MSMSCIEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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MSCI earnings call: We also narrowed the tax rate guidance for the full year to 18% to 19.5%.明晟 (MSCI) 电话会：安德鲁·维希曼表示，我们还将全年有效税率指引区间收窄至18%至19.5%。
Management remarks
Call period: 2026 Q3 · 2026-10-20
Guidance: Andrew Wiechmann: We also narrowed the tax rate guidance for the full year to 18% to 19.5%.
Demand and orders: Henry Fernandez: At the client segment level, MSCI achieved a record quarter with asset owners, more than tripling our recurring net new sales from a year earlier, driven by demand for our total portfolio solutions and our integrated risk and portfolio management analytics.
Margins: Henry Fernandez: And we delivered a retention rate of 95%, an improvement of 30 basis points from Q3 of last year.
Analyst Q&A
Analyst Faiza Alwy asked: I actually wanted to ask about operating leverage and profitability going forward. I know you've historically talked about reallocation of expenses and maybe AI-related efficiencies that are being reinvested in the business. I'm curious if your thoughts have evolved around, is there a time where we can start to see higher operating leverage, maybe more margin expansion and potentially a decline in expenses? Management Henry Fernandez answered: We're applying AI significantly to gradually lower the growth rate of EBITDA expenses from mid- to high single digits to the low single digits and eventually to negative growth. And then we want to put all that money into the growing of the business with all these opportunities that I mentioned earlier in order to expand into new use cases, new client segments, of course, new solutions powered by more data, more models and more technology. So we believe that we're going to have probably a triple benefit of AI.
