$MSCI
MSCI Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019015544 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $371.4M $351.3M
YoY Change 5.71% 16.64%
Cost Of Revenue $82.35M $71.30M
YoY Change 15.49% 5.69%
Gross Profit $289.0M $280.0M
YoY Change 3.22% 19.79%
Gross Profit Margin 77.83% 79.7%
Selling, General & Admin $83.55M $72.60M
YoY Change 15.08% 13.51%
% of Gross Profit 28.9% 25.93%
Research & Development $23.17M $20.71M
YoY Change 11.9% 9.16%
% of Gross Profit 8.02% 7.4%
Depreciation & Amortization $7.850M $8.205M
YoY Change -4.33% -7.16%
% of Gross Profit 2.72% 2.93%
Operating Expenses $106.7M $93.30M
YoY Change 14.38% 12.52%
Operating Profit $162.7M $167.2M
YoY Change -2.69% 27.87%
Interest Expense $35.92M $29.56M
YoY Change 21.5% 1.85%
% of Operating Profit 22.08% 17.68%
Other Income/Expense, Net -$34.38M -$27.73M
YoY Change 24.0% -4.74%
Pretax Income $128.3M $139.4M
YoY Change -7.99% 37.21%
Income Tax -$49.90M $24.35M
% Of Pretax Income -38.9% 17.46%
Net Earnings $178.2M $115.1M
YoY Change 54.83% 57.77%
Net Earnings / Revenue 47.98% 32.76%
Basic Earnings Per Share $2.11 $1.28
Diluted Earnings Per Share $2.08 $1.24
COMMON SHARES
Basic Shares Outstanding 84.25M 90.08M
Diluted Shares Outstanding 85.65M 92.59M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $642.8M $849.8M
YoY Change -24.36% 21.92%
Cash & Equivalents $642.8M $849.8M
Short-Term Investments
Other Short-Term Assets $108.0M $36.00M
YoY Change 200.0% 22.45%
Inventory
Prepaid Expenses
Receivables $427.1M $462.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.178B $1.348B
YoY Change -12.64% 36.39%
LONG-TERM ASSETS
Property, Plant & Equipment $256.7M $86.30M
YoY Change 197.45% -7.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.40M $30.90M
YoY Change 27.51% 70.87%
Total Long-Term Assets $2.118B $1.996B
YoY Change 6.09% -1.01%
TOTAL ASSETS
Total Short-Term Assets $1.178B $1.348B
Total Long-Term Assets $2.118B $1.996B
Total Assets $3.296B $3.345B
YoY Change -1.46% 11.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $1.400M
YoY Change 50.0% 23.02%
Accrued Expenses $183.3M $129.1M
YoY Change 41.98% 14.45%
Deferred Revenue $538.0M $494.6M
YoY Change 8.77%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $720.8M $655.9M
YoY Change 9.89% 32.16%
LONG-TERM LIABILITIES
Long-Term Debt $2.576B $2.079B
YoY Change 23.94% 0.14%
Other Long-Term Liabilities $235.3M $111.7M
YoY Change 110.65% 79.58%
Total Long-Term Liabilities $2.812B $2.191B
YoY Change 28.36% 2.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $720.8M $655.9M
Total Long-Term Liabilities $2.812B $2.191B
Total Liabilities $3.612B $2.923B
YoY Change 23.57% 7.22%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$316.5M $421.4M
YoY Change
Total Liabilities & Shareholders Equity $3.296B $3.345B
YoY Change -1.46% 11.29%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $178.2M $115.1M
YoY Change 54.83% 57.77%
Depreciation, Depletion And Amortization $7.850M $8.205M
YoY Change -4.33% -7.16%
Cash From Operating Activities $87.88M $88.60M
YoY Change -0.81% 139.35%
INVESTING ACTIVITIES
Capital Expenditures $3.156M $1.512M
YoY Change 108.73% -79.35%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$8.136M -$5.872M
YoY Change 38.56% -39.02%
FINANCING ACTIVITIES
Cash Dividend Paid $34.90M
YoY Change 36.86%
Common Stock Issuance & Retirement, Net $284.5M $91.28M
YoY Change 211.65% -9.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -341.6M -126.1M
YoY Change 171.01% 0.66%
NET CHANGE
Cash From Operating Activities 87.88M 88.60M
Cash From Investing Activities -8.136M -5.872M
Cash From Financing Activities -341.6M -126.1M
Net Change In Cash -261.4M -39.67M
YoY Change 558.86% -59.45%
FREE CASH FLOW
Cash From Operating Activities $87.88M $88.60M
Capital Expenditures $3.156M $1.512M
Free Cash Flow $84.72M $87.09M
YoY Change -2.72% 193.28%

Facts In Submission

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CY2019Q1 us-gaap Concentration Risk Credit Risk
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three months ended March&#160;31, 2019 and 2018, BlackRock, Inc. accounted for 11.6% and 12.9% of the Company&#8217;s consolidated operating revenues, respectively. For the three months ended March&#160;31, 2019 and 2018, BlackRock, Inc. accounted for 19.3% and 22.1% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics and All Other segments for the three months ended March&#160;31, 2019 and 2018.</p>
CY2018Q1 msci Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
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CY2019Q1 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 chosen to use the practical expedient available under the new revenue standard and, as such, 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.
CY2018Q4 msci Computer And Related Equipment Gross
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LeaseholdImprovementsGross
53429000
CY2019Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
8438000
CY2018Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
10506000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
275690000
CY2019Q1 msci Finite Lived Intangible Assets Gross Excluding Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsGrossExcludingAccumulatedForeignExchangeTranslationAdjustment
837335000
CY2018Q4 msci Finite Lived Intangible Assets Gross Excluding Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsGrossExcludingAccumulatedForeignExchangeTranslationAdjustment
832339000
CY2019Q1 msci Finite Lived Intangible Assets Gross Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsGrossAccumulatedForeignExchangeTranslationAdjustment
-8576000
CY2018Q4 msci Finite Lived Intangible Assets Gross Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsGrossAccumulatedForeignExchangeTranslationAdjustment
-9569000
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
828759000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
822770000
CY2019Q1 msci Finite Lived Intangible Assets Accumulated Amortization Excluding Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsAccumulatedAmortizationExcludingForeignExchangeTranslationAdjustment
556176000
CY2018Q4 msci Finite Lived Intangible Assets Accumulated Amortization Excluding Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsAccumulatedAmortizationExcludingForeignExchangeTranslationAdjustment
544383000
CY2019Q1 msci Finite Lived Intangible Assets Accumulated Amortization Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignExchangeTranslationAdjustment
-1993000
CY2018Q4 msci Finite Lived Intangible Assets Accumulated Amortization Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsAccumulatedAmortizationForeignExchangeTranslationAdjustment
-2416000
CY2019Q1 msci Finite Lived Intangible Assets Net Excluding Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsNetExcludingAccumulatedForeignExchangeTranslationAdjustment
281159000
CY2018Q4 msci Finite Lived Intangible Assets Net Excluding Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsNetExcludingAccumulatedForeignExchangeTranslationAdjustment
287956000
CY2019Q1 msci Finite Lived Intangible Assets Net Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsNetAccumulatedForeignExchangeTranslationAdjustment
-6583000
CY2018Q4 msci Finite Lived Intangible Assets Net Accumulated Foreign Exchange Translation Adjustment
FiniteLivedIntangibleAssetsNetAccumulatedForeignExchangeTranslationAdjustment
-7153000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
36856000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
47731000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
43672000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
36921000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
33374000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
76022000
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2600000000
CY2019Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2704389000
CY2018Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2574929000
CY2019Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2019Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Some of these leases have options to extend which, if exercised, would extend the maximum term to approximately 24 years.
CY2019Q1 us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
CY2019Q1 us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
Some of the leases also provide for early termination, the exercise of which would shorten the term of those leases by up to 5 years.
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
7300000
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6300000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
20656000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
28729000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
26427000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
22626000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
22149000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
107886000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
228473000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
37735000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
190738000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
22251000
CY2019Q1 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherAccruedLiabilitiesCurrent
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
25868000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
24619000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
23452000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
21832000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
21818000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
107800000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
225389000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y14D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0351
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
7572000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
198281000
CY2019Q1 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.
CY2019Q1 us-gaap Dividends Common Stock
DividendsCommonStock
57988000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.389
CY2018Q1 us-gaap Dividends Common Stock
DividendsCommonStock
34900000
CY2019Q1 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
-2649000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2018Q1 msci Increase Decrease In Deferred Dividends
IncreaseDecreaseInDeferredDividends
-52000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.175
CY2019Q1 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
TaxBenefitsRecognizedDuringTheCurrentYearAndUnrelatedToCurrentYearEarnings
77800000
CY2018Q1 msci Tax Benefits Recognized During The Current Year And Unrelated To Current Year Earnings
TaxBenefitsRecognizedDuringTheCurrentYearAndUnrelatedToCurrentYearEarnings
7900000
CY2019Q1 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.
CY2019Q1 msci Operating Segment Profitability
OperatingSegmentProfitability
197707000
CY2018Q1 msci Operating Segment Profitability
OperatingSegmentProfitability
186709000
CY2019Q1 msci Multi Year Ms Us Grant Payroll Tax Expense
MultiYearMSUsGrantPayrollTaxExpense
15389000
CY2019Q1 us-gaap Noncurrent Assets
NoncurrentAssets
1907624000
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1917441000

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