S&P Global Reports First Quarter Results

*Strong execution drives positive year-over-year reported revenue growth
*Accelerating innovation evidenced by two new commercially available AI-powered Kensho products
*Company is providing GAAP guidance and affirming non-GAAP adjusted revenue growth, operating margin, and EPS guidance
*$500 million ASR executed, with additional $1 billion ASR expected to launch in coming weeks
*Divestiture of Engineering Solutions expected to close on May 2, 2023

S&P Global (NYSE: SPGI) today reported first quarter 2023 results with reported revenue of $3.16 billion, an increase of 32% compared to the same period last year, primarily due to the inclusion of IHS Markit businesses, partially offset by declines in Ratings revenue. GAAP net income decreased 36% to $795 million and GAAP diluted earnings per share decreased 45% to $2.47 primarily due to the gain on sale of CUSIP in the first quarter of 2022, and the increase in shares outstanding as a result of the merger with IHS Markit.

Reported revenue increased 3% compared to pro forma revenue from the first quarter of 2022, or 4% on a constant-currency basis. Adjusted net income remained relatively unchanged at $1,013 million compared to non-GAAP pro forma adjusted net income. Adjusted diluted earnings per share increased 9% to $3.15 compared to non-GAAP pro forma adjusted diluted earnings per share primarily due to an 8% decrease in pro forma fully diluted shares outstanding. Currency positively impacted adjusted diluted EPS by $0.03. The largest non-core adjustments to earnings in the first quarter of 2023 were for integration costs and lease impairments.

“We continued to invest during the first quarter to meet the needs of customers while driving our growth and innovation,” said Douglas L. Peterson, President and Chief Executive Officer of S&P Global. “We have powerful competitive advantages in differentiated data and proprietary technology, and we are excited to see new products coming to market at an accelerated pace, while our broader team continues to execute and deliver strong financial results.”

The Company also released two additional AI-Powered products in the first quarter – Kensho Classify and Kensho Extract. Both are commercially available now through the S&P Global Marketplace.
details at: https://investor.spglobal.com/news-releases/news-details/2023/SP-Global-Reports-First-Quarter-Results/default.aspx

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