4Q and FY 2023 Investor Presentation
Recurring Revenue Growth Drives Margin Expansion
Recurring and Transaction Revenue
Recurring
Adjusted Operating Margin 1
Transaction
Recurring %
-15%
Recurring Revenue CAGR
94%
(94%
(93%
91%
85%
84%
FY18
FY19
FY20
FY21
FY22
FY23
26.4%
2018
+~410bps
30% to 31%
2024F
1. Guidance as of February 13, 2024. Refer to Table 12 - "2024 Outlook" in the press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2023; Sets Outlook for 2024" from February 13, 2024, 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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4Q and FY 2023 Investor Presentation
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