Thomson Reuters(US:TRI)2023-08-03 05:22Second-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]