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  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "pageNumber": 112,
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  "notes": "The slide uses a side-by-side comparison of the company's reported reconciliation table and a custom 'Spruce Point' adjustment table to highlight the impact of specific accounting choices.",
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      "kind": "callout",
      "text": "Spruce Point takes major issue with MSCI's Adj. EPS. For example, the Company wants investors to ignore $100 million of debt extinguishment costs associated with modifying its capital structure. However, MSCI has spent $2.3 billion in the past three years modifying its capital structure by repurchasing shares at a rich multiple to boost its EPS and ignores this effect on its Adj. EPS. We believe management looks to be using Company funds to hit bonus targets. In addition, MSCI wants investors to ignore real cash costs associated with software development activities. We believe Adj. EPS has been inflated by aggressive measures.",
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      "text": "We believe Adj. EPS has been inflated by aggressive measures.",
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      "text": "Adjusted EPS: -28%",
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      "text": "Source: 2023 and 2018 Proxy Statement",
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      "text": "MSCI's Depiction of Adj. EPS (Reconciliation table)",
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      "text": "Spruce Point Adj. EPS (Recalculated table)",
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      "text": "Governance: Highly Inflated Adj. EPS",
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