MSCI Inc.

NYSE-MSCI

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	1,223.2	1,109.1	1,148.6	870.6	726	601.8	563.6	507.9	304	260.9	223.6
Net Income
Depreciation & Amortization	215.7	206.3	159.2	142.5	134.1	110.8	101.9	85.5	80	81.4	77.8
Amortization of Intangible Assets
Depreciation and Amortization of Property, Equipment and Leasehold Improvements
Amortization of Right of Use Assets
Share-Based Compensation Expense	108.7	95.2	71.7	58.1	54.9	51.1	41.2	38.9	36.6	32	28.6
Stock-Based Compensation Expense
Other Adjustments	27.8	18.3	-145.9	43.6	-39.1	-4.5	1.2	40.8	-14.8	-13.2	-10.2
Gain on Remeasurement of Equity Method Investment
Income on Impairment of Right of Use Assets, Net
Amortization of Debt Origination Fees
Loss on Extinguishment of Debt
Gain on Divestitures, Net of Costs
Deferred Taxes
Cumulative Effect of Accounting Change in Accounting Principle Net of Tax
Gain on Sale of Principal Investment
Provision for Bad Debts
Loss on Write Down of Investment in Unconsolidated Company
Amortization of Discount on Long-Term Debt
Excess Tax Benefits from Share-Based Compensation
Other Adjustments
Changes in Trade Receivables	-104.7	10.2	-149.5	-6.6	-99.2	-57.6	-25.9	-153.9	-105.6	-18.5	-30.9
Accounts Receivable
Changes in Accounts Payable	7.3	5	-6	1.3	-2.2	7.5	2.4	-2	1	-1.9	-0.3
Accounts Payable
Changes in Accrued Expenses	32.7	16	26.8	-11.8	33.5	-1	28.9	10.8	24.6	32.8	22.3
Accrued Compensation and Related Benefits
Other Accrued Liabilities
Changes in Income Taxes Payable	34	16.2	14.7	-49.3	33.9	9.6	-2.4	-2.1	—	—	—
Income Taxes Payable
Changes in Unearned Revenue	30.2	46.1	172	72.8	116.9	98.3	35.4	-2.1	38.6	21.8	8
Deferred Revenue
Changes in Other Operating Activities	-56.9	-20.7	-55.4	-25.8	-22.7	-4.9	-36.5	187.1	39.8	47.1	2.4
Due from Related Parties
Prepaid Income Taxes
Prepaid and Other Assets
Other Non-Current Assets
Payable to Related Parties
Long-Term Operating Lease Liabilities
Other Non-Current Liabilities
Other
Cash from Operating Activities	1,517.9	1,501.6	1,236	1,095.4	936.1	811.1	709.5	612.8	404.2	442.4	321.2
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-41.1	-33.8	-22.8	-13.6	-13.5	-21.8	-29.1	-30.3	-33.2	-32.3	-40.7
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	0	—	—	—
Proceeds from the Sale of Capital Equipment
Purchases of Intangible Assets	-88.4	-81.4	-68.1	-59.3	-39.3	-29.1	-24.7	-18.7	-15.6	-10.3	-8.5
Capitalized Software Development Costs
Purchases of Investments	—	—	—	—	—	—	—	—	—	—	—
Purchase of Investments
Proceeds from Sale of Investments	—	—	—	—	—	—	—	—	0.8	—	6.7
Proceeds from Sales of Investments
Proceeds from Redemption of Short-Term Investments
Payments for Business Acquisitions	—	-27.5	-727.3	—	-955.5	—	-18.2	—	—	-0.1	-6.5
Cash Paid for Acquisitions, Net of Cash Acquired
Acquisition of Assets, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	83.8	—	0.7	0.1
Proceeds from Divestitures
Other Investing Activities	-0.8	-1.7	-1.2	-6.4	-27.4	-190.8	0	—	—	—	—
Cash Deposited with Related Parties
Other
Acquisition of Equity Method Investment
Cash from Investing Activities	-130.3	-144.3	-819.4	-79.3	-1,035.7	-241.8	-71.9	34.9	-48	-42	-48.9
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	2,151.9	556.9	—	355	1,803.8	1,405	1,000	500	—	500	800
Proceeds from Borrowings, Net of Discount
Repayments of Long-Term Debt	-1,121.9	-559.1	-8.8	-7.2	-1,051.8	-1,142.4	-513.1	—	—	—	—
Repayment of Borrowings
Repayment of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	1,030	-2.2	-8.8	347.8	751.9	262.6	486.9	500	—	500	800
Issuance of Common Shares	—	—	—	—	—	—	3.2	0.6	2.6	5	3.6
Proceeds from Public Offering of Common Stock, Net of Underwriting Discount and Other Direct Costs
Proceeds from Initial Public Offering of Common Stock, Net of Underwriting Discount and Other Direct Costs
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	-1,951.5	-885.3	-504.2	-1,397.5	-198.4	-778.5	-292.1	-949.9	-150.5	-774.6	-700.7
Repurchase of Common Stock Held in Treasury
Net Issuance / (Repurchases) of Common Shares	-1,951.5	-885.3	-504.2	-1,397.5	-198.4	-778.5	-288.8	-949.3	-147.8	-769.5	-697.1
Common Share Dividends Paid	-546.5	-509.1	-441	-372.9	-302.4	-246.4	-222.9	-170.9	-119.7	-96.2	-87.7
Payment of Dividends
Other Financing Activities	-26.9	-5.7	—	-2.8	-21.6	-16.7	-11.8	-6.3	—	-7.2	-10.5
Excess Tax Benefits from Share-Based Compensation
Expenses Related to Initial Public Offering
Payment of Debt Issuance Costs
Payment of Contingent Consideration and Deferred Purchase Price from Acquisitions
Cash from Financing Activities	-1,488.4	-1,402.3	-953.9	-1,425.4	229.5	-779	-36.7	-626.5	-267.5	-372.9	4.7
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	1,476.8	1,467.9	1,213.3	1,081.8	922.6	789.3	680.4	582.5	371	410.1	280.6
NOPAT	1,378.4	1,250.1	1,161.6	1,007.2	907.5	775.9	706	553.8	377.5	329.9	265.8
Levered Free Cash Flow	2,474.9	1,342	1,428.3	1,334.5	1,757.9	1,062.9	1,151	1,254.9	454.8	909.7	1,093.2
Unlevered Free Cash Flow	1,600.2	1,485.1	1,450.1	1,123.3	1,187.5	974.4	806.5	800.9	528.3	478.8	335.3
Net Change in Cash	-100.8	-44.9	-537.3	-409.3	129.9	-209.7	600.9	21.2	88.6	27.4	277.1