Thomson Reuters Reports First-Quarter 2024 Results

TORONTO, May 2, 2024 /PRNewswire/ -- Thomson Reuters (TSX/NYSE: TRI) today reported results for the first quarter ended March 31, 2024:

    --  Revenue momentum continued in the first quarter
        --  Total company revenues up 8% / organic revenues up 9%
            --  Organic revenues up 10% for the "Big 3" segments (Legal
                Professionals, Corporates and Tax & Accounting Professionals)
    --  Based on Q1 performance, moderately raised 2024 outlook for total and
        organic revenue growth
        --  Maintained guidance on all other metrics
    --  Sold 10.1 million shares of London Stock Exchange Group (LSEG) in the
        first quarter for gross proceeds of $1.2 billion
    --  Raised annual common dividend by 10% to $2.16
    --  Repurchased over $350 million of the company's common shares in the
        first quarter
        --  Current $1.0 billion share buyback program expected to conclude by
            end of the second quarter of 2024

"We have delivered an encouraging start to 2024, underscored by a strong financial performance and raised outlook, building on the momentum of the past year," said Steve Hasker, President and CEO of Thomson Reuters. "As we chart our course through 2024, we remain committed to investing in content-driven technology that helps professionals make complex decisions with confidence. With an exciting AI product roadmap and strategic acquisitions shaping our core operations, we are confident we will continue to lead the way in transforming professional work."

Mr. Hasker added, "Looking ahead, we remain focused on continuing our track record of solid execution, as we work to accelerate Thomson Reuters' growth potential. This includes a continued focus on allocating capital to drive sustainable long-term value creation."

Consolidated Financial Highlights - Three Months Ended March 31


                                                                                      
            
              Three Months Ended March 31,

                                                                       
            (Millions of U.S. dollars, except for adjusted EBITDA margin and EPS)

                                                                                                    
            (unaudited)





            
              
                IFRS Financial Measures
              
            
            
              (1)                                                     2024                 2023  Change      Change at
                                                                                                                                                                                                Constant
                                                                                                                                                                                                Currency

    ---                                                                                                                                                                                                ---


            Revenues                                                                                                                                     $1,885               $1,738     8 %



            Operating profit                                                                                                                               $557                 $508    10 %



            Diluted earnings per share (EPS)                                                                                                              $1.06                $1.59   -33 %



            Net cash provided by operating activities                                                                                                      $432                 $267    60 %



            
              
                Non-IFRS Financial Measures
              
            
            
              (1)

    ---


            Revenues                                                                                                                                     $1,885               $1,738     8 %            8 %



            Adjusted EBITDA                                                                                                                                $806                 $677    19 %           19 %



            Adjusted EBITDA margin                                                                                                                       42.7 %              38.8 %  390bp   
          390bp



            Adjusted EPS                                                                                                                                  $1.11    
            $0.84(2)    32 %           32 %



            Free cash flow                                                                                                                                 $271                 $133   101 %





            
              (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.


            
              (2)    
              As of September 2023, we amended our definition of adjusted earnings to exclude amortization from acquired computer software. The
    comparative 2023 period has been revised to reflect the current period presentation. For additional information, see the "Non-IFRS
    Financial Measures" section of this news release.

Revenues increased 8%, driven by growth in recurring and transactions revenues. Net divestitures had a 1% negative impact on revenues and foreign currency had no impact.

    --  Organic revenues increased 9%, driven by 9% growth in recurring revenues
        (76% of total revenues) and 22% growth in transactions revenues. Global
        Print revenues decreased 10% organically.
    --  The company's "Big 3" segments reported organic revenue growth of 10%
        and collectively comprised 83% of total revenues.

Operating profit increased 10%, primarily reflecting higher revenues.

    --  Adjusted EBITDA increased 19%, also reflecting higher revenues. The
        related margin increased to 42.7% from 38.8% in the prior-year period.
        Foreign currency had no impact on the adjusted EBITDA margin.

Diluted EPS decreased to $1.06 compared to $1.59 in the prior-year period as the prior-year period included a significant increase in the value of our investment in LSEG. In the first quarter of 2024, diluted EPS benefited from a reduction in weighted-average common shares outstanding due to share repurchases and the company's June 2023 return of capital transaction.

    --  Adjusted EPS, which excludes the changes in value of the company's LSEG
        investment, as well as other adjustments, increased to $1.11 per share
        from $0.84 per share in the prior-year period, primarily due to higher
        adjusted EBITDA. Adjusted EPS also benefited from a reduction in
        weighted-average common shares.

Net cash provided by operating activities increased by $165 million due to the cash benefits from higher operating profit. The prior-year period also included $63 million of payments associated with the company's Change Program, which was completed at the end of 2022.

    --  Free cash flow increased $138 million primarily due to the same factors
        as above.

Highlights by Customer Segment - Three Months Ended March 31


                                                              
              
                (Millions of U.S. dollars, except for adjusted EBITDA margins)

                                                                                        
              
                (unaudited)




                                                                                                                               Three Months Ended


                                                                                                                               March 31,                                 
              
       Change


                                                                                                              2024           2023                                                 Total             Constant
                                                                                                                                                                                                  Currency
                                                                                                                                                                                                       (1)
                                                                                                                                                                                                             Organic

                                                                                                                                                                                                              (1)(2)




              
                
                  Revenues

    ---


                Legal Professionals                                                                          $721           $714                                                   1 %                  1 %       7 %



                Corporates                                                                                    507            435                                                  17 %                 16 %      12 %



                Tax & Accounting Professionals                                                                328            282                                                  16 %                 17 %      14 %



              "Big 3" Segments Combined(1)                                                                  1,556          1,431                                                   9 %                  9 %      10 %



                 Reuters News                                                                                 210            175                                                  20 %                 21 %      17 %



                 Global Print                                                                                 124            138                                                 -10 %                -10 %     -10 %



                 Eliminations/Rounding                                                                        (5)           (6)



              
                Revenues                                                                        $1,885         $1,738                                                   8 %                  8 %       9 %




                                           Adjusted EBITDA(
                
                1)

    ---


                Legal Professionals                                                                          $342           $318                                                   7 %                  8 %



                Corporates                                                                                    193            154                                                  26 %                 25 %



                Tax & Accounting Professionals                                                                181            149                                                  21 %                 22 %



              "Big 3" Segments Combined(1)                                                                    716            621                                                  15 %                 16 %



                Reuters News                                                                                   60             29                                                 105 %                109 %



                Global Print                                                                                   47             50                                                  -6 %                 -7 %



                Corporate costs                                                                              (17)          (23)                                                  n/a           
          n/a



              
                Adjusted EBITDA                                                                   $806           $677                                                  19 %                 19 %




                                           Adjusted EBITDA Margin(
                
                1)

    ---


                Legal Professionals                                                                        47.4 %        44.6 %                                               280 bp         
         310 bp



                Corporates                                                                                 37.8 %        35.1 %                                               270 bp         
         260 bp



                Tax & Accounting Professionals                                                             55.0 %        51.4 %                                               360 bp         
         360 bp



              "Big 3" Segments Combined(1)                                                                 45.8 %        43.1 %                                               270 bp         
         290 bp



                Reuters News                                                                               28.3 %        16.6 %                                              1170 bp        
         1190 bp



                Global Print                                                                               38.2 %        36.5 %                                               170 bp         
         130 bp



              
                Adjusted EBITDA margin                                                          42.7 %        38.8 %                                               390 bp               390 bp





              
                (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. 
                To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value
    adjustments related to acquired 
                deferred revenue.


              
                (2)      
                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 1% to $721 million, as organic revenue growth of 7% was largely offset by the negative impact from net divestitures.

    --  Recurring revenues increased 4% (97% of total, 7% organic). Organic
        growth was primarily driven by Westlaw, Practical Law, CoCounsel, HighQ
        and the segment's international businesses.
    --  Transactions revenues decreased 44% (3% of total, increased 4% organic).

Adjusted EBITDA increased 7% to $342 million.

    --  The margin increased to 47.4% from 44.6% driven by higher revenues and
        lower costs.

Corporates

Revenues increased 16% to $507 million, including the acquisition impact of Pagero. Organic revenues increased 12%.

    --  Recurring revenues increased 13% (73% of total, 11% organic). Organic
        growth was primarily driven by Practical Law, Indirect Tax, Pagero and
        the segment's international businesses.
    --  Transactions revenues increased 26% (27% of total, 16% organic). Organic
        growth was primarily driven by strong seasonal demand at Trust and
        Confirmation.

Adjusted EBITDA increased 26% to $193 million.

    --  The margin increased to 37.8% from 35.1%, driven by higher revenues.

Tax & Accounting Professionals

Revenues increased 17% to $328 million. Organic revenues increased 14%.

    --  Recurring revenues increased 14% (61% of total, all organic). Organic
        growth was driven by the segment's Latin America business and UltraTax.
    --  Transactions revenues increased 23% (39% of total, 15% organic)
        primarily due to seasonal strength at SurePrep, UltraTax and
        Confirmation.

Adjusted EBITDA increased 21% to $181 million.

    --  The margin increased to 55.0% from 51.4%, primarily driven by higher
        revenues.

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 $210 million increased 21% (17% organic) driven primarily by Generative AI related content licensing revenue that was largely transactional in nature.

Adjusted EBITDA increased 105% to $60 million driven by higher revenues.

Global Print

Revenues of $124 million decreased 10% on an organic basis, impacted in part by the migration of customers from a Global Print product to Westlaw.

Adjusted EBITDA decreased 6% to $47 million.

    --  The margin increased to 38.2% from 36.5%, reflecting lower costs.

Corporate Costs

Corporate costs were $17 million, compared to $23 million in the prior-year period.

2024 Outlook

The company moderately raised its 2024 outlook for total and organic revenue growth due its strong performance in the first quarter and maintained all other measures in its outlook.

The company's outlook for 2024 in the table below assumes constant currency rates and excludes the impact of any future acquisitions or dispositions that may occur during the remainder of the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.

The company expects its second-quarter 2024 organic revenue growth to be approximately 6% and its adjusted EBITDA margin to be approximately 36%.

The company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company's ability to achieve its outlook.

Reported Full-Year 2023 Results and Full-Year 2024 Outlook



     
                Total Thomson Reuters                            FY 2023               FY 2024             FY
                                                                                                               2024

                                                                    Reported              Outlook          Outlook

                                                                                          2/8/2024         5/2/2024



     Total Revenue Growth                                               3 %                ~ 6.5%     6.5% - 7.0%



     Organic Revenue Growth (1)                                         6 %                  ~ 6%     6.0% - 6.5%



     Adjusted EBITDA Margin (1)                                      39.3 %                 ~ 38% Unchanged



     Corporate Costs                                    
          $115 million 
     $120 - $130 million  Unchanged



     Free Cash Flow (1)                                 
          $1.9 billion     ~ $1.8 billion     Unchanged



     Accrued Capex as % of Revenue (1)                                7.8 %                ~ 8.5% Unchanged



     Depreciation & Amortization of Computer Software   
          $628 million 
     $730 - $750 million  Unchanged


         Depreciation & Amortization of Internally


            Developed Software                          
          $556 million 
     $595 - $615 million  Unchanged


         
              Amortization of Acquired Software    
          $72 million     ~ $135 million     Unchanged



     Interest Expense (P&L) (2)                       
        $164 million (2) 
     $150 - $170 million  Unchanged



     Effective Tax Rate on Adjusted Earnings (1)                     16.5 %                 ~ 18% Unchanged



     
                "Big 3" Segments (1)                             FY 2023               FY 2024          FY 2024

                                                                    Reported              Outlook          Outlook

                                                                                          2/8/2024         5/2/2024



     Total Revenue Growth                                               3 %                  ~ 8%     8.0% - 8.5%



     Organic Revenue Growth                                             7 %                ~ 7.5%     7.5% - 8.0%



     Adjusted EBITDA Margin                                          43.8 %                 ~ 43% 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.



     (2) Full-year 2023 interest expense excludes a $12 million benefit associated with the release of a tax reserve that is removed from
            adjusted earnings.

The information in this section is forward-looking. Actual results, which will include the impact of currency and future acquisitions and dispositions completed during 2024 may differ materially from the company's 2024 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."

Acquisitions

In first quarter of 2024, the company acquired 99.58% of Pagero Group AB (Pagero) for $767 million. Pagero is a global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network. Pagero links customers, suppliers, and institutions, allowing for the automated, compliant, and secure exchange of digital orders, invoices, and other business documents.

In January 2024, the company also acquired World Business Media Limited, a cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry. This acquisition is in line with Reuters' strategic priority to provide must-have news and insight for new customer markets and professional verticals.

Dividends

In February 2024, the company announced a 10% or $0.20 per share annualized increase in the dividend to $2.16 per common share, representing the 31(st) consecutive year of dividend increases. A quarterly dividend of $0.54 per share is payable on June 10, 2024 to common shareholders of record as of May 16, 2024.

Share Repurchases - Update on $1.0 Billion Buyback Program

In November 2023, Thomson Reuters announced its plans to repurchase up to $1.0 billion of its common shares.

From November 2023 through April 30, 2024, the company repurchased approximately 5.6 million of its common shares under this buyback program, for a total spend of $819 million. As of April 30, 2024, Thomson Reuters had approximately 450.7 million common shares outstanding.

Subject to market conditions, the company anticipates completing the $1.0 billion program by the end of the second quarter of 2024.

LSEG Ownership Interest

Thomson Reuters indirectly owns LSEG shares through an entity that it jointly owns with Blackstone's consortium. During the first quarter of 2024, the company sold 10.1 million shares that it indirectly owned and received $1.2 billion of gross proceeds.

On May 1, 2024, the company agreed to sell to LSEG approximately 1.6 million LSEG shares that it indirectly owned for approximately $175 million in an off-market purchase pursuant to the terms of a buyback contract that was approved by LSEG's shareholders on April 25, 2024. In order to enable the off-market purchase, LSEG agreed to a limited variation of the contractual lock-up provisions previously agreed between LSEG and the Blackstone consortium/Thomson Reuters entities that hold the LSEG shares.

As of May 1, 2024, after the completion of the above transaction, Thomson Reuters indirectly owned approximately 4.3 million LSEG shares, which had a market value of approximately $0.5 billion based on LSEG's closing share price on that day. These shares are subject to amended lock-up provisions that allow our company to sell all of the remaining shares after January 29, 2025.

Thomson Reuters
Thomson Reuters (NYSE / TSX: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.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 (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, 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.

As of September 30, 2023, Thomson Reuters amended its definition of adjusted earnings to exclude amortization from acquired computer software. While the company has always excluded amortization from acquired identifiable intangible assets other than computer software from its definition of adjusted earnings, this change aligns its treatment of amortization for all acquired intangible assets. Prior period amounts were revised for comparability.

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 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.

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 "2024 Outlook" section, and the statements regarding the company's anticipated completion of its buyback program in the second quarter of 2024, 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 19-35 in the "Risk Factors" section of the company's 2023 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, 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 2024 outlook see page 67 of the company's 2023 annual report. The company's annual report was 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 period 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                                                  
     INVESTORS


       Gehna Singh Kareckas                                     Gary Bisbee, CFA


       Senior Director, Corporate Affairs                       Head of Investor
                                                                  Relations


       +1 613 979 4272                                                                       +1 646 540 3249

                                    gehna.singhkareckas@tr.com                    gary.bisbee

                                                                                                      @tr.com

    ---

Thomson Reuters will webcast a discussion of its first-quarter 2024 results and its 2024 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


                                                                                                                          March 31,


                                                                                                              2024        2023




     
                CONTINUING OPERATIONS



     Revenues                                                                                              $1,885      $1,738



     Operating expenses                                                                                   (1,081)    (1,074)



     Depreciation                                                                                            (28)       (30)



     Amortization of computer software                                                                      (153)      (118)



     Amortization of other identifiable intangible assets                                                    (25)       (25)



     Other operating (losses) gains, net                                                                     (41)         17



     Operating profit                                                                                         557         508



     Finance costs, net:



          Net interest expense                                                                               (40)       (55)



          Other finance income (costs)                                                                         22        (90)



     Income before tax and equity method investments                                                          539         363



     Share of post-tax (losses) earnings in equity method investments                                         (8)        570



     Tax expense                                                                                             (67)      (196)



     
                Earnings from continuing operations                                                         464         737



     Earnings from discontinued operations, net of tax                                                         14          19



     Net earnings                                                                                            $478        $756



     Earnings (loss) attributable to:



     Common shareholders                                                                                     $481        $756



     Non-controlling interests                                                                                (3)





     
                Earnings per share:



     Basic earnings per share:



        From continuing operations                                                                          $1.03       $1.56



        From discontinued operations                                                                         0.03        0.04



     Basic earnings per share                                                                               $1.06       $1.60





     Diluted earnings per share:



        From continuing operations                                                                          $1.03       $1.55



        From discontinued operations                                                                         0.03        0.04



     Diluted earnings per share                                                                             $1.06       $1.59





     Basic weighted-average common shares                                                             452,126,329 473,269,056



     Diluted weighted-average common shares                                                           452,827,063 474,162,799


                                
              
                Thomson Reuters Corporation

                       
              
                Consolidated Statement of Financial Position

                                       
              (millions of U.S. dollars)

                                              
              (unaudited)




                                                                                            March 31,   December 31,


                         
              
                2024                                              2023



     
                Assets



     Cash and cash equivalents                                                                $1,901          $1,298



     Trade and other receivables                                                               1,040           1,122



     Other financial assets                                                                       18              66



     Prepaid expenses and other current assets                                                   464             435



     
                Current assets                                                               3,423           2,921





     Property and equipment, net                                                                 451             447



     Computer software, net                                                                    1,500           1,236



     Other identifiable intangible assets, net                                                 3,199           3,165



     Goodwill                                                                                  7,285           6,719



     Equity method investments                                                                   836           2,030



     Other financial assets                                                                      426             444



     Other non-current assets                                                                    629             618



     Deferred tax                                                                              1,067           1,104



     
                Total assets                                                               $18,816         $18,684





     
                Liabilities and equity



     
                Liabilities



     Current indebtedness                                                                       $941            $372



     Payables, accruals and provisions                                                           922           1,114



     Current tax liabilities                                                                     354             248



     Deferred revenue                                                                            928             992



     Other financial liabilities                                                                 390             507



     
                Current liabilities                                                          3,535           3,233





     Long-term indebtedness                                                                    2,879           2,905



     Provisions and other non-current liabilities                                                689             692



     Other financial liabilities                                                                 253             237



     Deferred tax                                                                                425             553



     
                Total liabilities                                                            7,781           7,620





     
                Equity



     Capital                                                                                   3,400           3,405



     Retained earnings                                                                         8,712           8,680



     Accumulated other comprehensive loss                                                    (1,077)        (1,021)



     
                Total equity                                                                11,035          11,064



     
                Total liabilities and equity                                               $18,816         $18,684


                                              
              
                Thomson Reuters Corporation

                                          
              
                Consolidated Statement of Cash Flow

                                                     
              (millions of U.S. dollars)

                                                             
              (unaudited)




                                                                                                             Three Months Ended

                                                                                                                 March 31,


                                                                                                                      2023






                                                                                                        2024                         (1)




     
                Cash provided by (used in):



     
                Operating activities



     Earnings from continuing operations                                                               $464                        $737



     Adjustments for:



     Depreciation                                                                                        28                          30



     Amortization of computer software                                                                  153                         118



     Amortization of other identifiable intangible assets                                                25                          25



     Share of post-tax losses (earnings) in equity method investments                                     8                       (570)



     Deferred tax                                                                                     (150)                      (127)



     Other                                                                                               48                         132



     Changes in working capital and other items                                                       (143)                       (80)



     Operating cash flows from continuing operations                                                    433                         265



     Operating cash flows from discontinued operations                                                  (1)                          2



     Net cash provided by operating activities                                                          432                         267



     
                Investing activities



     Acquisitions, net of cash acquired                                                               (436)                      (490)



     Payments related to disposals of businesses and investments                                        (4)



     Proceeds from sales of LSEG shares                                                               1,244                       2,293



     Capital expenditures                                                                             (145)                      (140)



     Other investing activities                                                                                                     23



     Taxes paid on sales of LSEG shares and disposals of businesses                                    (16)                       (18)



     Net cash provided by investing activities                                                          643                       1,668



     
                Financing activities



     Repayments of debt                                                                                (48)



     Net borrowings (repayments) under short-term loan facilities                                       564                       (361)



     Payments of lease principal                                                                       (15)                       (16)



     Repurchases of common shares                                                                     (352)                      (718)



     Dividends paid on preference shares                                                                (1)                        (1)



     Dividends paid on common shares                                                                  (237)                      (224)



     Purchase of non-controlling interests                                                            (380)



     Other financing activities                                                                         (1)                          5



     Net cash used in financing activities                                                            (470)                    (1,315)



     Translation adjustments                                                                            (2)                          1



     Increase in cash and cash equivalents                                                              603                         621



     Cash and cash equivalents at beginning of period                                                 1,298                       1,069



     Cash and cash equivalents at end of period                                                      $1,901                      $1,690



     (1) Amounts have been reclassified to reflect the current presentation.


                                                                      
              
                Thomson Reuters Corporation


                                              
              
                Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA(1)


                                                              
              (millions of 
              U.S. dollars, except for margins)


                                                                                     
              (unaudited)




                                                                                                                                                     Three Months Ended             Year Ended


                                              
              
                March 31,                                                                   December 31,


                                                                                                                                                          2024        2023     2023






     
                Earnings from continuing operations                                                                                                    $464        $737   $2,646



     Adjustments to remove:



     Tax expense                                                                                                                                           67         196      417



     Other finance (income) costs                                                                                                                        (22)         90      192



     Net interest expense                                                                                                                                  40          55      152



     Amortization of other identifiable intangible assets                                                                                                  25          25       97



     Amortization of computer software                                                                                                                    153         118      512



     Depreciation                                                                                                                                          28          30      116



     
                EBITDA                                                                                                                                 $755      $1,251   $4,132



     Adjustments to remove:



     Share of post-tax losses (earnings) in equity method investments                                                                                       8       (570) (1,075)



     Other operating losses (gains), net                                                                                                                   41        (17)   (397)



     Fair value adjustments*                                                                                                                                2          13       18



     
                Adjusted EBITDA(1)                                                                                                                     $806        $677   $2,678



     
                Adjusted EBITDA margin(1)                                                                                                            42.7 %     38.8 %  39.3 %



     
     * 
     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, as well as adjustments related to acquired deferred revenue.


                                                    
              
                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 Year Ended


                            
              
                March 31,                                                            December 31,


                                                                                                      2024     2023                  2023




     
                Net cash provided by operating activities                                          $432     $267                $2,341



     Capital expenditures                                                                           (145)   (140)                 (544)



     Other investing activities                                                                                23                   137



     Payments of lease principal                                                                     (15)    (16)                 (58)



     Dividends paid on preference shares                                                              (1)     (1)                  (5)



     
                Free cash flow(1)                                                                  $271     $133                $1,871


                                             
              
                Thomson Reuters Corporation


      
       
                Reconciliation of Capital Expenditures to Accrued Capital Expenditures
       
     
     (1)


                                              
              (millions of 
              U.S. dollars)


                                                           
              (unaudited)


                                                                                                                     Year Ended


                                                                                                         December 31,


                                                                                                                            2023




       Capital expenditures                                                                                                $544



       Remove: IFRS adjustment to cash basis                                                                               (12)



       
                Accrued capital expenditures(1)                                                                        $532



       
                Accrued capital expenditures as a percentage of revenues(1)                                           7.8 %



     (1) Refer to page 18 for additional information on non-IFRS financial measures.


                                                        
              
                Thomson Reuters Corporation


                                    
              
                Reconciliation of Net Earnings 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           Year Ended

                                                                                                                                                  March 31,              December 31,




                                                                                                                                       2024  2023                   2023

                                                                                                                                                                   ---


     
                Net earnings                                                                                                        $478  $756                 $2,695



     Adjustments to remove:



     Fair value adjustments*                                                                                                             2    13                     18



     Amortization of acquired computer software                                                                                         38     7                     72



     Amortization of other identifiable intangible assets                                                                               25    25                     97



     Other operating losses (gains), net                                                                                                41  (17)                 (397)



     Interest benefit impacting comparability(2)                                                                                         -                       (12)



     Other finance (income) costs                                                                                                     (22)   90                    192



     Share of post-tax losses (earnings) in equity method investments                                                                    8 (570)               (1,075)



     Tax on above items(1)                                                                                                            (32)  110                    265



     Tax items impacting comparability(1)(2)                                                                                          (11)                      (172)



     Earnings from discontinued operations, net of tax                                                                                (14) (19)                  (49)



     Interim period effective tax rate normalization(1)                                                                                (9)    2



     Dividends declared on preference shares                                                                                           (1)  (1)                   (5)



     
                Adjusted earnings(1)(3)                                                                                             $503  $396                 $1,629



     
                Adjusted EPS(1)(3)                                                                                                 $1.11 $0.84



     Total change                                                                                                                     32 %



     Foreign currency                                                                                                                  0 %



     Constant currency                                                                                                                32 %





     Diluted weighted-average common shares (millions)                                                                               452.8 474.2



     
                Reconciliation of Effective Tax Rate on Adjusted Earnings(1)                  Year-ended
                                                                                    December 31,


                                                                                                       2023




     
                Adjusted earnings                                                                 $1,629



     Plus: Dividends declared on preference shares                                                       5



     Plus: Tax expense on adjusted earnings                                                            324



     
                Pre-tax adjusted earnings                                                         $1,958





     
                IFRS tax expense                                                                    $417



     Remove tax related to:



        Amortization of acquired computer software                                                      17



        Amortization of other identifiable intangible assets                                            22



        Share of post-tax earnings in equity method investments                                      (253)



        Other finance costs                                                                             31



        Other operating gains, net                                                                    (81)



        Other items                                                                                    (1)



     Subtotal - Remove tax expense on pre-tax items removed from adjusted earnings                   (265)



     Remove: Tax items impacting comparability                                                         172



     Total - Remove all items impacting comparability                                                 (93)



     
                Tax expense on adjusted earnings                                                    $324



     
                Effective tax rate on adjusted earnings                                           16.5 %



     
     *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, as well as adjustments related to acquired deferred revenue.




                                                                                                                                                                                                                                                                                           
              (1) 
     Refer to page 18 for additional information on non-IFRS financial measures.


                                                                                                                                                                                                                                                                                           
              (2) 
     The year ended December 31, 2023, included the release of tax and interest reserves due to the expiration of statutes of limitation.


                                                                                                                                                                                                                                                                                           
              (3) 
     The adjusted earnings impact of non-controlling interests, which was applicable only to the three-month period ended March 31, 2024, was not material.


                                                                                                          
              
                
                    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


                                                                                    March 31,                                                                                                                       
     
     Change


                                                            2024   2023                                     Total                                                                       SUBTOTAL                Net
                                                                                                                                                                                      Constant

                                                                                                                                          Foreign                                     Currency      Acquisitions/
                                                                                                                                         Currency                                                  (Divestitures)
                                                                                                                                                                                                                               Organic




       
                
                  Total Revenues

    ---


         Legal Professionals                               $721   $714                                       1 %                               0 %                                          1 %               -6 %                  7 %



         Corporates                                         507    435                                      17 %                               1 %                                         16 %                4 %                 12 %



         Tax & Accounting Professionals                     328    282                                      16 %                              -1 %                                         17 %                3 %                 14 %



       "Big 3" Segments Combined(1)                       1,556  1,431                                       9 %                               0 %                                          9 %               -1 %                 10 %



         Reuters News                                       210    175                                      20 %                               0 %                                         21 %                4 %                 17 %



         Global Print                                       124    138                                     -10 %                               0 %                                        -10 %                0 %                -10 %



         Eliminations/Rounding                              (5)   (6)



       
                Revenues                             $1,885 $1,738                                       8 %                               0 %                                          8 %               -1 %                  9 %




                                    Recurring Revenues

    ---


         Legal Professionals                               $698   $672                                       4 %                               0 %                                          4 %               -4 %                  7 %



         Corporates                                         370    326                                      13 %                               1 %                                         13 %                2 %                 11 %



         Tax & Accounting Professionals                     199    176                                      13 %                              -1 %                                         14 %                0 %                 14 %



       "Big 3" Segments Combined(1)                       1,267  1,174                                       8 %                               0 %                                          8 %               -2 %                  9 %



         Reuters News                                       164    155                                       6 %                              -1 %                                          7 %                3 %                  4 %



         Eliminations/Rounding                              (5)   (6)



       
                Total Recurring Revenues             $1,426 $1,323                                       8 %                               0 %                                          8 %               -1 %                  9 %




                                    Transactions Revenues

    ---


         Legal Professionals                                $23    $42                                     -46 %                              -2 %                                        -44 %              -49 %                  4 %



         Corporates                                         137    109                                      26 %                               0 %                                         26 %               10 %                 16 %



         Tax & Accounting Professionals                     129    106                                      22 %                              -1 %                                         23 %                8 %                 15 %



       "Big 3" Segments Combined(1)                         289    257                                      13 %                              -1 %                                         13 %               -1 %                 14 %



         Reuters News                                        46     20                                     127 %                               1 %                                        126 %               16 %                110 %



       
                Total Transactions Revenues            $335   $277                                      21 %                              -1 %                                         22 %                0 %                 22 %


                                                    Year Ended


                                                   December 31,                         
     
     Change


                                                           2023   2022 Total                         SUBTOTAL              Net
                                                                                                   Constant

                                                                              Foreign              Currency    Acquisitions/
                                                                             Currency                         (Divestitures)
                                                                                                                               Organic



                                    Total Revenues

    ---


         Legal Professionals                            $2,807 $2,803   0 %        0 %                   0 %             -6 %       6 %



         Corporates                                      1,620  1,536   5 %        0 %                   5 %             -2 %       7 %



         Tax & Accounting Professionals                  1,058    986   7 %       -2 %                   9 %             -1 %      10 %



       "Big 3" Segments Combined(1)                      5,485  5,325   3 %        0 %                   4 %             -4 %       7 %



         Reuters News                                      769    733   5 %        0 %                   5 %              1 %       4 %



         Global Print                                      562    592  -5 %       -1 %                  -4 %             -1 %      -3 %



         Eliminations/Rounding                            (22)  (23)



       
                Revenues                            $6,794 $6,627   3 %        0 %                   3 %             -3 %       6 %



     
              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. The three months ended March 31, 2023 reflects a revision of $3 million between recurring and transactions revenues within the Corporates segment.







     (1) Refer to page 18 for additional information on non-IFRS financial measures.


                                                                                  
              
                Thomson Reuters Corporation


                                                           
     
      Reconciliation of Changes in Adjusted EBITDA(1) and Related Margin(1) to Changes on a Constant Currency Basis(1)


                                                                          
              (millions of 
              U.S. dollars, except for margins)


                                                                                                 
              (unaudited)




                                                                                                Three Months Ended


                                                                                                March 31,                                                                
           
      Change


                                                                               2024           2023                                                 Total                              Foreign   Constant

                                                                                                                                                                                   Currency   Currency



                                    Adjusted EBITDA
                                     (1)

    ---


         Legal Professionals                                                  $342           $318                                                   7 %                                 -1 %        8 %



         Corporates                                                            193            154                                                  26 %                                  1 %       25 %



         Tax & Accounting Professionals                                        181            149                                                  21 %                                 -1 %       22 %



       "Big 3" Segments Combined(1)                                            716            621                                                  15 %                                  0 %       16 %



         Reuters News                                                           60             29                                                 105 %                                 -4 %      109 %



         Global Print                                                           47             50                                                  -6 %                                  1 %       -7 %



         Corporate costs                                                      (17)          (23)                                                  n/a                                  n/a        n/a



       
                Adjusted EBITDA                                           $806           $677                                                  19 %                                  0 %       19 %




                                    Adjusted EBITDA Margin
       
      (1)

    ---


         Legal Professionals                                                47.4 %        44.6 %                                               280 bp                               -30 bp     310 bp



         Corporates                                                         37.8 %        35.1 %                                               270 bp                                10 bp     260 bp



         Tax & Accounting Professionals                                     55.0 %        51.4 %                                               360 bp                                 0 bp     360 bp



       "Big 3" Segments Combined(1)                                         45.8 %        43.1 %                                               270 bp                               -20 bp     290 bp



         Reuters News                                                       28.3 %        16.6 %                                              1170 bp                               -20 bp    1190 bp



         Global Print                                                       38.2 %        36.5 %                                               170 bp                                40 bp     130 bp



       
                Adjusted EBITDA margin                                  42.7 %        38.8 %                                               390 bp                                 0 bp     390 bp

Reconciliation of adjusted EBITDA margin((1)
)
To compute segment and consolidated adjusted EBITDA margin, we exclude fair value adjustments related to acquired deferred revenue from our IFRS revenues. The chart below reconciles IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.


                                     
            
          Three months ended,
                 March
           31, 2024


                                       IFRS revenues                     Remove fair
                                                                             value                       Revenues excluding   Adjusted EBITDA           Adjusted EBITDA
                                                            adjustments to                       fair value                                      Margin
                                                                acquired
                                                                deferred                       adjustments to
                                                                revenue                      acquired deferred
                                                                                                   revenue



     Legal Professionals                       $721                                                                    $721               $342                     47.4 %



     Corporates                                 507                               $3                                     510                193                     37.8 %



     Tax & Accounting Professionals             328                                                                     328                181                     55.0 %



     "Big 3" Segments Combined                1,556                                3                                   1,559                716                     45.8 %



     Reuters News                               210                                1                                     211                 60                     28.3 %



     Global Print                               124                                                                     124                 47                     38.2 %



     Eliminations/ Rounding                     (5)                                                                    (5)                              
              n/a



     Corporate costs                                                                                                                    (17)            
              n/a



     Consolidated totals                     $1,885                               $4                                  $1,889               $806                     42.7 %



     
              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 18 for additional information on non-IFRS financial measures.


                                     
            
          Three months ended,
                 March
           31, 2023


                                       IFRS revenues                     Remove fair
                                                                             value                       Revenues excluding   Adjusted EBITDA           Adjusted EBITDA
                                                            adjustments to                       fair value                                      Margin
                                                                acquired
                                                                deferred                       adjustments to
                                                                revenue                      acquired deferred
                                                                                                   revenue



     Legal Professionals                       $714                                                                    $714               $318                     44.6 %



     Corporates                                 435                               $2                                     437                154                     35.1 %



     Tax & Accounting Professionals             282                                7                                     289                149                     51.4 %



     "Big 3" Segments Combined                1,431                                9                                   1,440                621                     43.1 %



     Reuters News                               175                                                                     175                 29                     16.6 %



     Global Print                               138                                                                     138                 50                     36.5 %



     Eliminations/ Rounding                     (6)                                                                    (6)                              
              n/a



     Corporate costs                                                                                                                    (23)            
              n/a



     Consolidated totals                     $1,738                               $9                                  $1,747               $677                     38.8 %



     
     Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.





     
     n/a: not applicable


                                                        
               
              
                Thomson Reuters Corporation


                                    
              
                "Big 3" Segments and Consolidated Adjusted EBITDA(1) and the Related Margins(1)


                                                      
              (millions of 
              U.S. dollars, except for margins)


                                                                             
              (unaudited)




                                                                                                                                             Year Ended


                                                                                                                                            December 31,

                                                                                                                                                    2023


                                                                                                                                                           2023




       
                
                  Adjusted EBITDA
                
                
                  
                    (1)

    ---


         Legal Professionals                                                                                                                            $1,299



         Corporates                                                                                                                                        619



         Tax & Accounting Professionals                                                                                                                    490



       "Big 3" Segments Combined(1)                                                                                                                      2,408



         Reuters News                                                                                                                                      172



         Global Print                                                                                                                                      213



         Corporate costs                                                                                                                                 (115)



       
                Adjusted EBITDA                                                                                                                     $2,678





       
                
                  "Big 3" Segments Combined
                
                (1)

    ---


       Adjusted EBITDA                                                                                                                                  $2,408



       Revenues, excluding $15 million of fair value adjustments to acquired deferred revenue                                                           $5,500



       Adjusted EBITDA margin                                                                                                                           43.8 %





       
                
                  Consolidated
                
                (1)

    ---


       Adjusted EBITDA                                                                                                                                  $2,678



       Revenues, excluding $16 million of fair value adjustments to acquired deferred revenue                                                           $6,810



       Adjusted EBITDA margin                                                                                                                           39.3 %



     (1) Refer to page 18 for additional information on non-IFRS financial measures.


                            Non-IFRS Financial Measures                                       
              
                Definition                                                             Why Useful to the Company and Investors



              Adjusted EBITDA                          Represents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other     Provides a consistent basis to evaluate operating
                                                         finance costs or income, depreciation, amortization of computer software and other identifiable intangible assets,      profitability and performance trends by excluding items that
                                                         Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses,    the company does not consider to be controllable activities
                                                         certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue.      for this purpose.
    and the related
    margin

                                                        The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues Also, represents a measure commonly reported and widely used
                                                         are before fair value adjustments to acquired deferred revenue.                                                         by investors as a valuation metric, as well as to assess the
                                                                                                                                                                                 company's ability to incur and service debt.



              Adjusted earnings and                    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 acquired intangible assets
                                                         (attributable to other identifiable intangible assets and acquired computer software), 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. Acquired
                                                         intangible assets contribute to the generation of revenues from acquired companies, which are included in our
                                                         computation of adjusted earnings.                                                                                      Provides a more comparable basis to analyze earnings.
    adjusted EPS


                                                        The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates       These measures are commonly used by shareholders to measure
                                                         associated with the nature and jurisdiction of each item.                                                               performance.



                                                        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.





              Effective tax rate on                    Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax (benefit)     Provides a basis to analyze the effective tax rate associated
                                                         expense plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other   with adjusted earnings.
                                                         tax items impacting comparability.
    adjusted earnings


                                                        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.

                                                        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 and other investing activities, less capital expenditures, payments of lease  Helps assess the company's ability, over the long term, to
                                                         principal and dividends paid on the company's preference shares.                                                        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                       The changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency Provides better comparability of business trends from period
                                                         or excluding the effects of currency) are determined by converting the current and equivalent prior period's local      to period.
                                                         currency results using the same foreign currency exchange rate.
    impact of foreign
    currency or at
    "constant currency"



              Changes in                               Represent changes in revenues of the company's existing businesses at constant currency. The metric excludes the        Provides further insight into the performance of the
                                                         distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods.            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.
    revenues computed
    on an "organic"
    basis



              Accrued capital                          Accrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid Reflects the basis on which the company manages capital
                                                         at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to     expenditures for internal budgeting purposes.
                                                         acquired deferred revenue.
    expenditures as a
    percentage of
    revenues



              "Big 3" segments                         The company's combined Legal Professionals, Corporates and Tax & Accounting Professionals segments. All measures        The "Big 3" segments comprised approximately 80% of revenues
                                                         reported for the "Big 3" segments are non-IFRS financial measures.                                                      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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