Revenue and Issuance Analysis
Long-Term Growth Opportunities
Three Levers to Achieve EPS Growth
REVENUE
High Single Digit % Growth Range¹
Issuance Volume & Mix +
Coverage + Moody's Analytics
+ Pricing Initiatives
High-40s % Range
ADJ. OPERATING MARGIN
Cost Discipline
+ Process Re-Engineering + Technology Enablement
CAPITAL ALLOCATION
Dividend Growth & Share Count Reduction²
Reinvestment
EPS
Acquisitions
Dividends
Share Repurchases
Low Teens % Growth Range¹
1,2
Note: Long-term growth opportunities presented on this slide are on average over time.
1.
Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy.
2. Subject to market conditions and other ongoing capital allocation decisions.
MOODY'S
November 4, 2019
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