Moody's (MCO) FY2017 results: revenue $4.2 billion, up 16.6% on the year
Moody's Corp. (MCO) reported revenue of $4.2 billion for fiscal 2017, the year ended 31 December 2017, up 16.6% on the year before. Net income was $1.0 billion, up 275.3%, and diluted earnings per share $5.15. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$4.2 billion
+16.6% on the year
FY2010FY2017
Operating margin
43.3%
18.1% a year earlier
FY2010FY2017
Net income
$1.0 billion
+275.3% on the year
FY2010FY2017
Diluted EPS
$5.15
+278.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
4,204
3,604
3,484
+16.6%
Cost of revenue
1,216
n/a
n/a
Gross profit
2,988
n/a
n/a
Gross margin
71.1%
n/a
n/a
Research and development
42.0
40.1
29.1
+4.7%
Selling, general and administrative
986
931
921
+5.9%
Operating income
1,821
651
1,473
+179.8%
Operating margin
43.3%
18.1%
42.3%
Pre-tax income
1,787
558
1,380
+220.2%
Income tax
779
282
430
+176.1%
Effective tax rate
43.6%
50.6%
31.2%
Net income
1,001
267
941
+275.3%
Net margin
23.8%
7.4%
27.0%
Diluted EPS
$5.15
$1.36
$4.63
+278.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
755
1,259
1,198
-40.0%
Capital expenditure
91.0
115
89.0
-21.0%
Free cash flow
664
1,144
1,109
-42.0%
Free cash flow margin
15.8%
31.7%
31.8%
Cash from investing
-3,420
102
-92.0
Cash from financing
1,600
-1,043
-506
Depreciation and amortisation
158
127
114
+24.9%
Share-based compensation
123
98.1
87.2
+25.3%
Buybacks
200
739
1,098
-73.0%
Dividends paid
290
285
272
+1.7%
Dividend per share
$1.14
$1.49
$1.39
-23.5%
Diluted shares, weighted
194m
195m
203m
-0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
-328
-1,225
-565
Non-controlling interest
213
198
232
+7.6%
Debt
5,540
3,363
3,381
+64.7%
Other liabilities
3,169
2,992
2,055
+5.9%
Total liabilities and equity
8,594
5,327
5,103
+61.3%
Fixed assets
325
326
306
-0.2%
Goodwill
3,753
1,024
976
+266.7%
Intangible assets
1,632
296
299
+450.5%
Investments
134
206
530
-35.0%
Cash and equivalents
1,072
2,052
1,757
-47.8%
Receivables
1,147
887
802
+29.3%
Other assets
532
536
432
-0.9%
Total assets
8,594
5,327
5,103
+61.3%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.