MSCI (MSCI) FY2021 results: revenue $2.0 billion, up 20.5% on the year

MSCI Inc. (MSCI) reported revenue of $2.0 billion for fiscal 2021, the year ended 31 December 2021, up 20.5% on the year before. Net income was $726 million, up 20.6%, and diluted earnings per share $8.70. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$2.0 billion

+20.5% on the year

FY2014FY2021

Operating margin

52.5%

52.2% a year earlier

FY2014FY2021

Net income

$726 million

+20.6% on the year

FY2014FY2021

Diluted EPS

$8.70

+22.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,044	1,695	1,558	+20.5%
Cost of revenue	359	292	295	+23.0%
Gross profit	1,685	1,404	1,263	+20.0%
Gross margin	82.4%	82.8%	81.1%
Research and development	112	101	98.3	+10.4%
Operating income	1,073	885	756	+21.2%
Operating margin	52.5%	52.2%	48.5%
Interest expense	160	156	148	+2.1%
Pre-tax income	858	686	603	+25.1%
Income tax	132	84.4	39.7	+56.6%
Effective tax rate	15.4%	12.3%	6.6%
Net income	726	602	564	+20.6%
Net margin	35.5%	35.5%	36.2%
Diluted EPS	$8.70	$7.12	$6.59	+22.2%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	936	811	710	+15.4%
Capital expenditure	13.5	21.8	29.1	-38.1%
Free cash flow	923	789	680	+16.9%
Free cash flow margin	45.1%	46.6%	43.7%
Cash from investing	-1,036	-242	-71.9
Cash from financing	230	-779	-36.7
Depreciation and amortisation	28.9	29.8	30.0	-3.0%
Share-based compensation	54.9	51.1	41.2	+7.5%
Buybacks	198	779	292	-74.5%
Dividends paid	302	246	223	+22.7%
Dividend per share	$3.64	$2.92	$2.52	+24.7%
Diluted shares, weighted	83m	85m	86m	-1.2%
Shares outstanding at period end	82m	83m	85m	-0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	-163	-443	-76.7
Debt	4,161	3,367	3,072	+23.6%
Operating lease liabilities	150	152	164	-1.5%
Other liabilities	1,359	1,123	1,045	+21.0%
Total liabilities and equity	5,507	4,199	4,204	+31.2%
Fixed assets	66.7	80.4	90.7	-17.1%
Goodwill	2,236	1,566	1,563	+42.8%
Intangible assets	593	235	261	+152.8%
Cash and equivalents	1,421	1,301	1,507	+9.3%
Receivables	665	559	499	+19.0%
Other assets	524	458	284	+14.4%
Total assets	5,507	4,199	4,204	+31.2%

10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.