All right, I already see notes being furiously taken, so I think we're ready to go. Good morning. Welcome. Nice to see so many familiar faces. For those that don't know me, I'm Greg Bardi, and I lead Investor Relations here at TransUnion. On behalf of the executive leadership team, welcome to TransUnion's 2026 Investor Day. We have an excellent schedule for you all. Thank you for spending the next several hours with us. The theme for the day is Innovation at Scale, Value that Endures. We've spent a lot of time thinking about those six words over the last few months, and I hope by the end of the day they resonate with you all. I get the distinct pleasure of offering the forward-looking statement. I've been waiting to do this forever. With that out of the way, let's show what we really mean by innovation at scale, value that endures. With a question. A question that then becomes an idea. It accelerates, gathering minds, energy, and purpose. When it reaches full momentum, it becomes a force that changes how we see possibility and what we can create next. Innovation is what powers thriving economies. It creates value that endures for consumers, for businesses, and for the global financial system. At TransUnion, innovation is how we power safe transactions and drive better customer and consumer experiences responsibly, securely, and at scale. For over 50 years, TransUnion has been stewarding, analyzing, and innovating around data to build a holistic understanding of consumer identity. To us, identity means more than just billions of numbers and data points. We capture the behaviors, needs, and preferences that help better define each unique person. We offer a 360-degree view of consumer identity across devices, channels, and moments through data you can't find anywhere else. To create a comprehensive identity picture, we've expanded beyond traditional credit, integrating complementary capabilities in fraud, marketing, and consumer solutions. We launched OneTru, our global layered solution enablement platform that powers our identity capabilities and unlocks innovation at scale. The result, billions of signals analyzed in near real-time, creating a more accurate and complete picture of consumers. We power responsible growth that improves outcomes for organizations and people everywhere. From predicting fraud and assessing risk to verifying identities and reaching the right audiences, we have the right suite of solutions and the data advantage to match every step of the customer journey. Today, we're an AI-enabled global information and insights company built for the real-time digital economy. As we enter our next chapter, we're focused on strengthening the outcomes that matter most for our customers, our partners, our shareholders, and the communities we serve. From delivering innovation at scale to generating value that endures. Welcome to TransUnion's next chapter. Well, okay. Good morning, everyone. Good to see so many of you in the room. Lots of familiar faces. I really like that video. I think it captures the energy behind all of the work that we're gonna highlight for you folks today. Thank you for joining us. We really appreciate it. It's been a while since we've done one of these, four years. We appreciate your interest in understanding how we've been building TransUnion's future. By now, most of you know me. If not, I'm Chris Cartwright. I'm the President and CEO of TransUnion, and I have been for about seven years now. Look, we're excited for today. This is our opportunity to show how our investments and our execution over these last four years have really enabled a new generation of innovation-led and very scalable growth for our business. Let's get into it. Since our last time together, we have materially extended our competitive footprint and built some underlying capabilities that will enhance our revenue and our profitability. More importantly, it positions us to thrive in an increasingly digital and AI-driven world. The program today is gonna review these investments and our progress, and I hope that you come away understanding a few key issues. The first is that we've increased the scope of how and where we can compete significantly. We have many more relevant and proprietary solutions in data that we can offer in countries around the world. We've acquired these through M&A, also a lot of internal development. We've continued to extend into attractive geographies like the U.K. and most recently Mexico. The Buró de Crédito transaction closed two weeks ago, hallelujah. More than 20 years in the making. Viva México. We're super excited. It is a great addition to the portfolio, and it makes us the leading bureau across North America. We've also added a ton of domain expertise. We continue to launch in new industry verticals and deepen our connection to the marketplace. Second, underpinning all of this solutions and geographic expansion, we have built several global platforms that will help us scale and operate more profitably. We have a solutions delivery platform, which is OneTru. You saw it mentioned in the video. We also have an operational platform that supports our business, both existing customers and managing consumer relationships across all of our various markets. We built a global talent platform. All of this will help expand our revenues and our profits, but at higher margins than we were previously able. The third point is that we're positioned to innovate faster and more meaningfully than we ever have. We've unified our data and identity assets, our data management, and our analytic capabilities on OneTru, a single global AI-enabled cloud platform. This platform is gonna allow us to export our innovations across our markets, tapping their full potential and freeing local teams to engage more deeply with clients in the marketplace. Our financial performance will strengthen as we roll out these products and platforms to each country in our portfolio. Over the next few years, we're gonna grow revenue by offering a broader range of interrelated products across our markets, supported by these powerful underlying technologies. We're also gonna drive savings as we standardize on our global platforms, creating value for customers and shareholders alike. The combination of these improvements will help us drive more free cash flow to support ongoing investments in innovation, go-to-market strategies, debt repayment, and of course, share repurchases. We're on the cusp of creating a value creation flywheel. Now, before I move on, I wanna share some thoughts on AI and its potential impact at TransUnion. Obviously, it's an issue that everybody's focused on, and we are too. AI is the most powerful and disruptive technology that we've encountered in generations, arguably ever. No doubt, businesses will be at risk if they only aggregate accessible information at scale and then apply limited domain knowledge, analytics, and reasoning. Fortunately, that's not the way we do business. That's not our value proposition. TransUnion's data and solutions are based on information that is difficult to access. It's highly proprietary. It's challenging to monetize due to legal and regulatory restrictions, and there are significant penalties for non-compliance. What AI will allow us to do is to lower our cost and boost our productivity. That's great. I think more importantly, we're gonna be able to activate our data and our clients' data in powerful ways that would not be possible without it. During these sessions this morning, we are gonna show you demos of what's currently possible and what will be achievable when we combine our data and analytics with the power of AI. I've given you an overview and outlined the ways in which we've transformed the business in these last four years. I wanna reinforce, we think we are entering a next generation of innovation-led and very scalable growth. Let's get into the transformation, what we thought and what we did, and the value that we believe it's gonna create. Five years ago, we sat back and we looked at the business that we had created. We had a couple of insights that guided our efforts. They remain key to the strategy today. The first was that our traditional approach of growing our credit services into new markets around the world led to product and operational redundancies over time. This increased our cost, and it made it harder to share innovations across markets. We've been around for more than 50 years, and over this period, we've extended into over 30 different countries around the world. Typically, we enter a market by partnering with a group of local banks. They bring the data and some minimum level of demand, but we bring our talent, our bureau know-how, and of course, our technology. The resulting businesses run independently. Over time, their product and their operational technologies become localized and non-standard, even though they're serving the same industries with similar datasets to meet the same needs. The resulting portfolio is more a multi-domestic collection of independent units, not a cohesive global operation. When we looked at this, we realized that if we adopted a unified global product and operations approach, we could create a lot of value. The second insight that guided the strategy was that our data and our identity resolution would enable us to expand into marketing and into fraud prevention more deeply, and that together with our consumer enablement products, this group of services would more effectively meet the client's broader commercial needs, right? Not just focused on credit, but understand what they're trying to accomplish as a business more broadly and deliver the data and the know-how to help them achieve it. In short, we realized that we could provide clients with an integrated suite of these complementary solutions. To achieve this, we needed to re-architect the business around a strategy of global scale. We implemented what we call a global operating model. You know, in it, functions that need to be local stay local, such as revenue producing, go-to-market roles, client support, etc. Functions where we're trying to achieve scale and reuse around common needs across the portfolio, areas such as technology or operations, or product development, well, those became primarily reports to the global organization, and we established a leadership team to address that. We also built global capability centers, or GCCs, to centralize work that doesn't really depend on local knowledge and can be managed centrally. These central hubs have helped us control our costs in recent years. I think more importantly, they have evolved into innovation centers, and they are leading the development of our next-generation platforms currently. The next step in the transformation was to build best-in-class solutions in marketing, in fraud, and doubling down in consumer. We did a lot of M&A to restructure the portfolio in the late 2021-2022 timeframe. That helped us bring in the things that we needed in order to be best in class in each of these areas. As I said, we also invested in the product and operation platforms to give us global scale. These are a combination of standardized processes, technology, and talent, and together they create greater operational leverage in the business. On the product side, we call this platform OneTru. On the operation side, it is TrueOps. Today, they are live and supporting clients, and they'll be highlighted over the course of the day. We also invested in a much larger sales organization with deep expertise, particularly in these newer solutions where we needed sellers and business leaders that came from those markets and really understood those customers' needs and how they related to the variety of services that we were now providing. What I would say is this has been heads-down hard work for four years now. The transformation is now proven, it's complete, and we are now moving from an era of investing to build these capabilities to one of creating value through innovation and scaling. Next, I wanna talk about, you know, why we wanted to expand into these complementary markets. Here's the range of services that we're now offering, and identity, founded on our PII, organizes them and is at the center. You know, we gained a lot of insights into these market adjacencies, marketing and fraud, after providing data and identity resolution to the competitors in those spaces for a lot of years. Now, individually, each of these markets is large, it's fast-growing, they're profitable, and the data and services that we're providing in each, they are proprietary. There are material barriers to entry in each. Offered in combination, we are able to cross-sell and to bundle our services to clients. It helps us embed more deeply in their work and become a more meaningful partner, and it also creates switching costs. We think our identity assets and our resolution capability give us a competitive advantage. We have built these up over years through M&A and internal development. It starts with our credit header information at the foundation. It's a great foundation upon which to organize data. We license it to a variety of external parties. You can also use it to corroborate the accuracy of a dataset, and it's at the core of the platform. The public records we obtained through our TLO acquisition some years ago that further improves our PII, but it also helps us understand the consumer's stage of life. Marketing phone information came from the Neustar acquisition. Device reputation and behavioral from the iovation deal. All of these together strengthen the identity. These are the core elements that create a really authoritative and unmatched identity asset. Look, I wanna be clear, we're the only company in the industry that can provide this range of credit, non-credit, telephony, and device information. The identity data at the core is powerful and differentiated. The AI algorithms that leverage this data to resolve identity, those are increasingly valuable in a digital and device-driven world where more of the work will take place through autonomous agents, and the effectiveness of cookies is gonna diminish over time. There's also a feedback loop here, a bit of a network effect. When you provide marketing services or fraud services, there's a digital trail. There's some exhaust. This feeds back into the identity data, further enriching it. The example is, if during a marketing campaign a device gets flagged as suspicious, we share that with our fraud prevention services. If that same device shows up at a client, it can be flagged for additional review. Let's talk about how our clients use all of these services. Over these past four years, we've gained a really deep understanding of how our customers' interconnected needs play out across these four solution categories. You see the work that they're trying to accomplish in the broad. We call this the jobs to be done in each solution area. Together, they really cover the needs and goals beyond just credit and analytics. For a client to run their business successfully, they've got to start first by identifying the most valuable consumers that best align with whatever their strategy is. Well, that's credit information. That's alternative data to access a consumer's ability and their willingness to repay for a service. They then have to go acquire those customers efficiently and consistently. Well, this is where marketing comes in. Our identity, our activation, our measurement solutions, that's the next step in the process. The transactions that result from those processes need to be authenticated. They got to protect themselves from fraud, and we can achieve that through a wide range of our authentication solutions, both online but also over the phone. You know, having fought hard to win these client relationships, they want to maximize the value of them over time. That's where the consumer enablement portion of the product line comes in. If you look at all of this work, in a big company, there'll be a variety of folks responsible for it. It could be the chief risk officer, a chief marketing officer, a fraud operations leader. The smaller the organization, the more likely that a single individual is juggling all of these roles. With an integrated platform like OneTru, customers have a data-driven and orchestrated workflow platform that helps them operate with greater efficiency. All of these solutions are unified by our common identity across the categories. That means there will be no mismatches between the consumer that the marketing department wants to target, the consumer that a fraud department deems as legitimate, and the consumer that the credit risk team believes is qualified for a loan. That's kinda unique in this space, particularly when you're using multiple vendors that have identities of varying qualities, and the first effort is just to reconcile and make sure you're all talking about the same individual. That's why we think identity is at the heart of everything we do. Look, collectively now, after all of this transformation, these four areas form our field of play. This is where we compete, and this is what we've unified on our OneTru platform. Look, we think the opportunity is substantial, right? The market for these solutions is very big. It's expanding at near double digits. We estimate that the serviceable market for TU is now over $50 billion and growing rapidly. We finished last year at about $4.6 billion, right? There's a lot of runway for growth here, particularly in marketing and fraud, where, as you look around the world, we are a scale provider of these services, but in general, it's a fairly fragmented space. Given that we can bring the combination of credit marketing and fraud on a common platform, we think our scale advantages are gonna allow us to grow pretty quickly. You've seen that play out in the U.S. Here, you know, we're comparing the mix of our product revenues between the U.S. and the international markets. If you look back five years ago in the U.S., we would have been highly weighted toward B2B credit. Well, through M&A and subsequent growth, it's now roughly an equal split. That's because we have strong solutions. We've executed a sales playbook very effectively. I think in the second half of last year, you could really see the growth for us of marketing and fraud. It started to equal and even surpass credit in some places. Now in the U.S., we compounded in the second half of the year low double digits%. Internationally, today, the mix is very B2B credit-centric, and it can even be misleading because if you look at markets such as India, it's even more skewed there. Well, we think we can move the international business and make it look over time more diversified and thus durable like revenues coming out of the U.S.. As I mentioned in the outset, it used to be very difficult to take a great product or great idea and push it in markets around the world. Independent tech stacks, right? Well, now, as we move countries onto the OneTru platform, they will suddenly have available to them the full range of our products, the best of our analytics, and then their localized IP. We can replicate, and we can scale our innovations around the world much more easily than we could previously. Let's dig into these global platforms and how they're gonna help us scale. We've talked a lot about OneTru. This is OneTru on a page, kind of as close as you can to representing all of this. Most of the functionality of OneTru is there in the circles in the center. Key to the strategy is integrating the data, the identity, the analytics, and of course, our decisioning on this common platform, which again, we can roll out to markets around the world because it's configurable and it's cloud native. Let's talk about the functionality in OneTru, and then we'll pivot to the business benefits. OneTru is a fully enabled data management platform. At the core, around all of the data that we have globally, are a series of functions starting with data management. This is where we collect, govern, process data for all of our solutions. It's important that you capture every raw data signal, whether it's ours, whether it's a customer's, or it's third-party contributed data. We securely store it. We consistently govern it, so our data scientists and our clients understand the provenance and understand that it is good, and they can use it in their models, which again are highly regulated and governed. Identity links all the data together. Analytics is where we build models and generate insights. The delivery area is where we operationalize the data and push models to production. This helps our clients make better decisions. This is where we can model, launch, and then test performance and iterate along with our clients. It's also important to note that on the left-hand side, we can process any data. It doesn't have to be just TransUnion data. Clients can contribute all of their lending information, all their marketing intel. We can bring on third-party information. We can ingest and organize it all into OneTru, and it becomes part of the analytics foundation. We can also give our clients permission to access to the platform. Now, we've been using this platform internally, our 800 data scientists globally, for some time. Now we're starting to collaborate with our clients who rely on us to keep their models current, and they can all collaborate on the OneTru platform. Then all of this functional goodness flows upstream into the end-to-end product suites, be it credit, marketing, or fraud. Now, notably, there's an AI layer that rests on top of this. We have looked at all of the data. We've established what the AI folks call a semantic foundation, which means that OneTru understands the data that it manages. It understands its relationship between all of the different data elements and the business applications of that information. We've also created a customized internal knowledge graph, so a user can find our data, figure out what it is, how it relates, how to build models based on it to solve their business problems. We partner with a third party, Google Gemini in this case, on the LLM, the natural language translation layer that allows our users to talk to OneTru, to ask it, "What kind of data do you have within this time frame? What would be useful to conduct this kind of analysis? Help me optimize, you know, my decision-making accordingly." There's a lot of business benefits from the platform. Obviously, as we get more and more countries on it, we'll have more products to sell and more powerful ways to activate our data and our clients' data. It's also gonna help us reduce our costs, right? Today, we've got 27 independent tech stacks underpinning these 30+ countries. We don't need that many technology stacks. This is a great opportunity to simplify, to unify, and create scale. Given that the platform represents the broader range of work that our clients are trying to accomplish, it helps us do more for them, to sell more, to bundle more, to penetrate the client more fully. In summary, OneTru is our approach to accelerating innovation and really expand our solutions and create both revenue growth and greater scale worldwide. It also has an internal counterpart we call TrueOps. Now, we've got 27 tech stacks on the product side around the world. We have just as many on the operational side. Technology that's been invested in over time to support existing customers, to fulfill their work requests, to manage consumer disputes. Over these past four years, we have created a next generation of all of this operational technology, and it effectively addresses our requirements across the piece. It eliminates the duplication that we've got. It streamlines these previously fragmented operational systems across regions into a unified, globally consistent operating model. It's also gonna reduce cost. We're standardizing our processes, and TrueOps delivers a better customer and consumer experience while also driving the productivity of our associates. The last component of global scale is with these capability centers that I mentioned at the outset. We've really expanded our workforces in our India-based, South Africa-based, and Costa Rica GCCs, and we've evolved our approach to the GCCs. Today, they have a full management hierarchy. Frontline engineers are managed by product managers. There are business leaders. 40% of our global workforce is now based in one of these GCCs. I think most importantly, 80% of the engineers and the data scientists that are working on our next-generation global platforms, they're in these capability centers. These centers are not about simple wage arbitrage. They've become our global innovation hubs, and they're helping us move faster and more effectively. Over this period, we've more than doubled the headcount, and we'll probably settle at about a 50/50 split. These are the three scaling platforms that underpin, you know, our broader scope of products and operation, and this is how we're gonna grow more profitably. It's OneTru for solutions, TrueOps for operations, and of course, the GCCs. It's not just about scale. OneTru is also a platform for innovation, and we think about the opportunity to innovate for our clients in several levels, right, of increasing value add. The data is still the foundation of the business, and when we talk to our clients and we survey them, what they care most about is, "Do you have unique, complete, and current information around which we can make predictions and decisions about how we allocate our capital?" Data is still king. We refer to that as the intelligence layer. That's where our data, our data science, our data architecture all comes together, and we're always looking to improve and expand what we have. We make that data accessible to our clients on the orchestration layer. Now, that might be through narrow point solutions, of which we had many, many around the world after years of internal innovation and M&A that we've worked through and we've synthesized into more complete end-to-end workflow platforms. This is how our clients can access our data to get their work done. The last layer we can call the activation layer. Now, traditionally, that was the sales force and the customer success organization taking our analytics and consultants, which we have 800 around the world, out to clients, helping them understand the data we've got and how they can use it to operate more productively. Now we're entering this era of agentic AI. What we're gonna show you today is several ways in which we have created AI agents that automate the work that our clients traditionally did internally with their own teams. These AI agents, for us, represent a new business opportunity. It's an expansion of the range of needs that we can serve. It's new TAM, it's new growth, and it's new profit. Later when Mohamed, our Head of Solutions, comes up, and Venkat, my Head of Data and Technology, we're gonna demo these agents, and we're gonna get into more detail. Of course, I'd be remiss if I didn't talk about AI and the moats that we have that protect our franchise. A couple of ways to think about AI, how you're using it to improve your productivity, so internal applications, and then how you can enable your services to compete more effectively. Internally, we've been implementing AI to streamline operations. We are more productive in software development. The typical developer now is 25%-30% more productive through the use of these gen AI tools. We're using it in consumer dispute resolution, where we have thousands of employees around the world who are servicing the needs of consumers. So far, we've got a 20% lift. I would say this is early innings in this internal productivity gain. There's a lot more opportunity there to lower our cost. Some examples of how we're using it externally. Well, we've just launched a new fraud platform, which we call TruValidate. At the core of it is a model development capability that we're gonna demo later. The first model to come out of there is a credit washing model that identifies a new type of fraud. Using all of our data and our AI techniques, we've been able to boost the predictiveness of the model by almost 40%. We also created this natural language interface to all of our data that resides in OneTru. A client data scientist, they don't know the range of what we offer. They don't understand how all of our data and data attributes relate to one another and how they can use them in their modeling to solve their business processes. Now they can talk to OneTru, and they can go step by step. We can both educate them, and we can cross-sell them on our broader data and analytic capabilities. We're gonna bring that to life in a demo. We've launched something called our Analytics Orchestrator in OneTru. You might have seen a press release that we did with Google earlier about that. We're leveraging Gemini on the language translation side. This is an AI assistant that helps data scientists translate a natural language query into a full analytic workflow. It's a great example of how we're gonna become dramatically more productive and be able to service our clients with more frequency and effectiveness than we could if not for AI. Look, AI raises some concerns for information services companies, but it's not the case for us. Our advantage lies in our proprietary consumer data that we collect from a wide range of sources. We operate under all types of legislation and regulation. Credit has the Fair Credit Reporting Act, marketing and public records, Gramm-Leach-Bliley Act, the Driver's Privacy Protection Act. There's a lot of regulations, and complying requires a ton of investment and a ton of discipline. Even public records, while public, are highly regulated and very difficult to aggregate at scale. What we've seen in the market is that AI increases the demand for high-quality, curated, regulated, and auditable information that we offer. Ultimately, I think it's a growth opportunity for us because the effectiveness of AI is determined by the quality of the data that it learns from, and we've got, you know, terrific data, very high-quality data. I think this is an advantage, and it's really gonna boost not just productivity, but revenue growth. I don't wanna steal too much of Todd Cello's thunder. Our CFO will come up and kind of pull it all together in a financial expression at the end of the presentation. Earlier I said that, you know, because of all these investments and some great execution these past four years, we think we're entering a new era of accelerated value creation, much faster innovation, but on a much more scalable tech and operational foundation. This flywheel starts with industry-leading growth. Over the past couple of years, the market has stabilized in the U.S. and the U.K., and you've seen us return to top-line organic revenue growth in market conditions that are still just kind of okay, right? All the lending volumes in the U.S. are still below the long-term trend line and mortgages, like, way below the long-term trend line, which is why we focus on it. There's a great opportunity for volume recovery. Independent of volume recovery and independent of all this innovation that I've talked about, we're back compounding high single digits, even on our own, independent of including FICO mortgage scores and the price increases that can kind of inflate the top-line growth. Looking forward, there'll be more innovation, more revenue growth, and it will be more diversified geographically across products, leveraging AI, which means more durability in the revenue. The scaling components that I talked about, the technology modernization that OneTru and TrueOps represent, we just delivered, you know, almost $100 million in tech savings at the end of last year because of a tech modernization program. We have more work to do. There are more structural savings opportunities ahead of us, and we're gonna continue to optimize our business model so that we're not the sum of multi-domestic parts, but truly a cohesive global operating whole. AI is gonna drive productivity in all the ways in which we read about and are experiencing, and we're gonna grow free cash flow. That's gonna help us continue to fund innovation and go to market. It's gonna let us optimize our balance sheet, and it's gonna allow us to kind of accelerate very shareholder-friendly capital returns. What you can expect is that we're gonna return to what has been the long-term post-public trend of TransUnion of compounding high single digits with great profit flow-through and mid-teens earnings per share growth. That's essentially what we've delivered in 2024 and 2025, and again, those are just kinda okay markets. Now we're bringing together all of this innovation and starting to leverage it. I think there's a great opportunity to go forward. Look, I'm happy to have my executive team with me here today. These are the folks that have made this happen, and this is a great team, the right team, to go forward and leverage all this transformation to build a better business. You're gonna hear from most of them today. It's a great mix of folks who have grown up in lending and information services. Last year, we integrated some new blood. Mohamed joins us from Mastercard as our Chief Global Operations Officer. You'll hear from him. Tiffani Chambers joins us leading operations from Bank of America, where she did that for the consumer bank. We have a new head of HR, Alicia, who joins us most recently from Lyft and Google and GE prior to that. It's a really strong team. Let me quickly take you through the agenda for the remainder of the day. I'm gonna hand off to Venkat here in just a minute. He's our CTO, but also our head of data and analytics. Venkat is the godfather of OneTru. He's been working on it for eight years. It was part of the turnaround of Neustar, OneID, and one of the main reasons that we acquired Neustar to help us build a next generation of technology, which I've been describing. He's got a great background for the job. Prior to Neustar, he was the Chief Data Officer at Walmart. Prior to that, he was Head of Lending and Analytics at Capital One. If you dig deep enough into his CV, he started his career at one of our competitors, where he helped build many of their analytics products. He has a deep grounding in the credit business as well. Mohamed, as I mentioned, came from Mastercard. He's got 25 years in financial services, and he was part of the organization, not the platform payment side of the organization, but all the innovation around card analytics and fraud prevention and mitigation and built a multi-billion dollar product suite there. He's up next. You're then gonna hear from our market leaders, Steven Chaouki and Todd Skinner. Todd Cello will wrap up the day. In between, Mohamed brought a whole posse of our solutions experts. We've got the leaders for credit, marketing, fraud, and communications, and they're gonna present on their product lines. In total, I hope this is a really informative day that helps you appreciate, you know, the great business that we've built and how rapidly we're gonna be able to grow and how profitably we're gonna be able to grow. With that, I'm gonna pass it to Venkat, and we're gonna get into it. Thanks very much. Thank you, Chris. Welcome everyone. Today I'm gonna describe OneTru platform in a little bit more detail. Chris went through a lot of what OneTru is enabling. I'll double-click into it a little bit. Before I unpack the power of OneTru platform, it's important to anchor on the core requirements that fundamentally demand a platform. The data-to-insights process, often called the data analytics value chain is a standard industry framework for converting raw data into actionable decisions. It is common across credit, fraud, marketing globally, every solution we offer. Now, winners are defined by speed and scale, as in how quickly organizations move from data to action, and how consistently they deliver better models and better decisions. Executing this at enterprise scale requires navigating complex governance, data permissions, evolving security landscape, and regulatory requirements. Point solutions cannot manage this end-to-end complexity. They fragment the value chain, slow down the execution, and increase the risk. This is why platforms win. OneTru is the manifestation of this data analytics value chain. Chris talked a lot about OneTru platform. Let me double-click into a little bit about the architecture of OneTru and double-click into OneTru. It's a composable multi-cloud, native cloud platform built for scale, speed, and compliance. It's designed to operationalize the full data-to-action life cycle that we talked about with a single consistent architecture across the solutions portfolio. It's the shared foundation that drives reuse, like Chris said, and operating leverage. OneTru is also more than an internal platform powering all of our solutions. Like Chris talked about the intelligence layer, orchestration, activation layer, it is enabling that orchestration and the activation layer. Its capabilities are commercialized through TruIQ, enabling a platform-as-a-service model that embeds TransUnion deeply into customer workflows and decisioning environments. What truly differentiates OneTru, and what I'll walk through next, are five foundational pillars. Best-in-class data, industry-leading identity, a flexibility-first platform, global availability, and natively embedded AI. Together, these differentiators make OneTru a strategic platform, not a technology upgrade, that drives scalable growth, durable differentiation, and long-term value creation. Let's start with the first one, our data. Our core competitive advantage is proprietary data at unmatched breadth and scale, spanning credit, identity, device, communications, and behavioral signals with a deep global reach. This is not static data. It operates at massive continuous volume. Billions of records updated and refreshed monthly. Over 50+ billion signals or transactions that happen monthly on our network. These transactions are device authentications, credit applications, real-time events, update events on the profile, call authentication, et cetera, on and on, that signifies a consumer behavior, an event, a signal, something that happened to a consumer. These signals create a living data asset that compounds in value over time, creating the network effect and reinforcing the flywheel, as Chris described. With all of that, the result is a data moat that is extremely difficult to replicate. It's built on a long-standing consortia, regulated financial relationships, privacy by design governance, and decades of operational integration. AI further amplifies our advantage, driving more demand for this trusted, curated truth. What really sets us apart is the data we have that nobody else does. We have undisputed leadership in alternative data. Through strategic acquisitions like FactorTrust and Argus, we've established market leadership in buy now, pay later, short-term lending, and deposit behavior to capture the rapidly growing demand for non-traditional credit insights. Our data footprint is unparalleled in its breadth and utility. From maintaining the largest global device consortium for fraud prevention, to covering the entire U.S. population for marketing and identity. We have scale in public records and communication data, making TransUnion's insights indispensable. The data is only as good as it is actionable, and that's where our industry-leading identity resolution comes in. Identity accuracy is critical to differentiated outcomes across the customer life cycle. Chris talked a lot about identity, but let me tell you a little bit about what differentiates our identity graph. We start with our authoritative, proprietary, and trusted data. The signal that I've talked about, 50+ billion transactions monthly. The ground identity in real people and households, natively connecting online and offline. Deterministic and probabilistic signals that are evaluated simultaneously, not stitched together after the fact. Using AI, every linkage is continuously scored, tested, and refined, allowing for configurability by use case, as opposed to a binary yes or no that is strictly attached to the profile. This scoring methodology allows us to configure, say, for example, high precision for fraud versus optimizing for reach in a marketing use case. The same identity can be leveraged in a very configurable way, very unique, nobody else in the market can do. Our methodology is built for real-world behavior. It adapts to shared devices, changing signals, and dynamic consumer behavior. All with our expert governance, privacy, and permissible purpose controls embedded, not bolted on. Proprietary data, unmatched signal, and a differentiated methodology. Combined, the results are materially better. Independent analysts validate that our identity accuracy is industry-leading, especially in the hardest digital-to-physical matches. Ubiquitous cloud-native distribution, including as a Snowflake, a Snowflake native app, puts identity closer to customer data, reducing friction and accelerating value. We have the data, we know how to match it accurately in a leading, industry-leading way. Now, how can our customers take advantage of all of this? On OneTru, any way they want to. Architecture as an advantage is best demonstrated through our deployment optionality that we have. Solutions hosted in TransUnion cloud environment or a composable environment deployed in customer cloud, accelerating time to value. It can be available natively in AWS, GCP, Snowflake for some customers, on and on, and customer can choose features and deploy only what is needed across the value chain. This is best demonstrated through our TruIQ Data Enrichment app. The product, TruIQ Data Enrichment, where large customers can opt to have petabytes of data, historical time-sequenced profile of 20 years of historical data, 20+ years of historical data on consumers for analytical purposes. Provisioned securely and directly. No copies, no data moves. Provisioned directly in the cloud so that the customers can work natively in the environment they already work in with access to the richness of TransUnion data. Combining with their first-party data and leveraging analytics at the intersection of our data and their first-party data. This flexibility will eventually be available in all the global markets we serve. OneTru lets us build once, deploy anywhere, turn innovation into a global growth engine. In the U.S., credit, marketing, and fraud are live on OneTru. That really represents 80% of the revenue across, and we're scaling the customer migrations to complete this year. We're deploying OneTru in Canada, U.K., India, and Philippines, rapidly scaling analytics and fraud solutions in those markets. In Mexico, we're planning to leverage OneTru as the foundation. From day one, we're initiating a project to get Mexico on OneTru. Which leaves us with the last and important differentiator, natively embedded AI. So a fair warning, I'll get a little bit technical here, and it's important that you understand the ecosystem that we built and the differentiated nature and how we work with our platform. We architected an ecosystem using neurosymbolic approach to turn massive data into precise actions. Neurosymbolic AI the approach combines the learning power of neural networks with the reasoning and transparency of symbolic logic to deliver AI systems that are more accurate, explainable, and trustworthy at enterprise scale. Our system has four components. The universal interface or the front door of the AI. It uses foundation models to allow for users to interact with the complex data using plain English. This is all we use, models, and this is the front door of the system. There is a lot more architected in knowledge graphs that Chris talked about, the semantic foundation. It maps the complex non-linear relationships between different data points. This provides the deep context that AI needs to make accurate, connected decisions. When decisions matter, complex decisions, you need this deeper context. The learning engine, it continuously ingests new data and outcomes to retrain and refine models automatically. As market conditions or fraud patterns change, the learning engine adapts the platform intelligence in near real-time. This learning engine is refined by decades of TU experience, utilizing the leading-edge methods specifically designed for explainability. Lastly, the agents or specialized AI programs to execute specific tasks or workflows. For example, flagging a suspicious application or optimizing a bid, ad bid. When all of these four components are working together, that's when you really unlock value. We have all four operating on OneTru in what we call an analytics orchestrator agent that fits into the activation layer that Chris talked about. Last week, we announced this analytics orchestrator agent in market in partnership with Google. We're getting great initial response from the market, including some customers who are ready to get started now. It's a very exciting step in our AI journey, and it's a great example of how these four components come together and live within the OneTru platform. I'll let you see for yourself. Please, roll the video. TransUnion is enhancing advanced credit analytics as a revenue-generating engine inside its TruIQ suite of solutions, where complex credit questions can be answered through simple natural language and instantly transformed into governed production-grade analytical workflows. This new AI analytics orchestrator agent is a next-generation capability derived from TransUnion's OneTru solution enablement platform. It orchestrates governed end-to-end credit analytics workflows directly within the TruIQ suite, enabling faster insights, increased client self-service, and new transactional revenue streams. The agent breaks down every prompt step by step, maps those steps to governed code, and then provides that reasoning back to the user in plain language. This makes the agent's internal logic transparent, even to non-technical users supporting auditability and trust. The agent is integrated with TransUnion's enterprise conversational data catalog and semantic data layer, meaning it understands relationships between credit concepts and how attributes connect. This enables precise governed attribute retrieval, accurate concept mapping, and stronger explainability across analyses. Let's step into a real-world lender scenario, similar to TransUnion's recent work with a mid-sized regional bank, where TransUnion analytics teams use this agent to deliver a client-grade analysis. The business asks, "Help us understand where we are losing approved auto volume on price and build a new risk model to inform our risk-based pricing strategy going forward." From a single prompt, the agent consults the semantic knowledge graph and data catalog. It identifies relevant governed data sources, entities, and attributes for auto lending. Selects two governed workflows, lost sales analysis, explainable XGBoost risk modeling. Assembles an auditable plan, including data staging and filters, lost sales methodology and key metrics, model target definition, features, and validation strategy, compliance checks, and guardrails. Once the plan is approved, the agent orchestrates the combined workflow end to end. Lost sales analysis stages the governed data set using the semantic layer, identifies where the bank is losing applicants at the time of offer, especially due to price competitiveness. Quantifies missed volume and revenue opportunities by segment. XGBoost risk model for risk-based pricing trains an XGBoost-based risk model on the same governed data, produces explainable outputs, generates updated risk tiers and expected loss by segment to inform safe pricing adjustments. This capability operates within TransUnion's formal AI evaluation and safety framework, including golden example accuracy tests on known study patterns, robustness checks for ambiguous or adversarial prompts, crowdsourced human evaluation by TransUnion analytics experts, transparent reasoning logs for inside out evaluation, safety flags when users attempt workflows outside governed boundaries. We are retro testing on examples from our hundreds of human completed analyses from the last year. This builds a reliable performance record while keeping human experts in control. Beyond speed, this agent drives material commercial value for TransUnion. By embedding it into TruIQ Analytics Studio and TruIQ Credit Strategy Studio, TransUnion can turn these into self-service solution factories where clients build models and strategies through natural language, not code. Reduce reliance on TransUnion delivery teams and data science capacity, lower support and development costs, increase usage of TransUnion data assets by making them easier to discover and operationalize, drive new transactional revenue as clients run analyses directly on our governed workflows. We've already seen in the TruIQ Innovation Lab that when customers build solutions on TransUnion data, it leads to long-term sticky revenue. This agent is designed to scale that effect, democratizing access to advanced credit analytics while preserving TransUnion's standards for governance and security. This is AI orchestrated credit analytics, governed, explainable, and built for scale, unlocking faster insights for clients and durable revenue growth for TransUnion. Thank you. Chris talked about the 800 data scientists on my team that have deep domain expertise that built thousands of models for our customers that make critical decisions every day. All of that domain expertise, that tribal knowledge is captured in the semantic layer, and they're using this agent to be able to do more with what they do for our customers, and we can serve more customers with the same resources. It is supercharging some of the customer engagements now. We'll launch this as a core component of TruIQ suite, making a major shift from low code to a no code environment. If you look at the data analytics value chain, what we mean by saying AI is embedded natively across the platform, that is not the only agent. It's a very important agent for the core modeling and analytical workflows. Across the value chain, any user has an agent, for example, the onboarding agent there, right? is used to automate the data onboarding process and the data ingestion process into the platform, which we do tens of thousands of data sources and petabytes of data into the platform using conversational AI. With built-in governance and compliance, including human in the loop, this significantly improves the user experience and productivity of data operations users that are ingesting data into the platform and on and on. AI is embedded across, you know, through the layer, and we have a robust roadmap, including in marketing and other services where we have MCP agents enabling some of our data access through an agent-to-agent communication that some of our colleagues will talk later. We're excited about the AI roadmap and how we come in here, but also in a way that brings in reliable enterprise-scale, trustworthy, governed and auditable and explainable way of how these agents work. This is very differentiating for us. We're seeing great results in both our products and internal use cases. Role-based agents such as the analytics orchestrator agent, has allowed us to slash data scientist effort by 75% while simultaneously accelerating our customer speed to insight. Said another way, our same resources can do three to four times more engagements that they're doing, and these engagements, like we discussed, are sticky, in being able to provide solutions that create sticky revenue on our platforms. There are other product-specific examples that Mohamed will talk through later, and AI is also deeply embedded in our software development and operations. We've deployed context-aware tools to empower our engineering teams. It's delivering a 25%-30% increase in feature throughput, allowing us to innovate faster. There are other areas where we are using AI to drive improvements like consumer dispute resolution, security vulnerabilities, and patchings in technology areas. It's providing a lot of lift like you see there. AI was the last of our five differentiators, data, identity, flexibility, global reach, and native AI. How is this all coming together to unlock value? Let's look at the short-term lending bureau we call FactorTrust. It's one of the first credit use cases completely migrated to the OneTru platform. Amazing progress there, amazing metrics. Jamal was gonna talk a lot more about that, the incremental lift and how that's really enabling customer wins as a result of migrating to the platform. Let me touch a little bit in some of these great spaces. 25% faster response times in real-time API calls or a 12 times faster batch processing, right? Cutting from 24 hours to two hours. Our customers are telling us they're already seeing low rates of abandoned applications online in this space and a higher win rate versus competition. Not only enabling the outcomes like we're seeing in credit, we're also obviously, Chris talked about this, creating a lot of cost savings, efficiencies and leverage. By eliminating the technical sprawl and unifying our core, we have moved from a high-maintenance legacy model to a high-velocity platform. We successfully consolidated the U.S. physical footprint from 30+ legacy data centers to just two. Most of the other applications running on cloud, we see a 50% reduction in maintenance activities, capacity that can be redeployed to innovation and growth. We permanently lowered our capital intensity, reducing CapEx from 8% - 6% of revenue. Not to mention the $70 million in savings from the consolidation. We're just getting started. Like I said, OneTru is just not a technology, another technology upgrade or a technology transformation project. It's a growth and innovation engine that creates long-term value for TransUnion. To further delve more into how he's using this for innovation, I'll invite Mohamed here. Yeah. All right. Let's talk about innovation. Nice to be here with all of you. I celebrate my one-year anniversary with TransUnion this month, so very excited. It's been a great year. I wanna talk a little bit about my background, add a little bit to what Chris said. I started my career in software development, worked to develop a lot of different solutions and worked with a lot of technology leaders. I do have to say, Venkat is a great visionary leader and a great partner to have in the journey that we're on. After software development, I spent 25 years in financial services. I first started at McKinsey, where I worked with banks and insurance companies across the globe, and then moved to GE Capital and then Synchrony Financial, where, by the way, I was a customer of TransUnion, so I know the products well. I gave them a hard time when I was a customer. I moved to Mastercard. At Mastercard, I led a global product organization. For those of you that are not familiar, Mastercard operates in over 120 countries across the globe. What I did is I used the transaction data, when you swipe a card, to build products that help customers make better decisions and get better insights. That business, when I left, was a multi-billion dollar business growing at 20%. For those of you that are familiar with Mastercard, the services business is a large part of Mastercard's revenue, and what I built was a big portion of that services business. It represents over 40% of the company's revenues and is growing faster than the core payments business for Mastercard. For us at TransUnion, I see our non-core credit solutions in a similar way to the services business at Mastercard. Now, what I will tell you is at TransUnion, we have a lot of very valuable assets. You've heard about the breadth and the scale of the data that we have. It is significantly larger than what I had at Mastercard, and it creates many avenues for innovation for us as a company. In addition, you heard about the OneTru platform. The OneTru platform is allowing us to be able to take advantage of that data and create solutions at a scale not possible at other organizations. I've been here for a year. I've heard two big questions from some of you here. The first one is how does marketing and fraud fit in the overall TransUnion business? The second is how are we driving differentiation and innovation at TransUnion? If you leave this presentation, there are four things that I want you to walk away with. The first is the markets that we play in, that Chris talked about, these large markets, we have an absolute right to play and operate. What I want you to leave with as well is to understand how marketing and fraud is a natural extension of what we do in our core business. I want you to be able to also understand the solution transformation that we've undergone and how that is helping us to be able to drive innovation at scale globally. The work that we're doing and the products that we're developing is helping solve big problems for our customers. All of the work that we've done is delivering real outcomes for our customers and revenue growth for TransUnion. You know, we've been doing a lot of work, the transformations that Chris talked about. In solutions, we've transformed the global solution organization to be globally aligned. We moved from siloed teams in markets using these local tech stacks. That allows us to move a lot faster. In addition, we are laser-focused now on driving and solving customer problems and delivering customer outcomes. We've also enhanced the rigor and the focus and the agility in how we develop products across the solutions team. Finally, we've also elevated the focus across the solution lines to have much more financial and commercial rigor. In the year that I've been here, we've achieved a lot. I am extremely excited and more energized today about what we can achieve in the coming years. Over the next hour, I'll walk through the transformational work that we've done in solutions as well as the innovation, and the solution leaders, Jamal, Brian, Steve, and Jimmy will give you more details on each solution area. Let me talk a little bit about how we're able to win and our right to win in the markets that Chris described earlier. These are large and growing markets. First, in our credit solution area, that is the area where we've had a natural leadership for over 50 years. It's an area where we're highly differentiated, and we are winning share and growing faster than our competitors. What is really exciting is the growth opportunity in alternative data and in analytics. Jamal will give you a lot more color on what we're doing and the great work that we're driving in that area. Marketing. All right. Let's address the question that I raised earlier. Just to be clear, we are not a marketing agency. We are not doing creative work, right? What we are doing is we're taking advantage of the customer identity, of our data, of our analytics capability to help our customers be able to have better marketing outcomes, to be able to know who to target, to measure the performance and the ROI of their marketing campaigns. It is essentially exactly the skills that we've honed over the last 50 years in our credit business. We're using those same skills, the same capability, and some common data to be able to develop these solutions. It is working. Today, we're a trusted partner of 70% of the Fortune 100 companies. Similar to marketing, fraud is another area where we take advantage of our leading identity graph, our proprietary data. We combine that with public data, analytics, and AI to be able to help develop models and signals that are helping our customers prevent fraud. Some of the proprietary data that we have is quite unique. For example, our device consortium data, we have billions of device data globally, and we have the longest-standing device consortium. Our phone data signals from our Trusted Call Solutions, we see billions of phone calls every year. Now, if I move over to consumer business, the consumer business is a natural extension of what we do in our B2B space and is an area where we're looking to drive even stronger growth. Today, we serve over 380 million consumers, primarily through our B2B partners, like an issuer or an aggregator. We are the B2B leader in the markets that we operate. In our direct-to-consumer business, we have tens of millions of consumers that come to our web assets to, for example, get credit monitoring or to do a credit correction. To be able to get that number of consumers would cost other organizations millions and millions of marketing dollars. Now, what we've also done is we've consolidated and created a unified global consumer product suite. We had over 300 different products that were fragmented. Unifying them and bringing them together into a single place allows us to be able to be a lot more effective and a lot more efficient. We've already migrated our customers, our B2B customers in the U.S. and in Canada, onto the platform. It is, by the way, the same platform we're also using for our direct-to-consumer business. We have a lot of growth runways that's gonna come from different areas. The first is leveraging the offers. You've heard about the Monevo acquisition that we've done, using that to help unlock potential in the offer space for our direct-to-consumer as well as for B2B partners, but also continuing to enhance our premium products. It's also about taking this global consumer suite of products and rolling out across our global markets. The last is to make sure we're continuing to modernize and improve our direct-to-consumer business, and you'll hear more from Steven Chaouki on that. Now, we are helping our customers solve big problems. There's $1 trillion in credit losses that customers like ours experience every year from poor underwriting decisions or mispricing risk. Marketing grows every year by about $1 trillion. There is about, we estimate, at least $25 billion of wasted marketing spend. Frankly, that number is probably pretty conservative because some estimates go as far as half of the spend on marketing is wasted. Over $500 billion is lost by businesses each year due to fraud in the areas that we operate, and that number is growing. I think you're all aware of the impact of AI that's happening and the new vectors of attack that AI is introducing. As it relates to the consumer, there's over 600 million credit-invisible consumers in the markets that we operate. For us as TransUnion, financial inclusion is core to our mission, and we wanna work with businesses and consumers to help them on their credit journey. Our solutions help our consumers and our customers solve these issues by embedding identity, analytics, and decisioning in the customer workflows. For example, our Spoofed Call Protection has blocked hundreds of millions of spam and scam calls to consumers. Now, let me talk about the customer life cycle. We help our customer solve the different problems that I mentioned by deeply embedding our solutions across the customer life cycle, from acquiring a new customer, to managing a customer once onboarded, to recovering a customer. Our highly complementary solutions work together to make that possible, to help a business figure out who to target and get the right customers. To establish a relationship with a new customer through, for example, our marketing business. To be able to manage that relationship to ensure that the customer continues to come back, and if the customer were to leave, to help the business figure out how to win the customer back. For example, we work with a large U.S. issuer to help them be able to build a pre-screen campaign. Our credit product helps find qualified candidates to go after. Our audience helps with the targeting of those, and our fraud ensures we're protecting from from fraudulent actors coming in and getting access to that credit. Underneath all of that, our connected identity runs through every stage and enables our solutions to work together so that customer can solve each step in that life cycle. I talked a little bit about our solutions transformation. I wanna give you a little bit more color. Historically, our customers had a lot of powerful point solutions, but they were fragmented. They were siloed. It was complex for them to integrate these different solutions together. We have transformed that model. We have moved from siloed, disconnected products to integrated and interconnected solution suites. Today, we have our integrated solution suites delivered on OneTru across our solution lines. That shift dramatically reduces complexity, saves costs, and delivers a better customer experience. It also enables us to be able to innovate at a much faster pace than we've been able to in the past. Look at marketing, for example. We went from 90 products on 16 technology stacks to 30 products on the OneTru platform. I talked about consumer earlier, where we had three different disjointed products that are now combined in a unified platform as well. This makes a difference and allows us to innovate at speed. All right. I want to give you a slightly different way of looking at the OneTru platform from a customer lens. Now, it all starts with data. If you look at the bottom here, the data, the biggest challenge you have as a customer coming to work with a new company is taking that data and figuring out how to get it connected. It is a lot of times it's expensive because you have to take your data, you have to move it, you need tech resources. We make it easy. We can directly access the data that sits in the customer cloud. No work required. I would have loved that. I mean, I used to be in software development. The amount of work to massage, move data is significant. The other choice the customer has is they could move and put it in our cloud. It's a customer choice. Once that data is available, they are able to combine it with TransUnion's data and third-party data. Now, what we do is we use our connected consumer identity to be able to link the different pieces of data, our data, the customer data, the third-party data together and enrich that data. What does that mean? For example, adding an email address, adding a phone number, right? Having all of that together, you're now able to run analytics and AI to build better models, to get better insights on that data. Now, what is really exciting is our ability to now interconnect our different solution lines. Imagine a customer that starts with our credit solution area. You have the data now already sitting in our OneTru platform or is enabled in your cloud using our OneTru platform. You could use that same data to be able to take advantage of our marketing solution or our fraud solutions and build end-to-end workflows. That is a powerful unlock. For example, that on our TruIQ platform, and Jamal will talk more about it, you're able to combine our credit solutions, our marketing, and our fraud at the same time to deliver better customers outcomes. The work I described is delivering real measurable outcomes for our customers. We are seeing improvements, higher conversion, faster time to insight, dramatically improved fraud capture, and better customer engagement. For example, 162% improvement in fraud. Remember that $500 billion number I talked about? Imagine getting an improvement like that. On the other side of fraud, we're helping making sure that the right person is able to get through. For example, we're seeing 100% improvement in answer rate through our trusted call solution, and Jimmy will talk about that. In marketing, we're helping also prevent some of the waste at 200 overall 280% conversion lift in optimizing audiences. The takeaway is simple. Our connected consumer identity, our interconnected solutions, our interoperable platform, and the analytics backbone is driving better outcomes for our customers and more superior results. Let me give you a couple of examples, and you'll hear more examples from our solution leaders as well from Steven Chaouki and Todd Skinner later on. This is a top ten U.S. issuers that was already a credit customer of ours, but they wanted to find new ways to be able to improve the performance of their book. They wanted lower fraud, they wanted better marketing results, they wanted to develop better risk models. They ended up combining multiple of our solutions, all seamlessly integrated, and that helped them be better engaged with their consumers, be able to drive more effective marketing campaigns, and have less fraud. This is a 20-year relationship that we managed to continue to extend and build even more trust with that relationship. It also helped drive our non-core revenue 3 x faster over the last five years. Another example, a top three payments player. This customer wanted to improve their analytics. They started with our TruIQ Data Enrichment capability. Again, taking the data and enriching it with our information, and they combined their data with our data and third-party data. Now, the interesting thing is they also brought other competitors' bureau data into the TruIQ system. Together, they've linked all of that in the cloud and used it to help build better identity information and to be able to build better analytics. This all happened within a span of two years. They've also extended now to fraud and offers, and they wanna replicate what they did with us in the U.S., in the U.K. market. This is an example where it shows you that the value of taking our solutions globally also allows our customers to follow that, our global customers to follow that expansion. Our ability to bring and link different connected consumer data with our proprietary TU data and third-party data using our Identity Graph is able to unlock value for our customers. All right. Let me talk about AI for a second. I know there's a lot of questions across all businesses on what the impact of AI is to that business. What I will tell you is for TransUnion, it is only strengthening our business. It is not just an overlay for us. We're embedding it across all of our solution lines. OneTru's native AI capability that Venkat just talked about is quite powerful. It's allowing us to be able to innovate with AI much faster. We're able to move from raw data to tailored insights. We're able to create better and faster AI models and be able to make better decisions. We're able to simplify tasks and deliver a better customer experience. You saw earlier a video of the analytic of the TruIQ analytic orchestrator that Venkat showed. Now, this tool is currently available to our own analysts, but we're soon extending it to be available to our customers directly in the TruIQ suite. In marketing today, a lot of the audiences are predefined or pre-configured. We're using Audiences by TransUnion as a way where we're using AI in Audiences by TransUnion to be able to allow our customers to create custom audiences to be able to suit what their need and who they're trying to target. For fraud, our AI Model Factory that you'll hear more about is enabling us to roll out new model at a much faster pace, from months to days. That helps us be able to prevent fraud and be able to address some of the newer fraud attack vectors that are emerging. You will hear a lot more about AI solutions in some of the solutions deep dives as well. This is just the beginning, and there is a lot more that we have in the pipeline in terms of new product and innovation using AI. We are enjoying measurable outcomes from all the work that we're doing. Our products are showing faster revenue growth. We are seeing higher retention, and our sales pipeline is stronger than it's ever been. Our Trusted Call Solutions, for example, is seeing 40% year-on-year growth. We're seeing the highest retention rate we've ever seen in our marketing business, and we've doubled our pipeline across several areas. Beyond commercial results, we are also getting independent recognition from Gartner, Forrester, Juniper Research and others. This underscores the strength of our innovation, execution, and leadership across our solutions. Now, I'm incredibly excited about the impact that solutions delivered in 2025, but there's a lot more potential in the years to come. In 2026, we're expecting to deliver over 70 new products and enhancements across our portfolio globally. We are focused on scaling through building once and deploying many. That approach will help us to be able to move a lot faster across our geographies. This saves time and cost replicating our products in the different tech stacks across the markets. Thanks to our high-performing teams and our transformation effort and the OneTru capabilities, this work is expected to deliver over $500 million in incremental revenues over the next three years. None of this would be possible without a great leadership team. We have a team that brings a lot of domain knowledge and expertise and global experience across credit, fraud, marketing, consumer, and communications. It's a team positioned to deliver great results. You'll hear from some of them. I mentioned Jamal on credit, Brian on marketing, and Steve and Jamie on fraud. There's also demos outside. I know some of you may have seen it before. During the breaks, please go out, or even at the end of the day, they'll be there to showcase some of the products and some of the work that we're doing and the impact that we're driving. Before I wrap up, I hope that you can now agree that we've made big strides in Solutions and in the Solutions organization, that we're well set up to capture the market, the big market opportunities that Chris mentioned earlier, that we are driving innovation at scale, and that we're delivering results and impact for our customers and faster financial growth for TransUnion. Thank you. I'd like to invite Jamal to talk about credit, but before that, we're going to play a quick video. Credit risk isn't just about numbers, it's about people. Behind every application is someone seeking opportunity and an organization seeking trust. In a world driven by speed and data, blind spots make trust and opportunity harder to earn. Organizations need clarity to have confidence in every decision. That's what TransUnion delivers. Our core credit solutions with consumer and commercial credit data and a global network of enriched bureau data and insights give organizations a clearer view of the people they serve, enabling confident approvals, more accurate pricing, and proactive growth. Our portfolio of proprietary and exclusive alternative data covers three billion valuable data points on over 250 million consumers, sharpening risk prediction with signals like income and employment verification, short-term lending insights, and property and rental payment data. Expanding visibility beyond traditional scores and turning unseen consumers into new opportunities. Our innovative analytics enablement solutions bring together our data, models, and expertise to provide customers with AI-enabled analytics and marketing capabilities. What sets us apart? With billions of records on a global scale, proprietary alternative insights, advanced analytics, AI enablement, and flexible open integration tools, all backed by decades of trusted expertise, TransUnion gives you control to see the person behind the profile. You don't just manage risk, you lead an AI-driven future, unlocking growth with clarity, confidence, and innovation. Hi, my name is Jamal. I'm the Global Head of Credit Solutions at TU. Before joining TU, I spent 25 years on the customer side of credit. Most recently, I was the Chief Data Scientist and Head of Personal Loans for LendingClub. Before that, I led consumer credit for HSBC across the U.S. and LATAM. Throughout my career, I was able to create the most value when I had access to the right data and the ability to turn it into actionable outcomes. I was a super user of data. I had access to credit, alternative, and first-party data to build credit strategies and marketing programs. This experience is shaping the way we are evolving credit solutions at TU. Our strategy is to provide customers with the most comprehensive data combined with advanced analytics to our customers to help them make smarter and faster decisions. I'm gonna repeat this statement one more time because I will keep coming back to it for the next 20 minutes. Our strategy is to provide the most comprehensive data combined with advanced analytic solutions to help our customers make faster and smarter decisions. There are four key things that I'd like you to take away from the discussion from today. One is our core credit data is data-centric, built on proprietary data, and operates in a highly regulated environment. It is very difficult to replicate what we do. It is also resilient due to strong performance driven by high demand for credit reports and scores. Two, we are investing into two more growth vectors. One, alternative data, which you've heard about from Venkat. We believe that alternative data provides deeper visibility into the consumers for our customers. Advanced analytic solutions make it easier for customers to access our data, build and deploy models, and activate marketing campaigns. Finally, we believe AI to be increasing the demand for our data and accelerates the innovation. In 2025, credit risk generated $2.6 billion in revenue, about 50% of TU's total, and grew at 13% year-over-year. If you look at the pie chart to the left, 95% of the revenue comes from proprietary data in core credit and alternative data. More importantly, 15%, more than 15% now comes from new vectors of what we call new vectors of growth in alternative data and analytics enablement. If you look at a bar chart to the right, 70% of our revenue comes from the U.S. and 30% comes from international market. We are only $2.6 billion within $27 billion TAM. That is growing at 8% CAGR. The opportunity is large and growing, and most importantly is 2/3 of our TAM comes from new vectors of growth in alternative data and analytics enablement. I mentioned the strategy a few times, so I'm gonna spend now a few minutes to speak about the strategy. When we build the strategy, we build it from the customer lens, where credit data, alternative data, and analytics enablement are not separate products, but an integrated ecosystem to drive the greater value for the customers. Having led these functions myself, I know that the most outcome comes when all these three pillars of the credit strategy work together. It's always starting with inner core credit. For example, we power billions of credit decisions for customers annually with access to one billion consumer profiles. This is what we call our foundation of trust. When it comes to alternative data, we continue to enrich the consumer profile beyond what is in the credit file to help customers approve more loans, price risk more accurately, and unlock additional use cases. Let me give you a couple of examples on how alternative data enhances the credit profile. In the U.S., using FactorTrust trade lines help us expand the credit profile on 57 million consumers and score five million more who were previously invisible. In the U.K., we use 145 million checking account record to assess ability to pay for consumers. Finally, the third inner circle, we bring all this rich data, and we combine it with advanced analytical solutions to create greater value for the customers. The way we do it is very consistent with how, you know, Venkat mentioned it. We give them faster access to this data in the environment of their choice, and two, we give them access to advanced analytics solutions that helps them turn this data into actionable business outcomes. Mohamed mentioned that somehow customers see 40% faster time to market for running, you know, their marketing pre-screen campaigns. This strategy is resulting in higher approval, lower losses, and business growth for our customers. What I'm gonna do over the next few slides is take each of these pillars and, you know, deep dive into each of them. If you look at core credit, this is the 83% of revenue on the pie chart. It has been, you know, a strong foundation for our business, and core credit continues to grow faster than the broader market. We have the number one bureau position in five of the seven regions where we operate. We refresh five billion records each month through an extensive network of data furnishers across 30 countries. If you look at the chart, we have significant global, you know, reach and a very proven playbook for scalability. As Mohamed mentioned and Venkat, we are expanding into Mexico in the first quarter of this year. Todd Skinner will speak more about Mexico in his discussion. Moving into the second pillar, which is alternative data. Alternative data makes actually more than half of our TAM. So we have been very deliberate in how we are building, you know, our portfolio of alternative data assets. I'm gonna go through a few examples to, you know, highlight some of the successes we had. In short-term credit and bill pay, we transformed FactorTrust to be the leading short-term lending asset. I have a full page on this, you know, after this. We are extending buy now, pay later trade lines in the U.K. to cover 190 million, which represents 95% of the market coverage. In income and employment, we have now a solution that is, you know, live and delivered on our credit report powered by Truework that is active in mortgage, in auto, and in consumer lending. Finally, we are the only player in the market that provides benchmarking insight for cards and deposits at the transaction level through Argus. These alternative data assets, they help our customers see more consumers and find new opportunities for growth. When I get to the FactorTrust piece, FactorTrust represents the blueprint for transformation and innovation at TU. We acquired FactorTrust in 2017. We increased the transaction volume by six times since we acquired it, and we just recently moved FactorTrust onto OneTru, as Venkat said. To increase and enhance reliability and scalability, we use TruIQ analytics capabilities to create the next generation score, achieving 15% lift versus the previous score, and the results are coming in and the market is rewarding us. We are seeing 20% revenue growth year-over-year, and we are winning four out of five competitive, you know, deals against our key competitors. We are extremely happy with how FactorTrust, you know, turned into, you know, the assets that is leading the market. Now before I get to the third pillar, as a customer, accessing data faster and more frequently has always been a competitive advantage. That meant, you know, faster time to market, more relevant offers, better credit decisions, and ultimately higher conversion rates. This is where TruIQ, you know, comes in, to solve these type of problems for customers. Let's watch a quick video, first before we deep dive into TruIQ. Making quick data-backed decisions is easier said than done. Why? It comes to you from hundreds of sources in all kinds of formats with different guidelines. It moves through disconnected tools and environments and are handled by teams with different skills. Sometimes it's even shipped off to third parties to stitch it all together, and that's before you get close to anything meaningful or actionable. No wonder a simple pre-screen offer or market analysis can take six weeks. It's frustrating, and we get that. That's why TruIQ is here. These analytic and insight-driven solutions put you in control of your data's journey so you can get more done faster. Interact with trending market data and benchmark performance to find ways to get ahead. Directly access TU credit data in your private environment or cloud data warehouse like Snowflake or Google BigQuery. Link and match that data with your first and third-party data. Build, test, and deploy powerful models regardless of your coding skills. The intel is endless, and you can have the chance to go faster, up to 85% faster. Simulate and create audience segments, then deploy personalized offers to the right channels. Because you can access and match the data you need at the time and place you need it, supported by AI-powered tools to use it, the typical six-week project can now take less than two. We're fundamentally changing the way you interact with TransUnion data so that you can get it faster, have more control, and make a bigger impact. The interesting part is, when we were having breakfast, I was sitting with Joe and Josh, never met them, and we were actually demoing, you know, how we are now reducing the ability to go to market from few weeks into a few days. I encourage you guys to look at the credit demo when you have time. I just want to explain, you know, in simple terms what TruIQ again is. I'm sure the video is self-explanatory, but TruIQ gives customers a fully flexible and integrated solution where data flows seamlessly all the way from insights to activation without multiple handoffs or third party. This is huge. Like, me being in that seat for 25 years, having these type of solutions would have been, you know, life-changing. I would have been promoted faster probably. This is really an exciting, you know, product that, you know, that we believe is going to, you know, change how people start conducting, you know, their marketing, you know, campaigns. The benefits are simple. Faster time to market, more targeted and more frequent campaigns, better risk, higher conversions, and ultimately more revenues. As Venkat said, now with AI embedded in each of these modules, you know, customers can unlock faster, you know, insights, model development, and optimize their marketing, you know, spend and performance. We are very excited about TruIQ. Oops. I'm gonna give a couple of examples quickly, couple of real examples of how TruIQ has been, you know, impacting the results of key clients. One is a 100 billion+ bank that was able to link our data to their data on the cloud and reduce their pre-screen campaign by more than half. They reduced it from 45 days to 21 days. Another client was able to use our analytical modeling environment we call Analytics Studio, along with our innovation lab data scientist, and build their next generation of underwriting strategies using our advanced techniques and, you know, data, you know, together. If you look at TruIQ, like I've mentioned, I gave you an example of FactorTrust as one blueprint asset in alternative data that has been doing exceptionally well. Well, TruIQ is one of those products in analytics enablement that is doing also exceptionally well. We've seen 40% year-over-year revenue in 2025. We have four products in alpha or beta. We have the product in the U.S. and India and expanding to the U.K. in the next few months. We are seeing increasing competitive wins in the market because we see more clients embed TruIQ in their workflows. This is an area where I believe AI is going to be helpful for us because we continue to integrate AI into the TruIQ modules and workflow. Finally, I just wanna close by saying, you know, remember when I said comprehensive data and advanced analytics, helping customers make faster and smarter decision? I repeated a few times. Hopefully, we've shown you that our core credit continues to perform at scale, that our alternative data expands access to credit, and that TruIQ solutions, those innovative solutions are creating real customer impact and helping customers make faster and smarter decisions. It is why customers continue to choose TransUnion and why we are very confident about the long-term inherent growth opportunity that is ahead. We're gonna play one more video, and I'm gonna introduce Brian Silver, my colleague, who leads marketing solutions. Thank you. Trying to understand your customer is no easy task. There are too many data signals, data that's fragmented and inaccurate, changing buying patterns, new media choices and advanced technologies. Marketers struggle to connect it all together. Until now. With TransUnion Marketing Solutions, the chaos suddenly becomes clear, revealing a complete picture of your customers, their interests, where to find them, how to optimize their journey. Through the power of the OneTru platform, marketers are now able to access a single unified environment that connects first and third-party data with your customer's insights to deliver the clarity needed to succeed in the chaos of today's market. With our industry-leading identity graph, marketers can turn fragmented signals into actionable customer profiles. Now, audiences can be built with accuracy, leveraging our more than 15,000 attributes to find scale and precision. Finally, you can prove performance from marketing mix modeling, to cross-platform attribution, to closed loop reporting. No more speculation, just real outcomes and real ROI, all built with a layer of consumer insights and AI to inform future decisions. We're more than just marketing solutions. We're the foundation marketing leaders build on. Welcome to a better way. Welcome to a better way. No better way to say it. Good morning. Thank you for joining us, and I really appreciate the time today. As my colleague and friend Jamal said, I'm Brian Silver. I run marketing solutions. I've been in the ad tech space for over 26 years. I got deep into data when I ran the business side of Yahoo Mail data. When I left Verizon Media, I was brought in to join LiveIntent to create their identity business, and they just recently got sold to Zeta Global. For the previous 3.5 years, I was at Oracle Advertising, running strategy, BD, and operations, before coming over to TU. I've seen firsthand how data shapes and drives value, and better decisions. When I joined TU, I recognized a company with world-class assets, trusted relationships, and solutions that when connected, tackle market's biggest challenges. The next 15 minutes or so, I'll share with you our journey, what I encountered just 11 months ago when I joined, the powerful foundation already in place, the market's readiness, and how we're weaving these into solutions that are scalable, defensible, and transformational. Today, I will take you through a couple of key truths that set the stage for our discussion. We all understand that the marketing ecosystem is complex. New channels, increasing fragmentation, and greater complexities. Marketers need a trusted partner to guide them through and consolidate away from, on average, 16 disparate solutions just to follow their consumers through their journey. When I first started meeting with customers, I asked what value does TransUnion bring to them? What they told me was all pretty unanimous. First, TransUnion is foundational to their business. They were a trusted partner, and they brought the best data in the business. You see, TransUnion is that trusted partner. We offer a suite of solutions, all with a single view of the customer. This is vital as AI models depend on consistent identity signals across planning, activation, and measurement. AI is accelerating marketing in the world, which is driving demand for connected data, shortening time to value, and expanding expectations for marketing platforms and performance. If you remember one thing today, remember this. Because of our best-in-class data and deep connections in the industry, TransUnion's marketing solutions is perfectly positioned to be a global leading marketing player today. Our momentum is building. In 2025, marketing solutions grew 15% in Q4 and 7% over the year, our best year since the acquisition of Neustar. Our revenue is structured around three global pillars, identity, audience, and measurement, and I'll get into more detail about those in the upcoming slides. What's the most exciting part? We're just getting started. We're at a pivotal moment. Your data, your ability to connect it, and whom to trust to give access to continue to be more critical and a harder decision each and every day. Change in our industry is constant, but the need for data and trusted partners remains foundational. AI accelerates demand for richer connected datasets to support these audience creation, personalization, and predictive outcomes. Remember, AI is only as good as the data it learns from. Media fragmentation creates often too many disconnected and actually incorrect data signals. Marketers struggle to understand consumer preferences and make smart decisions. They need a trusted partner to connect data to a single view of the customer. As companies move data to the cloud, they want a reliable partner that can meet them where they already are. These dynamics heighten the strategic importance of a trusted identity and governed data, two of TransUnion's core strengths. Here is our solution framework. We've organized our offerings across our marketing life cycle into a unified customer experience we call TruAudience. Customers access these through modular suites spanning identity, audiences, and measurement. Everything resides on top of our OneTru platform, and this layer enables seamless collaboration that brings beyond a lot of these features, privacy-enhancing technologies which remain critical here and around the globe. From a customer perspective, we offer an enterprise flexible way to buy across our solution, generating a flywheel effect. Clients can begin wherever they need, whether it's cleaning their data, buying third-party audiences, or purchasing additional audiences, and then they expand to our other solutions. Insights like wasted media spend or audience effectiveness help drive outcomes that are established based on customer-defined metrics. Our solutions provide the foundation and seamless integration clients expect for planning, activation, and measurement. These services are enriched by an expert service level that ensures our clients can expect the maximum insight value from their TU partnership. The flywheel effect enables real cross-sell and upsell opportunities. It helps us deliver value to multiple marketing personas as needed. As I have said, all of these applications are built on the common foundation of OneTru, and as OneTru continues to expand globally, we have the ability to move from point solutions to our full enterprise offering to new markets and to global players. The key to our solution is not just flexibility, it is the integrated partnerships in all phases of the flywheel. Identity reaches its full potential when activated through audiences, moving from insights to action. Activation isn't enough until measurement proves performance. When identity-powered audiences drive measurable results, we don't just validate campaigns, we reinforce the value of our solutions, making every campaign smarter and meet and beat our customers' expected ROI. This is how the flywheel accelerates each campaign, learns, improves, and propels to the next. TransUnion stands apart by providing deterministic identity, high-quality audiences, and comprehensive measurement, all connected end-to-end with high-quality service. We've proven our value with mature marketers. Mohamed mentioned, we work with 70% of the Fortune 100 today. We've consolidated and simplified our offerings, 20% of our customers utilize at least two of our solutions today, and this number is accelerating and growing rapidly. We are no longer looked upon as a single part of a solution, but a key partner for all of the solutions. If you think back to the legacy Neustar days, companies were coming to us because of our high-value and high-performance in measurement. Companies like USAA, the NFL, the NBA, GM, Ford, Walmart, et cetera, are excited to grow with us and for us to have the ability to provide the results to engage their current customers and their future customers. Our integration network covers 98% of the addressable media partnerships, including 10 global media platforms. As we move into more countries and regions, our partnerships are expanding as well. Connections build trust and emphasize interoperability. Critical in today's landscape. As we discussed, marketers use many systems, and AI-driven workflows require secure, consistent data movement. Interoperability is no longer optional. It's a requirement to create value across partners and solutions. Trust, confidence, data fidelity. These are providing us with wins in our sales as we head into 2026 and beyond. In identity, our best-in-class data delivers 30% higher conversion rates. Audiences allow marketers to find the right customer at the right time. Our measurement solutions report and optimize real-world outcomes. Unlike competitors who typically measure on a single platform, we report incrementality across multiple platforms, thanks to our strong partnerships and quality integrations. Our solutions give teams what they need. Who are we reaching today? Who should we reach tomorrow? What impact is our marketing actually having? These tailwinds are substantiated by our 2025 results across our pillars, as shown here on the right. Let me highlight a few trends. Identity Solutions grew 21% last year, with 40% of our new bookings coming from our native cloud integrations. Benchmark Studies revenue grew over 190% last year, opening up many new mid-tail, mid-market, and long-tail customers. AI is helping us not just solve complex issues in the marketing space, but accelerate everything possible. Marketing Solutions has already been utilizing this in our day to day for a long time. We started with LLM models and machine learning in our insights across MMM, MTA, attribution, and experimentation. Remember, AI is only as powerful as the data it learns from. That's why we're focused on delivering trusted, connected, and governed data at the core of every AI decision. Our best-in-class data is the ultimate competitive difference in the business. In a recent study, utilizing TU's data, customers were able to see a 10% improvement in leading model fit while also reducing false positives in audience targeting by almost 20%. Let me be clear. How is Marketing Solutions using AI today and more in the future? First, within our Audiences by TransUnion product, we rapidly deliver audiences to customers with enhanced search and discovery, modeling through self-service portals. Next, as Venkat was talking about, we've begun to develop machine-to-machine agentic workflows where MCP agents, Model Context Protocol agents, from clients and partners can connect to our MCP servers to engage with our data and solutions. Lastly, we're also creating predictive modeling to increase the probability of selected audiences and data sets to act in the customer's desired ways. At a recent sales kickoff, I was sitting on a panel with a leading auto data provider. He was telling the audience about his problem, which is to help solve his customer's biggest problem, which is they know that of all the people who buy a car brand today, 50% of that audience will not come back and buy that car brand again tomorrow. When we were going off stage, I said, "Hey, how valuable would it be if TU could not only tell you which 50% would come back, but then provide you with additional datasets to then convert, you know, that audience as well?" He turned to me, lit up like a Christmas tree and said, "Well, that would be worth its weight in gold." I said, "Well, I kind of like silver a little bit better, but I get your point." Lastly, I'd like to take you through what this looks like when we package this all together. Here's a client example showing our enterprise solution in action, built on trust and adaptation as the media ecosystem evolved. We started working with this top five U.S. retailer 14 years ago with traditional marketing effectiveness. As we improved campaign performance, the company expanded our measurement capabilities across their full marketing campaigns, starting with brand and event marketing. When that proved effective, they expanded to include performance measurement in Canada and Mexico. Throughout our measurement results, we discovered a need to shift to more personalization in the retailer's messaging and move to identity-based targeting messaging with our identity resolution and customer intelligence solutions, building a 360-degree view of their customers and improving match rates by 20% for campaign performance. This supported the creation of a single view of their customer through utilization of our identity enrichment services to bring all of the disconnected datasets that they had into one view. This increased their known customer database from 14% - 30% and drove the ability to track purchases and future marketing opportunities. As the industry continued to shift towards retailers monetizing their own websites, we helped the transition with tested audience strategies in media buying, leading to the launch of their retail media network. Built, tested, and scaled audience models. First, to support test and learn strategies and measure how these audiences performed, and second, to scale audiences around specific customer types, first-time home buyers, do-it-yourselfers, et cetera. Through every step of this process, we expanded the use of new capabilities and reported on key performance metrics, ensuring a balance of solutions to expected results. This partnership drove significant benefits to both customers and TransUnion. The retailer's paid media investment grew from $400 million to over $1 billion in the time in which they were with us. This, of course, was driven by the 20% increase of their identity match rates, but ultimately was based on the fact that we hit their targets each and every step of the way. TransUnion, of course, benefited from this relationship as well. We increased our ACV by over 6x over the lifetime of this partnership. I would say it was a really good partnership and continues to be one today. In closing, I know you had questions coming in to today. Efficacy of our strategy, how important can this be for TU? Today, I focused on facts of our industry, where TU currently is established, and more importantly, how big of an opportunity can this be. Ultimately laying out for you our case that because of our best-in-class data and deep connections in the industry, that Marketing Solutions will be a leading global player. The results speak for themselves. Our financials have rebounded, and we've poised for strong growth in the upcoming quarters and years. We're expanding globally, capitalizing on our differentiators, leveraging AI for speed and usability, and using best-in-class data to fuel their growth. I thank you for your time today. Before I let you go, not that I'm competitive, but the outcomes-based measurement demo that's outside is first class, and I really like to win, and so you should go check it out. Let's watch a small video and then introduce my colleague, Steve, to come onto the stage. Fraud is accelerating, and when you can't see identity clearly, you can't see the risk right in front of you. AI can mimic a voice, forge an identity, and move across channels at superhuman speed. The data fraud leaders need to fight back is too often fragmented, locked away in silos. When systems fail to see truth from deception, it's not just money that's lost, it's operational efficiency and consumer trust. TransUnion is different. Where others see data, we see people. Our unique data assets and cross-channel intelligence connect consumer identities everywhere they are, from the moment they tap to the moment they speak to the moment they transact. We have the largest and longest-standing device consortium in the industry. Every interaction, every identity confirmation, making our graph sharper and richer for safer online transactions. Where most providers only see fragments of consumer journeys, TransUnion uses intelligence at scale to see the full picture, leveraging AI to shut down synthetic identities, AI-generated voice prints, and deep fake documents before they can do damage. Because we power over 90% of U.S. carriers' caller ID and operate as a registered phone network, TransUnion inspects billions of calls, assessing and authenticating callers, and shutting down spoofed calls before they hear hello. While all that happens, our analytics keep learning, connecting signals across identity, device, and behavior to spot anomalies early and anticipate the patterns that lead to fraud. It's the reason TransUnion is trusted by organizations worldwide. We turn noise into signals, fear into confidence, fragmented interactions into complete connected human identity. We don't just fight fraud. We make trust possible at the moments that matter most. Oh my goodness. I've got a confession. I've been in fraud, identity, and security for more decades than I care to admit. At least for me, a fraud guy, I get goosebumps when I watch that video. The reason I get the goosebumps is we're not just fighting fraud here. We're actually enabling trust at a very human level. We're doing that at a global scale. For a guy that was used to writing code at Accenture decades ago, to standing up here and representing our ability to impact our clients and our customers and our consumers, fighting fraud is frankly, it's humbling. Hopefully, I can share some of that goosebump with you, if that's an appropriate thing. My name's Steve Yin. I'm responsible for our global fraud solutions at TransUnion. Together with my colleague, Jimmy Garvert, we're gonna walk you through how we are going about not only fighting fraud, but enabling trust at a very human level. The topic of fraud is pretty uncomfortable. It's a little bit scary. It's a little bit mysterious. The reason that is, I think everybody gets it, right, is that it can impact me and you and your family and your friends any time, any day, globally. Actually, it's kind of scary when you think about it in those terms. In fact, you know, we do this global survey, a fraud survey, a study every year, and we survey thousands of consumers and hundreds of companies. In the past 90 days, over 60% of the individuals surveyed indicated that they had personally been, or their family member had been a victim of or an attempted scam. It is happening all the time, and we've got solutions that help combat that. I'm gonna share with you three things today, the success we've enjoyed to date, the opportunity that we see in the market going forward, and how we are uniquely positioned to capitalize on our proprietary data and advanced analytics to accelerate growth. Along the way, we might share a little bit about how fraudsters think and how we stay ahead of them. Four areas, we're gonna deep dive into each one of these things as we go. The first, obviously, large, growing, and global market. Fraudsters don't care about borders. They don't have regulatory compliance that they're worried about. They don't have to check with legal before they do something. It is a very intense and dynamic market, and it's global. But guess what? We've got best-in-class data, and it really does create a competitive moat from which we compete in. Our solutions span the entire consumer journey. We think about it in three primary areas: identity, digital risk, and also communications. The fourth thing to point out is, you know, at the end of the day, fighting fraud is actually a fairly simple thing, right? It is to separate the goods from the bads, you treat the goods really, really well, and you kick the bads off to the side. Simple is not the same thing as easy. What you're gonna find is fighting fraud is all about data. Always has been, will be for the foreseeable future, and advanced analytics is how we unlock the value of that data when we're fighting fraud. How big are we from a financial perspective? It's about a $760 million a year business growing at high single-digit rates. You can see those three areas that I mentioned, digital risk, identity, and trusted communications. That's how the revenue breaks out. The thing that's not shown on this slide, though, is that our revenue actually breaks out, not just within financial services, but it also, we do quite a bit of business in all of the vertical markets that we serve. The market's big. We already know this. $25 billion total market opportunity. The thing that's most interesting to me, in that survey that we do on an annual basis, we ask executives to estimate how much of their top-line revenue is lost to various types of fraud throughout the year. This number is actually a little bit higher than that. It's over 7% of revenue is estimated to be lost to fraud on an annual basis across the globe. It's a pretty intimidating number. The second thing that I'd point out is that human-level trust that we're enabling. Digital interactions, over 75% of all the interactions that consumers have in the financial services space are digital at this point. How are we enabling trust when three out of four times you don't even know, you have no personal relationship with that individual when you're making that transaction, when you're considering opening that account? Diving into our three pillars a little bit more. Identity. We've talked a lot about identity throughout the day. Identity, most people think in terms of offline identity. What's your name, your address, your phone number, things of that nature. But anymore, identity is this, right? Everybody knows this. You are incredibly tightly tied, your identity is tightly tied to this device that's sitting in your pocket right now or on the desk. What does that mean? Digital risk. If you think about how you're using the phone, we're able to identify you from your phone, not through cookies and things of that nature, but how you're utilizing the phone, where you're utilizing your phone. It's not just your phone, it's any of those five or six devices that you're using on a daily basis to interact with our clients. Imagine the amount of data that's flying off of your phone continuously, and we're capturing that. The last area is trusted communications. I'm not gonna dive into that one. James Garvert's gonna spend some time talking about our unique capabilities in those trusted solutions in phone calls. Underpinning all of this, we've already talked about, is orchestration and optimization, all of it AI-enabled. Then across the top is analytics weaved throughout each one of those solutions and across the solutions. Our portfolio is broad and deep. The circle is just a quick way to think about the life cycle of a consumer as they're interacting with one of our clients, from unknown to the client all the way through creating a business relationship, transacting within that relationship, and then ultimately terminating that relationship over time. What you'll also notice is that quite a few of our solutions have major impact in multiple areas of that cycle. Right? Think about the leverage that's associated with being able to deploy a single capability throughout different various areas of that consumer life cycle. I said we might talk a little bit about how fraudsters operate, and I'll give you a couple pieces of insight here. Fraudsters operate in the gaps. Think about that. They operate in the gaps. The gaps can be data gaps, so data silos. Think of silos. They can be process gaps. You know, a handoff wasn't proper, so there's an opportunity to exploit that. The technology may have some gaps to it. But importantly, there's a human gap. I say there's a human gap because over 60% of the scams that are perpetrated on a global basis traverse the phone channel. Imagine that. Our clients are talking to the fraudsters at some point 60% of the time on scams, and yet these gaps exist. Well, we're here covering those gaps. We're bridging those gaps. We're identifying the risk areas, and we're doing that through this bottom layer here, which is advanced analytics. I'm gonna dive into that one a little bit more and talk about this thing we call the AI Model Factory. So what is the Model Factory? It's a way for us to accelerate our ability to deploy AI into our clients' workspace, specifically to fight fraud. It's all built on OneTru. All of our data across all those pillars is in a single place. What does that do? It allows us early identification of emerging fraud threats. Doesn't matter where in the globe, we have a unique ability to see those threats as they're emerging. What does that enable us to do? That enables us to create models that can fight those emerging threats. Oh, by the way, because it's all on this single hosted platform, we can create continuous learning in those models and continuous training in those models. Then what if, as we started to see a model degrade, because they do degrade, especially in fraud, very rapidly, we're able to alert our clients and say, "Hey, you know what? You may want to update the model. Here is now what's working even better." What if you're able to hit a button and that model now becomes live in your network for the very next transaction? That's what we're talking about when we talk about the Model Factory. Okay? We've got three examples that I'm gonna walk through, and Brian said you gotta go check out the marketing solutions. I would recommend you go out and check out the fraud solutions demos out there. But before we get into those three examples, let's meet Jane real quick. Meet Jane, your perfect customer. She has a 780 credit score with a clean record, the ideal candidate for a new loan. At first, everything seemed fine. A few short months later, Jane defaults on her loan, costing you a lot of money. Something was missed. Turns out, right before applying for her new loan, Jane falsely claimed that her delinquent accounts were the result of identity theft or human trafficking, effectively having her bad credit history erased. This new form of fraud is called credit washing, and it is not just growing, it is evolving and hidden. Besides people like Jane committing fraud, lenders themselves also initiate trade line suppressions, leading to unintended consequences. Behind the scenes, real criminals are reviving synthetic identities using the credit washing technique, turning bad credit into good. Overall, this problem erases billions of dollars each year that were incorrectly written off as credit losses. When traditional credit checks no longer give you the whole picture, how do you unmask the truth? TransUnion's TruValidate Credit Washing Solution is the industry's only product designed to detect credit washing at scale. With our innovative AI, you can flag hidden risk before offers even go out, reduce early delinquencies, and align approvals with true creditworthiness. We achieve this through our state-of-the-art predictive insights. With TruValidate Credit Washing Solution, you can see the losses before they even happen, allowing you to make smarter, safer lending decisions. Without our AI-enabled solution, losses from fraud will not stop with Jane. They will multiply. Stop bad actors like Jane and unmask what is hidden. Quick show of hands. Who thinks that we made Jane up just to kinda give you an example? Whoa, no hands. You think we made up Jane. Jane is real. Jane is a little scary. Jane actually defrauded clients of $6 million over a five-year period of time by what we call serial credit washing. You go out, you get some loans. You then dispute those loans because you're a victim of some sort. Those loans get pushed off to the side, your credit rating goes up, and you go out and you do it again. She did that for $6 million across five years. Real person doing this. Exceptional, yes, but indicative of the types of things that we are able to uncover uniquely. We're the only ones in the industry with a solution that is targeted at this type of fraud. Oh, by the way, on here, you're already noticing that it says synthetic identity. Jane went on to then try to create five additional synthetic identities and rinse and repeat this again. Well, with our synthetic identity score, we're able to identify that that's actually not a real person that's doing that. We do that through something we call Proof of Life, also unique in the industry. Proof of Life, you're like, "Oh, what does that mean?" It means would a synthetic identity have a driver's license? Would they have a bankruptcy in their history? Would the fraudster go to that extent to create a seven-year-ago bankruptcy in their profile in order to then become a synthetic identity? These are solutions that are coming out of that model factory, and they're sewing together, through analytics, those gaps that we have identified, in this case, in the data gaps. The last thing I'll leave you with is this one. This one's especially. It's special to me, and that is, another product of our model factory. It's a new model. Just brought it out. I think it's coming commercial, like, this week or next week. It had been in beta. It's an AI model that sits on top of the largest device consortia in the world, our device consortia, and it's a model that identifies additional orthogonal risk versus what we had always historically been able to identify from a device risk perspective. This model has become the single most predictive feature of fraud at Starbucks. If you're a Starbucks frequentler, we're protecting not just the $50 that you've got in your Starbucks card on your app, but the $2 billion of stored value that Starbucks has predicated on all the people that are walking around with $50 in their account. We're doing that all day, every day, and from a business model perspective, this is incremental business on top of that device risk revenue that we receive. This is additive revenue through analytics, through AI. With that, I'm gonna hand it over to Jimmy, and he's gonna walk us through communications fraud. Thanks, Steve. Good morning, everybody. I'm excited to be here to talk about our Trusted Call Solutions, the success we've had since we've joined TransUnion four years ago as part of the Neustar acquisition. When you think about phone calls, it is something that is a personal environment for you. Think about your own experience with phone calls over the years. You got a lot of scam and spam calls, numbers you didn't know, things that caused you to stop answering the phone. What happened there? Legitimate calls, you stopped answering. That has become a real market challenge. Now, TransUnion is at the forefront of revolutionizing voice calling. When I think back to 20+ years ago, when I helped build out one of the first next-generation digital networks here in the U.S., I never imagined kind of the evolution that would come associated with that. Went from 3G to 4G to 5G, opening up all those gaps that Steve talked about and the risks that happened that the bad actors were starting to exploit. Free phone calls, very low cost to be able to spoof their identities and your identities and the business identities that created this lack of trust. It built this opportunity to be able to restore trust in voice calling. It's something that at Neustar we've had a team of experts that we brought over as part of that acquisition. This team continued to innovate around things like call authentication, to the point where the FCC mandated a call authentication standard that our team co-wrote, that every carrier in the U.S. implemented. We went from being the thought leaders to the market leader, and we leveraged that market leadership position to get the integrations and the partnerships that allowed us to launch products such as Branded Call Display and Spoofed Call Protection that have shown phenomenal results over these past few years. We went from $27 million in revenue when we started here at TransUnion back in 2021 to over $160 million last year. We'll do well over $200 million this year with clear line of sight to over $300 million in 2028. It is a market need that the enterprises and consumers wanna see. They want to see this reestablishment of trust. For us, it goes beyond just what we're doing for the large enterprises here in the U.S. We have the opportunity to continue to scale this because this issue is not a U.S.-only issue. It's a global issue. It's one as well that cuts into text messaging. We recently announced the pending acquisition of data assets from RealNetworks that start getting us into the text messaging analytics market. Again, there's lack of trust, not just in voice communications, but text messaging, all forms that the enterprises wanna engage with you. We now have that opportunity. When we think about international and the markets that we serve, that's another $500 million+ oportunity. SMBs here in the U.S. are another $1 billion +. The text messaging and the ability to link text messaging with voice calls, we will be the only company capable of doing that. That's another $2 billion. The results speak for themselves as well on the effectiveness of this solution. We're stopping fraud before it happens, and we have the opportunity to educate consumers on what legitimate transactions are. Because fighting fraud just isn't stopping the bad, as Steve said, it's elevating the good. Consumer education on what is a legitimate transaction matters. What we see associated with that are things like an 83% lift in credit card conversion from a bank leveraging our Branded Call Display. We are very excited about the opportunities and the scale that we're achieving. We're just still, even though we've been doing this for a few years, at the infancy of what we can do. With that, I'm gonna take a step back and talk about our overarching fraud solutions that Steve and I have just discussed. As Steve said, that mobile device is now your digital identity, and it's the first thing you pick up in the morning. It's the last thing you put down at night, typically. It's how enterprises wanna engage with you, and it's why the bad actors, the fraudsters, wanted to take advantage of the gaps that are created associated with that digital identity. When you think about being able to stop the bad actors, what are the things you need to have? Identity of the individuals. We have that. You need to have digital assets, things like device that Steve talked about. We have that. You need to have the fundamental telco signals that you can understand what's really happening at the time of those transactions. We have that. We're the only company that has the breadth and depth of information that allows us to provide both the protection as well as the promotion of legitimate transactions. We expect, because of this market position, to achieve at a minimum, high single-digit growth over the coming years. We're very excited about what we are doing here within the fraud portfolio. Before we get to a break, and you'll hear coming out of the break from our market leads who show how we've taken this solution set and take it globally as well. I wanted to just take again, the opportunity to talk about the proprietary data assets that you've heard across, all of our facets around identity. I've had the honor to share the stage with market leaders across credit, marketing, fraud. They're showcasing the actual results of the integration that has happened associated with the strategic acquisitions that were made over the years. Now that these integrations are complete, it's not just about the cost savings that Venkat had. We're showing the tangible revenue growth that comes from the innovation of the platform that has been created here at TransUnion. The last parting thought that I have associated with this is because of that market position, because of the unique data assets, the integrations that we have, and the markets that we serve, TransUnion is one of those companies that sits in that enviable position where we can take the transformational nature of AI to really drive the growth and innovation of our solution set. With that, I encourage everybody in this 20-minute break that we have to go to the solution showcase out there, all the demos that we have. Again, I'll do the plug for Branded Calling and Spoofed Call Protection like everybody else. Thank you for your time this morning, and we look forward to continuing the conversation after the 20-minute break. Thank you all. Welcome. As a courtesy, please silence your mobile devices. We'll begin shortly. Our program will resume in five minutes. Please take your seats. All right, thank you everyone. I'm gonna pick up where my colleagues left off. I'm gonna talk about how these great platforms that we built over the last few years, and all the solutions families that were created, add value to our customers and thereby generate revenue for TransUnion. I've been here 18 years almost, and I think even as we've emerged and evolved the business into this vast, heavy platform and solution company, we were trying to retain the things that made us historically successful in the marketplace. That is, our ability to understand our customer's business and our proximity to our customers, the amount of time we spend with them and our understanding of what they specifically need. The U.S. business has really operated under these four pillars for a while now, and I think I'll just lay them out, and then we'll go into them in more detail as the slides progress. We maintain market-leading positions in a large set of verticals across the country, about 20 of them. There are sub-verticals within there, and we segment it. We work very hard to make sure we have expertise in those spaces, and we serve our customers effectively through knowledge and leading with insights, which is the second point. We have an insights team and a specialized sales force that addresses and engages our customers regularly to understand them and serve them as well as we can. We leverage this vast set of solutions that you've learned about this morning, and then use our proven playbooks to do this at scale repeatedly over and over again across all the industries in which we operate. What are those industries? To reorient everyone, these are the main verticals that we serve in the U.S. today. Financial services is the probably most well-known vertical of TransUnion and the original vertical of TransUnion. It's just under half of our revenue right now. Within that, we operate four sub-verticals, mortgage, card and banking, consumer lending, and auto. We wanna face our customers the way they face us, and that's usually how our customers organize their businesses, even within their institutions. We want to make sure that we're bringing the appropriate expertise to them, and that's the same across all these verticals. It's kind of the model that we employed everywhere. Our consumer business is our second one. I'm gonna go into much more detail on these shortly. That's our second oldest business. It's about 16% of our revenue. Most of it lives in that indirect bucket. About three-quarters of it is B2B2C. It's really a consumer business, but it's B2B. Those customers serve consumers directly. About a quarter of it is our direct-to-consumer business. That's where we have our new freemium product. I'll talk about that as well. On the emerging verticals front, insurance is our original emerging vertical. We started in the personal line space in P&C. In that space, we are the market leader. We have the largest market share. We've grown since then into life and commercial. We have our broad range of diversified markets, which are all actually quite big. Collectively, they're about a quarter of our revenue, but they represent a variety of different verticals where we've chosen to engage the market, and where we believe we have a special right to win. Financial services is the first one I wanna talk about, and as you can see here, mortgage is about a third of the revenue there. Card and banking is a similar size, and then consumer lending and auto are both sizable, but a little bit smaller. We've had a very good growth profile in this business for the last couple years, growing in the teens, as you can see. In 2023, we were still able to grow. That's despite like the fastest-rising rates in 40 years. I think rates have not risen as fast in 2022 and 2023 as they had since 1980, 1981. Despite that, which is probably the hardest thing to overcome in that industry, we were able to grow the business. Of course, as rates settled, they haven't come down really, they've kinda just flattened a little bit, maybe trickling down. We've been able to get nice growth out of that business. We serve about 12,000+ customers in the space. We have long-standing relationships with every major lender, and we're the leading bureau for fintechs. All that said, we've been able to grow the business ahead of the industry growth, and we're growing across all four of these verticals and across the risk spectrum, from super prime all the way down to subprime and everything in the middle. We have nice broad-based growth across a variety of different customer types and across the entire risk spectrum that's served within this space. Our next area is consumer interactive, and I said I'd talk about this a little more. This bucket here is B 2 B2 C. Think people who serve customers and then use credit data for them. It could be a bank, for example. If you use Capital One, you know, you may go into their credit monitoring tool, and you'll find us there. We're very public, right? It's known that we are supporting that. Then the direct side of the house, which is a quarter of the business. That's our freemium product that we launched last year. Growth in this set of verticals has been a little slower than others. Our B2B side has been growing more strongly. That's been buoyed mostly by or among many reasons, but very specifically by our breach business, which has grown rapidly for us. The breach business is a little bit lumpy. It's a breach services business. When a customer has a breach, we come and help reme diate it for them. That has been growing rapidly, but it's lumpy. The big breaches especially come in big buckets. Over time, it works itself out to be a fast-growing business, but we tend to tell you when those things happen. Our direct business has a new freemium product. That product is beginning to grow and beginning to show the signs of growth. Now, you have to remember, a freemium product needs two things. We need to fill it with consumers, which we're doing at a faster pace than we expected, so we're getting customers to come in and use it for free. Then we need to have the offers, which we're growing as well, and then we match the offers to consumers, and over time, you generate the revenue. It's not something where you hit the switch and instantly you have a ton of consumers who are generating revenue. We have to build the momentum of the flywheel, which is what we're doing right now. In our emerging space, you can see insurance. I'll start at the bottom then go to the top just 'cause of the timing. Insurance is our original vertical in the space, growing nicely through all cycles. Started as a personalized business, but we are getting material growth within commercial and life. We are the leading bureau in the space. We have primary share with many, many carriers and have more than our share within this with credit and driver history and things like that. We're beginning to expand our share within commercial lines and life insurance and grow that sector. In a diversified space, you can see we have a broad range of verticals. We're expanding the growth there and building on it based on the solutions that you saw earlier today. Tech retail and e-commerce being the biggest, but our media business is rapidly growing at 20%, and telco, very strong for us. We have relationships with pretty much all the major telco carriers, most of the top retailers, and most of the entities within the media ecosystem, as my colleagues mentioned earlier. How do we do this? What do we do, and how do we serve these verticals? We start with what we call robust thought leadership. We have a dedicated research and consulting team that creates top-of-the-funnel research to engage the market. I hope you have a chance to talk to some of them out there. The leaders of that team are out there today. You can find them in the expo. We then take that and use deep vertical expertise, hiring people who worked at our customers or have a deep understanding of our customers to help us engage our customers as a peer, as a colleague, someone who truly understands their business. We serve the customers through a specialized sales team. These sales folks are organized around buyer personas. They're not organized around products necessarily, but are organized around how people buy the products. A buyer may buy several products or just one product family. We set our sales force up to look like them, so they can carry the bag in a way that serves that customer's needs. I think it's very important to do it that way. Otherwise, you know, you wind up with a lot of product pushers in there. Here, you actually have an engaged seller who understands the customer's needs and can package things together for them in a way that works very well. I'll give you an example. Like you saw that credit washing product and how it goes through this ecosystem quickly. The credit washing product was identified through conversations with our customers and top-of-funnel research not that long ago, like a year ago, not very long ago at all. We then used our capabilities, and Steve and his team delivered a product to us rapidly. We launched it into the market at the very beginning of Q4 of last year, and within a few months, we had a $12 million pipeline growing rapidly with sales converting. It's a very exciting process for us now that we have these platforms that are capable of rapidly developing products. We can now bring ideas that are very salient, relevant, and timely and actually deploy solutions to them quickly, so we can be first movers in the market and gain share and serve our customers as well as possible. We then leverage a variety of metrics and best-in-class tools to make sure our sales force is as effective as it can be. In 2025, those tools and this approximately 1,000-person sales force, just under, delivered the best results we've ever had, and we continue to build on those results. We increased top-of-funnel pipeline by 23%. The opportunity sizes increased by 21%. Our wins increased by 30%, and our increase in revenue from this, from these wins was 13%. Like, a very good, solid year, and this is setting us up for the future. A lot of these wins actually will flow into 2026. Like, you win them at the end of 2025. By the time you launch the solution with the customer, it's now. So these are very good, top-of-funnel and bottom-of-funnel performance for our sellers. How are they achieving this? Well, beyond, you know, having great sellers who face off to our customers the way they wanna face off to us with great, you know, buyer persona service. We carry a large bag. Something we've joked about this for years at TransUnion, you know. For years, when I got here, we carried what we called the light bag. Small had credit, a little bit of fraud. We could serve our customers very well with it, but we were limited in our capabilities. What you see here, I think you've seen this depiction before, the four products with the identity dial down the middle. That's what we're carrying today. Our sellers have so many more tools, our vertical leaders have so many more tools to actually address and serve the needs of our customers. These tools overlap with each other, and I'll talk about it in a little bit. It's not isolated. It's like, well, this is a credit tool only, and here's a fraud tool. Often, these tools interact with each other and create value that only TransUnion can unlock because of these capabilities that we have and allows us to be the best possible provider to our customers. What are the results of this? The first year after, right before we bought Neustar, 2021, we bought them in December, you can see our penetration of products into the customers that we have. 14% of our top 100 use five or six products from us. 39%, three or four, and 47, just one or two. That's how this chart is laid out. Fast-forward just a few years, last year, 21% of our customers use now five or six products. 50% increase from just a few years ago. Or 43% use three or four, and only 36 are using one. We've had a lot of success, which is great, but as you can see on the dial, there's still a ton of opportunity. You know, our goal is to make that dial as blue as possible. Make the whole thing dark blue if we can. As we continue to move around, we have a lot of growth opportunity just within the customer base that we have by expanding our solutions to them, in the way that we've proven that we can do. I'm gonna demonstrate how this works with three examples here, one from each of these key verticals. We'll start with financial services, we'll move into insurance, and then into the DM space. These case studies show how TransUnion adds value to our customers. This is a pretty traditional relationship for TransUnion. You can see it up here. It's what a top bank, everyone would know it in this room. We've had a long-standing relationship with them. If you go back to 2022, we did about $16 million a year with this bank. Most of it was credit, but we had a nice fraud business and decent consumer and marketing business as well. As we've added these solutions and capabilities, we've been able to grow this dramatically, and you can see here, credit only grew 37%, but non-credit grew 85%. Had we not had these extra solutions, we could not have had this growth with the customer. How did we do this? Our marketing solution, for example, in this case, was multi-touch attribution, an analytic tool that helped them with their credit card business. They have spent just like everyone else on marketing within the credit card business trying to acquire customers. We were able to take that same exact spend using our analytic capabilities and partnering with them to deliver 4% more applications, which is good. I mean, it's not, like, awesome, but it's pretty good. More importantly than 4% more applications, we delivered 31% more accounts. That's really good. That's the same amount of money delivering more accounts. How do we do it? By optimizing their spend and finding customers who have intent. Getting a consumer to apply who has no intent to take the card or doesn't qualify for the card is not very useful. Finding consumers who want the card and actually qualify for it, that's really useful. We were able to do that for them and grow this with like not much extra spend. Similarly, we have an Argus relationship with this customer. This customer leaned on us to say, "Hey, we're acquiring consumers to the bank, but we want to get them into credit cards." We did an analysis leveraging our Argus capabilities, and we were able to increase their number of consumers taking a credit card by 500 basis points. That's a huge uptick, basically off the same base. A very, very good thing for them 'cause multiple customers who have multiple accounts tend to perform better and be stickier for the bank. Very exciting for them, very exciting for us, obviously. We're very happy to be able to serve them in this way. The next example is a P&C company, an insurance company. In this case, while I say we have leading market share in the space, it doesn't mean we have 100% market share. This was a P&C carrier where we did not have the leading position. In fact, we had a pretty weak position here. Neustar, when we acquired them, had a very strong position within marketing. We were able to bring the Neustar marketing capabilities into the space using things like multi-touch attribution, like I described, and other benefits and other programs that we use here, and grow our core business with a customer where we had very little penetration through a relationship that we now had via the Neustar acquisition and the marketing capabilities that this customer used. You can see here we had a 30% growth in this relationship, but the credit business and fraud business grew rapidly with credit 3x-ing in the space, like a reverse synergy, I guess you'd call this, or a way to continue to serve them in different ways and penetrate markets in ways that we had not in the past. The last example that I'm gonna use is an audio streaming platform. I think you would all know who this is. It's a household name. Most of the people in the room probably have used it. It's a place where you go stream audio, and then ads are placed in that audio streaming platform by brands who want to advertise to consumers. In 2021, this platform was generating about $2 million for TransUnion, mostly in the audiences space. We enhanced this with TransUnion data. We took the what was the Heritage Neustar product at the time, enhanced it with TransUnion identity capabilities, and made the identity much more refined, bringing it to be the best identity resolution capability in the industry. This customer purchased that capability to run their marketing ecosystem. What does that mean? That means when I as a brand want to find a customer, I use TransUnion's identity capabilities to reach them as they stream media through this platform. It benefits both the platform itself, and then the ecosystem that uses the platform, all the different brands. It gives them a one-stop shop. The brands come in and look at like what Brian showed you in the video and what he talked about. The brands come in and talk to the streaming service in a single environment and deploy their audiences. What are the results? Great yield optimization. This is a really good example. Why would they give us 7 x the volume or 630%, right? It's because we were able to drive up their CPMs. CPMs are cost per mil, cost per thousand, like the impressions that people pay to reach customers. But because the impressions were highly targeted, the brands were willing to pay more for those impressions, which made the media more valuable. The brands were happy to do it because their results were better through more precision targeting, so the brands got better outcomes as a result of that highly precision targeting. This would not have happened had we not created this identity graph and dialed down the middle using all the capabilities that are specific to TransUnion. Super exciting for us and a great way for us to get out into the market and achieve the results that we want to achieve with our customers. Within those three examples, I think, you know, there's so many more, right? I could go on and on and on, and I love this stuff. I would do it, but they gave me only 20 minutes. I kinda wanna leave you with a few takeaways. We have a great business model. We have awesome products and great platforms to deliver them. We have a team that is an expert in the markets that we serve and is very close to our customers and allows us to reach into them and help them create value. Our value comes after we create value for somebody else in most of these cases, you know, all these B2B businesses. What we're doing is trying to unlock that value every day through all these capabilities that we presented to you today. This gives us a very durable, diverse, and highly growing portfolio. It gives us a very special position in the marketplace and allows us to lead in these, you know, 19-20 verticals where we operate, but also allows us to get into future verticals. We just haven't done it yet because we've been so focused on these, and we're able to serve them, but there are others where we can still go in the future. The growth profile in the U.S., despite it being, you know, the quote mature market, you know, the big market of the company, is still very high. We still have a lot of potential to take all these products to the customers that we have, to deliver more value to them and understand and build new products quickly, like we did with credit washing, and then to create differentiated ROI accretive relationships with our customers. As we expand our sales solutions or expand our marketing solutions and our suites, I think we're just gonna get better and better. We are very well poised, I think, for high single-digit growth, which is, you know, what we think we can deliver. I think we have a huge opportunity to continue to add value within the U.S. markets and grow this business, and achieve the potential that we're building for ourselves. I thank you all for your time. I'm gonna hand it off to my esteemed colleague, Todd Skinner, who will talk about the international business Good morning. It's nice to see you all. As you know, my name is Todd Skinner. I run our international division. I've been doing that for five years, been with the company for 12, all in the international division. What I like about Steve and Mohamed's conversation is it's very much a prequel to what you'll hear from an international perspective. I think a lot of the things that Steve talked about we're doing in the international space. What I wanted to talk to you today about is why international is a compelling long-term growth story for us at TransUnion. At its core, it's consistent with everything that you've heard today. You know, we operate in structurally attractive markets that are in both developed and emerging marketplaces. We have a proven playbook to grow the value of our relationships with our customers that allows us to outperform in the long run. Increasingly, we're amplifying that through our global platforms like OneTru that will allow for faster solution diffusion, which meaningfully expands our long-term growth ceiling in international. Importantly, this isn't a story about hope or potential. It's actually grounded in results that we've already delivered in both our developed and emerging marketplaces, and we're still early in the journey. The international thesis is based on these four things. First, that we hold market-leading positions across a broad and diverse set of markets that are not early-stage experiences. We hold number one or number two positions in many of these markets. Second, that we've demonstrated that our growth playbook allows for us to outperform underlying economic growth. That matters because our results are not simply a function of macro tailwinds. Third, that we're indexed to emerging markets that are large populations with low credit penetration and expanding financial ecosystems. Finally, the transformation that we're going through matters for us in international more so, that the global technology and operating model that we're building will allow for us to increasingly allow those innovations to cross our borders faster than ever before and create new growth for vectors for us in international. Now, we operate in 30 countries and generate $1 billion in revenue. What's important here is not just the size of the business but the quality and the balance of our portfolio. We have strong, durable positions in developed markets like Canada and the U.K., which generate consistent cash flow and are innovation testing grounds for us across international. At the same time, we've scaled leading positions in faster-growing markets like Asia, India, Latin America, Africa, and now Mexico. This balance allows us to fund our growth internally, reinvesting in innovation, and take a long-term view in emerging markets without sacrificing that near-term discipline that we talked about. You know, we have a proven growth playbook, and it's not accidental. They come from repeating the same process in every market, and the teams continue to generate success. We start with market growth, ensuring that we're in those structurally attractive marketplaces. With the technology modernization strategy that we're undergoing and the development of our product platform, OneTru will drive product innovation beyond core credit into fraud, marketing, and consumer. We have established ourselves in credit and developed deep relationships with our customers that have allowed us to move from transactional to established partner status across the credit life cycle. We leverage that client approach to make sure that our solution sets will expand broadly beyond the existing relationships into new conversations. Finally, with solution expansion, client engagement can allow us to expand into adjacent verticals, insurance, fintech, consumer, telco, gaming, public sector, using the same underlying data, the identity assets, to generate value for our customers. We see this in every market. From 2022 to 2025, international GDP in our markets grew on average 3%. In contrast, TransUnion outperformed by growing our revenue at a 10% CAGR. The gap exists nearly in every market where we operate. That tells us three things about our business: that our growth is structural, not cyclical, that the value creation is value-driven, not volume-driven from our markets, and that there's still room to expand our share of wallet in the existing offerings that we have, and we'll increase share as we introduce new solutions and enter new verticals. The hallmark of a scalable, resilient international model. Let's take a look at an example in action. Canada. Canada is probably the best example of our playbook at work. Through the period, the GDP and credit growth in the market grew at a modest 1.5%, and we were able to deliver double-digit growth at almost 11% over the three years. How did we do that? First off, it's product innovation. It's a key differentiator for us in that marketplace. Led by our fraud solutions, not only our IDX identity solution used to detect fraud at origination, it now is moved up the funnel and is helping customers identify what was previously thought as risk as good consumers. This new solution has grown tremendously over the last three years, and we have 25 customers on this platform with more room for growth. You heard Jimmy talk earlier about our branded call solutions, a solution that allows for customers to make more connections. Imagine identifying more customers and more connections to help our customers grow. Our mature credit risk solutions and new iterations continue to show growth for us in this marketplace. Through share gains, share shifts, and new iterations, the solution has grown 22% over the period. Lastly, consumer interactive. Our indirect business continues to penetrate the market, supporting financial inclusion, education, and our customers' objectives. We are the primary solution used by the five biggest banks, two of the largest monolines. We support two of the three aggregators, alternative lenders, and offer our solution through fintech. Now, these innovations drive different conversations. We're deepening our solutions in our largest customers' workflows, and we're working with growth-oriented mid-market firms. As they consume these innovative solutions, they're also consuming other core bureau solutions from us to get the greatest benefit from TransUnion. The outcomes are clear. We have market-leading positions in financial services with the monoline card companies, in insurance and breach services, and we've produced double-digit growth across consumer, fintech, telco, and gaming in this marketplace. Canada, even a mature market with benign macroeconomic headwinds, we can connect with our customers, we can drive innovation that solves problems, and embed ourselves into their workflows so that we can drive sustained outperformance. Now, let's talk about our emerging markets. International is uniquely positioned with 57% of our revenue coming from emerging markets. That matters because emerging markets drive three combined forces for us. First, demographics. Across our emerging market footprint, 1.6 million people under the age of 50 represent an economically active population entering the formal financial, economic, and digital ecosystems. Second, from a financial inclusion perspective, only one-third of adults in these markets are credit active, compared to roughly two-thirds in our developed markets. That gap represents an extremely long runway, not just for credit growth, but for fraud and marketing as consumers move from first product to deeper engagement. Third, digitization, and this is where the opportunity really starts to unfold, is in internet penetration across emerging markets is now approaching 60% and growing at double-digit rates. Driven primarily by mobile access, digital banking is expanding rapidly, up nearly 20 points from 2021 to 40% of adults in low and middle-income economies now using digital payments. Lastly, and most importantly, is e-commerce in markets like India, South Asia, and Latin America growing at double-digit rates through smartphone adoption and digital public infrastructure investments. Digitization directly expands the demand for our portfolio. As consumers move online, they will have more choices and become more attractive to our customers across channels. Our credit, fraud, and marketing solutions become mission-critical as risks move from physical to digital. Let's talk about India. It's an important part of our international growth story. It's a fast-growing major economy with large and a digitally engaged population, and we're the clear market leader. This is a long-term growth engine, and we see beyond short-term cycle impacts. Since 2017, India has delivered 23% compounded growth even through significant volatility, a COVID-driven contraction, a sharp V-shaped recovery, and most recently, regulatory and macro impacts. Importantly, even in 2025, a challenging year, we remain positive and profitable, reinforcing the resilience of our franchise. The track record gives us the confidence that India is a double-digit growing market over the long run. The long-term thesis in India rests on four pillars. Demographics and inclusion. India is the world's largest population with broad participation in the financial ecosystem and significant headroom in product depth. Second, product innovation. With movement towards high-frequency data submissions, you heard Chris talk about earlier, analytics, fraud, trusted communications, marketing, and platforms like OneTru and TruIQ, we materially expand our value with our customers. Third, deeper client engagement. We've been moving to moving away from data supply to insight-led consultative selling with our customers. Last, vertical expansion. We will deepen our relationships in financial services and fintech and consumer and expand more more widely into insurance, telecom, and marketing. All these verticals represent incremental growth vectors. Now, India has made enormous progress from a financial access, with nearly 90% of adults now having a formal financial account. Households, however, in India is... Household credit in India is roughly 40%-50% of GDP, where in developed markets it's more 70%, which underscores the significant runway. As incomes rise, digital adoption accelerates, and first-time borrowers move deeper into the credit life cycle. We're seeing early signs of success and product expansion beyond credit in India. We're now providing marketing solutions to the largest Indian organized retail jeweler and one of the largest Indian automobile OEMs. We've also secured our first global IPI fraud solution with one of the large private sector banks. This is why we view India as not fully penetrated across credit, and our other solutions make us early in the monetization life cycle. Now, let's talk about Mexico and our acquisition that happened last week. It is the next great market opportunity for us at TransUnion. With the access of Buró de Crédito, we are now the number one bureau player providing predominantly credit solutions to the market. With majority ownership, we can now start to prove our playbook from end to end in this marketplace. Mexico combines scale, demographics, and accelerating digitization, which together create a very compelling growth setup for TransUnion. Starting with scale. Mexico is the second largest economy in Latin America, the twelfth in the world, and the population soon to reach 138 million by 2027. From a financial inclusion standpoint, Mexico remains materially underpenetrated. Only about 50% of adults have at least one financial product, compared to Colombia, 90%, and Brazil at 80%. Credit card penetration has improved in the last five years, up to 23%. That's still a third of what the U.S. markets are. At the same time, digitization is accelerating rapidly. Internet penetration continues to rise, driven by mobile access and smartphone adoption, exceeding 70% of all connections in the country. Digital banking usage is expected to double by 2027 from roughly 20% - 40% of adults. E-commerce and digital payments are growing at double-digit rates. For TransUnion, these trends translate directly into demand. As consumers transact digitally, more lenders acquire customers online, identity verification, fraud prevention, analytics, and trust-based engagements become mission-critical. That's why Mexico represents a multiyear runway for growth, not just from expanding credit access, but from increasing solution intensity over time as clients move from basic bureau usage to fraud analytics and marketing. Our focus in Mexico in the first year is very clear. First, we wanna upgrade our client engagement, moving customers from just report usage to embedding our solutions deeper into their workflows that solve problems and become their trusted advisors. Second, modernize the platform. You heard Venkat talk earlier that we'll standardize our global data and migrate to OneTru. Lastly, expand the solution stack, particularly trended data from credit perspective, fraud, and analytics. This is the same playbook that has worked everywhere else, now applied to a market with exceptional structural tailwinds. Transformation. Everything I've discussed so far talks about the growth potential in international, but it becomes more powerful with the transformation that we're undergoing. Transformation is not just an internal efficiency for international, it's actually about unlocking new revenue pools, increasing solution intensity, and extending our growth runway across all of our markets. Let's talk about how transformation augments our proven growth playbook. We start with what already works. Market growth, client engagement, product adjacency, product innovation in the adjacent verticals where we operate. Transformation adds new dimensions for us to each one of those levers. On the solution expansion side, there's significant white space to scale marketing, fraud, and communication solutions using the global IP that already exists. From a technology and a platform perspective and modernization, OneTru standardizes data, identity, and analytics across markets. That reduces the repeated local customization, it improves performance, and allows us to deploy capabilities in months instead of years. Critically, these two reinforce each other, that better platforms enable faster solution rollout, and broader solution adoption increases the return on our platform investments. You heard Chris mention earlier that International's still early in the solution diversification compared to the U.S. We run at about 30% of our total revenue versus 50% in the U.S. We have a plan to diffuse solutions faster through OneTru, and we see a clear path of outsized growth and revenue mix diversification from that. We've prioritized markets where our solutions provide the greatest benefit to our customers, and we'll be rolling this out through 2026 and 2027. Now, you also heard Venkat talk about OneTru at the enterprise level. Let me make it a bit more real for you because this is one of the most important foundations for the next phase of growth for us in international. Historically, international bureaus have grown through a strong playbook. You know, great client relationships, localized product development, predominantly credit, and expanding into adjacent markets. The limitation wasn't demand. The limitation was how quickly we could industrialize and scale innovations across our markets without rebuilding the same capability twice. OneTru changes that. OneTru is a common global foundation for data, identity, analytics, and delivery, so we can build once and deploy across our global markets with consistent performance and controls. There are three very practical things this enables for us in international, faster product velocity for all of our global markets, better product performance and consistency at scale that drives better outcomes for our customers, and lastly, materially lower friction to expand the solution stack. I'll close with three key messages. That international is a high-quality, high-growth portfolio with strength in developed and skewed towards attracting attractive emerging markets. Second, that we have a proven growth playbook that consistently outperforms local economies, as shown in the Canada example. Third, transformation on OneTru materially expands and accelerates the long-term growth opportunity for us in international. Taken together, we believe that international can easily and sustainably deliver low double-digit growth over the medium term, creating meaningful value for our shareholders. Let me introduce our CFO, Todd Cello, and he'll walk you through how all of our presentations translate into financial results. Thank you very much. Okay. Thank you, Todd, and thank you to everyone for your engagement throughout the day. I get to close this out and tell you what this all means from a financial outcome perspective. After everything that you've heard today, I'm certain you're confident about the upward trajectory of TransUnion's business. In the recent years, you as shareholders have been with us as we've navigated an uncertain market, but we've continued to drive value and build a better and stronger TransUnion. My message for you today, TransUnion's next era positions us for scalable growth and compounding cash flow. I recently celebrated my 28th anniversary with TransUnion. The last 8+ years, I've been the CFO. My tenure has spanned private family ownership, two leverage buyouts, an IPO, and a continuous evolution of the business. I am confident as I've ever been about what's ahead, not just as the CFO, but as a long-term shareholder. With my time today, I'm gonna walk you through three items. The first is a financial-oriented retrospective of our recent journey that brings us today. Second, a reintroduction of our medium-term financial framework and the drivers behind them. Finally, I will close with why TransUnion is a great investment and a best-in-class information and insights company. Let's get going. Since our last Investor Day in March of 2022, there's been two distinct phases that have impacted the business. First, in 2022 and 2023, despite a rapid rise in both inflation and interest rates resulting in declining U.S. lending volumes, we still grew our revenues. During this challenging time, we responded proactively by launching our transformation program, voluntarily prepaying debt to reduce our leverage, and we executed on four refinancings. In 2024 and 2025, U.S. lending volumes found their bottom, and they stabilized. What you saw is that we delivered accelerating and broad-based revenue growth during that time. We also delivered on the transformation program that we announced in November of 2023. We did that both on time and within budget. Most importantly, we secured the $200 million of free cash flow benefit that we originally committed to. During this time, we also significantly reduced our leverage ratio and began to deploy a portion of our free cash flow towards share repurchases. Let's zoom out a little bit and let's take a look at the last four years are just a portion of the decade-long track record that we've had of delivering industry-leading growth since we've been a public company. TransUnion has shown resilience during this period of time throughout varying economic environments, including the COVID-impacted 2020. Overall, we've compounded revenue at high single digits% organically, and this is a testament to our purposeful diversification across verticals, geographies, and solutions. During this time, over the last five years, we've made investments that laid the foundation for strong compounding earnings. We deployed $4.8 billion across five acquisitions. Neustar, Sontiq, Verisk Financial Services, and Monevo added key solution capabilities. Mexico, which you just heard Todd talk about, closed last week, and it represents a highly complementary international credit bureau asset that we've been seeking to acquire for a long time. We're really excited to have that asset in the fold. Outside of the inorganic activity, we also invested about $700 million during this time in transformational programs to build out the best-in-class global operating and technology platforms. We completed our one-time spend at the end of 2025 related to these programs, and we do not expect any additional programs going forward. Neustar was our most transformational investment, and it has created a significant value across the enterprise. In addition to scaling our capabilities in marketing and fraud, Neustar provided us with the OneID technology platform that became OneTru, which you've heard about throughout the morning today. This is gonna be our destination technology platform for all solutions and geographies. Put simply, the pace and the breadth of the innovation that Venkat and Mohamed spoke about earlier, it wouldn't have been possible without Neustar. Let's take a look at the numbers. At acquisition, Neustar had $115 million of adjusted EBITDA, which was about a 21% margin. Four years later, we doubled adjusted EBITDA to $255 million through revenue growth and cost synergies. The margins now for the Neustar business are in the TransUnion-like mid-30s%. In addition, our enterprise-wide technology consolidation onto OneTru has delivered $70 million in savings annually. Venkat gave you all the details about that in his presentation. I think what's really exciting about that is we expect that number to continue to grow as we migrate more countries onto OneTru. The net of all of this is Neustar's delivering about $325 million of cash benefits, which brings that 27x multiple back in 2021 down to 10x. I consider that to be a highly compelling cash-on-cash return. The Neustar acquisition, along our other transformational actions, position us for this next era of TransUnion. Innovation-led and scalable revenue growth, strong cash generation with balanced and shareholder-friendly capital deployment. This slide, which Chris introduced earlier today, depicts our value creation flywheel, and I'm gonna take you around each section of this flywheel to emphasize the drivers. Before I do, just to highlight, our growth and what you've heard so far, it's increasingly diversified, and we're embedding ourselves deeper into our customers' workflows to solve their increasingly complex problems. We're gonna scale the business through the revenue flow-through, cost savings from our continued technology modernization, but there's also further operational productivity benefits that we're gonna be able to enjoy by leveraging AI. Our strong free cash flow is going to increase capacity for capital deployment. I wanna dig into each one of these. The manifestation of the value creation flywheel is our medium-term financial framework. Revenue we expect to be high single-digit organic growth, and this excludes the no-margin FICO mortgage royalty. Earlier you heard Jamal talk about our core credit market. It's mature, but it's very growthful. You heard Brian Silver and Steve Yin and James Garvert talk about the significant opportunity and the right to win that we have in the multi-billion dollar marketing and fraud markets. Just a little while ago, Steven Chaouki walked you through how our diversified products, coupled with domain expertise, drive growth across the vertical markets. Right before I came on, you heard from Todd Skinner, and he walked you through the huge opportunity in our international markets, which skews to emerging markets and has a long way to diffuse our intellectual property. From a margin perspective, we're expecting 50 basis points of annual margin expansion. Like what I just talked about with revenue, this excludes the FICO mortgage royalty pass-through. Then finally, adjusted diluted EPS, we expect low to mid-teens growth, and this is inclusive of the benefit from accelerated capital deployment. Let's look at a summary of the growth targets by the solution families that you already heard earlier today. We believe credit, marketing, and fraud can all grow single, high, or high single digit or greater. Consumer solutions will be a mid-single digit grower powered by a unified global platform and our freemium offering stabilizing our U.S. direct business. There's still some work to do here. However, we're confident that we have the right strategy, the right capabilities, and the right people in place to make this growth a reality. This slide looks at our expected growth from a market lens. For U.S. markets, we expect financial services and emerging verticals to grow high single digits, and we expect the consumer interactive business to grow mid-single digit. I wanna pause there 'cause what's important about these targets is they're grounded in what we've already built and what we're executing on today. That's important to remember, especially when I get to EPS in a moment. The other thing that's important is there's no assumption of any type of U.S. lending volume recovery in these targets. Think about it as stable and where we're at today. A good example of that would be U.S. mortgage. Any type of recovery would be upside to these targets. From an international perspective, we expect low double-digit growth. We believe strongly in the track record of this portfolio. Great opportunity in the key emerging markets, which you already heard about with India and Mexico. Let's move along the value creation flywheel, and let's talk about scale. We expect to continue to deliver healthy underlying margin expansion from revenue growth and structural savings opportunities. As we noted in our February earnings call, given that the FICO mortgage royalties impact revenue but not profit, we believe the best way to judge underlying performance is to exclude these numbers from our margin calculations. When you look at it on this basis, you could see that we have significantly expanded our margins from 2023's level at 35.8% to the high end of our guidance in 2026 at 38.2%. That's 240 basis points of margin expansion during that period of time. I wanna take a second here and just look at, you know, what we've been doing during that time. Going from 2023 to 2024, the 35.8%-37.1% expansion was the first benefit from our transformation program as we optimized our operating model and was able to secure significant efficiencies in how we do our work by centralizing and standardizing work. The other area to highlight would be 2025 to 2026, and you see a significant amount of margin expansion there. That's the completion of our tech modernization. As I said earlier, the benefits that we enjoyed from our transformation, you're seeing right here. The last point that I would leave you with on this margin is that this is with kind of a tepid U.S. lending market. If you know anything about credit transactions, they're highly profitable. Again, to what I was saying earlier, any type of recovery is gonna have a high flow-through to margin, thus having a favorable impact here. Going forward, we expect to deliver 50 basis points of expansion per year while also balancing that with thoughtful investments to be able to sustain the top-line revenue growth. Our investments in building scalable and global technology and operating platforms position us for continued cost savings. From a technology perspective, we're gonna deploy OneTru across all of our geographies to enhance solutions. We'll fund those investments within the normal course of business. Each migration eliminates a siloed technology stack and lowers maintenance cost. More importantly, and this is why we're doing it, is the true global platform will enable us to deploy our intellectual property faster to innovate and drive revenue growth. From an operating model perspective, I just spoke about this when I was talking about margin. Our focus here is centralization and standardization of work. We're gonna leverage the TrueOps operational platform that Chris spoke about earlier today to drive positive customer outcomes, but also operating efficiencies. We're gonna do that by leveraging the global capability centers that are at the center of this strategy. Home to about 5,700 of our over 13,000 associates, these centers have evolved into true innovation hubs for us. These platforms will enable us to deliver more value from AI by deploying rapidly and at scale. Earlier, you heard from Venkat talk about one of the big successes thus far has been OneTru Assist, and that's our AI developer tool. We're already seeing a 25%-30% productivity lift using those tools. The second area where we've been able to leverage AI to drive efficiencies is within the consumer experience. We've deployed generative AI for consumer disputes, resulting in a more effective experience for the consumer, but we also enjoy a 20% productivity gain as a result of that. We're gonna continue to push AI across the enterprise to drive process improvements as well as automation. Let's move to the last piece of the value creation flywheel. Let's talk about deploy. As I said initially at the beginning of my remarks, TransUnion's next era positions us for scalable growth and compounding cash flow. The combination of scaling earnings and no one-time, spend for investments means we expect the strongest cash generation in TransUnion's history over the coming years, which obviously provides capacity for capital returns. As you can see on the left-hand side of this slide, we continue to expect a 90%+ free cash flow conversion. Then based on the growth algorithm that I just took you through, we expect that we'll be able to generate about $3 billion in free cash flow from 2026 to 2028. Here's how we're thinking about deploying this cash over the next several years. We expect an increased bias towards shareholder returns, going forward while making sure our leverage ratio is at or below our target of 2.5x. We're gonna continue to grow our dividend alongside our earnings, and we'll do that within the payout ratio of 10%-15%. As we demonstrated in 2025, we plan to increasingly deploy our cash to repurchase shares. We expect the pace of repurchases to only increase as cash generation builds. With that said, we're equally focused on disciplined and active management of our balance sheet. We remain on a glide path to an investment-grade credit rating in the coming years, which we feel is appropriate for a business of our size and maturity. We're also gonna continue to look for ways to optimize our debt stack and prepaid debt when appropriate. Regarding M&A, you've heard a lot throughout the day that we have a high conviction that we have a generation of growth ahead of us. That means that the bar for M&A is very high. We're not seeking large-scale acquisitions, but only highly strategic bolt-ons. We provided the slide that's up now during our February 2025 earnings call alongside our r.efreshed capital allocation framework. The slide remains unchanged like any good strategic M&A slide should. Our focus on M&A continues to be on non-U.S. credit bureaus, like you heard Todd Skinner talk about with the Mexico acquisition. We're always looking for data assets centered around enhancing our consumer identity capabilities. We're looking for complementary capabilities for core solutions, like the pending acquisition of the mobile division of RealNetworks to bring text messaging capabilities to our Trusted Call Solutions. M&A options will always be compared to every alternative to ensure the best return for shareholders. To close out the financial review, we are very confident in the compounding growth algorithm with several sources of upside that could make our earnings even higher. In 2026, the high end of our guidance assumes $4.71 of adjusted diluted EPS. For illustrative purposes, if we deliver on our new medium-term guidance of low- to mid-teens adjusted diluted EPS through 2028, EPS would be $6+. There's more. Any benefit from an eventual recovery in mortgage would be in addition to this. If we just simply assumed mortgage volumes from 2019, if we return to that level, that would be $1 of benefit to EPS over this period of time. In addition, on the right-hand side, we laid out what we believe to be other, you know, opportunities to continue to grow our adjusted diluted EPS. The first is normalization of non-mortgage U.S. lending volumes. We talked about mortgage obviously as a big source, but there's more that could be there in auto and credit card and banking as well based on the historical trends. Adoption of VantageScore is a source for us from a profitability perspective. The further scaling of our platforms and our solutions is another. Remember what I said earlier, that we're not assuming any material volume uptick, and the targets assume what we have built today, not a bet on something that's going to be built in the future. That's an important point. As I talked about in scale, we're gonna be relentless in our approach towards leveraging AI to drive growth and productivity. Simply put, the earnings power at TransUnion is stronger than it's ever been. Before I bring my colleagues up to start Q&A, any good stock pitch finishes with a reiteration of the thesis. The management team has high conviction in what TransUnion has built and continues to build. We have the right combination of unique data, powerful technology, and deep domain expertise to continue winning in the market. Our interrelated solution sets suite solve our customers' most pressing needs, and our products are getting better and better. We have clearly inflected into a period of accelerated innovation and scalable growth. AI is an accelerant. It's gonna accelerate demand for our data, empowering us to do more and do it better for customers and enabling the efficiency across the enterprise. The net of all of this is TransUnion's a structurally higher return business with a repeatable earnings model, durable growth, expanding margins, and disciplined capital deployment driving compounding earnings power. Our momentum is real, the opportunity in front of us is significant, and we are just getting started. Thank you for your time. All right. No questions. All right. Let's start with Mr. Steinerman here. Well, hang on. Before we start. Yeah I appreciate all the enthusiasm. You gotta use the mic. No, I'm mic'd up. Oh, you're mic'd. I'm good. I just wanna call out to you noticed the music selection. That was Can You Feel It by The Jackson 5. My head of strategy, Timothy Martin, there is a college DJ, and he's responsible for all of this music. I just thought I'd thank you for setting the tone and, you know, can you guys feel it? Andrew Steinerman. It's not on. Yeah, it is. No, it's good. Okay. Andrew Steinerman, J.P. Morgan. I really appreciate how your team laid out the organic revenue growth, high single-digit over the medium term by both geography and by verticals. I think info services companies build up differently, and I was just wondering if you'd be willing to build up for us how to get to high single-digits by thinking about what's your volume assumption. I kind of heard it wasn't a notable volume assumption. Pricing for your products, retention, and cross-selling of products to make the high single-digit organic revenue growth profile. Okay. Well, thanks for the question and, you know, we'll take kind of a team approach to answering some of these, so we can give you the most fulsome answers. Well, look, on the fly, I'm not gonna reconstruct that in the manner that, you know, you just described, but I definitely understand where you're coming from. A couple of points that Todd emphasized in his kind of walk up to $6 and then $7 per share with mortgage normalized. You know, we're not assuming any, you know, inflection to the positive in volumes at this point. We're still dealing with a market that is stable and muted. As one of you said in one of your notes, it's just an okay market right now. If we do return to the longer term lending volume trend lines in the U.S., in the U.K., in India, where there are some policy inflicted wounds and all of that's EPS upside to the $7 per share, right? And then that's in addition to, you know, the acceleration of revenue that we expect as we roll out this platform to markets around the world, the profitability improvements that we expect because of all of the ways in which standardization and platforms and AI are gonna help us be more productive. Not a big, you know, not like an enthusiastic or an unrealistic volume assumption, quite the opposite. Very conservative. Now pricing, you know, pricing is individual market, individual product. I do think that our pricing leverage is gonna increase substantially as we start selling more multiple products, more solutions, more integrations, et cetera, based on OneTru to all of our clients, right? Price has not been a huge part of our story, but the markets themselves are pretty high growth and compounding. As you saw some of the various TAMs that we showed over the course of the day, there's a lot of runway, right? We're in no danger of tapping out in these markets anytime soon. What I would say is, you know, a fairly down the middle and conservative guide, if you will, gets us to $7, but there's any number of additions to that $7 depending on how things, you know, develop. Of course, what's in our control is the pace and effectiveness of rolling out the platforms. That's gonna drive us north of $7 a share. Do you think maybe cross-selling would be the biggest of all those? Not much on volume. Sure Maybe some on price, but then. Well, look, near high single digit compounding in all of our solution markets is a big driver. You know, a completely reimagined product on this platform, massive amount of cross-sell and more price juice there. I definitely would expect that. Look, AI enablement, you know, our ability to deliver analytics at scale to improve the frequency of analytic delivery so clients aren't, you know, revisiting their credit origination models every three years because it's so hard, we can evolve into a world where that is more consistently done annually, quarterly, continually, right? It unlocks a lot of potential, a lot of volume growth there. Again, I think that's all. I mean, Todd tried to say it best. The projections that we outlined for the medium term, that's the business that we have today. It's the business that we've already built. As all this innovation rolls out, it's a step function improvement for the business of the future. Thank you, Chris. All right. We'll do Toni and then Kelsey. Thank you. Thanks so much. Toni Kaplan from Morgan Stanley. Historically, the bureaus have enjoyed the moat of lenders providing the data to the three of you. Today, you talked a lot about the alternative data piece of the pie. I guess, how does the moat on alternative data compare? You said a couple times that it's proprietary. You combined it into the 95%. Just explain the proprietariness, talk about the sources, and why aren't others able to get this data, or are they, but combining it with your other data makes it sort of even more special? Yeah, great. Well, look, as many of you know, I've been in information services for a long time. Typically, after 50 years, products peak in their value and start to compound at inflationary rates. That's not the case in the credit market because clients are so hungry for differentiated signal to make better decisions, to solve really big problems. Mohamed talked about the size of the problems, that incremental datasets can be really valuable. Now, you're talking about the moats around it. Let's talk about some specifics. One of our biggest extensions in the credit space was going downward, down the risk spectrum and starting to get coverage from payday lenders and from, you know, online unsecured lending, et cetera. There's lots and lots of people in America who are taking on those types of loans and by and large, repaying them exactly with the terms. Now, that's additive. Still, you gotta go to a lot of different places in order to aggregate it. You have to be trusted by the market, right? These individual lenders just don't give that data to anybody. Again, there is the regulatory moats and the regulatory and litigation penalties if you don't do it right. The same is gonna be true on utilities furnishing, rental furnishing, a whole variety of other datasets. Perhaps you wanna elaborate or. Yeah. I mean, within the credit ecosystem, it follows a very similar path to traditional credit furnishing, and there are thousands of them. I think it'd be 10,000. I mean, it's a lot. It's the same normalization, management, linking. We have to be able to link these credibly across all the different datasets. These are very difficult things to do accurately. You think how many John Smiths there are, even within New York City, even probably within a couple blocks of New York City. Like, getting this level of fidelity. Then doing it all over the world. It becomes a very important part. Similarly, our fraud assets, like you talk about Device. Device is a give to get consortium. You join this, you give your device data, and then we build out the largest network of devices. I believe we're in every country in the world because fraudulent devices exist in every country in the world. We may not be getting revenue in every country in the world, but we're tracking them everywhere they are. These are billions and billions of devices that are coming into us regularly. This is. While that may not be traditional credit per se, it follows a similar kind of pattern. Yeah. Look, these markets need a neutral party and a trusted party to act as the aggregators between all of the different potential contributors, be it banks or insurance companies or, phone carriers, et cetera. That's the role, you know, that we fill. Hi. Thanks for taking my question. This is Kelsey Zhu from Autonomous. Chris, maybe you can talk a little bit more about your decision on cutting VantageScore pricing and what you're hearing from lenders in terms of potential adoption rates, but also what you're hearing from Director Pulte for implementation timeline for VantageScore and FICO 10T. As well as if there's any updates on the Tri-Merge, Bi-Merge, single file conversation. Thanks a lot. Was there a cut of VantageScore pricing? No. No, obviously, yesterday was an exciting day in credit reporting. We don't get many days, you know, like that very often. We led the group by issuing new $0.99 pricing on VantageScore 4.0, which is a material reduction from where we had been in the market at $4 a score. Look, stepping back a little bit, you know, we look at this as a generational opportunity that we've got, again, enabled by the FHFA and Director Pulte, but to kind of reset the economic value around scores versus data. Now, as we've argued, you know, for many quarters now, the inherent value, it's all about the data, right? No data, no score. The quality of the data determines the predictiveness and the accuracy of the score. Now, somehow in mortgage, and it's not somehow, it's because of limited choices, the value proposition got turned upside down, right? We're all kind of, I think, familiar with that story. We looked at it and looked at a variety of factors and decided that we wanted to take advantage, full advantage of the opportunity that Director Pulte and the FHFA had created to bring real choice on scores into the market, because lenders have not had a choice up to this point. Also, to reduce the cost of mortgage affordability as part of the overall kind of affordability agenda of this administration, which is great, and again, to reset the economic value. Right now, we're just trying to facilitate as rapid adoption of VantageScore 4.0 as possible. Look, the market needs it. The incumbent score hasn't innovated in 20 years. It's not based on trended data. It doesn't use any alternative data like utilities or rental payments or other things like that. That means that there's an inefficiency around who gets approved, who gets rejected, the size of the market, the overall safety and soundness, right? We need to modernize the scores. For all of those reasons, we decided to eliminate really any obstacle to market adoption and share shift. Now, in terms of, you know, dynamics with the government and all that, I mean, let's be clear. FICO has had a monopoly over scoring in mortgage inadvertently, created years ago, decades ago, but in fact, it has been a monopoly. A lot of directors of the FHFA had a chance to change that. None did. Pulte did, to his credit, in this administration. We are greasing the skids for rapid market adoption, right? Now, the FHFA needs to deliver on some remaining logistical issues in order to support the full scaling of adoption. We're encouraged that they're already experimenting, and they already have been, accepting loans at one of the GSEs and securitizing those loans based on Vantage in the marketplace, right? I think this is our effort to accelerate that overall process. Now, the fact that our competitors responded so quickly in the same day just means that we're all focused on it. We all see the same, you know, market opportunity and societal need, and we're full throttle toward implementation. Let's go with Faiza and then Ashish. Thank you. I just wanna thank you all for providing so much information in the deck around, you know, revenues by business solution and regions and all of that. I hesitate to ask the question because I don't want to discourage disclosure. But I do wanna ask about, you know, the opportunity around marketing solutions within financial services. 'Cause it does sound like there's been an inflection within marketing solutions, but it's not as apparent on the financial services side. I'm just curious kinda what's the dynamic behind that. Is it just timing? Is it, you know, sales resources? Just a bit more color around that opportunity and kinda what you're seeing there would be helpful. I'm gonna let Steve talk about the adoption of marketing solutions in financial services in the U.S., and then Todd can speak from an international perspective. You know, thank you. Thank you for noticing the inflection point in our growth rates in marketing. When we acquired Neustar, we believed we could grow high single digits and then get it to low double-digit compounding. We delivered, you know, kind of mid-teens growth in the fourth quarter. Kinda walk that back, there were some big jobs there that perhaps took it up a bit, but, you know, there's no guarantee we won't have those big jobs again this year, but we thought we'd be conservative. I think the performance in marketing in the second half of the year, particularly in the fourth quarter, it just demonstrates how growthful this market is. Now, it's taken us the time to pull all the right assets together in that kind of end-to-end workflow that I described, right? We started off with 90 different point solutions. Now we've integrated it down to a clean workflow that has a beginning and that has an end. You can use the entirety of the workflow, or you can just get the piece that you want, depending on your needs. Lots of ways to monetize, a lot of ways to win. That's why you saw the growth. Now financial services. Yeah, look, so, there are two reasons why we're growing. One is we are penetrating the markets where we are effectively, and two is the great work that Brian and the marketing team did to create a solution that is more sellable and consumable by our customers. I don't wanna misquote, but many, if not most, of the large financial institutions and insurance providers who are our customers, which are pretty much all of them, are using some form of marketing solutions from us now, and we have the opportunity to continue to upsell many more into them. We have unique integrated capabilities straddling both the credit space and the marketing space that allow us to deliver value to regulated institutions who use credit in their underwriting, which extends beyond just financial service and insurance to things like cell phones and other kinds of utility providers. You just go down the list, and we are able to provide unique signal and unique measurement capabilities for them, as well as unique audiences and better ways to reach their customers. We are much more effective now with the marketing solutions in that space. As the fraud solutions come to bear that you're seeing now, the same thing is happening there. I think fraud's about a year and a half behind marketing in terms of its evolution of product, and we're very excited about the things that are gonna come forth in fraud as well with the similar customer base and expanding the base of customers who are buying these new solutions from us. Yeah. I would just say a couple things. First of all, we're early in the marketing solutions selling process in the international space. We're working with Brian Silver's team. We have created in 2025, just started, building an international sales team. That international sales team from creation to the end of the year has been able to generate roughly $15 million in pipeline going across five different markets. What's really important about that is they're selling directly into the countries that they're operating in and supporting a few markets like into the U.K. and Canada to develop that marketing solution services in the market. I think what Steve talks about in the U.S., you'll begin to see in the international markets over the coming years. Hi, this is Ashish Sabadra from RBC Capital Markets. Great presentation. I wanted to focus on the $500 million of innovation revenue over the next three years. I was wondering if you could drill down further on that in terms of the timeline. Is that gonna be back-end loaded or throughout the three-year period? Any color on how do we think about, like, whether it's from pricing, upsell, cross-sell versus new logos, similar to the question Andrew asked. But also, how should we think about the proliferation of agentic commerce? Because that's a question that we get a lot. As consumers start to interface through agents rather than directly, could that be a potential tailwind or a headwind to that $500 million of innovation revenue? Thank you. Two questions there, right? It's the $500 million, and then we can talk through the agentic. Yeah. Let me at least answer the $500 million. The $500 million is part of our three-year plan and the process that we built. The numbers that Todd has sort of shared with us already includes that number. The number is coming from enhancements to existing products where we've identified incremental revenues, but as well as new products. For every new products, before we decide to invest in building the product, we obviously will build a business case around it to identify the value. The exciting thing here is that, I mean, the timing of it is, think of it as sort of spread out obviously a little bit more in the year two, year three versus year one, given the development timeline. Some of the enhancements will be delivered this year and are gonna. Already some of them, like credit washing, is already delivering real results for us this year. What I will tell you is what's exciting here is the pace of innovation, right? The message is the number that you're seeing is based on the work that we're doing in 2026. Our goal is to continue to accelerate the innovation and deliver even more next year and the year after that. On the agentic, I don't know if- Yeah. Steve, maybe you wanna share your thoughts on how agentic AI is gonna impact demand for identity and others of our services. Yeah, look, I think it was said earlier, so I'll reiterate it. Agentic AI is a very positive thing for us. Why is it a positive thing? All right, we think of our customers kind of in three segments. There's the most sophisticated, the biggest ones, the ones who spend the most with us, we call it do it myself. They are big banks with lots of resources. They wanna do everything themselves. Then the middle section is called do it with me. Still pretty sophisticated, many household names, but they need more help from us. And a large small segment, that's do it for me, and they do basic things, perhaps a simple score-based underwriting, which is not a great idea. Like, it's not the best thing to do. It's. We think that agentic AI is going to expand the top two segments, and those are the bigger spend segments with us. It'll increase consumption of our data because agents can now consume the data instead of people. The biggest, like, bottleneck to getting revenue and delivering on sales is not selling power or TransUnion's capabilities, it's getting our customers to validate, consume, understand, go through their governance processes. All these things just take a long time. The more you can automate those things, the more you can consume, the better off we all are. Here's a simple example. Many, many years ago, perhaps not, really like, refreshes on your portfolios were probably done quarterly. Then they moved to monthly. Now sophisticated players move to daily on the triggers. When you go from quarterly to monthly, you don't get three times as much money. You get more though, like we charge more, but we give them a volume discount. When you go from monthly to daily, we charge even more in aggregate. We're going to have more customers who are able to do that kind of stuff, to go from model refreshes every few years to model refreshes a few times a year, or maybe even more often than that, to consuming data periodically, to consuming data continuously. Lots of really exciting opportunities for us using our agents, but also using their agents too, and that's okay. Like, they're still going to need to buy the data in order to power those agents. We're very excited about it. In fact, we're already starting to see it with certain customers. Not a lot, but we're seeing customers increase their consumption, speed up their validations, and I think it's just the tip of the iceberg. I know it's gonna go pretty quickly when it goes. Yeah, look, that's a great lens on the credit part of the business, and you can see how a agentic AI is gonna, you know, improve the velocity or the frequency and all of that. Already if you look at marketing models are refreshed much more frequently, right? Fraud, I mean, you just can't refresh them frequently enough. With AI and agents, including bad guy agents running all over you know, the cyber world, there's gonna be a tremendous, I think, increasing demand for authoritative information that leads to really good prediction and outcomes that is refreshed as frequently as possible. Let's go down this row here. Jeff, Andrew, Brendan. Thanks. Jeff Meuler, Baird. When I see the acceleration in marketing in 2025, I wanna tie it to kind of all of the transformation and platform consolidation. I don't see the same acceleration in fraud, which I would think would be benefiting from similar factors. It continues to have good growth, but not acceleration. Is there any reason why the benefit would be more pronounced in marketing today than fraud? And then on marketing international, I know you talked about building out the sales force, but it's really small as a percentage of revenue, and you have a lot of, like, Fortune 100 customers that operate globally. Are there any other missing pieces to really unlock that opportunity, like you need more local customer data or something like that? Thanks. Yeah. Good questions. First, on the rate of growth in marketing and in fraud. With all the assets that we acquired when we were restructuring the portfolio, you know, it took varying lengths of time to bring them all together and create the new product offering, if you will. As Steve just mentioned, you know, in terms of commercializing the goodness that resulted from that, fraud's a year or 18 months behind marketing. Now, it's already growing at a nice rate, but fraud and marketing have the potential to compound in the low teens and, you know, perhaps even better if we execute well. Be patient. I think you're gonna continue to see fraud revenues accelerate. In terms of marketing and rolling it out around all of our different geographies, you know, well, the state of the marketing game in different countries varies based on regulations and industry practices and the availability of data. In advance of rolling out the OneTru platform, you know, our teams, like in the U.K. or in India, are working to pull together the types of data that we need to fuel our marketing solutions. You know, first, we've gotta finish converting the U.S. over to the OneTru platform. That's the focus of this year, right? It's gonna have an enormous impact 'cause the U.S. is still about 78% of our global revenues. We're gonna go to these other markets that have attractive potential for our solutions. You know, they're doing the prep necessary to get new products in market and to start scaling them quickly once we land. Great. Thank you. Andrew Nicholas with William Blair. I wanted to ask a question on Consumer Interactive. I think the guide for this year is low single-digit decline. The medium-term target's mid-single digits. I guess the first part is, should we expect that to accelerate even beyond the mid-single digit in 2027 and 2028, and we kinda aggregate to a mid-single digit growth rate? Second, it sounds like you've gotten even more customers than you expected onto this platform. You're fleshing out the offers capability. Monetization's a little bit later. How should we think about kinda the phasing of that and how long that process takes, at least as the way you're thinking about it strategically? Okay. Great. Well, you know, thank you for reiterating the guide, and, you're right. No, it's not a problem. I mean, it's like, let's start with that. That's a representation of kind of this is where we are. Mohamed, why don't you talk about what we're building and where we're going? Yeah. Well, first of all, I as I mentioned, we are the leader in the B2B2C space in the consumer business. In the international markets, we're primarily focused on that, and even in the U.S., we are growing at a faster clip. Actually, international is growing at double digits for us, and we're expecting that to continue. The opportunity for us here is the work that we've done to unify and consolidate a lot of these solutions together and to be able to deliver on a better experience and enhance our solutions. We just hired a new leader for our consumer solutions business globally, Francesca. She just joined us from Capital One, where she was leading the consumer business there. She's coming in, and she's helping us essentially replicate the kind of work that we talked about in marketing, the kind of work that we're already doing in fraud, and doing the same thing in consumer. The challenge is some of the fragmentation, bringing that together, making sure we're delivering the solutions in a timely fashion and getting that right consistently. That's how we're going to unlock the value. We see a lot of potential in consumer. To your point, is the long-term vision, is that for us to get it, to keep it at mid-digits? I mean, look, obviously our goal is we think there's a lot of potential, and we're going to lean in to try to capture that potential for that business. Yeah, look, I think that's right. A slightly different spin on it is, you know, obviously we talked about a lot of platforms in our day. It was a platform-centric kind of presentation, and Mohamed's alluding to yet one more, the consumer platform, the global consumer platform. That's the core of our consumer enablement. Our strategy is to be an enabler in the consumer business, right? It's a B2B2C play, and we are the largest player in the U.S., but there's opportunity to enable other businesses to tap into consumer markets in countries around the world. That's why we built the platform. That's why it's one of our four core product solutions. It's a different play from spending a lot to build a direct consumer brand, right? That's not our business, right? We think those needs are well met in the U.S., but we can enable a lot of other players to capitalize on their brands and their marketing spend. Brendan. Thank you. It's Brendan Popson from Barclays. I just wanted to ask if, Todd, if there's any way to quantify the margin sensitivity as it pertains to credit volumes from that 50 basis points expansion expected. Then also, you clearly, it sounds like you're expecting non-credit to become a bigger part of your business over time, but still planning on 50 basis points expansion. I know in the past there's been sometimes some modest mix headwinds. Is it just simply a matter of OneTru or anything else you can call out on why you still have that confidence even if non-credit becomes a little bit bigger over time? Yep. Thanks for the question, Brendan. I think what probably best is if you recall the slide that I presented with the margin expansion and one of the key points that I was making. I think it's slide 137 or something like that, if I remember right. If you go back to that page, because I think you guys all have printouts, think of the underlying, it was 137. Think about the underlying credit volumes during that period of time, right? They were relatively subdued, right? Mortgage went down significantly. Card and banking have been doing okay. Recently, we've seen consumer lending take off and auto has also been kind of tepid. We posted that type of margin expansion with core credit volumes being lower than like a historical run rate. What's happened is we've seen the mix of our, to your question, the mix of our products has also changed as well too, especially newer products that initially might carry a lower margin. Ultimately, the way that we plan for our products is that they're going to scale and have a margin that's ultimately higher than TransUnion's margin. During this period of time, we were dealing with that and we were still able to deliver really significant margin expansion. Clearly, there were some productivity programs in there. In my prepared remarks, I highlighted 2023-2024 and then I highlighted 2025-2026. Look what happened between 2024 and 2025, right? We still grew 40 basis points, really didn't have a benefit from a productivity program in those years, right? That gets to, again, if you look at the subdued kind of lending volumes, we were still able to expand margins, I think meaningfully during that period of time. What we're trying to do with this guide is be very balanced in regards to how much margin that we want to be able to show on an annual basis, but also be very thoughtful about how much reinvestment we want to make back in the business. I mean, you've clearly heard today a high degree of conviction from this team about what's ahead of us. My job as the CFO is I got to figure out how do we make certain that we'll continue to fund these things, right? Because the runway that we have is real. There's a constant tension, which is a good thing within the organization to figure out what the right balance is on the margin. Look, this is a really important point and we want to make sure that we're understood. It's great now that we can show Our margins with and without FICO, which has distorted our margins. You know, some investors in recent years have asked whether the business still has the same operational leverage that it once did. Because to the blue bars here, you would see, you know, flattish margin progression after the cost takeout program. Again, that's because the overall margins were being distorted by disproportionate price increases by FICO. If you strip that out, you see that over this period, we increased margins by 240 basis points. Pretty good in a really difficult environment, which was not a robust credit environment, and lower credit volume has a high decremental margin impact on the business. At the same time, we were integrating other solutions like marketing and fraud that had lower margin, and we were bringing it up. Having done all of that work and with those headwinds to grow margins 240 basis points in the period, I think is impressive, and that gives us confidence to project 50 basis points a year improvement, which to Todd's point is balanced. It's balanced between margin harvesting but continued investment in the business. Let's go Kurt and then Jason. Great. Thanks, Kurt Nagle, Bank of America. Todd, maybe just going back to that point you just made about margin progression and non-credit versus credit. Could you go a little bit more into detail in terms of for those non-credit products, in terms of what's driving that accretion? I guess, is it more just a maturation and then deployment of product versus higher inherent margins? Maybe just talk through, if we could, underlying assumptions on India growth for that low double-digit growth. Okay. I'll take that. That's a very different question. I'm gonna let Todd take that one. Let me start high level with when we look at our solution, you know, profitability, first of all, every single one of them carries a margin higher than TransUnion's adjusted EBITDA margin, right? In many cases, meaningfully. Credit, to the point I was just making to Brendan's question, is the highest, you know, margin, right? But other products that we sell, where maybe we have to purchase some data, as an example, it's gonna have an impact on the margin, but not that significant. These contribution margins are very attractive to us, right? That's just a high, you know, kind of a broad perspective when you just think about the solution suites themselves. What I was referring to is more of a product early in maturity, and that, you know, there is a little bit of a ramp-up period, you know, during that time, and that in that period of time, margins aren't gonna be at a TransUnion like. That's the investment that we're making. Our job as a management team is to place those bets and make certain that you as shareholders don't see them, right? You know, and that, you know, we're. I'm not trying to be facetious there, but, you know, that's the balance though, right? We're trying to continue to grow, but then how do we fund it? Is really, you know, what I'm getting at there. That's what I meant. It's more of a maturity thing. Hopefully that clarifies. Yeah. Any of these solutions are very attractive, right? From a contribution margin perspective. There was some macroeconomic noise, though, in this period that impacted the margins of some of the newer solutions. In the 2022 timeframe, with the spike in inflation, the spike in rates, and the decline in lending volumes, on the marketing side of the house, businesses were squeezing hard too, right? There were fewer campaigns, which meant less identity resolution and less audiences. Those are two of our more profitable areas, right? Now that we've stabilized and we're starting to come back, that growth and the flow-through from those products is also improving the margins, the contribution margin and the overall margin of the marketing business. Kurt, on the India story, I assume you're good on the backstory. You kinda understand how we got to where we got today, and you're more interested going forward. Yeah. Yeah. A couple things I would say. We've guided single digits through the rest of this year. What I can tell you is that early in the year, we see our online volumes and the expectations that we have, we see it coming back. It's still a bit bumpy, and I think that's normal from a, our market that's coming back. I think it goes back to the thesis that we've covered today, right? Which is around innovative new solutions. We're launching TruIQ in the marketplace, at the end of this month. We have eight customers and a pipeline built for them to consume the product. Back to Steve's point, as customers start to use our solutions that have AI enabled in, I think you're gonna see more data consumption that comes from that. In particular, India is moving towards data frequency on a daily basis from a consumption basis or from a providing it to us, and I think that will flow back to customers from a consumption perspective. The second thing I would say is that from a credit side, we're building scores on a regular basis. We built our Grameen Score, which was for rural populations. We've rebuilt our MSME Score. We're enhancing our current commercial and CreditVision Trended Scores with alternative data that we get through our consumer interactive business. In the core business, we see credit coming back. The other things I would add is that India from a marketing perspective and a fraud perspective are early stages. Steve talked about our global fraud solutions. Up until about three months ago, we were unsure of the data privacy in India that restricted our ability. To use that global platform that was situated in the U.S. Now that has cleared the hurdle, we see a lot of customers talking to us. I mentioned that we have one of the big, private banks buy a five-year IPID deal from the global fraud solution that's based in the U.S. We believe we'll see more of that coming along. I also mentioned that we talked about marketing solutions in the marketplace, one of the largest Indian retailers, one of the largest OEMs. We also have a couple from the region that we're servicing. One is a large aircraft airline that services the area. We see lots of traction that will slowly come. It's a new market in India, but we're getting in very early from a marketing perspective. Lastly, James Garvert talked about Trusted Call Solutions. If you look at the Indian market, fraud is call scams, fraud is prevalent, and we're having conversations with all the major telecoms around the solution that we have. I think they see the benefit in India as they do in Brazil, Canada, U.S. and the U.K. Thanks. Thank you. Jason Haas from Wells Fargo. I'm curious if you're seeing any growing interest from your customers in cash flow underwriting, and if there's any way for you guys to be able to play in that space more and capitalize on it? Yes and yes. Go ahead, Steve. Yes. There it is. It's of course, it's been an interesting thing for them for some time, especially fintechs and certain ones. It works well in certain categories. It's, I don't think it's a universal thing. It's not, for example, in credit cards, it's not overly valuable. It's not, you know, income in general is not overly valuable in credit cards. In the high end of auto, it's not. But in the more sensitive parts of auto, it is. In larger loans, it is. I think there's definitely good interest from our customers, and we are working with them on a variety of different fronts to help enable that. We'll have more to come, I guess, in the future. Yeah. All right. Let's go with Surinder, Ryan, and then we can wrap it up. Following up on the first question about just putting together the financial framework for especially the revenue guide here. Given that the recent conservatism in how you've been, you know, beating in the past year or so, the 12 months, the 18 months of the past year, what is the lens that we should apply to the framework that you've provided here? Is the idea that with zero volume growth and given those other assumptions that aren't in there, that this is a conservative number that you should hit, or is this more realistic in terms of the expectations? What's kind of the puts and takes outside of those other assumptions? Yeah. I think that our guidance philosophy is always centered around providing the market what we have a high degree of certainty to, and then orienting investors to the high end of that to that guidance, right? In essence, what the long-term guidance is doing is it's keeping stability. I'm glad you asked the question because I never said zero volume growth. I said stable. Clearly there has been stable growth, and we expect that to continue. That's a really important clarifying point. Hopefully, we all got that, right. That's what we're looking for. Then, you know, the second part of it, you know, really goes to the question we had earlier about the $500 million that, you know, Mohamed, you know, presented, right? It's like what I said when I gave the medium term guide, the guide has only got what we've built so far as well in there. It doesn't have, you know, the incremental benefit of the scaling of these solutions, you know, that we went through, you know, throughout the morning. What I'd like you to take away from this is that we're putting a guide out in the medium term that we have a strong conviction that we're going to be able to deliver on. When I went through the EPS slide where I took the high end of the 2026 guide and did the illustrative example to walk you to $6, but more importantly $7, the right hand of that slide is really, you know, where you should be focused at, because that's where the outperformance is at. Medium-term guide is consistent with a guide that you'd get for us from a quarter or for the full year. It's grounded in what, you know, we have visibility and conviction in today with levers, you know, for outperformance. Yeah. A couple additional tidbits. I think part of what you're asking is, you know, we've put out this medium-term financial framework, and should you expect that we're going to outperform the high end of that guide by the same degree that we've been outperforming our guide in 2024 and 2025? That wasn't, you know, our intention. Okay? I would also point out that that guide is at the top of guidance in our market and also in information services. It's a strong guide, but it's a guide that we have confidence and conviction in. It's in a higher bar than we had, say, in 2024 when we guided then. We outlined at least half a dozen ways, half a dozen opportunities to create upside based on all the innovation that we showed you today. Of course, part of it is macro. I mean, in a more certain environment with more favorable interest rates or just stability, I would expect loan volumes to increase beyond what's assumed. We didn't bake any of that acceleration of volume to Todd's point in all of that. Hopefully, that gives you the color you were looking for. Last one. Hi, Ryan Griffin from BMO Capital Markets. I just had a quick question on fraud and marketing. I think you said that those businesses could compound in the low teens and even better if you execute well. We're just wondering what degree that depends on the cyclicality of those markets. In a prior question, you also referenced that the FHFA, one of the GSEs is accepting the loans and securitizing. Can you unpack that comment a little bit more as well? Thank you. We'll handle those separately. First, in terms of the cyclical risk of our revenue performance, you know, in marketing and fraud. Unfortunately, fraud doesn't appear to be cyclical, right? We just have to get, you know, the best version of all the data and analytics that we have in fraud in the TruValidate solution. Now, what we have is really good and very compelling, but there's a robust pipeline of improvements and that plus, you know, Todd and Steve continuing to improve their go-to-market and their commercialization, that's gonna increase the rate of growth in fraud. There's a bit of cyclicality in marketing. I mentioned it, you know, when answering the other question just a minute ago. You know, in very difficult economic times, businesses will reduce the marketing spend. They will squeeze their suppliers, right? Now, a high proportion, greater than a majority of our revenue marketing is subscription-oriented, right? So it's not as transactionally at risk as perhaps other product lines, but there is a little bit of cyclicality. Honestly, I'm not worried about cyclicality in marketing right now impacting our revenue growth because I think we've delivered so much value in the integrated product suite, and I think the data is so differentiated that we can grow through those headwinds, those potential headwinds. Oh, the GSEs? Yeah. I mean, look, we are obviously in contact, in collaboration with the GSEs pretty frequently. All the bureaus are. You know, we were gratified to learn that they have run a pilot. You know, they have securitized a loan portfolio and issued it that was based on VantageScore 4.0, and that's just what I was mentioning. Any closing remarks? Well, first of all, you guys have been great. I know we threw a lot of information at you. Did I mention we have some platforms, right? Yes. Look, it was a great day and, you know, after four years of working hard, it was exciting to get to spend time with you and hundreds of other investors that are dialed in and tell our story. What I would say is, you know, in that 2021, 2022 timeframe, we made some bold moves because we believed we needed to do that to fulfill the full potential that we had in this business. You know, there were some times along the way where there were concerns about leverage, there were concerns about transformation risk, there were concerns. We kept our heads down, we executed through it, and I think now you can see the business that we've created and you can see how the financial performance can inflect and be really attractive go forward. Thank you for your time and attention. Let's get some food.