Morningstar, Inc. (MORN) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
License-based							579.4	552.3
Asset-based							163.6	163.6
Transaction-based							55.6	72.9
Total revenues	1,870.6	1,699.3	1,389.5	1,179.0	1,019.9	911.7	798.6	788.8
Revenue growth [+]	10.1%	22.3%	17.9%	15.6%	11.9%	14.2%	1.2%	3.8%
License-based							4.9%	2.2%
Asset-based							0.0%	5.6%
Transaction-based							-23.7%	12.2%
Cost of goods sold	779.3	698.4	556.4	483.1	411.1	386.6	344.3	330.1
Gross profit	1,091.3	1,000.9	833.1	695.9	608.8	525.1	454.3	458.7
Gross margin	58.3%	58.9%	60.0%	59.0%	59.7%	57.6%	56.9%	58.2%
Selling, general and administrative [+]	756.9	593.2	478.4	388.6	296.3	264.1	202.8	203.7
Sales and marketing	356.5	274.8	206.4	177.9	148.5	134.3	97.6	96.6
General and administrative	400.4	318.4	272.0	210.7	147.8	129.8	105.2	107.1
Research and development
Equity in earnings	3.6	-5.4	-0.3	0.9	2.1	1.3	-0.2	1.8
Other operating expenses						-33.4
EBITDA [+]	338.0	402.3	354.4	308.2	314.6	295.7	251.3	256.8
EBITDA growth	-16.0%	13.5%	15.0%	-2.0%	6.4%	17.7%	-2.1%	15.9%
EBITDA margin	18.1%	23.7%	25.5%	26.1%	30.8%	32.4%	31.5%	32.6%
Depreciation	99.9	88.7	80.7	81.2	76.0	67.6	51.3	42.4
EBITA	238.1	313.6	273.7	227.0	238.6	228.1	200.0	214.4
EBITA margin	12.7%	18.5%	19.7%	19.3%	23.4%	25.0%	25.0%	27.2%
Amortization of intangibles	66.7	62.0	58.8	36.5	20.7	23.6	19.4	22.0
EBIT [+]	171.4	251.6	214.9	190.5	217.9	204.5	180.6	192.4
EBIT growth	-31.9%	17.1%	12.8%	-12.6%	6.6%	13.2%	-6.1%	15.5%
EBIT margin	9.2%	14.8%	15.5%	16.2%	21.4%	22.4%	22.6%	24.4%
Non-recurring items [+]						33.4
Loss (gain) on sale of assets						16.7
Loss (gain) on sale of business						16.7
Interest expense, net [+]	28.4	8.7	9.5	8.7	1.8	3.6	-0.3	-1.3
Interest expense	28.4	8.7	9.5	8.7	1.8	3.6
Interest income							0.3	1.3
Other income (expense), net [+]	-12.4	7.6	77.6	16.7	16.8	13.6	44.0
Gain (loss) on sale of assets		0.9	30.0	19.5	5.6
Realized gain (loss) on investments					1.0	3.2	0.6	0.6
Other	-6.7	-3.7	-5.7	-3.1	1.8	-5.0	6.1	5.3
Pre-tax income	130.6	250.5	283.0	198.5	232.9	181.1	224.9	193.7
Income taxes	56.5	62.6	59.7	45.6	47.8	42.9	63.7	62.7
Tax rate	43.3%	25.0%	21.1%	23.0%	20.5%	23.7%	28.3%	32.4%
Minority interest								0.2
Net income	70.5	193.3	223.6	152.0	183.0	136.9	161.0	132.6
Net margin	3.8%	11.4%	16.1%	12.9%	17.9%	15.0%	20.2%	16.8%

Basic EPS [+]	$1.65	$4.50	$5.21	$3.56	$4.30	$3.21	$3.74	$3.00
Growth	-63.2%	-13.8%	46.4%	-17.1%	34.0%	-14.4%	24.8%	71.3%
Diluted EPS [+]	$1.64	$4.45	$5.18	$3.52	$4.26	$3.18	$3.72	$2.99
Growth	-63.1%	-13.9%	47.1%	-17.3%	33.7%	-14.4%	24.2%	71.6%

Dividends per share [+]	$1.46	$1.31	$1.22	$1.14	$1.03	$0.94	$0.89	$0.79
Growth	11.5%	7.4%	7.0%	10.7%	9.6%	5.6%	12.7%	12.9%

Shares outstanding (basic) [+]	42.6	43.0	42.9	42.7	42.6	42.7	43.0	44.2
Growth	-0.9%	0.2%	0.5%	0.2%	-0.2%	-0.7%	-2.7%	-1.1%
Shares outstanding (diluted) [+]	42.9	43.4	43.2	43.2	43.0	43.0	43.3	44.3
Growth	-1.2%	0.5%	0.0%	0.5%	0.0%	-0.7%	-2.3%	-1.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.