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iso4217:GBP xbrli:shares utr:Y
SECURITIES AND EXCHANGE COMMISSION
| ☐ |
REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ☒ |
ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2022
Commission File
Number: 1-31349
THOMSON REUTERS CORPORATION
(Exact name of Registrant as specified in its charter)
(Translation of Registrant’s name into English (if applicable))
Province of Ontario, Canada
(Province or other jurisdiction of incorporation or organization)
(Primary Standard Industrial Classification Code Number (if applicable))
(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.
Telephone:
(646) 540-3000
(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:
Securities registered or to be registered pursuant to Section 12(g) of the Act:
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:
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| ☒ |
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☒ 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:
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.
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.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b).
☐
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| : PricewaterhouseCoopers LLP |
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: New York, NY, USA |
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: 238 |
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
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. |
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.
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THOMSON REUTERS CORPORATION |
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By: |
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Name: |
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Thomas Kim |
Title: |
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Chief Legal Officer & Company Secretary |
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99.1 |
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Annual Report for the year ended December 31, 2022 (which constitutes an Annual Information Form and includes Management’s Discussion and Analysis and Audited Financial Statements for the year ended December 31, 2022), and includes a Form 40-F Cross Reference Table on page 194 |
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99.2 |
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Consent of PricewaterhouseCoopers LLP |
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99.3 |
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Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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99.4 |
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Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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99.5 |
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Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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99.6 |
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Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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99.7 |
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Code of Business Conduct and Ethics |
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99.8 |
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Audit Committee Charter |
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99.9 |
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List of Subsidiary Issuers and Guarantors (incorporated by reference to Exhibit 22.1 of the joint Registration Statement on Form F-3 (File No. 333-265541) and Form F-10 (File No. 333-265525) filed on June 29, 2022 by Thomson Reuters Corporation and the subsidiary issuer and guarantors named therein) |
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101.INS |
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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 |
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101.SCH |
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XBRL Taxonomy Extension Schema |
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101.CAL |
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XBRL Taxonomy Extension Calculation Linkbase |
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101.DEF |
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XBRL Taxonomy Extension Definition Linkbase |
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101.LAB |
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XBRL Taxonomy Extension Label Linkbase |
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101.PRE |
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XBRL Taxonomy Extension Presentation Linkbase |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
USDUSDUSDUSDUSDCADCADUSDUSDUSDUSDUSDUSDUSDUSDUSDP1Y
Thomson Reuters Annual Report 2022
Information in this annual report is provided as of March 1, 2023, 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:
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Our combined Legal Professionals, Corporates and Tax & Accounting Professionals segments |
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The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone |
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Basis points – one basis point is equal to 1/100th of 1%, “100bp” is equivalent to 1% |
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A two-year initiative, completed in December 2022, that focused on transforming our company from a holding company to an operating company and from a content provider into a content-driven technology company |
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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 |
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A novel strain of coronavirus that was characterized a pandemic by the World Health Organization in March 2020 |
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Earnings per share |
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Our former Financial & Risk business, which was renamed Refinitiv and is now the Data & Analytics business of LSEG |
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International Financial Reporting Standards |
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London Stock Exchange Group plc |
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Not applicable |
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Not meaningful |
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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 |
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Our former F&R business, which is now the Data & Analytics business of LSEG. We owned 45% of Refinitiv from October 1, 2018 through January 29, 2021 |
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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. |
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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/Yves Herman.
Thomson Reuters Annual Report 2022
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Page 1
Thomson Reuters Annual Report 2022
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
.
Our company purpose is to
, where together with the professionals and institutions we serve, we help uphold the rule of law, turn the wheels of commerce, catch bad actors, report the facts, and provide trusted, unbiased information to people all over the world.
We are organized in five reportable segments reflecting how we manage our
businesses:
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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. |
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Serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-driven technology solutions for in-house legal, tax, regulatory, compliance and IT professionals. |
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|
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. |
 |
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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 to financial market professionals exclusively via LSEG products. |
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Provides legal and tax information primarily in print format to customers around the world. |
Our businesses are supported by a corporate center that manages our commercial and technology operations, including those around our sales capabilities, digital customer experience and product and content development, as well as our global facilities. We also centrally manage 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 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.
Page 2
Thomson Reuters Annual Report 2022
Some of our key business and operating characteristics are:
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Currently our “Big 3” segments operate in an estimated $28 billion market segment expected to grow between 6% and 8% over the next 5 years Legal, Tax & Government market segments are prime for content-driven innovation |
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Balanced and Diversified Leadership A leader in key Legal Professionals, Corporates and Tax & Accounting Professionals market segments Resilient businesses, historically stable, which was affirmed by our performance during the COVID-19 pandemic Approximately 500,000 customers; largest customer is approximately 5% of revenues* |
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80% of revenues are recurring Strong and consistent cash generation capabilities |
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Strong Competitive Positioning Proprietary content plus data and human expertise combined with artificial intelligence (AI) and machine learning (ML) are key differentiators Products deeply embedded in customers’ daily workflows |
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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 affords optionality |
| * |
The news agreement with the Data & Analytics business of LSEG. |
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– 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 global economic crisis and 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. |
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– We initiated a two-year Change Program with a goal 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 “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 “Additional Information – Investment in LSEG” section of this annual report. |
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– Our two-year Change Program was completed by the end of 2022. We achieved $540 million of annualized run-rate operating expense savings, and made significant progress transforming Thomson Reuters into a more streamlined and scalable business that we believe now has a strong foundation for sustainable future growth. For additional information about the Change Program, please see the “Our Change Program” section of this annual report. On December 12, 2022, we announced that we and certain investment funds affiliated with Blackstone had agreed to sell shares in LSEG that we co-own to Microsoft. On January 31, 2023, the company sold 10.5 million LSEG shares for gross proceeds of approximately $1.0 billion as part of this transaction. For additional information about the transaction, please see the “Additional Information – Investment in LSEG” section of this annual report. In 2022, we also launched Westlaw Precision, a new version of Westlaw designed to dramatically improve research speed and quality by enabling lawyers to target precisely what they are looking for. |
Page 3
Thomson Reuters Annual Report 2022
2022 Financial Highlights
For Thomson Reuters, 2022 was a year of significant progress. Relative to our financial results, we met or exceeded our organic revenue growth, adjusted EBITDA margin and free cash flow performance metrics in our 2022 updated outlook, which we confirmed in November 2022.
Total company revenues increased 4%, while organic revenues increased 6% driven by 7% growth in recurring revenues. Organic revenues for our “Big 3” segments increased 7%. Our adjusted EBITDA margin rose over 400bp to 35.1%, despite inflationary pressure and investments in our businesses. We generated net cash from our operating activities and free cash flow of $1.9 billion and $1.3 billion, respectively. We returned $2.1 billion to our shareholders through dividends and repurchases of our common shares.
Below are financial highlights of our revenues for the year ended December 31, 2022. Please see the “Management’s Discussion and Analysis” section of this annual report for additional information about our recent financial performance and outlook.
The
two-year
Change Program was completed at the end of 2022, marking a turning point in our transition from a holding company into an operating company. The program allowed us to accelerate our journey towards being a leading content-driven technology company, powering the world’s most informed professionals.
We strengthened our foundation and established a platform for the next phase of our future growth by:
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Making it easier for our customers to do business with us; |
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Significantly modernizing and simplifying our product portfolio and product development groups; |
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Reducing complexity across the organization and modernizing our technology and services; and |
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Optimizing our organizational design and location strategy to enable increased speed to market, access to talent, flexible working and better connectivity. |
Thomson Reuters Annual Report 2022
The table below highlights key achievements of the Change Program:
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Change Program Key Achievements |
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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 |
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Increased SMB digital sales from 8% to 49% (as a percentage of total 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 the Customer Success Platform Achieved a higher Net Promoter Score (NPS), which is a metric that we use to measure improvements in customer experience Improved cross-selling through lead sharing within the sales platform and began using data & analytics to identify key cross-selling opportunities within our customer base |
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Product simplification aimed to simplify our customer offerings and reduce complexity in our portfolio World-class product proposition, development, pricing, delivery and management Omnichannel approach – channels aligned to meet customers’ needs |
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Simplified our product portfolio with divestitures and sunsetting of products, allowing focus on higher-growth, strategic products. Additional benefits include the improvement of our security posture Modernized support tools with chatbots, improved call-routing and self-service interactions Our single sign-on service now manages over 2.5 million identities for 75 products, delivering easy and secure access with a single set of credentials |
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Create shared technology platforms that support agile product development and significantly enhance customer experience Scale up ML and re-engineer underlying processes Finish shift to the cloud in 2023 and support simplification across the company |
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50% of our revenue is available in a cloud solution, and teams are ahead of target on exiting data center assets Improved billing and payment experience for customers by optimizing the way we work Harnessed technology, including ML, AI and cloud capabilities to improve the quality of our content, editorial efficiency and speed to market Secure, modernized and simplified technology architecture and operations Established an API platform allowing us to accelerate the build of APIs. We built upon our security capabilities, receiving a third-party assessed leading industry segment maturity score in 2022 against the NIST Cybersecurity Framework (CSF) |
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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 |
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Reduced office locations and call centers in accordance with our location strategy Opened a new global center in Mexico City Created more than 3,000 new roles in the global centers 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 |
We invested nearly $600 million on technology, organizational and market-related initiatives. As of December 31, 2022, we achieved $540 million of annualized
run-rate
operating expense savings.
Thomson Reuters Annual Report 2022
The investments made as part of the Change Program strengthened our foundation and created a scalable platform for future growth, including improved customer facing capabilities, a modernized Operations and Technology organization and a more flexible talent footprint. We plan to continue Thomson Reuters’ evolution from a holding company into an operating company, and from a content provider into a content-driven technology company by investing in strategic areas to make our foundation even stronger. Some key priorities for 2023 include:
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Continue to simplify our product portfolio by sunsetting or divesting non-strategic products and focusing on a smaller number of higher growth categories; |
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Further improve our customer and digital experiences by optimizing Westlaw and Practical Law for our small and medium business customers as well as pursuing opportunities to drive AI at scale for their benefit; |
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Drive new functionality and modernization efforts across supported by the roll-out of key AI/ML technologies; |
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Continue to move key products to the cloud, enhance our application programming interface (API) infrastructure, and leverage shared capabilities/tooling across the development teams to better enable our clients, improve the usability of our products, and help drive consistency and stability across our software development teams; |
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Continue to modernize our content suite and invest in the timely delivery of quality content to our customers; |
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Increase the overall stability and security of our strategic products by implementing the recommendations of the service health assessments completed in 2022; |
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Further simplify our organizational structure by continuing to leverage and develop our global centers; and |
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Leverage significant capital capacity to fund organic investment and execute a balanced capital allocation approach including annual dividend growth, strategic M&A, and shareholder returns |
Strategic Investment Priorities
We continue to target seven strategic investment priorities, which collectively had revenues of over $3.9 billion in 2022. We believe these priorities can drive further organic revenue growth reflecting their strong market segment positions, leveraging opportunities and potential to scale.
Thomson Reuters Annual Report 2022
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.
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’ 2022 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.
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-driven technology solutions for
in-house
legal, tax, regulatory, compliance and IT professionals. The following provides a summary of Corporates’ 2022 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.
Thomson Reuters Annual Report 2022
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’ 2022 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.
Reuters is the world’s leading provider of trusted news, insight and analysis, reaching billions of people worldwide every day. Founded in 1851, it brings together world-class journalism, industry expertise and cutting-edge technology with unparalleled speed, reliability and accuracy to enable people to make better decisions. Reuters is committed to the Thomson Reuters Trust Principles, including that of independence, integrity and freedom from bias, and is an essential source of business, financial and world news delivered to financial market professionals exclusively via LSEG products, to the world’s media organizations, and to professionals via industry events and Reuters.com.
In 2022, Reuters delivered approximately 3.5 million unique news stories, 1 million pictures and images and 100,000 video stories, and numerous industry events.
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 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.
Thomson Reuters Annual Report 2022
Our customer-focused structure enables us to have broader conversations with our customers, with a more cohesive
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.
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Tax &
Accounting
Professionals |
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Westlaw Edge (U.S., U.K. & Canada) |
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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, France, Ireland, Japan, New Zealand, 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. |
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Practical Law Dynamic Tool Set |
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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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CLEAR Adverse Media Sanctions |
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Public and proprietary records about individuals and companies with tools for immediately usable results. |
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Cloud-based collaboration and workflow platform for the legal and regulatory market segment. |
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Cloud-based evidence-sharing platform for sharing documents and multimedia between justice agencies for trial preparation and courtroom presentation. |
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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. |
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Checkpoint Edge (U.S. & Canada) |
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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. |
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Thomson Reuters Annual Report 2022
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Tax &
Accounting
Professionals |
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Online legal directory, website creation and hosting services, law firm marketing solutions and peer rating services. |
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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. |
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Online spend and matter management, e-billing, legal analytics services, and document storage, search and retrieval. |
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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. |
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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, trade and customs supporting global supply chain, trust taxation, tax information reporting, tax planning, and overall workflow and process management. |
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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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Accounting management and tax management software solutions for accounting firms, and micro and small companies in Brazil. |
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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. |
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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. |
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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. |
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Thomson Reuters Annual Report 2022
Additional Business Information
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, as well as our global facilities. Our corporate center also centrally manages functions such as finance, legal and human resources.
Our Operations & Technology group unifies our core functions into a single enterprise team. These include product engineering, our Chief Information Officer organization, data & analytics, digital transformation, customer experience, customer service & support, procurement, real estate, risk & compliance, collections and content operations. We believe that Operations & Technology provides the foundation and a greater opportunity to accelerate our progress on scale and growth initiatives, allowing us to sharpen our focus on allocating the right 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
(SaaS) or cloud-based offerings that provide customers with access through the Internet.
We believe that we are continually transforming our content, products and services to better meet our customers’ needs, while focusing on securing our customer data and global systems as we implement and enhance our security programs.
We also continue to operate Thomson Reuters Labs, the dedicated applied research division of Thomson Reuters.
Innovation is essential to our success and is one of our primary bases of competition. Our research and development focus is part of Thomson Reuters Labs. The team has a rich history in applied research activities focused on exploring cutting-edge technologies applied to concrete business problems. In 2022, Thomson Reuters Labs celebrated 30 years of researching and delivering key new technologies, such as AI, for our clients and business. We ensure Thomson Reuters and our customers stay ahead in an ever-changing world with tools and human expertise enhanced by AI ingenuity.
We are driven by our customers’ need for trustworthy information. We develop new product innovations in the following primary focus areas: AI, natural language processing (NLP), AI operations (ModelOps) and systematic evaluation and implementation of Human-Centered AI (HCAI) solutions.
Our research ethos keeps us at the driving edge of how emerging technologies like deep learning, generative AI 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. The work of Thomson Reuters Labs is at the heart of our ambition to become the world’s leading content-driven technology company.
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, try and buy our products by interacting digitally with Thomson Reuters. In 2022, we implemented numerous improvements to our digital customer journey, increased our share of SMB digital sales and continued to improve our online support tools. We continue to invest in online self-serve capabilities that allow customers to manage their accounts and get quick access to support and service.
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.
Thomson Reuters Annual Report 2022
Some of our products and services are also sold in partnership with third-parties and authorized resellers. Centralizing our team to manage partnerships has accelerated the growth of our partner ecosystem, which has provided expanded market opportunities and revenue streams. Our partnership strategy was instrumental in the acquisition of SurePrep in 2023, as discussed in the “Acquisitions and Dispositions” section below. Continuing to develop our partner ecosystem is a key strategic lever for growth.
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. In 2023, we plan to continue expanding our API ecosystem to improve the experience of existing and new customers. 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.
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 intellectual property (IP) assets include patents and trade secrets, which protect the innovative ways that help create and deliver our content, trademarks, which protect our valuable brands, and copyrights, which protect our content and databases. 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 grow our patent portfolio by applying for and receiving patents for our innovative technologies globally, as well as continuing to acquire patents through the acquisition of companies. We have registered a number of website domain names in connection with our online operations, and protect our global trademarks and copyrights through continued registrations, where appropriate, and enforcement against third-parties who threaten to infringe our trademarks and copyrights.
Acquisitions and Dispositions
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 revenue growth. Generally, the businesses that we acquire initially have lower margins than our existing businesses, largely reflecting the costs of integration.
In April 2022, we acquired Gestta Technology LTDA., a Brazilian-based producer of accounting practice management software, and ThoughtTrace, Inc., a Texas-based business providing a document-understanding and contract-analysis platform powered by AI and machine learning. In August 2022, we acquired PLX AI ApS, an AI powered real time financial news service provider based in Denmark. In January 2023, we acquired SurePrep, LLC, a California-based company that offers 1040 tax automation software and services to accounting firms in order to increase productivity and profitability while promoting a digital tax workflow. In addition, throughout 2022, TR Ventures Fund, which was launched in 2021 and plans to invest up to $100 million over the next few years, made several investments to support companies that are building innovations to allow professionals to operate more productively and with greater insights.
We expect that acquisitions will continue to play an important role in our strategy going forward and we expect to continue to make tactical acquisitions from time to time that we believe will strengthen our positions in key growth segments.
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
non-core
businesses and product lines during the last several years which are 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.
Thomson Reuters Annual Report 2022
The following table sets forth information about our employees as of December 31, 2022.
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Europe, Middle East and Africa (EMEA) |
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Tax & Accounting Professionals |
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Corporate Center (Enabling Functions) |
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(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.
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.
Starting in April 2022, most of our employees around the world began to transition to hybrid working arrangements, splitting their time between working from home and the office. We believe that a hybrid model provides the environment and resources to enable our teams and people to do their best work and grow. At the same time, we have maintained a focus on inclusive and equitable work and talent practices under this hybrid work arrangement, while also keeping in mind that many of our teams work across multiple locations and have colleagues who are fully remote.
While we voluntarily publish numerous human capital-related metrics and data in our securities filings and on our website (notably in our Social Impact & ESG Report), some metrics and data are not publicly disclosed due to competitive considerations.
We expect that human capital management will continue to be an important focus area in the future for management and the Board because it ensures solid stewardship of our organization, supports important societal objectives, and is key to ensuring strategic advantage in the marketplace.
For additional information regarding some of our human capital management practices, please see the “Environmental, Social and Governance (ESG)” section below.
Thomson Reuters Annual Report 2022
Environmental, Social and Governance (ESG)
Our company is dedicated to serving institutions and businesses that keep the wheels of commerce turning, uphold justice and taxation systems, fight fraud, support law enforcement and report on world events with impartiality, as an important source of unbiased news globally. In these and many other ways, we aspire to strengthen the foundations of society in partnership with our customers.
We pursue ESG initiatives because they contribute to value creation for our customers, employees, shareholders and other stakeholders. The Board and its committees oversee different
ESG-related
areas that are of the greatest importance to the organization and our stakeholders to achieve our long-term strategic objectives. Ultimately, though, our
ESG-related
initiatives require employees who take on responsibility for them and are empowered to achieve them. Subject matter experts lead the work, and senior executives are accountable for embedding programs in the business, for maximum impact and duration.
We now have greater cohesion to our
ESG-related
workstreams, which include sustainability, diversity and inclusion, community relations and volunteerism. ESG factors are considered in our Enterprise Risk Management (ERM) processes. The work of the Thomson Reuters Foundation also contributes to our ongoing ESG efforts.
Thomson Reuters understands that ESG measures are important to our stakeholders and drive positive impact on global issues. Conducting business in a principled manner – and transparently disclosing relevant targets and metrics related to our ESG programs – will not only allow our stakeholders to be informed on our progress, but also encourage others to lead.
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We post a Social Impact & ESG Report annually on our website, www.tr.com/social-impact-report, which summarizes our strategy, includes stories of progress and tracks performance, tying our efforts to our business strategy and commercial expertise. The report highlights how we run our business with purpose, manage our sustainability goals, foster an inclusive workplace, and make a difference in communities through wider-ranging social impact programs pursuing access to justice, truth and transparency. We encourage you to review the Social Impact & ESG Report to gain a better understanding of our accomplishments and practices in these areas. |
We believe that by uniting our technical capabilities with those of our customers in these areas, we will drive the greatest change. We also believe in the power of collaboration with the international business community, so we are signatories of the United Nations Global Compact (UNGC), a
non-binding
United Nations (U.N.) pact to encourage businesses and firms worldwide to adopt sustainable and socially responsible policies. We are actively partnering to advance the Sustainable Development Goals, particularly SDG 16 –
Peace, Justice and Strong Institutions.
We are also aligned with the United Nations Guiding Principles on Business and Human Rights (UNGPs), which augment our longstanding commitment to the UNGC, the U.N. Declaration on Human Rights, and other international standards. The UNGPs are the global standard for preventing and addressing the risk of adverse impacts on human rights linked to business activity, and they provide the internationally accepted framework for enhancing standards and practices with regard to business and human rights.
Earlier this year, we completed our first ESG materiality assessment, an assessment that allows companies to identify and prioritize the ESG issues that are most likely to impact their business and stakeholders in the short and long-term. We used “double materiality” as our lens – which means we examined how material ESG topics affect our business and create or erode enterprise value as well as how material ESG risks and opportunities in our business could positively or negatively impact people, economies, and the environment. We took a thorough approach engaging internal and external experts and stakeholders as well as benchmarking ourselves against our peers and leading companies.
Thomson Reuters Annual Report 2022
As part of our ESG materiality assessment, we also conducted a company-wide human rights impact assessment (HRIA) of our global operations, products and services. In doing so, we sought to proactively manage actual and potential human rights impacts in order to mitigate risks to both Thomson Reuters and to stakeholder groups. The methodology for this assessment included desk-based research, internal and external stakeholder interviews and detailed analysis and discussions of the findings. This process also included benchmarking ourselves against our peers and leading companies. This assessment examined potential impacts across stakeholder groups and helped us identify salient human rights risks which were then mapped against the expectations of the UNGPs, which now inform our human rights strategy and roadmap. Our commitment to respecting human rights throughout our operations will continue to guide our work and the recommendations from this comprehensive ESG assessment will continue to help us identify, assess, and proactively respond to salient and material risks across our enterprise. Our 2023 Social Impact & ESG Report, which we anticipate publishing in April 2023 and will be available on our website at www.thomsonreuters.com, will contain information on the key findings from the ESG materiality assessment and the HRIA.
Some of our environmental initiatives and accomplishments include the following:
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As of December 31, 2021, we were using 100% renewable energy for all our operations. We are working closely with our suppliers to drive lower emissions within our supply chain. |
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We joined the Science Based Targets Initiative (SBTi) in 2020, aligning to the most ambitious 1.5-degree Celsius pathway. Thomson Reuters is among a leading group of approximately 2,100 companies globally to have done so. |
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In 2020, we announced our commitment to targeting net-zero emissions by 2050. As of the end of 2021, we had reduced our Scope 1 and Scope 2 GHG emissions by 93% from our 2018 baseline and we are significantly ahead of our SBTI commitment. We will continue to measure and manage our own emissions and environmental impacts and continue to identify ways to further assess, monitor and improve our carbon footprint. |
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We continue to optimize our real estate portfolio utilization to adjust to market trends, business needs, and evolving ways of working. This is contributing to a decreased carbon footprint by reducing the number of office locations. The COVID-19 pandemic has also resulted in less business travel and increased use of more virtual and collaboration tools by our employees. |
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Our strategy to migrate more of our revenue to the cloud will help reduce our environmental footprint as we will be less reliant on energy use associated with company-managed data centers. We will take advantage of cloud hosting environments that utilize resources more efficiently and can be easily optimized to reduce waste. |
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Some of our content and other information products help our customers address climate change matters. For example, Practical Law includes a tracker covering key Biden Administration actions and initiatives on climate, energy and environmental issues and other resources related to climate change disclosures for U.S. public companies. The Thomson Reuters Institute also launched an ESG Resource Center which offers insights for corporations and governments around the world on the most pressing current and future issues concerning ESG topics. |
Thomson Reuters has a long history of being recognized as a leading employer. As we strive for continued progress, we appreciate being recognized for our work in this space, but we are acutely aware of the need to increase momentum. In 2022, our awards and recognitions included:
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Canada’s Best Employers, Great Place to Work, Canada, Greater Toronto’s Top Employers, and Top 100 Employers in Canada |
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Best Employer for Diversity, Forbes |
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Best Places to Work for Disability Inclusion, Disability: IN |
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Human Rights Campaign Best Places to Work for LGBTQ Equality and 100% score, Human Rights Campaign’s Corporate Equality Index |
In all our work, we uphold the Thomson Reuters Trust Principles, including that of integrity, independence and freedom from bias.
Thomson Reuters Annual Report 2022
The way forward will be a diverse and inclusive one – for the customers and societies we serve, and for Thomson Reuters as a company. Diversity and Inclusion (D&I) is core to Thomson Reuters’ purpose and values. In 2022, we continued to make progress on D&I within Thomson Reuters in the face of significant change as a company. We remain committed to prioritizing D&I as a business imperative, continually improving the inclusiveness and equity of our employee experience for all colleagues and achieving our D&I goals.
In 2020, Thomson Reuters established aspirational goals for diversifying our senior leadership (director and above). In 2022, we continued to increase the representation of racially/ethnically diverse talent in senior leadership while the representation of women and Black employees in senior leadership remained flat year-over-year. As of March 6, 2023, 36% (4) of our current 11 executive officers are women and 27% (3) identify as racially/ethnically diverse.
Increased Black senior executive hiring – the result of focused efforts to establish relationships with senior Black talent and achieving diverse candidate slates for executive recruitment – was offset by attrition. Focused actions to support growth and improve retention include highlighting Black high potential talent in CEO talent reviews, stay interviews, career coaching and opportunity matching and mentorship by executive team members. While we did not ultimately achieve our representation goals in 2022, we made meaningful progress and are
re-committing
to them in 2023.
The following table sets forth our diverse talent representation in 2020, 2021 and 2022, as well as our 2023 goals:
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Women in senior leadership |
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39% |
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41% |
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41% |
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45% |
Racially/ethnically diverse talent in senior leadership |
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14% |
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16% |
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18% |
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20% |
Number of Black employees in senior leadership |
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32 |
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38 |
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38 |
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60 |
Note – our racial/ethnically diverse representation and Black talent representation goals are only measured for the U.S. (including Puerto Rico), U.K., Canada, Brazil and South Africa.
Additional D&I initiatives we’d like to highlight from 2022 include:
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Recruitment of entry-level Black talent through various universities and programs, including partnerships with Historically Black Colleges and Universities (HBCUs) and other local partners that support students of color (e.g., Page Education Foundation, P-TECH, Best Prep and more). In addition, we have launched a new Black Internship Scheme (BIS) in the UK to foster the inclusion and advancement of employees that self-identify as Black or of African descent, promoted through our Thomson Reuters careers blog and a podcast, ; |
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Corporate partnerships with initiatives that promote the employability, development and visibility of underrepresented groups, including Ascend Canada, Ascend US, Black Professionals in Technology Network, Catalyst, Disability:IN, HACE (Hispanic Alliance for Career Enhancement) and Out⩵ |
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Sponsorship of nine Business Resource Groups (BRGs), which play a critical role in driving awareness, understanding of diverse backgrounds and execution against our diversity and inclusion strategy. Current BRGs include: Asian Affinity Network, Black Employee Network, Disability Employee Network, Early Careers Network, Indigenous Peoples Network, Latino Employee Network, Pride at TR, Veterans Employee Network and Women at TR. Collectively, the BRGs span more than 70 chapters around the world, with the support of more than 150 volunteers leading them across the globe; |
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Training programs and innovative learning opportunities include: a “Breaking Bias” program that we launched to all employees globally in 2021 and reinforced in 2022, resulting in 66% global employee completion; and continued growth and expansion of Diverse Talent Academies (in partnership with McKinsey), which reached 220 racial and ethnically diverse talent that self-identify as Black, Latino, and Asian; |
Thomson Reuters Annual Report 2022
