3Q 2022 Investor Presentation
Bond portfolio WAC1
Proactive Capital and Liquidity Management
Balanced maturity schedule 5
$ in millions
4.7%
4.3% 4.3%
3.9%
300
3.5%
4.2%
3.3% 3.3%
3.3%
3.9%
4.0%
300
3.1%
3.4%
3.4%
735
250
500
600
3.1%
500
490 500
300
500
500 500
400
400
300
300
2.1%
2.4% 2.4%
250
100
100
#
2014
2015
2016
2017
2018
2019
2020
2021
2022
2024 2025 2027 2028 2029 2030 2031 2032
2041 2044
2048 2050 2052
2060 2061
WAC With Hedges
WAC Excluding Hedges
■ USD Fixed ■USD Floating
■EUR Floating
EUR Fixed
Annualized Dividend Per Share
» Strong liquidity with $1.7B in cash and short-term investments,
and an undrawn $1.25B revolving credit facility2
» 2.3x net debt to Adjusted Operating Income³
$2.80
$2.48
$2.24
$2.00
$1.76
$1.48
$1.52
$1.36
» Leverage below maximum 4.0x total debt / EBITDA covenant4
2015
2016
2017
2018
2019
2020
2021
2022F6
1. WAC = Weighted Average Coupon. 2014-2021 as of year-end.
4.
2. As of September 30, 2022. See press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for Moody's sources of capital and cash flow generation.
3. Trailing twelve months Adjusted Operating Income as of September 30, 2022. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP.
Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million.
5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of August 3, 2022.
6. Annualized quarterly dividend of $0.70.
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3Q 2022 Investor Presentation 65View entire presentation