MSCI (MSCI) FY2022 results: revenue $2.2 billion, up 10.0% on the year

MSCI Inc. (MSCI) reported revenue of $2.2 billion for fiscal 2022, the year ended 31 December 2022, up 10.0% on the year before. Net income was $871 million, up 19.9%, and diluted earnings per share $10.72. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue

$2.2 billion

+10.0% on the year

FY2015FY2022

Operating margin

53.7%

52.5% a year earlier

FY2015FY2022

Net income

$871 million

+19.9% on the year

FY2015FY2022

Diluted EPS

$10.72

+23.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,249	2,044	1,695	+10.0%
Cost of revenue	404	359	292	+12.7%
Gross profit	1,844	1,685	1,404	+9.5%
Gross margin	82.0%	82.4%	82.8%
Research and development	107	112	101	-3.9%
Operating income	1,208	1,073	885	+12.6%
Operating margin	53.7%	52.5%	52.2%
Interest expense	172	160	156	+7.5%
Pre-tax income	1,044	858	686	+21.6%
Income tax	173	132	84.4	+31.1%
Effective tax rate	16.6%	15.4%	12.3%
Net income	871	726	602	+19.9%
Net margin	38.7%	35.5%	35.5%
Diluted EPS	$10.72	$8.70	$7.12	+23.2%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,095	936	811	+17.0%
Capital expenditure	13.6	13.5	21.8	+0.8%
Free cash flow	1,082	923	789	+17.3%
Free cash flow margin	48.1%	45.1%	46.6%
Cash from investing	-79.3	-1,036	-242
Cash from financing	-1,425	230	-779
Depreciation and amortisation	26.9	28.9	29.8	-6.9%
Share-based compensation	58.1	54.9	51.1	+5.8%
Buybacks	1,398	198	779	+604.5%
Dividends paid	373	302	246	+23.3%
Dividend per share	$4.58	$3.64	$2.92	+25.8%
Diluted shares, weighted	81m	83m	85m	-2.7%
Shares outstanding at period end	80m	82m	83m	-3.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	-1,008	-163	-443
Debt	4,512	4,161	3,367	+8.4%
Operating lease liabilities	132	150	152	-12.3%
Other liabilities	1,362	1,359	1,123	+0.2%
Total liabilities and equity	4,998	5,507	4,199	-9.2%
Fixed assets	53.9	66.7	80.4	-19.3%
Goodwill	2,230	2,236	1,566	-0.3%
Intangible assets	559	593	235	-5.9%
Cash and equivalents	994	1,421	1,301	-30.1%
Receivables	663	665	559	-0.2%
Other assets	499	524	458	-4.9%
Total assets	4,998	5,507	4,199	-9.2%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.