We have endured and thrived because we never lost sight of our purpose: to . 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. 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. (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. 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. The license amendment negatively impacted operating and adjusted operating income growth by 4.5%. Annual Report 2019 Form 10-K (NASDAQ:MORN) Published: March 1st, 2019 PDF generated by stocklight.com . Methodology 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, … 2019), and DBRS filed an update to Form NRSRO to add Morningstar as a credit rating affiliate. Full year new awards in 2019 totaled $3.7 billion, compared to $10.6 billion in 2018. As a result, Morningstar estimates investors saved $5.8 billion in fund expenses last year. Annual Reports . Steady corporate issuance in Canada also contributed to DBRS Morningstar's overall positive performance. Net income for 2018 included after-tax gains on sales of a product line and a portion of an equity method investment that totaled $0.28 per diluted share, and a $0.18 per diluted share benefit related to a license amendment. 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. 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. (1) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. The asset-weighted average expense ratio fell to 0.45% in 2019 from 0.48% in 2018. Collectively, these items had a favorable impact of $0.46 per diluted share in 2018. 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. Assets under management and advisement for Workplace Solutions rose 24.3% to $159.4 billion as of Dec. 31, 2019. "We're pleased with our integration progress to date and remain encouraged by our unique opportunity to improve transparency in the credit ratings space. 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. Annual Reports. 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. 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. 37% is the correct figure. Operating expenses for the remainder of Morningstar increased 16.6% as the Company continued to invest in growth across the business. 1 ", _________________________________________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. Reconciliation from consolidated revenue to organic revenue: Organic revenue excluding the license amendment. 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. Here you will find all of salesforce.com's SEC filings including the prospectus, proxies, quarterly, and annual … The contribution of DBRS Morningstar was $91.3 million, or 8.7 percentage points of revenue growth for the full year. Looking for more historical financial data? Since announcing our new … 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. Average assets under management and advisement increased by 12.1% year over year, while assets linked to Morningstar Indexes grew 44.7%. 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. As such, revenue from the entire credit ratings operation will be excluded from the reporting of organic revenue through the second quarter of 2020. 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. 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. 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. Organic revenue growth, which excludes DBRS Morningstar and currency effects, was 9.7%. Revenue for Morningstar Data was up 6.3% to $196.8 million, or 8.4% excluding the impact of foreign currency. Proxy Card PDF Format Download (opens in new window) PDF 45 KB. 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. 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 exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. Notice of Availability of Proxy Materials PDF Format Download (opens in new window) PDF 81 KB. 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. 2019 Annual 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 … 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. For more information, visit www.morningstar.com/company. Organic revenue growth in 2019 was 8.4%. All other Morningstar product areas contributed to revenue growth by $67.8 million, or 6.9 percentage points. “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 Fund prices, fact sheets, investment research, advice and portfolio tools for OEICs, unit trusts, ISAs, PEPs, ETFs, offshore, and life and pension funds 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. This resulted in a $1.1 million increase in full-year operating income. 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. Consistent with prior quarters, increases in stock-based compensation were driven by the ongoing achievement of incentive targets under the PitchBook management bonus plan. Operating expense increased 23.0% for the year. Forward-looking statements This Annual Report contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E o Forward-looking Statements Some of the information we provide in this document is forward-looking and therefore could change over time to reflect changes in … Benefits expense rose primarily due to higher healthcare costs compared with the prior-year period. In 2019, the Company had limited share repurchase activity and paid $47.8 million in dividends. Annual Report For the nancial year ended 31 December 2019 Manulife Investment Management (Singapore) Pte. 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 … 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. Annual Report on Form 20-F PDF Format Download (opens in new window) PDF 3.10 MB. Recurring revenue from surveillance, research, and other services comprised the remainder in each respective period. Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. Transaction-based revenue more than tripled year over year, driven by the contribution of DBRS Morningstar. This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. Morningstar is a top provider of independent investment research in the United States and abroad. Reconciliation tables for all non-GAAP measures can be found at the end of this press release.). (5) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. Morningstar encourages all interested parties-including securities analysts, current shareholders, potential shareholders, and others-to submit questions in writing. 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 Workplace Solutions revenue grew by 4.7% year over year. Form. We're confident that the choices we're making will serve the modern investor well while positioning Morningstar for continued growth. Annual Reports; RSS; Contacts; Careers; NewsRoom. 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. 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. 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. 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. All other Morningstar product areas contributed to revenue growth by $67.8 million, or 6.9 percentage points. ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Adjusted operating margin was 19.8% in 2019 versus 23.2% in the prior year, or 22.4%, excluding the license amendment. These statements are based on our current expectations about future events or future financial performance. I want this to be a document you can use as a reference for how we plan to run GE for the long term. Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. 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. 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. 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. Click the button below to request a report when hardcopies … 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. 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. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. For divestitures, we exclude revenue in the prior period for which there is no comparable revenue in the current period. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. (2) License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. 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. ... Audited-Financial-Statement-for-Year-Ended-31-Dec-2019; Annual Reports (Society) Annual Report … Source: Morningstar Research Services, Morningstar Direct. Diluted net income per share declined 35.4% to $0.64 versus $0.99 in the prior period, which included the $0.07 per share dilutive impact of DBRS Morningstar and a $0.12 per share impact from the higher effective tax rate in the quarter. 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. Higher sales commissions reflected strong company-wide selling activity in the fourth quarter. (2) Operating loss (income) for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. 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. 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. "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. 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. (2) License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. Caution Concerning Forward-Looking Statements DBRS Morningstar contributed 20.6% to operating expense growth, which includes deal-related expenses and amortization and costs related to a pending regulatory settlement. cash provided by or used for operating activities less capital expenditures (free cash flow). Excluding $10.5 million of non-recurring revenue from a license amendment in 2018, organic revenue growth would have increased by 9.5%. Morningstar provides investment research for stocks, funds, ETF's, credit, and LIC's as well as financial data, news, and investing articles and videos. 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. 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. PitchBook licenses increased 59.7% to 36,695, and revenue grew 49.0% to $148.4 million. While these actions are contributing to an increase in operating expenses, we achieved record revenue and free cash flow in 2019. Full-Year 2019 ResultsRevenue for 2019 was $1.2 billion, an increase of 15.6% compared with 2018. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Production expense included fees paid to sub-advisors relating to the Morningstar Funds Trust and higher cloud-based computing costs. Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. 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. Adjusted operating margin was 19.8% in 2019 versus 23.2% in the prior year, or 22.4%, excluding the license amendment. "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. Net income for 2019 included an after-tax gain of $0.33 per share from the sale of an equity method investment in the third quarter. 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. 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 expenses for the remainder of Morningstar increased 16.6% as the Company continued to invest in growth across the business. 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. Shipping Information. Consistent with prior quarters, increases in stock-based compensation were driven by the ongoing achievement of incentive targets under the PitchBook management bonus plan. View data. This resulted in a $0.2 million increase in fourth-quarter operating income. For divestitures, we exclude revenue in the prior period for which there is no comparable revenue in the current period. Free cash flow increased to $254.4 million for the full year 2019, compared with $238.7 million in the prior year. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Our unique approach has enabled Premier Inn to grow at a significantly faster pace than competitors, deliver a consistently superior customer experience and generate a strong retu ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. 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. Learn more about our programs’ impact in 2019: Download 2019 Annual Report 2018 Annual Report Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2019 Financial Results . 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. 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. : to at michael.laske @ morningstar.com Form DBRS Morningstar results would have increased by %. Year 2019 compared morningstar annual report 2019 20.7 % for the three months and twelve ended... 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