Investor Presentaiton
Reconciliation of Adjusted Financial Measures
to U.S. GAAP (cont.)
Moody's Corporation Operating Margin Guidance Reconciliation
Projected Operating Margin – U.S. GAAP
Depreciation & Amortization
Projected Adjusted Operating Margin
Free Cash Flow Reconciliation
2022F1
44% to 45%
Approximately 5%
49% to 50%
(in $ millions)
2017
2018
2019
2020
2021
2022F1
Net cash flows from operating activities
Less: Capital expenditures
$755
$1,461
91
91
$1,675
69
$2,146
103
$2,005
139
$2,450 to $2,650
~150
Free Cash Flow
$664
$1,370
$1,606
$2,043
$1,866
$2,300 $2,500
1.
See press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2021; Sets Full Year 2022 and Medium-Term Outlooks" from February 10, 2022 for Moody's complete full year 2022 guidance.
Moody's | Better decisions
4Q & FY 2021 Investor Presentation
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