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 December 31, 2020 (“fourth quarter
2020”) and year ended December 31, 2020 (“full-year 2020”).
Financial and Operational Highlights for Fourth Quarter
2020
(Note: Unless otherwise noted, percentage and other changes are
relative to the three months ended December 31, 2019 (“fourth
quarter 2019”) and Run Rate percentage changes are relative to
December 31, 2019).
- Operating revenues of $443.7 million, up 9.1%
- Recurring subscription revenues up 8.9%; Asset-based fees up
15.3%
- Operating margin of 52.8%; Adjusted EBITDA margin of
57.7%
- Diluted EPS of $1.87, up 29.9%; Adjusted EPS of $1.96, up
17.4%
- New recurring subscription sales growth of 9.3%; Organic
subscription Run Rate growth of 9.4%; Retention Rate of
92.6%
- Repurchase of 471,591 shares at an average price of $347.78
per share for a total value of $164.0 million
- Assets in equity ETFs linked to MSCI indexes surpass $1.0
trillion
- Approximately $64.4 million in dividends paid to
shareholders in fourth quarter 2020; Cash dividend of $0.78 per
share declared by MSCI Board of Directors for first quarter
2021
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands, except per share
data
2020
2019
Change
2020
2019
Change
Operating revenues
$
443,661
$
406,606
9.1
%
$
1,695,390
$
1,557,796
8.8
%
Operating income
$
234,085
$
199,429
17.4
%
$
884,764
$
755,701
17.1
%
Operating margin %
52.8
%
49.0
%
52.2
%
48.5
%
Net income
$
156,216
$
122,783
27.2
%
$
601,822
$
563,648
6.8
%
Diluted EPS
$
1.87
$
1.44
29.9
%
$
7.12
$
6.59
8.0
%
Adjusted EPS
$
1.96
$
1.67
17.4
%
$
7.83
$
6.44
21.6
%
Adjusted EBITDA
$
256,136
$
220,207
16.3
%
$
971,510
$
850,499
14.2
%
Adjusted EBITDA margin %
57.7
%
54.2
%
57.3
%
54.6
%
“MSCI delivered robust performance in the fourth quarter and
full year 2020, a validation of our highly integrated,
client-centric, all-weather franchise and the dedication of our
employees,” said Henry A. Fernandez, Chairman and CEO of MSCI.
“While the early part of 2021 has seen continued social,
political and economic challenges, we maintain strong conviction in
both our long-term growth opportunities and our ability to drive
value for our clients and shareholders.”
Fourth Quarter Consolidated
Results
Operating Revenues:
Operating revenues were $443.7 million, up 9.1%. The $37.1 million
increase was driven by $26.3 million in higher recurring
subscription revenues and $14.8 million in higher asset-based fees,
offset by $4.0 million in lower non-recurring revenues.
Run Rate and Retention Rate:
Total Run Rate at December 31, 2020 was $1,832.5 million, up 12.1%
compared to December 31, 2019. The $198.0 million increase was
driven by a $130.0 million increase in recurring subscription Run
Rate and a $68.0 million increase in asset-based fees Run Rate.
Organic subscription Run Rate growth was 9.4%, driven by increases
across all three reporting segments. Retention Rate in fourth
quarter 2020 was 92.6%, compared to 92.9% in fourth quarter
2019.
Expenses: Total operating
expenses were $209.6 million, up slightly from fourth quarter 2019.
Adjusted EBITDA expenses were $187.5 million, also up slightly,
reflecting higher information technology costs and compensation
costs, substantially offset by lower travel and entertainment
expense. Total operating expenses excluding the impact of foreign
currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA
expenses ex-FX increased 0.5% and decreased 0.1%, respectively.
Headcount: As of December
31, 2020, headcount was 3,633 employees, with approximately 35% and
approximately 65% of employees located in developed market and
emerging market locations, respectively.
Other Expense (Income), Net:
Other expense (income), net was $38.9 million, down 26.4%. The
lower net expense primarily reflected the absence of debt
extinguishment costs that resulted from a notes redemption in the
prior period, as well as lower interest expense compared to fourth
quarter 2019, partially offset by lower interest income due to
lower rates earned on cash balances.
Income Taxes: The effective
tax rate was 20.0% in fourth quarter 2020, compared to 16.2% in
fourth quarter 2019 reflecting higher U.S. taxable income compared
to the prior period resulting, in part, from the absence of debt
extinguishment costs related to a notes redemption realized in
fourth quarter 2019. In addition, fourth quarter 2020 reflected
lower tax benefits from the vesting of share-based compensation
awards.
Net Income: As a result of
the factors described above, net income was $156.2 million, up
27.2%.
Adjusted EBITDA: Adjusted
EBITDA was $256.1 million, up 16.3%. Adjusted EBITDA margin in
fourth quarter 2020 was 57.7%, compared to 54.2% in fourth quarter
2019.
Index Segment:
Table 1A: Results (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$148,762
$137,746
8.0%
$580,393
$530,968
9.3%
Asset-based fees
111,129
96,373
15.3%
399,771
361,927
10.5%
Non-recurring
8,749
9,068
(3.5%)
36,331
28,042
29.6%
Total operating revenues
268,640
243,187
10.5%
1,016,495
920,937
10.4%
Adjusted EBITDA expenses
63,710
66,805
(4.6%)
250,002
250,749
(0.3%)
Adjusted EBITDA
$204,930
$176,382
16.2%
$766,493
$670,188
14.4%
Adjusted EBITDA margin %
76.3%
72.5%
75.4%
72.8%
Index operating revenues for fourth quarter 2020 were $268.6
million, up 10.5%. The $25.5 million increase was primarily driven
by $14.8 million in higher asset-based fees and $11.0 million in
higher recurring subscription revenues.
The increase in recurring subscription revenues primarily
reflected growth in market cap-weighted products.
Growth in asset-based fees reflected increases in revenues from
exchange traded funds (“ETFs”) linked to MSCI indexes, from
exchange traded futures & options contracts linked to MSCI
indexes and from non-ETF indexed funds linked to MSCI indexes. The
increase in revenues from ETFs linked to MSCI indexes was driven by
a 15.0% increase in average AUM in equity ETFs linked to MSCI
indexes, partially offset by lower fees resulting from the impact
of changes in product mix.
Index Run Rate as of December 31, 2020 was $1.1 billion, up
13.3%. The $127.1 million increase was driven by a $68.0 million
increase in asset-based fees Run Rate and a $59.1 million increase
in recurring subscription Run Rate. The increase in recurring
subscription Run Rate was primarily driven by strong growth in
market cap-weighted products and reflected growth across all
regions and all client segments. The increase in asset-based fees
Run Rate was primarily driven by higher AUM in equity ETFs linked
to MSCI indexes.
Analytics Segment:
Table 1B: Results (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$129,796
$122,353
6.1%
$506,301
$486,282
4.1%
Non-recurring
2,604
5,853
(55.5%)
7,507
10,643
(29.5%)
Total operating revenues
132,400
128,206
3.3%
513,808
496,925
3.4%
Adjusted EBITDA expenses
87,016
89,359
(2.6%)
340,884
344,812
(1.1%)
Adjusted EBITDA
$45,384
$38,847
16.8%
$172,924
$152,113
13.7%
Adjusted EBITDA margin %
34.3%
30.3%
33.7%
30.6%
Analytics operating revenues for fourth quarter 2020 were $132.4
million, up 3.3%. The $4.2 million increase was driven by higher
recurring subscription revenues, predominantly from Multi-Asset
Class Analytics products, offset by lower non-recurring
revenues.
Analytics Run Rate as of December 31, 2020 was $555.1 million,
up 5.4%. The increase of $28.3 million was primarily driven by
growth in Multi-Asset Class Analytics products, with increases
across all regions. Analytics organic subscription Run Rate growth
was 4.0%.
All Other Segment:
Table 1C: Results (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$42,118
$34,320
22.7%
$161,481
$136,790
18.1%
Non-recurring
503
893
(43.7%)
3,606
3,144
14.7%
Total operating revenues
42,621
35,213
21.0%
165,087
139,934
18.0%
Adjusted EBITDA expenses
36,799
30,235
21.7%
132,994
111,736
19.0%
Adjusted EBITDA
$5,822
$4,978
17.0%
$32,093
$28,198
13.8%
Adjusted EBITDA margin %
13.7%
14.1%
19.4%
20.2%
All Other operating revenues for fourth quarter 2020 were $42.6
million, up 21.0%. The $7.4 million increase was driven by $6.3
million of higher ESG operating revenues, primarily driven by
strong growth from Ratings products, and $1.1 million of higher
Real Estate operating revenues, primarily driven by higher revenues
from Enterprise Analytics products. ESG operating revenues were
$31.3 million and Real Estate operating revenues were $11.3
million. All Other organic operating revenue growth was 19.0%,
including ESG organic operating revenue growth of 23.5% and Real
Estate organic operating revenue growth of 7.8%.
All Other Run Rate as of December 31, 2020 was $194.8 million,
up 28.0%. The $42.6 million increase was driven by a $36.9 million
increase in ESG Run Rate, primarily reflecting strong growth in
both Ratings and Climate products. Real Estate Run Rate increased
$5.7 million, reflecting growth in both Enterprise Analytics and
Global Intel products. All Other organic subscription Run Rate
growth was 23.9%, with ESG organic subscription Run Rate growth of
32.6% and Real Estate organic subscription Run Rate growth of
6.6%.
Select Balance Sheet Items and Capital
Allocation
Cash Balances and Outstanding
Debt: Cash and cash equivalents was $1.3 billion as of
December 31, 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 December 31, 2020 was $3.4 billion.
The total debt to net income ratio (based on trailing twelve months
net income) was 5.6x. The total debt to adjusted EBITDA ratio
(based on trailing twelve months adjusted EBITDA) was 3.5x.
MSCI seeks to maintain gross leverage to adjusted EBITDA in a
target range of 3.0x to 3.5x.
Capex and Cash Flow: For
fourth quarter 2020, Capex was $16.9 million, cash provided by
operating activities was $235.9 million, down 3.2%, and free cash
flow was $219.0 million, down 2.7%.
Share Count and Share
Repurchases: Weighted average diluted shares outstanding
were 83.7 million in fourth quarter 2020, down 2.1% year-over-year.
During fourth quarter 2020, a total of 471,591 shares were
repurchased at an average price of $347.78 per share for a total
value of $164.0 million. A total of $1.7 billion of outstanding
share repurchase authorization remains as of January 26, 2021.
Total shares outstanding as of December 31, 2020 were 82.6
million.
Dividends: Approximately
$64.4 million in dividends were paid to shareholders in fourth
quarter 2020. On January 25, 2021, the MSCI Board of Directors
declared a cash dividend of $0.78 per share for first quarter 2021,
payable on February 26, 2021 to shareholders of record as of the
close of trading on February 19, 2021.
Full-Year 2021 Guidance
MSCI's guidance for 2021 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.
Guidance Item
Current Guidance for Full-Year
2021
Operating Expense
$870 to $895 million
Adjusted EBITDA Expense
$780 to $800 million
Interest Expense (including
amortization of financing fees)(1)
~$150 million
Depreciation & Amortization
Expense
$90 to $95 million
Effective Tax Rate
17.5% to 20.5%
Capital Expenditures
$50 to $60 million
Net Cash Provided by Operating
Activities
$845 to $885 million
Free Cash Flow
$785 to $835 million
(1) Interest income will continue to be
impacted by the lower rates available on cash balances.
Conference Call Information
MSCI's senior management will review the fourth quarter 2020 and
full year 2020 results on Thursday, January 28, 2021 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: 6308417 within the United States.
International callers may dial 1-720-405-2251 conference ID:
6308417. 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 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 2021 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 certain
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 certain
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
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands, except per share
data
2020
2019
Change
2020
2019
Change
Operating revenues
$
443,661
$
406,606
9.1
%
$
1,695,390
$
1,557,796
8.8
%
Operating expenses:
Cost of revenues
75,935
70,154
8.2
%
291,704
294,961
(1.1
%)
Selling and marketing
56,662
59,486
(4.7
%)
216,496
219,298
(1.3
%)
Research and development
27,056
27,100
(0.2
%)
101,053
98,334
2.8
%
General and administrative
27,872
29,659
(6.0
%)
114,627
110,093
4.1
%
Amortization of intangible assets
14,770
13,243
11.5
%
56,941
49,410
15.2
%
Depreciation and amortization of property,
equipment and leasehold improvements
7,281
7,535
(3.4
%)
29,805
29,999
(0.6
%)
Total operating expenses(1)
209,576
207,177
1.2
%
810,626
802,095
1.1
%
Operating income
234,085
199,429
17.4
%
884,764
755,701
17.1
%
Interest income
(301
)
(5,299
)
(94.3
%)
(5,030
)
(16,403
)
(69.3
%)
Interest expense
37,330
40,289
(7.3
%)
156,324
148,041
5.6
%
Other expense (income)
1,890
17,906
(89.4
%)
47,245
20,745
127.7
%
Other expenses (income), net
38,919
52,896
(26.4
%)
198,539
152,383
30.3
%
Income before provision for income
taxes
195,166
146,533
33.2
%
686,225
603,318
13.7
%
Provision for income taxes
38,950
23,750
64.0
%
84,403
39,670
112.8
%
Net income
156,216
122,783
27.2
%
601,822
563,648
6.8
%
Earnings per basic common share
$
1.89
$
1.45
30.3
%
$
7.19
$
6.66
8.0
%
Earnings per diluted common share
$
1.87
$
1.44
29.9
%
$
7.12
$
6.59
8.0
%
Weighted average shares outstanding used
in computing earnings per share:
Basic
82,737
84,802
(2.4
%)
83,716
84,644
(1.1
%)
Diluted
83,707
85,546
(2.1
%)
84,517
85,536
(1.2
%)
(1) Includes stock-based compensation expense of $12.3 million
and $11.5 million for the three months ended Dec. 31, 2020 and Dec.
31, 2019, respectively. Includes stock-based compensation expense
of $55.6 million and $44.1 million for the years ended Dec. 31,
2020 and Dec. 31, 2019, respectively.
Table 3: Selected Balance Sheet Items (unaudited)
As of
Dec. 31,
Dec. 31,
In thousands
2020
2019
Cash and cash equivalents
$1,300,521
$1,506,567
Accounts receivable, net of allowances
$558,569
$499,268
Deferred revenue
$675,870
$574,656
Long-term debt(1)
$3,366,777
$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 Dec. 31, 2020
and $3,100.0 million at Dec. 31, 2019.
Table 4: Selected Cash Flow Items (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Net cash provided by operating
activities
$
235,928
$
243,643
(3.2
%)
$
811,109
$
709,523
14.3
%
Net cash used in investing activities
(16,892
)
(36,645
)
53.9
%
(241,791
)
(71,937
)
(236.1
%)
Net cash (used in) provided by financing
activities
(229,554
)
413,648
(155.5
%)
(779,038
)
(36,667
)
nm
Effect of exchange rate changes
8,181
4,771
71.5
%
3,674
1,472
149.6
%
Net increase (decrease) in cash and cash
equivalents
$
(2,337
)
$
625,417
(100.4
%)
$
(206,046
)
$
602,391
(134.2
%)
nm: not meaningful
Table 5: Operating Results by Segment and Revenue Type
(unaudited)
Index
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
148,762
$
137,746
8.0
%
$
580,393
$
530,968
9.3
%
Asset-based fees
111,129
96,373
15.3
%
399,771
361,927
10.5
%
Non-recurring
8,749
9,068
(3.5
%)
36,331
28,042
29.6
%
Total operating revenues
268,640
243,187
10.5
%
1,016,495
920,937
10.4
%
Adjusted EBITDA expenses
63,710
66,805
(4.6
%)
250,002
250,749
(0.3
%)
Adjusted EBITDA
$
204,930
$
176,382
16.2
%
$
766,493
$
670,188
14.4
%
Adjusted EBITDA margin %
76.3
%
72.5
%
75.4
%
72.8
%
Analytics
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
129,796
$
122,353
6.1
%
$
506,301
$
486,282
4.1
%
Non-recurring
2,604
5,853
(55.5
%)
7,507
10,643
(29.5
%)
Total operating revenues
132,400
128,206
3.3
%
513,808
496,925
3.4
%
Adjusted EBITDA expenses
87,016
89,359
(2.6
%)
340,884
344,812
(1.1
%)
Adjusted EBITDA
$
45,384
$
38,847
16.8
%
$
172,924
$
152,113
13.7
%
Adjusted EBITDA margin %
34.3
%
30.3
%
33.7
%
30.6
%
All Other
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
42,118
$
34,320
22.7
%
$
161,481
$
136,790
18.1
%
Non-recurring
503
893
(43.7
%)
3,606
3,144
14.7
%
Total operating revenues
42,621
35,213
21.0
%
165,087
139,934
18.0
%
Adjusted EBITDA expenses
36,799
30,235
21.7
%
132,994
111,736
19.0
%
Adjusted EBITDA
$
5,822
$
4,978
17.0
%
$
32,093
$
28,198
13.8
%
Adjusted EBITDA margin %
13.7
%
14.1
%
19.4
%
20.2
%
Consolidated
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
YoY %
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
2020
2019
Change
Operating revenues:
Recurring subscriptions
$
320,676
$
294,419
8.9
%
$
1,248,175
$
1,154,040
8.2
%
Asset-based fees
111,129
96,373
15.3
%
399,771
361,927
10.5
%
Non-recurring
11,856
15,814
(25.0
%)
47,444
41,829
13.4
%
Operating revenues total
443,661
406,606
9.1
%
1,695,390
1,557,796
8.8
%
Adjusted EBITDA expenses
187,525
186,399
0.6
%
723,880
707,297
2.3
%
Adjusted EBITDA
$
256,136
$
220,207
16.3
%
$
971,510
$
850,499
14.2
%
Adjusted EBITDA margin %
57.7
%
54.2
%
57.3
%
54.6
%
Operating margin %
52.8
%
49.0
%
52.2
%
48.5
%
Table 6: Sales and Retention Rate by Segment
(unaudited)(1)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2020
2019
2020
2019
Index
New recurring subscription sales
$
27,338
$
23,917
$
85,411
$
78,325
Subscription cancellations
(7,809
)
(8,734
)
(27,398
)
(21,767
)
Net new recurring subscription sales
$
19,529
$
15,183
$
58,013
$
56,558
Non-recurring sales
$
10,729
$
10,170
$
41,463
$
30,262
Total gross sales
$
38,067
$
34,087
$
126,874
$
108,587
Total Index net sales
$
30,258
$
25,353
$
99,476
$
86,820
Index Retention Rate
94.4
%
93.0
%
95.1
%
95.7
%
Analytics
New recurring subscription sales
$
20,112
$
25,287
$
61,538
$
66,992
Subscription cancellations
(12,995
)
(8,903
)
(40,003
)
(31,623
)
Net new recurring subscription sales
$
7,117
$
16,384
$
21,535
$
35,369
Non-recurring sales
$
3,510
$
5,863
$
10,996
$
15,947
Total gross sales
$
23,622
$
31,150
$
72,534
$
82,939
Total Analytics net sales
$
10,627
$
22,247
$
32,531
$
51,316
Analytics Retention Rate
90.1
%
92.8
%
92.4
%
93.6
%
All Other
New recurring subscription sales
$
17,046
$
9,828
$
46,907
$
32,552
Subscription cancellations
(2,213
)
(2,289
)
(8,380
)
(6,468
)
Net new recurring subscription sales
$
14,833
$
7,539
$
38,527
$
26,084
Non-recurring sales
$
724
$
1,319
$
2,576
$
2,890
Total gross sales
$
17,770
$
11,147
$
49,483
$
35,442
Total All Other net sales
$
15,557
$
8,858
$
41,103
$
28,974
All Other Retention Rate
94.2
%
92.7
%
94.5
%
94.8
%
Consolidated
New recurring subscription sales
$
64,496
$
59,032
$
193,856
$
177,869
Subscription cancellations
(23,017
)
(19,926
)
(75,781
)
(59,858
)
Net new recurring subscription sales
$
41,479
$
39,106
$
118,075
$
118,011
Non-recurring sales
$
14,963
$
17,352
$
55,035
$
49,099
Total gross sales
$
79,459
$
76,384
$
248,891
$
226,968
Total net sales
$
56,442
$
56,458
$
173,110
$
167,110
Total Retention Rate
92.6
%
92.9
%
93.9
%
94.7
%
(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
Year Ended
Dec. 31,
Sep. 30,
June 30,
Mar. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In billions
2020
2020
2020
2020
2019
2020
2019
Beginning Period AUM in equity ETFs linked
to MSCI Indexes
$
908.9
$
825.4
$
709.5
$
934.4
$
815.0
$
934.4
$
695.6
Market Appreciation/(Depreciation)
135.7
57.0
117.4
(216.5
)
63.5
93.6
147.5
Cash Inflows
59.0
26.5
(1.5
)
(8.4
)
55.9
75.6
91.3
Period-End AUM in equity ETFs linked to
MSCI Indexes
$
1,103.6
$
908.9
$
825.4
$
709.5
$
934.4
$
1,103.6
$
934.4
Period Average AUM in equity ETFs linked
to MSCI Indexes
$
999.2
$
893.4
$
776.9
$
877.1
$
869.1
$
886.7
$
814.4
Period-End Basis Point Fee(4)
2.67
2.67
2.67
2.71
2.82
2.67
2.82
(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 Press 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
Dec. 31,
Dec. 31,
YoY %
In thousands
2020
2019
Change
Index
Recurring subscriptions
$
618,391
$
559,257
10.6
%
Asset-based fees
464,108
396,140
17.2
%
Index Run Rate
1,082,499
955,397
13.3
%
Analytics Run Rate
555,145
526,845
5.4
%
All Other Run Rate
194,816
152,247
28.0
%
Total Run Rate
$
1,832,460
$
1,634,489
12.1
%
Total recurring subscriptions
$
1,368,352
$
1,238,349
10.5
%
Total asset-based fees
464,108
396,140
17.2
%
Total Run Rate
$
1,832,460
$
1,634,489
12.1
%
(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
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands
2020
2019
2020
2019
Index adjusted EBITDA
$
204,930
$
176,382
$
766,493
$
670,188
Analytics adjusted EBITDA
45,384
38,847
172,924
152,113
All Other adjusted EBITDA
5,822
4,978
32,093
28,198
Consolidated adjusted EBITDA
256,136
220,207
971,510
850,499
Multi-Year PSU payroll tax expense
—
—
—
15,389
Amortization of intangible assets
14,770
13,243
56,941
49,410
Depreciation and amortization of property,
equipment and leasehold improvements
7,281
7,535
29,805
29,999
Operating income
234,085
199,429
884,764
755,701
Other expense (income), net
38,919
52,896
198,539
152,383
Provision for income taxes
38,950
23,750
84,403
39,670
Net income
$
156,216
$
122,783
$
601,822
$
563,648
Table 10: Reconciliation of Net Income and Diluted EPS to
Adjusted Net Income and Adjusted EPS (unaudited)
Three Months Ended
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
In thousands, except per share
data
2020
2019
2020
2019
Net income
$
156,216
$
122,783
$
601,822
$
563,648
Plus: Amortization of acquired intangible
assets and equity method investment basis difference
9,528
8,778
37,413
34,773
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
—
16,794
44,930
16,794
Less: Tax Reform adjustments
—
—
(6,256
)
—
Less: Income tax effect
(2,007
)
(5,752
)
(16,490
)
(13,226
)
Adjusted net income
$
163,737
$
142,603
$
661,419
$
550,797
Diluted EPS
$
1.87
$
1.44
$
7.12
$
6.59
Plus: Amortization of acquired intangible
assets and equity method investment basis difference
0.11
0.10
0.44
0.41
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
—
0.20
0.53
0.20
Plus: Tax Reform adjustments
—
—
(0.07
)
—
Less: Income tax effect
(0.02
)
(0.07
)
(0.19
)
(0.16
)
Adjusted EPS
$
1.96
$
1.67
$
7.83
$
6.44
Table 11: Reconciliation of Adjusted EBITDA Expenses to
Operating Expenses (unaudited)
Three Months Ended
Year Ended
Full-Year
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2021
In thousands
2020
2019
2020
2019
Outlook(1)
Index adjusted EBITDA expenses
$
63,710
$
66,805
$
250,002
$
250,749
Analytics adjusted EBITDA expenses
87,016
89,359
340,884
344,812
All Other adjusted EBITDA expenses
36,799
30,235
132,994
111,736
Consolidated adjusted EBITDA
expenses
187,525
186,399
723,880
707,297
$780,000 - $800,000
Multi-Year PSU payroll tax expense
—
—
—
15,389
Amortization of intangible assets
14,770
13,243
56,941
49,410
Depreciation and amortization of property,
equipment and leasehold improvements
7,281
7,535
29,805
29,999
$90,000 - $95,000
Total operating expenses
$
209,576
$
207,177
$
810,626
$
802,095
$870,000 - $895,000
(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
Year Ended
Full-Year
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2021
In thousands
2020
2019
2020
2019
Outlook(1)
Net cash provided by operating
activities
$
235,928
$
243,643
$
811,109
$
709,523
$845,000 - $885,000
Capital expenditures
(9,674
)
(11,900
)
(21,826
)
(29,116
)
Capitalized software development costs
(7,218
)
(6,568
)
(29,149
)
(24,654
)
Capex
(16,892
)
(18,468
)
(50,975
)
(53,770
)
($60,000 - $50,000)
Free cash flow
$
219,036
$
225,175
$
760,134
$
655,753
$785,000 - $835,000
(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
Year Ended
Dec. 31,
Dec. 31,
Dec. 31,
Dec. 31,
2020
2019
2020
2019
Effective tax rate
20.0%
16.2%
12.3%
6.6%
Tax Reform impact on effective tax
rate
—%
—%
0.9%
—%
Multi-Year PSU impact on effective tax
rate
—%
—%
—%
11.0%
Adjusted tax rate
20.0%
16.2%
13.2%
17.6%
Table 14: Fourth Quarter 2020 Reconciliation of Operating
Revenue Growth to Organic Operating Revenue Growth
(unaudited)
Comparison of the Three Months
Ended December 31, 2020 and 2019
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Index
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
10.5%
8.0%
15.3%
(3.5%)
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
(0.2%)
(0.1%)
(0.1%)
(0.4%)
Organic operating revenue growth
10.3%
7.9%
15.2%
(3.9%)
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Analytics
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
3.3%
6.1%
—%
(55.5%)
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
(0.3%)
(0.2%)
—%
(0.5%)
Organic operating revenue growth
3.0%
5.9%
—%
(56.0%)
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
All Other
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
21.0%
22.7%
—%
(43.7%)
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
(2.0%)
(2.1%)
—%
(1.9%)
Organic operating revenue growth
19.0%
20.6%
—%
(45.6%)
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Consolidated
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
9.1%
8.9%
15.3%
(25.0%)
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
(0.3%)
(0.4%)
(0.1%)
(0.5%)
Organic operating revenue growth
8.8%
8.5%
15.2%
(25.5%)
Table 15: Full-Year 2020 Reconciliation of Operating Revenue
Growth to Organic Operating Revenue Growth (unaudited)
Comparison of the Years Ended
December 31, 2020 and 2019
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Index
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
10.4%
9.3%
10.5%
29.6%
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
(0.1%)
—%
(0.1%)
(0.2%)
Organic operating revenue growth
10.3%
9.3%
10.4%
29.4%
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Analytics
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
3.4%
4.1%
—%
(29.5%)
Impact of acquisitions and
divestitures
—%
—%
—%
—%
Impact of foreign currency exchange rate
fluctuations
(0.1%)
(0.1%)
—%
(0.3%)
Organic operating revenue growth
3.3%
4.0%
—%
(29.8%)
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
All Other
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
18.0%
18.1%
—%
14.7%
Impact of acquisitions and
divestitures
(1.0%)
(0.7%)
—%
(11.9%)
Impact of foreign currency exchange rate
fluctuations
(0.2%)
(0.3%)
—%
(0.2%)
Organic operating revenue growth
16.8%
17.1%
—%
2.6%
Total
Recurring
Subscription
Asset-Based Fees
Non-Recurring
Revenues
Consolidated
Change Percentage
Change Percentage
Change Percentage
Change Percentage
Operating revenue growth
8.8%
8.2%
10.5%
13.4%
Impact of acquisitions and
divestitures
(0.1%)
(0.1%)
—%
(0.9%)
Impact of foreign currency exchange rate
fluctuations
—%
(0.1%)
(0.1%)
(0.2%)
Organic operating revenue growth
8.7%
8.0%
10.4%
12.3%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210128005180/en/
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