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
Restructuring Expense
Projected Adjusted Operating Margin
Free Cash Flow Reconciliation
2023F1
Approximately 37%
Approximately 7%
Approximately 0.5%
44% to 45%
(in $ millions)
2018
2019
2020
2021
2022
2023F1
Net cash flows from operating activities
Less: Capital expenditures
$1,461
$1,675
$2,146
91
69
103
$2,005
139
$1,474
283
$1.7 to $1.9 billion
Approximately $0.3 billion
Free Cash Flow
$1,370
$1,606
$2,043
$1,866
$1,191
$1.4 to $1.6 billion
1.
Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Fourth Quarter And Full Year 2022; Sets Outlook For 2023" from January 31, 2023, for a complete
list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance.
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4Q and FY 2022 Investor Presentation
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