Good morning, and thank you for joining today's S&P Global Q3 2022 earnings call. Presenting on today's call are Doug Peterson, President and Chief Executive Officer, and Ewout Steenbergen, Executive Vice President and Chief Financial Officer. We issued a press release with our results earlier today. If you need a copy of the release and financial schedules, they can be downloaded at investor.spglobal.com. The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates, and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements. A discussion of these risks and uncertainties can be found in our Forms 10-K, 10-Q, and other periodic reports filed with the U.S. Securities and Exchange Commission. In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management. The earnings release contains exhibits that reconcile the difference between the non-GAAP measures and the comparable financial measures calculated in accordance with U.S. GAAP. I would also like to call your attention to a specific European regulation. Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact investor relations to better understand the potential impact of this legislation on the investor and the company. We're aware that we have some media representatives with us on the call. However, this call is intended for investors, and we would ask that questions from the media be directed to our media relations team, whose contact information can be found in the press release. At this time, I would like to turn the call over to Doug Peterson. Doug? Thank you, Mark. We're pleased to discuss our Q3 results and how we're growing, innovating, and executing with discipline, even in the face of a challenging macroeconomic backdrop. With each quarter that passes, we see further evidence of the strength of our combined company. While no one could have predicted what this year would have looked like, we have benefited from the diversification of our revenue and profit streams, and that ballast has provided great resilience as we continue to navigate choppy waters. It's been nearly two years since we announced the merger, and I'm proud of the progress we've made. We continue to put the customer at the core of everything we do, and we continue to demonstrate a clear commitment to our people while maintaining a high standard of operational excellence. We have an incredibly bright future, and I'm excited to share more with you about our 16% year-over-year or 6% ex-FX, with growth in 4 of our 6 divisions being offset by continued decreases in Ratings, as well as a year-over-year decline in Engineering Solutions this quarter, which is approximately 250 basis points of adjusted operating margin expansion year-over-year. We're updating our guidance ranges to reflect continued headwinds in Ratings as well as better than expected performance in Indices. Guidance ranges for our other 4 divisions are unchanged from last quarter. I would also like to share a few other highlights from the Q3. As I mentioned, we're coming up on 2 years since the merger was announced and nearly 8 months since the close. Our post-merger integration efforts are proceeding on track, but very importantly, we're outperforming on both cost and revenue synergies. Our customer conversations remain encouraging despite the economic environment. We continue to see significant growth in multiple business lines due to secular trends that will likely benefit us for years to come, like energy transition, as well as the near-term benefit we see from volatility and the need for insights and analytics in times of turbulence. We also remain committed to the capital allocation plan we laid out for you at the time the merger closed. We're on track to deploy the full $12 billion in funds for accelerated share repurchases by year-end. Turning to the commercial success we're seeing in the business, the merger continues to generate encouraging conversations with our customers about the increased value we offer as a combined company. In Market Intelligence, we developed a strong commercial pipeline in September, and we believe we will see a re-acceleration of the desktop business in the Q4. Between Market Intelligence and Commodity Insights, we've generated well over 3,000 cross-sell referrals since the merger closed, and the conversion rates are strong. Despite the issuance environment, our Ratings teams remain highly engaged. We remain connected with investors and issuers to maintain relationships and ensure we have the appropriate understanding of their needs in advance of any recovery in the debt markets. Commodity Insights and Mobility are both seeing significantly improved retention rates relative to recent history, as well as strong competitive wins and new customer growth. We saw a very important win in our indices business this quarter as a large Japanese asset manager launched the first cross-asset ETF in Japan based on both iBoxx fixed income and S&P Dow Jones equity. 200 basis points to 46%, as both profits and margin were negatively impacted by the decrease in ratings transaction revenue, partially offset by cost synergies realized in the quarter. As you know, we measure and track adjusted segment operating profit margin on a trailing 12-month basis, which was 45.5% as of the Q3. Despite the impact of the issuance environment, we benefited from the resiliency of our businesses as well as disciplined cost management and cost synergies to significantly moderate the impact to our adjusted EPS, which declined only 4% year-over-year. Looking across the six divisions, I'm pleased to report positive growth across four of our divisions, with Ratings continuing to work through a difficult issuance cycle and Engineering Solutions entering an off-cycle quarter without the sale of a core product that is released once every two years. Throughout the year, we've seen outsized growth in certain products as customers depend on our data and information to make informed decisions during uncertain times. We saw double-digit revenue growth in multiple product lines as a result. Within our Indices business, revenue from exchange-traded derivatives outperformed our internal expectations, growing nearly 40% year-over-year. Our CDS indices, which include the CDX and iTraxx index families. From weather events, our customers continue to come to us for help navigating the uncertainty. This is evident in the growth we saw in key product offerings for Market Intelligence, including Trucost and Equities, Data and Analytics. I'm pleased to mark the first anniversary of the launch of Platts Dimensions Pro, a one-stop experience across Platts benchmark price assessments, news and analytics spanning 13 commodities, including energy transition. Over the last year, we've continuously increased functionality, introducing new features on a regular basis. This unified platform is gaining clear recognition, with active user growth nearly doubling in just the last 6 months. Moreover, some of our newer benchmarks continue to expand their market presence. Our low sulfur marine fuel assessment is a great indicator of the trajectory of a successful new benchmark. Assessments like this often take multiple years to truly scale and become literal market benchmarks. In the Q3 based on our price assessment, representing a 15% increase compared to last year. Our iron ore assessment has been the primary physical market pricing reference for seaborne fine iron ore delivered to China for over 10 years, and it's still growing at an impressive rate. We understand the importance of reliable market benchmarks to the secular energy transition story, and we're positioning ourselves for long-term success. The chart on the right shows the cumulative number of new assessments we have launched in energy transition over the last 2 years. These include a new suite of Australian hydrogen prices, covering one of the key producers of this future fuel, as well as the Methane Performance Certificate that we believe will be an integral component of low carbon crude trading. Now turning to issuance. During the Q3, global rated issuance decreased 40% year-over-year. In the U.S., rated issuance in aggregate decreased 47%. European rated issuance decreased 19%, and in Asia, rated issuance declined 47%. High-yield was down by 80% year-over-year in both the United States and Europe and was down nearly 100% in Asia. Structured finance in Europe was the only positive regional category in the quarter, increasing 7% year-over-year. We've included additional details on the subcomponents of issuance by region in the slide deck. We continue to make significant progress in our sustainability products. ESG revenue increased nearly 40% year-over-year to nearly $50 million in the quarter. We saw continued innovation in our ESG indices and the market recognition of our strength. We launched the S&P Net Zero 2050 Carbon Budget Indices, and we ended the quarter with ESG ETF AUM of $35 billion, an increase of 7% year-over-year in a down market. Within Market Intelligence, we launched enhanced physical risk exposure scores and financial impact datasets to support clients as they seek to understand and manage the physical and financial exposure to climate change. Our Ratings division continues to see success here as well, completing 13 ESG evaluations and 23 sustainable financing opinions in the quarter. One of the most important competitive advantages in our ESG efforts is the corporate sustainability assessment, which is an annual comprehensive assessment completed in partnership with participating companies. The S&P Global brand and everything it stands for continues to drive growth in the number of companies seeking to partner with us in this assessment process. Year to date, we've seen more than 2,300 companies opt in, a more than 25% increase from the same time last year. Now turning to the outlook for the remainder of the year. Beginning with our issuance forecast, our Ratings research team is expecting an approximately 19% decline in global market issuance, including both rated and unrated issuance for the full year. This compares to the previous forecast of down 16%. Importantly, our finance results and guidance are more closely tied to billed issuance, which can differ materially from market issuance as we described last quarter. Year to date, market issuance has declined approximately 14%, while billed issuance has declined approximately 42%. Based on the trends we saw in September and October, we now expect billed issuance to be down approximately 45%-50% for the full year. When we look to the broader macroeconomic environment for the rest of 2022, we continue to see further deterioration from what we expected in August. In addition to the downward trend in issuance, our expectations for GDP growth, inflation, and the commodities markets have all lowered. With only two months left in 2022, we wanted to provide what will likely be the final update on some of the macroeconomic indicators we're using to help inform our financial guidance for the year. We'll not be discussing our expectations for 2023 on this call, but we will be closely monitoring both the internal and external indicators of our business over the coming months. We'll plan to provide our initial 2023 outlook at the customary time when we report our Q4 results early next year. Before I turn the call over to Ewout, I want to thank the incredible people we have at S&P Global. Our people have executed well in a challenging environment this year, and have delivered great value for our customers and the organization while managing a complex integration. I'm confident that we're well-positioned to drive long-term growth and create long-term value for our shareholders. With that, I'll turn the call over to Ewout to walk through financials and guidance. Ewout? Thank you, Doug. Doug has already discussed the headline financial results, and I would like to cover a few other items. As Doug mentioned, the adjusted financial metrics we will be discussing today refer to non-GAAP adjusted metrics for the current period and non-GAAP pro forma adjusted metrics in the year-ago period, unless explicitly called out as GAAP. Adjusted results also excludes the contribution from divested businesses in all periods. Adjusted corporate and allocated expenses improved from a year ago, driven by a combination of synergies and reduced incentive cost. Our net interest expense decreased 17% as we benefit from lower average rates due to refinancings following the merger. Adjusted effective tax rate was up modestly, but towards the low end of the guidance range we expect for the full year. As most are aware, we exclude the impact of certain items from our adjusted diluted EPS number. Among those items in the Q3 were approximately $108 million in merger-related expenses, the details of which can be found in the appendix. We generated adjusted free cash flow, excluding certain items of $965 million. We remain committed to returning the majority of this cash flow to shareholders through dividends and share repurchases. Year to date, we have deployed $11 billion towards share repurchases, and we expect the final $1 billion of our previously announced ASR program to be completed by year-end. We know that the US dollar remains strong against many foreign currencies, and we've seen a corresponding impact on both our revenue and expenses. As a reminder, approximately three-quarters of our international revenue is invoiced in US dollars, which provides some protection to revenue against FX volatility. In addition to the natural hedges that exist due to the global footprint of our people, we have a hedging program in place that further mitigates the ultimate impact on our earnings. For the Q3, we saw a $0.03 favorable impact to EPS from foreign exchange and hedging programs. Turning to expenses, we are committed to disciplined expense management in this current environment, and similar to last quarter, we highlight the levers we continue to pull to protect margins where we can, while still preserving through cost synergies and other management actions we have taken so far this year, we expect to generate more than $400 million in expense savings for 2022. Now I would like to provide $165 million in cumulative cost synergies, and our current annualized run rate is $311 million. I'm pleased to report we continue to outperform our initial timeline on both revenue and cost synergies year to date. The cumulative integration and cost to achieve synergies through the end of the Q3 is $641 million. Given the outperformance on the timing of our synergies, we now expect to achieve slightly more than the 35%-40% of total cost synergies in 2022 that we were targeting previously. Now let's turn to the division results and begin with Market Intelligence. Market Intelligence revenue increased 4% with strong growth in data and analytics, offset by slower growth in desktop. Recurring revenue accounted for approximately 96% of Market Intelligence total revenue. Expenses were roughly flat this quarter, with increases in compensation expense, cloud spend, and outside services being offset by cost synergies and lower incentive compensation. Market intelligence remains the biggest driver of cost synergies from the merger and the synergy outperformance we have seen year to date. Segment operating profit increased 13%, and the segment operating profit margin increased 260 basis points to 33.9%. On a trailing 12-month basis, adjusted segment operating profit margin was 30.9%. The Osttra joint venture that complements the operations of our market intelligence division contributed $19 million in adjusted operating profit to the company. As a reminder, because the JV is a 50% owned joint venture operating independent of the company, we recognize their results on an after-tax basis and do not include the financial results of Osttra in the market intelligence division. Looking across Market Intelligence, there was growth in most categories, and on a pro forma basis, Desktop revenue grew 3%, Data and Advisory Solutions revenue grew 7%, Enterprise Solutions revenue was flat and saw slower growth this quarter, driven in part by the timing of certain revenue recognition items. We expect Desktop to re-accelerate in the Q4. For Enterprise Solutions, the business line continues to see headwinds in several of our volume-driven products that rely on equity and debt capital markets activity under variable subscription terms. Excluding the impact of FX and these volume-driven products, growth across Market Intelligence would have been approximately 7% year-over-year. While we remain confident in the long-term growth of all these product lines, we expect deceleration in categories outside of Desktop to persist in the Q4. Now turning to Ratings. Ratings continued to face difficult market conditions this quarter as issuance volumes remained muted, with revenue decreasing 33% year over year. Transaction revenue decreased 56% on the continued softness in issuance we highlighted earlier, 2% on a constant currency basis, primarily due to lower rating evaluation services and initial issuer credit ratings, partially offset by increases in Crystal. ICR and RES revenue are historically correlated with the relative strength of the issuance environment and M&A activity respectively. The declines we are seeing here are purely indicative of those market conditions. Expenses decreased 19%, primarily driven by disciplined expense management, including lower incentive expenses, partially offset by increased salary and fringe expenses. This resulted in a 41% decrease in segment operating profit and a 750 basis points decrease in segment operating profit margin to 55.9%. On a trailing 12-month basis, adjusted segment operating profit margin was 57.9%. Now looking at ratings revenue by its end markets, the largest contributors to the decrease in ratings revenue were a 44% decrease in corporates and a 31% decrease in structured finance, driven predominantly by structured credit. Now turning to commodity insights. Revenue increased 5%, driven by strong performance of subscription products, including those within price assessments and energy and resource sectors by the Russia-Ukraine conflict. As noted on the slide, revenue related to Russia contributed $12 million in the Q3 last year and made no contribution in the Q3 this year. Excluding this impact, commodity insights would have grown approximately 8% in the Q3. There's no change to the expected impact from this conflict, but as a reminder, on an annualized run rate basis, we expect Commodity Insights revenue and operating income to be lower by approximately $52 million and $51 million respectively. For this quarter, recurring revenue contributed 91% of Commodity Insights revenues. Expenses increased 1%, primarily due to salary and fringe, and an increase in T&E expense, partially offset by merger-related synergies, lower consulting spend and lower real estate cost. Segment operating profit increased 9%, and the segment operating profit margin increased 190 basis points to 45.8%. The trailing 12-month adjusted segment operating profit margin was 43.8%. Looking across the Commodity Insights business categories, price assessments grew 8% compared to the prior year, driven by continued commercial momentum and strong subscription growth for market data offerings. Energy and resources, data and insights also grew 8% in the quarter, driven by strength in gas, power and renewables and in petrochemicals. Advisory and transactional services decreased 1% in the Q3. The upstream business was down 2% compared to prior year, mainly driven by higher comps for software and analytics products offerings, as well as the impact of Russia. Excluding that impact and the impact of FX, upstream ACV growth would have been positive in the quarter. In our mobility division, revenue increased 8% year-over-year, driven primarily by continued high retention rates and new business growth in CARFAX. For this quarter, recurring revenue contributed 78% of mobility's total revenue. Expenses grew 5% year-over-year as we have yet to lap planned increases in headcounts, and we saw continued cloud and favorable FX. This resulted in a 14% growth in adjusted operating profit and 200 basis points of margin expansion year-over-year. On the trailing 12-month basis, the adjusted segment operating profit margin was 40%. Dealer revenue increased 10% year-over-year, driven by strong demand for CARFAX as dealerships' profitability remains high. Marketing initiatives powered by mobility products remain muted. Financials and other increased 9%, primarily driven by continued strength in our insurance underwriting products and new business. S&P Dow Jones Indices revenue increased 3% year-over-year, with strong margin expansion despite lower assets under management. For the Q3, recurring revenue contributed 84% of the total for indices. During the quarter, expenses were roughly flat as strategic investments and higher information services costs were offset primarily by lower incentives and other expenses. Segment operating profit increased 5%, and the segment operating profit margin increased 100 basis points to 70.3%. On the trailing 12-month basis, the adjusted segment operating profit margin was 68.8%. Asset link fees were down 5%, primarily driven by lower AUM in ETFs. Exchange-traded derivative revenue increased 37% on increased trading volumes across key contracts, including a more than 60% increase in S&P 500 index options volume. Data and custom subscriptions increased 10% driven by new business activities. Over the past year, market depreciation totaled $472 billion. ETF AUM net inflows were $194 billion. This resulted in quarter-ending ETF AUM of $2.3 trillion, which is an 11% decrease compared to one year ago. Our ETF revenue is based on average AUM, which decreased 4% year-over-year. As a reminder, revenue tends to lag changes in asset prices. Given the declines across equity markets so far in the back half of this year with the timing of the Boiler and Pressure Vessel Code, or BPVC, which was last released in August 2021. The BPVC contributed approximately $1 million in revenue this quarter. On a trading 12-month basis, the adjusted segment operating profit margin was 19.1%. Non-subscription revenue in engineering solutions decreased 63% year-over-year for GAAP guidance. This slide depicts our updated 2022 adjusted pro forma guidance. Due to the continued softening of the issuance environment, we now expect, combined with the cost measures and capital allocation measures we have outlined today, result in our slightly lower margin outlook and a new adjusted EPS range of $11 to $11.15. This margin outlook reflects our continued expectation for approximately 180 basis points of margin expansion outside of our ratings business. Interest expense is expected in the range of $345 - 355 million, slightly lower than our outlook for capital expenditures to $115 million due to intentional delays in real estate investments. Adjusted free cash flow, excluding certain items, is now expected to be approximately $4 billion. The following slide illustrates our guidance by division. Based on this past quarter's performance, we're updating our expectations for adjusted revenue growth. In closing, despite the geopolitical tensions and a challenging macroeconomic environment weighing on the markets, our portfolio of strong businesses continue to prove resilient. Furthermore, I'm pleased with the progress our teams have made since the closing of the merger earlier this year. We look forward to providing you with a deep dive into our businesses and the longer-term outlook of the company at our Investor Day on December 1. With that, let me turn the call back over to Mark for your questions. Thank you, Ewout. For those on the line, if you would like to ask a question, please press star one and record your name. To cancel or withdraw your question, simply press star two. Please limit yourself to one question and one follow-up in order to allow time for other callers during today's Q&A session. Operator, we will now take our first question. Thank you. Our first question comes from Owen Lau from Oppenheimer. Owen, your line is open. Good morning, and thank you for taking my questions. For the MI credit risk solutions and data and advisory solutions, could you please unpack a little bit on the products and services driving that growth in current backdrop? Are they new customers? Because based on my understanding, many of these products are subscription-based. I just want to get a better sense of how you can further monetize it and drive that growth. Thank you. Hi, Owen, this is Doug, and thanks for joining us today. Let me start, first of all, by mentioning that within Market Intelligence, credit and risk solutions is always been a long-term outperformer. It's an area that we see very high demand from the markets for information about credit risk and other types of risk, especially in this market. As you know, the core products in this area are the basic products that are providing information from the ratings business, so things like RatingsDirect, RatingsXpress. We also have a suite of products like Credit Analytics. We do see a lot of growth now related to credit climate analytics. This is an area where we're seeing increased interest and demand, especially from financial institutions, especially large global banks. In addition, we're seeing some other growth from areas like traded market risks, namely XVA, CCR. We have a VaR product, et cetera. We have some additional buy-side risk opportunities for clients to look at for market risk and stress scenarios. If you look at the entire suite of products, we're able to provide the market information in real time when they really want to understand risk. Got it. That's very helpful. Then my follow-up, it's somehow related to the ratings business. Could you please talk about your view on how private credit market might have impacted S&P Global Ratings business and how S&P can provide services in this area? Thank you. Yeah, thanks. On the private markets, as we saw earlier this year, there was a retreat of institutional investors and retail investors from credit funds. There was really no liquidity at the beginning part of this year. It was a combination of people that were risk averse and also looking at the shift between fixed and floating. There were a lot of moves in interest rates. We saw a retreat from the traditional loan funds and high-risk investors that left the markets. That left an opportunity for the private credit funds that had traditionally been focusing on a higher level of risk in large cap companies. They were there to fill the gap. The gap was filled by private credit at the beginning of the year, and we know that they've also been able to take on loans with a faster, also with a higher risk level. We've seen that increase during the year. Now, how do we think about that? First of all, we look at that as an opportunity for us going forward. We believe that the private credit funds will be looking over time to have some sort of risk transformation, whether it's related to fixed floating or it has to do with securitization or syndication. We think at that time, they're going to be wanting some assessment services, potentially rating services. In addition, we've identified private credit as one of our most important strategic growth drivers. We already have a base of private credit businesses that were part of IHS Markit. Related to that, we have a strong starting point with products like iLevel that provides information to portfolio managers. We've identified private credit as a growth area for us for ratings as well as for market intelligence going forward. We're watching the trend very carefully. We know at some point investors will come back to the markets, and we'll see a broadening of the market again. We've been watching this very closely and are actually interested in this as a growth area for us. That's very helpful. Thanks, Doug. Thanks, Owen. Our next question comes from Ashish Sabadra from RBC Capital Markets. Ashish, your line is open. Thanks for taking my question. I wanted to drill down further on the ratings and the issuance guidance. I believe my back-of-the-envelope math suggests that you're assuming a similar growth in Q4 as Q3 for transaction revenues. I just wanted to see if I'm in the right ballpark. I was just wondering if you could provide any color on what your expectations are for issuance for the rest of the year. Are you assuming any rebound? How are the conversations with the issuers coming along? Thanks. Ashish, good morning. If you look at the outlook, as you know, we're not really providing quarterly guidance, so we're not really speaking about the quarterly outlook for either our financial results or some of the input variables like issuance. Of course, if you look at the numbers that we put out today, then if you would do a backwards calculation, you would assume that the most recent trends we're seeing in terms of issuance is what we expect to continue also in the Q4. Definitely that's the main reason why we took our guidance down. I would say that's the only reason because overall the impact on our results from a top-line perspective is about $200 million reduction in revenue outlook for the ratings business, so about $0.50 of EPS. There were a couple of smaller things, but net-net, I think that's the main driver why the EPS outlook is down for the full year. That's very helpful color. Maybe just switching gears on Mobility, a pretty strong momentum there, despite what we are seeing in the auto lending space or in the auto space. I was just wondering, as we start to see the demand for autos slow down, how should we think about the growth in the business? Is there some countercyclicality as well here in the business? Thanks. Yeah, Ashish, thank you for your questions. When it comes to mobility, we see that there's a very interesting shift going on over the last couple of years. As you know, when the market started slowing down from the pandemic and the supply chain interruptions, we saw the used auto market really start expanding, and we benefited from the CARFAX products and the CARFAX suite of products, especially at the dealer. As the market returns to new autos coming into the market and inventories rise, that we will benefit from products and services to the OEMs as well as the dealers are gonna start having a different type of relationship again with the manufacturers and suppliers. We're watching right now very closely three big trends in the automotive market. What's happening with the used car market, where we have a strong position. What's happening with the OEMs and the supply chain for the new automobiles. They've been at historic lows over the last two years, so we expect that's gonna start going up. Then there's also transformation taking place in the industry as more and more vehicles start to become electric based with a drivetrain as opposed to internal combustion. A lot of trends which are all play to our advantage because we have data analytics and research products that we can serve all of the users in these markets. That's very helpful, Doug. Thanks again. Our next question comes from Alex Kramm from UBS. Alex, your line is open. Yeah. Hey, good morning, everyone. I understand that you don't really wanna comment much on 2023 quite yet. I guess we'll wait until December. Just on the issuance side, however, your own research group yesterday put out not only the 2022 update, but also the 2023 initial look, which I think calls, if I got this right, for 2% issuance growth and 10% growth in particular for the corporate side, which I think is the most important for you. Since this is out there, I'm just wondering how we should be thinking about that forecast and what kinda items you would think about as you think about how that flows into Billed Issuance and revenues. I know it's early, but given that your own company has an issuance outlook out there already, figured it's relevant. Yeah. Thanks, Alex. As you say, we produced a report, and what we're looking at right now is understanding what are gonna be the main factors driving us towards the end of the year. We've given you those in that report as well. That showed that issuance was expected to be down by 19% for the full year, which compared to 16% from our last report. As you know, we will wait to provide guidance for 2023 until February when we provide our full issuance report as well as our guidance for the year. That, what you saw from the report from our team, our credit research team, is product research, and it's not necessarily geared directly to how we're going to find Billed Issuance. As you recall, last quarter, we explained very clearly what is included in Billed Issuance. We take what would be expectations for issuance overall. We add in leveraged loans, and then we extract some debt areas like unrated categories such as MTNs, most of the domestic debt from China, and we also exclude the international public finance from those calculations to come up with our expectations. Maybe more importantly to your question, we're always in the market. As you saw, we talked about having had 3,000 interactions with the markets during the quarter. We are all over the market to understand what are the factors that are going on that are driving issuance and will drive issuance, and we do provide our guidance going forward. We're looking at the issuance forecast, GDP growth, macroeconomic factors like inflation, interest rates. We're looking at spreads, which have been quite high over the last few quarters. Maturity schedules, which are quite encouraging, going forward into 2023, 2024, 2025, et cetera. M&A pipeline. As you know, at the time we come out with our guidance, we will have looked at all of these factors. Maybe the most important point is that we're not just standing around and waiting. We're very actively engaged with the markets. All right. Fair enough. Maybe just going to market intelligence. I think since the deal was announced or closed, I think we have had this expectation that more and more of the, I guess, subscriptions on the IHS Markit side will be moving onto our S&P kind of enterprise umbrella. Just wondering if that's still true, if there's a timeline, for moving more and more that legacy market subscription under that S&P umbrella. Yeah, how far we're along, if you're able to pick up any sort of incremental pricing as you do that, or how should we think about the transition over time, if that is a plan. Yeah, Alex, it's very, very early for that for us to talk about it. What I'll tell you is going back to the last comment I made, that we're incredibly linked into the markets right now. We have all of our commercial teams are out speaking with our customers. What we're finding is that there's a lot of opportunities for us to start with cross-sell. Our initial early wins have been with cross-sell, selling different products within the divisions and sometimes across the divisions. We are hitting the desktop, finding some products where data and research and analytics fit together. To your point, it's a vision that we have, but it's really early for us to give you any kind of detailed analytics about it. Stanley. Toni, your line is open. Thank you. Wanted to ask about ratings margins. They were down sequentially, but they were still really resilient, just given the environment and especially relative to one of your big competitors. Just wanted to ask you if you could talk about some drivers that enabled you to flex cost, outside of- The company in the Q3. You have heard us announce last quarter that we're taking additional actions to deal with the macro environment, and we're actually really pleased how that is playing out, and you may continue to see. Of course, we take the benefit also there from the cost synergies that we can implement and accelerate during this period. If you look specifically at the ratings business, it is a mix. On the one hand, we continue to invest in the analytical side, but on the other hand, there are also discretionary costs that we are bringing down. There are allocated costs that are benefiting from the synergies that we're realizing across the company. Then also incentive compensation is down year-over-year. It's actually a balance of different elements that go into the mix. Definitely, as you have seen in the past, we're always focused in terms of trying to preserve margins in our businesses as much as possible, particularly in more challenging macro environments. Great. This is a little bit of a broad question, and you could take it where you want, but just could you talk about any changes in customer behavior over the last six months? This could be, you know, elongation of the sales cycle in some places, or maybe it's just different products that have been more in demand. Just wanted to get a sense of, sort of changes in the businesses over the last recent history. Yeah. Toni, thanks for that question. As you know, the markets are going through a lot of uncertainty in terms of war, inflation, interest rates going up, all sorts of different impacts. I mentioned earlier on the mobility discussion what kind of impact that's had on the markets overall. We've seen this environment. They want the expertise of S&P Global that comes from our entire company to understand what's happening with risk, with markets, with credit, as well as equities, commodities. We start with very broad picks. One that comes up in almost every single conversation we have is energy transition, climate, and sustainability. That's a really common discussion. It's increasing in terms of how much time we're spending on their own application of AI data and analytics. They want to learn from us how we're managing S&P Global, but they also want to learn how they can be deploying new types of products and services using more AI. Overall, we have not seen any kind of initial pushback on slowing down a sales cycle. Clearly, there are some markets, as I mentioned, the ratings market, you know, there's not a lot of issuance right now, but we stayed engaged with the market. Maybe net-net, the big topics, we spent a lot of time on the macroeconomic environment, sustainability as well as AI and data. Those are big conversations we have in almost every customer interaction. Terrific. Thank you. Thanks, Toni. Our next question comes from Jeff Silber from BMO Capital Markets. Jeff, your line is open. Thanks so much. Wanted to start with a ratings related question. I asked your competitor, your larger competitor, the same question. I'm just wondering, like, your thoughts. What are you looking for in terms of signs of an uptick in that market, you know, green shoots, et cetera? What should we be focusing on? There's a few things that I'm focusing on myself, and I know that if we had our ratings team specifically on the call, they might tell me that there's others they're looking at beyond that. Clearly, there's a set of factors. M&A activity is one for me, which is an indicator of rated loan, et cetera. M&A activity has been weak. IPOs is another one. The reason I look at those myself is that those are just they are activities which denotes confidence in the markets that people are willing to invest. As you recall, we're having conversations with issuers. We mentioned 3,000 that we had last quarter with issuers. We see a lot of interest in investing. People that have plans for investing in new markets for innovation, for investing in venture capital ways that they can see new shoots in their own businesses. We're watching when is it that people actually pull the trigger. Maybe the takeaway is it's not if, it's when. We know that there's a lot of people out there that are ready to go. They have great ideas. The question is, when will those conditions of interest rates, of stability, of market confidence, when will those be back when people start going back to market? Finally, we do look at the maturity schedules, and we know that, Jeff, we are always aspiring to improve margins across all of our businesses. Mobility is not an exception to that. That is because of the fact that we're focused on overall environment that helps and is very supportive for the business, particularly with low inventory levels. We see margins high for the OEMs and for the dealers, and that is driving higher for sales and marketing products that we are having. That's because of the same factor that the inventory levels are low. You could say there's a kind of an inherent hedge in that business. If the market starts to turn, if we see that the demand supply starts to shift in the car market, then we would also see those different revenue streams moving in opposite directions. We think that with that, we're insulated from our overall financial impact and therefore can continue to focus on margin expansion as well. As Doug mentioned before, we also are taking a benefit from used car markets, and that has been proven to be quite resilient through- From Goldman Sachs. George, your line is open. Hi. Thanks. Good morning. Billed Issuance was down 20% in the Q3. You're assuming full year Billed Issuance declines. As you know, at the last forecast, we saw that issuance of the non-financials or corporates would be down about 30%. We now see it down about 35%. We see Billed Issuance, and we mentioned that year-to-date was down 42%, and we're expecting it to be down now 45%. This is going to be based on what we see in the pipeline. As I mentioned in the answer I gave a few minutes ago, we see that the market itself is quite hesitant. It's not a question of if, it's a question of when. We see that during the Q4, what we've picked up from investment banks, from issuers directly, that right now they're still waiting to see what the conditions. Based on our forecast, not our issuance forecast. This is based on our market forecast, based on people that are meeting with issuers and meeting with investors, that the current conditions are still such that people are holding back before they go to market. Very helpful. Related to that, we're likely going to be in a higher interest rate environment for some time relative to pre-COVID. What are your thoughts on whether corporates may enter a phase of balance sheet de-levering and implications for issuance performance? Yeah, that's a theoretical question, but let me go back and look at history. I know that many of us that have been in the market for many years remember when interest rates were 4%, 3%, 4%, 5% base rates, and the markets were incredibly active. I think that we'll settle into a range. Once there's stability, growth are going to be companies and financial institutions will go back to the markets because they want to invest and grow. We know that organizations like to grow, and to grow, you deploy capital. We also look at the trend around the globe, where more and more markets are shifting from being banking markets to capital markets. Right now in Europe, there's a couple of shifts going on in the support programs that the ECB was providing to the banks. This was very easy, very low cost funding. They're starting to wean the banks off of those, and they're going to the capital markets to raise more capital as well as to deploy more capital into bonds instead of into loans. We see this trend of capital marketization around the globe, and we think that's another trend in the long run that will drive a lot of positive tailwinds for the ratings business. Very helpful. Thank you. Thanks, George. Rich Partners. Craig, your line is open. Great. Thank you. My first question on pricing. Can you just update us on a like for like basis? What would you say the average price increase is this year, and how does it vary across the segments? Is it 3%-4% or is it a little bit higher? Good morning, Craig. Well, we are always very careful when we speak about pricing in isolation because first and foremost, we start with customer value. What do we deliver for our customers? The good news is that based on the very high value of our product, each and every customer situation and of the situation of each and every of our businesses. That is our overall philosophy. I can't give you specifically a number for across the company how much price increases are up compared to previous periods. There are definitely areas where we are looking at price increases or have already implemented price increases that have been higher than in the past. Again, that all has started with that there is a good balance with the overall customer value that we are delivering. Talk a little further about the health of your clients, the sales pipeline there a little bit further. I mean, your numbers speak for themselves, but how are you feeling about the outlook for market intelligence right now? Thank you. Yeah, we still feel very positive and we're optimistic about the market intelligence pipeline. You read every once in a while about some of the financial institutions here and there that might be slowing down some of their growth. We're not seeing that in terms of negotiations with clients. Very importantly, one of the propositions of the merger between IHS Markit and S&P Global was to cross-sell the excellent products from both groups to the client bases on the other. We believe that we have a strong diversification of our client base. As an example In the IHS Markit businesses, their financial services business was mostly focused on financial services. We're finding that a lot of the opportunities and a lot of our corporate clients, we think that there is a lot of upside and a lot of opportunity. We are out in the markets actively, talking with our customers about ways we can bring value, through new products, pull back or any kind of major slowdown of our sales activities or pushback from clients. Great. Thank you, guys. Thanks, Craig. Your next question comes from Manav Patnaik from Barclays. Manav, your line is open. Thank you. Good morning. Maybe just specific to market intelligence, issue, I guess that will help reaccelerate the growth. You know, just thinking out a little bit longer in there, how do you expect the trajectory of the growth there to play? Because, I mean, you know, similar to yourselves, I imagine the sell side and other customers will be tightening budgets as well. Yeah. Good morning, Manav. We recognize that the Q3 revenue growth of the desktop was below our normal growth potential. You have to look at it from a particular perspective that there is always some timing of revenue recognition of certain contracts that was particularly impacting this quarter, the Q4. Also for Market Intelligence in general, if you take out the volume effect of the capital markets business and also FX, then the overall growth for the full quarter was north- Side of the ratings business, you know, it's obviously down 2%, I think you said, ex-FX. You know, how long will that keep, I guess, slowly declining at comps or whatever it is that's driving that down? Manav, that is directly correlated with the overall economic environment, capital markets activity, debt issuance, M&A environment. We have, of course, seen that the beginning of this year was still relatively strong, and it started to deteriorate somewhere from March onwards. Non-transaction revenue is usually quite stable as a revenue stream. We have two particular areas that are mostly sensitive for the more general macro environment. This is initial credit ratings. We don't see a lot of new issuers coming to the markets. Then rating evaluation services. This has a correlation with the M&A market. These are issuers that are thinking about IPOs, spin-offs and so on, and want to have some kind of an insight in terms of implications for their ratings. Obviously, those are revenue streams that will come back once the markets start to turn. The more stable elements in non-transaction are around surveillance, around frequent issuer programs. Most notably, I want to point out that CRISIL is doing very well and is supporting the non-transaction revenue in that category. Got it. Thank you. Jeff Meuler from Baird. Jeff, your line is open. Yeah, thanks. I hear you that there's some inherent hedges in the mobility business, but I think the used car business is a decent amount larger than shifts back from a mix perspective and some of the profit pools for used car get hit. I'm just wondering if there's a net benefit or a net detriment to you. I recognize CARFAX has good detail on what product lines, the competitive wins and new customer growth was coming in, or any more detail on CARFAX's innovation that's driving the growth given that the core report is fairly well penetrated. New stream for the mobility business. The good news there is that has been a very resilient market through the cycles. We're not overly concerned about if the cycle in the car market start to turn, that will have material impact. As I mentioned before, we have other revenue streams actually that we expect to pick up if the equilibrium in the car market starts to change, particularly about our sales and marketing products, where we have seen relatively lower growth in the more recent past. The mobility business in general is a phenomenal business. There's a lot of innovation, a lot of new product development of innovation and new business activity, very close to the customers, a lot of new business launches and new product launches. I think this business is in a very good position, and we would expect that we see continued good performance from this segment. Okay, thanks. Then, Doug, you answered the deleveraging question. Can you also give us the historical view of, like how much is it coming due the next, say, three, four years, but bonds that had significant duration remaining on them where there was issuance to get the interest expense savings from a falling rate environment? Just, I guess on the theoretical that we might not have that type of activity for a while, if you could help me understand roughly if that was meaningful in the past or not. Yeah. Basically, this is a question about pull forward. We saw in 2020 and 2021, during the pandemic, there was what we felt now was structural pull forward. It was a combination of low rates, but probably more importantly, if you were a CFO of any organization, you were not being criticized for having ample liquidity during what people didn't understand was the pandemic as we went into it. We did see a lot of structural pull forward during that period. Historically, I think the treasurers and CFOs of organizations are quite thoughtful and looking at their overall funding strategies. The funding is not when people look at their balance sheets, it's not only just looking at what they have on what their costs are, but the opportunities that organizations have now are much more complex than they used to be. Securitizations, looking at how they're going to use maturity transformation, what they do in terms of derivatives. Yes, we do see the balance sheets. We do see that there was pull forward into 2020 and 2021, but we know the maturities are coming now, and we think that the sort of tools that corporations have to, and banks have to manage their risk and their liquidity have really changed a lot in the last through the financial crisis in 2013, 2014, 2015. Just think about that huge boom of issuance that took place. That's gonna start maturing next year. It was 7-year, 10-year paper. We see a lot of that will start maturing, and that we know that's gonna be in the queue very soon. Got it. Thank you. Thanks, Jeff. Our next question comes from Faiza Alwy from Deutsche Bank. Faiza, your line is open. Great. Thank you, and good morning. First, I just wanted to ask about the commodities business. You know, you mentioned climate transition, so it sounds like, you know, there are some underlying drivers that are sustainable. I'm curious if you could talk about, you know, the cyclical aspects of the business and maybe areas where you're running into into tougher comps and just how sustainable you think the overall growth rate is there. Yeah. Let me turn to the Commodity Insights business and how it's doing in the current environment, and then I'll hand it over to Doug for the energy transition and climate part. If you look at the overall macro environment, it's very definitely where commodity prices are today is benefiting most of our customers, and therefore, we're seeing also I would say, based on the very attractive proposition of the combined businesses that we have now brought together under the Commodity Insights segment, we're delivering a lot of new opportunities to our customers, and therefore, we've seen really one of the best sales momentums in this business. If I look at actual sales levels, this is probably one of the very best years for the last maybe decade or so. Very positive trends that we're seeing that is helping data and insights, that is helping price assessments. The global trading services business was a little lower this quarter. The main reason there is that we're lapping more difficult comps. Generally, we also see elevated hedging activity on commodity prices, and we're also benefiting from that as well. Then if you look at the upstream business, there we have seen a turnaround. There as well. We see larger CapEx budgets for those customers, and that is helping that business to grow. We said in our prepared remarks that if you take out the effect of Russia. Ewout, I just wanna add two points. The first is that all of us know that energy transition is on everyone's minds, whether it's a corporation, a government, a regulator, a financial institution. As I mentioned earlier, almost every conversation we have talks about this. Where else do you wanna go to find out about, learn about energy and energy transition? It's S&P Global Commodity Insights. We have the expertise, we have the experts that can talk about current markets, transition markets, and we're finding an incredible amount of engagement. We have conferences. It's one of the areas that S&P Global Commodity Insights excels at, and we see very high demand for people to participate in those conferences and learn now back in person, and the attendance is above the charts. The second point I wanna make is that we're launching new products all the time. Just in the last quarter, we launched some new products that were related to energy transition and new ways to find information about markets. As an example, there's in the tanker market, we talked earlier. We had one of our points on our slide showed the low sulfur fuel oil market, which I remember on an earnings call about three years ago talking about when we launched that, and now it's become a benchmark in the markets. But in addition, there's things like the carbon accounted tanker rate price assessments. There's interest around the world for understanding freight emissions and what would be under the EU Emissions Trading System. You're gonna need to have much more information for every single tanker and what is its carbon output, and we will have a product for that. As an example, there's a whole information that's needed in Brazil and India and Turkey on energy certificates in emerging markets. Finally, we have some examples. Recently, as you know, in the United States, there was the new climate bill, which was issued by the United States, by the Congress, and we've done very special research, which is really industry-leading about the clean energy procurement and what that's gonna mean for industry. When it comes to energy and energy transition, we're the place you wanna go. Great. Thank you. That's all very helpful. Just as a follow-up, you know, Ewout, on market intelligence, I think you had, you know. The margin performance was really strong. And I'm curious, is that the area where you're maybe getting the most synergies? Or just give us a little bit more color on the margin performance, you know, whether it's mix related and how we should think about that going forward. Faiza, yes, we're seeing the largest benefit from cost synergies and revenue synergies in the Market Intelligence division. That's because it's the largest division. It's also the largest combination of different businesses that we're bringing together. Based on the size of that division, it will also benefit, of course, from a large part of the synergies that we're realizing in the corporate center and the allocation of those costs down to the divisions. What you see is, in general, that we continue to invest in Market Intelligence for future growth. You see new product launches continuing, strategic investments in new areas and initiatives. Doug was already touching on private credit, private markets, ESG investments we're having there as well. We're having expansions still continuing in China, the marketplace, and many different areas that we are continuing to invest, as well as cloud expenses. We're also continuing on our cloud journey, and market intelligence is continuing to invest there as well. The opposite factors there are some of the expense reductions, the expense discipline, and the synergies. The combination of all of that led to the significant margin expansion in Market Intelligence. Understood. Thank you so much. Thanks, Faiza. Our next question comes from Stephanie Moore from Jefferies. Stephanie, your line is open. Hi, this is Hans Hoffmann filling in for Stephanie. Could you just comment a bit on what you're seeing across your European revenue base and how that region did relative to your expectations, either by segment or overall? Yeah. Overall, not so much of a different trend we're seeing in Europe compared to other parts of the world. I understand the background of the question because definitely the economic outlook in Europe is of course quite difficult given the inflation levels, given of course the close proximity to the Russia-Ukraine conflict. Overall, from a customer dynamics perspective, overall in terms of commercial activity, we're not seeing a significant difference compared to North America or Asia. Got it. That's helpful. Just on the revenue synergy side, you know, I guess, where have you seen the most success so far? You know, sort of where do you kinda see the most opportunity? Yeah. Most success so far we see in our largest divisions that we're bringing together, market intelligence, commodity insights, and the index business. It's mostly cross-sell at this moment, which was as expected because cross-sell is the introduction of one product group to existing customers and making sure that we can sell new activities there. For example, in market intelligence, we had a nice sale of a KYC/KY3P product to an existing customer that was more a customer from the legacy S&P Global side where we could sell a product from the legacy IHS Markit side. Just as an example. We continue to see good cross-sell. At the same time, we're investing in new product development, in system development that will help them with that growth wave going forward. It's still early, I have to say, around revenue synergies, but we're clearly ahead compared to our original expectations. Got it. Thanks. Thanks, Hans. Our next question comes from Russell Quelch from Redburn. Russell, your line is open. Yeah. Hello, gents. Just wanted to talk about capital allocation priorities. You still got about $2 billion in cash on the balance sheet, and you're on course to generate around $5 billion of free cash flow in 2023, if I believe consensus. Just wondered, will you look to do further M&A, or do you have enough integrations on your hands such that you can look to return perhaps north of 100% of free cash flow again in 2023? Overall, no change with respect to our capital philosophy, capital management targets. We think consistency and reliability there is the most important, particularly in this environment. You have seen us continuing with the $12 billion ASR, even despite that we have seen some impact of the current environment on the rating issuance levels. We are able to execute on our plans this year, and you may expect the same from us over the next couple of years. At least 85% of return of capital to our shareholders, a combination of dividends and share buybacks, dividend payout ratio between 20% and 30%. M&A, the focus is really on small tuck-in and bolt-on, where we see that we can add a nice capability to some of our core strategic focus areas, but nothing large because we first, of course, need to focus on the integration of the large merger and organically building out our businesses. No changes at all, and we think that is actually the right approach. Okay. Just one housekeeping question, I guess. Given the earlier comments on being able to achieve the lower than average rates due to refinancing of the IHS debt, was the level of interest that was delivered in Q3 now the right quarterly rate to assume going forward? Yes. This is the new run rate with respect to the interest expense on our debt. We were very fortunate with hindsight that we refinanced a large part of the debt at the beginning of March when the 10-year U.S. Treasury was around 1.73 at that point in time. We're very happy that we locked ourselves in with long-term debt at very low levels. Actually, if you look at the average cost of debt for any player in our industry, we're at one of the lowest levels. Yeah, this is the normalized level. If you look though at the interest expense line, there's one point that I want to make. It's a net number. We're generating more interest income on our cash balances that is helping us a little bit, and obviously, that might fluctuate over time. Yeah. Got it. Good stuff. Thanks. Thanks, Russell. Our next question comes from Shlomo Rosenbaum from Stifel. Shlomo, your line is open. Hi. Good morning. Thank you for taking my questions. Hey, Ewout, I just wanted to ask you a little bit about your labor cost trends. Obviously it's a significant component of costs. Everyone in the industry has been dealing with the rising labor costs. Given what's going on in the market, what's your outlook for that? Do you see that kind of letting up, you know, in terms of just how we should think about the costs of the business on a go-forward basis, let's say over the next six to 12 months? Shlomo, obviously, we are exposed, as everyone else, to increases from an overall labor market perspective and comp expectations, and we need to stay competitive in order to attract and retain the best talent. Let me expand a little bit on that answer. About 60% of our overall expense base is people cost. Obviously, we have people across the whole world in many different job groups and categories. It's not a one-size-fits-all. We see more competitive situations in certain markets and jurisdictions. We see it more in certain job groups, and we're continuously making sure that we stay competitive from an overall comp perspective. We will continue to do that. We're definitely expecting to see also some of the changes over the next period flowing through our P&L. At the same time, we are also taking advantage of a lot of levers that we are having and maybe levers that are given to us through the merger. We have, of course, the opportunity to realize cost synergies and reduction of headcount is an element to that. That goes in the opposite direction as well as synergies, cost synergies around real estate, around procurement. As you see this year, given the performance of the company, also incentive compensation costs are down, and we gave you the overall impact of around $120 - 140 million. It is a bit of a mix. On the one hand, staying competitive from a labor market perspective, but on the other hand, using a lot of levers in order to offset the overall impact on our expense line and on our margins. Okay, thank you. This one is a little bit more about trying to figure out how far we are from the bottom, just in terms of the ratings revenue. Doug, you talked about refunding walls becoming more meaningful in the middle of next year. If you take the revenue that you would expect from those refunding walls together with your subscription revenue that you're getting, you know, say, this year, how far away are you from, let's say, 2022 revenue that you're expecting? In other words, how much further down would it really have to go just to kinda hit that number? Shlomo, we're not really trying to call a bottom or a top to the market. We are also not providing any guidance or outlook for 2023 at this time. As I mentioned, we've been very engaged with the markets, with issuers and investors. We have world-class economists and experts that are providing us with input. We're looking at all of that, what you just discussed. We have no ability to actually call a bottom. Okay, thank you. Thanks, Shlomo. We will now take our final question from Andrew Steinerman from J.P. Morgan. Andrew, your line is open. Hi. Referring to slide 38, I just want to talk about implied rating margins for the Q4. You know, to get to that mid-50s rating margin for the full year, my math says it's about 49% ratings margins for the Q4. If you could just please confirm that. Then just help us appreciate the 49% because, you know, that's a notable step down from Q3 rating margins. You know, please comment about seasonality or any other factors we would need to understand Q4, you know, ratings margins on slide 38. Andrew, as you understand, we're not giving quarterly guidance, so I can't give you numbers by quarter, by segment margins. What we are, of course, trying to do is if we give you a full year picture, we give you a full year outlook, then of course you can backwards calculate what is the expectation for the quarter itself. I do want to point out that the Q3 in general is the lowest quarter for us from an expense perspective. That is due to seasonality. The Q4 is higher, but you have seen that in previous years as well. From a trend perspective, there's nothing different than what you should have seen in the past. Sequentially, you should expect expenses to go up. Again, that is normal seasonality. Okay. Thank you. Well, that was the last question, so I'd like to make a quick closing comment. So first of all, thank you everyone for joining the call today, for your questions and your support. I'm really pleased with the progress we've made since closing the merger. It's only been eight months, and we've been able to unify our management team under a strong vision and set of purposes and values. We see strong commercial success. You heard about it on this call, our cross-sell and our product innovation, and we're ahead of schedule to achieve our cost synergies. All of that in a challenging macroeconomic backdrop where we discussed some of those topics today. We also have very important secular trends that are creating opportunities for S&P Global, the energy transition, the continued interest in climate and sustainability, the need for analytics and insights in very turbulent markets. We're very pleased with our progress, and I'm excited that we'll be able to share more with you on our strategic vision and our multi-year targets at our Investor Day on December first. Let me end by thanking again our people who are absolutely fantastic. They're world-class. I want to thank all of you again for joining us on this call today. Thank you very much. That concludes this morning's call. A PDF version of the presenter's slides is available now for downloading from investor.spglobal.com. Replays of the entire call will be available in about 2 hours. The webcast with audio and slides will be maintained on S&P Global's website for 1 year. The audio-only telephone replay will be maintained for 1 month. On behalf of S&P Global, we thank you for participating and wish you a good day.