MSCI Inc. (NYSE:MSCI) Q4 2014 Earnings Conference Call - Final Transcript
Feb 05, 2015 • 11:00 am ET
Good day, ladies and gentlemen, and welcome to the MSCI Fourth Quarter and Full Year 2014 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would like to turn the call over to Mr. Stephen Davidson, Head of Investor Relations, you may begin.
Thank you, Kate. Good morning, and welcome to the MSCI Fourth Quarter and Full Year 2014 Earnings Conference Call. Earlier this morning, we issued a press release announcing our results for the fourth quarter and full year 2014. A copy of that release may be viewed at msci.com under the Investor Relations tab.
You will also find on our website the slide presentations that we have prepared for you for this call. Let me remind you that this call may contain forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
For a discussion of additional risks and uncertainties, please see the risk factors on forward-looking statements in our most recent Form 10-K and our other filings with the SEC. For today's call, in addition to GAAP results, we also refer to non-GAAP measures, including adjusted EBITDA, adjusted EBITDA expenses and adjusted EPS.
We believe our non-GAAP measures are more reflective of our core performance. You'll find a reconciliation to the equivalent GAAP term in the earnings materials and an explanation of why we deem this information to be meaningful as well as how management uses these measures on Pages 30 to 32 of the investor presentation.
On the call today with us are Henry Fernandez, Chief Executive Officer; and Bob Qutub, Chief Financial Officer. With that, let me now turn the call over to Mr. Henry Fernandez. Henry?
Henry A. Fernandez
Thank you, Steve. Good morning, everyone, and I am pleased to share our fourth quarter and full year 2014 results. Before I begin my prepared remarks, let me provide some comment about our new format. For the better part of last year, we have been listening intently to feedback and comments from many of you about what interests you and what concerns you about our company.
Since our last earnings release, we have been hard at work in designing new slides, providing additional detailed information and a new script. I hope you like it, and please give us further feedback and comments to improve even more. Now let me move on to my script. I will begin
Henry A. Fernandez
with a strategic update, review the financial highlights and milestones for the year and provide you with a recap on the investment program. I will conclude by providing some additional context around the drivers of our margins over the past 8 quarters and our new guidance calling for margin expansion beginning in the second half of 2015.
After Bob reviews the financial results, I will wrap up and we'll take your questions.Let me step back a bit and provide you with a strategic update that begins on Slide 3. In 2014, we