AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 19/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Accumulated data, substantial disclosed OEM and dealer penetration, and realized subscription price increases jointly support a differentiated current franchise. Claims of unrivaled quality remain issuer assertions.
durability · 2/4 · Long data history and daily workflow use support persistence, but contractual data access and unquantified switching friction limit confidence in long-term protection.
customer dependency · 2/4 · Dealer-system integration, daily OEM usage and reported product retention indicate reliance. Dependency is assessed indirectly; customers can switch or cease use, and replacement costs are undisclosed.
erosion resilience · 2/4 · Realized price increases and new business show current commercial resilience despite rising acquisition costs. Data-rights and AI competition risks remain prospective rather than demonstrated erosion.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · The filing attributes approximately $16 million of quarterly and $36 million of first-half revenue growth to price increases, alongside positive new-business contributions. This demonstrates realized pricing, although customer-level price and volume responses are unavailable.
retention · 2/4 · Daily workflow use, reported continued product retention and subscription growth support repeat demand indirectly. No retention rate is inferred, and growth does not isolate renewals from pricing or customer acquisition.
margin resilience · 2/4 · B2B adjusted EBITDA margin improved to 34% quarterly and 33% for the half-year, from 33% and 32%. Company selling expenses rose substantially and acquisition costs increased; standalone expenses remain untested. Segment resilience therefore supports a mixed assessment.
contractual freedom · 2/4 · Mixed contractual position: monthly, annual and multi-year subscriptions establish defined commitment periods, while customers have no obligation to renew and can change their product mix at expiry. These are disclosed limits on securing continuing terms. Unilateral repricing rights, price caps and early termination provisions remain undisclosed, preventing a strong assessment of pricing discretion.
Predictability—
Five consecutive annual periods are required for predictability; the accepted history is incomplete.
Financial strength—
Missing required inputs: debtFcfGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 100.00
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 25.80
- Net debt / operating income (x)
- -0.11
- Current ratio (x)
- 1.07
- cashInterestPaid
- 14.00
- cashInterestCoverage
- 34.64
Capital allocation—
Missing required inputs: operatingReturn, dilution, cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average SBC / revenue (%)
- 1.45
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Historical operating cash generation is positive evidence, while approximately $1.98 billion of recorded debt and financing associated with a parent dividend create material commitments. Parent-directed separation financing and missing investment-return evidence limit attribution to standalone management.
incentive alignment · 2/4 · Mixed evidence: Eager's disclosed agreement includes a target annual incentive tied to company or division objectives, and actual named executive officer award agreements include vesting and forfeiture conditions. However, continuing S&P Global holdings create potential competing incentives. Mobility equity recipients were undetermined in May; the subsequently adopted June 24 Annual Incentive Plan establishes adoption only. Mobility ownership, actual grants and the new plan's performance and vesting conditions remain unestablished.
execution · 3/4 · Realized price increases, positive new-business contributions, B2B subscription growth and improved segment profitability demonstrate execution. Assessment relies on operating outcomes rather than management reputation; standalone execution remains untested.
governance · 2/4 · The board disclosed an independence determination and management concluded disclosure controls were effective. Reliance on parent controls limits evidence of autonomous governance; the passages do not demonstrate exceptional oversight.
Evidence
With more than 100 years of data stewardship and a contributory network of more than 177,000 sources as of December 31, 2025, we believe we have built an unrivaled data estate that powers critical decisions for suppliers, OEMs, dealers, finance & insurance (“F&I”) firms and consumers in a global automotive market valued at approximately $8.0 trillion in 2025 according to management estimates.
Summary / Our Company / data history and contributor network · Filed 27/05/2026
We source, cleanse and incorporate thousands of datasets to generate unique, predictive insights at scale that are deeply embedded in client workflows, supporting the top 40 global automakers that cover 96% of global production as of December 31, 2025 according to internal data and more than 40,000 dealer customers across a global footprint spanning North America, Europe, the Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”) as of December 31, 2025.
Summary / Our Company / customer penetration · Filed 27/05/2026
CARFAX uses a vast proprietary data estate and brand to help consumers buy the right car at the right price, sell confidently and maintain their vehicles, while helping dealers build shopper confidence, convert more leads and drive service loyalty.
Summary / CARFAX / proprietary data and brand · Filed 27/05/2026
We serve 100% of the top 40 global carmakers, 94% of the top 100 automotive suppliers, and 100% of the top 10 investment banks as of December 31, 2025, according to internal data.
Business / Strategy & Planning / customer coverage · Filed 27/05/2026
Our data estate covers virtually all global vehicle production with over 80 million rows of actively updated data and more than 2,000 data attributes per vehicle as of December 31, 2025.
Business / Strategy & Planning / dataset coverage · Filed 27/05/2026
2025, primarily attributable to an increase in subscription revenue, driven primarily by price increases of approximately
MD&A / Revenue / realized subscription price increases · Filed 07/08/2026
$16 million and $36 million, respectively, and continued new business growth of approximately $8 million and
$20 million, respectively.
MD&A / Revenue / price and new-business contributions · Filed 07/08/2026
We depend on contractual and license agreements with third parties to protect our proprietary data sets underlying our product and solutions.
Risk Factors / proprietary dataset contractual protection · Filed 27/05/2026
If such agreements are not sufficiently robust or enforceable, or if counterparties fail to honor them, we would not be able to maintain the exclusivity of our data sets and the competitiveness of our products and solutions may decrease.
Risk Factors / enforceability and dataset exclusivity · Filed 27/05/2026
The emerging availability of “off-the-shelf” AI models may increase the ability of existing and new competitors to develop technology and applications which may compete with our products and solutions.
Risk Factors / AI-enabled competition · Filed 27/05/2026
we believe in the strength and importance of our offerings, our customers have the ability to switch to our competitors or
MD&A / Increased Competition / customer ability to switch · Filed 07/08/2026
cease using our products. Competitive factors impacting our business include market dynamics and evolving customer
MD&A / Increased Competition / cessation of product use · Filed 07/08/2026
The platform integrates comprehensive Customer Relationship Management (“CRM”) and Dealer Management Systems (“DMS”) data to identify in-market buyers, anticipate consumer behavior, personalize outreach, and optimize private offers.
Business / automotiveMastermind / CRM and DMS integration · Filed 27/05/2026
Our data integrates seamlessly with OEM workflows, matching their territories, dealer networks, and competitive segments.
Business / Polk Auto Marketing Solutions / workflow integration · Filed 27/05/2026
The data is used daily across OEMs from product planners to sales operations.
Business / Polk Auto Marketing Solutions / daily usage · Filed 27/05/2026
On the CARFAX side, both Car Listings and CARFAX For Life saw rapid adoption and continued retention, now embedded in customer workflow.
Business / Introduction of New Products / adoption and retention · Filed 27/05/2026
•Subscription: The majority of offerings across the business are sold on monthly, annual or multi-year
MD&A / Our Business Model / subscription durations · Filed 07/08/2026
subscriptions, providing recurring revenue and high retentions.
MD&A / Our Business Model / recurring revenue and retention assertion · Filed 07/08/2026
CARFAX specifically, the cost of acquiring new customers is rising as major advertising platforms and vendors dial up
MD&A / Investing in Continued Innovation and Brand Awareness / acquisition costs · Filed 07/08/2026
their monetization, increasing the expense to reach and convert consumers via paid digital channels.
MD&A / Investing in Continued Innovation and Brand Awareness / paid-channel costs · Filed 07/08/2026
27
Table of Contents
B2B
The following table provides Revenue and Adjusted EBITDA information for the periods presented:
Three Months Ended
June 30,
Change
Six Months Ended
June 30,
Change
(in millions)
2026
2025
$
%
2026
2025
$
%
Revenue
$156
$150
$6
4%
$313
$295
$18
6%
Subscription revenue
$131
$124
7
6%
$261
$242
19
8%
Non-subscription revenue
$25
$26
(1)
(4)%
$52
$53
(1)
(2)%
% of total revenue:
Subscription revenue
84%
83%
83%
82%
Non-subscription revenue
16%
17%
17%
18%
U.S.
MD&A / B2B / revenue and subscription results · Filed 07/08/2026
revenue
79%
79%
79%
79%
International revenue
21%
21%
21%
21%
Adjusted EBITDA
$53
$49
4
8%
$102
$93
9
10%
% Adjusted EBITDA margin
34%
33%
33%
32%
Revenue increased $6 million in the three months ended June 30, 2026 as compared to the three months ended June
MD&A / B2B / adjusted EBITDA and margin results · Filed 07/08/2026
CONDENSED COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)
2026
2025
2026
2025
Revenue
$468
$439
$923
$859
Expenses:
Operating-related expenses
134
132
270
259
Selling and general expenses
175
134
335
265
Depreciation
3
3
7
7
Amortization of intangibles
Right of use assets
33
16
Goodwill
8,845
8,845
Other intangible assets, net
3,640
3,789
Other non-current assets
58
45
Total assets
$13,060
$12,995
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$63
$56
Due to related parties – current
—
19
Accrued compensation and contributions to retirement plans
41
64
Unearned revenue
102
78
Other current liabilities
42
45
Total current liabilities
248
262
Long-term debt
1,981
—
Operating lease liabilities
27
11
Deferred tax liability, net
967
1,006
Due to related parties – non-current
—
230
Other non-current liabilities
2
1
Total liabilities
3,225
1,510
Commitments and Contingencies (Note 8)
Equity:
Parent company investment
9,833
11,489
Accumulated other comprehensive income (loss)
2
(4)
Total equity
9,835
11,485
Total liabilities and equity
$13,060
$12,995
See accompanying Notes to the Condensed Combined Financial Statements
5
Table of Contents
MOBILITY GLOBAL INC.
Condensed Combined Statements / revenue, expenses and debt · Filed 07/08/2026
to S&P Global, primarily driven by the dividend paid to S&P Global in connection with the Restructuring Transactions.
MD&A / financing activities / parent dividend and transfers · Filed 07/08/2026
Liquidity and Capital Resources
Historically, we have generated cash from operating activities.
MD&A / Liquidity and Capital Resources / historical operating cash generation · Filed 07/08/2026
that, as of the end of such period, these disclosure controls and procedures were effective.
Controls and Procedures / management effectiveness conclusion · Filed 07/08/2026
30, 2026, the Company relied on certain processes and internal controls over financial reporting performed by S&P Global.
Controls and Procedures / reliance on parent controls · Filed 07/08/2026
Board Independence
Our Board of Directors has determined that each of the Company’s non-employee directors have met the independence requirements of the NYSE based upon the application of objective categorical standards adopted by our Board of Directors.
Management / Board Independence / independence determination · Filed 27/05/2026
Annual Incentive Plan, adopted as of June 24, 2026.
Exhibits / Annual Incentive Plan adoption · Filed 07/08/2026
Mobility has not yet determined the number of employees who will receive awards under the Incentive Plan.
Incentive Plan / undetermined award recipients · Filed 27/05/2026
•The term “Distribution Date” refers to July 1, 2026, the date on which the Distribution occurred.
Defined Terms / completed Distribution date · Filed 07/08/2026
As a result of the Separation and costs associated with running an
MD&A / standalone company expenditure expectations · Filed 07/08/2026
independent, publicly traded company, we expect to incur expenditures that may vary from historical allocations, which
MD&A / historical allocations and standalone expenditure expectations · Filed 07/08/2026
may have an impact on our profitability and operating cash flows.
MD&A / potential profitability and cash-flow effects · Filed 07/08/2026
Our businesses are primarily subscription revenue driven, as most offerings are sold on monthly, annual or multi-year subscriptions.
Customer contracts: subscription durations · Filed 27/05/2026
Our customers have no obligation to renew their contracts for our
Customer contracts: renewal obligation, sentence opening · Filed 27/05/2026
products and solutions after the expiration of their contract periods and our customers may choose not to renew contracts for a similar mix of products and solutions.
Customer contracts: renewal obligation, sentence continuation · Filed 27/05/2026
Eager’s initial annual base salary is $650,000 and his target annual incentive opportunity is $900,000.
Named executive officer agreements: Eager incentive opportunity · Filed 27/05/2026
The actual annual incentive payment will be based upon the degree of achievement of established company and/or division objectives and Mr.
Named executive officer agreements: incentive performance conditions · Filed 27/05/2026
(10)
For each of the named executive officers, the treatment for their long-term incentive awards reflects the standard termination treatment provided for under their award agreements and as described in footnotes (7) through (8), except with respect to their legacy IHS Markit awards, which vest in full upon a termination due to death, disability or Retirement and are forfeited upon an involuntary termination without cause.
Named executive officers: outstanding award termination and vesting treatment · Filed 27/05/2026
Because of their current or former positions with S&P Global, following the Separation, some of our directors and executive officers will continue to own shares of S&P Global common stock or have options to acquire shares of S&P Global common stock, and the individual holdings may be significant for some of these individuals compared to their total assets.
Separation risks: continuing S&P Global equity holdings · Filed 27/05/2026
Mobility has not yet determined the number of employees who will receive awards under the Incentive Plan.
Mobility Incentive Plan: recipients undetermined · Filed 27/05/2026
Annual Incentive Plan, adopted as of June 24, 2026.
Exhibit index: Annual Incentive Plan adoption · Filed 07/08/2026
