Morningstar Q&A details debt reduction, headcount cuts, and Wealth segment margin improvement

Morningstar, Inc.

Net debt-to-EBITDA fell to 1.6x at March 31, 2024, from 2.2x at Dec 31, 2022.
Headcount down 7% YoY at Dec 31, 2023; comp/benefits negative impact narrowed to $6.9M in Q1 2024.
Morningstar Wealth adjusted operating margin improved to -9.5% in Q1 2024 from -26.6% a year ago.
LCD integration complete, credit data on PitchBook platform; credit customer group seeing strong new logo growth.
Climate solution adoption slower than expected; focus shifted to regulatory reporting and banking use cases.

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