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IHS Annual Report 2013

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IHS Annual Report 2013 IHS Annual Report 2013 Letter to Shareholders Notice of 2014 Annual Stockholder Meeting Proxy Statement 2013 Form 10-K Annual Report Connecting customers to IHS solutions continues to drive growth and value Share Price at Fiscal Year End Revenue ($ millions) 120 +14% CAGR* 2000 +18% CAGR* 100 1500 80 60 1000 40 500 20 $1,326 $1,530 $1,841 $88.38 $92.14 $114.43 0 0 2011 2012 2013 2011 2012 2013 Adjusted EBITDA ($ millions) Free Cash Flow ($ millions) 600 +18% CAGR* 500 +19% CAGR* 500 400 400 300 300 200 200 100 100 $401 $485 $562 $288 $250 $405 0 0 2011 2012 2013 2011 2012 2013 “Adjusted EBITDA” and “Free Cash Flow” are non-GAAP financial measures intended to supplement our financial statements that are based on U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP measures as well as reconciliations of comparable GAAP measures to non-GAAP measures are provided with the schedules to our quarterly earnings releases. Our most recent non-GAAP reconciliations were furnished as an exhibit to a Form 8-K on January 7, 2014, and are available at our website (www.ihs.com). *CAGR - Compound Annual Growth Rate Letter to Shareholders To the Shareholders and Colleagues of IHS IHS has a clear vision to be The Source for Critical Information and Insight that powers growth and value for our customers. We execute every day against a compelling mission to translate the value of IHS global information, expertise and knowledge to enable customer success and create customer delight on a daily basis. We have remained focused on these guideposts as we strive to deliver world-class levels of Customer Delight, Colleague Engagement and Sustainability as foundational elements to drive market-leading, long-term, profitable growth and shareholder returns. For nearly 10 years, we have consistently focused on these foundational principles. As we closed 2013, we had elevated Customer Delight to 68 percent representing top quartile performance; raised Colleague Engagement to 72 percent placing IHS in Aon Hewitt’s top quartile and 13 points above the Global Engagement Average (59 percent); and created a culture of Sustainability that allowed performance which resulted in our inclusion in the North American Dow Jones Sustainability Index. As a result of a culture built around our vision, mission and values, and a consistent daily focus on these core performance metrics since our IPO in 2005, IHS has delivered compound annual revenue growth of 18 percent, Adjusted EBITDA growth of 26 percent and free cash flow growth of 33 percent, resulting in a compound annual shareholder value creation of 27 percent. In my first letter to you as CEO of IHS, I want to celebrate the commitment of 8,000 IHS colleagues in 150 offices across 31 countries to the clear vision, mission and core values that have been fundamental to our performance and growth for many years. I will also review our 2013 achievements and performance and then outline our opportunity and the clear path ahead as we continue to profitably build and scale IHS. 2013 Review I am proud of the way we finished the year with solid performance and good forward momentum. We also ended the year with challenging core infrastructure work primarily behind us, with scaled capability in some of our core verticals — Energy and Automotive in particular and with the development of exciting customer-facing platforms underway that showcase the breadth and depth of IHS capabilities to transform the customer experience. 2013 was a year of transitions for IHS. Against the backdrop of a very tepid global economy, IHS completed the majority of comprehensive and critical global infrastructure work that has created the foundation which should allow us to realize the full benefit of our broad capabilities and global reach. While completing this work, we also began to put this new infrastructure to work in 2013 to simplify and improve the ability of every IHS colleague to better serve our customers. We made progress delivering on our goal of scaling IHS in high-value industries as we successfully completed the largest acquisition in our history, R. L. Polk & Co., and transformed our ability to deliver value in Automotive and bring added value to connected automotive supply chains across energy, chemicals and technology. We made significant strides in launching new platforms from which customers can gain seamless, exclusive access to integrated content that no other company can provide. While we successfully achieved key milestones in the initiatives discussed above, we delivered solid and steady financial performance. ǃɲ Our revenue grew 20 percent in 2013 which consisted of four percent organic growth (with subscription organic growth at six percent) and 17 percent acquisitive growth driven by eight strategic acquisitions. ǃɲ Our profit margin (as measured by Adjusted EBITDA divided by revenue), contracted by 120 basis points in 2013, due to significant acquisition activity and some important one-time investments, while we also positioned IHS for long-term margin expansion. ǃɲ Importantly, we generated more than $400 million of free cash flow in 2013, a conversion rate of 72 percent (as measured by free cash flow divided by Adjusted EBITDA). This growth was achieved despite the fact that we continued to invest millions of dollars in infrastructure and new commercial systems and products that should ensure our future long-term profitable growth. 2013 was a very productive year for IHS and we achieved critical milestones in several areas that will enable future success: Infrastructure Since 2008, we have updated you annually on our progress as we invested meaningfully in the core foundation of IHS. We have significantly consolidated and standardized our systems, infrastructure and processes on a global basis to allow us to manage smoothly from account assignments and quota settings to pricing, billing and collections. This was the culmination of the integration of a broad array of IHS assets and capabilities. We now have effective, scalable processes that reduce administrative burden, optimize sales productivity, and provide greater insight and analytics into our own business and future opportunity. Acquisitions In the clear pursuit of our vision, we have made more than 60 acquisitions since our IPO, deploying more than $3.8 billion in capital to aggregate market-leading assets at a scale never before achieved across multiple capital-intensive industries with a global presence. As a result of a strong focus on integration, we are now positioned to leverage market-leading capabilities, expertise and scale. In 2013, we completed eight strategic acquisitions spanning core IHS industries and workflows — five in Energy, and one each in Economics & Country Risk, Chemicals and Automotive. Among these was R. L. Polk & Co., a $1.4 billion transformational transaction that brought immeasurable potential into the IHS portfolio for our customers and also for our shareholders. The combination of this unique global automotive capability with IHS creates the unique opportunity to build a powerhouse of automotive information and analytics solutions that will significantly enhance our customers’ insights and decision processes across the full vehicle lifecycle, creating a long-term organic growth opportunity. Creating scale, market leadership and a unique global breadth and depth in our key vertical markets by a combination of acquisitive and organic growth has been a key component of our business strategy and execution for more than a decade. Although we will be focused on reducing our debt leverage ratio throughout the first half of 2014, our acquisition pipeline continues to be active and we will continue to explore the critical assets that fill strategic niches in our portfolio. Platforms In 2013, we achieved key milestones in the development and commercial release of new workflow platforms that received a very positive reception from customers as we realized the results of many years of work. These integrated platforms are aligned to our customers’ workflows across our core vertical industries and place our global information, business intelligence and new analytics literally at the fingertips of our customers. IHS Connect, the primary workflow platform for our Strategy, Planning & Analysis customers, is now in advanced commercialization stages with multiple successful commercial releases in 2013. The majority of both our Energy Insight content and our Economics & Country Risk content was on the IHS Connect platform with nearly 50,000 users as we closed out 2013. This platform represents the integration of IHS capabilities into a single point of delivery for IHS information, research and analytics with a compelling interface that integrates seamlessly into customers’ workflows creating substantial new value. IHS Engineering Workbench is the primary workflow platform for engineers. We began to fully realize our strategy for this workflow in 2013 with solid commercial releases that bring to a single platform the IHS semantic search technology that gives engineers access to more than 95 million scientific and technical documents. The result is a comprehensive, single point of access for information and analytics for engineers managing complex and capital-intensive projects across each of our core industry sectors. We had notable beta releases of our new energy information delivery and navigation platforms with IHS Meridian/Navigate and Vantage. Our Operational Excellence and Risk Management workflow, which is the aggregation of all of our assets in product design and environmental, health, safety and sustainability, also saw a significant beta release of its primary platform called IHS Sphera. Our vision for these platforms is the seamless integrated delivery of comprehensive industry solutions that showcase the full breadth and depth of IHS capabilities with a transformed customer experience and value creation, and we made substantial progress toward realizing that vision in 2013. Value Creation — One Global IHS With the launch of integrated platforms that converge all IHS information, expertise, research and analytics, we are creating unique and compelling value that is One Global IHS.
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