$MSCI
MSCI Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018019058 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $363.0M $316.1M
YoY Change 14.86% 8.77%
Cost Of Revenue $71.37M $68.54M
YoY Change 4.13% 10.31%
Gross Profit $291.7M $247.6M
YoY Change 17.83% 8.35%
Gross Profit Margin 80.34% 78.32%
Selling, General & Admin $71.45M $62.97M
YoY Change 13.46% -1.41%
% of Gross Profit 24.5% 25.44%
Research & Development $19.80M $18.20M
YoY Change 8.82% -1.99%
% of Gross Profit 6.79% 7.35%
Depreciation & Amortization $7.377M $9.159M
YoY Change -19.46% 9.13%
% of Gross Profit 2.53% 3.7%
Operating Expenses $91.25M $81.17M
YoY Change 12.42% -1.54%
Operating Profit $173.5M $146.1M
YoY Change 18.76% 16.24%
Interest Expense $31.76M $29.03M
YoY Change 9.42% 26.66%
% of Operating Profit 18.3% 19.87%
Other Income/Expense, Net -$17.19M -$28.59M
YoY Change -39.88% 13.69%
Pretax Income $156.3M $117.5M
YoY Change 33.03% 16.88%
Income Tax $39.49M $36.25M
% Of Pretax Income 25.26% 30.84%
Net Earnings $116.8M $81.27M
YoY Change 43.76% 21.37%
Net Earnings / Revenue 32.18% 25.71%
Basic Earnings Per Share $1.31 $0.90
Diluted Earnings Per Share $1.28 $0.89
COMMON SHARES
Basic Shares Outstanding 89.11M 90.40M
Diluted Shares Outstanding 91.59M 91.71M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.368B $750.6M
YoY Change 82.2% 85.52%
Cash & Equivalents $1.368B $750.6M
Short-Term Investments
Other Short-Term Assets $57.00M $43.60M
YoY Change 30.73% -48.65%
Inventory
Prepaid Expenses
Receivables $394.9M $289.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.820B $1.083B
YoY Change 67.94% 46.99%
LONG-TERM ASSETS
Property, Plant & Equipment $81.00M $88.80M
YoY Change -8.78% -9.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00M $26.80M
YoY Change 11.94% 48.22%
Total Long-Term Assets $1.966B $2.007B
YoY Change -2.01% -2.3%
TOTAL ASSETS
Total Short-Term Assets $1.820B $1.083B
Total Long-Term Assets $1.966B $2.007B
Total Assets $3.786B $3.090B
YoY Change 22.51% 10.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $300.0K
YoY Change 300.0% -82.68%
Accrued Expenses $179.5M $152.8M
YoY Change 17.47% 104.23%
Deferred Revenue $483.2M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $685.7M $552.4M
YoY Change 24.13% 8.38%
LONG-TERM LIABILITIES
Long-Term Debt $2.574B $2.077B
YoY Change 23.94% 31.39%
Other Long-Term Liabilities $106.4M $66.43M
YoY Change 60.17% 9.62%
Total Long-Term Liabilities $2.680B $2.143B
YoY Change 25.06% 30.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $685.7M $552.4M
Total Long-Term Liabilities $2.680B $2.143B
Total Liabilities $3.439B $2.783B
YoY Change 23.59% 23.37%
SHAREHOLDERS EQUITY
Retained Earnings $1.425B
YoY Change
Common Stock $1.248B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.312B
YoY Change
Treasury Stock Shares $39.35M
Shareholders Equity $346.4M $307.2M
YoY Change
Total Liabilities & Shareholders Equity $3.786B $3.090B
YoY Change 22.51% 10.72%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $116.8M $81.27M
YoY Change 43.76% 21.37%
Depreciation, Depletion And Amortization $7.377M $9.159M
YoY Change -19.46% 9.13%
Cash From Operating Activities $207.2M $122.2M
YoY Change 69.56% 4.36%
INVESTING ACTIVITIES
Capital Expenditures -$7.200M -$7.100M
YoY Change 1.41% -44.96%
Acquisitions
YoY Change
Other Investing Activities $21.00M $800.0K
YoY Change 2525.0%
Cash From Investing Activities $13.80M -$6.300M
YoY Change -319.05% -51.16%
FINANCING ACTIVITIES
Cash Dividend Paid $33.94M $25.44M
YoY Change 33.37% 18.95%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 304.5M -65.40M
YoY Change -565.6% -53.08%
NET CHANGE
Cash From Operating Activities 207.2M 122.2M
Cash From Investing Activities 13.80M -6.300M
Cash From Financing Activities 304.5M -65.40M
Net Change In Cash 525.5M 50.50M
YoY Change 940.59% -243.47%
FREE CASH FLOW
Cash From Operating Activities $207.2M $122.2M
Capital Expenditures -$7.200M -$7.100M
Free Cash Flow $214.4M $129.3M
YoY Change 65.82% -0.54%

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%;">For the six months ended June&#160;30, 2018 and 2017, BlackRock, Inc. accounted for 12.6% and 10.7% of the Company&#8217;s consolidated operating revenues, respectively. For the six months ended June&#160;30, 2018 and 2017, BlackRock, Inc. accounted for 21.3% and 19.0% 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, 2018 and 2017.</p></div>
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us-gaap Revenue Performance Obligation Description Of Timing
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us-gaap Revenue Performance Obligation Satisfied At Point In Time Transfer Of Control
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With respect to software licenses for the Company’s energy and commodity analytics products, MSCI’s performance obligation is partially satisfied and revenue recognized at the point in time when the software’s code key is delivered to the customer, which based upon a fair value assessment, represents approximately 82.0% of the contract value. MSCI’s remaining performance obligations are the post contractual support services and revenue is recognized evenly over the course of the license term.
msci Revenue Percentage Of Performance Obligation Software Code Key Transferred To Customer Represents
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0.82
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200592000
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-2944000
us-gaap Goodwill Foreign Currency Translation Gain Loss
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-1324000
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msci Remaining Unamortized Value Written Off
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FiniteLivedIntangibleAssetsGross
829448000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
23565000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
45670000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
43606000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
39537000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
35573000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
111015000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6500000
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
12800000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
11900000
CY2018Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
26300000
CY2017Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21900000
CY2018Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2627500000
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.38
CY2017Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2018Q1 us-gaap Dividends
Dividends
34848000
CY2018Q2 us-gaap Dividends
Dividends
34254000
us-gaap Dividends
Dividends
69102000
CY2017Q1 us-gaap Dividends
Dividends
25769000
CY2017Q2 us-gaap Dividends
Dividends
25710000
us-gaap Dividends
Dividends
51479000
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
34900000
CY2018Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
33935000
us-gaap Payments Of Dividends
PaymentsOfDividends
68835000
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
25500000
CY2017Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
25444000
us-gaap Payments Of Dividends
PaymentsOfDividends
50944000
CY2018Q1 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
-52000
CY2018Q2 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
319000
msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
267000
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
CY2018Q1 msci Stock Issued During Period Shares Stock New Issues And Options Exercised
StockIssuedDuringPeriodSharesStockNewIssuesAndOptionsExercised
409794
CY2018Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
162846
CY2018Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
492175
CY2018Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
89859658
CY2018Q2 msci Stock Issued During Period Shares Stock New Issues And Options Exercised
StockIssuedDuringPeriodSharesStockNewIssuesAndOptionsExercised
18944
CY2018Q2 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
3178
CY2018Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1042966
CY2018Q2 msci Stock Issued During Period Shares New Issues To Directors
StockIssuedDuringPeriodSharesNewIssuesToDirectors
441
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.296
CY2018Q2 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
TaxBenefitsRecognizedDuringTheCurrentYearAndUnrelatedToCurrentYearEarnings
8500000
CY2018Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4100000
msci Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
1600000
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.015
msci Tax Cuts And Jobs Act Of2017 Change In Tax Rate Cumulative Impact Of Tax Reform Including Charge For Current Year
TaxCutsAndJobsActOf2017ChangeInTaxRateCumulativeImpactOfTaxReformIncludingChargeForCurrentYear
32900000
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
CY2018Q2 msci Operating Segment Profitability
OperatingSegmentProfitability
200425000
CY2017Q2 msci Operating Segment Profitability
OperatingSegmentProfitability
166381000
msci Operating Segment Profitability
OperatingSegmentProfitability
387134000
msci Operating Segment Profitability
OperatingSegmentProfitability
317202000
CY2018Q2 us-gaap Noncurrent Assets
NoncurrentAssets
1936319000
CY2017Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1976894000

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