MSCI (MSCI) FY2018 results: revenue $1.4 billion, up 12.5% on the year
MSCI Inc. (MSCI) reported revenue of $1.4 billion for fiscal 2018, the year ended 31 December 2018, up 12.5% on the year before. Net income was $508 million, up 67.1%, and diluted earnings per share $5.66. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$1.4 billion
+12.5% on the year
FY2011FY2018
Operating margin
47.9%
45.5% a year earlier
FY2011FY2018
Net income
$508 million
+67.1% on the year
FY2011FY2018
Diluted EPS
$5.66
+71.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,434
1,274
1,151
+12.5%
Cost of revenue
287
274
252
+4.9%
Gross profit
1,147
1,000
899
+14.6%
Gross margin
80.0%
78.5%
78.1%
Research and development
81.4
75.9
75.2
+7.3%
Operating income
687
579
488
+18.6%
Operating margin
47.9%
45.5%
42.4%
Interest expense
133
116
102
+14.7%
Pre-tax income
630
467
386
+34.9%
Income tax
122
163
125
-25.1%
Effective tax rate
19.4%
34.9%
32.4%
Net income
508
304
261
+67.1%
Net margin
35.4%
23.9%
22.7%
Diluted EPS
$5.66
$3.31
$2.70
+71.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
613
404
442
+51.6%
Capital expenditure
30.3
33.2
32.3
-8.8%
Free cash flow
583
371
410
+57.0%
Free cash flow margin
40.6%
29.1%
35.6%
Cash from investing
34.9
-48.0
-42.0
Cash from financing
-626
-268
-373
Depreciation and amortisation
31.3
35.4
34.3
-11.6%
Share-based compensation
38.9
36.6
32.0
+6.3%
Buybacks
950
150
775
+531.3%
Dividends paid
171
120
96.2
+42.8%
Dividend per share
$1.92
$1.32
$1.00
+45.5%
Diluted shares, weighted
90m
92m
97m
-2.4%
Shares outstanding at period end
84m
90m
91m
-6.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-166
401
318
Debt
2,576
2,078
2,075
+23.9%
Other liabilities
979
797
690
+22.9%
Total liabilities and equity
3,388
3,276
3,083
+3.4%
Fixed assets
90.9
94.4
95.6
-3.8%
Goodwill
1,546
1,561
1,556
-1.0%
Intangible assets
281
322
348
-12.7%
Cash and equivalents
904
890
792
+1.6%
Receivables
473
328
222
+44.5%
Other assets
92.9
81.7
70.2
+13.7%
Total assets
3,388
3,276
3,083
+3.4%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.