67
EBITDA | Net Debt (Cash) to EBITDA*

U.S. GAAP

Total Company EBITDA

(dollars in millions)

'17
'18
'19
'20
'21
$2,763
$2,996
$3,430
$3,823
$4,399

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

(dollars in millions)

2017

2018

2019

2020

2021

Operating profit

Ratings (1)

$1,517

$1,554

$1,783

$2,223

$2,629

Market Intelligence

457

500

566

589

703

Platts

326

401

457

458

517

Indices

478

566

632

666

798

Total division operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

Less: Corporate Unallocated

195

231

212

319

426

Earnings before interest and taxes (EBIT)

$2,583

$2,790

$3,226

$3,617

$4,221

Depreciation

82

84

82

83

82

Amortization of intangibles

98

122

122

123

96

EBITDA

$2,763

$2,996

$3,430

$3,823

$4,399

2017

2018

2019

2020

2021

Operating profit

Ratings (1)

$1,517

$1,554

$1,783

$2,223

$2,629

Market Intelligence

457

500

566

589

703

Platts

326

401

457

458

517

Indices

478

566

632

666

798

Total division operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

Less: Corporate Unallocated

195

231

212

319

426

Earnings before interest and taxes (EBIT)

$2,583

$2,790

$3,226

$3,617

$4,221

Depreciation

82

84

82

83

82

Amortization of intangibles

98

122

122

123

96

EBITDA

$2,763

$2,996

$3,430

$3,823

$4,399

Net Debt (Cash) to EBITDA

Years ended December 31
(dollars in millions)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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

$864

$761

$1,560

$2,500

$1,487

$2,400

$2,791

$1,976

$2,914

$4,131

$6,516

Total debt

1,193

1,251

794

795

3,611

3,564

3,569

3,662

3,948

4,110

4,114

Net (cash) debt

$329

$490

$(766)

$(1,705)

$2,124

$1,164

$778

$1,686

$1,034

$(21)

$(2,402)

EBITDA

$1,178

$1,311

$1,495

$222

$2,065

$3,522

$2,763

$3,430

$3,823

$4,399

$4,399

Net debt (cash) to EBITDA

0.3x

0.4x

(0.5)x

(7.7)x

1.0x

0.3x

0.3x

0.5x

0.3x

(0.0)x

(0.5)x

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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

$864

$761

$1,560

$2,500

$1,487

$2,400

$2,791

$1,976

$2,914

$4,131

$6,516

Total debt

1,193

1,251

794

795

3,611

3,564

3,569

3,662

3,948

4,110

4,114

Net (cash) debt

$329

$490

$(766)

$(1,705)

$2,124

$1,164

$778

$1,686

$1,034

$(21)

$(2,402)

EBITDA

$1,178

$1,311

$1,495

$222

$2,065

$3,522

$2,763

$3,430

$3,823

$4,399

$4,399

Net debt (cash) to EBITDA

0.3x

0.4x

(0.5)x

(7.7)x

1.0x

0.3x

0.3x

0.5x

0.3x

(0.0)x

(0.5)x

See page 71 for summary of debt outstanding

Notes:
(1)

Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

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