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| | | | | F-1 | | | |
| |
Distributing Company
|
| | S&P Global Inc., a New York corporation. After the Distribution, S&P Global will not own any shares of Mobility common stock. | |
| |
Distributed Company
|
| | Mobility, a Delaware corporation, is a wholly owned subsidiary of S&P Global and, at the time of the Distribution, will hold, directly or indirectly through its subsidiaries, certain assets and liabilities of the Spin Business. After the Distribution, Mobility will be an independent, publicly traded company. | |
| |
Distributed Company Structure
|
| | Mobility is a holding company. At the time of the Distribution, it will own the shares of a number of subsidiaries operating the Spin Business. | |
| |
Record Date
|
| | The record date for the Distribution is on the close of business on , 2026 | |
| |
Distribution Date
|
| | The Distribution Date is , 2026. | |
| |
Distributed Securities
|
| | S&P Global will distribute 100% of the shares of Mobility common stock outstanding immediately prior to the Distribution. Based on the approximately shares of S&P Global common stock outstanding on , 2026, and applying the distribution ratio of shares of Mobility common stock for every shares of S&P Global common stock, S&P Global will distribute approximately shares of Mobility common stock to S&P Global stockholders who hold S&P Global common stock as of the record date. | |
| |
Distribution Ratio
|
| | Each holder of S&P Global common stock will receive shares of Mobility common stock for every shares of S&P Global common stock held as of the close of business on , 2026. | |
| |
Fractional Shares
|
| | S&P Global will not distribute any fractional shares of Mobility common stock to S&P Global stockholders. Instead, as soon as practicable on or after the Distribution Date, the distribution agent will aggregate fractional shares of Mobility common stock into whole shares, sell the whole shares (or cause the whole shares to be sold) in the open market at prevailing prices and distribute the net cash proceeds, after deducting any applicable taxes, brokerage charges and commissions, on a pro rata basis to each holder who would otherwise have been entitled to receive a fractional share in the Distribution. The distribution agent will determine when, how, through which broker-dealers and at what prices to sell the aggregated fractional shares. Recipients of cash in lieu of fractional shares of Mobility common stock will not be entitled to any minimum sale price for the fractional shares or to any interest on the amounts of payments made in lieu of fractional shares. The receipt of cash in lieu of fractional shares generally will be taxable to the recipient stockholders | |
| | | | | for U.S. federal income tax purposes as described in “The Separation — Material U.S. Federal Income Tax Consequences of the Distribution.” | |
| |
Distribution Method
|
| | Mobility common stock will be issued only by direct registration in book-entry form. Registration in book-entry form is a method of recording stock ownership when no physical paper share certificates are issued to stockholders, as is the case in this Distribution. | |
| |
Conditions to the Distribution
|
| |
The Distribution is subject to the satisfaction or waiver by S&P Global of the following conditions, as well as other conditions described in this information statement in “The Separation — Conditions to the Distribution”:
•
Our registration statement on Form 10, of which this information statement is a part, shall have become effective under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), no stop order suspending the effectiveness of our registration statement on Form 10 will be in effect, and no proceedings for such purpose will be pending before or threatened by the SEC, and this information statement, or a notice of Internet availability thereof, will have been made available to the holders of S&P Global common stock as of the record date for the Distribution;
•
Our common stock to be delivered in the Distribution will have been approved for listing on the NYSE, subject to official notice of issuance;
•
S&P Global will have received the opinion of Special Tax Counsel to the effect that, for U.S. federal income tax purposes, the Distribution, together with certain related transactions, will qualify as a “reorganization” within the meaning of Section 368(a)(1)(D) of the Code and a distribution to which Section 355 of the Code applies, in each case which is generally tax-free to S&P Global and its shareholders;
•
Any material approvals and consents of government authorities and any material permits, registrations and consents from third parties, in each case, necessary to effect the Distribution and to permit the operations of our business after the Distribution Date substantially as conducted as of the date of the Separation and Distribution Agreement shall have been obtained; and
•
No event or development will have occurred or exist that, in the judgment of the S&P Global Board of Directors, in its sole and absolute discretion, makes it inadvisable to effect the Separation or other transactions contemplated by the Separation and Distribution Agreement or by any of the ancillary agreements contemplated by the Separation and Distribution Agreement.
|
|
| | | | | The fulfillment of the conditions to the Distribution will not create any obligations on S&P Global’s part to effect the Separation, and the S&P Global Board of Directors has reserved the right, in its sole discretion, to abandon, modify or change the terms of the Separation, including by accelerating or delaying the timing of the consummation of all or part of the Distribution, at any time prior to the Distribution Date. | |
| |
Stock Exchange Listing
|
| | We intend to have our shares of common stock authorized for listing on the NYSE under the ticker symbol “MBGL,” subject to official notice of issuance. | |
| |
Dividend Policy
|
| | We intend to pay a quarterly dividend, in cash, at a quarterly rate initially equal to $ per share of our common stock. The declaration and amount of any dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend upon many factors, including our financial condition, earnings, cash flows, capital requirements of our business, covenants associated with our debt obligations, legal requirements, regulatory constraints, industry practice and any other factors the Board of Directors deems relevant. For more information, see “Dividend Policy.” | |
| |
Transfer Agent
|
| | Computershare. | |
| |
U.S. Federal Income Tax Consequences
|
| | A condition to the Distribution is S&P Global’s receipt of the opinion of Special Tax Counsel to the effect that, for U.S. federal income tax purposes, the Distribution, together with certain related transactions, will qualify as a “reorganization” within the meaning of Section 368(a)(1)(D) of the Code and a distribution to which Section 355 of the Code applies, in each case which is generally tax-free to S&P Global and its shareholders. On that basis, for U.S. federal income tax purposes, the Distribution will be tax-free to beneficial owners of S&P Global common stock, except to the extent of any cash received in lieu of fractional shares of Mobility common stock. You should review the section entitled “The Separation — Material U.S. Federal Income Tax Consequences of the Distribution” for a discussion of the material U.S. federal income tax consequences of the Distribution. | |
| | | |
Three months ended March 31,
(unaudited) |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||||||||
| Revenue | | | | $ | 455 | | | | | $ | 420 | | | | | $ | 1,750 | | | | | $ | 1,613 | | | | | $ | 1,485 | | |
|
Expenses:
Operating-related expenses |
| | | | 136 | | | | | | 127 | | | | | | 516 | | | | | | 475 | | | | | | 448 | | |
|
Selling and general expenses
|
| | | | 160 | | | | | | 131 | | | | | | 585 | | | | | | 531 | | | | | | 491 | | |
|
Depreciation and amortization
|
| | | | 78 | | | | | | 78 | | | | | | 310 | | | | | | 309 | | | | | | 307 | | |
|
Total expenses
|
| | | | 374 | | | | | | 336 | | | | | | 1,411 | | | | | | 1,315 | | | | | | 1,246 | | |
|
Operating profit
|
| | |
|
81
|
| | | |
|
84
|
| | | |
|
339
|
| | | |
|
298
|
| | | |
|
239
|
| |
|
Other income, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (2) | | |
|
Interest expense, net
|
| | | | 3 | | | | | | 3 | | | | | | 13 | | | | | | 15 | | | | | | 17 | | |
|
Income before taxes on income
|
| | | | 78 | | | | | | 81 | | | | | | 326 | | | | | | 284 | | | | | | 224 | | |
|
Provision for income taxes
|
| | | | 23 | | | | | | 23 | | | | | | 106 | | | | | | 76 | | | | | | 61 | | |
|
Net income
|
| | | $ | 55 | | | | | $ | 58 | | | | | $ | 220 | | | | | $ | 208 | | | | | $ | 163 | | |
| | | |
Three months ended
March 31, (unaudited) |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||||||||
|
Net cash provided by operating activities
|
| | | $ | 54 | | | | | $ | 67 | | | | | $ | 485 | | | | | $ | 427 | | | | | $ | 393 | | |
|
Net cash used for investing activities
|
| | | $ | (6) | | | | | $ | (5) | | | | | $ | (23) | | | | | $ | (21) | | | | | $ | (230) | | |
|
Net cash used for financing activities
|
| | | $ | 37 | | | | | $ | (62) | | | | | $ | (453) | | | | | $ | (423) | | | | | $ | (160) | | |
|
(in millions)
|
| |
As of
March 31, 2026 (unaudited) |
| |
As of
December 31, 2025 |
| ||||||
| Balance Sheet Data: | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 122 | | | | | $ | 38 | | |
|
Total assets
|
| | | $ | 13,042 | | | | | $ | 12,995 | | |
|
Total liabilities
|
| | | $ | 1,459 | | | | | $ | 1,510 | | |
|
Total equity
|
| | | $ | 11,583 | | | | | $ | 11,485 | | |
| | | |
Three months ended
March 31, (unaudited) |
| |
Year ended December 31,
(unaudited) |
| | ||||||||||||||||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
2025
|
| |
2024
|
| |
2023
|
| | | | |||||||||||||||
|
Adjusted EBITDA(1)
|
| | | $ | 184 | | | | | $ | 169 | | | | | $ | 711 | | | | | $ | 658 | | | | | $ | 598 | | | | ||
|
Adjusted operating profit(1)
|
| | | $ | 176 | | | | | $ | 160 | | | | | $ | 675 | | | | | $ | 617 | | | | | $ | 565 | | | | ||
|
Free cash flow(1)
|
| | | $ | 48 | | | | | $ | 62 | | | | | $ | 461 | | | | | $ | 412 | | | | | $ | 375 | | | | ||
| | | |
As of March 31, 2026
|
| | |||||||||||
|
(in millions)
|
| |
Actual
|
| |
Pro Forma
|
| | ||||||||
| | | |
(unaudited)
|
| |
(unaudited)
|
| | | | ||||||
|
Cash and cash equivalents
|
| | | $ | 122 | | | | | $ | 150 | | | | ||
| Indebtedness: | | | | | | | | | | | | | | | ||
|
Short-term debt
|
| | | | — | | | | | | — | | | | ||
|
Due to related parties – non-current
|
| | | | 227 | | | | | | — | | | | ||
|
Long-term debt
|
| | | | — | | | | | | 1,986 | | | | ||
|
Total indebtedness
|
| | | $ | 227 | | | | | $ | 1,986 | | | | ||
| Equity: | | | | | | | | | | | | | | | ||
|
Common stock, par value $0.01 per share; shares authorized, shares issued and outstanding, actual, shares issued and outstanding, pro forma
|
| | | | — | | | | | | | | | | ||
|
Additional paid-in capital
|
| | | | — | | | | | | 9,875 | | | | ||
|
Accumulated other comprehensive (loss) income
|
| | | | (3) | | | | | | (3) | | | | ||
|
Parent company investment
|
| | | | 11,586 | | | | | | — | | | | ||
|
Total equity
|
| | | $ | 11,583 | | | | | $ | 9,872 | | | | ||
|
Total capitalization
|
| | | $ | 11,810 | | | | | $ | 11,858 | | | | ||
|
(in millions, except share data)
|
| |
Historical
Spin Business (a) |
| |
Transaction
Accounting Adjustments |
| |
Notes
|
| |
Autonomous
Entity Adjustments |
| |
Notes
|
| |
Pro Forma
|
| |
Notes
|
| ||||||||||||
|
Revenue
|
| | | $ | 455 | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 455 | | | | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Operating-related expenses
|
| | | | 136 | | | | | | — | | | | | | | | | — | | | | | | | | | 136 | | | | | |
|
Selling and general expenses
|
| | | | 160 | | | | | | — | | | | | | | | | 2 | | | |
(l)
|
| | | | 162 | | | | | |
|
Depreciation
|
| | | | 4 | | | | | | — | | | | | | | | | — | | | | | | | | | 4 | | | | | |
|
Amortization of intangibles
|
| | | | 74 | | | | | | — | | | | | | | | | — | | | | | | | | | 74 | | | | | |
|
Total expenses
|
| | | | 374 | | | | | | — | | | | | | | | | 2 | | | | | | | | | 376 | | | | | |
|
Operating profit
|
| | | | 81 | | | | | | — | | | | | | | | | (2) | | | | | | | | | 79 | | | | | |
|
Other income, net
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | |
|
Interest expense, net
|
| | | | 3 | | | | | | 24 | | | |
(h)
|
| | | | — | | | | | | | | | 27 | | | | | |
|
Income before taxes on income
|
| | | | 78 | | | | | | (24) | | | | | | | | | (2) | | | | | | | | | 52 | | | | | |
|
Provision for taxes on income
|
| | | | 23 | | | | | | (7) | | | |
(i)
|
| | | | (1) | | | |
(m)
|
| | | | 15 | | | | | |
|
Net income
|
| | | $ | 55 | | | | | $ | (17) | | | | | | | | $ | (1) | | | | | | | | $ | 37 | | | | | |
|
Earnings per share attributable to common shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
Weighted-average number of common shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
(in millions, except share data)
|
| |
Historical
Spin Business (a) |
| |
Transaction
Accounting Adjustments |
| |
Notes
|
| |
Autonomous
Entity Adjustments |
| |
Notes
|
| |
Pro Forma
|
| |
Notes
|
| ||||||||||||
|
Revenue
|
| | | $ | 1,750 | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 1,750 | | | | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Operating-related expenses
|
| | | | 516 | | | | | | — | | | |
|
| | | | — | | | | | | | | | 516 | | | | | |
|
Selling and general expenses
|
| | | | 585 | | | | | | — | | | | | | | | | 12 | | | |
(l)
|
| | | | 597 | | | | | |
|
Depreciation
|
| | | | 14 | | | | | | — | | | | | | | | | — | | | | | | | | | 14 | | | | | |
|
Amortization of intangibles
|
| | | | 296 | | | | | | — | | | |
|
| | | | — | | | | | | | | | 296 | | | | | |
|
Total expenses
|
| | | | 1,411 | | | | | | — | | | |
|
| | | | 12 | | | | | | | | | 1,423 | | | | | |
|
Operating profit
|
| | | | 339 | | | | | | — | | | | | | | | | (12) | | | | | | | | | 327 | | | | | |
|
Other income, net
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | |
|
Interest expense, net
|
| | | | 13 | | | | | | 99 | | | |
(h)
|
| | | | — | | | | | | | | | 112 | | | | | |
|
Income before taxes on income
|
| | | | 326 | | | | | | (99) | | | | | | | | | (12) | | | | | | | | | 215 | | | | | |
|
Provision for taxes on income
|
| | | | 106 | | | | | | (28) | | | |
(i)
|
| | | | (3) | | | |
(m)
|
| | | | 75 | | | | | |
|
Net income
|
| | | $ | 220 | | | | | $ | (71) | | | | | | | | $ | (9) | | | | | | | | $ | 140 | | | | | |
|
Earnings per share attributable to common
shareholders: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
Weighted-average number of common shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Basic
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(n)
|
|
|
(in millions)
|
| |
Historical Spin
Business (a) |
| |
Transaction
Accounting Adjustments |
| |
Notes
|
| |
Autonomous
Entity Adjustments |
| |
Notes
|
| |
Pro Forma
|
| ||||||||||||
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 122 | | | | | $ | 28 | | | |
(c)
|
| | | $ | — | | | | | | | | $ | 150 | | |
|
Due from related parties – current
|
| | | | 15 | | | | | | (15) | | | |
(d)
|
| | | | — | | | | | | | | | — | | |
|
Accounts receivable, net of allowance for doubtful accounts
|
| | | | 216 | | | | | | — | | | | | | | | | — | | | | | | | | | 216 | | |
|
Prepaid and other current assets
|
| | | | 39 | | | | | | — | | | | | | | | | — | | | | | | | | | 39 | | |
|
Total current assets
|
| | | | 392 | | | | | | 13 | | | | | | | | | — | | | | | | | | | 405 | | |
| Property and equipment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Buildings and leasehold
improvements |
| | | | 25 | | | | | | — | | | | | | | | | — | | | | | | | | | 25 | | |
|
Equipment and furniture
|
| | | | 77 | | | | | | — | | | | | | | | | — | | | | | | | | | 77 | | |
|
Total property and equipment
|
| | | | 102 | | | | | | — | | | | | | | | | — | | | | | | | | | 102 | | |
|
Less: accumulated depreciation
|
| | | | (83) | | | | | | — | | | | | | | | | — | | | | | | | | | (83) | | |
|
Property and equipment, net
|
| | | | 19 | | | | | | — | | | | | | | | | — | | | | | | | | | 19 | | |
|
Right of use assets
|
| | | | 23 | | | | | | — | | | | | | | | | 54 | | | |
(k)
|
| | | | 77 | | |
|
Goodwill
|
| | | | 8,845 | | | | | | — | | | | | | | | | — | | | | | | | | | 8,845 | | |
|
Other intangible assets – net
|
| | | | 3,714 | | | | | | — | | | | | | | | | — | | | | | | | | | 3,714 | | |
|
Due from related parties – non-current
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
|
Other non-current assets
|
| | | | 49 | | | | | | 3 | | | |
(b)
|
| | | | — | | | | | | | | | 52 | | |
|
Total assets
|
| | | $ | 13,042 | | | | | $ | 16 | | | | | | | | $ | 54 | | | | | | | | $ | 13,112 | | |
| LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Accounts payable
|
| | | $ | 48 | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 48 | | |
|
Due to related parties – current
|
| | | | 24 | | | | | | (24) | | | |
(d)
|
| | | | — | | | | | | | | | — | | |
|
Accrued compensation and contributions
to retirement plans |
| | | | 25 | | | | | | — | | | | | | | | | — | | | | | | | | | 25 | | |
|
Unearned revenue
|
| | | | 94 | | | | | | — | | | | | | | | | — | | | | | | | | | 94 | | |
|
Other current liabilities
|
| | | | 38 | | | | | | (8) | | | |
(e)
|
| | | | 1 | | | |
(k)
|
| | | | 31 | | |
|
Total current liabilities
|
| | | | 229 | | | | | | (32) | | | | | | | | | 1 | | | | | | | | | 198 | | |
|
Lease liabilities – non-current
|
| | | | 19 | | | | | | — | | | | | | | | | 53 | | | |
(k)
|
| | | | 72 | | |
|
Deferred tax liability – non-current
|
| | | | 983 | | | | | | — | | | | | | | | | — | | | | | | | | | 983 | | |
|
Due to related parties – non-current
|
| | | | 227 | | | | | | (227) | | | |
(d)
|
| | | | — | | | | | | | | | — | | |
|
Long-term debt
|
| | | | — | | | | | | 1,986 | | | |
(b)
|
| | | | — | | | | | | | | | 1,986 | | |
|
Other non-current liabilities
|
| | | | 1 | | | | | | — | | | | | | | | | — | | | | | | | | | 1 | | |
|
Total liabilities
|
| | | | 1,459 | | | | | | 1,727 | | | | | | | | | 54 | | | | | | | | | 3,240 | | |
| Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Parent company investment
|
| | | | 11,586 | | | | | | (11,586) | | | |
(f)
|
| | | | — | | | | | | | | | — | | |
|
Common stock, par value issued and outstanding
|
| | | | — | | | | | | | | | |
(f)
|
| | | | | | | | | | | | | | | |
|
Additional paid-in capital
|
| | | | — | | | | | | 9,875 | | | |
(g)
|
| | | | — | | | | | | | | | 9,875 | | |
|
Retained income
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
|
Accumulated other comprehensive loss
|
| | | | (3) | | | | | | — | | | | | | | | | — | | | | | | | | | (3) | | |
|
Total equity
|
| | | | 11,583 | | | | | | (1,711) | | | | | | | | | — | | | | | | | | | 9,872 | | |
|
Total liabilities and equity
|
| | | $ | 13,042 | | | | | $ | 16 | | | | | | | | $ | 54 | | | | | | | | $ | 13,112 | | |
|
(in millions)
|
| |
As of
March 31, 2026 |
| |||
|
Cash proceeds from issuance of senior notes (refer to footnote (b))
|
| | | $ | 2,000 | | |
|
Cash payment of debt issuance costs – senior notes (refer to footnote (b))
|
| | | | (14) | | |
|
Cash payment of debt issuance costs – revolving credit facility (refer to footnote (b))
|
| | | | (3) | | |
|
Net cash distribution to S&P Global
|
| | | | (1,955) | | |
|
Total pro forma adjustment to Cash and cash equivalents
|
| | | $ | 28 | | |
|
(in millions)
|
| |
As of
March 31, 2026 |
| |||
|
Cash distribution to S&P Global (refer to footnote (c))
|
| | | $ | (1,955) | | |
|
Settlement of related party balances (refer to footnote (d))
|
| | | | 236 | | |
|
Liabilities retained by S&P Global (refer to footnote (e))
|
| | | | 8 | | |
|
Common stock issuance (refer to footnote (f))
|
| | | | | | |
|
Parent Company investment reclassification (refer to footnote (f))
|
| | | | 11,586 | | |
|
Total pro forma adjustment to Additional paid-in capital
|
| | | $ | 9,875 | | |
|
(in millions)
|
| |
For the Three
Months Ended March 31, 2026 |
| |
For the
Year Ended December 31, 2025 |
| ||||||
|
Interest expense on and amortization of original discount and deferred issuance
costs related to the Debt Financing Transactions (refer to footnote (b)) |
| | | $ | 27 | | | | | $ | 113 | | |
|
Removal of Interest expense on related party note settled as distribution to S&P
Global (refer to footnote (d)) |
| | | | (3) | | | | | | (14) | | |
|
Total pro forma adjustment to Interest expense, net
|
| | | $ | 24 | | | | | $ | 99 | | |
|
(in millions)
|
| |
Right-of-use
assets |
| |
Current
operating lease liabilities |
| |
Non-current
operating lease liabilities |
| |||||||||
|
Operating leases with third parties
|
| | | $ | 54 | | | | | $ | 1 | | | | | $ | 53 | | |
|
(in millions)
|
| |
For the Three
Months Ended March 31, 2026 |
| |
For the
Year Ended December 31, 2025 |
| ||||||
|
Incremental costs associated with TSA (refer to footnote (j))
|
| | | $ | — | | | | | $ | 3 | | |
|
Net impact on rent expense for leases associated with new corporate offices (refer to footnote (k))
|
| | | | 2 | | | | | | 9 | | |
|
Total pro forma adjustment to Selling and general expenses
|
| | | $ | 2 | | | | | $ | 12 | | |
| | | |
Three months
ended March 31, |
| |
% Change
|
| ||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
‘26 vs ‘25
|
| |||||||||
|
Revenue
|
| | | $ | 455 | | | | | $ | 420 | | | | | | 8% | | |
| Expenses: | | | | | | | | | | | | | | | | | | | |
|
Operating-related expenses
|
| | | | 136 | | | | | | 127 | | | | | | 7% | | |
|
Selling and general expenses
|
| | | | 160 | | | | | | 131 | | | | | | 21% | | |
|
Depreciation and amortization
|
| | | | 78 | | | | | | 78 | | | | | | N/M | | |
|
Total expenses
|
| | | | 374 | | | | | | 336 | | | | | | 11% | | |
|
Operating profit
|
| | | | 81 | | | | | | 84 | | | | | | (4)% | | |
|
Interest expense, net
|
| | | | 3 | | | | | | 3 | | | | | | N/M | | |
|
Income before taxes on income
|
| | | | 78 | | | | | | 81 | | | | | | (4)% | | |
|
Provision for taxes on income
|
| | | | 23 | | | | | | 23 | | | | | | (2)% | | |
|
Net income
|
| | | $ | 55 | | | | | $ | 58 | | | | | | (5)% | | |
|
% Operating profit margin
|
| | | | 18% | | | | | | 20% | | | | | | | | |
| | | |
Three months
ended March 31, |
| |
% Change
|
| ||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
‘26 vs ‘25
|
| |||||||||
|
Revenue
|
| | | $ | 455 | | | | | $ | 420 | | | | | | 8% | | |
|
Subscription revenue
|
| | | $ | 372 | | | | | $ | 343 | | | | | | 8% | | |
|
Non-subscription revenue
|
| | | $ | 83 | | | | | $ | 77 | | | | | | 7% | | |
|
% of total revenue:
|
| | | | | | | | | | | | | | | | | | |
|
Subscription revenue
|
| | | | 82% | | | | | | 82% | | | | | | | | |
|
Non-subscription revenue
|
| | | | 18% | | | | | | 18% | | | | | | | | |
|
U.S. revenue
|
| | | $ | 376 | | | | | $ | 350 | | | | | | 7% | | |
|
International revenue
|
| | | $ | 79 | | | | | $ | 70 | | | | | | 12% | | |
|
% of total revenue:
|
| | | | | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | | 83% | | | | | | 83% | | | | | | | | |
|
International revenue
|
| | | | 17% | | | | | | 17% | | | | | | | | |
| | | |
Three months ended March 31,
|
| | | | ||||||||||||||||||||||||||||||
| | | |
2026
|
| |
2025
|
| |
% Change
|
| |||||||||||||||||||||||||||
|
(in millions)
|
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| ||||||||||||||||||
| CARFAX | | | | $ | 68 | | | | | $ | 91 | | | | | $ | 63 | | | | | $ | 85 | | | | | | 9% | | | | | | 7% | | |
|
B2B(1)
|
| | | | 68 | | | | | | 56 | | | | | | 64 | | | | | | 39 | | | | | | 6% | | | | | | 41% | | |
|
Total segment
|
| | | | 136 | | | | | | 147 | | | | | | 127 | | | | | | 124 | | | | | | 7% | | | | | | 18% | | |
|
Corporate Unallocated expense(2)
|
| | | | — | | | | | | 13 | | | | | | — | | | | | | 7 | | | | | | N/M | | | | | | 90% | | |
| | | | | $ | 136 | | | | | $ | 160 | | | | | $ | 127 | | | | | $ | 131 | | | | | | 7% | | | | | | 21% | | |
| | | |
Three months ended
March 31, |
| |
% Change
|
| ||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
‘26 vs ‘25
|
| |||||||||
| CARFAX(1) | | | | $ | 89 | | | | | $ | 77 | | | | | | 15% | | |
| B2B(2) | | | | | 5 | | | | | | 14 | | | | | | (62)% | | |
|
Total segment operating profit
|
| | | | 94 | | | | | | 91 | | | | | | 3% | | |
|
Corporate Unallocated expense(3)
|
| | | | (13) | | | | | | (7) | | | | | | 90% | | |
|
Total operating profit
|
| | | $ | 81 | | | | | $ | 84 | | | | | | (4)% | | |
| | | |
Year ended December 31,
|
| |
% Change
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
‘25 vs ‘24
|
| |
’24 vs ’23
|
| |||||||||||||||
| Revenue | | | | $ | 1,750 | | | | | $ | 1,613 | | | | | $ | 1,485 | | | | | | 9% | | | | | | 9% | | |
| Expenses: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
|
Operating-related expenses
|
| | | | 516 | | | | | | 475 | | | | | | 448 | | | | | | 9% | | | | | | 6% | | |
|
Selling and general expenses
|
| | | | 585 | | | | | | 531 | | | | | | 491 | | | | | | 10% | | | | | | 8% | | |
|
Depreciation and amortization
|
| | | | 310 | | | | | | 309 | | | | | | 307 | | | | | | —% | | | | | | 1% | | |
|
Total expenses
|
| | | | 1,411 | | | | | | 1,315 | | | | | | 1,246 | | | | | | 7% | | | | | | 5% | | |
|
Operating profit
|
| | | | 339 | | | | | | 298 | | | | | | 239 | | | | | | 14% | | | | | | 25% | | |
|
Other income, net
|
| | | | — | | | | | | (1) | | | | | | (2) | | | | | | (88)% | | | | | | (62)% | | |
|
Interest expense, net
|
| | | | 13 | | | | | | 15 | | | | | | 17 | | | | | | (14)% | | | | | | (12)% | | |
|
Income before taxes on income
|
| | | | 326 | | | | | | 284 | | | | | | 224 | | | | | | 15% | | | | | | 27% | | |
|
Provision for taxes on income
|
| | | | 106 | | | | | | 76 | | | | | | 61 | | | | | | 39% | | | | | | 25% | | |
|
Net income
|
| | | $ | 220 | | | | | $ | 208 | | | | | $ | 163 | | | | | | 6% | | | | | | 27% | | |
|
% Operating profit margin
|
| | | | 19% | | | | | | 19% | | | | | | 16% | | | | | | | | | | | | | | |
| | | |
Year ended December 31,
|
| |
% Change
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
‘25 vs ‘24
|
| |
’24 vs ’23
|
| |||||||||||||||
|
Revenue
|
| | | $ | 1,750 | | | | | $ | 1,613 | | | | | $ | 1,485 | | | | | | 9% | | | | | | 9% | | |
|
Subscription revenue
|
| | | $ | 1,426 | | | | | $ | 1,303 | | | | | $ | 1,170 | | | | | | 9% | | | | | | 11% | | |
|
Non-subscription revenue
|
| | | $ | 324 | | | | | $ | 310 | | | | | $ | 315 | | | | | | 5% | | | | | | (2)% | | |
| % of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subscription revenue
|
| | | | 81% | | | | | | 81% | | | | | | 79% | | | | | | | | | | | | | | |
|
Non-subscription revenue
|
| | | | 19% | | | | | | 19% | | | | | | 21% | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | $ | 1,454 | | | | | $ | 1,329 | | | | | $ | 1,224 | | | | | | 9% | | | | | | 9% | | |
|
International revenue
|
| | | $ | 296 | | | | | $ | 284 | | | | | $ | 261 | | | | | | 4% | | | | | | 9% | | |
| % of total revenue: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
|
U.S. revenue
|
| | | | 83% | | | | | | 82% | | | | | | 82% | | | | | | | | | | | | | | |
|
International revenue
|
| | | | 17% | | | | | | 18% | | | | | | 18% | | | | | | | | | | | | | | |
| | | |
2025
|
| |
2024
|
| |
% Change
|
| |||||||||||||||||||||||||||
|
(in millions)
|
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| ||||||||||||||||||
| CARFAX(1) | | | | $ | 258 | | | | | $ | 363 | | | | | $ | 243 | | | | | $ | 339 | | | | | | 6% | | | | | | 7% | | |
| B2B(2) | | | | | 258 | | | | | | 177 | | | | | | 232 | | | | | | 162 | | | | | | 11% | | | | | | 9% | | |
|
Total segment
|
| | | | 516 | | | | | | 540 | | | | | | 475 | | | | | | 501 | | | | | | 9% | | | | | | 8% | | |
|
Corporate Unallocated expense(3)
|
| | | | — | | | | | | 45 | | | | | | — | | | | | | 30 | | | | | | N/M | | | | | | 50% | | |
| | | | | $ | 516 | | | | | $ | 585 | | | | | $ | 475 | | | | | $ | 531 | | | | | | 9% | | | | | | 10% | | |
| | | |
2024
|
| |
2023
|
| |
% Change
|
| |||||||||||||||||||||||||||
|
(in millions)
|
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| |
Operating-
related expenses |
| |
Selling and
general expenses |
| ||||||||||||||||||
| CARFAX(1) | | | | $ | 243 | | | | | $ | 339 | | | | | $ | 221 | | | | | $ | 300 | | | | | | 10% | | | | | | 13% | | |
| B2B(2) | | | | | 232 | | | | | | 162 | | | | | | 227 | | | | | | 159 | | | | | | 2% | | | | | | 2% | | |
|
Total segment
|
| | | | 475 | | | | | | 501 | | | | | | 448 | | | | | | 459 | | | | | | 6% | | | | | | 9% | | |
|
Corporate Unallocated expense(3)
|
| | | | — | | | | | | 30 | | | | | | — | | | | | | 32 | | | | | | N/M | | | | | | (6)% | | |
| | | | | $ | 475 | | | | | $ | 531 | | | | | $ | 448 | | | | | $ | 491 | | | | | | 6% | | | | | | 8% | | |
| | | |
Year ended December 31,
|
| |
% Change
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
‘25 vs ‘24
|
| |
’24 vs ’23
|
| |||||||||||||||
| CARFAX(1) | | | | $ | 322 | | | | | $ | 259 | | | | | $ | 210 | | | | | | 25% | | | | | | 23% | | |
| B2B(2) | | | | | 62 | | | | | | 69 | | | | | | 61 | | | | | | (12)% | | | | | | 15% | | |
|
Total segment operating profit
|
| | | | 384 | | | | | | 328 | | | | | | 271 | | | | | | 17% | | | | | | 21% | | |
|
Corporate Unallocated expense(3)
|
| | | | (45) | | | | | | (30) | | | | | | (32) | | | | | | 49% | | | | | | (5)% | | |
|
Total operating profit
|
| | | $ | 339 | | | | | $ | 298 | | | | | $ | 239 | | | | | | 14% | | | | | | 25% | | |
| | | |
Three months ended
March 31, |
| |
% Change
|
| ||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
‘26 vs ‘25
|
| |||||||||
|
Revenue
|
| | | $ | 298 | | | | | $ | 275 | | | | | | 8% | | |
|
Subscription revenue
|
| | | $ | 242 | | | | | $ | 225 | | | | | | 8% | | |
|
Non-subscription revenue
|
| | | $ | 56 | | | | | $ | 50 | | | | | | 10% | | |
|
% of total revenue:
|
| | | | | | | | | | | | | | | | | | |
|
Subscription revenue
|
| | | | 81% | | | | | | 82% | | | | | | | | |
| | | |
Three months
ended March 31, |
| |
% Change
|
| ||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
‘26 vs ‘25
|
| |||||||||
|
Non-subscription revenue
|
| | | | 19% | | | | | | 18% | | | | | | | | |
|
U.S. revenue
|
| | | $ | 253 | | | | | $ | 236 | | | | | | 7% | | |
|
International revenue
|
| | | $ | 45 | | | | | $ | 39 | | | | | | 16% | | |
|
% of total revenue:
|
| | | | | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | | 85% | | | | | | 86% | | | | | | | | |
|
International revenue
|
| | | | 15% | | | | | | 14% | | | | | | | | |
|
Operating profit(1)
|
| | | $ | 89 | | | | | $ | 77 | | | | | | 15% | | |
|
% Operating profit margin
|
| | | | 30% | | | | | | 28% | | | | | | | | |
| | | |
Three months ended
March 31, |
| |
% Change
|
| ||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
‘26 vs ‘25
|
| |||||||||
|
Revenue
|
| | | $ | 157 | | | | | $ | 145 | | | | | | 8% | | |
|
Subscription revenue
|
| | | $ | 130 | | | | | $ | 118 | | | | | | 9% | | |
|
Non-subscription revenue
|
| | | $ | 27 | | | | | $ | 27 | | | | | | (1)% | | |
|
% of total revenue:
|
| | | | | | | | | | | | | | | | | | |
|
Subscription revenue
|
| | | | 83% | | | | | | 82% | | | | | | | | |
|
Non-subscription revenue
|
| | | | 17% | | | | | | 18% | | | | | | | | |
|
U.S. revenue
|
| | | $ | 123 | | | | | $ | 114 | | | | | | 8% | | |
|
International revenue
|
| | | $ | 34 | | | | | $ | 31 | | | | | | 7% | | |
|
% of total revenue:
|
| | | | | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | | 79% | | | | | | 78% | | | | | | | | |
|
International revenue
|
| | | | 21% | | | | | | 22% | | | | | | | | |
|
Operating profit(1)
|
| | | $ | 5 | | | | | $ | 14 | | | | | | (62)% | | |
|
% Operating profit margin
|
| | | | 3% | | | | | | 10% | | | | | | | | |
| | | |
Year ended December 31,
|
| |
% Change
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
‘25 vs ‘24
|
| |
‘24 vs ’23
|
| |||||||||||||||
|
Revenue
|
| | | $ | 1,142 | | | | | $ | 1,039 | | | | | $ | 928 | | | | | | 10% | | | | | | 12% | | |
|
Subscription revenue
|
| | | $ | 927 | | | | | $ | 843 | | | | | $ | 748 | | | | | | 10% | | | | | | 13% | | |
|
Non-subscription revenue
|
| | | $ | 215 | | | | | $ | 196 | | | | | $ | 180 | | | | | | 10% | | | | | | 9% | | |
| % of total revenue: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
|
Subscription revenue
|
| | | | 81% | | | | | | 81% | | | | | | 81% | | | | | | | | | | | | | | |
|
Non-subscription revenue
|
| | | | 19% | | | | | | 19% | | | | | | 19% | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | $ | 974 | | | | | $ | 884 | | | | | $ | 791 | | | | | | 10% | | | | | | 12% | | |
|
International revenue
|
| | | $ | 168 | | | | | $ | 155 | | | | | $ | 137 | | | | | | 9% | | | | | | 13% | | |
| % of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | | 85% | | | | | | 85% | | | | | | 85% | | | | | | | | | | | | | | |
|
International revenue
|
| | | | 15% | | | | | | 15% | | | | | | 15% | | | | | | | | | | | | | | |
|
Operating profit(1)
|
| | | $ | 322 | | | | | $ | 259 | | | | | $ | 210 | | | | | | 25% | | | | | | 23% | | |
|
% Operating profit margin
|
| | | | 28% | | | | | | 25% | | | | | | 23% | | | | | | | | | | | | | | |
| | | |
Year ended December 31,
|
| |
% Change
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
‘25 vs ‘24
|
| |
‘24 vs ‘23
|
| |||||||||||||||
|
Revenue
|
| | | $ | 608 | | | | | $ | 574 | | | | | $ | 557 | | | | | | 6% | | | | | | 3% | | |
|
Subscription revenue
|
| | | $ | 499 | | | | | $ | 460 | | | | | $ | 422 | | | | | | 8% | | | | | | 8% | | |
|
Non-subscription revenue
|
| | | $ | 109 | | | | | $ | 114 | | | | | $ | 135 | | | | | | (4)% | | | | | | (16)% | | |
| % of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subscription revenue
|
| | | | 82% | | | | | | 80% | | | | | | 76% | | | | | | | | | | | | | | |
|
Non-subscription revenue
|
| | | | 18% | | | | | | 20% | | | | | | 24% | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | $ | 480 | | | | | $ | 445 | | | | | $ | 433 | | | | | | 8% | | | | | | 3% | | |
|
International revenue
|
| | | $ | 128 | | | | | $ | 129 | | | | | $ | 124 | | | | | | (1)% | | | | | | 4% | | |
| % of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
U.S. revenue
|
| | | | 79% | | | | | | 78% | | | | | | 78% | | | | | | | | | | | | | | |
|
International revenue
|
| | | | 21% | | | | | | 22% | | | | | | 22% | | | | | | | | | | | | | | |
|
Operating profit(1)
|
| | | $ | 62 | | | | | $ | 69 | | | | | $ | 61 | | | | | | (12)% | | | | | | 15% | | |
|
% Operating profit margin
|
| | | | 10% | | | | | | 12% | | | | | | 11% | | | | | | | | | | | | | | |
| | | |
Three months ended
March 31, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||||||||
|
Net income
|
| | | $ | 55 | | | | | $ | 58 | | | | | $ | 220 | | | | | $ | 208 | | | | | $ | 163 | | |
|
Interest, net
|
| | | | 3 | | | | | | 3 | | | | | | 13 | | | | | | 15 | | | | | | 17 | | |
|
Provision for taxes on income
|
| | | | 23 | | | | | | 23 | | | | | | 106 | | | | | | 76 | | | | | | 61 | | |
|
Depreciation and amortization
|
| | | | 78 | | | | | | 78 | | | | | | 310 | | | | | | 309 | | | | | | 307 | | |
| | | |
Three months
ended March 31, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||||||||
|
Stock-based compensation
|
| | | | 4 | | | | | | 5 | | | | | | 22 | | | | | | 28 | | | | | | 20 | | |
|
Transaction costs
|
| | | | 21 | | | | | | — | | | | | | 21 | | | | | | — | | | | | | — | | |
|
Employee severance charges
|
| | | | — | | | | | | 1 | | | | | | 20 | | | | | | 10 | | | | | | 9 | | |
|
Acquisition integration costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 17 | | |
|
Acquisition and disposition-related costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 4 | | |
|
Legal settlement recovery
|
| | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | |
|
Other(1)
|
| | | | — | | | | | | 1 | | | | | | 2 | | | | | | — | | | | | | — | | |
|
Adjusted EBITDA
|
| | | $ | 184 | | | | | $ | 169 | | | | | $ | 711 | | | | | $ | 658 | | | | | $ | 598 | | |
|
% Net income margin
|
| | | | 12% | | | | | | 14% | | | | | | 13% | | | | | | 13% | | | | | | 11% | | |
|
% Adjusted EBITDA margin
|
| | | | 40% | | | | | | 40% | | | | | | 41% | | | | | | 41% | | | | | | 40% | | |
| | | |
Three months ended March 31, 2026
|
| |||||||||||||||||||||
|
(in millions)
|
| |
CARFAX
|
| |
B2B
|
| |
Corporate
|
| |
Total
|
| ||||||||||||
|
Operating profit
|
| | | $ | 89 | | | | | $ | 5 | | | | | $ | (13) | | | | | $ | 81 | | |
|
Amortization of intangibles
|
| | | | 47 | | | | | | 27 | | | | | | — | | | | | | 74 | | |
|
Transaction costs
|
| | | | — | | | | | | 13 | | | | | | 8 | | | | | | 21 | | |
|
Adjusted operating profit
|
| | | $ | 136 | | | | | $ | 45 | | | | | $ | (5) | | | | | $ | 176 | | |
|
Depreciation
|
| | | | 3 | | | | | | 1 | | | | | | — | | | | | | 4 | | |
|
Stock-based compensation
|
| | | | 1 | | | | | | 3 | | | | | | — | | | | | | 4 | | |
|
Segment Adjusted EBITDA
|
| | | $ | 140 | | | | | $ | 49 | | | | | $ | (5) | | | | | $ | 184 | | |
|
% Operating profit margin
|
| | | | 30% | | | | | | 3% | | | | | | N/M | | | | | | 18% | | |
|
% Adjusted operating profit margin
|
| | | | 46% | | | | | | 28% | | | | | | N/M | | | | | | 39% | | |
|
% Segment Adjusted EBITDA margin
|
| | | | 47% | | | | | | 31% | | | | | | N/M | | | | | | 40% | | |
| | | |
Three months ended March 31, 2025
|
| |||||||||||||||||||||
|
(in millions)
|
| |
CARFAX
|
| |
B2B
|
| |
Corporate
|
| |
Total
|
| ||||||||||||
|
Operating profit
|
| | | $ | 77 | | | | | $ | 14 | | | | | $ | (7) | | | | | $ | 84 | | |
|
Amortization of intangibles
|
| | | | 47 | | | | | | 27 | | | | | | — | | | | | | 74 | | |
|
Employee severance charges
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | |
|
Other
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | |
|
Adjusted operating profit
|
| | | $ | 124 | | | | | $ | 41 | | | | | $ | (5) | | | | | $ | 160 | | |
|
Depreciation
|
| | | | 3 | | | | | | 1 | | | | | | — | | | | | | 4 | | |
|
Stock-based compensation
|
| | | | 3 | | | | | | 2 | | | | | | — | | | | | | 5 | | |
|
Segment Adjusted EBITDA
|
| | | $ | 130 | | | | | $ | 44 | | | | | $ | (5) | | | | | $ | 169 | | |
|
% Operating profit margin
|
| | | | 28% | | | | | | 10% | | | | | | N/M | | | | | | 20% | | |
|
% Adjusted operating profit margin
|
| | | | 45% | | | | | | 28% | | | | | | N/M | | | | | | 38% | | |
|
% Segment Adjusted EBITDA margin
|
| | | | 47% | | | | | | 31% | | | | | | N/M | | | | | | 40% | | |
| | | |
Year ended December 31, 2025
|
| |||||||||||||||||||||
|
(in millions)
|
| |
CARFAX
|
| |
B2B
|
| |
Corporate
|
| |
Total
|
| ||||||||||||
|
Operating profit
|
| | | $ | 322 | | | | | $ | 62 | | | | | $ | (45) | | | | | $ | 339 | | |
|
Amortization of intangibles
|
| | | | 189 | | | | | | 107 | | | | | | — | | | | | | 296 | | |
|
Employee severance charges
|
| | | | 2 | | | | | | 13 | | | | | | 5 | | | | | | 20 | | |
|
Legal settlement recovery
|
| | | | — | | | | | | (3) | | | | | | — | | | | | | (3) | | |
|
ELT transition costs
|
| | | | — | | | | | | (5) | | | | | | 5 | | | | | | — | | |
|
Transaction costs
|
| | | | — | | | | | | 9 | | | | | | 12 | | | | | | 21 | | |
|
Other(1)
|
| | | | 1 | | | | | | — | | | | | | 1 | | | | | | 2 | | |
|
Adjusted operating profit
|
| | | $ | 514 | | | | | $ | 183 | | | | | $ | (22) | | | | | $ | 675 | | |
|
Depreciation
|
| | | | 9 | | | | | | 5 | | | | | | — | | | | | | 14 | | |
|
Stock-based compensation
|
| | | | 13 | | | | | | 9 | | | | | | — | | | | | | 22 | | |
|
Segment Adjusted EBITDA
|
| | | $ | 536 | | | | | $ | 197 | | | | | $ | (22) | | | | | $ | 711 | | |
|
% Operating profit margin
|
| | | | 28% | | | | | | 10% | | | | | | N/M | | | | | | 19% | | |
|
% Adjusted operating profit margin
|
| | | | 45% | | | | | | 30% | | | | | | N/M | | | | | | 39% | | |
|
% Segment Adjusted EBITDA margin
|
| | | | 47% | | | | | | 32% | | | | | | N/M | | | | | | 41% | | |
| | | |
Year ended December 31, 2024
|
| |||||||||||||||||||||
|
(in millions)
|
| |
CARFAX
|
| |
B2B
|
| |
Corporate
|
| |
Total
|
| ||||||||||||
|
Operating profit
|
| | | $ | 259 | | | | | $ | 69 | | | | | $ | (30) | | | | | $ | 298 | | |
|
Amortization of intangibles
|
| | | | 190 | | | | | | 107 | | | | | | — | | | | | | 296 | | |
|
Acquisition integration costs
|
| | | | — | | | | | | 4 | | | | | | 5 | | | | | | 9 | | |
|
Employee severance charges
|
| | | | — | | | | | | 7 | | | | | | 3 | | | | | | 10 | | |
|
Acquisition and disposition-related costs
|
| | | | — | | | | | | 2 | | | | | | 2 | | | | | | 4 | | |
|
Adjusted operating profit
|
| | | $ | 449 | | | | | $ | 189 | | | | | $ | (20) | | | | | $ | 617 | | |
|
Depreciation
|
| | | | 9 | | | | | | 4 | | | | | | — | | | | | | 13 | | |
|
Stock-based compensation
|
| | | | 18 | | | | | | 10 | | | | | | — | | | | | | 28 | | |
|
Segment Adjusted EBITDA
|
| | | $ | 476 | | | | | $ | 203 | | | | | $ | (20) | | | | | $ | 658 | | |
|
% Operating profit margin
|
| | | | 25% | | | | | | 12% | | | | | | N/M | | | | | | 19% | | |
|
% Adjusted operating profit margin
|
| | | | 43% | | | | | | 33% | | | | | | N/M | | | | | | 38% | | |
|
% Segment Adjusted EBITDA margin
|
| | | | 46% | | | | | | 35% | | | | | | N/M | | | | | | 41% | | |
| | | |
Year ended December 31, 2023
|
| |||||||||||||||||||||
|
(in millions)
|
| |
CARFAX
|
| |
B2B
|
| |
Corporate
|
| |
Total
|
| ||||||||||||
|
Operating profit
|
| | | $ | 210 | | | | | $ | 61 | | | | | $ | (32) | | | | | $ | 239 | | |
|
Amortization of intangibles
|
| | | | 190 | | | | | | 106 | | | | | | — | | | | | | 295 | | |
|
Acquisition integration costs
|
| | | | — | | | | | | 2 | | | | | | 15 | | | | | | 17 | | |
|
Employee severance charges
|
| | | | — | | | | | | 9 | | | | | | — | | | | | | 9 | | |
|
Acquisition and disposition-related costs
|
| | | | — | | | | | | 3 | | | | | | 1 | | | | | | 4 | | |
|
Adjusted operating profit
|
| | | $ | 400 | | | | | $ | 181 | | | | | $ | (16) | | | | | $ | 565 | | |
|
Depreciation
|
| | | | 8 | | | | | | 4 | | | | | | — | | | | | | 12 | | |
|
Stock-based compensation
|
| | | | 14 | | | | | | 6 | | | | | | — | | | | | | 20 | | |
|
Segment Adjusted EBITDA
|
| | | $ | 422 | | | | | $ | 191 | | | | | $ | (16) | | | | | $ | 598 | | |
|
% Operating profit margin
|
| | | | 23% | | | | | | 11% | | | | | | N/M | | | | | | 16% | | |
|
% Adjusted operating profit margin
|
| | | | 43% | | | | | | 33% | | | | | | N/M | | | | | | 38% | | |
|
% Segment Adjusted EBITDA margin
|
| | | | 45% | | | | | | 34% | | | | | | N/M | | | | | | 40% | | |
| | | |
Three months ended
March 31, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||||||||
|
Cash provided by operating activities
|
| | | $ | 54 | | | | | $ | 67 | | | | | $ | 485 | | | | | $ | 427 | | | | | $ | 393 | | |
|
Capital expenditures
|
| | | | (6) | | | | | | (5) | | | | | | (24) | | | | | | (15) | | | | | | (18) | | |
|
Free cash flow
|
| | | $ | 48 | | | | | $ | 62 | | | | | $ | 461 | | | | | $ | 412 | | | | | $ | 375 | | |
| | | |
Three months ended
March 31, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||||||||
| Net cash provided by (used for): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Operating activities
|
| | | $ | 54 | | | | | $ | 67 | | | | | $ | 485 | | | | | $ | 427 | | | | | $ | 393 | | |
|
Investing activities
|
| | | | (6) | | | | | | (5) | | | | | | (23) | | | | | | (21) | | | | | | (230) | | |
|
Financing activities
|
| | | | 37 | | | | | | (62) | | | | | | (453) | | | | | | (423) | | | | | | (160) | | |
|
(in millions)
|
| |
Less than 1
Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 Years |
| |
Total
|
| |||||||||||||||
|
Operating leases(1)
|
| | | | 7 | | | | | | 4 | | | | | | 4 | | | | | | 4 | | | | | | 19 | | |
|
Purchase obligations and other(2)
|
| | | | 44 | | | | | | 36 | | | | | | 10 | | | | | | — | | | | | | 90 | | |
|
Total contractual cash obligations
|
| | | $ | 51 | | | | | $ | 40 | | | | | $ | 14 | | | | | $ | 4 | | | | | $ | 109 | | |
|
Name
|
| |
Age
|
| |
Position
|
| |||
| William W. Eager | | | | | 55 | | | | Chief Executive Officer and Director | |
| Matthew A. Calderone | | | | | 53 | | | | Chief Financial Officer | |
| Scott Fredericks | | | | | 58 | | | | President, CARFAX | |
| Joseph S. LaFeir | | | | | 56 | | | |
President, Mobility Business Solutions
|
|
| Tasha Matharu | | | | | 42 | | | | Chief Legal Officer | |
|
Name
|
| |
Age
|
| |
Position
|
| |||
| Joseph R. Hinrichs | | | | | 59 | | | | Chairman and Director | |
| Eric W. Aboaf | | | | | 61 | | | | Director | |
| William W. Eager | | | | | 55 | | | |
Chief Executive Officer and Director
|
|
| Heather Lavallee | | | | | 56 | | | | Director | |
| Monique F. Leroux | | | | | 71 | | | | Director | |
| Mark S. Peek | | | | | 68 | | | | Director | |
| Shilpa Ranganathan | | | | | 48 | | | | Director | |
| Alexander Taussig | | | | | 43 | | | | Director | |
| |
Name(1)
|
| |
Position
|
|
| | William W. Eager | | | Chief Executive Officer(2) | |
| | Scott Fredericks | | | President, CARFAX(2) | |
| | Joseph S. LaFeir | | |
President, Mobility Business Solutions(2)
|
|
|
Named Executive Officer
|
| |
Base Salary as of
December 31, 2025(1) |
| |||
|
William W. Eager
|
| | | $ | 650,000 | | |
|
Scott Fredericks
|
| | | $ | 550,000 | | |
|
Joseph S. LaFeir
|
| | | $ | 475,000 | | |
|
Named Executive Officer
|
| |
Target Annual
Bonus Opportunity |
| |
Earned
Annual Bonus |
| ||||||
|
William W. Eager(1)
|
| | | $ | 776,164 | | | | | $ | 931,397 | | |
|
Scott Fredericks(2)
|
| | | $ | 600,000 | | | | | $ | 775,000 | | |
|
Joseph S. LaFeir(3)
|
| | | $ | 380,000 | | | | | $ | 411,578 | | |
|
Named Executive Officer
|
| |
Number of
RSUs |
| |||
|
William W. Eager
|
| | | | 392 | | |
|
Scott Fredericks
|
| | | | 420 | | |
|
Joseph S. LaFeir
|
| | | | 224 | | |
|
Named Executive Officer
|
| |
Target Number of PSUs
|
|
| William W. Eager | | |
915 (SPGI PSUs)
|
|
| | | |
3,738 (CARFAX PSUs)
|
|
| Scott Fredericks | | |
981 (SPGI PSUs)
|
|
| | | |
1,121 (CARFAX PSUs)
|
|
| Joseph S. LaFeir | | |
523 (SPGI PSUs)
|
|
|
Named Executive Officer
|
| |
Target Number of PSUs
|
| |
Earned Number of PSUs
|
|
| William W. Eager | | |
1,036 (SPGI PSUs)
|
| |
1,887 (SPGI PSUs)
|
|
| | | |
4,915 (CARFAX PSUs)
|
| |
9,052 (CARFAX PSUs)
|
|
| Scott Fredericks | | |
1,554 (SPGI PSUs)
|
| |
2,831 (SPGI PSUs)
|
|
| | | |
1,685 (CARFAX PSUs)
|
| |
3,103 (CARFAX PSUs)
|
|
| Joseph S. LaFeir | | |
828 (SPGI PSUs)
|
| |
1,508 (SPGI PSUs)
|
|
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
All Other
Compensation ($)(4) |
| |
Total
($) |
| ||||||||||||||||||
|
William W. Eager, Chief Executive Officer
|
| | | | 2025 | | | | | | 672,784 | | | | | | 4,678,759 | | | | | | 931,397 | | | | | | 161,064 | | | | | | 6,444,004 | | |
|
Scott Fredericks, President, CARFAX
|
| | | | 2025 | | | | | | 512,511 | | | | | | 1,346,092 | | | | | | 775,000 | | | | | | 78,079 | | | | | | 2,711,682 | | |
|
Joseph S. LaFeir, President, Mobility Business Solutions
|
| | | | 2025 | | | | | | 458,144 | | | | | | 398,704 | | | | | | 411,578 | | | | | | 49,033 | | | | | | 1,317,459 | | |
|
Named Executive Officer
|
| |
2025 PSU Award
Max Values |
|
|
William W. Eager
|
| |
$976,744 (SPGI PSUs)
|
|
| |
$3,990,240 (CARFAX PSUs)
|
| ||
|
Scott Fredericks
|
| |
$1,047,198 (SPGI PSUs)
|
|
| |
$1,196,645 (CARFAX PSUs)
|
| ||
|
Joseph S. LaFeir
|
| |
$558,292 (SPGI PSUs)
|
|
|
Named Executive Officer
|
| |
401(k)
Savings and Profit Sharing Plan ($)(a) |
| |
401(k) Savings and
Profit Sharing Plan Supplement ($)(a) |
| |
Company
Charitable Match ($)(b) |
| |||||||||
|
William W. Eager
|
| | | | 16,500 | | | | | | 73,367 | | | | | | 50,000 | | |
|
Scott Fredericks
|
| | | | 16,000 | | | | | | 52,507 | | | | | | 3,000 | | |
|
Joseph S. LaFeir
|
| | | | 18,163 | | | | | | 24,227 | | | | | | 5,000 | | |
| | | | | | |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards(1) |
| |
Estimated Future Payouts Under
Equity Incentive Plan Awards |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#) |
| |
Grant Date
Fair Value of Stock Awards ($)(2) |
| ||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Grant
Date |
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| ||||||||||||||||||||||||||||||
|
William W. Eager
|
| | | | | | | — | | | | | | 900,000 | | | | | | 1,800,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
3/1/25(3)
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | 915 | | | | | | 1,830 | | | | | | | | | | | | 488,372 | | |
| | | |
3/1/25(4)
|
| | | | | | | | | | | | | | | | | | | | | | 1,869 | | | | | | 3,738 | | | | | | 7,476 | | | | | | | | | | | | 1,995,120 | | |
| | | |
3/1/25(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 392 | | | | | | 209,226 | | |
| | | |
8/15/25(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,569 | | | | | | 1,986,041 | | |
|
Scott Fredericks
|
| | | | | | | — | | | | | | 600,000 | | | | | | 900,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
3/1/25(3)
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | 981 | | | | | | 1,962 | | | | | | | | | | | | 523,599 | | |
| | | |
3/1/25(4)
|
| | | | | | | | | | | | | | | | | | | | | | 560 | | | | | | 1,121 | | | | | | 2,242 | | | | | | | | | | | | 598,323 | | |
| | | |
3/1/25(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 420 | | | | | | 224,171 | | |
|
Joseph S. LaFeir
|
| | | | | | | — | | | | | | 380,000 | | | | | | 760,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
3/1/25(3)
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | 523 | | | | | | 1,046 | | | | | | | | | | | | 279,146 | | |
| | | |
3/1/25(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 224 | | | | | | 119,558 | | |
| | | |
Stock Awards
|
| ||||||||||||||||||||||||
|
Name
(a) |
| |
Grant
Date |
| |
Number of Shares or
Units of Stock That Have Not Vested (#)(1) |
| |
Market Value of Shares
or Units of Stock That Have Not Vested ($)(2) |
| |
Equity Incentive Plan
Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) |
| |
Equity Incentive Plan
Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) |
| ||||||||||||
|
William W. Eager
|
| |
2/28/22
|
| | | | 254 | | | | | | 132,738 | | | | | | | | | | | | | | |
| | | |
5/3/22
|
| | | | 3,784 | | | | | | 1,977,481 | | | | | | | | | | | | | | |
| | | |
3/1/24
|
| | | | | | | | | | | | | | | | 1,628 | | | | | | 850,777 | | |
| | | |
3/1/24
|
| | | | | | | | | | | | | | | | 8,148 | | | | | | 4,258,063 | | |
| | | |
3/1/24
|
| | | | 119 | | | | | | 62,188 | | | | | | | | | | | | | | |
| | | |
3/1/25
|
| | | | | | | | | | | | | | | | 1,830 | | | | | | 956,340 | | |
| | | |
3/1/25
|
| | | | | | | | | | | | | | | | 7,476 | | | | | | 3,906,883 | | |
| | | |
3/1/25
|
| | | | 263 | | | | | | 137,441 | | | | | | | | | | | | | | |
| | | |
8/15/25
|
| | | | 3,569 | | | | | | 1,865,124 | | | | | | | | | | | | | | |
|
Scott
Fredericks |
| |
2/28/22
|
| | | | 254 | | | | | | 132,738 | | | | | | | | | | | | | | |
| | | |
3/1/24
|
| | | | | | | | | | | | | | | | 2,444 | | | | | | 1,277,210 | | |
| | | |
3/1/24
|
| | | | | | | | | | | | | | | | 2,792 | | | | | | 1,459,071 | | |
| | | |
3/1/24
|
| | | | 179 | | | | | | 93,544 | | | | | | | | | | | | | | |
| | | |
3/1/25
|
| | | | | | | | | | | | | | | | 1,962 | | | | | | 1,025,322 | | |
| | | |
3/1/25
|
| | | | | | | | | | | | | | | | 2,242 | | | | | | 1,171,647 | | |
| | | |
3/1/25
|
| | | | 282 | | | | | | 147,370 | | | | | | | | | | | | | | |
|
Joseph S.
LaFeir |
| |
2/28/22
|
| | | | 408 | | | | | | 213,217 | | | | | | | | | | | | | | |
| | | |
3/1/24
|
| | | | | | | | | | | | | | | | 1,384 | | | | | | 723,265 | | |
| | | |
3/1/24
|
| | | | 102 | | | | | | 53,304 | | | | | | | | | | | | | | |
| | | |
3/1/25
|
| | | | | | | | | | | | | | | | 1,046 | | | | | | 546,629 | | |
| | | |
3/1/25
|
| | | | 151 | | | | | | 78,911 | | | | | | | | | | | | | | |
| | | |
Stock Awards
|
| |||||||||
|
Name
|
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(1) |
| ||||||
|
William W. Eager
|
| | | | 15,589 | | | | | | 8,145,966 | | |
|
Scott Fredericks
|
| | | | 7,056 | | | | | | 3,686,706 | | |
|
Joseph S. LaFeir
|
| | | | 2,797 | | | | | | 1,460,507 | | |
|
Name
(a) |
| |
Executive
Contributions in Last Fiscal Year ($) (1) |
| |
Company
Contributions in Last Fiscal Year ($) (2) |
| |
Aggregate
Earnings in Last Fiscal Year ($) (3) |
| |
Aggregate
Withdrawals/ Distributions ($) |
| |
Aggregate
Balance at Last FYE ($) |
| |||||||||||||||
|
William W. Eager
|
| | | | 146,734 | | | | | | 73,367 | | | | | | 11,866 | | | | | | — | | | | | | 493,452 | | |
|
Scott Fredericks
|
| | | | 87,511 | | | | | | 52,507 | | | | | | 6,857 | | | | | | — | | | | | | 291,712 | | |
|
Joseph S. LaFeir
|
| | | | 32,302 | | | | | | 24,227 | | | | | | 4,114 | | | | | | — | | | | | | 174,826 | | |
| | | | | | |
Termination of Employment
|
| | | | | | | |||||||||||||||
|
Name
|
| |
Benefit Description
|
| |
Death/
Disability/ Retirement ($) |
| |
Involuntary
Termination Not in Connection with a Change in Control ($) |
| |
Involuntary
Termination Following a Change in Control ($) |
| |
Change-in-
Control without any Termination Event ($) |
| ||||||||||||
|
William W. Eager
|
| |
Severance(1)(2)
|
| | | | — | | | | | | 1,110,434 | | | | | | 3,357,934 | | | | | | — | | |
| |
Short-Term Incentive Compensation(3)
|
| | | | 931,397 | | | | | | 931,397 | | | | | | — | | | | | | 880,750 | | | ||
| |
Long-Term Incentive Awards(6)(10)
|
| | | | 2,883,129(7) | | | | | | 7,139,625(8) | | | | | | 9,161,003(9) | | | | | | 9,161,003(9) | | | ||
|
Scott Fredericks
|
| |
Severance(1)(2)
|
| | | | — | | | | | | 466,384 | | | | | | 466,384 | | | | | | — | | |
| |
Short-Term Incentive Compensation(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| |
Long-Term Incentive Awards(6)(10)
|
| | | | 1,411,516(7) | | | | | | 2,018,765(8) | | | | | | 2,840,277(9) | | | | | | 2,840,277(9) | | | ||
|
Joseph S. LaFeir
|
| |
Severance(1)(2)
|
| | | | — | | | | | | 1,096,426 | | | | | | 1,096,426 | | | | | | — | | |
| |
Short-Term Incentive Compensation(5)
|
| | | | 411,578 | | | | | | 411,578 | | | | | | 411,578 | | | | | | — | | | ||
| |
Long-Term Incentive Awards(6)(10)
|
| | | | 545,584(7) | | | | | | 560,739(8) | | | | | | 980,379(9) | | | | | | 980,379(9) | | | ||
|
Name of Beneficial Owner
|
| |
Total Number of
Shares Beneficially Owned |
| |
Percent of
Common Stock(1) |
| |||
|
BlackRock, Inc.(2)
|
| | | | | | | % | | |
|
Name
|
| |
Number of
Shares of Common Stock Beneficially Owned |
| |
Percent of
Common Stock |
|
|
William W. Eager
|
| | | | | | |
|
Scott Fredericks
|
| | | | | | |
|
Joseph S. LaFeir
|
| | | | | | |
|
Eric W. Aboaf
|
| | | | | | |
|
Joseph R. Hinrichs
|
| | | | | | |
|
Heather Lavallee
|
| | | | | | |
|
Monique F. Leroux
|
| | | | | | |
|
Mark S. Peek
|
| | | | | | |
|
Alexander Taussig
|
| | | | | | |
|
Shilpa Ranganathan
|
| | | | | | |
|
All executive officers and directors (12 persons)
|
| | | | | | |
|
Condensed Combined Financial Statements (Unaudited)
|
| |
Page
|
| |||
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
|
Combined Financial Statements (Audited)
|
| |
Page
|
| |||
| | | | | F-18 | | | |
| | | | | F-20 | | | |
| | | | | F-21 | | | |
| | | | | F-22 | | | |
| | | | | F-23 | | | |
| | | | | F-24 | | | |
| | | | | F-25 | | | |
| | | | | S-1 | | | |
| | | |
Three Months Ended
March 31, |
| |||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| ||||||
|
Revenue
|
| | | $ | 455 | | | | | $ | 420 | | |
| Expenses: | | | | | | | | | | | | | |
|
Operating – related expenses
|
| | | | 136 | | | | | | 127 | | |
|
Selling and general expenses
|
| | | | 160 | | | | | | 131 | | |
|
Depreciation
|
| | | | 4 | | | | | | 4 | | |
|
Amortization of intangibles
|
| | | | 74 | | | | | | 74 | | |
|
Total expenses
|
| | | | 374 | | | | | | 336 | | |
|
Operating profit
|
| | | | 81 | | | | | | 84 | | |
|
Interest expense, net
|
| | | | 3 | | | | | | 3 | | |
|
Income before taxes on income
|
| | | | 78 | | | | | | 81 | | |
|
Provision for taxes on income
|
| | | | 23 | | | | | | 23 | | |
|
Net income
|
| | | $ | 55 | | | | | $ | 58 | | |
| | | |
Three Months Ended
March 31, |
| |||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| ||||||
|
Net income
|
| | | $ | 55 | | | | | $ | 58 | | |
| Other comprehensive income (loss): | | | | | | | | | | | | | |
|
Foreign currency translation adjustments
|
| | | | 1 | | | | | | (1) | | |
|
Comprehensive income
|
| | | $ | 56 | | | | | $ | 57 | | |
|
(in millions)
|
| |
March 31,
2026 |
| |
December 31,
2025 |
| ||||||
| | | |
(Unaudited)
|
| | | | | | | |||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 122 | | | | | $ | 38 | | |
|
Due from related parties – current
|
| | | | 15 | | | | | | 8 | | |
|
Accounts receivable, net of allowance for doubtful accounts: 2026 – $2; 2025 – $2
|
| | | | 216 | | | | | | 203 | | |
|
Prepaid and other current assets
|
| | | | 39 | | | | | | 32 | | |
|
Total current assets
|
| | | | 392 | | | | | | 281 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Buildings and leasehold improvements
|
| | | | 25 | | | | | | 25 | | |
|
Equipment and furniture
|
| | | | 77 | | | | | | 75 | | |
|
Total property and equipment
|
| | | | 102 | | | | | | 100 | | |
|
Less: accumulated depreciation
|
| | | | (83) | | | | | | (81) | | |
|
Property and equipment, net
|
| | | | 19 | | | | | | 19 | | |
|
Right of use assets
|
| | | | 23 | | | | | | 16 | | |
|
Goodwill
|
| | | | 8,845 | | | | | | 8,845 | | |
|
Other intangible assets – net
|
| | | | 3,714 | | | | | | 3,789 | | |
|
Other non-current assets
|
| | | | 49 | | | | | | 45 | | |
|
Total assets
|
| | | $ | 13,042 | | | | | $ | 12,995 | | |
| LIABILITIES AND EQUITY | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accounts payable
|
| | | $ | 48 | | | | | $ | 56 | | |
|
Due to related parties – current
|
| | | | 24 | | | | | | 19 | | |
|
Accrued compensation and contributions to retirement plans
|
| | | | 25 | | | | | | 64 | | |
|
Unearned revenue
|
| | | | 94 | | | | | | 78 | | |
|
Other current liabilities
|
| | | | 38 | | | | | | 45 | | |
|
Total current liabilities
|
| | | | 229 | | | | | | 262 | | |
|
Lease liabilities – non-current
|
| | | | 19 | | | | | | 11 | | |
|
Deferred tax liability – non-current
|
| | | | 983 | | | | | | 1,006 | | |
|
Due to related parties – non-current
|
| | | | 227 | | | | | | 230 | | |
|
Other non-current liabilities
|
| | | | 1 | | | | | | 1 | | |
|
Total liabilities
|
| | | | 1,459 | | | | | | 1,510 | | |
| Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
| Equity: | | | | | | | | | | | | | |
|
Parent company investment
|
| | | | 11,586 | | | | | | 11,489 | | |
|
Accumulated other comprehensive loss
|
| | | | (3) | | | | | | (4) | | |
|
Total equity
|
| | | | 11,583 | | | | | | 11,485 | | |
|
Total liabilities and equity
|
| | | $ | 13,042 | | | | | $ | 12,995 | | |
| | | |
Three Months Ended
March 31, |
| |||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| ||||||
| Operating Activities: | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 55 | | | | | $ | 58 | | |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | | | | | |
|
Depreciation
|
| | | | 4 | | | | | | 4 | | |
|
Amortization of intangibles
|
| | | | 74 | | | | | | 74 | | |
|
Provision for losses on accounts receivable
|
| | | | 1 | | | | | | 1 | | |
|
Deferred income taxes
|
| | | | (23) | | | | | | (23) | | |
|
Stock-based compensation
|
| | | | 4 | | | | | | 5 | | |
|
Restructuring and other
|
| | | | | | | | | | | | |
|
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
|
| | | | | | | | | | | | |
|
Accounts receivable
|
| | | | (15) | | | | | | (17) | | |
|
Due from related parties
|
| | | | (7) | | | | | | 1 | | |
|
Prepaid and other current assets
|
| | | | (6) | | | | | | (1) | | |
|
Accounts payable and accrued expenses
|
| | | | (52) | | | | | | (40) | | |
|
Due to related parties
|
| | | | 6 | | | | | | (2) | | |
|
Unearned revenue
|
| | | | 16 | | | | | | 11 | | |
|
Other current liabilities
|
| | | | (1) | | | | | | (2) | | |
|
Net change in other assets and liabilities
|
| | | | (2) | | | | | | (2) | | |
|
Cash provided by operating activities
|
| | | | 54 | | | | | | 67 | | |
| Investing Activities: | | | | | | | | | | | | | |
|
Capital expenditures
|
| | | | (6) | | | | | | (5) | | |
|
Cash used for investing activities
|
| | | | (6) | | | | | | (5) | | |
| Financing Activities: | | | | | | | | | | | | | |
|
Net transfers to Parent
|
| | | | 37 | | | | | | (50) | | |
|
Payments related to loan from related parties
|
| | | | — | | | | | | (10) | | |
|
Contingent consideration payments
|
| | | | — | | | | | | (2) | | |
|
Cash provided by (used for) financing activities
|
| | | | 37 | | | | | | (62) | | |
|
Effect of exchange rate changes on cash
|
| | | | (1) | | | | | | 1 | | |
|
Net change in cash, cash equivalents, and restricted cash
|
| | | | 84 | | | | | | 1 | | |
|
Cash, cash equivalents, and restricted cash at beginning of period
|
| | | | 38 | | | | | | 27 | | |
|
Cash, cash equivalents, and restricted cash at end of period
|
| | | $ | 122 | | | | | $ | 28 | | |
|
(in millions)
|
| |
Parent
Company Investment |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Equity |
| |||||||||
|
Balance as of December 31, 2025
|
| | | $ | 11,489 | | | | | $ | (4) | | | | | | 11,485 | | |
|
Comprehensive income, net of tax
|
| | | | 55 | | | | | | 1 | | | | | | 56 | | |
|
Net increase in Parent company investment
|
| | | | 42 | | | | | | — | | | | | | 42 | | |
|
Balance as of March 31, 2026
|
| | | $ | 11,586 | | | | | $ | (3) | | | | | $ | 11,583 | | |
|
(in millions)
|
| |
Parent
Company Investment |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Equity |
| |||||||||
|
Balance as of December 31, 2024
|
| | | $ | 11,680 | | | | | $ | 3 | | | | | | 11,683 | | |
|
Comprehensive income (loss), net of tax
|
| | | | 58 | | | | | | (1) | | | | | | 57 | | |
|
Net decrease in Parent company investment
|
| | | | (44) | | | | | | — | | | | | | (44) | | |
|
Balance as of March 31, 2025
|
| | | $ | 11,694 | | | | | $ | 2 | | | | | $ | 11,696 | | |
| | | |
2025 Restructuring Plan
|
| |||||||||
|
(in millions)
|
| |
Initial Charge
Recorded |
| |
Ending Reserve
Balance |
| ||||||
|
CARFAX
|
| | | $ | 1 | | | | | $ | — | | |
|
B2B
|
| | | | 14 | | | | | | 7 | | |
|
Total
|
| | | $ | 15 | | | | | $ | 7 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2026
|
| |||||||||||||||
|
Revenue
|
| | | $ | 298 | | | | | $ | 157 | | | | | $ | 455 | | |
|
Less: segment expenses(1)
|
| | | | 162 | | | | | | 112 | | | | | | 274 | | |
|
Less: other segment items(2)
|
| | | | 47 | | | | | | 40 | | | | | | 87 | | |
|
Segment operating profit
|
| | | $ | 89 | | | | | $ | 5 | | | | | $ | 94 | | |
|
Corporate Unallocated expense(3)
|
| | | | | | | | | | | | | | | | 13 | | |
|
Operating profit
|
| | | | | | | | | | | | | | | | 81 | | |
|
Interest expense, net
|
| | | | | | | | | | | | | | | | 3 | | |
|
Income before taxes on income
|
| | | | | | | | | | | | | | | $ | 78 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2025
|
| |||||||||||||||
|
Revenue
|
| | | $ | 275 | | | | | $ | 145 | | | | | $ | 420 | | |
|
Less: segment expenses(1)
|
| | | | 151 | | | | | | 104 | | | | | | 255 | | |
|
Less: other segment items(2)
|
| | | | 47 | | | | | | 27 | | | | | | 74 | | |
|
Segment operating profit
|
| | | $ | 77 | | | | | $ | 14 | | | | | $ | 91 | | |
|
Corporate Unallocated expense(3)
|
| | | | | | | | | | | | | | | | 7 | | |
|
Operating profit
|
| | | | | | | | | | | | | | | | 84 | | |
|
Interest expense, net
|
| | | | | | | | | | | | | | | | 3 | | |
|
Income before taxes on income
|
| | | | | | | | | | | | | | | $ | 81 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2026
|
| |||||||||||||||
|
Subscription
|
| | | $ | 242 | | | | | $ | 130 | | | | | $ | 372 | | |
|
Non-subscription
|
| | | | 56 | | | | | | 27 | | | | | | 83 | | |
|
Total revenue
|
| | | $ | 298 | | | | | $ | 157 | | | | | $ | 455 | | |
| Timing of revenue recognition | | | | | | | | | | | | | | | | | | | |
|
Services transferred at a point in time
|
| | | $ | 56 | | | | | $ | 27 | | | | | $ | 83 | | |
|
Services transferred over time
|
| | | | 242 | | | | | | 130 | | | | | | 372 | | |
|
Total revenue
|
| | | $ | 298 | | | | | $ | 157 | | | | | $ | 455 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2025
|
| |||||||||||||||
|
Subscription
|
| | | $ | 225 | | | | | $ | 118 | | | | | $ | 343 | | |
|
Non-subscription
|
| | | | 50 | | | | | | 27 | | | | | | 77 | | |
|
Total revenue
|
| | | $ | 275 | | | | | $ | 145 | | | | | $ | 420 | | |
| Timing of revenue recognition | | | | | | | | | | | | | | | | | | | |
|
Services transferred at a point in time
|
| | | $ | 50 | | | | | $ | 27 | | | | | $ | 77 | | |
|
Services transferred over time
|
| | | | 225 | | | | | | 118 | | | | | | 343 | | |
|
Total revenue
|
| | | $ | 275 | | | | | $ | 145 | | | | | $ | 420 | | |
| | | |
Total Assets
|
| |||||||||
|
(in millions)
|
| |
March 31,
2026 |
| |
December 31,
2025 |
| ||||||
|
CARFAX
|
| | | $ | 8,549 | | | | | $ | 8,577 | | |
|
B2B
|
| | | | 4,491 | | | | | | 4,417 | | |
|
Total reportable segments
|
| | | | 13,040 | | | | | | 12,994 | | |
|
Corporate
|
| | | | 2 | | | | | | 1 | | |
|
Total
|
| | | $ | 13,042 | | | | | $ | 12,995 | | |
|
(in millions)
|
| |
2026
|
| |
2025
|
| ||||||
|
U.S.
|
| | | $ | 376 | | | | | $ | 350 | | |
|
International
|
| | | | 79 | | | | | | 70 | | |
|
Total
|
| | | $ | 455 | | | | | $ | 420 | | |
|
(in millions)
|
| | | | |
March 31,
2026 |
| |
December 31,
2025 |
| ||||||
| Balance Sheet Location | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | |
|
Right of use assets
|
| | Lease right-of-use assets | | | | $ | 23 | | | | | $ | 16 | | |
| Liabilities | | | | | | | | | | | | | | | | |
|
Other current liabilities
|
| | Current lease liabilities | | | | | 6 | | | | | | 7 | | |
|
Lease liabilities – non-current
|
| |
Non-current lease liabilities
|
| | | | 19 | | | | | | 11 | | |
|
(in millions)
|
| |
2026
|
| |
2025
|
| ||||||
| Cash paid for amounts included in the measurement for operating lease liabilities | | | | | | | | | | | | | |
|
Operating cash flows for operating leases
|
| | | $ | 2 | | | | | $ | 2 | | |
| Right of use assets obtained in exchange for lease obligations | | | | | | | | | | | | | |
|
Operating leases
|
| | | | 9 | | | | | | — | | |
| | | |
March 31,
2026 |
| |
December 31,
2025 |
| ||||||
|
Weighted-average remaining lease term (years)
|
| | | | 5.6 | | | | | | 4.7 | | |
|
Weighted-average discount rate
|
| | | | 3.71% | | | | | | 2.79% | | |
|
(in millions)
|
| | | | | | |
|
2026 (Excluding the three months ended March 31, 2026)
|
| | | $ | 6 | | |
|
2027
|
| | | | 4 | | |
|
2028
|
| | | | 3 | | |
|
2029
|
| | | | 3 | | |
|
2030
|
| | | | 3 | | |
|
2031 and beyond
|
| | | | 9 | | |
|
Total undiscounted lease payments
|
| | | | 28 | | |
|
Less: Imputed interest
|
| | | | 3 | | |
|
Present value of lease liabilities
|
| | | $ | 25 | | |
| | | |
Three Months Ended March 31,
|
| |||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| ||||||
|
Data sharing revenues
|
| | | $ | 1 | | | | | $ | 1 | | |
| Expenses | | | | | | | | | | | | | |
|
Data sharing expenses(1)
|
| | | $ | — | | | | | $ | — | | |
|
Corporate allocations from Parent(2)
|
| | | | 28 | | | | | | 22 | | |
|
Total expenses
|
| | | | 28 | | | | | | 22 | | |
|
Related party loan interest expense, net
|
| | | | 3 | | | | | | 4 | | |
| | | |
Three Months Ended March 31,
|
| |||||||||
|
(in millions)
|
| |
2026
|
| |
2025
|
| ||||||
|
Cash pooling and general financing activities
|
| | | $ | (30) | | | | | $ | (112) | | |
|
Unbilled corporate allocations
|
| | | | 27 | | | | | | 21 | | |
|
Stock-based compensation
|
| | | | 4 | | | | | | 5 | | |
|
Assumed income tax payments
|
| | | | 41 | | | | | | 42 | | |
|
Net increase / (decrease) in Parent company investment
|
| | | $ | 42 | | | | | $ | (44) | | |
| | | | | Goodwill impairment assessment | |
| | Description of the Matter | | |
The Company’s goodwill balance was $8,845 million for the year ended December 31, 2025. As discussed in Note 1 to the combined financial statements, the Company performs goodwill impairment testing at least annually.
Auditing the Company’s annual goodwill impairment test involved complex auditor judgment due to the subjectivity in assumptions that were used by management to estimate the fair value of its reporting segments using the income approach. In particular, significant assumptions used in the Company’s fair value estimate included future cash flows, growth rate and discount rate.
|
|
| | How We Addressed the Matter in Our Audit | | | With the support of our valuation specialists, we performed audit procedures to test the estimated fair value of the reporting units that included, among others, evaluating the Company’s valuation methodology used, the significant assumptions discussed above and the underlying data used by the Company in its analysis. For example, we compared the significant assumptions used by management to an independently developed range of observable market data points. To evaluate the Company’s estimated future cash flows we compared projections to historical operating results, agreed inputs to source documents, and tested the mathematical accuracy of calculations underlying the assumptions. | |
| | | |
Year Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Revenue
|
| | | $ | 1,750 | | | | | $ | 1,613 | | | | | $ | 1,485 | | |
| Expenses: | | | | | | | | | | | | | | | | | | | |
|
Operating-related expenses
|
| | | | 516 | | | | | | 475 | | | | | | 448 | | |
|
Selling and general expenses
|
| | | | 585 | | | | | | 531 | | | | | | 491 | | |
|
Depreciation
|
| | | | 14 | | | | | | 13 | | | | | | 12 | | |
|
Amortization of intangibles
|
| | | | 296 | | | | | | 296 | | | | | | 295 | | |
|
Total expenses
|
| | | | 1,411 | | | | | | 1,315 | | | | | | 1,246 | | |
|
Operating profit
|
| | | | 339 | | | | | | 298 | | | | | | 239 | | |
|
Other income, net
|
| | | | — | | | | | | (1) | | | | | | (2) | | |
|
Interest expense, net
|
| | | | 13 | | | | | | 15 | | | | | | 17 | | |
|
Income before taxes on income
|
| | | | 326 | | | | | | 284 | | | | | | 224 | | |
|
Provision for taxes on income
|
| | | | 106 | | | | | | 76 | | | | | | 61 | | |
|
Net income
|
| | | $ | 220 | | | | | $ | 208 | | | | | $ | 163 | | |
| | | |
Year Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Net income
|
| | | $ | 220 | | | | | $ | 208 | | | | | $ | 163 | | |
| Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
|
Foreign currency translation adjustments
|
| | | | (7) | | | | | | 18 | | | | | | (6) | | |
|
Comprehensive income
|
| | | $ | 213 | | | | | $ | 226 | | | | | $ | 157 | | |
| | | |
December 31,
|
| |||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| ||||||
| ASSETS | | | | | | | | | | | | | |
| Current assets: | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 38 | | | | | $ | 27 | | |
|
Due from related parties, current
|
| | | | 8 | | | | | | 4 | | |
|
Accounts receivable, net of allowance for doubtful accounts: 2025 – $2; 2024 – $3
|
| | | | 203 | | | | | | 195 | | |
|
Prepaid and other current assets
|
| | | | 32 | | | | | | 24 | | |
|
Total current assets
|
| | | | 281 | | | | | | 250 | | |
| Property and equipment: | | | | | | | | | | | | | |
|
Buildings and leasehold improvements
|
| | | | 25 | | | | | | 23 | | |
|
Equipment and furniture
|
| | | | 75 | | | | | | 80 | | |
|
Total property and equipment
|
| | | | 100 | | | | | | 103 | | |
|
Less: accumulated depreciation
|
| | | | (81) | | | | | | (83) | | |
|
Property and equipment, net
|
| | | | 19 | | | | | | 20 | | |
|
Right of use assets
|
| | | | 16 | | | | | | 20 | | |
|
Goodwill
|
| | | | 8,845 | | | | | | 8,845 | | |
|
Other intangible assets – net
|
| | | | 3,789 | | | | | | 4,085 | | |
|
Due from related parties – non-current
|
| | | | — | | | | | | 4 | | |
|
Other non-current assets
|
| | | | 45 | | | | | | 31 | | |
|
Total assets
|
| | | $ | 12,995 | | | | | $ | 13,255 | | |
| LIABILITIES AND EQUITY | | | | | | | | | | | | | |
| Current liabilities: | | | | | | | | | | | | | |
|
Accounts payable
|
| | | $ | 56 | | | | | $ | 38 | | |
|
Due to related parties – current
|
| | | | 19 | | | | | | 12 | | |
|
Accrued compensation and contributions to retirement plans
|
| | | | 64 | | | | | | 56 | | |
|
Unearned revenue
|
| | | | 78 | | | | | | 75 | | |
|
Other current liabilities
|
| | | | 45 | | | | | | 40 | | |
|
Total current liabilities
|
| | | | 262 | | | | | | 221 | | |
|
Lease liabilities – non-current
|
| | | | 11 | | | | | | 16 | | |
|
Deferred tax liability – non-current
|
| | | | 1,006 | | | | | | 1,096 | | |
|
Due to related parties – non-current
|
| | | | 230 | | | | | | 236 | | |
|
Other non-current liabilities
|
| | | | 1 | | | | | | 3 | | |
|
Total liabilities
|
| | | | 1,510 | | | | | | 1,572 | | |
| Commitments and contingencies (Note 9) | | | | | | | | | | | | | |
| Equity: | | | | | | | | | | | | | |
|
Parent company investment
|
| | | | 11,489 | | | | | | 11,680 | | |
|
Accumulated other comprehensive (loss) income
|
| | | | (4) | | | | | | 3 | | |
|
Total equity
|
| | | | 11,485 | | | | | | 11,683 | | |
|
Total liabilities and equity
|
| | | $ | 12,995 | | | | | $ | 13,255 | | |
| | | |
Year Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
| Operating Activities: | | | | | | | | | | | | | | | | | | | |
|
Net income
|
| | | $ | 220 | | | | | $ | 208 | | | | | $ | 163 | | |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | | | | | | | | | | | |
|
Depreciation
|
| | | | 14 | | | | | | 13 | | | | | | 12 | | |
|
Amortization of intangibles
|
| | | | 296 | | | | | | 296 | | | | | | 295 | | |
|
Provision for losses on accounts receivable
|
| | | | 4 | | | | | | 4 | | | | | | 4 | | |
|
Deferred income taxes
|
| | | | (90) | | | | | | (102) | | | | | | (95) | | |
|
Stock-based compensation
|
| | | | 22 | | | | | | 28 | | | | | | 20 | | |
|
Restructuring and other
|
| | | | 12 | | | | | | 5 | | | | | | 7 | | |
|
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
|
| | | | | | | | | | | | | | | | | | |
|
Accounts receivable
|
| | | | (11) | | | | | | (12) | | | | | | (34) | | |
|
Due from related parties
|
| | | | (5) | | | | | | 11 | | | | | | (7) | | |
|
Prepaid and other current assets
|
| | | | (7) | | | | | | (6) | | | | | | — | | |
|
Accounts payable and accrued expenses
|
| | | | 25 | | | | | | — | | | | | | 7 | | |
|
Due to related parties
|
| | | | 19 | | | | | | (16) | | | | | | 24 | | |
|
Unearned revenue
|
| | | | 4 | | | | | | 7 | | | | | | 5 | | |
|
Other current liabilities
|
| | | | (5) | | | | | | 3 | | | | | | (5) | | |
|
Net change in prepaid/accrued income taxes
|
| | | | — | | | | | | (3) | | | | | | 5 | | |
|
Net change in other assets and liabilities
|
| | | | (13) | | | | | | (9) | | | | | | (8) | | |
|
Cash provided by operating activities
|
| | | | 485 | | | | | | 427 | | | | | | 393 | | |
| Investing Activities: | | | | | | | | | | | | | | | | | | | |
|
Capital expenditures
|
| | | | (24) | | | | | | (15) | | | | | | (18) | | |
|
Acquisitions, net of cash acquired
|
| | | | (4) | | | | | | (6) | | | | | | (214) | | |
|
Proceeds from loan to related parties
|
| | | | 5 | | | | | | — | | | | | | — | | |
|
Proceeds from dispositions
|
| | | | — | | | | | | — | | | | | | 2 | | |
|
Cash used for investing activities
|
| | | | (23) | | | | | | (21) | | | | | | (230) | | |
| Financing Activities: | | | | | | | | | | | | | | | | | | | |
|
Net transfers to Parent
|
| | | | (433) | | | | | | (373) | | | | | | (158) | | |
|
Payments related to loan from related parties
|
| | | | (18) | | | | | | (45) | | | | | | — | | |
|
Contingent consideration payments
|
| | | | (2) | | | | | | (5) | | | | | | (2) | | |
|
Cash used for financing activities
|
| | | | (453) | | | | | | (423) | | | | | | (160) | | |
|
Effect of exchange rate changes on cash
|
| | | | 2 | | | | | | (3) | | | | | | 2 | | |
|
Net change in cash, cash equivalents, and restricted cash
|
| | | | 11 | | | | | | (20) | | | | | | 5 | | |
|
Cash, cash equivalents, and restricted cash at beginning of year
|
| | | | 27 | | | | | | 47 | | | | | | 42 | | |
|
Cash, cash equivalents, and restricted cash at end of year
|
| | | $ | 38 | | | | | $ | 27 | | | | | $ | 47 | | |
| Cash paid during the year for: | | | | | | | | | | | | | | | | | | | |
|
Interest
|
| | | $ | 14 | | | | | $ | 17 | | | | | $ | 18 | | |
|
Income taxes
|
| | | $ | 26 | | | | | $ | 29 | | | | | $ | 15 | | |
|
(in millions)
|
| |
Parent Company
Investment |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total Equity
|
| |||||||||
|
Balance as of January 1, 2023
|
| | | $ | 11,791 | | | | | $ | (9) | | | | | $ | 11,782 | | |
|
Comprehensive income, net of tax
|
| | | | 163 | | | | | | (6) | | | | | | 157 | | |
|
Net decrease in Parent company investment
|
| | | | (137) | | | | | | — | | | | | | (137) | | |
|
Balance as of December 31, 2023
|
| | | $ | 11,817 | | | | | $ | (15) | | | | | $ | 11,802 | | |
|
Comprehensive income, net of tax
|
| | | | 208 | | | | | | 18 | | | | | | 226 | | |
|
Net decrease in Parent company investment
|
| | | | (345) | | | | | | — | | | | | | (345) | | |
|
Balance as of December 31, 2024
|
| | | $ | 11,680 | | | | | $ | 3 | | | | | $ | 11,683 | | |
|
Comprehensive income, net of tax
|
| | | | 220 | | | | | | (7) | | | | | | 213 | | |
|
Net decrease in Parent company investment
|
| | | | (411) | | | | | | — | | | | | | (411) | | |
|
Balance as of December 31, 2025
|
| | | $ | 11,489 | | | | | $ | (4) | | | | | $ | 11,485 | | |
|
(in millions)
|
| | | | | | |
| Assets acquired | | | | | | | |
|
Current assets
|
| | | $ | 4 | | |
|
Property and equipment
|
| | | | 1 | | |
|
Right of use assets
|
| | | | 1 | | |
|
Goodwill
|
| | | | 150 | | |
|
Other intangible assets
|
| | | | 97 | | |
|
Total assets acquired
|
| | | $ | 253 | | |
| Liabilities assumed | | | | | | | |
|
Accounts payable
|
| | | $ | 2 | | |
|
Unearned revenue
|
| | | | 2 | | |
|
Lease liabilities – non-current
|
| | | | 1 | | |
|
Deferred tax liability – non-current
|
| | | | 25 | | |
|
Other non-current liabilities
|
| | | | 9 | | |
|
Total liabilities assumed
|
| | | $ | 39 | | |
|
Net assets acquired
|
| | | $ | 214 | | |
|
(in millions)
|
| |
Fair Value
|
| |
Weighted
Average Useful Lives |
| |||
|
Databases and software
|
| | | $ | 10 | | | |
8 years
|
|
|
Customer relationships
|
| | | | 81 | | | |
20 years
|
|
|
Trade names
|
| | | | 6 | | | |
7 years
|
|
|
Total Identifiable Intangible Assets
|
| | | $ | 97 | | | |
18 years
|
|
|
(in millions)
|
| |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
Balance as of December 31, 2023
|
| | | $ | 5,912 | | | | | $ | 2,933 | | | | | $ | 8,845 | | |
|
Balance as of December 31, 2024
|
| | | $ | 5,912 | | | | | $ | 2,933 | | | | | $ | 8,845 | | |
|
Balance as of December 31, 2025
|
| | | $ | 5,912 | | | | | $ | 2,933 | | | | | $ | 8,845 | | |
|
(in millions)
|
| |
Databases and
software |
| |
Customer
relationships |
| |
Trade
names |
| |
Total
|
| ||||||||||||
| Cost | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Balance as of December 31, 2023
|
| | | $ | 1,077 | | | | | $ | 2,753 | | | | | $ | 1,087 | | | | | $ | 4,917 | | |
|
Balance as of December 31, 2024
|
| | | | 1,077 | | | | | | 2,753 | | | | | | 1,087 | | | | | | 4,917 | | |
|
Balance as of December 31, 2025
|
| | | $ | 1,077 | | | | | $ | 2,753 | | | | | $ | 1,087 | | | | | $ | 4,917 | | |
| Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Balance as of December 31, 2023
|
| | | $ | 181 | | | | | $ | 199 | | | | | $ | 156 | | | | | $ | 536 | | |
|
Current year amortization
|
| | | | 99 | | | | | | 111 | | | | | | 86 | | | | | | 296 | | |
|
Balance as of December 31, 2024
|
| | | | 280 | | | | | | 310 | | | | | | 242 | | | | | | 832 | | |
|
Current year amortization
|
| | | | 99 | | | | | | 111 | | | | | | 86 | | | | | | 296 | | |
|
Balance as of December 31, 2025
|
| | | $ | 379 | | | | | $ | 421 | | | | | $ | 328 | | | | | $ | 1,128 | | |
| Net definite-lived intangibles: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
December 31, 2024
|
| | | $ | 797 | | | | | $ | 2,443 | | | | | $ | 845 | | | | | $ | 4,085 | | |
|
December 31, 2025
|
| | | $ | 698 | | | | | $ | 2,332 | | | | | $ | 759 | | | | | $ | 3,789 | | |
|
(in millions)
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| |||||||||||||||
|
Amortization expense
|
| | | $ | 296 | | | | | $ | 296 | | | | | $ | 296 | | | | | $ | 296 | | | | | $ | 293 | | |
| | | |
Year Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Domestic operations
|
| | | $ | 276 | | | | | $ | 225 | | | | | $ | 184 | | |
|
Foreign operations
|
| | | | 50 | | | | | | 59 | | | | | | 40 | | |
|
Total income before taxes
|
| | | $ | 326 | | | | | $ | 284 | | | | | $ | 224 | | |
| | | |
Year Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
| Federal: | | | | | | | | | | | | | | | | | | | |
|
Current
|
| | | $ | 110 | | | | | $ | 103 | | | | | $ | 90 | | |
|
Deferred
|
| | | | (62) | | | | | | (64) | | | | | | (59) | | |
|
Total federal
|
| | | | 48 | | | | | | 39 | | | | | | 31 | | |
| Foreign: | | | | | | | | | | | | | | | | | | | |
|
Current
|
| | | | 30 | | | | | | 24 | | | | | | 21 | | |
|
Deferred
|
| | | | (12) | | | | | | (9) | | | | | | (10) | | |
|
Total foreign
|
| | | | 18 | | | | | | 15 | | | | | | 11 | | |
| State and local: | | | | | | | | | | | | | | | | | | | |
|
Current
|
| | | | 56 | | | | | | 51 | | | | | | 45 | | |
|
Deferred
|
| | | | (16) | | | | | | (29) | | | | | | (26) | | |
|
Total state and local
|
| | | | 40 | | | | | | 22 | | | | | | 19 | | |
|
Total provision for taxes
|
| | | $ | 106 | | | | | $ | 76 | | | | | $ | 61 | | |
| | | |
Year Ended
December 31, |
| |||||||||
|
(in millions)
|
| |
2025
|
| |||||||||
| |
Amount
|
| |
Percent
|
| ||||||||
|
U.S. federal statutory tax rate
|
| | | $ | 68 | | | | | | 21.0% | | |
|
State & local income taxes, net of federal income tax(1)
|
| | | | 31 | | | | | | 9.6 | | |
| Foreign tax effects | | | | | | | | | | | | | |
|
Canada
|
| | | | | | | | | | | | |
|
Local Taxes
|
| | | | 4 | | | | | | 1.1 | | |
|
Other
|
| | | | (2) | | | | | | (0.6) | | |
|
United Kingdom
|
| | | | | | | | | | | | |
|
Changes in valuation allowance
|
| | | | 5 | | | | | | 1.5 | | |
|
Other
|
| | | | (1) | | | | | | (0.2) | | |
|
Other foreign jurisdictions
|
| | | | 2 | | | | | | 0.7 | | |
|
Effect of cross-border tax laws
|
| | | | — | | | | | | (0.1) | | |
|
Tax credits
|
| | | | (3) | | | | | | (0.9) | | |
|
Nontaxable or nondeductible items
|
| | | | 1 | | | | | | 0.2 | | |
|
Changes in unrecognized tax benefits
|
| | | | 1 | | | | | | 0.2 | | |
|
Effective income tax rate
|
| | | $ | 106 | | | | | | 32.5% | | |
| | | |
Year Ended December 31,
|
| |||||||||
| | | |
2024
|
| |
2023
|
| ||||||
|
U.S. federal statutory income tax rate
|
| | | | 21.0% | | | | | | 21.0% | | |
|
State and local income taxes
|
| | | | 6.0 | | | | | | 6.3 | | |
|
Foreign operations
|
| | | | 2.4 | | | | | | 2.7 | | |
|
Stock-based compensation
|
| | | | (0.6) | | | | | | (0.2) | | |
|
Tax credits and incentives
|
| | | | (2.7) | | | | | | (3.4) | | |
|
Other, net
|
| | | | 0.7 | | | | | | 0.9 | | |
|
Effective income tax rate
|
| | | | 26.8% | | | | | | 27.3% | | |
| | | |
Year ended
December 31, |
| |||
|
(in millions)
|
| |
2025
|
| |||
|
Federal
|
| | | $ | — | | |
| State | | | | | | | |
|
Pennsylvania
|
| | | | 2 | | |
|
Other
|
| | | | 5 | | |
| Foreign | | | | | | | |
|
Australia
|
| | | | 3 | | |
|
Canada
|
| | | | 15 | | |
|
Other
|
| | | | 1 | | |
|
Total
|
| | | $ | 26 | | |
| | | |
December 31,
|
| |||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| ||||||
| Deferred tax assets: | | | | | | | | | | | | | |
|
Accrued expenses
|
| | | $ | 15 | | | | | $ | 14 | | |
|
Losses and other carryforwards
|
| | | | 5 | | | | | | — | | |
|
Research & Development expenditures
|
| | | | 46 | | | | | | 34 | | |
|
Other
|
| | | | 12 | | | | | | 12 | | |
|
Total deferred tax assets
|
| | | | 78 | | | | | | 60 | | |
| Deferred tax liabilities: | | | | | | | | | | | | | |
|
Goodwill and intangible assets
|
| | | | (1,066) | | | | | | (1,141) | | |
|
Other
|
| | | | (13) | | | | | | (15) | | |
|
Total deferred tax liabilities
|
| | | | (1,079) | | | | | | (1,156) | | |
|
Net deferred income tax asset before valuation allowance
|
| | | | (1,001) | | | | | | (1,096) | | |
|
Valuation allowance
|
| | | | (5) | | | | | | — | | |
|
Net deferred income tax liability
|
| | | $ | (1,006) | | | | | $ | (1,096) | | |
| Reported as: | | | | | | | | | | | | | |
|
Non-current deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
|
Non-current deferred tax liabilities
|
| | | | (1,006) | | | | | | (1,096) | | |
|
Net deferred income tax liability
|
| | | $ | (1,006) | | | | | $ | (1,096) | | |
| | | |
Year Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Balance at beginning of year
|
| | | $ | 5 | | | | | $ | 4 | | | | | $ | 3 | | |
|
Additions based on tax positions related to the current year
|
| | | | — | | | | | | 1 | | | | | | 1 | | |
|
Reduction for settlements
|
| | | | (3) | | | | | | — | | | | | | — | | |
|
Balance at end of year
|
| | | $ | 2 | | | | | $ | 5 | | | | | $ | 4 | | |
| | | |
Year ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Restricted stock and other stock-based awards expense
|
| | | $ | 22 | | | | | $ | 28 | | | | | $ | 20 | | |
|
Tax benefit
|
| | | $ | 5 | | | | | $ | 8 | | | | | $ | 6 | | |
|
(in thousands, except per award amounts)
|
| |
Shares
|
| |
Weighted-
average grant- date fair value |
| ||||||
|
Balance as of December 31, 2024
|
| | | | 107 | | | | | $ | 385.68 | | |
|
Granted
|
| | | | 50 | | | | | $ | 509.03 | | |
|
Vested
|
| | | | (52) | | | | | $ | 387.65 | | |
|
Forfeited/cancelled
|
| | | | (36) | | | | | $ | 414.51 | | |
|
Employee transfers and other, net
|
| | | | 21 | | | | | $ | 306.15 | | |
|
Balance as of December 31, 2025
|
| | | | 90 | | | | | $ | 458.11 | | |
|
Total unrecognized compensation expense related to restricted awards (in millions)
|
| | | $ | 18 | | | | | | | | |
|
Weighted-average years to be recognized over
|
| | | | 1.12 | | | | | | | | |
| | | |
Year ended December 31,
|
| |||||||||||||||
|
(in millions, except per award amounts)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Weighted-average grant-date fair value per award
|
| | | $ | 509.03 | | | | | $ | 419.95 | | | | | $ | 337.63 | | |
|
Total fair value of restricted stock and other stock-based awards vested
|
| | | $ | 27 | | | | | $ | 31 | | | | | $ | 27 | | |
|
Tax benefit relating to restricted award activity
|
| | | $ | 7 | | | | | $ | 8 | | | | | $ | 7 | | |
| | | |
2025 Restructuring Plan
|
| |
2024 Restructuring Plan
|
| ||||||||||||||||||
|
(in millions)
|
| |
Initial Charge
Recorded |
| |
Ending Reserve
Balance |
| |
Initial Charge
Recorded |
| |
Ending Reserve
Balance |
| ||||||||||||
|
CARFAX
|
| | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
B2B
|
| | | | 14 | | | | | | 11 | | | | | | 6 | | | | | | 1 | | |
|
Total
|
| | | $ | 15 | | | | | $ | 11 | | | | | $ | 6 | | | | | $ | 1 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2025
|
| |||||||||||||||
|
Revenue
|
| | | $ | 1,142 | | | | | $ | 608 | | | | | $ | 1,750 | | |
|
Less: segment expenses(1)
|
| | | | 629 | | | | | | 424 | | | | | | 1,053 | | |
|
Less: other segment items(2)
|
| | | | 191 | | | | | | 122 | | | | | | 313 | | |
|
Segment operating profit
|
| | | $ | 322 | | | | | $ | 62 | | | | | $ | 384 | | |
|
Corporate Unallocated expense(3)
|
| | | | | | | | | | | | | | | | 45 | | |
|
Operating profit
|
| | | | | | | | | | | | | | | | 339 | | |
|
Other income, net
|
| | | | | | | | | | | | | | | | — | | |
|
Interest expense, net
|
| | | | | | | | | | | | | | | | 13 | | |
|
Income before taxes on income
|
| | | | | | | | | | | | | | | $ | 326 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2024
|
| |||||||||||||||
|
Revenue
|
| | | $ | 1,039 | | | | | $ | 574 | | | | | $ | 1,613 | | |
|
Less: segment expenses(1)
|
| | | | 590 | | | | | | 385 | | | | | | 975 | | |
|
Less: other segment items(2)
|
| | | | 190 | | | | | | 120 | | | | | | 310 | | |
|
Segment operating profit
|
| | | $ | 259 | | | | | $ | 69 | | | | | $ | 328 | | |
|
Corporate Unallocated expense(3)
|
| | | | | | | | | | | | | | | | 30 | | |
|
Operating profit
|
| | | | | | | | | | | | | | | | 298 | | |
|
Other income, net
|
| | | | | | | | | | | | | | | | (1) | | |
|
Interest expense, net
|
| | | | | | | | | | | | | | | | 15 | | |
|
Income before taxes on income
|
| | | | | | | | | | | | | | | $ | 284 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2023
|
| |||||||||||||||
|
Revenue
|
| | | $ | 928 | | | | | $ | 557 | | | | | $ | 1,485 | | |
|
Less: segment expenses(1)
|
| | | | 527 | | | | | | 376 | | | | | | 903 | | |
|
Less: other segment items(2)
|
| | | | 191 | | | | | | 120 | | | | | | 311 | | |
|
Segment operating profit
|
| | | $ | 210 | | | | | $ | 61 | | | | | $ | 271 | | |
|
Corporate Unallocated expense(3)
|
| | | | | | | | | | | | | | | | 32 | | |
|
Operating profit
|
| | | | | | | | | | | | | | | | 239 | | |
|
Other income, net
|
| | | | | | | | | | | | | | | | (2) | | |
|
Interest expense, net
|
| | | | | | | | | | | | | | | | 17 | | |
|
Income before taxes on income
|
| | | | | | | | | | | | | | | $ | 224 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2025
|
| |||||||||||||||
|
Subscription
|
| | | $ | 927 | | | | | $ | 499 | | | | | $ | 1,426 | | |
|
Non-subscription
|
| | | | 215 | | | | | | 109 | | | | | | 324 | | |
|
Total revenue
|
| | | $ | 1,142 | | | | | $ | 608 | | | | | $ | 1,750 | | |
| Timing of revenue recognition | | | | | | | | | | | | | | | | | | | |
|
Services transferred at a point in time
|
| | | $ | 215 | | | | | $ | 109 | | | | | $ | 324 | | |
|
Services transferred over time
|
| | | | 927 | | | | | | 499 | | | | | | 1,426 | | |
|
Total revenue
|
| | | $ | 1,142 | | | | | $ | 608 | | | | | $ | 1,750 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2024
|
| |||||||||||||||
|
Subscription
|
| | | $ | 843 | | | | | $ | 460 | | | | | $ | 1,303 | | |
|
Non-subscription
|
| | | | 196 | | | | | | 114 | | | | | | 310 | | |
|
Total revenue
|
| | | $ | 1,039 | | | | | $ | 574 | | | | | $ | 1,613 | | |
| Timing of revenue recognition | | | | | | | | | | | | | | | | | | | |
|
Services transferred at a point in time
|
| | | $ | 196 | | | | | $ | 114 | | | | | $ | 310 | | |
|
Services transferred over time
|
| | | | 843 | | | | | | 460 | | | | | | 1,303 | | |
|
Total revenue
|
| | | $ | 1,039 | | | | | $ | 574 | | | | | $ | 1,613 | | |
| | | |
CARFAX
|
| |
B2B
|
| |
Total
|
| |||||||||
|
(in millions)
|
| |
2023
|
| |||||||||||||||
|
Subscription
|
| | | $ | 748 | | | | | $ | 422 | | | | | $ | 1,170 | | |
|
Non-subscription
|
| | | | 180 | | | | | | 135 | | | | | | 315 | | |
|
Total revenue
|
| | | $ | 928 | | | | | $ | 557 | | | | | $ | 1,485 | | |
| Timing of revenue recognition | | | | | | | | | | | | | | | | | | | |
|
Services transferred at a point in time
|
| | | $ | 180 | | | | | $ | 135 | | | | | $ | 315 | | |
|
Services transferred over time
|
| | | | 748 | | | | | | 422 | | | | | | 1,170 | | |
|
Total revenue
|
| | | $ | 928 | | | | | $ | 557 | | | | | $ | 1,485 | | |
| | | |
Depreciation & Amortization
|
| |
Capital Expenditures
|
| ||||||||||||||||||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2025
|
| |
2024
|
| |
2023
|
| ||||||||||||||||||
|
CARFAX
|
| | | $ | 198 | | | | | $ | 198 | | | | | $ | 197 | | | | | $ | 15 | | | | | $ | 10 | | | | | $ | 9 | | |
|
B2B
|
| | | | 112 | | | | | | 111 | | | | | | 110 | | | | | | 9 | | | | | | 5 | | | | | | 9 | | |
|
Total reportable segments
|
| | | | 310 | | | | | | 309 | | | | | | 307 | | | | | | 24 | | | | | | 15 | | | | | | 18 | | |
|
Corporate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Total
|
| | | $ | 310 | | | | | $ | 309 | | | | | $ | 307 | | | | | $ | 24 | | | | | $ | 15 | | | | | $ | 18 | | |
| | | |
Total Assets
|
| |||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| ||||||
|
CARFAX
|
| | | $ | 8,577 | | | | | $ | 8,754 | | |
|
B2B
|
| | | | 4,417 | | | | | | 4,501 | | |
|
Total reportable segments
|
| | | | 12,994 | | | | | | 13,255 | | |
|
Corporate
|
| | | | 1 | | | | | | — | | |
|
Total
|
| | | $ | 12,995 | | | | | $ | 13,255 | | |
| | | |
Revenue
|
| |
Long-lived Assets
|
| ||||||||||||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |
2025
|
| |
2024
|
| |||||||||||||||
|
U.S.
|
| | | $ | 1,454 | | | | | $ | 1,329 | | | | | $ | 1,224 | | | | | $ | 24 | | | | | $ | 29 | | |
|
International
|
| | | | 296 | | | | | | 284 | | | | | | 261 | | | | | | 11 | | | | | | 11 | | |
|
Total
|
| | | $ | 1,750 | | | | | $ | 1,613 | | | | | $ | 1,485 | | | | | $ | 35 | | | | | $ | 40 | | |
|
(in millions)
|
| | | | |
2025
|
| |
2024
|
| ||||||
| Balance Sheet Location | | | | | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | |
|
Right of use assets
|
| | Lease right-of-use assets | | | | $ | 16 | | | | | $ | 20 | | |
| Liabilities | | | | | | | | | | | | | | | | |
|
Other current liabilities
|
| | Current lease liabilities | | | | | 7 | | | | | | 7 | | |
|
Lease liabilities – non-current
|
| |
Non-current lease liabilities
|
| | | | 11 | | | | | | 16 | | |
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
| Cash paid for amounts included in the measurement for operating lease liabilities | | | | | | | | | | | | | | | | | | | |
|
Operating cash flows for operating leases
|
| | | $ | 8 | | | | | $ | 7 | | | | | $ | 7 | | |
| Right of use assets obtained in exchange for lease obligations | | | | | | | | | | | | | | | | | | | |
|
Operating leases
|
| | | | — | | | | | | 2 | | | | | | — | | |
| | | |
2025
|
| |
2024
|
| ||||||
|
Weighted-average remaining lease term (years)
|
| | | | 4.7 | | | | | | 4.1 | | |
|
Weighted-average discount rate
|
| | | | 2.79% | | | | | | 2.78% | | |
|
(in millions)
|
| | | | | | |
|
2026
|
| | | $ | 7 | | |
|
2027
|
| | | | 2 | | |
|
2028
|
| | | | 2 | | |
|
2029
|
| | | | 2 | | |
|
2030
|
| | | | 2 | | |
|
2031 and beyond
|
| | | | 4 | | |
|
Total undiscounted lease payments
|
| | | | 19 | | |
|
Less: Imputed interest
|
| | | | 1 | | |
|
Present value of lease liabilities
|
| | | $ | 18 | | |
| | | |
Years Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Data sharing revenues
|
| | | $ | 3 | | | | | $ | 3 | | | | | $ | 3 | | |
| Expenses | | | | | | | | | | | | | | | | | | | |
|
Data sharing expenses(1)
|
| | | | 1 | | | | | | 1 | | | | | | 1 | | |
|
Corporate allocations from Parent(2)
|
| | | | 112 | | | | | | 90 | | | | | | 89 | | |
|
Total expenses
|
| | | | 113 | | | | | | 91 | | | | | | 90 | | |
|
Related party dividend income(3)
|
| | | | — | | | | | | (1) | | | | | | (3) | | |
|
Related party loan interest expense, net
|
| | | | 14 | | | | | | 17 | | | | | | 18 | | |
| | | |
Years Ended December 31,
|
| |||||||||||||||
|
(in millions)
|
| |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
|
Cash pooling and general financing activities
|
| | | $ | (738) | | | | | $ | (637) | | | | | $ | (599) | | |
|
Cash contributions from S&P Global used to fund acquisitions
|
| | | | — | | | | | | 6 | | | | | | 214 | | |
|
Unbilled corporate allocations
|
| | | | 109 | | | | | | 77 | | | | | | 77 | | |
|
Stock-based compensation
|
| | | | 22 | | | | | | 28 | | | | | | 20 | | |
|
Assumed income tax payments
|
| | | | 196 | | | | | | 181 | | | | | | 151 | | |
|
Net decrease in Parent company investment
|
| | | $ | (411) | | | | | $ | (345) | | | | | $ | (137) | | |
|
Additions/(deductions)
|
| |
Balance at
beginning of year |
| |
Net charges
to income |
| |
Deductions
and other(1) |
| |
Balance at end
of year |
| ||||||||||||
| Year ended December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allowance for doubtful accounts
|
| | | $ | 3 | | | | | $ | 4 | | | | | $ | (5) | | | | | $ | 2 | | |
| Year ended December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allowance for doubtful accounts
|
| | | $ | 4 | | | | | $ | 4 | | | | | $ | (5) | | | | | $ | 3 | | |
| Year ended December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Allowance for doubtful accounts
|
| | | $ | 2 | | | | | $ | 4 | | | | | $ | (2) | | | | | $ | 4 | | |