$MSCI
MSCI Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017015537 Filed on August 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $316.1M $292.8M $290.6M
YoY Change 8.77% 7.3% 7.4%
Cost Of Revenue $68.54M $63.82M $62.13M
YoY Change 10.31% -1.52% -7.81%
Gross Profit $247.6M $229.0M $228.5M
YoY Change 8.35% 10.05% 12.44%
Gross Profit Margin 78.32% 78.2% 78.62%
Selling, General & Admin $62.97M $63.08M $63.87M
YoY Change -1.41% -0.51% -15.46%
% of Gross Profit 25.44% 27.54% 27.96%
Research & Development $18.20M $18.96M $18.57M
YoY Change -1.99% 6.66% -10.77%
% of Gross Profit 7.35% 8.28% 8.13%
Depreciation & Amortization $9.159M $9.447M $8.393M
YoY Change 9.13% 24.83% 4.07%
% of Gross Profit 3.7% 4.13% 3.67%
Operating Expenses $81.17M $82.04M $82.44M
YoY Change -1.54% 1.06% -14.45%
Operating Profit $146.1M $126.0M $125.7M
YoY Change 16.24% 17.17% 27.59%
Interest Expense $29.03M $29.04M $22.92M
YoY Change 26.66% 26.83% 106.17%
% of Operating Profit 19.87% 23.04% 18.23%
Other Income/Expense, Net -$28.59M -$28.92M -$25.15M
YoY Change 13.69% 30.8% 126.65%
Pretax Income $117.5M $97.10M $100.5M
YoY Change 16.88% 13.65% 15.02%
Income Tax $36.25M $28.85M $33.59M
% Of Pretax Income 30.84% 29.71% 33.41%
Net Earnings $81.27M $68.25M $66.96M
YoY Change 21.37% 14.89% 19.53%
Net Earnings / Revenue 25.71% 23.31% 23.04%
Basic Earnings Per Share $0.90 $0.73 $0.69
Diluted Earnings Per Share $0.89 $0.73 $0.69
COMMON SHARES
Basic Shares Outstanding 90.40M 93.33M 96.41M
Diluted Shares Outstanding 91.71M 93.85M 96.89M

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $750.6M $791.8M $404.6M
YoY Change 85.52% 1.81% -11.08%
Cash & Equivalents $750.6M $791.8M $404.6M
Short-Term Investments
Other Short-Term Assets $43.60M $42.30M $84.90M
YoY Change -48.65% -45.28% -20.8%
Inventory
Prepaid Expenses
Receivables $289.2M $221.5M $247.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.083B $1.056B $737.1M
YoY Change 46.99% -0.71% -5.11%
LONG-TERM ASSETS
Property, Plant & Equipment $88.80M $95.59M $97.81M
YoY Change -9.21% -3.38% 4.84%
Goodwill $1.556B $1.560B
YoY Change -0.62% -0.34%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.80M $18.30M $18.08M
YoY Change 48.22% -1.06% -39.54%
Total Long-Term Assets $2.007B $2.027B $2.054B
YoY Change -2.3% -2.73% -2.14%
TOTAL ASSETS
Total Short-Term Assets $1.083B $1.056B $737.1M
Total Long-Term Assets $2.007B $2.027B $2.054B
Total Assets $3.090B $3.083B $2.791B
YoY Change 10.72% -2.05% -2.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $568.0K $1.732M
YoY Change -82.68% -77.39% -20.18%
Accrued Expenses $152.8M $82.53M $74.82M
YoY Change 104.23% 34.34% 56.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $552.4M $536.6M $509.7M
YoY Change 8.38% 7.72% 11.13%
LONG-TERM LIABILITIES
Long-Term Debt $2.077B $2.075B $1.581B
YoY Change 31.39% 31.39% 97.56%
Other Long-Term Liabilities $66.43M $59.14M $60.60M
YoY Change 9.62% 3.67% 10.35%
Total Long-Term Liabilities $2.143B $2.134B $1.641B
YoY Change 30.59% 30.43% 91.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $552.4M $536.6M $509.7M
Total Long-Term Liabilities $2.143B $2.134B $1.641B
Total Liabilities $2.783B $2.765B $2.256B
YoY Change 23.37% 23.13% 56.44%
SHAREHOLDERS EQUITY
Retained Earnings $1.425B $1.322B
YoY Change 14.14%
Common Stock $1.248B $1.227B
YoY Change 4.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.312B $2.171B
YoY Change 55.53%
Treasury Stock Shares $39.35M $37.72M
Shareholders Equity $307.2M $317.6M $535.2M
YoY Change
Total Liabilities & Shareholders Equity $3.090B $3.083B $2.791B
YoY Change 10.72% -2.05% -2.94%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income $81.27M $68.25M $66.96M
YoY Change 21.37% 14.89% 19.53%
Depreciation, Depletion And Amortization $9.159M $9.447M $8.393M
YoY Change 9.13% 24.83% 4.07%
Cash From Operating Activities $122.2M $145.4M $117.1M
YoY Change 4.36% 50.67% 387.92%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M -$10.50M -$12.90M
YoY Change -44.96% -43.55% 7.5%
Acquisitions
YoY Change
Other Investing Activities $800.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$6.300M -$10.50M -$12.90M
YoY Change -51.16% -42.93% 7.5%
FINANCING ACTIVITIES
Cash Dividend Paid $25.44M $26.30M $21.39M
YoY Change 18.95% 15.41% 4.64%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.40M -307.6M -139.4M
YoY Change -53.08% 5.6% 44.76%
NET CHANGE
Cash From Operating Activities 122.2M 145.4M 117.1M
Cash From Investing Activities -6.300M -10.50M -12.90M
Cash From Financing Activities -65.40M -307.6M -139.4M
Net Change In Cash 50.50M -172.7M -35.20M
YoY Change -243.47% -19.0% -58.24%
FREE CASH FLOW
Cash From Operating Activities $122.2M $145.4M $117.1M
Capital Expenditures -$7.100M -$10.50M -$12.90M
Free Cash Flow $129.3M $155.9M $130.0M
YoY Change -0.54% 35.45% 261.11%

Facts In Submission

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PaymentsOfDividendsCommonStock
50920000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
43281000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-190624000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-506584000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
6032000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3066000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-41253000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-373092000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
777706000
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
404614000
us-gaap Interest Paid Net
InterestPaidNet
56157000
us-gaap Interest Paid Net
InterestPaidNet
44660000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
71246000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
72293000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3765000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6042000
CY2017Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
535000
CY2016Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
354000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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%;">For the six months ended June&#160;30, 2017, BlackRock, Inc. accounted for 10.7% of the Company&#8217;s consolidated operating revenues while no single customer represented 10.0% or more of the Company&#8217;s consolidated operating revenues for the six months ended June&#160;30, 2016. For the six months ended June&#160;30, 2017 and 2016, BlackRock, Inc. accounted for 19.0% and 16.9% 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 six months ended June&#160;30, 2017 and 2016.</p></div>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1501
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1304000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
476000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1110000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
525000
CY2017Q2 msci Computer And Related Equipment Gross
ComputerAndRelatedEquipmentGross
175117000
CY2016Q4 msci Computer And Related Equipment Gross
ComputerAndRelatedEquipmentGross
162306000
CY2017Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
10207000
CY2016Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
9724000
CY2017Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
51045000
CY2016Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
49442000
CY2017Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
8340000
CY2016Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
10954000
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
244709000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
232426000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
2579000
CY2017Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
818584000
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
810500000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
21314000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
42836000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
40829000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
38956000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
37203000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
151486000
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6100000
CY2016Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
11900000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
12200000
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) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year term.
CY2016Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
24800000
CY2017Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2237800000
CY2016Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2192500000
CY2017Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.22
CY2017Q1 us-gaap Dividends
Dividends
25769000
CY2017Q2 us-gaap Dividends
Dividends
25710000
us-gaap Dividends
Dividends
51479000
CY2016Q1 us-gaap Dividends
Dividends
22046000
CY2016Q2 us-gaap Dividends
Dividends
21588000
us-gaap Dividends
Dividends
43634000
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
25500000
CY2017Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
25444000
us-gaap Payments Of Dividends
PaymentsOfDividends
50944000
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
21889000
CY2016Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
21391000
us-gaap Payments Of Dividends
PaymentsOfDividends
43280000
CY2017Q1 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
269000
CY2017Q2 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
266000
msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
535000
CY2016Q1 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
157000
CY2016Q2 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
197000
msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
354000
CY2017Q1 msci Stock Issued During Period Shares Stock New Issues And Options Exercised
StockIssuedDuringPeriodSharesStockNewIssuesAndOptionsExercised
389198
CY2017Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
139208
CY2017Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1079005
CY2017Q1 msci Stock Issued During Period Shares New Issues To Directors
StockIssuedDuringPeriodSharesNewIssuesToDirectors
41
CY2017Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
90450616
msci Stock Issued During Period Shares Stock New Issues And Options Exercised
StockIssuedDuringPeriodSharesStockNewIssuesAndOptionsExercised
82960
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
16002
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
389479
msci Stock Issued During Period Shares New Issues To Directors
StockIssuedDuringPeriodSharesNewIssuesToDirectors
1043
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.296
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.335
CY2017Q2 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
TaxBenefitsRecognizedDuringTheCurrentYearAndUnrelatedToCurrentYearEarnings
3900000
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.018
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.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2017Q2 msci Operating Segment Profitability
OperatingSegmentProfitability
166249000
CY2016Q2 msci Operating Segment Profitability
OperatingSegmentProfitability
146027000
msci Operating Segment Profitability
OperatingSegmentProfitability
316940000
msci Operating Segment Profitability
OperatingSegmentProfitability
279176000
CY2017Q2 us-gaap Noncurrent Assets
NoncurrentAssets
1979878000
CY2016Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1999075000

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