01—Abstract
Summary
Summary of the 10-K/A filed March 2, 2015. Cited figures are marked; the original filing is the authoritative source.
This filing is Amendment No. 1 (Form 10-K/A) to MSCI Inc.'s Annual Report for the fiscal year ended December 31, 2014, signed March 2, 2015.
It was filed solely to correct an error on the cover page of the original Form 10-K filed February 27, 2015. The original cover page stated that 127,233,209 shares of common stock were outstanding as of February 20, 2015; the correct figure, shown in this amendment, is 112,375,127 shares. The amendment states that no changes were made to the financial statements.
Apart from the cover page correction, it adds currently dated Section 302 certifications from the CEO and CFO and updated XBRL data under Item 15 of Part IV. It should be read together with the Original Form 10-K, and it does not reflect events after that original filing. The filing also reports that the aggregate market value of common stock held by non-affiliates was $5,241,587,917a as of June 30, 2014, based on the NYSE closing price.
The company's proxy statement for its April 30, 2015 annual meeting is incorporated by reference into Part III. Because this amendment contains only the cover page correction, certifications, and XBRL data, it does not include the business description, results of operations, or detailed financial discussion.
02—Key points
Key Highlights
- Filing type: Amendment No. 1 to the Form 10-K for fiscal year ended December 31, 2014, dated March 2, 2015
- Purpose: corrects the cover page share count from the Original Form 10-K filed February 27, 2015
- Corrected shares of common stock outstanding as of February 20, 2015: 112,375,127 (originally stated as 127,233,209)
- Aggregate market value of non-affiliate common stock as of June 30, 2014: $5,241,587,917
- No changes made to the financial statements
- Added currently dated Section 302 certifications and updated XBRL data under Item 15 of Part IV
- Annual meeting of stockholders scheduled for April 30, 2015, with proxy information incorporated into Part III by reference
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2014, Msci kept $0.29.
- Revenue$996.7M100.0%
- Cost of revenue−$276.6M27.8%
- Gross profit$720.1M72.2%
- Operating costs−$382.9M38.4%
- Operating income$337.2M33.8%
- Interest, other & tax−$53.1M5.3%
- Net income$284.1M28.5%
Where FY2014 revenue went
$996.7M- Net income: $284.1M, 29% of revenue
- SG&A: $279.4M, 28% of revenue
- Cost of revenue: $276.6M, 28% of revenue
- R&D: $71.1M, 7.1% of revenue
- Other operating costs: $32.4M, 3.3% of revenue
- Interest, other & tax: $53.1M, 5.3% of revenue
Kept 29% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2014filed March 2, 2015Financial Statements
FY2014 against FY2013
| Line item | FY2014FY2013 | Change |
|---|---|---|
| Revenue | $996.68M$913.36M | +9.1% |
| Cost of Revenue | $276.62M$240.70M | +14.9% |
| Gross Profit | $720.06M$672.67M | +7.0% |
| R&D Expenses | $71.09M$61.00M | +16.5% |
| SG&A Expenses | $279.35M$232.45M | +20.2% |
| Operating Expenses | $659.51M$573.03M | +15.1% |
| Operating Income | $337.17M$340.33M | −0.9% |
| Interest Expense | $31.82M$26.26M | +21.2% |
| Net Income | $284.11M$222.56M | +27.7% |
| EPS (Basic) | $2.45$1.85 | +32.4% |
| EPS (Diluted) | $2.43$1.83 | +32.8% |
| Shares Outstanding (Basic) | 115.74M120.10M | −3.6% |
| Shares Outstanding (Diluted) | 116.71M121.07M | −3.6% |
05—Questions
Frequently Asked Questions
Why was this amendment filed?
The amendment corrects an error on the cover page of the Original Form 10-K filed February 27, 2015. That cover page listed 127,233,209 shares outstanding as of February 20, 2015, when the correct figure was 112,375,127.
Did the financial results change in this amendment?
No. The filing states that no changes were made to the registrant's financial statements. The changes are limited to the cover page share count, the currently dated Section 302 certifications, and updated XBRL data.
How many shares of common stock were outstanding?
As of February 20, 2015, there were 112,375,127 shares of the registrant's $0.01 par value common stock outstanding, according to the corrected cover page.
What was the value of shares held by non-affiliates?
The aggregate market value of common stock held by non-affiliates was $5,241,587,917 as of June 30, 2014, based on the closing price reported by the New York Stock Exchange on that date.
Should investors read this amendment alone?
No. The filing states that Amendment No. 1 should be read together with the Original Form 10-K, since it contains only the cover page correction, certifications, and XBRL updates.
06—Continue