MSCI (MSCI) FY2016 results: revenue $1.2 billion, up 7.0% on the year
MSCI Inc. (MSCI) reported revenue of $1.2 billion for fiscal 2016, the year ended 31 December 2016, up 7.0% on the year before. Net income was $261 million, up 16.6%, and diluted earnings per share $2.70. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$1.2 billion
+7.0% on the year
FY2011FY2016
Operating margin
42.4%
37.6% a year earlier
FY2011FY2016
Net income
$261 million
+16.6% on the year
FY2011FY2016
Diluted EPS
$2.70
+33.0% on the year
FY2011FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,151
1,075
997
+7.0%
Cost of revenue
252
268
277
-5.8%
Gross profit
899
807
720
+11.3%
Gross margin
78.1%
75.1%
72.2%
Research and development
75.2
77.3
71.1
-2.7%
Selling, general and administrative
n/a
n/a
279
Operating income
488
404
337
+20.8%
Operating margin
42.4%
37.6%
33.8%
Interest expense
102
62.4
31.8
+62.9%
Pre-tax income
386
350
308
+10.4%
Income tax
125
120
109
+4.7%
Effective tax rate
32.4%
34.2%
35.5%
Net income
261
224
284
+16.6%
Net margin
22.7%
20.8%
28.5%
Diluted EPS
$2.70
$2.03
$2.43
+33.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
442
321
306
+37.7%
Capital expenditure
32.3
40.7
42.7
-20.6%
Free cash flow
410
281
263
+46.1%
Free cash flow margin
35.6%
26.1%
26.4%
Cash from investing
-42.0
-48.9
297
Cash from financing
-373
4.7
-442
Depreciation and amortisation
34.3
30.9
25.9
+11.1%
Share-based compensation
32.0
28.6
26.6
+12.1%
Buybacks
775
701
410
+10.5%
Dividends paid
96.2
87.7
20.4
+9.6%
Dividend per share
$1.00
$0.80
$0.18
+25.0%
Diluted shares, weighted
97m
110m
117m
-12.2%
Shares outstanding at period end
91m
101m
112m
-9.6%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
318
901
1,433
-64.8%
Debt
2,075
1,579
788
+31.4%
Other liabilities
690
666
661
+3.6%
Total liabilities and equity
3,083
3,147
2,883
-2.0%
Fixed assets
95.6
98.9
94.1
-3.4%
Goodwill
1,556
1,566
1,565
-0.6%
Intangible assets
348
391
434
-11.2%
Cash and equivalents
792
778
509
+1.8%
Receivables
222
208
179
+6.4%
Other assets
70.2
105
102
-33.2%
Total assets
3,083
3,147
2,883
-2.0%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.