On this page of StockholderLetter.com we present the latest annual shareholder letter from MSCI Inc. — ticker symbol MSCI. Reading current and past MSCI letters to shareholders can bring important insights into the investment thesis.
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3/13/2024 Letter Continued (Full PDF)
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3/15/2023 MSCI Stockholder Letter
• More "Business Services & Equipment" Category Stockholder Letters
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MSCI Benford's Law Stock Score = 99
3/13/2024 Letter Continued (Full PDF)
•
3/15/2023 MSCI Stockholder Letter•
More "Business Services & Equipment" Category Stockholder Letters•
MSCI Benford's Law Stock Score = 99MSCI Shareholder/Stockholder Letter Transcript:
About MSCI Inc. MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com. 2 2023 ANNUAL REPORT Financial Highlights YEAR ENDED IN THOUSANDS, EXCEPT PER SHARE DATA 2023 2022 2021 2020 2019 Operating revenues $2,528,920 $2,248,598 $2,043,544 $1,695,390 $1,557,796 Operating expenses $1,144,311 $1,040,958 $970,819 $810,626 $802,095 Operating income $1,384,609 $1,207,640 $1,072,725 $884,764 $755,701 Net income $1,148,592 $870,573 $725,983 $601,822 $563,648 Earnings per basic common share $14.45 $10.78 $8.80 $7.19 $6.66 Earnings per diluted common share $14.39 $10.72 $8.70 $7.12 $6.59 $461,693 $993,564 $1,421,449 $1,300,521 $1,506,567 $10,902 $8,713 Long-term debt, net of current maturities, deferred fees and discounts $4,496,826 $4,503,233 $4,161,422 $3,366,777 $3,071,926 Total shareholders equity (de cit) $(739,764) $(1,007,925) $(163,467) $(443,234) $(76,714) Earnings per share: Cash and cash equivalents Current maturities of long-term debt, net of deferred fees and discounts 3 MSCI Selected Quarterly Financial Data (unaudited) IN THOUSANDS, EXCEPT PER SHARE DATA AND HEADCOUNT Q1 Q2 Q3 Q4 Fiscal year FY2023 $592,218 $621,157 $625,439 $690,106 $2,528,920 FY2022 $559,945 $551,806 $560,639 $576,208 $2,248,598 FY2023 $277,616 $275,204 $272,130 $319,361 $1,144,311 FY2022 $270,967 $251,425 $251,108 $267,458 $1,040,958 FY2023 $314,602 $345,953 $353,309 $370,745 $1,384,609 FY2022 $288,978 $300,381 $309,531 $308,750 $1,207,640 Operating revenues Operating expenses Operating income Net income FY2023 $238,728 $246,825 $259,659 $403,380 $1,148,592 FY2022 $228,423 $210,587 $216,592 $214,971 $870,573 Earnings per basic common share FY2023 $2.98 $3.10 $3.28 $5.10 $14.45 FY2022 $2.80 $2.60 $2.69 $2.69 $10.78 Earnings per diluted common share FY2023 $2.97 $3.09 $3.27 $5.07 $14.39 FY2022 $2.78 $2.59 $2.68 $2.67 $10.72 Headcount FY2023 5,794 FY2022 4,759 FY2021 4,303 2023 ANNUAL REPORT Adjusted EBITDA YEAR ENDED IN THOUSANDS Dec. 31 2023 Dec. 31 2022 Dec. 31 2021 Dec. 31 2020 Dec. 31 2019 $2,528,920 $2,248,598 $2,043,544 $1,695,390 $1,557,796 CONSOLIDATED Operating revenues Adjusted EBITDA expenses $1,005,969 $918,927 $846,754 $723,880 $707,297 Adjusted EBITDA $1,522,951 $1,329,671 $1,196,790 $971,510 $850,499 Operating margin % 54.8% 53.7% 52.5% 52.2% 48.5% Adjusted EBITDA margin % 60.2% 59.1% 58.6% 57.3% 54.6% Recurring subscriptions $814,582 $729,710 $650,629 $580,393 $530,968 Asset-based fees $557,502 $528,127 $553,991 $399,771 $361,927 $79,731 $45,372 $47,144 $36,331 $28,042 $1,451,815 $1,303,209 $1,251,764 $1,016,495 $920,937 INDEX Operating revenues Non-recurring Operating revenues total Adjusted EBITDA expenses $344,842 $317,802 $300,452 $250,002 $250,749 $1,106,973 $985,407 $951,312 $766,493 $670,188 76.2% 75.6% 76.0% 75.4% 72.8% $603,291 $567,004 $533,178 $506,301 $486,282 $12,665 $9,103 $11,121 $7,507 $10,643 Operating revenues total $615,956 $576,107 $544,299 $513,808 $496,925 Adjusted EBITDA expenses $341,081 $328,212 $345,500 $340,884 $344,812 Adjusted EBITDA $274,875 $247,895 $198,799 $172,924 $152,113 44.6% 43.0% 36.5% 33.7% 30.6% $282,351 $223,160 $162,609 $109,945 $89,563 $5,217 $5,151 $3,583 $1,419 $1,096 Operating revenues total $287,568 $228,311 $166,192 $111,364 $90,659 Adjusted EBITDA expenses $195,890 $167,217 $136,444 $88,513 $68,846 $91,678 $61,094 $29,748 $22,851 $21,813 31.9% 26.8% 17.9% 20.5% 24.1% $171,066 $139,649 $79,624 $51,536 $47,227 Adjusted EBITDA Adjusted EBITDA margin % ANALYTICS Operating revenues: Recurring subscriptions Non-recurring Adjusted EBITDA margin % ESG AND CLIMATE Operating revenues: Recurring subscriptions Non-recurring Adjusted EBITDA Adjusted EBITDA margin % ALL OTHER PRIVATE ASSETS Operating revenues: Recurring subscriptions $2,515 $1,322 $1,665 $2,187 $2,048 Operating revenues total Non-recurring $173,581 $140,971 $81,289 $53,723 $49,275 Adjusted EBITDA expenses $124,156 $105,696 $64,358 $44,481 $42,890 $49,425 $35,275 $16,931 $9,242 $6,385 28.5% 25.0% 20.8% 17.2% 13.0% Adjusted EBITDA Adjusted EBITDA margin % 4