4Q and FY 2022 Investor Presentation
Reconciliation of Adjusted Financial Measures to U.S. GAAP
Moody's Corporation Adjusted Operating Income and Adjusted
Operating Margin Reconciliation
Moody's Corporation Net Debt Reconciliation
(in $ millions)
2018
2019
2020
2021
2022
(in $ millions)
2018
2019
2020
2021
2022
Operating Income
Operating Margin
$1,868 $1,998 $2,388
42.0% 41.4% 44.5%
$2,844 $1,883
45.7% 34.4%
Gross debt
$5,676
$5,581 $6,422
$7,413
$7,389
Add Adjustment:
Less: Cash, cash
equivalents and short-
term investments
1,818
1,930
2,696 1,902 1,859
Depreciation & Amortization
192
200
220
257
331
Net debt
$3,858
$3,651
$3,726 $5,511 $5,530
Acquisition-Related
8
3
Expenses
Restructuring
49
60
50
114
Captive insurance company
settlement
16
Loss pursuant to the
divestiture of MAKS
14
9
Adjusted Operating Income
Adjusted Operating Margin
$2,117 $2,291 $2,667 $3,101 $2,328
47.6% 47.4% 49.7% 49.9% 42.6%
Note: Some numbers may not foot due to rounding.
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4Q and FY 2022 Investor Presentation
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