The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst
: Just wanted to drill down further on the issuance side. I was wondering if you could talk about the pipeline for new issuers. And also, if you could
just talk about like what percentage of the issuance right now is really coming from new issuance versus refinancing of existing debt. And any
thoughts around how that could trend for the rest of the year and exiting the year.
Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst
: That's very helpful color. And then my second question was just going to be on the expense bridge. This is on Slide 23, where you've provided the
expense bridge. I didn't see incentive comp broken out as it was broken out in the first quarter. I was wondering if you could provide any color on
how we should think about incentive comps decline in '22 versus '21.
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: First one is just kind of on your own M&A appetite. Obviously, a challenging environment or at least a choppy one. Do current economic conditions
or perhaps some conservatism from a growth perspective heading into the end of the year impact how you're thinking about doing deals? I know
you already kind of lowered share repurchase expectations due to the free cash flow, presumably the free cash flow decline, but wondering how
that impacts your outlook for M&A as well.
Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst
: Great. That's helpful. And then maybe a follow-up, Rob, to a point that you made on kind of the success of some of your acquisitions of late.
Obviously, on Slide 22, you note mid-30s type growth for your screening capabilities and being ahead of plan there in terms of $300 million of
revenue in that business. I was wondering if you could spend a little bit more time on what exactly within that business is outperforming your
initial expectations. Obviously, the market is a strong one, but if there's anything from an execution standpoint or a product offering standpoint
that's really resonating with customers, would love to hear it.
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JULY 26, 2022 / 4:00PM, MCO.N - Q2 2022 Moody's Corp Earnings Call
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