Good day, and welcome to the TransUnion Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one, on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Greg Bardi, Vice President of Investor Relations. Please go ahead. Good morning, and thank you for joining us today on short notice so that we can discuss our agreement to acquire majority ownership of TransUnion de México, the consumer credit business of Buró de Crédito. Joining me on the call are Chris Cartwright, President and Chief Executive Officer, and Todd Cello, Executive Vice President and Chief Financial Officer. We posted our press release and slides to accompany this call on the TransUnion Investor Relations website this morning, and they can also be found in the current report on Form 8-K that we filed this morning. Today's call will be recorded, and a replay will be available on our website. We will be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from those described in the forward-looking statements because of the factors discussed in today's press release, in the comments made during this conference call, and in our most recent Form 10-K, Forms 10-Q, and other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statement. We plan to announce our Q4 earnings on Thursday, February 13th. Today's comments will be focused solely on today's acquisition announcement. With that, let me turn it over to Chris. Thanks, Greg. And let me add my welcome and thanks to all of you for joining us this morning to discuss our agreement to acquire majority ownership of TransUnion de México, the consumer credit business of the largest credit bureau in Mexico, Buró de Crédito. I will spend some time detailing the transaction and our strategy to serve the Mexican market before turning it to Todd to provide specifics on the deal financials and structure. Our planned acquisition in Mexico continues our proven strategy to expand globally, both organically and inorganically. The acquisition would make TransUnion the largest credit bureau in Spanish-speaking Latin America, as well as the only bureau with leadership positions across the U.S., Canada, and Mexico. We understand the Mexican credit market well. We helped establish the consumer credit business, which goes to market as Buró de Crédito, in 1996 as a founding shareholder. We currently own approximately 26% of the business, hold seats on the board of directors, and serve as a key technology provider. We intend to acquire an incremental roughly 68% ownership from selling shareholders, which include the largest banks operating in Mexico. Following the transaction, we expect to own approximately 94% of the business. Cash consideration to acquire the additional ownership is MXN 11.5 billion, or roughly $560 million based on Tuesday's exchange rate. This implies a total enterprise value of MXN 16.8 billion, or roughly $818 million. The purchase price equates to roughly 11.5 times 2024 Adjusted EBITDA. The deal is expected to close by the end of 2025, subject to regulatory approvals. It is expected to be accretive to Adjusted Diluted Earnings Per Share in our first year of ownership. TransUnion de México generated roughly $145 million in revenue in 2024, compared to a growing $300 million market opportunity. Over the last decade, the business grew by high single digits annually. The business historically operated like an industry utility, resulting in strong market share, selling predominantly credit-oriented solutions to financial services customers. Superior positive and negative consumer data coverage supports embedded relationships with these customers, many of whom have been longtime shareholders. As part of the transaction and within the framework of applicable Mexican legislation, we have signed long-term agreements with the selling banks around consumer data sharing and volume commitments. We will seek to expand our strong wallet sharing credit by introducing our global solutions to the Mexican market, which I will detail more shortly. The business has expanded into adjacent verticals like retail, telco, and public sector, as well as complementary solutions such as fraud and consumer. We plan to accelerate vertical and product expansion, leveraging the same strategy that we utilize across 30 global markets. Now, we believe we're entering one of the most attractive global credit bureau market opportunities. Mexico is the 12th largest economy globally and the second largest Latin American economy behind Brazil. Its economy grew steadily out of the 2020 pandemic, including in 2024. Inflation moderated throughout 2024, and its unemployment rate is below 3%. As a party to the U.S., Mexico, and Canada agreement, Mexico benefits from nearshoring trends by many manufacturers. In 2023, Mexico surpassed China as the U.S.'s largest trading partner. Like many of the emerging markets that we serve, Mexico has a large, youthful population with still low formal credit penetration. Mexico has a population of 129 million people, with over 60% under the age of 35 and 30% under the age of 15. These demographics drive economic growth and an emerging middle class, which necessitates a sophisticated consumer credit system. The Mexican government assigned high priority to promoting economic and financial inclusion. Credit sophistication is improving, yet access to credit lags comparable Latin American countries, creating an opportunity for future penetration. Roughly half of Mexico's adult population has at least one credit product, compared to over 80% in Brazil and 90% plus in Colombia. While credit card penetration has grown from 16% in 2017 to 23% in 2022, it remains well below rates for Brazil and Colombia and a third of what we see in the US. Mexico is also increasingly digitizing, including in financial services. While over 80% of Mexicans have internet access, only 20% utilize online banking services. Penetration of online banking services is expected to double by 2027 to almost 40%. Increasing digital adoption across financial services and e-commerce will drive demand for strong consumer identity data and our fraud mitigation tools. Mexico's market dynamics support attractive growth, with GDP expected to grow 2% annually for the next several years and consumer credit expected to grow 7%. As with all of our geographies, we strive to outperform underlying volumes driven by a consistent growth playbook. The first component is client engagement. The business already has a strong share with the largest Mexican financial institutions, and we will emphasize our role as a trusted advisor to fortify those relationships. We also intend to strengthen the verticalized sales force to win new business beyond the top banks and financial services sector. Secondly is product innovation. We plan to bring our global product suite to the Mexican market to expand our wallet share with customers and to improve the user experience for Mexican consumers. In credit, we intend to focus initially on bringing CreditVision, trended, and alternative data to customers and prospects. Over time, we'll introduce capabilities like our TruIQ analytics suite and our CreditOffers as a service. In fraud, we can quickly launch Digital Onboarding solutions such as device risk, as well as email and phone verification to address ID verification challenges in digital transactions. We see an opportunity to bring together other scalable global solutions to the market to serve client needs, such as trusted call solutions, TruAudience marketing, and breach remediation, and the third component of our plan is expansion of market adjacencies. As previously mentioned, the business has growing positions in retail and telco customers, which we will look to expand. It has smaller relationships in fintech and insurance, two customer groups particularly strong with us globally, and will seek to scale in Mexico. We plan to strengthen the consumer interactive offering, introducing CreditView's white label credit empowerment and education tools. This growth playbook is underpinned by integrating Mexico into our global operating model. We plan to invest to enhance technology, operations, and information security. Mexico will also be added to our long-term roadmap to align our global technology under the OneTru Solutions Enablement Platform. Now, this playbook proved successful with our 2016 acquisition of CIFIN in Colombia under the same leadership team, including International President Todd Skinner and Latin America Regional President Carlos Valencia. Slide 7 highlights the success of our efforts. We've doubled Colombia's revenue from 2017 to roughly $50 million in 2024, growing at an 11% compound annual growth rate. We significantly expanded beyond core financial services, growing our adjacencies like fintech, public sector, insurance, and telco at a mid-teens compound annual growth rate. Our adjacencies now account for two-thirds of our Colombia revenue, up from 50% at the time of acquisition. We achieved this growth by strengthening client engagement, re-energizing product innovation, including the launch of trended credit data and new fraud products, enhancing operating disciplines, and modernizing the technology stack. We've also strengthened relationships with the Colombian authorities and the public. Our planned acquisition in Mexico aligns well to TransUnion's enterprise vision to make trust possible between consumers and businesses in global commerce. Financial inclusion is an important priority to Mexico. While financial inclusion has expanded, it remains behind other Latin American countries, creating opportunity for us to support financially excluded consumers with relevant data and solutions. As a pioneer in alternative and trended credit data, we can create a more robust picture of consumers where risk can be difficult to assess using only traditional credit scores. Additionally, our digital onboarding fraud tools enable customers to transact with confidence and make more informed decisions. We will also seek to improve public understanding of credit reporting by educating consumers on how our data and tools help people gain greater access to financial opportunities. We plan to drive increased awareness around credit scores and strengthen credit education tools. These tools improve financial literacy and empower credit-active and new-to-credit consumers to manage and improve their credit standing. Finally, we plan to deliver an international industry standard for data accuracy, cybersecurity, and data privacy to the Mexican market. We will partner with our local customers around global best practices for operational excellence and technology. Now, Mexico is a highly complementary addition to our leading global portfolio. It expands our emerging market operations and would make us the largest player in Spanish-speaking Latin America. The acquisition would also make TransUnion the only bureau with leadership positions across the highly interconnected U.S., Canadian, and Mexican economies. With the addition of Mexico, Latin America would be our largest international market alongside India. We look forward to driving the business to its full potential and bringing our state-of-the-art technology, innovative solutions, and industry expertise to Mexican consumers and businesses. Now, Todd will provide further details on the acquisition financials and deal structure. Todd? Thanks, Chris. And let me add my welcome to everyone. Let me start with financial details on the transaction. In 2024, the business generated roughly $145 million of revenue, growing 10% on a constant currency basis. Growth was driven by strong underlying credit volumes with the largest banks, as well as an increasing penetration of fintech and consumer solutions. We anticipate growing the business in the high single-digit range during our early years of ownership, assuming no initial benefits from revenue synergies as we work to bring our innovation to market. Longer term, we expect our global growth playbook to drive consistent outperformance compared to local credit volume growth. For 2024, the business generated approximately $70 million of Adjusted EBITDA. Its high 40% margin on a standalone basis is higher than both TransUnion's international and total company margins. I want to note that we have been accounting for our approximately 26% ownership in TransUnion de México using the equity method of accounting. As a result, our Adjusted EBITDA has benefited from the equity earnings since the inception of our investment, with no associated revenue. Upon closing the transaction, we will consolidate TransUnion de México. Therefore, 100% of its revenue and 94% of its adjusted EBITDA will be included in our financial results. We expect margins to be slightly lower in the first year of ownership due to one-time integration costs, but still above total company margins. We plan to integrate the business into our global operating model and invest in people, solutions, and technology to support the next phase of accelerated growth. Longer term, we expect Mexico to be strongly accretive to company margins as we grow the business and optimize the cost structure as part of TransUnion. Based on current foreign exchange and financing assumptions, we expect the deal to be accretive to adjusted diluted earnings per share in the first year of ownership, with growing accretion thereafter. Wrapping up my section with the deal overview and capital allocation, as Chris mentioned, our cash consideration to acquire the incremental 68% of shares is expected to be MXN 11.5 billion, or roughly $560 million based on Tuesday's exchange rate. The purchase price equates to an $818 million enterprise value and an 11.5 times multiple on 2024 Adjusted EBITDA. The deal is expected to close by the end of 2025. The nine- to 12-month window between signing and closing allows for Mexican regulators to complete their approval process, as well as to complete the separation of the consumer and commercial credit bureaus. As part of the transaction, we are only acquiring Buró de Crédito's consumer credit business, and its commercial credit business is excluded from the transaction. We are well-positioned to finance the transaction with cash on hand and debt. At time of closing, we expect the acquisition to add roughly 0.3 turns to our leverage ratio, inclusive of 12 months of Adjusted EBITDA from TransUnion de México. Remember that we expected our leverage ratio to be roughly three times by the end of 2024. We expect further deleveraging throughout 2025 and continue to target a leverage ratio of under three times. Our acquisition in Mexico, as well as last week's announced smaller tuck-in acquisition of Monevo, represent two transactions that have been a long time in the making. In both cases, these are businesses that we have sizable minority investments in and high strategic interest. Given that the Monevo acquisition can be funded with existing cash on hand, we will continue to have flexibility with excess free cash flow throughout 2025 for some combination of debt prepayment, cash build for the TransUnion de México acquisition, and shareholder returns. We plan to provide a more comprehensive update on our capital allocation priorities during our February earnings call. That concludes my section. I'll turn the time back to Chris for some final comments. Chris? Thanks, Todd. So to wrap up, we are tremendously excited about this acquisition in Mexico. It's a business that we've long been involved with and seeking to acquire. The completion of this acquisition will give us a leadership position in a highly attractive and fast-growing market. We've got a proven growth playbook and a scalable global operating model to deliver significant value to customers and consumers in Mexico. And we expect the acquisition to be accretive to revenue growth, adjusted EBITDA margins, and earnings over the long term. So over to you, Greg. That concludes our prepared remarks. For the Q&A, we will only be answering questions about today's acquisition announcement. We ask that you each ask only one question so that we can include more participants. Operator, we can begin the Q&A. We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Jeff Meuler with Baird. Please go ahead. Yeah, thank you. Congratulations. Seems like a great transaction at a good price. Can you just talk through more on the competitive landscape? I guess I'm keying off of the 300 million-plus market opportunity. I don't know if that's current market revenue, but comparing that to the $145 million that they're doing. So what does the competitive landscape look like, both for the bureau as well as, I guess, in the adjacent markets like retail, telco, etc.? Yeah, Jeff, and good morning. It's Chris. Let me clarify that for you. $300 million is our estimate of the potential marketplace for the range of credit fraud and consumer products as we see it now. That doesn't mean that there are players in the market that are cumulatively generating $300 million a year in revenue. The $145 million that Buró de Crédito is generating is far and away the large preponderance of market share, if you will. There is a number two player. They're upscale and credible, but we are substantially larger. Again, I think we've got the opportunity to accelerate growth in credit and fraud and consumer, bringing our product expansion playbook that you're familiar with, as well as pushing that range of solutions into the various vertical markets. So that's how we see it at this point. Thank you. The next question comes from Faiza Alwy with Deutsche Bank. Please go ahead. Yes, hi. Thank you. Good morning. I wanted to ask about the process and the timing and curious if this is something that you had been wanting to potentially acquire a larger percentage of, or was there something where you are in your sort of deleveraging journey, or were there sellers, sort of were there existing owners interested in selling at this point? So just a bit more color on how this came about would be helpful. Yeah, certainly. With all M&A, the interests of the parties all have to align at the right time. Timing is important. First, capital allocation and deleveraging, we have been very clear over the past year and more so that we are the bar for M&A is very high for TransUnion and that we would really only execute a transaction if it was a bureau in an attractive geography and one in which we had an equity interest in and that we could do so at an attractive price. So we think that this transaction of the Buró de México fits those criteria extremely well. It's also highly strategic given the size of the marketplace and the growth opportunity through further penetration and financial inclusion. As Todd mentioned, we expect when we report results that our leverage ratio will be in and around the three range. I'll leave the specifics for that call. And then again, while we have not yet provided guidance on 2025, you can expect that the business on its current growth trajectory will continue to delever and that we'll have the cash flow to further pay down debt. And so we're getting our leverage ratio down to a point where we were comfortable executing this strategically important transaction. And we're not conveying at this point any change in our capital allocation philosophy. We feel like we've got great assets. We are still digesting and realizing the gains from the acquisitions that we did in 2021 and early 2022. And we're still focused only on the most important strategic assets like this incredible country, this incredible geography of Mexico, plus the Monevo transaction, which is a very small transaction. The tuck-in that gives us the consumer credit offering engine that we have wanted for some time to power both our direct-to-consumer site and really any industry participant that wants to offer, well, wants to make available credit offers to their consumers. Now, in terms of how this transaction came about, we have, over the years, had several starts and stops in our desire to acquire this asset, but this was just the right time for the bank owners and a good time for TransUnion. So we took advantage of it. So hopefully that gives you the color you're looking for. Yes. Thanks, Chris. The next question comes from Toni Kaplan with Morgan Stanley. Please go ahead. Thanks so much. I wanted to ask about sort of the 2024 financials versus the expectations for the future. So I know you mentioned 10% constant currency growth in 2024 and high single digit going forward. So is there a reason why you're expecting growth to slow, or is this conservatism and margins in the high 40s looks really good? Do you think there's any sort of underinvestment that is going on right now? But I guess you also think that it's going to be margin accretive, so can't be too much missing there. So just wanted to get a sense of the ongoing versus this year and if it's conservatism that's leading to sort of that lower growth and etc. Thanks. I know you mentioned 10% constant currency growth in 2024 and high single digit going forward. So is there a reason why you're expecting growth to slow, or is this conservatism and margins in the high 40s looks really good? Do you think there's any sort of underinvestment that is going on right now? But I guess you also think that it's going to be margin accretive, so can't be too much missing there. So just wanted to get a sense of the ongoing versus this year and if it's conservatism that's leading to sort of that lower growth and etc. Thanks. I know you mentioned 10% constant currency growth in 2024 and high single digit going forward. So is there a reason why you're expecting growth to slow, or is this conservatism and margins in the high 40s looks really good? Do you think there's any sort of underinvestment that is going on right now? But I guess you also think that it's going to be margin accretive, so can't be too much missing there. So just wanted to get a sense of the ongoing versus this year and if it's conservatism that's leading to sort of that lower growth and etc. Thanks. I know you mentioned 10% constant currency growth in 2024 and high single digit going forward. So is there a reason why you're expecting growth to slow, or is this conservatism and margins in the high 40s looks really good? Do you think there's any sort of underinvestment that is going on right now? But I guess you also think that it's going to be margin accretive, so can't be too much missing there. So just wanted to get a sense of the ongoing versus this year and if it's conservatism that's leading to sort of that lower growth and etc. Thanks. I know you mentioned 10% constant currency growth in 2024 and high single digit going forward. So is there a reason why you're expecting growth to slow, or is this conservatism and margins in the high 40s looks really good? Do you think there's any sort of underinvestment that is going on right now? But I guess you also think that it's going to be margin accretive, so can't be too much missing there. So just wanted to get a sense of the ongoing versus this year and if it's conservatism that's leading to sort of that lower growth and etc. Thanks. Good morning, Toni. This is Todd. I'll take this question. So as far as the growth rate that we're projecting in the first year of ownership, calling it high single digits, after a strong year for the business in 2024 where they grew double digits, I'd simply say that it's a prudent assumption that we've put forward. I think what's important to note is in the early years, we're not assuming any revenue synergies are assumed. And that's just based on our experience with acquisitions over the last several years and understanding that it takes time to integrate and to gain traction with customers, particularly in a newer market for TransUnion. So the asset here in Mexico, it's been a growthful business, high single digits over the last decade, right? So I mean, think about it that way in that we're keeping the growth rate relatively consistent. But needless to say, the aspirations for this business is really kind of the longer-term focus is it will accelerate the pace of market outperformance for us. And that was why we gave you the case study that we did on Colombia and what we've done. I mean, it's obviously a smaller geography, but you can see how we brought the playbook to that market and the substantial revenue growth that was there. And we think that the opportunity that we have ahead of us in Mexico is that much more stronger. Yeah. And I think it's important to point out that we will not be operating this bureau until we get regulatory approval. We expect that to happen maybe in the Q4, maybe in the Q1 of next year. So it's some time, right, that we remain on the board and as an advisor, but we're not operating the business and we're not bringing any of our product capabilities to the market. As we're introducing this deal this morning, we want you first to evaluate the size and the growth and the credit penetration, the attractiveness of the market, if you will, and then the entry price, right, which you should think high single digit or better on the revenue growth. And you can see that that's a fair valuation. But in terms of the product offerings to Mexican consumers and banks today, they are fairly basic. It's Credit Bureau 1.0. And so there's a lot of product innovation and end-user specialization that we'll bring to this market that we think will be well received. Hopefully that will help us get the most out of this position, the most growth that we possibly can. I hope that clears things up. Yeah. Toni, the second part of the question was specifically on margin. With margin, as I said in my prepared remarks, the margin we anticipate in year one will be still considerably higher than TransUnion's consolidated margin. We will take the opportunity to properly integrate the business. There will be some one-time expense that we will incur. Importantly, we do not anticipate adding those back for our non-GAAP metrics. We still feel obviously really strong about the case that we have from a margin perspective. This is all about the longer term. So with the revenue growth and the innovation, plus this business being able to leverage TransUnion's global operating model, we believe that it sets it up for a significant amount of margin acceleration in the out years. Thanks. Sounds like a good opportunity. The next question comes from Manav Patnaik with Barclays. Please go ahead. Thank you. Good morning, guys. I just wanted to ask how you factored in the potential of the new administration and the tariffs on Mexico and putting pressure on their economy and perhaps also why not the commercial credit bureau as well? Yeah. Addressing the, I guess, the political dynamics component of your question, Manav, first, I think if you pull the lens back and you just look at the size and the interrelationships between the U.S. and the Mexican economy and add Canada to it, this North American trading bloc, it is substantial, it is highly integrated, and it is very growthful. I think within that context, the Mexican economy is well positioned to grow over time, right, over the long term. Now, with the change of political administrations on both sides of the border, it brings some uncertainty, of course. We're in a period where I think the terms of trade are going to be renegotiated and reset. I think it's very difficult to figure out exactly how that's going to end up, right? If you look at what both countries bring to the economic equation, I think there's ample opportunity for Mexico to continue to prosper going forward. If you just look at the relative, I guess, introductory development of their financial economy, their consumer credit economy, there's a huge opportunity to increase penetration or to promote financial inclusion. Look, that's an important political and social goal for all administrations, including progressive administrations, right? I think the Mexican government is keenly interested in broadening financial inclusion, and we're a great vehicle to help them do so. Look, in terms of consumer versus commercial, we've taken advantage of the opportunity that's before us. We think it's a great opportunity. It's right in our sweet spot. We're really focused on growing the consumer business as best we can. Then we'll see what happens with the commercial bureau down the road. All right. Thank you for that, Chris. The next question comes from Andrew Nicholas with William Blair. Please go ahead. Hi, good morning. I wanted to ask a question about the ownership structure. Obviously, you're going from 26% to low 90s. Is there any risk that the competitive dynamics change now that the banks are several of the selling stakeholders that are banks are no longer economically incentivized to funnel activity your way? Yeah. Good morning, Andrew. Well, look, as part of the negotiations to buy out the bureau, which the largest banks in Mexico were the largest owners, we included components around competition, future competition for a reasonable period that is well within regulatory norms, and also the continuity of data access. We're very comfortable with where we ended up there. Now, again, over time, it's quite possible that there will be new competition in the market. This is something that we have dealt with in different geographies around the world, but we like the incumbent leadership position and the deep relationships that we've got as an excellent starting point. And we think during this period of transition between current and potential future dynamics, we can bring a ton of value through innovation and improved service to the Mexican market. And so that's going to be our focus for maintaining and improving our competitive position over time. Makes sense. Thank you. The next question comes from Jason Haas with Wells Fargo. Please go ahead. Hey, good morning. And thanks for taking my question. I appreciate the commentary on the timeline that you cited by the end of 2025. It's maybe a little bit longer than we would have expected. I think you had cited that it's a mix of giving the business time to split out the commercial business and then also just hit the regulatory, go through the regulatory process. Can you maybe just explain that a little bit more in terms of was it more regulatory than splitting out the business, just any sort of breakout between the two? And then for the regulatory side, are there any hurdles or concerns that we should think of and just what that regulatory timeline and what the process might look like? That'd be helpful. Thank you. Yeah. Happy to comment on that. I mean, look, the timeframe is typical for a transaction of this scale in the Mexican market. And so taking advice from our knowledgeable advisors, we're guiding toward a Q4 close and potentially could spill into the Q1 of next year. So the timeframe, the long pole in the tent, if you will, is really on the regulatory side, giving the regulators in Mexico the appropriate time to review the transaction and get comfortable with it. In terms of understanding and then executing the separation between the consumer and credit business, we've spent a lot of time working with the local management on analyzing and mapping out the split. I think it's very clear how we're going to execute it along with that team. The businesses are largely separate at this point, but they do share some common management. And again, I think we've got a line of sight for how we will execute this transition. And it's not going to take until the end of the year. It's really just provisioning the right amount of time for regulators to do their job. We also wanted to be clear on that because we know that our investors are focused on our leverage and our cash flows. And we will not be incurring any additional debt or sending cash out the door until late this year or early next. And what that means is another ample runway to further delever the balance sheet before incurring any of the financial effects of the transaction. Got it. That's very helpful. Thank you. The next question comes from Scott Wurtzel with Wolfe Research. Please go ahead. Hey, good morning, guys. Thank you for taking my question. Just wanted to ask on sort of the growth of these adjacencies X financial services. there any one of these specific verticals or adjacencies that you're most excited about with respect to Mexico and if there's nuances around the Mexican market that make one of these adjacencies more ripe for growth than others? Thanks. Well, look, we really feel that the playbook that we have, and we've proven it out in a lot of different markets around the world, organizing the business and the go-to-market around end users and verticals like retail and telecommunications, and then expanding into fintech and consumer interactive, that has been proven any number of times. And I think it will increase value and service and ultimately drive revenues. And as I said earlier, the product line in the market today is. It's Credit 1.0, right? So we're mapping all the trade lines. We're making that available in the form of credit reports. There's basic analytics being provided and basic scores. But there's so much innovation that we can bring in credit, but also in fraud, and a heck of a lot on the consumer enablement front. This is Buró de Crédito in Mexico is thought very much as a utility function. And we can bring it to Mexican consumers in a way that helps them access their credit scores, understand why they are, where they are, give them ideas and simulators for improving, and then ultimately make available to them a range of offers from banks in the marketplace. So I don't think there's any one area that stands out as more attractive than the others. But net-net, each of these areas we can add value in, and the sum is quite attractive. Great. Thanks, guys. The last question today comes from Simon Clinch with Redburn Atlantic. Please go ahead. Hi, guys. Thanks for taking my question. I was actually wanting to ask a question on the technology side. You've had a long relationship with this Mexican credit bureau providing the sort of technology to it. What stage is the underlying technology of this business, given your references to it being Credit Bureau 1.0? And what would it take? Is it going to be quite a meaningful lift to transition it to 1.0, or is it kind of because you've already been involved in its technology evolution, it's not going to be such a big deal? Kind of curious. Thanks. Yeah. So let me separate commentary on the state of the technology versus the product line. And so when I say it's Credit Bureau 1.0, what I mean is it's just the foundational products of a credit reporting agency without all of the advances or the differentiation that we've built out in other markets such as the U.S. So we can bring all of that. The technology is solid, but it is an older version of our international credit reporting system. And we do expect over time that we will migrate it to our 1.0 global platform. Now, of course, we haven't had right now, we're very focused on executing the 25 priorities, which are the U.S. and India and then the global analytics layer, right? And so Mexico will come after that. But we don't foresee any unique complications with migrating the current bureau data and analytics onto the 1.0 platform. Perfect. That brings us to the end of today's call. Thanks for your time and have a great rest of the day. Thanks. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.