Morningstar Q&A details PitchBook revenue $583M, margin 28.8%, cash flow surge

Morningstar, Inc.

PitchBook segment revenue $583.3M for TTM June 2024; adj. operating margin improved to 28.8% from 18.4% in 2021.
Q2 2024 operating cash flow $152.7M, up 74.3% YoY (adjusted); expects stronger 2024 cash generation.
PitchBook licensed users 119,571 as of Q2 2024, up 16.6% YoY; growth driven by enterprise and LCD migrations.
Termination of PitchBook management bonus plan after founder's departure contributed ~half of Q2 margin expansion.
No material revenue headwind from UBS/Credit Suisse merger; corporate client segment remains soft.

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