Balance Sheet MSCI, Inc.

Equities

MSCI

US55354G1004

Professional Information Services

Market Closed - Nyse Other stock markets 04:00:01 2025-01-24 pm EST			5-day change	1st Jan Change
620.72 ^USD	+0.77%		+1.42%	+3.45%

Jan. 22	Wells Fargo Adjusts Price Target on MSCI to $623 From $600, Maintains Equalweight Rating	MT
Jan. 21	JPMorgan Adjusts Price Target on MSCI to $700 From $680, Keeps Overweight Rating	MT

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Published financial data: MSCI, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	1.56B	1.7B	2.04B	2.25B	2.53B
Total Revenues	1.56B	1.7B	2.04B	2.25B	2.53B
Cost of Goods Sold, Total	288M	292M	359M	404M	447M
Gross Profit	1.27B	1.4B	1.68B	1.84B	2.08B
Selling General & Admin Expenses, Total	321M	332M	377M	408M	428M
Stock-Based Compensation (IS)	-	379K	1.42M	738K	346K
R&D Expenses	98.33M	101M	112M	107M	132M
Depreciation & Amortization - (IS)	30M	29.8M	28.9M	26.89M	21.01M
Amortization of Goodwill and Intangible Assets - (IS)	49.41M	56.94M	64.58M	91.08M	114M
Other Operating Expenses	15M	-	-	-	-
Other Operating Expenses, Total	514M	520M	583M	634M	696M
Operating Income	756M	883M	1.1B	1.21B	1.39B
Interest Expense, Total	-148M	-156M	-160M	-172M	-187M
Interest And Investment Income	16.4M	5.03M	1.5M	11.77M	34.48M
Net Interest Expenses	-132M	-151M	-158M	-160M	-152M
Currency Exchange Gains (Loss)	-4M	-2.8M	-1.9M	500K	-4.5M
Other Non Operating Income (Expenses)	49K	1.9M	6.86M	-2.78M	-761K
EBT, Excl. Unusual Items	620M	731M	949M	1.05B	1.23B
Merger & Related Restructuring Charges	-	-	-6.87M	-4.06M	-2.43M
Gain (Loss) On Sale Of Investments	-	-	-	-	143M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-24.4M	-705K	-477K
Other Unusual Items	-16.79M	-44.93M	-59.1M	-	-
EBT, Incl. Unusual Items	603M	686M	858M	1.04B	1.37B
Income Tax Expense	39.67M	84.4M	132M	173M	220M
Earnings From Continuing Operations	564M	602M	726M	871M	1.15B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	564M	602M	726M	871M	1.15B
Net Income - (IS)	564M	602M	726M	871M	1.15B
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	564M	602M	726M	871M	1.15B
Net Income to Common Excl. Extra Items	564M	602M	726M	871M	1.15B
Per Share Items
Net EPS - Basic	6.66	7.19	8.8	10.78	14.45
Basic EPS - Continuing Operations	6.66	7.19	8.8	10.78	14.45
Basic Weighted Average Shares Outstanding	84.64M	83.72M	82.51M	80.75M	79.46M
Net EPS - Diluted	6.59	7.12	8.7	10.72	14.39
Diluted EPS - Continuing Operations	6.59	7.12	8.7	10.72	14.39
Diluted Weighted Average Shares Outstanding	85.54M	84.52M	83.48M	81.22M	79.84M
Normalized Basic EPS	4.58	5.46	7.18	8.12	9.67
Normalized Diluted EPS	4.53	5.41	7.1	8.07	9.62
Dividend Per Share	2.52	2.92	3.64	4.58	5.52
Payout Ratio	39.55	40.95	41.66	42.84	38.39
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	821M	947M	1.17B	1.3B	1.48B
EBITA	791M	917M	1.14B	1.27B	1.46B
EBIT	756M	883M	1.1B	1.21B	1.39B
EBITDAR	856M	980M	1.2B	1.33B	1.51B
Effective Tax Rate - (Ratio)	6.58	12.3	15.4	16.6	16.1
Current Domestic Taxes	38.33M	69.61M	183M	68.82M	134M
Current Foreign Taxes	22.1M	70.44M	60.77M	68.02M	102M
Total Current Taxes	60.44M	140M	244M	137M	236M
Deferred Domestic Taxes	-15.94M	-53.42M	-106M	40.51M	-2.54M
Deferred Foreign Taxes	-4.82M	-2.23M	-5.58M	-4.08M	-12.72M
Total Deferred Taxes	-20.77M	-55.64M	-111M	36.44M	-15.26M
Normalized Net Income	388M	457M	593M	655M	768M
Interest on Long-Term Debt	152M	164M	167M	172M	187M
Non-Cash Pension Expense	4.1M	4.67M	5.78M	6.24M	5.32M
Supplemental Operating Expense Items
Selling and Marketing Expenses	215M	216M	243M	265M	276M
General and Administrative Expenses	107M	115M	133M	142M	151M
Research And Development Expense From Footnotes	113M	124M	150M	135M	174M
Net Rental Expense, Total	35.6M	32.8M	30.6M	29.7M	28.73M
Imputed Operating Lease Interest Expense	14.45M	12.1M	9.95M	9.08M	9.23M
Imputed Operating Lease Depreciation	21.15M	20.7M	20.65M	20.62M	19.5M
Stock-Based Comp., COGS (Total)	11.19M	14.52M	17.28M	15.4M	19.45M
Stock-Based Comp., R&D Exp. (Total)	5.97M	7.34M	7.91M	6.86M	9.62M
Stock-Based Comp., S&M Exp. (Total)	14.94M	13.54M	14.41M	14.22M	17.39M
Stock-Based Comp., G&A Exp. (Total)	11.99M	19.83M	17.46M	20.83M	26.23M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	-	379K	1.42M	789K	346K
Total Stock-Based Compensation	44.09M	55.62M	58.49M	58.09M	73.04M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.51B	1.3B	1.42B	994M	458M
Total Cash And Short Term Investments	1.51B	1.3B	1.42B	994M	458M
Accounts Receivable, Total	499M	559M	665M	663M	840M
Total Receivables	499M	559M	665M	663M	840M
Prepaid Expenses	44.35M	45.91M	51M	53.92M	57.3M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	-	-	-	-	3.88M
Other Current Assets, Total	31.59M	20.6M	6.45M	37.25M	59.6M
Total Current Assets	2.08B	1.93B	2.14B	1.75B	1.42B
Gross Property Plant And Equipment	426M	415M	397M	379M	383M
Accumulated Depreciation	-169M	-181M	-186M	-198M	-212M
Net Property Plant And Equipment	257M	234M	211M	180M	171M
Long-term Investments	-	191M	219M	214M	-
Goodwill	1.56B	1.57B	2.24B	2.23B	2.89B
Other Intangibles, Total	261M	235M	593M	559M	956M
Deferred Tax Assets Long-Term	20.91M	23.63M	40.12M	29.21M	41.07M
Deferred Charges Long-Term	-	1.3M	1.5M	1.6M	1.1M
Other Long-Term Assets, Total	20.28M	22.68M	61.88M	35.74M	42.8M
Total Assets	4.2B	4.2B	5.51B	5B	5.52B
Liabilities
Accounts Payable, Total	6.5M	14.25M	13.45M	15.04M	9.81M
Accrued Expenses, Total	283M	283M	330M	313M	365M
Current Portion of Long-Term Debt	-	-	-	8.71M	10.9M
Current Portion of Leases	22.14M	22.69M	23.32M	23.25M	22.43M
Current Income Taxes Payable	14.21M	26.2M	59.64M	8.06M	24.71M
Unearned Revenue Current, Total	575M	676M	825M	883M	1.08B
Other Current Liabilities	-	-	-	-	-
Total Current Liabilities	901M	1.02B	1.25B	1.25B	1.52B
Long-Term Debt	3.07B	3.37B	4.16B	4.5B	4.5B
Long-Term Leases	164M	152M	150M	132M	120M
Unearned Revenue Non Current	-	-	23.4M	29.4M	28.8M
Pension & Other Post Retirement Benefits	30.4M	36.1M	34.5M	20.1M	31.9M
Deferred Tax Liability Non Current	66.64M	12.77M	3.65M	29.1M	27.03M
Other Non Current Liabilities	47.26M	52.12M	46.23M	41.53M	36.27M
Total Liabilities	4.28B	4.64B	5.67B	6.01B	6.26B
Common Stock, Total	1.32M	1.33M	1.33M	1.34M	1.34M
Additional Paid In Capital	1.35B	1.4B	1.46B	1.52B	1.59B
Retained Earnings	2.2B	2.55B	2.98B	3.47B	4.18B
Treasury Stock	-3.57B	-4.34B	-4.54B	-5.94B	-6.45B
Comprehensive Income and Other	-62.58M	-58.86M	-58.8M	-60.21M	-61.35M
Total Common Equity	-76.71M	-443M	-163M	-1.01B	-740M
Total Equity	-76.71M	-443M	-163M	-1.01B	-740M
Total Liabilities And Equity	4.2B	4.2B	5.51B	5B	5.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	84.81M	82.57M	81.27M	79.96M	79.09M
ECS Total Common Shares Outstanding	84.79M	82.57M	82.44M	79.96M	79.09M
Book Value / Share	-0.9	-5.37	-1.98	-12.61	-9.35
Tangible Book Value	-1.9B	-2.24B	-2.99B	-3.8B	-4.58B
Tangible Book Value Per Share	-22.42	-27.18	-36.31	-47.48	-57.95
Total Debt	3.26B	3.54B	4.33B	4.67B	4.65B
Net Debt	1.75B	2.24B	2.91B	3.67B	4.19B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-25M	-28.5M	-30.2M	-29.8M	-31.8M
Debt Equivalent Oper. Leases	285M	262M	245M	238M	230M
Equity Method Investments, Total	-	191M	219M	214M	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	198M	202M	194M	196M	208M
Full Time Employees	3.4K	3.63K	4.3K	4.76K	5.79K
Accumulated Allowance for Doubtful Accounts (Supple)	1.72M	1.58M	2.34M	2.65M	3.97M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	564M	602M	726M	871M	1.15B
Depreciation & Amortization - CF	30M	53.85M	53.53M	51.42M	44.79M
Amortization of Goodwill and Intangible Assets - (CF)	34.81M	34.05M	42.24M	63.37M	72.3M
Depreciation & Amortization, Total	64.81M	87.9M	95.78M	115M	117M
Amortization of Deferred Charges, Total - (CF)	18.67M	27.34M	27.26M	32.84M	47.18M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	24.4M	705K	477K
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-143M
Stock-Based Compensation (CF)	41.2M	51.09M	54.92M	58.09M	71.65M
Tax Benefit from Stock Options	-	-	-	-	-
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	19.61M	-8.97M	-52.41M	37.8M	-8.4M
Change In Accounts Receivable	-25.92M	-57.61M	-99.2M	-6.62M	-150M
Change In Accounts Payable	2.58M	7.48M	-2.2M	1.34M	-6.04M
Change in Unearned Revenues	35.37M	98.33M	117M	72.75M	172M
Change In Income Taxes	-15.44M	21.18M	49.17M	-80.98M	-7.21M
Change in Other Net Operating Assets	5M	-17.47M	-4.48M	-5.91M	-6.73M
Cash from Operations	710M	811M	936M	1.1B	1.24B
Capital Expenditure	-29.12M	-21.83M	-20.02M	-13.62M	-22.76M
Sale of Property, Plant, and Equipment	10K	-	-	-	-
Cash Acquisitions	-18.18M	-	-949M	-	-727M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-24.65M	-29.15M	-39.28M	-59.28M	-68.09M
Investment in Marketable and Equity Securities, Total	-	-191M	-26.36M	-5K	-
Other Investing Activities, Total	-	-	-1.06M	-6.44M	-1.18M
Cash from Investing	-71.94M	-242M	-1.04B	-79.34M	-819M
Long-Term Debt Issued, Total	1B	1.4B	1.8B	355M	-
Total Debt Issued	1B	1.4B	1.8B	355M	-
Long-Term Debt Repaid, Total	-513M	-1.14B	-1.05B	-7.19M	-8.75M
Total Debt Repaid	-513M	-1.14B	-1.05B	-7.19M	-8.75M
Issuance of Common Stock	3.24M	-	-	-	-
Repurchase of Common Stock	-292M	-779M	-198M	-1.4B	-504M
Common Dividends Paid	-223M	-246M	-302M	-373M	-441M
Common & Preferred Stock Dividends Paid	-223M	-246M	-302M	-373M	-441M
Other Financing Activities, Total	-11.78M	-16.69M	-21.61M	-2.77M	-
Cash from Financing	-36.67M	-779M	230M	-1.43B	-954M
Foreign Exchange Rate Adjustments	1.47M	3.67M	-8.93M	-18.54M	5.41M
Net Change in Cash	602M	-206M	121M	-428M	-532M
Supplemental Items
Cash Interest Paid	141M	163M	151M	165M	182M
Cash Income Tax Paid (Refund)	72.94M	114M	223M	181M	240M
Levered Free Cash Flow	479M	623M	820M	717M	933M
Unlevered Free Cash Flow	567M	716M	915M	820M	1.04B
Change In Net Working Capital	-25.34M	-48.43M	-109M	64.82M	-36.32M
Net Debt Issued / Repaid	487M	263M	752M	348M	-8.75M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	12.44	13.14	14.19	14.41	16.48
Return on Total Capital	16.9	17.64	19	19.38	22.97
Return On Equity %	-463.51	-231.49	-239.32	-148.64	-131.44
Return on Common Equity	-463.51	-231.49	-239.32	-148.64	-131.44
Margin Analysis
Gross Profit Margin %	81.51	82.79	82.45	82.02	82.34
SG&A Margin	20.63	19.59	18.44	18.13	16.93
EBITDA Margin %	52.67	55.87	57.39	57.86	58.51
EBITA Margin %	50.75	54.11	55.98	56.66	57.68
EBIT Margin %	48.51	52.1	53.91	53.84	54.82
Income From Continuing Operations Margin %	36.18	35.5	35.53	38.72	45.42
Net Income Margin %	36.18	35.5	35.53	38.72	45.42
Net Avail. For Common Margin %	36.18	35.5	35.53	38.72	45.42
Normalized Net Income Margin	24.88	26.95	29.01	29.15	30.37
Levered Free Cash Flow Margin	30.74	36.73	40.12	31.91	36.88
Unlevered Free Cash Flow Margin	36.42	42.23	44.76	36.45	41.29
Asset Turnover
Asset Turnover	0.41	0.4	0.42	0.43	0.48
Fixed Assets Turnover	8.95	6.91	9.18	11.48	14.39
Receivables Turnover (Average Receivables)	3.2	3.21	3.34	3.39	3.37
Short Term Liquidity
Current Ratio	2.31	1.88	1.71	1.4	0.93
Quick Ratio	2.23	1.82	1.67	1.32	0.86
Operating Cash Flow to Current Liabilities	0.79	0.79	0.75	0.88	0.81
Days Sales Outstanding (Average Receivables)	113.95	114.18	109.23	107.76	108.45
Average Days Payable Outstanding	6.58	13.02	14.09	12.86	10.16
Long Term Solvency
Total Debt/Equity	-4.25K	-799.08	-2.65K	-463.01	-628.62
Total Debt / Total Capital	102.41	114.3	103.92	127.55	118.92
LT Debt/Equity	-4.22K	-793.96	-2.64K	-459.84	-624.11
Long-Term Debt / Total Capital	101.72	113.57	103.36	126.67	118.06