Appendix: 81–82Non-GAAP Pro Forma Adjusted Results by Quarter
(2021 and 2022)
Non-GAAP Pro Forma Adjusted Revenue by Quarter
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||
| Market Intelligence | $950 | $1,019 | $957 | $1,020 | $974 | $1,017 | $1,009 | $1,037 | $3,890 | $4,093 | |||||
| Ratings | 1,017 | 868 | 1,073 | 796 | 1,017 | 681 | 990 | 705 | 4,097 | 3,050 | |||||
| Commodity Insights | 410 | 466 | 413 | 427 | 413 | 432 | 433 | 451 | 1,669 | 1,776 | |||||
| Mobility | 296 | 324 | 315 | 337 | 319 | 346 | 316 | 345 | 1,246 | 1,351 | |||||
| Indices | 297 | 339 | 303 | 338 | 323 | 334 | 330 | 344 | 1,253 | 1,355 | |||||
| Engineering Solutions | 91 | 98 | 93 | 96 | 104 | 95 | 103 | 99 | 391 | 389 | |||||
| Intersegment elimination | (39) | (41) | (41) | (43) | (41) | (43) | (43) | (44) | (164) | (171) | |||||
| Total non-GAAP pro forma adjusted revenue | $3,022 | $3,072 | $3,113 | $2,970 | $3,109 | $2,862 | $3,138 | $2,937 | $12,382 | $11,842 | |||||
Non-GAAP Pro Forma Adjusted Other (Income) Expense, Net
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||
| Non-GAAP pro forma adjusted other (income) expense, net | $(11) | $(45) | $(22) | $(1) | $(22) | $(37) | $(11) | $3 | $(66) | $(80) | |||||
Non-GAAP Pro Forma Adjusted Interest Expense, Net
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||
| Non-GAAP pro forma adjusted interest expense, net | $87 | $91 | $87 | $90 | $86 | $71 | $78 | $86 | $338 | $339 | |||||
Non-GAAP Pro Forma Adjusted Provision for Income Taxes
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||
| Non-GAAP pro forma adjusted provision for income taxes | $314 | $264 | $356 | $279 | $279 | $259 | $264 | $234 | $1,213 | $1,036 | |||||
Non-GAAP Pro Forma Adjusted Effective Tax Rate
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||
| Non-GAAP pro forma adjusted operating profit | $1,470 | $1,388 | $1,558 | $1,402 | $1,491 | $1,318 | $1,344 | $1,211 | $5,863 | $5,319 | |||||
| Non-GAAP pro forma adjusted other (income) expense, net | (11) | (45) | (22) | (1) | (22) | (37) | (11) | 3 | (66) | (80) | |||||
| Non-GAAP pro forma adjusted interest expense, net | 87 | 91 | 87 | 90 | 86 | 71 | 78 | 86 | 338 | 339 | |||||
| Non-GAAP pro forma adjusted income before taxes on income | $1,394 | $1,342 | $1,493 | $1,313 | $1,427 | $1,283 | $1,277 | $1,122 | $5,591 | $5,060 | |||||
| Non-GAAP pro forma adjusted provision for income taxes | $314 | $264 | $356 | $279 | $279 | $259 | $264 | $234 | $1,213 | $1,036 | |||||
| Non-GAAP pro forma adjusted effective tax rate (1) | 22.5% | 19.7% | 23.9% | 21.2% | 19.6% | 20.2% | 20.7% | 20.8% | 21.7% | 20.5% | |||||
Non-GAAP Pro Forma Adjusted Net Income attributable to SPGI and Adjusted Diluted EPS
(in millions, except per share data)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||
| Non-GAAP pro forma adjusted net income attributable to SPGI | $1,024 | $1,014 | $1,077 | $955 | $1,084 | $968 | $951 | $827 | $4,137 | $3,765 | |||||
| Non-GAAP pro forma adjusted diluted EPS | $2.88 | $2.89 | $3.03 | $2.81 | $3.05 | $2.93 | $2.67 | $2.54 | $11.63 | $11.19 | |||||
Notes:
The adjusted effective tax rate is calculated by dividing the adjusted provision for income taxes by the adjusted income before taxes on income
Details may not sum to total due to rounding
For additional information, see notes on pages 65 and 79