2024 Q2 Form 10-Q Financial Statement

#000140819824000075 Filed on April 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $707.9M $680.0M $592.2M
YoY Change 13.97% 14.82% 5.76%
Cost Of Revenue $128.1M $128.5M $108.6M
YoY Change 16.39% 18.29% 5.72%
Gross Profit $579.8M $551.5M $483.6M
YoY Change 13.45% 14.04% 5.77%
Gross Profit Margin 81.9% 81.1% 81.65%
Selling, General & Admin $111.2M $128.9M $107.5M
YoY Change 7.25% 19.85% -3.67%
% of Gross Profit 19.17% 23.37% 22.23%
Research & Development $41.07M $40.53M $31.32M
YoY Change 36.27% 29.38% 10.6%
% of Gross Profit 7.08% 7.35% 6.48%
Depreciation & Amortization $4.226M $42.69M $5.460M
YoY Change -86.52% 681.78% -16.0%
% of Gross Profit 0.73% 7.74% 1.13%
Operating Expenses $152.2M $212.1M $138.8M
YoY Change -7.81% 52.74% -17.45%
Operating Profit $382.6M $339.4M $314.6M
YoY Change 10.6% 7.88% 8.87%
Interest Expense -$40.52M -$40.63M $46.21M
YoY Change 11.9% -187.92% -214.33%
% of Operating Profit -10.59% -11.97% 14.69%
Other Income/Expense, Net -$42.61M -$2.863M -$38.23M
YoY Change 1551.07% -92.51% -4.51%
Pretax Income $340.0M $295.9M $276.4M
YoY Change 10.69% 7.06% 11.02%
Income Tax $73.24M $39.94M $37.64M
% Of Pretax Income 21.54% 13.5% 13.62%
Net Earnings $266.8M $256.0M $238.7M
YoY Change 8.08% 7.22% 4.51%
Net Earnings / Revenue 37.68% 37.64% 40.31%
Basic Earnings Per Share $3.37 $3.23 $2.98
Diluted Earnings Per Share $3.37 $3.22 $2.97
COMMON SHARES
Basic Shares Outstanding 79.22M shares 79.09M shares 79.96M shares
Diluted Shares Outstanding 79.25M shares 79.51M shares 80.48M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $451.4M $515.5M $1.081B
YoY Change -42.75% -52.3% 59.07%
Cash & Equivalents $451.4M $515.5M $1.081B
Short-Term Investments
Other Short-Term Assets $154.2M $103.8M $88.38M
YoY Change 25.48% 17.49% 45.4%
Inventory
Prepaid Expenses
Receivables $709.5M $745.6M $641.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.315B $1.365B $1.811B
YoY Change -13.72% -24.61% 35.89%
LONG-TERM ASSETS
Property, Plant & Equipment $63.97M $188.1M $58.84M
YoY Change -65.11% 219.64% -9.03%
Goodwill $2.909B $2.891B $2.231B
YoY Change 30.32% 29.56% -0.19%
Intangibles
YoY Change
Long-Term Investments $211.9M
YoY Change -2.84%
Other Assets $49.47M $86.60M $40.87M
YoY Change -24.91% 111.91% -66.49%
Total Long-Term Assets $4.142B $4.114B $3.248B
YoY Change 27.89% 26.65% -3.31%
TOTAL ASSETS
Total Short-Term Assets $1.315B $1.365B $1.811B
Total Long-Term Assets $4.142B $4.114B $3.248B
Total Assets $5.457B $5.479B $5.059B
YoY Change 14.57% 8.3% 7.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.92M $12.05M $10.75M
YoY Change 77.57% 12.12% -17.06%
Accrued Expenses $320.6M $258.2M $241.4M
YoY Change 14.32% 6.97% 4.19%
Deferred Revenue $1.018B $1.054B $920.3M
YoY Change 11.91% 14.53% 10.58%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $8.700M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.376B $1.369B $1.209B
YoY Change 13.0% 13.27% 4.15%
LONG-TERM LIABILITIES
Long-Term Debt $4.509B $4.508B $4.502B
YoY Change 0.17% 0.12% 8.16%
Other Long-Term Liabilities $105.9M $234.7M $91.29M
YoY Change -51.77% 157.12% -62.7%
Total Long-Term Liabilities $4.615B $4.742B $4.593B
YoY Change -2.25% 3.24% 4.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.376B $1.369B $1.209B
Total Long-Term Liabilities $4.615B $4.742B $4.593B
Total Liabilities $6.191B $6.129B $5.960B
YoY Change 3.94% 2.84% 6.98%
SHAREHOLDERS EQUITY
Retained Earnings $4.446B $4.306B $3.600B
YoY Change 18.98% 19.62%
Common Stock $1.644B $1.624B $1.538B
YoY Change 5.73% 5.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$734.5M -$650.5M -$901.4M
YoY Change
Total Liabilities & Shareholders Equity $5.457B $5.479B $5.059B
YoY Change 14.57% 8.3% 7.82%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $266.8M $256.0M $238.7M
YoY Change 8.08% 7.22% 4.51%
Depreciation, Depletion And Amortization $4.226M $42.69M $5.460M
YoY Change -86.52% 681.78% -16.0%
Cash From Operating Activities $349.2M $300.1M $264.1M
YoY Change 19.69% 13.63% 8.17%
INVESTING ACTIVITIES
Capital Expenditures $27.33M $24.24M $6.225M
YoY Change 3.25% 289.35% 396.41%
Acquisitions $7.820M $0.00
YoY Change
Other Investing Activities -$19.80M -$8.096M $186.0K
YoY Change 9653.69% -4452.69% -764.29%
Cash From Investing Activities -$47.13M -$32.33M -$21.76M
YoY Change 76.71% 48.58% 42.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -368.6M -207.2M -$158.3M
YoY Change -33.43% 30.91% -83.62%
NET CHANGE
Cash From Operating Activities 349.2M 300.1M $264.1M
Cash From Investing Activities -47.13M -32.33M -$21.76M
Cash From Financing Activities -368.6M -207.2M -$158.3M
Net Change In Cash -66.51M 60.58M $87.04M
YoY Change -76.96% -30.4% -111.81%
FREE CASH FLOW
Cash From Operating Activities $349.2M $300.1M $264.1M
Capital Expenditures $27.33M $24.24M $6.225M
Free Cash Flow $321.9M $275.9M $257.9M
YoY Change 21.33% 6.97% 6.17%

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CY2023Q1 us-gaap Payments Of Debt Issuance Costs
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2958000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
57622000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
87044000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
461693000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
519315000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1080608000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
34050000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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IncomeTaxesPaidNet
18965000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2668000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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5156000 usd
CY2024Q1 us-gaap Dividends Payable Current And Noncurrent
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368000 usd
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
511000 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three months ended March 31, 2024 and 2023, BlackRock, Inc. (“BlackRock”) accounted for 10.0% and 10.2% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2024 and 2023, BlackRock accounted for 17.9% and 17.4% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate or All Other – Private Assets segments for the three months ended March 31, 2024 and 2023.</span></div>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2024Q1 us-gaap Provision For Doubtful Accounts
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CY2024Q1 us-gaap Revenue Performance Obligation Description Of Timing
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For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue.
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2023Q1 us-gaap Depreciation
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CY2024Q1 us-gaap Goodwill Acquired During Period
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CY2024Q1 us-gaap Goodwill
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38604000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
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119766000 usd
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456456000 usd
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CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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33900000 usd
CY2024Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Operating Lease Cost
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215000 usd
CY2023Q1 us-gaap Short Term Lease Cost
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251000 usd
CY2024Q1 us-gaap Sublease Income
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828000 usd
CY2023Q1 us-gaap Sublease Income
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1276000 usd
CY2024Q1 us-gaap Lease Cost
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7595000 usd
CY2023Q1 us-gaap Lease Cost
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6980000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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21777000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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31114000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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29499000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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23649000 usd
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23095000 usd
CY2024Q1 msci Lessee Operating Lease Liability Payments Due After Year Four
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51854000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
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180988000 usd
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22199000 usd
CY2024Q1 us-gaap Operating Lease Liability
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23746000 usd
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135043000 usd
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7626000 usd
CY2023Q1 us-gaap Operating Lease Payments
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7408000 usd
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23237000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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3432000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
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1.60
CY2024Q1 us-gaap Dividends Common Stock Cash
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129444000 usd
CY2024Q1 us-gaap Dividends Common Stock
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131378000 usd
CY2024Q1 msci Increase Decrease In Deferred Dividends
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CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q1 us-gaap Dividends Common Stock Cash
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CY2023Q1 us-gaap Dividends Common Stock
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CY2023Q1 msci Increase Decrease In Deferred Dividends
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
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CY2024Q1 us-gaap Depreciation
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