TransUnion (NYSE:TRU) Q3 2017 Earnings Conference Call - Preliminary Transcript

Oct 27, 2017 • 09:00 am ET

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TransUnion (NYSE:TRU) Q3 2017 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good morning and welcome to the TransUnion, Third Quarter 2017 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note that this event is being recorded. At this time I would like to turn the conference over to Aaron Hoffman, Vice President of Investor Relations at TransUnion. Please go ahead, sir.

Executive
Aaron Hoffman

Good morning, everyone and thank you for joining us today. I'm joined by Jim Peck, President and Chief Executive Officer and Todd Cello, Executive Vice President and Chief Financial Officer. We've posted our earnings release on the TransUnion Investor Relations website.

Our earnings release includes schedules which contain more detailed information about revenue, operating expenses and other items, including certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are also included in these schedules. As a reminder, today's call will be recorded and a replay will be available on the TransUnion website.

We will also be making statements during this call that are forward-looking. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from those described in the forward-looking statements because of factors discussed in today's earnings release, in the comments made during this conference call and in our most recent Form 10-K, Form 10-Q, and other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statements.

So with all that out of the way, let me turn the time over to Jim.

Executive
Jim Peck

Thanks Aaron. Before I dive into our quarterly results, I want to spend a few minutes on the cyber attack announced by one of our competitors during the third quarter. First, we can confirm that we did not experience a similar cyber attack to Equifax. The moment we heard the news after market closed of September 7, we activated our data incident response plan and followed our standard process to identify and address organizational implications.

We focused on supporting consumers and confirming the effectiveness of our own security program. We immediately conducted a thorough global review of our systems and found no evidence of a cyber intrusion like the ones suffered by Equifax. Clearly data security is an absolute top priority for TransUnion. We have consistently invested in it and built a culture around mitigating this risk. We have a multi-layered security framework approach to mitigate the risk of any single point of failure. This framework covers three major areas of focus: prevent, detect and respond.

Our information security program also includes robust policies, employee training, expert staff and the latest technology, all back-stopped by support and oversight from our Board of Directors and executive management. In fact in recent years, and in response to a growing number of cyber threats each year, our Information Security Team has grown fourfold and our budget has tripled. We expect to continue to invest in information security and personnel as appropriate to best mitigate this risk.

In addition to