Morningstar provides Q&A on customer ranking, cash flow surge, M&A stance, subscription trends

Morningstar, Inc.

Top customer groups by ACV: private market investors, advisors/wealth managers, asset managers, fixed-income issuers, retirement market participants.
H1 2024 operating cash flow rose 414% to $246.3M; free cash flow improved to $180.3M from -$11.9M YoY.
Not pursuing Preqin; focus on organic growth but remains opportunistic for strategic M&A meeting IRR hurdles.
Morningstar.com memberships declined from ~180k (2007) to ~100k (Dec 2023); recent uptick from search engine marketing.
No new AssetMark deal details beyond what was disclosed in earlier filings.

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