4Q and FY 2023 Investor Presentation
Reconciliation of Adjusted Financial Measures
to U.S. GAAP (cont.)
Moody's Corporation Operating Margin Guidance
Reconciliation
Free Cash Flow Reconciliation
Projected Operating Margin – U.S. GAAP
2024F1
(in $ millions)
2024F1
37% to 39%
Net cash flows from operating activities
$2.3 billion to $2.5 billion
Approximately 7%
Less: Capital expenditures
Approximately $0.4 billion
Depreciation & Amortization
Projected Adjusted Operating Margin
44% to 46%
Free Cash Flow
$1.9 billion to $2.1 billion
4Q and FY 2023 Investor Presentation
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.
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