Appendix: 77
Appendix

Navigating the Numbers:

2024 and 2023 financial information, other than revenue, is presented on a non-GAAP adjusted basis. 2024 and 2023 revenue is presented on a reported basis. Engineering Solutions was sold as of May 2, 2023; results included through that date.

Except as noted below, 2022 financial information is presented on a non-GAAP pro forma adjusted basis and presents the Company’s results of operations as if the merger with IHS Markit was completed on January 1, 2021. 2022 reflects non-GAAP pro forma adjusted revenue for Market Intelligence, Commodity Insights, and Indices; pro forma revenue for Mobility and Engineering Solutions; and revenue for Ratings.

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

Comparison of Adjusted Information to U.S. GAAP Information

The Investor Fact Book includes Company financials presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Company financial results are also presented on an as-reported basis, and on a pro forma basis as if the merger with IHS Markit had closed on January 1, 2021, for the periods including fiscal years 2021 and 2022. The pro forma basis agrees to the Company’s previously filed unaudited pro forma combined condensed financial information presented in accordance with Article 11 of Regulation S-X. The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934.

Reconciliations of the non-GAAP financial measures included in the Investor Fact Book to the most directly comparable financial measures calculated in accordance with GAAP are included on pages 71 and 72 and in the Appendix. For pro forma to non-GAAP pro forma adjusted reconciliations, refer to the current report on Form 8-K furnished on February 8, 2024. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted without unreasonable effort. 

The Company’s non-GAAP measures include adjustments that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information that, in the case of non-GAAP financial measures other than cash provided by operating activities, less capital expenditures and distributions to noncontrolling interest holders; free cash flow; adjusted free cash flow excluding certain items; and non-GAAP pro forma adjusted free cash flow excluding certain items, enables investors to better compare the Company’s performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes, and to decide how to allocate resources. The Company believes that the presentation of cash provided by operating activities, less capital expenditures and distributions to noncontrolling interest holders; free cash flow; adjusted free cash flow excluding certain items; and non-GAAP pro forma adjusted free cash flow excluding certain items allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management and that such measures are useful in evaluating the cash available to us to prepay debt, make strategic acquisitions and investments, and repurchase stock. However, 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.