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Revenue for the three and six months ended June 30, 2020 reflects DBRS Morningstar, the combined credit ratings operations. Our high-conviction stock ideas with competitive advantages. Morningstar Funds Trust uses a multi-manager approach; therefore, in addition to market fluctuation, a specific Morningstar fund's performance is derived from the skills of the subadvisers and the allocation of assets among them. Diversified, one-stop portfolios built with hand-picked funds and ETFs that use a variety of sustainable investing approaches. (8) The decline in Morningstar Managed Portfolios was largely attributed to a client contract change from a variable to fixed-fee arrangement. By the end of June, all required methodology decisions had been completed, representing a significant milestone of DBRS Morningstar's analytical integration. Barbara Noverini, CFA +1 312-646-6164, [email protected], Stephanie Lerdall, +1 312-244-7805, [email protected]. An investment made in a security may differ substantially from its historical performance and as a result, you may incur a loss. Second-quarter 2020 results also reflect the contribution of the Morningstar Funds Trust, which records revenue as well as sub-advisory fees and waivers on a gross basis. We exclude revenue from acquired businesses from our organic revenue growth calculation for a period of 12 months after we complete the acquisition. Due to the ongoing COVID-19 pandemic, the Company transitioned its 2020 Morningstar Investment Conference in Chicago to a digital format, and rescheduled conferences in Australia and the United Kingdom from the second quarter to later this year. Second-quarter operating margin was 18.7%, compared with 18.5% in the prior-year period. Morningstar® Managed Portfolios℠ are offered by the entities within Morningstar’s Investment Management group, which includes subsidiaries of Morningstar, Inc. that are authorized in the appropriate jurisdiction to provide consulting or advisory services in North America, Europe, Asia, Australia, and Africa. Revenue for the second quarter of 2020 was $327.9 million, an increase of 19.7%, compared with the second quarter of 2019, or 5.8% higher on an organic basis. Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. An investment made in a security may differ substantially from its historical performance and as a result, you may incur a loss. This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. Check out our other series. This is the final quarter that revenue from the credit ratings operation will be excluded from the reporting of organic revenue. For divestitures, we exclude revenue in the prior period for which there is no comparable revenue in the current period. Unaudited Condensed Consolidated Statements of Income. We believe companies with sustainable competitive advantages, or moats, should be able to defend or grow their market position over time.*. Past performance is not a guarantee of future results. Foreign currency translation decreased revenue by $2.5 million, or 0.9%, and operating expenses by $2.8 million, or 1.3%, in the second quarter of 2020. 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. Check out our other series. Morningstar's Fourth Annual Study of Health Savings Accounts... Morningstar, Inc. Declares Quarterly Dividend of 30 Cents Per... Organic revenue growth, which excludes DBRS Morningstar and foreign currency effects, was 5.8%, or 7.4% excluding conference revenue from second-quarter 2019 results as Morningstar Investment Conferences in the current quarter have been delayed. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $179 billion in assets under … (6) The combination of DBRS and Morningstar's U.S.-based credit ratings operation in 2019 makes it difficult to ascribe the origin of revenue growth to either entity. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Asset-based revenue decreased 1.5% in the quarter as market volatility in the first quarter of 2020 led to lower revenue in Investment Management and flat performance in Workplace Solutions in the second quarter. Many new issuance segments of the transaction-based credit rating business in both Europe and the United States slowed or paused during the second quarter as the pandemic persisted; however, DBRS Morningstar benefited from record corporate issuance volumes in Canada, as many Canadian investment grade issuers accelerated their full year issuance plans into the second quarter. References to "deal-related expenses and amortization" are specific to the DBRS Morningstar transaction. Increases in compensation and benefits, production costs, and M&A-related professional fees were largely offset by lower travel, marketing, and conference costs. The effective tax rate for the second quarter of 2020 was 24.0% versus 21.7% in the prior-year period. Past performance is no guarantee of future results. (1) Organic revenue excludes acquisitions, divestitures, adoption of new accounting changes, and the effect of foreign currency translations. Can't find what you're looking for? Marks used in conjunction with Morningstar products or services are the property of Morningstar or its subsidiaries. The new three-year plan mirrors the incentive structure of the original plan, featuring lower target payouts in the first two years compared with the actual 2019 payout. Investment research and ratings are produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. License-based revenue grew 10.1% year over year, as demand for PitchBook, Morningstar Data, and Morningstar Direct remained steady. (9) Revised to reflect updated asset reporting. The Company's liquidity position continues to be strong. mutual funds, exchange-traded funds, common stocks) involve risk and will not always be profitable. Second-quarter 2020 results include a $2.2 million decrease in stock-based compensation, primarily driven by the renewal of the PitchBook management bonus plan. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American.

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