Morningstar(MORN) - 2025 Q1 - Quarterly Results

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]