MSCI INC. MSCI Cash Flow

Msci inc. (MSCI)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Nov'10	Nov'09	Nov'08
Cash flows from operating activities
Net income
563,648	507,885	303,972	260,855	223,648	284,113	222,557	184,238	173,454	92,170	81,801	68,268
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets
49,410	54,189	44,547	47,033	46,910	48,617	58,203	63,298	65,805	41,599	25,554	28,500
Stock-based compensation expense
41,199	38,897	36,576	32,001	28,558	26,585	25,004	25,323	31,723	32,285	35,161	30,338
Depreciation and amortization of property, equipment and leasehold improvements
29,999	31,346	35,440	34,320	30,889	25,930	22,302	18,700	19,425	17,413	11,957	4,970
Non-cash operating lease expense
22,489	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt origination fees
4,073	3,715	3,396	3,068	2,135	7,748	3,348	18,065	5,776	8,090	1,432	1,432
Loss on extinguishment of debt
-16,794	-	-	-	-	-	-	-	-	-	-	-
Amortization of discount on long-term debt
-	-	-	-	-	2,218	1,066	5,305	1,051	1,337	165	165
Deferred taxes
-20,767	-780	-18,902	-16,967	-10,288	-4,960	-15,066	-30,195	5,625	926	-14,338	-7,178
Gain on disposition of subsidiary, net of costs
-	-	-	-	-	84,620	-	-	-	107,485	-	-
Excess tax benefits from share-based compensation
-	-	-	-	-	2,835	1,897	1,048	7,263	8,537	6,927	-
Gain on divestitures, net of costs
-	61,402	-	449	-	-	-	-	-	-	-	-
Loss on write down of investment in unconsolidated company
-	-	-	-	-	-	-	-	-	-	-	-3,000
Other non-cash adjustments
-1,093	188	-704	-1,192	2,067	-1,847	371	49	-1,542	-3,246	1,510	3,650
Changes in assets and liabilities:
Accounts receivable
25,923	153,942	105,593	18,494	30,900	26,821	16,412	-35,473	42,284	35,851	-8,560	7,748
Prepaid income taxes
13,200	4,069	3,069	-41,332	1,972	14,998	-7,927	-7,278	10,743	-17,241	9,177	7,898
Due from related parties
-	-	-	-	-	-	-	-	-	-	-1,765	-862
Prepaid and other assets
7,698	2,015	4,470	-624	1,217	9,857	4,459	1,395	8,525	-3,308	-5,787	1,362
Accounts payable
2,584	2,300	1,027	-1,912	-298	2,128	-2,145	1,979	57	-2,653	688	272
Accrued compensation and related benefits
25,217	8,532	8,659	13,089	5,087	88	7,057	-834	6,406	15,574	5,515	-2,183
Income taxes payable
-2,240	-2,890	-	-	-	-	-	-	-	-	-	-15,582
Other accrued liabilities
3,664	29,096	15,933	19,741	17,165	8,428	-260	-8,233	-3,400	-6,523	1,499	10,229
Deferred revenue
35,366	185,077	38,555	21,809	8,047	42,263	11,399	18,345	19,379	3,980	4,618	22,783
Long-term operating lease liabilities
-20,244	-	-	-	-	-	-	-	-	-	-	-
Payable to related parties
-	-	-	-	-	-	-	-	-	-	-34,992	22,292
Other
-4,059	22,989	-47,383	-5,121	-5,550	201	-2,930	-10,825	3,031	251	-10,364	-271
Net cash provided by operating activities
709,523	612,762	404,158	442,363	321,247	305,673	321,183	347,075	254,997	183,354	130,942	155,081
Cash flows from investing activities
Purchase of investments
-	-	-	-	-	-	-	137,306	217,792	194,416	563,386	-
Capitalized software development costs
24,700	18,700	15,640	10,344	8,500	8,216	3,285	-	-	-	-	-
Cash withdrawn from related parties
-	-	-	-	-	-	-	-	-	-	-	137,625
Capital expenditures
29,116	30,257	33,177	32,284	40,652	42,659	40,255	44,884	23,111	13,190	13,412	25,556
Acquisitions, net of cash acquired
18,177	-	-	60	6,500	14,921	23,268	119,554	-	1,101,243	-	-
Proceeds from redemption of short-term investments
-	-	-	-	-	-	70,900	207,032	150,292	416,550	268,582	-
Disposition, net of cash provided
-	-	-	-	-	362,811	-	-	-	-	-	-
Proceeds from the sale of capital equipment
10	10	-	-	55	22	-	-	-	-	-	-
Proceeds from divestitures
-	83,825	-	657	-	-	-	-	-	-	-	-
Proceeds from sales of investments
-	-	771	-	6,736	-	-	-	-	-	-	-
Proceeds from the sale of property, equipment and leasehold improvements
-	-	-	-	-	-	29	351	-	22	-	-
Net cash used in investing activities
-71,937	34,874	-48,046	-42,031	-48,861	297,037	4,121	-94,361	-90,611	-892,277	-308,216	112,069
Cash flows from financing activities
Proceeds from borrowings
1,000,000	500,000	-	500,000	800,000	800,000	-	876,087	1,125,000	1,268,625	-	-
Proceeds from public offering of common stock, net of underwriting discount and other direct costs of $1.3 million
-	-	-	-	-	-	-	-	-	-	115,755	-
Repayment of long-term debt
513,125	-	-	-	-	810,000	48,000	1,103,563	1,312,062	386,875	22,250	22,250
Excess tax benefits from share-based compensation
-	-	-	-	-	2,835	1,897	1,048	7,263	8,537	6,927	-
Proceeds from exercise of stock options
3,236	605	2,635	5,040	3,631	9,681	11,702	13,311	16,431	23,436	597	-
Expenses related to initial public offering
-	-	-	-	-	-	-	-	-	-	-	21
Repurchase of common stock held in treasury
292,075	949,888	150,461	774,565	700,715	409,651	112,183	105,989	14,626	14,151	18,487	681
Payment of dividends
222,922	170,938	119,717	96,191	87,743	20,393	-	-	-	-	-	-
Payment of debt issuance costs in connection with debt
11,781	6,262	-	7,183	10,477	14,800	-	3,870	-	34,029	-	-
Net cash used in financing activities
-36,667	-626,483	-267,543	-372,899	4,696	-442,328	-146,584	-322,976	-177,994	758,058	82,542	-22,952
Effect of exchange rate changes
1,472	-6,479	9,099	-13,305	-8,175	-10,017	-3,595	1,360	-3,604	1,416	2,679	-9,939
Net decrease in cash
602,391	14,674	97,668	14,128	268,907	150,365	175,125	-68,902	-17,212	50,551	-92,053	234,259
Supplemental disclosure of cash flow information:
Cash paid for interest
141,484	125,986	112,502	89,139	42,110	17,233	20,429	36,744	52,713	40,100	18,253	25,967
Cash paid for income taxes
72,935	143,215	128,727	97,845	129,534	120,419	128,167	134,439	93,728	46,190	61,385	64,363
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements accrued, but not yet paid
3,690	2,999	4,588	4,422	3,644	6,731	3,396	3,575	1,781	821	3,482	5,935
Acquisition of RiskMetrics Group, Inc., class A common stock issued
-	-	-	-	-	-	-	-	-	371,815	-	-
Fair value of stock options and restricted stock awards assumed in connection with acquisition of RiskMetrics Group, Inc.
-	-	-	-	-	-	-	-	-	53,879	-	-