Loading...
Docoh

S&P Global (SPGI)

Participants
Chip Merritt Senior Vice President, Investor Relations
Doug Peterson President and Chief Executive Officer
Ewout Steenbergen Executive Vice President and Chief Financial Officer
George Tong Goldman Sachs
Toni Kaplan Morgan Stanley
Kevin McVeigh Credit Suisse
Alex Kramm UBS
Ashish Sabadra RBC Capital Markets
Manav Patnaik Barclays
Hamzah Mazari Jefferies
Craig Huber Huber Research Partners
Trevor Romeo William Blair
Owen Lau Oppenheimer
Jeff Silber BMO Capital Markets
Jeff Meuler Baird
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Good morning and welcome to S&P Global’s Fourth Quarter and Full Year 2021 Earnings Conference Call. I’d like to inform you that this call is being recorded for broadcast. [Operator Instructions] I would now like to introduce Mr. Chip Merritt, Senior Vice President of Investor Relations for S&P Global. Sir, you may begin.

Chip Merritt

today’s call. fourth joining year and for earnings XXXX you S&P quarter Global full Thank today’s are Chief on Steenbergen, Presenting call Executive and and Vice Ewout CEO; President and Financial Doug Officer. Peterson, President news release results We issued with a earlier our today.

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

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

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

do We that with call. media us representatives some have we aware are on the

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

Doug Peterson

Chip. call. everyone Thank you, Welcome today’s to earnings joining

like I’d to and for thing is at throughout do commitment XXXX. first The people their dedication S&P thank our Global

their of of the do jobs, lot all while preparing with merger and pandemic. uncertainty people year the expected Markit this a day IHS as asked while dealing with the have We our for they the also

behalf you. our the of and on Board So management thank team,

flow, $XXX operating achievement generated adjusted billion results All turn of let financial XXXX. following growth profit Global $X.X items in is in certain XXXX. four achievements We businesses million delivered me the in S&P margin. cash free XX% growth of diluted an per revenue and XX% dividends. and key earnings Now, the excluding share both contributed adjusted and quite organic This to growth. revenue remarkable with returned

closing been the the synergies we merger results, the to initiative begin to progress year to company rapidly begin cost well. the multiple as Upon realize made our merger, as strong and has addition most prepared important In of operating to are the rounds very for one you. and we and the the preparation of initiatives we synergy outlined key significant financial on well on of already validation. both have Clearly, to revenue

share we after million $XX of investment the will provide an pre-realized a repurchase Also, to segment company In programs, of fact, on update host business strategy, guidance. call have end plans, post-merger investor completed, we basis, by and synergies XXXX. on a details, merged the is merger run-rate achieved already synergies, the

The emphasis detail These fourth domestic product news full ESG the over with one more these quarter are in launch the commentary, pricing, China from offerings I other rapid strategic and the in multiyear year, of XXX% included detail strategic that This creation up launches we the the items analytics key our a will S&P in transition; earnings more on in productivity the you on of $X.X first dual-rated the issuance SustainableX to product achieved ratings manage in the connecting with example product Pro, call company; each with Dimensions with energy we increased many from last and XXXX. China, progress year. today’s items made bond. on coordination XX% across achieved of these XX many investment program, them great and will for fully in shared recap initiatives, today. XXXX remark user being initiatives We our organic to and market To capabilities on of significant revenue Platts billion. provide our in of on XXXX continued expanded experience numerous integrated progress strides the results resulting include new expansion drive initiatives and special of financial call.

XX%. Our adjusted operating increased profit

largest a of EPS. delivered of delivered the of XX% All a growth a Much improvement. delivered XXX a this $XX.XX original important guidance and a XX.X%. was And to financial that The adjusted profit $XX.XX increase XXXX. operating Indices. diluted operating of to strong very remember and increased of operating we of revenue points After adjusted part of exceeded track of adjusted performance the divisions It’s to that far ratings XXXX several solid record margin XX.X% to basis It’s adjusted XX% basis financial our of profit was Ewout fourth will Intelligence that adjusted XXXX revenue guidance performance. years Market with exceeded was $XX.XX four our margin our XXX results in spending, gain review largest XX.X%. unexpected Our quarter note operating in in increase to original are to profit adjusted gain the in moment. margin elevated outperformance important points. XX.X% our what profit investment far following EPS due

posted $X.X Over growth a doubling to banking of annual operating Science Impact margin EPS adjusted all past facility resulted sustainability-linked of own we senior prescribed and X time-off And facilities profit goals, Annual its The Xrd advance have revenue XXth Sustainability expanded a tied that we weeks eligible We Based policy and for a our continued compound We company year leave in averaged has X% Target of the XX this rate nearly of industry the practices our no issued years, points per Report. parental our published Annual sustainability. in also TCFD have revolving unsecured maximum first diluted and the We one expansion. to introduced over timeframe. in leading jurisdictions. a basis established flexible U.S. XXX adjusted to with credit Report billion in

several XX% $XX have million recognized to Our S&P our and leading Global to relief, that COVID-XX support efforts its And by increased inclusion diversity, Foundation grants been sustainability. by environmental organizations third-parties. economic

the ESG programs, the to million, are assessments. data While as end business. ESG products ESG These $XX engagements, of up own are company. XX coordinate external sustainability completed enable from versus to elevate to investing XXX AUM social billion, ETF increase XXXX over XXXX, SustainableX of amount We versus XX% and efforts competitors ESG they we continue benchmark corporations to and SAM up key alignment contributed ESG and XX%; resulted collect ESG At we we year this and internal are a of world. XX%; increase across sustainability XXXX. an key launched launched our growth. ended efforts improve our XX our of XX% completed differentiator $XX.X our evaluations, In All our XX%; around XXXX. revenue Green an of in we with corporate Evaluations, directly This them. the in We enormous a ESG framework up the opinions us reaching core sustainability XX

methodology March, we to that year by increased XX% participation the companies. have CSA X,XXX in already ends For survey

mines, also coverage analytics as and expanded buildings. power We available coverage companies assets Capital scores to Global such enhanced million expanded stations X on climate IQ XX,XXX ESG physical and than ESG S&P Pro, to more of offerings risk

excellent launched XXXX. commercial In to also initiatives and progress numerous expanded capabilities, products and new addition ESG in we

delve on time comment While I into don’t them, each me let of to one a few. just have

against the we sells climate-related engineers Kensho of XX faster. machine automated entities S&P our of investors and document Service. December, Climate implemented Second created price customers for data Kensho evaluate assess unique investments AGAVE Analytics, learning market XX for of and force created And Platts price viewer tool in impact Link have transaction listed Global quicker company that and Kensho the to process efficiently AI-powered development. the at Wyman over identifiers. documents. creating climate for a IQ for in ingestion taken assessments. slide. Kensho be and Pro. Kensho minutes markets developed extraction company Kensho framework entities. scenario is Many the The Internally, standards. credit need to counterparties, we capabilities Party from Kensho Oliver Platts, our platform, Kensho’s key by have a our by on to million company their have to finance information portfolios. begun acquired that comparable was The AGAVE transformed and AGAVE price a been Intelligence and data governments. of XXX,XXX and alignment capabilities different corporates, Link quantifies has tool, driving and enables quantities model and Capital targeted. the Credit principles increasingly improvement Link, continues to-date. on Opinions of are note of and available has on customers the for Market productivity risk physical with have customers. these Codex consistent a Climate extraction analysis on sustainable relevant this created Climate efforts, an navigation are climate and suite. scenarios is analytics To support they a used own And daily map changes monetizing efficient XX There XX RPA, XX assessments of client providing completed assessments. The for million transformed process Scribe, creating for Platts’ average, facilitated uses Codex for large Externally, mappings by Climanomics has

what While innovation drives the is key internally also help. we industry much our of create trends success,

years. U.S. $X.X cumulative One equity flows AUM past chart of investing. those shift of in is the into the XX passive illustrates This the trillion

XXXX a global issuance been are depict positive This that the look continue. reached XX% Europe. company. trillion. the down lines pull The trillion $XX $X.X this hard and case XXX% loans XX% leveraged $XX.X and and the of of X% increase associated XX% for issuance strongest, is leveraged at believe of to maturing year’s was trend. earlier of to the like bit the in of next the refinancing amount with now X of X% latest the in believe past been I’d this in the increase We It beneficiary in that of XXXX high has often and last to prime were volume growth the highlighted that indices, over loans heights maturing the global on years. loan to a grade of our last in issuance products We this XXXX. structured XXXX. growth next XX% appears study our over In has these while ETF this presentation exceeded pockets on years extra high over It’s from outlook forward. from AUM The bars our leveraged high debt will X the X If XXXX there chart It The trend as of rated, soared which depict trend in to yield global month. total year’s a new XXXX. we debt study. another clearly percentage is The study shift the The issuance in strength fastest from categories. we trillion trillion, which growing is and for investment XXXX, market were leveraged loans years. totals trillion global weakness. in yield that U.S. the favored over The charts loans in pockets global down right $X $X.X study. XXXX yield benefited The depicts issued

structured, put and maturities total a that of growth rate into this will the annual getting an issuance small the to outstanding larger. decline for in calls decrease X%, of XXXX, Ratings in at debt include vast Group of Research not X%. financial shows note leveraged X% After and X%, exceptional global The in for get increased U.S. The Let’s this Please just loans. services that debt forecast will XXXX. and municipal This pool past not needs a our compounded upcoming keeps years. refinanced, that X X% it chart does debt perspective. and corporate issuance be and decrease revenue growth refinanced majority in X%. This XXXX forecast issuance of respectively this forecast anticipates issuance gains in is a non-financials of and

and pandemic. from view growth is Demand of uneven from Now, robust, are the inflation economy latest let’s the GDP start proven a the our and growth global with XXXX. global XXXX supply in more reached now growth growth multi-decade the but U.S. midst The rebound continued in and to They a and than Inflation has outrunning have of in quickly in persistent in Europe. almost economists. policy has everywhere. forecasting XXXX. Europe be thought U.S. the key X.X% risen is in challenge GDP presents and highs

of uncertainty, Bank flows help the the elevated commodity increases global that and year, in healthy significant costs active of most expectation historically the remain depicts facing general are expect and equities we most slide disruptions factors re-pricing are The growth, now we a at that economists AUM the commodity important risks producers chain the that this Central are levels liquidity. external inflation, company. facing This least supply course, Probably important from carefully to low, factors negative stability sticky ample geopolitical most XXXX. factors hikes for economic Each year and pandemic economy. rate going starting passive, X borrowing continued think March. Fed positive financial the the remain into Our continued assess those and of rate

S&P Before I to team and forward the I of built Markit the I’m talented Global IHS at to S&P we finish, look incredibly to have Global. that I want employees say proud welcoming

on are hopeful immediately our will merger a new the now, call soon Once speaking merger. outlook. with is you is an with into to future. Steenbergen, who financial begin Ewout? building and you like the be And to performance we Ewout will additional complete, I’d We to even we insights update company to the turn brighter over provide going

Ewout Steenbergen

Doug all to you, on welcome of Thank the you and call.

expense this me unallocated professional the to quarter and operating Adjusted to Interest expense incentive increased timing XX%. in financial S&P EPS expenses higher to Global XXX contributions adjusted back full increased profit expense fees to decreased Foundation. come increased increased adjusted the year with points. accruals total and basis margin XX% interest will results. Let Total the increased start primarily corporate reduction due expenses compensation, of Adjusted slide. the on for Revenue I XX%. X% primarily next XX% diluted X%. our XX increased a due Adjusted and fourth increased FIN

in quarter, a to in resumption X%. incentives, increase variable management XXXX including related spending. and fourth increased of growth charges professional The financial performance; quarter; of fees; to to business changes the the elevated strong during they T&E severance primarily fourth expenses, the the For quarter initiatives; Indices due as result royalties commissions increased increased was investments and

of they charges; $X for fourth benefits, primarily million from merger the million They fees, technology for and and synergy consulting $XX primarily $XX amortization. a integration branding acquisition cost; cost adjustments and lease $XX cost deal-related in the transaction gains million merger million. which integration non-GAAP restructuring million retention and million quarter, to to $XXX sales; totaled estate bonuses, in million pre-tax loss During for $XX achieve, costs net included expenses; fees, real $X include merger will divestiture-related drive from impairments legal

changes four primarily all share quarter, leading increase. with with year, adjusted leading operating reasons. profit an fourth with reported call, headcount. Each All increase. XX% all delivered This way four in the In segments Quarterly an XX% revenue decreased importantly, more the quarter but a profit four increased headcount segments our also operating year. X% gain the on growth the mixed, two our we with earnings adjusted for for delivered were way Indices XXXX, margins margin segments Ratings in

The first automation. is operational efficiencies. from Much operational were the efficiencies of

XXX fact, automation Intelligence XXXX generated bots. the leading RPA XXX bots people with hours way In XXX,XXX our XXXX. in savings with over Market created Cognitive and in of

million. for market. on difference competitive largest labor investing We decrease due the competing slide would we in in with headcount The estimated and company pre-realized by the $XXX SustainableX left pre-realized synergies. This the were the projects. merger ended to merger, category. approximately second XX% unfilled, initiatives reasons positions to X% invest that left sense of the was at year, formation the investments of the S&P Market pending priorities synergies and Global efficiencies the realignment shared about SustainableX, $XX Intelligence $XX to we XXXX. in estimate year, many due that largest positions the when Platts didn’t in to this had reported growth is backfill growth categories. XXXX. and million to the other SustainableX. increase as area were end Last in The We several year Because merger automation this at XXX the million a were primary previously it of representing people up largely there XXXX. we of due make new with added Many people

combined the quarter am plans third increased the completed X-year new will our merger is focused months of I the a the over be productivity XXXX advantage largely merger we the scale procurement small that we on awaiting few to completed There spending All only of call, program now XX synergies. have to company. period. completed. investment be are a share XXXX our already the efforts productivity achieving will program. to that to $XXX report of earnings are pleased X the million after take our We after projects close On introduced merger

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

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

flow flow, improved of gross billion the EBITDA year Because period. merger due the the to debt prior XXXX. Our to XX% share pending Markit, or completed, to in only share cash repurchase cash million was we to $XXX Free suspended since end $X.X merger IHS we the year program expect repurchases. adjusted returned in ramp adjusted with last excluding of certain over X.Xx. increase up significantly of X% was XXXX, to items, is shareholders free the an After

Dow our revenue in division increased to activity. results, linked indices S&P delivered segment XX% let’s and to the Now, Jones Indices, starting primarily turn the gains due exchange-rated with derivative to growth AUM

a decrease benefit in Our asset-linked across operating in four-quarter basis, profit segment customer we delivered profit incentive due increase margin trailing basis segment of primarily royalties; to XX.X%. all of XX.X%, adjusted In reported of the points increased fourth operating compensation, adjusted Dow margin the revenue basis quarter. included Indices Jones points. a growth expenses and S&P quarter, adjusted this the XX increase channels On a XXX profit an a XX% true-up. revenue adjusted and a segment increased underreporting also commissions operating XX% severance, to

XX% fixed S&P XX%. particular primarily activity new Rating and Data custom X% increased partly mutual expenses wages increased operating in increased subscriptions Exchange-traded and increased funds. associated profit entity increased segment lower XX%. in at a increased very Service. offset XX%. with fourth strong ETFs S&P complex strength increased segment four-quarter XX% options revenue fees and increase XXX increased basis Asset-linked adjusted XXX due an profit credit operating by the in with XX% This margin and services. X% and futures Index Evaluation segment derivative basis in reported with to Activity surveillance, options options. XX% Non-transaction adjusted the in gains XXX CBOE point Ratings primarily XX%. On activity fees volume basis, quarter, XX.X%. and equity Adjusted increasing revenue adjusted operating CME CRISIL, E-mini ratings profit increased outside increased increasing due margin. incentive resulted trailing increase with XXX to to revenue points and in compensation, a

over bank entity This in ratings increase structured bonds, revenue an investment-grade and XX% corporate slide added depicts was by products. largest in new Transaction in loans revenue contributor As Ratings X,XXX credit markets. its the aside, Ratings primarily to corporates. increased The we increase to due XXXX. revenue end in the strength

structured In CRISIL addition, increased increased services other financial and revenue finance X%, XX%, governments category decreased the XX%, and XX%. increased

On of in can see slide, was the you the products. structured increased The changes change XX%. within which in right this side largest revenue CLOs,

basis market platforms Adjusted to increased year-ending X% profit Market decreased excellent XX% users. of every Turning revenue adjusted operating Services hosting Global ore growth Adjusted incentives. XX% operating cloud million royalties, revenue segment were primarily increased to operating Trading users from four-quarter of basis, to from including operating higher basis year-over-year, profit XX%. XX.X%. notable adjusted points growth gains adjusted incentives initiatives, increased million, segment new increased On expenses or subscriptions coming or while points GTS and increases XX.X%. margin products. to volumes. and X% XX% Platts, to our renewables XX%, basis cost the key commissions. margin in a increased trailing expenses XXX a sales segment increased natural settlement. points due XX% XX%, revenue basis petroleum and growth X% XX.X%. $X Core mainly XXX,XXX and growth four-quarter delivered XX delivered increased points from and gas, trailing investments, growth of $XX XXX $XX Platts Intelligence Adjusted increased the in Approximately increased with of The commissions, commercial increased petrochemicals. segment revenue to increased increased was segment increased new XX% XXX million, products. profit margin Usage in this and The profit margin iron active with operating due and category to Adjusted XX.X%. to profit power of

Looking across components, X%. revenue the Desktop Market Intelligence grew

public platform Capital Intelligence During Market data. Pro. offering and its with IQ of industry XXXX, rebranded platform combines IQ best broad The as Pro IQ desktops premier and deep Capital the SNL Capital fundamentals

into Solutions offers analytics chain, platform Data as supply greater the addition, Credit and and visibility data ESG private as scores. climate XX%, guidance markets merger and for In at revenue this merger, regulatory, grew XXXX Management revenue pending will for companies private the provide Risk well company and XXXX grew company will time is Solutions X%. the the combined provide Due not completed. to but after the guidance

continue to We merger the expect to this quarter. close

And that addition the be the can the XXXX call, website. with growth, Investor over questions. your Chip significant turn the of strong we was In We me noteworthy let in for slides are downloaded on S&P realized offerings. Presentations have considerable reviewed Global. our on a and an results, product launched financial that to made preparation additional progress call In there Investor new for conclusion, SustainableX appendix across to that, from this section products company, slides and back including merger synergy validation the delivered multiple innovative Relations year

Chip Merritt

you. Thank question. now Operator, [Operator first take will Instructions] our we

Operator

Thank you.

with from comes Sachs. question Goldman Tong first Our George

is line open. Your

George Tong

the elaborate to on what companies can transaction can complete respect With for the Markit, you remain before IHS steps morning. close? merger the Good thanks. Hi, with to

Doug Peterson

Hi, question. approval on is from all – conditioned George, from you’ve this of Thanks that of and divestitures. know require we to we’ve last Well, Doug. approval the certain as what are the And for from merger. have those our regulators the we released, but first close all, that seen call you

have are we UK Base the them the approved already with business, CMA, for Chemicals which with buyers So presented Corp. – is News

second And would of be waiting from then that the potential EC. We’re the buyer. their for approval

additional divestiture acceptable we’re the all waiting ready the them signed that, and divestitures for We have which contract them announced CUSIP, of go. we’re Other that partner. is to to we than looked – they And FactSet. an have with at as from one approve them a we’ve

George Tong

Got helpful. it. Very

realized synergies over pre-realized merger of XXXX You’ve the XXXX. course and early

Given how changed? transaction from views around and the on realization, synergies synergy cost your your revenue are work

Ewout Steenbergen

both synergies, this have is we Ewout. the work our on Good to validating side. and on on morning, revenue the continued George, Obviously, cost side further

We have, submissions synergy in of rounds streams. work meantime, our by had five the

building a concrete synergies. on really further do they lot of So developing synergies, substantiating and initiatives work around bottom-up these plans

for So is those today. up level the numbers each submission going of cannot give confidence rounds. you I specific

lot back merger work But the continuing, during completing we’re call. transaction. will realize ready you the synergies after We so to to is get immediately a of the

George Tong

it. Thank Got you.

Ewout Steenbergen

Thanks, George.

Operator

you. Thank

from comes Our next with question Morgan Stanley. Toni Kaplan

Your line open. is

Toni Kaplan

I on Ratings. so ask Thanks, much. to wanted

You down your this forecasting. for mentioned issuance is the Group year that X% Ratings

mentioned about the you’re potential you expecting rate you X% that how down given upside are thinking rates, for versus downside number? Just rising guess three to I hikes.

Doug Peterson

Yes, that. Toni, for thank you

First share bit the of market. all, a me the little let of of color just

As last mixed of you – lot year had in was movement the Ratings. a know,

example, were an the XX%, credit, institutions were CLOs, down structured which was Financial As U.S. and then XXX%. globally corporates up XX%. is as up example, the an in

of to credit team pipeline all all have the landscape? of they issuance. what across we we lot What of LBOs, growth that the the the was over issuance for call X% now negative flat, mix the with that they S&P Global to And much X%. looking One Structured flat in what part thing at by of the So about is and saw looked X%. a in a analysts of have down with relatively could the been Ratings year the types the the And year are was at industrials as transactions, research as transactions? be movements. from right team negative our factors, or X%, range up What’s up X% either in X% down of go the expecting about they up in last X%. at X%. the different we go X%, next see are XX% up about Financial then range finance sectors? couple what as they’ll is sector – public X% services at years down what finance seeing M&A the could private much corporates private for as to growth about with And the those

down could total gives X%, about of with up could X%. down you that that go So it range go X% to and a a

pipeline, etcetera. M&A with are issuance, learned they the that is said, based As transactions, the we’ve factors the see up, the at what this banking outstanding looking pipeline, I at private what on on looking sector maturities from of coming

Toni Kaplan

That’s on things you’ve in in segments? the to the of great. of now And right significant about that gain there you segments, of would the how see revenue number wanted Index? the in time? we think mentioned helpful. gradual somewhere? we ESG different how call. of mentioned about traction, expect going a or ask And be sort we should in is massive earlier a the Or most Market other those Like step ramp should Platts, are Very ESG, you just this the in so and have opportunities Intelligence past to ramp think to able but first But opportunity Just up as over being like ESG forward? should

Ewout Steenbergen

pleased the revenues at ESG, during revenues you if for across We Toni, XXXX. growth morning, Good realized the with we’re look company. growth very the in XX%

before. so be we have that laid committed that out to continue And overall, to we CAGR XX%

you’re highest, the right now segments, the in to particularly is following seeing in Platts, what respect revenues ESG point of closely of each very Market And ESG this having contribution. business largest terms at with are we that question business. the is the revenue besides Market Intelligence still Intelligence Platts of and growth Index Ratings, each highest that the time. are Platts the Your

have for and segments the we SustainableX outlook commercial Platts. company the across an a clearly That’s group looking particularly to outside for excited the continue whole. about initiatives initiative. be that the is growth as of very seeing that this the created ESG So company revenues other and is enterprise-wide the why also driving we in And

Toni Kaplan

you. Perfect. Thank

Doug Peterson

Thanks, Toni.

Operator

you. Thank

McVeigh question Kevin next with comes Our Suisse. Credit from

Your open. line is

Kevin McVeigh

how lot is Great. Maybe could much there obviously, puts really, about talk Doug and if Indices and you of impacts that rates, Platts the congratulations. just Ewout, business, then then volatility, as on just again, volatility nice really so talk the how Intelligence going Indices, because outcome. or spike there think is there is the I the Platts, the volatility takes a as maybe is could. and and well Thanks, well. market but the Market maybe model, Obviously, about impacts a context you on focus but oil within the Intelligence in and there increased across

Ewout Steenbergen

our because how insight more that for our businesses activity our the at our is and more happening. good for for is, for and Absolutely, many There in research, way we the if Actually, a our on markets, morning. is demand volatility, cases, more in look going for positive also products, there Kevin, volatility analytics.

So from are actually, And from that shows trading benefiting directly the volatility more we businesses markets more in then on our of that, two see a usually of volatility perspective. higher value add products. top of our

more more Trading of have on equity that markets. there going when more the is our in then up in in Platts we And business. drivers Services there business, one been exchange-traded revenue Index derivative volatile in markets. which going the hedging the We Global is case market And that the Index is of the volatility is commodities have activity is that revenue

business. both also is two about the both clearly, and add, volatility a helping then from directly in streams So value the revenue the Platts company but Index

Kevin McVeigh

will That’s so great. I get back thank much. you in,

Ewout Steenbergen

Kevin. you, Thank

Operator

Thank you.

comes Our UBS. from next with Kramm question Alex

line is open. Your

Alex Kramm

Wanted everyone. Ratings from business to a XXXX, doesn’t obviously include Hi, for at forecast mentioned markets. business come you discussion second, morning, good the back for in look you obviously, you if your that Doug, doubled. to the team But the that loan loan agency

shake in January. as that seen in obviously, So, curious Thank terms loan far we’ve And in so where you. of you it’s which of structured expectations case soft environment, into terms a in market filters out finance issuance? well

Doug Peterson

still Well, comes for see Thank the conditions when market, quite attractive issuers. Yes. which loan we loan to you. it are

couple of from X X, up the X, our for own their last though even of you is there. cycle, X given lot look a X demand low. to if the But be rate instruments a range there there even like floating rate going First estimates rate now. have we’ve all, quite rates expectation recently increases there hikes X, even could X, as about hikes for increased of U.S. the up, or of more discussions is economists in still rates seen days, are and rates, And at

a M&A strong very also We pipeline. see

into As you going of a complete market. they with it biggest drivers loan potentially issuance times many people the is M&A, loan one financing or are loan bridge M&A the know, of as

Spreads a we private at low of transactions is are are rates are going lot the that be though as even for think coming levels. combination There to still as entire when transactions. they paper. M&A equity look well demand market, rate large of we floating going from of There very through, a So tight. on up, historical pipeline both a is

near a into future. for So market very strong still right loans we’re seeing the now

Alex Kramm

then other at Alright. but maybe pressure think, And could you. maybe know Market be Curious, a your one guidance this impact for been a coming us Ewout how in or hand, with And enough. then giving that’s lot. could point, this I Intelligence, companies? some you we’ve topic built is any obviously, Fair you Inflation, up on not contracts how have CPI much the that cost your that seen of maybe remind Platts. into you’re

the I inflation not guess people So which be Thank may some XXXX, you. growth could actually question is about? organic where help in thinking

Doug Peterson

over of interest X% a all, in in animated and going going U.S., then in I’m about when to it example, we hand it last the start, very rate to inflation, obviously, an Well, that a I’m first Alex. the X% December. rate has, to was of That to annualized led see rates look as at year, Thanks, discussion annualized we Ewout. U.S.

around at world. U.S. our we’ve been this and the So forward, plan as we’re looking looking we and built the the in UK,

up. is interest So first will that believe going rates we be impact

then in is EC. the UK. U.S., looking expectations it rate You’ve ECB are the now has seen in go the rumored this They The been interest at talking And in them to year. increases. about there up be

I roles our pressure closely to some then So a myself be we’re am because some this one like point labor more of from in rates. quitter of areas Ewout we’ve When about to those are markets, me for thoughts roles. we’re some for it seen hand technology – you budget seen obviously let ESG how itself. that’s market we’ve systemic some and pressure give built But applying that paying company pressure, both to for in. to There it watching our comes wage view those over We’ve factors it the wage year. going areas

Ewout Steenbergen

But about impact to the inflation Good a because of Alex, manageable of of us reasons. are the think, groups if company, we this respect Obviously, morning, will offsets making overall, the for couple the there be is we going are think on people to we and adjustments said, costs then expense increases certain be some procurement. targeted with Doug And company. for the following. as job within

made with announced We seen in programs, run we good to are and have you that continuing program progress we productivity XXXX. have the quite

said our from manageable overall at by and at ultimately, impact on But of more financial think Of depends and customer synergy based of as balancing of businesses. is relations a fees managing time at facts our the have will we each clearly, margins, are shareholder results circumstances significant products achieve inflation. contract at that for that growth, an over on then I opportunity then that be at perspective. when value we favorable of value-add looking But we’re the terms services getting we point the course, the programs. Obviously, high renewal. And beginning, and to we and

Alex Kramm

Thank helpful. Very you.

Doug Peterson

Alex. Thanks,

Operator

Thank you.

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

line is Your open.

Ashish Sabadra

my Thanks for taking question.

the had guidance – provide when the the the INFO a EPS was the to lot for closes. I company guided announced, to since growth after has But back will understand, ‘XX. going Just the on changed mid-single-digit – acquisition acquisition a then. you

just was that helpful. some incremental be and Any will color original whether given original just I guidance? puts and So guidance in could was the if takes since Thanks. provide buyback you the wondering was us included

Ewout Steenbergen

point what provide understand Ashish, we from seen past have and in that, philosophical a how unusual you we exactly before. company at manage doing that this cannot the said guidance continue you us time. this what perspective, situation for should thought expect fully is a have you in to Having we very the you us

to of more revenues businesses we around to our during and XXXX quantification grow also and will be in expand expect our And give all continue in to margins. you call specific the more merger that. So

Ashish Sabadra

going pull execute to and it’s ability or just and see the there pace for focus forward a forward. ability progress to That’s then that. on on very cost the helpful then better-than-expected color, at thank multiyear the great now you And synergies productivity, to

Just opportunities more we there productivity, businesses Thanks. cost – a improvement for there for as well? addition opportunity to productivity the be in question global stand-alone would is be there synergies, could – as on

Ewout Steenbergen

continue the at look opportunities. We all to will

and productivity see will to very be real to automation, us the means for we a from pleased get There But expect cost to may many we Again, synergies, are at continue different perspective. us management a on give now to a have progress synergies that those I’m looking plans from realize we to work as across You submissions update company disciplined company to that. the areas. very what the areas making start combined we And concrete by had that we I terms rounds five put before, you are with the where from the estate further synergy in to ready overall, whole perspective. many, streams. full are behind of said

and further has work of be So bring to an of will this level incredible amount able into to terms up accomplish. what we in to gone confidence validate the

Ashish Sabadra

on such quarter. congrats Thank and a strong great That’s you.

Doug Peterson

Ashish. Thanks,

Operator

you. Thank

Patnaik Barclays. with Manav from comes question next Our

open. line is Your

Manav Patnaik

imagine looking the IHS I overview slide just there? Kensho on a the I up high-level doors the looks I’m and Markit at at Thank wanted what opens kind Kensho just the like you. only with at here, of pipeline just and S&P moment,

Ewout Steenbergen

favorite always this is Thanks, of to Manav. talk about. know one topics you And my

how about what continue we complete transform is can after combined be the and it of so excited to do S&P the the and initiatives we also to Kensho for So company Kensho transaction. helping Global

of are You’ve highlights the see XXXX, seen XXXX. Kensho the that continuing accomplishment we expecting to some of during of and in

We of Cap have amount which the you unstructured on speech data, text, that going Kensho already now linking about is Pro and Codex extraction, platform complete a have date. XXX,XXX demand data, of IQ users has that for cannot toolkit imagine to forward. to the is AI And such

prioritization the from Kensho with the create attention will the up point in more is also time. resources. external technology large use and There external firms can to by customers and highest is happening decisions at Kensho We have we further make of activity going relations more we is the some where think this some expanding. for way, where with the and Also, to value those

So high. we’re remains external excited Kensho very of really recognition that actually the

So is innovation for to next to for and what Kensho to company. going Kensho, for catalyze creation it’s value be be to really help way positive see a in high the to going

Manav Patnaik

on Got is China, disclosed. it, nicely quick just then number update thank you you for of a ratings the And obviously, that. really growing as

like? looks material Just wondering pace what revenue that yet and kind the like is of

Doug Peterson

Yes. Well, Manav. Thanks, we’re excited so China. about

We market. have the a educating out fantastic been leadership. really team there good with We’ve

some in environment know, in As is the given traffic seen us large opportunities very increase to China. especially a some been to you for coming We’ve there credit. us, provide seminars credit current on

As you got mentioned, we up XX to XXXX. ratings in

broad structured. us financial the going the we’re insurance to. that institutions are off putting available organization drive financial investment-grade AAA One initiatives there harder companies. take we It’s XXXX, not good still the We span on material our of the corporate institutions, levels strong look the company. to where to start to is are major on that something very of focus also are so But and going to advantage different be environment ratings. some really that a and revenue they things we’re BBB. light. ratings to for commercial rated faster that’s of It’s in is is can that at And to changing one of They important floor the regulatory from our

Manav Patnaik

very you Thank much. Alright.

Doug Peterson

Manav. Thanks,

Operator

you. Thank

comes Hamzah Jefferies. Mazari Our next question from with

line Your open. is

Hamzah Mazari

just to bigger much businesses and see it’s Could see contracts your mix of of any And Hi. is back some And remind this now merger? question your I arrangements? just a enterprise-wide seem know part? changing highest Good morning. post you do of changes Thank have mix data within growth you post on business management intelligence. with earlier on those the one investments. being margins you. all us come are maybe you solutions kind market My

Ewout Steenbergen

more market over data solutions expect we grow going that morning. business faster more a good part management prominent and is is intelligence the see and Definitely to time. what becoming Hamzah, to of the

done. made. you going back of that maybe comments With to contracts, enterprise-wide a So, the process is couple to respect

very our So, are really all basis. and growth in that activity seeing the XXXX. we on steady is We have desktop. now like healthy contracts you What commercial in

levels, to normal growth. us growth a you or quarter, forward. steady digits be is from sets solutions seen in well should healthy that some X% reported more desktop have We high-single that see less management perspective, going sales is digit that grow to that and XXXX And Then very growth for up data at low-teens. expected a mid-single

this and as about particularly XX% higher Trucost and the a in bit marketplace well. nice growth are We in area quarter,

lastly, referring So, very well. to doing you particularly margins. those were then are And

off that last intelligence. investing, we been in overall to you said revenue growth have from has initiatives we back And perspective. We should levels. lot we as see that very are in new margins taken growth happy coming market that, see very paying know, an And that mid-XX happy see And a that the year actually in XXXX you to are also to place.

I few is next intelligence well market years. So, very positioned, for the think

Hamzah Mazari

figure your around just Very global like as forecast you prepared outside XXXX. I remarks, it. around of in for what highlighted at because you as mix, I I Asia? in follow-up are And just those in XXXX? and maybe look on America, question, could touched how you helpful. revenue you issuance, thoughts your issuance some your I just obviously know differs of any you. But of talk China to markets Thank North maybe seeing look And about Europe my that know but the pricing know and will with non-transactional is you over, Got ratings turn business etcetera. business. it

Doug Peterson

Yes.

we forecast, was so taken the you in. Just some thoughts we markets But numbers it’s give very to Europe issuance all, of a about United global but you were all different account first well strong in credit. are in markets. into in it very the in Europe year similar up the Well, down structured States full in the year corporates, the last in quarter. financial to was and as also and the final was as numbers gave institutions CLOs

financing market, but market. of lot there continued from not capital is sector in more Europe conditions interest European – see We corporate was saw for I in In have to and Europe addition, to European We of the in before in for a the markets. calls, other There stop that big an it’s are the interest. strong in in banks the moving all coming CMBS policy was capital markets. dependence market having this a the mentioned strong. CMBS

that That continues, valuable seeing as also that for As see long-term that us. in something are is Asia trend a more we we well. as trend of

obviously, part Corporates Just Asia, through XXXX. up place was a a capital XX%, all a in as do and more whereas of There a about the were is. also and little financial more being structure year, But institutions the Asia up lot most major in up bit on we towards from again, and volume the Asia, RMBS China ABS and overall that the XX%, financial that becomes away move where markets institutions traditional M&A were about market. activity the taking markets in much corporates XXXX – that where see, banking is trend. were we there is as Asia, up. XX% about ground In Asia across both only about of floor sophisticated are of

Hamzah Mazari

Thank Got it. you.

Doug Peterson

Thanks, Hamzah.

Operator

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

Your open. is line

Craig Huber

Great. Thank you.

earlier bit have to the course cost in quarter, a can the on follow-up. internal may sequentially over How versus the touch detail on also spending, But year? is you. this. on the the materially that could a have or Thank good a some how ago different? wanted you just fourth of as that touch for And incentive Is you Just you if gave little dollar-wise – differed compensation and well. year it I accrued investment

Ewout Steenbergen

Craig, asking and thanks for morning that Good Yes. question.

during continued point like going us from are that recurring, see discipline to and quarter. is would you the The not this forward. first out expenses would majority I unusually high So vast should expense

variable expenses, I said expense having from that, which perspective you growth revenue was expenses, correlated directly with healthy the and certain are so, majority expenses of coming because are were good you consider seeing performance-related asking an activity. about growth sales that they the were specifically So, what from categories,

are question commissions, a around Incentive asked incentive that. and compensation, these royalties So, specific compensation. you

at accruing higher also a compensation, are running factors to that’s compared We XXXX. significantly our moment XXX% above long-term short-term XXXX. of compensation in incentive incentive a this performance bit for higher our bit than the And and are

the because saw that that expenses. to were doesn’t doesn’t compared that to have some you of some initiatives And it what drove impact on they those that already before, of a respect So, baseline. lower an growth investments, still initiatives that overall the are expense With growth the levels, we it the overall additional incremental although some have in to go means year of to place. new mean bit growth a

in growth overall, the of $XX So million expense net growth approximately fourth during investments drove quarter. the

minimal. actually reasons So, The expense why underlying we expense is think recurring these growth limited clear are very very the growth happening. is and

Craig Huber

I on wildcard my little forecast. outlook the that. you guess, not bit a deeper? And on just Obviously, about Can for this your in mean huge guys follow-up, a bit included year. bank little it’s you obviously earlier loans, global a I touched debt issuance that’s go

bank deeper year’s they as on So, well maybe this likely you about strength New about a Thank outcomes touch XXX%? little do last versus Maybe of are touch what the as Year. think loans for think you. on CLOs

Doug Peterson

right can Craig. M&A backlog the haven’t about already which favorable are been little of market guidance is been the current announced now I we There the yet. bank market, are any for In to conditions, conditions for mentioned, is Right that still XXXX. Yes. you now, of loans. see strong. market a transactions bit have quite Thanks, closed I particular, a the we not for as as but giving But talk the large

a and a we equity are have are treasury but still companies, go very lot institutional starting going closer. hit well tight, rate Even interest XX-year other seen interest historical from of and insurance on But a floating for of are the demand large have though basis. and There low pipeline getting You private to on. X%, as paper. investors are which up, it’s transactions, rates hasn’t banks spreads rates is from

market. very So, guidance now, we But that still giving XXXX. we not as loan are any of think do for strong are the specific for conditions the

Craig Huber

Thank you.

Doug Peterson

Craig. Thanks,

Operator

Thank you.

question Nicholas comes Our William from with next Blair. Andrew

Your is open. line

Trevor Romeo

I Hi, appreciate actually for is you good This the questions. Andrew. morning. Romeo in taking Trevor

Just quick couple of me. ones a for

growth that wanted Platts settlement. think I in And just various quarter, drivers there deeper growth from the market of to driving of of strength? much in how the Platts some commercial might the XX% First, XX% strong now? bit is the with in would Is call be there anything go a of one-time out I on areas the growth U.S. terms you know commodity of kind that across right

Ewout Steenbergen

a Good revenue see morning definitely growth to pleased Trevor, high in such very Platts.

a I time growing see think Platts space. it been ago, in double-digit has we the long

excellent this So, results. is really

there commercial numbers. million settlement that those in $X right, are was You

for growth still you take fourth out, Platts for that quite strong. would you If in revenues quarter, at are approximately XX% the so

The the very momentum So, and actually with both the price good business terms business. then the that commercial services commodity global prices. healthy in being which and what current is customers is our behind And trading see happening well. doing reporting we in environment is because there we also current of is core the mostly is revenue market for growth, commodity insights strong customers business, see

We growth based revenue on Platts is new price growing third here of reason the are this the clearly the then And overall in volatility strong markets. the behind initiatives.

in start very this at so the to and of with invested and overall. energy transition also they off pleased like Platts pay initiatives results new agriculture, have We LNG, moment,

Trevor Romeo

that more acquisition, Thank you fits Service, Thank am just Climate you. wanted bit could about just strategy? more talk quick a follow-up, small And your risk your acquisition ask but you. broadly a just if to of wondering fairly then about how probably into I of Great. Great. sure that’s climate a the ESG physical kind recent

Doug Peterson

for that. you really Service have the putting acquisition made a well X.X Climate climate we is with been excellent business, both as Thank that in The products, Trucost interesting it’s particular, us the is together, build hurricanes, an fit to of many approaches. suite as Yes. different and companies physical sets. across for homegrown a can cyclones, look fire, different brings It called it floods, able to ago. at be their in Climanomics, etcetera. platform are allows risk data you categories, to which It years different modeled And we

for force financial disclosure climate-related the an As task example, modeling.

further But a group find have They we that people, of talented it have something got energy. And that they S&P is to out that as SustainableX build it’s who people more this importantly, So, bring even all are are business going going they really a our to energy be great for brings a are organization. great They we well passion. as Global of also addition because entrepreneurial. platform. fit got to our

Trevor Romeo

the Thanks Great. color. I appreciate again.

Doug Peterson

Yes. Thanks, Trevor.

Operator

you. Thank

comes Lau Owen with Our next Oppenheimer. question from

open. line Your is

Owen Lau

ratings, want standardized get obviously data data some and And questions. could I you. well. about this Thank are to ESG some more get has potential my ratings? But taking data year. for there talk your development the this you closer thank ESG us and ESG as of disclosure of ESG about of potential or lot the morning or year events the Good you a conversation potentially benefits a please of about that of to there been and ESG can thought and inconsistency development

Doug Peterson

investors, now, started managers more data different institutional into by more that it mean, take And Yes. account financial us, factor really starts to is we ESG and as And an get the decision-making. area those well factors know, not used important is as the and insurance market by we as see are same. that this S&P the industry itself as evolve people’s I as as asset factors as look What entire are for industry. to to This Thanks, analytics the an they that, being Owen. included as both important which companies, of for scores, as make in Global decisions. you organizations

that organizations have more about care climate. You

about more chain. care or that inclusion some diversity supply have You

for that are standards very IFRS it’s as the ESG different They for for impact disclosure fund, could up looking from rules the And with asked ESG of ISSP. there disclosure. the disclosure The of so fund, view working an Securities, investors regulatory to IOSCO, products. along providing that all well different are we agencies sell closely consistent as or sell disclosing well point how would potential their different an funds disclosure but international we of sustainability is to which by around really is be types language provide the is this. both very also products, new as products, sector the with that in start requests of whether our ESG Global well, We are themselves out the setting such across issuers, there, Organization standards to approach. the it’s as it’s globe on going think as these be simple, as effort everything and on we market And clear, for International at the NGOs regulatory they the we be of an are organizations good of the disclosure investments. Commissioners, a there do what coming private addressing going is S&P their our as

is comparable. that disclosure in it’s built way consistent, a transparent, it’s Our it’s

or is a we the business. what score a index see that’s key be build weighting score. determine that’s And used actual differentiating criteria an think out for the to our that, going can factor to the You as or ESG we of us

Owen Lau

I have of think helpful. do year? year. any since we then mean, timing rest specific again, question kind traded the you you of the the the buyback. is to And one you. Thank and the of magnitude and a on follow-up be guidance one Got also the know this ASR? do down you I That’s beginning about ASR very how ASR quite opportunistic don’t but stocks it. about buyback, the provide bit large And would Would for this of multiple or should

Ewout Steenbergen

having IHS last in over need Markit. we buybacks what same me been the philosophically are not because for catch-up Owen, to do we to let The Obviously, a do years. mind. able to we have applies you explain X

We based those of opportunity some divestitures. on do the to proceeds have the of buybacks

we least We free announced a the to at normal return potentially and that flow. course also, at are merger, We Markit like debt of XX% that then do the still targets looking the overall the in opportunity capital And the we capital. of committed would call IHS to quickly, were we of go so of when some upsizing. very of cash can course, are provided return refinancing for

we for company. So, as transaction get we the normal in quickly like to as is the combined that possible would do completed resume definitely after buybacks and ready to to are order rating again

Owen Lau

you it. Got Thank much. very

Doug Peterson

Owen. Thanks

Operator

you. Thank

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

Your line is open.

Jeff Silber

know In you I it’s if talked ask I cost. your will a comments, late. a wondering was labor can bit bit just down little you about more. drill Thanks. one. I

have know people? incurring costs that? companies year? you expect all, been lot And of retain what and and more does the is you into for what to of it First a labor translate find are I about difficult this talking Thanks. then that

Doug Peterson

going hand then I to Jeff. start and am Ewout. Thanks, over it to

earlier, As paying I in of and critical that for in. we are competitive, us market we it’s are the are different rates we markets all mentioned

pressures an And you who India. to are recruited of We seeing job can are hire People some or market, seeing might increase I increase give wage but areas, as some getting particular, in thought expenses, of, a not lot people high-demand scientists. technology are something in trying hire have we in seeing of people. are mentioned, away. I like One little in bit will in actually a expenses, data specific you of recruiters our example inflation areas we

turnover, So, watching seeing this in translates. can see rates are increase work, certain we our is clearly some great quite seeing are ensure But place to do a that more carefully. to is little how are a Ewout and to the that where areas we of philosophy areas talk and pay we bit market we that

Ewout Steenbergen

Yes.

with hiring. we problem having to what are addition In said, any Doug not I think

attractive jurisdictions. job like ratings increasing for And a stay And still levels adjustments company, are competitively Think for ESG. about to are merit groups. have the we technology people perspective, in us. pay to certain analysts, also We from and made work we a certain the very

at said automation to to that over look also question, we because as believe earlier have to productivity, sure synergy, at efficiencies, look manageable competitive. an opportunities I But is as contractual we fees we some is terms overall, stay just So, that the as the opportunity and make well to time. impact

Jeff Silber

helpful. so That’s Okay. much. very Thanks

Doug Peterson

Jeff. Thanks,

Operator

Thank you.

comes with question Jeff Meuler final from Baird. Our

open. Your is line

Jeff Meuler

and to lot that’s ratings, And team at you time. clear, Yes. guidance I no confirm grow – expect your the a and said views a maintain said, businesses Did down two revenue different issuance related the their forecast, if the obviously, whole all at the in Thank If lower case. the could you. your of of or that question, think they adjustment? eight, if end the seven that or was but their to could of be Thank just just current reflects given ‘XX. already the heard that’s you. then probability range for low parts what But I in range range downside also the and of end team asking a your I that ratings you low there risk, explicitly saying maintaining risks this downside. future technical did specifically down they weighting kind thought of Ewout way

Ewout Steenbergen

morning Jeff. Good

have businesses remarks, the you the said that the XXXX by ago, X% some will showed minus a respect overall, back of still level. But question in have group, right you I macro revenue think environment. is are issuance there in And indeed, as is forecast your of we about with of specifics forecast a you those we to expect issuance all grow prepared about respect ranges the with merger during in revenues become uncertainty ranges some that because one research that and widened. the to to I quarter in to compared to the of before we the call. clearly, wider at our With slides more more growth, get First, your question to ranges our in

we level a potential the tailwinds seeing is and headwinds are that bit So, of larger.

are wider, the ranges is but So, midpoint still same. the overall,

Jeff Meuler

the reinforcement. Thanks for Makes sense. you. Thank

Doug Peterson

And talking and Jeff. businesses businesses is about. just let just that Global Ewout are me S&P Thanks, reinforce what Yes. this that about we the clarify said

again up the support. I the your again, has thank, This want for pandemic. for Markit wrap about your We let always X And businesses. been have no I for me now I thank as the But call. dedicated whatsoever to do, very to everyone call questions, for our want people. discussion years IHS the joining

We are third going into our year.

hard perform, to for have our as And Markit want years. and prepared really to people IHS we And because to running lot We be soon are going strategic data what global to are be our our continued we investment future expected we year strong fully as in closes. throughout that you sciences, with working fast with especially results the XXXX, going they and about are financial on progress merger the to asked analytics, and growth data ESG, those we last X driving talked the as ensure today, do in initiatives, the Kensho, with a that that last the have in saw businesses.

back to the the Going questions we about merger. one received of first

very merger We making, the progress have excited been about and planning we are the for that merger. the

it’s going We as the soon to call completed. host as are

about a want like We thank the to that investment the strategy, repurchases, segments, will company’s synergies, share I on partner program, been of position Merritt. great He S&P We asked humor. today, still to would as to few would He financial until our One past call guidance. leading today point years, the always ask has data do has I an May. post-merger the as wanted the a company that incredible with of sense on us things is IR. update can a include a But benchmark is last Head an analytics or call. partner. about and been business to make the the investor with great and for be going and for helped Chip provide you he months more and He Global X has

we So couldn’t done Chip, thank you We well as had have your as without partnership much for throughout. you. so never

again, So today. want thank to everyone for joining call I the

all that to. very are lot have We been to of able to proud we achieve, also but a we have look forward

again, you, thank everyone. So,

Operator

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