Morningstar, Inc. Reports Third-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 third-quarter revenue growth while expanding operating margins.\n\n“Morningstar Credit led the way in the quarter with additional contributions from across the business supporting revenue and profit growth,\" said Kunal Kapoor, Morningstar's chief executive officer. \"Our diverse portfolio continues to present opportunities for innovation and durable growth, including those arising from the accelerated convergence of public and private markets.”\n\nThe Company's quarterly shareholder letter provides more context on its quarterly results and business performance and can be found at shareholders.morningstar.com.\n\nThird-Quarter 2024 Financial Highlights\n\n\nReported revenue increased 10.5% to $569.4 million compared to the prior-year period; organic revenue grew 10.1%.\n\n\n\nReported operating income increased 65.0% to $115.5 million; adjusted operating income increased 41.6%.\n\n\n\nDiluted net income per share increased 204.4% to $2.77; adjusted diluted net income per share increased 56.3% to $2.00. The gain related to the Company's sale of its Commodity and Energy Data business in the quarter had a $1.05 impact on diluted net income per share.\n\n\n\nCash provided by operating activities increased 46.8% to $191.9 million. Free cash flow increased 53.6% to $155.8 million. Cash flows were negatively impacted by certain items totaling $0.9 million in the third quarter of 2024 and $16.1 million in the prior-year period. Excluding these items, cash provided by operating activities and free cash flow would have increased by 31.3% and 33.4%, respectively.\n\n\nYear-To-Date Financial Highlights\n\n\nReported revenue increased 12.3% to $1.7 billion compared to the prior-year period; organic revenue grew 12.2%.\n\n\n\nReported operating income increased 132.5% to $316.6 million; adjusted operating income increased 74.3%.\n\n\n\nDiluted net income per share increased 271.5% to $5.87; adjusted diluted net income per share increased 83.4% to $5.76. The gain related to the Company's sale of its Commodity and Energy Data business in the quarter had a $1.05 impact on diluted net income per share.\n\n\n\nCash provided by operating activities increased 145.4% to $438.2 million. Free cash flow increased 275....

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