MIS external revenue increased by 35% year-over-year, driven by opportunistic issuers taking advantage of tight credit spreads and strong investor demand. Growth was seen across all LOBs within MIS.

MA external revenue increased by 8% year-over-year, driven by sustained demand for KYC solutions and continued growth in SaaS-based banking and insurance offerings. Data and Information also contributed to growth.

The company is deploying a portion of savings from the 2022-2023 Geolocation Restructuring Program to support strategic investments, including the company's workplace of the future program and employee retention initiatives.

While operating and SG&A expenses increased, management has implemented disciplined expense management practices, which partially offset the impact of higher salaries and incentive compensation.

The 2022-2023 Geolocation Restructuring Program was substantially completed by the end of 2023, with remaining cash outlays primarily related to personnel costs expected to be paid by the end of 2024.

Management has highlighted its commitment to sustainability through various awards and recognitions, as well as the integration of ESG factors into operations, products, and services.

The company continues to monitor macroeconomic and geopolitical uncertainties that contribute to volatility in rated issuance volumes, including inflation, higher interest rates, and military conflicts.

The company is closely monitoring the impact of the ongoing Russia-Ukraine military conflict and the military conflict in Israel and surrounding areas on all aspects of its business.

The company acknowledges the potential impact of new regulations, including those related to data privacy and tax, on its business operations and financial results.

MIS revenue growth was driven by opportunistic issuers taking advantage of tight credit spreads and strong investor demand, indicating a favorable competitive environment.

MA segment growth was driven by a mix of KYC solutions, SaaS-based banking and insurance offerings, and data and information products, demonstrating a diversified competitive position.

The company continues to invest in technology and product development, indicating a focus on maintaining and enhancing its competitive edge.

Operating and SG&A expenses increased by 8% year-over-year, driven by higher salaries, benefits, and incentive compensation, indicating potential inefficiencies in cost control.

While expenses increased, management has implemented disciplined expense management practices, which partially offset the impact of higher costs.

Depreciation and amortization increased by 14% year-over-year, driven by higher amortization of internally developed software, indicating increased investment in technology and product development.

Higher depreciation and amortization expenses are driven by increased amortization of internally developed software, indicating a focus on technology and product development.

Growth in the MA segment is driven by SaaS-based banking and insurance offerings, indicating a focus on innovative technology solutions.

The company is making investments to support technology, innovation and product development, reflecting a commitment to future growth.

The company continues to return capital to shareholders through share repurchases and dividend payments, with $79 million spent on share repurchases and $155 million on dividends in the quarter.

The Board authorized an additional $1 billion in share repurchase authority, indicating a commitment to returning capital to shareholders.

Management deems capital expenditures as essential to the company's product and service innovations and maintenance of operational capabilities, reflecting a balanced approach to capital allocation.

Moody's received awards and recognitions for its sustainability-related efforts, including being named to the Dow Jones Sustainability Indices and CDP's Climate Change 'A' List.

The Board oversees sustainability matters through various committees, including the Audit, Governance & Nominating, and Compensation & Human Resources Committees.

The company is integrating ESG factors into its operations, value chain, products, and services, reflecting a commitment to sustainability.

MIS revenue growth was driven by opportunistic issuers taking advantage of tight credit spreads and strong investor demand, indicating a favorable market environment.

The company continues to monitor macroeconomic and geopolitical uncertainties that contribute to volatility in rated issuance volumes, indicating a challenging market environment.

The company acknowledges the potential impact of inflation levels and higher interest rates on the global capital markets, which could affect issuance volumes.