Why are your corporate and all other unallocated costs so large compared to peers? For example, your unallocated expense for 2023 was $196.8M which compares to SPGO of $148M which is a much larger company, and MCO and MSCI don’t appear to have any unallocated expenses.

May 9, 2024

We’d note that the $196.8 million you cite for 2023 also includes the financial performance of Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses totaled $153.5 million in 2023.

Different companies take different approaches to allocations. Our approach reflects the way we evaluate the business and view costs internally. It is important to us to be consistent internally and externally. Unallocated corporate expenses include cost pools that we deem to be largely outside of the control or discretion of our segment leaders. Expenses in this bucket include finance, human resources, legal, and other management and shareholder-related costs that are not considered when segment performance is evaluated. We remain committed to driving efficiency and scale in our corporate and unallocated expenses and reducing these costs as a percentage of revenue over time.

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