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目錄



美國
證券交易委員會
華盛頓特區20549
___________________________________
表格 10-Q
___________________________________
x根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月30日
o根據1934年證券交易法第13或15(d)條款的過渡報告
從____________到____________的過渡期
委員會文件編號 001-33812
________________________________________
msci-logo-resized.gif
msci inc
(根據其章程所指定的正式名稱)
________________________________________
特拉華州13-4038723
(公司成立所在地或其他行政區劃)
或組織成立的州或其他司法管轄區)
(國稅局雇主識別號碼)
識別號碼)
世界貿易中心7號樓
250 Greenwich Street, 49 地址:3 Park Ave,33樓
紐約, 紐約
10007
(總部地址)(郵政編碼)
註冊人的電話號碼,包括區號:(212) 804-3900
根據法案第12(b)條規定註冊的證券:
每種類別的名稱交易標的(s)每個註冊交易所的名稱
普通股,每股面值為0.01美元msci紐約證券交易所
________________________________________
請勾選以下項目,以判定在過去12個月(或更短期間,該註冊人被要求提交報告)內所有根據1934年證券交易法第13條或第15(d)條要求提供報告的報告是否已經提交,並且該註冊人在過去90天中是否受到提交報告的要求。   xo
在前12個月內(或公司需要提交這些文件的較短時間內),公司是否已通過選中標記表明已閱讀並提交了應根據S-t法規第405條規定(本章第232.405條)提交的所有互動式數據文件?   xo
請勾選指示登記者是否為大型快速提交人、快速提交人、非快速提交人、較小的報告公司或新興成長型公司。請參閱交易所法規120億2條,了解「大型快速提交人」、「快速提交人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速歸檔人x加速歸檔人o
非加速歸檔人o小型報告公司o
新興成長型企業o
如果一家新興成長型公司,請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 o
在核准的名冊是否屬於殼公司(如股市法規第1202條所定義之意義)方面,請用勾選符號表示。是 x
截至2024年10月24日,該公司的普通股股份達到 78,371,294 元股值$0.01,現有存量。


目錄



2024年9月30日結束的季度
目 錄
頁面
项目5。
第6項。
2

目錄



可獲得的資訊
我們的企業總部位於紐約市格林尼治街250號世貿中心7號大樓49樓,郵遞區號10007,電話號碼為(212)804-3900。我們在網際網路上維護一個網站,網址是www.msci.com。我們網站的內容並不屬於或被納入本季度10-Q表格中。
我們向證券交易委員會(“SEC”)提交年度、季度和當前報告、代理聲明和其他信息。SEC維護一個網站,該網站包含我們與SEC電子提交的報告、代理和信息聲明以及其他信息,網址為www.sec.gov。我們還會免費提供這些報告、代理聲明和其他信息,在這些文件電子提交或提供給SEC後合理時間內,也可在我們的網站上使用。要查閱這些信息,請點擊我們投資者關係主頁(http://ir.msci.com)上“財務信息”選項卡下的“SEC提交”鏈接。
我們還將投資者關係主頁和企業社會責任主頁作為公司資訊發布渠道。我們通過這些渠道發帖的信息可能被認為具有重大意義。
因此,投資者應該監控這些渠道,除了關注我們的新聞稿、SEC申報和公開會議呼叫和網路轉播。此外,當您透過訪問我們投資者關係首頁的“郵件提醒”部分,登記您的電子郵件地址時,您可能會自動收到與我們有關的電子郵件提醒和其他資訊。我們的網站內容,包括我們的投資者關係首頁和企業社會責任首頁,以及我們的社交媒體渠道,並不屬於或被納入本季度報告第10-Q表格的內容。
前瞻性陳述
我們在本季度報告表10-Q中包含了某些構成前瞻性陳述的陳述,並可能不時在我們的公開文件、新聞發布或其他公開聲明中進行。此外,我們的管理層可能向分析師、投資者、媒體代表和其他人士發表前瞻性陳述。這些前瞻性陳述不是歷史事實,僅代表MSCI對未來事件的看法,其中許多是本質上不確定且超出我們控制範圍的。這些前瞻性陳述涉及已知和未知的風險、不確定性和可能導致我們實際結果、活動水平、表現或成就與這些陳述所暗示的任何未來結果、活動水平、表現或成就存在實質差異的其他因素。
在某些情況下,您可以通過使用“可能”、“能夠”、“期望”、“打算”、“計劃”、“尋求”、“預期”、“相信”、“估計”、“預測”、“潛在”或“繼續”等詞語來識別前瞻性陳述,或這些術語的否定形式或其他比較類似術語。關於我們的財務狀況、業務策略、未來業務計劃或目標的陳述屬於前瞻性陳述。您不應該過度依賴前瞻性陳述,因為它們涉及在某些情況下超出我們控制範圍的已知和未知風險、不確定因素和其他因素,這些因素可能對我們的實際結果、活動水平、表現或成就產生重大影響。這些風險和不確定因素包括2023年2月9日提交給SEC的第10-K表格2024年度報告的“風險因素”一節所述。如果這些風險、不確定因素或其他因素成真,或如果MSCI的基本假設被證明是不正確的,實際結果可能與MSCI預期的有顯著差異。任何前瞻性陳述反映我們對未來事件、活動水平、表現或成就的當前觀點,並受制於與我們業務、運營結果、增長策略和流動性相關的這些風險、不確定因素和假設。本報告中的前瞻性陳述僅代表其發表時的觀點,並不一定反映我們在任何其他時間點的展望。MSCI不承擔義務公開更新或修改這些前瞻性陳述,除非有新資訊、未來事件或其他原因,按法律規定。因此,讀者應仔細審閱我們在年度10-K報告中列出的風險因素以及我們不時向SEC提交的其他報告或文件。
3

目錄



財務報表第一部分
第一項:基本報表。
msci inc
簡明綜合財務狀況表
(以千為單位,除每股和股票數據)
截至
九月三十日,12月31日,
(未審核) 20242023
資產
流動資產:
現金及現金等價物(包括受限現金$3,909 15.13,878 於2024年9月30日及2023年12月31日分別為)
$500,979 $461,693 
應收賬款(扣除$的總經經費)4,363 15.13,968 於2024年9月30日及2023年12月31日分別為)
643,807 839,555 
預付所得稅77,493 59,002 
預付款和其他資產63,517 57,903 
全部流動資產1,285,796 1,418,153 
物業、設備及租賃改良物淨值 62,317 55,920 
使用權資產 121,726 115,243 
商譽2,916,102 2,887,692 
無形資產,淨值 931,428 956,234 
递延税款贷项41,761 41,074 
其他非流動資產49,819 43,903 
資產總額$5,408,949 $5,518,219 
負債及股東權益(赤字)
流動負債:
應付賬款$8,748 $9,812 
應納所得稅款38,744 24,709 
應計的薪酬及相關福利179,041 219,456 
長期債務的當期償還 10,902 
其他應計負債208,542 168,282 
逐步認列的收入942,840 1,083,864 
流動負債合計1,377,915 1,517,025 
長期負債4,484,773 4,496,826 
長期經營租賃負債123,939 120,134 
递延所得税负债61,281 27,028 
其他非流動負債112,039 96,970 
總負債6,159,947 6,257,983 
負債和憂慮事項(見附註8)
股東權益(赤字):
優先股(面額 $100,000,000,截至2023年12月31日和2024年6月30日,已認證但未發行)0.01; 100,000,000 授權股份為 股已發行)
  
普通股(面額 $750,000,000,截至2023年12月31日和2024年6月30日,已認證但未發行)0.01; 750,000,000 已發行普通股份的已授權; 134,079,131
133,817,332 已發行普通股份和 78,371,20279,091,212 分別於2024年9月30日和2023年12月31日持有的普通股
1,341 1,338 
庫藏股(成本)(55,707,92954,726,120 於2024年9月30日及2023年12月31日期間持有的普通股)
(6,960,512)(6,447,101)
額外資本贈与金1,660,793 1,587,670 
保留收益4,600,360 4,179,681 
累積其他全面損失(52,980)(61,352)
股東權益總額 (赤字)(750,998)(739,764)
總負債及股東權益(赤字)$5,408,949 $5,518,219 
參閱未經審核的簡明合併基本報表附註
4

目錄



msci inc
縮寫的綜合損益表
(以千美元為單位,除每股數據外)
結束於三個月的期間
九月三十日,
九個月結束了
九月三十日,
(未審核) 2024202320242023
燃料幣銷售額$724,705 $625,439 $2,112,619 $1,838,814 
營業費用:
營業成本(不包括折舊和攤提)126,192 105,311 382,815 324,024 
銷售和行銷70,763 66,581 214,385 201,044 
研發費用38,584 31,438 120,182 92,901 
總務與行政41,561 36,826 137,958 113,527 
營業無形資產攤銷41,939 26,722 121,316 77,543 
資產、設備及無形資產的折舊和攤銷
租賃改良
4,332 5,252 12,639 15,911 
營業費用總計323,371 272,130 989,295 824,950 
營收401,334 353,309 1,123,324 1,013,864 
利息收入(5,217)(10,314)(17,375)(31,079)
利息費用46,688 46,902 139,995 139,725 
其他費用(收入)2,927 (935)7,881 4,032 
其他收益(費用),淨額44,398 35,653 130,501 112,678 
稅前收入356,936 317,656 992,823 901,186 
所得税费用76,035 57,997 189,210 155,974 
凈利潤$280,901 $259,659 $803,613 $745,212 
每股盈餘:
基礎$3.58 $3.28 $10.18 $9.36 
稀釋$3.57 $3.27 $10.15 $9.32 
加權平均股本數:
基礎78,49979,11678,92579,580
稀釋78,72979,50079,15979,959
參閱未經審核的簡明合併基本報表附註
5

目錄



msci inc
綜合損益簡明合併財務報表
(以千為單位)
結束於三個月的期間
九月三十日,
九個月結束了
九月三十日,
(未審核) 2024202320242023
凈利潤$280,901 $259,659 $803,613 $745,212 
其他綜合損益:
外匯轉換調整12,899 (5,832)9,102 1,046 
所得税影响(1,039)771 (827)(660)
外汇翻译调整,净11,860 (5,061)8,275 386 
養老金和其他离退休调整(28)756 78 (1,338)
所得税影响23 (72)19 141 
養老金和其他离退休调整,净(5)684 97 (1,197)
其他綜合收益(損失)- 稅後
11,855 (4,377)8,372 (811)
綜合收益$292,756 $255,282 $811,985 $744,401 
參閱未經審核的簡明合併基本報表附註
6

目錄



msci inc
綜合股東權益(逆差)簡明合併財務報表
(以千為單位)

(未審核) 普通的
股票
國庫
股票
額外的已實收入股本
Paid in
資本
保留盈餘
收益報告
留存
其他
綜合的
淨收益(損失)
總計
2023年12月31日結餘
$1,338 $(6,447,101)$1,587,670 $4,179,681 $(61,352)$(739,764)
凈利潤255,954 255,954 
分派的股息 ($1.60 每股普通股)
(129,444)(129,444)
以股息支付74 74 
其他綜合收益(損失)- 稅後(2,205)(2,205)
發行普通股3 3 
股份用於代繳稅款(69,991)(69,991)
以普通股支付的補償34,894 34,894 
公司已回購並持有庫藏普通股— 
發行普通股予董事
(持有於)/從庫藏股中釋出
(38)(38)
2024年3月31日止結餘
1,341 (6,517,130)1,622,638 4,306,191 (63,557)(650,517)
凈利潤266,758 266,758 
分派的股息 ($1.60 每股普通股)
(127,304)(127,304)
以股份形式支付的分紅派息 40 40 
其他綜合收益(損失)- 稅後(1,278)(1,278)
發行普通股 — 
股份被扣留以支付稅款(200)(200)
以普通股支付的補償19,707 19,707 
購回並持有庫藏的普通股(243,035)(243,035)
發行給董事的普通股
(持有)庫藏股的釋放
1,346 1,346 
2024年6月30日餘額
$1,341 $(6,759,019)$1,642,385 $4,445,645 $(64,835)$(734,483)
凈利潤280,901 280,901 
分派的股息 ($1.60 每股普通股)
(126,186)(126,186)
以股份支付的分紅派息8 8 
其他綜合收益(損失)- 稅後11,855 11,855 
發行普通股— — 
股份用於代繳稅款和行使(761)(761)
償債應支付以普通股方式— 18,400 18,400 
普通股票已回購並持有在庫中(200,724)(200,724)
發行給董事的普通股票
(持有在)/ 從庫存中釋放
(8)(8)
2024年9月30日結餘
$1,341 $(6,960,512)$1,660,793 $4,600,360 $(52,980)$(750,998)
參閱未經審核的簡明合併基本報表附註














7

目錄



msci inc
股東權益(赤字)的簡明合併報表
(以千爲單位)

(未經審核) 常見
股票
財政部
股票
額外
已付款
資本
保留
收入
累積
其他
綜合
收入(虧損)
總計
二零二二年十二月三十一日結餘
$1,336 $(5,938,116)$1,515,874 $3,473,192 $(60,211)$(1,007,925)
淨收入238,728 238,728 
申報股息($1.38 每股普通股)
(111,986)(111,986)
股息支付股息44 44 
其他綜合收益(虧損),除稅2,775 2,775 
已發行普通股2 2 
預扣稅的股份
(43,960)(43,960)
以普通股支付的賠償20,988 20,988 
普通股回購及存放於庫庫— 
發行給董事的普通股及
(持有)/從庫務處釋出
(30)(30)
二零二三年三月三十一日結餘
1,338 (5,982,106)1,536,906 3,599,934 (57,436)(901,364)
淨收入246,825 246,825 
申報股息($1.38 每股普通股)
(110,383)(110,383)
股息支付股息— 33 33 
其他綜合收益(虧損),除稅791 791 
已發行普通股— — 
預扣稅的股份
(611)(611)
以普通股支付的賠償16,426 16,426 
普通股回購及存放於庫庫(444,655)(444,655)
發行給董事的普通股及
(持有)/從庫務處釋出
(730)(730)
二零二三年六月三十日結餘
$1,338 $(6,428,102)$1,553,365 $3,736,376 $(56,645)$(1,193,668)
淨收入259,659 259,659 
申報股息($1.38 每股普通股)
(109,847)(109,847)
股息支付股息30 30 
其他綜合收益(虧損),除稅(4,377)(4,377)
已發行普通股— — 
預扣稅及行使用而預扣的股份(871)(871)
以普通股支付的賠償18,047 18,047 
普通股回購及存放於庫庫(18,039)(18,039)
發行給董事的普通股及
(持有)/從庫務處釋出
(30)(30)
二零二三年九月三十日止餘額
$1,338 $(6,447,042)$1,571,442 $3,886,188 $(61,022)$(1,049,096)
參閱未經審核的簡明合併基本報表附註
8

目錄



msci inc
簡明財務報表現金流量表
(以千為單位)
九個月結束了
九月三十日,
(未審核) 20242023
來自經營活動的現金流量
凈利潤$803,613 $745,212 
調整淨利潤以將營運活動提供的淨現金調和:
營業無形資產攤銷121,316 77,543 
以股份為基礎之報酬支出72,235 55,375 
固定資產、設備及租賃改善的折舊與攤銷12,639 15,911 
租賃資產攤提19,582 17,484 
債務籌備費用的攤銷3,856 3,791 
債務清償能造成的損失1,510  
递延税32,085 (30,973)
其他調整7,915 1,199 
資產及負債的變動:
應收帳款194,233 58,132 
預付所得稅(17,882)(17,654)
預付款和其他資產(6,179)1,687 
其他非流動資產(579)(4,837)
應付賬款(1,163)(5,719)
應納所得稅款14,063 11,425 
應計的薪酬及相關福利(38,461)(25,599)
其他應計負債20,664 15,118 
逐步認列的收入(146,357)(43,571)
長期經營租賃負債(19,294)(16,027)
其他非流動負債(2,681)(11,195)
其他(121)(226)
經營活動產生的淨現金流量1,070,994 847,076 
投資活動產生的現金流量  
已進本軟件開發成本(59,648)(50,080)
資本支出(19,515)(18,942)
收購支付的現金,扣除取得的現金淨額(27,467) 
其他(892)(389)
投資活動中使用的淨現金(107,522)(69,411)
財務活動中的現金流量
回購庫藏普通股(511,218)(504,161)
支付股息(383,980)(331,640)
償還借款(364,063)(6,563)
借款款項收入336,875  
發行債務成本支付(3,739) 
籌集資金的淨現金流量(926,125)(842,364)
匯率變動的影響1,939 (313)
現金、現金等價物及受限現金的淨增(減)39,286 (65,012)
本期期初現金、現金及受限制的現金餘額為461,693 993,564 
本期期末現金、現金及受限制的現金餘額為$500,979 $928,552 
現金流量資訊的補充披露:
支付利息的現金$124,963 $125,068 
支付所得稅的現金,扣除收到的退款$161,423 $197,746 
非現金投資活動的補充披露
其他應計負債中的房地產、設備和租賃改良$3,153 $4,734 
非現金籌資活動的補充披露
已宣告但尚未支付的現金股息$1,173 $1,453 
參閱未經審核的簡明合併基本報表附註
9

目錄



msci inc
基本報表附註
(未經查核)
1. 介紹與展示基礎
msci inc及其全資子公司(「公司」或「msci」)是全球投資社區的領先決策支援工具和解決方案提供者。我們的使命關鍵產品幫助投資者應對投資風景變遷的挑戰,支持更好的投資決策。利用我們對全球投資過程的了解以及在研究、數據和科技方面的專業知識,我們使客戶能夠理解和分析風險和回報的關鍵驅動因素,並更有信心和效率地構建更有效的組合投資。我們的產品和服務包括指數;組合構建和風險管理工具;環保母基和氣候解決方案;以及私人資產數據和分析。
編制基礎和估計使用
隨附的未經核數的簡化合併基本報表已按照第10-Q表格的指示和S-X規定第10條準備。因此,應與我們截至2023年12月31日的財政年度10-K年度報告中包括的經核數合併財務報表和附註一起閱讀。如無重大差異,因此這些臨時簡化合併基本報表中已省略了某些附註披露。
根據管理層的意見,已包含所有調整,這些調整由於必要的為了對中期合併基本報表進行公平表述而必不可少,進行了正常的反覆性調整。中期營運結果不一定能反映整個年度的結果。
公司的未經審計的簡明綜合財務報表是根據GAAP準備的。 公司作出一定的估計和判斷,這些估計和判斷可能會影響未審計簡明綜合財務報表日期時資產和負債金額的報告以及所呈現期間的營業收入和費用金額。管理層所作出的重大估計和判斷包括商譽和無形資產減損評估以及所得稅等部分。公司認為,在準備這些未審計簡明綜合財務報表時所使用的估計是合理的;但是,實際結果可能與這些估計有實質差異。合併中消除了公司間的結餘及交易。
濃度
截至2024年9月30日,貝萊德有限公司(“貝萊德”)佔公司綜合營收的 10.12024年6月30日和2023年12月31日的時間點,公司從Thrivel Earlier Detection Corporation(“Thrive”),Ashion Analytics,LLC(“Ashion”)和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值,該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率,然後通過現值因子計算折扣,得出相應的現值。時間的流逝以及草擬的里程碑實現時間,現值因子,實現度(如適用)和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的,成功概率分別為%和%,現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 10.1%。截至2024年9月30日,貝萊德佔指数板塊營收的 17.82024年6月30日和2023年12月31日的時間點,公司從Thrivel Earlier Detection Corporation(“Thrive”),Ashion Analytics,LLC(“Ashion”)和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值,該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率,然後通過現值因子計算折扣,得出相應的現值。時間的流逝以及草擬的里程碑實現時間,現值因子,實現度(如適用)和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的,成功概率分別為%和%,現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 17.0%。在截至2024年9月30日的九個月內,分析、esg和氣候或所有板塊的私人資產中,沒有一位客戶佔營收的10.0%以上。
賒銷損失準備
2022年12月31日至2024年9月30日的信用損失準備金變動如下:
(以千為單位) 金額
截至2022年12月31日的资产负债表$2,652 
新增信用損失支出2,196 
(880)
截至2023年12月31日的結餘$3,968 
新增信用損失支出2,377 
(1,982)
截至2024年9月30日的餘額$4,363 
10

目錄



2. 最近的會計公告
2023年11月,FASB發布了《2023年改制報告段組織(第280號):改進報告範圍段披露》會計準則更新公報2023-07,簡稱ASU 2023-07。ASU 2023-07中的修訂旨在改進報告範圍段披露要求,主要通過更好披露重要範圍段費用來實現。ASU 2023-07適用於公司截至2024年12月31日年度報告的Form 10-K,以及隨後的中期報告期間,並允許提前採用。 採用ASU 2023-07將擴大我們的披露,我們預計採用ASU 2023-07對我們的合併基本報表沒有重大影響。.
2023年12月,FASb發佈了《會計準則更新2023-09號:所得稅(740項):所得稅披露的改進》,或稱ASU 2023-09。ASU 2023-09的修訂旨在增強所得稅披露的透明度和決策效力。ASU 2023-09對截至2025年12月31日的公司第10-k檔案年報生效,可提前採用。公司目前正在評估此更新對其綜合財務報表中披露的影響。
3. 營業收入認定
MSCI的營業收入按產品類型報告,每個產品類型可能具有不同的營業收入認列時機。公司的營業收入類型包括經常性訂閱費、基於資產的費用和非經常性收入。公司還按部門對營業收入進行分解。
以下表格列出了指定期間的細分營運收入:
截至2024年9月30日止三個月
業務分部
(以千為單位)指數分析esg和氣候所有其他 - 私人資產總計
營業收入類型
循環訂閱$223,945 $168,150 $81,536 $62,991 $536,622 
資產相關費用168,622    168,622 
非循環12,315 4,226 2,107 813 19,461 
總計$404,882 $172,376 $83,643 $63,804 $724,705 
截至2024年9月30日止九個月
業務分部
(以千為單位)指數分析esg和氣候所有其他 - 私人資產總計
營業收入類型
循環訂閱$653,929 $490,829 $235,954 $190,434 $1,571,146 
基於資產的費用482,162    482,162 
非循環39,855 11,508 5,428 2,520 59,311 
總計$1,175,946 $502,337 $241,382 $192,954 $2,112,619 
截至2023年9月30日三個月結束
業務分部
(以千為單位)指數分析esg和氣候所有其他 - 私人資產總計
營業收入類別
循環訂閱$206,453 $151,269 $71,744 $35,531 $464,997 
基於資產的費用141,066    141,066 
非循環14,603 2,999 1,294 480 19,376 
總計$362,122 $154,268 $73,038 $36,011 $625,439 
11

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截至2023年9月30日的九個月營業收入
板塊
(以千爲單位)指數分析esg和氣候所有其他 - 私人資產總費用
營業收入類型
重複訂閱$603,845 $443,276 $207,523 $111,292 $1,365,936 
基於資產的費用412,354    412,354 
非重複費用47,621 7,943 3,792 1,168 60,524 
總費用$1,063,820 $451,219 $211,315 $112,460 $1,838,814 
下表展示了在指定日期之間應收賬款淨額、減值準備和當期遞延營業收入的變化情況:
(以千爲單位) 應收賬款淨額遞延收入
營業收入(2023年12月31日)
$839,555 $1,083,864 
關閉(2024年9月30日)
643,807 942,840 
增加/(減少)$(195,748)$(141,024)
(以千爲單位) 應收賬款淨額遞延收入
2022年12月31日開業
$663,236 $882,886 
2023年9月30日結束
603,266 837,479 
增加/(減少)$(59,970)$(45,407)
在開賬的當前遞延營業收入中確認的收入金額,反映的是合同責任金額,分別爲$209.9萬美元和915.5 百萬和$171.8萬美元和798.0 三個月和九個月截至2023年9月30日的營業收入額分別爲百萬美元。公司遞延營業收入的期初和期末餘額的差異主要由於遞延收入攤銷增加至營業收入,部分抵消了開單額的增加。截至2024年9月30日和2023年12月31日,公司在「其他非流動負債」中記錄了長期遞延營業收入餘額分別爲$28.8萬美元和28.8 百萬美元,未經審計的簡明合併財務狀況表上的「其他非流動負債」中。
對於期限爲一年或更短的合同,公司未披露報告期末尚未履行的履約義務金額或公司預計何時確認營業收入。 對於期限超過一年的合同,剩餘履約義務及預計確認時間如下:
截至
2020年9月30日
(以千爲單位)2024
第一季度12週期爲一個月
$912,103 
第二12週期爲一個月
567,796 
第三 12週期爲一個月
258,819 
此後的時期172,423 
總費用$1,911,141 
4. 每股普通股收益
基本每股收益(「EPS」)是通過將淨利潤除以期間內普通股加權平均數來計算的。攤薄後每股收益反映了所有可轉換的攤薄債券的假設轉換,包括限制性股票單元(「RSUs」)、績效股票單位(「PSUs」)和績效股票期權(「PSOs」)在內。
12

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以下表格顯示了基本和攤薄後每股收益的計算:
三個月之內結束
2020年9月30日
九個月結束
2020年9月30日
(以千爲單位,每股數據除外)2024202320242023
淨收入$280,901 $259,659 $803,613 $745,212 
基本加權平均每股普通股股數78,499 79,116 78,925 79,580 
攤薄效應:
PSUs, RSUs 和 PSOs230 384 234 379 
稀釋後加權平均每股普通股股數78,729 79,500 79,159 79,959 
每股收益:
基本$3.58 $3.28 $10.18 $9.36 
稀釋$3.57 $3.27 $10.15 $9.32 
5. 2023年8月10日,公司與日出合併子公司和Capri Holdings 有限公司(Capri)簽訂了一份合併協議(「合併協議」)。根據合併協議的條款,Tapestry同意以現金收購Capri的普通股份,每股價值200美元,不計利息,應按照合併協議提供的任何所需的稅收代扣。企業價值預計約爲100億美元,交易預計將於2024年完成(「Capri收購」)。2023年10月25日,在Capri股東特別會議上,Capri的股東批准了合併協議和其中涉及的交易。
2023年10月2日,公司收購了剩餘的 66.4%的股權於The Burgiss Group, LLC(「Burgiss」) $696.8百萬 現金支付(「逐步收購」)。 公司對Burgiss的現有 33.6% 股權在收購日的公允價值爲 $353.2百萬 ,產生了無需納稅的利潤。 $143.0 截至2023年12月31日,公司在過去三個月內確認了xxx萬美元。收購Burgiss爲公司提供了私人資產的全面數據和深厚專業知識,使投資者能夠評估基本信息,衡量和比較績效,了解風險敞口,管理風險,並進行強大的分析。
收購已經按照會計的收購方法作爲業務組合進行覈算,其結果報告在私人資本解決方案經營板塊內的所有其他私人資產報告段內。 通過這一步收購,公司將Burgiss經營板塊更名爲私人資本解決方案。 在這一步收購之前,Burgiss被視爲權益法投資。因此,MSCI沒有承認Burgiss營業收入的比例份額,而是將Burgiss的收入或損失的公司比例份額報告爲其他費用淨額的組成部分。Burgiss的一部分客戶協議在訂閱期結束時沒有自動續訂條款。由於歷史上的高客戶保留率,預計將會有大部分客戶協議被續訂,並且由於訂閱服務的性質,關聯的營業收入被記錄爲重複性訂閱收入。
下表顯示的是2023年10月2日各項資產和負債的最終購買價格分配,根據它們各自估計的公允價值以及當天已取得無形資產的預計使用壽命。
13

目錄



(以千爲單位) 預估
有用壽命
公正價值
現金及現金等價物$5,397 
應收賬款25,839 
預付所得稅72 
其他資產4,201 
固定資產和租賃改良,淨額670 
使用權資產3,443 
其他非流動資產487 
遞延收入(21,479)
其他流動負債(13,705)
長期經營租賃負債(2,525)
無形資產:
專有數據11229,900 
客戶關係21179,900 
收購了科技和軟件319,000 
商標1900 
商譽617,834 
已獲得淨資產$1,049,934 
公司在第三方估值專家的協助下,使用專有數據、獲取的技術和軟件以及商標的許可費減免法計算無形資產的公平價值,並使用顧客關係的多期超額收益法計算。用於估算獲取的無形資產公平價值的重要假設包括預測現金流量,這些現金流量基於某些假設確定,其中包括預測的未來收入、預期市場許可率、技術過時率和折現率。獲取的無形資產的加權平均攤銷週期爲 14.8年。
記錄下的商譽主要歸因於利用收購數據所帶來的預期協同效應,以及拓展的市場機會。作爲收購的一部分,商譽可以根據支付的對價在聯邦所得稅用途上扣除。
巴吉斯的營業收入在綜合財務報表中得到確認。 $27.0萬美元和78.0百萬 分別爲截至2024年9月30日的三個月和九個月。
2023年11月1日,MSCI完成了收購碳市場情報提供商Trove Research Ltd(「Trove」)。Trove是esg和氣候運營部門的一部分。
2024年1月2日,MSCI完成了對Fabric RQ, Inc.(「Fabric」)的收購,Fabric是一家專門爲財富經理和顧問提供投資組合設計、定製和分析的財富科技平台。Fabric是Analytics運營部門的一部分。與Fabric相關的待定對價基於收購業務的未來產品銷售額支付。
2024年4月16日,MSCI完成了對Foxberry Ltd.(「Foxberry」)的收購,這是一家前臺指數科技平台。Foxberry是指數運營部門的一部分。與Foxberry相關的有條件支付根據平台運營相關整合指標的達成而支付。
公司在收購日期確認了待定對價的公平價值。 與任何待定對價相關的責任在收購後每個報告日期重新計量爲公允價值,並變化的公允價值記錄在未經審計的簡化綜合財務報表中。 收入。
以下表格展示了與Trove、Fabric和Foxberry收購相關的初步獲得餘額:
14

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(以千爲單位,除了無形資產加權平均攤銷期)寶庫織物福茄
收購日期
2023年11月1日2024年1月2日2024年4月16日
現金支付
$37,465 $7,959 $20,945 
延期付款  2,529 
待定對價負債 8,146 19,094 
收購價格總額
$37,465 $16,105 $42,568 
取得的淨有形資產(承擔的負債)
$(4,787)$(226)$1,748 
無形資產
7,705 11,300 22,500 
商譽
34,547 5,031 18,320 
收購價格總額
$37,465 $16,105 $42,568 
無形資產的加權平均攤銷期(年)
13.09.17.9
有關計件條件的公允價值是根據管理層的估計和假設確定的,主要包括預測的產品銷售額、實現某些整合目標的概率和折現率。公司將這些負債歸類爲公允價值層次中的第3層,因爲其衡量是基於市場上不可觀察的輸入。截至2024年9月30日,計件條件的公允價值爲$28.2RP Finance的合併9.3 百萬美元包括在「其他應計負債」中,$18.9 百萬美元包括在「其他非流動負債」中的未經審計的簡明合併資產負債表中。
截至2024年和2023年9月30日三個月和九個月結束時,公司三級財務負債的變化如下:
三個月之內結束
2020年9月30日
九個月結束
2020年9月30日
(以千爲單位)2024202320242023
期初餘額$27,746 $ $ $ 
附帶條件款項的增加1
  27,240  
公允價值變動448  954  
付款    
期末餘額$28,194 $ $28,194 $ 
___________________________
(1)反映收購日期公允價值的待定對價餘額。
Trove的商譽主要歸因於對獲得數據利用的預期協同效應,以及拓展的市場機會。Fabric和Foxberry的商譽金額主要歸因於對獲得科技平台利用的預期協同效應。對於Fabric、Trove和Foxberry的併購所產生的商譽,在聯邦所得稅目的上不可抵扣。
Trove、Fabric和Foxberry的營業收入分別在未經審計的損益綜合表中確認爲$1.1(未明確提到美元)189截至2024年5月31日的經營中,公司的所得稅費用分別爲$1千和$1千,而2018年5月31日的所得稅費用分別爲$1千和$1千。207 三個月截至2024年9月30日,Trove、Fabric和Foxberry的營業收入分別爲$3.5(未明確提到美元)526截至2024年5月31日的經營中,公司的所得稅費用分別爲$1千和$1千,而2018年5月31日的所得稅費用分別爲$1千和$1千。385 九個月截至2024年9月30日,Trove、Fabric和Foxberry的營業收入分別爲$
15

目錄



6. 物業、設備和租賃改善,淨值
如下所示截至指示日期的淨房地產、設備和租賃改良。
截至
2020年9月30日12月31日
(以千爲單位)20242023
計算機-半導體及相關設備$167,939 $192,008 
傢俱15,980 16,169 
租賃改良56,412 58,582 
在製品1,646 897 
小計241,977 267,656 
累計折舊及攤銷費用(179,660)(211,736)
固定資產和租賃改良,淨額$62,317 $55,920 
房地產、設備和租賃改進的折舊及攤銷費用爲3個月截至2024年和2023年分別爲$4.3萬美元和5.3 百萬。
固定資產、設備及租賃改良的折舊和攤銷費用爲$12.6萬美元和15.9 和(ii)優先股股息,爲截至2024年和2023年9月30日的九個月的xx百萬美元。
7. 商譽是商業合併中的總代價與所獲得的淨有形和無形資產之間的差額。公司每年第四季度進行商譽減值測試,或如果存在減值指標,可能會將報告單位的公允價值降低至其賬面價值,則更頻繁地進行商譽減值測試。首先,公司評估定性因素以判斷報告單位的公允價值是否可能低於其賬面價值。根據該定性評估,如果公允價值可能低於其賬面價值,公司將進行定量商譽減值測試,包括將報告單位的估計公允價值與其賬面價值(包括商譽)進行比較。公司使用收入和市場方法相結合來估計報告單位的公允價值。如果報告單位的賬面價值超過其估計公允價值,則應對其差額進行減值。公司進行了定性評估並確定在2024年和2023年的前三個月內不存在減值指標。
商譽
下表顯示各可報告部門的商譽:
(以千計)索引分析ESG 與氣候所有其他-私人資產總計
2023 年 12 月 31 日的商譽$1,203,435 $290,976 $84,724 $1,308,557 $2,887,692 
收購 (1)
18,320 5,031 (365)(582)22,404 
外匯折算調整3,095  1,876 1,035 6,006 
2024年9月30日的商譽$1,224,850 $296,007 $86,235 $1,309,010 $2,916,102 
___________________________
(1)反映了收購Foxberry、Fabric、Trove和Burgiss的影響。
公司於2024年7月1日完成了其年度商譽減值測試,對其指數、分析、esg和氣候、實物資產以及私人資本解決方案報告單元進行了測試,這些也是公司的經營部門。 記載了減值。公司進行了減值測試,並確定每個報告單元的公允價值大於其賬面價值的可能性更大。請參閱「分段信息」第12條註解,了解經營部門的詳細描述。
無形資產,淨額
以下表格顯示了按類別劃分的無形資產攤銷費用金額。
三個月之內結束
2020年9月30日
九個月結束
2020年9月30日
(以千爲單位)2024202320242023
已購有形資產攤銷費用$26,066 $15,748 $77,226 $47,430 
內部開發的資本化軟件攤銷費用15,873 10,974 44,090 30,113 
無形資產攤銷總費用$41,939 $26,722 $121,316 $77,543 
16

目錄



公司無形資產的毛額攜帶和累積攤銷金額如下:
2024年9月30日2023年12月31日
(以千爲單位)無形資產總額:Depreciation and amortization of intangible assets淨無形資產:無形資產總額:Depreciation and amortization of intangible assets淨無形資產:
客戶關係$716,121 $(369,817)$346,304 $709,299 $(340,248)$369,051 
專有數據454,477 (96,417)358,060 452,543 (64,694)387,849 
收購了科技和軟件258,108 (195,608)62,500 228,785 (185,583)43,202 
商標209,090 (179,238)29,852 209,090 (171,715)37,375 
內部開發資本化軟件297,489 (162,777)134,712 237,060 (118,303)118,757 
總費用$1,935,285 $(1,003,857)$931,428 $1,836,777 $(880,543)$956,234 
以下表格顯示了2024年12月31日年末和隨後幾年預計的攤銷費用:
截至12月31日的年度
(以千爲單位)
攤銷
費用
2024年餘下的時間$43,292 
2025151,514 
2026115,881 
202783,803 
202870,413 
此後466,525 
總費用$931,428 
8. 債務
截至2024年9月30日,公司尚有總額爲$4,200.0 百萬的優先無抵押票據(統稱爲「優先票據」)和$311.9 百萬在下表中列示的循環信貸設施(定義如下)下。
主要
數量
優秀
搬運
價值於
搬運
價值於
一般
價值於
一般
價值於
(以千爲單位)到期日2024年9月30日2024年9月30日2023年12月31日2024年9月30日2023年12月31日
債務
4.0002029年到期的優先無抵押票據%
2029年11月15日
$1,000,000 $994,455 $993,637 $969,260 $941,090 
3.6252030年到期的優先無抵押票據%
2030年9月1日
900,000 896,083 895,587 845,694 815,526 
3.8752031年到期的高級無抵押票據
2031年2月15日
1,000,000 992,981 992,161 946,870 914,360 
3.6252031年到期的優先無擔保票據
2031年11月1日
600,000 595,345 594,852 552,696 529,458 
3.2502033年到期的優先無擔保票據
2033年8月15日
700,000 694,033 693,532 616,938 586,509 
到期於2027年的變量利率A檔期限貸款
2027年2月16日
  337,959  337,367 
變量利率循環貸款承諾(1)
2029年1月26日311,875 311,875  310,316  
總債務$4,511,875 $4,484,772 $4,507,728 $4,241,774 $4,124,310 
___________________________
(1)截至2024年9月30日,變量利率循環貸款承諾中有金額未攤銷的延期融資費用。4.3 百萬美元與變量利率循環貸款承諾相關的未攤銷的融資費用。1.0 百萬美元已包含在「預付款和其他資產」中,另外百萬美元已包含在「其他非流動資產」中,在未經審計的簡明合併資產負債表中。3.3 百萬美元已包含在「預付款和其他資產」中,另外百萬美元已包含在「其他非流動資產」中,在未經審計的簡明合併資產負債表中。
17

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截至2024年9月30日,公司主要債務償還期限如下:
主債務償還到期
(以千爲單位)
金額
2024年餘下的時間$ 
2025 
2026 
2027 
2028 
此後4,511,875 
總債務$4,511,875 
公司尚未償還的債務產生的利息支付應按以下表格的安排進行:
利息支付頻率首次利息
支付日期
高級票據和循環貸款承諾
4.0002029年到期的優先無抵押票據%
半年度5月15日
3.6252030年到期的優先無抵押票據%
半年度3月1日
3.8752031年到期的優先無擔保債券
半年度6月1日
3.6252031年到期的優先無擔保債券
半年度5月1日
3.2502033年到期的高級無抵押票據
半年度2月15日
可變利率循環貸款承諾(1)
變量2月26日
___________________________
(1)首次付款發生在2024年2月26日。
公司債務的公允市場價值代表二級估值。公司採用市場方法,並從一家供應商那裏獲取了安防-半導體定價,其利用經紀報價和第三方定價服務來判斷公允價值。
貸款協議。 自2014年11月20日起,公司與一家銀行聯合組成的銀行家團體保持着循環信貸協議。2024年1月26日,公司簽署了第二份修訂和重訂的信貸協議(以下稱「信貸協議」),全面修改和重訂了公司先前的修訂和重訂的信貸協議(以下稱「先前的信貸協議」)。信貸協議向公司提供了一筆共計$1,250.0 百萬的循環貸款承諾,可在 2029年1月26日之前提取。在簽署信貸協議時,公司已從循環信貸設施(以下稱「循環信貸設施」)中提取了$336.9 百萬,並主要用於預付先前信貸協議下貸款A設施(以下稱「TLA設施」)中所有的優先無擔保A級術語貸款(以下稱「貸款A級術語貸款」)。信貸協議項下的義務是公司的一般無擔保債務。預付貸款A級術語貸款和簽署信貸協議導致了在2024年3月31日結束的三個月內與未攤銷債務發行成本相關的約$1.5百萬 除去損失。 停止記錄在未經審計的簡明合併利潤表中的「其他費用(收入)」中。
2024年9月,公司償還了$25.0 百萬美元的循環貸款餘額,使得2024年9月30日時,循環貸款餘額爲$311.9百萬
信貸協議項下循環貸款利息按照可變利率計息,基於擔保的隔夜融資利率(「SOFR」)或備用基本利率(「基本利率」),並分別加上基於公司優先無擔保長期債務的信用評級確定的適用按金,並在每個利息支付日(如信貸協議所定義)到期。只要公司優先無擔保長期債務的信用評級由標普和惠譽分別設定爲BBb-/BBb-,適用的按金爲 0.50%的基礎利率貸款, 1.50%的SOFR貸款。截至2024年9月30日,循環信貸額度下循環貸款的利率爲 6.45%.
根據所擔保的隔夜融資利率(「SOFR」)或備用基準利率(「基準利率」),每期應計算按照變量利率的TLA貸款的A級期限貸款上的利息,並加上適用的按金,在之前的信貸協議中定義的每個利息支付日應繳納。適用的按金是根據公司的綜合槓桿比率(在授信協議中定義)計算的,範圍介於 1.50可以降低至0.75%每年2.00%的SOFR貸款,和 0.50可以降低至0.75%每年1.00%的基準利率貸款。
18

目錄



關於Senior Notes的發行關閉,簽訂先前的信貸協議以及後續的修訂以及簽訂信貸協議,公司支付了某些融資費用,這些費用連同與先前信貸工具相關的現有費用正在攤銷其相關壽命。截至2024年9月30日,逾$31.4 百萬的遞延融資費和溢價尚未攤銷,其中$1.0 百萬包括在「預付款和其他資產」中,其中$3.3 百萬包括在「其他非流動資產」中,其中$27.1 百萬包括在「長期負債」中,列於未經審計的簡明綜合財務狀況表。
9. 租賃
公司經營租賃的租賃費用(收入)的元件如下:
三個月已結束
九月三十日
九個月已結束
九月三十日
(以千計)2024202320242023
運營租賃費用$9,339 $7,278 $24,133 $21,570 
可變租賃成本275 1,022 1,894 2,843 
短期租賃成本228 108 667 547 
轉租收入(904)(1,276)(2,650)(3,827)
租賃費用總額$8,938 $7,132 $24,044 $21,133 
截至2024年9月30日,公司的經營租賃負債到期如下:
租賃負債的到期日正在運營
(以千計)租約
2024 年的剩餘時間$6,361 
202532,553 
202630,361 
202723,945 
202823,175 
此後52,631 
租賃付款總額$169,026 
減去:利息(19,622)
租賃負債的現值$149,404 
其他應計負債$25,465 
長期經營租賃負債$123,939 
公司經營租賃的加權平均剩餘租期和貼現率如下:
截至
2020年9月30日12月31日
租賃期限和貼現率20242023
剩餘平均租賃期限(年)6.297.04
加權平均折扣率3.99 %3.66 %
19

目錄



公司經營租賃相關的其他信息如下:
其他信息九個月結束
2020年9月30日
(以千爲單位)20242023
運營租賃使用的經營現金流$23,882 $22,918 
獲得的使用權資產是爲換取新的
   營運租賃負債的減少量
$26,926 $8,896 
10. 股東權益(虧損)
資本回報
2022年7月28日,董事會授權了一項股票回購計劃(「2022回購計劃」),用於購買高達$1,000.0 百萬美元的MSCI普通股,此外還有$539.1 百萬的授權額度,這些授權額度是之前一個股票回購計劃中尚餘下並已被2022回購計劃所取代和整合,總共爲$1,539.1 百萬的股票回購授權額度可用於2022年回購計劃。
根據2022年回購計劃進行的股份回購可能根據市場和其他條件不時在公開市場或通過私下協商的交易進行。本授權可由董事會隨時在不事先通知的情況下修改、暫停或終止。截至2024年9月30日,尚有$405.4 百萬美元的授權剩餘在2022年回購計劃下。
以下表格提供了關於公司在開放市場上回購普通股的信息:
截至九月底的九個月的營業租賃成本
(以千爲單位,每股數據除外)
平均數
價格
每份付費
分享
總費用
數量
股份
回購
美元
價值爲
股份
回購(1)
2024年9月30日$500.52 880 $440,265 
2023年9月30日$468.26 980 $458,721 
___________________________
(1)該列數值不包括 1根據通貨膨脹減少法案進行的股份回購產生的%消費稅。任何發生的消費稅將被確認爲未經審計的摘要合併股東權益表(赤字)中已獲得股份的成本的一部分。
以下表格顯示每股普通股宣佈的股息,以及指定期間內宣佈、分配和推遲的總金額:
股息
(以千爲單位,每股數據除外)每股已宣佈分佈式(已發行)/遞延
2024
截至2021年3月31日的三個月$1.60 $129,444 $131,378 $(1,934)
截至6月30日的三個月1.60 127,304 126,958 346 
截至9月30日的三個月1.60 126,185 125,763 422 
總費用$4.80 $382,933 $384,099 $(1,166)
2023    
截至2021年3月31日的三個月$1.38 $111,986 $112,189 $(203)
截至6月30日的三個月1.38 110,383 110,147 236 
截至9月30日的三個月1.38 109,847 109,408 439 
總費用$4.14 $332,216 $331,744 $472 
20

目錄



普通股
以下表格顯示了截至2024年9月30日九個月的普通股發行和回購相關活動:
普通股財政普通股
已發行股票未償還金額
2023年12月31日結餘爲
133,817,332(54,726,120)79,091,212
應付/已付股息6161
發行的普通股票252,637252,637
股份被保留用於代扣稅款 (119,861)(119,861)
股份回購在股票回購計劃下
發行給董事的股份67(67)
2024年3月31日結存餘額
134,070,097(54,846,048)79,224,049
股息應付/已付
發行的普通股票779779
股份被保留用於代扣稅款 (359)(359)
股票回購計劃下回購的股份(499,224)(499,224)
發行給董事的股份4,94119,49924,440
2024年6月30日餘額
134,075,817(55,326,132)78,749,685
應付/已付股息
發行的普通股票3,3013,301
股份用於代扣稅款(1,387)(1,387)
股票回購計劃下回購的股份(380,397)(380,397)
發行給董事的股份13(13)
2024年9月30日的餘額
134,079,131(55,707,929)78,371,202
11. 所得稅
公司的所得稅準備金爲$189.2萬美元和156.0 和(ii)優先股股息,爲截至2024年和2023年9月30日的九個月的xx百萬美元。
截至2024年9月30日的九個月的有效稅率爲 19.1%,反映了公司對該時期有效稅率的估計,受到總計$12.4 百萬美元特定有利項目的影響,主要與在本期內爲股權報酬已投放的$15.9 百萬美元的過度稅收益而言,部分抵消$3.5 百萬美元與去年項目相關。
截至2023年9月30日的九個月的實際稅率爲 17.3% 反映了公司對該期間實際稅率的估計,並受到某些有利的離散項目的影響,總計 $19.8 百萬美元,主要與期間股份報酬解鎖期間認定的超額稅收益(金額爲 $11.4 百萬美元)以及與往年項目相關的 $8.4百萬美元有關。
公司正接受或開放接受國稅局及其他稅務機構的審查,涉及的司法管轄區包括國外的英國、瑞士和印度,以及公司在紐約和加利福尼亞等美國州具有重大業務的州。目前接受審查或開放接受審查的稅務年限因司法管轄區而異,但包括從2008年起的多個年限。
公司定期評估每個納稅司法管轄區在遞交所得稅申報時額外評估的可能性。公司已建立了未確認的稅收利益,公司認爲這些利益與額外評估的潛在性相當。一旦建立,公司僅在獲得更多信息或發生需要更改的事件時調整未確認的稅收利益。根據目前所得稅審計的現狀,公司認爲未確認利益的總額可能會在未來12個月內因去年事項的解決而減少約$22.1 百萬。
21

目錄



2024年9月30日結束的三個和九個月內,公司未確認的稅收優惠增加了$0.1萬美元和2.22024年4月30日和2023年4月30日的六個月內的外匯重新計量淨收益分別爲$百萬。
12. 板塊信息
公司在加利福尼亞州爲其辦公空間租賃了一個子租約,該租約於2023年11月開始,最初租約期至2026年1月。該租約替代了同一地址於2022年1月開始的租約,最初租約期至2024年1月(於2024年1月結束)。此外,該公司還租用其他租期少於十二個月的空間;因此,在資產負債表上不承認此租約爲營運租約。五個營運部門:獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands,所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官,他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織,對於我們的基於位置的娛樂板塊,根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本,包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用,包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利,作爲未分配的企業開銷呈現,成爲報告板塊的總收入(虧損)和公司未經審計的彙總財務報表結果之間的調節項。 經營板塊包括:指數、分析、esg和氣候、實物資產和私人資本解決方案,分別如下所示 四個 報告板塊包括:指數、分析、esg和氣候以及其他所有-私人資產。截至2023年12月31日,公司將Burgiss經營板塊更名爲私人資本解決方案。實物資產和私人資本解決方案的經營板塊未單獨達到分部報告門檻,並已合併並作爲其他所有-私人資產報告板塊的一部分呈現。
指數運營部門提供股權和固收指數。這些指數應用於投資過程的許多領域,包括開發指數金融產品(例如,etf,所有基金類型,年金,期貨,期權,結構化產品和場外衍生品),績效基準設定,投資組合構建和再平衡,以及資產配置。
分析運營部門提供風險管理、績效歸因和投資組合管理內容、應用程序和服務,爲客戶提供風險和回報的綜合視圖以及分析市場、信用、流動性、交易對手和氣候風險的工具,跨越所有主要資產類別,包括短期、中期和長期時間範圍。客戶可通過MSCI的專有應用程序和應用程序編程接口、第三方應用程序或直接通過他們自己的平台訪問分析工具和內容。此外,分析運營部門還提供各種管理服務,幫助客戶更高效運營,包括整合來自各個來源的客戶投資組合數據、審查和調和輸入數據和結果,以及定製報告。
ESG和氣候經營部門提供產品和服務,幫助機構投資者了解ESG和氣候考慮如何影響其投資組合和個別安全級別投資的長期風險和回報。此外,ESG和氣候經營部門提供數據、評級、研究和工具,幫助投資者應對日益增加的監管、滿足新客戶需求,並更好地將ESG和氣候因素整合到其投資流程中。
房地產資產經營部門爲房地產和基礎設施等有形資產提供數據、基準、回報分析、氣候評估和市場見解。此外,房地產資產的績效和風險分析涵蓋從全企業到具體屬性的分析。房地產資產經營部門還爲全球房地產業主、經理、開發商和經紀人提供商業智能產品。
2023 年 10 月 2 日收購 Burgiss 之前,公司對 Burgiss 的所有權份額被分類爲權益法下的投資。因此,在收購 Burgiss 之前,所有其他板塊 - 私人資產板塊未包括公司與 Burgiss 相關的營業收入和調整後 EBITDA 的相應份額。公司對其在 Burgiss 的權益法下投資的收入或損失份額並未作爲調整後 EBITDA 的組成部分,而是報告爲其他(支出)收入,淨額的組成部分。收購後,Burgiss 的合併結果被納入公司的私人資本解決方案經營板塊中。
私人資本解決方案經營部門提供一套工具,幫助私人資產投資者跨越關鍵任務工作流程,比如尋找條款和條件、評估底層投資組合公司的運營表現、管理風險以及支持私人資本投資的其他活動。
首席運營決策者(「CODM」)根據分段運營收入以及調整後的EBITDA和其他指標來衡量和評估可報告的各業務部門。公司從分段調整後的EBITDA中排除以下項目:所得稅費用、其他費用(收入)、淨額、固定資產、設備和租賃改良的折舊和攤銷、無形資產的攤銷以及有時也包括某些其他交易或調整,包括某些與收購相關的整合和交易成本,這些是CODM在進行資源分配決策或評估各個業務部門績效時不考慮的。儘管這些金額不計入分段調整後的EBITDA,但它們應包括在報告的合併淨利潤中,幷包括在接下來的調解中。
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以下表格顯示了各報告部門在指定時期內的營業收入:
三個月之內結束
2020年9月30日
九個月結束
2020年9月30日
(以千爲單位)2024202320242023
營業收入
指數$404,882 $362,122 $1,175,946 $1,063,820 
分析172,376 154,268 502,337 451,219 
esg和氣候83,643 73,038 241,382 211,315 
所有其他 - 私人資產63,804 36,011 192,954 112,460 
總費用$724,705 $625,439 $2,112,619 $1,838,814 
以下表格顯示了各部門的盈利能力,並說明了期間的淨利潤和調整。
三個月之內結束
2020年9月30日
九個月結束
2020年9月30日
(以千爲單位)2024202320242023
指數調整後的EBITDA$314,148 $277,672 $898,898 $808,424 
分析調整後的EBITDA90,287 71,781 244,171 197,710 
esg和氣候調整後的EBITDA29,989 25,440 75,010 66,114 
所有板塊 - 私人資產調整後的息稅折舊及攤銷16,278 11,396 46,151 36,076 
報告總利潤
450,702 386,289 1,264,230 1,108,324 
無形資產攤銷41,939 26,722 121,316 77,543 
固定資產、設備和租賃改良的折舊及攤銷4,332 5,252 12,639 15,911 
與收購相關的整合和交易成本(1)
3,097 1,006 6,951 1,006 
營業利潤401,334 353,309 1,123,324 1,013,864 
% and 44,398 35,653 130,501 112,678 
所得稅費用76,035 57,997 189,210 155,974 
淨收入$280,901 $259,659 $803,613 $745,212 
___________________________
(1)代表了與收購及整合已收購企業直接相關的交易費用和其他成本,包括專業費用、解聘費用、監管申報費用等在相關收購結束後不遲於12個月內發生的費用。
23

目錄



按照最終客戶使用產品的送貨地址所在地確定的地理地區來計算營業收入。以下表格顯示了各個地理地區在指定期間的營業收入:
三個月之內結束
2020年9月30日
九個月結束
2020年9月30日
(以千爲單位)2024202320242023
營業收入
美洲:
美國$297,577 $246,089 $868,695 $740,939 
其他32,631 28,243 95,976 83,353 
美洲總計330,208 274,332 964,671 824,292 
歐洲、中東、非洲(「EMEA」):
英國122,384 105,036 351,922 296,388 
其他157,739 142,826 466,701 420,996 
歐洲、中東、非洲地區總計280,123 247,862 818,623 717,384 
亞洲和澳洲:    
日本28,833 24,956 84,377 75,258 
其他85,541 78,289 244,948 221,880 
亞洲和澳洲總計114,374 103,245 329,325 297,138 
總費用$724,705 $625,439 $2,112,619 $1,838,814 
長期資產包括房地產、設備和租賃改良、使用權資產和內部開發的資本化軟件,減去累計折舊和攤銷。以下表格顯示了按地理區域劃分的長期資產及指定日期:
截至
2020年9月30日12月31日
(以千爲單位)20242023
長期資產
美洲:
美國$241,336 $204,238 
其他8,484 11,585 
美洲總計249,820 215,823 
歐洲、中東、非洲:
英國18,033 18,403 
其他20,955 22,072 
歐洲、中東、非洲地區總計38,988 40,475 
亞洲和澳洲:
日本1,004 1,321 
其他28,943 31,507 
亞洲和澳洲總數29,947 32,828 
總費用$318,755 $289,126 
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目錄



13. 後續事件
2024年10月28日,董事會宣佈了截至2024年12月31日(「2024年第四季度」)的季度現金股息爲$1.60 每股,該股季度股息將於2024年11月15日交易結束後的股東,於2024年11月29日支付。
2024年10月28日,董事會授權另外的股票回購方案,用於購買高達10億美元價值的MSCI普通股(連同2022年回購計劃剩餘的5000萬美元,稱爲「2024回購計劃」)。由2024回購計劃進行的股份回購可能根據市場和其他條件隨時在開放市場或私下協商的交易中進行。董事會有權隨時修改、暫停或終止該授權,無需事先通知。1.5 億美元的MSCI普通股股份回購方案(連同2022年回購計劃剩餘的5000萬美元,稱爲「2024回購計劃」)。根據2024回購計劃進行的股份回購可能根據市場和其他條件隨時在開放市場或私下協商的交易中進行。該授權可以由董事會隨時修改、暫停或終止,無需事先通知。405.4 董事會授權進行了額外的股票回購計劃,用於購買高達10億美元價值的MSCI普通股(加上2022年剩餘的5000萬美元授權,稱爲「2024回購計劃」)。根據2024回購計劃進行的股票回購可能會根據市場和其他條件不時在公開市場或私下談判中進行。該授權可以由董事會隨時在不事先通知的情況下進行修改、暫停或終止。
2024年9月30日後,公司償還了借款額度重貸款設施下的125.0 百萬美元未償餘額。

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目錄
項目2. 管理層對財務狀況和經營結果的討論和分析
對基本報表和相關記錄中包含的簡明合併財務報表進行的財務狀況和經營結果的討論和分析應與本表格中其他地方包括的Form 10-Q和我們截至2023年12月31日的年度報告Form 10-K一起閱讀。本討論包含涉及風險和不確定性的前瞻性聲明。我們的實際結果可能與下文討論的結果有實質性差異。可能導致或促成這種差異的因素包括但不限於以下內容,幷包括在我們的Form 10-K的「項目1A——風險因素」中討論的內容。
除非語境另有說明,「MSCI」、「公司」、「我們」、「我們的」和「我們」指的是msci inc.及其子公司。
概述
我們是全球投資社區的領先關鍵決策支持工具和解決方案提供商。我們的使命關鍵性產品幫助投資者應對不斷變化的投資格局所面臨的挑戰,提升投資決策能力。藉助我們對全球投資流程的了解以及在研究、數據和技術方面的專業知識,我們幫助客戶理解和分析風險和回報的關鍵驅動因素,並自信高效地構建更有效的投資組合。 公司有五個運營部門:指數(Index)、分析(Analytics)、esg和氣候(ESG and Climate)、地產資產(Real Assets)和私人資本解決方案(前身爲Burgiss),這些部門被呈現爲以下四個可報告部門:指數、分析、esg和氣候以及所有其他板塊(All Other) 私人資產。
2023年12月31日結束時,我們將The Burgiss Group, LLC(「Burgiss」)的運營板塊更名爲私人資本解決方案。房地產資產和私人資本解決方案的運營板塊不符合單獨滿足分部報告標準的標準,並已合併並作爲所有其他 - 私人資產報告板塊的一部分呈現。
我們的增長策略包括:(a) 在各類資產領域擴展研究增強型內容的領先地位,(b) 領先推動esg和氣候投資整合的實現,(c) 加強分銷和內容支持技術,(d) 拓展能夠賦予客戶定製能力的解決方案,(e) 加強客戶關係並與客戶共同進入戰略合作伙伴關係,(f) 與相關數據、內容和技術公司執行戰略關係和收購。有關我公司運營的更多信息,請參閱我們的10-k表格。項目1:業務」在我們的10-k文件中。
截至2024年9月30日,我們在95多個國家爲約6900名客戶提供服務。1 在超過95個國家爲客戶提供服務。
我們的主要業務模式通常是爲我們的大部分指數、分析、esg和氣候產品和服務授權年度、經常性訂閱,要求提前支付使用期限之前的費用。私人資產產品也通常通過訂閱方式每年授權,訂閱通常是經常性的,費用在產品交付過程中要求提前支付,通常是按訂閱期間分期支付,或者在產品交付後按賬面支付。我們部分的費用來自使用我們指數作爲指數連結投資產品基礎的客戶。這些費用主要基於客戶的資產管理規模(「aum」)、交易量和費率。
在評估我們的財務表現時,我們關注營業收入和利潤增長。這包括根據美國普遍接受的會計準則(「GAAP」)以及非GAAP指標評估公司整體和各經營部門的結果。
我們按類型和部分細分報告收入,這代表我們的主要產品線。 我們還通過活動審查開支,以更透明地展示資源的運用方式。此外,我們運用運行速率、訂閱銷售和保留率等運營指標來管理和評估績效,深入了解我們業務中的重複部分。
在接下來的討論中,我們提供了一定的差異,不包括外匯匯率波動和收購的影響。外匯匯率波動指的是當前報告的期間結果與使用可比先前期間的外匯匯率重新計算的當前期間結果之間的差異。雖然經過外匯波動影響調整的營業收入包括已經根據外匯波動調整的基於資產的費用,但作爲基於資產的費用的主要組成部分的 AUm 沒有根據外匯波動進行調整。大約三分之二的 AUm 投資於以美元以外的貨幣計價的證券,因此,任何此類影響都將被排除在披露的外匯調整差異之外。
(1)1代表各自母公司下所有相關客戶的總和。在收購時,我們會將收購公司的客戶數量與我們的方法論保持一致。
26

目錄
我們營業收入中的相當大比例集中在我們一些最大的客戶身上。截至2024年9月30日的九個月,我們最大的客戶組織貝萊德佔我們整體營業收入的10.1%。來自貝萊德的營業收入96.1%來自於基於我們指數的貝萊德etf和非etf產品的資產管理費。
2024年和2023年截至9月30日三個和九個月的經營業績討論如下。中間期間的經營業績可能不具有未來業績的指示性。
影響結果可比性的因素
收購Burgiss、Trove、Fabric和Foxberry
2023年10月2日,公司以69680萬美元現金收購了Burgiss剩餘的66.4%股權。公司持有的33.6%股權在收購日的公允價值爲35320萬美元,導致了截至2023年12月31日三個月的無形收益14300萬美元。
在收購之前,公司對Burgiss的所有權持股作爲權益法下的投資進行分類。因此,私人資產及所有板塊未包括公司對Burgiss相關的營業收入和調整後EBITDA的所佔比例份額。公司對其在Burgiss的權益法投資的收入或虧損比例份額作爲其他(支出)收入淨額的組成部分報告。
收購後,Burgiss的綜合結果被納入公司的私人資本解決方案業務板塊(原名Burgiss),並被合併並呈現爲所有板塊的私人資產報表部分。有關Burgiss收購的更多信息,請參閱本文中包含的基本報表附註中的第5條「收購」和第12條「板塊信息」部分。
2023年11月1日,MSCI完成了對Trove Research Ltd(「Trove」)的收購,以約3750萬美元現金收購。Trove是ESG和氣候運營部門的一部分。
2024年1月2日,MSCI完成了對Fabric RQ,Inc.(「Fabric」)的收購,該平台是一家專門爲财富管理人和顧問提供組合設計、定製和分析的財富科技平台,以約800萬美元的現金和基於未來銷售Fabric產品的待定考量進行收購,收購日公允價值爲810萬美元,將根據Fabric產品的未來銷售支付。Fabric是Analytics運營部門的一部分。
2024年4月16日,MSCI完成了對Foxberry Ltd.(「Foxberry」)的收購,該平台爲前臺指數科技控件,以約2350萬美元的現金和基於收購日公允價值爲1910萬美元的有條件考量完成。這些考量是基於該平台的運營相關指標的實現而支付的。Foxberry是指數運營部門的一部分。我們合稱Burgiss、Trove、Fabric和Foxberry的收購爲「最近的收購」。
關鍵會計政策和估計
我們在包括在我們的10-k表格中的基本報表註釋中描述了我們的重要會計政策。自2023年12月31日結束的財政年度結束以來,我們的會計政策或在2023年12月31日結束的財政年度應用的關鍵會計估計沒有重大變化,除非如下所述。
商譽
在業務組合交易中,當購買價格超過取得的淨有形資產和可單獨識別無形資產的公允價值時,我們確認商譽。我們每年在7月1日或出現中期觸發時對商譽進行減值測試。減值測試是在報告單元級別進行的,我們使用收入法和市場法同等權重來估計每個報告單元的公允價值。
收入法在估計未來現金流時需要進行重大判斷,包括對營業收入增長率和營運利潤率等假設的考量,以及選擇反映報告單位資本成本的適當貼現率。預測未來現金流基於歷史經驗和對每個報告單位未來增長和盈利能力的假設的結合進行估計。根據每個報告單位估計的加權平均成本資本選擇貼現率。加權平均成本資本是基於我們認爲市場參與者會利用的資本結構以及具有類似特徵的每個報告單位估值的指導性上市公司的貼現率來估計的,根據每個報告單位固有風險進行調整。終端增長率根據報告單位預測期間使用的增長率與經濟條件相結合選擇。市場法利用來自具有類似特徵的每個報告單位估值的指導性上市公司的營業收入和現金流的估值倍數。選擇適當的指導公司、估值倍數和其他關鍵
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假設,如營業收入增長率和折現率等,需要重要的管理判斷,對這些估計的變更可能會對每個報告單位的公允價值測定產生重大影響。我們圍繞關鍵假設進行敏感性分析,以評估假設的合理性和對估計公允價值的影響。
如果報告單位的估計公允價值低於賬面價值,則會發生減值。截至2024年7月1日,所有報告單位的公允價值均超過其賬面價值。因此,截至該日期,未記錄任何商譽減值。

截至2024年7月1日,我們對我們的指數、分析、esg和氣候、實物資產以及私人資本解決方案報告單元進行了年度商譽減值測試,這些也是我們的經營板塊。 截至2024年7月1日,所有報告單元的公允價值均超過其各自的賬面價值。 到2024年9月30日,私人資本解決方案報告單元內商譽的賬面價值爲61780萬美元。 截至2024年7月1日,並考慮到2023年10月2日對Burgiss的最新增持,私人資本解決方案報告單元的公允價值超過其賬面價值約10%,使其容易受到潛在未來減值的影響。 如果我們經歷業務環境、金融市場、最近收購的一家或多家公司或報告單元的業績、或普通股價格長期或嚴重疲軟,或者如果經濟狀況與管理層的假設存在明顯差異,我們的商譽將來可能遭受減值,這可能對我們的經營業績和財務狀況具有重大影響。
對於我們所有的報告單位,單獨而言,營業收入增長率下降100個點子或加權平均成本增加100個點子都不會導致減值。
經營結果
營業收入
我們的營業收入按以下類型分組:循環訂閱、基於資產的費用和非循環性。我們還將營業收入按主要產品或可報告區段分組如下:指數、分析、esg和氣候,以及 所有其他板塊 - 私人資產.
下表顯示了各類型營業收入的具體期間。
三個月已結束
九月三十日
百分比變化 九個月已結束
九月三十日
百分比變化
(以千計)2024202320242023
定期訂閱$536,622 $464,997 15.4 %$1,571,146 $1,365,936 15.0 %
基於資產的費用168,622 141,066 19.5 %482,162 412,354 16.9 %
非經常性19,461 19,376 0.4 %59,311 60,524 (2.0 %)
總營業收入$724,705 $625,439 15.9 %$2,112,619 $1,838,814 14.9 %
截至2024年9月30日的三個月內,總營業收入增長了15.9%。如果調整外幣兌換率波動和最近的收購對影響,總營業收入將增長11.1%。
截至2024年9月30日的三個月內,由於所有其他 - 私人資產產品增長了2750萬美元,增幅爲77.3%,其中包括了2670萬美元的Burgiss收入;指數產品增長了1750萬美元,增幅爲8.5%;分析產品增長了1690萬美元,增幅爲11.2%;以及esg和氣候產品增長了980萬美元,增幅爲13.6%,因此,來自重複訂閱的營業收入增長了15.4%。如果調整外幣兌換率波動和最近收購的影響,重複訂閱的營業收入將增長9.0%。
資產管理費用收入在2024年9月30日結束的三個月中增長了19.5%,主要受到與MSCI股票指數掛鉤的etf和與MSCI指數掛鉤的非etf指數基金收入增長的推動。與MSCI股票指數掛鉤的etf和與MSCI指數掛鉤的非etf指數基金的資產管理費用收入分別增加了19.7%和21.1%,主要受到平均AUm增加的推動。與MSCI指數掛鉤的交易所交易期貨和期權合約的資產管理費用收入增加了11.3%,其中成交量增加推動了增長。
截至2024年9月30日止九個月,總營業收入增長了14.9%。如果調整外匯匯率波動和最近收購的影響,總營業收入將增長10.4%。
截至2024年9月30日,從定期訂閱中產生的營業收入增加了15.0%,主要由於所有其他-私人資產產品的增長,增加了7910萬元,增幅爲71.1%,其中包括7710萬美元的Burgiss收入;指數產品增加了5010萬元,增幅爲8.3%;分析產品增加了4760萬元,增幅爲10.7%;和
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esg和氣候產品增加了2840萬美元,增幅爲13.7%。調整外匯匯率波動和最近收購的影響,從經常性訂閱的營收會增長9.0%。
截至2024年9月30日的九個月,基於資產費用的營業收入增長了16.9%,主要受MSCI股票指數相關的etf和非etf指數基金收入增長的推動。MSCI股票指數相關的etf和非etf指數基金的營業收入分別增長了17.9%和19.4%,這主要是由平均AUm增加推動的。
以下表格顯示了與MSCI股票指數相關的etf中AUm的價值,以及在所示週期結束時這些資產的順序變化:
Period Ended
20232024
(in billions)
March
31,
June
30,
September
30,
December
31,
March
31,
June
30,
September
30,
AUM in ETFs linked to MSCI equity indexes(1), (2)
$1,305.4 $1,372.5 $1,322.8 $1,468.9 $1,582.6 $1,631.9 $1,761.8 
Sequential Change in Value
Market Appreciation/(Depreciation)$75.1 $48.4 $(56.1)$130.5 $92.8 $21.2 $111.3 
Cash Inflows7.4 18.7 6.4 15.6 20.9 28.1 18.6 
Total Change$82.5 $67.1 $(49.7)$146.1 $113.7 $49.3 $129.9 
The following table presents the average value of AUM in ETFs linked to MSCI equity indexes for the periods indicated:
20232024
(in billions)MarchJuneSeptemberDecemberMarchJuneSeptember
AUM in ETFs linked to MSCI equity indexes(1), (2)
Quarterly average$1,287.5 $1,333.8 $1,376.5 $1,364.9 $1,508.8 $1,590.6 $1,677.0 
Year-to-date average$1,287.5 $1,310.7 $1,332.6 $1,340.7 $1,508.8 $1,549.7 $1,592.1 
___________________________
(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 September 30, 2024, was up $300.5 billion, or 21.8%. For the nine months ended September 30, 2024, the average value of AUM in ETFs linked to MSCI equity indexes was up $259.5 billion, or 19.5%.
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The following table presents operating revenues by reportable segment and revenue type for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Operating revenues:
Index
Recurring subscriptions$223,945 $206,453 8.5 %$653,929 $603,845 8.3 %
Asset-based fees168,622 141,066 19.5 %482,162 412,354 16.9 %
Non-recurring12,315 14,603 (15.7 %)39,855 47,621 (16.3 %)
Index total404,882 362,122 11.8 %1,175,946 1,063,820 10.5 %
Analytics
Recurring subscriptions168,150 151,269 11.2 %490,829 443,276 10.7 %
Non-recurring4,226 2,999 40.9 %11,508 7,943 44.9 %
Analytics total172,376 154,268 11.7 %502,337 451,219 11.3 %
ESG and Climate
Recurring subscriptions81,536 71,744 13.6 %235,954 207,523 13.7 %
Non-recurring2,107 1,294 62.8 %5,428 3,792 43.1 %
ESG and Climate total83,643 73,038 14.5 %241,382 211,315 14.2 %
All Other - Private Assets
Recurring subscriptions62,991 35,531 77.3 %190,434 111,292 71.1 %
Non-recurring813 480 69.4 %2,520 1,168 115.8 %
All Other - Private Assets total63,804 36,011 77.2 %192,954 112,460 71.6 %
Total operating revenues$724,705 $625,439 15.9 %$2,112,619 $1,838,814 14.9 %
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.
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The following table presents operating expenses by activity category for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Operating expenses:
Cost of revenues$126,192 $105,311 19.8 %$382,815 $324,024 18.1 %
Selling and marketing70,763 66,581 6.3 %214,385 201,044 6.6 %
Research and development38,584 31,438 22.7 %120,182 92,901 29.4 %
General and administrative41,561 36,826 12.9 %137,958 113,527 21.5 %
Amortization of intangible assets41,939 26,722 56.9 %121,316 77,543 56.4 %
Depreciation and amortization of property, equipment and leasehold improvements
4,332 5,252 (17.5 %)12,639 15,911 (20.6 %)
Total operating expenses$323,371 $272,130 18.8 %$989,295 $824,950 19.9 %
Total operating expenses increased 18.8% for the three months ended September 30, 2024. Adjusting for the impact of foreign currency exchange rate fluctuations, the increase would have been 18.9%.
Total operating expenses increased 19.9% for the nine months ended September 30, 2024. Adjusting for the impact of foreign currency exchange rate fluctuations, the increase would have been 19.9%.
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 19.8% for the three months ended September 30, 2024, 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 a result of increased headcount, as well as increases in non-compensation costs reflecting higher professional fees, information technology and market data costs.
Cost of revenues increased 18.1% for the nine months ended September 30, 2024, 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 a result of increased headcount, as well as increases in non-compensation costs reflecting higher information technology, professional fees and market data 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 6.3% for the three months ended September 30, 2024, reflecting increases across the All Other - Private Assets and Index reportable segments, partially offset by decreases in the Analytics and ESG and Climate reportable segments. The change was driven by increases in compensation and benefits costs, primarily relating to higher wages and salaries as a result of increased headcount, as well as increases in non-compensation costs reflecting higher marketing costs.
Selling and marketing expenses increased 6.6% for the nine months ended September 30, 2024, reflecting increases across the All Other - Private Assets and Index reportable segments, partially offset by decreases in the ESG and Climate and Analytics reportable segments. The change was driven by increases in compensation and benefits costs, primarily relating to higher incentive compensation and wages and salaries as a result of increased headcount, as well as increases in non-compensation costs reflecting higher marketing costs.
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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 22.7% for the three months ended September 30, 2024, reflecting increases across all reportable segments. The change was driven by increases in compensation and benefits costs, relating to higher wages and salaries and incentive compensation costs as a result of increased headcount, partially offset by increased capitalization of costs related to internally developed software projects.
R&D expenses increased 29.4% for the nine months ended September 30, 2024, reflecting increases across all reportable segments. The change was primarily driven by increases in compensation and benefits costs, relating to higher wages and salaries and incentive compensation costs as a result of increased headcount, partially offset by increased capitalization of costs related to internally developed software projects.
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, acquisition integration, changes in the fair value of contingent consideration and certain other administrative costs that are not directly attributed to a product or service, but are instead allocated to G&A expenses.
G&A expenses increased 12.9% for the three months ended September 30, 2024, reflecting increases across the All Other - Private Assets, and ESG and Climate reportable segments, partially offset by decreases in the Index and Analytics reportable segments. The change was primarily driven by increases in non-compensation costs primarily relating to higher occupancy costs and higher professional fees.
G&A expenses increased 21.5% for the nine months ended September 30, 2024, reflecting increases across all reportable segments. The change was driven by increases in non-compensation costs, reflecting higher transaction costs related expenses due to the recent acquisitions, professional fees and information technology costs, as well as increases in compensation and benefits costs, relating to higher wages and salaries, incentive compensation and benefits costs as a result of increased headcount.
The following table presents operating expenses using compensation and non-compensation categories, rather than using activity categories, for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Compensation and benefits$194,809 $171,815 13.4 %$618,421 $527,566 17.2 %
Non-compensation expenses82,291 68,341 20.4 %236,919 203,930 16.2 %
Amortization of intangible assets41,939 26,722 56.9 %121,316 77,543 56.4 %
Depreciation and amortization of property, equipment and leasehold improvements
4,332 5,252 (17.5 %)12,639 15,911 (20.6 %)
Total operating expenses$323,371 $272,130 18.8 %$989,295 $824,950 19.9 %
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 6,118 employees as of September 30, 2024, compared to 5,005 employees as of September 30, 2023, reflecting a 22.2% growth in the number of employees which is primarily related to recent acquisitions. 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 September 30, 2024, 68.5% of our employees were located in emerging market centers compared to 66.5% as of September 30, 2023.
Compensation and benefits costs increased 13.4% and 17.2%, for the three and nine months ended September 30, 2024, driven by an increase in wages and salaries, incentive compensation and benefits costs due to headcount growth, partially offset by
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increased capitalization of expenses related to internally developed software projects. Adjusting for the impact of foreign currency exchange rate fluctuations and recent acquisitions, compensation and benefits costs would have increased by 2.7% and increased by 6.1%, respectively, for the three and nine months ended September 30, 2024.
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 20.4% for the three months ended September 30, 2024, driven by higher professional fees, market data costs, information technology, marketing costs, transaction and integration costs related to recent acquisitions and recruiting costs.
Non-compensation expenses increased 16.2% for the nine months ended September 30, 2024, driven by higher professional fees, information technology, transaction and integration costs related to recent acquisitions, market data costs and travel and entertainment costs. Adjusting for the impact of foreign currency exchange rate fluctuations and recent acquisitions, non-compensation expenses would have increased by 8.5% and increased by 6.1%, respectively, for the three and nine months ended September 30, 2024.
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 56.9% and 56.4% for the three and nine months ended September 30, 2024, respectively, primarily driven by higher amortization recognized on acquired intangible assets from recent acquisitions
and 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 17.5% and 20.6% for the three and nine months ended September 30, 2024, 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
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Interest income$(5,217)$(10,314)(49.4 %)$(17,375)$(31,079)(44.1 %)
Interest expense46,688 46,902 (0.5 %)139,995 139,725 0.2 %
Other expense (income)2,927 (935)(413.0 %)7,881 4,032 95.5 %
Total other expense (income), net$44,398 $35,653 24.5 %$130,501 $112,678 15.8 %
Total other expense (income), net increased 24.5% for the three months ended September 30, 2024, primarily driven by lower interest income reflecting lower average cash balances and the impact of foreign currency exchange rate fluctuations.
Total other expense (income), net increased 15.8% for the nine months ended September 30, 2024, primarily driven by lower interest income, reflecting lower average cash balances as well as loss on extinguishment related to unamortized debt issuance costs associated with the prepayment of the Tranche A Term Loans and the entry into the Credit Agreement and the impact of foreign currency exchange rate fluctuations.
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Income Taxes
The following table shows our income tax provision and effective tax rate for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Provision for income taxes$76,035 $57,997 31.1 %$189,210 $155,974 21.3 %
Effective tax rate21.3 %18.3 %16.4 %19.1 %17.3 %10.4 %
The effective tax rate of 21.3% for the three months ended September 30, 2024 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain unfavorable discrete items totaling $3.6 million, primarily related to prior-year items.
The effective tax rate of 18.3% for the three months ended September 30, 2023 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $3.4 million, primarily related to $3.2 million of prior-year items.
The effective tax rate of 19.1% for the nine months ended September 30, 2024 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $12.4 million, related to $15.9 million of excess tax benefits recognized on share-based compensation vested during the period partially offset by $3.5 million related to prior-year items.
The effective tax rate of 17.3% for the nine months ended September 30, 2023 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $19.8 million, related to $11.4 million of excess tax benefits recognized on share-based compensation vested during the period and $8.4 million related to prior-year items.
Net Income
The following table shows our net income for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Net income$280,901 $259,659 8.2 %$803,613 $745,212 7.8 %
As a result of the factors described above, net income increased 8.2% for the three months ended September 30, 2024, and increased 7.8% for the nine months ended September 30, 2024.
Weighted Average Shares and Common Shares Outstanding
The following table shows our weighted average shares outstanding for the periods indicated:
Three Months Ended
September 30,
% ChangeNine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Weighted average shares outstanding:
Basic78,49979,116(0.8 %)78,92579,580(0.8 %)
Diluted78,72979,500(1.0 %)79,15979,959(1.0 %)
    
The following table shows our common shares outstanding for the periods indicated:
As of% Change
(in thousands)September 30,
2024
December 31,
2023
Common shares outstanding78,371 79,091 (0.9 %)
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The decrease in weighted average shares and common shares outstanding for the three and nine months ended September 30, 2024 primarily reflects the impact of share repurchases made pursuant to the Company’s 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, impairment related to sublease of leased property and certain 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, impairment related to sublease of leased property and certain acquisition-related integration and transaction costs.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by operating revenues.
Adjusted EBITDA, Adjusted EBITDA expenses and Adjusted EBITDA margin 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 expenses and adjusted EBITDA margin 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
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Operating revenues$724,705 $625,439 15.9 %$2,112,619$1,838,81414.9 %
Adjusted EBITDA expenses274,003 239,150 14.6 %848,389 730,490 16.1 %
Adjusted EBITDA$450,702 $386,289 16.7 %$1,264,230 $1,108,324 14.1 %
Operating margin %55.4 %56.5 %53.2 %55.1 %
Adjusted EBITDA margin %62.2 %61.8 %59.8 %60.3 %
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.
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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
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Net income$280,901 $259,659 8.2 %$803,613 $745,212 7.8 %
Provision for income taxes76,035 57,997 31.1 %189,210 155,974 21.3 %
Other expense (income), net44,398 35,653 24.5 %130,501 112,678 15.8 %
Operating income401,334 353,309 13.6 %1,123,324 1,013,864 10.8 %
Amortization of intangible assets41,939 26,722 56.9 %121,316 77,543 56.4 %
Depreciation and amortization of property, equipment and leasehold improvements
4,332 5,252 (17.5 %)12,639 15,911 (20.6 %)
Acquisition-related integration and
 transaction costs (1)
3,097 1,006 207.9 %6,951 1,006 591.0 %
Consolidated Adjusted EBITDA$450,702 $386,289 16.7 %$1,264,230 $1,108,324 14.1 %
Index Adjusted EBITDA314,148 277,672 13.1 %898,898 808,424 11.2 %
Analytics Adjusted EBITDA90,287 71,781 25.8 %244,171 197,710 23.5 %
ESG and Climate Adjusted EBITDA29,989 25,440 17.9 %75,010 66,114 13.5 %
All Other - Private Assets Adjusted EBITDA16,278 11,396 42.8 %46,151 36,076 27.9 %
Consolidated Adjusted EBITDA$450,702 $386,289 16.7 %$1,264,230 $1,108,324 14.1 %
___________________________
(1)Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
The following table presents the reconciliation of operating expenses to Adjusted EBITDA expenses for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Total operating expenses$323,371 $272,130 18.8 %$989,295 $824,950 19.9 %
Amortization of intangible assets41,939 26,722 56.9 %121,316 77,543 56.4 %
Depreciation and amortization of property, equipment and leasehold improvements
4,332 5,252 (17.5 %)12,639 15,911 (20.6 %)
Acquisition-related integration and
 transaction costs (1)
3,097 1,006 207.9 %6,951 1,006 591.0 %
Consolidated Adjusted EBITDA expenses$274,003 $239,150 14.6 %$848,389 $730,490 16.1 %
Index Adjusted EBITDA expenses90,734 84,450 7.4 %277,048 255,396 8.5 %
Analytics Adjusted EBITDA expenses82,089 82,487 (0.5 %)258,166 253,509 1.8 %
ESG and Climate Adjusted EBITDA expenses
53,654 47,598 12.7 %166,372 145,201 14.6 %
All Other - Private Assets Adjusted EBITDA expenses
47,526 24,615 93.1 %146,803 76,384 92.2 %
Consolidated Adjusted EBITDA expenses$274,003 $239,150 14.6 %$848,389 $730,490 16.1 %
___________________________
(1)Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
Segment Results
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Index Segment
The following table presents the results for the Index segment for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Operating revenues:
Recurring subscriptions$223,945 $206,453 8.5 %$653,929 $603,845 8.3 %
Asset-based fees168,622 141,066 19.5 %482,162 412,354 16.9 %
Non-recurring12,315 14,603 (15.7 %)39,855 47,621 (16.3 %)
Operating revenues total404,882 362,122 11.8 %1,175,946 1,063,820 10.5 %
Adjusted EBITDA expenses90,734 84,450 7.4 %277,048 255,396 8.5 %
Adjusted EBITDA$314,148 $277,672 13.1 %$898,898 $808,424 11.2 %
Adjusted EBITDA margin %77.6 %76.7 %76.4 %76.0 %
Index operating revenues increased 11.8% for the three months ended September 30, 2024, primarily driven by strong growth in higher asset-based fees and higher recurring subscription revenue, partially offset by lower non-recurring revenues. Adjusting for the impact of the acquisition of Foxberry and foreign currency exchange rate fluctuations, Index operating revenues would have increased 11.8%.
Operating revenues from recurring subscriptions increased 8.5% for the three months ended September 30, 2024, primarily driven by growth from market cap-weighted and factor, ESG and climate Index products.
Operating revenues from asset-based fees increased 19.5% for the three months ended September 30, 2024, primarily driven by growth in revenues from ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. Operating revenues from ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes increased by 19.7% and 21.1%, respectively, primarily driven by an increase in average AUM. Operating revenues from exchange traded futures and options contracts linked to MSCI indexes increased by 11.3%, driven by volume increases.
Index segment Adjusted EBITDA expenses increased 7.4% for the three months ended September 30, 2024, primarily driven by higher non-compensation expenses across cost of revenues, selling and marketing, and G&A expense activity categories, partially offset by a decrease in the R&D expense activity category. The increase in non-compensation expenses was primarily driven by higher professional fees and marketing costs. The increase was also driven by higher compensation expenses in R&D, cost of revenues, and selling and marketing expense activity categories, partially offset by the G&A expense activity category. The increase in compensation expenses was driven by higher wages and salaries and incentive compensation costs. Adjusting for the impact of the acquisition of Foxberry and foreign currency exchange rate fluctuations, Index segment Adjusted EBITDA expenses would have increased by 6.4%.
Index operating revenues increased 10.5% for the nine months ended September 30, 2024, primarily driven by strong growth from asset-based fees and recurring subscriptions, partially offset by a decrease in non-recurring revenue. Adjusting for the impact of the acquisition of Foxberry and foreign currency exchange rate fluctuations, Index operating revenues would have increased 10.7%.
Operating revenues from recurring subscriptions increased 8.3% for the nine months ended September 30, 2024, primarily driven by growth from market cap-weighted and factor, ESG and climate index products.
Operating revenues from asset-based fees increased 16.9% for the nine months ended September 30, 2024, primarily driven by strong growth in revenues from ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. Operating revenues from ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes increased by 17.9% and 19.4%, respectively, primarily driven by an increase in average AUM.
Index segment Adjusted EBITDA expenses increased 8.5% for the nine months ended September 30, 2024, primarily driven by higher compensation expenses across all expense activity categories. The increase reflects higher incentive compensation and wages and salaries. The increase was also driven by non-compensation expenses across the cost of revenues, G&A, and selling and marketing expense activity categories, partially offset by the R&D expense activity category. This increase was primarily due to higher professional fees and transaction fees related to the acquisition of Foxberry. Adjusting for the impact of the acquisition of Foxberry and foreign currency exchange rate fluctuations, Index segment Adjusted EBITDA expenses would have increased by 7.5%.
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Analytics Segment
The following table presents the results for the Analytics segment for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Operating revenues:
Recurring subscriptions$168,150 $151,269 11.2 %$490,829 $443,276 10.7 %
Non-recurring4,226 2,999 40.9 %11,508 7,943 44.9 %
Operating revenues total172,376 154,268 11.7 %502,337 451,219 11.3 %
Adjusted EBITDA expenses82,089 82,487 (0.5 %)258,166 253,509 1.8 %
Adjusted EBITDA$90,287 $71,781 25.8 %$244,171 $197,710 23.5 %
Adjusted EBITDA margin %52.4 %46.5 %48.6 %43.8 %
Analytics operating revenues increased 11.7% for the three months ended September 30, 2024, primarily driven by growth from recurring subscriptions related to both Multi-Asset Class and Equity Analytics products, which also benefited from subscription revenue impacted by client implementations. The increase was also driven by an increase in non-recurring revenues driven by one-time deals related to both Multi-Asset Class and Equity products as well as a number of implementations which were completed in the quarter. Adjusting for the impact of the acquisition of Fabric and foreign currency exchange rate fluctuations, Analytics operating revenues would have increased 11.7%.
Analytics segment Adjusted EBITDA expenses decreased 0.5% for the three months ended September 30, 2024, primarily driven by lower compensation expenses across the selling and marketing and G&A expense activity categories, partially
offset by higher compensation expenses across the R&D and cost of revenues expense activity categories. The decrease was primarily driven by increased capitalization of expenses related to internally developed software projects. Adjusting for the impact of the acquisition of Fabric and foreign currency exchange rate fluctuations, Analytics segment Adjusted EBITDA expenses would have decreased 1.6%.
Analytics operating revenues increased 11.3% for the nine months ended September 30, 2024, primarily driven by growth from recurring subscriptions related to both Multi-Asset Class and Equity Analytics products, which also benefited from subscription revenue impacted by client implementations. The increase was also driven by an increase in non-recurring revenues driven by one-time deals related to both Multi-Asset Class and Equity products as well as a number of implementations which were completed during the year. Adjusting for the impact of the acquisition of Fabric and foreign currency exchange rate fluctuations, Analytics operating revenues would have increased 11.6%.
Analytics segment Adjusted EBITDA expenses increased 1.8% for the nine months ended September 30, 2024, primarily driven by higher non-compensation expense across cost of revenues, selling and marketing, and G&A expense activity categories, partially offset by a decrease in the R&D expense activity category. The increase reflects higher professional fees and information technology costs. The increase was also driven by higher compensation expenses across R&D, cost of revenues and G&A expense activity categories, partially offset by lower compensation expenses in the selling and marketing expense activity category. The increase was primarily driven by higher incentive compensation costs, partially offset by increased capitalization of expenses related to internally developed software projects. Adjusting for the impact of the acquisition of Fabric and foreign currency exchange rate fluctuations, Analytics segment Adjusted EBITDA expenses would have increased 0.7%.
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ESG and Climate Segment
The following table presents the results for the ESG and Climate segment for the periods indicated:
Three Months Ended
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Operating revenues:
Recurring subscriptions$81,536 $71,744 13.6 %$235,954 $207,523 13.7 %
Non-recurring2,107 1,294 62.8 %5,428 3,792 43.1 %
Operating revenues total83,643 73,038 14.5 %241,382 211,315 14.2 %
Adjusted EBITDA expenses53,654 47,598 12.7 %166,372 145,201 14.6 %
Adjusted EBITDA$29,989 $25,440 17.9 %$75,010 $66,114 13.5 %
Adjusted EBITDA margin %35.9 %34.8 %31.1 %31.3 %
ESG and Climate operating revenues increased 14.5% for the three months ended September 30, 2024, primarily driven by growth from recurring subscriptions related to Ratings, Climate and Screening products. Adjusting for the impact of the acquisition of Trove and foreign currency exchange rate fluctuations, ESG and Climate operating revenues would have increased 11.0%.
ESG and Climate segment Adjusted EBITDA expenses increased 12.7% for the three months ended September 30, 2024, primarily driven by higher compensation expenses across R&D, cost of revenues and G&A expense activity categories, partially offset by a decrease in the selling and marketing expense activity category. The increase reflects higher wages and salaries and incentive compensation costs. The increase is also driven by higher non-compensation expenses across all expense activity categories. The increase reflects higher professional fees. Adjusting for the impact of the acquisition of Trove and foreign currency exchange rate fluctuations, ESG and Climate segment Adjusted EBITDA expenses would have increased 4.6%.
ESG and Climate operating revenues increased 14.2% for the nine months ended September 30, 2024, primarily driven by growth from recurring subscriptions related to Ratings, Climate and Screening products. Adjusting for the impact of the acquisition of Trove and foreign currency exchange rate fluctuations, ESG and Climate operating revenues would have increased 10.7%.
ESG and Climate segment Adjusted EBITDA expenses increased 14.6% for the nine months ended September 30, 2024, primarily driven by higher compensation expense across R&D, cost of revenues and G&A expense activity categories, partially offset by lower compensation expense in selling and marketing expense activity category. The increase reflects higher wages and salaries, incentive compensation, and benefits costs. Adjusting for the impact of the acquisition of Trove and foreign currency exchange rate fluctuations, ESG and Climate segment Adjusted EBITDA expenses would have increased 6.1%.
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
September 30,
% Change Nine Months Ended
September 30,
% Change
(in thousands)2024202320242023
Operating revenues:
Recurring subscriptions$62,991 $35,531 77.3 %$190,434 $111,292 71.1 %
Non-recurring813 480 69.4 %2,520 1,168 115.8 %
Operating revenues total63,804 36,011 77.2 %192,954 112,460 71.6 %
Adjusted EBITDA expenses47,526 24,615 93.1 %146,803 76,384 92.2 %
Adjusted EBITDA$16,278 $11,396 42.8 %$46,151 $36,076 27.9 %
Adjusted EBITDA margin %25.5 %31.6 %23.9 %32.1 %
All Other – Private Assets operating revenues increased 77.2% for the three months ended September 30, 2024, primarily driven by revenues attributable to the step acquisition of Burgiss. Adjusting for the impact of the step acquisition of Burgiss and foreign currency exchange rate fluctuations, All Other – Private Assets operating revenues would have increased 1.0%.
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All Other – Private Assets segment Adjusted EBITDA expenses increased 93.1% for the three months ended September 30, 2024, driven by higher compensation and non-compensation expenses across all expense activity categories, primarily due to the step acquisition of Burgiss. Adjusting for the impact of the step acquisition of Burgiss and foreign currency exchange rate fluctuations, All Other - Private Assets segment Adjusted EBITDA expenses would have decreased 5.5%.
All Other – Private Assets operating revenues increased 71.6% for the nine months ended September 30, 2024, primarily driven by revenues attributable to the step acquisition of Burgiss. Adjusting for the impact of the step acquisition of Burgiss and foreign currency exchange rate fluctuations, All Other – Private Assets operating revenues would have increased 1.7%.
All Other – Private Assets segment Adjusted EBITDA expenses increased 92.2% for the nine months ended September 30, 2024, driven by higher compensation and non-compensation expenses across all expense activity categories, primarily due to the step acquisition of Burgiss. Adjusting for the impact of the step acquisition of Burgiss and foreign currency exchange rate fluctuations, All Other - Private Assets segment Adjusted EBITDA expenses would have decreased 5.1%.
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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 when we (i) have received a notice of termination, non-renewal or an indication the client does not intend to continue their subscription during the period and (ii) have determined that such notice evidences the client’s final decision to terminate or not renew the applicable products or services, even though such termination or non-renewal may not be 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.
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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)September 30,
2024
September 30,
2023
Index:
Recurring subscriptions$906,803 $835,334 8.6 %
Asset-based fees683,462 545,548 25.3 %
Index total1,590,265 1,380,882 15.2 %
Analytics691,333 639,462 8.1 %
ESG and Climate344,015 297,297 15.7 %
All Other - Private Assets268,577 150,749 78.2 %
Total Run Rate$2,894,190 $2,468,390 17.3 %
Recurring subscriptions total$2,210,728 $1,922,842 15.0 %
Asset-based fees683,462 545,548 25.3 %
Total Run Rate$2,894,190 $2,468,390 17.3 %
Total Run Rate increased 17.3%, driven by a 15.0% increase from recurring subscriptions and a 25.3% increase from asset-based fees. Adjusting for the impact of recent acquisitions and foreign currency exchange rate fluctuations, recurring subscriptions Run Rate would have increased 8.0%.
Run Rate from Index recurring subscriptions increased 8.6%, primarily driven by growth from market cap-weighted and custom Index products and special packages. The increase reflected growth across all regions. Adjusting for the impact of the acquisition of Foxberry and foreign currency exchange rate fluctuations, Index Run Rate would have increased 8.5%.
Run Rate from Index asset-based fees increased 25.3%, primarily driven by higher AUM in both ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes.
Run Rate from Analytics products increased 8.1%, primarily driven by growth in both Multi-Asset Class and Equity Analytics products, and reflected growth across all regions and client segments. Adjusting for the impact of the acquisition of Fabric and foreign currency exchange rate fluctuations, Analytics Run Rate would have increased 7.1%.
Run Rate from ESG and Climate products increased 15.7%, driven by strong growth in Ratings, Climate and Screening products with contributions across all regions and client segments. Adjusting for the impact of the acquisition of Trove and foreign currency exchange rate fluctuations, ESG and Climate Run Rate would have increased 11.2%.
Run Rate from All Other - Private Assets increased 78.2%, and included $110.1 million associated with Burgiss. Excluding the impact of the step acquisition of Burgiss, the growth was primarily driven by Index Intel products. Adjusting for the impact of the step acquisition of Burgiss and foreign currency exchange rate fluctuations, All Other - Private Assets Run Rate would have increased 2.4%.
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
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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 EndedNine Months Ended
(in thousands)September 30,
2024
September 30,
2023
% Change September 30,
2024
September 30,
2023
% Change
Index
New recurring subscription sales$25,271 $23,978 5.4 %$80,081 $80,156 (0.1 %)
Subscription cancellations(9,862)(7,402)33.2 %(34,876)(22,617)54.2 %
Net new recurring subscription sales$15,409 $16,576 (7.0 %)$45,205 $57,539 (21.4 %)
Non-recurring sales$13,883 $14,679 (5.4 %)$44,687 $54,365 (17.8 %)
Total gross sales$39,154 $38,657 1.3 %$124,768 $134,521 (7.3 %)
Total Index net sales$29,292 $31,255 (6.3 %)$89,892 $111,904 (19.7 %)
Analytics
New recurring subscription sales$20,780 $18,787 10.6 %$56,137 $50,751 10.6 %
Subscription cancellations(10,307)(7,543)36.6 %(28,001)(24,094)16.2 %
Net new recurring subscription sales$10,473 $11,244 (6.9 %)$28,136 $26,657 5.5 %
Non-recurring sales$7,293 $3,206 127.5 %$13,812 $8,734 58.1 %
Total gross sales$28,073 $21,993 27.6 %$69,949 $59,485 17.6 %
Total Analytics net sales$17,766 $14,450 22.9 %$41,948 $35,391 18.5 %
ESG and Climate
New recurring subscription sales$9,333 $12,124 (23.0 %)$39,361 $38,497 2.2 %
Subscription cancellations(5,575)(2,639)111.3 %(17,496)(7,331)138.7 %
Net new recurring subscription sales$3,758 $9,485 (60.4 %)$21,865 $31,166 (29.8 %)
Non-recurring sales$2,345 $1,532 53.1 %$6,852 $4,066 68.5 %
Total gross sales$11,678 $13,656 (14.5 %)$46,213 $42,563 8.6 %
Total ESG and Climate net sales$6,103 $11,017 (44.6 %)$28,717 $35,232 (18.5 %)
All Other - Private Assets
New recurring subscription sales$9,959 $4,788 108.0 %$29,877 $14,746 102.6 %
Subscription cancellations(4,610)(3,153)46.2 %(15,112)(8,634)75.0 %
Net new recurring subscription sales$5,349 $1,635 227.2 %$14,765 $6,112 141.6 %
Non-recurring sales$520 $262 98.5 %$2,361 $1,069 120.9 %
Total gross sales$10,479 $5,050 107.5 %$32,238 $15,815 103.8 %
Total All Other - Private Assets net sales$5,869 $1,897 209.4 %$17,126 $7,181 138.5 %
Consolidated
New recurring subscription sales$65,343 $59,677 9.5 %$205,456 $184,150 11.6 %
Subscription cancellations(30,354)(20,737)46.4 %(95,485)(62,676)52.3 %
Net new recurring subscription sales$34,989 $38,940 (10.1 %)$109,971 $121,474 (9.5 %)
Non-recurring sales$24,041 $19,679 22.2 %$67,712 $68,234 (0.8 %)
Total gross sales$89,384 $79,356 12.6 %$273,168 $252,384 8.2 %
Total net sales$59,030 $58,619 0.7 %$177,683 $189,708 (6.3 %)
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.
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Retention Rate
The following table presents our Retention Rate by reportable segment for the periods indicated:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Index(1)
95.4%96.2%94.6%96.1%
Analytics(1)
93.8%95.1%94.4%94.8%
ESG and Climate(1)
93.0%96.0%92.7%96.3%
All Other - Private Assets(1)
92.7%91.3%92.0%92.1%
Total(1)
94.2%95.4%93.9%95.4%
___________________________
(1)Retention rate for Index excluding the impact of the acquisition of Foxberry was 95.5% and 94.6% for the three and nine months ended September 30, 2024, respectively. Retention rate for Analytics excluding the impact of the acquisition of Fabric was 93.8% and 94.4% for the three and nine months ended September 30, 2024, respectively. Retention rate for ESG and Climate excluding the impact of the acquisition of Trove was 93.4% and 92.9% for the three and nine months ended September 30, 2024, respectively. Retention rate for All Other – Private Assets excluding the impact of the step acquisition of Burgiss was 92.2% and 90.7% for the three and nine months and year ended September 30, 2024, respectively. Total retention rate excluding the impact of the acquisitions of Foxberry, Fabric, Trove, and Burgiss was 94.4% and 94.0% for three and nine months and year ended September 30, 2024, respectively.
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 termination or non-renewal may not be 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.

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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 September 30, 2024, we had an aggregate of $4,200.0 million in Senior Notes outstanding. In addition, under the Credit Agreement, we had as of September 30, 2024 an aggregate of $311.9 million in outstanding borrowings under the revolving credit facility. See Note 8, “Debt” and Note 13, “Subsequent Events”, of the Notes to Condensed Consolidated Financial Statements (Unaudited) included herein for additional information on our outstanding indebtedness and revolving credit facility.
On January 26, 2024, we entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) amending and restating in its entirety the Prior Credit Agreement. The Credit Agreement makes available an aggregate of $1,250.0 million of revolving loan commitments under the Revolving Credit Facility, which may be drawn until January 26, 2029. The Revolving Credit Facility under the Credit Agreement was drawn at closing in an amount sufficient to prepay all term loans outstanding under the TLA Facility under the Prior Credit Agreement. The obligations under the Credit Agreement are general unsecured obligations of the Company.
The Senior Notes and the Prior Credit Agreement were previously 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”). Upon the closing of the Credit Agreement on January 26, 2024, the subsidiary guarantors’ were released from their guarantees under the Prior Credit Agreement and the indentures governing our Senior Notes (the “Indentures”).
The Indentures among us 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, and that limit the ability of our subsidiaries to incur certain indebtedness. The Credit Agreement also contains 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, and that limit the ability of our subsidiaries to incur certain indebtedness.
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 four 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 September 30, 2024, our Consolidated Leverage Ratio was 2.39:1.00 and our Consolidated Interest Coverage Ratio was 9.79:1.00.

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Share Repurchases
The following table provides information with respect to repurchases of the Company’s common stock pursuant to open market repurchases:
Nine months ended
(in thousands except per share data)
Average
Price
Paid Per
Share
Total
Number of
Shares
Repurchased
Dollar
Value of
Shares
Repurchased(1)
September 30, 2024$500.52 880$440,265 
September 30, 2023$468.26 980$458,721 
___________________________
(1)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 September 30, 2024, there was $405.4 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 October 28, 2024, the Board of Directors declared a quarterly cash dividend of $1.60 per share for the three months ending December 31, 2024. The fourth quarter 2024 dividend is payable on November 29, 2024 to shareholders of record as of the close of trading on November 15, 2024.
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)September 30,
2024
December 31,
2023
Cash and cash equivalents (includes restricted cash of $3,909 and
   $3,878 at September 30, 2024 and December 31, 2023, respectively)
$500,979 $461,693 
We typically seek to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes. As of September 30, 2024 and December 31, 2023, $244.0 million and $285.2 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.
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Net Cash Provided by (Used In) Operating, Investing and Financing Activities
Nine Months Ended
September 30,
(in thousands)20242023
Net cash provided by operating activities$1,070,994 $847,076 
Net cash (used in) investing activities(107,522)(69,411)
Net cash (used in) provided by financing activities(926,125)(842,364)
Effect of exchange rate changes1,939 (313)
Net increase (decrease) in cash, cash equivalents and restricted cash
$39,286 $(65,012)
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 and lower cash paid for income taxes, partially offset by higher payments for cash expenses.
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 the acquisitions of Fabric and Foxberry and higher capitalized software development costs.
Cash Flows From Financing Activities
The year-over-year change was primarily driven by the repayment of outstanding balances under our Revolving Credit Facility and 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 nine months ended September 30, 2024 and 2023, 16.6% and 17.0%, 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 16.6% of non-U.S. dollar exposure for the nine months ended September 30, 2024, 42.2% was in Euros, 32.9% was in British pounds sterling and 17.7% was in Japanese yen. Of the 17.0% of non-U.S. dollar exposure for the nine months ended September 30, 2023, 41.7% was in Euros, 32.5% was in British pounds sterling and 17.6% was in Japanese yen.
Revenues from asset-based fees represented 22.8% and 22.4% of operating revenues for the nine months ended September 30, 2024 and 2023, 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 41.8% and 43.4% of our operating expenses for the nine months ended September 30, 2024 and 2023, 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.
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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 $5.0 million and $2.9 million for the nine months ended September 30, 2024 and 2023, 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 the end of the period covered by this report, 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.
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 September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1.    Legal Proceedings
Various lawsuits, arbitrations, claims, government inquiries, requests for information, regulatory investigations, examinations, inspections, other proceedings and subpoenas have been or may be instituted or asserted against the Company in the ordinary course of business. While the potential losses could be substantial, due to uncertainties surrounding the potential outcomes, management cannot currently reasonably estimate the possible loss or range of loss that may arise from these matters. Consequently, it is possible that MSCI’s business, operating results, financial condition or cash flows in a particular period could be materially affected by these matters. However, based on facts currently available, we believe 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, 2023.
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, 2023, 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, Use of Proceeds and Issuer Purchases of Equity Securities
There were no unregistered sales of equity securities during the three months ended September 30, 2024.
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 September 30, 2024.
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)
July 1, 2024 - July 31, 2024151,620 $504.62 151,361 $527,786,000 
August 1, 2024 - August 31, 2024210,822 $533.04 210,269 $415,710,000 
September 1, 2024 - September 30, 202419,355 $549.16 18,767 $405,412,000 
Total381,797 $522.57 380,397 $405,412,000 
___________________________
(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 10, “Shareholders’ Equity (Deficit),” of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding our stock repurchase program.
Item 5.    Other Information
During the three months ended September 30, 2024, none of the Company’s directors or officers, as defined in Section 16 of the Exchange Act, adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K of the Exchange Act.
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Item 6.    Exhibits
EXHIBIT INDEX
Exhibit
Number
Description
3.1
3.2
10.1
*31.1
*31.2
**32.1
*101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document
*101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
*101.LABInline XBRL Taxonomy Extension Label Linkbase Document
*101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
*101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
*104Cover 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.



    
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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: October 31, 2024
MSCI INC.
(Registrant)
By:/s/ Andrew C. Wiechmann
Andrew C. Wiechmann
Chief Financial Officer
(Principal Financial Officer)
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