56-57
2021 Financial Highlights

The 2021 Investor Fact Book reflects:

S&P Global on a stand-alone basis before the merger with IHS Markit.

Revenue from Kensho contract obligations in Market Intelligence’s results, starting in 1Q 2019: Beginning in the first quarter of 2019, the commercial contracts from Kensho Technologies Inc.’s (“Kensho”) major customers were transferred from Corporate to Market Intelligence for fulfillment. In 2018, this revenue was reported in Corporate revenue. Effective January 1, 2019, revenue from these contracts is reflected in Market Intelligence’s results.

Technology-related expenses allocated to each reportable segment for 2018 and 2019: In the first quarter of 2020, the Company changed its methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. Results recast for 2018 and 2019; prior years not restated. As a result, percent increases/decreases from 2017 to 2018 are not calculated.

Adjusted Financial Performance Measures

2021 Financial Highlights and Revenue Snapshots

Ratings(1)

Market(1, 4)

Intelligence

Platts(5)

Indices

S&P Global

Revenue
Increased by 14% to
$4.10 billion		Increased by 7% to
$2.25 billion		Increased by 8% to
$950 million		Increased by 16% to
$1.15 billion		Increased by 11% to
$8.30 billion
Organic Revenue
Increased by 13% to
$4.09 billion		Increased by 7% to
$2.25 billion		Increased by 8% to
$950 million		Increased by 16% to
$1.15 billion		Increased by 12% to
$8.30 billion
Operating Profit
Increased by 18% to
$2.63 billion		Increased by 19% to
$703 million		Increased by 13% to
$517 million		Increased by 20% to
$798 million(6)		Increased by 17% to
$4.22 billion
Adjusted Operating Profit
Increased by 17% to
$2.63 billion		Increased by 13% to
$771 million		Increased by 9% to
$523 million		Increased by 17% to
$803 million(6)		Increased by 15% to
$4.58 billion
Adjusted Operating Profit Margin
Increased by 180bps to
64.2%		Increased by 190bps to
34.3%		Increased by 40bps to
55.1%		Increased by 80bps to
69.9%(6)		Increased by 190bps to
55.2%

Revenue Snapshots U.S. GAAP

4
Segments with Revenue Growth

S&P Global’s revenue increased by 11% year-over-year. The increase was driven by revenue growth at all four of the Company’s reportable segments. Ratings revenue was up 14%, Market Intelligence revenue grew 7%, Platts revenue rose 8%, and Indices revenue increased by 16%.

Revenue by Division (1, 7)

(dollars in millions)

2021: $8,297

See pages 58 and 62 for Division Revenue

39%
Ex-U.S. Revenue

S&P Global had approximately 23,000 employees, including approximately 14,600 in Asia, 5,300 in the U.S., 2,150 in the European region, and 800 in the rest of the world. 40% of the Company’s revenues in 2021 came from international operations. U.S. revenue increased by 11% year-over-year while total Ex-U.S. revenue increased by 12%.

Revenue by Region (7)

(dollars in millions)

2021: $8,297

See page 63 to 65 for Global Revenue

70%
Revenue Is Ongoing in Nature

77% of S&P Global’s 2021 revenue was tied to subscription revenue, non-transaction revenue, and asset-linked fees that are ongoing in nature. Non-transaction revenue increased by 13% year-over-year while subscription revenue increased by 7%.

Revenue by Type (7)

(dollars in millions)

2021: $8,297

See page 66 for Revenue by Type

Notes:

See Appendix (pages 73-79) for non-GAAP adjustments, deal-related amortization, and a reconciliation of adjusted information to U.S. GAAP

(1)
Revenue for Ratings and expenses for Market Intelligence include an interdivision royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2020 Ratings revenue reflects the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC
(2)

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

(3)

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Excludes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

(4)

2020 results reflect the divestiture of Investor Relations webhosting business. 2019 results reflect the acquisition of 451 Research, LLC and divestiture of Standard & Poor’s Investment Advisory Services LLC. 2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc. 2017 results reflect the divestiture of QuantHouse

(5)

2019 results reflect the acquisitions of Canadian Enerdata Ltd. and Live Rice Index and the divestiture of RigData

(6)

Includes operating profit attributable to noncontrolling interests ($215 million in 2021, $181 million in 2020, $170 million in 2019, $151 million in 2018, and $129 million in 2017) as part of the S&P Dow Jones Indices joint venture established in June 2012

(7)

Includes interdivision revenue elimination of $146 million in 2021, $137 million in 2020, $128 million in 2019, $125 million in 2018, and $110 million in 2017. Percentages may sum to greater than 100%

(8)

Total revenue includes Corporate revenue of $15 million related to the acquisition of Kensho in April 2018

(9)

In the first quarter of 2020, the Company changed its methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. Results recast for 2018 and 2019; prior years not restated. As a result, percent increases/decreases from 2017 to 2018 are not calculated