S&P Global (SPGI) 27 Apr 232023 Q1 Earnings call transcript

Good morning. And welcome to S&P Global's First Quarter 2023 Earnings Conference Call. I'd like to inform you that this call is being recorded for broadcast. All participants are in a listen-only mode.

We will open the conference to questions and answers after the presentation, and instructions will follow at that time. and to webcast the access slides, investor.spglobal.com. go To Instructions]. [Operator

introduce Grant, for Senior I Global. would President Mark to like begin. Relations now Vice Mr. of you may Sir, S&P Investor

today’s morning. President Financial S&P call. Good and on are Executive Chief and call Officer. Peterson, today’s you Steenbergen, Officer; thank for and Presenting Global quarter Ewout XXXX And first earnings President Chief Doug joining Executive Vice

Global Saha, Commodity we call, and For the President also joined of of by of S&P Indices. CEO Q&A Draper, will Saugata Jones Insights; be Dan today’s Dow portion S&P

results We issued a earlier press today. release with our

In addition, guidance. additional a slide and information deck we with have posted results on our supplemental

need the you financial copy they and at release schedules, supplemental investor.spglobal.com. If or of can a the deck, be downloaded

in on to statements from based in are projections, including such differ events. today's current contain Private may the materially forward-looking of conditions discussed results future within meaning current uncertainties and Litigation economic call actual Reform of to forward-looking Securities Any descriptions cause of statements. and statements conference may matters Act these risks are the results and estimates XXXX, subject anticipated expectations and that The

these XX-K Exchange in be uncertainties and most recent Securities our Form Additional can Commission. concerning filed information U.S. risks the with found and

providing periods earnings and The such In contain corresponds adjusted meaningful make comparisons the calculated accordance GAAP deck today's that call, financial to in non-GAAP perspective the reconciliations conference provided earnings to non-GAAP as the measures enable release release measures. management. we’re measures operating and view from with investors to of the between release and earnings we're supplemental information. of performance is financial contains providing and same during the company's non-GAAP the GAAP and company's to This business information the

to like company. aware media should on to to better to a also Relations attention S&P contact have or ownership call has Global expects that of on obtain European potential the this call. representatives impact or regulation. We're more the we of investor of and us Investor Any your the legislation who understand with I the X% specific would investor some

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At this to call to Peterson. would I time, like turn over the Doug Doug?

you, Mark. Thank

non-GAAP highlights, metrics As non-GAAP I XXXX the we'll current for unless you quarter's in want adjusted the remind the and out and for we adjusted year that at GAAP. look forma financial discussing called ago the to this period today pro refer metrics be period, metrics guidance adjusted to as explicitly

We're to pleased pro the report in the in ago compared revenue quarter X% first year period. results growth forma to

generate the in to discipline, adjusted first in continue growth substantial the quarter. our expenses expenses synergies X% demonstrated other with and We by as manage total

top an more focus XXX expense the growth Our than in year-over-year on a and growth line basis EPS. expansion and adjusted management X% adjusted resulted in in margin points

Investor we In many strategic Day. we for made initiatives out on to financial at the of strong laid results, you our addition also progress

our to our in milestones important continue We budgets, prioritize in cloud innovation reached and technology migration.

in built We'll a discuss with and a hosted AI more important moment. Kensho and more in releasing also our expanded AI in We lead available commercially CERAWeek learning platforms. first we machine detail in the also record-breaking products two our quarter, these on highlights proprietary

capital our Beginning same and December that we our and the we’ll powering allocation discussing this our impact five live lens We these work. inform that people, investment key global last the of a the markets. be our drive our messages which communities introduction Day framework. was use to pillars and on customers as in organic decisions Investor strategy One our quarter, of results that using from pillars of the

focused to I Global. customers. our drives same We that with value hear constantly every at they're we make First, the from our S&P customers our Delivering decision to want on we customers things start are.

the we markets. transition energy every as first that sustainability, as products serve well quarter private conversation customer discussed our and During I in had, almost

continue to we evidence our We value see create of for the customers.

We saw stable with and quarter, rates commodity in in the strong first products divisions. insights and year-over-year and several retention improvements other

declined and and retention expected inventory rates to discussed, levels and automotive As previously normalize. have mobility modestly, start volumes as

in managing of as saw financial services, back of their enterprise certain the customers, saw sales some last of of year. continuation particularly understandably the is also the This expenses. some lengthening are we own focused margin quarter, what a protection modest in business the and half We parts cycle in first on on

automotive As last banks large OEMs, to the the awareness managers, a is product retail been the that of recurring want few products introduced more our There's I've to large and customers over of breadth our met companies, with do asset and with others, consistently they including them. us. customer months, theme value ultimately opportunity should results. the That to raise improve we've offerings, impressed by and have customers

improvements an a way. helping to customer to enterprise migrate customers overall our job of CI relationships, That contracts. excellent and customers, meaningful enhances the and customer in complexity look experience reduces our teams of life also quality We for migration create those in contract have done

ratings our to customers. Turning

in the quarter, aggregate build X% first decreased issuance year-over-year. During global

banking issuance the quarter. in whole from strong quarter, While and opportunistic remained quarter, uncertainty Refinancing activity that levels bank build sector yield loans, particularly for muted. the March to improvement impact in the the the first sequential in was we high strong though emerged in issuance saw muted issuance last

the the investment grade already due decision first we We're also that a we CLOs deals. this right largely of large call, particularly in to pleased very first strength pleased maintain was our strong. and quarter, quarter. be preserve capacity growth with our The year proving last as made is strength saw to analytical in organization the the the We're CLOs for increased few to though was in issuance build in

focus to strategic Next, I'd our priority like to and on grow innovate.

our our platform energy new of from and example several into teams integrate Markit Platts preview Investor we've We the our competitive Day, and analytics insights real-time impact. valuable proposition at comprehensive data this provides the clients year, differentiation. customer curve and product strengthening An while most value forward studio together products. IHS worked industry with and Platts in our this to the synergies, which far So launched innovation

materials scan improve and intelligence far offerings the M&A, new we've battery mass our be assessments recycled M&A Europe price completing the So acquisitions year, also expect in of this this R-PET in We market and within These tuck-in acquisitions type of in in and to we of for introduced ChartIQ year. remain and the pricing India transparency within for even focused our rest raw market for plastics. current rare black disciplined and activity mobility. Asia, and that TruSight strengthen of to

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progress pace made optimize our we're with spend quarter. in innovation, first the accelerate to of the we As thrilled technology the

allows with data AWS cloud That a and just to strategic first the As us collaborate which further announced our development partnership own joint of centers, go-to-market the quarter. product workloads we in February, in to to and decommission we we Amazon partnership three disclosed transition in closed initiatives.

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These people, expand and initiative, for learning, inspire we and we communities. how our the to lead people, Tech of and made retain our lead iteration in development, too. shareholders and through ultimately talented ninth resources Central results In Shifting leadership people-first us our now which attract, develop continuous help the incredibly quarter, investments people programs. our first to our to for upskilling and better investments launched customers financial

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the we figures XX-month the look trailing at as to on and So expect we through year. improve we margins a these progress basis,

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future volatility markets, transition. no to and to We trends secular opportunities commodities. We shift from credit also to energy asset see expect the change the including us, management see in active and the shaping like equities, passive for various

unchanged February, the banking highlight market. impact expectations these mostly market While potential are wanted to from we in the

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now to X% X% Our approximately guidance tied for XXXX, and ratings issuance. we full to expect be for build financial And up the to closely are build results year. issuance

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turn call into Steenbergen And to now, over the our outlook. I'd to to insights like and financial performance additional who's provide Ewout? Ewout going

Doug. you, Thank

to be year ago called period, pro As will we the XXXX metrics financial and discussing and our as period guidance that forma today adjusted the unless a metrics explicitly for reminder, out non-GAAP current GAAP. metrics refer adjusted the for adjusted non-GAAP in

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to invest $XXX million as well invest on and in remain We in projects. strategic our continue to track XXXX growth organic

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results expect synergies half begin to back the in of revenue impacting also the We year. positively

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full upstream quarter, for growth single last we expect revenue digit the low noted we in year. As to continue

resources expenses partially T&E strong products conferences, year, higher and data crude by assessments insights to in and event performance commercial Price energy momentum. increased costs primarily X% driven of oil both X% offset prior by Adjusted to realization and due driven and grew compared continued spent. and synergies by consulting cost compensation, lower

impact of the have Excluding expense would CERAWeek, X%. growth been only

margin CI improved XX.X%. XXX points to for profit Operating and operating strong a very XX% increased basis

sustainability. continue and secular of energy to strong from as commodity to offerings, assessments We benefit around as demand in well other transition expect trends insights and subscription continuation the price

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growth revenue and activity our XX% acquisition Scan the The in of products. dealer driven approximately increased by In mobility Market quarter deficient, X business recall planning recognized in and year-over-year, is revenue strong continued the point growth growth new contributed in solutions within category. CARFAX,

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resulted adjusted XXX investment Adjusted usage, expenses lower compensation This operating operating in year-over-year. X% cloud XX% expansion in a year-over-year basis increases by and additional in due increased profit and incentive software, partially offset increase to margin in points headcount, expense.

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updated reflected is our this guidance. of in All

primarily in revenue X%, Jones increased Turning volumes, fees. by offset to to Dow strong S&P exchange-traded due Indices, in derivative declines growth asset-linked

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of approximately outlined index driven would day reclassification X% increased Exchange-traded increased an quarter, data on the custom demand slide, though have derivatives strong revenue, by end in options XX% flat was including increase S&P of revenue for on XXX key Data across of the real-time and the trading feats. contracts, volumes on some XX% as and year-over-year, been excluding impact volume. minor subscriptions growth

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to to deficient reflected continue in lagged in be on earlier our to Exchange-traded will headwinds these asset was As well revenue basis. the in above results, prices today's and as asset-linked derivative difficult year-over-year impacts fees depreciation predict. volumes expectations, face indices underlying volatile can though a

continue certain as guidance invest indices. and in achieve XXXX margins full We the range. to expenses expect growth those back of to And to XXXX drive well plus XX% the target as year for we within timing the for the investments

saw revenue growth In X% engineering X% and solutions, we growth. adjusted expense

for As reflect of accelerated our close. to relative timeline noted updating solutions our in expectation a guidance expect to the to divestiture next the week. our engineering we now materials, June XX initial close We're

will professionalism them best. the of have division consistently them to and and be strong pleasure for dedication KKR addition I've and incredible like merger there We're engineering I overseeing confident the to the teams that thank since a would demonstrated. the the had all wish solutions the closed,

GDP X.X% Now our are economists let's views the who of in to from XXXX. forecasting latest growth global move

modest While a still to of and exit middle the recovery our be XXXX. recession is in the year positive, as growth we expected guidance assumes a GDP mild

environment, oil it above commercial favorable averages discussing contributes for been expect remain though the to We crude rates target prices have many and energy businesses, This year. banks of over continue above historical of as well. we as the last the central in volatility inflation to to like the creates conditions issuance our also

this of ultimately guidance. how in consider performance will turn our all we let's our impact to XXXX, As financial

issuance initial the as the reflects quarter the timing we macroeconomic have company divestiture, and GAAP certainty of solutions results some previously view around other as engineering equity for guidance. we key that the guidance outlined. can valuations drivers, environment, the Adjusted as on trends, first the well introduce Now updated

reduced revenue assumes only strong now offset solutions the of Our the by performance full our by consolidated full year tax the up in free change primarily credit. to adjusted R&D a accelerated engineering cash quarter timing first to approximately taxes cash from is flow, year guidance million The $XXX contribution assumptions divestiture. due guidance revenue in the that been adjusted by to lower is around updated which driven related has

interest from final provided supplemental site, expense, unchanged have unallocated and income reflecting due related on We our guidance. tax the that revenue by rate are this in drivers amortization, and the slides margin posted corporate our illustrate IR prior granular to in previously. deck guidance though guidance deck these mentioned The deficient, I

of the we've the to for the rest had solid conclusion, In the macro remain despite uncertainty confident the about a year. XXXX environment, start continued and outlook in

trends we excited the want in Before a are that our transition innovation reiterate language we markets that the the has we driven drive energy breakthroughs inspiring for areas team secular from investment when Q&A, to models. and up business, management growth consider how through artificial and Kensho to opportunities to as and our key incredible and open have team we large private continue benefit I like intelligence

join coming long-term like to for years. President of privilege with this us privilege It's a Dow discuss Commodity to many share leaders ways Saugata Jones would of the also Insights; It's like Dan CEO the S&P to invite of value to we shareholder in Q&A. whom create Indices, and both we to a Draper, plan stage Saha,

we'll Mark the with questions. that, back for over to your call turn And

comes with Manav Patnaik Our first question from Barclays.

open. Your line is

given numbers. rates But you across bit I Doug, you're provide that just uncertain the little just and a trend modestly. your with upfront out some there? you mobility hoping Good could a retention is were segments seeing was macros morning. color declining perhaps more mentioned there,

of Manav, mobility changes call. The morning. in question transportation to and you joining the level at happening Thank a the some mobility relates the are you, have structural that Good for business.

saw the of The manufacturers. If all were meet you the to OEMs demand. dealers sales aspect large and for we very automotive of last became years, actually struggling cars used the recall the a couple

cars. seeing necessarily used So products from changing actually we're some of with slowdown expect to to the have. And to a sales the that dealers we dealers, new of there's cars we're of same have seeing growth going globe a they where year. sales some around as And shift away the the relates be subscription don't lot the automotive working of this their in how margin, be they're they might to force approach in

see that So we one company, to that's see to rest some drop. the some board in where the and retention across that rates any have the the rates. we're started of of than we disruption that do Other not seeing areas whatsoever changes retention

missed this. Thank if I Ewout, apologies ratings on And it. the Got guidance, just you.

you elaborate offset more I two but said those think offsets could just revenue hoping transactional items. you what by was I were?

Manav. morning. Sure, Good

we're XXXX. the at exactly opposite If respect actually dimensions look you seeing issuance, to the with and built issuance of market pattern the of

So built issuance. there not market that down included categories are that issuance are two more large are in in

is unrated frequent well as as this So debt, issuer.

up the they're fee have we fixed issuers, frequent in certain know construction level because of build don't as volume. a on So issuance to you

XXXX. year we be to So issuance build full significantly than expect the for market therefore, higher issuance

Thank you.

from Markets. with comes Sabadra Ashish RBC Capital question next Our

line Your open. is

guidance. I just focus segment Thanks individual my wanted on the to taking for question.

looks full insights, was be point. just more on have even guidance Thanks. the almost wondering do by the X front lower commodity X and was so I X. issuance I on the it's color Any the that But the But guidance reiterated it to range? X towards X, for is mobility helpful. You raised understand now confidence guidance, like was front, on indices. raised guidance, you Earlier within ratings you the end. will MI to year full year increased the build

Thank Ashish. you. Good morning,

outlook really the year. full We are the around overall for confident

the the engineering But guidance and And have unchanged. the the results also in we're is of you in taking achieve around that see as you revenues pleased, are noted then that and very you with months are that confidence first We out year. going overall reflected two for what course, to earnings. of the we realize to have solutions quarter, full

So you could our due guidance. year you asking And say then the as are raised changes following. full implicitly, to were for, deficient, we've slightly by the

insights, at that driven you look outperformance If the growth really by in first quarter. revenue the of is commodity

If you there is strong the but at in seeing therefore acquisition that well, the the look Scan indices we're what mobility, first a from in Market growth strong full quarter, And of there growth also perspective. helping year reflected also revenue is a as quarter, very first also and outlook. revenue is

non-transactional we bit terms shift revenue. there that have a lower ratings, told a revenue, of In you, is bit little higher transactional but little a

end market well year, of minimal for think crisis, some of those actually in mobility some more we dilutive categories. down although the market the later is indices intelligence, bit somewhere uncertainty, to that on year, strong respect see the the capital the the we So to a have been then there flipside, But of and that we be a That of that of come bit. impacts two are underlying for that recession to is acquisition. with we But business, intelligence. With for because the products, to of the as And first said shift margins. we this respect macro effect really net-net assume mid come the the banking has same. margins, in as now the is the the with at the fact has a in impact tuned still And performance the revenues in up, margins that the again. ranges, of given will back markets both the more environment, quarter we do expect lower the is

more That up very if very historically color. mobility the in a as I particular was Manufacturing in was Overall been this quarter. front. strong, was which up, but helpful up And growth strong. follow manufacturing was follow range maybe has to X% XX% very can the in X% mobility on

wondering structurally, has was that in driving I significantly changed stronger is anything there Thanks. which growth So segment?

in recall of there were over you, chains segment, disrupted. growth from in even which was cars, couldn't things also last were Thank years, looking different What's sector, Ashish. Yes. like types for lot you demand as automotive key couple a no the of to if saw had There access driving that you been market the chips, -- of are the get people fobs. them. including used but And disruption they the supply

up. that seeing we're is manufacturing So

we're sales In seeing Asia, including growth X.X% vehicle X.X% the U.S., globally, China, in and X.X% fact, South coming in very up about Europe growth growth. Japan and strong total in our about about in growth Korea, X% over sales about

So it board, demand see from coming going starting interest is given well growth production very, the depressed rates But decrease inflation, in as lot base. the across at as a same to given of well, puts pressure as time, very the a we the because some are up.

that make to constrained need approach more all supply and the business OEMs the But richer mobility So the changes as provide analytics benefits see right we this provide we're dynamics. and team, lot and now, to on in a a forecasting, because the shifting provide from decisions. been industry, in demand dynamics market data and information as the had demand from suppliers because what well customer market shifts dealers we going a in information supply that that of they mobility our we of for the the there's day-to-day about the to our

such was a momentum very color, helpful Doug. Thanks, in congrats strong Thank the That business. on you. and

you. Thank

with Goldman your Tong Sachs, is line George open.

believe the The some came morning. in mid-single an in there your remainder And and that rating in of you that XX% I the the competitor, declined wanted quarter? drove the business. year-over-year, Good main year? these of are What Thanks. Hi. decline. side the saw than factors can this digits persist outperformance this much better delta on over which of focus revenues factors to

had decreased at high a issuance. Europe, the finance increase Europe and A this U.S. quite yield in lumpy when in in Thank off Europe Well, increased XX%. declined of you, Investment the through structured quarter XX% It X% grade XX%, the And in it first strong U.S. very U.S. the George. look X%. all, the quarter increased of was but issuance. out it X%. it decreased it strong, but started in started you in

But think markets. that having mostly the We've an structured rest lumpy us. CLOs. forward year of We happening been the been to see our last finger sales refinancing going issuance. in about commercial across the people So we CLO what's We've very our markets. market adamant an see and in to supplying area out that's in strong in it's the for incredibly information the we the our the that be drive credit, the is for for particular quarter. involved in pulse going the of this been going what was people to quarter keep we've We

to years, five, a you are organizations and mature other over was we're year. typically watch forward. market? of that's coming take right very, and a come the five financial we're the And companies, can because a see quarter, that up there to going some the is slide is large starting you year, to going pipeline to coming next closely, something pipeline to of back including question If took X a the to on going is, very step for of XX now. be which which to people sometimes maturity. to the of we that with years. last to over this to very pull we And And once the what's last back And institutions be next seven, over issued the see place that refinancing XX-year financing of sheet a that's carefully refinancing, there balance we're is watching That's what the years and show conditions which starting lot XX three

Got it. about synergy then to ask That's wanted realization. your helpful. And

into and on to course year? the the where realized over side with you and dive you most seeing run synergy You million, cost rate progression the XX a revenue over traction little the plus of revenue on you're cost expect continue and how side. synergies realization, then XXX of Can million this

Of course, and good so Thank morning. you George. much,

speed my is really whole of the execution perspective. very a from implementation the of team, pleased with all This really impressive programs is we're of We and whole of making course, with progress company statement the are, of synergies. of the of our the

million This categories doing Then linked XXX of. care at the other moment. have are synergies course consolidation, we're we synergies we categories. vendor outlined all cost These estate cost consolidation, we're to several and that rate organizational integration. run roles that is all this at So are of there's in There's before. duplication taking real and of

the that cost combined us as as fully to now mark. So quickly And that have now. behind very made get progress the like we're we far we and from the XXX a forward. possible, integration not too million close by anymore to getting synergy synergies, And really going operate that we away expressed with and cost is company can point as

we of revenue the very synergies, growth commodity the so largest across With all we by intelligence and this And respect insights, divisions. contributions see in progress see all is the nice divisions. there company. to but The in market

We have will this that pleased next the But is obviously lead time revenue very develop to we take and products a enhancement where product this shift from revenue we're to new longer. new are on focus year we the And this bit the cost always for said on development. synergies into that time. the both system, cross moment. and will at But synergies At moment, later then more years, few take will beginning the mostly sell.

Thanks, George.

Thank you.

you. Thank

Stanley. Our next Morgan comes from with question Toni Kaplan

is open. line Your

I so to quarterly wanted disclosure. about much. Thanks ESG for talk Thanks first. the

ESG, because competitor the spans talking areas versus of political in sales I Have that yours any in your you more investor new seen noticed in slower about regulatory a have resilient, behavior whole a slowdown business. the it's that in landscape. any sales, particularly new of are and We from change sort also some know topic

that are change? new Thanks. So that and maybe fine areas sales versus doing are you others maybe a noticing resilient are some there

to Ewout. Thank over to start it then going hand and I'm you, Toni.

step organization a the back of back company, go X rest like this, climate around from experience XX, take ESG the a And And sustainability you we're in climate at seeing investing If XX, And back have if and strength really pretty the been last U.S. markets, of climate, entire the market XXX away years. seven that seeing changing through they our you think rapidly. five, it's products a that like portfolio. we're years. we something you in shift products, across the way the six, Sustainable the in globe. energy go fortunately, much because entire about look ESG our company our And particular, transition to of and ESG we've and the and it SX, across coordinating sustainability,

around But going dialogues the things an say Trucost, from the from me I taking on hand to that's one that station of that ESG of talk train we got a is is in risk, coming of say the corporates, left prices, And has little more is from physical demand, It's from it be high place let financial bit numbers. regulators this. quickly. Ewout to middle our important We've regulators, very growing the the part about governments, with the from area. every products institution One area the it's I'd This data the most referencing always about suite. we're it's institutions, to have disclosure. what financial over coming of globe bond

this the with to line underneath progress that quarter be the are and is, the very actually And energy and have still our for of expectations. we when reason our really medium-term think contribute outlined, transition, and the energy is we will we transition, in the as And streams sustainability all diverse and for revenue that Toni, sustainability Doug decisions year we to growth. look that company. growth outlook, the first confident full at revenues that strong for for the

about, Doug biofuels in for in opinions? is where with happening, And commodity sourced then the thinking already is with new climate, plastics, batteries, move analytics, to the the example, recycled carbon to what huge space and space what energy the assessments means supply much and electrification, the climate OEMs climate and is around happening EVs analytics, about about transformation is manufacturing climate; hydrogen party for happening industry and that price there's new climate really in what now of rating So the credit what transition, mobility around focus respect think they what with happening mentioned so data. second and with chains and

actually Trucost data Just the one XX% quarter. than point, to give more grew you in

revenue very industry this this have growth therefore in we And future So our added area. are strong we confident overall, if streams. up, think I we growth particular about and

AI through on just you hoping And or well? whether other other give could update topic an as Kensho your utilizing you're be areas or another technology, Perfect. us of on in any it how advancements

it few ago how here. we way of the the were is, acquisition people intelligence. did we're the Toni, game look really years of artificial we at very Kensho believe We about when ahead just five thinking

deficients that and We have make is if has expand created data, is products. is there few And about efficiency algorithms area. the that's three you language may the this If compute It Kensho really actually to models market. source training can are really the internally, embedded one and businesses actually data compute, really expensive. external good our the there to be can that Then our areas data. down the have this cost. then within the And ahead generative large. improve open of Maybe and told lot of in you over we is you last are tools training And that have more drive training years. sure already think really stay continue five algorithms products generic. opportunities not is Kensho more customers. really and we intention in one on market, AI, implement and Kensho's particular and it is very large And many I And this about morning critical. in are a really for this products if just we the We differentiating. which winners are the you are for But which to

We we team plus best have training data largest Kensho that already outlined. S&P the at the Global for of markets, set financial

more else models. someone in-house. year. models around do announcements can data our no that to you So need to this we will this generic have large may or We expect export later we this language have And

Thank you, Toni.

Thank you.

you. Thank

question Alex UBS. next Kramm Our comes with from

open. is line Your

Hello, Yes, hi. everyone.

outlook you intelligence and to sound Just commentary the Clearly, more wanted to market there. back come bit cautious. little the a

fine. said think are think the end. Although, should low Ewout's pointing clearly be you I it But Doug, I towards initially comments

or seeing expectation guess I a So you're new actually something is the of a sales? question already curious what thing specifically an lower end? that this it just is just slowdown, in makes or it that Is is, it We're the something as Then about specifically, the pipeline mentioned in you expectation paying is you're to something environment? I seeing if this guess, well. merger, I'm bank obviously Swiss which is obviously uncertain the attention because more already an

we've since Or said you wondering, dimensionalize not is it have time? it year XX it something but may maybe can exposures are in take question impact, wouldn't the an like this it it very because first the just small, impact is bit some time about Just an a is little like this just you years? a maybe it had

outlook I of over remainder for reasons. Yes, Alex, about market to good Doug. couple a the the hand confident are morning. Generally, we of due This to of will intelligence start Ewout. it and year then is the

come first of capital growth that markets of a have The will in the period time. year. the business, of see some recovery we at end the synergies We're of next book healthy the growth. good subscription is expecting over we Then revenue

comps enterprise course during will headwinds help And solutions. this should the then that the will easier become FX also of So easier and year. become

U.S. customer banks, that the are diverse elements Market base. intelligence of with the we following. respect remain and the is us revenue customer actually intelligence. the these this very specifically commercial And or banks, global a material not to for XX% of coming reason those has Only think from are Europe. help manageable overall is specifics the market so confident So banking is that to the not outlook. With the will impact, for and commercial

So actually that's we a have customers. And low with those subscription contracts percentage. multiyear then relatively

still should believe able want expecting mid the range for year. shallow the for the of range to we in are lower still the in it intelligence uncertainty, of and that's range in be to tuned guidance given year, market have given the and come down the the cautious. We we full But we this a be fact why recession overall, the within end that to short we

wanted we're nonstop I kind add the is and year of been almost with is feedback getting the on road team I've what that this And Alex, Client what value a that Ewout just to data about seeing market the getting bringing clients. it's the financial been within is just highlighted incredible into on that's the platforms. built market customer financial one only don't have single base just And focused segment. institutions, We institution. different not very that intelligence base diversified. intelligence we're

used relations So with by different in I've what had intelligence, is traders, chain. the have really which interesting we conversations can corporates provide supply in coordinator, we market about investor that data by

is to a cetera. would needs product their chain a incredibly managing chain that understand be console them for have risk, which new et supply shipping, for corporates what useful finding supply We are

wanted I'm highlight. So seeing. encouraged we're what what by The I really to is dialogue client

more competitor is your just small lending for assumptions but view, maybe that are may really remaining All focused too primary quick to private will And asked lending to markets? U.S. you that. the it in rating example? But I with we channels go the credit, markets. right, go to happen and other very because the a that's you which lead have right? going about if that also, regulation more then to that requirements, on regional different opportunity really as could role by on side, more I this not know an middle and actually or is you are companies a disintermediation banks, to more they're you or thinking constrained play. have thanks you make opportunity where one for a be there going that And for just Or capital for like it of capital is an what's these

help there some lower of that first do much, competitors we -- other Yes, thanks of some Alex. does overall. dynamics closely, the understanding economic that's because the watch space. been the of the with be the Well, have slowdown rest to own in the year. reasons U.S. for our very of sector of we've that, it We in all, could than for that And about of We exposure do much credit. in one it the cautious in some forecast credit some our country see the that

we the third of slowdown or those You And see quarter. private there be some low the credit. we Ewout the that areas as we see on be could think expect credit slowdown mild we dip But And as and that we a it's get exposure heard to very might of that overall, part of markets recession by the a some second by have actually in in that a would caused or said that picked benefit from activity some will securitization, area. the the likely up those. or of this that mild we

Okay. Thank you very much.

Alex. Thanks,

Thank you.

Research Our Huber next question Craig comes from Partners. Huber with

is line open. Your

thank side Great, given touch macro would, please? you just if for yield bank your this and the year high you issuance you. on, Can the issuance on uncertainties outlook loan huge

issuance reconcile Craig. you me about the and Thanks, Well, what of a bit we call. earlier talked broader a sense little on just give let

be be part are high up about And would build of issues was would research yield will be issuance now first team that of down for it all we expecting about and issuance quarter, said each the As that to yield. what credit range for loans the year. loans is we've leveraged across then cases, out right many other. our different issuance of about In in those don't Those range full a are and areas the have between X% And down We the think that. you what X% break report they substitutes they're on up know, bank the of the see high about we X.X%. XX%. X%. what forecast was But build

components they're private a they have fast, to to quite in Sometimes quick, I but also go see what you fixed conditions issue which that where to rate, going the markets, floating spreads I'm as there's can build had we X% more on think very been am maybe cases, the issuance well somebody says, a of going up focus at rate Overall, well, that's But be or happening. on the higher going some to market a should are different or look the covenants. see we think as dynamic X% to I and market. them, you

our that X.X% as be research forecast, up will Just year. the corporates they in credit FYI, see about an teams for

place. an of as of remember kind uncertainty issuance think inflation, make we also market and very Maybe that in conditions that already is very, some the rates earlier with anchor. of these I'd point earlier refinancing And is to what So with about this the of see I that said it's questions et the taking that about last amount one opportunistic. cetera,

a a And two week see flood back. over or can are You issuance of markets weeks. pulling the sometimes then

the But For thing about the very instance, the two last the we year. couple same been first weeks of have said months of encouraging.

the long-term back to is what go M&A but rates will back, conditions be forecasting, stabilize, for positive We're is. closely. invest to grow. this watch going we issue come So will people and to eventually

government. just these see It's the infrastructure thing attract into here. huge a these investment. U.S. areas, isn't build, into going to see going are is Act, debt using partnership, capital to an just done capital going going to that's going Europe, attract of capital in for starting to We We're in going that's same of that I IRA, to have be same public/private It's the to M&A. massive the going There's and This capital from launched public/private thing for deployed investment. be going Asia. be just amount the the get CHIPS that be for the going programs transition, in energy to to going attract all

energy transition, create globally. investment cetera, run. of I just we should be from the lot benefiting that believe going with to So this Act, And over all we're et the is CHIPS what long of that to going see a

solid outlook other just you for touch had to the start year mobility from think as with that significant trend Can that upon it will the a My of businesses strong for the goes rest you go and the first within for you the you. of might saw the the better on? Thanks very division the obviously think question help year. worse the please, rest or in changes you've Thank year, any year quarter drive do that.

underlying We're Craig. looking morning, all drivers within revenue the mobility. actually really Good for positively

as dealers, in at opposite directions, look see you two a bit earlier. you when explained First, little effects Doug going

margins levels their a up. maybe going bit, So are inventory down are coming

bit lower. need more demand reaching So therefore on future. sales to But is be flipside products, to a they little out retention is more and potential the customers that is for marketing proactively in because the there

So that and Moreover, products. is think the same as CARFAX the to the marketing in our Manufacturing, through I growth there And lot growth of out with helping products. actually super more the a driving they new really there to innovative, Also, reach exposed to really is needs entrepreneurial, launching sales thing. customers that dealership. well. are is

are Plus data the loan with banks planning pricing are entities So our for they of going other And happening all flowing to data and need EVs insurance to our their well. customers. helpful helping transformation the that that and is the be there our that companies, as products, is to to products. changes OEM then the

continue course So to we that during levels year. as to well at the of this expect grow healthy

that momentum no I positive would continue future. that overall, not in the have for I believe say would reason mobility to So and

you. Thank Great.

Craig. Thanks,

you. Thank

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

Your open. is line

know the asked environment. pricing I can it? by you’re appreciate in, one. terms you us we'd through of I segments general Thanks if to ask And ability give the just just late, I'll Nobody's it some so but about different in the much. varies pricing, know pass comments it's

Absolutely, Jeff.

So at products products we our most customers. this the of look are our way for must-have is

that customers, will price would in activities. an workflows, that day-to-day pass add And the over to environment. that color still contract of to Dan a give Therefore, expand on our their embedded to We customers. are this opportunity increases deeply should their expect any we on of current in cost us value lot very in colleagues, of or think result responsible way a terms looking time at very reasonable fees. way. that as is pass you But gradually obviously, of for environment I'm and doing your that we're the a like and if in any doing particular But increases margins in inflationary maybe at in to pricing We're a give renewals. to Saugata, businesses. balanced we therefore moment we my price to cost of come overall, one in

Jeff, Ewout's active secular fees. echo think ensure XX the our that it's XXX, indices, value for that And our this switch you much be very over to Yes, again growth saved and investors Thank look core that look if working sure. question. for passive customers. we're massive XXX estimate management over trends indices, Dan. management, last you something billion S&P we our we that's you the the and with XXX to in we specifically we $XXX clients at that really representing Look, something create and align if value comments we with to I closely. at the the for from aligned three outcome want And that the years pricing from

retirees, saving that's for directly So like savers, things that. college education, benefiting people

a So and that tool with I we think interests look strategic again really align clients. pricing through is use and to growth

right. Thanks for All so much color. the

Thanks, Jeff.

you. Thank

comes from with Lau Owen Oppenheimer. question next Our

Your line is open.

Good morning question. you thank and for my taking

you. please expand can commercially early or going model, mainly that five products? the clients? Thank the and And and revenue also, expectation there you to Who Would Ewout, products are remind these are us be available. major your to talk traction Kensho, you about back model? Could your subscription-based you please mentioned vertical? So Doug other banks, about

implementations more some specific a then Kensho to insights. for broader will Saugata Thanks, it and give you Owen. I over in perspective commodity hand

that look and both externally, again, external Overall, have turning you those value generated, years also last very customers. been if value speed the the customer for attractive because to S&P on developed product market, focused many for is product products Kensho is more but has been much Global, design, at overall, slowly also delivery, of externally. development, So it's experience internally within new of that now new few are design

highlighted external that we to of more than products. corporates. like let terms all details many me Classify, this hedge in customers, areas the But managers, Link, we to Saugata it products have more so external hand banks, large and is insights. have customers In Extract before; now and And good asset XX Scribe, funds, you over Nerd, commodity give about

across future Ewout. described broadly we Owen, driving. the we thanks Thanks, for of the that the of concept And Kensho do are piece I insights AI foundational is a work more and everything question. with growth and that's looking doing that commodity

we what outlook that price. get price price for the also information call specifically tool pull trading the market kind closing at So of Kensho, productive workflow to out use our for the faster. process, together customers, our to up understand we about the do thing during market for for we've tool markets what end time our and day the of the compressed our built the wherein helps for us reporters process, other build to on time example, heard Kensho the assessment frees out that And we researchers, a by a the in everything of closed XX%. That

broader a And which forecasts. value. we I of trillion real-time X wells, I some computing data, like two AI intelligence product to would where just products do artificial say where without And models, of North And Kensho can million impossible. something just newer a have wells we customer which -- machine Energy that would for in concepts and about more learning Studio using million your we we and do is attention and and that's that In like examples and draw essentially work. using We one example additional and one broadly alone that addition, X more America you AI that the of lot imagine X rows of about is Impact, than theme. live nearly are machine them be develop are leveraging of X,XXX learning demonstrate involves to

And Got comp Was was it. give line us revenue driven indices? lot. the That's market expense an rest And the helpful. by think or this on because maybe on mainly the you update it your our very then for your margin was gets but assumption lower? than you. also, it and Thanks your could year lower expense, please investment key on higher. I indices lower expectation, on a of also Thank

question. Owen. for the again, Yes, Thanks, hi,

in highs in S&P was and back, had performance, like products comparing [indiscernible] you the of the in but arrears terms that. And of coming seasonality market that the think the quarter of our asset-linked, think there XXXX, off build had I difficult comps, some also so also of XXX. the Ewout was asset at end mentioned, you if as the prices we kind

asset You think that. of on I late benefits do risk see and that Where we've the derivatives. fast a was the very in that's Obviously, the product. through saw the that increased caused in some the seen in classes, come year outperformance early liquidity we inflows volatility. premium and in exchange-traded year interest really can in rates. increase so dislocation nominal across that's really that And obviously out way

the positioned being in price able this able well What Day and we provide Investor ecosystem so we align market derivative manage in to discovery, built. liquidity for we're exchange-traded December, So the risks. crucially being and to discussed in back

secular there’s even over And extended potentially is to some that of cyclicality. hours, day we're to to will do or know trading but also there, products, access down so trends of intraday volatility combination will seeing what a particularly We shorting types derivative growth single revert degree. time, normalize, mean

our sure we want to make that So outlook, manage appropriately. we in terms of that

to that. have the They the mix if but So like change the do think margin, just do a do you gross kind change. rest derivatives. our We margin expect flows we do asset-linked, for higher exchange-traded that we the year, than hopefully, of looking of about to expect,

last and reductions into of the reinvest to year. is way reflects, also again for to the the ultimately And about Also really what into the trends lapping that that incentive had rest we And had do the again, year, non-recurring. we're some some expense leaning think reflected really mix thinking back the growth comp to margin I we want business. secular have. going in one-time were it's expenses So have. we we But revenue be we the

Okay, sounds lot. great. a Thanks

Owen. Thanks,

Thank you.

Steinerman from Our Andrew next with JPMorgan. question comes

Your line is open.

mobility just the small know, other Market acquisitions also already tuck-ins basis M&A and a give you already guide? model. completed. the is for revenues the there's the could first assumption you on X completed, you Scan. the revenues heard you the kind 'XX the of quarter? point this what could definitely the from know revenue But in out Could give as total if M&A with same of And us been some of M&A you is would I but our I call what Ewout, help were item, it Hi, us acquired, that's

Market is that we around point. for said impact Andrew, X the Scan, the during quarter,

So million. $X as understand. whole to for overall you the it's immaterial million $X around as company a It's

sides The ChartIQ are two market other intelligence. really in immaterial for

plan in perspective, earnings year our But loose months I models. to plans. number the to net-net the And that model. and from solutions impact engineering divesting the then were overall full your put is going on our wouldn't So our modeling by like two out actually for point any the I a into revenues reduce would earlier

earlier guidance to the range that holding a raising in divestiture my is solutions the and we're the engineering of of negative, this a full comments during for the year actually requisitions hence the implicitly for by call So net company whole. as same

of all right? the for account do you But Right. M&A,

Yes, that's correct.

very you much. Thank Okay.

Andrew. Thanks,

Thank you.

next with from Jeff Baird. comes Our question Meuler

Your line is open.

you of are Ewout, could highest continue I if what some resonating or think like or your Yes, really hear to potential? maybe guess, thanks. indices, good Within try you from talk I'll other those Doug, have voices. incorporate to But to you. new vitality the about, products

Thanks Hi, the Yes. for Jeff. question.

vitality, the we a of that theme. of think terms was sustainability In

that's expand of both the Ewout mind and us. specifically if Doug about income factors Asia, for think schematics regions always Europe, think to that's say need other I for particularly I'd opportunity emphasized, we of in a [ph], huge also and us, as you kind top globally. for

we're a dividend, So our dividend for demand franchise, us leading of aristocrats, equity there. having the seeing lot

now populations, ageing think you about but markets the in inflation. there's need If for hey, retirement developed income,

need of and a sudden, all to of standards protect I So capital living.

franchise. a So XXX using, to fixed synergy S&P that's where Markit, franchise the say, from equity IHS big supplement IBOX clearly income, that's and combination the our of our specifically

multi-asset is And clients, asset markets one our the able the with now So multi-asset seeing around to marketplace. franchise we world dividend solutions. in ETF like like have that what of and kind particularly just credit, Japan, combining largest we're that now first launched being management of offer

think but synergy leading in So income into that, partnership the really proprietary again, vehicles. the Saugata’s use electric bringing really around to sets data S&P combine and business in been we've Global. I within Even insights, also unique capabilities, sustainability to able looking commodity

data we came and GSCI our partnership Ewout commodity to other an vehicles out come sets had again franchise metal think electric insights mentioned, Trucost with index. in were I out with with Again, sustainability.

mega through Day, really around I some Global really XXXX, these of to So this we part as -- we S&P the is XXXX Investor gave increasingly back go of looking look at these trends world. to data think that being outlook in sets, really this is proprietary

a about part build the of to if S&P now? just out meaningful as catalyst to just comment there And event? you then event level look leadership. being then pipeline further here And a the the commodity cross-selling a Maybe on we an talk high different was like insights, CERAWeek comment, should you. Thank with coming sector you. how was opportunity of Thank IHS about

question. for the Jeff, thanks

Number out where some of we are leadership, transition and have trying energy showcase audience energy which research with that a and we four we that came the This a is -- a we we questions as took year, but to thought of away is energy that commodities are most our and here it you venue And where a business. be connect because year, research affordability. in do, it's guide meaningful we event also it's sell. teams It's to everything we that reminder, where the and event venue because that looking to March executives, get year. as is out. than do, about our great over one the plan you attendees complicated commodities products is community we work customers transition, this designed had more lot -- have for number policymakers shape them sell, us overall a energy of business It where out, help that if laid two, the that with marquee is away. of own not built lot just and So have obviously doing is accretive helps say this strategy; want important a the stay. that thought grow to the business energy to way say, going is C-suite there. a balance helps increasingly the point us to in want that we we think kind we we hold not do not want you that going I'd the we to a we future do. energy connect our answers in We and hold the we broadly is of four all shape leadership venue I'd for across showcase that the world. the us so security it we and where venue It's CERAWeek that X,XXX transition to driving complicated showcase energy talent, out Houston things to the And for CERAWeek, And premier there, the every premier franchise that's

and solve. Third, we can analytics targeted which away I'd I’d They only for opportunities we walked say to can help on that of opportunities to thought the solutions and serve data And customers are complex are we with say, that problems, build looking the to fourth them want clients. work upbeat. provide

Energy we’ve the with call would the of Petrochemicals terms all less not newly else that Jeff, in it's CERAWeek but of cross-sell Conference. or this merger the would the the in that, which nothing we built, in petrochemicals but So and I'd about be event, have like or the direct conference the we knowledge marquee walk interact that build them helps thing sense our last we us more like we the otherwise revenues events shape business, with course other from that leading the about for combination summary, what is opportunity, say the especially in possible. sort Conference, and also of acquired business. community I World what we way generate, we Fujairah showcase Forum away of how course, FUJCON, And and London to a There's the customers our add of

you. Thank it. Got

Thanks, Jeff.

Thank you.

Redburn. next from with Russell Quelch Our comes question

open. is line Your

Good on. having Yes. me morning. Thanks for

Following index give S&P's index yet data set there? Dan's be that new XX% the previous about And haven't seen much on fixed new does of and Bloomberg growth rich from market particularly? fixed specific of from sort business, products in acquisition benchmark being any brand comments you market? the question post that the Do the S&P can actually please? I IHS. Any the of drives on I did I earlier, products question bridging target the income are product the guess in can further corporate you the to comments sort medium-term challenge index but you how to new for more hear [ph] income time side space have in the aspirations [indiscernible]

Paris-Aligned Europe I Yes, Thanks one the most in income. hit hi, of Climate think No, launch & Russell. products we was probably question. the fixed for notable actually Transition have in our

we've aligns in that so equities. done And what already

Indices And to the So demand, other of the what emerging it that other world was kind be you. something of do call it, we regional market. we now markets, whether there's have PACT parts global, exposures, those got to in and

market. that index and product important really a to we got was that So

us as really, As for mentioned too. is I multi-asset well, important really

grade, for range, again, alongside example, more our intentionally to put equity franchises. IBOX So but that align, to investment leading yield, the high

So channel particularly like to being do basis, able areas insurance. a that on

to a lot If you where channel management. had also a think historically about demand, the there it's go annuity specifically space, active being multi-asset that's able of

kind IBOX that bigger days. early of And capabilities? a in multi-asset. we've the of are to I this active from our trend but Japan expand leader to Can passive, it's again already mentioned launched in we first space, So advantage again, products we on bring shifting mover

I'd really another insurance income areas competitive is as to is that have globe. fixed say combining development with in forward have well, moving interesting. forward. very able And historically mentioned want be now Retirement, been again, I move the place. But oriented, equity some We it's a area to where actively we across

vitality piece with because contribution to to for looking is anymore, of a basis they that will Global. then But And healthy rotate contribution initiatives. and the an after is overall the part But such the company years, point, at at the vitality not five important to developing become you new the the they an new metric seen I total would this is question growth market it to from one top the our we innovation XX respect growth of vitality double digit from within of continue levels information is around Therefore, and of in that give off said around further in to S&P intelligence, as at quarter will vitality to our are mobility, from last three as from last terms of obviously, like within to of innovation might health out insights, from business because the just us, recall, new focus line the have see And I Investor points to the part, that product products want indicator for future. the index a businesses some usual. commodity and Day, from products point we is of of company, about indices.

board. So very positive all the across

Thanks.

So up, all follow a comments comments synergies, maybe investment I heard and Dan's investments. around just as the around particularly

average wondering same just be to Thanks. the if Is as expect different seasonality previous line So XXXX. you historical or can years? slightly to cost to you the in speak the likely that in

there's kinds in of new our is program of strategic investments programs, initiatives. There investments million. $XXX our Russell, two investment in strategic

a related in are performance assume to achieve, revenue and cost pulled And also what gradually comes will making investments, synergies synergies. revenue then but over over so should time, of that that time, we're no which perspective. out realization in to from Those seasonality. You those particular called are come we

performance normal the we're results reporting won't in now you see the that future. in cap results, those the actual and So

Thank you.

Thanks, Russell.

Thank you.

Simon from Equities. comes Our next Clinch question with Atlantic

Your line is open.

industry that would any Hi, the financial expect to competitive comments customers? wanted question competitive services ask the And my just Doug. I were expect about the I a about that was seeing facing sales to Hi, lengthening or sort really stresses you wondering the response see responses of and Thanks question. you any your you pricing on how Ewout. overall? happen? from environment, if in, to your for are fare taking are would cycles and to

you, we've respect as our This benchmarks and fastest, a competitors of first for bringing types data machine Kensho, is been Doug. we know, most information, even of very, in bring you always as responsive, very Well, the and This us about is it's Simon. relevant, the up talk to of allow Thank environment to competitive us all, quality all where, customers being and an our information the newest, us, much. heard to environment learning, also you've artificial analytics these intelligence, the faster. things highest and

and ahead we faster the So all toes. it's puts the It our a we're of keeps our of us -- have as always us on to markets, respond well very competitive environment. to also competitors. of that because better makes the This on ensuring us as demands

revenue we as a revenue takes we then, cyclical target, I just up think wondering expect revenue to terms I those be to the we maybe Thank just useful? prolonged -- those targets you. does of timing recognition to of synergies some and thanks. be synergies And synergies any a that puts when Like or about of should the follow flavor were downturn, over sort would there and around Okay, in the just if was that endure of guess time? impact

new Simon, from years, more two period sell, we coming Yes, in first coming to products, XX% which of have said years three which revenue five the is XX% then about are a synergies, five. year more over is cross three and to

that see first actually of a this -- during you in course to and rate fourth way But period you level. a XX that take to time revenue the going over up and compared quarter the next nice ramping of from next the accomplish run But to should jump quite that obviously, the quarter quarters. quite nice we we're year, So saw this over couple synergies see actually more the million at synergies. up now see cost

Thanks.

Simon. Thanks,

Thank you.

question come Jefferies. from Stephanie final Moore with Our will

is Your line open.

called of does Hi. Maybe improvement in taking recovery in Good your year this for embedded just I a a think view a out a morning. the Thank level back bit high guidance, call expectations you. you somewhat half. and macro your that of or of it

levers Just be that of levers you. think some being the ends cyclicality as various macro as the a those up would of trying some your the opportunities bit business you talk you of of have to or Thank counter about to Can say pull, weaker. helpful? well the segments maybe in

Thanks, Stephanie. Yes.

assumptions careful the in for Obviously, year that the Our following. to and first shallow expectation second quarter, you as very quarter. more a Obviously, some third now still the expect of year have we're in terms short for what in the recession happening the performance not then seen, in there's unexpected markets. is volatility strong quarter,

the advantage coming at hopefully, end of quarter third And running tight So most really the fourth a very a and invest, careful and expenses we to we're see the ship, in future markets back in actually careful. ready growth. But we're from we'll we to of strong are is somewhere the very are very important because that. investments, investing very that quarter headcounts take And then way. ready

we're quarter. are growth that first and really also you have cost the actually if other very discretionary downturn outlining, as of had growth you last top the of expenses, usual really But are areas. you today, one always is spend, in in the In investment we really Certainly year, levers have variable and flat around strong that pull controls that the we we those now already it's seen, spend on terms the list of But that been game. cost into if only low. account minimal we levers spend, our downturn expense usual and hiring, the take needed. have, levers, know will And

because and So can part, we're ready future perspective. in the growth, that's invest real a how more action, needed. that's if hopefully, shareholder position a fun long-term value But we we really can to part from medium the we take are deliver in that and

Great, thank so color. you much. the Appreciate

a want also Great have And remark. Thank answers. you, questions. in I and thank to and for Stephanie. excellent you room. And our your on want joining to I'd here. Dan Saugata thank being with make quick today to also like call how us the started. we're nice the I closing to for It's everybody has pleased very year

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I all people also want us to XXXX. for our thank of launch helping

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year. sharing everyone you I'm And today. much. look And I more next again, we've thank everything on really to our you forward so joining achieved earnings call. about Thank us excited this very for

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