Full-Year 2024 Guidance
MSCI's guidance for the year ending December 31, 2024 ("Full-Year 2024") is based on assumptions about a number of factors, in particular related to macroeconomic factors and the capital markets. These assumptions are subject to uncertainty, and actual results for the year could differ materially from our current guidance, including as a result of the uncertainties, risks and assumptions discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our Annual Report on Form 10-K, as updated in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. See "Forward-Looking Statements" below.
| Guidance Item | Current Guidance for Full-Year 2024 | Prior Guidance for Full-Year 2024 |
| Operating Expense | $1,305 to $1,345 million | $1,300 to $1,340 million |
| Adjusted EBITDA Expense | $1,130 to $1,160 million | $1,130 to $1,160 million |
| Interest Expense (including amortization of financing fees)(1) | $185 to $189 million | $185 to $189 million |
| Depreciation & Amortization Expense | $175 to $185 million | $170 to $180 million |
| Effective Tax Rate | 18% to 21% | 18% to 21% |
| Capital Expenditures | $95 to $105 million | $95 to $105 million |
| Net Cash Provided by Operating Activities | $1,330 to $1,380 million | $1,330 to $1,380 million |
| Free Cash Flow | $1,225 to $1,285 million | $1,225 to $1,285 million |