MSCI Inc. (NYSE: MSCI), a leading global provider of investment
decision support tools, including indices, portfolio risk and
performance analytics and corporate governance services, today
announced results for the second quarter and six months ended June
30, 2013.
(Note: Percentage changes are referenced to the comparable
period in 2012, unless otherwise noted.)
- Operating revenues increased 8.1% to
$257.9 million in second quarter 2013 and 9.0% to $509.8 million
for six months 2013.
- Net income increased 62.6% to $61.1
million in second quarter 2013 and net income grew 47.2% to $120.0
million for six months 2013.
- Diluted EPS for second quarter 2013
rose 66.7% to $0.50 and six months 2013 Diluted EPS increased 48.5%
to $0.98.
- Adjusted EBITDA1 grew
by 8.0% to $116.6 million in second quarter 2013. For six months
2013, Adjusted EBITDA1 grew by 8.0% to $226.7
million. Second quarter 2013 Adjusted EBITDA margin was flat at
45.2% and six months 2013 Adjusted EBITDA margin fell slightly to
44.5% from 44.9%.
- Second quarter 2013 Adjusted
EPS2 rose 16.0% to $0.58. Six months 2013 Adjusted
EPS2 rose 21.3% to $1.14.
- MSCI’s Run Rate grew by 7.9% to
$992.6 million in second quarter 2013, driven by
organic3 subscription growth of 3.7%, organic
asset-based fee growth of 2.1% and the acquisitions of IPD and
InvestorForce.
- MSCI announced that it will enter
into a $100.0 million accelerated share repurchase (“ASR”)
agreement as of the market-close today. The prior agreement, which
was announced in December 2012 and concluded in July 2013, resulted
in the repurchase of 3.0 million shares.
Table 1: MSCI Inc. Selected Financial Information
(unaudited)
Three Months Ended Change from Six Months Ended Change From
June 30, June 30, June 30, June 30, June 30, June 30, In thousands,
except per share data 2013 2012 2012 2013 2012 2012
Operating revenues $ 257,898 $ 238,565 8.1 % $ 509,807 $ 467,617
9.0 % Operating expenses $ 160,726 $ 151,444 6.1 % $ 322,108 $
299,517 7.5 % Net income $ 61,053 $ 37,546 62.6 % $ 119,990 $
81,512 47.2 % % Margin 23.7 % 15.7 % 23.5 % 17.4 % Diluted EPS $
0.50 $ 0.30 66.7 % $ 0.98 $ 0.66 48.5 % Adjusted EPS2 $ 0.58
$ 0.50 16.0 % $ 1.14 $ 0.94 21.3 % Adjusted EBITDA1 $ 116,562 $
107,912 8.0 % $ 226,655 $ 209,819 8.0 % % Margin 45.2 % 45.2 % 44.5
% 44.9 %
1 Net Income before income taxes, other
net expense and income, depreciation, amortization, non-recurring
stock-based compensation, the lease exit charge and restructuring
costs. See Table 13 titled "Reconciliation of Adjusted EBITDA to
Net Income (unaudited)" and information about the use of non-GAAP
financial information provided under "Notes Regarding the Use of
Non-GAAP Financial Measures.”
2 Per share net income before after-tax
impact of amortization of intangibles, non-recurring stock-based
compensation, restructuring costs, the lease exit charge and debt
repayment and refinancing expenses. See Table 14 titled
"Reconciliation of Adjusted Net Income and Adjusted EPS to Net
Income and EPS (unaudited)" and information about the use of
non-GAAP financial information provided under "Notes Regarding the
Use of Non-GAAP Financial Measures.”
3 For the purposes of analyzing revenue
and Run Rate trends, organic growth comparisons exclude the impact
of the acquisitions of IPD Group Limited (“IPD”) and Investor Force
Holdings, Inc. (“InvestorForce”), as well as the sale of the CFRA
product line.
“MSCI’s revenues and run rate continued to grow in the second
quarter of 2013, aided by the acquisitions of IPD and
InvestorForce, continued strength in our retention rates and a
modest increase in new sales. We are working hard to bring the full
value of MSCI’s unique products and services to our clients and I
am excited by the opportunities we see to add value to our clients’
investment processes. We will continue to make investments in our
business over the second half of 2013 and beyond in order to
realize that potential,” Henry A. Fernandez, Chairman and CEO,
said.
“The new $100 million ASR agreement that we are announcing today
confirms our commitment to return capital to our shareholders.
MSCI’s strong cash flow has enabled us to return capital and make
strategic acquisitions like IPD and InvestorForce while continuing
to invest in our organic growth,” added Mr. Fernandez.
Summary of Results for Second Quarter 2013 Compared to Second
Quarter 2012
Operating Revenues – See Table 4
Operating revenues for the three months ended June 30, 2013
(“second quarter 2013”) increased $19.3 million, or 8.1%, to $257.9
million compared to $238.6 million for the three months ended June
30, 2012 (“second quarter 2012”). For the purposes of analyzing
revenue trends, organic growth comparisons exclude the impact of
the acquisitions of IPD Group Limited (“IPD”) and Investor Force
Holdings, Inc. (“InvestorForce”), acquired on November 30, 2012 and
January 29, 2013, respectively, as well as the sale of the CFRA
product line on March 31, 2013. On an organic basis, operating
revenues grew by 1.0%.
Second quarter 2013 recurring subscription revenues rose $15.4
million, or 7.8%, to $213.5 million and 0.4% on an organic basis.
Asset-based fees increased $2.9 million, or 8.4%, to $37.0 million
and non-recurring revenues rose $1.1 million to $7.4 million.
Performance and Risk segment revenues rose $20.8 million
to $228.4 million, an increase of 10.0% and 0.8% on an organic
basis. The increase was primarily driven by increases in equity
index and environmental, social and governance (“ESG”)
products.
•
Index and ESG products: Index and
ESG product revenues increased $22.2 million, or 20.2%, to $132.2
million. Subscription revenues grew by $19.4 million, or 25.5%, to
$95.2 million, driven mostly by the acquisition of IPD. On an
organic basis, index and ESG subscription revenue growth was 3.1%,
primarily attributable to growth in our benchmark products.
IPD contributed $17.0 million of revenues to second quarter
2013 index and ESG subscription revenues. The second quarter is
expected to be the highest quarter for IPD revenues, reflecting
when a substantial portion of its annual report products are
delivered to clients. Revenues attributable to equity index
asset-based fees rose $2.9 million, or 8.4%, to $37.0 million,
largely as a result of higher revenues from non-ETF passive funds
and a change in the mix of ETFs linked to MSCI indices. Included in
second quarter 2013 were revenues of $0.8 million related to
Vanguard ETFs that have switched away from MSCI indices in 2013
(“the Vanguard ETFs”). That transition is now complete.
•
Risk management analytics: Revenues
related to risk management analytics products increased $2.6
million, or 4.0%, to $67.1 million, driven largely by the
acquisition of InvestorForce. On an organic basis, revenues grew by
0.5%.
•
Portfolio management analytics:
Revenues related to portfolio management analytics products
declined $3.2 million, or 11.0%, to $26.1 million as a result of
lower sales and elevated cancellations of equity analytics products
in prior periods.
•
Energy and commodity analytics:
Revenues from energy and commodity analytics products were $3.1
million, down $0.7 million from second quarter 2012, as a result of
lower sales and elevated cancellations of energy and commodity
analytics products in prior periods.
Governance segment revenues fell $1.5 million, or 4.9%,
to $29.5 million in second quarter 2013, as the loss of revenues
resulting from the sale of the CFRA product line more than offset
organic growth. On an organic basis, Governance revenues rose 3.0%,
driven by higher revenues from advisory compensation data and
analytics products.
Operating Expenses – See Table 6
Total operating expenses rose $9.3 million, or 6.1%, to $160.7
million, substantially driven by higher costs from recent
acquisitions.
•
Compensation costs: Total
compensation costs rose $7.9 million, or 8.5%, to $101.7 million in
second quarter 2013, driven primarily by the acquisitions of IPD
and InvestorForce, offset by the sale of the CFRA product line and
a decline in other compensation expenses.
•
Non-compensation costs excluding
depreciation and amortization, the lease exit charge and
restructuring costs: Non-compensation costs rose $2.5 million,
or 6.8%, to $39.7 million in second quarter 2013. The increase in
non-compensation costs was driven by the acquisitions of IPD and
InvestorForce as well as higher marketing, travel and entertainment
expenses, offset by declines in occupancy, information technology
costs and professional fees.
•
Depreciation and amortization:
Amortization of intangibles expense totaled $14.5 million compared
to $16.0 million in second quarter 2012, a decline of 9.1%,
primarily due to certain intangibles becoming fully amortized since
the prior period, partially offset by additional amortization
related to the IPD and InvestorForce acquisitions. Depreciation and
amortization of property, equipment and leasehold improvements rose
$0.6 million, or 12.5%, to $5.2 million.
Other Expense (Income), Net
Other expense (income), net for second quarter 2013 was $5.9
million, a decline of $23.9 million from second quarter 2012.
Interest expense fell by $23.1 million to $6.5 million. Second
quarter 2012 interest expense included an expense of $20.6 million
resulting from MSCI refinancing its indebtedness. Excluding the
impact of the $20.6 million charge in the prior period, other
expense (income), net declined $3.3 million as a result of lower
indebtedness and lower interest rates.
Provision for Income Taxes
Income tax expense was $30.2 million in second quarter 2013, up
53.2% from second quarter 2012. The effective tax rate in second
quarter 2013 fell to 33.1% from 34.4% a year ago.
Net Income and Earnings per Share – See Table 14
Net income rose $23.5 million, or 62.6%, to $61.1 million for
second quarter 2013. The net income margin increased to 23.7% from
15.7% as a result of the higher operating profit margin and lower
interest costs. Diluted EPS rose by $0.20, or 66.7%, to $0.50,
driven by higher net income and a 1.0% decline in the weighted
average of diluted shares outstanding in second quarter 2013.
Adjusted net income, which excludes the after-tax impact of
amortization of intangibles, non-recurring stock-based compensation
expense, debt repayment and refinancing expenses, the lease exit
charge and restructuring costs, rose $8.9 million, or 14.5%, to
$70.5 million. Adjusted EPS, which excludes the after-tax, per
share impact of amortization of intangibles, non-recurring
stock-based compensation expense, debt repayment and refinancing
expenses, the lease exit charge and restructuring costs totaling
$0.08, rose $0.08, or 16.0%, to $0.58.
See Table 14 titled “Reconciliation of Adjusted Net Income and
Adjusted EPS to Net Income and EPS (unaudited)” and “Notes
Regarding the Use of Non-GAAP Financial Measures” below.
Adjusted EBITDA – See Table 13
Adjusted EBITDA, which excludes income taxes, other net expense
and income, depreciation, amortization, non-recurring stock-based
compensation, the lease exit charge and restructuring costs, was
$116.6 million, up $8.7 million, or 8.0%, from second quarter 2012.
The Adjusted EBITDA margin remained 45.2%. Second quarter 2013
Adjusted EBITDA and Adjusted EBITDA margin benefited from the
seasonal strength in IPD revenues.
By segment, Adjusted EBITDA for the Performance and Risk segment
increased $6.2 million, or 6.1%, to $108.8 million in second
quarter 2013. The Adjusted EBITDA margin for this segment fell to
47.6% from 49.4%. Adjusted EBITDA for the Governance segment
increased $2.4 million, or 45.7%, to $7.7 million and the Adjusted
EBITDA margin rose to 26.3% from 17.2%. The increase in Governance
segment Adjusted EBITDA was driven by a reduction in severance,
occupancy and information technology costs compared to second
quarter 2012.
See Table 13 titled “Reconciliation of Adjusted EBITDA to Net
Income (unaudited)” and “Notes Regarding the Use of Non-GAAP
Financial Measures” below.
Summary of Results for Six Months Ended June 30, 2013
compared to Six Months Ended June 30, 2012
Operating Revenues – See Table 5
Total operating revenues for the six months ended June 30, 2013
(“six months 2013”) increased $42.2 million, or 9.0%, to $509.8
million compared to $467.6 million for the six months ended June
30, 2012 (“six months 2012”). Total subscription revenues rose
$37.4 million, or 9.7%, to $422.1 million, while asset-based fees
rose $4.8 million, or 7.0%, to $73.5 million. Total non-recurring
revenues were unchanged at $14.2 million. On an organic basis,
total operating revenues grew by 3.4%.
Performance and Risk segment revenues rose $42.2 million, or
10.4%, to $447.9 million for six months 2013, and 3.3% on an
organic basis. Index and ESG products and risk management analytics
revenues grew 17.3% and 4.5%, respectively, in six months 2013, or
organically by 5.7% and 1.5%, respectively. Portfolio management
analytics revenues fell 8.0%. Energy and other commodity analytics
revenues increased $3.7 million, or 150.3%, primarily as a result
of a $5.2 million non-cash cumulative revenue reduction to correct
an error that was recorded in first quarter 2012. Excluding the
impact of that error, energy and commodity analytics revenues
declined 19.2%.
Governance revenues were $61.9 million, essentially flat versus
six months 2012. On an organic basis, revenue grew by 4.0%.
Operating Expenses – See Table 7
Total operating expenses increased $22.6 million, or 7.5%, to
$322.1 million in six months 2013 compared to six months 2012
driven primarily by the acquisitions of IPD and InvestorForce. The
increase largely reflects increases of $22.1 million, or 11.9%, in
total compensation expenses and $2.4 million, or 3.4%, in
non-compensation expenses offset by a decline of $1.7 million, or
4.1%, in total depreciation and amortization expenses.
Other Expense (Income), Net
Other expense (income), net for six months 2013 was $12.9
million, a decline of $29.7 million from six months 2012. Other
expense (income), net includes debt repayment and refinancing
expenses of $20.6 million in six months 2012. Excluding the change
in debt repayment and refinancing expenses, other expense (income),
net declined by $9.1 million in six months 2013 primarily as a
result of a combination of lower levels of indebtedness and a lower
cost of debt.
Provision for Income Taxes
The provision for income tax expense was $54.8 million in six
months 2013, up $10.8 million from six months 2012. Year to date
2013 income tax expense benefited from discrete items of $3.9
million primarily related to a reduction in state taxes and the
2012 reinstatement of the research and development tax credit. The
effective tax rate was 31.4% in six months 2013, versus 35.1% a
year ago.
Net Income and Earnings per Share – See Table 14
Net income increased $38.5 million, or 47.2%, to $120.0 million
and the net income margin increased to 23.5% from 17.4%. Diluted
EPS rose 48.5% to $0.98 from $0.66.
Adjusted net income, which excludes the after-tax impact of
amortization of intangibles, non-recurring stock-based compensation
expense, debt repayment and refinancing expenses, the lease exit
charge and restructuring costs totaling $19.7 million, rose $23.5
million, or 20.2%, to $139.6 million. Adjusted EPS, which excludes
the after-tax, per share impact of amortization of intangibles,
non-recurring stock-based compensation expense, debt repayment and
refinancing expenses, the lease exit charge and restructuring costs
totaling $0.16, rose 21.3% to $1.14 in six months 2013.
See Table 14 titled “Reconciliation of Adjusted Net Income and
Adjusted EPS to Net Income and EPS (unaudited)” and “Notes
Regarding the Use of Non-GAAP Financial Measures” below.
Adjusted EBITDA – See Table 13
Adjusted EBITDA was $226.7 million, an increase of $16.8
million, or 8.0%, from six months 2012. Adjusted EBITDA margin fell
slightly to 44.5% from 44.9%.
By segment, Adjusted EBITDA for the Performance and Risk segment
increased $14.0 million, or 7.1%, to $210.8 million from six months
2012. Adjusted EBITDA margin declined to 47.1% in six months 2013
from 48.5% in six months 2012. Adjusted EBITDA for the Governance
segment rose $2.8 million, or 21.8%, to $15.9 million in six months
2013. The Adjusted EBITDA Margin for the Governance segment was
25.7%, up from 21.0% in six months 2012.
See Table 13 titled “Reconciliation of Adjusted EBITDA to Net
Income (unaudited)” and “Notes Regarding the Use of Non-GAAP
Financial Measures” below.
Key Operating Metrics – See Tables 10, 11, 12
Total Run Rate grew by $73.0 million, or 7.9%, to $992.6 million
as of June 30, 2013 compared to June 30, 2012. For the purposes of
analyzing changes in Run Rate, organic growth comparisons exclude
the impact of the acquisitions of IPD and InvestorForce, as well as
the sale of the CFRA product line, which was sold on March 31,
2013. On an organic basis, total subscription Run Rate grew by
3.7%. Changes in foreign currency rates over the past twelve months
negatively impacted Run Rate by $6.0 million, including $1.3
million relative to first quarter 2013.
Performance and Risk segment Run Rate grew by $75.3
million, or 9.3%, to $880.9 million. On an organic basis,
Performance and Risk Run Rate grew by 3.1%.
•
Index and ESG products: Index and
ESG subscription Run Rate grew by $65.2 million, or 22.8%, to
$350.8 million. On an organic basis, Run Rate grew by 8.7%, driven
by growth in equity index benchmark and data products. Changes in
foreign currency rates lowered Run Rate growth by $2.5 million from
the beginning of 2013, with most of that impact coming in the first
quarter.
Run Rate attributable to asset-based fees rose $2.7 million,
or 2.1%, to $131.7 million. The increase was primarily driven by
higher market performance and inflows into ETFs linked to MSCI
indices, offset, in part, by the impact of the index switch of the
Vanguard ETFs. Excluding the Run Rate attributable to the Vanguard
ETFs at June 30, 2012, asset-based fee Run Rate grew by $24.3
million, or 22.6%. As of June 30, 2013, AUM in ETFs linked
to MSCI indices were $269.7 billion, down $57.7 billion, or 17.6%,
from June 30, 2012 and down $87.6 billion, or 24.5%, from March 31,
2013. Excluding the Vanguard ETFs which completed their transition
during the second quarter 2013, AUM in MSCI-linked ETFs rose $59.6
billion, or 28.4%, from June 30, 2012 and decreased $15.7 billion,
or 5.5%, from March 31, 2013. During second quarter 2013,
MSCI-linked ETFs were impacted by market declines of $13.2 billion
and net inflows of $0.4 billion. The transitioning of the last of
the Vanguard ETFs resulted in a loss of $74.8 billion of AUM in the
quarter.
•
Risk management analytics: Run Rate
related to risk management analytics products increased $22.0
million, or 8.5%, to $281.0 million. On an organic basis, risk
management analytics Run Rate grew by 4.6%. MSCI benefited from
solid growth in Run Rate associated with its RiskManager and
BarraOne products.
•
Portfolio management analytics: Run
Rate related to portfolio management analytics products declined
$12.6 million, or 10.8%, to $104.5 million. Year-over-year Run Rate
was negatively impacted by product swaps totaling $2.6 million and
by changes in foreign currency rates which lowered Run Rate by an
additional $3.3 million, including $0.7 million relative to first
quarter 2013.
•
Energy and commodity analytics: Run
Rate from energy and commodity analytics products declined to $12.8
million, down $2.0 million, or 13.8%, from second quarter 2012.
Governance Run Rate declined by $2.3 million, or 2.0%, to
$111.7 million. On an organic basis, Run Rate grew by 6.0%,
reflecting strong growth in the Run Rate of corporate compensation
data and analytics products and services and modest growth in the
Run Rate of proxy research and voting services.
Accelerated Share Repurchase Agreements
On July 31, 2013, MSCI settled the $100.0 million ASR agreement
entered into with Morgan Stanley & Co. LLC (“Morgan Stanley”)
on December 14, 2012 in accordance with its terms. Pursuant to the
ASR agreement, MSCI repurchased a total of 2,988,117 shares of its
common stock, which included an initial delivery of 2,226,028
shares in December 2012 and 762,089 shares delivered at settlement.
The average purchase price for the shares was $33.47 per share. The
repurchased shares will be held in treasury.
MSCI intends to enter into another $100.0 million ASR agreement
with Morgan Stanley, following the close of today’s market, which
will begin immediately. Under this new ASR agreement, MSCI will pay
Morgan Stanley $100.0 million in cash and receive from Morgan
Stanley an initial delivery of shares of its common stock on August
2, 2013 and may receive from Morgan Stanley additional shares at or
prior to maturity of the ASR agreement, which MSCI anticipates will
be no later than December 2013.
Both of the ASR agreements were authorized pursuant to a $300.0
million share repurchase program approved by MSCI’s Board of
Directors in 2012. The remaining $100.0 million balance of the
authorization will be available for utilization from time to time
through 2014 at management’s discretion.
Conference Call Information
Investors will have the opportunity to listen to MSCI Inc.'s
senior management review second quarter 2013 results on Thursday,
August 1, 2013 at 11:00 am Eastern Time. To listen to the live
event, visit the investor relations section of MSCI's website,
http://ir.msci.com/events.cfm, or dial 1-877-312-9206 within the
United States. International callers dial 1-408-774-4001.
An audio recording of the conference call will be available on
our website approximately two hours after the conclusion of the
live event and will be accessible through August 3, 2013. To listen
to the recording, visit http://ir.msci.com/events.cfm, or dial
1-855-859-2056 (passcode: 17528956) within the United States.
International callers dial 1-404-537-3406 (passcode: 17528956).
About MSCI
MSCI Inc. is a leading provider of investment decision support
tools to investors globally, including asset managers, banks, hedge
funds and pension funds. MSCI products and services include
indices, portfolio risk and performance analytics, and governance
tools.
The company’s flagship product offerings are: the MSCI indices
with approximately USD 7 trillion estimated to be benchmarked to
them on a worldwide basis1; Barra multi-asset class factor models,
portfolio risk and performance analytics; RiskMetrics multi-asset
class market and credit risk analytics; IPD real estate
information, indices and analytics; MSCI ESG (environmental, social
and governance) Research screening, analysis and ratings; ISS
governance research and outsourced proxy voting and reporting
services; and FEA valuation models and risk management software for
the energy and commodities markets. MSCI is headquartered in New
York, with research and commercial offices around the world.
MSCI#IR
1As of September 30, 2012, as reported by eVestment, Lipper and
Bloomberg on January 31, 2013
For further information on MSCI, please visit our website
at www.msci.com
Forward-Looking Statements
This earnings release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These 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 forward-looking
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 our 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, 2012 filed with the Securities and Exchange Commission
("SEC") on March 1, 2013, and in quarterly reports on Form 10-Q and
current reports on Form 8-K filed with the SEC. If any of these
risks or uncertainties materialize, or if our underlying
assumptions prove to be incorrect, actual results may vary
significantly from what MSCI projected. Any forward-looking
statement in this 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 and corporate Twitter account (@MSCI_Inc)
as channels of distribution of company information. The information
we post through these channels may be deemed material. Accordingly,
investors should monitor these channels, in addition to following
our press releases, SEC filings and public conference calls and
webcasts. In addition, you may automatically receive email alerts
and other information about MSCI when you enroll your email address
by visiting the “Email Alert Subscription” section at
http://ir.msci.com/alerts.cfm?. The contents of MSCI's website and
social media channels are not, however, incorporated by reference
into this earnings release.
Notes Regarding the Use of Non-GAAP Financial Measures
MSCI has presented supplemental non-GAAP financial measures as
part of this earnings release. A reconciliation is provided that
reconciles each non-GAAP financial measure with the most comparable
GAAP measure. The presentation of non-GAAP financial measures
should not be considered as alternative measures for the most
directly comparable GAAP financial measures. These measures 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 provision for
income taxes, other net expense and income, depreciation and
amortization, non-recurring stock-based compensation expense, the
lease exit charge and restructuring costs.
Adjusted net income and Adjusted EPS are defined as net income
and EPS, respectively, before provision for non-recurring
stock-based compensation expenses, amortization of intangible
assets, restructuring costs, the lease exit charge and the
accelerated amortization or write-off of deferred financing and
debt discount costs as a result of debt repayment (debt repayment
and refinancing expenses), as well as for any related tax
effects.
We believe that adjustments related to the lease exit charge,
restructuring costs and debt repayment and refinancing expenses are
useful to management and investors because it allows for an
evaluation of MSCI’s underlying operating performance.
Additionally, we believe that adjusting for non-recurring
stock-based compensation expenses, debt repayment and refinancing
expenses and depreciation and amortization may help investors
compare our performance to that of other companies in our industry
as we do not believe that other companies in our industry have as
significant a portion of their operating expenses represented by
these items. 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, Adjusted net income and Adjusted EPS are not
defined in the same manner by all companies and may not be
comparable to other similarly titled measures of other
companies.
Table 2: MSCI Inc. Condensed
Consolidated Statement of Income (unaudited)
Three Months Ended Six Months
Ended June 30, June 30, March 31, June 30, June 30, In thousands,
except per share data 2013 2012 2013 2013 2012
Operating revenues $ 257,898 $ 238,565 $ 251,909 $ 509,807 $
467,617 Operating expenses Cost of services 83,359 73,243
80,185 163,544 145,534 Selling, general and administrative 57,612
57,602 61,631 119,243 113,038 Restructuring costs - (22 ) - - (51 )
Amortization of intangible assets 14,509 15,959 14,486 28,995
31,918 Depreciation and amortization of property, equipment and
leasehold improvements 5,246 4,662
5,080 10,326 9,078 Total
operating expenses $ 160,726 $ 151,444 $ 161,382
$ 322,108 $ 299,517 Operating income $
97,172 $ 87,121 $ 90,527 $ 187,699 $ 168,100 Operating margin 37.7
% 36.5 % 35.9 % 36.8 % 35.9 % Interest income (237 ) (237 )
(268 ) (505 ) (460 ) Interest expense 6,504 29,581 7,020 13,524
41,936 Other expense (income) (354 ) 516
224 (130 ) 1,124 Other expenses
(income), net $ 5,913 $ 29,860 $ 6,976 $
12,889 $ 42,600 Income before taxes 91,259
57,261 83,551 174,810 125,500 Provision for income taxes
30,206 19,715 24,614
54,820 43,988 Net income $ 61,053
$ 37,546 $ 58,937 $ 119,990 $ 81,512
Net income margin 23.7 % 15.7 % 23.4 % 23.5 % 17.4 %
Earnings per basic common share $ 0.50 $ 0.31 $ 0.49
$ 0.99 $ 0.66 Earnings per diluted common
share $ 0.50 $ 0.30 $ 0.48 $ 0.98 $
0.66 Weighted average shares outstanding used in
computing earnings per share Basic 121,149
122,030 120,746 120,949
121,892 Diluted 122,069 123,295
121,702 121,887 123,204
Table 3: MSCI Inc. Selected Balance
Sheet Items (unaudited)
As of June 30, March 31, December 31, In thousands
2013 2013 2012 Cash and
cash equivalents $ 334,701 $ 263,029 $ 183,309 Short-term
investments - - 70,898 Accounts receivable, net of allowances
160,101 166,915 153,557 Deferred revenue $ 347,470 $ 350,470
$ 308,022 Current maturities of long-term debt 43,118 43,106 43,093
Long-term debt, net of current maturities 775,072 785,856 811,623
Table 4: Quarterly Operating Revenues
by Product Category and Revenue Type (unaudited)
Three Months Ended
% Change from
June 30,
June 30,
March 31,
June 30,
March 31,
In thousands 2013
2012
2013
2012
2013
Index and ESG products Subscriptions $ 95,200 $ 75,829 $ 84,888
25.5 % 12.1 % Asset-based fees 36,970 34,094
36,515 8.4 % 1.2 % Index and ESG products total 132,170 109,923
121,403 20.2 % 8.9 % Risk management analytics 67,099 64,547 67,274
4.0 % (0.3 %) Portfolio management analytics 26,089 29,326 27,646
(11.0 %) (5.6 %) Energy and commodity analytics 3,065
3,780 3,146 (18.9 %) (2.6 %) Total Performance and
Risk revenues $ 228,423 $ 207,576 $ 219,469 10.0 % 4.1 %
Total Governance revenues 29,475 30,989 32,440
(4.9 %) (9.1 %) Total operating revenues $ 257,898 $ 238,565
$ 251,909 8.1 % 2.4 % Recurring subscriptions $ 213,502 $
198,104 $ 208,625 7.8 % 2.3 % Asset-based fees 36,970 34,094 36,515
8.4 % 1.2 % Non-recurring revenue 7,426 6,367
6,769 16.6 % 9.7 % Total operating revenues $ 257,898 $ 238,565 $
251,909 8.1 % 2.4 %
Table 5: Six Months Operating Revenues
by Product Category and Revenue Type (unaudited)
Six Months Ended % Change from June 30, June 30, June 30, In
thousands 2013 2012 2012 Index
and ESG products Subscriptions $ 180,088 $ 147,468 22.1 %
Asset-based fees 73,485 68,703 7.0 % Index and
ESG products total 253,573 216,171 17.3 % Risk management analytics
134,373 128,624 4.5 % Portfolio management analytics 53,735 58,389
(8.0 %) Energy and commodity analytics Recurring Energy and
commodity analytics 6,211 7,684 (19.2 %) Correction1 -
(5,203 ) (100.0 %) Net energy and commodity analytics
6,211 2,481 150.3 % Total Performance and Risk
revenues $ 447,892 $ 405,665 10.4 % Total Governance
revenues 61,915 61,952 (0.1 %) Total
operating revenues $ 509,807 $ 467,617 9.0 %
Recurring subscriptions $ 422,127 $ 384,740 9.7 % Asset-based fees
73,485 68,703 7.0 % Non-recurring revenue 14,195
14,174 0.1 % Total operating revenues $ 509,807 $ 467,617
9.0 % 1 In first quarter 2012, MSCI recorded a non-cash $5.2
million cumulative revenue reduction to correct an error related to
energy and commodity analytics revenues previously reported prior
to January 1, 2012. MSCI’s previous policy had resulted in the
immediate recognition of a substantial portion of the revenue
related to a majority of its contracts rather than amortizing that
revenue over the life of that contract, which is now the method of
recognition.
n/m = not meaningful
Table 6: Quarterly Operating Expense
Detail (unaudited)
Three Months Ended % Change from June
30, June 30, March 31, June 30, March 31, In thousands 2013 2012
2013 2012 2013 Cost of services Compensation $ 61,768 $ 55,492 $
61,149 11.3 % 1.0 % Non-recurring stock based compensation -
94 - (100.0 %) n/m Total compensation $
61,768 $ 55,586 $ 61,149 11.1 % 1.0 % Non-compensation 21,734
17,657 19,036 23.1 % 14.2 % Lease exit charge1 (143 )
- - n/m n/m Total non-compensation 21,591
17,657 19,036 22.3 % 13.4 % Total cost
of services $ 83,359 $ 73,243 $ 80,185 13.8 % 4.0 % Selling,
general and administrative Compensation $ 39,890 $ 38,025 $ 45,656
4.9 % (12.6 %) Non-recurring stock based compensation -
98 - (100.0 %) n/m Total compensation $
39,890 $ 38,123 $ 45,656 4.6 % (12.6 %) Non-compensation 17,944
19,479 15,975 (7.9 %) 12.3 % Lease exit charge1 (222 )
- - n/m n/m Total non-compensation
17,722 19,479 15,975 (9.0 %) 10.9 %
Total selling, general and administrative $ 57,612 $ 57,602 $
61,631 0.0 % (6.5 %) Restructuring costs - (22 ) - (100.0 %)
n/m Amortization of intangible assets 14,509 15,959 14,486 (9.1 %)
0.2 % Depreciation and amortization of property, equipment and
leasehold improvements 5,246 4,662
5,080 12.5 % 3.3 % Total operating expenses $ 160,726
$ 151,444 $ 161,382 6.1 % (0.4 %)
Compensation $ 101,658 $ 93,517 $
106,805 8.7 % (4.8 %) Non-recurring stock-based compensation - 192
- (100.0 %) n/m Non-compensation expenses 39,678 37,136 35,011 6.8
% 13.3 % Lease exit charge1 (365 ) - - n/m n/m Restructuring costs
- (22 ) - (100.0 %) n/m Amortization of intangible assets 14,509
15,959 14,486 (9.1 %) 0.2 % Depreciation and amortization of
property, equipment and leasehold improvements 5,246
4,662 5,080 12.5 % 3.3 % Total operating
expenses $ 160,726 $ 151,444 $ 161,382 6.1 % (0.4 %)
1Second quarter 2013 included a benefit of $0.4 million associated
with an occupancy lease exit charge resulting from the
consolidation of our New York offices.
n/m = not meaningful
Table 7: Six Months Operating Expense
Detail (unaudited)
Six Months Ended % Change from June 30, June
30, June 30, In thousands 2013 2012 2012 Cost of services
Compensation $ 122,917 $ 109,041 12.7 % Non-recurring stock based
compensation - 362 (100.0 %) Total
compensation $ 122,917 $ 109,403 12.4 % Non-compensation 40,770
36,131 12.8 % Lease exit charge1 (143 ) - n/m
Total non-compensation 40,627 36,131
12.4 % Total cost of services $ 163,544 $ 145,534 12.4 %
Selling, general and administrative Compensation $ 85,546 $ 76,517
11.8 % Non-recurring stock based compensation -
412 (100.0 %) Total compensation $ 85,546 $ 76,929
11.2 % Non-compensation 33,919 36,109 (6.1 %) Lease exit charge1
(222 ) - n/m Total non-compensation
33,697 36,109 (6.7 %) Total selling, general
and administrative $ 119,243 $ 113,038 5.5 % Restructuring
costs - (51 ) (100.0 %) Amortization of intangible assets 28,995
31,918 (9.2 %) Depreciation and amortization of property, equipment
and leasehold improvements 10,326 9,078
13.7 % Total operating expenses $ 322,108 $ 299,517
7.5 % Compensation $ 208,463 $
185,558 12.3 % Non-recurring stock-based compensation - 774 (100.0
%) Non-compensation expenses 74,689 72,240 3.4 % Lease exit charge1
(365 ) - n/m Restructuring costs - (51 ) (100.0 %) Amortization of
intangible assets 28,995 31,918 (9.2 %) Depreciation and
amortization of property, equipment and leasehold improvements
10,326 9,078 13.7 % Total operating
expenses $ 322,108 $ 299,517 7.5 % 1Six months ended
2013 included a benefit of $0.4 million associated with an
occupancy lease exit charge resulting from the consolidation of our
New York offices.
n/m = not meaningful
Table 8: Summary Quarterly Segment
Information (unaudited)
Three Months Ended
% Change from June 30, June 30, March 31, June 30, March 31, In
thousands 2013 2012 2013 2012 2013
Revenues:
Performance and Risk $ 228,423 $ 207,576 $ 219,469 10.0% 4.1%
Governance 29,475 30,989 32,440 (4.9%)
(9.1%)
Total Operating revenues $ 257,898
$ 238,565 $ 251,909 8.1%
2.4% Operating Income: Performance and Risk
93,574 85,980 86,699 8.8% 7.9% Margin 41.0% 41.4% 39.5% Governance
3,598 1,141 3,828 215.3% (6.0%) Margin 12.2% 3.7% 11.8%
Total
Operating Income $ 97,172 $ 87,121
$ 90,527 11.5% 7.3% Margin
37.7% 36.5% 35.9% Adjusted
EBITDA: Performance and Risk 108,816 102,595 101,954 6.1% 6.7%
Margin 47.6% 49.4% 46.5% Governance 7,746 5,317 8,139 45.7% (4.8%)
Margin 26.3% 17.2% 25.1%
Total Adjusted EBITDA $
116,562 $ 107,912 $ 110,093
8.0% 5.9% Margin 45.2% 45.2%
43.7%
Table 9: Summary Six Months Segment
Information (unaudited)
Six Months Ended % Change from June 30, June 30, June 30, In
thousands 2013 2012 2012
Revenues: Performance and Risk $ 447,892 $ 405,665 10.4%
Governance 61,915 61,952 (0.1%)
Total Operating
revenues $ 509,807 $ 467,617
9.0% Operating Income: Performance and Risk
180,273 163,455 10.3% Margin 40.2% 40.3% Governance 7,426 4,645
59.9% Margin 12.0% 7.5%
Total Operating Income $
187,699 $ 168,100 11.7% Margin
36.8% 35.9% Adjusted EBITDA:
Performance and Risk 210,770 196,779 7.1% Margin 47.1% 48.5%
Governance 15,885 13,040 21.8% Margin 25.7% 21.0%
Total Adjusted
EBITDA $ 226,655 $ 209,819
8.0% Margin 44.5% 44.9%
Table 10: Key Operating
Metrics1 (unaudited)
As of % Change
from June 30, June 30, March 31, June 30, March 31, Dollars in
thousands 2013 2012 2013 2012 2013 Run Rates1 Index and ESG
products Subscription $ 350,833 $ 285,604 $ 344,267 22.8 % 1.9 %
Asset-based fees 131,716 129,045
134,186 2.1 % (1.8 %) Index and ESG products total 482,549
414,649 478,453 16.4 % 0.9 % Risk management analytics 281,022
258,995 274,524 8.5 % 2.4 % Portfolio management analytics 104,524
117,153 106,091 (10.8 %) (1.5 %) Energy and commodity analytics
12,794 14,839 13,030
(13.8 %) (1.8 %) Total Performance and Risk 880,889 805,636 872,098
9.3 % 1.0 % Governance 111,686 113,976
110,174 (2.0 %) 1.4 % Total Run Rate $ 992,575
$ 919,612 $ 982,272 7.9 % 1.0 %
Subscription total $ 860,859 $ 790,567 $ 848,086 8.9 % 1.5 %
Asset-based fees total 131,716 129,045
134,186 2.1 % (1.8 %) Total Run Rate $ 992,575
$ 919,612 $ 982,272 7.9 % 1.0 % New Recurring
Subscription Sales $ 31,133 $ 28,453 $ 30,928 9.4 % 0.7 %
Subscription Cancellations (16,082 ) (17,229 )
(16,691 ) (6.7 %) (3.6 %) Net New Recurring Subscription Sales $
15,051 $ 11,224 $ 14,237 34.1 % 5.7 %
Non-recurring sales $ 6,664 $ 5,099 $ 8,935
30.7 % (25.4 %) Employees 2,957 2,384 2,844 24.0 % 4.0 % %
Employees by location Developed Market Centers 56 % 58 % 59 %
Emerging Market Centers 44 % 42 % 41 % 1 The Run Rate at a
particular point in time represents the forward-looking revenues
for the next 12 months from all subscriptions and investment
product licenses we currently provide to our clients under
renewable contracts or agreements assuming all contracts or
agreements that come up for renewal are renewed and assuming
then-current currency exchange rates. For any license where fees
are linked to an investment product’s assets or trading volume, the
Run Rate calculation reflects an annualization of the most recent
periodic fee earned under such license or subscription. The Run
Rate for IPD products was approximated using the trailing 12 months
of revenues primarily adjusted for estimates for non-recurring
sales, new sales and cancellations. The Run Rate does not include
fees associated with “one-time” and other non-recurring
transactions. In addition, we remove from the Run Rate the fees
associated with any subscription or investment product license
agreement with respect to which we have received a notice of
termination or non-renewal during the period and determined that
such notice evidences the client’s final decision to terminate or
not renew the applicable subscription or agreement, even though
such notice is not effective until a later date.
Table 11: ETF Assets Linked to MSCI
Indices1 (unaudited)
Three Months Ended 2012 Three Months Ended 2013 Six Months Ended
In Billions
March June September December March
June June 2012 June 2013 Beginning Period AUM in ETFs
linked to MSCI Indices $ 301.6 $ 354.7 $ 327.4 $ 363.7 $ 402.3 $
357.3 $ 301.6 $ 402.3 Cash Inflow/Outflow2 15.2 0.3 15.2 25.9 (61.0
) (74.4 ) 15.5 (135.4 ) Appreciation/Depreciation 37.9
(27.6 ) 21.1 12.7
16.0 (13.2 ) 10.3 2.8
Period End AUM in ETFs linked toMSCI
Indices
$ 354.7 $ 327.4 $ 363.7 $ 402.3 $ 357.3 $ 269.7 $ 327.4 $ 269.7
Period Average AUM in ETFs linked toMSCI
Indices
$ 341.0 $ 331.6 $ 344.7 $ 376.6 $ 369.0 $ 324.1 $ 336.4 $ 346.6 1
ETF assets under management calculation methodology is ETF net
asset value multiplied by shares outstanding. Source: Bloomberg and
MSCI 2 Cash Inflow/Outflow for the first and second quarter of 2013
includes the migration of $82.8 billion of AUM in 9 Vanguard ETFs
and $74.8 billion of AUM in 13 Vanguard ETFs, respectively, that
transitioned to other indices during each quarter.
Table 12: Supplemental Operating
Metrics (unaudited)
Sales & Cancellations Three Months Ended
2012 Three Months Ended 2013 Six Months Ended In thousands
March June September December March
June June 2012 June 2013 New Recurring Subscription
Sales $33,506 $28,453 $27,164 $29,742 $30,928 $31,133 $61,959
$62,061 Subscription Cancellations (13,498 ) (17,229 )
(19,134 ) (28,725 ) (16,691 ) (16,082 )
(30,727 ) (32,773 )
Net New Recurring Subscription
Sales $20,008 $11,224
$8,030 $1,017 $14,237
$15,051 $31,232
$29,288 Non-recurring sales 9,338
5,099 3,878 7,443
8,935 6,664 14,437 15,599
Total Sales $42,844
$33,552 $31,042
$37,185 $39,863 $37,797
$76,396 $77,660
Aggregate & Core Retention Rates Three
Months Ended 2012 Three Months Ended 2013 Six Months Ended
March June September December
March June June 2012 June 2013
Aggregate Retention
Rate 1 Index and ESG products 94.5 % 94.9 % 94.0 % 90.4
% 95.0 % 94.0 % 94.7 % 94.5 % Risk management analytics 93.9 % 90.0
% 88.5 % 84.4 % 93.5 % 92.5 % 91.9 % 93.0 % Portfolio management
analytics 91.9 % 84.2 % 84.9 % 78.0 % 81.7 % 87.0 % 88.0 % 84.3 %
Energy & commodity analytics 90.2 % 85.5 % 76.6 % 60.4 % 90.1 %
86.0 % 87.8 % 88.0 %
Total Performance and Risk
93.7 % 90.9 % 89.8 %
85.2 % 92.4 % 92.3 %
92.2 % 92.3 % Total
Governance 88.7 % 92.1 %
91.1 % 83.6 % 90.0 %
92.9 % 90.4 % 91.5 %
Total Aggregate Retention
Rate 93.0 % 91.0 %
90.0 % 84.9 % 92.1
% 92.3 % 92.0 %
92.2 % Core Retention Rate
1 Index and ESG products 94.6 % 95.0 % 94.0 % 90.5 % 95.0 %
94.1 % 94.8 % 94.6 % Risk management analytics 94.0 % 92.0 % 89.3 %
84.4 % 93.9 % 93.1 % 92.9 % 93.5 % Portfolio management analytics
92.2 % 87.0 % 86.5 % 83.6 % 82.8 % 87.5 % 89.6 % 85.1 % Energy
& commodity analytics 90.7 % 85.5 % 77.1 % 60.4 % 90.1 % 86.0 %
88.1 % 88.0 %
Total Performance and Risk 93.8
% 92.2 % 90.5 % 86.2
% 92.7 % 92.6 % 93.0
% 92.6 % Total Governance
88.7 % 92.2 % 91.2 %
83.8 % 90.2 % 92.9 %
90.4 % 91.6 %
Total Core Retention Rate 93.1 %
92.2 % 90.6 %
85.9 % 92.4 % 92.6
% 92.6 % 92.5 %
1The Aggregate Retention Rates are calculated by annualizing the
cancellations for which we have received a notice of termination or
non-renewal during the applicable period and have determined that
such notice evidences the client’s final decision to terminate or
not renew the applicable subscription or 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 year to calculate a cancellation rate. This
cancellation rate is then subtracted from 100% to derive the
annualized Aggregate Retention Rate for the applicable period. The
Aggregate Retention Rate is computed on a product-by-product basis.
Therefore, if a client reduces the number of products to which it
subscribes or switches between our products, we treat it as a
cancellation. In addition, we treat any reduction in fees resulting
from renegotiated contracts as a cancellation in the calculation to
the extent of the reduction. For the calculation of the Core
Retention Rate, the same methodology is used except the
cancellations in the applicable period are reduced by the amount of
product swaps.
Table 13: Reconciliation of Adjusted
EBITDA to Net Income (unaudited)
Three
Months Ended June 30, 2013 Three Months Ended June 30,
2012 In thousands
Performanceand Risk
Governance Total
Performanceand Risk
Governance Total
Net Income $ 61,053 $ 37,546
Plus: Provision for income taxes 30,206 19,715 Plus: Other expense
(income), net 5,913
29,860
Operating
income $ 93,574 $
3,598 $ 97,172 $
85,980 $ 1,141
$ 87,121 Plus: Non-recurring stock-based
compensation - - - 172 20 192 Plus: Depreciation and amortization
of property, equipment and leasehold improvements 4,329 917 5,246
3,817 845 4,662 Plus: Amortization of intangible assets 11,221
3,288 14,509 12,639 3,320 15,959 Plus: Lease exit charge (308 ) (57
) (365 ) - - - Plus: Restructuring costs
-
- - (13 )
(9 ) (22 )
Adjusted EBITDA
$ 108,816 $ 7,746
$ 116,562 $ 102,595
$ 5,317 $
107,912 Six Months Ended June
30, 2013 Six Months Ended June 30, 2012 In thousands
Performance and Risk Governance Total Performance and
Risk Governance Total
Net Income $ 119,990 $
81,512 Plus: Provision for income taxes 54,820 43,988 Plus: Other
expense (income), net 12,889
42,600
Operating income $ 180,273
$ 7,426 $ 187,699
$ 163,455 $ 4,645
$ 168,100 Plus: Non-recurring
stock-based compensation - - - 696 78 774 Plus: Depreciation and
amortization of property, equipment and leasehold improvements
8,418 1,908 10,326 7,382 1,696 9,078 Plus: Amortization of
intangible assets 22,387 6,608 28,995 25,278 6,640 31,918 Plus:
Lease exit charge (308 ) (57 ) (365 ) - - - Plus: Restructuring
costs - - -
(32 ) (19 ) (51 )
Adjusted
EBITDA $ 210,770 $
15,885 $ 226,655 $
196,779 $ 13,040
$ 209,819
Table 14: Reconciliation of Adjusted
Net Income and Adjusted EPS to Net Income and EPS
(unaudited)
Three Months Ended Six
Months Ended June 30, June 30, March 31,
June 30, June 30, In thousands, except per share data
2013 2012 2013 2013 2012 Net
Income $ 61,053 $ 37,546 $ 58,937 $ 119,990 $ 81,512 Plus:
Non-recurring stock-based compensation - 192 - - 774 Plus:
Amortization of intangible assets 14,509 15,959 14,486 28,995
31,918 Plus: Debt repayment and refinancing expenses - 20,639 - -
20,639 Plus: Lease exit charge (365 ) - - (365 ) - Plus:
Restructuring costs - (22 ) - - (51 ) Less: Income tax effect
(4,711 ) (12,775 ) (4,268 ) (8,979 ) (18,648 )
Adjusted net income $ 70,486
$ 61,539 $ 69,155
$ 139,641 $ 116,144
Diluted EPS $ 0.50 $ 0.30
$ 0.48 $ 0.98 $ 0.66
Plus: Non-recurring stock-based compensation - - - - 0.01 Plus:
Amortization of intangible assets 0.12 0.13 0.12 0.24 0.26 Plus:
Debt repayment and refinancing expenses - 0.17 - - 0.17 Plus: Lease
exit charge - - - - - Plus: Restructuring costs - - - - (0.01 )
Less: Income tax effect (0.04 ) (0.10 ) (0.03
) (0.08 ) (0.15 )
Adjusted EPS $
0.58 $ 0.50 $ 0.57
$ 1.14 $ 0.94
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