SPGI - Earnings call transcript Q3 2019

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Operator

Good morning and welcome to S&P Global’s Third Quarter 2019 Earnings Conference Call. [Operator Instructions] I would now like to introduce Mr. Chip Merritt, Senior Vice President of Investor Relations for S&P Global. Sir, you may begin.

Chip Merritt

Thank you and good morning. third call. Global’s S&P to quarter earnings Welcome Presenting and Vice CEO morning’s call President Peterson, President are Doug and Chief Officer. on Financial this and Ewout Steenbergen, Executive

quarter news This issued release XXXX results. with morning, a our we third

comparisons If corporation’s between same the as to contains performance release schedules, the and corporation’s at can financial financial calculated business difference release information management’s. release they the view of financial the and to measures during provided measures a make the in operating periods, conference earnings you the enable reconcile today’s from perspective are be is exhibits earnings information. providing accordance non-GAAP comparable copy adjusted GAAP. need between In the with and of the investor.spglobal.com. that The meaningful and downloaded U.S. investors call, to we This

may filed differ periodic these to and contained other Exchange Commission. our actual conditions U.S. current to cautionary this certain listeners statements need Except contain in and I uncertainties our forward-looking begin, projections, for and we Reform statements. and materially Form are Securities estimates meaning events. such based Act of the XX-Qs, information, descriptions Litigation reports statements to statements regard, in to the the economic historical risks current In statements. XXXX, on Any Before Securities remarks discussed and results from that including within the forward-looking of results matters expectations provide are future about XX-Ks, Private of forward-looking may the in teleconference subject cautionary cause with anticipated and we direct

understand who Any should the ownership to or obtain of potentially on of or a better attention to the Global I would also expects impact to of like legislation a has and the me this to S&P investor European company. more call X% regulation. give your investor call

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Doug Peterson

and you, Thank Chip. today’s to welcome Good earnings morning call.

quarter are report divisions We to results delivering strong with four growth. revenue financial very all pleased third

growth execution due our We continue to productivity despite line programs, generate of margin the margin improvement occurring ongoing significant and improvement top the investment in in this to is spending. increase

in return, During repurchases adjusted diluted Based which on the XXXX and We XX% guidance, we our capital recently Scribe expectations million several are in completed innovations, performance always including Share excited we launched the our discuss EPS raising third to this about important unique products. year, and we a ASR in moment. delivered quarter, cover offerings. component an I’ll of detail rest adjusted more increase a And a for ESG-related the initiated of analytics, our these August. we’re course, are in will Ewout recently and technology talk our textual moment. data $XXX in Kensho’s of EPS. new

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margin basis Our XX%, adjusted XX.X%. XXX operating points increased adjusted operating profit profit our and to increased

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business contributed we the highlight to increase diluted reduced way. under drivers important we outstanding X%, key addition, by shares adjusted and EPS. quarter, which In our Each the in projects XX% to

start with trends. ratings let’s issuance quarter, This

bond quarter, with in issuance During classes. global mixed geographies the third performance asset and XX% various increased

soared interest bonds, rates with certainly increased U.S. frequently bond increased gains and offset issuance decline covered grade issuance finance CMBS. and global high-yield lower loan issuance. offset structured decreased XX% increased in RMBS XX%, declines in by partially gains XX%, We increased RMBS, vaulted as this a XX%. also partially Investors total ratings structured include drive decreased the was XX%. as due volume XX% aggregate issuance ABS. In X% XX%, overall. issuances finance European CLOs, by investment in grade in bond and in High-yield to decreased bank large increased assume while CLOs, that rates, historically and investment in increased ABS decreased bond case not Despite That XX% quarter. low XX% finance Europe XX% Asia, public

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latest Our XXXX forecast issuance for update an XXXX bond the initial global includes and forecast.

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going would financial outlook. the call Ewout? performance our is provide to insights and I to Ewout Now, additional Steenbergen, who like over to into turn our

Ewout Steenbergen

of good Thank morning Doug the you and to all on you, call.

cover to covered our Doug items. share moment per of Let quarter I a results. revenue other the strong third financial few take me start will earnings adjusted highlights and with growth. a

interest interest an reported be a to While continue in XX resulted initiatives. by of reduction diluted increased revenue based with increased of ongoing actions important element and program. X%, partially a investment in impact capital improved growth and accruals productivity to increased our tax revenue weighted growth income. Interest profit Adjusted return FIN basis XX%. margin average operating X% strong These revenue Share repurchases XXX audits offset in points organic due our XX% decline on outstanding. increased associated foreign decreased of shares expense programs the

We have been open the in XXbX-X ASR. we in million through market recently $XXX shares completed a our October, program. August And repurchasing

were quarter. quarter. to during tax of is $X.XX. stock on third exercised shares the repurchase resulted XXbX-X EPS of this fourth running with to continue last stock-based expect shares XXX,XXX the during Stock well in through Year-to-date, ahead a year. activity option compensation benefit This options associated We

options reduction generated of benefit tax the in exercises. employee stock number option the as by a continues we to expect However, stock decline,

exchange three euro The this the in retention-related divestments During weakening changes ratings amortization. million revenue, that rates collectively and deal-related gains non-GAAP British the pre-tax negligible from primarily million adjusted in impact quarter, were on Kensho $XX $XX There expenses, generated of $X gain, adjustments a and on due in was quarter impact RigData pounds. the the million a SPIAS, only meaningful foreign to had on EPS. of and

slide a May Investor that in we is XXXX. depicts to outlined It at the areas framework This where value. we most Day show we that impact shared our a shareholder

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to capacity. finally, flexible return And we shareholders capital while want to maintaining debt

flow cash at each annual year. free We are least committed XX% to to of returning shareholders

growth revenue for X-quarter margin trailing gains. increased operating all delivered ratings all indices adjusted divisions. four quarter, a This deficients with On four and delivering profit double-digit basis,

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to the the and increased $X end balance cash XXXX. Now, slightly turning of equivalents to cash billion sheet, versus

flow adjusted was X.XXx. to X.Xx months of XXXX. Our within our EBITDA X.Xx was gross debt initiated the adjusted the $XXX basis, an in billion million this million in $XXX $X.XXX on in our excluding Free in decreased items On ASR totaled third remaining first the growth growth year. EBITDA August. unadjusted an to targeted leverage through of EBITDA cash certain X.XXx to multiple range quarter X leverage X to months that to first increased Share repurchases of based

paid of quarter. during dividends million $XXX In addition, the were

point with excluding in XX%; with XX% increased results foreign primarily impact the operating and already new due Service operating Doug by increased revenue adjusted margin profit that XX exchange margin. increase ForEx, issuance On a of Evaluation ratings. basis fees revenue increased in in let’s partially a associated starting and segment Ratings segment X%, resulting expenses X% X-quarter basis, increase the was to Now, XX.X%. changes adjusted rates. XXX up offset the and segment discussed. to to adjusted Adjusted a Non-transaction basis increase with operating increased Rating turn in profit and trailing XX% deficient consistent profit points surveillance entity ratings, in

very ForEx, strong activity, rating loan increased due non-transaction in Excluding and particularly activity. high-yield debt revenue increased the XX% bank grew of to Transaction X%. impact rating revenue

revenue to the was Ratings revenue largest its depicts in increase XX% increase slide end-markets. This by Corporates. The contributor Ratings the in

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a XX% well comparison. that Subscriptions of Asset-linked ETFs as fees strong increased a we cost due in funds, revenue primarily increase and derivative mutual rights. growth but reported the purchase real-time activity. an recall & XX% on increased exchange-traded certain property in to AUM a Derivative Data in Custom year increased as growth intellectual ago, that catch-up difficult reporting in Exchange-Traded X%,

$X.XX X% ETF were higher compared $XX For our appreciation indices one AUM resulted ago. ETF quarter-ending past net This of in division, year, year inflows billion. to market which trillion, $X was billion over the and is

a average distinction and AUM between make quarter-ending to clear AUM. want I

is funds were majority $XX global $XX U.S. income billion, $XXX into year-over-year. exchange-traded Industry best into in based on using funds and $XX the with quarter XXXX, inflows increased third We inflows indices the average the quarter-ending Our going figures losses totaled in equity associated while flows market were which totaled second fixed gains market chart of because Sequentially the figures, net billion. with equity X% products. the quarter appreciation quarter-end revenue right. versus on disclose are our billion. Flows and depicted billion shown as and waterfall ETF AUM, into

your some reported XXX XX%. the increased at and volume. for delivered X% basis, from to with revenue exhibiting generally exchange-traded CME divestment Also, revenue VIX large SPIAS want Intelligence Market quarter Panjiva. X%, increased attention complex excellent indicators at in growth, material. was activity key options call options of the activity and a to S&P derivative & on increased both increases success futures XX%, an as was activity Index I volume organic This recent impact not equity the

largest founded. customers Panjiva new since recently signed was have sales transactions several new among the We

We operation footprint are for much Panjiva’s by where creating global a in with trade commercial to larger our a adding environment data is increasingly customers datasets unique an important. value

increased margin operating X% and Adjusted expenses spending. to profit declined Adjusted segment decreased XXX the due segment investment points slightly increased operating XX.X%. to profit adjusted basis

importantly, More XX.X%. on delivered deficient margin segment basis, XXX points basis increase operating the the solid trailing of to X-quarter a adjusted profit

on and marketplace, year calls in we their spending on expansion half of investment earnings noted ESG, few planned throughout SME, profit spending have Market in data We impacted has operating increase in that support XXXX. Cloud. the the Intelligence past the China, to investment efforts margins in increasing This second

revenue Desktop users divestments, and while grew active grew acquisitions X% XX%. desktop excluding

strong While this an past grew desktop exhibit prior third on noted been Credit comparison industry Solutions environment, industry slowing included conference gain Solutions continued improvement the timing data category few quarters last and facing preferences renewal of and period feeds. the as category, a a for has year. due the customer year with Data with lower several continue for in growth over quarter a benefit last desktop we associated evolving difficult to growth Risk quarter, competitive to Management the a X%. in that trends; contract call growth a X%,

basis to delivered revenue date. Global oil, subscriptions leading gas the of and Trading XX.X%, have ore profit trailing ore. grew organic increased operating operating derivative of of trading to of X-quarter Platts’ And July, now oil, growth increasing in Adjusted subscriptions. The a primarily to adoption X% of X%, impact a trading X%, and revenue Venezuela expenses our increased Power Metals and in adjusting increase segment XX iron in activity. increased points. Iron increase gas and XX% the continued result the an increased Iran profit U.S. thanks on Ag grew at had XXX increased marker. growth, Core sanctions a X% & LNG, the for the Petrochemicals On XX%, X%. volumes LNG Services with increased due of fuel delivered Petroleum mostly RigData JKM Benchmark, to of on increased modest adjusted turning largest Platts basis basis, an points rate at revenue growth to Platts, X%. improvement in to adjusted margin revenue Platts margin segment sale XX.X%. organic X%. an

our GAAP guidance. would This keep Now, that items Please XXXX our market Those to are that slide I mind lastly current like guidance rates. depicts in spot guidance. ForEx discuss changed highlighted. reflects our

let Now, changes me review our the adjusted to guidance.

increase, million While rate tax single-digit slightly and expecting points EPS to changing in items points margin reduced allocated by in levels due guidance expense $X.XX increase The Corporate initially better-than-anticipated due option our range. revenue activity not stock we to higher revenue. been basis a Operating $XX mid reduction by a we our reduced been are guidance professional of fees. of higher has to profit by been adjusted X.X% are to and XX has has $X.XX result revenue than with expenses. These diluted higher a anticipated. increased

Our $X.X billion, approximately are cash of expectations range. previous at end is the free high the flow for which

to as be conclusion, we to continue earnings quarter opportunities our stepped upon these $XXX excellent XXXX up for our including continue provided million successful during we simultaneously our enterprise deliver near-term building all on programs We update very In of execute for our be program. future. will results to while An the and the call. in cost year fourth reduction another company expect investments initiatives, growth

questions. for me to back that, Chip turn over With the let call your

Chip Merritt

first Thank our Operator, you, question. Ewout. Instructions] now take [Operator we

Operator

This you. from question Patnaik Manav comes Barclays. Thank with

question. your ask may You

Manav Patnaik

rates issuance, the the was address next is is next around Good morning, maybe, you. year? around obviously, little gentlemen. My for I forth inflated a question and press but recent around first X% year’s bond and could so hoping you the expectations your just forecast good, broadly for the Thank default bit ratings question

Doug Peterson

a might volatile numbers This it was Manav. classes have to Doug. talk ratings quarter, Thanks, about asset all, second incredibly across Great. the the last first different in seen was of is we – just issuance in you as Well, prepared. there

was in can the that Corporates was Financial also but XX%. Services was You globe. Structured around U.S. the see X.X%. Finance up in Financial the was XX%, down Services Europe down mixed

X.X%, You Structured like was was while had up – X.X%. Credit down ABS

trends maturities coming being growth, that’s that; always to be have up factor see those we there’s of that of overall; going interest estimated maturity combination issuances at some driven factors, a of we’re XXXX, see X.X%. looking we to going we about you how zero schedule at rates So, as That’s about into the the we that’s look including see X.X%, debt, look of be by as out, to a economic carefully to so in. going pipeline

that’s M&A to seeing There are etcetera. get Structured also which going has to is are Credit, coming We of that activity there through. refinanced lot been going be

place So, analyze we issuance. XXXX all to where have going we’re put for into at of those to look

But some that about as you raised concerns markets of let overall. me the well, address debt the

our credit First let that stand behind me all, say of we ratings. just

We XXXX. changes have since been making XXXX,

set world. eliminate It’s We soon the conflict the XX. interest, And different their duties. on is globe. of of system and includes of of XX of regulatory regulated regulated interest, XX segregation countries, around that based very a jurisdictions around those that actually principles have robust it’s one become conflict were covers a minimize be to jurisdictions There

independent oversight. We have

also independent have different enforcement to is meeting around that boards areas. we the actions. world working with inspections, are regulatory us the There of ensure overseeing, We requirements the

all of amount collateral the that. have how So, levels financial corporates. financial of regulatory the and about tested the And have coverage approach or our and system institutions, S&P, crisis, the and like we place think of ratios to we updated we around finance, many criteria things those, the robust of at those including systematically increased a Most structured of world. we’ve seen very in put have since reviewed

globally system heavy that lifting period, very, that throughout and very is really along has so And to themselves oversight. ratings a with overall regulators have done very strong the we robust independent ensure of a the lot

We going global a markets. demographics sense time. that of alarmed. to But interest me the rates distinction interest in rates but bit long don’t current low I Europe, that to little debt concerned, very that with say of we a about keep for situation makes you. low not and would talk I are the if let a have factors zero other expectations now rates and decade interest even are very know

so, issuance a led around lot world. that’s of And of to the debt

increased corporate than So, AAA the distribution of the entire in The only ratings can much, debt changed evidence have past. the some across ratings the levels scale, There’s around BBB distribution the our lot. you there actually from two of rating percentage and that ratings overall is – were AAAs of see fewer higher in is left. themselves. a There the of There sovereigns the is much a world.

almost the of BBB more center A to bit of fact, XX% opposed ratings be now to In level. about gravity the are a as Corporate toward little a used that

very grade lot a has category, increase of as there in in you a large has speculative that’s B-minus very rating a that. increase there which addition, and the know, been In been

level In is the up B-minus fact, number XXXX. credits to of a back same single around

a BBB why I said, moved and range for at it’s we their something the the publishing. decided have create are we is by M&A issues what we’ve and that debt concern those a markets, overall to new lot watching level. of And are or been to It’s about about the then concerns call year, spurred whole the actually recently, the some BBB two-thirds themselves, Last consider reason are looked moving in May, a additional XX. May at this debt or seeing that published study we market. management that on of I’d companies in take what a levels. be an we downgrade So, people on A the was overall research year, themselves a may raising very when of that from through was review this transaction the management the we been looked end carefully. of because turns at of lower of would credit thorough that paper the going very as it’s to the actions Again, it’s we’re cycle kind BBB BBB some overstated. interesting BBB market we And Was themselves? that investment the range – to whether Anyway, downgrades risks management

lot the people that of discussion around excellent also very are the aware changes. the of confident across put industry and criteria, as ratings we markets watching system start going credit on we in We are company, controls a is carefully high-quality very in have are that we and the there an place seeing high-quality markets

Manav Patnaik

preference Got it. And I is the challenging That’s the growth, environment terms I has reasons markedly anything or helpful. think for data the feeds competitive desktop and elaborate of desktop of was just more for super just hoping you out then on in of moderating just question, plus as that the my there? changed could Ewout, a called little second if you bit one

Ewout Steenbergen

that still fastest you active our for time. low-teens this said in at And desktop and our looking is growth point Manav. over the Good levels. that’s users we Intelligence are desktop growth single-digit we at you what period at period in morning, Market desktop, desktop the in expectation see kind then industry. still best products quarter expect of We last increased mid we growth are still the If of that by our to look as overall our

a do of reasons. think It a desktop? So, has this why of to competitive growth has we level I environment. of with the in kind do been that couple always see

delivery the certainly, to there extent, are preferences have the So, changes some that’s seen in terms not of past. in so than different But in we of what data. much customer mechanism

their more with have take specific their certain decisions certain see more feeds, data data take which to it insights data groups, we then deliver want of science sets combine in we through certain own and data and to and customers sets, So, can that out that.

And So, the just, for receive see business we delivery the much way. end, form data. very rapid desktop us, feeds in would the mechanism. like matter to it In end, in customers in which is data growing so our our a doesn’t a

if data single-digit at in be will therefore, growth our best we business, expectation high quarters. most our So of low-teens future for feeds the to of look the

Manav Patnaik

Got guys. it. Thank you,

Chip Merritt

Manav. Thanks,

Operator

next question JPMorgan. The comes from Cho Michael with

You may ask your question.

Michael Cho

the Thanks stay a good Intelligence taking for morning. question. I want my to Hi, minute. segment for Market on just

good the margins a takes on how appreciate and think comment can you there. color ongoing in a – reminder segment? I incremental about investment think to Maybe, you that puts provide maybe about the margin, in I it’s time

Ewout Steenbergen

first Good said with during for reported margins morning. at Michael. quarter Intelligence of the should has And that less offsetting level first forward. Market beginning we Yes, call, developments. going that earnings At in the more to margin the the our this of do expectations quarter two be year, or

we one going those by we about On leverage to expect of investments investment drive speak of growth Intelligence. margins and future up initiatives help company. itself the the that will the half operating when and business some of naturally the programs by And growth those of Market then overall, which about investments, are very million offset to the $XXX program hand, the to specific investment

margins time. So, that same is the obviously at bit depressing a

first at third seen said the we also that expect more have or the you the second So, basically that and is that therefore, of quarter are the margins less and factors two stay what to offsetting and during quarter. level

these slightly in be want much this investments for expect our makes to less or that and ourselves that creeping will Market So for of ahead to guidance. creation going XXXX say shareholders. and I maybe more should growth probably again, the level, behind value too respect would forward, up. to our make sense Intelligence with have continue; too overall, to stay we expectations where several same we premature initiatives be we at put margins investments sense don’t it future new But because,

a year what so this similar So for therefore, future. the have you trend best of near seen far probably expectation Intelligence in the Market is

Michael Cho

Intelligence, think think talked or Thanks. Desktop business should I desktop components couple how medium and about the times But if a understood. the staying a of that the frame I – with mid just as growth mechanism about of mid of delivery the term, I Okay, And single-digit about growth, now. on I heard in the data single-digit? of mean Market referenced kind think mid-single-digit you we you and

Ewout Steenbergen

Yes never a let me all the the so speaking far. you details information that hopefully is useful much pieces you for couple tricky bit a I components of of we help have so because give that is with been think But to you. about

the when better strategy then where at is have our which enterprise-wide focused look to we to And high-quality as go strategy linking, on data, and data, better you users Desktop, approach, Intelligence contracts, So, better for about more data, much we our is overall content, platform. search a delivering stimulate want the enterprise our alternative engine. Market our

see quarters. the more So, and as there a we therefore, users, and is fixed has in as been want. for they they less active They as customer can the on per XX%, reported many platform that last quarter up the foreseeing users going or have low this price are multiple but more we double-digit this

a and mid-single-digit customers, revenue get a grow growth. that our Desktop we see the confidence that annualized we of healthy at of And that take future will the if product value better contract be at look in combination our that into able the account, the period period after you level. to you gives the the if us strategy, So, we

would Intelligence. highlight The other for point aspirational that guidance I Market our to is like margin

have is XXs. said mid-to-high that We

Market that is margins guidance So, over to provide want the the where that think time, Intelligence. will go we we for

Michael Cho

Perfect. you. Thank

Operator

Kaplan next Morgan from The comes Toni from question Stanley.

open. Your line now is

Toni Kaplan

more you by level morning. did consider margin is and of the driven products ratings little Could how in talk the higher-margin normal ratings in price of the forward the a margin bit or would expansion medium-term mix about a raising sustainable going Good it high Was ratings, you FFDs? you more take greater Thank from you. target margin than quarter? strong your

Ewout Steenbergen

This the of basically we continued where bit Tony. for that margins developing now, seen is results Overall can in morning, a has very favorable. weaker are last Thank ratings on Good also And with a a at of the we in you strong are the been periods were continue issuance in margins we was year, more that trend at ratings. favorable year, the the were debt level also the look markets X-quarter fact, over in periods in pleased The progress have, the improvement in recognizing you this last our the Obviously, XX.X%. and market ratings on Ewout. basis way. margins trailing at of end when still issuance beginning a making.

according margin to high So, level of our XXs. our standards, targets not we of the are at aspirational really

the growth ratings, grow. new there work commercial I future? organization effective a the think about more making out, of And place put there we world. to which new combination growth, more in around continued about So, our we issuance, changes, expect the organization course making in organization. activities an of effective, ESG it layers happen that taking still Continued out, in then, is is Evaluations, that around complexity to the of of how rate contract taking ratings other And bit launch refinancings, initiatives in have revenue do countries think of and a room also

this going So, helping XX%, clearly X% going the same management top I but the future. should the is line in basically think that up overall you to the the activities, continue combination, good same actions very same trends, margins, and expenses expect and up a quarter is

Toni Kaplan

revenue largest competitor provide you index quarter, largest strong the inroads in Great. And some then can the market? the is very that I make what there, your guess, color in potential you. to additional versus drivers the and any opportunity international on Thank are international and

Ewout Steenbergen

segment which Toni, – referring to. you were missed which Sorry, I

Toni Kaplan

to with international. In index, regard but specifically

Ewout Steenbergen

Index past. The for in have international said so is strategy much the what not of changed we

in and hold many tailored exchanges those mostly Canada, around we’re are in grow the of our U.S. and in business That’s Australia, are around several know, benchmarks. is ways, largest the international many relationships with we international equities of our through different you in But world there largely how some other business. growing then way where we trying business to the our markets. As

what nothing with And it; the period. we for been respect so, to last out was strategy call particularly that applying over the is drive here have to there this same is the

Toni Kaplan

Thank you.

Chip Merritt

Thanks, Toni.

Operator

Kramm from Our from next comes UBS. question Alex

Your is now open. line

Alex Kramm

Hey, good morning everyone.

that know I to but for I etc.? different break One, out? the what it’s then mid-single-digit high-single this year look, thanks in don’t growth case and to that look don’t that talk issuance typically be know can quick an but coming for ratings you And about? for factors up, mentioned actually be would it probably I the that. two issuance, next anything plays the pick again. I What not revenue push at here. back the is guidance early by call forecast guidance you including you are think the that other considering buckets digits. down a about growth you Structured in Corporate for some or pricing of where not Ratings growth if versus Just XXXX, would that rates ones usually the X% specifically, may think more importantly,

Doug Peterson

Yes.

So, the your going are next address earnings to second of in call. question, our part we

issuance, relates some of our the quarter going question, which back year, of your But fourth outlook going XXXX. first for give full are part numbers let give to So, then. to to call, about we talk you some the me the

XXXX will I give XXXX, and XXXX. for So, you

end look X.X% rates, is Financial the XXXX finance And I this that in X% at X%. then and up for this X.X% look look of look market, have XXXX total they year, up bridge public So, and all looking at end by team in review the for of in X.X%. look interest gives year, year different markets, – this as Services, based up by many and our Structured on XX% you year a will this before, is Corporates, for And etc. then up and X% research maturities about deep we X% up M&A factors. XXXX. They research credit we’re forecast they at Corporate our said coming for numbers should next about out next is by Finance that X.X% the at and what’s they for look up and ratings and XXXX, gone year. the at year at U.S. up, about for issuance see etc, X% loans, different at across they that that

time. in this best So, at forecast this their is point now right

Alex Kramm

secondly, prepared remarks Alright, quick fair then were in enough. just pretty opportunity. quiet terms domestic you And China in one, the your of on

I happening active more Corporates so about would engaging heading you with think to there? guess expected summer over a the action curious potential bit over last a I into the how you have were I been time listing. new just get fall, what’s talked little

Doug Peterson

Yes.

very building high three-to-five-to-XX-year a but a take have time We you’ve a and us. still priority this is of like has lot from well still been our calls, this as the going say us very, – of past and it’s initiative. China So, market – people going to launch kind because is exciting. heard in visiting for scratch, super a and Very

We are run. in this for the long

discuss or we’ve quarter, last do since of market and meetings very participants. criteria participants educating types We’ve building. holding or all of see active methodologies a so, to on And been pipeline hundreds we ratings market calling been

and profiles add business that, This public that also Credit and customers In bond Solutions. to has private issuers market noticed addition full actually begun market the for our we’ve launched in to with new intelligence Chinese financials. and we’ve added of we’ve coverage China

the we’re so, results. overall very And pleased with

now so who functionality sure CTO. right We’ve of build in carefully got place factors hiring of very that, Officer now us operations people, we people highly Chief personally new the kind have to the the really that infrastructure got we team Financial addition we and people. in the is place. out our of the And which one for are doing at place qualified ahead watch are right helping and have Chinese we’ve in how In I with a make

that keep it ground we’ve and on with obviously on the we’ve come was getting. third We’ll been and response in to team more am really as on excellent built progresses, So, the China. market I pleased but progress the it reporting the really, quarter

Alex Kramm

you. Thank enough. Fair

Chip Merritt

Thanks.

Operator

Next Nicholas question from Andrew comes from Blair. William

You your may question. ask

Andrew Nicholas

Data morning. looks like Solutions guys. bit. Management slowed a It Good Hi

feeds called I this couple additional data out in of clients can much new you growth interested but coming much is you would to clients; then time? could clients, with Solutions, from the existing think data from that altogether? how guess color there how you from Management any year-ago maybe, coming lead, past selling feeds the is then, a over item much is period, new deconstruct sticking the the for segment quarters? in provide I Data there? first is existing And one-time How in coming And

Ewout Steenbergen

is transactions Data we respect Andrew. to nothing morning, look dancing but we around When quarter. a as to at look specific seen. based call little that and the is as out itself, There bit always on during quarter-by-quarter volatility. X% would you quarter with Management growth This this this deals particular growth, normal Solutions, was have at Good there happened the

period expectation quarters. should more data customers, growth As new there feeds the With next customers, and putting low-teens Xpressfeeds most platform. new existing feeds whole before, be of data is data the for business the our respect more who during high-single-digits said to on are over customers, I to a mix

seen have of You some that.

call. on has business. feeds have in the our [indiscernible] course data the was SNL our become Doug data For It to on there. prepared links now datafeeds machine-readable or key where around about analysts are been example, analyst been models certain be speaking a individuals used speaking keywords; There feeds which remarks product with in respect to then that example, the his this. and business, transcript the sentiments to business, to our it’s has It static the and for a tagged the format. products has

existing content So, and business and feeds is growth from driving customers on both more ultimately we’re that customers. adding our and data more new

Andrew Nicholas

you. has and this think faster then And international thank Market U.S. Intelligence, bit revenue Great, pronounced growing I and a fast that dynamic sticking was quarter. been revenue in quite than

speak maybe So, in? then strongest was growth region and that driving could I seeing you’re you the what’s to hoping which

Ewout Steenbergen

a Yes, that’s observation. correct

internationally. growing are We

terms only faster the the market Market our Intelligence; company by pleased to be and the we have in doing world a we are as around well EMEA sales because for world. strategy and our of as not example, healthy, in U,S. a to of Platts we take a see, outside we growing are very of very as Asia. particularly business. share growth explicit position being the grow by that force that region, with able the our result in fair trend very for for And a that’s the see way, around same We That’s,

So, taken Yes, we our very the actions have strategic in businesses. is specific result this of

Andrew Nicholas

Great, thank you.

Chip Merritt

Andrew. Thanks,

Operator

The with next question comes from Christian Autonomous. Bolu

now open. line Your is

Christian Bolu

demand bit to wanted of customer I into have morning, on you How your I sort of over just of ESG fee-based sort on, monetization next the you assessments more that and to are of assessment, done color then and you now number services. give what you ESG on a dig any Good is color a number achieve charging could for guess or sort for sort guys. assessments, an XX to of the pipeline of XX want target monetization? months?

Doug Peterson

Well, Thank of across first you, Doug. Christian. all, This is ESG varied. products company quite the are

really ESG could this put I so place of across meetings in a talked advantage the in last we meeting Washington couple that year, we every place weeks By all and had, single for As just the way, anecdotally, design framework, where you about was that of divisions, a we I a big take put know, team in IMF in I ago the of cutting opportunity. ESG.

really it’s but So just anecdotal, a – booming that’s area. know I

are that on across traded Index about I be have we talked of Today, the Intelligence. going be we various Trucost, Market a of ESG which with we going about contract is of with indices have so XXX few part I the to that. the specific products. ESG futures have company, S&P that also is we to And launching talked CME ESG a – launching one those now

public. from lot and we – to services, we’re quarter. out product, But our we’ve long-term have as the growth pricing published more been is are earnings ESG with is there in will about, with on overall about I with one earlier, board, a which products us The this great we’ve pricing be our some the the the with introductory view. But demand within a a meeting you’re information outlook across for had using as three the again, business, So, and we’re really and new in we’re over market mentioned of pilots give made ratings this rolling a ratings seeing different the call time. one talking specifically opportunity next evaluations the be clients which out and schedule that that to discussion by going been rolling China Ratings

learn into and are quarter are with in a pleased the rushing that X-year been that just very to the the right the We asking do more follow-up that hundreds with in not X the to customers for getting the we’ve to and next want about calls two to we very, next We’re it response is or this X quarters. This phone engagement. of we’re way meeting initiative.

what this, but So, we to are a more we we see. what very and is good to come very off about we’re think enthusiastic on start

Christian Bolu

Great, color. Thanks helpful great. very

there of you For more Europe, Europe my trends some on remain XXXX mentioned how you what weak trends importantly, in do on color into rates. there? evolve Maybe and think going we follow-up, and despite low issuance beyond, kind of interest then you is as look sort think

Doug Peterson

European of there a couple markets, The is big on. Yes. trends going

low interest rates. One very of is obviously, them, very,

ago, years negative markets, few In entire overnight so you last the for the market, few the where from a had entire are German fact, curve rates curve the even negative. in XX some market the Greece rates French to that yield and low yield quarter, weeks now the was had a there

in a Mario Christine Lagarde. questions of has with going lot on growth that is stimulative been to in more There Draghi potentially about and ECB, ECB There in trying reform, the she change help talk that’s in structural there fiscal a markets. which would is in so, about Lagarde, some And the growth Christine policies Europe. drive between although somebody is discussions is and new some coming

are So, created questions you’ve how market; that have questions I uncertainty. interest going think some the coming are be about low; new which long some to that also going combination a about you has to of that stay got is to there rates policies Brexit,

Europe. But when it’s has still overall So, they bit as weak cite for a little critical in of issuance sorts we participants will though, these factors market, a of the speak with the been which market to are us. why

also prepared direction goes, matter positioned And what what direction that having we’ve headquarters Dublin. no Brexit matter well to goes. Brexit ourselves to by so no it the respond, we’re opened Ratings serve for able a We’re markets, in

there direction whatever issues prepared is definitely markets respond, well the in in created there. of we’re overall, very goes. some have So, to which the a But Europe, lot caution

Christian Bolu

you. thank Great,

Chip Merritt

Christian. Thanks,

Operator

Fargo. comes from Next from question Warmington Bill Wells

may now ask question. your You

Bill Warmington

Good morning, everyone.

growing have Platts, couple low-double at question first question non-petroleum you, I growth years of So, for markets it actually The a as was are the high-single that and is grower expected. digit X% ago, the a level. digit, type

mentioned under thought the you back to business going You changes end been the launches there double-digit mid-single and the product with or acceleration in market whether product see the possibility digits, single-digit, low range. new could that a an is you that the of growth I upper whether to way. there are new had the the that business changes markets or wanted ask at And structural launches several to keep to

Ewout Steenbergen

Bill. morning, Good

that very the Platts steady right at level point this a grower You are is at in time. single-digit mid

renewables very very is rapidly have with around very historically, speaking categories gas, and business focused the But You course agriculture, the they Metals, a business. also steady, been we of and the are and also oil, at expanding course, new that. element, core very petrochemicals, related we’re very reporting of business theme. are to growing that price commodity majority see year around that’s, important The products. subscription being pleased the every of also all about much level LNG, ESG we and

large Platts. clearly growth about the the One some Services. being commodity ICE; investment they Global are have well Singapore element good banks in think we’re growth the years. is future that we are are is in commodities, some of the future of are that the which developments, Services. desk with with few believe These expanding new very over exchanges with been some fact the key then, to pleased products Trading last product and around and think the in that around growth we trading growth So, will developed Exchange, about Platts heavily in reduced Trading with having really of traction world; as with respect And relevant help therefore, the Global very

growth when pickup back near of would the investment the predictable trading is expect see for in coming future. those in organizations, expectation of some growth level then of probably So, more a to in the desks we global future for best mid-single-digit steady, commodities we banking around Platts will the see But very Platts.

Bill Warmington

have and non-Wall question for I And business related. end in Market then side, side about Okay. Street of by was about you second the think talked sell market Intelligence, buy my past, that it half on

So, sell buy side color if that’s helped non-Wall two wanted buffer the historically, – sell secular did those you and doing? buy and or/and itself segments on of the versus side Market buffer side, to some Street how Intelligence I some from pressures the ask of little terms can are just a in give the side side

Ewout Steenbergen

that’s we that a above have bit reasons in levels. pleased to we be well-diversified and believe the base the customer continue We one Market can kind grow fact, we very industry continue a that why such Intelligence to in of of

have sites, buy have we Banking. Investment in sell sites we So,

Insurance. group in and We a have Banking Corporate customer large

Corporates, have world. general we the academic have We

we group seeing a So, well-diversified still very are of customers.

overall, well particularly that So, expect relatively as and specific the some insulated highlighted. we’re have the buy side, you against continue, therefore, trends, to feel on we we of

Bill Warmington

to looking just forward a TDA your I’m parting guys forward optimize earnings am you then comment And technology. the going how for calls using Chip, Kensho

Doug Peterson

good very a question. That’s

Chip Merritt

Thanks, Bill.

Operator

from from Next Foresi question Fitzgerald. Joseph Cantor comes

may You question. your ask

Drew Kootman

other Kootman is I talk if some on areas Scribe was you mentioned for I Drew could just Joe. wondering Kensho where contributing? about Hi, this and you know TDA. is

Ewout Steenbergen

Absolutely.

we Kensho. lot mode, that and a the extremely be and we with a operating our to going continue feel the many businesses excited groove, and enthusiasm found Kensho collaboration good organization. of about good say, within initiatives this between to Actually, a on so the and year overall, We have are

an So, of few, Market just help process being mention initiative Platts, in have completely Kensho. is Close which about with the to revamping on a we done

Market extraction on linking. continuing and about We going There continued of the Omnisearch work have Omnisearch the work around Intelligence platform. data entity improving that’s and is on

is is be materials, to able to Codecs, analyst profile. sets We and pull able large any the being called very could job of any and which most to have product in analyze in kind which of elements written industry important out documents, analysts, that a

as other more are going Data We Operations called at have and company that’s work happening many there a on is work what within about that well. the examples data surface, fundamental architectural is

progress year, a creation we will give good this and Kensho, to Kensho of value our feel So, update the call, there fourth end is quarter with at you around year did with we as during earnings also the respect an ago. we particularly

Drew Kootman

And pipeline curious looks? Great. how M&A just then, the

Ewout Steenbergen

we are at Well, looking always M&A.

clear an at the in you We company. framework. that As many opportunity and markets. first look our we you opportunities have topline very busy know, is looking pre-defined know, to we But we always as for at that grow those are a additional areas have the very strategically important

a our with capital And at banker. by looking secondly, metrics. sun that that’s we under not everything framework have very then to forward valuation and brought clear respect we’re is a the or approach So,

going same is there on projects So, always at the time. multiple

very had both at quarter, well look a which to and we But in the disciplined on of as to we Rice small will opportunities. but the to Live was business, Canadian angle us financial the you This continue angle. Index may two continue from energy acquisitions course, Platts, be expect strategic very as

Drew Kootman

you. Perfect. Thank

Chip Merritt

Drew. Thanks

Operator

Huber Huber from question from The Craig Partners. next comes Research

now ask question. may your You

Craig Huber

morning. good questions. Two Yes,

you had or The us XX% revenue of growth the first growth you just strong think one, bridge ratings you for globally. versus, so said can transaction sort issuance XX% debt I

will price about obviously X% just you. you talk index than more the follow-up? about that, could gap, if etcetera, Thank to there Just X% issues, is

Ewout Steenbergen

large issuers here saw those we is very Hi, of growth. that the high-yield levels Craig. market. are frequent was in and issuer issuance not on overall more The driving in main programs, the up than the revenue high-yield, reason Most transaction that in

main the is why that you particular reason at see this So, discrepancy item.

Doug Peterson

to one almost up globally add high-yield XX%. overall was thing, Just

Craig Huber

area, have there. tight of been Ratings the with staying years, for just secondly, you costs a very obviously, number then guys with And very,

X%, I about it’s think here, low-single to on growth. or digits able through revenue versus maybe nine what months obviously just up do there about only the Obviously, Can a how guess, good quarter, the talk This XX% so you’re chunk so much IT margins you. the here, drive on to able that’s and touch just it. more a Maybe much front going cost of Thank sustainable forward? that. is this is I you

Ewout Steenbergen

John job. Berisford look less updating and that continuing our part it and aggregation, make technology more introduce have spend make highest to to rating more credit new their simplify opportunities organization, sure his on data to effective, models to spreadsheets, at analysts value-added look their of and time tools at team are the

part assessment. parts the judgmental that to more risk So, of credit is

it so here that Particularly, based look strong performance. quarter and incentive quarter, else the out. So, versus nothing pull that $XX particularly higher At then there. same million, was growth directions, went is small bit third quarter movements different compensation this last And you in elements up on the the to to time, several business. a related were expense helping this at mostly Ratings the if was year there

business. the same of just with same our progress So, the are benefit leverage making, approach, Ratings will we and have operating we in continue the we taking strategy, the

Craig Huber

you. Thank

Chip Merritt

Thanks, Craig.

Operator

from Goldman next comes George from The Sachs. question Tong

now your You ask question. may

George Tong

Hi, business am on the morning. up a I follow to on to your Ratings prior going thanks. question Good ask question.

pricing why outperform from in growth. and at volumes which revenue relatively increased infrequent issuance the broader XX%, Can revenue given volume didn’t you Ratings high-yield Your S&P? issuers broader with issuance line was Ratings discuss benefits

Ewout Steenbergen

CRISIL this a issuers programs, that’s the non-transaction you are George, of have bit this some Evaluation And revenue. that service. category, issuer differential contains are the and surveillance opposite again that on the transaction entity asked, at these the was look non-transaction the fees. and is question frequent is between of other These are ratings, because just to new revenue Rating

higher part which that of this a most transaction overall fact, in is by transactions very and driven just look you market, in by high-yield up programs. in there the on explained; the and points the driven happening what really is frequent at of growth market saw then we you revenue, was, in XX% particular if of this So, saw very that X% steady and are the issuers I the was not this the issuance then ratings that going And that healthy revenue issuer period. that are

all deeper So, in you really are have revenue. of at granularity two the different layers and and to or what drivers dynamics underlying the terms see to look our Ratings go one components of

George Tong

The go continuing in year-over-year Index on business higher basis. it. operating margins Got to the are a

the pricing your targets Given the changes on and you of pricing long-term view the flow-through or discuss see if the can for margins competitive here, Index high environment margins, to business? any you and

Doug Peterson

will take this George, question. I

are lot in right you our have think seen the long big strategic very that of First of about a as watching for landscape, the plan developments we all, competitive we closely now run.

a retail sector seen have on have eliminate fees the companies couple for trading. of You out come stock to

is passive benefit things One is we into they of go into seems and there lot from that it of volumes of effects and ETFs times a of when into structures, the lot a go more ETFs going that.

and in that big So, pricing And we assets into of to something retail we the we’re way to institutional all on some the shifts at is passive big flow overall overall the overall, the level go look level. see market structurally from. continuing benefiting from the

specifically any don’t bit get directly. to to on ourselves we pressure our specific fees a your Now, question, little more see

we We the know, with We people that up. run, with how very end is a going what contracts to our in have way be in pricing the going we them long-term work that with. deal long and to it’s probably

a and quarter. similar structure we’ve a our to expense this very the in And revenues so, large we base saw in continue increase We overall had own that past. to volume see

earlier this. talked Ewout section his You saw that about in

our from the the index of margins. we we’re market from see any don’t flowed structure revenue in to model But our improve that it margin. board so, the our business change going or the to And change own significant increase any indices, through overall of across that see in

that next on update more provide at will call. the We earnings

George Tong

helpful. you. Thank Got it. Very

Chip Merritt

Thanks, George.

Operator

from comes Markets. Capital Next Chen Henry from BMO question

You may your now ask question.

Henry Chen

some guys. of question morning. including ones products in a on of I Good Platts. the Thanks. follow-up Kensho and new the Hi, had mentioned, you some that

on created met I’m like pressures space, what’s sort of Just of value if product and in demand, sell-side Thanks. products? some of color guess, for curious you the of energy add context I these the new the on driving in of, where’s could sort some the guess, the I in, or some needs being

Doug Peterson

Yes.

products interest well a ESG is as an services Market we in climate regulation, of Intelligence is as going in feed customers entire are the change, listening with few there for a the CME looking thus markets, which like related major as on which energy a driving combination to of going possible specifically, from products at our at transition futures. in CRISIL. are overall the to in the to biggest time to business the of helped much the calling new driving the business. risk Banking last listen are When to going in changes understand talk product, the we When IMO change as people, Market So, growth Intelligence. there S&P at across sulfur be ICE and sector lot lot on spend for moving they we and analytical years that exchanges the the marketplace what been in that’s Global. the the X.X% as benchmarks trends with increasing It’s products And company, need what and technology, we’ve to to is now

And to out those. look decisions how make the so that to can people’s forward needs and and we are we to biggest impacting what in market trends, decisions are serve things, financial going try be the

revenues. And up our time many that the some over years many, of about in products we’ve ago showing talked start

on that been marker energy the was has which now was JKM the as the are is Japan, Korea in of on in example, exchanges responding Asia the the Marker, contract. featured Platts, frequently the we become and going over years industries that an to in price, many for a LNG products Japan, structure which futures market the changes one now which of As we’ve

more the small, give think be So, that in addressing forward. and markets question. products risk their show how those and how we are but needs appreciate your addressing to about biggest trends These And we of out management, to so trying we’re Some and updates. we to – data those ESG are markets these we’re trends started like they as the I their said, do helped going and trends show people’s changing technology, you are what more you their are have to going I

Henry Chen

Got it.

you. Thank helpful. super that’s Okay,

Chip Merritt

Henry. Thanks,

Operator

Securities. The next question Bank is America from from Gary Bisbee of

You may ask your question.

Gary Bisbee

in this morning. squeezing question. guess for just I Thanks me one Yes.

the comfortable, Given the margin certainly strength of the stepped-up several years, so last potential do the think some for much the flow of there stepped-up level businesses Are accelerate that letting you’re handle? is or pace the investment, profitability that your to incremental versus are line and you top the businesses of how to organization about you’ve investments weighing in line? you. the Thank investing of the drive to delivered in recent appropriate over – level opportunities the you can quarters bottom

Ewout Steenbergen

question report have, particularly philosophy of that in because creation a our in that’s the around generates topic is value margins management at levels this at our topline end, we highest the of growth, discussions level lot we great a Gary, as that can the point time. this you for and shareholders, of understand,

and new investments are because continue future, what us with efficiency the we today invest company. we in that benefit time, why most growth seeing productivity place. million and that help forward. that in have of And as been in lot for programs opportunities attractive That’s the the investment the $XXX So, those that’s future investment those we is programs of we have the program At have think we as identify opportunities we will which a expect is explicit will a past. company, very talking still to going to about is same we the the well,

programs are of self-fund So, some those there going and forward. still we as that we this to opportunities at moment efficiency able are well investments new believe

year under year-to-date. able means that expenses – to look Panjiva, up have X% like our therefore are growing $XXX RateWatch, year-to-date, investments at In growth that those still million level new just we expect the able full the been been fact, have you just at acquisitions year X%. expenses we and to And in make that large Kensho; initiatives So, expense for that under if the absorb this

can explicit expect here And well. but would is make I that as to order in in the continue both divestments, at be on both showing to So, working still same that self-fund. future and able sides we that do to are we how time very the also

Gary Bisbee

you. Thank

Chip Merritt

Thanks, Gary.

Operator

The next question with is Stifel from Nicolaus. Shlomo Rosenbaum

ask your now may You question.

Shlomo Rosenbaum

of run your so can seeing somewhat Market you that me Doug, systems? head to with so competitors many ability squeezing they do you just the to that seeing displacements duplicative wire. a because in little of offer major is any that contracts? for growth or need more don’t about the thanks systems talk Hi, of enterprise-wide under are bit Are in terms Intelligence think you the multiple count handling as that they are you

Doug Peterson

that jealously have pricing. move we But would hear who before anecdotally. what number Shlomo, the access can’t not the and the to people do question. pretty you is I enterprise that know actually were because of guarding specifically and we that to users displacing a necessarily when contract, what I on seats I that as see up they hear do tell of go thanks are I the I if combination were it’s for sometimes that to per-seat people, people users

it, it in and there to use users. have the And people now other needed access get is use there people that so or become more is to it light to they who wanted then past

are MI getting of institution, built out print actually they’re out. embed workflow the starts advantage reports, the because And download overall who not researches it are light that And power so have users an hardcore into you people huge as users; see a you that helps platform information, at helping architecture and across the firm. they’re the a coming helping entire us helping of look new they’re

don’t the So, I’d does and want give more come that then but other around rather end to up in people? future I We you give back displacing anecdotes; facts at you does, think that. it time some

Shlomo Rosenbaum

the And get just rate and integration platform? an that Cap clients you. Okay, IQ product thank the to to is intelligence able the just done, going to migrate side? other improve are in SNL the the opportunity seems ability you Market then on your when growth follow-up, from how there is to It Desktop probably side that one

Ewout Steenbergen

movement new with then is probably to next migration has already new the quite phase, the And the respect is the take to platform. What some IQ of to strategy Intelligence a that that migrated know, be platform As whole the time, the Market you customers of will phase SNL platforms? will and the Cap our the platform.

XXXX. it next process Cap a mostly all get slowly, of quite access customers, year we be embedded probably automatic their platform. a familiarity will customers beyond some for of then Market we hand-holding, some Intelligence go that over. the expect so And workflows some time, will have so situation that’s links. a the And have of almost And will step that in along will with their in move step, create models that take can’t customers We desktops Customers lot by those we lose our because will embedded will way. that IQ customers with with with dual important the

We are data all have the features that the to make is available, sure available. all

make hand-holding So, to over. there that that sure of order a needed comfortable is are move in customers to is lot

So, we’re continuing to make progress there.

are going next all they the sure when to actions on to for have particularly, Cap to specific very both important year. step IQ, today have our be customers We only for next of access make is period an platforms, and planned that

Shlomo Rosenbaum

Thank you.

Chip Merritt

Shlomo. Thanks,

Operator

from We will Patrick now James. Raymond O’Shaughnessy take question our final from

may question. You ask your

Patrick O’Shaughnessy

pressure interest? reexamine there mitigate To SEC of what rating otherwise concern obviously perceived just Hey, from or the issuer renewed so to morning. underway feel a to me, And is extent on part verify take pace model, your good might there is steps to one question indices. effort that the conflicts the

Doug Peterson

Doug. Patrick, this is we Clearly, top are on of this.

very almost about – with facts. take for at under a got a work the the the sharing overseeing with regulating different SEC the different the have SEC look we’re engaging to called a have see watching with regulators could work had we data the very They’ve data, be formed rating Rating XX years kind this has been credit few the agency CRA. run importantly, couple last group they of It’s the that with And itself the – would looking closely have the been Anybody of models. to been has of already groups Agency the years no a business we has how industry. initiatives very group the way. the We like board They’ve us, is at the industry. closely that But are got to Group. of across we all problem SEC CRA inside talk what who business. doing to Ratings have now The

our processes earlier, I quality ratings, we by procedures, said quality and As stand our by the processes, stand the in place, our controls our the ratings, we we etc. of of our put

this. professional closely. that comes you very question. as very agencies, is this up any We’ll a dialog and we’re know, rating be we actively have for the model be watching around participating your that very, something to about will So, Appreciate business dialog ready in

Patrick O’Shaughnessy

you, Thank Doug.

Chip Merritt

Thanks.

Doug Peterson

appreciate again as Let from and analysts me ask and ability tough our all the able new we were questions, invest results pleased to that, we the margin we’re productivity we to that that improvement It’s featured the the easy capacity all the in divisions products the about have in very a today of today importantly, four very some and that to with we and the and also programs. we and interest just we today. talk appreciate up always ones. But wrap the you your had significant company, tell questions encouraging ones

So, lot. Thanks a keep them coming.

Operator

That will Global’s good telephone be months day. one you S&P for today version S&P Global, slides PDF concludes A The and is behalf from participating session A XX by month of two including and website hours. call, this investor.spglobal.com. of be presenters’ about downloading will available available from Q&A morning’s for thank we On wish today. for in on replay the of replay now you the for call. this from maintained a

S&P Global (SPGI) 29 Oct 192019 Q3 Earnings call transcript