Financial Data and Key Metrics Changes - MSCI achieved adjusted EPS growth of over 21% and total revenue growth of 12% in Q3 2023, with a recurring subscription run rate growth of 12% and a retention rate of 95.4% [35][36][55] - The company returned $459 million to shareholders through share repurchases and over $329 million in dividends during the first nine months of the year [36] Business Line Data and Key Metrics Changes - In the Index segment, MSCI posted 11% subscription run rate growth, marking the 39th consecutive quarter of double-digit growth [62] - ESG delivered a 21% run rate growth, reaching $387 million, while Climate achieved a 49% run rate growth, totaling $98 million [63][64] - Equity analytics grew by 11% to nearly $200 million in run rate [63] Market Data and Key Metrics Changes - The Americas saw a subscription run rate growth in ESG and Climate of around 15%, while EMEA experienced a growth rate of 35% and APAC at 22% [102] - In APAC, real assets achieved a 15% run rate growth, reflecting strong sales with asset owners [65] Company Strategy and Development Direction - The acquisition of Burgiss is expected to enhance MSCI's capabilities in private assets, providing a strong foundation for developing investment tools and analytics [5][39] - The company aims to integrate data and analytics from Burgiss and Trove to enhance offerings in private assets and climate solutions [40][52] - MSCI is focused on maintaining high profitability while pursuing strategic acquisitions and investments in high-growth areas [12][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain operating environment but expressed confidence in the company's diversified business model and strong client engagement [2][35] - The company is committed to high levels of profitability and is prepared to implement cost-cutting measures if necessary in response to market downturns [22][35] Other Important Information - MSCI expects Burgiss to generate slightly above $90 million in revenue for the full year 2023, with a standalone adjusted EBITDA margin of around 15% [84] - The company plans to report financial results for Burgiss in the "all other private assets" segment starting in Q4 [83] Q&A Session Summary Question: Early traction from the Burgiss acquisition - Management indicated that the Burgiss acquisition provides a strong foundation for developing private asset classes and enhancing investment tools [5] Question: Capital allocation strategy post-Burgiss acquisition - Management emphasized the importance of disciplined capital allocation, focusing on organic investments and opportunistic acquisitions while managing share buybacks [12][17] Question: Expense growth in ESG and Climate - Management noted that expense growth in ESG and Climate remains aligned with long-term targets, despite some fluctuations [44][79] Question: Impact of market conditions on cost management - Management confirmed the ability to implement cost-cutting measures if necessary, maintaining a focus on profitability [22] Question: Pricing trends and client pushback - Management reported successful price increases contributing to new recurring sales, while being mindful of client pressures in the current environment [126]

$(10.9) $(5.4) $(39.8) ESG & Climate Market Cap Weighted Factors $1,322.8 2Q23 Ending AUM 15 3Q23 YoY AUM Drivers: MSCI-Linked Equity ETFs (US$ in billions) By Geographic Exposure Cash inflows / (outflows): $55.5 $(7.6) $1,081.2 $35.4 $27.7 $51.1 $103.6 $31.5 U.S. EM DM ex. U.S. $186.2 $ 1,322.8 Market Change 3Q23 Ending AUM 3Q22 Ending AUM Developed Markets ex. U.S. U.S. Emerging Markets 16 Total Market Appreciation / (Depreciation) Cash Inflow / (Outflow) AUM of ETFs linked to MSCI Equity Indexes AUM YoY% ...

FORM 10-Q ___________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ OR o TRANSITION 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 ________________ ...

| --- | --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------|-------| | | | | | | | EARNINGS PRESENTATION Second Quarter 2023 | | | | | | July 25, 2023 | | | | | • This earnings presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI's full-year 2023 guidance. These forward-looking statements relate to future events or to future financial performance and involve kno ...

Part I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements and notes, highlighting BlackRock, Inc. as a key revenue contributor Condensed Consolidated Statements of Financial Condition (in thousands) | | As of June 30, 2023 | As of December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,524,185 | $1,747,974 | | **Total assets** | **$4,762,828** | **$4,997,535** | | **Total current liabilities** | $1,218,125 | $1,250,527 | | **Total liabilities** | $5,956,496 | $6,005,460 | | **Total shareholders' equity (deficit)** | **($1,193,668)** | **($1,007,925)** | | **Total liabilities and shareholders' equity (deficit)** | **$4,762,828** | **$4,997,535** | Condensed Consolidated Statements of Income (in thousands, except per share data) | | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Operating revenues** | $621,157 | $551,806 | $1,213,375 | $1,111,751 | | **Operating income** | $345,953 | $300,381 | $660,555 | $589,359 | | **Net income** | **$246,825** | **$210,587** | **$485,553** | **$439,010** | | **Diluted EPS** | **$3.09** | **$2.59** | **$6.05** | **$5.37** | Condensed Consolidated Statements of Cash Flows (in thousands) | | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $555,945 | $456,873 | | **Net cash used in investing activities** | ($48,430) | ($34,413) | | **Net cash used in financing activities** | ($712,052) | ($982,936) | | **Net decrease in cash, cash equivalents and restricted cash** | **($201,235)** | **($579,149)** | | **Cash, cash equivalents and restricted cash, end of period** | $792,329 | $842,300 | - For the six months ended June 30, 2023, BlackRock, Inc. accounted for **10.0%** of the Company's consolidated operating revenues and **16.9%** of the Index segment's operating revenues[37](index=37&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis covers Q2 and H1 2023 financial condition and results, highlighting revenue growth, profitability, operating metrics, and capital resources [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Operating revenues grew **12.6%** to **$621.2 million** in Q2 2023, driven by recurring subscriptions and non-recurring revenues, resulting in a **17.2%** net income increase Operating Revenues by Type (in thousands) | Revenue Type | Three Months Ended June 30, 2023 | % Change YoY | Six Months Ended June 30, 2023 | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Recurring subscriptions | $455,692 | 12.0% | $900,939 | 11.7% | | Asset-based fees | $138,162 | 4.5% | $271,288 | (2.2%) | | Non-recurring | $27,303 | 117.7% | $41,148 | 48.7% | | **Total operating revenues** | **$621,157** | **12.6%** | **$1,213,375** | **9.1%** | Operating Expenses by Activity (in thousands) | Expense Category | Three Months Ended June 30, 2023 | % Change YoY | Six Months Ended June 30, 2023 | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Cost of revenues | $110,066 | 9.2% | $218,713 | 7.5% | | Selling and marketing | $67,988 | 11.3% | $134,463 | 5.8% | | Research and development | $30,140 | 26.0% | $61,463 | 17.7% | | General and administrative | $35,657 | (2.9%) | $76,701 | (6.8%) | | Amortization of intangible assets | $26,154 | 17.9% | $50,821 | 15.8% | | Depreciation and amortization | $5,199 | (23.1%) | $10,659 | (19.9%) | | **Total operating expenses** | **$275,204** | **9.5%** | **$552,820** | **5.8%** | - Net income increased **17.2%** to **$246.8 million** for Q2 2023 and **10.6%** to **$485.6 million** for the six months ended June 30, 2023[142](index=142&type=chunk) [Adjusted EBITDA (Non-GAAP)](index=33&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA increased **13.9%** to **$377.3 million** in Q2 2023, with the margin expanding to **60.7%**, and a reconciliation from net income is included Adjusted EBITDA and Margin (in thousands) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $377,306 | $331,144 | $722,035 | $649,688 | | % Change YoY | 13.9% | | 11.1% | | | Adjusted EBITDA margin % | 60.7% | 60.0% | 59.5% | 58.4% | Reconciliation of Net Income to Adjusted EBITDA (Q2 2023, in thousands) | | Amount | | :--- | :--- | | Net income | $246,825 | | Provision for income taxes | $60,333 | | Other expense (income), net | $38,795 | | Operating income | $345,953 | | Amortization of intangible assets | $26,154 | | Depreciation and amortization | $5,199 | | Acquisition-related costs | $0 | | **Consolidated Adjusted EBITDA** | **$377,306** | [Segment Results](index=35&type=section&id=Segment%20Results) All four reportable segments, Index, Analytics, ESG and Climate, and All Other – Private Assets, demonstrated revenue and Adjusted EBITDA growth in Q2 2023 Segment Performance (Three Months Ended June 30, 2023) | Segment | Operating Revenues (in thousands) | % Change YoY | Adjusted EBITDA (in thousands) | % Change YoY | Adjusted EBITDA Margin % | | :--- | :--- | :--- | :--- | :--- | :--- | | Index | $362,316 | 12.9% | $277,070 | 13.0% | 76.5% | | Analytics | $149,881 | 5.8% | $65,149 | 3.5% | 43.5% | | ESG and Climate | $71,219 | 29.2% | $22,798 | 59.1% | 32.0% | | All Other - Private Assets | $37,741 | 10.9% | $12,289 | 41.6% | 32.6% | - Index segment revenue growth in Q2 was driven by strong performance in recurring subscriptions (**+11.7%**) and a **159.8%** increase in non-recurring revenues[152](index=152&type=chunk)[153](index=153&type=chunk) - ESG and Climate segment revenue grew **29.2%** in Q2, primarily from strong growth in recurring subscriptions (**+29.6%**) related to Ratings, Climate, and Screening products[164](index=164&type=chunk)[165](index=165&type=chunk) [Operating Metrics](index=38&type=section&id=Operating%20Metrics) Key operating metrics indicate total Run Rate grew **10.7%** to **$2.45 billion**, while net new recurring subscription sales decreased **15.0%**, and Retention Rate remained stable at **95.5%** Run Rate by Segment (as of June 30, 2023, in thousands) | Segment | Run Rate | % Change YoY | | :--- | :--- | :--- | | Index | $1,376,194 | 9.9% | | Analytics | $631,218 | 6.6% | | ESG and Climate | $291,802 | 26.2% | | All Other - Private Assets | $150,587 | 9.3% | | **Total Run Rate** | **$2,449,801** | **10.7%** | Net New Recurring Subscription Sales (in thousands) | | Three Months Ended June 30, 2023 | % Change YoY | Six Months Ended June 30, 2023 | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | **Total** | **$47,897** | **(15.0%)** | **$82,534** | **(18.2%)** | Retention Rate | Segment | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Index | 95.8% | 95.9% | | Analytics | 95.2% | 94.3% | | ESG and Climate | 96.9% | 97.3% | | All Other - Private Assets | 92.8% | 96.0% | | **Total** | **95.5%** | **95.5%** | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity from operations, cash balances, and an undrawn credit facility, supporting share repurchases and dividend payments - As of June 30, 2023, the company had an aggregate of **$4.2 billion** in Senior Notes and **$343.4 million** in Tranche A Term Loans outstanding, with **$500 million** of undrawn borrowing capacity under its revolving credit facility[190](index=190&type=chunk) Share Repurchases (in thousands, except per share data) | Period | Average Price Paid Per Share | Total Number of Shares Repurchased | Dollar Value of Shares Repurchased | | :--- | :--- | :--- | :--- | | Six Months Ended June 30, 2023 | $468.31 | 941 | $440,847 | | Six Months Ended June 30, 2022 | $480.68 | 2,184 | $1,049,651 | - On July 24, 2023, the Board of Directors declared a quarterly cash dividend of **$1.38** per share[198](index=198&type=chunk) - Cash and cash equivalents were **$792.3 million** as of June 30, 2023, down from **$993.6 million** at December 31, 2022[199](index=199&type=chunk)[201](index=201&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant foreign currency exchange risk impacting revenues, operating expenses, and asset-based fees, partially managed with derivative financial instruments - For the six months ended June 30, 2023, **16.8%** of revenues were subject to foreign currency risk, primarily in Euros (**42.2%**), British pounds sterling (**31.3%**), and Japanese yen (**18.0%**)[207](index=207&type=chunk) - Approximately **43.5%** of operating expenses for the six months ended June 30, 2023, were denominated in foreign currencies[209](index=209&type=chunk) - A substantial portion of asset-based fees are based on investment products where approximately **three-fifths** of the assets are invested in securities denominated in currencies other than the U.S. dollar, creating additional currency exposure[208](index=208&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded disclosure controls were effective as of June 30, 2023, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2023[211](index=211&type=chunk) - There were **no changes** in internal control over financial reporting during the three months ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[212](index=212&type=chunk) Part II [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) Management believes that the disposition of pending legal matters will not materially affect the company's financial condition, operating results, or cash flows - Based on currently available facts, management believes that the disposition of pending or asserted legal matters will **not**, individually or in the aggregate, have a material effect on MSCI's business, operating results, financial condition or cash flows[214](index=214&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, have been reported - There have been **no material changes** to the risk factors and uncertainties disclosed in the Company's Form 10-K for the fiscal year ended December 31, 2022[216](index=216&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased approximately **941,000** shares for **$440.8 million** during Q2 2023, with **$863.5 million** remaining under the repurchase authorization Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | | :--- | :--- | :--- | :--- | | April 2023 | 141,617 | $466.61 | $1,238,436,000 | | May 2023 | 684,896 | $468.74 | $918,220,000 | | June 2023 | 117,632 | $468.18 | $863,542,000 | | **Total** | **944,145** | **$468.35** | **$863,542,000** | - As of June 30, 2023, there was **$863.5 million** of available authorization remaining under the 2022 Repurchase Program[63](index=63&type=chunk)[197](index=197&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, management compensation plans, and required CEO and CFO certifications - The report includes an exhibit index listing all documents filed, such as the **CEO and CFO certifications** (Exhibits 31.1, 31.2, 32.1) and **Inline XBRL files** (Exhibit 101 series)[222](index=222&type=chunk)

MSCI Inc. (NYSE:MSCI) Q1 2023 Earnings Conference Call April 25, 2023 11:00 AM ET Company Participants Jeremy Ulan - Head, Investor Relations and Treasurer Henry Fernandez - Chairman and Chief Executive Officer Baer Pettit - President and Chief Operating Officer Andy Wiechmann - Chief Financial Officer Conference Call Participants Manav Patnaik - Barclays Toni Kaplan - Morgan Stanley Alex Kramm - UBS Ashish Sabadra - RBC Capital Markets Alexander Hess - JPMorgan Owen Lau - Oppenheimer George Tong - Goldman ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR o TRANSITION 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 ____________________ ...

Financial Performance - MSCI reported a 12% increase in 4Q22 operating revenues[2, 142] - The firm's subscription run rate grew organically by 13%[268] - Free cash flow reached $1022 million, demonstrating a 24% compound annual growth rate (CAGR) from 2017 to 2022[109] - Adjusted Earnings Per Share (EPS) showed a 24% CAGR from 2017 to 2022, reaching $11.45[122] Segment Growth - ESG & Climate subscription experienced substantial growth, with a 34% increase[245] - Analytics saw an organic run rate increase of 11%[233] - Index subscription run rate increased by 12%[204] - All Other – Private Assets segment run rate grew by 12%[47] Index Products - MSCI ESG Indexes are the 1 ESG Index Provider by Equity ETF Assets, benchmarked to $644 billion as of June 30, 2022[16] - The company calculates over 275,000 indexes daily[96] ESG and Climate Focus - MSCI has over 1,100 employees working on ESG and Climate matters[249] - The firm covers 90% of equity and fixed income market value with its ESG Ratings[251]

Table of Contents FORM 10-K ________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 o TRANSITION 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 INC. (Exact Name of Registrant as Specifi ...

| --- | --- | --- | --- | |---------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | MSCI Inc. INVESTOR PRESENTATION | | | | | November 11, 2022 | | | | Forward-Looking Statements • This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI's full-year 2022 guidance and long-term targets. These forward-looking statements relate to future events or to ...