Morningstar, Inc. (MORN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Morningstar, Inc.
Ticker: MORN CIK: 1289419

Exhibit 99.1

News Release

22 West Washington Street	Telephone:	+1 312 696-6000
Chicago	Facsimile:	+1 312 696-6009
Illinois 60602

FOR IMMEDIATE RELEASE

Morningstar, Inc. Reports Third-Quarter 2018 Financial Results

CHICAGO, October 24, 2018—Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced its third-quarter 2018 financial results, which reflect ongoing momentum in revenue growth and strong cash generation.

Third-Quarter Financial Highlights

· Revenue increased 13.6% to $261.3 million; organic revenue growth was 14.0%.

· Operating income rose 23.8% to $65.4 million.

· Diluted net income per share rose 67.1% to $1.32 versus $0.79 in the third quarter of 2017.

· Results included a $10.5 million revenue benefit related to an amended license agreement, which increased diluted net income per share by approximately $0.19.

· Cash provided by operating activities increased 27.7% to $79.8 million; free cash flow was $60.2 million, or 21.9% higher than the third quarter of 2017.

Year-to-Date Financial Highlights

· Revenue increased 13.2% to $757.2 million; organic revenue growth was 12.4%.

· Operating income rose 30.9% to $166.5 million.

· Diluted net income per share rose 43.4% to $3.27 versus $2.28 for the first nine months of 2017.

· Cash provided by operating activities increased 27.2% to $209.5 million; free cash flow was $154.3 million, or 30.4% higher than the first nine months of 2017.

“We enjoyed another quarter of strong revenue growth driven by PitchBook, Morningstar Data, and Managed Portfolios,” said Kunal Kapoor, Morningstar’s chief executive officer. “As anticipated, operating income growth slowed due primarily to ongoing investments across our business and higher compensation costs. We’re pleased with our momentum in 2018 and remain confident that the strength of our balance sheet offers us great flexibility to invest in our business regardless of the environment.”

The following information was filed by Morningstar, Inc. (MORN) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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