MSCI Inc 10-Q for FY2024 Q2

MSCI Inc. (MSCI)

10-Q 2024-07-23 For: 2024-06-30

Added on April 12, 2026

About this 10-Q

MSCI Inc filed this 10-Q on July 23, 2024, covering the quarter ended June 30, 2024 (FY2024 Q2).

Headline figures

Quarter ended June 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $707.95M; up 14.0% from $621.16M a year earlier
Net income: $266.76M; up 8.1% from net income of $246.83M a year earlier
Diluted EPS: $3.37; up 9.1% from $3.09 a year earlier

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Delaware						13-4038723
(State or other jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

7 World Trade Center 250 Greenwich Street, 49th Floor New York, New York						10007
(Address of Principal Executive Offices)						(Zip Code)


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o


		Page
	Part I – Financial Information
Item 1.	Financial Statements	4
	Condensed Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023	4
	Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023	5
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023	6
	Condensed Consolidated Statements of Shareholders' Equity (Deficit) for the three and six months ended June 30, 2024 and 2023	7
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	8
	Notes to Condensed Consolidated Financial Statements	9
	1. Introduction and Basis of Presentation	9
	2. Recent Accounting Pronouncements	10
	3. Revenue Recognition	10
	4. Earnings Per Common Share	11
	5. Acquisitions	12
	6. Property, Equipment and Leasehold Improvements, Net	15
	7. Goodwill and Intangible Assets, Net	15
	8. Debt	16
	9. Leases	18
	10. Shareholders' Equity (Deficit)	19
	11. Income Taxes	20
	12. Segment Information	20
	13. Subsequent Events	23
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	45

	Part II – Other Information
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 5.	Other Information	46
Item 6.	Exhibits	47


	As of
	June 30,		December 31,
(unaudited)	2024		2023
ASSETS
Current assets:
Cash and cash equivalents (includes restricted cash of $3,883 and $3,878 at June 30, 2024 and December 31, 2023, respectively)	$	451,401	$	461,693
Accounts receivable (net of allowances of $4,476 and $3,968 at June 30, 2024 and December 31, 2023, respectively)	709,487		839,555
Prepaid income taxes	98,611		59,002
Prepaid and other assets	55,553		57,903
Total current assets	1,315,052		1,418,153

Property, equipment and leasehold improvements, net	63,974		55,920
Right of use assets	129,542		115,243
Goodwill	2,909,415		2,887,692
Intangible assets, net	949,166		956,234
Deferred tax assets	40,213		41,074
Other non-current assets	49,471		43,903
Total assets	$	5,456,833	$	5,518,219


LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	12,922	$	9,812
Income taxes payable	24,919		24,709
Accrued compensation and related benefits	129,978		219,456
Current portion of long-term debt	—		10,902
Other accrued liabilities	190,626		168,282
Deferred revenue	1,017,997		1,083,864
Total current liabilities	1,376,442		1,517,025

Long-term debt	4,508,730		4,496,826
Long-term operating lease liabilities	130,559		120,134
Deferred tax liabilities	69,684		27,028
Other non-current liabilities	105,901		96,970
Total liabilities	6,191,316		6,257,983


Commitments and Contingencies (see Note 8)

Shareholders’ equity (deficit):
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued)	—		—
Common stock (par value $0.01; 750,000,000 common shares authorized; 134,075,817 and 133,817,332 common shares issued and 78,749,685 and 79,091,212 common shares outstanding at June 30, 2024 and December 31, 2023, respectively)	1,341		1,338
Treasury shares, at cost (55,326,132 and 54,726,120 common shares held at June 30, 2024 and December 31, 2023, respectively)	(6,759,019)		(6,447,101)
Additional paid in capital	1,642,385		1,587,670
Retained earnings	4,445,645		4,179,681
Accumulated other comprehensive loss	(64,835)		(61,352)
Total shareholders’ equity (deficit)	(734,483)		(739,764)

Total liabilities and shareholders’ equity (deficit)	$	5,456,833	$	5,518,219


	Three Months Ended June 30,				Six Months Ended June 30,
(unaudited)	2024		2023		2024		2023
Operating revenues	$	707,949	$	621,157	$	1,387,914	$	1,213,375

Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)	128,109		110,066		256,623		218,713
Selling and marketing	71,454		67,988		143,622		134,463
Research and development	41,073		30,140		81,598		61,463
General and administrative	39,706		35,657		96,397		76,701
Amortization of intangible assets	40,773		26,154		79,377		50,821
Depreciation and amortization of property, equipment and leasehold improvements	4,226		5,199		8,307		10,659
Total operating expenses	325,341		275,204		665,924		552,820


Operating income	382,608		345,953		721,990		660,555

Interest income	(6,110)		(10,403)		(12,158)		(20,765)
Interest expense	46,633		46,617		93,307		92,823
Other expense (income)	2,091		2,581		4,954		4,967

Other expense (income), net	42,614		38,795		86,103		77,025


Income before provision for income taxes	339,994		307,158		635,887		583,530
Provision for income taxes	73,236		60,333		113,175		97,977
Net income	$	266,758	$	246,825	$	522,712	$	485,553


Earnings per share:
Basic	$	3.37	$	3.10	$	6.60	$	6.08
Diluted	$	3.37	$	3.09	$	6.59	$	6.05

Weighted average shares outstanding:
Basic	79,085		79,592		79,140		79,815
Diluted	79,245		79,905		79,377		80,193


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(unaudited)	Common Stock		Treasury Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance at December 31, 2023	$	1,338	$	(6,447,101)	$	1,587,670	$	4,179,681	$	(61,352)	$	(739,764)
Net income							255,954				255,954
Dividends declared ($1.60 per common share)							(129,444)				(129,444)
Dividends paid in shares					74						74
Other comprehensive income (loss), net of tax									(2,205)		(2,205)
Common stock issued	3										3
Shares withheld for tax withholding			(69,991)								(69,991)
Compensation payable in common stock					34,894						34,894
Common stock repurchased and held in treasury											—
Common stock issued to Directors and (held in)/released from treasury			(38)								(38)
Balance at March 31, 2024	1,341		(6,517,130)		1,622,638		4,306,191		(63,557)		(650,517)

Net income							266,758				266,758
Dividends declared ($1.60 per common share)							(127,304)				(127,304)
Dividends paid in shares					40						40
Other comprehensive income (loss), net of tax									(1,278)		(1,278)
Common stock issued											—
Shares withheld for tax withholding			(200)								(200)
Compensation payable in common stock					19,707						19,707
Common stock repurchased and held in treasury			(243,035)								(243,035)
Common stock issued to Directors and (held in)/released from treasury			1,346								1,346
Balance at June 30, 2024	$	1,341	$	(6,759,019)	$	1,642,385	$	4,445,645	$	(64,835)	$	(734,483)








































Balance at December 31, 2022	$	1,336	$	(5,938,116)	$	1,515,874	$	3,473,192	$	(60,211)	$	(1,007,925)
Net income							238,728				238,728
Dividends declared ($1.38 per common share)							(111,986)				(111,986)
Dividends paid in shares					44						44
Other comprehensive income (loss), net of tax									2,775		2,775
Common stock issued	2										2
Shares withheld for tax withholding			(43,960)								(43,960)
Compensation payable in common stock					20,988						20,988
Common stock repurchased and held in treasury											—
Common stock issued to Directors and (held in)/released from treasury			(30)								(30)
Balance at March 31, 2023	1,338		(5,982,106)		1,536,906		3,599,934		(57,436)		(901,364)

Net income							246,825				246,825
Dividends declared ($1.38 per common share)							(110,383)				(110,383)
Dividends paid in shares	—				33						33
Other comprehensive income (loss), net of tax									791		791
Common stock issued	—										—
Shares withheld for tax withholding			(611)								(611)
Compensation payable in common stock					16,426						16,426
Common stock repurchased and held in treasury			(444,655)								(444,655)
Common stock issued to Directors and (held in)/released from treasury			(730)								(730)
Balance at June 30, 2023	$	1,338	$	(6,428,102)	$	1,553,365	$	3,736,376	$	(56,645)	$	(1,193,668)


(in thousands)	Amount
Balance as of December 31, 2022	$	2,652
Addition to credit loss expense	2,196
Write-offs, net of recoveries	(880)
Balance as of December 31, 2023	$	3,968

Addition to credit loss expense	1,611
Write-offs, net of recoveries	(1,103)
Balance as of June 30, 2024	$	4,476


	For the Three Months Ended June 30, 2024
	Segments
(in thousands)	Index		Analytics		ESG and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	217,032	$	162,128	$	78,000	$	64,309	$	521,469
Asset-based fees	163,281		—		—		—		163,281
Non-recurring	16,879		3,867		1,855		598		23,199
Total	$	397,192	$	165,995	$	79,855	$	64,907	$	707,949


	For the Six Months Ended June 30, 2024
	Segments
(in thousands)	Index		Analytics		ESG and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	429,984	$	322,679	$	154,418	$	127,443	$	1,034,524
Asset-based fees	313,540		—		—		—		313,540
Non-recurring	27,540		7,282		3,321		1,707		39,850
Total	$	771,064	$	329,961	$	157,739	$	129,150	$	1,387,914


	For the Three Months Ended June 30, 2023
	Segments
(in thousands)	Index		Analytics		ESG and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	200,714	$	147,504	$	70,047	$	37,427	$	455,692
Asset-based fees	138,162		—		—		—		138,162
Non-recurring	23,440		2,377		1,172		314		27,303
Total	$	362,316	$	149,881	$	71,219	$	37,741	$	621,157


	For the Six Months Ended June 30, 2023
	Segments
(in thousands)	Index		Analytics		ESG and Climate		All Other - Private Assets		Total
Operating Revenue Types
Recurring subscriptions	$	397,392	$	292,007	$	135,779	$	75,761	$	900,939
Asset-based fees	271,288		—		—		—		271,288
Non-recurring	33,018		4,944		2,498		688		41,148
Total	$	701,698	$	296,951	$	138,277	$	76,449	$	1,213,375


(in thousands)	Accounts receivable, net of allowances		Deferred revenue
Opening (December 31, 2023)	$	839,555	$	1,083,864
Closing (June 30, 2024)	709,487		1,017,997
Increase/(decrease)	$	(130,068)	$	(65,867)


	Three Months Ended June 30,				Six Months Ended June 30,
(unaudited)	2024		2023		2024		2023
Net income	$	266,758	$	246,825	$	522,712	$	485,553
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,255)		2,516		(3,797)		6,878
Income tax effect	(117)		(323)		212		(1,431)
Foreign currency translation adjustments, net	(1,372)		2,193		(3,585)		5,447


Pension and other post-retirement adjustments	85		(1,581)		106		(2,094)
Income tax effect	9		179		(4)		213
Pension and other post-retirement adjustments, net	94		(1,402)		102		(1,881)

Other comprehensive income (loss), net of tax	(1,278)		791		(3,483)		3,566

Comprehensive income	$	265,480	$	247,616	$	519,229	$	489,119


	As of
	June 30,
(in thousands)	2024
First 12-month period	$	879,064
Second 12-month period	551,575
Third 12-month period	272,953
Periods thereafter	175,858
Total	$	1,879,450


(in thousands, except weighted average amortization period of intangible asset)	Trove		Fabric		Foxberry
Acquisition Date	November 1, 2023		January 2, 2024		April 16, 2024

Cash payments	$	37,473	$	7,959	$	20,945
Deferred payments	—		—		2,529
Contingent consideration liability	—		8,146		19,094
Aggregate purchase price	$	37,473	$	16,105	$	42,568


Net tangible assets acquired (liabilities assumed)	$	(4,787)	$	(226)	$	1,748
Intangible assets	7,705		11,300		22,500
Goodwill	34,555		5,031		18,320
Aggregate purchase price	$	37,473	$	16,105	$	42,568


Weighted average amortization period of intangible assets (years)	13.0		9.1		7.9


	June 30, 2024						December 31, 2023
(in thousands)	Gross intangible assets:		Accumulated amortization:		Net intangible assets:		Gross intangible assets:		Accumulated amortization:		Net intangible assets:
Customer relationships	$	715,165	$	(359,623)	$	355,542	$	709,299	$	(340,248)	$	369,051
Proprietary data	452,232		(84,858)		367,374		452,543		(64,694)		387,849
Acquired technology and software	256,967		(191,957)		65,010		228,785		(185,583)		43,202
Trademarks	209,090		(176,730)		32,360		209,090		(171,715)		37,375
Internally developed capitalized software	274,914		(146,034)		128,880		237,060		(118,303)		118,757
Total	$	1,908,368	$	(959,202)	$	949,166	$	1,836,777	$	(880,543)	$	956,234


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net income	$	266,758	$	246,825	$	522,712	$	485,553

Basic weighted average common shares outstanding	79,085		79,592		79,140		79,815
Effect of dilutive securities:
PSUs, RSUs and PSOs	160		313		237		378
Diluted weighted average common shares outstanding	79,245		79,905		79,377		80,193


Earnings per common share:
Basic	$	3.37	$	3.10	$	6.60	$	6.08
Diluted	$	3.37	$	3.09	$	6.59	$	6.05


(in thousands)	Estimated Useful Life	Fair Value
Cash and cash equivalents		$	5,397
Accounts receivable		25,839
Prepaid Income Taxes		30
Other current assets		4,178
Property, equipment and leasehold improvements, net		670
Right of use assets		3,443
Other non-current assets		471
Deferred revenue		(21,479)
Other current liabilities		(13,412)
Long-term operating lease liabilities		(2,525)


Intangible assets:
Proprietary data	11 years	229,900
Customer relationships	21 years	179,900
Acquired technology and software	3 years	19,000
Trademarks	1 year	900
Goodwill		617,622
Net assets acquired		$	1,049,934


Years Ending December 31, (in thousands)	Amortization Expense
Remainder of 2024	$	83,804
2025	144,112
2026	108,685
2027	77,707
2028	69,711
Thereafter	465,147
Total	$	949,166


		Principal Amount Outstanding at		Carrying Value at		Carrying Value at		Fair Value at		Fair Value at
(in thousands)	Maturity Date	June 30, 2024		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Debt
4.000% senior unsecured notes due 2029	November 15, 2029	$	1,000,000	$	994,182	$	993,637	$	933,350	$	941,090
3.625% senior unsecured notes due 2030	September 1, 2030	900,000		895,918		895,587		809,514		815,526
3.875% senior unsecured notes due 2031	February 15, 2031	1,000,000		992,708		992,161		899,970		914,360
3.625% senior unsecured notes due 2031	November 1, 2031	600,000		595,181		594,852		526,722		529,458
3.250% senior unsecured notes due 2033	August 15, 2033	700,000		693,866		693,532		578,998		586,509
Variable rate Tranche A Term Loans due 2027	February 16, 2027	—		—		337,959		—		337,367
Variable rate revolving loan commitments(1)	January 26, 2029	336,875		336,875		—		335,191		—
Total debt		$	4,536,875	$	4,508,730	$	4,507,728	$	4,083,745	$	4,124,310


Maturity of Principal Debt Payments (in thousands)	Amounts
Remainder of 2024	$	—
2025	—
2026	—
2027	—
2028	—
Thereafter	4,536,875
Total debt	$	4,536,875


Maturity of Lease Liabilities	Operating
(in thousands)	Leases
Remainder of 2024	$	14,657
2025	32,290
2026	30,121
2027	23,930
2028	23,176
Thereafter	52,778
Total lease payments	$	176,952

Less: Interest	(21,202)
Present value of lease liabilities	$	155,750


Other accrued liabilities	$	25,191
Long-term operating lease liabilities	$	130,559


Six months ended (in thousands, except per share data)	Average Price Paid Per Share		Total Number of Shares Repurchased	Dollar Value of Shares Repurchased(1)
June 30, 2024	$	483.79	499	$	241,518
June 30, 2023	$	468.31	941	$	440,847


	Dividends
(in thousands, except per share data)	Per Share		Declared		Distributed		(Released)/Deferred
2024
Three Months Ended March 31,	$	1.60	$	129,444	$	131,378	$	(1,934)
Three Months Ended June 30,	1.60		127,304		126,958		346


Total	$	3.20	$	256,748	$	258,336	$	(1,588)

2023
Three Months Ended March 31,	$	1.38	$	111,986	$	112,189	$	(203)
Three Months Ended June 30,	1.38		110,383		110,147		236


Total	$	2.76	$	222,369	$	222,336	$	33


	Common Stock	Treasury	Common Stock
	Issued	Stock	Outstanding
Balance at December 31, 2023	133,817,332	(54,726,120)	79,091,212
Dividend payable/paid	61	—	61
Common stock issued	252,637	—	252,637
Shares withheld for tax withholding	—	(119,861)	(119,861)
Shares repurchased under stock repurchase programs	—	—	—
Shares issued to directors	67	(67)	—
Balance at March 31, 2024	134,070,097	(54,846,048)	79,224,049

Dividend payable/paid	—	—	—
Common stock issued	779	—	779
Shares withheld for tax withholding	—	(359)	(359)
Shares repurchased under stock repurchase programs	—	(499,224)	(499,224)
Shares issued to directors	4,941	19,499	24,440
Balance at June 30, 2024	134,075,817	(55,326,132)	78,749,685


	Three Months Ended June 30,				% Change		Six Months Ended June 30,				% Change
(in thousands)	2024		2023				2024		2023
Recurring subscriptions	$	521,469	$	455,692	14.4	%	$	1,034,524	$	900,939	14.8	%
Asset-based fees	163,281		138,162		18.2	%	313,540		271,288		15.6	%
Non-recurring	23,199		27,303		(15.0	%)	39,850		41,148		(3.2	%)
Total operating revenues	$	707,949	$	621,157	14.0	%	$	1,387,914	$	1,213,375	14.4	%


	Period Ended
	2023								2024
(in billions)	March 31,		June 30,		September 30,		December 31,		March 31,		June 30,
AUM in ETFs linked to MSCI equity indexes(1), (2)	$	1,305.4	$	1,372.5	$	1,322.8	$	1,468.9	$	1,582.6	$	1,631.9
Sequential Change in Value
Market Appreciation/(Depreciation)	$	75.1	$	48.4	$	(56.1)	$	130.5	$	92.8	$	21.2
Cash Inflows	7.4		18.7		6.4		15.6		20.9		28.1
Total Change	$	82.5	$	67.1	$	(49.7)	$	146.1	$	113.7	$	49.3


	As of				% Change
(in thousands)	June 30, 2024		June 30, 2023
Index:
Recurring subscriptions	$	891,633	$	818,780	8.9	%
Asset-based fees	646,811		557,414		16.0	%
Index total	1,538,444		1,376,194		11.8	%


Analytics	674,609		631,218		6.9	%

ESG and Climate	333,683		291,802		14.4	%

All Other - Private Assets	260,556		150,587		73.0	%

Total Run Rate	$	2,807,292	$	2,449,801	14.6	%


Recurring subscriptions total	$	2,160,481	$	1,892,387	14.2	%
Asset-based fees	646,811		557,414		16.0	%
Total Run Rate	$	2,807,292	$	2,449,801	14.6	%


	Three Months Ended				% Change		Six Months Ended				% Change
(in thousands)	June 30, 2024		June 30, 2023				June 30, 2024		June 30, 2023
New recurring subscription sales
Index	$	31,297	$	31,088	0.7	%	$	54,810	$	56,178	(2.4	%)
Analytics	21,269		18,290		16.3	%	35,357		31,964		10.6	%
ESG and Climate	18,557		13,887		33.6	%	30,028		26,373		13.9	%
All Other - Private Assets	11,654		4,815		142.0	%	19,918		9,958		100.0	%
New recurring subscription sales total	82,777		68,080		21.6	%	140,113		124,473		12.6	%


Subscription cancellations
Index	(10,312)		(8,133)		26.8	%	(25,014)		(15,215)		64.4	%
Analytics	(6,900)		(7,368)		(6.4	%)	(17,694)		(16,551)		6.9	%
ESG and Climate	(4,570)		(2,057)		122.2	%	(11,921)		(4,692)		154.1	%
All Other - Private Assets	(5,580)		(2,625)		112.6	%	(10,502)		(5,481)		91.6	%
Subscription cancellations total	(27,362)		(20,183)		35.6	%	(65,131)		(41,939)		55.3	%


Net new recurring subscription sales
Index	20,985		22,955		(8.6	%)	29,796		40,963		(27.3	%)

Analytics	14,369		10,922		31.6	%	17,663		15,413		14.6	%

ESG and Climate	13,987		11,830		18.2	%	18,107		21,681		(16.5	%)

All Other - Private Assets	6,074		2,190		177.4	%	9,416		4,477		110.3	%

Net new recurring subscription sales total	55,415		47,897		15.7	%	74,982		82,534		(9.2	%)


Non-recurring sales
Index	17,993		26,904		(33.1	%)	30,804		39,686		(22.4	%)
Analytics	4,057		4,158		(2.4	%)	6,519		5,528		17.9	%
ESG and Climate	2,835		1,315		115.6	%	4,507		2,534		77.9	%
All Other - Private Assets	752		594		26.6	%	1,841		807		128.1	%
Non-recurring sales total	25,637		32,971		(22.2	%)	43,671		48,555		(10.1	%)


Gross sales
Index	$	49,290	$	57,992	(15.0	%)	$	85,614	$	95,864	(10.7	%)

Analytics	25,326		22,448		12.8	%	41,876		37,492		11.7	%

ESG and Climate	21,392		15,202		40.7	%	34,535		28,907		19.5	%

All Other - Private Assets	12,406		5,409		129.4	%	21,759		10,765		102.1	%

Total gross sales	$	108,414	$	101,051	7.3	%	$	183,784	$	173,028	6.2	%


Net sales
Index	$	38,978	$	49,859	(21.8	%)	$	60,600	$	80,649	(24.9	%)

Analytics	18,426		15,080		22.2	%	24,182		20,941		15.5	%

ESG and Climate	16,822		13,145		28.0	%	22,614		24,215		(6.6	%)

All Other - Private Assets	6,826		2,784		145.2	%	11,257		5,284		113.0	%

Total net sales	$	81,052	$	80,868	0.2	%	$	118,653	$	131,089	(9.5	%)


six months ended (in thousands except per share data)	Average Price Paid Per Share		Total Number of Shares Repurchased	Dollar Value of Shares Repurchased(1)
June 30, 2024	$	483.79	499	$	241,518
June 30, 2023	$	468.31	941	$	440,847


Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share(2)		Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(3)
April 1, 2024 - April 30, 2024	6,924	$	471.71	6,804	$	842,467,000
May 1, 2024 - May 31, 2024	206,185	$	479.20	204,634	$	744,393,000
June 1, 2024 - June 30, 2024	287,954	$	487.31	287,786	$	604,155,000
Total	501,063	$	483.76	499,224	$	604,155,000


	Exhibit Number	Description

	3.1	Third Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Company’s Form 10-Q (File No. 001-33812), filed with the SEC on May 4, 2012 and incorporated by reference herein)

	3.2	Amended and Restated Bylaws (filed as Exhibit 3.2 to the Company’s Form 10-K (File No. 001-33812), filed with the SEC on February 9, 2024 and incorporated by reference herein)

*†	10.1	Form of Award Agreement for Restricted Stock Units for Directors Under the MSCI Inc. 2016 Non-Employee Directors Compensation Plan

*	31.1	Rule 13a-14(a) Certification of the Chief Executive Officer

*	31.2	Rule 13a-14(a) Certification of the Chief Financial Officer

**	32.1	Section 1350 Certification of the Chief Executive Officer and the Chief Financial Officer

*	101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

*	101.SCH	Inline XBRL Taxonomy Extension Schema Document

*	101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

*	101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

*	101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

*	101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document

*	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


			MSCI INC. (Registrant)

			By:			/s/ Andrew C. Wiechmann
						Andrew C. Wiechmann Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)


			/s/ Henry A. Fernandez
			Henry A. Fernandez
			Chairman and Chief Executive Officer
			(Principal Executive Officer)


			/s/ Andrew C. Wiechmann
			Andrew C. Wiechmann
			Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)


/s/ Henry A. Fernandez						/s/ Andrew C. Wiechmann
Henry A. Fernandez Chairman and Chief Executive Officer (Principal Executive Officer)						Andrew C. Wiechmann Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)