Revenue and Issuance Analysis
Millions of Shares
Disciplined Approach to Capital Allocation
Investing in Growth Opportunities
G
Reinvestment
Invest in existing
businesses to
support organic
growth
Acquisitions
Evaluate carefully to
make sure aligned
with strategy and
market evolution
Share Repurchases and Dividends Paid
Share Repurchases (R)
Shares Outstanding (L)
Dividends Paid (R)
$1,600
Return of Capital
Dividends
Grow dividend in line
with earnings; target
25%-30% payout¹
IIII
Share Repurchase
Follow reinvestment,
dividends and
acquisitions in capital
allocation prioritization
Annualized Dividend Per Share
230
$1,457
$1,370
$236
210
$272
25%-30%
payout¹
$1,024
$285
$1,200
190
- $800
$1,221
$490
$540
$1,000
$ Millions
CAGR = 12%
$2.00
$1.76
$1.48
$1.52
$1.36
$1.12
$1,098
170
T
$739
$290
$337
$400
$200
$203
150
$0
2014 2015 2016
2017
2018 2019
2014
2015
2016
2017
2018
3Q192
1. Dividend payout ratio is defined as total dividends paid/adjusted net income.
2.
Annualized dividend total, based on 2019 year-to-date dividends of $0.50 declared on February 15, April 16, July 9 and October 21, 2019.
MOODY'S
November 4, 2019
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