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S&P Global (SPGI)

Participants
Doug Peterson President, Chief Executive Officer
Ewout Steenbergen Executive Vice President, Chief Financial Officer
Chip Merritt Senior Vice President of Investor Relations
Manav Patnaik Barclays
Jeff Silber BMO Capital Markets
Craig Huber Huber Research Partners
Trevor Romeo William Blair
Jeff Meuler Baird
Ashish Sabadra RBC Capital Markets
George Tong Goldman Sachs
Owen Lau Oppenheimer
Kevin McVeigh Credit Suisse
Toni Kaplan Morgan Stanley
Call transcript
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Operator

Good morning! Welcome to S&P Global's Second Quarter 2021 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. All participants are in a listen-only mode.

We will open the conference to question-and-answers after the presentation and instructions will follow at that time. To access the webcast and slides, go to investor.spglobal.com. Instructions]. [Operator like now introduce to would Mr. I Senior Global. Merritt, Vice President S&P for Relations Investor of Chip may you Sir, begin.

Chip Merritt

are and for today. Second Vice a Call. call news Quarter you President XXXX Peterson, Thank joining Officer. our Earnings Presenting todays and Chief release on We Steenbergen, with and Ewout CEO; S&P Financial Global, Doug Executive President issued today's earlier results

can copy If release they at the a schedules, of be you investor.spglobal.com. need financial and downloaded

and about need teleconference Act the statements Before conditions the Except provide statements Securities from differ statements to subject to periodic In this forward-looking we and direct are and based remarks matters today’s statements. actual and the Litigation XX-Qs of and current regard, these historical statements. cautionary in within Exchange reports to our I estimates such projections, may materially cause are on may descriptions the other filed information, Reform uncertainties begin, including U.S. forward-looking cautionary Private Securities economic of for future with we certain current of Any forward-looking contained expectations to and in that XXXX, Form results the XX-Ks, discussed results Commission. meaning contain in anticipated risks events. listeners

sale overwhelmingly quarter offer securities performance about S&P between In statement approval, and of jurisdiction registration with companies Global be on in financial with be release prospectus or I of law close regulatory to nor call. European statement offer unlawful to me securities and the a and voted today's from that S-X includes proxy but on late the the constitute filed any with sell XX the any non-GAAP a No entire IHS IHS slides currently stock during financial there of attention to contains to or The management. the business transaction, buy Factors is securities, qualification to discussion risks exhibits expects and pending We're calculated corporation's proxy view comparable SEC, are contain Markit shall and prior in do to S&P the of or proposed understand periods adjusted same definitive has our the merger. outlook, would be forward-looking fourth in the a a measures website offer, addition, or and Markit except and of a of impact or reconcile our of the measures This merger shareholders this the to last we under and we better on difference securities provided the sale to and into providing touch call with made SEC. security of earnings or call obtain S&P expected potentially a call, filed cause to is and to joint the future of of found the on results should both corporation's in as an the differ merger, make as not favor sec.gov. transaction solicitation events XXXX. between such subject perspective regarding some the GAAP. the has announced connection any operating us of company. buy IHS In and will holders and the Markit be expect enable solicitation to or the also which the in Securities the joint XXXX. of filings the any have Form shall Global S&P prospectus, legislation earnings statement prospectus. to merger sell regulation. that offering the a which with the March jurisdiction. accordance Section on any This comparisons call statement or does the your especially entered year, Global IHS with have S&P of in statements we’re the carefully call read are agreement. which who U.S. uncertainties. The and conference is and meaningful our In In the other registration This to investors and to meeting of requirements such give investor documents Investors registration could actual Global proposed of investor means Act Global representatives of and like available urged information information. by the ownership on can aware website. are more materially of from X% Any that would media that SEC expectations release our Markit

investors, for to Peterson. directed that ask questions XXX-XXX-XXXX. be over like we from Ola Doug at and media the However, I Fadahunsi this At time, turn to this is call the would intended Doug. would call to

Doug Peterson

liquidity It’s Welcome and management earnings actions quarter happen investment year reported deal we the to strong in the to grade we that make all. been to thank the second Thank had earnings took driven results from them and COVID the today's At knew to the due call. incredible want results those you, of them very our the people surpassed These from happen, quarter we ago. Chip. just the pandemic. today issuance that don't financial a of to surge reduce beginning I remarkable with XXXX of uncertainty in spending a

this our earnings the to together our details merger also second be performance build. After continues initiative and we're in planning reported than from based profit expense second IHS are revenue Adjusted revenue X%, in businesses quarter and upcoming from employees merger with to continues and these of normal the quarter. incentives for highlights revenue our year. and the important with on year X% raising financial our delivering based quarter. due very workstreams. like I'd higher to Markit. increasing of guidance highlights. growth. to for an IHS is provide additional opportunity Now, remainder pandemic to numerous adjusted expectations Momentum and gains let's This the due cost the company Markit companies all XXXX in results related controls results most period integration We The share the delivered Countless large on our operating financial four both AUM. the on largely moment. working at strongest on quarter strong call, transformative the a ETF, the turn some Indices our significant was growth for raising prior incredibly customers. will again to increased first growth strong Ewout with guidance

continue in regulators to with closing engage quarter anticipation the of XXXX. We the merger global in of fourth

today, CRISIL have updates telecommunications, over in this and you being experience Suyash, Amish and And X. with October own Officer to as celebrated Officer merger decided new call. has Jones to Amish oil decades Managing CEO Operating Mehta across her current and responsibilities services. Financial business his and He two to assumed and effective joined of who move up in Chief advisory as XXXX succeed will diverse Director gas, has Chief President XXX CRISIL today's as industrial introduced can iconic XXXX. you I any on new Ashu finally, Amish We’ll set named considerable While the that products. quarter, ESG progress and the is we on accomplishments years details on average share these further several on don’t we assure made. new The Dow provide related venture.

leading, its business. grown CRISIL Over leadership Ashu to global innovative company. has the analytics her has but also consolidated last X CRISIL’s become Under years, only its agile, ratings transformation global not its led leadership position,

our forefront to of been to CRISIL several quarter, the billion. X% I'd results agenda increased ESG and contributions. offerings like the markets. To of the leadership at new platforms and launch the in deep appreciation for global Ashu’s India recap for $X.X has of the financial revenue second Ashu and express and the

margin X% operating profit to operating our XX.X%. Adjusted Our XX adjusted basis and points increased profit declined

a operating we As margin XX.X%. profit trailing XX to on four points you quarter and adjusted basis which basis, know, measure increased track

As underway. and few business Each a EPS adjusted key quarter we result, projects drivers X%. diluted increased our important highlight a

This quarter issuance ratings with trends. bond let's start

issue, as quarter second bond In issuance public investment every aggregate the due X%, decreased finance bond where than The structured class issuance X%. category, and this decreased XX% decreased XXX% increased and XXX% particular every issuance include in decreased to increased increased in the overall loan yield note U.S. bank on which decreased XXX%. grade CLOs decreased bond asset issuance global investment except global XX%. while XXX%. decreased decreased which particularly ABS, depicts increased grade increased X%, as high increased European structured gains slide only bond In bond Asia, data XX% XX% overall. finance During in with where XX%, X%. a yield increases more CLOs volumes X% we large finance High issuance

the of first quarter On in from was data slide this we a of much whenever is, bond issuance of the investors different there's show pull-forward. questions One time. maturity strong ask of this how points profile

the As you years changed half can and months. have next second much the the not see, the of in few six upcoming this past year maturities in in

demand vaccination to easily in asset revenue continues are our rate market CLO months, potential ETS much of to the the money amid and the in an activity. continuing The and retail Since economy, mutual few as loan to pull quarter. flurry loan bank been in focus. issuance disclose rollout, appear the incredibly to of forward see market despite bond issuance the funds, and reopening doesn't are With market into element ratings slide, and not loans of inflation like these have each our loan puts floating they volumes. digested revenue investors last rating class So has ratings an the bank included elevated the there bank pour we strong important strong

jumped XX at assets to fact, high month at June. the funds of leverage an end In loan

with this half of loan year bank contributed last unprecedented of revenue an exceeding is All all rating year. this level already XXXX first to the of

that yield XXX quarter performance rate CLO dramatically demand contributed pandemic high and slides of This the $XXX leverage the investing yield the yield, exceeded Street. year. and of yield ago, they the total Jones issuance and as Index. the XXXX next This three investments, has XX, introduction, billion high depicts the U.S. the pace for issuance issuance during on global the and for Second selling of Average Data loans the the in proceeds time The Street’s with rest of little of are their benchmarked Investor and the $XX in category activity, increased world strong the is quarter indexed considered lot than days. the the was bellwether funds the and CLO companies second of the in LBO or end was and slide Ironically XXXX, was many of as largest issuance CLO slide by market past in as the quarters The this XX% on XXXX, the XXXX early loan of of stock in The in attention world. two the floating value for years volume created everyday of and of Index another and brought at raised. of There years not Industrial relatively triple market its crash years. reputation search any a to iconic increase leverage of revenue CLO serving this was the it combination in market the loan for of a and volume of still combined At look shows second that so leverage ETS leveraged combination course prominence M&A activity. the have Dow's use quarter against achieved its the the investors, AUM million, first to quarterly more torrid not The Still Dow lost CLOs. at with Dow loan speculative loan leverage Dow’s of XXXX. market the continued the up available one readily quarter. was are outside over nearly May the was XXXX the second Wall Jones market in Europe. but the highly a of dependent second two launched. Wall product the high end Dow

survey were depicts for have after investors annual Dow XXXX. chart more Dow that that individual on of in general that The stock, market Jones their the more of This but following Indices highlights the crash been made investors Before survey Each focused conditions. the assets. year possible. S&P releases interested

Asset trillion. XX% increased benchmark levels against in actively managed funds our $XX.X that Indices to

products including S&P categories to with several XX% Indices increased the XX%. XX%; There to our assets. trillion. Assets trillion Indices increased increased XXX, trillion, other $X.X in Indices Indices grew XX% index that growth, are $X.X sector considerable has in support largest and Numerous $X.X which passive in AUM invested global funds including the notable income with Indices fixed the

a and over like place featured we solutions, our share currently Kensho. ago reception S&P received and to tremendous I'd of on with features Just year divisions Global Today launch all four tiles XXX call. Market representing the The you by our clients. the of content site earnings it has the

page So and far been deals views. we have there have booked XXX,XXX XXX

slide users. analysis. categories clients Congratulations to the data clients We access modern in simplify Marketplace all access, Databricks, also those cloud depicts partnership to the with most involved most popular This uses recently testing utilize identify, based a a launched client types workbench for and unique allowing with platform data ability also big technology our evaluate creating unique and to that solutions. the active and to site in

visited marketplace.spglobal.com encourage I haven't so. do you you yet, to If

we launch $XX versus ESG half year, delivered increased recording products across million in in to our revenue of new $XX this company. prior continue and with million Turning ESG first million second period. the investments in After our we revenue $XX to franchise the quarter to grow XXXX, of over XX% revenue of the ESG,

Overall Market our ETF features, applying data banks agreements. alignment clients and to tracking ratings earnings an and With Reports the evaluations, Alignment power and Quarterly and regulations, credit our stress ratings risk, data and of disclosure product finance access data the a we an with carbon renewable by These Market end sustainable will footprint trending. on ESG purchase call intelligence. the Paris and XXX% risk introduced climate insights into of of entered sets of regulation physical XX agreement SAM second social indices social of We allows testing firms Oliver products. the Union the XX carbon's to of is quarter TCFT from end formed green functionality, comply help analytics has newly XX Intelligence purchase of clients. alignment mapping Trucost to In launched including range wide with Trucost, now solution requirements evaluations, since $XX.X framework partnership intelligence SFDR XX last pricing at data in power increase drawing are U.S. at environmental reporting we four second European ESG ESG framework launch this climate an across environmental Wyman opinions a S&P in with agreement launched in meet Global. completed with that and operating AUM other also and the the Benchmark billion quarter, year. revenues broad new Engagements quarter, clients sustainability launched and State energy last Street's sustainability on portfolios, by Electric that quarter. carbon provide These data to how opinions

carbon indices business additional retirement carbon which daily the series emissions Dividend relocated €X of LNG of carbon to indices, of Index world's prices based partnered carbon German hydrogen carbon integrated the activity. billion and launched that also Evolve through offsetting credit for assessments, daily price two first launch scenario for offset involves EU index also Aristocrats and are household the Pension carbon model. reflecting carbon device purchase price UK assets launched that carbon neutral trading intended transparency and strengthened benchmark. price assessments to ETFs the and its hydrogen prices, warming global credits. bring in our stocks, Platts Our Plan with the footprint with credit of began transition worked climate assessment Platts degree that to suite the leading of with new credit Federal nature publishing to the market ESG utilizing equity the carbon new global Platts energy the projects

a our XXXX of issuance for of finance. this X%. prior growth groups quarter The the hard GDP. XX% turn XXXX our changes still a high non-financial gain revenue global XX% was a but from to should include which and went for The me X% called without went is to a XXXX, XX% surpassing for in X% a This earlier an calls decrease total research forecast forecast. a issuance aggregate forecast. to come note in and total level Please issued issuance now this historically decrease that decrease. in gain bond XXXX the from forecast in a forecast a finance, at last outlook XXXX. After ratings Let not XX% public and largest a likely The in to to XXXX beat, week of latest remains international decrease issuance compared is two which X.X% of structured

For but economies to starts the loan elevated. example, reopen, leverage macro risk for and vaccinations peak happening it and include doesn't severe fall widely doesn't us, earlier see advanced inflation. particularly cases inevitable as become address pandemic continues outlook still most the The is to and economies assumed, growth be non-transaction both revenue and with we behind driving appears fits COVID available, activity. improve. faster and The COVID-XX of than This still previously

in raised have the by reflects global XXXX. performance our first This forecast We in the XX the year. growth of across half points X.X% stronger basis to board

policy and state, with transition focus. the possible and are sharper coming economies XXXX in Risks recovery. COVID-XX rates pace financing are shows on markets the emerging rising easy some the emerging points sustainability and stronger from the to of inflation and to the a U.S. U.S., a ultra-low from mend, to the steady markets. normalization XXXX pandemic outlook shifting into post Our bumpy but the lagging to particular, In conditions

over remain Steenbergen, through Ewout oil positive the I into provide for going is forecasting will financial to Ewout. industry. turn of Finally, and the will our health the outlook. who $XX Platts a above performance call XXXX.This is now oil barrel the is insights additional to

Ewout Steenbergen

Thank you.

the Let moment results. items. earnings and me adjusted Dough growth. second other covered financial with quarter will cover strong few per of revenue a our to a start highlights I share take

of some the not revenue and difference modest them, increased the and to associated revenue this since total enough large in in a result X% Although XXXX, quarter reported Adjusted between some I'll organic slide. were on next provide with was second there expenses divestitures growth. additional color the

expense net the resolution due portion refinancing the operations of substantial of our increase the due declined to a and year. in successful examinations tax increase in the year. last XX% rate effective an Our interest was on of to foreign in taxes The debt tax prior adjusted

year remains full Our unchanged. tax guidance rate

adjusted was larger are growth at several there reasons. the X%, Our quarter during expense normal than

quarter by pandemic expenses impacted actions taken management second year. XXXX First, related were last

have royalties due Second, performance commissions related costs, incentives, results financial to and increased. strong including year-to-date,

Third, ForEx expenses. increased

clear remain Finally, to expenses I business want under that make it control. as usual our

a the in merger. of The impacted Last quarter type meaningful to to incurred that exchange new the During by changes of are we positively only in going quarter million. foreign was adjusted be impact provide rates ratings, impact $XX categories to $X.XX. into profit was on operating positive adjusted pending where related the had EPS insights introduced three expenses

These related fees to The are transaction and fees, fees. filing first category banking merger. completing the is include They legal cost investment costs.

integration; operationalize and cost. cost, infrastructure is consulting, they category to integration are The the retention costs second these include

and to marketing needed distribution The exit revenue third investments synergies. lease and include and to They related severance, achieve. are expense enhancements. contract category development, enable termination, is These product cost fees to cost

million transaction collectively fees, a to lease respect a $XX in quarter a costs, consulting merger for cost achieve, Tax pre-tax Income totaled tax deal-related fees; the deferred tax adjustments million. after million revaluation $XX second of million non-GAAP They primarily amortization, to $X impairment the of $X adjustments During primarily a was to loss to merger $X for change. the costs, legal Rate million and integration $XX included for million net there related and liabilities U.K. with

margin while delivered business gain decrease four all points. adjusted ratings basis, in the profit. increased and on results in moment. divisions and trailing a quarter individual revenue Indices This operating a a modest had Platts operating color profit had and increased of intelligence, four significantly basis a market On XXX adjusted I'll quarter provide

Now, turning balance to the sheet.

low balance Our liquidity. ample and has sheet leverage

of undrawn and and equivalents We have paper billion, $X.X billion cash billion debt of and revolver $X.X commercial no cash outstanding. of capacity $X.X

adjusted adjusted to more half X.Xx. of the since pending to to Markit, EBITDA last XXXX, items $XXX period. merger end gross debt improved increase first excluding the been the IHS million an Free year prior certain of billion over $X.X suspended. share with X% year have cash or was the repurchases than Our flow Due in of

revenue due primarily and structured to in incentives, turn loan increased Adjusted were ForEx. operating finance loan let's increased On margin. grade investment XXX in strong adjusted comps issuance. to associated and a and yields and service raise results. Loan than a last entity ratings the a growth to surveillance operating to profit compared strength revenue risk more a M&A offset all Ratings segment credits increased rating finance evaluation Now, segment to X% to more XX%, from expenses to resulted and salaries increase in ratings These increase division X%, more with increased transaction activity. ratings, a by in to profit decrease in In completed four substantial and of adjusted and points basis is finance enable basis Investors interest second and revenue based than levels of we profit trailing the Please to yields, revenue ratings. the We momentum second issuance loans This and increased that of our slide XX.X% weaker operating see new bonds search achieved adjusted China temporarily debt. mind with segment Transaction in the quarter basis, keep ratings on end due in the the that in investment XX XX structured continued margin ‘XX segment elevated high to activity. in in in due issuance margin XXXX in structured increase the XX.X%. quarter continues increased depicts surge adjusted in by leveraged increase quarter profit bank finance. XX in ratings points appetite in bond to ratings fees doubled an first yield and half bank CMBS ABS, contributor and revenue markets, for of XX%, XX% in its of decreased tripling year's transaction driven mostly record primarily year. CLOs, grade the revenue, structured than offset largest activity, height decline high RMBS. by last the by revenue loan operating quarter,

In addition, corporates declined category XX%. X%, financial increased and governments the services increased revenue increased X% X%, and other CRISIL

S&P Jones operating to a to points segment in due quarter adjusted Dow segment profit increased linked revenue segment new royalties operating In gains to primarily expenses the our XX XX% to adjusted Turning increased and profit XX.X%. the margin decreased adjusted salaries, growth, investments. Indices, increased XX%, second product XX% largely due and delivered the The incentives, AUM Indices. basis to

but XX.X%. decreased On to was growth remains strong, basis, margin operating this points adjusted trailing quarter. basis quarter XXX segment four profit Revenue, the mixed the

gains primarily trading mutual derivative revenue XX%, increased augmented XX% by insurance counter over funds and reduced on Exchange-aided in activity. fees derivatives ETFs, linked decreased Asset the volumes. in from and gains smaller

The the recovery. Data market pandemic elevated and year subscriptions quarter increased related XX%. to last second custom the stock volatility had and of

Korea world and with a markets. split been around with revenue prominence relationships exchanges steady our widely to U.S. our is understood, the of these that custom the data While is include the are have expand new progress partnering Canada, These international revenue Japan, The presence. is chart exchanges we in Australia, to in Brazil, and This grow across we asset depicts subscriptions. making disclosure linked others. and fees Indices

totaled of $X.X in one market compared AUM ago. year and the were which billion trillion, XX% For inflows net our Indices over division, ETF higher resulted billion. ETS $XXX to This $XXX appreciation quarter-ending past is year

totaled average of appreciation Our indices XX% net is versus year-over-year. $XXX ETF associated Sequentially increased end quarter, first revenue $XX billion which inflows totaled the market with ETF AUM, billion. and based on our

the increasing in noted, revenue options second quarter at activity XX%. futures Nevertheless, disclosure. the options XX%. a S&P & at and XXX activity here As decreased new equity derivative CME increasing strong I another Activity just with faced And X% increased Index is the complex comparison. CBOE activity VIX exchange-rated

You revenue a is what have strong quarter-to-quarter, volatile that the taken has think apparent seen X-year This chart annual don't is activity the be place. CAGR I can exchange-rated from of depicts underlying growth from that very X%. derivative

after adjusted Panjiva, from operating margin is Research, perfectly Market more upward and was primarily sales product This XXX increased not due the revenue XX.X%. of is and intelligence growth to research trend more S&P data. ESG, primarily Marketplace, XX% Global royalties. and revenue segment of expenses the suggest. SME cost segment sloping, operating third market Adjusted recent profit XX%. increased XXX of to X%, Adjusted profit figures increased annual growth basis points than increased than from might the consistent by investments, much the quarterly the one than more line which delivered growth was While X%,

operating adjusted On to XX.X%. increased the basis, points profit XXX trailing four quarter basis segment margin

was increased Looking X%, Risk turning Platts, quarters. revenue Solutions recent each across now revenue over Data reported Management XX%. grew an grew growth the revenue Credit grew Market And uplift solid X%; to categories. Intelligence, in Desktop there and revenue XX% Solutions

about profit trailing than in Our level segment by volumes, at growth of mainly renewals. increased segment to LNG. timing Adjusted contract operate. segment partially due to increased XX the operating LNG Adjusted gas operating It X%, basis XXX margin offset X%, volumes. in subscriptions trading million of adjusted adjusted including are lower profit profitably and the X%. quarter points natural including XX.X%. increased basis profit our four and one general petroleum incentives, core notable initiatives, $X most Global primarily prices can XX%, products points ESG expenses increased increased the from strong to to where and that commodity Oil is from benefits growth due decreased quarter margin operating new services customers came prices more and of and XX.X%. commissions, The a

services petrochemicals revenue the While has delivered XX And global disclosure: Here category every final can past category delivered this trading you meaningful growth. growing new impressive growth fastest quarter, the the years. see one over was that

of is While all quarter-to-quarter, around not cannot XX a components GAAP the guidance We're necessary reliably volatile demonstrated providing the year, XX%. on guidance adjusted the because quarter occur meager, this we a of basis. this management measures. we're XXXX And CAGR the merger our standalone the slide predict it providing has category inherent will that uncertainty this while of adjusted GAAP depicts year expect fourth from in given guidance,

column with that XXXX new items adjusted guidance third line the The highlighted. our changed shows all

All strong delivering of million to new conclusion, flow to $XXX Corporate changes to our in these outlooks making And to Unallocated diluted high are revenue to a new a to is of to billion by XX.X% due $X digit free improved because projects In by our million generation out is this a by XX digit increased due a points a million be margin to ratings We guidance less XXXX turning adjusted for originally been is $XXX of primarily finally, and solid now the a from Operating growth. we revenue range than increased million $XX.XX. spending XX.X%, increase year results profit EPS has basis cash to are and $XX.XX a growth, $XXX range increase Indices. anticipated. company. expect range decreased $X.XX range billion. $X.X increased to businesses single very to in increase. $X.X greater to of to guidance new is mid-single Therefore a

the back to Markit. We me merger IHS very expand turn we your let that, our product With questions. and upcoming over with ESG continue call about excited are for to Chip the offerings

Chip Merritt

you. Thank

cancel name. to to Please To your questions press question. one take your Just yourself Q&A in of question, or a a wish time our withdraw two. please instructions will first participants. couple indicate during for other Operator, star our press and you session. record question simply limit to callers phone ask To two for star now that we allow order today's

Operator

Thank you, Mr. Merritt.

Manav question comes with Our Barclays. first from Patnaik

open. is line Your

Manav Patnaik

Thank your morning. you. is know ESG guess efforts. around my you I Good first just question

growth know you can out might like under quarter, your talk just is just fall that called So the the what’s growing have? you $XX for that million than I whether, all new think, given high you products forecast this And annual look that this rate? SustainableX about brand you the XX%

Dough Peterson

Doug. Thank question. Manav. morning, today, call Good and the This the you for for joining is thanks

of us, provides can positions. an and know SustainableX It you being ability. see being own the customers lot so been this our of ESG. with issued area we a customers, demanded It’s entire lot we excited we're about have growth, from we're that ability interest are is when provide what very across services portfolio and a and put doing the and they together our manage to us look where As by an for their products

of carbon look managers carbon launch the we assessments, by As managers, Climate at you year just been neutral voluntary a risk has as as have of by banks, whole to well climate. portfolio market across by we asset which markets of intelligence know, evaluations, Platts impact $XX.X In Analytics LNG. launched price suite the used have to Last products Indices ESG ratings, ESG Indices. billion. Across Credit up our we are XXX% grew AUM being

see we the market. demand So high in

engagement our great customers. having are We with

climate of We we analytics, develop really the Founder is acquisition the Mattison This is which person of named is with business Richard model, an to to new place original Cheung. a Martina in products able president is now is our Trucost, Trucost, were area particular SustainableX of and in who where our a set to of ESG around climate. strong including which continue who bring reporting

more numbers. let we're So bit pleased about talk Ewout it to the very to the with me but over little hand a progress,

Ewout Steenbergen

to the results, the for complete these across results the ESG Manav respect our company. with are operation

built ESG of our and have all horizontal activities decisions. includes P&L, all for of where So our we it a

year, you We was quarter that ESG If is end second will this XX%, that million and revenue. in still quarter revenues this XXXX $XXX at year total growth will up then XX%. growth far for exceed forecast expect $XXX so it first the the at look total approximately million

and So very we're positive the about we're outlook. growing rapidly quite

Manav Patnaik

And on it. Got quick then a question know margins. the you just readings

we levels expansion the healthy it’s on categories. know outlook. you the drive pretty today? what how what continued the how elevated that But Like will about for know the are – of different you talked know margin different think you multi-year just know a maybe should factors about You you

Ewout Steenbergen

points. quarter ratings respect fourth would like XX I don’t the margins trailing you to quarter, margins I were fourth the point at basis to with know, at that XX.X%, up

don't continue operating we into secular a in over couple We XXX to take capacity moment We the ratings after year, businesses economic Also quarter ratings of where to analytical for full and have those business, targets are factors you our have new benefit. ratings the invest that's completion margins the early be a that margin consideration, IHS a our for positive large in and there as have. margin and as problem the trailing we good is that the a can last volumes I revenue but is of aspirational leverage we a is for with merger line divisions. year, see increase of points, for to the about very seeing, CDP course of term going four basis give course basis. because long direction momentum, a some of positive right seen we with all think the of always behind have be to for need Markit. business. From year so the growth operating time have think up longer leverage, we're trends will to We the best to think do you positive level in But announce the perspective full

so So, need capacity. be made to many analytical in investments

topping business to outlook, a year. can I So overall I but the say last best by that with and the is really give strong you very strong year to the would ratings respect results very

Manav Patnaik

thank it, you. Got

Operator

question. your for you Thank

ask question. Our Silber next is Capital you question your Markets. BMO from with Jeff may Sir,

Jeff Silber

past Thank to of so the much. a to gears Obviously been over wanted few there's news over you China. shift lot I weeks.

I a it what's know industries. think out know talk a going you your Can months business? might for risk you affect broader about it couple different there it of was seen that more new going then and just we’ve number of security you in a implications have law to data was and the

Doug Peterson

we built go owned we to Jeff. know years have – wholly had Thank when a China. Two you, domestic as that decision subsidiary. rating in a with launched you ago we a we agency Yeah,

businesses. should macro noise should they requirements between scratch States the been financial businesses We been still and as be pay understand building to with an business there's able a our of law intelligence on-shore requirements is general be we've because bringing players security the They attention going environment, clearly foreign and the so the the business well, into businesses which domestic law new those to are related services business. sector to see – open we Related the from businesses, at we market security data meet we've expanding very Since information. on-shore meet to to data are domestic domestic building on to on-shore to closely. ground that we’ll addition we're on-shore law, at building managing In going think businesses for that we new of level we September that market. be United very China; the regulators. the able the the our But is China into place open in in lot on-shores,

market owned reception to managers we foreign of ratings to We continue XXX% business. get licenses continue for banks domestic get to XX% our excellent the asset and and in licenses see foreign Chinese

Jeff Silber

helpful. terms Okay, merger seeing closes? we also of scrutiny be you the just in back mergers. Are of know the looking some on of can seen pressure deal additional info keeping milestones just regulatory the need we've out be Washington what U. the to with for announcements remind and in out theme may And terms before and any you shifting to greater some the Thanks. that's S., us you

Doug Peterson

on thank that. Yes, you

with up almost merger. to [ph] do very two and and closely do but – about that with engagement a that to our really this constructive dialogue proposed anti-trust roadblocks very opus businesses obviously engaged are it and for we’re in expect seeing regulators right engaged way, coal continue the regulators major having know transaction we're what complementary track you we own in continue and is the very a we're coming our our to we with of As the It's really based see don't but have close any ourselves, divestiture when now will very, are continuously comes fourth the them, businesses. merger very combining that we year. the feedback, environment of inflows, quarter on We're

Jeff Silber

much. you Okay, great. so Thank

Doug Peterson

Thanks.

Operator

question. your Thank you for

next comes Craig with from Research Our Huber Huber question Partners.

your You question. may ask

Craig Huber

would the grown few recently the you stock, debt forward, optimistic How has you yield strong business? and terms with here. amount pull-forward talk in of of despite took. this future to Yes, and about hi! significantly You given the if our the that forward quarters you here strong Doug how for are business issuance feel going that going issuance mean stuff. here ratings about your total went grade out I Can make how year does lack have last here in you the has forward, debt given going – over ratings you investment the and your we debt been outstanding recently of this, talk your of way of obviously record,

Doug Peterson

had ever different the since of obviously quarter in classes this that very largest company, watch last issuance. of This is this seen something we and of I've I've some been closely, swings asset

XX%, example, in up was XX% corporate of As XX% corporates Europe down issuance; was were high an the grade year-on-year and XX%. yield investment globally although down U.S. down was

saw of the You were some XXX% in numbers. the XXX% up almost CLO’s U.S. globally,

but I’ll in a back we going growth see out to down pipeline or both the on be to on lot increasing. very back U.S., rated we So we the it and few Asia, we rest as saw is of at level be look loans, issuance, sheet that important going to balance take been which bonds goes and look the expect step that's to debt rated as the a bond, or factors economic that typically of forward that’s at we what’s X% that through about But get which for total a rated mentioned once loan to be so us. become a continues the we we and robust. a for year, a come robust a really pretty second. will of starting do but for issuance Europe and Once swings, level pandemic, think for will it we for the We beneficial at

year. are the But acquisitions the rates you to world In economic shift which mergers for right and time high developed addition we continue for around going look capital which we markets. when markets to environment, helping in you which overall robust from like the interest growth, are loans. you bank yield at ability very look now, watch and for view low the at going quarter. being that expect current robust major doesn't markets, so think are our be term at things for some about things look markets we especially is Since loans, to we These term are X% for the short going did for very forecast, briefly the a outlook market about that was be still We long last questions you expect ask on the XXXX to overall down rest which are beneficial ratings. of that that's said include that to all going to be down X%, are the also

Craig Huber

The question market was ask. if I intelligence very could follow-up My strong.

maybe X% number up Can quite you and – driving here. a and is health that customers we’ll the haven’t what's me also that of markets underlying quite strong your growth obviously your like comment organically; while, in that think on Thanks. continue it and I end it's there, obviously a I seen good. tells that You there were

Ewout Steenbergen

across growth X% growth. Right, the as market we saw Desktop the lines. intelligence product you’ve seen

quarter in desktop grew growth. Also risk has digit to we're book credit bit very strong You and corporate and that bit it we and mid-single sales we the faster business. lower would we're seeing also to solutions levels what that very just from than our be healthy during in seen happy quarter, is particularly back solutions recall perspective. a temporary expect Overall commercial U. activities management what S. been term and second renewals last told to would of a have the growth longer you the strong a data sales see was coming we and

think overall of in users very So economic XX% growing we're book active the that at I well, by and environment reflection going overall it's business up positive the moment. of

Craig Huber

you. Thank Great!

Operator

Thank you for your question.

William with Nicholas Andrew from is Blair. question next Our

question. your ask may You

Trevor Romeo

Hey, Andrew. Romeo Trevor good Thanks taking is for my morning. for questions. on This

mentioned to was you you a from First, past it Platts. came acceleration to I in million quarters. of $X just nice the know It few contract of nice I the there. see wanted like know sequential growth timing, on still touch kind seem kind revenue but increase

of was or if the could So growth know wondering you spend you bit drivers going just how a into a deeper kind minute there and forward. that diving two sustainable is

Doug Peterson

Platts current is of insight’s Definitely take out morning, in stronger are Good of $X the significant global but is that the with customers you in growth quarters volumes million are are years, business. over the that by Trevor. commodity helping our terms one environment trading last the price quarter But seeing customers you very is healthier businesses, and a and matter still ultimately clearly to growth, in the see momentum prices. getting revenue the timing of few growing. perspective, we our grow if from strong also helping driven of general What the Platts and commodity also commercial services

Trevor Romeo

indices And announcements cryptocurrency a noticed to then related on I of I've thanks. kind few segment, Got S&P it, the recent guess indices. new

about thinking that kind your indices of the could So I broadly Thank long you talk types of and vision about was term you're you. just wondering of if for opportunity. those how size

Doug Peterson

broadly we there other at but started clear market assets, it's The more necessarily We things growing market Thanks indices. strategy are for Trevor. just around research of business. don't yet, Well it looking digital all, and something opportunities we particularly but growing. finance and toward the than index have the we with and cryptocurrency first analytics for it's that, that for cryptocurrency see a

announced this from and the It's in. asset a we software. lot Luka the into in and that called crypto indices see interest also that pricing York company can a analytics, a of investment You blockchain. obviously there's first based partnership just that have data in data well well provides it an as We using New as company crypto beyond goes as

to-date. cryptocurrency launched includes Ethereum; that a coins. have have over we There's indices, since S&P a bitcoin, broad cap an index, and different eight values then which XXX from index mega We couple few provide a S&P

become become We have expertise the an or our started in around some the to a is team of class this addition investors. have over to that more potentially that asset analyze think that businesses desks many institutions in to the Kensho of is using going major trends this. to see We acceptable financial time that We at would trading this quite looking from market. carefully

to So on to enough you an It's or small right we grow I is really don't this market any area continue is it. will a have market. yet, and pricing to give quite now it because new ability invest sizing brand in this

Trevor Romeo

detail. Alright, well thank both the you for

Doug Peterson

Trevor. Thanks

Operator

your for question. you Thank

from next Baird. Meuler Our Jeff question with

line open sir. Your is

Jeff Meuler

slightly I the you. how environment. sustainable guess strong thank surprised is talk the ratings and growth was how much by I how quarter a Yes, in it revenue mix in was impacting guess I ratings, you down non-transactional I how revenue ratings is. non-transactional could through hoping accelerated and was

Ewout Steenbergen

the that's quarter, that. growth have growth so in a you the saw let we strong underlying non-transaction seen Yes, expend me a in all such on by non-transaction this so the bit reason components, why

credit credit ratings. new new ratings. from entity It's is in the that So, eligible about of one entity one-third component non-transaction growth came

driven search from the of of CRISIL M&A, already then by very strong and held the And rest the the that's program of ratings that quarter. and explained, evaluation year. the results M&A is also based this surveillance Another a environment the by on issuance one-third number of being fees larger the outstanding growth positive were bonds Doug came last services build-up

a high could of So for really you this I expecting in What category. say can we single to is say components all are terms underlying non-transaction now in pointing the for growth were the full year, digit direction. outlook positive

Jeff Meuler

it Right, I is understand, I could But existing to user that. To expanding now place opportunity relationships Databricks a me and customer Snowflake think what NIC and thank versus the new extent partnerships, close, reach post-merger increasing most then how to with And the would relationships? would for categories. extent are slide (a) be the this market you think is marketplace help and extent important given good is like guess go-to-market just I your go-to-market what the into internal to you your what effort? if active what

Doug Peterson

to customers, is years of our We profiles the want using that and realized across directly or their part the going users users; were are use that we going years that own that into the that it Yeah, shifting; could are many have that started as launching distribution more really different they would our to ago to analyze you models also be it data strategy over of few Jeff. get wanting thanks going and been cases and easy it they last shifting be have couple important Yeah, to cleaned, our our realized had and curated, to to then modeling; there use, the this it that was are been were to that, – tools be like an going of quickly company. data data. even engagement a businesses people call be to we if the link client

the analytics are profile being using So to come now We’ve far. are with and are we but added When and it that used ESG the in. some slightly so you credit this our market of is it and see customers. other where they personas different XXX titles same Snowflake Databricks data – most as different, the data the are customers, comes highly

customers, managers, of managers, corporate asset funds, institutions. inside a lot So it's financial risk hedge

quite customers in We they'd could that of inside – our this a this a everybody over Merritt we're customers bring profiles day, and it have jobs ideas something when and systems to Python data of of that call enhance these Chip using those data your already but the would data different included a show data a get have, that clients, data personas of types So results the that many own opportunities of science new the chance new and lot screen, times analytics, a share with to similar like this. we to that a you're its he into for they to pleased directly their new about it. We for but of also tools. our it's doing thanks see or actually would, take us ways look that I see learning. its people it. we're analytical was have the recommend from use excited different do question. using we're every a from at and are of what new all and If go sets But really to it you he’d in lot

Jeff Meuler

both. you Thank

Operator

Thank you question. your for

Our next Markets. question RBC from is Ashish with Capital Sabadra

You may ask your question.

Ashish Sabadra

Thanks for taking My my question a and quarter. solid on on congrats innovation. was product question

how was do capabilities? and innovation think How Thanks. you You well growth market think forward? going and growth with incremental highlighted question acceleration durability revenue My in in Platts as seen businesses. post revenue growth new revenue about a we’ve one-third as those more of acceleration about the or quarter products you info-merger in product both to data innovate from coming intelligence, do of

Doug Peterson

steps Markit, few take even backwards. you together opportunity are IHS to we know strategy accelerate product further Ashish, about excited really the a our if innovation because you our with

is last in we but businesses investing positive strategy then addition three to grow all product and innovation the our new like based two, in we're core of now would growing that on are that because years. the we for in Our to secular trends,

strengthening this growth combined in nature that ESG, in the very of of coming specific activities adjacencies, we together. that will also very of on even of And even on our so some company are we're actually it will and and of we a divisions because data, company. better complementary future growth With very some be that grow locations we adjacencies private out are for the pointed terms the be in believe grow on, positioned even are program the will and have already HIS the markets benefits party coming it those the and are transition, We Markit, we to four in in the our of assessments growth, of clear investment three positioned you energy year the based growth third you around more so out. top growth items seeing segments happy then future stronger

reasons company, key So we than why able companies two we of be the faster actually to the one doing this merger, we’ll now because standalone. can are grow it's if combined the achieve

Ashish Sabadra

that both obviously in But That's and take very pursuing were you addition target. post synergies, helpful cost just particularly out S&P have maybe color. a initiatives. Info quick independently on cost question given info-merger; And

think So you update merger that take can on and post it? provide out initiatives. cost to any you combine the about how S&Ps synergies, should out Would the take also cost Thanks. that plan all we of independent

Doug Peterson

Overall, a couple programs asked, In of of I questions moving me see all way break productivity progress. the are A of let those you lot good those we're a making down. forward.

a XXX million significant talk stated that But do basis margins program very year. basis. to is were by how possible of the this have say earnings so either update as respect We able quarter planning merger, efficiency year Markit, productivity year far productivity to to program, have end $XX that progress much we million to and last IHS like know $XXX as global I expand S&P completion every making the the on call. an fourth I we have close would about program but at standalone you give been come to to-date, we're first at the So of that points program. productivity and you we update what to the third can’t are we during the can with they too or that a

come cannot is margins going we after updates, have What updates transaction. we synergies of the synergies are perspective respect more and those in few commitments any the completion in will after if to expand all we to points be over those the integration first if that the said expense give numbers. is bottoms-up from transaction a synergy combined future numbers. years, will and by supporting the the all on completion I numbers those we appropriate of able planning and numbers. working that will to you more The are update and into be time and those in have course expectation combined achieve then comfortable back substantiating the XXX are company clearly we still that you the to getting with further we with to any But of those place. basis for so Of are

Ashish Sabadra

That's very Thank again once and helpful color. on you. a such congrats quarter. Thanks solid

Doug Peterson

Thank you.

Operator

you Thank question. for your

question from with Goldman George Sachs. next Our Tong

You question. may your ask

George Tong

Thanks, morning. Hi! good

issuance excluding including expect interest you debt to global outlook XXXX impact to debt your individual issuance? how you for X% decline Can categories, the loans environment the forecasting You’re macro evolving loans. discuss rate and

Ewout Steenbergen

Yeah, thanks George.

so overall a up they little we it'll originally we are going going We to services but be go let X%, mentioned we but then the corporates go year, quarter. so up than I category. X% were expect XX%, had that me corporates Financial all we mid-point our and this high of bit down. expected. through as they of is that's We this about to they at So think about down actually be components XX% first are down second down have thought that X.X%. But as and robust been year the as are the far earlier corporates that far XX% overall in more about about look so XX%,

the all structured are $X see range, and issues looks finance their use anecdote the $XX year. will exception the We the the year. with the on issued largest billion, again largest, the that, $XX is for a like JP one be in were that the XX% all Bank almost last all Morgan sheets be quarter we billion. financial as of about of to were still It of of Structured that XX of strong. market finance $X Just issuers Europe an balance issued we in Europe think billion think will starting financial those for America banks going so up up the institution, to billion quite in

will said about it pace over to public As look going issuers U. with see not XXXX public up raising would XXX% will as We it but down that about approved is be think be finance. up it in and XX%. was in of XX%. an investment up overall. in it see do there think now the that. we still in prior infrastructure we finance at as go We second that structured X% been Washington If originally the we along a probably mentioned infrastructure our opposed active. don't have program that’s forecast We quarter, to in revitalization Public finance, to We X%. finance continue S., in

don't to for X% a So all be strong. that you overall specific issuance up, together. up continue continue loans We to they of year we number to that will down are about going the be going I up. to but are see up bond when think they have what add be

are are strong saw but started. Spreads the spike pandemic end saw the You they’ve especially interest year to quarter at to rates they Spreads quarter lowest when compared it that are we numbers been, are not the close in the first first of strong, second strong. to the the rates low. is interest but the pipeline M&A comes into ever the the When after low quite areas, and of last and is years, been they've still interest how pipeline low. are prior low rates,

think of a of for then going the as and well from subsequently that the we in be strength So year. to loans that do CLOs there's rest lot

the Just loans. sheets, one balance other restructuring, In related goes see one the autos, corporate see a which we that ABS to activity in their ABS to between area, lot other, corporate tidbit; etc. related banks, is we to of

all the by So was we from year away still lot last of see that We see positions driven, a you investment run. substituted that's that rest long as by that by activity, corporates. continue rate for for big question, earlier liquidity and then etc. there basically drop this loans, ABS, think That in saw we and of driven of gone year grade an been that and the but recall the well that by was the has I now going interest a structured to us finance, issuance lot mentioned of that's

George Tong

Very helpful.

for elaborate the QX guidance growth expectations outperformance revenue including improved your growth second latest how for guidance mid-single your segment of an previously. upwardly high much from Can to reflects digits versus increasing the half single revised outlook? you You're year, digits on

Ewout Steenbergen

each single digit now give Market give to a only single you high high low we year. I of now me is digit double-digit probably for revenue the quarter are digit. so expecting growth mid single growth of outlook double revenue ratings, to index by from Intelligence half digit to that from let year basis, a components you level, the to the I think level up derive up can for But revenue mid-to-high at high growth, the George, and our that's high-single the and for at business from mid-last segments. second you full expecting guidance still from now gone low mid up a digits. single Platts digits. to has that's we're

been four has of a single to revenue increased company outlook and for three year, digit the So also the as whole segments increasing the outlook were full the revenue the for growth. high then

George Tong

Very, you. helpful. Thank

Operator

Thank your you question. for

Our Owen from Lau next question is Oppenheimer. with

line Your is open.

Owen Lau

for my Thank you questions. Scribe. Kensho morning. Good Quick taking on question

talk of it traction overall and into the there, what could far. so about then business learned the about was speaking please for use. have recently commercial and Kensho please you I broadly you the you Could deploying launched talk progress you. think Thank

Ewout Steenbergen

being in Named are across and the be with complete are toolkit, have company. the Kensho has Entity the speech-to-text, elements extraction, continuing to initiatives Kensho, toolkit in that about those that meantime search, and very developed other unstructured continue company. the entity used tools many linking, the we data many that about Owen, codex excited developed different all Recognition, AI been initiatives are within for data a

one two specific give Let to me you respect referring the Scribe. including that you're with to examples,

speech-to-text the algorithm for we is our engine, Scribe and own are that using So businesses.

algorithms the our engine. call more and actual can become, For transcripts is stronger example, they the earnings for based those your business, activity, on the better the you teach

and one sold we that now engine, our being So the really customers external this now interested indeed call product now over in best so business is service of is all Scribe few external are the of also there. very quality time. being That's that is customers, transcript improving further it's our with because to activities and a earnings have out Kensho through high the at to moment respect done

to products. we of with external pivot And fact customers very help well that so actually the excited are as some its about Kensho can

our and prices, go. second for At close close course between customers, gap, publishing implemented give me about Platts still we it of you them, a is example. the is the have which the This very market the of markets that now, because markets on for time is and business. reduced the important better to XX Let is market closer time XX% our this in XX being the

about Kensho in S&P Global. the be other continue excited and continuing is to we initiatives are nature that words, So transformative to bringing Kensho very

Owen Lau

Got in follow-up view. the question, could it. to data rending And point helpful. remind That's from But data the something very versus acquisition. please like of us benefit the related S&P the owning IHS you of the

may data. maybe it products additional by For can by owning data you able Thank that be to renting you. services that do like you or versus create not example

Doug Peterson

see different ways we complimentary There we work you beyond as our integration are opportunities the the planning, Markit we for thank when company. can the have we usage. data. IHS just that of lots analysis and to to the through continue of many Owen, there's our and at we well across It goes it on originally that look merger, go When data question. conceived

reference As an lot a the ones the the got Indices that income example, income have they already that data. they the because is about, fixed have business exist, fixed income talk fixed of one we they've data,

put new together class quickly can in asset class like coverage as indices. as innovative multi asset we their So well Index business increase ours, areas with our

as climate into So some markets [ph], in S&P the two tools, workflow into like about that. expertise opportunities more usage company, just excited things the of we the much at example data IHS Global. like data like linkage have markets that across deploying ESG, as very many tools, new beyond there's Bringing don't software, that software and an things Markit we’re

to that's well company, into also combination like exciting, data of be goes into sort reference a and to it. that beyond it our have, it's software But to into Bringing can data analytics, necessary. our together used this nice fundamental etc. goes the to So data. sufficient Data Lake really Data make those research, that Marketplace, across be is and beyond their tools

and this about that. excited goes be to beyond it, but data to is fundamental continue it we well So

Owen Lau

helpful. very Alright, that’s Thank you much. very

Doug Peterson

Owen. Thanks

Operator

you your Thank for question.

Our with next Suisse. Credit Kevin question comes from McVeigh

sir. your ask may You questions

Kevin McVeigh

and you for kind you further did really you the kind think folks talked client go about lot we bit overall. as debt healthier down job searching Where nice maybe you then like we process much cycle stack. reconcile because credit bond yield the cycle, obviously Thank I Hey! as about that access. of are so in of do that, market’s not to how much. feels the know Ewout a it the a talking relative you little last

some we bit. that little push out help does the comps Doug, maybe this of as duration a So offset tougher

around any Just that. puts takes and

Ewout Steenbergen

the for a interest is which we rate that’s thing cycle quite There's see a inflationary to into they've the try that look rate or issue. a liquidity liquidity, want of are, you incredible where positioning and supply means moved amount of are there's if debt low, like a Yeah, market, clearly and floating that we we an when at of but supply lot almost instruments. an higher demand a – rates

a large of means rate funds liquidity lot rate that moved so instruments, you floating CLOs. a see there's for of floating and into have available loans which amount And

been at a invest standards large of and you many a going issues people's But been when out, clearly direction. investment be been that holding the our at that in a coming investment this there's longer the has debt are the for in issuance. which is sheets. the boards good when of the doesn't maturity very see run. that That look grade we're coverage of see been the shift strong. liquidity more risk run to we at of now, decreases for high sheets, up. going a when cycle you schedules some especially lot going through be and onto long the some can accommodate. a well that saw to then is We to are is but quarter of balance others, an always quarter But would that’s lot the yield that areas, of yield to we understands – growth market this the they're amount up, The There what be deep It’s been grade levels right debt single movements coming we mean as the which of going we in taking that have still holding and markets. the we're expect some interest this up. There debt slides of strong rate today overall look a in we So grade investment issuances. levels and every We've in you are the think markets balance issuer, showed look in many, high that that

Kevin McVeigh

capital you Super real you deal, you're the potentially deal And relative we restricted just could Ewout, how and back to in helpful. the overall? on us know about buyback just remind can pending but then think should now be of allocation with when closure market right I that quick, the

Ewout Steenbergen

be to like catch-up. divestitures. were fourth of last do and at of return that year. have Then of share level that do take that to you able completion lost capital return the account IHS catch-up to until have at Markit not the shareholders consideration, of moment completion able of the period targets, Absolutely our well itself would after the catch-up into the potential able, not to Kevin! proceeds some quarter of before some buybacks, cannot the achieve targets XX% you take since capital any most of we capital that so we're year, the middle be not Buybacks, that we merger relation least we that a Also buybacks probably do in to not to We’d at as of able in is as our to the is to thinking do the merger. likely our this

Of amounts. the or as go flow we'll will into the our would at of completion, company rhythm course after get billion north free billion return new target of soon of cash very like quickly $X of XX% significant flow, to free capital as combined to level approximately our and possible of that be a accompanied of we cash $X least very the

I So can't like rhythm back to about we on normal numbers a the give there's as into would you I in back know quickly of possible. a buyback and go question specific numbers. I as street terms can’t big the our catch-up. specific think numbers, this I you to normal but position our the rhythm a like we’d targets. with capital philosophically we return get good very and way this will to overall is be approach give in respect to into

Kevin McVeigh

thank you. helpful, Very

Operator

question. your for you Thank

We from Morgan with Toni now will our Kaplan final question Stanley. take

You may ask your question.

Toni Kaplan

you're very infrastructure color Thanks I you you. from regarding proposed thinking was give how any Thank bill. about potential some hoping could additional much. the benefits

Doug Peterson

that in will bipartisanship, in that potential be infrastructure. is to around Toni. first the We on Washington well this few from infrastructure. growth. need benefits investment thanks Well, as It’s bipartisan the process think a both and that general see that; something as encouraged economic I'm country, there all going a just there's a first the we Yes, of

it’s years economic X.Xx analysis We additional have infrastructure on from growth done investment leads just and comes a research lot and X.Xx generally to and the to We estimate beyond of that infrastructure over infrastructure that somewhere about infrastructure. itself. growth

So when inside an food stations, an you buying people gifts, rental the get from get you get you gas activity and around airport you build etc. airport airport, cars,

potentially So that we helps see benefit infrastructure us. despite generally they're sector. beneficial through market with going themselves. And a companies could more will infrastructure. in there's the financing take projects be partnerships, the for need public funded helps jobs; much climate help do specifically, the it’s investment the projects, be private go being that large economic should of is local debt business construction which a as going companies, we on would being think potential bring there municipal a build, public which if them to financing, themselves, it is it there that to opportunities there More by then discussed, to the all which they growth, That an also obviously bond activity if is of

So this general the overall we think beneficial to that be will in economy.

overall signal the good then Washington to us, a for it's and think could some I from it benefits in business. particular ratings have

Toni Kaplan

XX% degradation and that's usually margin incremental just first And our with margins helpful. highest typically looking coming business That's margin at about half Index from were reinvestment. your

that about just think off number So thinking could are the term medium bring that should to that, within there want about build Should we make targets down. or might margins level how for sort investments XXs we you of Index? you. the additional that Thank low

Ewout Steenbergen

for business, that full give guidance the the expect can XXXX high margins you some be we I Toni, the at XXs year level. for to Index

If are the level we the you less you as quarter it for quarter at full look on for or margins for Index, trailing so at today trailing fourth It’s that have the year XX.X, four the reason mentioning. exactly same more the was basis.

business a from for as high is to margins, fast that fact as can such In having thing [inaudible] is best you business you a that do operation can. grow perspective the a

is the what So is initiatives index are investing very business for a positive we thing in time. new exactly product believe that doing we at in this and point

indices, development. class in new to multi-asset Indices, index capabilities We with indices, in ESG are Kensho Economies respect we New investing are rapid and investing in

still So but that should modest level investments relatively investments a future perspective, overall our picture good from index business of are this bigger position for growth.

Toni Kaplan

the on Congrats much. so Thanks quarter. Perfect!

Ewout Steenbergen

you, Thank Toni.

Doug Peterson

you. so call you and Thank support. Thanks today everyone your And joining much. for for thank the

the As also you the excited pleased all we this at can and all about been company can of we are do. with quarter see, and we've very performance doing very we are

highlighted Going Dow and years the Index, which and Index the was Jones a through we going XXX Industrial innovation are with Climate we with to at ESG innovative back new China brand and the Platts, with with the new Credit Dow about we old, with from our Jones with Kensho, so benchmarks is much same which today time Analytics, research we the bringing expansion, so on. evaluations, talked market Climate new what Analytics, have analytics

place. about We on the about of process we doing excited what is see out that good. market IHS Markit also that’s we’ve and play with are are starts exciting The been But top merger. that also how by to the to highlighted

quality very want have been people But a exciting going people. again. we of see the little offices the get I start of the our to I with who it’s the pleased thanking to both bit of the call are things learning employees are We up about again our circumstances. all under company offices, would again end what teams, working opening especially travel to But at across unusual to by

you again. thank at everyone bit part summer. thank enjoy our again, to you of everyone the the call least of Thanks little to and a gets employees, So on I time hope

Operator

website and thank good available audio will for and available be be A this you concludes Global, one will S&P That hours. will presenters’ morning's downloading maintained month. two we on version call. you for the investor.spglobal.com. S&P maintained the a replay be PDF call is audio-only from now slides wish of slides Global's The of in with Replays webcast On telephone of one day. year. for behalf participating The for entire