These are the fruits of our … Revenue for Morningstar Data was up 6.3% to $196.8 million, or 8.4% excluding the impact of foreign currency. Ratings. 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. 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 income was $189.6 million, a decrease of 12.1% compared with the prior year. 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. These statements are based on our current expectations about future events or future financial performance. ... 2019. (3) Asset-based revenue includes Morningstar Investment Management, Workplace Solutions, and Morningstar Indexes. We have endured and thrived because we never lost sight of our purpose: to . 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), _____________________________________________________________________________. 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, whereas Advisor Workstation revenue declined by 1.5% when excluding the impact of foreign currency. 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 … Here you will find all of salesforce.com's SEC filings including the prospectus, proxies, quarterly, and annual … Full-Year 2019 ResultsFull-year 2019 net income included a benefit of $14.4 million, or $0.33 per diluted share, from the sale of an equity method investment in the third quarter. 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. The contribution of DBRS Morningstar was $91.3 million, or 8.7 percentage points of revenue growth for the full year. 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. 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. Workplace Solutions revenue grew by 4.7% year over year. Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced fourth-quarter and full-year 2018 financial results. 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. The contribution of DBRS Morningstar was $91.3 million, or 8.7 percentage points of revenue growth for the full year. 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. DBRS Morningstar … 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. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. Production expense included fees paid to sub-advisors relating to the Morningstar Funds Trust and higher cloud-based computing costs. during America’s industrial age in the late 1800s — and built to last — Western & Southern is today among the financially strongest life insurance groups in the world. Morningstar® Advisor Workstation ; Morningstar® Enterprise Components; ... 2019. 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. 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. Recurring revenue from surveillance, research, and other services comprised the remainder in each respective period. The analytical integration is now complete for more than 75% of rated asset classes. Excluding $10.5 million of non-recurring revenue from a license amendment in 2018, organic revenue growth would have increased by 9.5%. Statement of Changes in Beneficial Ownership. 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. While these actions are contributing to an increase in operating expenses, we achieved record revenue and free cash flow in 2019. Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited). May 17, 2019… "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. 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. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. 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. Manulife Funds … Morningstar Advisor Workstation Morningstar Office Cloud Morningstar Cloud Morningstar Retirement Manager Morningstar Managed Portfolios Morningstar Research In 2019, we connected 676 kids with brighter days. Always Be Ahead. 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. This resulted in a $1.1 million increase in full-year operating income. The effective tax rate for the full year 2019 was 23.1%, as compared with 20.7% for the full year 2018. Diluted net income per share declined 17.2% to $3.52 versus $4.25 in 2018, which included the $0.18 per share dilutive impact of DBRS Morningstar. Operating margin was 16.1% in 2019, compared with 21.2% in 2018, or 20.3%, excluding the license amendment. The ... Morningstar, Inc. 2018 nnual Report … 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 … 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. 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. CHICAGO, Feb. 11, 2020 /PRNewswire/ -- 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.Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. 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. 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. 2019 Annual Report and Form 10K. Cash provided by operating activities was $334.4 million for the full year 2019 compared with $314.8 million in the prior year. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. "We're pleased with our integration progress to date and remain encouraged by our unique opportunity to improve transparency in the credit ratings space. 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. 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. ... SPECIAL REPORT… We're confident that the choices we're making will serve the modern investor well while positioning Morningstar for continued growth. Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. Operating expenses related to DBRS Morningstar contributed 10.9% of the overall increase, including deal-related expenses and amortization and costs related to a pending regulatory settlement. 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 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. 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. Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. Prior-period results have been adjusted to conform to this presentation. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support 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. Manager and 31 December 2019, our NAV Total Return was 27.1% and our TSR was 28.9%, both comfortably ahead of the MSCI ACWI which returned 25.5% for the same period. Tax Planning; Personal Finance; Save for College; Save for Retirement; Invest in Retirement 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. Primary drivers were higher compensation and benefits, production expenses, stock-based compensation, and sales commissions. 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. 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 We do not undertake to update our forward-looking statements as a result of new information or future events. 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. 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." Follow Morningstar on Twitter @MorningstarInc. Production expense included fees paid to sub-advisors relating to the Morningstar Funds Trust and higher cloud-based computing costs. For the three months and six months ended 2019, transaction-based revenue derived primarily from one-time ratings fees was 67% and 63%, respectively. ... 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). Data as of 6/30/2019 for open-end funds and exchange-traded funds available to investors in the United States. 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. Fund prices, fact sheets, investment research, advice and portfolio tools for OEICs, unit trusts, ISAs, PEPs, ETFs, offshore, and life and pension funds The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the Company to comparable GAAP measures and an explanation of why the company uses them. The highlights below summarize key operating metrics as of and for the full year ended Dec. 31, 2019. (4) Transaction-based revenue includes DBRS Morningstar, Internet advertising sales, and conferences. the Children Tournament and Silent Auction on September 28th, 2019, raising $22,000 for our programs. DBRS Morningstar contributed 20.6% to operating expense growth, which includes deal-related expenses and amortization and costs related to a pending regulatory settlement. (2) Operating loss (income) for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. 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. 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. "We're pleased with our integration progress to date and remain encouraged by our unique opportunity to improve transparency in the credit ratings space. 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. On 1 February 2017, it assumed the entire operations of the Society. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. 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. Being Malaysia's Leading Converged Solutions Company, Maxis remains committed to leverage on the best technology to help people, businesses and the nation to Always Be Ahead in a dynamically changing world. here is much to be thankful for in 2019. Free cash flow increased to $254.4 million for the full year 2019, compared with $238.7 million in the prior year. 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