Revenue and Issuance Analysis
Financial Performance
Revenue
$ Billions
Adjusted Diluted EPS2
$8.05
to
$8.20
$8.00
$6.0
$5.0
2014 2018 CAGR 7%
High-single-digit
% growth
$7.00
2014 2018 CAGR 14%
$4.2
$4.4
$4.0
$3.5
$3.6
$6.00
$3.3
$1.4
$1.7
$3.0 $1.1
$1.2
$1.2
$5.00
$7.39
$2.0
$4.00
$6.07
$1.0 $2.3
$2.3
$2.4
$2.8
$2.7
$3.00 $4.31
$4.71
$4.94
$0.0
$2.00
2014
2015
2016
2017
2018
2019F1
2014
2015
2016
2017
2018
2019F¹
■MIS Revenue
■MA Revenue
Operating Margin³
Free Cash Flow²
$ Millions
$1,600 $1,700
60%
50%
40%
30%
43.5%
20%
46.3%
42.8%
46.0%
18.1%
45.9%
43.3%
47.6%
42.1%
47.7%
$1,371
42%
$1,109
$1,144
$1,003
10%
$664
0%
2014
2015
2016
2017
2018
2019F
2014
2015
2016
20174
2018
2019F¹
Operating Margin
■Adj. Operating Margin 2
1.
Guidance as of October 30, 2019.
2.
3.
4.
These figures are adjusted measures. See appendix for reconciliations from adjusted financial measures to U.S. GAAP.
2014-2017 operating and adjusted operating margins have been restated to conform to the new presentation for pension expenses.
Reflects reduction by $701 million net of tax settlement charge.
MOODY'S
November 4, 2019
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