Moody's Corporation Files 10-Q for Period Ending March 31, 2024

Ticker: MCO · Form: 10-Q · Filed: May 2, 2024 · CIK: 1059556

Moodys Corp /De/ 10-Q Filing Summary
FieldDetail
CompanyMoodys Corp /De/ (MCO)
Form Type10-Q
Filed DateMay 2, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $1 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, Moody's Corporation, Financial Report, Quarterly Earnings, SEC Filing

TL;DR

<b>Moody's Corporation has submitted its Q1 2024 10-Q filing, providing a detailed financial update for the quarter ending March 31, 2024.</b>

AI Summary

MOODYS CORP /DE/ (MCO) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Moody's Corporation filed its quarterly report (10-Q) for the period ended March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The report details financial information for the period from January 1, 2024, to March 31, 2024. Comparative financial data for the first quarter of 2023 (January 1, 2023, to March 31, 2023) is also included. The company's principal executive offices are located at 7 World Trade Center, New York, NY.

Why It Matters

For investors and stakeholders tracking MOODYS CORP /DE/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of Moody's Corporation, crucial for understanding its current operational health and future prospects. The inclusion of comparative data from the prior year's quarter allows for an analysis of year-over-year trends and performance changes within Moody's business segments.

Risk Assessment

Risk Level: medium — MOODYS CORP /DE/ shows moderate risk based on this filing. The filing is a standard quarterly report, which by nature contains detailed financial information but does not typically include forward-looking statements or significant new risk disclosures beyond what is usually expected in a 10-Q. The complexity of financial reporting and the nature of Moody's business in credit ratings and financial analysis introduce inherent risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any significant changes in revenue, expenses, or balance sheet items compared to the prior year's quarter.

Key Numbers

  • 2024-01-01 — Quarter Start Date (Reporting period)
  • 2024-03-31 — Quarter End Date (Reporting period)
  • 2023-01-01 — Prior Year Quarter Start Date (Comparative period)
  • 2023-03-31 — Prior Year Quarter End Date (Comparative period)

Key Players & Entities

  • MOODYS CORP /DE/ (company) — Filer name
  • 20240331 (date) — Conformed period of report
  • 20240502 (date) — Filed as of date
  • 7 WORLD TRADE CENTER (location) — Business address street 1
  • NEW YORK (location) — Business address city
  • 10007 (postal_code) — Business address zip
  • 2125530300 (phone_number) — Business phone
  • DUN & BRADSTREET CORP /DE/ (company) — Former company name

FAQ

When did MOODYS CORP /DE/ file this 10-Q?

MOODYS CORP /DE/ filed this Quarterly Report (10-Q) with the SEC on May 2, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by MOODYS CORP /DE/ (MCO).

Where can I read the original 10-Q filing from MOODYS CORP /DE/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MOODYS CORP /DE/.

What are the key takeaways from MOODYS CORP /DE/'s 10-Q?

MOODYS CORP /DE/ filed this 10-Q on May 2, 2024. Key takeaways: Moody's Corporation filed its quarterly report (10-Q) for the period ended March 31, 2024.. The filing covers the first quarter of the fiscal year 2024.. The report details financial information for the period from January 1, 2024, to March 31, 2024..

Is MOODYS CORP /DE/ a risky investment based on this filing?

Based on this 10-Q, MOODYS CORP /DE/ presents a moderate-risk profile. The filing is a standard quarterly report, which by nature contains detailed financial information but does not typically include forward-looking statements or significant new risk disclosures beyond what is usually expected in a 10-Q. The complexity of financial reporting and the nature of Moody's business in credit ratings and financial analysis introduce inherent risks.

What should investors do after reading MOODYS CORP /DE/'s 10-Q?

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any significant changes in revenue, expenses, or balance sheet items compared to the prior year's quarter. The overall sentiment from this filing is neutral.

Key Dates

  • 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
  • 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Filing Stats: 4,576 words · 18 min read · ~15 pages · Grade level 19.9 · Accepted 2024-05-02 16:20:56

Key Financial Figures

  • $0.01 — ich registered Common Stock, par value $0.01 per share MCO New York Stock Exchange
  • $1 billion — o privately place CP up to a maximum of $1 billion for which the maturity may not exceed 3

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 7 Consolidated Balance Sheets (Unaudited) at March 31, 2024 and December 31, 2023 8 Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 9 Consolidated Statements of Shareholders' Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 10 Notes to the Consolidated Financial Statements (Unaudited) 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations The Company 34 Sustainability 34 Current Matters Impacting Moody's Business 35 Critical Accounting Estimates 35 Reportable Segments 35 Results of Operations 36 Liquidity and Capital Resources 50 Non-GAAP Financial Measures 52 Recently Issued Accounting Standards 54 Contingencies 54

Forward-Looking Statements

Forward-Looking Statements 55 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 56

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 5. Other Information 57 Item 6. Exhibits 58

SIGNATURES

SIGNATURES 59 2 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS The following terms, abbreviations and acronyms are used to identify frequently used terms in this report: TERM DEFINITION ABS Asset backed securities; a component of SFG Acquisition-Related Intangible Amortization Expense Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions Adjusted Diluted EPS Diluted EPS excluding the impact of certain items as detailed in the section entitled "Non-GAAP Financial Measures" Adjusted Net Income Net Income excluding the impact of certain items as detailed in the section entitled "Non-GAAP Financial Measures" Adjusted Operating Income Operating income excluding the impact of certain items as detailed in the section entitled "Non-GAAP Financial Measures" Adjusted Operating Margin Adjusted Operating Income divided by revenue Americas Represents countries within North and South America, excluding the U.S. ARR Annualized Recurring Revenue; a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time, excluding the impact of FX and contracts related to acquisitions ASC The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants Asia-Pacific Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Republic of South Korea, Malaysia, Singapore, Sri Lanka and Thailand ASU The FASB Accounting Standards Update to the ASC. Provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC AUD Australian dollar BitSight A provider that helps global market participants

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations M&A Mergers and acquisitions MIS Moody's Investors Service - a reportable segment of MCO; MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities; consists of five LOBs - SFG; CFG; FIG; PPIF; and MIS Other MIS Other Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. These businesses are components of MIS; MIS Other is an LOB of MIS Moody's Moody's Corporation and its subsidiaries; MCO; the Company MSS Moody's Shared Services; primarily consists of information technology and support staff such as finance, human resources and legal that support both MA and MIS 4 Table of Contents TERM DEFINITION Net Income Net income attributable to Moody's Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder NM Percentage change is not meaningful Non-GAAP A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company's performance, facilitate comparisons to competitors' operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making NRSRO Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC OECD Organization for Economic Co-operation and Development; an international organization that promotes policies that improve economic and so

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MOODY'S CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in millions, except per share data) Three Months Ended March 31, 2024 2023 Revenue $ 1,786 $ 1,470 Expenses Operating 467 428 Selling, general, and administrative 413 386 Depreciation and amortization 100 88 Restructuring 5 14 Total expenses 985 916 Operating income 801 554 Non-operating (expense) income, net Interest expense, net ( 62 ) ( 48 ) Other non-operating income, net 13 — Total non-operating (expense) income, net ( 49 ) ( 48 ) Income before provision for income taxes 752 506 Provision for income taxes 175 5 Net income attributable to Moody's $ 577 $ 501 Earnings per share attributable to Moody's common shareholders Basic $ 3.16 $ 2.73 Diluted $ 3.15 $ 2.72 Weighted average number of shares outstanding Basic 182.6 183.3 Diluted 183.4 184.1 The accompanying notes are an integral part of the consolidated financial statements. 6 Table of Contents MOODY'S CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Amounts in millions) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Pre-tax amounts Tax amounts After-tax amounts Pre-tax amounts Tax amounts After-tax amounts Net Income $ 577 $ 501 Other Comprehensive Income (Loss): Foreign Currency Adjustments: Foreign currency translation adjustments, net $ ( 115 ) $ — ( 115 ) $ 109 $ ( 2 ) 107 Net gains (losses) on net investment hedges 101 ( 27 ) 74 ( 76 ) 19 ( 57 ) Cash Flow Hedges: Reclassification of losses included in net income 1 — 1 1 — 1 Pension and Other Retirement Benefits: Net actuarial losses ( 1 ) — ( 1 ) — — — Total other comprehensive (loss) income $ ( 14 ) $ ( 27 ) $ ( 41 ) $ 34 $ 17 $ 51 Comprehensive income 536 552 Less: comprehensive loss attributable to noncontrolling interests — ( 3 ) Comprehensive Income Attributable to Moody's $ 536 $ 555 The accompanying notes are an integral part of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (tabular dollar and share amounts in millions, except per share data) NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Moody's is a global integrated risk assessment firm that empowers organizations to anticipate, adapt and thrive in a new era of exponential risk. Our data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. Moody's reports in two reportable segments: MA and MIS. MA is a global provider of: i) data and information; ii) research and insights; and iii) decision solutions, which help companies make better and faster decisions. MA leverages its industry expertise across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities. MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company's consolidated financial statements and related notes in the Company's 2023 annual report on Form 10-K filed with the SEC on February 14, 2024. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated

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