RELX PLC (NYSE:RELX) Q4 2023 Results Conference Call February 15, 2024 3:30 AM ET Company Participants Erik Engstrom - CEO Nicholas Luff - CFO Conference Call Participants George Webb - Morgan Stanley Adam Berlin - UBS Carl Murdock-Smith - Berenberg Nick Dempsey - Barclays Tom Singlehurst - Citi Steve Liechti - Numis Konrad Zomer - ABN AMRO ODDO Sami Kassab - BNP Erik Engstrom Good morning, everybody. Thank you for taking the time to join us today. As you may have seen from our press release this morning, ...

Financial Performance - Revenue for 2022 was £8,553 million, an increase of 18% from £7,244 million in 2021, with underlying growth of 9%[10] - Adjusted operating profit rose to £2,683 million, up 21% from £2,210 million, with underlying growth of 15%[10] - Adjusted earnings per share increased by 10% at constant currencies to 102.2p, compared to 87.6p in 2021[15] - Proposed full-year dividend increased by 10% to 54.6p, up from 49.8p[16] - In 2022, RELX reported revenues of £2,909 million, an increase of 18% from £2,474 million in 2021, with 80% of revenue coming from North America[93] - Revenue for 2022 was £2,909 million, an increase of 8% from £2,474 million in 2021[123] - LexisNexis Legal & Professional reported revenues of £1,782 million in 2022, up from £1,587 million in 2021, with 68% of revenue coming from North America[181] Debt and Cash Flow - Net debt at the end of 2022 was £6.6 billion, with a net debt/EBITDA ratio of 2.1x, down from 2.4x in 2021[17] - Cash flow conversion remained strong at 101%, contributing to a reduction in leverage[27] - The company deployed £500 million on share buybacks in 2022 and plans to deploy a total of £800 million in 2023[18] Emissions and Sustainability - Scope 1 and Scope 2 emissions decreased by 15% to 42,481 tCO2e from 49,695 tCO2e[11] - The company reduced Scope 1 and 2 carbon emissions by 15% and ensured 100% of electricity came from renewable sources[31] - The company received a AAA MSCI ESG rating for the seventh consecutive year, highlighting its commitment to corporate responsibility[32] User Engagement and Content - The number of unique users of the SDG Resource Centre increased to 155,082, up from 133,832[13] - In 2022, the company published over 600,000 new research articles, with its journals accounting for approximately 18% of global research output and 28% of citations[150] - The company launched 88 new journals, primarily Gold open access, increasing its portfolio to over 700 Gold open access journals[150] - The ScienceDirect platform received 1.3 billion visits annually, with 600,000 searches performed daily[174] - In 2022, Elsevier published over 600,000 articles from nearly 2.7 million submissions, maintaining a high publication rate[177] Strategic Focus and Investments - RELX's strategic focus remains on organic development of sophisticated analytics and decision tools, supplemented by selective acquisitions[33] - The company aims to expand content quality and coverage while integrating analytics and technology to improve decision-making[155] - RELX's technology investment amounts to $1.6 billion annually, supporting the development of advanced analytics and decision-making tools[73] Revenue Composition - Subscription revenue accounted for 39% of RELX's total revenue, while transactional revenues made up 61%[93] - Subscription revenue represented 74% of total revenue, while transactional revenue accounted for 26%[136] - Business Services, representing around 45% of RELX's revenue, saw strong growth driven by financial crime and compliance analytics[119] - Insurance Solutions, accounting for just under 40% of revenue, experienced improved momentum in auto insurance and new sales growth[120] - Specialised Industry Data Services, which represents just over 10% of revenue, showed strong growth with aviation returning to historical trends[121] - Government Solutions continues to expand its services, driven by the demand for fraud prevention tools amid increased government funding[111] Future Outlook - The company expects strong underlying revenue growth in 2023, aligning with historical trends, with adjusted operating profit growth broadly matching revenue growth[122] - The company expects underlying revenue growth to remain above historical trends in 2023, with adjusted operating profit growth slightly exceeding revenue growth[169]

Revenue Growth - The company reported a significant increase in revenue, with a year-over-year growth of 15% to $2.5 billion[5] - RELX PLC reported total revenue of £8,553 million for the year ended December 31, 2022, representing a 18% increase from £7,244 million in 2021[54] - Total revenue increased from £7,244 million in 2021 to £8,553 million in 2022, representing an 18% growth[95] - Reported revenue increased by 18% from £7,244 million in 2021 to £8,553 million in 2022, with underlying revenue growth at 9%[115] User Engagement - User data showed a 20% increase in active users, reaching 10 million by the end of the quarter[5] Future Projections - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next fiscal year[5] - New product launches are expected to contribute an additional $300 million in revenue over the next year[5] - The company plans to implement a new subscription model, which is expected to increase recurring revenue by 15%[5] Market Expansion - The company is expanding its market presence in Asia, targeting a 25% increase in market share by 2025[5] Acquisitions and Investments - A recent acquisition of a tech startup is anticipated to enhance the company's product offerings and drive innovation[5] - Total cash spent on acquisitions over the three years ended December 31, 2022, amounted to £1,596 million, with £460 million spent in 2022 alone[66] - Total acquisitions in 2022 amounted to £460 million, up from £262 million in 2021, representing a 75.7% increase[158] - The company is investing $50 million in research and development for new technologies[5] - Cash outflow on internally developed intangible assets increased from £309 million in 2021 to £400 million in 2022, indicating a 29.5% rise in investment in new products[157] - The Group's capitalized development costs rose from £309 million in 2021 to £400 million in 2022, marking a 29.5% increase in R&D investment[188] Operational Performance - Operating margins improved to 30%, up from 28% in the previous year[5] - Adjusted operating profit grew from £2,210 million in 2021 to £2,683 million in 2022, marking a 21% increase[112] - Reported operating margin improved from 26.0% in 2021 to 27.2% in 2022, with an overall adjusted operating margin of 31.4%[120] Segment Performance - The Risk segment generated £2,909 million in revenue, maintaining a 34% share of total revenue, consistent with previous years[54] - The Risk segment revenue increased by 18% from £2,474 million in 2021 to £2,909 million in 2022[102] - The Scientific, Technical & Medical segment revenue rose by 10% from £2,649 million in 2021 to £2,909 million in 2022[102] - The Legal segment revenue increased by 12% from £1,587 million in 2021 to £1,782 million in 2022[102] - The Exhibitions segment saw a significant revenue increase of 78%, from £534 million in 2021 to £953 million in 2022[102] - In the Risk segment, revenue grew by 18%, with underlying growth at 8% and strong contributions from Financial Crime & Compliance[130] - The Legal segment reported a revenue increase of 12%, with underlying growth at 5%, driven by enhancements in legal analytics[140] - Revenue from the Exhibitions segment surged by 78%, driven by a significant increase in face-to-face activity as venues reopened[146] Financial Health - The company employs over 35,000 people, with more than 40% based in North America, highlighting its significant operational presence in the region[51] - The Group's cash generated from operations increased from £2,476 million in 2021 to £3,061 million in 2022, reflecting a growth of 23.6%[156] - Currency translation effects increased the Group's revenue by £543 million in 2022, positively impacting profit before tax by £110 million[153] - The Group's debt increased from £6,167 million in 2021 to £6,730 million in 2022, a rise of 9.1%[162] - Net debt rose from £6,017 million in 2021 to £6,604 million in 2022, reflecting an increase of 9.7%[162] Regulatory Challenges - The company is facing regulatory challenges that could impact its data privacy practices and operational costs[5] - The company is subject to evolving laws and regulations regarding data protection and consumer information, which may impact its operations[81] Shareholder Returns - Total dividends paid to shareholders rose from £920 million in 2021 to £983 million in 2022, with the proposed final dividend increasing from 35.5p to 38.9p per share[127] - Ordinary dividends paid to shareholders increased from £920 million in 2021 to £983 million in 2022, a growth of 6.8%[161] - The company repurchased a total of 21.7 million shares for £500 million during 2022, with further repurchases in 2023[128]

Legal revenue, profit and margin progression 25 26 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------| | | Appendices | | 28 RELX revenue by segment 39 Reconciliation of adjusted to reported profit before tax | | | 29 RELX revenue by category 40 Balance sheet | | | | | 30 RELX revenue by format 41 Return on invested capital | | | | | 31 Risk: revenue ...

Financial Data and Key Metrics Changes - Underlying revenue growth was 9%, with underlying adjusted operating profit growth at 15% [1][13] - Adjusted earnings per share increased by 10% at constant currencies, with a proposed full-year dividend increase of 10% [1][20] - Adjusted operating margin improved by almost 1 percentage point to 31.4% [13][41] - Net profit was just under £2 billion, up 10% at constant currency and up 16% in sterling [42] Business Line Data and Key Metrics Changes - In Insurance, underlying revenue growth was strong at just under 40% of divisional revenue, supported by improved market factors [2] - STM saw underlying revenue growth improve to 4%, up from 3% last year, with adjusted operating profit growth at 5% [3] - Legal experienced a further improvement in underlying revenue growth to 5%, driven by higher-growth legal analytics, with adjusted operating profit growth at 8% [4] - Exhibitions reported a remarkable 64% underlying revenue growth, driven by venue reopenings and improved profitability [5] Market Data and Key Metrics Changes - Across all market segments, the shift towards higher growth analytics and decision tools is driving long-term growth [6] - North America generated 60% of revenue, benefiting from a stronger dollar, with sterling revenue up 18% overall [14] Company Strategy and Development Direction - The company aims to sustain strong growth in Risk, continue improving growth trajectories in STM and Legal, and capture growth opportunities in Exhibitions [12][36] - The strategic focus remains on organic development of sophisticated information-based analytics and decision tools [36] Management's Comments on Operating Environment and Future Outlook - Management expects underlying growth rates in revenue and adjusted operating profit to remain above historical trends, driving strong growth in adjusted earnings per share [23] - The company is leveraging AI and machine learning to enhance operations and customer interactions, viewing this as a competitive advantage [33][140] Other Important Information - Total free cash flow was up by 18% to just under £2 billion, with significant cash utilized for acquisitions, dividends, and share buybacks [18][43] - The company achieved net zero carbon emissions across Scopes 1 and 2, with ongoing improvements in corporate responsibility metrics [46][47] Q&A Session Summary Question: What is driving the increase in article submissions? - The increase in submissions is driven by the growing number of researchers and the increasing information intensity of science, with direct open access submissions growing close to 30% [25][26][54] Question: What are the expectations for the Legal division's growth? - The Legal division is expected to maintain strong renewal rates and positive momentum in new sales, with a long-term improving growth trajectory [30][57] Question: What is the outlook for the Exhibitions division? - The Exhibitions division is recovering towards pre-pandemic levels, with margins expected to return to around 26% [66][105] Question: How is the company addressing the impact of generative AI? - The company views generative AI as an opportunity to enhance products and internal processes, with ongoing experimentation and development [87][140] Question: What are the expectations for tax rates in 2023? - The effective tax rate for 2022 was 21.3%, with expectations for it to settle in the 22% to 23% range due to changes in the UK corporation tax rate [94]

| --- | --- | --- | |----------------------|----------------------------------------|--------------| | | | | | | | | | | | | | | | | | Interim results 2022 | | | | | | | | | Erik Engstrom, CEO, and Nick Luff, CFO | | | | | | | | | 28 July 2022 | 1 | --- | |-------| | | | | | | | | | 2 | 2 | --- | --- | --- | |-------|--------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | Erik Engstrom, CEO | | | | | | | | | | | | & RELX | 3 | 3 | --- | --- | |-------------------------------------- ...

Summary of RELX PLC H1 2022 Results Earnings Conference Call Company Overview - **Company**: RELX PLC (NYSE:RELX) - **Date of Call**: July 28, 2022 - **Participants**: Erik Engstrom (CEO), Nick Luff (CFO), various analysts from Barclays, UBS, Exane BNP Paribas, Goldman Sachs, Citigroup, Credit Suisse, and Bernstein Key Financial Highlights - **Revenue Growth**: 13% at constant currencies - **Adjusted Operating Profit Growth**: 16% at constant currencies - **Adjusted Earnings Per Share Growth**: 14% at constant currencies - **Interim Dividend Increase**: 10% to £0.157 per share - **Total Group Revenue**: Nearly £4 billion, up 17% in sterling - **Adjusted Operating Margin**: Improved to 31.2% [3][10][12][14] Business Area Performance Risk - **Underlying Revenue Growth**: 7%, with business services (45% of revenue) showing strong growth - **Digital Identity Solutions**: Grew around 20% with acquisitions enhancing customer value [4][10] - **Profitability**: Adjusted operating profit growth in line with revenue growth [10][13] Insurance - **Revenue Contribution**: Just under 40% of divisional total - **Market Improvement**: Gradual improvement in US auto insurance market factors [4][5][10] STM (Scientific, Technical, and Medical) - **Revenue Growth**: 4%, with adjusted operating profit growth at 6% - **Open Access Articles**: 40% growth in published articles [6][10][30] Legal - **Revenue Growth**: 4%, with adjusted operating profit growth at 6% - **Electronic Revenue**: Almost 90% of divisional total, driven by legal analytics [7][10] Exhibitions - **Revenue Growth**: Over 200%, driven by venue reopenings - **Adjusted Operating Result**: Positive due to increased activity levels and lower cost structure [8][10] Strategic Outlook - **Future Expectations**: Strong underlying revenue growth anticipated to align with historical trends across all business areas [5][17] - **Focus on Digital Tools**: Continued investment in digital tools to enhance physical events in exhibitions [8][41] Cash Flow and Capital Allocation - **Cash Conversion**: Strong at 103% - **Acquisition Spend**: £342 million on six acquisitions - **Share Buyback**: £300 million in the first half, with a total plan of £500 million for the year [10][16] Risks and Concerns - **US Recession Impact**: Potential exposure of transactional revenue to economic downturns, but historical resilience noted [23][25] - **Inflationary Pressures**: No immediate pricing impact observed, but potential for adjustments in 2023 [31][33] Analyst Questions and Responses - **Growth Trajectory**: Analysts inquired about the sustainability of growth rates in STM and Legal, with management affirming a positive outlook [19][20] - **Insurance Market Factors**: Recent improvements in driving patterns and claims volumes noted as positive indicators [35] - **Exhibitions in China**: Uncertainty remains, but flexibility in scheduling events is emphasized [37][41] Conclusion - **Overall Performance**: RELX PLC reported strong financial results for H1 2022, with positive growth across all business areas and a strategic focus on enhancing customer value through digital tools and acquisitions [17][18]

Table of Contents As filed with the Securities and Exchange Commission on February 17, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 Or ☑ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

[Transactions in own shares](index=1&type=section&id=Transactions%20in%20own%20shares) This section details the company's recent purchases of its own ordinary shares, including a summary of the transaction and a detailed breakdown of individual trades [Summary of Share Purchase](index=1&type=section&id=Summary%20of%20Share%20Purchase) On February 17, 2022, RELX PLC purchased 145,022 of its own ordinary shares on the London Stock Exchange through UBS AG London Branch, which will be held in treasury, bringing the total treasury shares to 50,663,925 and total ordinary shares in issue (excluding treasury) to 1,934,542,118 Share Purchase Details | Metric | Value | | :---------------------- | :------------------------ | | **Issuer Name** | RELX PLC | | **Date of Purchase** | 17 February 2022 | | **Intermediary** | UBS AG London Branch | | **Shares Purchased** | 145,022 | | **Avg. Price Paid** | 2245.0132 pence per share | | **Currency** | GBP | - Following the purchase, RELX PLC's capital structure is as follows: - **Treasury Shares:** 50,663,925 ordinary shares - **Shares in Issue (excluding treasury):** 1,934,542,118 ordinary shares[2](index=2&type=chunk) - Cumulatively, RELX PLC has purchased **576,246 shares** since January 4, 2022[2](index=2&type=chunk) [Detailed Transaction Breakdown](index=1&type=section&id=Detailed%20Transaction%20Breakdown) The report provides a disaggregated, trade-by-trade log of the share purchases executed on February 17, 2022, including the precise transaction time, volume, and price for each individual trade conducted on the London Stock Exchange (XLON) in accordance with Market Abuse Regulations - The filing provides a detailed breakdown of individual purchases made by the intermediary, UBS AG London Branch, as required by Article 5(1)(b) of the Market Abuse Regulation[3](index=3&type=chunk)[4](index=4&type=chunk) - All individual transactions listed were executed on the London Stock Exchange, as indicated by the platform code 'XLON'[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) - The granular data shows numerous small trades conducted throughout the day at varying prices, ranging from **2234.00 pence to 2270.00 pence**[5](index=5&type=chunk)[8](index=8&type=chunk)[11](index=11&type=chunk)

RELX PLC (NYSE:RELX) Q2 2021 Results Conference Call July 29, 2021 3:30 AM ET Company Participants Erik Engstrom - Chief Executive Officer Nick Luff - Chief Financial Officer Conference Call Participants Adam Berlin - UBS Nick Dempsey - Barclays Sam Kassab - Exane Matthew Walker - Crédit Suisse Tom Singlehurst - Citi Matti Littunen - Bernstein Patrick Wellington - Morgan Stanley Rajesh Kumar - HSBC Erik Engstrom Good morning, everybody. Thank you taking time to join us on our call today. As you may have see ...