Key Takeaways:
- EPS beat by 2.5%
- Revenue beat by 1.5%
- Total revenue: $707.95M, up 14.0% YoY and 4.1% QoQ
- Stock advanced 7.4% in midday trading after results
- Record AUM balances in financial products linked to MSCI indexes
- Asset-based fees (ABF) run rate growth of 16%
- Best-ever Q2 for new recurring subscription sales at $83M, up 22% YoY
- Retention rate improved to 94.8% from 92.8% in Q1
- Total Run Rate at June 30, 2024 was $2,807.3 million, up 14.6% YoY
Forward-Looking Statements and Insights:
Henry Fernandez, Chairman and CEO: “We are determined to capture the long term secular trends disrupting the investment industry, such as rising demand for high quality data driven models and insights, increased transparency across asset classes and a more outcome oriented investment solutions.”
Andy Wishman, CFO: “We see tremendous opportunities with compelling secular trends. We see strong client engagement and tangible opportunities to drive growth. We see near term headwinds and client pressures, but we continue execute and drive leadership in these large addressable markets that will drive long term growth for us.”
