$MSCI
MSCI Inc.

2015 Q3 Form 10-Q Financial Statement

#000156459016026460 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2015 Q3
Revenue $268.8M
YoY Change 6.8%
Cost Of Revenue $65.59M
YoY Change -5.99%
Gross Profit $203.2M
YoY Change 11.7%
Gross Profit Margin 75.6%
Selling, General & Admin $58.77M
YoY Change -17.03%
% of Gross Profit 28.92%
Research & Development $15.55M
YoY Change -18.26%
% of Gross Profit 7.65%
Depreciation & Amortization $8.049M
YoY Change 26.92%
% of Gross Profit 3.96%
Operating Expenses $74.32M
YoY Change -17.29%
Operating Profit $109.1M
YoY Change 29.83%
Interest Expense $17.27M
YoY Change 208.12%
% of Operating Profit 15.83%
Other Income/Expense, Net -$10.06M
YoY Change 149.01%
Pretax Income $99.04M
YoY Change 23.81%
Income Tax $34.64M
% Of Pretax Income 34.98%
Net Earnings $64.40M
YoY Change 24.53%
Net Earnings / Revenue 23.96%
Basic Earnings Per Share $0.59
Diluted Earnings Per Share $0.59
COMMON SHARES
Basic Shares Outstanding 108.8M
Diluted Shares Outstanding 109.4M

Balance Sheet

Concept 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $993.5M
YoY Change 121.66%
Cash & Equivalents $993.5M
Short-Term Investments
Other Short-Term Assets $84.60M
YoY Change -28.67%
Inventory
Prepaid Expenses
Receivables $208.2M
Other Receivables $0.00
Total Short-Term Assets $1.286B
YoY Change 69.57%
LONG-TERM ASSETS
Property, Plant & Equipment $94.96M
YoY Change 1.25%
Goodwill $1.563B
YoY Change -0.28%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.44M
YoY Change 45.47%
Total Long-Term Assets $2.080B
YoY Change -1.94%
TOTAL ASSETS
Total Short-Term Assets $1.286B
Total Long-Term Assets $2.080B
Total Assets $3.367B
YoY Change 16.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.806M
YoY Change 6.55%
Accrued Expenses $68.26M
YoY Change 6.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $491.0M
YoY Change -1.54%
LONG-TERM LIABILITIES
Long-Term Debt $1.579B
YoY Change 104.2%
Other Long-Term Liabilities $54.86M
YoY Change 36.3%
Total Long-Term Liabilities $1.634B
YoY Change 100.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $491.0M
Total Long-Term Liabilities $1.634B
Total Liabilities $2.248B
YoY Change 51.49%
SHAREHOLDERS EQUITY
Retained Earnings $1.122B
YoY Change 14.67%
Common Stock $1.168B
YoY Change 92172.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.140B
YoY Change 93.77%
Treasury Stock Shares 23.17M shares
Shareholders Equity $1.119B
YoY Change
Total Liabilities & Shareholders Equity $3.367B
YoY Change 16.89%

Cashflow Statement

Concept 2015 Q3
OPERATING ACTIVITIES
Net Income $64.40M
YoY Change 24.53%
Depreciation, Depletion And Amortization $8.049M
YoY Change 26.92%
Cash From Operating Activities $134.0M
YoY Change 24.65%
INVESTING ACTIVITIES
Capital Expenditures -$12.30M
YoY Change -39.11%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$12.20M
YoY Change -65.34%
FINANCING ACTIVITIES
Cash Dividend Paid $24.15M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 419.4M
YoY Change -239.06%
NET CHANGE
Cash From Operating Activities 134.0M
Cash From Investing Activities -12.20M
Cash From Financing Activities 419.4M
Net Change In Cash 541.2M
YoY Change -336.02%
FREE CASH FLOW
Cash From Operating Activities $134.0M
Capital Expenditures -$12.30M
Free Cash Flow $146.3M
YoY Change 14.57%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:4.54%;">Concentrations</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">No single customer represented 10.0% or more of the Company&#8217;s consolidated operating revenues for the nine months ended September&#160;30, 2016, while BlackRock, Inc. accounted for 10.4% of the Company&#8217;s consolidated operating revenues for the nine months ended September&#160;30, 2015. For the nine months ended September&#160;30, 2016 and 2015, BlackRock, Inc. accounted for 17.1% and 19.5% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of revenues within the Analytics and All Other segments for the nine months ended September&#160;30, 2016 and 2015.</p></div>
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531
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
283
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
667000
msci Goodwill Period Increase Decrease Excluding Translation Adjustments
GoodwillPeriodIncreaseDecreaseExcludingTranslationAdjustments
-50000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-7140000
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
810002000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
12031000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
44183000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
41138000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
39100000
CY2015Q1 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
13000
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6300000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
18300000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
19800000
us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
The 2014 Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “Amendment”) to the 2014 Revolving Credit Agreement (the 2014 Revolving Credit Agreement as so amended, the “Revolving Credit Agreement”). The Amendment, among other things, (i) permits the Company to increase aggregate commitments available to be borrowed to $220.0 million, (ii) increases the maximum consolidated leverage ratio and (iii) extends the initial term to August 2021 with an option to extend for an additional one-year term.
CY2016Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
25500000
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
20600000
CY2016Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
800000
CY2015Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
500000
CY2016Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2214700000
CY2015Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
1638000000
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.22
CY2016Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.22
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2015Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
CY2016Q1 us-gaap Dividends
Dividends
22046000
CY2016Q2 us-gaap Dividends
Dividends
21588000
CY2016Q3 us-gaap Dividends
Dividends
26936000
us-gaap Dividends
Dividends
70570000
CY2015Q1 us-gaap Dividends
Dividends
20424000
CY2015Q2 us-gaap Dividends
Dividends
20443000
CY2015Q3 us-gaap Dividends
Dividends
24210000
us-gaap Dividends
Dividends
65077000
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
21889000
CY2016Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
21391000
CY2016Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
26680000
us-gaap Payments Of Dividends
PaymentsOfDividends
69960000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
20411000
CY2015Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
20441000
CY2015Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
24152000
us-gaap Payments Of Dividends
PaymentsOfDividends
65004000
CY2016Q1 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
157000
CY2016Q2 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
197000
CY2016Q3 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
256000
msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
610000
CY2015Q2 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
2000
CY2015Q3 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
58000
msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
73000
CY2016Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
96535358
CY2016Q2 msci Stock Issued During Period Shares Stock New Issues And Options Exercised
StockIssuedDuringPeriodSharesStockNewIssuesAndOptionsExercised
89816
CY2016Q2 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
8355
CY2016Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1626450
CY2016Q2 msci Stock Issued During Period Shares New Issues To Directors
StockIssuedDuringPeriodSharesNewIssuesToDirectors
686
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
94991055
CY2016Q3 msci Stock Issued During Period Shares Stock New Issues And Options Exercised
StockIssuedDuringPeriodSharesStockNewIssuesAndOptionsExercised
68417
CY2016Q3 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
12894
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
373620
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.333
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.356
CY2016Q3 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
TaxBenefitsRecognizedDuringTheCurrentYearAndUnrelatedToCurrentYearEarnings
1400000
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.005
CY2015Q3 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
TaxBenefitsRecognizedDuringTheCurrentYearAndUnrelatedToCurrentYearEarnings
700000
us-gaap Significant Change In Unrecognized Tax Benefits Nature Of Event
SignificantChangeInUnrecognizedTaxBenefitsNatureOfEvent
It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months.
us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Not Possible
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeNotPossible
At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months.
CY2016Q3 msci Operating Segment Profitability
OperatingSegmentProfitability
143324000
CY2015Q3 msci Operating Segment Profitability
OperatingSegmentProfitability
128861000
msci Operating Segment Profitability
OperatingSegmentProfitability
422500000
msci Operating Segment Profitability
OperatingSegmentProfitability
354783000
CY2016Q3 us-gaap Noncurrent Assets
NoncurrentAssets
2016121000
CY2015Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2056037000

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