Last10K.com

Morningstar, Inc. (MORN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

MORN Quarterly Reports

Morningstar, Inc.

CIK: 1289419 Ticker: MORN

 

Exhibit 99.1

 

 

 News Release

 

22 West Washington Street

Chicago, Illinois 60602

Telephone: +1 312 696-6000

Facsimile: +1 312 696-6009

 

FOR IMMEDIATE RELEASE

 

Morningstar, Inc. Reports First-Quarter 2020 Financial Results

 

CHICAGO, April 29, 2020 - Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced first-quarter 2020 financial results.

 

”I am proud of how Morningstar is empowering investor success by helping investors navigate the uncertainty in global markets caused by the COVID-19 pandemic,” said Kunal Kapoor, Morningstar’s chief executive officer. “We successfully transitioned our global workforce to remote work environments while delivering our core data, research, and ratings without interruption during this period of unprecedented market volatility. Our calm, long-term, research-based insights resonated with investors, and we experienced significant increases in page views on Morningstar.com, record levels of PitchBook daily newsletter downloads, and increased usage of Morningstar Direct’s risk model to simulate macroeconomic and market shocks on client portfolios. DBRS Morningstar also successfully launched a COVID-19-related website featuring research and commentary. In support of advisors, retirement plan sponsors, and participants who use our managed portfolios or managed retirement account programs, we increased delivery of webinars and market volatility-related content.

 

"I am thankful to my colleagues at Morningstar for their efforts and grateful for the partnership we have experienced with all stakeholders. We had a positive start to the year, although our financial results in the quarter have not fully reflected the impact of the current environment. Our business is on solid footing, and we will continue to manage it prudently while fulfilling our mission to serve all investors during this critical time.”

 

First-Quarter Financial Highlights

 

·Revenue increased 25.1% to $324.0 million. DBRS Morningstar1 represented 13.9 percentage points of growth, while all other Morningstar product areas contributed 11.2 percentage points.

 

·Organic revenue growth, which excludes DBRS Morningstar and foreign currency effects, was 11.6%.

 

·Operating income decreased 10.1% to $44.5 million; adjusted operating income increased by 12.2%, excluding all merger and acquisition (M&A)-related expenses and amortization.

 

·Diluted net income per share declined 28.6% to $0.55 versus $0.77 in the prior period. Adjusted diluted net income per share decreased by 2.3%, excluding all merger and acquisition (M&A)-related expenses and amortization. Both net income and adjusted net income per share reflect the $0.13 impact of higher non-operating losses.

 

·Cash provided by operating activities declined 17.5% to $48.7 million, primarily due to the addition of DBRS Morningstar to the Company's bonus payout in the first quarter. Free cash flow was $33.6 million.

 

1.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. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. Reconciliation tables for all non-GAAP measures can be found at the end of this press releas

 


The following information was filed by Morningstar, Inc. (MORN) on Thursday, April 30, 2020 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.

View differences made from one quarter to another to evaluate Morningstar, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Morningstar, Inc..

Continue

Assess how Morningstar, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Morningstar, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Shares
Income
Expense
Product
Earnings
Geography
Dividend
Other
Inside Morningstar, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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
(Tables)
Acquisitions, Goodwill And Other Intangible Assets
Acquisitions, Goodwill And Other Intangible Assets (Amortization Expense) (Details)
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details)
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details)
Acquisitions, Goodwill And Other Intangible Assets (Tables)
Acquisitions, Goodwill And Other Intangible Assets Acquisitions, Goodwill And Other Intangible Assets (Proforma Information) (Details)
Basis Of Presentation Of Interim Financial Information
Contingencies
Contingencies Contingencies (Details)
Credit Arrangements
Credit Arrangements (Details)
Credit Arrangements - Schedule Of Long-Term Debt (Details)
Fair Value Measurement Of Investments
Fair Value Measurement Of Investments Fair Value Measurement Of Investments - Narrative (Details)
Income Per Share
Income Per Share (Details)
Income Per Share (Tables)
Income Taxes
Income Taxes (Income Tax Contingency) (Details)
Income Taxes (Income Tax Reconciliation And Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Leases
Leases (Tables)
Leases - Assets And Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Operating Lease Minimum Future Lease Commitments (Details)
Leases - Weighted Average Remaining Lease Terms And Discount Rates (Details)
Revenue
Revenue (Contract Liabilities, Additional Information Narrative) (Details)
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Disaggregation Of Revenue, Narrative) (Details)
Revenue (Schedule Of Contract Liabilities) (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)
Segment And Geographical Area Information Segment And Geographical Area Information - Operating Lease Assets By Geographical Area (Details)
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)
Subsequent Events (Details)
Subsequent Events (Notes)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Impact Of Adoption Of Topic 842) (Details)
Summary Of Significant Accounting Policies (Policies)

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: 0001289419-20-000077
Submitted to the SEC: Fri May 01 2020 5:18:19 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: Investment Advice

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/morn/0001289419-20-000077.htm