NYSE$MSCI
MSCI Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
MSCI's Q3 2021 financial results were reported.
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.
Headline financials
Revenue & EPS history
MSCI · Revenue · Quarterly
$517M
Revenue by segment
MSCI · $109M total across 2 segments · Q3 2023
- Sustainability & Climate$73M+26.8%67.0%
- Private Assets$36M+0.3%33.0%
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.
Tailwinds
- 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%
Headwinds
- 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
- Net Cash Provided by Operating Activities decreased from $900 to $940 million to $800 to $840 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
+1.0%
Avg return
Earnings day
+2.4%
Avg return
5 days after
+4.0%
Avg return
30 days after
60%
41 / 68 earnings
Positive
+10.8%
Q2 2023
Best reaction
-15.9%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.2% | +4.5% | +1.1% | |
| Q4 2025 | +4.8% | +7.4% | -1.7% | |
| Q3 2025 | +8.7% | +7.6% | +2.9% | |
| Q2 2025 | -0.3% | +0.1% | +2.8% | |
| Q1 2025 | +0.9% | +0.4% | +5.7% | |
| Q4 2024 | -5.6% | -7.3% | -6.0% | |
| Q3 2024 | -4.4% | -2.9% | +1.6% | |
| Q2 2024 | +5.6% | +6.8% | +11.6% | |
| Q1 2024 | -9.8% | -7.3% | -4.8% | |
| Q4 2023 | +8.7% | +7.6% | +1.8% | |
| Q3 2023 | -2.1% | +3.3% | +8.1% | |
| Q2 2023 | +10.8% | +9.5% | +5.9% | |
| Q1 2023 | -15.9% | -11.4% | -14.3% | |
| Q4 2022 | +9.5% | +12.0% | +2.1% | |
| Q3 2022 | +9.6% | +15.1% | +23.4% | |
| Q2 2022 | +3.3% | +9.8% | +8.5% | |
| Q1 2022 | -9.6% | -8.9% | -6.4% | |
| Q4 2021 | +3.3% | +10.8% | +4.3% | |
| Q3 2021 | -2.3% | +2.0% | -1.4% | |
| Q2 2021 | +2.8% | +3.5% | +8.3% | |
| Q1 2021 | -0.6% | -0.3% | -4.6% | |
| Q4 2020 | +0.5% | +8.1% | +5.4% | |
| Q3 2020 | -2.5% | +0.1% | +15.6% | |
| Q2 2020 | -2.8% | -4.6% | -6.1% | |
| Q1 2020 | +0.9% | -3.5% | -2.7% | |
| Q4 2019 | +1.2% | +6.7% | +4.7% | |
| Q3 2019 | +7.3% | +4.1% | +13.1% | |
| Q2 2019 | -3.1% | -5.7% | +3.3% | |
| Q1 2019 | +1.9% | -0.4% | -1.2% | |
| Q4 2018 | +6.2% | +7.2% | +16.9% | |
| Q3 2018 | -4.2% | -1.7% | +4.5% | |
| Q2 2018 | +2.3% | +6.0% | +10.6% | |
| Q1 2018 | +1.1% | +3.2% | +8.6% | |
| Q4 2017 | +2.4% | -0.2% | +2.9% | |
| Q3 2017 | +7.2% | +7.1% | +9.7% | |
| Q2 2017 | +2.3% | +1.6% | +6.3% | |
| Q1 2017 | -1.8% | -3.7% | +3.0% | |
| Q4 2016 | +9.4% | +10.6% | +14.0% | |
| Q3 2016 | -4.8% | -4.5% | -2.6% | |
| Q2 2016 | +3.0% | +1.5% | +6.5% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | -1.6% | — | — | |
| Q3 2015 | +6.3% | — | — | |
| Q2 2015 | +1.9% | — | — | |
| Q1 2015 | -0.4% | — | — | |
| Q4 2014 | +1.6% | — | — | |
| Q3 2014 | -0.5% | — | — | |
| Q2 2014 | -4.7% | — | — | |
| Q1 2014 | -1.7% | — | — | |
| Q4 2013 | -3.0% | — | — | |
| Q3 2013 | -0.6% | — | — | |
| Q2 2013 | +6.8% | — | — | |
| Q1 2013 | -1.3% | — | — | |
| Q4 2012 | -2.0% | — | — | |
| Q3 2012 | -4.2% | — | — | |
| Q2 2012 | -0.0% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q2 2011 | +0.9% | — | — | |
| Q4 2011 | +0.9% | — | — | |
| Q3 2011 | +1.3% | — | — | |
| Q1 2011 | +2.8% | — | — | |
| Q1 2010 | +2.8% | — | — | |
| Q2 2010 | +1.9% | — | — | |
| Q4 2008 | +1.9% | — | — | |
| Q4 2010 | +1.9% | — | — | |
| Q3 2010 | +2.0% | — | — | |
| Q3 2009 | +2.0% | — | — | |
| Q4 2009 | +2.0% | — | — |
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