$MORN
Morningstar, Inc.

2021 Q1 Form 10-Q Financial Statement

#000128941921000081 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $392.8M $324.0M
YoY Change 21.23% 25.14%
Cost Of Revenue $157.3M $137.0M
YoY Change 14.82% 30.35%
Gross Profit $235.5M $187.0M
YoY Change 25.94% 21.59%
Gross Profit Margin 59.95% 57.72%
Selling, General & Admin $131.7M $108.3M
YoY Change 21.61% 34.03%
% of Gross Profit 55.92% 57.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.60M $34.20M
YoY Change 7.02% 45.53%
% of Gross Profit 15.54% 18.29%
Operating Expenses $131.7M $108.3M
YoY Change 21.61% 34.03%
Operating Profit $67.20M $44.50M
YoY Change 51.01% -10.1%
Interest Expense -$2.800M -$3.200M
YoY Change -12.5% 357.14%
% of Operating Profit -4.17% -7.19%
Other Income/Expense, Net $100.0K -$11.30M
YoY Change -100.88% 242.42%
Pretax Income $67.30M $33.20M
YoY Change 102.71% -28.14%
Income Tax $14.10M $8.500M
% Of Pretax Income 20.95% 25.6%
Net Earnings $54.90M $23.90M
YoY Change 129.71% -28.01%
Net Earnings / Revenue 13.98% 7.38%
Basic Earnings Per Share $1.28 $0.56
Diluted Earnings Per Share $1.27 $0.55
COMMON SHARES
Basic Shares Outstanding 42.90M shares 42.90M shares
Diluted Shares Outstanding 43.30M shares 43.30M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $433.7M $348.8M
YoY Change 24.34% -7.87%
Cash & Equivalents $383.6M $322.5M
Short-Term Investments $50.10M $26.30M
Other Short-Term Assets $5.700M $24.40M
YoY Change -76.64% 35.56%
Inventory
Prepaid Expenses $39.80M
Receivables $229.1M $184.7M
Other Receivables $0.00 $5.700M
Total Short-Term Assets $730.8M $580.7M
YoY Change 25.85% -0.99%
LONG-TERM ASSETS
Property, Plant & Equipment $156.7M $149.5M
YoY Change 4.82% 4.77%
Goodwill $1.202B $1.013B
YoY Change 18.62% 81.81%
Intangibles
YoY Change
Long-Term Investments $38.50M $58.80M
YoY Change -34.52% -5.01%
Other Assets $11.40M $13.20M
YoY Change -13.64% 127.59%
Total Long-Term Assets $1.945B $1.711B
YoY Change 13.63% 77.32%
TOTAL ASSETS
Total Short-Term Assets $730.8M $580.7M
Total Long-Term Assets $1.945B $1.711B
Total Assets $2.675B $2.292B
YoY Change 16.72% 47.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.60M $56.50M
YoY Change 1.95% 21.51%
Accrued Expenses $143.6M $106.1M
YoY Change 35.34% 25.12%
Deferred Revenue $398.9M $312.4M
YoY Change 27.69% 571.83%
Short-Term Debt $0.00 $11.00M
YoY Change -100.0%
Long-Term Debt Due $11.00M
YoY Change
Total Short-Term Liabilities $610.6M $456.4M
YoY Change 33.79% 22.42%
LONG-TERM LIABILITIES
Long-Term Debt $404.2M $519.4M
YoY Change -22.18% 1631.33%
Other Long-Term Liabilities $33.50M $11.40M
YoY Change 193.86% -21.92%
Total Long-Term Liabilities $437.7M $530.8M
YoY Change -17.54% 3535.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $610.6M $456.4M
Total Long-Term Liabilities $437.7M $530.8M
Total Liabilities $1.354B $1.259B
YoY Change 7.51% 115.86%
SHAREHOLDERS EQUITY
Retained Earnings $1.431B $1.229B
YoY Change 16.42% 8.18%
Common Stock $681.8M $657.2M
YoY Change 3.74% 3.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $767.3M $748.7M
YoY Change 2.48% 2.37%
Treasury Stock Shares 11.14M shares 11.02M shares
Shareholders Equity $1.321B $1.033B
YoY Change
Total Liabilities & Shareholders Equity $2.675B $2.292B
YoY Change 16.72% 47.72%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $54.90M $23.90M
YoY Change 129.71% -28.01%
Depreciation, Depletion And Amortization $36.60M $34.20M
YoY Change 7.02% 45.53%
Cash From Operating Activities $64.20M $48.70M
YoY Change 31.83% -17.46%
INVESTING ACTIVITIES
Capital Expenditures $22.70M $15.10M
YoY Change 50.33% -19.25%
Acquisitions $0.00 $4.500M
YoY Change -100.0%
Other Investing Activities -$100.0K $100.0K
YoY Change -200.0% -133.33%
Cash From Investing Activities -$33.40M -$19.50M
YoY Change 71.28% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid $13.50M $12.90M
YoY Change 4.65% 8.4%
Common Stock Issuance & Retirement, Net $0.00 $20.00M
YoY Change -100.0% 308.16%
Debt Paid & Issued, Net $37.80M
YoY Change -5.5%
Cash From Financing Activities -$66.00M -$26.90M
YoY Change 145.35% -55.68%
NET CHANGE
Cash From Operating Activities $64.20M $48.70M
Cash From Investing Activities -$33.40M -$19.50M
Cash From Financing Activities -$66.00M -$26.90M
Net Change In Cash -$38.90M -$11.60M
YoY Change 235.34% -42.57%
FREE CASH FLOW
Cash From Operating Activities $64.20M $48.70M
Capital Expenditures $22.70M $15.10M
Free Cash Flow $41.50M $33.60M
YoY Change 23.51% -16.63%

Facts In Submission

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33200000 USD
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CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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10800000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11800000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
10800000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
11800000 USD
CY2021Q1 morn Decrease In Income Tax Expense Upon Recognition Of Gross Unrecognized Tax Benefits
DecreaseInIncomeTaxExpenseUponRecognitionOfGrossUnrecognizedTaxBenefits
10600000 USD
CY2020Q4 morn Decrease In Income Tax Expense Upon Recognition Of Gross Unrecognized Tax Benefits
DecreaseInIncomeTaxExpenseUponRecognitionOfGrossUnrecognizedTaxBenefits
11600000 USD
CY2021Q1 morn Unrecognized Tax Benefits Included In Current Liabilities
UnrecognizedTaxBenefitsIncludedInCurrentLiabilities
6300000 USD
CY2020Q4 morn Unrecognized Tax Benefits Included In Current Liabilities
UnrecognizedTaxBenefitsIncludedInCurrentLiabilities
7600000 USD
CY2021Q1 morn Unrecognized Tax Benefits Included In Non Current Liabilities
UnrecognizedTaxBenefitsIncludedInNonCurrentLiabilities
5400000 USD
CY2020Q4 morn Unrecognized Tax Benefits Included In Non Current Liabilities
UnrecognizedTaxBenefitsIncludedInNonCurrentLiabilities
5100000 USD
CY2021Q1 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
11700000 USD
CY2020Q4 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
12700000 USD
CY2021Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
400000000.0 USD
CY2021Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
400000000.0 USD

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