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, 2020 (“second quarter 2020”)
and six months ended June 30, 2020 ("six months 2020").
Financial and Operational Highlights for Second Quarter
2020
(Note: Percentage and other changes are relative to the three
months ended June 30, 2019 (“second quarter 2019”) unless otherwise
noted).
- Operating revenues of $409.6 million, up 6.2%
- Recurring subscription revenues up 7.2%; Asset-based fees up
0.4%; Non-recurring revenues up 34.4%
- Operating margin of 52.5%; Adjusted EBITDA margin of
57.8%
- Diluted EPS of $1.36, down 7.5%; Adjusted EPS of $1.77, up
14.9%
- New recurring subscription sales growth of 15.5%; Organic
subscription Run Rate growth of 9.7%; Retention Rate of
93.5%
- Board of Directors approved a 14.7% increase to quarterly
dividend to $0.78 per share payable in 3Q2020; payout ratio target
maintained at a range of 40% to 50% of Adjusted EPS
- $88.0 million returned to shareholders in second quarter
2020 through a combination of share repurchases and
dividends
Three Months Ended
Six Months Ended
In thousands,
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
except per share data
(unaudited)
2020
2019
Change
2020
2019
Change
Operating revenues
$
409,616
$
385,558
6.2
%
$
826,396
$
756,939
9.2
%
Operating income
$
215,175
$
192,378
11.9
%
$
423,059
$
355,053
19.2
%
Operating margin %
52.5
%
49.9
%
51.2
%
46.9
%
Net income
$
115,123
$
125,690
(8.4
%)
$
263,248
$
303,882
(13.4
%)
Diluted EPS
$
1.36
$
1.47
(7.5
%)
$
3.10
$
3.55
(12.7
%)
Adjusted EPS
$
1.77
$
1.54
14.9
%
$
3.67
$
3.09
18.8
%
Adjusted EBITDA
$
236,700
$
211,796
11.8
%
$
465,927
$
409,503
13.8
%
Adjusted EBITDA margin %
57.8
%
54.9
%
56.4
%
54.1
%
“MSCI delivered solid results in the second quarter despite the
ongoing challenging macroeconomic environment. I am especially
pleased with our ability to drive double-digit new recurring
subscription sales growth and our focused execution of MSCI’s
long-term growth strategy,” said Henry A. Fernandez, Chairman and
CEO of MSCI.
“Our team continues to partner with our clients in new and
broader ways. As we enter the second half of 2020, we remain very
well positioned to help our clients address increasing investment
complexity and risk with our content, analytics and technology
applications,” added Mr. Fernandez.
Second Quarter Consolidated
Results
Operating Revenues:
Operating revenues were $409.6 million, up 6.2%. The $24.1 million
increase was driven by $20.8 million in higher recurring
subscription revenues, $3.0 million in additional non-recurring
revenues, and $0.3 million in increased asset-based fees.
Run Rate and Retention Rate:
Total Run Rate at June 30, 2020 was $1,647.3 million, up 8.5%
compared to June 30, 2019. The $129.6 million increase was driven
by a $112.7 million increase in recurring subscription Run Rate and
a $16.9 million increase in asset-based fees Run Rate. Organic
subscription Run Rate growth was 9.7%, driven by increases across
all three reporting segments. Retention Rate was 93.5%, compared to
95.5% in second quarter 2019.
Expenses: Total operating
expenses were $194.4 million, essentially flat from second quarter
2019. Adjusted EBITDA expenses were $172.9 million, essentially
flat, driven by lower non-compensation costs, primarily due to
lower travel and entertainment expense, principally offset by
higher compensation costs. Both total operating expenses and
Adjusted EBITDA expenses benefited from the impact of foreign
currency exchange rate fluctuations. Total operating expenses
excluding the impact of foreign currency exchange rate fluctuations
(“ex-FX”) and adjusted EBITDA expenses ex-FX increased 2.7% and
1.7%, respectively.
Headcount: As of June 30,
2020, headcount was 3,513 employees, with approximately 36% and
approximately 64% of employees located in developed market and
emerging market locations, respectively.
Other Expense (Income), Net:
Other expense (income), net was $76.0 million, up $43.4 million, or
132.9%. The increase was primarily driven by the loss on debt
extinguishment associated with the pre-maturity redemption of the
$800.0 million aggregate principal amount of the Company’s 5.750%
senior unsecured notes due 2025 (the “2025 Senior Notes
Redemption”). In addition, the increase reflects higher interest
expense associated with the higher debt balance for second quarter
2020 compared to second quarter 2019, as well as lower interest
income due to lower rates earned on cash balances. The loss on debt
extinguishment associated with the 2025 Senior Notes Redemption was
excluded from adjusted net income and adjusted EPS for second
quarter 2020.
Income Taxes: The effective
tax rate was 17.3% in second quarter 2020, compared to 21.3% in
second quarter 2019. The decline was primarily due to the income
tax benefit related to the loss on debt extinguishment associated
with the 2025 Senior Notes Redemption in second quarter 2020, a
higher income tax benefit related to the conversion of equity
awards and a beneficial jurisdictional mix of earnings.
Net Income: As a result of
the factors described above, net income was $115.1 million, down
8.4%.
Adjusted EBITDA: Adjusted
EBITDA was $236.7 million, up 11.8%. Adjusted EBITDA margin in
second quarter 2020 was 57.8%, compared to 54.9% in second quarter
2019.
Index Segment:
Table 1A: Results (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$145,404
$132,145
10.0%
$285,244
$259,819
9.8%
Asset-based fees
88,075
87,733
0.4%
188,271
169,541
11.0%
Non-recurring
9,429
5,672
66.2%
18,649
10,963
70.1%
Total operating revenues
242,908
225,550
7.7%
492,164
440,323
11.8%
Adjusted EBITDA expenses
59,652
61,635
(3.2%)
125,321
124,197
0.9%
Adjusted EBITDA
$183,256
$163,915
11.8%
$366,843
$316,126
16.0%
Adjusted EBITDA margin %
75.4%
72.7%
74.5%
71.8%
Index operating revenues for second quarter 2020 were $242.9
million, up 7.7%. The $17.4 million increase was driven by $13.3
million in higher recurring subscription revenues, $3.8 million in
higher non-recurring revenues, and $0.3 million in higher
asset-based fees.
The increase in recurring subscription revenues was primarily
driven by strong growth in core products and factor and ESG/Climate
index products. The increase in non-recurring revenues was
primarily driven by the recording of additional license fees from
prior periods.
Asset-based fees were essentially flat driven by increases from
exchange traded futures and options contracts based on MSCI indexes
and non-ETF indexed funds linked to MSCI indexes, offset by a
decrease in asset-based fees from exchange traded funds (“ETFs”)
linked to MSCI indexes due to a decrease in average AUM and by the
impact of a change in product mix.
Index Run Rate as of June 30, 2020 was $948.9 million, up 8.2%.
The $72.2 million increase was driven by a $55.3 million increase
in recurring subscription Run Rate and a $16.9 million increase in
asset-based fees Run Rate. The increase in recurring subscription
Run Rate, was primarily driven by strong growth in core products,
custom and specialized index products and factor and ESG/Climate
index products, with growth across all regions and all client
segments. The increase in asset-based fees Run Rate, was driven by
higher volume in futures and options, higher non-ETF indexed funds
linked to MSCI indexes and by higher AUM in equity ETFs linked to
MSCI indexes.
Analytics Segment:
Table 1B: Results (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$126,189
$121,699
3.7%
$250,254
$241,809
3.5%
Non-recurring
1,374
1,982
(30.7%)
2,817
3,307
(14.8%)
Total operating revenues
127,563
123,681
3.1%
253,071
245,116
3.2%
Adjusted EBITDA expenses
81,396
84,610
(3.8%)
170,587
169,647
0.6%
Adjusted EBITDA
$46,167
$39,071
18.2%
$82,484
$75,469
9.3%
Adjusted EBITDA margin %
36.2%
31.6%
32.6%
30.8%
Analytics operating revenues for second quarter 2020 were $127.6
million, up 3.1%. The $3.9 million increase was driven by higher
recurring subscription revenues predominantly from Multi-Asset
Class Analytics products. Organic operating revenue growth was
3.0%.
Analytics Run Rate as of June 30, 2020 was $534.0 million, up
6.0%. The increase of $30.1 million was primarily driven by growth
in Multi-Asset Class Analytics products, with increases across all
regions. Analytics organic subscription Run Rate growth was
6.1%.
All Other Segment:
Table 1C: Results (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$38,291
$35,305
8.5%
$78,811
$69,885
12.8%
Non-recurring
854
1,022
(16.4%)
2,350
1,615
45.5%
Total operating revenues
39,145
36,327
7.8%
81,161
71,500
13.5%
Adjusted EBITDA expenses
31,868
27,517
15.8%
64,561
53,592
20.5%
Adjusted EBITDA
$7,277
$8,810
(17.4%)
$16,600
$17,908
(7.3%)
Adjusted EBITDA margin %
18.6%
24.3%
20.5%
25.0%
All Other operating revenues for second quarter 2020 were $39.1
million, up 7.8%. The $2.8 million increase was driven by $4.9
million of higher ESG operating revenues, driven by higher
contributions from Ratings, Climate and Screening products,
partially offset by $2.1 million of lower Real Estate operating
revenues, reflecting lower contributions from Enterprise Analytics
products and negative foreign currency fluctuations. Total ESG
operating revenues were $26.3 million and total Real Estate
operating revenues were $12.8 million. All Other organic operating
revenue growth was 9.2%, including ESG organic operating revenue
growth of 23.0% and a Real Estate organic operating revenue decline
of 10.7%.
All Other Run Rate as of June 30, 2020 was $164.4 million, up
19.9%. The $27.3 million increase was driven by a $24.8 million
increase in ESG Run Rate, primarily driven by strong growth in
Ratings, Climate and Screening products. Real Estate Run Rate
increased $2.5 million, primarily driven by growth in Global Intel
products. All Other organic subscription Run Rate growth was 19.8%,
with ESG organic subscription Run Rate growth of 26.5% and Real
Estate organic subscription Run Rate growth of 7.5%.
Select Balance Sheet Items and Capital
Allocation
Cash Balances and Outstanding
Debt: Cash and cash equivalents was $1.4 billion as of
June 30, 2020. MSCI typically seeks to maintain minimum cash
balances globally of approximately $200.0 million to $250.0 million
for general operating purposes but may maintain higher minimum cash
balances while the COVID-19 pandemic continues to impact global
economic markets.
Total outstanding debt as of June 30, 2020 was $3.4 billion. The
total debt to net income ratio (based on trailing twelve months net
income) was 6.4x. The total debt to adjusted EBITDA ratio (based on
trailing twelve months adjusted EBITDA) was 3.7x.
MSCI seeks to maintain a gross leverage to adjusted EBITDA
target range of 3.0x to 3.5x.
Capex and Cash Flow: For
second quarter 2020, Capex was $11.5 million, cash provided by
operating activities was $262.6 million, up 38.6%, and free cash
flow was $251.1 million, up 41.8%.
Share Count and Share
Repurchases: Weighted average diluted shares outstanding
were 84.3 million in second quarter 2020, down 1.2% year-over-year.
In second quarter 2020, a total of 0.1 million shares were
repurchased at an average price of $273.77 per share for a total
value of $31.1 million. A total of $1.1 billion of outstanding
share repurchase authorization remains as of July 28, 2020. Total
shares outstanding as of June 30, 2020 were 83.6 million.
Dividends: Approximately
$56.9 million in dividends were paid to shareholders in second
quarter 2020. On July 27, 2020, the MSCI Board of Directors
declared a cash dividend of $0.78 per share for third quarter 2020,
payable on August 31, 2020 to shareholders of record as of the
close of trading on August 14, 2020.
Full-Year 2020 Guidance
MSCI's guidance for 2020 is based on assumptions about a number
of macroeconomic and capital market factors, in particular related
to equity 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 ongoing uncertainty
related to the duration, magnitude and impact of the COVID-19
pandemic.
- Operating expense is still expected to be in the range of $790
million to $840 million.
- Adjusted EBITDA expense is still expected to be in the range of
$700 million to $750 million.
- Interest expense, including the amortization of financing fees,
is still expected to be approximately $158 million. Interest income
will continue to be impacted by the lower rates available on cash
balances.
- Depreciation and amortization expense is still expected to be
approximately $90 million.
- The effective tax rate is now expected to be in the range of
16% to 19% (revised).
- Capex is still expected to be in the range of $50 million to
$60 million.
- Net cash provided by operating activities and free cash flow
are still expected to be in the ranges of $600 million to $650
million and $540 million to $600 million, respectively, in both
cases now toward the upper end of the range.
Conference Call Information
MSCI's senior management will review the second quarter 2020
results on Tuesday, July 28, 2020 at 11:00 AM Eastern Time. To
listen to the live event, visit the events and presentations
section of MSCI's Investor Relations homepage,
https://ir.msci.com/events-and-presentations, or dial
1-877-376-9931 conference ID: 9725849 within the United States.
International callers may dial 1-720-405-2251 conference ID:
9725849. The teleconference will also be webcast with an
accompanying slide presentation which can be accessed through
MSCI's Investor Relations website.
An archived replay of the webcast also will be available shortly
after the live event on MSCI's Investor Relations website,
https://ir.msci.com/events-and-presentations.
About MSCI Inc.
MSCI is a leading provider of critical decision support tools
and services for the global investment community. With over 45
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 2020 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, 2019 filed with the Securities and Exchange Commission
(“SEC”) on February 18, 2020 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 website, including its quarterly updates, blog,
podcasts and social media channels, including its corporate Twitter
account (@MSCI_Inc), 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, quarterly
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 Subscription” 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 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 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 notice is not
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 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 Estate
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-sale 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 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 with respect to
which we have received a notice of termination or non-renewal
during the period and have determined that such notice evidences
the client’s final decision to terminate or not renew the
applicable products or services, even though such notice is not
effective until a later date.
“Organic 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 15 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 the impact related to
the vesting of the multi-year restricted stock units subject to
performance payout adjustments granted in 2016 (the “Multi-Year
PSUs”).
“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 the impact
related to the vesting of the Multi-Year PSUs.
“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, the impact of divestitures,
the impact of adjustments for the Tax Cuts and Jobs Act that was
enacted on December 22, 2017 (“Tax Reform”), except for amounts
associated with active tax planning implemented as a result of Tax
Reform, and, at times, certain other transactions or adjustments,
including the impact related to the vesting of the Multi-Year PSUs
and costs associated with debt extinguishment.
“Adjusted tax rate” is defined as the effective tax rate
excluding the impact of Tax Reform adjustments (except for amounts
associated with active tax planning implemented as a result of Tax
Reform) and the impact related to the vesting of the Multi-Year
PSUs.
“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 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 adjusted tax rate is useful to investors because
it increases the comparability of period-to-period results by
adjusting for the estimated net impact of Tax Reform and the impact
related to the vesting of the Multi-Year PSUs.
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, adjusted net income,
adjusted EPS, adjusted tax rate, 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. More than
three-fifths of the AUM are 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,
YoY %
June 30,
June 30,
YoY %
In thousands, except per share
data
2020
2019
Change
2020
2019
Change
Operating revenues
$
409,616
$
385,558
6.2
%
$
826,396
$
756,939
9.2
%
Operating expenses:
Cost of revenues
70,456
71,975
(2.1
%)
145,065
154,321
(6.0
%)
Selling and marketing
51,617
51,657
(0.1
%)
107,166
107,705
(0.5
%)
Research and development
22,534
23,752
(5.1
%)
49,096
46,924
4.6
%
General and administrative
28,309
26,378
7.3
%
59,142
53,875
9.8
%
Amortization of intangible assets
14,062
12,013
17.1
%
27,838
23,806
16.9
%
Depreciation and amortization of property,
equipment and
leasehold improvements
7,463
7,405
0.8
%
15,030
15,255
(1.5
%)
Total operating expenses(1)
194,441
193,180
0.7
%
403,337
401,886
0.4
%
Operating income
215,175
192,378
11.9
%
423,059
355,053
19.2
%
Interest income
(771
)
(3,345
)
(77.0
%)
(4,254
)
(7,431
)
(42.8
%)
Interest expense
41,227
35,915
14.8
%
81,458
71,830
13.4
%
Other expense (income)
35,552
63
n/m
43,839
2,617
n/m
Other expense (income), net
76,008
32,633
132.9
%
121,043
67,016
80.6
%
Income before provision for income
taxes
139,167
159,745
(12.9
%)
302,016
288,037
4.9
%
Provision for income taxes
24,044
34,055
(29.4
%)
38,768
(15,845
)
n/m
Net income
$
115,123
$
125,690
(8.4
%)
$
263,248
$
303,882
(13.4
%)
Earnings per basic common share
$
1.38
$
1.48
(6.8
%)
$
3.12
$
3.60
(13.3
%)
Earnings per diluted common share
$
1.36
$
1.47
(7.5
%)
$
3.10
$
3.55
(12.7
%)
Weighted average shares outstanding used
in computing
earnings per share:
Basic
83,666
84,750
(1.3
%)
84,268
84,503
(0.3
%)
Diluted
84,349
85,393
(1.2
%)
84,948
85,522
(0.7
%)
n/m: not meaningful.
(1) Includes stock-based compensation
expense of $15.0 million and $11.5 million for the three months
ended Jun. 30, 2020 and Jun. 30, 2019, respectively. Includes
stock-based compensation expense of $31.3 million and $22.0 million
for the six months ended Jun. 30, 2020 and Jun. 30, 2019,
respectively.
Table 3: Selected Balance Sheet Items
(unaudited)
As of
June 30,
Dec. 31,
In thousands
2020
2019
Cash and cash equivalents
$1,384,977
$1,506,567
Accounts receivable, net of allowances
$466,096
$499,268
Deferred revenue
$587,113
$574,656
Long-term debt(1)
$3,364,789
$3,071,926
(1) Consists of gross long-term debt, net
of deferred financing fees. Gross long-term debt was $3,400.0
million at Jun. 30, 2020 and $3,100.0 million at Dec. 31, 2019.
Table 4: Selected Cash Flow Items
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Net cash provided by operating
activities
$
262,616
$
189,470
38.6
%
$
375,386
$
277,345
35.3
%
Net cash used in investing activities
(11,536
)
(12,391
)
(6.9
%)
(213,174
)
(20,527
)
n/m
Net cash provided by (used in) financing
activities
65,030
(49,914
)
(230.3
%)
(275,051
)
(391,549
)
(29.8
%)
Effect of exchange rate changes
2,011
1,171
71.7
%
(8,751
)
1,672
n/m
Net increase (decrease) in cash and
cash equivalents
$
318,121
$
128,336
147.9
%
$
(121,590
)
$
(133,059
)
(8.6
%)
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,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
145,404
$
132,145
10.0
%
$
285,244
$
259,819
9.8
%
Asset-based fees
88,075
87,733
0.4
%
188,271
169,541
11.0
%
Non-recurring
9,429
5,672
66.2
%
18,649
10,963
70.1
%
Total operating revenues
242,908
225,550
7.7
%
492,164
440,323
11.8
%
Adjusted EBITDA expenses
59,652
61,635
(3.2
%)
125,321
124,197
0.9
%
Adjusted EBITDA
$
183,256
$
163,915
11.8
%
$
366,843
$
316,126
16.0
%
Adjusted EBITDA margin %
75.4
%
72.7
%
74.5
%
71.8
%
Analytics
Three Months Ended
Six Months Ended
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
126,189
$
121,699
3.7
%
$
250,254
$
241,809
3.5
%
Non-recurring
1,374
1,982
(30.7
%)
2,817
3,307
(14.8
%)
Total operating revenues
127,563
123,681
3.1
%
253,071
245,116
3.2
%
Adjusted EBITDA expenses
81,396
84,610
(3.8
%)
170,587
169,647
0.6
%
Adjusted EBITDA
$
46,167
$
39,071
18.2
%
$
82,484
$
75,469
9.3
%
Adjusted EBITDA margin %
36.2
%
31.6
%
32.6
%
30.8
%
All Other
Three Months Ended
Six Months Ended
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
38,291
$
35,305
8.5
%
$
78,811
$
69,885
12.8
%
Non-recurring
854
1,022
(16.4
%)
2,350
1,615
45.5
%
Total operating revenues
39,145
36,327
7.8
%
81,161
71,500
13.5
%
Adjusted EBITDA expenses
31,868
27,517
15.8
%
64,561
53,592
20.5
%
Adjusted EBITDA
$
7,277
$
8,810
(17.4
%)
$
16,600
$
17,908
(7.3
%)
Adjusted EBITDA margin %
18.6
%
24.3
%
20.5
%
25.0
%
Consolidated
Three Months Ended
Six Months Ended
June 30,
June 30,
YoY %
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
309,884
$
289,149
7.2
%
$
614,309
$
571,513
7.5
%
Asset-based fees
88,075
87,733
0.4
%
188,271
169,541
11.0
%
Non-recurring
11,657
8,676
34.4
%
23,816
15,885
49.9
%
Operating revenues total
409,616
385,558
6.2
%
826,396
756,939
9.2
%
Adjusted EBITDA expenses
172,916
173,762
(0.5
%)
360,469
347,436
3.8
%
Adjusted EBITDA
$
236,700
$
211,796
11.8
%
$
465,927
$
409,503
13.8
%
Adjusted EBITDA margin %
57.8
%
54.9
%
56.4
%
54.1
%
Operating margin %
52.5
%
49.9
%
51.2
%
46.9
%
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
2020
2019
2020
2019
Index
New recurring subscription sales
$
20,276
$
19,526
$
39,330
$
36,855
Subscription cancellations
(7,423
)
(3,601
)
$
(12,539
)
(7,967
)
Net new recurring subscription sales
$
12,853
$
15,925
$
26,791
$
28,888
Non-recurring sales
$
10,450
$
5,982
$
20,733
$
11,063
Total gross sales
$
30,726
$
25,508
$
60,063
$
47,918
Total Index net sales
$
23,303
$
21,907
$
47,524
$
39,951
Index Retention Rate
94.7
%
97.1
%
95.5
%
96.8
%
Analytics
New recurring subscription sales
$
14,979
$
13,669
$
26,197
$
26,420
Subscription cancellations
(10,553
)
(7,102
)
$
(18,797
)
(14,866
)
Net new recurring subscription sales
$
4,426
$
6,567
$
7,400
$
11,554
Non-recurring sales
$
1,659
$
2,631
$
4,924
$
5,208
Total gross sales
$
16,638
$
16,300
$
31,121
$
31,628
Total Analytics net sales
$
6,085
$
9,198
$
12,324
$
16,762
Analytics Retention Rate
92.0
%
94.2
%
92.9
%
94.0
%
All Other
New recurring subscription sales
$
12,348
$
8,014
$
20,517
$
15,229
Subscription cancellations
(2,243
)
(1,902
)
$
(4,296
)
(3,177
)
Net new recurring subscription sales
$
10,105
$
6,112
$
16,221
$
12,052
Non-recurring sales
$
574
$
630
$
1,605
$
1,084
Total gross sales
$
12,922
$
8,644
$
22,122
$
16,313
Total All Other net sales
$
10,679
$
6,742
$
17,826
$
13,136
All Other Retention Rate
94.1
%
93.9
%
94.4
%
94.9
%
Consolidated
New recurring subscription sales
$
47,603
$
41,209
$
86,044
$
78,504
Subscription cancellations
(20,219
)
(12,605
)
(35,632
)
(26,010
)
Net new recurring subscription sales
$
27,384
$
28,604
$
50,412
$
52,494
Non-recurring sales
$
12,683
$
9,243
$
27,262
$
17,355
Total gross sales
$
60,286
$
50,452
$
113,306
$
95,859
Total net sales
$
40,067
$
37,847
$
77,674
$
69,849
Total Retention Rate
93.5
%
95.5
%
94.2
%
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.
Table 7: AUM in Equity ETFs Linked to
MSCI Indexes (unaudited)(1)(2)(3)
Three Months Ended
Six Months Ended
June 30,
Mar. 31,
Dec. 31,
Sep. 30,
June 30,
June 30,
June 30,
In billions
2020
2020
2019
2019
2019
2020
2019
Beginning Period AUM in equity ETFs linked
to MSCI indexes
$
709.5
$
934.4
$
815.0
$
819.3
$
802.2
$
934.4
$
695.6
Market Appreciation/(Depreciation)
117.4
(216.5
)
63.5
(9.2
)
14.9
(99.1
)
93.2
Cash Inflows
(1.5
)
(8.4
)
55.9
4.9
2.2
(9.9
)
30.5
Period-End AUM in equity ETFs linked to
MSCI indexes
$
825.4
$
709.5
$
934.4
$
815.0
$
819.3
$
825.4
$
819.3
Period Average AUM in equity ETFs linked
to MSCI indexes
$
776.9
$
877.1
$
869.1
$
810.9
$
811.4
$
827.0
$
788.7
Period-End Basis Point Fee(4)
2.67
2.71
2.82
2.81
2.85
2.67
2.85
(1) The historical values of the AUM in
equity ETFs linked to our indexes as of the last day of the month
and the monthly average balance can be found under the link “AUM in
Equity ETFs Linked to MSCI Indexes” on our Investor Relations
homepage at http://ir.msci.com. Information contained on our
website is not incorporated by reference into this Earnings Release
or any other report filed with the SEC. The AUM in equity ETFs also
includes AUM in Exchange Traded Notes, the value of which is less
than 1.0% of the AUM amounts presented.
(2) The values for periods prior to April
26, 2019 were based on data from Bloomberg and MSCI, while the
values for periods on or after April 26, 2019 were based on data
from Refinitiv and MSCI. De minimis amounts of data are reported on
a delayed basis.
(3) The value of AUM in equity ETFs linked
to MSCI indexes is calculated by multiplying the equity ETFs net
asset value by the number of shares outstanding.
(4) Based on period-end Run Rate for
equity ETFs linked to MSCI indexes using period-end AUM.
Table 8: Run Rate by Segment and Type
(unaudited)(1)
As of
June 30,
June 30,
YoY %
In thousands
2020
2019
Change
Index
Recurring subscriptions
$
586,846
$
531,590
10.4
%
Asset-based fees
362,049
345,126
4.9
%
Index Run Rate
948,895
876,716
8.2
%
Analytics Run Rate
534,039
503,969
6.0
%
All Other Run Rate
164,377
137,045
19.9
%
Total Run Rate
$
1,647,311
$
1,517,730
8.5
%
Total recurring subscriptions
$
1,285,262
$
1,172,604
9.6
%
Total asset-based fees
362,049
345,126
4.9
%
Total Run Rate
$
1,647,311
$
1,517,730
8.5
%
(1) See "Notes Regarding the Use of
Operating Metrics" for details regarding the definition of Run
Rate.
Table 9: Reconciliation of Adjusted
EBITDA to Net Income (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
In thousands
2020
2019
2020
2019
Index adjusted EBITDA
$
183,256
$
163,915
$
366,843
$
316,126
Analytics adjusted EBITDA
46,167
39,071
82,484
75,469
All Other adjusted EBITDA
7,277
8,810
16,600
17,908
Consolidated adjusted EBITDA
236,700
211,796
465,927
409,503
Multi-Year PSU payroll tax expense
—
—
—
15,389
Amortization of intangible assets
14,062
12,013
27,838
23,806
Depreciation and amortization of property,
equipment and leasehold improvements
7,463
7,405
15,030
15,255
Operating income
215,175
192,378
423,059
355,053
Other expense (income), net
76,008
32,633
121,043
67,016
Provision for income taxes
24,044
34,055
38,768
(15,845
)
Net income
$
115,123
$
125,690
$
263,248
$
303,882
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
2020
2019
2020
2019
Net income
$
115,123
$
125,690
$
263,248
$
303,882
Plus: Amortization of acquired intangible
assets and equity method investment basis difference
9,592
8,663
18,370
17,379
Plus: Multi-Year PSU payroll tax
expense
—
—
—
15,389
Less: Discrete excess tax benefit related
to Multi-Year PSU vesting
—
—
—
(66,581
)
Plus: Debt extinguishment costs associated
with the 2024 and 2025 Senior Notes Redemptions
34,964
—
44,930
—
Less: Tax Reform adjustments
—
—
(759
)
—
Less: Income tax effect
(10,555
)
(2,638
)
(13,951
)
(5,772
)
Adjusted net income
$
149,124
$
131,715
$
311,838
$
264,297
Diluted EPS
$
1.36
$
1.47
$
3.10
$
3.55
Plus: Amortization of acquired intangible
assets and equity method investment basis difference
0.11
0.10
0.22
0.20
Plus: Multi-Year PSU payroll tax
expense
—
—
—
0.18
Less: Discrete excess tax benefit related
to Multi-Year PSU vesting
—
—
—
(0.78
)
Plus: Debt extinguishment costs associated
with the 2024 and 2025 Senior Notes Redemptions
0.41
—
0.53
—
Less: Tax Reform adjustments
—
—
(0.01
)
—
Less: Income tax effect
(0.11
)
(0.03
)
(0.17
)
(0.06
)
Adjusted EPS
$
1.77
$
1.54
$
3.67
$
3.09
Table 11: Reconciliation of Adjusted
EBITDA Expenses to Operating Expenses (unaudited)
Three Months Ended
Six Months Ended
Full-Year
June 30,
June 30,
June 30,
June 30,
2020
In thousands
2020
2019
2020
2019
Outlook(1)
Index adjusted EBITDA expenses
$
59,652
$
61,635
$
125,321
$
124,197
Analytics adjusted EBITDA expenses
81,396
84,610
170,587
169,647
All Other adjusted EBITDA expenses
31,868
27,517
64,561
53,592
Consolidated adjusted EBITDA
expenses
172,916
173,762
360,469
347,436
$700,000 - $750,000
Multi-Year PSU payroll tax expense
—
—
—
15,389
Amortization of intangible assets
14,062
12,013
27,838
23,806
Depreciation and amortization of property,
equipment and leasehold improvements
7,463
7,405
15,030
15,255
~$90,000
Total operating expenses
$
194,441
$
193,180
$
403,337
$
401,886
$790,000 - $840,000
(1) We have not provided a full line-item
reconciliation for adjusted EBITDA expenses to total operating
expenses for this future period because we do not provide guidance
on the individual reconciling items between total operating
expenses and adjusted EBITDA expenses.
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,
2020
In thousands
2020
2019
2020
2019
Outlook(1)
Net cash provided by operating
activities
$
262,616
$
189,470
$
375,386
$
277,345
$600,000 - $650,000
Capital expenditures
(3,984
)
(6,278
)
(7,597
)
(9,434
)
Capitalized software development costs
(7,558
)
(6,113
)
(14,761
)
(11,103
)
Capex
(11,542
)
(12,391
)
(22,358
)
(20,537
)
($60,000 - $50,000)
Free cash flow
$
251,074
$
177,079
$
353,028
$
256,808
$540,000 - $600,000
(1) We have not provided a line-item
reconciliation for free cash flow to net cash from operating
activities for this future period because we do not provide
guidance on the individual reconciling items between net cash from
operating activities and free cash flow.
Table 13: Reconciliation of Effective
Tax Rate to Adjusted Tax Rate (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
2020
2019
2020
2019
Effective tax rate
17.3%
21.3%
12.8%
(5.5%)
Tax Reform impact on effective tax
rate
—%
—%
0.3%
—%
Multi-Year PSU impact on effective tax
rate
—%
—%
—%
23.1%
Adjusted tax rate
17.3%
21.3%
13.1%
17.6%
Table 14: Second Quarter 2020
Reconciliation of Operating Revenue Growth to Organic Operating
Revenue Growth (unaudited)
Comparison of the Three Months
Ended June 30, 2020 and 2019
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Index
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
7.7%
10.0%
0.4%
66.2%
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
—%
—%
—%
—%
Organic operating revenue growth
7.7%
10.0%
0.4%
66.2%
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Analytics
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
3.1%
3.7%
—%
(30.7%)
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
(0.1%)
(0.1%)
—%
(0.4%)
Organic operating revenue growth
3.0%
3.6%
—%
(31.1%)
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
All Other
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
7.8%
8.5%
—%
(16.4%)
Impact of acquisitions and
divestitures
(1.2%)
(1.0%)
—%
(8.4%)
Impact of foreign currency exchange rate
fluctuations
2.6%
2.6%
—%
0.7%
Organic operating revenue growth
9.2%
10.1%
—%
(24.1%)
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Consolidated
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
6.2%
7.2%
0.4%
34.4%
Impact of acquisitions and
divestitures
(0.1%)
(0.1%)
—%
(1.0%)
Impact of foreign currency exchange rate
fluctuations
0.2%
0.2%
—%
—%
Organic operating revenue growth
6.3%
7.3%
0.4%
33.4%
Table 15: Six Months 2020
Reconciliation of Operating Revenue Growth to Organic Operating
Revenue Growth (unaudited)
Comparison of the Six Months
Ended June 30, 2020 and 2019
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Index
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
11.8%
9.8%
11.0%
70.1%
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
—%
(0.1%)
0.1%
—%
Organic operating revenue growth
11.8%
9.7%
11.1%
70.1%
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Analytics
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
3.2%
3.5%
—%
(14.8%)
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
—%
(0.1%)
—%
(0.3%)
Organic operating revenue growth
3.2%
3.4%
—%
(15.1%)
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
All Other
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
13.5%
12.8%
—%
45.5%
Impact of acquisitions and
divestitures
(0.9%)
(0.7%)
—%
(9.3%)
Impact of foreign currency exchange rate
fluctuations
2.2%
2.2%
—%
1.0%
Organic operating revenue growth
14.8%
14.3%
—%
37.2%
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Consolidated
Change
Percentage
Change
Percentage
Change
Percentage
Change
Percentage
Operating revenue growth
9.2%
7.5%
11.0%
49.9%
Impact of acquisitions and
divestitures
(0.1%)
(0.1%)
—%
(0.9%)
Impact of foreign currency exchange rate
fluctuations
0.2%
0.2%
0.1%
—%
Organic operating revenue growth
9.3%
7.6%
11.1%
49.0%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005302/en/
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