I want this to be a document you can use as a reference for how we plan to run GE for the long term. We do not undertake to update our forward-looking statements as a result of new information or future events. 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. 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. 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. Ratings. 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. consolidated revenue, excluding acquisitions, divestitures, adoption of accounting changes, and the effect of foreign currency translations (organic revenue). Reconciliation from consolidated revenue to revenue excluding DBRS Morningstar and the license amendment: Revenue excluding DBRS Morningstar and the license amendment. Prior-period results have been adjusted to conform to this presentation. As the saying goes, this is a game of inches every day, not feet or miles, and I want us all to keep score together. 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. Reconciliation from cash provided by operating activities to free cash flow: ______________________________________________________________________. Annual Report For the nancial year ended 31 December 2019 Manulife Investment Management (Singapore) Pte. Annual Reports. Morningstar's management team uses free cash flow to evaluate its business. 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. "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. ", _________________________________________ Excluding these items in both 2018 and 2019, net income per diluted share declined by 15.8% in 2019. 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. Free cash flow increased to $254.4 million for the full year 2019, compared with $238.7 million in the prior year. SEC filings . 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. Excluding $10.5 million of non-recurring revenue from a license amendment in 2018, organic revenue growth would have increased by 9.5%. 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. 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. 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. During the fourth quarter of 2019, the Company repaid $32.8 million of the outstanding balance on its new senior credit facility, for a total of $95.6 million of debt repayment since the close of the DBRS acquisition. 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." Request Information. 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. 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. 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. For the three months and six months ended 2019, transaction-based revenue derived primarily from one-time ratings fees was 67% and 63%, respectively. Primary drivers were higher compensation and benefits, production expenses, stock-based compensation, and sales commissions. 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. In the third quarter of 2019, Morningstar Credit Ratings combined with DBRS to form DBRS Morningstar. "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. Frequently Asked Questions Shipping Information. Morningstar Experts; Morningstar Awards ... Email Alerts; Global Contacts; Morningstar 2019 Shareholders’ Meeting. "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. 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. Operating income decreased 12.1% to $189.6 million; adjusted operating income declined 1.4%. Born as a modest, door-to-door business . We do not undertake to update our forward-looking statements as a result of new information or future events. 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. Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited). This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. While these actions are contributing to an increase in operating expenses, we achieved record revenue and free cash flow in 2019. 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. Annual Report on Form 20-F PDF Format Download (opens in new window) PDF 3.10 MB. Annual Reports . Form. 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. 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. My goals are aligned with yours. 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. 2. 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." ... SPECIAL REPORT… 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. Operating expense increased 23.0% for the year. 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. Net income for 2018 included after-tax gains on sales of a product line and a portion of an equity method investment that totaled $0.28 per diluted share, and a $0.18 per diluted share benefit related to a license amendment. It’s been difficult. (4) Transaction-based revenue includes DBRS Morningstar, Internet advertising sales, and conferences. ", _________________________________________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. Since announcing our new … For more information, visit www.morningstar.com/company. A. Peru Real Estate Assets: As of the publication of this 2019 Annual Report, the Group continued to operate and wholly own a mixed-use tower containing a 66-suite hotel, approximately … Full-Year 2019 ResultsFull-year 2019 net income included a benefit of $14.4 million, or $0.33 per diluted share, from the sale of an equity method investment in the third quarter. ... Audited-Financial-Statement-for-Year-Ended-31-Dec-2019; Annual Reports (Society) Annual Report … “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, 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. "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. Download 2019 Annual Report Download 2019 CEO Letter Download 2019 10-K Order a Copy of the 2019 Annual Report. As such, revenue from the entire credit ratings operation will be excluded from the reporting of organic revenue through the second quarter of 2020. 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). The asset … Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced fourth-quarter and full-year 2018 financial results. Revenue increased 15.6% to $1.2 billion; organic revenue growth was 8.4%, or 9.5% excluding the non-recurring benefit of a license amendment from the prior year. 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. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. PDF; Form 10K (HTML) Morningstar Inc. does not currently have any hardcopy reports on AnnualReports.com. (2) Operating loss (income) for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. 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. For more information, visit www.morningstar.com/company. 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. Cash provided by operating activities was $334.4 million for the full year 2019 compared with $314.8 million in the prior year. 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. Our unique approach has enabled Premier Inn to grow at a significantly faster pace than competitors, deliver a consistently superior customer experience and generate a strong retu Collectively, these items had a favorable impact of $0.46 per diluted share in 2018. 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. But thanks to the unfailing trust and support of our customers and partners, backed by the solidarity and dedication of our employees, we have managed to stay afloat. (2) License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. 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 We're confident that the choices we're making will serve the modern investor well while positioning Morningstar for continued growth. 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. Follow Morningstar on Twitter @MorningstarInc. Revenue for Morningstar Data was up 6.3% to $196.8 million, or 8.4% excluding the impact of foreign currency. Fourth-quarter 2019 results also reflect the contribution of the Morningstar Funds Trust, which records revenue and sub-advisory fees on a gross basis. Fourth-quarter operating income was $39.7 million, a decrease of $9.6 million, or 19.5% compared with the prior-year period. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. Morningstar's Global Study of Fund Disclosures Finds India and... Morningstar, Inc. Declares Quarterly Dividend of 31.5 Cents Per... Organic revenue growth, which excludes DBRS Morningstar and currency effects, was 9.7%, Diluted net income per share declined 35.4% to, Diluted net income per share declined 17.2% to, DBRS Morningstar results would have been accretive by, Cash provided by operating activities increased 6.2% to, Revenue for Morningstar Data was up 6.3% to, Morningstar Direct licenses increased 5.8% to 15,903, and revenue grew 7.8% to, PitchBook licenses increased 59.7% to 36,695, and revenue grew 49.0% to, Assets under management and advisement for Workplace Solutions rose 24.3% to, Assets under management and advisement in Managed Portfolios increased 13.1% to. Transaction-based revenue more than tripled year over year, driven by the contribution of DBRS Morningstar. This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Operating loss for the first six months of 2019 includes operating loss from Morningstar Credit Ratings while operating loss for the third and fourth quarters of 2019 includes operating loss from DBRS Morningstar, the newly combined credit ratings operations. Learn more about our programs’ impact in 2019: Download 2019 Annual Report 2018 Annual Report 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. The largest contribution came from a substantial return on equity of 28.2 %. 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