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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
40-F
 
 
 
REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
Commission File
Number: 1-31349
 
 
THOMSON REUTERS CORPORATION
(Exact name of Registrant as specified in its charter)
 
 
N/A
(Translation of Registrant’s name into English (if applicable))
Province of Ontario, Canada
(Province or other jurisdiction of incorporation or organization)
2741
(Primary Standard Industrial Classification Code Number (if applicable))
98-0176673
(I.R.S. Employer Identification Number (if applicable))
333 Bay Street, Suite 300
Toronto, Ontario M5H 2R2, Canada
Telephone: (647)
480-7000
(Address and telephone number of Registrant’s principal executive offices)
Thomson Reuters Holdings Inc.
Attn: Legal Department
3 Times Square
New York, New York 10036
Telephone:
(646540-3000
(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Common shares
 
TRI
 
New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
Debt Securities of Thomson Reuters Corporation and Guarantees of Debt Securities of TR Finance LLC
For annual reports, indicate by check mark the information filed with this Form:
 
 
Annual information form
 
 
Audited annual financial statements
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
486,092,864 common shares, 6,000,000 Series II preference shares and 1 Thomson Reuters Founders Share
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒            No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes  ☒            No  ☐
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule
12b-2
of the Exchange Act.
Emerging growth company
  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section
 13(a) of the Exchange Act.  
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section
 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
 
Auditor Name:
PricewaterhouseCoopers LLP
  
Auditor Location: 
New York, NY, USA
 
Auditor Firm ID
238
 
 
 

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
a.    Undertaking.
The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to
Form 40-F;
the securities in relation to which the obligation to file an annual report on
Form 40-F
arises; or transactions in said securities.
b.    Consent to Service of Process.
 
 
(1)
The Registrant has previously filed a Form
F-X
in connection with the class of securities in relation to which the obligation to file this report arises.
 
 
(2)
Any change to the name or address of the Registrant’s agent for service shall be communicated promptly to the Commission by amendment to Form
F-X
referencing the file number of the Registrant.

SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on
Form 40-F
and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
 
THOMSON REUTERS CORPORATION
By:
 
/s/ Thomas Kim
Name:
 
Thomas Kim
Title:
 
Chief Legal Officer & Company Secretary
Date: March 
10
, 2022

EXHIBIT INDEX
 
Exhibit
Number
  
Description
  99.1
  
Annual Report for the year ended December 31, 2021 (which constitutes an Annual Information Form and includes Management’s Discussion and Analysis and Audited Financial Statements for the year ended December 31, 2021), and includes a Form
40-F
Cross Reference Table on page 19
3
  99.2
  
Consent of PricewaterhouseCoopers LLP
  99.3
  
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  99.4
  
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  99.5
  
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  99.6
  
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  99.7
  
Code of Business Conduct and Ethics (incorporated by reference to Exhibit 99.1 of Thomson Reuters Corporation’s
Form 6-K
dated June 21, 2021)
  99.8
  
Audit Committee Charter
  99.9
  
List of Subsidiary Issuers and Guarantors (incorporated by reference to Exhibit 22.1 of the joint Registration Statement on Form
F-3
(File
No. 333-239392)
and Form
F-10
(File
No. 333-239390)
filed on July 6, 2020 by Thomson Reuters Corporation and the subsidiary issuer and guarantors named therein)
101.INS
  
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH
  
XBRL Taxonomy Extension Schema
101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase
101.DEF
  
XBRL Taxonomy Extension Definition Linkbase
101.LAB
  
XBRL Taxonomy Extension Label Linkbase
101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase
104
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
EX-99.1 - ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2021
USDUSDUSDUSDUSDUSDUSDCADCADUSDUSDUSDUSDUSDUSDUSDP1Y
Exhibit 99.1
 
 
Annual Report 2021
March 10, 2022
 
 
 
 
 
 

Table of Contents
Thomson Reuters Annual Report 2021
 
 
 
 
Information in this annual report is provided as of March 2, 2022, unless otherwise indicated.
Certain statements in this annual report are forward-looking. These forward-looking statements are based on certain assumptions and reflect our current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of the factors that could cause actual results to differ materially from current expectations are discussed in the “Risk Factors” section of this annual report as well as in materials that we from time to time file with, or furnish to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of the date of this annual report. Except as may be required by applicable law, we disclaim any intention or obligation to update or revise any forward-looking statements.
The following terms in this annual report have the following meanings, unless otherwise indicated:
 
  Term
  
Definition
   
  “Big 3” segments
   Our combined Legal Professionals, Corporates and Tax & Accounting Professionals segments
   
  Blackstone’s consortium
   The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone
   
  bp
   Basis points – one basis point is equal to 1/100
th
of 1%, “100bp” is equivalent to 1%
   
  Change Program
   A
two-year
initiative focused on transforming our company from a holding company to an operating company and from a content provider into a content-driven technology company
   
  constant currency
   A
non-IFRS
measure derived by applying the same foreign currency exchange rates to the financial results of the current and equivalent prior-year period
   
  COVID-19
   A novel strain of coronavirus that was characterized a pandemic by the World Health Organization during March 2020
   
  EPS
   Earnings per share
   
  F&R
   Our former Financial & Risk business, now the Refinitiv business of LSEG
   
  IFRS
   International Financial Reporting Standards
   
  LSEG    London Stock Exchange Group plc
   
  n/a
   Not applicable
   
  n/m
   Not meaningful
   
  organic or organically
   A
non-IFRS
measure that represents changes in revenues of our existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods
   
  Refinitiv
   Our former F&R business, which is now the Refinitiv business of LSEG. We owned 45% of Refinitiv from October 1, 2018 through January 29, 2021
   
  YPL
   York Parent Limited, the entity that owns LSEG shares, which is jointly owned by our company and the Blackstone consortium. A group of current LSEG and former members of Refinitiv senior management also owns part of YPL. References to YPL also include its subsidiaries. YPL was previously known as Refinitiv Holdings Limited prior to the sale of Refinitiv to LSEG on January 29, 2021.
   
  $ and US$
   U.S. dollars
Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the “Management’s Discussion and Analysis” section of this annual report.
For information regarding our disclosure requirements under applicable Canadian and U.S. laws and regulations, please see the “Cross Reference Tables” section of this annual report.
Information contained on our website or any other websites identified in this annual report is not part of this annual report. All website addresses listed in this annual report are intended to be inactive, textual references only. The Thomson Reuters logo and our other trademarks, trade names and service names mentioned in this annual report are the property of Thomson Reuters.
Front cover photo credit: REUTERS/Danish Siddiqui.
 
 
 

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Business
Overview
Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters. Thomson Reuters shares are listed on the Toronto Stock Exchange and New York Stock Exchange (symbol: TRI). Our website is
www.tr.com
.
Our company purpose is to
Inform the Way Forward
, which reflects our commitment to serve professionals, advance critical institutions and build trust through our products and with our actions.
We are organized in five reportable segments supported by a corporate center:
 
 
Legal Professionals
 
Serves law firms and governments with research and workflow products, focusing on intuitive legal research powered by emerging technologies and integrated legal workflow solutions that combine content, tools and analytics.
 
 
Corporates
 
Serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-enabled technology solutions for
in-house
legal, tax, regulatory, compliance and IT professionals.
 
 
Tax & Accounting Professionals
 
Serves tax, accounting and audit professionals in accounting firms (other than the seven largest, which are served by our Corporates segment) with research and workflow products, focusing on intuitive tax offerings and automating tax workflows.
 
 
Reuters News
 
Supplies business, financial and global news to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of LSEG.
 
 
Global Print
 
Provides legal and tax information primarily in print format to customers around the world.
 
Our corporate center centrally manages commercial and technology operations, including those around our sales capabilities, digital customer experience and product and content development. Our corporate center also centrally manages functions such as finance, legal and human resources.
Our Business Model and Key Operating Characteristics
We derive most of our revenues from selling information and software solutions, primarily electronically and on a recurring subscription basis. Our solutions blend deep domain knowledge with software and automation tools. We believe our workflow solutions make our customers more productive by streamlining how they operate, enabling them to focus on higher value activities. Many of our customers use our solutions as part of their workflows, which has led to strong customer retention. We
believe that our customers trust us because of our history and dependability and our deep understanding of their businesses and industries, and they rely on our services for navigating a rapidly changing and increasingly complex digital world.
 
 
 
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Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments. Some of our key business and operating characteristics are:
 
Attractive Industry
 
·
   Currently our “Big 3” operate in an estimated $29 billion market segment expected to grow between 6% and 9% over the next 5 years
 
·
   Legal, Tax & Government market segments prime for content-driven innovation
 
Balanced and Diversified Leadership
 
·
   A leader in key Legal Professionals, Corporates and Tax & Accounting Professionals market segments
 
·
   Resilient businesses, historically stable, which has been affirmed by our performance during the
COVID-19
pandemic
 
·
   Approximately 500,000 customers; largest customer is approximately 3% of revenues (excluding the news and editorial content contract with Refinitiv*)
 
Attractive Business
Model
 
·
   79% of revenues are recurring
 
·
   90% of revenues are from products delivered electronically, or as software and services
 
·
   Strong and consistent cash generation capabilities
 
Strong Competitive Positioning
 
·
   Proprietary content plus data and human expertise combined with artificial intelligence and machine learning are key differentiators
 
·
   Products deeply embedded in customers’ daily workflows
 
·
   91% retention rate
 
Disciplined Financial Policies
 
·
   Focused and incentivized on organic revenue growth and free cash flow growth
 
·
   Balance investing in business and returning capital to shareholders
 
·
   Committed to maintaining investment grade rating with stable capital structure
 
·
   Significant potential capital capacity over the next four years affords significant optionality
All revenue information reflected above is based on our 2021 full-year results
.
 
*
The news and editorial contract with the Refinitiv business of LSEG represented approximately 5% of our 2021 revenues.
Three-Year History
 
·
 
 
2019
 – This was our first full year of operations after selling a 55% interest in our F&R business (now the Refinitiv business of LSEG) to private equity funds affiliated with Blackstone and restructuring our company into customer-focused segments. During the year, we acquired Confirmation, HighQ and FC Business Intelligence (rebranded Reuters Events). In 2019, we and private equity funds affiliated with Blackstone agreed to sell Refinitiv to LSEG for a total enterprise value of approximately $27 billion (at the time of announcement).
 
·
 
 
2020
 – We appointed Steve Hasker as our new CEO and Mike Eastwood as our new CFO in March 2020. In 2020, the global
COVID-19
pandemic created unprecedented health risks to our employees, customers and suppliers, and containment measures intended to mitigate the impact of the pandemic resulted in a global economic crisis and ongoing uncertainty. In response to the pandemic, we immediately transitioned most of our staff to a virtual work environment. At the same time, we worked with our approximately 500,000 customers to ensure continued access to our products and services. Our 2020 performance reflected the resiliency of our markets and our business.
 
·
 
 
2021
 – In 2021, we initiated a
two-year
Change Program that is intended to drive growth and efficiency by transitioning our company from a holding company into an operating company, and from a content provider into a content-driven technology company. For additional information about the Change Program, please see the “2022 Key Priorities – Our Change Program” section of this annual report. In 2021, we and private equity funds affiliated with Blackstone closed the sale of Refinitiv to LSEG. For additional information about the transaction, please see the “Executive Summary – Sale of Refinitiv to LSEG” section of the “Management’s Discussion and Analysis” and “Additional Information – LSEG Transaction” section of this annual report.
 
 
 
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2021 Financial Highlights
In 2021, we met or exceeded each of the performance metrics in our business Outlook, which we initially communicated in February 2021 and updated in November 2021. Our revenues increased 6%, of which 5% was organic, reflecting sustained momentum throughout the year. Despite the negative impacts to the global economy from the
COVID-19
pandemic since March 2020, the professional markets that we serve have been resilient and continue to grow. A significant global shift by our customers to upgrade their legal, tax and risk, fraud and compliance products has contributed to this growth. We believe that our revenue performance demonstrates that our information, services and software solutions are well suited to enable our customers to effectively serve their clients in a rapidly changing and complex digital world. We also believe that our revenue performance reflects the confidence of our customers in their own prospects.
Below are financial highlights of our revenues for the year ended December 31, 2021. Please see the “Management’s Discussion and Analysis” section of this annual report for additional information about our recent financial performance and Outlook.
 
 
2022 Key Priorities – Our Change Program
In 2021, we completed the first year of our
two-year
Change Program, which is intended to drive growth and efficiency by transitioning our company from a holding company into an operating company, and from a content provider into a content-driven technology company.
The objectives of our Change Program are to:
 
·
 
 
Make it easier for our customers to do business with us;
 
·
 
 
Significantly modernize and simplify our product portfolio and product development groups;
 
·
 
 
Reduce complexity in our operations and technology organization; and
 
·
 
 
Continue to simplify our organizational structure to enable a more innovative culture.
The Change Program is projected to require an investment of approximately $600 million. In 2021, we invested $295 million ($183 million of operating expenses and $112 million of accrued capital expenditures) on technology, organizational and
market-related
initiatives. We supplemented our existing teams with experienced talent to strengthen skill sets across product development, digital, technology, strategy and change management. We continued to migrate more of our revenue to
cloud
 
 
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solutions and increased the proportion of sales that we make through digital channels. We improved our customers’ experience interacting with us, and we combined our product, content and editorial efforts to improve how we deliver products to our customers and to drive efficiencies. We also reduced our global footprint of office locations and call centers. We achieved $217 million of annualized
run-rate
operating expense savings, which exceeded the $200 million of Change Program-related
run-rate
savings that we expected to achieve by the end of 2021.
The table below provides additional information about the Change Program:
 
Key Focus Areas
 
 
Priority Workstreams
 
 
2021 Key Achievements
 
 
2023 Goals
 
         
 
Reimagine the
Customer
Experience
 
·
   Modern digital self-serve approach, enabling greater penetration of the small and medium size businesses (SMB) market segment
 
·
   Standardized commercial terms, billing process and customer support
 
·
   Data-driven and
AI-powered
sales and marketing
 
·
   Increased SMB digital sales from 7% to 30% (as a total percentage of sales)
 
·
   New digitally enabled online sales and renewals launched for Westlaw and Practical Law in the U.S.
 
·
   Expanded our data and analytics team and improved ability to collect customer usage data and insights
 
·
   Standardized commercial terms, billing process and customer support across key offerings
 
·
   Over 100,000 customers migrated to Customer Success Platform
 
 
·
   Digital is a significant contributor to sales and renewals
 
·
   Improved customer experience and higher Net Promoter Score (NPS), which is a metric that we use to measure customer experience
         
 
Optimize
Products & Portfolio
 
·
   Simplify product suite around main franchises and focus on a smaller number of higher growth product categories
 
·
   World-class product proposition, development, pricing, delivery and management
 
·
   Omnichannel approach – channels aligned to meet customers’ needs
 
 
·
   Simplified our product suite with divestitures and sunsetting of products
 
·
   Modernized support tools with chatbots, improved call-routing and self-service interactions
 
·
   More targeted, integrated set of products
 
·
   Modular entitlement and single customer ID that drive valuable outcomes for customers
         
 
Simplify
Operations &
Leverage
Technology
 
·
   Create shared technology platforms that support agile product development and significantly enhance customer experience
 
·
   Scale up machine learning and
re-engineer
underlying processes
 
·
   Finish shift to the cloud in 2023 and support simplification across the company
 
·
   38% of our revenue available in a cloud solution
 
·
   Office locations reduced from 102 to 46
 
·
   Opened new shared service centers
 
·
   Call centers reduced from 99 to 81
 
·
   Reduced invoice rework
 
·
   Launched AI and machine learning automation of certain content and editorial processes for key offerings, allowing employees to refocus on highest value work aligned to their expertise
 
 
·
   Secure, modernized and simplified technology architecture and operations
 
·
   90% of revenue available in a cloud solution
         
 
Create Inclusive
Culture of World-
Class Talent
 
·
   Right roles in the right locations allowing us to attract and retain world-class talent
 
·
   Increase investment in training and development
 
·
   Foster inclusive purpose-driven culture that reflects our core values
 
·
   Onboarded key talent in crucial areas including Product, Engineering, Marketing, Data & Analytics and Design & Technology
 
·
   Implemented a flexible hybrid working model, which allows us to attract top talent and provides an environment where employees can operate at their best
 
 
 
·
   Self-replenishing pipeline of world-class internal talent
 
·
   Deliver a differentiated employee experience
 
 
 
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2022 Strategic Growth Priorities
We continue to target seven strategic growth priorities, which collectively had revenues of over $3.6 billion in 2021. We believe these priorities can drive further organic revenue growth reflecting their strong market segment positions, leveraging opportunities and potential to scale.
 
 
Customer Segments
Our business is a customer-focused structure organized in five reportable customer segments: Legal Professionals, Corporates, Tax & Accounting Professionals, Reuters News and Global Print. This structure allows us to focus on the customer and partner with them to solve challenges that they face in their businesses. For additional information about the results of operations of our customer segments, please see the “Management’s Discussion and Analysis” section of this annual report.
Legal Professionals
Our Legal Professionals segment serves law firms and governments with research and workflow products, focusing on intuitive legal research powered by emerging technologies and integrated legal workflow solutions that combine content, tools and analytics. The following provides a summary of Legal Professionals’ 2021 revenues by type of customer.
 
 
Legal Professionals’ primary global competitors are LexisNexis (which is owned by RELX Group) and Wolters Kluwer. Legal Professionals also competes with Bloomberg Industry Group and other companies that provide legal and regulatory information, Aderant and other companies that provide practice and matter management software, and client development providers and other service providers and
start-ups
that support legal professionals.
 
 
 
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Corporates
Our Corporates segment serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-enabled technology solutions for
in-house
legal, tax, regulatory, compliance and IT professionals. The following provides a summary of Corporates’ 2021 revenue by type of customer.
 
 

Corporates’ primary global competitors are Wolters Kluwer, Bloomberg and LexisNexis. Corporates also competes with focused software providers such as Avalara, MitraTech, Vertex and Sovos and at times with large technology companies such as SAP, as well as the largest global accounting firms.
Tax & Accounting Professionals
Our Tax & Accounting Professionals segment serves tax, accounting and audit professionals (other than professionals in the largest seven accounting firms, which are served by our Corporates segment) with research and workflow products, focusing on intuitive tax offerings and automating tax workflows. The following provides a summary of Tax & Accounting Professionals’ 2021 revenues by type of customer.
 
 

Tax & Accounting Professionals’ primary competitor is the CCH business of Wolters Kluwer. Other competitors include Bloomberg Industry Group in tax research, and Intuit, Drake Software, CaseWare and Sage in professional software and services. Tax & Accounting Professionals also competes with software
start-ups
that serve tax, accounting and audit professionals.
 
 
 
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Reuters News
Reuters is the world’s leading provider of trusted news, insight and analysis, reaching billions of people worldwide every day. Reuters brings together world-class journalism, industry expertise and technology with speed, reliability and accuracy to enable people to make better decisions. It is an essential source of business, financial and global news delivered to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of LSEG. In 2021, Reuters delivered approximately 3.5 million unique news stories, 800,000 pictures and images and 130,000 video stories, and numerous industry events.
Reuters is committed to the Thomson Reuters Trust Principles, including that of independence, integrity and freedom from bias. For more information on the Thomson Reuters Trust Principles, please see the “Additional Information – Material Contracts – Thomson Reuters Trust Principles and Thomson Reuters Founders Share Company” section of this annual report.
Reuters’ primary competitors include Bloomberg, the Associated Press, Agence France-Presse and Getty.
Global Print
Global Print is a leading provider of information, primarily in print format, to legal and tax professionals, government (including federal, state, and local government lawyers and judges), law schools and corporations. The business serves customers in the United States, Canada, the United Kingdom, Europe, Australia, Asia and Latin America. Global Print’s primary global competitors are LexisNexis and Wolters Kluwer.
Key Brands
Our customer-focused structure enables us to have broader conversations with our customers, with a more cohesive
go-to-market
approach. We believe that this focus will create opportunities to cross sell more of our products and services across their organizations, increase sales to existing customers, improve retention, and attract new customers. The following table provides information about our key brands and the target customer for each brand.
 
Brand
  
Type of Product/Service
  
Legal
Professionals
  
Corporates
  
Tax &
Accounting
Professionals
         
Westlaw
Westlaw Edge (U.S., U.K. & Canada)
Sweet & Maxwell (U.K.)
La Ley (Argentina)
  
Legal, regulatory and compliance information-based products and services.
 
Westlaw is our primary online legal research delivery platform. Westlaw offers authoritative content, powerful search functionality and research organization, team collaboration features and navigation tools to find and share specific points of law and search for analytical commentary.
 
Localized versions of online legal research services are provided in Argentina, Australia, Brazil, Canada, Chile, China, France, India, Ireland, Japan, New Zealand, South Korea, Spain, the United Kingdom, Uruguay and other countries. Through Westlaw International, Westlaw Asia and Westlaw Middle East, we offer our online products and services to customers in markets where we do not offer a fully localized Westlaw service.
  
  
  
 
         
Practical Law
Practical Law Connect
Practical Law Dynamic Tool Set
  
Legal
know-how,
current awareness and workflow tools with embedded guidance from expert practitioners. Practice notes, standard documents, checklists and What’s Market tools cover a wide variety of practice areas such as commercial, corporate, labor and employment, intellectual property, finance and litigation. Practical Law currently has offerings in the United Kingdom, United States, Canada, Australia and China.
  
  
  
 
 
 
 
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Brand
  
Type of Product/Service
  
Legal
Professionals
  
Corporates
  
Tax &
Accounting
Professionals
         
CLEAR
CLEAR Risk Inform
PeopleMap
  
Public and proprietary records about individuals and companies with tools for immediately usable results.
  
  
  
 
         
HighQ
HighQ Contract Analysis
  
Cloud-based collaboration and workflow platform for the legal and regulatory market segment.
  
  
  
 
         
Digital Evidence Center
Case Center
  
Cloud-based crime scene to court digital exhibit and evidence-sharing platform for sharing documents and multimedia between justice agencies for trial preparation and courtroom presentation.
  
  
 
  
 
         
Pondera Solutions
  
A suite of data and analytics solutions to help auditors, investigators and managers detect fraud, waste and abuse in healthcare and large government subsidy programs.
  
  
  
 
         
Checkpoint
Checkpoint Edge (U.S. & Canada)

  
Integrated tax and accounting information solution that addresses market disruption through integrated research, editorial insight, workflow productivity tools, online learning and news updates, along with intelligent links to related content and software.
  
  
  
         
FindLaw
  
Online legal directory, website creation and hosting services, law firm marketing solutions and peer rating services.
  
  
 
  
 
         
3E
3E Cloud
ProLaw
Legal One
Firm Central
  
Suites of integrated software applications that assist with business management functions, including financial and practice management, matter management, document and email management, accounting and billing, timekeeping and records management.
  
  
 
  
 
         
Legal Tracker
  
Online spend and matter management,
e-billing,
legal analytics services, and document storage, search and retrieval.
  
 
  
  
 
         
Regulatory Intelligence
  
Information and software products that provide a single source for regulatory news, analysis, rules and developments, with global coverage of more than 400 regulators and exchanges.
  
 
  
  
 
         
Compliance Learning
  
Training programs that assist in changing behavior and supporting a culture of integrity and compliance.
  
 
  
  
 
         
ONESOURCE
ONESOURCE Global Trade
  
Comprehensive global tax solution with local and country content focused on managing a company’s entire tax lifecycle, including direct and indirect tax compliance, indirect tax determination, tax accounting, transfer pricing documentation and calculations, trade and customs supporting global supply chain, trust taxation, tax information reporting, property tax, tax planning, and overall workflow and process management.
  
 
  
  
         
Confirmation
  
Cloud-based platform to automate the workflow of the confirmations process of an audit. Used by a global network of audit firms, banks and law firms to increase efficiency and reduce risk.
  
 
  
  
 
 
 
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Brand
  
Type of Product/Service
  
Legal
Professionals
  
Corporates
  
Tax &
Accounting
Professionals
         
Dominio
  
Accounting management and tax management software solutions for accounting firms, and micro and small companies in Brazil.
  
 
  
 
  
         
Cloud Audit Suite
  
End-to-end
solution providing accuracy and efficiency throughout the audit process through a suite of tools. Includes an online confirmation service and integration with third-party data analytics. Its
cloud-based
technology offers the ability to work from anywhere, collaborate with colleagues in real time, and securely access audit data.
  
 
  
 
  
         
CS Professional Suite
  
Scalable, integrated suite of desktop and online software applications that encompass key aspects of a professional accounting firm’s operations, from collecting customer data and posting finished tax returns to the overall management of the accounting practice.
  
 
  
 
  
         
Onvio
  
International suite of cloud-based products that bring aspects of accounting firm operations - including document management, file sharing and collaboration, time and billing, workpaper management and project management - into a single, accessible online platform.
  
 
  
 
  
Additional Business Information
Corporate
Our corporate center seeks to foster a group-wide approach to management while allowing our business segments sufficient operational flexibility to serve their customers effectively. Our corporate center centrally manages commercial and technology operations, including those around our sales capabilities, digital customer experience and product and content development. Our corporate center also centrally manages functions such as finance, legal and human resources.
Operations & Technology
Our Operations & Technology group unifies our core functions (most notably, our engineering and technology operations functions, security, sales support operations, real estate and content development) into a single enterprise team. We believe that Operations & Technology continues to provide us with a greater opportunity to accelerate our progress on scale and growth initiatives and allows us to sharpen our focus on allocating resources to our growth priorities.
We believe we can make information more relevant, more personal and deliver it faster to our customers through the smart use of technology. By using shared technology and working across our businesses, we are making our data more accessible and valuable for our customers, no matter how they access it. We are increasingly shifting more of our software from being
on-premise
installations to
software-as-a-service
(SaaS) or cloud-based offerings that provide customers with access through the Internet.
We believe that we are continually transforming our content, products, services and company to better meet our customers’ needs. We also continue to focus on securing our customer data and global systems as we implement and enhance our security programs.
We operate a Technology Centre in Toronto which is dedicated to developing the next generation of products and capabilities for our global customers. We also continue to operate Thomson Reuters Labs, the dedicated applied research division of Thomson Reuters. Thomson Reuters Labs is focused on the research, development and application of artificial intelligence and emerging trends in technologies. Working collaboratively with Thomson Reuters’ stakeholders, Thomson Reuters Labs experiments, prototypes, tests and delivers ideas in the pursuit of smarter and more valuable tools for our customers.
 
 
 
 
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Research and Development
Innovation is essential to our success and is one of our primary bases of competition. Our Research and Development (R&D) focus is part of Thomson Reuters Labs. Thomson Reuters Labs has a rich history in applied research activities focused on exploring cutting-edge technology applied to concrete business problems. Our research is driven by our customers’ need for trustworthy information and is inspired by recent breakthroughs in machine learning and artificial intelligence research. While our researchers are focused on several core areas, the following are our primary areas: natural language processing (NLP), human-centric artificial intelligence (HCAI), artificial intelligence development operations (ModelOps), and information retrieval and quality assurance.
Our teams are at the driving edge of how emerging technologies like machine learning, big data, cloud and blockchain can be applied to the distinct challenges of the industries and customers that we serve. We believe that we are uniquely positioned to combine these technologies with the intelligence and human expertise that our customers need to find trusted answers.
Digital Transformation
We have been a pioneer of digital product development for decades. As part of our customer experience transformation, we are creating a more holistic online experience, making it easier for our customers to find, buy and get the most out of our products and interact with Thomson Reuters digitally. In 2021, we increased SMB digital sales from 7% to 30% (as a percentage of total sales) and modernized support tools with chatbots and other self-service interactions. We plan to continue investing in further improvements to our digital capabilities in 2022.
Sales and Marketing, Partnerships and APIs
We primarily sell our products and services directly to our customers. In addition, we sell some of our products and services online directly to customers. Focusing more of our marketing and sales efforts on digital propositions has allowed us to broaden our range of customers and reduce sales and marketing costs.
Some of our products and services are also sold through partners and authorized resellers. In 2021, we formed a centralized team to manage partnerships, which we believe will provide us with expanded market opportunities and revenue streams.
In 2022, we plan to expand our application programming interface (API) ecosystem to improve the experience of existing and new customers. APIs allow our software platforms to connect with those of other companies, providing customers with data and access to services of both companies. We believe this will open new channels, business models and product offerings and will help grow our partner ecosystem. As our capabilities related to APIs continue to grow, we believe it will enable us to further integrate our content and solutions into our customers’ workflows.
Intellectual Property
Many of our products and services are comprised of information delivered through a variety of media, including online, software-based applications, smartphones, tablets, books, journals and dedicated transmission lines. Our principal IP assets include patents, trademarks, trade secrets, databases and copyrights in our content. We believe that our IP is sufficient to permit us to carry on our business as presently conducted. We also rely on confidentiality agreements to protect our rights. We continue to apply for and receive patents for our innovative technologies. Additionally, we continue to acquire patents through the acquisition of companies. We also obtain significant content and data through third party licensing arrangements with content providers. We have registered a number of website domain names in connection with our online operations, and protect our trademarks and copyrights with registrations, where appropriate.
Acquisitions and Dispositions
Acquisitions -
Acquired businesses can strengthen our offerings and enable us to extend our platform with new capabilities that we believe will provide opportunities to expand our positions, better serve our customers and supplement our organic growth. Generally, the businesses that we acquire initially have lower margins than our existing businesses, largely reflecting the costs of integration. We did not acquire any businesses in 2021. However, we expect that acquisitions will continue to play an important role in our strategy and we may make tactical acquisitions from time to time that we believe will strengthen our positions in key growth segments. In 2021, we launched our new TR Ventures Fund, which plans to invest up to $100 million in investments to support companies that are building innovations to allow professionals to operate more productively and with greater insights.
 
 
 
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Dispositions -
As part of our continuing strategy to optimize our portfolio of businesses and ensure that we are investing in parts of our business that offer the greatest opportunities to achieve growth and returns, we have sold a number of businesses during the last several years. In 2018, we sold 55% of our former F&R business to private equity funds affiliated with Blackstone for approximately $17 billion and retained a 45% interest in Refinitiv. In 2021, we and private equity funds affiliated with Blackstone sold Refinitiv to LSEG in an all share transaction for a total enterprise value of approximately $27 billion (at the time of announcement). For more information about the transaction, please see the “Executive Summary – Sale of Refinitiv to LSEG” section of the “Management’s Discussion and Analysis” and “Additional Information – LSEG Transaction” sections of this annual report. Over the last few years, we also sold several small businesses which were not compatible with our strategy.
For more information on acquisitions and dispositions that we made in the last two years, please see the “Management’s Discussion and Analysis” section of this annual report.
Human Capital Management
Employees
The following table sets forth information about our employees as of December 31, 2021.
 
By Region
  
 
 
 
Americas
  
 
14,700
 
Asia Pacific
  
 
6,100
 
Europe, Middle East and Africa (EMEA)
  
 
3,600
 
By Unit
  
 
 
 
Legal Professionals
  
 
1,700
 
Corporates
  
 
1,100
 
Tax & Accounting Professionals
  
 
700
 
Global Print
  
 
600
 
Reuters News
  
 
3,000
 
Product & Editorial
  
 
3,200
 
Operations & Technology
  
 
9,000
 
Corporate Center (Enabling Functions)
  
 
1,400
 
Commercial Functions
(1)
  
 
900
 
Other
(2)
  
 
2,800
 
Thomson Reuters
  
 
24,400
 
(1) Reflects employees in Marketing, Commercial Excellence and Strategy.
(2) Reflects employees in our Latin America, Asia and Emerging Markets and Government businesses.
We believe that we generally have good relations with our employees, unions and works councils, although we have had disputes from time to time with the various unions that represent some of our employees. Our senior management team is committed to maintaining good relations with our employees, unions and works councils.
Overview
Our human capital practices and initiatives are designed to attract, motivate and retain high quality and talented employees across all of our businesses who feel valued, are provided with opportunities to grow, and are driven to succeed. We focus on a variety of human capital topics that apply to our workforce, such as compensation and benefits, culture and employee engagement, talent acquisition/development, and diversity and inclusion. Over the last few years, oversight of human capital management has also been a greater focus area for our Board of Directors.
In 2021, we did not experience any significant disruptions to our business as a result
of COVID-19 and
we continue to be fully operational. In 2021, most of our employees worked remotely from their homes, enabled by technology that allows them to