-
2Q16 revenue of $928.9 million up 1% from 2Q15
-
2Q16 EPS of $1.30 up 2% from 2Q15
-
Reaffirming FY 2016 EPS guidance of $4.55 to $4.65; expecting to be
toward the lower end of the range
NEW YORK--(BUSINESS WIRE)--
Moody’s Corporation (NYSE:MCO) today announced results for the second
quarter of 2016 and provided its current outlook for full year 2016.
"Moody’s achieved year-on-year revenue growth in the second quarter due
to the strong performance of Moody’s Analytics and the recovery in bond
issuance from the weak start to the year,” said Raymond McDaniel,
President and Chief Executive Officer of Moody’s. “Anticipating
heightened market uncertainty outside the US, we expect full year 2016
EPS to be toward the lower end of our guidance range of $4.55 to $4.65.”
SECOND QUARTER 2016 HIGHLIGHTS
Moody’s Corporation reported revenue of $928.9 million for the three
months ended June 30, 2016, up 1% from $918.1 million for the same
period of 2015.
Operating expense totaled $518.7 million, up 4% from $498.8 million, and
operating income was $410.2 million, down 2% from $419.3 million.
Adjusted operating income (operating income before depreciation and
amortization) was $441.4 million, down 1% from $447.2 million in the
prior-year period. Operating margin for the second quarter of 2016 was
44.2% and adjusted operating margin was 47.5%.
EPS of $1.30 was up 2% from the second quarter of 2015.
MCO SECOND QUARTER 2016 REVENUE UP 1%
Moody’s Corporation reported global revenue of $928.9 million for the
second quarter of 2016, up 1% from $918.1 million in the second quarter
of 2015. The impact of foreign currency translation was negligible.
US revenue was $545.9 million, flat to the second quarter of 2015, while
non-US revenue was $383.0 million, up 3% from the prior-year period.
Revenue generated outside the US represented 41% of total revenue,
consistent with the year-ago period.
MIS Second Quarter Revenue Down 2%
Global revenue for Moody’s Investors Service (MIS) for the second
quarter of 2016 was $625.6 million, down 2% from $639.2 million in the
prior-year period. The impact of foreign currency translation was
negligible. US revenue was $399.0 million, down 3%, while non-US revenue
was $226.6 million, flat to the prior-year period.
Global corporate finance revenue was $304.8 million, down 5% from the
strong prior-year period. This result primarily reflected lower levels
of US speculative grade and Asian investment grade issuance despite
increased activity from the first quarter. US and non-US corporate
finance revenues were down 4% and 6%, respectively.
Global structured finance revenue totaled $111.5 million, down 8% from
the second quarter of 2015. Reduced US CLO and CMBS activity was only
partially offset by increased European structured finance activity. US
structured finance revenue was down 16%, while non-US revenue was up 14%.
Global financial institutions revenue was $89.7 million, down 1%
compared to the prior-year period. US financial institutions revenue was
up 7%, while non-US revenue was down 7%.
Global public, project and infrastructure finance revenue was $112.3
million, up 12% over the prior-year period primarily as a result of
increased global infrastructure-related issuance. US and non-US public,
project and infrastructure finance revenues were up 11% and 16%,
respectively.
MA Second Quarter Revenue Up 9%
Global revenue for Moody’s Analytics (MA) for the second quarter of 2016
was $303.3 million, up 9% from $278.9 million in the second quarter of
2015. Foreign currency translation unfavorably impacted MA revenue by
1%. MA’s US revenue was $146.9 million, up 10%, and its non-US revenue
was $156.4 million, up 8%.
Global revenue from research, data and analytics (RD&A) was $168.3
million, up 7% from the prior-year period mainly due to strength in
sales of credit research and ratings data feeds. US and non-US RD&A
revenues were each up 7%.
Global enterprise risk solutions (ERS) revenue of $97.5 million was up
17% from the second quarter of 2015 primarily due to the March 2016
acquisition of GGY as well as growth across all product lines. US and
non-US ERS revenues were up 21% and 15%, respectively.
Global revenue from professional services of $37.5 million was down 2%
from the prior-year period. US professional services revenue was flat to
the prior-year period while non-US revenue was down 3%.
SECOND QUARTER 2016 EXPENSE UP 4%
Second quarter 2016 expense for Moody’s Corporation was $518.7 million,
up 4% from the prior-year period. The increase was primarily due to
higher compensation costs in MA, reflecting additional headcount to
support business growth and the acquisition of GGY. Expense in MIS was
down slightly compared to the prior-year period. Foreign currency
translation favorably impacted expense by 2%.
Operating income was $410.2 million, down 2% from $419.3 million.
Foreign currency translation favorably impacted operating income by 1%.
Adjusted operating income of $441.4 million was down 1% from the
prior-year period. The operating margin was 44.2%, down from 45.7%. The
adjusted operating margin was 47.5%, down from 48.7%.
Moody’s effective tax rate was 31.9% for the second quarter of 2016,
compared with 30.4% for the prior-year period.
FIRST HALF 2016 REVENUE DOWN 2%
For Moody’s Corporation overall, global revenue was $1.7 billion for the
first half of 2016, down 2% from the prior-year period. Foreign currency
translation unfavorably impacted revenue by 1%. US revenue was $1.0
billion, down 2%, while non-US revenue was $719.1 million, down 3%.
First Half MIS Revenue Down 7%
MIS revenue totaled $1.2 billion for the first half of 2016, down 7%
from the prior-year period. US revenue was $735.0 million, down 6%.
Non-US revenue was $415.7 million, down 9%, and represented 36% of MIS
revenue, down from 37% in the first half of 2015.
First Half MA Revenue Up 10%
MA revenue totaled $594.3 million for the first half of 2016, up 10%
from the prior-year period. US revenue of $290.9 million was up 11%.
Non-US revenue was $303.4 million, up 8%, and represented 51% of MA
revenue, down from 52% in the first half of 2015.
FIRST HALF 2016 EXPENSE UP 4%
Expense for Moody’s Corporation in the first half of 2016 was $1
billion, up 4% from the prior-year period. Foreign currency translation
favorably impacted expense by 2%.
Operating income was $714.3 million, down 10% from the first half of
2015. The impact of foreign currency translation was negligible.
Adjusted operating income of $775.4 million was down 8% from the
prior-year period. Moody’s reported operating margin was 40.9%, down
from 44.3%, and its adjusted operating margin was 44.4%, down from 47.5%.
The effective tax rate for the first half of 2016 was 32.1%, up from
31.5% in the prior-year period.
2016 CAPITAL ALLOCATION AND LIQUIDITY
$295.3 Million Returned to Shareholders in
Second Quarter
During the second quarter of 2016, Moody’s repurchased 2.3 million
shares at a total cost of $223.8 million, or an average cost of $96.60
per share, and issued 0.2 million shares as part of its employee
stock-based compensation plans. Additionally, Moody’s returned $71.5
million to its shareholders via dividend payments during the second
quarter of 2016.
Over the first half of 2016, Moody’s repurchased 5.2 million shares at a
total cost of $485.9 million, or an average cost of $92.83 per share,
and returned $143.6 million to its shareholders via dividend payments.
Outstanding shares as of June 30, 2016 totaled 192.3 million, down 4%
from June 30, 2015. As of June 30, 2016, Moody’s had $1.0 billion of
share repurchase authority remaining.
At quarter-end, Moody’s had $3.4 billion of outstanding debt and $1.0
billion of additional debt capacity available under its revolving credit
facility. Total cash, cash equivalents and short-term investments at
quarter-end were $2.0 billion, down $20.7 million from June 30, 2015.
Free cash flow in the first six months of 2016 was $474.5 million, down
14% from the first six months of 2015, primarily due to lower net income.
ASSUMPTIONS AND OUTLOOK FOR FULL YEAR 2016
Moody’s outlook for 2016 is based on assumptions about many geopolitical
conditions and macroeconomic and capital market factors, including
interest rates, foreign currency exchange rates, corporate profitability
and business investment spending, mergers and acquisitions, consumer
borrowing and securitization, and the amount of debt issued. These
assumptions are subject to uncertainty, and results for the year could
differ materially from our current outlook. Our guidance assumes foreign
currency translation at end-of-quarter exchange rates. Specifically, our
forecast reflects exchange rates for the British pound (£) of $1.34 to
£1 and for the euro (€) of $1.11 to €1.
MCO Full Year 2016 Outlook
Moody’s full year 2016 revenue is still expected to increase in the
low-single-digit percent range.
Operating expense is still expected to increase in the mid-single-digit
percent range.
Moody’s still projects an operating margin of approximately 41% and an
adjusted operating margin of approximately 45%. The effective tax rate
is still expected to be 32% to 32.5%.
The Company is reaffirming its full year 2016 EPS guidance of $4.55 to
$4.65 and expects to be toward the lower end of the range.
Free cash flow is still expected to be approximately $1 billion. Moody’s
still expects share repurchases to be approximately $1 billion, subject
to available cash, market conditions and other ongoing capital
allocation decisions. Capital expenditures are still expected to be
approximately $125 million. Depreciation and amortization expense is
still expected to be approximately $130 million.
MIS Full Year 2016 Outlook
For MIS, Moody’s now expects 2016 revenue to decrease in the
low-single-digit percent range. US revenue is still expected to decrease
in the low-single-digit percent range, while non-US revenue is now also
expected to decrease in the low-single-digit percent range.
Corporate finance revenue is still expected to decrease in the
low-single-digit percent range.
Structured finance revenue is now expected to decrease in the
high-single-digit percent range reflecting a reduced outlook for non-US
securitization activity for the remainder of the year.
Financial institutions revenue and public, project and infrastructure
finance revenue are each still expected to increase in the
mid-single-digit percent range.
MA Full Year 2016 Outlook
For MA, 2016 revenue is now expected to increase in the mid-single-digit
percent range primarily due to the unfavorable impact of foreign
currency translation. US revenue is still expected to increase in the
low-double-digit percent range, while non-US revenue is now expected to
increase in the low-single-digit percent range.
Research, data and analytics revenue and enterprise risk solutions
revenue are each still expected to increase in the high-single-digit
percent range.
Professional services revenue is still expected to decrease in the
low-single-digit percent range.
CONFERENCE CALL
Moody’s will hold a conference call to discuss its second quarter 2016
results and its current 2016 outlook on July 22, 2016, at 11:30 a.m.
EST. Individuals within the US and Canada can access the call by dialing
+1-877-400-0505. Other callers should dial +1-719-234-7477. Please dial
into the call by 11:20 a.m. EST. The passcode for the call is “Moody’s
Corporation.”
The teleconference will also be webcast with an accompanying slide
presentation which can be accessed through Moody's Investor Relations
website, http://ir.moodys.com
under “Events & Presentations.” The webcast will be available until 3:30
p.m. EST on August 20, 2016.
A replay of the teleconference will be available from 3:30 p.m. EST,
July 22, 2016 until 3:30 p.m. EST, August 20, 2016. The replay can be
accessed from within the United States and Canada by dialing
+1-888-203-1112. Other callers can access the replay at +1-719-457-0820.
The replay confirmation code is 8452229.
*****
ABOUT MOODY'S CORPORATION
Moody's is an essential component of the global capital markets,
providing credit ratings, research, tools and analysis that contribute
to transparent and integrated financial markets. Moody’s Corporation
(NYSE: MCO) is the parent company of Moody's Investors Service, which
provides credit ratings and research covering debt instruments and
securities, and Moody's Analytics, which offers leading-edge software,
advisory services and research for credit and economic analysis and
financial risk management. The corporation, which reported revenue of
$3.5 billion in 2015, employs approximately 10,800 people worldwide and
maintains a presence in 36 countries. Further information is available
at www.moodys.com.
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995
Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and prospects for
Moody’s business and operations that involve a number of risks and
uncertainties. Moody’s outlook for 2016 and other forward-looking
statements in this release are made as of July 22, 2016, and the Company
disclaims any duty to supplement, update or revise such statements on a
going-forward basis, whether as a result of subsequent developments,
changed expectations or otherwise. In connection with the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995, the
Company is identifying certain factors that could cause actual results
to differ, perhaps materially, from those indicated by these
forward-looking statements. Those factors, risks and uncertainties
include, but are not limited to, the current world-wide credit market
disruptions and economic slowdown, which is affecting and could continue
to affect the volume of debt and other securities issued in domestic
and/or global capital markets; other matters that could affect the
volume of debt and other securities issued in domestic and/or global
capital markets, including regulation, credit quality concerns, changes
in interest rates and other volatility in the financial markets such as
that due to the UK’s referendum vote whereby the UK citizens voted to
withdraw from the EU; the level of merger and acquisition activity in
the U.S. and abroad; the uncertain effectiveness and possible collateral
consequences of U.S. and foreign government initiatives to respond to
the current world-wide credit market disruptions and economic slowdown;
concerns in the marketplace affecting our credibility or otherwise
affecting market perceptions of the integrity or utility of independent
credit agency ratings; the introduction of competing products or
technologies by other companies; pricing pressure from competitors
and/or customers; the level of success of new product development and
global expansion; the impact of regulation as an NRSRO, the potential
for new U.S., state and local legislation and regulations, including
provisions in the Financial Reform Act and regulations resulting from
that Act; the potential for increased competition and regulation in the
EU and other foreign jurisdictions; exposure to litigation related to
our rating opinions, as well as any other litigation, government and
regulatory proceedings, investigations and inquires to which the Company
may be subject from time to time; provisions in the Financial Reform Act
legislation modifying the pleading standards, and EU regulations
modifying the liability standards, applicable to credit rating agencies
in a manner adverse to credit rating agencies; provisions of EU
regulations imposing additional procedural and substantive requirements
on the pricing of services; the possible loss of key employees; failures
or malfunctions of our operations and infrastructure; any
vulnerabilities to cyber threats or other cybersecurity concerns; the
outcome of any review by controlling tax authorities of the Company’s
global tax planning initiatives; exposure to potential criminal
sanctions or civil remedies if the Company fails to comply with foreign
and U.S. laws and regulations that are applicable in the jurisdictions
in which the Company operates, including sanctions laws, anti-corruption
laws, and local laws prohibiting corrupt payments to government
officials; the impact of mergers, acquisitions or other business
combinations and the ability of the Company to successfully integrate
acquired businesses; currency and foreign exchange volatility; the level
of future cash flows; the levels of capital investments; and a decline
in the demand for credit risk management tools by financial
institutions. These factors, risks and uncertainties as well as other
risks and uncertainties that could cause Moody’s actual results to
differ materially from those contemplated, expressed, projected,
anticipated or implied in the forward-looking statements are described
in greater detail under “Risk Factors” in Part I, Item 1A of the
Company’s annual report on Form 10-K for the year ended December 31,
2015, and in other filings made by the Company from time to time with
the SEC or in materials incorporated herein or therein. Stockholders and
investors are cautioned that the occurrence of any of these factors,
risks and uncertainties may cause the Company’s actual results to differ
materially from those contemplated, expressed, projected, anticipated or
implied in the forward-looking statements, which could have a material
and adverse effect on the Company’s business, results of operations and
financial condition. New factors may emerge from time to time, and it is
not possible for the Company to predict new factors, nor can the Company
assess the potential effect of any new factors on it.
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Table 1 - Consolidated Statements of Operations (Unaudited)
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|
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Three Months Ended
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Six Months End
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June 30,
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June 30,
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|
|
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|
|
|
|
|
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2016
|
|
2015
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2016
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|
2015
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Amounts in millions, except per share amounts
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Revenue
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|
$
|
928.9
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$
|
918.1
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|
$
|
1,745.0
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|
$
|
1,783.7
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|
|
|
|
|
|
|
|
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Expenses:
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|
|
|
|
|
|
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Operating
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|
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258.9
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|
|
243.9
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|
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508.1
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|
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488.3
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Selling, general and administrative
|
|
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228.6
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|
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227.0
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|
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461.5
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|
|
448.3
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Depreciation and amortization
|
|
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31.2
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|
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27.9
|
|
|
61.1
|
|
|
56.5
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Total expenses
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|
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518.7
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|
|
498.8
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|
1,030.7
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|
|
993.1
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|
|
|
|
|
|
|
|
|
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Operating income
|
|
|
410.2
|
|
|
419.3
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|
|
714.3
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|
|
790.6
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Non-operating (expense) income, net
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|
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Interest expense, net
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(34.3)
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|
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(31.9)
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(68.4)
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(61.2)
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Other non-operating income, net
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|
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3.0
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|
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(8.2)
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8.6
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(5.7)
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Total non-operating expense, net
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(31.3)
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|
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(40.1)
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|
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(59.8)
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|
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(66.9)
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Income before provision for income taxes
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|
|
378.9
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|
|
379.2
|
|
|
654.5
|
|
|
723.7
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Provision for income taxes
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|
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120.8
|
|
|
115.1
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|
|
209.8
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|
|
228.3
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Net income
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|
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258.1
|
|
|
264.1
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|
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444.7
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495.4
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Less: net income attributable to noncontrolling interests
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2.6
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2.4
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4.8
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3.6
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Net income attributable to Moody's Corporation
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$
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255.5
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$
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261.7
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$
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439.9
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$
|
491.8
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Earnings per share attributable to Moody's common shareholders
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Basic
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$
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1.32
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$
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1.30
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$
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2.27
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$
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2.43
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Diluted
|
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$
|
1.30
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$
|
1.28
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$
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2.24
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$
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2.39
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|
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Weighted average number of shares outstanding
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|
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Basic
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193.4
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|
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201.3
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|
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194.2
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202.0
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Diluted
|
|
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195.8
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|
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204.4
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196.8
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205.4
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Table 2 - Supplemental Revenue Information (Unaudited)
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Three Months Ended
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Six Months Ended
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|
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June 30,
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June 30,
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|
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Amounts in millions
|
|
2016
|
|
2015
|
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2016
|
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2015
|
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Moody's Investors Service
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|
|
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|
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Corporate Finance
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$
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304.8
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$
|
319.6
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|
$
|
545.1
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|
$
|
618.3
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Structured Finance
|
|
|
111.5
|
|
|
121.2
|
|
|
202.1
|
|
|
222.5
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Financial Institutions
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|
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89.7
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|
|
90.4
|
|
|
184.6
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|
|
184.2
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Public, Project and Infrastructure Finance
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|
|
112.3
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|
|
99.9
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|
|
203.8
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|
|
200.6
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MIS Other
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7.3
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|
8.1
|
|
|
15.1
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|
|
15.9
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Intersegment royalty
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|
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24.6
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|
|
23.7
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|
|
48.6
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|
|
46.0
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Sub-total MIS
|
|
|
650.2
|
|
|
662.9
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|
|
1,199.3
|
|
|
1,287.5
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Eliminations
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(24.6)
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|
|
(23.7)
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|
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(48.6)
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(46.0)
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Total MIS revenue
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|
|
625.6
|
|
|
639.2
|
|
|
1,150.7
|
|
|
1,241.5
|
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|
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Moody's Analytics
|
|
|
|
|
|
|
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Research, Data and Analytics
|
|
|
168.3
|
|
|
157.5
|
|
|
333.2
|
|
|
307.1
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|
Enterprise Risk Solutions
|
|
|
97.5
|
|
|
83.2
|
|
|
187.0
|
|
|
160.3
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Professional Services
|
|
|
37.5
|
|
|
38.2
|
|
|
74.1
|
|
|
74.8
|
|
Intersegment revenue
|
|
|
2.8
|
|
|
3.1
|
|
|
5.6
|
|
|
6.4
|
|
Sub-total MA
|
|
|
306.1
|
|
|
282.0
|
|
|
599.9
|
|
|
548.6
|
|
Eliminations
|
|
|
(2.8)
|
|
|
(3.1)
|
|
|
(5.6)
|
|
|
(6.4)
|
|
Total MA revenue
|
|
|
303.3
|
|
|
278.9
|
|
|
594.3
|
|
|
542.2
|
|
|
|
|
|
|
|
|
|
|
|
Total Moody's Corporation revenue
|
|
$
|
928.9
|
|
$
|
918.1
|
|
$
|
1,745.0
|
|
$
|
1,783.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moody's Corporation revenue by geographic area
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$
|
545.9
|
|
$
|
545.9
|
|
$
|
1,025.9
|
|
$
|
1,045.7
|
|
International
|
|
|
383.0
|
|
|
372.2
|
|
|
719.1
|
|
|
738.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
928.9
|
|
$
|
918.1
|
|
$
|
1,745.0
|
|
$
|
1,783.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 - Selected Consolidated Balance Sheet Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2016
|
|
2015*
|
|
Amounts in millions
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,674.3
|
|
$
|
1,757.4
|
|
Short-term investments
|
|
|
352.5
|
|
|
474.8
|
|
Total current assets
|
|
|
3,030.1
|
|
|
3,243.1
|
|
Non-current assets
|
|
|
2,014.8
|
|
|
1,859.9
|
|
Total assets
|
|
|
5,044.9
|
|
|
5,103.0
|
|
Total current liabilities
|
|
|
1,146.4
|
|
|
1,218.5
|
|
Total debt
|
|
|
3,420.4
|
|
|
3,380.6
|
|
Other long-term liabilities
|
|
|
847.6
|
|
|
836.9
|
|
Total shareholders' (deficit)
|
|
|
(369.5)
|
|
|
(333.0)
|
|
Total liabilities and shareholders' (deficit)
|
|
|
5,044.9
|
|
|
5,103.0
|
|
|
|
|
|
|
|
Actual number of shares outstanding
|
|
|
192.3
|
|
|
196.1
|
|
|
|
|
|
|
|
|
*In the first quarter of 2016, the Company adopted a new accounting
update on a retrospective basis which requires debt issuance costs to be
presented as a reduction of debt rather than as an asset. Accordingly,
the Company reclassified debt issuance costs, which were previously
included in non-current assets, as a reduction of total debt.
|
|
|
|
|
Table 4 - Selected Consolidated Balance Sheet Data (Unaudited)
Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2016
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Fair Value of
Interest Rate
Swap
(1)
|
|
Unamortized
(Discount)
Premium
|
|
Unamortized
Debt Issuance
Cost
(2)
|
|
Carrying
Value
|
|
Notes Payable:
|
|
|
|
|
|
|
|
|
|
|
|
6.06% Series 2007-1 Notes due 2017
|
|
$
|
300.0
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(0.1)
|
|
$
|
299.9
|
|
5.50% 2010 Senior Notes, due 2020
|
|
|
500.0
|
|
|
25.5
|
|
|
(1.5)
|
|
|
(1.8)
|
|
|
522.2
|
|
4.50% 2012 Senior Notes, due 2022
|
|
|
500.0
|
|
|
-
|
|
|
(2.6)
|
|
|
(2.3)
|
|
|
495.1
|
|
4.875% 2013 Senior Notes, due 2024
|
|
|
500.0
|
|
|
-
|
|
|
(2.2)
|
|
|
(2.9)
|
|
|
494.9
|
|
2.75% 2014 Senior Notes (5-Year), due 2019
|
|
|
450.0
|
|
|
12.0
|
|
|
(0.5)
|
|
|
(2.1)
|
|
|
459.4
|
|
5.25% 2014 Senior Notes (30-Year), due 2044
|
|
|
600.0
|
|
|
-
|
|
|
3.3
|
|
|
(6.0)
|
|
|
597.3
|
|
1.75% 2015 Senior Notes, due 2027
|
|
|
555.5
|
|
|
-
|
|
|
-
|
|
|
(3.9)
|
|
|
551.6
|
|
Total long-term debt
|
|
$
|
3,405.5
|
|
$
|
37.5
|
|
$
|
(3.5)
|
|
$
|
(19.1)
|
|
$
|
3,420.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Fair Value of
Interest Rate
Swap
(1)
|
|
Unamortized
(Discount)
Premium
|
|
Unamortized
Debt Issuance
Cost
(2)
|
|
Carrying
Value
|
|
Notes Payable:
|
|
|
|
|
|
|
|
|
|
|
|
6.06% Series 2007-1 Notes due 2017
|
|
$
|
300.0
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(0.2)
|
|
$
|
299.8
|
|
5.50% 2010 Senior Notes, due 2020
|
|
|
500.0
|
|
|
9.4
|
|
|
(1.6)
|
|
|
(2.0)
|
|
|
505.8
|
|
4.50% 2012 Senior Notes, due 2022
|
|
|
500.0
|
|
|
-
|
|
|
(2.8)
|
|
|
(2.5)
|
|
|
494.7
|
|
4.875% 2013 Senior Notes, due 2024
|
|
|
500.0
|
|
|
-
|
|
|
(2.3)
|
|
|
(3.1)
|
|
|
494.6
|
|
2.75% 2014 Senior Notes (5-Year), due 2019
|
|
|
450.0
|
|
|
2.3
|
|
|
(0.5)
|
|
|
(2.4)
|
|
|
449.4
|
|
5.25% 2014 Senior Notes (30-Year), due 2044
|
|
|
600.0
|
|
|
-
|
|
|
3.4
|
|
|
(6.2)
|
|
|
597.2
|
|
1.75% 2015 Senior Notes, due 2027
|
|
|
543.1
|
|
|
-
|
|
|
-
|
|
|
(4.0)
|
|
|
539.1
|
|
Total long-term debt
|
|
$
|
3,393.1
|
|
$
|
11.7
|
|
$
|
(3.8)
|
|
$
|
(20.4)
|
|
$
|
3,380.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Reflects interest rate swaps on the 2010 Senior Notes and the 2014
Senior Notes (5-Year).
|
|
|
|
|
|
(2)
|
|
Pursuant to a new accounting update, unamortized debt issuance costs
are presented as a reduction to the carrying value of the debt.
|
|
|
|
|
|
|
|
|
|
Table 5 - Non-operating (expense) income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Amounts in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest:
|
|
|
|
|
|
|
|
|
|
Expense on borrowings
|
|
$
|
(35.4)
|
|
$
|
(30.7)
|
|
$
|
(70.0)
|
|
$
|
(59.0)
|
|
Income
|
|
|
2.8
|
|
|
2.3
|
|
|
5.7
|
|
|
4.2
|
|
Expense on UTPs and other tax related liabilities
|
|
|
(1.7)
|
|
|
(3.5)
|
|
|
(4.5)
|
|
|
(6.7)
|
|
Interest capitalized
|
|
|
-
|
|
|
-
|
|
|
0.4
|
|
|
0.3
|
|
Total interest expense, net
|
|
$
|
(34.3)
|
|
$
|
(31.9)
|
|
$
|
(68.4)
|
|
$
|
(61.2)
|
|
Other non-operating (expense) income, net:
|
|
|
|
|
|
|
|
|
|
FX gain/(loss)
|
|
$
|
0.8
|
|
$
|
(12.2)
|
|
$
|
4.8
|
|
$
|
(12.2)
|
|
Joint venture income
|
|
|
3.0
|
|
|
3.4
|
|
|
4.9
|
|
|
5.3
|
|
Other
|
|
|
(0.8)
|
|
|
0.6
|
|
|
(1.1)
|
|
|
1.2
|
|
Other non-operating (expense) income, net
|
|
|
3.0
|
|
|
(8.2)
|
|
|
8.6
|
|
|
(5.7)
|
|
Total non-operating (expense) income, net
|
|
$
|
(31.3)
|
|
$
|
(40.1)
|
|
$
|
(59.8)
|
|
$
|
(66.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6 - Financial Information by Segment:
The table below presents revenue, adjusted operating income and
operating income by reportable segment. The Company defines adjusted
operating income as operating income excluding depreciation and
amortization.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
MIS
|
|
MA
|
|
Eliminations
|
|
Consolidated
|
|
MIS
|
|
MA
|
|
Eliminations
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
650.2
|
|
$
|
306.1
|
|
$
|
(27.4)
|
|
$
|
928.9
|
|
$
|
662.9
|
|
|
282.0
|
|
|
(26.8)
|
|
$
|
918.1
|
|
Operating, selling, general and administrative expense
|
|
|
281.3
|
|
|
233.6
|
|
|
(27.4)
|
|
|
487.5
|
|
|
287.0
|
|
|
210.7
|
|
|
(26.8)
|
|
|
470.9
|
|
Adjusted operating income
|
|
|
368.9
|
|
|
72.5
|
|
|
-
|
|
|
441.4
|
|
|
375.9
|
|
|
71.3
|
|
|
-
|
|
|
447.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
18.2
|
|
|
13.0
|
|
|
-
|
|
|
31.2
|
|
|
15.8
|
|
|
12.1
|
|
|
-
|
|
|
27.9
|
|
Operating income
|
|
$
|
350.7
|
|
$
|
59.5
|
|
$
|
-
|
|
$
|
410.2
|
|
$
|
360.1
|
|
$
|
59.2
|
|
$
|
-
|
|
$
|
419.3
|
|
Adjusted operating margin
|
|
|
56.7%
|
|
|
23.7%
|
|
|
|
|
47.5%
|
|
|
56.7%
|
|
|
25.3%
|
|
|
|
|
48.7%
|
|
Operating margin
|
|
|
53.9%
|
|
|
19.4%
|
|
|
|
|
44.2%
|
|
|
54.3%
|
|
|
21.0%
|
|
|
|
|
45.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
MIS
|
|
MA
|
|
Eliminations
|
|
Consolidated
|
|
MIS
|
|
MA
|
|
Eliminations
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,199.3
|
|
$
|
599.9
|
|
$
|
(54.2)
|
|
$
|
1,745.0
|
|
$
|
1,287.5
|
|
$
|
548.6
|
|
$
|
(52.4)
|
|
$
|
1,783.7
|
|
Operating, selling, general and administrative expense
|
|
|
559.9
|
|
|
463.9
|
|
|
(54.2)
|
|
|
969.6
|
|
|
568.3
|
|
|
420.7
|
|
|
(52.4)
|
|
|
936.6
|
|
Adjusted operating income
|
|
|
639.4
|
|
|
136.0
|
|
|
-
|
|
|
775.4
|
|
|
719.2
|
|
|
127.9
|
|
|
-
|
|
|
847.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
35.7
|
|
|
25.4
|
|
|
-
|
|
|
61.1
|
|
|
31.8
|
|
|
24.7
|
|
|
-
|
|
|
56.5
|
|
Operating income
|
|
$
|
603.7
|
|
$
|
110.6
|
|
$
|
-
|
|
$
|
714.3
|
|
$
|
687.4
|
|
$
|
103.2
|
|
$
|
-
|
|
$
|
790.6
|
|
Adjusted operating margin
|
|
|
53.3%
|
|
|
22.7%
|
|
|
|
|
44.4%
|
|
|
55.9%
|
|
|
23.3%
|
|
|
|
|
47.5%
|
|
Operating margin
|
|
|
50.3%
|
|
|
18.4%
|
|
|
|
|
40.9%
|
|
|
53.4%
|
|
|
18.8%
|
|
|
|
|
44.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7 - Transaction and Relationship Revenue:
The tables below summarize the split between transaction and
relationship revenue. In the MIS segment, excluding MIS Other,
transaction revenue represents the initial rating of a new debt issuance
as well as other one-time fees while relationship revenue represents the
recurring monitoring of a rated debt obligation and/or entities that
issue such obligations, as well as revenue from programs such as
commercial paper, medium-term notes and shelf registrations. In MIS
Other, transaction revenue represents revenue from professional services
and outsourcing engagements and relationship revenue represents
subscription based revenues. In the MA segment, relationship revenue
represents subscription-based revenues and software maintenance revenue.
Transaction revenue in MA represents software license fees and revenue
from risk management advisory projects, training and certification
services, and outsourced research and analytical engagements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
Transaction
|
|
Relationship
|
|
Total
|
|
Transaction
|
|
Relationship
|
|
Total
|
|
Corporate Finance
|
|
$
|
215.5
|
|
$
|
89.3
|
|
$
|
304.8
|
|
$
|
232.8
|
|
$
|
86.8
|
|
$
|
319.6
|
|
|
|
|
71%
|
|
|
29%
|
|
|
100%
|
|
|
73%
|
|
|
27%
|
|
|
100%
|
|
Structured Finance
|
|
$
|
68.0
|
|
$
|
43.5
|
|
$
|
111.5
|
|
$
|
80.3
|
|
$
|
40.9
|
|
$
|
121.2
|
|
|
|
|
61%
|
|
|
39%
|
|
|
100%
|
|
|
66%
|
|
|
34%
|
|
|
100%
|
|
Financial Institutions
|
|
$
|
29.8
|
|
$
|
59.9
|
|
$
|
89.7
|
|
$
|
32.8
|
|
$
|
57.6
|
|
$
|
90.4
|
|
|
|
|
33%
|
|
|
67%
|
|
|
100%
|
|
|
36%
|
|
|
64%
|
|
|
100%
|
|
Public, Project and Infrastructure Finance
|
|
$
|
73.2
|
|
$
|
39.1
|
|
$
|
112.3
|
|
$
|
62.2
|
|
$
|
37.7
|
|
$
|
99.9
|
|
|
|
|
65%
|
|
|
35%
|
|
|
100%
|
|
|
62%
|
|
|
38%
|
|
|
100%
|
|
MIS Other
|
|
$
|
2.7
|
|
$
|
4.6
|
|
$
|
7.3
|
|
$
|
4.1
|
|
$
|
4.0
|
|
$
|
8.1
|
|
|
|
|
37%
|
|
|
63%
|
|
|
100%
|
|
|
51%
|
|
|
49%
|
|
|
100%
|
|
Total MIS
|
|
$
|
389.2
|
|
$
|
236.4
|
|
$
|
625.6
|
|
$
|
412.2
|
|
$
|
227.0
|
|
$
|
639.2
|
|
|
|
|
62%
|
|
|
38%
|
|
|
100%
|
|
|
64%
|
|
|
36%
|
|
|
100%
|
|
Moody's Analytics
|
|
$
|
72.8
|
|
$
|
230.5
|
|
$
|
303.3
|
|
$
|
67.1
|
|
$
|
211.8
|
|
$
|
278.9
|
|
|
|
|
24%
|
|
|
76%
|
|
|
100%
|
|
|
24%
|
|
|
76%
|
|
|
100%
|
|
Total Moody's Corporation
|
|
$
|
462.0
|
|
$
|
466.9
|
|
$
|
928.9
|
|
$
|
479.3
|
|
$
|
438.8
|
|
$
|
918.1
|
|
|
|
|
50%
|
|
|
50%
|
|
|
100%
|
|
|
52%
|
|
|
48%
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
|
|
|
Transaction
|
|
Relationship
|
|
Total
|
|
Transaction
|
|
Relationship
|
|
Total
|
|
Corporate Finance
|
|
$
|
366.5
|
|
$
|
178.6
|
|
$
|
545.1
|
|
$
|
446.3
|
|
$
|
172.0
|
|
$
|
618.3
|
|
|
|
|
67%
|
|
|
33%
|
|
|
100%
|
|
|
72%
|
|
|
28%
|
|
|
100%
|
|
Structured Finance
|
|
$
|
117.8
|
|
$
|
84.3
|
|
$
|
202.1
|
|
$
|
142.1
|
|
$
|
80.4
|
|
$
|
222.5
|
|
|
|
|
58%
|
|
|
42%
|
|
|
100%
|
|
|
64%
|
|
|
36%
|
|
|
100%
|
|
Financial Institutions
|
|
$
|
66.8
|
|
$
|
117.8
|
|
$
|
184.6
|
|
$
|
70.6
|
|
$
|
113.6
|
|
$
|
184.2
|
|
|
|
|
36%
|
|
|
64%
|
|
|
100%
|
|
|
38%
|
|
|
62%
|
|
|
100%
|
|
Public, Project and Infrastructure Finance
|
|
$
|
127.0
|
|
$
|
76.8
|
|
$
|
203.8
|
|
$
|
126.7
|
|
$
|
73.9
|
|
$
|
200.6
|
|
|
|
|
62%
|
|
|
38%
|
|
|
100%
|
|
|
63%
|
|
|
37%
|
|
|
100%
|
|
MIS Other
|
|
$
|
5.6
|
|
$
|
9.5
|
|
$
|
15.1
|
|
$
|
7.4
|
|
$
|
8.5
|
|
$
|
15.9
|
|
|
|
|
37%
|
|
|
63%
|
|
|
100%
|
|
|
47%
|
|
|
53%
|
|
|
100%
|
|
Total MIS
|
|
$
|
683.7
|
|
$
|
467.0
|
|
$
|
1,150.7
|
|
$
|
793.1
|
|
$
|
448.4
|
|
$
|
1,241.5
|
|
|
|
|
59%
|
|
|
41%
|
|
|
100%
|
|
|
64%
|
|
|
36%
|
|
|
100%
|
|
Moody's Analytics
|
|
$
|
142.1
|
|
$
|
452.2
|
|
$
|
594.3
|
|
$
|
127.7
|
|
$
|
414.5
|
|
$
|
542.2
|
|
|
|
|
24%
|
|
|
76%
|
|
|
100%
|
|
|
24%
|
|
|
76%
|
|
|
100%
|
|
Total Moody's Corporation
|
|
$
|
825.8
|
|
$
|
919.2
|
|
$
|
1,745.0
|
|
$
|
920.8
|
|
$
|
862.9
|
|
$
|
1,783.7
|
|
|
|
|
47%
|
|
|
53%
|
|
|
100%
|
|
|
52%
|
|
|
48%
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
The tables below reflect certain adjusted results that the SEC defines
as "non-GAAP financial measures" as well as a reconciliation of each
non-GAAP measure to its most directly comparable GAAP measure.
Management believes that such non-GAAP financial 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. These non-GAAP measures, as
defined by the Company, are not necessarily comparable to similarly
defined measures of other companies. Furthermore, these non-GAAP
measures should not be viewed in isolation or used as a substitute for
other GAAP measures in assessing the operating performance or cash flows
of the Company.
Table 8 - Adjusted Operating Income and Adjusted Operating Margin:
The table below reflects a reconciliation of the Company’s operating
income and operating margin to adjusted operating income and adjusted
operating margin. The Company defines adjusted operating income as
operating income excluding depreciation and amortization. The Company
presents adjusted operating income because management deems this metric
to be a useful measure of assessing the operating performance of
Moody’s, measuring the Company's ability to service debt, fund capital
expenditures, and expand its business. Adjusted operating income
excludes depreciation and amortization because companies utilize
productive assets of different ages and use different methods of both
acquiring and depreciating productive assets. Management believes that
the exclusion of this item, detailed in the reconciliation below, allows
for a more meaningful comparison of the Company’s results from period to
period and across companies. The Company defines adjusted operating
margin as adjusted operating income divided by revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
(amounts in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Operating income
|
|
$
|
410.2
|
|
$
|
419.3
|
|
$
|
714.3
|
|
$
|
790.6
|
|
Depreciation & amortization
|
|
|
31.2
|
|
|
27.9
|
|
|
61.1
|
|
|
56.5
|
|
Adjusted operating income
|
|
$
|
441.4
|
|
$
|
447.2
|
|
$
|
775.4
|
|
$
|
847.1
|
|
Operating margin
|
|
|
44.2%
|
|
|
45.7%
|
|
|
40.9%
|
|
|
44.3%
|
|
Adjusted operating margin
|
|
|
47.5%
|
|
|
48.7%
|
|
|
44.4%
|
|
|
47.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2016
|
|
|
|
|
|
Operating margin guidance
|
|
Approximately 41%
|
|
|
|
|
|
Depreciation and amortization
|
|
Approximately 4%
|
|
|
|
|
|
Adjusted operating margin guidance
|
|
Approximately 45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 9 - Free Cash Flow:
The table below reflects a reconciliation of the Company’s net cash
flows from operating activities to free cash flow. The Company defines
free cash flow as net cash provided by operating activities minus
payments for capital additions. Management believes that free cash flow
is a useful metric in assessing the Company’s cash flows to service
debt, pay dividends and to fund acquisitions and share repurchases.
Management deems capital expenditures essential to the Company’s product
and service innovations and maintenance of Moody’s operational
capabilities. Accordingly, capital expenditures are deemed to be a
recurring use of Moody’s cash flow.
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
(amounts in millions)
|
|
2016
|
|
2015
|
|
Net cash flows from operating activities
|
|
$
|
528.8
|
|
$
|
594.4
|
|
Capital additions
|
|
|
(54.3)
|
|
|
(40.7)
|
|
Free cash flow
|
|
$
|
474.5
|
|
$
|
553.7
|
|
Net cash used in investing activities
|
|
$
|
(7.3)
|
|
$
|
(91.8)
|
|
Net cash used in financing activities
|
|
$
|
(622.8)
|
|
$
|
(157.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2016
|
|
Net cash flows from operating activities guidance
|
|
Approximately $1.1 billion
|
|
Capital additions guidance
|
|
(Approximately $125 million)
|
|
Free cash flow guidance
|
|
Approximately $1.0 billion
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 10 - 2016 Outlook:
Moody’s outlook for 2016 is based on assumptions about many geopolitical
conditions and macroeconomic and capital market factors, including
interest rates, foreign currency exchange rates, corporate profitability
and business investment spending, merger and acquisition activity,
consumer borrowing and securitization, and the amount of debt issued.
These assumptions are subject to some degree of uncertainty, and results
for the year could differ materially from our current outlook. Moody’s
guidance assumes foreign currency translation at end-of-quarter exchange
rates. Specifically, our forecast reflects exchange rates for the
British pound (£) of $1.34 to £1 and for the euro (€) of $1.11 to €1.
|
|
|
Full-year 2016 Moody's Corporation guidance
|
|
MOODY'S CORPORATION
|
|
Current guidance as of July 22, 2016
|
|
Last publicly disclosed guidance on
April 29, 2016
|
|
Revenue
|
|
increase in the low-single-digit percent range
|
|
NC
|
|
Operating expense
|
|
increase in the mid-single-digit percent range
|
|
NC
|
|
Depreciation & amortization
|
|
Approximately $130 million
|
|
NC
|
|
Operating margin
|
|
Approximately 41%
|
|
NC
|
|
Adjusted operating margin
|
|
Approximately 45%
|
|
NC
|
|
Effective tax rate
|
|
32% - 32.5%
|
|
NC
|
|
EPS
|
|
$4.55 to $4.65*
|
|
NC
|
|
Capital expenditures
|
|
Approximately $125 million
|
|
NC
|
|
Free cash flow
|
|
Approximately $1 billion
|
|
NC
|
|
Share repurchases
|
|
Approximately $1 billion (subject to available cash, market
conditions
and other ongoing capital allocation decisions)
|
|
NC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-year 2016 revenue guidance
|
|
MIS
|
|
Current guidance as of July 22, 2016
|
|
Last publicly disclosed guidance on
April 29, 2016
|
|
MIS global
|
|
decrease in the low-single-digit percent range
|
|
Approximately flat
|
|
MIS U.S.
|
|
decrease in the low-single-digit percent range
|
|
NC
|
|
MIS Non-U.S.
|
|
decrease in the low-single-digit percent range
|
|
increase in the low-single-digit percent range
|
|
CFG
|
|
decrease in the low-single-digit percent range
|
|
NC
|
|
SFG
|
|
decrease in the high-single-digit percent range
|
|
decrease in the mid-single-digit percent range
|
|
FIG
|
|
increase in the mid-single-digit percent range
|
|
NC
|
|
PPIF
|
|
increase in the mid-single-digit percent range
|
|
NC
|
|
MA
|
|
|
|
|
|
MA global
|
|
increase in the mid-single-digit percent range
|
|
increase in the high-single-digit percent range
|
|
MA U.S.
|
|
increase in the low-double-digit percent range
|
|
NC
|
|
MA Non-U.S.
|
|
increase in the low-single-digit percent range
|
|
increase in the mid-single-digit percent range
|
|
RD&A
|
|
increase in the high-single-digit percent range
|
|
NC
|
|
ERS
|
|
increase in the high-single-digit percent range
|
|
NC
|
|
PS
|
|
decrease in the low-single-digit percent range
|
|
NC
|
|
NC- There is no difference between the Company's current
guidance range and the last publicly disclosed guidance range for
this item.
* Expecting to be toward the lower end of the range.
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160722005124/en/
Source: Moody’s Corporation Investor Relations