1Q 2021 Investor Presentation
Reconciliation of Adjusted Financial Measures to U.S. GAAP
Moody's Corporation Adjusted Operating Income and Adjusted
Operating Margin Reconciliation1
Moody's Corporation Net Debt Reconciliation
(in $ millions)
2015 2016 2017 2018 2019 2020
TTM
1Q 2021
(in $ millions)
2015
2016
2017
Gross debt
2018
1Q 2021
$3,381 $3,363 $5,540 $5,676 $5,581 $6,422 $6,340
2019
2020
Operating Income
$1,491
Operating Margin
42.8%
$651
18.1%
$1,821 $1,868 $1,998 $2,388 $2,649
43.3% 42.0% 41.4% 44.5% 46.6%
Add Adjustment:
Depreciation &
Less: Cash, cash
equivalents and short-
term investments
Net debt
2,232 2,225 1,183 1,818 1,930 2,696 2,865
$1,148 $1,138 $4,357 $3,858 $3,651 $3,726 $3,475
114
127
158
192
200
220
230
Amortization
Acquisition-Related
23
3
Expenses
Restructuring
12
49
6
60
50
Captive insurance
50
53
16
company settlement
Settlement Charge
864
Loss pursuant to the
14
9
divestiture of MAKS
Adjusted Operating Income $1,605 $1,654 $2,002 $2,117 $2,291 $2,667 $2,932
Adjusted Operating Margin 46.0% 45.9% 47.6% 47.6% 47.4% 49.7% 51.6%
Note: Some numbers may not foot due to rounding.
1.
2015-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting.
Moody's | Better decisions
1Q 2021 Investor Presentation 74View entire presentation