MSCI - Earnings call transcript Q4 2017

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Operator

Good day, ladies and gentlemen, and welcome to the MSCI Fourth Quarter and Fiscal Year 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Investor and of Development. Head Wiechmann, Relations, Corporate Strategy Andrew

You may begin.

Andrew Wiechmann

the morning, at Good Daniel. have earnings call to this quarter press and day, of the the we A release results you, msci.com announcing conference issued be Investor our release may MSCI Earlier full-year XXXX welcome that fourth Relations full-year and this and Thank tab. the prepared for presentation a under for and fourth call. viewed copy XXXX. we the quarter slide

you me forward-looking Let call statements. that remind this may contain

cautioned You language made, the forward-looking the and only to date are which of presentation. by governed on not on the place undue as are are statements, second reliance on slide they which today’s speak of

risks factors and the most additional see filings. other our in of and statements Form please risk XX-K recent and SEC uncertainties, discussion a forward-looking For

addition During free provide non-GAAP non-GAAP not meaningful and including a but to today’s results, expenses, period-to-period of the measures call, baseline EPS results. refer adjusted EBITDA in we believe evolution also comparisons our measures, flow. adjusted We adjusted to, to limited facilitate GAAP for EBITDA, cash and

reconciliation to materials an this GAAP pages on of of earnings measures the in XX the and as deem meaningful, the presentation. information uses why earnings we as be measures these equivalent explanation to well find management You’ll how XX to

President; Henry and today over call now Officer. are Fernandez. Mr. call our Henry? our me Fernandez, our Kathleen that, Winters, to Chief Baer Chief new the the turn On let Officer; With Executive Petit, Henry Financial

Henry Fernandez

many American scratchy of little cold. Like I now, cough. Thanks, a a Andy. apologies and bit for I’m battling voice

forward. will us President our on joining us Andy this going call Baer be and As be indicated, will joining Pettit,

pass worked for then As great then building some over the brief of on review. years – go slides I XX know, me and to Kathleen and few for our intro, for company. will this and has it a Baer side by provide with Baer side financial you

can been and you perfecting see our building our our have results we’re results continued accident. by – services, all we’ve strategy, These enhanced we and on which by have reporting both that strong financial software our enormous They happened we strong this our full-year of potentials years as our Slide been we’ve one on MSCI power reflect that the franchise progress few been innovation X, the very executing the a delivered capabilities across made against and integrated made we’ve go-to-market progress record of company. As to the not that the you have applications – how strategic are and and and last that and organization, over seeing performance company the roadmap.

rate X% repatriate in we productivity law leverage discuss positive amount it’s the for throughout shareholders to from relentless with through our client for significantly the the in organization and as and run So engagement. we XX% a in tax U.S. particular and ability We be also saw both more our on focus but company. operating worth will generate passed newly effective to of made acceleration also growth with of leading product in and in reflecting detail, our the continue forward growth in to our we tax key saw enhancing have some quarter a We in XXXX, case, net terms full-year, a the will of recurring that for absolutely subscription benefiting XX% of this in XXXX. versus very indicators team, Kathleen the international meaningful lower strong again excess going an the an and XX% new progress cash. reform noting remain rate importantly of committed sales development as QX year

any that calls, As we most principles our in in back efficient of the past. have remain and outlined to we structure the capital having same the returning lines shareholders and on capital in you, company the tell want committed prior excess absolutely optimizing to we along

this we So algorithm. to our further enhance, shareholder long-term sum, very financial expect will in all what call, returns. of drive continue we attractive We’ll

over Let me turn now. it to Baer

Baer Pettit

needs such Thank are you, a an the have that products investable The a and defining example, our common Furthermore, risk a within within we framework language investments we as allocating that central market their mission-critical risk the Henry. a understanding universe and for factors. those investment aspects provided trends recently measure Index, relative a assets, models investment insights ACWI, viewpoints performance. and as in that understanding common we drivers securities and on key as into a through us of environmental, our for investment to gained All absolute within box for systematic and portfolios to performance our X required to and factor and increasingly the defining unique services are on investment used of platform, and thinking Slide and how calculate indexes; illustrates the managing insights. important attributes provide latest a and provided framework The may trends. as by for of investment risk and common for or clients’ framework widely-accepted, effectively industry their strategy, language with objectives. clients ES&G tools of our They return, market such language the additional or the provide industry. because applications common core and our our return World of security broad the for process, provide our to more such established offerings become that factor we thoughts to activities, be range commonly play world-renowned as we’ve equity measuring multi-asset class securities, success, portfolio our that analyzing and benchmark provide or a constructing risk our and introduced for indexes; estate capitalize risk defining return. by and and investment the real or and and our of content Because understanding specific our and clients factor a system our government delivered their optimizing to role as Country activities, content, their measuring the and provide, provided by the and defining a our core Because frameworks well classification industry issuer equity participants around investment social for of that

class management. around circle industry us content, just to all to trends want Because majority This loop, trends. existing effective. feedback us our to ones lines. services, applications of to and product firm, with the investment and multi-asset and of allows from create product more forefront positions industry Our like investment and modify tools access us performance parts key from line, products a clients global and our make of the ability this as at feedback and clients allowed feedback synthesize knowledge new than This to increasingly of ES&G investing one has risk of and not from single large Factor investing, increasingly services stay the thought this across using more the leader virtuous a our them emerging

several several we of MSCI. reinforce key XXXX, that events witnessed relevance importance milestones and the achieved During notable and growing

of benchmarked assets in approximately $XX.X to were globally. reported trillion XXXX, September previously indexes As our there

of assets $XXX than were one-fifth market one or there ago. our ETF ETF from year are indexes. XX, January the over moving more of assets, to our equity As billion XX% indexes ETF to of The linked up

of the level industry unprecedented significance have we of emerging the of an around recent our index, to the pursuing China announcement coverage MSCI as of received events, A-shares, growing we’ve and content Additionally, of inclusion in well of into market franchise. X, attention ES&G around Saudi market on investing the indexes. potential coming some value Slide consultation the Please initiatives inclusion the that we index such highlight Arabia the fuel where as turn ES&G been media integrated our as and to inclusion the of

executives, increasingly those to time of with we trends. with understand C-level MSCI taking can more to spending are them advantage to how We helping integrated are more them and and an partner becoming clients even by emerging our engaging important approach take an where help are trends

introduced which region the also our go-to-market clients. optimize strategy address for needs to operating have to each our help models of We regional business committees, specific and

to increasing and of Operating delivering Officer, capabilities. hone consistent to the to by full products of executives, the notably myself, engagement MSCI a addition levels continuing senior MSCI’s suite approach our Henry; process and we are sales and In Laurent Chief by Seyer;

improvement achieved approach program increased As of and with plan manager level program, result selling, levels coverage we senior account our of of to senior the have compensation incentive introduction a our together the those have from our run rate largest with in than since run clients year-over-year a and XXXX. clients, growth in $X sales from rate XX% XX% productivity greater growth million who

innovative on heavily unique integrated coverage, content. suited anonymous multi-asset, lines, providing content By been and enhanced teams share as we’re serve have research, We having also and to our clients, and models. our differentiated we’re to integrated differentiated testing integrated our and leverage and leveraging approach research models, executive-level and know-how well across IP and all organization product better to clients. to data, index services group the differentiated data new high-quality deliver deliver client our better stress supporting Answering risk technology to from focused our feedback as applications

teams technology our release – efficiently Additionally, applications more our empower to that effectively. to and research and and new our data clients we’re leveraging use services content more levering integrated

custom our to the like and ESG metrics index example, For services and in new help indexes. factor offerings clients an development understand attributes index of build index our

sales class meet with enhanced that years regulatory and our run in management helped drive a help clients Additional where attribution, aggregation, our million fixed end and and our success, new fixed services, of fourth address have recent operating million content our growth from analytics. class clients key fixed multi-asset their areas within services year-on-year XX% multi-asset key challenges. of total analytics, Analytics our income like XXXX quarter the or analytics growth of enhancement performance capabilities in income rate to $XX capabilities analytics reconciliation, help liquidity driver income We released associated These capabilities offerings. including with together sales requirements in benchmark total additional with data regulatory saw a $XX in were like analytics to

us integrated benefit for attractive notable a our of Our allowed advantage and and team mandates be us rapidly being trajectory. is where and wanted multi-factor we adopted used in an have able position, research factor innovation, competitive of set significant the for content By and integrated cases. cohesive areas continues benchmarks families having X, an highlight growth two of has driver franchise On content franchise to important Slide more to to to create as having client analytics, that ETFs. been systematic products a we index reputation well-established across of and and

positioned and We’re analyzing, to for strategies. preserve right uniquely tools communicating, implementing factor

related have of we our rate run of all XX, across XXXX and from December a factor-related two-year had XXXX, $XXX XX%. CAGR seen over of of run to of to As factors the XXXX products, rate we million

our a factor attributes the considerations factor established the portfolio have to and security tools indexes. with investors process, ES&G of achieve investment coverage content, framework objectives, owners ES&G the relationships construct implement accelerated analytics while to to deep consistent has process. MSCI provides portfolios. our Furthermore, ES&G the within research understand central our portfolios to deep adoption indexes foundation indexes broad to a mechanism ES&G specific for as investment natural of Our are systematic and and position provide in increasingly asset the ratings our established help those and Similarly, factor

first guidance As ES&G the over With $XX a trends ETF the the MSCI to I’ll We in of our and in $X it of believe ahead. to XX, the billion we’re content two-year seen KLD ES&G the for in the to XXXX indexes, December and XX%. million AUM. run note, of continue Of to over only iShares benefit financial Kathleen ES&G-related to results, became have turn and Social the mark ETF that, of ES&G XXXX, from results and run Kathleen? from we rate we year XXX CAGR have rate XXXX to future. identify well-positioned segment discuss in cross emerging industry investment and

Kathleen Winters

revenue on everyone, take the on Thanks, another for quarter. XX%, growth X We asset-based in with Slide performance through the XX% delivered driven financial our and and quarter, double-digit good to, X%. fees Baer, subscription start revenue growth, day of growth I’ll call. by of you recurring and

Full-year million adjusted to million continued adjusted linked our tax in adjusted EBITDA Slide alignment The This expenses tax partially by adjusted of items impacts EBITDA saw tax with related was expenses tax expenses, offset $XXX recorded adjusted operating Analytics reform two of with on in XX, see $X.X from adjusted growing XXXX, be EPS with This excess X.X% of income the from of enable prior quarter footprint, the guidance alignment was save respectively. EPS MSCI charges provided partially tax margin We of actions full-year inflows any the rates our growth were to increase included to resources achieve our During grow to efficiencies. the repatriation excluded also and increase, we On top benefits will $X indexes discrete increase $X.X of growth non-recurring investments year, quarter with Operating related guidance in excluded drivers an EPS were We and to share-based from and indexes. more FX. $X.XX operating reform, partially Exclusive liabilities. of which and that severance a quarter, compensation respectively. a net adjusted adjusted you in areas. tax offset further by growth attractive and net ETF related tax tax million impact deferred our adjusted EPS. The million, associated call. in the the during million the performance. in most efficiency by was ongoing charges, charge income global by came This key QX. the expenses full-year increased to the EPS earnings elevated non-recurring increase provides our offset refinements net estimated is fourth for and our earnings, an we linked EPS. future of revaluation $XXX These strong to positive adjusted profile tax with net recent the AUM of XX.X%, for and XX expanding billion, of which $X.X the with profile allocate charge drivers of foreign and adjusted to and expect into Severance XXX XX.X%, last our expense these from within XX% and charge for our various will summary severance Slide line operating Similarly, reform footprint. were than basis of cost XX% XX%. line expenses which our from points ETF $XX and million to year-over-year of the cash that us approximately and half related included of have to million leverage increase was resulting $XX.X a growth. windfall contributed financial associated our Analytics. biggest delivered an growth can of of

with Free for guidance. XX.X% our strong As you with very of results consistent delivered growth came can EPS full-year for year we $XXX XX.X%. growth see, of revenue the cash million the at adjusted and in flow

these As favorable offset tax normalized financial for interest payments, reforms, XXXX free clients partially reflects growth the flow the payments. year Adjusting normalized performance and million. an early several items over from a the cash free timing-related to tax reminder, was XXXX. $XXX in well by flow drove prior strong XXXX year, free The cash level free period cash prior relative the flow higher payments for non-recurring items, as cash related to as elevated flow that experienced

Overall, the excited double-digit the well On XXXX, being executed Index realignment of close rate rate into saw we’d run growth. amount deals, signed subscription ex-FX and sales exceptional experienced XX, strength a full-year growth rate results were or international happy attributable pipeline particularly with about adjusted grew sales we new XXXX, in and we’re Analytics. we collections slower our momentum quarter from our of as a in our net Although QX We QX than converted in X% XX% higher, execution for nice somewhat in ex-FX. some We of X.X% X%, recurring in rate. X% Asia new our of like as Analytics and and quarter quarter significant acceleration performance to anticipated, subscription net run of and run particular in entities of growth We XX%, run sales The in we’re acceleration share a gross up the is growth another rate clear and into sales, XX% to within billing XXXX. for record recurring with heading with and delivered rate demonstrated run EMEA very mostly were fourth subscription they sales respectively. work Slide XXXX. we tax clients. and XXXX. the

the past remained in line years Americas the at in subscription in growth growth with While the X%.

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was about recurring compared booked say, budgetary last Specifically, coverage three our in in continuing prior processes years. of to will well sales to the clients, been the XX% whether as this two we’ve seen our one-third as the by a the quarter of change fourth linearity to has XX% of It’s implemented in each of years, be but trend, driven in incentive annual in this possibly plan difficult XXXX. that each our

as We’re pipeline keeping build we for on a it, close the XXXX. eye

the build on and the the in on to strong sales focused performance XXXX pleased XXXX execute very pipeline. team with and continuing We’re is now

with XXXX. the new quarter, client traction to continued we reflecting due highest to in The and turn in delivered reflecting a in Index revenues segments. the our our and XX%, included passive XX. rate XX% growth our sales momentum revenue at revenue product and In and products this inflows growth Slide of Index typically exchange large results lags rates complexity Contributing growth implementation appreciation, revenue and and for of segment client seen high needs. cash options products. let’s clients traded retention on non-ETF Analytic revenue growth growth revenue some futures to growth rate. of since growing segment, onboarding market lengthened, periods lag, growth strong this subscription run significant in This in Now ETF-related in the by we’ve grew grew the X%.

We’re our sales additional million investments Also, our in continue gross platform, go-to-market levels. our drive income beginning and total new to fixed invest XXXX. Analytics the we to with see $XX of of benefits to service in efforts revenue to growth higher capabilities

mandates the ESG early well a percent. and for our all has was and stages XX.X%. the the in of throughout driven ESG its become is will for XX% other widely be potential of growth We the XX.X% believe key world provide component year. investment segments a framework recurring XX%, ESG for up were continued to which that strong of the we’re Finally, up positioned ESG to delivered analyzing revenue revenue sales, by quarter adopted. evolution. issues

we’re have productivity learning to language discussed new leverage and the in investing in we efficiency product. As drive and past, machine technologies this processing in enhance to natural

XX% North adjusted product estate, and The market information in America. up reported primarily revenue up in revenue in our of basis. basis, terms FX XX% strong on momentum was approximately driven Next, a in real was increase on growth by an and

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demand. such as increasingly Factor in modules, have Newer ESG Modules our been &

considerations. carbon, more unique which and ESG value, volatility, demand for differentiated investment considerations, and as Factor adaptive. we’re mandates, witnessing minimum & We’re or seeing clients momentum, strong socially Similarly, include low responsible custom a as very which our as and achieve specialized well governance-related more offerings, index such help

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our excited subscription We continue to revenue by be the prospects of business. ongoing

our all upper recorded X, index-linked to show across fee Slide investment Starting asset-based in fees. growth we on detail we revenue strong products. Turning left the with chart, additional asset-based

an December passive and indexes, XX% and exchange market. from the multi-currency there benchmark mutual products higher X% and ETFs options futures or around AUM, trading year, roughly As fee-type XX, including Revenue like fund of passive XX.X%, the and reflecting futures options. were and traded in a from multi-markets, of growth, of equity and developing strong increasing increase MSCI liquidity community up from total ESG. the per growth products XX% pool institutional factor XXX non-ETF index was index-based to of Revenue exceptional its reflecting ETF continued broadening

we cash in outside experienced in basis On the U.S., the fee can the chart, period left, markets market addition into strong point the In right that average appreciation the that in both you you lower strong very U.S. and run the the growth X.XX. emerging – AUM rate at and flows see developed see market performance and bottom to markets for

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We on growth driving and focused and market long-term rate. run very in increasing are share volume

years. Analytics, trajectory to Slide the last and XX Turning the you summary with growth margin over of provides several

slide, show this of progression the half starting Analytics XXXX. we margin upper with the On

and XXXX, products that into were several initiatives the as and series as which invested We a client streamlined product then firm. the most several strategic functions, investments during restructuring rationalized for technology organization. to and of the and undertook growth prioritized areas XXXX XXXX heavily the bolster and key infrastructure service combines we well sales During and client XXXX, organizations,

realignment continued the slight to XXXX and with QX in resulted in initiative, our XXXX in the which reprioritization We in decline margin restructuring a XX.X%.

would Excluding the areas. severance have the above expense investments and base in margin focused expense, growth the been increase largely We’ve Analytics our XX%. in key right-sized year-over-year

on of XX%. to long-term targeted drive our working to now range margin acceleration in XX% achieving further We’re adjusted into growth revenue EBITDA expansion

remain Over we’ve the recurring XXX%, level reduced few as in recurring gradual the quarters, quarter, saw cancels. that level current growth strong sales quarters and fourth a X%. new run however, sales seen last increasingly Similarly, single improvement portfolios rate effectively having help up this multi-asset up momentum. our the both our be It’s constructing class a class clients In Analytics, across risk content achieve or desired sales enterprise-wide to We XX.X% and of net sets differentiate objectives. the of to we applications clients and a result important remember, of lumpy, continue and can by in but to performance portfolios. saw and strength we applications understand more cautiously to multi-asset as content manage, Equity their and support to themselves optimistic need investment about services

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our provide section, next an XX guidance. key capital, balance and the to Turning update and sheet indicators. liquidity On on XX, XX, we our our provide Slides Slide XXXX

a more our outside result access portion of the can we States. cash held of efficiently tax of a As significant reform, United now

X.X, adjusted quarter, stated our we In are of at a terms result to times this EBITDA. well of X.X growth as X range of leverage in our within

allocation for volatility any significant and reform, more have Although, continue access line when more to with by when in are will in excess excess not and cash softness repurchasing have to with market practice is low the additional we Even cash we making lower when we fewer we there’s our cash. to and shares past shares changes capital repurchases are benefits the share tax overseas, there some strategy. approach

Slide review continue and return guidance. on We to share our part capital opportunistically. important XXXX shares as XX, to an repurchases our will of repurchase On continue we strategy

guidance, activity see continue be with investment controlling can we our to you As costs. at will by balancing expense diligent

I’ll addition, the that In remain long-term point out targets same. our

to return has company’s financial we to reflect organization focused management on us we evolution, been XXXX decisions based are that appropriate the will proud. make world-class particularly element want We’ve transformation effectively and of As us to its on I’m ultimately capital excited progress and to enhanced and enable return creating highlight an and quantitatively our highest allocation ongoing investments culture, systems, one to our company’s we’ve made of that, allocate information improved processes capital the shareholder expense to and our We’ve base process enhancing with enormous implement drive I which uses. innovation, financial on discipline. intensely say which and and investment enabled to on track continued and manage effective returns. and

XXXX additional executing there improvements area. our to against and we but we made MSCI culture have strategy. commitment proud has year this was of always very very improvement, in the a of make for much are the reflects progress course, continuous exceptional team our to summary, an and Of are In

updated We’re excited their to meet and clients very evolving assist and questions. needs. look the continue opportunities positioned you progress. your investment open forward our providing by on innovate and keeping about take to uniquely services and for beyond With lines we’ll mission-critical XXXX to we to our our to that, We much tools remain growth

Operator

UBS. Kramm And question Alex [Operator from with comes first Instructions] our

Your open. line is now

Alex Kramm

is to actually you everyone. start I which want good side. closed, morning, Hey, where the capital Yes.

no I Kathleen, there’s mentioned think, change you to capital allocation.

we’ve powder could on you get a However, dry that to more markets volatile you’re I for And some have keep building for some you year, a cash. markets up. going and this saying up been of hear lot buybacks. want But

to point, up rise So I of wonder you’re really much buying maybe shareholders piling cash? growth, about is if keep the excited stock, you mean, a it or should at you should best some dividend. I how maybe your in be interest back

Because it this? fit also, offering? address you’re bit. out into some you cash can your and And you. again, does here, a how I things little that maybe maybe some be in nicely factor that Henry, could might So building up M&A Thank

Henry Fernandez

opportunities in that But question. if is Thanks, And of We market. footprint good organic that’s there. growth of we’re on there’s there’s we Alex, M&A, all see the kind on keenly company. lot any have we and focused M&A necessary the also capitalize a very, the of in market. the to here the fillers Look, a bullions very believe lot a that in

certain at look we assets So the and been stretched. evaluation has

do an that organically we of that, fixed examples example potential that we cetera. for Analytics income et of can and ESG, our that felt So have is is

like a The is million. move acquisitive forward. So sheet not York past. and to reassess converse the it’s brings So back play focused doesn’t and by we’l in $XXX is New currently to want on not we balance on processing, going area capital kind icons just that excess right? correction artificial we And technology, bull sooner really if for we a and Look, long be market, we’re of that. alike. a to if of to any on question therefore, or to earn there, tax and obviously, it that, the one – it’s and intelligence very growth. the capitalize to bigger if happen, goes right, things we’re anything it’s law in just for of now, cash natural the then acquisitions, language if smaller later, do any But – And there’s therefore not believe that time or what have kind we and we date believe I U.S. the

there’s back, so able few be it. months of it $XXX will a could up bring associated yet we been lot bring not million have to can bring to procedures to it it back. think back. It with We because We take that or

analyzing little We’re still all And amount larger want we’ll deploy, pay creates places. now because of cash to don’t patient. various we withholding of excess now that taxes bit can in a that, of large be we a

and then think, a and didn’t these end and don’t what I capitalize to I later, back to also the you’re we a correction deployed up all But of realized the on. month shares was I day, there we cash want look, say, saying. wake at

Kathleen Winters

Yes.

and happen we bring entities, But look, doesn’t to the echo lot But come end in come in immediately, first has most said, terms of first-half. than that that the back – by to auditing does of it possibly get Henry back tax Just it legal about will that think to more there’s jurisdiction. the what back likely in local a XXX back. withholding of their

continue So be smart most and disciplined those in cost-efficient we’re want we standpoint are and and we all we’ll of sure from brining capital can, make for allocation a moments we wait the diligent back and manner to to back volatility. it

Alex Kramm

I Thank you enough. then to And Fair give you. didn’t to there. a secondly, guess, I guide, shift cost think, of the on just lot detail

kind how margin. about. and FX, mean, dollar that base things really weakens about your think I when curious I’m that’s FX two a of One, good and like So I your thing not what – cost the historically for

in secondly, asset-based cetera. around in, the your up, build we’ve I you’re talked fees mean, have that turns obviously, of at what it deduction Henry flex of and is terms about, we as Thank base? like, been this going to cost et actually you rate then there? do wondering, on like environment sounds And just just goal waiting going you. are If what kind for, So

Kathleen Winters

there. of you have Yes, questions a couple

from of I minimal. terms you’re us, in impact FX very to an right, mean, it’s typically the but standpoint, So

hedges are We – typically some have in natural place. good

really from so impacts FX we an And see small perspective.

around and does levels, impact as our more environment Obviously, And AUM ADF total the an correction there of get ADF is by turn that. and of impacted company, percentage as of terms we there. grow fees movement. downward a the a In percentage that see yes, of we

are saying, are an diligent what really, and a downside. a scenario upside we’re do build downside a really at we and doing but So plan, okay, planning, if for both to what And less plan our we scenario do happens, base going and levers.

of spending. a the closely as wanted and terms pull So closely. we And we each at spending. track about investment level and we we what have kind the we in of particular, in we We we go are it of at looking expenses. to as we trigger tracking we say, level things variable we’ve And very But been certain the detailed plan levers variable watch component like do yes, of compensation would go. kind we very look before furthermore, of pretty on year do of

Alex Kramm

helpful. very That’s Thanks, again.

Operator

Cantor comes Thank Foresi you. with Joseph from question next our And Fitzgerald.

Your line is now open.

Joseph Foresi

Hi. paying couple I sustainable and a talk you quarters, of was the what’s been for wondering you about is that? this know we’ve up building off could if really there? improvement the in How I to Analytics.

Henry Fernandez

did the Joe. good is And work has hard years just been make pleased obviously, But doesn’t this want gets we a a quarter is I The that on what Kathleen which or product in very Yes, QX. question, line proud this We – of last reiterate us. is feel three for a so. and lumpy to said, of year. – what kind very

the And four we’ve quarters quarter that, before internally. or that’s like mean, to normalize yet. fourth that don’t look performance five similar at it I got we right? of it So wait we feel how

that to of not a extreme has and million worked focusing analytics, and the that’s don’t obviously, that’s we and run spend. of rate is we’re the harvest being $XX growth line that equity of I analytics, core harvested want is and that of is And lower – an line core rate managing. have performance. invest and product for is grow And And where income class us on core at repositioning a fixed multi-asset in And product that growing risk and what parts we areas do product to focus the that line always know, so on right? product we obviously, or the want line, the the are the

that are. the helped invest thing client understand one the the right in lines, Then product that’s factor the or us is with with So to along Everyone their trying what line say, put the places. resources factor analytics. position has base, portfolios equity let’s

talking set clients models this manager risk we active of fund this and use So fund set consulting equity the short of particularly how and help and hedge able clients to to proactively can with they’re they as long more them, long clients. clients, are sort of hedge – analytics the be to

of On created we’re equity analytics analysis that and on us a is this be I help to active and analytics. of organization clients lot amount to obviously to to going and that. going it’s inside you’re able this multi-asset and line manager cost. for are a of a that. that’s okay, a cut cut than to up class position tool for lot a risk, the it meaningful of got the use grow shop, So has use lot was, to your the has scale more be going case. it And in put initial growth to product But risk saying, me to a performance, attribution use costs primary our framework business of

a efficiencies But eliminate lower and time, and and in way business, and and way So for thing thing scale we of go integrated fulfils them them risk in resources. platform the their that it’s to lot revenue, a in delays report communicate a be structure the a understand help same is it those integrate to cost the that their to for that’s performance. create why and at objectives clients internally, there recognition it of somewhat right, them to two and got it

So that has helped us a lot.

a been a initial income to in acquisition has are that. banks, in the changes on mandates and that point was example, portfolio- of players. that of multi-asset performance and Bloomberg, more we and play we continue investing for fixed it started income found and context the fixed on income If portfolio large of initially risk the that by that of hard analytics. out what for we lot we income focus We big was that income Lastly payback. do fixed had lot with took that analytics the analytics a in and class lot place fixed or But fixed the a analytics get going go

So are and of two managers offerings fixed basis portfolio to our proud extremely fixed and that income and of subscribed of largest class that. our loan Asia multi-asset this one on fixed income banks One – last quarter, things the income largely the we manager, manager asset particularly our large of analytics, significant the like lot fixed income with risk most a bank offering. in and asset dedicated

that growth efforts So the the the the cancels. has where all has client in driven local integration, driven and revenue

Kathleen Winters

Yes.

course Let the for and of Look, quarter QX bit me year. little obviously we’ve of seen really the momentum Henry analytics, a just some touched frankly, nice on. what was reiterating a great during

quarter And seeing the and our subscription down really the executing we’re being we started remember, organization and Analytics, environment, at is sales the in look a upward from that this QX each then every improvement. have year, really sales what covered operating seeing you If so year-over-year XXXX. we and trended nice improvement we perspective program for recurring some in well, now place also incentive since are remember,

quarter. So great

of sales terms combination, great to low beginning lumpy I high as we’ve But of what cancels. we years to and a quarters couple can terms where really to see We’re want been a higher now saw had in for the sales growth. in we be both cancels. stress about returning know, talking QX of and

or to So that performance be try good. would we and certainly shouldn’t QX assume take extrapolate that the quarter every

on quarter-to-quarter. We from will get variability some this

Joseph Foresi

a my going heading for are demand talk bit AUM, you of have you downtick second little And investing the kind XXXX? question then What into momentum? cash now can for prepared trend Got are just, in more available. or passive this and a in you slowdown And it. to about how

So do things finally the slow? think if this how diversified you wondering that if Thanks. you is I’m you I are, think are do year

Baer Pettit

it’s here. Sure. Hi, Baer

in make that position see feel there the we’re can But to index as the which that up. we specific outlook. investing, change to not in don’t going So and we passive end you how and yourself take might distinguish movements, a terms to you market on, clearly, a have is of judgment a

to increasing investors, both allocations advised continue see investors. We and from from institutional

all have of is of Obviously, migrating. last the the would also The in cap. we’re continuous. part And correction the or direction, different level seen trend terms overall it’s years. quarter’s could of impact say, anything we’ve on from was But I market a this big not what seeing that’s slight over that. market the So

seeing And now but supply-driven, less not almost objectives in how as it like – one we that the But supply attributes, the of all transition that’s well of and low we’re around investing very or world. the so that part, more these markets or our with DM high-quality everything. meaning OEM and –in momentum and whatever. know we less and that going the in into stocks you and in are you show chart securities, think exposures And So investing there. doing country there sectors

we’re So that of is caps the and now kind is take is just basis And behind manage very that’s the portfolio stages of stages ESG beginning in early the by And weigh little ESG them market early on bit we of, the position far are the actively. passively that. and best still on get And or of component, and the is already early that we to which to evolution. the huge a stages. capitalize a

the got ESG you me portfolio. one factors help this our combine saying, So to oh, and holistic institutionally clients the into

got long the a it. So that to significantly in long, way expand we presence our go market and here will

Joseph Foresi

you. Thank Great.

Operator

comes next you. Kaplan And Morgan question with our Toni Thank Stanley.

open. now is line Your

Toni Kaplan

that you I from thought Would that strong think, that that, or clients, else or growth competitive statistics? wins, budget is pricing, because something XX% expansion, large was Baer, attribute right? a more or there to you afternoon. mentioned I like very good driving Hey,

Baer Pettit

Sure.

think, one a that to is such of factor. particular significant hard our the revenues all of because attribute there’s it’s above, I portion

those. – the consciousness and I of think, connectivity significant what their the and product really is most offer the relationship lines it can deepening the critically of between is element we various the across

using deepening are them clearly, for the But organization. chiefly component relationships, less some broadly of but of for of been our price within it, So medium-sized more the actually. has – they there where the it’s tools this for clients we’ve more in – some than

Henry Fernandez

we’re it the that on built deepening we’re by has is subject whatever. MSCI, the indicated, obviously, that approach risk, or client. – individual or in And relationship, matter therefore, the the big very component And into of talking Baer been fixed has as – a the or taking, sale to traditionally specific their the in made to of equities, organization experts product user MSCI which again, been income,

we Laurent led to me constantly that on people, And franchise And the proposition. CIO, by So proposition can value a a there have value largest the CEOs your strategic see various to look, objectives, the regulatory – taking revenue, we partner the help requirements. you to be we road to us is a of medium costs, and cutting and partner? products incredible achieve or Baer, Do creating strategic a you that our want with you or new direct want approach Do we’re and strategic the C-level be the and is, you you are objectives. a let’s come achieve go an client. and you the is if all up basically, with goals day And help not? areas do, do let’s we one go and that brainstorming can your goals session

powerful. And done incredibly of And they’re and of we’ve released those things a that. come loan so few out

big partnership. – so quite of XXX or is time be there But them us. them from level, over we that think, the cases, but – now So have lot we’re category a to done, at I that, scaling want to sure, considering to I clients it trying strategic a think in a with obviously to the us of yes, like resources not yet, commitment they – and partners over we’ve now for a those this we’re all embrace of

Toni Kaplan

in also you about index, prices And on think, to were prices. could great. That’s raising give X% X%, also year, were us pricing? and raising you I an you last in update Analytics,

sort the both for this give year you segments? Thanks. increases of could us price So

Kathleen Winters

It how consistent the But both we’ll try planned pretty much terms sales versus of the typically conservatively this well year in in terms the Analytics, a of Toni, price of this index price analytics. we in quite price. increases percentage both to how as we did for we with pretty plan year. get in from fact, was year prior Yes. hi. mean, I year and and

that. happy we’re So pretty about

Toni Kaplan

you. Thank

Operator

with next from Chris our And comes question you. Blair. Thank William Shutler

open. now is line Your

Christopher Shutler

Hey guys, morning. good

last the on of weeks we factor saw box, press On which the new style releases that. couple over the

– just kind to also use you your about what rates is? fee ETF, of talk ETFs then stepping good the factor a for go-to-market factor Just And the plane how should relative flagship? plan on the what’s back vanilla average

Henry Fernandez

Okay.

So let me first take one there. the

on the factor strategy box. So go-to-market the

even was the I of language. to big but a through that institutional market all, market. first So clients in there’s advisor – extremely have we the that positive launch from and the think is in common definitely had market, clearly so more that true much to demand a the a And

this first communicating is the them chiefly because of then and of method of types adopt to So framework the work client on all, plan communicating nature to with all their clients portfolios. launched of about as it this we to our their work a across just both

response year-and-a-half initial last in extremely large, Baer in. a don’t launched a a large meetings number And is early we’re slide, been So for happen. on right? at in the looping his I mean, with number we of everything set we up or MSCI, positive system, as clients been certification So days so. obviously, a went week had the we of have on and but has consulting through even so or this these the this, quite since things

similar Look, that. them, of on cap – fairly for So and approach amount the before example, that’s into excitement of even baked things factors, so fees from on on ETF of got a market kind feedback fees and it. retail we funds take pricing the to launch enormous like on already and we official

separate pricing, Obviously, launching or we not exceedingly of have with saying be factors which good ETF it’s relatively we some given in institutionally opposed on money, or engage by and Japan in compared is, fee. What that or U.S., different. that in to managers are we’ve own accounts as mostly make gone with those do this that typically, the we whatever, topic, significantly ETF. domestic do or it in is that market fees vehicles MSCI have and is So the that’s they factor up pricing And right? cap in the others the reason The index principal when where higher ESG. passive indices, that institutional managed, investment impact congruent and markets, are but portfolios factors is if we ESG, get their portfolios on the we’re outcomes the been paid to for domestic four a and to or very the able that’s to on ETF would alternatives these we’re on area in has have institutional domestic ETF to market, government a decisions clients lower process, material ramp well

and So we them provide incentive to to ourselves, with attractive can the economic both work for add have with an us. clients an value fee

Christopher Shutler

Analytics And how ago into refresh way you And in versus of seasonality could play a us maybe couple that quarters? the made on of that change the last plan incentive couple years in – business? how and that of maybe at look to as you thanks. then the going I pipeline just mean, today mean, looking pipeline your stats, another Okay, does it. the at back look I

Kathleen Winters

Yes.

sales and we’re percentage in plan, quarter in given on and is right remember, we looking now. pipeline the and coming your the your question I of said kind same pipeline seasonality QX a sales how strong the incentive about fourth And we’re position. to versus new last year into as So seeing this first-half. looks question the the in of it pretty And as looked going last in greater at how coming – going look year,

sales And So come like said, And coverage to in think incentive sales I aligned organizations results. plan in and the through being strength QX that the that’s entire metrics. effective. the sales now or we cancels has the very you’re seeing

Henry Fernandez

clearly extra of designed budgets us, it’s it’s of the the just for in organization the increasingly is also – towards fourth But clients to have latter is are to the Obviously, there they year. versus the right? want year it’s budget, spend It – year quarter part it. in rest their the things and headed increase way this and not see the if an where

going that to gone, and year. right, following the So is

as well. has that role a a there of played So bit

that So and new of normalized that’s in more little a a our bit environment budgetary of clients becoming reduced, a gets not right. norm but process maybe

Christopher Shutler

And right. cleanup a couple of just then quick questions. All

cash $XXX How of assuming view do that. on of repatriate the much cash, should we you the as the million total pay You cash, excess touched XXX-plus total that cash? of ultimately

Kathleen Winters

operating cash the changed I’ll minimum amount balances, cash hasn’t from of, the what have we – said. out We what call, the historically

but in in right. million $XXX the U.S., the said million, $XXX million $XX past tangible of U.S. the it’s and So we about now outside

just So in about you don’t regions terms the terms have in think anymore, but total of it cash excess balances. to of

to about with it think previously. So consistent what said continue we’ve

Christopher Shutler

to going Okay. be in but… And it’s proxy, then the I’m sure

Baer Pettit

I’m can you, try sorry to everyone to keep questions to interrupt we so two get questions. here, everyone’s

I So apologize…

Christopher Shutler

fair Thanks. I’ll offline. I’ll – follow-up Okay, enough. yes,

Baer Pettit

appreciate I it.

Operator

Thank you. Wells our And from Fargo. next Bill comes with question Warmington

is line Your open. now

William Warmington

Good afternoon, everyone.

from about, for the as terms ones? up-selling versus demand? ask question was a new you’ve anything you in been So then it big a than there timing, I where highlighted deals Analytics was the of specifically bit little small secular cyclical clients and seasonality the about on And And a also then if deals, versus terms that other change existing in in to client lots there talking of impressive. few a very wanted coming that strength you’ve of

Henry Fernandez

both that I within first because pure income, of the the or of example of the in So all, manager. income of being Analytics play a of fixed class or hero the gave fixed strength the context purchased quarter income fixed a – obviously multi-asset Analytics of subscribed the our offering was

again, product we’ve that about new made made far, be lumpy. we’ve into But the excited of we’re So yet because we line. very But the investments the pipeline. of have are and more there that investments so but of all would that not

And a team that the we’re mortgage line in that of they models repayment the So to very, U.S. U.S. we models are going penetrate help may all fixed good us market or developed the put year ago correct more. and so product income that. and very and classic experts into

they hero. deals. increasingly, that’s larger sales and the why get Yes, our that’s lumpy So are Analytics also

a we’re average uses million-plus also of that, a other And or number now, is selling past, medium every and and addition that’s we of one, the in moving have smaller-ticket quarter, items was So the that, lot But therefore, to up. maybe sales case medium ticker in like. for the operating.

this you as issues. of use we’re We’ll you thing, call and a that is said, give piece it’s position with – combination a as that. of a it to tool. So positioning I have tool, figure it this when us all the out other what do to And we to you

go and that definitely the right? the services that And excited solution that, that solution we as thing the but some the with this positioning a client to need we coming. are potential successes help about We’re use of of to have tools, early

Kathleen Winters

Yes.

our got So that gives lower of as We’ve ticket system mix just about dollar, has our so call because The to us the much systems the that, this a to high sales terms processes both important of how to into push organization becomes and to use to high-volume those this timely bigger we’re pipeline still through well effectively and I’ll it, being items, got and and to different as add pretty in we’ve having little more then to the asset, sales. put the at able and of a some stages to where good volume of pipeline things us wide we gotten execution. much process it that use tighter and data enable accurate take manage rigorous systems. pipeline look pipeline force have

Banking a and The systems strengthen things really regions little color we Asset very each the really, a Manager strong Analytics terms and the in total and saw the regionally, segment, year strength segment all new net three the – From in and important. more across give for of every is for was in process to the particular. So just region.

William Warmington

Got it.

second wanted selective. I’ve hearing to low-cost lately a ask to about it for their question, particular? what lot and their name been anything For means industry, about model ask I no wanted and if in the means name my for super MSCI,

Henry Fernandez

Sure.

enormous which they that that very think a and I for business, growing attractively creating is in perfect competition are industry opportunity of normal increasing clearly So us. example in

them. they are general approach client in needs our as at try for the be from not any is in serving that today, of that competitor really would look I to we As say industry to material flexibility But can us. a arise developments and as

we’re of years. benchmarks, other confident value more I be proposition needs. that broad types range and wouldn’t our but confident solutions, think their barely clients if these there and the were surprised I of So about have next not that create our appear very few helping server we the indexes custom very that over we’re But very a index of solutions name

is I So normal, capital it’s think, perfectly competition.

a it with comfortable we’re but complacent. material on We’re having it’s us and impact not today, not

William Warmington

Thank much very for insight. Got the it. you

Operator

with Barclays. Patnaik Manav from comes question next our And you. Thank

open. now is line Your

Manav Patnaik

Thank too. first sounds the showing Good more more My the side. getting you. clearly like might are wondering, organic versus just attention, there perspective? question It numbers on and what it’s I it, afternoon, look was guess. like, from Good I inorganic morning. ESG just your opportunities your is

Henry Fernandez

It’s of world, the – and institutions cognizant. the it’s of we political, more institutions there’s of cetera. certainly or which this occasional religious whatever, then capital government bond bond. obviously, in it’s investors be is issuers case, Of our et or those and space, issuers is, in companies all sustainability which companies of of investors of was this or enterprise small a revolution all to integrated have a in happening In

want the So everyone a into issues. to that is a investor harassment time. that I I issues for to company long-term environmental focused social that they’re or of obviously, followed company. the ensure of or very need owners to example, sustainability get I for sexual want ensure on because being going government to long don’t by not programs universal

position So this aiming and the because pretty in our that fast investment industry we’re of and well marketplace. is in spreading the

there. So I see amount of a huge runway

and a this number so agency, positioned content in the the well extremely we’re of are to into use Clearly, content ways. ESG we one equities industry matters, low now. variety itself income Secondly, rating like fixed speak ratings, to right

factors risk we’re weeks, putting thirdly, on as into portfolio ability. is those And turning – and and return factors which portfolios incentive that how an then use incentive the portfolio. – do from and place area market ESG Secondly, that determine risk – is ratings into we in

all integrated to So be clients. to the provider we’re of of positioned our well that

of lot and going our to largely is growth a organic is So organic. remain

We have them areas. in more not But They now, to right, we growth, right it here but buy acquisitions continue and integrate been them so particularly complicated we look few focused passed inorganic. and and it’s there. – looked to at were on organic ourselves, our to do each

Manav Patnaik

for around and your to maybe seeing other early any question got had that then anything. live it’s in to I going Okay, And it. trends you But clients just see the response was within regulation too method now? broadly you’re guys

Baer Pettit

Clearly, it think, I’ll and moment of the think, some there’s I impact really I think first of, the is competitive of I executing been in systems the fine. transparency, call, too Look, on landscape And the what – quite has on kind early. Yes. everything the clients, is early. our which in terms terms our of of it technical

dramatic. analyst the the amongst the But some could early, we’ll out the so the So, example, during it’s impact market equity for that just prognosis have there’s – year. to clearly, there how see been the be on has course – that analyst of industry too plays

Henry Fernandez

business not a think model maybe There’s you us, a positive. to “research,” if that it’s there’s intermediation change time, want of of here, about it negative way. clearly over for Look, and

what role of play fill to like. early MSCI vocabulary tell. to providing that sort to the about play? different will we the we’re kind Nontraditional is research question kicking and So portfolios brainstorming MSCI evaluate and a of in vacuum role securities up too session way of And

Manav Patnaik

for right. guys. that, All Thanks

Operator

Thank comes our you. with And question from Anjaneya Suisse. Singh Credit next

open. line now Your is

Anjaneya Singh

another we that the the saw thanks guidance implying growth taking midpoint way. your is expense guidance the my in It to the Wanted question acceleration earlier seems XXXX. questions. ask an for of Hi, on versus fiscal

moving you. So that think initiatives you in give how should growth? expense efficiency the just on pieces the Thank about level base of the we color maybe could outlook, us and some offsetting

Kathleen Winters

investment if you in terms slight in we’ve and growth. Yes, really Anj. managed expenses expense look midpoint, we’re increase both balancing, the a past. how of Look, and very at the, Yes, on kind thanks guided of focused for there’s

our about a in We’re place, the investments. are confident as in processes, they team in previously even management robust ability talked an got were execute past. I’ve more on than very We’ve to excellent

got frankly to on a record got being of high-level now of projects. projects. able on those execute really terms quite confidence So a high-return track delivering of we’ve really high-return in And are what we some really

and see results in can You the ESG. Factors

fixed see payoff. to can starting You income

given high-return So the to these accelerate just have, economic it sense good we investments. projects makes

Anjaneya Singh

could dramatically happening to quarter? a trying Analytics? then it causing is to Just broadly? Okay, with so or just understood. tickets or extend Is the Thanks. just clients, in more for understand this implementation about selected you what’s given talk onboarding it why the referenced, you periods And manifested follow-up, happening larger

Henry Fernandez

before, Hey, the achieve here’s inside line implement services and is position look, client you I said – a solution a which of the a do here’s I organization. – it the to to lot the from to tool product that – we’ll help more what and

done charges So gets But about. of fees revenue revenue – what’s recognized happening of with bit which will recognition. little those we’re And and worry delay one-time that that’s the that there’s be this nothing phase, delayed one-time implementation but therefore, recurring one-time that’s and go, – go the that in be there’ll until are take the more that a with look, to revenues to recurring time. phase going those –

that’s just telling We’re that’s happening. you why –

Anjaneya Singh

Understood. Thanks a lot.

Operator

next comes with Hamzah Macquarie. question our Thank you. And Mazari from

line open. now Your is

Kayvon Rahbar

This Hi. in Hamzah. filling Kayvon is for

or ago terms You of of to, of of indices years new the fees competitive entrants dynamics go of this say, things? understanding the if an already. us may any have the But maybe and covered those give five could maybe back you business in sort changes in

Henry Fernandez

ESG very it’s years in a five, industry. very, was stable, Well, relatively ago, index, seven obviously, it different

little huge a during become In a and analytics, – was think like that come analytics we’ve has in that. a class And I the a multi-asset that there the not multi-asset of in case, class top equity it with player and into conversion classes. income, fixed people a time. out fixed fixed a in providers equity, strength class, bit been bit. in multi-asset rationalization all income only, of equity and class, or income So mean, there in that our multi-asset on lot private-asset the strength There’s entry only only but only. not in In in a only only little was I we

it obviously, Bloomberg long some or has for as what that players offering. here it that’s trying And is the picture is black into and work happening. been have of So have large into larger offerings a factor is comes come seen player kinds and they’re to time. or

So open this capitalize we will is wide intense huge that are they’re of of it’s from. each a not at this And and competitors but with field a be though cases a trying very point. differentiated to positioning that unique competitive sort amount used and feel landscape, competitive even users

Kayvon Rahbar

you. All righty. Thank

Operator

with you. Northcoast And question from next Housum comes our Keith Research. Thank

Your now open. line is

Keith Housum

Thanks, guys.

a on their guess, more question, But this side? customers just here, like contributing below asked just in your now, the be through the lot we bit may and a little I we the make going to what back-end as technology overall sounds heightened side Are been being quick commentary investment and little to given to environment potentially through through equity especially go the investments the more that one already. some Analytical Just market are guys that now? going based the them a more are of the sales year. be you to of of on trying have period a it pushed cautious on

Henry Fernandez

because cautious, because mean, internally, things to then years, next for before all, I which have same begin So quarter we sure. here both going be things of first getting quarter three make Well, want we’re year been to precisely we with the do we’re are would right? don’t, telling you say, and for things better and a doesn’t

are but that. and things. three to make because risk two, offer literally, there manager world productive, fund like and in every a have who – we asset scale mean, all So return understand system them and the optimistic, cautiously we out, pension I order of in are

is that, culture, and in process all what happens system, into their their general that. the very needs is of to be who of value What strong. that internally have using they it legacy So is mixed sort proposition what

into gets a of that So things. melting part

So a clients. we’re our of are lot – the that that trying about with we then I sort optimistic of And to out lastly, very repositioning this.

people up sell a go this. to risk tool come to do with additional budget you performance, have and If for

communicate comes do will of it, to restructure. sell go going going but will process. streamline performance, rid better, operations, it’s you things – If They yes, I risk grew they have cut and funding. They They your it out certain us, costs, so help get then of do that’s will the certain mean for to your people. and it’s

cautiously been But we’ve a in. want we’re going here will we we’re to for be because thing and sure, So don’t we thing optimistic, you that cautious, because believe telling be is our this away. also

Keith Housum

you. Thank Great.

Operator

any not showing participating you This Thank you in Everyone, conference. program, you. And Ladies may gentlemen, I’m today’s thank at does wonderful have conclude time. and further day. a for questions all this and today’s disconnect.

MSCI (MSCI) 1 Feb 182017 Q4 Earnings call transcript