TORONTO, Nov. 1, 2022
/PRNewswire/ -- Thomson Reuters (TSX/NYSE: TRI) today reported
results for the third quarter ended September 30, 2022:
- Healthy revenue growth continued in the third quarter
-
- Total company revenue up 3% / organic revenue up 6%
-
- Organic revenue up 6% for the "Big 3" segments (Legal
Professionals, Corporates and Tax & Accounting
Professionals)
- Third consecutive quarter of 7% recurring revenue growth
- Maintained full-year 2022 and 2023 guidance
- Westlaw Precision successfully launched on September 14
- Repurchased $855 million of
company shares through October 28
under the $2 billion share buyback
program announced on June 8,
2022
"I'm pleased to report good momentum continued in the third
quarter, with revenue and margins modestly ahead of our
expectations. Importantly, we also saw a positive early response to
the September launch of Westlaw Precision, a major upgrade to our
key Westlaw franchise. Given our year-to-date performance, we are
maintaining our full-year 2022 outlook," said Steve Hasker, President and CEO of Thomson
Reuters. "While we acknowledge growing macroeconomic uncertainty,
our underlying business is resilient, and we remain focused on
investing for the long term."
Consolidated Financial Highlights - Three Months Ended
September 30
Three Months Ended
September 30,
(Millions of U.S.
dollars, except for adjusted EBITDA margin and EPS)
(unaudited)
|
IFRS Financial
Measures(1)
|
2022
|
2021
|
Change
|
Change at
Constant
Currency
|
Revenues
|
$1,574
|
$1,526
|
3 %
|
|
Operating
profit
|
$398
|
$282
|
41 %
|
|
Diluted earnings (loss)
per share (EPS)
|
$0.47
|
$(0.49)
|
n/m
|
|
Net cash provided by
operating activities
|
$531
|
$534
|
0 %
|
|
Non-IFRS Financial
Measures(1)
|
|
|
|
|
Revenues
|
$1,574
|
$1,526
|
3 %
|
5 %
|
Adjusted
EBITDA
|
$535
|
$458
|
17 %
|
17 %
|
Adjusted EBITDA
margin
|
34.0 %
|
30.0 %
|
400bp
|
310bp
|
Adjusted EPS
|
$0.57
|
$0.46
|
24 %
|
24 %
|
Free cash
flow
|
$386
|
$383
|
2 %
|
|
(1) In addition to
results reported in accordance with International Financial
Reporting Standards (IFRS), the company uses certain non-IFRS
financial measures as supplemental
indicators of its operating performance and financial position. See
the "Non-IFRS Financial
Measures" section and the tables
appended to this news release for additional information on these
and other non-IFRS financial
measures, including how they are
defined and reconciled to the most directly comparable IFRS
measures.
|
n/m: not
meaningful
|
Revenues increased 3%, driven by growth across four of
the company's five business segments. Foreign currency had a 2%
negative impact on revenues.
- Organic revenues increased 6%, driven by 7% growth in recurring
revenues (82% of total revenues). Transactions revenues declined
3%, and Global Print revenues were nearly unchanged.
- The company's "Big 3" segments (Legal Professionals, Corporates
and Tax & Accounting Professionals) reported organic revenue
growth of 6% and collectively comprised 80% of total revenues.
Operating profit increased 41% driven by higher
revenues and lower costs, which included cost benefits resulting
from the Change Program, as well as gains on the sale of certain
non-core businesses that were divested in the quarter.
- Adjusted EBITDA, which excludes gains on the sale of
certain non-core businesses, increased 17% due to higher revenues
and lower costs. The related margin increased to 34.0% from 30.0%
in the prior-year period, of which foreign currency contributed
90bp. Investments in the Change Program negatively impacted the
third quarter of 2022 adjusted EBITDA margin by 300bp.
Diluted EPS was $0.47
compared to diluted loss per share of $(0.49) in the prior-year period. While both
periods included significant reductions in the value of the
company's investment in London Stock Exchange Group (LSEG), the
current period benefited from gains on foreign exchange contracts
related to a portion of the investment, which is denominated in
British pound sterling.
- Adjusted EPS, which excludes the change in value of the
company's LSEG investment, related foreign exchange contracts and
other adjustments, increased to $0.57
per share from $0.46 per share in the
prior-year period as higher adjusted EBITDA more than offset higher
income tax expense.
Net cash provided by operating activities decreased
$3 million as unfavorable movements
in working capital, which included higher payments associated with
the Change Program, essentially offset the cash benefits from
higher operating profit.
- Free cash flow, which included dividends from the
Company's LSEG investment, increased $3
million.
Highlights by Customer Segment - Three Months Ended
September 30
(Millions of U.S.
dollars, except for adjusted EBITDA margins)
(unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
Change
|
|
|
2022
|
2021(2)
|
|
Total
|
Constant
Currency(1)
|
Organic(1)(3)
|
Revenues
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$701
|
$682
|
|
3 %
|
5 %
|
6 %
|
Corporates
|
|
373
|
354
|
|
5 %
|
7 %
|
7 %
|
Tax &
Accounting Professionals
|
|
190
|
177
|
|
7 %
|
8 %
|
9 %
|
"Big 3" Segments
Combined(1)
|
|
1,264
|
1,213
|
|
4 %
|
6 %
|
6 %
|
Reuters
News
|
|
171
|
169
|
|
1 %
|
5 %
|
5 %
|
Global
Print
|
|
146
|
149
|
|
-3 %
|
0 %
|
0 %
|
Eliminations/Rounding
|
|
(7)
|
(5)
|
|
|
|
|
Revenues
|
|
$1,574
|
$1,526
|
|
3 %
|
5 %
|
6 %
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$324
|
$288
|
|
13 %
|
14 %
|
|
Corporates
|
|
147
|
130
|
|
13 %
|
13 %
|
|
Tax &
Accounting Professionals
|
|
59
|
50
|
|
17 %
|
15 %
|
|
"Big 3" Segments
Combined(1)
|
|
530
|
468
|
|
13 %
|
14 %
|
|
Reuters
News
|
|
33
|
25
|
|
37 %
|
22 %
|
|
Global
Print
|
|
50
|
52
|
|
-4 %
|
-1 %
|
|
Corporate
costs
|
|
(78)
|
(87)
|
|
n/a
|
n/a
|
|
Adjusted
EBITDA
|
|
$535
|
$458
|
|
17 %
|
17 %
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
46.2 %
|
42.3 %
|
|
390bp
|
380bp
|
|
Corporates
|
|
39.2 %
|
36.7 %
|
|
250bp
|
180bp
|
|
Tax &
Accounting Professionals
|
|
31.0 %
|
28.5 %
|
|
250bp
|
170bp
|
|
"Big 3" Segments
Combined(1)
|
|
41.9 %
|
38.6 %
|
|
330bp
|
290bp
|
|
Reuters
News
|
|
19.7 %
|
14.5 %
|
|
520bp
|
230bp
|
|
Global
Print
|
|
34.4 %
|
35.0 %
|
|
-60bp
|
-10bp
|
|
Adjusted EBITDA
margin
|
|
34.0 %
|
30.0 %
|
|
400bp
|
310bp
|
|
|
|
|
|
|
|
|
|
(1) See the
"Non-IFRS Financial Measures" section and the tables appended to
this news release for additional information on these and
other non-IFRS financial
measures.
(2) For
comparative purposes, 2021 segment results have been revised to
reflect the current period presentation. For additional
information, see the
"Revision to Prior-Year Segment Results" section of this news
release.
(3) Computed
for revenue growth only.
n/a: not
applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unless otherwise noted, all revenue growth comparisons by
customer segment in this news release are at constant
currency (or exclude the impact of foreign currency) as
Thomson Reuters believes this provides the best basis to measure
their performance.
Legal Professionals
Revenues increased 5% (6% organic) to $701 million.
- Recurring revenues grew 6% (94% of total, all organic), driven
by strong performances from Practical Law, Westlaw, HighQ and the
Government business.
- Transactions revenues decreased 10% (6% of total, decreased 7%
organic).
Adjusted EBITDA increased 13% to $324 million.
- The margin increased to 46.2% from 42.3%, driven by higher
revenues and Change Program savings.
Corporates
Revenues increased 7% (all organic) to $373 million.
- Recurring revenues grew 9% (89% of total, all organic), driven
by strong performances from Practical Law, CLEAR, Direct Tax and
HighQ.
- Transactions revenues decreased 7% (11% of total, all organic),
primarily driven by the lower number of software
implementations.
Adjusted EBITDA increased 13% to $147 million.
- The margin increased to 39.2% from 36.7%, due to higher
revenues and Change Program savings.
Tax & Accounting Professionals
Revenues increased 8% (9% organic) to $190 million.
- Recurring revenues grew 8% (83% of total, 9% organic), driven
by strong growth from UltraTax and the segment's Latin America business.
- Transactions revenues increased 12% (17% of total, all
organic), driven by UltraTax and training revenues.
Adjusted EBITDA increased 17% to $59 million.
- The margin increased to 31.0% from 28.5%, driven by higher
revenues, Change Program savings, and a benefit from a lower
reserve for accounts receivable.
The Tax & Accounting Professionals segment is the company's
most seasonal business with approximately 60% of full-year revenues
typically generated in the first and fourth quarters. As a result,
the margin performance of this segment has been generally higher in
the first and fourth quarters as costs are typically incurred in a
more linear fashion throughout the year.
Reuters News
Revenues of $171
million increased 5% (all organic), primarily driven by the
Agency business and by the company's news agreement with the
Refinitiv business of LSEG.
Adjusted EBITDA increased 37% to $33 million, due to higher revenues and currency
benefits.
Global Print
Revenues were flat for the quarter, which was better
than the decline the company expected due to improved retention and
timing of new sales. The timing benefit is expected to normalize in
the fourth quarter.
Adjusted EBITDA decreased 4% to $50
million.
- The margin decreased to 34.4% from 35.0% primarily due to
foreign exchange.
Corporate Costs
Corporate costs at the adjusted EBITDA level were
$78 million and included $47 million of Change Program costs. Corporate
costs were $87 million in the
prior-year period and included $53
million of Change Program costs. Additional information
regarding the Change Program is provided below.
Consolidated Financial Highlights - Nine Months Ended
September 30
Nine Months Ended
September 30,
(Millions of U.S.
dollars, except for adjusted EBITDA margin and EPS)
(unaudited)
|
IFRS Financial
Measures(1)
|
2022
|
2021
|
Change
|
Change at
Constant
Currency
|
Revenues
|
$4,862
|
$4,638
|
5 %
|
|
Operating
profit
|
$1,203
|
$985
|
22 %
|
|
Diluted EPS
|
$2.30
|
$11.80
|
n/m
|
|
Net cash provided by
operating activities
|
$1,239
|
$1,376
|
-10 %
|
|
Non-IFRS Financial
Measures(1)
|
|
|
|
|
Revenues
|
$4,862
|
$4,638
|
5 %
|
6 %
|
Adjusted
EBITDA
|
$1,696
|
$1,518
|
12 %
|
11 %
|
Adjusted EBITDA
margin
|
34.9 %
|
32.7 %
|
220bp
|
150bp
|
Adjusted EPS
|
$1.82
|
$1.52
|
20 %
|
18 %
|
Free cash
flow
|
$814
|
$1,001
|
-19 %
|
|
(1) In
addition to results reported in accordance with IFRS, the company
uses certain non-IFRS financial measures as supplemental
indicators of its
operating performance and financial position. See the "Non-IFRS
Financial Measures" section and the tables appended
to this news
release for additional information on these and other non-IFRS
financial measures, including how they are defined and
reconciled to the
most directly comparable IFRS measures.
n/m: not
meaningful
|
Revenues increased 5%, driven by growth across four of
the company's five business segments. Foreign currency had a 1%
negative impact on revenues.
- Organic revenues increased 6%, driven by 7% growth in recurring
revenues (80% of total revenues) as well as 6% growth in
transactions revenues. Global Print revenues decreased 1%
organically.
- The company's "Big 3" segments reported organic revenue growth
of 7% and collectively comprised 81% of total revenues.
Operating profit increased 22% as higher revenues more
than offset higher costs, which included investments associated
with the company's Change Program.
- Adjusted EBITDA increased 12% reflecting the same
factors that impacted operating profit. The related margin
increased to 34.9% from 32.7% in the prior-year period, of which
foreign currency contributed 70bp. Investments in the Change
Program negatively impacted the adjusted EBITDA margin by 230bp in
the nine-month period of 2022.
Diluted EPS was $2.30
per share compared to $11.80 per
share in the prior-year period. The prior-year period included a
gain of approximately $8.1 billion on
the sale of Refinitiv to LSEG.
- Adjusted EPS, which excludes the gain on the sale of
Refinitiv, as well as other adjustments, increased to $1.82 per share from $1.52 per share in the prior-year period, as
higher adjusted EBITDA more than offset higher tax expense.
Net cash provided by operating activities decreased
$137 million due to higher payments
associated with the Change Program and higher annual incentive plan
bonuses.
- Free cash flow decreased $187
million due to lower cash flows from operating activities
and higher capital expenditures, primarily associated with the
Change Program.
Highlights by Customer Segment - Nine Months Ended
September 30
(Millions of U.S.
dollars, except for adjusted EBITDA margins)
(unaudited)
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
Change
|
|
|
2022
|
2021(2)
|
|
Total
|
Constant
Currency(1)
|
Organic(1)(3)
|
Revenues
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$2,099
|
$2,023
|
|
4 %
|
5 %
|
6 %
|
Corporates
|
|
1,157
|
1,082
|
|
7 %
|
8 %
|
8 %
|
Tax &
Accounting Professionals
|
|
660
|
603
|
|
9 %
|
10 %
|
10 %
|
"Big 3" Segments
Combined(1)
|
|
3,916
|
3,708
|
|
6 %
|
7 %
|
7 %
|
Reuters
News
|
|
535
|
507
|
|
5 %
|
9 %
|
9 %
|
Global
Print
|
|
430
|
439
|
|
-2 %
|
-1 %
|
-1 %
|
Eliminations/Rounding
|
|
(19)
|
(16)
|
|
|
|
|
Revenues
|
|
$4,862
|
$4,638
|
|
5 %
|
6 %
|
6 %
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$933
|
$852
|
|
9 %
|
11 %
|
|
Corporates
|
|
443
|
403
|
|
10 %
|
10 %
|
|
Tax &
Accounting Professionals
|
|
262
|
223
|
|
18 %
|
17 %
|
|
"Big 3" Segments
Combined(1)
|
|
1,638
|
1,478
|
|
11 %
|
11 %
|
|
Reuters
News
|
|
114
|
88
|
|
31 %
|
21 %
|
|
Global
Print
|
|
153
|
165
|
|
-7 %
|
-5 %
|
|
Corporate
costs
|
|
(209)
|
(213)
|
|
n/a
|
n/a
|
|
Adjusted
EBITDA
|
|
$1,696
|
$1,518
|
|
12 %
|
11 %
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
44.5 %
|
42.1 %
|
|
240bp
|
220bp
|
|
Corporates
|
|
38.2 %
|
37.2 %
|
|
100bp
|
50bp
|
|
Tax &
Accounting Professionals
|
|
39.7 %
|
36.9 %
|
|
280bp
|
230bp
|
|
"Big 3" Segments
Combined(1)
|
|
41.8 %
|
39.9 %
|
|
190bp
|
160bp
|
|
Reuters
News
|
|
21.4 %
|
17.3 %
|
|
410bp
|
200bp
|
|
Global
Print
|
|
35.6 %
|
37.5 %
|
|
-190bp
|
-190bp
|
|
Adjusted EBITDA
margin
|
|
34.9 %
|
32.7 %
|
|
220bp
|
150bp
|
|
|
|
|
|
|
|
|
|
(1) See the
"Non-IFRS Financial Measures" section and the tables appended to
this news release for additional information on these and
other non-IFRS financial
measures.
(2) For
comparative purposes, 2021 segment results have been revised to
reflect the current period presentation. For additional
information, see
the "Revision to Prior-Year Segment Results" section of this news
release.
(3) Computed
for revenue growth only.
n/a: not
applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change Program
In February 2021, the company
announced a two-year Change Program to transition from a holding
company to an operating company, and from a content provider to a
content-driven technology company. The company is 22 months into
the program, which is expected to be largely complete by the end of
2022. The program is projected to require an investment of
approximately $600 million during
that time of which $503 million has
been invested as of September 30,
2022. The company continues to anticipate that Change
Program spending will be approximately 60% operating expenses and
40% capital expenditures.
2022 and 2023 Outlook
The company is maintaining its outlook for 2022 and 2023, as
reflected in the table below, which incorporates the forecasted
impacts associated with the Change Program, assumes constant
currency rates, and excludes the impact of any future acquisitions
or dispositions. Thomson Reuters believes that this type of
guidance provides useful insight into the anticipated performance
of its businesses.
The company expects its fourth-quarter 2022 revenue growth and
EBITDA margin to be approximately in-line with its full-year 2022
outlook target. For the full year, capital expenditures as a
percentage of revenues are likely to be at the upper end of
the 7.5% - 8.0% guidance range, while the effective tax rate is
expected to be at the lower end of the 19% - 21% outlook.
While we are maintaining our outlook for 2023, 2023 margins are
trending towards the lower end of the current 39% - 40% range amid
heightened inflation and select investments we are making to drive
customer success and fund growth initiatives. Additionally, 2023
accrued capital expenditures as a percentage of revenues is
trending towards the upper end of the current 6.0% - 6.5% range.
Lastly, we expect that our 2023 effective tax rate will be
approximately consistent with 2022.
We are maintaining our previously announced outlook on the basis
of information and assumptions that we believe are reasonable.
However, while the company's third-quarter 2022 performance
provides it with increasing confidence about its 2022 outlook, the
global economy recently has experienced substantial disruption due
to concerns regarding economic effects associated with the
macroeconomic backdrop and ongoing geopolitical risks. Any
worsening of the global economic or business environment could
impact the company's ability to achieve its outlook. The company
intends to revisit its 2023 outlook in the first quarter of 2023
and provide an update in connection with its fourth-quarter and
full-year 2022 earnings release.
Full-Year 2022 Outlook
Total Thomson
Reuters
|
FY
2022
Outlook
2/23/21
|
FY
2022
Outlook
2/8/22
|
FY
2022
Outlook
5/3/22
|
FY
2022
Outlook
8/4/22
|
FY
2022
Outlook
11/1/22
|
|
Total Revenue
Growth
|
4.0% - 5.0%
|
~ 5%
|
~ 5.5%
|
~ 6.0%
|
Unchanged
|
|
Organic Revenue
Growth(1)
|
4.0% - 5.0%
|
~ 5%
|
~ 5.5%
|
~ 6.0%
|
Unchanged
|
|
Adjusted EBITDA
Margin(1)
|
34% - 35%
|
~ 35%
|
Unchanged
|
Unchanged
|
Unchanged
|
|
Corporate
Costs
Core Corporate Costs
Change Program
Opex
|
$245 - $280
million
$120 - $130
million
$125 - $150
million
|
$280 - $330
million
Unchanged
$160 - $200
million
|
Unchanged
Unchanged
Unchanged
|
Unchanged
Unchanged
Unchanged
|
Unchanged
Unchanged
Unchanged
|
|
Free Cash
Flow(1)
|
$1.2 - $1.3
billion
|
~ $1.3
billion
|
Unchanged
|
Unchanged
|
Unchanged
|
|
Accrued Capex as % of
Revenue(1)
Change Program Accrued Capex
|
7.5% - 8.0%
$75 - $100
million
|
Unchanged
$100 - $140
million
|
Unchanged
Unchanged
|
Unchanged
Unchanged
|
Unchanged
Unchanged
|
|
Depreciation &
Amortization of
Computer
Software
|
$620 - $645
million
|
Unchanged
|
Unchanged
|
Unchanged
|
Unchanged
|
|
Interest Expense
(P&L)
|
$190 - $210
million
|
Unchanged
|
Unchanged
|
Unchanged
|
Unchanged
|
|
Effective Tax Rate on
Adjusted Earnings(1)
|
n/a
|
19% - 21%
|
Unchanged
|
Unchanged
|
Unchanged
|
|
"Big 3"
Segments(1)
|
FY
2022
Outlook
2/23/21
|
FY
2022
Outlook
2/8/22
|
FY
2022
Outlook
5/3/22
|
FY
2022
Outlook
8/4/22
|
FY
2022
Outlook
11/1/22
|
|
Total Revenue
Growth
|
5.5% - 6.5%
|
6.0% - 6.5%
|
~ 6.5%
|
~ 7.0%
|
Unchanged
|
|
Organic Revenue
Growth
|
5.5% - 6.5%
|
6.0% - 6.5%
|
~ 6.5%
|
~ 7.0%
|
Unchanged
|
|
Adjusted EBITDA
Margin
|
41% - 42%
|
~ 42%
|
Unchanged
|
Unchanged
|
Unchanged
|
|
|
|
(1)
|
Non-IFRS financial
measures. See the "Non-IFRS Financial Measures" section below as
well as the tables and footnotes appended to this news release for
more information.
|
Reported Full-Year 2021 and Full-Year 2022 – 2023
Outlook
Total Thomson
Reuters
|
FY 2021
Reported
|
FY
2022
Outlook
Maintained
|
FY
2023
Outlook
Maintained
|
Total Revenue
Growth
|
6.1 %
|
~ 6.0%
|
5.5% - 6.0%
|
Organic Revenue
Growth(1)
|
5.2 %
|
~ 6.0%
|
5.5% - 6.0%
|
Adjusted EBITDA
Margin(1)
|
31.0 %
|
~ 35%
|
39% - 40%
|
Corporate
Costs
Core Corporate Costs
Change Program
Opex
|
$325 million
$142 million
$183 million
|
$280 - $330
million
$120 - $130
million
$160 - $200
million
|
$110 - $120
million
$110 - $120
million
$0
|
Free Cash
Flow(1)
|
$1.3 billion
|
~ $1.3 billion
|
$1.9 – $2.0
billion
|
Accrued Capex as % of
Revenue(1)
Change Program Accrued Capex
|
8.5%
$112 million
|
7.5% - 8.0%
$100 - $140
million
|
6.0% - 6.5%
$0
|
Depreciation &
Amortization of
Computer
Software
|
$651 million
|
$620 - $645
million
|
$580 - $605
million
|
Interest Expense
(P&L)
|
$196 million
|
$190 - $210
million
|
$190 - $210
million
|
Effective Tax Rate on
Adjusted Earnings(1)
|
13.9 %
|
19% - 21%
|
n/a
|
"Big 3"
Segments(1)
|
FY 2021
Reported
|
FY
2022
Outlook
Maintained
|
FY
2023
Outlook
Maintained
|
Total Revenue
Growth
|
6.9 %
|
~ 7.0%
|
6.5% - 7.0%
|
Organic Revenue
Growth
|
6.2 %
|
~ 7.0%
|
6.5% - 7.0%
|
Adjusted EBITDA
Margin
|
38.8 %
|
~ 42%
|
44% – 45%
|
|
|
(1)
|
Non-IFRS financial
measures. See the "Non-IFRS Financial Measures" section below as
well as the tables and footnotes appended to this news release for
more information.
|
The information in this section is forward-looking. Actual
results, which will include the impact of currency and future
acquisitions and dispositions completed during 2022 and 2023, may
differ materially from the company's outlook. The information in
this section should also be read in conjunction with the section
below entitled "Special Note Regarding Forward-Looking Statements,
Material Risks and Material Assumptions."
Share Repurchases – Update on $2.0
Billion Buyback Program
In June 2022, Thomson Reuters
announced its plans to buy back up to $2.0
billion of its common shares.
From June 2022 through
October 28, 2022, the company
repurchased approximately 8.0 million of its common shares under
the new buyback program, for a total spend of $855 million. As of October 28, 2022, Thomson Reuters had
approximately 479.7 million common shares outstanding.
Dividends
In February 2022, the company
announced a 10% or $0.16 per-share
annualized increase in the dividend to $1.78 per common share, representing the
29th consecutive year of dividend increases. A quarterly
dividend of $0.445 per share is
payable on December 15, 2022, to
common shareholders of record as of November
17, 2022.
LSEG Ownership Interest
In January 2021, Thomson Reuters
and private equity funds affiliated with Blackstone sold Refinitiv
to LSEG in an all-share transaction. Thomson Reuters indirectly
owns LSEG shares through an entity that it jointly owns with
Blackstone's consortium and a group of current LSEG and former
Refinitiv senior management.
As of October 28, 2022, Thomson
Reuters indirectly owned approximately 72.0 million LSEG shares
which had a market value of approximately $6.3 billion based on LSEG's closing share price
on that day. Through the same date, the company received
$87 million of dividends from its
LSEG investment, and $33 million
related to share repurchases conducted by LSEG.
Thomson Reuters
Thomson Reuters is a leading provider
of business information services. Our products include highly
specialized information-enabled software and tools for legal, tax,
accounting and compliance professionals combined with the world's
most global news service – Reuters. For more information on Thomson
Reuters, visit tr.com and for the latest world news,
reuters.com.
NON-IFRS FINANCIAL MEASURES
Thomson Reuters prepares its financial statements in
accordance with International Financial Reporting Standards (IFRS),
as issued by the International Accounting Standards Board
(IASB).
This news release includes certain non-IFRS financial
measures, which include ratios that incorporate one or more
non-IFRS financial measures, such as adjusted EBITDA and the
related margin (other than at the customer segment level), free
cash flow, adjusted EPS and the effective tax rate on adjusted EPS,
accrued capital expenditures expressed as a percentage of revenues,
selected measures excluding the impact of foreign currency, changes
in revenues computed on an organic basis as well as all financial
measures for the "Big 3" segments. Thomson Reuters uses these
non-IFRS financial measures as supplemental indicators of its
operating performance and financial position as well as for
internal planning purposes and the company's business outlook.
Additionally, Thomson Reuters uses non-IFRS measures as the basis
for management incentive programs. These measures do not have any
standardized meanings prescribed by IFRS and therefore are unlikely
to be comparable to the calculation of similar measures used by
other companies and should not be viewed as alternatives to
measures of financial performance calculated in accordance with
IFRS. Non-IFRS financial measures are defined and reconciled to the
most directly comparable IFRS measures in the appended
tables.
The company's outlook contains various non-IFRS financial
measures. The company believes that providing reconciliations of
forward-looking non-IFRS financial measures in its outlook would be
potentially misleading and not practical due to the difficulty of
projecting items that are not reflective of ongoing operations in
any future period. The magnitude of these items may be significant.
Consequently, for outlook purposes only, the company is unable to
reconcile these non-IFRS measures to the most directly comparable
IFRS measures because it cannot predict, with reasonable certainty,
the 2022 and 2023 impacts of changes in foreign exchange rates
which impact (i) the translation of its results reported at average
foreign currency rates for the year, and (ii) other finance income
or expense related to intercompany financing arrangements and
foreign exchange contracts. Additionally, the company cannot
reasonably predict (i) its share of post-tax earnings
or losses in equity method investments, which is subject to changes
in the stock price of LSEG or (ii) the occurrence or amount
of other operating gains and losses that generally arise from
business transactions that the company does not currently
anticipate.
ROUNDING
Other than EPS, the company reports its results in millions
of U.S. dollars, but computes percentage changes and margins using
whole dollars to be more precise. As a result, percentages and
margins calculated from reported amounts may differ from those
presented, and growth components may not total due to
rounding.
REVISION TO PRIOR-YEAR SEGMENT RESULTS
In the first quarter of 2022, the company made two changes to
its segment reporting to reflect how it currently manages its
businesses. The changes (i) reflect the transfer of certain
revenues from its Corporates business to its Tax & Accounting
Professionals business where they are better aligned; and (ii)
record intercompany revenue in Reuters News for content-related
services that it provides to Legal Professionals, Corporates and
Tax & Accounting Professionals. Previously, these services had
been reported as a transfer of expense from Reuters News to these
businesses. These changes impact the financial results of the
company's segments, but do not change the company's consolidated
financial results. The table below summarizes the changes for the
three and nine months ended September 30,
2021.
|
Three Months Ended
September 30, 2021
|
|
Nine Months Ended
September 30, 2021
|
|
(millions of
U.S. dollars)
|
As
Reported
|
Adjustments
|
As
Revised
|
|
As
Reported
|
Adjustments
|
As
Revised
|
|
Revenues
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
$682
|
-
|
$682
|
|
$2,023
|
-
|
$2,023
|
|
Corporates
|
356
|
$(2)
|
354
|
|
1,088
|
$(6)
|
1,082
|
|
Tax &
Accounting Professionals
|
175
|
2
|
177
|
|
597
|
6
|
603
|
|
"Big 3" Segments
Combined(1)
|
1,213
|
-
|
1,213
|
|
3,708
|
-
|
3,708
|
|
Reuters
News
|
164
|
5
|
169
|
|
492
|
15
|
507
|
|
Global
Print
|
149
|
-
|
149
|
|
439
|
-
|
439
|
|
Eliminations/Rounding
|
-
|
(5)
|
(5)
|
|
(1)
|
(15)
|
(16)
|
|
Revenues
|
$1,526
|
-
|
$1,526
|
|
$4,638
|
-
|
$4,638
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
$288
|
-
|
$288
|
|
$852
|
-
|
$852
|
|
Corporates
|
131
|
$(1)
|
130
|
|
407
|
$(4)
|
403
|
|
Tax &
Accounting Professionals
|
49
|
1
|
50
|
|
219
|
4
|
223
|
|
"Big 3" Segments
Combined(1)
|
468
|
-
|
468
|
|
1,478
|
-
|
1,478
|
|
Reuters
News
|
25
|
-
|
25
|
|
88
|
-
|
88
|
|
Global
Print
|
52
|
-
|
52
|
|
165
|
-
|
165
|
|
Corporate
costs
|
(87)
|
-
|
(87)
|
|
(213)
|
-
|
(213)
|
|
Adjusted
EBITDA
|
$458
|
-
|
$458
|
|
$1,518
|
-
|
$1,518
|
|
(1) See "Non-IFRS
Financial Measures" section and the tables appended to this news
release for additional information on these and other non-IFRS
financial measures.
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL
RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release, including, but not
limited to, statements in Mr. Hasker's comments, the "Change
Program," "2022 and 2023 Outlook" and "LSEG Ownership Interest"
sections and the company's expectations regarding share repurchases
are forward-looking. The words "will", "expect", "believe",
"target", "estimate", "could", "should", "intend", "predict",
"project" and similar expressions identify forward-looking
statements. While the company believes that it has a reasonable
basis for making forward-looking statements in this news release,
they are not a guarantee of future performance or outcomes and
there is no assurance that any of the other events described in any
forward-looking statement will materialize. Forward-looking
statements are subject to a number of risks, uncertainties and
assumptions that could cause actual results or events to differ
materially from current expectations. Many of these risks,
uncertainties and assumptions are beyond the company's control and
the effects of them can be difficult to predict.
Some of the material risk factors that could cause actual
results or events to differ materially from those expressed in or
implied by forward-looking statements in this news release include,
but are not limited to, those discussed on pages 17-30 in the "Risk
Factors" section of the company's 2021 annual report. These and
other risk factors are discussed in materials that Thomson Reuters
from time to time files with, or furnishes to, the Canadian
securities regulatory authorities and the U.S. Securities and
Exchange Commission (SEC). Thomson Reuters annual and quarterly
reports are also available in the "Investor Relations" section
of tr.com.
The company's business outlook is based on information
currently available to the company and is based on various external
and internal assumptions made by the company in light of its
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that the
company believes are appropriate under the circumstances. Material
assumptions and material risks may cause actual performance to
differ from the company's expectations underlying its business
outlook. In particular, during the last quarter the global economy
has experienced substantial disruption due to concerns regarding
economic effects associated with the macroeconomic backdrop and
ongoing geopolitical risks. The company's business outlook assumes
that uncertain macroeconomic and geopolitical conditions will
continue to disrupt the economy and cause periods of volatility,
however, these conditions may last substantially longer than
expected and any worsening of the global economic or business
environment could impact the company's ability to achieve its
outlook and affect its results and other expectations. For a
discussion of material assumptions and material risks related to
the company's 2022 and 2023 outlook, please see pages 19-20 of the
company's second-quarter management's discussion and analysis
(MD&A) for the period ended June 30,
2022. Material assumptions and material risks related to the
company's outlook will also be included in the company's
third-quarter management's discussion and analysis for the period
ended September 30, 2022, which is
expected to be filed shortly. The company's quarterly MD&A and
annual report are filed with, or furnished to, the Canadian
securities regulatory authorities and the U.S. SEC and are also
available in the "Investor Relations" section
of tr.com.
The company has provided an outlook for the purpose of
presenting information about current expectations for the periods
presented. This information may not be appropriate for other
purposes. You are cautioned not to place undue reliance on
forward-looking statements which reflect expectations only as of
the date of this news release.
Except as may be required by applicable law, Thomson Reuters
disclaims any obligation to update or revise any forward-looking
statements.
CONTACTS
MEDIA
Andrew Green
Senior Director,
Corporate Affairs
+1 332 219
1511
andrew.green@tr.com
|
INVESTORS
Gary Bisbee
Head of Investor
Relations
+1 646 540
3249
gary.bisbee@tr.com
|
Thomson Reuters will webcast a discussion of its
third-quarter 2022 results and its business outlook today beginning
at 9:00 a.m. Eastern Daylight Time
(EDT). You can access the webcast by visiting ir.tr.com. An archive
of the webcast will be available following the
presentation.
Thomson Reuters
Corporation
|
Consolidated Income
Statement
|
(millions of U.S.
dollars, except per share data)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2022
|
2021
|
|
2022
|
2021
|
CONTINUING
OPERATIONS
|
|
|
|
|
|
Revenues
|
$1,574
|
$1,526
|
|
$4,862
|
$4,638
|
Operating
expenses
|
(1,023)
|
(1,060)
|
|
(3,145)
|
(3,114)
|
Depreciation
|
(34)
|
(40)
|
|
(110)
|
(128)
|
Amortization of
computer software
|
(119)
|
(119)
|
|
(354)
|
(356)
|
Amortization of other
identifiable intangible assets
|
(25)
|
(29)
|
|
(76)
|
(90)
|
Other operating gains,
net
|
25
|
4
|
|
26
|
35
|
Operating
profit
|
398
|
282
|
|
1,203
|
985
|
Finance costs,
net:
|
|
|
|
|
|
Net interest
expense
|
(48)
|
(46)
|
|
(145)
|
(146)
|
Other finance
income
|
448
|
34
|
|
862
|
30
|
Income before tax and
equity method investments
|
798
|
270
|
|
1,920
|
869
|
Share of post-tax
(losses) earnings in equity method
investments
|
(525)
|
(672)
|
|
(552)
|
6,717
|
Tax (expense)
benefit
|
(8)
|
161
|
|
(156)
|
(1,722)
|
Earnings (loss) from
continuing operations
|
265
|
(241)
|
|
1,212
|
5,864
|
(Loss) earnings from
discontinued operations, net of tax
|
(37)
|
1
|
|
(92)
|
-
|
Net earnings
(loss)
|
$228
|
$(240)
|
|
$1,120
|
$5,864
|
Earnings (loss)
attributable to common shareholders
|
$228
|
$(240)
|
|
$1,120
|
$5,864
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
Basic earnings (loss)
per share:
|
|
|
|
|
|
From
continuing operations
|
$0.55
|
$(0.49)
|
|
$2.49
|
$11.83
|
From
discontinued operations
|
(0.08)
|
-
|
|
(0.19)
|
-
|
Basic earnings (loss)
per share
|
$0.47
|
$(0.49)
|
|
$2.30
|
$11.83
|
|
|
|
|
|
|
Diluted earnings (loss)
per share:
|
|
|
|
|
|
From
continuing operations
|
$0.55
|
$(0.49)
|
|
$2.49
|
$11.80
|
From
discontinued operations
|
(0.08)
|
-
|
|
(0.19)
|
-
|
Diluted earnings (loss)
per share
|
$0.47
|
$(0.49)
|
|
$2.30
|
$11.80
|
|
|
|
|
|
|
Basic weighted-average
common shares
|
483,103,155
|
494,624,854
|
|
485,616,132
|
495,515,310
|
Diluted
weighted-average common shares
|
483,888,186
|
494,624,854
|
|
486,309,037
|
496,593,404
|
|
|
|
|
|
|
|
|
|
Thomson Reuters
Corporation
|
Consolidated
Statement of Financial Position
|
(millions of U.S.
dollars)
|
(unaudited)
|
|
|
September
30,
|
|
December
31,
|
2022
|
|
2021(1)
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$459
|
|
$778
|
Trade and other
receivables
|
949
|
|
1,057
|
Other financial
assets
|
375
|
|
108
|
Prepaid expenses and
other current assets
|
429
|
|
462
|
Current
assets excluding assets held for sale
|
2,212
|
|
2,405
|
Assets held for
sale
|
129
|
|
48
|
Current
assets
|
2,341
|
|
2,453
|
|
|
|
|
Property and equipment,
net
|
414
|
|
502
|
Computer software,
net
|
886
|
|
822
|
Other identifiable
intangible assets, net
|
3,242
|
|
3,331
|
Goodwill
|
5,818
|
|
5,940
|
Equity method
investments
|
6,098
|
|
6,736
|
Other financial
assets
|
618
|
|
429
|
Other non-current
assets
|
626
|
|
797
|
Deferred tax
|
1,119
|
|
1,139
|
Total
assets
|
$21,162
|
|
$22,149
|
|
|
|
|
Liabilities and
equity
|
|
|
|
Liabilities
|
|
|
|
Current
indebtedness
|
$370
|
|
-
|
Payables, accruals and
provisions
|
994
|
|
$1,326
|
Current tax
liabilities
|
343
|
|
169
|
Deferred
revenue
|
837
|
|
874
|
Other financial
liabilities
|
758
|
|
175
|
Current
liabilities excluding liabilities associated with assets held for
sale
|
3,302
|
|
2,544
|
Liabilities associated
with assets held for sale
|
118
|
|
37
|
Current
liabilities
|
3,420
|
|
2,581
|
|
|
|
|
Long-term
indebtedness
|
3,700
|
|
3,786
|
Provisions and other
non-current liabilities
|
757
|
|
709
|
Other financial
liabilities
|
216
|
|
234
|
Deferred tax
|
791
|
|
1,005
|
Total
liabilities
|
8,884
|
|
8,315
|
|
|
|
|
Equity
|
|
|
|
Capital
|
5,401
|
|
5,496
|
Retained
earnings
|
8,192
|
|
9,149
|
Accumulated other
comprehensive loss
|
(1,315)
|
|
(811)
|
Total
equity
|
12,278
|
|
13,834
|
Total liabilities
and equity
|
$21,162
|
|
$22,149
|
|
(1) Prior-year period
amounts have been reclassified to reflect the current period
presentation.
|
Thomson Reuters
Corporation
|
Consolidated
Statement of Cash Flow
|
(millions of U.S.
dollars)
|
(unaudited)
|
|
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2022
|
2021
|
|
2022
|
2021
|
Cash provided by
(used in):
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
|
Earnings (loss) from
continuing operations
|
$265
|
$(241)
|
|
$1,212
|
$5,864
|
Adjustments
for:
|
|
|
|
|
|
Depreciation
|
34
|
40
|
|
110
|
128
|
Amortization of
computer software
|
119
|
119
|
|
354
|
356
|
Amortization of other
identifiable intangible assets
|
25
|
29
|
|
76
|
90
|
Share of post-tax
losses (earnings) in equity method
investments
|
525
|
672
|
|
552
|
(6,717)
|
Deferred
tax
|
(176)
|
(153)
|
|
(193)
|
770
|
Other
|
(447)
|
(7)
|
|
(771)
|
56
|
Changes in working
capital and other items
|
181
|
101
|
|
(35)
|
901
|
Operating cash flows
from continuing operations
|
526
|
560
|
|
1,305
|
1,448
|
Operating cash flows
from discontinued operations
|
5
|
(26)
|
|
(66)
|
(72)
|
Net cash provided by
operating activities
|
531
|
534
|
|
1,239
|
1,376
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
Acquisitions, net of
cash acquired
|
(19)
|
(2)
|
|
(190)
|
(5)
|
Proceeds from disposals
of businesses and investments
|
29
|
13
|
|
29
|
28
|
Dividend from sale of
LSEG shares
|
24
|
-
|
|
24
|
994
|
Capital
expenditures
|
(152)
|
(131)
|
|
(460)
|
(364)
|
Other investing
activities
|
25
|
3
|
|
87
|
56
|
Taxes paid on sale of
Refinitiv and LSEG shares
|
-
|
(218)
|
|
-
|
(662)
|
Investing cash flows
from continuing operations
|
(93)
|
(335)
|
|
(510)
|
47
|
Investing cash flows
from discontinued operations
|
-
|
(210)
|
|
(16)
|
(252)
|
Net cash used in
investing activities
|
(93)
|
(545)
|
|
(526)
|
(205)
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
Net borrowings under
short-term loan facilities
|
319
|
-
|
|
369
|
-
|
Payments of lease
principal
|
(17)
|
(22)
|
|
(50)
|
(65)
|
Repurchases of common
shares
|
(504)
|
(603)
|
|
(698)
|
(803)
|
Dividends paid on
preference shares
|
(1)
|
(1)
|
|
(2)
|
(2)
|
Dividends paid on
common shares
|
(208)
|
(194)
|
|
(627)
|
(582)
|
Other financing
activities
|
(25)
|
3
|
|
(16)
|
8
|
Net cash used in
financing activities
|
(436)
|
(817)
|
|
(1,024)
|
(1,444)
|
Translation
adjustments
|
(4)
|
(3)
|
|
(8)
|
(3)
|
Decrease in cash and
cash equivalents
|
(2)
|
(831)
|
|
(319)
|
(276)
|
Cash and cash
equivalents at beginning of period
|
461
|
2,342
|
|
778
|
1,787
|
Cash and cash
equivalents at end of period
|
$459
|
$1,511
|
|
$459
|
$1,511
|
Thomson Reuters
Corporation
|
Reconciliation of
Earnings (Loss) from Continuing Operations to Adjusted
EBITDA(1)
|
(millions of
U.S. dollars, except for
margins)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
Year
Ended
|
September
30,
|
|
|
September
30,
|
|
December
31,
|
|
2022
|
2021
|
|
|
2022
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations
|
$265
|
$(241)
|
|
|
$1,212
|
$5,864
|
|
$5,687
|
Adjustments to
remove:
|
|
|
|
|
|
|
|
|
Tax expense
(benefit)
|
8
|
(161)
|
|
|
156
|
1,722
|
|
1,607
|
Other finance
income
|
(448)
|
(34)
|
|
|
(862)
|
(30)
|
|
(8)
|
Net interest
expense
|
48
|
46
|
|
|
145
|
146
|
|
196
|
Amortization of other
identifiable intangible assets
|
25
|
29
|
|
|
76
|
90
|
|
119
|
Amortization of
computer software
|
119
|
119
|
|
|
354
|
356
|
|
474
|
Depreciation
|
34
|
40
|
|
|
110
|
128
|
|
177
|
EBITDA
|
$51
|
$(202)
|
|
|
$1,191
|
$8,276
|
|
$8,252
|
Adjustments to
remove:
|
|
|
|
|
|
|
|
|
Share of post-tax
losses (earnings) in equity
method
investments
|
525
|
672
|
|
|
552
|
(6,717)
|
|
(6,240)
|
Other operating gains,
net
|
(25)
|
(4)
|
|
|
(26)
|
(35)
|
|
(34)
|
Fair value
adjustments*
|
(16)
|
(8)
|
|
|
(21)
|
(6)
|
|
(8)
|
Adjusted
EBITDA(1)
|
$535
|
$458
|
|
|
$1,696
|
$1,518
|
|
$1,970
|
Adjusted EBITDA
margin(1)
|
34.0 %
|
30.0 %
|
|
|
34.9 %
|
32.7 %
|
|
31.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Fair value
adjustments primarily represent gains or losses on intercompany
balances that arise in the ordinary course of business due to
changes in foreign currency exchange rates, which are a component
of operating expenses.
|
Thomson Reuters
Corporation
|
Reconciliation of
Net Cash Provided By Operating Activities to Free Cash
Flow(1)
|
(millions of U.S.
dollars)
|
(unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Year
Ended
|
September
30,
|
|
September
30,
|
|
December
31,
|
|
2022
|
2021
|
|
2022
|
2021
|
|
2021
|
Net cash provided by
operating activities
|
$531
|
$534
|
|
$1,239
|
$1,376
|
|
$1,773
|
Capital
expenditures
|
(152)
|
(131)
|
|
(460)
|
(364)
|
|
(487)
|
Other investing
activities
|
25
|
3
|
|
87
|
56
|
|
81
|
Payments of lease
principal
|
(17)
|
(22)
|
|
(50)
|
(65)
|
|
(109)
|
Dividends paid on
preference shares
|
(1)
|
(1)
|
|
(2)
|
(2)
|
|
(2)
|
Free cash
flow(1)
|
$386
|
$383
|
|
$814
|
$1,001
|
|
$1,256
|
|
|
|
Year
Ended
|
|
|
December
31,
|
|
|
|
|
2021
|
Capital
expenditures
|
|
|
|
$487
|
Remove: IFRS adjustment
to cash basis
|
|
|
|
54
|
Accrued capital
expenditures(1)
|
|
|
|
$541
|
Accrued capital
expenditures as a percentage of
revenues(1)
|
|
|
|
8.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to page
23 for additional information on non-IFRS financial
measures.
|
Thomson Reuters
Corporation
|
Reconciliation of
Net Earnings (Loss) to Adjusted
Earnings(1)
|
Reconciliation of
Total Change in Adjusted EPS to Change in Constant
Currency(1)
|
(millions of
U.S. dollars, except for share and per
share data)
|
(unaudited)
|
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
|
|
|
|
Year
Ended December 31,
|
|
2022
|
2021
|
|
|
2022
|
2021
|
|
|
2021
|
Net earnings
(loss)
|
$228
|
$(240)
|
|
|
$1,120
|
$5,864
|
|
|
$5,689
|
Adjustments to
remove:
|
|
|
|
|
|
|
|
|
|
Fair value
adjustments*
|
(16)
|
(8)
|
|
|
(21)
|
(6)
|
|
|
(8)
|
Amortization of other
identifiable intangible
assets
|
25
|
29
|
|
|
76
|
90
|
|
|
119
|
Other operating gains,
net
|
(25)
|
(4)
|
|
|
(26)
|
(35)
|
|
|
(34)
|
Other finance
income
|
(448)
|
(34)
|
|
|
(862)
|
(30)
|
|
|
(8)
|
Share of post-tax
losses (earnings) in equity
method
investments
|
525
|
672
|
|
|
552
|
(6,717)
|
|
|
(6,240)
|
Tax on above
items(1)
|
(51)
|
(174)
|
|
|
-
|
1,616
|
|
|
1,475
|
Tax items impacting
comparability(1)
|
-
|
(4)
|
|
|
(45)
|
(15)
|
|
|
(24)
|
Loss (earnings) from
discontinued operations, net
of
tax
|
37
|
(1)
|
|
|
92
|
-
|
|
|
(2)
|
Interim period
effective tax rate normalization(1)
|
-
|
(8)
|
|
|
3
|
(10)
|
|
|
-
|
Dividends declared on
preference shares
|
(1)
|
(1)
|
|
|
(2)
|
(2)
|
|
|
(2)
|
Adjusted
earnings(1)
|
$274
|
$227
|
|
|
$887
|
$755
|
|
|
$965
|
Adjusted
EPS(1)
|
$0.57
|
$0.46
|
|
|
$1.82
|
$1.52
|
|
|
n/a
|
Total
change
|
24 %
|
|
|
|
20 %
|
|
|
|
|
Foreign
currency
|
0 %
|
|
|
|
2 %
|
|
|
|
|
Constant
currency
|
24 %
|
|
|
|
18 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares
(millions)
|
483.9
|
495.9
(2)
|
|
|
486.3
|
496.6
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-ended
December 31,
|
|
|
2021
|
Adjusted
earnings
|
|
$965
|
Plus: Dividends
declared on preference shares
|
|
2
|
Plus: Tax expense on
adjusted earnings
|
|
156
|
Pre-Tax Adjusted
earnings
|
|
$1,123
|
|
|
|
IFRS Tax
expense
|
|
$1,607
|
Remove tax related
to:
|
|
|
Amortization of other
identifiable intangible assets
|
|
26
|
Share of post-tax
earnings in equity method investments
|
|
(1,497)
|
Other operating gains,
net
|
|
(9)
|
Other items
|
|
5
|
Subtotal - Tax on
pre-tax items removed from adjusted earnings
|
|
(1,475)
|
Remove: Tax items
impacting comparability
|
|
24
|
Total: Remove all items
above impacting comparability
|
|
(1,451)
|
|
|
|
Tax expense on
adjusted earnings
|
|
$156
|
Effective tax rate
on adjusted earnings
n/a: not
applicable
|
|
13.9 %
|
|
|
* Fair value
adjustments primarily represent gains or losses on intercompany
balances that arise in the ordinary course of business due to
changes in foreign currency exchange rates, which are a component
of operating expenses.
|
|
|
(1)
Refer to page 23 for
additional information on non-IFRS financial measures.
|
(2)
Refer to page 19 regarding
IFRS and non-IFRS share information.
|
The following table reconciles IFRS and non-IFRS common share
information:
(weighted-average
common shares)
|
Three Months
Ended
September 30,
2021
|
|
IFRS: Basic and
Diluted
|
494,624,854
|
|
Effect of stock
options and other equity incentive awards
|
1,275,150
|
|
Non-IFRS
Diluted
|
495,900,004
|
|
Because Thomson
Reuters reported a net loss for continuing operations under IFRS
for the three months ended September 30, 2021, the weighted-average
number of common shares used for basic and diluted loss per share
is the same for all per-share calculations in the period, as the
effect of stock options and other equity incentive awards would
reduce the loss per share, and therefore be anti-dilutive. Since
the company's non-IFRS measure "adjusted earnings" is a profit,
potential common shares are included, as they lower adjusted EPS
and are therefore dilutive.
|
|
Thomson Reuters
Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on
a Constant Currency(1) and Organic
Basis(1)
|
(millions of
U.S. dollars)
|
(unaudited)
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
September
30,
|
|
Change
|
|
|
2022
|
2021(2)
|
|
Total
|
Foreign
Currency
|
SUBTOTAL
Constant
Currency
|
Acquisitions/
(Divestitures)
|
Organic
|
|
Total
Revenues
|
|
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$701
|
$682
|
|
3 %
|
-2 %
|
5 %
|
0 %
|
6 %
|
|
Corporates
|
|
373
|
354
|
|
5 %
|
-2 %
|
7 %
|
0 %
|
7 %
|
|
Tax &
Accounting Professionals
|
|
190
|
177
|
|
7 %
|
-1 %
|
8 %
|
-1 %
|
9 %
|
|
"Big 3" Segments
Combined(1)
|
|
1,264
|
1,213
|
|
4 %
|
-2 %
|
6 %
|
0 %
|
6 %
|
|
Reuters
News
|
|
171
|
169
|
|
1 %
|
-4 %
|
5 %
|
0 %
|
5 %
|
|
Global
Print
|
|
146
|
149
|
|
-3 %
|
-2 %
|
0 %
|
0 %
|
0 %
|
|
Eliminations/Rounding
|
|
(7)
|
(5)
|
|
|
|
|
|
|
|
Revenues
|
|
$1,574
|
$1,526
|
|
3 %
|
-2 %
|
5 %
|
0 %
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
Revenues
|
|
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$658
|
$634
|
|
4 %
|
-2 %
|
6 %
|
0 %
|
6 %
|
|
Corporates
|
|
330
|
307
|
|
8 %
|
-2 %
|
9 %
|
0 %
|
9 %
|
|
Tax &
Accounting Professionals
|
|
158
|
149
|
|
6 %
|
-2 %
|
8 %
|
-1 %
|
9 %
|
|
"Big 3" Segments
Combined(1)
|
|
1,146
|
1,090
|
|
5 %
|
-2 %
|
7 %
|
0 %
|
8 %
|
|
Reuters
News
|
|
152
|
148
|
|
2 %
|
-4 %
|
6 %
|
0 %
|
6 %
|
|
Eliminations/Rounding
|
|
(7)
|
(5)
|
|
|
|
|
|
|
|
Total Recurring
Revenues
|
|
$1,291
|
$1,233
|
|
5 %
|
-2 %
|
7 %
|
0 %
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions
Revenues
|
|
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$43
|
$48
|
|
-10 %
|
0 %
|
-10 %
|
-3 %
|
-7 %
|
|
Corporates
|
|
43
|
47
|
|
-9 %
|
-2 %
|
-7 %
|
0 %
|
-7 %
|
|
Tax &
Accounting Professionals
|
|
32
|
28
|
|
11 %
|
-1 %
|
12 %
|
0 %
|
12 %
|
|
"Big 3" Segments
Combined(1)
|
|
118
|
123
|
|
-5 %
|
-1 %
|
-4 %
|
-1 %
|
-3 %
|
|
Reuters
News
|
|
19
|
21
|
|
-10 %
|
-6 %
|
-4 %
|
0 %
|
-4 %
|
|
Total Transactions
Revenues
|
|
$137
|
$144
|
|
-5 %
|
-2 %
|
-4 %
|
-1 %
|
-3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth percentages
are computed using whole dollars. As a result, percentages
calculated from reported amounts may differ from those presented,
and growth components may not total due to rounding.
|
|
(1) Refer to page
23 for additional information on non-IFRS financial
measures.
|
(2) Revised to
reflect the changes made to the company's segment reporting in the
first quarter of 2022.
|
Thomson Reuters
Corporation
|
Reconciliation of
Changes in Revenues to Changes in Revenues on a Constant
Currency(1) and Organic
Basis(1)
|
(millions of
U.S. dollars)
|
(unaudited)
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
September
30,
|
|
Change
|
|
|
2022
|
2021(2)
|
|
Total
|
Foreign
Currency
|
SUBTOTAL
Constant
Currency
|
Acquisitions/
(Divestitures)
|
Organic
|
|
Total
Revenues
|
|
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$2,099
|
$2,023
|
|
4 %
|
-1 %
|
5 %
|
0 %
|
6 %
|
|
Corporates
|
|
1,157
|
1,082
|
|
7 %
|
-1 %
|
8 %
|
0 %
|
8 %
|
|
Tax &
Accounting Professionals
|
|
660
|
603
|
|
9 %
|
-1 %
|
10 %
|
0 %
|
10 %
|
|
"Big 3" Segments
Combined(1)
|
|
3,916
|
3,708
|
|
6 %
|
-1 %
|
7 %
|
0 %
|
7 %
|
|
Reuters
News
|
|
535
|
507
|
|
5 %
|
-3 %
|
9 %
|
0 %
|
9 %
|
|
Global
Print
|
|
430
|
439
|
|
-2 %
|
-2 %
|
-1 %
|
0 %
|
-1 %
|
|
Eliminations/Rounding
|
|
(19)
|
(16)
|
|
|
|
|
|
|
|
Revenues
|
|
$4,862
|
$4,638
|
|
5 %
|
-1 %
|
6 %
|
0 %
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
Revenues
|
|
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$1,967
|
$1,881
|
|
5 %
|
-1 %
|
6 %
|
0 %
|
6 %
|
|
Corporates
|
|
968
|
898
|
|
8 %
|
-1 %
|
9 %
|
0 %
|
9 %
|
|
Tax &
Accounting Professionals
|
|
507
|
463
|
|
9 %
|
-1 %
|
10 %
|
0 %
|
10 %
|
|
"Big 3" Segments
Combined(1)
|
|
3,442
|
3,242
|
|
6 %
|
-1 %
|
7 %
|
0 %
|
8 %
|
|
Reuters
News
|
|
459
|
446
|
|
3 %
|
-3 %
|
5 %
|
0 %
|
5 %
|
|
Eliminations/Rounding
|
|
(19)
|
(16)
|
|
|
|
|
|
|
|
Total Recurring
Revenues
|
|
$3,882
|
$3,672
|
|
6 %
|
-1 %
|
7 %
|
0 %
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions
Revenues
|
|
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$132
|
$142
|
|
-7 %
|
-1 %
|
-6 %
|
-2 %
|
-3 %
|
|
Corporates
|
|
189
|
184
|
|
3 %
|
-1 %
|
4 %
|
0 %
|
4 %
|
|
Tax &
Accounting Professionals
|
|
153
|
140
|
|
9 %
|
0 %
|
9 %
|
0 %
|
9 %
|
|
"Big 3" Segments
Combined(1)
|
|
474
|
466
|
|
2 %
|
-1 %
|
2 %
|
-1 %
|
3 %
|
|
Reuters
News
|
|
76
|
61
|
|
26 %
|
-6 %
|
31 %
|
0 %
|
31 %
|
|
Total Transactions
Revenues
|
|
$550
|
$527
|
|
4 %
|
-1 %
|
6 %
|
-1 %
|
6 %
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
Change
|
|
|
2021(2)
|
2020(2)
|
|
Total
|
Foreign
Currency
|
SUBTOTAL
Constant
Currency
|
Acquisitions/
(Divestitures)
|
Organic
|
|
Total
Revenues
|
|
|
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$2,712
|
$2,535
|
|
7 %
|
1 %
|
6 %
|
0 %
|
6 %
|
|
Corporates
|
|
1,440
|
1,361
|
|
6 %
|
1 %
|
5 %
|
0 %
|
5 %
|
|
Tax &
Accounting Professionals
|
|
915
|
842
|
|
9 %
|
0 %
|
9 %
|
0 %
|
9 %
|
|
"Big 3" Segments
Combined(1)
|
|
5,067
|
4,738
|
|
7 %
|
1 %
|
6 %
|
0 %
|
6 %
|
|
Reuters
News
|
|
694
|
645
|
|
8 %
|
1 %
|
7 %
|
0 %
|
7 %
|
|
Global
Print
|
|
609
|
620
|
|
-2 %
|
1 %
|
-3 %
|
0 %
|
-3 %
|
|
Eliminations/Rounding
|
|
(22)
|
(19)
|
|
|
|
|
|
|
|
Revenues
|
|
$6,348
|
$5,984
|
|
6 %
|
1 %
|
5 %
|
0 %
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth percentages
are computed using whole dollars. As a result, percentages
calculated from reported amounts may differ from those presented,
and growth components may not total due to rounding.
|
|
(1) Refer to page
23 for additional information on non-IFRS financial
measures.
|
(2) Revised to
reflect the changes made to the company's segment reporting in the
first quarter of 2022.
|
Thomson Reuters
Corporation
|
|
Reconciliation of
Changes in Adjusted EBITDA(1) to Changes on a Constant
Currency Basis(1)
|
|
(millions of
U.S. dollars)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
Change
|
|
|
2022
|
2021(2)
|
|
Total
|
Foreign
Currency
|
Constant
Currency
|
Adjusted
EBITDA(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$324
|
$288
|
|
13 %
|
-2 %
|
14 %
|
Corporates
|
|
147
|
130
|
|
13 %
|
0 %
|
13 %
|
Tax &
Accounting Professionals
|
|
59
|
50
|
|
17 %
|
1 %
|
15 %
|
"Big 3" Segments
Combined(1)
|
|
530
|
468
|
|
13 %
|
-1 %
|
14 %
|
Reuters
News
|
|
33
|
25
|
|
37 %
|
15 %
|
22 %
|
Global
Print
|
|
50
|
52
|
|
-4 %
|
-4 %
|
-1 %
|
Corporate
costs
|
|
(78)
|
(87)
|
|
n/a
|
n/a
|
n/a
|
Adjusted
EBITDA
|
|
$535
|
$458
|
|
17 %
|
0 %
|
17 %
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
46.2 %
|
42.3 %
|
|
390bp
|
10bp
|
380bp
|
Corporates
|
|
39.2 %
|
36.7 %
|
|
250bp
|
70bp
|
180bp
|
Tax &
Accounting Professionals
|
|
31.0 %
|
28.5 %
|
|
250bp
|
80bp
|
170bp
|
"Big 3" Segments
Combined(1)
|
|
41.9 %
|
38.6 %
|
|
330bp
|
40bp
|
290bp
|
Reuters
News
|
|
19.7 %
|
14.5 %
|
|
520bp
|
290bp
|
230bp
|
Global
Print
|
|
34.4 %
|
35.0 %
|
|
-60bp
|
-50bp
|
-10bp
|
Adjusted EBITDA
margin
|
|
34.0 %
|
30.0 %
|
|
400bp
|
90bp
|
310bp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a: not
applicable
|
|
Growth percentages
and margins are computed using whole dollars. As a result,
percentages and margins calculated from reported amounts may differ
from those presented, and growth components may not total due to
rounding.
|
|
(1) Refer to page
23 for additional information on non-IFRS financial
measures.
|
(2) Revised to
reflect the changes made to the company's segment reporting in the
first quarter of 2022.
|
Thomson Reuters
Corporation
|
|
Reconciliation of
Changes in Adjusted EBITDA(1) to Changes on a Constant
Currency Basis(1)
|
|
(millions of
U.S. dollars)
|
|
(unaudited)
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September
30,
|
|
|
Change
|
|
|
2022
|
2021(2)
|
|
Total
|
Foreign
Currency
|
Constant
Currency
|
Adjusted
EBITDA(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
$933
|
$852
|
|
9 %
|
-1 %
|
11 %
|
Corporates
|
|
443
|
403
|
|
10 %
|
0 %
|
10 %
|
Tax &
Accounting Professionals
|
|
262
|
223
|
|
18 %
|
1 %
|
17 %
|
"Big 3" Segments
Combined(1)
|
|
1,638
|
1,478
|
|
11 %
|
0 %
|
11 %
|
Reuters
News
|
|
114
|
88
|
|
31 %
|
10 %
|
21 %
|
Global
Print
|
|
153
|
165
|
|
-7 %
|
-2 %
|
-5 %
|
Corporate
costs
|
|
(209)
|
(213)
|
|
n/a
|
n/a
|
n/a
|
Adjusted
EBITDA
|
|
$1,696
|
$1,518
|
|
12 %
|
0 %
|
11 %
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin(1)
|
|
|
|
|
|
|
|
Legal
Professionals
|
|
44.5 %
|
42.1 %
|
|
240bp
|
20bp
|
220bp
|
Corporates
|
|
38.2 %
|
37.2 %
|
|
100bp
|
50bp
|
50bp
|
Tax &
Accounting Professionals
|
|
39.7 %
|
36.9 %
|
|
280bp
|
50bp
|
230bp
|
"Big 3" Segments
Combined(1)
|
|
41.8 %
|
39.9 %
|
|
190bp
|
30bp
|
160bp
|
Reuters
News
|
|
21.4 %
|
17.3 %
|
|
410bp
|
210bp
|
200bp
|
Global
Print
|
|
35.6 %
|
37.5 %
|
|
-190bp
|
0bp
|
-190bp
|
Adjusted EBITDA
margin
|
|
34.9 %
|
32.7 %
|
|
220bp
|
70bp
|
150bp
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
December
31,
|
|
|
|
2021(2)
|
|
Adjusted
EBITDA(1)
|
|
|
|
Legal
Professionals
|
|
$1,091
|
|
Corporates
|
|
496
|
|
Tax &
Accounting Professionals
|
|
379
|
|
"Big 3" Segments
Combined(1)
|
|
1,966
|
|
Reuters
News
|
|
103
|
|
Global
Print
|
|
226
|
|
Corporate
costs
|
|
(325)
|
|
Adjusted
EBITDA
|
|
$1,970
|
|
|
|
|
|
Adjusted EBITDA
Margin(1)
|
|
|
|
Legal
Professionals
|
|
40.2 %
|
|
Corporates
|
|
34.4 %
|
|
Tax &
Accounting Professionals
|
|
41.3 %
|
|
"Big 3" Segments
Combined(1)
|
|
38.8 %
|
|
Reuters
News
|
|
14.8 %
|
|
Global
Print
|
|
37.1 %
|
|
Adjusted EBITDA
margin
|
|
31.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a: not
applicable
|
|
Growth percentages
and margins are computed using whole dollars. As a result,
percentages and margins calculated from reported amounts may differ
from those presented, and growth components may not total due to
rounding.
|
|
(1) Refer to page
23 for additional information on non-IFRS financial
measures.
|
(2) Revised to
reflect the changes made to the company's segment reporting in the
first quarter of 2022.
|
Non-IFRS Financial
Measures
|
Definition
|
Why Useful to the
Company and Investors
|
Adjusted EBITDA and the
related margin
|
Represents earnings or
losses from continuing operations before tax expense or benefit,
net interest expense, other finance costs or income, depreciation,
amortization of software and other identifiable intangible assets,
Thomson Reuters share of post-tax earnings or losses in equity
method investments, other operating gains and losses, certain asset
impairment charges and fair value adjustments, including those
related to acquired deferred revenue.
The related margin is
adjusted EBITDA expressed as a percentage of revenues. For purposes
of this calculation, revenues are before fair value adjustments to
acquired deferred revenue.
|
Provides a consistent
basis to evaluate operating profitability and performance trends by
excluding items that the company does not consider to be
controllable activities for this purpose.
Also, represents a
measure commonly reported and widely used by investors as a
valuation metric, as well as to assess the company's ability to
incur and service debt.
|
Adjusted earnings and
adjusted EPS
|
Net earnings or loss
including dividends declared on preference shares but excluding the
post-tax impacts of fair value adjustments, including those related
to acquired deferred revenue, amortization of other identifiable
intangible assets, other operating gains and losses, certain asset
impairment charges, other finance costs or income, Thomson Reuters
share of post-tax earnings or losses in equity method investments,
discontinued operations and other items affecting
comparability.
The post-tax amount of
each item is excluded from adjusted earnings based on the specific
tax rules and tax rates associated with the nature and jurisdiction
of each item.
Adjusted EPS is
calculated from adjusted earnings using diluted weighted-average
shares and does not represent actual earnings or loss per share
attributable to shareholders.
|
Provides a more
comparable basis to analyze earnings.
These measures are
commonly used by shareholders to measure performance.
|
Effective tax rate on
adjusted earnings
|
Adjusted tax expense
divided by pre-tax adjusted earnings. Adjusted tax expense is
computed as income tax (benefit) expense plus or minus the income
tax impacts of all items impacting adjusted earnings (as described
above), and other tax items impacting comparability.
In interim periods, we
also make an adjustment to reflect income taxes based on the
estimated full-year effective tax rate. Earnings or losses for
interim periods under IFRS reflect income taxes based on the
estimated effective tax rates of each of the jurisdictions in which
Thomson Reuters operates. The non-IFRS adjustment reallocates
estimated full-year income taxes between interim periods but has no
effect on full-year income taxes.
|
Provides a basis to
analyze the effective tax rate associated with adjusted
earnings.
Because the
geographical mix of pre-tax profits and losses in interim periods
may be different from that for the full year, our effective tax
rate computed in accordance with IFRS may be more volatile by
quarter. Therefore, we believe that using the expected full-year
effective tax rate provides more comparability among interim
periods.
|
Free cash
flow
|
Net cash provided by
operating activities, proceeds from disposals of property and
equipment, and other investing activities, less capital
expenditures, payments of lease principal and dividends paid on the
company's preference shares.
|
Helps assess the
company's ability, over the long term, to create value for its
shareholders as it represents cash available to repay debt, pay
common dividends and fund share repurchases and
acquisitions.
|
Changes before the
impact of foreign currency or at "constant currency"
|
The changes in
revenues, adjusted EBITDA and the related margin, and adjusted EPS
before currency (at constant currency or excluding the effects of
currency) are determined by converting the current and equivalent
prior period's local currency results using the same foreign
currency exchange rate.
|
Provides better
comparability of business trends from period to period.
|
Changes in revenues
computed on an "organic" basis
|
Represent changes in
revenues of the company's existing businesses at constant currency.
The metric excludes the distortive impacts of acquisitions and
dispositions from not owning the business in both comparable
periods.
|
Provides further
insight into the performance of the company's existing businesses
by excluding distortive impacts and serves as a better measure of
the company's ability to grow its business over the long
term.
|
Accrued capital
expenditures as a percentage of revenues
|
Accrued capital
expenditures divided by revenues, where accrued capital
expenditures include amounts that remain unpaid at the end of the
reporting period. For purposes of this calculation, revenues are
before fair value adjustments to acquired deferred
revenue.
Prior to December 31,
2021, the company used capital expenditures paid in this
calculation, from its consolidated statement of cash flow, as
measured under IFRS. The prior period has been revised to reflect
the current methodology.
|
Reflects the basis on
which the company manages capital expenditures for internal
budgeting purposes.
|
"Big 3"
segments
|
The company's combined
Legal Professionals, Corporates and Tax & Accounting
Professionals segments. All measures reported for the "Big 3"
segments are non-IFRS financial measures.
|
The "Big 3" segments
comprised approximately 80% of revenues and represent the core of
the company's business information service product
offerings.
|
|
Please refer to
reconciliations for the most directly comparable IFRS financial
measures.
|
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SOURCE Thomson Reuters