The brief analyzes de-identified medical claims and reveals mental health jumped another 11% from 2022 to 2023 and are now up 83% since before the pandemic (comparing 2019 to 2023). The pandemic-driven surge in telehealth visits for mental health conditions reversed among children under 18, dropping 14% from 2022 to 2023, while the pace among adults slowed but continued to increase by 5% in the same timeframe. Meanwhile, in-office mental health visits have seen an uptick from 2022 through 2023 among all age ...

Financial Performance - Revenue for 2023 increased to £9,161 million, representing a 7% growth compared to £8,553 million in 2022[12] - Adjusted operating profit grew by 13% to £3,030 million, with an operating margin of 33.1%[12] - Earnings per share (EPS) rose to 114.0p, reflecting an 11% increase in constant currency terms[18] - Proposed full-year dividend increased by 8% to 58.8p, up from 54.6p in the previous year[20] - Underlying revenue growth was reported at 8%, with all business areas performing strongly[18] - Total Shareholder Returns over the decade reached 347%, significantly outperforming the FTSE100's 67%[18] - Net debt decreased to £6,446 million from £6,604 million[15] - Cash generated from operations increased to £3,370 million, up from £3,061 million[15] - The company expects another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis for 2024[36] - The company reported a significant increase in daily transactions, exceeding 1 million, and annual transactions surpassing 300 million[110] Segment Performance - In 2023, the Risk segment generated £3,133 million in revenue, reflecting an 8% increase, with an underlying profit of £1,165 million, up 9%[71] - The Scientific, Technical, and Medical (STM) segment reported £3,062 million in revenue, a 4% increase, with an underlying profit of £1,165 million, also up 4%[71] - The Legal segment achieved £1,851 million in revenue, marking a 6% increase, with an underlying profit of £393 million, up 8%[71] - The Exhibitions segment saw a significant revenue increase of 30% to £1,115 million, with an underlying profit surge of 100% to £319 million[71] Technology and Innovation - RELX invests $1.7 billion annually in technology, employing around 11,000 technologists, over half of whom are software engineers[76] - Lexis+ AI, a generative AI solution, is designed to transform legal work, featuring capabilities such as conversational search and intelligent legal drafting[89] - Lexis+ AI is supported by advanced encryption and privacy technology, ensuring the security of sensitive data[90] - RELX's technology infrastructure enables high-speed data ingestion and processing, utilizing machine learning and natural language processing for actionable insights[78] - LexisNexis emphasizes data security and privacy, addressing customer concerns that these are significant barriers to generative AI adoption[94] - Scopus AI combines Elsevier's Scopus database with responsible AI, offering access to over 29,000 journals and 2.4 billion citations[97] Market Strategy and Growth - The company plans to continue its strategy of organic growth supplemented by selective acquisitions in high-growth markets[40] - The geographical revenue distribution shows 79% from North America, 14% from Europe, and 7% from the rest of the world, highlighting a significant market presence in North America[121] - The company is focusing on enhancing user experience through improved data analytics and integration of government systems, aiming to reduce fraud and enhance access to essential services[111] - The company is actively pursuing new product development and technological advancements to improve decision-making tools for consumers and businesses[111] - The company is committed to improving operational efficiencies and reducing risks through advanced data solutions and analytics[116] Sustainability and Corporate Responsibility - The company achieved a AAA MSCI Environmental, Social and Governance rating for the eighth consecutive year[28] - The company is committed to sustainability initiatives, with plans to reduce its carbon footprint by 40% by 2025, aligning with global environmental standards[145] Future Outlook - The company expects continued strong underlying revenue growth in 2024, with adjusted operating profit growth slightly exceeding underlying revenue growth[126] - Future outlook includes continued growth in digital solutions and a focus on improving operational performance metrics[120] - The company aims to leverage emerging market opportunities to drive further revenue growth and enhance customer satisfaction[120]

Table of Contents As filed with the Securities and Exchange Commission on February 22, 2024 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, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

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]

Table of Contents | 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, 2022 | | ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | For the transition period from ...

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]