6-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File
Number: 1-31349
 
 
THOMSON REUTERS CORPORATION
(Translation of registrant’s name into English)
 
 
19 Duncan Street, Toronto,
Ontario M5H 3H1, Canada
(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.
Form 20-F  ☐            Form
40-F  ☒
The information contained in Exhibit 99.1 and Exhibit 99.2 of this Form
6-K
is incorporated by reference into, or as additional exhibits to, as applicable, the registrant’s outstanding registration statements.
Thomson Reuters Corporation is voluntarily furnishing certifications by its Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as Exhibits
99.3-99.6
of this Form
6-K.
 
 
 
 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
THOMSON REUTERS CORPORATION
(Registrant)
By:
 
/s/ Jennifer Ruddick
 
Name:
 
Jennifer Ruddick
 
Title:
 
Deputy Company Secretary
Date: August 3, 2023

EXHIBIT INDEX
 
Exhibit
Number
  
Description
  99.1
  
Management’s Discussion and Analysis
  99.2
  
Unaudited Consolidated Financial Statements
  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
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)

EXHIBIT 99.1 - MANAGEMENT'S DISCUSSION AND ANALYSIS
Table of Contents

Exhibit 99.1

 

 

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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, 2023, our 2022 annual consolidated financial statements and our 2022 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 2023 outlook, 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 1, 2023.

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

 

  Executive Summary – an overview of our business and key financial highlights     3  
  Results of Operations – a comparison of our current and prior-year period results     4  
  Investment in LSEG – a discussion of our current ownership interest in LSEG     12  
  Liquidity and Capital Resources – a discussion of our cash flow and debt     13  
  Outlook – our financial outlook, including material assumptions and material risks     18  
  Related Party Transactions – a discussion of transactions with our principal and controlling shareholder, The Woodbridge Company Limited (Woodbridge) and other related parties     20  
  Subsequent Events – a discussion of material events occurring after June 30, 2023 and through the date of this management’s discussion and analysis     21  
  Changes in Accounting Policies – a discussion of changes in our accounting policies     21  
  Critical Accounting Estimates and Judgments – a discussion of critical estimates and judgments made by our management in applying accounting policies     21  
  Additional Information – other required disclosures     21  
  Appendix – supplemental information     23  

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.

Use of non-IFRS financial measures

In this management’s discussion and analysis, we discuss our results on 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.

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. 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.

 

 

 

Page 1


Table of Contents

 

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Glossary of key terms

The following terms in this management’s discussion and analysis 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 1/100th of 1%; “100bp” is equivalent to 1%

Change Program

  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

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

EPS

  Earnings per share

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 Financial & Risk business, which is now the Data & Analytics 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

£

  British pounds sterling

 

 

 

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Executive Summary

Our company

Thomson Reuters (NYSE / TSX: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. We serve professionals across legal, tax, accounting, compliance, government, and media. Our products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

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.

We are organized as five reportable segments reflecting how we manage our businesses.

 

    

 

 

Second Quarter 2023 Revenues

 

 

LOGO

  

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.

 

 

 

 

 

LOGO

 

LOGO

 

LOGO

 

  

Corporates

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.

 

LOGO

 

  

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.

 

 

LOGO

  

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 to financial market professionals exclusively via LSEG products.

 

 

LOGO

 

  

Global Print

Provides legal and tax information primarily in print format to customers around the world.

  

We refer to our Legal Professionals, Corporates and Tax & Accounting Professionals segments, on a combined basis, as our “Big 3” segments.

 

 

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Table of Contents

 

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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. Costs relating to these activities are allocated to our business segments. We also report “Corporate costs”, which includes expenses for centrally managed functions such as finance, legal and human resources. In 2022, Corporate costs also included expenses related to the Change Program.

Key Financial Highlights

We continued to see good momentum in our business during the second quarter of 2023, despite a continuing uncertain macro-economic environment. While the loss of revenues from divested businesses mitigated total revenue growth to 2%, compared to the second quarter of 2022, we reported organic growth across four of our five business segments. On an organic basis, our revenues increased 5%, broadly in-line with our expectations, reflecting strong growth in recurring and transactions revenues in our “Big 3” segments. Adjusted EBITDA margin increased to 40.1% in the second quarter of 2023 from 34.7% in the second quarter of 2022, partially benefiting from the timing of expenses that we expect to normalize in the second half of the year.

We continued to see strong performance from Westlaw Precision and our international businesses, as well as from our Confirmation, HighQ and Practical Law products. We have been pleased with the performance of our recent SurePrep acquisition. These areas of strength have been tempered somewhat by tighter customer discretionary budgets in a few pockets of our business, including in our Corporates segment, where sales cycles continue to lengthen, and in our Events and digital advertising businesses within our Reuters News segment, where growth has softened. Reflecting the momentum in our business, we are maintaining our full-year outlook for organic revenue growth, adjusted EBITDA margin and free cash flow. Refer to the Outlook section of this management’s discussion and analysis for a complete discussion of our 2023 outlook.

Our confidence around the opportunities that generative AI brings us continues to strengthen. In May 2023, we announced our collaboration with Microsoft to deliver AI solutions to legal professionals, and in June 2023, we signed a definitive agreement to acquire Casetext, which uses artificial intelligence and machine learning to enable legal professionals to work more efficiently, for $650 million. We expect to complete the acquisition of Casetext by the end of 2023, subject to specified regulatory approvals and customary closing conditions.

Our capital capacity and liquidity remain a key asset. In the first six months of 2023, we sold approximately 40.1 million LSEG shares for gross proceeds of $3.9 billion. In the second quarter, we sold a majority stake in our Elite business for proceeds of $418 million. We returned approximately $2.0 billion of capital to shareholders and reduced our outstanding common shares by 15.8 million in our return of capital transaction completed in June 2023. In the first quarter of 2023, we completed our $2 billion share repurchase program with the repurchase of $718 million of our shares. See the “Liquidity and Capital Resources” section of this management’s discussion and analysis for additional information.

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.

 

 

 

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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

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 
                  

 

Change

 

                  

 

Change

 

 
(millions of U.S. dollars, except per share amounts and
margins)

 

  

2023

 

    

2022

 

    

Total

 

    

 

Constant
Currency

 

    

2023

 

    

2022

 

    

 

Total

 

    

Constant
Currency

 

 

IFRS Financial Measures

                       

Revenues

     1,647        1,614        2%           3,385        3,288        3%     

Operating profit

     825        391        111%           1,333        805        66%     

Diluted earnings (loss) per share

     $1.90        $(0.24)        n/m                 $3.49        $1.83        91%           

Non-IFRS Financial Measures

                       

Revenues

     1,647        1,614        2%        2%        3,385        3,288        3%        4%  

Organic revenue growth

              5%                 6%  

Adjusted EBITDA

     662        561        18%        18%        1,339        1,161        15%        15%  

Adjusted EBITDA margin

     40.1%        34.7%        540bp        530bp        39.4%        35.3%        410bp        380bp  

Adjusted EBITDA less accrued capital expenditures

     537        420        28%           1,093        898        22%     

Adjusted EBITDA less accrued capital expenditures margin

     32.6%        26.0%        660bp           32.2%        27.3%        490bp     

Adjusted EPS

     $0.84        $0.60        40%        40%        $1.67        $1.26        33%        33%  

“Big 3” Segments

                       

Revenues

     1,326        1,290        3%        3%        2,757        2,652        4%        5%  

Organic revenue growth

              7%                 7%  

Adjusted EBITDA

     597        524        14%        14%        1,218        1,108        10%        10%  

Adjusted EBITDA margin

     44.9%        40.7%        420bp        430bp        44.0%        41.8%        220bp        200bp  

Revenues

 

     
    

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

 

Change

 

                   Change  

(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

Total

 

    

 

Constant
Currency

 

    

Organic

 

    

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

 

Recurring revenues

     1,323        1,291        2%        3%        6%        2,646        2,591        2%        3%        6%  

Transactions revenues

     191        181        5%        5%        6%        468        413        13%        14%        9%  

Global Print revenues

     133        142        (6%)        (5%)        (4%)        271        284        (5%)        (3%)        (2%)  

Revenues

     1,647        1,614        2%        2%        5%        3,385        3,288        3%        4%        6%  

Revenues in the second quarter increased 2% in total and in constant currency, as growth across four of our five of business segments and the acquisition of SurePrep in January 2023 was partially offset by the loss of revenues from businesses we divested. Foreign currency had no impact on consolidated revenue growth in the quarter. On an organic basis, total revenues increased 5%, driven by 6% growth in recurring revenues (80% of total revenues) and 6% growth in transactions revenues. Global Print revenues declined 4% on an organic basis.

Revenues in the six-month period increased 3% in total and 4% in constant currency. Foreign currency had a 1% negative impact on consolidated revenue growth. Total recurring and transactions revenue growth was negatively impacted by divestitures, however transactions revenues benefited from the acquisition of SurePrep. On an organic basis, total revenues increased 6%, driven by 6% growth in recurring revenues (78% of total revenues) and 9% growth in transactions revenues. Global Print revenues declined 2% on an organic basis.

Revenues from the “Big 3” segments in the second quarter increased 3% in total and in constant currency. On an organic basis, revenues increased 7%, the ninth consecutive quarter our “Big 3” segments have grown at least 6%, driven by 7% growth in both recurring and transactions revenues. In the six-month period, revenues from the “Big 3” segments increased 4% in total and 5% in constant currency. Foreign currency had a 1% negative impact on revenue growth. On an organic basis, revenues increased 7% driven by 6% growth in recurring revenues and 10% growth in transactions revenues. In each period, our “Big 3” segments represented approximately 81% of our total revenues.

 

 

 

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In the six-month period, the negative impact from foreign currency on revenue growth reflected the strengthening of the U.S. dollar against most major currencies, including the British pound sterling, Canadian dollar and Argentine peso, compared to the prior-year period.

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

Operating profit increased 111% and 66% in the second quarter and six-month period, respectively, primarily due to a gain on sale of a majority stake in our Elite business. Higher revenues and lower costs also contributed to operating profit growth. Operating profit in the six-month period also included a gain from the sale of a subsidiary to a company affiliated with Woodbridge, our company’s principal shareholder (see the “Related Party Transactions” section of this management’s discussion and analysis for additional information).

In the second quarter, adjusted EBITDA, which excludes the gain on the sale of Elite as well as other adjustments, increased 18% and the related margin increased to 40.1% from 34.7% in the prior-year period. The increases were due to higher revenues and lower costs. Lower costs reflected Change Program investments made in the prior-year period, which benefited the year-over-year change in adjusted EBITDA margin by 190bp, as well as the timing of expenses that we expect to normalize in the second half of the year. Foreign currency contributed 10bp to the year-over-year change in adjusted EBITDA margin.

In the six-month period, adjusted EBITDA, which also excludes the gain from the sale of a subsidiary mentioned above, increased 15% and the related margin increased to 39.4% from 35.3% in the prior year period. The increases were due to higher revenues and lower costs. As in the quarter, lower costs reflected Change Program investments made in the prior-year period, which benefited the year-over-year change in adjusted EBITDA margin by 190bp as well as the timing of expenses that we expect to normalize in the second half of the year. Foreign currency contributed 30bp to the year-over-year change in adjusted EBITDA margin.

In both periods, adjusted EBITDA less accrued capital expenditures and the related margin increased due to higher adjusted EBITDA and lower accrued capital expenditures.

Operating expenses

 

     
    

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

 

Change

 

                  

 

Change

 

 

   (millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

Total

 

    

 

Constant
Currency

 

    

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

 

Operating expenses

     990        1,041        (5%)        (6%)        2,064        2,122        (3%)        (2%)  

Remove fair value adjustments(1)

     (1)        12                          (5)        5                    

Operating expenses, excluding fair value adjustments

     989        1,053        (6%)        (6%)        2,059        2,127        (3%)        (2%)  

 

(1)

Fair value adjustments primarily represent gains or losses on intercompany balances that arise in the ordinary course of business due to changes in foreign currency exchange rates.

Operating expenses, excluding fair value adjustments, decreased in total and in constant currency in both periods. The decrease was due to cost savings from the completion of our Change Program in 2022 and lower costs related to divested businesses, which more than offset higher costs from acquisitions, as well as higher product, sales, and marketing expenses. The second quarter of 2023 also benefited from favorable timing of expenses.

Depreciation and amortization

 

     
    

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 
   (millions of U.S. dollars)   

2023

 

    

2022

 

    

Change

 

    

2023

 

    

2022

 

    

Change

 

 

Depreciation

     29        38        (21%)        59        76        (22%)  

Amortization of computer software

     127        121        4%        245        235        4%  

Subtotal

     156        159        (2%)        304        311        (2%)  

Amortization of other identifiable intangible assets

     23        25        (5%)        48        51        (5%)  

 

   

Depreciation decreased in both periods due to the completion of depreciation of assets acquired in previous years. Amortization of computer software increased in both periods as higher expense from newly acquired assets, including from recently acquired businesses, more than offset lower amortization associated with businesses held for sale.

 

 

 

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Amortization of other identifiable intangible assets decreased in both periods as the completion of amortization of assets acquired in previous years more than offset expenses associated with recent acquisitions.

Other operating gains, net

 

     
    

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 

(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

2023

 

    

2022

 

 

Other operating gains, net

     347        2        364        1  

Other operating gains, net, in both periods of 2023 included a $347 million gain on the sale of a majority interest in our Elite business. The six months ended June 30, 2023 also included a $23 million gain on the sale of a Canadian wholly-owned subsidiary to a company affiliated with Woodbridge, our company’s principal shareholder (see the “Related Party Transactions” section of this management’s discussion and analysis for additional information). In both periods of 2022, other operating gains, net, were not significant.

Net interest expense

 

     
    

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 

(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

Change

 

    

2023

 

    

2022

 

    

Change

 

 

Net interest expense

     34        49        (30%)        89        97        (8%)  

Net interest expense decreased in both periods due to interest income related to the proceeds from the sale of our LSEG shares, which more than offset higher interest costs on commercial paper borrowings and net pension obligations. As substantially all 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 costs (income)

 

     
    

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 

(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

2023

 

    

2022

 

 
Other finance costs (income)      102        (320)        192        (414)  

In the second quarter and six-month period of 2023, other finance costs included losses of $66 million and $135 million, respectively, from foreign exchange contracts on instruments that are intended to reduce foreign currency risk on a portion of our indirect investment in LSEG, which is denominated in British pounds sterling, and net foreign exchange losses on intercompany funding arrangements. In the second quarter and six-month period of 2022, other finance income included gains of $242 million and $320 million, respectively, from foreign exchange contracts, and net foreign exchange gains on intercompany funding arrangements.

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

 

     
    

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 

(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

2023

 

    

2022

 

 

YPL

     421        (822)        995        (23)  

Other equity method investments

     (2)        (3)        (6)        (4)  

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

     419        (825)        989        (27)  

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. As the investment in LSEG is denominated in British pounds sterling, the Company has entered into a series of foreign exchange contracts to mitigate currency risk on its investment. See the “Investment in LSEG” section of this management’s discussion and analysis for additional information on the sales of LSEG shares in the first six months of 2023.

In the second quarter of 2023, share of post-tax earnings in equity method investments primarily reflected an increase in value of our LSEG investment, of which $220 million related to a higher share price and $113 million related to foreign exchange gains. In the six months ended June 30, 2023, share of post-tax earnings in equity method investments primarily reflected an increase in value of our LSEG investment, of which $692 million related to a higher share price and $278 million related to foreign exchange gains. A loss of $77 million on a forward contract relating to the agreement to sell LSEG shares to Microsoft for a fixed price was also included. Both periods included $45 million of dividend income from our LSEG investment.    

 

 

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In the second quarter of 2022, share of post-tax losses in equity method investments included a decrease in 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 months ended June 30, 2022, share of post-tax losses in equity method investments reflected a decrease in value of our LSEG investment, of which $689 million related 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.

Tax expense (benefit)

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 

(millions of U.S. dollars)

 

  

 

2023

 

    

2022

 

    

2023

 

    

2022

 

 

Tax expense (benefit)

     219        (92)        415        148  

In the second quarter of 2023, tax expense (benefit) included $97 million (2022 - $(209) million) related to our earnings (loss) in equity method investments. In the six months ended June 30, 2023, tax expense (benefit) included $233 million (2022 - $(17) million) related to the Company’s earnings (loss) in equity method investments. Both periods in 2023 included $78 million of expense related to the sale of a majority stake in Elite, as well as $24 million of benefits from the release of reserves for uncertain tax reserves upon the settlement of a tax audit. Additionally, tax expense (benefit) 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 expense (benefit) for the full year.

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

 

     

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 
(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

2023

 

    

2022

 

 

Tax expense (benefit)

           

Tax items impacting comparability:

           

Corporate tax laws and rates(1)

     1        -        1        (10)  

Deferred tax adjustments(2)

     (3)        (1)        (3)        (35)  

Subtotal

     (2)        (1)        (2)        (45)  

Tax related to:

           

Amortization of other identifiable intangible assets

     (6)        (7)        (12)        (11)  

Other operating gains, net

     78        -        77        -  

Other finance (costs) income

     (15)        59        (31)        78  

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

     97        (209)        233        (17)  

Other items

     (1)        2        (2)        1  

Subtotal

     153        (155)        265        51  

Total

     151        (156)        263        6  

 

(1)

Consists primarily of adjustments to deferred tax balances due to changes in effective state tax rates.

(2)

Relates primarily to the recognition of a deferred tax asset for a tax basis step-up attributable to a non-U.S. subsidiary. The six-month period in 2022 also included adjustments required for a business that was classified as held for sale during the period.

 

 

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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:

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

2023

 

    

2022

 

 

Tax expense (benefit)

     219        (92)        415        148  

Remove: Items from above impacting comparability

     (151)        156        (263)        (6)  

Other adjustment:

           

Interim period effective tax rate normalization(1)

     5        (2)        3        (3)  
         

Total tax expense on adjusted earnings

     73        62        155        139  

 

(1)

Adjustment to reflect income taxes based on estimated full-year effective tax rates. Earnings or losses for interim periods under IFRS generally reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full-year income taxes.

We expect new tax legislation to be enacted in Canada later in 2023 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 consolidated income statement and record corresponding deferred tax assets, the amount of which could be significant.

Results of Discontinued Operations

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
(millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

2023

 

    

2022

 

 

Earnings (loss) from discontinued operations, net of tax

     5        (44)        24        (55)  

In all periods, earnings or losses from discontinued operations, net of tax, were primarily comprised of earnings or losses arising on a receivable balance from LSEG relating to a tax indemnity. The earnings or losses were due to changes in foreign exchange and interest rates.

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

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

Change

 

                  

Change

 

 

   (millions of U.S. dollars, except per share amounts)

 

  

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

 

IFRS Financial Measures

                       

Net earnings (loss)

     894        (115)        n/m           1,650        892        85%     

Diluted earnings (loss) per share

     $1.90        $(0.24)        n/m           $3.49        $1.83        91%     

Non-IFRS Financial Measures(1)

                       

Adjusted earnings

     397        291        37%           788        613        29%     

Adjusted EPS

     $0.84        $0.60        40%        40%        $1.67        $1.26        33%        33%  

 

(1)

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.

Net earnings and diluted EPS increased in both periods primarily due to higher operating profit and an increase in the value of our LSEG investment, which was partially offset by other finance costs in 2023. The second quarter of 2022 included a significant reduction in the value of our LSEG investment.

Adjusted earnings and adjusted EPS, which excludes the change in value of our LSEG investment, other finance costs or income, the gain on the sale of Elite, as well as other adjustments, increased in both periods primarily due to higher adjusted EBITDA.

 

 

 

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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, 2023. 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

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

Change

 

                  

Change

 

 

(millions of U.S. dollars, except
margins)

 

  

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

    

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

 

Recurring revenues

     667        656        2%        2%        5%        1,339        1,309        2%        3%        6%  

Transactions revenues

     38        44        (13%)        (12%)        12%        80        89        (9%)        (9%)        5%  

Revenues

     705        700        1%        1%        6%        1,419        1,398        2%        2%        6%  

Segment adjusted EBITDA

     345        304        14%        14%           663        609        9%        9%     

Segment adjusted EBITDA margin

     48.9%        43.4%        550bp        540bp                 46.7%        43.6%        310bp        280bp           

Revenues increased in total and in constant currency in both periods, but were negatively impacted by the loss of revenues from divested businesses. The increases were driven by growth in recurring revenues (95% of the Legal Professionals segment in the second quarter), which more than offset a decline in transactions revenues (5% of the Legal Professionals segment in the second quarter) due to divestitures.

On an organic basis, revenues also increased in both periods due to growth in recurring revenues that were driven by Westlaw, Practical Law, HighQ and the segment’s international businesses. Transactions revenues increased on an organic basis in both periods and included growth in the Government business and Findlaw, the latter of which was timing related.

Segment adjusted EBITDA and the related margin increased in both periods driven by higher revenues and lower expenses. The second quarter benefited from favorable timing of expenses. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 10bp in the second quarter and 30bp in the six-month period.

Corporates

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

Change

 

                  

Change

 

 

(millions of U.S. dollars, except
margins)

 

  

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

    

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

 

Recurring revenues

     340        322        5%        5%        8%        666        638        4%        5%        8%  

Transactions revenues

     52        51        3%        2%        (1%)        161        146        10%        10%        7%  

Revenues

     392        373        5%        5%        7%        827        784        5%        6%        8%  

Segment adjusted EBITDA

     163        139        17%        17%           317        296        7%        7%     

Segment adjusted EBITDA margin

     41.6%        37.4%        420bp        430bp                 38.2%        37.8%        40bp        40bp           

Revenues increased in total and constant currency in both periods, but were negatively impacted by the loss of revenues from divested businesses. The increases were driven by growth in recurring revenues (87% of the Corporates segment in the second quarter) as well as transactions revenues (13% of the Corporates segment in the second quarter), which benefited from the acquisition of SurePrep.

On an organic basis, revenues increased in the second quarter as growth in recurring revenues driven by Practical Law, CLEAR, and the segment’s businesses in Latin America, more than offset a slight decline in transactions revenues. In the six-month period, the increase in organic revenues was due to both higher recurring and transactions revenues. Transactions revenues benefited from growth in the Confirmation and Trust businesses.

Segment adjusted EBITDA and the related margin increased in the second quarter due to higher revenues and lower expenses, the latter of which benefited from timing. Foreign currency had a 10bp negative impact on the year-over-year change in segment adjusted EBITDA margin in the quarter. In the six-month period, the increases in segment adjusted EBITDA and the related margin were driven by higher revenues, which more than offset higher expenses. Foreign currency had no impact on year-over-year change in segment adjusted EBITDA margin in the period.

 

 

 

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LOGO

 

Tax & Accounting Professionals

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

Change

 

                  

Change

 

 

(millions of U.S. dollars, except
margins)

 

  

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

    

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

 

Recurring revenues

     167        167        -        1%        9%        343        349        (2%)        (1%)        7%  

Transactions revenues

     62        50        24%        27%        12%        168        121        39%        41%        17%  

Revenues

     229        217        5%        7%        10%        511        470        9%        10%        10%  

Segment adjusted EBITDA

     89        81        10%        11%           238        203        17%        18%     

Segment adjusted EBITDA margin

     38.5%        37.4%        110bp        110bp                 45.7%        43.2%        250bp        220bp           

Revenues increased in total and constant currency in both periods driven by growth in transactions revenues (27% of the Tax & Accounting Professionals segment in the second quarter), which reflected the acquisition of SurePrep. Recurring revenue (73% of the Tax & Accounting Professionals segment in the second quarter) performance in both periods was negatively impacted by the loss of revenues from divested businesses. The six-month period also included higher customer credits, which we do not expect to recur.

On an organic basis, revenues increased in both periods due to growth in recurring and transactions revenues. The segment’s businesses in Latin America contributed to recurring revenue growth, while the Confirmation and SurePrep businesses drove the growth in transactions revenues.

Segment adjusted EBITDA and the related margin increased in both periods as higher revenues more than offset higher expenses, which included costs related to the SurePrep acquisition and higher revenue related expenses. Foreign currency had no impact on the year-over-year change in segment adjusted EBITDA margin in the second quarter, and benefited the year-over-year change in the six-month period by 30bp.

Tax & Accounting Professionals is a more seasonal business relative to our other businesses, with a higher percentage of its revenues historically generated in the fourth quarter and to a slightly lesser extent, the first quarter, due to the release of certain tax products. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.

Reuters News

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

Change

 

                  

Change

 

 

(millions of U.S. dollars, except
margins)

 

  

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

    

2023

 

     2022     

Total

 

    

Constant
Currency

 

    

Organic

 

 

Recurring revenues

     155        152        2%        2%        2%        310        307        1%        2%        2%  

Transactions revenues

     39        36        5%        -        -        59        57        3%        (1%)        (1%)  

Revenues

     194        188        3%        2%        1%        369        364        1%        1%        1%  

Segment adjusted EBITDA

     45        44        2%        (7%)           74        81        (9%)        (17%)     

Segment adjusted EBITDA margin

     23.1%        23.3%        (20)bp        (210)bp                 20.0%        22.2%        (220)bp        (430)bp           

Revenues increased in total, in constant currency and on an organic basis in both periods. The moderation in revenue growth was driven by a lower contractual price increase in 2023, compared to 2022, from the segment’s news and editorial agreement with the Data & Analytics business of LSEG, slower Events growth and lower digital revenues.

Reuters News and the Data & Analytics business of LSEG have an agreement pursuant to which Reuters News supplies news and editorial content to LSEG through October 1, 2048. Reuters News recorded revenues of $92 million (2022 - $90 million) and $184 million (2022 - $180 million) in the second quarter and six-month period of 2023, respectively, under this agreement.

Segment adjusted EBITDA increased in the second quarter due to currency benefits. In the six-month period, segment adjusted EBITDA and the related margin decreased due to investments we made in the business. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 190bp in the second quarter and 210bp in the six-month period.

 

 

 

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LOGO

 

Global Print

 

     
    

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                  

Change

 

                  

Change

 

 

(millions of U.S. dollars, except
margins)

 

  

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

    

2023

 

    

2022

 

    

Total

 

    

Constant
Currency

 

    

Organic

 

 

Revenues

     133        142        (6%)        (5%)        (4%)        271        284        (5%)        (3%)        (2%)  

Segment adjusted EBITDA

     53        50        5%        5%           103        103        -        1%     

Segment adjusted EBITDA margin

     39.7%        35.4%        430bp        390bp                 38.1%        36.2%        190bp        170bp           

Revenues decreased in total and in constant currency in both periods, as performance was negatively impacted by the loss of revenues from divested businesses. The decline in revenues on an organic basis in both periods was in line with our expectations.

Segment adjusted EBITDA and the related margin increased in the second quarter as lower expenses, which reflected favorable timing of materials sourcing and labor costs, more than offset lower revenues. In the six-month period, segment adjusted EBITDA was unchanged and the related margin increased due to the same factors as the quarter. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 40bp in the second quarter and 20bp in the six-month period.

Corporate costs

 

     
   

Three months ended June 30,

 

   

Six months ended June 30,

 

 
   (millions of U.S. dollars)

 

 

        2023        

 

   

        2022        

 

   

        2023        

 

   

        2022        

 

 

   Corporate costs

 

 

33        

 

 

 

57        

 

 

 

56        

 

 

 

131        

 

Corporate costs decreased primarily because the prior year-periods included $30 million and $64 million of costs associated with the Change Program in the second quarter and six-month period of 2022, respectively. The six-month period of 2023 also included $7 million of non-income tax credits.

Investment in LSEG

We indirectly own shares in LSEG through YPL, an entity jointly owned by our company, Blackstone’s consortium and certain current LSEG and former members of Refinitiv senior management.

During the second quarter and six-month period of 2023, we received $1.6 billion and $3.9 billion, respectively, related to the transactions described below. Of these amounts, $1.6 billion and $3.8 billion were received in the second quarter and six-month period of 2023, respectively, in the form of dividends from YPL.    

 

   

On January 31, 2023, our company and Blackstone’s consortium collectively sold 21.2 million LSEG shares they co-own through YPL to Microsoft for a fixed U.S. dollar price of $94.50 per share. We received approximately $1.0 billion of gross proceeds from the sale of the 10.5 million shares our company indirectly owned. In conjunction with the sale of shares to Microsoft, LSEG amended the terms of contractual lock-up provisions previously agreed between LSEG and the Blackstone consortium/Thomson Reuters entities that hold the LSEG shares. Based on agreements our company has with LSEG and the Blackstone consortium, Thomson Reuters will be able to sell approximately 31 million of its indirectly owned shares in the twelve-month period beginning January 30, 2023, 22 million shares in the twelve-month period beginning January 30, 2024 and 8 million shares after the lock-up arrangement terminates on January 29, 2025.

 

   

On March 8, 2023, our company and Blackstone’s consortium collectively sold 28 million shares they co-own for £71.50 per share through a placing to institutional investors and an offer to retail investors. We received approximately $1.3 billion of gross proceeds from the sale of the 13.6 million shares our company indirectly owned, which included approximately $96 million from the settlement of foreign exchange contracts intended to mitigate foreign exchange risk on the investment.

 

   

On May 19, 2023, our company and Blackstone’s consortium collectively sold 33 million shares they co-own for £80.50 per share through a placing to institutional investors and an offer to retail investors. We received approximately $1.6 billion of gross proceeds from the sale of the 15.3 million shares our company indirectly owned, which included approximately $28 million from the settlement of foreign exchange contracts intended to mitigate foreign exchange risk on the investment.

 

 

 

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During the second quarter and six-month period of 2023, LSEG repurchased 0.6 million and 1.5 million, respectively, of ordinary shares from YPL under an open market buyback program announced by LSEG in August 2022. We received proceeds of approximately $27 million and $62 million related to the approximately 0.3 million and 0.7 million shares our company indirectly owned and sold as part of this buyback in the second quarter and six-month period of 2023, respectively.

We paid $250 million of income tax in the first six months of 2023 and expect to pay approximately $170 million later this year on these share sales and the related settlement of foreign exchange contracts. Relative to our remaining shares, we expect to pay 25% capital gains tax on proceeds above our tax basis of $1.3 billion.

See the “Liquidity and Capital Resources” section of the management’s discussion and analysis for information on our use of proceeds from the sale of LSEG shares.

Given the reduction in its ownership in 2023, YPL is only entitled to nominate two non-executive directors to the board of LSEG, rather than three. As such, Thomson Reuters is no longer entitled to nominate a representative to the board of LSEG.

The market value of our investment in LSEG on July 31, 2023 was approximately $3.5 billion, based on LSEG’s closing share price on that date and 31.8 million shares, which reflects any additional shares sold through our participation in LSEG’s open market buyback program.

Liquidity and Capital Resources

We have historically maintained a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings and returns to shareholders. We are focused on having the investment capacity to drive revenue growth, both organically and through acquisitions, while also maintaining our long-term financial leverage and credit ratings and continuing to provide returns to shareholders. Our principal sources of liquidity are cash and cash equivalents and cash provided by operating activities. From time to time, we also issue commercial paper, borrow under our credit facility, and issue debt securities. Our principal uses of cash are for debt repayments, debt servicing costs, dividend payments, capital expenditures, share repurchases and acquisitions.

In the first six months of 2023, we received gross proceeds of $3.9 billion, which included the settlement of foreign exchange contracts, from the sale of approximately 40.1 million LSEG shares. In June 2023, we returned $2.0 billion of these proceeds to shareholders through a return of capital transaction. We plan to use the remaining proceeds to pursue organic and inorganic opportunities in key growth segments as well as for other general corporate purposes. We also plan to continue to sell LSEG shares in tranches subject to contractual lock-up provisions. We expect those proceeds will provide us with further options for investment and returns to shareholders (Refer to the “Investment in LSEG” section, and the “Return of capital and share consolidation” section below, of this management’s discussion and analysis for additional information).

Our capital strategy approach has provided us with a strong capital structure and liquidity position. Our disciplined approach and cash generative business model have allowed us to weather economic volatility in recent years caused by macroeconomic and geopolitical factors, while continuing to invest in our business. While we are closely monitoring the global disruption caused by Russia’s invasion of Ukraine, our operations in the region are not material to our business.

We expect that the operating leverage of our business will increase our free cash flow if we increase revenues as contemplated by our outlook. We target a maximum leverage ratio of 2.5x net debt to adjusted EBITDA and have set a target to pay out 50% to 60% of our expected free cash flow as dividends to our shareholders.

As of June 30, 2023, we had $2.9 billion of cash on hand, which includes a portion of the proceeds from the sale of our LSEG shares. As a result, our net debt to adjusted EBITDA leverage ratio as of June 30, 2023 was 1.2:1, significantly lower than our target of 2.5:1. As calculated under our credit facility covenant, our net debt to adjusted EBITDA leverage ratio as of June 30, 2023 was 1.1:1, which is also well below the maximum leverage ratio allowed under the credit facility of 4.5:1. Our next scheduled debt maturity is in the fourth quarter of 2023.

We believe that our existing sources of liquidity will be sufficient to fund our expected cash requirements in the normal course of business for the next 12 months.

Certain information above in this section is forward-looking and should be read in conjunction with the section entitled “Additional Information — Cautionary Note Concerning Factors That May Affect Future Results”.

 

 

 

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Cash flow

Summary of consolidated statement of cash flow

 

     
    

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 

   (millions of U.S. dollars)

 

  

2023

 

    

2022

 

    

$ Change

 

    

2023

 

    

2022

 

    

$ Change

 

 

   Net cash provided by operating activities

  

 

695

 

  

 

433

 

  

 

262

 

  

 

962

 

  

 

708

 

  

 

254

 

   Net cash provided by (used in) investing activities

  

 

1,633

 

  

 

(254)

 

  

 

1,887

 

  

 

3,301

 

  

 

(433)

 

  

 

3,734

 

   Net cash used in financing activities

  

 

(1,160)

 

  

 

(368)

 

  

 

(792)

 

  

 

(2,475)

 

  

 

(588)

 

  

 

(1,887)

 

   Translation adjustments

  

 

-

 

  

 

(4)

 

  

 

4

 

  

 

1

 

  

 

(4)

 

  

 

5

 

   Increase (decrease) in cash and cash equivalents

  

 

1,168

 

  

 

(193)

 

  

 

1,361

 

  

 

1,789

 

  

 

(317)

 

  

 

2,106

 

   Cash and cash equivalents at beginning of period

  

 

1,690

 

  

 

654

 

  

 

1,036

 

  

 

1,069

 

  

 

778

 

  

 

291

 

   Cash and cash equivalents at end of period

  

 

2,858

 

  

 

461

 

  

 

2,397

 

  

 

2,858

 

  

 

461

 

  

 

2,397

 

   Non-IFRS Financial Measure(1)

                 

   Free cash flow

  

 

596

 

  

 

342

 

  

 

254

 

  

 

729

 

  

 

428

 

  

 

301

 

 

(1)

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.

Operating activities. Net cash provided by operating activities increased in both periods primarily due to the cash benefits from higher revenues and lower costs, lower tax payments and favorable movements in working capital.

Investing activities. In 2023, net cash provided by investing activities included $1,583 million and $3,876 million, in the second quarter and six-month period, respectively, in proceeds from the sales of LSEG shares (see the “Investment in LSEG” section of this management’s discussion and analysis for additional information). Both periods also included $418 million in proceeds from the sale of a majority stake in our Elite business (see the “Executive Summary” section of this of this management’s discussion and analysis for additional information) and a $45 million dividend from our LSEG investment. These inflows were partly offset by $252 million and $270 million in taxes paid on the sales of LSEG shares and certain businesses, $127 million and $267 million of capital expenditures, and $33 million and $523 million of acquisition spending in the second quarter and six-month period, respectively. Acquisition spending in the six-month period primarily included the January 2023 acquisition of SurePrep, a provider of tax automation software and services.

In 2022, net cash used in investing activities included $137 million and $308 million of capital expenditures in the second quarter and six-month period, respectively. Both periods also included acquisition spending of $163 million and $171 million, respectively, which primarily included the April 2022 acquisition of ThoughtTrace, a business that uses artificial intelligence and machine learning to read, organize and manage document workflows. These outflows were partly offset by a $62 million dividend from our LSEG investment.

Financing activities. In 2023, net cash used in financing activities in both periods reflected returns to our shareholders of $2,045 million through a return of capital and share consolidation transaction. The second quarter also included $230 million of dividend payments to our common shareholders, while the six-month period included $454 million of dividends and $718 million in share repurchases. These outflows were partly offset by $1,132 million and $771 million of net borrowing under our commercial paper program in the second quarter and six-month period, respectively. Refer to the “Commercial paper program”, ”Dividends”, “Share repurchases” and “Return of capital and share consolidation” subsections below for additional information.

In 2022, net cash used in financing activities included dividends paid to our common shareholders of $210 million and $419 million in the second quarter and six-month period, respectively. Both periods of 2022 also included $194 million of share repurchases.

Cash and cash equivalents. Cash and cash equivalents as of June 30, 2023 were higher compared to the beginning of the year due to the proceeds from the sale of approximately 40.1 million of our indirectly owned LSEG shares that remained after our return of capital and share consolidation transaction.

Free cash flow. Free cash flow increased in both periods primarily due to higher cash flows from operating activities and lower capital expenditures. The six-month period also reflected proceeds from the sale of a subsidiary to a company affiliated with Woodbridge. Capital expenditures in the prior-year periods included investments in the Change Program.

 

 

 

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Additional information about our debt and credit arrangements, dividends, share repurchases and return of capital and share consolidation is as follows:

 

   

Commercial paper program. Our $2.0 billion commercial paper program provides cost-effective and flexible short-term funding. Issuances of commercial paper reached a peak of $1,840 million during the second quarter of 2023, all of which remained outstanding as of June 30, 2023, and was included in “Current indebtedness” within the consolidated statement of financial position.

 

   

Credit facility. We have a $2.0 billion syndicated credit facility agreement which matures in November 2027 and may be used to provide liquidity for general corporate purposes (including acquisitions or support for our commercial paper program). There were no outstanding borrowings under the credit facility as of June 30, 2023. Based on our current credit ratings, the cost of borrowing under the facility is priced at the Term Secured Overnight Financing Rate (SOFR)/Euro Interbank Offered Rate (EURiBOR)/Simple Sterling Overnight Index Average (SONIA) plus 102.5 basis points. We have the option to request an increase, subject to approval by applicable lenders, in the lenders’ commitments in an aggregate amount of $600 million for a maximum credit facility commitment of $2.6 billion. If our debt rating is downgraded by Moody’s, S&P or Fitch, our facility fees and borrowing costs would increase, although availability would be unaffected. Conversely, an upgrade in our ratings may reduce our facility fees and borrowing costs. We also monitor the lenders that are party to our facility and believe they continue to be able to lend to us.

 

 

We guarantee borrowings by our subsidiaries under the credit facility. We must also maintain a ratio of net debt as defined in the credit agreement (total debt after swaps less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If we complete an acquisition with a purchase price of over $500 million, we may elect, subject to notification, to temporarily increase the ratio of net debt to EBITDA to 5.0:1 at the end of the quarter within which the transaction closed and for each of the three immediately following fiscal quarters. At the end of that period, the ratio would revert to 4.5:1. As of June 30, 2023, we were in compliance with this covenant as our ratio of net debt to EBITDA, as calculated under the terms of our syndicated credit facility, was 1.1:1.

 

   

Long-term debt. We did not issue notes or make any debt repayments in the six months ended June 30, 2023. Thomson Reuters Corporation and one of its U.S. subsidiaries, TR Finance LLC, may collectively issue up to $3.0 billion of unsecured debt securities from time to time through July 29, 2024 under a base shelf prospectus. Any debt securities issued by TR Finance LLC will be fully and unconditionally guaranteed on an unsecured basis by Thomson Reuters Corporation and three U.S. subsidiary guarantors, which are also indirect 100%-owned and consolidated subsidiaries of Thomson Reuters Corporation. Except for TR Finance LLC and the subsidiary guarantors, none of Thomson Reuters Corporation’s other subsidiaries have guaranteed or would otherwise become obligated with respect to any issued TR Finance LLC debt securities. Neither Thomson Reuters Corporation nor TR Finance LLC has issued any debt securities under the prospectus. Please refer to Appendix D of this management’s discussion and analysis for condensed consolidating financial information of the Company, including TR Finance LLC and the subsidiary guarantors.

 

   

Credit ratings. Our access to financing depends on, among other things, suitable market conditions and the maintenance of suitable long-term credit ratings. Our credit ratings may be adversely affected by various factors, including increased debt levels, decreased earnings, declines in customer demand, increased competition, a deterioration in general economic and business conditions and adverse publicity. Any downgrades in our credit ratings may impede our access to the debt markets or result in higher borrowing rates.

 

 

The following table sets forth the credit ratings from rating agencies in respect of our outstanding securities as of the date of this management’s discussion and analysis:

 

     

Moody’s

 

    

S&P Global Ratings

 

    

DBRS Limited

 

  

Fitch

 

   Long-term debt

  

Baa2

    

BBB

    

BBB (high)

  

BBB+

   Commercial paper

  

P-2

    

A-2

    

R-2 (high)

  

F1

   Trend/Outlook

  

Stable

    

Stable

    

Stable

  

Stable

 

 

These credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. Credit ratings may not reflect the potential impact of all risks on the value of securities. We cannot ensure that our credit ratings will not be lowered in the future or that rating agencies will not issue adverse commentaries regarding our securities.

 

 

 

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Dividends. Dividends on our common shares are declared in U.S. dollars. In February 2023, we announced a 10% or $0.18 per share increase in the annualized dividend rate to $1.96 per common share (beginning with the common share dividend that we paid in March 2023). In our consolidated statement of cash flow, dividends paid on common shares are shown net of amounts reinvested in our company under our dividend reinvestment plan (DRIP). Registered holders of common shares may participate in our DRIP, under which cash dividends are automatically reinvested in new common shares. Common shares are valued at the weighted-average price at which the shares traded on the Toronto Stock Exchange (TSX) during the five trading days immediately preceding the record date for the dividend. Due to administrative complexities, we temporarily suspended our DRIP for any dividend payable in advance of the return of capital transaction and paid such dividends in cash. We resumed the DRIP after the completion of the return of capital transaction.

 

 

Details of dividends declared per common share and dividends paid on common shares are as follows:

 

     

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 

   (millions of U.S. dollars, except per share amounts)

 

  

        2023        

 

    

        2022        

 

    

        2023        

 

    

        2022        

 

 

   Dividends declared per common share

  

$

0.490        

 

  

$

0.445        

 

  

$

0.980        

 

  

$

0.890        

 

   Dividends declared

  

 

230        

 

  

 

217        

 

  

 

462        

 

  

 

433        

 

   Dividends reinvested

  

 

-        

 

  

 

(7)        

 

  

 

(8)        

 

  

 

(14)        

 

   Dividends paid

  

 

230        

 

  

 

210        

 

  

 

454        

 

  

 

419        

 

 

   

Share repurchases – Normal Course Issuer Bid (NCIB). We buy back shares (and subsequently cancel them) from time to time as part of our capital strategy. In June 2022, we announced a plan to repurchase up to $2.0 billion of our common shares. We completed this program in the first quarter of 2023.

 

 

Details of share repurchases were as follows:

 

     

 

Three months ended June 30,

 

    

Six months ended June 30,

 

 
     

        2023        

 

    

        2022        

 

    

        2023        

 

    

        2022        

 

 

   Share repurchases (millions of U.S. dollars)

  

 

-        

 

  

 

194        

 

  

 

718        

 

  

 

194        

 

   Shares repurchased (number in millions)

  

 

-        

 

  

 

1.9        

 

  

 

6.0        

 

  

 

1.9        

 

   Share repurchases – average price per share in U.S. dollars

  

 

-        

 

  

$

99.71        

 

  

$

120.10        

 

  

$

99.71        

 

 

   

Return of capital and share consolidation. In June 2023, we returned approximately $2.0 billion to our shareholders through a return of capital transaction, which was funded from the proceeds of our company’s dispositions of LSEG shares (see the “Investment in LSEG” section of this management’s discussion and analysis for additional information on the sales of LSEG shares in the first six months of 2023). The transaction consisted of a cash distribution of $4.67 per common share and a share consolidation, or “reverse stock split”, at a ratio of 1 pre-consolidated share for 0.963957 post-consolidated shares. Shareholders who were subject to income tax in a jurisdiction other than Canada were given the opportunity to opt-out of the transaction. The share consolidation was proportional to the cash distribution and the share consolidation ratio was based on the volume weighted-average trading price of the shares on the NYSE for the five-trading day period immediately preceding June 23, 2023, the effective date for the return of capital transaction. Woodbridge, our principal shareholder, participated in this transaction. As a result of the share consolidation, our company’s outstanding common shares were reduced by 15.8 million common shares.

Financial position

Our total assets were $20.9 billion as of June 30, 2023, compared to $21.7 billion as of December 31, 2022. The decrease was primarily driven by our return of capital transaction.

As of June 30, 2023, our current liabilities exceeded our current assets because current liabilities include a significant amount of deferred revenue, which arises from the sale of subscription-based products and services that many customers pay for in advance. The cash received from these advance payments is used to currently fund the operating, investing and financing activities of our business. However, for accounting purposes, these advance payments must be deferred and recognized over the term of the subscription. As such, we typically reflect a negative working capital position in our consolidated statement of financial position. In the ordinary course of business, deferred revenue does not represent a cash obligation, but rather an obligation to perform services or deliver products, and therefore when we are in that situation, we do not believe it is indicative of a liquidity issue, but rather an outcome of the required accounting for our business model.

 

 

 

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Net debt and leverage ratio of net debt to adjusted EBITDA

 

     
    

June 30,

 

    

December 31,

 

 

   (millions of U.S. dollars)

 

  

2023

 

    

2022

 

 

   Current indebtedness

  

 

2,440

 

  

 

1,647

 

   Long-term indebtedness

  

 

3,141

 

  

 

3,114

 

   Total debt

  

 

5,581

 

  

 

4,761

 

   Swaps

  

 

(62)

 

  

 

(42)

 

   Total debt after swaps

  

 

5,519

 

  

 

4,719

 

   Remove fair value adjustments for hedges(1)

  

 

3

 

  

 

7

 

   Total debt after currency hedging arrangements

  

 

5,522

 

  

 

4,726

 

   Remove transaction costs, premiums or discounts included in the carrying value of debt

  

 

32

 

  

 

33

 

   Add: Lease liabilities (current and non-current)

  

 

230

 

  

 

235

 

   Less: cash and cash equivalents(2)

  

 

(2,858)

 

  

 

(1,069)

 

   Net debt(3)

  

 

2,926

 

  

 

3,925

 

   Leverage ratio of net debt to adjusted EBITDA

     

   Adjusted EBITDA(3)

  

 

2,507

 

  

 

2,329

 

   Net debt / adjusted EBITDA(3)

  

 

1.2:1

 

  

 

1.7:1

 

 

(1)

Represents the interest-related fair value component of hedging instruments that are removed to reflect net cash outflow upon maturity.

(2)

Includes cash and cash equivalents of $93 million and $81 million as of June 30, 2023 and December 31, 2022, respectively, held in subsidiaries which have regulatory restrictions, contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and were therefore not available for general use by our company.

(3)

Amounts represent non-IFRS financial measures. For additional information about our liquidity, we provide our leverage ratio of net debt to adjusted EBITDA. Refer to Appendices A and B of this management’s discussion and analysis for additional information of our non-IFRS financial measures and reconciliations to the most comparable IFRS measure.

As of June 30, 2023, our total debt position (after swaps) was $5.5 billion. The maturity dates for our term debt are well balanced with no significant concentration in any one year. As of June 30, 2023, the average maturity of our term debt (total debt excluding commercial paper) was approximately seven years at an average interest rate (after swaps) of slightly over 4%, all of which is fixed. Our leverage ratio of net debt to adjusted EBITDA was below our target ratio of 2.5:1. The decrease in our net debt is primarily due to the increase in our cash and cash equivalents, which more than offset the increase in our commercial paper borrowings (refer to the “Cash Flow” section of this management’s discussion and analysis for additional information).

Off-balance sheet arrangements, commitments and contractual obligations

In June 2023, we signed a definitive agreement to acquire Casetext for $650 million. Casetext uses artificial intelligence and machine learning which enables legal professionals to work more efficiently. We expect the acquisition to close by the end of 2023, subject to specified regulatory approvals and customary closing conditions.

For a summary of our other off-balance sheet arrangements, commitments and contractual obligations please see our 2022 annual management’s discussion and analysis. Except as described above, there were no material changes to these arrangements, commitments and contractual obligations during the six months ended June 30, 2023.

Contingencies

Lawsuits and legal claims

We are engaged in various legal proceedings, claims, audits and investigations that have arisen in the ordinary course of business. These matters include, but are not limited to, employment matters, commercial matters, defamation claims and intellectual property infringement claims. The outcome of all of the matters against us is subject to future resolution, including the uncertainties of litigation. Based on information currently known to us and after consultation with outside legal counsel, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on our financial condition taken as a whole.

Uncertain tax positions

We are subject to taxation in numerous jurisdictions and we are routinely under audit by many different taxing authorities in the ordinary course of business. There are many transactions and calculations during the course of business for which the ultimate tax determination is uncertain, as taxing authorities may challenge some of our positions and propose adjustments or changes to our tax filings.

 

 

 

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