We remain focused on improving our adjusted operating margin over time to be more consistent with historical peaks. That said, the biggest risks continue to be market-related. As you have seen over the past three quarters, market volatility and a soft credit issuance environment can disrupt sustained progress toward achieving margin improvement. Asset-based and transaction-based revenue represented 29% of our revenue in 2022 and declined sharply in the second half of the year, a trend that continued into the first quarter of 2023.

Despite these short-term pressures, we believe our strategies in product areas like Morningstar Wealth, Workplace, Morningstar Indexes, and DBRS Morningstar will drive long-term value creation, even if they are subject to cyclical pressure.

In Morningstar Wealth, we are focused on increasing AUM and flows over time with our investments in direct indexing capabilities and expanding our US and UK wealth platforms. In Workplace, we continue to drive managed account adoption and are seeing strong participant increases from our focus on advisors and large plans. At the same time, Morningstar Indexes is benefiting from the launch of unique and

proprietary investable products and benchmarks. Growing the Indexes’ licensed-data product will help create more recurring revenue.

All of these areas have significant addressable markets, and we believe that we can continue to grow and gain share over time. These business areas also show meaningful operating leverage when markets are in our favor.