72
EBITDA | Net Debt (Cash) to EBITDA*

Total Company EBITDA

(dollars in millions)

'21
'22
$4,399
$5,957

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

(dollars in millions)

2021

2022

Operating profit

Market Intelligence

$676

$2,448

Ratings

2,629

1,672

Commodity Insights

544

591

Mobility

213

Indices

798

927

Engineering Solutions

15

Total division operating profit

$4,647

$5,906

Less: Corporate Unallocated

426

989

Equity in income on unconsolidated subsidiaries

27

Earnings before interest and taxes (EBIT)

$4,221

$4,944

Depreciation

82

108

Amortization of intangibles

96

905

EBITDA

$4,399

$5,957

2021

2022

Operating profit

Market Intelligence

$676

$2,448

Ratings

2,629

1,672

Commodity Insights

544

591

Mobility

213

Indices

798

927

Engineering Solutions

15

Total division operating profit

$4,647

$5,906

Less: Corporate Unallocated

426

989

Equity in income on unconsolidated subsidiaries

27

Earnings before interest and taxes (EBIT)

$4,221

$4,944

Depreciation

82

108

Amortization of intangibles

96

905

EBITDA

$4,399

$5,957

Net Debt (Cash) to EBITDA

Years ended December 31
(dollars in millions)

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Cash, cash equivalents and restricted cash & short-term investments

$761

$1,560

$2,500

$1,487

$2,400

$2,791

$1,976

$2,914

$4,131

$6,516

$1,301

Total debt

1,251

794

795

3,611

3,564

3,569

3,662

3,948

4,110

4,114

10,956

Net debt (cash)

$490

$(766)

$(1,705)

$2,124

$1,164

$778

$1,686

$1,034

$(21)

$(2,402)

$9,655

EBITDA

$1,311

$1,495

$222

$2,065

$3,522

$2,763

$3,430

$3,823

$4,399

$4,399

$5,957

Net debt (cash) to EBITDA

0.4x

(0.5)x

(7.7)x

1.0x

0.3x

0.3x

0.5x

0.3x

(0.0)x

(0.5)x

1.6x

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Cash, cash equivalents and restricted cash & short-term investments

$761

$1,560

$2,500

$1,487

$2,400

$2,791

$1,976

$2,914

$4,131

$6,516

$1,301

Total debt

1,251

794

795

3,611

3,564

3,569

3,662

3,948

4,110

4,114

10,956

Net debt (cash)

$490

$(766)

$(1,705)

$2,124

$1,164

$778

$1,686

$1,034

$(21)

$(2,402)

$9,655

EBITDA

$1,311

$1,495

$222

$2,065

$3,522

$2,763

$3,430

$3,823

$4,399

$4,399

$5,957

Net debt (cash) to EBITDA

0.4x

(0.5)x

(7.7)x

1.0x

0.3x

0.3x

0.5x

0.3x

(0.0)x

(0.5)x

1.6x

See page 76 for summary of debt outstanding

Notes:

2011-2013 EBITDA were not restated for the adoption of Accounting Standards Updates (ASU) 2017-07

*

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