Segment Results ($000) 2010 2009  2008  2010 Change 2009 Change Revenue Investment Information  $ 444,957 $ 386,642  $ 390,693  15.1% (1.0)% Investment Management  110,394 92,354  111,764  19.5% (17.4)% Consolidated revenue  $ 555,351 $ 478,996  $ 502,457  15.9% (4.7)% Operating income Investment Information  $ 127,740 $ 138,429  $ 138,659  (7.7)% (0.2)% Investment Management  56,816 52,889  60,396  7.4% (12.4)% Intangible amortization and corporate depreciation expense  (32,094) (26,349)  (20,550)  21.8% 28.2% Corporate unallocated  (31,403) (40,296)  (39,629)  (22.1)% 1.7% Consolidated operating income  $ 121,059 $ 124,673  $ 138,876  (2.9)% (10.2)% Operating margin Investment Information  28.7% 35.8%  35.5%  (7.1)pp 0.3pp Investment Management  51.5% 57.3%  54.0%  (5.8)pp 3.3pp Consolidated operating margin  21.8% 26.0%  27.6%  (4.2)pp (1.6)pp Investment Information Segment The Investment Information segment includes all of our data, soft- ware, and research products and services, which are typically sold  through subscriptions or license agreements. The largest products in this segment based on revenue are  Morningstar Licensed Data, Morningstar Advisor Workstation,  Morningstar.com, Morningstar Direct, Morningstar Site Builder and  Licensed Tools, and Morningstar Principia. Licensed Data is a set  of investment data spanning all of our investment databases and  available through electronic data feeds. Advisor Workstation is a  web-based investment planning system for advisors. Advisor  Workstation is available in two editions: Morningstar Office for  independent financial advisors and an enterprise edition for financial  advisors affiliated with larger firms. Morningstar.com includes both  Premium Memberships and Internet advertising sales. Morningstar  Direct is a web-based institutional research platform. Site Builder  and Licensed Tools are services that help institutional clients build  customized websites or enhance their existing sites with  Morningstar’s online tools and components. Principia is our CD-ROM- based investment research and planning software for advisors. The Investment Information segment also includes Morningstar  Equity Research, which we distribute through several channels. From  June 2004 through July 2009, our equity research was distributed  through six major investment banks to meet the requirements for  independent research under the Global Analyst Research Settlement  (GARS). The period covered by GARS ended in July 2009. Although  the banks covered by GARS are no longer required to provide inde- pendent research to their clients, we entered into equity research  contracts with two of the banks that were clients under GARS. We  also sell equity research to several other companies that purchase  our research for their own use or provide our research to their  affiliated financial advisors or to individual investors. In addition,  we’re continuing to provide broad equity coverage to individual  investors, financial advisors, and institutions through a variety of  other channels. In 2010, we replaced approximately one-third of the  lost annual GARS revenue with other equity research business. Morningstar, Inc. 2010 Annual Report 81