S&P Global Market Intelligence is the foremost provider of information services and solutions to global markets. With deep understanding of our customers’ needs, we strive to help solve the most complex business challenges.
Our Focus Forward
Established, market- leading, and proprietary capabilities
Leading technology-driven solutions
Culture of innovation and growth with customers at the core
Global expertise coupled with scaled data and technology
How S&P Global Market Intelligence Generates Revenue
S&P Global Market Intelligence combined with IHS Markit’s Financial Services division upon the close of the merger on February 28, 2022 and also includes the Maritime & Trade business that was previously part of IHS Markit’s Transportation division
Subscription revenue: Subscriptions to multi-asset-class market data, analytics, and insights (price assessments/valuations, credit risk assessments, credit ratings, reference data, issuer solutions, third-party research, and commentary) via workflow solutions, as well as software and hosted product offerings
Recurringvariable revenue: Services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued
Non-subscription revenue: Advisory engagements, conferences and events, analytical services, and perpetual software licenses
Globally diversified revenue base supporting multiple growth vectors across regions
S&P Global Market Intelligence’s revenue base is well diversified across customer types, asset classes, and geographies with approximately 40% of revenue generated from outside the United States.
Revenue by Geography U.S. GAAP
(dollars in millions)
2021
2022
U.S.
$1,374
$2,231
Ex-U.S.
811
1,580
Total revenue
$2,185
$3,811
2021
2022
U.S.
$1,374
$2,231
Ex-U.S.
811
1,580
Total revenue
$2,185
$3,811
See page 68 for footnotes on global revenue
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
95% recurring-based revenue provides strong foundation
S&P Global Market Intelligence’s recurring-based revenue is primarily derived from data, valuation services, analytics, third-party research, and credit ratings related data through both feed and web-based channels. Recurring revenue also includes software and hosted product offerings that provide maintenance and continuous access to our platforms over the contract term.
Our recurring revenue business provides stability through market volatility.
Recurring Revenue by Product Line
(dollars in millions)
Note: Recurring revenue comprises subscription and recurring variable revenue
Non-GAAP pro forma adjusted operating profit margin increased in 2022
S&P Global Market Intelligence’s non-GAAP pro forma adjusted operating profit margin increased 150 basis points in 2022.
Margin expansion was driven by revenue growth and the realization of strong merger-related cost synergies, offset partially by increased technology spend.
Non-GAAP Pro Forma Adjusted Division Operating Profit Margin
S&P Global Market Intelligence experienced year-over-year growth in 2022 in non-GAAP pro forma adjusted revenue, operating profit, and operating profit margin
Notes:
(1)
2021 results on a stand-alone basis for S&P Global
(2)
2021 and 2022 results on a non-GAAP pro forma adjusted basis as if the merger completed on January 1, 2021
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 Service, Inc.
Division revenues do not include interdivision revenue elimination