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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 10-Q
___________________________________
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from____________to____________
Commission file number 001-33812
________________________________________
MSCI INC.
(Exact Name of Registrant as Specified in its Charter)
________________________________________
Delaware13-4038723
(State or other jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
7 World Trade Center
250 Greenwich Street, 49th Floor
New York, New York
10007
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 804-3900
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareMSCINew York Stock Exchange
________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x  No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x  No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x
As of October 18, 2022, there were 79,958,166 shares of the registrant’s common stock, par value $0.01, outstanding.


Table of Contents
FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
Page
Item 5.47
Item 6.
48
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AVAILABLE INFORMATION
Our corporate headquarters is located at 7 World Trade Center, 250 Greenwich Street, 49th Floor, New York, New York, 10007, and our telephone number is (212) 804-3900. We maintain a website on the internet at www.msci.com. The contents of our website are not a part of or incorporated by reference in this Quarterly Report on Form 10-Q.
We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). The SEC maintains a website that contains reports, proxy and information statements and other information that we file electronically with the SEC at www.sec.gov. We also make available free of charge, on or through our website, these reports, proxy statements and other information as soon as reasonably practicable following the time they are electronically filed with or furnished to the SEC. To access these, click on the “SEC Filings” link found on our Investor Relations homepage (http://ir.msci.com).
We also use our Investor Relations homepage, Corporate Responsibility homepage and corporate Twitter account (@MSCI_Inc) as channels of distribution of Company information. The information we post through these channels may be deemed material.
Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about us when you enroll your email address by visiting the “Email Alert Subscription” section of our Investor Relations homepage at http://ir.msci.com/alerts.cfm. The contents of our website, including our Investor Relations homepage, Corporate Responsibility homepage and social media channels are not, however, a part of or incorporated by reference in this Quarterly Report on Form 10-Q.
FORWARD-LOOKING STATEMENTS
We have included in this Quarterly Report on Form 10-Q, and from time to time may make in our public filings, press releases or other public statements, certain statements that constitute forward-looking statements. In addition, our management may make forward-looking statements to analysts, investors, representatives of the media and others. These forward-looking statements are not historical facts and represent only MSCI’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond our control.
In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. Statements concerning our financial position, business strategy and plans or objectives for future operations are forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect our actual results, levels of activity, performance or achievements. Such risks and uncertainties include those set forth under “Risk Factors” in Part I, Item 1A of the 2021 Annual Report on Form 10-K filed with the SEC on February 11, 2022. Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. The forward-looking statements in this report speak only as of the time they are made and do not necessarily reflect our outlook at any other point in time. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or for any other reason. Therefore, readers should carefully review the risk factors set forth in other reports or documents we file from time to time with the SEC.
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PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements
MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except per share and share data)
As of
September 30,December 31,
20222021
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$867,112 $1,421,449 
Accounts receivable, net of allowances525,360 664,511 
Prepaid income taxes82,678 5,951 
Prepaid and other assets51,758 51,499 
Total current assets1,526,908 2,143,410 
Property, equipment and leasehold improvements, net 54,341 66,715 
Right of use assets 131,772 144,584 
Goodwill2,226,141 2,236,386 
Intangible assets, net 565,582 593,341 
Equity method investment215,370 218,763 
Deferred tax assets27,939 40,119 
Other non-current assets29,474 63,385 
Total assets$4,777,527 $5,506,703 
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable$5,303 $13,448 
Income taxes payable3,770 59,635 
Accrued compensation and related benefits142,282 207,640 
Current portion of long-term debt8,711  
Other accrued liabilities171,476 145,302 
Deferred revenue735,710 824,912 
Total current liabilities1,067,252 1,250,937 
Long-term debt4,504,291 4,161,422 
Long-term operating lease liabilities137,265 150,029 
Deferred tax liabilities47,142 3,650 
Other non-current liabilities98,968 104,132 
Total liabilities5,854,918 5,670,170 
Commitments and Contingencies (see Note 8)
Shareholders’ equity (deficit):
Preferred stock (par value $0.01, 100,000,000 shares authorized; no shares issued)
  
Common stock (par value $0.01; 750,000,000 common shares authorized; 133,620,870
   and 133,162,178 common shares issued and 80,121,138 and 82,439,449 common
   shares outstanding at September 30, 2022 and December 31, 2021, respectively)
1,336 1,332 
Treasury shares, at cost (53,499,732 and 50,722,729 common shares held at September 30, 2022 and December 31, 2021, respectively)
(5,867,881)(4,540,144)
Additional paid in capital1,504,274 1,457,623 
Retained earnings3,358,892 2,976,517 
Accumulated other comprehensive loss(74,012)(58,795)
Total shareholders’ equity (deficit)(1,077,391)(163,467)
Total liabilities and shareholders’ equity (deficit)$4,777,527 $5,506,703 
See Notes to Condensed Consolidated Financial Statements (Unaudited)
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MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
(unaudited)
Operating revenues$560,639 $517,099 $1,672,390 $1,493,702 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)98,418 89,674 301,957 262,781 
Selling and marketing65,545 59,819 192,671 174,477 
Research and development25,941 28,352 78,179 80,745 
General and administrative30,702 38,110 112,993 103,020 
Amortization of intangible assets23,375 14,105 67,274 59,569 
Depreciation and amortization of property, equipment and
   leasehold improvements
7,127 6,809 20,426 20,972 
Total operating expenses251,108 236,869 773,500 701,564 
Operating income309,531 280,230 898,890 792,138 
Interest income(3,938)(396)(5,160)(1,129)
Interest expense44,162 42,137 125,961 119,278 
Other expense (income)103 37,839 (90)61,616 
Other expense (income), net40,327 79,580 120,711 179,765 
Income before provision for income taxes269,204 200,650 778,179 612,373 
Provision for income taxes52,612 30,774 122,577 80,255 
Net income$216,592 $169,876 $655,602 $532,118 
Earnings per share:
Basic$2.69 $2.06 $8.09 $6.45 
Diluted$2.68 $2.03 $8.05 $6.38 
Weighted average shares outstanding:
Basic80,50082,47081,00182,521
Diluted80,87483,55481,48183,446
See Notes to Condensed Consolidated Financial Statements (Unaudited)
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MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
(unaudited)
Net income$216,592 $169,876 $655,602 $532,118 
Other comprehensive (loss) income:
Foreign currency translation adjustments(10,978)(3,226)(25,724)(4,052)
Income tax effect1,453 422 3,921 999 
Foreign currency translation adjustments, net(9,525)(2,804)(21,803)(3,053)
Pension and other post-retirement adjustments293 186 7,779 383 
Income tax effect(79)(48)(1,193)(146)
Pension and other post-retirement adjustments, net214 138 6,586 237 
Other comprehensive (loss) income, net of tax(9,311)(2,666)(15,217)(2,816)
Comprehensive income$207,281 $167,210 $640,385 $529,302 
See Notes to Condensed Consolidated Financial Statements (Unaudited)
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MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
(in thousands)
Common
Stock
Treasury
Stock
Additional
Paid in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
(unaudited)
Balance at December 31, 2021
$1,332 $(4,540,144)$1,457,623 $2,976,517 $(58,795)$(163,467)
Net income228,423 228,423 
Dividends declared ($1.04 per common share)
(87,280)(87,280)
Dividends paid in shares77 77 
Other comprehensive income (loss), net of tax(2,022)(2,022)
Common stock issued4 4 
Shares withheld for tax withholding and exercises(105,000)(105,000)
Compensation payable in common stock22,754 22,754 
Common stock repurchased and held in treasury(772,657)(772,657)
Common stock issued to Directors and
   (held in)/released from treasury
(21)(21)
Balance at March 31, 2022
1,336 (5,417,822)1,480,454 3,117,660 (60,817)(879,189)
Net income210,587 210,587 
Dividends declared ($1.04 per common share)
(84,593)(84,593)
Dividends paid in shares22 22 
Other comprehensive income (loss), net of tax(3,884)(3,884)
Common stock issued 
Shares withheld for tax withholding and exercises(3,862)(3,862)
Compensation payable in common stock11,858 11,858 
Common stock repurchased and held in treasury(276,994)(276,994)
Common stock issued to Directors and
   (held in)/released from treasury
(391)(391)
Balance at June 30, 2022
1,336 (5,699,069)1,492,334 3,243,654 (64,701)(1,026,446)
Net income216,592 216,592 
Dividends declared ($1.25 per common share)
(101,354)(101,354)
Dividends paid in shares27 27 
Other comprehensive income (loss), net of tax(9,311)(9,311)
Common stock issued 
Shares withheld for tax withholding and exercises(3,741)(3,741)
Compensation payable in common stock11,913 11,913 
Common stock repurchased and held in treasury(165,044)(165,044)
Common stock issued to Directors and
   (held in)/released from treasury
(27)(27)
Balance at September 30, 2022
$1,336 $(5,867,881)$1,504,274 $3,358,892 $(74,012)$(1,077,391)
See Notes to Condensed Consolidated Financial Statements (Unaudited)





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MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
(in thousands)
Common
Stock
Treasury
Stock
Additional
Paid in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
(unaudited)
Balance at December 31, 2020
$1,328 $(4,342,535)$1,402,537 $2,554,295 $(58,859)$(443,234)
Net income196,819 196,819 
Dividends declared ($0.78 per common share)
(65,947)(65,947)
Dividends paid in shares66 66 
Other comprehensive income (loss), net of tax(957)(957)
Common stock issued3 3 
Shares withheld for tax withholding and exercises(52,814)(52,814)
Compensation payable in common stock18,842 18,842 
Common stock repurchased and held in treasury(134,340)(134,340)
Common stock issued to Directors and
   (held in)/released from treasury
(20)(20)
Balance at March 31, 2021
1,331 (4,529,709)1,421,445 2,685,167 (59,816)(481,582)
Net income165,423 165,423 
Dividends declared ($0.78 per common share)
(64,863)(64,863)
Dividends paid in shares20 20 
Other comprehensive income (loss), net of tax807 807 
Common stock issued 
Shares withheld for tax withholding and exercises(620)(620)
Compensation payable in common stock12,252 12,252 
Common stock repurchased and held in treasury 
Common stock issued to Directors and
   (held in)/released from treasury
756 756 
Balance at June 30, 2021
1,331 (4,529,573)1,433,717 2,785,727 (59,009)(367,807)
Net income169,876 169,876 
Dividends declared ($1.04 per common share)
(86,476)(86,476)
Dividends paid in shares21 21 
Other comprehensive income (loss), net of tax(2,666)(2,666)
Common stock issued1 1 
Shares withheld for tax withholding and exercises(5,286)(5,286)
Compensation payable in common stock12,263 12,263 
Common stock repurchased and held in treasury 
Common stock issued to Directors and
   (held in)/released from treasury
49 49 
Balance at September 30, 2021
$1,332 $(4,534,810)$1,446,001 $2,869,127 $(61,675)$(280,025)
See Notes to Condensed Consolidated Financial Statements (Unaudited)
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MSCI INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30,
20222021
(unaudited)
Cash flows from operating activities
Net income$655,602 $532,118 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets67,274 59,569 
Stock-based compensation expense46,432 43,218 
Depreciation and amortization of property, equipment and leasehold improvements20,426 20,972 
Amortization of right of use assets18,555 18,255 
Loss on impairment of right of use assets, net705  
Amortization of debt origination fees3,868 3,658 
Loss on extinguishment of debt 59,103 
Deferred taxes59,324 (101,840)
Other adjustments(3,654)5,706 
Changes in assets and liabilities:
Accounts receivable127,043 69,324 
Prepaid income taxes(77,908)4,165 
Prepaid and other assets(1,678)(2,178)
Other non-current assets32,547 332 
Accounts payable(8,144)(6,347)
Accrued compensation and related benefits(58,042)(206)
Income taxes payable(52,939)11,981 
Other accrued liabilities31,297 7,201 
Deferred revenue(66,982)(57,932)
Long-term operating lease liabilities(19,492)(15,644)
Other non-current liabilities6,105 5,763 
Other(397)(813)
Net cash provided by operating activities779,942 656,405 
Cash flows from investing activities  
Capitalized software development costs(44,425)(29,078)
Capital expenditures(8,012)(7,119)
Acquisition of a business, net of cash acquired (948,695)
Acquisition of equity method investment(5)(77)
Other29 (910)
Net cash used in investing activities(52,413)(985,879)
Cash flows from financing activities
Proceeds from borrowings, inclusive of premium355,000 1,803,750 
Repayment of borrowings(5,000)(1,051,810)
Repurchase of common stock held in treasury(1,327,298)(193,060)
Payment of dividends(272,759)(216,496)
Payment of debt issuance costs in connection with debt(2,559)(21,135)
Payment of contingent consideration(211) 
Net cash (used in) provided by financing activities(1,252,827)321,249 
Effect of exchange rate changes(29,039)(7,632)
Net (decrease) increase in cash(554,337)(15,857)
Cash and cash equivalent, beginning of period1,421,449 1,300,521 
Cash and cash equivalent, end of period$867,112 $1,284,664 
Supplemental disclosure of cash flow information:
Cash paid for interest$107,162 $101,631 
Cash paid for income taxes, net of refunds received$154,725 $163,732 
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements in other accrued liabilities$1,926 $4,821 
Supplemental disclosure of non-cash financing activities
Cash dividends declared, but not yet paid$3,270 $2,096 
See Notes to Condensed Consolidated Financial Statements (Unaudited)
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MSCI INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. INTRODUCTION AND BASIS OF PRESENTATION
MSCI Inc., together with its wholly owned subsidiaries (the “Company” or “MSCI”) is a leading provider of critical decision support tools and solutions for the global investment community. Our mission-critical offerings help investors address the challenges of a transforming investment landscape and power better investment decisions. Leveraging our knowledge of the global investment process and our expertise in research, data and technology, we enable our clients to understand and analyze key drivers of risk and return and confidently and efficiently build more effective portfolios. Our products and services include indexes; portfolio construction and risk management tools; environmental, social and governance (“ESG”) and climate solutions; and real estate market and transaction data and analysis.
Basis of Presentation and Use of Estimates
These unaudited condensed consolidated financial statements include the accounts of MSCI and its wholly owned subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of September 30, 2022 and December 31, 2021, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2021 have been derived from the 2021 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for interim periods are not necessarily indicative of results for the entire year.
The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The Company makes certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation.
Concentrations
For the nine months ended September 30, 2022 and 2021, BlackRock, Inc. (“BlackRock”) accounted for 10.5% and 12.9% of the Company’s consolidated operating revenues, respectively. For the nine months ended September 30, 2022 and 2021, BlackRock accounted for 17.7% and 20.6% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate or All Other – Private Assets segments for the nine months ended September 30, 2022 and 2021.
Allowance for Doubtful Accounts
Changes in the allowance for doubtful accounts from December 31, 2020 to September 30, 2022 were as follows:
Amount
(in thousands)
Balance as of December 31, 2020$1,583 
Addition (reduction) to credit loss expense1,210 
Write-offs, net of recoveries(456)
Balance as of December 31, 2021$2,337 
Addition (reduction) to credit loss expense855 
Adjustments and write-offs, net of recoveries(569)
Balance as of September 30, 2022$2,623 
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2. RECENT ACCOUNTING STANDARDS UPDATES
There are no pending accounting standards updates that are currently expected to have a material impact on the Company.
3. REVENUE RECOGNITION
MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment.
The tables that follow present the disaggregated operating revenues for the periods indicated:
For the Three Months Ended September 30, 2022
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$185,531 $142,751 $56,353 $35,581 $420,216 
Asset-based fees125,620    125,620 
Non-recurring11,089 2,164 1,242 308 14,803 
Total$322,240 $144,915 $57,595 $35,889 $560,639 
For the Nine Months Ended September 30, 2022
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$539,740 $420,047 $160,962 $106,276 $1,227,025 
Asset-based fees402,889    402,889 
Non-recurring31,319 6,349 3,790 1,018 42,476 
Total$973,948 $426,396 $164,752 $107,294 $1,672,390 
For the Three Months Ended September 30, 2021
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$165,310 $134,320 $42,592 $15,418 $357,640 
Asset-based fees141,745    141,745 
Non-recurring14,448 1,978 1,099 189 17,714 
Total$321,503 $136,298 $43,691 $15,607 $517,099 
For the Nine Months Ended September 30, 2021
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$480,488 $399,360 $115,299 $48,355 $1,043,502 
Asset-based fees404,593    404,593 
Non-recurring34,876 6,857 2,450 1,424 45,607 
Total$919,957 $406,217 $117,749 $49,779 $1,493,702 
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The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated:
Accounts receivable, net Deferred revenue
(in thousands)
Opening (December 31, 2021)
$664,511 $824,912 
Closing (September 30, 2022)
525,360 735,710 
Increase/(decrease)$(139,151)$(89,202)
Accounts receivable, netDeferred revenue
(in thousands)
Opening (December 31, 2020)
$558,569 $675,870 
Closing (September 30, 2021)
496,726 643,352 
Increase/(decrease)$(61,843)$(32,518)
The amounts of revenue recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $149.4 million and $722.0 million for the three and nine months ended September 30, 2022, respectively and $145.2 million and $623.8 million for the three and nine months ended September 30, 2021, respectively. The difference between the opening and closing balances of the Company’s deferred revenue is primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. As of September 30, 2022 and December 31, 2021, the Company carried a long-term deferred revenue balance of $27.7 million and $23.4 million, respectively, in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statement of Financial Condition.
For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows:
As of
September 30,
2022
(in thousands)
First 12-month period$572,644 
Second 12-month period332,957 
Third 12-month period138,779 
Periods thereafter84,390 
Total$1,128,770 
4. EARNINGS PER COMMON SHARE
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the assumed conversion of all dilutive securities, including, when applicable, restricted stock units (“RSUs”), performance stock units (“PSUs”) and performance stock options (“PSOs”).
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The following table presents the computation of basic and diluted EPS:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
(in thousands, except per share data)
Net income$216,592 $