Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||||||||||||||
In thousands, except per share data (unaudited) | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 743,509 | $ | 690,106 | 7.7 | % | $ | 2,856,128 | $ | 2,528,920 | 12.9 | % | ||||||||||||||||||||||||||
Operating income | $ | 405,194 | $ | 370,745 | 9.3 | % | $ | 1,528,518 | $ | 1,384,609 | 10.4 | % | ||||||||||||||||||||||||||
Operating margin % | 54.5 | % | 53.7 | % | 53.5 | % | 54.8 | % | ||||||||||||||||||||||||||||||
Net income | $ | 305,515 | $ | 403,380 | (24.3) | % | $ | 1,109,128 | $ | 1,148,592 | (3.4) | % | ||||||||||||||||||||||||||
Diluted EPS | $ | 3.90 | $ | 5.07 | (23.1) | % | $ | 14.05 | $ | 14.39 | (2.4) | % | ||||||||||||||||||||||||||
Adjusted EPS | $ | 4.18 | $ | 3.68 | 13.6 | % | $ | 15.20 | $ | 13.52 | 12.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 452,254 | $ | 414,627 | 9.1 | % | $ | 1,716,484 | $ | 1,522,951 | 12.7 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 60.8 | % | 60.1 | % | 60.1 | % | 60.2 | % |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 228,438 | $ | 210,737 | 8.4 | % | $ | 882,367 | $ | 814,582 | 8.3 | % | ||||||||||||||||||||||||||
Asset-based fees | 175,339 | 145,148 | 20.8 | % | 657,501 | 557,502 | 17.9 | % | ||||||||||||||||||||||||||||||
Non-recurring | 16,422 | 32,110 | (48.9) | % | 56,277 | 79,731 | (29.4) | % | ||||||||||||||||||||||||||||||
Total operating revenues | 420,199 | 387,995 | 8.3 | % | 1,596,145 | 1,451,815 | 9.9 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 97,043 | 89,446 | 8.5 | % | 374,091 | 344,842 | 8.5 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 323,156 | $ | 298,549 | 8.2 | % | $ | 1,222,054 | $ | 1,106,973 | 10.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 76.9 | % | 76.9 | % | 76.6 | % | 76.2 | % |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 167,781 | $ | 160,015 | 4.9 | % | $ | 658,610 | $ | 603,291 | 9.2 | % | ||||||||||||||||||||||||||
Non-recurring | 4,971 | 4,722 | 5.3 | % | 16,479 | 12,665 | 30.1 | % | ||||||||||||||||||||||||||||||
Total operating revenues | 172,752 | 164,737 | 4.9 | % | 675,089 | 615,956 | 9.6 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 88,628 | 87,572 | 1.2 | % | 346,794 | 341,081 | 1.7 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 84,124 | $ | 77,165 | 9.0 | % | $ | 328,295 | $ | 274,875 | 19.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 48.7 | % | 46.8 | % | 48.6 | % | 44.6 | % |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 82,881 | $ | 74,828 | 10.8 | % | $ | 318,835 | $ | 282,351 | 12.9 | % | ||||||||||||||||||||||||||
Non-recurring | 2,338 | 1,425 | 64.1 | % | 7,766 | 5,217 | 48.9 | % | ||||||||||||||||||||||||||||||
Total operating revenues | 85,219 | 76,253 | 11.8 | % | 326,601 | 287,568 | 13.6 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 55,521 | 50,689 | 9.5 | % | 221,893 | 195,890 | 13.3 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 29,698 | $ | 25,564 | 16.2 | % | $ | 104,708 | $ | 91,678 | 14.2 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 34.8 | % | 33.5 | % | 32.1 | % | 31.9 | % |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 64,199 | $ | 59,774 | 7.4 | % | $ | 254,633 | $ | 171,066 | 48.9 | % | ||||||||||||||||||||||||||
Non-recurring | 1,140 | 1,347 | (15.4) | % | 3,660 | 2,515 | 45.5 | % | ||||||||||||||||||||||||||||||
Total operating revenues | 65,339 | 61,121 | 6.9 | % | 258,293 | 173,581 | 48.8 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 50,063 | 47,772 | 4.8 | % | 196,866 | 124,156 | 58.6 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 15,276 | $ | 13,349 | 14.4 | % | $ | 61,427 | $ | 49,425 | 24.3 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 23.4 | % | 21.8 | % | 23.8 | % | 28.5 | % |
Guidance Item | Guidance for Full-Year 2025 | ||||
Operating Expense | $1,405 to $1,445 million | ||||
Adjusted EBITDA Expense | $1,220 to $1,250 million | ||||
Interest Expense (including amortization of financing fees)(1) | $182 to $186 million | ||||
Depreciation & Amortization Expense | $185 to $195 million | ||||
Effective Tax Rate | 17.5% to 20.0% | ||||
Capital Expenditures | $115 to $125 million | ||||
Net Cash Provided by Operating Activities | $1,525 to $1,575 million | ||||
Free Cash Flow | $1,400 to $1,460 million |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands, except per share data | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 743,509 | $ | 690,106 | 7.7 | % | $ | 2,856,128 | $ | 2,528,920 | 12.9 | % | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization) | 131,567 | 122,557 | 7.4 | % | 514,382 | 446,581 | 15.2 | % | ||||||||||||||||||||||||||||||
Selling and marketing | 76,835 | 75,160 | 2.2 | % | 291,220 | 276,204 | 5.4 | % | ||||||||||||||||||||||||||||||
Research and development | 38,471 | 39,220 | (1.9) | % | 158,653 | 132,121 | 20.1 | % | ||||||||||||||||||||||||||||||
General and administrative | 44,382 | 40,440 | 9.7 | % | 182,340 | 153,967 | 18.4 | % | ||||||||||||||||||||||||||||||
Amortization of intangible assets | 42,721 | 36,886 | 15.8 | % | 164,037 | 114,429 | 43.4 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization of property, | ||||||||||||||||||||||||||||||||||||||
equipment and leasehold improvements | 4,339 | 5,098 | (14.9) | % | 16,978 | 21,009 | (19.2) | % | ||||||||||||||||||||||||||||||
Total operating expenses(1) | 338,315 | 319,361 | 5.9 | % | 1,327,610 | 1,144,311 | 16.0 | % | ||||||||||||||||||||||||||||||
Operating income | 405,194 | 370,745 | 9.3 | % | 1,528,518 | 1,384,609 | 10.4 | % | ||||||||||||||||||||||||||||||
Interest income | (3,902) | (3,400) | 14.8 | % | (21,277) | (34,479) | (38.3) | % | ||||||||||||||||||||||||||||||
Interest expense | 45,505 | 46,954 | (3.1) | % | 185,500 | 186,679 | (0.6) | % | ||||||||||||||||||||||||||||||
Gain on remeasurement of equity method investment | — | (143,029) | n/m | — | (143,029) | n/m | ||||||||||||||||||||||||||||||||
Other expense (income) | 246 | 2,345 | (89.5) | % | 8,127 | 6,377 | 27.4 | % | ||||||||||||||||||||||||||||||
Other expense (income), net | 41,849 | (97,130) | n/m | 172,350 | 15,548 | n/m | ||||||||||||||||||||||||||||||||
Income before provision for income taxes | 363,345 | 467,875 | (22.3) | % | 1,356,168 | 1,369,061 | (0.9) | % | ||||||||||||||||||||||||||||||
Provision for income taxes | 57,830 | 64,495 | (10.3) | % | 247,040 | 220,469 | 12.1 | % | ||||||||||||||||||||||||||||||
Net income | 305,515 | 403,380 | (24.3) | % | 1,109,128 | 1,148,592 | (3.4) | % | ||||||||||||||||||||||||||||||
Earnings per basic common share | $ | 3.91 | $ | 5.10 | (23.3) | % | $ | 14.09 | $ | 14.45 | (2.5) | % | ||||||||||||||||||||||||||
Earnings per diluted common share | $ | 3.90 | $ | 5.07 | (23.1) | % | $ | 14.05 | $ | 14.39 | (2.4) | % | ||||||||||||||||||||||||||
Weighted average shares outstanding used | ||||||||||||||||||||||||||||||||||||||
in computing earnings per share: | ||||||||||||||||||||||||||||||||||||||
Basic | 78,070 | 79,115 | (1.3) | % | 78,710 | 79,462 | (0.9) | % | ||||||||||||||||||||||||||||||
Diluted | 78,365 | 79,499 | (1.4) | % | 78,960 | 79,843 | (1.1) | % | ||||||||||||||||||||||||||||||
n/m: percentage change is not meaningful | ||||||||||||||||||||||||||||||||||||||
(1) Includes stock-based compensation expense of $23.3 million and $17.0 million for the three months ended Dec. 31, 2024 and Dec. 31, 2023, respectively. Includes stock-based compensation expense of $96.4 million and $73.0 million for the year ended Dec. 31, 2024 and Dec. 31, 2023, respectively. |
As of | ||||||||||||||
Dec. 31, | Dec. 31, | |||||||||||||
In thousands | 2024 | 2023 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents (includes restricted cash of $3,497 and $3,878 at December 31, 2024 and December 31, 2023, respectively) | $ | 409,351 | $ | 461,693 | ||||||||||
Accounts receivable (net of allowances of $5,284 and $3,968 at December 31, 2024 and December 31, 2023, respectively) | 820,709 | 839,555 | ||||||||||||
Other current assets | 113,961 | 116,905 | ||||||||||||
Total current assets | 1,344,021 | 1,418,153 | ||||||||||||
Property, equipment and leasehold improvements, net | 70,885 | 55,920 | ||||||||||||
Right of use assets | 119,435 | 115,243 | ||||||||||||
Goodwill | 2,915,167 | 2,887,692 | ||||||||||||
Intangible assets, net | 907,613 | 956,234 | ||||||||||||
Other non-current assets | 88,318 | 84,977 | ||||||||||||
Total assets | $ | 5,445,439 | $ | 5,518,219 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||
Current liabilities: | ||||||||||||||
Current portion of long-term debt | $ | — | $ | 10,902 | ||||||||||
Deferred revenue | 1,123,423 | 1,083,864 | ||||||||||||
Other current liabilities | 462,231 | 422,259 | ||||||||||||
Total current liabilities | 1,585,654 | 1,517,025 | ||||||||||||
Long-term debt | 4,510,816 | 4,496,826 | ||||||||||||
Long-term operating lease liabilities | 121,153 | 120,134 | ||||||||||||
Other non-current liabilities | 167,813 | 123,998 | ||||||||||||
Total liabilities | 6,385,436 | 6,257,983 | ||||||||||||
Total shareholders' equity (deficit) | (939,997) | (739,764) | ||||||||||||
Total liabilities and shareholders' equity (deficit) | $ | 5,445,439 | $ | 5,518,219 | ||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 305,515 | $ | 403,380 | (24.3) | % | $ | 1,109,128 | $ | 1,148,592 | (3.4) | % | ||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||
Gain on remeasurement of equity method investment | — | (143,029) | n/m | — | (143,029) | n/m | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 42,721 | 36,886 | 15.8 | % | 164,037 | 114,429 | 43.4 | % | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 22,969 | 16,278 | 41.1 | % | 95,204 | 71,653 | 32.9 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 4,339 | 5,098 | (14.9) | % | 16,978 | 21,009 | (19.2) | % | ||||||||||||||||||||||||||||||
Amortization of right of use assets | 5,678 | 6,297 | (9.8) | % | 25,260 | 23,781 | 6.2 | % | ||||||||||||||||||||||||||||||
Loss on impairment of right of use assets, net | — | 477 | n/m | — | 477 | n/m | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | n/m | 1,510 | — | n/m | ||||||||||||||||||||||||||||||||
Other adjustments | (27,089) | 22,643 | n/m | 16,767 | (3,340) | n/m | ||||||||||||||||||||||||||||||||
Net changes in other operating assets and liabilities | 76,500 | 40,923 | 86.9 | % | 72,743 | 2,457 | n/m | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | 430,633 | 388,953 | 10.7 | % | 1,501,627 | 1,236,029 | 21.5 | % | ||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||
Acquisition of a business, net of cash acquired | — | (727,342) | n/m | (27,467) | (727,342) | (96.2) | % | |||||||||||||||||||||||||||||||
Capitalized software development costs | (21,708) | (18,014) | 20.5 | % | (81,356) | (68,094) | 19.5 | % | ||||||||||||||||||||||||||||||
Capital expenditures | (14,247) | (3,815) | 273.4 | % | (33,762) | (22,757) | 48.4 | % | ||||||||||||||||||||||||||||||
Other | (778) | (796) | (2.3) | % | (1,670) | (1,185) | 40.9 | % | ||||||||||||||||||||||||||||||
Net cash used in investing activities | (36,733) | (749,967) | (95.1) | % | (144,255) | (819,378) | (82.4) | % | ||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||
Repurchase of common stock held in treasury | (374,048) | (27) | n/m | (885,266) | (504,188) | 75.6 | % | |||||||||||||||||||||||||||||||
Payment of dividends | (125,129) | (109,353) | 14.4 | % | (509,109) | (440,993) | 15.4 | % | ||||||||||||||||||||||||||||||
Repayment of borrowings | (195,000) | (2,187) | n/m | (559,063) | (8,750) | n/m | ||||||||||||||||||||||||||||||||
Proceeds from borrowings | 220,000 | — | n/m | 556,875 | — | n/m | ||||||||||||||||||||||||||||||||
Payment of debt issuance costs | — | — | n/m | (3,739) | — | n/m | ||||||||||||||||||||||||||||||||
Payment of contingent consideration and deferred purchase price from acquisitions | (2,006) | — | n/m | (2,006) | — | n/m | ||||||||||||||||||||||||||||||||
Net cash used in financing activities | (476,183) | (111,567) | n/m | (1,402,308) | (953,931) | 47.0 | % | |||||||||||||||||||||||||||||||
Effect of exchange rate changes | (9,345) | 5,722 | n/m | (7,406) | 5,409 | n/m | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (91,628) | (466,859) | (80.4) | % | (52,342) | (531,871) | (90.2) | % | ||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 500,979 | 928,552 | (46.0) | % | 461,693 | 993,564 | (53.5) | % | ||||||||||||||||||||||||||||||
Cash, cash equivalent and restricted cash, end of period | $ | 409,351 | $ | 461,693 | (11.3) | % | $ | 409,351 | $ | 461,693 | (11.3) | % | ||||||||||||||||||||||||||
n/m: not meaningful. | ||||||||||||||||||||||||||||||||||||||
Index | Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 228,438 | $ | 210,737 | 8.4 | % | $ | 882,367 | $ | 814,582 | 8.3 | % | ||||||||||||||||||||||||||
Asset-based fees | 175,339 | 145,148 | 20.8 | % | 657,501 | 557,502 | 17.9 | % | ||||||||||||||||||||||||||||||
Non-recurring | 16,422 | 32,110 | (48.9) | % | 56,277 | 79,731 | (29.4) | % | ||||||||||||||||||||||||||||||
Total operating revenues | 420,199 | 387,995 | 8.3 | % | 1,596,145 | 1,451,815 | 9.9 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 97,043 | 89,446 | 8.5 | % | 374,091 | 344,842 | 8.5 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 323,156 | $ | 298,549 | 8.2 | % | $ | 1,222,054 | $ | 1,106,973 | 10.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 76.9 | % | 76.9 | % | 76.6 | % | 76.2 | % | ||||||||||||||||||||||||||||||
Analytics | Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 167,781 | $ | 160,015 | 4.9 | % | $ | 658,610 | $ | 603,291 | 9.2 | % | ||||||||||||||||||||||||||
Non-recurring | 4,971 | 4,722 | 5.3 | % | 16,479 | 12,665 | 30.1 | % | ||||||||||||||||||||||||||||||
Total operating revenues | 172,752 | 164,737 | 4.9 | % | 675,089 | 615,956 | 9.6 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 88,628 | 87,572 | 1.2 | % | 346,794 | 341,081 | 1.7 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 84,124 | $ | 77,165 | 9.0 | % | $ | 328,295 | $ | 274,875 | 19.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 48.7 | % | 46.8 | % | 48.6 | % | 44.6 | % | ||||||||||||||||||||||||||||||
ESG and Climate | Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 82,881 | $ | 74,828 | 10.8 | % | $ | 318,835 | $ | 282,351 | 12.9 | % | ||||||||||||||||||||||||||
Non-recurring | 2,338 | 1,425 | 64.1 | % | 7,766 | 5,217 | 48.9 | % | ||||||||||||||||||||||||||||||
Total operating revenues | 85,219 | 76,253 | 11.8 | % | 326,601 | 287,568 | 13.6 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 55,521 | 50,689 | 9.5 | % | 221,893 | 195,890 | 13.3 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 29,698 | $ | 25,564 | 16.2 | % | $ | 104,708 | $ | 91,678 | 14.2 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 34.8 | % | 33.5 | % | 32.1 | % | 31.9 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 64,199 | $ | 59,774 | 7.4 | % | $ | 254,633 | $ | 171,066 | 48.9 | % | ||||||||||||||||||||||||||
Non-recurring | 1,140 | 1,347 | (15.4) | % | 3,660 | 2,515 | 45.5 | % | ||||||||||||||||||||||||||||||
Total operating revenues | 65,339 | 61,121 | 6.9 | % | 258,293 | 173,581 | 48.8 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 50,063 | 47,772 | 4.8 | % | 196,866 | 124,156 | 58.6 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 15,276 | $ | 13,349 | 14.4 | % | $ | 61,427 | $ | 49,425 | 24.3 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 23.4 | % | 21.8 | % | 23.8 | % | 28.5 | % | ||||||||||||||||||||||||||||||
Consolidated | Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 543,299 | $ | 505,354 | 7.5 | % | $ | 2,114,445 | $ | 1,871,290 | 13.0 | % | ||||||||||||||||||||||||||
Asset-based fees | 175,339 | 145,148 | 20.8 | % | 657,501 | 557,502 | 17.9 | % | ||||||||||||||||||||||||||||||
Non-recurring | 24,871 | 39,604 | (37.2) | % | 84,182 | 100,128 | (15.9) | % | ||||||||||||||||||||||||||||||
Operating revenues total | 743,509 | 690,106 | 7.7 | % | 2,856,128 | 2,528,920 | 12.9 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 291,255 | 275,479 | 5.7 | % | 1,139,644 | 1,005,969 | 13.3 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 452,254 | $ | 414,627 | 9.1 | % | $ | 1,716,484 | $ | 1,522,951 | 12.7 | % | ||||||||||||||||||||||||||
Operating margin % | 54.5 | % | 53.7 | % | 53.5 | % | 54.8 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA margin % | 60.8 | % | 60.1 | % | 60.1 | % | 60.2 | % | ||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | % | Dec. 31, | Dec. 31, | % | |||||||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Index | ||||||||||||||||||||||||||||||||||||||
New recurring subscription sales | $ | 38,110 | $ | 35,860 | 6.3 | % | $ | 118,191 | $ | 116,016 | 1.9 | % | ||||||||||||||||||||||||||
Subscription cancellations | (10,854) | (9,681) | 12.1 | % | (45,730) | (32,298) | 41.6 | % | ||||||||||||||||||||||||||||||
Net new recurring subscription sales | $ | 27,256 | $ | 26,179 | 4.1 | % | $ | 72,461 | $ | 83,718 | (13.4) | % | ||||||||||||||||||||||||||
Non-recurring sales | $ | 18,153 | $ | 33,410 | (45.7) | % | $ | 62,840 | $ | 87,775 | (28.4) | % | ||||||||||||||||||||||||||
Total gross sales | $ | 56,263 | $ | 69,270 | (18.8) | % | $ | 181,031 | $ | 203,791 | (11.2) | % | ||||||||||||||||||||||||||
Total Index net sales | $ | 45,409 | $ | 59,589 | (23.8) | % | $ | 135,301 | $ | 171,493 | (21.1) | % | ||||||||||||||||||||||||||
Index Retention Rate(2) | 95.0 | % | 95.0 | % | 94.7 | % | 95.8 | % | ||||||||||||||||||||||||||||||
Analytics | ||||||||||||||||||||||||||||||||||||||
New recurring subscription sales | $ | 26,282 | $ | 28,284 | (7.1) | % | $ | 82,419 | $ | 79,035 | 4.3 | % | ||||||||||||||||||||||||||
Subscription cancellations | (11,105) | (10,581) | 5.0 | % | (39,106) | (34,675) | 12.8 | % | ||||||||||||||||||||||||||||||
Net new recurring subscription sales | $ | 15,177 | $ | 17,703 | (14.3) | % | $ | 43,313 | $ | 44,360 | (2.4) | % | ||||||||||||||||||||||||||
Non-recurring sales | $ | 2,556 | $ | 5,645 | (54.7) | % | $ | 16,368 | $ | 14,379 | 13.8 | % | ||||||||||||||||||||||||||
Total gross sales | $ | 28,838 | $ | 33,929 | (15.0) | % | $ | 98,787 | $ | 93,414 | 5.8 | % | ||||||||||||||||||||||||||
Total Analytics net sales | $ | 17,733 | $ | 23,348 | (24.0) | % | $ | 59,681 | $ | 58,739 | 1.6 | % | ||||||||||||||||||||||||||
Analytics Retention Rate(3) | 93.3 | % | 93.1 | % | 94.1 | % | 94.4 | % | ||||||||||||||||||||||||||||||
ESG and Climate | ||||||||||||||||||||||||||||||||||||||
New recurring subscription sales | $ | 16,036 | $ | 16,595 | (3.4) | % | $ | 55,397 | $ | 55,092 | 0.6 | % | ||||||||||||||||||||||||||
Subscription cancellations | (5,493) | (3,592) | 52.9 | % | (22,989) | (10,923) | 110.5 | % | ||||||||||||||||||||||||||||||
Net new recurring subscription sales | $ | 10,543 | $ | 13,003 | (18.9) | % | $ | 32,408 | $ | 44,169 | (26.6) | % | ||||||||||||||||||||||||||
Non-recurring sales | $ | 2,163 | $ | 1,559 | 38.7 | % | $ | 9,015 | $ | 5,625 | 60.3 | % | ||||||||||||||||||||||||||
Total gross sales | $ | 18,199 | $ | 18,154 | 0.2 | % | $ | 64,412 | $ | 60,717 | 6.1 | % | ||||||||||||||||||||||||||
Total ESG and Climate net sales | $ | 12,706 | $ | 14,562 | (12.7) | % | $ | 41,423 | $ | 49,794 | (16.8) | % | ||||||||||||||||||||||||||
ESG and Climate Retention Rate | 93.1 | % | 94.7 | % | 92.8 | % | 95.9 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | ||||||||||||||||||||||||||||||||||||||
New recurring subscription sales | $ | 10,881 | $ | 11,429 | (4.8) | % | $ | 40,758 | $ | 26,175 | 55.7 | % | ||||||||||||||||||||||||||
Subscription cancellations | (8,573) | (6,703) | 27.9 | % | (23,685) | (15,337) | 54.4 | % | ||||||||||||||||||||||||||||||
Net new recurring subscription sales | $ | 2,308 | $ | 4,726 | (51.2) | % | $ | 17,073 | $ | 10,838 | 57.5 | % | ||||||||||||||||||||||||||
Non-recurring sales | $ | 1,517 | $ | 1,082 | 40.2 | % | $ | 3,878 | $ | 2,151 | 80.3 | % | ||||||||||||||||||||||||||
Total gross sales | $ | 12,398 | $ | 12,511 | (0.9) | % | $ | 44,636 | $ | 28,326 | 57.6 | % | ||||||||||||||||||||||||||
Total All Other - Private Assets net sales | $ | 3,825 | $ | 5,808 | (34.1) | % | $ | 20,951 | $ | 12,989 | 61.3 | % | ||||||||||||||||||||||||||
All Other - Private Assets Retention Rate | 86.4 | % | 88.8 | % | 90.6 | % | 90.4 | % | ||||||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||||||||
New recurring subscription sales | $ | 91,309 | $ | 92,168 | (0.9) | % | $ | 296,765 | $ | 276,318 | 7.4 | % | ||||||||||||||||||||||||||
Subscription cancellations | (36,025) | (30,557) | 17.9 | % | (131,510) | (93,233) | 41.1 | % | ||||||||||||||||||||||||||||||
Net new recurring subscription sales | $ | 55,284 | $ | 61,611 | (10.3) | % | $ | 165,255 | $ | 183,085 | (9.7) | % | ||||||||||||||||||||||||||
Non-recurring sales | $ | 24,389 | $ | 41,696 | (41.5) | % | $ | 92,101 | $ | 109,930 | (16.2) | % | ||||||||||||||||||||||||||
Total gross sales | $ | 115,698 | $ | 133,864 | (13.6) | % | $ | 388,866 | $ | 386,248 | 0.7 | % | ||||||||||||||||||||||||||
Total net sales | $ | 79,673 | $ | 103,307 | (22.9) | % | $ | 257,356 | $ | 293,015 | (12.2) | % | ||||||||||||||||||||||||||
Total Retention Rate | 93.1 | % | 93.6 | % | 93.7 | % | 94.7 | % | ||||||||||||||||||||||||||||||
(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate. | ||||||||||||||||||||||||||||||||||||||
(2) Retention rate for Index excluding the impact of the acquisition of Foxberry was 95.0% and 94.7% for the three months and year ended Dec. 31, 2024, respectively. | ||||||||||||||||||||||||||||||||||||||
(3) Retention rate for Analytics excluding the impact of the acquisition of Fabric was 93.3% and 94.1% for the three months and year ended Dec. 31, 2024, respectively. |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, | Mar. 31, | June 30, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||||||||||||||||||||||||
In billions | 2023 | 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | |||||||||||||||||||||||||||||||||||||
Beginning Period AUM in ETFs linked to | $ | 1,322.8 | $ | 1,468.9 | $ | 1,582.6 | $ | 1,631.9 | $ | 1,761.8 | $ | 1,222.9 | $ | 1,468.9 | ||||||||||||||||||||||||||||||
MSCI equity indexes | ||||||||||||||||||||||||||||||||||||||||||||
Market Appreciation/(Depreciation) | 130.5 | 92.8 | 21.2 | 111.3 | (85.3) | 197.9 | 140.0 | |||||||||||||||||||||||||||||||||||||
Cash Inflows/(Outflows) | 15.6 | 20.9 | 28.1 | 18.6 | 48.2 | 48.1 | 115.8 | |||||||||||||||||||||||||||||||||||||
Period-End AUM in ETFs linked to | ||||||||||||||||||||||||||||||||||||||||||||
MSCI equity indexes | $ | 1,468.9 | $ | 1,582.6 | $ | 1,631.9 | $ | 1,761.8 | $ | 1,724.7 | $ | 1,468.9 | $ | 1,724.7 | ||||||||||||||||||||||||||||||
Period Average AUM in ETFs linked to | ||||||||||||||||||||||||||||||||||||||||||||
MSCI equity indexes | $ | 1,364.9 | $ | 1,508.8 | $ | 1,590.6 | $ | 1,677.0 | $ | 1,755.4 | $ | 1,340.7 | $ | 1,632.9 | ||||||||||||||||||||||||||||||
Period-End Basis Point Fee(3) | 2.50 | 2.48 | 2.47 | 2.44 | 2.44 | 2.50 | 2.44 | |||||||||||||||||||||||||||||||||||||
(1) The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. Information contained on our website is not incorporated by reference into this Press Release or any other report filed or furnished with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1.0% of the AUM amounts presented. | ||||||||||||||||||||||||||||||||||||||||||||
(2) The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETFs net asset value by the number of shares outstanding. | ||||||||||||||||||||||||||||||||||||||||||||
(3) Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM. |
As of | ||||||||||||||||||||
Dec. 31, | Dec. 31, | % | ||||||||||||||||||
In thousands | 2024 | 2023 | Change | |||||||||||||||||
Index | ||||||||||||||||||||
Recurring subscriptions | $ | 934,251 | $ | 861,366 | 8.5 | % | ||||||||||||||
Asset-based fees | 678,599 | 590,872 | 14.8 | % | ||||||||||||||||
Index Run Rate | 1,612,850 | 1,452,238 | 11.1 | % | ||||||||||||||||
Analytics Run Rate | 698,377 | 661,922 | 5.5 | % | ||||||||||||||||
ESG and Climate Run Rate | 343,741 | 319,324 | 7.6 | % | ||||||||||||||||
All Other - Private Assets Run Rate | 266,719 | 252,677 | 5.6 | % | ||||||||||||||||
Total Run Rate | $ | 2,921,687 | $ | 2,686,161 | 8.8 | % | ||||||||||||||
Total recurring subscriptions | $ | 2,243,088 | $ | 2,095,289 | 7.1 | % | ||||||||||||||
Total asset-based fees | 678,599 | 590,872 | 14.8 | % | ||||||||||||||||
Total Run Rate | $ | 2,921,687 | $ | 2,686,161 | 8.8 | % | ||||||||||||||
(1) See "Notes Regarding the Use of Operating Metrics" for details regarding the definition of Run Rate. |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||
In thousands | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Net income | $ | 305,515 | $ | 403,380 | $ | 1,109,128 | $ | 1,148,592 | ||||||||||||||||||
Provision for income taxes | 57,830 | 64,495 | 247,040 | 220,469 | ||||||||||||||||||||||
Other expense (income), net | 41,849 | (97,130) | 172,350 | 15,548 | ||||||||||||||||||||||
Operating income | 405,194 | 370,745 | 1,528,518 | 1,384,609 | ||||||||||||||||||||||
Amortization of intangible assets | 42,721 | 36,886 | 164,037 | 114,429 | ||||||||||||||||||||||
Depreciation and amortization of property, | ||||||||||||||||||||||||||
equipment and leasehold improvements | 4,339 | 5,098 | 16,978 | 21,009 | ||||||||||||||||||||||
Impairment related to sublease of leased property | — | 477 | — | 477 | ||||||||||||||||||||||
Acquisition-related integration and transaction costs(1) | — | 1,421 | 6,951 | 2,427 | ||||||||||||||||||||||
Consolidated adjusted EBITDA | $ | 452,254 | $ | 414,627 | $ | 1,716,484 | $ | 1,522,951 | ||||||||||||||||||
Index adjusted EBITDA | $ | 323,156 | $ | 298,549 | $ | 1,222,054 | $ | 1,106,973 | ||||||||||||||||||
Analytics adjusted EBITDA | 84,124 | 77,165 | 328,295 | 274,875 | ||||||||||||||||||||||
ESG and Climate adjusted EBITDA | 29,698 | 25,564 | 104,708 | 91,678 | ||||||||||||||||||||||
All Other - Private Assets adjusted EBITDA | 15,276 | 13,349 | 61,427 | 49,425 | ||||||||||||||||||||||
Consolidated adjusted EBITDA | $ | 452,254 | $ | 414,627 | $ | 1,716,484 | $ | 1,522,951 | ||||||||||||||||||
(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||
In thousands, except per share data | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Net income | $ | 305,515 | $ | 403,380 | $ | 1,109,128 | $ | 1,148,592 | ||||||||||||||||||
Plus: Amortization of acquired intangible assets and | ||||||||||||||||||||||||||
equity method investment basis difference | 25,815 | 24,873 | 103,041 | 75,229 | ||||||||||||||||||||||
Plus: Impairment related to sublease of leased property | — | 492 | — | 492 | ||||||||||||||||||||||
Plus: Acquisition-related integration and transaction costs(1) | — | 1,421 | 6,994 | 2,427 | ||||||||||||||||||||||
Plus: Write-off of deferred fees on debt extinguishment | — | — | 1,510 | — | ||||||||||||||||||||||
Less: Gain from changes in ownership interest of investees | — | (143,029) | — | (143,476) | ||||||||||||||||||||||
Plus/(Less): Income tax effect(2)(3) | (3,983) | 5,071 | (20,415) | (3,809) | ||||||||||||||||||||||
Adjusted net income | $ | 327,347 | $ | 292,208 | $ | 1,200,258 | $ | 1,079,455 | ||||||||||||||||||
Diluted EPS | $ | 3.90 | $ | 5.07 | $ | 14.05 | $ | 14.39 | ||||||||||||||||||
Plus: Amortization of acquired intangible assets and | ||||||||||||||||||||||||||
equity method investment basis difference | 0.33 | 0.31 | 1.30 | 0.94 | ||||||||||||||||||||||
Plus: Impairment related to sublease of leased property | — | 0.01 | — | 0.01 | ||||||||||||||||||||||
Plus: Acquisition-related integration and transaction costs(1) | — | 0.02 | 0.09 | 0.03 | ||||||||||||||||||||||
Plus: Write-off of deferred fees on debt extinguishment | — | — | 0.02 | — | ||||||||||||||||||||||
Less: Gain from changes in ownership interest of investees | — | (1.79) | — | (1.80) | ||||||||||||||||||||||
Plus/(Less): Income tax effect(2)(3) | (0.05) | 0.06 | (0.26) | (0.05) | ||||||||||||||||||||||
Adjusted EPS | $ | 4.18 | $ | 3.68 | $ | 15.20 | $ | 13.52 | ||||||||||||||||||
Diluted weighted average common shares outstanding | 78,365 | 79,499 | 78,960 | 79,843 | ||||||||||||||||||||||
(1) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. | ||||||||||||||||||||||||||
(2) Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates. | ||||||||||||||||||||||||||
(3) The pre-tax gain from changes in ownership interest of Burgiss of $143.0 million is non-taxable; however, $8.6 million of income tax expense recognized during the three and twelve months ended December 31, 2023 was related to the remeasurement of the deferred tax liability on the Company's previous equity method investment in Burgiss. | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | Full-Year | ||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | 2025 | ||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | 2024 | 2023 | Outlook(1) | |||||||||||||||||||||||||||
Total operating expenses | $ | 338,315 | $ | 319,361 | $ | 1,327,610 | $ | 1,144,311 | $1,405,000 - $1,445,000 | |||||||||||||||||||||||
Amortization of intangible assets | 42,721 | 36,886 | 164,037 | 114,429 | ||||||||||||||||||||||||||||
Depreciation and amortization of property, | ||||||||||||||||||||||||||||||||
equipment and leasehold improvements | 4,339 | 5,098 | 16,978 | 21,009 | $185,000 - $195,000 | |||||||||||||||||||||||||||
Impairment related to sublease of leased property | — | 477 | — | 477 | ||||||||||||||||||||||||||||
Acquisition-related integration and transaction costs(2) | — | 1,421 | 6,951 | 2,427 | ||||||||||||||||||||||||||||
Consolidated adjusted EBITDA expenses | $ | 291,255 | $ | 275,479 | $ | 1,139,644 | $ | 1,005,969 | $1,220,000 - $1,250,000 | |||||||||||||||||||||||
Index adjusted EBITDA expenses | $ | 97,043 | $ | 89,446 | $ | 374,091 | $ | 344,842 | ||||||||||||||||||||||||
Analytics adjusted EBITDA expenses | 88,628 | 87,572 | 346,794 | 341,081 | ||||||||||||||||||||||||||||
ESG and Climate adjusted EBITDA expenses | 55,521 | 50,689 | 221,893 | 195,890 | ||||||||||||||||||||||||||||
All Other - Private Assets adjusted EBITDA expenses | 50,063 | 47,772 | 196,866 | 124,156 | ||||||||||||||||||||||||||||
Consolidated adjusted EBITDA expenses | $ | 291,255 | $ | 275,479 | $ | 1,139,644 | $ | 1,005,969 | $1,220,000 - $1,250,000 | |||||||||||||||||||||||
(1) We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above. | ||||||||||||||||||||||||||||||||
(2) Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. | ||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | Full-Year | ||||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | 2025 | ||||||||||||||||||||||||||||
In thousands | 2024 | 2023 | 2024 | 2023 | Outlook(1) | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 430,633 | $ | 388,953 | $ | 1,501,627 | $ | 1,236,029 | $1,525,000 - $1,575,000 | |||||||||||||||||||||||
Capital expenditures | (14,247) | (3,815) | (33,762) | (22,757) | ||||||||||||||||||||||||||||
Capitalized software development costs | (21,708) | (18,014) | (81,356) | (68,094) | ||||||||||||||||||||||||||||
Capex | (35,955) | (21,829) | (115,118) | (90,851) | ($115,000 - $125,000) | |||||||||||||||||||||||||||
Free cash flow | $ | 394,678 | $ | 367,124 | $ | 1,386,509 | $ | 1,145,178 | $1,400,000 - $1,460,000 | |||||||||||||||||||||||
(1) We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above. |
Comparison of the Three Months Ended December 31, 2024 and 2023 | |||||||||||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
Index | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 8.3 | % | 8.4 | % | 20.8 | % | (48.9) | % | |||||||||||||||
Impact of acquisitions and divestitures | (0.1) | % | (0.1) | % | — | % | — | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | 0.1 | % | 0.1 | % | — | % | — | % | |||||||||||||||
Organic operating revenue growth | 8.3 | % | 8.4 | % | 20.8 | % | (48.9) | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
Analytics | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 4.9 | % | 4.9 | % | — | % | 5.3 | % | |||||||||||||||
Impact of acquisitions and divestitures | (0.1) | % | (0.2) | % | — | % | — | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | — | % | 0.1 | % | — | % | (0.6) | % | |||||||||||||||
Organic operating revenue growth | 4.8 | % | 4.8 | % | — | % | 4.7 | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
ESG and Climate | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 11.8 | % | 10.8 | % | — | % | 64.1 | % | |||||||||||||||
Impact of acquisitions and divestitures | (0.5) | % | (0.5) | % | — | % | (0.5) | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | (2.3) | % | (2.3) | % | — | % | 0.5 | % | |||||||||||||||
Organic operating revenue growth | 9.0 | % | 8.0 | % | — | % | 64.1 | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
All Other - Private Assets | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 6.9 | % | 7.4 | % | — | % | (15.4) | % | |||||||||||||||
Impact of acquisitions and divestitures | — | % | — | % | — | % | — | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | (0.2) | % | (0.2) | % | — | % | 2.5 | % | |||||||||||||||
Organic operating revenue growth | 6.7 | % | 7.2 | % | — | % | (12.9) | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
Consolidated | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 7.7 | % | 7.5 | % | 20.8 | % | (37.2) | % | |||||||||||||||
Impact of acquisitions and divestitures | (0.1) | % | (0.1) | % | — | % | — | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | (0.2) | % | (0.4) | % | — | % | — | % | |||||||||||||||
Organic operating revenue growth | 7.4 | % | 7.0 | % | 20.8 | % | (37.2) | % | |||||||||||||||
Comparison of the Years Ended December 31, 2024 and 2023 | |||||||||||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
Index | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 9.9 | % | 8.3 | % | 17.9 | % | (29.4) | % | |||||||||||||||
Impact of acquisitions and divestitures | — | % | (0.1) | % | — | % | — | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | 0.1 | % | 0.3 | % | 0.1 | % | — | % | |||||||||||||||
Organic operating revenue growth | 10.0 | % | 8.5 | % | 18.0 | % | (29.4) | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
Analytics | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 9.6 | % | 9.2 | % | — | % | 30.1 | % | |||||||||||||||
Impact of acquisitions and divestitures | (0.1) | % | (0.1) | % | — | % | — | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | 0.3 | % | 0.3 | % | — | % | 0.5 | % | |||||||||||||||
Organic operating revenue growth | 9.8 | % | 9.4 | % | — | % | 30.6 | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
ESG and Climate | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 13.6 | % | 12.9 | % | — | % | 48.9 | % | |||||||||||||||
Impact of acquisitions and divestitures | (1.4) | % | (1.3) | % | — | % | (2.0) | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | (2.0) | % | (2.1) | % | — | % | 0.1 | % | |||||||||||||||
Organic operating revenue growth | 10.2 | % | 9.5 | % | — | % | 47.0 | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
All Other - Private Assets | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 48.8 | % | 48.9 | % | — | % | 45.5 | % | |||||||||||||||
Impact of acquisitions and divestitures | (45.0) | % | (45.1) | % | — | % | (37.1) | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | (0.4) | % | (0.5) | % | — | % | 1.2 | % | |||||||||||||||
Organic operating revenue growth | 3.4 | % | 3.3 | % | — | % | 9.6 | % | |||||||||||||||
Total | Recurring Subscription | Asset-Based Fees | Non-Recurring Revenues | ||||||||||||||||||||
Consolidated | Change Percentage | Change Percentage | Change Percentage | Change Percentage | |||||||||||||||||||
Operating revenue growth | 12.9 | % | 13.0 | % | 17.9 | % | (15.9) | % | |||||||||||||||
Impact of acquisitions and divestitures | (3.3) | % | (4.4) | % | — | % | (1.1) | % | |||||||||||||||
Impact of foreign currency exchange rate fluctuations | — | % | (0.1) | % | 0.1 | % | 0.1 | % | |||||||||||||||
Organic operating revenue growth | 9.6 | % | 8.5 | % | 18.0 | % | (16.9) | % | |||||||||||||||