Morningstar, Inc. Reports Second-Quarter 2024 Financial Results

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[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nMorningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, posted double-digit second-quarter revenue growth while expanding operating margins.\n\n\n“Led by Morningstar Credit's strength across regions and asset classes, we finished the first half of 2024 on a high note,” said Kunal Kapoor, Morningstar's chief executive officer. “We remain focused on durable growth in adjusted operating income. Our teams are delivering product enhancements to customers, including the addition of collateralized loan obligation data to PitchBook, and the integration of our Intelligence Engine into Advisor Workstation, which will allow advisors to further automate client workflows.\"\n\n\nThe Company's quarterly shareholder letter provides more context on its quarterly results and business and can be found at shareholders.morningstar.com.\n\n\nSecond-Quarter 2024 Financial Highlights\n\n\n\nReported revenue increased 13.3% to $571.9 million compared to the prior-year period; organic revenue grew 13.6%.\n\n\n\n\nReported operating income increased 160.2% to $108.5 million; adjusted operating income increased 87.9%.\n\n\n\n\nDiluted net income per share increased 90.5% to $1.60; adjusted diluted net income per share increased 54.6% to $2.01.\n\n\n\n\nCash provided by operating activities increased to $152.7 million from $24.5 million in the prior-year period. Free cash flow increased to $120.8 million compared to negative $5.8 million in the prior-year period. Cash flows in the prior-year period were negatively impacted by certain items totaling $63.1 million. Excluding these items, cash provided by operating activities and free cash flow would have increased by 74.3% and 110.8%, respectively.\n\n\n\nYear-To-Date Financial Highlights\n\n\n\nReported revenue increased 13.2% to $1.1 billion compared to the prior-year period; organic revenue grew 13.3%.\n\n\n\n\nReported operating income increased 203.8% to $201.1 million; adjusted operating income increased 99.0%.\n\n\n\n\nDiluted net income per share increased 361.2% to $3.09; adjusted diluted net income per share increased 101.1% to $3.74.\n\n\n\n\nCash provided by operating activities increased 414.2% to $246.3 million. Free cash flow increased to $180.3 million compared to negative $11.9 million in the prior-year period. Cash flows in the p...

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