3Q 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)
Operating Income
2015
2016 2017 2018 2019 2020
$1,491
Operating Margin
$651 $1,821 $1,868 $1,998 $2,388
42.8% 18.1% 43.3% 42.0% 41.4% 44.5%
TTM
3Q 2021
$2,774
46.5%
(in $ millions)
2015 2016 2017 2018 2019 2020
1Q 2Q 3Q
2021 2021 2021
Add Adjustment:
Depreciation &
Amortization
Acquisition-Related
Expenses
114
127
158
192
200
220
237
Gross debt
Less: Cash, cash
equivalents and
short-term
investments
$3,381 $3,363 $5,540 $5,676 $5,581 $6,422 $6,340 $6,355 $7,476
2,232 2,225 1,183 1,818 1,930 2,696 2,865 2,897 2,343
Net debt
$1,148 $1,138 $4,357 $3,858 $3,651 $3,726 $3,475 $3,458 $5,133
23
3
Restructuring
Captive insurance
company settlement
Settlement Charge
Loss pursuant to the
divestiture of MAKS
12
49
60
16
660
50
50
32
32
864
14
9
Adjusted Operating Income $1,605 $1,654 $2,002 $2,117 $2,291 $2,667 $3,043
Adjusted Operating Margin 46.0% 45.9% 47.6% 47.6% 47.4% 49.7% 51.0%
1.
2015-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting.
Note: Some numbers may not foot due to rounding.
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3Q 2021 Investor Presentation
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