MSCI INC. MSCI Cash Flow

Msci inc. (MSCI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Nov'10	Aug'10	May'10	Feb'10
Cash flows from operating activities
Net income
148,125	122,783	136,983	125,690	178,192	152,132	123,832	116,829	115,092	64,602	85,153	81,266	72,951	68,250	65,281	66,957	60,367	59,406	64,398	56,017	43,827	44,340	51,714	107,660	80,399	47,257	55,310	61,053	58,937	54,452	48,274	37,546	43,966	44,486	49,787	45,660	33,521	30,266	10,319	24,067	27,518
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets
13,776	13,243	12,361	12,013	11,793	11,633	11,681	19,537	11,338	11,560	10,614	11,122	11,251	11,498	11,752	11,943	11,840	11,803	11,710	11,695	11,702	11,591	11,574	11,442	14,010	14,760	21,055	11,222	11,166	15,421	15,959	15,959	15,959	16,268	16,422	16,423	16,692	16,694	16,350	4,277	4,278
Stock-based compensation expense
15,163	10,714	10,517	10,427	9,541	10,955	9,870	9,019	9,053	8,908	8,931	9,343	9,394	8,410	8,318	8,193	7,080	8,006	6,013	7,189	7,350	6,469	7,659	7,286	5,171	5,854	6,321	6,018	6,811	5,914	7,537	6,029	5,843	7,401	7,860	8,008	8,454	9,341	12,458	5,366	5,120
Depreciation and amortization of property, equipment and leasehold improvements
7,567	7,535	7,209	7,405	7,850	8,311	7,453	7,377	8,205	8,118	9,325	9,159	8,838	9,447	8,312	8,393	8,168	7,568	8,049	8,065	7,207	7,620	6,342	5,921	6,047	6,042	6,889	4,774	4,597	4,989	4,633	4,662	4,416	4,478	4,669	5,168	5,110	5,530	4,934	3,556	3,393
Amortization of right of use assets
5,989	-	-	-	5,583	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt origination fees
1,089	1,117	986	984	986	985	986	895	849	849	849	849	849	849	802	708	709	708	534	447	446	6,420	440	443	445	1,169	705	712	762	966	500	15,331	1,268	1,371	1,278	1,280	1,847	1,480	3,181	3,071	358
Loss on extinguishment of debt
-9,966	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of discount on long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,859	119	119	121	367	225	228	246	233	238	4,605	229	250	230	231	340	273	564	460	40
Deferred taxes
-5,165	-10,923	-4,535	3,088	-8,397	8,330	-4,830	-3,183	-1,097	-7,450	-4,372	-5,045	-2,035	-9,329	-2,882	-987	-3,769	-4,193	-2,554	-6,974	3,433	-5,956	-2,479	29,746	-26,271	-12,941	-5,481	8,499	-5,143	-6,494	-6,185	-11,829	-5,687	18,575	-17,176	-7,837	12,063	-3,935	9,444	-2,665	-1,918
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	474	10,242	2,990	-362	424	1,599	1,174	131	364	230	1,172	-531	-80	397	1,262	3,187	313	1,186	2,577	6,034	1,040	71	1,392
Other non-cash adjustments
-337	-385	-734	-174	200	545	-161	125	-321	-410	-758	489	-25	-68	-613	-152	-359	-217	6,133	-149	-3,700	-83	-1,216	-650	102	-377	-109	-251	1,108	-87	-163	225	74	-122	-371	82	-1,131	-3,567	-203	822	-298
Changes in assets and liabilities:
Accounts receivable
-15,926	88,254	-26,717	11,191	-46,805	93,692	-11,301	-63,250	134,801	18,425	20,507	26,079	40,582	-12,527	-9,360	-11,283	51,664	418	-5,699	29,000	7,181	-11,814	-20,446	20,202	38,879	-10,350	18,826	-6,277	14,213	21,349	-12,108	-36,140	-8,574	13,401	-9,074	-8,992	46,949	34,051	-15,343	-20,537	37,680
Prepaid income taxes
-3,330	-23,999	-25,356	8,942	53,613	-2,160	-2,221	22,076	-13,626	7,674	-8,762	16,595	-12,438	-9,330	-37,195	27,439	-22,246	10,786	-20,355	27,074	-15,533	-5,554	974	29,963	-10,385	-20,994	1,512	29,973	-18,418	-7,194	1,693	20,819	-22,596	5,883	-7,058	5,061	6,857	-25,184	3,261	12,925	-8,243
Prepaid and other assets
-296	3,733	7,340	-2,969	-406	-1,741	6,942	-2,994	-192	-2,662	10,050	-2,289	-629	-1,605	3,322	-2,071	-270	911	1,937	-2,148	517	2,514	1,162	5,563	618	1,066	4,591	-371	-827	1,831	-568	1,893	-1,761	-1,124	6,100	2,074	1,475	-1,473	-361	-712	-762
Accounts payable
-1,536	4,066	-1,069	1,380	-1,793	1,695	970	-135	-230	-779	2,053	-808	561	-649	-473	216	-1,006	714	-343	1,012	-1,681	1,155	-256	880	349	-128	326	-164	-2,179	531	1,034	484	-70	-180	-195	161	271	716	-2,034	131	-1,466
Accrued compensation and related benefits
-98,658	39,324	33,481	33,582	-81,170	27,338	33,287	32,424	-84,517	27,733	29,292	28,342	-76,708	24,266	28,211	22,870	-62,258	20,256	22,542	25,640	-63,351	19,669	22,656	26,409	-68,646	23,218	26,238	19,240	-61,639	21,849	24,085	24,462	-71,230	21,545	23,723	22,885	-61,747	22,951	19,596	12,401	-39,374
Income taxes payable
2,229	2,011	1,304	288	-5,843	6,672	-12,112	-451	3,001	-	-	-	3,755	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other accrued liabilities
-3,563	10,459	-5,299	5,611	-7,107	7,939	3,414	19,259	-1,516	15,177	2,618	8,418	-10,280	7,376	4,641	9,049	-1,325	-2,681	18,759	-10,244	11,331	1,876	-5,238	8,310	3,480	-3,407	6,926	-6,593	2,814	-3,702	-2,424	-3,499	1,392	-317	-4,611	493	1,035	3,348	-7,656	-4,355	2,140
Deferred revenue
2,252	93,170	-48,384	3,932	-13,352	95,347	-36,437	-22,301	148,468	-377	-24,686	20,371	43,247	-5,528	-20,635	5,933	42,039	-9,938	-10,004	-6,728	34,717	-8,041	-4,180	8,317	46,167	-14,055	-15,865	-2,086	43,405	-14,956	-11,678	4,028	40,951	-1,787	-5,630	12,452	14,344	-12,062	-16,792	14,826	18,008
Long-term operating lease liabilities
-6,078	-5,470	-5,635	-3,717	-5,422	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-1,725	-712	426	-157	-3,616	18,479	1,020	4,103	-613	-37,839	-3,033	-3,829	-2,682	-733	-1,803	1,246	-3,831	-3,118	2,651	-1,926	-3,157	-1,753	-119	-3,562	5,635	3,514	542	-2,271	-4,715	4,423	-4,398	-9,975	-875	1,078	1,483	-611	1,081	1,983	-4,570	345	2,493
Net cash provided by operating activities
112,770	243,643	188,535	189,470	87,875	173,175	143,825	207,165	88,597	143,153	101,773	122,217	37,015	138,853	148,527	118,096	36,887	96,575	133,963	24,026	66,683	104,054	107,567	68,803	25,249	95,146	69,361	85,629	71,047	59,412	97,597	120,559	69,507	80,067	94,684	106,124	-25,878	62,116	66,134	69,865	-14,761
Cash flows from investing activities
Acquisition of equity method investment
190,822	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	76,331	-	-	-	27,198	72,764	9,096	0	112,556
Capitalized software development costs
7,203	6,614	6,983	6,113	4,990	5,585	4,517	4,238	4,360	4,863	5,164	3,306	2,307	2,395	2,861	2,763	2,325	2,438	3,275	1,401	1,386	2,153	2,585	1,919	1,559	1,456	1,023	575	231	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures
3,613	11,900	7,782	6,278	3,156	17,188	8,590	2,967	1,512	15,737	6,389	3,729	7,322	8,140	10,867	10,142	3,135	16,127	8,975	10,616	4,934	6,485	17,688	9,985	8,501	19,356	13,214	3,116	4,569	6,775	18,163	15,654	4,292	6,269	10,110	2,897	3,835	6,095	2,399	1,411	3,285
Acquisitions, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	60	-	-	-	-	-	-	-	-	0	0	100	23,168	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from redemption of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	70,900	54,000	22,598	107,739	22,695	77,189	1,922	21,273	49,908	41,506	27,930	296,814	50,300
Proceeds from the sale of capital equipment
-	0	0	0	10	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14	0	1	7	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-201,638	-36,645	-14,765	-12,391	-8,136	40,038	-13,097	13,805	-5,872	-20,600	-11,553	-6,264	-9,629	-10,535	-13,071	-12,905	-5,520	-18,329	-12,250	-11,962	-6,320	-8,665	-35,153	350,908	-10,053	-20,812	-14,208	-3,791	42,932	-102,969	-25,549	92,085	-57,928	-3,976	-41,657	-63,853	18,875	-37,653	-1,084,486	295,403	-65,541
Cash flows from financing activities
Proceeds from borrowings
405,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,125,000	-	-	-	-
Repayment of long-term debt
307,875	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	794,813	5,062	5,062	5,063	0	11,000	11,000	26,000	11,000	11,000	1,078,751	2,812	37,813	2,811	2,813	1,268,625	3,187	74,048	299,077	10,563
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	474	10,242	2,990	-362	424	1,599	1,174	131	364	230	1,172	-531	-80	397	1,262	3,187	313	1,186	2,577	6,034	1,040	71	1,392
Proceeds from exercise of stock options
-	2,184	161	165	726	240	246	17	102	854	508	648	625	819	779	1,004	2,438	1,198	673	1,128	632	672	3,603	3,696	1,710	2,394	2,428	3,116	3,764	2,550	3,206	4,212	3,343	2,672	1,144	5,805	6,810	9,270	11,952	97	2,117
Repurchase of common stock held in treasury
372,894	5,785	1,081	743	284,466	656,918	46,270	155,423	91,277	111	9,373	40,615	100,362	275,702	32,118	120,030	346,715	256,075	347,073	87,215	10,352	255	300,493	1,744	107,159	2,255	100,289	242	9,397	103,065	441	174	2,309	11,685	27	18	2,896	9,944	1,757	4	2,446
Payment of dividends
59,378	57,845	57,846	49,336	57,895	50,405	51,734	33,916	34,883	34,411	34,386	25,431	25,489	26,258	26,652	21,392	21,889	22,754	24,146	20,437	20,406	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of debt issuance costs in connection with debt
4,934	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-340,081	413,648	-58,766	-49,914	-341,635	-707,083	-97,758	304,416	-126,058	-33,668	-43,251	-65,398	-125,226	-301,141	434,826	-140,418	-366,166	-291,337	419,451	-96,282	-27,136	-29,951	-301,528	-1,511	-109,338	270	-108,497	-7,896	-30,461	-112,046	-8,315	-202,099	-516	-43,639	-1,381	4,160	-137,134	2,173	1,064,298	-298,913	-9,500
Effect of exchange rate changes
-10,762	4,771	-4,971	1,171	501	-352	-2,168	-7,618	3,659	1,602	1,465	3,054	2,978	-9,405	-834	-5,173	2,107	-2,691	-2,697	1,488	-4,275	-4,832	-5,932	181	566	80	2,393	-2,270	-3,798	-1,546	3,418	-3,260	2,748	-1,816	-5,966	1,824	2,354	2,204	-359	1,444	-1,873
Net decrease in cash
-439,711	625,417	110,033	128,336	-261,395	-494,222	30,802	517,768	-39,674	90,487	48,434	53,609	-94,862	-182,228	569,448	-40,400	-332,692	-215,782	538,467	-82,730	28,952	60,606	-235,046	418,381	-93,576	74,684	-50,951	71,672	79,720	-157,149	67,151	7,285	13,811	30,636	45,680	48,255	-141,783	28,840	45,587	67,799	-91,675
Supplemental disclosure of cash flow information:
Cash paid for interest
40,495	36,469	35,156	34,711	35,148	34,483	35,131	21,251	35,121	21,238	35,107	21,241	34,916	21,251	23,228	21,209	23,451	21,188	175	20,586	161	2,846	5,041	4,804	4,542	5,330	4,802	5,057	5,240	8,151	7,187	10,543	10,863	11,436	11,371	16,325	13,581	15,952	15,589	4,607	3,952
Cash paid for income taxes
5,684	7,571	9,622	38,430	17,312	33,018	36,702	64,893	8,602	28,566	28,915	57,952	13,294	28,374	-2,822	61,051	11,242	37,073	14,114	64,371	13,976	18,998	29,525	50,765	21,131	28,525	37,497	51,970	10,175	41,864	34,822	50,630	7,123	21,448	19,455	38,244	14,581	2,877	6,349	29,676	7,288
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements accrued, but not yet paid
4,987	-499	551	790	2,848	-778	798	-122	3,101	1,087	-264	821	2,944	-671	-949	965	5,077	-3,975	1,888	-7,239	12,970	2,802	-10,647	11,734	2,842	-1,823	651	3,313	1,255	112	-4,477	4,684	3,256	-490	-3,085	4,635	721	-2,379	-205	1,150	2,255