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  "documentTitle": "MSCI Inc. (MSCI)",
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  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "The slide argues that capitalized software costs are real cash costs that should not be ignored in EBITDA adjustments.",
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      "text": "Spruce Point observes that MSCI is capitalizing a greater amount of software development costs, which are conveniently added back to Adjusted EBITDA and passed-off as non-cash expenses. However, we do not believe that is a fair characterization because these are real cash costs that cannot simply be ignored, especially since MSCI has a history of failed software development projects.",
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      "text": "Spruce Point observes that MSCI is capitalizing a greater amount of software development costs, which are conveniently added back to Adjusted EBITDA and passed-off as non-cash expenses.",
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      "text": "Capitalized Dev. Cost",
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      "text": "Higher % of Adj. EBITDA From Amortization of Development Costs",
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      "text": "(1): MSCI wrote-off $16m of capitalized development costs in 2021 which lowered the expense. Source: MSCI and Spruce Point analysis",
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