Morningstar Q&A details Direct license trends, segment structure, margin outlook

Morningstar, Inc.

Direct licenses 18,562 at Dec 2023 (+0.8% YoY); US licenses -1.8% to 9,072; Q1 2024 licenses 18,680 (+0.6%).
License decline partly due to price increase; some clients shifted to reporting/distribution licenses, which grew.
Sustainalytics and Indexes not separate reportable segments; Corporate & All Other expenses $153.5M in 2023.
Company does not provide margin target but aims to increase margins toward historical peaks.

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