Thomson Reuters Corporation (NYSE:TRI) Q4 2023 Earnings Conference Call February 8, 2024 9:00 AM ET Company Participants Gary Bisbee - Head of Investor Relations Steve Hasker - President, CEO and Director Mike Eastwood - Chief Financial Officer Conference Call Participants Scott Fletcher - CIBC Drew McReynolds - RBC Kevin McVeigh - UBS Tim Casey - BMO Capital Market. George Tong - Goldman Sachs Wahid Amin - Bank of America Manav Patnaik - Barclays Maher Yaghi - Scotiabank Doug Arthur - Huber Research Operat ...

Thomson Reuters 2023 Fourth-Quarter and Full-Year Results 2 Agenda Photo Credit: Hannibal Hanschkel THOMSON REUTERS® • Fourth-Quarter & Full-Year 2023 Highlights Steve Hasker Growth and Innovation Updates Fourth-Quarter & Full-Year 2023 Results • Q & A This presentation consists of these slides and the associated remarks and comments, which are related and intended to be presented and understood together. Special Note Our company has provided a business outlook for the purpose of presenting information abou ...

Thomson Reuters (TRI) came out with quarterly earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.92 per share. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.52%. A quarter ago, it was expected that this news and financial information company would post earnings of $0.68 per share when it actually produced earnings of $0.82, delivering a surprise of 20.59%.Over the las ...

Thomson Reuters (TRI) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 8, 2024, might help the stock move higher if these key numbers are better ...

TORONTO, Jan. 16, 2024 /PRNewswire/ -- Thomson Reuters Corporation ("Thomson Reuters") (NYSE/TSX: TRI), a global content and technology company, announced today that it has acquired World Business Media Limited, a cross-platform, subscription-based provider of editorial coverage for the (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. Based in London and with an additional editorial ...

Thomson Reuters plans to acquire Swedish eInvoicing firm Pagero for $626 million.The technology and content company said in a Thursday (Jan. 11) press release that the offer follows a partnership between the two companies launched last year to create a suite of global indirect tax, reporting and eInvoicing capabilities as countries increasingly shift toward real-time digital tax systems.“Pagero is a leading global provider of eInvoicing and indirect tax solutions, supporting customers as they navigate an ev ...

Scott Fletcher - CIBC Looking forward, our confidence around the generative AI opportunities continues to strengthen. We made good progress against our build, partner, buy approach in the third quarter, closing the Casetext acquisition and continuing progress on our product road maps. Reaction to Casetext and our gen AI pilots has been extremely encouraging. Customers are taking the acquisition, our commitment to heavy investment in our product road maps as a clear sign of our intent to lead in the applicat ...

Exhibit 99.1 Thomson Reuters Reports Third-Quarter 2023 Results TORONTO, November 1, 2023 – Thomson Reuters (TSX/NYSE: TRI) today reported results for the third quarter ended September 30, 2023: "Solid momentum across our business continued in the third quarter, despite an uncertain macro environment," said Steve Hasker, president and CEO of Thomson Reuters. "Importantly, our confidence around the generative AI opportunity continues to strengthen. We made good progress against our 'build, partner, buy' appr ...

Second-Quarter 2023 Performance - Reported revenues increased by 2% to $1.6 billion[13] - Organic revenues grew by 5%[13] - Organic recurring revenues increased by 6%[13] - Adjusted EBITDA increased by 18% to $662 million, with a margin of 40.1%, up 540 bps[25] - Adjusted EPS increased by 40% to $0.84[25] - Free cash flow increased by 74% to $596 million[25] Segment Revenue Growth - Legal Professionals revenue increased by 1% to $0.7 billion (6% organic)[26] - Corporates revenue increased by 5% to $0.4 billion (7% organic)[26] - Tax & Accounting Professionals revenue increased by 5% to $0.2 billion (10% organic)[26] - Reuters News revenue increased by 3% to $0.2 billion (1% organic)[26] - Global Print revenue decreased by 6% to $0.1 billion (-4% organic)[26] - The "Big 3" business segments (Legal, Corporates, and Tax & Accounting) revenues grew 7% organically[24] Strategic Initiatives and Capital Allocation - Completed a $2.0 billion return of capital transaction, reducing share count by 15.8 million (3.4%)[11] - Announced intention to acquire Casetext for $650 million[11] - Completed the sale of a majority stake in Elite to TPG at a firm value of $500 million[11] - Sold approximately 15.5 million shares of LSEG in Q2 for gross proceeds of approximately $1.6 billion[24] - Announced an organic build strategy supported by $100 million+ annual investment commitment to bring GenAI to the markets[10, 15] Full Year 2023 Outlook - Maintained FY 2023 outlook for organic revenue growth of 5.5% - 6.0%, adjusted EBITDA margin of ~39%, and free cash flow of ~$1.8 billion[24, 61] - Updated outlook for tax rate, interest expense, and accrued capex as a % of revenue[10]

Financial Data and Key Metrics Changes - Total company organic revenues grew by 5%, with recurring revenue growth at 6% [7][13] - Adjusted EBITDA increased by 18% to $662 million, reflecting a margin improvement of 540 basis points to 40% [13][43] - Adjusted earnings per share grew by 40% from the prior year to $0.84 [13][36] Business Line Data and Key Metrics Changes - The Big 3 segments achieved organic revenue growth of 7% [14][32] - Legal Professionals' organic revenue growth returned to 6%, driven by Westlaw Precision momentum [14][39] - Corporates segment organic revenue growth slowed to 7% due to lengthening sales cycles [15][33] - Tax & Accounting organic revenue rose by 10%, with recurring revenue up 9% and transactional revenue up 12% [16][40] - Reuters News organic revenues rose by 1%, slightly below expectations [16][34] Market Data and Key Metrics Changes - International businesses grew by over 10% [8] - Growth in events business and digital advertising revenue at Reuters News softened due to tighter customer discretionary budgets [9][17] Company Strategy and Development Direction - The company is focusing on leveraging generative AI, with plans to invest over $100 million annually in AI technologies [19][22] - The acquisition of Casetext is intended to enhance generative AI capabilities and drive new value in the legal industry [21][22] - The company maintains a balanced capital allocation approach, assessing additional inorganic opportunities [12][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the full year 2023 outlook, including organic revenue growth and adjusted EBITDA margins [9][48] - The company anticipates second half growth to approximate Q2 levels, driven by continued momentum in key segments [51][52] - Management noted that the sales cycle lengthening has impacted growth in certain segments but remains optimistic about Legal and Tax & Accounting [61][62] Other Important Information - The company completed a $2 billion return of capital and share consolidation, reducing share count by approximately 3.5% [12] - Free cash flow for the first half was reported at $729 million, up from $428 million in the prior year [45] Q&A Session Summary Question: CapEx intensity and sales cycle changes - Management indicated that CapEx intensity is expected to align more closely with 2023 levels due to opportunities in AI investments [59] - Sales cycles in Legal and Tax & Accounting remain stable, while the Corporates segment has seen elongation [61][62] Question: Workflow opportunities with Casetext - The company views the drafting workflow as a new market opportunity, leveraging proprietary content and AI capabilities [69][70] Question: Sales environment amidst law firm layoffs - Management noted that while there are layoffs in the industry, the long-term trend is towards increased spending on technology [75] Question: Margin versus growth dynamics - The company plans to balance investments in growth with margin considerations, particularly in light of generative AI opportunities [98][100] Question: Retention and pricing strategies - Retention rates have improved slightly, and pricing is expected to be higher than in 2022, with generative AI expected to enhance both [139][140]