Financial Data and Key Metrics Changes - In 2024, the company achieved revenue growth of 11.6%, with organic growth at 11.8%, reaching $2.275 billion for the first time [72][73] - Adjusted operating income increased from $326 million in 2023 to $494 million in 2024, representing a 51% growth in operating margin [73][84] - For Q1 2025, revenue growth was reported at 7.2%, with organic growth at 9.1%, and adjusted operating income grew by 22% [74][75] Business Line Data and Key Metrics Changes - Morningstar Direct, the largest reportable segment, grew from $700 million to $788 million, maintaining strong margins [88] - PitchBook revenue increased from $450 million in 2022 to $618 million in 2024, with margin expansion from 15.9% to 30% [89] - Morningstar Credit had a significant year, contributing meaningfully to adjusted operating income, while Morningstar Wealth improved from a negative profitability position to a neutral one [90][91] Market Data and Key Metrics Changes - The company noted a significant expansion in the institutional client base, which has grown from 750 clients at the time of the IPO to a much larger number in 2024 [39] - The private credit market is highlighted as a key growth area, with increasing demand for related services and products [47][49] Company Strategy and Development Direction - The company aims to leverage insights and AI to enhance efficiency and productivity, focusing on removing friction in client interactions [41][42] - Morningstar's strategy emphasizes building a strong balance sheet to support long-term growth and resilience against market fluctuations [34] - The company is committed to expanding its capabilities in private markets and enhancing its data offerings to meet evolving client needs [48][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue delivering growth and profitability, emphasizing the importance of a strong economic moat [76][94] - The leadership team is focused on capitalizing on market opportunities, particularly in the areas of private credit and wealth management [62][64] - The company recognizes the challenges in the Sustainalytics business and is working on restructuring its product offerings to better meet market demands [63] Other Important Information - The company celebrated its 20th anniversary as a public entity, reflecting on its growth and the benefits of being publicly traded [20][22] - A new Chief Strategy Officer was announced, indicating a commitment to strategic growth and continuity within the management team [30] Q&A Session Questions and Answers Question: What is the outlook for Morningstar's growth in the coming years? - Management indicated optimism about growth opportunities, particularly in private credit and the expansion of the institutional client base [39][47] Question: How is the company addressing challenges in the Sustainalytics business? - The company is focusing on simplifying its climate solutions and ensuring that its product suite meets market needs [63] Question: What are the key areas of investment for Morningstar moving forward? - The company plans to invest in technology and data capabilities to enhance its service offerings and drive growth [78][80]

近日，全球独立投资研究机构晨星公司（NASDAQ：MORN）宣布完成两项战略性收购，进 一步增强其在私募信贷和结构性金融领域的业务实力。 其中，Lumonic Inc. 是一家专注于私募信贷投资组合监测与管理的平台，收购已于美国当地时 间3月3日完成。而Dealview Technologies Limited（DealX），则提供标准化的美国商业抵押 贷款支持证券（CMBS）及全球抵押贷款凭证（CLO）数据服务，该交易已于2025年3月1日顺 利收官。 此次收购将助力晨星提升私募信贷与结构性金融业务，为机构投资者和资产管理人提供更高 效、更透明的解决方案，以优化投资决策。 01 晨星构建覆盖公募与私募的综合服务生态 晨星在公募及私募投资领域的综合能力布局独具优势，通过PitchBook提供海量私募数据与深 度洞察，借助Morningstar Indexes的私募市场指数编制能力，以及旗下全球第四大信用评级机 构Morningstar DBRS，构建起全方位的综合服务生态。 晨星全球CEO Kunal Kapoor表示， "晨星希望为投资者打造贯通私募与公募市场的投资分析 工具。通过整合Lumonic与Dea ...