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EX-99.1 2 earningsrelease-20240930xf.htm EX-99.1 Document

第99.1展示文本

MSCI報告財務業績

2024年第三季度及前九個月

紐約-2024年10月29日 - msci inc.（簡稱「MSCI」或「本公司」）（紐約證券交易所：MSCI），全球投資社區關鍵決策支持工具和服務的領先提供商，今天宣佈了截至2024年9月30日的三個月財務業績（2024年第三季度）和截至2024年9月30日的九個月財務業績（2024年九個月）。

2024年第三季度財務和運營亮點

(注意：除非另有說明，百分比和其他變化均相對於2023年9月30日結束的三個月（「2023年第三季度」），而月均增長率百分比變化相對於2023年9月30日)。

•營業收入爲72470萬美元，增長15.9％；有機營業收入增長11.1％。

•循環訂閱收入增長15.4％；基於資產的費用增長19.5％

•55.4%的營業利潤率；62.2%的調整後EBITDA利潤率

•攤薄後每股收益爲3.57美元，增長9.2％；調整後每股收益爲3.86美元，增長11.9％

•有機重複訂閱運行率增長8.0％；保留率爲94.2%

•2024年第三季度，共回購$19870萬或380397股，平均回購價格爲$522.47

•2024年第三季度向股東支付了大約12540萬美元的分紅派息；MSCI董事會宣佈2024年第四季度每股1.60美元的現金股利

•2024年10月28日，MSCI董事會批准了額外15億美元的股票回購計劃


	三個月已結束								九個月已結束
	9月30日			9月30日					9月30日			9月30日
以千計，每股數據除外（未經審計）	2024			2023			% 變化		2024			2023			% 變化
營業收入	$	724,705		$	625,439		15.9	%	$	2,112,619		$	1,838,814		14.9	%
營業收入	$	401,334		$	353,309		13.6	%	$	1,123,324		$	1,013,864		10.8	%
營業利潤率%	55.4		%	56.5		%			53.2		%	55.1		%

淨收入	$	280,901		$	259,659		8.2	%	$	803,613		$	745,212		7.8	%

攤薄後每股	$	3.57		$	3.27		9.2	%	$	10.15		$	9.32		8.9	%
調整後 EPS	$	3.86		$	3.45		11.9	%	$	11.03		$	9.85		12.0	%

調整後 EBITDA	$	450,702		$	386,289		16.7	%	$	1,264,230		$	1,108,324		14.1	%
調整後的息稅折舊攤銷前利潤率%	62.2		%	61.8		%			59.8		%	60.3		%

MSCI第三季度業績突顯我們業務模式和客戶佈局的潛在實力，以及我們解決方案在投資生態系統中的關鍵作用。在其他成就中，我們在指數和分析業務中實現了有史以來表現最好的第三季度重複銷售業績，同時基於資產費用的營業收入增長了近20％，這主要是由於與我們指數掛鉤的金融產品的資產淨值創紀錄地增加所推動的。” MSCI的董事長兼首席執行官Henry A. Fernandez說。

所有這些都表明了我們最重要的競爭優勢：我們集團的全球、多元化和一體化特性。MSCI一直試圖捕捉重塑我們行業的最大趨勢，現在我們比以往任何時候都更有能力把握這些趨勢，同時支持傳統和新型客戶群體，Fernandez補充道。

第三季度合併業績

營業收入: 營業收入爲72470萬美元，增長15.9%。有機營業收入增長11.1%。增加9930萬美元是由於7160萬美元的更高重複訂閱收入和2760萬美元的更高基於資產的費用。

運行速率和保留率: 2024年9月30日的總運行速率爲289420萬美元，增長了17.3%。重複訂閱運行速率增加了28790萬美元，基於資產的費用運行速率增加了13790萬美元。有機重複訂閱運行速率增長了8.0%。2024年第三季度保留率爲94.2%，低於2023年第三季度的95.4%。

費用: 總營業費用爲32340萬美元，增長18.8%，其中包括3780萬美元的營業費用與私人資本解決方案（原名Burgiss集團有限責任公司）、碳市場（原名Trove Research Ltd）、Fabric RQ Inc.（「Fabric」）和Foxberry Ltd（「Foxberry」）相關。

調整後的EBITDA支出爲27400萬美元，增長14.6%，主要反映了與業務增長和最近的收購相關的更高補償和福利成本增加以及非補償成本的增加，主要反映了更高的專業費用、信息技術和市場數據成本。

調整後的EBITDA費用包括與私人資本解決方案、碳市場、面料和Foxberry相關的2380萬美元費用。大約310萬美元的整合成本和與這些收購相關的1090萬美元的折舊和攤銷不計入調整後的EBITDA費用。

不考慮外匯匯率波動影響的總營業費用（「不含FX」）和調整後的EBITDA費用，不含FX分別增長了18.9%和14.7%。

營業收入: 營業收入爲40130萬美元，增長13.6%。2024年第三季度的營業收入利潤率爲55.4%，較2023年第三季度的56.5%有所下降。

人數統計: 截至2024年9月30日，我們共有6,118名員工，增加了22.2%，這主要是由我們最近的收購推動的。約31.5% 和 68.5% 員工分別位於發達市場和新興市場地區。

其他費用（收益），淨額: 其他費用（收入），淨額爲4440萬美元，增長24.5%，主要受到較低利息收入的推動，反映了較低的平均現金餘額和外幣匯率波動的影響。

所得稅： 2024年第三季度有效稅率爲21.3%，而2023年第三季度爲18.3%。主要由於較高的法定稅率以及與之前年度相關的不利離散項目，導致稅率增加。

淨利潤: 由於上述因素的影響，淨利潤爲28090萬美元，增長了8.2%。

調整後的EBITDA: 調整後的EBITDA爲45070萬美元，增長了16.7%。2024年第三季度調整後的EBITDA利潤率爲62.2%，相比於2023年第三季度的61.8%。

指數部分:

表1A：結果（未經審計）


	三個月之內結束								九個月結束
	9月30日，			9月30日，					9月30日，			9月30日，
以千爲單位	2024			2023			百分比變動		2024			2023			百分比變動
營業收入：
重複訂閱	$	223,945		$	206,453		8.5	%	$	653,929		$	603,845		8.3	%
基於資產的費用	168,622			141,066			19.5	%	482,162			412,354			16.9	%
非重複費用	12,315			14,603			(15.7)	%	39,855			47,621			(16.3)	%
總營收	404,882			362,122			11.8	%	1,175,946			1,063,820			10.5	%

調整後的EBITDA費用	90,734			84,450			7.4	%	277,048			255,396			8.5	%
調整後的EBITDA	$	314,148		$	277,672		13.1	%	$	898,898		$	808,424		11.2	%

調整後的EBITDA利潤率%	77.6		%	76.7		%			76.4		%	76.0		%

指數營業收入爲40490萬美元，增長11.8%，其中包括來自Foxberry收購的21萬美元。 4280萬美元的增長主要由2760萬美元的更高資產基礎費用和1750萬美元的更高定期訂閱收入推動，部分抵消了230萬美元的較低非定期收入。指數的有機營業收入增長率爲11.8%。

定期訂閱收入增長主要是由市值加權指數和因子、esg和氣候指數產品增長驅動。

歸因於資產費用的收入增長主要來自於連結到MSCI股票指數的etf和連結到MSCI指數的非etf指數基金，主要是由於平均管理資產規模的增加。

截至2024年9月30日的指数運行率為16億美元，增長15.2%。增加的20940萬美元包括13790萬美元的基於資產費用運行率增加和7150萬美元的重複訂閱運行率增加。輝瑞公司面臨數起分開的訴訟，這些訴訟仍在進行中，需等待第三項索賠條款的裁決。2023年9月，我們與輝瑞公司同意合併2022和2023年的訴訟，並將審判日期從2024年11月推遲至2025年上半年，具體時間將由法院確定。增加基於資產費用運行率主要反映了MSCI股票指數連結的etf和MSCI指數相連的非etf指數所有基金類型AUm增加。增加額為0.9 重複訂閱運行率主要來自市值加權和定製指數產品以及特殊套餐的增長。增加反映了所有板塊的增長。指数的有機重複訂閱運行率增長為8.5%。

分析部門:

表1B：結果（未經審核）


	結束於三個月的期間								九個月結束了
	9月30日,			9月30日,					9月30日,			9月30日,
以千元為單位	2024			2023			變化百分比 %		2024			2023			變化百分比 %
營業收入：
循環訂閱	$	168,150		$	151,269		11.2	%	$	490,829		$	443,276		10.7	%
非循環	4,226			2,999			40.9	%	11,508			7,943			44.9	%
營業總收入	172,376			154,268			11.7	%	502,337			451,219			11.3	%

調整後的EBITDA費用	82,089			82,487			(0.5)	%	258,166			253,509			1.8	%
調整後的稅前利潤減除折舊及攤銷後的費用	$	90,287		$	71,781		25.8	%	$	244,171		$	197,710		23.5	%

調整後的EBITDA利潤率%	52.4		%	46.5		%			48.6		%	43.8		%

分析營運收入為17240萬美元，增長11.7%。這1810萬美元的增加主要受到與多資產類別和股票分析產品相關的循環性訂閱增長驅動，同時也受惠於客戶實施對訂閱收入的影響。這個增長也來自於一次性交易相關的非循環性收入增加所帶動的。

多元資產類別和股票產品，以及本季已完成的數個實施計畫。Analytics的有機營業收入增長為11.7%。

截至2024年9月30日的分析運行率為69130萬美元，增長8.1%。5190萬美元的增長主要是由多元資產類別和股票分析產品的增長推動，並反映了所有地區和客戶群體的增長。分析的有機遞延訂閱運行率增長為7.1%。

esg和氣候層面:

表1C：成果（未經審計）


	結束於三個月的期間								九個月結束了
	9月30日,			9月30日,					9月30日,			9月30日,
以千元為單位	2024			2023			變化百分比 %		2024			2023			變化百分比 %
營業收入：
循環訂閱	$	81,536		$	71,744		13.6	%	$	235,954		$	207,523		13.7	%
非循環	2,107			1,294			62.8	%	5,428			3,792			43.1	%
營業總收入	83,643			73,038			14.5	%	241,382			211,315			14.2	%

調整後的EBITDA費用	53,654			47,598			12.7	%	166,372			145,201			14.6	%
調整後的稅前利潤減除折舊及攤銷後的費用	$	29,989		$	25,440		17.9	%	$	75,010		$	66,114		13.5	%

調整後的EBITDA利潤率 %	35.9		%	34.8		%			31.1		%	31.3		%

esg和氣候營業收入為8360萬美元，增長14.5%。 1060萬美元的增長主要來自與評級、氣候和篩選產品相關的循環訂閱增長。 esg和氣候的有機營業收入增長為11.0%。

截至2024年9月30日的esg和氣候運行率為3,4400萬美元，增長15.7%。4,670萬美元的增加主要來自評級、氣候和篩選產品的增長，貢獻來自所有區域和客戶部分。esg和氣候的有機定期訂閱運行率增長為11.2%。

所有板塊 - 私人資產板塊:

表1D：結果（未經審核）


	三個月結束								截止九個月
	九月三十日			九月三十日					九月三十日			九月三十日
以千計	2024			2023			變動百分比		2024			2023			變動百分比
營業收入：
定期訂閱	$	62,991		$	35,531		77.3	%	$	190,434		$	111,292		71.1	%
非經常性	813			480			69.4	%	2,520			1,168			115.8	%
營業收入總額	63,804			36,011			77.2	%	192,954			112,460			71.6	%

經調整後的 EBITDA 開支	47,526			24,615			93.1	%	146,803			76,384			92.2	%
調整後的 EBITDA	$	16,278		$	11,396		42.8	%	$	46,151		$	36,076		27.9	%

調整後的 EBITDA 利潤率%	25.5		%	31.6		%			23.9		%	32.1		%

所有板塊-私人資產的營業收入，反映了實質資產和私人資本解決方案營運部門，達到6380萬美元，增長了77.2%。營收增長主要來自於Burgiss的股份收購所帶來的收入。所有板塊-私人資產的有機營業收入增長率為1.0%。

所有板塊其他私人資產運行率反映了實質資產和私人資本解決方案營運部門，截至2024年9月30日為26860萬美元，增長了78.2%，其中包括來自私人資本解決方案的11010萬美元。運行率的剩餘增長主要由指數英特爾產品驅動。所有板塊其他私人資產的有機經常性訂閱運行率增長為2.4%。

選擇資產負債表項目和資本配置

現金餘額和未償債務: 截至2024年9月30日，現金及現金等價物為5,0100萬美元。MSCI通常在全球範圍內保持約2,2500萬至2,7500萬美元之間的最低現金餘額，用於一般運營目的。

截至2024年9月30日，尚欠債務總本金為45億美元。總債務與凈利潤比率（基於過去十二個月的凈利潤）為3.7倍。總債務與調整後的EBITDA比率（基於過去十二個月的調整後EBITDA）為2.7倍。

MSCI旨在保持總債務與調整後息稅折舊及攤銷前利潤的比率在3.0x至3.5x的目標區間內。

2024年9月和10月，MSCI分別償還了可循環信貸計劃下的2500萬美元和12500萬美元。

資本支出和現金流量: 資本支出為2760萬美元，營業活動產生的淨現金流量增加了44.8%，達到42160萬美元，主要反映來自客戶的現金收款增加，部分抵消了較高的營業費用。2024年第三季的自由現金流增長了45.8%，達到39400萬美元。

股份數量和股份回購: 截至2024年第3季度，加權稀釋每股持有量為7870萬，同比下降1.0%。該季度的總股份回購金額為19870萬美元，回購了380,397股，平均回購價為每股522.47美元。截至2024年9月30日，總流通股量為7840萬。截至2024年10月28日，根據MSCI董事會批准的2024年股份回購計劃，尚有約19億美元尚未實施的股份回購授權。

分紅派息: 2024年第三季度向股東支付了約$12540萬的分紅派息。2024年10月28日，MSCI董事會宣布將於2024年第四季度每股派發$1.60的現金股息，支付日期為2024年11月29日，截至2024年11月15日交易結束時持股股東可享有該項派息。

2024年全年指引

MSCI對截至2024年12月31日（" 2024年全年"）的指引是基於對多個因素的假設，特別是與宏觀經濟因素和資本市場相關的假設。這些假設存在不確定性，並且該年度的實際結果可能與我們目前的指引有很大不同，包括由於在我們的10-k表格年度報告的“風險因素”和“財務狀況和業績管理討論”部分討論的不確定性、風險和假設，這些已在提交或提供給SEC的10-Q季度報告和8-k目前報告中進行了更新。請參閱下面的“前瞻性陳述”。


指引項目	2024年全年目前指引	2024年全年先前指引
營運費用	自由現金流為1,305至1億3450萬美元	自由現金流為1,305至1億3450萬美元
調整後的稅前利潤減除折舊及攤銷後的費用費用	$1,130至$116,000萬	$1,130至$116,000萬
利息費用 (包括攤銷財務費用)(1)	$183至$18,600萬	$185至$18,900萬
折舊& 攤銷費用	$175至$18500萬	$175至$18500萬
有效稅率	18.0%至19.5%	18%至21%
資本支出	$105至$11500萬	$95至$10500萬
營業活動提供的淨現金流量	$1,420至$147,000萬	$1,330至$138,000萬
自由現金流	$1,305至$136,500萬	$1,225至$128,500萬

(1) 我們年度利息支出的一部分來自我們可變利率下的變量負債，而大部分來自固定利率的無抵押債票。保證隔夜融資利率（“SOFR”）和負債水平的變化都可以導致我們的年度利息支出有所不同。

會議看漲信息

MSCI的高管將於2024年10月29日星期二美東時間上午11:00審核第三季度2024年業績。欲收聽網絡網路直播活動，請訪問MSCI投資者關係網站的活動和演示部，網址https://ir.msci.com/events-and-presentations，或撥打電話+1-888-596-4144會議ID 9979278 在美國內的人士。國際來電者可撥打+1-646-968-2525會議ID 9979278此電話會議也將透過MSCI投資者關係網站提供附帶幻燈片演示的網路直播。

-完-

關於msci inc。

MSCI是全球投資社區的重要決策支援工具和服務領先提供商。憑藉超過50年研究、數據和科技專業知識，我們通過讓客戶了解和分析風險和回報的關鍵因素，大力提升投資決策，使客戶更有信心地建立更有效的投資組合。我們創造領先行業的研究增強解決方案，讓客戶深入了解並提高投資流程透明度。欲瞭解更多，請訪問 www.msci.com。MSCI#IR

msci inc. 聯絡方式

投資者查詢

jeremy.ulan@msci.com

Jeremy Ulan +1 646 778 4184

jisoo.suh@msci.com

Jisoo Suh + 1 917 825 7111

媒體查詢

PR@msci.com

Melanie Blanco +1 212 981 1049

Konstantinos Makrygiannis +44(0)7768 930056

Tina Tan　　+ 852 2844 9320

前瞻性陳述

本收益公佈包含根據1995年《私人證券訴訟改革法案》所涵蓋的前瞻性陳述，包括但不限於MSCI全年2024年指引。這些前瞻性陳述涉及未來事件或未來財務表現，涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果、活動水平、表現或成就與這些陳述所暗示的任何未來結果、活動水平、表現或成就有實質不同。在某些情況下，您可以通過使用“可能”、“可能”、“期望”、“意圖”、“計劃”、“尋求”、“預期”、“相信”、“估計”、“預測”、“潛力”或“繼續”等詞語辨識前瞻性陳述，或其他可比較的術語的否定。您不應過度依賴前瞻性陳述，因為它們涉及已知和未知的風險、不確定性和其他一些情況下超出MSCI控制範圍的因素，這些因素可能實質影響實際結果、活動水平、表現或成就。

其他可能實質影響實際結果、活動水平、表現或成就的因素可以在MSCI截至2023年12月31日的財政年度提交給證券交易委員會（“SEC”）的10-k表格年度報告以及提交或提供給SEC的10-Q季度報告和8-k表格的當季報告中找到。如果這些風險、不確定性或其他事項中的任何一項實現，或者如果MSCI的基本假設被證明是不正確的，實際結果可能大幅偏離MSCI的預期。在這份盈餘公報中的任何前瞻性聲明反映了MSCI對未來事件的當前看法，並受到與MSCI營運、營運結果、增長策略和流動性相關的這些和其他風險、不確定性和假設的影響。MSCI不承擔就任何理由公開更新或修訂這些前瞻性聲明的義務，無論是基於新資訊、未來事件或其他原因，除非法律要求。

網站和社交媒體披露

MSCI利用其投資者關係主頁和企業社會責任主頁作為公司信息的傳播渠道。通過這些渠道MSI發佈的信息可能被視為重要。因此，投資者應該監控這些渠道，除了跟隨MSCI的新聞稿、SEC申報和公開電話會議和網絡廣播之外。此外，您可以通過訪問MSCI的投資者關係主頁的“電子郵件提醒”部分，註冊您的電子郵件地址後，自動接收有關MSCI的電子郵件提醒和其他信息。 http://ir.msci.com/email-alerts. 然而，MSCI網站的內容，包括其季度更新、部落格、播客和社交媒體渠道，並未納入本次收益發布中。

關於運營指標使用的注意事項

MSCI在本次盈利發布中提供了補充的主要運行指標，包括留存率、運行率、訂閱銷售、訂閱取消和非經常性銷售。

留存率是一個重要的指標，因為訂閱取消會降低我們的運行率，並最終影響我們未來的營運收入。年留存率代表保留的訂閱運行率（財政年度初的訂閱運行率減去實際取消量），佔財政年度初的訂閱運行率的百分比。

非年度期間的保留率是通過對我們已收到終止通知的取消或我們認為有意在非年度期間內不續訂或停止訂閱的取消進行年化計算，我們相信此類通知或意向證實客戶最終決定在有效期限內終止或不續訂相關協議，即使該終止或不續訂可能在後續日期才生效。然後將這個年化取消數字除以財政年度初的訂閱運行率，以計算取消率。然後從100%中減去這個取消率，得出該期間的年化保留率。

保留率是根據業務部門在產品/服務-產品/服務基礎上計算的。一般來說，如果客戶減少在某一部門訂閱的產品或服務數量，或在某一部門的產品或服務之間切換，我們將其視為計算保留率的取消，但在管理認為是替代產品或服務的產品或服務切換的情況下除外。在這些替代情況下，只有客戶訂閱的淨變化（如果減少）才被報告為取消。在分析、esg和氣候業務部門中，幾乎所有的產品或服務切換都被視為替代產品或服務並以這種方式進行淨額計算，而在我們的指数和實質資產業務部門中，在某些有限的情況下，被視為替代產品或服務並接受淨額處理的產品或服務切換。此外，我們將由於降低銷售相同產品或服務的費用而導致的減少視為取消，直到該減少為止。我們不會為與我們的指数相關聯的投資產品或期貨和期權合約的運行率中的那部分資產計算保留率。

運行速率在特定時間點上估計我們客戶授權協議（“客戶合同”）的重複收入在未來12個月的年化價值，假設所有即將續訂或達到承諾訂閱期限的客戶合同都得以續訂，並假設當前的貨幣兌換率，須遵循以下所述的調整和排除條款。對於任何費用與投資產品資產或成交量/費用掛鉤的客戶合同，運行速率計算反映出，對於etf，是期間最後交易日的市值，對於期貨和期權，是最近的季度成交量和/或報告的交易所費用，對於其他非etf產品，是客戶報告的最近資產。運行速率不包括與“一次性”的和其他非重複性交易相關的費用。此外，當我們執行客戶合同時，我們將遞交的新銷售的年化費用加入到運行速率中，無論是向現有客戶還是新客戶，即使授權開始日期以及相關收入確認可能直到較晚的日期才會生效。當我們（i）收到終止通知、不續約或客戶在該期間不打算繼續訂閱的跡象，且（ii）確認該通知證明客戶最終決定在後續日期生效之前終止或不續約適用產品或服務的年化費用價值時，我們將從運行速率中去除與任何客戶合同下的產品或服務相關的年化費用價值。

“Organic recurring subscription Run Rate growth” is defined as the period over period Run Rate growth, excluding the impact of changes in foreign currency and the first year impact of any acquisitions. It is also adjusted for divestitures. Changes in foreign currency are calculated by applying the currency exchange rate from the comparable prior period to current period foreign currency denominated Run Rate.

Sales represents the annualized value of products and services clients commit to purchase from MSCI and will result in additional operating revenues. Non-recurring sales represent the actual value of the customer agreements entered into during the period and are not a component of Run Rate. New recurring subscription sales represent additional selling activities, such as new customer agreements, additions to existing agreements or increases in price that occurred during the period and are additions to Run Rate. Subscription cancellations reflect client activities during the period, such as discontinuing products and services and/or reductions in price, resulting in reductions to Run Rate. Net new recurring subscription sales represent the amount of new recurring subscription sales net of subscription cancellations during the period, which reflects the net impact to Run Rate during the period.

Total gross sales represent the sum of new recurring subscription sales and non-recurring sales. Total net sales represent the total gross sales net of the impact from subscription cancellations.

Notes Regarding the Use of Non-GAAP Financial Measures

MSCI has presented supplemental non-GAAP financial measures as part of this earnings release. Reconciliations are provided in Tables 9 through 14 below that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non-GAAP financial measures presented in this earnings release should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings release are used by management to monitor the financial performance of the business, inform business decision-making and forecast future results.

“Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.

“Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.

“Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.

“Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets, including the amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact related to write-off of deferred fees on debt extinguishment and the impact related to gain from changes in ownership interest of investees.

“Capex” is defined as capital expenditures plus capitalized software development costs.

“Free cash flow” is defined as net cash provided by operating activities, less Capex.

“Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations.

Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).

We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of MSCI because they adjust for significant one-time, unusual

or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing operating performance in the period.

We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-tax impact of significant one-time, unusual or non-recurring items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the period.

We believe that free cash flow is useful to investors because it relates the operating cash flow of MSCI to the capital that is spent to continue and improve business operations, such as investment in MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay our debt obligations, pay cash dividends and repurchase shares of our common stock.

We believe organic operating revenue growth is a meaningful measure of the operating performance of MSCI because it adjusts for the impact of foreign currency exchange rate fluctuations and excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the period(s) presented.

We believe that the non-GAAP financial measures presented in this earnings release facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.

Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.

Notes Regarding Adjusting for the Impact of Foreign Currency Exchange Rate Fluctuations

Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and accordingly, any such impact is excluded from the disclosed foreign currency-adjusted variances.

Table 2: Condensed Consolidated Statements of Income (unaudited)


	Three Months Ended						Nine Months Ended
	Sep. 30,		Sep. 30,		%		Sep. 30,		Sep. 30,		%
In thousands, except per share data	2024		2023		Change		2024		2023		Change
Operating revenues	$	724,705	$	625,439	15.9	%	$	2,112,619	$	1,838,814	14.9	%
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)	126,192		105,311		19.8	%	382,815		324,024		18.1	%
Selling and marketing	70,763		66,581		6.3	%	214,385		201,044		6.6	%
Research and development	38,584		31,438		22.7	%	120,182		92,901		29.4	%
General and administrative	41,561		36,826		12.9	%	137,958		113,527		21.5	%
Amortization of intangible assets	41,939		26,722		56.9	%	121,316		77,543		56.4	%
Depreciation and amortization of property,
equipment and leasehold improvements	4,332		5,252		(17.5)	%	12,639		15,911		(20.6)	%
Total operating expenses(1)	323,371		272,130		18.8	%	989,295		824,950		19.9	%


Operating income	401,334		353,309		13.6	%	1,123,324		1,013,864		10.8	%


Interest income	(5,217)		(10,314)		(49.4)	%	(17,375)		(31,079)		(44.1)	%
Interest expense	46,688		46,902		(0.5)	%	139,995		139,725		0.2	%
Other expense (income)	2,927		(935)		n/m		7,881		4,032		95.5	%
Other expense (income), net	44,398		35,653		24.5	%	130,501		112,678		15.8	%


Income before provision for income taxes	356,936		317,656		12.4	%	992,823		901,186		10.2	%


Provision for income taxes	76,035		57,997		31.1	%	189,210		155,974		21.3	%
Net income	$	280,901	$	259,659	8.2	%	$	803,613	$	745,212	7.8	%



Earnings per basic common share	$	3.58	$	3.28	9.1	%	$	10.18	$	9.36	8.8	%


Earnings per diluted common share	$	3.57	$	3.27	9.2	%	$	10.15	$	9.32	8.9	%

Weighted average shares outstanding used
in computing earnings per share:

Basic	78,499		79,116		(0.8)	%	78,925		79,580		(0.8)	%
Diluted	78,729		79,500		(1.0)	%	79,159		79,959		(1.0)	%

n/m: not meaningful.

(1) Includes stock-based compensation expense of $19.1 million and $18.4 million for the three months ended Sep. 30, 2024 and Sep. 30, 2023, respectively. Includes stock-based compensation expense of $73.1 million and $56.0 million for the nine months ended Sep. 30, 2024 and Sep. 30, 2023, respectively.

Table 3: Condensed Consolidated Balance Sheet (unaudited)


	As of
	Sep. 30,		Dec. 31,
In thousands	2024		2023
ASSETS
Current assets:
Cash and cash equivalents (includes restricted cash of $3,909 and $3,878 at September 30, 2024 and December 31, 2023, respectively)	$	500,979	$	461,693
Accounts receivable (net of allowances of $4,363 and $3,968 at September 30, 2024 and December 31, 2023, respectively)	643,807		839,555
Other current assets	141,010		116,905
Total current assets	1,285,796		1,418,153

Property, equipment and leasehold improvements, net	62,317		55,920
Right of use assets	121,726		115,243
Goodwill	2,916,102		2,887,692
Intangible assets, net	931,428		956,234
Other non-current assets	91,580		84,977
Total assets	$	5,408,949	$	5,518,219


LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Current portion of long-term debt	$	—	$	10,902
Deferred revenue	942,840		1,083,864
Other current liabilities	435,075		422,259
Total current liabilities	1,377,915		1,517,025

Long-term debt	4,484,773		4,496,826
Long-term operating lease liabilities	123,939		120,134
Other non-current liabilities	173,320		123,998
Total liabilities	6,159,947		6,257,983


Total shareholders’ equity (deficit)	(750,998)		(739,764)
Total liabilities and shareholders’ equity (deficit)	$	5,408,949	$	5,518,219

Table 4: Condensed Consolidated Statement of Cash Flow (unaudited)


	Three Months Ended						Nine Months Ended
	Sep. 30,		Sep. 30,		%		Sep. 30,		Sep. 30,		%
In thousands	2024		2023		Change		2024		2023		Change
Cash flows from operating activities
Net income	$	280,901	$	259,659	8.2	%	$	803,613	$	745,212	7.8	%
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	41,939		26,722		56.9	%	121,316		77,543		56.4	%
Stock-based compensation expense	18,503		18,144		2.0	%	72,235		55,375		30.4	%
Depreciation and amortization of property, equipment and leasehold improvements	4,332		5,252		(17.5)	%	12,639		15,911		(20.6)	%
Amortization of right of use assets	7,745		5,898		31.3	%	19,582		17,484		12.0	%
Loss on extinguishment of debt	—		—		—	%	1,510		—		100.0	%
Other adjustment	1,819		(22,721)		n/m		43,856		(25,983)		n/m
Net changes in other operating assets and liabilities	66,370		(1,823)		n/m		(3,757)		(38,466)		90.2	%
Net cash provided by operating activities	421,609		291,131		44.8	%	1,070,994		847,076		26.4	%


Cash flows from investing activities
Capitalized software development costs	(20,975)		(17,417)		(20.4)	%	(59,648)		(50,080)		(19.1)	%
Capital expenditures	(6,626)		(3,564)		(85.9)	%	(19,515)		(18,942)		(3.0)	%
Cash paid for acquisitions, net of cash acquired	—		—		—	%	(27,467)		—		100.0	%
Other	(463)		—		100.0	%	(892)		(389)		(129.3)	%
Net cash used in investing activities	(28,064)		(20,981)		(33.8)	%	(107,522)		(69,411)		(54.9)	%


Cash flows from financing activities
Repurchase of common stock held in treasury	(199,509)		(18,744)		n/m		(511,218)		(504,161)		(1.4)	%
Payment of dividends	(125,757)		(109,380)		(15.0)	%	(383,980)		(331,640)		(15.8)	%
Repayment of borrowings	(25,000)		(2,188)		n/m		(364,063)		(6,563)		n/m
Proceeds from borrowings	—		—		—	%	336,875		—		100.0	%
Payment of debt issuance costs	—		—		—	%	(3,739)		—		100.0	%
Net cash used in financing activities	(350,266)		(130,312)		(168.8)	%	(926,125)		(842,364)		(9.9)	%


Effect of exchange rate changes	6,299		(3,615)		n/m		1,939		(313)		n/m

Net increase (decrease) in cash, cash equivalents and restricted cash	49,578		136,223		(63.6)	%	39,286		(65,012)		n/m
Cash, cash equivalents and restricted cash, beginning of period	451,401		792,329		(43.0)	%	461,693		993,564		(53.5)	%
Cash, cash equivalents and restricted cash, end of period	$	500,979	$	928,552	(46.0)	%	$	500,979	$	928,552	(46.0)	%


n/m: not meaningful.

Table 5: Operating Results by Segment and Revenue Type (unaudited)


Index	Three Months Ended								Nine Months Ended
	Sep. 30,			Sep. 30,			%		Sep. 30,			Sep. 30,			%
In thousands	2024			2023			Change		2024			2023			Change
Operating revenues:
Recurring subscriptions	$	223,945		$	206,453		8.5	%	$	653,929		$	603,845		8.3	%
Asset-based fees	168,622			141,066			19.5	%	482,162			412,354			16.9	%
Non-recurring	12,315			14,603			(15.7)	%	39,855			47,621			(16.3)	%
Total operating revenues	404,882			362,122			11.8	%	1,175,946			1,063,820			10.5	%

Adjusted EBITDA expenses	90,734			84,450			7.4	%	277,048			255,396			8.5	%
Adjusted EBITDA	$	314,148		$	277,672		13.1	%	$	898,898		$	808,424		11.2	%

Adjusted EBITDA margin %	77.6		%	76.7		%			76.4		%	76.0		%

Analytics	Three Months Ended								Nine Months Ended
	Sep. 30,			Sep. 30,			%		Sep. 30,			Sep. 30,			%
In thousands	2024			2023			Change		2024			2023			Change
Operating revenues:
Recurring subscriptions	$	168,150		$	151,269		11.2	%	$	490,829		$	443,276		10.7	%
Non-recurring	4,226			2,999			40.9	%	11,508			7,943			44.9	%
Total operating revenues	172,376			154,268			11.7	%	502,337			451,219			11.3	%

Adjusted EBITDA expenses	82,089			82,487			(0.5)	%	258,166			253,509			1.8	%
Adjusted EBITDA	$	90,287		$	71,781		25.8	%	$	244,171		$	197,710		23.5	%

Adjusted EBITDA margin %	52.4		%	46.5		%			48.6		%	43.8		%

ESG and Climate	Three Months Ended								Nine Months Ended
	Sep. 30,			Sep. 30,			%		Sep. 30,			Sep. 30,			%
In thousands	2024			2023			Change		2024			2023			Change
Operating revenues:
Recurring subscriptions	$	81,536		$	71,744		13.6	%	$	235,954		$	207,523		13.7	%
Non-recurring	2,107			1,294			62.8	%	5,428			3,792			43.1	%
Total operating revenues	83,643			73,038			14.5	%	241,382			211,315			14.2	%

Adjusted EBITDA expenses	53,654			47,598			12.7	%	166,372			145,201			14.6	%
Adjusted EBITDA	$	29,989		$	25,440		17.9	%	$	75,010		$	66,114		13.5	%

Adjusted EBITDA margin %	35.9		%	34.8		%			31.1		%	31.3		%

All Other - Private Assets	Three Months Ended								Nine Months Ended
	Sep. 30,			Sep. 30,			%		Sep. 30,			Sep. 30,			%
In thousands	2024			2023			Change		2024			2023			Change
Operating revenues:
Recurring subscriptions	$	62,991		$	35,531		77.3	%	$	190,434		$	111,292		71.1	%
Non-recurring	813			480			69.4	%	2,520			1,168			115.8	%
Total operating revenues	63,804			36,011			77.2	%	192,954			112,460			71.6	%

Adjusted EBITDA expenses	47,526			24,615			93.1	%	146,803			76,384			92.2	%
Adjusted EBITDA	$	16,278		$	11,396		42.8	%	$	46,151		$	36,076		27.9	%

Adjusted EBITDA margin %	25.5		%	31.6		%			23.9		%	32.1		%

Consolidated	Three Months Ended								Nine Months Ended
	Sep. 30,			Sep. 30,			%		Sep. 30,			Sep. 30,			%
In thousands	2024			2023			Change		2024			2023			Change
Operating revenues:
Recurring subscriptions	$	536,622		$	464,997		15.4	%	$	1,571,146		$	1,365,936		15.0	%
Asset-based fees	168,622			141,066			19.5	%	482,162			412,354			16.9	%
Non-recurring	19,461			19,376			0.4	%	59,311			60,524			(2.0)	%
Operating revenues total	724,705			625,439			15.9	%	2,112,619			1,838,814			14.9	%

Adjusted EBITDA expenses	274,003			239,150			14.6	%	848,389			730,490			16.1	%
Adjusted EBITDA	$	450,702		$	386,289		16.7	%	$	1,264,230		$	1,108,324		14.1	%

Operating margin %	55.4		%	56.5		%			53.2		%	55.1		%
Adjusted EBITDA margin %	62.2		%	61.8		%			59.8		%	60.3		%

Table 6: Sales and Retention Rate by Segment (unaudited)(1)


	Three Months Ended								Nine Months Ended
	Sep. 30,			Sep. 30,			%		Sep. 30,			Sep. 30,			%
In thousands	2024			2023			Change		2024			2023			Change
Index
New recurring subscription sales	$	25,271		$	23,978		5.4	%	$	80,081		$	80,156		(0.1)	%
Subscription cancellations	(9,862)			(7,402)			33.2	%	(34,876)			(22,617)			54.2	%
Net new recurring subscription sales	$	15,409		$	16,576		(7.0)	%	$	45,205		$	57,539		(21.4)	%

Non-recurring sales	$	13,883		$	14,679		(5.4)	%	$	44,687		$	54,365		(17.8)	%
Total gross sales	$	39,154		$	38,657		1.3	%	$	124,768		$	134,521		(7.3)	%

Total Index net sales	$	29,292		$	31,255		(6.3)	%	$	89,892		$	111,904		(19.7)	%


Index Retention Rate(2)	95.4		%	96.2		%			94.6		%	96.1		%

Analytics
New recurring subscription sales	$	20,780		$	18,787		10.6	%	$	56,137		$	50,751		10.6	%
Subscription cancellations	(10,307)			(7,543)			36.6	%	(28,001)			(24,094)			16.2	%
Net new recurring subscription sales	$	10,473		$	11,244		(6.9)	%	$	28,136		$	26,657		5.5	%

Non-recurring sales	$	7,293		$	3,206		127.5	%	$	13,812		$	8,734		58.1	%
Total gross sales	$	28,073		$	21,993		27.6	%	$	69,949		$	59,485		17.6	%

Total Analytics net sales	$	17,766		$	14,450		22.9	%	$	41,948		$	35,391		18.5	%


Analytics Retention Rate(3)	93.8		%	95.1		%			94.4		%	94.8		%

ESG and Climate
New recurring subscription sales	$	9,333		$	12,124		(23.0)	%	$	39,361		$	38,497		2.2	%
Subscription cancellations	(5,575)			(2,639)			111.3	%	(17,496)			(7,331)			138.7	%
Net new recurring subscription sales	$	3,758		$	9,485		(60.4)	%	$	21,865		$	31,166		(29.8)	%

Non-recurring sales	$	2,345		$	1,532		53.1	%	$	6,852		$	4,066		68.5	%
Total gross sales	$	11,678		$	13,656		(14.5)	%	$	46,213		$	42,563		8.6	%

Total ESG and Climate net sales	$	6,103		$	11,017		(44.6)	%	$	28,717		$	35,232		(18.5)	%


ESG and Climate Retention Rate(4)	93.0		%	96.0		%			92.7		%	96.3		%

All Other - Private Assets
New recurring subscription sales	$	9,959		$	4,788		108.0	%	$	29,877		$	14,746		102.6	%
Subscription cancellations	(4,610)			(3,153)			46.2	%	(15,112)			(8,634)			75.0	%
Net new recurring subscription sales	$	5,349		$	1,635		227.2	%	$	14,765		$	6,112		141.6	%

Non-recurring sales	$	520		$	262		98.5	%	$	2,361		$	1,069		120.9	%
Total gross sales	$	10,479		$	5,050		107.5	%	$	32,238		$	15,815		103.8	%

Total All Other - Private Assets net sales	$	5,869		$	1,897		209.4	%	$	17,126		$	7,181		138.5	%


All Other - Private Assets Retention Rate(5)	92.7		%	91.3		%			92.0		%	92.1		%

Consolidated
New recurring subscription sales	$	65,343		$	59,677		9.5	%	$	205,456		$	184,150		11.6	%
Subscription cancellations	(30,354)			(20,737)			46.4	%	(95,485)			(62,676)			52.3	%
Net new recurring subscription sales	$	34,989		$	38,940		(10.1)	%	$	109,971		$	121,474		(9.5)	%

Non-recurring sales	$	24,041		$	19,679		22.2	%	$	67,712		$	68,234		(0.8)	%
Total gross sales	$	89,384		$	79,356		12.6	%	$	273,168		$	252,384		8.2	%

Total net sales	$	59,030		$	58,619		0.7	%	$	177,683		$	189,708		(6.3)	%


Total Retention Rate(6)	94.2		%	95.4		%			93.9		%	95.4		%

(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate.
(2) Retention rate for Index excluding the impact of the acquisition of Foxberry was 95.5% and 94.6% for the three and nine months ended Sep. 30, 2024, respectively.
(3) Retention rate for Analytics excluding the impact of the acquisition of Fabric was 93.8% and 94.4% for the three and nine months ended Sep. 30, 2024, respectively.
(4) Retention rate for ESG and Climate excluding the impact of the acquisition of Trove was 93.4% and 92.9% for the three and nine months ended Sep. 30, 2024, respectively.
(5) Retention rate for All Other – Private Assets excluding the impact of the acquisition of Burgiss was 92.2% and 90.7% for the three and nine months ended Sep. 30, 2024, respectively.
(6) Total retention rate excluding the impact of the acquisitions of Foxberry, Fabric, Trove and Burgiss was 94.4% and 94.0% for the three and nine months ended Sep. 30, 2024, respectively.

Table 7: AUM in ETFs Linked to MSCI Equity Indexes (unaudited)(1)(2)


	Three Months Ended											Nine Months Ended
		Sep. 30,		Dec. 31,		Mar. 31,		June 30,		Sep. 30,		Sep. 30,		Sep. 30,
In billions		2023		2023		2024		2024		2024		2023		2024
Beginning Period AUM in ETFs linked to
MSCI equity indexes		$	1,372.5	$	1,322.8	$	1,468.9	$	1,582.6	$	1,631.9	$	1,222.9	$	1,468.9
Market Appreciation/(Depreciation)		(56.1)		130.5		92.8		21.2		111.3		67.4		225.3
Cash Inflows		6.4		15.6		20.9		28.1		18.6		32.5		67.6
Period-End AUM in ETFs linked to
MSCI equity indexes		$	1,322.8	$	1,468.9	$	1,582.6	$	1,631.9	$	1,761.8	$	1,322.8	$	1,761.8


Period Average AUM in ETFs linked to
MSCI equity indexes		$	1,376.5	$	1,364.9	$	1,508.8	$	1,590.6	$	1,677.0	$	1,332.6	$	1,592.1

Period-End Basis Point Fee(3)		2.51		2.50		2.48		2.47		2.44		2.51		2.44

(1) The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. Information contained on our website is not incorporated by reference into this Press Release or any other report filed with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1% of the AUM amounts presented.
(2) The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETFs net asset value by the number of shares outstanding.
(3) Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM.

Table 8: Run Rate by Segment and Type (unaudited)(1)


	As of
	Sep. 30,		Sep. 30,		%
In thousands	2024		2023		Change
Index
Recurring subscriptions	$	906,803	$	835,334	8.6	%
Asset-based fees	683,462		545,548		25.3	%
Index Run Rate	1,590,265		1,380,882		15.2	%


Analytics Run Rate	691,333		639,462		8.1	%

ESG and Climate Run Rate	344,015		297,297		15.7	%

All Other - Private Assets Run Rate	268,577		150,749		78.2	%

Total Run Rate	$	2,894,190	$	2,468,390	17.3	%


Total recurring subscriptions	$	2,210,728	$	1,922,842	15.0	%
Total asset-based fees	683,462		545,548		25.3	%
Total Run Rate	$	2,894,190	$	2,468,390	17.3	%


(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of Run Rate.

Table 9: Reconciliation of Net Income to Adjusted EBITDA (unaudited)


	Three Months Ended				Nine Months Ended
	Sep. 30,		Sep. 30,		Sep. 30,		Sep. 30,
In thousands	2024		2023		2024		2023
Net income	$	280,901	$	259,659	$	803,613	$	745,212
Provision for income taxes	76,035		57,997		189,210		155,974
Other expense (income), net	44,398		35,653		130,501		112,678
Operating income	401,334		353,309		1,123,324		1,013,864

Amortization of intangible assets	41,939		26,722		121,316		77,543
Depreciation and amortization of property,
equipment and leasehold improvements	4,332		5,252		12,639		15,911
Acquisition-related integration and transaction costs(1)	3,097		1,006		6,951		1,006
Consolidated adjusted EBITDA	$	450,702	$	386,289	$	1,264,230	$	1,108,324


Index adjusted EBITDA	$	314,148	$	277,672	$	898,898	$	808,424
Analytics adjusted EBITDA	90,287		71,781		244,171		197,710
ESG and Climate adjusted EBITDA	29,989		25,440		75,010		66,114
All Other - Private Assets adjusted EBITDA	16,278		11,396		46,151		36,076
Consolidated adjusted EBITDA	$	450,702	$	386,289	$	1,264,230	$	1,108,324


(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.

Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)


	Three Months Ended				Nine Months Ended
	Sep. 30,		Sep. 30,		Sep. 30,		Sep. 30,
In thousands, except per share data	2024		2023		2024		2023
Net income	$	280,901	$	259,659	$	803,613	$	745,212
Plus: Amortization of acquired intangible assets and
equity method investment basis difference	26,066		16,722		77,226		50,356
Plus: Acquisition-related integration and transaction costs(1)	3,140		1,006		6,994		1,006
Plus: Write-off of deferred fees on debt extinguishment	—		—		1,510		—
Less: Gain from changes in ownership interest of investees	—		—		—		(447)
Less: Income tax effect(2)	(6,260)		(3,327)		(16,432)		(8,880)
Adjusted net income	$	303,847	$	274,060	$	872,911	$	787,247


Diluted EPS	$	3.57	$	3.27	$	10.15	$	9.32
Plus: Amortization of acquired intangible assets and
equity method investment basis difference	0.33		0.21		0.98		0.63
Plus: Acquisition-related integration and transaction costs(1)	0.04		0.01		0.09		0.01
Plus: Write-off of deferred fees on debt extinguishment	—		—		0.02		—
Less: Gain from changes in ownership interest of investees	—		—		—		(0.01)
Less: Income tax effect(2)	(0.08)		(0.04)		(0.21)		(0.10)
Adjusted EPS	$	3.86	$	3.45	$	11.03	$	9.85


Diluted weighted average common shares outstanding	78,729		79,500		79,159		79,959

(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.
(2) Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.

Table 11: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited)


	Three Months Ended				Nine Months Ended				Full-Year
	Sep. 30,		Sep. 30,		Sep. 30,		Sep. 30,		2024
In thousands	2024		2023		2024		2023		Guidance (1)
Total operating expenses	$	323,371	$	272,130	$	989,295	$	824,950	$1,305,000 - $1,345,000
Amortization of intangible assets	41,939		26,722		121,316		77,543
Depreciation and amortization of property,
equipment and leasehold improvements	4,332		5,252		12,639		15,911		$175,000 - $185,000
Acquisition-related integration and transaction costs(2)	3,097		1,006		6,951		1,006
Consolidated adjusted EBITDA expenses	$	274,003	$	239,150	$	848,389	$	730,490	$1,130,000 - $1,160,000


Index adjusted EBITDA expenses	$	90,734	$	84,450	$	277,048	$	255,396
Analytics adjusted EBITDA expenses	82,089		82,487		258,166		253,509
ESG and Climate adjusted EBITDA expenses	53,654		47,598		166,372		145,201
All Other - Private Assets adjusted EBITDA expenses	47,526		24,615		146,803		76,384
Consolidated adjusted EBITDA expenses	$	274,003	$	239,150	$	848,389	$	730,490	$1,130,000 - $1,160,000


(1) We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.
(2) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition.

Table 12: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)


	Three Months Ended				Nine Months Ended				Full-Year
	Sep. 30,		Sep. 30,		Sep. 30,		Sep. 30,		2024
In thousands	2024		2023		2024		2023		Guidance (1)
Net cash provided by operating activities	$	421,609	$	291,131	$	1,070,994	$	847,076	$1,420,000 - $1,470,000
Capital expenditures	(6,626)		(3,564)		(19,515)		(18,942)
Capitalized software development costs	(20,975)		(17,417)		(59,648)		(50,080)
Capex	(27,601)		(20,981)		(79,163)		(69,022)		($105,000 - $115,000)

Free cash flow	$	394,008	$	270,150	$	991,831	$	778,054	$1,305,000 - $1,365,000


(1) We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.

Table 13: Third Quarter 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)


	Comparison of the Three Months Ended September 30, 2024 and 2023
	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
Index	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	11.8	%	8.5	%	19.5	%	(15.7)	%
Impact of acquisitions and divestitures	—	%	(0.1)	%	—	%	—	%
Impact of foreign currency exchange rate fluctuations	—	%	0.1	%	—	%	—	%
Organic operating revenue growth	11.8	%	8.5	%	19.5	%	(15.7)	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
Analytics	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	11.7	%	11.2	%	—	%	40.9	%
Impact of acquisitions and divestitures	(0.1)	%	(0.2)	%	—	%	—	%
Impact of foreign currency exchange rate fluctuations	0.1	%	0.1	%	—	%	0.1	%
Organic operating revenue growth	11.7	%	11.1	%	—	%	41.0	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
ESG and Climate	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	14.5	%	13.6	%	—	%	62.8	%
Impact of acquisitions and divestitures	(1.4)	%	(1.4)	%	—	%	(2.3)	%
Impact of foreign currency exchange rate fluctuations	(2.1)	%	(2.0)	%	—	%	(0.9)	%
Organic operating revenue growth	11.0	%	10.2	%	—	%	59.6	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
All Other - Private Assets	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	77.2	%	77.3	%	—	%	69.4	%
Impact of acquisitions and divestitures	(75.1)	%	(75.2)	%	—	%	(72.9)	%
Impact of foreign currency exchange rate fluctuations	(1.1)	%	(1.0)	%	—	%	(0.7)	%
Organic operating revenue growth	1.0	%	1.1	%	—	%	(4.2)	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
Consolidated	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	15.9	%	15.4	%	19.5	%	0.4	%
Impact of acquisitions and divestitures	(4.6)	%	(6.0)	%	—	%	(1.9)	%
Impact of foreign currency exchange rate fluctuations	(0.2)	%	(0.4)	%	—	%	(0.1)	%
Organic operating revenue growth	11.1	%	9.0	%	19.5	%	(1.6)	%

Table 14: Nine Months 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)


	Comparison of the Nine Months Ended September 30, 2024 and 2023
	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
Index	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	10.5	%	8.3	%	16.9	%	(16.3)	%
Impact of acquisitions and divestitures	—	%	(0.1)	%	—	%	—	%
Impact of foreign currency exchange rate fluctuations	0.2	%	0.3	%	0.1	%	—	%
Organic operating revenue growth	10.7	%	8.5	%	17.0	%	(16.3)	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
Analytics	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	11.3	%	10.7	%	—	%	44.9	%
Impact of acquisitions and divestitures	(0.1)	%	(0.1)	%	—	%	—	%
Impact of foreign currency exchange rate fluctuations	0.4	%	0.4	%	—	%	1.2	%
Organic operating revenue growth	11.6	%	11.0	%	—	%	46.1	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
ESG and Climate	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	14.2	%	13.7	%	—	%	43.1	%
Impact of acquisitions and divestitures	(1.6)	%	(1.6)	%	—	%	(2.5)	%
Impact of foreign currency exchange rate fluctuations	(1.9)	%	(2.0)	%	—	%	—	%
Organic operating revenue growth	10.7	%	10.1	%	—	%	40.6	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
All Other - Private Assets	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	71.6	%	71.1	%	—	%	115.8	%
Impact of acquisitions and divestitures	(69.4)	%	(69.3)	%	—	%	(80.0)	%
Impact of foreign currency exchange rate fluctuations	(0.5)	%	(0.5)	%	—	%	(0.3)	%
Organic operating revenue growth	1.7	%	1.3	%	—	%	35.5	%


	Total		Recurring Subscription		Asset-Based Fees		Non-Recurring Revenues
Consolidated	Change Percentage		Change Percentage		Change Percentage		Change Percentage
Operating revenue growth	14.9	%	15.0	%	16.9	%	(2.0)	%
Impact of acquisitions and divestitures	(4.5)	%	(5.9)	%	—	%	(1.7)	%
Impact of foreign currency exchange rate fluctuations	—	%	(0.1)	%	0.1	%	0.1	%
Organic operating revenue growth	10.4	%	9.0	%	17.0	%	(3.6)	%