MSCI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-10-20

• We recognize goodwill in business combination transactions when the purchase price exceeds the fair value of the acquired net tangible and separately identifiable intangible assets. We test goodwill for impairment annually on July 1 or when interim triggers arise at the reporting unit level. When te…

• As of July 1, 2026, we elected to bypass the optional qualitative assessment for the Private Capital Solutions (“PCS”) reporting unit. This decision was based on the relatively low excess of fair value over carrying value observed in the prior year’s analysis. Therefore, a quantitative goodwill impa…

• The income approach requires significant judgments in estimating future cash flows, including assumptions, amongst others, about revenue growth rates and EBITDA margins, and the selection of an appropriate discount rate, which reflects the reporting unit’s cost of capital. Forecasted future cash flo…

• The market approach utilizes valuation multiples of revenue and cash flows derived from guideline public companies that have similar characteristics to each reporting unit being valued. Selecting appropriate guideline companies, valuation multiples and other key assumptions such as revenue growth ra…

• Impairment occurs when the estimated fair value of the reporting unit is below the carrying value. As of July 1, 2026, our quantitative test for goodwill impairment indicated that the PCS reporting unit’s fair value exceeded its carrying value. For all other reporting units, the qualitative assessme…

Text removed vs the prior filing · source: 10-Q · 2026-07-21

• Total operating revenues increased 12.2% for the three months ended June 30, 2026. The $94.3 million increase was driven by $50.6 million higher recurring subscription revenues, $49.0 million higher asset-based fees, partially offset by $5.3 million lower non-recurring revenues. Adjusting for the im…

• Total operating revenues increased 13.1% for the six months ended June 30, 2026. The $199.3 million increase was driven by $98.3 million higher recurring subscription revenues, $96.1 million higher asset-based fees and $4.9 million higher non-recurring revenues. Adjusting for the impact of acquisiti…

• R&D expenses increased 4.3% and 4.3% for the three and six months ended June 30, 2026, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs, partially offset by increased capitalization of costs related to internally developed software projects. T…

• G&A expenses increased 20.6% and 20.8% for the three and six months ended June 30, 2026, respectively, primarily driven by increases in compensation and benefits costs as a result of increased headcount costs, as well as a decrease in the favorable fair value adjustment on contingent consideration r…

• Non-compensation expenses increased 23.5% and 20.3%, respectively, for the three and six months ended June 30, 2026, primarily driven by increased information technology costs, market data costs and professional fees costs, as well as a decrease in the favorable fair value adjustment on contingent c…

Text added vs the prior filing · source: 10-Q · 2026-10-20

• Our Senior Notes bear interest at fixed rates, and therefore changes in market interest rates do not affect the interest expense on the Senior Notes. Borrowings under the Revolving Credit Facility bear interest at a variable rate based on either the Base Rate or SOFR, plus an applicable margin.

• As of September 30, 2026, we had $810.0 million of floating rate debt outstanding. A hypothetical 50 basis point increase or decrease in the rate would change our annual interest expense by approximately $4.1 million.

• Refer to Note 7, Debt, in the Notes to the Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on our outstanding borrowings as of September 30, 2026.