Morningstar, Inc. - Quarter Report: 2024 March (Form 10-Q)

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See notes to unaudited condensed consolidated financial statements.

Morningstar, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows



	Three months ended March 31,
(in millions)	2024	2023
Operating activities
Consolidated net income (loss)	$	$	()
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
Depreciation and amortization
Deferred income taxes	()
Stock-based compensation expense
Provision for bad debt
Equity in investments of unconsolidated entities
Gain on equity method transaction		()
Other, net	()	()
Changes in operating assets and liabilities:
Accounts receivable
Accounts payable and accrued liabilities	()	()
Accrued compensation and deferred commissions	()	()
Income taxes, current		()
Deferred revenue
Other assets and liabilities	()
Cash provided by operating activities

Investing activities
Purchases of investment securities	()	()
Proceeds from maturities and sales of investment securities
Capital expenditures	()	()
Proceeds from sale of equity method investments, net
Purchases of investments in unconsolidated entities	()	()
Cash used for investing activities	()	()

Financing activities
Dividends paid	()	()
Proceeds from revolving credit facility
Repayment of revolving credit facility	()	()
Repayment of term facility	()	()
Employee taxes withheld for stock awards	()	()
Payment of acquisition-related earn-outs		()
Other, net
Cash used for financing activities	()	()

Effect of exchange rate changes on cash and cash equivalents	()
Net increase (decrease) in cash and cash equivalents		()
Cash and cash equivalents—beginning of period
Cash and cash equivalents—end of period	$	$

Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	$
Cash paid for interest	$	$

See notes to unaudited condensed consolidated financial statements.

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MORNINGSTAR, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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$ Amended 2022 Revolving Credit Facility

% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.4 million and $1.5 million, respectively

Total debt$ $

Credit Agreement

On May 6, 2022, the company entered into a senior credit agreement (the 2022 Credit Agreement), providing the Company with a multi-currency credit facility with an initial borrowing capacity of up to $ billion, including a $ million term loan and a $ million revolving credit facility. The agreement also provided for the issuance of letters of credit and a swingline facility. The 2022 Credit Agreement was amended twice in September 2022 (Amended 2022 Credit Agreement) to, among other items, eliminate the options for a second term loan draw and increase both the term loan and revolving credit facility to $ million each, raising the total borrowing capacity to $ billion. Aside from the increased borrowing capacity, the Amended 2022 Credit Agreement left the 2022 Credit Agreement terms largely unchanged. As of March 31, 2024, our total outstanding debt under the Amended 2022 Credit Agreement was $ million, net of debt issuance costs, with borrowing availability of $ million under the Amended 2022 Revolving Credit Facility.

The interest rate applicable to any loan under the Amended 2022 Credit Agreement is, at the company's option, either: (i) the applicable Secured Overnight Financing Rate plus an applicable margin for such loans, which ranges between % and %, based on the company's consolidated leverage ratio or (ii) the lender's base rate plus the applicable margin for such loans, which ranges between % and %, based on the company's consolidated leverage ratio.

The portions of deferred debt issuance costs related to the Amended 2022 Revolving Credit Facility are included in other current and non-current assets, and the portion of deferred debt issuance costs related to the Amended 2022 Term Facility is reported as a reduction to the carrying amount of the Amended 2022 Term Facility. Debt issuance costs related to the Amended 2022 Revolving Credit Facility are amortized on a straight-line basis to interest expense over the term of the Amended 2022 Credit Agreement. Debt issuance costs related to the Amended 2022 Term Facility are amortized to interest expense using the effective interest method over the term of the Amended 2022 Credit Agreement.

Private Placement Debt Offering

On October 26, 2020, we completed the issuance and sale of $ million aggregate principal amount of % senior notes due October 26, 2030 (the 2030 Notes), in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. Proceeds were primarily used to repay a portion of the company's outstanding debt under the company's prior credit facility. Interest on the 2030 Notes is paid semi-annually on each October 30 and April 30 during the term of the 2030 Notes and at maturity, with the first interest payment date having occurred on April 30, 2021. As of March 31, 2024, our total outstanding debt, net of issuance costs, under the 2030 Notes was $ million.

Compliance with Covenants

Each of the Amended 2022 Credit Agreement and the 2030 Notes include customary representations, warranties, and covenants, including financial covenants, that require us to maintain specified ratios of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges and consolidated funded indebtedness to consolidated EBITDA, which are evaluated on a quarterly basis. We were in compliance with these financial covenants as of March 31, 2024.

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operating segments, which are presented as the following reportable segments: Morningstar Data and Analytics, PitchBook, Morningstar Wealth, Morningstar Credit, and Morningstar Retirement. The company's operating segments also represent the company's reporting units to which goodwill is assigned. The company allocated goodwill by reporting unit in accordance with FASB ASC 350 Intangibles—Goodwill and Other (FASB ASC 350). Under this reporting unit structure, the consolidated goodwill balance was allocated based on each reporting unit's relative fair value at January 1, 2021. The company used a market approach and assigned goodwill to the reporting units. The following table shows the changes in our goodwill balances from December 31, 2023 to March 31, 2024:

$ $ $ $ $ $ $ Foreign currency translation() ()() ()()()Balance as of March 31, 2024$ $ $ $ $ $ $ $

Changes in the carrying amount of the company’s recorded goodwill are mainly the result of business acquisitions, divestitures, and the effect of foreign currency translations. In accordance with FASB ASC 350, the company does not amortize goodwill; instead, goodwill is subject to an impairment test annually, or whenever indicators of impairment exist. When reviewing goodwill for impairment, we assess a number of qualitative factors to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying values. Examples of qualitative factors that we assess include macroeconomic conditions affecting our reporting units, financial performance of our reporting units, market and competitive factors related to our reporting units, and other events specific to our reporting units. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test. The quantitative impairment test compares the estimated fair value of the reporting unit to its carrying value, and recognizes an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, without exceeding the total amount of goodwill allocated to that reporting unit. We determine the fair value of a reporting unit using a market approach. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, as well as revenue and earnings multiples of publicly traded companies whose services and markets are comparable.

We perform our annual impairment reviews in the fourth quarter or when impairment indicators and triggering events are identified. The company did not observe any events or changes in circumstances that would require an additional impairment review in the first quarter of 2024. Refer to Note 7 for detailed segment information.

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$()$ $ $()$ Technology-based assets () () Intellectual property & other () () $

$() $() $() ) )) )) $

)() — — %%9.3 %(0.6)pp2023Change196.7 $179.8 9.4 %2023Change147.6 $131.1 12.6 %2023Change59.0 $54.9 7.5 %%(26.6)%17.1 pp

Morningstar Wealth asset-based revenue represented 56.9% of total segment revenue in 2024. Revenue is based on quarter-end, prior quarter-end, or average asset levels during each quarter, which are often reported on a one-quarter lag for certain Investment Management products including Morningstar Managed Portfolios. The timing of this client asset reporting and the structure of our contracts often results in a lag between market movements and the impact on revenue. The following table summarizes our approximate Morningstar Wealth AUMA:


	As of March 31,
(in billions)	2024		2023		Change







Morningstar Managed Portfolios	$	40.6	$	34.0	19.4	%
Institutional Asset Management	7.3		9.7		(24.7)	%
Asset Allocation Services	9.7		7.6		27.6	%
Investment Management (total)	$	57.6	$	51.3	12.3	%

2023Change60.3 $46.8 28.8 %2023Change28.4 $25.2 12.7 %%44.4 %5.6 pp

Morningstar Retirement asset-based revenue represented 98.2% of total segment revenue in 2024 and is based on quarter-end, prior quarter-end, or average asset levels during each quarter, which are often reported on a one-quarter lag. The timing of this client asset reporting and the structure of our contracts often results in a lag between market movements and the impact on revenue. The following table summarizes our approximate Morningstar Retirement AUMA:


	As of March 31,
(in billions)	2024		2023		Change


Managed Accounts	$	136.1	$	111.7	21.8	%
Fiduciary Services	57.8		50.6		14.2	%
Custom Models/CIT	42.0		34.9		20.3	%
Morningstar Retirement (total)	$	235.9	$	197.2	19.6	%

Morningstar Retirement total revenue increased $3.2 million, or 12.7% on a reported and organic basis. AUMA, calculated using the most recently available average quarterly or monthly data, increased 19.6% to $235.9 billion compared with the prior-year period, primarily driven by strong market performance. Net inflows to Managed Accounts over the trailing 12 months also contributed to higher AUMA, supported by participant growth and flows to Advisor Managed Accounts.

Morningstar Retirement adjusted operating income increased $3.0 million, or 26.8%, and adjusted operating margin increased 5.6 percentage points for the three months ended March 31, 2024.

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Morningstar Retirement depreciation expense was $2.8 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively.

Corporate and All Other

Corporate and All Other increased $8.9 million, or 21.2% on a reported basis, driven by growth in Morningstar Indexes and Morningstar Sustainalytics.

Morningstar Indexes contributed $5.4 million to Corporate and All Other revenue growth with revenue increasing 37.0%, or 37.1%, on an organic basis. The increase in revenue was driven primarily by higher investable product revenue as market performance and net inflows over the trailing 12 months increased asset value linked to Morningstar Indexes by 13.3% to $190.2 billion. Morningstar Indexes licensed data sales also increased.

Morningstar Sustainalytics contributed $3.5 million to Corporate and All Other revenue growth with revenue increasing 12.8%, or 12.2% on an organic basis. License-based revenue for Morningstar Sustainalytics increased 9.0%, or 8.2% on an organic basis, primarily driven by regulatory use cases in Europe. Transaction-based revenue increased 83.4% or 84.8% on an organic basis, due to increased issuance of sustainable bonds.

Corporate and All Other adjusted operating income increased $10.8 million for the three months ended March 31, 2024.

Non-operating expense, net, Equity in investments of unconsolidated entities, and Effective tax rate and income tax expense

Non-operating expense, net


	2023
2.5			$	1.2
		(14.5)
		0.2


		(11.8)

		2.5
(5.6)			$	(22.4)

(1.3)59.5 $(6.1)NMF

We generated free cash flow of $59.5 million in the first quarter of 2024 compared with negative $6.1 million in the first quarter of 2023. The change reflects a $70.2 million increase in cash provided by operating activities, while capital expenditures increased compared to the prior-year quarter. The increase in cash flow from operations was primarily driven by higher cash earnings. Capital expenditures increased primarily due to investment in our product development efforts across our key product areas.

Application of Critical Accounting Policies and Estimates

We discuss our critical accounting policies and estimates in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report. We also discuss our significant accounting policies in Note 2 of the Notes to our Audited Consolidated Financial Statements included in our Annual Report and in Note 2 of the Notes to our Unaudited Condensed Consolidated Financial Statements contained in Part 1, Item 1 of this Quarterly Report. There have not been any material changes during the three months ended March 31, 2024 to the methodologies applied by management for critical accounting policies previously disclosed in our Annual Report.

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Item 3.Quantitative and Qualitative Disclosures about Market Risk

Our investment portfolio is actively managed and may suffer losses from fluctuating interest rates, market prices, or adverse security selection. These accounts may consist of stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. As of March 31, 2024, our cash, cash equivalents, and investments balance was $409.1 million. Based on our estimates, a 100 basis-point change in interest rates would not have a material effect on the fair value of our investment portfolio.

We are subject to risk from fluctuations in the interest rates related to a portion of our long-term debt. The interest rates are based upon the applicable Secured Overnight Financing Rate (SOFR) rate plus an applicable margin for such loans or the lender's base rate plus an applicable margin for such loans. On an annualized basis, we estimate a 100 basis-point change in the SOFR rate would have a $6.0 million impact on our interest expense based on our outstanding principal balance and SOFR rates at March 31, 2024.

We are subject to risk from fluctuations in foreign currencies from our operations outside of the United States. We do not currently have any positions in derivative instruments to hedge our currency risk.

The table below shows our exposure to foreign currency denominated revenue and operating income for the three months ended March 31, 2024:


	Three months ended March 31, 2024
(in millions, except foreign currency rates)	Australian Dollar			British Pound			Canadian Dollar			Euro			Other Foreign Currencies
Currency rate in U.S. dollars as of March 31, 2024	0.6523			1.2630			0.7386			1.0795			n/a

Percentage of revenue	2.7		%	7.2		%	6.0		%	6.6		%	5.5		%
Percentage of operating income (loss)	6.1		%	(10.0)		%	1.7		%	9.1		%	(15.3)		%

Estimated effect of a 10% adverse currency fluctuation on revenue	$	(1.4)		$	(3.9)		$	(3.2)		$	(3.6)		$	(2.9)
Estimated effect of a 10% adverse currency fluctuation on operating income (loss)	$	(0.6)		$	0.9		$	(0.2)		$	(0.8)		$	1.4

The table below shows our net investment exposure to foreign currencies as of March 31, 2024:


	As of March 31, 2024
(in millions)	Australian Dollar		British Pound		Canadian Dollar		Euro		Other Foreign Currencies
Assets, net of unconsolidated entities	$	61.5	$	273.0	$	238.6	$	234.8	$	177.1
Less: liabilities	(31.5)		(77.7)		(131.0)		(155.7)		38.5
Net currency position	$	30.0	$	195.3	$	107.6	$	79.1	$	215.6

Estimated effect of a 10% adverse currency fluctuation on equity	$	(3.0)	$	(19.5)	$	(10.8)	$	(7.9)	$	(21.6)

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Item 4.Controls and Procedures

(a)Evaluation and Disclosure Controls and Procedures

Disclosure controls and procedures are designed to reasonably assure that information required to be disclosed in the reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act) is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to reasonably assure that information required to be disclosed in the reports filed under the Exchange Act is accumulated and communicated to management, including the chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of March 31, 2024. Based on that evaluation, our chief executive officer and chief financial officer concluded that as of March 31, 2024, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC's rules and forms and to provide reasonable assurance that such information is accumulated and communicated to management, including the chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b)Changes in Internal Control Over Financial Reporting

As previously disclosed in the company’s Annual Report, the company’s chief executive officer and chief financial officer concluded that the company’s internal control over financial reporting was not effective due solely to a material weakness in internal control over financial reporting related to the aggregation of reporting segments.

The company has implemented changes in our internal controls to address the material weakness, which include an enhanced risk assessment process to better identify factors that could impact its financial reporting, included related disclosures, as well as enhanced and more timely process-level controls related to the company's segment reporting. As a result, management has concluded that, as of March 31, 2024, the material weakness has been remediated.

Other than as discussed above, there were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2024, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Our management, including our chief executive officer and chief financial officer, believe that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been or would be detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART 2.OTHER INFORMATION

Item 1.Legal Proceedings

We incorporate by reference the information regarding legal proceedings set forth in Note 13 of the Notes to our Unaudited Condensed Consolidated Financial Statements contained in Part 1, Item 1 of this Quarterly Report.

Item 1A.Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors in Part I, “Item 1A. Risk Factors” in our Annual Report, when deciding whether to invest in our common stock or otherwise evaluating our business. If any of those risks or uncertainties materialize, our business, financial condition, and/or operating results could suffer. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment. Our operations could also be affected by other risks and uncertainties that are not presently known to us or that we currently consider immaterial to our operations.

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Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The table below presents month-to-month information related to repurchases of common stock we made during the three months ended March 31, 2024. Refer to Note 14 of the Notes to our Unaudited Condensed Consolidated Financial Statements for more information regarding our share repurchase program:


Period:	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced programs (a)	Approximate dollar value of shares that may yet be purchased under the programs (a)
January 1, 2024 - January 31, 2024	—	$	—	—	$	498,550,338
February 1, 2024 to February 29, 2024	—	—		—	$	498,550,338
March 1, 2024 - March 31, 2024	—	—		—	$	498,550,338
Total	—	$	—	—

_______________________________________

(a) Repurchases will only be effected pursuant to the $500.0 million share repurchase program authorized by our board of directors and announced publicly on December 6, 2022, which commenced on January 1, 2023 and which will expire on December 31, 2025.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Trading Arrangements

During the three months ended March 31, 2024, none of the company’s officers (as defined in Section 16 of the Exchange Act) and directors adopted or terminated contracts, instructions, or written plans for the purchase or sale of the company’s securities except as noted below:

Name and Title

Date of Adoption of Trading Plan

Scheduled Expiration Date of Trading Plan (1)

Aggregate Number of Securities to Be Purchased or Sold

William Lyons
Director

3/5/2024 (2)

11/30/2024

Sale of up to 4,500 shares of common stock

Jason Dubinsky
Chief Financial Officer

3/15/2024 (2)

12/31/2024

Sale of up to 3,400 shares of common stock

________________________________________

(1) The trading plan may also expire on such earlier date as all transactions under the trading plan are completed.

(2) Intended to satisfy the affirmative defense of Rule 10b5-1(c).

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Other 10b5-1 Plan Information

The following table, which we are providing on a voluntary basis, shows the Rule 10b5-1 sales plans entered into by our directors and officers (as defined in Section 16 of the Exchange Act) that were in effect as of April 12, 2024:

Name and Position

Date of Plan

Plan Termination Date

Plan Duration

Number of Shares to be Sold under the Plan

Timing of Sales under the Plan

Number of Shares Sold under the Plan through
April 12, 2024

Projected Beneficial Ownership (1)

Joe Mansueto Executive Chairman

2/28/2023

4/30/2024

05/29/2023 to 04/30/2024

700,000

Shares to be sold under the plan if the stock reaches specified prices

700,000

15,804,659

Joe Mansueto

Executive Chairman

11/17/2023

4/30/2025

05/01/2024 to 04/30/2025

500,000

Shares to be sold under the plan if the stock reaches specified prices

—

15,304,659

Steven Kaplan
Director

8/3/2023

11/11/2024

03/11/2024 to 11/11/2024

5,000

Shares to be sold under the plan at market price

1,250

39,871

Jason Dubinsky Chief Financial Officer

3/15/2024

12/31/2024

06/18/2024 to 12/31/2024

3,400

Shares to be sold under the plan if the stock reaches specified prices

—

17,303

William Lyons Director

3/5/2024

11/30/2024

06/04/2024 to 11/30/2024

4,500

Shares to be sold under the plan if the stock reaches specified prices

—

11,395

________________________________________

(1) This column reflects an estimate of the number of shares each identified director and executive officer will beneficially own following the sale of all shares under the Rule 10b5-1 sales plan. This information reflects the beneficial ownership of our common stock on April 12, 2024 and includes shares of our common stock subject to options that were then exercisable or that will have become exercisable by June 11, 2024 and RSUs that will vest by June 11, 2024. The estimates do not reflect any changes to beneficial ownership that may have occurred since April 12, 2024. Each director and executive officer identified in the table may amend or terminate his or her Rule 10b5-1 sales plan and may adopt additional Rule 10b5-1 plans in the future.

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Item 6.Exhibits


Exhibit No						Description of Exhibit
3.1						Amended and Restated Articles of Incorporation of Morningstar are incorporated by reference to Exhibit 3.1 to our Registration Statement on Form S-1, as amended, Registration No. 333-115209.

3.2						By-laws of Morningstar, as in effect on February 27, 2018, are incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K that we filed with the SEC on February 28, 2018.

31.1†						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended

31.2†						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended

32.1*						Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*						Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101†						The following financial information from Morningstar, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on April 26, 2024 formatted in Inline XBRL: (i) Cover Page, (ii) Unaudited Condensed Consolidated Statements of Income, (iii) Unaudited Condensed Consolidated Statements of Comprehensive Income (iv) Unaudited Condensed Consolidated Balance Sheets, (v) Unaudited Condensed Consolidated Statement of Equity, (vi) Unaudited Condensed Consolidated Statements of Cash Flows and (vii) the Notes to Unaudited Condensed Consolidated Financial Statements

104†						Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)

† Filed herewith.

* The certificates furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		MORNINGSTAR, INC.

Date: April 26, 2024	By:	/s/ Jason Dubinsky
		Jason Dubinsky
		Chief Financial Officer (principal financial officer)

Morningstar, Inc. - Quarter Report: 2024 March (Form 10-Q)

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