What happened to S&P ComStock and how is it reported?

S&P ComStock was sold in February 2003. Its financial results are no longer included in the Financial Services segment but are reported separately under 'Discontinued operations' in the consolidated statement of income. This means its revenue and expenses will not impact the segment's performance going forward.

Why are MMS International's results still included in the Financial Services segment if it was divested?

MMS International was divested in September 2002. However, its results will continue to be included in the Financial Services segment. This is likely due to reporting conventions or transition periods. The filing clarifies that there will be no revenue from MMS International in 2003 (shown as $0).

What is the Global Transformation Project (GTP) and how much is being spent on it?

The Global Transformation Project (GTP) appears to be a strategic initiative by S&P Global. The filing indicates that deferred spending on GTP was $36.3 million in 2002, with an estimated $14 million for the full year 2003. The company also incurred $7.6 million in expensed GTP spending in Q1 2003.

What is the company's outlook on technology spending?

The company is deferring significant spending on technology projects. Total deferred technology spending was $55.5 million in 2002 and $7.7 million in the first quarter of 2003. The estimate for full-year 2003 is $75 million. This indicates continued investment in technology infrastructure, with a portion of the costs being deferred.

SPGI 8-K SEC Disclosure

Summary

This Form 8-K filing from S&P Global Inc. (then The McGraw-Hill Companies, Inc.) on May 5, 2003, provides investors with supplementary information following the company's 2003 First Quarter Earnings Conference Call held on April 29, 2003. The primary focus is on the financial impact of recent divestitures and strategic spending. Investors are informed about the exclusion of S&P ComStock's results from the Financial Services segment due to its sale in February 2003, with historical revenue data provided for comparison. Additionally, the report clarifies that MMS International, divested in September 2002, will continue to have its results (zero for 2003) included within the Financial Services segment, a point that might cause initial confusion but is explained by prior reporting practices. The filing also details the financial aspects of the Global Transformation Project (GTP) and deferred technology spending. It outlines actual deferred spending for 2002 and the first quarter of 2003, along with an estimate for the full year 2003. This information is crucial for understanding the company's investment in its technological infrastructure and its strategic initiatives aimed at transformation. Investors should note that these forward-looking statements are subject to various risks and uncertainties, including economic conditions.

Key Highlights

1S&P ComStock was sold in February 2003, and its results are now reported under 'Discontinued operations' rather than within the Financial Services segment.
2The filing provides quarterly revenue figures for S&P ComStock for 2002 and the first quarter of 2003, showing a significant decrease in 2003 due to the divestiture.
3MMS International, divested in September 2002, will continue to have its results (zero revenue in 2003) included in the Financial Services segment.
4Details on the Global Transformation Project (GTP) and deferred technology spending are provided for 2002, Q1 2003, and estimated for full-year 2003.
5Deferred spending on GTP was $36.3 million in 2002, $0 in Q1 2003, with a $14 million estimate for full-year 2003.
6Total deferred technology spending was $55.5 million in 2002, $7.7 million in Q1 2003, with a $75 million estimate for full-year 2003.
7The report includes a standard cautionary note regarding the risks and uncertainties associated with forward-looking statements.

S&P Global Inc. 8-K Report (May 5, 2003)

Summary

Key Highlights

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