MORNINGSTAR, INC. CHICAGO, Feb. 21, 2017 /PRNewswire/ -- Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced its fourth-quarter and full-year 2016 financial results. Net income in the fourth quarter was $70.3 million, or $1.63 per diluted share, compared with $37.3 million, or 85 cents per diluted share, in the fourth quarter of 2015. For the year ended Dec. 31, 2016, net income was $161.0 million, or $3.72 per diluted share, compared with $132.6 million, or $3.00 per diluted share, in 2015. Net income for the fourth quarter and full year in 2016 includes a holding gain of $37.1 million, or 86 cents per share, in connection with Morningstar's December 2016 acquisition of the remaining ownership interest in PitchBook Data, Inc. The holding gain reflects the higher price paid to acquire the remaining ownership interest versus the prices Morningstar previously paid for its minority ownership.
Key Operating Metrics
-- Revenue for the quarter was $212.2 million, an increase of 5.3% compared
with the same period in 2015. For the year, revenue was $798.6 million,
an increase of 1.2% compared with $788.8 million in 2015. Organic
revenue, which excludes acquisitions, divestitures, and the effect of
foreign currency translations, rose 4.6%, or $9.3 million, in the fourth
quarter, and 1.7%, or $13.8 million, for the year.
-- Fourth-quarter operating income was $49.9 million, a decrease of 0.5%
compared with the fourth quarter of 2015. Fourth-quarter operating
margin was 23.5%, compared with 24.9% in the fourth quarter of 2015. For
the year, operating income was $180.8 million, a decrease of 5.2%
compared with $190.6 million in 2015. Full-year operating margin was
22.6%, compared with 24.2% in 2015.
-- Free cash flow for the quarter was $55.2 million, reflecting cash
provided by operating activities of $70.5 million and capital
expenditures of $15.3 million, an increase of $19.7 million in free cash
flow compared with the same period in 2015. For the year, free cash flow
was $150.9 million, reflecting cash provided by operating activities of
$213.7 million and capital expenditures of $62.8 million, a decrease of
$33.3 million in free cash flow compared with 2015.
Joe Mansueto, Morningstar founder and executive chairman, said, "While our 2016 revenue growth rate was lower than historical norms, we started to see some more positive signs toward the end of the year. Organic revenue was up 4.6% for the fourth quarter, led by strong growth in revenue from asset-based fees and a rebound in structured credit issuance. The investments we continued making in our workforce during 2016 should put us in a strong position to accelerate innovation, focus on execution, and drive long-term results for our shareholders."
Kunal Kapoor, chief executive officer, added, "We're concentrating on supporting our clients as they go through a period of significant change with a growing trend toward protecting investors' interests and reducing costs. We view the change happening in our industry as an opportunity to innovate, grow, and help meet investors' evolving needs. I'm particularly excited about our growth prospects in areas such as managed retirement accounts, Morningstar Direct, PitchBook, and Morningstar Managed Portfolios, as well as our core data and research capabilities."
Mansueto outlined some of the company's key accomplishments and challenges in 2016:
Accomplishments:
-- Despite some uncertainty related to the future of the U.S. Department of
Labor's fiduciary rule, which was previously scheduled to go into effect
in April 2017, we believe recent shifts such as a greater emphasis on
serving investors' interests and lowering fees are fundamental changes
that are here to stay. We introduced several new product offerings and
bundled solutions to help financial advisors determine, demonstrate, and
document that their advice is in the best interest of the investor. We
believe Morningstar is well-positioned to help our clients adapt to this
new landscape and have had many positive discussions with financial
advisors and asset managers about the solutions we can provide. In
particular, we've increased our manager research coverage in response to
growing demand for information that helps financial advisors show
investors the thought process behind their investment recommendations.
-- We added coverage of private capital markets--an area of growing
investor interest--with our acquisition of PitchBook, which delivers
data, research, and technology covering the breadth of the private
capital markets, including venture capital, private equity, and mergers
and acquisitions.
-- To help investors evaluate funds based on environmental, social, and
governance (ESG) factors, we introduced the Morningstar Sustainability
Rating(TM) for Funds, which helps investors evaluate mutual funds and
exchange-traded funds based on how well the companies held in their
funds are managing their ESG risks and opportunities. We now provide
ratings and related ESG metrics for approximately 35,000 funds globally.
In addition, we purchased InvestSoft Technology, which helps investors
analyze fixed-income securities and portfolios. We plan to incorporate
InvestSoft's analytics in our software and data offerings during 2017,
which will help us meet client requests for more robust fixed-income
capabilities.
-- Our Morningstar Managed Portfolios and Workplace Solutions product lines
both had asset growth of more than 15% year over year, reflecting both
new client additions and higher net inflows from existing clients.
Challenges:
-- Overall, transaction-based revenue was down about 24% year over year.
While new-issue volume for commercial mortgage-backed securities (CMBS)
picked up during the fourth quarter of 2016, it was down about 25% for
the full year, which had a negative effect on revenue for Morningstar
Credit Ratings. Internet advertising sales also showed continued
weakness as many advertisers have been shifting to programmatic buying
platforms that target users based on key words instead of specific
sites.
-- Political and regulatory uncertainty has made some of our clients more
cautious, resulting in longer-than-usual sales cycles for some products
and lower revenue growth for some of our license-based products.
-- Some legacy product lines within Morningstar Investment Management
(institutional asset management, asset allocation, and manager
selection) declined year over year, partly reflecting a strategic shift
away from more customized investment advisory work in favor of
Morningstar-branded, scalable investment management offerings that are
built around a core set of select lists and investment strategies
leveraging our proprietary research.
Update on Key Investment Areas
-- Total assets under management and advisement for Workplace Solutions
rose 16.4% during the year to $104.4 billion.
-- Licenses for Morningstar Direct rose 9.3% to 12,492 as of Dec. 31, 2016,
compared with 11,428 as of Dec. 31, 2015.
-- Assets under management and advisement for Morningstar Managed
Portfolios totaled $29.8 billion as of the end of the year, compared
with $25.8 billion in 2015. More than 10,000 financial advisors globally
now use Morningstar Managed Portfolios.
-- Morningstar Credit Ratings completed 27 CMBS new-issue ratings in 2016,
compared with 56 in 2015, reflecting both lower industry-wide issuance
and negative market share trends. Separately, the Securities and
Exchange Commission authorized an expansion of the registration for
Morningstar Credit Ratings to rate corporate issuers and financial
institutions as a nationally recognized statistical rating organization
(NRSRO). This development will help Morningstar bring its
investor-focused approach to a much broader portion of the U.S.
fixed-income markets.
-- The company introduced a family of Global Sustainability Indexes that
incorporate ESG factors into the investment process. The indexes serve
as benchmarks for active managers and as portfolio building blocks for
creating passively managed investment products. Morningstar also
launched the Morningstar Open Indexes Project, which provides
open-source access to Morningstar's global equity indexes to the
industry for benchmarking at no cost. The Open Indexes Project has the
potential to change the index landscape and, in the long term,
contribute to lower costs for institutional and individual investors.
Balance Sheet and Capital Allocation
-- As of Dec. 31, 2016, the company had cash, cash equivalents, and
investments totaling $304.0 million and $250.0 million of long-term
debt, compared with cash, cash equivalents, and investments of $248.6
million and $35.0 million of short-term debt as of Dec. 31, 2015. Debt
increased mainly because the company expanded its existing revolving
credit facility to fund the PitchBook acquisition in December 2016.
-- Morningstar expects to make annual bonus payments of approximately $38.0
million in the first quarter of 2017, compared with $50.0 million in the
first quarter of 2016.
-- In the fourth quarter of 2016, the company repurchased approximately
147,000 shares of common stock for $10.7 million. For the full year, the
company repurchased approximately 645,000 shares of common stock for
$49.5 million. As of Dec. 31, 2016, the company had $327.1 million
remaining under the current authorization for future repurchases and
42.9 million shares of common stock outstanding.
-- The company paid $37.9 million in dividends in 2016.
Comparability of Year-Over-Year Results
Certain items affected the comparability of fourth-quarter and full-year 2016 results versus the same periods in 2015.
-- As mentioned above, net income for 2016 includes a holding gain of $37.1
million, or 86 cents per share, in connection with Morningstar's
December 2016 acquisition of the remaining ownership interest in
PitchBook.
-- Fourth-quarter results included $4.5 million in revenue and
approximately $8.6 million of incremental operating expense from
acquisitions. These totals include the results of PitchBook, which
contributed $4.1 million of revenue and approximately $7.5 million of
incremental operating expense (including about $1.1 million of
acquisition-related expense incurred by Morningstar) during the
one-month period that PitchBook was included in Morningstar's
consolidated results for 2016.
-- For the full year, acquired companies (primarily PitchBook) contributed
revenue of $5.5 million and incremental operating expense of $11.2
million.
-- Foreign currency translations increased operating income by $1.2 million
during the fourth quarter, reducing revenue by $3.2 million and
operating expense by $4.4 million. For the year, foreign currency
translations increased operating income by $2.0 million, reducing
revenue by $9.5 million and operating expense by $11.5 million.
Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the company to comparable GAAP measures and an explanation of why the company uses them.
Investor Communication
Morningstar encourages all interested parties--including securities analysts, current shareholders, potential shareholders, and others--to submit questions in writing. Investors and others may send questions about Morningstar's business to investors@morningstar.com.
Morningstar will make written responses to selected inquiries available to all investors at the same time in Form 8-Ks furnished to the Securities and Exchange Commission, generally on the first Friday of every month.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $200 billion in assets under advisement and management as of Dec. 31, 2016. The company has operations in 27 countries.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "prospects," or "continue." These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, liability for any losses that result from an actual or claimed breach of our fiduciary duties; failing to maintain and protect our brand, independence, and reputation; failing to differentiate our products and continuously create innovative, proprietary research tools; failing to respond to technological change, keep pace with new technology developments, or adopt a successful technology strategy; liability related to our storage of personal information related to individuals as well as portfolio and account-level information; liability relating to the acquisition or redistribution of data or information we acquire or errors included therein; compliance failures, regulatory action, or changes in laws applicable to our investment advisory or credit rating operations; failing to achieve the anticipated results with our acquisition of PitchBook or other acquisitions or minority investments; downturns in the financial sector, global financial markets, and global economy; the effect of market volatility on revenue from asset-based fees; the effect of changes in industry-wide issuance volume for commercial mortgage-backed securities; a prolonged outage of our database, technology-based products and services, or network facilities; challenges faced by our non-U.S. operations, including the concentration of data and development work at our offshore facilities in China and India; and trends in the mutual fund industry, including the increasing popularity of passively managed investment vehicles. A more complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2015. If any of these risks and uncertainties materialize, our actual future results may vary significantly from what we expected. We do not undertake to update our forward-looking statements as a result of new information or future events.
Non-GAAP Financial Measures
To supplement Morningstar's condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP), Morningstar uses the following measures considered as non-GAAP by the U.S. Securities and Exchange Commission: consolidated revenue excluding acquisitions, divestitures, and the effect of foreign currency translations (organic revenue) and free cash flow. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Morningstar presents consolidated revenue excluding acquisitions, divestitures, and the effect of foreign currency translations (organic revenue) because the company believes this non-GAAP measure helps investors better compare period-over-period results.
In addition, Morningstar presents free cash flow solely as supplemental disclosure to help investors better understand how much cash is available after making capital expenditures. Morningstar's management team uses free cash flow to evaluate its business. Free cash flow should not be considered an alternative to any measure required to be reported under GAAP (such as cash provided by (used for) operating, investing, and financing activities).
For more information about these non-GAAP measures, please see the reconciliations provided in the accompanying financial tables.
All dollar and percentage comparisons, which are often accompanied by words such as "increase," "decrease," "grew," "declined, " or "was similar" refer to a comparison with the same period in the previous year unless otherwise stated.
©2017 Morningstar, Inc. All Rights Reserved.
MORN-E
Contacts:
Media: Sasha Bigda, +1 312 244-7493 or sasha.bigda@morningstar.com
Investors may submit questions to investors@morningstar.com.
Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income
Three months ended December 31 Year ended December 31
(in millions, except per share amounts) 2016 2015 change 2016 2015 change
-------------------------------------- ---- ---- ------ ---- ---- ------
Revenue $212.2 $201.6 5.3% $798.6 $788.8 1.2%
Operating expense:
Cost of revenue 88.0 84.9 3.5% 344.3 330.1 4.3%
Sales and marketing 26.5 22.8 16.5% 97.6 96.6 1.0%
General and administrative 29.1 27.2 7.3% 105.2 107.1 (1.7%)
Depreciation and amortization 18.7 16.6 13.2% 70.7 64.4 9.9%
Total operating expense 162.3 151.5 7.2% 617.8 598.2 3.3%
Operating income 49.9 50.1 (0.5%) 180.8 190.6 (5.2%)
Operating margin 23.5% 24.9% (1.4)pp 22.6% 24.2% (1.6)pp
Non-operating income:
Interest income, net - 0.8 NMF 0.3 1.3 (77.6%)
Holding gain upon acquisition of
additional ownership of equity
method investments 37.1 - NMF 37.1 - NMF
Other income, net 1.4 0.6 140.3% 6.7 1.8 274.2%
Non-operating income, net 38.5 1.4 NMF 44.1 3.1 NMF
88.4 51.5 71.8% 224.9 193.7 16.1%
Income before income taxes and equity
in net income (loss) of unconsolidated
entities
Equity in net income (loss) of
unconsolidated entities (0.9) 0.3 (416.4%) (0.2) 1.8 (112.3%)
Income tax expense 17.2 14.5 18.9% 63.7 62.7 1.7%
---- ---- ---- ----
Consolidated net income 70.3 37.3 88.5% 161.0 132.8 21.2%
Net income attributable to
noncontrolling interest - - - - (0.2) NMF
Net income attributable to Morningstar,
Inc. $70.3 $37.3 88.5% $161.0 $132.6 21.4%
===== ===== ====== ======
Net income per share attributable to Morningstar, Inc.:
Basic $1.63 $0.85 91.8% $3.74 $3.00 24.7%
Diluted $1.63 $0.85 91.8% $3.72 $3.00 24.0%
Weighted average shares outstanding:
Basic 43.0 43.8 (1.8%) 43.0 44.2 (2.7%)
Diluted 43.2 43.9 (1.6%) 43.3 44.3 (2.3%)
NMF -Not meaningful, pp -
percentage points
Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
Three months ended December 31 Year ended December 31
(in millions) 2016 2015 2016 2015
------------ ---- ---- ---- ----
Operating activities
Consolidated net income $70.3 $37.3 $161.0 $132.8
Adjustments to reconcile
consolidated net income to
net cash flows from
operating activities
(7.0) 25.1 47.5 82.3
Changes in operating assets
and liabilities, net 7.2 (9.5) 5.2 26.4
Cash provided by operating
activities 70.5 52.9 213.7 241.5
Investing activities
Capital expenditures (15.3) (17.4) (62.8) (57.3)
Acquisitions, net of cash
acquired (175.8) (7.7) (191.6) (11.1)
Purchases of equity- and
cost-method investments (0.1) - (16.5) (6.2)
Other, net (0.5) (1.1) (3.3) (4.9)
---- ---- ---- ----
Cash used for investing
activities (191.7) (26.2) (274.2) (79.5)
Financing activities
Common shares repurchased (10.0) (66.9) (48.8) (97.0)
Dividends paid (9.4) (8.4) (37.9) (33.7)
Proceeds from short-term
debt - 35.0 40.0 50.0
Repayments of short-term
debt - - (15.0) (45.0)
Proceeds from long-term
debt 190.0 - 190.0 -
Other, net (0.6) (0.7) (4.6) (1.8)
---- ---- ---- ----
Cash provided
by (used
for)
financing
activities 170.0 (41.0) 123.7 (127.5)
Effect of exchange rate
changes on cash and cash
equivalents (9.1) (2.3) (11.2) (12.6)
---- ---- ----- -----
Net increase (decrease) in
cash and cash equivalents 39.7 (16.6) 52.0 21.9
Cash and cash equivalents-
Beginning of period 219.4 223.7 207.1 185.2
----- ----- ----- -----
Cash and cash equivalents-
End of period $259.1 $207.1 $259.1 $207.1
====== ====== ====== ======
Morningstar, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
December 31 December 31
(in millions) 2016 2015
------------ ---- ----
Assets
Current assets:
Cash and cash equivalents $259.1 $207.1
Investments 44.9 41.5
Accounts receivable, net 145.8 139.3
Other 22.2 22.0
Total current assets 472.0 409.9
Property, equipment, and capitalized
software, net 152.1 134.5
Investments in unconsolidated entities 40.3 35.6
Goodwill 556.8 364.2
Intangible assets, net 120.9 74.2
Other assets 8.8 10.6
Total assets $1,350.9 $1,029.0
Liabilities and equity
Current liabilities:
Accounts payable and
accrued liabilities $44.6 $39.2
Accrued compensation 71.7 80.9
Deferred revenue 165.4 140.7
Short-term debt - 35.0
Other 13.2 8.6
Total current liabilities 294.9 304.4
Accrued compensation 10.3 8.9
Deferred tax liability, net 38.2 19.8
Long-term debt 250.0 -
Other long-term liabilities 60.7 55.3
---- ----
Total liabilities 654.1 388.4
Total equity 696.8 640.6
Total liabilities and equity $1,350.9 $1,029.0
Morningstar, Inc. and Subsidiaries
Supplemental Data (Unaudited)
As of December 31
2016 2015 change
---- ---- ------
Our business
Morningstar.com Premium Membership subscriptions
(U.S.) 118,339 120,557 (1.8%)
Morningstar.com registered users (U.S.) 8,892,203 8,529,792 4.2%
Advisor Workstation clients (U.S.) 175 189 (7.4%)
Morningstar Office licenses (U.S.) 4,286 4,342 (1.3%)
Morningstar Direct licenses 12,492 11,428 9.3%
Assets under management and advisement (approximate)
Workplace
Solutions
(Retirement)
Managed Retirement Accounts $46.9 bil $40.3 bil 16.4%
Plan Sponsor Advice 34.3 bil 30.7 bil 11.7%
Custom Models 23.2 bil 18.7 bil 24.1%
-------- --------
Workplace
Solutions
(total) $104.4 bil $89.7 bil 16.4%
Morningstar
Investment
Management
Morningstar Managed Portfolios $29.8 bil $25.8 bil (1) 15.5%
Institutional Asset Management 58.0 bil 59.4 bil (2) (2.4%)
Asset Allocation Services 7.2 bil 7.6 bil (2) (5.3%)
Manager Selection Services 1.2 bil 2.1 bil (42.9%)
(2)
Morningstar
Investment
Management
(total) $96.2 bil $94.9 bil 1.4%
Our employees (approximate)
Worldwide headcount 4,595 3,930 16.9%
(3)
Three months ended December 31 Year ended December 31
(in millions) 2016 2015 change 2016 2015 change
------------ ---- ---- ------ ---- ---- ------
Key product revenue (4)
Morningstar Data $39.3 $38.5 2.1% $152.1 $144.5 5.3%
Morningstar Direct 28.4 26.7 6.1% 110.5 101.7 8.7%
Morningstar Investment Management 24.7 23.9 3.1% 98.4 98.8 (0.4%)
Morningstar Advisor Workstation 20.4 20.8 (5) (1.9%) 82.4 81.4 (5) 1.2%
Workplace Solutions 20.7 18.3 12.9% 71.3 66.6 7.0%
Revenue by Type (4)
License-based (6) $149.9 $144.3 3.8% $573.4 $552.3 3.8%
Asset-based (7) 44.4 39.6 12.2% 169.8 163.6 3.8%
Transaction-based (8) 17.9 17.7 1.4% 55.4 72.9 (24.1%)
Other metrics
Average assets under management and advisement $200.9 bil $181.0 bil 11.0% $192.6 bil $179.7 bil 7.2%
Number of commercial mortgage-backed securities
(CMBS) new-issue ratings completed 14 11 27.3% 27 56 (51.8%)
Asset value of CMBS new-issue ratings $9.3 bil $8.5 bil 9.4% $17.9 bil $46.4 bil (61.4%)
(1) We revised the asset totals for Morningstar Managed Portfolios to
include third-party platform assets, which were previously not
included in the total.
(2) Revised to include assets from Ibbotson Associates Japan K.K.
(3) Includes approximately 330 employees who joined Morningstar as a
result of the PitchBook acquisition in December 2016.
(4) Key product revenue and revenue by type includes the effect of
foreign currency translations.
(5) Revised to exclude Morningstar Office.
(6) License-based revenue includes Morningstar Data, Morningstar
Direct, Morningstar Advisor Workstation, Morningstar Enterprise
Components, Morningstar Research, and other similar products.
(7) Asset-based revenue includes Morningstar Investment Management,
Workplace Solutions, and Morningstar Indexes.
(8) Transaction-based revenue includes Morningstar Credit Ratings,
Internet advertising sales, and Conferences.
Morningstar, Inc. and Subsidiaries
Reconciliations of Non-GAAP Measures with the Nearest Comparable GAAP Measures (Unaudited)
To supplement Morningstar's condensed consolidated financial statements presented in accordance with U.S. Generally
Accepted Accounting Principles (GAAP), Morningstar uses the following measures considered as non-GAAP by the
Securities and Exchange Commission: consolidated revenue excluding acquisitions, divestitures, and the effect of foreign
currency translations (organic revenue) and free cash flow. These non-GAAP measures may not be comparable to similarly
titled measures reported by other companies.
Morningstar presents consolidated revenue excluding acquisitions, divestitures, and the effect of foreign currency
translations (organic revenue) because the company believes this non-GAAP measure helps investors better compare
period-over-period results.
In addition, Morningstar presents free cash flow solely as supplemental disclosure to help investors better understand how
much cash is available after making capital expenditures. Management uses free cash flow to evaluate its business. Free
cash flow should not be considered an alternative to any measure required to be reported under GAAP (such as cash
provided by (used for) operating, investing, and financing activities).
Three months ended December 31 Year ended December 31
(in millions) 2016 2015 change 2016 2015 change
------------ ---- ---- ------ ---- ---- ------
Reconciliation from
consolidated revenue to
revenue excluding
acquisitions, divestitures,
and the effect of foreign
currency translations
(organic revenue):
Consolidated revenue $212.2 $201.6 5.3% $798.6 $788.8 1.2%
Less: divestitures - - - - - -
Less: acquisitions (4.5) - NMF (5.5) - NMF
Unfavorable effect of foreign
currency translations 3.2 - NMF 9.5 - NMF
Revenue excluding
acquisitions, divestitures,
and the effect of foreign
currency translations $210.9 $201.6 4.6% $802.6 $788.8 1.7%
====== ====== ====== ======
Reconciliation from cash
provided by operating
activities to free cash flow:
Cash provided by operating
activities $70.5 $52.9 33.3% $213.7 $241.5 (11.5%)
Capital expenditures (15.3) (17.4) (12.1%) (62.8) (57.3) 9.6%
Free cash flow $55.2 $35.5 55.5% $150.9 $184.2 (18.1%)
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SOURCE Morningstar, Inc.
