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    SEC Form 10-Q filed by MSCI Inc.

    4/22/25 3:54:30 PM ET
    $MSCI
    Business Services
    Consumer Discretionary
    Get the next $MSCI alert in real time by email
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    Table of Contents
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    ___________________________________
    FORM 10-Q
    ___________________________________
    xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2025
    OR
    oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from____________to____________
    Commission file number 001-33812
    ________________________________________
    msci-logo-resized.gif
    MSCI INC.
    (Exact Name of Registrant as Specified in its Charter)
    ________________________________________
    Delaware13-4038723
    (State or other jurisdiction of
    Incorporation or Organization)
    (I.R.S. Employer
    Identification Number)
    7 World Trade Center
    250 Greenwich Street, 49th Floor
    New York, New York
    10007
    (Address of Principal Executive Offices)(Zip Code)
    Registrant’s telephone number, including area code: (212) 804-3900
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each classTrading Symbol(s)Name of each exchange on which registered
    Common stock, par value $0.01 per shareMSCINew York Stock Exchange
    ________________________________________
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x  No  o
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x  No  o
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large accelerated filerxAccelerated filero
    Non-accelerated fileroSmaller reporting companyo
    Emerging growth companyo
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
    As of April 15, 2025, there were 77,371,495 shares of the registrant’s Common Stock, par value $0.01, outstanding.


    Table of Contents
    FOR THE QUARTER ENDED MARCH 31, 2025
    TABLE OF CONTENTS
    Page
    Part I – Financial Information
    Item 1.
    Financial Statements
    4
    Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024
    4
    Condensed Consolidated Statements of Income for Periods Ended March 31, 2025 and March 31, 2024
    5
    Condensed Consolidated Statements of Comprehensive Income for Periods Ended March 31, 2025 and March 31, 2024
    6
    Condensed Consolidated Statements of Shareholders’ Equity (Deficit) for Periods Ended March 31, 2025 and March 31, 2024
    7
    Condensed Consolidated Statements of Cash Flows for the Periods Ended March 31, 2025 and March 31, 2024
    8
    Notes to Condensed Consolidated Financial Statements
    9
    1. Introduction and Basis of Presentation
    9
    2. Recent Accounting Pronouncements
    10
    3. Revenue Recognition
    10
    4. Earnings Per Common Share
    11
    5. Acquisitions
    12
    6. Goodwill and Intangible Assets, Net
    13
    7. Debt
    14
    8. Leases
    15
    9. Shareholders’ Equity (Deficit)
    16
    10. Income Taxes
    17
    11. Segment Information
    17
    12. Subsequent Events
    21
    Item 2.
    Management’s Discussion and Analysis of Financial Condition and Results of Operations
    22
    Item 3.
    Quantitative and Qualitative Disclosures About Market Risk
    39
    Item 4.
    Controls and Procedures
    39
    Part II – Other Information
    Item 1.
    Legal Proceedings
    40
    Item 1A.
    Risk Factors
    40
    Item 2.
    Unregistered Sales of Equity Securities and Use of Proceeds
    40
    Item 5.
    Other Information
    40
    Item 6.
    Exhibits
    41
    2

    Table of Contents
    AVAILABLE INFORMATION
    Our corporate headquarters is located at 7 World Trade Center, 250 Greenwich Street, 49th Floor, New York, New York, 10007, and our telephone number is (212) 804-3900. We maintain a website on the internet at www.msci.com. The contents of our website are not a part of or incorporated by reference in this Quarterly Report on Form 10-Q.
    We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”). The SEC maintains a website that contains reports, proxy and information statements and other information that we file electronically with the SEC at www.sec.gov. We also make available free of charge, on or through our website, these reports, proxy statements and other information as soon as reasonably practicable following the time they are electronically filed with or furnished to the SEC. To access these, click on the “SEC Filings” link under the “Financial Information” tab found on our investor relations homepage (http://ir.msci.com).
    We also use our investor relations website ir.msci.com and our social media outlets, such as LinkedIn or X (@MSCI_Inc), as channels of distribution of Company information. The information we post through these channels may be deemed material.
    Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about us when you enroll your email address by visiting the “Email Alerts” on our investor relations homepage at https://ir.msci.com/email-alerts. The contents of our website, including our investor relations website, and our social media channels are not, however, a part of or incorporated by reference in this Quarterly Report on Form 10-Q.
    FORWARD-LOOKING STATEMENTS
    We have included in this Quarterly Report on Form 10-Q, and from time to time may make in our public filings, press releases or other public statements, certain statements that constitute forward-looking statements. In addition, our management may make forward-looking statements to analysts, investors, representatives of the media and others. These forward-looking statements are not historical facts and represent only MSCI’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond our control. These forward-looking statements 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. Statements concerning our financial position, business strategy and plans or objectives for future operations are forward-looking statements. 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 our control and that could materially affect our actual results, levels of activity, performance or achievements. Such risks and uncertainties include those set forth under “Risk Factors” in Part I, Item 1A of the 2024 Annual Report on Form 10-K filed with the SEC on February 7, 2025. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement reflects our current views with respect to future events, levels of activity, performance or achievements and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. The forward-looking statements in this report speak only as of the time they are made and do not necessarily reflect our outlook at any other point in time. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law. Therefore, readers should carefully review the risk factors set forth in our Annual Report on Form 10-K and in other reports or documents we file from time to time with the SEC.
    3

    Table of Contents
    PART I – FINANCIAL INFORMATION
    Item 1.    Financial Statements
    MSCI INC.
    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (in thousands, except per share and share data)
    As of
    March 31,December 31,
    (unaudited) 20252024
    ASSETS
    Current assets:
    Cash and cash equivalents (includes restricted cash of $3,565 and $3,497 at March 31, 2025 and December 31, 2024, respectively)
    $360,671 $409,351 
    Accounts receivable (net of allowances of $5,333 and $5,284 at March 31, 2025 and December 31, 2024, respectively)
    749,247 820,709 
    Prepaid income taxes52,456 48,162 
    Prepaid and other assets73,161 65,799 
    Total current assets1,235,535 1,344,021 
    Property, equipment and leasehold improvements, net 85,618 70,885 
    Right of use assets 118,600 119,435 
    Goodwill2,918,559 2,915,167 
    Intangible assets, net 886,750 907,613 
    Deferred tax assets41,044 40,626 
    Other non-current assets58,268 47,692 
    Total assets$5,344,374 $5,445,439 
    LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
    Current liabilities:
    Accounts payable$10,656 $14,517 
    Income taxes payable72,167 37,989 
    Accrued compensation and related benefits92,743 217,492 
    Other accrued liabilities208,220 192,233 
    Deferred revenue1,082,542 1,123,423 
    Total current liabilities1,466,328 1,585,654 
    Long-term debt4,546,859 4,510,816 
    Long-term operating lease liabilities118,446 121,153 
    Deferred tax liabilities51,878 47,623 
    Other non-current liabilities119,433 120,190 
    Total liabilities6,302,944 6,385,436 
    Commitments and Contingencies (see Note 7)
    Shareholders’ equity (deficit):
    Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued)
    — — 
    Common stock (par value $0.01; 750,000,000 common shares authorized; 134,298,561 and 134,079,855 common shares issued and 77,601,766 and 77,744,588 common shares outstanding at March 31, 2025 and December 31, 2024, respectively)
    1,343 1,341 
    Treasury shares, at cost (56,696,795 and 56,335,267 common shares held at March 31, 2025 and December 31, 2024, respectively)
    (7,548,241)(7,334,291)
    Additional paid in capital1,724,488 1,683,693 
    Retained earnings4,927,508 4,780,300 
    Accumulated other comprehensive loss(63,668)(71,040)
    Total shareholders’ equity (deficit)(958,570)(939,997)
    Total liabilities and shareholders’ equity (deficit)$5,344,374 $5,445,439 
    See Notes to Condensed Consolidated Financial Statements (Unaudited)
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    MSCI INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (in thousands, except per share data)
    Three Months Ended
    March 31,
    (unaudited) 20252024
    Operating revenues$745,826 $679,965 
    Operating expenses:
    Cost of revenues (exclusive of depreciation and amortization)136,790 128,514 
    Selling and marketing78,707 72,168 
    Research and development47,591 40,525 
    General and administrative57,097 56,691 
    Amortization of intangible assets43,872 38,604 
    Depreciation and amortization of property, equipment and
       leasehold improvements
    4,746 4,081 
    Total operating expenses368,803 340,583 
    Operating income377,023 339,382 
    Interest income(3,876)(6,048)
    Interest expense46,492 46,674 
    Other expense (income)3,337 2,863 
    Other expense (income), net45,953 43,489 
    Income before provision for income taxes331,070 295,893 
    Provision for income taxes42,470 39,939 
    Net income$288,600 $255,954 
    Earnings per share:
    Basic$3.72 $3.23 
    Diluted$3.71 $3.22 
    Weighted average shares outstanding:
    Basic77,63079,195
    Diluted77,80779,508
    See Notes to Condensed Consolidated Financial Statements (Unaudited)
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    MSCI INC.
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (in thousands)
    Three Months Ended
    March 31,
    (unaudited) 20252024
    Net income$288,600 $255,954 
    Other comprehensive income (loss):
    Foreign currency translation adjustments7,495 (2,542)
    Income tax effect(687)329 
    Foreign currency translation adjustments, net6,808 (2,213)
    Pension and other post-retirement adjustments567 21 
    Income tax effect(3)(13)
    Pension and other post-retirement adjustments, net564 8 
    Other comprehensive (loss) income, net of tax7,372 (2,205)
    Comprehensive income$295,972 $253,749 
    See Notes to Condensed Consolidated Financial Statements (Unaudited)
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    MSCI INC.
    CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
    (in thousands)
    (unaudited) Common
    Stock
    Treasury
    Stock
    Additional
    Paid in
    Capital
    Retained
    Earnings
    Accumulated
    Other
    Comprehensive
    Income (Loss)
    Total
    Balance at December 31, 2024
    $1,341 $(7,334,291)$1,683,693 $4,780,300 $(71,040)$(939,997)
    Net income288,600 288,600 
    Dividends declared ($1.80 per common share)
    (141,392)(141,392)
    Dividends paid in shares35 35 
    Other comprehensive income (loss), net of tax7,372 7,372 
    Common stock issued2 2 
    Shares withheld for tax withholding(57,735)(57,735)
    Exercise of stock options 394 394 
    Compensation payable in common stock40,366 40,366 
    Common stock repurchased and held in treasury(156,207)(156,207)
    Common stock issued to Directors and
       (held in)/released from treasury
    (8)(8)
    Balance at March 31, 2025
    $1,343 $(7,548,241)$1,724,488 $4,927,508 $(63,668)$(958,570)
    Balance at December 31, 2023
    $1,338 $(6,447,101)$1,587,670 $4,179,681 $(61,352)$(739,764)
    Net income255,954 255,954 
    Dividends declared ($1.60 per common share)
    (129,444)(129,444)
    Dividends paid in shares74 74 
    Other comprehensive income (loss), net of tax(2,205)(2,205)
    Common stock issued3 3 
    Shares withheld for tax withholding(69,991)(69,991)
    Compensation payable in common stock34,894 34,894 
    Common stock repurchased and held in treasury— 
    Common stock issued to Directors and
       (held in)/released from treasury
    (38)(38)
    Balance at March 31, 2024
    $1,341 $(6,517,130)$1,622,638 $4,306,191 $(63,557)$(650,517)



    See Notes to Condensed Consolidated Financial Statements (Unaudited)
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    MSCI INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    Three Months Ended
    March 31,
    (unaudited) 20252024
    Cash flows from operating activities
    Net income$288,600 $255,954 
    Adjustments to reconcile net income to net cash provided by operating activities:
    Amortization of intangible assets43,872 38,604 
    Stock-based compensation expense40,004 34,336 
    Depreciation and amortization of property, equipment and leasehold improvements4,746 4,081 
    Amortization of right of use assets5,931 5,813 
    Amortization of debt origination fees1,288 1,280 
    Loss on extinguishment of debt— 1,510 
    Deferred taxes3,399 (7,625)
    Other adjustments7,344 (3,533)
    Changes in assets and liabilities:
    Accounts receivable73,204 91,109 
    Prepaid income taxes(4,191)14,874 
    Prepaid and other assets(7,041)1,427 
    Other non-current assets(9,621)73 
    Accounts payable(5,856)2,045 
    Income taxes payable32,759 22,154 
    Accrued compensation and related benefits(127,136)(132,328)
    Other accrued liabilities9,022 3,086 
    Deferred revenue(46,860)(25,949)
    Long-term operating lease liabilities(6,723)(5,666)
    Other non-current liabilities(871)(1,108)
    Other(133)— 
    Net cash provided by operating activities301,737 300,137 
    Cash flows from investing activities  
    Capitalized software development costs(21,361)(19,966)
    Capital expenditures(11,500)(4,271)
    Acquisition of a business, net of cash acquired
    — (7,820)
    Other(43)(276)
    Net cash used in investing activities(32,904)(32,333)
    Cash flows from financing activities
    Repurchase of common stock held in treasury(213,093)(69,991)
    Payment of dividends(143,784)(131,305)
    Repayment of borrowings(65,000)(339,063)
    Proceeds from borrowings100,000 336,875 
    Proceeds from exercise of stock options394 — 
    Payment of contingent consideration and deferred purchase price from acquisitions(239)— 
    Payment of debt issuance costs— (3,739)
    Net cash (used in) provided by financing activities(321,722)(207,223)
    Effect of exchange rate changes4,209 (2,959)
    Net (decrease) increase in cash, cash equivalents and restricted cash(48,680)57,622 
    Cash, cash equivalents and restricted cash, beginning of period409,351 461,693 
    Cash, cash equivalents and restricted cash, end of period$360,671 $519,315 
    Supplemental disclosure of cash flow information:
    Cash paid for interest$33,648 $34,050 
    Cash paid for income taxes, net of refunds received$11,247 $11,393 
    Supplemental disclosure of non-cash investing activities
    Property, equipment and leasehold improvements in other accrued liabilities$10,576 $2,668 
    See Notes to Condensed Consolidated Financial Statements (Unaudited)
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    MSCI INC.
    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)
    1. INTRODUCTION AND BASIS OF PRESENTATION
    MSCI Inc., together with its wholly owned subsidiaries (the “Company” or “MSCI”) is a leading provider of critical decision support tools and solutions for the global investment community. Our mission-critical offerings help investors navigate the complexities of a dynamic and evolving investment landscape. Leveraging our deep knowledge of the global investment process and our expertise in research, data and technology, we enable our clients to understand and analyze key drivers of risk and return and build portfolios more effectively. Our products and services include indexes; portfolio construction and risk management tools; sustainability and climate solutions; and private asset data and analytics.
    Basis of Presentation and Use of Estimates
    The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. If not materially different, certain note disclosures included therein have been omitted from these interim condensed consolidated financial statements.
    In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim consolidated financial statements, have been included. The results of operations for interim periods are not necessarily indicative of results for the entire year.
    The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.
    In the first quarter of 2025, we renamed our “ESG and Climate” operating and reportable segment to “Sustainability and Climate” to reflect the breadth of our product offerings. There were no changes to the composition of our operating or reportable segments, the financial information reviewed by our chief operating decision maker (“CODM”), or our historical segment operating results.
    Concentrations
    For the three months ended March 31, 2025 and 2024, BlackRock, Inc. (“BlackRock”) accounted for 10.3% and 10.0% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2025 and 2024, BlackRock accounted for 17.8% and 17.9% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within Analytics, Sustainability and Climate or All Other – Private Assets for the three months ended March 31, 2025 and 2024.
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    Allowance for Credit Losses
    Changes in the allowance for credit losses from December 31, 2023 to March 31, 2025 were as follows:
    (in thousands) Amount
    Balance as of December 31, 2023$3,968 
    Addition to credit loss expense3,990 
    Write-offs, net of recoveries(2,674)
    Balance as of December 31, 2024$5,284 
    Addition to credit loss expense734 
    Write-offs, net of recoveries(685)
    Balance as of March 31, 2025$5,333 
    2. RECENT ACCOUNTING PRONOUNCEMENTS
    In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. The amendments in ASU 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 was adopted by the Company and is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods. The adoption of ASU 2023-07 expanded certain disclosures but did not have a material impact on our consolidated financial statements.
    In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. The amendments in ASU 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The adoption of ASU 2023-09 will expand our disclosures, but we do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.
    In November 2024, the FASB issued Accounting Standards Update No. 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)” or ASU 2024-03. The amendments in ASU 2024-03 require additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2027 and interim period reporting beginning in 2028 on a prospective basis. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.
    3. REVENUE RECOGNITION
    MSCI’s operating revenues are reported by product type and each product type may have different timing for recognizing revenue. The Company’s operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment.
    The tables that follow present the disaggregated operating revenues for the periods indicated:
    For the Three Months Ended March 31, 2025
    Segments
    (in thousands)IndexAnalyticsSustainability and ClimateAll Other - Private AssetsTotal
    Operating Revenue Types
    Recurring subscriptions$233,330 $169,755 $82,737 $66,819 $552,641 
    Asset-based fees177,415 — — — 177,415 
    Non-recurring10,998 2,430 1,882 460 15,770 
    Total$421,743 $172,185 $84,619 $67,279 $745,826 
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    For the Three Months Ended March 31, 2024
    Segments
    (in thousands)IndexAnalyticsSustainability and ClimateAll Other - Private AssetsTotal
    Operating Revenue Types
    Recurring subscriptions$212,952 $160,551 $76,418 $63,134 $513,055 
    Asset-based fees150,259 — — — 150,259 
    Non-recurring10,661 3,415 1,466 1,109 16,651 
    Total$373,872 $163,966 $77,884 $64,243 $679,965 
    The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated:
    (in thousands) Accounts receivable, net of allowancesDeferred revenue
    Opening (December 31, 2024)
    $820,709 $1,123,423 
    Closing (March 31, 2025)
    749,247 1,082,542 
    Increase/(decrease)$(71,462)$(40,881)
    (in thousands) Accounts receivable, net of allowancesDeferred revenue
    Opening (December 31, 2023)
    $839,555 $1,083,864 
    Closing (March 31, 2024)
    745,611 1,053,961 
    Increase/(decrease)$(93,944)$(29,903)
    The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $447.3 million and $420.3 million for the three months ended March 31, 2025 and 2024 respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in amortization of deferred revenue to operating revenues, partially offset by an increase in billings. As of March 31, 2025 and December 31, 2024, the Company carried a long-term deferred revenue balance of $30.9 million and $32.2 million, respectively, in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statement of Financial Condition.
    For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows:
    As of
    March 31,
    (in thousands)2025
    First 12-month period
    $951,513 
    Second 12-month period
    598,070 
    Third 12-month period
    262,439 
    Periods thereafter202,346 
    Total$2,014,368 
    4. EARNINGS PER COMMON SHARE
    Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the assumed conversion of all dilutive securities, including, when applicable, stock options, restricted stock units, performance stock units, and performance stock options.
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    The following table presents the computation of basic and diluted EPS:
    Three Months Ended
    March 31,
    (in thousands, except per share data)20252024
    Net income$288,600 $255,954 
    Basic weighted average common shares outstanding77,630 79,195 
    Effect of dilutive securities177 313 
    Diluted weighted average common shares outstanding77,807 79,508 
    Earnings per common share:
    Basic$3.72 $3.23 
    Diluted$3.71 $3.22 
    5. ACQUISITIONS
    On January 2, 2024, MSCI completed the acquisition of Fabric RQ, Inc. (“Fabric”), a wealth technology platform specializing in portfolio design, customization and analytics for wealth managers and advisors. Fabric is a part of the Analytics operating segment. The aggregate purchase price for Fabric was $16.1 million and resulted in the recognition of $5.9 million of goodwill.
    On April 16, 2024, MSCI completed the acquisition of Foxberry Ltd. (“Foxberry”), a front-office index technology platform. Foxberry is a part of the Index operating segment. The aggregate purchase price for Foxberry was $42.6 million and resulted in the recognition of $23.9 million of goodwill.
    The Fabric and Foxberry acquisitions each included contingent consideration as a component of the aggregate purchase price. The fair values of the contingent consideration were determined based on management estimates and assumptions which primarily included forecasted product sales, probability of achievement of certain integration targets and discount rates. The Company classifies these liabilities as Level 3 within the fair value hierarchy, as the measurement is based on inputs that are not observable in the market. As of March 31, 2025, the fair value of the contingent consideration was $29.1 million, of which $9.6 million is included in “Other accrued liabilities” and $19.5 million is included in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statement of Financial Condition.
    Changes in the Company’s Level 3 financial liabilities for the periods indicated were as follows:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Beginning balance$28,647 $— 
    Additions of contingent consideration(1)
    — 8,146 
    Change in fair value469 123 
    Payments— — 
    Ending Balance$29,116 $8,269 
    ___________________________
    (1)Reflects balance of contingent consideration at acquisition date fair value.
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    6. GOODWILL AND INTANGIBLE ASSETS, NET
    Goodwill
    The following table shows the changes in our goodwill balances from December 31, 2024 to March 31, 2025:
    Segments
    (in thousands)IndexAnalyticsSustainability and ClimateAll Other - Private AssetsTotal
    Goodwill at December 31, 2024$1,226,956 $296,880 $83,703 $1,307,628 $2,915,167 
    Foreign exchange translation adjustment1,704 — 1,092 596 3,392 
    Goodwill at March 31, 2025$1,228,660 $296,880 $84,795 $1,308,224 $2,918,559 
    Intangible Assets, Net
    The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Amortization expense of acquired intangible assets$25,817 $25,267 
    Amortization expense of internally developed capitalized software18,055 13,337 
    Total amortization of intangible assets expense$43,872 $38,604 
    The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows:
    March 31, 2025December 31, 2024
    (in thousands)
    Gross intangible assetsAccumulated amortizationNet intangible assetsGross intangible assetsAccumulated amortizationNet intangible assets
    Customer relationships$715,495 $(389,076)$326,419 $715,020 $(379,087)$335,933 
    Proprietary data453,956 (115,907)338,049 452,813 (104,980)347,833 
    Acquired technology and software257,360 (202,739)54,621 256,794 (199,090)57,704 
    Trademarks209,090 (183,803)25,287 209,090 (181,521)27,569 
    Internally developed capitalized software339,467 (197,093)142,374 316,795 (178,221)138,574 
    Total$1,975,368 $(1,088,618)$886,750 $1,950,512 $(1,042,899)$907,613 
    The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2025 and succeeding years:    
    Years Ending December 31,
    (in thousands)
    Amortization
    Expense
    Remainder of 2025$119,370 
    2026129,789 
    202798,124 
    202872,713 
    202970,057 
    Thereafter396,697 
    Total$886,750 
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    7. DEBT
    As of March 31, 2025, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and $371.9 million of revolving loans under the Revolving Credit Facility (as defined below) as presented in the table below:
    Principal
    Amount
    Outstanding at
    Carrying
    Value at
    Carrying
    Value at
    Fair
    Value at
    Fair
    Value at
    (in thousands)Maturity DateMarch 31, 2025March 31, 2025December 31, 2024March 31, 2025December 31, 2024
    Debt
    4.000% senior unsecured notes due 2029
    November 15, 2029
    $1,000,000 $995,000 $994,727 $955,810 $944,070 
    3.625% senior unsecured notes due 2030
    September 1, 2030
    900,000 896,414 896,249 832,788 820,845 
    3.875% senior unsecured notes due 2031
    February 15, 2031
    1,000,000 993,528 993,255 930,810 918,400 
    3.625% senior unsecured notes due 2031
    November 1, 2031
    600,000 595,674 595,509 542,808 538,350 
    3.250% senior unsecured notes due 2033
    August 15, 2033
    700,000 694,368 694,201 604,450 592,046 
    Variable rate revolving loans (1)
    January 26, 2029371,875 371,875 336,875 370,016 333,506 
    Total debt$4,571,875 $4,546,859 $4,510,816 $4,236,682 $4,147,217 
    ___________________________
    (1)As of March 31, 2025 there were $3.8 million in unamortized deferred financing fees associated with the variable rate revolving loan commitments under the Revolving Credit Facility of which $1.0 million is included in “Prepaid and other assets,” and $2.8 million is included in “Other non-current assets” on the Unaudited Condensed Consolidated Statement of Financial Condition.
    Maturities of the Company’s principal debt payments as of March 31, 2025 are as follows:
    Maturity of Principal Debt Payments
    (in thousands)
    Amounts
    Remainder of 2025$— 
    2026— 
    2027— 
    2028— 
    20291,371,875 
    Thereafter3,200,000 
    Total debt$4,571,875 
    Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:
    Interest payment frequencyFirst interest
    payment date
    Senior Notes and Revolving Loans
    4.000% senior unsecured notes due 2029
    Semi-AnnualMay 15
    3.625% senior unsecured notes due 2030
    Semi-AnnualMarch 1
    3.875% senior unsecured notes due 2031
    Semi-AnnualJune 1
    3.625% senior unsecured notes due 2031
    Semi-AnnualMay 1
    3.250% senior unsecured notes due 2033
    Semi-AnnualFebruary 15
    Variable rate revolving loans (1)
    VariableFebruary 26
    ___________________________
    (1)The first payment occurred on February 26, 2024.
    The fair market value of the Company’s debt obligations represent Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used broker quotes and third-party pricing services to determine fair values.
    Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On January 26, 2024, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), amending and restating in its entirety the Company’s prior Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $1,250.0 million of revolving loan commitments under a
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    revolving credit facility (the “Revolving Credit Facility”), which may be drawn until January 26, 2029. The obligations under the Credit Agreement are general unsecured obligations of the Company.
    Interest on the revolving loans under the Credit Agreement accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin to be determined based on the credit ratings of the Company’s senior, unsecured long-term debt and will be due on each Interest Payment Date (as defined in the Credit Agreement). So long as the credit rating for the Company’s senior, unsecured long-term debt is set at BBB-/BBB- by each of S&P and Fitch, respectively, the applicable margin is 0.50% for Base Rate loans, and 1.50% for SOFR loans. At March 31, 2025, the interest rate on the revolving loans under the Revolving Credit Facility was 5.9%.
    In connection with the closings of the Senior Notes offerings, entry into the Prior Credit Agreement and the subsequent amendments thereto and entry into the Credit Agreement, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At March 31, 2025, $28.8 million of the deferred financing fees and premium remain unamortized, $1.0 million of which is included in “Prepaid and other assets,” $2.8 million of which is included in “Other non-current assets” and $25.0 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition.
    8. LEASES
    The components of lease expense (income) of the Company’s operating leases are as follows:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Operating lease expenses$7,465 $7,139 
    Variable lease costs236 1,069 
    Short-term lease costs99 215 
    Sublease income(659)(828)
    Total lease costs$7,141 $7,595 
    Maturities of the Company’s operating lease liabilities as of March 31, 2025 are as follows:
    Maturity of Lease LiabilitiesOperating
    (in thousands)Leases
    Remainder of 2025$23,341 
    202631,990 
    202725,739 
    202824,915 
    202916,904 
    Thereafter40,250 
    Total lease payments$163,139 
    Less: Interest(18,649)
    Present value of lease liabilities$144,490 
    Other accrued liabilities$26,044 
    Long-term operating lease liabilities$118,446 
    Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows:
    As of
    March 31,December 31,
    Lease Term and Discount Rate20252024
    Weighted-average remaining lease term (years)6.036.27
    Weighted-average discount rate4.09 %4.06 %
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    Other information related to the Company’s operating leases are as follows:
    Other InformationThree Months Ended
    March 31,
    (in thousands)20252024
    Operating cash flows used for operating leases$8,157 $7,626 
    Right of use assets obtained in exchange for new
        operating lease liabilities
    $4,194 $23,237 
    9. SHAREHOLDERS’ EQUITY (DEFICIT)
    Return of capital
    On October 28, 2024, the Board of Directors authorized a stock repurchase program (the “2024 Repurchase Program”) for the purchase of up to $1,500.0 million worth of shares of MSCI’s common stock in addition to the $405.4 million of authorization then remaining under a previously existing share repurchase program that was replaced by, and incorporated into, the 2024 Repurchase Program for a total of $1,905.4 million of stock repurchase authorization available under the 2024 Repurchase Program.
    Share repurchases made pursuant to the 2024 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice.
    As of March 31, 2025, there was $1,380.2 million of available authorization remaining under the 2024 Repurchase Program.
    The following table provides information with respect to repurchases of the Company’s common stock made on the open market:
    Three months ended
    (in thousands, except per share data)
    Average
    Price
    Paid Per
    Share
    Total
    Number of
    Shares
    Repurchased
    Dollar
    Value of
    Shares
    Repurchased(1)
    March 31, 2025$590.60 263 $155,358 
    March 31, 2024$— — $— 
    ___________________________
    (1)The values in this column exclude the 1% excise tax incurred on share repurchases pursuant to the Inflation Reduction Act. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Unaudited Condensed Consolidated Statement of Shareholders’ Equity (Deficit).

    The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated:
    Dividends

    (in thousands, except per share data)
    Per ShareDeclaredDistributed(Released)/Deferred
    Three Months Ended March 31, 2025$1.80 $141,392 $143,820 $(2,428)
    Three Months Ended March 31, 2024$1.60 $129,444 $131,378 $(1,934)
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    Common Stock
    The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2025:
    Common StockTreasury Common Stock
    IssuedStockOutstanding
    Balance at December 31, 2024
    134,079,855(56,335,267)77,744,588
    Dividend payable/paid45—45
    Common stock issued and exercise of stock options218,647—218,647
    Shares withheld for tax withholding —(98,463)(98,463)
    Shares repurchased under stock repurchase programs—(263,051)(263,051)
    Shares issued to directors14(14)—
    Balance at March 31, 2025
    134,298,561(56,696,795)77,601,766
    10. INCOME TAXES
    The effective tax rate for the three months ended March 31, 2025 and 2024 was 12.8% and 13.5%, respectively. The difference from the statutory tax rate in both periods was primarily related to excess tax benefits recognized on the vesting of stock-based compensation and the benefit of prior year refund claims.
    During the three months ended March 31, 2025, the Company’s unrecognized tax benefits increased by $23.1 million principally due to tax positions related to prior periods.
    11. SEGMENT INFORMATION
    ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available. This information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. MSCI’s Chief Executive Officer and its President and Chief Operating Officer, who together serve as the CODM, review financial information on an operating segment basis to make operational decisions and assess financial performance.
    The CODM measures and evaluates operating segments based on segment operating revenues and Adjusted EBITDA. Adjusted EBITDA is used to assess segment performance and guide resource allocation, including decisions related to capital allocations and acquisitions. Additionally, Adjusted EBITDA is used to monitor actual performance against budget and to establish management’s compensation. The CODM also uses Adjusted EBITDA for competitive analysis, benchmarking MSCI’s performance against its competitors to evaluate segment performance. Adjusted EBITDA for each segment is calculated by subtracting segment Adjusted EBITDA expenses from segment operating revenues.
    MSCI excludes the following items from segment Adjusted EBITDA and Adjusted EBITDA expenses: provision for income taxes; other expense (income), net; depreciation and amortization of property, equipment and leasehold improvements; amortization of intangible assets; and, at times, certain other transactions or adjustments. These may include impairments related to sublease of leased property and certain acquisition-related integration and transaction costs that the CODM does not consider when allocating resources among segments or assessing segment performance. While these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are reflected in the reconciliation provided below.
    Operating revenues and expenses directly associated with each segment are included in determining that segment’s operating results. Expenses not directly attributable to a specific segment are allocated using methodologies, such as time estimates, revenue, headcount, sales targets, data center consumption and other relevant usage measures. Given the integrated structure of MSCI’s business, certain costs incurred by one segment may benefit other segments. Additionally, a segment may utilize content and data produced by another segment without incurring an intersegment charge. Within Adjusted EBITDA expenses by operating segment, there are no categories of expenses regularly provided to the CODM.
    The CODM does not receive information about total assets on an operating segment basis. Operating segments do not record intersegment revenues; therefore, none are reported. The accounting policies used for segment reporting are consistent with those applied to MSCI as a whole.
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    MSCI has five operating segments: Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions. These are presented as three reportable segments: Index, Analytics and Sustainability and Climate. The operating segments Real Assets and Private Capital Solutions do not individually meet the segment reporting thresholds and have been combined into All Other – Private Assets.
    The Index reportable segment provides equity and fixed income indexes. The indexes are used across the investment process, including the development of indexed financial products (e.g., ETFs, mutual funds, annuities, futures, options, structured products, and over-the-counter derivatives), performance benchmarking, portfolio construction and rebalancing, and asset allocation.
    The Analytics reportable segment provides risk management, performance attribution, and portfolio management content, applications and services. These offerings give clients an integrated view of risk and return, along with tools for analyzing market, credit, liquidity, counterparty and climate risks across all major asset classes and time horizons – short, medium and long term. Clients can access Analytics tools and content through MSCI’s proprietary applications and application programming interfaces (APIs), third-party applications or directly via their own platforms. Additionally, the Analytics segment offers various managed services to enhance client efficiency. These services include consolidating portfolio data from multiple sources, reviewing and reconciling input data and results, and providing customized reporting.
    The Sustainability and Climate reportable segment provides products and services designed to help institutional investors understand the impact of sustainability and climate considerations on the long-term risk and return of their portfolios and individual security-level investments. This segment also offers data, ratings, research and tools to assist investors in navigating regulatory changes, meeting evolving client demands and integrating sustainability and climate factors into their investment processes.
    The Real Assets operating segment delivers data, benchmarks, return-analytics, climate assessments and market insights for tangible assets such as real estate and infrastructure. Its performance and risk analytics services range from enterprise-wide assessments to property-specific analysis. Additionally, the operating segment offers business intelligence products for real estate owners, managers, developers and brokers worldwide.
    The Private Capital Solutions operating segment provides a suite of tools to support private asset investors in mission-critical workflows. These include sourcing terms and conditions, evaluating operating performance of underlying portfolio companies, managing risk and other activities related to private capital investing.
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    The following table presents operating revenues, Adjusted EBITDA expenses and segment profitability and a reconciliation to net income for the periods indicated:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Operating revenues
    Index$421,743 $373,872 
    Analytics172,185 163,966 
    Sustainability and Climate84,619 77,884 
    Total reportable segment operating revenues
    678,547 615,722 
    All Other - Private Assets67,279 64,243 
    Total operating revenues745,826 679,965 
    Adjusted EBITDA expenses
    Index110,172 96,112 
    Analytics96,155 91,754 
    Sustainability and Climate60,798 56,793 
    Total reportable segment Adjusted EBITDA expense
    267,125 244,659 
    Adjusted EBITDA
    Index Adjusted EBITDA311,571 277,760 
    Analytics Adjusted EBITDA76,030 72,212 
    Sustainability and Climate Adjusted EBITDA23,821 21,091 
    Total reportable segment profitability411,422 371,063 
    Plus:
    All Other - Private Assets(1)
    14,219 12,510 
    Less:
    Amortization of intangible assets43,872 38,604 
    Depreciation and amortization of property, equipment and
       leasehold improvements
    4,746 4,081 
    Acquisition-related integration and transaction costs(2)
    — 1,506 
    Operating income377,023 339,382 
    Other expense (income), net45,953 43,489 
    Income before provision for income taxes331,070 295,893 
    Provision for income taxes42,470 39,939 
    Net income$288,600 $255,954 
    ___________________________
    (1)Revenue less segment expenses from segments below the segment reporting thresholds are attributable to Private Capital Solutions and Real Assets operating segments. Private Capital Solutions and Real Assets operating segments do not meet any of the segment reporting thresholds for determining reportable segments.
    (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.
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    Operating revenues by geography are primarily based on the shipping address of the ultimate customer utilizing the product. The following table presents operating revenues by geographic area for the periods indicated:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Operating revenues
    Americas:
    United States$302,374 $280,675 
    Other33,726 30,358 
    Total Americas336,100 311,033 
    Europe, the Middle East and Africa (“EMEA”):
    United Kingdom123,714 113,294 
    Other169,103 151,684 
    Total EMEA292,817 264,978 
    Asia & Australia:  
    Japan30,202 26,573 
    Other86,707 77,381 
    Total Asia & Australia116,909 103,954 
    Total$745,826 $679,965 
    Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated:
    As of
    March 31,December 31,
    (in thousands)20252024
    Long-lived assets
    Americas:
    United States$269,556 $253,072 
    Other7,305 7,558 
    Total Americas276,861 260,630 
    EMEA:
    United Kingdom18,477 17,632 
    Other23,360 22,157 
    Total EMEA41,837 39,789 
    Asia & Australia:
    Japan832 874 
    Other27,062 27,601 
    Total Asia & Australia27,894 28,475 
    Total$346,592 $328,894 
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    12. SUBSEQUENT EVENTS
    On April 21, 2025, the Board of Directors declared a quarterly cash dividend of $1.80 per share for the three months ending June 30, 2025 (“second quarter 2025”). The second quarter 2025 dividend is payable on May 30, 2025 to shareholders of record as of the close of trading on May 16, 2025.
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    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
    INDEX TO MANAGEMENT’S DISCUSSION AND ANALYSIS
    Page
    Overview
    22
    Critical Accounting Estimates
    23
    Results of Operations
    23
    Segment Results
    29
    Liquidity and Capital Resources
    36
    Cash Flows
    38
    The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”). This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in “Item 1A.—Risk Factors,” in our Form 10-K.
    Except as the context otherwise indicates, the terms “MSCI,” the “Company,” “we,” “our” and “us” refer to MSCI Inc., together with its subsidiaries.
    Overview
    We are a leading provider of critical decision support tools and solutions for the global investment community. Our mission-critical offerings help investors navigate the complexities of a dynamic and evolving investment landscape. Leveraging our deep knowledge of the global investment process and our expertise in research, data and technology, we enable our clients to understand and analyze key drivers of risk and return and build portfolios more effectively. The Company has five operating segments: Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions which are presented as the following three reportable segments: Index, Analytics, and Sustainability and Climate. For reporting purposes, the Real Assets and Private Capital Solutions operating segments are combined and presented as All Other – Private Assets, as they did not meet the required thresholds for separate reportable segment disclosure.
    Our growth strategy includes: (a) extending leadership in research-enhanced content across asset classes, (b) leading the enablement of sustainability and climate investment integration, (c) enhancing distribution and content-enabling technology, (d) expanding solutions that empower client customization, (e) strengthening client relationships and expanding our presence in key geographic areas and (f) executing strategic partnerships and acquisitions with complementary data, content and technology companies. For more information about our Company’s operations, see “Item 1: Business” in our Form 10-K.
    As of March 31, 2025, we served approximately 7,0001 clients in more than 95 countries.
    Our principal business model is generally to license annual, recurring subscriptions for the majority of our Index, Analytics and Sustainability and Climate products and services for a fee due in advance of the service period. Private Assets products are also licensed annually through subscriptions, which are generally recurring, for a fee which is paid in advance when products are generally delivered ratably over the subscription period or in arrears after the product is delivered. A portion of our fees comes from clients who use our indexes as the basis for index-linked investment products. Such fees are primarily based on a client’s assets under management (“AUM”), trading volumes and fee levels.
    In evaluating our financial performance, we focus on revenue and profit growth, including results accounted for under generally accepted accounting principles in the United States (“GAAP”), as well as non-GAAP measures, for the Company as a whole and by operating segment.
    We present revenues disaggregated by types and by segments, which represent our major product lines. We also review expenses by activity, which provides more transparency into how resources are being deployed. In addition, we utilize operating metrics including Run Rate, subscription sales and Retention Rate to manage and assess performance and to provide deeper insights into the recurring portion of our business.
    1 Represents the aggregate of all related clients under their respective parent entity. At acquisition, we align an acquired Company’s client count to our methodology.
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    In the first quarter of 2025, we renamed our “ESG and Climate” operating and reportable segment to “Sustainability and Climate” to reflect the breadth of our product offerings. There were no changes to the composition of our reportable segments or information reviewed by the chief operating decision maker and no impact on our historical segment operating results.
    In the discussion that follows, we provide certain variances excluding the impact of foreign currency exchange rate fluctuations and acquisitions. 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 U.S. dollar, and accordingly, any such impact is excluded from the disclosed foreign currency-adjusted variances.
    For the three months ended March 31, 2025, our largest client organization by revenue, BlackRock, accounted for 10.3% of our consolidated operating revenues, with 96.1% of the operating revenues from BlackRock coming from fees based on the assets in BlackRock’s ETFs and non-ETF products that are based on our indexes.
    The discussion of our results of operations for the three months ended March 31, 2025 and 2024 are presented below. The results of operations for interim periods may not be indicative of future results.
    Critical Accounting Policies and Estimates
    We describe our significant accounting policies in Note 1, “Introduction and Basis of Presentation,” of the Notes to Consolidated Financial Statements included in our Form 10-K. There have been no significant changes in our accounting policies since the end of the fiscal year ended December 31, 2024 or critical accounting estimates applied in the fiscal year ended December 31, 2024.
    Results of Operations
    Operating Revenues
    Our operating revenues are grouped by the following types: recurring subscriptions, asset-based fees and non-recurring. We also group operating revenues by major product as follows: Index, Analytics, Sustainability and Climate and All Other – Private Assets.
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    The following table presents operating revenues by type for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Operating revenues:
    Index
    Recurring subscriptions$233,330 $212,952 9.6 %
    Asset-based fees177,415 150,259 18.1 %
    Non-recurring10,998 10,661 3.2 %
    Index total421,743 373,872 12.8 %
    Analytics
    Recurring subscriptions169,755 160,551 5.7 %
    Non-recurring2,430 3,415 (28.8 %)
    Analytics total172,185 163,966 5.0 %
    Sustainability and Climate
    Recurring subscriptions82,737 76,418 8.3 %
    Non-recurring1,882 1,466 28.4 %
    Sustainability and Climate total84,619 77,884 8.6 %
    All Other - Private Assets
    Recurring subscriptions66,819 63,134 5.8 %
    Non-recurring460 1,109 (58.5 %)
    All Other - Private Assets total67,279 64,243 4.7 %
    Recurring subscriptions total552,641 513,055 7.7 %
    Asset-based fees177,415 150,259 18.1 %
    Non-recurring total15,770 16,651 (5.3 %)
    Total operating revenues$745,826 $679,965 9.7 %
    Total operating revenues increased 9.7%. Adjusting for the impact of foreign currency exchange rate fluctuations, total operating revenues would have increased 9.9%.
    Refer to the section titled “Segment Results” that follows for further discussion of segment revenues.
    Operating Expenses
    We group our operating expenses into the following activity categories:
    •Cost of revenues;
    •Selling and marketing;
    •Research and development (“R&D”);
    •General and administrative (“G&A”);
    •Amortization of intangible assets; and
    •Depreciation and amortization of property, equipment and leasehold improvements.
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    Costs are assigned to these activity categories based on the nature of the expense or, when not directly attributable, an estimated allocation based on the type of effort involved. Cost of revenues, selling and marketing, R&D and G&A all include both compensation as well as non-compensation related expenses.
    The following table presents operating expenses by activity category for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Operating expenses:
    Cost of revenues$136,790 $128,514 6.4 %
    Selling and marketing78,707 72,168 9.1 %
    Research and development47,591 40,525 17.4 %
    General and administrative57,097 56,691 0.7 %
    Amortization of intangible assets43,872 38,604 13.6 %
    Depreciation and amortization of property, equipment and leasehold improvements
    4,746 4,081 16.3 %
    Total operating expenses$368,803 $340,583 8.3 %
    Total operating expenses increased 8.3%. Adjusting for the impact of foreign currency exchange rate fluctuations, the increase would have been 10.0%.
    Descriptions of MSCI’s operating expense categories are provided in “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K. The discussion below focuses on year-over-year changes and key drivers.
    Cost of Revenues
    Cost of revenues increased 6.4%, primarily driven by increases in non-compensation costs, primarily relating to higher information technology and market data costs, as well as increases in compensation and benefits costs reflecting higher severance costs and incentive compensation.
    Selling and Marketing
    Selling and marketing expenses increased 9.1%, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs as well as higher severance costs.
    Research and Development
    R&D expenses increased 17.4%, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs as well as higher severance costs.
    General and Administrative
    G&A expenses increased 0.7%, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs, partially offset by decreases in non-compensation costs reflecting lower transaction costs.
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    The following table presents operating expenses using compensation and non-compensation categories, rather than using activity categories, for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Compensation and benefits$240,246 $222,994 7.7 %
    Non-compensation expenses79,939 74,904 6.7 %
    Amortization of intangible assets43,872 38,604 13.6 %
    Depreciation and amortization of property, equipment and leasehold improvements
    4,746 4,081 16.3 %
    Total operating expenses$368,803 $340,583 8.3 %
    Compensation and Benefits
    We had 6,184 employees as of March 31, 2025, compared to 5,858 employees as of March 31, 2024, reflecting a 5.6% increase in the number of employees. Continued growth of our emerging market centers around the world is an important factor in our ability to manage and control the growth of our compensation and benefits costs. As of March 31, 2025, 69.7% of our employees were located in emerging market centers compared to 67.2% as of March 31, 2024.
    Compensation and benefits costs increased 7.7%, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs as well as higher severance costs. Adjusting for the impact of foreign currency exchange rate fluctuations, compensation and benefits costs would have increased by 10.0%.
    Non-Compensation Expenses
    Non-compensation expenses increased 6.7%, primarily driven by higher information technology, market data costs and professional fees. Adjusting for the impact of foreign currency exchange rate fluctuations, non-compensation expenses would have increased by 7.5%.
    Amortization of Intangible Assets
    Amortization of intangible assets expense increased 13.6%, primarily driven by higher amortization recognized on internal use software.
    Depreciation and Amortization of Property, Equipment and Leasehold Improvements
    Depreciation and amortization of property, equipment and leasehold improvements increased 16.3%, primarily driven by higher depreciation on computer and related equipment.
    Total Other Expense (Income), Net
    The following table shows our other expense (income), net for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Interest income$(3,876)$(6,048)(35.9 %)
    Interest expense46,492 46,674 (0.4 %)
    Other expense (income)3,337 2,863 16.6 %
    Total other expense (income), net$45,953 $43,489 5.7 %
    Total other expense (income), net increased 5.7%, primarily driven by lower interest income reflecting lower average cash balances as well as unfavorable foreign currency exchange rate fluctuations.
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    Income Taxes

    The effective tax rate for the three months ended March 31, 2025 and 2024 was 12.8% and 13.5%, respectively. The difference from the statutory tax rate in both periods was primarily related to excess tax benefits recognized on the vesting of stock-based compensation and the benefit of prior year refund claims.
    Net Income
    The following table shows our net income for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Net income$288,600 $255,954 12.8 %
    As a result of the factors described above, net income increased 12.8%.
    Weighted Average Shares and Common Shares Outstanding
    The following table shows our weighted average shares outstanding for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Weighted average shares outstanding:
    Basic77,63079,195(2.0 %)
    Diluted77,80779,508(2.1 %)
        
    The following table shows our common shares outstanding for the periods indicated:
    As of% Change
    (in thousands)March 31,
    2025
    December 31,
    2024
    Common shares outstanding77,602 77,745 (0.2 %)
    The decrease in weighted average shares and common shares outstanding for the three months ended March 31, 2025 primarily reflects the impact of share repurchases made pursuant to the Company’s stock repurchase program partially offset by the vesting of certain stock-based awards.
    Non-GAAP Financial Measures
    Adjusted EBITDA
    “Adjusted EBITDA,” a non-GAAP measure used by management to assess operating performance, 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,” a non-GAAP measure used by management to assess operating performance, 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 EBITDA, Adjusted EBITDA expenses and Adjusted EBITDA margin are believed to be meaningful measures for management to assess the operating performance of the Company because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what
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    management considers to be the Company’s ongoing operating performance in the period. All companies do not calculate adjusted EBITDA, adjusted EBITDA expenses and adjusted EBITDA margin in the same way. 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 the Adjusted EBITDA, Adjusted EBITDA expenses and Adjusted EBITDA margin measures may not be comparable to similarly titled measures computed by other companies.
    The following table presents non-GAAP Adjusted EBITDA for the periods indicated:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Operating revenues$745,826 $679,965 
    Adjusted EBITDA expenses320,185 296,392 
    Adjusted EBITDA$425,641 $383,573 
    Operating margin %50.6 %49.9 %
    Adjusted EBITDA margin %57.1 %56.4 %
    Reconciliation of Net Income to Adjusted EBITDA and Operating Expenses to Adjusted EBITDA Expenses
    The following table presents the reconciliation of net income to Adjusted EBITDA for the periods indicated:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Net income$288,600 $255,954 
    Provision for income taxes42,470 39,939 
    Other expense (income), net45,953 43,489 
    Operating income377,023 339,382 
    Amortization of intangible assets43,872 38,604 
    Depreciation and amortization of property, equipment and leasehold improvements
    4,746 4,081 
    Acquisition-related integration and transaction costs(1)
    — 1,506 
    Consolidated Adjusted EBITDA$425,641 $383,573 
    Index Adjusted EBITDA$311,571 $277,760 
    Analytics Adjusted EBITDA76,030 72,212 
    Sustainability and Climate Adjusted EBITDA23,821 21,091 
    All Other - Private Assets Adjusted EBITDA14,219 12,510 
    Consolidated Adjusted EBITDA$425,641 $383,573 
    ___________________________
    (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.
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    The following table presents the reconciliation of operating expenses to Adjusted EBITDA expenses for the periods indicated:
    Three Months Ended
    March 31,
    (in thousands)20252024
    Total operating expenses$368,803 $340,583 
    Amortization of intangible assets43,872 38,604 
    Depreciation and amortization of property, equipment and leasehold improvements
    4,746 4,081 
    Acquisition-related integration and transaction costs(1)
    — 1,506 
    Consolidated Adjusted EBITDA expenses$320,185 $296,392 
    Index Adjusted EBITDA expenses$110,172 $96,112 
    Analytics Adjusted EBITDA expenses96,155 91,754 
    Sustainability and Climate Adjusted EBITDA expenses
    60,798 56,793 
    All Other - Private Assets Adjusted EBITDA expenses
    53,060 51,733 
    Consolidated Adjusted EBITDA expenses$320,185 $296,392 
    ___________________________
    (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.

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    Segment Results
    Index Segment
    The following table presents the results for the Index segment for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Operating revenues:
    Recurring subscriptions$233,330 $212,952 9.6 %
    Asset-based fees177,415 150,259 18.1 %
    Non-recurring10,998 10,661 3.2 %
    Operating revenues total421,743 373,872 12.8 %
    Adjusted EBITDA expenses110,172 96,112 14.6 %
    Adjusted EBITDA$311,571 $277,760 12.2 %
    Adjusted EBITDA margin %73.9 %74.3 %
    Index operating revenues increased 12.8%, primarily driven by growth from recurring subscriptions as well as asset-based fees. Adjusting for the impact of the acquisition of Foxberry and foreign currency exchange rate fluctuations, Index operating revenues would have increased 12.8%.
    Operating revenues from recurring subscriptions increased 9.6%, primarily driven by growth from market cap-weighted Index products.
    Operating revenues from asset-based fees increased 18.1%, primarily driven by growth in revenues from ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. Operating revenues from ETFs linked to MSCI equity indexes increased 16.0%, primarily driven by an increase in average AUM, partially offset by decreases in average basis point fees. Operating revenues from non-ETF indexed funds linked to MSCI indexes increased by 28.2%, primarily driven by an increase in average AUM.
    The following table presents the value of AUM in ETFs linked to MSCI equity indexes and the sequential change of such assets as of the end of each of the periods indicated:
    Three Months Ended
    20242025
    (in billions)March
    31,
    June
    30,
    September
    30,
    December
    31,
    March
    31,
    AUM in ETFs linked to MSCI equity indexes(1) (2)
    $1,582.6 $1,631.9 $1,761.8 $1,724.7 $1,783.1 
    Sequential Change in Value
    Market Appreciation/(Depreciation)$92.8 $21.2 $111.3 $(85.3)$16.4 
    Cash Inflows20.9 28.1 18.6 48.2 42.0 
    Total Change$113.7 $49.3 $129.9 $(37.1)$58.4 
    The following table presents the average value of AUM in ETFs linked to MSCI equity indexes for the periods indicated:
    20242025
    (in billions)MarchJuneSeptemberDecemberMarch
    AUM in ETFs linked to MSCI equity indexes(1) (2)
    Quarterly average$1,508.8 $1,590.6 $1,677.0 $1,755.4 $1,793.7 
    Year-to-date average$1,508.8 $1,549.7 $1,592.1 $1,632.9 $1,793.7 
    ___________________________
    (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 MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. This information is updated mid-month
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    each month. Information contained on our website is not deemed part of or incorporated by reference into this Quarterly Report on Form 10-Q or any other report filed with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1.0% of the AUM amounts presented.
    (2)The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETF net asset value by the number of shares outstanding.
    The average value of AUM in ETFs linked to MSCI equity indexes for the three months ended March 31, 2025, was up $284.9 billion, or 18.9%, compared to the three months ended March 31, 2024.
    Index segment Adjusted EBITDA expenses increased 14.6%, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs as well as higher severance costs. Adjusting for the impact of foreign currency exchange rate fluctuations, Index segment Adjusted EBITDA expenses would have increased by 16.6%.
    Analytics Segment
    The following table presents the results for the Analytics segment for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Operating revenues:
    Recurring subscriptions$169,755 $160,551 5.7 %
    Non-recurring2,430 3,415 (28.8 %)
    Operating revenues total172,185 163,966 5.0 %
    Adjusted EBITDA expenses96,155 91,754 4.8 %
    Adjusted EBITDA$76,030 $72,212 5.3 %
    Adjusted EBITDA margin %44.2 %44.0 %
    Analytics operating revenues increased 5.0%, primarily driven by growth from recurring subscriptions related to both Equity Analytics and Multi-Asset Class products. Adjusting for the impact of foreign currency exchange rate fluctuations, Analytics operating revenues would have increased 5.2%.
    Analytics segment Adjusted EBITDA expenses increased 4.8%, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs as well as higher severance costs. The increase was also driven by non-compensation expenses reflecting higher information technology costs. Adjusting for the impact of foreign currency exchange rate fluctuations, Analytics segment Adjusted EBITDA expenses would have increased 6.7%.
    Sustainability and Climate Segment
    The following table presents the results for the Sustainability and Climate segment for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Operating revenues:
    Recurring subscriptions$82,737 $76,418 8.3 %
    Non-recurring1,882 1,466 28.4 %
    Operating revenues total84,619 77,884 8.6 %
    Adjusted EBITDA expenses60,798 56,793 7.1 %
    Adjusted EBITDA$23,821 $21,091 12.9 %
    Adjusted EBITDA margin %28.2 %27.1 %
    Sustainability and Climate operating revenues increased 8.6%, primarily driven by growth from recurring subscriptions related to Ratings and Climate products, with growth primarily attributable to EMEA. Adjusting for the impact of foreign currency exchange rate fluctuations, Sustainability and Climate operating revenues would have increased 9.2%.
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    Sustainability and Climate segment Adjusted EBITDA expenses increased 7.1%, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs as well as higher severance costs. The increase was also driven by non-compensation expense relating to information technology costs. Adjusting for the impact of foreign currency exchange rate fluctuations, Sustainability and Climate segment Adjusted EBITDA expenses would have increased 9.3%.
    All Other – Private Assets
    The following table presents the results for All Other – Private Assets for the periods indicated:
    Three Months Ended
    March 31,
    % Change
    (in thousands)20252024
    Operating revenues:
    Recurring subscriptions$66,819 $63,134 5.8 %
    Non-recurring460 1,109 (58.5 %)
    Operating revenues total67,279 64,243 4.7 %
    Adjusted EBITDA expenses53,060 51,733 2.6 %
    Adjusted EBITDA$14,219 $12,510 13.7 %
    Adjusted EBITDA margin %21.1 %19.5 %
    All Other – Private Assets operating revenues increased 4.7%, primarily driven by growth from recurring subscriptions in Private Capital Solutions related to Transparency and Universe Data products. Adjusting for the impact of foreign currency exchange rate fluctuations, All Other – Private Assets operating revenues would have increased 5.2%.
    All Other – Private Assets Adjusted EBITDA expenses increased 2.6%, primarily driven by increases in compensation and benefits costs as a result of higher severance costs. Adjusting for the impact of foreign currency exchange rate fluctuations, All Other - Private Assets Adjusted EBITDA expenses would have increased 3.9%.
    Operating Metrics
    Run Rate
    “Run Rate” estimates at a particular point in time the annualized value of the recurring revenues under our client license agreements (“Client Contracts”) for the next 12 months, assuming all Client Contracts that come up for renewal, or reach the end of the committed subscription period, are renewed and assuming then-current currency exchange rates, subject to the adjustments and exclusions described below. For any Client Contract where fees are linked to an investment product’s assets or trading volume/fees, the Run Rate calculation reflects, for ETFs, the market value on the last trading day of the period, for futures and options, the most recent quarterly volumes and/or reported exchange fees, and for other non-ETF products, the most recent client-reported assets. Run Rate does not include fees associated with “one-time” and other non-recurring transactions. In addition, we add to Run Rate the annualized fee value of recurring new sales, whether to existing or new clients, when we execute Client Contracts, even though the license start date, and associated revenue recognition, may not be effective until a later date. We remove from Run Rate the annualized fee value associated with products or services under any Client Contract when we (i) have received a notice of termination, non-renewal or an indication the client does not intend to continue their subscription during the period and (ii) have determined that such notice evidences the client’s final decision to terminate or not renew the applicable products or services, even though such termination or non-renewal may not be effective until a later date.
    Changes in our recurring revenues typically lag changes in Run Rate. The actual amount of recurring revenues we will realize over the following 12 months will differ from Run Rate for numerous reasons, including:
    •fluctuations in revenues associated with new recurring sales;
    •modifications, cancellations and non-renewals of existing Client Contracts, subject to specified notice requirements;
    •differences between the recurring license start date and the date the Client Contract is executed due to, for example, contracts with onboarding periods or fee waiver periods;
    •fluctuations in asset-based fees, which may result from changes in certain investment products’ total expense ratios, market movements, including foreign currency exchange rates, or from investment inflows into and outflows from investment products linked to our indexes;
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    •fluctuations in fees based on trading volumes of futures and options contracts linked to our indexes;
    •price changes or discounts;
    •revenue recognition differences under U.S. GAAP, including those related to the timing of implementation and report deliveries for certain of our products and services;
    •fluctuations in the number of hedge funds for which we provide investment information and risk analysis to hedge fund investors;
    •fluctuations in foreign currency exchange rates; and
    •the impact of acquisitions and divestitures.
    “Organic recurring subscription Run Rate growth” is defined as the period over period Run Rate growth, excluding the
    impact of changes in foreign currency and the first year impact of any acquisitions. It is also adjusted for divestitures. Changes in
    foreign currency are calculated by applying the currency exchange rate from the comparable prior period to current period foreign
    currency denominated Run Rate.
    The following table presents Run Rates as of the dates indicated and the growth percentages over the periods indicated:
    As of
    (in thousands)March 31,
    2025
    March 31,
    2024
    Run Rate Growth %Organic Run Rate Growth %
    Index:
    Recurring subscriptions$948,387 $869,931 9.0 %9.0 %
    Asset-based fees697,227 619,431 12.6 %12.6 %
    Index total1,645,614 1,489,362 10.5 %10.5 %
    Analytics707,792 662,079 6.9 %6.8 %
    Sustainability and Climate352,335 320,611 9.9 %9.6 %
    All Other - Private Assets273,507 254,432 7.5 %7.0 %
    Total Run Rate$2,979,248 $2,726,484 9.3 %9.2 %
    Recurring subscriptions total$2,282,021 $2,107,053 8.3 %8.2 %
    Asset-based fees697,227 619,431 12.6 %12.6 %
    Total Run Rate$2,979,248 $2,726,484 9.3 %9.2 %
    Total Run Rate increased 9.3%, driven by a 8.3% increase from recurring subscriptions and a 12.6% increase from asset-based fees.
    Run Rate from Index recurring subscriptions increased 9.0%, primarily driven by growth from market cap-weighted and custom Index products. The increase reflected growth across all regions.
    Run Rate from Index asset-based fees increased 12.6%, primarily driven by higher AUM in both ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes.
    Run Rate from Analytics products increased 6.9%, driven by growth in both Equity Analytics and Multi-Asset Class products, and reflected growth across all regions and client segments.
    Run Rate from Sustainability and Climate products increased 9.9%, driven by growth in Ratings, Climate and Screening products with contributions across all regions.
    Run Rate from All Other - Private Assets increased 7.5%, primarily driven by growth from Private Capital Solutions related to Transparency and Universe Data products, and reflected growth across all regions and client segments.
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    Sales
    Sales represents the annualized value of products and services clients commit to purchase from MSCI and will result in additional operating revenues. Non-recurring sales represent the actual value of the customer agreements entered into during the period and are not a component of Run Rate. New recurring subscription sales represent additional selling activities, such as new customer agreements, additions to existing agreements or increases in price that occurred during the period and are additions to Run Rate. Subscription cancellations reflect client activities during the period, such as discontinuing products and services and/or reductions in price, resulting in reductions to Run Rate. Net new recurring subscription sales represent the amount of new recurring subscription sales net of subscription cancellations during the period, which reflects the net impact to Run Rate during the period.
    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.
    The following table presents our recurring subscription sales, cancellations and non-recurring sales for the periods indicated:
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    Three Months Ended
    (in thousands)March 31,
    2025
    March 31,
    2024
    Index
    New recurring subscription sales$22,424 $23,513 
    Subscription cancellations(8,254)(14,702)
    Net new recurring subscription sales$14,170 $8,811 
    Non-recurring sales$12,374 $12,811 
    Total gross sales$34,798 $36,324 
    Total Index net sales$26,544 $21,622 
    Analytics
    New recurring subscription sales$13,218 $14,088 
    Subscription cancellations(7,942)(10,794)
    Net new recurring subscription sales$5,276 $3,294 
    Non-recurring sales$2,202 $2,462 
    Total gross sales$15,420 $16,550 
    Total Analytics net sales$7,478 $5,756 
    Sustainability and Climate
    New recurring subscription sales$7,234 $11,471 
    Subscription cancellations(4,694)(7,351)
    Net new recurring subscription sales$2,540 $4,120 
    Non-recurring sales$1,914 $1,672 
    Total gross sales$9,148 $13,143 
    Total Sustainability and Climate net sales$4,454 $5,792 
    All Other - Private Assets
    New recurring subscription sales$9,708 $8,264 
    Subscription cancellations(5,640)(4,922)
    Net new recurring subscription sales$4,068 $3,342 
    Non-recurring sales$1,061 $1,089 
    Total gross sales$10,769 $9,353 
    Total All Other - Private Assets net sales
    $5,129 $4,431 
    Consolidated
    New recurring subscription sales$52,584 $57,336 
    Subscription cancellations(26,530)(37,769)
    Net new recurring subscription sales$26,054 $19,567 
    Non-recurring sales$17,551 $18,034 
    Total gross sales$70,135 $75,370 
    Total net sales$43,605 $37,601 
    A significant portion of MSCI’s operating revenues are derived from subscriptions or licenses of products and services, which are provided over contractually-agreed periods of time that are subject to renewal or cancellation at the end of current contract terms.
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    Retention Rate
    The following table presents our Retention Rate for the periods indicated:
    Three Months Ended
    March 31,
    20252024
    Index96.5%93.2%
    Analytics95.5%93.5%
    Sustainability and Climate94.5%90.8%
    All Other - Private Assets91.5%92.2%
    Total95.3%92.8%
    Retention Rate is an important metric because subscription cancellations decrease our Run Rate and ultimately our future operating revenues over time. The annual Retention Rate represents the retained subscription Run Rate (subscription Run Rate at the beginning of the fiscal year less actual cancels during the year) as a percentage of the subscription Run Rate at the beginning of the fiscal year.
    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 Run Rate at the beginning of the fiscal year to calculate a cancellation rate. This cancellation rate is then subtracted from 100% to derive the annualized Retention Rate for the period.
    Retention Rate is computed by 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 Sustainability 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, Real Assets, and Private Capital Solutions 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 Run Rate attributable to assets in index-linked investment products or futures and options contracts, in each case, linked to our indexes.
    Retention Rate is generally higher during the first three quarters and lower in the fourth quarter, as the fourth quarter is traditionally the largest renewal period in the year.
    Liquidity and Capital Resources
    We require capital to fund ongoing operations, internal growth initiatives and acquisitions. Our primary sources of liquidity are cash flows generated from our operations, existing cash and cash equivalents and credit capacity under our existing credit facility. In addition, we believe we have access to additional funding in the public and private markets. We intend to use these sources of liquidity to, among other things, service our existing and future debt obligations, fund our working capital requirements for capital expenditures, investments, acquisitions and dividend payments, and make repurchases of our common stock. In connection with our business strategy, we regularly evaluate acquisition and strategic partnership opportunities. We believe our liquidity, along with other financing alternatives, will provide the necessary capital to fund these transactions and achieve our planned growth.
    Senior Notes and Credit Agreement
    As of March 31, 2025, we had an aggregate of $4,200.0 million in Senior Notes outstanding. In addition, under the Credit Agreement, we had as of March 31, 2025 an aggregate of $371.9 million in outstanding borrowings under the revolving credit facility. See Note 7, “Debt,” of the Notes to Condensed Consolidated Financial Statements (Unaudited) included herein for additional information on our outstanding indebtedness and revolving credit facility.
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    On January 26, 2024, we entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) amending and restating in its entirety the Prior Credit Agreement. The Credit Agreement makes available an aggregate of $1,250.0 million of revolving loan commitments under the Revolving Credit Facility, which may be drawn until January 26, 2029. The obligations under the Credit Agreement are general unsecured obligations of the Company.
    The Senior Notes and the Prior Credit Agreement were previously fully and unconditionally, and jointly and severally, guaranteed by our direct or indirect wholly owned domestic subsidiaries that account for more than 5% of our and our subsidiaries’ consolidated assets, other than certain excluded subsidiaries (the “subsidiary guarantors”). Upon the closing of the Credit Agreement on January 26, 2024, the subsidiary guarantors’ were released from their guarantees under the Prior Credit Agreement and the indentures governing our Senior Notes (the “Indentures”).
    The Indentures among us and Computershare, National Association, as trustee and successor to Wells Fargo Bank, National Association, contain covenants that limit our and our subsidiaries’ ability to, among other things, incur liens, enter into sale/leaseback transactions and consolidate, merge or sell all or substantially all of our assets, and that limit the ability of our subsidiaries to incur certain indebtedness. The Credit Agreement also contains covenants that limit our and our subsidiaries’ ability to, among other things, incur liens, enter into sale/leaseback transactions and consolidate, merge or sell all or substantially all of our assets, and that limit the ability of our subsidiaries to incur certain indebtedness.
    The Credit Agreement and the Indentures also contain customary events of default, including those relating to non-payment, breach of representations, warranties or covenants, cross-default and cross-acceleration, and bankruptcy and insolvency events, and, in the case of the Credit Agreement, invalidity or impairment of loan documentation, change of control and customary ERISA defaults in addition to the foregoing. None of the restrictions above are expected to impact our ability to effectively operate the business.
    The Credit Agreement also requires us and our subsidiaries to achieve financial and operating results sufficient to maintain compliance with the following financial ratios on a consolidated basis through the termination of the Credit Agreement: (1) the maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) measured quarterly on a rolling four-quarter basis not to exceed 4.25:1.00 (or 4.50:1.00 for four fiscal quarters following a material acquisition) and (2) the minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) measured quarterly on a rolling four-quarter basis of at least 4.00:1.00. As of March 31, 2025, our Consolidated Leverage Ratio was 2.30:1.00 and our Consolidated Interest Coverage Ratio was 10.45:1.00.
    Share Repurchases
    The following table provides information with respect to repurchases of the Company’s common stock pursuant to open market repurchases:
    Three months ended
    (in thousands, except per share data)
    Average
    Price
    Paid Per
    Share
    Total
    Number of
    Shares
    Repurchased
    Dollar
    Value of
    Shares
    Repurchased(1)
    March 31, 2025$590.60 263 $155,358 
    March 31, 2024$— — $— 
    ___________________________
    (1)The values in this column exclude the 1% excise tax incurred on share repurchases pursuant to the Inflation Reduction Act. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Unaudited Condensed Consolidated Statement of Shareholders’ Equity (Deficit).
    As of March 31, 2025, there was $1,380.2 million of available authorization remaining under the 2024 Repurchase Program. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice.
    Cash Dividends
    On April 21, 2025, the Board of Directors declared a quarterly cash dividend of $1.80 per share for the three months ending June 30, 2025. The second quarter 2025 dividend is payable on May 30, 2025 to shareholders of record as of the close of trading on May 16, 2025.
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    Cash Flows
    The following table presents the Company’s cash and cash equivalents, including restricted cash, as of the dates indicated:
    As of
    (in thousands)March 31,
    2025
    December 31,
    2024
    Cash and cash equivalents (includes restricted cash of $3,565 and
       $3,497 at March 31, 2025 and December 31, 2024, respectively)
    $360,671 $409,351 
    We typically seek to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes. As of March 31, 2025 and December 31, 2024, $261.5 million and $265.5 million, respectively, of the Company’s cash and cash equivalents were held by foreign subsidiaries. Repatriation of some foreign cash may be subject to certain withholding taxes in local jurisdictions and other distribution restrictions. We believe the global cash and cash equivalent balances that are maintained will be available to meet our global needs whether for general corporate purposes or other needs, including acquisitions or expansion of our products.
    We believe that global cash flows from operations, together with existing cash and cash equivalents and funds available under our existing revolving credit facility and our ability to access bank debt, private debt and the capital markets for additional funds, will continue to be sufficient to fund our global operating activities and cash commitments for investing and financing activities, such as material capital expenditures and share repurchases, for at least the next 12 months and for the foreseeable future thereafter. In addition, we expect that foreign cash flows from operations, together with existing cash and cash equivalents, will continue to be sufficient to fund our foreign operating activities and cash commitments for investing activities, such as material capital expenditures, for at least the next 12 months and for the foreseeable future thereafter.
    Net Cash Provided by (Used In) Operating, Investing and Financing Activities
    Three Months Ended
    March 31,
    (in thousands)20252024
    Net cash provided by operating activities$301,737 $300,137 
    Net cash (used in) investing activities(32,904)(32,333)
    Net cash (used in) provided by financing activities(321,722)(207,223)
    Effect of exchange rate changes4,209 (2,959)
    Net (decrease) increase in cash, cash equivalents and
       restricted cash
    $(48,680)$57,622 
    Cash Flows From Operating Activities
    Cash flows from operating activities consist of net income adjusted for certain non-cash items and changes in assets and liabilities. The year-over-year change was primarily driven by higher cash collections from customers, partially offset by higher payments for cash expenses.
    Our primary uses of cash from operating activities are for the payment of cash compensation expenses, interest expenses, income taxes, technology costs, professional fees, market data costs and office rent. Historically, the payment of cash for compensation and benefits is at its highest level in the first quarter when we pay discretionary employee compensation related to the previous fiscal year.
    Cash Flows From Investing Activities
    The year-over-year change was primarily driven by higher capital expenditures.
    Cash Flows From Financing Activities
    The year-over-year change was primarily driven by the impact of higher share repurchases and dividend payments.
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    Item 3.    Quantitative and Qualitative Disclosures about Market Risk
    Foreign Currency Risk
    We are subject to foreign currency exchange fluctuation risk. Exchange rate movements can impact the U.S. dollar-reported value of our revenues, expenses, assets and liabilities denominated in non-U.S. dollar currencies or where the currency of such items is different than the functional currency of the entity where these items were recorded.
    We generally invoice our clients in U.S. dollars; however, we invoice a portion of our clients in Euros, British pounds sterling, Japanese yen and a limited number of other non-U.S. dollar currencies. For the three months ended March 31, 2025 and 2024, 16.2% and 16.8%, respectively, of our revenues were subject to foreign currency exchange rate risk and primarily included clients billed in foreign currency as well as U.S. dollar exposures on non-U.S. dollar foreign operating entities. Of the 16.2% of non-U.S. dollar exposure for the three months ended March 31, 2025, 42.8% was in Euros, 31.2% was in British pounds sterling and 18.1% was in Japanese yen. Of the 16.8% of non-U.S. dollar exposure for the three months ended March 31, 2024, 41.3% was in Euros, 33.3% was in British pounds sterling and 17.3% was in Japanese yen.
    Revenues from asset-based fees represented 23.8% and 22.1% of operating revenues for the three months ended March 31, 2025 and 2024, respectively. While a substantial portion of our asset-based fees are invoiced in U.S. dollars, the fees are based on the assets in investment products, of which approximately three-fifths are invested in securities denominated in currencies other than the U.S. dollar. Accordingly, declines in such other currencies against the U.S. dollar will decrease the fees payable to us under such licenses. In addition, declines in such currencies against the U.S. dollar could impact the attractiveness of such investment products resulting in net fund outflows, which would further reduce the fees payable under such licenses.
    We are exposed to additional foreign currency risk in certain of our operating costs. Approximately 39.5% and 41.3% of our operating expenses for the three months ended March 31, 2025 and 2024, respectively, were denominated in foreign currencies, the significant majority of which were denominated in British pounds sterling, Indian rupees, Euros, Hungarian forints, Mexican pesos and Swiss francs.
    We have certain monetary assets and liabilities denominated in currencies other than local functional amounts, and when these balances are remeasured into their local functional currency, either a gain or a loss results from the change of the value of the functional currency as compared to the originating currencies. We manage foreign currency exchange rate risk, in part, through the use of derivative financial instruments comprised principally of forward contracts on foreign currency which are not designated as hedging instruments for accounting purposes. The objective of the derivative instruments is to minimize the impact on the income statement of the volatility of amounts denominated in certain foreign currencies. We recognized total foreign currency exchange losses of $2.4 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively.
    Item 4.    Controls and Procedures
    Our Chief Executive Officer and Chief Financial Officer have evaluated our disclosure controls and procedures, as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), as of the end of the period covered by this report, and have concluded that these disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time specified in the SEC’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
    There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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    PART II – OTHER INFORMATION
    Item 1.    Legal Proceedings
    Various lawsuits, arbitrations, claims, government inquiries, requests for information, subpoenas, regulatory investigations, examinations, inspections and other legal or regulatory processes have been or may be instituted or asserted against the Company in the ordinary course of business. While the potential losses could be substantial, due to uncertainties surrounding the potential outcomes, management cannot currently reasonably estimate the possible loss or range of loss that may arise from these matters. Consequently, it is possible that MSCI’s business, operating results, financial condition or cash flows in a particular period could be materially affected by these matters. However, based on facts currently available, we believe that the disposition of matters that are currently pending or asserted will not, individually or in the aggregate, have a material effect on MSCI’s business, operating results, financial condition or cash flows.
    Item 1A.    Risk Factors
    For a discussion of the risk factors affecting the Company, see “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for fiscal year ended December 31, 2024.
    There have been no material changes to the risk factors and uncertainties known to the Company and disclosed in the Company’s Form 10-K for the fiscal year ended December 31, 2024, that, if they were to materialize or occur, would, individually or in the aggregate, have a material effect on MSCI’s business, operating results, financial condition or cash flows.
    Item 2.    Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
    There were no unregistered sales of equity securities during the three months ended March 31, 2025.
    The table below presents information with respect to purchases made by or on behalf of the Company of its shares of common stock during the three months ended March 31, 2025.
    Issuer Purchases of Equity Securities
    Period
    Total
    Number of
    Shares
    Purchased(1)
    Average Price
    Paid
    Per Share(2)
    Total
    Number of
    Shares
    Purchased
    As Part of
    Publicly
    Announced
    Plans
    or Programs
    Approximate
    Dollar
    Value of Shares
    that May Yet
    Be
    Purchased
    Under
    the Plans or
    Programs
    (in millions)(3)
    January 1, 2025 - January 31, 202592,589 $597.88 92,589 $1,480 
    February 1, 2025 - February 28, 2025268,939 $586.54 170,462 $1,380 
    March 1, 2025 - March 31, 2025— $— — $1,380 
    Total361,528 $589.45 263,051 $1,380 
    ___________________________
    (1)Includes, when applicable, (i) shares purchased by the Company on the open market under the stock repurchase program; (ii) shares withheld to satisfy tax withholding obligations on behalf of employees that occur upon vesting and delivery of outstanding shares underlying restricted stock units; and (iii) shares held in treasury under the MSCI Inc. Non-Employee Directors Deferral Plan. The value of shares withheld to satisfy tax withholding obligations was determined using the fair market value of the Company’s common stock on the date of withholding, using a valuation methodology established by the Company.
    (2)Excludes 1% excise tax incurred on share repurchases.
    (3)See Note 9, “Shareholders’ Equity (Deficit),” of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding our stock repurchase program.
    Item 5.    Other Information
    During the three months ended March 31, 2025, none of the Company’s directors or officers, as defined in Section 16 of the Exchange Act, adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K of the Exchange Act.
    40

    Table of Contents
    Item 6.    Exhibits
    EXHIBIT INDEX
    Exhibit
    Number
    Description
    3.1
    Third Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Company’s Form 10-Q (File No. 001-33812), filed with the SEC on May 4, 2012 and incorporated by reference herein)
    3.2
    Amended and Restated Bylaws (filed as Exhibit 3.2 to the Company’s Form 10-K (File No. 001-33812), filed with the SEC on February 9, 2024 and incorporated by reference herein)
    †
    10.1
    MSCI Inc. 2025 Omnibus Incentive Plan
    †
    10.2
    MSCI Inc. Non-Employee Director Deferral Plan, as amended
    *31.1
    Rule 13a-14(a) Certification of the Chief Executive Officer
    *31.2
    Rule 13a-14(a) Certification of the Chief Financial Officer
    **32.1
    Section 1350 Certification of the Chief Executive Officer and the Chief Financial Officer
    *101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
    *101.SCHInline XBRL Taxonomy Extension Schema Document
    *101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
    *101.LABInline XBRL Taxonomy Extension Label Linkbase Document
    *101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
    *101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
    *104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
    ___________________________
    *Filed herewith.
    **Furnished herewith.
    †Indicates a management compensation plan, contract or arrangement.
        
    41

    Table of Contents
    SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    Dated: April 22, 2025
    MSCI INC.
    (Registrant)
    By:/s/ Andrew C. Wiechmann
    Andrew C. Wiechmann
    Chief Financial Officer
    (Principal Financial Officer)
    42
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