2Q 2023 Investor Presentation

Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation. Moody's Corporation Net Debt Reconciliation (in $ millions) Operating Income Operating Margin Add Adjustment: Depreciation & Amortization Acquisition-Related Expenses Restructuring 2018 2019 2020 2021 2022 TTM 2Q 2023 (in $ millions) 2018 2019 2020 $1,868 $1,998 $2,388 $2,844 $1,883 42.0% 41.4% 44.5% 45.7% 34.4% $1,823 Gross debt 2021 $5,676 $5,581 $6,422 $7,413 $7,389 2022 2Q 2023 $7,223 33.0% Less: Cash, cash equivalents and short- term investments 1,818 1,930 2,696 1,902 1,859 2,335 192 200 220 257 331 353 Net debt $3,858 $3,651 $3,726 $5,511 $5,530 $4,888 8 3 49 60 50 114 107 16 Captive insurance company settlement Loss pursuant to the divestiture of MAKS Adjusted Operating Income $2,117 Adjusted Operating Margin 47.6% 14 9 $2,291 $2,667 $3,101 $2,328 $2,283 47.4% 49.7% 49.9% 42.6% 41.3% Note: Some numbers may not foot due to rounding. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 68

View entire presentation