Document

EX-99 2 spgi3q2024-earningsrelease.htm EX-99 Document


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S&Pグローバルは第3四半期の業績を報告

ニューヨーク、ニューヨーク、2024年10月24日 - S&P Global（nyse：SPGI）は、今日、第三四半期の業績を発表しました。この決算発表および補足資料は、http://investor.spglobal.com/Quarterly-Earnings で入手可能です。

当該企業は2024年第3四半期の売上高を35億7500万ドルと発表し、これは2023年第3四半期と比較して16%増加しました。第3四半期の米国会計基準当期純利益は31%増の97100万ドルとなり、米国会計基準希薄化後1株当り利益は33%増の3.11ドルとなりました。当期純利益がRatings and Indicesの強力な成長に主によって増加したため、第3四半期の調整後当期純利益は18%増の額となりました。 12億1000万ドルに達しました調整後希薄化後1株当り利益は21%増加し、3.89ドルとなりました。

以前発表されたとおり、エリック・アボアフがEVPおよび最高財務責任者に任命され、2025年2月より発効されることが発表されました。会社はまた、新しい幹部リーダーシップチームのメンバーを発表しましたが、これは2024年11月1日より発効されます。これらの任命の詳細については、2024年10月15日および10月17日付のプレスリリースをご覧ください。

フィンセントリックの先行発表された売却は2024年8月15日に完了しました。会社は本日、予定されているプライムワンの売却を発表しました。これは今後数週間で完了する見込みです。これらの取引の財務影響は、本日発表された会社の更新されたガイダンスに完全に反映されています。

•四半期の売上高は新記録の35億7500万ドルを達成し、前年同期比で16%増加しました。

•GAAP営業利益率は530ベーシスポイント増加し、調整後の営業利益率は180ベーシスポイント増加し、それぞれ前年同期比でGAAP epsが33%増、調整後のepsが21%増加を牽引しました。

•同社は今後数週間で13億ドル相当の加速された自社株買いを実行する予定です。

•同社は2024年通年のガイダンスを引き上げています。ガイダンスは売上高成長率が11.5%〜12.5%、GAAP希薄化後epsが11.95ドル〜12.15ドルの範囲に、調整後の希薄化後epsが15.10ドル〜15.30ドルの範囲になるとしています。

S＆P Globalは第3四半期に優れた財務結果を達成しました。

同社は世界クラスのベンチマーク、データ、洞察力、ワークフローツールで顧客にサービスを提供し続けており、株主に長期的な価値を提供する成長と長期的な価値を創出するための革新に投資を行っています。

同社はこれまで以上に強力です。私は、この素晴らしい会社を未来に導くために準備をしている素晴らしいエグゼクティブチームを見ることに興奮しています。彼らは、強力な結果を今後数年間提供するための経験、実績、情熱を持っています。

ダグラス・ピーターソン

社長兼CEO


2024年第3四半期の売上高


						売上高は前年比16%増の第三四半期に上昇し、Ratings（+36% y/y）およびIndices（+18% y/y）が牽引しました。定期購読製品からの売上高は8%増加しました。（1）総売上高には、3Q '23と3Q '24の間の相互セグメントの除去額4600万ドルおよび4700万ドルの影響が含まれています。


2024年第3四半期の営業利益、経費、および営業利益率

注意：売上高の全セクターの表示はすべてGAAP売上高を参照しています。調整後の財務諸表は、すべての期間における非GAAP調整後メトリクスを指します。

会社の第三四半期の営業利益率は、ベースポイントで530ポイント増の40.1%に上昇し、調整後の営業利益率はベースポイントで180ポイント増の48.8%に上昇しました。これは、主にレーティング部門やインデックス部門の成長によるものです。

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2024年第3四半期希薄化後1株当たり利益


	3Q '24	3Q '23	y/y変化
GAAP希薄化後EPS	$3.11	$2.33	33%
調整後の希薄化後EPS	$3.89	$3.21	21%

四半期ベースのGAAP希薄化後1株当たり利益は、主に当期純利益の31%増加と希薄化後の発行済株式の2%の減少により、33%増の3.11ドルに増加しました。

調整後希薄化後epsは、調整後当期純利益が18%増加し、希薄化後シェアが2%減少したことにより、21%増の3.89ドルに増加しました。通貨の影響により、調整後希薄化後epsは0.02ドル低下しました。2024年第3四半期の収益に対する最大の非コア調整は、取引関連の償却費および合併関連費でした。


2024年の見通し


	米国会計原則	調整後
売上高成長	11.5% - 12.5%	11.5% - 12.5%
企業の未割り当て経費	$250 - $26000万	$175 - $18500万
ディール関連の償却	$1.125 - $11.35億	$1.125から$11.35億
営業利益率の拡大	600から650ベーシスポイント	200から250ベーシスポイント
金利費用、純額	$300百万から$31000万	$325百万から$33500万
税率	21.0% - 21.5%	21.5% - 22.0%
希薄化後eps	$11.95 - $12.15	$15.10 - $15.30
設備投資	$160 - $17,000万	$160 - $17,000万

上記に加えて、会社は2024年の営業活動によるキャッシュフローから資本支出と非支配株主への配当を差し引いた額が約47億ドルであると予想しています。これは、以前の予想額である約44億ドルよりも高い純利益の見通しによるものです。また、会社は、調整後のフリーキャッシュフロー（特定の項目を除く）、約52億ドルを予想しています。これは、以前の指針である約47億ドルよりも高い見込みの当期純利益によるものです。

会社の売上高成長の更新されたガイダンスは、第三四半期の好調な業績と第四四半期の見通しの改善を考慮して、前回のガイダンス範囲よりも250から350ベーシスポイント高いとなっています。会社の未割り当て経費は、前向きなガイダンスに比べて、$2500万のGAAPベースで、調整後には$1000万高く見込まれ、主にインセンティブ報酬の増額が主な要因です。会社は、GAAPの営業利益率の拡大ガイダンスを、前回のガイダンスの500から550ベーシスポイントの範囲から引き上げており、一方で、調整後の営業利益率は、前回の約125から175ベーシスポイントからの拡大を200から250ベーシスポイントと予想されています、いずれもより高い売上高成長が原因です。GAAPおよび調整後の利息費用は、それぞれ前向きなガイダンスよりも約$1500万低く予想されています。高い売上高と営業利益率の増加の結果、GAAP希薄化後epsは前向きなガイダンス範囲よりも約$0.75から$0.80高くなる見込みであり、調整後の希薄化後epsは前向きなガイダンス範囲よりも$0.70から$0.75高くなると予想されています。会社は、前回の約$180 - $19000万のガイダンスと比較して、$160 - $17000万のGAAPおよび調整後の資本支出を今後予想しています。GAAP法に基づき、税率は21.0%から21.5%の範囲で予想され、非GAAP税率は21.5%から22.0%の範囲で予想され、いずれも、全体の結果に基づいて高い予想範囲の上限で50ベーシスポイント低いです。GAAPおよび調整後の取引関連の減価償却費も、前向きなガイダンスから変更はありません。

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GAAPと非GAAPの調整後のガイダンスには、第2四半期のVisible Alphaの買収の影響、第3四半期のFincentricの売却、および今後数週間でのPrimeOneの売却が含まれています。非GAAPの調整後のガイダンスには、合併関連費用および買収に関連する無形資産の減価償却費を除外しています。

キャピタルリターン: 2024年通年では、会社は調整後のフリーキャッシュフローの約85%を株主に配当と株の取得に通じる形で還元する予定です。取締役会は四半期ごとの現金配当を$0.91で承認しました。会社は今後数週間で計$13億に及ぶ追加の加速株買い取り（ASR）を実行する予定です。

補足情報/会議コール/ウェブキャストの詳細会社のシニアマネジメントは、2024年第3四半期の業績を今日、10月24日の午前8時30分EDtに予定されている会議コールでレビューします。会議コールで提示される追加情報や会社の補足スライドコンテンツは、会社の投資家向けウェブサイトhttp://investor.spglobal.com/Quarterly-Earnings で入手可能です。

ウェブキャストは、http://investor.spglobal.com/Quarterly-Earnings でライブおよびリプレイでご覧いただけます。

電話アクセスが可能です。アメリカの参加者は (888) 603-9623 にコールすることができます。海外の参加者は +1 (630) 395-0220 にコールできます（長距離通話料が発生します）。パスコードは「S＆P Global」で、会議リーダーはダグラス・ピーターソンです。会議終了後約２時間後から録音された電話リプレイが利用可能になり、2024年11月24日まで利用可能です。アメリカの参加者は (866) 405-7296 にコールすることができます。海外の参加者は +1 (203) 369-0607 にコールできます（長距離通話料が発生します）。パスコードは不要です。

調整後情報と米国会計基準情報の比較: 会社は米国で一般的に受け入れられた会計原則（"GAAP"）に従って財務状況を報告しています。会社はまた、1934年の証券取引法のRegulation Gの定義に基づき、特定の追加の非GAAP財務指標を参照して提示しています。これらの指標には次のものが含まれます: 調整後の当期純利益; 調整後の希薄化後eps; 調整後の営業利益と利益率; 調整後の経費; 調整後の企業全般に配分される経費; 調整後の取引に関連する償却費; 調整後の利子費用、純額; 調整後の法人所得税費用; 調整後の有効税率; およびオペレーティング活動からの現金を資本支出と非支配持分に配当される額を差し引いたもの、フリーキャッシュフロー、および特定の項目を除いた調整後のフリーキャッシュフローが含まれています。

会社はこれらの非GAAP財務指標を、GAAPに従って計算された最も直接的に比較可能な財務指標への調整を、Exhibits 5、7、および8に記載しています。会社は、一部の将来を見据えた非GAAP財務指標を、類似のGAAP基準に調整することができない理由で、調整を提供することはできません。なぜなら、そのような調整に必要な特定の項目は会社のコントロール範囲外であるか、あるいは過剰な努力なしに合理的に予測することができないからです。

企業の非GAAP対応には、管理陣がビジネスをどのように見ているかを反映した調整が含まれています。企業は、これらの非GAAP財務指標が、一定のアイテムを除く経営活動による現金を除いた非GAAP財務指標、フリーキャッシュフロー、および調整後のフリーキャッシュフローを含む非GAAP財務指標が、投資家が企業の業績を期間別に比較しやすくするために有用な補足情報を提供すると信じています。また、管理部門もこれらの指標を内部的に使用して、事業の運営パフォーマンスを評価し、従業員の補償目的で業績を評価し、リソースの配分方法を決定しています。企業は、経営活動による現金、資本支出および非支配株主への配当を減じたもの、フリーキャッシュフロー、および調整後の一部のアイテムを除いたフリーキャッシュフローの提示により、投資家が、経営が使用する方法と類似の方法で我々の基幹業務から生み出される現金を評価することができ、また、これらの指標が、借金の前渡し、戦略的な買収や投資、株式の取得にどれだけの現金が利用可能であるかを評価するのに有用であると信じています。ただし、投資家は、企業が報告する財務情報から単独で、または代替手段として、これらの非GAAP指標のいずれかを考慮すべきではありません。

第4ページ

前向きな声明：このプレスリリースには、1995年の民事訴訟改革法で定義されている「前向きな見通しに関する声明」が含まれています。これらの声明は、経営陣が将来の出来事、トレンド、偶発事項、または結果について現在の見解を述べており、このプレスリリースのさまざまな場所に登場し、「予測する」、「仮定する」、「信じる」、「継続する」、「見積もる」、「期待する」、「予測する」、「将来」、「意図する」、「計画する」、「潜在的な」、「予測する」、「プロジェクトする」、「戦略」、「目標」などの言葉を使用しており、将来あるいは条件形の動詞「could」、「may」、「might」、「should」、「will」、「would」なども含んでいます。たとえば、経営陣は、偶発事項の結果、規制当局の将来の行動、会社のビジネス戦略や売上高を生み出す方法の変更、会社のサービスおよび製品の開発とパフォーマンス、買収および売却の予想される影響、会社の実効税率、および配当政策、キャッシュフロー、流動性に対する会社のコスト構造などのトピックに取り組む際に、前向きな見通しの声明を使用することがあります。

将来を見据えた声明は固有のリスクや不確実性に影響を受けます。将来を見据えた声明に示されるとおり、実際の結果が異なる原因には、その他の要素にも含まれます:

▪世界的な経済、金融、政治、および規制環境（成長鈍化や景気後退、銀行セクターの不安定性やインフレを含む）、不確実性や変動の要因、自然および人為的災害、内乱、公衆衛生危機（例えばパンデミック）、地政学的不確実性（軍事紛争を含む）、および立法、規制、取引、政策の変更によって生じる可能性がある状況;

▪債務、株式、商品、エネルギー、自動車市場の変動や健康状態、クレジットの品質やスプレッド、流動性の水準と将来の債券発行、指数を追跡する投資商品の需要や評価、そして特定の取引所での取引量に関する査定、取引を含む。

▪the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

▪the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;

▪the outcome of litigation, government and regulatory proceedings, investigations and inquiries;

▪concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;

▪our ability to attract, incentivize and retain key employees, especially in a competitive business environment;

▪the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;

▪the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;

▪the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;

▪consolidation of the Company’s customers, suppliers or competitors;

▪the introduction of competing products or technologies by other companies;

▪our ability to develop new products or technologies, to integrate our products with new technologies (e.g., artificial intelligence), or to compete with new products or technologies offered by new or existing competitors;

▪the effect of competitive products and pricing, including the level of success of new product developments and global expansion;

▪the impact of customer cost-cutting pressures;

▪a decline in the demand for our products and services by our customers and other market participants;

▪the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;

▪the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;

▪the level of merger and acquisition activity in the United States and abroad;

▪the level of the Company’s future cash flows and capital investments;

▪the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; and

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▪the impact of changes in applicable tax or accounting requirements on the Company.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

About S&P Global

S&P Global (NYSE: SPGI) provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through sustainability and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world.

We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world’s leading organizations plan for tomorrow, today.

Investor Relations: http://investor.spglobal.com

Contact:

Investor Relations:

Mark Grant

Senior Vice President, Investor Relations

Tel: +1 (347) 640-1521

mark.grant@spglobal.com

Media:

Christina Twomey

Global Head of Communications

Tel: +1 (410) 382-3316

christina.twomey@spglobal.com

Josh Goldstein

Director, Communications

Tel: +1 (202) 383-2041

josh.goldstein@spglobal.com

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Exhibit 1

S&P Global

Condensed Consolidated Statements of Income

Three and nine months ended September 30, 2024 and 2023

(dollars in millions, except per share data)


(unaudited)	Three Months						Nine Months
		2024		2023		% Change		2024		2023		% Change

Revenue		$	3,575	$	3,084	16%		$	10,616	$	9,345	14%
Expenses		2,173		2,018		8%		6,397		6,179		4%
(Gain) loss on dispositions, net		(21)		—		N/M		(21)		69		N/M
Equity in income on unconsolidated subsidiaries		(11)		(8)		47%		(31)		(33)		(7)%
Operating profit		1,434		1,074		33%		4,271		3,130		36%
Other loss (income), net		2		(5)		N/M		(10)		(5)		N/M
Interest expense, net		72		84		(14)%		227		258		(12)%

Income before taxes on income		1,360		995		37%		4,054		2,877		41%
Provision for taxes on income		313		181		73%		854		628		36%




Net income		1,047		814		29%		3,200		2,249		42%
Less: net income attributable to noncontrolling interests		(76)		(72)		(6)%		(228)		(202)		(13)%

Net income attributable to S&P Global Inc.		$	971	$	742	31%		$	2,972	$	2,047	45%






Earnings per share attributable to S&P Global Inc. common shareholders:






Net income:
Basic		$	3.12	$	2.34	33%		$	9.51	$	6.41	48%
Diluted		$	3.11	$	2.33	33%		$	9.50	$	6.40	48%

Weighted-average number of common shares outstanding:
Basic		311.2		317.5				312.6		319.4
Diluted		311.5		318.0				312.9		319.9

Actual shares outstanding at period end								310.3		316.8

N/M - Represents a change equal to or in excess of 100% or not meaningful

Note - % change in the tables throughout the exhibits are calculated off of the actual number, not the rounded number presented.

Exhibit 2

S&P Global

Condensed Consolidated Balance Sheets

September 30, 2024 and December 31, 2023

(dollars in millions)


(unaudited)	September 30,		December 31,
	2024		2023

Assets:
Cash, cash equivalents, and restricted cash	$	1,697	$	1,291
Other current assets	3,467		3,852
Assets of a business held for sale 1	38		—
Total current assets	5,202		5,143
Property and equipment, net	252		258
Right of use assets	390		379
Goodwill and other intangible assets, net	51,839		52,248
Equity investments in unconsolidated subsidiaries	1,800		1,787
Other non-current assets	885		774
Total assets	$	60,368	$	60,589

Liabilities and Equity:
Short-term debt	$	4	$	47
Unearned revenue	3,288		3,461
Other current liabilities	2,206		2,617
Liabilities of a business held for sale 1	7		—
Long-term debt	11,398		11,412
Lease liabilities — non-current	527		541
Deferred tax liability — non-current	3,415		3,690
Pension, other postretirement benefits and other non-current liabilities	1,132		721
Total liabilities	21,977		22,489
Redeemable noncontrolling interests	4,305		3,800
Total equity	34,086		34,300
Total liabilities and equity	$	60,368	$	60,589

1 Includes the PrimeOne business at Market Intelligence as of September 30, 2024.

Exhibit 3

S&P Global

Condensed Consolidated Statements of Cash Flows

Nine months ended September 30, 2024 and 2023

(dollars in millions)


(unaudited)	2024		2023

Operating Activities:
Net income	$	3,200	$	2,249
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	70		71
Amortization of intangibles	803		782
Deferred income taxes	(271)		(430)
Stock-based compensation	177		143
(Gain) loss on dispositions, net	(21)		69


Other	21		170

Net changes in other operating assets and liabilities	(30)		(678)
Cash provided by operating activities	3,949		2,376

Investing Activities:
Capital expenditures	(91)		(95)
Acquisitions, net of cash acquired	(264)		(293)
Proceeds from dispositions, net	94		1,004
Changes in short-term investments	(1)		(9)
Cash (used for) provided by investing activities	(262)		607

Financing Activities:
Payments on short-term debt, net	—		(188)
Proceeds from issuance of senior notes, net	—		744
Payments on senior notes	(47)		—
Dividends paid to shareholders	(854)		(864)

Distributions to noncontrolling interest holders, net	(213)		(211)

Repurchase of treasury shares	(2,001)		(2,001)
Contingent consideration payments, employee withholding tax on share-based payments and other	(165)		(82)
Cash used for financing activities	(3,280)		(2,602)
Effect of exchange rate changes on cash	(1)		(22)


Net change in cash, cash equivalents, and restricted cash	406		359
Cash, cash equivalents, and restricted cash at beginning of period	1,291		1,287
Cash, cash equivalents, and restricted cash at end of period	$	1,697	$	1,646

Exhibit 4

S&P Global

Operating Results by Segment

Three and nine months ended September 30, 2024 and 2023

(dollars in millions)


(unaudited)	Three Months						Nine Months
		Revenue						Revenue

		2024		2023		% Change		2024		2023		% Change

Market Intelligence		$	1,162	$	1,099	6%		$	3,459	$	3,249	6%
Ratings		1,110		819		36%		3,307		2,494		33%
Commodity Insights		522		479		9%		1,597		1,450		10%
Mobility		412		379		9%		1,198		1,107		8%
Indices		416		354		18%		1,193		1,042		14%
Engineering Solutions		—		—		N/M		—		133		N/M

Intersegment Elimination		(47)		(46)		(2)%		(138)		(130)		(7)%
Total revenue		$	3,575	$	3,084	16%		$	10,616	$	9,345	14%


		Expenses						Expenses

		2024		2023		% Change		2024		2023		% Change

Market Intelligence (a)		$	932	$	904	3%		$	2,810	$	2,650	6%
Ratings (b)		434		360		21%		1,227		1,072		15%
Commodity Insights (c)		311		295		6%		954		923		3%
Mobility (d)		315		299		5%		951		894		6%
Indices (e)		134		119		13%		377		343		10%
Engineering Solutions (f)		—		—		N/M		—		114		N/M
Corporate Unallocated expense (g)		73		87		(16)%		195		382		(49)%
Equity in Income on Unconsolidated Subsidiaries (h)		(11)		(8)		(47)%		(31)		(33)		7%
Intersegment Elimination		(47)		(46)		(2)%		(138)		(130)		(7)%
Total expenses		$	2,141	$	2,010	7%		$	6,345	$	6,215	2%


		Operating Profit						Operating Profit

		2024		2023		% Change		2024		2023		% Change

Market Intelligence (a)		$	230	$	195	18%		$	649	$	599	8%
Ratings (b)		676		459		47%		2,080		1,422		46%
Commodity Insights (c)		211		184		14%		643		527		22%
Mobility (d)		97		80		20%		247		213		16%
Indices (e)		282		235		20%		816		699		17%
Engineering Solutions (f)		—		—		N/M		—		19		N/M
Total reportable segments		1,496		1,153		30%		4,435		3,479		28%
Corporate Unallocated expense (g)		(73)		(87)		16%		(195)		(382)		49%
Equity in Income on Unconsolidated Subsidiaries (h)		11		8		47%		31		33		(7)%
Total operating profit		$	1,434	$	1,074	33%		$	4,271	$	3,130	36%

N/M - Represents a change equal to or in excess of 100% or not meaningful

Exhibit 4

(a) The three and nine months ended September 30, 2024 include a gain on disposition of $21 million and IHS Markit merger costs of $10 million and $30 million, respectively. The nine months ended September 30, 2024 include employee severance charges of $35 million and a net acquisition-related benefit of $8 million. The three and nine months ended September 30, 2023 include employee severance charges of $19 million and $41 million, respectively, IHS Markit merger costs of $11 million and $36 million, respectively, and an asset write-off of $1 million. The nine months ended September 30, 2023 include a gain on disposition of $46 million and an asset impairment of $5 million. Additionally, amortization of intangibles from acquisitions of $151 million and $140 million is included for the three months ended September 30, 2024 and 2023, respectively, and $439 million and $421 million for the nine months ended September 30, 2024 and 2023, respectively.

(b) The three and nine months ended September 30, 2024 include a statutorily required bonus accrual adjustment of $6 million. The nine months ended September 30, 2024 include legal costs of $20 million and employee severance charges of $2 million. The three and nine months ended September 30, 2023 include employee severance charges of $2 million and $8 million, respectively. Additionally, amortization of intangibles from acquisitions of $2 million is included for the three months ended September 30, 2024 and 2023, and $11 million and $6 million for the nine months ended September 30, 2024 and 2023, respectively.

(c) The three and nine months ended September 30, 2024 include employee severance charges of $4 million and IHS Markit merger costs of $2 million and $12 million, respectively. The nine months ended September 30, 2024 include an asset write-off of $1 million and disposition-related costs of $1 million. The three and nine months ended September 30, 2023 include IHS Markit merger costs of $8 million and $28 million, respectively, and employee severance charges of $7 million and $23 million, respectively. Additionally, amortization of intangibles from acquisitions of $32 million and $33 million is included for the three months ended September 30, 2024 and 2023, respectively, and $97 million and $99 million for the nine months ended September 30, 2024 and 2023, respectively.

(d) The three and nine months ended September 30, 2024 include IHS Markit merger costs of $1 million and $2 million, respectively. The nine months ended September 30, 2024 include employee severance charges of $7 million and acquisition-related costs of $1 million. The three and nine months ended September 30, 2023 include employee severance charges of $3 million and $6 million, respectively, IHS Markit merger costs of $1 million and $2 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. Additionally, amortization of intangibles from acquisitions of $76 million is included for the three months ended September 30, 2024 and 2023, and $227 million and $226 million for the nine months ended September 30, 2024 and 2023, respectively.

(e) The three and nine months ended September 30, 2024 include IHS Markit merger costs of $1 million and $4 million, respectively. The nine months ended September 30, 2024 include a loss on disposition of $1 million and employee severance charges of $1 million. The three and nine months ended September 30, 2023 include employee severance charges of $1 million and $4 million, respectively, and IHS Markit merger costs of $1 million and $3 million, respectively. The nine months ended September 30, 2023 include a gain on disposition of $4 million. Additionally, amortization of intangibles from acquisitions of $9 million is included for the three months ended September 30, 2024 and 2023, and $27 million for the nine months ended September 30, 2024 and 2023.

(f) As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Amortization of intangibles from acquisitions of $1 million is included for the nine months ended September 30, 2023.

(g) The three and nine months ended September 30, 2024 include IHS Markit merger costs of $16 million and $54 million, respectively, acquisition-related costs of $2 million and $10 million, respectively, and an asset write-off $1 million. The nine months ended September 30, 2024 includes disposition-related costs of $3 million, employee severance charges of $2 million, a gain on disposition of $2 million and recovery of lease-related costs of $1 million. The three and nine months ended September 30, 2023 include IHS Markit merger costs of $37 million and $104 million, respectively, employee severance charges of $6 million and $20 million, respectively, disposition-related costs of $3 million and $19 million, respectively, and acquisition-related costs of $1 million and $3 million, respectively. The nine months ended September 30, 2023 include a loss on disposition of $120 million and lease impairments of $15 million. Additionally, amortization of intangibles from acquisitions of $1 million is included for the three months ended September 30, 2024 and $2 million for the nine months ended September 30, 2024 and 2023.

(h) Amortization of intangibles from acquisitions of $14 million is included for the three months ended September 30, 2024 and 2023, and $42 million for the nine months ended September 30, 2024 and 2023.

Exhibit 5

S&P Global

Operating Results - Reported vs. Adjusted

Non-GAAP Financial Information

Three and nine months ended September 30, 2024 and 2023

(dollars in millions, except per share amounts)

Adjusted Expenses


(unaudited)		Three Months						Nine Months
			2024		2023		% Change		2024		2023		% Change

Market Intelligence	Expenses		$	932	$	904	3%		$	2,810	$	2,650	6%
	Non-GAAP adjustments (a)		10		(31)				(37)		(37)
	Deal-related amortization		(151)		(140)				(439)		(421)

	Adjusted expenses		$	791	$	733	8%		$	2,334	$	2,191	6%


Ratings	Expenses		$	434	$	360	21%		1,227		$	1,072	15%
	Non-GAAP adjustments (b)		(6)		(3)				(28)		(8)
	Deal-related amortization		(2)		(2)				(11)		(6)
	Adjusted expenses		$	426	$	355	20%		$	1,188	$	1,059	12%


Commodity Insights	Expenses		$	311	$	295	6%		954		$	923	3%
	Non-GAAP adjustments (c)		(7)		(15)				(18)		(51)
	Deal-related amortization		(32)		(33)				(97)		(99)

	Adjusted expenses		$	272	$	247	10%		$	839	$	773	9%


Mobility	Expenses		$	315	$	299	5%		$	951	$	894	6%
	Non-GAAP adjustments (d)		(1)		(4)				(10)		(10)
	Deal-related amortization		(76)		(76)				(227)		(226)
	Adjusted expenses		$	238	$	219	9%		$	714	$	658	8%


Indices	Expenses		$	134	$	119	13%		$	377	$	343	10%
	Non-GAAP adjustments (e)		(1)		(2)				(6)		(3)
	Deal-related amortization		(9)		(9)				(27)		(27)
	Adjusted expenses		$	124	$	108	15%		$	343	$	313	9%


Engineering Solutions	Expenses		$	—	$	—	N/M		$	—	$	114	N/M

	Deal-related amortization		—		—				—		(1)
	Adjusted expenses		$	—	$	—	N/M		$	—	$	113	N/M


Corporate Unallocated Expense	Corporate Unallocated expense		$	73	$	87	(16)%		$	195	$	382	(49)%
	Non-GAAP adjustments (f)		(20)		(47)				(66)		(280)
	Deal-related amortization		(1)		—				(2)		(2)
	Adjusted Corporate Unallocated expenses		$	53	$	39	34%		$	127	$	100	27%


Equity in Income on Unconsolidated Subsidiaries	Equity in income on unconsolidated subsidiaries		$	(11)	$	(8)	(47)%		$	(31)	$	(33)	7%
	Deal-related amortization		(14)		(14)				(42)		(42)
	Adjusted equity in income on unconsolidated subsidiaries		$	(25)	$	(22)	(16)%		$	(73)	$	(75)	3%


Total SPGI	Expenses		$	2,141	$	2,010	7%		$	6,345	$	6,215	2%
	Non-GAAP adjustments (a)(b)(c)(d)(e)(f)		(25)		(102)				(166)		(388)
	Deal-related amortization		(285)		(274)				(845)		(824)

	Adjusted expenses		$	1,831	$	1,634	12%		$	5,335	$	5,003	7%

Exhibit 5

Adjusted Operating Profit


(unaudited)		Three Months						Nine Months
			2024		2023		% Change		2024		2023		% Change

Market Intelligence	Operating profit		$	230	$	195	18%		$	649	$	599	8%
	Non-GAAP adjustments (a)		(10)		31				37		37
	Deal-related amortization		151		140				439		421

	Adjusted operating profit		$	371	$	366	2%		$	1,125	$	1,058	6%


Ratings	Operating profit		$	676	$	459	47%		$	2,080	$	1,422	46%
	Non-GAAP adjustments (b)		6		3				28		8
	Deal-related amortization		2		2				11		6
	Adjusted operating profit		$	684	$	464	48%		$	2,119	$	1,435	48%


Commodity Insights	Operating profit		$	211	$	184	14%		$	643	$	527	22%
	Non-GAAP adjustments (c)		7		15				18		51
	Deal-related amortization		32		33				97		99

	Adjusted operating profit		$	250	$	232	8%		$	758	$	677	12%


Mobility	Operating profit		$	97	$	80	20%		$	247	$	213	16%
	Non-GAAP adjustments (d)		1		4				10		10
	Deal-related amortization		76		76				227		226
	Adjusted operating profit		$	174	$	160	8%		$	484	$	449	8%


Indices	Operating profit		$	282	$	235	20%		$	816	$	699	17%
	Non-GAAP adjustments (e)		1		2				6		3
	Deal-related amortization		9		9				27		27

	Adjusted operating profit		$	292	$	246	19%		$	850	$	729	17%


Engineering Solutions	Operating profit		$	—	$	—	N/M		$	—	$	19	N/M

	Deal-related amortization		—		—				—		1
	Adjusted operating profit		$	—	$	—	N/M		$	—	$	20	N/M


Total Segments	Operating profit		$	1,496	$	1,153	30%		$	4,435	$	3,479	28%
	Non-GAAP adjustments (a) (b) (c)(d) (e)		5		54				99		109
	Deal-related amortization		270		260				801		780
	Adjusted operating profit		$	1,771	$	1,467	21%		$	5,336	$	4,367	22%


Corporate Unallocated Expense	Corporate unallocated expense		$	(73)	$	(87)	16%		$	(195)	$	(382)	49%
	Non-GAAP adjustments (f)		20		47				66		280
	Deal-related amortization		1		—				2		2
	Adjusted corporate unallocated expense		$	(53)	$	(39)	(34)%		$	(127)	$	(100)	(27)%


Equity in Income on Unconsolidated Subsidiaries	Equity in income on unconsolidated subsidiaries		$	11	$	8	47%		$	31	$	33	(7)%
	Deal-related amortization		14		14				42		42
	Adjusted equity in income on unconsolidated subsidiaries		$	25	$	22	16%		$	73	$	75	(3)%


Total SPGI	Operating profit		$	1,434	$	1,074	33%		$	4,271	$	3,130	36%
	Non-GAAP adjustments (a) (b) (c)(d) (e) (f)		25		102				166		388
	Deal-related amortization		285		274				845		824

	Adjusted operating profit		$	1,744	$	1,450	20%		$	5,281	$	4,342	22%

Exhibit 5

Adjusted Interest Expense, Net


(unaudited)	Three Months					Nine Months
	2024		2023		% Change	2024		2023		% Change

Interest expense, net	$	72	$	84	(14)%	$	227	$	258	(12)%
Non-GAAP adjustments (g)	6		7			20		20

Adjusted interest expense, net	$	78	$	91	(14)%	$	247	$	278	(11)%

Adjusted Provision for Income Taxes


(unaudited)	Three Months					Nine Months
	2024		2023		% Change	2024		2023		% Change

Provision for income taxes	$	313	$	181	73%	$	854	$	628	36%
Non-GAAP adjustments (a) (b) (c)(d) (e) (f) (g) (h)	(6)		23			22		10
Deal-related amortization	70		66			206		198

Adjusted provision for income taxes	$	376	$	270	39%	$	1,082	$	836	29%

Adjusted Effective Tax Rate


(unaudited)	Three Months							Nine Months
	2024			2023			% Change	2024			2023				% Change

Adjusted operating profit	$	1,744		$	1,450		20%	$	5,281		$	4,342			22%
Other loss (income), net	2			(5)				(10)			(5)
Adjusted interest expense, net	78			91				247			278
Adjusted income before taxes on income	$	1,663		$	1,364		22%	$	5,045		$	4,069			24%
Adjusted provision for income taxes	$	376		$	270			$	1,082		$	836
Adjusted effective tax rate 1	22.6		%	19.8		%		21.4		%	20.6		%	`

1 The adjusted effective tax rate is calculated by dividing adjusted provision for income taxes by the adjusted income before taxes, which includes income from unconsolidated subsidiaries. The adjusted effective tax rate excluding income from unconsolidated subsidiaries for the three months ended September 30, 2024 and 2023 was 23.0% and 20.1%, respectively. The adjusted effective tax rate excluding income from unconsolidated subsidiaries for the nine months ended September 30, 2024 and 2023 was 21.8% and 20.9%, respectively.

Exhibit 5

Adjusted Net Income attributable to SPGI and Diluted EPS


(unaudited)	2024				2023				% Change
	Net Income attributable to SPGI		Diluted EPS		Net Income attributable to SPGI		Diluted EPS		Net Income attributable to SPGI	Diluted EPS

	Three Months
Reported	$	971	$	3.11	$	742	$	2.33	31%	33%
Non-GAAP adjustments	25		0.08		71		0.22
Deal-related amortization	215		0.69		208		0.65

Adjusted	$	1,210	$	3.89	$	1,022	$	3.21	18%	21%

	Nine Months
Reported	$	2,972	$	9.50	$	2,047	$	6.40	45%	48%
Non-GAAP adjustments	124		0.40		358		1.12
Deal-related amortization	639		2.04		626		1.96

Adjusted	$	3,735	$	11.94	$	3,031	$	9.47	23%	26%

N/M - Represents a change equal to or in excess of 100% or not meaningful

Note - Totals presented may not sum due to rounding.

Note - Adjusted operating profit margin for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices was 32%, 62%, 48%, 42% and 70%, respectively, for the three months ended September 30, 2024. Adjusted operating profit margin for the Company was 49% for the three months ended September 30, 2024. Adjusted operating profit margin for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices was 33%, 64%, 47%, 40%, and 71%, respectively, for the nine months ended September 30, 2024. Adjusted operating profit margin for the Company was 50% for the nine months ended September 30, 2024. Adjusted operating profit margin is calculated as adjusted operating profit divided by revenue.

(a) The three and nine months ended September 30, 2024 include a gain on disposition of $21 million ($12 million after-tax) and IHS Markit merger costs of $10 million ($8 million after-tax) and $30 million ($22 million after-tax), respectively. The nine months ended September 30, 2024 include employee severance charges of $35 million ($26 million after-tax) and a net acquisition-related benefit of $8 million ($8 million after-tax). The three and nine months ended September 30, 2023 include employee severance charges of $19 million ($14 million after-tax) and $41 million ($31 million after-tax), respectively, IHS Markit merger costs of $11 million ($8 million after-tax) and $36 million ($27 million after-tax), respectively, and an asset write-off of $1 million (less than $1 million after-tax). The nine months ended September 30, 2023 include a gain on disposition of $46 million ($34 million after-tax) and an asset impairment of $5 million ($4 million after-tax).

(b) The three and nine months ended September 30, 2024 include a statutorily required bonus accrual adjustment of $6 million ($5 million after-tax). The nine months ended September 30, 2024 include legal costs of $20 million ($20 million after-tax) and employee severance charges of $2 million ($1 million after-tax). The three and nine months ended September 30, 2023 include employee severance charges of $2 million ($2 million after-tax) and $8 million ($6 million after-tax), respectively.

(c) The three and nine months ended September 30, 2024 include employee severance charges of $4 million ($3 million after-tax) and IHS Markit merger costs of $2 million ($2 million after-tax) and $12 million ($9 million after-tax), respectively. The nine months ended September 30, 2024 include an asset write-off of $1 million ($1 million after-tax) and disposition-related costs of $1 million (less than $1 million after-tax). The three and nine months ended September 30, 2023 include IHS Markit merger costs of $8 million ($6 million after-tax) and $28 million ($21 million after-tax), respectively, and employee severance charges of $7 million ($6 million after-tax) and $23 million ($17 million after-tax), respectively.

(d) The three and nine months ended September 30, 2024 include IHS Markit merger costs of $1 million ($1 million after-tax) and $2 million ($2 million after-tax), respectively. The nine months ended September 30, 2024 include employee severance charges of $7 million ($5 million after-tax) and acquisition-related costs of $1 million ($1 million after-tax). The three and nine months ended September 30, 2023 include employee severance charges of $3 million ($2 million after-tax) and $6 million ($5 million after-tax), respectively, IHS Markit merger costs of $1 million (less than $1 million after-tax) and $2 million ($1 million after-tax), respectively, and acquisition-related costs of $1 million ($1 million after-tax) and $2 million ($2 million after-tax), respectively.

(e) The three and nine months ended September 30, 2024 include IHS Markit merger costs of $1 million ($1 million after-tax) and $4 million ($3 million after-tax), respectively. The nine months ended September 30, 2024 include a loss on disposition of $1 million ($1 million after-tax) and employee severance charges of $1 million ($1 million after-tax). The three and nine months ended September 30, 2023 include employee severance charges of $1 million ($1 million after-tax) and $4 million ($3 million after-tax), respectively, and IHS Markit merger costs of $1 million ($1 million after-tax) and $3 million ($2 million after-tax), respectively. The nine months ended September 30, 2023 include a gain on disposition of $4 million ($3 million after-tax).

Exhibit 5

(f) The three and nine months ended September 30, 2024 include IHS Markit merger costs of $16 million ($12 million after-tax) and $54 million ($41 million after-tax), respectively, acquisition-related costs of $2 million ($3 million after-tax) and $10 million ($9 million after-tax), respectively, and an asset write-off of $1 million ($1 million after-tax). The nine months ended September 30, 2024 include disposition-related costs of $3 million ($2 million after-tax), employee severance charges of $2 million ($2 million after-tax), a gain on disposition of $2 million ($1 million after-tax) and recovery of lease-related costs of $1 million ($1 million after-tax). The three and nine months ended September 30, 2023 include IHS Markit merger costs of $37 million ($28 million after-tax) and $104 million ($78 million after-tax), respectively, employee severance charges of $6 million ($5 million after-tax) and $20 million ($15 million after-tax), respectively, disposition-related costs of $3 million ($2 million after-tax) and $19 million ($14 million after-tax), respectively, and acquisition-related costs of $1 million ($1 million after-tax) and $3 million ($2 million after-tax), respectively. The nine months ended September 30, 2023 include a loss on disposition of $120 million ($186 million after-tax) and lease impairments of $15 million ($11 million after-tax).

(g) The three and nine months ended September 30, 2024 include a premium amortization benefit of $6 million ($5 million after-tax) and $20 million ($15 million after-tax), respectively. The three and nine months ended September 30, 2023 include a premium amortization benefit of $7 million ($5 million after-tax) and $20 million ($15 million after-tax), respectively.

(h) The three months ended September 30, 2024 include a tax reclass of $3 million associated with a disposition and a tax expense of $1 million due to annualized effective tax rate differences for GAAP. The nine months ended September 30, 2024 include a tax expense of $5 million associated with IHS Markit prior to acquisition. The nine months ended September 30, 2023 include a tax benefit of $16 million associated with a disposition.

Exhibit 6

S&P Global

Revenue Information

Three and nine months ended September 30, 2024 and 2023

(dollars in millions)

Revenue by Type


(unaudited)	Three Months
		Subscription (a)					Non-subscription / Transaction (b)					Non-transaction (c)
		2024		2023		% Change	2024		2023		% Change	2024		2023		% Change

Market Intelligence		$	981	$	932	5%	$	39	$	42	(9)%	$	—	$	—	N/M
Ratings		—		—		N/M	597		326		83%	513		493		4%
Commodity Insights		478		432		11%	18		26		(31)%	—		—		N/M
Mobility		331		296		12%	81		83		(2)%	—		—		N/M
Indices		74		70		5%	—		—		N/M	—		—		N/M
Engineering Solutions		—		—		N/M	—		—		N/M	—		—		N/M
Intersegment elimination		—		—		N/M	—		—		N/M	(47)		(46)		(2)%
Total revenue		$	1,864	$	1,730	8%	$	735	$	477	54%	$	466	$	447	4%

		Asset-linked fees (d)					Sales usage-based royalties (e)					Recurring variable (f)
		2024		2023		% Change	2024		2023		% Change	2024		2023		% Change

Market Intelligence		$	—	$	—	N/M	$	—	$	—	N/M	$	142	$	125	14%
Ratings		—		—		N/M	—		—		N/M	—		—		N/M
Commodity Insights		—		—		N/M	26		21		20%	—		—		N/M
Mobility		—		—		N/M	—		—		N/M	—		—		N/M
Indices		266		218		22%	76		66		16%	—		—		N/M
Engineering Solutions		—		—		N/M	—		—		N/M	—		—		N/M

Total revenue		$	266	$	218	22%	$	102	$	87	17%	$	142	$	125	14%

	Nine Months
		Subscription (a)					Non-subscription / Transaction (b)					Non-transaction (c)
		2024		2023		% Change	2024		2023		% Change	2024		2023		% Change

Market Intelligence		$	2,893	$	2,732	6%	$	136	$	137	(1)%	$	—	$	—	N/M
Ratings		—		—		N/M	1,804		1,088		66%	1,503		1,406		7%
Commodity Insights		1,387		1,261		10%	133		130		2%	—		—		N/M
Mobility		966		870		11%	232		237		(2)%	—		—		N/M
Indices		218		206		6%	—		—		N/M	—		—		N/M
Engineering Solutions		—		125		N/M	—		8		N/M	—		—		N/M
Intersegment elimination		—		—		N/M	—		—		N/M	(138)		(130)		(7)%
Total revenue		$	5,464	$	5,194	5%	$	2,305	$	1,600	44%	$	1,365	$	1,276	7%

		Asset-linked fees (d)					Sales usage-based royalties (e)					Recurring variable (f)
		2024		2023		% Change	2024		2023		% Change	2024		2023		% Change

Market Intelligence		$	—	$	—	N/M	$	—	$	—	N/M	$	430	$	380	13%
Ratings		—		—		N/M	—		—		N/M	—		—		N/M
Commodity Insights		—		—		N/M	77		59		31%	—		—		N/M
Mobility		—		—		N/M	—		—		N/M	—		—		N/M
Indices		756		638		18%	219		198		11%	—		—		N/M
Engineering Solutions		—		—		N/M	—		—		N/M	—		—		N/M
Total revenue		$	756	$	638	18%	$	296	$	257	15%	$	430	$	380	13%

N/M - Represents a change equal to or in excess of 100% or not meaningful

Exhibit 6

(a) Subscription revenue is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels, market data and market insights along with other information products and software term licenses, and Mobility's core information products.

(b) Non-subscription / transaction revenue is primarily related to ratings of publicly-issued debt and bank loan ratings.

(c) Non-transaction revenue is primarily related to surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at CRISIL. Non-transaction revenue also includes an intersegment revenue elimination charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

(d) Asset-linked fees is primarily related to fees based on assets underlying exchange-traded funds, mutual funds and insurance products.

(e) Sales usage-based royalty revenue is primarily related to trading based fees from exchange-traded derivatives and licensing proprietary market price data and price assessments to commodity exchanges.

(f) Recurring variable revenue represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued.

Exhibit 7

S&P Global

Non-GAAP Financial Information

Three and nine months ended September 30, 2024 and 2023

(dollars in millions)

Computation of Free Cash Flow and Adjusted Free Cash Flow Excluding Certain Items


(unaudited)	Three Months				Nine Months
	2024		2023		2024		2023
Cash provided by operating activities	$	1,445	$	1,013	$	3,949	$	2,376
Capital expenditures	(35)		(36)		(91)		(95)
Distributions to noncontrolling interest holders, net	(80)		(71)		(213)		(211)
Free cash flow	$	1,330	$	906	$	3,645	$	2,070
IHS Markit merger costs	69		146		311		403
Payment of legal settlements	20		—		20		—
Tax on gain from divestitures	3		60		3		169
Disposition-related costs	—		—		—		40



Adjusted free cash flow excluding certain items	$	1,422	$	1,112	$	3,979	$	2,682

Exhibit 8

S&P Global

Non-GAAP Guidance

Reconciliation of 2024 Non-GAAP Guidance


(unaudited)
	Low		High
GAAP diluted EPS	$	11.95	$	12.15
Deal-related amortization	2.85		2.85
IHS Markit merger costs	0.25		0.25
Premium amortization benefit	(0.10)		(0.10)
Restructuring	0.13		0.13
Tax rate and other	0.02		0.02
Non-GAAP adjusted diluted EPS	$	15.10	$	15.30