MSCI (MSCI) FY2014 results: revenue $997 million, up 9.1% on the year
MSCI Inc. (MSCI) reported revenue of $997 million for fiscal 2014, the year ended 31 December 2014, up 9.1% on the year before. Net income was $284 million, up 27.7%, and diluted earnings per share $2.43. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$997 million
+9.1% on the year
FY2011FY2014
Operating margin
33.8%
37.3% a year earlier
FY2011FY2014
Net income
$284 million
+27.7% on the year
FY2011FY2014
Diluted EPS
$2.43
+32.8% on the year
FY2011FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
997
913
827
+9.1%
Cost of revenue
277
241
230
+14.9%
Gross profit
720
673
597
+7.0%
Gross margin
72.2%
73.6%
72.2%
Research and development
71.1
61.0
n/a
+16.5%
Selling, general and administrative
279
232
212
+20.2%
Operating income
337
340
318
-0.9%
Operating margin
33.8%
37.3%
38.5%
Interest expense
31.8
26.3
56.4
+21.1%
Pre-tax income
308
313
261
-1.4%
Income tax
109
113
96.0
-3.1%
Effective tax rate
35.5%
36.1%
36.8%
Net income
284
223
184
+27.7%
Net margin
28.5%
24.4%
22.3%
Diluted EPS
$2.43
$1.83
$1.48
+32.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
306
321
347
-4.8%
Capital expenditure
42.7
40.3
44.9
+6.0%
Free cash flow
263
281
302
-6.4%
Free cash flow margin
26.4%
30.8%
36.5%
Cash from investing
297
4.1
-94.4
+7,107.9%
Cash from financing
-442
-147
-323
Depreciation and amortisation
25.9
22.3
18.7
+16.3%
Share-based compensation
26.6
25.0
25.3
+6.3%
Buybacks
410
112
106
+265.2%
Dividends paid
20.4
n/a
n/a
Dividend per share
$0.18
n/a
n/a
Diluted shares, weighted
117m
121m
123m
-3.6%
Shares outstanding at period end
112m
118m
120m
-5.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,433
1,564
1,414
-8.4%
Debt
788
810
858
-2.7%
Other liabilities
661
760
748
-13.0%
Total liabilities and equity
2,883
3,135
3,020
-8.0%
Fixed assets
94.1
85.6
67.4
+9.9%
Goodwill
1,565
1,813
1,798
-13.7%
Intangible assets
434
596
641
-27.2%
Investments
n/a
0.0
70.9
Cash and equivalents
509
358
183
+42.0%
Receivables
179
169
154
+5.4%
Other assets
102
112
106
-8.7%
Total assets
2,883
3,135
3,020
-8.0%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.