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MORNINGSTAR FOR IMMEDIATE RELEASE News Release 22 West Washington Street Chicago Illinois 60602 Morningstar , Inc. Reports First - Quarter 2021 Financial Results CHICAGO , Apr. 28 , 2021 - Morningstar , Inc. ( Nasdaq : MORN ) , a leading provider of independent investment research , today reported first - quarter 2021 financial results . First - Quarter 2021 Financial Highlights Telephone : +1312 696-6000 Facsimile : +1 312 696-6009 " Broad - based growth reflects strength across our business , " said Kunal Kapoor , Morningstar's chief executive officer . " Our license - based offerings keep resonating with both public and private market investors , DBRS Morningstar remains focused on cementing its position as the leading alternative to legacy rating agencies , and our ongoing expansion of environmental , social , and governance ( ESG ) solutions fulfills rising interest in sustainable investing . Recent ESG - related efforts include delivering the data and research that asset managers need to comply with the EU Sustainable Finance Disclosure Regulation . Moreover , we enhanced the transparency of our own corporate sustainability initiatives by releasing our inaugural Enterprise Sustainability Report , which describes our most material ESG risks and opportunities . " Revenue increased 21.2 % to $ 392.8 million ; organic revenue increased 13.0 % . Operating income increased 51.0 % to $ 67.2 million ; adjusted operating income increased 50.3 % , excluding intangible amortization expense and all mergers & acquisitions ( M & A ) -related expenses . Page 1 of 12 Diluted net income per share increased 130.9 % to $ 1.27 versus $ 0.55 in the prior period . Adjusted diluted net income per share increased 106.0 % to $ 1.73 , excluding intangible amortization expense and all M & A - related expenses . Cash provided by operating activities increased 31.8 % to $ 64.2 million . Free cash flow increased 23.5 % to $ 41.5 million .