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  "documentTitle": "MSCI Inc. (MSCI)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "Uses red callout boxes to annotate specific line items in the guidance table.",
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      "kind": "callout",
      "text": "MSCI's recent financial guidance update was underwhelming with expenses up and cash flow unchanged. Our biggest concern is that MSCI is suggesting it will borrow on its revolver for additional liquidity. Based on a current borrowing rate of 5.4% we estimate it will draw ~$100 million.",
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      "kind": "disclaimer",
      "text": "A portion of our annual interest expense is from our variable rate Term Loan A facility... MSCI's guidance for the year ending December 31, 2023...",
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      "text": "Burgiss contribution plus higher expenses; Borrowing on the revolver; Higher level of software capitalization and some elevated hardware purchases; No cash flow increase",
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      "text": "Free Cash Flow: $100 million",
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      "text": "Full-Year 2023 Guidance table comparing Previous vs Current guidance items.",
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