Financial Review

2022 Financial Highlights

Non-GAAP Pro Forma
Adjusted Revenue		Non-GAAP Pro Forma Adjusted Operating Profit Non-GAAP Pro Forma
Adjusted Operating Profit Margin

S&P Global

Decreased by 4% to
$11.84 billion (7)		Decreased by 9% to
$5.32 billion		Decreased by 250 bps to
44.9%

Market Intelligence (1, 2)

Increased by 5% to
$4.09 billion		Increased by 11% to
$1.30 billion		Increased by 150 bps to
31.8%

Ratings (2)

Decreased by 26% to
$3.05 billion		Decreased by 35% to
$1.71 billion		Decreased by 810 bps to
55.9%

Commodity Insights (3)

Increased by 6% to
$1.78 billion		Increased by 7% to
$787 million		Increased by 40 bps to
44.3%

Mobility

Increased by 8% to
$1.35 billion		Increased by 7% to
$527 million		Decreased by 50 bps to
39.0%

Indices (4)

Increased by 8% to
$1.36 billion		Increased by 10% to
$927 million (5)		Increased by 100 bps to
68.4% (5)

Engineering Solutions (6)

Decreased by 1% to
$389 million (6)		Decreased by 11% to
$67 million (6)		Decreased by 210 bps to
17.2% (6)

Revenue Snapshots

$11.8B

2022 Non-GAAP Pro Forma Adjusted Revenue

In 2022, non-GAAP pro forma adjusted revenue decreased by 4% year-over-year compared to the year-ago period. S&P Global benefited from more diverse revenue streams with four of the six divisions producing non-GAAP pro forma adjusted revenue growth that partially offset a decrease in Ratings revenue due to difficult debt issuance and IPO markets.

See pages 65 to 71 for Division Revenue

40%

Ex-U.S. Revenue

S&P Global had nearly 40,000 employees, including approximately 22,000 in Asia; 12,000 in the U.S. and Canada; 5,700 in Europe, the Middle East, and Africa; and 750 in Latin America.

See page 68 for Global Revenue

82%

Revenue Is Recurring

82% of S&P Global’s 2022 non-GAAP pro forma adjusted revenue was tied to subscription revenue, non-transaction revenue, asset-linked fees, and recurring variable that are ongoing in nature.

See page 69 for Revenue by Type

Non-GAAP Pro Forma Adjusted Revenue by Division (1, 7)

(dollars in millions)

2022

$11,842

Market Intelligence $4,093
35%
Ratings $3,050
26%
Commodity Insights $1,776
15%
Mobility $1,351
11%
Indices $1,355
11%
Market Intelligence $389
3%
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Global Revenue U.S. GAAP (7)

2022

U.S.
60%
Ex-U.S.
40%

Note:  U.S. and Ex-U.S. revenue is only presented on a U.S. GAAP basis; geographic breakdown is not available on a non- GAAP pro forma adjusted basis

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Non-GAAP Pro Forma Adjusted Revenue by Type (7)

(dollars in millions)

2022

$11,842

Subscription $6,700
57%
Non-Subscription/ Transaction $1,890
16%
Non-transaction $1,638
14%
Asset-linked fees $862
7%
Recurring variable $467
4%
Sales usage-based royalties $286
2%
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Notes:

The Investor Fact Book reflects:

The merger with IHS Markit on February 28, 2022. The 2021 reported financial information represents S&P Global on a stand-alone basis before the merger with IHS Markit. The 2021 and 2022 non-GAAP pro forma adjusted financial information present the Company’s results of operations as if the merger completed on January 1, 2021. See Appendix for non-GAAP adjustments, deal-related amortization, and a reconciliation of adjusted information to U.S. GAAP.

Adjusted Financial Performance Measures

The Investor Fact Book includes Company financials on an as-reported basis, and on a non-GAAP pro forma adjusted basis as if the merger had closed on January 1, 2021, for the twelve months ended December 31, 2022 and 2021.

The Appendix (pages 78 to 86) provides non-GAAP adjustments/non-GAAP pro forma adjustments and deal-related amortization/pro forma deal-related amortization along with a reconciliation of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP measures. Reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating some of the items. The Company is not able to provide reconciliations of such forward-looking non-GAAP financial measures because certain items required for such reconciliations are outside the Company’s control and/or cannot be reasonably predicted. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.

The Company’s non-GAAP measures include adjustments that reflect how management views the businesses. Investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports. Investors should refer to audited financial statements, including related notes and other financial information contained in the Company’s most recent filings with the U.S. Securities and Exchange Commission.

(1)

2021 and 2022 non-GAAP pro forma adjusted results reflect the divestitures of CUSIP Global Services and Leveraged Commentary and Data. 2022 results reflect the acquisition of The Climate Services, Inc.­

(2)

Revenue for Ratings and expenses for Market Intelligence include an interdivision royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Ratings’ 2022 results reflect the acquisition of the Shades of Green business

(3)

2021 and 2022 non-GAAP pro forma adjusted results reflect the divestitures of the Base Chemicals business and OPIS

(4)

2021 and 2022 non-GAAP pro forma adjusted results reflect the divestiture of a family of leveraged loan indices

(5)

Includes operating profit attributable to noncontrolling interests ($235 million in 2022 [includes an adjustment related to the JV Partner’s portion of the gain on the divestiture of a family of leveraged loan indices] and $215 million in 2021) as part of the S&P Dow Jones Indices joint venture established in June 2012

(6)

S&P Global divested the Engineering Solutions business. The sale was completed on May 2, 2023

(7)

Includes interdivision revenue elimination of $171 million for 2022 non-GAAP pro forma adjusted, $164 million for 2021 non-GAAP pro forma adjusted, and $146 million for 2021 reported. Percentages may sum to greater than 100%

N/M: Not meaningful

Details may not sum to total due to rounding

*

SPGI:  Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions

See Appendix (pages 79-86) for non-GAAP adjustments, deal-related amortization, and a reconciliation of adjusted information to U.S. GAAP