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Transaction revenue saw slight improvement sequentially, but decreased 51% compared to the prior year on continued softness in Issuance. Non-transaction revenue decreased 6% on a reported basis and 3% on a constant currency basis, primarily due to lower initial issuer credit ratings and rating evaluation services, partially offset by increases in CRISIL.
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2022 Q4
10 Apr 23
Ratings continued to face difficult market conditions this quarter as issuance volumes remained muted with revenue decreasing 29% year-over-year.
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2022 Q4
10 Apr 23
desktop revenue grew 3%, data and advisory solutions revenue grew 7%, enterprise solutions revenue was down 4% and credit and risk solutions revenue grew 4%
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2022 Q4
10 Apr 23
Market Intelligence revenue increased 3%, with strong growth in data and advisory solutions, offset by slower growth in desktop and declines in enterprise solutions.
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2022 Q4
10 Apr 23
For 2023, we expect to achieve cost synergies and revenue synergies of approximately $510 million and $60 million respectively. We originally targeted 80% of cost synergies in 2023, but with the outperformance in 2022, we are now targeting 85% of the $600 million target.
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2022 Q4
10 Apr 23
In 2022, we have achieved $276 million in cumulative cost synergies, and our annualized run rate exiting the fourth quarter was $422 million representing 70% of target after only ten months.
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2022 Q4
10 Apr 23
Excluding ratings, adjusted margins would have improved more than 280 basis points year-over-year.
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2022 Q4
10 Apr 23
Adjusted operating profit margin contracted by 160 basis points to 41.2%, primarily driven by revenue declines in ratings.
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2022 Q4
10 Apr 23
Excluding ratings, fourth quarter revenue would have increased 4% year-over-year.
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2022 Q4
10 Apr 23
Adjusted revenue decreased 6% to $2.9 billion, largely driven by a challenging issuance environment and macroeconomic conditions.
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2022 Q4
10 Apr 23
Kensho has made significant progress on models that leverage unique data across the enterprise, with the potential to power innovation using AI and machine learning to accelerate product and technology agendas across all of S& Global
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2022 Q4
10 Apr 23
Volatility in the equities and commodities markets is a great example, as it can be a headwind to certain parts of our business while serving as a tailwind to global trading services and commodity insights and exchange traded derivatives in our indices business.
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2022 Q4
10 Apr 23
we're assuming a mild recession in the first half followed by stabilization in the second half
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2022 Q4
10 Apr 23
They're forecasting global GDP growth of 2.2% in 2023.
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2022 Q4
10 Apr 23
We saw positive revenue growth in four of our six divisions and constant currency growth in five of our six divisions.
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2022 Q4
10 Apr 23
For the full year, we saw 28% decrease in global rated issuance or a 31% decrease when including the impact of leveraged loans. This is particularly noticeable in high yield issuance, which decreased 77% from the extraordinarily high levels we saw in 2021. The issuance environment certainly impacted our financials in 2022
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2022 Q4
10 Apr 23
the largest macro contributor to our 2022 results has been the sharp decrease in global debt issuance, which continued to deteriorate as we move through 2022
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2022 Q4
10 Apr 23
we also decided to divest the Engineering Solutions Division and announced an agreement to sell the business to KKR
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2022 Q4
10 Apr 23
We outperform our original 2022 cost synergy targets by more than 20%, generating $276 million in cost synergies fully realized in 2022 compared to original target of $210 million to $240 million.
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2022 Q4
10 Apr 23
We optimized our capital structure as well, lowering our average cost of debt at fixed rates, protecting our earnings from further interest rate volatility.
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2022 Q4
10 Apr 23