DBRS Morningstar operating loss (income) including deal-related expenses and amortization included $8.5 million and $3.4 million of amortization and deal-related expenses, respectively, during the three months ended December 31, 2019 and $17.1 million and $6.5 million of amortization and deal-related expenses, respectively, for the year ended December 31, 2019. Balance Sheet and Capital AllocationAs of Dec. 31, 2019, the Company had cash, cash equivalents, and investments totaling $367.5 million and $502.1 million of long-term debt, compared with cash, cash equivalents, and investments of $395.9 million and $70.0 million of long-term debt as of Dec. 31, 2018. Comparability of Year-Over-Year ResultsIn addition to the contribution from DBRS Morningstar and the deal-related expenses and amortization discussed above, certain other items affected the comparability of fourth-quarter and full-year 2019 results versus the same periods in 2018. Annual Report 2019 Form 10-K (NASDAQ:MORN) Published: March 1st, 2019 PDF generated by stocklight.com . We do not undertake to update our forward-looking statements as a result of new information or future events. the Children Tournament and Silent Auction on September 28th, 2019, raising $22,000 for our programs. Net income in the fourth quarter of 2019 was $27.6 million, or $0.64 per diluted share, as compared with $42.4 million, or $0.99 per diluted share, in the fourth quarter of 2018. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "prospects," or "continue." Workplace Solutions revenue grew by 4.7% year over year. Reconciliation tables for all non-GAAP measures can be found at the end of this press release.). The effective tax rate for the fourth quarter of 2019 was 24.8% versus 11.5% in the prior-year period, which benefited from the finalization of outstanding tax reform matters. This was a record year for the tournament. Higher sales commissions reflected strong company-wide selling activity in the fourth quarter. 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. 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. (4) Transaction-based revenue includes DBRS Morningstar, Internet advertising sales, and conferences. Excluding the impact of the combined credit ratings operations, transaction-based revenue declined by 15.2% due to a decrease in advertising revenue on Morningstar.com. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DBRS Morningstar results would have been accretive by $0.22 per diluted share, excluding deal-related expenses and amortization. Cash provided by operating activities was $334.4 million for the full year 2019 compared with $314.8 million in the prior year. Operating expense increased 23.0% for the year. The effective tax rate for the fourth quarter of 2019 was 24.8% versus 11.5% in the prior-year period, which benefited from the finalization of outstanding tax reform matters. 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. This resulted in a $0.2 million increase in fourth-quarter operating income. (5) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. Source: Morningstar Research Services, Morningstar Direct. Investors and others may send questions about Morningstar's business to investors@morningstar.com. Morningstar presents organic revenue because the Company believes this non-GAAP measure helps investors better compare period-over-period results. The highlights below summarize key operating metrics as of and for the full year ended Dec. 31, 2019. For more information, visit www.morningstar.com/company. The license amendment negatively impacted operating and adjusted operating income growth by 4.5%. 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. DBRS Morningstar contributed 20.6% to operating expense growth, which includes deal-related expenses and amortization and costs related to a pending regulatory settlement. DBRS Morningstar represented 17.1 percentage points of growth, while all other Morningstar product areas contributed 9.4 percentage points. News Archive; Media Resources. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "prospects," or "continue." Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. Operating income decreased 12.1% to $189.6 million; adjusted operating income declined 1.4%. The analytical integration is now complete for more than 75% of rated asset classes. 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. 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. Since announcing our new … Morningstar Direct licenses increased 5.8% to 15,903, and revenue grew 7.8% to $148.6 million, or 9.5% excluding the impact of foreign currency. Morningstar® Advisor Workstation ; Morningstar® Enterprise Components; ... 2019. Convening Notice and Proxy Statement PDF Format Download (opens in new window) PDF 111 KB. This approach allowed us to celebrate some milestones in 2018 and begin 2019 confident that regardless of the market environment, investors still need plenty of help. 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). 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. Annual Report… Morningstar® Advisor Workstation ; Morningstar® Enterprise Components; ... SEC filing year list 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004. In the U.S., the organization continued to make meaningful progress across all integration activities with a key focus on integrating analytical teams, rating processes, and methodologies in Structured Finance, where the two entities had the most overlap. Annual Report on Form 20-F PDF Format Download (opens in new window) PDF 3.10 MB. Ltd. 8 Cross Street #16-01 Manulife Tower Singapore 048424. Form. Operating expenses related to DBRS Morningstar contributed 10.9% of the overall increase, including deal-related expenses and amortization and costs related to a pending regulatory settlement. Over the past year, we have faced unprecedented challenges across the board. Steady corporate issuance in Canada also contributed to DBRS Morningstar's overall positive performance. Fourth-Quarter ResultsRevenue for the fourth quarter of 2019 was $332.4 million, an increase of 26.5% compared with the fourth quarter of 2018, or 9.7% higher on an organic basis. In the fourth quarter of 2019, organic revenue growth for the other five key product areas was 15.2%, compared to organic revenue growth of 9.7% for Morningstar as a whole. “This report is an abridged version of the unaudited semi-annual report established in conformity with the Luxembourg Law of 17 December 2010 on Undertakings for Collective Inve Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $233 billion in assets under advisement and management as of Dec. 31, 2019. "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. Operating expense increased 37.2% to $292.7 million in the fourth quarter of 2019. Here you will find all of salesforce.com's SEC filings including the prospectus, proxies, quarterly, and annual … 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. Revenue for the first six months of 2019 includes revenue from Morningstar Credit Ratings while revenue for the third and fourth quarters of 2019 includes revenue from DBRS Morningstar, the newly combined credit ratings operations. View data. Assets under management and advisement for Workplace Solutions rose 24.3% to $159.4 billion as of Dec. 31, 2019. consolidated operating income, excluding all mergers and acquisitions (M&A) related expenses and amortization (adjusted operating income). Benefits expense rose primarily due to higher healthcare costs compared with the prior-year period. Morningstar, Inc. Update on DBRS Morningstar Integration and PerformanceDBRS Morningstar's Canadian and European ratings operations continue to execute on their respective strategic initiatives to broaden fundamental and transactional rating opportunities with minimal impact from integration activities. Excluding the non-recurring revenue benefit from the license amendment in the prior period results, license-based revenue grew 10.0% during the twelve months ended 2019. Morning Star Community Services Limited was incorporated on 29 June 2016. Drivers of asset-based revenue remained consistent as positive equity market performance continued to be a key contributor to growth. Operating income was $189.6 million, a decrease of 12.1% compared with the prior year. Always Be Ahead. 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. Annual Reports . consolidated operating margin, excluding all M&A related expenses and amortization (adjusted operating margin), consolidated diluted net income per share, excluding all M&A related expenses and amortization (adjusted diluted net income per share), and. Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited). (1) Revenue for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. Operating margin was 16.1% in 2019, compared with 21.2% in 2018, or 20.3%, excluding the license amendment. The Company has operations in 27 countries. Prior-period results have been adjusted to conform to this presentation. This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. For more information, visit www.morningstar.com/company. Morningstar Announces Availability of Proxy Materials for 2019 Annual Shareholders' Meeting, Stocks: NAS:MORN, release date:Apr 05, 2019 Operating income decreased 19.5% to $39.7 million; adjusted operating income, which excludes all merger and acquisition (M&A)-related expenses and amortization, increased by 5.3%. In 2019, we connected 676 kids with brighter days. 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. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Data as of 6/30/2019 for open-end funds and exchange-traded funds available to investors in the United States. 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. ", _________________________________________1 (Note: 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. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Special Report 2019 Morningstar Investment Conference Follow our annual investment conference with Morningstar.com's reports and one-on-one interviews with some of the industry's best … 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. Recurring revenue from surveillance, research, and other services comprised the remainder in each respective period. Morningstar Investment Management revenue increased 12.1% as the gross revenue contribution from the Morningstar Funds Trust largely offset ongoing fee compression resulting from a shift in the asset mix to lower-fee strategies. Update on Key Product AreasMorningstar tracks the performance of key product areas expected to provide a greater contribution to growth as part of its long-term strategy, which include Morningstar Data, Morningstar Direct, PitchBook, Workplace Solutions, Morningstar Managed Portfolios, and DBRS Morningstar. 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. cash provided by or used for operating activities less capital expenditures (free cash flow). This resulted in a $1.1 million increase in full-year operating income. Manulife Funds … As such, revenue from the entire credit ratings operation will be excluded from the reporting of organic revenue through the second quarter of 2020. Fourth-quarter operating income was $39.7 million, a decrease of $9.6 million, or 19.5% compared with the prior-year period. This resulted in a $0.2 million increase in fourth-quarter operating income. Reconciliation from consolidated revenue to organic revenue: Organic revenue excluding the license amendment. Reconciliation tables for all non-GAAP measures can be found at the end of this press release.). FINRA-Reviewed Reports. Caution Concerning Forward-Looking StatementsThis press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to May 17, 2019… On 1 February 2017, it assumed the entire operations of the Society. Organic revenue growth in 2019 was 8.4%. Follow Morningstar on Twitter @MorningstarInc. 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. CHICAGO, Feb. 11, 2020 / / -- 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. Operating expenses for the remainder of Morningstar increased 16.6% as the Company continued to invest in growth across the business. This resulted in a $1.1 million increase in full-year operating income. Organic revenue growth, which excludes DBRS Morningstar and currency effects, was 9.7%. Revenue for 2019 was $5.8 billion, down from $7.7 billion in the previous year. Learn more about our programs’ impact in 2019: Download 2019 Annual Report 2018 Annual Report Fourth-quarter operating margin was 11.9%, compared with 18.8% in the prior-year period. 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. Before the big event, Morningstar Board Member Jerry House and golf professional Bubba Clark provided the children a fun afternoon on the OGI course. View Our Strategic Plan 2019 Annual Report . "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. The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the Company to comparable GAAP measures and an explanation of why the company uses them. Benefits expense rose primarily due to higher healthcare costs compared with the prior-year period. Being Malaysia's Leading Converged Solutions Company, Maxis remains committed to leverage on the best technology to help people, businesses and the nation to Always Be Ahead in a dynamically changing world. Frequently Asked Questions The combination of DBRS and Morningstar's U.S.-based credit ratings operations makes it difficult to ascribe the origin of revenue growth to either entity. Adjusted operating income declined 1.4%. 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. from 8 AM - 9 PM ET, Add: DBRS Morningstar operating loss (income) including deal-related expenses and amortization, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. Excluding $10.5 million of non-recurring revenue from a license amendment in 2018, organic revenue growth would have increased by 9.5%. Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited). Revenue growth was balanced across geographies, with license-based revenue higher by 8.1%, asset-based revenue increasing 5.6%, and transaction-based revenue growing 127.8% on a reported basis. Fourth-quarter 2019 results also reflect the contribution of the Morningstar Funds Trust, which records revenue and sub-advisory fees on a gross basis. Cision Distribution 888-776-0942 View original content to download multimedia:http://www.prnewswire.com/news-releases/morningstar-inc-reports-fourth-quarter-full-year-2019-financial-results-301008779.html, One Sheet consolidated operating income, excluding all mergers and acquisitions (M&A) related expenses and amortization (adjusted operating income). The license amendment negatively impacted operating and adjusted operating income growth by 4.5%. ... On July 2, 2019, Morningstar, Inc. completed its acquisition of DBRS and shortly after began integrating DBRS with Morningstar’s credit rating business, Morningstar Credit Ratings, LLC. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. This resulted in a $3.2 million favorable impact to revenue and a corresponding increase in the cost of revenue, with no impact on operating income. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. Overall, long-term global flows (excluding money-market funds) nearly doubled in 2019 to $1 trillion. PDF; Form 10K (HTML) Morningstar Inc. does not currently have any hardcopy reports on AnnualReports.com. ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 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. For divestitures, we exclude revenue in the prior period for which there is no comparable revenue in the current period. Annual Report For the nancial year ended 31 December 2019 Manulife Investment Management (Singapore) Pte. As such, revenue from the entire credit ratings operation will be excluded from the reporting of organic revenue through the second quarter of 2020. We have endured and thrived because we never lost sight of our purpose: to . Revenue increased 26.5% to $332.4 million. Tax Planning; Personal Finance; Save for College; Save for Retirement; Invest in Retirement 2019), and DBRS filed an update to Form NRSRO to add Morningstar as a credit rating affiliate. 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. 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. Average assets under management and advisement increased by 12.1% year over year, while assets linked to Morningstar Indexes grew 44.7%. Operating expense increased 23.0% for the year. consolidated operating income, excluding DBRS Morningstar and the license amendment. 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. (1) Revenue by type and key product area revenue includes the effect of foreign currency translations. Operating expenses for the remainder of Morningstar increased 16.6% as the Company continued to invest in growth across the business. ", _________________________________________ 2019 Annual Report and Form 10K. Annual Report… Ratings. For the year ended December 31, 2019, Morningstar Data, Morningstar Direct, and Morningstar Investment Management increased revenue by 8.4%, 9.5%, and 5.7%, respectively, whereas Advisor Workstation revenue declined by 1.5% when excluding the impact of foreign currency. Morningstar presents certain non-GAAP measures to show the effect of the DBRS acquisition and deal-related amortization and integration expenses, better reflect period-over-period comparisons, and improve overall understanding of the underlying performance of the business absent the impact of the combined DBRS Morningstar operations. Workplace Solutions revenue grew by 4.7% year over year. ... On July 2, 2019, Morningstar, Inc. completed its acquisition of DBRS and shortly after began integrating DBRS with Morningstar’s credit rating business, Morningstar Credit Ratings, LLC. Statement of Changes in Beneficial Ownership. 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. Revenue for the first six months of 2019 includes revenue from Morningstar Credit Ratings while revenue for the third and fourth quarters of 2019 includes revenue from DBRS Morningstar, the newly combined credit ratings operations. 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