MSCI Inc

For the period ended Dec 31, 2023. Filed Feb 9, 2024.

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FY2023 · Filed Feb 9, 2024

MSCI$646.45+0.8%Stored close · as of Nov 9, 2026

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Contents

3. Revenue Recognition

REVENUE RECOGNITION

MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenues 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:

	Segments
(in thousands) · Index · Analytics · ESG and Climate · All Other - Private Assets · Total
Operating Revenues Types
Recurring subscriptions	$814,582	$603,291	$282,351	$171,066		$1,871,290
Asset-based fees	557,502	—	—		557,502
Non-recurring	79,731	12,665	5,217	2,515		100,128
Total	$1,451,815	$615,956	$287,568	$173,581		$2,528,920

	Segments
(in thousands)	Index	Analytics	ESG and Climate	All Other - Private Assets	Total
Operating Revenues Types
Recurring subscriptions	$729,710	$567,004	$223,160	$139,649	$1,659,523
Asset-based fees	528,127	—	—	—	528,127
Non-recurring	45,372	9,103	5,151	1,322	60,948
Total	$1,303,209	$576,107	$228,311	$140,971	$2,248,598

	Segments
(in thousands)	Index	Analytics	ESG and Climate	All Other - Private Assets	Total
Operating Revenues Types
Recurring subscriptions	$650,629	$533,178	$162,609	$79,624	$1,426,040
Asset-based fees	553,991	—	—	—	553,991
Non-recurring	47,144	11,121	3,583	1,665	63,513
Total	$1,251,764	$544,299	$166,192	$81,289	$2,043,544

The table that follows presents the change in accounts receivable, net of allowances and current deferred revenue between the dates indicated:

(in thousands)	Accounts receivable, net of allowances	Deferred revenue
Opening (December 31, 2022)	$663,236	$882,886
Closing (December 31, 2023)	839,555	1,083,864
Increase/(decrease)	$176,319	$200,978

(in thousands)	Accounts receivable, net of allowances	Deferred revenue
Opening (December 31, 2021)	$664,511	$824,912
Closing (December 31, 2022)	663,236	882,886
Increase/(decrease)	$(1,275)	$57,974

The amount of revenue recognized in the period that was included in the opening current deferred revenue, which reflects the contract liability amounts, was $836.7 million, $819.9 million and $672.5 million for the years ended December 31, 2023, 2022 and 2021 respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by an increase in amortization of deferred revenue to operating revenues. As of December 31, 2023, 2022 and 2021, the Company carried a long-term deferred revenue balance of $28.8 million, $29.4 million and $23.4 million, respectively, in “Other non-current liabilities” on the 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
(in thousands)	December 31, 2023
First 12-month period	$838,863
Second 12-month period	530,258
Third 12-month period	256,911
Periods thereafter	182,052
Total	$1,808,084

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