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Morningstar, Inc. Reports Fourth-Quarter, Full-Year 2024 Financial Results
CHICAGO--(BUSINESS WIRE)-- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported double-digit revenue growth for
About this update from Morningstar, Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nMorningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, reported double-digit revenue growth for 2024 and meaningful increases in operating and free cash flow, with fourth-quarter revenue increasing 9.7%, or 10.6% on an organic basis.\n\n\n\"We finished 2024 strongly by executing on themes such as the convergence of public and private markets and using AI to transform client workflows,\" said Kunal Kapoor, Morningstar's chief executive officer. \"Recent product enhancements include PitchBook's integration of aftermarket equity research and introduction of an improved research center experience, and the January launch of the Direct Advisory Suite, which expands our financial advisor offering with a modernized software solution that is designed to improve workflows and efficiency.\"\n\n\nThe Company's quarterly shareholder letter provides more context on Morningstar's results and business and can be found at shareholders.morningstar.com.\n\n\nFourth-Quarter 2024 Financial Highlights\n\n\n\nReported revenue increased 9.7% to $591.0 million compared to the prior-year period; organic revenue increased 10.6%.\n\n\n\nOperating income increased 78.2% to $168.2 million; adjusted operating income increased 7.7%. Operating income included a $64.0 million gain related to the Company's sale of customer assets from the US Morningstar Wealth Turnkey Asset Management Platform to AssetMark (sale of US TAMP assets), which is excluded from adjusted operating income.\n\n\n\nDiluted net income per share increased 58.5% to $2.71 versus $1.71 in the prior-year period. Adjusted diluted net income per share increased 8.6% to $2.14.\n\n\n\nCash provided by operating activities increased 11.3% to $153.4 million, and free cash flow increased 4.6% to $112.8 million.\n\n\n\nShare repurchases settled totaled 33,300 shares for $11.6 million.\n\n\n\nFull-Year 2024 Financial Highlights\n\n\n\nReported revenue increased 11.6% to $2.3 billion compared to the prior year; organic revenue increased 11.8%.\n\n\n\nOperating income increased 110.2% to $484.8 million; adjusted operating income increased 51.2%.\n\n\n\nDiluted net income per share increased 160.8% to $8.58 versus $3.29 in the prior year. Adjusted diluted net income per share increased by 54.1% to $7.89.\n\n\n\nCash provided by operating activiti...