Exhibit 99.1

Management’s Discussion and Analysis

This management’s discussion and analysis is designed to provide you with a narrative explanation through the eyes of our management of how we performed, as well as information about our financial condition and future prospects. As this management’s discussion and analysis is intended to supplement and complement our financial statements, we recommend that you read this in conjunction with our consolidated interim financial statements for the three and six months ended June 30, 2022, our 2021 annual consolidated financial statements and our 2021 annual management’s discussion and analysis. This management’s discussion and analysis contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Forward-looking statements include, but are not limited to, our two-year Outlook, including forecasted impacts associated with our Change Program, and our expectations related to general economic conditions and market trends and their anticipated effects on our business segments. For additional information related to forward-looking statements, material assumptions and material risks associated with them, please see the “Outlook,” and “Additional Information—Cautionary Note Concerning Factors That May Affect Future Results” sections of this management’s discussion and analysis. This management’s discussion and analysis is dated as of August 3, 2022.

We have organized our management’s discussion and analysis in the following key sections:

Unless otherwise indicated or the context otherwise requires, references in this discussion to “we,” “our,” “us”, the “Company” and “Thomson Reuters” are to Thomson Reuters Corporation and our subsidiaries.

Basis of presentation

We prepare our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

Other than EPS, we report our results in millions of U.S. dollars, but we compute percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

In the first quarter of 2022, we made two changes to our segment reporting to reflect changes in how we manage our businesses. Prior-period amounts have been revised to reflect the current presentation. Refer to the “Additional information” section of this management’s discussion and analysis for further information.

Use of non-IFRS financial measures

In this management’s discussion and analysis, we discuss our results on both an IFRS and non-IFRS basis. We use non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, as supplemental indicators of our operating performance and financial position as well as for internal planning purposes, our management incentive programs and our business Outlook. We believe non-IFRS financial measures provide more insight into our performance. Non-IFRS measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.

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See Appendix A of this management’s discussion and analysis for a description of our non-IFRS financial measures, including an explanation of why we believe they are useful measures of our performance, including our ability to generate cash flow. Refer to the “Liquidity and Capital Resources” section of this management’s discussion and analysis and Appendix B for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS measures.

Glossary of key terms

The following terms in this management’s discussion and analysis have the following meanings, unless otherwise indicated:

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Executive Summary

Our company

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.

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. 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.

We are organized as five reportable segments described below, which reflect how we manage our businesses.

Our businesses are supported by a corporate center that 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, and our Change Program. We report “Corporate costs” which includes expenses for corporate functions and our Change Program.

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Key Financial Highlights

The momentum that has been building in our businesses continued in the second quarter of 2022, as revenues exceeded our expectations again. Our businesses continue to benefit from the increasing complexity of regulation in our legal, tax and risk-related markets.

In August 2022, we raised our total company and “Big 3” segments revenue growth Outlook for the full year of 2022, reflecting our increasing confidence in our business performance. We reaffirmed all other measures in our two-year Outlook, including our adjusted EBITDA margin, as we continue to invest in our business and absorb heightened inflationary pressures. Refer to the “Outlook” section of this management’s discussion and analysis for additional information.

Our Change Program to transition from a holding company to an operating company, and from a content provider into a content-driven technology company, is on track. In the first half of 2022, we further progressed program initiatives to migrate more of our revenue to cloud solutions, increased the proportion of sales we make through our digital channels, and improved our customers’ experience interacting with us. As of June 30, 2022, we have achieved $369 million of annualized run-rate operating expense savings from the program.

In June 2022, we announced that we plan to repurchase up to $2.0 billion of our common shares (see the “Liquidity & Capital Resources” section of this management’s discussion and analysis). As of July 31, 2022, we have repurchased $394 million of our common shares under the program.

Recent Global Events

We continue to operate in an uncertain macroeconomic and geopolitical environment. Inflation has surged, labor markets remain tight, and the global economy is experiencing substantial disruption due to the Russian military invasion of Ukraine and the ongoing impacts from COVID-19 and associated supply chain challenges. Central banks in Canada, the U.S., and many other markets have begun to raise interest rates to combat inflation, which is impacting economic activity in certain markets. We are closely monitoring the evolving macroeconomic and geopolitical conditions to assess potential impacts on our businesses.

While our Reuters News business continues to report from Ukraine and Russia in order to provide unbiased and reliable news, our operations in Ukraine and Russia are not material to our business. We have taken steps to comply with applicable restrictions arising from sanctions that apply to our company. We have also relocated services previously performed under outsourcing contracts in the region.

Consolidated results

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“Big 3” Segments—Legal Professionals, Corporates and Tax & Accounting Professionals Combined

Revenues increased 5% in total reflecting growth across four of our five business segments. Foreign currency negatively impacted revenues by 2%. On an organic basis, revenues increased 7%, driven by 7% growth in recurring revenues (80% of total revenues) and 13% growth in transactions revenues. Global Print revenues declined slightly.

Revenues for our “Big 3” segments (80% of total revenues) increased 6% in total and 7% on both a constant currency and organic basis. The increase in organic revenues was driven by 8% growth in recurring revenues (89% of “Big 3” revenues) and 4% growth in transactions revenues. This is the fifth consecutive quarter the “Big 3” have grown at least 6%.

Operating profit increased 24% as higher revenues more than offset higher costs, which included investments in our Change Program. Adjusted EBITDA and the related margin also increased due to the same factors.

Diluted (loss) per share of $(0.24) included a significant reduction in the value of our company’s investment in LSEG. Diluted earnings per share of $2.15 in the prior-year period included a significant increase in the value of our company’s investment in LSEG. Adjusted EPS, which excludes the change in value of our LSEG investment, increased to $0.60 per share from $0.48 per share in the prior-year period, primarily due to higher adjusted EBITDA.

Net cash provided by operating activities decreased as higher payments associated with our Change Program and higher tax payments more than offset the cash benefits from higher operating profit. Free cash flow decreased due to lower cash flows from operating activities and higher capital expenditures primarily related to the Change Program.

Change Program Update

We are eighteen months into 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. Our Change Program remains on track to achieve our overall objectives, which are to:

We have invested the following amounts in our Change Program on technology, organizational and market-related initiatives.

We continue to migrate more of our revenue to cloud solutions, increase the proportion of sales we make through our digital channels, and improve our customers’ experience interacting with us. As of June 30, 2022, we achieved $369 million of annualized run-rate operating expense savings. We expect to achieve $500 million of annualized run-rate operating expense savings by the end of 2022, and to achieve our full targeted amount of $600 million by the end of 2023. Refer to the “Outlook” section of the management’s discussion and analysis for additional information about our Change Program.

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Results of Operations

Our revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over the contract term and our costs are generally incurred evenly throughout the year. However, our revenues from quarter to consecutive quarter can be impacted by the release of certain tax products, which tend to be concentrated in the fourth quarter and, to a lesser extent, in the first quarter of the year. The timing of costs related to the Change Program impacted the seasonality of our expenses and operating profit in 2022 and 2021.

The section below contains non-IFRS measures where indicated. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Consolidated results

“Big 3” Segments—Legal Professionals, Corporates and Tax & Accounting Professionals Combined

Revenues

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Revenues

In the second quarter, revenues increased 5% in total driven by growth across four of our five business segments. Foreign currency had a 2% negative impact on revenue growth. On an organic basis, both total revenues and recurring revenues (80% of total revenues) increased 7%, while transactions revenues grew 13%. The six-month period reflected similar trends, as revenues increased 6% in total and 7% on both a constant currency and organic basis due to growth in recurring (79% of total revenues) and transactions revenues. Global Print revenues declined slightly in both periods.

In both periods, revenues for our “Big 3” segments (about 80% of total revenues in each period) increased 6% in total and 7% on both a constant currency and organic basis. On an organic basis, the increases in revenues were driven by 8% growth in recurring revenues. On the same basis, transactions revenues grew 4% in the second quarter and 5% in the six-month period. This is the fifth consecutive quarter the “Big 3” have grown at least 6%.

Foreign currency negatively impacted revenue growth in both periods due to the strengthening of the U.S. dollar against most major currencies, including the British pound sterling, Euro, Australian dollar and Argentine peso, which more than offset the weakening of the U.S. dollar against the Brazilian real, compared to the prior-year period.

Operating profit, adjusted EBITDA and adjusted EBITDA less accrued capital expenditures

Operating profit increased 24% in the second quarter and 15% in the six-month period, as higher revenues more than offset higher costs, which included investments associated with our Change Program.    

Adjusted EBITDA and the related margin increased due to the same factors. Investments associated with the Change Program negatively impacted adjusted EBITDA margins in the second-quarter and six-month periods of 2022 by 190bp.

Adjusted EBITDA less accrued capital expenditures and the related margin increased in both periods as higher adjusted EBITDA more than offset higher accrued capital expenditures. Accrued capital expenditures in the second quarter and six-month period of 2022 included $37 million (2021 — $30 million) and $65 million (2021 — $39 million) associated with the Change Program, respectively.

Operating expenses

Operating expenses, excluding fair value adjustments, increased in total and on a constant currency basis in both periods primarily due to sales related expenses associated with higher revenues and investments in technology. These increases were mitigated by savings from our Change Program. Change Program costs were $30 million in the second quarter of 2022 (2021 — $41 million) and $64 million in the six-month period of 2022 (2021 — $52 million). Both periods included spending on severance as well as costs to drive technology and digital sales efficiencies.

Depreciation and amortization

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Other operating gains, net

In the second quarter and six-month period of 2022, other operating gains, net, were not significant. The second quarter and six-month period of 2021 included a gain on the sale of a business and income from a license that allowed the Refinitiv business of LSEG to use the “Reuters” mark. Additionally, the six-month period of 2021 included a benefit from the revaluation of warrants that we held in Refinitiv prior to its sale to LSEG on January 29, 2021.

Net interest expense

Net interest expense was unchanged in the second quarter of 2022. The decrease in net interest expense in the six-month period of 2022 was primarily due to lower interest costs associated with tax liabilities and net pension obligations. As substantially all of our long-term debt obligations paid interest at fixed rates (after swaps), the net interest expense on our term debt was essentially unchanged compared to the prior-year periods.

Other finance (income) costs

In the second quarter and six-month period of 2022, other finance income was primarily comprised of $242 million and $320 million, respectively, of gains associated with foreign exchange contracts related to a portion of our indirect investment in LSEG, which is denominated in British pounds sterling. Each period in 2022 also included net foreign exchange gains on intercompany funding arrangements. Other finance (income) costs in the prior-year periods reflected net foreign exchange gains or losses on intercompany funding arrangements.

Share of post-tax (losses) earnings in equity method investments

Our investment in LSEG is subject to equity accounting because the LSEG shares are held through YPL, over which we have significant influence. The investment in LSEG shares held by YPL is accounted for at fair value, based on the share price of LSEG, which is denominated in British pounds sterling.

In the second quarter of 2022, our share of post-tax losses in equity method investments included an $884 million decrease in the value of our LSEG investment, of which $319 million related to a decrease in the LSEG share price and $565 million related to foreign exchange losses. In the six-month period of 2022, our share of post-tax losses in equity method investments reflected an $85 million decrease in the value of our LSEG investment, which included an increase of $689 million due to an increase in the LSEG share price, which was more than offset by $774 million of foreign exchange losses. Both periods also included $62 million of dividend income from our LSEG investment.

In the second quarter of 2021, our share of post-tax earnings in equity method investments was primarily comprised of a $1,039 million increase in the value of our LSEG investment. The six-month period of 2021 was comprised of an $8,075 million gain from the sale of Refinitiv, in which we owned a 45% interest, to LSEG, which was partially offset by a $573 million decline in the value of the LSEG investment after the sale and $168 million of post-tax losses related to the Refinitiv operations prior to the sale. Both periods included $51 million of dividend income from our LSEG investment.

As of July 31, 2022, we indirectly owned approximately 72.4 million LSEG shares, which had a market value of approximately $7.1 billion based on LSEG’s closing share price on that date.

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Tax (benefit) expense

Tax expense decreased in the six-month period of 2022 because the prior-year period included tax expense associated with the gain on sale of Refinitiv to LSEG. Additionally, tax expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, tax expense or benefit in interim periods is not necessarily indicative of tax (benefit) expense for the full year.

The comparability of our tax (benefit) expense was impacted by various transactions and accounting adjustments during each period. The following table sets forth certain components within income tax (benefit) expense that impact comparability from period to period, including tax (benefit) expense associated with items that are removed from adjusted earnings:

Because the items described above impact the comparability of our tax expense or benefit for each period, we remove them from our calculation of adjusted earnings, along with the pre-tax items to which they relate. The computation of our adjusted tax expense is set forth below:

In the fourth quarter of 2022, we expect new tax legislation to be enacted in Canada that will reduce our ability to deduct interest expense against our Canadian income. As a result, we expect to increase our taxable profits in Canada against which we will apply tax loss carryforwards. When the legislation is enacted, we expect to recognize previously unrecognized tax loss carryforwards in our income statement and record corresponding deferred tax assets, the amount of which could be significant.

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Results of Discontinued Operations

In the three and six-month periods of 2022, loss from discontinued operations, net of tax, was primarily comprised of losses arising on a receivable balance from LSEG relating to a tax indemnity due to changes in foreign exchange and interest rates.

Net (loss) earnings and diluted (loss) earnings per share

Net (loss) and diluted (loss) per share in the second quarter of 2022 included a significant reduction in the value of our company’s investment in LSEG. Net earnings and diluted earnings per share in the second quarter of 2021 included a significant increase in the value of our company’s investment in LSEG. In the six-month period of 2022, net earnings and diluted EPS decreased because the prior-year period included a gain of approximately $8.1 billion on the sale of Refinitiv to LSEG in January 2021.

Adjusted earnings and adjusted EPS

Adjusted earnings and the related per share amount increased in both periods primarily due to higher adjusted EBITDA.

Segment results

The following is a discussion of our five reportable segments and our Corporate costs for the three and six months ended June 30, 2022. We assess revenue growth for each segment, as well as the businesses within each segment, in constant currency and on an organic basis. See Appendix A of this management’s discussion and analysis for additional information.

Legal Professionals

Revenues increased in total, constant currency and on an organic basis in both periods. Organic revenues, which grew 6% for the fifth consecutive quarter, increased in both periods due to growth in recurring revenues (94% of the Legal Professionals segment in the second quarter) driven by the Government business, Westlaw Edge, Practical Law and FindLaw. The Government business grew 8% in the second quarter and 9% in the six-month period. Transactions revenues on an organic basis (6% of the Legal Professionals segment in the second quarter) slightly declined in both periods.

Segment adjusted EBITDA and the related margins increased in both periods as higher revenues more than offset higher expenses, which were mitigated by cost savings from our Change Program. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 30bp and 10bp in the second quarter and six-month period, respectively.

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Corporates

Revenues increased in total, constant currency and on an organic basis in both periods. The increase in organic revenues in both periods included strong growth in recurring revenues (86% of the Corporates segment in the second quarter), driven by Practical Law, CLEAR and Indirect Tax, as well as in transactions revenues (14% of the Corporates segment in the second quarter), driven by Trust, the Confirmation business and the segment’s businesses in Latin America and in Asia & Emerging Markets. We do not expect transactions revenue growth to continue at this level in the second half of 2022 as some of these revenues are seasonal in nature.    

Segment adjusted EBITDA increased due to higher revenues. The related margin increased in both periods as higher revenues more than offset higher expenses. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 60bp and 50bp in the second quarter and six-month period, respectively.

Tax & Accounting Professionals