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Table of ContentsPart IItem 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Mine Safety DisclosuresPart IIItem 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6. [Reserved]Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 7A. Quantitative and Qualitative Disclosures about Market RiskItem 8. Financial Statements and Supplementary DataItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 9B. Other InformationItem 9C. Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsPart IIIItem 10. Directors, Executive Officers, and Corporate GovernanceItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13. Certain Relationships and Related Transactions, and Director IndependenceItem 14. Principal Accountant Fees and ServicesPart IV.Item 15. Exhibits and Financial Statement SchedulesItem 16. Form 10-K SummaryPeriod:Total number
of shares
purchasedAverage
price paid
per shareTotal number
of shares
purchased as
part of publicly
announced
programsApproximate
dollar value of
shares that
may yet be
purchased
under the
programsOctober 1, 2022 - October 31, 2022November 1, 2022 - November 30, 2022—December 1, 2022 - December 31, 2022TotalName and PositionDate of
PlanPlan Termination DateNumber of
Shares
to be
Sold under
the PlanTiming of Sales under the PlanNumber of Shares Sold under the Plan through February 1, 2023Projected
Beneficial
OwnershipGail Landis
Director8/10/202210/30/2024Shares to be sold under the plan if the stock reaches specified pricesJoe Mansueto
Executive Chairman8/31/20225/3/2023Supplemental Operating Metrics (Unaudited)Year ended December 31,(in millions)202220212022 ChangeOrganic Change (1)Revenue by typeLicense-based (2)17.7%18.0%Asset-based (3)1.7%1.5%Transaction-based (4)(11.0)%(8.3)%Key product area revenuePitchBook40.5%Morningstar Data4.7%9.4%DBRS Morningstar (5)(12.6)%(10.0)%Morningstar Direct6.7%10.7%Investment Management(6.3)%(4.3)%Workplace Solutions(0.7)%Morningstar Sustainalytics30.5%41.0%Morningstar Advisor Workstation3.8%4.1%As of December 31,Assets under management and advisement (approximate) ($bil) (6)Managed Accounts (7)(1.6)%Fiduciary Services(16.3)%Custom Models/CIT(16.1)%Workplace Solutions (total)(8.6)%Morningstar Managed Portfolios0.6%Institutional Asset Management(16.9)%Asset Allocation Services6.3%Investment Management (total)(2.5)%Asset value linked to Morningstar Indexes ($bil)0.5%Our employeesWorldwide headcount27.9%Average assets under management and advisement ($bil)Consolidated ResultsKey metrics (in millions)ChangeRevenue10.1%Operating income(34.7)%Operating margin9.0%15.1%(6.1)ppCash provided by operating activities(33.8)%Capital expenditures27.2%Free cash flow(51.7)%Cash used for investing activities376.6%Cash provided by (used for) financing activities(296.0)%Consolidated RevenueConsolidated revenueOrganic revenueLess: acquisitionsNMFLess: accounting changesEffect of foreign currency translations10.8%Revenue by geographical areaYear ended December 31United States14.3%AsiaAustralia(1.9)%Canada(2.7)%Continental Europe2.4%United Kingdom(1.5)%Other5.4%Total International0.3%Consolidated Operating ExpenseCost of revenue11.6%% of revenue41.7%41.1%ppSales and marketing29.7%19.1%16.2%General and administrative25.8%21.4%18.7%Depreciation and amortization10.6%8.9%Total operating expense18.1%91.0%84.9%Consolidated Operating Income and Operating MarginAdd: intangible amortization expense7.6%Add: M&A-related expenses(1.7)%Add: M&A-related earn-outs(57.0)%Add: Severance and personnel expenses (1)Add: Transformation costs (1)Add: Asset impairment costs (1)—%Adjusted operating income(17.7)%(6.1) pp3.6%— pp0.9%1.0%(0.1) pp1.6%(1.0) pp1.5 pp0.4%0.4 ppAdjusted operating margin16.0%21.3%(5.3) ppNon-Operating Expense, NetInterest incomeInterest expenseRealized gains (losses) on sale of investments, reclassified from other comprehensive incomeRealized gains on sale of equity method investmentsOther expense, netNon-operating expense, netEffective Tax Rate and Income Tax ExpenseIncome before income taxes and equity in net income (loss) of unconsolidated entitiesEquity in net income (loss) of unconsolidated entitiesIncome tax expenseEffective tax rate44.5%24.5%Consolidated Free Cash Flow(in millions, except foreign currency rates)Australian DollarBritish PoundCanadian DollarEuroOther Foreign CurrenciesForeign currency rate in U.S. dollars as of December 31, 2022n/aForeign denominated percentage of revenue2.9%7.1%5.9%Foreign denominated percentage of operating income (loss)7.3%(17.3)%(3.7)%10.9%(77.6)%Estimated effect of a 10% adverse currency fluctuation on revenueEstimated effect of a 10% adverse currency fluctuation on operating income (loss)Assets, net of unconsolidated entitiesLess: liabilitiesNet currency positionEstimated effect of a 10% adverse currency fluctuation on equityConsolidated Statements of IncomeYear ended December 31 (in millions except per share amounts)2020Operating expense:Non-operating income (expense), net:Interest expense, netHolding gain on previously held equity interestNon-operating income (expense), netConsolidated net incomeNet income per share:BasicDilutedDividends per common share:Dividends declared per common shareDividends paid per common shareWeighted average shares outstanding:Consolidated Statements of Comprehensive Income (Loss)Year ended December 31 (in millions)Other comprehensive income, net of tax:Foreign currency translation adjustmentUnrealized gains (losses) on securities:Unrealized holding gains (losses) arising during periodReclassification of (gains) losses on investments included in net incomeOther comprehensive income (loss), netComprehensive incomeConsolidated Balance SheetsAs of December 31 (in millions except share amounts)AssetsCurrent assets:Cash and cash equivalentsInvestmentsAccounts receivable, less allowance for credit losses of $6.6 million and $4.5 million, respectivelyIncome tax receivableDeferred commissionsPrepaid expensesOther current assetsTotal current assetsGoodwillIntangible assets, netProperty, equipment, and capitalized software, netOperating lease assetsInvestments in unconsolidated entitiesDeferred tax assets, netOther assetsTotal assetsLiabilities and equityCurrent liabilities:Deferred revenueAccrued compensationAccounts payable and accrued liabilitiesCurrent portion of long-term debtOperating lease liabilitiesContingent consideration liabilityOther current liabilitiesTotal current liabilitiesDeferred tax liabilities, netLong-term debtOther long-term liabilitiesTotal liabilitiesEquity:Morningstar, Inc. shareholders’ equity:Common stock, no par value, 200,000,000 shares authorized, of which 42,480,051 and 43,136,273 shares were outstanding as of December 31, 2022 and December 31, 2021, respectivelyTreasury stock at cost, 11,991,517 and 11,124,021 shares as of December 31, 2022 and December 31, 2021 respectivelyAdditional paid-in capitalRetained earningsAccumulated other comprehensive loss:Currency translation adjustmentUnrealized gain on available-for-sale investments, net of taxTotal accumulated other comprehensive lossTotal equityTotal liabilities and equityConsolidated Statements of EquityMorningstar, Inc. Shareholders’ EquityAccumulated
Other
Comprehensive
Income (Loss)Common StockAdditional
Paid-in
Capital(in millions, except share amounts)Shares
OutstandingPar
ValueTreasury
StockRetained
EarningsTotal
EquityBalance as of December 31, 2019$—Net incomeOther comprehensive income (loss), net:Reclassification of adjustments for gain on investments included in net income, net of taxForeign currency translation adjustment, netIssuance of common stock related to stock-option exercises and vesting of stock awards, net of shares withheld for taxes on settlements of stock awardsReclassification of awards previously liability-classified that were converted to equityStock-based compensation — restricted stock unitsStock-based compensation — performance share awardsStock-based compensation — market stock unitsCommon shares repurchasedDividends declared ($1.22 per share)Balance as of December 31, 2020Reclassification of adjustments for gain on investments included in net income, net of taxDividends declared ($1.31 per share)Balance as of December 31, 2021Unrealized gain (loss) on available-for-sale investments, net of taxIssuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awardsDividends declared ($1.46 per share)Balance as of December 31, 2022Consolidated Statements of Cash FlowsOperating activitiesAdjustments to reconcile consolidated net income to net cash flows from operating activities:Deferred income taxesStock-based compensation expenseProvision for bad debtEquity in net (income) loss of unconsolidated entitiesGain on sale of equity method investmentsAcquisition earn-out accrualOther, netChanges in operating assets and liabilitiesAccounts receivableAccrued compensation and deferred commissionsIncome taxes, currentOther assets and liabilitiesInvesting activitiesPurchases of investment securitiesProceeds from maturities and sales of investment securitiesAcquisitions, net of cash acquiredProceeds from sale of equity method investments, netPurchases of investments in unconsolidated entitiesFinancing activitiesDividends paidProceeds from revolving credit facilityRepayment of revolving credit facilityProceeds from 2030 NotesProceeds from term facilityRepayment of term facilityProceeds from stock-option exercisesEmployee taxes withheld for stock awardsPayment of acquisition-related earn-outsEffect of exchange rate changes on cash and cash equivalentsNet increase (decrease) in cash and cash equivalentsCash and cash equivalents—beginning of periodCash and cash equivalents—end of periodSupplemental disclosure of cash flow information:Cash paid for income taxesCash paid for interestSupplemental information of non-cash investing and financing activities:Unrealized gain on available-for-sale investmentsInternal-Use SoftwareCapitalized software depreciation expenseCapitalized software development costsDebtAs of December 31, 2022As of December 31, 2021Term Facility, net of unamortized debt issuance costs of $0.7 million and $0.1 million, respectivelyRevolving Credit Facility2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.5 million and $1.6 million, respectivelyTotal debt4. Income Per Share(in millions, except per share amounts)Basic net income per share:Weighted average common shares outstandingBasic net income per shareDiluted net income per share:Net effect of dilutive stock options and stock awardsWeighted average common shares outstanding for computing diluted income per shareDiluted net income per shareDisaggregation of RevenueLicense-basedAsset-basedTransaction-basedContract liabilities20232024202520262027ThereafterContract AssetsAs of December 31Accounts receivable, less allowance for credit lossesTotal contract assetsGeographical Area InformationProperty, equipment, and capitalized software, net by geographical areaConsolidated property, equipment, and capitalized software, netOperating lease assets by geographical areaConsolidated operating lease assets7. Investments and Fair Value MeasurementsEquity investmentsAvailable-for-saleHeld-to-maturityCostUnrealized
GainUnrealized
LossFair
ValueEquity investments:Marketable equity investments, exchange traded funds, and mutual fundsAvailable-for-sale:Marketable debt securitiesConvertible noteHeld-to-maturity:Certificates of depositFair ValueDue in one year or lessDue in one to three yearsRealized gainsRealized lossesRealized gains (losses), netas ofLevel Within the Fair Value Hierarchy as of December 31, 2022December 31, 2022Level 1Level 2Level 3Financial assets:Marketable equity investments, exchange-traded funds, and mutual fundsCash equivalentsFinancial liabilities:Contingent considerationLevel Within the Fair Value Hierarchy as of December 31, 2021December 31, 2021Leveraged Commentary & Data (LCD)Fair value of considerationAccounts receivable and other current assetsTotal fair value of net assets acquiredIncreased Ownership Interest in Sustainalytics Holding B.V. (Sustainalytics)Fair value of consideration transferredFair value of the previously held equity interestOther current and non-current assetsOperating lease liabilityDeferred tax liability, netOther current and non-current liabilitiesBalance as of January 1, 2021Acquisition of MoorgateOther, primarily foreign currency translationAcquisition of LCDAcquisition of PraemiumOther primarily foreign currency translationIntangible AssetsGrossAccumulated
AmortizationNetWeighted
Average
Useful Life
(years)Weighted
Average
Useful Life
(years)Customer-related assetsTechnology-based assetsIntellectual property & otherTotal intangible assetsAmortization expense9. Investments in Unconsolidated EntitiesInvestment in SmartX Advisory SolutionsInvestment in MJKKEquity method investmentsOther investments in unconsolidated entitiesTotal investments in unconsolidated entitiesMorningstar Japan K.K.Morningstar’s approximate ownership of MJKK22.1%Approximate market value of Morningstar’s ownership in MJKK (unaudited):Japanese yen (¥ in millions)¥Equivalent U.S. dollars ($ in millions)10. Property, Equipment, and Capitalized Software, netCapitalized softwareComputer equipmentFurniture and fixturesLeasehold improvementsTelephone equipmentConstruction in progressProperty, equipment, and capitalized software, at costLess: accumulated depreciationDepreciation expense11. LeasesMinimum Future Lease Commitments (in millions)Total minimum lease commitmentsAdjustment for discount to present valuePresent value of lease liabilitiesAccounting for Stock-Based Compensation AwardsRestricted stock unitsPerformance share awardsMarket stock unitsTotal stock-based compensation expenseIncome tax benefit related to the stock-based compensation expenseRestricted Stock UnitsRestricted Stock Units (RSUs)Weighted
Average
Grant Date Fair ValueRSUs Outstanding - December 31, 2019GrantedVestedForfeitedRSUs Outstanding - December 31, 2020RSUs Outstanding - December 31, 2021RSUs Outstanding - December 31, 2022Market Stock UnitsAssumptions for Monte Carlo Valuation ModelGrant DateExpected volatilityDividend yieldRisk-free interest rateMay 15, 201920.3%0.84%2.17%November 15, 201921.0%0.72%1.59%May 15, 202025.4%0.83%0.20%November 15, 202026.9%0.58%0.23%May 15, 202128.0%0.51%0.33%November 15, 20210.40%0.85%May 15, 202229.6%0.59%2.79%November 15, 202231.8%0.60%4.24%MSUs granted during 2022Weighted average grant date fair valueNumber of MSUs outstandingPitchBook Bonus PlanPerformance share awards granted during 2022Number of performance share awards outstanding13. Defined-Contribution Plan401(k) matching contributionsIncome Tax Expense and Effective Tax Rate21.1%(in millions, except percentages)Amount%Income tax expense at U.S. federal rateState income taxes, net of federal income tax benefitStock-based compensation activityEquity in net income (loss) of unconsolidated subsidiaries (including holding gains upon acquisition)Acquisition earn-outNet change in valuation allowance related to non-U.S. deferred tax assets, including net operating lossesDifference between U.S. federal statutory and foreign tax rates and other impacts of foreign operationsChange in unrecognized tax benefitsCredits and incentivesForeign tax provisions (GILTI, FDII, and BEAT) (1)Non-deductible expenses and other, netTotal income tax expenseCurrent tax expense:U.S.FederalStateNon-U.S.Current tax expenseDeferred tax expense (benefit):Deferred tax expense, netDeferred Tax Assets and LiabilitiesDeferred tax assets:Accrued liabilitiesNet operating loss carryforwards - U.S.Net operating loss carryforwards - Non-U.S.Capitalized expensesDeferred royalty revenueAllowance for doubtful accountsLease liabilitiesTotal deferred tax assetsDeferred tax liabilities:Acquired intangible assetsProperty, equipment, and capitalized softwareLease right-of-use assetsUnrealized exchange gains, netWithholding tax - foreign dividendsTotal deferred tax liabilitiesNet deferred tax liability before valuation allowanceValuation allowanceDeferred tax asset, netExpiration DatesU.S. federal NOLs subject to expiration datesU.S. federal NOLs with no expiration datesNon-U.S. NOLs subject to expiration dates from 2024 through 2042Non-U.S. NOLs with no expiration dateNon-U.S. NOLs not subject to valuation allowances1. Consolidated Financial StatementsReport of KPMG LLP, Independent Registered Public Accounting FirmFinancial Statements:Consolidated Statements of Income—Years ended December 31, 2022, 2021, and 2020Consolidated Statements of Comprehensive Income—Years ended December 31, 2022, 2021, and 2020Consolidated Balance Sheets—December 31, 2022 and 2021Consolidated Statements of Equity—Years ended December 31, 2022, 2021, and 2020Consolidated Statements of Cash Flows—Years ended December 31, 2022, 2021, and 2020Notes to Consolidated Financial StatementsREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMBalance at Beginning of YearCharged (Credited) to Costs & ExpensesAdditions (Deductions) Including Currency TranslationsBalance at End of YearAllowance for doubtful accounts:3. ExhibitsExhibitDescriptionAgreement and Plan of Merger, dated May 28, 2019, by and among Morningstar, Alpine Merger Co., Ratings Acquisition Corp and Shareholder Representative Services LLC is incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K that we filed with the SEC on June 3, 2019.Asset Purchase Agreement, by and between S&P Global Inc. and Morningstar, Inc., dated as of April 3, 2022, is incorporated by reference to Exhibit 2.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.Amendment to the Asset Purchase Agreement, by and between S&P Global Inc. and Morningstar, Inc., dated as of June 1, 2022, is incorporated by reference to Exhibit 2.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.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 (the Registration Statement).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.Specimen Common Stock Certificate is incorporated by reference to Exhibit 4.1 to the Registration Statement.Description of Morningstar's Securities is incorporated by reference to Exhibit 4.2 to our Annual Report on Form 10-K for the year ended December 31, 2019.10.1*Form of Indemnification Agreement is incorporated by reference to Exhibit 10.1 to the Registration Statement.10.2*Morningstar Incentive Plan, as amended and restated effective January 1, 2014, is incorporated by reference to Exhibit 10.2 to our Annual Report on Form 10-K for the year ended December 31, 2013.10.3*Morningstar 2011 Stock Incentive Plan is incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K that we filed with the SEC on May 18, 2011.10.4*Morningstar Amended and Restated 2011 Stock Incentive Plan is incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K that we filed with the SEC on May 20, 2021.10. 5 *Form of Morningstar 2011 Stock Incentive Plan Director Restricted Stock Unit Award Agreement, as amended and restated effective December 3, 2015, is incorporated by reference to Exhibit 10.12 to our Annual Report on Form 10-K for the year ended December 31, 2015.10. 6 *Form of Morningstar 2011 Stock Incentive Plan CEO Restricted Stock Unit Award Agreement, for awards made on January 3, 2017, is incorporated by reference to Exhibit 10.11 to our Annual Report on Form 10-K for the year ended December 31, 2016.10. 7 *Form of Morningstar 2011 Stock Incentive Plan Market Stock Unit Award Agreement, for awards made on and after November 15, 2017 and prior to May 15, 2019, is incorporated by reference to Exhibit 10.12 to our Annual Report on Form 10-K for the year ended December 31, 2017 (the 2017 10-K).10. 8 *Form of Morningstar 2011 Stock Incentive Plan Restricted Stock Unit Award Agreement, for awards made on and after November 15, 2017 and prior to May 15, 2019, is incorporated by reference to Exhibit 10.13 to the 2017 10-K.10. 9 *Form of Morningstar 2011 Stock Incentive Plan CFO Restricted Stock Unit Award Agreement, for awards made on November 15, 2017, is incorporated by reference to Exhibit 10.14 to the 2017 10-K.10.1 0 *Form of Morningstar 2011 Stock Incentive Plan Restricted Stock Unit Award Agreement, for awards made on and after May 15, 2019 and prior to May 15, 2020, is incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.10.1 1 *Form of Morningstar 2011 Stock Incentive Plan Market Stock Unit Award Agreement, for awards made on and after May 15, 2019 and prior to May 15, 2020, is incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.10.1 2 *Form of Morningstar 2011 Stock Incentive Plan Market Stock Unit with Revenue Kicker Award Agreement, for awards made on and after May 15, 2019 and prior to May 15, 2020, is incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.1 0.1 3 *Form of Morningstar 2011 Stock Incentive Plan Market Stock Unit Award Agreement, for awards made on and after May 15, 2020 and prior to May 15, 2021, is incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.10.1 4 *Form of Morningstar 2011 Stock Incentive Plan Market Stock Unit with Performance Kicker Award Agreement for awards made on and after May 15, 2020 and prior to May 15, 2021 is incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.10.1 5 *Form of Morningstar Amended and Restated 2011 Stock Incentive Plan Restricted Stock Unit Award Agreement, for awards made on and after May 15, 2021, is incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.10.1 6 *Form of Morningstar Amended and Restated 2011 Stock Incentive Plan Director Restricted Stock Unit Award Agreement, for awards made on and after May 15, 2021, is incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.10.1 7 *Form of Morningstar Amended and Restated 2011 Stock Incentive Plan Market Stock Unit Award Agreement, for awards made on and after May 15, 2021, is incorporated by reference to Exhibit 10.4 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.10.1 8 *Form of Morningstar Amended and Restated 2011 Stock Incentive Plan Market Stock Unit with Performance Kicker Award Agreement, for awards made on and after May 15, 2021 and prior to May 15, 2022, is incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.10. 19 *Form of Morningstar Amended and Restated 2011 Stock Incentive Plan CEO Restricted Stock Unit Award Agreement, for awards made on and after May 15, 2021, is incorporated by reference to Exhibit 10.6 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.10.20*Form of Morningstar Amended and Restated 2011 Stock Incentive Plan Bonus Restricted Stock Unit Award Agreement, for awards made on and after May 15, 2022, is incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.10.21*Form of Morningstar Amended and Restated 2011 Stock Incentive Plan Market Stock Unit with Revenue Kicker Award Agreement, for awards made on and after May 15, 2022, is incorporated by reference to Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.10.22*Contract Services Agreement dated as of February 1, 2023, between Morningstar, Inc. and Bevin Desmond, is incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K that we filed with the SEC on February 2, 2023.10.23*Separation Agreement and General Release dated as of February 1, 2023, between Morningstar, Inc. and Bevin Desmond, is incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K that we filed with the SEC on February 2, 2023.Credit Agreement dated as of May 6, 2022, among Morningstar, Inc., certain subsidiaries of Morningstar, Inc., and Bank of America, N.A., is incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.Amendment No. 1 to the Credit Agreement dated as of September 13, 2022, among Morningstar, Inc., certain subsidiaries of Morningstar, Inc., Bank of America, N.A. and the other lenders party thereto, is incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.Amendment No. 2 to the Credit Agreement dated as of September 30, 2022, among Morningstar, Inc., certain subsidiaries of Morningstar, Inc., Bank of America, N.A. and the other lenders party thereto, is incorporated by reference to Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.Note Purchase Agreement, dated as of October 26, 2020, among Morningstar and each of the purchasers signatory thereto, is incorporated by reference to our Current Report on Form 8-K filed with the SEC on October 26, 2020.21.1†Subsidiaries of Morningstar.23.1†Consent of KPMG LLP.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's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023, for matted in Inline XBRL: (i) Cover Page, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Equity, (vi) Consolidated Statements of Cash Flows and (vii) the Notes to Consolidated Financial Statements.104†Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).SignatureTitleDate/s/ Kunal KapoorChief Executive OfficerFebruary 24, 2023Kunal Kapoor(principal executive officer) and Director/s/ Jason DubinskyChief Financial Officer (principalJason Dubinskyfinancial officer)/s/ Kimberly McGarryChief Accounting Officer (principalKimberly McGarryaccounting officer)/s/ Joe MansuetoExecutive Chairman and ChairmanJoe Mansuetoof the Board/s/ Robin DiamonteDirectorRobin Diamonte/s/ Cheryl FrancisCheryl Francis/s/ Stephen JoyntStephen Joynt/s/ Steven KaplanSteven Kaplan/s/ Gail LandisGail Landis/s/ Bill LyonsBill Lyons/s/ Doniel SuttonDoniel Sutton/s/ Caroline TsayCaroline TsayEXHIBIT 21.1SubsidiaryJurisdiction of FormationOwnership InformationCorporate Fundamentals, Inc.US (Delaware)Morningstar, Inc. owns 100%.DBRS, Inc.Morningstar Ratings Holding Corp. owns 100%.Morningstar Credit Information & Analytics LLCMorningstar Index Holding Corp.Morningstar Investment Management LLCMorningstar Investment Services LLCMorningstar Investment Management LLC owns 100%.Morningstar Ratings Holding Corp.Morningstar Research Services LLCPitchBook Data, Inc.Sustainalytics U.S. Inc.Morningstar Commodity Data, Inc.US (Illinois)Morningstar Credit Ratings, LLCUS (Pennsylvania)DBRS, Inc. owns 100%.ADL (Aust) Pty LimitedMorningstar Australasia Pty Limited owns 100%.Ibbotson Pty LimitedMorningstar Australasia Pty LimitedMorningstar Direct Investments Pty Limited owns 100%.Morningstar Direct Investments Pty LimitedMorningstar Group Australia Pty Limited owns 100%.Morningstar Group Australia Pty LimitedMorningstar Holland B.V. owns 100%.Morningstar Investment Management Australia LimitedIbbotson Pty Limited owns 100%.Sustainalytics Australia Pty Ltd.Sustainalytics Holding B.V. owns 100%.Morningstar Brasil Informacoes Financeiras Ltda.BrazilMorningstar Holland B.V. owns 100%. (Note A)DBRS LimitedRatings Acquisition Corp. owns 100%.Jantzi Research Inc.Morningstar Associates, Inc.Morningstar Canada Group, Inc. owns 100%.Morningstar Canada Group, Inc.Morningstar Research, Inc.Ratings Acquisition CorporationCayman IslandsServicios Morningstar Chile Ltd.ChileMorningstar (Shanghai) Ltd.ChinaMorningstar Asia, Ltd. owns 100%.Morningstar (Shenzhen) Ltd.Morningstar Finance (Cyprus) LimitedCyprusGES Investment Services Danmark A/SDenmarkGES International AB owns 100%.Morningstar Danmark A/SMorningstar Danmark Holding ApS owns 100%.Morningstar Danmark Holding ApSMorningstar France Fund Information SARLFranceMorningstar France Holding SAS owns 100%.Morningstar France Holding SASMorningstar Investment Consulting France SASSustainalytics S.A.R.L.Sustainalytics B.V. owns 100%.DBRS Ratings GmbHGermanyMoorgate Benchmarks GmbHMoorgate Benchmarks Limited owns 100%.Morningstar Deutschland GmbHSustainalytics GmbHMorningstar Asia LimitedHong KongMorningstar Investment Management Asia LimitedWealthCraft LimitedMorningstar Wealth (UK) Limited owns 100%.DBRS Ratings GmbH, Branch IndiaIndia(Note C)Morningstar India Private LimitedCorporate Fundamentals, Inc. owns 100%.Morningstar Investment Adviser India Private LimitedMorningstar Italy, S.R.L.ItalyIbbotson Associates Japan K.K.JapanSustainalytics Japan Inc.Morningstar Wealth International LimitedJerseyMorningstar Wealth Portfolio Services Limited owns 100%.Morningstar Korea, Ltd.KoreaMorningstar Luxembourg S.a.r.l.LuxembourgInvestigaciones MS Mexico, S. de R.L. de C.V.MexicoServicios MStar Global, S. de R.L. de C.V.Morningstar Research LimitedNew ZealandMorningstar Norge ASNorwayGES Poland SP. Z.O.O.PolandSustainalytics S.R.L.RomaniaMorningstar Investment Adviser Singapore Pte. LimitedSingaporeMorningstar Asia Limited owns 100%.Morningstar Research Pte. LimitedSustainalytics Pte Ltd.Morningstar Investment Management South Africa (Pty) LimitedSouth AfricaMorningstar Research (Proprietary) LimitedDBRS Ratings GmbH Sucursal en EspañaSpainMorningstar Europe Services, S.L.Morningstar Network, S.L.GES International ABSwedenMorningstar HoldCo ABMorningstar Sweden ABMorningstar HoldCo AB owns 100%.Morningstar Switzerland GmbHSwitzerlandMorningstar Research Thailand LimitedThailandMorningstar, Inc. owns 100%. (Note B)Morningstar Europe B.V.The NetherlandsMorningstar Holland B.V.Morningstar Europe B.V. owns 100%.Sustainalytics B.V.Sustainalytics Holding B.V.Morningstar (Dubai) Ltd.United Arab EmiratesMorningstar Wealth Administration (DIFC Branch) LimitedMorningstar Wealth Administration Limited owns 100%.DBRS Ratings LimitedMoorgate Benchmarks LimitedMorningstar Index Holding Corp. owns 100%.Morningstar Europe LimitedMorningstar Finance LimitedMorningstar Investment Management Europe LimitedMorningstar Real-Time Data LimitedMorningstar UK Limited owns 100%.Morningstar UK LimitedMorningstar Wealth Administration LimitedMorningstar Wealth EMA Trustees LimitedMorningstar Wealth Portfolio Services LimitedMorningstar Wealth Retirement Services LimitedMorningstar Wealth Retirement Trustees LimitedMorningstar Wealth Trustee LimitedMorningstar Wealth (UK) LimitedPitchBook Data LimitedPitchBook Data, Inc. owns 100%.Plum Software LimitedSmart Investment Management LimitedSmartfund Nominees LtdSustainalytics UK LimitedW M Pension Trustee Services LimitedNote A: Morningstar, Inc. owns less than 1% of this entity.Note B: Corporate Fundamentals, Inc. and Morningstar Direct Investments Pty Limited each own less than 1% of this entity respectively.Note C: DBRS Ratings GmbH, Branch India and DBRS Ratings GmbH Sucursal en España are each a branch of DBRS Ratings GmbH.EXHIBIT 31.1Date:EXHIBIT 31.2Chief Financial OfficerEXHIBIT 32.1Date: February 24, 2023EXHIBIT 32.2PK ! ; docProps/app.xml
Microsoft Excel0falseWorksheets78table of contentsitem 5 market for registraitem 5 market for registra-1supplemental operating metconsolidated resultsconsolidated revenueorganic revenuerevenue by geographical areaconsolidated operating expconsolidated operating incconsolidated operating inc-1consolidated operating inc-2nonoperating expense neteffective tax rate and incconsolidated free cash flowitem 7a quantitative and qitem 7a quantitative and q-1incomecomprehensive income lossconsolidated balance sheetsequitycash flowsinternaluse softwareinternaluse software-1debt4 income per sharedisaggregation of revenuecontract liabilitiescontract assetsgeographical area informatgeographical area informat-1geographical area informat-27 investments and fair val7 investments and fair val-17 investments and fair val-27 investments and fair val-37 investments and fair val-47 investments and fair val-5leveraged commentary dataincreased ownership interegoodwillintangible assetsintangible assets-1intangible assets-29 investments in unconsolimorningstar japan kk10 property equipment and10 property equipment and -111 leasesaccounting for stockbasedaccounting for stockbased -1restricted stock unitsmarket stock unitsmarket stock units-1pitchbook bonus plan13 definedcontribution planincome tax expense and effincome tax expense and eff-1income tax expense and eff-2income tax expense and eff-3deferred tax assets and lideferred tax assets and li-1deferred tax assets and li-2deferred tax assets and li-31 consolidated financial sreport of independent regi3 exhibits3 exhibits-13 exhibits-2exhibit 211exhibit 211-1exhibit 211-2exhibit 211-3exhibit 211-4exhibit 311exhibit 312exhibit 321exhibit 322falsefalsefalse12.0000PK ! cgP P docProps/core.xml
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