3Q 2020 Investor Presentation
Reconciliation of Adjusted Financial Measures
to GAAP (cont.)
Moody's Corporation Operating Margin Guidance Reconciliation
Projected Operating Margin - GAAP
Depreciation & Amortization
Restructuring
Loss pursuant to the divestiture of MAKS
Projected Adjusted Operating Margin
Free Cash Flow Reconciliation
2020F1
Approximately 45%
Approximately 4.5%
Approximately 0.5%
Negligible
Approximately 50%
(in $ millions)
2015
2016
2017
2018
2019
Net cash flows from operating activities
$1,198
$1,259
$755
$1,461
Less: Capital expenditures
89
115
91
Free Cash Flow
$1,109
$1,144
$664
91
$1,370
$1,675
69
$1,606
2020F1
Approximately $1.9 billion
~100
Approximately $1.8 billion
1.
Guidance as of October 29, 2020.
MOODY'S
3Q 2020 Investor Presentation - November 11, 2020
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