November 12, 2021

The company experienced some cost savings related to COVID-19. How much of these savings do you view as temporary vs. permanent?

Our primary sources of cost savings related to COVID-19 stemmed from the reduction of travel expenses, lower facilities costs, reduced healthcare utilization, and a deliberate slowdown of hiring and compensation growth. We made certain decisions, particularly around hiring and controlling other discretionary costs in 2020, to ensure we were managing the business prudently during a period of uncertainty. That was reflected in our increased adjusted operating income margins in 2020. We view most of these cost savings as temporary in nature and have seen these areas increase in 2021 as travel restrictions are easing, we are seeing employees return to offices globally, and our pace of hiring has accelerated.

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