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MSCI PRESS RELEASE MSCI Reports Financial Results for First Quarter 2021 New York - April 27 , 2021 - MSCI Inc. ( " MSCI " or the " Company " ) ( NYSE : MSCI ) , a leading provider of critical decision support tools and services for the global investment community , today announced its financial results for the three months ended March 31 , 2021 ( " first quarter 2021 " ) . Financial and Operational Highlights for First Quarter 2021 ( Note : Unless otherwise noted , percentage and other changes are relative to the three months ended March 31 , 2020 ( " first quarter 2020 " ) and Run Rate percentage changes are relative to March 31 , 2020 ) . • Operating revenues of $ 478.4 million , up 14.8 % • • Recurring subscription revenues up 10.9 % ; Asset - based fees up 26.5 % Operating margin of 53.2 % ; Adjusted EBITDA margin of 57.8 % • Diluted EPS of $ 2.36 , up 36.4 % ; Adjusted EPS of $ 2.46 , up 29.5 % • New recurring subscription sales growth of 20.7 % ; Organic subscription Run Rate growth of 10.3 % ; Retention Rate of 96.3 % Repurchased 329,508 shares at an average price of $ 407.70 per share for a total value of $ 134.3 million • Paid $ 64.6 million in dividends to shareholders ; Cash dividend of $ 0.78 per share declared by MSCI Board of Directors for second quarter 2021 In thousands , Mar. 31 , Three Months Ended Mar. 31 , except per share data ( unaudited ) 2021 2020 % Change Operating revenues $ Operating income $ 478,423 254,375 $ 416,780 14.8 % $ 207,884 22.4 % Operating margin % 53.2 % 49.9 % Net income Diluted EPS $ es 196,819 es $ 148,125 32.9 % Adjusted EPS Adjusted EBITDA Adjusted EBITDA margin % es cs $ 2.36 2.46 es es $ 1.73 36.4 % 1.90 29.5 % $ 276,586 57.8 % 229,227 20.7 % 55.0 % " In the first quarter of 2021 , we reported 11.1 % subscription run rate growth and 26.5 % asset - based fee growth , fundamental indicators of the long - term health of the MSCI franchise . Combined with impressive quarterly revenues and Adjusted EPS , we are beginning the year with a strong financial foundation that positions us well to execute on the ' Triple Crown ' investments that we shared at our 2021 Investor Day in February , " said Henry A. Fernandez , Chairman and CEO of MSCI . " Our focus remains on supporting the investment process needs of our clients with highly differentiated solutions enabled by best - in - class capabilities . We have a strong conviction in our ability to drive innovation in the investment industry and sustain our track record of growth and compounding shareholder value , ” added Mr. Fernandez . First Quarter Consolidated Results Operating Revenues : Operating revenues were $ 478.4 million , up 14.8 % . The $ 61.6 million increase 1