3Q 2023 Investor Presentation
Reconciliation of Adjusted Financial Measures
to U.S. GAAP (cont.)
Moody's Corporation Operating Margin Guidance
Reconciliation
Free Cash Flow Reconciliation
2023F1
(in $ millions)
2018
2019 2020 2021 2022
2023F1
Projected Operating Margin - U.S. GAAP
Approximately 37%
Net cash flows from
operating activities
$1,461 $1,675 $2,146 $2,005 $1,474
Approximately
$2.1 billion
Depreciation & Amortization
Approximately 6.2%
Less: Capital
expenditures
91
69
103
139
283
Approximately
$0.3 billion
Restructuring Expense
Approximately 1.3%
Free Cash Flow
$1,370 $1,606 $2,043 $1,866 $1,191
Projected Adjusted Operating Margin
44% to 45%
Approximately
$1.8 billion
1. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, reconciliations between
adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance.
Moody's
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3Q 2023 Investor Presentation
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