MSCI (MSCI) FY2019 results: revenue $1.6 billion, up 8.6% on the year
MSCI Inc. (MSCI) reported revenue of $1.6 billion for fiscal 2019, the year ended 31 December 2019, up 8.6% on the year before. Net income was $564 million, up 11.0%, and diluted earnings per share $6.59. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$1.6 billion
+8.6% on the year
FY2012FY2019
Operating margin
48.5%
47.9% a year earlier
FY2012FY2019
Net income
$564 million
+11.0% on the year
FY2012FY2019
Diluted EPS
$6.59
+16.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,558
1,434
1,274
+8.6%
Cost of revenue
295
287
274
+2.7%
Gross profit
1,263
1,147
1,000
+10.1%
Gross margin
81.1%
80.0%
78.5%
Research and development
98.3
81.4
75.9
+20.8%
Operating income
756
687
579
+10.0%
Operating margin
48.5%
47.9%
45.5%
Interest expense
148
133
116
+11.2%
Pre-tax income
603
630
467
-4.2%
Income tax
39.7
122
163
-67.5%
Effective tax rate
6.6%
19.4%
34.9%
Net income
564
508
304
+11.0%
Net margin
36.2%
35.4%
23.9%
Diluted EPS
$6.59
$5.66
$3.31
+16.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
710
613
404
+15.8%
Capital expenditure
29.1
30.3
33.2
-3.8%
Free cash flow
680
583
371
+16.8%
Free cash flow margin
43.7%
40.6%
29.1%
Cash from investing
-71.9
34.9
-48.0
Cash from financing
-36.7
-626
-268
Depreciation and amortisation
30.0
31.3
35.4
-4.3%
Share-based compensation
41.2
38.9
36.6
+5.9%
Buybacks
292
950
150
-69.3%
Dividends paid
223
171
120
+30.4%
Dividend per share
$2.52
$1.92
$1.32
+31.3%
Diluted shares, weighted
86m
90m
92m
-4.6%
Shares outstanding at period end
85m
84m
90m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-76.7
-166
401
Debt
3,072
2,576
2,078
+19.3%
Operating lease liabilities
164
n/a
n/a
Other liabilities
1,045
979
797
+6.8%
Total liabilities and equity
4,204
3,388
3,276
+24.1%
Fixed assets
90.7
90.9
94.4
-0.2%
Goodwill
1,563
1,546
1,561
+1.1%
Intangible assets
261
281
322
-6.9%
Cash and equivalents
1,507
904
890
+66.6%
Receivables
499
473
328
+5.5%
Other assets
284
92.9
81.7
+205.2%
Total assets
4,204
3,388
3,276
+24.1%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.