Fri, Jul 26, 4:46 PM (43 days ago)
Morningstar, Inc. reported a strong financial performance for the quarter ending June 30, 2024. Consolidated revenue increased by 13.3% to $571.9 million, driven by growth across key segments such as Morningstar Data and Analytics, PitchBook, and Morningstar Credit. License-based, asset-based, and transaction-based revenues all saw significant increases. Operating income surged by 160.2% to $108.5 million, with an operating margin of 19.0%, up from 8.3% in the prior year. The company also achieved a substantial improvement in free cash flow, generating $120.8 million compared to a negative $5.8 million in the same quarter last year. Morningstar maintained a strong liquidity position with $439.2 million in cash, cash equivalents, and investments. The company remains compliant with its debt covenants and anticipates continued strong performance supported by robust cash flow and careful capital management.