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MSCI Reports Financial Results for Second Quarter and Six Months 2024

MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, today announced its financial results for the three months ended June 30, 2024 (“second quarter 2024”) and six months ended June 30, 2024 (“six months 2024”).

Financial and Operational Highlights for Second Quarter 2024

(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2023 (“second quarter 2023”) and Run Rate percentage changes are relative to June 30, 2023).

  • Operating revenues of $707.9 million, up 14.0%; Organic operating revenue growth of 9.7%
  • Recurring subscription revenues up 14.4%; Asset-based fees up 18.2%
  • Operating margin of 54.0%; Adjusted EBITDA margin of 60.7%
  • Diluted EPS of $3.37, up 9.1%; Adjusted EPS of $3.64, up 11.7%
  • Organic recurring subscription Run Rate growth of 8.6%; Retention Rate of 94.8%
  • In second quarter 2024 and through July 19, 2024, a total of $289.9 million or 598,928 shares were repurchased at an average repurchase price of $484.01
  • Approximately $126.6 million in dividends were paid to shareholders in second quarter 2024; Cash dividend of $1.60 per share declared by MSCI Board of Directors for third quarter 2024

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

 

June 30,

 

June 30,

 

In thousands, except per share data (unaudited)

 

2024

 

2023

% Change

 

2024

 

2023

 

% Change

Operating revenues

 

$

707,949

 

 

$

621,157

 

 

14.0

%

 

$

1,387,914

 

 

$

1,213,375

 

 

14.4

%

Operating income

 

$

382,608

 

 

$

345,953

 

 

10.6

%

 

$

721,990

 

 

$

660,555

 

 

9.3

%

Operating margin %

 

 

54.0

%

 

 

55.7

%

 

 

 

 

52.0

%

 

 

54.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

266,758

 

 

$

246,825

 

 

8.1

%

 

$

522,712

 

 

$

485,553

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

3.37

 

 

$

3.09

 

 

9.1

%

 

$

6.59

 

 

$

6.05

 

 

8.9

%

Adjusted EPS

 

$

3.64

 

 

$

3.26

 

 

11.7

%

 

$

7.17

 

 

$

6.40

 

 

12.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

429,955

 

 

$

377,306

 

 

14.0

%

 

$

813,528

 

 

$

722,035

 

 

12.7

%

Adjusted EBITDA margin %

 

 

60.7

%

 

 

60.7

%

 

 

 

 

58.6

%

 

 

59.5

%

 

 

“MSCI’s second quarter results demonstrate the strength of our all-weather franchise, our blue-chip client base, our wide range of solutions, and our relentless focus on execution. Highlights included another quarter of record AUM balances in financial products linked to MSCI indexes, ABF run rate growth of 16%, our best-ever Q2 of new recurring subscription sales, and a retention rate of almost 95%,” said Henry A. Fernandez, Chairman and CEO of MSCI.

“As we capture and commercialize the next evolution of global investing, MSCI is expanding our footprint among large and rapidly growing client segments while strengthening our position among more mature and traditional segments. Our recent announcements, including our game-changing ESG and sustainability partnership with Moody’s and our launch of the MSCI Private Capital Indexes, can help us accelerate this strategy,” Fernandez added.

Second Quarter Consolidated Results

Operating Revenues: Operating revenues were $707.9 million, up 14.0%. Organic operating revenue growth was 9.7%. The $86.8 million increase was the result of $65.8 million in higher recurring subscription revenues and $25.1 million in higher asset-based fees, partially offset by $4.1 million decrease in non-recurring revenues.

Run Rate and Retention Rate: Total Run Rate at June 30, 2024 was $2,807.3 million, up 14.6%. Recurring subscription Run Rate increased by $268.1 million, and asset-based fees Run Rate increased by $89.4 million. Organic recurring subscription Run Rate growth was 8.6%. Retention Rate in second quarter 2024 was 94.8%, compared to 95.5% in second quarter 2023.

Expenses: Total operating expenses were $325.3 million, up 18.2%, including $37.5 million of operating expenses associated with Private Capital Solutions (formerly known as The Burgiss Group, LLC), Carbon Markets (formerly known as Trove Research Ltd), Fabric RQ Inc. ("Fabric") and Foxberry Ltd (“Foxberry”).

Adjusted EBITDA expenses were $278.0 million, up 14.0%, primarily reflecting higher compensation and benefits costs related to higher headcount as a result of business growth and the recent acquisitions as well as increases in non-compensation costs, primarily reflecting higher information technology, professional fees and market data costs.

Adjusted EBITDA expense included $24.7 million of expenses associated with Private Capital Solutions, Carbon Markets, Fabric and Foxberry. Approximately $2.3 million in integration costs and $10.4 million of acquired intangible asset amortization expenses related to these acquisitions were excluded from Adjusted EBITDA expense.

Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 18.8% and 14.7%, respectively.

Operating Income: Operating income was $382.6 million, up 10.6%. Operating income margin in second quarter 2024 was 54.0%, compared to 55.7% in second quarter 2023.

Headcount: As of June 30, 2024, we had 6,059 employees, reflecting a 21.7% increase, which was primarily driven by our recent acquisitions. Approximately 31.5% and 68.5% of employees are located in developed market and emerging market locations, respectively.

Other Expense (Income), Net: Other expense (income), net was $42.6 million, up 9.8%, primarily driven by lower interest income reflecting lower average cash balances.

Income Taxes: The effective tax rate was 21.5% in the second quarter 2024 compared to 19.6% in second quarter 2023. The increase was primarily driven by higher statutory tax rates and unfavorable discrete items related to prior years.

Net Income: As a result of the factors described above, net income was $266.8 million, up 8.1%.

Adjusted EBITDA: Adjusted EBITDA was $430.0 million, up 14.0%. Adjusted EBITDA margin in second quarter 2024 was 60.7%, compared to 60.7% in second quarter 2023.

Index Segment:

Table 1A: Results (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

 

June 30,

 

June 30,

 

 

In thousands

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

217,032

 

 

$

200,714

 

 

8.1

%

 

$

429,984

 

 

$

397,392

 

 

8.2

%

Asset-based fees

 

 

163,281

 

 

 

138,162

 

 

18.2

%

 

 

313,540

 

 

 

271,288

 

 

15.6

%

Non-recurring

 

 

16,879

 

 

 

23,440

 

 

(28.0

)%

 

 

27,540

 

 

 

33,018

 

 

(16.6

)%

Total operating revenues

 

 

397,192

 

 

 

362,316

 

 

9.6

%

 

 

771,064

 

 

 

701,698

 

 

9.9

%

Adjusted EBITDA expenses

 

 

90,202

 

 

 

85,246

 

 

5.8

%

 

 

186,314

 

 

 

170,946

 

 

9.0

%

Adjusted EBITDA

 

$

306,990

 

 

$

277,070

 

 

10.8

%

 

$

584,750

 

 

$

530,752

 

 

10.2

%

Adjusted EBITDA margin %

 

 

77.3

%

 

 

76.5

%

 

 

 

 

75.8

%

 

 

75.6

%

 

 

Index operating revenues were $397.2 million, up 9.6% and included $0.18 million from the acquisition of Foxberry. The $34.9 million increase was driven by $25.1 million in higher asset-based fees and $16.3 million in higher recurring subscription revenues, partially offset by $6.6 million in lower non-recurring revenues. Organic operating revenue growth for Index was 9.8%.

The growth in recurring subscription revenues was primarily driven by growth from market-cap weighted indexes.

The growth in revenues attributed to asset-based fees were primarily driven by ETFs linked to MSCI equity indexes, primarily due to an increase in average AUM. The balance of the increase was driven by non-ETF indexed funds linked to MSCI indexes, driven by an increase in average AUM and average basis points fees and an increase in revenue from futures and options contracts linked to MSCI indexes.

Non-recurring revenues in second quarter 2024 were lower than second quarter 2023, as second quarter 2023 included one-time fees related to unlicensed usage of our content in historical periods.

Index Run Rate as of June 30, 2024, was $1.5 billion, up 11.8%. The $162.3 million increase was comprised of a $89.4 million increase in asset-based fees Run Rate and a $72.9 million increase in recurring subscription Run Rate. The increase in asset-based fees Run Rate primarily reflected higher AUM in both ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. The increase in recurring subscription Run Rate was primarily driven by growth from market cap-weighted and custom Index products and special packages. The increase reflected growth across all regions. Organic recurring subscription Run Rate growth for Index was 8.8%.

Analytics Segment:

Table 1B: Results (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

 

June 30,

 

June 30,

 

 

In thousands

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

162,128

 

 

$

147,504

 

 

9.9

%

 

$

322,679

 

 

$

292,007

 

 

10.5

%

Non-recurring

 

 

3,867

 

 

 

2,377

 

 

62.7

%

 

 

7,282

 

 

 

4,944

 

 

47.3

%

Total operating revenues

 

 

165,995

 

 

 

149,881

 

 

10.8

%

 

 

329,961

 

 

 

296,951

 

 

11.1

%

Adjusted EBITDA expenses

 

 

84,323

 

 

 

84,732

 

 

(0.5

)%

 

 

176,077

 

 

 

171,022

 

 

3.0

%

Adjusted EBITDA

 

$

81,672

 

 

$

65,149

 

 

25.4

%

 

$

153,884

 

 

$

125,929

 

 

22.2

%

Adjusted EBITDA margin %

 

 

49.2

%

 

 

43.5

%

 

 

 

 

46.6

%

 

 

42.4

%

 

 

Analytics operating revenues were $166.0 million, up 10.8%. The $16.1 million increase was primarily driven by growth from recurring subscriptions related to both Multi-Asset Class and Equity Analytics products, which also benefited from subscription revenue related to client implementations. The increase in non-recurring revenues was driven by one-time sales related to both Multi-Asset Class and Equity products as well as a number of implementations which were completed in the quarter. Organic operating revenue growth for Analytics was 11.2%.

Analytics Run Rate as of June 30, 2024, was $674.6 million, up 6.9%. The increase of $43.4 million was primarily driven by growth in both Multi-Asset Class and Equity Analytics products, and reflected growth across all regions and client segments. Organic recurring subscription Run Rate growth for Analytics was 7.4%.

ESG and Climate Segment:

Table 1C: Results (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

 

June 30,

 

June 30,

 

 

In thousands

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

78,000

 

 

$

70,047

 

 

11.4

%

 

$

154,418

 

 

$

135,779

 

 

13.7

%

Non-recurring

 

 

1,855

 

 

 

1,172

 

 

58.3

%

 

 

3,321

 

 

 

2,498

 

 

32.9

%

Total operating revenues

 

 

79,855

 

 

 

71,219

 

 

12.1

%

 

 

157,739

 

 

 

138,277

 

 

14.1

%

Adjusted EBITDA expenses

 

 

55,925

 

 

 

48,421

 

 

15.5

%

 

 

112,718

 

 

 

97,603

 

 

15.5

%

Adjusted EBITDA

 

$

23,930

 

 

$

22,798

 

 

5.0

%

 

$

45,021

 

 

$

40,674

 

 

10.7

%

Adjusted EBITDA margin %

 

 

30.0

%

 

 

32.0

%

 

 

 

 

28.5

%

 

 

29.4

%

 

 

ESG and Climate operating revenues were $79.9 million, up 12.1%. The $8.6 million increase was primarily driven by growth from recurring subscriptions related to Climate, Screening and Ratings products. Organic operating revenue growth for ESG and Climate was 10.0%.

ESG and Climate Run Rate as of June 30, 2024, was $333.7 million, up 14.4%. The $41.9 million increase primarily reflects strong growth from Ratings, Climate and Screening products with contributions across all regions and client segments. Organic recurring subscription Run Rate growth for ESG and Climate was 13.4%.

All Other – Private Assets Segment:

Table 1D: Results (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

 

June 30,

 

June 30,

 

 

In thousands

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

64,309

 

 

$

37,427

 

 

71.8

%

 

$

127,443

 

 

$

75,761

 

 

68.2

%

Non-recurring

 

 

598

 

 

 

314

 

 

90.4

%

 

 

1,707

 

 

 

688

 

 

148.1

%

Total operating revenues

 

 

64,907

 

 

 

37,741

 

 

72.0

%

 

 

129,150

 

 

 

76,449

 

 

68.9

%

Adjusted EBITDA expenses

 

 

47,544

 

 

 

25,452

 

 

86.8

%

 

 

99,277

 

 

 

51,769

 

 

91.8

%

Adjusted EBITDA

 

$

17,363

 

 

$

12,289

 

 

41.3

%

 

$

29,873

 

 

$

24,680

 

 

21.0

%

Adjusted EBITDA margin %

 

 

26.8

%

 

 

32.6

%

 

 

 

 

23.1

%

 

 

32.3

%

 

 

All Other – Private Assets operating revenues, which reflect the Real Assets and Private Capital Solutions operating segments, were $64.9 million, up 72.0% The growth in revenue is primarily driven by $26.8 million of revenues from Private Capital Solutions and recurring subscriptions related to Performance Insights products. Organic operating revenue growth for All Other – Private Assets was 1.3%.

All Other – Private Assets Run Rate, which reflects the Real Assets and Private Capital Solutions operating segments, was $260.6 million as of June 30, 2024, up 73.0%, and included $105.6 million from Private Capital Solutions. The remaining growth in the run rate was primarily driven by Index Intel and RCA products. Organic recurring subscription Run Rate growth for All Other – Private Assets was 3.0%.

Select Balance Sheet Items and Capital Allocation

Cash Balances and Outstanding Debt: Cash and cash equivalents was $451.4 million as of June 30, 2024, including $3.9 million of restricted cash. MSCI typically seeks to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes.

Total principal amounts of debt outstanding as of June 30, 2024, were $4.5 billion. The total debt to net income ratio (based on trailing twelve months net income) was 3.8x. The total debt to adjusted EBITDA ratio (based on trailing twelve months adjusted EBITDA) was 2.8x.

MSCI seeks to maintain total debt to adjusted EBITDA in a target range of 3.0x to 3.5x.

Capex and Cash Flow: Capex was $27.3 million, and net cash provided by operating activities increased by 19.7% to $349.2 million, primarily reflecting higher cash collections from clients, partially offset by higher operating expenses. Free cash flow for second quarter 2024 was up 21.3% to $321.9 million.

Share Count and Share Repurchases: Weighted average diluted shares outstanding were 79.2 million in second quarter 2024, down 0.8% year-over-year. Total share repurchases during the quarter were $241.5 million or 499,224 shares at an average repurchase price of $483.79. Total shares outstanding as of June 30, 2024 were 78.7 million. A total of approximately $0.6 billion remains on the outstanding share repurchase authorization as of July 19, 2024.

Dividends: Approximately $126.6 million in dividends were paid to shareholders in second quarter 2024. On July 22, 2024, the MSCI Board of Directors declared a cash dividend of $1.60 per share for third quarter 2024, payable on August 30, 2024, to shareholders of record as of the close of trading on August 16, 2024.

Full-Year 2024 Guidance

MSCI’s guidance for the year ending December 31, 2024 (“Full-Year 2024”) is based on assumptions about a number of factors, in particular related to macroeconomic factors and the capital markets. These assumptions are subject to uncertainty, and actual results for the year could differ materially from our current guidance, including as a result of the uncertainties, risks and assumptions discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K, as updated in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. See “Forward-Looking Statements” below.

Guidance Item

Current Guidance for Full-Year 2024

Prior Guidance for Full-Year 2024

Operating Expense

$1,305 to $1,345 million

$1,300 to $1,340 million

Adjusted EBITDA

Expense

$1,130 to $1,160 million

$1,130 to $1,160 million

Interest Expense

(including amortization

of financing fees)(1)

$185 to $189 million

$185 to $189 million

Depreciation &

Amortization Expense

$175 to $185 million

$170 to $180 million

Effective Tax Rate

18% to 21%

18% to 21%

Capital Expenditures

$95 to $105 million

$95 to $105 million

Net Cash Provided by Operating Activities

$1,330 to $1,380 million

$1,330 to $1,380 million

Free Cash Flow

$1,225 to $1,285 million

$1,225 to $1,285 million

(1) A portion of our annual interest expense is from our variable rate indebtedness under our Revolving Credit Facility, while the majority is from fixed rate senior unsecured notes. Changes to the secured overnight funding rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary.

Conference Call Information

MSCI’s senior management will review the second quarter 2024 results on Tuesday, July 23, 2024 at 11:00 AM Eastern Time. To listen to the live event via webcast, visit the events and presentations section of MSCI’s Investor Relations website, https://ir.msci.com/events-and-presentations, or via telephone, dial +1-800-715-9871 conference ID 8653237 within the United States. International callers may dial +1-646-307-1963 conference ID 8653237. The teleconference will also be webcast with an accompanying slide presentation that can be accessed through MSCI’s Investor Relations website.

About MSCI Inc.

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com. MSCI#IR

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2024 guidance. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.

Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2024 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this earnings release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.

Website and Social Media Disclosure

MSCI uses its Investor Relations homepage and its Corporate Responsibility homepage as channels of distribution of company information. The information MSCI posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following MSCI’s press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about MSCI when you enroll your email address by visiting the “Email Alerts” section of MSCI’s Investor Relations homepage at http://ir.msci.com/email-alerts. The contents of MSCI’s website, including its quarterly updates, blog, podcasts and social media channels are not, however, incorporated by reference into this earnings release.

Notes Regarding the Use of Operating Metrics

MSCI has presented supplemental key operating metrics as part of this earnings release, including Retention Rate, Run Rate, subscription sales, subscription cancellations and non-recurring sales.

Retention Rate is an important metric because subscription cancellations decrease our Run Rate and ultimately our future operating revenues over time. The annual Retention Rate represents the retained subscription Run Rate (subscription Run Rate at the beginning of the fiscal year less actual cancels during the year) as a percentage of the subscription Run Rate at the beginning of the fiscal year.

The Retention Rate for a non-annual period is calculated by annualizing the cancellations for which we have received a notice of termination or for which we believe there is an intention not to renew or discontinue the subscription during the non-annual period, and we believe that such notice or intention evidences the client’s final decision to terminate or not renew the applicable agreement, even though such termination or non-renewal may not be effective until a later date. This annualized cancellation figure is then divided by the subscription Run Rate at the beginning of the fiscal year to calculate a cancellation rate. This cancellation rate is then subtracted from 100% to derive the annualized Retention Rate for the period.

Retention Rate is computed by operating segment on a product/service-by-product/service basis. In general, if a client reduces the number of products or services to which it subscribes within a segment, or switches between products or services within a segment, we treat it as a cancellation for purposes of calculating our Retention Rate except in the case of a product or service switch that management considers to be a replacement product or service. In those replacement cases, only the net change to the client subscription, if a decrease, is reported as a cancel. In the Analytics and the ESG and Climate operating segments, substantially all product or service switches are treated as replacement products or services and netted in this manner, while in our Index and Real Assets operating segments, product or service switches that are treated as replacement products or services and receive netting treatment occur only in certain limited instances. In addition, we treat any reduction in fees resulting from a down-sell of the same product or service as a cancellation to the extent of the reduction. We do not calculate Retention Rate for that portion of our Run Rate attributable to assets in index-linked investment products or futures and options contracts, in each case, linked to our indexes.

Run Rate estimates at a particular point in time the annualized value of the recurring revenues under our client license agreements (“Client Contracts���) for the next 12 months, assuming all Client Contracts that come up for renewal, or reach the end of the committed subscription period, are renewed and assuming then-current currency exchange rates, subject to the adjustments and exclusions described below. For any Client Contract where fees are linked to an investment product’s assets or trading volume/fees, the Run Rate calculation reflects, for ETFs, the market value on the last trading day of the period, for futures and options, the most recent quarterly volumes and/or reported exchange fees, and for other non-ETF products, the most recent client-reported assets. Run Rate does not include fees associated with “one-time” and other non-recurring transactions. In addition, we add to Run Rate the annualized fee value of recurring new sales, whether to existing or new clients, when we execute Client Contracts, even though the license start date, and associated revenue recognition, may not be effective until a later date. We remove from Run Rate the annualized fee value associated with products or services under any Client Contract when we (i) have received a notice of termination, non-renewal or an indication the client does not intend to continue their subscription during the period and (ii) have determined that such notice evidences the client’s final decision to terminate or not renew the applicable products or services, even though such termination or non-renewal may not be effective until a later date.

“Organic recurring subscription Run Rate growth” is defined as the period over period Run Rate growth, excluding the impact of changes in foreign currency and the first year impact of any acquisitions. It is also adjusted for divestitures. Changes in foreign currency are calculated by applying the currency exchange rate from the comparable prior period to current period foreign currency denominated Run Rate.

Sales represents the annualized value of products and services clients commit to purchase from MSCI and will result in additional operating revenues. Non-recurring sales represent the actual value of the customer agreements entered into during the period and are not a component of Run Rate. New recurring subscription sales represent additional selling activities, such as new customer agreements, additions to existing agreements or increases in price that occurred during the period and are additions to Run Rate. Subscription cancellations reflect client activities during the period, such as discontinuing products and services and/or reductions in price, resulting in reductions to Run Rate. Net new recurring subscription sales represent the amount of new recurring subscription sales net of subscription cancellations during the period, which reflects the net impact to Run Rate during the period.

Total gross sales represent the sum of new recurring subscription sales and non-recurring sales. Total net sales represent the total gross sales net of the impact from subscription cancellations.

Notes Regarding the Use of Non-GAAP Financial Measures

MSCI has presented supplemental non-GAAP financial measures as part of this earnings release. Reconciliations are provided in Tables 9 through 14 below that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non-GAAP financial measures presented in this earnings release should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings release are used by management to monitor the financial performance of the business, inform business decision-making and forecast future results.

“Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.

“Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.

“Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.

“Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets, including the amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact related to write-off of deferred fees on debt extinguishment and the impact related to gain from changes in ownership interest of investees.

“Capex” is defined as capital expenditures plus capitalized software development costs.

“Free cash flow” is defined as net cash provided by operating activities, less Capex.

“Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations.

Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).

We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of MSCI because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing operating performance in the period.

We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-tax impact of significant one-time, unusual or non-recurring items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the period.

We believe that free cash flow is useful to investors because it relates the operating cash flow of MSCI to the capital that is spent to continue and improve business operations, such as investment in MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay our debt obligations, pay cash dividends and repurchase shares of our common stock.

We believe organic operating revenue growth is a meaningful measure of the operating performance of MSCI because it adjusts for the impact of foreign currency exchange rate fluctuations and excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the period(s) presented.

We believe that the non-GAAP financial measures presented in this earnings release facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.

Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.

Notes Regarding Adjusting for the Impact of Foreign Currency Exchange Rate Fluctuations

Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and accordingly, any such impact is excluded from the disclosed foreign currency-adjusted variances.

Table 2: Condensed Consolidated Statements of Income (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

%

 

June 30,

 

June 30,

 

%

In thousands, except per share data

 

 

2024

 

 

 

2023

 

 

Change

 

 

2024

 

 

 

2023

 

 

Change

Operating revenues

 

$

707,949

 

 

$

621,157

 

 

14.0

%

 

$

1,387,914

 

 

$

1,213,375

 

 

14.4

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (exclusive of depreciation and amortization)

 

 

128,109

 

 

 

110,066

 

 

16.4

%

 

 

256,623

 

 

 

218,713

 

 

17.3

%

Selling and marketing

 

 

71,454

 

 

 

67,988

 

 

5.1

%

 

 

143,622

 

 

 

134,463

 

 

6.8

%

Research and development

 

 

41,073

 

 

 

30,140

 

 

36.3

%

 

 

81,598

 

 

 

61,463

 

 

32.8

%

General and administrative

 

 

39,706

 

 

 

35,657

 

 

11.4

%

 

 

96,397

 

 

 

76,701

 

 

25.7

%

Amortization of intangible assets

 

 

40,773

 

 

 

26,154

 

 

55.9

%

 

 

79,377

 

 

 

50,821

 

 

56.2

%

Depreciation and amortization of property,

 

 

 

 

 

 

 

 

 

 

 

 

equipment and leasehold improvements

 

 

4,226

 

 

 

5,199

 

 

(18.7

)%

 

 

8,307

 

 

 

10,659

 

 

(22.1

)%

Total operating expenses(1)

 

 

325,341

 

 

 

275,204

 

 

18.2

%

 

 

665,924

 

 

 

552,820

 

 

20.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

382,608

 

 

 

345,953

 

 

10.6

%

 

 

721,990

 

 

 

660,555

 

 

9.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(6,110

)

 

 

(10,403

)

 

(41.3

)%

 

 

(12,158

)

 

 

(20,765

)

 

(41.4

)%

Interest expense

 

 

46,633

 

 

 

46,617

 

 

%

 

 

93,307

 

 

 

92,823

 

 

0.5

%

Other expense (income)

 

 

2,091

 

 

 

2,581

 

 

(19.0

)%

 

 

4,954

 

 

 

4,967

 

 

(0.3

)%

Other expense (income), net

 

 

42,614

 

 

 

38,795

 

 

9.8

%

 

 

86,103

 

 

 

77,025

 

 

11.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

 

339,994

 

 

 

307,158

 

 

10.7

%

 

 

635,887

 

 

 

583,530

 

 

9.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

73,236

 

 

 

60,333

 

 

21.4

%

 

 

113,175

 

 

 

97,977

 

 

15.5

%

Net income

 

$

266,758

 

 

$

246,825

 

 

8.1

%

 

$

522,712

 

 

$

485,553

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per basic common share

 

$

3.37

 

 

$

3.10

 

 

8.7

%

 

$

6.60

 

 

$

6.08

 

 

8.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per diluted common share

 

$

3.37

 

 

$

3.09

 

 

9.1

%

 

$

6.59

 

 

$

6.05

 

 

8.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding used

 

 

 

 

 

 

 

 

 

 

 

 

in computing earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

79,085

 

 

 

79,592

 

 

(0.6

)%

 

 

79,140

 

 

 

79,815

 

 

(0.8

)%

Diluted

 

 

79,245

 

 

 

79,905

 

 

(0.8

)%

 

 

79,377

 

 

 

80,193

 

 

(1.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

n/m: not meaningful.

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense of $19.3 million and $16.0 million for the three months ended June 30, 2024 and June 30, 2023, respectively. Includes stock-based compensation expense of $54.0 million and $37.6 million for the six months ended June 30, 2024 and June 30, 2023, respectively.

Table 3: Condensed Consolidated Balance Sheet (unaudited)

 

 

As of

 

 

June 30,

 

Dec. 31,

In thousands

 

2024

 

2023

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents (includes restricted cash of $3,883 and $3,878 at June 30, 2024 and December 31, 2023, respectively)

 

$

451,401

 

 

$

461,693

 

Accounts receivable (net of allowances of $4,476 and $3,968 at June 30, 2024 and December 31, 2023, respectively)

 

 

709,487

 

 

 

839,555

 

Other current assets

 

 

154,164

 

 

 

116,905

 

Total current assets

 

 

1,315,052

 

 

 

1,418,153

 

Property, equipment and leasehold improvements, net

 

 

63,974

 

 

 

55,920

 

Right of use assets

 

 

129,542

 

 

 

115,243

 

Goodwill

 

 

2,909,415

 

 

 

2,887,692

 

Intangible assets, net

 

 

949,166

 

 

 

956,234

 

Other non-current assets

 

 

89,684

 

 

 

84,977

 

Total assets

 

$

5,456,833

 

 

$

5,518,219

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of long-term debt

 

$

 

 

$

10,902

 

Deferred revenue

 

 

1,017,997

 

 

 

1,083,864

 

Other current liabilities

 

 

358,445

 

 

 

422,259

 

Total current liabilities

 

 

1,376,442

 

 

 

1,517,025

 

Long-term debt

 

 

4,508,730

 

 

 

4,496,826

 

Long-term operating lease liabilities

 

 

130,559

 

 

 

120,134

 

Other non-current liabilities

 

 

175,585

 

 

 

123,998

 

Total liabilities

 

 

6,191,316

 

 

 

6,257,983

 

 

 

 

 

 

Total shareholders’ equity (deficit)

 

 

(734,483

)

 

 

(739,764

)

Total liabilities and shareholders’ equity (deficit)

 

$

5,456,833

 

 

$

5,518,219

 

Table 4: Condensed Consolidated Statement of Cash Flow (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

%

 

June 30,

 

June 30,

 

%

In thousands

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

266,758

 

 

$

246,825

 

 

8.1

%

 

$

522,712

 

 

$

485,553

 

 

7.7

%

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

40,773

 

 

 

26,154

 

 

55.9

%

 

 

79,377

 

 

 

50,821

 

 

56.2

%

Stock-based compensation expense

 

 

19,396

 

 

 

16,143

 

 

20.2

%

 

 

53,732

 

 

 

37,231

 

 

44.3

%

Depreciation and amortization of property, equipment and leasehold improvements

 

 

4,226

 

 

 

5,199

 

 

(18.7

)%

 

 

8,307

 

 

 

10,659

 

 

(22.1

)%

Amortization of right of use assets

 

 

6,024

 

 

 

5,804

 

 

3.8

%

 

 

11,837

 

 

 

11,586

 

 

2.2

%

Loss on extinguishment of debt

 

 

 

 

 

 

 

%

 

 

1,510

 

 

 

 

 

100.0

%

Other adjustment

 

 

51,915

 

 

 

(6,178

)

 

n/m

 

 

 

42,037

 

 

 

(3,262

)

 

n/m

 

Net changes in other operating assets and liabilities

 

 

(39,844

)

 

 

(2,143

)

 

n/m

 

 

 

(70,127

)

 

 

(36,643

)

 

(91.4

)%

Net cash provided by operating activities

 

 

349,248

 

 

 

291,804

 

 

19.7

%

 

 

649,385

 

 

 

555,945

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized software development costs

 

 

(18,707

)

 

 

(17,312

)

 

(8.1

)%

 

 

(38,673

)

 

 

(32,663

)

 

(18.4

)%

Capital expenditures

 

 

(8,618

)

 

 

(9,153

)

 

5.8

%

 

 

(12,889

)

 

 

(15,378

)

 

16.2

%

Cash paid for acquisitions, net of cash acquired

 

 

(19,647

)

 

 

 

 

100.0

%

 

 

(27,467

)

 

 

 

 

100.0

%

Other

 

 

(153

)

 

 

(203

)

 

24.6

%

 

 

(429

)

 

 

(389

)

 

(10.3

)%

Net cash used in investing activities

 

 

(47,125

)

 

 

(26,668

)

 

(64.1

)%

 

 

(79,458

)

 

 

(48,430

)

 

(64.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock held in treasury

 

 

(241,718

)

 

 

(441,457

)

 

45.2

%

 

 

(311,709

)

 

 

(485,417

)

 

35.8

%

Payment of dividends

 

 

(126,918

)

 

 

(110,115

)

 

(15.3

)%

 

 

(258,223

)

 

 

(222,260

)

 

(16.2

)%

Repayment of borrowings

 

 

 

 

 

(2,187

)

 

100.0

%

 

 

(339,063

)

 

 

(4,375

)

 

n/m

 

Proceeds from borrowings

 

 

 

 

 

 

 

%

 

 

336,875

 

 

 

 

 

100.0

%

Payment of debt issuance costs

 

 

 

 

 

 

 

%

 

 

(3,739

)

 

 

 

 

100.0

%

Net cash used in financing activities

 

 

(368,636

)

 

 

(553,759

)

 

33.4

%

 

 

(575,859

)

 

 

(712,052

)

 

19.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes

 

 

(1,401

)

 

 

344

 

 

n/m

 

 

 

(4,360

)

 

 

3,302

 

 

n/m

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(67,914

)

 

 

(288,279

)

 

76.4

%

 

 

(10,292

)

 

 

(201,235

)

 

94.9

%

Cash, cash equivalents and restricted cash, beginning of period

 

 

519,315

 

 

 

1,080,608

 

 

(51.9

)%

 

 

461,693

 

 

 

993,564

 

 

(53.5

)%

Cash, cash equivalents and restricted cash, end of period

 

$

451,401

 

 

$

792,329

 

 

(43.0

)%

 

$

451,401

 

 

$

792,329

 

 

(43.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

n/m: not meaningful.

 

 

 

 

 

 

 

 

 

 

 

 

Table 5: Operating Results by Segment and Revenue Type (unaudited)

Index

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

%

 

June 30,

 

June 30,

 

%

In thousands

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

217,032

 

 

$

200,714

 

 

8.1

%

 

$

429,984

 

 

$

397,392

 

 

8.2

%

Asset-based fees

 

 

163,281

 

 

 

138,162

 

 

18.2

%

 

 

313,540

 

 

 

271,288

 

 

15.6

%

Non-recurring

 

 

16,879

 

 

 

23,440

 

 

(28.0

)%

 

 

27,540

 

 

 

33,018

 

 

(16.6

)%

Total operating revenues

 

 

397,192

 

 

 

362,316

 

 

9.6

%

 

 

771,064

 

 

 

701,698

 

 

9.9

%

Adjusted EBITDA expenses

 

 

90,202

 

 

 

85,246

 

 

5.8

%

 

 

186,314

 

 

 

170,946

 

 

9.0

%

Adjusted EBITDA

 

$

306,990

 

 

$

277,070

 

 

10.8

%

 

$

584,750

 

 

$

530,752

 

 

10.2

%

Adjusted EBITDA margin %

 

 

77.3

%

 

 

76.5

%

 

 

 

 

75.8

%

 

 

75.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Analytics

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

%

 

June 30,

 

June 30,

 

%

In thousands

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

162,128

 

 

$

147,504

 

 

9.9

%

 

$

322,679

 

 

$

292,007

 

 

10.5

%

Non-recurring

 

 

3,867

 

 

 

2,377

 

 

62.7

%

 

 

7,282

 

 

 

4,944

 

 

47.3

%

Total operating revenues

 

 

165,995

 

 

 

149,881

 

 

10.8

%

 

 

329,961

 

 

 

296,951

 

 

11.1

%

Adjusted EBITDA expenses

 

 

84,323

 

 

 

84,732

 

 

(0.5

)%

 

 

176,077

 

 

 

171,022

 

 

3.0

%

Adjusted EBITDA

 

$

81,672

 

 

$

65,149

 

 

25.4

%

 

$

153,884

 

 

$

125,929

 

 

22.2

%

Adjusted EBITDA margin %

 

 

49.2

%

 

 

43.5

%

 

 

 

 

46.6

%

 

 

42.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESG and Climate

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

%

 

June 30,

 

June 30,

 

%

In thousands

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

78,000

 

 

$

70,047

 

 

11.4

%

 

$

154,418

 

 

$

135,779

 

 

13.7

%

Non-recurring

 

 

1,855

 

 

 

1,172

 

 

58.3

%

 

 

3,321

 

 

 

2,498

 

 

32.9

%

Total operating revenues

 

 

79,855

 

 

 

71,219

 

 

12.1

%

 

 

157,739

 

 

 

138,277

 

 

14.1

%

Adjusted EBITDA expenses

 

 

55,925

 

 

 

48,421

 

 

15.5

%

 

 

112,718

 

 

 

97,603

 

 

15.5

%

Adjusted EBITDA

 

$

23,930

 

 

$

22,798

 

 

5.0

%

 

$

45,021

 

 

$

40,674

 

 

10.7

%

Adjusted EBITDA margin %

 

 

30.0

%

 

 

32.0

%

 

 

 

 

28.5

%

 

 

29.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Other - Private Assets

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

%

 

June 30,

 

June 30,

 

%

In thousands

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

64,309

 

 

$

37,427

 

 

71.8

%

 

$

127,443

 

 

$

75,761

 

 

68.2

%

Non-recurring

 

 

598

 

 

 

314

 

 

90.4

%

 

 

1,707

 

 

 

688

 

 

148.1

%

Total operating revenues

 

 

64,907

 

 

 

37,741

 

 

72.0

%

 

 

129,150

 

 

 

76,449

 

 

68.9

%

Adjusted EBITDA expenses

 

 

47,544

 

 

 

25,452

 

 

86.8

%

 

 

99,277

 

 

 

51,769

 

 

91.8

%

Adjusted EBITDA

 

$

17,363

 

 

$

12,289

 

 

41.3

%

 

$

29,873

 

 

$

24,680

 

 

21.0

%

Adjusted EBITDA margin %

 

 

26.8

%

 

 

32.6

%

 

 

 

 

23.1

%

 

 

32.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

%

 

June 30,

 

June 30,

 

%

In thousands

 

2024

 

2023

 

Change

 

2024

 

2023

 

Change

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

521,469

 

 

$

455,692

 

 

14.4

%

 

$

1,034,524

 

 

$

900,939

 

 

14.8

%

Asset-based fees

 

 

163,281

 

 

 

138,162

 

 

18.2

%

 

 

313,540

 

 

 

271,288

 

 

15.6

%

Non-recurring

 

 

23,199

 

 

 

27,303

 

 

(15.0

)%

 

 

39,850

 

 

 

41,148

 

 

(3.2

)%

Operating revenues total

 

 

707,949

 

 

 

621,157

 

 

14.0

%

 

 

1,387,914

 

 

 

1,213,375

 

 

14.4

%

Adjusted EBITDA expenses

 

 

277,994

 

 

 

243,851

 

 

14.0

%

 

 

574,386

 

 

 

491,340

 

 

16.9

%

Adjusted EBITDA

 

$

429,955

 

 

$

377,306

 

 

14.0

%

 

$

813,528

 

 

$

722,035

 

 

12.7

%

Operating margin %

 

 

54.0

%

 

 

55.7

%

 

 

 

 

52.0

%

 

 

54.4

%

 

 

Adjusted EBITDA margin %

 

 

60.7

%

 

 

60.7

%

 

 

 

 

58.6

%

 

 

59.5

%

 

 

Table 6: Sales and Retention Rate by Segment (unaudited)(1)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

In thousands

 

2024

 

2023

 

2024

 

2023

Index

 

 

 

 

 

 

 

 

New recurring subscription sales

 

$

31,297

 

 

$

31,088

 

 

$

54,810

 

 

$

56,178

 

Subscription cancellations

 

 

(10,312

)

 

 

(8,133

)

 

 

(25,014

)

 

 

(15,215

)

Net new recurring subscription sales

 

$

20,985

 

 

$

22,955

 

 

$

29,796

 

 

$

40,963

 

Non-recurring sales

 

$

17,993

 

 

$

26,904

 

 

$

30,804

 

 

$

39,686

 

Total gross sales

 

$

49,290

 

 

$

57,992

 

 

$

85,614

 

 

$

95,864

 

Total Index net sales

 

$

38,978

 

 

$

49,859

 

 

$

60,600

 

 

$

80,649

 

 

 

 

 

 

 

 

 

 

Index Retention Rate(2)

 

 

95.2

%

 

 

95.8

%

 

 

94.2

%

 

 

96.1

%

 

 

 

 

 

 

 

 

 

Analytics

 

 

 

 

 

 

 

 

New recurring subscription sales

 

$

21,269

 

 

$

18,290

 

 

$

35,357

 

 

$

31,964

 

Subscription cancellations

 

 

(6,900

)

 

 

(7,368

)

 

 

(17,694

)

 

 

(16,551

)

Net new recurring subscription sales

 

$

14,369

 

 

$

10,922

 

 

$

17,663

 

 

$

15,413

 

Non-recurring sales

 

$

4,057

 

 

$

4,158

 

 

$

6,519

 

 

$

5,528

 

Total gross sales

 

$

25,326

 

 

$

22,448

 

 

$

41,876

 

 

$

37,492

 

Total Analytics net sales

 

$

18,426

 

 

$

15,080

 

 

$

24,182

 

 

$

20,941

 

 

 

 

 

 

 

 

 

 

Analytics Retention Rate(3)

 

 

95.8

%

 

 

95.2

%

 

 

94.7

%

 

 

94.6

%

 

 

 

 

 

 

 

 

 

ESG and Climate

 

 

 

 

 

 

 

 

New recurring subscription sales

 

$

18,557

 

 

$

13,887

 

 

$

30,028

 

 

$

26,373

 

Subscription cancellations

 

 

(4,570

)

 

 

(2,057

)

 

 

(11,921

)

 

 

(4,692

)

Net new recurring subscription sales

 

$

13,987

 

 

$

11,830

 

 

$

18,107

 

 

$

21,681

 

Non-recurring sales

 

$

2,835

 

 

$

1,315

 

 

$

4,507

 

 

$

2,534

 

Total gross sales

 

$

21,392

 

 

$

15,202

 

 

$

34,535

 

 

$

28,907

 

Total ESG and Climate net sales

 

$

16,822

 

 

$

13,145

 

 

$

22,614

 

 

$

24,215

 

 

 

 

 

 

 

 

 

 

ESG and Climate Retention Rate(4)

 

 

94.3

%

 

 

96.9

%

 

 

92.5

%

 

 

96.5

%

 

 

 

 

 

 

 

 

 

All Other - Private Assets

 

 

 

 

 

 

 

 

New recurring subscription sales

 

$

11,654

 

 

$

4,815

 

 

$

19,918

 

 

$

9,958

 

Subscription cancellations

 

 

(5,580

)

 

 

(2,625

)

 

 

(10,502

)

 

 

(5,481

)

Net new recurring subscription sales

 

$

6,074

 

 

$

2,190

 

 

$

9,416

 

 

$

4,477

 

Non-recurring sales

 

$

752

 

 

$

594

 

 

$

1,841

 

 

$

807

 

Total gross sales

 

$

12,406

 

 

$

5,409

 

 

$

21,759

 

 

$

10,765

 

Total All Other - Private Assets net sales

 

$

6,826

 

 

$

2,784

 

 

$

11,257

 

 

$

5,284

 

 

 

 

 

 

 

 

 

 

All Other - Private Assets Retention Rate(5)

 

 

91.2

%

 

 

92.8

%

 

 

91.7

%

 

 

92.5

%

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

New recurring subscription sales

 

$

82,777

 

 

$

68,080

 

 

$

140,113

 

 

$

124,473

 

Subscription cancellations

 

 

(27,362

)

 

 

(20,183

)

 

 

(65,131

)

 

 

(41,939

)

Net new recurring subscription sales

 

$

55,415

 

 

$

47,897

 

 

$

74,982

 

 

$

82,534

 

Non-recurring sales

 

$

25,637

 

 

$

32,971

 

 

$

43,671

 

 

$

48,555

 

Total gross sales

 

$

108,414

 

 

$

101,051

 

 

$

183,784

 

 

$

173,028

 

Total net sales

 

$

81,052

 

 

$

80,868

 

 

$

118,653

 

 

$

131,089

 

 

 

 

 

 

 

 

 

 

Total Retention Rate(6)

 

 

94.8

%

 

 

95.5

%

 

 

93.8

%

 

 

95.4

%

 

 

 

 

 

 

 

 

 

(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate.

(2) Retention rate for Index excluding the impact of the acquisition of Foxberry was 95.2% and 94.2% for the three and six months ended Jun. 30, 2024, respectively.

(3) Retention rate for Analytics excluding the impact of the acquisition of Fabric was 95.8% and 94.7% for the three and six months ended Jun. 30, 2024, respectively.

(4) Retention rate for ESG and Climate excluding the impact of the acquisition of Trove was 94.5% and 92.6% for the three and six months ended Jun. 30, 2024, respectively.

(5) Retention rate for All Other – Private Assets excluding the impact of the acquisition of Burgiss was 90.1% and 90.0% for the three and six months ended Jun. 30, 2024, respectively.

(6) Total retention rate excluding the impact of the acquisitions of Foxberry, Fabric, Trove and Burgiss was 94.9% and 93.8% for the three and six months ended Jun. 30, 2024, respectively.

Table 7: AUM in ETFs Linked to MSCI Equity Indexes (unaudited)(1)(2)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

Sep. 30,

 

Dec. 31,

 

Mar. 31,

 

June 30,

 

June 30,

 

June 30,

In billions

 

2023

 

2023

 

2023

 

2024

 

2024

 

2023

 

2024

Beginning Period AUM in ETFs linked to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSCI equity indexes

 

$

1,305.4

 

$

1,372.5

 

 

$

1,322.8

 

$

1,468.9

 

$

1,582.6

 

$

1,222.9

 

$

1,468.9

Market Appreciation/(Depreciation)

 

 

48.4

 

 

(56.1

)

 

 

130.5

 

 

92.8

 

 

21.2

 

 

123.5

 

 

114.0

Cash Inflows

 

 

18.7

 

 

6.4

 

 

 

15.6

 

 

20.9

 

 

28.1

 

 

26.1

 

 

49.0

Period-End AUM in ETFs linked to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSCI equity indexes

 

$

1,372.5

 

$

1,322.8

 

 

$

1,468.9

 

$

1,582.6

 

$

1,631.9

 

$

1,372.5

 

$

1,631.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Average AUM in ETFs linked to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSCI equity indexes

 

$

1,333.8

 

$

1,376.5

 

 

$

1,364.9

 

$

1,508.8

 

$

1,590.6

 

$

1,310.7

 

$

1,549.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-End Basis Point Fee(3)

 

 

2.52

 

 

2.51

 

 

 

2.50

 

 

2.48

 

 

2.47

 

 

2.52

 

 

2.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. Information contained on our website is not incorporated by reference into this Press Release or any other report filed with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1% of the AUM amounts presented.

(2) The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETFs net asset value by the number of shares outstanding.

(3) Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM.

Table 8: Run Rate by Segment and Type (unaudited)(1)

 

 

As of

 

 

 

 

June 30,

 

June 30,

 

%

In thousands

 

2024

 

2023

 

Change

Index

 

 

 

 

 

 

Recurring subscriptions

 

$

891,633

 

$

818,780

 

8.9

%

Asset-based fees

 

 

646,811

 

 

557,414

 

16.0

%

Index Run Rate

 

 

1,538,444

 

 

1,376,194

 

11.8

%

 

 

 

 

 

 

 

Analytics Run Rate

 

 

674,609

 

 

631,218

 

6.9

%

 

 

 

 

 

 

 

ESG and Climate Run Rate

 

 

333,683

 

 

291,802

 

14.4

%

 

 

 

 

 

 

 

All Other - Private Assets Run Rate

 

 

260,556

 

 

150,587

 

73.0

%

 

 

 

 

 

 

 

Total Run Rate

 

$

2,807,292

 

$

2,449,801

 

14.6

%

 

 

 

 

 

 

 

Total recurring subscriptions

 

$

2,160,481

 

$

1,892,387

 

14.2

%

Total asset-based fees

 

 

646,811

 

 

557,414

 

16.0

%

Total Run Rate

 

$

2,807,292

 

$

2,449,801

 

14.6

%

 

 

 

 

 

 

 

(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of Run Rate.

Table 9: Reconciliation of Net Income to Adjusted EBITDA (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

In thousands

 

2024

 

2023

 

2024

 

2023

Net income

 

$

266,758

 

$

246,825

 

$

522,712

 

$

485,553

Provision for income taxes

 

 

73,236

 

 

60,333

 

 

113,175

 

 

97,977

Other expense (income), net

 

 

42,614

 

 

38,795

 

 

86,103

 

 

77,025

Operating income

 

 

382,608

 

 

345,953

 

 

721,990

 

 

660,555

Amortization of intangible assets

 

 

40,773

 

 

26,154

 

 

79,377

 

 

50,821

Depreciation and amortization of property,

 

 

 

 

 

 

 

 

equipment and leasehold improvements

 

 

4,226

 

 

5,199

 

 

8,307

 

 

10,659

Acquisition-related integration and transaction costs(1)

 

 

2,348

 

 

 

 

3,854

 

 

Consolidated adjusted EBITDA

 

$

429,955

 

$

377,306

 

$

813,528

 

$

722,035

 

 

 

 

 

 

 

 

 

Index adjusted EBITDA

 

$

306,990

 

$

277,070

 

$

584,750

 

$

530,752

Analytics adjusted EBITDA

 

 

81,672

 

 

65,149

 

 

153,884

 

 

125,929

ESG and Climate adjusted EBITDA

 

 

23,930

 

 

22,798

 

 

45,021

 

 

40,674

All Other - Private Assets adjusted EBITDA

 

 

17,363

 

 

12,289

 

 

29,873

 

 

24,680

Consolidated adjusted EBITDA

 

$

429,955

 

$

377,306

 

$

813,528

 

$

722,035

 

 

 

 

 

 

 

 

 

(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.

Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

In thousands, except per share data

 

2024

 

2023

 

2024

 

2023

Net income

 

$

266,758

 

 

$

246,825

 

 

$

522,712

 

 

$

485,553

 

Plus: Amortization of acquired intangible assets and

 

 

 

 

 

 

 

 

equity method investment basis difference

 

 

25,893

 

 

 

16,825

 

 

 

51,160

 

 

 

33,634

 

Plus: Acquisition-related integration and transaction costs(1)

 

 

2,348

 

 

 

 

 

 

3,854

 

 

 

 

Plus: Write-off of deferred fees on debt extinguishment

 

 

 

 

 

 

 

 

1,510

 

 

 

 

Less: Gain from changes in ownership interest of investees

 

 

 

 

 

 

 

 

 

 

 

(447

)

Less: Income tax effect(2)

 

 

(6,164

)

 

 

(3,357

)

 

 

(10,172

)

 

 

(5,553

)

Adjusted net income

 

$

288,835

 

 

$

260,293

 

 

$

569,064

 

 

$

513,187

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

3.37

 

 

$

3.09

 

 

$

6.59

 

 

$

6.05

 

Plus: Amortization of acquired intangible assets and

 

 

 

 

 

 

 

 

equity method investment basis difference

 

 

0.32

 

 

 

0.21

 

 

 

0.64

 

 

 

0.42

 

Plus: Acquisition-related integration and transaction costs(1)

 

 

0.03

 

 

 

 

 

 

0.05

 

 

 

 

Plus: Write-off of deferred fees on debt extinguishment

 

 

 

 

 

 

 

 

0.02

 

 

 

 

Less: Gain from changes in ownership interest of investees

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

Less: Income tax effect(2)

 

 

(0.08

)

 

 

(0.04

)

 

 

(0.13

)

 

 

(0.06

)

Adjusted EPS

 

$

3.64

 

 

$

3.26

 

 

$

7.17

 

 

$

6.40

 

 

 

 

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 

 

79,245

 

 

 

79,905

 

 

 

79,377

 

 

 

80,193

 

 

 

 

 

 

 

 

 

 

(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.

(2) Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.

Table 11: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

Full-Year

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

2024

In thousands

 

2024

 

2023

 

2024

 

2023

 

Guidance (1)

Total operating expenses

 

$

325,341

 

$

275,204

 

$

665,924

 

$

552,820

 

$1,305,000 - $1,345,000

Amortization of intangible assets

 

 

40,773

 

 

26,154

 

 

79,377

 

 

50,821

 

 

Depreciation and amortization of property,

 

 

 

 

 

 

 

 

 

 

equipment and leasehold improvements

 

 

4,226

 

 

5,199

 

 

8,307

 

 

10,659

 

$175,000 - $185,000

Acquisition-related integration and transaction costs(2)

 

 

2,348

 

 

 

 

3,854

 

 

 

 

Consolidated adjusted EBITDA expenses

 

$

277,994

 

$

243,851

 

$

574,386

 

$

491,340

 

$1,130,000 - $1,160,000

 

 

 

 

 

 

 

 

 

 

 

Index adjusted EBITDA expenses

 

$

90,202

 

$

85,246

 

$

186,314

 

$

170,946

 

 

Analytics adjusted EBITDA expenses

 

 

84,323

 

 

84,732

 

 

176,077

 

 

171,022

 

 

ESG and Climate adjusted EBITDA expenses

 

 

55,925

 

 

48,421

 

 

112,718

 

 

97,603

 

 

All Other - Private Assets adjusted EBITDA expenses

 

 

47,544

 

 

25,452

 

 

99,277

 

 

51,769

 

 

Consolidated adjusted EBITDA expenses

 

$

277,994

 

$

243,851

 

$

574,386

 

$

491,340

 

$1,130,000 - $1,160,000

 

 

 

 

 

 

 

 

 

 

 

(1) We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.

(2) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.

Table 12: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

Full-Year

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

2024

In thousands

 

2024

 

2023

 

2024

 

2023

 

Guidance (1)

Net cash provided by operating activities

 

$

349,248

 

 

$

291,804

 

 

$

649,385

 

 

$

555,945

 

 

$1,330,000 - $1,380,000

Capital expenditures

 

 

(8,618

)

 

 

(9,153

)

 

 

(12,889

)

 

 

(15,378

)

 

 

Capitalized software development costs

 

 

(18,707

)

 

 

(17,312

)

 

 

(38,673

)

 

 

(32,663

)

 

 

Capex

 

 

(27,325

)

 

 

(26,465

)

 

 

(51,562

)

 

 

(48,041

)

 

($95,000 - $105,000)

Free cash flow

 

$

321,923

 

 

$

265,339

 

 

$

597,823

 

 

$

507,904

 

 

$1,225,000 - $1,285,000

 

 

 

 

 

 

 

 

 

 

 

(1) We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.

Table 13: Second Quarter 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)

 

 

Comparison of the Three Months Ended June 30, 2024 and 2023

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

Index

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

9.6

%

 

8.1

%

 

18.2

%

 

(28.0

)%

Impact of acquisitions and divestitures

 

%

 

(0.1

)%

 

%

 

%

Impact of foreign currency exchange rate fluctuations

 

0.2

%

 

0.4

%

 

0.1

%

 

%

Organic operating revenue growth

 

9.8

%

 

8.4

%

 

18.3

%

 

(28.0

)%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

Analytics

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

10.8

%

 

9.9

%

 

%

 

62.7

%

Impact of acquisitions and divestitures

 

(0.2

)%

 

(0.1

)%

 

%

 

%

Impact of foreign currency exchange rate fluctuations

 

0.6

%

 

0.6

%

 

%

 

2.0

%

Organic operating revenue growth

 

11.2

%

 

10.4

%

 

%

 

64.7

%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

ESG and Climate

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

12.1

%

 

11.4

%

 

%

 

58.3

%

Impact of acquisitions and divestitures

 

(1.6

)%

 

(1.7

)%

 

%

 

(2.2

)%

Impact of foreign currency exchange rate fluctuations

 

(0.5

)%

 

(0.5

)%

 

%

 

1.3

%

Organic operating revenue growth

 

10.0

%

 

9.2

%

 

%

 

57.4

%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

All Other - Private Assets

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

72.0

%

 

71.8

%

 

%

 

90.4

%

Impact of acquisitions and divestitures

 

(70.9

)%

 

(70.6

)%

 

%

 

(105.4

)%

Impact of foreign currency exchange rate fluctuations

 

0.2

%

 

0.3

%

 

%

 

%

Organic operating revenue growth

 

1.3

%

 

1.5

%

 

%

 

(15.0

)%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

Consolidated

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

14.0

%

 

14.4

%

 

18.2

%

 

(15.0

)%

Impact of acquisitions and divestitures

 

(4.6

)%

 

(6.1

)%

 

%

 

(1.3

)%

Impact of foreign currency exchange rate fluctuations

 

0.3

%

 

0.3

%

 

0.1

%

 

0.2

%

Organic operating revenue growth

 

9.7

%

 

8.6

%

 

18.3

%

 

(16.1

)%

Table 14: Six Months 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)

 

 

Comparison of the Six Months Ended June 30, 2024 and 2023

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

Index

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

9.9

%

 

8.2

%

 

15.6

%

 

(16.6

)%

Impact of acquisitions and divestitures

 

%

 

%

 

%

 

%

Impact of foreign currency exchange rate fluctuations

 

0.2

%

 

0.3

%

 

0.1

%

 

%

Organic operating revenue growth

 

10.1

%

 

8.5

%

 

15.7

%

 

(16.6

)%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

Analytics

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

11.1

%

 

10.5

%

 

%

 

47.3

%

Impact of acquisitions and divestitures

 

(0.1

)%

 

(0.1

)%

 

%

 

%

Impact of foreign currency exchange rate fluctuations

 

0.6

%

 

0.5

%

 

%

 

1.8

%

Organic operating revenue growth

 

11.6

%

 

10.9

%

 

%

 

49.1

%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

ESG and Climate

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

14.1

%

 

13.7

%

 

%

 

32.9

%

Impact of acquisitions and divestitures

 

(1.8

)%

 

(1.7

)%

 

%

 

(2.7

)%

Impact of foreign currency exchange rate fluctuations

 

(1.8

)%

 

(1.9

)%

 

%

 

0.5

%

Organic operating revenue growth

 

10.5

%

 

10.1

%

 

%

 

30.7

%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

All Other - Private Assets

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

68.9

%

 

68.2

%

 

%

 

148.1

%

Impact of acquisitions and divestitures

 

(66.7

)%

 

(66.5

)%

 

%

 

(84.9

)%

Impact of foreign currency exchange rate fluctuations

 

(0.2

)%

 

(0.3

)%

 

%

 

(0.1

)%

Organic operating revenue growth

 

2.0

%

 

1.4

%

 

%

 

63.1

%

 

 

 

 

 

 

 

 

 

 

 

Total

 

Recurring

Subscription

 

Asset-Based Fees

 

Non-Recurring

Revenues

Consolidated

 

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

 

14.4

%

 

14.8

%

 

15.6

%

 

(3.2

)%

Impact of acquisitions and divestitures

 

(4.5

)%

 

(5.9

)%

 

%

 

(1.5

)%

Impact of foreign currency exchange rate fluctuations

 

0.1

%

 

%

 

0.1

%

 

0.2

%

Organic operating revenue growth

 

10.0

%

 

8.9

%

 

15.7

%

 

(4.5

)%

 

Contacts

MSCI Inc. Contacts

Investor Inquiries

jeremy.ulan@msci.com

Jeremy Ulan +1 646 778 4184

jisoo.suh@msci.com

Jisoo Suh +1 917 825 7111

Media Inquiries

PR@msci.com

Melanie Blanco +1 212 981 1049

Konstantinos Makrygiannis +44(0)7768 930056

Tina Tan +852 2844 9320

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