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FOR IMMEDIATE RELEASE
Morningstar, Inc. Reports Third-Quarter 2018 Financial Results
CHICAGO, October 24, 2018Morningstar, 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, Morningstars chief executive officer. As anticipated, operating income growth slowed due primarily to ongoing investments across our business and higher compensation costs. Were 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.
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Table of Contents Table of Contents Three and Nine Months Ended September 30, 2018 vs. Three and Nine Months Ended September 30, 2017 Consolidated Results ___________________________________________________________________________________________ pp - percentage points To supplement our consolidated financial statements presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), we use the following non-GAAP measures: consolidated revenue excluding acquisitions, divestitures, adoption of accounting changes, and the effect of foreign currency translations (organic revenue); consolidated international revenue excluding acquisitions, divestitures, adoption of accounting changes, and the effect of foreign currency translations (international organic revenue); and cash provided by or used for operating activities less capital expenditures (free cash flow).
In December 2017, the board of directors approved a new share repurchase program that authorizes the company to repurchase up to $500.0 million in shares of the company's outstanding common stock, effective January 1, 2018.
Intangible amortization expense decreased $0.3 million.
Intangible amortization expense decreased $2.4 million as certain intangible assets from some of our earlier acquisitions are now fully amortized.
As a percentage of revenue, depreciation and amortization expense decreased 0.1 percentage points in the third quarter of 2018 and 0.3 percentage points in the first nine months of 2018.
Foreign currency movements had a...Read more
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Operating margin was 25.0%, up...Read more
Operating margin was 22.0%, up...Read more
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The increase reflects a $44.8...Read more
Ad sales on Morningstar.com also...Read more
Licensed-based revenue grew 13.5% during...Read more
Revenue from Morningstar Credit Ratings...Read more
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Consolidated Operating Income and Operating...Read more
Globally, financial advisors have been...Read more
Offsetting these expenses in the...Read more
Asset-based revenue increased 11.9% during...Read more
PE exit value was roughly...Read more
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Transaction-based revenue grew 14.5% during...Read more
These non-GAAP measures may not...Read more
Licensed-based revenue grew 16.0% during...Read more
Revenue from PitchBook Data increased...Read more
Revenue from PitchBook Data increased...Read more
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The increase reflects cash provided...Read more
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The following table, which we...Read more
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Foreign currency translations had an...Read more
Each director and executive officer...Read more
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Organic revenue To allow for...Read more
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Consolidated Revenue In the third...Read more
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Organic revenue increased 12.4% for...Read more
Revenue from international operations increased...Read more
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We exclude revenue from acquired...Read more
(1) This column reflects an...Read more
Our effective tax rate in...Read more
Average assets under management and...Read more
Foreign currency movement had a...Read more
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We present organic revenue and...Read more
Morningstar Data revenue also increased...Read more
Stock-based compensation increased $4.6 million...Read more
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Morningstar Credit Ratings completed 86...Read more
Non-Operating Income (Expense), Net, Equity...Read more
During the third quarter of...Read more
Outside the U.S., policymakers also...Read more
We had an outstanding principal...Read more
Continuous focus on development of...Read more
Morningstar Managed Portfolios increased $12.0...Read more
Industry Trends Equities posted strong...Read more
Production expense increased $1.3 million...Read more
Assets in U.S. long-term open-end...Read more
Compensation expense increased $2.0 million...Read more
Average assets under management and...Read more
As a percentage of revenue,...Read more
In the first nine months...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Morningstar, Inc. provided additional information to their SEC Filing as exhibits
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