Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

d8900cff697e4664a4e855243ad9c80bcfb743ddf131ac9d215f5b1048954cb0

SPGI is a company that operates through several key business lines, providing essential data, analytics, and insights to various industries. The company primarily engages in Market Intelligence, Mobility, and Indices, offering subscription-based services and solutions that cater to finance, automotive, and investment sectors **[0000064040-24-000071_spgi-20231231.htm:71]** **[0000064040-24-000071_spgi-20231231.htm:5]** **[0000064040-24-000071_spgi-20231231.htm:83]** **[0000064040-24-000071_spgi-20231231.htm:7]** **[SPGI_3403616_6]**. SPGI's revenue growth is largely driven by the demand for market data and insights, with a strong emphasis on subscription models across its divisions **[0000064040-24-000178_spgi-20240930.htm:61]** **[0000064040-24-000150_spgi-20240630.htm:55]** **[0000064040-24-000125_spgi-20240331.htm:40]**.

1. **Market Intelligence** - Provides data, analytics, and third-party research for finance and corporate professionals through Desktop, Data & Advisory Solutions, Enterprise Solutions, and Credit & Risk Solutions. Subscription revenue is a major contributor to this segment.
   - **Desktop** - Offers software access for financial data analysis.
   - **Data & Advisory Solutions** - Delivers tailored data and advisory services.
   - **Enterprise Solutions** - Supplies comprehensive data solutions for enterprises.
   - **Credit & Risk Solutions** - Provides tools for credit assessment and risk management.

2. **Mobility** - Serves the automotive value chain, including OEMs, suppliers, and finance companies, with critical information and insights through subscription and consulting services.

3. **Indices** - Offers valuation and index benchmarks for investment advisors and institutional investors, generating revenue from asset-linked fees, exchange-traded derivatives, and data subscriptions.

8d29b1513a3370840058d0800c05ad665461bdf25816c64af8debe6f0f96aec3

| Metric [USD Million] | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2023 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| U.S. Revenue         | **2,150**  **[0000064040-24-000125_spgi-20240331.htm:31]**  | **2,151**  **[0000064040-24-000150_spgi-20240630.htm:38]**  | **2,176**  **[0000064040-24-000178_spgi-20240930.htm:31]**  | N/A     | **1,926**  **[0000064040-23-000113_spgi-20230331.htm:34]**  | N/A     | **1,853**  **[0000064040-23-000193_spgi-20230930.htm:34]**  | N/A     |
| European Region      | **776**  **[0000064040-24-000125_spgi-20240331.htm:31]**    | **830**  **[0000064040-24-000150_spgi-20240630.htm:29]**   | **802**  **[0000064040-24-000178_spgi-20240930.htm:31]**    | N/A     | **711**  **[0000064040-23-000113_spgi-20230331.htm:34]**    | N/A     | **693**  **[0000064040-23-000193_spgi-20230930.htm:34]**    | N/A     |
| Asia Revenue         | **356**  **[0000064040-24-000125_spgi-20240331.htm:31]**    | **368**  **[0000064040-24-000150_spgi-20240630.htm:29]**   | **388**  **[0000064040-24-000178_spgi-20240930.htm:31]**    | N/A     | **337**  **[0000064040-23-000113_spgi-20230331.htm:34]**    | N/A     | **344**  **[0000064040-23-000193_spgi-20230930.htm:34]**    | N/A     |
| Rest of the World    | **209**  **[0000064040-24-000125_spgi-20240331.htm:31]**    | **200**  **[0000064040-24-000150_spgi-20240630.htm:29]**   | **209**  **[0000064040-24-000178_spgi-20240930.htm:31]**    | N/A     | **186**  **[0000064040-23-000113_spgi-20230331.htm:34]**    | N/A     | **194**  **[0000064040-23-000193_spgi-20230930.htm:34]**    | N/A     |
| Total Revenue        | **3,491**  **[0000064040-24-000125_spgi-20240331.htm:31]**  | **3,549**  **[0000064040-24-000150_spgi-20240630.htm:38]**  | **3,575**  **[0000064040-24-000178_spgi-20240930.htm:31]**  | N/A     | **3,160**  **[0000064040-23-000113_spgi-20230331.htm:34]**  | N/A     | **3,084**  **[0000064040-23-000193_spgi-20230930.htm:34]**  | N/A     |

863d7231c39003db145afeb76d9c611c78996cd0ca6040c18b1a8f808f0b3309

| Business Segment | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Market Intelligence ($M) | **1,037**  **[0000064040-23-000055_a4q2022earningsrelease.htm:3]**  | **1,070**  **[0000064040-23-000110_spgi1q2023-earningsrelease.htm:2]**  | N/A | **1,099**  **[0000064040-23-000190_spgi3q2023-earningsrelease.htm:11]**  | N/A | **1,142**  **[0000064040-24-000125_spgi-20240331.htm:23]**  | **1,008**  **[0000064040-24-000146_spgi2q2024-earningsrelease.htm:16]**  | **1,162**  **[0000064040-24-000178_spgi-20240930.htm:55]**  |
| Ratings ($M) | **705**  **[0000064040-23-000055_a4q2022earningsrelease.htm:3]**  | **824**  **[0000064040-23-000113_spgi-20230331.htm:43]**  | N/A | **819**  **[0000064040-23-000190_spgi3q2023-earningsrelease.htm:11]**  | N/A | **1,062**  **[0000064040-24-000125_spgi-20240331.htm:23]**  | **1,135**  **[0000064040-24-000146_spgi2q2024-earningsrelease.htm:16]**  | **1,110**  **[0000064040-24-000175_spgi3q2024-earningsrelease.htm:17]**  |
| Commodity Insights ($M) | **451**  **[0000064040-23-000055_a4q2022earningsrelease.htm:3]**  | **508**  **[0000064040-23-000110_spgi1q2023-earningsrelease.htm:2]**  | N/A | **479**  **[0000064040-23-000190_spgi3q2023-earningsrelease.htm:11]**  | N/A | **559**  **[0000064040-24-000125_spgi-20240331.htm:23]**  | **490**  **[0000064040-24-000146_spgi2q2024-earningsrelease.htm:16]**  | **496**  **[0000064040-24-000175_spgi3q2024-earningsrelease.htm:17]**  |
| Mobility ($M) | **345**  **[0000064040-23-000055_a4q2022earningsrelease.htm:4]**  | **358**  **[0000064040-23-000110_spgi1q2023-earningsrelease.htm:3]**  | N/A | **379**  **[0000064040-23-000190_spgi3q2023-earningsrelease.htm:11]**  | N/A | **386**  **[0000064040-24-000125_spgi-20240331.htm:23]**  | **400**  **[0000064040-24-000146_spgi2q2024-earningsrelease.htm:16]**  | **412**  **[0000064040-24-000178_spgi-20240930.htm:62]**  |
| Indices ($M) | **344**  **[0000064040-23-000055_a4q2022earningsrelease.htm:4]**  | **341**  **[0000064040-23-000110_spgi1q2023-earningsrelease.htm:3]**  | N/A | **354**  **[0000064040-23-000190_spgi3q2023-earningsrelease.htm:11]**  | N/A | **387**  **[0000064040-24-000125_spgi-20240331.htm:23]**  | **319**  **[0000064040-24-000146_spgi2q2024-earningsrelease.htm:16]**  | **340**  **[0000064040-24-000175_spgi3q2024-earningsrelease.htm:17]**  |
| Engineering Solutions ($M) | **99**  **[0000064040-23-000055_a4q2022earningsrelease.htm:5]**  | **100**  **[0000064040-23-000110_spgi1q2023-earningsrelease.htm:3]**  | N/A | N/A  **[0000064040-23-000190_spgi3q2023-earningsrelease.htm:11]**  | N/A | **0**  **[0000064040-24-000125_spgi-20240331.htm:23]**  | **0**  **[0000064040-24-000146_spgi2q2024-earningsrelease.htm:16]**  | N/A  **[0000064040-24-000175_spgi3q2024-earningsrelease.htm:17]**  |

b2f29c9844f834429dae9ad86fe425c8d2ea913c77b4d0c058619cc785d77d45

0611acdc1f4ecda4ceb2adc93889432e347fcbf52255f956a69add122b9bf93a

1. Martina, with the recent leadership changes and your emphasis on connecting the dots across divisions, what specific initiatives are you planning to implement differently from your predecessor to enhance shareholder value, and how will you ensure these changes don't disrupt the company's current success?
2. Given the challenges in the Market Intelligence segment, including increased cancellations among smaller customers due to pricing pressure and longer sales cycles, what concrete steps are you taking to stabilize execution and improve performance in this segment?
3. Mobility revenue guidance has been trimmed for the second consecutive quarter, partly due to recall activity headwinds. How do you plan to overcome these challenges, and what strategies are in place to restore growth and confidence in this segment moving forward?
4. While Commodity Insights is performing well above medium-term targets, how do you plan to mitigate potential cyclicality in this business, and can you elaborate on how investments in energy transition products will contribute to sustained growth despite market fluctuations?
5. With several leadership changes announced, including new division presidents and a new CFO expected in 2025, how will you ensure that this transition maintains the company's growth trajectory, and what measures are in place to address any potential disruptions or challenges arising from these changes?

fe264bc6c562ac7d571a35eef7b26f8a1fa3e8cbb2fe3fa4eb55bb45dabf6d24

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**: **11.5% to 12.5%**  **[SPGI_3403616_10]** .
  2. **Adjusted Margin Expansion**: **200 to 250 basis points**  **[SPGI_3403616_10]** .
  3. **Adjusted Diluted EPS**: **$15.10 to $15.30**  **[SPGI_3403616_10]** .
  4. **Adjusted Free Cash Flow**: Approximately **$5.2 billion**  **[SPGI_3403616_10]** .
  5. **Market Intelligence Revenue Growth**: **6% to 6.5%**  **[SPGI_3403616_10]** .
  6. **Ratings Revenue Growth**: **26% to 28%**  **[SPGI_3403616_10]** .
  7. **Commodity Insights Revenue Growth**: **9% to 9.5%**  **[SPGI_3403616_10]** .
  8. **Mobility Revenue Growth**: **8% to 8.5%**  **[SPGI_3403616_10]** .
  9. **Indices Revenue Growth**: **13% to 15%**  **[SPGI_3403616_10]** .
  10. **Market Intelligence Margins**: **32.5% to 33%**  **[SPGI_3403616_10]** .
  11. **Ratings Margins**: **61% to 62%**  **[SPGI_3403616_10]** .
  12. **Commodity Insights Margins**: **46.5% to 47%**  **[SPGI_3403616_11]** .
  13. **Mobility Margins**: **38.5% to 39%**  **[SPGI_3403616_11]** .
  14. **Indices Margins**: **69.5% to 70.5%**  **[SPGI_3403616_11]** .
  15. **Global GDP Growth Assumption**: **3.2%**  **[SPGI_3403616_9]** .
  16. **U.S. Inflation Assumption**: **2.9%**  **[SPGI_3403616_9]** .
  17. **Average Price for Brent Crude Assumption**: **$81 per barrel**  **[SPGI_3403616_9]** .
  18. **Billed Issuance Forecast**: Increase approximately **50%**  **[SPGI_3403616_9]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**: **8% to 10%**  **[SPGI_3395000_9]** .
  2. **Adjusted Operating Margin Expansion**: **125 to 175 basis points**  **[SPGI_3395000_9]** .
  3. **Adjusted Diluted EPS**: **$14.35 to $14.60**  **[SPGI_3395000_9]** .
  4. **Adjusted Free Cash Flow**: Approximately **$4.7 billion**  **[SPGI_3395000_9]** .
  5. **Market Intelligence Revenue Growth**: **6% to 7.5%**  **[SPGI_3395000_9]** .
  6. **Ratings Revenue Guidance**: Raised substantially  **[SPGI_3395000_9]** .
  7. **Commodity Insights Revenue Guidance**: Unchanged  **[SPGI_3395000_9]** .
  8. **Mobility Revenue Growth**: **8% to 9%**  **[SPGI_3395000_10]** .
  9. **Indices Revenue Growth**: **10% to 12%**  **[SPGI_3395000_10]** .
  10. **Market Intelligence Margin Guidance**: **33% to 34%**  **[SPGI_3395000_10]** .
  11. **Ratings Margin Guidance**: Raised by **100 basis points**  **[SPGI_3395000_10]** .
  12. **Mobility Margin Guidance**: **38.5% to 39.5%**  **[SPGI_3395000_10]** .
  13. **Indices Margin Expectations**: Unchanged  **[SPGI_3395000_10]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Global GDP Growth**: **3.2%**  **[SPGI_3380746_7]** .
  2. **U.S. Inflation**: **2.8%**  **[SPGI_3380746_7]** .
  3. **Brent Crude Price**: **$85 per barrel**  **[SPGI_3380746_7]** .
  4. **Interest Rate Cuts**: Fewer than 3  **[SPGI_3380746_7]** .
  5. **Billed Issuance Forecast**: **6% to 10%**  **[SPGI_3380746_7]** .
  6. **Revenue Growth**: **6% to 8%**  **[SPGI_3380746_7]** .
  7. **Margin Expansion**: **100 to 150 basis points**  **[SPGI_3380746_7]** .
  8. **Adjusted EPS**: **$13.85 to $14.10**  **[SPGI_3380746_7]** .
  9. **Adjusted Free Cash Flow**: Increased by **$100 million**  **[SPGI_3380746_7]** .
  10. **Division Revenue Growth**: Reiterated for Market Intelligence, Commodity Insights, and Mobility; increased for Ratings and Indices  **[SPGI_3380746_7]** .
  11. **Indices Margin Outlook**: Raised  **[SPGI_3380746_7]** .
  12. **Ratings Division Margins**: **150 basis points** expansion  **[SPGI_3380746_7]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**: **5.5% to 7.5%**  **[SPGI_3372444_8]** .
  2. **Organic Revenue Growth**: **7% to 9%**  **[SPGI_3372444_8]** .
  3. **Adjusted Operating Margin Expansion**: At least **100 basis points**  **[SPGI_3372444_8]** .
  4. **Adjusted EPS**: **$13.75 to $14**  **[SPGI_3372444_8]** .
  5. **Adjusted Tax Rate**: Nearly **2 percentage points higher**  **[SPGI_3372444_8]** .
  6. **Adjusted Free Cash Flow**: Approximately **$4.4 billion**  **[SPGI_3372444_9]** .
  7. **Division-Specific Revenue Growth and Margins**:
     - **Market Intelligence**: Revenue growth **6% to 7.5%**; margins **33.5% to 34.5%**  **[SPGI_3372444_9]** .
     - **Ratings**: Revenue growth **6% to 8%**; margins **57.5% to 58.5%**  **[SPGI_3372444_9]** .
     - **Commodity Insights**: Revenue growth **8% to 9.5%**; margins **46.5% to 47.5%**  **[SPGI_3372444_9]** .
     - **Mobility**: Revenue growth **8.5% to 10%**; margins **39% to 40%**  **[SPGI_3372444_9]** .
     - **S&P Dow Jones Indices**: Revenue growth **7% to 9%**; margins **68.5% to 69.5%**  **[SPGI_3372444_9]** .
  8. **Billed Issuance Growth**: **3% to 7%**  **[SPGI_3372444_8]** .
  9. **Global GDP Growth Assumption**: **2.8%**  **[SPGI_3372444_8]** .
  10. **U.S. Inflation Assumption**: **2.4%**  **[SPGI_3372444_8]** .
  11. **Average Price for Brent Crude**: **$83 per barrel**  **[SPGI_3372444_8]** .
  12. **Share Repurchase Authorization**: Up to **$2.4 billion**  **[SPGI_3372444_9]** .

5827488219ed0d5ec8ea9f5f0090159e712521491137ddb2198db0263a163252

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

88642128d7e34cc505655e2f9b447962e839fddb475b81534e23d3a312553ff8

2072c692580c95feb431d45252a54385db10cf3893feeeb38e5e5a1299cdfa4a

U.S.

European region

Asia

Rest of the world

- Domestic Revenue

- International Revenue

Total Revenue

cb39b7a24b66d5ad06a0d734cf8d04f4436a9c3503704bdf73b38f8eb2c38b39

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

803e032b2ee1f8b055cd251dbabf3c96dc7f0414ff01d1d971e40a85b856f3ed

| Name                  | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------|--------------------------------------------------------------------------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Douglas L. Peterson   | President and Chief Executive Officer                                    | November 1, 2013   | Douglas L. Peterson has served as the President and CEO of S&P Global since November 1, 2013. He joined the company in September 2011 as President of its credit ratings business. Before S&P Global, he was COO of Citibank  **[0000064040-24-000071_spgi-20231231.htm:44]** **[0001104659-24-035901_tm242732d2_def14a.htm:36]** **[0001104659-23-035844_tm231918-2_def14a.htm:38]** .                                                                                                                                                                                                                                                        |
| Ewout L. Steenbergen  | Executive Vice President, Chief Financial Officer                         | November 2016      | Ewout L. Steenbergen has been the Executive Vice President and CFO at S&P Global since November 2016. His responsibilities expanded in 2021 to include leadership of Kensho Technologies and S&P Global Engineering Solutions  **[0000064040-24-000071_spgi-20231231.htm:45]** **[0001104659-24-035901_tm242732d2_def14a.htm:59]** **[0000064040-23-000058_spgi-20221231.htm:44]** .                                                                                                                                                                                                                                                      |
| Christopher F. Craig  | Interim Chief Financial Officer                                          | February 12, 2024  | Christopher F. Craig began serving as the Interim CFO of S&P Global on February 12, 2024. He was previously the Senior Vice President, Controller, and Chief Accounting Officer since September 7, 2018  **[0000064040-24-000071_spgi-20231231.htm:44]** **[0001104659-24-035901_tm242732d2_def14a.htm:47]** .                                                                                                                                                                                                                                                                               |
| Adam Kansler          | President, S&P Global Market Intelligence                                | March 1, 2022      | Adam Kansler was appointed President of S&P Global Market Intelligence effective March 1, 2022, following the merger with IHS Markit  **[0000064040-24-000071_spgi-20231231.htm:44]** **[0000064040-23-000058_spgi-20221231.htm:43]** .                                                                                                                                                                                                                                                                                                                                                  |
| Martina L. Cheung     | President and CEO (effective)                                            | November 1, 2024   | Martina L. Cheung has been with S&P Global since May 2010. She was announced as the incoming President and CEO, effective November 1, 2024  **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** **[0000064040-24-000178_q32024xex102xmctermsheet.htm:1]** **[SPGI_3403616_8]** .                                                                                                                                                                                                                                                                                                                                      |
| Saugata Saha          | President, S&P Global Market Intelligence and Chief Enterprise Data Officer | November 1, 2024   | Saugata Saha is the President of S&P Global Market Intelligence and Chief Enterprise Data Officer, effective November 1, 2024  **[0000064040-24-000171_projectdiamondpressrelease.htm:1]** **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** .                                                                                                                                                                                                                                                                                                                                                       |
| Edouard Tavernier     | President, S&P Global Mobility                                           | February 28, 2022  | Edouard Tavernier is the President of S&P Global Mobility, a division of S&P Global, since February 28, 2022  **[0000064040-24-000071_spgi-20231231.htm:45]** **[0000064040-23-000058_spgi-20221231.htm:44]** .                                                                                                                                                                                                                                                                                                                                                                          |
| Dan Draper            | Chief Executive Officer, S&P Dow Jones Indices                           | June 15, 2020      | Dan Draper is the CEO of S&P Dow Jones Indices, responsible for all aspects of the index business globally since June 15, 2020  **[0000064040-24-000071_spgi-20231231.htm:44]** **[0000064040-24-000171_projectdiamondpressrelease.htm:3]** .                                                                                                                                                                                                                                                                                                                                                       |
| S. Swamy Kocherlakota | Executive Vice President, Chief Digital Solutions Officer                | December 12, 2023  | S. Swamy Kocherlakota is the EVP, Chief Digital Solutions Officer at S&P Global, responsible for digital transformation. He joined as CIO on January 1, 2018  **[0000064040-24-000071_spgi-20231231.htm:44]** **[0000064040-24-000171_projectdiamondpressrelease.htm:4]** .                                                                                                                                                                                                                                                                                                                         |
| Steven J. Kemps       | Executive Vice President, Chief Legal Officer                            | August 2016        | Steven J. Kemps has been the EVP and Chief Legal Officer at S&P Global since August 2016. He oversees legal operations and advises on business impacts of changing laws  **[0000064040-24-000171_projectdiamondpressrelease.htm:4]** **[0000064040-24-000071_spgi-20231231.htm:44]** **[0000064040-23-000058_spgi-20221231.htm:43]** .                                                                                                                                                                                                                                                                                                            |
| Dimitra Manis         | Executive Vice President, Chief Purpose Officer                          | May 15, 2018       | Dimitra Manis serves as the EVP, Chief Purpose Officer at S&P Global. She was previously the EVP, Chief People Officer  **[0000064040-24-000071_spgi-20231231.htm:44]** **[0000064040-23-000058_spgi-20221231.htm:43]** .                                                                                                                                                                                                                                                                                                                                                                |
| Sally Moore           | Chief Client Officer                                                     | November 1, 2024   | Sally Moore is the Chief Client Officer at S&P Global, effective November 1, 2024. She was previously EVP, Global Head of Strategy, M&A, and Partnerships  **[0000064040-24-000171_projectdiamondpressrelease.htm:5]** **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** .                                                                                                                                                                                                                                                                                                                           |
| Eric Aboaf            | Chief Financial Officer (effective)                                      | February 2025      | Eric Aboaf has been appointed as the CFO of S&P Global, effective February 2025. He was previously the CFO of State Street Corporation  **[0000064040-24-000169_spgi-20241015.htm:1]** **[0000064040-24-000169_cfoannouncementpressreleas.htm:0]** .                                                                                                                                                                                                                                                                                                                                              |
| Dave Ernsberger       | Co-President, S&P Global Commodity Insights                              | November 1, 2024   | Dave Ernsberger is the Head of Market Reporting and Trading Solutions at S&P Global Commodity Insights. He will become co-President effective November 1, 2024  **[0000064040-24-000171_projectdiamondpressrelease.htm:1]** **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** .                                                                                                                                                                                                                                                                                                                       |
| Mark Eramo            | Co-President, S&P Global Commodity Insights                              | November 1, 2024   | Mark Eramo is the Co-President of S&P Global Commodity Insights, effective November 1, 2024. He was previously Head of Fuels, Chemicals & Resource Solutions  **[0000064040-24-000171_projectdiamondpressrelease.htm:2]** **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** .                                                                                                                                                                                                                                                                                                                       |
| Yann Le Pallec        | President, S&P Global Ratings                                            | November 1, 2024   | Yann Le Pallec is the President of S&P Global Ratings, effective November 1, 2024. He has been with S&P Global Ratings since 1999  **[0000064040-24-000171_projectdiamondpressrelease.htm:2]** **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** .                                                                                                                                                                                                                                                                                                                                                   |
| Girish Ganesan        | Chief People Officer                                                     | November 1, 2024   | Girish Ganesan is the Senior Vice President of People at S&P Global and became Chief People Officer effective November 1, 2024  **[0000064040-24-000171_projectdiamondpressrelease.htm:6]** **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** .                                                                                                                                                                                                                                                                                                                                                      |
| Christina Twomey      | Chief Communications Officer                                             | November 1, 2024   | Christina Twomey is the Chief Communications Officer at S&P Global, effective November 1, 2024. She is responsible for all aspects of communications across the company  **[0000064040-24-000171_projectdiamondpressrelease.htm:7]** **[0000064040-24-000171_projectdiamondpressrelease.htm:0]** .                                                                                                                                                                                                                                                                                                             |

3dd1be4bb6b85918542040c7dc2d917bd8d3861e00534bfd930a4713b7d84730

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | June 22, 2022  **[0000064040-24-000178_spgi-20240930.htm:21]**   |
| End Date/Duration        | No expiration date  **[0000064040-24-000178_spgi-20240930.htm:21]**  |
| Total additional amount  | 30 million shares  **[0000064040-24-000178_spgi-20240930.htm:21]**  |
| Remaining authorization amount | 14.6 million shares  **[0000064040-24-000178_spgi-20240930.htm:21]** **[0000064040-24-000178_spgi-20240930.htm:77]**  |
| Details                  | Used for general corporate purposes, including stock compensation plans and offsetting dilutive effects of employee stock options  **[0000064040-23-000193_spgi-20230930.htm:81]** **[0000064040-23-000058_spgi-20221231.htm:144]** **[0000064040-23-000193_spgi-20230930.htm:25]** **[0000064040-23-000113_spgi-20230331.htm:20]** **[0000064040-23-000159_spgi-20230630.htm:23]** **[0000064040-22-000171_spgi-20220930.htm:24]** **[0000064040-24-000150_spgi-20240630.htm:20]** **[0000064040-24-000125_spgi-20240331.htm:18]** **[0000064040-24-000178_spgi-20240930.htm:21]**  |

7e658ab8a23b867613d0c2a99aa3b918a1445b920f3edef8190845759b90b06c

**Annual guidance for FY 2024:**
- **Revenue Growth**: 11.5% to 12.5%  **[SPGI_3403616_10]**  (raised from 8% to 10%  **[SPGI_3395000_9]** )  
- **Adjusted Margin Expansion**: 200 to 250 basis points  **[SPGI_3403616_10]**  (raised from 125 to 175 basis points  **[SPGI_3395000_9]** )  
- **Adjusted Diluted EPS**: $15.10 to $15.30  **[SPGI_3403616_10]**  (raised from $14.35 to $14.60  **[SPGI_3395000_9]** )  
- **Adjusted Free Cash Flow**: Approximately $5.2 billion  **[SPGI_3403616_10]**  (raised from approximately $4.7 billion  **[SPGI_3395000_9]** )  
- **Market Intelligence Revenue Growth**: 6% to 6.5%  **[SPGI_3403616_10]**  (lowered from 6% to 7.5%  **[SPGI_3395000_9]** )  
- **Ratings Revenue Growth**: 26% to 28%  **[SPGI_3403616_10]**  (no prior numeric guidance)  
- **Commodity Insights Revenue Growth**: 9% to 9.5%  **[SPGI_3403616_10]**  (no prior numeric guidance)  
- **Mobility Revenue Growth**: 8% to 8.5%  **[SPGI_3403616_10]**  (lowered from 8% to 9%  **[SPGI_3395000_10]** )  
- **Indices Revenue Growth**: 13% to 15%  **[SPGI_3403616_10]**  (raised from 10% to 12%  **[SPGI_3395000_10]** )  
- **Market Intelligence Margins**: 32.5% to 33%  **[SPGI_3403616_10]**  (lowered from 33% to 34%  **[SPGI_3395000_10]** )  
- **Ratings Margins**: 61% to 62%  **[SPGI_3403616_10]**  (no prior numeric guidance)  
- **Commodity Insights Margins**: 46.5% to 47%  **[SPGI_3403616_11]**  (no prior guidance)  
- **Mobility Margins**: 38.5% to 39%  **[SPGI_3403616_11]**  (lowered from 38.5% to 39.5%  **[SPGI_3395000_10]** )  
- **Indices Margins**: 69.5% to 70.5%  **[SPGI_3403616_11]**  (no prior numeric guidance)  
- **Global GDP Growth Assumption**: 3.2%  **[SPGI_3403616_9]**  (no prior guidance)  
- **U.S. Inflation Assumption**: 2.9%  **[SPGI_3403616_9]**  (no prior guidance)  
- **Average Price for Brent Crude Assumption**: $81 per barrel  **[SPGI_3403616_9]**  (no prior guidance)  
- **Billed Issuance Forecast**: Increase approximately 50%  **[SPGI_3403616_9]**  (no prior guidance)  

1740e87e61f5e0beae554cb81f853cd38c5d8c4f1c19eed29e2862472ee279fc

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1969  **[0000064040-24-000071_spgi-20231231.htm:105]**    | Present  | Current auditor   |

ee2ba702778db01e4c7c70986cb167132acde711d3739f937ec4d3f764039a99

7ef987f2ffbb6fe7e29c959c21fc42c7d2823943a21b26e6f9705dc7d50f60a4

- Total Revenue: $3,575 million (+16% YoY)  **[0000064040-23-000193_spgi-20230930.htm:32]** **[0000064040-24-000178_spgi-20240930.htm:29]**   
- Market Intelligence: $1,162 million (+6% YoY)  **[0000064040-23-000193_spgi-20230930.htm:32]** **[0000064040-24-000178_spgi-20240930.htm:29]**   
- **Ratings**: $1,110 million (+36% YoY)  **[0000064040-23-000193_spgi-20230930.htm:32]** **[0000064040-24-000178_spgi-20240930.htm:29]**   
- Commodity Insights: $522 million (+9% YoY)  **[0000064040-23-000193_spgi-20230930.htm:32]** **[0000064040-24-000178_spgi-20240930.htm:29]**   
- Mobility: $412 million (+9% YoY)  **[0000064040-23-000193_spgi-20230930.htm:32]** **[0000064040-24-000178_spgi-20240930.htm:29]**   
- Indices: $416 million (+18% YoY)  **[0000064040-23-000193_spgi-20230930.htm:32]** **[0000064040-24-000178_spgi-20240930.htm:29]**   
- U.S. Revenue: $2,176 million (+17% YoY)  **[0000064040-23-000193_spgi-20230930.htm:43]** **[0000064040-24-000178_spgi-20240930.htm:29]** **[0000064040-24-000178_spgi-20240930.htm:31]**   
- European Region: $802 million (+16% YoY)  **[0000064040-23-000193_spgi-20230930.htm:43]** **[0000064040-24-000178_spgi-20240930.htm:29]** **[0000064040-24-000178_spgi-20240930.htm:31]**   
- Asia: $388 million (+13% YoY)  **[0000064040-23-000193_spgi-20230930.htm:43]** **[0000064040-24-000178_spgi-20240930.htm:29]** **[0000064040-24-000178_spgi-20240930.htm:31]**   
- Rest of World: $209 million (+8% YoY)  **[0000064040-23-000193_spgi-20230930.htm:43]** **[0000064040-24-000178_spgi-20240930.htm:29]** **[0000064040-24-000178_spgi-20240930.htm:31]**   
- Operating Income (EBIT): $1,434 million (+33% YoY)  **[0000064040-23-000193_spgi-20230930.htm:2]** **[0000064040-23-000193_spgi-20230930.htm:42]** **[0000064040-23-000193_spgi-20230930.htm:39]** **[0000064040-24-000178_spgi-20240930.htm:2]**   
- **Net Income**: $1,046 million (+71% YoY)  **[0000064040-23-000193_spgi-20230930.htm:2]** **[0000064040-23-000193_spgi-20230930.htm:42]** **[0000064040-24-000178_spgi-20240930.htm:2]** **[0000064040-23-000193_spgi-20230930.htm:3]**   
- EPS (Diluted): $3.12 (+34% YoY)  **[0000064040-23-000193_spgi-20230930.htm:2]** **[0000064040-23-000193_spgi-20230930.htm:42]** **[0000064040-24-000178_spgi-20240930.htm:2]**   

4c2af9329765c44f98c8f431e47bfdb9fa60c2f9784105f8ae2b50d528562b53

| Year | Amount Due (in millions) | Debt Type                                   | Interest Rate | % of Total Debt                          |
|----------|------------------------------|------------------------------------------------|--------------------|-----------------------------------------------|
| 2025     | $4                           | 4.75% Senior Notes                             | 4.75%             | 0.03% = (4 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**           |
| 2026     | $3                           | 4.0% Senior Notes                              | 4.00%             | 0.03% = (3 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**           |
| 2027     | $1,740                       | 2.95% Senior Notes, 2.45% Senior Notes         | 2.95%, 2.45%      | 15.3% = (1,740 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**       |
| 2028     | $801                         | 4.75% Senior Notes                             | 4.75%             | 7.0% = (801 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2029     | $2,742                       | 4.25%, 2.5%, 2.70% Sustainability-Linked Notes | 4.25%, 2.50%, 2.70% | 24.0% = (2,742 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**       |
| 2030     | $595                         | 1.25% Senior Notes                             | 1.25%             | 5.2% = (595 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2032     | $1,476                       | 2.90% Senior Notes                             | 2.90%             | 12.9% = (1,476 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**       |
| 2033     | $743                         | 5.25% Senior Notes                             | 5.25%             | 6.5% = (743 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2037     | $291                         | 6.55% Senior Notes                             | 6.55%             | 2.6% = (291 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2048     | $273                         | 4.5% Senior Notes                              | 4.50%             | 2.4% = (273 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2049     | $590                         | 3.25% Senior Notes                             | 3.25%             | 5.2% = (590 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2052     | $975                         | 3.70% Senior Notes                             | 3.70%             | 8.6% = (975 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2060     | $683                         | 2.3% Senior Notes                              | 2.30%             | 6.0% = (683 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |
| 2062     | $486                         | 3.9% Senior Notes                              | 3.90%             | 4.3% = (486 / 11,402) * 100 **[0000064040-24-000178_spgi-20240930.htm:13]**          |

9468c088d7d7eada08a38f7098cca0dc274c853aae8f97205f7696a423ccd350

6c19240239a62d284212e3c56af6ba3482d170cc41bbb26cc163f237560cbca0

- **SPGI is confident in achieving its revenue targets for 2025 and 2026**, aiming for **7% to 9% growth**, driven by synergy growth that will continue to build, especially in years 3 to 5 after the merger.  **[SPGI_3372444_15]**
- **Increased debt maturities in 2024 are more than 10% higher than in 2023**, positioning SPGI's Ratings division strongly to achieve its revenue targets for 2024 as more issuers will need to refinance.  **[SPGI_3372444_8]**
- **SPGI has delivered 1,200 basis points of margin expansion over the last 10 years**, and continues to focus on margin expansion while investing in innovation and growth areas like energy transition and AI.  **[SPGI_3372444_14]**

498010c7c0d9b30c6046f00cef3d2f43bc468283a8468401a06dc94aed865ea1

- **The Mobility segment saw tremendous subscription growth this quarter, with subscription revenue growing 10.5%, driven by 81% of revenue from subscription business.**  **[SPGI_3395000_23]**
- **The Market Intelligence division's Enterprise Solutions subsegment grew almost 11%, fueled by strong growth in lending solutions, regulatory and compliance products, and non-subscription revenue.**  **[SPGI_3395000_17]**
- **Commodity Insights division demonstrated strong performance with double-digit top-line growth, launching new products like agriculture benchmarks in beef and poultry.**  **[SPGI_3395000_25]**

82e1ed1f416e2690038a698f06b1aeaec15cec5c1ca0ead6053469cd3612eedc

1. **Market Intelligence Outlook**  
   **Q:** What is the outlook for Market Intelligence given cyclical factors?  
   **A:** Management noted that despite expected softness due to over **60,000 seat eliminations** in banks since COVID and rising interest rates, there's a **strong pipeline** with opportunities in enterprise contracts and enhanced products like **Visible Alpha**, which now has over **200 contributing brokers**, up from 180 at deal closure.  **[SPGI_3395000_11]**  They reiterated their guidance, considering potential tailwinds from M&A activity and interest rates but are cautious and not building guidance on "wishful thinking".  **[SPGI_3395000_17]** **[SPGI_3395000_21]** 

2. **Ratings Growth and Issuance**  
   **Q:** How is the Ratings business performing, and what is the outlook?  
   **A:** The company raised its billed issuance outlook to about **25% growth** for the full year, with accelerated growth in **high-yield and bank loan ratings**, especially **CLOs**.  **[SPGI_3395000_13]**  They expect issuers to avoid **Q4**, leading to a tapering effect, and anticipate a modest year-over-year decline in Q4 issuance.  **[SPGI_3395000_20]**  Overall, they feel confident about achieving **14% to 16%** growth in Ratings.  **[SPGI_3395000_20]** 

3. **Revenue Synergies Progress**  
   **Q:** Can you elaborate on revenue synergies and the balance between cross-sell and new products?  
   **A:** Management highlighted that while **cross-sell** remains the main growth driver, they're successfully launching new products, with over **21 products** in Market Intelligence and **9** in Commodity Insights this year.  **[SPGI_3395000_18]**  They've added **19.4 million bond prices** into Cap IQ Pro as part of synergy efforts.  **[SPGI_3395000_18]**  They are ahead of schedule, achieving a **$199 million run rate** in synergies.  **[SPGI_3395000_18]** 

4. **AI Strategy and Competitive Position**  
   **Q:** How is the company leveraging AI and competing in this space?  
   **A:** With early investment in **Kensho**, they've developed tools like **S&P Spark Assist**, used by over **14,000 users**, and launched **ChatAI on Platts Connect**.  **[SPGI_3395000_16]**  They're deploying AI solutions to improve efficiency, such as a tool assisting analysts with complex **CLO documentation**, enhancing productivity.  **[SPGI_3395000_16]**  They emphasize open architecture and being agnostic to models, focusing on enhancing decision-making.  **[SPGI_3395000_16]** 

5. **Index Business Trends**  
   **Q:** What are the current trends in the Index business?  
   **A:** There's a continued shift from active to passive investing, benefiting S&P Dow Jones Indices with **16% growth** in asset-linked fees.  **[SPGI_3395000_14]**  They've seen interest in new products like **S&P 500 Quality**, **S&P 500 Economic ETF**, and indices like **CBOE iBoxx Emerging Market Bond Index**.  **[SPGI_3395000_14]**  They're also expanding their strong positions in **private credit indices**.  **[SPGI_3395000_14]** 

6. **Commodity Insights Outlook**  
   **Q:** Why is there an expected slowdown in Commodity Insights growth in H2?  
   **A:** While Commodity Insights had strong performance with advisory services up **32%**, management doesn't expect this transaction-driven growth to continue at the same pace.  **[SPGI_3395000_25]**  They've guided to a more blended growth rate, focusing on core areas like upstream, price assessments, and data insights.  **[SPGI_3395000_25]** 

7. **Investment Spend and Strategy**  
   **Q:** How are you approaching investment spending going forward?  
   **A:** The company continues to invest in new areas, with the **Vitality Index** revenue increasing from **10% to 11%**, indicating growth in innovation.  **[SPGI_3395000_15]**  Key investment areas include **private markets**, **sustainability & energy transition**, and **artificial intelligence**.  **[SPGI_3395000_15]**  They emphasize providing value to customers and plan to continue allocating capital to strategic investments.  **[SPGI_3395000_15]** 

8. **Refinancing Trends from Private to Public**  
   **Q:** What are the trends in private deals refinancing in public markets?  
   **A:** In Q1, more private deals moved to public markets, but in Q2, flows went both ways due to more attractive pricing in private markets.  **[SPGI_3395000_19]**  They saw **70% growth** in private market revenues in Ratings.  **[SPGI_3395000_19]**  The company is positioned to serve debt issuance in both public and private markets, with capacity and expertise to capitalize on these trends.  **[SPGI_3395000_19]** 

9. **Impact of Visible Alpha and Fincentric**  
   **Q:** What is the impact of Visible Alpha acquisition and Fincentric divestiture?  
   **A:** Visible Alpha adds about **1%** to Market Intelligence revenue growth, while Fincentric reduces it by about **1%**.  **[SPGI_3395000_12]**  Visible Alpha enhances the Desktop segment, now with over **200 contributing brokers**.  **[SPGI_3395000_11]** **[SPGI_3395000_12]**  These moves align with their strategy to optimize the portfolio and ensure all parts contribute effectively.  **[SPGI_3395000_12]** 

10. **Guidance Visibility**  
    **Q:** How confident are you in your guidance given the current environment?  
    **A:** With half a year left, management believes they have a solid view of the pipeline.  **[SPGI_3395000_26]**  While acknowledging uncertainties in factors like **interest rates** and **M&A**, they rely on insights from analysts and bankers to inform their guidance.  **[SPGI_3395000_26]**  Overall, they are pleased with their position and have incorporated these considerations into their outlook.  **[SPGI_3395000_26]** 

9a60d6c9e2c1cf5089d0b5807340a86dcbcabdbb0f7a7e1e242bcf5cbe7c3071

1. **Ratings Growth Outlook**  
   **Q:** Is the 6–9% growth target for Ratings achievable after pull-forwards?  
   **A:** Martina affirmed that despite higher issuance levels and some pull-forward from future years, they are on track to achieve the **6% to 9% growth target** for Ratings over the next several years, citing a **healthy maturity wall of $2–2.8 trillion each year** over the next five years and the strong correlation with GDP growth.  **[SPGI_3403616_16]** 

2. **Market Intelligence Challenges**  
   **Q:** When will Market Intelligence growth improve, and what needs to change?  
   **A:** Martina noted that while they won't predict a trough, they have **good conviction** that innovation in core products and increased customer engagement will drive recovery as market conditions improve. She mentioned seeing some "green shoots" in certain sectors like banking.  **[SPGI_3403616_20]** 

3. **Synergy Realization**  
   **Q:** Are synergies impacting divisions differently amid MI's challenges?  
   **A:** Doug stated that synergies from the merger are ahead of expectations, with **cross-sell performing incredibly well**. Integration has gone well, and they continue to deliver on synergy targets across all divisions.  **[SPGI_3403616_15]** 

4. **Strategy Under New Leadership**  
   **Q:** What changes will Martina implement to enhance shareholder value?  
   **A:** Martina plans to connect the dots across divisions through new leadership functions like the **Chief Commercial Officer** and the **enterprise data office**, aiming to better leverage their data and create more growth opportunities.  **[SPGI_3403616_18]** 

5. **Commodity Insights Outlook**  
   **Q:** Is Commodity Insights' strong performance sustainable amid cyclicality?  
   **A:** Martina is excited about the business due to its **diversification across commodities** and growth in areas like **energy transition products**, including a new clean energy tech product. They are investing in areas that are expected to continue growing.  **[SPGI_3403616_21]** 

6. **Competition in Market Intelligence**  
   **Q:** Has pricing competition increased in Market Intelligence?  
   **A:** Doug acknowledged pricing pressure due to expense management in client firms, sales cycle slowdowns, and vendor consolidation. However, he emphasized that Market Intelligence remains an **incredibly strong business** with valuable data offerings.  **[SPGI_3403616_17]** 

7. **Indices Business Outlook**  
   **Q:** How is the Indices business performing amid industry challenges?  
   **A:** Chris explained they are focusing on **long-term customer relationships**, expecting acceleration in **Data & Custom revenue**, which increased **5% year-over-year**. They anticipate **ACV acceleration later in the year**.  **[SPGI_3403616_19]** 

8. **Adoption of AI Technologies**  
   **Q:** What's the status of AI adoption among customers and internally?  
   **A:** Martina highlighted that their **high-quality data** positions them well for integrating generative AI into products. Clients are engaging with them on AI-ready data, and internally, the rollout of **Spark Assist** is progressing with high adoption and valuable use cases.  **[SPGI_3403616_24]** 

9. **Private Market Solutions Growth**  
   **Q:** How is SPGI positioned in private markets amid industry growth?  
   **A:** Martina noted that they are investing and growing rapidly in private markets across the portfolio, with **phenomenal products** like **iLEVEL and Wall Street Office** performing well. They see opportunities in Ratings and Indices divisions too.  **[SPGI_3403616_22]** 

10. **Sustainability Products Strategy**  
    **Q:** What is the outlook for sustainability products and new launches?  
    **A:** Martina announced plans to move the **Sustainable1** business under **Commodity Insights**, combining it with energy transition products. This aims to leverage their **unique capabilities** to help clients navigate the energy transition and expand offerings to multiple sectors.  **[SPGI_3403616_25]** 

11. **Mobility Revenue Guidance**  
    **Q:** Why was the Mobility revenue guidance trimmed again?  
    **A:** Chris stated that while **core subscription growth** was strong at low double digits, challenges continue in the recall business. They expect an easier comparison next year due to the recall headwinds easing.  **[SPGI_3403616_23]** 

12. **Chief Client Officer Role Creation**  
    **Q:** What's the purpose of the new Chief Client Officer role?  
    **A:** Martina explained that the role aims to bring more **consistency** and **connectivity** across sales teams, ensuring customers understand the full breadth of SPGI's offerings and improving go-to-market practices.  **[SPGI_3403616_27]** 

13. **Market Intelligence Desktop Competition**  
    **Q:** Is structural lack of growth in Financial Services impacting MI Desktop?  
    **A:** Martina believes market conditions play to their strengths, pointing to growth in areas like **private credit**. They have a broad offering, and products like **Visible Alpha** are performing well. Strategic accounts and new leadership roles are expected to enhance market share.  **[SPGI_3403616_26]** 

0ace97a84692379787387a721e890f3f34c150a46fe8bca0d9b02e3e30c32368

- **Strong Leadership Transition with Strategic Focus:** Incoming CEO **Martina Cheung** plans to connect the dots across divisions through a new **Chief Client Officer** role, aiming to enhance cross-selling opportunities and unlock growth potential by leveraging SPGI's vast data assets.  **[SPGI_3403616_27]** **[SPGI_3403616_18]**
- **Commitment to Innovation and AI Adoption:** SPGI is integrating **Generative AI** into products, leveraging its Kensho platform and extensive high-quality data to improve offerings and customer engagement. They've seen **significant momentum** in AI initiatives, both internally with the **Spark Assist** tool and externally with customers expressing strong interest.  **[SPGI_3403616_24]**
- **Disciplined Portfolio Optimization and Confidence in Value Creation:** SPGI continues to optimize its portfolio, making strategic divestitures and focusing on areas with the highest potential for growth and value creation, demonstrating a disciplined approach to delivering shareholder value.  **[SPGI_3403616_12]**

dd30d5835b75dd4e0de7fe4a91287c5a286d4d6ade643f80ad57dcfff3c32e61

- **Elevated cancellations in the Market Intelligence division, especially among small customers, due to macroeconomic pressures and hesitancy in discretionary spending**.  **[SPGI_3372444_25]**
- **The Market Intelligence division is behind revenue targets amid challenging conditions, including over 30% declines in M&A and 34% declines in private equity investment activity**.  **[SPGI_3372444_12]** **[SPGI_3372444_15]**
- **Despite market appreciation, AUM fees in S&P Dow Jones Indices were flat in Q4 as OTC volumes decreased**, suggesting weakness in this segment.  **[SPGI_3372444_16]**

8ec71fca1664a352f8a0648f63bf54d2baa1783193984a1c9265720f2b47e624

- **Market Intelligence** division is facing **cyclical headwinds**, particularly among **small financial services customers**, potentially impacting growth.  **[SPGI_3380746_8]**
- **Ratings** outperformance in Q1 is likely due to **pull forward**, with expectations of **softer margins** and possible declines in **Ratings transaction revenue** in the fourth quarter.  **[SPGI_3380746_7]** **[SPGI_3380746_16]**
- **Customers** express **concern about the back half of the year** amid **macro and geopolitical uncertainties**, which could affect company performance.  **[SPGI_3380746_1]** **[SPGI_3380746_8]**

3c04c4aba5a259a90e597391d08d8645ce7150db59e0077007c05f333e10f329

- **Elevated cancellations in the Market Intelligence division, particularly among smaller customers, are negatively impacting growth, and this trend is expected to continue through at least the end of the year.**  **[SPGI_3403616_12]**
- **Pricing pressure, tightening of budgets, and longer sales cycles in key end markets are causing challenges, making it difficult to predict when a recovery in the Market Intelligence segment might occur.**  **[SPGI_3403616_12]**
- **Ongoing portfolio optimization and leadership changes, including recent divestitures, suggest challenges in achieving steady execution within the Market Intelligence business.**  **[SPGI_3403616_12]**

9f7411991d3a348e82ffac7133fc9c462d0b2a7c593baf4af10d59399b70a8c7

- **S&P Global expects a decline in issuance in the fourth quarter**, which may negatively impact their Ratings transaction revenue. This indicates potential softness in revenue growth in the second half of the year.  **[SPGI_3395000_24]**
- **The Mobility division is experiencing a slowdown in recall activities**, which are **high-margin businesses**; **this slowdown significantly impacts margins** and has led to a lowered margin guidance for the segment.  **[SPGI_3395000_23]**
- **Commodity Insights division is expected to experience a strong slowdown in growth in the second half**, with revenue growth guidance implying **6.7% growth for H2**, down from double-digit growth in previous quarters. This slowdown is more than just tough comparisons and contrary to normal seasonality, possibly indicating issues in sustaining growth.  **[SPGI_3395000_15]**

d755f8ee4bf2954b5dfbbc7f7785a18c41c7f8a6b270e51fa7c91ee1b5ccbfa0

- **Ratings transaction revenue increased by 54% year-over-year**, outpacing the **45%** increase in billed issuance, indicating strong demand for S&P Global's ratings services.  **[SPGI_3380746_15]**  Overall Ratings revenue grew **29%**, with non-transaction revenue up **8%**, reflecting solid performance in both areas.  **[SPGI_3380746_15]**
- **Commodity Insights division demonstrated exceptional growth**, driven by high demand for energy transition products and successful cross-selling between E&R and Platts clients.  **[SPGI_3380746_20]**  The division is at the **sweet spot of energy transition**, launching new products in oil and gas substitutes, carbon intensity, renewables, metals, mining, and agriculture.  **[SPGI_3380746_20]**
- **Disciplined expense management leading to increased margin outlook**; expenses grew only **3%** in the quarter due to strong execution and clear tracking.  **[SPGI_3380746_13]**  SPGI continues to maintain a tight approach to expenses while understanding revenue sources, which is expected to enhance profitability.  **[SPGI_3380746_13]**

9d92f054ad1a55d088bccba10c287e78e861fad9c3061b2e6087450634ac1ec4

1. **Ratings Revenue Outlook**  
   **Q:** What drives your Ratings top-line outlook, transaction vs. non-transaction growth?  
   **A:** We expect a stronger first half in 2024 compared to the second half, with billed issuance growth of **3% to 7%**.  **[SPGI_3372444_10]**  Continued refinancing activity, especially in high yield and bank loans, will drive transaction revenue.  **[SPGI_3372444_10]**  We also anticipate stronger frequent issuer program issuance, which won't show in our billed issuance estimate.  **[SPGI_3372444_10]**  Non-transaction revenue is expected to perform robustly across surveillance, CRISIL, and other products.  **[SPGI_3372444_10]** **[SPGI_3372444_19]** **[SPGI_3372444_23]** 

2. **Market Intelligence Growth**  
   **Q:** Is the selling environment improving for Market Intelligence, and how confident are you in meeting growth targets?  
   **A:** Despite challenging markets with over **30% declines in M&A activity** and **34% decline in private equity investment**, we're optimistic about continued growth.  **[SPGI_3372444_12]**  Our confidence is high in reaching the **7% to 9%** growth targets for 2025 and 2026.  **[SPGI_3372444_15]**  Revenue synergies from the merger will continue to build, and as macro conditions improve, we expect to accelerate toward those growth levels.  **[SPGI_3372444_15]** **[SPGI_3372444_16]** 

3. **Generative AI Initiatives**  
   **Q:** How are you leveraging generative AI for monetization and client value?  
   **A:** Generative AI is being embedded across our products to unlock the potential of our extensive data sets.  **[SPGI_3372444_21]**  Tools like **ChatIQ** are receiving positive feedback and will enhance client workflows.  **[SPGI_3372444_13]**  We believe AI will improve productivity and deepen customer engagement, serving as a tailwind for our business rather than relying on a single "killer app".  **[SPGI_3372444_21]** **[SPGI_3372444_26]** 

4. **Revenue Synergies from Merger**  
   **Q:** Can you provide color on the higher-than-expected revenue synergies?  
   **A:** We're excited about achieving **$152 million** in annualized revenue synergies, higher than expected.  **[SPGI_3372444_11]**  Early successes include cross-selling products across divisions and launching new products like **Platts Connect**.  **[SPGI_3372444_11]**  In 2023, we launched 7 new products within Market Intelligence and have 14 more set for 2024.  **[SPGI_3372444_11]** 

5. **Cost Impacts and Margins**  
   **Q:** How are higher costs impacting margin guidance for 2024?  
   **A:** Higher costs in Q4 were due to benefit realignment and incentive compensation exceeding expectations.  **[SPGI_3372444_22]** **[SPGI_3372444_24]**  We're seeing this as a one-time step-up cost, with 2024 payouts planned at 100%.  **[SPGI_3372444_22]** **[SPGI_3372444_24]**  We remain focused on balancing efficiency with investments to drive top-line growth and expect margin expansion across our divisions.  **[SPGI_3372444_14]** **[SPGI_3372444_24]** 

6. **Index Business Outlook**  
   **Q:** What are the trends in the Index business, particularly regarding OTC products and AUM growth?  
   **A:** In Q4, ETFs saw fees increase by **8%**, driven by market appreciation and strong inflows, while OTC volumes were down.  **[SPGI_3372444_16]**  For 2024, we assume AUM growth at a mid-single-digit level, ETD volumes increasing low single digits, and double-digit subscription growth.  **[SPGI_3372444_16]** 

7. **Portfolio Optimization**  
   **Q:** Are you considering any large divestitures in your portfolio review?  
   **A:** We continually assess our portfolio for top-line growth and margin expansion.  **[SPGI_3372444_18]**  While we made small divestitures and shut down some products last year, we focus on expanding in areas like private market sustainability and risk analytics. We will always apply discipline in portfolio management but have no planned large divestitures at this time.  **[SPGI_3372444_18]** 

8. **Ratings Pull-Forward Activity**  
   **Q:** Did you see any pull-forward activity affecting your Ratings outlook for 2024?  
   **A:** We observed some pull-forward from 2024 and even 2025 into 2023, not just in Q4.  **[SPGI_3372444_17]**  Repricing and refinancing momentum picked up in the latter half of last year and continues into this year, informing our outlook for a stronger first half in 2024.  **[SPGI_3372444_17]** **[SPGI_3372444_10]** 

9. **Potential Conservatism in Guidance**  
   **Q:** Where might your guidance be conservative, and which segments could outperform?  
   **A:** Our guidance considers potential economic slowdowns and geopolitical factors.  **[SPGI_3372444_20]**  If interest rates decline faster or the macro environment improves more quickly, there could be upside.  **[SPGI_3372444_20]**  Segments like automotive and energy transition are areas we're closely monitoring for potential outperformance.  **[SPGI_3372444_20]** 

10. **Market Intelligence Customer Cancellations**  
    **Q:** What details can you provide on elevated cancellations in Market Intelligence?  
    **A:** Elevated cancellations were mainly among our smallest customers.  **[SPGI_3372444_25]**  Larger customers showed stronger renewal rates, and we're hopeful that as markets stabilize, this trend will improve in 2024.  **[SPGI_3372444_25]** 

b143ec6ea971f647514f80f7e9d883e2b19b12619eee3037bdbb8bbdb004f2d3

1. **Market Intelligence Challenges**  
   **Q:** Was Market Intelligence impacted by market challenges?  
   **A:** Yes, Market Intelligence faced similar market challenges as others, particularly among small financial services customers. These challenges are viewed as cyclical headwinds. However, S&P Global remains confident in long-term growth due to secular tailwinds in core areas like private markets and Desktop expansion.  **[SPGI_3380746_8]** 

2. **Market Intelligence Strategy**  
   **Q:** What's the strategy amid tough budgets and competition?  
   **A:** S&P Global is focused on strategic areas such as private markets, supply chain sustainability, and Desktop expansion. The Visible Alpha acquisition is expected to close in Q2, enhancing Cap IQ Pro solutions. The company remains committed to investing in high-growth assets while divesting underperforming businesses.  **[SPGI_3380746_9]** 

3. **Margin Outlook and Cost Efficiency**  
   **Q:** Is margin outlook improvement due to mix or cost cuts?  
   **A:** The improved margin outlook results from disciplined expense management and strong execution. Expenses grew by only **3%** this quarter, reflecting tight control over costs while supporting revenue growth. The company continues to focus on efficient budgeting and management practices.  **[SPGI_3380746_13]** 

4. **Ratings Margin Performance**  
   **Q:** Why hasn't Ratings margin outlook increased with revenue?  
   **A:** While revenue outlook has increased, Ratings margin guidance remains at **57.5% to 58.5%**, representing a **150 basis point** expansion year-over-year at the midpoint. The company maintains disciplined capital stewardship and is comfortable with the current margin range, benefiting from capacity preservation strategies.  **[SPGI_3380746_11]** 

5. **Issuance Visibility and Guidance**  
   **Q:** How is issuance pull forward affecting guidance?  
   **A:** Significant issuance was pulled forward into Q1, especially in high-yield and bank loans, due to refinancing of maturities in **2024** and beyond. While this boosts short-term performance, the company is cautious about the second half of the year given potential market volatility and is monitoring factors like election year uncertainties and interest rates.  **[SPGI_3380746_10]** 

6. **Issuance Recovery Post-2022 Decline**  
   **Q:** Is issuance still recovering after 2022 declines?  
   **A:** Yes, despite strong growth in high-yield and investment-grade issuance, volumes haven't returned to previous highs or averages. There's significant room for recovery over the next several years, with approximately **$1.1 trillion** in speculative-grade maturities outstanding for **2025** and **2026**.  **[SPGI_3380746_12]** 

7. **Revenue Synergies Progress**  
   **Q:** Are revenue synergies tracking ahead of plan?  
   **A:** Yes, the company is tracking ahead on revenue synergies, recognizing **$56 million** this quarter. Success is driven by cross-selling and new products, with targets of **$350 million** by 2025-2026. Fifteen new products are slated for 2024, enhancing combined offerings and customer receptivity.  **[SPGI_3380746_16]** 

8. **Ratings Revenue vs. Issuance Growth**  
   **Q:** Why did Ratings revenue grow less than issuance?  
   **A:** Transaction revenue, closely correlated with billed issuance, grew by **54%**, outpacing the **45%** increase in billed issuance. Overall Ratings revenue grew **29%**, balancing transaction and non-transaction growth. Non-transaction revenue saw an **8%** increase, contributing to total growth.  **[SPGI_3380746_15]** 

9. **AI Investments and Margins**  
   **Q:** Can AI investments continue without margin pressure?  
   **A:** Yes, the company has a structured AI approach, integrating expenses within the technology budget for the past six years. They are cautious with budgeting, ensuring AI initiatives don't pressure margins. Productivity gains from AI are expected to support margins and reinvestment in innovation and growth.  **[SPGI_3380746_18]** 

10. **Unique Market Intelligence Businesses**  
    **Q:** How are unique MI businesses performing?  
    **A:** Unique offerings in private markets, loan marketplaces, and capital markets platforms are performing well, showing resilience despite market volatility. These areas provide workflow solutions, valuations, and reference data, contributing to secular growth and offering a competitive advantage.  **[SPGI_3380746_19]** 

11. **Commodity Insights Growth**  
    **Q:** What drove 14% growth in Price Assessments?  
    **A:** The **14%** growth in Price Assessments was driven by new products, successful cross-selling between Platts and E&R clients, and high demand for energy transition insights. Products like Platts Connect have been early successes, and there's potential upside despite tougher comparisons later in the year.  **[SPGI_3380746_20]** 

12. **Market Intelligence Revenue Growth**  
    **Q:** What's impacting MI's recurring revenue growth?  
    **A:** Recurring revenue grew over **7%**, influenced by capital markets volumes and tempered by fixed contracts for stability. While quarterly variations occur, subscription revenue is projected to grow in line with full-year guidance.  **[SPGI_3380746_14]** 

13. **Sales Cycles and Competitive Landscape**  
    **Q:** Any changes in sales cycles or competition?  
    **A:** Sales cycles in financial services have slowed, taking longer to close transactions. In Mobility, the industry is undergoing significant transformation due to electric vehicles. The company continues to provide critical data and analytics, adapting quickly to client needs across industries.  **[SPGI_3380746_17]** 

14. **Indices Growth Drivers**  
    **Q:** What's driving growth in Indices guidance?  
    **A:** Growth in Indices is driven by overall strength across the business. Guidance assumes the S&P 500 remains flat from March 31 through year-end, modest growth in exchange-traded derivatives volumes, and an acceleration in subscription revenue as the year progresses.  **[SPGI_3380746_21]** 

15. **Commodity Volatility and Growth Sustainability**  
    **Q:** How does commodity volatility affect growth?  
    **A:** Commodity market volatility increases demand for market insights, but long-term growth is sustained by secular trends like energy transition. The business is largely subscription-based, with expanding client segments seeking solutions to manage their energy footprints, ensuring continued growth even if volatility subsides.  **[SPGI_3380746_22]** 

848b0c2b0f2d3d254e22553b9b30d81afd407cc4800812d322380a0fe3906ad5

S&P Global Inc (SPGI)

Financials