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Mar 31, 2021
MSCI Q1 2021 Earnings Report
MSCI reported strong Q1 2021 results with revenue and adjusted EPS growth.
Key Takeaways
MSCI Inc. reported a strong first quarter 2021, with operating revenues up 14.8% to $478.4 million and diluted EPS up 36.4% to $2.36. The company saw growth in recurring subscription revenues and asset-based fees, and a retention rate of 96.3%.
Operating revenues increased by 14.8% to $478.4 million.
Recurring subscription revenues were up 10.9% and asset-based fees increased by 26.5%.
Diluted EPS rose by 36.4% to $2.36, and adjusted EPS increased by 29.5% to $2.46.
Retention Rate was strong at 96.3%.
Revenue by Segment
Forward Guidance
MSCI provided full-year 2021 guidance based on macroeconomic and capital market assumptions, which are subject to uncertainty related to equity markets and the COVID-19 pandemic.
Positive Outlook
- Operating Expense: $885 to $920 million
- Adjusted EBITDA Expense: $795 to $825 million
- Interest Expense: ~$150 million
- Net Cash Provided by Operating Activities: $885 to $925 million
- Free Cash Flow: $825 to $875 million
Challenges Ahead
- Effective Tax Rate: 15.0% to 18.0%
- Depreciation & Amortization Expense: $90 to $95 million
- Capital Expenditures: $50 to $60 million
- Guidance is based on assumptions about macroeconomic and capital market factors.
- Actual results could differ materially from our current guidance, including as a result of ongoing uncertainty related to the duration, magnitude and impact of the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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