明晟 2025年季度报告

FORM10-Q___________________________________ Part I – Financial Information Item 1.Financial Statements4Condensed Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 20244Condensed Consolidated Statements of Income for Periods Ended March 31, 2025 and March 31, 20245Condensed Consolidated Statements of Comprehensive Income for Periods Ended March 31, 2025 and March 31,20246Condensed Consolidated Statements of Shareholders’ Equity (Deficit) for Periods Ended March 31, 2025 andMarch 31, 20247Condensed Consolidated Statements of Cash Flows for the Periods Ended March 31, 2025 and March 31, 20248Notes to Condensed Consolidated Financial Statements91. Introduction and Basis of Presentation92. Recent Accounting Pronouncements103. Revenue Recognition104. Earnings Per Common Share115. Acquisitions126. Goodwill and Intangible Assets, Net137. Debt148. Leases159. Shareholders’ Equity (Deficit)1610. Income Taxes1711. Segment Information1712. Subsequent Events21Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations22Item 3.Quantitative and Qualitative Disclosures About Market Risk39 Item 4.Controls and Procedures Table of Contents AVAILABLE INFORMATION Our corporate headquarters is located at 7 World Trade Center, 250 Greenwich Street, 49th Floor, New York, New York, 10007, andour 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 We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission(“SEC”). The SEC maintains a website that contains reports, proxy and information statements and other information that we file electronicallywith the SEC at www.sec.gov. We also make available free of charge, on or through our website, these reports, proxy statements and other We also use our investor relations website ir.msci.com and our social media outlets, such as LinkedIn or X (@MSCI_Inc), as channelsof 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 conferencecalls and webcasts. In addition, you may automatically receive email alerts and other information about us when you enroll your email addressby visiting the “Email Alerts” on our investor relations homepage at https://ir.msci.com/email-alerts. The contents of our website, including our 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 otherpublic statements, certain statements that constitute forward-looking statements. In addition, our management may make forward-lookingstatements to analysts, investors, representatives of the media and others. These forward-looking statements are not historical facts andrepresent only MSCI’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond our control. These 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 otherfactors that are, in some cases, beyond our control and that could materially affect our actual results, levels of activity, performance orachievements. Such risks and uncertainties include those set forth under “Risk Factors” in Part I, Item 1A of the 2024 Annual Report on Form10-K filed with the SEC on February7, 2025. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to beincorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement reflects our current views withrespect to future events, levels of activity, performance or achievements and is subject to these and other risks, uncertainties and assumptions 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 supporttools and solutions for the global investment community. Our mission-critical offerings help investorsnavigate the complexities of a dynamicand evolving investment landscape. Leveraging our deep knowledge of the global investment process and our expertise in research, data andtechnology, we enable our clients to understand and analyze key drivers of risk and return and build portfolios more effectively. Our products