Balance Sheet Morningstar, Inc.

Equities

MORN

US6177001095

Professional Information Services

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Published financial data: MORNINGSTAR, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1.39B	1.7B	1.87B	2.04B	2.28B
Total Revenues	1.39B	1.7B	1.87B	2.04B	2.28B
Cost of Goods Sold, Total	556M	698M	779M	844M	896M
Gross Profit	833M	1B	1.09B	1.2B	1.38B
Selling General & Admin Expenses, Total	451M	566M	720M	780M	768M
Depreciation & Amortization - (IS)	140M	151M	167M	185M	190M
Other Operating Expenses, Total	590M	717M	886M	964M	959M
Operating Income	243M	284M	205M	231M	421M
Interest Expense, Total	-11.1M	-10.4M	-30.1M	-60.7M	-49.9M
Interest And Investment Income	1.6M	1.7M	1.7M	9M	12.2M
Net Interest Expenses	-9.5M	-8.7M	-28.4M	-51.7M	-37.7M
Income (Loss) On Equity Invest.	300K	5.4M	-3.6M	-19.2M	-17.4M
Currency Exchange Gains (Loss)	-5.7M	-3.7M	-6.7M	11.5M	-4.9M
EBT, Excl. Unusual Items	228M	277M	166M	171M	361M
Restructuring Charges	-	-	-25.8M	-	-
Gain (Loss) On Sale Of Investments	83M	5.9M	-2.1M	2.9M	3.8M
Gain (Loss) On Sale Of Assets	-	-	-	-	109M
Asset Writedown	-	-	-	-	-
Other Unusual Items	-27.8M	-27M	-11.6M	-	-
EBT, Incl. Unusual Items	283M	256M	127M	174M	474M
Income Tax Expense	59.7M	62.6M	56.5M	33M	104M
Earnings From Continuing Operations	224M	193M	70.5M	141M	370M
Net Income to Company	224M	193M	70.5M	141M	370M
Minority Interest	-	-	-	-	-
Net Income - (IS)	224M	193M	70.5M	141M	370M
Net Income to Common Incl Extra Items	224M	193M	70.5M	141M	370M
Net Income to Common Excl. Extra Items	224M	193M	70.5M	141M	370M
Per Share Items
Net EPS - Basic	5.21	4.5	1.65	3.31	8.64
Basic EPS - Continuing Operations	5.21	4.5	1.65	3.31	8.64
Basic Weighted Average Shares Outstanding	42.9M	43M	42.6M	42.6M	42.8M
Net EPS - Diluted	5.18	4.45	1.64	3.29	8.58
Diluted EPS - Continuing Operations	5.18	4.45	1.64	3.29	8.58
Diluted Weighted Average Shares Outstanding	43.2M	43.4M	42.9M	42.9M	43.1M
Normalized Basic EPS	3.32	4.03	2.44	2.51	5.27
Normalized Diluted EPS	3.3	3.99	2.43	2.49	5.23
Dividend Per Share	1.22	1.3	1.46	1.53	1.67
Payout Ratio	22.99	28.04	87.23	45.29	18.73
Supplemental Items
EBITDA	329M	375M	308M	334M	516M
EBITA	302M	346M	272M	301M	485M
EBIT	243M	284M	205M	231M	421M
EBITDAR	386M	434M	366M	400M	575M
Effective Tax Rate - (Ratio)	21.07	24.46	44.49	18.95	21.95
Current Domestic Taxes	43.2M	51.9M	64M	41.1M	104M
Current Foreign Taxes	23M	23M	30.1M	24.3M	34.3M
Total Current Taxes	66.2M	74.9M	94.1M	65.4M	139M
Deferred Domestic Taxes	1.6M	-3.1M	-27.6M	-19.8M	-24.1M
Deferred Foreign Taxes	-8.1M	-9.2M	-10M	-12.6M	-10.5M
Total Deferred Taxes	-6.5M	-12.3M	-37.6M	-32.4M	-34.6M
Normalized Net Income	143M	173M	104M	107M	226M
Supplemental Operating Expense Items
Selling and Marketing Expenses	206M	275M	356M	424M	441M
General and Administrative Expenses	187M	233M	304M	290M	268M
Research And Development Expense From Footnotes	53.9M	59.9M	64.3M	81.2M	94.9M
Net Rental Expense, Total	57.3M	58.7M	58.5M	65.6M	59M
Imputed Operating Lease Interest Expense	7.74M	8.43M	15.19M	25.65M	22.82M
Imputed Operating Lease Depreciation	49.56M	50.27M	43.31M	39.95M	36.18M
Stock-Based Comp., COGS (Total)	13.5M	16.5M	21.6M	23.8M	23.3M
Stock-Based Comp., S&M Exp. (Total)	4.6M	4.4M	8.5M	8.3M	9M
Stock-Based Comp., G&A Exp. (Total)	18.5M	21M	53.1M	20.7M	22.4M
Total Stock-Based Compensation	36.6M	41.9M	83.2M	52.8M	54.7M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	422M	484M	377M	338M	503M
Short Term Investments	41.7M	62.3M	38M	51.1M	48.3M
Total Cash And Short Term Investments	464M	546M	415M	389M	551M
Accounts Receivable, Total	205M	269M	308M	344M	358M
Other Receivables	2.2M	8.9M	-	600K	12.4M
Total Receivables	207M	278M	308M	344M	370M
Prepaid Expenses	-	30.6M	36.7M	34.9M	42.1M
Other Current Assets, Total	58.5M	33.1M	51.6M	47.3M	50.5M
Total Current Assets	730M	888M	811M	816M	1.01B
Gross Property Plant And Equipment	755M	850M	1B	1.09B	1.19B
Accumulated Depreciation	-452M	-529M	-611M	-714M	-790M
Net Property Plant And Equipment	303M	321M	391M	372M	400M
Long-term Investments	32.6M	63.3M	96M	100M	85.3M
Goodwill	1.2B	1.21B	1.57B	1.58B	1.56B
Other Intangibles, Total	380M	328M	549M	484M	409M
Deferred Tax Assets Long-Term	12.6M	12.8M	10.8M	14.6M	43.2M
Deferred Charges Long-Term	18.5M	31.1M	35.4M	29.3M	26.6M
Other Long-Term Assets, Total	14.4M	11.7M	10.5M	8.8M	8.8M
Total Assets	2.7B	2.86B	3.47B	3.4B	3.55B
Liabilities
Accounts Payable, Total	64.5M	76.5M	76.2M	78.4M	87.3M
Accrued Expenses, Total	169M	274M	220M	214M	272M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	32.1M	32.1M	-
Current Portion of Leases	39.9M	36.4M	37.3M	36.4M	35.1M
Current Income Taxes Payable	-	-	-	-	30.5M
Unearned Revenue Current, Total	307M	377M	456M	518M	541M
Other Current Liabilities	46.1M	19.5M	61.2M	1.8M	1.4M
Total Current Liabilities	626M	784M	882M	881M	967M
Long-Term Debt	449M	359M	1.08B	940M	699M
Long-Term Leases	138M	136M	177M	151M	170M
Unearned Revenue Non Current	33.5M	36.4M	33.5M	26.3M	22.4M
Deferred Tax Liability Non Current	109M	102M	62.9M	35.6M	27.6M
Other Non Current Liabilities	68.9M	30.1M	34.6M	41.2M	44.1M
Total Liabilities	1.42B	1.45B	2.27B	2.08B	1.93B
Additional Paid In Capital	671M	689M	758M	789M	823M
Retained Earnings	1.39B	1.53B	1.54B	1.61B	1.91B
Treasury Stock	-767M	-764M	-987M	-986M	-994M
Comprehensive Income and Other	-22M	-35.3M	-99M	-86.5M	-119M
Total Common Equity	1.27B	1.42B	1.21B	1.33B	1.62B
Minority Interest	-	-	-	-	-
Total Equity	1.27B	1.42B	1.21B	1.33B	1.62B
Total Liabilities And Equity	2.7B	2.86B	3.47B	3.4B	3.55B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	42.9M	42.96M	42.48M	42.73M	42.84M
ECS Total Common Shares Outstanding	42.9M	43.14M	42.48M	42.73M	42.87M
Book Value / Share	29.64	32.82	28.42	31.08	37.76
Tangible Book Value	-314M	-119M	-913M	-735M	-352M
Tangible Book Value Per Share	-7.31	-2.77	-21.5	-17.21	-8.22
Total Debt	627M	532M	1.32B	1.16B	904M
Net Debt	162M	-14.6M	909M	771M	353M
Debt Equivalent Oper. Leases	458M	470M	468M	525M	472M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Equity Method Investments, Total	26.3M	50.1M	45.3M	22.6M	19.3M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	113M	125M	144M	153M	138M
Full Time Employees	7.98K	9.56K	12.22K	11.33K	11.08K
Accumulated Allowance for Doubtful Accounts (Supple)	4.2M	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	224M	193M	70.5M	141M	370M
Depreciation & Amortization - CF	26.8M	28.8M	35.6M	33.2M	31M
Amortization of Goodwill and Intangible Assets - (CF)	58.8M	62M	66.7M	70.5M	64.5M
Depreciation & Amortization, Total	85.6M	90.8M	102M	104M	95.5M
Amortization of Deferred Charges, Total - (CF)	53.9M	59.9M	64.3M	81.2M	94.9M
(Gain) Loss From Sale Of Asset	-	-	-	-	-109M
(Gain) Loss on Sale of Investments - (CF)	-80.9M	-900K	-	-49.6M	-
Asset Writedown & Restructuring Costs	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-300K	-5.4M	3.6M	7.4M	17.4M
Stock-Based Compensation (CF)	36.6M	41.9M	83.2M	52.8M	54.7M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	2.8M	1.9M	3.8M	5.3M	8.1M
Other Operating Activities, Total	24.1M	4.8M	-17.9M	-53.6M	-32.4M
Change In Accounts Receivable	-9.2M	-67.9M	-38.6M	-38.2M	-30.3M
Change In Accounts Payable	-9.5M	7.1M	-2M	-1.5M	9.6M
Change in Unearned Revenues	29.5M	78.2M	60M	50.9M	30.1M
Change In Income Taxes	8M	-6.1M	18.9M	-7.8M	23.1M
Change in Other Net Operating Assets	20.1M	52.3M	-50.3M	24.7M	60.3M
Cash from Operations	384M	450M	298M	316M	592M
Capital Expenditure	-76.7M	-102M	-130M	-119M	-143M
Cash Acquisitions	-67.8M	-24.8M	-647M	-800K	-
Divestitures	-	-	-	-	52.4M
Sale (Purchase) of Intangible assets	-	-	-	-	65M
Investment in Marketable and Equity Securities, Total	19M	-41M	-22.9M	37.9M	3.8M
Other Investing Activities, Total	1.7M	-100K	-200K	100K	200K
Cash from Investing	-124M	-168M	-799M	-81.9M	-21.3M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	410M	10M	1.12B	260M	90M
Total Debt Issued	410M	10M	1.12B	260M	90M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-473M	-100M	-374M	-398M	-364M
Total Debt Repaid	-473M	-100M	-374M	-398M	-364M
Issuance of Common Stock	1.9M	200K	-	-	-
Repurchase of Common Stock	-67M	-30.3M	-256M	-31.6M	-40.7M
Common Dividends Paid	-51.4M	-54.2M	-61.5M	-63.9M	-69.3M
Common & Preferred Stock Dividends Paid	-51.4M	-54.2M	-61.5M	-63.9M	-69.3M
Other Financing Activities, Total	-2.3M	-37.5M	-18.4M	-45.4M	-
Cash from Financing	-182M	-212M	415M	-278M	-384M
Foreign Exchange Rate Adjustments	10.1M	-9.1M	-20.8M	5.2M	-21.1M
Net Change in Cash	88.4M	61.3M	-107M	-38.7M	165M
Supplemental Items
Cash Interest Paid	11.1M	10.4M	28.4M	58.4M	47.4M
Cash Income Tax Paid (Refund)	58.2M	80.9M	75.3M	73.2M	116M
Levered Free Cash Flow	352M	347M	241M	193M	483M
Unlevered Free Cash Flow	359M	353M	260M	231M	514M
Change In Net Working Capital	-108M	-84.8M	-11.3M	31.3M	-83.5M
Net Debt Issued / Repaid	-63.4M	-90M	751M	-138M	-274M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.99	6.39	4.05	4.19	7.57
Return on Total Capital	8.28	9.23	5.73	5.74	10.5
Return On Equity %	18.99	14.39	5.38	11.13	25.11
Return on Common Equity	18.99	14.39	5.38	11.13	25.11
Margin Analysis
Gross Profit Margin %	59.96	58.9	58.34	58.62	60.63
SG&A Margin	32.43	33.32	38.46	38.24	33.77
EBITDA Margin %	23.65	22.06	16.44	16.4	22.69
EBITA Margin %	21.72	20.36	14.54	14.77	21.33
EBIT Margin %	17.49	16.71	10.97	11.31	18.5
Income From Continuing Operations Margin %	16.09	11.38	3.77	6.92	16.26
Net Income Margin %	16.09	11.38	3.77	6.92	16.26
Net Avail. For Common Margin %	16.09	11.38	3.77	6.92	16.26
Normalized Net Income Margin	10.26	10.19	5.56	5.25	9.91
Levered Free Cash Flow Margin	25.32	20.4	12.89	9.49	21.22
Unlevered Free Cash Flow Margin	25.82	20.78	13.89	11.35	22.59
Asset Turnover
Asset Turnover	0.55	0.61	0.59	0.59	0.65
Fixed Assets Turnover	4.61	5.45	5.25	5.35	5.9
Receivables Turnover (Average Receivables)	7.06	7.17	6.49	6.26	6.48
Short Term Liquidity
Current Ratio	1.17	1.13	0.92	0.93	1.05
Quick Ratio	1.07	1.05	0.82	0.83	0.95
Operating Cash Flow to Current Liabilities	0.61	0.57	0.34	0.36	0.61
Days Sales Outstanding (Average Receivables)	51.84	50.91	56.27	58.35	56.47
Average Days Payable Outstanding	40.59	36.84	35.76	33.45	33.85
Long Term Solvency
Total Debt/Equity	49.29	37.54	109.65	87.38	55.85
Total Debt / Total Capital	33.02	27.29	52.3	46.63	35.84
LT Debt/Equity	46.15	34.97	103.9	82.22	53.68
Long-Term Debt / Total Capital	30.92	25.42	49.56	43.88	34.44
Total Liabilities / Total Assets	52.84	50.54	65.26	60.99	54.39
EBIT / Interest Expense	21.89	27.31	6.82	3.8	8.43
EBITDA / Interest Expense	34.77	41.68	12.16	6.59	11.53
(EBITDA - Capex) / Interest Expense	27.86	31.89	7.86	4.63	8.67
Total Debt / EBITDA	1.62	1.23	3.62	2.9	1.57
Net Debt / EBITDA	0.42	-0.03	2.48	1.93	0.61
Total Debt / (EBITDA - Capex)	2.03	1.6	5.6	4.13	2.09
Net Debt / (EBITDA - Capex)	0.53	-0.04	3.84	2.75	0.82
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	17.85	22.3	10.08	8.98	11.6
Gross Profit, 1 Yr. Growth %	19.72	20.14	9.03	9.51	15.42
EBITDA, 1 Yr. Growth %	33.47	14.06	-17.96	12.94	54.44
EBITA, 1 Yr. Growth %	33.48	14.65	-21.42	15.63	61.18
EBIT, 1 Yr. Growth %	28.16	16.87	-27.75	19.05	82.48
Earnings From Cont. Operations, 1 Yr. Growth %	47.11	-13.55	-63.53	100.14	162.15
Net Income, 1 Yr. Growth %	47.11	-13.55	-63.53	100.14	162.15
Normalized Net Income, 1 Yr. Growth %	28.94	21.44	-39.89	10.45	110.75
Diluted EPS Before Extra, 1 Yr. Growth %	47.16	-14.09	-63.15	100.61	160.79
Accounts Receivable, 1 Yr. Growth %	8.81	31.11	14.5	11.69	4.13
Net Property, Plant and Equip., 1 Yr. Growth %	1.1	6.01	21.81	-4.96	7.67
Total Assets, 1 Yr. Growth %	13.71	6.18	21.38	-2.05	4.28
Tangible Book Value, 1 Yr. Growth %	8.58	-61.97	665.47	-19.47	-52.11
Common Equity, 1 Yr. Growth %	17.33	11.37	-14.75	10	21.9
Cash From Operations, 1 Yr. Growth %	14.92	17.07	-33.81	6.25	86.98
Capital Expenditures, 1 Yr. Growth %	-4.12	32.72	27.21	-8.03	19.82
Levered Free Cash Flow, 1 Yr. Growth %	40.81	-1.49	-30.46	-17.26	149.48
Unlevered Free Cash Flow, 1 Yr. Growth %	39.71	-1.58	-26.41	-8.41	122.06
Dividend Per Share, 1 Yr. Growth %	6.58	6.97	11.07	4.79	9.15
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	16.72	20.05	16.03	9.53	10.28
Gross Profit, 2 Yr. CAGR %	16.98	19.93	14.45	9.27	12.43
EBITDA, 2 Yr. CAGR %	10.38	23.38	1.11	-1.96	32.07
EBITA, 2 Yr. CAGR %	12.96	23.71	-0.38	-2.85	36.52
EBIT, 2 Yr. CAGR %	6.12	22.39	-2.35	-5.28	47.39
Earnings From Cont. Operations, 2 Yr. CAGR %	10.54	12.77	-43.85	-14.56	129.06
Net Income, 2 Yr. CAGR %	10.54	12.77	-43.85	-14.56	129.06
Normalized Net Income, 2 Yr. CAGR %	3.31	25.13	-8.83	-17.25	52.57
Diluted EPS Before Extra, 2 Yr. CAGR %	10.4	12.44	-43.73	-14.02	128.73
Accounts Receivable, 2 Yr. CAGR %	9.14	19.44	22.52	13.09	7.84
Net Property, Plant and Equip., 2 Yr. CAGR %	45.26	3.53	13.63	7.59	1.16
Total Assets, 2 Yr. CAGR %	36.18	9.88	13.53	9.04	1.06
Tangible Book Value, 2 Yr. CAGR %	1.57	-35.74	70.62	148.28	-37.9
Common Equity, 2 Yr. CAGR %	16.63	14.31	-2.56	-3.16	15.8
Cash From Operations, 2 Yr. CAGR %	10.49	15.99	-11.97	-16.14	40.95
Capital Expenditures, 2 Yr. CAGR %	0.39	12.81	29.94	8.16	4.97
Levered Free Cash Flow, 2 Yr. CAGR %	33.83	17.43	-15.23	-23.52	43.35
Unlevered Free Cash Flow, 2 Yr. CAGR %	34.76	17.26	-12.76	-17.04	42.62
Dividend Per Share, 2 Yr. CAGR %	8.61	6.99	9.21	8.07	6.95
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.08	18.55	16.63	13.63	10.22
Gross Profit, 3 Yr. CAGR %	16.63	18.02	16.18	12.78	11.28
EBITDA, 3 Yr. CAGR %	12.56	11.59	7.69	3.58	14.08
EBITA, 3 Yr. CAGR %	15.99	13.52	6.34	3.19	15.01
EBIT, 3 Yr. CAGR %	12.69	9.59	2.67	2.33	17.86
Earnings From Cont. Operations, 3 Yr. CAGR %	17.77	1.84	-22.59	-14.23	24.15
Net Income, 3 Yr. CAGR %	17.77	1.84	-22.59	-14.23	24.15
Normalized Net Income, 3 Yr. CAGR %	12.57	9.03	-2	-5.1	13.01
Diluted EPS Before Extra, 3 Yr. CAGR %	17.66	1.54	-22.48	-14.04	24.46
Accounts Receivable, 3 Yr. CAGR %	11.44	16.02	17.77	18.8	10.02
Net Property, Plant and Equip., 3 Yr. CAGR %	27.12	30.78	9.29	7.06	7.62
Total Assets, 3 Yr. CAGR %	24.24	25.34	13.59	8.08	7.43
Tangible Book Value, 3 Yr. CAGR %	29.45	-26.79	46.76	32.84	43.46
Common Equity, 3 Yr. CAGR %	16.46	14.85	3.66	1.46	4.56
Cash From Operations, 3 Yr. CAGR %	15.39	12.64	-3.79	-6.28	9.56
Capital Expenditures, 3 Yr. CAGR %	4.82	10.18	17.42	15.8	11.92
Levered Free Cash Flow, 3 Yr. CAGR %	26.85	20.83	-1.39	-16.76	13.43
Unlevered Free Cash Flow, 3 Yr. CAGR %	27.13	21.35	0.39	-12.16	15.19
Dividend Per Share, 3 Yr. CAGR %	8.93	8.21	8.47	7.84	8.43
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.99	16.3	15.46	14.86	14.05
Gross Profit, 5 Yr. CAGR %	12.68	17.11	15.76	14.44	14.66
EBITDA, 5 Yr. CAGR %	6.31	10.12	5.94	4.39	15.96
EBITA, 5 Yr. CAGR %	7.26	11.56	7.05	4.95	16.5
EBIT, 5 Yr. CAGR %	4.98	9.45	3.86	1.34	17.29
Earnings From Cont. Operations, 5 Yr. CAGR %	10.98	3.72	-12.43	-5.07	19.47
Net Income, 5 Yr. CAGR %	11.02	3.72	-12.43	-5.07	19.47
Normalized Net Income, 5 Yr. CAGR %	3.23	8.18	0.81	-4.34	15.32
Diluted EPS Before Extra, 5 Yr. CAGR %	11.54	3.65	-12.4	-4.99	19.51
Accounts Receivable, 5 Yr. CAGR %	8.04	13.02	15.75	14.84	13.69
Net Property, Plant and Equip., 5 Yr. CAGR %	17.62	16.11	21.54	20.96	5.96
Total Assets, 5 Yr. CAGR %	21.24	16.21	19.84	18.54	8.4
Tangible Book Value, 5 Yr. CAGR %	9.21	44.71	44.57	19.32	4.04
Common Equity, 5 Yr. CAGR %	14.7	15.24	8.44	7.27	8.36
Cash From Operations, 5 Yr. CAGR %	9.74	16.05	3.55	0.1	12.09
Capital Expenditures, 5 Yr. CAGR %	6.01	10.14	14.22	9.37	12.27
Levered Free Cash Flow, 5 Yr. CAGR %	18	17.73	6.94	-0.3	13.94
Unlevered Free Cash Flow, 5 Yr. CAGR %	18.41	18.02	8.27	3.21	14.88
Dividend Per Share, 5 Yr. CAGR %	8.99	7.96	9.13	8.24	7.94