MSCI Reports Financial Results for Third Quarter and Nine Months 2024
Financial and Operational Highlights for Third Quarter 2024
(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended
-
Operating revenues of
$724.7 million , up 15.9%; Organic operating revenue growth of 11.1% - Recurring subscription revenues up 15.4%; Asset-based fees up 19.5%
- Operating margin of 55.4%; Adjusted EBITDA margin of 62.2%
-
Diluted EPS of
$3.57 , up 9.2%; Adjusted EPS of$3.86 , up 11.9% -
Organic recurring subscription
Run Rate growth of 8.0%; Retention Rate of 94.2% -
In third quarter 2024, a total of
$198.7 million or 380,397 shares were repurchased at an average repurchase price of$522.47 -
Approximately
$125.4 million in dividends were paid to shareholders in third quarter 2024; Cash dividend of$1.60 per share declared byMSCI Board of Directors (“MSCI Board”) for fourth quarter 2024 -
On
October 28, 2024 , theMSCI Board authorized an additional$1.5 billion share repurchase program
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
In thousands, except per share data (unaudited) |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
|
|
|
|
|
|
|||||||||||||||||
Operating revenues |
|
$ |
724,705 |
|
|
$ |
625,439 |
|
|
15.9 |
% |
|
$ |
2,112,619 |
|
|
$ |
1,838,814 |
|
|
14.9 |
% |
Operating income |
|
$ |
401,334 |
|
|
$ |
353,309 |
|
|
13.6 |
% |
|
$ |
1,123,324 |
|
|
$ |
1,013,864 |
|
|
10.8 |
% |
Operating margin % |
|
|
55.4 |
% |
|
|
56.5 |
% |
|
|
|
|
53.2 |
% |
|
|
55.1 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
$ |
280,901 |
|
|
$ |
259,659 |
|
|
8.2 |
% |
|
$ |
803,613 |
|
|
$ |
745,212 |
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted EPS |
|
$ |
3.57 |
|
|
$ |
3.27 |
|
|
9.2 |
% |
|
$ |
10.15 |
|
|
$ |
9.32 |
|
|
8.9 |
% |
Adjusted EPS |
|
$ |
3.86 |
|
|
$ |
3.45 |
|
|
11.9 |
% |
|
$ |
11.03 |
|
|
$ |
9.85 |
|
|
12.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA |
|
$ |
450,702 |
|
|
$ |
386,289 |
|
|
16.7 |
% |
|
$ |
1,264,230 |
|
|
$ |
1,108,324 |
|
|
14.1 |
% |
Adjusted EBITDA margin % |
|
|
62.2 |
% |
|
|
61.8 |
% |
|
|
|
|
59.8 |
% |
|
|
60.3 |
% |
|
|
“MSCI’s third-quarter results highlight the underlying strength of our business model and client footprint, as well as the essential role that our solutions play across the investment ecosystem. Among other achievements, we posted our best-ever Q3 for recurring sales in Index and Analytics, along with nearly 20% growth in asset-based-fee revenue, which was driven by record AUM balances in financial products linked to our indexes,” said
“All of this demonstrates our single most important competitive advantage: the global, diversified, and integrated nature of our franchise.
Third Quarter Consolidated Results
Operating Revenues:
Operating revenues were
Expenses:
Total operating expenses were
Adjusted EBITDA expenses were
Adjusted EBITDA expense included
Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 18.9% and 14.7%, respectively.
Operating Income:
Operating income was
Headcount:
As of
Other Expense (Income), Net:
Other expense (income), net was
Income Taxes: The effective tax rate was 21.3% in the third quarter 2024 compared to 18.3% in third quarter 2023. The increase was primarily driven by higher statutory tax rates and unfavorable discrete items related to prior years.
Net Income:
As a result of the factors described above, net income was
Adjusted EBITDA:
Adjusted EBITDA was
Index Segment:
Table 1A: Results (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
In thousands |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
|
|
|
|
|
|
|||||||||||||||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
223,945 |
|
|
$ |
206,453 |
|
|
8.5 |
% |
|
$ |
653,929 |
|
|
$ |
603,845 |
|
|
8.3 |
% |
Asset-based fees |
|
|
168,622 |
|
|
|
141,066 |
|
|
19.5 |
% |
|
|
482,162 |
|
|
|
412,354 |
|
|
16.9 |
% |
Non-recurring |
|
|
12,315 |
|
|
|
14,603 |
|
|
(15.7 |
)% |
|
|
39,855 |
|
|
|
47,621 |
|
|
(16.3 |
)% |
Total operating revenues |
|
|
404,882 |
|
|
|
362,122 |
|
|
11.8 |
% |
|
|
1,175,946 |
|
|
|
1,063,820 |
|
|
10.5 |
% |
Adjusted EBITDA expenses |
|
|
90,734 |
|
|
|
84,450 |
|
|
7.4 |
% |
|
|
277,048 |
|
|
|
255,396 |
|
|
8.5 |
% |
Adjusted EBITDA |
|
$ |
314,148 |
|
|
$ |
277,672 |
|
|
13.1 |
% |
|
$ |
898,898 |
|
|
$ |
808,424 |
|
|
11.2 |
% |
Adjusted EBITDA margin % |
|
|
77.6 |
% |
|
|
76.7 |
% |
|
|
|
|
76.4 |
% |
|
|
76.0 |
% |
|
|
Index operating revenues were
The growth in recurring subscription revenues was primarily driven by growth from market-cap weighted indexes and factor, ESG and climate index products.
The growth in revenues attributed to asset-based fees were primarily driven by ETFs linked to
Index
Analytics Segment:
Table 1B: Results (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
In thousands |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
|
|
|
|
|
|
|||||||||||||||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
168,150 |
|
|
$ |
151,269 |
|
|
11.2 |
% |
|
$ |
490,829 |
|
|
$ |
443,276 |
|
|
10.7 |
% |
Non-recurring |
|
|
4,226 |
|
|
|
2,999 |
|
|
40.9 |
% |
|
|
11,508 |
|
|
|
7,943 |
|
|
44.9 |
% |
Total operating revenues |
|
|
172,376 |
|
|
|
154,268 |
|
|
11.7 |
% |
|
|
502,337 |
|
|
|
451,219 |
|
|
11.3 |
% |
Adjusted EBITDA expenses |
|
|
82,089 |
|
|
|
82,487 |
|
|
(0.5 |
)% |
|
|
258,166 |
|
|
|
253,509 |
|
|
1.8 |
% |
Adjusted EBITDA |
|
$ |
90,287 |
|
|
$ |
71,781 |
|
|
25.8 |
% |
|
$ |
244,171 |
|
|
$ |
197,710 |
|
|
23.5 |
% |
Adjusted EBITDA margin % |
|
|
52.4 |
% |
|
|
46.5 |
% |
|
|
|
|
48.6 |
% |
|
|
43.8 |
% |
|
|
Analytics operating revenues were
Analytics
ESG and Climate Segment:
Table 1C: Results (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
In thousands |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
|
|
|
|
|
|
|||||||||||||||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
81,536 |
|
|
$ |
71,744 |
|
|
13.6 |
% |
|
$ |
235,954 |
|
|
$ |
207,523 |
|
|
13.7 |
% |
Non-recurring |
|
|
2,107 |
|
|
|
1,294 |
|
|
62.8 |
% |
|
|
5,428 |
|
|
|
3,792 |
|
|
43.1 |
% |
Total operating revenues |
|
|
83,643 |
|
|
|
73,038 |
|
|
14.5 |
% |
|
|
241,382 |
|
|
|
211,315 |
|
|
14.2 |
% |
Adjusted EBITDA expenses |
|
|
53,654 |
|
|
|
47,598 |
|
|
12.7 |
% |
|
|
166,372 |
|
|
|
145,201 |
|
|
14.6 |
% |
Adjusted EBITDA |
|
$ |
29,989 |
|
|
$ |
25,440 |
|
|
17.9 |
% |
|
$ |
75,010 |
|
|
$ |
66,114 |
|
|
13.5 |
% |
Adjusted EBITDA margin % |
|
|
35.9 |
% |
|
|
34.8 |
% |
|
|
|
|
31.1 |
% |
|
|
31.3 |
% |
|
|
ESG and Climate operating revenues were
ESG and Climate
All Other – Private Assets Segment:
Table 1D: Results (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
In thousands |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
|
|
|
|
|
|
|||||||||||||||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
62,991 |
|
|
$ |
35,531 |
|
|
77.3 |
% |
|
$ |
190,434 |
|
|
$ |
111,292 |
|
|
71.1 |
% |
Non-recurring |
|
|
813 |
|
|
|
480 |
|
|
69.4 |
% |
|
|
2,520 |
|
|
|
1,168 |
|
|
115.8 |
% |
Total operating revenues |
|
|
63,804 |
|
|
|
36,011 |
|
|
77.2 |
% |
|
|
192,954 |
|
|
|
112,460 |
|
|
71.6 |
% |
Adjusted EBITDA expenses |
|
|
47,526 |
|
|
|
24,615 |
|
|
93.1 |
% |
|
|
146,803 |
|
|
|
76,384 |
|
|
92.2 |
% |
Adjusted EBITDA |
|
$ |
16,278 |
|
|
$ |
11,396 |
|
|
42.8 |
% |
|
$ |
46,151 |
|
|
$ |
36,076 |
|
|
27.9 |
% |
Adjusted EBITDA margin % |
|
|
25.5 |
% |
|
|
31.6 |
% |
|
|
|
|
23.9 |
% |
|
|
32.1 |
% |
|
|
All Other – Private Assets operating revenues, which reflect the Real Assets and Private Capital Solutions operating segments, were
All Other – Private Assets
Select Balance Sheet Items and Capital Allocation
Cash Balances and Outstanding Debt:
Cash and cash equivalents was
Total principal amounts of debt outstanding as of
In September and
Capex and Cash Flow:
Capex was
Share Count and Share Repurchases:
Weighted average diluted shares outstanding were 78.7 million in third quarter 2024, down 1.0% year-over-year. Total share repurchases during the quarter were
Dividends:
Approximately
Full-Year 2024 Guidance
MSCI’s guidance for the year ending
Guidance Item |
Current Guidance for Full-Year 2024 |
Prior Guidance for Full-Year 2024 |
Operating Expense |
|
|
Adjusted EBITDA Expense |
|
|
Interest Expense (including amortization of financing fees)(1) |
|
|
Depreciation & Amortization Expense |
|
|
Effective Tax Rate |
18.0% to 19.5% |
18% to 21% |
Capital Expenditures |
|
|
Net Cash Provided by Operating Activities |
|
|
Free Cash Flow |
|
|
(1) A portion of our annual interest expense is from our variable rate indebtedness under our Revolving Credit Facility, while the majority is from fixed rate senior unsecured notes. Changes to the secured overnight funding rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary. |
Conference Call Information
MSCI’s senior management will review the third quarter 2024 results on
About
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2024 guidance. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.
Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended
Website and Social Media Disclosure
Notes Regarding the Use of Operating Metrics
Retention Rate is an important metric because subscription cancellations decrease our
The Retention Rate for a non-annual period is calculated by annualizing the cancellations for which we have received a notice of termination or for which we believe there is an intention not to renew or discontinue the subscription during the non-annual period, and we believe that such notice or intention evidences the client’s final decision to terminate or not renew the applicable agreement, even though such termination or non-renewal may not be effective until a later date. This annualized cancellation figure is then divided by the subscription
Retention Rate is computed by operating segment on a product/service-by-product/service basis. In general, if a client reduces the number of products or services to which it subscribes within a segment, or switches between products or services within a segment, we treat it as a cancellation for purposes of calculating our Retention Rate except in the case of a product or service switch that management considers to be a replacement product or service. In those replacement cases, only the net change to the client subscription, if a decrease, is reported as a cancel. In the Analytics and the ESG and Climate operating segments, substantially all product or service switches are treated as replacement products or services and netted in this manner, while in our Index and Real Assets operating segments, product or service switches that are treated as replacement products or services and receive netting treatment occur only in certain limited instances. In addition, we treat any reduction in fees resulting from a down-sell of the same product or service as a cancellation to the extent of the reduction. We do not calculate Retention Rate for that portion of our
“Organic recurring subscription
Sales represents the annualized value of products and services clients commit to purchase from
Total gross sales represent the sum of new recurring subscription sales and non-recurring sales. Total net sales represent the total gross sales net of the impact from subscription cancellations.
Notes Regarding the Use of Non-GAAP Financial Measures
“Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.
“Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.
“Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.
“Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets, including the amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact related to write-off of deferred fees on debt extinguishment and the impact related to gain from changes in ownership interest of investees.
“Capex” is defined as capital expenditures plus capitalized software development costs.
“Free cash flow” is defined as net cash provided by operating activities, less Capex.
“Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations.
Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).
We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of
We believe adjusted net income and adjusted EPS are meaningful measures of the performance of
We believe that free cash flow is useful to investors because it relates the operating cash flow of
We believe organic operating revenue growth is a meaningful measure of the operating performance of
We believe that the non-GAAP financial measures presented in this earnings release facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.
Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.
Notes Regarding Adjusting for the Impact of Foreign Currency Exchange Rate Fluctuations
Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the
Table 2: Condensed Consolidated Statements of Income (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
In thousands, except per share data |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
|
|
|
|
|
|
|||||||||||||||||
Operating revenues |
|
$ |
724,705 |
|
|
$ |
625,439 |
|
|
15.9 |
% |
|
$ |
2,112,619 |
|
|
$ |
1,838,814 |
|
|
14.9 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues (exclusive of depreciation and amortization) |
|
|
126,192 |
|
|
|
105,311 |
|
|
19.8 |
% |
|
|
382,815 |
|
|
|
324,024 |
|
|
18.1 |
% |
Selling and marketing |
|
|
70,763 |
|
|
|
66,581 |
|
|
6.3 |
% |
|
|
214,385 |
|
|
|
201,044 |
|
|
6.6 |
% |
Research and development |
|
|
38,584 |
|
|
|
31,438 |
|
|
22.7 |
% |
|
|
120,182 |
|
|
|
92,901 |
|
|
29.4 |
% |
General and administrative |
|
|
41,561 |
|
|
|
36,826 |
|
|
12.9 |
% |
|
|
137,958 |
|
|
|
113,527 |
|
|
21.5 |
% |
Amortization of intangible assets |
|
|
41,939 |
|
|
|
26,722 |
|
|
56.9 |
% |
|
|
121,316 |
|
|
|
77,543 |
|
|
56.4 |
% |
Depreciation and amortization of property, |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
equipment and leasehold improvements |
|
|
4,332 |
|
|
|
5,252 |
|
|
(17.5 |
)% |
|
|
12,639 |
|
|
|
15,911 |
|
|
(20.6 |
)% |
Total operating expenses(1) |
|
|
323,371 |
|
|
|
272,130 |
|
|
18.8 |
% |
|
|
989,295 |
|
|
|
824,950 |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income |
|
|
401,334 |
|
|
|
353,309 |
|
|
13.6 |
% |
|
|
1,123,324 |
|
|
|
1,013,864 |
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
|
(5,217 |
) |
|
|
(10,314 |
) |
|
(49.4 |
)% |
|
|
(17,375 |
) |
|
|
(31,079 |
) |
|
(44.1 |
)% |
Interest expense |
|
|
46,688 |
|
|
|
46,902 |
|
|
(0.5 |
)% |
|
|
139,995 |
|
|
|
139,725 |
|
|
0.2 |
% |
Other expense (income) |
|
|
2,927 |
|
|
|
(935 |
) |
|
n/m |
|
|
|
7,881 |
|
|
|
4,032 |
|
|
95.5 |
% |
Other expense (income), net |
|
|
44,398 |
|
|
|
35,653 |
|
|
24.5 |
% |
|
|
130,501 |
|
|
|
112,678 |
|
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before provision for income taxes |
|
|
356,936 |
|
|
|
317,656 |
|
|
12.4 |
% |
|
|
992,823 |
|
|
|
901,186 |
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for income taxes |
|
|
76,035 |
|
|
|
57,997 |
|
|
31.1 |
% |
|
|
189,210 |
|
|
|
155,974 |
|
|
21.3 |
% |
Net income |
|
$ |
280,901 |
|
|
$ |
259,659 |
|
|
8.2 |
% |
|
$ |
803,613 |
|
|
$ |
745,212 |
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per basic common share |
|
$ |
3.58 |
|
|
$ |
3.28 |
|
|
9.1 |
% |
|
$ |
10.18 |
|
|
$ |
9.36 |
|
|
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per diluted common share |
|
$ |
3.57 |
|
|
$ |
3.27 |
|
|
9.2 |
% |
|
$ |
10.15 |
|
|
$ |
9.32 |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding used |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
in computing earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
78,499 |
|
|
|
79,116 |
|
|
(0.8 |
)% |
|
|
78,925 |
|
|
|
79,580 |
|
|
(0.8 |
)% |
Diluted |
|
|
78,729 |
|
|
|
79,500 |
|
|
(1.0 |
)% |
|
|
79,159 |
|
|
|
79,959 |
|
|
(1.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
n/m: not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Includes stock-based compensation expense of |
Table 3: Condensed Consolidated Balance Sheet (unaudited)
|
|
As of |
||||||
|
|
|
|
|
||||
In thousands |
|
2024 |
|
2023 |
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents (includes restricted cash of |
|
$ |
500,979 |
|
|
$ |
461,693 |
|
Accounts receivable (net of allowances of |
|
|
643,807 |
|
|
|
839,555 |
|
Other current assets |
|
|
141,010 |
|
|
|
116,905 |
|
Total current assets |
|
|
1,285,796 |
|
|
|
1,418,153 |
|
Property, equipment and leasehold improvements, net |
|
|
62,317 |
|
|
|
55,920 |
|
Right of use assets |
|
|
121,726 |
|
|
|
115,243 |
|
|
|
|
2,916,102 |
|
|
|
2,887,692 |
|
Intangible assets, net |
|
|
931,428 |
|
|
|
956,234 |
|
Other non-current assets |
|
|
91,580 |
|
|
|
84,977 |
|
Total assets |
|
$ |
5,408,949 |
|
|
$ |
5,518,219 |
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Current portion of long-term debt |
|
$ |
— |
|
|
$ |
10,902 |
|
Deferred revenue |
|
|
942,840 |
|
|
|
1,083,864 |
|
Other current liabilities |
|
|
435,075 |
|
|
|
422,259 |
|
Total current liabilities |
|
|
1,377,915 |
|
|
|
1,517,025 |
|
Long-term debt |
|
|
4,484,773 |
|
|
|
4,496,826 |
|
Long-term operating lease liabilities |
|
|
123,939 |
|
|
|
120,134 |
|
Other non-current liabilities |
|
|
173,320 |
|
|
|
123,998 |
|
Total liabilities |
|
|
6,159,947 |
|
|
|
6,257,983 |
|
|
|
|
|
|
||||
Total shareholders’ equity (deficit) |
|
|
(750,998 |
) |
|
|
(739,764 |
) |
Total liabilities and shareholders’ equity (deficit) |
|
$ |
5,408,949 |
|
|
$ |
5,518,219 |
|
Table 4: Condensed Consolidated Statement of Cash Flow (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||||
In thousands |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
$ |
280,901 |
|
|
$ |
259,659 |
|
|
8.2 |
% |
|
$ |
803,613 |
|
|
$ |
745,212 |
|
|
7.8 |
% |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of intangible assets |
|
|
41,939 |
|
|
|
26,722 |
|
|
56.9 |
% |
|
|
121,316 |
|
|
|
77,543 |
|
|
56.4 |
% |
Stock-based compensation expense |
|
|
18,503 |
|
|
|
18,144 |
|
|
2.0 |
% |
|
|
72,235 |
|
|
|
55,375 |
|
|
30.4 |
% |
Depreciation and amortization of property, equipment and leasehold improvements |
|
|
4,332 |
|
|
|
5,252 |
|
|
(17.5 |
)% |
|
|
12,639 |
|
|
|
15,911 |
|
|
(20.6 |
)% |
Amortization of right of use assets |
|
|
7,745 |
|
|
|
5,898 |
|
|
31.3 |
% |
|
|
19,582 |
|
|
|
17,484 |
|
|
12.0 |
% |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
|
1,510 |
|
|
|
— |
|
|
100.0 |
% |
Other adjustment |
|
|
1,819 |
|
|
|
(22,721 |
) |
|
n/m |
|
|
|
43,856 |
|
|
|
(25,983 |
) |
|
n/m |
|
Net changes in other operating assets and liabilities |
|
|
66,370 |
|
|
|
(1,823 |
) |
|
n/m |
|
|
|
(3,757 |
) |
|
|
(38,466 |
) |
|
90.2 |
% |
Net cash provided by operating activities |
|
|
421,609 |
|
|
|
291,131 |
|
|
44.8 |
% |
|
|
1,070,994 |
|
|
|
847,076 |
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capitalized software development costs |
|
|
(20,975 |
) |
|
|
(17,417 |
) |
|
(20.4 |
)% |
|
|
(59,648 |
) |
|
|
(50,080 |
) |
|
(19.1 |
)% |
Capital expenditures |
|
|
(6,626 |
) |
|
|
(3,564 |
) |
|
(85.9 |
)% |
|
|
(19,515 |
) |
|
|
(18,942 |
) |
|
(3.0 |
)% |
Cash paid for acquisitions, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
|
(27,467 |
) |
|
|
— |
|
|
100.0 |
% |
Other |
|
|
(463 |
) |
|
|
— |
|
|
100.0 |
% |
|
|
(892 |
) |
|
|
(389 |
) |
|
(129.3 |
)% |
Net cash used in investing activities |
|
|
(28,064 |
) |
|
|
(20,981 |
) |
|
(33.8 |
)% |
|
|
(107,522 |
) |
|
|
(69,411 |
) |
|
(54.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase of common stock held in treasury |
|
|
(199,509 |
) |
|
|
(18,744 |
) |
|
n/m |
|
|
|
(511,218 |
) |
|
|
(504,161 |
) |
|
(1.4 |
)% |
Payment of dividends |
|
|
(125,757 |
) |
|
|
(109,380 |
) |
|
(15.0 |
)% |
|
|
(383,980 |
) |
|
|
(331,640 |
) |
|
(15.8 |
)% |
Repayment of borrowings |
|
|
(25,000 |
) |
|
|
(2,188 |
) |
|
n/m |
|
|
|
(364,063 |
) |
|
|
(6,563 |
) |
|
n/m |
|
Proceeds from borrowings |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
|
336,875 |
|
|
|
— |
|
|
100.0 |
% |
Payment of debt issuance costs |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
|
(3,739 |
) |
|
|
— |
|
|
100.0 |
% |
Net cash used in financing activities |
|
|
(350,266 |
) |
|
|
(130,312 |
) |
|
(168.8 |
)% |
|
|
(926,125 |
) |
|
|
(842,364 |
) |
|
(9.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Effect of exchange rate changes |
|
|
6,299 |
|
|
|
(3,615 |
) |
|
n/m |
|
|
|
1,939 |
|
|
|
(313 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
49,578 |
|
|
|
136,223 |
|
|
(63.6 |
)% |
|
|
39,286 |
|
|
|
(65,012 |
) |
|
n/m |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
|
451,401 |
|
|
|
792,329 |
|
|
(43.0 |
)% |
|
|
461,693 |
|
|
|
993,564 |
|
|
(53.5 |
)% |
Cash, cash equivalents and restricted cash, end of period |
|
$ |
500,979 |
|
|
$ |
928,552 |
|
|
(46.0 |
)% |
|
$ |
500,979 |
|
|
$ |
928,552 |
|
|
(46.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
n/m: not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
Table 5: Operating Results by Segment and Revenue Type (unaudited)
Index |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||||
In thousands |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||||||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
223,945 |
|
|
$ |
206,453 |
|
|
8.5 |
% |
|
$ |
653,929 |
|
|
$ |
603,845 |
|
|
8.3 |
% |
Asset-based fees |
|
|
168,622 |
|
|
|
141,066 |
|
|
19.5 |
% |
|
|
482,162 |
|
|
|
412,354 |
|
|
16.9 |
% |
Non-recurring |
|
|
12,315 |
|
|
|
14,603 |
|
|
(15.7 |
)% |
|
|
39,855 |
|
|
|
47,621 |
|
|
(16.3 |
)% |
Total operating revenues |
|
|
404,882 |
|
|
|
362,122 |
|
|
11.8 |
% |
|
|
1,175,946 |
|
|
|
1,063,820 |
|
|
10.5 |
% |
Adjusted EBITDA expenses |
|
|
90,734 |
|
|
|
84,450 |
|
|
7.4 |
% |
|
|
277,048 |
|
|
|
255,396 |
|
|
8.5 |
% |
Adjusted EBITDA |
|
$ |
314,148 |
|
|
$ |
277,672 |
|
|
13.1 |
% |
|
$ |
898,898 |
|
|
$ |
808,424 |
|
|
11.2 |
% |
Adjusted EBITDA margin % |
|
|
77.6 |
% |
|
|
76.7 |
% |
|
|
|
|
76.4 |
% |
|
|
76.0 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Analytics |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||||
In thousands |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
168,150 |
|
|
$ |
151,269 |
|
|
11.2 |
% |
|
$ |
490,829 |
|
|
$ |
443,276 |
|
|
10.7 |
% |
Non-recurring |
|
|
4,226 |
|
|
|
2,999 |
|
|
40.9 |
% |
|
|
11,508 |
|
|
|
7,943 |
|
|
44.9 |
% |
Total operating revenues |
|
|
172,376 |
|
|
|
154,268 |
|
|
11.7 |
% |
|
|
502,337 |
|
|
|
451,219 |
|
|
11.3 |
% |
Adjusted EBITDA expenses |
|
|
82,089 |
|
|
|
82,487 |
|
|
(0.5 |
)% |
|
|
258,166 |
|
|
|
253,509 |
|
|
1.8 |
% |
Adjusted EBITDA |
|
$ |
90,287 |
|
|
$ |
71,781 |
|
|
25.8 |
% |
|
$ |
244,171 |
|
|
$ |
197,710 |
|
|
23.5 |
% |
Adjusted EBITDA margin % |
|
|
52.4 |
% |
|
|
46.5 |
% |
|
|
|
|
48.6 |
% |
|
|
43.8 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ESG and Climate |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||||
In thousands |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
81,536 |
|
|
$ |
71,744 |
|
|
13.6 |
% |
|
$ |
235,954 |
|
|
$ |
207,523 |
|
|
13.7 |
% |
Non-recurring |
|
|
2,107 |
|
|
|
1,294 |
|
|
62.8 |
% |
|
|
5,428 |
|
|
|
3,792 |
|
|
43.1 |
% |
Total operating revenues |
|
|
83,643 |
|
|
|
73,038 |
|
|
14.5 |
% |
|
|
241,382 |
|
|
|
211,315 |
|
|
14.2 |
% |
Adjusted EBITDA expenses |
|
|
53,654 |
|
|
|
47,598 |
|
|
12.7 |
% |
|
|
166,372 |
|
|
|
145,201 |
|
|
14.6 |
% |
Adjusted EBITDA |
|
$ |
29,989 |
|
|
$ |
25,440 |
|
|
17.9 |
% |
|
$ |
75,010 |
|
|
$ |
66,114 |
|
|
13.5 |
% |
Adjusted EBITDA margin % |
|
|
35.9 |
% |
|
|
34.8 |
% |
|
|
|
|
31.1 |
% |
|
|
31.3 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
All Other - Private Assets |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||||
In thousands |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
62,991 |
|
|
$ |
35,531 |
|
|
77.3 |
% |
|
$ |
190,434 |
|
|
$ |
111,292 |
|
|
71.1 |
% |
Non-recurring |
|
|
813 |
|
|
|
480 |
|
|
69.4 |
% |
|
|
2,520 |
|
|
|
1,168 |
|
|
115.8 |
% |
Total operating revenues |
|
|
63,804 |
|
|
|
36,011 |
|
|
77.2 |
% |
|
|
192,954 |
|
|
|
112,460 |
|
|
71.6 |
% |
Adjusted EBITDA expenses |
|
|
47,526 |
|
|
|
24,615 |
|
|
93.1 |
% |
|
|
146,803 |
|
|
|
76,384 |
|
|
92.2 |
% |
Adjusted EBITDA |
|
$ |
16,278 |
|
|
$ |
11,396 |
|
|
42.8 |
% |
|
$ |
46,151 |
|
|
$ |
36,076 |
|
|
27.9 |
% |
Adjusted EBITDA margin % |
|
|
25.5 |
% |
|
|
31.6 |
% |
|
|
|
|
23.9 |
% |
|
|
32.1 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||||
In thousands |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recurring subscriptions |
|
$ |
536,622 |
|
|
$ |
464,997 |
|
|
15.4 |
% |
|
$ |
1,571,146 |
|
|
$ |
1,365,936 |
|
|
15.0 |
% |
Asset-based fees |
|
|
168,622 |
|
|
|
141,066 |
|
|
19.5 |
% |
|
|
482,162 |
|
|
|
412,354 |
|
|
16.9 |
% |
Non-recurring |
|
|
19,461 |
|
|
|
19,376 |
|
|
0.4 |
% |
|
|
59,311 |
|
|
|
60,524 |
|
|
(2.0 |
)% |
Operating revenues total |
|
|
724,705 |
|
|
|
625,439 |
|
|
15.9 |
% |
|
|
2,112,619 |
|
|
|
1,838,814 |
|
|
14.9 |
% |
Adjusted EBITDA expenses |
|
|
274,003 |
|
|
|
239,150 |
|
|
14.6 |
% |
|
|
848,389 |
|
|
|
730,490 |
|
|
16.1 |
% |
Adjusted EBITDA |
|
$ |
450,702 |
|
|
$ |
386,289 |
|
|
16.7 |
% |
|
$ |
1,264,230 |
|
|
$ |
1,108,324 |
|
|
14.1 |
% |
Operating margin % |
|
|
55.4 |
% |
|
|
56.5 |
% |
|
|
|
|
53.2 |
% |
|
|
55.1 |
% |
|
|
||
Adjusted EBITDA margin % |
|
|
62.2 |
% |
|
|
61.8 |
% |
|
|
|
|
59.8 |
% |
|
|
60.3 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6: Sales and Retention Rate by Segment (unaudited)(1)
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
||||||||||||||
|
|
|
|
|
|
% |
|
|
|
|
|
% |
||||||||||
In thousands |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
Index |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New recurring subscription sales |
|
$ |
25,271 |
|
|
$ |
23,978 |
|
|
5.4 |
% |
|
$ |
80,081 |
|
|
$ |
80,156 |
|
|
(0.1 |
)% |
Subscription cancellations |
|
|
(9,862 |
) |
|
|
(7,402 |
) |
|
33.2 |
% |
|
|
(34,876 |
) |
|
|
(22,617 |
) |
|
54.2 |
% |
Net new recurring subscription sales |
|
$ |
15,409 |
|
|
$ |
16,576 |
|
|
(7.0 |
)% |
|
$ |
45,205 |
|
|
$ |
57,539 |
|
|
(21.4 |
)% |
Non-recurring sales |
|
$ |
13,883 |
|
|
$ |
14,679 |
|
|
(5.4 |
)% |
|
$ |
44,687 |
|
|
$ |
54,365 |
|
|
(17.8 |
)% |
Total gross sales |
|
$ |
39,154 |
|
|
$ |
38,657 |
|
|
1.3 |
% |
|
$ |
124,768 |
|
|
$ |
134,521 |
|
|
(7.3 |
)% |
Total Index net sales |
|
$ |
29,292 |
|
|
$ |
31,255 |
|
|
(6.3 |
)% |
|
$ |
89,892 |
|
|
$ |
111,904 |
|
|
(19.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Index Retention Rate(2) |
|
|
95.4 |
% |
|
|
96.2 |
% |
|
|
|
|
94.6 |
% |
|
|
96.1 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Analytics |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New recurring subscription sales |
|
$ |
20,780 |
|
|
$ |
18,787 |
|
|
10.6 |
% |
|
$ |
56,137 |
|
|
$ |
50,751 |
|
|
10.6 |
% |
Subscription cancellations |
|
|
(10,307 |
) |
|
|
(7,543 |
) |
|
36.6 |
% |
|
|
(28,001 |
) |
|
|
(24,094 |
) |
|
16.2 |
% |
Net new recurring subscription sales |
|
$ |
10,473 |
|
|
$ |
11,244 |
|
|
(6.9 |
)% |
|
$ |
28,136 |
|
|
$ |
26,657 |
|
|
5.5 |
% |
Non-recurring sales |
|
$ |
7,293 |
|
|
$ |
3,206 |
|
|
127.5 |
% |
|
$ |
13,812 |
|
|
$ |
8,734 |
|
|
58.1 |
% |
Total gross sales |
|
$ |
28,073 |
|
|
$ |
21,993 |
|
|
27.6 |
% |
|
$ |
69,949 |
|
|
$ |
59,485 |
|
|
17.6 |
% |
Total Analytics net sales |
|
$ |
17,766 |
|
|
$ |
14,450 |
|
|
22.9 |
% |
|
$ |
41,948 |
|
|
$ |
35,391 |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Analytics Retention Rate(3) |
|
|
93.8 |
% |
|
|
95.1 |
% |
|
|
|
|
94.4 |
% |
|
|
94.8 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ESG and Climate |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New recurring subscription sales |
|
$ |
9,333 |
|
|
$ |
12,124 |
|
|
(23.0 |
)% |
|
$ |
39,361 |
|
|
$ |
38,497 |
|
|
2.2 |
% |
Subscription cancellations |
|
|
(5,575 |
) |
|
|
(2,639 |
) |
|
111.3 |
% |
|
|
(17,496 |
) |
|
|
(7,331 |
) |
|
138.7 |
% |
Net new recurring subscription sales |
|
$ |
3,758 |
|
|
$ |
9,485 |
|
|
(60.4 |
)% |
|
$ |
21,865 |
|
|
$ |
31,166 |
|
|
(29.8 |
)% |
Non-recurring sales |
|
$ |
2,345 |
|
|
$ |
1,532 |
|
|
53.1 |
% |
|
$ |
6,852 |
|
|
$ |
4,066 |
|
|
68.5 |
% |
Total gross sales |
|
$ |
11,678 |
|
|
$ |
13,656 |
|
|
(14.5 |
)% |
|
$ |
46,213 |
|
|
$ |
42,563 |
|
|
8.6 |
% |
Total ESG and Climate net sales |
|
$ |
6,103 |
|
|
$ |
11,017 |
|
|
(44.6 |
)% |
|
$ |
28,717 |
|
|
$ |
35,232 |
|
|
(18.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ESG and Climate Retention Rate(4) |
|
|
93.0 |
% |
|
|
96.0 |
% |
|
|
|
|
92.7 |
% |
|
|
96.3 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
All Other - Private Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New recurring subscription sales |
|
$ |
9,959 |
|
|
$ |
4,788 |
|
|
108.0 |
% |
|
$ |
29,877 |
|
|
$ |
14,746 |
|
|
102.6 |
% |
Subscription cancellations |
|
|
(4,610 |
) |
|
|
(3,153 |
) |
|
46.2 |
% |
|
|
(15,112 |
) |
|
|
(8,634 |
) |
|
75.0 |
% |
Net new recurring subscription sales |
|
$ |
5,349 |
|
|
$ |
1,635 |
|
|
227.2 |
% |
|
$ |
14,765 |
|
|
$ |
6,112 |
|
|
141.6 |
% |
Non-recurring sales |
|
$ |
520 |
|
|
$ |
262 |
|
|
98.5 |
% |
|
$ |
2,361 |
|
|
$ |
1,069 |
|
|
120.9 |
% |
Total gross sales |
|
$ |
10,479 |
|
|
$ |
5,050 |
|
|
107.5 |
% |
|
$ |
32,238 |
|
|
$ |
15,815 |
|
|
103.8 |
% |
Total All Other - Private Assets net sales |
|
$ |
5,869 |
|
|
$ |
1,897 |
|
|
209.4 |
% |
|
$ |
17,126 |
|
|
$ |
7,181 |
|
|
138.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
All Other - Private Assets Retention Rate(5) |
|
|
92.7 |
% |
|
|
91.3 |
% |
|
|
|
|
92.0 |
% |
|
|
92.1 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New recurring subscription sales |
|
$ |
65,343 |
|
|
$ |
59,677 |
|
|
9.5 |
% |
|
$ |
205,456 |
|
|
$ |
184,150 |
|
|
11.6 |
% |
Subscription cancellations |
|
|
(30,354 |
) |
|
|
(20,737 |
) |
|
46.4 |
% |
|
|
(95,485 |
) |
|
|
(62,676 |
) |
|
52.3 |
% |
Net new recurring subscription sales |
|
$ |
34,989 |
|
|
$ |
38,940 |
|
|
(10.1 |
)% |
|
$ |
109,971 |
|
|
$ |
121,474 |
|
|
(9.5 |
)% |
Non-recurring sales |
|
$ |
24,041 |
|
|
$ |
19,679 |
|
|
22.2 |
% |
|
$ |
67,712 |
|
|
$ |
68,234 |
|
|
(0.8 |
)% |
Total gross sales |
|
$ |
89,384 |
|
|
$ |
79,356 |
|
|
12.6 |
% |
|
$ |
273,168 |
|
|
$ |
252,384 |
|
|
8.2 |
% |
Total net sales |
|
$ |
59,030 |
|
|
$ |
58,619 |
|
|
0.7 |
% |
|
$ |
177,683 |
|
|
$ |
189,708 |
|
|
(6.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Retention Rate(6) |
|
|
94.2 |
% |
|
|
95.4 |
% |
|
|
|
|
93.9 |
% |
|
|
95.4 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate. |
||||||||||||||||||||||
(2) Retention rate for Index excluding the impact of the acquisition of Foxberry was 95.5% and 94.6% for the three and nine months ended |
||||||||||||||||||||||
(3) Retention rate for Analytics excluding the impact of the acquisition of Fabric was 93.8% and 94.4% for the three and nine months ended |
||||||||||||||||||||||
(4) Retention rate for ESG and Climate excluding the impact of the acquisition of Trove was 93.4% and 92.9% for the three and nine months ended |
||||||||||||||||||||||
(5) Retention rate for All Other – Private Assets excluding the impact of the acquisition of Burgiss was 92.2% and 90.7% for the three and nine months ended |
||||||||||||||||||||||
(6) Total retention rate excluding the impact of the acquisitions of Foxberry, Fabric, Trove and Burgiss was 94.4% and 94.0% for the three and nine months ended |
Table 7: AUM in ETFs Linked to
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
In billions |
|
|
2023 |
|
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
Beginning Period AUM in ETFs linked to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
1,372.5 |
|
|
$ |
1,322.8 |
|
$ |
1,468.9 |
|
$ |
1,582.6 |
|
$ |
1,631.9 |
|
$ |
1,222.9 |
|
$ |
1,468.9 |
Market Appreciation/(Depreciation) |
|
|
(56.1 |
) |
|
|
130.5 |
|
|
92.8 |
|
|
21.2 |
|
|
111.3 |
|
|
67.4 |
|
|
225.3 |
Cash Inflows |
|
|
6.4 |
|
|
|
15.6 |
|
|
20.9 |
|
|
28.1 |
|
|
18.6 |
|
|
32.5 |
|
|
67.6 |
Period-End AUM in ETFs linked to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
1,322.8 |
|
|
$ |
1,468.9 |
|
$ |
1,582.6 |
|
$ |
1,631.9 |
|
$ |
1,761.8 |
|
$ |
1,322.8 |
|
$ |
1,761.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Period Average AUM in ETFs linked to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
1,376.5 |
|
|
$ |
1,364.9 |
|
$ |
1,508.8 |
|
$ |
1,590.6 |
|
$ |
1,677.0 |
|
$ |
1,332.6 |
|
$ |
1,592.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Period-End Basis Point Fee(3) |
|
|
2.51 |
|
|
|
2.50 |
|
|
2.48 |
|
|
2.47 |
|
|
2.44 |
|
|
2.51 |
|
|
2.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to |
||||||||||||||||||||||
(2) The value of AUM in ETFs linked to |
||||||||||||||||||||||
(3) Based on period-end |
Table 8:
|
|
As of |
|
|
|||||
|
|
|
|
|
|
% |
|||
In thousands |
|
2024 |
|
2023 |
|
Change |
|||
Index |
|
|
|
|
|
|
|||
Recurring subscriptions |
|
$ |
906,803 |
|
$ |
835,334 |
|
8.6 |
% |
Asset-based fees |
|
|
683,462 |
|
|
545,548 |
|
25.3 |
% |
Index |
|
|
1,590,265 |
|
|
1,380,882 |
|
15.2 |
% |
|
|
|
|
|
|
|
|||
Analytics |
|
|
691,333 |
|
|
639,462 |
|
8.1 |
% |
|
|
|
|
|
|
|
|||
ESG and Climate |
|
|
344,015 |
|
|
297,297 |
|
15.7 |
% |
|
|
|
|
|
|
|
|||
All Other - Private Assets |
|
|
268,577 |
|
|
150,749 |
|
78.2 |
% |
|
|
|
|
|
|
|
|||
Total |
|
$ |
2,894,190 |
|
$ |
2,468,390 |
|
17.3 |
% |
|
|
|
|
|
|
|
|||
Total recurring subscriptions |
|
$ |
2,210,728 |
|
$ |
1,922,842 |
|
15.0 |
% |
Total asset-based fees |
|
|
683,462 |
|
|
545,548 |
|
25.3 |
% |
Total |
|
$ |
2,894,190 |
|
$ |
2,468,390 |
|
17.3 |
% |
|
|
|
|
|
|
|
|||
(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of |
Table 9: Reconciliation of Net Income to Adjusted EBITDA (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
||||
In thousands |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income |
|
$ |
280,901 |
|
$ |
259,659 |
|
$ |
803,613 |
|
$ |
745,212 |
Provision for income taxes |
|
|
76,035 |
|
|
57,997 |
|
|
189,210 |
|
|
155,974 |
Other expense (income), net |
|
|
44,398 |
|
|
35,653 |
|
|
130,501 |
|
|
112,678 |
Operating income |
|
|
401,334 |
|
|
353,309 |
|
|
1,123,324 |
|
|
1,013,864 |
Amortization of intangible assets |
|
|
41,939 |
|
|
26,722 |
|
|
121,316 |
|
|
77,543 |
Depreciation and amortization of property, |
|
|
|
|
|
|
|
|
||||
equipment and leasehold improvements |
|
|
4,332 |
|
|
5,252 |
|
|
12,639 |
|
|
15,911 |
Acquisition-related integration and transaction costs(1) |
|
|
3,097 |
|
|
1,006 |
|
|
6,951 |
|
|
1,006 |
Consolidated adjusted EBITDA |
|
$ |
450,702 |
|
$ |
386,289 |
|
$ |
1,264,230 |
|
$ |
1,108,324 |
|
|
|
|
|
|
|
|
|
||||
Index adjusted EBITDA |
|
$ |
314,148 |
|
$ |
277,672 |
|
$ |
898,898 |
|
$ |
808,424 |
Analytics adjusted EBITDA |
|
|
90,287 |
|
|
71,781 |
|
|
244,171 |
|
|
197,710 |
ESG and Climate adjusted EBITDA |
|
|
29,989 |
|
|
25,440 |
|
|
75,010 |
|
|
66,114 |
All Other - Private Assets adjusted EBITDA |
|
|
16,278 |
|
|
11,396 |
|
|
46,151 |
|
|
36,076 |
Consolidated adjusted EBITDA |
|
$ |
450,702 |
|
$ |
386,289 |
|
$ |
1,264,230 |
|
$ |
1,108,324 |
|
|
|
|
|
|
|
|
|
||||
(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. |
Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
In thousands, except per share data |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income |
|
$ |
280,901 |
|
|
$ |
259,659 |
|
|
$ |
803,613 |
|
|
$ |
745,212 |
|
Plus: Amortization of acquired intangible assets and |
|
|
|
|
|
|
|
|
||||||||
equity method investment basis difference |
|
|
26,066 |
|
|
|
16,722 |
|
|
|
77,226 |
|
|
|
50,356 |
|
Plus: Acquisition-related integration and transaction costs(1) |
|
|
3,140 |
|
|
|
1,006 |
|
|
|
6,994 |
|
|
|
1,006 |
|
Plus: Write-off of deferred fees on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
1,510 |
|
|
|
— |
|
Less: Gain from changes in ownership interest of investees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(447 |
) |
Less: Income tax effect(2) |
|
|
(6,260 |
) |
|
|
(3,327 |
) |
|
|
(16,432 |
) |
|
|
(8,880 |
) |
Adjusted net income |
|
$ |
303,847 |
|
|
$ |
274,060 |
|
|
$ |
872,911 |
|
|
$ |
787,247 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS |
|
$ |
3.57 |
|
|
$ |
3.27 |
|
|
$ |
10.15 |
|
|
$ |
9.32 |
|
Plus: Amortization of acquired intangible assets and |
|
|
|
|
|
|
|
|
||||||||
equity method investment basis difference |
|
|
0.33 |
|
|
0.21 |
|
|
|
0.98 |
|
|
0.63 |
|
||
Plus: Acquisition-related integration and transaction costs(1) |
|
|
0.04 |
|
|
0.01 |
|
|
|
0.09 |
|
|
0.01 |
|
||
Plus: Write-off of deferred fees on debt extinguishment |
|
|
— |
|
|
— |
|
|
|
0.02 |
|
|
— |
|
||
Less: Gain from changes in ownership interest of investees |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(0.01 |
) |
||
Less: Income tax effect(2) |
|
|
(0.08 |
) |
|
(0.04 |
) |
|
|
(0.21 |
) |
|
(0.10 |
) |
||
Adjusted EPS |
|
$ |
3.86 |
|
|
$ |
3.45 |
|
|
$ |
11.03 |
|
|
$ |
9.85 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average common shares outstanding |
|
|
78,729 |
|
|
|
79,500 |
|
|
|
79,159 |
|
|
|
79,959 |
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. |
||||||||||||||||
(2) Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates. |
Table 11: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
Full-Year |
||||||||
|
|
|
|
|
|
|
|
|
|
2024 |
||||
In thousands |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Guidance (1) |
||||
Total operating expenses |
|
$ |
323,371 |
|
$ |
272,130 |
|
$ |
989,295 |
|
$ |
824,950 |
|
|
Amortization of intangible assets |
|
|
41,939 |
|
|
26,722 |
|
|
121,316 |
|
|
77,543 |
|
|
Depreciation and amortization of property, |
|
|
|
|
|
|
|
|
|
|
||||
equipment and leasehold improvements |
|
|
4,332 |
|
|
5,252 |
|
|
12,639 |
|
|
15,911 |
|
|
Acquisition-related integration and transaction costs(2) |
|
|
3,097 |
|
|
1,006 |
|
|
6,951 |
|
|
1,006 |
|
|
Consolidated adjusted EBITDA expenses |
|
$ |
274,003 |
|
$ |
239,150 |
|
$ |
848,389 |
|
$ |
730,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Index adjusted EBITDA expenses |
|
$ |
90,734 |
|
$ |
84,450 |
|
$ |
277,048 |
|
$ |
255,396 |
|
|
Analytics adjusted EBITDA expenses |
|
|
82,089 |
|
|
82,487 |
|
|
258,166 |
|
|
253,509 |
|
|
ESG and Climate adjusted EBITDA expenses |
|
|
53,654 |
|
|
47,598 |
|
|
166,372 |
|
|
145,201 |
|
|
All Other - Private Assets adjusted EBITDA expenses |
|
|
47,526 |
|
|
24,615 |
|
|
146,803 |
|
|
76,384 |
|
|
Consolidated adjusted EBITDA expenses |
|
$ |
274,003 |
|
$ |
239,150 |
|
$ |
848,389 |
|
$ |
730,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above. |
||||||||||||||
(2) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. |
Table 12: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
Full-Year |
||||||||||||
|
|
|
|
|
|
|
|
|
|
2024 |
||||||||
In thousands |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Guidance (1) |
||||||||
Net cash provided by operating activities |
|
$ |
421,609 |
|
|
$ |
291,131 |
|
|
$ |
1,070,994 |
|
|
$ |
847,076 |
|
|
|
Capital expenditures |
|
|
(6,626 |
) |
|
|
(3,564 |
) |
|
|
(19,515 |
) |
|
|
(18,942 |
) |
|
|
Capitalized software development costs |
|
|
(20,975 |
) |
|
|
(17,417 |
) |
|
|
(59,648 |
) |
|
|
(50,080 |
) |
|
|
Capex |
|
|
(27,601 |
) |
|
|
(20,981 |
) |
|
|
(79,163 |
) |
|
|
(69,022 |
) |
|
( |
Free cash flow |
|
$ |
394,008 |
|
|
$ |
270,150 |
|
|
$ |
991,831 |
|
|
$ |
778,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above. |
Table 13: Third Quarter 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)
|
|
Comparison of the Three Months Ended |
||||||||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
Index |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
11.8 |
% |
|
8.5 |
% |
|
19.5 |
% |
|
(15.7 |
)% |
Impact of acquisitions and divestitures |
|
— |
% |
|
(0.1 |
)% |
|
— |
% |
|
— |
% |
Impact of foreign currency exchange rate fluctuations |
|
— |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
Organic operating revenue growth |
|
11.8 |
% |
|
8.5 |
% |
|
19.5 |
% |
|
(15.7 |
)% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
Analytics |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
11.7 |
% |
|
11.2 |
% |
|
— |
% |
|
40.9 |
% |
Impact of acquisitions and divestitures |
|
(0.1 |
)% |
|
(0.2 |
)% |
|
— |
% |
|
— |
% |
Impact of foreign currency exchange rate fluctuations |
|
0.1 |
% |
|
0.1 |
% |
|
— |
% |
|
0.1 |
% |
Organic operating revenue growth |
|
11.7 |
% |
|
11.1 |
% |
|
— |
% |
|
41.0 |
% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
ESG and Climate |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
14.5 |
% |
|
13.6 |
% |
|
— |
% |
|
62.8 |
% |
Impact of acquisitions and divestitures |
|
(1.4 |
)% |
|
(1.4 |
)% |
|
— |
% |
|
(2.3 |
)% |
Impact of foreign currency exchange rate fluctuations |
|
(2.1 |
)% |
|
(2.0 |
)% |
|
— |
% |
|
(0.9 |
)% |
Organic operating revenue growth |
|
11.0 |
% |
|
10.2 |
% |
|
— |
% |
|
59.6 |
% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
All Other - Private Assets |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
77.2 |
% |
|
77.3 |
% |
|
— |
% |
|
69.4 |
% |
Impact of acquisitions and divestitures |
|
(75.1 |
)% |
|
(75.2 |
)% |
|
— |
% |
|
(72.9 |
)% |
Impact of foreign currency exchange rate fluctuations |
|
(1.1 |
)% |
|
(1.0 |
)% |
|
— |
% |
|
(0.7 |
)% |
Organic operating revenue growth |
|
1.0 |
% |
|
1.1 |
% |
|
— |
% |
|
(4.2 |
)% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
Consolidated |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
15.9 |
% |
|
15.4 |
% |
|
19.5 |
% |
|
0.4 |
% |
Impact of acquisitions and divestitures |
|
(4.6 |
)% |
|
(6.0 |
)% |
|
— |
% |
|
(1.9 |
)% |
Impact of foreign currency exchange rate fluctuations |
|
(0.2 |
)% |
|
(0.4 |
)% |
|
— |
% |
|
(0.1 |
)% |
Organic operating revenue growth |
|
11.1 |
% |
|
9.0 |
% |
|
19.5 |
% |
|
(1.6 |
)% |
Table 14: Nine Months 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)
|
|
Comparison of the Nine Months Ended |
||||||||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
Index |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
10.5 |
% |
|
8.3 |
% |
|
16.9 |
% |
|
(16.3 |
)% |
Impact of acquisitions and divestitures |
|
— |
% |
|
(0.1 |
)% |
|
— |
% |
|
— |
% |
Impact of foreign currency exchange rate fluctuations |
|
0.2 |
% |
|
0.3 |
% |
|
0.1 |
% |
|
— |
% |
Organic operating revenue growth |
|
10.7 |
% |
|
8.5 |
% |
|
17.0 |
% |
|
(16.3 |
)% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
Analytics |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
11.3 |
% |
|
10.7 |
% |
|
— |
% |
|
44.9 |
% |
Impact of acquisitions and divestitures |
|
(0.1 |
)% |
|
(0.1 |
)% |
|
— |
% |
|
— |
% |
Impact of foreign currency exchange rate fluctuations |
|
0.4 |
% |
|
0.4 |
% |
|
— |
% |
|
1.2 |
% |
Organic operating revenue growth |
|
11.6 |
% |
|
11.0 |
% |
|
— |
% |
|
46.1 |
% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
ESG and Climate |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
14.2 |
% |
|
13.7 |
% |
|
— |
% |
|
43.1 |
% |
Impact of acquisitions and divestitures |
|
(1.6 |
)% |
|
(1.6 |
)% |
|
— |
% |
|
(2.5 |
)% |
Impact of foreign currency exchange rate fluctuations |
|
(1.9 |
)% |
|
(2.0 |
)% |
|
— |
% |
|
— |
% |
Organic operating revenue growth |
|
10.7 |
% |
|
10.1 |
% |
|
— |
% |
|
40.6 |
% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
All Other - Private Assets |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
71.6 |
% |
|
71.1 |
% |
|
— |
% |
|
115.8 |
% |
Impact of acquisitions and divestitures |
|
(69.4 |
)% |
|
(69.3 |
)% |
|
— |
% |
|
(80.0 |
)% |
Impact of foreign currency exchange rate fluctuations |
|
(0.5 |
)% |
|
(0.5 |
)% |
|
— |
% |
|
(0.3 |
)% |
Organic operating revenue growth |
|
1.7 |
% |
|
1.3 |
% |
|
— |
% |
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
||||
|
|
Total |
|
Recurring Subscription |
|
Asset-Based Fees |
|
Non-Recurring Revenues |
||||
Consolidated |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
|
Change Percentage |
||||
Operating revenue growth |
|
14.9 |
% |
|
15.0 |
% |
|
16.9 |
% |
|
(2.0 |
)% |
Impact of acquisitions and divestitures |
|
(4.5 |
)% |
|
(5.9 |
)% |
|
— |
% |
|
(1.7 |
)% |
Impact of foreign currency exchange rate fluctuations |
|
— |
% |
|
(0.1 |
)% |
|
0.1 |
% |
|
0.1 |
% |
Organic operating revenue growth |
|
10.4 |
% |
|
9.0 |
% |
|
17.0 |
% |
|
(3.6 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029647298/en/
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