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

Morningstar, Inc.

HISTORY TOOLS
CIK: 1289419 Ticker: MORN

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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Morningstar, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Morningstar, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Equity
Condensed Consolidated Statement Of Equity (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Basis Of Presentation Of Interim Financial Information
Contingencies
Credit Arrangements
Credit Arrangements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details)
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Per Share
Income Per Share (Details)
Income Per Share (Tables)
Income Taxes
Income Taxes (Effective Tax Rate, Narrative) (Details)
Income Taxes (Income Tax Contingency) (Details)
Income Taxes (Income Tax Reconciliation And Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Income Taxes (Unrecognized Tax Benefits, Narrative) (Details)
Investments And Fair Value Measurements
Investments And Fair Value Measurements (Classification Of Securities) (Details)
Investments And Fair Value Measurements (Cost And Fair Value Of Investments Classified By Maturity) (Details)
Investments And Fair Value Measurements (Fair Value Of Assets) (Details)
Investments And Fair Value Measurements (Gains (Losses) On Investments) (Details)
Investments And Fair Value Measurements (Tables)
Investments And Fair Value Measurements (Unrealized Gains On Trading Securities) (Details)
Revenue
Revenue (Change In Deferred Commissions) (Details)
Revenue (Contract Liabilities, Expected Recognition) (Details)
Revenue (Contract Liabilities, Narrative) (Details)
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Disaggregation Of Revenue, Narrative) (Details)
Revenue (Summary Of Contract Assets) (Details)
Revenue (Tables)
Segment And Geographical Area Information
Segment And Geographical Area Information (External Revenue And Long-Lived Assets) (Details)
Segment And Geographical Area Information (Tables)
Share Repurchase Program
Share Repurchase Program (Details)
Stock-Based Compensation
Stock-Based Compensation (Allocation Of Stock-Based Compensation Costs By Plan) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Cumulative Effect Of Changes From Adoption Of Topic 606) (Details)
Summary Of Significant Accounting Policies (Impact Of Adoption Of Topic 606) (Details)
Summary Of Significant Accounting Policies (Impact On Financial Statements, Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

Morningstar, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: MORN
CIK: 1289419
Form Type: 10-Q Quarterly Report
Accession Number: 0001289419-18-000163
Submitted to the SEC: Fri Oct 26 2018 1:13:54 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Investment Advice

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