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McGraw Hill Financial - 2 Q 2015 Earnings Call
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McGraw Hill Financial to Buy SNL Financial for $2.2 Billion
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McGraw Hill Financial - 2 Q 2015 Earnings Call
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1 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast SNL Financial Acquisition & 2Q 2015 Earnings Call July 27, 2015 Doug Peterson President and CEO Jack Callahan Executive Vice President and CFO Chip Merritt Vice President, Investor Relations McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 1 Comparison of Adjusted Information to U.S. GAAP Information This presentation includes adjusted financial measures that are derived from the Companyâs continuing operations. This nonâGAAP information is provided in order to allow investors to make meaningful comparisons of the Companyâs operating performance between periods and to view the Companyâs business from the same perspective as Company management. The Companyâs earnings release dated July 27, 2015 contains exhibits that reconcile the differences between the nonâGAAP measures and comparable financial measures calculated in accordance with U.S. GAAP.Â
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2 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 2 âSafe Harborâ Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains âforwardâlooking statements,â as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express managementâs current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like âanticipate,â âassume,â âbelieve,â âcontinue,â âestimate,â âexpect,â âforecast,â âfuture,â âintend,â âplan,â âpotential,â âpredict,â âproject,â âstrategy,â âtargetâ and similar terms, and future
or conditional tense verbs like âcould,â âmay,â âmight,â âshould,â âwillâ and âwould.â For example, management may use forwardâlooking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Companyâs business strategies and methods of generating revenue; the development and performance of the Companyâs services and products; the expected impact of acquisitions and dispositions; the Companyâs effective tax rates; and the Companyâs cost structure, dividend policy, cash flows or liquidity. Forwardâlooking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forwardâlooking statements include, among other things: ď§ the impact of the acquisition of SNL Financial, including the impact on the Companyâs results of operations; any failure to successfully integrate SNL Financial into the Companyâs operations and generate anticipated synergies and other cost savings; any failure to attract and retain key employees to execute SNL Financialâs growth strategy; and any failure to realize the intended tax benefits of the acquisition; ď§ the Companyâs ability to obtain the requisite regulatory approvals and to satisfy the other conditions to complete the SNL Financial acquisition; the Companyâs ability to obtain sufficient debt to finance the acquisition on favorable terms; the risk of litigation, competitive responses, or unexpected costs, charges or expenses resulting from or relating to the acquisition; and any disruption to the business of the Company or SNL Financial due to the announcement or completion of the acquisition or any transactionârelated uncertainty; ď§ the rapidly evolving regulatory environment, in the United States and abroad, affecting Standard & Poorâs Ratings Services, Platts, S&P Dow Jones Indices, S&P Capital IQ, SNL Financial and the Companyâs other businesses, including new and amended regulations and the Companyâs compliance therewith; ď§ the outcome of litigation, government and regulatory proceedings, investigations and inquiries; ď§ worldwide economic, financial, political and regulatory conditions; ď§ the health of debt and equity markets, including credit quality and spreads, the level of liquidity and future debt issuances; ď§ the level of interest rates and the strength of the credit and capital markets in the United States and abroad; ď§ the demand and market for credit ratings in and across the sectors and geographies where the Company operates; ď§ concerns in the marketplace affecting the Companyâs credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings; ď§ the Companyâs ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential of a system or network disruption that results in regulatory penalties, remedial costs or improper disclosure of confidential information or data; ď§ the effect of competitive products and pricing; ď§ consolidation in the Companyâs endâcustomer markets; ď§ the impact of costâcutting pressures across the financial services industry; ď§ a decline in the demand for credit risk management tools by financial institutions; ď§ the level of success of new product developments and global expansion;Â ď§ the level of merger and acquisition activity in the United States and abroad;Â ď§ the volatility of the energy marketplace;Â ď§ the health of the commodities markets;Â ď§ the impact of costâcutting pressures and reduced trading in oil and other commodities markets; ď§ the strength and performance of the domestic and international automotive markets;Â ď§ the impact on the Companyâs revenue and net income caused by fluctuations in foreign currency exchange rates; ď§ the level of restructuring charges the Company incurs;Â ď§ the level of the Companyâs capital investments;Â ď§ the level of the Companyâs future cash flows;Â ď§ the Companyâs ability to make acquisitions and dispositions and to integrate, and realize expected synergies, savings or benefits from the businesses it acquires;Â ď§ the Companyâs ability to successfully recover should it experience a disaster or other business continuity problem from a hurricane, flood, earthquake, terrorist attack, pandemic, security breach, cyberâattack, power loss, telecommunications failure or other natural or manâmade event;Â ď§ changes in applicable tax or accounting requirements; and ď§ the Companyâs exposure to potential criminal sanctions or civil penalties if it fails to comply with foreign and U.S. laws and regulations that are applicable in the domestic and international jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia, Sudan and Syria, antiâcorruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions. The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forwardâlooking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forwardâlooking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Companyâs businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Companyâs filings with the SEC, including the âRisk Factorsâ section in the Companyâs most recently filed Annual Report on Form 10âK and any subsequently filed Quarterly Report on Form 10âQ. McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 3 EU Regulation Affecting Investors in Credit Rating Agencies European Union Regulation 1060/2009 (as amended) applies to credit rating agencies (CRAs) registered in the European Union and therefore to the activities of Standard & Poorâs Credit Market Services Europe Limited, Standard & Poorâs Credit Market Services France SAS and Standard & Poorâs Credit Market Services Italy Srl, (collectively, âStandard & Poorâsâ), indirect whollyâowned subsidiaries of McGraw Hill Financial, Inc., each of which is registered and regulated as a CRA with the European Securities and Markets Authority (âESMAâ). Any person obtaining direct or indirect ownership or control of 5% or more or 10% or more of the shares in McGraw Hill Financial, Inc. may (i) impact how Standard & Poorâs can conduct its CRA activities in the European Union and/or (ii) themselves become directly impacted by EU Regulation 1060/2009 (as amended). Persons who have or expect to obtain such shareholdings in McGraw Hill Financial, Inc. should promptly contact Chip Merritt at the McGraw Hill Financial, Inc. Investor Relations department (chip.merritt@mhfi.com) for more information and should also obtain independent legal advice in such respect.
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3 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast DOUG PETERSON PRESIDENT AND CHIEF EXECUTIVE OFFICER McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 5 Transaction Summary ⢠McGraw Hill Financial to acquire SNL Financial for $2.225 billion in cash â˘
A leading provider of sectorâspecific data, news and analytics for the financial institutions, real estate, insurance, media, energy and metals & mining sectors ⢠Deep reservoir of technical expertise, proprietary data and analytical tools ⢠Strong management team with a track record of innovation and success adds to the MHFI leadership bench ⢠Opportunity for combined companies to develop new products, further penetrate core customer segments and geographies, as well as mutually enhance common core capabilities in data, technology and market approach Highlights
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4 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 6 Compelling Combination of Highly Complementary Businesses Unique Fit Adds Depth and Scale Clear Revenue & Cost Synergies Common Industry Footprint Proven Growth Engine Sound Transaction Fundamentals ⢠Clear synergy with S&P Capital IQ & Platts
with deep sector coverage ⢠Adds scale to data, technology and commercial capabilities ⢠Leverages MHFIâs global footprint to accelerate international growth of SNL ⢠Expected runârate EBITDA synergies of $70 million by 2019 ⢠Deepens expertise in banking and insurance with new platforms in real estate and media, and complementary positions in energy and metals & mining ⢠Subscriptionâbased business accretive to growth due to proven track record of lowâ to midâteens organic growth ⢠Accretive to adjusted diluted EPS in 2016, excluding amortization ⢠Tax benefits due to basis stepâup valued at NPV of ~$550 million McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 7 Overview of SNL ⢠Provides corporate, financial, operating, and market data, analytics, and news â Deep domain expertise with proprietary data built over 28 years â Customers include leading financial institutions, energy companies, regulators, and corporate clients â Longâstanding customer relationships with over 5,000 customers and 75,000 users across industries and geographies â Considered a bestâinâclass product by customers with industryâleading quality and customer service ⢠Headquartered in Charlottesville, VA with 19 offices globally ⢠Approximately 3,300 employees â Extensive sales and customer service in North America, expanding global coverage â Highly capable data operations, research and analytics in India, Pakistan, Philippines and the U.S. Revenue by geography Revenue by product focus 7% 91% 2% Europe Americas Asia 10% 52% 15% 9% 6% 8% Banking Energy Insurance Real Estate Media & Comms. Metals & Mining
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5 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 8 Market Leading Positions Across Industries Financial Institutions Global Banks / Financial Services / Insurance Energy N. American Power / Gas / Coal Media & Comms. Global Multichannel / Networks / Broadcast / Wireless / Wireline / Internet / Film Metals & Mining Global Mines / Projects / Claims Reserves / Resources 62% 15%
6% 8%9% % of 2014 Revenue ⢠Data on 200,000+ branches across the globe ⢠Data profiles for 20,000+ US public / private financial institutions, 9,000+ nonâUS financial institutions, 23,000+ asset managers, PE firms, etc. ⢠Purposeâbuilt analytical tools (e.g., peers, branch mapping, M&A, valuation, etc.) ⢠Data on project development, financials, operations M&A, and news ⢠Proprietary indices, templates and tools ⢠Monitors 9,000+ power plants, 100+ gas utilities / 120+ interstate pipelines, 2,500+ renewables plants ⢠Independent research and consultation ⢠SNL Kagan proprietary data and forecasts on 191 cable networks and detailed data on thousands of broadcast assets ⢠Global multichannel data on Cable, DTH, HDTV, IPTV, etc. ⢠Multimedia Technology & Consumer Trends: Vendor rankings, adoption figures ⢠Property data for ~140,000 commercial/ residential properties globally ⢠Sectorâspecific metrics such as FFO, AFFO, NAV etc. ⢠Detailed profiles on 800+ listed real estate companies Real Estate Global REITs / REOCs / Homebuilders / Gaming Note:  % of revenue calculated based on cash revenue. ⢠Ownership and production data for 80,000+ mines across >60 countries ⢠Detailed profiles on 2,500 mining companies around the world ⢠Price forecasts and cost analysis tools ⢠Mapping tools to analyze assets, claims, and trade flows McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 9 Launched European cable network coverage Acquired Launched Statutory Insurance Data offering Acquired Acquired Acquired SNL Historical Timeline: Investing to Expand Capabilities Founded                                Acquired Regulatory Research Associates Acquired Btu's publications and energy market indexes 1987 20082004 2012 20132005 2007 2009 2011 2014 Acquired Acquired Acquired ` Launched European Banking Coverage Acquired Financial Institutions Energy Media & Comms. Metals & Mining 2015 Expansion of midâ stream natural gas analytics Launched Asia Banking Coverage Expansion of global multichannel coverage 2010 Launched European and Asian Insurance, LatAm Banks Expansion into Mine  Economics supply cost analytics
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6 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 10 Recent Investments in Developing Businesses Accelerate Global Growth ⢠Track record of lowâtoâmid teens organic growth â˘
Strong and expanding margin performance ⢠Additions of key content to expand market opportunity ⢠Early stages of expanding channel distribution ⢠Completing investment phase in 2015 ⢠Ramping quickly with additional large, untapped market opportunity ⢠Anticipating strong margin expansion as businesses grow and scale Established Businesses Developing Businesses Financial Institutions Global Launched Europe in 2011, Asia in 2013, LatAm in 2015 Metals & Mining Initiated with the acquisition of Metals Economics Group in 2012 Financial Institutions Software SaaS products for banking/ and insurance, launched in 2014 Real Estate Media & Comms. Financial Institutions US Energy Developing business expected to contribute to profits by 2017 Established businesses margins in the +30% range Current SNL margins in the +20% range McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 11 Enhances MHFI Portfolio Current Revenue Mix Analytics, Data & Research Ratings, Indices & Price Assessments NonâRecurring Recurring 2014 33% 67% 2014 40% 60% ⢠Significant new revenue stream ⢠Clear synergies with existing portfolio ⢠Enhances analytics, data & research capabilities ⢠SNL is a subscription business with strong renewal rates and high future revenue visibility ⢠Recurring revenue model results in upfront receipt of cash Pro Forma Combined 2014 2014 36% 64% 38% 62%
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7 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 12 Similar Customer Base and Deeply Embedded Customer Relationships Revenue by customer type Investment banks Investment managers Commercial banks Insurance companies Corporates SNL Customers 29% 31% 16% 24% Corporates / Governments Investment Managers Commercial Banks, Insurance, Specialty Investment Banks 48% 16%19% 17% ⢠All leading bulge bracket, regional, and boutique U.S.âbased investment banks serving SNL's covered sectors â˘
Several leading regional firms outside the U.S. ⢠Over 600 investment managers around the world, including mutual funds, hedge funds and PE firms ⢠Concentrated among longâonly funds in the U.S. ⢠All 75 of the largest U.S. commercial banks ⢠Over 1,500 U.S. depository institutions in total ⢠All 25 of the largest U.S. P&C and Life insurers ⢠Over 600 insurers, reinsurers and brokers in total ⢠All of the largest management consulting firms ⢠Large and midâsized diversified media firms in the U.S., including every major cable network owner ⢠Most large U.S. power utilities and coal producers ⢠Most key mining producers around the world McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 13 Subscription Business with Strong Renewal Rates and Laser Focus on Data Quality âThe core tenet of SNL is data qualityâ â Key SNL Customer ⢠Strong reputation for data granularity, accuracy, and fast turnaround ⢠Average renewal rate across all businesses has been ~94% consistently over the past 5 years ⢠Leveraged its successful model to expand into other niche sectors (outside banking and insurance)
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8 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast JACK CALLAHAN EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 15 Financial Summary ⢠Sustained midâteens revenue growth for
over a decade; organic growth lowâtoâmid teens ⢠Subscriptionâbased business with consistently high renewal rates (+94%) and upfront receipt of cash enables cash receipts > GAAP revenue; 96% recurring revenue ⢠Strong growth trajectory with estimated 2015 GAAP revenue of ~$255 million and EBITDA margin in excess of 20% ⢠Current margins impacted by investments in developing businesses which are on track to become profitable over the next 1â2 years; established businesses with margins in the lowâ toâmid 30% range ⢠Expected runârate EBITDA synergies of $70 million by 2019 ⢠Tax benefits due to basis stepâup valued at NPV of ~$550 million ⢠Accretive to adjusted diluted EPS in 2016 excluding amortization; accretive on a GAAP basis in 2018 Highlights
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9 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 16 ⢠Subscriptionâbased model with upfront receipt of cash â˘
Estimated 2015 cash of ~$270 million exceeds 2015 revenue A Proven Growth Engine 2013 $188 2012 $163 +16% 2015F ~$255 2014 $224 Established Developing Strong, Consistent Revenue Growth (GAAP Revenue, $ in millions) 2015 Margin +20% includes   5â6 Points of Investment Margin on Established Businesses in the LowâtoâMid 30% Range â12 â â15 CAGR 70% 10% McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 17 Significant Realizable Revenue and Cost Synergies ⢠Deepen penetration in core industry segments ⢠Accelerate SNL international growth leveraging S&PCIQ global footprint ⢠Expand product offerings in core sectors, including commercial banking and insurance ⢠Add real estate and media platforms ⢠Expand product offerings in power, natural gas and energy, e.g. assetâ level analytics ⢠Accelerate SNL international growth with the help of Plattsâ global footprint Data Collection, Purchasing & AggregationData Collection, Purchasing & Aggregation Technology LeverageTechnology Leverage Targeting $70 million EBITDA contribution from synergies by 2019
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10 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 18 SNL Adds Considerable Breadth and Depth in Strategic Offshore Data Gathering and Customer Service Data Gathering Capabilities Total # of Employees ~5,200
~2,000 ~7,200 Philippines India Pakistan McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 19 Valuation Considerations Consideration Impact Net acquisition value ~$1.7 billion yields effective acquisition EBITDA multiple of midâteens by 2017 ⢠Considerable value of tax stepâup 1 ⢠~$550 million NPV ⢠Highly attractive developing businesses are exiting investment cycle ⢠Products are expected to be profitable in 2017 ⢠Upfront subscription payment model ⢠Cash receipts > GAAP revenue ⢠Compelling revenue and cost synergies ⢠EBITDA contribution of ~$70 million by 2019 1  SNL is an LLC and is a flowâthrough entity for tax purposes
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11 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 20 Financing Plans At Signing ⢠Strong MHFI balance sheet enhanced by recent debt offering and credit facility renewal â˘
Committed $1.0 billion bridge facility At Closing ⢠Acquisition to be funded with a combination of: â $525 million cash on balance sheet â $1.7 billion of new debt Balance sheet Impact ⢠Pro forma leverage of 1.6x ⢠Targeting to maintain investmentâgrade rating ⢠Maintain balance sheet flexibility postâacquisition ⢠Ongoing commitment to continue to pursue growth opportunities and return capital to shareholders Financing expected to be completed as soon as practicable McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 21 Integration Approach SNL CEO, Mike Chinn, reporting to MHFI CEO, Doug Peterson Immediate areas of focus include pragmatic integration of corporate, data and technology functions; initiate sales force training to boost commercial capabilities Report results as part of S&P Capital IQ (pending further review for 2016) Committed to Charlottesville as a strategic location for MHFI 1 2 3 4
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12 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 22 Clear Strategic Rationale Unique Fit Adds Depth and Scale Common Industry Footprint Proven Growth Engine Clear Revenue & Cost Synergies Sound Transaction Fundamentals McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast DOUG PETERSON PRESIDENT AND CHIEF EXECUTIVE OFFICER
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13 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 24 2Q 2015 Highlights ⢠The Company delivered â
Increased revenue despite forex and decreased exâU.S. issuance â 450 basisâpoint improvement in adjusted operating profit margin â 17% adjusted diluted EPS increase to $1.21 ⢠YTD free cash flow, excluding legal settlements, was $621 million ⢠Issued $700 million of new 10âyear notes ⢠Increased capital return with 2.6 million shares repurchased YTD ⢠Added to the portfolio with purchases of NADA Used Car Guide, Petromedia Ltd. and, pending closure, SNL Financial ⢠Continued productivity efforts across the Company McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 25 MHFI Delivers ($ in millions) 2Q 2015 2Q 2014 Change Revenue $1,342 $1,302 +3% Adj. Operating Profit $552 $476 +16% Adj. Operating Margin 41.1% 36.6% +450 bps Adjusted Diluted EPS $1.21 $1.04 +17% 2Q 2015 highlights: ⢠MHFI revenue increased 6% excluding forex impact ⢠Nonâratings business segments led revenue and adjusted operating profit growth ⢠Concerns over Greece and China impeded issuance ⢠Progress on productivity initiatives resulted in YOY decline in adjusted expenses ⢠Margin expansion continued ⢠17% increase in adjusted diluted EPS Â
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14 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 26 Business Unit Results 2Q 2015 vs. 2Q 2014 2015 â
Consistent Margin Progress in Every Business Unit Standard & Poorâs Ratings Services S&P Capital IQ S&P Dow Jones Indices Commodities & Commercial Revenue (1%) +6% +11% +7% Adj. Operating Profit +7% +37% +16% +15% Adj. Operating Margin (bps) +370 +520 +250 +270 Standard & Poorâs Ratings Services revenue was the 2nd highest ever, despite forex and weak ratings issuance outside the U.S. McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 27 Standard & Poorâs Ratings Services: Productivity Improvements Elevate Adjusted Margin to 50% ($ in millions) 2Q 2015 2Q 2014 Change Revenue $658 $664 (1%) Adj. Segment Op. Profit $329 $308 +7% Adj. Segment Op. Margin 50.0% 46.3% +370 bps 2Q 2015 highlights: ⢠Excluding forex, revenue increased 3% ⢠Revenue impacted by reduced YOY issuance outside the U.S. ⢠Adjusted expenses decreased 7%, decreased 3% excluding forex â Reduced headcount from recent restructurings â Significant decrease in legal expenses offset by Dodd Frank implementation â We continue to invest in compliance and technology
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15 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 28 Standard & Poorâs Ratings Services: Second Highest Quarterly Revenue ($ in millions) 2Q 2015
2Q 2014 Change Nonâtransaction $329 $337 (2%) Transaction $329 $327 +1%   ⢠Strength in U.S. corporate ratings and public finance contrasted with weakness in the rest of the world ⢠Transaction revenue reached 50% of total revenue ⢠Nonâtransaction revenue decreased mostly due to the strong U.S. dollar. Excluding forex, nonâtransaction revenue increased 3% due primarily to annual fee growth ⢠Transaction revenue growth was 4% excluding forex.  This was the result of record public finance issuance and M&Aâdriven, investmentâgrade issuance in the U.S.  McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 29 Issuance Trends: U.S. and Europe Diverge * Excludes sovereign issuance 2Q14 3Q14 4Q14 1Q15 2Q15 2Q14 3Q14 4Q14 1Q15 2Q15 (issuance, $ in billions) (issuance, $ in billions) United States* Europe* Public Finance Structured Finance Corporates $516 $341 $353 $455 $346 15% increase yearâoverâyear in 2Q 33% decrease yearâoverâyear in 2Q 2Q United States Issuance: ⢠Investmentâgrade increased 30% ⢠Highâyield decreased 9% ⢠Public finance increased 20% ⢠Structured finance was unchanged with strength in CMBS and weakness in CLOs $555 $447 $614 $519 $638 2Q Europe Issuance: ⢠Investmentâgrade decreased 33% ⢠Highâyield decreased 54% ⢠Structured finance decreased 7%, with strength in RMBS and weakness in ABS, CDOs, and covered bonds
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16 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 30 S&P Capital IQ: Solid Revenue Growth and Margin Expansion ($ in millions) 2Q 2015
2Q 2014 Change Revenue $324 $307 +6% Adj. Segment Op. Profit $74 $54 +37% Adj. Segment Op. Margin 22.9% 17.7% +520 bps 2Q 2015 highlights: ⢠Revenue growth and cost containment led to margin expansion ⢠Excluding forex, revenue increased 7% and expenses increased 3% ⢠Consistent growth both in and outside the U.S. McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 31 S&P Capital IQ: Key Products Continue to Drive Revenue Growth ⢠S&P Capital IQ Desktop ⢠Portfolio Risk ⢠Compustat ⢠Consolidated Feeds S&P Capital IQ Desktop & Enterprise Solutions ⢠RatingsDirectÂŽ ⢠RatingsXpressÂŽ ⢠Global Markets Intelligence (GMI) ⢠Leveraged Commentary & Data (LCD) ⢠Equity Research Services (ERS) S&P Credit Solutions S&P Capital IQ Markets Intelligence ⢠Doubleâdigit increase in S&P Capital IQ Desktop ⢠RatingsXpressÂŽÂ and RatingsDirectÂŽÂ continue to deliver consistent growth ⢠GMI doubleâdigit growth offset by declines in Equity Research Services ⢠Combined GMI and LCD revenue now exceeds ERS revenue 2Q Revenue +7% 2Q Revenue (4%)2Q Revenue +6%
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17 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 32 S&P Dow Jones Indices: DoubleâDigit Topâ and BottomâLine Growth ($ in millions)
2Q 2015 2Q 2014 Change Revenue $148 $133 +11% Segment Op. Profit $96 $82 +16% Segment Op. Margin 64.6% 62.1% 250 bps MHFI Share of Op. Profit* $71 $60 +16% * The Company owns 73% of the S&P Dow Jones Indices joint venture 2Q 2015 highlights: ⢠ETF, derivative, mutual fund and data license revenue all increased ⢠Products based on S&P DJI smart beta indices increased 55% yearâoverâyear to $133.6 billion ⢠Inflows into U.S. equity ETFs declined ⢠Launched flagship S&P 500ÂŽÂ Bond Index McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 33 Record ETF Industry YTD Inflows Flowed Mostly Overseas  â  100  200  300  400  500  600  700  800  900 AUM based on S&P Dow Jones Indices â40 â20 20 40 60 80 100 120 140 160 Source: BlackRock Global ETP Landscape S&P Dow Jones Indices & Industry ETF Flows Source: Bloomberg SPDJI Flow              Total Industry Flow
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18 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 34 ⢠The firstâever index that tracks the debt of the S&P 500 companies â˘
Priced in realâtime throughout the day ⢠S&P DJI published more than 20 years of daily historical data on the S&P 500 Bond Index as part of the launch ⢠Multiple index variation choices based on duration, rating, sector Launched the cornerstone of our fixed income indices â the S&P 500ÂŽÂ Bond Index: Entered new strategic index agreements with: S&P Dow Jones Indices: Pursuing New Avenues for Growth McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 35 Commodities & Commercial Markets: Revenue Growth Leads to Margin Expansion ($ in millions) 2Q 2015 2Q 2014 Change Revenue $234 $219 +7%* Adj. Segment Op. Profit $88 $77 +15% Adj. Segment Op. Margin 37.8% 35.1% +270 bps * Organic growth was 6%, excluding revenue from the Eclipse acquisition 2Q 2015 highlights: ⢠Platts led the segment, delivering high singleâdigit revenue growth ⢠Tight cost control across the segment contributed to margin expansion ⢠J.D. Power revenue was modestly positive led by doubleâdigit PIN growth and modest growth in the U.S. auto sector
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19 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 36 ⢠Platts delivered high singleâdigit revenue growth despite continued low commodity prices â˘
Metals, Agriculture & Petrochemicals continued to deliver the highest revenue growth rates ⢠Global Trading Servicesâ revenue increased primarily due to license revenue from The Steel Index derivative activity and record           eWindow trading volumes ⢠Petromedia Ltd. acquisition closed July 15 Platts:  Delivering Growth While Building the Business McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 37 J.D. Power Acquires NADA Used Car Guide ⢠Premier source of used car value benchmarks ⢠Tuckâin acquisition fits well with J.D. Powerâs PIN business ⢠Subscription based business ⢠Expands J.D. Powerâs offerings in the U.S. automotive OEM, retailer, financial services and insurance markets ⢠Deal closed July 1 ⢠Expected to be accretive within one year
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20 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 38 OEM Dealer Lender Consumer Fleet Company Insurer Government Why NADA Used Car Benchmarks are Needed For states and counties that impose property tax on ownership of a personal use vehicles To design a vehicle that will maintain its value Provides data to support inventory, purchase and sales price decisions Independent valuation of a vehicleâs value for funding and portfolio management Provide shoppers with the latest fair market values for purchases and tradeâins To support endâofâterm disposal channel decisions To determine the value reimbursable to a customer when a car is totaled McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast JACK CALLAHAN EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
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21 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 40 Financial Highlights â Key Areas â˘
Consolidated income statements results ⢠Adjustments to earnings ⢠Balance sheet update ⢠Free cash flow and return of capital ⢠Guidance update McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 41 2Q 2015:  Margin Improvement Drives EPS Growth ($ in millions, except earnings per share) 2Q 2015 2Q 2014 % Change Revenue $1,342 $1,302 +3% Segment Operating Profit $587 $521 +13% Less:  Unallocated Expense (35) (45) (22%) Operating Profit $552 $476 +16% Operating Profit Margin 41.1% 36.6% +450 bps Tax Rate 32.3% 32.9% (60 bps) Net Income $363 $310 +17% Diluted EPS $1.21 $1.04 +17% Average Diluted Shares Outstanding  (in millions) 275.7 276.1 0% Note: All numbers, except revenue and shares outstanding, are presented on an adjusted basis
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22 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 42 2Q 2015:  Several Adjustments to Operating Profit ($ in millions) 2Q 2015 Net legal settlement insurance recoveries $41 Gain on sale of legacy construction business asset
11 Restructuring charges (22) Total preâtax gain excluded from adjusted results $30 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 43 Strong Free Cash Flow Excluding Legal Settlement Payments ($ in millions) 2Q 2015 2Q 2014 Cash (used for) provided by operating activities $(897) $446 Capital expenditures (42) (37) Dividends and other payments to noncontrolling interests (49) (30) Free Cash Flow (988) 379 Legal and regulatory settlements payments 1,609 0 Free Cash Flow excluding above item $621 $379 2Q 2015 Return of Capital: ⢠Returned $255 million in dividends and share repurchases in 2Q â $459 YTD ⢠Repurchased 1.6 million shares in 2Q â 2.6 million YTD
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23 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 44 Created Additional Financial Flexibility in 2Q ($ in millions) 2Q 2015
1Q 2015 Cash and equivalents $1,720 $1,176 Shortâterm debt $0 $365 Longâterm debt $1,494 $799 ⢠Issued $700 million of 10 year notes ⢠Paid down shortâterm debt ⢠Extended bank line of credit with revolving $1.2 billion fiveâ year credit agreement ⢠Anticipate additional longâterm debt of $1.7 billion to fund the acquisition of SNL Financial McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 45 Balance of Year Outlook: Impact of Acquisitions Expected 2015 incremental impact: + $80 â $90 million revenue ($0.05 â $0.07) adjusted EPS Closed July 1 Closed July 15 Targeted Close End of Q3 Maintaining existing adjusted diluted EPS guidance of $4.35 â $4.45 despite dilution
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24 McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast 46 Unique Fit Adds Depth & Scale Common Industry Footprint Proven Growth Engine Clear Revenue & Cost Synergies Sound Transaction Fundamentals Questions & Answers McGraw Hill Financial | 2Q 2015 Earnings Conference Call/Webcast REPLAY OPTIONS ⢠Internet: Replay available for one year Go to http://investor.mhfi.com â˘
Telephone: Replay available through August 27, 2015 Domestic: 800â789â9018 International: 203â369â33337 No password required SNL Financial Acquisition & 2Q 2015 Earnings Call July 27, 2015
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