Financial Highlights - S&P Global's revenue increased by 6% year-over-year[18], reaching $3755 million[42] - Subscription product revenue grew by 7% year-over-year[18] - Adjusted operating profit increased by 7% year-over-year[18], from $1749 million to $1823 million[44] - Adjusted diluted EPS increased by 10% year-over-year[18], reaching $4.43[45] - The company returned nearly $950 million to shareholders through dividends and share repurchases[18] Segment Performance - Market Intelligence revenue increased by 5%[42], totaling $1217 million[50], with organic constant currency revenue growth of 7%[51] - S&P Global Ratings revenue increased by 1%[42], reaching $1148 million[56], with transaction revenue decreasing by 4% year-over-year and non-transaction revenue increasing by 8% year-over-year[57] - Commodity Insights revenue increased by 8%[42], totaling $555 million[61], with organic constant currency revenue growth of 8%[62] - Mobility revenue increased by 10%[42], reaching $438 million[65], with organic constant currency revenue growth of 10%[66] - S&P Dow Jones Indices revenue increased by 15%[42], totaling $446 million[70], with organic constant currency revenue growth of 15%[71] Strategic Initiatives - Active users of Spark Assist have increased from approximately 30% to over 65%[33] - The number of internally published use cases, or "Sparks", has increased from 1300 to more than 3000[33] Market Conditions - Billed issuance decreased by 4%[24], from $1062 billion to $1017 billion[22]

Financial Data and Key Metrics Changes - The company has experienced a stable revenue environment, with most revenues being recurring and insulated from short-term volatility [12][13] - The guidance for the ratings business reflects expected ups and downs due to market volatility, with a flat year-over-year build in issuance anticipated [23][25] Business Line Data and Key Metrics Changes - The mobility division is being spun off, which had shown 8.4% growth last year with a 39% margin, indicating strong performance [15][17] - Private credit revenues have grown strongly, with a reported 21% growth in enterprise private markets revenues in the current year [28] Market Data and Key Metrics Changes - The global debt markets are experiencing volatility, but the company has a solid foundation for understanding investor behavior, which informs their guidance [22][23] - The company anticipates a flat M&A environment, with pent-up demand expected to manifest in future years [25] Company Strategy and Development Direction - The company is focusing on integrating data teams and applying generative AI to enhance capabilities across divisions, aiming for accelerated growth [6][10] - The strategic growth themes include private markets and generative AI, with more details expected at the upcoming Investor Day [11] Management's Comments on Operating Environment and Future Outlook - Management has noted reasonable stability in customer behavior and robust pipelines across divisions, indicating a positive outlook despite macro volatility [12][13] - The company is committed to a disciplined approach to capital allocation, maintaining an 85% guideline for capital return to shareholders [72][73] Other Important Information - The mobility business is viewed as better suited to operate as a standalone entity, with limited synergies expected post-spin [18][20] - The integration of generative AI is seen as a significant opportunity for operational efficiency and margin improvement across the organization [61][63] Q&A Session Summary Question: What is the vision for S&P Global over the next three to five years? - The company aims to leverage its comprehensive market coverage and capabilities in benchmarks, analytics, and data to deliver value and accelerate growth [9][10] Question: Are there any areas of the business experiencing revenue pressures? - Most revenues are recurring and stable, with no major changes in customer behavior observed so far [12][13] Question: What is the rationale behind the mobility spin-off? - The mobility division serves a distinct customer base and is expected to perform better as an independent entity, allowing for greater focus and growth opportunities [17][20] Question: How is the company addressing the impact of AI on its market intelligence platform? - The company is integrating generative AI across the organization, focusing on enhancing capabilities and operational efficiencies [46][55] Question: What are the expectations for margin improvement in the market intelligence business? - The company anticipates margin improvements driven by generative AI integration and disciplined execution [63][64]