IHS Markit Reports Third Quarter 2020 Results

IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today reported results for the third quarter ended August 31, 2020.

  • Revenue of $1.073 billion, including total organic revenue growth of negative 1 percent
  • Net income of $164 million and diluted earnings per share (EPS) of $0.41
  • Adjusted EBITDA of $486 million and Adjusted earnings per diluted share (Adjusted EPS) of $0.77
  • Cash flow from operations of $403 million and free cash flow of $339 million

Adjusted EBITDA, Adjusted EPS, and free cash flow are non-GAAP financial measures used by management to measure operating performance. These terms are defined elsewhere in this release. Please see schedules appearing later in this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.

Third Quarter and Year-to-Date 2020 Financial Performance

Three months ended August 31,

Change

Nine months ended August 31,

Change

(in millions, except percentages and per share data)

2020

2019

$

%

2020

2019

$

%

Revenue

$

1,073.2

$

1,112.3

$

(39.1

)

(4

)%

$

3,180.6

$

3,294.2

$

(113.6

)

(3

)%

Net income attributable to IHS Markit*

$

162.9

$

40.1

$

122.8

306

%

$

719.6

$

299.6

$

420.0

140

%

Adjusted EBITDA

$

486.2

$

452.9

$

33.3

7

%

$

1,371.8

$

1,326.0

$

45.8

3

%

GAAP EPS

$

0.41

$

0.10

$

0.31

310

%

$

1.79

$

0.73

$

1.06

145

%

Adjusted EPS

$

0.77

$

0.67

$

0.10

15

%

$

2.12

$

1.97

$

0.15

8

%

Cash flow from operations

$

402.8

$

412.9

$

(10.1

)

(2

)%

$

800.5

$

1,025.6

$

(225.1

)

(22

)%

Free cash flow

$

338.6

$

342.9

$

(4.3

)

(1

)%

$

664.6

$

825.7

$

(161.1

)

(20

)%

* Net income attributable to IHS Markit for the nine months ended August 31, 2020 includes an approximate $372 million gain on sale related to the A&D business line divestiture in December 2019. Net income attributable to IHS Markit for the three and nine months ended August 31, 2019 includes a one-time tax expense of approximately $200 million associated with U.S. Treasury regulations related to U.S. Tax Reform retroactive to 2018.

“In Q3, we delivered solid results as the markets we operate in have begun to recover at varying speeds. We are managing the COVID challenges well while continuing to make the right long-term decisions for the company, shareholders, and the communities that we operate in and serve,” said Lance Uggla, chairman and chief executive officer at IHS Markit.

“We are positioned to deliver results for the year that include recurring organic revenue growth, strong margin expansion, and double-digit normalized earnings growth and are exiting the year in good position to achieve our 2021 outlook,” said Jonathan Gear, chief financial officer at IHS Markit.

Third Quarter 2020 Revenue Performance

Third quarter 2020 revenue decreased 1 percent organically compared to the third quarter of 2019. The following table provides additional revenue information by transaction type.

Three months ended August 31,

Percentage change

(in millions, except percentages)

2020

2019

Total

Organic

Recurring fixed

$

796.2

$

799.9

%

2

%

Recurring variable

153.0

144.4

6

%

6

%

Non-recurring

124.0

168.0

(26

)%

(22

)%

Total revenue

$

1,073.2

$

1,112.3

(4

)%

(1

)%

The components of revenue growth are described below by segment and in total.

Change in revenue

Third quarter 2020 vs. Third quarter 2019

(All amounts represent percentage points)

Organic

Acquisitive

Foreign
Currency

Total

Financial Services

4

%

%

%

4

%

Transportation

%

(5

)%

%

(5

)%

Resources

(9

)%

%

%

(9

)%

Consolidated Markets & Solutions

(5

)%

(8

)%

%

(13

)%

Total

(1

)%

(2

)%

%

(4

)%

Third Quarter 2020 Operating Performance

Segment results were as follows (additional segment information is included later in this release):

  • Financial Services. Third quarter revenue for Financial Services increased $17 million, or 4 percent, to $446 million, and included 4 percent total organic growth. Third quarter Adjusted EBITDA for Financial Services increased $27 million, or 13 percent, to $226 million.
  • Transportation. Third quarter revenue for Transportation decreased $16 million, or 5 percent, to $299 million, with flat total organic growth. Third quarter Adjusted EBITDA for Transportation increased $19 million, or 14 percent, to $154 million.
  • Resources. Third quarter revenue for Resources decreased $22 million, or 9 percent, to $208 million, and included negative 9 percent total organic growth. Third quarter Adjusted EBITDA for Resources decreased $14 million, or 14 percent, to $86 million.
  • Consolidated Markets & Solutions (CMS). Third quarter revenue for CMS decreased $18 million, or 13 percent, to $121 million, and included negative 5 percent total organic growth. Third quarter Adjusted EBITDA for CMS remained flat at $31 million.

Outlook

IHS Markit will provide a fiscal year 2020 guidance update and supplemental information deck as part of its previously announced third quarter 2020 results conference call on September 29, 2020, at 8:00 a.m. ET. The conference call will be simultaneously webcast on the Investor Relations section of the company’s website: investor.ihsmarkit.com. A replay of the earnings webcast will be available approximately two hours after the conclusion of the live event. The webcast recording will be available for one year on the Investor Relations section of the company’s website.

Use of Non-GAAP Financial Measures

Non-GAAP results are presented only as a supplement to our financial statements based on U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial information is provided to enhance the reader’s understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP and should not be considered in isolation from, or as a substitute for, financial measures calculated in accordance with GAAP. Definitions and reconciliations of the non-GAAP measures, such as EBITDA, Adjusted EBITDA, Adjusted net income, Adjusted EPS, and free cash flow, to the most directly comparable GAAP measures are provided within the schedules attached to IHS Markit’s quarterly earnings releases on the Investor Relations section of the company’s website.

We use non-GAAP measures in our operational and financial decision-making. We believe that such measures allow us to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. We also believe that investors may find these non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP financial measures or disclosures. None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to any other GAAP measure.

Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to IHS Markit, many of which present non-GAAP measures when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of GAAP financial disclosures. However, non-GAAP measures have limitations as an analytical tool. Because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, results of operations as determined in accordance with GAAP.

Forward-Looking Statements

This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Examples of forward-looking statements include, among others, statements we make regarding: guidance and predictions relating to expected operating results, such as revenue growth and earnings; strategic actions such as acquisitions, joint ventures, and dispositions, the anticipated benefits therefrom, and our success in integrating acquired businesses; anticipated levels of capital expenditures in future periods; anticipated levels of indebtedness, capital allocation, dividends, and share repurchases in future periods; our belief that we have sufficient liquidity to fund our ongoing business operations; expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities, and governmental and regulatory investigations and proceedings; and our strategy for customer retention, growth, product development, market position, financial results, and reserves. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are more fully discussed under the caption “Risk Factors” in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are based only on information currently available to our management and speaks only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at investor.ihsmarkit.com.

About IHS Markit (www.ihsmarkit.com)

IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.

IHS MARKIT LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

 

As of August 31, 2020

As of November 30, 2019

(Unaudited)

(Audited)

Assets

Current assets:

Cash and cash equivalents

$

156.8

$

111.5

Accounts receivable, net

859.7

890.7

Deferred subscription costs

81.7

72.1

Assets held for sale

115.3

Other current assets

127.8

118.2

Total current assets

1,226.0

1,307.8

Non-current assets:

Property and equipment, net

703.7

658.2

Operating lease right-of-use assets, net

333.7

Intangible assets, net

3,941.3

4,169.0

Goodwill

9,908.5

9,836.3

Deferred income taxes

17.8

17.8

Other

102.6

98.1

Total non-current assets

15,007.6

14,779.4

Total assets

$

16,233.6

$

16,087.2

Liabilities and equity

Current liabilities:

Short-term debt

$

251.1

$

251.1

Accounts payable

22.8

59.7

Accrued compensation

147.4

215.2

Other accrued expenses

437.3

479.1

Income tax payable

25.4

58.5

Deferred revenue

887.2

879.7

Operating lease liabilities

67.1

Liabilities held for sale

25.9

Total current liabilities

1,838.3

1,969.2

Long-term debt, net

4,707.6

4,874.4

Deferred income taxes

660.4

667.2

Operating lease liabilities

310.5

Other liabilities

109.9

145.5

Commitments and contingencies

Redeemable noncontrolling interests

14.0

15.1

Shareholders' equity

8,592.9

8,415.8

Total liabilities and equity

$

16,233.6

$

16,087.2

IHS MARKIT LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except for per-share amounts)

(Unaudited)

 

Three months ended August 31,

Nine months ended August 31,

2020

2019

2020

2019

Revenue

$

1,073.2

$

1,112.3

$

3,180.6

$

3,294.2

Operating expenses:

Cost of revenue

385.6

419.7

1,189.7

1,247.5

Selling, general and administrative

258.7

295.4

833.0

889.0

Depreciation and amortization

147.6

144.7

442.3

431.0

Restructuring and impairment charges

12.1

1.1

97.9

11.0

Acquisition-related costs

8.7

23.4

16.2

67.6

Other income, net

(0.7

)

(114.8

)

(374.7

)

(108.4

)

Total operating expenses

812.0

769.5

2,204.4

2,537.7

Operating income

261.2

342.8

976.2

756.5

Interest income

0.2

0.6

0.8

1.6

Interest expense

(57.7

)

(63.2

)

(178.9

)

(195.9

)

Net periodic pension and postretirement expense

(0.2

)

(30.4

)

(0.7

)

Non-operating expense, net

(57.5

)

(62.8

)

(208.5

)

(195.0

)

Income from continuing operations before income taxes and equity in loss of equity method investees

203.7

280.0

767.7

561.5

Provision for income taxes

(39.9

)

(240.6

)

(48.9

)

(263.9

)

Equity in loss of equity method investees

(0.1

)

(0.2

)

(0.3

)

(0.5

)

Net income

163.7

39.2

718.5

297.1

Net (income) loss attributable to noncontrolling interest

(0.8

)

0.9

1.1

2.5

Net income attributable to IHS Markit Ltd.

$

162.9

$

40.1

$

719.6

$

299.6

Basic earnings per share attributable to IHS Markit Ltd.

$

0.41

$

0.10

$

1.81

$

0.75

Weighted average shares used in computing basic earnings per share

397.8

401.2

396.8

399.9

Diluted earnings per share attributable to IHS Markit Ltd.

$

0.41

$

0.10

$

1.79

$

0.73

Weighted average shares used in computing diluted earnings per share

401.1

410.9

401.8

409.4

IHS MARKIT LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

Nine months ended August 31,

2020

2019

Operating activities:

Net income

$

718.5

$

297.1

Reconciliation of net income to net cash provided by operating activities:

Depreciation and amortization

442.3

431.0

Stock-based compensation expense

209.8

167.3

Gain on sale of assets

(370.5

)

(113.0

)

Payments for acquisition-related performance compensation

(75.9

)

Net periodic pension and postretirement expense

30.4

0.7

Undistributed earnings of affiliates, net

0.6

0.2

Pension and postretirement contributions

(33.2

)

(1.1

)

Deferred income taxes

(10.9

)

109.9

Change in assets and liabilities:

Accounts receivable, net

32.0

(17.5

)

Other current assets

(61.2

)

(52.7

)

Accounts payable

(39.0

)

(14.5

)

Accrued expenses

(55.8

)

10.2

Income tax

(42.1

)

106.6

Deferred revenue

6.8

39.0

Other liabilities

48.7

62.4

Net cash provided by operating activities

800.5

1,025.6

Investing activities:

Capital expenditures on property and equipment

(211.8

)

(199.9

)

Acquisitions of businesses, net of cash acquired

(4.7

)

(128.4

)

Payments to acquire cost- and equity-method investments

(8.6

)

(6.9

)

Proceeds from sale of assets

470.0

159.2

Change in other assets

(2.0

)

(2.4

)

Settlements of forward contracts

12.7

(28.1

)

Net cash provided by (used in) investing activities

255.6

(206.5

)

Financing activities:

Proceeds from borrowings

539.1

1,984.9

Repayment of borrowings

(712.8

)

(2,613.0

)

Payment of debt issuance costs

(12.3

)

Proceeds from noncontrolling interests

12.5

Contingent consideration payments

(2.2

)

Dividends paid

(203.0

)

Repurchases of common shares

(750.0

)

(200.0

)

Proceeds from the exercise of employee stock options

217.3

134.1

Payments related to tax withholding for stock-based compensation

(117.6

)

(65.9

)

Net cash used in financing activities

(1,027.0

)

(761.9

)

Foreign exchange impact on cash balance

16.2

(53.1

)

Net increase in cash and cash equivalents

45.3

4.1

Cash and cash equivalents at the beginning of the period

111.5

120.0

Cash and cash equivalents at the end of the period

$

156.8

$

124.1

IHS MARKIT LTD.

SUPPLEMENTAL REVENUE DISCLOSURE

(In millions)

(Unaudited)

 

Three months ended August 31,

Percent change

Nine months ended August 31,

Percent change

2020

2019

Total

Organic

2020

2019

Total

Organic

Recurring revenue:

Financial Services

$

270.0

$

258.6

4

%

4

%

$

799.5

$

754.6

6

%

6

%

Transportation

226.8

229.6

(1

)%

5

%

641.3

669.7

(4

)%

2

%

Resources

190.3

197.5

(4

)%

(5

)%

588.3

578.8

2

%

(1

)%

CMS

109.1

114.2

(4

)%

2

%

326.4

349.2

(7

)%

2

%

Total recurring fixed revenue

$

796.2

$

799.9

%

2

%

$

2,355.5

$

2,352.3

%

3

%

Financial Services - variable

153.0

144.4

6

%

6

%

457.8

425.4

8

%

8

%

Total recurring revenue

$

949.2

$

944.3

1

%

2

%

$

2,813.3

$

2,777.7

1

%

3

%

Non-recurring revenue:

Financial Services

$

22.6

$

25.8

(12

)%

(13

)%

$

67.8

$

90.9

(25

)%

(25

)%

Transportation

72.1

85.3

(15

)%

(12

)%

198.0

251.9

(21

)%

(18

)%

Resources

17.9

32.5

(45

)%

(39

)%

64.5

117.4

(45

)%

(42

)%

CMS

11.4

24.4

(53

)%

(41

)%

37.0

56.3

(34

)%

(14

)%

Total non-recurring revenue

$

124.0

$

168.0

(26

)%

(22

)%

$

367.3

$

516.5

(29

)%

(24

)%

Total revenue:

Financial Services

$

445.6

$

428.8

4

%

4

%

$

1,325.1

$

1,270.9

4

%

4

%

Transportation

298.9

314.9

(5

)%

%

839.3

921.6

(9

)%

(3

)%

Resources

208.2

230.0

(9

)%

(9

)%

652.8

696.2

(6

)%

(8

)%

CMS

120.5

138.6

(13

)%

(5

)%

363.4

405.5

(10

)%

%

Total revenue

$

1,073.2

$

1,112.3

(4

)%

(1

)%

$

3,180.6

$

3,294.2

(3

)%

(1

)%

IHS MARKIT LTD.

RECONCILIATION OF CONSOLIDATED NON-GAAP FINANCIAL MEASURES TO

MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except for per-share amounts)

(Unaudited)

 

Three months ended August 31,

Nine months ended August 31,

2020

2019

2020

2019

Net income attributable to IHS Markit Ltd.

$

162.9

$

40.1

$

719.6

$

299.6

Interest income

(0.2

)

(0.6

)

(0.8

)

(1.6

)

Interest expense

57.7

63.2

178.9

195.9

Provision for income taxes

39.9

240.6

48.9

263.9

Depreciation

54.5

51.5

162.0

147.5

Amortization related to acquired intangible assets

93.1

93.2

280.3

283.5

EBITDA (1)(6)

$

407.9

$

488.0

$

1,388.9

$

1,188.8

Stock-based compensation expense

56.0

54.0

209.8

167.3

Restructuring and impairment charges

12.1

1.1

97.9

11.0

Acquisition-related costs

3.8

8.1

6.6

21.6

Acquisition-related performance compensation

4.9

15.3

9.6

46.0

Loss on debt extinguishment

6.0

Loss (gain) on sale of assets

0.4

(113.0

)

(370.5

)

(113.0

)

Pension mark-to-market and settlement expense

30.0

Share of joint venture results not attributable to Adjusted EBITDA

0.1

0.2

0.3

0.5

Adjusted EBITDA attributable to noncontrolling interest

1.0

(0.8

)

(0.8

)

(2.2

)

Adjusted EBITDA (2)(6)

$

486.2

$

452.9

$

1,371.8

$

1,326.0

Three months ended August 31,

Nine months ended August 31,

2020

2019

2020

2019

Net income attributable to IHS Markit Ltd.

$

162.9

$

40.1

$

719.6

$

299.6

Stock-based compensation expense

56.0

54.0

209.8

167.3

Amortization related to acquired intangible assets

93.1

93.2

280.3

283.5

Restructuring and impairment charges

12.1

1.1

97.9

11.0

Acquisition-related costs

3.8

8.1

6.6

21.6

Acquisition-related performance compensation

4.9

15.3

9.6

46.0

Loss on debt extinguishment

6.0

Loss (gain) on sale of assets

0.4

(113.0

)

(370.5

)

(113.0

)

Pension mark-to-market and settlement expense

30.0

Income tax effect of above adjustments

(27.0

)

178.3

(132.1

)

88.4

Adjusted earnings attributable to noncontrolling interest

1.2

(0.8

)

(0.2

)

(1.9

)

Adjusted net income (3)

$

307.4

$

276.3

$

851.0

$

808.5

Adjusted EPS (4)(6)

$

0.77

$

0.67

$

2.12

$

1.97

Weighted average shares used in computing Adjusted EPS

401.1

410.9

401.8

409.4

Three months ended August 31,

Nine months ended August 31,

2020

2019

2020

2019

Net cash provided by operating activities

$

402.8

$

412.9

$

800.5

$

1,025.6

Payments for acquisition-related performance compensation

75.9

Capital expenditures on property and equipment

(64.2

)

(70.0

)

(211.8

)

(199.9

)

Free cash flow (5)(6)

$

338.6

$

342.9

$

664.6

$

825.7

IHS MARKIT LTD.

SUPPLEMENTAL SEGMENT OPERATING PROFIT MEASURE DISCLOSURE

(In millions)

(Unaudited)

 

Three months ended August 31,

Nine months ended August 31,

2020

2019

2020

2019

Adjusted EBITDA by segment:

Financial Services

$

225.9

$

199.1

$

662.6

$

587.9

Transportation

153.6

134.2

373.2

385.1

Resources

86.4

100.8

272.8

303.2

CMS

31.0

31.1

95.4

89.8

Shared services

(10.7

)

(12.3

)

(32.2

)

(40.0

)

Total Adjusted EBITDA

$

486.2

$

452.9

$

1,371.8

$

1,326.0

Adjusted EBITDA margin by segment:

Financial Services

50.7

%

46.4

%

50.0

%

46.3

%

Transportation

51.4

%

42.6

%

44.5

%

41.8

%

Resources

41.5

%

43.8

%

41.8

%

43.6

%

CMS

25.7

%

22.4

%

26.3

%

22.1

%

Total Adjusted EBITDA margin

45.3

%

40.7

%

43.1

%

40.3

%

(1)

EBITDA is defined as net income plus or minus net interest, plus provision for income taxes, depreciation, and amortization.

(2)

Adjusted EBITDA further excludes primarily non-cash items and other items that we do not consider to be useful in assessing our operating performance (e.g., stock-based compensation expense, restructuring charges, acquisition-related costs and performance compensation, exceptional litigation, net other gains and losses, pension mark-to-market, settlement, and other expense, the impact of joint ventures and noncontrolling interests, and discontinued operations). All of the items included in the reconciliation from net income to Adjusted EBITDA are either non-cash items or items that we do not consider to be useful in assessing our operating performance. In the case of the non-cash items, we believe that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by excluding depreciation and amortization from EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, we believe that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

(3)

Adjusted net income is defined as net income plus primarily non-cash items and other items that management does not consider to be useful in assessing our operating performance (e.g., stock-based compensation expense, amortization related to acquired intangible assets, restructuring charges, acquisition-related costs and performance compensation, acquisition financing fees, net other gains and losses, pension mark-to-market, settlement, and other expense, the impact of noncontrolling interests, and discontinued operations, all net of the related tax effects).

(4)

Adjusted EPS is defined as Adjusted net income (as defined above) divided by diluted weighted average shares.

(5)

Free cash flow is defined as net cash provided by operating activities plus payments for acquisition-related performance compensation minus capital expenditures.

(6)

EBITDA, Adjusted EBITDA, Adjusted EPS, and free cash flow are used by securities analysts, investors, and other interested parties to assess our operating performance. For example, a measure similar to Adjusted EBITDA is required by the lenders under our revolving credit agreement.

Contacts:

Investor Relations Contact:
Eric Boyer
+1 303 397 2969
eric.boyer@ihsmarkit.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
#