Thank you all very much for joining us today. My name is Mark Grant. I'm the Head of Investor Relations here at S&P Global, and I am thrilled to welcome you to our 2022 Investor Day. Thank you to those of you who are joining via the webcast from around the world. Thank you to those joining us here in person in New York City in this historic building that, until 1997, was actually the Standard & Poor's building. This is a bit of a welcome home for some of us here. Ewa, we exited in 97, so you can't count it as a real estate synergy. Before we get started, there are a few things that, of course, I have to go over. I want to remind everybody that today's presentation is being recorded and webcast. Our presentations today contain forward-looking statements within the meaning of U.S. and international regulations. Any such statements are based on current conditions and are subject to risks and uncertainties, which are discussed at length in our filings with the SEC. We will also be discussing non-GAAP financial metrics. We issued a press release this morning with information regarding those metrics and the financial targets we'll be discussing today. We believe those metrics enable investors to make meaningful comparisons of the company's performance between periods and to view the company's business from the same perspective as management. We've also published GAAP to non-GAAP reconciliation tables for those metrics. The release, the reconciliation tables, and the slides from today's presentation can be downloaded at investor.spglobal.com. Lastly, any investor who has or expects to obtain ownership of 5% or more of SPGI, please contact Investor Relations so that you can better understand the implications of specific European regulations on both the shareholder and the company. As you can see from the agenda, we've got an exciting and informative day for you. We're gonna hear from senior executives from across the organization. We'll also have a panel discussion with some of our leading technologists here at S&P Global. Ewa will wrap up the prepared remarks by going over our financial strategy and outlook. We're going to have multiple Q&A sessions throughout the day. We're going to prioritize questions from those here in the room, but those joining via webcast will also be able to submit questions via the webcast portal, and we'll take those questions as time allows. Again, for those joining us here in person, as many of you saw, we have these great product showcases out in the lobby. We ask you take advantage of those. Those will be open again after the presentation's over. Stick around, ask some questions, view the products here that we have on display. With that, it is my privilege to open up the event today and hand the stage over to our Chief Executive Officer and President, Doug Peterson. Thank you. I will take that, and I'll push the green button. Welcome to S&P Global's Investor Day. It's great to see everyone here. I started my career in the energy sector, and then in 1985, joined the financial sector, and have been there ever since. Moving around the world to Latin America, Japan, and obviously here in New York, and I've never been more excited by what I do. We're gonna spend time with you today talking about our new vision, powering global markets. We will spend time talking about our new strategic framework, and you're gonna be able to meet our global leaders. We have thousands of industry experts in this company who are providing us opportunities to grow. Go back one. At S&P Global, we accelerate global markets. We have an opportunity for you to understand the way we're embedded in all of the different markets around us. If you think about the global debt markets, the debt capital markets, we're embedded in every single aspect of the debt capital markets, all the way from underwriting to information that's used in risk management. With the transformation that's going on in the energy sector, we're embedded in everything going on with the new types of energy that are being developed. Then in the automotive sector, if you think about what's happening, a revolution of electric vehicles and autonomous vehicles, we're providing the forecasting information that OEMs can make informed decisions. How do we do that, and how have we been accelerating progress? We do that because we're the number 1 rating agency with over 1 million ratings outstanding. We have the top brands in the mobility sector. We have the number one index business with over $22 trillion of index assets that are benchmarked to our benchmarks and our indices. We have a data discovery platform, the leading data discovery platform, Capital IQ Pro, that has must-have data as well as backed up by over 13 million reference prices. We have the number one commodities benchmark business. We have 15,000 price reports that are presented every single day. If you look at the world around us, there's trends that we're thinking about. How are we going to grow this business, and what are the things around us that are gonna make changes that will benefit our business? If you talk about the capital markets, today in the US, about 75% of corporate financing is done through capital markets. In Europe, it's about 40%. In Asia, it's about 15%-20%. If people are saving for the future, they're looking for ways to build wealth for education, for their retirement, for starting a new business. What if there's only one asset class, real estate, which is illiquid, hard to price? As capital markets start developing pension funds, insurance companies, asset managers, they need tools to make decisions like ratings and benchmarks and reference prices. We're optimistic about the trends with capital markets. Then to supply chains, a lot of us didn't think about supply chains until the last couple of years, when it was hard to buy cars and microwaves, and even turkeys last week in Thanksgiving for the U.S. Now supply chains are becoming more sophisticated. If you go back in time, automotive companies used to be fully vertically integrated. They're vertically integrated by owning steel plants and rubber plantations. Now an automotive company or any manufacturing company has hundreds of thousands of suppliers, they need KYC data. They need credit information. They need to know how they're gonna manage that portfolio of different suppliers. We're providing information and tools like KY3P, Credit Gauge, RiskGauge, and Supply Chain Console. Supply Chain Console, which you can see out here, is one of our product demos. We're very well-positioned to capitalize on these trends, and we have many strengths, starting with our brand. Our brand, S&P Global, is a brand that's trusted, it's reliable, and it's dependable. In fact, it's been the main source of our revenue synergy since we closed the merger with IHS Markit. It's been the main source because it opens doors. That dependability, that reliability opens doors and has allowed us to start with our cross-sell. You see our brand every day. The S&P 500 is one of those that you see every day on every business news channel talking about what is the market and how they're doing. You in this room, you use our data and analytics to make decisions and build your portfolios, manage your portfolios, analyze your portfolios. What are some of the other strengths in S&P Global? We have benchmarks and ratings, and this is foundational to the company. Ratings are something that's unique. We have unique insights, and we have ratings which is not just 3 letters or 2 letters or 1 letter. It goes well beyond that, for companies, for governments, for municipalities, for financial institutions, for structured finance instruments. The research that is produced is based on globally consistent standards and methodologies, so that analysts know that what they're getting is built with a very high level of quality and standards. Our index and our commodities benchmarks are also embedded in markets, and they're produced with the same high quality of standards. One of the other key strengths of S&P Global is our execution. That's something that's embedded in the way we work, the way we think, and the way we manage, and that starts with our leadership team. We have a world-class leadership team. Our executive committee is comprised of people that have accountability and authority for everything they do. They have accountability and authority for what they do in their own divisions or their functions, and collectively, we have accountability and authority across S&P Global. We have over 300 years of experience in every single market condition, in every type of business environment, and we use a consistent approach to manage the company, to allocate our capital, to build technology, and to invest in our people. We use enterprise goals to manage and track and measure our performance that are consistent across the entire company. I talked about execution. We've had superior execution over the last 9-10 years. Our discipline management and capital management resulted in revenue growth of over 7% CAGR from 2013 to 2021. Over that same time period, our margin expanded by over 1,100 basis points. Since 2013, we've returned over $24 billion of capital through share repurchases and dividends. We've carefully crafted the execution of the mergers and acquisitions you see on this slide. We've built a business that's based on how we have a disciplined approach to ensuring that we're always shaping the portfolio for growth and performance. Perhaps the most significant of all of our transactions was the merger with IHS Markit. Two years ago yesterday, we announced the merger with IHS Markit, and at the time, we talked about the compelling industrial logic of combining two complementary companies. 9 months later, after we closed the merger, it's even more compelling than we thought. This has given us an opportunity now over the last 9 months to develop a forward-looking vision, powering global markets, and a strategy, a strategic framework that we're launching next year. After this call today, we're gonna start working on this. We're gonna roll it out across the company with five key components: customer at the core, grow and innovate, expand the power of data and technology, lead and inspire, and execute and deliver. We will use these elements to allocate our capital, to channel our innovation, to inspire our people. That's the focus of this day. It starts with our customer. We're here to serve our customers. That's critical to what we do. We have trusted partnerships. The only way we can continue to grow is to listen and learn from our customers, to spend time with them. We have hundreds of thousands of customers. We have hundreds and thousands of touchpoints every year. We need to make sure that they're managed well. We track and measure that through a Net Promoter Score and other ways. I've been meeting with customers since the close of the merger for the last 9 months around the globe, and it's been a fantastic opportunity to listen. What have I heard? I've heard three consistent messages. The first is that our customers are excited about the merger. Some of our best ideas are coming from our customers about how we can put together information and data, how we can bring new products to them. The second message is about data itself. Every company is going through a digital transformation, and digital transformation requires you to think about how you're going to utilize data and connect it, something we're doing really well. They want to learn from us. The third message is, I can't have a meeting where we don't talk about sustainability, energy transition, and climate. As I said, we have to listen to our customers to grow and to innovate. means that we're providing new data sets, new products, new intelligence. It means that we also have to invest in our core businesses. We have to invest in ways that we can grow organically. Five years ago, we knew that our customers were having a problem finding data, identifying it, linking it, downloading it, cleaning it. we built a product called The Marketplace, which has tiles that have information, products, as well as capabilities embedded in them. At the time of the merger, we had reached 150 tiles. Since the merger, we now have 200 tiles, with the last 50 mostly coming from IHS Markit, with the 200th being information about the global automotive supply chain provided by our S&P Global Mobility, covering 97% of the global automotive market. We also have opportunities in supply chain in emerging markets. Two, I want to dig a little bit deeper on are private markets and sustainability. I was in Asia earlier this year and meeting with the CIO of a large global asset manager, and that large global asset manager said, "We don't have the tools or the information or the data to really understand our private asset portfolio. We look forward to you starting to bring us more and more tools." I've had that same conversation with other asset managers, with investment banks, with bankers, with central bankers, with regulators. There's a need for more and more data from the private markets. Even the private market asset managers themselves are looking for new tools to manage their portfolios, individual assets, to securitize their assets. We're providing the tools for this to happen in a market that in 2021 was $9 trillion, and we expect it's gonna double by 2026 to $18 trillion. We provide tools like iLEVEL, reference pricing tools, and Novada. When it comes to sustainability, there's over $120 trillion which have signed up for the United Nations Principles for Responsible Investment principles. We also know that 85% of the S&P 500 companies are already providing information about sustainability through an impact report of some sort of a sustainability report. None of that information is in a consistent standard. None of the information that the companies have signed up for the UNPRI are getting information in a consistent standard. We're able to start bringing new and new products and new ideas, new ability to link data. We put together two years ago Sustainable1. It's a group in S&P Global that's managing across the company to bring products like Trucost, TCS, Climate Transition Indices. It's opportunities like these that are gonna give us growth in the future. We're able to grow because of our technology and our data, the investments we're making. It starts with infrastructure. It starts with our commitment to investing at the core. That means the cloud. That means security. That means governance. That means that we're committed to having a high-quality infrastructure. At the other end, our developers have agile tools to bring the latest opportunities in visualization and data linking. We're also applying the latest tools in artificial intelligence and machine learning through Kensho and across all of S&P Global. We know that people need more information and better tools to analyze text and voice. Kensho used the really high quality, probably the best data of any company, to build a tool called Scribe. Scribe is actually being used to transcribe what I'm saying right now, right out here. You can see the demo on that. Scribe brings a new tool to be able to analyze text and turn it into contextualized, digitized data. It's a completely new way to use information. We're identifying new applications for data science across the entire company. We need our people to be inspired and dedicated, which they are. We have 35,000 people who, on the day of the merger, learned about our new vision, our new purpose, as well as our new values, our values of discovery, partnership, and integrity. I've been out on the road for the last 9 months, meeting as many people as possible in a program I call A Day in the Life. I spend time with people at their desk, working with them. I've had a chance to analyze the future of the cement industry in light of climate change. I've had time to work with somebody who's automating the extraction of information from Department of Motor Vehicles, saving hundreds of thousands of work hours. I spent time with someone who's building a visualization tool for oil and gas exploration, and another team that has a software tool that you can develop and back-test new indices. I spent a half of a day in London with the data and valuations and analytics team, which provides information to the markets in over 13 million reference prices. Can you imagine what it's like to be an investment bank in a trading room, to be the product controller, the financial controller, the risk manager, and not have the data and tools you need to manage limits, to understand your portfolio analytics, to look at what's happening with the risk? These are tools that are provided by our people, by our inspired people, and I'm the one who's inspired after these visits. We need to execute in order to deliver everything you're gonna hear about today. It means that we have to take advantage of these shifting trends and customer needs to deliver growth. We have to execute our well-defined goals to ensure we continue to streamline and manage this company effectively. We have to integrate our culture so our people will thrive and grow. We need to continue with disciplined capital management, as you saw yesterday with our announcement of our intent to divest of Engineering Solutions. All of this will lead to greater shareholder value. I'm thrilled to be here to introduce the vision and the strategic framework we're gonna be talking about all day. What we have is unique. S&P Global is unique. We have the brand, we have the scale, we have the breadth of our benchmarks, our data, and our analytics, which is embedded in the markets. It's embedded in the workflow. We have the tools to link data and come up with completely new ideas about how to serve markets. We have our people. No one has what we have. At S&P Global, we're powering global markets. With that, welcome, and I want to hand over the stage to Adam Kansler, the President of S&P Global Market Intelligence. Adam, over to you. Thank you, Doug. Very excited to be here today to present on our Market Intelligence business. This is a powerful combination of assets right at the heart of the merger of S&P Global and IHS Markit. These are two businesses with very successful histories that now together are an information services powerhouse. Whether you go back to the 1960s when Compustat introduced fundamentals data and comparability for investors, or you look at the early 2000s when Markit introduced pricing and reference data that transformed transparency in the derivatives markets, or even look in the last couple of years as we've introduced tools for regulatory compliance or tools for private markets. Tools like portfolio monitoring, valuations, benchmarking, research, reporting capabilities. This is a rich heritage of entrepreneurship, innovation, and growth. Let me give you a snapshot of the Market Intelligence business today. This is over $4 billion of annual revenue. Over 96% of that revenue is recurring. We have over 18,000 incredibly talented people delivering over 300 products and services to over 34,000 customers across the globe. This is the power of the merger. This is why I'm so excited to lead this business. This is why we operate in such an exciting space. There are a few takeaways I wanna make sure that you leave with today. This is a scaled business. It's very well-positioned in growing markets with an outstanding team. That translates to accelerating growth with strong operating leverage. This is market intelligence. We set a bold vision for this business, and that's to be the foremost provider of information, services, and solutions to global markets. It's a very high bar, but we think it's appropriate to set the bar that high. We're a market leader with embedded and essential tools like CapIQ Pro, our PMI Global Market Indicators, our credit and fixed income pricing and reference data capabilities, RatingsDirect, RatingsXpress, our sustainability tools, and others. We have an unparalleled customer base where we're a trusted brand and a partner to the world's largest asset managers, banks, private equity firms, corporates, governments. We have a very strong culture of empowerment, innovation, partnership with our customers, and we're very focused on growth, and we're focused on using the foundations that we have today to expand into adjacent high-growth markets. We're a global business with a modern and scaled capability in technology and data. This is the differentiator versus our competitors and why I think it appropriate for us to set our goals as high as we do. We operate in very large markets and have many vectors for growth. Today, our addressable market is about $70 billion, and that includes the market for our well-established products like our desktop and our credit information platforms, as well as places where we're expanding our capabilities, like in sustainability, private markets, vendor management, portfolio monitoring, the global supply chain. There are important market drivers that are affecting this addressable market. First, there remains a very strong demand for integrated financial desktop market data and feed capabilities. We already have such a strong presence in this space. Over 300,000 users of our desktop. With the merger and the combination of assets now, we have so much more capability to cross-sell, upsell, uplift our existing customers, make those relationships even stickier. A second important driver, we know we have to meet our customers at their technology. This means nimble and simple methods of discovering our data. This means flexible delivery capabilities, this means integrating into their workflows. We have tools, some Doug mentioned earlier, like Marketplace, like our Data Lake. This allows our customers to easily discover data, easily discover our capabilities. We have the capabilities through our technology stack and our data capabilities to deliver that out to our customers however they want through API feed on the cloud in a desktop. This is a real competitive edge. Another important driver. Everyone in this room knows we're in challenging and unpredictable macro environments. Those same environments, though, drive our customers to need to understand their costs, save costs, manage their risks, have greater actionable insights. We provide solutions to our customers that help them assess climate risk, regulatory risk, third-party and sovereign risk. We provide economic forecasting, all the tools needed to manage through a difficult environment. These core drivers, plus the combination of assets that we have post the merger, together with our focus in 4 core areas: private markets, sustainability, the supply chain, credit and risk management. This makes us very well positioned to grow, even in very challenged macroeconomic environments, 'cause we're providing the tools that customers need in that very case. We go after this opportunity with a very broad network of customers, and the differentiator for us is how diverse, how global that customer base is and how deeply entrenched we are with them. We serve almost all of the world's largest asset managers, private equity firms, banks, corporates. We serve over 97% of the Fortune 100, over 90% of the Fortune 500, and within those firms, we serve them from their front office to their back office, their risk and compliance desks with critical data and workflow solutions, tax compliance, regulatory reporting, valuations. We're instrumental in credit approval processes. We serve deal teams using products like CapIQ and CapIQ Pro, allowing them to do research, generate new ideas, create pitches, make strategic decisions. We serve portfolio managers and other front office professionals, helping them identify investment opportunities, driving deal flow. I hope all of you in this room are active users of many of our products. I'm sure if you're not, our sales teams will be following up with you shortly. I think we even had a few that expressed interest in some of the things that are being demoed outside, and that's great to see. We're a very global firm. Majority of our business in the Americas, a very strong and growing footprint across EMEA. In APAC, we've reached a critical mass, and it remains our fastest-growing area of business. Even in a challenged year like this year, we're growing at double digits. Let me give you a new lens or a different lens that I think is helpful in understanding the Market Intelligence business and the way we grow. Think of the business in three core areas: our established capabilities, core pieces of market infrastructure, and areas of high growth. Let me start with established capabilities. These are the must-have tools and solutions that customers use to run and grow their businesses. They're typically characterized by high levels of recurring revenue, high retention rates, strong margins. Typically will grow in the mid-single digits organically. This is about 80% of the revenue of the division today. Good examples of these business, CapIQ Pro. As I mentioned, over 300,000 users on that platform today, growing even in this current year, adding almost 10% to our user base. Businesses like RatingsDirect, fundamental piece of tooling that customers use in their decision-making processes. This leverages the iconic S&P Global Ratings franchise and makes data and analytics available to customers across industries. Our Wall Street Office capabilities, this is in the loans market. Our managed service offering today has over $800 billion of AUM on that platform, steadily growing. No doubt we'll reach the trillion-dollar mark. This is an exciting set of businesses in itself. Second area, market-driven businesses. These are businesses like our loan trade settlement platforms, our platforms for the issuance of fixed income and equities in capital markets across the globe. This is about 5%-10% of our total revenue in Market Intelligence today. These businesses are affected by business cycles and levels of issuance. Much more important than the financial aspects of these businesses, this puts us at the center of some of the most important markets in the world and right at the center of the most important customers that are driving those markets. The third area are areas for high growth. These leverage both of those two prior categories, right? They leverage our established capabilities, our market engagement, our extensive proprietary data, the expertise of our teams, and allows us to offer new differentiated products and services. These typically grow in double digits. We can introduce them in adjacent markets. We're very deliberate and focused in where we introduce new opportunities, focusing on private markets, credit and risk management, supply chain, sustainability. These businesses contribute significantly to what we call our Vitality. This is where we measure the portion of our revenue growth that is coming from newly introduced, organically built products and services that we deliver. These high-growth businesses today are 10%-15% of the total revenue of our business, and they're growing at about 15% a year organically. It's the interplay of these three areas of our business that makes us so resilient. It gives us a growing base in almost any macro environment. It produces large amounts of recurring revenue, and it allows us to innovate both in our core areas of expertise and in interesting high-growth adjacent markets. Let me take you a little deeper in some of the areas of focus that I've mentioned. The combination of capabilities across Market Intelligence today. With all of our combined assets gives us a strong footprint in each of these four areas. In the interest of time, I'm only going to pick two, same two that Doug talked about earlier, and I'm going to give you a little bit more depth in private markets and in sustainability. In private markets, we have a wide range of offerings. Some you actually saw in the lobby earlier. We can provide portfolio monitoring, fund level data, benchmarking, extensive private company information in CapIQ Pro. We provide managed services, valuations, credit information, all contributing to data efficacy, data efficiency, streamlined decision-making, reporting capabilities for both limited partners and general partners in this fast-growing market. This also gives us a platform to be able to serve a company from its inception as a small private company right through to its initial access of public capital markets. Of course, we can continue to service it as a mature public company with many different offerings. This also gives us a platform to introduce new products to this very important and growing customer set. We have a unique ability to take large amounts of data, software capabilities, and managed services and offer it together in an integrated way that makes it simple and scalable for this client set. Let me talk about sustainability. We have unique capabilities, particularly in climate. We have ESG scoring, related risk factors, and we can incorporate all of that into the workflows across asset classes. We score over 10,000 companies globally for ESG. We have over 3 million asset locations where we measure physical risk. Banks and financial institutions use this to understand their financial exposures, to do climate stress testing where required by regulators. Corporates use it for analytics and data in order to understand their exposure to climate hazards. This is a synergy across all of Market Intelligence. As Doug mentioned earlier, there's not a client conversation today where some aspect of sustainability isn't critical to that customer or critical to that customer's customer, and we have a wide set of tools that we can provide to help them address those concerns. All of these capabilities, and in all four areas where we focus, this is underpinned by a world-class capability in data discovery, distribution, workflow tools, our desktop. Customers can take the information and the solutions how they want it, this feeds a flywheel back to us, allowing us to offer an integrated solution that provides customers with the richest set of data and the best workflows that we can deliver. Let me take you one layer deeper in data and technology because we've talked a bit about it, this is important. It's very important, because this is important not just within Market Intelligence. This is important across all of S&P Global. Some of these numbers begin to tell the story. We have an unparalleled proprietary data set. We have third-party data. We have customer data. In total, managing over 4 trillion data points in our systems. Over 57 million documents available on CapIQ Pro, this includes multi-sector data, linking value chains to financial markets, to economics and country risk. This is multi-asset class in cash markets and in derivatives markets. We're looking at information from capital formation to valuations to benchmarking, from private to public, covering over 50 million private companies globally. This extensive data capability is then combined with tremendous domain expertise. We have over 1,500 experts that face off against our customers. Over 450 experts that perform economic, country risk, and commodity market analysis in over 200 countries and territories across the world. We have over 300 finance, insurance, and real estate experts. Over 100 technology, media, and entertainment industry experts. We have over 200 evaluators in fixed income and credit that perform evaluated pricing and build models. Thousands of specialized developers and world-class teams of data scientists. This is a lot, and it translates to tremendously high value for our customers. It creates unique intellectual property, and we're able to create unique derived intellectual property as that becomes part of reports, part of software tools, embedded in tools that our customers, embedded in workflows that our customers are using. Those capabilities, combined with our technology and our data engineering capabilities, this gives us a distinct competitive advantage. Three out of four of our applications today run in the cloud. That number will continue to rise. We're testing ourselves constantly on our efficiency, our speed, and most importantly, the quality of what we deliver. We understand very well the importance of speed, our time to market, our customers' experience, our need to continually innovate in these markets. The power of our scale today allows us to do that and is a differentiator. I mentioned that this is important across all of S&P Global. The scale and our post-merger footprint gives us a real ability across the firm to innovate, cross-sell, upsell, provide thought leadership. Let me give you a couple of quick examples. Data distribution. Doug mentioned earlier 200 tiles on Marketplace. This covers all six divisions of S&P Global, Sustainable One, Kensho, and third-party data. As Doug also mentioned, 25% of the tiles and the data available on Marketplace today comes directly as a result of a combination with IHS Markit and the pulling of that data into that framework. Another exciting area. There's new potential of collaboration post-merger. Our Mobility division, we're now able to take unique proprietary emissions and transportation data and expose it to financial services customers across tools like a desktop with 300,000+ users and our feeds capability. These are significant. Let me turn to the financial picture and the numbers. I told you at the beginning that I hoped that you would walk away with the view that we are a scaled business, well-positioned for accelerating growth. I do hope that you're beginning to see that, and you see my enthusiasm and confidence for it. Why am I confident that in the midterm, we'll deliver 7%-9% organic growth with margins exceeding 35%? First, we're very focused. We're leveraging the brand. We're leveraging our extensive data capabilities, our expertise, our tremendous customer footprint, and we're leaning in in areas that I'm very excited about. Supply chain, private markets, sustainability, credit, and risk management. These are all areas of significant secular growth across the globe. 2, we're leaning in hard on technology. We know the power that technology and our data capabilities can have on accelerating innovation, accelerating our ability to launch new products. We also know that it can strengthen our market position where we are already in the lead. This allows us to both launch new innovation within our foundational capabilities, but also to expand to high growth adjacencies. Third, we have a strong history of execution in these combined companies. Even in the short nine months since the merger closed, we are ahead on our cost synergies. We are ahead on our revenue synergies. We have a clear plan by year three to hit the cost synergy targets that we've set. We have a clear plan to deliver over $200 million of new revenue synergy by 2026. One more thing. This is an accelerator across all of S&P Global. Our ability to leverage our data management, enhancement, and delivery capabilities, this speeds the rate at which we can deliver new insights across our customer base. I hope you all share my enthusiasm for the business. We very much look forward to delivering for our customers, our people, and of course, all of our shareholders. This is market intelligence. With that, I'm gonna pass to my partner, the President of S&P Global Ratings, Martina L. Cheung. Hi, everyone. I'm really excited to be here. I think you're gonna hear the same first sentence from all of us here today. We're so excited to talk to you. For those of you who don't know me, I started my career in S&P, actually in the S&P Global Ratings division. I was there for three years, and coming back in this year, I am so proud and excited to work with the team. It's a phenomenal group, and very excited to talk to you today about how our strategy enables S&P Global's overall strategy. S&P Global Ratings is one of the most trusted and reliable brands in the financial markets. We provide credit ratings, research, insights, and opinions to issuers, investors, intermediaries, and other market participants around the world. This is a business that is resilient and has stood the test of time. We've been providing measures of risk for over 160 years in the market. I mean, you heard from Mark Grant earlier that we were in fact headquartered in this building several decades ago. This long history has enabled us to work with the market and evolve with the market as new risks arise. We have over 1,750 analysts, representing one of the largest and deepest credit rating analyst teams in the world. We work very, very closely with all of our stakeholders as we deliver key insights and are the cornerstone of the debt and credit markets. I want to talk to you a little bit about what we're gonna cover today. I think we can all admit that we've been in a very unprecedented time. I'm gonna talk a little bit about where we see the market today and how we think it's gonna evolve going forward. I know you're very curious to hear more about our growth story. We'll talk about our growth and margin story also, and the key drivers around that. Then I would just add, I recognize there's probably a lot of interest and curiosity around where we see issuance for 2023. I'm gonna be very focused on 25 and 2026 today. We'll come back to you through Doug and Ewout in our earnings call in February and give more views on 2023 in particular. We benefit from playing in one of the largest credit, debt capital markets globally. Fixed income represents the largest market compared to equities and alternatives. You can see this on the left side of the page. Fixed income outstanding is the largest market. It has grown very stably, around 4% growth total over 2010 to 2021. Over that same time period, rated issuance, which is a subset of total fixed income issuance, actually grew at around 7%. Now, there are two key points to make here. One is the market is a stable and resilient market. It has tended and shown time and time again that it will come back after disruptions and dislocations, such as what we've seen in the last couple of, in the last year, and throughout the pandemic. Another point that I would make about this is you'll notice the accelerated growth of the alternatives bar. It is a smaller amount relative to fixed income and equities, but it's growing very fast. For that reason, we're looking at it very closely as an interesting asset class. Our Greenwich Coalition affiliate actually recently did some research with investors that showed around half of investors surveyed plan to increase their allocation to private debt in the next few years. This is obviously an area that we're paying very close attention to, and I'll talk a little bit more about our opportunities there as I go through the presentation. Now on the right side of the page, you can see that we've benefited from the stability of the underlying market. Our growth rate over that same time period from 2010 to, excuse me, to 2021, was 8% growth, so faster than both the issuance overall outstanding volume as well as the rated issuance growth. Importantly, you can see as well that we have shown that we can grow throughout these cycles and come back with robust and stable growth. On the right side of this chart, you're gonna see that I've outlined 2020 to 2022 as outlier years. Why do I say that? Well, obviously in 2020 and 2021, we saw tremendous amounts of pull-forward issuance and a lot of opportunistic issuance. Lot of factors driving that, many of which you'll be familiar with. For example, low interest rates, pandemic stimulus. We also saw asset class specific drivers. Last year, for example, we had record CLO issuance. Part of that was driven by the need for issuers or desire for issuers to get to market before the LIBOR to SOFR transition at the beginning of this year. 2022, a reset year. I will start by saying that 2022 is actually looking, from our view right now, quite similar to overall issuance in 2019. Year-to-date October, around $7.4 trillion, compared to full year 2019, $7.9 trillion. A big reason that we have for the reset in the volumes this year is obviously the volatility that's been the main focus. It's keeping a lot of issuers on the sidelines, interest rates, recession fears, uncertainty over the geopolitical environment, et cetera. I would also say that this year is a little bit of a reflection of all the pull forward that was done in the prior two years with the low interest rate environment. We haven't been sitting on our hands. We are a market-driven business, but that's not the only thing that we do, and I'm gonna spend a lot of time in this discussion explaining some of the other areas of our business that both drive our growth as well as what we actually do as a rating agency. Today, the markets need our opinions more than ever. Every investor that I talk to wants to know what are the scenarios that they should be thinking about? What types of recession scenarios are we thinking about? How would sectors perform under those scenarios? I hope you get a chance to stop at the Ratings 360 demo outside during the break or later today because you'll get to see how we actually provide those scenarios through our research. There's some excellent demos there about how we've looked at CLO scenarios, for example, under multiple hypothetical stress scenarios. Through that, we actually are able to bring some of this data, some of these analytics and insights alive and allow both issuers and other market stakeholders to really interact with that data and understand our opinions at an even deeper level. Our analysts are very busy running the surveillance. We surveil, as Doug mentioned, over 1 million ratings. It's a lot of work in a very, very volatile market. More so than anything else, what I would say is we have been very, very close to this market. Even as we've gone through this reset this year, we've spent an inordinate amount of time reaching out to our issuers, investors, intermediaries and other stakeholders and understanding where and how some of the growth is gonna come back. Let's focus on that growth. We're well-positioned to capture future growth. We see four drivers that we're quite excited about, and some of these are bigger buckets than others, so I'll try to be succinct. First and foremost, on the left side of the page, you'll see this is one that I'm sure you're all looking at yourselves. Corporate maturity wall, the global maturity wall, including structured finance, is pretty healthy for us. We see around $2 trillion-$2.5 trillion in debt renewing over the next six years, each of the next six years. Investment grade over the next four years is around 65%-85% of that volume. We're very optimistic about investment grade. We absolutely will see growth off the lows this year in high yields and bank loans. Part of that is the balance of that maturity wall that is high yield and bank loans. We will also see a lot of new issuers that actually came to market over the last several years, tapping the market again, coming back in in the next several years. Another point that I would make is that we anticipate increases in select asset classes where we might have opportunities to do more or newer asset class types that are coming into the market. Some of the ones that we're paying a lot of attention to right now are infrastructure and project finance, for example. This is gonna be spurred, in our view, by a lot of public and government sector-backed activity, the Infrastructure Investment and Jobs Act with $500 billion for infrastructure over the next 5 years. We've also seen the European Global Gateway plan that allows about EUR 300 billion over the next 5 years. It's not just the public sector that's gonna drive the demand for that. A lot of this is coming around energy transition and net zero. Anecdotally, we are seeing a lot of private funds raising in dollars for infrastructure investments, for energy transition investments, for project finance investments. This is an area we're paying very close attention to. We're also seeing some really interesting trends in structured finance. For us, as a team, we think there's an opportunity in existing asset classes, where we might have opportunities to come back in a variety of areas. Those tend to be in the asset-backed or ABS classes. A lot of activity in the esoteric segments there today. We're also getting a lot of inquiries about potentially new areas, so, trade finance, ticking back up, fund finance, lender finance ticking back up as well. Some of that is actually coming from the private market. I'll talk about it for a couple minutes. The private market today, the parts of that market that we are very interested in, I mean, you'll have heard Adam say it's $13 trillion in assets under management. Probably the part that is more interesting for us is the $1 trillion-$3 trillion range around private debt. We do pay attention as well to infrastructure as an asset class within private equity as well as real assets. Private debt is one of the areas that we're more focused on. In that area today, we already rate private equity. We cover BDCs as well. We're actively engaged with the sponsors in the market today to understand where else we can work with them. Some examples of that would be some private credit analysis products that we have that are very relevant for where some of these funds are in their lifecycle and how they're thinking about the next couple of years with the macroeconomic situation. We're pretty excited about working and continuing to work with the private debt sector. The last point I would make on this page is, and I'll go into it a little bit further in the deck. There are a lot of opportunities for us in what we're categorizing today as all other non-transaction, which is a long phrase for a large bucket of items. Here we'll have Crisil. For those of you who are not familiar with Crisil, it's a majority-owned company that's been with us for a long time. It's the largest domestic credit rating agency in India, but also has a very fast-growing, large international business that serves risk managers, compliance managers, investment bankers, et cetera. That business has a lot of momentum and some very favorable tailwinds. We're happy about that. Adam Kansler talked about Market Intelligence royalty. I don't need to add any more there. That tends to be a very stable product with good momentum. The other area I would say is in surveillance. All that issuance that we did in 2020 and 2021, we're still capturing the benefit from that issuance through our annual surveillance fees. That's something that we have grown quite substantially over time, and we see additional growth opportunities there going forward. All right. We are well positioned to help capture the issuance. There are a few reasons why I'm very happy about this. The first is we are a very global team. We have our 1,750 analysts in around 20 countries around the world. All asset classes, all major sectors, all regions. Because of that, we've been able to engage with about 35,000 issuers for whom we rate surveillance today. Let me draw your attention to the bottom right side of this graphic for a moment. You'll see here corporates makes up about half of our revenues right now. Imagine this picture 10 or 11 years ago, or even 12 years ago, it would've been very different. You'd have seen structured finance making up a larger portion of the business. I wanna draw your attention to it because it is a key sign of how we evolve with the market. At S&P Global Ratings, we're staying very, very close to the market participants, to the issuers, the arrangers, the investors, understanding where the investor preference or, preferences are evolving, and being there to meet the needs of the markets overall. We spend a lot of time with issuers, intermediaries, and investors. Those are some of the key stakeholders that we work with. This year we've had about 25,000 interactions with that group overall. Because of Crisil, because of some of the new products we've launched in sustainability and other areas, we actually have a much more expanded end user list that includes risk managers, sustainability executives, et cetera. All of this, as I said, has helped us to facilitate access to the markets for over 35,000 companies. The 1 million ratings that Doug and I have mentioned approximates to almost $50 trillion in issuance that we surveil. That's incredibly important. We are a benchmark in this market for many, many reasons, one of which is the fact that we invest in and maintain our investments in the analytic capabilities and the functions that serve the analysts to allow them to do the best job that they can. Investors look to us, issuers look to us not just on credit risk, but also on emerging areas of risk, cyber risk, sustainability risk. Of course, we include those into our Ratings, but we also have some other opportunities where we've seen that the interest extends beyond the credit rating. We've launched in recent years our FPOs, our Second Party Opinions, for example, and have very, very strong growth in that area, albeit off a small base. The other point that I would make on this page is that our Ratings analysts, as we continue to invest in them, it's not just the actual number of analysts that we have, but it's what we actually equip them with. The tooling, the data, et cetera. This is where we have a key benefit from the merger with IHS Markit. I was just telling the team yesterday that I had a roundtable with several analytical managers, and one of them said to me, "I'm using Price Viewer," which is a tool in Adam's business that allows you to interact with fixed income data, and reference data and pricing information, and she loves it. Another one said, "I'm in the industrials business, and I heard from our auto team that they love the mobility data that's coming in. I'd like to know more about what kind of other industrial data we might be able to get access to." I said, "You can go to marketplace.spglobal.com and you can find out there, or you can call. We have one person who's designated in ratings who knows all of the. We had sort of prioritized around 300 data sets to start with, this person is accountable for basically opening up access to all those data sets. It's been a fantastic success story. It means that there's excitement about the merger within ratings, even though it wasn't like we were merging two rating agencies, you know, obviously with the merger. I'm very happy about that. The last point again then on this page is we work with over 24 regulators around the world. That means that we have to run a tight ship around legal risk and compliance, and we have to invest in those areas and not skimp as we go forward. Let me talk just a little bit about the actual business model that we operate. I think this will help you understand a little bit more where we have more exposure to market volume versus less in the portfolio. First part of this is transaction volume. I just talked about it. It's easy to understand. It's about 42% year to date of our revenues. The two other categories that are not as susceptible, in some cases not really at all susceptible to the market volumes are in non-transaction. The first one is annual fees. It's largely comprised of our surveillance fees, which I referenced earlier. This is where we benefit. As issuance grows, we increase the pool of fees that we're actually surveilling. We've been working hand over foot this year on surveillance. We've increased the frequency, the timeliness of our publications. We've put out more data, more scenarios, and we're engaging very, very frequently with the market with our opinions on where we see things heading and where we see credit risk heading, especially. There are some opportunities here, we believe, to align some pricing in the surveillance area with the value that we offer the market. Second category here is the all other, and because I focused very much on issuance the last couple slides, let me just talk for a couple minutes on Crisil and some of this other stuff here. This portfolio makes up products that actually range anywhere from in an average year to mid-single digit growth all the way to double digit growth. In 1 case, which is our Second Party Opinions, we actually had triple digit growth, but I will say off a small base. Crystal is a very interesting opportunity. its global business is growing fast. that business overall, over the last 10 years has exhibited, around 10%-11% growth for Crystal overall, and we see very good momentum in that business going forward. Crystal also happens to be a very important provider for S&P Global Ratings. When I talk to you about margins, I'm gonna tell you that we've been very disciplined about our location strategy for over two decades, which is the amount of time that we've been partnering with Crystal. They are truly a global entity that serves some of the largest investment banks and also the entire spectrum of companies, with their domestic business in India. The other point I would make here is around issuer credit ratings, ICR and Rating Evaluation Service, RES. These two are the two in this part that do fluctuate a little bit with issuance, and you'll have heard this from AVAL this year as well. While we had a record year for RES, for example, in 2021, we have seen a little bit of a reset on RES this year with market volumes. We're very optimistic about these two areas in particular because we think we're gonna see over the time horizon that we're looking at, a return in M&A, a return in IPO, and other drivers that actually will create the interest and need for those, for those issuers to come back to market. Last thing on this page, just really an example of the core of our business, and this would be maybe for those of you who might be new to S&P Global. I'm just gonna give an example of how this business model works. If you have a public finance issuance for, let's say, building a hospital, we rate the issuance as part of our primary work. That goes into the transaction revenue. We surveil it over the course of the deal timeline. That goes into our surveillance or annual fees revenue. Any investor who's interested in following that rating and reading the research, getting the analysis, the insights, the news, et cetera, will come through Market Intelligence and Access RatingsDirect, and that goes into the Market Intelligence royalty. That's really the core sort of example of how this business model works for us. There are others here, and I'm happy to take more in Q&A as well. One of the best things about this business and why I'm so excited to be back and proud to be in this business, is that there are opportunities for growth across all of these three categories. I've talked to you about transaction volumes, how we see that coming back over the next several years. We've talked about the maturity wall. We talked about the value that we bring in our surveillance business, how that grows with issuance, but also in other ways. We talked about the very interesting and unique elements in the non-transaction part of the business, which give us good stability and an offset for transaction volumes in any given year. We're very excited about this business and the growth that we can generate. For our 2025 to 2026 target model is 69% top line growth with a margin in the range of 58%-60%. I won't go through all the factors on the top line again, except to say, as a reminder, we are very close to the market, paying very close attention to where investors preferences are changing, how issuers are seeing things, how they're thinking about, you know, what kind of stability would be needed for them to come back to market, and we feel good about where we're at with that. The next point I would make is on margins. We grew our margins from 44% in 2013. As I've said to you in this presentation, we have a very large analytical organization, 1,750 analysts. We are the cornerstone of the debt and capital markets, and it's very important that we retain our analysts and invest in our analysts and the tools and functions around them to make them successful. We've been extraordinarily disciplined on location strategy. We have 500 Crisil analysts supporting our 1,750 analysts, and we've built that up over two decades. We have another 500 Crisil employees helping us in data, technology, et cetera. For us, that's just exercising a muscle that we've well developed, and we will continue to work with Crisil over time. The third thing I would say on margins is a good part of our ability to generate additional margins comes actually from the integration because we've seen a reduction in corporate allocations already this year, and we'll see more of that in the next several years. Let me end where I started, which is to say that S&P Global Ratings is the most respected, resilient, and trusted brand in this market. I couldn't be happier and more excited to work with this incredible group of people. It's been a very trying year, but the ratings analysts and everybody who supports them in S&P Global Ratings have done a phenomenal job. We're excited, we're proactive, we're ready for growth, and we look forward to pursuing that very proactively. With that, I will welcome Adam Kansler back to the stage, and very excited to take your questions. Thank you. All right. We're gonna take a few questions here. As a reminder, everybody who is presenting is going to be available for a longer Q&A session at the end as well. If you don't get your question in right now, save it, we will get to you. We've got mic runners on both sides of the room and in the middle, we'll go ahead and start right here. Hi. I appreciate you, taking the question. It really is for both of you, Martina and Adam. I don't know how data and content flows between MI and ratings. You know, obviously, I know if a, if an investor buys RatingsDirect, then they're getting that research. But I'm asking about the overall database. Like, Adam, when you think about a Capital IQ Pro, user, are they getting that benefit of the ratings research? Like you gave a number of 50 million companies covered. Does that include everything from ratings? Good question. Maybe Martina, you wanna start with. Happy to start. There's a few different ways to talk about that. I mean, technologically, we have an integrated data facility within Ratings that's actually pulling in that data that I mentioned. We're at 50 datasets right now that we're pulling in from Marketplace and Data Lake and Market Intelligence and making that available to our own analysts. Our analysts are also the largest single user group of Capital IQ Pro because they're all entitled to use it, so there's an open entitlement across that. In terms of how the data flows back the other way, that is, I would say exclusively through RatingsDirect and RatingsXpress, and we also have some other products like CreditStats Pro, for example. RatingsDirect has. Adam, you might have the latest on this, but last year when I was leading MI, it would've been in the sort of 45,000-50,000 users that used RatingsDirect. That tends to sit about half and half. Half of them use RD only, the other half use the entire platform, including RD. I think your question was getting at how is all of the data that might be available within Ratings being monetized out through Market Intelligence. We're really careful about that 'cause there's portions of the data that's usable and portions that are not. We're actually currently investing in being able to develop incremental pieces of data within Ratings that we can bring to the market and create greater transparency and some new tools. Today, it's all through, as Martina said, all through RatingsDirect, RatingsXpress. That's the extent of the data that's moving out of Ratings, but it's a ripe area for us to continue to do more. Sorry, I couldn't hear that. Yeah. Includes rated entities, the $50 million. Yes. Yes. All right. We'll go over here. Thanks. Maybe two questions, one for Martina, one for Andrew. For Andrew, your private market strategy, just curious your rationale behind private markets? Your strategy seems to be focused on investment intelligence, and your end market seems to be investment managers. Your competitor, Moody's, owns Bureau van Dijk, which is much more focused on commercial, non-financial end markets. I think their business is far bigger and grows faster than your private market business. Some color on how you think about your rationale and why, you seem to believe focusing on investment managers can grow. Can I say the question now, or should I wait? Let's pause there. Okay. We'll take one at a time. Sure. I wouldn't say the focus is exclusively on investment managers, but I think it's a ripe area, and there's a lot of room for growth. This investment class has so much opportunity within portfolio management, better and more transparent valuations, building real benchmarks with normalized datasets that the industry can operate against. Think of it as the transformation of a market. Just the way public markets transformed many years ago, the way you saw derivatives markets transform as greater transparency and tools were produced. I think you're gonna see that continue to evolve in the private asset class. You see increased regulator interest in the space. You see greater exposures across this asset class, both in equity and in credit, you know, in particular in the last few years, the expansion of private credit. I think there's a... There are a lot of tools to be built. Investment management community is a place to start. Our tools are applicable across large sell side banks. They're used by portfolio companies for normalizing their own data, helps in their own equity and other fundraising. I think there's such a wide spectrum of customers to go after. This is maybe a little longer answer than you wanted, but for us in private markets, it's so exciting because we are deeply connected to the widest possible customer base. Sure, we have all of the largest GPs, LPs of the world as customers. We also have that much wider set of customers that as they have exposure to this asset class, we're actually able to provide these kinds of tools into them as well. You had one for Martina as well, I believe. Thanks. So Martina, how do you think about debt market penetration over the next three to five years? 2020 to year to date, actually, credit growth has been very strong for the banks. And obviously, debt markets have struggled a lot more. That's very consistent with historical patterns. Historically, when rates rise, debt market penetration goes down, i.e. bank lending, grows faster. Curious if you think that trend continues over the next three to five years, or you think something's different this time that will allow stronger debt market penetration going forward. Yeah. So I think over the time horizon, you're gonna see the stability that we've been looking at. So over three to four years, we would expect the market to behave similarly in terms of how it's behaved in the last 10, similar to where I started the presentation. For that reason, we see, you know, pretty good outlook across the spectrum for what we rate, which would include, you know, not just the investment grade high yield, but also bank loans. How that, you know, materializes specifically over a, you know, a more near-term timeline is a little bit difficult because it's just so volatile right now. I think we need to see a few months of call it more relative market calm before we'd be able to put a finer point on that. To Toni, Alex, come on off. Thanks very much. Toni Kaplan from Morgan Stanley. This one's for Martina. Wanted to ask about the private debt space and how you see the structure of that market evolving. Do you see sort of multiple ratings for each piece of debt, or is that not, you know, how that evolves? How competitive is the market right now? Does the S&P brand sort of translate into that space, just given the strength in the public debt market? In terms of kind of the offering in particular, Toni, I would say, it depends very much on the particular sponsor private equity company. We have private equity companies that are exclusively investment grade. For them, we actually provide ratings for the companies in the portfolio. There are others that are more interested in private credit analysis, which is a product that we offer. We used to call it credit estimates, as you might be more familiar with that terminology. That's a product that is highly relevant in other cases. Some of it also depends, quite frankly, on the size of the entities that they're investing in, right? If it's the typical sort of $50 million EBITDA-type investment, maybe not as applicable for us, but we see a good amount of opportunity in the private credit analysis piece, as well as going to market more holistically around the full offering that we have, because obviously we rate a number of these entities as well. Alex. Thank you. Hey, Alex Kramm, UBS. It's for Adam. You did a good job, basically talking about how you have this very mature 80% of the business and some of the faster-growing stuff. When I combine this with the fact that you said, I think more than 100 products and services, and that number has grown over the last few years, right? I mean, I've known you since the Market IPO, and I think the number was small, and there's been a lot of M&A since then. You know, when Doug said at the beginning that they've done a good job at S&P trimming the portfolio, I'm just wondering, when you look at that very mature bit that you have, are there a lot of businesses when you say, like, "Okay, this made sense 10 years ago, but maybe today doesn't fit as well into it, and maybe we can spend our time and resources better." Is that something that you spend a lot of time on internally within Market Intelligence? Yeah. It's a good question, and it is something that we look at all the time. There are places where businesses can reach maturity or no longer fit in a portfolio as you've grown, and it has a less central function. Data businesses are a little bit unique in that in the early days, you're working on adoption, you're working on building quality, you're working on building your market presence. As those mature, they become market standard, and they achieve much higher margins and much more strength in their marketplaces. They also lead to an ability to then serve an adjacent market with that data set, whether you're feeding a software tool models or building from credit to fixed income to other asset classes. Even though mature, they still remain quite strategic. I don't know that it's that you're necessarily looking at your most mature businesses for places for rationalizing the portfolio. I think it's probably across all three of the categories that I spoke about and thinking about where are areas of growth, things I've identified like private markets, sustainability, supply chain. Those I think are real areas of secular growth for the next 5, 10, maybe more years. To the extent that the things we're doing are serving in the function growth in those areas, they make a lot of sense. If they're not, they've got to have some other vector that makes sense or we'll look to rationalize them. Some of them are small because it is a large number of products, as you said. They are all related. Nobody should be walking away thinking there's, you know, hundreds of independent products. They are all quite related. There are some, because of their size, we may have shut down or expanded, and you wouldn't even necessarily know. That's just a regular part of prioritization. Thank you. Thank you. I'll just end with one for each of you. Adam, for you, just to follow up on this somewhat, you know, the 10%-15% high growth area that you called out, all those products have been, you know, acquisitions over the years. Is that the playbook, like a lot, the high growth area is coming more inorganically, or can you talk about the organic piece? Martina, just to follow up on the private side, just talk about how you view the threat or not of just the private credit markets growing so big, and they obviously don't need the ratings for that? I'm happy to start. The short answer is no. Those high growth areas are really not all parts of acquisitions. Some of the labels that you see on the slide are just the brands that are easy for people to identify and understand as high growth parts of the business. If you look at our private valuations capability, that's been a, you know, 100% growth a year for the last 5 years, right? Maybe we're ticking down into only high double digits in the current year, that's an organically built business. Onboarding Accelerator, high growth business, organically built. In the last year, we've launched products like our CLO compliance tools. We are the Risk-Free Rate Calculator for the market. We just launched the Supply Chain Console, which you see out there, PBR Source for compliance with SEC Rule 2a-5. For funds to value their portfolios in a variety of instruments. Organic growth is a very big part of what's in that high growth bucket. That 15%, that's really an average, and some of those are a little bit larger, growing at 10%, 12%, and then there are lots of things growing at 40%, 50%, 60%. I think the right way to think about that is we're gonna acquire where we can add a capability that adds further acceleration to something that we're doing. There'll always be a significant organic component in those high growth areas. Thanks for your question, Manav. I think what I could say for the private debt market, first and foremost, size-wise, about $1.2 trillion-$1.3 trillion. We absolutely see it continuing to grow. I think this year... You know, if you'd asked us at the beginning of this year, do we expect to see the spike in private debt, private credit lending? Well, I wasn't here at the beginning of this year, so I can't suppose what others would have said. Certainly it was a very interesting market development for me when I took over in March of this year. A few things, just to repeat some of the points that, you know, that I was sharing with Tony. You've got the ratings on the funds themselves. We do this in writer as they have private equity corporate rating. We rate the funds through our fund rating business. We rate the portfolio companies in the investment grade, private credit sponsors. And then we have been working to. I mean, to be honest with you, a number of these sponsors didn't know that we had some of the services that we have. We've been going out and actually educating on our private credit analysis products and having very active discussions around that. We also think going forward, this is something Doug mentioned, I think in the last earnings call, we think there's an opportunity potentially as we're hearing some inquiries now around interest in securitizing some of the portfolios. Potentially we might even see some syndication back into the public markets over time as well. This is an area where I see continued growth. Is it gonna be the same as this year? I don't know. I mean, anecdotally, I've heard some, you know, participants say they think, you know, they think the peak was the summer of this year. You know, not exactly sure, you know, will it grow as significantly as it did this year over the 3-4-year time horizon. We certainly see investors increasing allocations. We're paying close attention, same way that we pay close attention to how markets have evolved over the last several decades. We're gonna pause there. Thank you, Martina and Adam, very much for taking the questions. Thank you for your questions. Again, we'll have an opportunity to ask further questions at the end, but we'll excuse Adam and Martina at this point. Now it is my privilege to welcome Bhavesh, Yaacov, and Swamy to the stage for our technology panel. Welcome all of you. Thank you for doing this. This is an exciting part of the program for me. For those in attendance here and those on the webcast, rather than taking questions live here in the room, we actually polled our sell-side analysts in advance. We wanted to make sure that we were able to aggregate questions that were top of mind for investors. We aggregated that combined with the questions we've been getting directly from investors so that we could make the most efficient use of this time. We're hoping that investors walk away with a better understanding of our use of data and technology and the advantages and challenges that creates for us inside the organization and for our customers. With that, let me introduce our panelists. Swamy doesn't like it when I use his honorific, so our first panelist is Dr. Swamy Kocherlakota. He is the Executive Vice President and Chief Information Officer for S&P Global, and is responsible for driving digital transformation and delivering productivity improvements for our customers and employees. With a focus on leading-edge technology and digital ecosystems, Swamy and his team are responsible for building a secure, scalable, and resilient foundation that helps S&P Global power the markets of the future. Next, we have Yaacov Mutnikas, who is the Chief Technology Officer and Head of Data Science for S&P Global Market Intelligence. Yaacov and his team drive the vision and roadmap for S&P Global Market Intelligence's technology strategy across all business lines. He's also responsible for the firm's data scientists, who are focused on how we can combine our leading data sets with advanced analytics to deliver innovative solutions to our customers. Lastly, we have Bhavesh Dayalji, who is the Chief Executive Officer of Kensho, which is S&P Global's Artificial Intelligence and Innovation Hub. Bhavesh was one of Kensho's earliest hires and has served in a variety of leadership roles focused on developing and scaling Kensho's products, engineering, and client-facing teams. He's worked to drive Kensho's growth through the use of its products at some of the world's largest financial institutions and within the U.S. intelligence community. Kensho received backing from some of the greatest venture capital firms in the world, as well as some of the leading financial institutions, S&P Global and In-Q-Tel. Kensho was acquired, as most of you know, by S&P Global in 2018. All three of you, welcome and thank you. Thank you. We got a lot of questions, and so we had to boil this down, so some of these might sound like multi-parters. Swamy, we'll start with you. We get asked a lot about the technology aspect of the integration post-merger, right? How is the technology aspect of the integration going? What are the key systems and infrastructure being integrated, and what is the desired end state for our technology post-merger? Mark, thank you. I'm very happy to be here. I think the integration is going very, very well. When I travel around the world and talk to our people, most of our people have had at least one or more experiences with integrations. When we ask them, they said this integration is going very, very well. Let me double-click on why that is the case, and maybe some couple of examples. Both companies had a very good playbook coming into the integration. Couple of things. The focus on the cloud. Cloud is an investment, and I'll talk about why some of those investments really helped us during the integration. The focus on the cyber. The third and the most important thing, like Doug has mentioned, is agile development. Pushing to these two pizza teams so that we can have the developers and analysts work very closely with the customers. If you take that backdrop of the playbook, we had a goal on day one, let's make sure that all of our people can connect, communicate, and collaborate. I think we achieved that very, very well. After that, we said, what can we do? Whenever we do an integration, everybody wants to have access to every other application. We're able to provide access today, almost 400 applications have access to each other. I will also give you another example. On day one, because the way we have integrated our CRM systems, we're able to provide cross-sell references on day one. Overall, on day one, we achieved all the goals. Where we are spending our time right now is beginning to do the actual consolidations. You know, because of the cloud, we wanted to consolidate the tenants. We are focusing on having one books and records system, having one people's Workday system. Those are the items that we're focusing on. That work will continue into 2023. After that, we'll have this long tail, 80/20, this esoteric software that we'll be consolidating. I feel very good where we are. Excellent. Thank you. Jakob, the next one's for you. I know in our internal conversations, we often describe ourselves as a technology-enabled benchmarks and data company. One of the things investors would like to better understand, what are the key technologies that we leverage to enable differentiated and valuable data assets for our customers? Thank you. First of all, I'm going to start. I'm going to link to what Adam and Martina and Doug were talking about. Everybody mentioned a lot of data. I think it's fair to say, yes, we have a lot of diverse data, massive amounts of diverse data. The interesting thing about it, that data is growing at exponential speed, and with that growth comes complexity of the data as well as opportunities. It is unlikely that this trend of growing data complexity and opportunity is going to abate, first of all. I mentioned that our data is complex, and I'll just mention there's a bit of lingo in this thing, and the data that we have just to describe is we've got linear and nonlinear data. We've got data depicts hierarchical structures. We've got non-continuous data. We've got categorical and non-categorical data. We've got non-numerical data. We've got high-dimensional data, which is by and large, often sparse. To take benefit out of all this morass of data, you need machine learning techniques and deal with the data in a good way, so it can derive net new value. Given such complexity, the discovery of many relationships, associations, and dependencies is not necessarily obvious, but they add value. Again, back to machine learning, and I think Bhavesh will talk after me. To do so at the enterprise level, data has to be identifiable, it has to be discoverable at the enterprise level, and it has to be accessible with the right tools to simplify the life of people that use it. This brings to the point the fact that as a strategy, we look at our data as an enterprise asset. Why? Because it underpins everything that we do, as you heard from speakers before me. We've got a massive amount of catalog data, which is interconnected, and this is core to our value. Viewing data as enterprise asset implies that we need to look at that scale, things to consider, things such as data management, data linkage, data quality, data accessibility, and all those things drive towards faster innovation. Having said that about the data from external point of view, it also improves our ability to integrate our products as we innovate and build relationships between different products. To achieve this as a strategy, we are now focused on the implementation. Internally, this program of work is referred to as Project Lodestone. Project Lodestone aims to deliver efficient and consistent path to our data assets, allowing for decoupling of production systems from distribution systems, therefore streamlining data consumption for our clients and customers. I'll just mention a couple of characteristics of this type of process. First of all, we're working on enhanced data management using industry-enabled, industry leading metadata management tools at this scale. It also implies enterprise-wide data governance, which needs to manage the entire content of the data and the context in way it's being applied. We're also working on fostering precise data execution, precise data management execution, and data linkage, data extraction, those type of concepts. That is important to enable 1,000+ of our SMEs to pass through the data and find all the implicit and not necessarily easily identifiable values, so to speak. Finally, I'll just mention we're using data fabric technology which streamlines data access instead with the scalable multi-cloud technology that we leverage from Swamy and all this work that he is doing. Thank you. Excellent. Hearing all of that from you, Yaacov, obviously there's a huge emphasis on constantly improving the products, constantly improving the data flow across the organization. I think that's a great segue into a question for you, Bhavesh. How has Kensho been used to improve the products and processes at S&P Global since it was acquired, and how do you think that will evolve over the next few years? Thanks, Mark. I think first it makes sense to talk about what Kensho does for the enterprise. Kensho focuses on accelerating innovation and speeding up time to market of S&P Global's product offerings. We do that because of the problem of unstructured data. Many of you know that the majority of data created today is unstructured. That's all non-standard formats like documents, audio, images and so on. In fact, Doug mentioned Kensho Scribe, one of our solutions that is transcribing this Investor Day presentation right now. But this problem is only going to intensify given the secular trends of digitization of the global economy. You've got 5G, Internet of Things, and frankly, it's starting to become a barrier to innovation because it's harder and harder to extract the value out of this data. That's what Kensho does. Kensho focuses on building artificial intelligence solutions that actually unlocks the critical insights hidden in this data and power many of the workflows that we have across the enterprise internally and increasingly externally as well. On Marketplace, we've got many of our tiles that are our machine learning solutions. You heard Doug talk about Kensho Scribe. I'd love to just talk about a couple of others. In Capital IQ Pro, which we've got outside in the product showcase, you'll see AI-enabled search powered by Kensho and the document viewing experience. That's a game-changing next generation experience for our users of Capital IQ Pro. We've got Kensho Link, a machine learning solution that onboards datasets like private companies' data. To give you a frame of reference on this solution, we've avoided over 2 million person-hours of work to do this for S&P Global. What that basically means is that we just wouldn't have done it. You know, that's decades worth of time that we've now enabled to, like, bring new datasets onboarded to the S&P Global data universe and give that innovation to our clients. Of course, we've got our S&P Kensho Indices that leverages our natural language processing and our proprietary algorithms that actually looks at hundreds and millions of pages of regulatory filings and other publicly available information to unlock which companies are involved in innovative new industries like clean tech, robotics, and so on. In terms of how I see this evolving, it's very clear in my mind that unless enterprises of today don't utilize artificial intelligence as a core enabler and a core pillar of their platforms, they're not gonna be relevant for the future. What I'm energized by is how much our artificial intelligence solutions are embedded within our divisions and across the enterprise to drive innovation and drive growth across the enterprise. I'm expecting more and more of that to be at the forefront of everything that we do, both in terms of client conversations that we have, but also underpinning all of our wonderful people that are working across the enterprise on this. Excellent. Yaacov, I'm gonna come back to you. Bhavesh obviously spoke about some incredible advantages that we get from having all of this technology under one roof. When you're looking at the data and technology that we have here at S&P Global, what are the key advantages that we as a company gain from the data and technology standpoint that make our company stronger and better for our customers? Okay. I talked a bit earlier about the diversity of data. To put a bit of a color on this thing, we've got massive amount of macroeconomic data. We've got supply chain data. We've got financial markets data. We've got ESG power data, et cetera. I could continue for a while. This variety of data gives our clients and us a huge advantage. Number two, we've got domain expertise. We talked about thousands of expert SMEs that understand the data, and that's a differentiator. Because without data, without expertise is a challenge, so to speak. With such broad SME expertise with technology, cloud enablement, and scale, in my view, we can be more of a partner to the client in time to come than just a data vendor. Great. Quick one for you, Bhavesh, and then I'm gonna come back to you, Swamy. Yaacov, you mentioned the benefits that we derive from having all of this data under one roof. Bhavesh, what are the benefits to having Kensho in-house that we couldn't get from leveraging third-party AI tools from third-party vendors like mega scale cloud vendors? Great question. I'm a huge Formula 1 fan, so I'm gonna use a Formula 1 analogy. In order to maximize performance of a Formula 1 car, it's always beneficial to have both the chassis manufacturer and the engine manufacturer under one roof. The reason you do that is because you can consistently build a solution together, so it's consistently winning races, whichever the circuit around the world. It's exactly the same with artificial intelligence solutions that we're building. The fact that we have access to these datasets is a game changer. One of the greatest predictors of the success of an artificial intelligence solution is data, specifically domain training data that we can train our AI models on. We've been able to do that with our small group of dedicated engineers and create outperformance with big public cloud providers. I'm sure you can guess who they are. We consistently benchmark against them, and we win. We win because of the fantastic capabilities and talents of our Kensho engineers, but also because of the unique and game-changing datasets that we have across the enterprise. You know, if there's one thing that I could leave everybody here away thinking about, it's the fact that S&P Global has datasets that can power artificial intelligence for many, many different enterprises, and we are continually powering S&P Global with this game-changing artificial intelligence, and that's because we're in-house. Excellent. That optimization strategy matters a lot. Huge. When we're thinking about optimizing everything from a technology standpoint, Swamy, I guess the question is, when we think about optimizing the infrastructure and the technology investment over time, whether that's moving workloads to the cloud or optimizing tech stacks or consolidating software instances, how much of that has already been done, and how much of that is still left to do? Doug talked about how we think about technology from a foundational technology and the, and the technologies that are close to the divisions and the business. Let me talk about some of the dimensions in that. From a first and foremost, how our people work from a agile development methodologies perspective, we are almost 100% agile aligned. We have over thousands Scrum teams that very that work very close to the business and the customer. We made a huge progress there. When it comes to cloud, almost 60%-65% of our workloads are already in the cloud. Out of the 60%-65%, about 16% of them are cloud-native. That's a journey, over the next couple of years, we are taking the program called BladeRunner, that's a machine that was built in IHS Markit. We're taking that and then say, "Let's take the rest of the workloads and put them in the cloud as well." That gives us a lot more time to market that Adam talked about. Another component that we also focus on, Martina talked about Ratings 360, which is one of the demos in the product showcase. If you look at a couple of other demos that are there, whether it's Platts Dimensions Pro or Capital IQ Pro, all of them are built on what we call as common capabilities. It is the same micro frontend. It has a common [uncertain], if you want to use it, the alerts, the APIs, and the log management. All of these common capabilities are also part of our transformation. When we want to deploy a new product or when we want to get into new markets, all the Lego blocks that you need to deliver a product for the customer are already there. You don't need to build the micro frontend. You don't need to have the API management software. All of them are coming in. That is a journey, and we are also making good progress in that. I feel very good with the transformation journey and the path ahead. Excellent. We've only got a couple of minutes left, we're going into the lightning round. You get 30-second answers. What are you most excited about over the next few years? Swamy, we'll start with you. I'm very much excited about our people. I think the opportunity that we have and the culture that we have built of empowering, I'm very much excited about that. I'm also very much excited about the opportunity that we have with our customers. In this age of new era of intelligence, our customers needs us, and the opportunity that we are in to serve them, I'm most excited about. Lastly, I would say that what we have built is a growth engine that can scale to build that flywheel business, I'm very much excited about everything coming together. Outstanding. Yaacov, what are you most excited about? I think the diversity of the data, the diversity of the challenges in the customer's business, the technology and the people we work with, that's by far the most exciting what is possible. Outstanding. Bhavesh, take us home. Sure. Firstly, I don't take for granted that I'm up here talking to all of you lot. I'm really excited that the fact that Doug and the leaders realize the importance of data and technology. That, to me, is amazingly important. The other thing that I'm really excited about is the way in which artificial intelligence is becoming a pervasive kind of infrastructural service across our enterprise means that our people can do higher up the value chain work, and that innovation and that transformation sort of work is gonna be seen by our clients and bring new and innovative new insights to them. That's just really an exciting thing to think about. Outstanding. Well, thank you all very much. Ladies and gentlemen, if you join me in thanking these gentlemen for their time and expertise. Merci beaucoup. Thank you. With that, we're going to take a quick refreshment break. We're going to open up this area. There are refreshments on the other side of this wall to your left, my right. We'd ask you to come back and be back in your seats in about 15, 20 minutes. Thank you. Thank you, and welcome back. It's now my privilege to turn the stage over to the President of S&P Global Commodity Insights, Saugata Saha. Thank you, Mark. Good afternoon, everyone. I'm excited to be here today to introduce S&P Global Commodity Insights, the division that was created with the combination of S&P Global Platts and IHS Markit's Energy and Natural Resources, or ENR divisions. The core offerings of this business include leading benchmarks, unparalleled data and insights for global commodity and energy markets. This is a business that operates in attractive markets with generally favorable macro trends, occupies a distinctive position in customer workflows and decision-making toolkits, and has addressable growth opportunities and paths to further enhance operating leverage. Has a leadership team that has a robust strategy and is committed to executing on it. We operate in markets where customers are experiencing systemic volatility and transformation. Our benchmarks, our data, and insights create the opportunity for us to serve customers in ways very few companies can. The commodity and energy data and information markets are large. We estimate that our revenues represent around 20% of the total addressable market, which presents material headroom for growth. We generally have solid tailwinds supporting the business. For example, robust commodity prices, which are anticipated to stay elevated, markets that are getting even more complex over time, and the need for market participants and customers to continuously balance energy transition, energy security, and energy affordability. Of course, we have challenging headwinds too. We are monitoring those closely as well. Before we get into the business, we wanted to talk about the core markets we serve because that's a question that comes up from time to time. The core markets we serve, i.e. the traditional forms of energy, will remain essential and will continue to grow as peak oil is at least 15-20 years away. Simultaneously, new sources of energy and data and information markets related to those are growing rapidly, and we are positioning ourselves well to serve them. Energy transition-related revenues for Commodity Insights are expected to approach $150 million in the upcoming year, and we anticipate it will grow north of 20% a year for the next few years. I should also point out that these charts represent our research team's independent forecast of the outlook for the next several decades, and we are not expressing a view here on what we think should happen for sustainable global energy demand. Next, we wanted to talk about the Commodity Insights business. It's a business with about $1.8 billion of revenue, which is pretty scalable for the markets it operates in, with around 40%, mid-40s margin. More than 90% of our revenues are subscription revenues, we have industry-leading renewal rates. We offer benchmarks, data, and insights for nearly every commodity class, our products take various forms, from price assessments to news, to software, to databases, to advisory solutions. We offer coverage across the entire energy value chain, from upstream to midstream to downstream, as well as across all major commodity markets, from agriculture to metals to shipping. We do this via multi brands, some more than 100 years old, such as Platts Connect, S&P Global Platts, Sterrewijk, and Kingdom. These brands are well-recognized by our customers and typically deeply embedded in the customers' workflows. We also wanted to take this opportunity today to demystify the business a little. What exactly is it that we do for our customers? We wanted to give you a sense of how our solutions are used by our customers to answer some of their most pressing problems and questions. In the context of the four reporting segments that we have within the division, in the price assessment segment, which today is about a third of our business, our solutions help answer questions such as, "What is today's physical price for iron ore?" Or "What price can I use in my crude purchase contracts?" In our energy and resources data and insights segment, we answer questions such as, "How attractive are renewable investments in select markets?" Or, "How should I think about the demand and supply of various types of refined products and fuels?" In our upstream data and insights business, which today is less than a third of our business, we answer questions increasingly such as, "How do I reduce emissions and diversify production to achieve a more carbon optimal portfolio?" In our advisory and transaction services business, a question that our data and services could be helping clients answer would be like, "What is the viability of carbon capture and storage opportunity?" Of course, these are just indicative questions, but they're meant to give you a sense of the breadth of the problems that we help customers solve and the depth of our capabilities and the essential nature of our solutions. Our products and services are used by a broad set of customer persona, from geoscientists to strategic planners, to C-suite executives, to traders and risk managers. We are typically embedded in daily workflows and/or high-value decision processes. Further, we do this across a diverse set of end markets. Integrated oil and gas companies today make up less than 30% of our subscription book. While we take great pride in serving some of the largest energy companies in the world, we also serve trading firms, financial services companies, utilities, and industrial customers. We are geographically diverse too. More than 60% of our subscription book originates from outside North America. Customers and users in more than 150 countries use our products and services. We see significant growth opportunities in emerging markets in Latin America and Asia. Beyond the generally favorable macro environment, the essential nature of our products and services, and the diversified revenue base, we also wanted to take this opportunity to talk about our distinct competitive advantages. We are the leading provider of independent, trusted, transparent benchmarks, as evidenced by the fact that we have 250+ IOSCO benchmarks, which is roughly five times that many as our nearest competitor. The breadth and the depth of our talent and insights and datasets, illustrated by the 60,000+ assets in our Pipeline database that's on demonstration today, or the 2,000+ researchers and reporters and industry experts located all across the world. We are deeply embedded in the workflows of our customers. An example being that we estimate more than 60% of waterborne crude oil trade happens using prices from Platts' benchmarks. We have robust technology and data capabilities. We have global reach and relevance. We have teams located in 30-plus countries aligned to where our customers are. We have major talent hubs in Houston, London, and Singapore. Now, as we think about all of these assets and capabilities and the generally favorable macro environment for the business, how do we take it to creating value for our customers, our employees, and our shareholders? We, as a business, will be focused on making sure that we are the leading provider of benchmarks and differentiated integrated data and insights for global commodity markets. Our goal is to align our 4,300 people into one team with one strategy and one culture. We anticipate five major growth drivers for the business as we power through with the strategy to power global markets. Evolve and grow core benchmarks, data, and insights. Invest in innovation and capture energy transition opportunities. Deliver a superior customer experience. Focus on operational excellence, technology, and data. Fulfill the potential of the merger. Today, we will talk about each of these examples and give you a few illustrative examples to bring them to life. As we think about enhancing our core business and expanding into adjacencies, we've done a ton of work already. To give you an example, we recently completed a multi-year project to update the Platts Dated Brent benchmark complex, which has been around since the 1980s, based on extensive market feedback. That is an example of the kind of work we do to make sure that we stay relevant to our customers. The second pillar around driving the development of innovative solutions and capturing energy transition opportunities has been a big focus area and will continue to be so. Examples include the recently launched corporate emissions solution, which has asset-level data, which helps our customers both track and manage emissions. The comprehensive data and insights on the clean energy tech database, which has insights into new technologies for energy generation at scale, like wind and solar and batteries. A key enabler for our strategy will also be around superior customer experience. You've heard the same themes earlier today. We wanna make sure that our data is available to our customers, how they want it, where they want it, be it platforms, APIs, or third-party channel partners. We also wanna make sure that we are continuing to invest to make our data easier to discover and easier to use. We've made, and we'll continue to make, significant investments in our customer-facing applications, such as Platts Dimensions Pro and Energy Studio Impact, both of which are on demo today. The last two pillars of our strategy, value-creating strategy, are focused on operational excellence, leverage, and leveraging advanced technology and data capabilities and, of course, fulfilling the potential of the merger. On the operational excellence in technology and data front, we continue to see opportunities to simplify our tech stack and integrate customer-facing platforms, especially now that we have a nice portfolio as a result of the merger. We will also deliver for value for our customers by continuing to leverage machine learning and artificial intelligence. A recent example is a product that we launched which leverages satellite imagery and computer vision to track methane emissions at a far more granular and frequent basis than would otherwise be possible. Lastly, the fifth pillar, our commitment to fulfilling the potential of the merger. We want to make sure that our 4,300 strong team is aligned on the one goal focused on two numbers, the 100 and the 70. The $100 million in revenue synergies will come from cross-sell and new products. I'm pleased to tell you that a lot of the new products are already well under development, and we anticipate we will start launching them in 2023. So far, a lot of the revenue synergies has come from cross-sell, and I'm pleased to tell you that the early read is strong, and we are very optimistic about the prospects. Lastly, the leadership team is very focused on making sure that we build 1 team with 1 unified collaborative culture. We also get a fair amount of value creation opportunities in partnership with our other divisions at S&P Global. We've got a set of examples on this slide, but if I had to pick two, I'd talk about the partnership we've had with S&P Dow Jones Indices, where Dow Jones Indices has launched a new index which tracks the performance of battery metals that are used in the production of electric vehicles, and the data for the underlying data for that comes from Commodity Insights. The recently completed Future of Copper study that was published by experts from Commodity Insights in close partnership with experts from Market Intelligence. We see and we will continue to find additional sources of value in collaboration with our fellow divisions. Bringing it all together. What does this mean for us? The outlook for Commodity Insights over the next three to four years is strong. We anticipate that we will experience high single-digit annual revenue growth and continuous improvement of operating margins to reach an end state of 48%-50% during this plan horizon. We have robust plans and talented teams in place to deliver on our value creation strategy. To recap, the strategy has three parts. One, we will continue to optimize long-term growth potential, and we will do this by strengthening our core, investing in innovation and energy transition opportunities, and further enhance the customer experience. Two, we will continue to focus on operational excellence, improve operating leverage, in particular leveraging advanced data and technology tools and smart location strategies. Three, we will continue executing on the merger thesis. We will deliver those synergies as planned. We will create one unified culture, and we will unlock greater value together. Thank you. Now I would like to welcome my colleague, Edouard Tavernier, President of S&P Global Mobility. Thank you. Good afternoon, everyone. It's a pleasure to be here today. By now I'm well aware we're deep into the afternoon slot. I'm gonna try to keep this really lively. I'll start by saying that this is a special day for me because it marks 10 years to the day that I had the privilege of leading what used to be an automotive business, then a transportation business, and today is S&P Global Mobility. It's been 10 years of fun, right? Great growth and a lot of value creation. The next 10 years are gonna be just as fun. I have two objectives for today that I wanna cover in the next 14 minutes. The first one is give you a sense of who we are, what we do, and how we grow this business. The second objective is to convey to you my passion for this business and my sense of excitements. Off we go. First of all, let's talk about our markets. Oh, no. First of all, let's talk about what it is that we do. In short, we're the leading provider of information solutions for the automotive mobility industry. Note the word actionable that's here. Our story was one of product innovation. The kind of products we create are not information publishing. They are information solutions that help our customers run their business better, and that is the foundation of our business. Some of you might be thinking, "Okay, that's great, so but why are you part of S&P Global?" Now, I think there's a simple way to answer that question. Some of the biggest customer opportunities we're pursuing are right at the heart of the strategy that Doug was outlining earlier today. How do we help this industry on its path to decarbonization? How do we provide the investment community the forward benchmarks to help them make good investment decisions when it comes to Mobility? I'll talk about both of these things later today. There's a couple of other concepts on this slide I'd like to highlight, and I'll talk about them a bit later on. One of them is this concept of investment in core capabilities. We're growing today because of decisions we made three to five years ago. The decisions we make today will drive growth three to five years from now. We have been relentlessly focusing on investing in differentiation, be it in data leadership, be it in the strength of our customer partnerships or in our brands. Last but not least, let's talk about our talent. I think we're doing a great job of attracting and retaining the very best talent in the industry. I think we have two things here. We have scale as part of S&P Global, and scale is incredibly important for many things that we do. I think if you speak to our people in mobility, you'll find that most of them feel part of something very entrepreneurial, nimble, and that combination of scale and nimbleness, I think, is the heart of our success. Now we get to the market. My colleagues will all disagree with what I'm about to say, but I can't think of a more exciting market for an information provider to be in than mobility. It's exciting for two reasons. It's a very large market, and if nothing were to happen, we'd still have incredible growth runway. Like, we've grown a lot in 10 years, but our penetration is still modest. Of course, lots of things are happening. The entire industry is changing. Why is it changing? Electrification is upon us. So is the shift from hardware to software, the connected car, new forms of shared mobility. In the past 18 months, we've seen amazing supply chain disruptions which have turned the industry upside down. Last but not least, there is a fundamental change happening in the consumer experience when you as a consumer wanna buy a car. All of these disruptions are creating a need for information and data and fantastic opportunities for us. When you see this slide, you might think, "Hey, the business is not quite as diversified as I thought it was." When I see this slide, I see more opportunity. Why is that? Well, right now, we are laser-focused on the North American market. This is where we have the most differentiated assets, and most of the TAM I mentioned on the prior slide is in North America. When I see the rest of the world, I see fantastic wide space for the future. It does take time to build and accumulate great data assets, but we have a number of initiatives underway that will bear fruit in the future. Before we talk about growth, 'cause that's what today's about, I wanna level set on what it is that we do. Here's a simple framework I use that helps me think about the business. At the top of that framework, you have the vehicle life cycle, we serve the entire life cycle from before a vehicle is designed right through to the end of life of a vehicle. Then down the framework, you have all of the stakeholders we serve in the industry. I think about our products as being three core value propositions. We help the industry, the car makers, the tech suppliers, the parts suppliers, think about what cars they need to design for the future, with what technology, what features, and how many of them. Value proposition number two. Once these vehicles are rolling off the assembly line, they need to be sold. We help the industry, the retailers, the car makers, target the right consumer at the right time with the right offer. Value prop number three, we help the consumers, people like you and me, shop, buy, service, and sell the used cars. If you remember 1 thing from today, these are the three things we do. Those 3 value propositions generate an amazing data exhaust, and increasingly, we're monetizing this data exhaust in adjacent markets like finance and insurance, where we help insurers, for instance, price policies, or lenders price an asset. As I go through these products, obviously you can see how relevant these questions are for today, but also how they're becoming even more relevant with these disruptions I was talking about a few minutes ago. That's what's gonna drive our growth for the future. Today, I'll walk you through four of our growth opportunities. How we're adapting our forecasting business towards new mobility. How we are enabling this fundamental transformation to online or digital retail. How in the used car market we're scaling our audience that we deliver to our customers. Finally, how we in mobility leverage the power of S&P Global. Here's the first one, right? Today, in our planning solutions business, we have the privilege of serving all car makers and the vast majority of suppliers. Until a few years ago, forecasting the auto business used to be a fairly linear thing. Not anymore. Everything is changing. In an electric vehicle, more than half the content and technology is different to an internal combustion engine. With that, our customers have a whole new set of questions they need to answer. What charging experience do I need to offer to my consumers? Can I even find the raw materials to build these cars? How do I monetize this connected car fleet I'm putting out in the market? What's our strategy here? Our strategy first is radically expanding our content sets. A few years ago, we forecast a few hundreds of thousands of lines. Today, 67 million lines. A lot of this new data is about things like battery cells, battery raw materials, power electronics, software. We take all of this new data, and we package it into new solutions that are designed to answer these questions that are new questions that customers are asking us. As we do that, our TAM expands significantly. That makes me happy. The second opportunity is this idea of enabling digital retail. Let me be clear, we're not trying to be a digital retailer here, but what we do plan to do is be in the middle of any communication between the industry and the consumer. Because in this new world where today, even if you buy a car from a traditional retailer, 80% of your process is gonna be online. The name of the game is to intercept the consumer, you or me, before you even know you're looking for a car. You do that by predicting what household will come to market, when, what kind of car, at what price, and that's where we come in. What's our strategy here? Our strategy is to make sure that no marketer in the automotive industry will ever want to reach out to consumer without using our data assets. I will manage to open this bottle. There we go. For instance, to give you a few examples, you may be familiar with the Polk Conquest audiences. Two months ago, we launched 120 new electric vehicle audiences. You're probably very familiar with automotiveMastermind, our dealer platform. Today, leveraging automotiveMastermind, we've built an incentive optimization capability for OEMs, and we'll be launching our third OEM in quarter two of next year. This definitely is a very exciting business. Now let's talk about the used car business. Thank you, Sugata. I was struggling here. In the used car space, you will be very familiar with CARFAX. Over the past 25 years, CARFAX built this amazing vehicle history report business. 7 years ago, CARFAX launched our vehicle history-based used car listings product. It's been incredibly successful, but it's still only in its infancy today and has a long runway ahead of it. Three years ago, we relaunched our CARFAX Car Care consumer application. The point of this application is to help you, the consumer, manage your vehicle during that ownership life cycle. How do I service it? Where are we 3 years on? We've signed up 28 million consumers. Those 28 million consumers are 25% more likely to be loyal to their dealer or their service shop, and they will come back much more often for service visits than non-CARFAX Car Care consumers. This application delivers immense accretion in service revenues to our customers. What's our strategy? Our strategy is to go from 28 million consumers today to over 100 million 5 years from now. As we do that, we significantly increase the value we deliver to our customers. How are we gonna do this? We're gonna do this in three ways. We're gonna build new content sets that address the questions consumers have. We're gonna invest in distribution. How do we get this content in front of consumers? Then we're gonna build a compelling digital application, your digital garage, that will become the way you manage your vehicles. Last but not least, let's talk about how we, as part of S&P Global, create more kind of revenue opportunities across different markets. Doug covered this, as did Adam and Martina, so I'll be quick, but I am excited about what we're doing with Sustainable1. Doug mentioned that $130 trillion of capital have already been committed to net zero carbon by 2050. When an investor looks at an automotive company, they're looking at scope 3 emissions, tailpipe emissions of vehicles on the road, or they're looking at upstream emissions, especially as the industry moves towards electric vehicles. We are ideally placed to be the independent provider of forward-looking benchmarks to the investment community. A couple of months ago, in partnership with Martina, we created a sustainable mobility team within Mobility that is really tasked with developing these offerings of the future. With a couple of concepts you can see on the screen, which we're gonna be launching in 2023 around supply chain physical risk and supply chain carbon emissions. Then as Adam Kansler said, the other opportunity is at the intersection of mobility and Market Intelligence. We've made some traction over the past couple of years in selling to the buy-side community. As of today, we have 150 buy-side customers who use our data to make investments in mobility. There are over 7,000 investors who are invested in mobility, and most of them are customers of S&P Global in one way or the other. That's the other big opportunity we're after. Before I wrap up, I wanna spend a little bit of time telling you why I'm confident we're gonna deliver all of this. I mentioned this idea of relentlessly investing in capabilities. I've spoken about data leadership a couple of times. I just wanna bring this point home. What does that mean? Today, we collect data from over 130,000 different sources. I say this often, but I still struggle to comprehend it. We love going to the ultimate source of the data. We don't like saying that dealers or service shops use to describe an oil change. We found 17.9 million descriptions that correspond to oil change so far and counting. You need a lot of technology to analyze data in this way. Yes, other people could do this, but they'll have to invest a lot of time and effort to replicate what we have. Let me wrap this up and tell you two things. I am very confident that we will continue to deliver high single-digit organic revenue growth in the medium term, and I'm highly confident that we will continue to deliver margin accretion on a consistent basis. I started out by saying it's been 10 years that I've had the pleasure of leading this team. I don't think I've been more excited than I am today about the future prospects of this business. The next 10 years should be fun. Thank you very much. On this note, I'd love to invite Dan Draper, CEO of S&P Dow Jones Indices. Dan. Whether they're buyers and sellers, bids and offers, or short and long-term investors, all successful markets have one thing: trust. Through our commitment to independence and transparency, S&P Dow Jones Indices helps ensure this fundamental value of trust in the world's biggest capital markets. I'm excited to have this opportunity to share insights and growth plans for S&P Dow Jones Indices, the world's leading index provider. I want you to focus on three things: an iconic brand, a liquid ecosystem, and innovation. First, we're stewards of iconic brands that have defined capital markets for more than a century. Second, we have trusted, transparent, and independent global indices that power an expanding, diverse, and highly liquid ecosystem of financial products. This sets us apart from our competitors. Finally, we foster an entrepreneurial spirit by investing in key growth areas such as sustainability, factors and thematics, and multi-asset. We're making investments to support our outlook for sustained double-digit growth. This is a story about who we are, how we're powering the markets, our key drivers of growth, and insights on our financial outlook. It's a privilege to lead the indices business and write the next chapters of this story. I joined S&P in June 2020 and built a diverse, talented, and experienced team of senior leaders. Together, we've embarked on a transformative path to bring our storied brand into the future. Today, following our merger, we have a team of over 850 people in 21 countries. I'm confident we have the talent, capabilities, and assets in place to implement the mission and vision we've set. This framework enables us to diversify and expand into newer segments as we strengthen our core equity index offering. It allows us to capture both short and long-term opportunities with the ongoing shifts in assets from actively managed funds into passive index-based strategies. This merger reflects two highly complementary index businesses. It showcases the depth, breadth, and reach of our indexing capabilities today. This reflects the deep ecosystem of financial products that license our indices, not only as measurement tools, but as building blocks for index-based strategies and products. This rich ecosystem includes exchange-traded funds and index mutual funds, highly liquid futures and options, and many other financial instruments. We cannot talk about the stock market today without the S&P 500 and the Dow. We cannot talk about fixed income and credit markets without the iBoxx and the CDX iTraxx indices. The growth of passive has been one of the most transformative stories in global asset management over the past four decades. In fact, the SPDR S&P 500 ETF will mark three decades next year. The iShares iBoxx investment-grade corporate bonds ETF, LQD, turned 20 this year. We count the vast majority of the world's largest investment managers and financial services firms as our clients. We are the leader in global ETF AUM market share and in US equity ETF AUM and share as well. Indexing has made financial markets more transparent, systematic, and accessible. Indexing has also generated billions of dollars in savings for investors. There has been approximately $400 billion in management savings fees over the past 26 years using data from our flagship S&P 500, 400, and 600 equity indices. Our unique position is a powerful story. The merger has been a catalyst to transform our customer-first culture by aligning our go-to-market focus around data and responding to changes in customer demand faster. Our scale and scope enable us to offer customers end-to-end multi-asset indexing solutions as the active to passive shift evolves across all asset classes around the world. Our customers will continue to seek innovative solutions. They will continue to benefit from transparent and independent benchmarks that are anchored on rules-based methodologies. We are the world's most trusted index provider. Today, with our enhanced portfolio of world-renowned indices and benchmarks, we are and will continue to be the premier index provider of choice. I'll now dive deeper into the how of our transformative story. S&P Dow Jones Indices increase transparency and accessibility of financial markets. We ushered in the era of low-cost index-based investing. The S&P 500 in 1957, the Vanguard 500, the first index-based mutual fund in 1976, the first stock index future and options contracts in 1982 and 1983 respectively, and the first U.S. ETF in 1993. ETFs, by offering intraday liquidity and higher asset allocation precision, epitomize the shift from digital to digital from analog and away from traditional daily priced active mutual funds. Today, indexing still has significant room to grow, driven by the ongoing shift from active to passive. Roughly 36% of registered global investable assets are allocated to passive funds today. Led by our core equity indices, we see tremendous growth opportunities to continue to expand our ecosystems. We expect indexing to evolve as new asset classes emerge and our customers require more sophisticated and innovative indexing solutions. We are focusing our investments in innovation areas, in areas that can deliver against customers' evolving requirements, including sustainability and factors and thematics. Premium intellectual property leads to products that command premium expense ratios, fueling attractive addressable market growth. Alongside these compelling growth trends for ETFs and other index-based strategies, we are strongly positioned to grow S&P Dow Jones Indices. Our exchange-traded derivative presence is another great example of the highly liquid ecosystem that has developed around our indices. ETDs bring liquidity, efficiency, and transparency to capital markets. We have seen rapid growth in index-based trading and hedging strategies. This growth is driven by both short-term cyclical volatility and secular growth trends. Stock index option volume, for example, grew an average of 65% per year from 2019 to 2021. In the first half of this year alone, volumes have more than doubled year-over-year. There is no other index provider that has a comparable presence, brand, and level of liquidity in the exchange-traded derivative space. This positive momentum reflects the increasing licensing of our indices in index-based trading, risk management, and hedging strategies. Now more than ever, with the ongoing market uncertainty and volatility, our customers are looking for insights and signals from our trusted indices as they express views on risk, take positions, and make tactical investment decisions. We continue our long-standing partnerships with CME, Cboe, and other leading exchange partners to continue to provide market liquidity and efficiency through our indices. The key to unleashing the potential of capital markets for everyone everywhere is understanding who and where our customers are and how they're using our indices to serve their end customers. Over the past year, we've strengthened our commercial operating model to increase collaboration and generate data-driven insights among our customer-facing teams, including sales, marketing, research, and thought leadership. We created a center of commercial excellence to better segment and understand our customers, their unique needs and opportunities to be more targeted generally with customer outreach. This allows us to more effectively work with each customer to provide exceptional service and support at every step of their journey and growth with our indices. Our reinvigorated engagement model is already paying dividends. We've expanded our relationships with many of our largest long-standing clients. We're building exciting momentum in segments that are newer to passive adoption, such as the insurance space. Our global commercial operating model reflects the reality that Europe, Asia, and Latin America are in the earlier stages of passive product adoption. In these markets, we have partnerships with leading product providers and exchanges. We are actively educating local market participants on the benefits of indexing. Next, I'll cover our global growth opportunities. Inspired by our pioneering roots in equities, we are steadily building a roadmap for a robust family of fixed income indices. We are increasing coverage to meet the growing customer demand in this space. BlackRock projects fixed income ETF assets to grow to $5 trillion by 2030 from $1.6 trillion, even with today's rising interest rates and other market headwinds in credit markets. Fixed income presents a tremendous growth opportunity on a standalone basis, but in addition, fixed income's potential is magnified when we take into account that liquid fixed income benchmarks are also critical components to develop innovative multi-asset indices. We've seen the rapid growth of multi-asset indices in the past few years, such as the S&P 500. We see significant opportunities in these indices to enhance transparency in markets and facilitate the next wave of capital shift from active to sophisticated passive products. We're proud of our heritage. This is why we set a very high bar for ourselves when it comes to innovation and breathing life into the next generation of indices. Our goal is to offer a wide and comprehensive range of benchmarking choices for market participants. Here, we highlight three strategic growth areas and their respective addressable markets. Success in these areas will ensure we remain a driving force in innovation in the most consequential emerging segments of indexing. We're not only innovating, but expanding the ecosystem of our indices. For example, in sustainability, we offer sustainable versions of the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices, and have introduced indices with strategic overlays such as growth, value, and dividend-oriented strategies. Through S&P Kensho indices, we offer indices that capture market shifts and trends in the so-called Fourth Industrial Revolution. The digital future is now. Our goal is to offer market choice and be the first stop and preferred destination for indexing solutions as our customers' needs evolve around the world. We're making strategic long-term investments to differentiate our business through the integrity and resiliency of our index development, data management, and governance processes. The breadth and scale of index assets and distribution channels that we have are truly unmatched. Equally, we know there's an opportunity for technology to deliver exciting innovation in how we collaborate with clients and how we create and maintain indices over the long term. We are committed to delivering against these opportunities for our customers and maintaining the trust and quality they've come to expect from S&P Dow Jones Indices. With our S&P Global enterprise partners and colleagues, we are bringing the highest quality and unique data sets to new frontiers in index innovation. This enables us to create more innovation in indices. For example, as Saugata referenced, we launched the S&P GSCI Electric Vehicle Metals Index, which utilizes data from both S&P Global Commodity Insights and S&P Dow Jones Indices. Invesco licensed this index as their underlying benchmark for their ETF. We launched the iBoxx EUR Corporates Net Zero 2050 Paris-Aligned ESG, which utilizes climate data from Sustainable1. This index rounds out the climate indices we offer customers to measure, monitor, and capture climate risks, returns, and opportunities. As I wrap up, I want to leave you with some insight into our financial outlook. I'm proud of the growth trajectory this business has shown over the years. I owe this to the dedicated and talented team of people who work with me every day. We are moving this historic, iconic brand forward by expanding the ecosystem of financial products based upon our indices and through the ongoing innovation that draws new investment capital into index-based products. Strong cyclical and secular growth trends support the exciting transformational path we're taking, and we're making sound investments to support our outlook for sustained double-digit growth while responsibly managing and maintaining margins. We have a diversified portfolio of indices and benchmarking solutions that will allow us to navigate the market's ebbs and flows. Thank you for the opportunity to share our story with you. I look forward to keeping you updated on our exciting mission to power global markets. I'd like to now invite my colleagues, Saugata, Edouard, and Mark, onto the stage for Q&A. Thank you very much. Again, we'll take a few questions from the room. There was another reminder. They'll all be available again after Ava's remarks. We'll get the questions in, I promise. All right, we'll start here. Thank you. Owen Lau, Oppenheimer. The medium-term adjusted operating margin outlook for indices, it's 67%-69%, which is similar to what you have this year. What are the reasons for not having margin expansion in 2025 and 2026? Is it because the growth is mainly coming from fixed income indices, which have lower margin? Any more color would be helpful. What does it take to get the margin over 70%? Thanks. S&P Dow Jones Indices is driven by customer value. Our economics are really aligned with our customers, where roughly about two-thirds of our revenues are basis points on AUM that our customers manage. Our ability to align with their interest and to grow is extremely high. At the same time, we've been able to now diversify into higher margin areas, so multi-asset, that's a new combination of assets that we can bring together with leading S&P 500, iBoxx, for example, to offer differentiated products. You know, we're gonna focus on growing our top line. We're gonna manage margin responsibly. Hi, this is Ashish Sabadra from RBC. My question was on Mobility. Two-part question there. First one is, how does the used car market influence the near-term sensitivity to the growth? Is it tied to the used car sales? That's the first one. The second question would be, just in terms of as we think about the secular penetration opportunity, I was wondering if you could share what is your current wallet share or penetration with existing dealers, and how do we think about that opportunity over the next three to five years? Thanks. Thanks for the question. On the first question, the used car market is pretty resilient through different cycles, and we've seen it over the past two or three kind of downturns. Our business model is not directly associated with number of transactions. As long as people are buying used cars, servicing used cars, then we have a business, and we're pretty confident about its resilience. On your second question, which was? The wallet share. Oh, the wallet share. You saw the number I showed, 45,000 dealers that we have a relationship with today. Now, in addition to that, there are thousands of dealers that we do not have a relationship today, so there's wide space there. Within those 45,000 dealers, I would say most of them buy only a fraction of the services that they can buy from us. When you see that TAM I showed earlier today, that's reflective of that. Moore. Hi, good afternoon, Stephanie Moore with Jefferies. On the commodities side of the business, you know, one area that I think you called out, which, you know, is very important, is just the growth in renewable energy and your ability to capture that. Could you just, you know, first, you know, maybe give us some examples where you've already started to kind of penetrate that market and maybe some opportunities going forward? Secondly, as you were kind of developing your medium-term growth targets, how did this kind of rapid growth in renewable energy factor into that? Right. Start with the first one. On the renewables front, as we call it, broadly energy transition, the whole, the complex of products and services there, we are very excited about it. Some examples would be, for instance, we've got, I talked about a few examples today, but if you look at, for example, the clean energy solutions that we have, where we are helping clients make choices around, what is the demand and supply outlook for various kinds of renewable energy, because clients have significant investments to make, and our data around forecast for demand and supply helps them make informed decisions. If you look at our price assessment business, we've launched a slew of products, which are essentially low carbon variants of existing prices, right? That helps customers make better decisions. We've done a fair amount of work in terms of price for carbon itself, right? Hydrogen, all of these new areas. That definitely kind of gives you an example. That gives you an example of kind of the kind of things we are doing on that front. In terms of the growth aspect, if you think about it, renewables or energy transition is a relatively small part of the portfolio. If you do the math, it's roughly high single digits. We anticipate it's going to grow rather rapidly. The rest of the portfolio will also grow relatively fast, not high double, you know, not double-digit teens. The way we think about it is that it's a lot of our contracts are multi-year contracts, right? As we add more customer value, as we create more adjacencies, add more products and services into the packages that we sell to our customers, over time, as the contracts come up for renewal, we pass on the price increase. We feel good about the growth trajectory we've laid out, and hopefully that gives you some color around how we've built it up. Hi. Thanks. Toni Kaplan from Morgan Stanley. Wanted to ask about synergies within the index business. I think most of the other presentations where you had assets brought together from the Info deal, we saw slides outlining the revenue and cost synergies there. Are there no synergies within the index business? you know, just any color on that. Thanks. No, actually, I mean, this is where I did allude to, you know, bringing the leading equity index provider with the leading provider of credit indices. That's really where you think, legacy S&P Dow Jones Indices had over 95% of its revenues from equities. If you look at IHS Markit's fixed income index business, it was like over 96% fixed income. That's really the combination. What we've also been able to do on a client channel basis is bring really strong bank relationships from IHS Markit to complement a very strong, you know, kind of buy side orientation now into a, a joint go-to-market committee. Already combining client data on Salesforce, for example, having a unified message going to market there. What's interesting is, even prior to the merger, there was an existing partnership between IHS Markit Fixed Income and S&P Dow Jones Indices. We had a little bit of a head start by a few months on this multi-asset journey. That's where in particular I mentioned the insurance sector. That's a space that we're already seeing traction. Yeah. The back. Hi, Andrew Nicholas with William Blair. I wanted to follow up, Dan, on that last comment you made. It does seem like you're assuming a little bit of an inflection in fixed income AUM, fixed income flows within the ETF business. Is there something structurally going on from like an end market demand perspective that's driving that assumption? Is it simply pulling, you know, IHS's capabilities on the fixed income side into the commercial, you know, expertise of S&P? Just trying to understand why historically that has been, you know, a laggard relative to, you know, equity index adoption, and why you might expect that to accelerate. From here. Yeah, I mean, that's a fantastic question. I'd say at the macro level, I'll get specifics into the merger, but at macro level, fixed income indexing evolved decades after equity indexing. It's much newer. You know, the underlying asset class of fixed income, you know, dealer to dealer, over-the-counter traded. What has transformed it is this ETF wrapper. If you think about taking, you know, again an over-the-counter underlying asset class for the most part, putting it into an equity wrapper, if you will, trading on exchange, it's bringing so many new market participants into that asset class. In addition, it's bringing transparency. It's bringing the low cost that investors have benefited from in equities now into fixed income. Then specifically with the merger, if you think about Adam's business and the incredible pricing and reference data capabilities, unique data sets, in many cases that Market Intelligence has, that partnership for us gives us a lot of opportunity to move forward. The key then is we have to work with our key, you know, asset management clients and other clients earlier in their product development process to get to market. It's an opportunity to really move forward. Also, again, as I said a couple of times, the multi-asset is really interesting, combining the equities and fixed income together. Hi, Shlomo Rosenbaum from Stifel. I want to ask a question a little bit about mobility, just in terms of the range. You guys are looking for 7%-9% organic growth. I'm just looking back. Before COVID, this is a business that had organic growth that was typically, you know, closer to 10% or above. You maybe got 2 quarters from 2015 till COVID where you hit 7%. That was really a low number. Are you kind of padding stuff for yourself or is stuff kind of, you know, has the market matured more? Is it just bigger? You have to produce a lot more in order to get that kind of growth. Are there less recalls? I'm just wondering what's going into the 7-9 and, typically, you know, most investors were thinking closer to 9. Is there a bias within there that we should be thinking about? I think you've nailed part of the answer, right? Which is it's the law of big numbers. We're a $1.4 billion business today, 7%-9% growth. That's from a quantum standpoint. That's more than it was 5 years ago. The other thing is we are investing for the long term, right? We're not taking short-term profit. We see a lot of growth opportunity, but we're painstakingly building our position in the markets. These are competitive markets, right? 7%-9% feels like the right kind of growth quantum, and I think we can deliver that for the next five years. Another one on mobility. What does it take to expand internationally? Is it mainly organic investments or there are certain acquisitions you need to do? What's the aspiration for international expansion? I know it's less than 10% of the business today. Where could that get to over time? What does it take? It takes the accumulation of unique proprietary data assets, which we can do organically, and we have a couple of instances that we are building these data assets, or it could be via acquisition. It needs to be very disciplined, and it needs to be strategic. The two areas in which we're investing in are building a CARFAX capability in Europe, and we've been investing for a few years now. We spoke a bit of supply chain today. We are building a phenomenal global supply chain data asset in automotive. We are building the data ourselves and that's a global asset. In terms of the long-term opportunity, I'd say significantly bigger than what it is today, but it'll depend on how fast we build these assets. Excellent. In the interest of time, we're gonna stop there. Dan, Saugata, Edouard, thank you all very much for taking these questions. We'll let you step down and have a seat. With that, it's my privilege to introduce our Executive Vice President and Chief Financial Officer, Ewout Steenbergen. Good afternoon, ladies and gentlemen. I'm so happy to see so many of our investors and analysts here in the room, and for you to really experience today the enthusiasm that we are having about the future of S&P Global. We're going now to dive deeper into our financial strategy, and I have four key messages for you. The first is we have an incredible track record of past performance. Number two, we have a resilient business model and a very disciplined capital allocation approach. Number three, we're going to accelerate growth and innovation by continued investments through the cycles. Number four, we have full confidence in the opportunities ahead as expressed by our financial targets. Let's look at the track record. By whatever metric you look at the past performance of S&P Global, it looks very strong. It could be earnings per share, capital generation, capital return, margin expansion. For example, total shareholder return between 2013 and this year has been approximately 22%. We as a leadership team don't take that for granted. We will continue to accelerate, challenge ourselves to become better, be more innovative, in the end, continue to remain best in class. Let's move to the second topic. Our revenue model is very resilient. It's not immune from market circumstances, but it is definitely very resilient. For example, if you look at renewal rates, they have actually gone up this year, and they're somewhere between the mid to high 90s for most of our businesses. If you think about the recurring part of our revenue base, that is now approximately 72% after the merger. I'm speaking here about numbers for 2021, because 2020 numbers are not so representative. The non-recurring part obviously came down with the ratings transactional impact this year. We think 2021 numbers are much better to talk about. We also now have 4% of our revenue base, what we call counter-cyclical products. Counter-cyclical products are products where if there is more market volatility, actually we see an increase in revenues. Some examples of this are the global trading services in the Commodity Insights business, and CDS indexes, and exchange traded derivatives in our index business. Although 4% might sound very low, if you think about it from a portfolio diversification perspective, actually it provides a meaningful risk reduction for us as a company. We have very strong cash conversion. Historically, this has run over a 100%. Why can that be so high? That's actually for two reasons. The first reason is we have very low CapEx. The second reason is the subscription nature of our business really helps from a cash generation perspective. We have total confidence in our ability to continue to generate capital and return capital to our shareholders. Therefore, we are affirming here today our overall capital targets, at least 85% return of capital to our shareholders, and a leverage in the range of 2-2.5x on a growth-adjusted basis. We are tight operators through the cycle based on our experience, execution, and flexibility. For example, between 2018 and 2021, we have executed on 2 productivity programs for a total of $220 million. This year, we have executed on expense reductions of a total of $400 million, and that is based on the acceleration of cost synergies, as well as a reduction of discretionary and variable spend. We also have multiple levers still available in case of a longer or deeper recession. Let's move to the third topic, accelerating growth and innovation. Why does that matter so much for us? If we are doing DCF valuations of the company, and we're thinking about what if we could accelerate the top-line growth by 1% versus what if we could accelerate margin expansion by 1%? Actually growing the top line by 1% more is 10 times more value generative on the DCF basis than expanding the margins. Owen, to some extent, to the question you asked before, growing an index business more than 10% at the high 60s, I would take that any day over going it to the 70% level and having a much lower growth. Absolutely, this is the right way to run the company in the future, and we will generate the most value for our shareholders. There are 5 key areas when we think about our financial strategy in terms of growing and accelerating. One is the merger revenue synergies. Number 2 is business rationalization. Number 3 is tech innovation. Number 4 is organic investments. Number 5 are transformational adjacencies. I will get back to all of these except for number 2. On number 2, I wanted to say that you have probably seen the announcement from yesterday about the intention to divest the Engineering Solutions business. Engineering Solutions is, in fact, a phenomenal business, very dedicated and engaged team, very strong leadership, a very important products that are sold to our customers, and the customers are very happy and have a very high satisfaction level. We had to ask the question to ourselves, "Are we the best owner for this asset?" The answer was no. We have no doubt there will be a very good home for this business going forward. The most important message for you is we will be also in the future, very disciplined portfolio managers. Let's move to the first area with respect to our financial strategy on growth, and this is about the merger synergies. In the first seven months since the close, we have already generated more than 3,500 referrals, and the conversion levels on this are very high. Let me give a couple of examples of the opportunities we have here. There is Cap IQ in combination with the iLEVEL. iLEVEL is the portfolio management tool for private equity customers. If you can now supplement that for private company data with private asset data, that makes it an even more powerful tool. Think about cross-sell opportunities, for example, in energy transition products that we now can cross-sell on existing IHS Markit customers. Very good momentum with respect to our revenue synergies. Let's move to the third topic. We're embarking on a journey to optimize our technology spend mix. Our technology spend this year is approximately, for the company as a whole, $2 billion. $2 billion in 2022, of which 73% is going to infrastructure and foundational systems, and the remaining 27% to core R&D and new frontiers. We think it's important to change that mix, shift that mix in the future, make it 60% infrastructure and foundational capabilities. Why is that important? There are two reasons for it. The first is what we are seeing is the industries of technology and data are more and more converging, and we have to make sure that technology is a core competence for S&P Global in the future. The second reason is all about customer experience, because we need to develop new innovative products for our customers. We have to have a fast time to market, and therefore, investing in technology innovation is really important for us in the future. With respect to the fourth area of organic investments, we're presenting to you today a new metric, which we call the Vitality Index. Vitality Index means the percentage of our total revenue base that is coming from new or enhanced products. We have been tracking this already internally for a longer period of time. Why does this matter? We can't run the company and grow the top line only on the basis of existing products and sometimes benchmarks that we're having for multiple decades within the company. We need to be focused on developing new products, new benchmarks, that will be important drivers for the company over the next few decades. In 2021, our Vitality Index was approximately 8%, and we have a target to increase that to north of 10% over the next few years. Some examples of products that go into the Vitality Index are around energy transition, bond valuations, thematics, and factor-based indices, and some of the other initiatives that you've heard from our divisional presidents. With respect to organic investments, you've heard us speaking about our strategic investment program over the last few years, where we have been investing somewhere between $100 million-$150 million each and every year. The good news is, those investments now start to pay off. Approximately 80% of the growth over the next few years will come from the investments in those initiatives. The initiatives are Kensho's capabilities to link datasets, for example, in private markets, the Marketplace, which have been talked about a number of times today already. Also, for example, expansion on a geographical basis, the sales force of commodity insights in Asia-Pacific, and also the new business activities that we're having in China for market intelligence and ratings. 80 basis points uplift, and there we think that these investments in these strategic initiatives are very healthy and positive for the company. We have the transformational adjacencies. You've heard that from Doug and almost all of the divisional presidents, they were talking about the private markets and sustainability. Private markets today is a business for S&P Global of approximately $400 million. $400 million today. We define private markets with that $400 million as follows. These are all products and services that we provide across the private market life cycle. What does that mean? For example, products and services to private equity customers, private company data, private asset data, as well as ratings, bank loan ratings and assessments for private entities. We expect this to grow by approximately 12% and become a $600 million business by 2026. Within this, there are several new product launches and initiatives where we're investing in. For example, data feeds, risk valuations, and also supply chain products for private equity customers. Those new products we in fact expect to grow by approximately 40% over the next few years. With respect to sustainability, if we can go one slide back, please. Sustainability, we expect that to become an $800 million business by 2026, growing with a CAGR of approximately 34%. You recall in the past we talked about ESG revenues. We have slightly tweaked here the definition. When we speak about this, for example, it now includes EV coverage products and also some energy transition products. Largely, this is still the same of what we have talked about in the past and becoming really meaningful now with an $800 million level expected by 2026. Let's move to the fourth part of my presentation around our targets. As you know, we have already raised our synergy targets twice, and we're not planning to raise those targets again today because we're fully focused on the execution of our synergies. $600 million cost synergies, $350 million of revenue synergies. You know our management philosophy. We will execute, we will deliver, we will focus on finding new opportunities, and at some point, it becomes semantic. Is this operating leverage and efficiency that is still synergy or is it just a normal day-to-day expense takeout? We will continue, of course, to look all the time for new opportunities as well. Let's speak about 2023. 2023 we see as a transition year. The beginning of the year, we have to run a tight ship given the economic uncertainty, but we have to make sure we are investing as well, so that once the markets start to turn, we can take clear advantage coming out of that. We wanted to give you a preliminary look in terms of our financials for 2023, and this is based on a number of assumptions. The first assumption is a mild recession in the beginning of the year, then some economic strengthening in the back half of 2023, and still a very modest assumption with respect to the recovery of the ratings business next year. Under these assumptions, we expect next year the business to grow for the company as a whole in the range top line 6.5%-8%, margins to be in a range of 45%-47%, and have adjusted EPS growth at a low double-digit level. We also expect to continue to invest. Strategic investments, $150 million, which is about $35 million higher than we have this year. Investments in core innovation, this is the element that Dirk talked about before. These are investments in existing products of approximately $110 million. That is more or less the same of what we're having this year. The medium-term targets. You heard from the divisional presidents about the outlook in 2025 and 2026. These are not CAGRs. These are annualized growth levels that we expect in 2026, and perhaps if we can accelerate, in 2025. Why don't we speak here about CAGRs? The reason is that it's very hard to predict the short term, how long and deep will be the economic headwinds. Once we are getting out of it, we expect to see the company performing at these levels in 2025 and in 2026. By the way, Manav, to your earlier question, this is all based on organic initiatives, so does not include any inorganic initiatives within the plan. On a consolidated basis, we're looking at revenue growth in a range of 7%-9%, adjusted operating margins in a range of 48%-50%, adjusted EPS at a level of low to mid-teens growth, and continued return of capital of at least 85% of free cash flow. In conclusion, we have an exceptional track record of past performance. We have a very resilient business model, and we have a very disciplined capital allocation approach. We're expecting to accelerate growth and innovation by continued investment through the cycle, and we have full confidence in the opportunities ahead, as expressed by our financial targets. Thank you so much for your attention. Now I would like to invite Dirk and Mark back on stage so we can take your questions for the enterprise. Thank you. Thank you very much. As a reminder, we do have all of our presenters here available. Doug and Ewout obviously on stage, but feel free to direct your questions to anybody that spoke today. We'll start here with Manav. Thank you. I guess I'll do one for each. Ewout, maybe just first for you. In 2023, numbers that you just gave, you know, you have 7% organic growth, cost synergies, leverage on that number. Just talk to us a little bit about the margin range seems a little conservative, and then if there's any other non-operational headwinds, 'cause even the low double-digit EPS growth seems pretty, you know, conservative. Just as a follow-up, longer-term, Doug, for you know, that high single-digit growth, how do you break that out in your head in terms of, you know, pricing and, and then the NPI and other initiatives just to help us, you know, think about that over that period? Manav, with respect to the outlook for 2023, this is our best estimate that we have at this point in time. We will get back with full guidance at the beginning of February. Obviously then you will see more details around it. There's a couple things that go into the mix. In the positive side, obviously, the cost synergies and the revenue synergies are going to be very helpful next year. There's a few things that you also have to take into consideration. One is we will have a reset of incentive compensation back to 100%. That adds a certain cost level back to the baseline. The second is, I was already speaking about the strategic investment budget, which is $35 million higher next year. The third is, for the ratings business, we have a quite a modest expectation in terms of recovery of that business next year. The fourth is, you have to take into account that the index business is going to face very difficult comps for next year. Why? Because the AUM levels were pretty high still at the beginning of 2022, and then we also have seen elevated exchange rate derivative volumes for a large part of this year. Those are a couple of things that go into the mix, but we think growing the company at the level of 6.5%-8% and have margin expansion in that range of 45%-47%, we think overall that it was going to be a very healthy year for the company. Of course, still under the assumption that we're facing some headwinds, particularly from the economy during the first half of 2023. Manav, to address your longer term growth question. As you know, you've seen throughout today that we have incredible opportunities when it comes to the synergies. That's gonna be clearly one of the sources of the growth is the synergies coming from, in particular, Market Intelligence, Indices, and Commodity Insights. All of them have outlined their opportunities, which is cross-sell starting now, which we've already seen a lot of success from. Going forward with new products, in particular, bringing datasets together. Pricing is something that we always think about relates to the value we can bring. I mentioned in my opening remarks that we have over 100,000 customers, and it requires us to continue to meet with them, to listen to their needs, so that if when it comes to pricing, we can always provide them with clear value in order to have that value pricing equation. We also see Ewout talked about the Vitality Index, which is another index we're gonna start reporting in the first quarter. This is also one of the key areas. We wanna have the metrics in the company, the ability for every division, every president, every person understand that that's a really important part of our growth algorithm. It's Andrew Steinerman, J.P. Morgan. I have a pretty simple question. Hopefully, it's a simple answer. Do you think you're gonna be able to give us the revenue synergies and the core synergies year by year? The revenue synergies go out to 2026. I just think it might be hard to maybe keep track of internally and communicate it to us. Like, could we hold you accountable year for year to report, you know, how we're doing against those targets? Andrew, absolutely. You can always hold us accountable for any targets, any financial results. Dirk and myself, the leadership team, our philosophy is always to be 200% transparent with respect to our results, our targets. I think you see this disclosing in many of our products that we put out every quarter. Definitely in terms of those metrics, we will be very clear on a quarterly basis, and we'll be able to track that. Andrew, I wanna add to that when it comes to the merger, we're very rigorous about our tracking. We have an integration management office, we call it the IMO. We have a value capture office, the VCO. These are not things that are gonna go away. We meet very frequently. It used to be once a week, now it's about once a month, to go through very detailed reports. I like to see things on the reports that are red and yellow. That means that there's things that are falling behind that we can ask questions about and make sure we're bringing the right resources to bear. We have the metrics in place, we have discipline around this, and all the people sitting up here, they're accountable for it, and we're gonna hold them accountable. The penultimate row in the back there. Thanks. It's Jeff Silber with BMO Capital Markets. I've got a two-part question, but neither part has anything to do with each other. We've seen a lot of market disruption, especially over in recent weeks, from China and cryptocurrency. Can you talk about your exposure to both of those markets and maybe plans for both of those markets going forward? Thanks. Let me start and see if maybe Martina can add a little bit about the cryptocurrency. Let me start with China. Our business in China is one that we're investing in for growth for the future. It's not a material part of our business overall. We've seen that when it comes to the financial markets, that the Chinese financial regulators still have opportunities, and they're looking for growth in that market for more foreign investment. They're looking for a new, more transparent market that works the way they do in other capital markets around the world. We're sticking with China. We think it's critical for us to be there for the long run, and we haven't seen any impact on our businesses there. When it comes to crypto, and I'll hand it over to Martina, let me just start that we have very little today in what you could call the crypto or the cyberspace. What we do have, though, are a couple of people that are really embedded in our businesses, working hard to understand what all those opportunities could be. Martina, why don't you add to that? Thanks, Jeff. Maybe stand up. My boss, Mark, is telling me to stand up. We, yeah, we introduced a very non-traditional role for S&P Global Ratings, which is Chief Decentralized Finance Officer. This is about May of this year. Part of the reason is that the job that I've asked him and his team of two to do is to basically understand how the actual market infrastructure is gonna change. Crypto, we're not exposed to crypto. We have a handful of ratings in the decentralized finance space overall, but what I really wanna understand is exactly who's gonna get disintermediated over the next 10+ years, what shape it's gonna take. We are seeing very high-profile global investors, asset managers, et cetera, get into this asset class. We wanna map it out and understand what it means for overall S&P Global, also specifically within the context of S&P Global Ratings, how we might actually operate, what does a credit rating agency look like in the decentralized finance space? It's something that's very important. We've actually spent quite a bit of time sharing our findings with our regulators as well, because they're interested in understanding this also. Thank you. Shlomo Rosenbaum again from Stifel. I want to ask a little bit about the Vitality Index. 10% growth, as measured by that. What is the base? In other words, is it the last things developed over the last 3 years, the last 5 years? Is anything changing with your, kind of bringing that out? Is there gonna be some kind of, you know, office of innovation or something that you're developing internally that's gonna be more focused on that? Or is it just kind of a natural evolution where you're somehow lighting a fire more under people to try to, you know, develop more innovation internally? Thanks. Shlomo, the Vitality Index, how we calculate is this is a% of the overall revenue base of the company based on new or enhanced products. You're right, in terms of the horizon, when those products fall off and they are not new or enhanced anymore, become basically in the base. That is somewhere between three to five years. We'll have a committee that is in place, we call it the vitality committee, that makes some of those judgments. The vitality revenues themselves, so that component, we expect to see that growing north of 20% over the next period. A little bit to Andrew's point, we're planning to start to disclose vitality revenues on a quarterly basis from the first quarter of 2023 onwards. You would be very clearly able to track and monitor this. That is more or less the definition how we look at vitality. We think, again, it's a really good indication of the overall level of innovation and new initiatives that we're having as a company. I want to add that this innovation approach that we're taking is something that's embedded in everybody's goals and objectives. We don't have an innovation office or something that turns it into that. But we do have an approach where the presidents of all the divisions get together with Ava and myself, and we actually debate where we should be investing our capital. We like to treat our capital as if it's precious, and we can't say yes to every single idea that comes in. We wanna make sure that when we do provide capital for growth, that we're looking at it in a way that we all believe collectively it's the right investment. Then after that, we track it, and we measure it to make sure that it's going to pay off. We're gonna be measuring it and giving you external views on it through the Vitality Index. Stephanie. We'll get Alex next. Hi. Thank you. Stephanie Moore again with Jefferies. Continuing on the same topic, you know, I appreciate the incremental detail about the technology innovation and specifically shifting about 10% of that spend from core to innovation. How should we think about the timeline from some of these incremental investments in innovation to when we would actually start to maybe see the, you know, the benefit or the top line benefit on average? Will I take it? Yeah, you take that. Stephanie, it's very hard to be giving you a specific answer for one element, because how you should look at this is all the pieces that we have been talking about today, the new growth initiatives, the strategic investments, the adjacencies, the technology spend, all roll up together in higher top line growth for the company in 2025/2026 of that 7%-9%, compared to 6.5%-8%, what we told you about when we did the merger announcement. It is very hard to parse it out, but definitely this is an important component to it. If you spend $2 billion, and obviously that number will be growing over the next few years, we can shift a meaningful portion of this to new initiative, R&D in the core and also new frontiers, that will definitely be helpful funding for all those new initiatives in order to achieve that higher top line growth for the company going forward. We'll do a little pinball here in the center aisle. Alex and then over to Tom. Hey, Alex Kramm, UBS again. I don't know if this is just a continuation of what was said already, but I just wanna come back to the long-term margin outlook. I mean, if I did the math right, you're basically talking about 100 basis points per year in margin for the next few years. If I think back to when Doug took over at S&P, for the next few years, I think you were pretty proud about achieving about 200 basis points per year. That was kind of the message, I think, when you did this deal too, with IHS Markit. I hear you with accelerating the growth, and investing more, but just wondering why 100 basis points is the right number. Like, how do you... How you balance, like, taking that margin expansion that you were historically proud of and down by a meaningful amount, maybe basically slashing it by half, and then, you know, I guess the confidence level that that's the right number to grow that acceleration. Yeah. Thanks, Alex. First of all, if you go back to when I first started as CEO, our margins were in the mid-30s, and we've been able to grow them by over 1,100 basis points over that period from 2013 to 2021. This was because we had an opportunity to bring together the company to ensure that we were operating with the kind of technology team that you saw today, that are completely connected, that are ensuring that we have reuse of new technology. We use a DevOps approach that allows us to use that across every division. Our technology people are connected. We have a single approach to managing all of the functions. We no longer have 16 different pay grades in the company and 16 different payrolls. We have a single payroll, et cetera. I could go on and on about those things that we've already done that allow us to operate a company with a single vision, with a single purpose, and bring them together. That allows us now to have divisions that are very well-focused on the customer, on the growth opportunities. We also think that investing for growth is gonna be valuable. When you saw today from all of our division presidents the different opportunities we have to grow in different types of markets, multi-class, multi-asset class indices, what we can do with sustainability, with energy transition, with the change going on in the automotive market, we believe it's actually the best use of our capital to keep growing towards those new areas and not just sit back on our laurels and base our entire growth on old products only. Toni and then Faiza. Thanks so much. Toni Kaplan from Morgan Stanley. You talked a lot of today about the fast growth markets and a lot about innovation. I guess, one, I imagine that those markets are probably very competitive because they are fast-growing, and so does that sort of change how you have to, you know, operate in those businesses? I know you're bringing scale and brand and resources, but is there something fundamental or some way that, like, you're innovating a little bit differently or competing differently in those markets? I'm gonna start and then hand it over to Adam and then Saugata, because these are some of the big markets we're competing in. A lot of these markets we've talked about, private markets and sustainability, I'd add supply chain net to as well, are very fragmented. They are competitive, but they're competitive with literally hundreds of different organizations. There's a lot of startups, a lot of single person shops, organizations that are out trying to come up with new ideas themselves. We have some assets that nobody else has. We have the technology base, we have the scale, we have the sales forces, et cetera. Why don't we hear a little bit more specifically from Adam and Saugata about some of the markets they're in? Sure. I don't know that it's a difference in methodology or how you approach those markets. A lot of it is in the scale and the combination of capabilities. I talked a little bit about private markets earlier and the scale of services we have across private markets, the ability to access that customer set and continue to build in an asset class that we know is growing at a very rapid rate. Take something like supply chain, which I've also mentioned, we didn't talk a lot about today. Being able to connect economics and country risk data, maritime and transportation data, knowing where all ships are on the ocean, what commodities are on them, and coupling it with vendor management tools like KY3P. It doesn't sound obvious at first. To a procurement or a supply chain manager at a large corporate, these two are very highly connected because they're looking at who are my vendors? Where am I sourcing my materials? We have war, all kinds of interruptions of supply chains. Where am I going to source a product? What geography? Who are the suppliers? What does their credit risk look like? What does it take to get goods from that supplier versus this supplier? Are they vetted from a vendor management perspective? These all connect. Bringing the multiple capabilities together really helps us accelerate in some areas where we know there's significant increase in demand. Thank you. Doug and Adam talked about scale and some of the things that we're doing, but I'd highlight a few things and give you a few examples. One of the things, and you saw this when we talked about strategy as well, we want to be differentiated. We operate in markets that, you know, are very competitive. We have very formidable competitors, and our focus is on making sure that our content, our data, our insights, our solutions are differentiated. We want to make sure that we are leveraging unique assets and proprietary capabilities that we have in creating this new generation of solutions. Example, the upstream business, right? That's been through its challenges over the last few years. We are focused on how do we take those assets and capabilities and create new solutions for the new markets that are emerging. For example, if you think about carbon sequestration, carbon capture and sequestration, we have unparalleled data in terms of land records and datasets organized properly, and we are taking those assets and creating new solutions for energy transition, which customers can use to figure out where do I want to store this carbon? What are the economics around it? That's just one example. I would also encourage all of you, if you haven't had a chance, look at the Platts Dimensions Pro demo that's here today. It kind of highlights our energy transition package and how we are taking our existing capabilities and creating new solutions that are differentiated. Faiza, right here. Thank you. It's Faiza Alwy from Deutsche Bank. I have a question for Adam. I wanted to follow up on the competition point because I feel like it's in your business where we see maybe most of the competition. As we think about your long-term targets at 7%-9%, is there a way to maybe talk about market share gains versus market growth? Is that the right way to think about the business at all? Is that how you think about the business at all? Thank you, and thank you for sharing the microphone. Probably not. I don't think market share is really the right way to look at it. The scale of our business today and the capability set that we have, we're really competing against a very wide universe of competitors. It's not the traditional two or three or four large information service providers. We're competing against fintech startups. We're competing against internal IT teams at companies and at customers. The range of competitors has changed dramatically as the scale of the business has changed. We're always gonna look in each business at who is our competitor set in that business. We're always gonna strive to be a number one, number two player in that market, and we're gonna bring to bear the scale and the capabilities we have across the firm in order to elevate our game in those spaces. We'll look at market share where it's relevant to make sure we're not losing ground and know that we're gaining ground. I don't think overall there's a particular market share we could look at that would gauge where our success level is overall. All right. Just a quick follow-up for Martina on the Ratings business. How important is the high yield in LBO market to the Ratings business? Because as you were showing the history since 2010, it has been a very low-rate environment, and the high-yield market has really ballooned since then. I'm curious, as you know, rates are at a different level now than they have been historically, and you know, a lot of the private equity funding seems to have dried up. Does that play into your forecast? How do you think about that longer term? The mic around here. It has been a very important component of the business. It's grown quite significantly, as you said, over time. Actually, I think we've added about 2,000 new issuers since 2020, and a large number of those, more than half are in the high-yield space, that great space. Very important to the business. As I said in the presentation, we do expect a number of those to come back to the market. Part of that is because they will refinance. While we've seen a number of them on the sidelines this year, there are some green shoots now. We're seeing some assets flowing back into, you know, these high-yield funds, you know, as well as the investment-grade funds. There's been some really positive news over the last couple of weeks. You know, overall, we see a return in that area over the next three to four years. Bank loans, I think there we've got a variety of factors at play. As you said, there's. Certainly been a little bit of a slowdown, I would say, in the inflows into private equity funds or private debt funds. You know, all of this takes shape in our, in our numbers as we go look out to 25, 26. You know, these are areas that we haven't changed our focus on them. We're still very focused on them. Owen? Thank you. Owen Lau, Oppenheimer. For the first pitcher, you had an announcement yesterday about the Engineering Solutions. Is there any other business or segments that you think might not fit well into your strategy over the next three to five years? Do you think if there's any room to further simplify your story for investors, or you think the current mix of business is appropriate? Thank you. Yeah, let me take that question. We have a really strong, powerful group of companies. You saw today that every division is providing growth. We have long-term growth opportunities. We see opportunities now to bring together the data and analytics across the company for new innovation. We're gonna continue with our discipline. As you know, you saw a slide that I showed that over the period from 2013 to 2022, we had many divestitures. We weren't just focused only on acquisitions. We're gonna continue the discipline to allocate our capital where we can be the best owners, where we can get the best growth, where we have the best fit across the entire organization. There's no plans right now on anything, but this is a discipline we're gonna maintain. All right. This is Ashish. If I can just follow up on Faiza's question around issuance, more broadly, how we think about the normalization of issuance. Obviously, issuance in 2022 is at a depressed level, the target rate of 6%-9% assumes we get back to a normalization and then grow off there. Two-part question there is, what's the new normal that we should expect? Again, the timeline is unknown, what's the new normal that we can get to and then have a more normalized growth? The second question there would be, just as we get to the new normal, is it fair for us to assume that the CAGR before we get to a new normal, will be actually faster growth for ratings business before we normalize to the new normal? Yeah. Maybe just to break down the question a little bit. The assumptions that we have underpinning the target model for 25 and 26 include all the factors that I talked about earlier. The refinancing wall is always important to us. We went through that. We see these growth upticks in asset classes that we think will become very important over time, like project finance, et cetera. We have a series of assumptions around that. We have some assumptions around opportunistic issuance, and that we've taken a prudent view on that. You know, I mean, it's... At this point, we have our view on 23 in terms of what the macroeconomic environment looked like. Ewout mentioned that as well. I think we just wanna be very cautious and, Well, not cautious, I'll say prudent, in terms of how we view the outlook for opportunistic issuance, because that's the real variable factor there. Andrew and then Alex. Ewout, I'm gonna ask you about 2024. You know, obviously, somehow that year was left out of the discussion today. I'm only really talking about organic revenue growth glide path. You gave us the prelim for organic revenue growth, 6.5%-8%. You said you might be able to get to the target 7%-9% in 2025 and fully get to the target 7%-9% in 2026. I just wanna make sure that. I know you've left out 2024, but my question is, shouldn't we think of 2024 at least as fast as 2023? Is there any kind of puts and takes that you wanna kind of throw out there in, let's just call it, the missing year? Andrew, there is no mystery around 2024, I can promise you that. What we were just trying to do is 2 things. On the one hand, give you medium-term targets. You have heard these phenomenal plans of the divisional presidents, how they're going to grow their businesses, how they're going to develop their markets, what they're going to offer to their customers over the next few years. You should know what that will translate to in terms of financial results and outcomes in 3 to 4 years from now. We wanted to give you an indication of what to expect for 2023. Not full guidance. That's too early. We know that there's a lot of volatility in the current environment. We think it's realistic that we need to come back with full guidance when we do that normally, when we re-report our fourth quarter earnings. To give you already an indication, so you have a feel for what the company can accomplish in 2023. There was no magic reason to let 2024 out for any particular reason. We know, you know that we are a very steady, stable company. Maybe this year with Ratings, the impact has been extraordinary, but otherwise, you know that there's a lot of trends in terms of performance growth and margins of this company that are very steady, stable, and predictable. I think that's the way that you probably have to look at the missing year, 2024. There's nothing there otherwise, then really we should see those trends continuing, over the whole four year period. I think you may have just taken my question, but, I'll ask it maybe a little bit different. You made pretty clear that it was not a CAGR for the next few years. Maybe similar to his question, and, not specifically to 2024, but since the real targets are two or three or four years away, right, 2025, 2026, how do we measure success over the next few years? Should we expect that some of the businesses that are clearly lower growth right now will gradually accelerate? Hopefully every year we'll see an acceleration of those business. If there's no outlook really on the CAGR for the next few years, should we just assume that Ratings is really the missing piece to either drive the CAGR higher or lower than that 7%-9%, depending on when it comes back? Again, maybe the same question just asked differently, but maybe any more color. Well, Alex, in the end, success, you can measure by the targets that we will set on an annual basis. You understand, for obvious reasons, we don't give full guidance for 2023 by segment. It is very hard to say, okay, now you have a target to look at from a performance perspective for each of our segments for the next 12 months and hold us accountable for it. But what we have shown you is a roll-up of the expectations in terms of those 3 main indicators for next year. Top line growth, 6.5%-8%. Margins, 45%-47%. Low double-digit EPS growth. There's of course, a lot of puts and takes that go into it, so I think it's too detailed to give those all those different pieces for next year. If you speak about 2023, that is what you should expect. That is what you should hold management accountable for. That is what is the main metrics of success. Obviously, we're on that glide path to then ultimately get to that performance in the 3- to 4-year window out. I would say the most important there is, can we grow the company faster than we have done in the past? Because that is the core thesis of the merger. We have said the combined company can go faster than both companies would have been able to accomplish on a standalone basis. Ultimately, that is, from my perspective, the main indication of success. I wanna add something to the last two questions, which is very specific. You saw the revenue synergy targets that we've put in place for the merger, and we saw them today. You're gonna hold us accountable to those. Those start feathering in more and more each year. They've started this year with cross-sell. Next year, it's gonna be more cross-sell, and then some of the new products. They start feathering in, and we're gonna be able to tell you how we're doing on that, and that will add to our top-line growth. In the front. Hi, I'm Colin Ducharme with Sterling Capital. A couple of maybe clarifications from Ewout, and then a question for Doug and maybe Dan as well. On the clarification side, the technology spend going from core to innovation, if you could maybe just dig a little deeper and provide a couple of examples on exactly what that means going forward. A couple of examples might be helpful to help illustrate. Then I appreciate the emphasis on revenue growth in the next few years. Can you clarify whether the pricing philosophy is going to change at all? That's an easy way to grow any business, as we know. I know you price to customer value, but if you could just clarify, you know, whether we should have a takeaway today that, you know, the pricing philosophy has changed. Then for Doug and maybe Dan, you know, an accretive way to grow is your high-margin index business. An obvious opportunity is to better diversify that across geography, 83% domestic now. You know, the business kind of reminds me of the way ratings, you know, has developed historically. You have kind of local, you know, recognizable names in various geographies. Can you just set the table for us and talk about not just the opportunity set there globally, but also the priority to either partner, as you've done with Dow Jones or outright acquire, outside the U.S. to help grow that business? Thank you. First on the clarification of the different technology buckets. When we speak about the infrastructure and core systems, what goes in there, cloud, data sensors, all the desktop environments, cyber, and the enterprise-wide systems that are foundational. Think about ERP, people systems, and so on. If we speak about core R&D, these are investments in existing systems. If we are investing, for example, in development for Capital IQ Pro, that would go in that bucket. In terms of new frontiers, think about new system development for sustainability. That would be an example in that category. We would like, of course, to reduce the foundational, the infrastructure in order to have more of the spend available for new product development and investing in our existing products that are really customer-facing in the end. That's the first clarification. In terms of pricing, we always are careful to speak about forward-looking pricing, particularly for certain of our businesses for obvious reasons. What we could say in general is pricing is always linked to customer value. We start with what do we deliver for the customer? Can we justify it? Is the value that we're delivering really attractive? From that perspective, we will have the conversation with the customers at the point of renewal, what is a fair price increase going forward? Obviously, in a high inflationary environment, we see a cost price increase. We see, as every other company, that there's upward pressure, for example, on the compensation expenses. It is fair in the current environment, if the cost price is going up, that we need to pass that on because we want to protect our margins. Definitely that is an element that is more taken into consideration now than it used to be when the inflation was much lower. If I could address indices, I'll turn it to Doug. Look, I think it's a great question, but let me level set. If you think about our core US equity strength, if you look at a global equity index, you know, like our BMI, US equities are 58% of that index. If you take the market capitalization of investable assets globally, US equities are about 40%. That is the foundation and the brand that we're starting with on it. In addition to that, if you think about this idea of multi-asset we've talked about, for example, we have Nomura in Japan, just launched the first multi-asset ETF in Japan. If we can now take, think about the S&P 500, the iBoxx, the right side of corporate America's balance sheet, that's exportable around the world. That's gonna give us a powerful combination to be able to do that. The exchange-traded derivatives we talked about. Again, Globex Futures contracts are global investors. You know, the S&P 500 options are global. Go to Europe. Right now, sustainability, ESG are hugely disruptive factors. That's where we're going in with the S&P 500, the 400, 600 in Europe. We're able to now go with iBoxx, the packed indices that we've kinda talked about. We're looking for disruption as investors want one-stop multi-asset shopping. If we can get in front of those local benchmarks and have that language, and also being able to, again, bring this whole liquidity ecosystem, you know, which our demo demonstrated, we wanna disrupt in Europe, we wanna disrupt in Asia and Latin America. By the way, those markets are all laggards or growing behind the evolution of active to passive shift. We're leading with our SPIVA, this idea of the lower cost benefits to investors around the world. We're gonna take thought leadership, IP, and where we can disrupt, we're gonna do that around the world. The only thing I wanna add to that, this goes back to one of the themes I talked about in the beginning, which is the capital marketization, if that word exists, around of the markets around the world, when the shift from banking markets to capital markets. As that happens, the solutions for indices starts exploding. We're there, we have positions in many of the markets around the world. We have relationships with local exchanges, this is one of the longer-term trends that I'm really excited about. Okay. That does take us to time on Q&A. We'll hop down, and we'll turn it over to Doug for some closing remarks. Thank you, Mark, and thank you, Ewout. I wanna thank everyone for joining us today. I had a lot of fun here. This is just the beginning of S&P Global and our new vision of powering global markets. We started off today by you learning more about our vision, about our strategic framework. You heard from Ewout about our financial algorithm, about the discipline we're always gonna continue to manage with. I'm so pleased you're able to meet all the presidents because you know Ewout and I very well from our earnings calls. You hear us all the time, so I think it's really valuable you've got to meet with our presidents. I'm not gonna give any of them yellow cards. No yellow cards. You also heard from our tech leaders, and you learned more about the way we're connecting data in completely new ways to develop opportunities to serve the markets, to bring new products, to bring a new S&P Global forward. I wanna thank our 35,000 people, in addition to the ones that made this day possible. Our people have been working through a lot of change, and they're dedicated, they're committed, and they're really fun to work with. I wanna thank all of the people in S&P Global. Finally, I wanna thank our shareholders. Our shareholders, you have been committed, you've been supportive, and you've had a lot of confidence in us. I wanna thank you all again for joining us today. Please stick around. We're gonna have an opportunity to mingle and have some refreshments. I really appreciate everyone joining us today, and thank you for the support. Thank you very much.