To supplement Morningstar's condensed consolidated financial statements presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Morningstar uses the following measures considered as non-GAAP by the Securities and Exchange Commission, including: consolidated revenue, excluding DBRS Morningstar and the license amendment. (4) Transaction-based revenue includes DBRS Morningstar, Internet advertising sales, and conferences. Forward-looking statements This Annual Report contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E o (1) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. Investor Relations Contact:Barbara Noverini, CFA +1 312-646-6164, [email protected], Media Relations Contact:Stephanie Lerdall, +1 312-244-7805, [email protected], ©2020 Morningstar, Inc. All Rights Reserved.MORN-E, Unaudited Condensed Consolidated Statements of Income, Income before income taxes and equity in net income (loss) of unconsolidated entities, Equity in net income (loss) of unconsolidated entities, _________________________________________________________________, NMF - Not meaningful, pp - percentage points, Unaudited Condensed Consolidated Statements of Cash Flows, Adjustments to reconcile consolidated net income to net cash flows from operating activities, Changes in operating assets and liabilities, net, Cash (used for) provided by financing activities, Effect of exchange rate changes on cash and cash equivalents, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents-beginning of period, Unaudited Condensed Consolidated Balance Sheets, Property, equipment, and capitalized software, net, Morningstar.com Premium Membership subscriptions (U.S.), Assets under management and advisement (approximate) ($bil), Asset value linked to Morningstar Indexes ($bil), Average assets under management and advisement ($bil), _____________________________________________________________________________. "We continue to make strategic investments for growth across our portfolio through workforce additions in key areas, global facility expansions and improvements, ongoing infrastructure support, and product innovation. The combination of DBRS and Morningstar's U.S.-based credit ratings operations makes it difficult to ascribe the origin of revenue growth to either entity. We do not undertake to update our forward-looking statements as a result of new information or future events. Proxy Card PDF Format Download (opens in new window) PDF 45 KB. Compensation costs increased in support of PitchBook's growth, including the expansion of sales, marketing, and data collection resources, and other product development work across Morningstar. Free cash flow increased to $254.4 million for the full year 2019, compared with $238.7 million in the prior year. Statement of Changes in Beneficial Ownership. Operating margin was 16.1% in 2019, compared with 21.2% in 2018, or 20.3%, excluding the license amendment. For the three months and six months ended 2019, transaction-based revenue derived primarily from one-time ratings fees was 67% and 63%, respectively. Production expense included fees paid to sub-advisors relating to the Morningstar Funds Trust and higher cloud-based computing costs. 2019 Annual Report and Form 10K. (3) Asset-based revenue includes Morningstar Investment Management, Workplace Solutions, and Morningstar Indexes. Revenue growth was balanced across geographies, with license-based revenue higher by 8.1%, asset-based revenue increasing 5.6%, and transaction-based revenue growing 127.8% on a reported basis. Primary drivers were higher compensation and benefits, production expenses, stock-based compensation, and sales commissions. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. 2019 Annual Report. Foreign currency translation decreased revenue by $1.2 million, or 0.5%, and operating expenses by $1.0 million, or 0.5%, in the fourth quarter of 2019. For divestitures, we exclude revenue in the prior period for which there is no comparable revenue in the current period. Please see the Appendix for information about the data in this report or contact Michael Laske at michael.laske@morningstar.com. This resulted in a $1.1 million increase in full-year operating income. Steady corporate issuance in Canada also contributed to DBRS Morningstar's overall positive performance. In response to growing global demand for both low-cost and sustainable investment solutions, we made important senior-level hires and continued to innovate in the areas of indexes and ESG. Higher sales commissions reflected strong company-wide selling activity in the fourth quarter. These are the fruits of our … Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. Full year new awards in 2019 totaled $3.7 billion, compared to $10.6 billion in 2018. Click the button below to request a report when hardcopies … DBRS Morningstar … Adjusted operating income, which excludes all M&A-related expenses and amortization, was $57.2 million in the quarter, an increase of 5.3% compared with the prior-year period. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. Reconciliation from consolidated operating income to adjusted operating income: Reconciliation from consolidated operating margin to adjusted operating margin: Reconciliation from consolidated diluted net income per share to adjusted diluted net income per share: Consolidated diluted net income per share. Morningstar presents certain non-GAAP measures to show the effect of the DBRS acquisition and deal-related amortization and integration expenses, better reflect period-over-period comparisons, and improve overall understanding of the underlying performance of the business absent the impact of the combined DBRS Morningstar operations. In the fourth quarter of 2019, DBRS Morningstar communicated additional analytical model and methodology decisions and co-located the analyst teams under consolidated management, where possible. Recurring revenue from surveillance, research, and other services comprised the remainder in each respective period. Forward-looking Statements Some of the information we provide in this document is forward-looking and therefore could change over time to reflect changes in … I want this to be a document you can use as a reference for how we plan to run GE for the long term. As a result, Morningstar estimates investors saved $5.8 billion in fund expenses last year. The combination of DBRS and Morningstar's U.S.-based credit ratings operations makes it difficult to ascribe the origin of revenue growth to either entity. To supplement Morningstar's condensed consolidated financial statements presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Morningstar uses the following measures considered as non-GAAP by the Securities and Exchange Commission, including: consolidated revenue, excluding DBRS Morningstar and the license amendment. Ratings. Morningstar Announces Availability of Proxy Materials for 2019 Annual Shareholders' Meeting, Stocks: NAS:MORN, release date:Apr 05, 2019 Investors and others may send questions about Morningstar's business to [email protected]. Foreign currency translation decreased revenue by $1.2 million, or 0.5%, and operating expenses by $1.0 million, or 0.5%, in the fourth quarter of 2019. Annual Report… My goals are aligned with yours. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. 2019), and DBRS filed an update to Form NRSRO to add Morningstar as a credit rating affiliate. ... On July 2, 2019, Morningstar, Inc. completed its acquisition of DBRS and shortly after began integrating DBRS with Morningstar’s credit rating business, Morningstar Credit Ratings, LLC. It’s been difficult. Annual Reports. Given that Morningstar and DBRS operated separately during the Report Period and that Morningstar was separately registered as an NRSRO until December 30, 2019, this Report includes information reported by and about Morningstar and DBRS, individually. Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. Cash provided by operating activities increased 6.2% to $334.4 million; free cash flow was $254.4 million, or 6.6% higher than 2018. Adjusted operating income declined 1.4%. Higher sales commissions reflected strong company-wide selling activity in the fourth quarter. News Archive; Media Resources. (1) Revenue by type and key product area revenue includes the effect of foreign currency translations. Morningstar provides investment research for stocks, funds, ETF's, credit, and LIC's as well as financial data, news, and investing articles and videos. 2. Excluding the non-recurring revenue benefit from the license amendment in the prior period results, license-based revenue grew 10.0% during the twelve months ended 2019. The Company has operations in 27 countries. from 8 AM - 9 PM ET, Add: DBRS Morningstar operating loss (income) including deal-related expenses and amortization, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. For more information, visit www.morningstar.com/company. Net income was $152.0 million, or $3.52 per diluted share, compared with $183.0 million, or $4.25 per diluted share for the year ended Dec. 31, 2018. Morningstar will make written responses to selected inquiries available to all investors at the same time in Form 8-Ks furnished to the Securities and Exchange Commission, generally every month. Primary drivers were higher compensation and benefits, production expenses, stock-based compensation, and sales commissions. This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. Morningstar® Advisor Workstation ; Morningstar® Enterprise Components; ... SEC filing year list 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. But thanks to the unfailing trust and support of our customers and partners, backed by the solidarity and dedication of our employees, we have managed to stay afloat. ", _________________________________________ You can use this site to research and evaluate the quality of mutual funds and other investments. FINRA-Reviewed Reports. Free cash flow increased to $254.4 million for the full year 2019, compared with $238.7 million in the prior year. The highlights below summarize key operating metrics as of and for the full year ended Dec. 31, 2019. Prior-period results have been adjusted to conform to this presentation. There is a slight discrepancy between the figure of 37% in 2015 quoted here and the figure of 38% quoted in the Annual Report and Accounts 2019/20. (Note: DBRS Morningstar includes the combined operations and financial performance of DBRS and Morningstar Credit Ratings since the close of the acquisition on July 2, 2019. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. While the required integration of rating methodologies temporarily led to lower ratings volume across certain structured finance asset classes in the U.S., there was robust issuance in DBRS Morningstar's key strategic asset classes, such as CMBS and RMBS, along with strong issuance activity and increased market coverage across the structured finance asset classes DBRS Morningstar rates in Europe. Cash provided by operating activities was $334.4 million for the full year 2019 compared with $314.8 million in the prior year. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. The Company surpassed … 4. In 2019, the Company had limited share repurchase activity and paid $47.8 million in dividends. Revenue for the first six months of 2019 includes revenue from Morningstar Credit Ratings while revenue for the third and fourth quarters of 2019 includes revenue from DBRS Morningstar, the newly combined credit ratings operations. We have endured and thrived because we never lost sight of our purpose: to . ... UK-domiciled passive funds have declined from 0.25% of AUM per year in 2015, to reach 0.14% in 2018 and then 0.11% in 2019 (data sourced from Morningstar). The highlights below summarize key operating metrics as of and for the full year ended Dec. 31, 2019. Net income was $152.0 million, or $3.52 per diluted share, compared with $183.0 million, or $4.25 per diluted share for the year ended Dec. 31, 2018. Foreign currency translation decreased revenue by $12.3 million, or 1.2%, and operating expenses by $11.2 million, or 1.4%, for the year ended Dec. 31, 2019. Revenue for the first six months of 2019 includes revenue from Morningstar Credit Ratings while revenue for the third and fourth quarters of 2019 includes revenue from DBRS Morningstar, the newly combined credit ratings operations. Form. Operating expense increased 37.2% to $292.7 million in the fourth quarter of 2019. consolidated revenue, excluding acquisitions, divestitures, adoption of accounting changes, and the effect of foreign currency translations (organic revenue). Caution Concerning Forward-Looking Statements CHICAGO, Feb. 20, 2020 /PRNewswire/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced fourth-quarter and full-year 2019 financial results driven by strong revenue growth and cash flow. Morningstar encourages all interested parties-including securities analysts, current shareholders, potential shareholders, and others-to submit questions in writing. Tax Planning; Personal Finance; Save for College; Save for Retirement; Invest in Retirement Cash provided by operating activities was $334.4 million for the full year 2019 compared with $314.8 million in the prior year. Free cash flow should not be considered an alternative to any measure required to be reported under GAAP (such as cash provided by (used for) operating, investing, and financing activities). Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. ... Audited-Financial-Statement-for-Year-Ended-31-Dec-2019; Annual Reports (Society) Annual Report … Revenue increased 26.5% to $332.4 million. (5) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. Operating income was $189.6 million, a decrease of 12.1% compared with the prior year. For more information, visit www.morningstar.com/company. In response to growing global demand for both low-cost and sustainable investment solutions, we made important senior-level hires and continued to innovate in the areas of indexes and ESG. (2) License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. Fund prices, fact sheets, investment research, advice and portfolio tools for OEICs, unit trusts, ISAs, PEPs, ETFs, offshore, and life and pension funds License-based revenue grew 10.2% year over year, supported by ongoing demand for PitchBook in the United States, and positive global contributions from Morningstar Data and Morningstar Direct, with particularly strong growth in continental Europe, the United Kingdom, and Asia. :ASR Annual Report Effective Date 6/30/2019 :ASR Stock - Get Annual Report SEC Filing of :ASR stocks, including company profile, shares outstanding, strategy, business segments, operations, … Compensation costs increased in support of PitchBook's growth, including the expansion of sales, marketing, and data collection resources, and other product development work across Morningstar. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. consolidated operating income, excluding all mergers and acquisitions (M&A) related expenses and amortization (adjusted operating income). Second-quarter 2019 results reflect the contribution of the new Morningstar Funds Trust, which records revenue and sub-advisory fees on a gross basis. (2) Operating loss (income) for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. The license amendment negatively impacted operating and adjusted operating income growth by 4.5%. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Looking for more historical financial data? Morningstar Advisor Workstation Morningstar Office Cloud Morningstar Cloud Morningstar Retirement Manager Morningstar Managed Portfolios Morningstar Research Morningstar's Global Study of Fund Disclosures Finds India and... Morningstar, Inc. Declares Quarterly Dividend of 31.5 Cents Per... Organic revenue growth, which excludes DBRS Morningstar and currency effects, was 9.7%, Diluted net income per share declined 35.4% to, Diluted net income per share declined 17.2% to, DBRS Morningstar results would have been accretive by, Cash provided by operating activities increased 6.2% to, Revenue for Morningstar Data was up 6.3% to, Morningstar Direct licenses increased 5.8% to 15,903, and revenue grew 7.8% to, PitchBook licenses increased 59.7% to 36,695, and revenue grew 49.0% to, Assets under management and advisement for Workplace Solutions rose 24.3% to, Assets under management and advisement in Managed Portfolios increased 13.1% to. In 2019, Morningstar Data increased revenue 8.4% year over year in constant currency as we continued to add new data sets to our offerings, particularly in ESG, fixed-income analytics, and health savings … Notice of Availability of Proxy Materials PDF Format Download (opens in new window) PDF 81 KB. Excluding the impact of deal-related expenses and amortization, DBRS Morningstar contributed $11.9 million to operating income in the current quarter, while operating income for the remainder of Morningstar declined by $9.7 million. Full-Year 2019 ResultsRevenue for 2019 was $1.2 billion, an increase of 15.6% compared with 2018. For the three months and six months ended 2019, transaction-based revenue derived primarily from one-time ratings fees was 67% and 63%, respectively. The analytical integration is now complete for more than 75% of rated asset classes. License-based revenue grew 10.2% year over year, supported by ongoing demand for PitchBook in the United States, and positive global contributions from Morningstar Data and Morningstar Direct, with particularly strong growth in continental Europe, the United Kingdom, and Asia. Operating income decreased 19.5% to $39.7 million; adjusted operating income, which excludes all merger and acquisition (M&A)-related expenses and amortization, increased by 5.3%. Adjusted operating income declined 1.4%. This approach allowed us to celebrate some milestones in 2018 and begin 2019 confident that regardless of the market environment, investors still need plenty of help. Morningstar Investment Management revenue increased 12.1% as the gross revenue contribution from the Morningstar Funds Trust largely offset ongoing fee compression resulting from a shift in the asset mix to lower-fee strategies. 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