3Q 2022 Investor Presentation
Reconciliation of Adjusted Financial Measures
to U.S. GAAP (cont.)
Moody's Corporation Operating Margin Guidance Reconciliation
1.
Projected Operating Margin – U.S. GAAP
Depreciation & Amortization
Restructuring
Projected Adjusted Operating Margin
Free Cash Flow Reconciliation
2022F1
34% to 35%
Approximately 6%
Approximately 1.5%
Approximately 42%
(in $ millions)
2018
2019
2020
2021
2022F1
Net cash flows from operating activities
Less: Capital expenditures
$1,461
$1,675
91
69
$2,146
103
$2,005
139
Approximately $1.5 billion
Approximately $300 million
Free Cash Flow
$1,370
$1,606
$2,043
$1,866
Approximately $1.2 billion
Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for a complete list of guidance, reconciliations between
adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance.
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3Q 2022 Investor Presentation
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