TransUnion (NYSE:TRU), the consumer credit reporting agency, has revised its full-year guidance for 2023 following its Q3 financial results. The company now anticipates a 2-3% increase in revenue, a significant shift from the $79 million net income recorded in Q3 of 2022.
The company's Q3 2023 financials show a 3% uplift in total revenue to $969 million. This growth was mainly driven by high-single-digit growth at Neustar and double-digit expansion in the International segment, particularly in India, Canada, and the Asia Pacific region. Despite encountering challenges, TransUnion's US Markets also displayed growth.
However, TransUnion reported a net loss of $(400) million due to a substantial $495 million goodwill impairment expense in the UK. This resulted in a diluted loss per share of $(2.07). Adjusted net income amounted to $177 million, slightly lower than the $180 million reported in Q3 2022, while adjusted EBITDA increased by 5% to $356 million at a margin of 36.8%.
CEO Chris Cartwright revealed that the company prepaid $75 million of its debt in Q3 and plans for additional prepayments in Q4. The move indicates the firm's ongoing efforts to manage its financial health amid a moderating growth outlook.
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