3Q 2023 Investor Presentation
Reconciliation of Adjusted Financial Measures
to U.S. GAAP
Moody's Corporation Adjusted Operating Income and
Adjusted Operating Margin Reconciliation.
(in $ millions)
Operating Income
Operating Margin
Add Adjustment:
Depreciation &
Amortization
Acquisition-Related
Expenses
Restructuring
Captive insurance
company settlement
Loss pursuant to the
divestiture of MAKS
Moody's Corporation Net Debt Reconciliation
2018
2019 2020 2021 2022
TTM
3Q 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%
$1,945
Gross debt
2021
$5,676 $5,581 $6,422 $7,413 $7,389
2022
3Q 2023
$6,851
34.0%
Less: Cash, cash
equivalents and short-
term investments
1,818
1,930 2,696
1,902 1,859 2,079
192
200
220
257
331
365
Net debt
$3,858
$3,651 $3,726
$5,511 $5,530 $4,772
8
3
49
60
50
114
133
16
14
9
Adjusted Operating Income $2,117 $2,291 $2,667 $3,101 $2,328 $2,443
Adjusted Operating Margin 47.6%
49.7% 49.9% 42.6% 42.7%
47.4%
Note: Some numbers may not foot due to rounding.
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3Q 2023 Investor Presentation
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