The acquisition of CAPE Analytics, a provider of AI-powered property risk intelligence, was completed in January 2025. This acquisition is expected to enhance MA's subscription-based catastrophe and actuarial models.

The Strategic and Operational Efficiency Restructuring Program, approved in December 2024, is in progress and is expected to be substantially complete by the end of 2026. This program aims to realign operations toward high-priority growth areas and consolidate functions to improve efficiency.

The Board approved a quarterly dividend of $0.94 per share. The Company also has approximately $1.2 billion remaining under its share repurchase authorization as of March 31, 2025.

The Strategic and Operational Efficiency Restructuring Program is expected to result in annualized savings of $250 million to $300 million upon completion. This program includes staff reductions, rationalization of leased office spaces, and retirement of legacy software applications.

Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective as of the Evaluation Date. There were no changes in internal control over financial reporting that materially affected, or are reasonably likely to materially affect, these internal controls.

During the first quarter of 2025, MA reorganized its management and reporting structure, which affected the composition of the reporting units within the MA reportable segment. As a result, MA's reporting unit structure now consists of one reporting unit, which is consistent with the segment's current management structure and operating model.

There have been no material changes from the significant risk factors and uncertainties previously disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2024.

Moody's and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties.

ARR in MA increased 9%, reflecting growth across all LOBs. This indicates a strong competitive position in the data, intelligence, and analytical tools market.

The program is expected to result in annualized savings of $250 million to $300 million. This program relates to the Company's strategy to realign its operations toward high priority growth areas and to consolidate certain functions to simplify the organization to enable improved operating efficiency and leverage.

The acquisition of CAPE Analytics, a provider of AI-powered property risk intelligence, is expected to enhance MA's subscription-based catastrophe and actuarial models. This reflects a focus on incorporating advanced technologies into existing offerings.

Depreciation and amortization expense increased, primarily due to higher amortization of internally developed software, which relates to the development of MA SaaS solutions. This indicates ongoing investment in technological capabilities.

The Board approved a quarterly dividend of $0.94 per share. The Company also has approximately $1.2 billion remaining under its share repurchase authorization as of March 31, 2025. This reflects a commitment to returning capital to shareholders.

The acquisition of CAPE Analytics for $223 million reflects a strategic investment in AI-powered property risk intelligence. This acquisition is expected to enhance MA's offerings and drive future growth.

The impacts of geopolitical events and actions, such as the Russia-Ukraine military conflict and military conflict in the Middle East, and of tensions and disputes in political and global relations, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide and on the Company's own operations and personnel.