Investor Presentaiton
Reconciliation of Adjusted Financial Measures to U.S. GAAP
Moody's Corporation Adjusted Operating Income and Adjusted
Operating Margin Reconciliation1
Moody's Corporation Net Debt Reconciliation
(in $ millions)
2017
2018
2019
2020
2021
(in $ millions)
2017
2018
2019
2020
2021
Operating Income
Operating Margin
$1,821 $1,868 $1,998
43.3% 42.0% 41.4%
$2,388
44.5%
$2,844
Gross debt
$5,540
$5,676
$5,581
$6,422
$7,413
45.7%
Less: Cash, cash equivalents
1,183
1,818
1,930
2,696
1,902
Add Adjustment:
and short-term investments
Depreciation & Amortization
158
192
200
220
257
Net debt
$4,357
$3,858
$3,651
$3,726
$5,511
Acquisition-Related Expenses
23
8
3
Restructuring
49
60
50
Captive insurance company
16
settlement
Settlement Charge
Loss pursuant to the divestiture
14
9
of MAKS
Adjusted Operating Income
$2,002
Adjusted Operating Margin
47.6%
$2,117 $2,291 $2,667 $3,101
47.6% 47.4% 49.7% 49.9%
1. 2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting.
Note: Some numbers may not foot due to rounding.
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4Q & FY 2021 Investor Presentation
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