Msci Inc. · NYSE:MSCI
Msci — Investor Presentation (March 2025)
76 slides from Msci's investor presentation, Mar 3, 2025
Slide 1: MSCI Inc. Investor Presentation
MSCI Inc. INVESTOR PRESENTATION March 03, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements • This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2025 guidance and MSCI's long-term targets. These forward- looking statements relate to future
Slide 3: Other Information
Other Information • Percentage changes and totals in this earnings presentation may not sum due to rounding. • Percentage changes refer to the comparable period in 2023, unless otherwise noted. • All financial figures for the full year and three months ended December 31, 2024 are unaudited unless ot
Slide 4: Company overview
Company overview
Slide 5: A Global Franchise Serving the World's Largest Investors
A Global Franchise Serving the World’s Largest Investors What We Do 6,132 30+ employees1 office locations1 Provide mission-critical investment data, models, research and technology across asset classes Employee 31% employees in DMC vs. distribution1 69% in EMC locations $5.5T ~7,100 100+ clients1,2
Slide 6: Our Strategy
Portfolio Construction Owners Models of Assets Data Risk Managers Asset Our Strategy Corporates Management of Assets Allocation Financial Intermediaries Support the Investment Process Performance Needs of our Clients with Highly Attribution Differentiated Solutions Supported by Best-in-Class Capabil
Slide 7: Helping Investors Navigate Increasingly Complex Global Landscape
Helping Investors Navigate Increasingly Complex Global Landscape More: $118T+ Managed Assets Investors Markets • Proliferation of investors • New geographies and 118,000+ Public Equities markets are accessible Millions Fixed Income Instruments 20,690+ Private Capital Funds Choices Styles • Securitie
Slide 8: Addressing Client Needs to Power Better Investment Decisions
Addressing Client Needs to Power Better Investment Decisions Investors look to MSCI for Supporting Investors’ Needs in the Investment Process • Data- and research-driven insights into drivers of risk and performance • Broad asset class coverage • Innovative tools to help bring investment strategies
Slide 9: Enabling Participants in the Investment Process
Enabling Participants in the Investment Process Enabling asset owners Enabling corporates and managers to and others to make better investment understand ESG and decisions and build Providers Users climate risk, benchmark better portfolios of Capital of Capital against peers and inform engagement wi
Slide 10: MSCI Data and Technology Capabilities
MSCI Data and Technology Capabilities Proven Ability to Handle Complex, Integrated and High-volume Workflows with Flexible and Scalable Solutions for Clients Collect Compute Deliver 500+ 290K+ 1300+ Data Vendors1 Indexes Calculated Daily1 APIs across All Product Lines1 Clean and Process 1,000+ Enhan
Slide 11: Widespread Demand for MSCI's Offerings
Widespread Demand for MSCI’s Offerings Clients Solutions for Capabilities • Asset Managers • ESG and Climate Investing • Data • Asset Owners • Customized Indexes • Models • Broker-Dealers • Derivatives • Technology • Wealth Managers • Factor Investing • Talent • Corporates • Private Asset Investing
Slide 12: Well Positioned In Different Market Scenarios From All Weather Franchise
Well Positioned In Different Market Scenarios From All Weather Franchise Times of Strength Times of Stress Upturn / Downturn Expense Levers • 97% recurring revenue1,2 • ~74% recurring subscription2 • Retention rates ~90% across segments2 Approx. Annual Impact of ~10% Futures & Options or higher Flex
Slide 13: Robust and Compelling Financial Model
Robust and Compelling Financial Model Recurring, visible revenue model ~97% recurring revenues1 as percent of total revenues from 2016 through 2024 Operating efficiency strength Disciplined operating expense management Triple-Crown investment opportunities to grow business Investing in multiple stra
Slide 14: Financial review
Financial review
Slide 15: Exceptional Track Record of Financial Execution
Exceptional Track Record of Financial Execution Revenue ($m) Adjusted EBITDA1 ($m) $2,856 58.6% 59.1% 60.2% 60.1% 57.3% $2,529 54.6% 15% $2,249 13% $2,044 CAGR $1,523 $1,716 CAGR $1,558 $1,695 $1,197 $1,330 $850 $972 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Free Cash Flow1 ($m) Ad
Slide 16: Significant Recurring Revenue Model with Global Client Base
Significant Recurring Revenue Model with Global Client Base Operating Revenues Mix MSCI Subscription Run Rate MSCI Subscription Run Rate Quarter Ended 12/31/2024 as of 12/31/2024 by Geography as of 12/31/2024 by Client Base by Segment by Type Non-Recurring 3% All Other – Private F&O transaction base
Slide 17: Emerging Growth Opportunities
Emerging Growth Opportunities Run Rate (US$ in millions) $434 12/31/2023 $411 12/31/2024 $253 $267 $136 $95 $101 $113 $91 $104 $105 $116 $55 $57 6 Insurance Climate 1 Fixed Income 2 Futures & Options 3 Wealth Management 4 Private Assets 5 ESG (ex. Climate) Expanding in attractive additional addressa
Slide 18: Innovation and Investment in Key Growth Areas
Innovation and Investment in Key Growth Areas New Growth Scale Efficiencies Drive new business capabilities Expand existing products and Avoid and/or repurpose costs; through new products and services capabilities to accelerate growth achieve productivity gains Examples: Examples: Examples: • Climat
Slide 19: Strong Balance Sheet Provides Optionality
Strong Balance Sheet Provides Optionality (US$ in millions, unless otherwise noted) Cash1 and Debt as of 12/31/2024 • In 4Q24, returned $494.7M to shareholders through share Total Cash $409M repurchases of $369.9M and quarterly dividends of $124.8M. Total Debt2 $4,511M • Strong balance sheet provide
Slide 20: Disciplined Approach to Capital Deployment for Shareholders
Disciplined Approach to Capital Deployment for Shareholders Share Repurchases Dividends ($M) 90 $509 86 85 83 81 80 $442 79 $374 $1,285 $304 $247 $221 $925 $172 $810 $121 $727 $459 2017 2018 2019 2020 2021 2022 2023 2024 $102 $140 • Meaningful dividend with strong historical 2018 2019 2020 2021 2022
Slide 21: 4Q24 Financial Results Snapshot
4Q24 Financial Results Snapshot Robust earnings growth reflecting all weather franchise As of December 31, 2024 As of December 31, 2024 4Q24 Operating Revenues 4Q24 Operating Revenues Subscription Run Rate Subscription Run Rate (reported) (organic) Growth (reported) Growth (organic) +8% +7% +7% +8%
Slide 22: Segment highlights
Segment highlights
Slide 23: MSCI Indexes are Built Using a Modular Approach
MSCI Indexes are Built Using a Modular Approach Size • Rules-based, consistent, and transparent methodology1 ESG MSCI World IMI Style • Spanning across developed markets, emerging markets, and frontier markets Sectors MSCI Emerging • Can be used as tools supporting portfolio Markets IMI Factors cons
Slide 24: MSCI Has A Wide Range of Indexes
MSCI Has A Wide Range of Indexes Our diverse offering spans multiple asset classes and includes broad-market, standard indexes, client-designed indexes, climate- aligned indexes, and more. Market Cap Weighted Thematic Indexes Aligned with Megatrends Fixed Income Transformative Tech Issuance weighted
Slide 25: Index Usage Throughout the Investment Process
Index Usage Throughout the Investment Process GROWING USES OF INDEXES Define Investable Universe Exposure and Liquidity Management Asset Allocation Performance Attribution Market Cap, Factor, Climate, Model Portfolios ESG, Thematic Investment Process Indexes Customized for Risk Profile Benchmarking
Slide 26: Index: Client Demand for Customized Indexes to Meet Specified Needs
Index: Client Demand for Customized Indexes to Meet Specified Needs • Clients define benchmark needs beyond MSCI standard indexes Benefits 1 2 • MSCI calculates bespoke benchmarks leveraging each client’s custom inputs and methodology Broad Coverage Data Reliability Clients can customize and Cli
Slide 27: Multiple Layers of Use Cases for Custom Indexes
Multiple Layers of Use Cases for Custom Indexes Investment Use Cases Client Segments Examples Asset Owner Mandates • Since 2020, around one-third of MSCI indexes used by Express a view via their capital allocations Asset Owners & Asset Managers asset owners for policy or mandate allocations have bee
Slide 28: Index Subscription at a Glance
Index Subscription at a Glance Index Subscription Run Rate Index Subscription Run Rate Index Subscription Run Rate as of 12/31/2024 by Geography as of 12/31/2024 by Client base +8% +8% $934.3 Organic $861.3 Hedge $71.4 $107.4 +7% Funds Wealth $100.7 Others $57.4 $135.8 8% Management +8% 4% 6% $125.5
Slide 29: Index: Growth through the Index Revolution
Index: Growth through the Index Revolution (US$ in millions) Index Subscription Run Rate and Asset-Based Fees (ABF) Run Rate $1,613 $1,452 2010 – 2024 Total Index Run Rate $1,284 $1,292 13% $679 CAGR CAGR : 12% $1,082 $591 $955 $514 $589 $815 $464 $768 $396 $624 $312 $570 $317 $510 $463 $217 11% $37
Slide 30: Growing AUM Linked to MSCI Indexes Across Active and Passive Strategies
Growing AUM Linked to MSCI Indexes Across Active and Passive Strategies AUM benchmarked to MSCI Indexes AUM benchmarked to MSCI Indexes Active vs. Passive breakdown as of June 30, 20241 $ in Trillions CAGR* % 16.5 13% 15.6 14.9 Other (incl. Futures 13.7 & Options) 5.5 20% Asia 4.6 4.9 ACWI 4.2 Europ
Slide 31: Geographic Market Exposures of MSCI-Linked ETFs Increasingly Diversified
Geographic Market Exposures of MSCI-Linked ETFs Increasingly Diversified Over Time Mix of MSCI linked equity ETF AUM balance by geographic exposure % US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI Developed Market (DM) countries, primarily or
Slide 32: Market Movement and Momentum in Cash Flows Continues
Market Movement and Momentum in Cash Flows Continues (US$ in billions) 9M22: MSCI-linked equity ETF AUM 4Q18: MSCI-linked equity ETF balance declined 26% vs Dec-21 AUM of ETFs linked to MSCI Equity Indexes AUM balance declined 9% amid high inflation, interest rate Total QoQ amid concerns on global h
Slide 33: Listed Futures & Options Linked to MSCI Indexes
Listed Futures & Options Linked to MSCI Indexes Run Rate From Listed Futures & Options Futures & Options Volume Linked Linked to MSCI Indexes to MSCI Indexes (US$ in millions) (in millions of contracts traded1) 1Contract volumes traded may not tie to volume figures used for calculating Futures & Opt
Slide 34: Analytics: Significant Opportunities in Equity Portfolio Management
Analytics: Significant Opportunities in Equity Portfolio Management: $1B+ Serviceable TAM Growth Drivers Accelerators Increasingly using Factors for portfolio Integration of ESG and Climate in portfolio Asset Owners construction and asset allocation construction • Client-facing applications Portfoli
Slide 35: Analytics: Multi-Asset Class Solutions Well Positioned to Grow
Analytics: Multi-Asset Class Solutions Well Positioned to Grow in a $2B+ Serviceable TAM Growth Drivers Accelerators • Tools for multi-asset solution managers Large demand for multi-asset solutions • Asset allocation solutions for Multi-Asset Class from institutional and asset owners Portfolio Manag
Slide 36: Build Better Solutions with MSCI Multi-Asset Class Solutions
Build Better Solutions with MSCI Multi-Asset Class Solutions 1 2 3 ESG & Climate Data Differentiated Content Enterprise Data Workflows • Integrated Climate and ESG data • Across global geographies & • High-performance, high- to build solutions aligned with asset classes availability workflows to int
Slide 37: Analytics: Growth Opportunities in Fixed Income Portfolio Management
Analytics: Growth Opportunities in Fixed Income Portfolio Management MSCI is Offering Key Drivers Differentiated Solutions • Systematic investing in fixed income is growing as data becomes widely available and price transparency improves • Fixed income investors need to integrate ESG/Climate Develop
Slide 38: Wealth Ecosystem Value Proposition
Wealth Ecosystem Value Proposition – Mainstreaming Professional Investment Management Functions Wealth Manager MSCI Capabilities MSCI Opportunity Demands • Automated Personalized • Institutional Quality Content (including • To automate Portfolio Construction and sustainability data, risk analytics,
Slide 39: Analytics Segment at a Glance
Analytics Segment at a Glance Analytics Run Rate Analytics Run Rate Analytics Run Rate as of 12/31/2024 by Geography as of 12/31/2024 by Client base (US$ in millions) +6% +7% $698.4 Organic $661.9 APAC Hedge Funds $228.3 +10% $207.2 15% 19% Wealth Management 4% Asset Managers Others 41% 3% Americas
Slide 40: ESG & Climate: A Pioneer and Market Leader
ESG & Climate: A Pioneer and Market Leader Setting Standards and Providing Leadership and Depth of Coverage: a Common Language • #1 ESG Index Provider by Equity ETF Assets Linked to its ESG years experience in objectively ESG Indexes3; Indexes • $933B in institutional, retail and ETF assets benchmar
Slide 41: ESG & Climate: Extensive Solutions Backed by Unique Capabilities
ESG & Climate: Extensive Solutions Backed by Unique Capabilities • Our cutting-edge modelling • One of the first ESG provider to assess capabilities transform varied companies based on industry financial Alternative sources of unstructured data into Financial materiality, dating back to 19991 data b
Slide 42: Climate Change is Influencing the Flow Of Capital
Climate Change is Influencing the Flow Of Capital Across the Financial Ecosystem Bringing Clarity to Climate Investing Solutions to Support Financial Client-centric Climate Solutions Institutions and Corporates in: Strategy, Objectives Portfolio Construction & Measurement and Target Setting Product
Slide 43: A Clear View of the Climate Transition and Physical Risks
A Clear View of the Climate Transition and Physical Risks at Every Step of the Process: Identify, Measure and Monitor Risks and Opportunities Integration and Analysis of Climate Exposure Forward-Looking Climate Insights Climate Models and Metrics Implied Temperature Rise (ITR) provides a forward- lo
Slide 44: MSCI ESG Research: Extensive Universe of Data
MSCI ESG Research: Extensive Universe of Data Robust metrics & scores, building blocks and data sets to provide more transparency into the underlying inputs into our models and offer clients tools to address their key data needs. Source Data and Documents (L0) Standardized Data (L1) Derived Data and
Slide 45: MSCI ESG & Climate Standardized Data
MSCI ESG & Climate Standardized Data Production and Capacity Data Company Segment Data Sustainable Activity Controversies and Global Standardized production and capacity data including fossil fuels, Business and geographic revenue and asset segments mapped to key ESG risk exposures Revenue Data Norm
Slide 46: MSCI ESG Research: Data to Help Clients with Critical Investing Decisions
MSCI ESG Research: Data to Help Clients with Critical Investing Decisions Drill down into MSCI model Data to measure and communicate the impact of Helping clients understand the components that portfolios drive an MSCI ESG Research top level assessment by diving into the data. Assess and communicate
Slide 47: MSCI ESG & Climate Data – Quality Assurance
MSCI ESG & Climate Data – Quality Assurance MSCI ESG & Climate products are based on 7 million data points per month with inputs from more than 4,700 news sources, 150 alternative data sources, 12,000 corporate websites and interactions with more than 7,000 corporate issuers. Overarching Governance
Slide 48: YoY Growth Across ESG and Climate Franchise
YoY Growth Across ESG and Climate Franchise AUM in ETFs Linked to MSCI ESG and Climate Equity ESG & Climate Run Rates Across all Segments1 Indexes (US$ in billions) ESG Subscription Climate Subscription ESG ABF Climate ABF $32.9 U.S. $20.0 DM ex. U.S. $7.9 9% $5.1 $523 +34% $(8.1) EM +15% +7% $311.7
Slide 49: ESG & Climate: Continued Growth Across Firmwide Franchise
ESG & Climate: Continued Growth Across Firmwide Franchise (US$ in millions) Firmwide ESG & Climate Run Rate $569 $523 45% $433 $212 $190 CAGR 2010-2024 CAGR +28% $357 $156 $154 $224 24% $146 $86 $333 $357 CAGR $106 $45 $277 $40 $48 $84 $27 $203 $18 $22 $25 $27 $61 $19 $5 $8 $12 $138 $1 $5 $6 $4 $79
Slide 50: ESG & Climate Segment at a Glance
ESG & Climate Segment at a Glance ESG & Climate Segment ESG & Climate Run Rate ESG & Climate Run Rate Run Rate as of 12/31/2024 by Geography as of 12/31/2024 by Client base (US$ in millions) +10% Hedge +8% Organic Funds $343.7 APAC Wealth 5% $319.3 14% Management 10% Americas Others 12% 35% Asset Ma
Slide 51: MSCI Private Assets Supports the Evolving Needs of Private Asset Investors
MSCI Private Assets Supports the Evolving Needs of Private Asset Investors 2012 2013 2020 2020 2021 2023 Acquisition of IPD Launched first Global Launched Launched Real Estate Acquisition of Real Acquisition of Private Real Estate Risk Infrastructure Risk Model Climate Value at Risk Capital Analytic
Slide 52: MSCI Private Asset Solutions Help Investors Navigate the Investment Lifecycle
MSCI Private Asset Solutions Help Investors Navigate the Private Assets Investment Lifecycle Comprehensive Asset & End-to-End Portfolio Managed Data Fund Level Data Solutions Management Solutions Services & Insights In-depth Private Asset Benchmark Data Understand Performance Across Multi-Asset Port
Slide 53: How MSCI Spans Asset Classes and Strategies
How MSCI Spans Asset Classes and Strategies Public Assets and Hedge Funds Private Assets Private Asset Fixed Hedge Private Private Equities Real Infrastructure Classes Income Funds Equity Credit Estate Total Plan Portfolio Management Solutions and Risk Models MSCI Indexes Climate Solutions Relevant
Slide 54: MSCI Private Capital Closed-end Fund Indexes
MSCI Private Capital Closed-end Fund Indexes Span the spectrum of private assets including private equity, private credit and private real assets globally and by region. Our private capital indexes are designed to help Limited Partners and General Partners: • Measure performance effectively • Mitiga
Slide 55: All Other – Private Assets Segment at a Glance
All Other – Private Assets Segment at a Glance All Other – Private Assets All Other- Private Assets Run Rate All Other- Private Assets Run Rate Run Rate as of 12/31/2024 by Geography as of 12/31/2024 by Client base (US$ in millions) +7% 6% APAC Insurance 3% Organic Others 7% $266.7 12% Asset $252.7
Slide 56: Capabilities
Capabilities
Slide 57: MSCI ONE Opportunity – Unified Platform for Real-time Portfolio and Market Data
MSCI ONE Opportunity– Unified Platform for Real-time Portfolio and Market Data Access PLATFORM OVERVIEW Instant access to portfolio, benchmark, and instrument data in a single, trusted platform Insights into Performance, Liquidity & Market Risk, ESG, Climate Risk at portfolio, and aggregate port
Slide 58: Appendix
Appendix
Slide 59: Continued Resilient Key Operating Metrics
Continued Resilient Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) Quarterly Retention Rate Trends 59
Slide 60: 4Q19 to 4Q24 YoY Run Rate Growth
4Q19 to 4Q24 YoY Run Rate Growth Index Analytics 60
Slide 61: 4Q19 to 4Q24 YoY Run Rate Growth
4Q19 to 4Q24 YoY Run Rate Growth ESG & Climate All Other - Private Assets 61
Slide 62: 4Q24 QoQ AUM Drivers: MSCI-Linked Equity ETFs
4Q24 QoQ AUM Drivers: MSCI-Linked Equity ETFs (US$ in billions) By Geographic Exposure By Product $(85.3) $(85.3) $1.9 U.S. $(51.2) DM ex. U.S. Market Cap $(65.5) Weighted $(36.1) EM $(10.8) ESG & Climate $(9.0) Factors $1,761.8 $1,724.7 $1,761.8 $1,724.7 62
Slide 63: Index Segment: Asset-Based Fees Details
Index Segment: Asset-Based Fees Details (US$ in millions, except AUM in billions and Period-End BPS) Asset-based Fees (ABF) Revenue Quarterly Average AUM and Period-End Basis Point Quarter-End AUM by Market Exposure3 of Fee2 of ETFs linked to MSCI Equity Indexes ETFs linked to MSCI Equity Indexes Fu
Slide 64: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures • MSCI has presented supplemental non-GAAP financial measures as part of this earnings presentation. Reconciliations are provided in subsequent slides that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non-GAAP financial measu
Slide 65: Use of Operating Metrics
Use of Operating Metrics • MSCI has presented supplemental key operating metrics as part of this earnings presentation, including Retention Rate, Run Rate, subscription sales, subscription cancellations and non-recurring sales. • Retention Rate is an important metric because subscription cancellatio
Slide 66: End Notes Regarding AUM benchmarked to MSCI Indexes
End Notes Regarding AUM benchmarked to MSCI Indexes • Assets under management (AUM) as of June 30, 2024, reported on or before September 30, 2024, using data from eVestment for active institutional funds and Morningstar for active retail funds. Equity ETF values were based on data from Refinitiv and
Slide 67: 4Q24 Summary Financial Results
4Q24 Summary Financial Results Three Months Ended Year Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands, except per share data (unaudited) 2024 2023 % Change 2024 2023 % Change Operating revenues $ 743,509 $ 690,106 7.7 % $ 2,856,128 $ 2,528,920 12.9 % Operating income $ 405,194 $ 370,745 9.3
Slide 68: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) Year Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands 2024 2023 2022 2021 2020 Net income $ 1,109,128 $ 1,148,592 $ 870,573 $ 725,983 $ 601,822 Provision for income taxes 247,040 220,469 173,268 132,153 84,403 Other expense (
Slide 69: Reconciliation of Net Income to Adjusted EBITDA (cont'd)
Reconciliation of Net Income to Adjusted EBITDA (cont’d) (Unaudited) Three Months Ended Year Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands 2024 2023 2024 2023 Net income $ 305,515 $ 403,380 $ 1,109,128 $ 1,148,592 Provision for income taxes 57,830 64,495 247,040 220,469 Other expense (incom
Slide 70: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses
Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (Unaudited) Three Months Ended Year Ended Full-Year Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2025 In thousands 2024 2023 2024 2023 Outlook(1) Total operating expenses $ 338,315 $ 319,361 $ 1,327,610 $ 1,144,311 $1,405,000 - $1,445,000 Amort
Slide 71: Reconciliation of Net Income and Diluted EPS to Adjusted EPS
Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (Unaudited) Year Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands, except per share data 2024 2023 2022 2021 2020 2019 Net income $ 1,109,128 $ 1,148,592 $ 870,573 $ 725,983 $ 601,822 $ 563,6
Slide 72: Reconciliation of Net Income and Diluted EPS to Adjusted EPS (cont'd)
Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (cont’d) (Unaudited) Three Months Ended Year Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands, except per share data 2024 2023 2024 2023 Net income $ 305,515 $ 403,380 $ 1,109,128 $ 1,148,592 Plus: Amortizatio
Slide 73: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) Year Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands 2024 2023 2022 2021 2020 2019 Net cash provided by operating activities $ 1,501,627 $ 1,236,029 $ 1,095,369 $ 936,069 $ 811,109 $ 70
Slide 74: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) Three Months Ended Year Ended Full-Year Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2025 In thousands 2024 2023 2024 2023 Outlook(1) Net cash provided by operating activities $ 430,633 $ 388,953 $ 1,501,627 $ 1,236,029
Slide 75: Fourth Quarter 2024 Reconciliation of Operating Revenue Growth to Organic
Fourth Quarter 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (Unaudited) Comparison of the Three Months Ended December 31, 2024 and 2023 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Index Change Percentage Change Percentage Change Percent
Slide 76: Full Year 2024 Reconciliation of Operating Revenue Growth to Organic
Full Year 2024 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (Unaudited) Comparison of the Years Ended December 31, 2024 and 2023 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Index Change Percentage Change Percentage Change Percentage Change P