3Q 2021 Investor Presentation
Reconciliation of Adjusted Financial Measures
to U.S. GAAP (cont.)
Moody's Corporation Operating Margin Guidance Reconciliation
Projected Operating Margin - U.S. GAAP
Depreciation & Amortization
Restructuring
Projected Adjusted Operating Margin
Free Cash Flow Reconciliation
2021F1
46% to 47%
Approximately 4.5%
Negligible
Approximately 51%
(in $ millions)
2016
2017
2018
2019
2020
2021F1
Net cash flows from operating activities
$1,259
$755
$1,461
Less: Capital expenditures
115
91
91
$1,675
69
Free Cash Flow
$1,144
$664
$1,370
$1,606
$2,146
103
$2,043
$2.3 to $2.4
~100
$2,200 - $2,300
1.
See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance.
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3Q 2021 Investor Presentation
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