IHS Markit (INFO) 23 Jun 212021 Q2 Earnings call transcript

Thank you for standing by and welcome to the Second Quarter 2021 IHS Markit Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s call is being recorded. [Operator Instructions] I would now like to hand the call over to Eric Boyer. ahead. go Please

supplemental thank Markit and morning, joining for and us issued Investor IHS Good website. Relations XXXX you earnings IHS posted release press QX QX this to conference the the our Markit morning earnings for materials call. we Earlier

of discussion quarter results items. other financial understanding on isolation information. a but to IHS believes substitute non-GAAP are a Our useful performance, non-GAAP numbers, in adjusted enhance for and or or in from should acquired ongoing stock-based exclude intangibles the are they order to which GAAP as supplement in compensation, not based operating measures our amortization of Markit considered be are and

a prohibited. information of copyrighted to and expected Factors be pleasure and to of the Chief of available remarks, found of Uggla, contain turn With Lance. outlook, Any IHS may IHS and reminder, Chairman it will website. filings Markit results rebroadcast materially consent CEO; the my whole the are Markit. to in that IHS with written and is Jonathan the and Lance prepared over in to property conference that a SEC is on conference After Markit’s can Officer, discussion being questions. Financial EVP expectations Gear, our that, the take this call, your our recorded is could and uncertainties. As call events Markit cause to from actual be IHS forward-looking about especially this statements This future risks in is prior subject call part or without and and webcast differ

basis over margin $X.XX, very Markit and prior XX year. adjusted now and [FX year-over-year X.XX adjusted] million us Adjusted basis joining Thank of calls. had up the you, XXX of organic up revenue up XX.X%, was XX% IHS points you points QX We of XX year-to-date, quarter. the Eric. of EBITDA QX EPS XX%. strong growth Thank earnings billion with for for another

which puts raise guidance So, the overall we’re an to with today. pleased in full-year us of our excellent year, position first half our

let In which terms our had growth industry organic in start of with with core QX. financial me quarter services first another verticals, X% strong segment,

division, for with included regulatory analytics reporting pricing, and Contributors valuations reference information of equities as trading Within continued our organic growth performed increased the growth solidly platforms. our X%. offerings, well as demand in and data,

from of our Solutions actions in an benefit combined with XX% growth, software continue in had and equities loan organic with compliance quarter, investment, and robust customers and solutions, our activity rebound offerings. based excellent broad they and regulatory markets, corporate market to a and

processing expected. our strengthened organically, Finally, grew as performance and loans derivatives X% business

to full-year, the services For organic still growth the in X% financial to be we expect X% range.

QX. moving Now, XX% organic revenue which transportation, to on in growth of had

XXXX for basis challenging depressed the of pricing that the related by second particularly quarter Now, conditions the by you'll market. of our customers that the significant concessions recall was lockdowns, height the automotive well in comparison, as as we trading COVID granted

performance also businesses. this the there a organic strong that pleased across quarter’s reflected I'm say quarter However, comparison. than transportation to to this underlying is right growth low more

Our those and a technology dealers connected the related dealer all accelerating, and electrification. to are predictive in right sell and cars by as include Mastermind, technology and power Demand industry the supply car, disruptions, shortage marked more of products solutions, rapid to both price at compliance, businesses, the multiple our environment, strategic retail our for transmissions driving, supply right chain trends, mega major with are grapples it and car decisions that the are volumes the that's faces includes and used planning, growth. In used chain once the autonomous as prices, critical new, time. again rapidly a CARFAX acquire inventory experiencing escalating and by helping

Our wide Maritime quarters. a been automotive with finally, Nielsen, announced execution strong performance. partnership strategy market audience the This and tears, continued business which business very result with is has recently, & a and and over Trade deliver we And footprint excited focused disciplined marketing ranging our about. to its expanding we rapidly measurements product are very of multiple

We also successful in conference hosted virtual March. a TPM

a So, noted higher, which high range, our healthy for the XX% the digit growth to rate, single This transportation the the excluding be from to favorable organic to in year-over-year full-year, XX% we growth pandemic. previously due up XX% now expect is and range. XX% represents comparison to underlying

flat QX. resources growth to our organic in Moving where was on

Our and as from the CERAWeek with recurring Petrochemical and Conferences. return both of benefiting expected, resources World with performance revenue QX consistent business was non-recurring revenue the

slight growth ACV accelerate a positive recurring believe QX, providing back the for expected, our our in foundation in should XXXX stronger we which experienced As revenue. half,

upstream growth upstream continue expected we of and overall within down Our rest XX%. single organic XX% to continues expect In to XXXX, year-over-year. to XX% results digits a improve throughout downstream be Downstream and the growth low the now its downstream should organic XXXX, accelerate revenue and of the the performed improves, as as That's resources compared and shift is to division in year-over-year revenue trajectory. year.

for the organic Finally, our was CMS of in growth quarter. line revenue expectations with X%

throughout improving CMS expect continue results We the and year. across

the Jonathan. still growth. disclosed have that recently on Global expect call we merger I'll close the The expect what to over full-year, deal deliver QX. CMS organic calendar S&P to only now, in mid-single-digit now turn to And update is we we the For the

Great, and had XX% highlights had growth thank you, EPS XXX%, of net of included organic growth revenue adjusted and XX%, of year-over-year. both adjusted growth QX of growth income EBITDA GAAP Lance. EPS XX%,

resources transportation, and businesses. by transportation, growth growth billion, impact current was quarter growth comparisons the underlying from growth in and X.XX the which XX%, of as some with non-recurring included our strong of to QX of well increase due financial in year-over-year was revenue growth XX% revenue, and was of XX%. benefiting on total favorable driven of This Regarding services as our organic the XX%. Organic organic COVID

performance, organic to X% Services in segment drove X%, including segment occurring Moving our the of Financial quarter. growth on

capital strength offerings, growth had in and issuances, valuations Processing while and by Solutions, delivering growth, organic and equities, analytics strong had driven primarily pricing X% from compliant actions, market in regulatory organic particular increase had information our X% a and loans. trading in reporting, platforms. by primarily corporate performance, reg and XX% driven volumes,

included strong transactions, driven and XX%, segment by and and automotive core our automotiveMastermind organic business. in growth continue have Maritime and growth strong delivered within transportation accelerating Our QX CARFAX insights Trade performance Trade in of Maritime This the & quarter. businesses, XX% within primarily increased recurring, to of our events. dealer as by & XX% consumer growth revenue Non-recurring CARFAX, growth

success chains. was energy World particularly our entirely X Conferences severely the CERAWeek segment support in cycled the to X% XX-month which organic since end continue the trailing and XX% Petrochem and have energy subscription ACB and our our recurring impacted resources down see non-recurring our quarter, is flat, and had of to Our strong now we at with through services and QX market remained transition supply renewals businesses, QX energy increased is X% we comprised market downstream and by our increase. North products ACB We organic in year. in virtual with as great American last million demand decline

XX% had non-recurring. decrease segment including organic X% CMS Our recurring growth, X% and of a

XX XX% and to profits Adjusted XXX million, adjusted points basis grew year. a XX prior EBITDA billion down up margin up EBITDA was with adjusted. of points, XX versus now margins, and basis Moving XX.X% FX

adjusted. bips bips COVID. do as margin down in adjusted Moving FX XX.X% levels of growth. margin a margins EBITDA up with bips XX services million, XX.X%, was result Financial adjusted was of a of a to revenue services a lower of margin quarters forward adjusted. adjusted return post decrease revenue. We segments. expect we adjusted XX.X%, million Resources tied with Transportation’s more to XXX expense adjusted FX a to FX of see a EBITDA our down XXX CMS XX XXX of as more million, Financial with EBITDA with EBITDA margin adjusted. margin FX XXX billion, was a reflects XXX XXX margins moderate was XX.X%, bips normal to

This We a the addition compared improve by of decrease to to half continue primarily margins more in to normal shift. margins year back to to the year. driven expect quarter’s the the was do in mix return prior

income was $X.XX, net EPS Net $X.XX. income increase XX% to an and now EPS. XXX Moving was prior Adjusted was EPS year. million over GAAP of and

flow XX%. conversion XX%. Our was has GAAP tax our cash to tax rate XX flow was XX%, and and QX trailing free increased our XXX free month million, was adjusted rate cash

Turning to covenant a a net approximately represented XXX gross of X.X off million, In QX term basis, balance on ratio X.X with our was the balance and approximately bank we quarter cash. loan. our times billion undrawn cash quarter, QX ending revolver day was times million leverage and of X.X XXX debt our We of and balance the paid the XXX XXX closed million. sheet,

Our share shares. QX weighted count average was [XXX.X diluted million]

As currently of is requirements compensation. than associated to we withholding S&P suspended, in based the other QX, and repurchase program our our merger shares tax mentioned ability with purchase Global restricts our agreement therefore the for share for repurchase shares, with share

and of to and Moving are strong guidance the ranges. first had year raising half a adjusting we guidance, our

rates, to this to We’re XX percentage, per organic EBITDA to which due Adjusted negative with raised to EPS being approximately per billion guidance for increase X% billion is points neutral billion Adjusted increased to of adjusted FX. to margin billion EBITDA. revenue, raising benefiting X.XXX is X.XX to to $X.XX $X.XX adjusted of with FX million in XXX X.XX margin Approximately to X%. revenue EBITDA being but X.XXX growth basis are adjusted of expansion to share share. is changes

we over cash one-time mid-XXs And Lance. will as with the XXXX impacts. expect turn in call I conversion that, we back our the Finally, cash to lap

had questions. lines year And as confident teams our very end executed our to remain recover We our guidance. for the have ability a Jonathan. open high markets strong results level. as operator, continue the by Thanks, to we're represented and to strong ready in deliver updated for the We another now at quarter

Instructions] comes with Credit McVeigh first from Kevin [Operator question Suisse. Our

open. is line Your

Great, everybody. thanks. Good morning,

Hi, Kevin.

transportation Hi, like inventories, you easier great we know, me read comp, how to is, what's numbers are about but really things you? constrained in a obviously, Really, interesting lot and that.

Lance takes So, not Jonathan, there? again, even there particular, if inventory was the it know, because or and it’s call just would for, Any out puts if have stronger, that really more you there. out like in numbers amazing much seems numbers you’d been

Edouard, XXXX revenue out I on to with mid don't the can think to XXXX, to build pass teens it what he's XXXX, you more, and you why is, if Edouard and number. start thing upper because took recurring is I biggest a some But we'll growth over that's want at then look Yeah, really to this and us. actually, on

non-recurring with XXXX, So And team's done to revenue. down my quarter the amazing that's the in high to overall And perspective, take that blow away it's job XXXX etcetera. look back right if number. XXXX, single From line if you XXXX, digits. an that's comes you the

recovered. a own know, stellar for my color I they to want do innovated products. you in done into view But is it's really the on a know, think, been that numbers? team's They've can. terms to They’ve you of little the They’ve So, worked well. Edouard, add you bit your virtually new the performance them. maximum just

good Yes, inventories. you Lance for on on absolutely. me the Thank Kevin, cool. Lance. And you, now? just call question. to said, the Thanks hear build Okay, Can what out

need And is industry headwind a marketing. environment, to both and carmakers some our And you're of process So, a this current less right. create the spend a for of on products. does have In that dealers recovery. still of in

thing hand, do On customers currently ever that other seeing particular, well, that's they’ve us. in dealers are our good I for margins say obviously and recorded the a would when higher

that that products dealers, have market. sort industry, in more in a and me and are takeaway in a of sell car the we're carmakers have of and showing dealers used But also, must that acquire think of a balanced really market case helping critical, like products of tailwind. kind cars I used today's are you cars, tough, So, is the environments view headwinds for auto our

really I'm has happy in that's big how been the for business response]. deal with So And a us. [flowing

Thanks, Edouard.

question. Next

Bisbee comes of from Bank Gary with next question Our America.

open. Your is line

well, is Hey, debt would and you issuance know you continues you. good know continues on to of know the out, services, else quite quite of what the equity morning. issuance to well, across, I a last you do and guess that Thank couple call benefit two-part outside how important markets financial in quarters you do question, here?

strong you I'll I quarter. that’s maybe hand at know, Okay, digits, then I and off, yeah, me super services to can in I guess just, it to over start and I first high Adam. single financial looked

performance. XXXX, Markit I'd always and the is little see having throughout is And the call years, and you solution, revenue. that great business IHS of viewed our slipped been growth that double-digit It's XX% really important So, XXXX, opportunities. now growth. high-single-digits. XXXX, were recurring sort say market, over one which of out, solutions we And if recover. some following into a Albeit solutions what's I'd draws thing while to we've that's for brings growth started its that non-recurring, then

really performance a super the add of Adam, want So, do team. by issuance, etcetera. terms solutions to in you

Yeah.

One about in of have. the the which and our the types operate the nice businesses classes of diversification that things is business we asset of we

those or platforms it in businesses environments bit issuance other see where a So, volatility, gives respond a a market that market, we you you us environments. well strong other in know, of but other have lift,

Heavy do that valuations, have moderate over winning started the growth. as across And saw portfolio, mentioned, Lance in our growth particular, our fueling amount but QX. you solutions, couple QX we a market into in significant of really we're in pricing, some bit you investment you issuance of balance. a strength continued core to we lift, a It demand mandates. know, last is products. know the like gives us made years. those significant the So, know, of that's for And in you bit a And some pretty our the

will certainly mid-term. continued of think that us, you be the I area growth know, for over an

Thanks.

Next question.

with Our Baird. comes from Jeff next Meuler question

open. line Your is

Yeah, thank you.

you connected the but not strategy around the for that guess new, CARFAX revenue? prepared cars that important kind to data to or of real in you, auto time in or that call what's macro of to IHS as you look defend how is obviously car guess sources position intermediate the And remarks, near On real new connected I find or time? I your to long-term collect

want Edouard, to one? do you that take

Thank Jeff. Yes. you, And great question.

car CARFAX bigger, in but going we workflow terms into both of we over and today, And number makers supplement connected to base data dealer from access is Today, much get models. new to So, going a opportunities of to what do better. are couple us a availability time, get side POCs also coverage business of we supplement of our is business, see running business data, to we dealer building across can base? network can designing. that figure we the as our the both existing optimization, get how of what like that on such resources, also out car to network set And for for

We the will been see very exciting that is Coverage which availability access play significant us an us. data source lighter has and Right now, still [indiscernible] future. critical around years. So, there three limited. marks owns two for are the or connected out data, car a some opportunity question have who for to data over to is in next

for leverage. emerge connected as something three take continue watch we let's really but So, the together data to car can will years that place or it floor, this two on to

Next question. Thanks, Edouard,

comes question next Andrew with Steinerman from Our JPMorgan.

open. is line Your

coming I into why just the recognize more a of recovery and a of, bit specifically [Brent to [into what Lance. will ACV the revenue additional and wanted ACV? us HIS’ is seeing sense drive but year, of subscription little give the Hi, IHS XXs], where just back about is for balance I surely resources, oil] kind hear

granular. Okay. give you real and good Probably a detail Brian can more

over pass it I'll So, to Brian. you,

Yeah.

clean new this all plastics know, seeing And crop carbon, or So is, we we've demand in offerings expanded in high science we, now there’s for biofuels, chemicals. you what for what year those our have areas. and is, agri done we're group, right really our tech,

of the that segment seeing off. just really take business we're So,

And the it that, a that you. job. the XX% XX/XX, energy really, know, now, know know, done much, to, know, [Indiscernible] a better. think with balance diversification for much team's mentioned And with the you at is you back downstream, I assets continue Thank of Brian. know, you Thanks, time [indiscernible] XX% transition. the quarter, we'll set merger first the you the ever good you having [agri]

Next question.

Jefferies. with from Our comes Mazari next question Hamzah

open. Your line is

more clearly, merger, the on, you you touch how as closes deal Thank QX, of morale you is the anything pre-planning you integration, know, to is from employee you culturally terms a morale on talk you maybe could gone can and integration in on, but mentioned, from know, My you shaping you. question maybe, that's that morale, about any Lance up S&P related pre-planning could any and employee color provide process, there with perspective? touch an also can employee

Right.

quarter. Okay. to Well, a X year, be the December final year that will

team say, know, together it through to So, you have long got but time, the know, is I really motivated COVID. you a

So, firm Like you can around know, rallied you And we that improved anything, results. and COVID. the last worry the know, we year. all. us I that a carried over through think And noticed know, just of know, at great you you you fatigue. that, merger haven't culturally, most delivered But time, get,

create pre-merger great an my I have is, don't because, of sleeves, we of much up this we've should four extra, know, think really their thing other different, a plots that is or they planning. you issues, And deeper. you you overlap the a employee energy is months, how had three know, done team job been the working with teams And know, has know announced. rolled just completely morale you have our sale because going know, and that's on probably to S&P went you

excited the again. be know, people even that fact they'd you are So, new about Opus, within something doing

you And, a leading need for new S&P. know, transportation, integration an and overlap Sally's lots leaving financial our team in leading to Automotive, Edouard upstream so The opportunities. across no is that. building and really. Platts, with alliances overlaps, no So, it's Adam’s issue. of services, There's downstream that. given the real that's businesses be not going exciting

think, are course, employees know, really job, I this is, the overlap good Where both So, the all well know you did we you in highly the motivated. very period. teams a merger of treated and, services, have the firms through

And, know, exceptional motivated. from And at the had lot I have we leaving highly IMO firm. of you a and been Jonathan's side. leading my still haven't the an people so, are job, all our feel teams done

to bit maybe he add color little can additional of So, a that.

on, the all of Lance. planning but really have your Sure, couple jump completely severance, you different functions, to announced to then let planning. very different ahead this. intensive back teams do. careful think we [certainly all mean, I areas, up stood just And there’s] as across going the being going been the the out. been Will have some I things that question, but gun, integration course, on first not And get come process, a integration

synergies great discussions work think, firms and know each think that thing the I the well. are similar. First, extremely their other – very be fall other, to exactly get working with know is increasing taken path is to I they and the at identified and I few [indiscernible] will, when to And from We've their knew are our them one begin the been announced as certainly the want that really there. to Lance we to going to to I future of the of to for it's people with. deal. what's how to in another two synergies think to quarters solidify you with values And each as last we teams and to two confidence have get to think I that very, colleagues get the other if relieving, work on we’re teams gotten know for And colleagues it's question, out the come to culturally, your know get second opportunity really been a the

as progress we’re So, culturally, the and when integration well well great [indiscernible] planning, we making set close. up as both we

Thanks, Jonathan.

question. Next

comes question from next Stifel. Rosenbaum with Our Shlomo

line open. Your is

might of this into Hi, And through the for have in impacted is costs What margins quarter? the the Adam reintroduced this how on level Shlomo. business re-openings? were

Jonathan, do do one? you want that to

Sure.

areas we a where So, there different couple did. was

we were So, took when if permanent, savings that things have back back QX call certainly down were permanent. crept reductions, Q, did, and executive but last those what we some on haven't CARFAX were cost on example some some in North salaries, There you entering significant last few in, temporary. been America. impacts of cost given on marketing permanent indeed shut those the COVID, year, They we dealers call for pulled spend, we had other was year,

have costs this certainly been those so and plan, our year, guidance into And built we costs our into it reversed. those

it take accretion, significant absolute segment QX So, significant – a bit we example, create you costs, a dynamic little of a for which year-on-year false I transportation, odd with in economy, the would call will it when level reductions does margin the a or margin is of I say. last year, of see somewhat

business they going thing to temporary that see main performance, come I we investments growth. have the continue forward. year-on-year Then is year. of some the costs But normalize reverse in really see those those fund should of where course, of out back last have call in. invest the cost But will You key and to from and you're been the we make should reductions seeing future strong

Jonathan. Thanks,

Next question.

with Our comes George from next Goldman question Sachs. Tong

line open. Your is

morning. Hi, Good thanks.

your outlook to you given your your current updated transportation. do to through segments? full-year flow fiscal each increased revenue in of strength given guide expect XXXX trends organic growth guidance your You for in How

at you of guidance, a And, over you look revenue miss track know, know, narrower Jonathan our me, the you you halfway guidance. given years, should over know, think EBITDA record, last look I you our think XX know at even our very, many we that guidance. very narrow; Yeah, We've you an million it's don't after if thing and know, through we're is, the let halfway I key fiscal add – I'll year. you people but, a

year, picture, float is, you accurate we've given the all through for fact So, into way the is very earnings. a this

that know one And also feel to we you course, know, that's you firm strong, is very Of single-digit as revenue our expect a we that, continue. mid-to-upper intact. profile

not any second the know, into if changing to and expected but don't years, you of we'd go as quarter, that into I that's percentage those I of XXXX, you changing, us us we issue but love view with, say don't to our businesses. our we XXXX, across forward, you strong, the beat revenue first don't And we know, have guidance, see have know, raising XXXX, see mix growth so our

mid-to-high So, else in growth add digit closing of want revenue do to single numbers. XXXX off you know Jonathan, our to that? anything XXXX you

but to give back No, to, there's actually of that all, proud first Lance. team we our has a landing I the time add alluded by maybe noise the comments uncertainties couple of yours, guidance of we this of great, And even XXXX plane, the team. did out with great of really COVID. as all performance the as mean, all I’m we Lance the last of then, year, are kind coming expected.

say, go and will we're the in half obviously, in raise year back saw of we're first I Now, guidance we of terms this a what the doing George, seeing of time, forward. in the the what on

give this think I really formal for prepared guidance XXXX. at point, not to we're

we think be in position much weakness. news Obviously, as back to year saying, will we'll of changes this I exiting you plans. once terms in normal think position than year get cadence. surely at in of growth But point, I no the the of rather strength future later be our Lance back finalize was to to our

Thanks, Jonathan.

Next question.

question next with Kaplan comes Morgan Stanley. Toni Our from

Your line is open.

to? of supply competing that have areas? areas, like right hydrogen, now the million wind, ESG data, these in spans it about $XX capabilities Thank of or ask that And you wanted against chain, would solar number you emissions, I when you a revenue, there etcetera. you. any I Thank guess ESG, different to who's think datasets are don't across you. you about

question Toni. Yeah, that's good that. for a Thanks

IHS out think analytics. clearly climate targets, detail, coming substantive we know, – for the where these scope the the have of who areas of, an are corporations, to will where XX], challenges real governments XXX is you around emissions E, Markit ESG want [COP in So, standalone based science has we I edge and regulate

analytics. plays into climate We have that data

around location chain have very So, data group and detailed fleet. maritime maritime assets, all our energy footprints trade the for supply

some new We and and great E. have, services know, around play research development that into you products

When have the think marry as the I think E. Global, I assets that MSCI, actually that providers So, gets and are of, FTSE, you and in do you even other various combination have knowledge, we are Markit know, the you of know they LSE competitive versus with very, RobecoSAM, terms the the and IHS S&P likes know stronger, much edge Trucost, ESG in that the off E. you ratings driven SNG with group, competing know, more you scores valuable public of, the, very

going double-digit number is I to something you give Markit, give growth S&P change climate edge now, there's that a across decade. you expected to us at least engine is think know, for, strong think opportunity and competitive is grow combination grow to trillion. know, our a and Because, a year into, Global being spent, and very IHS like So a I you us of this lot know, to X.X X.X trillion on a and

space to you think offer, and know I got this so, we've closely. lots And watch we'll

Next question.

Our Jeff BMO Silber with next Markets. Capital question from comes

line Your open. is

follow-up Hamzah’s question from internal much. your a actually workforce. Thank This you is on so

how people the you That's great. You merger wages? not had since pay I'm assuming lot Thanks. and you've than you so, increased it to people, have announcement? said hiring difficult been of leave if higher having since has the a could announcement. your are these to since, And merger size is workforce normal you find just of if the confirm

to team the let this one. [Indiscernible] add

growing the operate in of he cases, many it pass you know, into or wants in. We're Jonathan we're any if to you to heads definitely, markets in numbers, to know, growth he the go I'll we're to the can. definitely growing. division So, hiring, with we're new And spaces, and

I So, seen know, hire. this you have challenges to haven't any,

and of them. You course, our in merger, people after make look that we know, we and a sure retain

group, you I division maybe So, from that add? hiring, and year-over-year, want terms Jonathan you start don't the know know, the in the to want overall can stands anything employment etcetera, if my any our if out, of heads growth perspective, you of of heads if any but anything notice across add then division to

supplement Sure, general then maybe the can give a and just division overview I’ll like. heads they as

is seen date been kind with So, the normally very point year has to first off to of attrition what see. your first, we've we in much line

[indiscernible], no are you're so absolutely And we And growing. right.

and have that all people that India we that done. you years. and never hot is to the growing growth is to in very we the always, that look is has would a always, Edouard but not in very, other – are year people us. challenge Brian, a try Adam, find great what different We growing I India always this businesses is lead, attractive it and for the always particular different in market. them and employers pull really finding attractive, sector been Itself you easy, get we're know, investing It's in, say best people. from challenged

places So, years. we to markets, this happy difficult, are to other from particularly But some in etcetera, add growing. certain hotter year the expect. more divisional different to than are technology, dramatically Certain prior would say leads open usual segments, you data the up markets science, I Obviously color. wouldn't but

right. pockets, said. to say in something I Jonathan add just I'll what it’s would

a think of question. is I one those is great pockets. Technology

an places have some in seen struggles locations. tech talent in have and we nutrition, hire uptick to may You some great in

we the and large helping [indiscernible] and wages diversify globalizing to is some But need]. talent. footprint the we here engaged in strategy our cases, know, our we're you in us that talent and by funding of that’s actively So, adjusted [chance sources as are

Brian? you add to or want anything do Adam,

obviously future young our into real talent a were gives of bringing a brought diversity maybe real that's That's competitive only you just and and firm early continues great investment strength I'd no, that pipeline, We and us seen great a large Lance groups a And attention internship Yeah, forward. we our within in job the lot I that firm. that well people as like careers both our make in that's into join programs the progress the where our to of operating market. where equality, think of put know, as we've progress and the is, comment we, place firm.

anything? Okay. Brian,

and Edouard onboard the I'm those Adam I definitely are are and think seeing I mean, programs talent that I as our things No. internship agree. really good same grad. help

we're cylinders firing think I on all So, there.

great. it's No, Yeah.

over have interns We XXX and joining. graduates XXX

know, growth our that of our fuels, you that manages So, a lot expenses.

next question. Okay,

comes question William Nicholas with from next Blair. Our Andrew

line Your is open.

piece past, CMS held taking Great. speak back like to can wondering pressure, that this know, drivers smaller are get codes business, And revenue the from but bit kind some do of plus, if for well there? get the I I getting looks I question. was the year so, Thank segment? And the it's you to a throughout know performance of up and year, quarter. of I could decently recurring mid-single-digits medium-term revenue excluding Thanks into primary outlook the think for my the a what if the of think you non-recurring you in half you. boiler range, but what CMS that, vessel the longer-term? in

that if in be we out growth. that. to. Yeah, know, retooled this toward the mid-single-digits. you expect add mid-single-digit quarter But, it to I'll Jonathan We we've called can start full-year needs really CMS

to So, you know, you have, confidence give numbers expect strong them. I think again you. hit the in And we we guys know, you

expectation, has long you job. great CMS a that and of recurring term over our They know, then and tech organic people done valuation and growth flowing over means platform, you know, but know, has revenue. through you and team retooling been, in you you So, demand, better to, seeing it are the building do give that's and need out, again. And over

think done the I team's So, great job. a

step mid-single-digits we this through Jonathan? next up And low able into year the to again be from moving year. team then think will expect I that do and one. is to that

Great major look CMS, divisions really two One and are design. few divisions. is or One you risk. because product I at if last economic just things there two a is – add, year would country maybe our

then, platforms technology begin So, products. new design, We take a lift multi-year drives. product that back in to place has and that investment it been and see

we We path growth single As mid-single-digit look kind for seconds what think look year. sustainable we in half do of half based Lance building see that should get rate. be of second as full-year, see we're first do growth. a said, then seeing. what's a the We but at the to sustainable for and the not organic a year, That on the a to year certainly of multi-year the

year. Adam significant see made products those we of around through in growth approach benefit pipeline, mentioned, based that terms we some where lift to, the of that and get were products year risk last And company of early much with investments of our packaging this half second new there. story how similar expect kind economic been the the – On of new has investments that end a year, to more in persona received our this our and

of rate report get first expect lowest out year, we by end growth mid-singles of would half it the to year. So, to the our divisions, the

Thanks, Jonathan.

Next question.

with question Securities. next Andrew Truist comes Jeffrey from Our

Your open. line is

you. question. Good everybody. the morning, thank taking Hi, Appreciate

a chains side, Lance, as you like you anything think up been broad wonder perhaps market the that know, sort peak the car feels that we cycle. Just next sort little you transportation has I know, next some of an just XXXX prices for wondering could business year need bit, of comparison normalize, described based, terms of assuming just of fantastic macro transportation Used it tougher, backdrop in address little sounds know, and what sets dynamics bit a of if you a a obviously, you up being bit. supply in exceptional year? terms loosen about, little to year,

single used and Right. every know Well, I guess of that that, it's question the quarter. got Markit, merger you to IHS I

quarters XX about question. So, same that of

So the growth again, looking single question time obviously should a in high is at of is on you mind think be the it for good good does what And that's a because I all it's really our that a way. diversified digit transportation. – and time of it very it's analysts. And one

markets. used sometimes it's markets, sometimes new And it's car car

Sometimes it's and advertising. marketing

chain predictive in Sometimes know, supply it's, you analytics.

And its so but transportation, a opportunity but not car when look ample that. actually things in. the everything's say are at to regardless sales into performer And ticking, alone, with double general, we're high used strong many suppliers, digit single or reliant markets it's and of the digits, in can we environment it's that on I OEMs, peek new maintain needed automotive by the in

all they look emissions, they all the their measure and car, So, be they and into next need spend all to to their supply car, chains. need vehicles, need cars, need R&D, will incentives, market to future they study connected the the do They to to hydrogen. from of order all need all parts the electrification

So, cars floor. those and in and Then even important. become digital world, a helping marriage there's more dealers tools be always we of CARFAX types done. stuff get on of the And sell connected Mastermind the to dealer

catching really And so, high-single-digit know, an of where, comparison. can I you think, expect know, the that’s quarter the you outsize you range this But, you period from, know, a COVID more up the transportation. same for know, is in you

to fact exciting save to recovered XX% wasn't that the the really the it's have there. teased consistent in know, team You single been number we nicer actually shout high a out. get where all really would it's I'm it XX, scenario, to digit But well. is, growth team's because

I final our question was think that operator?

Research. Arthur Doug Huber We from with do a have question

open. Your line is

Doug. ahead, Go Okay.

of various on would Lance, is little your, is last it you’ve it just there Yes, ahead at thanks. expected point turning I quick. I'll this of swinging on you, ACV a given ACV, or it updates of mean kind pendulum sort as make up, the on schedule?

say sources but, that new when I oil circular oil, they transportation its diversification know, I'd financial energy, schedule, a The prices of diversified, day and like need wasn't of you like transition, across, like XXX many you waste. dealing of million, not XX. energy the chemicals division strong expected. continued that's and ahead This long business. highly barrels know, with ago, where continued know, for, We're know sub it are, definitely you economy global No, what demands to got economies agricultural really to XX, facets you we've is expertise as XX with shift division were of is a million at services,

we've you know, team energy. thought year divisions go low-to-mid of, stage. it's the in know, and an So, financial leadership had, through growth COVID. got where, And, center single-digit got we're know, CMS, you year to you've in And, this probably the I first you you yeah, of for if expected, and is know, you've XXXX as energy been be you've had always mid-single-digits, back know, one could in But, high-single-digits. the out XXXX toughest in transportation to, services got in we've come you

merger. to You we're kind know, strong this and of, into S&P strategic going that's firm run that's the the deliver home very Global

be know let final question, but might that the think me I operator.

is question with Patnaik final Barclays. Our from Manav

open. is line Your

Hi Lance. Thank you.

about between, but the down? to pressured growth, to just smaller a know, obviously, prices transition everyone's part it business. the oil I talking clearly, and And You well, you guys the know, just the resources. understand quick, but of Sorry. whatever. world how break that's wanted going wanted still see I'll or going keep dynamics you just you unpack carbon probably, energy you companies that up, talked low-to-mid you I maybe, Can energy know, it single-digit about help zero

how see Yeah. you pieces those there? So, know, moving do you

you is, easiest I to of it thing call take high-single-digits. do the think XX% and that division, you

a agriculture XX. had You know,

even you you upstream, to consistently, on digits. know, quarter mid-to-high And want mid-to-high upstream been has single-digits, then consistent be has your, at, whole know, really single-digits, been double off you You to that's you flat, occasional recovering know, Opus if tough go etcetera you of chemicals you it's X% and in low-single-digits, to though, price division know, could X%. low-to-mid the concessions, upstream to single-digits the say and be your puts

actually don't investor order participants And those of you And in so, know, around, you revenue the a know, think, XXXX. demand gross of to I it's we're energy navigate challenges. that. and to world up help in demands, types a – perceptions, forward market energy assets you tall roles climate set these our understanding I well by change, driven related team's think change, regulatory just know, see And, for

virtually, to the know, trade and saw CERAWeek at around I I Maritime you needs the thought chain think same was you leadership. conference, there's is We you a know, & know the, lot analytics. market supply and more saw, engage shocked of and We teams participants Trade, which the growth. world of our in petrochemical the in the turnout the

mean, for the toughest optimist, it But you have through I the just, and the challenging I moving I It have to of and team, give know, navigated I know, I them guess just was you period. parts tough. not point the was division that, yeah, don't It say really a you know, mid, a of know, to run me, from badge I'm this I Brian single-digits results. most think highest honor. know, they know, you had a – have we the strategic But, you know very I you you view So, that when think well. but COVID we team, and crazy say,

So, great there. end job. We'll

more I'll for unless try came question. one somebody time, another it in operator, think I

I finished. think we're

questions. further are no There

I'll back turn to Eric. it

ID interest in XX, We IHS Markit. This beginning accessed hours you running in through via or be Great. for thank XXX-XXX-XXXX, XXX-XXX-XXXX June conference about your call XXXXXXX, XXXX. can in international replay dial two

In addition, appreciate interest your our on archived the year one we will and for webcast website. be you Thank and time.

program. and gentlemen, this Ladies the conclude does

Everyone, great a have day. disconnect. now may You