July 22, 2022

At the recent investor day in May 2022, Mr Dubinsky talked to Morningstar’s speed of topline growth versus peers. Are we to take from this that Morningstar is targeting topline growth over margin expansion at this time? If so, can you please provide some thoughts on the targeted rate of organic topline growth, timing of margin expansion, and the long term margin targets?

We are prioritizing our investments in areas of the business where we see the opportunity to grow, build scale, and generate attractive long-term returns. We know that these investments can put pressure on margins in the short-term, but we do not anticipate that they will come at the expense of long-term returns or future margin expansion. That said, while organic growth is a key focus for our teams, we also evaluate our investments by the rates of operating income and free cash flow growth they generate over the long-term and expect that as they scale, so too do their margins.

We do not provide guidance on specific revenue or margin targets.

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