MSCI Inc.

NYSE-MSCI

Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	592.3	586.4	522.7	663	485.6	431.6
Net Income
Depreciation & Amortization	109.9	106.8	99.5	86.2	73.1	72.8
Amortization of Intangible Assets
Depreciation and Amortization of Property, Equipment and Leasehold Improvements
Amortization of Right of Use Assets
Share-Based Compensation Expense	63.2	41.5	53.7	34.4	37.2	23.7
Stock-Based Compensation Expense
Other Adjustments	24.4	-25.3	43.5	-142.6	-3.3	60.6
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
Excess Tax Benefits from Share-Based Compensation
Other Adjustments
Changes in Trade Receivables	36.6	-115	125.3	-200.5	51	-76.8
Accounts Receivable
Changes in Accounts Payable	-3.8	2.3	2.6	1.8	-7.9	6.2
Accounts Payable
Changes in Accrued Expenses	-71.5	97.7	-81.7	89.4	-62.7	78.8
Accrued Compensation and Related Benefits
Other Accrued Liabilities
Changes in Income Taxes Payable	20	14	2.1	11.2	3.5	-30.9
Income Taxes Payable
Changes in Unearned Revenue	-79.7	106.2	-60.1	148.5	23.4	75.5
Deferred Revenue
Changes in Other Operating Activities	-53.5	37.6	-58.3	-11.3	-44.1	-3.1
Prepaid Income Taxes
Prepaid and Other Assets
Other Non-Current Assets
Long-Term Operating Lease Liabilities
Other Non-Current Liabilities
Other
Cash from Operating Activities	637.9	852.2	649.4	680.1	555.9	638.5
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-22.9	-20.9	-12.9	-7.4	-15.4	-8.9
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from the Sale of Capital Equipment
Purchases of Intangible Assets	-44.5	-42.7	-38.7	-35.4	-32.7	-29.6
Capitalized Software Development Costs
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Sales of Investments
Payments for Business Acquisitions	—	—	-27.5	-727.3	—	—
Cash Paid for Acquisitions, Net of Cash Acquired
Acquisition of Assets, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from Divestitures
Other Investing Activities	-0	-1.2	-0.4	-0.8	-0.4	-6.5
Other
Acquisition of Equity Method Investment
Cash from Investing Activities	-67.5	-64.8	-79.5	-770.9	-48.4	-44.9
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Long-Term Debt	215	220	336.9	—	—	—
Proceeds from Borrowings, Net of Discount
Repayments of Long-Term Debt	-214.9	-220	-339.1	-4.4	-4.4	-2.2
Repayment of Borrowings
Net Issuance / (Repayments) of Long-Term Debt	0.1	—	-2.2	-4.4	-4.4	-2.2
Issuance of Common Shares	4.3	—	—	—	—	—
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	-351.6	-573.6	-311.7	-18.8	-485.4	-239
Repurchase of Common Stock Held in Treasury
Net Issuance / (Repurchases) of Common Shares	-347.3	-573.6	-311.7	-18.8	-485.4	-239
Common Share Dividends Paid	-283.5	-250.9	-258.2	-218.7	-222.3	-201
Payment of Dividends
Other Financing Activities	-12.1	-2	-3.7	—	—	-0.3
Excess Tax Benefits from Share-Based Compensation
Payment of Debt Issuance Costs
Payment of Contingent Consideration and Deferred Purchase Price from Acquisitions
Cash from Financing Activities	-642.8	-826.4	-575.9	-241.9	-712.1	-442.4
Net Cash Provided by Financing Activities