Follow Morningstar on Twitter @MorningstarInc. (2) Operating loss (income) for the three months and twelve months ended December 31, 2018 reflects Morningstar Credit Ratings. The contribution of DBRS Morningstar was $91.3 million, or 8.7 percentage points of revenue growth for the full year. 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 Operating expense increased 37.2% to $292.7 million in the fourth quarter of 2019. Investor Relations Contact:Barbara Noverini, CFA +1 312-646-6164, [email protected], Media Relations Contact:Stephanie Lerdall, +1 312-244-7805, [email protected], ©2020 Morningstar, Inc. All Rights Reserved.MORN-E, Unaudited Condensed Consolidated Statements of Income, Income before income taxes and equity in net income (loss) of unconsolidated entities, Equity in net income (loss) of unconsolidated entities, _________________________________________________________________, NMF - Not meaningful, pp - percentage points, Unaudited Condensed Consolidated Statements of Cash Flows, Adjustments to reconcile consolidated net income to net cash flows from operating activities, Changes in operating assets and liabilities, net, Cash (used for) provided by financing activities, Effect of exchange rate changes on cash and cash equivalents, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents-beginning of period, Unaudited Condensed Consolidated Balance Sheets, Property, equipment, and capitalized software, net, Morningstar.com Premium Membership subscriptions (U.S.), Assets under management and advisement (approximate) ($bil), Asset value linked to Morningstar Indexes ($bil), Average assets under management and advisement ($bil), _____________________________________________________________________________. Adjusted operating margin was 17.1% in the fourth quarter of 2019, versus 20.7% in the prior-year period. Annual Report 2019 Form 10-K (NASDAQ:MORN) Published: March 1st, 2019 PDF generated by stocklight.com . The Company has operations in 27 countries. ... 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. 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. "We're pleased with our integration progress to date and remain encouraged by our unique opportunity to improve transparency in the credit ratings space. 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. consolidated operating income, excluding DBRS Morningstar and the license amendment. Full-Year 2019 ResultsRevenue for 2019 was $1.2 billion, an increase of 15.6% compared with 2018. Investors and others may send questions about Morningstar's business to investors@morningstar.com. Average assets under management and advisement increased by 12.1% year over year, while assets linked to Morningstar Indexes grew 44.7%. 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. 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. Here you will find all of salesforce.com's SEC filings including the prospectus, proxies, quarterly, and annual … We exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. Given that Morningstar and DBRS operated separately during the Report Period and that Morningstar was separately registered as an NRSRO until December 30, 2019, this Report includes information reported by and about Morningstar and DBRS, individually. PDF; Form 10K (HTML) Morningstar Inc. does not currently have any hardcopy reports on AnnualReports.com. 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. This reduced operating income growth by 6.5 percentage points and diluted net income per share by $0.05. (3) Asset-based revenue includes Morningstar Investment Management, Workplace Solutions, and Morningstar Indexes. Adjusted operating margin was 19.8% in 2019 versus 23.2% in the prior year, or 22.4%, excluding the license amendment. 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