Investor Relations

Monthly Investor Q&A

We address questions from investors in writing on a regular basis. Our goal is to allow all investors equal access to information about Morningstar's strategy, operations, and business plans. We will at times edit questions for clarity or provide one comprehensive response for similar questions.

September 8, 2023

Management’s MSU plan is based on 3-year TSR targets, and we applaud this long-term thinking. The payout targets are set such that management receives a 100% payout if the 3-year TSR is 20%

September 8, 2023

In management’s annual incentive plan, the key metrics that financial performance is evaluated on are Adjusted Revenue and Adjusted EBITDA. You have previously shared the calculation for Adjusted EBITDA

September 8, 2023

As of 3/31/23 MORN has 12,411 employees, a 24% increase in the last 12 months. Over the same period, expenses (defined as revenue less adjusted operating income) increased from $375m to $428m, a 14% increase. Given that approximately two-thirds of the expense is employee compensation and benefits, this would suggest that the compensation and benefit expense per employee has declined. Is that correct? Can you shed some information on why that may be the case? Is this a function of the types of ro

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Monthly Investor Q&A