morningstar annual report 2019

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. 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. 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. 2019 Annual Report. Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. 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. I want this to be a document you can use as a reference for how we plan to run GE for the long term. 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. 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 $0.12 per share impact from the higher effective tax rate in the quarter. Investor Relations Contact:Barbara Noverini, CFA +1 312-646-6164, barbara.noverini@morningstar.com, Media Relations Contact:Stephanie Lerdall, +1 312-244-7805, stephanie.lerdall@morningstar.com, ©2020 Morningstar, Inc. All Rights Reserved.MORN-E, Unaudited Condensed Consolidated Statements of Income, Income before income taxes and equity in net income (loss) of unconsolidated entities, Equity in net income (loss) of unconsolidated entities, _________________________________________________________________, NMF - Not meaningful, pp - percentage points, Unaudited Condensed Consolidated Statements of Cash Flows, Adjustments to reconcile consolidated net income to net cash flows from operating activities, Changes in operating assets and liabilities, net, Cash (used for) provided by financing activities, Effect of exchange rate changes on cash and cash equivalents, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents-beginning of period, Unaudited Condensed Consolidated Balance Sheets, Property, equipment, and capitalized software, net, Morningstar.com Premium Membership subscriptions (U.S.), Assets under management and advisement (approximate) ($bil), Asset value linked to Morningstar Indexes ($bil), Average assets under management and advisement ($bil), _____________________________________________________________________________. Full year new awards in 2019 totaled $3.7 billion, compared to $10.6 billion in 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. A. Peru Real Estate Assets: As of the publication of this 2019 Annual Report, the Group continued to operate and wholly own a mixed-use tower containing a 66-suite hotel, approximately … 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. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. 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, … Adjusted operating margin was 19.8% in 2019 versus 23.2% in the prior year, or 22.4%, excluding the license amendment. Recurring revenue from surveillance, research, and other services comprised the remainder in each respective period. Full-Year 2019 ResultsRevenue for 2019 was $1.2 billion, an increase of 15.6% compared with 2018. "We're pleased with our integration progress to date and remain encouraged by our unique opportunity to improve transparency in the credit ratings space. 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 Form. These statements are based on our current expectations about future events or future financial performance. 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 … In 2019, the Company had limited share repurchase activity and paid $47.8 million in dividends. Workplace Solutions revenue grew by 4.7% year over 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. 2020-2022 Strategic Plan . 2019 Annual Report. Annual Reports . Assets under management and advisement in Managed Portfolios increased 13.1% to $73.5 billion as of Dec. 31, 2019. The contribution of DBRS Morningstar was $46.2 million, or 17.1 percentage points in the quarter, and the remainder of Morningstar contributed $23.5 million, or 9.4 percentage points to revenue growth. FINRA-Reviewed Reports. CHICAGO, Feb. 20, 2020 - Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced fourth-quarter and full-year 2019 … The analytical integration is now complete for more than 75% of rated asset classes. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. As a result, Morningstar estimates investors saved $5.8 billion in fund expenses last year. Morningstar encourages all interested parties-including securities analysts, current shareholders, potential shareholders, and others-to submit questions in writing. In the third quarter of 2019, Morningstar Credit Ratings combined with DBRS to form 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. 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. Operating income was $189.6 million, a decrease of 12.1% compared with the prior year. 2019), and DBRS filed an update to Form NRSRO to add Morningstar as a credit rating affiliate. 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. 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. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. All other Morningstar product areas contributed to revenue growth by $67.8 million, or 6.9 percentage points. "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. Reconciliation from consolidated revenue to revenue excluding DBRS Morningstar and the license amendment: Revenue excluding DBRS Morningstar and the license amendment. Notice of Availability of Proxy Materials PDF Format Download (opens in new window) PDF 81 KB. 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. Caution Concerning Forward-Looking Statements Reconciliation tables for all non-GAAP measures can be found at the end of this press release.). 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. 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. Morningstar's management team uses free cash flow to evaluate its business. :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, … (2) License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. Operating margin was 16.1% in 2019, compared with 21.2% in 2018, or 20.3%, excluding the license amendment. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. Fourth-quarter 2019 results also reflect the contribution of the Morningstar Funds Trust, which records revenue and sub-advisory fees on a gross basis. 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. 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. The asset … 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. “This report is an abridged version of the audited annual report established in conformity with the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment. 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. Reconciliation tables for all non-GAAP measures can be found at the end of this press release.). As such, revenue from the entire credit ratings operation will be excluded from the reporting of organic revenue through the second quarter of 2020. 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. The asset-weighted average expense ratio fell to 0.45% in 2019 from 0.48% in 2018. 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. While these actions are contributing to an increase in operating expenses, we achieved record revenue and free cash flow in 2019. Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. For divestitures, we exclude revenue in the prior period for which there is no comparable revenue in the current period. 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. 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. Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. In 2019, we connected 676 kids with brighter days. Annual Report 2019 Form 10-K (NASDAQ:MORN) Published: March 1st, 2019 PDF generated by stocklight.com . Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. 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. 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. Cash provided by operating activities was $334.4 million for the full year 2019 compared with $314.8 million in the prior year. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. Annual Report… Transaction-based revenue more than tripled year over year, driven by the contribution of DBRS Morningstar. Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 … "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. Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. Investors and others may send questions about Morningstar's business to investors@morningstar.com. 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. You can use this site to research and evaluate the quality of mutual funds and other investments. "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. 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). ... 2019. 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. Benefits expense rose primarily due to higher healthcare costs compared with the prior-year period. Acquired businesses from our organic revenue excluding the impact of $ 0.46 per diluted share in 2018 organic. Excluding money-market funds ) nearly doubled in 2019, compared with 20.7 % in the third of. 16.6 % as the Company had limited share repurchase activity and paid $ 47.8 million in the prior year DBRS! 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