These reclassifications did not have any impact on the order of our  top five products in 2009 or 2008. Retention and Renewal Rates For contract-based products and services (such as Licensed Data,  Investment Consulting, Morningstar Direct, and Morningstar Advisor  Workstation), we estimate that our weighted average renewal rate  was between 90% and 95% and increased about 13 percentage  points from 2009. The 2009 renewal rate was depressed partly  because of the end of the Global Analyst Research Settlement period.  Excluding this factor, the 2010 renewal rate rose about 6 percentage  points. This improvement reflects higher renewal rates for many  product lines, including Licensed Data, Investment Consulting, insti- tutional software, and advisor software. The figure for contract- based products includes the effect of price changes and changes  to the contract value upon renewal, as well as changes in the value  of variable-fee contracts. In 2010, we estimate that our retention rate for subscription-based  products, such as Principia, Morningstar.com Premium Membership  service, and print and online newsletters, was on the higher end of  the range between 65% and 70%, up from 55% to 60% in 2009.  The change mainly reflects improved retention rates for individual  software and Principia. As discussed in  How We Evaluate Our Business , we calculate reten- tion and renewal rates to help measure how successful we’ve been  in maintaining existing business for products and services that have  renewable revenue. The following graph illustrates these two met- rics over the past five years: Consolidated Operating Expense Retention and Renewal Rates Morningstar, Inc. 2010 Annual Report 73 ($000)  2010 2009  2008 Operating expense $ 434,292 $354,323  $ 363,581 % change  22.6% (2.5)%  14.3% % of revenue  78.2% 74.0%  72.4% Change  4.2pp 1.6pp  (0.7)pp Revenue  % of Consolidated Top Five Products (Segment) 2010  ($000)  Revenue Licensed Data $ 98,186  17.7% (Investment Information) Investment Consulting (Investment Management) 72,798  13.1% Morningstar Advisor Workstation (Investment Information)  69,321  12.5% Morningstar.com (Investment Information)  49,673  8.9% Morningstar Direct (Investment Information)  38,069  6.9% Revenue  % of Consolidated  Top Five Products (Segment) 2009   ($000)  Revenue Licensed Data $ 91,524  19.1%  (Investment Information) Morningstar Advisor Workstation (Investment Information)   65,673  13.7% Investment Consulting (Investment Management)  62,531  13.1% Morningstar.com (Investment Information)   39,454  8.2% Morningstar Direct (Investment Information)   29,968  6.3% Revenue  % of Consolidated  Top Five Products (Segment) 2008   ($000)  Revenue Licensed Data $ 78,329  15.6%  (Investment Information) Investment Consulting (Investment Management)  76,150  15.2% Morningstar Advisor Workstation (Investment Information)   64,222  12.8% Morningstar.com (Investment Information)   45,684  9.1% Principia (Investment Information)   27,791  5.5% Renewal (contract-based products) Retention (subscription-based products) 2006 55– 60% 95– 100% 60– 65% 60– 65% 2007 2008 2009 2006 2007 2008 2009 95– 100% 90– 95% 2010 90– 95% 80– 85% 65– 70% 2010 65– 70%