Moody's Corp Q3 2024 10-Q Filing

Ticker: MCO · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 1059556

Moodys Corp /De/ 10-Q Filing Summary
FieldDetail
CompanyMoodys Corp /De/ (MCO)
Form Type10-Q
Filed DateOct 23, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01, $1 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, debt

TL;DR

**Moody's Q3 10-Q is in! Check financials for debt notes due 2027 & 2030.**

AI Summary

Moody's Corporation filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial instruments mentioned include "TwoThousandAndFifteenSeniorNotesDueTwoThousandAndTwentySevenMember" and "A950SeniorNotesDueTwoThousandAndThirtyMember". The company's fiscal year ends on December 31st.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance data for Moody's Corporation, crucial for understanding its market position and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.

Key Numbers

  • 2024-09-30 — Period End Date (Latest reported quarter)
  • 2024-10-23 — Filing Date (Date the report was submitted)

Key Players & Entities

  • MOODYS CORP /DE/ (company) — Filer
  • 2024-09-30 (date) — Period of Report
  • 2024-10-23 (date) — Filing Date
  • 7 WORLD TRADE CENTER (location) — Business Address
  • 2125530300 (phone_number) — Business Phone
  • DUN & BRADSTREET CORP /DE/ (company) — Former Company Name
  • mco:TwoThousandAndFifteenSeniorNotesDueTwoThousandAndTwentySevenMember (financial_instrument) — Debt Instrument
  • mco:A950SeniorNotesDueTwoThousandAndThirtyMember (financial_instrument) — Debt Instrument

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 23, 2024.

What is Moody's Corporation's fiscal year end?

Moody's Corporation's fiscal year ends on December 31st.

What are some of the specific debt instruments mentioned in the filing's XBRL data?

The filing mentions "TwoThousandAndFifteenSeniorNotesDueTwoThousandAndTwentySevenMember" and "A950SeniorNotesDueTwoThousandAndThirtyMember".

What was Moody's Corporation's former company name?

Moody's Corporation was formerly known as DUN & BRADSTREET CORP /DE/.

Filing Stats: 4,750 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-10-23 16:28:26

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 and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 8 Consolidated Balance Sheets (Unaudited) at September 30, 2024 and December 31, 2023 9 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023 10 Consolidated Statements of Shareholders' Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 11 Notes to the Consolidated Financial Statements (Unaudited) 15 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 39 Sustainability 39 Critical Accounting Estimates 40 Reportable Segments 41 Results of Operations 42 Liquidity and Capital Resources 71 Non-GAAP Financial Measures 73 Recently Issued Accounting Standards 76 Contingencies 76

Forward-Looking Statements

Forward-Looking Statements 77 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 78 Item 4.

Controls and Procedures

Controls and Procedures 78

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 79 Item 1A.

Risk Factors

Risk Factors 79 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79 Item 5. Other Information 79 Item 6. Exhibits 80

SIGNATURES

SIGNATURES 81 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 4 Table of Contents TERM DEFINITION 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 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436 Expenses Operating 512 412 1,448 1,266 Selling, general, and administrative 434 403 1,293 1,204 Depreciation and amortization 108 95 318 276 Restructuring 6 27 13 51 Charges related to asset abandonment 15 — 30 — Total expenses 1,075 937 3,102 2,797 Operating income 738 535 2,314 1,639 Non-operating (expense) income, net Interest expense, net ( 60 ) ( 66 ) ( 185 ) ( 185 ) Other non-operating income, net 25 18 45 31 Total non-operating (expense) income, net ( 35 ) ( 48 ) ( 140 ) ( 154 ) Income before provision for income taxes 703 487 2,174 1,485 Provision for income taxes 169 97 510 217 Net income 534 390 1,664 1,268 Less: Net income attributable to noncontrolling interests — 1 1 1 Net income attributable to Moody's $ 534 $ 389 $ 1,663 $ 1,267 Earnings per share attributable to Moody's common shareholders Basic $ 2.94 $ 2.12 $ 9.13 $ 6.91 Diluted $ 2.93 $ 2.11 $ 9.09 $ 6.88 Weighted average number of shares outstanding Basic 181.7 183.3 182.2 183.4 Diluted 182.5 184.0 183.0 184.1 The accompanying notes are an integral part of the consolidated financial statements. 7 Table of Contents MOODY'S CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Amounts in millions) Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Pre-tax amounts Tax amounts After-tax amounts Pre-tax amounts Tax amounts After-tax amounts Net Income $ 534 $ 390 Other Comprehensive Income (Loss): Foreign Currency Adjustments: Foreign currency translation adjustments, net $ 252 $ ( 3 ) 249 $ ( 174 ) $ ( 2 ) ( 176 ) Net (losses) gains on net investment hedges ( 184 ) 48 ( 136 ) 124 ( 31 ) 93 Cash Flow Hedges: Reclassification o

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) decision solutions; ii) research and insights; and iii) data and information, which help companies make better and faster decisions. MA leverages its unique assets and specialized industry knowledge across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business lead

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