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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 10-Q
___________________________________
| | | | | |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
OR
| | | | | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from____________to____________
Commission file number 001-33812
________________________________________
![msci-logo-resized.gif](https://www.sec.gov/Archives/edgar/data/1408198/000140819823000039/msci-20230630_g1.gif)
MSCI INC.(Exact Name of Registrant as Specified in its Charter)
________________________________________
| | | | | | | | |
Delaware | | 13-4038723 |
(State or other jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification Number) |
| | |
7 World Trade Center 250 Greenwich Street, 49th Floor New York, New York | | 10007 |
(Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (212) 804-3900
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common stock, par value $0.01 per share | | MSCI | | New York Stock Exchange |
________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | x | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | o |
| | Emerging growth company | o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of July 18, 2023, there were 79,088,640 shares of the registrant’s common stock, par value $0.01, outstanding.
FOR THE QUARTER ENDED JUNE 30, 2023
TABLE OF CONTENTS
AVAILABLE INFORMATION
Our corporate headquarters is located at 7 World Trade Center, 250 Greenwich Street, 49th Floor, New York, New York, 10007, and our telephone number is (212) 804-3900. We maintain a website on the internet at www.msci.com. The contents of our website are not a part of or incorporated by reference in this Quarterly Report on Form 10-Q.
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). The SEC maintains a website that contains reports, proxy and information statements and other information that we file electronically with the SEC at www.sec.gov. We also make available free of charge, on or through our website, these reports, proxy statements and other information as soon as reasonably practicable following the time they are electronically filed with or furnished to the SEC. To access these, click on the “SEC Filings” link under the “Financial Information” tab found on our Investor Relations homepage (http://ir.msci.com).
We also use our Investor Relations homepage, Corporate Responsibility homepage 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 us when you enroll your email address by visiting the “Email Alerts” section of our Investor Relations homepage at https://ir.msci.com/email-alerts. The contents of our website, including our Investor Relations homepage and Corporate Responsibility homepage, and our social media channels are not, however, a part of or incorporated by reference in this Quarterly Report on Form 10-Q.
FORWARD-LOOKING STATEMENTS
We have included in this Quarterly Report on Form 10-Q, and from time to time may make in our public filings, press releases or other public statements, certain statements that constitute forward-looking statements. In addition, our management may make forward-looking statements to analysts, investors, representatives of the media and others. These forward-looking statements are not historical facts and represent only MSCI’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond our control. These forward-looking statements 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. Statements concerning our financial position, business strategy and plans or objectives for future operations are forward-looking statements. 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. Such risks and uncertainties include those set forth under “Risk Factors” in Part I, Item 1A of the 2022 Annual Report on Form 10-K filed with the SEC on February 10, 2023. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement reflects our current views with respect to future events, levels of activity, performance or achievements and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. The forward-looking statements in this report speak only as of the time they are made and do not necessarily reflect our outlook at any other point in time. 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. Therefore, readers should carefully review the risk factors set forth in the Annual Report on Form 10-K and in other reports or documents we file from time to time with the SEC.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except per share and share data)
| | | | | | | | | | | | | | |
| | As of |
| | June 30, | | December 31, |
(unaudited) | | 2023 | | 2022 |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents (includes restricted cash of $3,885 and $368 at June 30, 2023 and December 31, 2022, respectively) | | $ | 792,329 | | | $ | 993,564 | |
Accounts receivable (net of allowances of $2,934 and $2,652 at June 30, 2023 and December 31, 2022, respectively) | | 612,885 | | | 663,236 | |
Prepaid income taxes | | 69,737 | | | 36,654 | |
Prepaid and other assets | | 49,234 | | | 54,520 | |
Total current assets | | 1,524,185 | | | 1,747,974 | |
| | | | |
Property, equipment and leasehold improvements, net | | 60,966 | | | 53,853 | |
Right of use assets | | 122,415 | | | 126,584 | |
Goodwill | | 2,232,459 | | | 2,229,670 | |
Intangible assets, net | | 546,425 | | | 558,517 | |
Equity method investment | | 210,496 | | | 214,389 | |
Deferred tax assets | | 28,429 | | | 29,207 | |
Other non-current assets | | 37,453 | | | 37,341 | |
Total assets | | $ | 4,762,828 | | | $ | 4,997,535 | |
| | | | |
| | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 7,277 | | | $ | 15,039 | |
Income taxes payable | | 12,057 | | | 8,058 | |
Accrued compensation and related benefits | | 119,451 | | | 182,370 | |
Current portion of long-term debt | | 8,717 | | | 8,713 | |
Other accrued liabilities | | 161,000 | | | 153,461 | |
Deferred revenue | | 909,623 | | | 882,886 | |
Total current liabilities | | 1,218,125 | | | 1,250,527 | |
| | | | |
Long-term debt | | 4,501,119 | | | 4,503,233 | |
Long-term operating lease liabilities | | 127,225 | | | 131,575 | |
Deferred tax liabilities | | 17,661 | | | 29,098 | |
Other non-current liabilities | | 92,366 | | | 91,027 | |
Total liabilities | | 5,956,496 | | | 6,005,460 | |
| | | | |
| | | | |
Commitments and Contingencies (see Note 7) | | | | |
| | | | |
Shareholders’ equity (deficit): | | | | |
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued) | | — | | | — | |
Common stock (par value $0.01; 750,000,000 common shares authorized; 133,812,966 and 133,623,005 common shares issued and 79,126,903 and 79,959,989 common shares outstanding at June 30, 2023 and December 31, 2022, respectively) | | 1,338 | | | 1,336 | |
Treasury shares, at cost (54,686,063 and 53,663,016 common shares held at June 30, 2023 and December 31, 2022, respectively) | | (6,428,102) | | | (5,938,116) | |
Additional paid in capital | | 1,553,365 | | | 1,515,874 | |
Retained earnings | | 3,736,376 | | | 3,473,192 | |
Accumulated other comprehensive loss | | (56,645) | | | (60,211) | |
Total shareholders’ equity (deficit) | | (1,193,668) | | | (1,007,925) | |
| | | | |
Total liabilities and shareholders’ equity (deficit) | | $ | 4,762,828 | | | $ | 4,997,535 | |
| | | | |
See Notes to Condensed Consolidated Financial Statements (Unaudited)
MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(unaudited) | | 2023 | | 2022 | | 2023 | | 2022 |
Operating revenues | | $ | 621,157 | | | $ | 551,806 | | | $ | 1,213,375 | | | $ | 1,111,751 | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
Cost of revenues (exclusive of depreciation and amortization) | | 110,066 | | | 100,768 | | | 218,713 | | | 203,539 | |
Selling and marketing | | 67,988 | | | 61,073 | | | 134,463 | | | 127,126 | |
Research and development | | 30,140 | | | 23,916 | | | 61,463 | | | 52,238 | |
General and administrative | | 35,657 | | | 36,724 | | | 76,701 | | | 82,291 | |
Amortization of intangible assets | | 26,154 | | | 22,179 | | | 50,821 | | | 43,899 | |
Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | 10,659 | | | 13,299 | |
Total operating expenses | | 275,204 | | | 251,425 | | | 552,820 | | | 522,392 | |
| | | | | | | | |
| | | | | | | | |
Operating income | | 345,953 | | | 300,381 | | | 660,555 | | | 589,359 | |
| | | | | | | | |
Interest income | | (10,403) | | | (924) | | | (20,765) | | | (1,222) | |
Interest expense | | 46,617 | | | 41,085 | | | 92,823 | | | 81,799 | |
Other expense (income) | | 2,581 | | | 188 | | | 4,967 | | | (193) | |
| | | | | | | | |
Other expense (income), net | | 38,795 | | | 40,349 | | | 77,025 | | | 80,384 | |
| | | | | | | | |
| | | | | | | | |
Income before provision for income taxes | | 307,158 | | | 260,032 | | | 583,530 | | | 508,975 | |
Provision for income taxes | | 60,333 | | | 49,445 | | | 97,977 | | | 69,965 | |
Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | |
| | | | | | | | |
| | | | | | | | |
Earnings per share: | | | | | | | | |
Basic | | $ | 3.10 | | | $ | 2.60 | | | $ | 6.08 | | | $ | 5.40 | |
Diluted | | $ | 3.09 | | | $ | 2.59 | | | $ | 6.05 | | | $ | 5.37 | |
| | | | | | | | |
Weighted average shares outstanding: | | | | | | | | |
Basic | | 79,592 | | 80,923 | | 79,815 | | 81,255 |
Diluted | | 79,905 | | 81,295 | | 80,193 | | 81,789 |
See Notes to Condensed Consolidated Financial Statements (Unaudited)
MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(unaudited) | | 2023 | | 2022 | | 2023 | | 2022 |
Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | |
Other comprehensive income (loss): | | | | | | | | |
Foreign currency translation adjustments | | 2,516 | | | (11,796) | | | 6,878 | | | (14,746) | |
Income tax effect | | (323) | | | 1,606 | | | (1,431) | | | 2,468 | |
Foreign currency translation adjustments, net | | 2,193 | | | (10,190) | | | 5,447 | | | (12,278) | |
| | | | | | | | |
| | | | | | | | |
Pension and other post-retirement adjustments | | (1,581) | | | 7,376 | | | (2,094) | | | 7,486 | |
Income tax effect | | 179 | | | (1,070) | | | 213 | | | (1,114) | |
Pension and other post-retirement adjustments, net | | (1,402) | | | 6,306 | | | (1,881) | | | 6,372 | |
| | | | | | | | |
Other comprehensive (loss) income, net of tax | | 791 | | | (3,884) | | | 3,566 | | | (5,906) | |
| | | | | | | | |
Comprehensive income | | $ | 247,616 | | | $ | 206,703 | | | $ | 489,119 | | | $ | 433,104 | |
| | | | | | | | |
See Notes to Condensed Consolidated Financial Statements (Unaudited)
MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
(in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited) | | Common Stock | | Treasury Stock | | Additional Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total | |
Balance at December 31, 2022 | | $ | 1,336 | | | $ | (5,938,116) | | | $ | 1,515,874 | | | $ | 3,473,192 | | | $ | (60,211) | | | $ | (1,007,925) | | |
Net income | | | | | | | | 238,728 | | | | | 238,728 | | |
Dividends declared ($1.38 per common share) | | | | | | | | (111,986) | | | | | (111,986) | | |
Dividends paid in shares | | | | | | 44 | | | | | | | 44 | | |
Other comprehensive income (loss), net of tax | | | | | | | | | | 2,775 | | | 2,775 | | |
Common stock issued | | 2 | | | | | | | | | | | 2 | | |
Shares withheld for tax withholding | | | | (43,960) | | | | | | | | | (43,960) | | |
Compensation payable in common stock | | | | | | 20,988 | | | | | | | 20,988 | | |
Common stock repurchased and held in treasury | | | | | | | | | | | | — | | |
Common stock issued to Directors and (held in)/released from treasury | | | | (30) | | | | | | | | | (30) | | |
Balance at March 31, 2023 | | 1,338 | | | (5,982,106) | | | 1,536,906 | | | 3,599,934 | | | (57,436) | | | (901,364) | | |
| | | | | | | | | | | | | |
Net income | | | | | | | | 246,825 | | | | | 246,825 | | |
Dividends declared ($1.38 per common share) | | | | | | | | (110,383) | | | | | (110,383) | | |
Dividends paid in shares | | | | | | | 33 | | | | | | | 33 | | |
Other comprehensive income (loss), net of tax | | | | | | | | | | 791 | | | 791 | | |
Common stock issued | | | | | | | | | | | | | — | | |
Shares withheld for tax withholding | | | | (611) | | | | | | | | | (611) | | |
Compensation payable in common stock | | | | | | 16,426 | | | | | | | 16,426 | | |
Common stock repurchased and held in treasury | | | | (444,655) | | | | | | | | | (444,655) | | |
Common stock issued to Directors and (held in)/released from treasury | | | | (730) | | | | | | | | | (730) | | |
Balance at June 30, 2023 | | $ | 1,338 | | | $ | (6,428,102) | | | $ | 1,553,365 | | | $ | 3,736,376 | | | $ | (56,645) | | | $ | (1,193,668) | | |
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Balance at December 31, 2021 | | $ | 1,332 | | | $ | (4,540,144) | | | $ | 1,457,623 | | | $ | 2,976,517 | | | $ | (58,795) | | | $ | (163,467) | | |
Net income | | | | | | | | 228,423 | | | | | 228,423 | | |
Dividends declared ($1.04 per common share) | | | | | | | | (87,280) | | | | | (87,280) | | |
Dividends paid in shares | | | | | | 77 | | | | | | | 77 | | |
Other comprehensive income (loss), net of tax | | | | | | | | | | (2,022) | | | (2,022) | | |
Common stock issued | | 4 | | | | | | | | | | | 4 | | |
Shares withheld for tax withholding | | | | (105,000) | | | | | | | | | (105,000) | | |
Compensation payable in common stock | | | | | | 22,754 | | | | | | | 22,754 | | |
Common stock repurchased and held in treasury | | | | (772,657) | | | | | | | | | (772,657) | | |
Common stock issued to Directors and (held in)/released from treasury | | | | (21) | | | | | | | | | (21) | | |
Balance at March 31, 2022 | | 1,336 | | | (5,417,822) | | | 1,480,454 | | | 3,117,660 | | | (60,817) | | | (879,189) | | |
| | | | | | | | | | | | | |
Net income | | | | | | | | 210,587 | | | | | 210,587 | | |
Dividends declared ($1.04 per common share) | | | | | | | | (84,593) | | | | | (84,593) | | |
Dividends paid in shares | | | | | | 22 | | | | | | | 22 | | |
Other comprehensive income (loss), net of tax | | | | | | | | | | (3,884) | | | (3,884) | | |
Common stock issued | | | | | | | | | | | | — | | |
Shares withheld for tax withholding | | | | (3,862) | | | | | | | | | (3,862) | | |
Compensation payable in common stock | | | | | | 11,858 | | | | | | | 11,858 | | |
Common stock repurchased and held in treasury | | | | (276,994) | | | | | | | | | (276,994) | | |
Common stock issued to Directors and (held in)/released from treasury | | | | (391) | | | | | | | | | (391) | | |
Balance at June 30, 2022 | | $ | 1,336 | | | $ | (5,699,069) | | | $ | 1,492,334 | | | $ | 3,243,654 | | | $ | (64,701) | | | $ | (1,026,446) | | |
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See Notes to Condensed Consolidated Financial Statements (Unaudited)
MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
(unaudited) | | 2023 | | 2022 |
Cash flows from operating activities | | | | |
Net income | | $ | 485,553 | | | $ | 439,010 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Amortization of intangible assets | | 50,821 | | | 43,899 | |
Stock-based compensation expense | | 37,231 | | | 34,419 | |
Depreciation and amortization of property, equipment and leasehold improvements | | 10,659 | | | 13,299 | |
Amortization of right of use assets | | 11,586 | | | 12,491 | |
Loss on impairment of right of use assets, net | | — | | | 705 | |
Amortization of debt origination fees | | 2,526 | | | 2,607 | |
Deferred taxes | | (11,766) | | | (22,826) | |
Other adjustments | | 5,978 | | | 2,511 | |
Changes in assets and liabilities: | | | | |
Accounts receivable | | 50,985 | | | 70,131 | |
Prepaid income taxes | | (32,729) | | | (10,686) | |
Prepaid and other assets | | 5,836 | | | 6,768 | |
Other non-current assets | | (3,109) | | | (5,726) | |
Accounts payable | | (7,850) | | | (4,906) | |
Income taxes payable | | 3,547 | | | (18,407) | |
Accrued compensation and related benefits | | (65,529) | | | (97,272) | |
Other accrued liabilities | | 2,869 | | | 6,703 | |
Deferred revenue | | 23,443 | | | (2,731) | |
Long-term operating lease liabilities | | (10,396) | | | (13,085) | |
Other non-current liabilities | | (3,515) | | | 4,098 | |
Other | | (195) | | | (4,129) | |
Net cash provided by operating activities | | 555,945 | | | 456,873 | |
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Cash flows from investing activities | | | | |
Capitalized software development costs | | (32,663) | | | (29,699) | |
Capital expenditures | | (15,378) | | | (4,737) | |
Other | | (389) | | | 23 | |
Net cash used in investing activities | | (48,430) | | | (34,413) | |
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Cash flows from financing activities | | | | |
Repurchase of common stock held in treasury | | (485,417) | | | (1,158,513) | |
Payment of dividends | | (222,260) | | | (171,936) | |
Repayment of borrowings | | (4,375) | | | (5,000) | |
Proceeds from borrowings, inclusive of premium | | — | | | 355,000 | |
Payment of debt issuance costs in connection with debt | | — | | | (2,277) | |
Payment of contingent consideration | | — | | | (210) | |
Net cash (used in) provided by financing activities | | (712,052) | | | (982,936) | |
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Effect of exchange rate changes | | 3,302 | | | (18,673) | |
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Net (decrease) increase in cash, cash equivalents and restricted cash | | (201,235) | | | (579,149) | |
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Cash, cash equivalents and restricted cash, beginning of period | | 993,564 | | | 1,421,449 | |
Cash, cash equivalents and restricted cash, end of period | | $ | 792,329 | | | $ | 842,300 | |
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Supplemental disclosure of cash flow information: | | | | |
Cash paid for interest | | $ | 90,661 | | | $ | 78,185 | |
Cash paid for income taxes, net of refunds received | | $ | 138,587 | | | $ | 124,034 | |
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Supplemental disclosure of non-cash investing activities | | | | |
Property, equipment and leasehold improvements in other accrued liabilities | | $ | 5,567 | | | $ | 4,928 | |
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Supplemental disclosure of non-cash financing activities | | | | |
Cash dividends declared, but not yet paid | | $ | 1,014 | | | $ | 2,765 | |
See Notes to Condensed Consolidated Financial Statements (Unaudited)
MSCI INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. INTRODUCTION AND BASIS OF PRESENTATION
MSCI Inc., together with its wholly owned subsidiaries (the “Company” or “MSCI”) is a leading provider of critical decision support tools and solutions for the global investment community. Our mission-critical offerings help investors address the challenges of a transforming investment landscape and power better investment decisions. Leveraging our knowledge of the global investment process and our expertise in research, data and technology, we enable our clients to understand and analyze key drivers of risk and return and confidently and efficiently build more effective portfolios. Our products and services include indexes; portfolio construction and risk management tools; environmental, social and governance (“ESG”) and climate solutions; and real estate market and transaction data and analysis.
Basis of Presentation and Use of Estimates
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. If not materially different, certain note disclosures included therein have been omitted from these interim condensed consolidated financial statements.
In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim consolidated financial statements, have been included. The results of operations for interim periods are not necessarily indicative of results for the entire year.
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.
Concentrations
For the six months ended June 30, 2023 and 2022, BlackRock, Inc. (“BlackRock”) accounted for 10.0% and 10.8% of the Company’s consolidated operating revenues, respectively. For the six months ended June 30, 2023 and 2022, BlackRock accounted for 16.9% and 18.0% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate or All Other – Private Assets segments for the six months ended June 30, 2023 and 2022.
Restricted Cash
Restricted cash primarily relates to security deposits for certain operating leases that are legally restricted and unavailable for our general operations.
Allowance for Credit Losses
Changes in the allowance for credit losses from December 31, 2021 to June 30, 2023 were as follows:
| | | | | | | | |
(in thousands) | | Amount |
Balance as of December 31, 2021 | | $ | 2,337 | |
Addition (reduction) to credit loss expense | | 910 | |
Write-offs, net of recoveries | | (595) | |
Balance as of December 31, 2022 | | $ | 2,652 | |
| | |
Addition (reduction) to credit loss expense | | 927 | |
Write-offs, net of recoveries | | (645) | |
Balance as of June 30, 2023 | | $ | 2,934 | |
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2. RECENT ACCOUNTING PRONOUNCEMENTS
There are no recently issued accounting standards updates that are currently expected to have a material impact on the Company.
3. REVENUE RECOGNITION
MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment.
The tables that follow present the disaggregated operating revenues for the periods indicated:
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| | For the Three Months Ended June 30, 2023 |
| | Segments | | |
(in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total |
Operating Revenue Types | | | | | | | | | | |
Recurring subscriptions | | $ | 200,714 | | | $ | 147,504 | | | $ | 70,047 | | | $ | 37,427 | | | $ | 455,692 | |
Asset-based fees | | 138,162 | | | — | | | — | | | — | | | 138,162 | |
Non-recurring | | 23,440 | | | 2,377 | | | 1,172 | | | 314 | | | 27,303 | |
Total | | $ | 362,316 | | | $ | 149,881 | | | $ | 71,219 | | | $ | 37,741 | | | $ | 621,157 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Six Months Ended June 30, 2023 |
| | Segments | | |
(in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total |
Operating Revenue Types | | | | | | | | | | |
Recurring subscriptions | | $ | 397,392 | | | $ | 292,007 | | | $ | 135,779 | | | $ | 75,761 | | | $ | 900,939 | |
Asset-based fees | | 271,288 | | | — | | | — | | | — | | | 271,288 | |
Non-recurring | | 33,018 | | | 4,944 | | | 2,498 | | | 688 | | | 41,148 | |
Total | | $ | 701,698 | | | $ | 296,951 | | | $ | 138,277 | | | $ | 76,449 | | | $ | 1,213,375 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended June 30, 2022 |
| | Segments | | |
(in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total |
Operating Revenue Types | | | | | | | | | | |
Recurring subscriptions | | $ | 179,711 | | | $ | 139,497 | | | $ | 54,037 | | | $ | 33,804 | | | $ | 407,049 | |
Asset-based fees | | 132,216 | | | — | | | — | | | — | | | 132,216 | |
Non-recurring | | 9,022 | | | 2,187 | | | 1,091 | | | 241 | | | 12,541 | |
Total | | $ | 320,949 | | | $ | 141,684 | | | $ | 55,128 | | | $ | 34,045 | | | $ | 551,806 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Six Months Ended June 30, 2022 |
| | Segments | | |
(in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total |
Operating Revenue Types | | | | | | | | | | |
Recurring subscriptions | | $ | 354,209 | | | $ | 277,296 | | | $ | 104,609 | | | $ | 70,695 | | | $ | 806,809 | |
Asset-based fees | | 277,269 | | | — | | | — | | | — | | | 277,269 | |
Non-recurring | | 20,230 | | | 4,185 | | | 2,548 | | | 710 | | | 27,673 | |
Total | | $ | 651,708 | | | $ | 281,481 | | | $ | 107,157 | | | $ | 71,405 | | | $ | 1,111,751 | |
| | | | | | | | | | |
The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated:
| | | | | | | | | | | | | | |
(in thousands) | | Accounts receivable, net of allowances | | Deferred revenue |
Opening (December 31, 2022) | | $ | 663,236 | | | $ | 882,886 | |
Closing (June 30, 2023) | | 612,885 | | | 909,623 | |
Increase/(decrease) | | $ | (50,351) | | | $ | 26,737 | |
| | | | |
| | | | | | | | | | | | | | |
(in thousands) | | Accounts receivable, net of allowances | | Deferred revenue |
Opening (December 31, 2021) | | $ | 664,511 | | | $ | 824,912 | |
Closing (June 30, 2022) | | 586,815 | | | 808,020 | |
Increase/(decrease) | | $ | (77,696) | | | $ | (16,892) | |
| | | | |
The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $269.6 million and $626.2 million for the three and six months ended June 30, 2023, respectively and $232.9 million and $572.6 million for the three and six months ended June 30, 2022, respectively. The difference between the opening and closing balances of the Company’s deferred revenue is primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. As of June 30, 2023 and December 31, 2022, the Company carried a long-term deferred revenue balance of $28.5 million and $29.4 million, respectively, in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statement of Financial Condition.
For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows:
| | | | | | | | |
| | As of |
| | June 30, |
(in thousands) | | 2023 |
First 12-month period | | $ | 682,799 | |
Second 12-month period | | 419,674 | |
Third 12-month period | | 186,009 | |
Periods thereafter | | 121,348 | |
Total | | $ | 1,409,830 | |
| | |
4. EARNINGS PER COMMON SHARE
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the assumed conversion of all dilutive securities, including, when applicable, restricted stock units (“RSUs”), performance stock units (“PSUs”) and performance stock options (“PSOs”).
The following table presents the computation of basic and diluted EPS:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 |
Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | |
| | | | | | | | |
Basic weighted average common shares outstanding | | 79,592 | | | 80,923 | | | 79,815 | | | 81,255 | |
Effect of dilutive securities: | | | | | | | | |
PSUs, RSUs and PSOs | | 313 | | | 372 | | | 378 | | | 534 | |
Diluted weighted average common shares outstanding | | 79,905 | | | 81,295 | | | 80,193 | | | 81,789 | |
| | | | | | | | |
| | | | | | | | |
Earnings per common share: | | | | | | | | |
Basic | | $ | 3.10 | | | $ | 2.60 | | | $ | 6.08 | | | $ | 5.40 | |
Diluted | | $ | 3.09 | | | $ | 2.59 | | | $ | 6.05 | | | $ | 5.37 | |
5. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
Property, equipment and leasehold improvements, net consisted of the following as of the dates indicated:
| | | | | | | | | | | | | | |
| | As of |
| | June 30, | | December 31, |
(in thousands) | | 2023 | | 2022 |
Computer & related equipment | | $ | 190,453 | | | $ | 181,710 | |
Furniture & fixtures | | 15,486 | | | 14,078 | |
Leasehold improvements | | 57,687 | | | 54,040 | |
Work-in-process | | 5,688 | | | 2,373 | |
Subtotal | | 269,314 | | | 252,201 | |
| | | | |
Accumulated depreciation and amortization | | (208,348) | | | (198,348) | |
Property, equipment and leasehold improvements, net | | $ | 60,966 | | | $ | 53,853 | |
| | | | |
Depreciation and amortization expense of property, equipment and leasehold improvements was $5.2 million and $6.8 million for the three months ended June 30, 2023 and 2022, respectively.
Depreciation and amortization expense of property, equipment and leasehold improvements was $10.7 million and $13.3 million for the six months ended June 30, 2023 and 2022, respectively.
6. GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill
The following table presents goodwill by reportable segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total |
Goodwill at December 31, 2022 | | $ | 1,201,622 | | | $ | 290,976 | | | $ | 48,047 | | | $ | 689,025 | | | $ | 2,229,670 | |
Foreign exchange translation adjustment | | 1,726 | | | — | | | — | | | 1,063 | | | 2,789 | |
Goodwill at June 30, 2023 | | $ | 1,203,348 | | | $ | 290,976 | | | $ | 48,047 | | | $ | 690,088 | | | $ | 2,232,459 | |
| | | | | | | | | | |
Intangible Assets, Net
The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Amortization expense of acquired intangible assets | | $ | 15,851 | | | $ | 15,854 | | | $ | 31,682 | | | $ | 31,752 | |
Amortization expense of internally developed capitalized software | | 10,303 | | | 6,325 | | | 19,139 | | | 12,147 | |
Total amortization of intangible assets expense | | $ | 26,154 | | | $ | 22,179 | | | $ | 50,821 | | | $ | 43,899 | |
| | | | | | | | |
The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows:
| | | | | | | | | | | | | | |
| | As of |
| | June 30, | | December 31, |
(in thousands) | | 2023 | | 2022 |
Gross intangible assets: | | | | |
Customer relationships | | $ | 532,500 | | | $ | 532,500 | |
Proprietary data | | 220,778 | | | 220,778 | |
Acquired technology and software | | 209,220 | | | 209,220 | |
Trademarks | | 208,190 | | | 208,190 | |
Internally developed capitalized software | | 202,836 | | | 165,928 | |
Subtotal | | 1,373,524 | | | 1,336,616 | |
| | | | |
Foreign exchange translation adjustment | | (9,864) | | | (13,214) | |
Total gross intangible assets | | $ | 1,363,660 | | | $ | 1,323,402 | |
| | | | |
Accumulated amortization: | | | | |
Customer relationships | | $ | (323,722) | | | $ | (308,437) | |
Proprietary data | | (51,334) | | | (41,783) | |
Acquired technology and software | | (181,891) | | | (179,833) | |
Trademarks | | (166,832) | | | (162,044) | |
Internally developed capitalized software | | (95,913) | | | (77,259) | |
Subtotal | | (819,692) | | | (769,356) | |
| | | | |
Foreign exchange translation adjustment | | 2,457 | | | 4,471 | |
Total accumulated amortization | | $ | (817,235) | | | $ | (764,885) | |
| | | | |
Net intangible assets: | | | | |
Customer relationships | | $ | 208,778 | | | $ | 224,063 | |
| | | | |
Proprietary data | | 169,444 | | | 178,995 | |
| | | | |
Acquired technology and software | | 27,329 | | | 29,387 | |
| | | | |
Trademarks | | 41,358 | | | 46,146 | |
| | | | |
Internally developed capitalized software | | 106,923 | | | 88,670 | |
| | | | |
Subtotal | | 553,832 | | | 567,260 | |
| | | | |
Foreign exchange translation adjustment | | (7,407) | | | (8,743) | |
Total net intangible assets | | $ | 546,425 | | | $ | 558,517 | |
| | | | |
The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2023 and succeeding years:
| | | | | | | | |
Years Ending December 31, (in thousands) | | Amortization Expense |
Remainder of 2023 | | $ | 54,950 | |
2024 | | 104,375 | |
2025 | | 79,120 | |
2026 | | 44,725 | |
2027 | | 36,644 | |
Thereafter | | 226,611 | |
Total | | $ | 546,425 | |
| | |
7. COMMITMENTS AND CONTINGENCIES
As of June 30, 2023, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and an aggregate of $343.4 million in senior unsecured tranche A term loans (the “Tranche A Term Loans”) under the term loan A facility (the “TLA Facility”), as presented in the table below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Principal Amount Outstanding at | | Carrying Value at | | Carrying Value at | | Fair Value at | | Fair Value at |
(in thousands) | | Maturity Date | | June 30, 2023 | | June 30, 2023 | | December 31, 2022 | | June 30, 2023 | | December 31, 2022 |
Debt | | | | | | | | | | | | |
4.000% senior unsecured notes due 2029 | | November 15, 2029 | | $ | 1,000,000 | | | $ | 993,091 | | | $ | 992,546 | | | $ | 903,560 | | | $ | 876,240 | |
3.625% senior unsecured notes due 2030 | | September 1, 2030 | | 900,000 | | | 895,256 | | | 894,925 | | | 780,624 | | | 751,113 | |
3.875% senior unsecured notes due 2031 | | February 15, 2031 | | 1,000,000 | | | 991,614 | | | 991,067 | | | 867,600 | | | 833,130 | |
3.625% senior unsecured notes due 2031 | | November 1, 2031 | | 600,000 | | | 594,524 | | | 594,195 | | | 514,422 | | | 500,880 | |
3.250% senior unsecured notes due 2033 | | August 15, 2033 | | 700,000 | | | 693,197 | | | 692,862 | | | 565,726 | | | 542,696 | |
Variable rate Tranche A Term Loans due 2027 | | February 16, 2027 | | 343,438 | | | 342,155 | | | 346,352 | | | 341,720 | | | 346,073 | |
Total debt(1) | | | | $ | 4,543,438 | | | $ | 4,509,837 | | | $ | 4,511,947 | | | $ | 3,973,652 | | | $ | 3,850,132 | |
| | | | | | | | | | | | |
___________________________
(1) Includes $8.7 million of current-portion of long-term debt.Maturities of the Company’s principal debt payments as of June 30, 2023 are as follows:
| | | | | | | | |
Maturity of Principal Debt Payments (in thousands) | | Amounts |
Remainder of 2023 | | $ | 4,375 | |
2024 | | 10,938 | |
2025 | | 19,687 | |
2026 | | 26,250 | |
2027 | | 282,188 | |
Thereafter | | 4,200,000 | |
Total debt | | $ | 4,543,438 | |
| | |
Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:
| | | | | | | | | | | | | | |
| | Interest payment frequency | | First interest payment date |
Senior Notes and Tranche A Term Loans | | | | |
4.000% senior unsecured notes due 2029 | | Semi-Annual | | May 15 |
3.625% senior unsecured notes due 2030 | | Semi-Annual | | March 1 |
3.875% senior unsecured notes due 2031 | | Semi-Annual | | June 1 |
3.625% senior unsecured notes due 2031 | | Semi-Annual | | May 1 |
3.250% senior unsecured notes due 2033 | | Semi-Annual | | February 15 |
Variable rate Tranche A Term Loans due 2027 | | Variable | | July 11 |
The fair market value of the Company’s debt obligations represent Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used broker quotes and third-party pricing services to determine fair values.
Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On June 9, 2022, the Company, the guarantors party thereto and the lenders and agents party thereto, entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), amending and restating in its entirety the Company’s prior revolving credit agreement (the “Prior Revolving Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $500.0 million of revolving loan commitments, which may be drawn until February 16, 2027, and the TLA Facility. At June 30, 2023, the revolving loan commitments were undrawn. As noted above, at June 30, 2023, the commitments under the TLA Facility were drawn in full, and the resulting Tranche A Term Loans mature on February 16, 2027. The obligations under the Credit Agreement are general unsecured obligations of the Company and the guarantors.
Interest on the Tranche A Term Loans under the TLA Facility accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin and will be due on each Interest Payment Date (as defined in the Credit Agreement). The applicable margin is calculated by reference to the Company’s Consolidated Leverage Ratio (as defined in the Credit Agreement) and ranges between 1.50% to 2.00% for SOFR loans, and 0.50% to 1.00% for Base Rate loans. At June 30, 2023, the interest rate on the TLA Facility was 7.19%.
In connection with the closings of the Senior Notes offerings, entry into the Prior Revolving Credit Agreement and the subsequent amendments thereto and entry into the Credit Agreement, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At June 30, 2023, $35.5 million of the deferred financing fees and premium remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.4 million of which is included in “Other non-current assets” and $33.6 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition.
8. LEASES
The components of lease expense (income) of the Company’s operating leases are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Operating lease expenses | | $ | 7,178 | | | $ | 7,471 | | | $ | 14,292 | | | $ | 15,130 | |
Variable lease costs | | 930 | | | 838 | | | 1,821 | | | 1,603 | |
Short-term lease costs | | 188 | | | 69 | | | 439 | | | 210 | |
Sublease income | | (1,276) | | | $ | (1,142) | | | $ | (2,551) | | | $ | (2,103) | |
Total lease costs | | $ | 7,020 | | | $ | 7,236 | | | $ | 14,001 | | | $ | 14,840 | |
| | | | | | | | |
Maturities of the Company’s operating lease liabilities as of June 30, 2023 are as follows:
| | | | | | | | |
Maturity of Lease Liabilities | | Operating |
(in thousands) | | Leases |
Remainder of 2023 | | $ | 13,837 | |
2024 | | 26,936 | |
2025 | | 24,000 | |
2026 | | 22,267 | |
2027 | | 17,668 | |
Thereafter | | 67,081 | |
Total lease payments | | $ | 171,789 | |
| | |
Less: Interest | | (21,827) | |
Present value of lease liabilities | | $ | 149,962 | |
| | |
| | |
Other accrued liabilities | | $ | 22,737 | |
Long-term operating lease liabilities | | $ | 127,225 | |
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows:
| | | | | | | | | | | | | | |
| | As of |
| | June 30, | | December 31, |
Lease Term and Discount Rate | | 2023 | | 2022 |
Weighted-average remaining lease term (years) | | 7.45 | | 7.86 |
Weighted-average discount rate | | 3.54 | % | | 3.40 | % |
Other information related to the Company’s operating leases are as follows:
| | | | | | | | | | | | | | |
Other Information | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 |
Operating cash flows used for operating leases | | $ | 14,906 | | | $ | 14,227 | |
Right of use assets obtained in exchange for new operating lease liabilities | | $ | 7,225 | | | $ | 2,905 | |
9. SHAREHOLDERS’ EQUITY (DEFICIT)
Return of capital
On July 28, 2022, the Board of Directors authorized a stock repurchase program (the “2022 Repurchase Program”) for the purchase of up to $1,000.0 million worth of shares of MSCI’s common stock in addition to the $539.1 million of authorization then remaining under a previously existing share repurchase program that was replaced by, and incorporated into, the 2022 Repurchase Program for a total of $1,539.1 million of stock repurchase authorization available under the 2022 Repurchase Program.
Share repurchases made pursuant to the 2022 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice. As of June 30, 2023, there was $863.5 million of available authorization remaining under the 2022 Repurchase Program.
The following table provides information with respect to repurchases of the Company’s common stock made on the open market:
| | | | | | | | | | | | | | | | | | | | |
Six months ended (in thousands, except per share data) | | Average Price Paid Per Share | | Total Number of Shares Repurchased | | Dollar Value of Shares Repurchased(1) |
June 30, 2023 | | $ | 468.31 | | | 941 | | | $ | 440,847 | |
June 30, 2022 | | $ | 480.68 | | | 2,184 | | | $ | 1,049,651 | |
___________________________
(1) As of January 1, 2023, the Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The values in this column exclude the 1% excise tax incurred on share repurchases. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Unaudited Condensed Consolidated Statement of Shareholders’ Equity (Deficit)
The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Dividends |
(in thousands, except per share data) | | Per Share | | Declared | | Distributed | | (Released)/Deferred |
2023 | | | | | | | | |
Three Months Ended March 31, | | $ | 1.38 | | | $ | 111,986 | | | $ | 112,189 | | | $ | (203) | |
Three Months Ended June 30, | | 1.38 | | | 110,383 | | | 110,147 | | | 236 | |
| | | | | | | | |
| | | | | | | | |
Total | | $ | 2.76 | | | $ | 222,369 | | | $ | 222,336 | | | $ | 33 | |
| | | | | | | | |
2022 | | | | | | | | |
Three Months Ended March 31, | | $ | 1.04 | | | $ | 87,280 | | | $ | 87,846 | | | $ | (566) | |
Three Months Ended June 30, | | 1.04 | | | 84,593 | | | 84,189 | | | 404 | |
| | | | | | | | |
| | | | | | | | |
Total | | $ | 2.08 | | | $ | 171,873 | | | $ | 172,035 | | | $ | (162) | |
| | | | | | | | |
Common Stock
The following table presents activity related to shares of common stock issued and repurchased during the six months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury | | Common Stock |
| | Issued | Stock | Outstanding |
Balance at December 31, 2022 | | 133,623,005 | | (53,663,016) | | 79,959,989 |
Dividend payable/paid | | 24 | | — | | 24 |
Common stock issued | | 181,875 | | — | | 181,875 |
Shares withheld for tax withholding | | — | | (78,844) | | (78,844) |
Shares repurchased under stock repurchase programs | | — | | — | | — |
Shares issued to directors | | 58 | | (58) | | — |
Balance at March 31, 2023 | | 133,804,962 | | (53,741,918) | | 80,063,044 |
| | | | | | |
Dividend payable/paid | | — | | — | | — |
Common stock issued | | 2,698 | | — | | 2,698 |
Shares withheld for tax withholding | | — | | (1,270) | | (1,270) |
Shares repurchased under stock repurchase programs | | — | | (941,360) | | (941,360) |
Shares issued to directors | | 5,306 | | (1,515) | | 3,791 |
Balance at June 30, 2023 | | 133,812,966 | | (54,686,063) | | 79,126,903 |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
10. INCOME TAXES
The Company’s provision for income taxes was $98.0 million and $70.0 million for the six months ended June 30, 2023 and 2022, respectively.
The effective tax rate of 16.8% for the six months ended June 30, 2023 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $16.4 million, primarily related to $11.2 million of excess tax benefits recognized on share-based compensation vested during the period and $5.2 million related to prior-year items.
The effective tax rate of 13.7% for the six months ended June 30, 2022 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $27.2 million, primarily related to $28.3 million of excess tax benefits recognized on share-based compensation vested during the period.
The Company is under or open to examination by the IRS and other tax authorities in certain jurisdictions, including foreign jurisdictions, such as the United Kingdom, Switzerland and India, and states in the United States in which the Company has significant operations, such as New York and California. The tax years currently under or open to examination vary by jurisdiction but include years from 2008 onwards.
The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. Based on the current status of income tax audits, the Company believes it is reasonably possible that the total amount of unrecognized benefits may decrease by approximately $22.9 million in the next twelve months as a result of the resolution of prior-year items.
During the three and six months ended June 30, 2023, the Company’s unrecognized tax benefits decreased by $1.0 million and $4.8 million, respectively, principally due to the resolution of prior-year items.
11. SEGMENT INFORMATION
The Company has five operating segments: Index, Analytics, ESG and Climate, Real Assets and The Burgiss Group, LLC (“Burgiss”), which are presented as the following four reportable segments: Index, Analytics, ESG and Climate and All Other – Private Assets.
The Index operating segment offers equity and fixed income indexes. The indexes are used in many areas of the investment process, including for developing indexed financial products (e.g., Exchange Traded Funds (“ETFs”), mutual funds, annuities, futures, options, structured products and over-the-counter derivatives), performance benchmarking, portfolio construction and rebalancing, and asset allocation.
The Analytics operating segment offers risk management, performance attribution and portfolio management content, applications and services that provide clients with an integrated view of risk and return and tools for analyzing market, credit, liquidity, counterparty and climate risk across all major asset classes, spanning short-, medium- and long-term time horizons. Clients access Analytics tools and content through MSCI’s proprietary applications and application programming interfaces, third-party applications or directly through their own platforms. Additionally, the Analytics operating segment also provides various managed services to help clients operate more efficiently, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting.
The ESG and Climate operating segment offers products and services that help institutional investors understand how ESG and climate considerations can impact the long-term risk and return of their portfolio and individual security-level investments. In addition, the ESG and Climate operating segment provides data, ratings, research and tools to help investors navigate increasing regulation, meet new client demands and better integrate ESG and climate elements into their investment processes.
The Real Assets operating segment offers data, benchmarks, return-analytics, climate assessments and market insights for tangible assets such as real estate and infrastructure. In addition, Real Assets performance and risk analytics range from enterprise-wide to property-specific analysis. The Real Assets operating segment also provides business intelligence products to real estate owners, managers, developers and brokers worldwide.
The Burgiss operating segment represents the Company’s equity method investment in Burgiss, a global provider of investment decision support tools for private capital.
The Chief Operating Decision Maker (“CODM”) measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: 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, including certain non-recurring acquisition-related integration and transaction costs, that the CODM does not consider for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are included in the reconciliation that follows.
The following table presents operating revenues by reportable segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Operating revenues | | | | | | | | |
Index | | $ | 362,316 | | | $ | 320,949 | | | $ | 701,698 | | | $ | 651,708 | |
Analytics | | 149,881 | | | 141,684 | | | 296,951 | | | 281,481 | |
ESG and Climate | | 71,219 | | | 55,128 | | | 138,277 | | | 107,157 | |
All Other - Private Assets | | 37,741 | | | 34,045 | | | 76,449 | | | 71,405 | |
Total | | $ | 621,157 | | | $ | 551,806 | | | $ | 1,213,375 | | | $ | 1,111,751 | |
| | | | | | | | |
The following table presents segment profitability and a reconciliation to net income for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Index Adjusted EBITDA | | $ | 277,070 | | | $ | 245,170 | | | $ | 530,752 | | | $ | 491,045 | |
Analytics Adjusted EBITDA | | 65,149 | | | 62,961 | | | 125,929 | | | 113,850 | |
ESG and Climate Adjusted EBITDA | | 22,798 | | | 14,332 | | | 40,674 | | | 26,424 | |
All Other - Private Assets Adjusted EBITDA | | 12,289 | | | 8,681 | | | 24,680 | | | 18,369 | |
Total operating segment profitability | | 377,306 | | | 331,144 | | | 722,035 | | | 649,688 | |
| | | | | | | | |
Amortization of intangible assets | | 26,154 | | | 22,179 | | | 50,821 | | | 43,899 | |
Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | 10,659 | | | 13,299 | |
Acquisition-related integration and transaction costs(1) | | — | | | 1,819 | | | — | | | 3,131 | |
Operating income | | 345,953 | | | 300,381 | | | 660,555 | | | 589,359 | |
| | | | | | | | |
Other expense (income), net | | 38,795 | | | 40,349 | | | 77,025 | | | 80,384 | |
Provision for income taxes | | 60,333 | | | 49,445 | | | 97,977 | | | 69,965 | |
Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | |
| | | | | | | | |
___________________________
(1)Incremental and non-recurring costs attributable to acquisitions directly related to the execution of the transaction and integration of the acquired business that have occurred no later than 12 months after the close of the transaction.
Operating revenues by geography are primarily based on the shipping address of the ultimate customer utilizing the product. The following table presents operating revenues by geographic area for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Operating revenues | | | | | | | | |
Americas: | | | | | | | | |
United States | | $ | 256,434 | | | $ | 229,732 | | | $ | 494,850 | | | $ | 463,088 | |
Other | | 27,574 | | | 23,642 | | | 55,110 | | | 46,109 | |
Total Americas | | 284,008 | | | 253,374 | | | 549,960 | | | 509,197 | |
| | | | | | | | |
| | | | | | | | |
Europe, the Middle East and Africa ("EMEA"): | | | | | | | | |
United Kingdom | | 99,692 | | | 89,187 | | | 191,352 | | | 176,173 | |
Other | | 139,851 | | | 122,515 | | | 278,170 | | | 254,088 | |
Total EMEA | | 239,543 | | | 211,702 | | | 469,522 | | | 430,261 | |
| | | | | | | | |
| | | | | | | | |
Asia & Australia: | | | | | | | | |
Japan | | 24,285 | | | 22,843 | | | 50,302 | | | 46,033 | |
Other | | 73,321 | | | 63,887 | | | 143,591 | | | 126,260 | |
Total Asia & Australia | | 97,606 | | | 86,730 | | | 193,893 | | | 172,293 | |
| | | | | | | | |
| | | | | | | | |
Total | | $ | 621,157 | | | $ | 551,806 | | | $ | 1,213,375 | | | $ | 1,111,751 | |
| | | | | | | | |
Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated:
| | | | | | | | | | | | | | |
| | As of |
| | June 30, | | December 31, |
(in thousands) | | 2023 | | 2022 |
Long-lived assets | | | | |
Americas: | | | | |
United States | | $ | 198,657 | | | $ | 179,453 | |
Other | | 12,170 | | | 11,971 | |
Total Americas | | 210,827 | | | 191,424 | |
| | | | |
| | | | |
EMEA: | | | | |
United Kingdom | | 19,248 | | | 19,674 | |
Other | | 23,678 | | | 23,099 | |
Total EMEA | | 42,926 | | | 42,773 | |
| | | | |
| | | | |
Asia & Australia: | | | | |
Japan | | 1,403 | | | 652 | |
Other | | 34,362 | | | 32,962 | |
Total Asia & Australia | | 35,765 | | | 33,614 | |
| | | | |
| | | | |
Total | | $ | 289,518 | | | $ | 267,811 | |
| | | | |
12. SUBSEQUENT EVENTS
Subsequent to the three months ended June 30, 2023 and through trade date of July 24, 2023, the Company repurchased an additional 38,263 shares of common stock at an average price of $467.13 per share for a total value of $17.9 million.
On July 24, 2023, the Board of Directors declared a quarterly cash dividend of $1.38 per share for the three months ending September 30, 2023 (“third quarter 2023”). The third quarter 2023 dividend is payable on August 31, 2023 to shareholders of record as of the close of trading on August 11, 2023.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”). This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in “Item 1A.—Risk Factors,” in our Form 10-K.
Except as the context otherwise indicates, the terms “MSCI,” the “Company,” “we,” “our” and “us” refer to MSCI Inc., together with its subsidiaries.
Overview
We are a leading provider of critical decision support tools and solutions for the global investment community. Our mission-critical offerings help investors address the challenges of a transforming investment landscape and power better investment decisions. Leveraging our knowledge of the global investment process and our expertise in research, data and technology, we enable our clients to understand and analyze key drivers of risk and return and confidently and efficiently build more effective portfolios. We operate in four reportable segments as follows: Index, Analytics, ESG and Climate, and All Other – Private Assets. The operating segments of Real Assets and The Burgiss Group, LLC (“Burgiss”) do not individually meet the segment reporting thresholds and have been combined and presented as part of the All Other – Private Assets reportable segment.
Our growth strategy includes: (a) extending leadership in research-enhanced content across asset classes, (b) leading the enablement of ESG and climate investment integration, (c) enhancing distribution and content-enabling technology, (d) expanding solutions that empower client customization, (e) strengthening client relationships and growing into strategic partnerships with clients and (f) executing strategic relationships and acquisitions with complementary content and technology companies. For more information about our Company’s operations, see “Item 1: Business” in our Form 10-K.
As of June 30, 2023, we served approximately 6,6001 clients in more than 95 countries.
Our principal business model is generally to license annual, recurring subscriptions for the majority of our Index, Analytics and ESG and Climate products and services for a fee due in advance of the service period. Real Assets products are also licensed annually through subscriptions, which are generally recurring, for a fee which is paid in advance when products are generally delivered ratably over the subscription period or in arrears after the product is delivered. A portion of our fees comes from clients who use our indexes as the basis for index-linked investment products. Such fees are primarily based on a client’s assets under management (“AUM”), trading volumes and fee levels.
In evaluating our financial performance, we focus on revenue and profit growth, including results accounted for under generally accepted accounting principles in the United States (“GAAP”) as well as non-GAAP measures, for the Company as a whole and by operating segment.
We present revenues disaggregated by types and by segments, which represent our major product lines. We also review expenses by activity, which provides more transparency into how resources are being deployed. In addition, we utilize operating metrics including Run Rate, subscription sales and Retention Rate to manage and assess performance and to provide deeper insights into the recurring portion of our business.
In the discussion that follows, we provide certain variances excluding the impact of foreign currency exchange rate fluctuations and acquisitions. Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and accordingly, any such impact is excluded from the disclosed foreign currency-adjusted variances.
For the six months ended June 30, 2023, our largest client organization by revenue, BlackRock, accounted for 10.0% of our consolidated operating revenues, with 95.3% of the operating revenues from BlackRock coming from fees based on the assets in BlackRock’s ETFs and non-ETFs that are based on our indexes.
1 Represents the aggregate of all related clients under their respective parent entity.
The discussion of our results of operations for the three and six months ended June 30, 2023 and 2022 are presented below. The results of operations for interim periods may not be indicative of future results.
Results of Operations
Operating Revenues
Our operating revenues are grouped by the following types: recurring subscriptions, asset-based fees and non-recurring. We also group operating revenues by major product or reportable segment as follows: Index, Analytics, ESG and Climate and All Other – Private Assets, which includes the Real Assets operating segment.
The following table presents operating revenues by type for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Recurring subscriptions | | $ | 455,692 | | | $ | 407,049 | | | 12.0 | % | | $ | 900,939 | | | $ | 806,809 | | | 11.7 | % |
Asset-based fees | | 138,162 | | | 132,216 | | | 4.5 | % | | 271,288 | | | 277,269 | | | (2.2 | %) |
Non-recurring | | 27,303 | | | 12,541 | | | 117.7 | % | | 41,148 | | | 27,673 | | | 48.7 | % |
Total operating revenues | | $ | 621,157 | | | $ | 551,806 | | | 12.6 | % | | $ | 1,213,375 | | | $ | 1,111,751 | | | 9.1 | % |
| | | | | | | | | | | | |
Total operating revenues increased 12.6% for the three months ended June 30, 2023. Adjusting for the impact of foreign currency exchange rate fluctuations, total operating revenues would have increased 12.8%.
Operating revenues from recurring subscriptions increased 12.0% for the three months ended June 30, 2023, primarily driven by strong growth in Index products, which increased $21.0 million, or 11.7%, ESG and Climate products, which increased $16.0 million, or 29.6%, and Analytics products, which increased $8.0 million, or 5.7%. Adjusting for the impact of foreign currency exchange rate fluctuations, operating revenues from recurring subscriptions would have increased 12.2%.
Operating revenues from non-recurring revenues increased 117.7% for the three months ended June 30, 2023, primarily driven by one-time license fees related to prior periods, as well as non-recurring licensed data products.
Operating revenues from asset-based fees increased 4.5% for the three months ended June 30, 2023, mainly driven by a growth in revenues from ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes, partially offset by a decrease in revenues from exchange traded futures and options contracts linked to MSCI indexes. Operating revenues from ETFs linked to MSCI equity indexes increased by 4.7%, primarily driven by increases in average AUM. Operating revenues from non-ETF indexed funds linked to MSCI indexes increased by 7.8%, primarily driven by an increase in average basis point fees, partially offset by a decrease in average AUM. Operating revenues from exchange traded futures and options contracts linked to MSCI indexes decreased by 11.4%, driven by exchange fees and volume decreases.
Total operating revenues increased 9.1% for the six months ended June 30, 2023. Adjusting for the impact of foreign currency exchange rate fluctuations, total operating revenues would have increased 10.0%.
Operating revenues from recurring subscriptions increased 11.7% for the six months ended June 30, 2023, primarily driven by strong growth in Index products, which increased $43.2 million, or 12.2%, ESG and Climate products, which increased $31.2 million, or 29.8%, and Analytics products, which increased $14.7 million, or 5.3%. Adjusting for the impact of foreign currency exchange rate fluctuations, operating revenues from recurring subscriptions would have increased 12.8%.
Operating revenues from non-recurring revenues increased 48.7% for the six months ended June 30, 2023, primarily driven by one-time license fees related to prior periods, as well as non-recurring licensed data products.
Operating revenues from asset-based fees decreased 2.2% for the six months ended June 30, 2023, primarily driven by a decline in revenues from non-ETF indexed funds linked to MSCI indexes and exchange traded futures and options contracts linked to MSCI indexes. Operating revenues from non-ETF indexed funds linked to MSCI indexes decreased by 8.5%, primarily driven by a decrease in average AUM, partially offset by an increase in average basis point fees. Operating revenues from exchange traded futures and options contracts linked to MSCI indexes decreased by 7.9%, driven by exchange fees and volume decrease.
The following table presents the value of AUM in ETFs linked to MSCI equity indexes and the sequential change of such assets as of the end of each of the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Period Ended |
| | 2022 | | 2023 |
(in billions) | | March 31, | | June 30, | | September 30, | | December 31, | | March 31, | | June 30, | | |
AUM in ETFs linked to MSCI equity indexes(1), (2) | | $ | 1,389.3 | | | $ | 1,189.5 | | | $ | 1,081.2 | | | $ | 1,222.9 | | | $ | 1,305.4 | | | $ | 1,372.5 | | | |
Sequential Change in Value | | | | | | | | | | | | | | |
Market Appreciation/(Depreciation) | | $ | (89.7) | | | $ | (207.3) | | | $ | (105.7) | | | $ | 118.8 | | | $ | 75.1 | | | $ | 48.4 | | | |
Cash Inflows | | 27.4 | | | 7.5 | | | (2.6) | | | 22.9 | | | 7.4 | | | 18.7 | | | |
Total Change | | $ | (62.3) | | | $ | (199.8) | | | $ | (108.3) | | | $ | 141.7 | | | $ | 82.5 | | | $ | 67.1 | | | |
| | | | | | | | | | | | | | |
The following table presents the average value of AUM in ETFs linked to MSCI equity indexes for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2022 | | 2023 |
(in billions) | | March | | June | | September | | December | | March | | June | | |
AUM in ETFs linked to MSCI equity indexes(1), (2) | | | | | | | | | | | | | | |
Quarterly average | | $ | 1,392.5 | | | $ | 1,285.4 | | | $ | 1,208.9 | | | $ | 1,182.1 | | | $ | 1,287.5 | | | $ | 1,333.8 | | | |
Year-to-date average | | $ | 1,392.5 | | | $ | 1,338.9 | | | $ | 1,295.6 | | | $ | 1,267.2 | | | $ | 1,287.5 | | | $ | 1,310.7 | | | |
___________________________
(1)The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. This information is updated mid-month each month. Information contained on our website is not deemed part of or incorporated by reference into this Quarterly Report on Form 10-Q or any other report filed with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1.0% of the AUM amounts presented.
(2)The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETF net asset value by the number of shares outstanding.
The average value of AUM in ETFs linked to MSCI equity indexes for the three months ended June 30, 2023, was up $48.4 billion, or 3.8% . For the six months ended June 30, 2023, it was down $28.2 billion, or 2.1%.
The following table presents operating revenues by reportable segment and revenue type for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Operating revenues: | | | | | | | | | | | | |
Index | | | | | | | | | | | | |
Recurring subscriptions | | $ | 200,714 | | | $ | 179,711 | | | 11.7 | % | | $ | 397,392 | | | $ | 354,209 | | | 12.2 | % |
Asset-based fees | | 138,162 | | | 132,216 | | | 4.5 | % | | 271,288 | | | 277,269 | | | (2.2 | %) |
Non-recurring | | 23,440 | | | 9,022 | | | 159.8 | % | | 33,018 | | | 20,230 | | | 63.2 | % |
Index total | | 362,316 | | | 320,949 | | | 12.9 | % | | 701,698 | | | 651,708 | | | 7.7 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Analytics | | | | | | | | | | | | |
Recurring subscriptions | | 147,504 | | | 139,497 | | | 5.7 | % | | 292,007 | | | 277,296 | | | 5.3 | % |
Non-recurring | | 2,377 | | | 2,187 | | | 8.7 | % | | 4,944 | | | 4,185 | | | 18.1 | % |
Analytics total | | 149,881 | | | 141,684 | | | 5.8 | % | | 296,951 | | | 281,481 | | | 5.5 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
ESG and Climate | | | | | | | | | | | | |
Recurring subscriptions | | 70,047 | | | 54,037 | | | 29.6 | % | | 135,779 | | | 104,609 | | | 29.8 | % |
Non-recurring | | 1,172 | | | 1,091 | | | 7.4 | % | | 2,498 | | | 2,548 | | | (2.0 | %) |
ESG and Climate total | | 71,219 | | | 55,128 | | | 29.2 | % | | 138,277 | | | 107,157 | | | 29.0 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
All Other - Private Assets | | | | | | | | | | | | |
Recurring subscriptions | | 37,427 | | | 33,804 | | | 10.7 | % | | 75,761 | | | 70,695 | | | 7.2 | % |
Non-recurring | | 314 | | | 241 | | | 30.3 | % | | 688 | | | 710 | | | (3.1 | %) |
All Other - Private Assets total | | 37,741 | | | 34,045 | | | 10.9 | % | | 76,449 | | | 71,405 | | | 7.1 | % |
| | | | | | | | | | | | |
Total operating revenues | | $ | 621,157 | | | $ | 551,806 | | | 12.6 | % | | $ | 1,213,375 | | | $ | 1,111,751 | | | 9.1 | % |
| | | | | | | | | | | | |
Refer to the section titled “Segment Results” that follows for further discussion of segment revenues.
Operating Expenses
We group our operating expenses into the following activity categories:
•Cost of revenues;
•Selling and marketing;
•Research and development (“R&D”);
•General and administrative (“G&A”);
•Amortization of intangible assets; and
•Depreciation and amortization of property, equipment and leasehold improvements.
Costs are assigned to these activity categories based on the nature of the expense or, when not directly attributable, an estimated allocation based on the type of effort involved. Cost of revenues, selling and marketing, R&D and G&A all include both compensation as well as non-compensation related expenses.
The following table presents operating expenses by activity category for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Operating expenses: | | | | | | | | | | | | |
Cost of revenues | | $ | 110,066 | | | $ | 100,768 | | | 9.2 | % | | $ | 218,713 | | | $ | 203,539 | | | 7.5 | % |
Selling and marketing | | 67,988 | | | 61,073 | | | 11.3 | % | | 134,463 | | | 127,126 | | | 5.8 | % |
Research and development | | 30,140 | | | 23,916 | | | 26.0 | % | | 61,463 | | | 52,238 | | | 17.7 | % |
General and administrative | | 35,657 | | | 36,724 | | | (2.9 | %) | | 76,701 | | | 82,291 | | | (6.8 | %) |
Amortization of intangible assets | | 26,154 | | | 22,179 | | | 17.9 | % | | 50,821 | | | 43,899 | | | 15.8 | % |
Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | (23.1 | %) | | 10,659 | | | 13,299 | | | (19.9 | %) |
Total operating expenses | | $ | 275,204 | | | $ | 251,425 | | | 9.5 | % | | $ | 552,820 | | | $ | 522,392 | | | 5.8 | % |
| | | | | | | | | | | | |
Total operating expenses increased 9.5% for the three months ended June 30, 2023. Adjusting for the impact of foreign currency exchange rate fluctuations, the increase would have been 9.6%.
Total operating expenses increased 5.8% for the six months ended June 30, 2023. Adjusting for the impact of foreign currency exchange rate fluctuations, the increase would have been 7.4%.
Cost of Revenues
Cost of revenues expenses consist of costs related to the production and servicing of our products and services and primarily includes related information technology costs, including data center, cloud service, platform and infrastructure costs; costs to acquire, produce and maintain market data information; costs of research to support and maintain existing products; costs of product management teams; costs of client service and consultant teams to support customer needs; as well as other support costs directly attributable to the cost of revenues including certain human resources, finance and legal costs.
Cost of revenues increased 9.2% for the three months ended June 30, 2023, reflecting increases across the Index, Analytics and ESG and Climate reportable segments, partially offset by decreases in the All Other – Private Assets reportable segment. The change was driven by increases in compensation and benefits costs, primarily relating to higher wages and salaries and benefits costs, as well as increases in non-compensation costs, primarily reflecting higher market data and recruiting costs.
Cost of revenues increased 7.5% for the six months ended June 30, 2023, reflecting increases across the Index, Analytics and ESG and Climate reportable segments, partially offset by decreases in the All Other – Private Assets reportable segment. The change was driven by increases in compensation and benefits costs, primarily relating to higher wages and salaries, as well as increases in non-compensation costs, primarily reflecting higher market data and recruiting costs.
Selling and Marketing
Selling and marketing expenses consist of costs associated with acquiring new clients or selling new products or product renewals to existing clients and primarily includes the costs of our sales and marketing teams, as well as costs incurred in other departments associated with acquiring new business, including product management, research, technology and sales operations.
Selling and marketing expenses increased 11.3% for the three months ended June 30, 2023, reflecting increases across all reportable segments. The change was driven by increases in compensation and benefits costs, primarily relating to higher wages and salaries, incentive compensation and benefits costs, as well as increases in non-compensation costs, primarily reflecting increased marketing costs.
Selling and marketing expenses increased 5.8% for the six months ended June 30, 2023, reflecting increases across all reportable segments. The change was driven by increases in compensation and benefits costs, primarily relating to higher wages and salaries and incentive compensation costs, as well as increases in non-compensation costs, primarily reflecting increased marketing costs and travel and entertainment expenses.
Research and Development
R&D expenses consist of costs to develop new or enhance existing products and the costs to develop new or enhanced technologies and service platforms for the delivery of our products and services and primarily include the costs of development, research, product management, project management and the technology support directly associated with these activities.
R&D expenses increased 26.0% for the three months ended June 30, 2023, reflecting increases across the ESG and Climate, Index and All Other - Private Assets reportable segments, partially offset by decreases in the Analytics reportable segment. The change was driven by increases in compensation and benefits costs, primarily relating to higher wages and salaries and incentive compensation costs, as well as increases in non-compensation costs, primarily reflecting higher information technology costs.
R&D expenses increased 17.7% for the six months ended June 30, 2023, reflecting increases across the ESG and Climate, Index and All Other - Private Assets reportable segments, partially offset by decreases in the Analytics reportable segment. The change was driven by increases in compensation and benefits costs, primarily relating to higher wages and salaries and incentive compensation costs, partially offset by increased capitalization of costs related to internally developed software projects. The change was also driven by increases in non-compensation costs, primarily relating to higher information technology costs.
General and Administrative
G&A expenses consist of costs primarily related to finance operations, human resources, office of the CEO, legal, corporate technology, corporate development and certain other administrative costs that are not directly attributed, but are instead allocated, to a product or service.
G&A expenses decreased 2.9% for the three months ended June 30, 2023, reflecting decreases across the All Other - Private Assets and Analytics reportable segments, partially offset by increases in the ESG and Climate and Index reportable segments. The change was driven by the absence of non-recurring transaction and integration costs related to the September 2021 acquisition of Real Capital Analytics, Inc. (“RCA”) and lower non-compensation costs, primarily relating to lower professional fees. The change was partially offset by increases in compensation and benefits costs, primarily relating to higher incentive compensation costs, partially offset by lower severance costs.
G&A expenses decreased 6.8% for the six months ended June 30, 2023, reflecting decreases across the All Other - Private Assets, Analytics and Index reportable segments, partially offset by increases in the ESG and Climate reportable segment. The change was primarily driven by the absence of non-recurring transaction and integration costs related to the aforementioned acquisition of RCA and lower non-compensation costs, primarily relating to lower professional fees and other tax expenses. The change was partially offset by increases in compensation and benefits costs, primarily relating to higher incentive compensation costs, partially offset by lower severance costs.
The following table presents operating expenses using compensation and non-compensation categories, rather than using activity categories, for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Compensation and benefits | | $ | 174,172 | | | $ | 154,242 | | | 12.9 | % | | $ | 355,751 | | | $ | 334,080 | | | 6.5 | % |
Non-compensation expenses | | 69,679 | | | 68,239 | | | 2.1 | % | | 135,589 | | | 131,114 | | | 3.4 | % |
Amortization of intangible assets | | 26,154 | | | 22,179 | | | 17.9 | % | | 50,821 | | | 43,899 | | | 15.8 | % |
Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | (23.1 | %) | | 10,659 | | | 13,299 | | | (19.9 | %) |
Total operating expenses | | $ | 275,204 | | | $ | 251,425 | | | 9.5 | % | | $ | 552,820 | | | $ | 522,392 | | | 5.8 | % |
| | | | | | | | | | | | |
Compensation and Benefits
A significant portion of the incentive compensation component of operating expenses is based on the achievement of a number of financial and operating metrics. In a scenario where operating revenue growth and profitability moderate, incentive compensation would be expected to decrease accordingly.
We had 4,980 employees as of June 30, 2023, compared to 4,513 employees as of June 30, 2022, reflecting a 10.3% growth in the number of employees. Continued growth of our emerging market centers around the world is an important factor in our ability
to manage and control the growth of our compensation and benefits costs. As of June 30, 2023, 66.2% of our employees were located in emerging market centers compared to 64.1% as of June 30, 2022.
Compensation and benefits costs increased 12.9%, for the three months ended June 30, 2023, driven by an increase in wages and salaries, incentive compensation and benefits costs. Compensation and benefits costs increased 6.5% for the six months ended June 30, 2023, driven by an increase in wages and salaries and incentive compensation costs, partially offset by increased capitalization of expenses related to internally developed software projects and decreased benefits costs. Adjusting for the impact of foreign currency exchange rate fluctuations, compensation and benefits costs would have increased by 13.1% and 8.7%, respectively, for the three and six months ended June 30, 2023.
Non-Compensation Expenses
Fixed costs constitute a significant portion of the non-compensation component of operating expenses. The discretionary non-compensation component of operating expenses could, however, be reduced in the near-term in a scenario where operating revenue growth moderates.
Non-compensation expenses increased 2.1% for the three months ended June 30, 2023, primarily driven by higher information technology costs, partially offset by the absence of non-recurring transaction and integration costs related to the September 2021 acquisition of RCA.
Non-compensation expenses increased 3.4% for the six months ended June 30, 2023, primarily driven by higher information technology and market data costs, partially offset by the absence of non-recurring transaction and integration costs related to the September 2021 acquisition of RCA.
Amortization of Intangible Assets
Amortization of intangible assets expense relates to definite-lived intangible assets arising from past acquisitions and capitalization of internally developed software projects recognized over their estimated useful lives.
Amortization of intangible assets expense increased 17.9% and 15.8% for the three and six months ended June 30, 2023, respectively, primarily driven by higher amortization of internal use software.
Depreciation and Amortization of Property, Equipment and Leasehold Improvements
Depreciation and amortization of property, equipment and leasehold improvements consists of expenses related to depreciating or amortizing the cost of computer and related equipment, leasehold improvements, software and furniture and fixtures over the estimated useful life of the assets.
Depreciation and amortization of property, equipment and leasehold improvements decreased 23.1% and 19.9% for the three and six months ended June 30, 2023, respectively, primarily driven by lower depreciation on computer and related equipment.
Total Other Expense (Income), Net
The following table shows our other expense (income), net for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Interest income | | $ | (10,403) | | | $ | (924) | | | 1025.9 | % | | $ | (20,765) | | | $ | (1,222) | | | 1599.3 | % |
Interest expense | | 46,617 | | | 41,085 | | | 13.5 | % | | 92,823 | | | 81,799 | | | 13.5 | % |
Other expense (income) | | 2,581 | | | 188 | | | 1272.9 | % | | 4,967 | | | (193) | | | (2673.6 | %) |
Total other expense (income), net | | $ | 38,795 | | | $ | 40,349 | | | (3.9 | %) | | $ | 77,025 | | | $ | 80,384 | | | (4.2 | %) |
| | | | | | | | | | | | |
Total other expense (income), net decreased 3.9% and 4.2% for the three and six months ended June 30, 2023, respectively, primarily driven by higher interest income reflecting higher yields and higher cash balances, partially offset by higher interest expense due to higher average outstanding debt levels and the impact of foreign currency exchange rate fluctuations.
Income Taxes
The following table shows our income tax provision and effective tax rate for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Provision for income taxes | | $ | 60,333 | | | $ | 49,445 | | | 22.0 | % | | $ | 97,977 | | | $ | 69,965 | | | 40.0 | % |
Effective tax rate | | 19.6 | % | | 19.0 | % | | 3.2 | % | | 16.8 | % | | 13.7 | % | | 22.6 | % |
The effective tax rate of 19.6% and 19.0% for the three months ended June 30, 2023 and 2022, respectively, reflects the Company’s estimate of the effective tax rate for the period. The level of discrete items was not impactful to the effective tax rate for the period.
The effective tax rate of 16.8% for the six months ended June 30, 2023 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $16.4 million, primarily related to $11.2 million of excess tax benefits recognized on share-based compensation vested during the period and $5.2 million related to prior-year items.
The effective tax rate of 13.7% for the six months ended June 30, 2022 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $27.2 million, primarily related to $28.3 million of excess tax benefits recognized on share-based compensation vested during the period.
Net Income
The following table shows our net income for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Net income | | $ | 246,825 | | | $ | 210,587 | | | 17.2 | % | | $ | 485,553 | | | $ | 439,010 | | | 10.6 | % |
As a result of the factors described above, net income increased 17.2% for the three months ended June 30, 2023, and increased 10.6% for the six months ended June 30, 2023.
Weighted Average Shares and Common Shares Outstanding
The following table shows our weighted average shares outstanding for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Weighted average shares outstanding: | | | | | | | | | | |
Basic | | 79,592 | | 80,923 | | (1.6 | %) | | 79,815 | | 81,255 | | (1.8 | %) |
Diluted | | 79,905 | | 81,295 | | (1.7 | %) | | 80,193 | | 81,789 | | (2.0 | %) |
The following table shows our common shares outstanding for the periods indicated:
| | | | | | | | | | | | | | | | | | | | |
| | As of | | % Change |
(in thousands) | | June 30, 2023 | | December 31, 2022 | |
Common shares outstanding | | 79,127 | | | 79,960 | | | (1.0 | %) |
The decrease in weighted average shares and common shares outstanding primarily reflects the impact of share repurchases made pursuant to the stock repurchase program.
Adjusted EBITDA
“Adjusted EBITDA,” a non-GAAP measure used by management to assess operating performance, is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain non-recurring acquisition-related integration and transaction costs.
“Adjusted EBITDA expenses,” a non-GAAP measure used by management to assess operating performance, is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain non-recurring acquisition-related integration and transaction costs.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by operating revenues.
Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA expenses are believed to be meaningful measures for management to assess the operating performance of the Company because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be the Company’s ongoing operating performance in the period. All companies do not calculate adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses in the same way. These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s computation of the Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA expenses measures may not be comparable to similarly titled measures computed by other companies.
The following table presents non-GAAP Adjusted EBITDA for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Operating revenues | | $ | 621,157 | | | $ | 551,806 | | | 12.6 | % | | $ | 1,213,375 | | | $ | 1,111,751 | | | 9.1 | % |
Adjusted EBITDA expenses | | 243,851 | | | 220,662 | | | 10.5 | % | | 491,340 | | | 462,063 | | | 6.3 | % |
Adjusted EBITDA | | $ | 377,306 | | | $ | 331,144 | | | 13.9 | % | | $ | 722,035 | | | $ | 649,688 | | | 11.1 | % |
| | | | | | | | | | | | |
Operating margin % | | 55.7 | % | | 54.4 | % | | | | 54.4 | % | | 53.0 | % | | |
Adjusted EBITDA margin % | | 60.7 | % | | 60.0 | % | | | | 59.5 | % | | 58.4 | % | | |
The change in Adjusted EBITDA margin reflects changes in the rate of growth of Adjusted EBITDA expenses as compared to the rate of growth of operating revenues, driven by the factors previously described.
Reconciliation of Net Income to Adjusted EBITDA and Operating Expenses to Adjusted EBITDA Expenses
The following table presents the reconciliation of net income to Adjusted EBITDA for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Net income | | $ | 246,825 | | | $ | 210,587 | | | 17.2 | % | | $ | 485,553 | | | $ | 439,010 | | | 10.6 | % |
Provision for income taxes | | 60,333 | | | 49,445 | | | 22.0 | % | | 97,977 | | | 69,965 | | | 40.0 | % |
Other expense (income), net | | 38,795 | | | 40,349 | | | (3.9 | %) | | 77,025 | | | 80,384 | | | (4.2 | %) |
Operating income | | 345,953 | | | 300,381 | | | 15.2 | % | | 660,555 | | | 589,359 | | | 12.1 | % |
| | | | | | | | | | | | |
Amortization of intangible assets | | 26,154 | | | 22,179 | | | 17.9 | % | | 50,821 | | | 43,899 | | | 15.8 | % |
Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | (23.1 | %) | | 10,659 | | | 13,299 | | | (19.9 | %) |
Acquisition-related integration and transaction costs (1) | | — | | | 1,819 | | | (100.0 | %) | | — | | | 3,131 | | | (100.0 | %) |
Consolidated Adjusted EBITDA | | $ | 377,306 | | | $ | 331,144 | | | 13.9 | % | | $ | 722,035 | | | $ | 649,688 | | | 11.1 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Index Adjusted EBITDA | | 277,070 | | | 245,170 | | | 13.0 | % | | 530,752 | | | 491,045 | | | 8.1 | % |
Analytics Adjusted EBITDA | | 65,149 | | | 62,961 | | | 3.5 | % | | 125,929 | | | 113,850 | | | 10.6 | % |
ESG and Climate Adjusted EBITDA | | 22,798 | | | 14,332 | | | 59.1 | % | | 40,674 | | | 26,424 | | | 53.9 | % |
All Other - Private Assets Adjusted EBITDA | | 12,289 | | | 8,681 | | | 41.6 | % | | 24,680 | | | 18,369 | | | 34.4 | % |
Consolidated Adjusted EBITDA | | $ | 377,306 | | | $ | 331,144 | | | 13.9 | % | | $ | 722,035 | | | $ | 649,688 | | | 11.1 | % |
| | | | | | | | | | | | |
___________________________
(1)Incremental and non-recurring costs attributable to acquisitions directly related to the execution of the transaction and integration of the acquired business that have occurred no later than 12 months after the close of the transaction.
The following table presents the reconciliation of operating expenses to Adjusted EBITDA expenses for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Total operating expenses | | $ | 275,204 | | | $ | 251,425 | | | 9.5 | % | | $ | 552,820 | | | $ | 522,392 | | | 5.8 | % |
Amortization of intangible assets | | 26,154 | | | 22,179 | | | 17.9 | % | | 50,821 | | | 43,899 | | | 15.8 | % |
Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | (23.1 | %) | | 10,659 | | | 13,299 | | | (19.9 | %) |
Acquisition-related integration and transaction costs (1) | | — | | | 1,819 | | | (100.0 | %) | | — | | | 3,131 | | | (100.0 | %) |
Consolidated Adjusted EBITDA expenses | | $ | 243,851 | | | $ | 220,662 | | | 10.5 | % | | $ | 491,340 | | | $ | 462,063 | | | 6.3 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Index Adjusted EBITDA expenses | | 85,246 | | | 75,779 | | | 12.5 | % | | 170,946 | | | 160,663 | | | 6.4 | % |
Analytics Adjusted EBITDA expenses | | 84,732 | | | 78,723 | | | 7.6 | % | | 171,022 | | | 167,631 | | | 2.0 | % |
ESG and Climate Adjusted EBITDA expenses | | 48,421 | | | 40,796 | | | 18.7 | % | | 97,603 | | | 80,733 | | | 20.9 | % |
All Other - Private Assets Adjusted EBITDA expenses | | 25,452 | | | 25,364 | | | 0.3 | % | | 51,769 | | | 53,036 | | | (2.4 | %) |
Consolidated Adjusted EBITDA expenses | | $ | 243,851 | | | $ | 220,662 | | | 10.5 | % | | $ | 491,340 | | | $ | 462,063 | | | 6.3 | % |
| | | | | | | | | | | | |
___________________________
(1)Incremental and non-recurring costs attributable to acquisitions directly related to the execution of the transaction and integration of the acquired business that have occurred no later than 12 months after the close of the transaction.
The discussion of the segment results is presented below.
Segment Results
Index Segment
The following table presents the results for the Index segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Operating revenues: | | | | | | | | | | | | |
Recurring subscriptions | | $ | 200,714 | | | $ | 179,711 | | | 11.7 | % | | $ | 397,392 | | | $ | 354,209 | | | 12.2 | % |
Asset-based fees | | 138,162 | | | 132,216 | | | 4.5 | % | | 271,288 | | | 277,269 | | | (2.2 | %) |
Non-recurring | | 23,440 | | | 9,022 | | | 159.8 | % | | 33,018 | | | 20,230 | | | 63.2 | % |
Operating revenues total | | 362,316 | | | 320,949 | | | 12.9 | % | | 701,698 | | | 651,708 | | | 7.7 | % |
| | | | | | | | | | | | |
Adjusted EBITDA expenses | | 85,246 | | | 75,779 | | | 12.5 | % | | 170,946 | | | 160,663 | | | 6.4 | % |
Adjusted EBITDA | | $ | 277,070 | | | $ | 245,170 | | | 13.0 | % | | $ | 530,752 | | | $ | 491,045 | | | 8.1 | % |
| | | | | | | | | | | | |
Adjusted EBITDA margin % | | 76.5 | % | | 76.4 | % | | | | 75.6 | % | | 75.3 | % | | |
Index operating revenues increased 12.9% for the three months ended June 30, 2023, primarily driven by strong growth from both recurring subscriptions and non-recurring revenues. Adjusting for the impact of foreign currency exchange rate fluctuations, Index operating revenues would have increased 13.0%.
Operating revenues from recurring subscriptions increased 11.7% for the three months ended June 30, 2023, primarily driven by strong growth from both market cap-weighted and factor, ESG and climate Index products.
Operating revenues from non-recurring revenues increased 159.8% for the three months ended June 30, 2023, primarily driven by one-time license fees related to prior periods, as well as non-recurring licensed data products.
Operating revenues from asset-based fees increased 4.5% for the three months ended June 30, 2023, mainly driven by a growth in revenues from ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes, partially offset by a decrease in revenues from exchange traded futures and options contracts linked to MSCI indexes. Operating revenues from ETFs linked to MSCI equity indexes increased by 4.7%, primarily driven by increases in average AUM. Operating revenues from non-ETF indexed funds linked to MSCI indexes increased by 7.8%, primarily driven by an increase in average basis point fees, partially offset by a decrease in average AUM. Operating revenues from exchange traded futures and options contracts linked to MSCI indexes decreased by 11.4%, driven by exchange fees and volume decreases.
Index segment Adjusted EBITDA expenses increased 12.5% for the three months ended June 30, 2023, primarily driven by higher compensation expenses across all expense activity categories. The increase reflects higher wages and salaries, incentive compensation and benefits costs. Adjusting for the impact of foreign currency exchange rate fluctuations, Index segment Adjusted EBITDA expenses would have increased by 12.4%.
Index operating revenues increased 7.7% for the six months ended June 30, 2023, primarily driven by strong growth from both recurring subscriptions and non-recurring revenues. Adjusting for the impact of foreign currency exchange rate fluctuations, Index operating revenues would have increased 7.9%.
Operating revenues from recurring subscriptions increased 12.2% for the six months ended June 30, 2023, primarily driven by strong growth from both market cap-weighted and factor, ESG and climate Index products.
Operating revenues from non-recurring revenues increased 63.2% for the six months ended June 30, 2023, primarily driven by one-time license fees related to prior periods, as well as non-recurring licensed data products.
Operating revenues from asset-based fees decreased 2.2% for the six months ended June 30, 2023, primarily driven by a decline in revenues from non-ETF indexed funds linked to MSCI indexes and exchange traded futures and options contracts linked to MSCI indexes. Operating revenues from non-ETF indexed funds linked to MSCI indexes decreased by 8.5%, primarily driven by a decrease in average AUM, partially offset by an increase in average basis point fees. Operating revenues from exchange traded futures and options contracts linked to MSCI indexes decreased by 7.9%, driven by exchange fees and volume decreases.
Index segment Adjusted EBITDA expenses increased 6.4% for the six months ended June 30, 2023, driven by higher compensation and non-compensation expenses across the cost of revenues, R&D and selling and marketing expense activity categories, partially offset by lower non-compensation expenses in the G&A expense activity category. The increase was primarily driven by higher wages and salaries and incentive compensation costs, partially offset by lower benefits costs. Adjusting for the impact of foreign currency exchange rate fluctuations, Index segment Adjusted EBITDA expenses would have increased by 8.1%.
Analytics Segment
The following table presents the results for the Analytics segment for the periods indicated:
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| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Operating revenues: | | | | | | | | | | | | |
Recurring subscriptions | | $ | 147,504 | | | $ | 139,497 | | | 5.7 | % | | $ | 292,007 | | | $ | 277,296 | | | 5.3 | % |
Non-recurring | | 2,377 | | | 2,187 | | | 8.7 | % | | 4,944 | | | 4,185 | | | 18.1 | % |
Operating revenues total | | 149,881 | | | 141,684 | | | 5.8 | % | | 296,951 | | | 281,481 | | | 5.5 | % |
| | | | | | | | | | | | |
Adjusted EBITDA expenses | | 84,732 | | | 78,723 | | | 7.6 | % | | 171,022 | | | 167,631 | | | 2.0 | % |
Adjusted EBITDA | | $ | 65,149 | | | $ | 62,961 | | | 3.5 | % | | $ | 125,929 | | | $ | 113,850 | | | 10.6 | % |
| | | | | | | | | | | | |
Adjusted EBITDA margin % | | 43.5 | % | | 44.4 | % | | | | 42.4 | % | | 40.4 | % | | |
Analytics operating revenues increased 5.8% for the three months ended June 30, 2023, primarily driven by growth from recurring subscriptions related to both Equity Analytics and Multi-Asset Class products. Adjusting for the impact of foreign currency exchange rate fluctuations, Analytics operating revenues would have increased 6.0%.
Analytics segment Adjusted EBITDA expenses increased 7.6% for the three months ended June 30, 2023, driven by higher compensation expenses across all expense activity categories reflecting higher wages and salaries, decreased capitalization of expenses related to internally developed software projects and higher incentive compensation costs. Adjusting for the impact of foreign currency exchange rate fluctuations, Analytics segment Adjusted EBITDA expenses would have increased 7.6%.
Analytics operating revenues increased 5.5% for the six months ended June 30, 2023, primarily driven by growth from recurring subscriptions related to both Multi-Asset Class and Equity Analytics products. Adjusting for the impact of foreign currency exchange rate fluctuations, Analytics operating revenues would have increased 6.0%.
Analytics segment Adjusted EBITDA expenses increased 2.0% for the six months ended June 30, 2023, driven by higher compensation expenses across the cost of revenues and selling and marketing expense activity categories partially offset by lower compensation expenses in the R&D and G&A expense activity categories. The increase was primarily driven by increased wages and salaries, decreased capitalization of expenses related to internally developed software projects and higher incentive compensation costs, partially offset by lower benefits costs. Adjusting for the impact of foreign currency exchange rate fluctuations, Analytics segment Adjusted EBITDA expenses would have increased 3.4%.
ESG and Climate Segment
The following table presents the results for the ESG and Climate segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Operating revenues: | | | | | | | | | | | | |
Recurring subscriptions | | $ | 70,047 | | | $ | 54,037 | | | 29.6 | % | | $ | 135,779 | | | $ | 104,609 | | | 29.8 | % |
Non-recurring | | 1,172 | | | 1,091 | | | 7.4 | % | | 2,498 | | | 2,548 | | | (2.0 | %) |
Operating revenues total | | 71,219 | | | 55,128 | | | 29.2 | % | | 138,277 | | | 107,157 | | | 29.0 | % |
| | | | | | | | | | | | |
Adjusted EBITDA expenses | | 48,421 | | | 40,796 | | | 18.7 | % | | 97,603 | | | 80,733 | | | 20.9 | % |
Adjusted EBITDA | | $ | 22,798 | | | $ | 14,332 | | | 59.1 | % | | $ | 40,674 | | | $ | 26,424 | | | 53.9 | % |
| | | | | | | | | | | | |
Adjusted EBITDA margin % | | 32.0 | % | | 26.0 | % | | | | 29.4 | % | | 24.7 | % | | |
ESG and Climate operating revenues increased 29.2% for the three months ended June 30, 2023, primarily driven by strong growth from recurring subscriptions related to Ratings, Climate and Screening products. Adjusting for the impact of foreign currency exchange rate fluctuations, ESG and Climate operating revenues would have increased 29.3%.
ESG and Climate segment Adjusted EBITDA expenses increased 18.7% for the three months ended June 30, 2023, primarily driven by higher compensation expenses across all expense activity categories as a result of increased wages and salaries, incentive compensation and benefits costs due to higher headcount, partially offset by increased capitalization of expenses related to internally developed software projects. Adjusting for the impact of foreign currency exchange rate fluctuations, ESG and Climate segment Adjusted EBITDA expenses would have increased 19.2%.
ESG and Climate operating revenues increased 29.0% for the six months ended June 30, 2023, primarily driven by strong growth from recurring subscriptions related to Ratings, Climate and Screening products. Adjusting for the impact of foreign currency exchange rate fluctuations, ESG and Climate operating revenues would have increased 33.4%.
ESG and Climate segment Adjusted EBITDA expenses increased 20.9% for the six months ended June 30, 2023, driven by higher compensation and non-compensation expenses across all expense activity categories. The increase was primarily driven by increased wages and salaries, incentive compensation and benefits costs as a result of increased headcount, as well as increased information technology costs. The increase was partially offset by increased capitalization of expenses related to internally developed software projects. Adjusting for the impact of foreign currency exchange rate fluctuations, ESG and Climate segment Adjusted EBITDA expenses would have increased 23.3%.
All Other – Private Assets Segment
The following table presents the results for the All Other – Private Assets segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | % Change | | Six Months Ended June 30, | | % Change |
(in thousands) | | 2023 | | 2022 | | | 2023 | | 2022 | |
Operating revenues: | | | | | | | | | | | | |
Recurring subscriptions | | $ | 37,427 | | | $ | 33,804 | | | 10.7 | % | | $ | 75,761 | | | $ | 70,695 | | | 7.2 | % |
Non-recurring | | 314 | | | 241 | | | 30.3 | % | | 688 | | | 710 | | | (3.1 | %) |
Operating revenues total | | 37,741 | | | 34,045 | | | 10.9 | % | | 76,449 | | | 71,405 | | | 7.1 | % |
| | | | | | | | | | | | |
Adjusted EBITDA expenses | | 25,452 | | | 25,364 | | | 0.3 | % | | 51,769 | | | 53,036 | | | (2.4 | %) |
Adjusted EBITDA | | $ | 12,289 | | | $ | 8,681 | | | 41.6 | % | | $ | 24,680 | | | $ | 18,369 | | | 34.4 | % |
| | | | | | | | | | | | |
Adjusted EBITDA margin % | | 32.6 | % | | 25.5 | % | | | | 32.3 | % | | 25.7 | % | | |
All Other – Private Assets operating revenues increased 10.9% for the three months ended June 30, 2023, primarily driven by growth from recurring subscriptions related to growth from Index Intel, Performance Insights, and RCA products, partially offset by unfavorable foreign currency exchange rate fluctuations. Adjusting for the impact of foreign currency exchange rate fluctuations, All Other – Private Assets operating revenues would have increased 11.9%.
All Other – Private Assets segment Adjusted EBITDA expenses were relatively flat across all expense activity categories with a minor increase in information technology costs for the three months ended June 30, 2023. Adjusting for the impact of foreign currency exchange rate fluctuations, All Other - Private Assets segment Adjusted EBITDA expenses would have increased 1.4%.
All Other – Private Assets operating revenues increased 7.1% for the six months ended June 30, 2023, primarily driven by growth from recurring subscriptions related to growth from Index Intel and RCA products, partially offset by unfavorable foreign currency exchange rate fluctuations. Adjusting for the impact of foreign currency exchange rate fluctuations, All Other – Private Assets operating revenues would have increased 9.9%.
All Other – Private Assets segment Adjusted EBITDA expenses decreased 2.4% for the six months ended June 30, 2023, primarily driven by lower compensation expenses across the cost of revenues, G&A and selling and marketing expense activity categories, reflecting increased capitalization of expenses related to internally developed software projects and lower incentive compensation and wages and salaries. Adjusting for the impact of foreign currency exchange rate fluctuations, All Other - Private Assets segment Adjusted EBITDA expenses would have increased 0.3%.
Operating Metrics
Run Rate
“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, or reach the end of the committed subscription period, are renewed and assuming then-current currency exchange rates, subject to the adjustments and exclusions described below. For any Client Contract where fees are linked to an investment product’s assets or trading volume/fees, the Run Rate calculation reflects, for ETFs, the market value on the last trading day of the period, for futures and options, the most recent quarterly volumes and/or reported exchange fees, and for other non-ETF products, the most recent client-reported assets. Run Rate does not include fees associated with “one-time” and other non-recurring transactions. In addition, we add to Run Rate the annualized fee value of recurring new sales, whether to existing or new clients, when we execute Client Contracts, even though the license start date, and associated revenue recognition, may not be effective until a later date. We remove from Run Rate the annualized fee value associated with products or services under any Client Contract with respect to which we have received a notice of termination, non-renewal or an indication the client does not intend to continue their subscription during the period and have determined that such notice evidences the client’s final decision to terminate or not renew the applicable products or services, even though such notice is not effective until a later date.
Changes in our recurring revenues typically lag changes in Run Rate. The actual amount of recurring revenues we will realize over the following 12 months will differ from Run Rate for numerous reasons, including:
•fluctuations in revenues associated with new recurring sales;
•modifications, cancellations and non-renewals of existing Client Contracts, subject to specified notice requirements;
•differences between the recurring license start date and the date the Client Contract is executed due to, for example, contracts with onboarding periods or fee waiver periods;
•fluctuations in asset-based fees, which may result from changes in certain investment products’ total expense ratios, market movements, including foreign currency exchange rates, or from investment inflows into and outflows from investment products linked to our indexes;
•fluctuations in fees based on trading volumes of futures and options contracts linked to our indexes;
•price changes or discounts;
•revenue recognition differences under U.S. GAAP, including those related to the timing of implementation and report deliveries for certain of our products and services;
•fluctuations in the number of hedge funds for which we provide investment information and risk analysis to hedge fund investors;
•fluctuations in foreign currency exchange rates; and
•the impact of acquisitions and divestitures.
The following table presents Run Rates by reportable segment as of the dates indicated and the growth percentages over the periods indicated:
| | | | | | | | | | | | | | | | | | | | |
| | As of | | % Change |
(in thousands) | | June 30, 2023 | | June 30, 2022 | |
Index: | | | | | | |
Recurring subscriptions | | $ | 818,780 | | | $ | 732,081 | | | 11.8 | % |
Asset-based fees | | 557,414 | | | 520,092 | | | 7.2 | % |
Index total | | 1,376,194 | | | 1,252,173 | | | 9.9 | % |
| | | | | | |
| | | | | | |
Analytics | | 631,218 | | | 592,043 | | | 6.6 | % |
| | | | | | |
ESG and Climate | | 291,802 | | | 231,222 | | | 26.2 | % |
| | | | | | |
All Other - Private Assets | | 150,587 | | | 137,713 | | | 9.3 | % |
| | | | | | |
Total Run Rate | | $ | 2,449,801 | | | $ | 2,213,151 | | | 10.7 | % |
| | | | | | |
| | | | | | |
Recurring subscriptions total | | $ | 1,892,387 | | | $ | 1,693,059 | | | 11.8 | % |
Asset-based fees | | 557,414 | | | 520,092 | | | 7.2 | % |
Total Run Rate | | $ | 2,449,801 | | | $ | 2,213,151 | | | 10.7 | % |
| | | | | | |
Total Run Rate increased 10.7%, driven by an 11.8% increase from recurring subscriptions and a 7.2% increase from asset-based fees. Adjusting for the impact of foreign currency exchange rate fluctuations, recurring subscriptions Run Rate would have increased 11.3%.
Run Rate from Index recurring subscriptions increased 11.8%, primarily driven by strong growth from market cap-weighted products, custom Index products and special packages, and factor, ESG and climate products. The increase reflected growth across all regions and client segments.
Run Rate from Index asset-based fees increased 7.2%, driven by higher AUM in ETFs linked to MSCI equity indexes, partially offset by lower AUM in non-ETF indexed funds linked to MSCI indexes and lower exchange traded futures and options volume.
Run Rate from Analytics products increased 6.6%, primarily driven by strong growth in Equity Analytics products as well as growth in Multi-Asset Class products, and reflected growth across all regions. Adjusting for the impact of foreign currency exchange rate fluctuations, Analytics Run Rate would have increased 6.3%.
Run Rate from ESG and Climate products increased 26.2%, driven by strong growth in Ratings, Climate and Screening products. Adjusting for the impact of foreign currency exchange rate fluctuations, ESG and Climate Run Rate would have increased 24.1%.
Run Rate from All Other - Private Assets increased 9.3%, primarily driven by growth in RCA, Index Intel and Performance Insights products. Adjusting for the impact of foreign currency exchange rate fluctuations, All Other - Private Assets Run Rate would have increased 8.8%.
Sales
Sales represents the annualized value of products and services clients commit to purchase from MSCI and will result in additional operating revenues. Non-recurring sales represent the actual value of the customer agreements entered into during the period and are not a component of Run Rate. New recurring subscription sales represent additional selling activities, such as new customer agreements, additions to existing agreements or increases in price that occurred during the period and are additions to Run Rate. Subscription cancellations reflect client activities during the period, such as discontinuing products and services and/or
reductions in price, resulting in reductions to Run Rate. Net new recurring subscription sales represent the amount of new recurring subscription sales net of subscription cancellations during the period, which reflects the net impact to Run Rate during the period.
Total gross sales represent the sum of new recurring subscription sales and non-recurring sales. Total net sales represent the total gross sales net of the impact from subscription cancellations.
The following table presents our recurring subscription sales, cancellations and non-recurring sales by reportable segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | % Change | | Six Months Ended | | % Change |
(in thousands) | | June 30, 2023 | | June 30, 2022 | | | June 30, 2023 | | June 30, 2022 | |
New recurring subscription sales | | | | | | | | | | | | |
Index | | $ | 31,088 | | | $ | 27,946 | | | 11.2 | % | | $ | 56,178 | | | $ | 50,363 | | | 11.5 | % |
Analytics | | 18,290 | | | 18,754 | | | (2.5 | %) | | 31,964 | | | 32,823 | | | (2.6 | %) |
ESG and Climate | | 13,887 | | | 22,205 | | | (37.5 | %) | | 26,373 | | | 41,347 | | | (36.2 | %) |
All Other - Private Assets | | 4,815 | | | 5,713 | | | (15.7 | %) | | 9,958 | | | 11,272 | | | (11.7 | %) |
New recurring subscription sales total | | 68,080 | | | 74,618 | | | (8.8 | %) | | 124,473 | | | 135,805 | | | (8.3 | %) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Subscription cancellations | | | | | | | | | | | | |
Index | | (8,133) | | | (7,161) | | | 13.6 | % | | (15,215) | | | (13,081) | | | 16.3 | % |
Analytics | | (7,368) | | | (8,366) | | | (11.9 | %) | | (16,551) | | | (16,494) | | | 0.3 | % |
ESG and Climate | | (2,057) | | | (1,369) | | | 50.3 | % | | (4,692) | | | (2,012) | | | 133.2 | % |
All Other - Private Assets | | (2,625) | | | (1,358) | | | 93.3 | % | | (5,481) | | | (3,336) | | | 64.3 | % |
Subscription cancellations total | | (20,183) | | | (18,254) | | | 10.6 | % | | (41,939) | | | (34,923) | | | 20.1 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Net new recurring subscription sales | | | | | | | | | | | | |
Index | | 22,955 | | | 20,785 | | | 10.4 | % | | 40,963 | | | 37,282 | | | 9.9 | % |
| | | | | | | | | | | | |
Analytics | | 10,922 | | | 10,388 | | | 5.1 | % | | 15,413 | | | 16,329 | | | (5.6 | %) |
| | | | | | | | | | | | |
ESG and Climate | | 11,830 | | | 20,836 | | | (43.2 | %) | | 21,681 | | | 39,335 | | | (44.9 | %) |
| | | | | | | | | | | | |
All Other - Private Assets | | 2,190 | | | 4,355 | | | (49.7 | %) | | 4,477 | | | 7,936 | | | (43.6 | %) |
| | | | | | | | | | | | |
Net new recurring subscription sales total | | 47,897 | | | 56,364 | | | (15.0 | %) | | 82,534 | | | 100,882 | | | (18.2 | %) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Non-recurring sales | | | | | | | | | | | | |
Index | | 26,904 | | | 14,267 | | | 88.6 | % | | 39,686 | | | 27,982 | | | 41.8 | % |
Analytics | | 4,158 | | | 2,418 | | | 72.0 | % | | 5,528 | | | 5,907 | | | (6.4 | %) |
ESG and Climate | | 1,315 | | | 870 | | | 51.1 | % | | 2,534 | | | 2,178 | | | 16.3 | % |
All Other - Private Assets | | 594 | | | 455 | | | 30.5 | % | | 807 | | | 607 | | | 32.9 | % |
Non-recurring sales total | | 32,971 | | | 18,010 | | | 83.1 | % | | 48,555 | | | 36,674 | | | 32.4 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Gross sales | | | | | | | | | | | | |
Index | | $ | 57,992 | | | $ | 42,213 | | | 37.4 | % | | $ | 95,864 | | | $ | 78,345 | | | 22.4 | % |
| | | | | | | | | | | | |
Analytics | | 22,448 | | | 21,172 | | | 6.0 | % | | 37,492 | | | 38,730 | | | (3.2 | %) |
| | | | | | | | | | | | |
ESG and Climate | | 15,202 | | | 23,075 | | | (34.1 | %) | | 28,907 | | | 43,525 | | | (33.6 | %) |
| | | | | | | | | | | | |
All Other - Private Assets | | 5,409 | | | 6,168 | | | (12.3 | %) | | 10,765 | | | 11,879 | | | (9.4 | %) |
| | | | | | | | | | | | |
Total gross sales | | $ | 101,051 | | | $ | 92,628 | | | 9.1 | % | | $ | 173,028 | | | $ | 172,479 | | | 0.3 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Net sales | | | | | | | | | | | | |
Index | | $ | 49,859 | | | $ | 35,052 | | | 42.2 | % | | $ | 80,649 | | | $ | 65,264 | | | 23.6 | % |
| | | | | | | | | | | | |
Analytics | | 15,080 | | | 12,806 | | | 17.8 | % | | 20,941 | | | 22,236 | | | (5.8 | %) |
| | | | | | | | | | | | |
ESG and Climate | | 13,145 | | | 21,706 | | | (39.4 | %) | | 24,215 | | | 41,513 | | | (41.7 | %) |
| | | | | | | | | | | | |
All Other - Private Assets | | 2,784 | | | 4,810 | | | (42.1 | %) | | 5,284 | | | 8,543 | | | (38.1 | %) |
| | | | | | | | | | | | |
Total net sales | | $ | 80,868 | | | $ | 74,374 | | | 8.7 | % | | $ | 131,089 | | | $ | 137,556 | | | (4.7 | %) |
| | | | | | | | | | | | |
A significant portion of MSCI's operating revenues are derived from subscriptions or licenses of products and services, which are provided over contractually-agreed periods of time that are subject to renewal or cancellation at the end of current contract terms.
Retention Rate
The following table presents our Retention Rate by reportable segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Index | | 95.8% | | 95.9% | | 96.1% | | 96.2% |
Analytics | | 95.2% | | 94.3% | | 94.6% | | 94.4% |
ESG and Climate | | 96.9% | | 97.3% | | 96.5% | | 98.0% |
All Other - Private Assets | | 92.8% | | 96.0% | | 92.5% | | 95.1% |
| | | | | | | | |
Total | | 95.5% | | 95.5% | | 95.4% | | 95.7% |
Retention Rate is an important metric because subscription cancellations decrease our Run Rate and ultimately our future operating revenues over time. The annual Retention Rate represents the retained subscription Run Rate (subscription Run Rate at the beginning of the fiscal year less actual cancels during the year) as a percentage of the subscription Run Rate at the beginning of the fiscal year.
The Retention Rate for a non-annual period is calculated by annualizing the cancellations for which we have received a notice of termination or for which we believe there is an intention not to renew or discontinue the subscription during the non-annual period, and we believe that such notice or intention evidences the client’s final decision to terminate or not renew the applicable agreement, even though such notice is not effective until a later date. This annualized cancellation figure is then divided by the subscription Run Rate at the beginning of the fiscal year to calculate a cancellation rate. This cancellation rate is then subtracted from 100% to derive the annualized Retention Rate for the period.
Retention Rate is computed by operating segment on a product/service-by-product/service basis. In general, if a client reduces the number of products or services to which it subscribes within a segment, or switches between products or services within a segment, we treat it as a cancellation for purposes of calculating our Retention Rate except in the case of a product or service switch that management considers to be a replacement product or service. In those replacement cases, only the net change to the client subscription, if a decrease, is reported as a cancel. In the Analytics and the ESG and Climate operating segments, substantially all product or service switches are treated as replacement products or services and netted in this manner, while in our Index and Real Assets operating segments, product or service switches that are treated as replacement products or services and receive netting treatment occur only in certain limited instances. In addition, we treat any reduction in fees resulting from a down-sell of the same product or service as a cancellation to the extent of the reduction. We do not calculate Retention Rate for that portion of our Run Rate attributable to assets in index-linked investment products or futures and options contracts, in each case, linked to our indexes.
Retention Rate is generally higher during the first three quarters and lower in the fourth quarter, as the fourth quarter is traditionally the largest renewal period in the year.
Critical Accounting Policies and Estimates
We describe our significant accounting policies in Note 1, “Introduction and Basis of Presentation,” of the Notes to Consolidated Financial Statements included in our Form 10-K. There have been no significant changes in our accounting policies since the end of the fiscal year ended December 31, 2022 or critical accounting estimates applied in the fiscal year ended December 31, 2022.
Liquidity and Capital Resources
We require capital to fund ongoing operations, internal growth initiatives and acquisitions. Our primary sources of liquidity are cash flows generated from our operations, existing cash and cash equivalents and credit capacity under our existing credit facility. In addition, we believe we have access to additional funding in the public and private markets. We intend to use these sources of liquidity to, among other things, service our existing and future debt obligations, fund our working capital requirements for capital expenditures, investments, acquisitions and dividend payments, and make repurchases of our common stock. In connection with our business strategy, we regularly evaluate acquisition and strategic partnership opportunities. We believe our liquidity, along with other financing alternatives, will provide the necessary capital to fund these transactions and achieve our planned growth.
Senior Notes and Credit Agreement
As of June 30, 2023, we had an aggregate of $4,200.0 million in Senior Notes outstanding. In addition, under the Credit Agreement, we had as of June 30, 2023: (i) an aggregate of $343.4 million in Tranche A Term Loans outstanding under the TLA Facility and (ii) $500 million of undrawn borrowing capacity under the revolving credit facility. See Note 7, “Commitments and Contingencies,” of the Notes to Condensed Consolidated Financial Statements (Unaudited) included herein for additional information on our outstanding indebtedness and revolving credit facility.
The Senior Notes and the Credit Agreement are fully and unconditionally, and jointly and severally, guaranteed by our direct or indirect wholly owned domestic subsidiaries that account for more than 5% of our and our subsidiaries’ consolidated assets, other than certain excluded subsidiaries (the “subsidiary guarantors”). Amounts due under the Credit Agreement are our and the subsidiary guarantors’ senior unsecured obligations and rank equally with the Senior Notes and any of our other unsecured, unsubordinated debt, senior to any of our subordinated debt and effectively subordinated to our secured debt to the extent of the assets securing such debt.
The indentures governing our Senior Notes (the “Indentures”) among us, each of the subsidiary guarantors, and Computershare, National Association, as trustee and successor to Wells Fargo Bank, National Association, contain covenants that limit our and our subsidiaries’ ability to, among other things, incur liens, enter into sale/leaseback transactions and consolidate, merge or sell all or substantially all of our assets. In addition, the Indentures restrict our non-guarantor subsidiaries’ ability to create, assume, incur or guarantee additional indebtedness without such non-guarantor subsidiaries guaranteeing the Senior Notes on a pari passu basis. The Credit Agreement governing the TLA Facility and the revolving credit facility also contains covenants that limit our and our subsidiaries’ ability to, among other things, incur additional indebtedness, incur liens, pay dividends or make other distributions in respect of capital stock or engage in certain types of stock repurchases, redemptions and other restricted payments, enter into sale/leaseback transactions and consolidate, merge or sell all or substantially all of our assets.
The Credit Agreement and the Indentures also contain customary events of default, including those relating to non-payment, breach of representations, warranties or covenants, cross-default and cross-acceleration, and bankruptcy and insolvency events, and, in the case of the Credit Agreement, invalidity or impairment of loan documentation, change of control and customary ERISA defaults in addition to the foregoing. None of the restrictions detailed above are expected to impact our ability to effectively operate the business.
The Credit Agreement also requires us and our subsidiaries to achieve financial and operating results sufficient to maintain compliance with the following financial ratios on a consolidated basis through the termination of the Credit Agreement: (1) the maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) measured quarterly on a rolling four-quarter basis not to exceed 4.25:1.00 (or 4.50:1.00 for two fiscal quarters following a material acquisition) and (2) the minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) measured quarterly on a rolling four-quarter basis of at least 4.00:1.00. As of June 30, 2023, our Consolidated Leverage Ratio was 2.88:1.00 and our Consolidated Interest Coverage Ratio was 8.39:1.00.
Our non-guarantor subsidiaries under the Senior Notes and the Credit Agreement consist of: (i) domestic subsidiaries of the Company that account for 5% or less of consolidated assets of the Company and its subsidiaries and (ii) any foreign or domestic subsidiary of the Company that is deemed to be a controlled foreign corporation within the meaning of Section 957 of the Internal Revenue Code of 1986, as amended. Our non-guarantor subsidiaries accounted for approximately $1,442.5 million, or 61.4%, of our total revenue for the trailing 12 months ended June 30, 2023, approximately $592.1 million, or 46.3%, of our consolidated operating income for the trailing 12 months ended June 30, 2023, and approximately $950.9 million, or 20.0%, of our consolidated total assets (excluding intercompany assets) and $863.4 million, or 14.5%, of our consolidated total liabilities, in each case as of June 30, 2023.
Share Repurchases
The following table provides information with respect to repurchases of the Company’s common stock pursuant to open market repurchases:
| | | | | | | | | | | | | | | | | | | | |
Six Months Ended (in thousands except per share data) | | Average Price Paid Per Share | | Total Number of Shares Repurchased | | Dollar Value of Shares Repurchased(1) |
June 30, 2023 | | $ | 468.31 | | | 941 | | $ | 440,847 | |
June 30, 2022 | | $ | 480.68 | | | 2,184 | | $ | 1,049,651 | |
___________________________
(1) As of January 1, 2023, the Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The values in this column exclude the 1% excise tax incurred on share repurchases. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Unaudited Condensed Consolidated Statement of Shareholders’ Equity (Deficit)
As of June 30, 2023, there was $863.5 million of available authorization remaining under the 2022 Repurchase Program. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice.
Cash Dividends
On July 24, 2023, the Board of Directors declared a quarterly cash dividend of $1.38 per share for the three months ending September 30, 2023. The third quarter 2023 dividend is payable on August 31, 2023 to shareholders of record as of the close of trading on August 11, 2023.
Cash Flows
The following table presents the Company’s cash and cash equivalents, including restricted cash, as of the dates indicated:
| | | | | | | | | | | | | | |
| | As of |
(in thousands) | | June 30, 2023 | | December 31, 2022 |
Cash and cash equivalents (includes restricted cash of $3,885 and $368 at June 30, 2023 and December 31, 2022, respectively) | | $ | 792,329 | | | $ | 993,564 | |
We typically seek to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes. As of June 30, 2023 and December 31, 2022, $282.3 million and $344.5 million, respectively, of the Company’s cash and cash equivalents were held by foreign subsidiaries. Repatriation of some foreign cash may be subject to certain withholding taxes in local jurisdictions and other distribution restrictions. We believe the global cash and cash equivalent balances that are maintained will be available to meet our global needs whether for general corporate purposes or other needs, including acquisitions or expansion of our products.
We believe that global cash flows from operations, together with existing cash and cash equivalents and funds available under our existing revolving credit facility and our ability to access bank debt, private debt and the capital markets for additional funds, will continue to be sufficient to fund our global operating activities and cash commitments for investing and financing activities, such as material capital expenditures and share repurchases, for at least the next 12 months and for the foreseeable future thereafter. In addition, we expect that foreign cash flows from operations, together with existing cash and cash equivalents, will continue to be sufficient to fund our foreign operating activities and cash commitments for investing activities, such as material capital expenditures, for at least the next 12 months and for the foreseeable future thereafter.
Net Cash Provided by (Used In) Operating, Investing and Financing Activities
| | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 |
Net cash provided by operating activities | | $ | 555,945 | | | $ | 456,873 | |
Net cash (used in) investing activities | | (48,430) | | | (34,413) | |
Net cash (used in) provided by financing activities | | (712,052) | | | (982,936) | |
Effect of exchange rate changes | | 3,302 | | | (18,673) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | | $ | (201,235) | | | $ | (579,149) | |
| | | | |
Cash Flows From Operating Activities
Cash flows from operating activities consist of net income adjusted for certain non-cash items and changes in assets and liabilities. The year-over-year change was primarily driven by higher cash collections from customers, partially offset by higher income tax payments and higher payments for interest expense.
Our primary uses of cash from operating activities are for the payment of cash compensation expenses, income taxes, interest expenses, technology costs, professional fees, market data costs and office rent. Historically, the payment of cash for compensation and benefits is at its highest level in the first quarter when we pay discretionary employee compensation related to the previous fiscal year.
Cash Flows From Investing Activities
The year-over-year change was primarily driven by higher capital expenditures and capitalized software development costs.
Cash Flows From Financing Activities
The year-over-year change was primarily driven by the impact of lower share repurchases, partially offset by the absence of proceeds from borrowings and by higher dividend payments..
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Foreign Currency Risk
We are subject to foreign currency exchange fluctuation risk. Exchange rate movements can impact the U.S. dollar-reported value of our revenues, expenses, assets and liabilities denominated in non-U.S. dollar currencies or where the currency of such items is different than the functional currency of the entity where these items were recorded.
We generally invoice our clients in U.S. dollars; however, we invoice a portion of our clients in Euros, British pounds sterling, Japanese yen and a limited number of other non-U.S. dollar currencies. For the six months ended June 30, 2023 and 2022, 16.8% and 15.8%, respectively, of our revenues are subject to foreign currency exchange rate risk and primarily included clients billed in foreign currency as well as U.S. dollar exposures on non-U.S. dollar foreign operating entities. Of the 16.8% of non-U.S. dollar exposure for the six months ended June 30, 2023, 42.2% was in Euros, 31.3% was in British pounds sterling and 18.0% was in Japanese yen. Of the 15.8% of non-U.S. dollar exposure for the six months ended June 30, 2022, 40.5% was in Euros, 29.0% was in British pounds sterling and 19.9% was in Japanese yen.
Revenues from asset-based fees represented 22.4% and 24.9% of operating revenues for the six months ended June 30, 2023 and 2022, respectively. While a substantial portion of our asset-based fees are invoiced in U.S. dollars, the fees are based on the assets in investment products, of which approximately three-fifths are invested in securities denominated in currencies other than the U.S. dollar. Accordingly, declines in such other currencies against the U.S. dollar will decrease the fees payable to us under such licenses. In addition, declines in such currencies against the U.S. dollar could impact the attractiveness of such investment products resulting in net fund outflows, which would further reduce the fees payable under such licenses.
We are exposed to additional foreign currency risk in certain of our operating costs. Approximately 43.5% and 43.3% of our operating expenses for the six months ended June 30, 2023 and 2022, respectively, were denominated in foreign currencies, the significant majority of which were denominated in British pounds sterling, Indian rupees, Euros, Hungarian forints, Mexican pesos and Swiss francs.
We have certain monetary assets and liabilities denominated in currencies other than local functional amounts and when these balances are remeasured into their local functional currency, either a gain or a loss results from the change of the value of the functional currency as compared to the originating currencies. We manage foreign currency exchange rate risk, in part, through the use of derivative financial instruments comprised principally of forward contracts on foreign currency which are not designated as hedging instruments for accounting purposes. The objective of the derivative instruments is to minimize the impact on the income statement of the volatility of amounts denominated in certain foreign currencies. We recognized total foreign currency exchange losses of $3.9 million and gains of $2.4 million for the six months ended June 30, 2023 and 2022, respectively.
Item 4. Controls and Procedures
Our Chief Executive Officer and Chief Financial Officer have evaluated our disclosure controls and procedures, as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), as of June 30, 2023, and have concluded that these disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time specified in the SEC’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
Various lawsuits, claims and proceedings have been or may be instituted or asserted against the Company in the ordinary course of business. While the amounts claimed could be substantial, the ultimate liability cannot now be determined because of the considerable uncertainties that exist. Therefore, it is possible that MSCI’s business, operating results, financial condition or cash flows in a particular period could be materially affected by certain contingencies. However, based on facts currently available, management believes that the disposition of matters that are currently pending or asserted will not, individually or in the aggregate, have a material effect on MSCI’s business, operating results, financial condition or cash flows.
Item 1A. Risk Factors
For a discussion of the risk factors affecting the Company, see “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for fiscal year ended December 31, 2022.
There have been no material changes to the risk factors and uncertainties known to the Company and disclosed in the Company’s Form 10-K for the fiscal year ended December 31, 2022, that, if they were to materialize or occur, would, individually or in the aggregate, have a material effect on MSCI’s business, operating results, financial condition or cash flows.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
There were no unregistered sales of equity securities during the three months ended June 30, 2023.
The table below presents information with respect to purchases made by or on behalf of the Company of its shares of common stock during the three months ended June 30, 2023.
Issuer Purchases of Equity Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of Shares Purchased(1) | | Average Price Paid Per Share(2) | | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(3) |
April 1, 2023-April 30, 2023 | | 141,617 | | | $ | 466.61 | | | 141,365 | | | $ | 1,238,436,000 | |
May 1, 2023-May 31, 2023 | | 684,896 | | | $ | 468.74 | | | 683,207 | | | $ | 918,220,000 | |
June 1, 2023-June 30, 2023 | | 117,632 | | | $ | 468.18 | | | 116,788 | | | $ | 863,542,000 | |
Total | | 944,145 | | | $ | 468.35 | | | 941,360 | | | $ | 863,542,000 | |
| | | | | | | | |
___________________________
(1)Includes, when applicable, (i) shares purchased by the Company on the open market under the stock repurchase program; (ii) shares withheld to satisfy tax withholding obligations on behalf of employees that occur upon vesting and delivery of outstanding shares underlying restricted stock units; and (iii) shares held in treasury under the MSCI Inc. Non-Employee Directors Deferral Plan. The value of shares withheld to satisfy tax withholding obligations was determined using the fair market value of the Company’s common stock on the date of withholding, using a valuation methodology established by the Company.
(2)Excludes 1% excise tax incurred on share repurchases.
(3)See Note 9, “Shareholders’ Equity (Deficit),” of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding our stock repurchase program.
Item 6. Exhibits
EXHIBIT INDEX
| | | | | | | | | | | |
| Exhibit Number | | Description |
| | | |
| 3.1 | | |
| | | |
| 3.2 | | |
| | | |
*† | 10.1 | | |
| | | |
* | 31.1 | | |
| | | |
* | 31.2 | | |
| | | |
** | 32.1 | | |
| | | |
* | 101.INS | | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| | | |
* | 101.SCH | | Inline XBRL Taxonomy Extension Schema Document |
| | | |
* | 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| | | |
* | 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document |
| | | |
* | 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| | | |
* | 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| | | |
* | 104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
___________________________
*Filed herewith.
**Furnished herewith.
† Indicates a management compensation plan, contract or arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: July 25, 2023
| | | | | | | | |
| MSCI INC. (Registrant) |
| | |
| By: | /s/ Andrew C. Wiechmann |
| | Andrew C. Wiechmann Chief Financial Officer (Principal Financial Officer) |
Exhibit 10.1
20[●] AWARD AGREEMENT
FOR RESTRICTED STOCK UNITS
FOR DIRECTORS
UNDER THE MSCI INC. 2016 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN
MSCI Inc. (“MSCI,” together with its subsidiaries, the “Company”) hereby grants to you Restricted Stock Units (“RSUs”) as described below. The awards are being granted under the MSCI Inc. 2016 Non-Employee Directors Compensation Plan (as may be amended from time to time, the “Plan”).
| | | | | |
Participant: | [●] |
Number of RSUs Granted: | [●] RSUs |
Grant Date: | [●] (the “Grant Date”) |
Vesting Schedule: | [●] (such date, the “Vesting Date”). |
Provided you continue to provide services to the Company through the Vesting Date, the RSUs will vest and convert as provided above and as further described in Exhibit A attached hereto. Your RSUs may be subject to forfeiture if you terminate service with the Company before the Vesting Date, as set forth in the Plan and this Restricted Stock Unit Award Agreement (including Exhibit A and Exhibit B attached hereto, this “Award Agreement”).
You will be deemed to have accepted this award of RSUs and agreed to be bound by the terms and conditions of this Award Agreement, unless you inform the Company in writing within 60 days of the Grant Date that you wish to reject this award of RSUs.
You agree that this Award Agreement is granted under the Plan and governed by the terms and conditions of the Plan and Exhibit A and Exhibit B attached hereto. You will be able to access a prospectus and tax supplement that contains important information about this award via the MSCI website or your brokerage account. Unless defined in this Award Agreement, capitalized terms shall have the meanings ascribed to them in the Plan.
IN WITNESS WHEREOF, MSCI has duly executed and delivered this Award Agreement as of the Grant Date.
EXHIBIT A
TERMS AND CONDITIONS
OF THE 20[●] RESTRICTED STOCK UNIT AWARD AGREEMENT
Section 1.RSUs Generally. MSCI has awarded you RSUs as an incentive for you to continue to provide services as a director of MSCI and to, among other things, align your interests with those of the Company and to reward you for your continued service as a director of MSCI in the future. As such, you will earn your RSUs for 20[●] only if you remain in continuous service as a director of MSCI through the Vesting Date, or as otherwise set forth below. Each RSU corresponds to one share of MSCI common stock, par value $0.01 per share (each, a “Share”). Each RSU constitutes a contingent and unsecured promise by MSCI to deliver one Share on the conversion date for such RSU. As the holder of RSUs, you have only the rights of a general unsecured creditor of MSCI. To the extent that you are subject to taxation in the United States, Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), imposes rules relating to the taxation of deferred compensation, including your 20[●] RSU award. The Company reserves the right to modify the terms of your 20[●] RSU award, including, without limitation, the payment provisions applicable to your RSUs, to the extent necessary or advisable to comply with Section 409A.
Section 2.Vesting Schedule and Conversion.
(a)Vesting Schedule. Your RSUs will vest in full on the Vesting Date; provided that, subject to Section 4 and Section 5, you continue to provide future services to the Company by remaining in continuous service as a director of MSCI through the Vesting Date.
(b)Conversion.
(i)Except as otherwise provided in this Award Agreement or pursuant to any election form submitted in connection with the MSCI Inc. Non-Employee Directors Deferral Plan (as amended), each of your vested RSUs will convert to one Share within 30 days following the Vesting Date.
(ii)Shares to which you are entitled to receive upon conversion of RSUs under any provision of this Award Agreement shall not be subject to any transfer restrictions, other than those that may arise under securities laws or the Company’s policies.
(c)Stock Ownership Guidelines. You agree and acknowledge that the Shares issuable to you upon the settlement of the RSUs shall be subject to the terms and conditions of MSCI’s Non-Employee Director Stock Ownership Guidelines (the “Ownership Guidelines”), as may be in effect from time to time. You agree and acknowledge that a copy of the Ownership Guidelines has been previously made available to you and that you understand and acknowledge the terms of such Ownership Guidelines and the terms of this Section 2(c).
Section 3.Dividend Equivalent Payments. Until your RSUs convert to Shares, if and when MSCI pays a dividend on Shares, you will be entitled to a dividend equivalent payment in the same amount as the dividend you would have received if you held Shares for your vested and unvested RSUs immediately prior to the record date. No dividend equivalents will be paid to you with respect to any canceled or forfeited RSUs. MSCI will decide the form of payment and may pay dividend equivalents in Shares, in cash or in a combination thereof, unless otherwise provided in Exhibit B. MSCI will pay the dividend equivalent when it pays the corresponding dividend on its common stock. The gross amount of any dividend equivalents paid to you with respect to RSUs that do not vest and convert to Shares shall be subject to potential recoupment or payback (such recoupment or payback of dividend equivalents, the “Clawback”) following the cancellation or forfeiture of the underlying RSUs. You consent to the Company’s implementation and enforcement of the Clawback and expressly agree that MSCI may take such actions as are necessary to effectuate the Clawback consistent with applicable law. If, within a reasonable period, you do not tender repayment of the dividend equivalents in response to demand for repayment, MSCI may seek a court order against you or take any other actions as are necessary to effectuate the Clawback.
Section 4.Termination of Service. Upon termination of service as a director of MSCI prior to the Vesting Date, pursuant to this Section 4, the following special vesting and payment terms will apply to your unvested RSUs:
(a)Termination of Service Due to Death or Disability. If your service as a director of MSCI terminates due to death or Disability, in each case, prior to the Vesting Date, your unvested RSUs will immediately vest and convert into Shares on the date your service as a director of MSCI terminates or within 30 days thereafter. Upon a termination of service due to death, such Shares will be delivered in accordance with Section 7. For purposes of this Award Agreement, “Disability” means your “permanent and total disability” (as defined in Section 22(e) of the Code).
(b)Termination of Service and Cancellation of Awards. Unless otherwise determined by the Board, your unvested RSUs will be canceled and forfeited in full if your service as a director of MSCI terminates prior to the earlier of (i) the date of MSCI’s annual general shareholders meeting to be held during the same year as the Vesting Date if either (x) you decide not to stand for re-election at such annual shareholders meeting or (y) you are not eligible to stand for re-election at such annual shareholders meeting pursuant to the Retirement Policy set forth in the Board’s Corporate Governance Policies and (ii) the Vesting Date, in each case for any reason other than as set forth in Section 4(a) and Section 5 of this Award Agreement.
Section 5.Change in Control. In the event of a Change in Control, all of your RSUs will immediately vest and convert into Shares effective on the date of such Change in Control.
Section 6.Nontransferability. You may not sell, pledge, hypothecate, assign or otherwise transfer your RSUs, including with respect to shares subject to any retention requirements under the Ownership Guidelines, other than as provided in Section 7 (which allows you to designate a beneficiary or beneficiaries in the event of your death) or by will or the laws of descent and distribution or otherwise as provided by the Board. This prohibition includes any assignment or other transfer that purports to occur by operation of law or otherwise. During your lifetime, payments relating to the RSUs will be made only to you. Your personal representatives, heirs, legatees, beneficiaries, successors and assigns, and those of MSCI, shall all be bound by, and shall benefit from, the terms and conditions of your award.
Section 7.Designation of a Beneficiary. Any designation of a beneficiary or beneficiaries to receive all or part of the Shares to be paid under this Award Agreement in the event of your death will be governed by local law. To make a beneficiary designation, you must coordinate with your personal tax or estate planning representative. Any Shares that become payable upon your death will be distributed to your estate in accordance with local law rules. You may replace or revoke your beneficiary designation at any time. If there is any question as to the legal right of any beneficiary(ies) to receive Shares under this Award Agreement, MSCI may determine in its sole discretion to deliver the Shares in question to your estate. MSCI’s determination shall be binding and conclusive on all persons, and it will have no further liability to anyone with respect to such Shares.
Section 8.Ownership and Possession.
(a)Prior to Conversion. Prior to conversion of your RSUs, you will not have any rights as a stockholder in the Shares corresponding to your RSUs. However, you will receive dividend equivalent payments, as set forth in Section 3 of this Award Agreement.
(b)Following Conversion. Following conversion of your RSUs, you will be the beneficial owner of the Shares issued to you, and you will be entitled to all rights of ownership, including voting rights and the right to receive cash or stock dividends or other distributions paid on the Shares.
Section 9.Securities Law Compliance Matters. MSCI may, if it determines it is appropriate, affix any legend to the stock certificates representing Shares issued upon conversion of your RSUs and any stock certificates that may subsequently be issued in substitution for the original certificates. MSCI may advise the transfer agent to place a stop order against such Shares if it determines that such an order is necessary or advisable.
Section 10.Compliance with Laws and Regulations. Any sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of Shares issued upon conversion of your RSUs (whether directly or indirectly, whether or not for value, and whether or not voluntary) must be made in compliance with any applicable constitution, rule, regulation, or policy of any of the exchanges, associations or other
institutions with which MSCI has membership or other privileges, and any applicable law, or applicable rule or regulation of any governmental agency, self-regulatory organization or state or federal regulatory body.
Section 11.No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
Section 12.Consents under Local Law. Your award is conditioned upon the making of all filings and the receipt of all consents or authorizations required to comply with, or be obtained under, applicable local law.
Section 13.Award Modification and Section 409A.
(a)Award Modification. MSCI reserves the right to modify or amend unilaterally the terms and conditions of your RSUs, without first asking your consent, or to waive any terms and conditions that operate in favor of MSCI. MSCI may not modify your RSUs in a manner that would materially impair your rights in your RSUs without your consent; provided, however, that MSCI may, without your consent, amend or modify your RSUs in any manner that MSCI considers necessary or advisable to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. MSCI will notify you of any amendment of your RSUs that affects your rights. Any amendment or waiver of a provision of this Award Agreement (other than any amendment or waiver applicable to all recipients generally), which amendment or waiver operates in your favor or confers a benefit on you, must be in writing and signed by the Chief Human Resources Officer, the Chief Financial Officer or the General Counsel (or if such positions no longer exist, by the holders of equivalent positions) to be effective.
(b)Section 409A. You understand and agree that all payments made pursuant to this Award Agreement are intended to be exempt and/or comply with Section 409A, and shall be interpreted on a basis consistent with such intent. Notwithstanding the other provisions of this Award Agreement to the contrary, to the extent that MSCI determines it necessary to comply with Section 409A, if MSCI considers you to be one of its “specified employees” at the time of your “separation from service” (as such terms are defined in Section 409A) from the Company, and any amount hereunder constitutes “deferred compensation” subject to Section 409A, then any distribution of such amount (including the conversion of the RSUs in Shares) that otherwise would be made to you as a result of such “separation from service” shall not be made until the expiration of the six-month period measured from the date of your separation from service from the Company (such period, the “Delay Period”), except to the extent that earlier distribution would not result in you incurring interest or additional tax under Section 409A. Any conversion of such RSUs into Shares that would have occurred during the Delay Period but for the immediately preceding sentence shall be satisfied either by (i) conversion of such RSUs into Shares on the first business day following the Delay Period or (ii) a cash payment on the first business day following the Delay Period equal to the value of such RSUs on the scheduled conversion date (based on the value of the Shares on such date) plus accrued interest as determined by MSCI.
Section 14.Severability. In the event MSCI determines that any provision of this Award Agreement would cause you to be in constructive receipt for United States federal or state income tax purposes of any portion of your award, then such provision will be considered null and void and this Award Agreement will be construed and enforced as if the provision had not been included in this Award Agreement as of the date such provision was determined to cause you to be in constructive receipt of any portion of your award.
Section 15.Successors. This Award Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon your death, acquire any rights hereunder in accordance with this Award Agreement or the Plan.
Section 16.Venue. For purposes of litigating any dispute that arises under this grant or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of New York, agree that such litigation shall be conducted in the courts of New York County, New York, or the federal courts for the United States for the Southern District of New York, where this grant is made and/or to be performed.
Section 17.Rule of Construction for Timing of Conversion. With respect to each provision of this Award Agreement that provides for your RSUs to convert to Shares on the Vesting Date or upon a different specified event or date, such conversion will be considered to have been timely made, and neither you nor any of your beneficiaries or your estate shall have any claim against the Company for damages based on a delay in payment, and the Company shall have no liability to you (or to any of your beneficiaries or your estate) in respect of any such delay, as long as payment is made by December 31 of the year in which the Vesting Date or such other specified event or date occurs, or if later, by March 15th of the year following such specified event or date.
Section 18.Non-U.S. Directors. The following provisions will apply to you if you are providing services as a director of MSCI and reside outside of the United States. For the avoidance of doubt, if you reside in the United States and subsequently relocate to another country after the Grant Date, or if you reside in another country and subsequently relocate to the United States after the Grant Date, the following provisions may apply to you to the extent MSCI determines that the application of such terms and conditions is necessary or advisable for tax, legal or administrative reasons.
(a) Tax and Other Withholding Obligations.
You acknowledge that, regardless of any action taken by the Company, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items or liabilities, howsoever arising in any jurisdictions, related to your participation in the Plan and legally applicable or deemed applicable to you (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company. You further acknowledge that the Company (i) makes no representations or undertaking regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs or the underlying shares, including, but not limited to, the grant, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividend equivalents and/or dividends; and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction, you acknowledge that the Company may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
Pursuant to rules and procedures that MSCI establishes, Tax-Related Items arising upon any relevant taxable or tax withholding event (as applicable) of your RSUs may be satisfied, in the Board’s sole discretion, by having MSCI withhold Shares, or by having MSCI withhold cash or amounts from your director fees, compensation, or other amounts payable to you if MSCI provides for a cash withholding option, in each case in an amount sufficient to satisfy the Tax-Related Items withholding obligations. Shares withheld will be valued using the fair market value of the Shares on the date your RSUs convert, using a valuation methodology established by MSCI. In order to comply with applicable accounting standards or the Company’s policies in effect from time to time, MSCI may limit the amount of Shares that you may have withheld. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.
In the event that withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, by your acceptance of the RSUs, you authorize and direct MSCI and any brokerage firm determined acceptable to MSCI to sell on your behalf a whole number of Shares from those Shares issued to you as MSCI determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items. Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering maximum applicable rates, in which case you may receive a refund of any over-withheld amount in cash and will have no entitlement to the stock equivalent.
Finally, you agree to pay to the Company, including through withholding from any director fees, compensation, or other amounts payable to you by MSCI, any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. MSCI may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if you fail to comply with your obligations in connection with the Tax-Related Items.
(b) Nature of Grant. In accepting the RSUs, you acknowledge, understand and agree that:
(i)the Plan is established voluntarily by MSCI, it is discretionary in nature and it may be modified, amended, suspended or terminated by MSCI at any time, to the extent permitted by the Plan;
(ii)this RSU award is not a director, employment and/or service agreement, and nothing in this Award Agreement or your participation in the Plan shall create a right to continued service as a director of MSCI or interfere with the ability of MSCI to terminate your service relationship (if any);
(iii)this award, and all other awards of RSUs and other equity-based awards, are exceptional, discretionary, voluntary and occasional. This award does not confer on you any contractual or other right or entitlement to receive another award of RSUs, any other equity-based award or benefits in lieu of RSUs at any time in the future or in respect of any future period;
(iv)MSCI has made this award to you in its sole discretion. All decisions with respect to future RSU or other grants, if any, will be at the sole discretion of MSCI;
(v)you are voluntarily participating in the Plan;
(vi)the grant of RSUs and the Shares subject to the RSUs, and the income from and value of the same, are not intended to replace any pension rights, director fees or other compensation;
(vii)this award does not confer on you any right or entitlement to receive director fees or other compensation in any specific amount;
(viii)the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty;
(ix)no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from the termination of your service as a director of MSCI; and
(x)the Company shall not be liable for any foreign exchange rate fluctuation between your local currency and the U.S. Dollar that may affect the value of the RSUs or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement.
(c) Data Privacy. You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Award Agreement and any other RSU grant materials by and among, as applicable, MSCI and any subsidiary of MSCI for the exclusive purpose of implementing, administering and managing your participation in the Plan.
You understand that the Company may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number (e.g., resident registration number), salary, nationality, job title, any Shares or directorships held in MSCI, details of all RSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.
You understand that Data will be transferred to E*Trade Financial Corporate Services, Inc. and/or its affiliates (“E*Trade”), or such other stock plan service provider as may be selected by MSCI in the future, which is assisting MSCI with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the U.S. or elsewhere, and that the recipients’ country of operation (e.g., the U.S.) may have different data privacy laws and protections than your country. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local Human Resources representative. You authorize MSCI, E*Trade, and any other possible recipients which may assist MSCI (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand if you reside outside the U.S., you may, at any time, view Data, request additional
information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, or exercise any additional right available under applicable law, by contacting in writing the Corporate Secretary and Global Head of Executive Compensation and Benefits. Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your service with the Company will not be affected; the only consequence of refusing or withdrawing your consent is that MSCI would not be able to grant you RSUs or other equity awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local Human Resources representative.
Finally, upon request by MSCI and/or any Subsidiary, you agree to provide an executed data privacy consent form (or any other agreements or consents) that MSCI and/or any Subsidiary may deem necessary to obtain from you for the purpose of administering your participation in the Plan in compliance with the data privacy laws in your country, either now or in the future. You understand and agree that you will not be able to participate in the Plan if you fail to provide any such consent or agreement requested by MSCI and/or any Subsidiary.
(d) Language. If you have received this Award Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
(e) Electronic Delivery and Acceptance. MSCI may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an online or electronic system established and maintained by MSCI or a third party designated by MSCI.
(f) Exhibit B. Notwithstanding any provisions in this Award Agreement, the RSUs shall be subject to any additional terms and conditions set forth in Exhibit B to this Award Agreement for your country. Moreover, if you relocate to one of the countries included in Exhibit B, the additional terms and conditions for such country will apply to you, to the extent MSCI determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. Exhibit B constitutes part of this Award Agreement.
(g) Insider Trading Restrictions/Market Abuse Laws. By accepting the RSUs, you acknowledge that you are bound by all the terms and conditions of any MSCI insider trading policy as may be in effect from time to time. You further acknowledge that, depending on your country of residence, you may be or may become subject to insider trading restrictions and/or market abuse laws, which may affect your ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., RSUs) or rights linked to the value of Shares (e.g., phantom awards, futures) under the Plan during such times as you are considered to have “inside information” regarding MSCI (as determined under the laws or regulations in the applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you place before you possessed inside information. Furthermore, you may be prohibited from (i) disclosing the inside information to any third party (other than on a “need to know” basis) and (ii) “tipping” third parties or otherwise causing them to buy or sell securities. Third parties include other service providers of MSCI and any of its subsidiaries. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that you are responsible for ensuring compliance with any applicable restrictions and you should consult your personal legal advisor on this matter.
(h) Foreign Asset/Account, Exchange Control Reporting. Your country may have certain exchange control and/or foreign asset/account reporting requirements which may affect your ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends or dividend equivalents received or sale proceeds resulting from the sale of Shares) in a brokerage or bank account outside of your country. You may be required to report such accounts, assets or transactions to the tax or other authorities in your country. You acknowledge that it is your responsibility to comply with any applicable regulations, and that you should consult your personal advisor on this matter.
EXHIBIT B
COUNTRY-SPECIFIC TERMS AND CONDITIONS
[●]
Exhibit 31.1
SECTION 302 CERTIFICATION
I, Henry A. Fernandez, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of MSCI Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: July 25, 2023
| | | | | |
| /s/ Henry A. Fernandez |
| Henry A. Fernandez |
| Chairman and Chief Executive Officer |
| (Principal Executive Officer) |
Exhibit 31.2
SECTION 302 CERTIFICATION
I, Andrew C. Wiechmann, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of MSCI Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: July 25, 2023
| | | | | |
| /s/ Andrew C. Wiechmann |
| Andrew C. Wiechmann |
| Chief Financial Officer |
| (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Henry A. Fernandez, Chairman and Chief Executive Officer of MSCI Inc. (the “Registrant”) and Andrew C. Wiechmann, Chief Financial Officer of the Registrant, each hereby certifies that, to the best of his/her knowledge:
1.The Registrant’s Quarterly Report on Form 10-Q for the period ended June 30, 2023 (the “Periodic Report”), to which this Certification is attached as Exhibit 32.1, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Periodic Report fairly presents, in all material respects, the financial condition of the Registrant at the end of the period covered by the Periodic Report and results of operations of the Registrant for the periods covered by the Periodic Report.
Date: July 25, 2023
| | | | | | | | |
/s/ Henry A. Fernandez | | /s/ Andrew C. Wiechmann |
Henry A. Fernandez Chairman and Chief Executive Officer (Principal Executive Officer) | | Andrew C. Wiechmann Chief Financial Officer (Principal Financial Officer) |
v3.23.2
Cover Page - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Jul. 18, 2023 |
Cover [Abstract] |
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10-Q
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true
|
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Document Period End Date |
Jun. 30, 2023
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false
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|
Entity File Number |
001-33812
|
|
Entity Registrant Name |
MSCI INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
13-4038723
|
|
Entity Address, Address Line One |
7 World Trade Center
|
|
Entity Address, Address Line Two |
250 Greenwich Street, 49th Floor
|
|
Entity Address, City or Town |
New York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10007
|
|
City Area Code |
212
|
|
Local Phone Number |
804-3900
|
|
Title of 12(b) Security |
Common stock, par value $0.01 per share
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|
Trading Symbol |
MSCI
|
|
Security Exchange Name |
NYSE
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Entity Current Reporting Status |
Yes
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Yes
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Large Accelerated Filer
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents (includes restricted cash of $3,885 and $368 at June 30, 2023 and December 31, 2022, respectively) |
$ 792,329
|
$ 993,564
|
Accounts receivable (net of allowances of $2,934 and $2,652 at June 30, 2023 and December 31, 2022, respectively) |
612,885
|
663,236
|
Prepaid income taxes |
69,737
|
36,654
|
Prepaid and other assets |
49,234
|
54,520
|
Total current assets |
1,524,185
|
1,747,974
|
Property, equipment and leasehold improvements, net |
60,966
|
53,853
|
Right of use assets |
122,415
|
126,584
|
Goodwill |
2,232,459
|
2,229,670
|
Total |
546,425
|
558,517
|
Equity method investment |
210,496
|
214,389
|
Deferred tax assets |
28,429
|
29,207
|
Other non-current assets |
37,453
|
37,341
|
Total assets |
4,762,828
|
4,997,535
|
Current liabilities: |
|
|
Accounts payable |
7,277
|
15,039
|
Income taxes payable |
12,057
|
8,058
|
Accrued compensation and related benefits |
119,451
|
182,370
|
Current portion of long-term debt |
8,717
|
8,713
|
Other accrued liabilities |
161,000
|
153,461
|
Deferred revenue |
909,623
|
882,886
|
Total current liabilities |
1,218,125
|
1,250,527
|
Long-term debt |
4,501,119
|
4,503,233
|
Long-term operating lease liabilities |
127,225
|
131,575
|
Deferred tax liabilities |
17,661
|
29,098
|
Other non-current liabilities |
92,366
|
91,027
|
Total liabilities |
5,956,496
|
6,005,460
|
Commitments and Contingencies (see Note 7) |
|
|
Shareholders’ equity (deficit): |
|
|
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued) |
0
|
0
|
Common stock (par value $0.01; 750,000,000 common shares authorized; 133,812,966 and 133,623,005 common shares issued and 79,126,903 and 79,959,989 common shares outstanding at June 30, 2023 and December 31, 2022, respectively) |
1,338
|
1,336
|
Treasury shares, at cost (54,686,063 and 53,663,016 common shares held at June 30, 2023 and December 31, 2022, respectively) |
(6,428,102)
|
(5,938,116)
|
Additional paid in capital |
1,553,365
|
1,515,874
|
Retained earnings |
3,736,376
|
3,473,192
|
Accumulated other comprehensive loss |
(56,645)
|
(60,211)
|
Total shareholders’ equity (deficit) |
(1,193,668)
|
(1,007,925)
|
Total liabilities and shareholders’ equity (deficit) |
$ 4,762,828
|
$ 4,997,535
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Restricted cash, current |
$ 3,885
|
$ 368
|
Accounts Receivable, Allowance for Credit Loss, Current |
$ 2,934
|
$ 2,652
|
Preferred stock, par value (in USD per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
100,000,000
|
100,000,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Common stock, par value (in USD per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
750,000,000
|
750,000,000
|
Common stock, shares issued (in shares) |
133,812,966
|
133,623,005
|
Common stock, shares outstanding (in shares) |
79,126,903
|
79,959,989
|
Shares repurchased (in shares) |
54,686,063
|
53,663,016
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Operating revenues |
$ 621,157
|
$ 551,806
|
$ 1,213,375
|
$ 1,111,751
|
Operating expenses: |
|
|
|
|
Cost of revenues (exclusive of depreciation and amortization) |
110,066
|
100,768
|
218,713
|
203,539
|
Selling and marketing |
67,988
|
61,073
|
134,463
|
127,126
|
Research and development |
30,140
|
23,916
|
61,463
|
52,238
|
General and administrative |
35,657
|
36,724
|
76,701
|
82,291
|
Amortization of intangible assets |
26,154
|
22,179
|
50,821
|
43,899
|
Depreciation and amortization of property, equipment and leasehold improvements |
5,199
|
6,765
|
10,659
|
13,299
|
Total operating expenses |
275,204
|
251,425
|
552,820
|
522,392
|
Operating income |
345,953
|
300,381
|
660,555
|
589,359
|
Interest income |
(10,403)
|
(924)
|
(20,765)
|
(1,222)
|
Interest expense |
46,617
|
41,085
|
92,823
|
81,799
|
Other expense (income) |
2,581
|
188
|
4,967
|
(193)
|
Other expense (income), net |
38,795
|
40,349
|
77,025
|
80,384
|
Income before provision for income taxes |
307,158
|
260,032
|
583,530
|
508,975
|
Provision for income taxes |
60,333
|
49,445
|
97,977
|
69,965
|
Net income |
$ 246,825
|
$ 210,587
|
$ 485,553
|
$ 439,010
|
Earnings per share: |
|
|
|
|
Basic (in USD per share) |
$ 3.10
|
$ 2.60
|
$ 6.08
|
$ 5.40
|
Diluted (in USD per share) |
$ 3.09
|
$ 2.59
|
$ 6.05
|
$ 5.37
|
Weighted average shares outstanding: |
|
|
|
|
Basic (in USD per share) |
79,592
|
80,923
|
79,815
|
81,255
|
Diluted (in USD per share) |
79,905
|
81,295
|
80,193
|
81,789
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 246,825
|
$ 210,587
|
$ 485,553
|
$ 439,010
|
Other comprehensive income (loss): |
|
|
|
|
Foreign currency translation adjustments |
2,516
|
(11,796)
|
6,878
|
(14,746)
|
Income tax effect |
(323)
|
1,606
|
(1,431)
|
2,468
|
Foreign currency translation adjustments, net |
2,193
|
(10,190)
|
5,447
|
(12,278)
|
Pension and other post-retirement adjustments |
(1,581)
|
7,376
|
(2,094)
|
7,486
|
Income tax effect |
179
|
(1,070)
|
213
|
(1,114)
|
Pension and other post-retirement adjustments, net |
(1,402)
|
6,306
|
(1,881)
|
6,372
|
Other comprehensive (loss) income, net of tax |
791
|
(3,884)
|
3,566
|
(5,906)
|
Comprehensive income |
$ 247,616
|
$ 206,703
|
$ 489,119
|
$ 433,104
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands |
Total |
Common Stock |
Treasury Stock |
Additional Paid in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2021 |
$ (163,467)
|
$ 1,332
|
$ (4,540,144)
|
$ 1,457,623
|
$ 2,976,517
|
$ (58,795)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
228,423
|
|
|
|
228,423
|
|
Dividends declared |
(87,280)
|
|
|
|
(87,280)
|
|
Dividends paid in shares |
77
|
|
|
77
|
|
|
Other comprehensive income (loss), net of tax |
(2,022)
|
|
|
|
|
(2,022)
|
Common stock issued |
4
|
4
|
|
|
|
|
Shares withheld for tax withholding |
(105,000)
|
|
(105,000)
|
|
|
|
Compensation payable in common stock |
22,754
|
|
|
22,754
|
|
|
Common stock repurchased and held in treasury |
(772,657)
|
|
(772,657)
|
|
|
|
Common stock issued to Directors and (held in)/released from treasury |
(21)
|
|
(21)
|
|
|
|
Ending Balance at Mar. 31, 2022 |
(879,189)
|
1,336
|
(5,417,822)
|
1,480,454
|
3,117,660
|
(60,817)
|
Beginning Balance at Dec. 31, 2021 |
(163,467)
|
1,332
|
(4,540,144)
|
1,457,623
|
2,976,517
|
(58,795)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
439,010
|
|
|
|
|
|
Ending Balance at Jun. 30, 2022 |
(1,026,446)
|
1,336
|
(5,699,069)
|
1,492,334
|
3,243,654
|
(64,701)
|
Beginning Balance at Mar. 31, 2022 |
(879,189)
|
1,336
|
(5,417,822)
|
1,480,454
|
3,117,660
|
(60,817)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
210,587
|
|
|
|
210,587
|
|
Dividends declared |
(84,593)
|
|
|
|
(84,593)
|
|
Dividends paid in shares |
22
|
|
|
22
|
|
|
Other comprehensive income (loss), net of tax |
(3,884)
|
|
|
|
|
(3,884)
|
Common stock issued |
0
|
|
|
|
|
|
Shares withheld for tax withholding |
(3,862)
|
|
(3,862)
|
|
|
|
Compensation payable in common stock |
11,858
|
|
|
11,858
|
|
|
Common stock repurchased and held in treasury |
(276,994)
|
|
(276,994)
|
|
|
|
Common stock issued to Directors and (held in)/released from treasury |
(391)
|
|
(391)
|
|
|
|
Ending Balance at Jun. 30, 2022 |
(1,026,446)
|
1,336
|
(5,699,069)
|
1,492,334
|
3,243,654
|
(64,701)
|
Beginning Balance at Dec. 31, 2022 |
(1,007,925)
|
1,336
|
(5,938,116)
|
1,515,874
|
3,473,192
|
(60,211)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
238,728
|
|
|
|
238,728
|
|
Dividends declared |
(111,986)
|
|
|
|
(111,986)
|
|
Dividends paid in shares |
44
|
|
|
44
|
|
|
Other comprehensive income (loss), net of tax |
2,775
|
|
|
|
|
2,775
|
Common stock issued |
2
|
2
|
|
|
|
|
Shares withheld for tax withholding |
(43,960)
|
|
(43,960)
|
|
|
|
Compensation payable in common stock |
20,988
|
|
|
20,988
|
|
|
Common stock repurchased and held in treasury |
0
|
|
|
|
|
|
Common stock issued to Directors and (held in)/released from treasury |
(30)
|
|
(30)
|
|
|
|
Ending Balance at Mar. 31, 2023 |
(901,364)
|
1,338
|
(5,982,106)
|
1,536,906
|
3,599,934
|
(57,436)
|
Beginning Balance at Dec. 31, 2022 |
(1,007,925)
|
1,336
|
(5,938,116)
|
1,515,874
|
3,473,192
|
(60,211)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
485,553
|
|
|
|
|
|
Ending Balance at Jun. 30, 2023 |
(1,193,668)
|
1,338
|
(6,428,102)
|
1,553,365
|
3,736,376
|
(56,645)
|
Beginning Balance at Mar. 31, 2023 |
(901,364)
|
1,338
|
(5,982,106)
|
1,536,906
|
3,599,934
|
(57,436)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Net income |
246,825
|
|
|
|
246,825
|
|
Dividends declared |
(110,383)
|
|
|
|
(110,383)
|
|
Dividends paid in shares |
33
|
|
|
33
|
|
|
Other comprehensive income (loss), net of tax |
791
|
|
|
|
|
791
|
Common stock issued |
0
|
|
|
|
|
|
Shares withheld for tax withholding |
(611)
|
|
(611)
|
|
|
|
Compensation payable in common stock |
16,426
|
|
|
16,426
|
|
|
Common stock repurchased and held in treasury |
(444,655)
|
|
(444,655)
|
|
|
|
Common stock issued to Directors and (held in)/released from treasury |
(730)
|
|
(730)
|
|
|
|
Ending Balance at Jun. 30, 2023 |
$ (1,193,668)
|
$ 1,338
|
$ (6,428,102)
|
$ 1,553,365
|
$ 3,736,376
|
$ (56,645)
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities |
|
|
Net income |
$ 485,553
|
$ 439,010
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Amortization of intangible assets |
50,821
|
43,899
|
Stock-based compensation expense |
37,231
|
34,419
|
Depreciation and amortization of property, equipment and leasehold improvements |
10,659
|
13,299
|
Amortization of right of use assets |
11,586
|
12,491
|
Loss on impairment of right of use assets, net |
0
|
705
|
Amortization of debt origination fees |
2,526
|
2,607
|
Deferred taxes |
(11,766)
|
(22,826)
|
Other adjustments |
5,978
|
2,511
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
50,985
|
70,131
|
Prepaid income taxes |
(32,729)
|
(10,686)
|
Prepaid and other assets |
5,836
|
6,768
|
Other non-current assets |
(3,109)
|
(5,726)
|
Accounts payable |
(7,850)
|
(4,906)
|
Income taxes payable |
3,547
|
(18,407)
|
Accrued compensation and related benefits |
(65,529)
|
(97,272)
|
Other accrued liabilities |
2,869
|
6,703
|
Deferred revenue |
23,443
|
(2,731)
|
Long-term operating lease liabilities |
(10,396)
|
(13,085)
|
Other non-current liabilities |
(3,515)
|
4,098
|
Other |
(195)
|
(4,129)
|
Net cash provided by operating activities |
555,945
|
456,873
|
Cash flows from investing activities |
|
|
Capitalized software development costs |
(32,663)
|
(29,699)
|
Capital expenditures |
(15,378)
|
(4,737)
|
Other |
(389)
|
23
|
Net cash used in investing activities |
(48,430)
|
(34,413)
|
Cash flows from financing activities |
|
|
Repurchase of common stock held in treasury |
(485,417)
|
(1,158,513)
|
Payment of dividends |
(222,260)
|
(171,936)
|
Repayment of borrowings |
(4,375)
|
(5,000)
|
Proceeds from borrowings, inclusive of premium |
0
|
355,000
|
Payment of debt issuance costs in connection with debt |
0
|
(2,277)
|
Payment of contingent consideration |
0
|
(210)
|
Net cash (used in) provided by financing activities |
(712,052)
|
(982,936)
|
Effect of exchange rate changes |
3,302
|
(18,673)
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
(201,235)
|
(579,149)
|
Cash, cash equivalents and restricted cash, beginning of period |
993,564
|
1,421,449
|
Cash, cash equivalents and restricted cash, end of period |
792,329
|
842,300
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
90,661
|
78,185
|
Cash paid for income taxes, net of refunds received |
138,587
|
124,034
|
Supplemental disclosure of non-cash investing activities |
|
|
Property, equipment and leasehold improvements in other accrued liabilities |
5,567
|
4,928
|
Supplemental disclosure of non-cash financing activities |
|
|
Cash dividends declared, but not yet paid |
$ 1,014
|
$ 2,765
|
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v3.23.2
INTRODUCTION AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
INTRODUCTION AND BASIS OF PRESENTATION |
INTRODUCTION AND BASIS OF PRESENTATION MSCI Inc., together with its wholly owned subsidiaries (the “Company” or “MSCI”) is a leading provider of critical decision support tools and solutions for the global investment community. Our mission-critical offerings help investors address the challenges of a transforming investment landscape and power better investment decisions. Leveraging our knowledge of the global investment process and our expertise in research, data and technology, we enable our clients to understand and analyze key drivers of risk and return and confidently and efficiently build more effective portfolios. Our products and services include indexes; portfolio construction and risk management tools; environmental, social and governance (“ESG”) and climate solutions; and real estate market and transaction data and analysis. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. If not materially different, certain note disclosures included therein have been omitted from these interim condensed consolidated financial statements. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim consolidated financial statements, have been included. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation. Concentrations For the six months ended June 30, 2023 and 2022, BlackRock, Inc. (“BlackRock”) accounted for 10.0% and 10.8% of the Company’s consolidated operating revenues, respectively. For the six months ended June 30, 2023 and 2022, BlackRock accounted for 16.9% and 18.0% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate or All Other – Private Assets segments for the six months ended June 30, 2023 and 2022. Restricted Cash Restricted cash primarily relates to security deposits for certain operating leases that are legally restricted and unavailable for our general operations. Allowance for Credit Losses Changes in the allowance for credit losses from December 31, 2021 to June 30, 2023 were as follows: | | | | | | | | | (in thousands) | | Amount | Balance as of December 31, 2021 | | $ | 2,337 | | Addition (reduction) to credit loss expense | | 910 | | Write-offs, net of recoveries | | (595) | | Balance as of December 31, 2022 | | $ | 2,652 | | | | | Addition (reduction) to credit loss expense | | 927 | | Write-offs, net of recoveries | | (645) | | Balance as of June 30, 2023 | | $ | 2,934 | | | | |
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v3.23.2
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v3.23.2
REVENUE RECOGNITION
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE RECOGNITION |
REVENUE RECOGNITION MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment. The tables that follow present the disaggregated operating revenues for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2023 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 200,714 | | | $ | 147,504 | | | $ | 70,047 | | | $ | 37,427 | | | $ | 455,692 | | Asset-based fees | | 138,162 | | | — | | | — | | | — | | | 138,162 | | Non-recurring | | 23,440 | | | 2,377 | | | 1,172 | | | 314 | | | 27,303 | | Total | | $ | 362,316 | | | $ | 149,881 | | | $ | 71,219 | | | $ | 37,741 | | | $ | 621,157 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2023 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 397,392 | | | $ | 292,007 | | | $ | 135,779 | | | $ | 75,761 | | | $ | 900,939 | | Asset-based fees | | 271,288 | | | — | | | — | | | — | | | 271,288 | | Non-recurring | | 33,018 | | | 4,944 | | | 2,498 | | | 688 | | | 41,148 | | Total | | $ | 701,698 | | | $ | 296,951 | | | $ | 138,277 | | | $ | 76,449 | | | $ | 1,213,375 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2022 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 179,711 | | | $ | 139,497 | | | $ | 54,037 | | | $ | 33,804 | | | $ | 407,049 | | Asset-based fees | | 132,216 | | | — | | | — | | | — | | | 132,216 | | Non-recurring | | 9,022 | | | 2,187 | | | 1,091 | | | 241 | | | 12,541 | | Total | | $ | 320,949 | | | $ | 141,684 | | | $ | 55,128 | | | $ | 34,045 | | | $ | 551,806 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2022 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 354,209 | | | $ | 277,296 | | | $ | 104,609 | | | $ | 70,695 | | | $ | 806,809 | | Asset-based fees | | 277,269 | | | — | | | — | | | — | | | 277,269 | | Non-recurring | | 20,230 | | | 4,185 | | | 2,548 | | | 710 | | | 27,673 | | Total | | $ | 651,708 | | | $ | 281,481 | | | $ | 107,157 | | | $ | 71,405 | | | $ | 1,111,751 | | | | | | | | | | | | |
The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated: | | | | | | | | | | | | | | | (in thousands) | | Accounts receivable, net of allowances | | Deferred revenue | Opening (December 31, 2022) | | $ | 663,236 | | | $ | 882,886 | | Closing (June 30, 2023) | | 612,885 | | | 909,623 | | Increase/(decrease) | | $ | (50,351) | | | $ | 26,737 | | | | | | |
| | | | | | | | | | | | | | | (in thousands) | | Accounts receivable, net of allowances | | Deferred revenue | Opening (December 31, 2021) | | $ | 664,511 | | | $ | 824,912 | | Closing (June 30, 2022) | | 586,815 | | | 808,020 | | Increase/(decrease) | | $ | (77,696) | | | $ | (16,892) | | | | | | |
The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $269.6 million and $626.2 million for the three and six months ended June 30, 2023, respectively and $232.9 million and $572.6 million for the three and six months ended June 30, 2022, respectively. The difference between the opening and closing balances of the Company’s deferred revenue is primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. As of June 30, 2023 and December 31, 2022, the Company carried a long-term deferred revenue balance of $28.5 million and $29.4 million, respectively, in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statement of Financial Condition. For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: | | | | | | | | | | | As of | | | June 30, | (in thousands) | | 2023 | First 12-month period | | $ | 682,799 | | Second 12-month period | | 419,674 | | Third 12-month period | | 186,009 | | Periods thereafter | | 121,348 | | Total | | $ | 1,409,830 | | | | |
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v3.23.2
EARNINGS PER COMMON SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
EARNINGS PER COMMON SHARE |
EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the assumed conversion of all dilutive securities, including, when applicable, restricted stock units (“RSUs”), performance stock units (“PSUs”) and performance stock options (“PSOs”). The following table presents the computation of basic and diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 | Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | | | | | | | | | | | Basic weighted average common shares outstanding | | 79,592 | | | 80,923 | | | 79,815 | | | 81,255 | | Effect of dilutive securities: | | | | | | | | | PSUs, RSUs and PSOs | | 313 | | | 372 | | | 378 | | | 534 | | Diluted weighted average common shares outstanding | | 79,905 | | | 81,295 | | | 80,193 | | | 81,789 | | | | | | | | | | | | | | | | | | | | Earnings per common share: | | | | | | | | | Basic | | $ | 3.10 | | | $ | 2.60 | | | $ | 6.08 | | | $ | 5.40 | | Diluted | | $ | 3.09 | | | $ | 2.59 | | | $ | 6.05 | | | $ | 5.37 | |
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v3.23.2
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET |
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Property, equipment and leasehold improvements, net consisted of the following as of the dates indicated: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | (in thousands) | | 2023 | | 2022 | Computer & related equipment | | $ | 190,453 | | | $ | 181,710 | | Furniture & fixtures | | 15,486 | | | 14,078 | | Leasehold improvements | | 57,687 | | | 54,040 | | Work-in-process | | 5,688 | | | 2,373 | | Subtotal | | 269,314 | | | 252,201 | | | | | | | Accumulated depreciation and amortization | | (208,348) | | | (198,348) | | Property, equipment and leasehold improvements, net | | $ | 60,966 | | | $ | 53,853 | | | | | | |
Depreciation and amortization expense of property, equipment and leasehold improvements was $5.2 million and $6.8 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense of property, equipment and leasehold improvements was $10.7 million and $13.3 million for the six months ended June 30, 2023 and 2022, respectively.
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS, NET |
GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following table presents goodwill by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Goodwill at December 31, 2022 | | $ | 1,201,622 | | | $ | 290,976 | | | $ | 48,047 | | | $ | 689,025 | | | $ | 2,229,670 | | Foreign exchange translation adjustment | | 1,726 | | | — | | | — | | | 1,063 | | | 2,789 | | Goodwill at June 30, 2023 | | $ | 1,203,348 | | | $ | 290,976 | | | $ | 48,047 | | | $ | 690,088 | | | $ | 2,232,459 | | | | | | | | | | | | |
Intangible Assets, Net The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Amortization expense of acquired intangible assets | | $ | 15,851 | | | $ | 15,854 | | | $ | 31,682 | | | $ | 31,752 | | Amortization expense of internally developed capitalized software | | 10,303 | | | 6,325 | | | 19,139 | | | 12,147 | | Total amortization of intangible assets expense | | $ | 26,154 | | | $ | 22,179 | | | $ | 50,821 | | | $ | 43,899 | | | | | | | | | | |
The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | (in thousands) | | 2023 | | 2022 | Gross intangible assets: | | | | | Customer relationships | | $ | 532,500 | | | $ | 532,500 | | Proprietary data | | 220,778 | | | 220,778 | | Acquired technology and software | | 209,220 | | | 209,220 | | Trademarks | | 208,190 | | | 208,190 | | Internally developed capitalized software | | 202,836 | | | 165,928 | | Subtotal | | 1,373,524 | | | 1,336,616 | | | | | | | Foreign exchange translation adjustment | | (9,864) | | | (13,214) | | Total gross intangible assets | | $ | 1,363,660 | | | $ | 1,323,402 | | | | | | | Accumulated amortization: | | | | | Customer relationships | | $ | (323,722) | | | $ | (308,437) | | Proprietary data | | (51,334) | | | (41,783) | | Acquired technology and software | | (181,891) | | | (179,833) | | Trademarks | | (166,832) | | | (162,044) | | Internally developed capitalized software | | (95,913) | | | (77,259) | | Subtotal | | (819,692) | | | (769,356) | | | | | | | Foreign exchange translation adjustment | | 2,457 | | | 4,471 | | Total accumulated amortization | | $ | (817,235) | | | $ | (764,885) | | | | | | | Net intangible assets: | | | | | Customer relationships | | $ | 208,778 | | | $ | 224,063 | | | | | | | Proprietary data | | 169,444 | | | 178,995 | | | | | | | Acquired technology and software | | 27,329 | | | 29,387 | | | | | | | Trademarks | | 41,358 | | | 46,146 | | | | | | | Internally developed capitalized software | | 106,923 | | | 88,670 | | | | | | | Subtotal | | 553,832 | | | 567,260 | | | | | | | Foreign exchange translation adjustment | | (7,407) | | | (8,743) | | Total net intangible assets | | $ | 546,425 | | | $ | 558,517 | | | | | | |
The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2023 and succeeding years: | | | | | | | | | Years Ending December 31, (in thousands) | | Amortization Expense | Remainder of 2023 | | $ | 54,950 | | 2024 | | 104,375 | | 2025 | | 79,120 | | 2026 | | 44,725 | | 2027 | | 36,644 | | Thereafter | | 226,611 | | Total | | $ | 546,425 | | | | |
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES As of June 30, 2023, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and an aggregate of $343.4 million in senior unsecured tranche A term loans (the “Tranche A Term Loans”) under the term loan A facility (the “TLA Facility”), as presented in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal Amount Outstanding at | | Carrying Value at | | Carrying Value at | | Fair Value at | | Fair Value at | (in thousands) | | Maturity Date | | June 30, 2023 | | June 30, 2023 | | December 31, 2022 | | June 30, 2023 | | December 31, 2022 | Debt | | | | | | | | | | | | | 4.000% senior unsecured notes due 2029 | | November 15, 2029 | | $ | 1,000,000 | | | $ | 993,091 | | | $ | 992,546 | | | $ | 903,560 | | | $ | 876,240 | | 3.625% senior unsecured notes due 2030 | | September 1, 2030 | | 900,000 | | | 895,256 | | | 894,925 | | | 780,624 | | | 751,113 | | 3.875% senior unsecured notes due 2031 | | February 15, 2031 | | 1,000,000 | | | 991,614 | | | 991,067 | | | 867,600 | | | 833,130 | | 3.625% senior unsecured notes due 2031 | | November 1, 2031 | | 600,000 | | | 594,524 | | | 594,195 | | | 514,422 | | | 500,880 | | 3.250% senior unsecured notes due 2033 | | August 15, 2033 | | 700,000 | | | 693,197 | | | 692,862 | | | 565,726 | | | 542,696 | | Variable rate Tranche A Term Loans due 2027 | | February 16, 2027 | | 343,438 | | | 342,155 | | | 346,352 | | | 341,720 | | | 346,073 | | Total debt(1) | | | | $ | 4,543,438 | | | $ | 4,509,837 | | | $ | 4,511,947 | | | $ | 3,973,652 | | | $ | 3,850,132 | | | | | | | | | | | | | | | ___________________________ (1) Includes $8.7 million of current-portion of long-term debt.Maturities of the Company’s principal debt payments as of June 30, 2023 are as follows: | | | | | | | | | Maturity of Principal Debt Payments (in thousands) | | Amounts | Remainder of 2023 | | $ | 4,375 | | 2024 | | 10,938 | | 2025 | | 19,687 | | 2026 | | 26,250 | | 2027 | | 282,188 | | Thereafter | | 4,200,000 | | Total debt | | $ | 4,543,438 | | | | |
Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table: | | | | | | | | | | | | | | | | | Interest payment frequency | | First interest payment date | Senior Notes and Tranche A Term Loans | | | | | 4.000% senior unsecured notes due 2029 | | Semi-Annual | | May 15 | 3.625% senior unsecured notes due 2030 | | Semi-Annual | | March 1 | 3.875% senior unsecured notes due 2031 | | Semi-Annual | | June 1 | 3.625% senior unsecured notes due 2031 | | Semi-Annual | | May 1 | 3.250% senior unsecured notes due 2033 | | Semi-Annual | | February 15 | Variable rate Tranche A Term Loans due 2027 | | Variable | | July 11 |
The fair market value of the Company’s debt obligations represent Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used broker quotes and third-party pricing services to determine fair values. Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On June 9, 2022, the Company, the guarantors party thereto and the lenders and agents party thereto, entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), amending and restating in its entirety the Company’s prior revolving credit agreement (the “Prior Revolving Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $500.0 million of revolving loan commitments, which may be drawn until February 16, 2027, and the TLA Facility. At June 30, 2023, the revolving loan commitments were undrawn. As noted above, at June 30, 2023, the commitments under the TLA Facility were drawn in full, and the resulting Tranche A Term Loans mature on February 16, 2027. The obligations under the Credit Agreement are general unsecured obligations of the Company and the guarantors. Interest on the Tranche A Term Loans under the TLA Facility accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin and will be due on each Interest Payment Date (as defined in the Credit Agreement). The applicable margin is calculated by reference to the Company’s Consolidated Leverage Ratio (as defined in the Credit Agreement) and ranges between 1.50% to 2.00% for SOFR loans, and 0.50% to 1.00% for Base Rate loans. At June 30, 2023, the interest rate on the TLA Facility was 7.19%. In connection with the closings of the Senior Notes offerings, entry into the Prior Revolving Credit Agreement and the subsequent amendments thereto and entry into the Credit Agreement, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At June 30, 2023, $35.5 million of the deferred financing fees and premium remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.4 million of which is included in “Other non-current assets” and $33.6 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition.
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
LEASES |
LEASES The components of lease expense (income) of the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Operating lease expenses | | $ | 7,178 | | | $ | 7,471 | | | $ | 14,292 | | | $ | 15,130 | | Variable lease costs | | 930 | | | 838 | | | 1,821 | | | 1,603 | | Short-term lease costs | | 188 | | | 69 | | | 439 | | | 210 | | Sublease income | | (1,276) | | | $ | (1,142) | | | $ | (2,551) | | | $ | (2,103) | | Total lease costs | | $ | 7,020 | | | $ | 7,236 | | | $ | 14,001 | | | $ | 14,840 | | | | | | | | | | |
Maturities of the Company’s operating lease liabilities as of June 30, 2023 are as follows: | | | | | | | | | Maturity of Lease Liabilities | | Operating | (in thousands) | | Leases | Remainder of 2023 | | $ | 13,837 | | 2024 | | 26,936 | | 2025 | | 24,000 | | 2026 | | 22,267 | | 2027 | | 17,668 | | Thereafter | | 67,081 | | Total lease payments | | $ | 171,789 | | | | | Less: Interest | | (21,827) | | Present value of lease liabilities | | $ | 149,962 | | | | | | | | Other accrued liabilities | | $ | 22,737 | | Long-term operating lease liabilities | | $ | 127,225 | |
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | Lease Term and Discount Rate | | 2023 | | 2022 | Weighted-average remaining lease term (years) | | 7.45 | | 7.86 | Weighted-average discount rate | | 3.54 | % | | 3.40 | % |
Other information related to the Company’s operating leases are as follows: | | | | | | | | | | | | | | | Other Information | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | Operating cash flows used for operating leases | | $ | 14,906 | | | $ | 14,227 | | Right of use assets obtained in exchange for new operating lease liabilities | | $ | 7,225 | | | $ | 2,905 | |
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v3.23.2
SHAREHOLDERS' EQUITY (DEFICIT)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS' EQUITY (DEFICIT) |
SHAREHOLDERS’ EQUITY (DEFICIT) Return of capital On July 28, 2022, the Board of Directors authorized a stock repurchase program (the “2022 Repurchase Program”) for the purchase of up to $1,000.0 million worth of shares of MSCI’s common stock in addition to the $539.1 million of authorization then remaining under a previously existing share repurchase program that was replaced by, and incorporated into, the 2022 Repurchase Program for a total of $1,539.1 million of stock repurchase authorization available under the 2022 Repurchase Program. Share repurchases made pursuant to the 2022 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice. As of June 30, 2023, there was $863.5 million of available authorization remaining under the 2022 Repurchase Program. The following table provides information with respect to repurchases of the Company’s common stock made on the open market: | | | | | | | | | | | | | | | | | | | | | Six months ended (in thousands, except per share data) | | Average Price Paid Per Share | | Total Number of Shares Repurchased | | Dollar Value of Shares Repurchased(1) | June 30, 2023 | | $ | 468.31 | | | 941 | | | $ | 440,847 | | June 30, 2022 | | $ | 480.68 | | | 2,184 | | | $ | 1,049,651 | |
___________________________ (1) As of January 1, 2023, the Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The values in this column exclude the 1% excise tax incurred on share repurchases. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Unaudited Condensed Consolidated Statement of Shareholders’ Equity (Deficit) The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dividends | (in thousands, except per share data) | | Per Share | | Declared | | Distributed | | (Released)/Deferred | 2023 | | | | | | | | | Three Months Ended March 31, | | $ | 1.38 | | | $ | 111,986 | | | $ | 112,189 | | | $ | (203) | | Three Months Ended June 30, | | 1.38 | | | 110,383 | | | 110,147 | | | 236 | | | | | | | | | | | | | | | | | | | | Total | | $ | 2.76 | | | $ | 222,369 | | | $ | 222,336 | | | $ | 33 | | | | | | | | | | | 2022 | | | | | | | | | Three Months Ended March 31, | | $ | 1.04 | | | $ | 87,280 | | | $ | 87,846 | | | $ | (566) | | Three Months Ended June 30, | | 1.04 | | | 84,593 | | | 84,189 | | | 404 | | | | | | | | | | | | | | | | | | | | Total | | $ | 2.08 | | | $ | 171,873 | | | $ | 172,035 | | | $ | (162) | | | | | | | | | | |
Common Stock The following table presents activity related to shares of common stock issued and repurchased during the six months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Treasury | | Common Stock | | | Issued | Stock | Outstanding | Balance at December 31, 2022 | | 133,623,005 | | (53,663,016) | | 79,959,989 | Dividend payable/paid | | 24 | | — | | 24 | Common stock issued | | 181,875 | | — | | 181,875 | Shares withheld for tax withholding | | — | | (78,844) | | (78,844) | Shares repurchased under stock repurchase programs | | — | | — | | — | Shares issued to directors | | 58 | | (58) | | — | Balance at March 31, 2023 | | 133,804,962 | | (53,741,918) | | 80,063,044 | | | | | | | | Dividend payable/paid | | — | | — | | — | Common stock issued | | 2,698 | | — | | 2,698 | Shares withheld for tax withholding | | — | | (1,270) | | (1,270) | Shares repurchased under stock repurchase programs | | — | | (941,360) | | (941,360) | Shares issued to directors | | 5,306 | | (1,515) | | 3,791 | Balance at June 30, 2023 | | 133,812,966 | | (54,686,063) | | 79,126,903 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXES The Company’s provision for income taxes was $98.0 million and $70.0 million for the six months ended June 30, 2023 and 2022, respectively. The effective tax rate of 16.8% for the six months ended June 30, 2023 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $16.4 million, primarily related to $11.2 million of excess tax benefits recognized on share-based compensation vested during the period and $5.2 million related to prior-year items. The effective tax rate of 13.7% for the six months ended June 30, 2022 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $27.2 million, primarily related to $28.3 million of excess tax benefits recognized on share-based compensation vested during the period. The Company is under or open to examination by the IRS and other tax authorities in certain jurisdictions, including foreign jurisdictions, such as the United Kingdom, Switzerland and India, and states in the United States in which the Company has significant operations, such as New York and California. The tax years currently under or open to examination vary by jurisdiction but include years from 2008 onwards. The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. Based on the current status of income tax audits, the Company believes it is reasonably possible that the total amount of unrecognized benefits may decrease by approximately $22.9 million in the next twelve months as a result of the resolution of prior-year items. During the three and six months ended June 30, 2023, the Company’s unrecognized tax benefits decreased by $1.0 million and $4.8 million, respectively, principally due to the resolution of prior-year items.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
SEGMENT INFORMATIONThe Company has five operating segments: Index, Analytics, ESG and Climate, Real Assets and The Burgiss Group, LLC (“Burgiss”), which are presented as the following four reportable segments: Index, Analytics, ESG and Climate and All Other – Private Assets. The Index operating segment offers equity and fixed income indexes. The indexes are used in many areas of the investment process, including for developing indexed financial products (e.g., Exchange Traded Funds (“ETFs”), mutual funds, annuities, futures, options, structured products and over-the-counter derivatives), performance benchmarking, portfolio construction and rebalancing, and asset allocation. The Analytics operating segment offers risk management, performance attribution and portfolio management content, applications and services that provide clients with an integrated view of risk and return and tools for analyzing market, credit, liquidity, counterparty and climate risk across all major asset classes, spanning short-, medium- and long-term time horizons. Clients access Analytics tools and content through MSCI’s proprietary applications and application programming interfaces, third-party applications or directly through their own platforms. Additionally, the Analytics operating segment also provides various managed services to help clients operate more efficiently, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting. The ESG and Climate operating segment offers products and services that help institutional investors understand how ESG and climate considerations can impact the long-term risk and return of their portfolio and individual security-level investments. In addition, the ESG and Climate operating segment provides data, ratings, research and tools to help investors navigate increasing regulation, meet new client demands and better integrate ESG and climate elements into their investment processes. The Real Assets operating segment offers data, benchmarks, return-analytics, climate assessments and market insights for tangible assets such as real estate and infrastructure. In addition, Real Assets performance and risk analytics range from enterprise-wide to property-specific analysis. The Real Assets operating segment also provides business intelligence products to real estate owners, managers, developers and brokers worldwide. The Burgiss operating segment represents the Company’s equity method investment in Burgiss, a global provider of investment decision support tools for private capital. The Chief Operating Decision Maker (“CODM”) measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: 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, including certain non-recurring acquisition-related integration and transaction costs, that the CODM does not consider for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are included in the reconciliation that follows. The following table presents operating revenues by reportable segment for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Operating revenues | | | | | | | | | Index | | $ | 362,316 | | | $ | 320,949 | | | $ | 701,698 | | | $ | 651,708 | | Analytics | | 149,881 | | | 141,684 | | | 296,951 | | | 281,481 | | ESG and Climate | | 71,219 | | | 55,128 | | | 138,277 | | | 107,157 | | All Other - Private Assets | | 37,741 | | | 34,045 | | | 76,449 | | | 71,405 | | Total | | $ | 621,157 | | | $ | 551,806 | | | $ | 1,213,375 | | | $ | 1,111,751 | | | | | | | | | | |
The following table presents segment profitability and a reconciliation to net income for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Index Adjusted EBITDA | | $ | 277,070 | | | $ | 245,170 | | | $ | 530,752 | | | $ | 491,045 | | Analytics Adjusted EBITDA | | 65,149 | | | 62,961 | | | 125,929 | | | 113,850 | | ESG and Climate Adjusted EBITDA | | 22,798 | | | 14,332 | | | 40,674 | | | 26,424 | | All Other - Private Assets Adjusted EBITDA | | 12,289 | | | 8,681 | | | 24,680 | | | 18,369 | | Total operating segment profitability | | 377,306 | | | 331,144 | | | 722,035 | | | 649,688 | | | | | | | | | | | Amortization of intangible assets | | 26,154 | | | 22,179 | | | 50,821 | | | 43,899 | | Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | 10,659 | | | 13,299 | | Acquisition-related integration and transaction costs(1) | | — | | | 1,819 | | | — | | | 3,131 | | Operating income | | 345,953 | | | 300,381 | | | 660,555 | | | 589,359 | | | | | | | | | | | Other expense (income), net | | 38,795 | | | 40,349 | | | 77,025 | | | 80,384 | | Provision for income taxes | | 60,333 | | | 49,445 | | | 97,977 | | | 69,965 | | Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | | | | | | | | | | |
___________________________ (1)Incremental and non-recurring costs attributable to acquisitions directly related to the execution of the transaction and integration of the acquired business that have occurred no later than 12 months after the close of the transaction. Operating revenues by geography are primarily based on the shipping address of the ultimate customer utilizing the product. The following table presents operating revenues by geographic area for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Operating revenues | | | | | | | | | Americas: | | | | | | | | | United States | | $ | 256,434 | | | $ | 229,732 | | | $ | 494,850 | | | $ | 463,088 | | Other | | 27,574 | | | 23,642 | | | 55,110 | | | 46,109 | | Total Americas | | 284,008 | | | 253,374 | | | 549,960 | | | 509,197 | | | | | | | | | | | | | | | | | | | | Europe, the Middle East and Africa ("EMEA"): | | | | | | | | | United Kingdom | | 99,692 | | | 89,187 | | | 191,352 | | | 176,173 | | Other | | 139,851 | | | 122,515 | | | 278,170 | | | 254,088 | | Total EMEA | | 239,543 | | | 211,702 | | | 469,522 | | | 430,261 | | | | | | | | | | | | | | | | | | | | Asia & Australia: | | | | | | | | | Japan | | 24,285 | | | 22,843 | | | 50,302 | | | 46,033 | | Other | | 73,321 | | | 63,887 | | | 143,591 | | | 126,260 | | Total Asia & Australia | | 97,606 | | | 86,730 | | | 193,893 | | | 172,293 | | | | | | | | | | | | | | | | | | | | Total | | $ | 621,157 | | | $ | 551,806 | | | $ | 1,213,375 | | | $ | 1,111,751 | | | | | | | | | | |
Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | (in thousands) | | 2023 | | 2022 | Long-lived assets | | | | | Americas: | | | | | United States | | $ | 198,657 | | | $ | 179,453 | | Other | | 12,170 | | | 11,971 | | Total Americas | | 210,827 | | | 191,424 | | | | | | | | | | | | EMEA: | | | | | United Kingdom | | 19,248 | | | 19,674 | | Other | | 23,678 | | | 23,099 | | Total EMEA | | 42,926 | | | 42,773 | | | | | | | | | | | | Asia & Australia: | | | | | Japan | | 1,403 | | | 652 | | Other | | 34,362 | | | 32,962 | | Total Asia & Australia | | 35,765 | | | 33,614 | | | | | | | | | | | | Total | | $ | 289,518 | | | $ | 267,811 | | | | | | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS Subsequent to the three months ended June 30, 2023 and through trade date of July 24, 2023, the Company repurchased an additional 38,263 shares of common stock at an average price of $467.13 per share for a total value of $17.9 million. On July 24, 2023, the Board of Directors declared a quarterly cash dividend of $1.38 per share for the three months ending September 30, 2023 (“third quarter 2023”). The third quarter 2023 dividend is payable on August 31, 2023 to shareholders of record as of the close of trading on August 11, 2023.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
INTRODUCTION AND BASIS OF PRESENTATION (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. If not materially different, certain note disclosures included therein have been omitted from these interim condensed consolidated financial statements. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim consolidated financial statements, have been included. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.
|
Use of Estimates |
The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.
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Concentrations |
Concentrations For the six months ended June 30, 2023 and 2022, BlackRock, Inc. (“BlackRock”) accounted for 10.0% and 10.8% of the Company’s consolidated operating revenues, respectively. For the six months ended June 30, 2023 and 2022, BlackRock accounted for 16.9% and 18.0% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate or All Other – Private Assets segments for the six months ended June 30, 2023 and 2022.
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Restricted Cash |
Restricted CashRestricted cash primarily relates to security deposits for certain operating leases that are legally restricted and unavailable for our general operations.
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- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
INTRODUCTION AND BASIS OF PRESENTATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Changes in Allowance for Doubtful Accounts |
Changes in the allowance for credit losses from December 31, 2021 to June 30, 2023 were as follows: | | | | | | | | | (in thousands) | | Amount | Balance as of December 31, 2021 | | $ | 2,337 | | Addition (reduction) to credit loss expense | | 910 | | Write-offs, net of recoveries | | (595) | | Balance as of December 31, 2022 | | $ | 2,652 | | | | | Addition (reduction) to credit loss expense | | 927 | | Write-offs, net of recoveries | | (645) | | Balance as of June 30, 2023 | | $ | 2,934 | | | | |
|
X |
- DefinitionTabular disclosure of allowance for credit loss on financing receivable.
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v3.23.2
REVENUE RECOGNITION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Disaggregation of Operating Revenue |
The tables that follow present the disaggregated operating revenues for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2023 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 200,714 | | | $ | 147,504 | | | $ | 70,047 | | | $ | 37,427 | | | $ | 455,692 | | Asset-based fees | | 138,162 | | | — | | | — | | | — | | | 138,162 | | Non-recurring | | 23,440 | | | 2,377 | | | 1,172 | | | 314 | | | 27,303 | | Total | | $ | 362,316 | | | $ | 149,881 | | | $ | 71,219 | | | $ | 37,741 | | | $ | 621,157 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2023 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 397,392 | | | $ | 292,007 | | | $ | 135,779 | | | $ | 75,761 | | | $ | 900,939 | | Asset-based fees | | 271,288 | | | — | | | — | | | — | | | 271,288 | | Non-recurring | | 33,018 | | | 4,944 | | | 2,498 | | | 688 | | | 41,148 | | Total | | $ | 701,698 | | | $ | 296,951 | | | $ | 138,277 | | | $ | 76,449 | | | $ | 1,213,375 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2022 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 179,711 | | | $ | 139,497 | | | $ | 54,037 | | | $ | 33,804 | | | $ | 407,049 | | Asset-based fees | | 132,216 | | | — | | | — | | | — | | | 132,216 | | Non-recurring | | 9,022 | | | 2,187 | | | 1,091 | | | 241 | | | 12,541 | | Total | | $ | 320,949 | | | $ | 141,684 | | | $ | 55,128 | | | $ | 34,045 | | | $ | 551,806 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2022 | | | Segments | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Operating Revenue Types | | | | | | | | | | | Recurring subscriptions | | $ | 354,209 | | | $ | 277,296 | | | $ | 104,609 | | | $ | 70,695 | | | $ | 806,809 | | Asset-based fees | | 277,269 | | | — | | | — | | | — | | | 277,269 | | Non-recurring | | 20,230 | | | 4,185 | | | 2,548 | | | 710 | | | 27,673 | | Total | | $ | 651,708 | | | $ | 281,481 | | | $ | 107,157 | | | $ | 71,405 | | | $ | 1,111,751 | | | | | | | | | | | | |
|
Schedule of Change in Accounts Receivable and Current Deferred Revenue |
The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated: | | | | | | | | | | | | | | | (in thousands) | | Accounts receivable, net of allowances | | Deferred revenue | Opening (December 31, 2022) | | $ | 663,236 | | | $ | 882,886 | | Closing (June 30, 2023) | | 612,885 | | | 909,623 | | Increase/(decrease) | | $ | (50,351) | | | $ | 26,737 | | | | | | |
| | | | | | | | | | | | | | | (in thousands) | | Accounts receivable, net of allowances | | Deferred revenue | Opening (December 31, 2021) | | $ | 664,511 | | | $ | 824,912 | | Closing (June 30, 2022) | | 586,815 | | | 808,020 | | Increase/(decrease) | | $ | (77,696) | | | $ | (16,892) | | | | | | |
|
Schedule of Remaining Performance Obligations |
The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: | | | | | | | | | | | As of | | | June 30, | (in thousands) | | 2023 | First 12-month period | | $ | 682,799 | | Second 12-month period | | 419,674 | | Third 12-month period | | 186,009 | | Periods thereafter | | 121,348 | | Total | | $ | 1,409,830 | | | | |
|
X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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v3.23.2
EARNINGS PER COMMON SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Computation of Basic and Diluted EPS |
The following table presents the computation of basic and diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 | Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | | | | | | | | | | | Basic weighted average common shares outstanding | | 79,592 | | | 80,923 | | | 79,815 | | | 81,255 | | Effect of dilutive securities: | | | | | | | | | PSUs, RSUs and PSOs | | 313 | | | 372 | | | 378 | | | 534 | | Diluted weighted average common shares outstanding | | 79,905 | | | 81,295 | | | 80,193 | | | 81,789 | | | | | | | | | | | | | | | | | | | | Earnings per common share: | | | | | | | | | Basic | | $ | 3.10 | | | $ | 2.60 | | | $ | 6.08 | | | $ | 5.40 | | Diluted | | $ | 3.09 | | | $ | 2.59 | | | $ | 6.05 | | | $ | 5.37 | |
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v3.23.2
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Equipment and Leasehold Improvements, Net |
Property, equipment and leasehold improvements, net consisted of the following as of the dates indicated: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | (in thousands) | | 2023 | | 2022 | Computer & related equipment | | $ | 190,453 | | | $ | 181,710 | | Furniture & fixtures | | 15,486 | | | 14,078 | | Leasehold improvements | | 57,687 | | | 54,040 | | Work-in-process | | 5,688 | | | 2,373 | | Subtotal | | 269,314 | | | 252,201 | | | | | | | Accumulated depreciation and amortization | | (208,348) | | | (198,348) | | Property, equipment and leasehold improvements, net | | $ | 60,966 | | | $ | 53,853 | | | | | | |
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Change to Company's Goodwill |
The following table presents goodwill by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Index | | Analytics | | ESG and Climate | | All Other - Private Assets | | Total | Goodwill at December 31, 2022 | | $ | 1,201,622 | | | $ | 290,976 | | | $ | 48,047 | | | $ | 689,025 | | | $ | 2,229,670 | | Foreign exchange translation adjustment | | 1,726 | | | — | | | — | | | 1,063 | | | 2,789 | | Goodwill at June 30, 2023 | | $ | 1,203,348 | | | $ | 290,976 | | | $ | 48,047 | | | $ | 690,088 | | | $ | 2,232,459 | | | | | | | | | | | | |
|
Schedule of Amortization Expense Related to Intangible Assets by Category |
The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Amortization expense of acquired intangible assets | | $ | 15,851 | | | $ | 15,854 | | | $ | 31,682 | | | $ | 31,752 | | Amortization expense of internally developed capitalized software | | 10,303 | | | 6,325 | | | 19,139 | | | 12,147 | | Total amortization of intangible assets expense | | $ | 26,154 | | | $ | 22,179 | | | $ | 50,821 | | | $ | 43,899 | | | | | | | | | | |
|
Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets |
The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | (in thousands) | | 2023 | | 2022 | Gross intangible assets: | | | | | Customer relationships | | $ | 532,500 | | | $ | 532,500 | | Proprietary data | | 220,778 | | | 220,778 | | Acquired technology and software | | 209,220 | | | 209,220 | | Trademarks | | 208,190 | | | 208,190 | | Internally developed capitalized software | | 202,836 | | | 165,928 | | Subtotal | | 1,373,524 | | | 1,336,616 | | | | | | | Foreign exchange translation adjustment | | (9,864) | | | (13,214) | | Total gross intangible assets | | $ | 1,363,660 | | | $ | 1,323,402 | | | | | | | Accumulated amortization: | | | | | Customer relationships | | $ | (323,722) | | | $ | (308,437) | | Proprietary data | | (51,334) | | | (41,783) | | Acquired technology and software | | (181,891) | | | (179,833) | | Trademarks | | (166,832) | | | (162,044) | | Internally developed capitalized software | | (95,913) | | | (77,259) | | Subtotal | | (819,692) | | | (769,356) | | | | | | | Foreign exchange translation adjustment | | 2,457 | | | 4,471 | | Total accumulated amortization | | $ | (817,235) | | | $ | (764,885) | | | | | | | Net intangible assets: | | | | | Customer relationships | | $ | 208,778 | | | $ | 224,063 | | | | | | | Proprietary data | | 169,444 | | | 178,995 | | | | | | | Acquired technology and software | | 27,329 | | | 29,387 | | | | | | | Trademarks | | 41,358 | | | 46,146 | | | | | | | Internally developed capitalized software | | 106,923 | | | 88,670 | | | | | | | Subtotal | | 553,832 | | | 567,260 | | | | | | | Foreign exchange translation adjustment | | (7,407) | | | (8,743) | | Total net intangible assets | | $ | 546,425 | | | $ | 558,517 | | | | | | |
|
Estimated Amortization Expense for Remainder of 2022 and Succeeding Years |
The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2023 and succeeding years: | | | | | | | | | Years Ending December 31, (in thousands) | | Amortization Expense | Remainder of 2023 | | $ | 54,950 | | 2024 | | 104,375 | | 2025 | | 79,120 | | 2026 | | 44,725 | | 2027 | | 36,644 | | Thereafter | | 226,611 | | Total | | $ | 546,425 | | | | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of Senior Unsecured Notes |
As of June 30, 2023, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and an aggregate of $343.4 million in senior unsecured tranche A term loans (the “Tranche A Term Loans”) under the term loan A facility (the “TLA Facility”), as presented in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal Amount Outstanding at | | Carrying Value at | | Carrying Value at | | Fair Value at | | Fair Value at | (in thousands) | | Maturity Date | | June 30, 2023 | | June 30, 2023 | | December 31, 2022 | | June 30, 2023 | | December 31, 2022 | Debt | | | | | | | | | | | | | 4.000% senior unsecured notes due 2029 | | November 15, 2029 | | $ | 1,000,000 | | | $ | 993,091 | | | $ | 992,546 | | | $ | 903,560 | | | $ | 876,240 | | 3.625% senior unsecured notes due 2030 | | September 1, 2030 | | 900,000 | | | 895,256 | | | 894,925 | | | 780,624 | | | 751,113 | | 3.875% senior unsecured notes due 2031 | | February 15, 2031 | | 1,000,000 | | | 991,614 | | | 991,067 | | | 867,600 | | | 833,130 | | 3.625% senior unsecured notes due 2031 | | November 1, 2031 | | 600,000 | | | 594,524 | | | 594,195 | | | 514,422 | | | 500,880 | | 3.250% senior unsecured notes due 2033 | | August 15, 2033 | | 700,000 | | | 693,197 | | | 692,862 | | | 565,726 | | | 542,696 | | Variable rate Tranche A Term Loans due 2027 | | February 16, 2027 | | 343,438 | | | 342,155 | | | 346,352 | | | 341,720 | | | 346,073 | | Total debt(1) | | | | $ | 4,543,438 | | | $ | 4,509,837 | | | $ | 4,511,947 | | | $ | 3,973,652 | | | $ | 3,850,132 | | | | | | | | | | | | | | | ___________________________ (1) Includes $8.7 million of current-portion of long-term debt.
|
Schedule of Maturities of Long-Term Debt |
Maturities of the Company’s principal debt payments as of June 30, 2023 are as follows: | | | | | | | | | Maturity of Principal Debt Payments (in thousands) | | Amounts | Remainder of 2023 | | $ | 4,375 | | 2024 | | 10,938 | | 2025 | | 19,687 | | 2026 | | 26,250 | | 2027 | | 282,188 | | Thereafter | | 4,200,000 | | Total debt | | $ | 4,543,438 | | | | |
|
Schedule of Interest Payments Due Attributable to Outstanding indebtedness |
Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table: | | | | | | | | | | | | | | | | | Interest payment frequency | | First interest payment date | Senior Notes and Tranche A Term Loans | | | | | 4.000% senior unsecured notes due 2029 | | Semi-Annual | | May 15 | 3.625% senior unsecured notes due 2030 | | Semi-Annual | | March 1 | 3.875% senior unsecured notes due 2031 | | Semi-Annual | | June 1 | 3.625% senior unsecured notes due 2031 | | Semi-Annual | | May 1 | 3.250% senior unsecured notes due 2033 | | Semi-Annual | | February 15 | Variable rate Tranche A Term Loans due 2027 | | Variable | | July 11 |
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Schedule of Components of Lease Expense (Income), Weighted-Average Remaining Lease Term and Discount Rate, and Other Information Related to the Company's Operating Leases |
The components of lease expense (income) of the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Operating lease expenses | | $ | 7,178 | | | $ | 7,471 | | | $ | 14,292 | | | $ | 15,130 | | Variable lease costs | | 930 | | | 838 | | | 1,821 | | | 1,603 | | Short-term lease costs | | 188 | | | 69 | | | 439 | | | 210 | | Sublease income | | (1,276) | | | $ | (1,142) | | | $ | (2,551) | | | $ | (2,103) | | Total lease costs | | $ | 7,020 | | | $ | 7,236 | | | $ | 14,001 | | | $ | 14,840 | | | | | | | | | | |
Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | Lease Term and Discount Rate | | 2023 | | 2022 | Weighted-average remaining lease term (years) | | 7.45 | | 7.86 | Weighted-average discount rate | | 3.54 | % | | 3.40 | % |
Other information related to the Company’s operating leases are as follows: | | | | | | | | | | | | | | | Other Information | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | Operating cash flows used for operating leases | | $ | 14,906 | | | $ | 14,227 | | Right of use assets obtained in exchange for new operating lease liabilities | | $ | 7,225 | | | $ | 2,905 | |
|
Summary of Maturities of Operating Lease Liability |
Maturities of the Company’s operating lease liabilities as of June 30, 2023 are as follows: | | | | | | | | | Maturity of Lease Liabilities | | Operating | (in thousands) | | Leases | Remainder of 2023 | | $ | 13,837 | | 2024 | | 26,936 | | 2025 | | 24,000 | | 2026 | | 22,267 | | 2027 | | 17,668 | | Thereafter | | 67,081 | | Total lease payments | | $ | 171,789 | | | | | Less: Interest | | (21,827) | | Present value of lease liabilities | | $ | 149,962 | | | | | | | | Other accrued liabilities | | $ | 22,737 | | Long-term operating lease liabilities | | $ | 127,225 | |
|
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v3.23.2
SHAREHOLDERS' EQUITY (DEFICIT) (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of Company's Common Stock Repurchases Made on Open Market |
The following table provides information with respect to repurchases of the Company’s common stock made on the open market: | | | | | | | | | | | | | | | | | | | | | Six months ended (in thousands, except per share data) | | Average Price Paid Per Share | | Total Number of Shares Repurchased | | Dollar Value of Shares Repurchased(1) | June 30, 2023 | | $ | 468.31 | | | 941 | | | $ | 440,847 | | June 30, 2022 | | $ | 480.68 | | | 2,184 | | | $ | 1,049,651 | |
___________________________ (1) As of January 1, 2023, the Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The values in this column exclude the 1% excise tax incurred on share repurchases. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Unaudited Condensed Consolidated Statement of Shareholders’ Equity (Deficit)
|
Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred |
The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dividends | (in thousands, except per share data) | | Per Share | | Declared | | Distributed | | (Released)/Deferred | 2023 | | | | | | | | | Three Months Ended March 31, | | $ | 1.38 | | | $ | 111,986 | | | $ | 112,189 | | | $ | (203) | | Three Months Ended June 30, | | 1.38 | | | 110,383 | | | 110,147 | | | 236 | | | | | | | | | | | | | | | | | | | | Total | | $ | 2.76 | | | $ | 222,369 | | | $ | 222,336 | | | $ | 33 | | | | | | | | | | | 2022 | | | | | | | | | Three Months Ended March 31, | | $ | 1.04 | | | $ | 87,280 | | | $ | 87,846 | | | $ | (566) | | Three Months Ended June 30, | | 1.04 | | | 84,593 | | | 84,189 | | | 404 | | | | | | | | | | | | | | | | | | | | Total | | $ | 2.08 | | | $ | 171,873 | | | $ | 172,035 | | | $ | (162) | | | | | | | | | | |
|
Summary of Activity Related to Shares of Common Stock Issued and Repurchased |
The following table presents activity related to shares of common stock issued and repurchased during the six months ended June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Treasury | | Common Stock | | | Issued | Stock | Outstanding | Balance at December 31, 2022 | | 133,623,005 | | (53,663,016) | | 79,959,989 | Dividend payable/paid | | 24 | | — | | 24 | Common stock issued | | 181,875 | | — | | 181,875 | Shares withheld for tax withholding | | — | | (78,844) | | (78,844) | Shares repurchased under stock repurchase programs | | — | | — | | — | Shares issued to directors | | 58 | | (58) | | — | Balance at March 31, 2023 | | 133,804,962 | | (53,741,918) | | 80,063,044 | | | | | | | | Dividend payable/paid | | — | | — | | — | Common stock issued | | 2,698 | | — | | 2,698 | Shares withheld for tax withholding | | — | | (1,270) | | (1,270) | Shares repurchased under stock repurchase programs | | — | | (941,360) | | (941,360) | Shares issued to directors | | 5,306 | | (1,515) | | 3,791 | Balance at June 30, 2023 | | 133,812,966 | | (54,686,063) | | 79,126,903 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Operating Revenues by Reportable Segment |
The following table presents operating revenues by reportable segment for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Operating revenues | | | | | | | | | Index | | $ | 362,316 | | | $ | 320,949 | | | $ | 701,698 | | | $ | 651,708 | | Analytics | | 149,881 | | | 141,684 | | | 296,951 | | | 281,481 | | ESG and Climate | | 71,219 | | | 55,128 | | | 138,277 | | | 107,157 | | All Other - Private Assets | | 37,741 | | | 34,045 | | | 76,449 | | | 71,405 | | Total | | $ | 621,157 | | | $ | 551,806 | | | $ | 1,213,375 | | | $ | 1,111,751 | | | | | | | | | | |
|
Segment Profitability and Reconciliation to Net Income |
The following table presents segment profitability and a reconciliation to net income for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Index Adjusted EBITDA | | $ | 277,070 | | | $ | 245,170 | | | $ | 530,752 | | | $ | 491,045 | | Analytics Adjusted EBITDA | | 65,149 | | | 62,961 | | | 125,929 | | | 113,850 | | ESG and Climate Adjusted EBITDA | | 22,798 | | | 14,332 | | | 40,674 | | | 26,424 | | All Other - Private Assets Adjusted EBITDA | | 12,289 | | | 8,681 | | | 24,680 | | | 18,369 | | Total operating segment profitability | | 377,306 | | | 331,144 | | | 722,035 | | | 649,688 | | | | | | | | | | | Amortization of intangible assets | | 26,154 | | | 22,179 | | | 50,821 | | | 43,899 | | Depreciation and amortization of property, equipment and leasehold improvements | | 5,199 | | | 6,765 | | | 10,659 | | | 13,299 | | Acquisition-related integration and transaction costs(1) | | — | | | 1,819 | | | — | | | 3,131 | | Operating income | | 345,953 | | | 300,381 | | | 660,555 | | | 589,359 | | | | | | | | | | | Other expense (income), net | | 38,795 | | | 40,349 | | | 77,025 | | | 80,384 | | Provision for income taxes | | 60,333 | | | 49,445 | | | 97,977 | | | 69,965 | | Net income | | $ | 246,825 | | | $ | 210,587 | | | $ | 485,553 | | | $ | 439,010 | | | | | | | | | | |
___________________________ (1)Incremental and non-recurring costs attributable to acquisitions directly related to the execution of the transaction and integration of the acquired business that have occurred no later than 12 months after the close of the transaction.
|
Operating Revenues by Geographic Area |
Operating revenues by geography are primarily based on the shipping address of the ultimate customer utilizing the product. The following table presents operating revenues by geographic area for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Operating revenues | | | | | | | | | Americas: | | | | | | | | | United States | | $ | 256,434 | | | $ | 229,732 | | | $ | 494,850 | | | $ | 463,088 | | Other | | 27,574 | | | 23,642 | | | 55,110 | | | 46,109 | | Total Americas | | 284,008 | | | 253,374 | | | 549,960 | | | 509,197 | | | | | | | | | | | | | | | | | | | | Europe, the Middle East and Africa ("EMEA"): | | | | | | | | | United Kingdom | | 99,692 | | | 89,187 | | | 191,352 | | | 176,173 | | Other | | 139,851 | | | 122,515 | | | 278,170 | | | 254,088 | | Total EMEA | | 239,543 | | | 211,702 | | | 469,522 | | | 430,261 | | | | | | | | | | | | | | | | | | | | Asia & Australia: | | | | | | | | | Japan | | 24,285 | | | 22,843 | | | 50,302 | | | 46,033 | | Other | | 73,321 | | | 63,887 | | | 143,591 | | | 126,260 | | Total Asia & Australia | | 97,606 | | | 86,730 | | | 193,893 | | | 172,293 | | | | | | | | | | | | | | | | | | | | Total | | $ | 621,157 | | | $ | 551,806 | | | $ | 1,213,375 | | | $ | 1,111,751 | | | | | | | | | | |
|
Long-Lived Assets by Geographic Area |
Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: | | | | | | | | | | | | | | | | | As of | | | June 30, | | December 31, | (in thousands) | | 2023 | | 2022 | Long-lived assets | | | | | Americas: | | | | | United States | | $ | 198,657 | | | $ | 179,453 | | Other | | 12,170 | | | 11,971 | | Total Americas | | 210,827 | | | 191,424 | | | | | | | | | | | | EMEA: | | | | | United Kingdom | | 19,248 | | | 19,674 | | Other | | 23,678 | | | 23,099 | | Total EMEA | | 42,926 | | | 42,773 | | | | | | | | | | | | Asia & Australia: | | | | | Japan | | 1,403 | | | 652 | | Other | | 34,362 | | | 32,962 | | Total Asia & Australia | | 35,765 | | | 33,614 | | | | | | | | | | | | Total | | $ | 289,518 | | | $ | 267,811 | | | | | | |
|
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v3.23.2
REVENUE RECOGNITION - Disaggregation of Operating Revenue (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
$ 621,157
|
$ 551,806
|
$ 1,213,375
|
$ 1,111,751
|
Index |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
362,316
|
320,949
|
701,698
|
651,708
|
Analytics |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
149,881
|
141,684
|
296,951
|
281,481
|
ESG and Climate |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
71,219
|
55,128
|
138,277
|
107,157
|
All Other - Private Assets |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
37,741
|
34,045
|
76,449
|
71,405
|
Recurring subscriptions |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
455,692
|
407,049
|
900,939
|
806,809
|
Recurring subscriptions | Index |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
200,714
|
179,711
|
397,392
|
354,209
|
Recurring subscriptions | Analytics |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
147,504
|
139,497
|
292,007
|
277,296
|
Recurring subscriptions | ESG and Climate |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
70,047
|
54,037
|
135,779
|
104,609
|
Recurring subscriptions | All Other - Private Assets |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
37,427
|
33,804
|
75,761
|
70,695
|
Asset-based fees |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
138,162
|
132,216
|
271,288
|
277,269
|
Asset-based fees | Index |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
138,162
|
132,216
|
271,288
|
277,269
|
Asset-based fees | Analytics |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
0
|
0
|
0
|
0
|
Asset-based fees | ESG and Climate |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
0
|
0
|
0
|
0
|
Asset-based fees | All Other - Private Assets |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
0
|
0
|
0
|
0
|
Non-recurring |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
27,303
|
12,541
|
41,148
|
27,673
|
Non-recurring | Index |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
23,440
|
9,022
|
33,018
|
20,230
|
Non-recurring | Analytics |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
2,377
|
2,187
|
4,944
|
4,185
|
Non-recurring | ESG and Climate |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
1,172
|
1,091
|
2,498
|
2,548
|
Non-recurring | All Other - Private Assets |
|
|
|
|
Disaggregation Of Revenue [Line Items] |
|
|
|
|
Operating revenues |
$ 314
|
$ 241
|
$ 688
|
$ 710
|
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REVENUE RECOGNITION - Schedule of Change in Accounts Receivable and Current Deferred Revenue (Detail) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounts receivable, net of allowances |
|
|
Opening |
$ 663,236
|
$ 664,511
|
Closing |
612,885
|
586,815
|
Increase/(decrease) |
(50,351)
|
(77,696)
|
Deferred revenue |
|
|
Opening |
882,886
|
824,912
|
Closing |
909,623
|
808,020
|
Increase/(decrease) |
$ 26,737
|
$ (16,892)
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v3.23.2
REVENUE RECOGNITION - Schedule of Remaining Performance Obligations (Detail) $ in Thousands |
Jun. 30, 2023
USD ($)
|
Revenue Recognition [Line Items] |
|
Remaining performance obligations |
$ 1,409,830
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 |
|
Revenue from Contract with Customer [Abstract] |
|
Remaining performance, expected timing of satisfaction |
1 year
|
Revenue Recognition [Line Items] |
|
Remaining performance obligations |
$ 682,799
|
Remaining performance, expected timing of satisfaction |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 |
|
Revenue from Contract with Customer [Abstract] |
|
Remaining performance, expected timing of satisfaction |
1 year
|
Revenue Recognition [Line Items] |
|
Remaining performance obligations |
$ 419,674
|
Remaining performance, expected timing of satisfaction |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01 |
|
Revenue from Contract with Customer [Abstract] |
|
Remaining performance, expected timing of satisfaction |
1 year
|
Revenue Recognition [Line Items] |
|
Remaining performance obligations |
$ 186,009
|
Remaining performance, expected timing of satisfaction |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-07-01 |
|
Revenue from Contract with Customer [Abstract] |
|
Remaining performance, expected timing of satisfaction |
|
Revenue Recognition [Line Items] |
|
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$ 121,348
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v3.23.2
EARNINGS PER COMMON SHARE (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
|
|
Net income |
$ 246,825
|
$ 238,728
|
$ 210,587
|
$ 228,423
|
$ 485,553
|
$ 439,010
|
Basic weighted average common shares outstanding (in shares) |
79,592
|
|
80,923
|
|
79,815
|
81,255
|
Effect of dilutive securities: |
|
|
|
|
|
|
PSUs, RSUs and PSOs (in shares) |
313
|
|
372
|
|
378
|
534
|
Diluted weighted average common shares outstanding (in USD per share) |
79,905
|
|
81,295
|
|
80,193
|
81,789
|
Earnings per share: |
|
|
|
|
|
|
Basic (in USD per share) |
$ 3.10
|
|
$ 2.60
|
|
$ 6.08
|
$ 5.40
|
Diluted (in USD per share) |
$ 3.09
|
|
$ 2.59
|
|
$ 6.05
|
$ 5.37
|
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v3.23.2
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET - Schedule of Property, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
Computer & related equipment |
$ 190,453
|
$ 181,710
|
Furniture & fixtures |
15,486
|
14,078
|
Leasehold improvements |
57,687
|
54,040
|
Work-in-process |
5,688
|
2,373
|
Subtotal |
269,314
|
252,201
|
Accumulated depreciation and amortization |
(208,348)
|
(198,348)
|
Property, equipment and leasehold improvements, net |
$ 60,966
|
$ 53,853
|
X |
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PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET - Narrative (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation and amortization of property, equipment and leasehold improvements |
$ 5,199
|
$ 6,765
|
$ 10,659
|
$ 13,299
|
X |
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Change to Company's Goodwill (Detail) $ in Thousands |
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Goodwill [Roll Forward] |
|
Goodwill, beginning balance |
$ 2,229,670
|
Foreign exchange translation adjustment |
2,789
|
Goodwill, ending balance |
2,232,459
|
Index |
|
Goodwill [Roll Forward] |
|
Goodwill, beginning balance |
1,201,622
|
Foreign exchange translation adjustment |
1,726
|
Goodwill, ending balance |
1,203,348
|
Analytics |
|
Goodwill [Roll Forward] |
|
Goodwill, beginning balance |
290,976
|
Foreign exchange translation adjustment |
0
|
Goodwill, ending balance |
290,976
|
ESG and Climate |
|
Goodwill [Roll Forward] |
|
Goodwill, beginning balance |
48,047
|
Foreign exchange translation adjustment |
0
|
Goodwill, ending balance |
48,047
|
All Other - Private Assets |
|
Goodwill [Roll Forward] |
|
Goodwill, beginning balance |
689,025
|
Foreign exchange translation adjustment |
1,063
|
Goodwill, ending balance |
$ 690,088
|
X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Amortization Expense Related to Intangible Assets by Category (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Finite Lived Intangible Assets [Line Items] |
|
|
|
|
Amortization of intangible assets |
$ 26,154
|
$ 22,179
|
$ 50,821
|
$ 43,899
|
Amortization expense of acquired intangible assets |
|
|
|
|
Finite Lived Intangible Assets [Line Items] |
|
|
|
|
Amortization of intangible assets |
15,851
|
15,854
|
31,682
|
31,752
|
Amortization expense of internally developed capitalized software |
|
|
|
|
Finite Lived Intangible Assets [Line Items] |
|
|
|
|
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$ 10,303
|
$ 6,325
|
$ 19,139
|
$ 12,147
|
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Acquired Finite Lived Intangible Assets [Line Items] |
|
|
Gross carrying value excluding foreign exchange translation adjustment |
$ 1,373,524
|
$ 1,336,616
|
Foreign exchange translation adjustment |
(9,864)
|
(13,214)
|
Total gross intangible assets |
1,363,660
|
1,323,402
|
Accumulated amortization excluding foreign exchange translation adjustment |
(819,692)
|
(769,356)
|
Foreign exchange translation adjustment |
2,457
|
4,471
|
Total accumulated amortization |
(817,235)
|
(764,885)
|
Net carrying value excluding foreign exchange translation adjustment |
553,832
|
567,260
|
Foreign exchange translation adjustment |
(7,407)
|
(8,743)
|
Total net intangible assets |
546,425
|
558,517
|
Customer relationships |
|
|
Acquired Finite Lived Intangible Assets [Line Items] |
|
|
Gross carrying value excluding foreign exchange translation adjustment |
532,500
|
532,500
|
Accumulated amortization excluding foreign exchange translation adjustment |
(323,722)
|
(308,437)
|
Net carrying value excluding foreign exchange translation adjustment |
208,778
|
224,063
|
Proprietary data |
|
|
Acquired Finite Lived Intangible Assets [Line Items] |
|
|
Gross carrying value excluding foreign exchange translation adjustment |
220,778
|
220,778
|
Accumulated amortization excluding foreign exchange translation adjustment |
(51,334)
|
(41,783)
|
Net carrying value excluding foreign exchange translation adjustment |
169,444
|
178,995
|
Acquired technology and software |
|
|
Acquired Finite Lived Intangible Assets [Line Items] |
|
|
Gross carrying value excluding foreign exchange translation adjustment |
209,220
|
209,220
|
Accumulated amortization excluding foreign exchange translation adjustment |
(181,891)
|
(179,833)
|
Net carrying value excluding foreign exchange translation adjustment |
27,329
|
29,387
|
Trademarks |
|
|
Acquired Finite Lived Intangible Assets [Line Items] |
|
|
Gross carrying value excluding foreign exchange translation adjustment |
208,190
|
208,190
|
Accumulated amortization excluding foreign exchange translation adjustment |
(166,832)
|
(162,044)
|
Net carrying value excluding foreign exchange translation adjustment |
41,358
|
46,146
|
Internally developed capitalized software |
|
|
Acquired Finite Lived Intangible Assets [Line Items] |
|
|
Gross carrying value excluding foreign exchange translation adjustment |
202,836
|
165,928
|
Accumulated amortization excluding foreign exchange translation adjustment |
(95,913)
|
(77,259)
|
Net carrying value excluding foreign exchange translation adjustment |
$ 106,923
|
$ 88,670
|
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Remainder of 2023 |
$ 54,950
|
|
2024 |
104,375
|
|
2025 |
79,120
|
|
2026 |
44,725
|
|
2027 |
36,644
|
|
Thereafter |
226,611
|
|
Total net intangible assets |
$ 546,425
|
$ 558,517
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) - USD ($)
|
|
6 Months Ended |
Jun. 09, 2022 |
Jun. 30, 2023 |
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument principal amount |
|
$ 4,543,438,000
|
Deferred financing fees and premium remain unamortized |
|
35,500,000
|
Senior Unsecured Notes |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument principal amount |
|
4,200,000,000
|
TLA Facility |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument principal amount |
|
343,400,000
|
Prepaid and Other Assets |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Deferred financing fees and premium remain unamortized |
|
500,000
|
Other Non-Current Assets |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Deferred financing fees and premium remain unamortized |
|
1,400,000
|
Long-term Debt |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Deferred financing fees and premium remain unamortized |
|
33,600,000
|
Revolving Loan Commitments | Revolving Credit Facility |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Line of credit facility, maximum borrowing capacity |
$ 500,000,000.0
|
|
Variable rate Tranche A Term Loans due 2027 |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument principal amount |
|
$ 343,438,000
|
Debt instrument maturity |
Feb. 16, 2027
|
Feb. 16, 2027
|
Interest rate on TLA Facility |
|
7.19%
|
Variable rate Tranche A Term Loans due 2027 | Minimum | Secured Overnight Financing Rate (SOFR) |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument, basis spread on variable rate |
1.50%
|
|
Variable rate Tranche A Term Loans due 2027 | Minimum | Base Rate Loans |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument, basis spread on variable rate |
0.50%
|
|
Variable rate Tranche A Term Loans due 2027 | Maximum | Secured Overnight Financing Rate (SOFR) |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument, basis spread on variable rate |
2.00%
|
|
Variable rate Tranche A Term Loans due 2027 | Maximum | Base Rate Loans |
|
|
Schedule Of Commitments And Contingencies [Line Items] |
|
|
Debt instrument, basis spread on variable rate |
1.00%
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES - Schedule of Senior Unsecured Notes (Detail) - USD ($)
|
|
6 Months Ended |
|
Jun. 09, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
|
Principal amount outstanding |
|
$ 4,543,438,000
|
|
Carrying Value |
|
4,509,837,000
|
$ 4,511,947,000
|
Fair Value |
|
3,973,652,000
|
3,850,132,000
|
Current portion of long-term debt |
|
$ 8,717,000
|
8,713,000
|
4.000% senior unsecured notes due 2029 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt instrument interest rate |
|
400.00%
|
|
Maturity Date |
|
Nov. 15, 2029
|
|
Principal amount outstanding |
|
$ 1,000,000,000
|
|
Carrying Value |
|
993,091,000
|
992,546,000
|
Fair Value |
|
$ 903,560,000
|
876,240,000
|
3.625% senior unsecured notes due 2030 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt instrument interest rate |
|
362.50%
|
|
Maturity Date |
|
Sep. 01, 2030
|
|
Principal amount outstanding |
|
$ 900,000,000
|
|
Carrying Value |
|
895,256,000
|
894,925,000
|
Fair Value |
|
$ 780,624,000
|
751,113,000
|
3.875% senior unsecured notes due 2031 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt instrument interest rate |
|
387.50%
|
|
Maturity Date |
|
Feb. 15, 2031
|
|
Principal amount outstanding |
|
$ 1,000,000,000
|
|
Carrying Value |
|
991,614,000
|
991,067,000
|
Fair Value |
|
$ 867,600,000
|
833,130,000
|
3.625% senior unsecured notes due 2031 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt instrument interest rate |
|
362.50%
|
|
Maturity Date |
|
Nov. 01, 2031
|
|
Principal amount outstanding |
|
$ 600,000,000
|
|
Carrying Value |
|
594,524,000
|
594,195,000
|
Fair Value |
|
$ 514,422,000
|
500,880,000
|
3.250% senior unsecured notes due 2033 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt instrument interest rate |
|
325.00%
|
|
Maturity Date |
|
Aug. 15, 2033
|
|
Principal amount outstanding |
|
$ 700,000,000
|
|
Carrying Value |
|
693,197,000
|
692,862,000
|
Fair Value |
|
$ 565,726,000
|
542,696,000
|
Variable rate Tranche A Term Loans due 2027 |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Maturity Date |
Feb. 16, 2027
|
Feb. 16, 2027
|
|
Principal amount outstanding |
|
$ 343,438,000
|
|
Carrying Value |
|
342,155,000
|
346,352,000
|
Fair Value |
|
$ 341,720,000
|
$ 346,073,000
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES - Schedule of Maturities of Long-Term Debt (Details)
|
Jun. 30, 2023
USD ($)
|
Commitments and Contingencies Disclosure [Abstract] |
|
Remainder of 2023 |
$ 4,375,000
|
2024 |
10,938,000
|
2025 |
19,687,000
|
2026 |
26,250,000
|
2027 |
282,188,000
|
Thereafter |
4,200,000,000
|
Total debt |
$ 4,543,438,000
|
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v3.23.2
LEASES - Lease, Cost (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Leases [Abstract] |
|
|
|
|
Operating lease expenses |
$ 7,178
|
$ 7,471
|
$ 14,292
|
$ 15,130
|
Variable lease costs |
930
|
838
|
1,821
|
1,603
|
Short-term lease costs |
188
|
69
|
439
|
210
|
Sublease income |
(1,276)
|
(1,142)
|
(2,551)
|
(2,103)
|
Total lease costs |
$ 7,020
|
$ 7,236
|
$ 14,001
|
$ 14,840
|
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- DefinitionAmount of lease cost recognized by lessee for lease contract.
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v3.23.2
LEASES - Summary of Maturities of Operating Lease Liability (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Maturity of Lease Liabilities |
|
|
Remainder of 2023 |
$ 13,837
|
|
2024 |
26,936
|
|
2025 |
24,000
|
|
2026 |
22,267
|
|
2027 |
17,668
|
|
Thereafter |
67,081
|
|
Total lease payments |
171,789
|
|
Less: Interest |
(21,827)
|
|
Present value of lease liabilities |
149,962
|
|
Other accrued liabilities |
22,737
|
|
Long-term operating lease liabilities |
$ 127,225
|
$ 131,575
|
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v3.23.2
SHAREHOLDERS' EQUITY (DEFICIT) - Narrative (Detail) - USD ($)
|
Jun. 30, 2023 |
Jul. 28, 2022 |
Two Thousand Twenty Two Repurchase Program |
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
Repurchase program authorizing the purchase of shares |
|
$ 1,000,000,000
|
Stock repurchase program, remaining authorized repurchase amount |
$ 863,500,000
|
1,539,100,000
|
2020 Repurchase Program |
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
Stock repurchase program, remaining authorized repurchase amount |
|
$ 539,100,000
|
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v3.23.2
SHAREHOLDERS' EQUITY (DEFICIT) - Schedule of Company's Common Stock Repurchases Made on Open Market (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
Dollar Value of Shares Repurchased |
$ 444,655
|
$ 0
|
$ 276,994
|
$ 772,657
|
|
|
Excise tax percentage |
|
|
|
|
1.00%
|
|
Open Market Purchases of Common Stock |
|
|
|
|
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
|
|
|
|
Average Price Paid Per Share (USD per Share) |
|
|
|
|
$ 468.31
|
$ 480.68
|
Total Number of Shares Repurchased (in shares) |
|
|
|
|
941
|
2,184
|
Dollar Value of Shares Repurchased |
|
|
|
|
$ 440,847
|
$ 1,049,651
|
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v3.23.2
SHAREHOLDERS' EQUITY (DEFICIT) - Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Equity [Abstract] |
|
|
|
|
|
|
Dividend declared per common share (in USD per share) |
$ 1.38
|
$ 1.38
|
$ 1.04
|
$ 1.04
|
$ 2.76
|
$ 2.08
|
Cash dividends declared |
$ 110,383
|
$ 111,986
|
$ 84,593
|
$ 87,280
|
$ 222,369
|
$ 171,873
|
Cash dividends distributed |
110,147
|
112,189
|
84,189
|
87,846
|
222,336
|
172,035
|
Cash dividends (released)/deferred |
$ 236
|
$ (203)
|
$ 404
|
$ (566)
|
$ 33
|
$ (162)
|
X |
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v3.23.2
SHAREHOLDERS' EQUITY (DEFICIT) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Movement In Equity Shares [Roll Forward] |
|
|
|
Beginning balance (in shares) |
|
133,623,005
|
133,623,005
|
Beginning balance (in shares) |
|
(53,663,016)
|
(53,663,016)
|
Beginning balance (in shares) |
|
79,959,989
|
79,959,989
|
Ending balance (in shares) |
133,812,966
|
|
133,812,966
|
Ending balance (in shares) |
(54,686,063)
|
|
(54,686,063)
|
Ending balance (in shares) |
79,126,903
|
|
79,126,903
|
Common Stock Issued |
|
|
|
Movement In Equity Shares [Roll Forward] |
|
|
|
Beginning balance (in shares) |
133,804,962
|
133,623,005
|
133,623,005
|
Dividend payable/paid (in shares) |
|
24
|
|
Common stock issued (in shares) |
2,698
|
181,875
|
|
Shares issued to directors (in shares) |
5,306
|
58
|
|
Ending balance (in shares) |
133,812,966
|
133,804,962
|
133,812,966
|
Treasury Stock |
|
|
|
Movement In Equity Shares [Roll Forward] |
|
|
|
Beginning balance (in shares) |
(53,741,918)
|
(53,663,016)
|
(53,663,016)
|
Shares withheld for tax withholding (in shares) |
(1,270)
|
(78,844)
|
|
Shares repurchased under stock repurchase programs (in shares) |
(941,360)
|
|
|
Shares issued to directors (in shares) |
1,515
|
58
|
|
Ending balance (in shares) |
(54,686,063)
|
(53,741,918)
|
(54,686,063)
|
Common Stock Outstanding |
|
|
|
Movement In Equity Shares [Roll Forward] |
|
|
|
Beginning balance (in shares) |
80,063,044
|
79,959,989
|
79,959,989
|
Dividend payable/paid (in shares) |
|
24
|
|
Common stock issued (in shares) |
2,698
|
181,875
|
|
Shares withheld for tax withholding (in shares) |
(1,270)
|
(78,844)
|
|
Shares repurchased under stock repurchase programs (in shares) |
(941,360)
|
|
|
Shares issued to directors (in shares) |
3,791
|
|
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Ending balance (in shares) |
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|
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|
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v3.23.2
INCOME TAXES (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Provision for income taxes |
$ 60,333
|
$ 49,445
|
$ 97,977
|
$ 69,965
|
Effective tax rate |
|
|
16.80%
|
13.70%
|
Amounts effect on effective tax rate |
16,400
|
$ 27,200
|
$ 16,400
|
$ 27,200
|
Amount of excess tax benefits recognized on share-based compensation vested |
|
|
11,200
|
$ 28,300
|
Tax benefit from other prior year earnings |
|
|
5,200
|
|
Decrease in unrecognized tax benefits is reasonably possible |
22,900
|
|
22,900
|
|
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities |
$ 1,000
|
|
$ 4,800
|
|
X |
- DefinitionAmount of decrease reasonably possible in the next twelve months for the unrecognized tax benefit.
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- DefinitionNumber of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
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v3.23.2
SEGMENT INFORMATION - Operating Revenues by Reportable Segment (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Operating revenues |
$ 621,157
|
$ 551,806
|
$ 1,213,375
|
$ 1,111,751
|
Index |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Operating revenues |
362,316
|
320,949
|
701,698
|
651,708
|
Analytics |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Operating revenues |
149,881
|
141,684
|
296,951
|
281,481
|
ESG and Climate |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Operating revenues |
71,219
|
55,128
|
138,277
|
107,157
|
All Other - Private Assets |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Operating revenues |
$ 37,741
|
$ 34,045
|
$ 76,449
|
$ 71,405
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
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v3.23.2
SEGMENT INFORMATION - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Adjusted EBITDA |
$ 377,306
|
|
$ 331,144
|
|
$ 722,035
|
$ 649,688
|
Amortization of intangible assets |
26,154
|
|
22,179
|
|
50,821
|
43,899
|
Depreciation and amortization of property, equipment and leasehold improvements |
5,199
|
|
6,765
|
|
10,659
|
13,299
|
Acquisition-related integration and transaction costs |
0
|
|
1,819
|
|
0
|
3,131
|
Operating income |
345,953
|
|
300,381
|
|
660,555
|
589,359
|
Other expense (income), net |
38,795
|
|
40,349
|
|
77,025
|
80,384
|
Provision for income taxes |
60,333
|
|
49,445
|
|
97,977
|
69,965
|
Net income |
246,825
|
$ 238,728
|
210,587
|
$ 228,423
|
485,553
|
439,010
|
Index |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Adjusted EBITDA |
277,070
|
|
245,170
|
|
530,752
|
491,045
|
Analytics |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Adjusted EBITDA |
65,149
|
|
62,961
|
|
125,929
|
113,850
|
ESG and Climate |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Adjusted EBITDA |
22,798
|
|
14,332
|
|
40,674
|
26,424
|
All Other - Private Assets |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Adjusted EBITDA |
$ 12,289
|
|
$ 8,681
|
|
$ 24,680
|
$ 18,369
|
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- DefinitionThe operating profitability of each segment, reflecting adjusted earnings before interest, taxes, depreciation and amortization.
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v3.23.2
SEGMENT INFORMATION - Operating Revenues by Geographic Area (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
$ 621,157
|
$ 551,806
|
$ 1,213,375
|
$ 1,111,751
|
United States |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
256,434
|
229,732
|
494,850
|
463,088
|
Other |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
27,574
|
23,642
|
55,110
|
46,109
|
Total Americas |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
284,008
|
253,374
|
549,960
|
509,197
|
United Kingdom |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
99,692
|
89,187
|
191,352
|
176,173
|
Other |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
139,851
|
122,515
|
278,170
|
254,088
|
Total EMEA |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
239,543
|
211,702
|
469,522
|
430,261
|
Japan |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
24,285
|
22,843
|
50,302
|
46,033
|
Other |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
73,321
|
63,887
|
143,591
|
126,260
|
Total Asia & Australia |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Operating revenues |
$ 97,606
|
$ 86,730
|
$ 193,893
|
$ 172,293
|
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v3.23.2
SEGMENT INFORMATION - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
$ 289,518
|
$ 267,811
|
United States |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
198,657
|
179,453
|
Other |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
12,170
|
11,971
|
Total Americas |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
210,827
|
191,424
|
United Kingdom |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
19,248
|
19,674
|
Other |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
23,678
|
23,099
|
Total EMEA |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
42,926
|
42,773
|
Japan |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
1,403
|
652
|
Other |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
34,362
|
32,962
|
Total Asia & Australia |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Long-lived assets |
$ 35,765
|
$ 33,614
|
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- DefinitionLong-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets.
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v3.23.2
SUBSEQUENT EVENTS (Detail) - USD ($) $ / shares in Units, $ in Thousands |
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jul. 24, 2023 |
Jul. 24, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Shares repurchased (in shares) |
|
|
54,686,063
|
|
|
|
54,686,063
|
|
53,663,016
|
Value of shares repurchased |
|
|
$ 6,428,102
|
|
|
|
$ 6,428,102
|
|
$ 5,938,116
|
Dividend declared per common share (in USD per share) |
|
|
$ 1.38
|
$ 1.38
|
$ 1.04
|
$ 1.04
|
$ 2.76
|
$ 2.08
|
|
Subsequent Event |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Shares repurchased (in shares) |
38,263
|
38,263
|
|
|
|
|
|
|
|
Shares repurchased, average price (in USD per share) |
|
$ 467.13
|
|
|
|
|
|
|
|
Value of shares repurchased |
$ 17,900
|
$ 17,900
|
|
|
|
|
|
|
|
Dividend declared per common share (in USD per share) |
$ 1.38
|
|
|
|
|
|
|
|
|
X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
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