Q2 2024 Moody's Corp Earnings Call Transcript
Key Points
- Moody's Corporation (MCO) reported a 22% revenue growth for Q2 2024.
- Adjusted operating margin reached nearly 50%, showing strong profitability.
- Annualized recurring revenue (ARR) grew by 10%, marking the seventh consecutive quarter of double-digit ARR growth.
- The company raised its guidance for share repurchases from $1 billion to $1.3 billion.
- Moody's Corporation (MCO) continues to innovate, launching new products and expanding partnerships, including collaborations with MSCI, Zillow, and Google.
- There is potential uncertainty in the buying environment for the second half of the year, leading to a wider ARR guidance range.
- The company expects a more muted issuance in Q4 2024 due to election-related turbulence and earlier issuance guidance by banks.
- Tight purchasing patterns in the banking and asset management sectors are putting pressure on upsell, pricing, and retention.
- The transition to integrating MSCI's ESG scores and data may impact the sales pipeline and retention in the near term.
- Transactional revenue in the MA segment is expected to trend downwards in the second half of the year as the focus shifts to renewable sales.
Good day, everyone, and welcome to the Moody's Corporation second-quarter 2024 earnings call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open the conference up for questions and answers following the presentation.
I will now turn the call over to Shivani Kak, Head of Investor Relations. Please go ahead.
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Thank you, and good afternoon, and thank you for joining us today. I am Shivani Kak, Head of Investor Relations.
This morning, Moody's released its results for the second quarter 2024, as well as our revised outlook for select metrics for full year 2024. The earnings press release and the presentation to accompany this teleconference are both available on our website at ir.moodys.com.
During this call, we will also be presenting non-GAAP or adjusted figures. Please refer to the tables at the end of our earnings press release filed this
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