2020 Financial Performance
⑤Sizable Recurring Revenue Basel
High license-based renewal rates support revenue predictability; all categories important to growth and profitability
FY 2020 revenues by type¹
Transaction-based
17%
Asset-based
16%
License-based
67%
High renewal rates in aggregate...
FY 2020 revenue renewal rates for license-based products
96%
99%
100%
100%
99%
2016
2017
2018
2019
2020
and across individual products
FY 2020 revenue renewal rates by product
101.0%
115.0%
96.0%
91.0%
Morningstar Data
Morningstar Direct
PitchBook
Morningstar Advisor
Workstation
1 License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. Asset-based revenue includes Morningstar Investment Management, Workplace Solutions, and Morningstar Indexes. Transaction-
based revenue includes DBRS Morningstar, Internet advertising sales, and conferences
18
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