MSCI Inc. (NYSE: MSCI), a leading provider of indexes and
portfolio construction and risk management tools and services for
global investors, today announced results for the three months
ended September 30, 2017 (“third quarter 2017”) and nine months
ended September 30, 2017 (“nine months 2017”).
Financial and Operational Highlights for Third Quarter
2017(Note: Percentage and other changes refer to third quarter
2016 unless otherwise noted.)
- 11.7% increase in operating revenues
to $322.1 million.
- 17.0% increase in Index revenues
driven by a 29.8% increase in asset-based fees and a 9.5% increase
in recurring subscription revenues.
- Record quarter-end AUM of $674.3
billion in ETFs linked to MSCI indexes; increase of 42.0% compared
to third quarter 2016 AUM. All time high of $701.2 billion on
October 31, 2017.
- Diluted and adjusted earnings per
share increased 36.8% and 29.9%, respectively.
- Net new recurring subscription sales
increased 68.2% to $21.0 million, driven by stronger Analytics net
new sales.
- Total Aggregate Retention Rate at
94.0% and Index Aggregate Retention Rate at 95.5%.
- 13.8% increase in total Run Rate to
$1,305.0 million driven by a 36.6% increase in asset-based fees Run
Rate and an 8.6% increase in subscription Run Rate.
Three Months Ended Nine
Months Ended Sep. 30, Sep. 30,
June 30, YoY % Sep. 30, Sep.
30, YoY % In thousands, except per share
data 2017 2016 2017 Change
2017 2016 Change Operating revenues $ 322,097
$ 288,433 $ 316,089 11.7 % $ 939,393 $ 857,857 9.5 %
Operating income $ 148,663 $ 123,260 $ 145,968 20.6 % $ 425,233 $
362,092 17.4 % Operating margin % 46.2 % 42.7 % 46.2 % 45.3 % 42.2
% Net income $ 85,153 $ 65,281 $ 81,266 30.4 % $ 239,370 $
192,605 24.3 % Diluted EPS $ 0.93 $ 0.68 $ 0.89 36.8 % $
2.61 $ 1.98 31.8 % Adjusted EPS $ 1.00 $ 0.77 $ 0.95 29.9 % $ 2.83
$ 2.22 27.5 % Adjusted EBITDA $ 168,602 $ 143,324 $ 166,249
17.6 % $ 485,542 $ 422,500 14.9 % Adjusted EBITDA margin % 52.3 %
49.7 % 52.6 % 51.7 % 49.3 %
“We are increasingly working closely with some of the largest
participants in the investment industry in ways that provide them
with the means to differentiate themselves and attract assets. This
solutions-based approach is enabled by our focus on research, which
is at the heart of the innovative, world-class products and
services we deliver to our clients every day. It is exactly this
focus on our clients, our integrated model and the strong execution
of our strategy that helped us deliver another strong quarter, with
a 12% increase in revenue, and 37% and 30% increases in diluted EPS
and adjusted EPS, respectively,” commented Henry A. Fernandez,
Chairman and CEO of MSCI.
“Our research and product development capabilities allow us to
create innovative content that we can integrate across the Company.
This cycle of content enhancement, creation and integration will
provide a wide range of compelling organic opportunities that will
drive our continued growth in the quarters and years ahead,”
concluded Mr. Fernandez.
Third Quarter and Nine Months 2017
Consolidated Results
Revenues: Operating
revenues for third quarter 2017 increased $33.7 million, or 11.7%,
to $322.1 million, compared to $288.4 million for the three months
ended September 30, 2016 (“third quarter 2016”). The $33.7 million
increase in revenues was driven by a $16.9 million, or 7.5%,
increase in recurring subscriptions (driven primarily by a $9.3
million, or 9.5%, increase in Index recurring subscriptions), and a
$16.7 million, or 29.8%, increase in asset-based fees (driven
primarily by higher revenue from ETFs linked to MSCI indexes).
Adjusting for the impact of foreign currency exchange rate
fluctuations, operating revenues would have increased 11.9% for
third quarter 2017.
For nine months 2017, operating revenues increased $81.5
million, or 9.5%, to $939.4 million, compared to $857.9 million for
the nine months ended September 30, 2016 (“nine months 2016”). The
$81.5 million increase was driven by a $43.1 million, or 27.9%,
increase in asset-based fees, and a $39.4 million, or 5.8%,
increase in recurring subscriptions, partially offset by a $1.0
million, or 5.2%, decrease in non-recurring revenues. Adjusting for
the impact of foreign currency exchange rate fluctuations,
operating revenues would have increased 10.1% for nine months
2017.
Run Rate: Total Run
Rate at September 30, 2017 grew by $158.2 million, or 13.8%, to
$1,305.0 million, compared to September 30, 2016. The $158.2
million increase was driven by an $80.6 million, or 8.6%, increase
in subscription Run Rate to $1,015.2 million, and a $77.6 million,
or 36.6%, increase in asset-based fees Run Rate to $289.8 million.
Adjusting for the impact of foreign currency exchange rate
fluctuations, subscription Run Rate would have increased 8.3% in
third quarter 2017. Recurring subscriptions and asset-based fees at
September 30, 2017 represented 77.8% and 22.2% of total Run Rate,
respectively.
Expenses: Total
operating expenses for third quarter 2017 increased $8.3 million,
or 5.0%, from third quarter 2016 to $173.4 million, driven by a
$6.6 million, or 6.4%, increase in compensation and benefits
expenses (primarily higher wages and salaries and incentive
compensation resulting, in part, from the growth in the number of
employees) and a $1.8 million, or 4.2%, increase in
non-compensation expenses (higher information technology costs and
market data, partially offset by lower professional fees). Adjusted
EBITDA expenses for third quarter 2017 increased $8.4 million, or
5.8%, to $153.5 million compared to third quarter 2016. Adjusting
for the impact of foreign currency exchange rate fluctuations,
total operating expenses and adjusted EBITDA expenses for third
quarter 2017 would have increased 4.4% and 5.1%, respectively,
compared to third quarter 2016. Operating margin for third quarter
2017 was 46.2%, compared to 42.7% for third quarter 2016.
For nine months 2017, total operating expenses increased $18.4
million, or 3.7%, to $514.2 million. Adjusted EBITDA expenses
increased $18.5 million, or 4.2%, to $453.9 million compared to
nine months 2016. Adjusting for the impact of foreign currency
exchange rate fluctuations, total operating expenses and adjusted
EBITDA expenses for nine months 2017 would have increased 4.6% and
5.2%, respectively, compared to nine months 2016. Operating margin
for nine months 2017 was 45.3%, compared to 42.2% for nine months
2016.
Headcount: As of
September 30, 2017, there were 3,047 employees, up 8.7% from 2,802
as of September 30, 2016, and up 2.6% from 2,970 as of June 30,
2017. The 8.7% increase in employees was driven by increased
headcount in areas related to technology, data & content
services and research. As of September 30, 2017, a total of 42% and
58% of employees were located in developed market and emerging
market centers, respectively, compared to 44% in developed market
centers and 56% in emerging market centers as of September 30,
2016.
Amortization and Depreciation
Expenses: Amortization and depreciation expenses
decreased by $0.1 million, or 0.6%, for third quarter 2017,
compared to third quarter 2016, with a $1.0 million, or 12.2%,
increase in depreciation expense, offset by a $1.1 million, or
9.7%, decrease in amortization expense. For nine months 2017,
amortization and depreciation expenses of $60.3 million were in
line with nine months 2016.
Other Expense (Income),
Net: Other expense (income), net increased $2.1
million, or 8.2%, for third quarter 2017, compared to third quarter
2016 and increased $12.0 million, or 16.4%, for nine 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,
partially offset by higher interest income. Nine months 2016
results also included a $3.7 million charge for estimated losses
associated with miscellaneous transactions.
Tax Rate: The
effective tax rate was 29.5% for third quarter 2017, compared to
33.1% for third quarter 2016 and the effective tax rate for nine
months 2017 was 29.6%, compared to 33.3% for nine 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 the impact of discrete items. For nine
months 2017, the discrete items included the impact of stock-based
compensation excess tax benefits (the “windfall benefit”) resulting
from the adoption of new accounting guidance. The positive impact
of the windfall benefit totaled $0.7 million in third quarter 2017
and $4.8 million for nine months 2017.
Net Income: Net
income increased 30.4% to $85.2 million, from $65.3 million in
third quarter 2016. For nine months 2017, net income increased
24.3% to $239.4 million, compared to $192.6 million for nine months
2016.
Adjusted EBITDA:
Adjusted EBITDA was $168.6 million in third quarter 2017, up $25.3
million, or 17.6%, from third quarter 2016. Adjusted EBITDA margin
in third quarter 2017 was 52.3%, compared to 49.7% in third quarter
2016. For nine months 2017, adjusted EBITDA was $485.5 million, up
14.9% from nine months 2016, and adjusted EBITDA margin was 51.7%
for nine months 2017, compared to 49.3% for nine months 2016.
Cash Balances & Outstanding
Debt: Total cash and cash equivalents as of
September 30, 2017 was $799.0 million, of which $425.3 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 September 30, 2017 was $2,100.0 million, which excludes
deferred financing fees of $22.6 million. Net debt, defined as
total outstanding debt less cash and cash equivalents, was $1,301.0
million at September 30, 2017. The total debt to operating income
ratio (based on trailing twelve months operating income) was 3.8x.
The total debt to adjusted EBITDA ratio (based on trailing twelve
months adjusted EBITDA) was 3.3x.
Cash Flow &
Capex: Net cash provided by operating activities
was $101.8 million in third quarter 2017, compared to $148.5
million in third quarter 2016. Capex for third quarter 2017 was
$11.6 million, compared to $13.7 million in third quarter 2016.
Free cash flow was $90.2 million in third quarter 2017, compared to
$134.8 million in third quarter 2016. The decrease in net cash
provided by operating activities and free cash flow compared to
third quarter 2016 was driven by higher payments for income taxes,
including the impact of refunds recorded in third quarter 2016,
interest and operating expenses, partially offset by higher cash
collections, despite higher accounts receivable as a result of the
timing of invoicing and collections.
Net cash provided by operating activities was $261.0 million for
nine months 2017, compared to $303.5 million for nine months 2016.
Capex for nine months 2017 was $28.2 million, compared to $32.1
million for nine months 2016. Free cash flow was $232.8 million for
nine months 2017, compared to $271.4 million for nine months 2016.
The decrease in both net cash provided by operating activities and
free cash flow for nine months 2017 compared to the same period of
the prior year was driven by higher payments for operating
expenses, income taxes, including the impact of refunds recorded in
third quarter 2016, and interest, partially offset by higher cash
collections, despite higher accounts receivable as a result of the
timing of invoicing and collections.
Share Count & Capital
Return: The weighted average diluted shares
outstanding in third quarter 2017 declined 3.8% to 91.9 million,
compared to 95.5 million in third quarter 2016. The lower share
count, driven by buybacks under the share repurchase program,
increased diluted and adjusted earnings per share each by $0.04 in
third quarter 2017, compared to third quarter 2016. In third
quarter 2017, MSCI repurchased 87,429 shares at an average price of
$104.26 per share for a total value of $9.1 million. A total of
$0.7 billion remains on the outstanding share repurchase
authorization as of October 27, 2017. Total shares outstanding as
of September 30, 2017 was 90.1 million.
On October 31, 2017, the Board of Directors of MSCI declared a
cash dividend of $0.38 per share for fourth quarter 2017. The
fourth quarter 2017 dividend is payable on November 30, 2017 to
shareholders of record as of the close of trading on November 17,
2017.
Table 1: Third 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 Q3'17 $
184,594 $ 134,299 72.8 % $ 114,972 $ 33,013 28.7 % $
22,531 $ 1,290 5.7 % Q3'16 $ 157,751 $ 111,750 70.8 % $
111,291 $ 31,501 28.3 % $ 19,391 $ 73 0.4 % Q2'17 $ 177,156 $
129,476 73.1 % $ 113,367 $ 31,741 28.0 % $ 25,566 $ 5,032 19.7 %
YoY % change 17.0 % 20.2 % 3.3 % 4.8 % 16.2 % n/m YTD 2017 $
525,185 $ 379,412 72.2 % $ 340,759 $ 94,290 27.7 % $ 73,449 $
11,840 16.1 % YTD 2016 $ 454,481 $ 318,317 70.0 % $ 333,947 $
95,163 28.5 % $ 69,429 $ 9,020 13.0 % YoY % change 15.6 %
19.2 % 2.0 % (0.9 %)
5.8 % 31.3 % n/m: not
meaningful.
Index Segment:
Operating revenues for third quarter 2017 increased $26.8 million,
or 17.0%, to $184.6 million, compared to $157.8 million for third
quarter 2016. The $26.8 million increase was driven by a $16.7
million, or 29.8%, increase in asset-based fees, a $9.3 million, or
9.5%, increase in recurring subscriptions and a $0.8 million, or
25.5%, increase in non-recurring revenues.
The $16.7 million increase in asset-based fees was driven by
strong growth across all types of index-linked investment products.
A $13.1 million, or 35.4%, increase in revenue from ETFs linked to
MSCI indexes was driven by a 40.0% increase in average AUM,
partially offset by the impact of a change in the product mix. A
$2.5 million, or 15.0%, increase in revenue from non-ETF passive
products was driven by higher AUM and an increased contribution
from higher fee products. In addition, revenues from exchange
traded futures and options contracts based on MSCI indexes grew
$1.2 million, or 47.2%, driven by a strong increase in total
trading volumes and a more favorable product mix.
The $9.3 million increase in recurring subscriptions was driven
by strong growth in core products, growth in new products,
including factor indexes, as well as growth in custom index
products. There was a negligible impact from foreign currency
exchange rate fluctuations on Index revenues for third quarter
2017. The adjusted EBITDA margin for Index was 72.8% for third
quarter 2017, compared to 70.8% for third quarter 2016.
Operating revenues for nine months 2017 increased $70.7 million,
or 15.6%, to $525.2 million, compared to $454.5 million for nine
months 2016. The $70.7 million increase was driven by a $43.1
million, or 27.9%, increase in asset-based fees, a $26.4 million,
or 9.1%, increase in recurring subscriptions, and a $1.2 million,
or 11.1%, increase in non-recurring revenues. There was a
negligible impact from foreign currency exchange rate fluctuations
on Index revenues for nine months 2017. The adjusted EBITDA margin
for Index was 72.2% for nine months 2017, compared to 70.0% for
nine months 2016.
Index Run Rate at September 30, 2017 grew by $121.2 million, or
19.9%, to $729.1 million, compared to September 30, 2016. The
$121.2 million increase was driven by a $77.6 million, or 36.6%,
increase in asset-based fees Run Rate, and a $43.6 million, or
11.0%, increase in recurring subscriptions Run Rate. The 11.0%
increase in Index recurring subscriptions Run Rate was primarily
driven by an increase in core products, strong demand for new
products, including factor and ESG indexes, as well as growth in
custom index products. There was a negligible impact from foreign
currency exchange rate fluctuations on Index recurring subscription
Run Rate at September 30, 2017.
Analytics Segment:
Operating revenues for third quarter 2017 increased $3.7 million,
or 3.3%, to $115.0 million, compared to $111.3 million for third
quarter 2016. The increase was driven by both Equity and
Multi-Asset Class Analytics products. Adjusting for the impact of
foreign currency exchange rate fluctuations, Analytics operating
revenues would have increased 3.7%. The adjusted EBITDA margin for
Analytics was 28.7% for third quarter 2017, compared to 28.3% for
third quarter 2016.
Operating revenues for nine months 2017 increased $6.8 million,
or 2.0%, to $340.8 million, compared to $333.9 million for nine
months 2016. Adjusting for the impact of foreign currency exchange
rate fluctuations, Analytics operating revenues for nine months
2017 would have increased 2.9%. The adjusted EBITDA margin for
Analytics was 27.7% for nine months 2017, compared to 28.5% for
nine months 2016.
Analytics Run Rate at September 30, 2017 grew by $22.4 million,
or 5.0%, to $474.7 million, compared to September 30, 2016,
primarily driven by growth in both Multi-Asset Class and Equity
Analytics products. Adjusting for the impact of foreign currency
exchange rate fluctuations, Analytics Run Rate would have increased
4.7% in third quarter 2017.
All Other Segment:
Operating revenues for third quarter 2017 increased by $3.1
million, or 16.2%, to $22.5 million, compared to $19.4 million for
third quarter 2016. The increase in All Other revenues was driven
by a $2.4 million, or 21.2%, increase in ESG revenues to $13.9
million, and a $0.7 million, or 9.0% increase in Real Estate
revenues. The increase in ESG revenues was driven by higher ESG
Ratings product revenues, which is benefiting from increased
investments. The increase in Real Estate revenues was primarily
driven by an increase in Market Information product revenues.
Adjusting for the impact of foreign currency exchange rate
fluctuations, third quarter 2017 Real Estate revenues would have
increased 8.2% and All Other operating revenues would have
increased 15.9%. There was a negligible impact from foreign
currency exchange rate fluctuations on ESG revenues for third
quarter 2017. The adjusted EBITDA margin for All Other was 5.7% for
third quarter 2017, compared to 0.4% for third quarter 2016.
Operating revenues for nine months 2017 increased $4.0 million,
or 5.8%, to $73.4 million, compared to $69.4 million for nine
months 2016. The increase in All Other revenues was driven by a
$7.0 million, or 21.0%, increase in ESG revenues to $40.1 million,
partially offset by a $2.9 million, or 8.1%, decrease in Real
Estate revenues to $33.3 million. Adjusting for the impact of
foreign currency exchange rate fluctuations and the divestiture of
the Real Estate occupiers business, nine months 2017 revenues for
Real Estate would have decreased 2.1% and All Other operating
revenues would have increased 9.0%. There was a negligible impact
from foreign currency exchange rate fluctuations on ESG revenues
for nine months 2017. The adjusted EBITDA margin for All Other was
16.1% for nine months 2017, compared to 13.0% for nine months
2016.
All Other Run Rate at September 30, 2017 grew by $14.5 million,
or 16.7%, to $101.3 million, compared to September 30, 2016. The
$14.5 million increase was primarily driven by a $12.1 million, or
25.9%, increase in ESG Run Rate to $59.0 million, and a $2.4
million, or 6.0%, increase in Real Estate Run Rate to $42.3
million. The increase in ESG Run Rate was primarily driven by
growth in ESG Ratings products. The increase in Real Estate Run
Rate was primarily driven by growth in Market Information products.
Adjusting for the impact of foreign currency exchange rate
fluctuations, Real Estate Run Rate would have increased 2.8%, ESG
Run Rate would have increased 23.9% and All Other Run Rate would
have increased 14.2% in third quarter 2017.
Full-Year 2017 Guidance
MSCI’s guidance for full-year 2017 is as follows:
- Total operating expenses are expected
to be in the range of $690 million to $700 million. Adjusted EBITDA
expenses are now expected to be towards the higher end of the
previously announced range of $605 million to $615 million,
primarily reflecting higher severance in the fourth quarter
associated with certain efficiency initiatives.
- 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 at the lower end of the previously announced range of 30.0%
to 31.0%.
Conference Call Information
MSCI's senior management will review third quarter 2017 results
on Thursday, November 2, 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 November 5, 2017, the recording will also be
available by dialing 1-800-585-8367 passcode: 96492216
within the United States or 1-404-537-3406 passcode:
96492216 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 99 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, Capex 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 Nine Months
Ended Sep. 30, Sep. 30, June
30, YoY % Sep. 30, Sep. 30, YoY
% In thousands, except per share data 2017
2016 2017 Change 2017 2016
Change Operating revenues $ 322,097 $ 288,433 $ 316,089
11.7 % $ 939,393 $ 857,857 9.5 % Operating expenses:
Cost of revenues 68,491 62,986 68,595 8.7 % 204,607 188,288 8.7 %
Selling and marketing 44,918 41,514 41,594 8.2 % 129,526 125,057
3.6 % Research and development 17,983 18,750 18,203 (4.1 %) 55,163
56,244 (1.9 %) General and administrative 22,103 21,859 21,448 1.1
% 64,555 65,768 (1.8 %) Amortization of intangible assets 10,614
11,752 11,122 (9.7 %) 32,987 35,535 (7.2 %) Depreciation and
amortization of property, equipment and leasehold improvements
9,325 8,312 9,159 12.2 % 27,322
24,873 9.8 % Total operating expenses(1) 173,434
165,173 170,121 5.0 % 514,160 495,765 3.7 %
Operating income 148,663 123,260 145,968 20.6 % 425,233
362,092 17.4 % Interest income (1,835 ) (799 ) (1,310 )
129.7 % (4,077 ) (2,005 ) 103.3 % Interest expense 29,020 26,790
29,027 8.3 % 87,071 72,612 19.9 % Other expense (income) 675
(253 ) 740 n/m 2,300 2,642 (12.9 %)
Other expense (income), net 27,860 25,738
28,457 8.2 % 85,294 73,249 16.4 % Income
before provision for income taxes 120,803 97,522 117,511 23.9 %
339,939 288,843 17.7 % Provision for income taxes
35,650 32,241 36,245 10.6 % 100,569
96,238 4.5 % Net income $ 85,153 $ 65,281 $ 81,266 30.4 % $ 239,370
$ 192,605 24.3 %
Earnings per basic common share $ 0.94
$ 0.69 $ 0.90 36.2 % $ 2.65 $ 1.99 33.2 %
Earnings
per diluted common share $ 0.93 $ 0.68 $ 0.89 36.8 % $ 2.61 $ 1.98
31.8 % Weighted average shares outstanding used in computing
earnings per share: Basic 90,112 94,823
90,404 (5.0 %) 90,406 96,879 (6.7 %) Diluted
91,868 95,473 91,708 (3.8 %) 91,731
97,445 (5.9 %) n/m: not meaningful. (1) Includes stock-based
compensation expense of $9.4 million, $8.5 million and $9.5 million
for the three months ended Sep. 30, 2017, Sep. 30, 2016 and June
30, 2017, respectively. Includes stock-based compensation expense
of $28.6 million and $24.0 million for the nine months ended Sep.
30, 2017 and Sep. 30, 2016, respectively.
Table 3: Selected Balance Sheet Items
(unaudited)
As of Sep. 30, Dec. 31,
In thousands 2017 2016 Cash and cash
equivalents $799,015 $791,834 Accounts receivable, net of
allowances $309,196 $221,504 Deferred revenue $374,730
$334,358 Long-term debt(1) $2,077,370 $2,075,201 (1) Consists of
gross long-term debt, net of deferred financing fees. Gross
long-term debt at both Sep. 30, 2017 and Dec. 31, 2016 was $2.1
billion.
Table 4: Selected Cash Flow Items
(unaudited)
Three Months Ended Nine Months
Ended Sep. 30, Sep. 30, June
30, YoY % Sep. 30, Sep. 30,
YoY % In thousands 2017 2016
2017 Change 2017 2016 Change
Cash provided by operating activities $ 101,773 $ 148,527 $ 122,217
(31.5 %) $ 261,005 $ 303,510 (14.0 %) Cash used in
investing activities (11,553 ) (13,071 ) (6,264 ) (11.6 %) (27,446
) (31,496 ) (12.9 %)
Cash (used in) provided by financing
activities
(43,251 ) 434,826 (65,398 ) (109.9 %) (233,875 ) (71,758 ) 225.9 %
Effect of exchange rate changes 1,465 (834 )
3,054 (275.7 %) 7,497 (3,900 ) (292.2 %)
Net
increase (decrease) in cash and cash equivalents $
48,434 $ 569,448 $ 53,609 (91.5
%)
$ 7,181 $ 196,356 (96.3 %) (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 $1.6 million and $6.5 million in net cash provided by operating
activities with a matching decrease in net cash used in financing
activities in the same period for third quarter 2016 and nine
months 2016, respectively.
Table 5: Operating Results by Segment
and Revenue Type (unaudited)
Index Three Months Ended Nine
Months Ended Sep. 30, Sep. 30,
June 30, YoY % Sep. 30, Sep.
30, YoY % In thousands 2017
2016 2017 Change 2017 2016
Change Operating revenues: Recurring
subscriptions $ 107,963 $ 98,625 $ 105,645 9.5 % $ 315,786 $
289,409 9.1 % Asset-based fees 72,861 56,122 67,230 29.8 % 197,599
154,455 27.9 % Non-recurring 3,770 3,004 4,281
25.5 % 11,800 10,617 11.1 % Total operating revenues
184,594 157,751 177,156 17.0 % 525,185 454,481 15.6 % Adjusted
EBITDA expenses 50,295 46,001 47,680 9.3 %
145,773 136,164 7.1 % Adjusted EBITDA $ 134,299 $
111,750 $ 129,476 20.2 % $ 379,412 $ 318,317 19.2 % Adjusted EBITDA
margin % 72.8 % 70.8 % 73.1 % 72.2 % 70.0 %
Analytics
Three Months Ended Nine Months Ended Sep. 30,
Sep. 30, June 30, YoY % Sep. 30,
Sep. 30, YoY % In thousands 2017
2016 2017 Change 2017 2016
Change Operating revenues: Recurring subscriptions $ 113,574
$ 109,554 $ 112,061 3.7 % $ 336,904 $ 328,636 2.5 % Non-recurring
1,398 1,737 1,306 (19.5 %) 3,855
5,311 (27.4 %) Total operating revenues 114,972 111,291 113,367 3.3
% 340,759 333,947 2.0 % Adjusted EBITDA expenses 81,959
79,790 81,626 2.7 % 246,469 238,784 3.2
% Adjusted EBITDA $ 33,013 $ 31,501 $ 31,741 4.8 % $ 94,290 $
95,163 (0.9 %) Adjusted EBITDA margin % 28.7 % 28.3 % 28.0 % 27.7 %
28.5 %
All Other Three Months Ended Nine
Months Ended Sep. 30, Sep. 30, June 30,
YoY % Sep. 30, Sep. 30, YoY % In
thousands 2017 2016 2017 Change
2017 2016 Change Operating revenues: Recurring
subscriptions $ 21,865 $ 18,329 $ 24,739 19.3 % $ 71,256 $ 66,533
7.1 % Non-recurring 666 1,062 827 (37.3 %)
2,193 2,896 (24.3 %) Total operating revenues 22,531
19,391 25,566 16.2 % 73,449 69,429 5.8 % Adjusted EBITDA expenses
21,241 19,318 20,534 10.0 % 61,609
60,409 2.0 % Adjusted EBITDA $ 1,290 $ 73 $ 5,032 n/m $
11,840 $ 9,020 31.3 % Adjusted EBITDA margin % 5.7 % 0.4 % 19.7 %
16.1 % 13.0 %
Consolidated Three Months Ended
Nine Months Ended Sep. 30, Sep. 30, June
30, YoY % Sep. 30, Sep. 30, YoY %
In thousands 2017 2016 2017
Change 2017 2016 Change Operating
revenues: Recurring subscriptions $ 243,402 $ 226,508 $ 242,445 7.5
% $ 723,946 $ 684,578 5.8 % Asset-based fees 72,861 56,122 67,230
29.8 % 197,599 154,455 27.9 % Non-recurring 5,834
5,803 6,414 0.5 % 17,848 18,824 (5.2 %)
Operating revenues total 322,097 288,433 316,089 11.7 % 939,393
857,857 9.5 % Adjusted EBITDA expenses 153,495
145,109 149,840 5.8 % 453,851 435,357 4.2 %
Adjusted EBITDA $ 168,602 $ 143,324 $ 166,249 17.6 % $ 485,542 $
422,500 14.9 % Adjusted EBITDA margin % 52.3 % 49.7 % 52.6 % 51.7 %
49.3 % Operating margin % 46.2 % 42.7 % 46.2 % 45.3 % 42.2 %
n/m: not meaningful.
Table 6: Sales and Aggregate Retention
Rate by Segment (unaudited)
Three Months Ended Nine
Months Ended Sep. 30, June 30,
Mar. 31, Dec. 31, Sep. 30,
Sep. 30, Sep. 30, In thousands
2017 2017 2017 2016 2016
2017 2016 Index New recurring subscription
sales $ 15,499 $ 13,636 $ 14,193 $ 17,220 $ 11,758 $ 43,328 $
38,059 Subscription cancellations (4,605 ) (3,045 )
(3,165 ) (6,071 ) (3,840 ) (10,815 )
(11,346 ) Net new recurring subscription sales $ 10,894 $
10,591 $ 11,028 $ 11,149 $ 7,918 $ 32,513 $ 26,713 Non-recurring
sales $ 3,704 $ 4,555 $ 4,374 $ 3,461 $ 5,468 $ 12,633 $ 14,389
Total gross sales(1) $ 19,203 $ 18,191 $ 18,567 $ 20,681 $ 17,226 $
55,961 $ 52,448 Total Index net sales $ 14,598 $ 15,146 $ 15,402 $
14,610 $ 13,386 $ 45,146 $ 41,102 Index Aggregate Retention
Rate(2) 95.5 % 97.0 % 96.9 % 93.4 % 95.8 % 96.5 % 95.9 %
Analytics New recurring subscription sales $ 15,036 $ 12,050
$ 11,874 $ 18,617 $ 13,131 $ 38,960 $ 36,638 Subscription
cancellations (7,444 ) (6,940 ) (7,611 )
(13,749 ) (10,530 ) (21,995 ) (25,456 )
Net new recurring subscription sales $ 7,592 $ 5,110 $ 4,263 $
4,868 $ 2,601 $ 16,965 $ 11,182 Non-recurring sales $ 2,792 $ 1,609
$ 2,163 $ 3,215 $ 2,330 $ 6,564 $ 5,615 Total gross sales(1) $
17,828 $ 13,659 $ 14,037 $ 21,832 $ 15,461 $ 45,524 $ 42,253 Total
Analytics net sales $ 10,384 $ 6,719 $ 6,426 $ 8,083 $ 4,931 $
23,529 $ 16,797 Analytics Aggregate Retention Rate(2) 93.4 %
93.9 % 93.3 % 87.4 % 90.4 % 93.5 % 92.2 %
All Other
New recurring subscription sales $ 4,576 $ 5,456 $ 4,121 $ 6,364 $
3,877 $ 14,153 $ 13,614 Subscription cancellations (2,050 )
(2,030 ) (1,683 ) (2,526 ) (1,903 )
(5,763 ) (5,762 ) Net new recurring subscription
sales $ 2,526 $ 3,426 $ 2,438 $ 3,838 $ 1,974 $ 8,390 $ 7,852
Non-recurring sales $ 829 $ 958 $ 609 $ 1,139 $ 774 $ 2,396 $ 3,108
Total gross sales(1) $ 5,405 $ 6,414 $ 4,730 $ 7,503 $ 4,651 $
16,549 $ 16,722 Total All Other net sales $ 3,355 $ 4,384 $ 3,047 $
4,977 $ 2,748 $ 10,786 $ 10,960 All Other Aggregate
Retention Rate(2) 90.7 % 90.8 % 92.4 % 87.8 % 90.8 % 91.3 % 90.7 %
Consolidated New recurring subscription sales $
35,111 $ 31,142 $ 30,188 $ 42,201 $ 28,766 $ 96,441 $ 88,311
Subscription cancellations (14,099 ) (12,015 )
(12,459 ) (22,346 ) (16,273 ) (38,573 )
(42,564 ) Net new recurring subscription sales $ 21,012 $ 19,127 $
17,729 $ 19,855 $ 12,493 $ 57,868 $ 45,747 Non-recurring sales $
7,325 $ 7,122 $ 7,146 $ 7,815 $ 8,572 $ 21,593 $ 23,112 Total gross
sales(1) $ 42,436 $ 38,264 $ 37,334 $ 50,016 $ 37,338 $ 118,034 $
111,423 Total net sales $ 28,337 $ 26,249 $ 24,875 $ 27,670 $
21,065 $ 79,461 $ 68,859 Total Aggregate Retention Rate(2)
94.0 % 94.9 % 94.7 % 89.9 % 92.7 % 94.6 % 93.6 % (1) Total gross
sales equal new 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: AUM in ETFs Linked to MSCI
Indexes (unaudited)(1)
Three Months Ended
Nine Months Ended Sep. 30, June
30, Mar. 31, Dec. 31,
Sep. 30, Sep. 30, Sep.
30, In billions 2017 2017 2017
2016 2016 2017 2016 Beginning Period
AUM in ETFs linked to MSCI indexes $ 624.3 $ 555.7 $ 481.4 $ 474.9
$ 439.7 $ 481.4 $ 433.4 Market Appreciation/(Depreciation) 32.2
23.6 35.8 (8.7 ) 23.7 91.6 19.5 Cash Inflows 17.8 45.0 38.5 15.2
11.5 101.3 22.0 Period-End AUM in ETFs linked to
MSCI indexes $ 674.3 $ 624.3 $ 555.7 $ 481.4 $
474.9 $ 674.3 $ 474.9 Period Average AUM in ETFs linked to
MSCI indexes $ 654.4 $ 595.0 $ 524.1 $ 471.1 $ 467.3 $ 591.1 $
438.1 Avg. Basis Point Fee(2) 3.05 3.07 3.08 3.10 3.11 3.05
3.11 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 Sep. 30,
Sep. 30, June 30, YoY
% In thousands 2017 2016 2017
Change Index Recurring subscriptions $ 439,251 $
395,601 $ 428,367 11.0 % Asset-based fees 289,812
212,224 269,595 36.6 %
Index Run Rate 729,063
607,825 697,962 19.9 %
Analytics Run
Rate 474,721 452,323 465,339 5.0 %
All Other Run Rate 101,253 86,738
97,057 16.7 %
Total Run Rate $
1,305,037 $ 1,146,886 $
1,260,358 13.8 % Total recurring
subscriptions $ 1,015,225 $ 934,662 $ 990,763 8.6 % Total
asset-based fees 289,812 212,224 269,595 36.6
%
Total Run Rate $ 1,305,037 $
1,146,886 $ 1,260,358 13.8 % (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 Nine
Months Ended Sep. 30, Sep. 30,
June 30, Sep. 30, Sep.
30, In thousands 2017 2016 2017
2017 2016 Index adjusted EBITDA $ 134,299 $ 111,750 $
129,476 $ 379,412 $ 318,317 Analytics adjusted EBITDA 33,013 31,501
31,741 94,290 95,163 All Other adjusted EBITDA 1,290
73 5,032 11,840 9,020
Consolidated adjusted
EBITDA 168,602 143,324
166,249 485,542 422,500
Amortization of intangible assets 10,614 11,752 11,122 32,987
35,535 Depreciation and amortization of property, equipment and
leasehold improvements 9,325 8,312 9,159
27,322 24,873
Operating income 148,663
123,260 145,968 425,233 362,092 Other
expense (income), net 27,860 25,738 28,457 85,294 73,249 Provision
for income taxes 35,650 32,241 36,245
100,569 96,238
Net income $ 85,153
$ 65,281 $ 81,266 $
239,370 $ 192,605
Table 10: Reconciliation of Adjusted
Net Income and Adjusted EPS to Net Income and EPS
(unaudited)
Three Months Ended Nine Months
Ended Sep. 30, Sep. 30, June
30, Sep. 30, Sep. 30, In thousands,
except per share data 2017 2016 2017
2017 2016 Net income $ 85,153 $ 65,281 $ 81,266 $
239,370 $ 192,605 Plus: Amortization of acquired intangible assets
9,270 11,752 10,119 29,919 35,535 Less: Gain on sale of investment
— — (771 ) (771 ) — Less: Income tax effect (2,732 )
(3,873 ) (3,146 ) (8,850 ) (11,840 )
Adjusted net income $ 91,691 $
73,160 $ 87,468 $ 259,668
$ 216,300 Diluted EPS $ 0.93 $ 0.68 $ 0.89 $
2.61 $ 1.98 Plus: Amortization of acquired intangible assets 0.10
0.12 0.11 0.33 0.36 Less: Gain on sale of investment — — (0.01 )
(0.01 ) — Less: Income tax effect (0.03 ) (0.03 )
(0.04 ) (0.10 ) (0.12 )
Adjusted EPS
$ 1.00 $ 0.77 $ 0.95
$ 2.83 $ 2.22
Table 11: Reconciliation of Adjusted
EBITDA Expenses to Operating Expenses (unaudited)
Three Months Ended
Nine Months Ended Full-Year Sep. 30,
Sep. 30, June 30, Sep.
30, Sep. 30, 2017 In
thousands 2017 2016 2017 2017
2016 Outlook(1) Index adjusted EBITDA expenses $
50,295 $ 46,001 $ 47,680 $ 145,773 $ 136,164 Analytics adjusted
EBITDA expenses 81,959 79,790 81,626 246,469 238,784 All Other
adjusted EBITDA expenses 21,241 19,318 20,534
61,609 60,409
Consolidated adjusted EBITDA
expenses 153,495 145,109
149,840 453,851 435,357
$605,000 - $615,000 Amortization of intangible assets 10,614
11,752 11,122 32,987 35,535 Depreciation and amortization of
property, 80,000 equipment and leasehold improvements 9,325
8,312 9,159 27,322 24,873
Total operating expenses $ 173,434 $
165,173 $ 170,121 $ 514,160
$ 495,765 $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 Nine
Months Ended Full-Year Sep. 30, Sep.
30, June 30, Sep. 30, Sep.
30, 2017 In thousands 2017 2016
2017 2017 2016 Outlook(1) Net cash
provided by operating activities $ 101,774 $ 148,527 $ 122,217 $
261,005 $ 303,510 $360,000 - $410,000 Capital expenditures (6,390 )
(10,867 ) (3,729 ) (17,440 ) (24,144 ) Capitalized software
development costs (5,164 ) (2,861 ) (3,306 )
(10,777 ) (7,949 ) Capex (11,554 )
(13,728 ) (7,035 ) (28,217 ) (32,093 )
(50,000 - 40,000)
Free cash flow $ 90,220
$ 134,799 $ 115,182 $
232,788 $ 271,417 $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/20171102005683/en/
MSCI Inc.InvestorsStephen Davidson, +
1-212-981-1090stephen.davidson@msci.comorMediaPeyton Kay, +
1-212-981-7463peyton.kay@msci.com
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