News Release

IHS Markit Reaffirms 2017 Guidance, Provides 2018 Guidance

IHS Markit Reaffirms 2017 Guidance, Provides 2018 Guidance

November 13, 2017

IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and expertise, today announced it is reaffirming its 2017 revenue, Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and Adjusted earnings per diluted share (Adjusted EPS) guidance as well as providing its financial guidance for the year ending November 30, 2018.

Outlook (forward-looking statement)

For the year ending November 30, 2017, IHS Markit expects:

  • Revenue trending modestly above the high end of the range of $3.490 billion to $3.560 billion, plus an additional $10 million for automotiveMastermind;
  • Total organic revenue growth of 3 percent to 4 percent;
  • Adjusted EBITDA trending at the mid-point of the range of $1.375 billion to $1.400 billion; and
  • Adjusted EPS trending at the mid-point of the range of $2.02 to $2.08 per diluted share.

For the year ending November 30, 2018, IHS Markit expects:

  • Revenue in a range of $3.770 billion to $3.830 billion, including total organic growth of 4 percent to 5 percent;
  • Adjusted EBITDA in a range of $1.500 billion to $1.525 billion; and
  • Adjusted EPS in a range of $2.17 to $2.23 per diluted share.

Additionally, for the year ending November 30, 2018, IHS Markit expects:

  • Depreciation expense to be approximately $180 million to $190 million;
  • Net interest expense to be approximately $180 million to $190 million;
  • Amortization expense related to acquired intangible assets to be approximately $340 million to $350 million;
  • Stock-based compensation expense to be approximately $200 million to $220 million;
  • A GAAP effective tax rate of approximately 10 percent to 15 percent;
  • An adjusted effective tax rate of approximately 20 percent to 23 percent;
  • Weighted average diluted shares of approximately 405 million to 410 million;
  • Capital expenditures to be approximately 6 percent to 7 percent of revenue; and
  • Free cash flow conversion as a percentage of Adjusted EBITDA in the mid-60’s.

For additional information, see the related presentation materials posted to the company’s website at

The above outlook assumes no further currency movements, acquisitions, divestitures, pension mark-to-market adjustments or unanticipated events. See discussion of non-GAAP financial measures at the end of this release.

As previously announced, IHS Markit will hold a conference call and webcast to discuss this guidance on Monday, November 13, 2017 at 4:30 p.m. EST. The conference call will be simultaneously webcast on the Investor Relations section of the company’s website:

The company also plans to discuss this guidance in a previously announced presentation at the J.P. Morgan Ultimate Services Investor Conference in New York City tomorrow, November 14, 2017. The event is scheduled for 8:15 a.m. EST.

Use of Non-GAAP Financial Measures

Non-GAAP results are presented only as a supplement to our financial statements based on U.S. generally accepted accounting principles (GAAP). Non-GAAP financial information is provided to enhance the reader’s understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP and non-GAAP measures should not be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Definitions of non-GAAP measures such as EBITDA, Adjusted EBITDA, Adjusted net income, Adjusted EPS, and free cash flow, and reconciliations of historical non-GAAP measures to the most directly comparable GAAP measures, are provided within the schedules attached to IHS Markit’s quarterly earnings releases on the Investor Relations section of the company’s website. This communication also includes certain forward-looking non-GAAP financial measures. IHS Markit is unable to present a reconciliation of this forward-looking non-GAAP financial information without unreasonable effort because management cannot reliably predict all of the necessary components of such measures aside from those components described above in this release. Accordingly, investors are cautioned not to place undue reliance on this information.

We use non-GAAP measures in our operational and financial decision-making, believing that it is useful to exclude certain items in order to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. As a result, internal management reports used during monthly operating reviews feature the Adjusted EBITDA, Adjusted net income, Adjusted EPS, and free cash flow metrics. We also believe that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures.

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

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "anticipate," "intend," "plan," "goal," "seek," "aim," "strive," "believe," "see," "project," "predict," "estimate," "expect," "continue," "strategy," "future," "likely," "may," "might," "should," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. A detailed discussion of some of the risks and uncertainties that could cause our actual results and financial condition to differ materially from the forward-looking statements is described under the caption "Risk Factors" in our most recent annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this communication is based only on information currently available to us and speaks only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings at or

About IHS Markit

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and expertise for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 85 percent of the Fortune Global 500 and the world's leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. All other company and product names may be trademarks of their respective owners © 2017 IHS Markit Ltd. All rights reserved.


IHS Markit
News Media Contact:
Dan Wilinsky, +1 303-397-2468
Investor Relations Contact:
Eric Boyer, +1 303-397-2969

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