Ratings. Operating margin was 16.1% in 2019, compared with 21.2% in 2018, or 20.3%, excluding the license amendment. 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. Revenue for Morningstar Data was up 6.3% to $196.8 million, or 8.4% excluding the impact of foreign currency. Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. 1 SEC filings . 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. This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. Benefits expense rose primarily due to higher healthcare costs compared with the prior-year period. 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. Click the button below to request a report when hardcopies become available. 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. Follow Morningstar on Twitter @MorningstarInc. Reconciliation from consolidated revenue to revenue excluding DBRS Morningstar and the license amendment: Revenue excluding DBRS Morningstar and the license amendment. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. Adjusted operating margin was 19.8% in 2019 versus 23.2% in the prior year, or 22.4%, excluding the license amendment. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. DBRS Morningstar operating loss (income) including deal-related expenses and amortization included $8.5 million and $3.4 million of amortization and deal-related expenses, respectively, during the three months ended December 31, 2019 and $17.1 million and $6.5 million of amortization and deal-related expenses, respectively, for the year ended December 31, 2019. The effective tax rate for the full year 2019 was 23.1%, as compared with 20.7% for the full year 2018. Transaction-based revenue more than tripled year over year, driven by the contribution of DBRS Morningstar. 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. 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. “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 ... 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. 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 do not undertake to update our forward-looking statements as a result of new information or future events. This resulted in a $1.1 million increase in full-year operating income. 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. Since announcing our new … 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." 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. Consistent with prior quarters, increases in stock-based compensation were driven by the ongoing achievement of incentive targets under the PitchBook management bonus plan. Fourth-Quarter ResultsRevenue for the fourth quarter of 2019 was $332.4 million, an increase of 26.5% compared with the fourth quarter of 2018, or 9.7% higher on an organic basis. Click the button below to request a report when hardcopies … 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. 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. 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. 37% is the correct figure. 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. consolidated operating income, excluding DBRS Morningstar and the license amendment. 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. 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. Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2019 Financial Results . 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. 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. Annual Reports . 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. 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. Annual Reports; RSS; Contacts; Careers; NewsRoom. "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. 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. Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited). Average assets under management and advisement increased by 12.1% year over year, while assets linked to Morningstar Indexes grew 44.7%. 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. 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, officers, consolidated financial statements, financial notes and ownership information. Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. The ... Morningstar, Inc. 2018 nnual Report … Annual Report For the nancial year ended 31 December 2019 Manulife Investment Management (Singapore) Pte. 2. Workplace Solutions revenue grew by 4.7% year over year. (1) Revenue by type and key product area revenue includes the effect of foreign currency translations. consolidated revenue, excluding acquisitions, divestitures, adoption of accounting changes, and the effect of foreign currency translations (organic revenue). For the three months and six months ended 2019, transaction-based revenue derived primarily from one-time ratings fees was 67% and 63%, respectively. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. Operating income decreased 12.1% to $189.6 million; adjusted operating income declined 1.4%. 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. 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. 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. The analytical integration is now complete for more than 75% of rated asset classes. Recurring revenue from surveillance, research, and other services comprised the remainder in each respective period. Collectively, these items had a favorable impact of $0.46 per diluted share in 2018. These statements are based on our current expectations about future events or future financial performance. 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 analytical integration is now complete for more than 75% of rated asset classes. 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. 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. 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