$MORN
Morningstar, Inc.

2022 Q1 Form 10-Q Financial Statement

#000128941922000010 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $457.0M $392.8M
YoY Change 16.34% 21.23%
Cost Of Revenue $191.3M $157.3M
YoY Change 21.61% 14.82%
Gross Profit $265.7M $235.5M
YoY Change 12.82% 25.94%
Gross Profit Margin 58.14% 59.95%
Selling, General & Admin $171.7M $131.7M
YoY Change 30.37% 21.61%
% of Gross Profit 64.62% 55.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.60M $36.60M
YoY Change 2.73% 7.02%
% of Gross Profit 14.15% 15.54%
Operating Expenses $171.7M $131.7M
YoY Change 30.37% 21.61%
Operating Profit $56.40M $67.20M
YoY Change -16.07% 51.01%
Interest Expense -$2.400M -$2.800M
YoY Change -14.29% -12.5%
% of Operating Profit -4.26% -4.17%
Other Income/Expense, Net $6.600M $100.0K
YoY Change 6500.0% -100.88%
Pretax Income $63.00M $67.30M
YoY Change -6.39% 102.71%
Income Tax $17.30M $14.10M
% Of Pretax Income 27.46% 20.95%
Net Earnings $46.10M $54.90M
YoY Change -16.03% 129.71%
Net Earnings / Revenue 10.09% 13.98%
Basic Earnings Per Share $1.07 $1.28
Diluted Earnings Per Share $1.06 $1.27
COMMON SHARES
Basic Shares Outstanding 43.00M shares 42.90M shares
Diluted Shares Outstanding 43.30M shares 43.30M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $544.9M $433.7M
YoY Change 25.64% 24.34%
Cash & Equivalents $483.5M $383.6M
Short-Term Investments $61.40M $50.10M
Other Short-Term Assets $2.900M $5.700M
YoY Change -49.12% -76.64%
Inventory
Prepaid Expenses $44.40M $39.80M
Receivables $276.4M $229.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $902.8M $730.8M
YoY Change 23.54% 25.85%
LONG-TERM ASSETS
Property, Plant & Equipment $176.5M $156.7M
YoY Change 12.64% 4.82%
Goodwill $1.203B $1.202B
YoY Change 0.06% 18.62%
Intangibles
YoY Change
Long-Term Investments $64.10M $38.50M
YoY Change 66.49% -34.52%
Other Assets $10.90M $11.40M
YoY Change -4.39% -13.64%
Total Long-Term Assets $1.967B $1.945B
YoY Change 1.14% 13.63%
TOTAL ASSETS
Total Short-Term Assets $902.8M $730.8M
Total Long-Term Assets $1.967B $1.945B
Total Assets $2.869B $2.675B
YoY Change 7.26% 16.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.70M $57.60M
YoY Change 26.22% 1.95%
Accrued Expenses $190.7M $143.6M
YoY Change 32.8% 35.34%
Deferred Revenue $466.0M $398.9M
YoY Change 16.82% 27.69%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $720.5M $610.6M
YoY Change 18.0% 33.79%
LONG-TERM LIABILITIES
Long-Term Debt $504.4M $404.2M
YoY Change 24.79% -22.18%
Other Long-Term Liabilities $14.60M $33.50M
YoY Change -56.42% 193.86%
Total Long-Term Liabilities $519.0M $437.7M
YoY Change 18.57% -17.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $720.5M $610.6M
Total Long-Term Liabilities $519.0M $437.7M
Total Liabilities $1.518B $1.354B
YoY Change 12.1% 7.51%
SHAREHOLDERS EQUITY
Retained Earnings $1.557B $1.431B
YoY Change 8.83% 16.42%
Common Stock $715.2M $681.8M
YoY Change 4.9% 3.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $874.9M $767.3M
YoY Change 14.02% 2.48%
Treasury Stock Shares 11.53M shares 11.14M shares
Shareholders Equity $1.352B $1.321B
YoY Change
Total Liabilities & Shareholders Equity $2.869B $2.675B
YoY Change 7.26% 16.72%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $46.10M $54.90M
YoY Change -16.03% 129.71%
Depreciation, Depletion And Amortization $37.60M $36.60M
YoY Change 2.73% 7.02%
Cash From Operating Activities $23.50M $64.20M
YoY Change -63.4% 31.83%
INVESTING ACTIVITIES
Capital Expenditures $28.00M $22.70M
YoY Change 23.35% 50.33%
Acquisitions $6.800M $0.00
YoY Change -100.0%
Other Investing Activities $200.0K -$100.0K
YoY Change -300.0% -200.0%
Cash From Investing Activities -$33.70M -$33.40M
YoY Change 0.9% 71.28%
FINANCING ACTIVITIES
Cash Dividend Paid $15.50M $13.50M
YoY Change 14.81% 4.65%
Common Stock Issuance & Retirement, Net $110.6M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $11.80M -$66.00M
YoY Change -117.88% 145.35%
NET CHANGE
Cash From Operating Activities $23.50M $64.20M
Cash From Investing Activities -$33.70M -$33.40M
Cash From Financing Activities $11.80M -$66.00M
Net Change In Cash -$300.0K -$38.90M
YoY Change -99.23% 235.34%
FREE CASH FLOW
Cash From Operating Activities $23.50M $64.20M
Capital Expenditures $28.00M $22.70M
Free Cash Flow -$4.500M $41.50M
YoY Change -110.84% 23.51%

Facts In Submission

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67300000 USD
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CY2021Q1 us-gaap Income Loss From Equity Method Investments
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CY2022Q1 morn Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign
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63400000 USD
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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14200000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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14100000 USD
CY2021Q4 morn Decrease In Income Tax Expense Upon Recognition Of Gross Unrecognized Tax Benefits
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11200000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
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14200000 USD
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2800000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11400000 USD
CY2022Q1 morn Unrecognized Tax Benefits Included In Current Liabilities
UnrecognizedTaxBenefitsIncludedInCurrentLiabilities
10200000 USD
CY2021Q4 morn Unrecognized Tax Benefits Included In Current Liabilities
UnrecognizedTaxBenefitsIncludedInCurrentLiabilities
7200000 USD
CY2022Q1 morn Unrecognized Tax Benefits Included In Non Current Liabilities
UnrecognizedTaxBenefitsIncludedInNonCurrentLiabilities
5400000 USD
CY2021Q4 morn Unrecognized Tax Benefits Included In Non Current Liabilities
UnrecognizedTaxBenefitsIncludedInNonCurrentLiabilities
5200000 USD
CY2022Q1 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
15600000 USD
CY2021Q4 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
12400000 USD
CY2022Q1 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
15600000 USD
CY2022Q1 morn Total Liability For Unrecognized Tax Benefits Period Increase Decrease
TotalLiabilityForUnrecognizedTaxBenefitsPeriodIncreaseDecrease
3200000 USD
CY2021Q4 morn Total Liability For Unrecognized Tax Benefits
TotalLiabilityForUnrecognizedTaxBenefits
12400000 USD
CY2022Q1 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
1150000 USD
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
400000000 USD
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
402971 shares
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
110600000 USD
CY2022Q1 morn Stock Repurchased Cumulative Shares
StockRepurchasedCumulativeShares
407871 shares
CY2022Q1 morn Stock Repurchased Cumulative Value
StockRepurchasedCumulativeValue
111900000 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
288100000 USD
CY2022Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
1150000 USD
CY2022Q2 us-gaap Equity Method Investments
EquityMethodInvestments
25000000 USD
CY2022Q2 us-gaap Convertible Debt
ConvertibleDebt
5000000 USD

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