Morningstar, Inc. Studies Second-Quarter 2022 Monetary Outcomes – PR Newswire

July 28, 2022 By admin

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CHICAGO, July 27, 2022 /PRNewswire/ — Morningstar, Inc. (Nasdaq: MORN), a number one supplier of impartial funding analysis, posted sturdy second-quarter income development, highlighting continued momentum throughout the enterprise.
"Our natural development stays sturdy regardless of market headwinds," mentioned Kunal Kapoor, Morningstar’s chief government officer. "That success is the fruit of ongoing strategic investments that we’re making in key enterprise areas, together with in compensation and advantages for our groups globally. Whereas these investments have contributed to greater working bills within the close to time period, they place Morningstar for continued development and the elevated scale that we count on will drive long-term profitability.  We had been additionally excited to shut two necessary transactions within the quarter, welcoming each LCD and Praemium’s UK and Worldwide enterprise into the Morningstar household."
Second-Quarter 2022 Monetary Highlights
12 months-to-Date Monetary Highlights 
Overview of Monetary Outcomes

Second-Quarter 2022 Outcomes
Income for the interval elevated 13.2% to $470.4 million. Natural income, which excludes all M&A-related income, accounting modifications, and international foreign money results, elevated 15.8% in contrast with the prior-year interval, led by sturdy development in our licensed-based areas.
License-based income grew 18.1% yr over yr, or 20.3% on an natural foundation. PitchBook, Morningstar Sustainalytics, Morningstar Information, and Morningstar Direct all offered significant contributions within the quarter, collectively rising 27.7% on an natural foundation. Asset-based income elevated 4.3% yr over yr, or 7.5% organically. Morningstar Indexes was the most important contributor to natural income development on this a part of the enterprise. Transaction-based income elevated 2.6% yr over yr, or 6.0% on an natural foundation, reflecting muted development in DBRS Morningstar because of softer issuance throughout most geographies and asset courses.
Working expense elevated 13.1% to $416.5 million within the second quarter of 2022. Excluding the prior yr impression of the Morningstar Sustainalytics earn-out cost on compensation expense, working bills elevated 21.9%.  The most important contributors to working expense development had been compensation prices, skilled charges, stock-based compensation, promoting and advertising and marketing, gross sales commissions, and journey and associated bills.
Second-quarter working earnings was $53.9 million, a rise of 14.2% in contrast with the prior-year interval. Adjusted working earnings, which excludes intangible amortization expense and all different M&A-related bills and earn-outs, was $73.4 million within the second quarter of 2022, a lower of 23.9% in contrast with the prior-year interval. Second-quarter working margin was 11.5%, in contrast with 11.4% within the prior-year interval. Adjusted working margin was 15.6% within the second quarter of 2022, versus 23.2% within the prior-year interval.
Internet earnings within the second quarter of 2022 was $30.1 million, or $0.70 per diluted share, in contrast with $32.9 million, or $0.76 per diluted share, within the second quarter of 2021, a lower of seven.9% on a per share foundation. The lower in web earnings contains the impression of realized and unrealized international change losses, realized losses on the sale of investments, and unrealized losses on mark-to-market fairness securities, that are included in non-operating losses within the quarter. Adjusted diluted web earnings per share decreased 33.5% to $1.17 within the second quarter of 2022, in contrast with $1.76 within the prior-year interval, excluding sure non-operating losses, intangible amortization expense, and all different M&A-related bills.
The efficient tax charge was 19.7% versus 29.7% within the prior-year interval. The lower in tax charge was primarily attributable to non-deductible compensation expense recorded within the second quarter of 2021 for the Morningstar Sustainalytics earn-out.
Product Space Highlights
On a consolidated foundation, PitchBook, Morningstar Sustainalytics, Morningstar Information, and Morningstar Direct had been the highest 4 contributors of natural income development within the second quarter of 2022. (For efficiency of the most important product areas and key metrics, check with the Supplemental Information desk contained on this launch and the Supplemental Presentation included on our Investor Relations web site at shareholders.morningstar.com underneath "Financials — Monetary Abstract".)
Highlights of those and different merchandise embrace:
License-based
Asset-based
Transaction-based
Strategic Transactions
On June 1, 2022, Morningstar accomplished its acquisition of Leveraged Commentary & Information (LCD) from S&P International. The acquisition worth was as much as $650.0 million, with $600.0 million paid at closing and a contingent cost of as much as $50.0 million, based mostly on the achievement of sure situations associated to the transition of LCD buyer relationships. The transaction was funded via a mix of money readily available and Morningstar’s new five-year multi-currency credit score facility. The acquisition has been accounted for utilizing the acquisition methodology of accounting. 
On June 30, 2022, Morningstar closed its acquisition of Praemium’s UK and worldwide enterprise with £36.8 million ($44.9 million) money paid, reflecting the acquisition worth of £35 million plus changes for estimated working capital balances at closing.  The acquisition has been accounted for utilizing the acquisition methodology of accounting and is topic to post-closing changes.
Within the second quarter of 2022, Morningstar made the third and remaining money cost of $56.2 million associated to the Sustainalytics acquisition. The Sustainalytics acquisition, which closed on July 2, 2020, was structured with buy consideration consisting of three money funds: an preliminary money cost at closing and two extra money earn-out funds due on June 30, 2021 and 2022, decided based mostly on a a number of of Morningstar Sustainalytics’ revenues for the years ended Dec. 31, 2020 and 2021, respectively. The second quarter 2022 cost is offered as a break up between money offered by working actions of $40.0 million and money used for financing actions of $16.2 million within the assertion of money flows. (For extra particulars, please reference the Supplemental Presentation on our Investor Relations web site at shareholders.morningstar.com underneath "Financials — Financials Abstract".)
Steadiness Sheet and Capital Allocation
As of June 30, 2022, the Firm had money, money equivalents, and investments totaling $416.8 million and $1,176.4 million of debt, in contrast with money, money equivalents, and investments of $546.1 million and $359.4 million of debt as of Dec. 31, 2021.
Money offered by working actions was $68.7 million for the second quarter of 2022, in contrast with $127.2 million within the prior-year interval. The decline in working money stream was primarily as a result of impression of M&A-related earn-out funds, timing of working capital, and decrease money earnings in comparison with the prior yr quarter. Capital expenditures elevated within the quarter because of investments in workplace build-outs and refreshes, along with elevated capitalized software program improvement actions.
Within the second quarter of 2022, the Firm repurchased $91.9 million of its shares, paid $15.4 million in dividends, and spent $665.4 million on acquisitions and different investments, web of money acquired.
On Could 6, 2022, the Firm entered into a brand new five-year multi-currency credit score settlement comprised of a delayed draw time period facility of as much as $650.0 million and a $450.0 million revolving credit score facility. As of June 30, 2022, the Firm had $600.0 million excellent underneath its time period facility and $230.0 million excellent underneath its revolving credit score facility. The time period facility was used to finance the acquisition of LCD.
Comparability of 12 months-Over-12 months Outcomes
Along with intangible amortization expense and different M&A-related bills, sure different gadgets, as detailed beneath, affected the comparability of second quarter of 2022 outcomes versus the identical interval in 2021.
Use of Non-GAAP Monetary Measures
The tables on the finish of this press launch embrace a reconciliation of the non-GAAP monetary measures utilized by the Firm to comparable GAAP measures and a proof of why the Firm makes use of them.
Investor Communication
Morningstar encourages all events — together with securities analysts, present shareholders, potential shareholders, and others — to submit questions in writing. Traders and others might ship questions on Morningstar’s enterprise to [email protected]. Morningstar will make written responses to chose inquiries obtainable to all traders on the identical time in Kind 8-Ks furnished to the Securities and Trade Fee, usually each month.
About Morningstar, Inc.
Morningstar, Inc. is a number one supplier of impartial funding analysis in North America, Europe, Australia, and Asia. The Firm provides an in depth line of services for particular person traders, monetary advisors, asset managers and house owners, retirement plan suppliers and sponsors, and institutional traders within the debt and personal capital markets. Morningstar gives information and analysis insights on a variety of funding choices, together with managed funding merchandise, publicly listed corporations, non-public capital markets, debt securities, and real-time international market information. Morningstar additionally provides funding administration companies via its funding advisory subsidiaries, with roughly $253 billion in property underneath advisement and administration as of June 30, 2022. The Firm has operations in 29 international locations. For extra data, go to www.morningstar.com/firm. Comply with Morningstar on Twitter @MorningstarInc.
Warning Regarding Ahead-Trying Statements
This press launch accommodates forward-looking statements as that time period is used within the Non-public Securities Litigation Reform Act of 1995. These statements are based mostly on our present expectations about future occasions or future monetary efficiency. Ahead-looking statements by their nature handle issues which can be, to totally different levels, unsure, and infrequently include phrases reminiscent of "might," "may," "count on," "intend," "plan," "search," "anticipate," "imagine," "estimate," "predict," "potential," or "proceed." These statements contain recognized and unknown dangers and uncertainties which will trigger the occasions we talk about to not happen or to vary considerably from what we count on. For us, these dangers and uncertainties embrace, amongst others, failing to take care of and defend our model, independence, and fame; legal responsibility associated to cybersecurity and the safety of confidential data, together with private details about people; legal responsibility for any losses that outcome from an precise or claimed breach of our fiduciary duties or failure to adjust to relevant securities legal guidelines; compliance failures, regulatory motion, or modifications in legal guidelines relevant to our credit score scores operations, or our funding advisory, ESG, and index companies; failing to answer technological change, maintain tempo with new expertise developments, or undertake a profitable expertise technique; the failure to recruit, develop, and retain certified workers and compensation expense related to these actions in a interval of inflation and rising wage scales within the markets the place we function; inadequacy of our operational danger administration and enterprise continuity applications within the occasion of a fabric disruptive occasion, together with an outage of our database, technology-based services or community amenities; failing to distinguish our services and constantly create modern, proprietary, and insightful monetary expertise options; extended volatility or downturns affecting the monetary sector, international monetary markets, and international economic system and its impact on our income from asset-based charges and credit score scores enterprise; failing to take care of development throughout our companies in immediately’s fragmented geopolitical, regulatory and cultural world; legal responsibility referring to the data and information we accumulate, retailer, use, create, and distribute or the studies that we publish or are produced by our software program merchandise; the failure of acquisitions and different investments to be effectively built-in and produce the outcomes we anticipate; the impression of the present COVID-19 pandemic and authorities actions in response thereto on our enterprise, monetary situation, and outcomes of operations; challenges confronted by our non-U.S. operations, together with the focus of information and improvement work at our offshore amenities in China and India; our indebtedness may adversely have an effect on our money flows and monetary flexibility; and the failure to guard our mental property rights or claims of mental property infringement in opposition to us. A extra full description of those dangers and uncertainties will be present in our filings with the Securities and Trade Fee, together with our most up-to-date Annual Report on Kind 10-Okay. If any of those dangers and uncertainties materialize, our precise future outcomes and different future occasions might differ considerably from what we count on. We don’t undertake to replace our forward-looking statements because of new data or future occasions.
Media Relations Contact:
Stephanie Lerdall, +1 312-244-7805, [email protected]
Investor Relations Contact:
Sarah Bush, +1 312-384-3754, [email protected]
©2022 Morningstar, Inc. All Rights Reserved.
MORN-E
Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Revenue
Three months ended June 30,
Six months ended June 30,
(in hundreds of thousands, besides per share quantities)
2022
2021
Change
2022
2021
change
Income
$    470.4
$  415.4
13.2 %
$ 927.4
$ 808.2
14.7 %
Working expense:
Value of income
197.6
168.4
17.3 %
388.9
325.7
19.4 %
Gross sales and advertising and marketing
91.8
66.5
38.0 %
173.2
128.4
34.9 %
Normal and administrative
87.1
95.7
(9.0) %
177.4
165.5
7.2 %
Depreciation and amortization
40.0
37.6
6.4 %
77.6
74.2
4.6 %
Complete working expense
416.5
368.2
13.1 %
817.1
693.8
17.8 %
Working earnings
53.9
47.2
14.2 %
110.3
114.4
(3.6) %
Working margin
11.5 %
11.4 %
0.1 pp
11.9 %
14.2 %
(2.3) pp
Non-operating earnings (loss), web:
Curiosity expense, web
(4.4)
(2.2)
100.0 %
(6.8)
(5.0)
36.0 %
Different earnings (loss), web
(10.2)
0.8
NMF
(1.2)
3.7
NMF
Non-operating earnings (loss), web
(14.6)
(1.4)
NMF
(8.0)
(1.3)
NMF
Revenue earlier than earnings taxes and fairness in web
earnings (loss) of unconsolidated entities

39.3
45.8
(14.2) %
102.3
113.1
(9.5) %
Fairness in web earnings (loss) of unconsolidated
entities

(1.8)
1.0
NMF
(1.4)
2.7
NMF
Revenue tax expense
7.4
13.9
(46.8) %
24.7
28.0
(11.8) %
Consolidated web earnings
$      30.1
$     32.9
(8.5) %
$   76.2
$   87.8
(13.2) %
Internet earnings per share:
Primary
$      0.71
$     0.77
(7.8) %
$   1.78
$   2.04
(12.7) %
Diluted
$      0.70
$     0.76
(7.9) %
$   1.77
$   2.03
(12.8) %
Weighted common shares excellent:
Primary
42.6
43.0
(0.9) %
42.8
43.0
(0.5) %
Diluted
42.9
43.3
(0.9) %
43.1
43.3
(0.5) %
_________________________________________________________________  
NMF – Not significant, pp – share factors
Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Money Flows
Three months ended June 30,
Six months ended June 30,
(in hundreds of thousands)
2022
2021
2022
2021
Working actions
Consolidated web earnings
$                  30.1
$                   32.9
$                 76.2
$                 87.8
Changes to reconcile consolidated web
earnings to web money flows from working actions

61.4
66.0
103.9
110.6
Adjustments in working property and liabilities, web
(22.8)
28.3
(87.9)
(7.0)
Money offered by working actions
68.7
127.2
92.2
191.4
Investing actions
Capital expenditures
(31.7)
(18.7)
(59.7)
(41.4)
Acquisitions, web of money acquired
(639.8)

(646.6)

Purchases of investments in unconsolidated entities
(25.6)
(9.3)
(26.6)
(14.5)
Different, web
5.8
(7.8)
7.9
(13.3)
Money used for investing actions
(691.3)
(35.8)
(725.0)
(69.2)
Financing actions
Widespread shares repurchased
(91.9)

(202.5)

Dividends paid
(15.4)
(13.5)
(30.9)
(27.0)
Repayments of debt
(190.9)
(30.0)
(220.9)
(75.0)
Proceeds from debt
865.0

1,040.0

Fee for acquisition-related earn-outs
(16.2)
(34.4)
(16.2)
(34.4)
Different, web
(13.5)
(11.4)
(20.6)
(18.9)
Money offered by (used for) financing
actions

537.1
(89.3)
548.9
(155.3)
Impact of change charge modifications on money and
money equivalents

(17.8)
1.9
(19.7)
(1.8)
Internet lower in money and money equivalents
(103.3)
4.0
(103.6)
(34.9)
Money and money equivalents-beginning of interval
483.5
383.6
483.8
422.5
Money and money equivalents-end of interval
$                380.2
$                 387.6
$              380.2
$              387.6
Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Steadiness Sheets
As of June 30,
As of December 31,
(in hundreds of thousands)
2022
2021
Property
Present property:
Money and money equivalents
$                      380.2
$                        483.8
Investments
36.6
62.3
Accounts receivable, web
307.3
268.9
Revenue tax receivable, web
12.5
8.9
Different present property
81.5
63.7
Complete present property
818.1
887.6
Goodwill
1,578.9
1,207.0
Intangible property, web
593.2
328.2
Property, gear, and capitalized software program, web
182.7
171.8
Working lease property
139.7
149.2
Investments in unconsolidated entities
96.6
63.3
Deferred tax asset, web
12.3
12.8
Different property
44.4
42.8
Complete property
$                   3,465.9
$                    2,862.7
Liabilities and fairness
Present liabilities:
Deferred income
$                      457.4
$                        377.4
Accrued compensation
149.8
273.7
Accounts payable and accrued liabilities
80.1
76.5
Working lease liabilities
36.7
36.4
Present portion of long-term debt
29.4

Contingent consideration legal responsibility
45.5
17.3
Different present liabilities
2.4
2.2
Complete present liabilities
801.3
783.5
Working lease liabilities
119.3
135.7
Accrued compensation
18.8
16.3
Deferred tax legal responsibility, web
86.7
101.7
Lengthy-term debt
1,147.0
359.4
Different long-term liabilities
52.0
50.2
Complete liabilities
2,225.1
1,446.8
Complete fairness
1,240.8
1,415.9
Complete liabilities and fairness
$                   3,465.9
$                    2,862.7
Morningstar, Inc. and Subsidiaries
Supplemental Information (Unaudited)
Three months ended June 30,
Six months ended June 30,
(in hundreds of thousands)
2022
2021
Change
Natural (1)
2022
2021
Change
Natural (1)
Income by sort
License-based (2)
$        327.5
$      277.2
18.1 %
20.3 %
$      639.4
$      543.3
17.7 %
19.6 %
Asset-based (3)
67.6
64.8
4.3 %
7.5 %
136.1
126.2
7.8 %
11.1 %
Transaction-based (4)
75.3
73.4
2.6 %
6.0 %
151.9
138.7
9.5 %
11.9 %
Key product space income
PitchBook
$        100.2
$         68.3
46.7 %
46.7 %
$      192.2
$      129.9
48.0 %
48.0 %
DBRS Morningstar (5)
65.2
65.4
(0.3) %
3.1 %
134.4
124.7
7.8 %
10.1 %
Morningstar Information
64.3
60.3
6.6 %
11.7 %
127.6
119.1
7.1 %
10.7 %
Morningstar Direct
45.8
43.2
6.0 %
10.2 %
91.4
85.3
7.2 %
10.2 %
Funding Administration
30.0
31.0
(3.2) %
4.4 %
60.8
60.4
0.7 %
8.6 %
Office Options
26.2
25.5
2.7 %
2.7 %
52.8
50.7
4.1 %
4.1 %
Morningstar Sustainalytics
25.9
19.0
36.3 %
47.4 %
50.6
36.4
39.0 %
47.5 %
Morningstar Advisor Workstation
23.6
22.9
3.1 %
3.4 %
46.8
45.7
2.4 %
2.7 %
As of June 30,
Property underneath administration and
advisement (approximate) ($bil)

2022
2021
Change
Office Options
Managed Accounts
$        116.2
$      105.1
10.6 %
Fiduciary Companies
49.8
58.1
(14.3) %
Customized Fashions/CIT
36.5
38.8
(5.9) %
Office Options (complete)
$        202.5
$      202.0
0.2 %
Funding Administration
Morningstar Managed Portfolios
$           33.0
(6)
$         30.2
9.3 %
Institutional Asset Administration
9.9
12.0
(17.5) %
Asset Allocation Companies
7.4
7.1
4.2 %
Funding Administration (complete)
$           50.3
$         49.3
2.0 %
Asset worth linked to Morningstar Indexes ($bil)
$        133.9
$      136.2
(1.7) %
Three months ended June 30,
Six months ended June 30,
2022
2021
Change
2022
2021
Change
Common property underneath administration and
advisement ($bil)

$        258.9
$      247.4
4.6 %
$      261.0
$      240.6
8.5 %
_____________________________________________________________________________
(1) Natural income excludes acquisitions, divestitures, the impacts of the adoption of recent accounting requirements or revision to accounting practices, and the impact of international foreign money translations.
(2) License-based income contains PitchBook, Morningstar Information, Morningstar Direct, Morningstar Sustainalytics, Morningstar Advisor Workstation, and different comparable merchandise.
(3) Asset-based income contains Funding Administration, Office Options, and Morningstar Indexes.
(4) Transaction-based income contains DBRS Morningstar, Web promoting, and Morningstar-sponsored conferences.
(5)  For the three and 6 months ended June 30, 2022, DBRS Morningstar recurring income derived primarily from surveillance, analysis, and different transaction-related companies was 38.4% and 37.2%, respectively. For the three and 6 months ended June 30, 2021, recurring income was 36.2% and 36.5%, respectively .
(6) Morningstar Managed Portfolios property underneath administration as of June 30, 2022 contains property underneath administration acquired with the shut of the Praemium UK and worldwide enterprise acquisition. As we accomplished the acquisition on June 30, 2022, there isn’t a corresponding income within the second quarter of 2022.
Morningstar, Inc. and Subsidiaries
Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited)
To complement Morningstar’s condensed consolidated monetary statements offered in accordance with U.S. Usually Accepted Accounting Ideas (GAAP), Morningstar makes use of the next measures thought-about as non-GAAP by the Securities and Trade Fee, together with:
These non-GAAP measures will not be akin to equally titled measures reported by different corporations.
Morningstar presents natural income as a result of the Firm believes this non-GAAP measure helps traders higher examine period-over-period outcomes. We exclude income from acquired companies from our natural income development calculation for a interval of 12 months after we full the acquisition. For divestitures, we exclude income within the prior-year interval for which there isn’t a comparable income within the present interval.
As well as, Morningstar presents free money stream solely as supplemental disclosure to assist traders higher perceive how a lot money is on the market after making capital expenditures. Morningstar’s administration staff makes use of free money stream to guage its enterprise. Free money stream shouldn’t be thought-about a substitute for any measure required to be reported underneath GAAP (reminiscent of money offered by (used for) working, investing, and financing actions).
Three months ended June 30,
Six months ended June 30,
(in hundreds of thousands)
2022
2021
Change
2022
2021
change
Reconciliation from consolidated income to natural income:
Consolidated income
$ 470.4
$ 415.4
13.2 %
$  927.4
$  808.2
14.7 %
Much less: acquisitions
(3.8)

NMF
(4.3)

NMF
Much less: accounting modifications

(1.7)
NMF

(3.5)
NMF
Impact of international foreign money translations
12.3

NMF
17.4

NMF
Natural income
$  478.9
$  413.7
15.8 %
$  940.5
$  804.7
16.9 %
Reconciliation from consolidated working earnings to adjusted
working earnings:

Consolidated working earnings
$    53.9
$    47.2
14.2 %
$  110.3
$ 114.4
(3.6) %
Add: intangible amortization expense
15.6
15.7
(0.6) %
29.7
31.3
(5.1) %
Add: M&A-related bills
3.9
3.4
14.7 %
8.8
7.2
22.2 %
Add: M&A-related earn-outs (1)

30.1
NMF
7.1
35.8
(80.2) %
Adjusted working earnings
$    73.4
$    96.4
(23.9) %
$  155.9
$  188.7
(17.4) %
Reconciliation from consolidated working margin to adjusted
working margin:

Consolidated working margin
11.5 %
11.4 %
0.1 pp
11.9 %
14.2 %
(2.3) pp
Add: intangible amortization expense
3.3 %
3.8 %
(0.5) pp
3.2 %
3.9 %
(0.7) pp
Add: M&A-related bills
0.8 %
0.8 %
0.0 pp
0.9 %
0.9 %
0.0 pp
Add: M&A-related earn-outs (1)
— %
7.2 %
NMF
0.8 %
4.4 %
(3.6) pp
Adjusted working margin
15.6 %
23.2 %
(7.6) pp
16.8 %
23.4 %
(6.6) pp
Reconciliation from consolidated diluted web earnings per share
to adjusted diluted web earnings per share:

Consolidated diluted web earnings per share
$    0.70
$    0.76
(7.9) %
$    1.77
$    2.03
(12.8) %
Add: intangible amortization expense
0.27
0.27
— %
0.51
0.53
(3.8) %
Add: M&A-related bills
0.07
0.06
16.7 %
0.15
0.12
25.0 %
Add: M&A-related earn-outs (1)

0.67
NMF
0.16
0.80
(80.0) %
Much less: non-operating (features) losses (2)
0.13

NMF
(0.04)

NMF
Adjusted diluted web earnings per share
$    1.17
$    1.76
(33.5) %
$    2.55
$    3.48
(26.7) %
Reconciliation from money offered by working actions to
free money stream:

Money offered by working actions
$    68.7
$  127.2
(46.0) %
$    92.2
$  191.4
(51.8) %
Capital expenditures
(31.7)
(18.7)
69.5 %
(59.7)
(41.4)
44.2 %
Free money stream
$    37.0
$  108.5
(65.9) %
$    32.5
$  150.0
(78.3) %
______________________________________________________________________
NMF – Not significant, pp – share factors
(1) Displays the impression of M&A-related earn-outs included in working expense (compensation expense), primarily as a result of earn-out for Morningstar Sustainalytics.
(2) Non-operating (features) losses within the three and 6 months ended June 30, 2022, associated to unrealized features and losses on investments.
SOURCE Morningstar, Inc.
Cision Distribution 888-776-0942
from 8 AM – 9 PM ET

supply