TransUnion (TRU) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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tulogoa15.gifNews Release

TransUnion Reports Strong Fourth Quarter and Full Year 2017 Results;
Company Announces Adoption of Dividend Policy

CHICAGO, February 13, 2018
- TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended December 31, 2017.
Total revenue was $506 million, an increase of 16 percent on an as reported and constant currency basis, compared with the fourth quarter of 2016. Acquisitions accounted for a 3 percent increase in revenue. Net income attributable to TransUnion was $245 million, compared with $50 million in the fourth quarter of 2016. Diluted earnings per share was $1.29, including the impact from U.S. tax reform, compared with $0.27 in the fourth quarter of 2016. The increases in net income attributable to TransUnion and diluted earnings per share were significantly impacted by the estimated tax provision benefits from the Tax Cuts and Jobs Act.
Adjusted EBITDA was $196 million, an increase of 16 percent (15 percent on a constant currency basis) compared with the fourth quarter of 2016. Adjusted EBITDA margin was 38.8 percent, the same as the fourth quarter of 2016. Adjusted Diluted Earnings per Share was $0.50, an increase of 13 percent compared with the fourth quarter of 2016. Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Diluted Earnings per Share exclude the estimated one-time tax provision benefit of $174 million due to the Tax Cuts and Jobs Act and other certain other adjustments.
TransUnion reported a solid fourth quarter to cap a strong year in 2017,” said Jim Peck, President and CEO. “In fact, this marks the third consecutive year in which we’ve delivered double-digit revenue, adjusted EBITDA and adjusted EPS growth. Over those three years, our adjusted EBITDA margin expanded by about 400 basis points.”
We delivered these strong results by executing a strategy built on innovation, expansion in attractive vertical and geographic markets and an ongoing focus on enabling and empowering consumers while fully leveraging our enterprise capabilities.”
“We have also allocated capital strategically and prudently. That strategy continues to evolve with today’s announcement that our Board of Directors has approved a dividend policy. At the same time, we will be opportunistic in using the remainder of our share buyback authorization.”
What is not changing is our top priority to always fully invest in the robust pipeline of organic and inorganic opportunities which have been essential to our growth and will be for the long term.”
With a track record of strong performance and sound capital allocation, we believe that TransUnion is very well positioned for further success in 2018 and beyond.”
Fourth Quarter 2017 Segment Results
U.S. Information Services (USIS)
USIS revenue was $312 million, an increase of 16 percent compared with the fourth quarter of 2016.
Online Data Services revenue was $200 million, an increase of 18 percent over the prior year.
Marketing Services revenue was $51 million, an increase of 14 percent over the prior year.
Decision Services revenue was $61 million, an increase of 15 percent over the prior year.
 
Operating income was $75 million, an increase of 10 percent compared with the fourth quarter of 2016. Adjusted Operating Income was $103 million, an increase of 11 percent compared with the fourth quarter of 2016.




The following information was filed by TransUnion on Tuesday, February 13, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Click a sentiment analysis snippet below from TransUnion's Management Discussions to find these positive and negative remarks within their 10-K Annual report:
  • tru_10k_2018-02-13_208_336
    Other - Other
    Such assumptions are, however, inherently uncertain, and different assumptions could lead to a different assessment for a reporting unit that could result in a material impairment that would adversely affect our results of operations.
  • tru_10k_2018-02-13_64_184
    Revenue - Product
    For 2017, revenue increased $229.0 million compared with 2016, due to strong organic growth in all of our segments, including all USIS platforms and both the developed and emerging International markets, revenue from our 2016 and 2017 acquisitions in our USIS and International segments, and by the impact of strengthening foreign currencies on the 2017 revenue of our International segment.
  • tru_10k_2018-02-13_129_222
    Financial - Earnings
    For 2017, margins for the USIS segment increased due to the increase in revenue, the decrease in depreciation and amortization, and savings enabled by our technology transformation, partially offset by the increase in compensation costs, product costs and operating costs from our recent acquisitions.
  • tru_10k_2018-02-13_219_377
    Other - Other
    Valuations, however, are inherently uncertain and valuations using different assumptions and estimates, or different valuation techniques, could result in significantly different values.
  • tru_10k_2018-02-13_43_385
    Financial - Expense
    Costs of services include data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses and occupancy costs associated with the facilities where these functions are performed.
  • tru_10k_2018-02-13_191_296
    Financial - Income
    The effective portion of the change in the fair value of the caps resulted in an unrealized gain of $6.2 million, an unrealized loss of $7.5 million, and an unrealized gain of $0.3 million, net of tax, for the years ended December 31, 2017, 2016 and 2015, respectively, recorded in other comprehensive income.
  • tru_10k_2018-02-13_149_228
    Financial - Expense
    For 2016, interest expense decreased $48.7 million compared with 2015 as a result of changes to our outstanding debt.
  • tru_10k_2018-02-13_211_345
    Financial - Expense
    Assets to be disposed of are separately presented in the consolidated balance sheet, and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated.
  • tru_10k_2018-02-13_113_221
    MA - Other
    The decrease related to these technology assets was partially offset by additional depreciation and amortization from the new capital expenditures related to our technology transformation initiative and from assets acquired with our recent business acquisitions.
  • tru_10k_2018-02-13_73_195
    Revenue - Product
    For 2017, marketing services revenue increased $27.2 million compared with 2016, due primarily to an organic increase in custom data sets and archive information driven by an increase in demand for our new solutions and batch jobs.
  • tru_10k_2018-02-13_74_403
    Revenue - Product
    For 2016, marketing services revenue increased $11.6 million compared with 2015, due primarily to an organic increase in custom data sets and archive information driven by an increase in demand for our new solutions and batch jobs.
  • tru_10k_2018-02-13_194_303
    Financial - Debt
    A breach of any of the covenants under the agreements governing our debt could limit our ability to borrow funds under the senior secured revolving line of credit and could result in a default under the senior secured credit facility.
  • tru_10k_2018-02-13_76_404
    Revenue - Product
    For 2016, decision services revenue increased $33.2 million compared with 2015, due primarily to increases in the healthcare market including revenue from our recent acquisitions, and in the insurance market.
  • tru_10k_2018-02-13_65_187
    Revenue - Product
    For 2016, revenue increased $198.1 million compared with 2015, due to strong organic growth in all of our segments, across all USIS platforms and both the developed and emerging International markets, and revenue from our 2016 and 2015 acquisitions in our USIS and International segments, partially offset by the impact of weakening foreign currencies on the 2016 revenue of our International segment.
  • tru_10k_2018-02-13_64_186
    Revenue - Geography
    The impact of strengthening foreign currencies accounted for an increase in revenue of 0.6%.
  • tru_10k_2018-02-13_159_236
    Financial - Income
    For 2017, we reported a negative 21.2% effective tax rate, which is lower than the 35.0% U.S. federal statutory rate due primarily to the one-time benefit resulting from enactment of the Act in December 2017 and the excess tax benefits on stock-based compensation that is now recorded to income tax expense due to our adoption of ASU 2016-09 on January 1, 2017.
  • tru_10k_2018-02-13_71_191
    Revenue - Product
    For 2017, online data services revenue increased $95.5 million due primarily to a 3.6% increase in online credit report unit volume, a change in the mix of customer volumes which resulted in an increase in average pricing for online credit reports, and an increase due to new product initiatives.
  • tru_10k_2018-02-13_105_424
    Financial - Expense
    a decrease in litigation expense in Corporate as a result of recording the settlement with the CFPB in 2016 and
  • tru_10k_2018-02-13_122_439
    Financial - Expense
    a decrease in litigation expense in Corporate as a result of recording the settlement with the CFPB in 2016
  • tru_10k_2018-02-13_212_349
    Other - Other
    Such estimates, however, are inherently uncertain and estimates using different assumptions, or different valuation techniques, could result in significantly different results.
  • tru_10k_2018-02-13_182_267
    MA - Other
    For 2016, the increase in cash used in investing activities was due primarily to an increase in cash used to fund acquisitions.
  • tru_10k_2018-02-13_75_197
    Revenue - Product
    For 2017, decision services revenue increased $36.3 million compared with 2016, due primarily to increases in the healthcare market, including revenue from our recent acquisitions.
  • tru_10k_2018-02-13_192_299
    Financial - Expense
    Based on how the fair value of interest rate caps are determined, the earlier interest periods have lower fair values at inception than the later interest periods, resulting in less interest expense being recognized in the earlier periods compared with the later periods.
  • tru_10k_2018-02-13_72_192
    Revenue - Product
    For 2016, online data services revenue increased $75.7 million due primarily to a 4.6% increase in online credit report unit volume and an increase due to new product initiatives.
  • tru_10k_2018-02-13_121_438
    Other - Other
    a decrease in depreciation and amortization primarily in our USIS segment
  • tru_10k_2018-02-13_132_448
    Other - Other
    the decrease in depreciation and amortization, primarily in our USIS segment,
  • tru_10k_2018-02-13_139_225
    Financial - Earnings
    For 2016, margins for the USIS segment increased due to the increase in revenue, savings enabled by our technology transformation and the decrease in depreciation and amortization, partially offset by the increase in compensation costs and the increase in operating expenses from the recent acquisitions.
  • tru_10k_2018-02-13_209_340
    Financial - Cash Flow
    Further, a 10% decrease in the estimated cash flows or a 10% increase in the discount rate would not result in a material impairment.
  • tru_10k_2018-02-13_183_269
    MA - Other
    For 2016, the increase in cash provided by financing activities was due primarily to additional borrowing in 2016 to fund acquisitions.
  • tru_10k_2018-02-13_216_365
    Revenue - Geography
    Our deferred tax liability includes deferred tax assets and liabilities resulting from net operating loss and foreign tax credit carryforwards, temporary differences, and unrecognized tax benefits for uncertain tax positions.
  • tru_10k_2018-02-13_69_401
    Revenue - Product
    For 2017, USIS revenue increased $159.0 million compared with 2016, due to increases in revenue from all platforms including revenue from our acquisitions Auditz and RTech in 2016 and DataLink, eBureau and FactorTrust in 2017.
  • tru_10k_2018-02-13_70_402
    Revenue - Product
    For 2016, USIS revenue increased $120.6 million compared with 2015, due to increases in revenue from all platforms including revenue from our acquisitions of Trustev in 2015 and Auditz and RTech in 2016.
  • tru_10k_2018-02-13_131_447
    Revenue - Product
    the increase in revenue in all segments, including revenue from the recent acquisitions and
  • tru_10k_2018-02-13_120_437
    Revenue - Product
    an increase in revenue in all of our segments, including revenue from recent acquisitions
  • tru_10k_2018-02-13_129_224
    Financial - Earnings
    Margins for the Consumer Interactive segment increased due to the increase in revenue, decrease in product costs from a favorable shift in the mix of revenue and more efficient marketing spend.
  • tru_10k_2018-02-13_55_169
    Financial - Earnings
    Adjusted EBITDA is not a measure of financial condition or profitability under GAAP and should not be considered as an alternative to cash flows from operating activities, as a measure of liquidity or as an alternative to operating income or net income as indicators of operating performance.
  • tru_10k_2018-02-13_181_264
    Financial - Income
    For 2017, the increase in cash provided by operating activities was due primarily to the increase in operating income excluding depreciation and amortization and non-cash items.
  • tru_10k_2018-02-13_79_203
    Revenue - Product
    For 2017, developed markets revenue increased $16.9 million, or 15.5%, compared with 2016, due to higher local currency revenue in both regions primarily from increased volumes and an increase of 1.4% from the impact of strengthening foreign currencies, primarily the Canadian dollar.
  • tru_10k_2018-02-13_44_386
    Financial - Expense
    Selling, general and administrative expenses include personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and occupancy and facilities expense of these functions.
  • tru_10k_2018-02-13_16_53
    Other - Other
    As economies in emerging markets continue to develop and mature, we believe there will continue to be favorable socio-economic trends, such as an increase in the size of the middle class and a significant increase in the use of financial services by under-served and under-banked customers.
  • tru_10k_2018-02-13_217_368
    Financial - Income
    Specifically, SAB 118 prescribes guidance, including disclosures, for reporting the income tax effects of the Act in the period of the enactment by classifying items into one of three separate categories: those for which the accounting is complete, those for which the accounting is incomplete but the company has made a reasonable estimate, and those for which the accounting is incomplete and the company cannot make a reasonable estimate.
  • tru_10k_2018-02-13_15_49
    Revenue - Geography
    Also, the strengthening of foreign currencies in 2017 has improved the operating results reported by our International segment compared with the prior year.
  • tru_10k_2018-02-13_15_44
    Other - Other
    In the markets where we compete, we have generally seen good economic conditions and increased market stabilization over the past few years.
  • tru_10k_2018-02-13_123_440
    Other - Other
    savings enabled by our technology transformation and other key strategic growth initiatives
  • tru_10k_2018-02-13_185_272
    Other - Other
    For 2017, cash paid for capital expenditures increased $11.3 million.
  • tru_10k_2018-02-13_98_418
    Financial - Expense
    a decrease in product costs in our Consumer Interactive segment associated with one of our indirect channel partners being acquired by a competitor
  • tru_10k_2018-02-13_93_414
    Financial - Expense
    a decrease in product costs from a favorable shift in the mix of revenue in our Consumer Interactive segment.
  • tru_10k_2018-02-13_124_441
    Financial - Expense
    a decrease in product costs from a favorable shift in the mix of revenue in our Consumer Interactive segment and
  • tru_10k_2018-02-13_139_226
    Financial - Earnings
    Margins for the International segment increased due primarily to the increases in revenue and cost savings from our key productivity initiatives.
  • tru_10k_2018-02-13_12_42
    Financial - Expense
    These costs are typically enterprise-level costs and are primarily administrative in nature.
  • tru_10k_2018-02-13_114_431
    MA - Other
    For 2016, depreciation and amortization decreased $13.2 million compared with 2015, primarily in our USIS segment, due to the useful lives of certain USIS internal-use software and equipment assets ending June 30, 2016, in conjunction with our strategic initiative to transform our technology platform, partially offset by additional depreciation and amortization from recent capital expenditures related to our technology transformation initiative and from assets acquired with our recent business acquisitions.
  • tru_10k_2018-02-13_83_406
    Revenue - Product
    For 2017, Consumer Interactive revenue increased $25.0 million compared with 2016, due primarily to an increase in revenue from our indirect channel.
  • tru_10k_2018-02-13_191_297
    Financial - Income
    The ineffective portion of the change in the fair value of the caps resulted in a loss of $0.3 million and $0.5 million, and a gain of $0.1 million for the years ended December 31, 2017, 2016 and 2015, respectively, recorded in other income and expense.
  • tru_10k_2018-02-13_15_47
    Other - Other
    We have also seen solid demand for our marketing services, and in our Consumer Interactive segment, strong demand for our credit and identity theft solutions.
  • tru_10k_2018-02-13_6_22
    Other - Other
    As a result, we modified our segment reporting effective the first quarter of 2016.
  • tru_10k_2018-02-13_84_208
    Revenue - Product
    For 2016, Consumer Interactive revenue increased $37.3 million, compared with 2015.
  • tru_10k_2018-02-13_82_206
    Revenue - Product
    For 2016, emerging markets revenue increased $30.3 million, or 17.4% compared with 2015.
  • tru_10k_2018-02-13_77_198
    Revenue - Product
    For 2017, International revenue increased $48.0 million, or 15.3%, compared with 2016.
  • tru_10k_2018-02-13_78_200
    Revenue - Product
    For 2016, International revenue increased $44.3 million, or 16.4%, compared with 2015.
  • tru_10k_2018-02-13_211_341
    Other - Other
    As of December 31, 2017, our consolidated balance sheet included fixed assets of $497.9 million, $198.6 million net of accumulated depreciation, and long-lived intangible assets of $2,819.4 million, $1,825.8 million net of accumulated amortization.
  • tru_10k_2018-02-13_108_426
    Financial - Expense
    an increase in litigation expense in Corporate due primarily to $19.4 million for the settlement with the CFPB and related costs
  • tru_10k_2018-02-13_134_450
    Financial - Expense
    an increase in litigation expense in Corporate due to $19.4 million for the settlement with CFPB and related costs
  • tru_10k_2018-02-13_65_188
    MA - Other
    Acquisitions accounted for an increase in revenue of 2.0%.
  • tru_10k_2018-02-13_64_185
    MA - Other
    Acquisitions accounted for an increase in revenue of 1.6%.
  • tru_10k_2018-02-13_40_150
    Other - Other
    Our customers use Decision Services to evaluate business risks and opportunities, including those associated with new consumer credit and checking accounts, insurance applications, optimize accounts receivable management and collections, patient registrations and insurance coverages, and apartment rental requests.
  • tru_10k_2018-02-13_205_327
    Revenue - Product
    For our qualitative goodwill impairment tests, we analyze actual and projected reporting unit growth trends for revenue and profits, as well as historical performance versus plans and prior quantitative tests performed.
  • tru_10k_2018-02-13_129_223
    Financial - Earnings
    Margins for the International segment increased slightly due primarily to the increases in revenue and cost savings from our key productivity initiatives.
  • tru_10k_2018-02-13_182_266
    MA - Other
    For 2017, the decrease in cash used in investing activities was due primarily to slightly lower cash used for acquisitions and purchases of other investments.
  • tru_10k_2018-02-13_149_230
    Other - Other
    Our 9.625% and 8.125% Senior Notes were redeemed on July 15, 2015, using the net proceeds from our initial public offering IPO , along with $350.0 million borrowings from the Senior Secured Term Loan A.
  • tru_10k_2018-02-13_191_294
    Financial - Income
    The effective portion of changes in the fair value of the interest rate cap agreements is recorded in other comprehensive income loss.
  • tru_10k_2018-02-13_208_335
    Other - Other
    We believe the assumptions we use in our qualitative and quantitative analysis are reasonable and consistent with assumptions that would be used by other marketplace participants.
  • tru_10k_2018-02-13_219_376
    Other - Other
    We believe the determinations of fair values were based on assumptions and estimates that were reasonable and consistent with what would have been used by other marketplace participants to determine fair value.
  • tru_10k_2018-02-13_183_268
    Other - Other
    For 2017, the increase in cash used in financing activities was due primarily to cash used for our stock buy-back program and lower borrowings in 2017 compared with 2016.
  • tru_10k_2018-02-13_107_218
    Financial - Expense
    For 2016, selling, general and administrative expenses increased $60.4 million compared with 2015.
  • tru_10k_2018-02-13_101_216
    Financial - Expense
    For 2017, selling, general and administrative expenses increased $25.3 million compared with 2016.
  • tru_10k_2018-02-13_92_413
    Other - Other
    savings enabled by our technology transformation and other key productivity initiatives and
  • tru_10k_2018-02-13_99_419
    Other - Other
    savings enabled by our technology transformation and other key productivity initiatives and
  • tru_10k_2018-02-13_80_405
    Revenue - Product
    For 2016, developed markets revenue increased $14.0 million, or 14.7%, compared with 2015, due to higher local currency revenue in both regions partially offset by a 2.8% decrease in revenue from the impact of a weakening Canadian dollar.
  • tru_10k_2018-02-13_91_412
    Revenue - Geography
    the impact of strengthening foreign currencies on the expenses of our International segment,
  • tru_10k_2018-02-13_103_422
    Revenue - Geography
    the impact of strengthening foreign currencies on the expenses of our International segment and
  • tru_10k_2018-02-13_173_262
    Financial - Dividend
    We may, however, declare and pay cash dividends up to an unlimited amount unless a default or event of default exists under the senior secured credit facility.
  • tru_10k_2018-02-13_15_45
    Other - Other
    In the United States, we continue to see a healthy, well-functioning consumer lending market driven by a strong labor market and consumer confidence that is near an all-time high.
  • tru_10k_2018-02-13_204_323
    Other - Other
    As of December 31, 2017, we had no other indefinite-lived intangible assets.
  • tru_10k_2018-02-13_204_324
    Other - Other
    We test goodwill and indefinite-lived intangible assets for impairment on an annual basis, in the fourth quarter, or on an interim basis if there is an indicator of impairment.
  • tru_10k_2018-02-13_209_337
    Other - Other
    During 2017, 2016 and 2015, there were no impairments of goodwill or other indefinite-lived intangible assets.
  • tru_10k_2018-02-13_55_167
    Other - Other
    Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
  • tru_10k_2018-02-13_34_123
    MA - Other
    On April 29, 2016, we acquired the remaining 12.5% ownership interest in Drivers History Information Sales, LLC DHI and no longer record net income attributable to the noncontrolling interests in our consolidated statements of income or redeemable noncontrolling interests on our consolidated balance sheets from the date we acquired the remaining interest.
  • tru_10k_2018-02-13_55_170
    Financial - Earnings
    We believe that the most directly comparable GAAP measure to Adjusted EBITDA is net income attributable to the Company.
  • tru_10k_2018-02-13_119_436
    Financial - Income
    For 2017, consolidated operating income increased $164.2 million due primarily to:
  • tru_10k_2018-02-13_130_446
    Financial - Income
    For 2016, consolidated operating income increased $103.5 million due primarily to:
  • tru_10k_2018-02-13_149_229
    Financial - Expense
    The decrease in interest expense from redeeming our 9.625% and 8.125% Senior Notes in 2015 was partially offset by additional interest expense resulting from the increase in the average outstanding principal balance of the senior secured credit facility in 2016 compared with 2015.
  • tru_10k_2018-02-13_157_469
    Financial - Income
    For 2016, other income expense, net included $2.7 million of fees connected to the filing of secondary registration statements filed on behalf of certain stockholders, a $2.0 million loss on the impairment of a cost method investment, a $0.3 million currency remeasurement gain, a $0.5 million loss on a swap that no longer qualifies for hedge accounting and other income and expenses.
  • tru_10k_2018-02-13_187_282
    Financial - Earnings
    Key provisions of the amendment included a two-year extension of the maturity date from April 2021 to April 2023, a 0.25% reduction in the applicable margin and a reduction in the LIBOR floor to zero from 0.75%.
  • tru_10k_2018-02-13_15_46
    Financial - Shares / Equity
    Rising interest rates have begun to impact the housing refinance market, which has been offset by the impact of a strong housing purchase market and the increased availability of home equity.

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Exhibit 21 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23.1 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 32 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001552033-18-000018
  • Submitted to the SEC: Tuesday, February 13, 2018 4:56:33 PM EST
  • Accepted by the SEC: Tuesday, February 13, 2018
  • Fiscal Year ending: December 2017
  • Industry: Consumer Credit Reporting Collection Agencies