For the year ending 2025-12-31, MSCI had $105,981K increase in cash & cash equivalents over the period. $1,549,127K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Adjusted ebitda | - | - | 1,522,951 | - |
| Amortization of intangible assets | - | - | 114,429 | - |
| Depreciation and amortization of property, equipment and leasehold improvements | - | - | 21,009 | - |
| Impairment related to sublease of leased property | - | - | 477 | - |
| Acquisition-related integration and transaction costs | - | - | 2,427 | - |
| Operating income | - | - | 1,384,609 | 1,207,640 |
| Other expense (income), net | - | - | -15,548 | -163,799 |
| Provision for income taxes | - | - | 220,469 | 173,268 |
| Net income | 1,202,305 | 1,109,128 | 1,148,592 | 870,573 |
| Gain on remeasurement of equity method investment | 0 | 0 | 143,029 | - |
| Amortization of intangible assets | 169,480 | 164,037 | 114,429 | 91,079 |
| Stock-based compensation expense | 111,343 | 95,204 | 71,653 | 58,094 |
| Depreciation and amortization of property, equipment and leasehold improvements | 23,405 | 16,978 | 21,009 | 26,893 |
| Amortization of right of use assets | 25,685 | 25,260 | 23,781 | 24,524 |
| Loss on impairment of right of use assets, net | 0 | 0 | 477 | 705 |
| Amortization of debt origination fees | 5,876 | 5,143 | 5,055 | 5,132 |
| Loss on extinguishment of debt | 0 | -1,510 | 0 | 0 |
| Loss on investment in investee | -11,768 | - | - | - |
| Deferred taxes | 46,675 | 14,328 | -15,258 | 36,436 |
| Other adjustments | -15,932 | 2,704 | -6,863 | -1,361 |
| Accounts receivable | 164,236 | -10,226 | 149,529 | 6,624 |
| Prepaid income taxes | 20,849 | -10,721 | 21,931 | 31,684 |
| Prepaid and other assets | 7,591 | 9,622 | -1,564 | 3,781 |
| Other non-current assets | 15,560 | -402 | 8,102 | -31,448 |
| Accounts payable | 559 | 4,963 | -6,044 | 1,337 |
| Income taxes payable | 28,609 | 16,183 | 14,721 | -49,296 |
| Accrued compensation and related benefits | 20,612 | 6,445 | 23,218 | -22,432 |
| Other accrued liabilities | 61,599 | 9,589 | 3,536 | 10,654 |
| Deferred revenue | 96,426 | 46,060 | 171,968 | 72,752 |
| Long-term operating lease liabilities | -28,392 | -26,063 | -24,062 | -25,467 |
| Other non-current liabilities | 5,862 | 3,703 | -6,538 | 4,106 |
| Other | 1,062 | -136 | -3,656 | 441 |
| Net cash provided by operating activities | 1,588,446 | 1,501,627 | 1,236,029 | 1,095,369 |
| Acquisition of a business, net of cash acquired | 0 | 27,467 | 727,342 | 0 |
| Acquisition of equity method investment | - | 0 | 0 | 5 |
| Acquisition of assets, net of cash acquired | - | - | 0 | 0 |
| Capital expenditures | 39,319 | 33,762 | 22,757 | 13,617 |
| Capitalized software development costs | 90,542 | 81,356 | 68,094 | 59,278 |
| Other | 203 | 1,670 | 1,185 | 6,435 |
| Net cash used in investing activities | -130,064 | -144,255 | -819,378 | -79,335 |
| Proceeds from borrowings, inclusive of premium | - | - | - | 355,000 |
| Repayment of borrowings | - | - | - | 7,188 |
| Repurchase of common stock held in treasury | 2,484,305 | 885,266 | 504,188 | 1,397,506 |
| Payment of dividends | 556,521 | 509,109 | 440,993 | 372,915 |
| Repayment of borrowings | 1,101,875 | 559,063 | 8,750 | - |
| Proceeds from borrowings, net of discount | 2,805,963 | 556,875 | 0 | - |
| Payment of debt issuance costs | 20,082 | 3,739 | 0 | 2,560 |
| Payment of contingent consideration and deferred purchase price from acquisitions | 12,145 | 2,006 | 0 | 211 |
| Proceeds from exercise of stock options | 6,975 | - | - | - |
| Net cash used in financing activities | -1,361,990 | -1,402,308 | -953,931 | -1,425,380 |
| Effect of exchange rate changes | 9,589 | -7,406 | 5,409 | -18,539 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 105,981 | -52,342 | -531,871 | -427,885 |
| Cash and cash equivalents at beginning of period | 409,351 | 461,693 | 993,564 | 1,421,449 |
| Cash and cash equivalents at end of period | 515,332 | 409,351 | 461,693 | 993,564 |
MSCI Inc. (MSCI)
MSCI Inc. (MSCI)