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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3/12/2025 Letter Continued (Full PDF)
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3/15/2023 MSCI Stockholder Letter
• 3/13/2024 MSCI Stockholder Letter
• More "Business Services & Equipment" Category Stockholder Letters
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MSCI Benford's Law Stock Score = 98
3/12/2025 Letter Continued (Full PDF)
•
3/15/2023 MSCI Stockholder Letter•
3/13/2024 MSCI Stockholder Letter•
More "Business Services & Equipment" Category Stockholder Letters•
MSCI Benford's Law Stock Score = 98MSCI 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. 2024 ANNUAL REPORT 2 Financial Highlights YEAR ENDED IN THOUSANDS, EXCEPT PER SHARE DATA 2024 2023 2022 2021 2020 Operating revenues $2,856,128 $2,528,920 $2,248,598 $2,043,544 $1,695,390 Operating expenses $1,327,610 $1,144,311 $1,040,958 $970,819 $810,626 Operating income $1,528,518 $1,384,609 $1,207,640 $1,072,725 $884,764 Net income $1,109,128 $1,148,592 $870,573 $725,983 $601,822 Earnings per basic common share $14.09 $14.45 $10.78 $8.80 $7.19 Earnings per diluted common share $14.05 $14.39 $10.72 $8.70 $7.12 $409,351 $461,693 $993,564 $1,421,449 $1,300,521 $10,902 $8,713 $4,510,816 $4,496,826 $4,503,233 $4,161,422 $3,366,777 $(939,997) $(739,764) $(1,007,925) $(163,467) $(443,234) Earnings per share: Cash and cash equivalents Current maturities of long-term debt, net of deferred fees and discounts Long-term debt, net of current maturities, deferred fees and discounts Total shareholders equity (deficit) 3 MSCI Selected Quarterly Financial Data (unaudited) IN THOUSANDS, EXCEPT PER SHARE DATA AND HEADCOUNT Q1 Q2 Q3 Q4 Fiscal year FY2024 $679,965 $707,949 $724,705 $743,509 $2,856,128 FY2023 $592,218 $621,157 $625,439 $690,106 $2,528,920 FY2024 $340,583 $325,341 $323,371 $338,315 $1,327,610 FY2023 $277,616 $275,204 $272,130 $319,361 $1,144,311 FY2024 $339,382 $382,608 $401,334 $405,194 $1,528,518 FY2023 $314,602 $345,953 $353,309 $370,745 $1,384,609 FY2024 $255,954 $266,758 $280,901 $305,515 $1,109,128 FY2023 $238,728 $246,825 $259,659 $403,380 $1,148,592 FY2024 $3.23 $3.37 $3.58 $3.91 $14.09 FY2023 $2.98 $3.10 $3.28 $5.10 $14.45 FY2024 $3.22 $3.37 $3.57 $3.90 $14.05 FY2023 $2.97 $3.09 $3.27 $5.07 $14.39 Operating revenues Operating expenses Operating income Net income Earnings per basic common share Earnings per diluted common share Headcount FY2024 6,132 FY2023 5,794 FY2022 4,759 2024 ANNUAL REPORT 4 Adjusted EBITDA YEAR ENDED IN THOUSANDS Dec. 31 2024 Dec. 31 2023 Dec. 31 2022 Dec. 31 2021 Dec. 31 2020 Operating revenues $2,856,128 $2,528,920 $2,248,598 $2,043,544 $1,695,390 Adjusted EBITDA expenses $1,139,644 $1,005,969 $918,927 $846,754 $723,880 Adjusted EBITDA $1,716,484 $1,522,951 $1,329,671 $1,196,790 $971,510 CONSOLIDATED Operating margin % 53.5% 54.8% 53.7% 52.5% 52.2% Adjusted EBITDA margin % 60.1% 60.2% 59.1% 58.6% 57.3% $882,367 $814,582 $729,710 $650,629 $580,393 $657,501 $557,502 $528,127 $553,991 $399,771 $56,277 $79,731 $45,372 $47,144 $36,331 $1,596,145 $1,451,815 $1,303,209 $1,251,764 $1,016,495 $374,091 $344,842 $317,802 $300,452 $250,002 $1,222,054 $1,106,973 $985,407 $951,312 $766,493 76.6% 76.2% 75.6% 76.0% 75.4% $658,610 $603,291 $567,004 $533,178 $506,301 $16,479 $12,665 $9,103 $11,121 $7,507 Operating revenues total $675,089 $615,956 $576,107 $544,299 $513,808 Adjusted EBITDA expenses $346,794 $341,081 $328,212 $345,500 $340,884 $328,295 $274,875 $247,895 $198,799 $172,924 48.6% 44.6% 43.0% 36.5% 33.7% $318,835 $282,351 $223,160 $162,609 $109,945 INDEX Operating revenues Recurring subscriptions Asset-based fees Non-recurring Operating revenues total Adjusted EBITDA expenses Adjusted EBITDA Adjusted EBITDA margin % ANALYTICS Operating revenues: Recurring subscriptions Non-recurring Adjusted EBITDA Adjusted EBITDA margin % ESG AND CLIMATE Operating revenues: Recurring subscriptions Non-recurring Operating revenues total Adjusted EBITDA expenses $7,766 $5,217 $5,151 $3,583 $1,419 $326,601 $287,568 $228,311 $166,192 $111,364 $221,893 $195,890 $167,217 $136,444 $88,513 $104,708 $91,678 $61,094 $29,748 $22,851 32.1% 31.9% 26.8% 17.9% 20.5% $254,633 $171,066 $139,649 $79,624 $51,536 $3,660 $2,515 $1,322 $1,665 $2,187 Operating revenues total $258,293 $173,581 $140,971 $81,289 $53,723 Adjusted EBITDA expenses $196,866 $124,156 $105,696 $64,358 $44,481 $61,427 $49,425 $35,275 $16,931 $9,242 23.8% 28.5% 25.0% 20.8% 17.2% Adjusted EBITDA Adjusted EBITDA margin % ALL OTHER PRIVATE ASSETS Operating revenues: Recurring subscriptions Non-recurring Adjusted EBITDA Adjusted EBITDA margin %