Morningstar, Inc. Reports First-Quarter 2020 Financial Results

About this update from Morningstar, Inc.

[{"type":"text","content":"CHICAGO, April 29, 2020 /PRNewswire/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced first-quarter 2020 financial results. \n\"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. \n\"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.\" \nFirst-Quarter Financial Highlights\nRevenue 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 ac...

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