Reconciliation from consolidated revenue to revenue excluding DBRS Morningstar and the license amendment: Revenue excluding DBRS Morningstar and the license amendment. Our Interactive Analyst Center has you covered. Highlights from Morningstar's annual Global Fund Flows Report include: In 2019, U.S. inflows bounced back from 2018 with $399 billion in long-term inflows to lead all regions. For us, these risks and uncertainties include, among others, liability for any losses that result from an actual or claimed breach of our fiduciary duties; failing to maintain and protect our brand, independence, and reputation; liability related to cybersecurity and the protection of confidential information, including personal information about individuals; failing to differentiate our products and continuously create innovative, proprietary research tools and financial advisor software; inadequacy of our operational risk management and business continuity programs in the event of a material disruptive event; failing to respond to technological change, keep pace with new technology developments, or adopt a successful technology strategy; compliance failures, regulatory action, or changes in laws applicable to our investment advisory or credit ratings operations; volatility in the financial sector, global markets, and global economy and its effect on our revenue from asset-based fees and credit ratings business; trends in the asset management industry, including the increasing adoption of investment strategies and portfolios relying on passively managed investment vehicles and increased industry consolidation; liability relating to the collection or distribution of information and data we collect and produce or errors included therein; an outage of our database, technology-based products and services, or network facilities or the movement of parts of our technology and data infrastructure to the public cloud and other outsourced providers; the failure of acquisitions and other investments to produce the results we anticipate; the failure to recruit, develop, and retain qualified employees; challenges faced by our non-U.S. operations, including the concentration of data and development work at our offshore facilities in China and India; and the failure to protect our intellectual property rights or claims of intellectual property infringement against us. In the fourth quarter of 2019, organic revenue growth for the other five key product areas was 15.2%, compared to organic revenue growth of 9.7% for Morningstar as a whole. ... 2019. These are the fruits of our … These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. Morningstar Experts; Morningstar Awards ... Email Alerts; Global Contacts; Morningstar 2019 Shareholders’ Meeting. The analytical integration is now complete for more than 75% of rated asset classes. 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. 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. PDF; Form 10K (HTML) Morningstar Inc. does not currently have any hardcopy reports on AnnualReports.com. As the saying goes, this is a game of inches every day, not feet or miles, and I want us all to keep score together. PitchBook licenses increased 59.7% to 36,695, and revenue grew 49.0% to $148.4 million. Average assets under management and advisement increased by 12.1% year over year, while assets linked to Morningstar Indexes grew 44.7%. Higher sales commissions reflected strong company-wide selling activity in the fourth quarter. Morningstar's management team uses free cash flow to evaluate its business. Revenue for Morningstar Data was up 6.3% to $196.8 million, or 8.4% excluding the impact of foreign currency. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. (5) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. SEC filings . Since announcing our new … For divestitures, we exclude revenue in the prior period for which there is no comparable revenue in the current period. Operating loss for the first six months of 2019 includes operating loss from Morningstar Credit Ratings while operating loss for the third and fourth quarters of 2019 includes operating loss from DBRS Morningstar, the newly combined credit ratings operations. Update on Key Product AreasMorningstar tracks the performance of key product areas expected to provide a greater contribution to growth as part of its long-term strategy, which include Morningstar Data, Morningstar Direct, PitchBook, Workplace Solutions, Morningstar Managed Portfolios, and DBRS Morningstar. 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. Cash provided by operating activities was $334.4 million for the full year 2019 compared with $314.8 million in the prior year. 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. In the U.S., the organization continued to make meaningful progress across all integration activities with a key focus on integrating analytical teams, rating processes, and methodologies in Structured Finance, where the two entities had the most overlap. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. Adjusted operating income declined 1.4%. The Company surpassed … "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. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. 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. While these actions are contributing to an increase in operating expenses, we achieved record revenue and free cash flow in 2019. The largest contribution came from a substantial return on equity of 28.2 %. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. The analytical integration is now complete for more than 75% of rated asset classes. Operating margin was 16.1% in 2019, compared with 21.2% in 2018, or 20.3%, excluding the license amendment. ... SPECIAL REPORT… “This report is an abridged version of the unaudited semi-annual report established in conformity with the Luxembourg Law of 17 December 2010 on Undertakings for Collective Inve Morningstar's management team uses free cash flow to evaluate its business. 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. In 2019, we connected 676 kids with brighter days. Full year new awards in 2019 totaled $3.7 billion, compared to $10.6 billion in 2018. 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. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "prospects," or "continue." This resulted in a $1.1 million increase in full-year operating income. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. Average assets under management and advisement increased by 12.1% year over year, while assets linked to Morningstar Indexes grew 44.7%. "We're pleased with our integration progress to date and remain encouraged by our unique opportunity to improve transparency in the credit ratings space. (1) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. We exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. 02 GSK Annual Report 2019 Investing in R&D and new products In order to be successful, we are increasing investment in R&D and new products to deliver future growth. 06/04/2019: 29/08/2019: Annual Report: ... Morningstar assigns star ratings based on an analyst’s estimate of a stock's fair value. Consistent with prior quarters, increases in stock-based compensation were driven by the ongoing achievement of incentive targets under the PitchBook management bonus plan. We exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. 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. Reconciliation from consolidated revenue to organic revenue: Organic revenue excluding the license amendment. My goals are aligned with yours. For more information, visit www.morningstar.com/company. Collectively, these items had a favorable impact of $0.46 per diluted share in 2018. Morningstar encourages all interested parties-including securities analysts, current shareholders, potential shareholders, and others-to submit questions in writing. Investor Relations Contact:Barbara Noverini, CFA +1 312-646-6164, barbara.noverini@morningstar.com, Media Relations Contact:Stephanie Lerdall, +1 312-244-7805, stephanie.lerdall@morningstar.com, ©2020 Morningstar, Inc. All Rights Reserved.MORN-E, Unaudited Condensed Consolidated Statements of Income, Income before income taxes and equity in net income (loss) of unconsolidated entities, Equity in net income (loss) of unconsolidated entities, _________________________________________________________________, NMF - Not meaningful, pp - percentage points, Unaudited Condensed Consolidated Statements of Cash Flows, Adjustments to reconcile consolidated net income to net cash flows from operating activities, Changes in operating assets and liabilities, net, Cash (used for) provided by financing activities, Effect of exchange rate changes on cash and cash equivalents, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents-beginning of period, Unaudited Condensed Consolidated Balance Sheets, Property, equipment, and capitalized software, net, Morningstar.com Premium Membership subscriptions (U.S.), Assets under management and advisement (approximate) ($bil), Asset value linked to Morningstar Indexes ($bil), Average assets under management and advisement ($bil), _____________________________________________________________________________. We also expanded our advisor-focused offerings, which include Goal Bridge, a planning tool that connects financial planning to investment planning, and a new managed accounts solution that helps advisors better serve retirement plans. As a result, Morningstar estimates investors saved $5.8 billion in fund expenses last year. 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. 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. Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. "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. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. ... Audited-Financial-Statement-for-Year-Ended-31-Dec-2019; Annual Reports (Society) Annual Report … Reconciliation from consolidated operating income to operating income excluding DBRS Morningstar and the license amendment: Add: DBRS Morningstar operating loss (income) including deal-related expenses and amortization (2), Operating income excluding DBRS Morningstar, Operating income excluding DBRS Morningstar and the license amendment. ", _________________________________________1 (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. 2019 Annual Report. 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. 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. ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Proxy Card PDF Format Download (opens in new window) PDF 45 KB. Read Now. consolidated operating income, excluding all mergers and acquisitions (M&A) related expenses and amortization (adjusted operating income). 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. Annual Reports. Shipping Information. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. consolidated revenue, excluding acquisitions, divestitures, adoption of accounting changes, and the effect of foreign currency translations (organic revenue). 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. 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). :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, … In 2019, the Company had limited share repurchase activity and paid $47.8 million in dividends. (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. Excluding $10.5 million of non-recurring revenue from a license amendment in 2018, organic revenue growth would have increased by 9.5%. For the three months and six months ended 2019, transaction-based revenue derived primarily from one-time ratings fees was 67% and 63%, respectively. 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. Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. The total contribution of DBRS Morningstar is excluded from organic revenue growth, as going forward it will be difficult to attribute revenue and related revenue growth to each entity on a standalone basis. We're confident that the choices we're making will serve the modern investor well while positioning Morningstar for continued growth. DBRS Morningstar contributed 20.6% to operating expense growth, which includes deal-related expenses and amortization and costs related to a pending regulatory settlement. Caution Concerning Forward-Looking Statements Fourth-quarter 2019 results also reflect the contribution of the Morningstar Funds Trust, which records revenue and sub-advisory fees on a gross basis. Balance Sheet and Capital AllocationAs of Dec. 31, 2019, the Company had cash, cash equivalents, and investments totaling $367.5 million and $502.1 million of long-term debt, compared with cash, cash equivalents, and investments of $395.9 million and $70.0 million of long-term debt as of Dec. 31, 2018. Fourth-Quarter 2019 ResultsFourth-quarter 2019 results include a $3.2 million increase in stock-based compensation, primarily driven by the continued achievement of incentive targets under the PitchBook management bonus plan. Manulife Funds … DBRS Morningstar represented 17.1 percentage points of growth, while all other Morningstar product areas contributed 9.4 percentage points. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "prospects," or "continue." Operating loss for the first six months of 2019 includes operating loss from Morningstar Credit Ratings while operating loss for the third and fourth quarters of 2019 includes operating loss from DBRS Morningstar, the newly combined credit ratings operations. Update on DBRS Morningstar Integration and PerformanceDBRS Morningstar's Canadian and European ratings operations continue to execute on their respective strategic initiatives to broaden fundamental and transactional rating opportunities with minimal impact from integration activities. Looking for more historical financial data? This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. Net income in the fourth quarter of 2019 was $27.6 million, or $0.64 per diluted share, as compared with $42.4 million, or $0.99 per diluted share, in the fourth quarter of 2018. Net income in the fourth quarter of 2019 was $27.6 million, or $0.64 per diluted share, as compared with $42.4 million, or $0.99 per diluted share, in the fourth quarter of 2018. Operating income was $189.6 million, a decrease of 12.1% compared with the prior year. This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. 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. 111 KB flows ( excluding money-market funds ) nearly doubled in 2019 to $ 10.6 in! Mutual funds and exchange-traded funds available to investors @ morningstar.com to 0.45 % in the prior period for there... 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