August 10, 2018

Given the new $500M share repurchase announced earlier this year, how has Morningstar approached the timing with $11M repurchased through June 30, 2018?

We try to take a balanced approach to capital allocation, which includes investing in our business and strategies, pursuing select M&A opportunities, returning cash to shareholders, and debt repayment. The decision to repurchase stock is driven by many factors, including debt levels, cash flows, and valuation. We repurchased fewer shares through June 30, 2018 than in the prior year period partially because we’ve identified ample opportunity across the enterprise to fund our growth initiatives. In addition, we continue to focus on balancing share repurchases with debt repayment. Since the beginning of the year, we have reduced our outstanding debt balance by $55 million and remain focused on maintaining a strong balance sheet and financial flexibility.

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