We're optimizing our vendors' relationships. We've been very thoughtful with discretionary spans like T&E, other non-comp related items.

Jul 23, 2025 / receipt, needs a key / Rob, CEO | earnings call 2025-07-23 | transcript 334d6b13-09b8-4214-a055-0c36cc9bd8be | chars 34662-34798 | segment 35

And we've done this all over the world across all sorts of economic cycles and geopolitical events, and this time is no different. So amidst this backdrop, we delivered some very strong results in the first quarter. We achieved a record $1.9 billion in first quarter 25 revenue. That was up 8% year over year. In fact, both of our businesses grew revenue at 8%. And with some very disciplined expense management, Moody's adjusted operating margin reached 51.7%. That's up 100 basis points from the first quarter of last year.

Apr 22, 2025 / receipt, needs a key / Rob, CEO | earnings call 2025-04-22 | transcript f7c82b22-273a-4457-a5be-0cdc730d8472 | chars 3233-3758 | segment 3

And during the fourth quarter, we executed on the expanded expense management program that we announced in October. That's expected to deliver over $200 million in annualized savings in 2023. And it really significantly strengthens our financial position and flexibility for the coming year.

Jan 31, 2023 / receipt, needs a key / Rob Fauber, CEO | earnings call 2023-01-31 | transcript 5b6dc443-1a0a-46e6-965f-42d49f966751 | chars 3277-3568 | segment 3

The second category I'd point you to is certain non-compensation costs like T&E that are primarily business-facing. And those have increased compared to the prior two years. Now, although we anticipated these expenses to rise, there are others that we are prioritizing and reducing through supplier cost avoidances, rebates and volume discounts, as well as negotiating for comparable levels of service with more favorable terms.

Oct 25, 2022 / receipt, needs a key / Mark, other | earnings call 2022-10-25 | transcript 6bf1ecda-e817-46be-a699-f939ab5dbbec | chars 28970-29398 | segment 28

And, you know, while teeny costs may rise as compared to prior years, we're going to prioritize customer-facing travel where needed.

Jul 26, 2022 / receipt, needs a key / Rob, CEO | earnings call 2022-07-26 | transcript c2f7832f-0b04-4d5d-8f8a-0a712e940e36 | chars 18908-19040 | segment 19

And while travel may compared to the prior two years. We will prioritize some of the customer-facing travel when needed.

May 2, 2022 / receipt, needs a key / George Tong, other | earnings call 2022-05-02 | transcript 02800284-474a-48a6-be3d-f8a7d8402122 | chars 38015-38135 | segment 37

And so if I think about attributing that to the approximately 50% guidance that we've given for the year, you could think about really four primary buckets, the first being operating leverage, which is positive creation of margin in a range of around 100 basis points, and that's from things like scalable revenue growth, the benefit of the incentive accrual resets, slightly lower new bad debts expense this time around, offset by the expectation of higher travel and entertainment expenses as we invest in further interactions with our customers of around 50 bps, offset in addition by acquisitions of around 50 bps as well, And then finally, and most importantly, sort of those strategic investments we want to make back into the business in the second half of the year into ESG, KYC, CRE, et cetera.

Apr 28, 2021 / receipt, needs a key / Rob, other | earnings call 2021-04-28 | transcript 66acaf22-0658-49a3-9765-e44b2dbfeb73 | chars 32460-33263 | segment 33

Last quarter, we highlighted $80 to $100 million of cost savings from our expense management initiatives that we would be reinvesting back into the business in 2021.

Feb 12, 2021 / receipt, needs a key / Mark, CEO | earnings call 2021-02-12 | transcript 77281eb3-1e21-42f9-9fbf-5619bbcd7c98 | chars 21811-21976 | segment 22

In conjunction with the growth in revenue, incentive compensation accruals increased, but were partially offset through expense discipline and lower travel and entertainment costs.

Oct 29, 2020 / receipt, needs a key / Ray, Chief Financial Officer, CFO | earnings call 2020-10-29 | transcript 17c2ca98-9a6f-43ca-9c55-d3c210bf90af | chars 20348-20528 | segment 20

Projected capital expenditures for 2026 include ~$100M in incremental capital expenditures associated with office relocations in New York and London.

ir_statement / Sep 17, 2026 / receipt

Increase in the MSD % range

ir_statement / Sep 17, 2026 / receipt

Operational efficiency creates capacity to reinvest in strategic growth opportunities

ir_statement / Sep 17, 2026 / receipt

~$100 million in incremental capital expenditures is associated with office relocations in New York and London.

ir_statement / Sep 17, 2026 / receipt

MA Organic Constant Currency Revenue Increase in the high-single-digit percent range

ir_statement / Sep 17, 2026 / receipt

Restructuring Approximately 1%

ir_statement / Sep 17, 2026 / receipt

Share Repurchases4 Approximately $2.5B Up to $3.0B

ir_statement / Sep 17, 2026 / receipt

Moody’s current expectation is for announced M&A to increase by ~25%, driving growth in M&A-related rated issuance of ~40-45%.

ir_statement / Sep 17, 2026 / receipt

Projected capital expenditures for 2026 include ~$100M in incremental capital expenditures associated with office relocations in New York and London.

ir_statement / Sep 17, 2026 / receipt

Increase in the MSD % range

ir_statement / Sep 17, 2026 / receipt

Operational efficiency creates capacity to reinvest in strategic growth opportunities

ir_statement / Sep 17, 2026 / receipt

Duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters

ir_statement / Sep 17, 2026 / receipt