We’ve benefited from PitchBook’s participation in a large and growing market, but our team’s execution has also contributed to its excellent growth. In particular, PitchBook’s relentless focus on customer service, preserving a growth mindset in its culture, and continuous innovation have all led to the success we’ve experienced to date. One common denominator that ties these three factors together is talent. We believe that finding the right talent and incentivizing them well can help us grow revenue even faster. At PitchBook, and across Morningstar, perhaps the biggest near-term challenge is to hire quickly enough at the quality we expect to meet the demand for our solutions.

We’ve consistently pointed to PitchBook as a key growth opportunity for Morningstar, and as such, we have invested in the product accordingly. This commitment has supported the 35.5% and 39.2% revenue growth we achieved for the full year 2020 and for the six months ended June 30, 2021, respectively. We intend to continue to invest heavily in PitchBook’s go-to-market and product development strategy as we believe in our ability to achieve strong growth and returns on that ongoing investment.