v3.24.2
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment.
The tables that follow present the disaggregated operating revenues for the periods indicated:
For the Three Months Ended June 30, 2024
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$217,032 $162,128 $78,000 $64,309 $521,469 
Asset-based fees163,281 — — — 163,281 
Non-recurring16,879 3,867 1,855 598 23,199 
Total$397,192 $165,995 $79,855 $64,907 $707,949 
For the Six Months Ended June 30, 2024
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$429,984 $322,679 $154,418 $127,443 $1,034,524 
Asset-based fees313,540 — — — 313,540 
Non-recurring27,540 7,282 3,321 1,707 39,850 
Total$771,064 $329,961 $157,739 $129,150 $1,387,914 
For the Three Months Ended June 30, 2023
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$200,714 $147,504 $70,047 $37,427 $455,692 
Asset-based fees138,162 — — — 138,162 
Non-recurring23,440 2,377 1,172 314 27,303 
Total$362,316 $149,881 $71,219 $37,741 $621,157 
For the Six Months Ended June 30, 2023
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$397,392 $292,007 $135,779 $75,761 $900,939 
Asset-based fees271,288 — — — 271,288 
Non-recurring33,018 4,944 2,498 688 41,148 
Total$701,698 $296,951 $138,277 $76,449 $1,213,375 
The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated:
(in thousands) Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2023)
$839,555 $1,083,864 
Closing (June 30, 2024)
709,487 1,017,997 
Increase/(decrease)$(130,068)$(65,867)
(in thousands) Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2022)
$663,236 $882,886 
Closing (June 30, 2023)
612,885 909,623 
Increase/(decrease)$(50,351)$26,737 
The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $285.3 million and $705.6 million for the three and six months ended June 30, 2024, respectively, and $269.6 million and $626.2 million for the three and six months ended June 30, 2023, respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. As of June 30, 2024 and December 31, 2023, the Company carried a long-term deferred revenue balance of $27.4 million and $28.8 million, respectively, in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statement of Financial Condition.
For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows:
As of
June 30,
(in thousands)2024
First 12-month period
$879,064 
Second 12-month period
551,575 
Third 12-month period
272,953 
Periods thereafter175,858 
Total$1,879,450