Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2020 Financial Results

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[{"type":"text","content":"CHICAGO, Feb. 18, 2021 /PRNewswire/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today reported fourth-quarter and full-year 2020 financial results that demonstrated growth and resilience of the business in a challenging year.\n\"We ended 2020 as a stronger firm,\" said Kunal Kapoor, Morningstar's chief executive officer. \"We're delivering essential insights to help investors navigate the challenging backdrop of the ongoing pandemic. As investors continue emphasizing purpose and personalization in their portfolios, our leading ESG capability is particularly resonating with them. We're proud that the breadth of our data, research, and ratings across the public and private markets, as well as across asset classes, is empowering investor success.\" \nFourth-Quarter 2020 Financial Highlights\nRevenue increased 14.4% to $380.4 million; organic revenue increased 7.9%. Operating income increased 64.0% to $65.1 million; adjusted operating income increased by 47.9%, excluding intangible amortization expense and all mergers & acquisitions (M&A)-related expenses. Diluted net income per share increased 171.9% to $1.74 versus $0.64 in the prior period. The current period included non-operating gains that added $0.51 to diluted net income per share. Adjusted diluted net income per share increased by 67.0% to $1.57, excluding the non-operating gains, intangible amortization expense, and all M&A-related expenses. Cash provided by operating activities increased 38.9% to $114.6 million. Free cash flow increased 55.4% to $92.6 million. Full-Year 2020 Financial Highlights\nRevenue increased 17.9% to $1.4 billion; organic revenue increased 8.2%. Operating income increased 13.5% to $215.2 million; adjusted operating income increased by 35.7%. Diluted net income per share increased 47.2% to $5.18 versus $3.52 in the prior year. The current year included non-operating gains that added $1.69 to diluted net income per share, whereas the prior year included $0.33 per share of non-operating gains. Adjusted diluted net income per share increased by 37.1% to $5.40, excluding the non-operating gains, intangible amortization expense, and all M&A-related expenses. Cash provided by operating activities increased by 14.9% to $384.3 million. Free cash flow increased by 20.9% to $307.6 million, surpassing $300 million...

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