$MCO
MOODYS CORP /DE/

2014 Q1 Form 10-Q Financial Statement

#000119312514173598 Filed on May 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $767.2M $731.8M
YoY Change 4.84% 13.14%
Cost Of Revenue $216.0M $200.8M
YoY Change 7.57% 8.25%
Gross Profit $551.2M $531.0M
YoY Change 3.8% 15.11%
Gross Profit Margin 71.85% 72.56%
Selling, General & Admin $195.1M $227.0M
YoY Change -14.05% 34.48%
% of Gross Profit 35.4% 42.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.10M $23.60M
YoY Change -2.12% 0.43%
% of Gross Profit 4.19% 4.44%
Operating Expenses $218.2M $451.4M
YoY Change -51.66% 19.48%
Operating Profit $333.0M $280.4M
YoY Change 18.76% 4.24%
Interest Expense -$22.00M -$10.70M
YoY Change 105.61% -37.43%
% of Operating Profit -6.61% -3.82%
Other Income/Expense, Net $600.0K -$13.20M
YoY Change -104.55% 26.92%
Pretax Income $311.6M $267.2M
YoY Change 16.62% 3.33%
Income Tax $89.90M $76.10M
% Of Pretax Income 28.85% 28.48%
Net Earnings $218.0M $188.4M
YoY Change 15.71% 8.59%
Net Earnings / Revenue 28.42% 25.74%
Basic Earnings Per Share $1.02 $0.84
Diluted Earnings Per Share $1.00 $0.83
COMMON SHARES
Basic Shares Outstanding 223.3M shares
Diluted Shares Outstanding 227.2M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.970B $1.770B
YoY Change 11.3% 113.77%
Cash & Equivalents $1.792B $1.758B
Short-Term Investments $177.0M $12.00M
Other Short-Term Assets $119.6M $81.40M
YoY Change 46.93% -26.0%
Inventory
Prepaid Expenses
Receivables $737.9M $637.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.946B $2.520B
YoY Change 16.88% 65.05%
LONG-TERM ASSETS
Property, Plant & Equipment $282.3M $296.1M
YoY Change -4.66% -8.89%
Goodwill $656.6M $623.8M
YoY Change 5.26%
Intangibles $212.8M $212.7M
YoY Change 0.05%
Long-Term Investments $40.00M $40.00M
YoY Change 0.0% 0.0%
Other Assets $106.6M $100.1M
YoY Change 6.49% -49.44%
Total Long-Term Assets $1.408B $1.391B
YoY Change 1.2% -5.19%
TOTAL ASSETS
Total Short-Term Assets $2.946B $2.520B
Total Long-Term Assets $1.408B $1.391B
Total Assets $4.353B $3.911B
YoY Change 11.31% 30.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.50M $16.10M
YoY Change 2.48% -5.29%
Accrued Expenses $165.0M $144.0M
YoY Change 14.58% -42.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $31.90M
YoY Change -67.78%
Total Short-Term Liabilities $1.027B $1.013B
YoY Change 1.37% 0.14%
LONG-TERM LIABILITIES
Long-Term Debt $2.098B $1.610B
YoY Change 30.26% 41.62%
Other Long-Term Liabilities $355.0M $421.5M
YoY Change -15.78% -32.45%
Total Long-Term Liabilities $2.453B $2.032B
YoY Change 20.71% 15.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.027B $1.013B
Total Long-Term Liabilities $2.453B $2.032B
Total Liabilities $3.854B $3.371B
YoY Change 14.32% 15.76%
SHAREHOLDERS EQUITY
Retained Earnings $5.522B $4.902B
YoY Change 12.64%
Common Stock $371.2M $342.8M
YoY Change 8.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.450B $4.653B
YoY Change 17.14%
Treasury Stock Shares 129.2M shares 120.0M shares
Shareholders Equity $385.3M $457.1M
YoY Change
Total Liabilities & Shareholders Equity $4.353B $3.911B
YoY Change 11.31% 30.63%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $218.0M $188.4M
YoY Change 15.71% 8.59%
Depreciation, Depletion And Amortization $23.10M $23.60M
YoY Change -2.12% 0.43%
Cash From Operating Activities $177.2M $202.6M
YoY Change -12.54% 226.77%
INVESTING ACTIVITIES
Capital Expenditures $19.10M $8.600M
YoY Change 122.09% -43.79%
Acquisitions
YoY Change
Other Investing Activities -$63.10M $5.800M
YoY Change -1187.93% 241.18%
Cash From Investing Activities -$82.20M -$2.800M
YoY Change 2835.71% -79.41%
FINANCING ACTIVITIES
Cash Dividend Paid $59.90M $44.50M
YoY Change 34.61% 24.65%
Common Stock Issuance & Retirement, Net $201.6M $91.30M
YoY Change 120.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$222.1M -$156.0M
YoY Change 42.37% 2128.57%
NET CHANGE
Cash From Operating Activities $177.2M $202.6M
Cash From Investing Activities -$82.20M -$2.800M
Cash From Financing Activities -$222.1M -$156.0M
Net Change In Cash -$127.1M $43.80M
YoY Change -390.18% 5.8%
FREE CASH FLOW
Cash From Operating Activities $177.2M $202.6M
Capital Expenditures $19.10M $8.600M
Free Cash Flow $158.1M $194.0M
YoY Change -18.51% 315.42%

Facts In Submission

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<p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;margin-left:0px;">NOTE </font><font style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">1</font><font style="font-family:Times New Roman;font-size:11.5pt;font-weight:bold;">. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION</font></p><p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:23px;">Moody's is a provider of (i)&#160;credit ratings, (ii)&#160;credit</font><font style="font-family:Times New Roman;font-size:11pt;">, capital markets and economic </font><font style="font-family:Times New Roman;font-size:11pt;">research, data and analytical tools, (iii)&#160;</font><font style="font-family:Times New Roman;font-size:11pt;">software solutions and related risk management services,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">(iv)&#160;quantitative credit risk measures, </font><font style="font-family:Times New Roman;font-size:11pt;">financial services </font><font style="font-family:Times New Roman;font-size:11pt;">training and certification services and (v) outsourced research and analytical services to institutional customers. Moody's </font><font style="font-family:Times New Roman;font-size:11pt;">has</font><font style="font-family:Times New Roman;font-size:11pt;"> two reportable segments: MIS and MA.</font></p><p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:23px;">MIS, the credit rating agency, publishes credit ratings on a wide range of debt obligations and the entities that issue such obligations in markets worldwide. Revenue is derived from the originators and issuers of such transactions who use MIS ratings in the distribution of their debt issues to investors.</font></p><p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:23px;">The MA segment, which includes all of the Company's non-rating commercial activities, develops a wide range of products and services that support </font><font style="font-family:Times New Roman;font-size:11pt;">financial analysis and</font><font style="font-family:Times New Roman;font-size:11pt;"> risk management activities of institutional participants in global financial markets. Within its R</font><font style="font-family:Times New Roman;font-size:11pt;">esearch, </font><font style="font-family:Times New Roman;font-size:11pt;">D</font><font style="font-family:Times New Roman;font-size:11pt;">ata and </font><font style="font-family:Times New Roman;font-size:11pt;">A</font><font style="font-family:Times New Roman;font-size:11pt;">nalytics</font><font style="font-family:Times New Roman;font-size:11pt;"> business, MA distributes research and data developed by MIS as part of its ratings process, including in-depth research on major debt issuers, industry studies a</font><font style="font-family:Times New Roman;font-size:11pt;">nd commentary on topical credit-</font><font style="font-family:Times New Roman;font-size:11pt;">related events. The RD&amp;A business also produces economic research </font><font style="font-family:Times New Roman;font-size:11pt;">as well as </font><font style="font-family:Times New Roman;font-size:11pt;">data and analytical tools such as quantitative cr</font><font style="font-family:Times New Roman;font-size:11pt;">edit risk scores.</font><font style="font-family:Times New Roman;font-size:11pt;"> It also provides fixed income pricing in the Asia-Pacific region.</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;"> Within its E</font><font style="font-family:Times New Roman;font-size:11pt;">nterprise </font><font style="font-family:Times New Roman;font-size:11pt;">R</font><font style="font-family:Times New Roman;font-size:11pt;">isk </font><font style="font-family:Times New Roman;font-size:11pt;">S</font><font style="font-family:Times New Roman;font-size:11pt;">olutions</font><font style="font-family:Times New Roman;font-size:11pt;"> business</font><font style="font-family:Times New Roman;font-size:11pt;">, MA provides software solutions</font><font style="font-family:Times New Roman;font-size:11pt;"> as well as </font><font style="font-family:Times New Roman;font-size:11pt;">related </font><font style="font-family:Times New Roman;font-size:11pt;">risk management services</font><font style="font-family:Times New Roman;font-size:11pt;">.</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">The</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">P</font><font style="font-family:Times New Roman;font-size:11pt;">rofessional </font><font style="font-family:Times New Roman;font-size:11pt;">S</font><font style="font-family:Times New Roman;font-size:11pt;">ervices business provides</font><font style="font-family:Times New Roman;font-size:11pt;"> outsourced research and analytical services along with financial</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">training</font><font style="font-family:Times New Roman;font-size:11pt;"> and certification programs</font><font style="font-family:Times New Roman;font-size:11pt;">. </font></p><p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:23px;">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 </font><font style="font-family:Times New Roman;font-size:11pt;">2013</font><font style="font-family:Times New Roman;font-size:11pt;"> annual report on Form 10-K filed with the SEC on </font><font style="font-family:Times New Roman;font-size:11pt;">February 27, 2014</font><font style="font-family:Times New Roman;font-size:11pt;">. 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 (</font><font style="font-family:Times New Roman;font-size:11pt;">including</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:11pt;">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 balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Certain prior year amounts have been reclassified to conform to the current year presentation.</font></p>
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ForeignCurrencyTransactionGainLossBeforeTax
1000000 USD
CY2013Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
7400000 USD
CY2013Q1 mco Other Non Operating Income Expense Other
OtherNonOperatingIncomeExpenseOther
-300000 USD
CY2013Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1700000 USD
CY2012Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
55800000 USD
CY2014Q1 us-gaap Increase Decrease In Self Insurance Reserve
IncreaseDecreaseInSelfInsuranceReserve
6400000 USD
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
-27300000 USD
CY2014Q1 mco Other Comprehensive Income
OtherComprehensiveIncome
200000 USD
CY2014Q1 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-6900000 USD
CY2013Q1 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
18400000 USD
CY2013Q1 mco Other Comprehensive Income
OtherComprehensiveIncome
9100000 USD
CY2014Q1 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2012-04-18
CY2014Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2017-04-17
CY2014Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0 USD
CY2013Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0 USD
CY2007Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000 USD
CY2014Q1 mco Minimum Amount For Default On Senior Notes Payable
MinimumAmountForDefaultOnSeniorNotesPayable
50000000 USD
CY2014Q1 mco Percentage Of Principal Amount Being Prepaid Plus Accrued And Unpaid Interest
PercentageOfPrincipalAmountBeingPrepaidPlusAccruedAndUnpaidInterest
1 pure
CY2013Q3 us-gaap Debt Instrument Call Feature
DebtInstrumentCallFeature
The Company may prepay the 2013 Senior Notes, in whole or in part, at any time at a price equal to 100% of the principal amount being prepaid, plus accrued and unpaid interest and a Make-Whole Amount The Company may prepay the 2013 Senior Notes, in whole or in part, at any time at a price equal to 100% of the principal amount being prepaid, plus accrued and unpaid interest and a Make-Whole Amount
CY2014Q1 mco Long Term Debt Maturities Repayments Of Principal In Current Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalInCurrentFiscalYear
0 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
300000000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
300000000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2014Q1 mco Long Term Debt Maturities Repayments Of Principal Total
LongTermDebtMaturitiesRepaymentsOfPrincipalTotal
2100000000 USD
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1500000000 USD
CY2014Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
26100000 USD
CY2014Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
-100000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
-600000 USD
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1600000 USD
CY2013Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
21000000 USD
CY2013Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
2200000 USD
CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1200000 USD
CY2014Q1 mco Interest Reversal
InterestReversal
2000000 USD
CY2014Q1 us-gaap Interest Paid
InterestPaid
54200000 USD
CY2013Q1 us-gaap Interest Paid
InterestPaid
45600000 USD
CY2014Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2255300000 USD
CY2013Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2188700000 USD
CY2014Q1 mco Direct Operating Costs Selling General And Administrative Expense
DirectOperatingCostsSellingGeneralAndAdministrativeExpense
411100000 USD
CY2014Q1 mco Adjusted Operating Income
AdjustedOperatingIncome
356100000 USD
CY2013Q1 mco Adjusted Operating Income
AdjustedOperatingIncome
304000000 USD
CY2013Q1 mco Direct Operating Costs Selling General And Administrative Expense
DirectOperatingCostsSellingGeneralAndAdministrativeExpense
427800000 USD
CY2014Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.28
CY2014Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2014-06-10
CY2014Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2014-05-20
CY2014Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2014-04-15

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