MSCI (MSCI) FY2017 results: revenue $1.3 billion, up 10.7% on the year
MSCI Inc. (MSCI) reported revenue of $1.3 billion for fiscal 2017, the year ended 31 December 2017, up 10.7% on the year before. Net income was $304 million, up 16.5%, and diluted earnings per share $3.31. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2018.
Revenue
$1.3 billion
+10.7% on the year
FY2011FY2017
Operating margin
45.5%
42.4% a year earlier
FY2011FY2017
Net income
$304 million
+16.5% on the year
FY2011FY2017
Diluted EPS
$3.31
+22.6% on the year
FY2011FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,274
1,151
1,075
+10.7%
Cost of revenue
274
252
268
+8.6%
Gross profit
1,000
899
807
+11.3%
Gross margin
78.5%
78.1%
75.1%
Research and development
75.9
75.2
77.3
+0.9%
Operating income
579
488
404
+18.7%
Operating margin
45.5%
42.4%
37.6%
Interest expense
116
102
62.4
+14.2%
Pre-tax income
467
386
350
+21.0%
Income tax
163
125
120
+30.3%
Effective tax rate
34.9%
32.4%
34.2%
Net income
304
261
224
+16.5%
Net margin
23.9%
22.7%
20.8%
Diluted EPS
$3.31
$2.70
$2.03
+22.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
404
442
321
-8.6%
Capital expenditure
33.2
32.3
40.7
+2.8%
Free cash flow
371
410
281
-9.5%
Free cash flow margin
29.1%
35.6%
26.1%
Cash from investing
-48.0
-42.0
-48.9
Cash from financing
-268
-373
4.7
Depreciation and amortisation
35.4
34.3
30.9
+3.3%
Share-based compensation
36.6
32.0
28.6
+14.3%
Buybacks
150
775
701
-80.6%
Dividends paid
120
96.2
87.7
+24.5%
Dividend per share
$1.32
$1.00
$0.80
+32.0%
Diluted shares, weighted
92m
97m
110m
-4.8%
Shares outstanding at period end
90m
91m
101m
-1.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
401
318
901
+26.3%
Debt
2,078
2,075
1,579
+0.1%
Other liabilities
797
690
666
+15.5%
Total liabilities and equity
3,276
3,083
3,147
+6.3%
Fixed assets
94.4
95.6
98.9
-1.2%
Goodwill
1,561
1,556
1,566
+0.3%
Intangible assets
322
348
391
-7.4%
Cash and equivalents
890
792
778
+12.3%
Receivables
328
222
208
+47.9%
Other assets
81.7
70.2
105
+16.4%
Total assets
3,276
3,083
3,147
+6.3%
10-K for the year ended 31 December 2017, filed 26 February 2018: the filing.