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. (2) License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. Transaction-based revenue more than tripled year over year, driven by the contribution of DBRS Morningstar. "We're proud of the strides we made in empowering investor success in 2019, including the acquisition of DBRS, the fourth-largest global credit ratings agency," said Kunal Kapoor, Morningstar's chief executive officer. 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. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Measuring Transition Risk in Fund Portfolios White Paper, Integrating ESG Into Morningstar's Equity Research, Integrating ESG Into Morningstar Equity Research: FAQs, The Morningstar Capital Allocation Rating, Introducing the Morningstar Capital Allocation Rating: FAQs, The Morningstar ESG Commitment Level: Our first assessment of 100-plus strategies and 40 asset managers, Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2019 Financial Results, Add: DBRS Morningstar operating loss (income) including deal-related expenses and amortization, http://www.prnewswire.com/news-releases/morningstar-inc-reports-fourth-quarter-full-year-2019-financial-results-301008779.html, Measuring Transition Risk in Fund Portfolios White Paper. Our Interactive Analyst Center has you covered. The ... Morningstar, Inc. 2018 nnual Report … The Company surpassed … The analytical integration is now complete for more than 75% of rated asset classes. 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. 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. Excluding $10.5 million of non-recurring revenue from a license amendment in 2018, organic revenue growth would have increased by 9.5%. 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. We're confident that the choices we're making will serve the modern investor well while positioning Morningstar for continued growth. 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. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. Recurring revenue from surveillance, research, and other services comprised the remainder in each respective period. Revenue for 2019 was $5.8 billion, down from $7.7 billion in the previous year. Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. (3) Asset-based revenue includes Morningstar Investment Management, Workplace Solutions, and Morningstar Indexes. 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." Request Information. We exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. Full-Year 2019 ResultsRevenue for 2019 was $1.2 billion, an increase of 15.6% compared with 2018. The contribution of DBRS Morningstar was $91.3 million, or 8.7 percentage points of revenue growth for the full year. 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. 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. In addition, Morningstar presents free cash flow solely as supplemental disclosure to help investors better understand how much cash is available after making capital expenditures. (4) Transaction-based revenue includes DBRS Morningstar, Internet advertising sales, and conferences. Consistent with prior quarters, increases in stock-based compensation were driven by the ongoing achievement of incentive targets under the PitchBook management bonus plan. Before the big event, Morningstar Board Member Jerry House and golf professional Bubba Clark provided the children a fun afternoon on the OGI course. Fund prices, fact sheets, investment research, advice and portfolio tools for OEICs, unit trusts, ISAs, PEPs, ETFs, offshore, and life and pension funds Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. Morningstar's management team uses free cash flow to evaluate its business. 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. Notice of Availability of Proxy Materials PDF Format Download (opens in new window) PDF 81 KB. This resulted in a $0.2 million increase in fourth-quarter operating income. (1) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. 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. 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 decreased 12.1% to $189.6 million; adjusted operating income declined 1.4%. (4) Transaction-based revenue includes DBRS Morningstar, Internet advertising sales, and conferences. DBRS Morningstar maintains a leadership position in its home market of Canada, while growth in Europe, a central strategic initiative to emerge as an alternative to the large legacy rating firms, remained strong. 2019 Annual Report and Form 10K. consolidated operating margin, excluding all M&A related expenses and amortization (adjusted operating margin), consolidated diluted net income per share, excluding all M&A related expenses and amortization (adjusted diluted net income per share), and. Reconciliation tables for all non-GAAP measures can be found at the end of this press release.). "We're pleased with our integration progress to date and remain encouraged by our unique opportunity to improve transparency in the credit ratings space. While these actions are contributing to an increase in operating expenses, we achieved record revenue and free cash flow in 2019. Looking for more historical financial data? ", _________________________________________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. Collectively, these items had a favorable impact of $0.46 per diluted share in 2018. 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. The asset … Caution Concerning Forward-Looking StatementsThis press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. Ltd. 8 Cross Street #16-01 Manulife Tower Singapore 048424. Full-year 2018 net income included an after-tax benefit of $7.8 million, or $0.18 per diluted share from the license amendment, and $11.9 million, or $0.28 per diluted share combined from the sales of the 15(c) consulting product and a portion of the Company's equity ownership interest in Morningstar Japan KK. 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. Comparability of Year-Over-Year ResultsIn addition to the contribution from DBRS Morningstar and the deal-related expenses and amortization discussed above, certain other items affected the comparability of fourth-quarter and full-year 2019 results versus the same periods in 2018. ... 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. 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. Caution Concerning Forward-Looking Statements Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. 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. 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. FINRA-Reviewed Reports. Morningstar is a top provider of independent investment research in the United States and abroad. 06/04/2019: 29/08/2019: Annual Report: ... Morningstar assigns star ratings based on an analyst’s estimate of a stock's fair value. "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. News Archive; Media Resources. (2) Operating loss (income) for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. CHICAGO, Feb. 11, 2020 /PRNewswire/ -- Morningstar, Inc. , a leading provider of independent investment research, today published its eighth annual Global Fund Flows Report examining worldwide... | December 10, … :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, officers, consolidated financial statements, financial notes and ownership information. During the fourth quarter of 2019, the Company repaid $32.8 million of the outstanding balance on its new senior credit facility, for a total of $95.6 million of debt repayment since the close of the DBRS acquisition. Source: Morningstar Research Services, Morningstar Direct. PDF; Form 10K (HTML) Morningstar Inc. does not currently have any hardcopy reports on AnnualReports.com. Steady corporate issuance in Canada also contributed to DBRS Morningstar's overall positive performance. Ratings. DBRS Morningstar results would have been accretive by $0.22 per diluted share, excluding deal-related expenses and amortization. Organic revenue growth in 2019 was 8.4%. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2019 Financial Results . Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $233 billion in assets under advisement and management as of Dec. 31, 2019. Reconciliation from consolidated revenue to revenue excluding DBRS Morningstar and the license amendment: Revenue excluding DBRS Morningstar and the license amendment. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. 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. ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. The highlights below summarize key operating metrics as of and for the full year ended Dec. 31, 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. Full-Year 2019 ResultsRevenue for 2019 was $1.2 billion, an increase of 15.6% compared with 2018. Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced fourth-quarter and full-year 2018 financial results. Methodology Revenue increased 26.5% to $332.4 million. 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. 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. 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. For the year ended December 31, 2019, Morningstar Data, Morningstar Direct, and Morningstar Investment Management increased revenue by 8.4%, 9.5%, and 5.7%, respectively, … UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. 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. Manulife Funds … Operating expenses for the remainder of Morningstar increased 12.1%, largely driven by higher salaries and bonus expenses, production expenses, stock-based compensation, and facilities. Adjusted operating margin was 19.8% in 2019 versus 23.2% in the prior year, or 22.4%, excluding the license amendment. Download 2019 Annual Report Download 2019 CEO Letter Download 2019 10-K Order a Copy of the 2019 Annual Report. Belvoir To Beat Annual Profit Expectations On Robust Year To Date ... as management services fee from lettings was up on 2019, while fees from sales remained flat. Assets under management and advisement in Managed Portfolios increased 13.1% to $73.5 billion as of Dec. 31, 2019. :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, … The effective tax rate for the fourth quarter of 2019 was 24.8% versus 11.5% in the prior-year period, which benefited from the finalization of outstanding tax reform matters. Comparability of Year-Over-Year ResultsIn addition to the contribution from DBRS Morningstar and the deal-related expenses and amortization discussed above, certain other items affected the comparability of fourth-quarter and full-year 2019 results versus the same periods in 2018. 2019), and DBRS filed an update to Form NRSRO to add Morningstar as a credit rating affiliate. 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. SEC filings . 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. consolidated operating income, excluding all mergers and acquisitions (M&A) related expenses and amortization (adjusted operating income). Adjusted operating margin was 19.8% in 2019 versus 23.2% in the prior year, or 22.4%, excluding the license amendment. 2020-2022 Strategic Plan . Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $233 billion in assets under advisement and management as of Dec. 31, 2019. We exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. consolidated operating income, excluding all mergers and acquisitions (M&A) related expenses and amortization (adjusted operating income). 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. Morningstar Announces Availability of Proxy Materials for 2019 Annual Shareholders' Meeting, Stocks: NAS:MORN, release date:Apr 05, 2019 Tax Planning; Personal Finance; Save for College; Save for Retirement; Invest in Retirement Operating expenses for the remainder of Morningstar increased 12.1%, largely driven by higher salaries and bonus expenses, production expenses, stock-based compensation, and facilities. Operating expenses for the remainder of Morningstar increased 16.6% as the Company continued to invest in growth across the business. Revenue increased 15.6% to $1.2 billion; organic revenue growth was 8.4%, or 9.5% excluding the non-recurring benefit of a license amendment from the prior year. Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today published its eighth annual Global Fund Flows Report examining worldwide 2019 mutual fund and exchange-traded product (ETP) fund flows. On 1 February 2017, it assumed the entire operations of the Society. Morningstar encourages all interested parties-including securities analysts, current shareholders, potential shareholders, and others-to submit questions in writing. 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. 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. 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. Organic revenue growth, which excludes DBRS Morningstar and currency effects, was 9.7%. Morningstar Investment Funds - Series 2 Directors' report 30 June 2019 Directors' report (continued) Review of results and operations The investment policy of the Schemes continues to be that detailed in the current product disclosure statements and in accordance with the provisions of the governing documents of the Schemes. 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. 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. 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. 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. Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. Convening Notice and Proxy Statement PDF Format Download (opens in new window) PDF 111 KB. Cision Distribution 888-776-0942 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. Free cash flow increased to $254.4 million for the full year 2019, compared with $238.7 million in the prior year. 2. 1 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. the Children Tournament and Silent Auction on September 28th, 2019, raising $22,000 for our programs. 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. Operating expense increased 23.0% for the year. Transaction-based revenue more than tripled year over year, driven by the contribution of DBRS Morningstar. Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. Adjusted operating income declined 1.4%. 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. Prior-period results have been adjusted to conform to this presentation. DBRS Morningstar contributed 20.6% to operating expense growth, which includes deal-related expenses and amortization and costs related to a pending regulatory settlement. The largest contribution came from a substantial return on equity of 28.2 %. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. Operating expense increased 23.0% for the year. 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. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. 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