Financial Targets

• Moody’s Investors Service – Long-term Normative Targets:

  • Low teens revenue and operating income growth
  • Margins stable at or above 50%.
  • Strong cash flow >=90% net income
  • Return of excess capital to shareholders
    • Current policy - primarily share repurchase; nominal dividend
    • Fund acquisitions through additional debt or free cash
  • Mid-teens EPS growth

• Moody’s KMV –

  • Growth above MIS targets will provide additional returns for shareholders
  • Revenue growth in the ~15% range with margin trending up

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