msci-8k_20210223.htm
false 0001408198 0001408198 2021-02-23 2021-02-23

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 23, 2021

 

MSCI Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

 

 

 

 

 

Delaware

 

001-33812

 

13-4038723

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

7 World Trade Center, 250 Greenwich Street, 49th Floor, New York, New York 10007

(Address of principal executive offices) (Zip Code)

(212) 804-3900

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

MSCI

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 


 

 

 

Item 2.02 Results of Operations and Financial Condition.

MSCI Inc. (“MSCI” or the “Company”) is furnishing this Current Report on Form 8-K (the “Report”) to recast certain previously reported amounts to conform with the change in reportable segments, effective January 1, 2021, and as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 that was previously filed with the Securities and Exchange Commission by MSCI on February 12, 2021 (the “2020 Form 10-K”).

MSCI has five operating segments: Index, Analytics, ESG, Real Estate and The Burgiss Group, LLC (“Burgiss”). Prior to January 1, 2021, the Index and Analytics operating segments were presented separately as individual reportable segments and the ESG, Real Estate and Burgiss operating segments were combined and presented under the All Other reportable segment since, individually, they did not meet the threshold for a separate reportable segment.

Beginning with the three-month period ending March 31, 2021, MSCI will present the ESG operating segment as a separate reportable segment. It will also be renamed ESG and Climate. This change reflects the increased focus of the Chief Operating Decision Makers on this segment and its growing significance to MSCI. Management believes this presentation will provide additional transparency around the drivers of growth and investments being made with respect to MSCI’s ESG and Climate and private assets offerings. The Real Estate and Burgiss operating segments, which continue to not meet the thresholds for separate reportable segments, will be combined and presented under the All Other – Private Assets reportable segment. Burgiss is an equity-method investment, therefore, the All Other – Private Assets reportable segment does not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. This change does not impact the Index and Analytics reportable segments.

The Company is furnishing this Form 8-K to provide investors with historical segment information that is consistent with the change in reportable segments. The schedules in Exhibit 99.1 provide unaudited segment information and segment measures on the basis of the new reportable segments for the previously reported years ended December 31, 2020, 2019 and 2018 and the three-month periods ended March 31, 2020, June 30, 2020 and September 30, 2020. The recast financial information contained in Exhibit 99.1 does not represent a restatement or reissuance of previously issued financial statements.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.

 

Description

Exhibit 99.1

 

Supplemental Historical Segment Financial Information of MSCI Inc.

Exhibit 104

 

Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL).

 

 

 

 


 

 

 

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

MSCI Inc.

 

 

 

 

Date: February 23, 2021

By:

/s/ Henry A. Fernandez

 

Name:

Henry A. Fernandez

 

Title:

Chairman and Chief Executive Officer

 

 

 

 

 

 

 

 

msci-ex991_17.htm

Exhibit 99.1

MSCI Inc. (“MSCI” or the “Company”) is furnishing this Current Report on Form 8-K (the “Report”) to recast certain previously reported amounts to conform with the change in reportable segments, effective January 1, 2021, and as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 that was previously filed with the Securities and Exchange Commission by MSCI on February 12, 2021 (the “2020 Form 10-K”).

MSCI has five operating segments: Index, Analytics, ESG, Real Estate and The Burgiss Group, LLC (“Burgiss”). Prior to January 1, 2021, the Index and Analytics operating segments were presented separately as individual reportable segments and the ESG, Real Estate and Burgiss operating segments were combined and presented under the All Other reportable segment since, individually, they did not meet the threshold for a separate reportable segment.

Beginning with the three-month period ending March 31, 2021, MSCI will present the ESG operating segment as a separate reportable segment. It will also be renamed ESG and Climate. This change reflects the increased focus of the Chief Operating Decision Makers on this segment and its growing significance to MSCI. Management believes this presentation will provide additional transparency around the drivers of growth and investments being made with respect to MSCI’s ESG and Climate and private assets offerings. The Real Estate and Burgiss operating segments, which continue to not meet the thresholds for separate reportable segments, will be combined and presented under the All Other – Private Assets reportable segment. Burgiss is an equity-method investment, therefore, the All Other – Private Assets reportable segment does not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. This change does not impact the Index and Analytics reportable segments.

The following tables present operating revenues by reportable segment and revenue type for the periods indicated:

 

Three Months Ended

 

 

Mar. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Index

 

 

 

Recurring subscriptions

$

139,840

 

Asset-based fees

 

100,196

 

Non-recurring

 

9,220

 

Index total

 

249,256

 

Analytics

 

 

 

Recurring subscriptions

 

124,065

 

Non-recurring

 

1,443

 

Analytics total

 

125,508

 

ESG and Climate

 

 

 

Recurring subscriptions

 

24,901

 

Non-recurring

 

332

 

ESG and Climate total

 

25,233

 

All Other - Private Assets

 

 

 

Recurring subscriptions

 

15,619

 

Non-recurring

 

1,164

 

All Other - Private Assets total

 

16,783

 

Total operating revenues

$

416,780

 

 


1

 


 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Jun. 30,

 

 

Jun. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Index

 

 

 

 

 

 

 

Recurring subscriptions

$

145,404

 

 

$

285,244

 

Asset-based fees

 

88,075

 

 

 

188,271

 

Non-recurring

 

9,429

 

 

 

18,649

 

Index total

 

242,908

 

 

 

492,164

 

Analytics

 

 

 

 

 

 

 

Recurring subscriptions

 

126,189

 

 

 

250,254

 

Non-recurring

 

1,374

 

 

 

2,817

 

Analytics total

 

127,563

 

 

 

253,071

 

ESG and Climate

 

 

 

 

 

 

 

Recurring subscriptions

 

25,908

 

 

 

50,809

 

Non-recurring

 

394

 

 

 

726

 

ESG and Climate total

 

26,302

 

 

 

51,535

 

All Other - Private Assets

 

 

 

 

 

 

 

Recurring subscriptions

 

12,383

 

 

 

28,002

 

Non-recurring

 

460

 

 

 

1,624

 

All Other - Private Assets total

 

12,843

 

 

 

29,626

 

Total operating revenues

$

409,616

 

 

$

826,396

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Sept. 30,

 

 

Sept. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Index

 

 

 

 

 

 

 

Recurring subscriptions

$

146,387

 

 

$

431,631

 

Asset-based fees

 

100,371

 

 

 

288,642

 

Non-recurring

 

8,933

 

 

 

27,582

 

Index total

 

255,691

 

 

 

747,855

 

Analytics

 

 

 

 

 

 

 

Recurring subscriptions

 

126,251

 

 

 

376,505

 

Non-recurring

 

2,086

 

 

 

4,903

 

Analytics total

 

128,337

 

 

 

381,408

 

ESG and Climate

 

 

 

 

 

 

 

Recurring subscriptions

 

28,152

 

 

 

78,961

 

Non-recurring

 

399

 

 

 

1,125

 

ESG and Climate total

 

28,551

 

 

 

80,086

 

All Other - Private Assets

 

 

 

 

 

 

 

Recurring subscriptions

 

12,400

 

 

 

40,402

 

Non-recurring

 

354

 

 

 

1,978

 

All Other - Private Assets total

 

12,754

 

 

 

42,380

 

Total operating revenues

$

425,333

 

 

$

1,251,729

 

 


2

 


 

 

 

 

 

Three Months Ended

 

 

Dec. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Index

 

 

 

Recurring subscriptions

$

148,762

 

Asset-based fees

 

111,129

 

Non-recurring

 

8,749

 

Index total

 

268,640

 

Analytics

 

 

 

Recurring subscriptions

 

129,796

 

Non-recurring

 

2,604

 

Analytics total

 

132,400

 

ESG and Climate

 

 

 

Recurring subscriptions

 

30,984

 

Non-recurring

 

294

 

ESG and Climate total

 

31,278

 

All Other - Private Assets

 

 

 

Recurring subscriptions

 

11,134

 

Non-recurring

 

209

 

All Other - Private Assets total

 

11,343

 

Total operating revenues

$

443,661

 

 

 

Year Ended

 

 

Dec. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

 

2020

 

 

2019

 

 

2018

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

Index

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

$

580,393

 

 

$

530,968

 

 

$

477,612

 

Asset-based fees

 

399,771

 

 

 

361,927

 

 

 

336,565

 

Non-recurring

 

36,331

 

 

 

28,042

 

 

 

21,298

 

Index total

 

1,016,495

 

 

 

920,937

 

 

 

835,475

 

Analytics

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

506,301

 

 

 

486,282

 

 

 

474,334

 

Non-recurring

 

7,507

 

 

 

10,643

 

 

 

5,605

 

Analytics total

 

513,808

 

 

 

496,925

 

 

 

479,939

 

ESG and Climate

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

109,945

 

 

 

89,563

 

 

 

70,291

 

Non-recurring

 

1,419

 

 

 

1,096

 

 

 

1,075

 

ESG and Climate total

 

111,364

 

 

 

90,659

 

 

 

71,366

 

All Other - Private Assets

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

51,536

 

 

 

47,227

 

 

 

44,299

 

Non-recurring

 

2,187

 

 

 

2,048

 

 

 

2,905

 

All Other - Private Assets total

 

53,723

 

 

 

49,275

 

 

 

47,204

 

Total operating revenues

$

1,695,390

 

 

$

1,557,796

 

 

$

1,433,984

 

 


3

 


 

 

 

The following table presents segment profitability and a reconciliation to net income for the periods indicated:

 

 

Three Months Ended

 

 

Mar. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Index Adjusted EBITDA

$

183,587

 

Analytics Adjusted EBITDA

 

36,317

 

ESG and Climate Adjusted EBITDA

 

3,626

 

All Other - Private Assets Adjusted EBITDA

 

5,697

 

Total operating segment profitability

 

229,227

 

2016 Multi-Year PSUs grant payroll tax expense

 

 

Amortization of intangible assets

 

13,776

 

Depreciation and amortization of property,

   equipment and leasehold improvements

 

7,567

 

Operating income

 

207,884

 

Other expense (income), net

 

45,035

 

Provision for income taxes

 

14,724

 

Net income

$

148,125

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Jun. 30,

 

 

Jun. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Index Adjusted EBITDA

$

183,256

 

 

$

366,843

 

Analytics Adjusted EBITDA

 

46,167

 

 

 

82,484

 

ESG and Climate Adjusted EBITDA

 

5,499

 

 

 

9,125

 

All Other - Private Assets Adjusted EBITDA

 

1,778

 

 

 

7,475

 

Total operating segment profitability

 

236,700

 

 

 

465,927

 

2016 Multi-Year PSUs grant payroll tax expense

 

 

 

 

 

Amortization of intangible assets

 

14,062

 

 

 

27,838

 

Depreciation and amortization of property,

   equipment and leasehold improvements

 

7,463

 

 

 

15,030

 

Operating income

 

215,175

 

 

 

423,059

 

Other expense (income), net

 

76,008

 

 

 

121,043

 

Provision for income taxes

 

24,044

 

 

 

38,768

 

Net income

$

115,123

 

 

$

263,248

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Sept. 30,

 

 

Sept. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Index Adjusted EBITDA

$

194,720

 

 

$

561,563

 

Analytics Adjusted EBITDA

 

45,056

 

 

 

127,540

 

ESG and Climate Adjusted EBITDA

 

7,659

 

 

 

16,783

 

All Other - Private Assets Adjusted EBITDA

 

2,012

 

 

 

9,488

 

Total operating segment profitability

 

249,447

 

 

 

715,374

 

2016 Multi-Year PSUs grant payroll tax expense

 

 

 

 

 

Amortization of intangible assets

 

14,333

 

 

 

42,171

 

Depreciation and amortization of property,

   equipment and leasehold improvements

 

7,494

 

 

 

22,524

 

Operating income

 

227,620

 

 

 

650,679

 

Other expense (income), net

 

38,577

 

 

 

159,620

 

Provision for income taxes

 

6,685

 

 

 

45,453

 

Net income

$

182,358

 

 

$

445,606

 

 

4

 


 

 

 

 

Three Months Ended

 

 

Dec. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Index Adjusted EBITDA

$

204,930

 

Analytics Adjusted EBITDA

 

45,384

 

ESG and Climate Adjusted EBITDA

 

6,068

 

All Other - Private Assets Adjusted EBITDA

 

(246

)

Total operating segment profitability

 

256,136

 

2016 Multi-Year PSUs grant payroll tax expense

 

 

Amortization of intangible assets

 

14,770

 

Depreciation and amortization of property,

   equipment and leasehold improvements

 

7,281

 

Operating income

 

234,085

 

Other expense (income), net

 

38,919

 

Provision for income taxes

 

38,950

 

Net income

$

156,216

 

 

 

Year Ended

 

 

Dec. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

 

2020

 

 

2019

 

 

2018

 

 

(unaudited, in thousands)

 

Index Adjusted EBITDA

$

766,493

 

 

$

670,188

 

 

$

607,853

 

Analytics Adjusted EBITDA

 

172,924

 

 

 

152,113

 

 

 

143,645

 

ESG and Climate Adjusted EBITDA

 

22,851

 

 

 

21,813

 

 

 

16,019

 

All Other - Private Assets Adjusted EBITDA

 

9,242

 

 

 

6,385

 

 

 

4,916

 

Total operating segment profitability

 

971,510

 

 

 

850,499

 

 

 

772,433

 

2016 Multi-Year PSUs grant payroll tax expense

 

 

 

 

15,389

 

 

 

 

Amortization of intangible assets

 

56,941

 

 

 

49,410

 

 

 

54,189

 

Depreciation and amortization of property,

   equipment and leasehold improvements

 

29,805

 

 

 

29,999

 

 

 

31,346

 

Operating income

 

884,764

 

 

 

755,701

 

 

 

686,898

 

Other expense (income), net

 

198,539

 

 

 

152,383

 

 

 

57,002

 

Provision for income taxes

 

84,403

 

 

 

39,670

 

 

 

122,011

 

Net income

$

601,822

 

 

$

563,648

 

 

$

507,885

 

The following tables present the results for the Index segment for the periods indicated:

 

Three Months Ended

 

 

Mar. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Recurring subscriptions

$

139,840

 

Asset-based fees

 

100,196

 

Non-recurring

 

9,220

 

Operating revenues total

 

249,256

 

Adjusted EBITDA expenses

 

65,669

 

Adjusted EBITDA

$

183,587

 

Adjusted EBITDA margin %

 

73.7

%

 


5

 


 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Jun. 30,

 

 

Jun. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Recurring subscriptions

$

145,404

 

 

$

285,244

 

Asset-based fees

 

88,075

 

 

 

188,271

 

Non-recurring

 

9,429

 

 

 

18,649

 

Operating revenues total

 

242,908

 

 

 

492,164

 

Adjusted EBITDA expenses

 

59,652

 

 

 

125,321

 

Adjusted EBITDA

$

183,256

 

 

$

366,843

 

Adjusted EBITDA margin %

 

75.4

%

 

 

74.5

%

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Sept. 30,

 

 

Sept. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Recurring subscriptions

$

146,387

 

 

$

431,631

 

Asset-based fees

 

100,371

 

 

 

288,642

 

Non-recurring

 

8,933

 

 

 

27,582

 

Operating revenues total

 

255,691

 

 

 

747,855

 

Adjusted EBITDA expenses

 

60,971

 

 

 

186,292

 

Adjusted EBITDA

$

194,720

 

 

$

561,563

 

Adjusted EBITDA margin %

 

76.2

%

 

 

75.1

%

 

 

Three Months Ended

 

 

Dec. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Recurring subscriptions

$

148,762

 

Asset-based fees

 

111,129

 

Non-recurring

 

8,749

 

Operating revenues total

 

268,640

 

Adjusted EBITDA expenses

 

63,710

 

Adjusted EBITDA

$

204,930

 

Adjusted EBITDA margin %

 

76.3

%

 

 

Year Ended

 

 

Dec. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

 

2020

 

 

2019

 

 

2018

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

$

580,393

 

 

$

530,968

 

 

$

477,612

 

Asset-based fees

 

399,771

 

 

 

361,927

 

 

 

336,565

 

Non-recurring

 

36,331

 

 

 

28,042

 

 

 

21,298

 

Operating revenues total

 

1,016,495

 

 

 

920,937

 

 

 

835,475

 

Adjusted EBITDA expenses

 

250,002

 

 

 

250,749

 

 

 

227,622

 

Adjusted EBITDA

$

766,493

 

 

$

670,188

 

 

$

607,853

 

Adjusted EBITDA margin %

 

75.4

%

 

 

72.8

%

 

 

72.8

%

 


6

 


 

 

 

The following tables present the results for the Analytics segment for the periods indicated:

 

Three Months Ended

 

 

Mar. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Recurring subscriptions

$

124,065

 

Non-recurring

 

1,443

 

Operating revenues total

 

125,508

 

Adjusted EBITDA expenses

 

89,191

 

Adjusted EBITDA

$

36,317

 

Adjusted EBITDA margin %

 

28.9

%

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Jun. 30,

 

 

Jun. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Recurring subscriptions

$

126,189

 

 

$

250,254

 

Non-recurring

 

1,374

 

 

 

2,817

 

Operating revenues total

 

127,563

 

 

 

253,071

 

Adjusted EBITDA expenses

 

81,396

 

 

 

170,587

 

Adjusted EBITDA

$

46,167

 

 

$

82,484

 

Adjusted EBITDA margin %

 

36.2

%

 

 

32.6

%

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Sept. 30,

 

 

Sept. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Recurring subscriptions

$

126,251

 

 

$

376,505

 

Non-recurring

 

2,086

 

 

 

4,903

 

Operating revenues total

 

128,337

 

 

 

381,408

 

Adjusted EBITDA expenses

 

83,281

 

 

 

253,868

 

Adjusted EBITDA

$

45,056

 

 

$

127,540

 

Adjusted EBITDA margin %

 

35.1

%

 

 

33.4

%

 

 

Three Months Ended

 

 

Dec. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Recurring subscriptions

$

129,796

 

Non-recurring

 

2,604

 

Operating revenues total

 

132,400

 

Adjusted EBITDA expenses

 

87,016

 

Adjusted EBITDA

$

45,384

 

Adjusted EBITDA margin %

 

34.3

%

 


7

 


 

 

 

 

 

Year Ended

 

 

Dec. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

 

2020

 

 

2019

 

 

2018

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

$

506,301

 

 

$

486,282

 

 

$

474,334

 

Non-recurring

 

7,507

 

 

 

10,643

 

 

 

5,605

 

Operating revenues total

 

513,808

 

 

 

496,925

 

 

 

479,939

 

Adjusted EBITDA expenses

 

340,884

 

 

 

344,812

 

 

 

336,294

 

Adjusted EBITDA

$

172,924

 

 

$

152,113

 

 

$

143,645

 

Adjusted EBITDA margin %

 

33.7

%

 

 

30.6

%

 

 

29.9

%

The following tables present the results for the ESG and Climate segment for the periods indicated:

 

Three Months Ended

 

 

Mar. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Recurring subscriptions

$

24,901

 

Non-recurring

 

332

 

Operating revenues total

 

25,233

 

Adjusted EBITDA expenses

 

21,607

 

Adjusted EBITDA

$

3,626

 

Adjusted EBITDA margin %

 

14.4

%

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Jun. 30,

 

 

Jun. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Recurring subscriptions

$

25,908

 

 

$

50,809

 

Non-recurring

 

394

 

 

 

726

 

Operating revenues total

 

26,302

 

 

 

51,535

 

Adjusted EBITDA expenses

 

20,803

 

 

 

42,410

 

Adjusted EBITDA

$

5,499

 

 

$

9,125

 

Adjusted EBITDA margin %

 

20.9

%

 

 

17.7

%

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Sept. 30,

 

 

Sept. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Recurring subscriptions

$

28,152

 

 

$

78,961

 

Non-recurring

 

399

 

 

 

1,125

 

Operating revenues total

 

28,551

 

 

 

80,086

 

Adjusted EBITDA expenses

 

20,892

 

 

 

63,303

 

Adjusted EBITDA

$

7,659

 

 

$

16,783

 

Adjusted EBITDA margin %

 

26.8

%

 

 

21.0

%

 


8

 


 

 

 

 

 

Three Months Ended

 

 

Dec. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Recurring subscriptions

$

30,984

 

Non-recurring

 

294

 

Operating revenues total

 

31,278

 

Adjusted EBITDA expenses

 

25,210

 

Adjusted EBITDA

$

6,068

 

Adjusted EBITDA margin %

 

19.4

%

 

 

Year Ended

 

 

Dec. 31,

 

 

Dec. 31,

 

 

Dec. 31,

 

 

2020

 

 

2019

 

 

2018

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

Recurring subscriptions

$

109,945

 

 

$

89,563

 

 

$

70,291

 

Non-recurring

 

1,419

 

 

 

1,096

 

 

 

1,075

 

Operating revenues total

 

111,364

 

 

 

90,659

 

 

 

71,366

 

Adjusted EBITDA expenses

 

88,513

 

 

 

68,846

 

 

 

55,347

 

Adjusted EBITDA

$

22,851

 

 

$

21,813

 

 

$

16,019

 

Adjusted EBITDA margin %

 

20.5

%

 

 

24.1

%

 

 

22.4

%

The following tables present the results for the All Other – Private Assets segment for the periods indicated:

 

Three Months Ended

 

 

Mar. 31,

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

Recurring subscriptions

$

15,619

 

Non-recurring

 

1,164

 

Operating revenues total

 

16,783

 

Adjusted EBITDA expenses

 

11,086

 

Adjusted EBITDA

$

5,697

 

Adjusted EBITDA margin %

 

33.9

%

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Jun. 30,

 

 

Jun. 30,

 

 

2020

 

 

2020

 

 

(unaudited, in thousands)

 

Operating revenues:

 

 

 

 

 

 

 

Recurring subscriptions

$

12,383

 

 

$

28,002

 

Non-recurring

 

460

 

 

 

1,624

 

Operating revenues total

 

12,843

 

 

 

29,626

 

Adjusted EBITDA expenses

 

11,065

 

 

 

22,151