Why Invest

Why Invest

Key Operating and Competitive Advantages

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

Industry Leader
  • #1 or #2 positions in key Legal, Corporates & Tax & Accounting market segments
  • Deep and broad industry knowledge
  • Products and services tailored for professionals
Balanced & Diversified
  • Distinct core customer group revenues:
    • Legal Professionals
    • Corporates
    • Tax & Accounting Professionals
    • Reuters News
    • Global Print
  • Geographical diversity by revenues:
    • 85% from the Americas
    • 11% from Europe, the Middle East and Africa
    • 4% from Asia Pacific
  • Largest customer, excluding Refinitiv, accounts for ~2% of revenues
  • Technology and operating platforms are built to address the global marketplace
Attractive Business Model
  • 78% of total revenue is recurring
  • 88% of total revenue is delivered electronically or as a software & services
  • Strong & consistent cash generation capabilities
Strong Competitive Positioning
  • Proprietary databases and deeply embedded workflow tools and analytics
  • Technology and operating platforms are built to address the global marketplace
Disciplined Financial Policies
  • Focused on free cash flow growth
  • Balance investing in business and returning capital to shareholders
  • Disciplined capital structure – target maximum leverage ratio of 2.5x net debt to adjusted EBITDA
  • Committed to maintaining solid investment grade credit rating

*As of 12/31/2019