Why Invest

Why Invest

Key Operating and Competitive Advantages

We derive the majority of our revenues from selling electronic content and services to professionals, primarily on a subscription basis. Our businesses provide solutions, software and workflow tools which integrate our core data and information. Some of our key operating and competitive advantages:

Industry Leader
  • #1 or #2 positions in key Legal, Corporates & Tax & Accounting and Government market segments
  • Resilient businesses, historically stable – Affirmed by performance during COVID-19
  • Products and services tailored for professionals
Balanced & Diversified
  • Distinct core customer group revenues:
    • Legal Professionals
    • Corporates
    • Tax & Accounting Professionals
    • Reuters News
    • Global Print
  • Geographical diversity by revenues:
    • 85% from the Americas
    • 11% from Europe, the Middle East and Africa
    • 4% from Asia Pacific
  • Largest customer, excluding Refinitiv, accounts for ~2% of revenues
  • ~500,000 customers
Attractive Business Model
  • ~80% of total revenue is recurring
  • 90% of total revenues are delivered electronically, including cloud-based offerings
  • Strong & consistent cash generation capabilities
Strong Competitive Positioning
  • Proprietary content + data + human expertise combined with AI key differentiators
  • Products deeply embedded in customers’ daily workflow
  • ~90% retention rates
Disciplined Financial Policies
  • Focused & incentivized on organic revenue & free cash flow per share growth
  • Balance investing in business and returning capital to shareholders
  • Disciplined capital structure – target maximum leverage ratio of 2.5x net debt to adjusted EBITDA
  • Forecasting $15B capital capacity over next 4 years affords significant optionality

*As of 12/31/2020