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Sep 30, 2021
MSCI Q3 2021 Earnings Report
MSCI's Q3 2021 financial results were reported.
Key Takeaways
MSCI reported strong third-quarter results with a 21.6% increase in operating revenues, reaching $517.1 million. Adjusted EPS grew by 15.0% to $2.53, and adjusted EBITDA increased by 22.9% to $306.6 million, driven by strong performance across all segments and a focus on climate change initiatives.
Operating revenues increased by 21.6% to $517.1 million, with organic operating revenue growth of 20.4%.
Adjusted EPS rose by 15.0% to $2.53, while diluted EPS decreased by 6.0% to $2.03.
Total Run Rate reached $2,096.3 million, a 21.9% increase, driven by recurring subscriptions and asset-based fees.
Retention Rate remained strong at 94.5%, consistent with the previous year.
Forward Guidance
MSCI provided full-year 2021 guidance based on macroeconomic and capital market assumptions, which are subject to uncertainty due to the ongoing COVID-19 pandemic.
Positive Outlook
- Operating Expense: $955 to $975 million
- Adjusted EBITDA Expense: $840 to $860 million
- Interest Expense (including amortization of financing fees): ~$160 million
- Depreciation & Amortization Expense: ~$110 million
- Effective Tax Rate: 15.0% to 16.0%
Challenges Ahead
- Net Cash Provided by Operating Activities: $800 to $840 million
- Free Cash Flow: $740 to $790 million
- Operating Expense increased from $920 to $940 million to $955 to $975 million
- Adjusted EBITDA Expense increased from $820 to $840 million to $840 to $860 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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