Moody's Corp Q2 2023 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst : I just wanted to focus on the free cash flow. That guidance was raised by almost $200 million, which was much better than the EPS guidance range. So I was wondering if you could talk about that. And also from a capital allocation perspective, you've obviously raised the share repurchase guidance from $250 million to $500 million. But how should we think about the rest of the cash and the focus on -- any particular focus on M&A?

Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst : From what we can gather, it seems like issuers, particularly within the high-yield market, are opting for shorter maturities in this environment. And so my question is a 2-parter. First, is this something that you're seeing across debt categories of late? And second, how should we think about the impact of this on MIS revenue? Just curious if shorter maturities ultimately results in issuers coming back to market more frequently, which I would think drives stronger transactional revenue. Or if there's some offsetting component within your fee structure that would offset this. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 25, 2023 / 4:30PM, MCO.N - Q2 2023 Moody's Corp Earnings Call