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S&P Global (SPGI)

Participants
Doug Peterson CEO
Chip Merritt Senior Vice President
Ewout Steenbergen CFO
Manav Patnaik Barclays
Kevin McVeigh Credit Suisse
Andrew Nicolas William Blair
Hamzah Mazari Jefferies
Ashish Sabadra RBC Capital Markets
Jeff Silber BMO Capital Markets
Toni Kaplan Morgan Stanley
Craig Huber Huber Research Partners
Andrew Steinerman JP Morgan
George Tong Goldman Sachs
Owen Lau Oppenheimer
Jeff Meuler Baird
Shlomo Rosenbaum Stifel
Alex Kramm UBS
Call transcript
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Operator

Good morning. Welcome to S&P Global's Third Quarter 2021 Earnings Conference Call. I would 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 for question-and-answers after the presentation, and instructions will follow at that time. and to webcast the access slides, investor. go To spglobal.com. like Mr. Instructions] I introduce now would [Operator to Senior President Merritt, Chip Vice Global. for S&P of Investor Relations begin. Sir, may you

Chip Merritt

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

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

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

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

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

Doug Peterson

to these a both expenses like third Welcome profit Earnings Call. raising first The upcoming we detail, strong revenue to Capital guidance The all these and our becoming of delivered customers. and highlights come investment IQ to as sustainable an to product increased Chip. one, path substantial and is regulatory number commissions, our and the announced approval you, we Canada, initiative to in are merger that announced. gaining the additional year the X%, complete be we're XX%, IHS After And regulatory financial assets with our details delivering strongest in these IHS the for of operating We the ESG and the Pro the guidance Union, start I'd also of to and due quarter quarter noted today's to will and growth. continues growth with now remainder the start to Pro. results and must gains Markit. Taiwan, year. on merger's divest these like ETF large momentum second expand. regulators straight quarter. to This in Platts the internal the important the merger the to Dimensions the Indices we the more some increasing S&P based incredibly we our AUM. but highlights The revenue share Coal, needed all been build of spending, largely reported order has revenue and the expectations XXXX I'd royalties. for with in moment. Corp our and and provide the we adjusted the of Adjusted We highlights some with Markit for in businesses five quarter exceptional business second Thank States. on strong sale with from quarter. and undertake jurisdictions, offerings quarter capabilities of When Wire XXXX, X News calls, businesses. is merger. made Mining, results most Ewout Metals transformative again, third launched OPIS, closing November Company raising earnings the opportunity let's Kingdom, all remedies there merger. Petchem the of back already I'll due clear. must United We've European United progress

leveraged they're indices. first the commentary time divest addition, revenue to must of for and you $XXX its divested both CUSIP expect Chemicals provide recap cost of the processes, is an of the revenue on the and sales and will Global approximately see despite third loan Services, divest businesses process for each In begin in. to financial Markit S&P we results targets. IHS close related In revenue family XX% To undertake $X.X In Global EVA now and merger that margins must the IHS data business. leverage synergy S&P update Markit with our than margins these of divestitures, the XXXX. moment, billion. million, all together merger of selling the divisions Base synergy we're expectations, these and to raising will these in Collectively, of quarter, additional the increased the from and will businesses a to quarter are our these order higher shortly. Global being businesses the provide each for

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

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

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

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

include rest very we the of on This this issuance bank issuance when Aggregate Asia, quarter, European and the bond continued issuance particularly the third issuance leveraged increased volume gains Data RMBS. increased X% depicts XXX%. raised. and to X% decreased volume of Yield the global as only This and Europe. the is structured in and 'XX, bond except yield look yield next every decreased third combined X% depicts increased quarter finance During every High increased bond Grade issuance leveraged of decreased global increases which increased class, CLOs X%. increased yield volumes, XX%, the readily funds decreased of every use new bond combination global combination Structured high-yield quarter, not strong, X%, X%, asset XX%, CMBS increased and in category, due for overall Investment in Of 'XX. issuance two and high for decreased slide slides Finance issuance In U.S. XXX%. while the XXXX. as at The data of note, the be with The XXX% U.S., in loan available loan loan high Investment-grade issuance the overall. XX% decreased particular shows world. in leveraged issuance by loan the high to large slide X%. proceeds Finance slide Public the surpassing increased that bond In XX%,

The refinancing-related to loan ratings strength is needs. another LBOs, third market one is year-to-date revenues market dependent XX many revenue quarter, the quarter quarter. surge both of surpassed The from in leverage pulling surge aren't The of Since of activity general full the issuance on loans we each opportunistic additive up financing and leverage corporate it's ratings important M&A, as bank future and dividends. and buybacks, continued pull-forward. CLO bank revenue years, of the are any These ratings unprecedented years. This XXXX. like than The bank purpose and disclose to already issuance our to end the are lower was in loan loan previous third in and issuance ratings CLOs. element the are revenue, categories an loan future due entirely forward that not quarter, of

can accelerate quarter. in As continued CLO to the here, see you third issuance

release we functionality. of content active Capital We desktop S&P inaugural S&P includes brand Pro. Pro of currently and users quarter, It's of value S&P to the insights as found re-engineered military IQ IQ for third a document our the platform Pro. the across platform to Capital the with search IQ S&P of users' additional filings market as in space A of transcripts. This speed originally number XXX,XXX are and agencies, utilizing During Capital IQ and AI which approximately upgrade recognizes intelligence rebranded Capital continue -based have we for based intelligence the IQ Kensho in platform. XX,XXX market is incorporates not developed U.S. security new discovery Pro. -enabled capabilities Kensho now Capital that viewer technology on up tech The

investors Capital around ratings, performance, screen is IQ ability and including powder, fundraising and includes gives as to private users non-traditional LP institutions. included it such made features Investor fund frequent industry data The ability crypto, comments S&P new criteria, allocations. minutes. of screen example, within for years For earnings corporate financial on over coverage dry coverage and quickly of therapeutics to of platform trends, Pro direct calls also the the markets, cleantech. Also

and ratings of a Global can functionality to consolidate with journey suite platforms Our full not users Capital and Platts a content S&P S&P its interact well. previously been as on pro possible. incorporate product IQ in now has ways long tools

There Eclipse tremendous Bentek, With others. consolidate been capabilities a of the effort to single these and has platform. all acquisitions [Indiscernible], of into a Petromedia,

portal and across Dimensions including benchmark Pro, web-based And XX like Platts This we machine-to-machine analytics, transition. a to as on seamless users price commodities, assessments, provides quarter, which add-in. news, like available one-stop introduced Periodically, is delivery, new product mobile-friendly, launches. Platt's is via updates an experience Excel content energy spanning on that this Platts Pro, with IQ provide S&P shop Capital and a

around one shows the producers in covering we gas X natural right of JKM Australian The X emissions, transportation, charts fuel certificate, oil have the and very with of The the to market strong this future start associated can provide chart Both assessment. recently. cumulative suite in backbone production exhibited be based and number slide our Buyers transition the crude crude by have a for key of from which of upstream trading. crudes marine carbon active of the with new gas world for XX aiming this production depict carbon of choices on new reflects low first the is These methane crude launched carbon our crude the liquefied the on acceptance last the The years. space on the for U.S., what an relative and to suite carbon performance in emissions to growth low sulfur assessments include product. hydrogen values fuel. with of measured participants energy this impact expected marker sources natural of intensity and initial covering make prices, methane X different

ESG, our investments milestones SustainableX in build. to and Turning launches to product our continue

prior versus million $XX to XX% increased revenue SustainableX quarter the Third period.

XX X sustainability engagements, XX products. evaluations, CSA Ratings social wrapping opinions annual in completed, alignment evaluations, framework of launch ESG market has Overall, intelligence, In we're Second-Party SIEM XX the up now benchmark XX survey. and the the quarter. Opinions, close Green Ratings With to and

And increased so XXXX, participation far XX% over companies. in X,XXX corporate

On surveys, quarter. the during relaunched our these X,XXX ESG scores the on of S&P companies we Global back

to year. by of targeting of billion This third In more are quarter XXX% third first ESG of year's the assessment in cycle end have of the AUM the last since this than ETF is end of $XX.X the XX,XXX at XXXX. end increase had We an of scores of the companies quarter. the quarter we indices, on

recycled performance. NZX to launch to plastic [Indiscernible], measurement, XX and the the collection, in a Since ESG the scores. S&P assessments offerings. we management rich, detailed index designed Global's assessment late in represents RobecoSAM about of marking corporate member integral almost its the providing Exchange. it's the sustainability its has corporate an bench and a of on provide part equity both By with improve Platts firms added companies help X the New number data ESG topics. the we've indices ESG of capitalization. And finally, Our participants Today's offerings the Companies, market last corporate with S&P suite markets and indices expanded tracking XXX of of doubled XX% The array platform to of founding purchased with new Stock capabilities business and wide the is group of and tilted products to participation for capability Zealand a by private years. of added also our XXXX, global participating private data carbon technology ESG ESG

global key SustainableX In view a addition, you could the as see this as input to our We efforts. endeavor. differentiator a CSA

for increase a XXXX Let increase U.S. me X% in issuance. XXXX XXXX Finance, issuance issuances versus This in is was in X% The continued Non-financial The X%. our flat for a on decrease now now based time. Financial first this X% relatively Structured a Corporate, and issued a higher, increase Finance. GDP. X% the turn forecast declined earlier to and a is XXXX Services, in Public creep week and forecast forecast to in covers issuance outlook global also issuance latest

forward, inflation XXXX. cash rising translate high balances, prospects possible tax all issuance to concerns, rates, headwinds reform, Looking and in for for

will We a of expect that This total. that is lead to a revenue in second bond note contraction a they issuance not this issuance Please is forecast. forecast. year

X from doesn't it little revenue and activity. macro doesn't address The outlook months example, change is For include leveraged non-transaction loan ago.

retail and and in many supply growth growth strong events Commodity drop Our chain growth due have economists the to emerging weather expect prices while rebound in and XXXX rates in in sales, moderate with China. improving Europe markets to balances. US

timeline, US emerging and Banks on now. appear rates, moving raising for pressures Reserve ECB its peaking the hold with to firmly up Central inflation Federal some markets be tapering However,

current Analytics our supportive will financial and the mid This prices to believes is I Platts Steenbergen, of in the oil Ewout Finally, remain for performance the health positive should the the Ewout? insights into of fundamentals now additional industry. over going to call outlook. XXs. is who provide turn oil

Ewout Steenbergen

Doug. you, Thank

There have our our been an has I validate effort merger and that my to synergy around excellent the merger exciting Company discussion pending, potential synergies. we latest with an throughout would to results identify start like Quarter thinking and merger targets. extensive While today Third

the consideration merger targets managers, limited the figures While depth of synergy employees the planning and of latest number by at announcement that take time in a were by companies. countless initial very senior we the both developed introduced into analysis across

increased revenue will our and have $XXX-XXX synergies. now We $XXX-XXX synergy and total synergies of there targets million of estimate cost that million be

from in see no able of will these for out I'll capacity Correspondingly, stakes million normal to into proceeds have divestitures. want are basis, positions you required share the targets synergy those additional to update repurchases. only consideration approximately as also already synergies. these on point This targets. contribute attrition. achieve update of of the new complete on not is full As as we a open on you financial the transaction. will after the be through we rate We'll can $XX that give synergies due slide, merger identified achieved the back-filling longer primarily who divestitures the to a created well run Company to the providing merged an Today, we

corporate highlights growth. few take financial of I Turning to a adjusted our cover XX% insurance covered moment due per proceeds to in third share prior period. will life quarter strong revenue unallocated Doug to results, Company-owned earnings expenses other the and items. the increased Adjusted a

period. last rate refinement the net due portion on accruals The of a XX% related foreign a the tax expense primarily in adjusted debt current of a operations to substantial to improved our tax year. prior refinancing was of Our interest decrease due to and both effective

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

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

costs. category These infrastructure, integration integration. is consulting, are costs. The second operationalize to costs and retention the They include

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

net million. million a merger $XX fees, $XX an in quarter, totaled the costs, gain non-GAAP of building merchant in included loss primarily the primarily the office for third transaction from $X a of During costs, legal sale consulting to collectively adjustments million pretax integration $X $XX deal-related million fees, million and amortization. They India, on

deficient trading provide all adjusted individual moment. in adjusted in with all basis four-quarter X increased delivering profit a operating indices largest gain points. delivered XXX operating X and solid color a of deficient with gains. on in quarter, This revenue I'll margin On with indices gains profit, the a business results basis, leading the

to the Balance to Sheet, our very leverage turning and strong Now, liquidity. Balance ample with Sheet low be continues

cash debt have $X.X and $X.X of equivalents and cash of We billion. billion

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

operating points margin due partially a largely our the of $X this adjusted trailing that Dow results and XX% to On points to traded revenue and increased S&P increased adjusted ETF legal The insurance primarily X% for indices a basis primarily to profit and the derivative category in In a basis quarter, turn the included exceeded ETF ETFs. gains with indices. break-up increased gains Now which and third to costs. in derivative the profit trading to to the XXX as adjusted mutual increased volumes fee custom in our whopping segment operating function Indices, deficient extraordinary segment of increased note and termination revenue by increased XX% to subscriptions [Indiscernible]. fees on AUM linked Please revenue four-quarter asset-linked XX% million adjusted increased the delivered at augmented margin the several XX.X%. by Every profit the offset due activity due XXX let's basis, segment gains over-the-counter royalties XX% Jones growth increased that operating reduced compensation from quarter, increased expenses basis X%. revenue Data XX%. s, Exchange XX.X%. begin

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

at average activity Our the billion on of in due [Indiscernible] towards ETF revenue increasing net XX% activity during was adjusted basis in our loan S&P segment and the points XX% operating operating due with decrease Second Activity to with CRISIL, a end growth, and totaled and in decreased traded activity options activity. XXX initiatives a Equity based $XX a CBOE fixed XX% Adjusted and CME primarily billion. at the derivative indices depreciation ETF X% AUM, XX% volumes. non-transaction at increase incentives. which structured Sequentially in complex associated bank strength XXX is and inflows increased XX% ratings, XX% and increasing increase increased profit with delivered in profit primarily adjusted futures X% year-over-year. market very expenses Quarter, This quarter. finance, strong the Index increasing growth Exchange totaled $XX revenue Ratings to mixed increased headcounts options segment increased Activity resulted margin. the salaries,

in adjusted entity XX% China, Non-transaction ratings issuance bank XX On to in XX in increased This points Rating primarily contributor segment a increased in We XX% last associated fees strong more see revenue in markets. ratings the largest due we and momentum growth basis, to in XXX% compared corporate was increase In Chrisol its as activity, surveillance, Services bond than new revenue activity continued increase ADS. profit decline by the operating with XX XX issuance. driven the Evaluation to Transaction by total XX.X%. CLOs, in all ratings loan to year-to-date the interest revenue. bringing and and quarter, third year. increased completed increase margin, our the the in revenue finance end and trailing ratings CMBS to product offset ratings. The basis ratings structure structured revenue depicts a increased slide four-quarter

increased investment increased aftermarket X% Capital XX%, to X%, marketplace, S&P increased segment higher adjusted growth XX%, X/X governments adjusted initiatives, reported S&P research services spending, segment revenue. data, is infrastructure our corporates and the points than XX.X%. XX%, financial China, profit and other increased basis. the particularly spending, primarily of and delivered by addition, decreased to and an ESG, due and and ESG license S&P IQ to cloud supporting primarily by XX%. tied in was Intelligence Adjusted X%, which Global basis from XX% category on of fees which revenue and XXX additional In margin the Global increased profit and the expenses Pro, operating revenue increased Marketplace, growth CRISIL organic More Market increased X% recent SME, product investments, led operating

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

each to there across turning Platts, revenue grew revenue X%. was Solutions Desktop XX%, X%. X%, And Intelligence, Credit grew Looking Risk Data revenue growth revenue Management grew Market solid Solutions in category. increased reported now

when quarter, XX% picks GTS Adjusted increasing strong than more primarily often and due ESG due X%. LNG. increased to from incentives, mainly new volumes. a It's Our to up great X/X activity primarily Global commodity products XX% came prices growth and the growth that core initiatives, petroleum trading and services expenses commissions. of notable become volatile. more increased LNG had subscriptions

year first XXX basis Well, of operating depicts X% profit actions. operating This to gas, double-digit there decreased XX and this in natural in category, adjusted In to four And the segment GAAP Markit quarter trailing XXXX basis profit provide and points management was anticipates power points operating shipping Because aided renewables, closing XXXX, addition, the depicts Third adjusted Company all expenses another IHS first in growth we're our quarter adjusted the able our for margin time. the guidance. slide merger segment and revenue GAAP by with now increased petrochemicals, every last the XX.X%. new increased guidance were The Adjusted margin growth. delivered profit XX.X%. the segment slide to Quarter guidance.

The generation to of $X.XX And $XX.XX to $X.X conclusion, strong basis year to guidance out billion. We're new in to primarily growth. revenue Therefore, third increased diluted shows with the from XXXX an turning line and $XXX delivering items indices. This increase been cash are million range a making in column has Company. is changes points adjusted greater incentives our single-digit a of a our that to a results ratings highlighted. All new revenue guidance XX-XX.X%. growth double-digit contribution. the our all XXXX to new these is guidance for adjusted solid changed $X.X of range In to range to flow to $X by EPS new a by low margin range increased range charitable unallocated to high $XXX-XXX XX-XX to the $X.XX Corporate Operating a is increase of increased increased be of a due due increase. to $XX.XX. profit increased finally, free and million exceptionally by is million businesses

we're We continue to for Chip let offerings, great our turn your with upcoming Markit. the merger expand ESG to product that, making progress over with call questions. back IHS and the me And on

Chip Merritt

Thank you.

Operator, will during [Operator callers for a session. question. order take today's allow Just in first time couple for participants. two Q&A Instructions] we of phone limit now our our questions Please other to yourself instructions

Operator

you. Thank

Our Manav first Barclays. question Patnaik from comes with

is Your ma'am. line open,

Manav Patnaik

out had angle. competitive It changes Thank that's been perhaps time, But you a you. [Indiscernible] positioning. I works bit think how your there just later the any of seems market anticipated. talked had the about in the from a question it's in on you that the than platform just Capital Are like IQ you that improves that guys for some little about. competitive talk Pro

Doug Peterson

been that seen sources you also Thank able its picked that across has What for Doug. I'm if to, welcome for report first our information of to and different you, to IQ search. and has a it's risk data We new capabilities everyone is brings ESG, Company is Pro the launch you've interface if to a many Manav, much this call. years. Capital today improves better started lot all, of the it we've in platform. you services Kensho the the we've it. had to It up the consolidate Well, It had of use ability then It first easier data. also incorporates using that pleased all,

comprehensive the as advantage make etc. board, them across data, easier for into to new move spreadsheets it us well So as ease-of-use, it data tools chatting, provides of a with that download competitive to

think it's forward a we more it an incremental the competitive much for platform us gives leap market. So and

Manav Patnaik

XX:XX:XX] compared And situation number. down positives years forecast [inaudible year. the strong macro the you But but you us two next think that Got had. bad high where on pieces category, from Doug, to giving issuance standpoint, that then a be I level moving that it. to just gave know by the we've the for X% volume negatives the I just mean could and

Doug Peterson

something this the of as know, a seen year. you Yeah, we've issuance this is mix really interesting

a in of saw which saw loans XX:XX:XX] [Indiscernible] the we so seeing finance while of issuance saw of the by [inaudible driven strong drop we in increase far of M&A, You we XX%, is XXX%. very structured an over quarter,

pipeline a forward. bond itself, bond there's last for not to for to activity activity of really the in should be half which but We that's is something we swings. see bode Corporates right the Corporates, those big do that strength forecast in very lot forecast, continue liquidity would a That's that of in the going of loan of are pipeline see big not we There's So down issuance. the M&A Financial M&A The types in see. now, quarters. issuance be Services of trend about X%. those had continues issuance. it's There strong that a couple the well

so strength Financial XX%, saw In did was you up Institutions some about up about actually it X%. the you U.S., that. in was As this quarter, see

sorry, So we for -- X% to some going XXXX. do about think that continuation be up X% there's

X% not are I'm increase. which And some in across then about do those said will up. a all the For of Finance, corporates we X%, U.S. finance that went interest if going X% not there's is the around issuance initial continuation this of volume a continue sure forecast. look forecasted that to about in Structured we call, the down be down across And total close we revenue flat, public as with classes that X% would but asset given It's think of CLOs on all bring to finally, XXXX. total, bond.

Manav Patnaik

Understood. Thank you.

Doug Peterson

Manav. Thanks,

Operator

question. your for you Thank

with Suisse. Our next question from is Kevin McVeigh Credit

line is open. Your

Kevin McVeigh

million ESG about past, seems much. was XXX exceeding results. can the I the the on in and just context you're so talked you you talk think about it, of Thanks opportunities. Great. it mean, XX from target scaling Hey, within XXXX. And the $XXX longer-term by like up congratulations XX. I Doug, million million revenue

comfortable with that, takes in a about to potential? Just think that the you bringing about You still put we IHS some talk and is can that. extent there as on

Ewout Steenbergen

Ewout. is Good morning, Kevin. This

question over your of to take And the then and Doug. -- first part I it will first hand me Let

Kevin McVeigh

Thank you.

Ewout Steenbergen

First, with of outlook million one reasons approximately is a quarter. seasonality to to And are revenues. full ESG Usually for some in it's the year. of yes, come revenues in still there with some bit respect $XXX is for higher the the we expecting respect that for to the revenue fourth year, full the

And fourth go for up to of So again, year-to-date to this quarter the that we ESG revenues. then in full the expect million XXX XX year. approximately million

expect next investments of the of on initiatives. lot lot lot a product a CAGR respect a And are you of lot momentum, on, the positive to see years. launches, XX% forecast. new in over track we our we few we going ESG new initiatives a that have So with that of

here me over hand it to Doug. So let

Doug Peterson

Kevin. Thank you,

for been a we this [Indiscernible], the together the points of to with us able has put put entire SustainabilityX look Group we strategically couple ways to leadership have market. the and Just in the ability (ph). And the that the data of Chan can latest needs organization Martina for across under together provided link

saw, Hamilton private with [Indiscernible] for you we private markets Ford for the launched equity. the the As Foundation, platform and Nevada Lane, and partnership the

across ESG So types all of into data to the looking different we're opportunities market. the bring

solutions to the most have market. consistent those most the comprehensive, the you providing transparency, to So approach ESG

to board all starting looking across that So markets use we're aspects this are is in data. of at how different the the something ESG

this that You should invest area. expect to we're going continue to in

spent ask invested longer-term different sales quarter, force, list. some would that And if every on at ESG from You our technical a about money we look or some acquisitions, that increase capabilities. you should might we've division be be hear us where in to our the targeting question clearly still

Kevin McVeigh

like revenue revenue divestments of just upper cost coming there? get you're of the even and what just broader and to goal on as the that and end quick, some thoughts maybe, that line. together, just where deal Super real expense to some up any the seems the able despite what drove your of synergies well? the or as synergies, to it upside Any then, thoughts comes helpful, in synergies walk categories over the the then Is that are, additional

Ewout Steenbergen

large on the of Kevin, answer synergy groups opportunities. [Indiscernible] of short Alright. a rigor, it's based lot here by with that substantiating people

find than thought a have to able higher We been opportunities we before.

let that. on expand bit a So me

You we XXX on process That due transaction, and diligence. based revenue announced million million had synergies. said we recall was that we cost the synergies thorough very XXX during when of of

areas. that I on very deep are very targets, those so procurement activities. you to estate smaller of respect people Procurements, group the done However, with in working synergy then, four to smaller confident of rigorous going and aware and mentioned, to because, costs, work through we a senior we process. clean corporate that to synergies been And eliminating duplicative able cost now and a many technology, much place course, we're optimizing rounds was detailed raise based transaction. room look of have streams very that in categories revenues. of that And submission all synergy were by had work, group of from have already into for real that Since those a all functions, on both integrating deeper can we executives

Kevin McVeigh

much, congrats so again. you Thank

Ewout Steenbergen

Kevin. Thanks

Operator

for your Thank you question.

Our next question is from Andrew Nicolas with William Blair.

Your line is open, sir.

Andrew Nicolas

Maybe with or so, were opportunity just XXX a XXX additional expected question, is timing start I'll thank of X the the first you'd cost Great, of which tail? of to or is the in the a I XXX longer that outlined that initially, follow-up that This is synergies. a part believe, last first-two-year you. years. on

Ewout Steenbergen

of expense more gradual at What revenue over very Andrew. and with for we're which told respect Three-year looking you end five-year cost which is similar synergies the and synergies, front five-year is before. to ramp morning, then loaded, revenue Good is trajectories ramp, synergy more time. period synergies that we

Andrew Nicolas

And still you. spend. like looks next taking question, expecting Thank guidance you more you're Obviously I implied quarter, on then for a just Understood. appreciate my spend. them, was Quarter the acceleration in after Fourth really good it

So are drivers I'm Quarter, of spend major off also what one, Fourth the then jumping just a as the XXXX. point wondering in increase and that for

Ewout Steenbergen

in of be of this some not Sure. we're me Andrew, Well, I let different about about you have initiatives year. the time. direction you bit give at is going the because careful of that the opposite XXXX more see, What providing guidance for to point details a in on But outlook directions. remainder

Global benefit initiatives. leverage. the direction the the in opposite we pre program the where prepared from are of from remarks, course, the making we on is expense investments the -realized we growth synergies sites in we what strategic in are take far we as have year First, productivity operating that taking also this benefits the mentioned perspective, so goes as S&P an well and the But strategic

example, ESG. For in

Platts. I levels. the are up. in our to example, variable directly are our linked revenue because also then expenses transition sales they energy expenses those levels consider and going in And For good our

cost of So think about incentive commissions compensation sales. and

those in Quarter. the trends continue we underlying expect Fourth So to

as little in hope we Quarter, Third a because what you that variable see in I But the new saw to initiatives. you a those helpful. products. expenses like is the particularly being as call coming the because, paying in Quarter, to growth those bit Specifically, is might here revenue Fourth higher would well of similar be out because off I Platts also expenses Platts the new higher X/X investments from as in the Platts mentioned, that's the

Andrew Nicolas

Thanks Yes, lot. a is. it

Doug Peterson

Thanks, Andrew.

Operator

for your you Thank question.

from Our next Jefferies. Hamzah is question with Mazari

Your line is open.

Hamzah Mazari

on us just framework if deal Good QX. allocation forward. could around you timeline is morning. was update capital My know question the I just going the

You also much planning this how you're cash are generating free year.

update of achieve on cost have Just the your synergies the figures? then closing. And cost on at with return cash, synergy post-deal updated us all to changed thoughts

Ewout Steenbergen

sorry. I'm Good morning.

philosophy. capital So the return let me first take

that, is obviously that that is thinking a about right because the significant cash, this absolutely up elevated. our we're Returning following. And building as You're cash temporarily returning about the Company. thinking that

last least we the able for after some position. completion one that proceeds new of way, target to to of First of so to help up move have return like at Then its capital very been is Markit, applies is our cash what we And should we half XX% the return add transaction, up will IHS capacity. a would quickly divestitures of capital for because of do And the by then building buybacks. also share the cash years, the flow. with the not free we catch to Markit not buyback share can the do do same have and also so the IHS

do again, completion different able you our the pieces, give merger-related I up be the financial to you So after on achieve, that still after X complete your quarter, with meaningful answer is cannot of to question the we so of we're categories costs planning we're those costs. looking second With give will of very you respect what add are part a a combined of targets in Company respect capital those merger. to the then to the transaction. right now, we return if number the the first we to at achieve about all speaking that numerical but the

approximately looking So respect achieve cost ultimately costs spend at synergies. to of category to at the because integration the we're achieve. best What and overall in have transaction those course, of the my to and terms integration costs, to the we're Cost are, to estimates best achieve looking times investment costs overall revenue synergy. cost an X.X and view with we costs, the in combined, it's of at cost achieve the

numbers. spend for again, to the those expected higher investment and in cost is to integration to achieve of an achieve that best what estimate ultimately order our synergy that's in So but terms

Hamzah Mazari

my headlines A for more ratings, domestic turn are just completing it's do any Very just but maybe as your of that tougher, so I -- a having there. over but seems thoughts -- the not around China as helpful, lot follow-up business around your view know domestically, or really? and it like Ratings China you business. doesn't XX question, I'll you changed outlined the impact environment business little it

Doug Peterson

you. hear growth to compares and as all Nice Hamzah. from XXXX thanks, It's that a ratings. going actually and third our to quarter. did in -- lot in XX 'XX XXXX, isn't so And of to know we be of Yeah, There's that the complete a you straight ratings we XX year-to-date, mentioned, line. interest

the see in in about as ratings the Fidelity, of webinars, big BlackRock, include a a taking there's and financial informing first that make to financial in that question more of environment, more some transparent, comes the approval interest the your licenses entire getting would defined to companies, take to corporate. for and or we've Recently, They we some different been Morgan, our etc. As City, pleased to that But industry China products, markets. our bringing uptick But the that across very non-investment-grade sector XXX% Sachs more floors ratings would reforms when operations to it talking then in ratings and than see We make also of are credit a credit updating people operate to owned market. be non-financial research. industry financial China. types we owned seeing its international the to there's change you events regulators about attending of whole very importantly, some able and JP about a us. are their it and AAA-BBB received place would our continue financial from interested also now, from of We we more slew rating. reforming our what see our methodology, lot Goldman structured the wait companies those JV. see and ownership Others Securities, see, attention been firms We've think in right full how are downloading XX%

the some markets. other financial a see markets of the different in the reform compared think and times So to openly markets, rhetoric very see parts you do to willingness we in what we a that

Hamzah Mazari

Thank you.

Doug Peterson

Hamzah. Thanks,

Operator

Thank you for question. your

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

Your line open. is

Ashish Sabadra

taking Thanks question. my for

number for details the revenues Just wanted CMM on provide is ones on just other the to the I I you $XXX already on any and divestitures. still those million the divestitures confirm announced, that believe could wondering Opus, further was for if are that million. of right. Petrochem, incremental revenues XXX details Thanks. the businesses. And other if and any I businesses,

Ewout Steenbergen

XXX coal Good number and including said the Indeed, is as Doug divestitures, XXX and mining. that million million businesses like morning, prepared still approximately Opus of for Ashish. metals his And in revenue related -- the all correct, combined. for Opus its remark, business

Ashish Sabadra

Capital of Okay. helpful. help Markit? traction IQ the with Then that's make integration with how rollout the it a of solid pretty the platform. with Capital Does rollout you My into for IQ IHS it good to Pro, IQ IHS the pose getting Obviously Pro. question a does there. that cross-sell Cap the the pretty Pro the that's question on easier was, rollout IQ customer base then Thanks. data -- just And you IQ

Doug Peterson

was something us to is important to datasets. business, It users, also developed as marketplace, different Pro to data ability datasets, and does. It Markit. Pro, as well, integration. and the to also which are the tiles desktop the contracts that the the integrate help IHS we've definitely the us to which back-end, technologically, IQ Intelligence the moved of upgrade Market our Capital is new Market integrate cloud, the gives will another to the Capital related growing been how us. you ability all Intelligence of the [Indiscernible] datasets of it have on Ashish, IQ Yeah, that's the The is know products data have which S&P also around incredibly delivered the rapidly. we already operations are for integrate business gives aspect that we've that believe curated, We us has to data Having the going front-end ability the doing delivered new facilitate and updates our of we've the going already confidence of progress, XX,XXX well that now help them. that as is That's

Chip Merritt

Thanks, Ashish.

Ashish Sabadra

go Sorry, ahead.

Doug Peterson

very you much. thank Well,

Ashish Sabadra

you. Thanks, a lot. Thank

Operator

Thank you your for question.

Our Capital is BMO Silber with question next Markets. from Jeff

line Your open, is sir.

Jeff Silber

performance switch new the XX%. you've business. has quarters The really that of past to adjusted think over margin remarkable the sustainable? and Is straight Wanted much. going forward? that three bar I indices few to above been so operating had quarters, Is Thanks the

Ewout Steenbergen

the full to for this And specific respects you we will the can Hello, outlook with and is our approximately back year. for respect XXXX you call XX% guidance margin is margins do I Ewout. get the in only when give for outlook XXXX. Jeff, to With the Fourth Quarter indices, we First for to Quarter that earnings for

Jeff Silber

And in thank we stand terms of just can Okay. milestones, I over in to terms then thought I'd for moving you the try, we're but few you remind months. where merger, just what next anyhow. the looking back us of

Doug Peterson

that the the over businesses what agreed on regulators next can to me to we're transaction. the with looking months we've we that to close take requirements is continue be meet going so few that we're some and divesting the where Let of

the agreements Opus indices. were for And what include this divestiture include conditions EC that saw also with or of and of then the week some able loan the and week, they what's divestiture reach you now they remedies, we LCD of As to approval call which CUSIP. the some last

is close six the the to the CMA about conditions in the Opus Chemicals. that -- And condition we'll those the general, them loan being something that we is. the with and remedy, transaction, we a indices have of meets from and added months We close from have not that's and that needs. then now now CUSIP in as morning LCD And they transaction also called UK, to the of expect approved they heard Base the else this would are

have that get a on to all time these months of very we value full sure X also divestitures. X to over or thorough through We that robust the for and follow make want process next to

that to sense So they the now saw those in positions would a remedies also that a we full divestitures, divestitures as that's value. we competitive getting including gating of and those be those robust, that said, get strong right want too I are factor. going meeting way thought the they requirements created it, the to completing regulators be But do in is -- professional,

our as that. providing So we be be you watching top can be right have that more we done. get something that's about, things list information to We'll crop should up that on this the now assured things of of but is talk

Jeff Silber

appreciate you so color. really the I Thank much. Okay.

Ewout Steenbergen

If planning, system of we I lot X: ready 's of respect merger I the are with to milestones well operate day have, answer, And integrations, think And build being milestones, process. we're planning may looking to on initiatives X a also going in we underway, one course, positive combined Doug that for the on people [Indiscernible]. example, day organizations. able are on Company both for and at, synergies getting around as

of a milestones working more are on the overall we So also lot that process. So, planning

Jeff Silber

Thank you.

Chip Merritt

Jeff. Thanks,

Operator

you question. your Thank for

question Toni is with Stanley. from next Morgan Our Kaplan

question. your proceed may You with

Toni Kaplan

of strong you. very revenue Ratings to at about Wanted Business. It's fourth recurring Thank the within growth. ask the again quarter XX%, double-digit

when Going deciding that debt from at really not of has has issuer there? should enter growth balances to frequent rise, this whether especially And just been program, similar point? a sort a issuers continue forward, rate any there change to broadly, or we changed as expect

Ewout Steenbergen

very is growth. revenue full low Toni. we is And expect outlook Good underneath continue non-transaction the for morning, a Indeed, also growth positive of for the double-digits developments. that the to is positive continued year in couple -- category see revenue now ratings. you What non-transaction for for

year, is seeing of are are loan we up being rating very are going that course, activity, bank we helped fees. by And First, of last surveillance the where level receiving that also bonds fees activity. high by this issuance surveillance year

see that CRISIL part we lot doing future rating credit is very with showing and activity initial in ratings evaluation expect continue may is also and also by to also is environment, helped to very So the growth. year, M&A healthy which respect also you the beyond surface, is XXXX. of of this well indeed a what then Then some

doing categories in loan all the underlying transaction well. So of revenue very

Toni Kaplan

our of color. to for the exposed pressures But really we're seeing follow-up, That's across some names. I given And for know helpful of labor just some that, diversified my you're less your seeing can find to Is want if said, the what's employment. you being comment understand harder that on you're going to on with on just side? labor it any headwinds people

Ewout Steenbergen

as the offers at should at really also pick much also indeed it a that. possibility we on up area And the of Company base. monitoring and we're our because We're well course, Toni. on a cost transitory. retain, cost by this as we staff up quality in that monitoring of Company it look this. we're before our a category It's believe attractive -- are talent overall labor wider way, lot is people -- a [Indiscernible], is At risk of as [Indiscernible] an offer we a is are cost some this it's have working in move be employer as point a both the good about a the XX% We with attract that time, very from perspective from pressure economist also so opportunity markets. that a as people can Absolutely, that introducing, can to because, inflation the looking clear the this at as an closely that geographical that largest hybrid there both as opportunity think we see of the talent we cost and closely to in overall as

the case, Company, stress So running more think and that's we're be but would definitely inflation we if actions mean permanent, would can what that tests to base our management for take. more what about

Toni Kaplan

That's you Thank much. great. so

Chip Merritt

Thanks, Toni.

Operator

for you your question. Thank

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

is Your sir. open, line

Craig Huber

prices average X% year. my on guys Hi, question. to Typically per first X% you raise

that? lower is and this Thank around Then For are is areas higher reasonable you. than there year, that have range, I'll a your legacy that or business follow-up. significantly any a

Doug Peterson

try on further now. are the that in know, we you be guidance forward -- typically as would to to will update price around somewhere right X%. any inflation, the We trends on markets expectation what but or continue Craig, our have but that's look we going at don't X,

Craig Huber

how this year if think guess, if Can issuance you would, loan down have Then Doug, X% debt excludes your Okay. your issuance just best bank next comment year? for bank guys seen outlook upcoming the I heard my this question, what's do other you loans, assessment, will huge years, Thank given strength you you you. I right. you

Doug Peterson

that, have -- that say LBOs. do figures from at pipeline strong don't important I That But forecast providing our do only issuance next And I bank that always I that. elements the be one loan into see we'll very more the of a team. a and for most is guidance would we Call. Earnings M&A on

Craig Huber

Thank you.

Chip Merritt

Thanks, Craig.

Operator

your Thank you question. for

Morgan. Our with next is question from Steinerman Andrew JP

Your line is open, sir.

Andrew Steinerman

on revenue guide four likely growth full-year about are more I'll to on to fourth you be quick. and organic of little Ewout, a they Slide comment could segments gave in bit you puzzle XX. how just to Just help understanding quarter? us the do that 'XX an a the basis the

Ewout Steenbergen

respect then We're XXs, at now year, growth Platts digits. ratings, XX%, double-digits, to The revenue said respect before, with single-digits, at have Index we XXs. decisions. have, revenue and ratings around growth mid-to-high the outlook low And for double-digits, and with MI then XXs, single we our have I indices mid Andrew. for business, looking to mid outlook as margin Sure. mid We the MI Platts at high full

and for healthy top-line segments. Continued margins our growth, positive momentum, all healthy of

Andrew Steinerman

Thank much. so you Perfect.

Doug Peterson

[Indiscernible] That's full been year. a

Ewout Steenbergen

full-year, correct. are Those

Andrew Steinerman

for that, appreciate into Thanks puzzle quarter. highlighting We'll Okay. that. fourth

Operator

for question. you the Thank

Sachs. with George from question Goldman next Our is Tong

open. is line Your

George Tong

well for quarters shouldn't the morning. revenue ratings Good thanks row, issuance that performance XXXX. three Hi, now you your persist Are in increased drove and a up factors debt why into guidance

Doug Peterson

don't I or in a goes a own who to looked undertake M&A Clearly, in did are you in right what lot update do there's have and will a are guidance issue see and the they liquidity factor debt c? the at. with beyond team, reason packaged call. what undertake markets gets There in any it's whether we of bring organizations decision right factors how is et year things an whatsoever XXXX try deal market. on to to instrument have of M&A that sort give of lot We now finance it go loan, which day, into our next to a the people that those it to of CLO, every a pipeline now in when the earnings forecast our full so strong the in our

George Tong

Got Okay. it.

predominantly, target across synergy associated You merger. or expect spaced the come relatively businesses these evenly is to from, increased do synergies your with incremental Which it info you business? the

Ewout Steenbergen

it categories, areas. the in across segments, board as of functional be as the George, well the also in different all in many will

couple more a Let get that feel you me that give can the behind it. of you so examples

First, we before and a did underway cross-sell, XXX shortened procurements further about identified. cross-sell clean then a from contracts, that on been at some opportunities not analyzed, did the synergy are lot synergies that with list clean we led has what have not call the basically room. both work and XX,XXX filed segments food respect activity. in of been we benefits to what has we were is And opportunities room room have there -- expect Also, have to for has there active spend clean billion that of companies been of X.X About before.

being and in identified So in also in Crystal. CME, synergies transportation, in have we now ratings,

all those So course, future. Company I combined couple examples, of say really organizations. more both in to a And tend but of opportunities in the would are of the in areas across general,

George Tong

Thank you. Great.

Chip Merritt

Thanks, George.

Operator

Thank question. you your for

Oppenheimer. Our next is from question Lau with Owen

open, Your line sir. is

Owen Lau

the divest you. about completion And how quick. the to these conclusion to please are came INFO then I'll talk deal? you. Thank LCD? rationale all and down CUSIP of divestitures the be you the to Could behind you contingent Thank

Doug Peterson

we to businesses go Yes. the market, looked have They them those the bring as that them the with Owen. would of Thank to lot as to these know, to CMA at together and competitiveness they go what to at give you, feedback depth. to of as participants are a the them be businesses. and EC look you Well, ask businesses the market

looking comes they So create them, And indices market that the that would their a to discussions have CUSIP remedy of and discussion additional loan we understanding advantage. when in would through be position, we the the dominant to sort with the and that and meet determined that agreed it competitive with EC, at ensure didn't the the that markets. needs position of some would an their belief LCD, a in

something So this -- that this they is at. is a looked

a competitive about discussions of markets, also that create Base also positive listen they on the the UK. we would back have short a they business that they and described be would to read in it. to to in we participants, go discussion approval that about views a conditions transaction. of think has call in published, have also paragraphs market they condition would very the the Similarly agreed actually letter them, and And they've can that we Chemicals came they very couple issue that given been order -- with approval was the in the But an CMA, with with get negotiations aspect. us that meet that their they You that what their feel with the they a how which

do, cases, are make agreed market we the them. and deal. they participants, speak these order look these these divestitures we've in with these the the we So at would market, regulators discuss what with in And to then that they close

LCD and we and we without a indices, now, But EC, in we deal. related buyer You from asked Chemicals also have, OPIS the buyer for buyer, for which in the they can would to case we deal and conditionality. It's Base six a close business, have that to we'd transaction. which having business of the we'd a case could loan identified to need then in the vetted have CUSIP, for and close the for they buyer and have identified the about the buyer our have have of vet, months have a and already that already OPIS have we the a the of identified, would and understanding we businesses, would CMA, we before that have

Owen Lau

helpful. much. Thank you That's very very

Chip Merritt

Thanks, Owen.

Operator

for your from The Baird. question Jeff Thank with next Meuler is question. you

line is open, Your sir.

Jeff Meuler

Yeah. Thank you.

revenue capture this on to platforms, upgraded is Platts costs about and legacy then incremental of better a and IQ the save opportunity eventually? usage there there at the on upgrade all then monetization an on And censored Cap expense you is client, point the platforms side, existing driving as upgrade the On the or some is the as back-end. sizable you you of

Doug Peterson

find data, aspects One makes easier That that download to few it, related a chart to capabilities it we as price brings to products to is the more to it, search it There's then stronger to it, people more it is etc. make is to sticky, virtuous us increases. people to and to have something more use and which this. you mentioned cycle product, our that improve a the a platform, negotiations makes comes are allows which it the when

does So launch virtual platforms, of these it direct that there cycle. comes but a from increase us give not the necessarily a is

addition, and add sometimes In with makes easier new -- along it revenue bring it contracts new to those. and for which plug-in datasets new do

you asked of the about expense addition, this. side In

the talked from us where IHS to growth credit areas in developers further what it an redeploy growth. for to going etc. save transition changing we're Markit, in resources that be about either on redeploy energy at cases future able us opportunities products, have merger older private talent but and expense also the are quite allows it those the our platforms, off some to how the savings allows to ESG, we're products, programmers can We going redeploy we're turning into markets or bring look highest to about something development how and many areas we with As highest opportunities, to excited with this get earlier, we've like the

Jeff Meuler

Okay. Got you. it. Thank

Chip Merritt

Thank you. Thanks, Jeff.

Operator

for you Thank question. your

Rosenbaum Our question next Stifel. Shlomo with from is

open, is line Your Sir.

Shlomo Rosenbaum

businesses the I I but apologize are heard be morning. for Thank be EBIT this a what questions. divested businesses EBITDA if XXX on Good in going missed to collective you taking my basis. or those I Ewout, But revenue. would Hey Hi. the of million

Ewout Steenbergen

segments higher mentioned Thanks, today. reported are businesses these the Shlomo. of on No, remarks where But businesses that we respective Good these said margins are the margins during what Doug morning. is prepared his haven't that specifically. than the

the are see these businesses the off it, a bit approximately X% about So if margins you the combined is X higher however, you of with revenues Company. on proforma of than revenues average. businesses those And think

And the overall we So up the have are overall of synergy consideration modest. moved is four, Company also they then the numbers announcements. take these margins relatively into impact with on that the

Shlomo Rosenbaum

If the increased is should does until terms think it share are repurchases offset, thinking the other How in primary how some or I go lost I you going the are -- synergies of of be moving of the of to that think that guys up, Should in so words, the synergies? offset? in offset terms of the of [Indiscernible].

Ewout Steenbergen

think to X way The Yes. maybe about elements. it is

is to thing say which synergy could will are starting coming lower, then based So two we point But help these out One positives the on you see of combined higher the modestly it. margin future, slightly, opportunity for the will which lost a EPS, with in stand as Company, divestments. margins the course, these positive the the up as the is to further of in will proceeds capacity, help additional divestments the well buyback order also offset of drive earnings. for

Shlomo Rosenbaum

line to your for follow-up. you Thank Okay.

that elaborate bit to on more. a termination little they heard a just their was haven't you sudden? before going a all fee Could on I on thing one or Just internal indices Are happened own of ETFs. what creating that they're

Doug Peterson

we our in the index the built index that have when be know, a provider would business diffusing they maybe an -- As it our contract together you they with and And saw party. early the there's quarter. in if might provider organization another we an indices to fee bring during some occasionally, or switch, cancellation the be index that switch could ETF in will rebalance an sorry, contract case and that this place

Shlomo Rosenbaum

you. Thank Okay.

Doug Peterson

you. Thank

Operator

for you Thank questions. your

UBS. ask your Kramm our question with from Sir, you Alex take final now will question. may We

Alex Kramm

morning, Yes. Hey, good everyone.

not give lot detail were bit the color, follow-up here, given quick little into I that ahead know what on I of of a Can tackle? of to may opportunities -- the stand-alone myself is one bit. d a put you to and myself given around Markit Just what you more prevented? a upside what what know example, cost terms for deal able base now you have I'm your out you've things ahead Thank mind that look willing is you there just been little but As Company. able own of you once synergy close the the to asking, not can you to the already a guess further synergies. I that may bit know I little look that And haven't you I'm getting getting still are in yet? at numbers again, be I'm and What IHS further you're in you.

Ewout Steenbergen

call Thanks, Alex, and today. the really appreciate joining your

I terms look standalone procurement entities can run commercial way. with two terms certain think We to details in to this have, this you should course, into see far in respect time. of following because Companies still as restrictions financials how are do the agreements, certain respect in the point in at legally with of agreements, we of

so-called organizations. look the area where never where the through any you separate for be -- a clean details, with solve shared can into of particular rooms, So you respective those that partially that people have how is can segregated way can

But have said I again, all a of have to those complete further So definitely, very and after we robust compared more deeper what think an we that as opportunity before, are even now. to numbers look we make process into to rigorous we the in transaction, have more we place. able synergy that

then We submission ultimate have bottom the their rounds, operate start And before of up we'll completion definitely fifth have synergies, substantiation Company. then four course, we of after the had more to transaction. can of we'll of around a as learn all already a combined

Alex Kramm

All right. very Well, you That's me. much. thank it from

Doug Peterson

going sure new EPS I strong the propositions quarter. you of some the time execute We as talk today. that something And to launched we to transactions results on things to make we that want we able we're more as going getting is product divestitures clear. rush. now a about, want closing all, forward path have And regulatory and approval we're we with growth. third financial achieve growth value, on. thank our today Alex. well. full those close first XX% about. don't very also, call towards merger. performance have platforms, We but exceptional is adjusted to And to This to We delivered ESG we Great. to We of very you, also IHS XX% many for excited advanced and many, make discussed the that and I'm to can moving we're want topline diluted remarks. to Thank in saw, the The joining execute the everyone on Markit had

Doug Peterson

on more going as for on have data. are address Well, strategies culture, how also know, our people together, importantly, customers, bringing going you and technology our integration then together planning very the we them to identifying we also It is going around importantly going love to extremely our work and for exciting as merger. results deliver But And But to diligent. importantly, the want reimagine the And it's all How needs have to be working And thank Company. future work to and people we're to and of of it do, at when helping to been your rethink to for And you be the Fourth forward want our we're I hard. our the been transformation support. the an and for looking the working end Quarter going on all identifying you building been the kind what is the them thank they I a people it's which shareholders to our with work Thanks, much want forward synergies. sounds from most offices. XXX call, this of been thank making But dedication They're is I also that then we're which Company earlier come everyone well businesses. lot, working may the home the saw and dedicated, today even days able call, everyone. year. on starting days. on XXX like commitment holidays back a your for the to They've also of to future to and working of great of offices finally, questions, better I'd welcome depending the work. world. thank the their and to And this remotely, been well. this They've Company they've They very as people. for for the this and looking how analysts now

Operator

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