The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst
: So first, on the cost synergies, pretty good progress in the quarter itself. So I was wondering if you could drill down further on how -- what kind of
traction you're seeing on that front. How should we think about the quarterly cadence this year? And any initial feedback from the cost takeout?
Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst
: That's great color. And then maybe a follow-up question on the revenue synergies. Again, there was a reference to Kensho being used across the
broader organization to automate processes, and then also the strength in subscription on the MI front.
So question there was, any initial feedback from your customers as you started integrating some of the IHS Markit data into the global marketplaces,
and traction or ability to cross-sell, upsell those INFO products into SMB customer base than the other way around?
Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst
: That's great color, Doug. Congrats on solid results.
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: I wanted to start with issuance or drilling to the issuance expectations a bit further. I realized that it was a really tough first quarter on that front.
But I'm curious, when you gave your guidance on March 1 with the merger call, I think you had some sense of at least February weakness in
high-yield.
Could you spend some time talking about maybe what specifically changed in the outlook over the past 2 months? Has it been a weaker-than-expected
April? Or are there certain subsegments or asset classes that have deteriorated more quickly than you expected? That would be helpful.
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: Makes sense. And then sticking with Ratings for my follow-up. Obviously, transaction revenue has had headwinds we've talked about. Can you talk
a little bit about your expectations for nontransaction revenue growth, if I didn't miss that.
Obviously, a really strong year last year on that front. I think there were some onetime items in 2021. But if you could talk about your expectations
for nontransaction revenue in that segment, that would be helpful.
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