Our license-based revenue model varies by product, as detailed below for our largest product areas.

• For PitchBook, we offer both unlimited (enterprise) licenses and seat-based contracts. In an earlier response, we noted that as of early July 2023 PitchBook’s unlimited license contracts accounted for roughly 20% of total annual contract value related to active PitchBook accounts, while individual seat-based contracts accounted for roughly 80% and that breakdown has not changed materially as of December 31, 2024. PitchBook also has a small but growing direct data business which is not seat-based.
• In the Morningstar Data and Analytics segment, our approach varies based on product. Morningstar Direct follows a seat-based license model, while Morningstar Data pricing is based on the data package being licensed, the level of distribution, and the use case. Morningstar Advisor Workstation is primarily sold through an enterprise contract, and we can license single seats for individual advisors as well.
• The Morningstar Sustainalytics pricing model is built around the Morningstar Data and Analytics approach for licensing data and research with pricing differentiated based on the content being licensed and the expected use case.

Our revenue model for Morningstar Wealth and Morningstar Retirement segments is primarily based on fees paid based on assets under management and advisement, although Morningstar Wealth revenue also includes licensed-based revenue for Morningstar Investor and software products including Morningstar Office, and transaction-based advertising revenue. Morningstar Credit primarily has a transaction-based revenue model.