MSCI Inc. (NYSE: MSCI), a leading provider of portfolio
construction and risk management tools and services for global
investors, today announced results for the three months ended June
30, 2017 (“second quarter 2017”) and six months ended June 30, 2017
(“six months 2017”).
Financial and Operational Highlights for Second Quarter
2017(Note: Percentage and other changes refer to second quarter
2016 unless otherwise noted.)
- 8.8% increase in operating revenues
to $316.1 million, up 9.4% adjusting for the impact of foreign
currency exchange rate fluctuations.
- 16.5% increase in Index revenues
driven by a growth of 35.5% in asset-based fees and an 8.8%
increase in recurring subscription revenues.
- Record quarter-end AUM of $624.3
billion in ETFs linked to MSCI indexes; increase of 42.0% and 12.3%
compared to second quarter 2016 and first quarter 2017,
respectively.
- Total Aggregate Retention Rate at
94.9% and Index Aggregate Retention Rate at 97.0%.
- 12.6% increase in total Run Rate to
$1,260.4 million driven by a 38.0% increase in asset-based fees Run
Rate, and a 7.3% increase in subscription Run Rate.
- In second quarter 2017 and through
July 28, 2017, a total of 461 thousand shares were repurchased at
an average price of $100.63 per share for a total value of $46.4
million. A total of $734.9 million remains on the outstanding share
repurchase authorization.
- Board of Directors authorize 35.7%
increase in regular quarterly cash dividend to $0.38 per share, or
$1.52 per share on an annualized basis.
Three Months Ended Six Months Ended
June 30, June 30, Mar. 31,
YoY % June 30, June 30,
YoY % In thousands, except per share data 2017
2016 2017 Change 2017 2016
Change Operating revenues $ 316,089 $ 290,596 $ 301,207
8.8 % $ 617,296 $ 569,424 8.4 % Operating income $
145,968 $ 125,691 $ 130,602 16.1 % $ 276,570 $ 238,832 15.8 %
Operating margin % 46.2 % 43.3 % 43.4 % 44.8 % 41.9 % Net
income $ 81,266 $ 66,957 $ 72,951 21.4 % $ 154,217 $ 127,324 21.1 %
Diluted EPS $ 0.89 $ 0.69 $ 0.80 29.0 % $ 1.68 $ 1.29 30.2 %
Adjusted EPS $ 0.95 $ 0.77 $ 0.88 23.4 % $ 1.83 $ 1.45 26.2 %
Adjusted EBITDA $ 166,249 $ 146,027 $ 150,691 13.8 % $
316,940 $ 279,176 13.5 % Adjusted EBITDA margin % 52.6 % 50.3 %
50.0 % 51.3 % 49.0 %
“We continue to execute well against our growth strategy, which
includes both driving growth in our core products offerings and
further integrating our content and applications, to create better
tools that help our clients make better investment decisions at the
single- and multi-asset class levels. Our strong execution in
second quarter 2017 resulted in a 29% and 23% increase in diluted
and adjusted EPS, respectively, driven by a 9% increase in revenue,
reflecting the inherent operating leverage in our model,” commented
Henry A. Fernandez, Chairman and CEO of MSCI.
“Increasingly, our ability to generate strong revenue growth has
been aided by the integration of the valuable content we have
created over many years. More and more, clients use our
applications to access and analyze this content to gain deeper
insights into the risk and performance of their portfolios and new
perspectives on their investment challenges, enabling us to expand
the scope of our services,” concluded Mr. Fernandez.
Second Quarter 2017 Consolidated
Results
Revenues: Operating
revenues for second quarter 2017 increased $25.5 million, or 8.8%,
to $316.1 million, compared to $290.6 million for the three months
ended June 30, 2016 (“second quarter 2016”). The $25.5 million
increase in revenues was driven by a $17.6 million, or 35.5%,
increase in asset-based fees (driven primarily by higher revenue
from ETFs linked to MSCI indexes) and a $9.7 million, or 4.2%,
increase in recurring subscriptions (principally as a result of an
$8.5 million, or 8.8%, increase in Index recurring subscriptions),
partially offset by a $1.8 million, or 22.1%, decrease in
non-recurring revenues. Adjusting for the impact of foreign
currency exchange rate fluctuations, operating revenues (excluding
the impact on asset-based fees) would have increased 9.4% for
second quarter 2017.
For six months 2017, operating revenues increased $47.9 million,
or 8.4%, to $617.3 million, compared to $569.4 million for the six
months ended June 30, 2016 (“six months 2016”). The $47.9 million
increase was driven by a $26.4 million, or 26.9%, increase in
asset-based fees and a $22.5 million, or 4.9%, increase in
recurring subscriptions, partially offset by a $1.0 million, or
7.7%, decrease in non-recurring revenues. Adjusting for the impact
of foreign currency exchange rate fluctuations, operating revenues
(excluding the impact on asset-based fees) would have increased
9.2% in six months 2017.
Run Rate: Total Run
Rate at June 30, 2017 grew by $141.4 million, or 12.6%, to $1,260.4
million, compared to June 30, 2016. The $141.4 million increase was
driven by a $74.3 million, or 38.0%, increase in asset-based fees
Run Rate to $269.6 million, and a $67.1 million, or 7.3%, increase
in subscription Run Rate to $990.8 million. Adjusting for the
impact of foreign currency exchange rate fluctuations and the
divestiture of MSCI’s Real Estate occupiers business, which closed
on August 1, 2016, subscription Run Rate would have increased 7.5%
in second quarter 2017. Recurring subscriptions and asset-based
fees at June 30, 2017 represented 78.6% and 21.4% of total Run
Rate, respectively. Aggregate Retention Rate of 94.9% in second
quarter 2017 was up from 93.1% in second quarter 2016.
Expenses: Total
operating expenses for second quarter 2017 increased $5.2 million,
or 3.2%, from second quarter 2016 to $170.1 million, driven by a
$4.3 million, or 4.1%, increase in compensation and benefits
expenses (primarily higher wages and incentive compensation
resulting, in part, from the growth in the number of employees,
partially offset by lower severance) and a $1.0 million, or 2.4%,
increase in non-compensation expenses (higher information
technology costs and market data, partially offset by lower
professional fees). Adjusting for the impact of foreign currency
exchange rate fluctuations, total operating expenses and adjusted
EBITDA expenses for second quarter 2017 would have increased 4.6%
and 5.2%, respectively, compared to second quarter 2016. Operating
margin for second quarter 2017 was 46.2%, compared to 43.3% for
second quarter 2016.
For six months 2017, total operating expenses increased $10.1
million, or 3.1%, to $340.7 million. Adjusted EBITDA expenses
increased $10.1 million, or 3.5%, to $300.4 million compared to six
months 2016. Adjusting for the impact of foreign currency exchange
rate fluctuations, total operating expenses and adjusted EBITDA
expenses for six months 2017 would have increased 4.7% and 5.2%,
respectively, compared to six months 2016. Operating margin for six
months 2017 was 44.8%, compared to 41.9% for six months 2016.
Headcount: As of June
30, 2017, there were 2,970 employees, up 8.0% from 2,750 as of June
30, 2016, and up 2.5% from 2,897 at the end of first quarter 2017.
As of June 30, 2017, a total of 43% and 57% of employees were
located in developed market and emerging market centers,
respectively, compared to 46% in developed market centers and 54%
in emerging market centers as of June 30, 2016.
Amortization and Depreciation
Expenses: Amortization and depreciation expenses
of $20.3 million for second quarter 2017 were in line with second
quarter 2016, with a $0.8 million, or 9.1%, increase in
depreciation expense, offset by a $0.8 million, or 6.9%, decrease
in amortization expense. For six months 2017, amortization and
depreciation expenses of $40.4 million were in line with six months
2016, with a $1.4 million, or 8.7%, increase in depreciation
expense, offset by a $1.4 million, or 5.9%, decrease in
amortization expense.
Other Expense (Income),
Net: Other expense (income), net increased $3.3
million, or 13.2%, for second quarter 2017, compared to second
quarter 2016 and increased $9.9 million, or 20.9%, for six months
2017, compared to the same period of the prior year. The increase
for both periods was primarily driven by higher interest expense
resulting from the August 2016 private offering of $500.0 million
aggregate principal amount of 4.75% senior notes due 2026. Second
quarter 2016 results included a $3.7 million charge for estimated
losses associated with miscellaneous transactions.
Tax Rate: The
effective tax rate was 30.8% for second quarter 2017, compared to
33.4% for second quarter 2016 and the effective tax rate for six
months 2017 was 29.6%, compared to 33.5% for six months 2016. The
lower effective tax rate for both periods was primarily driven by
the ongoing efforts to better align our tax profile with our global
operating footprint and other discrete items. For six months 2017,
the lower effective tax rate was also driven by the positive impact
of stock-based compensation excess tax benefits (the “windfall
benefit”) with the adoption of the new accounting guidance. The
positive impact of the windfall benefit totaled $1.0 million in
second quarter 2017 and $4.1 million for six months 2017.
Net Income: Net
income increased 21.4% to $81.3 million, from $67.0 million in
second quarter 2016. For six months 2017, net income increased
21.1% to $154.2 million, compared to $127.3 million for six months
2016.
Adjusted EBITDA:
Adjusted EBITDA was $166.2 million in second quarter 2017, up $20.2
million, or 13.8%, from second quarter 2016. Adjusted EBITDA margin
in second quarter 2017 was 52.6%, compared to 50.3% in second
quarter 2016. For six months 2017, adjusted EBITDA was $316.9
million, up 13.5% from six months 2016, and adjusted EBITDA margin
was 51.3% for six months 2017, compared to 49.0% for six months
2016.
Cash Balances & Outstanding
Debt: Total cash and cash equivalents as of June
30, 2017 was $750.6 million, of which $365.0 million was held
outside of the United States. MSCI seeks to maintain minimum cash
balances in the United States of approximately $125.0 million to
$150.0 million for general operating purposes. Total outstanding
debt as of June 30, 2017 was $2,100.0 million, which excludes
deferred financing fees of $23.4 million. Net debt, defined as
total outstanding debt less cash and cash equivalents, was $1,349.4
million at June 30, 2017. The total debt to operating income ratio
(based on trailing twelve months operating income) was 4.0x. The
total debt to adjusted EBITDA ratio (based on trailing twelve
months adjusted EBITDA) was 3.5x.
Cash Flow &
Capex: Net cash provided by operating activities
was $122.2 million in second quarter 2017, compared to $118.1
million in second quarter 2016. Capex for second quarter 2017 was
$7.0 million, compared to $12.9 million in second quarter 2016.
Free cash flow was $115.2 million in second quarter 2017, compared
to $105.2 million in second quarter 2016. The increase in net cash
provided by operating activities and free cash flow, compared to
second quarter 2016 was primarily driven by higher cash collections
and lower income tax payments, partially offset by higher cash
expenses.
Net cash provided by operating activities was $159.2 million for
six months 2017, compared to $155.0 million for six months 2016.
Capex for six months 2017 was $16.7 million, compared to $18.4
million for six months 2016. Free cash flow was $142.6 million for
six months 2017, compared to $136.6 million for six months 2016.
The increase in both net cash provided by operating activities and
free cash flow for six months 2017 compared to the same period of
the prior year was primarily driven by higher cash collections,
partially offset by higher cash expenses and higher interest
payments.
Share Count & Capital
Return: The weighted average diluted shares
outstanding in second quarter 2017 declined 5.3% to 91.7 million,
compared to 96.9 million in second quarter 2016. The lower share
count, driven by buybacks under the share repurchase program,
increased diluted and adjusted earnings per share by $0.05 each in
second quarter 2017, compared to second quarter 2016. In second
quarter 2017 and through July 28, 2017, MSCI repurchased 0.5
million shares at an average price of $100.63 per share for a total
value of $46.4 million. A total of $0.7 billion remains on the
outstanding share repurchase authorization as of July 28, 2017.
Total shares outstanding as of June 30, 2017 was 90.1 million.
On August 1, 2017, the Board of Directors of MSCI declared a
cash dividend of $0.38 per share for third quarter 2017,
representing an increase of 35.7% from $0.28 per share in the
previous quarter. The third quarter 2017 dividend is payable on
August 31, 2017 to shareholders of record as of the close of
trading on August 18, 2017.
Table 1: Second Quarter 2017 Results by
Segment (unaudited)
Index Analytics All Other
Adjusted Adjusted Adjusted Operating
Adjusted EBITDA Operating Adjusted
EBITDA Operating Adjusted EBITDA In
thousands Revenues EBITDA Margin
Revenues EBITDA Margin Revenues
EBITDA Margin Q2'17 $ 177,156 $ 129,476 73.1 %
$ 113,367 $ 31,741 28.0 % $ 25,566 $ 5,032 19.7 %
Q2'16 $ 152,117 $ 106,518 70.0 % $ 112,393 $ 33,302 29.6 % $ 26,086
$ 6,207 23.8 % Q1'17 $ 163,435 $ 115,637 70.8 % $ 112,420 $ 29,536
26.3 % $ 25,352 $ 5,518 21.8 % YoY % change 16.5 % 21.6 % 0.9 %
(4.7 %) (2.0 %) (18.9 %) YTD 2017 $ 340,591 $ 245,113 72.0 %
$ 225,787 $ 61,277 27.1 % $ 50,918 $ 10,550 20.7 % YTD 2016 $
296,730 $ 206,567 69.6 % $ 222,656 $ 63,662 28.6 % $ 50,038 $ 8,947
17.9 % YoY % change 14.8 % 18.7 %
1.4 % (3.7 %) 1.8 % 17.9
%
Index Segment:
Operating revenues for second quarter 2017 increased $25.0 million,
or 16.5%, to $177.2 million, compared to $152.1 million for second
quarter 2016. The $25.0 million increase was driven by a $17.6
million, or 35.5%, increase in asset-based fees, and an $8.5
million, or 8.8%, increase in recurring subscriptions, partially
offset by a $1.1 million, or 19.9%, decrease in non-recurring
revenues.
The $17.6 million increase in asset-based fees was driven by
strong growth across all products. An $11.1 million, or 32.2%,
increase in revenue from ETFs linked to MSCI indexes was driven by
a 35.6% increase in average AUM, partially offset by the impact of
a change in the product mix as a result of our differentiated
licensing strategy. A $5.2 million, or 40.9%, increase in revenue
from non-ETF passive products was driven by higher AUM and an
increased contribution from higher fee products, including factor
indexes. In addition, revenues from exchange traded futures and
options contracts based on MSCI indexes grew $1.2 million, or
54.0%, driven by a very strong increase in total trading
volumes.
The $8.5 million increase in recurring subscriptions was driven
by strong growth in core products, growth in newer products,
including factor, thematic and custom index products, as well as
higher usage fees. Non-recurring revenue declined $1.1 million in
second quarter 2017 due to a large one-time payment received for
the use of our indexes in connection with derivative products in
second quarter 2016. The impact from foreign currency exchange rate
fluctuations on Index revenues (excluding the impact on asset-based
fees) in second quarter 2017 was not significant. The adjusted
EBITDA margin for Index was 73.1% for second quarter 2017, compared
to 70.0% for second quarter 2016.
Operating revenues for six months 2017 increased $43.9 million,
or 14.8%, to $340.6 million, compared to $296.7 million for six
months 2016. The $43.9 million increase was driven by a $26.4
million, or 26.9%, increase in asset-based fees, a $17.0 million,
or 8.9%, increase in recurring subscriptions, and a $0.4 million,
or 5.5%, increase in non-recurring revenues. There was a negligible
impact from foreign currency exchange rate fluctuations on Index
revenues (excluding the impact on asset-based fees) for six months
2017. The adjusted EBITDA margin for Index was 72.0% for six months
2017, compared to 69.6% for six months 2016.
Index Run Rate at June 30, 2017 grew by $115.0 million, or
19.7%, to $698.0 million, compared to June 30, 2016. The $115.0
million increase was driven by a $74.3 million, or 38.0%, increase
in asset-based fees Run Rate, and a $40.7 million, or 10.5%,
increase in subscription Run Rate. The 10.5% increase in Index
subscription Run Rate was driven by an increase in core products,
growth in newer products, including factor, thematic and custom
index products, and higher usage fees. There was a negligible
impact from foreign currency exchange rate fluctuations on Index
recurring subscription Run Rate at June 30, 2017.
Analytics Segment:
Operating revenues for second quarter 2017 increased $1.0 million,
or 0.9%, to $113.4 million, compared to $112.4 million in second
quarter 2016. The increase was primarily driven by higher revenues
from equity models. The low level of revenue growth in the quarter
reflects several factors including the impact of elevated cancels
in the prior year and the timing of client implementations. The
impact of these factors is expected to diminish in the second half
of 2017 and, as a result, the Analytics segment is expected to
achieve improved levels of revenue growth and profitability.
Adjusting for the impact of foreign currency exchange rate
fluctuations, Analytics operating revenues would have increased
1.7%. The adjusted EBITDA margin for Analytics was 28.0% for second
quarter 2017, compared to 29.6% for second quarter 2016.
Operating revenues for six months 2017 increased $3.1 million,
or 1.4%, to $225.8 million, compared to $222.7 million for six
months 2016. Adjusting for the impact of foreign currency exchange
rate fluctuations, Analytics operating revenues for six months 2017
would have increased 2.5%. The adjusted EBITDA margin for Analytics
was 27.1% for six months 2017, compared to 28.6% for six months
2016.
Analytics Run Rate at June 30, 2017 grew by $16.3 million, or
3.6%, to $465.3 million, compared to June 30, 2016, primarily
driven by growth in equity models products. There was a negligible
impact from foreign currency exchange rate fluctuations on
Analytics Run Rate at June 30, 2017.
All Other Segment:
Operating revenues for second quarter 2017 decreased by $0.5
million, or 2.0%, to $25.6 million, compared to $26.1 million in
second quarter 2016. The decrease in All Other revenues was driven
by a $3.2 million, or 21.4%, decrease in Real Estate revenues to
$11.9 million, partially offset by a $2.7 million, or 24.7%,
increase in ESG revenues to $13.7 million. The increase in ESG
revenues was driven by higher ESG Ratings product revenues, which
benefited from increased investments and selling and marketing
efforts. The decrease in Real Estate revenues was driven by higher
cancels principally from a discontinued index, the timing of report
deliveries and the negative impact of foreign exchange rate
fluctuations. In addition, second quarter 2017 revenues were lower
due to the inclusion of the Real Estate occupiers business in the
prior year. Adjusting for the impact of foreign currency exchange
rate fluctuations and the divestiture of the Real Estate occupiers
business, second quarter 2017 Real Estate revenues would have
decreased 15.9% and All Other operating revenues would have
increased 1.3%. The adjusted EBITDA margin for All Other was 19.7%
for second quarter 2017, compared to 23.8% in second quarter
2016.
Operating revenues for six months 2017 increased $0.9 million,
or 1.8%, to $50.9 million, compared to $50.0 million for six months
2016. The increase in All Other revenues was driven by a $4.5
million, or 20.9%, increase in ESG revenues to $26.3 million,
mostly offset by a $3.7 million, or 12.9%, decrease in Real Estate
revenues to $24.7 million. Adjusting for the impact of foreign
currency exchange rate fluctuations and the divestiture of the Real
Estate occupiers business, six months 2017 revenues for Real Estate
would have decreased 5.1% and All Other operating revenues would
have increased 6.3%. The adjusted EBITDA margin for All Other was
20.7% for six months 2017, compared to 17.9% for six months
2016.
All Other Run Rate at June 30, 2017 grew by $10.1 million, or
11.7%, to $97.1 million, compared to June 30, 2016. The $10.1
million increase was primarily driven by an $11.2 million, or
25.3%, increase in ESG Run Rate to $55.6 million, partially offset
by a $1.1 million, or 2.5%, decrease in Real Estate Run Rate to
$41.5 million. The increase in ESG Run Rate was primarily driven by
higher sales of the ESG Ratings products. Adjusting for the impact
of foreign currency exchange rate fluctuations and the divestiture
of the Real Estate occupiers business, Real Estate and All Other
Run Rate at June 30, 2017 would have increased 2.4% and 14.0%,
respectively, compared to June 30, 2016.
Full-Year 2017 Guidance
MSCI’s guidance for full-year 2017 is as follows:
- Total operating expenses are now
expected to be in the range of $690 million to $700 million and
adjusted EBITDA expenses are now expected to be in the range of
$605 million to $615 million, down from the previous ranges of $690
million to $705 million and $605 million to $620 million,
respectively.
- Interest expense, including the
amortization of financing fees, is expected to be approximately
$116 million, assuming no additional financings.
- Capex is expected to be in the range of
$40 million to $50 million.
- Net cash provided by operating
activities and free cash flow is expected to be in the range of
$360 million to $410 million and $310 million to $370 million,
respectively.
- The effective tax rate is now expected
to be in the range of 30.0% to 31.0%, down from previous range of
31.5% to 32.5%.
Conference Call Information
MSCI's senior management will review second quarter 2017 results
on Thursday, August 3, 2017 at 11:00 AM Eastern Time. To listen to
the live event, visit the events and presentations section of
MSCI's investor relations homepage, http://ir.msci.com/events.cfm,
or dial 1-877-312-9206 within the United States. International
callers dial 1-408-774-4001. This earnings release and the related
investor presentation used during the conference call will be made
available on MSCI's investor relations homepage.
An audio recording of the conference call will be available on
our investor relations website, http://ir.msci.com/events.cfm,
beginning approximately two hours after the conclusion of the live
event. Through August 6, 2017, the recording will also be
available by dialing 1-800-585-8367 passcode: 54308023
within the United States or 1-404-537-3406 passcode:
54308023 for international callers. A replay of the conference call
will be archived in the events and presentations section of MSCI's
investor relations website for 12 months after the call.
-Ends-
About MSCI
For more than 45 years, MSCI's research-based indexes and
analytics have helped the world’s leading investors build and
manage better portfolios. Clients rely on our offerings for deeper
insights into the drivers of performance and risk in their
portfolios, broad asset class coverage and innovative research.
Our line of products and services includes indexes, analytical
models, data, real estate benchmarks and ESG research.
MSCI serves 97 of the top 100 largest money managers, according
to the most recent P&I ranking.
For more information, visit us at 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, our full-year 2017 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 our
control and that could materially affect our 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, 2016 filed with the Securities and Exchange Commission
(“SEC”) on February 24, 2017 and in quarterly reports on Form 10-Q
and current reports on Form 8-K filed or furnished with the SEC
(herein, referred to as “Public Filings”). 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 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 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 Alerts Subscription” section of MSCI’s
Investor Relations homepage 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 Operating Metrics
MSCI has presented supplemental key operating metrics as part of
this earnings release, including Run Rate, subscription sales and
cancellations, non-recurring sales and Aggregate Retention
Rate.
The Aggregate Retention Rate for a 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 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 year to calculate a cancellation rate. This cancellation rate
is then subtracted from 100% to derive the annualized Aggregate
Retention Rate for the 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.
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 elsewhere in our Public Filings. For any
Client Contract where fees are linked to an investment product’s
assets or trading volume, 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 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 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 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 or revenue growth ex FX is defined
as the period over period Run Rate or revenue 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 end of period
currency exchange rate from the comparable prior period to current
period foreign currency denominated Run Rate or revenue. This
metric also excludes the impact on the growth in subscription Run
Rate or revenue of the acquisitions of IPD, InvestorForce, and GMI
for their respective first year of operations as part of MSCI, as
well as the divestiture of MSCI’s Real Estate occupiers
benchmarking business which closed on August 1, 2016.
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 – 12 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 provision for
income taxes, other expense (income), net, depreciation and
amortization of property, equipment and leasehold improvements,
amortization of intangible assets and, at times, certain other
transactions or adjustments.
“Adjusted EBITDA expenses” is defined as operating expenses less
depreciation and amortization of property, equipment and leasehold
improvements and amortization of intangible assets.
“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 and, at times,
certain other transactions or adjustments. For periods prior to
first quarter 2017, the amortization associated with capitalized
software development costs was included as an adjustment to
adjusted net income and adjusted EPS as it was not material.
“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.
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 capital
spending and acquisitions that do not directly affect what
management considers to be our core 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 accounting effects of acquisitions
that do not directly affect what management considers to be our
core performance in the period.
We believe that free cash flow is useful to investors because it
relates the operating cash flow of MSCI to the capital that is
spent to continue and improve business operations, such as
investment in MSCI’s existing products. Further, free cash flow
indicates our ability to strengthen MSCI’s balance sheet, repay our
debt obligations, pay cash dividends and repurchase shares of our
common stock.
We believe 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 and free cash flow 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.
Notes Regarding Adjusting for the Impact of Foreign Currency
Exchange Rate Fluctuations
Foreign currency exchange rate fluctuations are calculated to be
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.
Table 2: Condensed Consolidated
Statements of Income (unaudited)
Three Months Ended Six Months Ended
June 30, June 30, Mar. 31,
YoY % June 30, June 30,
YoY % In thousands, except per share data 2017
2016 2017 Change 2017 2016
Change Operating revenues $ 316,089 $ 290,596 $ 301,207
8.8 % $ 617,296 $ 569,424 8.4 % Operating expenses:
Cost of revenues 68,595 62,130 67,521 10.4 % 136,116 125,302 8.6 %
Selling and marketing 41,594 41,854 43,014 (0.6 %) 84,608 83,543
1.3 % Research and development 18,203 18,566 18,977 (2.0 %) 37,180
37,494 (0.8 %) General and administrative 21,448 22,019 21,004 (2.6
%) 42,452 43,909 (3.3 %) Amortization of intangible assets 11,122
11,943 11,251 (6.9 %) 22,373 23,783 (5.9 %) Depreciation and
amortization of property, equipment and leasehold improvements
9,159 8,393 8,838 9.1 % 17,997
16,561 8.7 % Total operating expenses(1) 170,121
164,905 170,605 3.2 % 340,726 330,592 3.1 %
Operating income 145,968 125,691 130,602 16.1 % 276,570
238,832 15.8 % Interest income (1,310 ) (585 ) (932 ) 123.9
% (2,242 ) (1,206 ) 85.9 % Interest expense 29,027 22,918 29,024
26.7 % 58,051 45,822 26.7 % Other expense (income) 740
2,814 885 (73.7 %) 1,625 2,895 (43.9 %)
Other expenses (income), net 28,457 25,147
28,977 13.2 % 57,434 47,511 20.9 % Income
before provision for income taxes 117,511 100,544 101,625 16.9 %
219,136 191,321 14.5 % Provision for income taxes
36,245 33,587 28,674 7.9 % 64,919
63,997 1.4 % Net income $ 81,266 $ 66,957 $ 72,951 21.4 % $ 154,217
$ 127,324 21.1 %
Earnings per basic common share $ 0.90
$ 0.69 $ 0.80 30.4 % $ 1.70 $ 1.30 30.8 %
Earnings
per diluted common share $ 0.89 $ 0.69 $ 0.80 29.0 % $ 1.68 $ 1.29
30.2 % Weighted average shares outstanding used in computing
earnings per share: Basic 90,404 96,412
90,708 (6.2 %) 90,555 97,918 (7.5 %) Diluted
91,708 96,888 91,624 (5.3 %) 91,665
98,443 (6.9 %) (1)
Includes stock-based compensation expense
of $9.5 million, $8.3 million, and $9.6 million for the three
months ended June 30, 2017, June 30, 2016 and March 31, 2017,
respectively. Includes stock-based compensation expense of $19.2
million and $15.5 million for the six months ended June 30, 2017
and June 30, 2016, respectively.
Table 3: Selected Balance Sheet Items
(unaudited)
As of June 30, Dec. 31, In
thousands 2017 2016 Cash and cash equivalents
$750,581 $791,834 Accounts receivable, net of allowances $289,227
$221,504 Deferred revenue $399,116 $334,358 Long-term
debt(1) $2,076,647 $2,075,201 (1)
Consists of gross long-term debt, net of
deferred financing fees. Gross long-term debt at both June 30, 2017
and December 31, 2016 was $2.1 billion.
Table 4: Selected Cash Flow Items
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30, Mar. 31,
YoY % June 30, June 30,
YoY % In thousands 2017 2016(1)
2017 Change 2017 2016(1) Change
Cash provided by operating activities $ 122,217 $ 118,096 $ 37,015
3.5 % $ 159,232 $ 154,983 2.7 % Cash used in
investing activities (6,264 ) (12,905 ) (9,629 ) (51.5 %) (15,893 )
(18,425 ) (13.7 %) Cash used in financing activities (65,398 )
(140,418 ) (125,226 ) (53.4 %) (190,624 ) (506,584 ) (62.4 %)
Effect of exchange rate changes 3,054 (5,173 )
2,978 (159.0 %) 6,032 (3,066 ) (296.7 %)
Net
increase (decrease) in cash and cash equivalents $
53,609 $ (40,400 ) $
(94,862 ) (232.7 %)
$ (41,253 )
$ (373,092 ) (88.9 %) (1) Excess tax
benefits related to share-based compensation are now included in
operating cash flows rather than financing cash flows in accordance
with the adoption of recent accounting guidance. This change has
been applied retrospectively and resulted in increases of $1.0
million and $4.9 million in net cash provided by operating
activities with a matching decrease in net cash used in financing
activities in the same period for second quarter 2016 and six
months 2016, respectively.
Table 5: Operating Results by Segment
and Revenue Type (unaudited)
Index Three Months Ended Six Months
Ended June 30, June 30, Mar.
31, YoY % June 30, June 30,
YoY % In thousands 2017 2016
2017 Change 2017 2016 Change
Operating revenues: Recurring subscriptions $ 105,645
$ 97,139 $ 102,178 8.8 % $ 207,823 $ 190,784 8.9 % Asset-based fees
67,230 49,634 57,508 35.5 % 124,738 98,333 26.9 % Non-recurring
4,281 5,344 3,749 (19.9 %) 8,030
7,613 5.5 % Total operating revenues 177,156 152,117 163,435 16.5 %
340,591 296,730 14.8 % Adjusted EBITDA expenses 47,680
45,599 47,798 4.6 % 95,478 90,163 5.9 %
Adjusted EBITDA $ 129,476 $ 106,518 $ 115,637 21.6 % $ 245,113 $
206,567 18.7 % Adjusted EBITDA margin % 73.1 % 70.0 % 70.8 % 72.0 %
69.6 %
Analytics Three Months Ended Six
Months Ended June 30, June 30, Mar. 31,
YoY % June 30, June 30, YoY % In
thousands 2017 2016 2017 Change
2017 2016 Change Operating revenues: Recurring
subscriptions $ 112,061 $ 110,452 $ 111,269 1.5 % $ 223,330 $
219,082 1.9 % Non-recurring 1,306 1,941 1,151
(32.7 %) 2,457 3,574 (31.3 %) Total operating
revenues 113,367 112,393 112,420 0.9 % 225,787 222,656 1.4 %
Adjusted EBITDA expenses 81,626 79,091 82,884
3.2 % 164,510 158,994 3.5 % Adjusted EBITDA $ 31,741
$ 33,302 $ 29,536 (4.7 %) $ 61,277 $ 63,662 (3.7 %) Adjusted EBITDA
margin % 28.0 % 29.6 % 26.3 % 27.1 % 28.6 %
All Other
Three Months Ended Six Months Ended June 30,
June 30, Mar. 31, YoY % June 30,
June 30, YoY % In thousands 2017
2016 2017 Change 2017 2016
Change Operating revenues: Recurring subscriptions $ 24,739
$ 25,141 $ 24,652 (1.6 %) $ 49,391 $ 48,204 2.5 % Non-recurring
827 945 700 (12.5 %) 1,527 1,834
(16.7 %) Total operating revenues 25,566 26,086 25,352 (2.0 %)
50,918 50,038 1.8 % Adjusted EBITDA expenses 20,534
19,879 19,834 3.3 % 40,368 41,091 (1.8 %)
Adjusted EBITDA $ 5,032 $ 6,207 $ 5,518 (18.9 %) $ 10,550 $ 8,947
17.9 % Adjusted EBITDA margin % 19.7 % 23.8 % 21.8 % 20.7 % 17.9 %
Consolidated Three Months Ended Six Months
Ended June 30, June 30, Mar. 31, YoY
% June 30, June 30, YoY % In
thousands 2017 2016 2017 Change
2017 2016 Change Operating revenues: Recurring
subscriptions $ 242,445 $ 232,732 $ 238,099 4.2 % $ 480,544 $
458,070 4.9 % Asset-based fees 67,230 49,634 57,508 35.5 % 124,738
98,333 26.9 % Non-recurring 6,414 8,230 5,600
(22.1 %) 12,014 13,021 (7.7 %) Operating revenues
total 316,089 290,596 301,207 8.8 % 617,296 569,424 8.4 % Adjusted
EBITDA expenses 149,840 144,569 150,516 3.6 %
300,356 290,248 3.5 % Adjusted EBITDA $ 166,249 $
146,027 $ 150,691 13.8 % $ 316,940 $ 279,176 13.5 % Adjusted EBITDA
margin % 52.6 % 50.3 % 50.0 % 51.3 % 49.0 % Operating margin % 46.2
% 43.3 % 43.4 % 44.8 % 41.9 %
Table 6: Sales and Aggregate Retention
Rate by Segment (unaudited)
Three Months Ended Six Months Ended
June 30, Mar. 31, Dec. 31,
Sep. 30, June 30, June 30,
June 30, In thousands 2017 2017
2016 2016 2016 2017 2016
Index New recurring subscription sales $ 13,636 $ 14,193 $
17,220 $ 11,758 $ 13,139 $ 27,829 $ 26,301 Subscription
cancellations (3,045 ) (3,165 ) (6,071 )
(3,840 ) (4,096 ) (6,210 ) (7,506 ) Net
new recurring subscription sales $ 10,591 $ 11,028 $ 11,149 $ 7,918
$ 9,043 $ 21,619 $ 18,795 Non-recurring sales $ 4,555 $ 4,374 $
3,461 $ 5,468 $ 5,379 $ 8,929 $ 8,921 Total gross sales(1) $ 18,191
$ 18,567 $ 20,681 $ 17,226 $ 18,518 $ 36,758 $ 35,222 Total Index
net sales $ 15,146 $ 15,402 $ 14,610 $ 13,386 $ 14,422 $ 30,548 $
27,716 Index Aggregate Retention Rate(2) 97.0 % 96.9 % 93.4
% 95.8 % 95.6 % 96.9 % 95.9 %
Analytics New recurring
subscription sales $ 12,050 $ 11,874 $ 18,617 $ 13,131 $ 11,149 $
23,924 $ 23,507 Subscription cancellations (6,940 )
(7,611 ) (13,749 ) (10,530 ) (9,015 )
(14,551 ) (14,926 ) Net new recurring subscription sales $
5,110 $ 4,263 $ 4,868 $ 2,601 $ 2,134 $ 9,373 $ 8,581 Non-recurring
sales $ 1,609 $ 2,163 $ 3,215 $ 2,330 $ 1,429 $ 3,772 $ 3,285 Total
gross sales(1) $ 13,659 $ 14,037 $ 21,832 $ 15,461 $ 12,578 $
27,696 $ 26,792 Total Analytics net sales $ 6,719 $ 6,426 $ 8,083 $
4,931 $ 3,563 $ 13,145 $ 11,866 Analytics Aggregate
Retention Rate(2) 93.9 % 93.3 % 87.4 % 90.4 % 91.7 % 93.6 % 93.2 %
All Other New recurring subscription sales $ 5,456 $
4,121 $ 6,364 $ 3,877 $ 4,481 $ 9,577 $ 9,737 Subscription
cancellations (2,030 ) (1,683 ) (2,526 )
(1,903 ) (2,243 ) (3,713 ) (3,859 ) Net
new recurring subscription sales $ 3,426 $ 2,438 $ 3,838 $ 1,974 $
2,238 $ 5,864 $ 5,878 Non-recurring sales $ 958 $ 609 $ 1,139 $ 774
$ 1,132 $ 1,567 $ 2,334 Total gross sales(1) $ 6,414 $ 4,730 $
7,503 $ 4,651 $ 5,613 $ 11,144 $ 12,071 Total All Other net sales $
4,384 $ 3,047 $ 4,977 $ 2,748 $ 3,370 $ 7,431 $ 8,212 All
Other Aggregate Retention Rate(2) 90.8 % 92.4 % 87.8 % 90.8 % 89.2
% 91.6 % 90.7 %
Consolidated New recurring
subscription sales $ 31,142 $ 30,188 $ 42,201 $ 28,766 $ 28,769 $
61,330 $ 59,545 Subscription cancellations (12,015 )
(12,459 ) (22,346 ) (16,273 ) (15,354 )
(24,474 ) (26,291 ) Net new recurring subscription sales $
19,127 $ 17,729 $ 19,855 $ 12,493 $ 13,415 $ 36,856 $ 33,254
Non-recurring sales $ 7,122 $ 7,146 $ 7,815 $ 8,572 $ 7,940 $
14,268 $ 14,540 Total gross sales(1) $ 38,264 $ 37,334 $ 50,016 $
37,338 $ 36,709 $ 75,598 $ 74,085 Total net sales $ 26,249 $ 24,875
$ 27,670 $ 21,065 $ 21,355 $ 51,124 $ 47,794 Total Aggregate
Retention Rate(2) 94.9 % 94.7 % 89.9 % 92.7 % 93.1 % 94.8 % 94.1 %
(1) Total gross sales equal recurring subscription sales
plus non-recurring sales. (2) See "Notes Regarding the Use of
Operating Metrics" for details regarding the definition of
Aggregate Retention Rate.
Table 7: ETF Assets Linked to MSCI
Indexes (unaudited)(1)
Three Months Ended Six Months Ended
June 30, Mar. 31, Dec.
31, Sep. 30, June 30,
June 30, June 30, In billions
2017 2017 2016 2016 2016
2017 2016 Beginning Period AUM in ETFs linked to MSCI
indexes $ 555.7 $ 481.4 $ 474.9 $ 439.7 $ 438.3 $ 481.4 $ 433.4
Market Appreciation/(Depreciation) 23.6 35.8 (8.7 ) 23.7 (2.5 )
59.4 (4.2 ) Cash Inflows 45.0 38.5 15.2 11.5 3.9 83.5 10.5
Period-End AUM in ETFs linked to
MSCI
indexes $ 624.3 $ 555.7 $ 481.4 $ 474.9 $ 439.7 $ 624.3 $ 439.7
Period Average AUM in ETFs linked to MSCI indexes $ 595.0 $
524.1 $ 471.1 $ 467.3 $ 438.8 $ 559.5 $ 423.5 Avg. Basis
Point Fee(2) 3.07 3.08 3.10 3.11 3.12 3.07 3.12 Source: Bloomberg
and MSCI (1) ETF assets under management calculation
methodology is ETF net asset value multiplied by shares
outstanding. (2)
Based on period-end Run Rate for ETFs
linked to MSCI Indexes using period-end AUM.
AUM: Assets under management.
Table 8: Run Rate by Segment and Type
(unaudited)(1)
As of June 30,
June 30, Mar. 31, YoY %
In thousands 2017 2016 2017
Change Index Recurring subscriptions $ 428,367 $
387,679 $ 417,765 10.5 % Asset-based fees 269,595
195,298 240,834 38.0 %
Index Run Rate 697,962
582,977 658,599 19.7 %
Analytics Run
Rate 465,339 449,062 457,249 3.6 %
All Other Run Rate 97,057 86,924 91,239
11.7 %
Total Run Rate $ 1,260,358
$ 1,118,963 $ 1,207,087 12.6
% Total recurring subscriptions $ 990,763 $ 923,665 $
966,253 7.3 % Total asset-based fees 269,595 195,298
240,834 38.0 %
Total Run Rate $
1,260,358 $ 1,118,963 $
1,207,087 12.6 % (1) See "Notes
Regarding the Use of Operating Metrics" for details regarding the
definition of Run Rate.
Table 9: Reconciliation of Adjusted
EBITDA to Net Income (unaudited)
Three Months Ended Six Months
Ended June 30, June 30,
Mar. 31, June 30, June
30, In thousands 2017 2016 2017
2017 2016 Index adjusted EBITDA $ 129,476 $ 106,518 $
115,637 $ 245,113 $ 206,567 Analytics adjusted EBITDA 31,741 33,302
29,536 61,277 63,662 All Other adjusted EBITDA 5,032
6,207 5,518 10,550 8,947
Consolidated
adjusted EBITDA 166,249 146,027
150,691 316,940 279,176
Amortization of intangible assets 11,122 11,943 11,251 22,373
23,783 Depreciation and amortization of property, equipment and
leasehold improvements 9,159 8,393 8,838
17,997 16,561
Operating income 145,968
125,691 130,602 276,570 238,832 Other
expense (income), net 28,457 25,147 28,977 57,434 47,511 Provision
for income taxes 36,245 33,587 28,674
64,919 63,997
Net income $ 81,266
$ 66,957 $ 72,951 $
154,217 $ 127,324
Table 10: Reconciliation of Adjusted
Net Income and Adjusted EPS to Net Income and EPS
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30, Mar. 31,
June 30, June 30, In thousands, except per
share data 2017 2016 2017 2017
2016 Net income $ 81,266 $ 66,957 $ 72,951 $ 154,217 $
127,324 Plus: Amortization of acquired intangible assets 10,119
11,943 10,530 20,649 23,783 Less: Gain on sale of investment (771 )
— — (771 ) — Less: Income tax effect (3,146 ) (4,001
) (2,972 ) (6,118 ) (7,967 )
Adjusted net
income $ 87,468 $ 74,899 $
80,509 $ 167,977 $ 143,140
Diluted EPS $ 0.89 $ 0.69 $ 0.80 $ 1.68 $ 1.29 Plus:
Amortization of acquired intangible assets 0.11 0.12 0.11 0.23 0.24
Less: Gain on sale of investment (0.01 ) — — (0.01 ) — Less: Income
tax effect (0.04 ) (0.04 ) (0.03 )
(0.07 ) (0.08 )
Adjusted EPS $ 0.95
$ 0.77 $ 0.88 $ 1.83
$ 1.45
Table 11: Reconciliation of Adjusted
EBITDA Expenses to Operating Expenses (unaudited)
Three Months Ended Six
Months Ended Full-Year June 30,
June 30, Mar. 31, June 30,
June 30, 2017 In thousands
2017 2016 2017 2017 2016
Outlook(1) Index adjusted EBITDA expenses $ 47,680 $ 45,599
$ 47,798 $ 95,478 $ 90,163 Analytics adjusted EBITDA expenses
81,626 79,091 82,884 164,510 158,994 All Other adjusted EBITDA
expenses 20,534 19,879 19,834 40,368
41,091
Consolidated adjusted EBITDA expenses
149,840 144,569 150,516
300,356 290,248 $605,000 -
$615,000 Amortization of intangible assets 11,122 11,943 11,251
22,373 23,783 Depreciation and amortization of property, 85,000
equipment and leasehold improvements 9,159 8,393
8,838 17,997 16,561
Total operating
expenses $ 170,121 $ 164,905
$ 170,605 $ 340,726 $
330,592 $690,000 - $700,000 (1) We have not
provided a 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 Free Cash
Flow to Net Cash Provided by Operating Activities
(unaudited)
Three Months Ended Six Months
Ended Full-Year June 30, June 30,
Mar. 31, June 30, June 30,
2017 In thousands 2017 2016 2017
2017 2016 Outlook(1) Net cash provided by
operating activities $ 122,217 $ 118,096 $ 37,015 $ 159,232 $
154,983 $360,000 - $410,000 Capital expenditures (3,729 ) (10,142 )
(7,322 ) (11,051 ) (13,277 ) Capitalized software development costs
(3,306 ) (2,763 ) (2,307 ) (5,613 )
(5,088 ) Capex (7,035 ) (12,905 )
(9,629 ) (16,664 ) (18,365 ) (50,000 - 40,000)
Free cash flow $ 115,182 $
105,191 $ 27,386 $ 142,568
$ 136,618 $310,000 - $370,000 (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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170803005571/en/
MSCI Inc.InvestorsStephen Davidson, + 1
212-981-1090stephen.davidson@msci.comorMediaPeyton Kay, + 1
212-981-7463peyton.kay@msci.com
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