Total SG&A increased $13.7 million, or 6.9%, to $213.0 million in fiscal year 2011. The increase was driven by growth of $17.0 million, or 14.0%, in compensation excluding non-recurring stock-based compensation partially offset by a decline of $3.0 million in non-recurring stock-based compensation and a small decline in non-compensation expenses.
Net Income and Adjusted EBITDA – See Table 14
Compared to pro forma fiscal year 2010, net income increased $62.6 million, or 56.5%, to $173.5 million from $110.8 million.
Compared to pro forma fiscal year 2010, fiscal year 2011 Adjusted EBITDA increased $62.2 million, or 17.4%, to $418.7 million and the Adjusted EBITDA margin expanded to 46.5% from 43.7%. By segment, Performance and Risk Adjusted EBITDA rose $63.2 million, or 19.5%, to $387.5 million. The margin expanded to 49.6% from 46.8%. Governance Adjusted EBITDA fell $1.0 million, or 3.1%, to $31.3 million and the Adjusted EBITDA margin was flat at 26.2%.See Table 14 titled “Reconciliation of Pro Forma Adjusted EBITDA to Pro Forma Net Income” and “Notes Regarding the Use of Non-GAAP Financial Measures” below. Conference Call Information Investors will have the opportunity to listen to MSCI Inc.'s senior management review fourth quarter and fiscal year 2011 results on Thursday, February 2, 2012 at 11:00 am Eastern Time. To listen to the live event, visit the investor relations section of MSCI's website, http://ir.msci.com/events.cfm, or dial 1-877-312-9206 within the United States. International callers dial 1-408-774-4001. An audio recording of the conference call will be available on our website approximately two hours after the conclusion of the live event and will be accessible through February 8, 2012. To listen to the recording, visit http://ir.msci.com/events.cfm, or dial 1-855-859-2056 (passcode: 43052585) within the United States. International callers dial 1-404-537-3406 (passcode: 43052585). About MSCI Inc. MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products and services include indices, portfolio risk and performance analytics, and governance tools.
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