Moody's Corporation (NYSE:MCO) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:30 am ET


Moody's Corporation (NYSE:MCO) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome, ladies and gentlemen, to the Moody's Corporation Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I will now turn the conference over to Shivani Kak, Head of Investor Relations. Please go ahead.

Shivani Kak

Thank you. Good morning, everyone, and thanks for joining us on this teleconference to discuss Moody's second quarter 2020 results as well as our outlook for full year 2020. I'm Shivani Kak, Head of Investor Relations. This morning, Moody's released its results for the second quarter of 2020 as well as our outlook for full year 2020. The earnings press release and a presentation to accompany this teleconference is available on our website at Ray McDaniel, Moody's President and Chief Executive Officer, will lead this morning's conference call. Also making prepared remarks on the call this morning is Mark Kaye, Moody's Chief Financial Officer. 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 morning for a reconciliation between all adjusted measures mentioned during this call and GAAP. Before we begin, I call your attention to the safe harbor language, which can be found towards the end of our earnings release. Today's remarks contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the Act, I also direct your attention to the Management's Discussion and Analysis section and the risk factors discussed in our annual report on Form 10-K for the year ended December 31, 2019, our quarterly report on Form 10-Q for the quarter ended March 31, 2020, and in SEC filings made by the company, which are available on our website and on the SEC's website. These, together with the safe harbor statement, set forth important factors that could cause actual results to differ materially from those contained in any such forward-looking statements. I would also like to point out that members of the media may be on the call this morning in a listen-only mode.

I will now turn the call over to Ray McDaniel.

Raymond W. McDaniel, Jr.

Thanks, Shivani. Good morning and thank you, everyone, for joining today's call. I will begin by providing a general update on the business, including Moody's second quarter 2020 financial results. Mark Kaye will then provide further details on our second quarter performance and also comment on our revised outlook for 2020. After our prepared remarks, we'll be happy to respond to your questions. I want to start off by both acknowledging that the strength of Moody's has always been in our people and reiterating our appreciation for the hard work and dedication of our employees around the world. During this challenging time, we remain committed to our corporate social responsibility efforts as we and the rest of the world deal with both the global COVID-19 pandemic as well as civil unrest. Our mission to provide trusted insights and standards that help decision-makers act with confidence has never been more relevant, and