MSCI (MSCI) FY2020 results: revenue $1.7 billion, up 8.8% on the year
MSCI Inc. (MSCI) reported revenue of $1.7 billion for fiscal 2020, the year ended 31 December 2020, up 8.8% on the year before. Net income was $602 million, up 6.8%, and diluted earnings per share $7.12. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$1.7 billion
+8.8% on the year
FY2013FY2020
Operating margin
52.2%
48.5% a year earlier
FY2013FY2020
Net income
$602 million
+6.8% on the year
FY2013FY2020
Diluted EPS
$7.12
+8.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,695
1,558
1,434
+8.8%
Cost of revenue
292
295
287
-1.1%
Gross profit
1,404
1,263
1,147
+11.2%
Gross margin
82.8%
81.1%
80.0%
Research and development
101
98.3
81.4
+2.8%
Operating income
885
756
687
+17.1%
Operating margin
52.2%
48.5%
47.9%
Interest expense
156
148
133
+5.6%
Pre-tax income
686
603
630
+13.7%
Income tax
84.4
39.7
122
+112.8%
Effective tax rate
12.3%
6.6%
19.4%
Net income
602
564
508
+6.8%
Net margin
35.5%
36.2%
35.4%
Diluted EPS
$7.12
$6.59
$5.66
+8.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
811
710
613
+14.3%
Capital expenditure
21.8
29.1
30.3
-25.0%
Free cash flow
789
680
583
+16.0%
Free cash flow margin
46.6%
43.7%
40.6%
Cash from investing
-242
-71.9
34.9
Cash from financing
-779
-36.7
-626
Depreciation and amortisation
29.8
30.0
31.3
-0.6%
Share-based compensation
51.1
41.2
38.9
+24.0%
Buybacks
779
292
950
+166.5%
Dividends paid
246
223
171
+10.6%
Dividend per share
$2.92
$2.52
$1.92
+15.9%
Diluted shares, weighted
85m
86m
90m
-1.2%
Shares outstanding at period end
83m
85m
84m
-2.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
-443
-76.7
-166
Debt
3,367
3,072
2,576
+9.6%
Operating lease liabilities
152
164
n/a
-7.2%
Other liabilities
1,123
1,045
979
+7.4%
Total liabilities and equity
4,199
4,204
3,388
-0.1%
Fixed assets
80.4
90.7
90.9
-11.3%
Goodwill
1,566
1,563
1,546
+0.2%
Intangible assets
235
261
281
-10.2%
Cash and equivalents
1,301
1,507
904
-13.7%
Receivables
559
499
473
+11.9%
Other assets
458
284
92.9
+61.6%
Total assets
4,199
4,204
3,388
-0.1%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.