MSCI Registers 11% Revenue Growth In Q2; Expands Margins; Boosts Dividend

MSCI Inc MSCI reported second-quarter FY22 revenue growth of 10.8% year-on-year to $551.8 million, missing the consensus of $559.6 million.
Recurring subscription revenues rose 16.9% Y/Y; Asset-based fees declined 2.9% Y/Y.
New recurring subscription sales grew by 21.3% Y/Y.
Index operating revenues were $320.9 million, up 4.9% Y/Y. Analytics operating revenues were $141.7 million, up 4.3% Y/Y. ESG and Climate operating revenues were $55.1 million, up 40.2% Y/Y.
The operating margin expanded 270 bps to 54.4%.
Adjusted EPS of $2.78 beat the consensus of $2.70.
The adjusted EBITDA margin expanded 80 bps to 60%.
MSCI held $842.3 million in cash and equivalents and generated $212.7 million in operating cash flow.
Dividend: MSCI declared a Q3 cash dividend of $1.25 per share, up 20%.
Outlook: MSCI sees FY22 operating cash flow of $1.08 billion - $1.12 billion.
Price Action: MSCI shares traded lower by 0.23% at $437.47 in the premarket on the last check Tuesday.
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