On this page of StockholderLetter.com we present the latest annual shareholder letter from MOODYS CORP /DE/ — ticker symbol MCO. Reading current and past MCO letters to shareholders can bring important insights into the investment thesis.
Annual Report
2023
Vincent A. Forlenza
Letter from the Chairman of the Board of Directors
Looking back on 2023, global trends continued to converge
and shape what proved to be another year of swift and seismic
change. Our collective global experience was de   ned by
several factors, including the continued rapid advancement
of technology, particularly arti   cial intelligence, central bank
actions to manage in   ation, the ongoing impacts from climate
change as well as evolving geopolitical con   icts     to name
a few.
It was my honor to be appointed as Moody   s Chairman of the
Board in April, after having served on the Board for the past    ve
years. This new role has afforded me a unique vantage point for
re   ection on the impressive achievements of Moody   s teams
amidst this backdrop.
Over the course of more than four decades in healthcare,
I have witnessed the transformative power of technology.
I can appreciate how innovation can revolutionize industries,
and I am pleased that Moody   s has been an early mover in
harnessing the power of generative arti   cial intelligence
(GenAI). Moody   s is building on a powerful foundation of
proprietary datasets and insights to bring a step change in
ef   ciency and effectiveness to its customers and its people.
This work includes the development of Moody   s Research
Assistant, a    rst-of-its-kind GenAI-powered search and
analysis tool, which launched at the end of 2023 and enabled
customers to unlock insights with unprecedented speed. This
milestone provides a glimpse of what the future holds for
risk analysis.
EXPONENTIAL OPPORTUNITY
MAKING A MEASURABLE IMPACT
Fueled by visionary leadership and an unwavering belief that
greater transparency, more informed decisions, and fair access
to information opens the door to shared progress, the    rm has
steadily evolved to meet the moment     one Moody   s de   ned
in 2023 as an era of exponential risk. A more interconnected
world has led risks to compound. Consider the interrelated
impacts from extreme weather events, cyberattacks and
supply chain failures     collectively, these forces have elevated
global uncertainty.
During my tenure on the Board, I have been inspired by
the dedication of Moody   s people which is evident in their
contributions in the communities where they live and work.
The most recent year was no exception where more than
3,300 employees participated in 150+ global projects through
the company   s annual teambuilding and volunteering program,
Moody   s TeamUp  .
Throughout this dynamic environment, Moody   s remained
focused on sustainable value creation for its stakeholders
by further de   ning this moment as one also marked by
exponential opportunity. The momentum behind Moody   s
achievements is in   uenced by a clear mindset focused on
growth by helping stakeholders anticipate, adapt, and thrive
in our new global paradigm.
INNOVATING FOR OUR STAKEHOLDERS
As part of its evolution, Moody   s has remained focused on
providing innovative solutions and insights across its business    
from ratings and research to data and analytics. Over the past
year, Moody   s launched new cloud-based software solutions
to serve banking, insurance, and Know Your Customer
work   ows. Importantly, Moody   s has also continued to invest
in technology to provide a better experience for its customers
by further integrating its vast array of content and datasets.
Concurrently in 2023, Moody   s employee-led Business
Resource Groups played a crucial role in advancing the
company   s focus on inclusion, helping to create a culture where
everyone feels a sense of belonging. This work speaks to the
strength of character of Moody   s employees, which is evident
in the values they share.
I want to say a special thanks to Ray McDaniel, the outgoing
Chairman of Moody   s Board of Directors, who retired in
April 2023 after a long and distinguished career. The Board
shares the deep appreciation held by Moody   s employees for
his steady leadership and his tremendous contributions
to the    rm.
Finally, I express my appreciation to Moody   s stockholders
for their continued support, and I thank the company   s
executive leadership team and all employees for their
tremendous efforts.
Vincent A. Forlenza
Chairman of the Board of Directors
1
MOODY   S 2023 ANNUAL REPORT
Robert Fauber
Letter from the President & Chief Executive Of   cer
REFLECTING ON OUR PROGRESS
As I think about 2023 and the milestones our company
achieved, I am reminded how incredibly proud I am of my
colleagues. Working together, they enabled progress through
the launch of innovative products and solutions. They also
expanded our customer relationships and integrated risk
analysis capabilities. Collectively, our accomplishments
generated 8% revenue growth for our company and delivered
value for our stakeholders, empowering them to act with
con   dence in a world where risks are more complex and
interconnected than ever before.
The past year was de   ning for our company,    lled with
positive change and momentum that excites me for the road
ahead. Fueling our progress is our steadfast commitment to
our values, which anchors our decisions and our actions. Our
people embody our values     and thanks to their agility and
dedication, we kept our focus on providing clarity, knowledge
and fairness through our opinions, enabling individuals and
organizations to make better decisions.
AN ERA OF EXPONENTIAL RISK
The events of the past year highlighted the changing
nature and convergence of global risks. Also evident from
conversations with our stakeholders was a growing demand
for relevant insights and solutions to help them navigate
these challenges.
From geopolitical con   icts to banking system stress and
cyclical trends in in   ation and interest rates, multiple risks
generated volatility in the global debt and equity markets. This
heightened uncertainty contributed to a trend of increasing
volatility that we have been seeing now for a number of years.
Our world is linked by technology and trade, and by culture
and commerce     risks no longer exist in isolation. Last year, I
was honored to be invited to speak on this topic at the United
States Military Academy at West Point. I described our global
reality as an    era of exponential risk,    where our interconnected
world creates new, compounding risks. At Moody   s, we believe
this era also presents opportunities     not just to understand
exponential risk, but to get ahead of it, to adapt and thrive.
3
MOODY   S 2023 ANNUAL REPORT
To navigate this era, we believe our stakeholders need to
break down risk silos, while embracing technology, data, and
analytics to build resiliency. Over the past year, our
company continued to evolve rapidly to help our customers
anticipate the effects of emerging threats, identify
vulnerabilities, spot and seize opportunities, and support
lasting competitive advantage.
HARNESSING GENERATIVE AI
One of the most exciting developments of 2023 was the
phenomenal growth of generative arti   cial intelligence     or
GenAI. Our swift embrace of this technology was a natural
step for Moody   s because, for more than 100 years, innovation
has been core to how we operate. It also builds on our
longstanding experience with traditional arti   cial intelligence.
It was remarkable to see how much creativity was unleashed
this past year when we gave every employee secure and
responsible access to new GenAI tools. We also accelerated our
ability to innovate through new partnerships with Microsoft
and Google.
All of this work culminated in the public launch of Moody   s
Research Assistant, a    rst-of-its-kind research offering powered
by GenAI. The unveiling of this powerful tool marked a
milestone in our ongoing journey to enable our customers to
more rapidly unlock deeper and richer integrated risk insights.
I am pleased to share that the early feedback we have received
from our stakeholders has encouraged us. We will continue to
develop similar products in the months and years ahead.
NEW AND EXPANDED SOLUTIONS
Our accomplishments are a testament to our unique offering    
one that sets us apart. This offering is underpinned by our focus
on purposeful innovation, delivering for our customers, and
investing for growth     a formula that has created sustainable
value for our shareholders.
This approach fueled our impressive    nancial performance
and continued strong returns for our stockholders. Moody   s
achieved revenue growth of 8% and adjusted diluted EPS
growth of 16% in 2023.
 • shareholder letter icon 3/6/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/8/2023 MCO Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon MCO Benford's Law Stock Score = 100


MCO Shareholder/Stockholder Letter Transcript:

Annual Report
2023


Vincent A. Forlenza
Letter from the Chairman of the Board of Directors
Looking back on 2023, global trends continued to converge
and shape what proved to be another year of swift and seismic
change. Our collective global experience was de   ned by
several factors, including the continued rapid advancement
of technology, particularly arti   cial intelligence, central bank
actions to manage in   ation, the ongoing impacts from climate
change as well as evolving geopolitical con   icts     to name
a few.
It was my honor to be appointed as Moody   s Chairman of the
Board in April, after having served on the Board for the past    ve
years. This new role has afforded me a unique vantage point for
re   ection on the impressive achievements of Moody   s teams
amidst this backdrop.
Over the course of more than four decades in healthcare,
I have witnessed the transformative power of technology.
I can appreciate how innovation can revolutionize industries,
and I am pleased that Moody   s has been an early mover in
harnessing the power of generative arti   cial intelligence
(GenAI). Moody   s is building on a powerful foundation of
proprietary datasets and insights to bring a step change in
ef   ciency and effectiveness to its customers and its people.
This work includes the development of Moody   s Research
Assistant, a    rst-of-its-kind GenAI-powered search and
analysis tool, which launched at the end of 2023 and enabled
customers to unlock insights with unprecedented speed. This
milestone provides a glimpse of what the future holds for
risk analysis.
EXPONENTIAL OPPORTUNITY
MAKING A MEASURABLE IMPACT
Fueled by visionary leadership and an unwavering belief that
greater transparency, more informed decisions, and fair access
to information opens the door to shared progress, the    rm has
steadily evolved to meet the moment     one Moody   s de   ned
in 2023 as an era of exponential risk. A more interconnected
world has led risks to compound. Consider the interrelated
impacts from extreme weather events, cyberattacks and
supply chain failures     collectively, these forces have elevated
global uncertainty.
During my tenure on the Board, I have been inspired by
the dedication of Moody   s people which is evident in their
contributions in the communities where they live and work.
The most recent year was no exception where more than
3,300 employees participated in 150+ global projects through
the company   s annual teambuilding and volunteering program,
Moody   s TeamUp  .
Throughout this dynamic environment, Moody   s remained
focused on sustainable value creation for its stakeholders
by further de   ning this moment as one also marked by
exponential opportunity. The momentum behind Moody   s
achievements is in   uenced by a clear mindset focused on
growth by helping stakeholders anticipate, adapt, and thrive
in our new global paradigm.
INNOVATING FOR OUR STAKEHOLDERS
As part of its evolution, Moody   s has remained focused on
providing innovative solutions and insights across its business    
from ratings and research to data and analytics. Over the past
year, Moody   s launched new cloud-based software solutions
to serve banking, insurance, and Know Your Customer
work   ows. Importantly, Moody   s has also continued to invest
in technology to provide a better experience for its customers
by further integrating its vast array of content and datasets.
Concurrently in 2023, Moody   s employee-led Business
Resource Groups played a crucial role in advancing the
company   s focus on inclusion, helping to create a culture where
everyone feels a sense of belonging. This work speaks to the
strength of character of Moody   s employees, which is evident
in the values they share.
I want to say a special thanks to Ray McDaniel, the outgoing
Chairman of Moody   s Board of Directors, who retired in
April 2023 after a long and distinguished career. The Board
shares the deep appreciation held by Moody   s employees for
his steady leadership and his tremendous contributions
to the    rm.
Finally, I express my appreciation to Moody   s stockholders
for their continued support, and I thank the company   s
executive leadership team and all employees for their
tremendous efforts.
Vincent A. Forlenza
Chairman of the Board of Directors
1
MOODY   S 2023 ANNUAL REPORT


Robert Fauber
Letter from the President & Chief Executive Of   cer
REFLECTING ON OUR PROGRESS
As I think about 2023 and the milestones our company
achieved, I am reminded how incredibly proud I am of my
colleagues. Working together, they enabled progress through
the launch of innovative products and solutions. They also
expanded our customer relationships and integrated risk
analysis capabilities. Collectively, our accomplishments
generated 8% revenue growth for our company and delivered
value for our stakeholders, empowering them to act with
con   dence in a world where risks are more complex and
interconnected than ever before.
The past year was de   ning for our company,    lled with
positive change and momentum that excites me for the road
ahead. Fueling our progress is our steadfast commitment to
our values, which anchors our decisions and our actions. Our
people embody our values     and thanks to their agility and
dedication, we kept our focus on providing clarity, knowledge
and fairness through our opinions, enabling individuals and
organizations to make better decisions.
AN ERA OF EXPONENTIAL RISK
The events of the past year highlighted the changing
nature and convergence of global risks. Also evident from
conversations with our stakeholders was a growing demand
for relevant insights and solutions to help them navigate
these challenges.
From geopolitical con   icts to banking system stress and
cyclical trends in in   ation and interest rates, multiple risks
generated volatility in the global debt and equity markets. This
heightened uncertainty contributed to a trend of increasing
volatility that we have been seeing now for a number of years.
Our world is linked by technology and trade, and by culture
and commerce     risks no longer exist in isolation. Last year, I
was honored to be invited to speak on this topic at the United
States Military Academy at West Point. I described our global
reality as an    era of exponential risk,    where our interconnected
world creates new, compounding risks. At Moody   s, we believe
this era also presents opportunities     not just to understand
exponential risk, but to get ahead of it, to adapt and thrive.
3
MOODY   S 2023 ANNUAL REPORT
To navigate this era, we believe our stakeholders need to
break down risk silos, while embracing technology, data, and
analytics to build resiliency. Over the past year, our
company continued to evolve rapidly to help our customers
anticipate the effects of emerging threats, identify
vulnerabilities, spot and seize opportunities, and support
lasting competitive advantage.
HARNESSING GENERATIVE AI
One of the most exciting developments of 2023 was the
phenomenal growth of generative arti   cial intelligence     or
GenAI. Our swift embrace of this technology was a natural
step for Moody   s because, for more than 100 years, innovation
has been core to how we operate. It also builds on our
longstanding experience with traditional arti   cial intelligence.
It was remarkable to see how much creativity was unleashed
this past year when we gave every employee secure and
responsible access to new GenAI tools. We also accelerated our
ability to innovate through new partnerships with Microsoft
and Google.
All of this work culminated in the public launch of Moody   s
Research Assistant, a    rst-of-its-kind research offering powered
by GenAI. The unveiling of this powerful tool marked a
milestone in our ongoing journey to enable our customers to
more rapidly unlock deeper and richer integrated risk insights.
I am pleased to share that the early feedback we have received
from our stakeholders has encouraged us. We will continue to
develop similar products in the months and years ahead.
NEW AND EXPANDED SOLUTIONS
Our accomplishments are a testament to our unique offering    
one that sets us apart. This offering is underpinned by our focus
on purposeful innovation, delivering for our customers, and
investing for growth     a formula that has created sustainable
value for our shareholders.
This approach fueled our impressive    nancial performance
and continued strong returns for our stockholders. Moody   s
achieved revenue growth of 8% and adjusted diluted EPS
growth of 16% in 2023.



shareholder letter icon 3/6/2024 Letter Continued (Full PDF)
 

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