ability to export some of this IP to international regions. Sontiq adds about 150 associates with a strong and complementing management team and industry expertise that has enabled the strong growth of the business over the last few years. When we think about the market, Sontiq plays in a roughly $4 billion identity protection and security market that we've seen growing historically around 10%-15%. Secular trends are driving growth in this market, primarily the heightened awareness around identity theft, given the proliferation of breaches. We've also seen, as Chris discussed, digital commerce. As consumers spend more time online, they're more vulnerable to these types of cyber threats and their information being compromised. Really that trend will actually drive demand for solutions that we offer. I think as Steve said, you know, TransUnion and Consumer Interactive has historically played as a provider of credit education and monitoring, which we believe taps into about 15% or 20% of this overall market. With the proliferation of free credit information, Sontiq now gives us the capabilities to move into a larger, faster-growing segment of the market, expanding the total addressable market that we can serve with a focus on identity protection and security. When you think about how these revenues break down, roughly 60% of the revenues from this market are coming through B 2B2C offerings, where financial institutions, insurance providers and employers and others offer these solutions to consumers. These players are increasingly viewing identity protection as table stakes or as a critical component of a larger offering. We believe growth in employee benefits is expected to be faster than other channels as more employers are offering this solution to their employees. Consumers wanna have confidence in their financial and identity security, and they want this from a trusted source. This gives TransUnion, as well as our customers, an opportunity to be that source. If you think about the combined solutions that we bring to market, historically, CI or Consumer Interactive has played more around the financial health and wellness. Our solutions, I think as Chris even alluded to, help educate consumers about their credit information, making sure that information is accurate, understanding how they can improve their financial standing. We even have tools that enable them to simulate certain activities, such as opening a new line of credit or paying down a credit card to see how that impacts the score. More recently, we've launched solutions such as CreditCompass, which enable consumers to set a personalized goal score range that they wanna achieve, and then we provide tailored, actionable insights that's personalized to them to help them achieve their goals. When we shift to identity protection, kinda thinking more on the center column there. TransUnion's credit monitoring alerts have been a core component of the identity protection market. We know that monitoring one's credit is one of the main ways to protect against identity theft, and we're continuously looking for ways to evolve our capabilities to continue to safeguard information that is most important to consumers. As we think about holistic identity protection, Sontiq enables us now to monitor more non-credit aspects such as the dark web, social media monitoring, bank account monitoring and others. They're able to do this for individuals and families. Sontiq is also able to help consumers remediate losses when a breach of information does happen. The third area, shifting to the right, is around devices. As consumers increasingly conduct their lives online and on their mobile devices, understanding the threat to your device is going to be important. Sontiq's mobile app provides all the tools and solutions I just mentioned, and it also performs comprehensive mobile scanning, looking for an array of threats such as rogue apps, spyware, or unsecured Wi-Fi connections, and it also alerts you if your device has been compromised. With the combined organization, we are now able to provide this industry-leading suite of solutions directly to consumers and to businesses who wanna protect their own assets as well as those of their customers and their employees. Looking at the trends, Chris in the beginning talked about some of the favorable or some of the trends that we're seeing in the market, and we believe those will drive demand for the solutions that I just discussed. First, when we think about new forms of underwriting or creating opportunities for consumers, an empowered consumer understands and knows how to manage their financial situation, which enable them to improve their standing, get better access to credit and the goods and services that they desire, which we believe is really around enabling more financial inclusion. Rise of digital commerce and engagement. The always connected consumer wants to know that their information and their behaviors online are protected, and they want that from a trusted source. Lastly, when we think about fraud resolution, there's a need for fraud remediation and resolution, and the Sontiq solutions can provide proactive, personalized, actionable insights to users to best protect against fraud and identity theft. Sontiq solutions empower millions of consumers and organizations to be less vulnerable to the financial and often emotional consequences of identity theft and cybercrime. When we think about the acquisition, you always think about unlocking the value or the synergies that might be created. It's clear that TU is able to expand the total addressable market that we serve and further penetrate existing end markets that we serve. These solutions are bolt-on and complementary to our existing credit education and monitoring solutions, setting up a smooth integration product roadmap. As I said, consumers are seeking identity protection services from a provider that they trust, and this presents opportunities for TransUnion to be that source and to connect to consumers directly and through several end markets. With the alignment of Consumer Interactive and U.S. Markets, as Steve mentioned earlier, we are better positioned to reach these markets and serve our consumers more holistically or with one face to the customer. If you look at some of our core markets, financial institutions are now able to provide the credit education tools that we have with more holistic identity protection. This type of combined offering we know often improves consumers' overall financial health and well-being, which benefits both the FI and the consumer. With the proliferation of breaches, regulators are increasingly focused on breach readiness by FIs and others, and they want to know how they're going to help protect consumers from this type of incident, and also what they'll do to help remediate losses in the event an incident occurs. Insurance. Our insurance customers can add personal or commercial cyber insurance to existing policies for more extensive coverage to provide differentiation and build customer loyalty. If you think about it, these providers help secure or protect the physical assets that you know your house or your car, and now with some of the Sontiq solutions, they're actually also able to protect some of the digital assets that are becoming increasingly important and vulnerable as consumers spend more time online. Public sector. In general, the Sontiq solutions are going to enable us to play more holistically in the breach market, but particularly serving some of the government breaches that may have occurred as Sontiq has a long-standing GSA contract. TU has historically played on the periphery of breach, but now we believe with these capabilities, we'll be able to more holistically serve a fast and growing market. Lastly, employee benefits. As simple as it is, all of TransUnion's customers can now become a customer of Sontiq through an employee benefits program. The company that you work for may offer types of benefits, and one of those that is increasingly becoming common is the identity protection and resolution. As we look forward, we believe that the Sontiq acquisition will accelerate growth for our consumer interactive business, going from where we are today to a high single-digit growth over time. It's a bolt-on acquisition. It's squarely in our wheelhouse. Sontiq was already a customer of ours, and the solutions are highly complementary yet expansionary to what we offer today. It's a high-caliber business with some great talent that we're adding to our team. I assure you, we are knee-deep in the integration, and while there's always work to be done, we have a clear, achievable path ahead of us. We are excited about the potential for our consumer business and what lies ahead. With that, I will now turn it over to Todd Skinner and Rajesh Kumar to talk about international. Thanks, Lindsey. Good morning. Nice to see everybody. Thanks very much for taking the time today. My name is Todd Skinner. I am the President for our International Division. Today I'm gonna walk you through how we operate our international markets to generate double-digit growth. We're also gonna take you for a quick journey into the U.K., our largest market. Rajesh Kumar is here from India, and he'll walk you through India, our fastest-growing market. As you look to our international business, you'll see that we have a strong footprint across the globe, and that each one of these markets have strong underlying macro factors that make us successful as well. We're gonna take you deeper into how we create value for our customers and build stronger relationships to earn what we call a trusted advisor status. We'll explain how we take the learnings from that client engagement and our innovative leadership position to diffuse these solutions across the international spaces. Lastly, we'll walk you through how we manage a common set of verticals in international that we call smart adjacencies to generate outsized growth rates in each of our markets. You've seen this slide from Chris, and there's impressive growth rates in all of our markets, and it comes from a mix of developed and developing markets. The question is, why is this mix important for us? Well, number one, it allows us to easily import and export successes across our markets and to tweak them for local nuances that exist. Number two, it provides anchor points for us to consider capability and geographic expansion further into South America, Europe, and into Asia. Lastly, it will allow us to capitalize on the demographic tailwinds that exist in our emerging markets. When you take a look at this population histogram, you begin to see that the emerging markets present a real opportunity for TU for growth. In fact, our emerging markets are growing at twice the rate of our developed markets. You also know that in the last five years, we've acquired almost 100% of our share in India and TU CIBIL. We bought CIFIN in Colombia, and we bought Callcredit in the U.K. You can see that the U.K. has tripled our revenue and population based on our developed markets. It is a unique, dynamic and innovative market, and we are exporting IP from this market to the rest of TransUnion. You heard Steve talk about gaining in the U.S. Colombia, India, Brazil, the Philippines, and South Africa are the bulk of our emerging markets. There are a billion people in these markets that are looking to improve their quality of life, and they have little or no access to credit. This situation, combined with the fact that governments are making financial inclusion a real priority, is an opportunity to bring our approach and innovation to these markets and generate even greater growth for TU. As an example, India, in their latest Union Budget, introduced bringing digital banking to the rural markets through the banks that exist today. They're also introducing basic banking in the Indian postal system, and they're looking to drive greater financial inclusion into invisible, medium, small, and micro-sized enterprise and for women. Now I'd like to take you to Brazil. This is the third largest CRA market globally, and over 100 million consumers are invisible or have little to no access to credit. We operate our business and have had five years of good growth in Brazil, operating a leading alternative data and decisioning business, helping millions of unbanked and invisible consumers get access to credit. Our journey in Brazil took a turn in 2019 when the regulator announced that you'd be able to use positive data when building a bureau. We know that between the success we've had in alternative data in Brazil and our success with trended data around the globe, we need to have an impact. We applied for and were granted our bureau license in January of this year. We also took this opportunity to think differently about building a bureau, and instead of building the bureau in the market, we took the opportunity to mobilize our global technology team and have built and ready for production our first cloud-native bureau. We'll be implementing our international playbook of trusted advisor, innovation leader, and smart adjacencies, and we'll use this implementation in Brazil to learn about starting a new bureau and supporting our geographic aspirations. You've heard Steve, Jason, and Lindsey talk about our recent acquisitions. The international team is digesting the opportunities and building out plans to accelerate growth that already exists. We're excited by the opportunities to expand our identity-based solutions with Neustar with Neustar, embedding identity protection from Sontiq into our consumer empowerment platforms CreditView, and creating that full wallet view with Verisk. Canada and the U.K. in particular, already have solid revenue streams and are working to embed these solutions even deeper. We'll be looking to, across all of our markets, to see what is the next best opportunity for us to embed these solutions. Now you have a good view on our markets. You understand the opportunities that exist from a cloud-native bureau and the recent acquisitions. I wanna take a few moments to walk you through the international playbook and how we bring revenue growth to life. The aspiration of a trusted advisor starts with understanding our customers' strategic objectives, the critical business issues they're facing in the market, and the market disruptions they're encountering. We've invested in industry-focused research and insights to drive deeper engagement with our customers and thought leadership of special topics of interest, like buy now, pay later. This investment, combined with our go-to-market approach, allows us to bring the real opportunities that create value for our customers across the entire life cycle. As we exit the pandemic, a few things are mostly true across all of our markets and represent a continuing opportunity for TU to help its customers. Number one, digital acceleration is here to stay. It may not be as fast as it has been in the last two years during the pandemic, but it will continue to grow. Two, financial inclusion has become a real issue for governments, and whether visible or unserved, it's an opportunity for TU to help its customers. Lastly, the pandemic has created risk clarity issues and new threats for our customers, and they need our help. Identifying resilient customers that may have seen some challenges but are still good risks, helping our customers recalibrate risk models with better solutions, and lastly, new players like the buy now, pay later POS financing that will continue to gain traction and take share of the business because it comes with a better consumer experience, it serves the invisible and the underserved populations, and provides alternative solutions to traditional credit products. Our trusted advisor status is further solidified because of our track record as an innovation leader in creating solutions that are easy to implement. We have great solutions around the world, and I'll let Tim talk to you about that. I'm actually gonna talk to you about how we think about diffusing our IP. To show you how it contributes to our international growth, how it's connected to our enterprise strategy, and how it's an example of our global model in action. Let's start with Digital Onboarding. This is a platform that allows customers to meet the evolving consumer demands that they can integrate and customize but low effort for us. This platform started in 2018 in Hong Kong and was a success. We looked to move it to another market, but decided rather than just move it, could we build a platform? India was the next to take the Digital Onboarding platform. Today, we're in 6 regions, have 45 implementations, and revenue growth is strong and significant. An example of our most recent implementations is in Latin America. We have a customer using it for digital verification on over 6 million transactions a month. Next up, CreditVision Link. You heard Steve talk about CreditVision Link 2.0. We have a number of first-generation scores in our emerging markets of Latin America, Brazil, India, South Africa, and the Philippines. We've leveraged alternative data such as telco, demand deposit accounts, and public records to generate insight for hundreds of millions of customers, consumers, so our customers can more reliably assess risk and generate economic opportunities. CreditView. You heard Lindsey talk about our digital engagement platforms, which helps consumers manage credit, understand their finances, and build their credit. This indirect platform started in the U.S. and was first launched in Canada in 2018. Today, it's in six regions, is implemented in hundreds of customers, and we have 47 million consumers that have the opportunity to review their scores and reports every single month. Lastly, we'll talk about buy now, pay later. It's clearly happening in all of our developed markets and is making its way into our emerging markets. It's a new way to engage customers to pay for small and medium-sized transactions and presents a real unique opportunity for TU. We recently announced that the U.K. will be embedding buy now, pay later data into its credit database. When combined with our industry-leading trended data, CreditVision, we'll be able to provide greater insights to customers in the U.K. Why is this important for international? In India, our fastest-growing market, buy now, pay later represents 3% of e-commerce transactions today. That's $100 billion on an annualized basis. That's expected to grow to 65% per year over the next coming years, and buy now, pay later will represent almost 10% of those transactions going forward. A real opportunity for us in the Indian market. Now you understand our success in diffusing IP across our international markets and why we're excited by working with the U.S. team in serving global customers, excited by new solutions that come from our global solutions team, and our recent acquisitions in Neustar, Sontiq, and Verisk. In addition, we've made investments over the last year in Monevo, the eligibility platform from the U.K. that has operations both in the U.K. and the U.S., IDfy, our video KYC solution to address hundreds of millions of Indians not served in the financial services market. Lastly, OPL, our online MSME platform, where business loans get approved in under an hour, which would have traditionally taken days and/or weeks. Innovation and diffusion, combined with the support, will combine to support our double-digit growth. Now I'd like to talk to you a bit about our smart adjacencies and how we generate them to generate more growth across our international markets. These are fast-growing verticals. They have much in common, but they also have nuances in every market. There's significant benefit in managing and guiding them at the international level. You've heard the phrase, best practice. We call it applied best practice. By having an international leader that works across the markets, we help accelerate learning for local customers on global trends. We accelerate local learning with global customers on local markets. We can help our global clients expand their footprint and grow in faster and more attractive new markets. This structure also allows us to our local markets to collaborate and learn what works best and understand the why behind it. It drives us to be better, to be more connected for our global customers, and raises the expectations on our local team as they see different perspectives from operating as a global organization. In all cases, we take what works in one market and bring it to a new market. Take, for example, in insurance. Credit scores are a strong determinant of insurance risk, and we've been able to show our emerging markets customers how to use credit to lower losses and improve profitability. We've seen good success across international and expect growth to continue at a similar pace. We're equally excited by the opportunity to accelerate growth in gaming, MSME, and media, and engage in emerging high-growth verticals like crypto. Now we're gonna take you to our biggest market, the United Kingdom. The U.K. is our second-largest market globally. The regulator is driving competition and innovation across many of the sectors that we serve to protect the most vulnerable customers, in particular, in financial services and gaming. It also increases demand for our consumer engagement platforms, CreditView and affordability solutions, to ensure customers understand the potential impact and consumers can manage their credit and afford what they're considering to buy. While open banking saw slow adoption in the last year, we saw 4.5 million consumers become users and expect strength to continue as the pandemic has driven more lenders to digital solutions and the need for more granular information. 35% of the U.K. population are using buy now, pay later products today, 17 million. With our recent announcement, we expect to have 90% coverage of that data in our database by December. Lastly, the accelerating digital market. With fintech investments up 54%, digital marketing up 17%, it's putting pressure on fraud, in particular, digital and driving demand for identity and device verification. Our market-focused solutions are clearly aligned to our global strategy. In the area of financial inclusion, an opportunity to make an impact is significant. We're accelerating our open banking capabilities, we're scaling our TrueVision adoption, and we're embedding buy now into our database. We'll be able to score 5% more customers in the U.K. market. We'll make it easier for our customers to consume these solutions by building TrueVision buy now, pay later attributes that scores these segments. In support of digital acceleration, we'll leverage our investment in Monevo to offer more precise eligibility solutions, along with TU's data and analytics. We'll leverage our strength and relationship with lenders and aggregators for better consumer outcomes with our CreditView functionality. We'll support our customers' own digital onboarding with our digital solutions. Our efforts in ID verification and fraud resolution will be focused on scaling our fraud solutions and our data science capabilities through our fraud platform, TrueValidate, and protect digitally vulnerable consumers and support our clients. We'll also leverage our newly acquired capabilities in Neustar and enter the 300 million addressable digital marketing market in the U.K. With Sontiq, we'll help customers and consumers fight the multi-billion online bank fraud challenges. In the U.K., we'll remain one of our biggest markets in international, that the market dynamics and positive engagement from the regulator makes this an attractive market and is aligned to our enterprise strategy. It will become a center of thought leadership and innovation for us to transfer to the rest of TransUnion. Now I'd like to turn it over to Rajesh Kumar, our Regional President from India, to give you a better understanding of our fastest and soon-to-be biggest market in International. Good morning to all of you. I am Rajesh Kumar. I head TransUnion's India business. To go back to what Steve said, we like to face customers as they face us. I used to be TransUnion's largest client for a very long time on the other side, heading risk for the largest retail lender in India. I'm here today to talk to you about our business in India and how it's positioned. As Todd said, it's obviously one of the fastest-growing markets in the world, but I think the key point to note is that over the last two, three decades, just like Chris said, around the world, we've seen in India the retail lending market typically grows at least two to three times the GDP growth. In India, we are talking about a GDP growth of 6%-8% most of the years. Good years, we do 8%. Even bad years, we manage a 5% and up to 6%. Then you apply this 2-3x on retail lending, and then we see a clear opportunity for outsized market growth in India. Why do we say this? We'll go into a little more depth on India and the large middle-class population and the huge financial inclusion that's happening there. We'll go a little bit more into that in the next slide, but I would request you to focus a little bit on the right side of this slide to say we are a market-leading credit bureau. Why do we say that? TransUnion actually launched the first-ever credit bureau more than two decades ago, along with a consortium of the largest retail lenders in India at that time. We had about 26%. Over the years, we have raised it to more than 92% equity now. We are known as TransUnion CIBIL in India. In fact, the CIBIL score is a generic name for bureau score in India. People really say CIBIL score even when they refer to other scores in the market. Today we hold more than 70% of the bureau market in India. What's more important is it's just not the high market share. We have managed to successfully defend it over the years and also keep growing it. We have almost every large lender in India, be it a bank, non-banking finance company, fintechs, they're all our customers. The bureau is pretty large. We have more than 560 million individuals in our consumer bureau. We have about 23 million small businesses, which is growing pretty rapidly. We have more than 1 million inquiries on weekdays, which is again growing pretty fast, and the latest numbers are touching 1.2 million a day. If you see our role over the years, it's not just been to keep helping the retail market. We're also trusted advisors to policymakers and regulators. I was called a few weeks back to the Indian Parliament to present to a senior parliamentarian committee on how to smoothen the flow of credit to small businesses, which really are the backbone of the Indian economy because small businesses generate most of our employment here. In a nutshell, from this slide, the takeaway is we have a very strong leadership position in one of the most attractive global markets. We'll go into a few more reasons as to why I say that or how I established that. We look at the four blocks in this slide. We're talking about attractive market dynamics. Some huge numbers here. We are talking about 840 million individuals who are below 35 years of age. That's a large aspirational Indian middle class. All of them want a better life. There's a lot of urbanization happening in India. From small villages, they move into nearby towns, cities. From the cities to big metros for all the obvious reasons, better education, better infrastructure, et cetera. What all of this brings is, again, a whole lot of opportunity for retail lending. All these youngsters need a credit card, they need a two-wheeler, they need to buy a car, they need to buy a home. That's why the retail lending businesses in India have seen very high growth rates over the years. I'm pretty sure that's gonna be even more scalable and sustainable for a long time, given this kind of demography. We have about 380 million credit active individuals today, which is set to touch about 700 million in the next few years. A lot of other small details, for example, women borrowers is at 500 million today. I'm sure that's kind of grown 10x in the last eight years. These are the kind of growth rates. Similar growth rates with young borrowers again. When we talk about financial inclusion. Well, let's think for a minute that from the Indian government's perspective, you have this large young population, and very obviously then the GDP is going to grow through private consumption. If you want to really facilitate, enable or grow or support private consumption, the easiest way to do it is to help financial inclusion. How do you enable financial inclusion for this kind of huge volumes? Obviously, it has to be digital. What's the government doing to enable that? There's a large public infrastructure developing. At an individual level, we have Aadhaar, which is the world's first biometric-enabled identity system. The government launched UPI, again, the world's first unified payment system, where money is transferred through apps on our phones, left, right, center. The number of transactions crossed four billion last month. That's a lot of information for us to use as we get access in the near future to start building even better models. Now there is an account aggregator ecosystem coming up, which is again going to be one of the largest federated consent architectures in the world. That should be up and running in the next few months, and that's going to ease enough workflows a lot. Apart from that, yes, it's also going to give us access to a whole lot of new information, which we will add up to the traditional information to further help financial inclusion. Digital, we spoke about the public infrastructure. On the private side, we have more than 4,000 digitally native startups and more than 2,100 lending fintechs. That number's growing rapidly now. When you talk about the four boxes here, let's connect all four. You have great market dynamics, a huge potential large population. You have to enable financial inclusion. The only way you can do that is to accelerate digital, accelerate the digital ecosystem, which is again going to be facilitate. It starts with ID verification and onboarding and goes on. As Steve spoke about, pre-screens and pre-qualifications. I'll speak about that some more again, but these are what really ensure what I said earlier to say we have a strong leadership position in one of the most attractive global markets. Let's go to the. Okay, where does all this land us in terms of our business strategy? Chris spoke about these three pillars. I couldn't be happier coming from India because you look at the three pillars, this is exactly what we need in India. It's I won't even say it's a strategy. I would say this is an essential requirement. You need to create financial inclusion that we have established already. When you talk about such a large scale, there are more than 800 million smartphones in India. Everybody's using a smartphone, obviously, but we need to ensure great customer experience for most of these people there. We don't want painful processes. I used to be on the other side, as I mentioned earlier. You wanna make it just a few clicks for the customers. Now, how is that gonna happen? Through pre-approved and pre-qualified loans, which are on the spot, where customers just have to give a few consents and clicks and their money's landed in the account. Likewise, when I speak about financial inclusion, our product range, a whole lot of solutions are on new to credit, specifically for small businesses. We have a CIBIL MSME Rank, which creates lovely discrimination between different banks in terms of differentiating risk, and a lot more coming as we get access to more and more data. If you see the last column on the right side, we are talking about also working with lenders to ease up or smoothen their workflows. Look at the combination, this kind of inclusion. You want great customer experience. That can only happen if there are very smooth workflows. In fact, you don't want too many screens floating around. To really sum all this up, you can see clearly how the global strategy fits in beautifully with what we are doing in India. We are leveraging all possible global IT, some of the global products that the speakers before me spoke, and some more we will hear in the next few minutes. We are well-poised to bring all of those global solutions and IT to create more and more India-focused solutions. That's how we are looking at these kind of aspirations to say more than 20% CAGR and hit a revenue of more than INR 300 million by 2025. To sum all of this, a large market, financial inclusion essential for private consumption, which is going to be driven by a whole lot of digital solutions, and we are well poised to take advantage of that and ensure this kind of a growth rate. Thank you. I'll hand over back to Todd. Thanks, Rajesh. I think you can see that our efforts in the U.K. and India are significant. They will be our biggest and fastest-growing markets, and our success is built off strong market dynamics. Our ambition doesn't end in these two markets. It actually cuts across all of our markets. Whether it's our investment in fraud analytics in Canada that we're taking to the rest of the globe, the opportunity of financial inclusion, digital onboarding, ID verification in Latin America, Africa, or the Philippines, or our investment to enable credit to 350,000 MSMEs in the Hong Kong market. I think you'll see that our international growth story is rooted in our enterprise strategy, that the diversity and strength of our geographic locations actually supports further capability in geographic markets, that our focus on the customer and applying what works in one market to another will accelerate adoption in our markets, that our innovative leadership position and our focus on IP diffusion makes us a stronger global business, and that all of that, with the demographic tailwinds and all of these efforts, we expect that our business will continue to generate double-digit growth in international and expect that we'll have $1 billion in revenue by 2025. Thanks very much for taking the time today, and I'll turn it back over to Aaron. Thank you. All right. We're gonna just take a quick break. Folks in the room, folks online, top of the hour, wherever you are, Eastern, Central, whatever time zone you're in. Top of the hour, please, we're gonna start sharp to stay right on time. Thanks, everybody. One second. Little latency on the clicker. There we go. Okay, I'm Tim, and this visual is a reprint from Chris's opening section. There he talked about how we have been expanding in a new solution areas, big growth related markets that we can play in while leveraging the core of our credit data and strong identity capabilities. You heard, you know, all the guys who came before me, they were talking a lot about solutions, and I'm glad they're excited about it. I'm the solutions guy, so I thought we'd take it down a level and we would actually talk about solutions. It's a very exciting time for us, because we're armed with all of the vertical and customer insights we've developed through Steve Chaouki and Todd Skinner's teams, and we're stocked with all of the recent M&A and organic investments and product that we've made over the last couple of years. It just gives us a ton of material with which to build best-in-class solutions for our customers. It's not just credit, as we've been talking about. It's in places like fraud, it's in places like marketing and others. That's where Global Solutions comes in. If the slide will advance. There we go. We're the product management layer in this operating model. We sit kind of at the nexus between the voice of the customer, information from the markets teams and the art of the possible from all the other enablement platforms, data and analytics and global tech and ops. We look to solve large, persistent problems for our customers and our consumers. I'm here to share with you why we believe that Global Solutions is a growth enablement platform for TransUnion's future. You know, the diversification and growth of solutions beyond credit really increased the importance of this kind of having strong product management capabilities at TU and to complement our country leaders and our vertical leaders. What I really mean by that is, you know, Chris earlier talked about the playbook. Well, I take them back to step one. I actually think page one of the TU playbook has always been to have a real strong focus on our countries as a business unit. It's that third dimension of this chart you can see up in the corner. You know, we have regional presidents of the U.S. and the U.K. and India and the like, and those are the businesses. The next page out of the playbook, and that's kind of where Chris picked up, was, once we had the scale to afford it, to increase our focus and specialization in the vertical resources and those focused on different industries. We brought in operators from the various industries that we served, and we created these vertical business teams, and we hired commercially focused people, who previously ran credit card portfolios or auto lenders, that was me, or insurance companies or the federal government. We gave them resources and time and space and said, "Go out and build a business." Then we asked them, "Hey, while you're out there, ask them to help us know, what product customization do they need in their industry? And what innovation do they need? And what's the key business problems and concerns of the folks like them who are operators in those industries?" That vertical focus was an unequivocal success and led to a generation of growth for TU. Along the product dimension back then, when we were building out those verticals, we were still pretty reliant on credit reports. We tried to and credit solutions, and we tried to do other things with the credit, and we'd use credit reports to do pre-screened marketing offers for direct mail, and we would use trade lines to build KBA or out-of-wallet questions for fraud prevention. You heard Chris talk about that as well. Now those other solutions have actually come of age of their own. They have scale of their own, and some of them have replicated in a number of countries. We're adding this other dimension. It all created a call to action for, and the ability to afford, this increased investment in product management in our solutions. In implementing the Global Solutions team business function, we are essentially rerunning the TU playbook that has made us successful in the past, but this time focused on the product dimension to complement our existing vertical and country dimension. We've organized the team into six solutions families. Two are there on the left are both credit-related, fraud, marketing, specialized risk, which is largely TLO, and communications. Each of these teams are dedicated to those products. They're populated with domain experts from that solution space and/or relevant competitors. For example, in marketing, we have leaders that came from Omnicom and MediaLink and IPG Mediabrands and other marketing and media companies. In fraud, we have leaders that came from RSA and NICE Actimize and other fraud-related companies. What a point I'm trying to impress upon you is this is not just taking legacy credit bureau people or legacy financial services people and saying, "Hey, try to figure out this fraud and marketing stuff." These are actually fraud and marketing people from key players, specific players, specific domain knowledge that we're bringing in, and we're asking them to be like general managers of product businesses. And we're asking them to help us transform the way that we innovate, build, and drive broad-scale adoption of commercially successful products around TU. As an example of that transformation, historically, we look to build product in the U.S. and push it out to some other countries if we could. One of the first things I realized when I got into this role with Global Solutions is there's a lot of good innovation going on around the world outside the U.S., and we wanna nurture all of that and then diffuse that product IP in every direction, not just U.S. outward. I think a great example of that, Todd Skinner mentioned earlier today, he talked about the Digital Onboarding solution. Started in COVID, it was a small thing in Hong Kong that is now in another, an additional five markets. It has real revenue, it has real bookings, and I think that's a good example of the solutions team replicating a successful product by working with the local countries and installing it and doing that last mile customization and getting it into another market. We augment the solutions families with some commercial success, things we call commercial success. These are things like making sure that the solutions team are being consistent and disciplined with things like pricing and product marketing and training and all of the kind of go-to-market success enablers around the globe. Now armed with the increased product domain expertise and good market-backed product strategies, it's had a couple of clarifying effects for us. The first is this global solutions expertise really helped bring confidence to our M&A efforts. Here I'm showing our acquisitions from the past, I don't know, eight,nine, 10 years, and how they fit into our solutions family. First, I'd like you to notice the concentration of deals on the credit side of the page. We're obviously still investing in credit, including Verisk, assuming it closes. Credit's our core. We have no intention of taking our eye off that ball. It remains high growth for TU. It's a central focus for us. As I've said, I actually have a team of solutions people that are focused solely on the continued success and innovation of credit. Beyond credit, Global Solutions has also really helped us define our total M&A roadmap to know what we are, and as importantly, what we are not interested in. For example, it was only after we stood up marketing solutions and we brought in domain experts, and we gave them the time and space to come up with their strategy that we knew that TruSignal, Tru Optik were good bets for us. Similarly, over the last two years, we've done a lot of strategy work around our fraud business and around our identity capabilities. It was armed with that clear-eyed, market-based thinking about our ability to play and win in fraud, marketing, and identity that gave us the confidence to go after Neustar. We already knew what we were building, and we already knew how they would fit. It was easier for us because we had done all that work and we had that solutions expertise. Whether we're talking about M&A targets or the organic product roadmap, it gives us the confidence to know what to pursue, and again, as importantly, when to say no. Whether that's an inbound M&A fly-in opportunity or a product feature that one customer is asking us for, but we know kind of isn't in strategy and might not be that scalable. It brings clarity and focus to that. Let's talk about the roadmap. A lot of exciting, growthful things going on at TransUnion on the product front. I'm only showing a few things here to give you a sense of the change that's coming. Even in credit, though, there's a lot of change underway, especially for a category that's so mature. It's really kind of impressive. Again, I have a credit-focused solutions team making sure that we keep pace with all this change. It's things like consumer-contributed data and financial inclusion and BNPL and income and employment and, you know, the new privacy concerns and analytics enablement. I could go on. That's in addition to us continuing to advance and scale CreditVision and the alternative data that we've been successful with in the past. Those are all on the plate. I actually think one of the areas where the most dramatic change underway is more in our fraud solutions and our marketing solutions. So first, I'll talk a little bit about what's going on in fraud solutions, and then I'll have Matt Spiegel come up. He's one of those domain experts I told you about, and he's gonna try to bring it all to life with a little case study from our marketing solutions business. All right, so before I talk about fraud, I want us to have a starting point. Look, a little over a year ago, Javelin rated us best in class for identity proofing. So we're starting from a really good spot, but we actually think we know how to do it a lot better, and that's our roadmap. A little bit of the history is that given that our fraud product evolved through different regions and through acquisition, historically, we've kind of had four fraud platforms around the world. We have Iovation devices, and we have legacy IDVision, and we have Callcredit in the U.K., CallValidate in the U.K. We have all these different teams and each with their own Scrum teams and each with their own, quite frankly, similar roadmaps. After standing up global solutions and bringing in the experts, we now have a clear vision that cuts across the verticals and cuts across the countries. First, left-hand side of this page, what we realized is we could do a better job of mining all the relevant data around TransUnion. We kind of only used to mine the data that was manufactured in our own silo, Iovation devices or IDVision, you know, identity information. We're gonna fix that. We're gonna bring in first-party data from our customers, and we're gonna bring in the great third-party vendor data, and we're gonna do whatever we can so that we can apply all the great data scientists we have on finding the best fraud signal for transactions out of everything that TU can bring to bear. Second, in the middle of this page, we're working with global tech. We have a plan to consolidate into one global fraud platform in the cloud that provides these fraud services to TU customers globally. Allows for some last mile customization, of course. Imagine going from four sets of Scrum teams around the world, each of them having to do some set of keep the lights on patching, compliance-related items and a little bit of innovation thrown on top. Imagine consolidating all that into one giant Scrum team focused on fraud. Still some keep the lights on stuff, but a lot more of the resources focused on innovation. It's gonna lead to better product, it's gonna lead up to time to market. Then third, on the right side of this, we're now clear on how we evolve from an independent set of point solutions. For example, traditional identity signals versus Iovation signals. Hey, customer, figure it out. Instead, into an orchestrated platform that brings together all of the best data and analytics from around TU, whether that be credit data or the TLO data or device signals or behavioral risk from a partner or from the customer or whatever, into something much more useful and effective for our target customer segment. In my view, I think fraud is a great example of how solutions will help reduce the sprawl in our next generation of platform solutions, and how we'll have more innovation capacity by consolidating efforts around the world and being clear on the path forward globally. In summary, for my part, I hope by now you're starting to agree with me that there's some real opportunity from global solutions to enable another generation of growth to better translate the voice of customer and combine it with new data and emerging tech into real-life commercially successful roadmaps and go-to-market plans to build unified configurable next generation solutions. Build it once, use it many. To make it easier to bring each TU core product into the markets around the world like we did with Digital Onboarding, and to free up engineering resources for increased focus on innovation and faster time to market. All together, to actually help improve the margins of our products and the business overall. The very last thing I'd like to do to drive home your appreciation and excitement for solutions is I'd like to introduce you to Matt Spiegel. He's gonna come up. He's the one on this marketing thing. You see it now highlighted in blue. He's gonna come up and give us a case study for marketing solutions to bring it all together. Thank you, sir. Yeah, good morning, everybody. As Tim just highlighted, I'm one of those domain experts. In fact, I joined TransUnion in the summer of 2018 with over 20 years of experience in marketing-related roles and specifically with a focus on enabling data-driven marketing businesses and strategies. When I joined TransUnion, I also knew that TransUnion had the fundamental assets that made the company a leader in waiting at this intersection of data and marketing solutions, given that really all forms of marketing are on what is a continual and never-ending journey of becoming more data-driven. In particular, that meant us having a really detailed and accurate understanding of consumer identity, something we've highlighted a bunch, and deep capabilities both in data science and in managing data-related governance and compliance. What we didn't have at the time was the technical depth, the knowledgeable functional leadership, nor the products to deliver the types of solutions that future-facing marketers expected across our categories. As a result, as Tim highlighted, we went on a very specific journey and a very intentional journey of acquiring early-stage companies that both closed those gaps, and focused on areas of market growth where we thought we could play best. Then with Neustar this past fall, we really supercharged the speed of that journey with both added product capabilities, leadership, as well as the identity resolution infrastructure, which Venkat will talk about in a minute. Key, of course, though, is what exactly are those future-facing solutions that we are now focused on and that we offer? You know, at the most macro, our focus is enabling, again, a data-driven precision marketing ecosystem across all marketing touchpoints and channels, and doing that both within credit and non-credit use cases. More specifically, what does that mean we do? How do we help marketers? Well, number one, we help them understand who their customers and prospects are, and we do that both understanding characteristics demographically and behaviorally. Second, we help marketers design and distribute segmentation strategies in order to engage with groups of customers with similar needs and desires. Third, we help analyze the impact of their marketing investments on both that consumer engagement and ultimately on sales. One of the things that's super important here, as you can see on this slide, though, is a vector of solutions where we have specifically decided not to play. We are purposely not in the media buying or media and delivery business, right? Instead, our focus is on making that process smarter with the enabling capabilities which I've highlighted. Now, like all companies, right? Our ability to win business is centered on our quote, unique rights to win. You know, and for us, that of course, comes back to the core asset that TransUnion had at the start of this journey. We are at the core a data company, and our business, of course, then leverages our unique sophistication connected to the handling and use of detailed consumer data. Our clients see that manifest itself across our products in a number of ways. Let me just highlight a couple quick ones. Number one, in our identity graph, which in the U.S. connects to 98% of adults, both in physical world and digital world channels through different identity signals. They see that in the sophistication and transparency of our data modeling, both built within to our products and our platforms. They see that with the level of data science work that fuels, again, those products, as well as the team that supports those products across the portfolio of solutions. All right, so that's a quick backdrop, and as Tim said, let's really focus on a case study, hopefully making this a little bit more real and more tangible for you to get a sense of what is it we do for our clients. We'll talk through here an example of a large retail brand, which I promise you would all know well. Our work with this particular retailer starts, of course, with understanding their core challenges and what that opportunity they were focused on. For them, that challenge starts with the fact that they were absolutely interested in using data, much of it their own, through direct consumer relationships, in order to improve what is almost $1 billion of marketing investments. A critical aspect of this challenge, though, is that them, like many, if not most companies at this point, have their consumer data in multiple silos that are disconnected and can't be leveraged to create a whole consumer view. What do we do? How are we involved? The first thing we do is we help them understand their customers by linking and matching their various records. We do this by leveraging the identity graph and our ability to resolve identity from multiple different signals, both again physical and digital world. As part of this process, because this retailer leverages direct mail heavily, we additionally appended an updated address to the records that either did not have an address or had one that we knew was out of date. Next, for this marketer, through leveraging both our data asset as well as our technology platform, our products, we turn their improved customer intelligence into many tens of targeted audience or segments. One particular example is we match specific records from their CRM database to digital identity signals that enabled them to purchase media targeting those exact individuals, and those through data modeling that had similar characteristics. Importantly, it's the thousands of attributes, both demographically, behavioral type attributes that we aggregate. It's our platform for easily leveraging that data and building segments. It's the fact that our technology platform and our identity graph are interconnected to the critical media and technology providers in the ecosystem that makes this solution so effective, right? Ultimately, what our clients judge us on is the fact that our solution set is expansive, it's fast, and it's easy to leverage across all of their marketing investments. Now, I've mentioned already, we don't directly manage the next step in the process, right? That's the actual media buying and delivery process. You know, we have delivered the targeting rules to the proper platforms and partners, and the marketer works directly with their media and technology partners to execute those investments. But this isn't to say that our work is done in this process. In fact, our technology rides along in this investment process so that we capture both the exposure data and ultimately the engagement in sales data from the retailer, and we capture that both from an online and in-store perspective. With those data points, we help analyze the effectiveness of these investments. We do this both from a top-down and bottom-up perspective. When we say top-down, we mean we look at the macro factors that influence and inform them which channels of marketing need more or less investment. For instance, this could be a recommendation to spend more on out-of-home advertising and less on local television. When we think about things bottom-up, we mean with an ability to measure all of the digitized channels, we look at the value of every specific exposure on both customer engagement and ultimately sales conversion. The core point of our analytics work here is that what we're doing is we demonstrate that the value of the investments made in the first two stages in understanding their customers and creating precise target audiences. In terms of a couple quick success points worth highlighting, just a few quick ones here. Number one, we eliminate over 100 million duplicate records in their CRM database. That alone enabled a $15 million annual savings in direct mail. Additionally, through optimization and targeting strategies deployed as a result of the analytics we just talked about, they increased their spend to consumer visit by over 59%. Net-net, this focus on precision marketing from identity to targeting to analytics has meaningful points of impact. We don't have time today to do a whole bunch of other case studies to look at how we work across categories. Let me just quickly fly by a couple examples to demonstrate that our solutions set absolutely is relevant across all of our verticals and markets. For instance, for a streaming video subscription service that collects very little data on their subscribers, we append both demographic and behavioral attributes to increase their ability to personalize their content recommendations, which you would see when you see the recommendations that they show you that are programs that match your personality and interests. For a media and tech aggregator, we append similar types of attributes for them to leverage with their ad-buying clients. They use that data to create over 100,000 highly targeted campaigns each month for their clients. For another retailer, we enable a collection of real-time behavioral data from their website and use this for immediate retargeting campaigns, meaning that they can more quickly react to abandoned shopping carts. Of course, this absolutely applies to our core categories as well, including financial services. For instance, one financial services company we work with, excuse me, we enable them to marry their credit marketing strategies to non-regulated strategies that has the overall impact of increasing their marketing coverage. Again, the summary point is that our marketing solutions are 100% applicable across categories and any and all marketers which are increasing their utilization of consumer data in their marketing efforts, ultimately becoming a more precise and precision marketer. Let me close by summarizing why we are confident that we'll win more than our fair share, and it starts with the fact that we are focused on a future of market excellence, which again, is data-driven. We know that to win over a long, long term, it's important to create a moat, and we're doing that through focusing on three key things. Number one, continuing to ensure that we have a best-in-class three-dimensional view of identity that stays current, both in terms of the data it captures and its connectedness to complementary technology platforms. This means that marketers can leverage TransUnion to create personalized consumer experiences across all consumer touch points. Second, we're focused on building on our 50-year-plus legacy of being a trusted consumer data steward. This is something that very few companies can provably demonstrate as an asset. In a world of increasing requirements for managing consent and privacy, this uniqueness is only becoming more valuable. Finally, we're staying true to, again, where we have a right to play and win. We have strategic clarity. Tim highlighted that. We're not trying to be all things to all people. We are building from our strengths, and we know where we're unique. Companies like Google and Trade Desk and Adobe and others, they're partners, they're not competitors. With that, thank you for the time. I hope I've made our marketing solutions a little bit more tangible and hopefully also demonstrated why they're truly synergistic. Thank you, and now on to Venkat. Thank you, Matt. Hello, everyone. I'm Venkat Achanta. I lead data and analytics at TransUnion. I joined here through the Neustar acquisition. I'm excited to take on the broader remit and join the executive team at TransUnion. Prior to Neustar, I've spent time leading data and analytics at large enterprises like Walmart and Capital One. Prior to that, I've spent 10+ years in the credit space at Experian. So glad to be here. What I'm gonna focus on. If this slide advances. Give you a little bit about the charter of the global data and analytics enablement platform, and then specifically focus on OneID, our identity platform, identity resolution platform, and tell you why it's differentiated and why we are so excited about it. That tries to bring together all the capabilities and solutions that we're talking about, the consumer identity at the center, how we are differentiated and how we manage identity. First, our core role is we deliver core product differentiation through highest quality data and advanced analytics capabilities. We do this by managing the best identity resolution platform in the industry and providing R&D focus in areas, in emerging areas around identity. For example, privacy-preserving tech, privacy and data governance as it becomes important, as first-party datasets become important. The clean rooms and being able to enable clean rooms and machine learning across clean rooms, that focus of R&D in areas like that. Also able to scale and productize customer analytics functions, customer-specific analytics functions. I'm gonna dive in a little bit into the OneID platform. You know, we'll touch more on the data analytics capabilities of the broader enterprise at another time. I'm gonna focus on the identity capabilities. As Chris mentioned earlier, global commerce today is overwhelmingly driven by transactions and interactions that businesses know very little about who or what is on the other end. Identity is knowing who or what is on the other end can enable a layer of trust between consumers and businesses, especially in today's digital world. As Chris mentioned earlier, this is core to TransUnion's strategy. Our ability to enable commerce by creating digital trust within the ecosystem, it's so key. That's why our products, all of our products and offerings revolve around this, enabling this key trust. Having said that, creating that layer of trust has never been harder. Why? Customers use an increasing number of channels, more data than ever, the complexity of the digital data exhaust. We deal with tens of billions of transactions every day that we ingest into our platforms, right? They're reducing the noise and, you know, being able to resolve those identities. To provide actionable information, just providing the data isn't good enough, right? Doing this all within a very strict privacy regimen for the end consumer. As it is getting harder, it is getting more and more critical to, in today's digital world, to solve identity problem. Like others have already talked about helping enterprises find more customers, like their best customers, helping businesses deliver low-friction experiences for their customers while protecting themselves and their consumers from fraud, right? Enabling businesses and consumers to safely interact over the phone channel when it stops spoofing, right? There are many use cases that makes this trust very, very important and critical. OneID is our real-time persistent identity platform that links people, both individuals and households, and devices, and locations together into the best identity graph possible in the industry. It's highly capable of resolving identity between both offline and online worlds, and most importantly, an easy way to traverse between the worlds with the highest accuracy possible. It creates a very actionable view of identity. What we mean by that is we want to have scale and accuracy at the same time. Highest scale with the highest amount of accuracy, you know, highest accuracy. We'll talk why this matters, you know, especially when traversing both online, offline worlds. With this, we're able to resolve an identity with very few identifiers. With a very narrow set of a fractional identifier, we can resolve the identity that is underlying that identifier. This powers complex set of solutions that were already touched by Tim and Matt and others, and decisioning for our customers in real time. Part of creating this uniquely actionable identity is having proprietary data inputs. Chris talked about this earlier, having feedback loops and the data exhaust. OneID has feedback loops with every solution or product that it enables to learn on those feedback loops and improve, constantly improving and constantly learning, building an ever-widening moat. We take a differentiated approach on our identity resolution methodology that transcends any single identifier, and we're future-proof from an identity perspective in that sense. OneID combines the contemporary technology with the best thought leadership from a data science and entity resolution methodology. Our unique approach makes us the best at accuracy at traversing between online and offline, which means the omni-channel accuracy that customers most desire in today's marketplace. As Chris discussed earlier, we play in very attractive, growing end markets. OneID powers identity use cases within those key markets like digital marketing and fraud mitigation. Matt has touched in detail about how the marketing use cases and how they leverage the identity graphs and how it does it in real time, and Tim touched on fraud, you know, for the several fraud examples. Take a simple case like account opening. That is solved for a long time using knowledge-based authentication, knowledge-based triggers. The ability to apply holistic identity resolution across multiple vectors like device signals, like offline signals, like all the data exhaust, is more important than ever to not only combat fraud, but like we've seen earlier before, nobody enjoys a false alarm, right? We get a false fire alarm. Improving the accuracy at the same time you know, making that credible by reducing the amount of false positives, it is critical in the ecosystem to make this dependable and mission-critical, right? That is what differentiates. The accuracy is what we really differentiate on. We built OneID from the ground up to be extensible for future world, tomorrow's world. What do we mean by that? OneID is comprised of three key building blocks. When we think about future-proofing, we want to be able to ingest new data as quickly as possible, automate that data ingestion, tag the data, enable it for granular compliance and data governance to be able to create that trust in the ecosystem. This will allow us to operationalize new datasets in the platform in days, not weeks, like competing platforms. The core, the middle of the platform, which is our core identity resolution algorithms, we do state-of-the-art research and entity resolution, and our algorithms approaches transcends the typical probabilistic versus deterministic methodology and relies on a multitude of identifiers, use advanced machine learning techniques to be able to develop a single source of truth and identity graph. That means a consistent answer for all of the solutions that it enables, whether you're prospecting the full life cycle of customer solutions, get the same consistent answer that businesses can rely upon. Lastly, our self-service product design and delivery infrastructure creates a point-and-click interface to be able to leverage that identity and to be able to create new real-time products and deploy them on the fly. What that means is creating new products in weeks, not years. Enabling solutions in weeks, not years. All this coalesces down to the speed of innovation. Our approach allows us to develop new products quickly and have a consistent answer across a multitude of use cases, and be able to land and expand in any number of use cases across the three business units, the three large businesses that we talked about. Lastly, we're so excited what the future holds for the combination of TransUnion's superior data assets and OneID platform. We see tremendous growth, innovation, and expansion opportunities on the horizon. With our combined datasets, resources, and capabilities feeding into OneID, we can improve our existing products that depend on it quickly and generate new ideas to solve emerging identity challenges. Like Todd mentioned, we'll also be able to take this globally to the new markets, the platform to the new markets internationally, and also expanding into new cutting-edge identity problems that our current customers and prospects face today and will face tomorrow. With that, I will transition this to Abhi. Good morning, everybody. My name is Abhi. I have the great pleasure of looking after technology at TransUnion globally. The last time I was here, I was about a month into this job, and I had the pleasure of speaking to you about technology, so it's good to be back today. Let me refer back to what Chris talked about in terms of our evolution. I like to think about this, and I wanna explain to you how this is a continuum of investment and transformation that TransUnion has done from a technology transformation point of view. The way I think about it is there are really three phases in which this continuum of investment and transformation exists at TransUnion. The first, Chris talked about it was the initial sort of reconstruction. Chris talked about our Project Spark that allowed us to get off of mainframes and really embrace distributed computing as the computing platform on how we would run our business. We created standardized industry-leading approaches to efficiently access our data, unify it to manage it, and then to fulfill it in both online and back channels. As we did that, we also combined all of our data into intelligence repositories Chris referred to as SHAPE. That really allowed us to set the standard in terms of how information services companies should manage their technology. While we did that, we also integrated multiple acquisitions. That was sort of the period of the initial reconstruction. Around the time when I was speaking to you here from this stage, we started working on this notion of establishing a foundation that allowed us to leverage our true heritage of distributed computing and to marry it with the emerging trend and the economics of cloud computing. We started down that path around the same time as COVID and quarantine and the era of workplace dynamism. What that investment really allows us to do is, first, build a foundation that allows us to use infrastructure and utility computing, not only leveraging our heritage, but also the dynamics that get from using cloud in your environment. We're building this foundation to leverage each and every computing paradigm that is more relevant. On top of that, we are refactoring our applications so that they can leverage this hybrid cloud foundation. We're writing up brand-new applications on top of this foundation, and it's really not just about running applications on a distributed hybrid infrastructure. It is also equally about how easy is it for our engineers to work on this foundation. After all, if this foundation is really good, but it's really hard for engineers, what have we really achieved? We've invested in automation tools, training to make sure that engineers can leverage this foundation to either refactor or build new applications. During COVID, when faced with uncertainty and people having gone home, we didn't back off from this transformation. What we did instead was we prioritized training, and we had web training available to all of our engineers globally. We told them, to the extent you wanna invest your time and get certified, we would pay for that certification. There was widespread adoption across the world for this. Now we have, not just a cloud-native technology foundation, we have a cloud-native technology organization, which is equally important because it creates IP over the longer time period. On top of this transformation, we started building shared technology components available as web services or microservices, and Chris talked about them. What that allows us to do is to not solve the same problem repeatedly. 'Cause for example, if you have to match an address, you have to match an address, and we can make that available to any business solution in any market by building and deploying it on top of this hybrid platform. This creates the foundation, really, if you think forward, to all of the things that my colleagues have talked about. They've talked about billions of people, they've talked about hundreds of millions of records. They've talked about sub second accuracy. They've talked about not getting it wrong. This foundation allows us to pursue each one of those solutions in all markets without sprawl. That is super important because if you wanna accelerate and leverage all of these assets that Venkat is talking about, the technology organizations that Venkat is talking about, and the things that we're building and thinking about in a unified way. What I wanna tell you is that this technology transformation isn't really about technology. It is really about a focus on what matters most for our customers and for our business. Let me move to the components of the technology enablement platform. Chris talked about these four global platforms, enablement platforms upon which we run our solutions businesses globally. There are four critical elements that form the technology enablement platform. Two things and two ways of working. Let me give you some color on each. First, I talked about hardware and cloud. We've talked about our investment through Project Rise to build this hybrid foundation. We've leveraged the expertise and the progress that Neustar had made to put together an approach that makes us completely independent of any one cloud service providers or really, to be even dependent on a cloud provider because we are leveraging hybrid infrastructure, which was our heritage. We knew how to do that since 2015. It allows us to leverage fit-for-purpose technology computing. Simultaneously on software, it is so good when a business leader comes out and tells you that we built a cloud-native bureau platform before the market was even ready to launch. We built that on Rise. When people come and tell you about technology that we pioneered in Hong Kong, and then we distributed all across the world, that was a true instant seamless onboarding. Really, when a new colleague comes in and says, "We have this shared asset that you can deploy on top of this infrastructure." Because these shared assets sitting on top of this utility computing hybrid infrastructure that we've developed allows us to take on the dynamism and the opportunity that is available to us all over the world. These are the things. These things really work because we have an operating model that is globally consistent. We can have predictable outcomes. We can deliver an efficient output to the business depending upon what the business needs are. We wanna do that with a unified security and operating plane, because technology really should be highly available and should really be low latency. If we do all of these things, but we don't take care of all of these smart people, these data scientists, these folks that Rajesh talked about, who have to go into small villages and convince people to participate in this new ecosystem, and the technology we put in front of them isn't adequate in this hybrid environment, we're really letting them down. It is not up to our employment brand. What we're trying to do is to leverage a history of tech competence, and we're looking forward to enabling these digital economies globally, like Todd talked about. We're building for fintech scale, and we're ensuring that these new data-led risk and marketing models can be fulfilled with engineering at scale using talent everywhere. Very quickly, what is the components of these enablement platforms and how do they fit? I talked about the things. At the bottom is our infrastructure computing. On that, we've built our foundation to leverage this hybrid technology computing. On top of that, we have these shared service components. You can think of OneID going in there. On top of that, these business solutions, whether it was the fraud case that Matt talked about, the bureau that we built on the cloud for Brazil, and really to be rolled out in all international markets, or all of the marketing solutions. These things fit together because globally we have one common set of practices. We open training to all engineers. We expect them to use the same automation to get their code into production. We can instrument that automation to be secure by design, to be of acceptable quality. We want to make it easy for engineers to work at TransUnion, and we want to make sure that we do that because we want to operate at scale to enable the business to pursue that ambition. The things that happen really are on the right, and the three things that I'll point out are we get operating leverage through reuse. We reduce the number of things we have to manage and hence the number of things that can break. We want to have four nines global availability. Then as I turn the page, we want to really have highly engaged engineers because engineers drive growth. We've organized in a way that allows us to leverage all of the great competency and talent that we got from Neustar, along with the great talent and investment that we're making in TransUnion. Maybe the underlying thing that sometimes get lost when we talk about technology is the fact that engineering is actually a creative profession. If engineers are not working on meaningful engagement to solve business problem, when they're not creating things, they go work somewhere else. We've organized around business problems and have our engineers meaningfully engage with Matt and Tim and the product engineers so that we can solve all of the problems that Jason, Lindsey, Steve, and Todd talked about. Sontiq will slide very easily into the product line, B2C. Neustar will slide very easily into marketing and fraud. Having engineering leaders focused on solving these business problems allows us to declutter and not to have distractions. That allows us to manage all of these things simultaneously. We get faster time to market. We don't get beholden to any one technology provider, cloud or otherwise. We have a common platform so engineers can go where the business needs to and also where their career aspirations lead them to. We want to make it easier and safer for engineers to create. I've been talking about engineers a lot. Here's why. Most of what technology organizations spend money on is people. Really, talent is the true lever that allows us to do all of the things that we all are talking about. Most people in an engineering organization are roughly five-plus years out of college. If you look at people now, half their career has been in COVID. Their only interaction with the company is through digital means. These engineers are now highly sought after everywhere on the surface of the earth. We want to give them meaningful work, working on modern tech, and we want to make it very easy for them to work at TransUnion. If you look at the points on the right, it makes economic sense because as we leverage cloud computing along with our infrastructure computing, we are not beholden to old price appreciation on old technology, which will happen because technology investment is secularly moving towards cloud. It also doesn't get us beholden to either AWS or Google Cloud. We want to make sure we manage our unit economics. More things means more things can be broken into, and that pressure is highly real. This investment is transforming, making engineers work on meaningful things with meaningful problems in an easy way. It also reduces the threat surface and improves our unit economics. This focus on engineers is not an afterthought. It was a core part of the strategy that we started articulating two years ago. Because if you win with smart engineers, you create sustainable IP and you manage wage inflation. It's not just about engineers. We have really, really smart people in every function, whether they're scientists, and like I talked about, whether they're people selling in Brazil or the U.K. or India, we wanna have a really easy experience for those technologists. We are really focused in partnership with Susan. Susan will talk more, a lot more about this, to get consumer-grade modern technology in front of all of our associates globally. Because we realized previously, before COVID, we thought the office was where you worked and then you could also work remotely, but it wasn't the same. Then we all went home, and then we used that remote technology to try to manage our life. As we go forward, we will take the opportunity to make it really easy, really consumer-grade, because we know through multiple studies, if you make that investment, not only do you have better cost of resource, you also have sustained IP. To sum up, world-class technology in all markets using a hybrid technology infrastructure platform. Business-focused solution stacks built on top of common set of services so they can be reused across the world. Two product engineering teams really focused on solving meaningful problems in those product lines. They don't have to worry about how they write code 'cause our automation investment makes it secure, compliant, and consistent by default. Then talent really motivated with easy technology to do their best everywhere TransUnion does business. Thank you for your attention. With that, I'll turn it over to my friend, Dane, to talk about global operations. Thank you. Good morning. My name is Dane Mauldin. I'm responsible for operations at TransUnion. You've heard, hopefully things that are encouraging to you when you think about the markets where we play, the verticals that we serve, you think about the robust solutions that we offer. Ultimately, when we talk about operations, it's how do we consistently do that with the best experience for our customers and for consumers. There's really three primary things that being first and foremost, and we do that through our basically the way that we set customers up. Whatever you think about the way that customers interact with us from a product perspective, we also manage that through service and support and through our distribution of our small to medium customers' lending operations. Secondarily is around efficiency and effectiveness. As we started this transformation over the last couple of years, we've redesigned over 400 projects and processes within the business. We've really been simultaneously running those through our CRM initiative that we call Illuminate. Basically, we've taken these processes, made sure that we've eliminated waste that have a very, again, high propensity, thinking about the experiences that we offer for our customers and our consumers. Then lastly is around risk management. We're also accountable for the highly regulated activities. When we talk about who we do business with and the credentialing of those customers, along with our consumer dispute and disclosure. As consumers are contacting TransUnion, asking about their credit reports, making sure that they can dispute them, really making sure that we've got the highest level of not only service, but efficiency in dealing with our furnishers. We're also accountable for what we kinda call people, places, and things. It's been very appropriate over the last couple of years with COVID. When you think about our facility, our physical footprint, how we secure those facilities, and how we make sure that our associates are safe and healthy, broad remit, basically everyone that you've heard from today, I consider to be my boss. I have a good role here at TransUnion. I thought I'd spend just a minute to talk about this transformation, where we've been and where we're going. Again, a lot of geographies, a lot of verticals, a lot of solutions that we offer. If you recall back, I mean, we predominantly were U.S.-focused, right? I mean, when you think about the financial basis of our business and serving financial services, and we had this kind of portfolio, if you will, that existed across the globe. That's really transitioned, right? Our remit is to become a global organization. We've gone from that to really consistency in terms of how we're handling that. You can see consistencies in terms of the verticals that we serve, irrespective of which market, right? TransUnion, as you know, is probably the most extensive, comprehensive solution provider because we have all of the comprehensive credit data along with that other public record-related data and the signal that we've been talking about when you think about digital identity. Ultimately, taking that expertise and applying it broadly in terms of how we're interacting with our customers as they're configuring solutions to be delivered is a key differentiator for TransUnion. Second, from a vertical perspective, we've seen this emergence, and when you talk and hear Todd talk about how things are looking in the various geographies that we serve, it's amazing to see how we're diversifying. You think about these emerging economies and the necessity of our ability to rationalize identity, and then ultimately what solutions we can offer to our customers within those various markets is critically important when you think about our future growth, and certainly with the changing dynamic of customer and consumer sentiment, right? When we think about the foundation of the operational network within TransUnion, what's critical is that we have the ability to pivot quickly so that we can enable and empower all of these smart people we've been hearing from this morning, right? Our vertical expertise, our solutions expertise. We've got to have a foundation that ultimately enables us to shift quickly with a high level of focus on customer and consumer experience. I thought it might be helpful to just kinda talk about this in application. You've heard reference to our global capability centers. Over the last couple of years, we've grown from approximately 800 to a little over 2,000. We've expanded from Chennai into Pune. We've opened up a center in Johannesburg in South Africa. We've expanded our capability center in Lithuania, and these are full stack centers. It's not just a strict technology focus, even though we really exploit that, but expanded to our analytics capabilities, our business process outsourcing capabilities, our telephonic capabilities. What this enables us to do as an organization is we take the capabilities that we have across the enterprise and then apply those so that we can really serve 24/7, follow the sun service. When combining that with our CRM-related initiatives, any customer-facing associate or anyone that is supporting our customers or consumers have a full 360 view of every interaction that that customer has with TransUnion. I'm happy to say that this week we've actually completed that rollout. We had our rollout last week, so we now have a fully functional CRM across the entire enterprise. Value and outcomes obviously are around delivering that consistent customer experience 24/7, and it frankly is helping us with our talent pool. Instead of being limited to just where we have a physical footprint, we now can take a global approach when we need talent, where we need talent at very attractive rates, and we offer a culture that our associates are drawn to. You may be saying, "Why do I care?" I characterize it this way. From a customer and consumer perspective, again, we're able to take products to market more quickly and ultimately get customers up transacting with us, with fewer error rates and making sure that we're doing that very consistently. Whenever we talk about development and deployment, you heard Venkat talk about OneID and Tim talk about our ability to identify opportunities and create solutions. That's supported by our delivery mechanism. As we're developing those, we're able to bring those up very quickly. We're able to walk our customers through how they interact with TransUnion, and we support that with comprehensive reporting about their use of our services. Finally, it's greater transparency, right? Our associates. We talk generally in terms of our customer, consumer, and our associate experience. Now any one of our associates across the globe can take a look at any given customer and slice and dice that, whether we're talking about solution or vertical or what have you, and now get a very comprehensive view of our customer where they're interacting with us. The organizational benefit, as I mentioned, specialized talent anywhere across the globe. We've also developed very sound process, both for our hiring, our onboarding, and frankly, from an operational perspective, one of our remits is to develop our talent so that we can then ship those to other parts of the organization. We move our customer service folks in from inside sales to outside sales. We're able to take folks and our analysts to be able to do work and then move to our solutions organization or one of those companies. It serves as a feeding area for the rest of the organization. Lastly, the financial benefits. Certainly, we have cost savings through consolidated operations. That's a given. There's also great benefit in terms of the shorter sales cycles and the relationships that we developed throughout a customer's organization. The deeper we go within that customer, the relationships that we can make from an operational and delivery perspective wins us points as we continue to move forward. Finally, risk mitigation. Again, when we think about kind of the liabilities for our balance sheet, we think about the highly regulated areas, it's imperative that we are sound in our approach and how we actually apply that. With that being said, I'm going to turn it over to Miss Susan to talk about talent. Thank you. Thank you, Dane. Good morning, everyone. My name is Susan Muigai, and I lead the people function at TransUnion. I am delighted to be here with you this morning. Having recently joined the company, I've been tremendously impressed with the level of strong organic and inorganic growth across the world. Our global footprint continues to shift with over half of our workforce now located outside of the United States. As you just heard from Dane, this is in line with our strategy to grow our offshore capability centers while continuing to support our teams and clients at a lower cost. Our growth is not just in the number of associates that we have, but has been intentionally focused on building key capabilities such as tech. I can share that our workforce now is 54% tech, as well as other niche capabilities such as data analytics, fraud, identity, all aimed at supporting the long-term strategies that you have heard about this morning. Key to ensuring that we retain the capabilities that we're growing and acquiring has been a focus on sustaining our culture and bringing it to life through our integration and onboarding initiatives and across the entire associate journey. The results show that our teams have embraced our evolution and our growth. Despite the shift to remote work, both existing and newly acquired associates continue to share that they feel connected, productive, and supported. Most importantly, we believe that we're winning the hearts and minds of our associates across the business and doing so through a well-rounded value proposition. Our value proposition focuses on four key elements, retention, development, support, and inclusion. Let me walk you through some of the ways that we're driving these elements. As you all know, the great reshuffle has been challenging across all industries. While all companies, including ourselves, are grappling with this, we're proud of the strides we're making with retention. Despite the high level of movement in the external market, TU ended 2021 with an attrition rate just below 3%, and that was 3% higher than what we experienced pre-pandemic. It was less than 1% for acquired associates, which speaks to our integration efforts. During a time that has been particularly difficult for women in the workforce, we have maintained our gender diversity and voluntary turnover in our female population remains well below the enterprise level. Similarly, our turnover for our technology organization has also remained below the enterprise level. We recognize that while we've been moderately impacted by the external market forces, we need to be proactive in order to maintain this position. To that end, we have taken proactive steps to enhance the competitiveness of our offering. These have included enhancements to our total rewards offering at all levels across the organizations. For example, we've extended equity further down into our organization. However, compensation is not the whole story. We're also continuing to invest in our career development and training programs and ensuring that we're providing flexibility in our work arrangements so that we remain an employer of choice. Most importantly, we continue to provide meaningful and challenging work anchored on our purpose to enable information for good, while fostering what we believe to be a key differentiator, our inclusive and collaborative culture. Let's talk about development. As mentioned earlier, over 50% of our workforce is now part of the technology team, and that makes what you heard from Abhi particularly important about the things that drive the workforce and that are important to TU associates. Developing this talent pool and ensuring that our skill sets remain relevant in an increasingly digital era is critical. To drive that, we have launched micro-certifications that are offered through various on-demand online training platforms, and in addition, have led on instructor-led learning labs in partnership with AWS. The response and uptake, as you heard Abhi mention, has been incredible, and this approach to upskilling our talent is now a blueprint for the future of learning at TU. Work is currently underway to now expand this across the rest of the business. Our goal is to maintain a culture of continuous learning. This means that we must embed learning into the flow of work, and we do this by providing on-demand, digitally enabled ways that meet associates where, when, and how they wish to learn. We want to not only be a destination for great talent, but a destination where talent continually develops and builds their long-term careers. Now, being purpose-driven and a people-first culture is not only the right thing to do, but it's also critical to attract and retain the next generation of talent. Our strong programming on social sustainability is part of a broader ESG strategy, and our program has made significant advancements since its inception in 2019. As an example, we are aligning our ESG reporting infrastructure with voluntary standards such as SASB and TCFD, and setting climate change targets for the first time. Of course, our global corporate governance is rooted in our enterprise risk management framework, which ensures that our business practices advance our information for good mission. This approach to sustainability has resulted in improvements in ESG ratings and stakeholder feedback. You can learn more about this and our advancements in the upcoming sustainability report that will be out this spring. Financial inclusion is core to our ESG efforts and is central to our business purpose. We are continuously and intentionally reviewing the role that our products, our procurement, and our customer partnerships can play in expanding economic opportunities while addressing social needs. We also leverage our philanthropic efforts to further our impact and drive shared value through initiatives tied to our business. For example, giving to organizations that are focused on developing women in technology and others focused on expanding financial success to underrepresented constituencies. The common thread that binds all of these efforts is the focus that we have on the needs of our communities and those of our people. We have continued to embody our people-first approach right through the pandemic. In a world where the lines between work and life have become increasingly blurred, we have enabled our associates to continue to be their authentic selves by embracing new ways of working and providing flexible work arrangements that meet associates where they are. The key to this has been fostering a culture of inclusion and belonging, which we believe has been a competitive advantage that will continue to serve us well beyond the great resignation. Let's walk through where we stand on our journey towards increased diversity. While our enterprise numbers for female associates and underrepresented associates have remained steady at 40%, we believe that representation matters and that we must start at the top. We have driven an increase of 2% in representation of women at the VP-plus level, and similarly, 2% at the director-plus population within our Black and Hispanic associates, and by 4% when we include all other underrepresented groups. We've also been able to drive the same type of increases within our technology and analytics space, where we have increased female representation by 2% and increased Black and Hispanic representation by 1% and 2% across all other minority groups. This is a focus for us. While we continue to push for progress, our diversity cannot be sustained unless our culture is inclusive and people feel that they belong. We believe that raising awareness about the inequities that exist through education, open, honest dialogue is key to our collective success. We've launched several programs this past year to foster an environment that enables this. These have included expanding unconscious bias training for associates across the entire organization, hosting DE&I roundtable conversations between associates and leaders, and offering tailored development opportunities for our associates from underrepresented communities. In addition to tailored development programs, all our leader and management training initiatives are reviewed to ensure that gender and ethnic representation is balanced. Last but not least, we continue to work on attracting diverse talent pools for both early in career and experienced hire pipelines. The combination of these two things is what we believe is going to lead to our continued long-term success. Our efforts are creating traction. It is wonderful to see our people and our workplace consistently recognized for the standards that we have set, and that's just not in the United States, but across all the other markets where we operate. Our internal associate surveys also show that we have an engaged workforce that is confident in our collective future, that our people understand how they contribute to our success, and that our value proposition is resonating. 88% of our associates say that they would recommend TU as a great place to work. With a highly engaged workforce and the strong capabilities that exist throughout the entire organization, we're confident in our ability to continue to win, not just for today, but well into the future. Thank you for the time today. Now over to Todd, our CFO. Thank you. Thank you. Thank you, Susan. Good morning and welcome to everybody here in the room as well as virtually. It's hard to believe that we were here three years ago, in March 2019 and, in the same exact room, and we provided a series of financial targets for 2019 through 2021, which I'm gonna show you here on this slide. As always, we wanna be transparent and accountable, so I'm going to begin the presentation by laying out our performance against those targets. As you may recall, the prevailing concern in early 2019 was about a U.S.-based correction or a recession. We folded that into our outlook. As it turns out, like everyone else, we could have never anticipated that we would instead face the most significant global financial crisis of our lifetimes in 2022. Despite that, we still performed very well against our targets. Starting with revenue, we said to expect 7% organic constant currency revenue growth on average. As you can see, revenue grew double digits in both 2019 and 2021. 2020 was derailed by the pandemic, though we still posted revenue growth that year. In total, we beat our target by an average of 150 basis points of revenue growth per year. Despite the pandemic, both our U.S. markets and international businesses delivered growth CAGRs approaching 10% over the three years, while consumer interactive delivered steady mid-single-digit growth. For adjusted EBITDA, we said to expect 50 basis points of margin expansion on average. 2019 and 2021 clearly exceeded that expectation. In 2020, margins declined. As we found our footing after the initial impact of the pandemic, we resumed our aggressive investments in the business across the areas that you've heard my colleagues speak about this morning. This forward-thinking approach helped put us in the strong position that we're in today. Finally, for adjusted diluted EPS, you will notice the trend is unsurprisingly similar to revenue and Adjusted EBITDA for 2019 and 2021 ahead of the target. To the credit of our organization, 2020 was only a touch below the target. For the three-year period, we delivered a very healthy 16% average EPS per year. The takeaway here is simple. At TransUnion, we pride ourselves on keeping our commitments, and you saw that yet again, despite a completely unpredictable and turbulent economic environment. That speaks volumes about the very talented people of TransUnion and the incredible strength and resiliency of our business model. Let's now pivot to our financial commitments for the next four years. Today, we've painted a picture both operationally and financially of TransUnion in 2025. Before I discuss 2025, let me quickly reiterate our guidance for 2022 that we provided just a few weeks ago during our last earnings call. Like I said then, all the numbers discussed in the upcoming slides exclude Verisk Financial Services since the acquisition is not closed yet. Organic constant currency revenue is expected to grow 5.5%-7.5% in 2022. Excluding U.S. mortgage headwinds, we expect organic constant currency revenue to grow 9%-11%. Adjusted EBITDA margins are expected to decline by 170-210 basis points. This is largely due to the Neustar acquisition. However, on an organic basis, we expect the margin to expand by about 40 basis points. Finally, adjusted diluted earnings per share for the year is expected to be up 12%-16%. Now, let's talk about the financial path to 2025. We expect organic constant currency revenue to grow 8%-10% from 2023-2025. A meaningful acceleration from the 7% average growth rate that we provided three years ago. This reflects benefits you heard Steve, Jason, and Lindsay provide as they discussed U.S. Markets and Consumer Interactive. It also incorporates the strong growth that Todd Skinner and Rajesh discussed in our International Markets. All of that is supported by the global enablement platforms that Tim, Matt, Venkat, Abhi, Dane, and Susan just talked about. Adjusted EBITDA margin is set to expand by 100 basis points on average. This is a combination of the continued growth in the underlying business, combined with the significant margin expansion we expect from Neustar and Sontiq. I'll discuss that in a little bit more detail in a moment. Adjusted diluted EPS is set to expand by 15% per year on average, which reflects the very strong Adjusted EBITDA growth. From three years ago to today, we have increased our expectation for revenue, margin, and adjusted diluted EPS growth as a result of the organic and inorganic investments we've made in recent years. Similar to what I did on the previous slide, where I reiterated the 2022 guidance at the consolidated level, I also wanna briefly reiterate our expectations for our business segments on an organic basis. Starting with U.S. Markets, we expect to be up mid-single digits, but up low teens when excluding the mortgage headwind. Financial Services is also expected to be up mid-single digits, but up mid-teens excluding mortgage. Emerging Verticals is expected to be up low double digits. Consumer Interactive is expected to decline low single digits on an organic basis as a result of challenging comparisons in the direct channel, which has slowed in recent months. Finally, International is expected to grow low double digits in constant currency terms. Now on to the new information. For 2023 to 2025 at the segment level, based on the drivers you have heard from the previous presenters, we expect the following. U.S. markets to have high single-digit organic constant currency growth, but low double-digit excluding mortgage. Financial Services is expected to deliver mid-single-digit growth, but excluding mortgage, high single digits. Emerging Verticals, we expect to grow low double digits, and Consumer Interactive, high single-digit growth, as we are confident in the improvement relative to 2022's results as we layer Sontiq's capabilities to help drive the next legs of growth in both the direct and the indirect channels. Finally, International is expected to post low double-digit growth over this time period. This all leads us to the 2025 enterprise target of $5 billion-plus in revenue that Chris shared at the very start of the morning. Along the way, you've heard our business leaders talking about both their 2025 revenue targets, but more importantly, their clear path to achieving them. This slide pulls all these targets together to illustrate where our revenue will grow and how our mix of revenue will evolve over the next four years. Starting with U.S. Markets and Consumer Interactive. Through 2021, these businesses generated about $2.3 billion of revenue. We expect the combined businesses that Steve Chaouki manages to generate $4 billion in 2025. Of significance, Emerging Verticals is expected to be more than 2.5 x bigger in 2025, largely as all of the Neustar revenue is currently recorded here. As I mentioned during our last earnings call, and Steve did in his presentation, some portion of that revenue will ultimately move to Financial Services. This, of course, doesn't change the end result of the total business and will simply be a modest mix shift between Financial Services and Emerging Verticals. Emerging Verticals will clearly benefit from the very strong anticipated growth from Neustar, but also along with the other highly attractive growth vectors you heard about today, like in insurance, public sector, and media and entertainment. Financial Services share of the distribution will decline from almost 46% of U.S. markets revenue in 2021 to about 1/3 in 2025. The declining mix is primarily attributable to the rapidly expanding Emerging Verticals segment that I just spoke about, as well as our expectations for a flat to declining mortgage market in the coming years. In fact, mortgage is expected to be less than 7% of consolidated TransUnion revenue in 2022 and decline as a percentage of revenue every year thereafter. More importantly, other end markets like consumer lending, card and banking, and auto are expected to continue to post attractive growth, as you heard Jason speak to earlier. Consumer interactive will continue to expand as Sontiq helps transform us into a formidable player in the fast-growing identity protection space. International will become a $1 billion business by 2025, as we have significant growth opportunities across our global footprint. Highlighted by the incredible position that we have in India that Rajesh described and a host of emerging growth market opportunities in Latin America, Africa, and Asia Pacific. In our developed markets, the U.K. and Canada, still have a lot of runway as we focus on innovation and attractive adjacencies. Finally, while not included in these numbers, as a reminder, when we close the acquisition of Verisk Financial Services, we expect revenue from that business to grow low single digits in 2022, high single digits in 2023, and low double digits in 2024. The business is also expected to achieve 40% Adjusted EBITDA margins in 2026. However, the overall size of this business will not have a significant impact on the growth rates that I just articulated. Let's switch gears a little bit. Underpinning much of our growth over the last several years has been a steady stream of highly strategic acquisitions that provide some combination of data assets, capabilities, and geographic and/or market expansion. The past six months have brought another wave of high impact M&A that all fits our strategy. As this slide shows, since 2013, we have closed or announced 18 acquisitions, representing $6.5 billion of aggregate purchase price. With our healthcare vertical divested and classified as discontinued operations, we excluded five healthcare acquisitions from this slide. In total, we actually completed 23 acquisitions during this timeframe. Since the announcement of our intent to acquire Verisk Financial Services, we fielded questions about our ability to integrate that asset along with Neustar and Sontiq. We recognize this is a valid concern and frankly, one that both our management team as well as our board of directors contemplated and addressed every step of the way. Along with having strong integration leads like Lindsey Downing, who you heard from earlier today, and fully formed integration plans supported by experienced cross-functional teams, I wanna highlight that we also have done this sort of heavy lift before. I'd ask you to look at the cadence of acquisitions in both 2017 and 2018. We completed three in late 2017 and two more in 2018, so 5 in less than 18 months. However, again, this slide doesn't show the two healthcare acquisitions that we completed at around mid-2018, taking the number to seven, including at that time, the two largest in our history, Callcredit and Iovation. We fully acknowledge the work ahead of us as we integrate this next wave of acquisitions, but we have great confidence in our organization, which has demonstrated the ability to effectively integrate acquisitions over the past decade. To that point, I thought it would be important to take a look at our two previous large acquisitions that I just alluded to as mini case studies to highlight our effective approach to M&A that has created value for our shareholders. Starting with Callcredit on the left-hand side of the slide, our acquisition of the number two credit bureau in the United Kingdom that provided some compelling capabilities in fraud mitigation as well as gaming and gambling, as you've heard about this morning. We acquired Callcredit in 2018 for $1.4 billion, and at the time, that was about 22x Adjusted EBITDA. We've successfully built and expanded our capabilities and customer base in the fast-growing fintech and gaming markets. We launched innovative products like TrueVision, which is what we call CreditVision in the U.K., CreditView in the consumer space, and built upon an already robust fraud platform. As a result, the business has had net revenue growth from 2019 to 2021 despite the pandemic. We also saw the business rapidly innovate to serve the U.K. government during the most challenging times of the pandemic. We scaled Adjusted EBITDA margins from 33% at the time of the acquisition to 40% today. There continues to be significant runway for growth as we expect at least 9% revenue growth going forward. All of this success has already brought the purchase multiple on 2021 financials to 16x, something I would consider to be a very attractive multiple for what was one of the few scaled independent global credit bureaus remaining. Moving to the right-hand side of the slide, let's talk about Iovation, which brought us device-based intelligence and proprietary data for fraud mitigation. We paid about $320 million or 27x Adjusted EBITDA, which candidly was an attractive multiple for such a unique data asset with global applicability. The data is a core part of our TruValidate fraud mitigation platform, helping position us for long-term growth in this high-growth market. Along the way, similar to Callcredit, we scaled the Adjusted EBITDA margins here from 22% to more than 40%. As we look to the future, Iovation data fits nicely alongside Neustar's data, allowing us to further expand our fraud suite, giving us increased exposure to a market growing north of 10% per year. Finally, as a result of our integration and execution efforts, the purchase multiple on 2021 financials is 10x, down from 27x. From these examples, you can see some valuable themes emerge that are quite relevant to the recent M&A that we've done. First, we are disciplined in acquiring businesses around our core. Second, we have demonstrated the ability to extend acquired businesses into complementary areas. Third, we're able to significantly improve the financial profile, both from a top and bottom-line perspective. Finally, I'd highlight that while these acquisitions bring a lot to TransUnion also brings a lot to these acquisitions with global distribution, innovative and complementary solutions, and a repeatable playbook to deliver growth. We believe all of our acquisitions have the potential to grow faster as part of TransUnion than they would've on a standalone basis. Which is a really good transition to talking about our path to deliver sizable margin expansion growth over the next four years. As we've stated, we expect to achieve Adjusted EBITDA margins greater than 40% by 2025. To start, we finished 2021 with a margin of 39.1%. However, that only included one month of Neustar, which currently has a considerably lower margin than TransUnion's underlying business. Again, just like Iovation and Callcredit, and many of the other acquisitions that we've done before. As we shared on our February earnings call, our 2022 guidance calls for 36.9%-37.4% margins due to the full year impact of Neustar. However, our underlying margin, excluding Neustar and Sontiq for 2022, is expected to approach 40%. The path towards achieving our 40% target starts with, first, the underlying margin expansion I just spoke about. Excluding those recent acquisitions, we expect that to get to 41% through natural operating leverage as well as anticipated efficiencies. Sontiq margins already are at 40%, but they have room to improve. The final piece is Neustar and the significant margin expansion to 40% that we've already articulated, driven by the meaningful revenue opportunities that we see ahead, as well as $70 million or more of cost synergies. The business is already demonstrating strong momentum that gives us confidence in our ability to achieve this target. For instance, in 2022, we expect Neustar's margins to jump from 21% in 2021 up to about 25%. This progression in margin is both achievable as well as it is compelling, as we will add significant shareholder value over the next four years through this meaningful margin expansion. What does all this mean from a cash flow perspective? Our free cash flow, which we define as cash from operations less capital expenditures, was about $535 million in 2021, or about 80% of our adjusted net income. In 2022, as we meaningfully invest in Project Rise and the integration of our recent M&A, our free cash flow is expected to be about the same as 2021 at $535 million. Conversion will decline to roughly 70% of our adjusted net income. What's important on this slide is our expectations for 2023 and beyond. As this slide shows, we expect to generate $2.7 billion of cumulative free cash flow from 2023 to 2025, or about 90% of our adjusted net income. This is with capital expenditures expected to remain relatively consistent at 8% of revenues. This robust generation of cash will provide us with significant ability to invest back into the business as well as return cash back to shareholders. With that being said, our capital allocation priorities remain relatively unchanged. First, we intend to pay a dividend of 10%-15% of our adjusted net income. We continue to fund the best organic growth opportunities that you've heard throughout the morning, as well as we're going to continue to seek additional strategic M&A. With cash left over from those activities, we will be prudent in prepaying debt to maintain balance sheet flexibility while also retaining the option to repurchase shares to support TransUnion stock. This all brings me to the conclusion that TransUnion remains a great long-term investment. This slide nicely summarizes the key points I hope you take away. First, we have a proven track record and repeatable strategy to deliver above-market growth. The recent acquisitions that we made complement our core and position us in markets that are growing very nicely. Our proven operating model enables us to accelerate innovation, drive efficiencies, and ultimately scale the business. Our free cash flow generation provides us with significant capital allocation flexibility. Ultimately, we believe the end result of this will be $5 billion+ in revenue, $2 billion+ in Adjusted EBITDA or a 40%+ margin, and $6+ of Adjusted diluted EPS in 2025. Thank you for your attention. We are now going to go to the Q&A. If I can know better. Whoa. I don't know. Is it me? No, it's you. All right, we're gonna get started. We'll go Ashish, and then I'll come over to Andrew after that. Aaron. Thanks for the presentation. My question is focused on the Fintech. Fintech grew 25% from 2019 to 2021. You've talked about a strong market share there. How should we think about the growth going forward, particularly as you talked about the BNPL and DeFi lending opportunity, and also bolstering your capabilities in marketing and fraud, how does that reinforce your moat on the fintech side? Thanks. Sure. Well, look, we're fortunate today that Steve Chaouki is here. He was one of the leaders that spotted the emergence of fintechs a decade ago and helped, you know, seed our business there, and also Jason Laky, who runs financial services. I'm gonna start by passing this question to them. I guess, without citing specific numbers about fintech going forward, we still think there's a lot of runway in fintech. You look at the core fintechs, you know, when they started in consumer lending and that was built out, you know, you're talking over a decade ago now that we started with that. They are now moving into adjacent categories as well, and there are lots of expansion opportunities for them in places like card, auto, et cetera, as they move into those adjacencies. At the same time, we see BNPL probably you know, several years behind, so maybe they're a few years behind where fintechs are now in terms of their growth trajectory. We think BNPL is just starting to inflect now, and there'll be a long runway ahead of it as it continues. As it relates to DeFi is really early stages, right? I mean, this is a completely new arena, so we view that as more of a bet on the future or just, you know, getting ready for what's to come. You wanna build out the capabilities. Of course, there's some inherent differences in the DeFi space that force us to address it slightly differently than other ones. We wanna make sure we have that entire capability set laid and the groundwork in place, so if DeFi does take off, which many people expect it will, but, you know, who knows what will happen till it actually happens, we're well-poised to serve that industry, in the same way that we have with BNPL and the various forms of Fintech before that. Jason, do you want to add anything? Just real quickly, let's make sure we cover the opportunity to sell into Fintech and BNPL, the marketing services, the fraud mitigation. Yeah. That's an obvious one, so thank you, Chris. As I'll just talk about the core industry. Of course, one of the main reasons we made the acquisitions we made was to sell the full suite of solutions to BNPL and the Neustar stuff into all fintech, I should say. The Neustar stuff is a straight plug-in. We've had incoming calls from all types of customers, including fintechs on the day we made that announcement. The fraud and identity solutions are critical to that space, as are the marketing solutions. They facilitate a much easier process for those lenders to operate, and those capabilities will become equally important as we move into BNPL growth and eventually into the DeFi space itself. I think it's a huge opportunity. Similarly, Sontiq, we're seeing a lot of opportunities with the B2B2C space in terms of our core credit solutions. We feel fintechs and just general lenders alike will want to offer identity protection as well. You see it's becoming kinda table stakes in a lot of spaces in terms of credit protection to consumers. A lot of banks are doing it. That addresses a set of the population. The more prime customers, especially as you get to some of these Fintechs that tend to orient themselves more towards fraud and crime and banks that orient themselves more towards crime, are much more concerned about identity protection. We think that will just become table stakes in the coming years. We have a variety of solutions to bring to the market. We think the market is growing and evolving, and we're positioning ourselves to be where the market will be as it goes. That's great. Is there anything you want to add? Yeah, international. I think from an international perspective, I'd emphasize a couple things. You heard me reference working with Steve in the U.S. markets, and so in the Fintech vertical, we do a lot of work across our developed markets in particular. As we move clients from the U.S. to other markets, we're together. I think the second thing I would say is in the buy now, pay later space, we talked about the success in the U.K., but Canada, the U.K., and the U.S. are working together on embedding that data into our databases. We're also looking to take what we're learning from that space as we talked about India, but also to Latin America and South Africa as well. I think there's incredible opportunities for us in the Fintech space and working together globally will, I think, capitalize on that higher growth rates. Okay, good. Thanks, Todd. Andrew Steinerman, J.P. Morgan. My question will be a little long-winded. When you think about the enhanced organic revenue growth, the 8%-10% targets you want to be held accountable to, do you think this is about, you know, your own positioning and new opportunities, or do you feel like this is also somewhat about share shift? Because when I think about the broader info services space, not just the credit bureaus, the CAGR on that space and, you know, according to my primer, is 5% organic over time, and TransUnion has been the highest amongst them, but now you are even raising the goal higher. Again, do you feel like this is innovation, white space, or maybe the whole info services sector might have higher growth ahead? I think I'd start by saying. It 's certainly about innovation and creating new and broader solutions through the combination across the three areas that we've talked about. It's also about, you know, a scale player like TransUnion, entering into marketing services, into fraud, and then bringing the natural data advantages plus the OneID platform and being able to grow from the positions that we've got, right? In terms of share shift, obviously, it's a complicated calculus, if you will, that ultimately I leave to you guys to decide and to ride on. What we can say, though, is that if you look at, you know, recent years' performance, and you separate out the dissimilar elements if you will, we feel like our core business has been growing at the top of the market. Our intent is to continue to do that, right? To the degree that it comes from share shift or innovation or price optimization or whatever it may be, you know, there's a lot of different variables. But what I can say is we're focused on competing and competing well. We do it through innovation. We do it through thought partnership. We've got, you know, a more effective and broader sales coverage model now with the acquisition of Neustar and Sontiq than we ever have because they bring deep product expertise that adds on top of our credit people and our relationship managers and all of that. Yeah, I mean, that's all of that is behind the optimism in the guide. Last one was. Mike. Might grow faster going forward if you think about, you know, data and analytics, you know, demand. I think, it's certainly possible. I think that the reason this is a great platform, period, is because we are at the intersection of big data analytics and creating workflow tools with the most sophisticated technology, and that's all growth. Andrew, I would just add on to that just to remember the markets that we talked about today about with fraud and marketing and just the TAM in those markets are growing quickly, and we're going after them with a robust set of capabilities. We're able to capture the confidence that we have from going after those markets as well. Hey. Hey, Todd. You know, you mentioned last time in your long-term guidance or medium-term guidance, you assumed, you know, one recession year or slow year. I think this one doesn't. Just given the changes in the portfolio, hoping you could walk us through, you know, the defensive elements and, you know, where the pluses and minus could be in the event we do have a recession year in the next three years. Yep. Thanks for the question. Good one to ask for sure. We just went through a little bit of a mini recession, I guess, in 2020. You know, TransUnion you know first of all showed resiliency throughout that time. We only had one quarter where we declined in revenue, and I think that was no more than 3%. Otherwise, every other quarter we grew, and we posted growth for the full year in 2020 as well. That period of time definitely showed the resiliency both of TransUnion's people as well as just the capabilities in the business model itself. You know, to that point, you know, I happen to have been the CFO of our U.S. markets business during the great financial crisis. Interestingly at that time, and you've probably heard it earlier today, we were heavily exposed to U.S. markets financial services at that point in time. Ironically, we had just set up the vertical market structure that's just kinda second nature to us at TransUnion. You know, talking about, you know, verticals and like insurance and public sector and the diversified markets that you heard Steve speak to earlier. We set that up at the onset of the recession, not knowing that was happening in 2008, 2009, and we suffered mightily. You know, our revenues were down significantly, you know, in 2009, coming out into 2010. What I've seen happen to TransUnion over that time is just the diversification that we've brought to our business has less dependency on core financial services. You have verticals that do have and product capabilities that do have a countercyclical you know type of application, as well as how we've expanded our international portfolio as well. If it's a U.S.-based recession, think of the position that you heard Rajesh talk about earlier in India as an example. We lived through that 10-15 years ago in the great financial crisis, with, you know, businesses like South Africa actually were growing during that time. We believe that, you know, what we've built, you know, over the last several years and the focus on verticals and the subject matter experts that we've brought into the organization just will help us persevere throughout the next downturn. Yeah. I can't help but add a couple of components there. Now, with the acquisitions that we recently have completed, and this is before the Verisk acquisition closes, if you look at our B2B revenues in the U.S., we're 50/50 split between the financial, the FCRA stuff and in everything else, right? That's a component of diversification that we surely didn't have three years ago when we were here. Then as we have started to do more with our clients, including financial services clients, we're actually more diversified because we're doing things in analytics and fraud mitigation and marketing, et cetera. The suite of solutions themselves are less cyclical. You add the international component and the fact that our positions in marketing and in ID protection are emerging and likely more growthful. I think net-net, we're strongly more diversified than what we were three years ago. Thank you. Heather Balsky from BofA. Neustar marketing question. First off, I'm curious how you think about what TransUnion brings to Neustar. You've talked some about what Neustar brings to you, but just sort of the benefits they get from being part of your larger platform. To follow up on that, which is that when you think about the cyclicality of your business, you know, how your investments in marketing, what sort of your comfort level with that, you know, how much cyclicality, you know, is there really? I think it'd be helpful to understand. Thank you. What do we bring to Neustar? Let's talk about the cyclicality of marketing services. Let me start. You know, as Neustar and TransUnion had discussions about the acquisition, what we admired the OneID platform and all of its components, the fundamental technology, the underlying data layer, you know, the matching precision and the advanced analytics and machine learning, and we thought that's a heck of a repository and tool. What they admired in us is all of the data that we bring. We have orders of magnitude, you know, more data, better data that in combination creates something that's differentiated and exciting. That's one component. That's the product dimension and the tech dimension of this. The other part of it is that, we give them scale, sales coverage, so market reach in a way that they've never had before. Neustar was very product-oriented. You've got the marketing business, the fraud business, the communications, you know, within them. We're customer vertically oriented. Now you've got a nice overlap, a dovetailing, if you will, of that voice of the customer market expertise with really deep and rigorous product know-how. I think the combination of those two things is very powerful. Again, remember, Neustar is today primarily near exclusively from a revenue standpoint a U.S.-based business, right? But there's a lot of opportunity around the world. As we integrate our assets into the Neustar platform, as we start to leverage it as an extensible solution, we will go to various markets around the world. We're a great owner for this because at the core of ID resolution is personally identifiable information, PII. We operate bureaus in all of these markets around the world. That's a golden source of PII. Of course, we're great at licensing in other sources of PII, munging it all together and creating kind of an authoritative object around which you can start to array all the different information types we have, be it credit or public record or device ID, et cetera, et cetera. That's, I think, what we've brought. Anybody wanna Matt? No mas? Okay, good. Yes, I got a star. Thank you. George Mihalos from Cowen. Appreciate all the color and actually seeing everyone in person today. It's very nice. Actually just had a question on the tech stack and the hybrid approach. I'm just curious, you know, how do you think about leveraging the private versus the public cloud? What percentage of compute, if that's the way to think about it, goes on one or the other? Why not entirely a public cloud? Then Chris, related to that is the tech itself really the differentiator relative to peers, or is it sort of table stakes and it's the data assets that you're able to deliver or combine together that are allowing sort of the superior growth? Thanks, guys. Let me parse your question into a few piece parts, and I'm gonna farm it out. One, you know, Abhi, perhaps you could talk about how we think about which workloads stay within our rationalized data footprint and which go to the public cloud. Then secondly, two cloud providers versus one cloud provider. Sure. You know, I think, as we contemplate whether we go on cloud or not, you know, we have to sort of talk about where we started from. Right? We had already done the hard work of rationalizing, creating harmony, extract, transform, and load processes and fulfillment using distributed computing. As Chris talked about, we used proprietary technology from Ab Initio to be able to handle things in a massively parallel way. We don't necessarily have a computing utility problem. What we wanna do is we wanna take care of the opportunities that we get with the cloud service providers, where they take patching, the management of infrastructure and also cloud economics into account, right? Because we don't wanna be secularly stuck with the traditional pricing pressures from old technology. That's point one. If you wanna follow the economic point, then it bears considering that we shouldn't have just one vendor that could price us. That's why you get two cloud providers. Beyond economics, our workloads, depending upon the workload, you know, a workload could actually end up being more expensive on the cloud. There are a couple of components to it, whether it's compute-intensive, how much data is it, and also more importantly, what egress costs you have, right? You have to pay to extract data out of these clouds. The opportunity to mix two cloud service providers and from a hybrid point of view gives us economic advantage to be able to do that. Some workloads actually just are not good for cloud, and whether it's because of data residency, or whether it is, you know, long-running processes that require continuous data in large sets, how we receive data. This approach actually gives us optionality to pursue the business benefit. I'll say this, and I'll turn it over to Chris. Anybody can buy technology, anybody can buy cloud and sort of use it. If you can buy it from anybody, then you know. You know, it's how we use it really that would create differentiation. Sure. Thanks, Avi. Look, to the latter part of your question about, you know, what creates differentiation in this. You know, it's the sum of parts, obviously. I think unique and differentiated data is at the core of what we do. In some ways, you know, clients, they don't care what the underlying technology is. They care about the quality of the data, the analytic insights. Is it secure? Is it highly available? What's your product development velocity? Now, of course, all of those things are easier with a, you know, distributed modern tech infrastructure, whether you're running a private cloud or you're running public clouds, et cetera. All of those things become easier when you can access all of your data en masse. When you standardize the way you access information, you construct software, you complete analytics, and you deliver it to clients. That type of standardization on top of the underlying data foundations, if you will, that's part of how we're going to innovate and deliver more quickly and also consistently and cost-effectively. Andrew Nicholas with William Blair. I wanted to ask a question about marketing, specifically the competitive landscape there. I think Matt spoke to where you don't compete, who you don't compete with in terms of market delivery and, you know, that piece of the four-piece slide. With identity and audience and analytics, can you talk a little bit about who else you're going against? And in the slide where you spoke to why you think you'll win, can you give us just a little bit more context on who else is out there? Maybe not even who else as much as what else is out there and what the comparative capabilities are for TransUnion. Sure. Again, Matt's a guru in this space. I will say, though, that we purposely focus around identity and identity resolution as a core capability because we think it's differentiated and enduring, and it's hard to do, right? We were uniquely positioned to do it. Now there are various players out there with datasets and demographic, psychographic, behavioral type of things. They do a lot of advertising type fulfillment services. You know, that's not the space that we're in, right? Matt, why don't you elaborate on that? Sure. Yeah. Listen, across the portfolio of solutions and different categories, you're gonna have a different set of competitors, right? In the analytics space, there's a handful of smaller companies that are more focused on that type of performance analytics than others. In the audience space, it's gonna be a different set. I suppose at the core, probably what you're getting at is what is the future of really that identity resolution underpinning. There really are only a handful of companies that are capable of playing in that space. Some are the ones that are our traditional competitors, and the name you most probably think about in this space also is companies like LiveRamp, who we both compete with and in some ways partner with. Listen, at the end of the day, though, our mix of solutions across the full spectrum doesn't look like any one of those companies. We're not chasing any of their strategies. What we've done is say across the component parts, what we know marketers need is the mix of really that identity resolution engine that touches all screens, all platforms, all channels. Needs to have all the right data aspects that really a company like TransUnion is really uniquely positioned to take advantage of and be able to provide that segmentation strategy. Very few are focused on the measurement analytics space that is actually just about measuring the investment strategy of that marketing performance. Not other forms of measurement, but really just the analytics of how did you make value of your marketing investment. I don't think you're actually gonna find one company across that whole portfolio. Again, that's part of why we've articulated the strategy together, is we think it is pretty unique and differentiated. Yeah, two points to add. You know, Venkat talked about how, you know, he and the team designed OneID to be. Well, basically to resolve identity from a whole variety of data inputs, right? We wouldn't be exclusively dependent on cookies for matching or the device ID that's on an iPhone or whatever it may be, right? We have, you know, future-proofed that capability to a large degree by resolving down from a lot of different digital variable inputs. That's one point I would make. Also, I mean, look, if you look at the history of how our customers, let's say lenders, have gotten the work done, there was a somewhat artificial and unnecessary separation between the analysis of the market and the identification of that segment you wanted to Offer a loan to, right? Then the subsequent marketing to them. I think with the tech investment we've made, we're kind of erasing that boundary and we're extending into that where we can be a share taker. Thank you. Hi, Shlomo Rosenbaum. Just a quick question for you, Todd. Just how are you thinking about inflation in that 2023-2025 timeframe, you know, primarily in the financial services area, you know, the impact potentially to consumers and how are banks thinking about that and your clients as you work through that? Because that's you know, going out four years is a pretty long time. Yep. Thanks for the question, Shlomo. Am I on? Okay. Yeah, good question to ask, obviously relevant in this time. I might ask Steve to, you know, jump in here as well. You know, overall from a, you know, with high inflation interest rates obviously are anticipated to rise. That clearly has an impact on our mortgage business, which, you know, we've been articulating when times were good in the mortgage business going back to when rates were very low, we were very transparent with all of you as to the benefit we were getting at that time. Now it's a detriment to us. Clearly, you know, that part, you know, is a drag. As far as the rest of the business is concerned, you know, a rising rate environment is not necessarily an indicator of a bad thing. It could mean that it's a sign of a healthy economy in which consumers are engaged, you know, and looking to acquire or take on more debt and just, you know, aspire to a higher standard of living. Clearly though, the last several months inflation has been extraordinarily high. As far as, you know, the way we're thinking about, you know, going out to 2023-2025, we did talk about that being again on average as far as, you know, what our growth expectations would be. Because we don't, while we have visibility in a set of numbers today, there are things like you're highlighting, like an inflation, we could be faced with another recession during that point. We just thought it was prudent again to talk about the results, you know, being on average to account for that. Is there anything else that you'd add from a customer perspective, Steve? I don't think you covered it mostly. Yeah. Okay. Yeah. Look, the primary is always mortgage originations are highly sensitive. The rest of the lending portfolio, not so much because the spread over borrowing costs that they charge is pretty considerable. Mortgage has been declining for two quarters now as we've communicated. In this first quarter, it's gyrated a little bit, but it's, you know, kind of net trending downward. Yeah. Let's focus on the mortgage rates. More focused on just the consumer's ability to borrow and banks being nervous about that of the cost of living just going up because of. Sure. That's really what the focus is. Okay. You know, persistent high inflation over a period of years, you know, inflation that outstrips the wage increases that consumers are seeing in the market currently, which are considerable and the highest, you know, in a generation, that could crimp household wallets, if you will. But obviously it's a fluid environment. There's a lot of uncertainty. I'm not sure how it shakes out. It would just be a bit speculative. You know, while we hear the inflation point, I understand what you're saying. I want to remind everyone, though, that consumers are in the best situation they've been in since this information has really been tracked. Deleveraging has happened on a massive scale over the past couple of years. We think just prospectively looking forward, the opportunity to lend is as high as it's been in a very long time. While inflation may have some impact on, you know, rates in the near term in certain areas, we think that the overall prospects for lenders right now are very promising. Consumers can borrow. They're not borrowing because they haven't been able to buy the things they want to buy, such as cars. If in a couple of years they could make another three million cars, those three million cars would get absorbed and there'd be three million more loans ready to go on top of them. As production improves, this pent-up demand will clear. Consumers will buy things. The market will continue to grow as a result. I think there's a huge opportunity just latent right now because there simply aren't enough things to buy and people aren't going on as many vacations. If they do, they'll borrow for that. We're very optimistic, and I think our customers are generally very optimistic about the state of the consumer as production ramps back up. Thank you. That's good. Consumer Interactive question, just given how different the 2022 guidance is relative to the 2023-2025 guidance, and I recognize you're going to fold in Sontiq and its higher growth, but Yeah. Still less than 20% pro forma. Is this all about the transformation of having the ID protection capabilities? I recognize there's also the different management structure, but just other factors we should be considering to bridge from 2022 to the out-year guidance, things like the indirect market recovery having a lagged impact on your business or any discrete headwinds in 2022 like direct channel cap rate trends or churn of the recent acquisitions from the last few years. Thanks. Sure. Okay. I'll start, Jeff, the question to ask. The way I would characterize the launching off point for 2022 is kind of twofold. You know, first, our direct channel is very strong in 2020 and into 2021 as consumers were very focused on maintaining good credit during that time. We talked about it, you know, during all our earnings call, the resiliency of that business. The direct channel performed well. Consumers were monitoring their credit during that time. What we're faced with now is a comparable issue as specific to 2022. The second part of it is over the last year or so in the indirect channel, we've done some significant work on customer contracts to secure revenue streams in that channel for the long term. When I look at 2022, it's like the base has been stabilized, right? Now as you pivot towards 2023 and beyond, it is really about what you already alluded to, the organizational changes, number one that we made. Bringing the U.S. markets and the Consumer Interactive teams together, a lot of times they're running after the same clients, especially in that indirect channel. There's just natural synergies that we felt were better handled by, you know, Steve and his team working closer with the CI team. There's definitely a benefit that we're anticipating, you know, from that. Second, it's what you already said. It's the Sontiq acquisition, right? I mean, we expect that to, you know, be a meaningful part of the growth going forward for Consumer Interactive, just simply because we're able to offer now a comprehensive suite of solutions to consumers. Where prior to the acquisition of Sontiq, we were just able to offer credit monitoring services. Now we're able to bring identity protection services as part of the credit monitoring. You heard, you know, Lindsey talk about this. It's not just the direct to consumer play, but it's also the play into employee benefits as well as into insurance companies that are going to drive a significant amount of the revenue growth. Right. New distribution channels that are annuity oriented, right? Which should be attractive. It's the high comp on the 40%, which we're clearing. It's taking a year or so to secure and extend our indirect revenue base, and now we'll get the benefit. We're also doing a tech refresh too. Not only is the direct to consumer website being refreshed, but we've, you know, we're creating a new modern API layer so that indirect clients as well as the industry generally can access components of our overall offerings. There's more that we will likely add. We'll continue to kind of broaden the value proposition that we're bringing to the consumer market over this period. Hi, Toni Kaplan from Morgan Stanley. Todd, during the last earnings call, you talked about the guidance having a little bit less conservatism embedded in it. Can you talk about why the change in strategy and whether the 2025 targets also have less conservatism than the prior targets? Separately, you've ramped up the acquisition spend over the past year. Can you just talk about whether we should expect a higher level of M&A going forward, or were these just unique assets that you really wanted to own and were available around the same time? Thanks. As far as the question on our guidance is concerned, I would say that when we look at the operating plan that we run to internally and then we develop the guidance from that, we like to give ourselves a little bit of cushion on the commitments that we make, you know, to the market. I would say that this year we just felt that we had a higher sense of visibility, you know, into those numbers going forward. As we've told you before, you know, that's pretty much what underpins you know what our guidance is based on. It's that visibility. We never want to overcommit at all. We're simply just looking to provide something useful framework as to what our expectations are. I would say this year there's just a little bit more visibility. I guess we, you know, I'd highlight, it's just the model that Neustar has and bookings, we have a lot more certainty on what to expect. You know, and I'm just using that as one example, you know, for you. As far as it, you know, pertains to 2025, you know, the way I would say that is we've clearly put a marker out there for 8%-10% growth, which we think is very strong. I think a lot of the M&A that we've done over the last six months it's gonna be a contributor to it. We believe that, you know, that's something that, you know, we're gonna run towards and achieve. Our plans, though, are higher than those numbers. We're running, you know, to something higher. We expect, you know, to hopefully be at the top end, you know, of that range. The second part of your question on M&A. Do you want me to take that or you? Yeah. Well, look, obviously, 2021 was a hugely busy year with four transactions, three in and one out. Again, I'm presuming the close of Verisk Financial Services in the early part of this year. That's not a pace that you'll see us repeat year after year, certainly. You know, we're focused this year on integrating all of those deals and also managing down our debt levels to our longer-term guidance. You know, we're still gonna remain active in the market. We're still gonna look for strategic opportunities. You know, if geographies open up, we'll run hard at them because those are, you know, special opportunities. This extension into marketing services and in both digital and telephonic fraud mitigation, you know, that's really helped us scale and cement our positions, and it's really a long time coming. Somebody asked me on a break, you know, this strategic shift, this extension across the three markets, was it just something we, you know, went away and contemplated over a weekend and came back, or? It's actually been years, if not up to a decade in the making as we started a toe-in-the-water experimentation in the marketing area, providing, you know, superior matching and appending services, just resolution generally, and also starting to generate our own audiences. You saw us do deals that kind of helped us learn where we wanted to play in this ginormous market and bring in, you know, experts like Matt, who understood the industry and can lead us and help us craft a move that really we were uniquely positioned to execute. All right. Great. I think that we are right on time, which is awesome. It looks like we don't have any questions. Thank you all so much for joining us today. Yeah. Spending the time, and we look forward to continuing the dialogue in the coming years. Thank you all. Yeah. Thanks for being here in person. This was really nice.