Moody's Corporation · NYSE:MCO
Moody's — Q1 2023 Earnings Presentation
74 slides from Moody's's earnings presentation, May 18, 2023
Slide 1: 1Q 2023 Investor Presentation
1Q 2023 Investor Presentation May 18, 2023
Slide 2: Disclaimer
Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, as
Slide 3: Table of Contents
Table of Contents 1. Moody’s Overview 2. Financial Overview 3. Capital Markets Overview 4. Moody’s Investors Service (MIS) 5. Moody’s Analytics (MA) 6. Appendix 1Q 2023 Investor Presentation 3
Slide 4: Moody's Overview
1 Moody’s Overview
Slide 5: Company Overview
Company Overview Global provider of integrated perspectives on risk, including credit rating opinions, analytical Financial intelligence and solutions and insights, that empower Delivering independent analytical tools supporting organizations to make better, faster decisions credit rating opinions a
Slide 6: Moody's as an Integrated Risk Assessment Business
Moody’s as an Integrated Risk Assessment Business Selection of Use Cases Addressable by Moody’s Solutions $40B+ Current Addressable Helping customers make Weather and natural Market BETTER DECISIONS disaster analysis Transfer pricing Supply chain management CURATED DATA1 and trade credit Entities Se
Slide 7: Financial Overview
2 Financial Overview
Slide 8: Moody's Corporation Financial Profile
Moody’s Corporation Financial Profile 1Q 2023 TTM Revenue: $5.4 billion Recurring Transaction U.S. Non-U.S. DS 29% 25% PPIF 48% 8% MIS1 R&I FIG MA2 14% 9% SFG D&I 71% 8% 52% 13% CFG 22% Full Year 2023 Guidance as of April 25, 20233 Revenue Increase in the mid-to-high-single-digit percent range Dilut
Slide 9: Macro Assumptions Underpinning our FY 2023 Outlook
Macro Assumptions Underpinning our FY 2023 Outlook Macroeconomic Assumptions1 Benchmark Rates Real GDP2 Inflation & Unemployment Default Rates FX Rates & Credit Spreads 0.5% - 1.5% U.S. Global benchmark rates to remain elevated, Global inflation levels to decline, but remain Global high yield $1.24
Slide 10: Medium-Term Guidance with 2022 Base Year
Medium-Term Guidance with 2022 Base Year1 M E D I U M - T E R M 2,3 MCO Revenue At least 10% growth MA Revenue Low-to-mid-teens % growth MIS Revenue Low-to-mid-single-digit % growth MCO Adjusted Operating Margin Low-50s % range MA Adjusted Operating Margin Mid-30s % range MIS Adjusted Operating Marg
Slide 11: Investment Criteria and Post-Acquisition Review
Investment Criteria and Post-Acquisition Review Clear Industrial Logic Disciplined Financial Targets Post-Acquisition Review Strategic fit, the most important factor, is the first Long held, clear financial framework for Disciplined and rigorous monitoring post-close screen external (and internal) i
Slide 12: Successful Delivery of M&A
Successful Delivery of M&A Pre- Post- Capabilities Ann’t Acquisition Acquisition Target3 Performance Acquired Date Growth1 Growth2 ON TRACK Incremental $150M revenue Climate & Natural Achieved 6% sales growth in 20225 by 2025 Disaster Risk Aug 2021 LSD% HSD - LDD% Modelling (RMS) EXCEEDED Accretive
Slide 13: Capital Markets Overview
3 Capital Markets Overview
Slide 14: Default Rates Expected to Rise; High Yield Spreads Fluctuate Around Historical Average
Default Rates Expected to Rise; High Yield Spreads Fluctuate Around Historical Average Default Rates for Global Speculative-Grade Corporate Rated Issuance1 U.S. HY Bond Spreads2 Baseline Optimistic Moderately Pessimistic Severely Pessimistic U.S. HY Bond Spreads Avg U.S. HY Bond Spread 16% 1,000 14%
Slide 15: Refinancing Needs Remain Significant
MIS: Following Outsized Issuance in 2020 and 2021, Refinancing Needs Remain Significant MIS-Rated Q1 Non-Financial Global Corporate Investment Grade (IG) Issuance MIS-Rated Q1 Non-Financial Global Corporate High Yield (HY) Issuance IG Bond Issuance IG Bond Issuance Avg U.S. 10YR Treasury U.S. 10YR T
Slide 16: Refunding Needs Support MIS Long-term Fundamentals
Refunding Needs1 Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)2 $666 $610 291 $412 246 Speculative Grade Bank Loans $255 160 Speculative Grade Bonds 113 140 39 39 Investment Grade » Refinancing needs remain approximately 28 187 214 251 234 flat
Slide 17: Debt Leverage and Interest Coverage in North America and Europe
Debt Leverage and Interest Coverage in North America and Europe1 Credit Metrics: North American Speculative Grade Companies Debt / EBITDA EBITDA / Interest Expense 5.8x Interest Coverage 6.0x 5.0x 5.1x 5.1x 5.3x 5.3x 5.4x 5.3x 5.3x 4.6x 4.5x 4.6x 4.8x 4.2x 4.3x 4.0x 3.0x 3.1x 3.0x 3.0x 3.0x 2.9x 3.0
Slide 18: Leveraged Finance Activity Driven by Refinancing and M&A
Leveraged Finance Activity Driven by Refinancing and M&A Uses of Funds from USD High Yield Bonds and Bank Loans Issuance1,2 5% 5% 6% 3% 5% 8% 6% 14% 12% 20% 19% 26% 26% 42% 83% 82% 75% 75% 69% 69% 50% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 1Q23 Debt Refinancing M&A Other 3 1. Percent of men
Slide 19: Debt Capital Market Penetration
Debt Capital Market Penetration Emerging Developed Size of bubble reflects 2022 GDP Developed Asia3 North America6 Other Asia7 CEE/CIS2 ASEAN1 India Latin M.E. & Africa5 America4 China Western Europe8 0% 20% 40% 60% 80% 100% 120% 2022 Private Sector Capital Market Debt Securities (International & Do
Slide 20: Private Credit Markets
Private Credit Markets ~$1.2 Trillion1 OVERVIEW Large Direct Loans » Constitutes loans, bonds, and other credit instruments issued by private companies or in private offerings » Market has grown significantly since the 2007 – 2008 Global Financial Crisis » Most direct loans are small and unrated Sma
Slide 21: Moody's Investors Service
4 Moody’s Investors Service
Slide 22: Moody's Investors Service Financial Profile
Moody’s Investors Service Financial Profile 1Q 2023 TTM Revenue: $2.6 billion » 41% recurring revenue » 38% recurring revenue U.S. Recurring Non-U.S. Transaction MIS Other1 2% Public, Project, & Infrastructure 40% Finance 54% 17% Corporate » 56% recurring revenue Financial Finance Institutions 46% 1
Slide 23: Expecting Moderate Improvement in 2023 Issuance
Expecting Moderate Improvement in 2023 Issuance1 2023 Issuance Factors FY 2023 Issuance Outlook1,2 MACROECONOMICS & POLICY Total Issuance Total Issuance Low-single-digit % » Banking sector stress » Geopolitical risks » Energy, trade, climate, tax, and regulatory policies Investment Grade Investment
Slide 24: Outlook Unchanged Due to Ongoing Market Uncertainty
Outlook Unchanged Due to Ongoing Market Uncertainty1 Revenue Adjusted Operating Margin » Inflationary and recessionary concerns, as Increase in the Mid-50s percent well as bank stress, expected to impact low-to-mid-single-digit range percent range capital market activity in the near-term, $2.7B with
Slide 25: MIS Long-term Revenue Growth Drivers Intact
MIS Long-term Revenue Growth Drivers Intact LONG-TERM GROWTH BUILDING BLOCKS ECONOMIC VALUE DEVELOPING EXPANSION1 PROPOSITION CAPITAL MARKETS » GDP growth drives demand for debt capital to » Proven rating accuracy and deeply » Bank system capacity remains constrained fund business investments experi
Slide 26: The Benefits of a Moody's Rating
The Benefits of a Moody’s Rating Investors seek Moody’s opinions and particularly value the knowledge of its analysts and the depth of Moody’s research Transparency, Access to capital credit comparison and Responsive to Planning Analytical market stability investor demand and budgeting capabilities
Slide 27: Illustrative Impact of Adding a Moody's Credit Rating
Illustrative Impact of Adding a Moody’s Credit Rating Example: 5-year $500 million corporate bond Not Rated by Moody’s Rated by Moody’s $500,000,000 Bond $500,000,000 1.20% 5-Yr US Treasury Bond Rate 1.20% 500 Option Adjusted Spread (bps)1 435 6.20% Interest Rate 5.55% = $31,000,000 Annual Interest
Slide 28: Facts & Figures Full Year 2022
PEOPLE ~$73tn ~$73 trillion 12,800+ trillion MCO employees FACTS & FIGURES Total rated Total rated 1 debt debt1 Full Year 2022 1,700+ Analysts AMERICAS EMEA ASIA PACIFIC 40+ Countries/Regions 33,900+ TOTAL RATED DEBT Rated Organizations and Structured Deals $41+ trillion $19+ trillion $10+ trillion
Slide 29: How we Participate in Global Domestic Markets
How we Participate in Global Domestic Markets MIS Emerging Markets Revenue1 South Africa Chile Malaysia MIS affiliate (majority) Others MIS affiliate (minority) CAGR $343M Nigeria Mexico Moody’s Local Argentina Other Emerging Markets 7% Brazil Peru Egypt Israel $179M $750 million China Size of domes
Slide 30: Moody's in Greater China
Moody’s in Greater China 2nd Largest Onshore Bond Market at ~$22 Trillion Revenue and Attributable Income from China2 Total debt securities outstanding 3Q 2012 - 3Q 20221 MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI 3Q 2012 $60 5% 3Q 2022 $125 $ Millions $ Trillions $40 18
Slide 31: Moody's Analytics
5 Moody’s Analytics
Slide 32: Integrated Risk Assessment Strategy Delivers Impressive Results
Integrated Risk Assessment Strategy Delivers Impressive Results LEVERAGING DEEP MARKET DELIVERING UNMATCHED CAPABILITIES CURRENTS RESULTS Extensive, Uniquely Outpacing Competitors in ARR2 Curated, Proprietary Data $30B+ Current Addressable 10% Rich Product Market1 RETENTION RATE3 61 Quarters of Deve
Slide 33: Diverse Customer Base Across Multiple Sectors
Diverse Customer Base Across Multiple Sectors1 4,400+ 900+ 70% 52% Corporates Insurance Companies of the Fortune 1002 of the Forbes 1,0003 2,600+ 900+ Commercial Banks Real Estate Entities 15,200+ 2,300+ 600+ Customers Professional Services Educational Institutions 1,900+ 200+ Asset Managers Securit
Slide 34: Assembling and Integrating Capabilities
Assembling and Integrating Capabilities Underwriting Lending & ESG & Climate Origination Assessment Portfolio Mgmt. Regulatory Investment Compliance Analysis KYC Decision Data & Solutions Research & Information Economic Insights Other Forecasts Proprietary & Models Data Models & Private & Analytics
Slide 35: Data & Information Snapshot
D&I Data & Information Snapshot Raw ingredients for unique insights $722M REVENUE » Create and aggregate extensive data from multiple sources » Standardize, cleanse and curate data » Distribute through cloud-based platforms, APIs and other web interfaces 9% DATA SETS INCLUDE ARR GROWTH1 Data feeds f
Slide 36: Research & Insights Snapshot
R&I Research & Insights Snapshot Generating actionable insights $745M REVENUE » Model and measure risks related to credit, financial, climate, operational, cyber and others » Forecast and benchmark micro and macroeconomic implications » Provide valuable insights and opinions that inform global decis
Slide 37: Decision Solutions Snapshot
DS Decision Solutions Snapshot Integrating best-in-class data and analytics $1,344M REVENUE » Integrate and connect data, research and analytics for enriching customer applications » Build and support software for specific customer workflows » Embedded components in external ecosystems 11% SOLUTIONS
Slide 38: Strong Execution Enables Consistent Revenue Growth
Strong Execution Enables Consistent Revenue Growth Exceptional value creation - revenue has more than tripled since inception $3,000 2022 Revenue: 2008 – 2022 CAGR: $2,769M +12% (~60% organic) $2,500 CAGR 12% $ Millions $2,000 $1,500 $1,000 $500 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2
Slide 39: Recurring Revenue Growth Drives Margin Expansion
Recurring Revenue Growth Drives Margin Expansion TTM Recurring And Transaction Revenue Adjusted Operating Margin1 Recurring Transaction Recurring % ~ ~17% Recurring Revenue CAGR 94% +~460bps 93% 91% 86% 31.0% 84% 80% 26.4% 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 2018 2023F 1. Guidance as of March 31, 2023. Re
Slide 40: Building on a Foundation of Strong Customer Retention
Building on a Foundation of Strong Customer Retention 94% 8% 9% 111% Full Year 2022 Retained Base 1 Upgrades and Price New Sales Business Base 95% 7% 9% 111% Full Year 2021 Retained Base Upgrades and Price New Sales Business Base 93% 7% 10% 110% Full Year 2020 Retained Base Upgrades and Price New Sa
Slide 41: MA: Full Year 2023 Guidance
MA: Full Year 2023 Guidance1 Continued focus on profitable revenue growth and reinvestment to fuel future expansion » MA’s mission critical solutions, deeply embedded in our customers’ workflows, deliver both sustained retention rates in the mid-90s and double-digit ARR growth KEY DRIVERS OF » Ongoi
Slide 42: Accelerating Revenue Growth
Accelerating Revenue Growth Medium-Term Revenue Target Drivers Strong Customer Retention Rates New Product Development Within 5 years1 Cross-selling, Upgrades & Pricing Low-to-mid-teens % Total Revenue CAGR Increased Distribution Capacity Continued SaaS Transition Note: SaaS = Software as a Service.
Slide 43: Decision Solutions: Integrating Content and Capabilities Across Moody's
Decision Solutions: Integrating Content and Capabilities Across Moody's Workflow solutions that address key customer use cases Decision Solutions 1Q 2023 Performance1 KYC INSURANCE BANKING Key Use » Onboarding, Perpetual » Underwriting » Lending 11% ARR Cases Screening & Monitoring » Risk & Capital
Slide 44: Expanding Customer Relationships Through Workflow Solutions
Expanding Customer Relationships Through Workflow Solutions that Combine Data, Analytics, and Software CASE STUDY: A NORTH AMERICAN BANK Lending Customer Verification (KYC / KYS) BROADEN 5x Customer Acquisition Workflow Initial ARR2 Customer Onboarding Solution Credit Decisions Loan Monitoring Softw
Slide 45: RMS: Driving Strong Results through Innovation and Integration
RMS: Driving Strong Results through Innovation and Integration Continued Focus on P&C Expanding via Cross-sell to Expanding Climate Capabilities Delivering New Synergistic Insurance Market Existing Customers to New Markets Solutions » Announced Open Modeling Engine » Doubled the rate of cross- » Dep
Slide 46: Awards & Accolades
Awards & Accolades Recognition for our industry-leading solutions: data, research, analytics and software 1Q 2023 Investor Presentation 46
Slide 47: Appendix
6 Appendix
Slide 48: Corporate Finance: Revenue and Issuance
Corporate Finance: Revenue and Issuance1 Issuance4: Mix by Quarter Revenue2: Mix by Quarter Global Non-Financial Investment-Grade Bonds Global Non-Financial Speculative-Grade Bonds Other 3 Investment Grade Speculative Grade Bank Loans U.S. Speculative-Grade Bank Loans Non-U.S. Speculative-Grade Bank
Slide 49: Corporate Finance: Revenue
Corporate Finance: Revenue Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction Non-U.S. U.S. Transaction Recurring 100% 100% 20% 22% 25% 23% 28% 30% 80% 38% 39% 35% 80% 45% 50% 68% 63% 68% 66% 66% 66% 65% 68% 63% 66% 69% 60% 60% 40% 40% 80% 78% 75% 77% 72% 70% 62%
Slide 50: Financial Institutions: Revenue and Issuance
Financial Institutions: Revenue and Issuance1 Revenue2: Mix by Quarter Issuance3: Mix by Quarter Global Investment Grade Financial Corporate Bonds Banking Insurance Managed Investments Other $700 Global Speculative Grade Financial Corporate Bonds $180 $2 $160 $3 $2 $600 $20 $8 $3 $3 $27 $8 $3 $ Bill
Slide 51: Financial Institutions: Revenue
Financial Institutions: Revenue Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction Non-U.S. U.S. Transaction Recurring 100% 100% 80% 46% 46% 46% 41% 43% 45% 44% 80% 44% 47% 46% 47% 53% 48% 50% 47% 50% 53% 51% 55% 62% 58% 57% 60% 60% 40% 40% 54% 54% 54% 52% 59% 57
Slide 52: Public, Project and Infrastructure: Revenue and Issuance
Public, Project and Infrastructure: Revenue and Issuance1 Revenue2: Mix by Quarter Issuance3: Mix by Quarter Public Finance and Sovereign Project & Infrastructure Finance Long-Term Rated U.S. Muni Bonds Rated Global Project & Infrastructure Finance Bonds $200 $200 $150 $ Billions $ Millions $150 $84
Slide 53: Public, Project and Infrastructure: Revenue
Public, Project and Infrastructure: Revenue Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction Non-U.S. U.S. Transaction Recurring 100% 100% 30% 32% 32% 34% 32% 36% 33% 33% 80% 80% 46% 45% 39% 55% 61% 58% 60% 58% 61% 60% 59% 64% 62% 62% 60% 60% 40% 40% 70% 68% 68
Slide 54: Structured Finance: Revenue and Issuance
Structured Finance: Revenue and Issuance1 Revenue2: Mix by Quarter Issuance3: Mix by Quarter ABS RMBS CMBS Structured Credit Other ABS RMBS CMBS Structured Credit $200 $500 $180 $1 $160 $400 $97 $ Millions $ Billions $140 $67 $39 $1 $120 $1 $300 $70 $53 $57 $1 $59 $32 $100 $36 $60 $52 $38 $43 $44 $5
Slide 55: Structured Finance: Revenue
Structured Finance: Revenue Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction Non-U.S. U.S. Transaction Recurring 100% 100% 80% 34% 35% 31% 35% 35% 80% 43% 41% 43% 59% 50% 52% 55% 63% 68% 65% 67% 67% 68% 63% 67% 62% 69% 60% 60% 40% 40% 66% 65% 69% 65% 65% 57% 59
Slide 56: Moody's Analytics: Financial Overview
Moody’s Analytics: Financial Overview Decision Solutions Research & Insights Data & Information Moody’s Analytics Revenue: Mix by Quarter Revenue: Distribution by Line of Business Revenue: Mix by Year $800 100% $3,000 $700 90% 25% 30% 31% 29% 27% 26% 26% 26% 26% $2,500 $180 $188 80% $712 $600 $178 $
Slide 57: Moody's Revenue and Interest Rates Over Time
Moody’s Revenue and Interest Rates1 Over Time MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R)1 $7,000 9% +240bps 7.8% 8% $6,000 7% $ Millions 6.5% $5,000 +100bps +120bps 6% 5.8% $4,000 5% 4.7% 3.9% $3,000 4% 3.3% +200bps +180bps 3
Slide 58: Maintaining Financial Flexibility through Proactive Management
Maintaining Financial Flexibility through Proactive Management Bond portfolio WAC1 Balanced maturity schedule4 $ in millions 5.1% 4.7% 4.6% 4.3% 4.3% 3.9% 300 4.1% 3.5% 3.3% 3.3% 3.3% 3.3% 300 3.6% 4.2% 4.0% 3.1% 815 3.1% 3.9% 500 250 3.4% 3.4% 3.3% 543 500 600 2.6% 500 300 500 500 3.0% 400 400 2.1%
Slide 59: Disciplined Approach to Capital Management
Disciplined Approach to Capital Management Capital Allocation Priorities Increasing Dividends Through Market Cycles COVID-19 $3.50 Recession INVESTING FOR GROWTH $3.00 $2.50 Great 1 Reinvestment Accelerating organic growth $2.00 $1.50 $1.00 2001 Recession Recession 2 Acquisitions Advance global inte
Slide 60: Moody's Transparent and Rigorous ESG & Climate Capabilities
Moody’s Transparent and Rigorous ESG & Climate Capabilities » Our award-winning ESG & Climate risk data is integrated across our business and capabilities High-single-digit » We enable customers to obtain a holistic percent growth view of their ESG & Climate risk exposure by providing both a financi
Slide 61: Workflow-Driven ESG & Climate Solutions
Workflow-Driven ESG & Climate Solutions Moody’s rigorous solutions help customers address evolving business needs F O U N D A T I O N A L A N A L Y S I S Conduct foundational, company & sector-level ESG risk analysis & benchmarking across all workflows Lending Underwriting Investing Disclosure Suppl
Slide 62: ESG & Climate at Moody's
ESG & Climate at Moody’s Snapshot1 35+ 10,000+ ~300M 10,000+ Years of ESG experience ESG Credit Impact Scores Companies scored Climate physical risk scores Pioneers of ESG analysis for over (CIS) and Issuer Profile Scores Via a combination of analyst- Spanning countries, sub three decades, providing
Slide 63: Drivers of Sustainable Corporate Value
Drivers of Sustainable Corporate Value Placing sustainability at the core of the business Better Business Better Lives Better Solutions » Committed to net-zero by 2040: Moody’s is one of the » Progressed on our customer-focused diversity, equity » Expanded our Issuer Profile Scores (IPS) and Credit
Slide 64: Modernizing our Internal Data & Technology Infrastructure
Modernizing our Internal Data & Technology Infrastructure to Further Enhance Business Capabilities Cloud and Platform DevOps » Progressing on our cloud infrastructure journey to » Continuing our DevOps journey within MIS and allow “always on”; ~90% of MA solutions are in the MA to promote high quali
Slide 65: Innovation Enabled by Artificial Intelligence (AI)
Innovation Enabled by Artificial Intelligence (AI) Utilizing natural language processing (NLP) and machine learning (ML) across Moody’s external products and solutions mlfabric™ MA Products » Extensible modular ML framework to accelerate & » QUIQspread: product capable of automating scale ML across
Slide 66: 1Q 2023 Investor Presentation
1Q 2023 Investor Presentation 66
Slide 67: 1Q 2023 Investor Presentation
1Q 2023 Investor Presentation 67
Slide 68: Reconciliation of Adjusted Financial Measures to U.S. GAAP
Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation Moody's Corporation Net Debt Reconciliation TTM (in $ millions) 2018 2019 2020 2021 2022 1Q 2023 (in $ millions) 2018 2019 2020 2021 2022 1Q 2023 Gros
Slide 69: Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.)
Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation 2023F1 Projected Operating Margin – U.S. GAAP Approximately 37% Depreciation & Amortization Approximately 6.5% Restructuring Expense Approximately 1% Projected Adjusted Ope
Slide 70: Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.)
Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2018 2019 2020 2021 2022 2023F1 Diluted EPS – U.S. GAAP $6.74 $7.42 $9.39 $11.78 $7.44 $8.45 to $8.95 Acquisition-Related Intangible Amortization Expenses $0.40 $0.42 $0.51 $0.65 $0.83 ~
Slide 71: Annualized Recurring Revenue (ARR)
Annualized Recurring Revenue (ARR) The Company presents Annualized Recurring Revenue (“ARR”) on a constant currency organic basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time
Slide 72: Key Assumptions Underlying our Medium-Term Targets
Key Assumptions Underlying our Medium-Term Targets Moody’s medium-term guidance refers to a time period within 5 years and reflects assumptions about numerous factors that could affect its business and is based on currently available information reviewed by management through and as of today’s date.
Slide 73: Investor Relations
Investor Relations ir.moodys.com ir@moodys.com moodys.com
Slide 74: 1Q 2023 Investor Presentation
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liabilit