Revenue Growth - Reported revenue increased 7.2% to $581.9 million, with organic revenue growth of 9.1% compared to the prior-year period[3] - Morningstar Credit revenue grew 21.1% to $73.0 million, with organic revenue growth of 23.2%[14] - PitchBook revenue increased 10.9% to $163.7 million, with a 13.6% growth in licensed users[12] - Morningstar Retirement revenue increased 15.8% to $32.9 million, with AUMA rising 17.7% to $277.6 billion[19] - Morningstar Direct Platform revenue grew by 1.3% to $199.2 million[40] - Consolidated revenue for Q1 2025 was $581.9 million, a 7.2% increase from $542.8 million in Q1 2024[48] - Organic revenue grew by 9.1% to $582.5 million in Q1 2025, compared to $534.1 million in Q1 2024[48] Income and Profitability - Operating income rose 23.2% to $114.1 million, while adjusted operating income increased 22.2% to $135.4 million[6] - Diluted net income per share increased 22.1% to $1.82, and adjusted diluted net income per share rose 28.9% to $2.23[7] - Operating margin for Morningstar Credit increased 8.9 percentage points to 29.3%[15] - Operating income increased by 23.2% to $114.1 million, with an operating margin of 19.6%, up from 17.1%[35] - Consolidated net income rose to $78.5 million, a 22.3% increase compared to $64.2 million in the same period last year[35] - Adjusted operating income for total reportable segments was $135.4 million, a 22.2% increase from $110.8 million in Q1 2024[40] - Adjusted diluted net income per share increased by 28.9% to $2.23 in Q1 2025, compared to $1.73 in Q1 2024[50] Assets Under Management (AUMA) - Morningstar Wealth reported assets under management and advisement (AUMA) increased 10.8% to $63.8 billion[17] - Total AUMA (Assets Under Management) increased to $339.8 billion in Q1 2025, up 17.3% from $289.7 billion in Q1 2024[42] - Morningstar Retirement total AUMA reached $277.6 billion, a 17.7% increase from $235.9 billion in the previous year[42] - Asset value linked to Morningstar Indexes grew to $208.7 billion, up 9.7% from $190.2 billion in Q1 2024[42] - Morningstar Model Portfolios AUMA increased by 9.6% to $44.5 billion in Q1 2025, compared to $40.6 billion in Q1 2024[42] - Institutional Asset Management AUMA decreased by 5.5% to $6.9 billion in Q1 2025, down from $7.3 billion in Q1 2024[42] Cash Flow and Share Repurchase - Cash provided by operating activities decreased 2.8% to $91.0 million, while free cash flow decreased 1.2% to $58.8 million[25] - The company repurchased $109.6 million of its shares during the quarter[26] - The company repurchased $109.6 million in common shares during the quarter[38] - Free cash flow for Q1 2025 was $58.8 million, slightly down 1.2% from $59.5 million in Q1 2024[50] Balance Sheet - Total current assets decreased slightly to $1,012.3 million from $1,014.1 million as of December 31, 2024[37] - Total liabilities increased to $1,977.1 million from $1,930.3 million, with long-term debt rising to $803.7 million[37] - Cash and cash equivalents at the end of the period were $511.5 million, up from $502.7 million at the beginning of the period[38]

First-Quarter 2025 Supplemental Presentation April 30, 2025 This presentation contains forward-looking statements within the meaning of 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," "estima ...

NEW YORK, March 28, 2025 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect", “our”, or “we”) today announced that Morningstar DBRS ("DBRS") has reaffirmed Prospect’s investment grade issuer and long term senior debt credit ratings at BBB(low), and assigned a revised trend of Stable. "We are very pleased that Morningstar DBRS, which has rated Prospect for many years, has reaffirmed our investment grade credit ratings," said Grier Eliasek, President and Chief Operating Officer at Pros ...

Group 1 - The article discusses the growing investor interest in AI-themed funds, highlighting that many funds include "AI" in their names but may not have substantial AI-related holdings [1] - Financial Serenity is a financial analysis column focused on the asset management sector, managed by Tommaso Scarpellini, who has extensive experience in banking and financial analytics [1] - The initiative aims to provide in-depth analysis of the dynamics driving the asset management market, combining data analysis with actionable insights on ETFs and trending instruments [1]

Financial Performance - The company recorded revenues of $2,275.1 million for the year ended December 31, 2024, with multiple product revenue streams [476]. - Consolidated revenue for 2024 was $2,275.1 million, representing a 11.6% increase from $2,038.6 million in 2023 [489]. - Operating income increased significantly to $484.8 million in 2024, up from $230.6 million in 2023, marking a 109.8% growth [489]. - Consolidated net income for 2024 reached $369.9 million, compared to $141.1 million in 2023, reflecting a 172.5% increase [491]. - Basic net income per share rose to $8.64 in 2024, up from $3.31 in 2023, indicating a 160.4% increase [489]. - Total reportable segment revenue for 2024 reached $2,073.1 million, an increase of 11.8% from $1,854.9 million in 2023 [577]. - Adjusted operating income for 2024 was $673.7 million, up 28.7% from $523.3 million in 2023 [577]. - Revenue from the United States was $1,638.8 million in 2024, up 11.4% from $1,470.6 million in 2023 [586]. - Total international revenue increased to $636.3 million in 2024, up from $568.0 million in 2023, marking a 12.0% growth [586]. Debt and Financing - As of December 31, 2024, the company's long-term debt was $698.6 million, with floating rate borrowings under the current credit facility, exposing it to interest rate risk [292]. - The current credit facility matures in September 2027, and the company may face challenges in renegotiating or obtaining new financing [294]. - A 100 basis-point change in the Secured Overnight Financing Rate (SOFR) is estimated to impact the company's interest expense by $3.5 million annually based on the outstanding principal balance [467]. - As of December 31, 2024, total debt was $698.6 million, down from $972.4 million in 2023, with a significant reduction in the Term Facility from $608.9 million to $349.8 million [546]. Cash and Investments - The company's cash, cash equivalents, and investments balance was $551.0 million as of December 31, 2024, with a 100 basis-point change in interest rates estimated to have no material effect on the fair value of the investment portfolio [466]. - Cash and cash equivalents increased to $502.7 million in 2024, up from $337.9 million in 2023, representing a 48.7% increase [493]. - The company reported a net increase in cash and cash equivalents of $164.8 million in 2024, contrasting with a decrease of $38.7 million in 2023 [497]. - The investment portfolio's total value decreased to $48.3 million in 2024 from $51.1 million in 2023, a decline of 5.5% [588]. Shareholder Equity and Dividends - Joe Mansueto, the Executive Chairman, owned approximately 35.8% of the outstanding common stock as of December 31, 2024, which may influence shareholder decisions [296]. - The company declared dividends per common share of $1.67 in 2024, up from $1.53 in 2023, a 9.1% increase [489]. - The company may not guarantee future dividends or share repurchases, which will depend on various factors including financial condition and results of operations [299]. - The existence of the share repurchase program could potentially increase the stock price and reduce market liquidity [300]. Revenue Recognition and Segments - Revenue recognition follows a five-step model under FASB ASC Topic 606, with performance obligations satisfied over time for subscription services [525]. - License-based revenue, the largest source of customer revenue, is typically recognized over terms of 1 to 3 years [527]. - Asset-based revenue is recognized daily based on the value of assets under management, with contracts typically lasting 1 to 3 years [530]. - The company expects to recognize $1,068.0 million in revenue related to contract liabilities in 2025 [556]. Expenses and Compensation - Compensation expenses for 2024 totaled $216.1 million, compared to $173.8 million in 2023, reflecting a 24.3% increase [574]. - Stock-based compensation expense was $54.7 million in 2024, slightly up from $52.8 million in 2023 but down from $83.2 million in 2022 [497]. - The total fair value of restricted stock units (RSUs) that vested in 2024 was $50.1 million, while market stock units (MSUs) that vested totaled $5.6 million [638][642]. Foreign Currency Exposure - The company has not engaged in currency hedging, exposing it to foreign currency fluctuations, with foreign denominated revenue percentages including 2.7% from Australian dollars and 7.4% from British pounds [468]. - The estimated effect of a 10% adverse currency fluctuation on revenue could result in a loss of $16.4 million from British pounds [468]. Acquisitions and Sales - The company completed the acquisition of LCD for a total consideration of $645.5 million, which includes an initial cash payment of $600.0 million and contingent consideration of up to $50.0 million [596][597]. - The acquisition of Praemium was finalized for $44.9 million in cash, with the financial results consolidated from June 30, 2022 [602]. - The company recorded a gain of $45.3 million from the sale of its Commodity and Energy Data business for $52.4 million on September 30, 2024 [610]. - A gain of $64.0 million was recorded from the sale of customer assets to AssetMark, Inc. for approximately $65.0 million, with potential contingent consideration based on customer net flows [611]. Taxation - The effective tax rate for 2024 was 21.9%, an increase of 2.9 percentage points from 19.0% in 2023 [651]. - The company anticipates a one-time repatriation of $142.0 million in earnings from foreign subsidiaries back to the US in 2025 [654]. - The income tax expense for 2024 was $104.0 million, compared to $33.0 million in 2023 and $56.5 million in 2022 [656].

Revenue Growth - Reported revenue for Q4 2024 increased 9.7% to $591.0 million, with organic revenue growth of 10.6%[3] - Full-year 2024 revenue increased 11.6% to $2.3 billion, with organic revenue growth of 11.8%[7] - Total revenue for the year ended December 31, 2024, reached $2,275.1 million, an 11.6% increase compared to $2,038.6 million in 2023[48] - Organic revenue for the year ended December 31, 2024, reached $2,272.5 million, reflecting an 11.8% growth compared to $2,033.3 million in 2023[58] Profitability - Operating income rose 78.2% to $168.2 million, including a $64.0 million gain from the sale of US TAMP assets[3] - Consolidated net income for the year ended December 31, 2024, was $369.9 million, a 162.2% increase from $141.1 million in 2023[44] - Consolidated net income for Q4 2024 was $116.9 million, a 59% increase from $73.5 million in Q4 2023[47] - Adjusted operating income for the year increased by 51.2% to $493.8 million from $326.5 million in 2023[58] Earnings Per Share - Diluted net income per share for Q4 2024 increased 58.5% to $2.71, while adjusted diluted net income per share rose 8.6% to $2.14[10] - Adjusted diluted net income per share for the year was $7.89, a 54.1% increase from $5.12 in 2023[59] Cash Flow - Cash provided by operating activities for the full year increased 87.0% to $591.6 million, and free cash flow increased 127.5% to $448.9 million[34] - Cash provided by operating activities for Q4 2024 was $153.4 million, up from $137.8 million in Q4 2023[47] - Free cash flow for the year ended December 31, 2024, was $448.9 million, representing a 127.5% increase from $197.3 million in 2023[59] Assets and Liabilities - Reported assets under management and advisement (AUMA) increased 12.3% to $62.3 billion, supported by strong market performance[25] - Total current assets increased to $1,014.1 million as of December 31, 2024, from $815.7 million in 2023[46] - Cash and cash equivalents rose to $502.7 million in 2024, compared to $337.9 million in 2023[46] - Total liabilities decreased to $1,930.3 million in 2024 from $2,075.6 million in 2023[46] - The company’s total equity increased to $1,618.6 million as of December 31, 2024, up from $1,327.8 million in 2023[46] Business Segments Performance - Morningstar Credit revenue grew 33.8% to $82.3 million, driven by strong performance in commercial mortgage-backed securities[21] - PitchBook revenue increased 12.5% to $162.5 million, with licensed users growing 16.4%[19] - Morningstar Data and Analytics revenue grew by 5.5% year-over-year to $788.1 million in 2024, with an adjusted operating margin of 45.1%[48] - PitchBook revenue increased by 12.0% year-over-year to $618.4 million in 2024, with adjusted operating income rising by 25.9%[48] - Morningstar Credit revenue surged by 35.1% year-over-year to $291.1 million in 2024, despite a decrease in adjusted operating margin to 26.0%[48] Debt and Share Repurchase - Morningstar reduced its debt by $273.8 million net in 2024 and repurchased $11.6 million of its shares[36] - The company repurchased $11.6 million in common shares during the year, compared to $1.4 million in 2023[47] Operational Efficiency - The company reported an operating margin of 28.5% for Q4 2024, up 11.0 percentage points from 17.5% in Q4 2023[44] - Consolidated operating margin improved to 28.5% in Q4 2024, up 11.0 percentage points from 17.5% in Q4 2023[59] Future Outlook - The company aims to maintain growth across its businesses despite potential geopolitical and regulatory challenges[41]

Core Insights - WuXi Biologics has been recognized as a 2025 Industry and Regional ESG Top-Rated Company by Morningstar Sustainalytics, marking the fifth consecutive year of high ESG Risk Ratings [1][2] - The company ranks in the top 1% of companies assessed in the pharmaceutical industry, highlighting its strong ESG achievements [2] Company Overview - WuXi Biologics is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) that provides end-to-end solutions for biologics [5] - The company employs over 12,000 skilled employees across multiple countries, including China, the United States, Ireland, Germany, and Singapore [6] ESG Commitment - The company views Environmental, Social, and Governance (ESG) responsibilities as integral to its business strategy and aims to be a leader in the biologics CRDMO sector [7] - WuXi Biologics has made significant progress in its ESG strategy, receiving various accolades such as the MSCI AAA Rating and inclusion in the Dow Jones Sustainability Indices for two consecutive years [3] Achievements and Recognition - The company has been included in the UNGC 20 Case Examples of Sustainable Development and awarded the Platinum Medal by EcoVadis [3] - WuXi Biologics has also been recognized in the CDP Water Security "A list" and awarded an "A-" CDP Climate Change score [3]

Core Viewpoint - Morningstar, Inc. (NASDAQ: MORN) is rated as a Hold for investors focused on capital appreciation, with a recommendation to buy shares on a pullback due to its outperformance compared to the S&P 500 Index [1]. Company Analysis - The company has shown strong performance relative to the S&P 500 Index, indicating potential for long-term investment [1]. - The recommendation for a buy on pullback suggests that there may be opportunities to acquire shares at a more favorable price in the future [1]. Analyst Background - The analysis is provided by David A. Johnson, who has over 30 years of investment experience and holds advanced degrees in finance and business administration [1].

Company Overview - Trinity Capital Inc. is a leading alternative asset manager focused on providing stable and consistent returns through access to the private credit market [3] - The company sources, vets, and invests in growth-oriented privately funded companies, offering investors a diversified portfolio [3] - Headquartered in Phoenix, Arizona, Trinity has an international presence supported by a dedicated team of investment professionals [3] Credit Rating - DBRS, Inc. has confirmed Trinity Capital's investment grade credit rating of "BBB (low)" with a stable outlook [1] - Morningstar DBRS is recognized as a leading provider of independent rating services, rating over 4,000 issuers and 60,000 securities globally [2]

CONCORD, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- AssetMark, Inc., a leading provider of wealth management and technology solutions for financial advisors, today announced the close of its acquisition of Morningstar Wealth’s Turnkey Asset Management Platform (TAMP) assets. This acquisition, a key milestone in the strategic alliance between AssetMark and Morningstar Wealth, brings approximately $12 billion in assets to AssetMark’s platform, broadening its array of investment solutions for financial advisors ...