Morningstar Q&A: aims for adjusted op margins above historical peaks; PitchBook President named

Morningstar, Inc.

Goal to increase adjusted operating margins to recent historical peaks (~low 20% range) and higher over long term.
Compensation and benefits over two-thirds of 2023 operating expenses; $52.8M stock-based compensation.
PitchBook's Rod Diefendorf promoted to President; John Gabert departs; leadership team remains stable.
LCD integration substantially complete; ~85% of contracts renewed; retention in line with broader PitchBook.
PitchBook renewal rates fell from 121% avg (2017-2022) to 112% in 2023; corporate clients weakest.

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